The Northern Miner October 26 2015 Issue by The Northern Miner Group

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Short Road to Silver Production/Earning TSX.V: GRG www.goldenarrowresources.com

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ABERDEEN INTERNATIONAL Refocuses on platium and lithium / 3

EX-MINISTER JOHN BAIRD

ALAMOS BIDS FOR CARLISLE

Calls on miners to get on offence / 5

Mid-tier miner offers $28.5M / 11

OCTOBER 26–NOVEMBER 1, 2015 / VOL. 101 ISSUE 37 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Tycoon takes 9.9% stake in Teranga Gold

Cupric’s ‘paradigm changer’ in the Kalahari SITE VISIT

SENEGAL

| David Mimran looks to diversify with $23M bet on gold

| Private firm could get Zone 5 copper-silver mine online in 2018

By Trish Saywell tsaywell@northernminer.com

avid Mimran — a fi nancier, Hollywood movie producer and CEO of his family’s Mimran Group, whose wealth stems from agri-industry (flour, sugarcane, grain, animal feed) to banking, shipping and real estate — has taken a 9.9% stake in Canadian junior Teranga Gold (TSX: TGZ). The Mimran Group is the largest private sector employer in Senegal, where Teranga’s Sabodala open-pit gold mine, the country’s largest commercial gold mine and mill, has been producing the precious metal since 2009. “He and his family are active in French West Africa with a number of businesses. He’s bullish on gold, and the family was looking to diversify from their current core holdings,” says Richard Young, Teranga’s president and CEO, in an interview. Mimran first approached the company for technical assistance after he got a mining licence in Côte d’Ivoire, Young explains. Mimran visited Sabodala in March, and the two parties talked over the summer months. “They believe French West Africa is a growing region, and David thought Sabodala was a well-run operation,” Young says. “He was impressed by its quality, our social licence and the free cash flow it was generating, and what he saw as opportunities to grow the business.” The non-brokered private placement raises $22.7 million for the company, and Mimran gets a seat on the board for at least three years. “David shares our vision of being able to grow the company,” Young continues. “The fact See TERANGA / 14

Resource geologist Cathy Knight shows off a sample while Curpic Canyon Capital director Stephen Enders studies core at the Zone 5 copper-silver project, part of the firm's Khoemacau property in the Kalahari copper belt in northwestern Botswana. PHOTO BY SALMA TARIKH By Salma Tarikh starikh@northernminer.com MAUN, BOTSWANA

hen an all-star mining team with an ample exploration budget arrives in a supportive, mineral-rich jurisdiction, exciting transformations are bound to happen. Cupric Canyon Capital’s Khoemacau copper-silver project in the Kalahari copper belt in northwestern Botswana is an example of just that. The Scottsdale, Arizona-based private firm is set to develop a highgrade, underground copper mine at Khoemacau’s Zone 5 in late 2016, with production starting in 2018.

or the Democratic Republic of the Congo (DRC). It had small, lowergrade deposits and small-scale mines. Zone 5 changes the paradigm entirely of what the Kalahari copper belt can produce,” Cupric’s director Stephen Enders tells The Northern Miner on a September site visit. The 1,000 km long belt runs from northern Botswana into Namibia. Enders, previously the head of Newmont Mining’s (NYSE: NEM) exploration division and president of Phelps Dodge Exploration, is among the first five Phelps Dodge alumni at Cupric, along with founding chairman Tim Snider. Snider served as president and chief operating oﬃcer

During the first decade of operation, annual production should average 52,000 tonnes copper and 1.4 million oz. silver, at C1 cash costs of US$1.15 per lb., net of silver credits. Initial costs are US$350 million for the 20-year-plus mine. Cupric, majority owned by Barclays' Natural Resource Investments and the rest by management, points out that this is just the starter project. Prefeasibility work on an expansion project estimates annual production of more than 80,000 tonnes copper and 2.4 million oz. silver a year. “Until we discovered how good Zone 5 is, the perception in the geological community was that the Kalahari copper belt didn’t have the potential of what we see in Zambia

PM40069240

See CUPRIC / 2

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OCTOBER 26–NOVEMBER 1, 2015 / THE NORTHERN MINER

Cupric’s ‘paradigm changer’ in the Kalahari CUPRIC From 1

at both Freeport-McMoRan (NYSE: FCX) and Phelps Dodge. (Freeport acquired the storied copper major for US$25.9 billion in 2007.) Getting to Cupric’s crown jewel in the central Kalahari copper belt is relatively easy from its newly acquired camp in Toteng. The 800-person village is 65 km southwest of Maun, one of the largest towns in Botswana and the gateway to the Okavango Delta. The inland delta attracts a variety of wildlife, and tourists. While cruising down the two-lane A3 highway from Maun’s international airport to Toteng, Sam Rasmussen, Cupric’s CEO of Africa, notes tourism, one of Botswana’s top industries, has taken a hit since the Ebola outbreak last year, while the slowed global economy and the risk of malaria have pushed up the unemployment rate. Along with tourism, other industries include agriculture and mining. The latter makes up more than a third of the country’s gross domestic product. “It’s quite amazing that brush,” Rasmussen says, looking at the sparse and dry vegetation. “In four months it’s going to be so green and full of straw grass et cetera, that you can’t see through there. It will be a metre high.” The number of cattle and donkeys grow as we near Toteng. The tires of the truck kick up dust as we turn onto a calcrete road. With no breeze in the air, a small cloud of dust trails behind. Humble beginnings Enders recalls how Cupric was formed in 2010. Around that time he and Snider were both retired and doing pro-bono work for the Institute of Mineral Resources at the University of Arizona. “Tim had just left Freeport and I’d just left Newmont. And we were crying in our beer one day and saying: ‘What are we going to do next?’” Shortly after, Snider called Enders to tell him Barclays executive David Ellis contacted him looking for a copper team to fund through the U.K.-based bank’s Natural Resource Investments fund. The two brought

At a drill site in the Mango zone at Cupric Canyon Capital’s Khoemacau copper-silver project in Botswana, from left: Mompati Babusi, operations manager; John Deane, Cupric Africa head of exploration; Sam Rasmussen, Cupric Africa CEO; Stephen Enders; Cupric Canyon Capital director; Cathy Knight, resource geologist; and Johannes Tsimako, country manager. PHOTO BY SALMA TARIKH

on former Phelps Dodge executives Dennis Bartlett as Cupric’s CEO, David Naccarati as a director and Lowell Shonk as vice-chairman and director. “Did you ever see the movie Space Cowboys?” Enders asks. “They are retired astronauts, and they are asked to go into space to fi x a satellite. Well, it was kind of like us. All of us — the original five — have all left Phelps Dodge or Freeport, and were doing different things.” That was until they were granted another opportunity to reunite and

do what they love: explore, build and run successful copper mines. The initial Cupric team, backed with a commitment from Barclays to fund up to US$100 million, examined more than 200 copper projects worldwide in mining friendly jurisdictions. They narrowed that down to a handful of options, which included Vancouver-based Hana Mining’s Ghanzi copper-silver project in Botswana — after Shonk read a 2009–10 Northern Miner site visit on Ghanzi — and Australian-based Discovery Metals’

nearby Boseto copper project. Cupric made an initial investment through an open market purchase and a subsequent private placement in Hana in 2012, months before the junior published a preliminary economic assessment (PEA) on Ghanzi’s Banana zone and Zone 5. The PEA had envisioned a 10,000-tonne-per-day conventional open-pit copper-silver mine, with a 13-year life. In February 2013, Cupric took over Hana and consolidated a 100% interest in the project, renamed Khoemacau, meaning “hills of the people.” The project’s name came from a student competition that Cupric’s subsidiary in Botswana, now called “Khoemacau Copper Mining,” had organized at the Kuke Primary school, says Rob Dey, Khoemacau’s project director, who’s spent most of his career in the South African platinum industry. A similar contest is underway to rename the mine at Zone 5. In March 2013, Cupric appointed Rasmussen to oversee its African development projects. Rasmussen, formerly the general manager for the Los Bronces copper mine in Chile and the Tenke Fungurume mine in the DRC, is the sixth Phelps Dodge member to join Cupric. We pull into the gated Toteng camp, which can hold 300 people. The camp’s housings and oﬃces are all equipped with modern amenities, making one forget the rural backdrop of northwestern Botswana. Zeroing in on Zone 5 Since arriving at the Khoemacau property, Cupric has shifted its exploration and development focus from the open-pittable resource at the Banana zone, 60 km northeast to Zone 5’s underground potential. Cupric describes Zone 5 as a sedimentary rock-hosted stratiform copper deposit. The zone dips 60 degrees, averages 10 metres thick and is bounded by highly competent sandstones. Most of the sulphide copper mineralization occurs as bornite, chalcocite and chalcopyrite. The sulphide ore occurs below the transitional contact at 65 to 70 metres deep, at its shallowest, and extends 1.2 km below surface. Cupric has drilled 4.2 km of the deposit’s potential strike, noting the mineralization remains open along

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“ZONE 5 CHANGES THE PARADIGM ENTIRELY OF WHAT THE KALAHARI COPPER BELT CAN PRODUCE.” STEPHEN ENDERS DIRECTOR, CUPRIC CANYON CAPITAL

strike and at depth. “When we acquired the property from Hana, we actually liked what we bought and we liked what they had,” Enders says in the spacious office. “We didn’t disprove anything that Hana had. We just found stuff that is so much better.” Cupric defined a high-grade coppersilver sulphide resource at Zone 5, which as of July 2015 stood at 76.3 million tonnes grading 1.96% copper and 19.8 grams silver per tonne, at a 1% copper cut-off grade. Of that, 53% tonnes and contained metal are in the measured and indicated category. The zone also hosts a potential 24 million tonnes at 1.94% copper and 19.5 grams silver. Cupric says it can upgrade that into inferred in its resource update in November 2015, which will include assays from this year’s 27-rig program. The company notes its target to conversion rate has been close to 100%. Once it does that, Zone 5’s total resource could be 100 million tonnes at 1.96% copper and 19.7 grams silver. (All estimates are Joint Ore Reserves Committee-compliant.) Cupric and its predecessor Hana have completed 377,500 metres on the Khoemacau property. More than 199,500 metres were drilled on Zone 5 after Hana discovered it in 2008. Of that total, Cupric drilled 174,112 metres between 2013 and September 2015. “Drilling during the 2014 and 2015 programs intersected mineralization at pretty much high-grade copper. Every intersection has been over 1% copper, which is pretty good,” Cupric’s resource geologist Cathy Knight said, who previously worked for Hana. Recent highlights include 2.3% copper and 27.2 grams silver per tonne over 12.6 metres; 2.6% copper and See CUPRIC / 13

15-10-20 6:18 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 26–NOVEMBER 1, 2015

Aberdeen shifts strategy and focus MINE DEVELOPMENT

| New PGM and lithium assets an indirect play on clean transportation technology

African Thunder Platinum’s Smokey Hills PGM mine on the Eastern Limb of South Africa’s Bushveld complex. Aberdeen International holds a 42.5% stake in the privately owned miner.

“A LOT OF SMART MONEY — NOT JUST IN MINING — IS PUTTING BETS ON ARGENTINA FOR 2016.”

BY TRISH SAYWELL

tsaywell@northernminer.com

or most of its corporate history, Aberdeen International (TSX: AAB) has taken minority, noncontrolling equity stakes in mostly public junior mining companies, along with a small contingent of private companies. But over the last year or so, president and CEO David Stein has restructured the company and focused on projects where Aberdeen is the controlling shareholder, and new investors can only get a piece of the action on a particular asset by buying Aberdeen stock. As part of that transition, Stein and his management team struck a deal in September 2014 with Landmark Equity Advisors to sell some of Aberdeen’s equity stakes and debt interests to a new partnership funded by Landmark (Ore Acquisition Partners LP), in a deal worth $12 million. Under the arrangement, which closed last month, Aberdeen will also manage the fund for a fee and receive a small minority interest in the partnership’s net profits. With that transaction behind it, Aberdeen can focus on two assets that it has acquired over the last year: a platinum-producing mine and a platinum group metals (PGM) exploration project in South Africa, and a lithium-potash project in Argentina. “There’s a lot of value we want to create with these first two deals,” Stein says. “We’ll still have a significant amount of cash, so we’re still open for business — but we’d have to see pretty extraordinary opportunities to distract us from our focus on these two opportunities, because they’re both exceptional, and we want to focus our limited management time to them.” Aberdeen acquired a 42.5% stake in African Thunder Platinum — a privately held Mauritius company — for $7 million late last year. Switzerland-based Pala Investments purchased an equal stake, and the remaining 15.5% interest is held by Platinum Australia Ltd. and an Australian bank. “African Thunder is a private company, so it’s exclusive to us,” Stein says. “If you want to own a piece of it, you’d have to own Aberdeen.” African Thunder has two assets,

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DAVID STEIN PRESIDENT AND CEO, ABERDEEN INTERNATIONAL

Smokey Hills, a PGM mine and processing plant on the Eastern Limb of South Africa’s Bushveld, and Kalplats, a prospective PGM property in the country’s Kraaipan Greenstone belt. Since the acquisition closed in the first quarter of this year, Smokey Hills has been put back into production and produces platinum and palladium, which are commodities that Stein argues are in supply deficits, with longer-term demand fundamentals. Stein says the mine — on care and maintenance before the acquisition — is being run by a South Africa-based management team. The mine is still ramping up to full production and could turn a profit in the next few quarters. “Once it’s going at full speed, it should be one of the lowest-cost operations in the country,” Stein says. “Smokey Hills is shallow and it’s mining into the sides of a hill, so there’s no shaft. It’s all ramps ... we drive into the side of the hill and we have a plant on-site to produce concentrate.” Aberdeen forecasts that Smokey Hills will produce 60,000 oz. a year of combined platinum and palladium once it reaches full production by the end of March 2016. “We’re focusing a lot of our corporate energy on getting Smokey Hills right,” Stein says. Kalplats, which is probably one of the few remaining open-pittable platinum and palladium projects in the world, or at least in South Africa, Stein says, can also be a low-cost producer once it is developed over the next few years. Production is at least three years away. “It’s a stand-alone project and is not related to the Northern, Eastern or Western Bushveld, where all the platinum producers are. It’s in a greenstone belt that is further west in the country,

so it’s more akin to a Zimbabwe-style mine geologically, with vertical reefs or layers of platinum-rich mineralization,” he says. “It will be spread over a few open pits with lots of exploration potential along strike to find new pits, and also at depth.” Stein notes that “having a second mine in the stable would be fantastic from a creation of value perspective, and reducing risk for shareholders like us,” adding that Aberdeen is buying at a sweet spot in the cycle for PGMs, and capitalizing on low prices and hard markets. “We’re in a strong position vis-àvis corporate consolidation in the platinum sector,” he says. “There’s weakness in the sector because of the low metal prices, poor capital markets and the capital raising environment for mining, and it’s been probably as bad or worse in South Africa for local companies that are listed on local stock markets, as it has been here in Canada. We’re definitely seeing plenty of deal flow, and that could fuel growth down the road.” The other asset that excites Stein and his team is the Diablillos lithiumpotash project in Argentina’s Salta province. Aberdeen has agreed to buy 100% of the project from Rodinia Lithium for $5 million. Under the deal, Rodinia will keep a 2% net smelter royalty on the project, but Aberdeen has the right to buy half the royalty for $2 million, within two years of closing. “We think we can do a lot more with it as a private company than Rodinia did owning it in the context of a public company,” Stein says, noting that by privatizing the asset, the company can build it at the right scale and with the right partners. The mining executive also likes that Diablillos is a straightforward or conventional

lithium brine project not unlike similar lithium operations owned by FMC (NYSE-MKT: FMC) and Sociedad Quimica y Minera de Chile (NYSE: SQM), which have produced lithium since the 1960s. Aberdeen has monitored Diablillos for more than four years, and says it is one of the largest and highest-quality undeveloped lithium brine projects in the world. But like most projects owned by junior resource companies, it has suffered from a lack of capital. The project covers more than 95% of the Salar de Diablillos at an average 4,050 metres above sea level, and holds 32 mining claims over 81.6 sq. km. The last resource, published in December 2011, estimated a recoverable inferred brine resource of 2.8 million tonnes lithium carbonate equivalent from an in-situ inferred brine resource of 4.9 million tonnes lithium carbonate equivalent. Diablillos also has a recoverable brine resource of 11.2 million tonnes potassium chloride equivalent from an in-situ inferred brine resource of 19.8 million tonnes potassium chloride equivalent. A preliminary economic assessment released the same year estimated that the project would produce 15,000 tonnes of lithium carbonate a year and 51,000 tonnes of potash per year. “The growth in the electric car market is perhaps slower than forecast a few years ago, but it is happening, and more and more vehicle-makers are using lithium ion batteries in their new cars,” Stein says. “As drivers get more comfortable with the technology, the vehicles will sell, so beyond 2020 there’s a huge gap in production for lithium, and we’ve got a nice project

ABERDEEN INTERNATIONAL

with Diablillos.” While there has been a negative perception of the geopolitical environment in Argentina, Stein says Diablillos “is located in what I’d call the ‘Nevada of Argentina,’” where the local government “has been supportive through bull and bear markets.” He notes that although Salta province doesn’t have a lot of large mines, it has lots of smaller ones, and there hasn’t been much change there. “It seems to be stable, and that speaks to the recognition of a mining culture and its need and importance within the province’s economy,” he says. At the federal level — while Argentina been a hard place to do business and invest on a large-scale, because of a number of policies enacted by the current government, Stein says — there are indications that this might change next year, after the presidential and congressional elections on Oct. 25. “A lot of smart money, not just in mining, is putting bets on Argentina for 2016,” he says. Cristina Fernandez Kirchner, Argentina’s left-leaning president, and widow of former president Nestor Kirchner, will step down on Dec. 2 due to term limits. She took power in 2007. Aberdeen was founded in 2005, when it transformed from a shell to a mining investment business. The name was kept from a prior public company engaged in a completely different business — oil and gas. Stein joined the company in 2009 as its president and chief operating officer, after a nine-year stint as a mining equities analyst at Cormark Securities. He took the reins as CEO in June 2012. TNM

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OCTOBER 26–NOVEMBER 1, 2015 / THE NORTHERN MINER

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Dave Chauvin (416) 510-6824 dchauvin@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com ART DIRECTOR: Sharon Malbon PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 580 Hornby Street Suite 900 Vancouver, BC, V6C 3B6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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E D I T O R IA L

What to expect from a Liberal government in Canada ELECTION 2015

| Miners in Canada should see greater environmental, CSR scrutiny

he stunning return of the Liberal Party of Canada to majority status in the federal election held Oct. 19 surprised most people in Canada, who had expected at best a surge to minority government from third place behind the ruling Conservative Party of Canada and the New Democratic Party of Canada. By John Cumming Instead, Canadians woke up to a new political jcumming@northernminer.com landscape, with voters having taken the middle ground by rebuking the worn-out, pro-big-business Tories but not wanting to roll the dice on the more left-leaning, inexperienced NDP. Shown the door were the two most recent ministers of natural resources: Conservative Greg Rickford lost his seat in Kenora, Ont., to Liberal Bob Nault, who had a close race with the former provincial NDP leader Howard Hampton; and previous Minister of Natural Resources and current Finance Minister Joe Oliver lost his seat in Toronto. Nault was quick to give some credit for his victory to First Nations communities in the Kenora region, who mobilized to support him. Indeed, one theme of the election was the growing political strength shown by aboriginal communities in Canada, with a record 10 indigenous people elected as members of Parliament, up three from 2011, and with a shift to Liberal from Conservative and NDP. What should miners expect from a Liberal government? With regard to corporate taxes, the Liberals have pledged to keep them at current levels and retain the 15% flow-through credit for mineral explorers. Most of the taxation changes will come at the personal level. For example, Canadians with taxable income between $44,700 and $89,400 will see their federal income tax rate fall to 20.5% from 22%, while those making more than $200,000 will see it rise to 33% from 29%. Perhaps the biggest change that mine developers will see with the new government is the Liberals’ determination to reverse the Conservatives’ streamlining of environmental approvals by skipping the federal approval process, if the project had already met environmental approvals at the provincial level. The Conservatives saw the two-stage approval process as an expensive and time-consuming duplication of effort, while the Liberals and NDP saw it as necessary oversight, with the federal government not being subject to the more parochial political pressures sometimes applied to provincial regulators. Another change miners might see is an improved relationship between the federal government and aboriginal communities in Canada, who need to be on-side for many resource development projects to proceed in remote parts of Canada. But it’s hard to generalize on the topic, as relationships can vary from community to community across the country. The new Liberal government has pledged to allow members of the federal civil service to speak out and attend conferences, in contrast to the muchresented muzzling of federal scientists and related bureaucrats under the Conservative regime. (Here at the Miner, in the early years of the Harper government, we’d repeatedly get federal scientists eagerly offering to write op-ed pieces or serve as expert interviewees, only to have them come back months later frustrated and embarrassed upon learning they were not permitted to talk to us. As the years passed, the emails and phone calls from federal scientists stopped completely.) It’s hard to say if the Liberals’ pledge for a new round of massive spending on infrastructure will benefit miners (beyond aggregate miners), as most of the plan relates to public transit, social housing and green infrastructure. Another development we might see is the retabling in a new form of the private member’s bill by then-opposition Liberal MP John McKay (who was just re-elected) to strengthen federal government oversight of the corporate social responsibility activities of Canadian mining companies operating overseas. In naming a cabinet, we strongly recommend that newly elected Liberal MP Maryann Mihychuk in Winnipeg be considered for Minister of Natural Resources. Mihychuk is a professional geoscientist and businesswoman who served with distinction as Manitoba’s Mines Minister and Minister of Intergovernmental Affairs in the early 2000s. More recently she has been director of regulatory affairs for the Prospectors & Developers Association of Canada, as well as a consultant to mining firms such as Hudbay Minerals and Carlisle Goldfields, among her many mining endeavours.TNM

Silver Institute: Coin demand forces five major mints to restrict supply FACTS ‘N’ FIGURES

| Low silver prices excite bargain bullion buyers

The following is an edited summary report from the Washington D.C.-based Silver Institute. For more information please visit www.silverinstitute.org.

etail investors in recent months have been stocking up on silver bullion coins and, to a lesser extent, bars. Due to strong demand, the U.S. Mint, the Royal Canadian Mint, Australia’s Perth Mint, the Austrian Mint and the British Royal Mint have put their silver bullion coins on allocation, where the volume of distribution of coins is controlled due to bottlenecks in the manufacturing process. This is an unprecedented industry-wide phenomenon. In recent history, putting bullion coins on allocation has only occasionally been done by the U.S. Mint. The practice points to considerable tightness in the silver coin business at the moment. Globally, silver bullion coin sales reached an all-time high of 32.9 million oz. in this year’s third quarter, according to GFMS Thomson Reuters data. This volume was a 74% quarter-on-quarter and 95% year-on-year increase. Sales in North America, Europe, Japan and other Asian countries (mostly China) saw quarter-on-quarter growth of 74%, 72%, 95% and 202%. As a result, lead times for silver coins have been stretched from immediate delivery to three to four weeks in some cases. This is an unusual occurrence in the industry, with several dealers stating this is the first time they have experienced

GLOBALLY, SILVER BULLION COIN SALES REACHED AN ALL-TIME HIGH OF 32.9 MILLION OZ. IN THE THIRD QUARTER OF THIS YEAR.

Coin sales surge in Q3 North America +74% Europe +72% Japan Asia*

+95% +202%

*Excluding Japan. Change from Q2 2015. Source: The Silver Institute

lag times for certain coin products. Additionally, the shortage is apparently both a supply and demand issue. While demand is strong, given the slow global economic outlook and attractive silver price, the mints are finding it hard to source the blanks needed to produce the coins. “It is clear that investors are continuing to demonstrate their desire for silver bullion coins, and we encourage national mints across the globe to examine their manufacturing pipeline to ensure that this strong demand is met with immediate fulfi llment,” executive director of the Silver Institute Michael DiRienzo said. Silver bars are also experiencing a slight shortage, although confined to bars under 100 oz. — specifically 1 oz. and 10 oz. bars. Delivery times have increased from immediate to a 10day delay in the most extreme cases, especially in the U.S. and Canada. The increase in demand in recent months has been driven by bargain buying, particularly after prices fell below US$15 per oz. Demand buoyed when prices reverted back above US$15 per oz., however, as shortages in products spurred investor interest in the white metal. TNM

DEPARTMENTS Careers . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial . . . . . . . . . . . . . . . . . . . . . . . 4 Mining Jobs . . . . . . . . . . . . . . . . . . . 15

Metal Prices . . . . . . . . . . . . . . . . . . . . 7 Professional Directory . . . . . . . 12-13 Stock Tables . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Alamos Gold . . . . . . . . . . . . . . . . . . 11 Anglo American . . . . . . . . . . . . . . . 16 Aquarius Platinum . . . . . . . . . . . . . 16 Barclays’ Natural Resource Investments . . . . . . . . . . . . . . . . . . . 1 Barrick Gold . . . . . . . . . . . . . . . . . . . 5 Bennett Jones . . . . . . . . . . . . . . . . . . . 5 Carlisle Goldfields . . . . . . . . . . . . . . 11 Caterpillar . . . . . . . . . . . . . . . . . . . . . 5 Cupric Canyon Capital . . . . . . . . . . . 1

FMC . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Freeport-McMoRan . . . . . . . . . . . . . 2 Hatch . . . . . . . . . . . . . . . . . . . . . . . . . 5 Mimran Group . . . . . . . . . . . . . . . . . 1 Newmont Mining . . . . . . . . . . . . . . . 1 Red Cloud Mining Capital . . . . . . . . 5 Sibanye Gold . . . . . . . . . . . . . . . . . . 16 Sociedad Quimica y Minera de Chile. . . . . . . . . . . . . . . . 3 Teranga Gold . . . . . . . . . . . . . . . . . . . 1

A stack of 1 oz. silver coins from the U.S. Mint.

15-10-20 6:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 26–NOVEMBER 1, 2015

John Baird says pushback needed to support mining KEYNOTE

| Government and industry need to play offence, not defence “IT’S AMAZING TO ME HOW THE RULES ALWAYS SEEM TO CHANGE, JUST AS THE LAST DOLLAR GOES INTO A MINING PROJECT — JUST AS THE LAST DOLLAR OF CAPITAL IS INVESTED.”

BY TRISH SAYWELL

tsaywell@northernminer.com

anada's former foreign minister John Baird says the mining industry and government “must play offence, not defence,” when it comes to defending their interests and combating anti-mining activism. “Far too often, the industry, and to some extent government, are playing defence when it comes to anti-mining activists and their close friends in the media,” Baird declared in a keynote address at Red Cloud Mining Capital’s annual Fall Mining Showcase conference in Toronto. “To a great extent, anti-mining activism has become a bit of an industry in this country, and it takes many, many forms,” said Baird, who resigned his post as cabinet minister earlier this year, and now sits on the advisory board of Barrick Gold (TSX: ABX; NYSE: ABX), serves as a global strategic advisor to engineering and development consultancy Hatch and is a senior advisor at Bennett Jones, a law firm active in the mining industry. “You would be absolutely amazed at how many times that we discovered Canadian taxpayers’ dollars going to fight Canadian commercial interests abroad, especially in the extractive sector,” he said during the conference. Throughout his two decades in politics, Baird saw taxpayers’ money footing the bill for a number of anti-mining activists. In one instance, he said, the government was funding a labour group fighting a mining project in Mexico by trying to win over unionized workers, even though the workers had already chosen their existing union. In another case, the government was funding an environmental activists’ protest to derail a Canadian mining project in South America. And there are many others, according to Baird. “We would regularly fund First Nation groups to travel abroad to teach their brothers and sisters in the indigenous peoples’ movement to fight and derail Canadian mining projects,” he said. “But this gravy train must stop. We’ve worked tremendously hard to stop it, and we must be vigilant that this practice doesn’t

JOHN BAIRD CANADA’S FORMER FOREIGN MINISTER

Canada's former foreign minister John Baird, who now consults for Barrick Gold, Hatch and Bennett Jones, speaks at Red Cloud Mining Capital’s fall conference in Toronto. RED CLOUD MINING CAPITAL

re-emerge in the future.” Baird added that Canadians enjoy many freedoms, among them the freedom of speech and the right to protest against their government, and even industry, but that “they shouldn’t be getting money from the public purse to pursue this narrow ideology.” Baird also expressed frustration that while mining creates jobs and generates revenue for foreign governments, too often mining companies are forced to comply with a changing regulatory landscape, or put up with higher taxes and royalties once projects near completion. “It’s just amazing to me how the rules always seem to change, just as the last dollar goes into a mining project, just as the last dollar of capital is invested,” he said, citing the Pueblo Viejo case in the Dominican Republic. “The government of the Dominican

Republic just didn’t understand how bad the deal was with these two major Canadian companies until the last of the $3.6 billion dollars had gone into the ground, and then they realized they made a terrible mistake, and that the deal was tremendously unfair.” Baird said when he met the president of the D.R., he was told the contract had been negotiated and signed by a previous administration and that the new government was facing pressure to take re-negotiate the contract and improve its terms. “I reminded him: ‘Weren’t there six months' worth of hearings in the parliament in that country?’ ... and pointed to the guy sitting beside him and said, ‘didn’t you have his job in the previous administration?’ ... He sheepishly looked down and tried to change the subject. “If the regime was good enough when a Canadian mining company

SUPPLIERS NEWS Caterpillar launches major restructuring Heavy equipment manufacturer Caterpillar (NYSE: CAT) will transform how its mining, customer and dealer divisions operate with an eye toward increasing efficiency and customer satisfaction. “These organizational changes will drive needed simplicity to the business, further enabling us to meet customer and dealer needs by becoming more nimble, lean and responsive,” Caterpillar group president for customer and dealer support Rob Charter said. Starting in 2016, the firm’s mining sales and support division will be integrated into its global mining machine business divisions. This move will bring product, operations, sales and marketing together for surface and underground mining applications. Caterpillar says this will align with its customers’ needs and reduce the company’s costs. Under the new regime, surface mining sales and support teams will join the hauling and extraction division, which will be renamed the surface mining and technology division. The underground mining sales and support teams will become part of the material handling and underground division. Caterpillar is also creating several divisions within its customer- and dealer-facing operations to cut complexity and costs.

_TNM_Oct26_Pg 1_2_3_4_5_11_13_14_16.indd 5

The company’s distribution services divisions — the primary interface between the company and its dealers — will be lowered from three to two: one serving globally, and another for the Americas and Europe. A global after-market solutions division will be created to facilitate the growth in after-market sales and services for the resource sector. The company will also merge the design and manufacturing of components and after-market distribution into the new wear component and aftermarket distribution division. A new marketing and digital division will be focused on developing a developing a marketing strategy that integrates data analytics to providing solutions and support to customers and dealers. The group will also handle the digital transformation of the dealer and customer experience, as well as global brand management, marketing, rental services and retail sales development. Finally, the company will create the sustainable, work tools and industry solutions division, which combines the Cat Reman and Caterpillar safety services units with the company’s machine attachment business Cat work tools. Established 90 years ago, Caterpillar is headquartered in Peoria, Ill. In 2014 the firm generated US$55.2 billion in revenue. TNM

puts its first shovel in the ground, it should be good enough when the material is extracted, and that’s why foreign governments, when they try to pull this trick, must get some strong pushback,” Baird argued. The career politician also said the industry needs to push back just as strongly when this happens in Canada, with “excessive efforts to over-regulate the industry through extra-territorial Canadian legislation, and when regulations are just wrong, and they don’t make sense.” As for falling commodity prices and the slowing growth rate in China — which has dropped from 10.6% in 2010 to 9.5% in 2011, 7.8% in 2012, 7.7% in 2013, 7.4% in 2014 and to just 6.8% in 2015 — he says the status quo is now

“the new normal,” and forecasts greater consolidation in the industry. “In my judgment, low commodity prices and the sharp decline of the Canadian dollar raise the possibility of not just further consolidation in the industry, but also for foreign takeovers,” he said. “Investment Canada’s view now is a little clearer, but it’s not clear what it would be under a new government.” Baird noted that he was in favour of China National Overseas Oil Corp.’s acquisition of Canada’s Nexen in 2012, and had strongly supported it at the Cabinet table. Turning to U.S. politics, Baird said that when Hillary Clinton stepped down as U.S. secretary of state in 2013, a major business group named her the best “secretary of commerce” that the country had ever seen, because she sought to transform the state department into an economic agent for U.S. enterprise. “When it comes to mining,” he said, “the department of foreign affairs — and in my judgment, its minister — should be a global advocate for the industry. Not just in terms of trade and commerce, but in terms of diplomacy and advocacy on the political and regulatory front.” In the extractive industry, he said, “both industry and government must stop playing defence and start playing offence — the mining sector in this country has a great story to tell, and a lot to be proud of.” TNM

BOOK EARLY TO AVOID DISAPPOINTMENT! The Canadian Mining Hall of Fame 28th Annual Induction Banquet Fairmont Royal York Hotel, Toronto Thursday, January 14, 2016

2016 Inductees

Stewart L. Blusson J. Keith Brimacombe Robert M. Friedland Louis Gignac Harold (Hank) Williams Details available at: www.mininghalloffame.ca reservations@mininghalloffame.ca 1-888-308-8803

Diamond Sponsor:

Dinner Wine Sponsor: Platinum Sponsors:

15-10-20 6:19 PM

WWW.NORTHERNMINER.COM

OCTOBER 26–NOVEMBER 1, 2015 / THE NORTHERN MINER

MA R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 9–15 The S&P/TSX Composite Index fell 1% during the Canadian Thanksgiving holiday-shortened trading period to finish at 13,828.97 points. The S&P/TSX Capped Diversified Metals & Mining Index tumbled 3.7% to 469.58, while the S&P/ TSX Global Gold Index jumped 7.7% to fi nish at 145.59 points. The spot price for gold rose 3%, or US$35 per oz., to close at US$1,179.80. Carlisle Goldfields soared after Alamos Gold, which owns 19.9% of the junior explorer, offered to buy Carlisle’s remaining shares. The all-share proposition values Carlisle at $128.5 million, or 60¢ per share. That works out to a 62% premium to Carlisle’s last pre-offer close. The junior’s main asset is the Lynn Lake gold project in northwestern Manitoba. Alamos has an option to increase its 25% interest in the project by 60% if it spends $20 million in three years, and delivers a feasibility study. But with the deal, Alamos can consolidate its ownership in Lynn Lake without the earn-in agreement while exposing Carlisle shareholders to Alamos’ strong production and development portfolio, which includes the Young-Davidson gold mine in Ontario and the Mulatos and El Chanate gold mines in Mexico. The transaction is set to close by year-end. Carlisle shares catapulted 147% to finish at 63¢ after the announcement. Trevali Mining climbed after reporting on Oct. 8 strong third-quarter production results

from its Santander zinc-lead-silver mine in Peru on. Zinc production came in at 14.6 million lb. — up 7% from the second quarter. Santander also cranked out 7.6 million lb. lead and 282,000 oz. silver, both in line with the previous quarter. The junior miner has increased Santander’s annual production guidance to 52 million lb. zinc — up from 50 million lb. — while upgrading its lead and silver targets to 31 million lb. and 1.1 million oz. Trevali has lowered its 2015 cash costs by 5% to US$48 per tonne milled. Meanwhile, the company is commissioning its 3,000-tonne-per-day Caribou mine in northern New Brunswick. The zinc-lead-silver mine should reach commercial production in the fourth quarter. The junior advanced 59% to close at 63¢ per share. Raymond James analyst Alex Terentiew has TSX MOST ACTIVE ISSUES VOLUME

First Quantum Teck Res B Yamana Gold B2Gold Trevali Mng Lundin Mng Barrick Gold Goldcorp Kinross Gold Eldorado Gold

FM TCKB YRI BTO TV LUN ABX G K ELD

WEEK (000s)

HIGH

31180 21855 19161 17723 16511 14742 14150 14140 13624 12692

10.33 10.76 3.33 1.88 0.68 5.06 10.59 20.17 2.97 5.32

LOW

CLOSE CHANGE

7.48 7.81 - 0.75 8.48 8.70 - 0.83 3.01 3.27 + 0.22 1.64 1.76 + 0.12 0.50 0.66 + 0.25 4.66 4.75 + 0.10 9.52 10.47 + 1.14 18.05 20.08 + 2.43 2.71 2.90 + 0.11 4.76 5.25 + 0.38

a $1.20 target and an “outperform 2” rating on the stock. Canarc Resource jumped 31% to 9¢ per share. Canarc reported that it hired Mining Plus Engineering for its National Instrument 43-101 resource report and preliminary economic assessment (PEA) on its new El Compas gold-silver project in Zacatecas, Mexico. The PEA results, to be released in January 2016, should help lead Canarc towards a production

decision. Carnarc bought the project through a subsidiary of Marlin Gold Mining. Harte Gold shares rose 30% to 7¢, after raising $2.3 million for its Sugar zone property in Ontario. On Oct. 14, Harte reported bringing in $1.3 million under its non-brokered private placement, and another $900,000 under a flowthrough financing. Some of the funds are being used to take a 70,000-tonne bulk sample to test the Sugar zone deposit.

TSX GREATEST PERCENTAGE CHANGE VOLUME

Carlisle Goldf Trevali Mng TVI Pacific Fortune Mnrls Canarc Res Harte Gold Great Panther Moneta Porcpn Banro Orezone Gold Karnalyte Res Verde Potash Victory Nickel Energizer Res Renaissance Gd Bannerman Res Horizns G Bear Wallbridge Mng Argex Titanium MBAC Fertilizr

WEEK (000s)

CGJ TV TVI FT CCM HRT GPR ME BAA ORE KRN NPK NI EGZ REN BAN HGD WM RGX MBC

HIGH

LOW

11576 0.64 0.26 16511 0.68 0.50 1357 0.02 0.02 562 0.04 0.03 258 0.09 0.06 1914 0.07 0.05 1010 0.80 0.63 756 0.15 0.10 2409 0.30 0.23 250 0.33 0.26 509 1.02 0.72 160 0.37 0.25 292 0.03 0.02 1742 0.05 0.04 30 0.24 0.20 85 0.03 0.03 4312 12.15 10.37 24 0.04 0.03 414 0.09 0.07 1907 0.05 0.04

TSX GREATEST VALUE CHANGE

CLOSE CHANGE

0.63 0.66 0.02 0.04 0.09 0.07 0.80 0.14 0.29 0.30 0.72 0.26 0.02 0.04 0.20 0.03 10.57 0.03 0.07 0.04

+ 147.0 + 59.0 + 33.3 + 33.3 + 30.7 + 30.0 + 29.0 + 28.5 + 26.0 + 25.0 - 35.1 - 32.8 - 20.0 - 20.0 - 20.0 - 16.6 - 15.7 - 14.2 - 12.5 - 12.5

Franco-Nevada Royal Gold Agnico-Eagle Goldcorp Pan Am Silver Barrick Gold Silver Std Res Mag Silver Seabridge Gold First Majestic Horizns G Bear Russell Metals Teck Res B First Quantum Teck Res A Karnalyte Res Major Drilling Potash Cp Sask Verde Potash Energy Fuels

FNV RGL AEM G PAA ABX SSO MAG SEA FR HGD RUS TCKB FM TCKA KRN MDI POT NPK EFR

WEEK VOLUME

CHANGE

3866184 26721 5123335 14140298 3088083 14149949 2201012 778104 364825 3898948 4312340 869318 21855321 31180478 12144 508937 504988 7287634 160151 183541

66.82 67.77 38.71 20.08 11.08 10.47 9.84 10.57 9.31 5.42 10.57 20.36 8.70 7.81 10.95 0.72 4.87 28.38 0.26 4.34

+ + + + + + + + + + -

4.40 3.17 2.93 2.43 1.32 1.14 0.81 0.71 0.67 0.65 1.98 1.19 0.83 0.75 0.55 0.39 0.24 0.15 0.13 0.11

TSX VENTURE EXCHANGE / OCTOBER 9–15 The S&P/TSX Venture Composite Index rose 1.8%, or 9.67 points, to close at 556.71 points, as gold prices gained 2%, or US$24, before closing at US$1,181.3 per oz. gold. The yellow metal grazed a 3.5-month high on talk of delay in U.S. Federal Reserve rate hikes, and after China increased its gold holdings by nearly 1% in September. Copper recovered 3.5% to US$5,155 per tonne (at a cash-buyer London Metal Exchange price), as China soaks up supply after hitting a 20-month high in its copper imports for September, up 30% from August. Brent crude oil fell 8.2% to US$48.71 per barrel, with the U.S. reporting a larger-than-expected crude stockpile build. Integra Gold topped the volume-traded category, with nearly 7.2 million shares traded before closing up 7%, or 2¢, at 32¢ per share. The company said that 25 million shares held by Samson Belair/Deloitte Touche — in connection with the 2014 acquisition of the Sigma-Lamaque mill in Quebec — has been acquired by a group of international institutional shareholders. Integra president and CEO Stephen de Jong said it is a “winning outcome for all parties involved,” at an initial 23¢ per share. Integra recently received 2.4 million in exercised share warrants, which brings its treasury to $24 million. The funds will help advance the

nearby Lamaque South gold project, which has various orogenic gold targets within the highly prospective Abitibi greenstone belt. Montero Mining and Exploration’s share price jumped 350% to 5¢, after a $2.7-million investment by Ovation Capital to advance the company’s Duyker Eiland phosphate project in Saldanha Bay, South Africa. Ovation could earn 10% in the project after a prefeasibility study, which the company expects by next year. Ovation could earn another 20% by advancing it towards a bankable feasibility study. A preliminary economic assessment (PEA) in 2012 calculated a $126.1-million net present value at a 10% discount rate, and a 38.1% internal rate of return. The PEA envisages a production average of 490,000 tonnes annually of 33% P2O5 concentrate over 11 years. TSX-V MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

LOW

Integra Gold ICG Montero Mg&Ex MON Discovery Vent DVN Metanor Res MTO Graphite One R GPH Gold Canyon GCU PC Gold PKL Equitas Res EQT Equitorial Exp EXX StrikePoint Gd SKP

7164 6594 6396 5915 5794 5167 5036 4767 4501 3507

0.34 0.06 0.21 0.06 0.11 0.38 0.10 0.22 0.11 0.05

0.30 0.02 0.15 0.05 0.08 0.32 0.08 0.18 0.09 0.03

CLOSE CHANGE

0.32 0.05 0.20 0.06 0.10 0.36 0.10 0.18 0.10 0.04

+ + + + + + + -

0.02 0.04 0.05 0.01 0.02 0.04 0.02 0.02 0.02 0.01

AurCrest Gold rose 300% to 2¢ at close after launching subsidary Wiigwaasaatig Energy in a move to develop wind energy sources in remote First Nation communities around its Richardson Lake Gold property in Ontario. The company says renewable energy in the district would provide some of the power the junior needs for exploration, and promote socioeconomic growth and sustainable development

for First Nation groups. Atico Mining’s strong third-quarter results at the El Roble copper and gold mine in Colombia gave way to a 5% rise in share price, before closing at 40¢. The miner produced 3.3 million lb. copper and 2,969 oz. gold, accounting for a 20% increase in copper and 1% increase in gold, compared to the same quarter last year.

TSX-V GREATEST PERCENTAGE CHANGE VOLUME

Rackla Mtls Montero Mg&Ex AurCrest Gold Minfocus Expl MacDonald Mns Mustang Minls Fieldex Expl Valterra Res Pan Global Res Noble Metal Gr Adroit Res Alliance Mng Grande Portage Anglo-Can Mng RT Minerals Running Fox Rs Orestone Mng Parlane Res Galore Res Micrex Devel

RAK MON AGO MFX BMK MUM FLX VQA PGZ NMG ADT ALM GPG URA RTM RUN ORS PPP GRI MIX

WEEK (000s)

HIGH

LOW

15 6594 1152 1070 83 124 83 35 37 360 453 25 86 515 165 10 100 80 18 35

0.09 0.06 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.10 0.03 0.03

0.09 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.06 0.02 0.02

TSX-V GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.09 0.05 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.06 0.02 0.02

+ 800.0 + 350.0 + 300.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 47.8 - 40.0 - 40.0

Chesapeake Gld Abitibi Royalt Eurasian Minls Bear Creek Mng Reservoir Mnls Jaguar Mng Arian Silver Roxgold Kaminak Gold Rackla Mtls Pac Booker Min Gold Reserve Kennady Diam Titanium Corp Zenyatta Vent Parlane Res North Arrow Mn Apogee Silver Niogold Mng Evrim Res

CKG RZZ EMX BCM RMC JAG AGQ ROG KAM RAK BKM GRZ KDI TIC ZEN PPP NAR APE NOX EVM

50705 23000 12578 377756 131122 387480 288109 595120 856862 15104 14250 14010 40651 127580 744973 80000 225461 18035 261483 33500

1.99 2.67 0.75 0.89 4.40 0.30 0.25 0.70 0.89 0.09 2.10 3.65 2.95 1.20 0.97 0.06 0.25 0.29 0.31 0.10

CHANGE

+ + + + + + + + + + -

0.46 0.22 0.15 0.14 0.13 0.10 0.09 0.09 0.09 0.08 0.29 0.19 0.15 0.15 0.14 0.06 0.05 0.05 0.05 0.04

US MARKETS / OCTOBER 9–15 A slowing global economy pushed U.S. industrial production down 0.2% in September, while producer prices slid 0.5% last month — the largest drop since January — and retail sales rose just 0.1%. The disappointing economic data, along with mixed earnings and declining commodity prices, renewed expectations that the Federal Reserve would delay raising interest rates. The Dow Jones Industrial Average climbed 0.5% to 17,141.75 and the S&P 500 Index advanced 0.5% to 2,023.86. The spot price for gold gained US$44.40, or 3.9%, to close at US$1,183.40 per oz., and the Philadelphia Gold & Silver Index gained 6.2% to finish at 57.96. Randgold Resources jumped US$4.20 to US$69.75 per share, posting the largest value gain. The company reported that its Kibali gold mine in northeastern Democratic Republic of the Congo could exceed its 2015 production target of 600,000 oz. gold. CEO Mark Bristow said the ahead-of-schedule vertical shaft sinking marked a major advance in the underground mine, which will complement Kibali’s open-pit operation. Teck Resources’ shares dropped US53¢ to US$6.78 in the wake of a downgrade by Fitch Ratings. Fitch cut the mining company’s rating to BB+ from BBB-, the lowest investment-grade

_TNM_pg 06 Mkt Stories.indd 6

level. “With the slowdown in China, Fitch believes there is an elevated risk that metal and metallurgical coal prices will be lower for longer,” Fitch analyst Monica Bonar said in a note. The analyst also cited poor commodity prices, the company’s debt and the capital it needs for its Fort Hills oilsands project. Freeport-McMoRan was the second most traded stock, and fell US41¢ to US$13 per share. The company says it has “engaged in productive discussions” with the Indonesian government regarding its long-term operating rights and investment plans in the Southeast Asian nation. “The government is developing economic U.S. MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

Alcoa* AA 238320 10.92 Freeport McMo* FCX 165292 14.20 Barrick Gold* ABX 109564 8.20 Kinross Gold* KGC 71130 2.31 Gold Fields* GFI 59103 3.13 Goldcorp* GG 56368 15.69 Teck Res B* TCK 49365 8.29 Newmont Mng* NEM 47053 19.59 Hecla Mining* HL 38271 2.64 Potash C Sask* POT 31573 22.28

LOW

9.63 12.12 7.28 1.97 2.85 13.81 6.55 18.15 2.34 21.25

CLOSE CHANGE

9.70 13.00 8.16 2.26 3.05 15.63 6.78 19.30 2.63 22.10

+ + + + + + +

1.31 0.41 1.00 0.13 0.20 2.08 0.53 0.64 0.32 0.20

stimulus measures — which include revisions to mining regulations — to promote economic and employment growth,” the company said in a press release. “In consideration of PT Freeport Indonesia’s major investments and commitments to increase benefits to Indonesia — including

previously agreed higher royalties, domestic processing, divestment and local content ... the government will [extend] operations beyond 2021, including the same rights and the same level of legal and fiscal certainty provided under its contract of work.”

U.S. GREATEST PERCENTAGE CHANGE VOLUME

Great Panther* Banro* Harmony Gold* Minco Gold* Golden Star* Fortuna Silvr* Platinum Gp M* Dejour Enterp* Vista Gold* Eurasian Mnls* SunCoke Engy* Alcoa* Hi-Crush Part* Natural Rs Pt* Thompson Crk* Comstock Mng* Western Coppr* Arch Coal* Teck Res B* Entree Gold*

GPL BAA HMY MGH GSS FSM PLG DEJ VGZ EMXX SXC AA HCLP NRP TC LODE WRN ACI TCK EGI

WEEK (000s)

HIGH

2258 0.62 8813 0.23 14497 0.88 304 0.21 4203 0.28 1717 3.08 716 0.33 414 0.14 541 0.37 120 0.57 2803 10.06 238320 10.92 597 9.15 229 2.84 421 0.58 548 0.67 58 0.35 8738 4.73 49365 8.29 375 0.37

LOW

0.48 0.18 0.68 0.17 0.22 2.55 0.28 0.11 0.29 0.47 6.05 9.63 7.11 2.46 0.49 0.59 0.30 3.65 6.55 0.26

U.S. GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.62 0.23 0.83 0.21 0.27 3.03 0.33 0.14 0.34 0.56 6.34 9.70 7.63 2.50 0.51 0.60 0.31 4.00 6.78 0.27

+ + + + + + + + + + -

28.8 26.2 23.8 22.9 20.5 18.3 18.2 16.6 16.4 15.6 34.1 11.9 11.0 10.7 8.6 7.5 7.5 7.4 7.2 6.5

Randgold Res* Franco-Nevada* Royal Gold* Agnico-Eagle* Goldcorp* Central GoldT* Agrium* Compass Mnls* Pan Am Silver* Mosaic* SunCoke Engy* Alliance Rs P* Alcoa* Hi-Crush Part* BHP Billi-BHP* Stillwater Mg* Mesabi Trust* Teck Res B* Peabody Enrgy* Freeport McMo*

GOLD FNV RGLD AEM GG GTU AGU CMP PAAS MOS SXC ARLP AA HCLP BHP SWC MSB TCK BTU FCX

5134540 7050618 4299949 15951314 56368326 199986 372099 262408 14386511 25555123 2802524 1054794 238320004 597223 15509150 9378598 220734 49365331 3529429 165291633

CHANGE

69.75 52.01 52.79 30.14 15.63 41.93 96.87 85.60 8.61 34.93 6.34 22.73 9.70 7.63 36.65 11.24 11.11 6.78 23.58 13.00

+ + + + + + + + + + -

4.20 4.11 3.21 2.64 2.08 1.58 1.34 1.32 1.11 1.04 3.29 1.38 1.31 0.95 0.67 0.58 0.57 0.53 0.42 0.41

15-10-20 5:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 26–NOVEMBER 1, 2015

M E TAL S, MI N I N G A N D MONEY MA RK ETS SPOT PRICES COURTESY OF SCOTIABANK

PRODUCER AND DEALER PRICES

Tuesday, October 20, 2015 Precious Metals Price (US$/oz.) Gold $1154.40 Silver $15.61 Platinum $986.00 Palladium $713.00

Change +17.50 -0.06 +64.00 +4.00

Base Metals Nickel Copper Lead Zinc

Change +15.00 +7.50 -3.00 -14.50

Price (US$/tonne) $10385.00 $5212.00 $1786.50 $1779.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 19, 2015 (change from October 12, 2015 in brackets): Aluminium Alloy 12140 (0) Aluminium 3082950 (-39950) Copper 293575 (-9625) Lead 150600 (-4700) Nickel 437640 (-2154) Tin 4460 (-120) Zinc 586200 (-3675)

Thermal Coal CAPP: US$42.05 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$49.00 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Nov. 2015: US$41.93; Dec. 2015: US$41.97 Cobalt: US$12.47/lb. Copper: US$2.39/lb. Copper: CME Group Futures Nov. 2015: US$2.38/lb.; Nov. 2015: US$2.37/lb Ferro-Chrome: US$2.12/kg Ferro Titanium: US$4.93/kg FerroTungsten: US$26.69/kg Ferrovanadium: US$18.18/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$55.50/tonne Iron Ore Fines: US$55.73/tonne Iron Ore Pellets: US$61.26/tonne Lead: US$0.81/lb. Magnesium: US$2.07/kg Manganese: US$1.75/kg Molybdenum Oxide: US$4.85/lb. Phosphate Rock: US$115.00/tonne Potash: US$303.00/tonne Rhodium: Mid-mkt US$7585.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.84 per oz.; Handy & Harman Fabricated: US$19.79 per oz. Tantalite Ore: : US$170.28/kg Tin: US$7.30/lb. Uranium: U3O8, Trade Tech spot price: US$37.75/lb.; The UX Consulting Company spot price: US$38.00/lb. Zinc: US$0.81/lb. Prices current Oct. 20, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding at Oct. 15/15 (with changes from Sept. 30/15).

Largest short positions Lundin Mining LUN 39326604 First Quantum Mrls FM 33355826 New Gold NGD 30377553 Kinross Gold K 28689566 B2Gold BTO 24952172 Teck Resources TCK.B 19067767 Yamana Gold YRI 18540438 Canadian Natural Res. CNQ 17163027 PotashCorp POT 15103106 Barrick Gold ABX 13454685 Eldorado Gold ELD 13400693 Paramount Res. POU 12574716 Thompson Crk Mtls TCM 12516437 Detour Gold DGC 10654063 Copper Mountain Mng CUM 8712194 Largest increase in short position First Quantum Mrls FM 33355826 Rubicon Minerals RMX 6113772 Eldorado Gold ELD 13400693 Semafo SMF 1554828 Goldcorp G 7683328 Largest decrease in short position Oceanagold OGC 4563617 PotashCorp POT 15103106 Denison Mines DML 6759231 Capstone Mining CS 2660400 Torex Gold Resources TXG 3874735

Largest short positions First Mining Finance FF 1916700 Equitas Resources EQT 899400 Indico Resources IDI 584300 Gold Reserve GRZ 473900 Majestic Gold MJS 370000 Nexgen Energy NXE 313718 Impact Silver IPT 307500 Zenyatta Ventures ZEN 296800 Nemaska Lithium NMX 291500 Savary Gold SCA 248300 Golden Dawn Min. GOM 240700 GGL Resources GGL 222700 Roxgold ROG 215181 Pure Energy Min. PE 210456 Gold Standard Ven. GSV 160900 Largest increase in short position Indico Resources IDI 584300 First Mining Finance FF 1916700 Majestic Gold MJS 370000 Impact Silver IPT 307500 Savary Gold SCA 248300 Largest decrease in short position Equitas Resources EQT 899400 Nevada Sunrise Gold NEV 26200 Minaurum Gold MGG 20200 Largo Resources LGO 4100 Maya Gold & Silver MYA 0

314046 1755746 -1107584 -1889954 10495 -774758 -788166 220482 -8390464 1056131 1193891 -1032628 63381 262024 -1485094 1755746 1229474 1193891 1153494 1103431 -15967837 -8390464 -2462498 -2117700 -2103303

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.

30 New Highs Adroit Res Adventure Gold Alturas Minls

481200 -3290700 584300 800 370000 240822 307500 -11500 -140913 247300 240700 222700 22000 -40544 96000

Archon Mineral

584300 481200 370000 307500 247300

Kings Bay Gold

Canadn Plat Carlisle Goldf Centamin Challenger Dee China Mnls Mng Colombia Crest Endeavour Mng Equitas Res First Mexican Gensource Pot Gold Canyon Jaxon Mnls Majescor Res Moneta Porcpn Montero Mg&Ex Noble Metal Gr NovaGold Res Orex Expl PC Gold Premier Gold M Sabina Gd&Slvr Saint Jean Car

NORTH AMERICAN STOCK EXCHANGE INDICES

Silver Std Re* 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

Oct 19 13864.36 551.93 808.77 137.99 432.07 53.59 128.61

Oct 16 13758.38 556.29 813.60 142.26 450.23 56.03 134.12

Oct 15 13838.10 556.71 810.83 145.59 469.53 57.96 138.44

Oct 14 13828.97 556.76 813.85 146.68 468.28 57.78 139.08

Oct 13 13875.33 553.38 811.43 137.39 466.20 54.06 129.08

High 15524.75 825.53 905.09 195.63 832.42 82.19 211.23

Low 12705.17 509.03 750.26 114.48 339.80 42.72 101.28

DAILY METAL PRICES Date Oct 19 Oct 16 Oct 15 Oct 14 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1655/1665 1680/1690 1680/1690 1680/1690 Aluminum 1535.50/1558 1542/1563 1567/1587 1568.50/1588 Copper 5239.50/5230 5265/5255 5342/5325 5277/5250 Lead 1786/1798 1793/1803 1816/1829 1776/1785 Nickel 10410/10450 10455/10525 10570/10610 10370/10400 Tin 15975/15900 16075/16000 16240/16150 15875/15850 Zinc 1757/1783 1781.50/1805.50 1805/1831 1793.50/1815 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1171.65 1176.35 1183.35 Gold PM 1175.40 1180.85 1184.25 Silver 15.86 16.04 16.18 Platinum 1014.00 1007.00 988.00 Palladium 693.00 703.00 708.00

1173.70 1173.90 15.84 990.00 688.00

Oct 13 1680/1690 1558/1576 5260/5252 1767/1776.50 10395/10430 16145/15945 1785.50/1806 1154.40 1165.20 15.61 983.00 687.00

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 — OCTOBER 9–15, 2015

Antioquia Gold

-3290700 -374400 -316800 -286900 -270500

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.

Tearlach Res

170 New Lows

Azincourt Res

Golden Goliath

Paget Mnls

Bandera Gold

Grande Portage

Palmer Res

Bannerman Res

Granite Ck Gld

Pele Mtn Res

Barker Mnrls

Handa Copper

Planet Mng

Belvedere Res

Hansa Res

Prospero Silve

Bitterroot Res

Highway 50 Gld

Puma Expl

Blue Sky Uran

HiHo Silver

Quest Rare Mnl

Bold Vent

Intl Samuel Ex

Red Tiger Mng

Buccaneer Gold

Intl Vestr Res

Redstar Res

Cadillac Vent

J.A.G. Mines

RT Minerals

Canadn Arrow

Jasper Mng

Running Fox Rs

Canadn Int Mnl

Kilo Goldmines

Savant Expl

Canadn Plat

Kincora Copper

Canamex Res

Scorpio Gold

Kings Bay Gold

CaNickel Mng

Laramide Res

Serabi Gold

Canyon Copper

Laurion Mnl Ex

Caracara Silvr

Lomiko Mtls

Cassidy Gold

Luna Gold

Cassius Vent

MacDonald Mns

Centurion Mnls

Marengo Mng

China Mnls Mng

Marifil Mines

Colombia Crest

Maudore Minls

Commander Res

MDN Inc

Confedertn Mls

Melior Res

Contintl Gold

Metalcorp

Copper One

Mindoro Res

Coro Mining

Minfocus Expl

Corsa Coal

Miranda Gold

Crazy Horse Rs

Monarques Res

Darnley Bay

Mountain Boy M

Decade Res

Mundoro Cap

Desert Star

Mustang Minls

Silver Pursuit Silver Range R Stockport Expl Strategic Res Stroud Res Sultan Mnrls SunCoke Engy* Suparna Gold Superior Coppr Taipan Res Tanzania Mnls Tasman Metals Tasman Mtls* Tembo Gold Themac Res Tirex Res Trio Gold Corp Trueclaim Expl

Discovery Harb

Namibia Rare E

ABE Res

Duncan Park H

Network Expl

Adroit Res

Dynasty Met&Mn

New Milln Iron

Alexandria Mnl

Ecuador G & C

NGEx Res

Alliance Mng

Edgewater Expl

Nighthawk Gold

Valterra Res

Altan Nev Mnls

Emerick Res

Nippon Dragon

Vangold Res

Alto Vent

Endurance Gold

North Am Tung

Vendome Res

Alturas Minls

Europn Uran Rs

North Arrow Mn

Victory Nickel

Anglo-Can Mng

Evrim Res

Northern Abiti

Vior Mining

AQM Copper

Fairmont Res

Northern Freeg

Vulcan Mnrls

Arctic Star Rs

Ferrum Am Mng

Northern Gld M

West Af Iron O

Arcus Dev Grp

Fjordland Exp

NQ Expl

Western Melv M

Astur Gold

Focus Vnt

Nunavik Nickel

Wolverine Mnls

Atna Res Ltd

Full Metal Mnl

Oracle Mng

Xmet

Augen Gold

Gabriel Res

Orestone Mng

Xtierra

Auramex Res

Geodex Mnrls

Orosur Mng

Yellowhead Mng

AurCrest Gold

Geomega Res

Pac Casc Minls

Zadar Vent

Avala Res

Gold Mtn Mng

Pac Coal Res

Zenyatta Vent

Azimut Expl

Golden Band

Pac Imp Mines

Zinco Mng

U3O8 Corp Unigold Uranium Valley

For daily mining news, visit www.northernminer.com

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Oct 19 Oct 16 US$ in C$ 1.2998 1.2933 C$ in US$ 0.7693 0.7732

Oct 15 1.2904 0.7750

Oct 14 1.2982 0.7703

Oct 13 1.2986 0.7701

EXCHANGE RATES (Bank of Canada, October 19, 2015) Currency Aus $ Euro In C$ 0.9428 1.4710 In US$ 0.7253 1.1317

Japan 0.01088 0.00837

Mex P 0.07866 0.06052

SA Rand 0.09789 0.07531

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_pg 07 Metals Mining Money table.indd 7

GLOBAL MINING NEWS · SINCE 1915 UK £ 2.0108 1.5470

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

15-10-20 5:51 PM

WWW.NORTHERNMINER.COM

OCTOBER 26–NOVEMBER 1, 2015 / THE NORTHERN MINER

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 9–15, 2015 (100s) Stock

Week

S TO C K TA BLES 12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 6248 0.08 0.06 0.07 + 0.01 0.09 0.03 Abcourt Mines V 5231 0.04 0.03 0.04 0.00 0.07 0.03 ABE Res V 645 0.05 0.03 0.05 + 0.02 0.07 0.03 Aben Res V 116 0.08 0.07 0.08 0.00 0.30 0.06 Aberdeen Intl T 3136 0.13 0.11 0.13 + 0.02 0.20 0.11 Abitibi Royalt V 230 2.67 2.31 2.67 + 0.22 5.10 1.53 Adamera Mnls V 1700 0.03 0.03 0.03 + 0.01 0.05 0.02 Adex Mining V 60 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 3654 0.13 0.10 0.11 0.00 0.19 0.08 Adroit Res V 4530 0.01 0.01 0.01 - 0.01 0.01 0.01 Adventure Gold V 1767 0.20 0.15 0.17 + 0.01 0.20 0.06 African Gold G V 2850 0.04 0.04 0.04 0.00 0.08 0.04 African Queen V 1000 0.02 0.02 0.02 0.00 0.03 0.01 Africo Res T 245 0.40 0.40 0.40 0.00 0.42 0.30 Agnico-Eagle* N 159513 30.69 27.55 30.14 + 2.64 34.89 21.00 Agnico-Eagle T 51233 39.57 36.01 38.71 + 2.93 43.70 25.05 Agrium* N 3720 98.00 93.74 96.87 + 1.34 116.77 82.04 Agrium T 13343 126.67 122.18 124.42 + 0.04 146.51 92.81 Aguila Am Res V 1640 0.05 0.05 0.05 0.00 0.11 0.04 Alabama Graph V 10107 0.20 0.17 0.18 - 0.02 0.35 0.14 Alacer Gold T 53734 3.20 2.89 3.19 + 0.34 3.23 1.77 Alamos Gold* N 69355 5.08 4.53 4.72 + 0.28 9.07 2.98 Alamos Gold T 42200 6.55 5.90 6.09 + 0.27 10.31 3.90 Alberta Star V 1456 0.04 0.03 0.04 + 0.01 0.07 0.02 Alcoa* N 2383200 10.92 9.63 9.70 - 1.31 17.75 7.97 Alderon Irn O* X 203 0.15 0.14 0.14 + 0.00 0.62 0.12 Alderon Iron O T 790 0.20 0.18 0.19 + 0.01 0.69 0.17 Aldershot Res V 230 0.02 0.02 0.02 - 0.01 0.05 0.01 Aldridge Minls V 355 0.17 0.17 0.17 + 0.01 0.26 0.16 Aldrin Res V 1573 0.15 0.13 0.15 + 0.03 0.26 0.11 Alexander Nubi V 80 0.09 0.09 0.09 0.00 0.28 0.06 Alexandria Mnl V 14999 0.03 0.03 0.03 0.00 0.06 0.03 Alexco Res T 1404 0.67 0.62 0.63 + 0.01 0.81 0.34 Alexco Res* X 8223 0.55 0.48 0.49 + 0.02 0.68 0.26 Alita Res V 2841 0.10 0.09 0.09 0.00 0.47 0.08 Alix Res V 1500 0.06 0.06 0.06 + 0.01 0.15 0.03 Alliance Mng V 250 0.01 0.01 0.01 - 0.01 0.06 0.01 Alliance Rs P* Q 10547 24.28 22.50 22.73 - 1.38 50.02 19.95 Alloycorp V 6694 0.03 0.02 0.02 - 0.01 0.09 0.02 Almaden Mnls* X 5502 0.59 0.53 0.58 + 0.02 1.18 0.48 Almaden Mnls T 903 0.75 0.68 0.74 + 0.03 1.57 0.65 Almonty Ind V 624 0.55 0.49 0.51 - 0.02 0.86 0.47 Alphamin Res V 360 0.20 0.16 0.20 + 0.05 0.32 0.11 Altai Res V 447 0.07 0.06 0.06 - 0.01 0.12 0.05 Altair Vent V 26 0.12 0.12 0.12 0.00 0.60 0.06 Altan Nev Mnls V 10 0.01 0.01 0.01 0.00 0.05 0.01 Altan Rio Mnls V 100 0.02 0.02 0.02 0.00 0.06 0.02 Altima Res V 5400 0.02 0.02 0.02 0.00 0.06 0.01 Altiplano Mnls V 145 0.04 0.04 0.04 - 0.01 0.06 0.02 Altitude Res V 110 0.11 0.11 0.11 + 0.04 0.30 0.07 Altius Mnrls T 3799 13.89 13.38 13.48 + 0.16 15.47 9.86 Alto Vent V 10 0.03 0.03 0.03 0.00 0.10 0.03 Alturas Minls V 33600 0.01 0.01 0.01 0.00 0.01 0.01 Alum Cp China* N 1154 9.32 9.01 9.32 + 0.34 17.44 7.20 Am Creek Res V 3240 0.05 0.04 0.04 0.00 0.10 0.03 Amarc Res V 3495 0.11 0.09 0.10 0.00 0.18 0.07 Amarillo Gold V 256 0.10 0.10 0.10 + 0.01 0.15 0.04 American Manga V 17 0.01 0.01 0.01 0.00 0.04 0.01 American Vanad V 2655 0.09 0.08 0.08 - 0.01 0.47 0.05 Amerigo Res T 356 0.34 0.32 0.34 + 0.02 0.45 0.22 Amex Expl V 45 0.04 0.04 0.04 0.00 0.09 0.03 Anaconda Mng T 1700 0.05 0.04 0.05 + 0.01 0.07 0.04 Anfield Nickel V 140 0.70 0.68 0.70 + 0.01 0.96 0.65 Anfield Res V 162 0.11 0.11 0.11 + 0.01 0.52 0.07 Angel Gold V 10 0.06 0.06 0.06 0.00 0.10 0.02 Angkor Gold V 392 0.45 0.41 0.45 + 0.03 0.64 0.33 Anglo-Can Mng V 5150 0.01 0.01 0.01 - 0.01 0.02 0.01 AngloGold Ash* N 308600 9.95 9.20 9.72 + 0.66 13.12 5.64 Antioquia Gold V 1777 0.10 0.07 0.09 + 0.03 0.10 0.01 Antofagasta Gd V 1568 0.22 0.19 0.21 + 0.01 0.25 0.09 Apogee Silver V 180 0.34 0.29 0.29 - 0.05 0.65 0.18 AQM Copper V 1250 0.04 0.04 0.04 - 0.01 0.09 0.04 Aquila Res T 4740 0.16 0.14 0.14 - 0.01 0.19 0.09 Arch Coal* N 87383 4.73 3.65 4.00 - 0.32 29.30 1.00 Archon Mineral V 30 2.09 2.00 2.09 + 0.34 2.09 0.77 Arctic Hntr Ur V 215 0.05 0.05 0.05 + 0.01 0.06 0.02 Arctic Star Rs V 12581 0.02 0.02 0.02 - 0.01 0.07 0.02 Arcus Dev Grp V 660 0.02 0.01 0.02 0.00 0.04 0.01 Argentex Mng V 1613 0.04 0.04 0.04 - 0.01 0.08 0.02 Argentum Silvr V 150 0.03 0.03 0.03 0.00 0.07 0.02 Argex Titanium T 4142 0.09 0.07 0.07 - 0.01 0.69 0.06 Argonaut Gold T 33290 1.79 1.54 1.68 + 0.17 3.89 1.14 Argus Metals V 10 0.03 0.03 0.03 + 0.01 0.11 0.02 Arian Silver V 2881 0.26 0.16 0.25 + 0.09 0.75 0.14 Arianne Phosph V 1503 0.87 0.83 0.87 + 0.01 0.98 0.51 Armistice Res T 444 0.35 0.33 0.33 + 0.01 0.52 0.22 Aroway Mnls V 7710 0.02 0.01 0.01 0.00 0.19 0.01 ASA (Bermuda)* N 4111 9.29 8.58 9.23 + 0.59 12.31 7.00 Asanko Gold T 42120 2.35 1.99 2.24 + 0.25 2.55 1.50 Asanko Gold* X 755 1.81 1.55 1.75 + 0.23 2.11 1.26 Ascot Res V 527 1.35 1.20 1.25 - 0.01 2.13 1.01 Ashburton Vent V 5944 0.02 0.02 0.02 - 0.01 0.03 0.01 Asian Minl Res V 180 0.04 0.04 0.04 + 0.01 0.08 0.03 Astur Gold V 50 0.01 0.01 0.01 - 0.01 0.20 0.01 Atac Res V 2895 0.50 0.45 0.47 + 0.05 0.78 0.31 Atacama Pac Gd V 426 0.17 0.15 0.15 0.00 0.60 0.14 Athabasca Mnls V 578 0.35 0.29 0.30 - 0.03 1.80 0.20 Atico Mng V 2442 0.42 0.35 0.40 + 0.05 0.75 0.33 Atlanta Gold V 223 0.07 0.06 0.06 - 0.01 0.25 0.05 Atna Res Ltd T 7265 0.08 0.06 0.07 + 0.01 0.12 0.06 Augen Gold V 220 0.01 0.01 0.01 0.00 0.06 0.01 Aura Mnls T 2679 0.09 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 1002 0.02 0.02 0.02 + 0.01 0.03 0.01 Auramex Res V 600 0.01 0.01 0.01 0.00 0.02 0.01 Aurcana Corp V 2578 0.19 0.17 0.19 + 0.02 0.44 0.13 AurCrest Gold V 11520 0.02 0.01 0.02 + 0.02 0.06 0.01 Aureus Mng T 5 0.42 0.42 0.42 0.00 0.83 0.27 Aurion Res V 420 0.06 0.06 0.06 0.00 0.08 0.03 Aurvista Gold V 1660 0.05 0.04 0.05 0.00 0.11 0.03 Avala Res V 13330 0.03 0.03 0.03 0.00 0.15 0.03 Avalon Rare M* X 23124 0.12 0.09 0.10 + 0.01 0.40 0.08 Avalon Rare Mt T 40900 0.15 0.12 0.13 + 0.01 0.48 0.11 Avino Silver V 693 1.51 1.35 1.45 + 0.06 2.40 1.15 Avino Silver* X 3608 1.19 1.07 1.11 + 0.03 1.97 0.89 Avnel Gold T 1360 0.26 0.24 0.25 - 0.01 0.31 0.15 Avrupa Mnls V 271 0.16 0.15 0.16 + 0.02 0.40 0.07 Axmin Inc V 59 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 1755 0.18 0.10 0.13 - 0.03 0.29 0.10 Azincourt Res V 589 0.06 0.05 0.05 - 0.01 0.60 0.05

B B2Gold* X 71029 B2Gold T 177230 Bacanora Mnls V 285 Baja Mng V 3969 Balmoral Res T 15490 Bandera Gold V 210 Banks Island G V 1239 Bannerman Res T 850 Banro T 24093 Banro* X 88129 Bard Vent V 10 Barisan Gold V 5752 Barker Mnrls V 335 Barkerville Go V 6488 Barrick Gold* N 1095642 Barrick Gold T 141499 Batero Gold V 2635 Bayswater Uran V 635 BCGold V 1760 Bear Creek Mng V 3777 Beaufield Res V 1480 Bell Copper V 1140 Bellhaven Cp&G V 2099 Belmont Res V 1930 Belo Sun Mng T 4278 Belvedere Res V 702

_TNM_Trade Listing_pg_8 9.indd 8

1.46 1.24 1.36 + 0.11 2.38 0.98 1.88 1.64 1.76 + 0.12 2.88 1.30 1.90 1.83 1.84 - 0.01 2.05 0.56 0.03 0.02 0.03 + 0.01 0.06 0.02 0.57 0.51 0.53 + 0.03 1.41 0.48 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.03 - 0.01 0.38 0.02 0.03 0.03 0.03 - 0.01 0.09 0.03 0.30 0.23 0.29 + 0.06 0.47 0.13 0.23 0.18 0.23 + 0.05 0.40 0.12 0.03 0.03 0.03 + 0.01 0.05 0.01 0.04 0.03 0.03 + 0.01 0.16 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.29 0.26 0.26 - 0.01 0.40 0.11 8.20 7.28 8.16 + 1.00 14.41 5.91 10.59 9.52 10.47 + 1.14 16.54 7.89 0.09 0.07 0.07 0.00 0.11 0.06 0.03 0.03 0.03 - 0.01 0.08 0.02 0.01 0.01 0.01 + 0.01 0.03 0.01 0.92 0.75 0.89 + 0.14 1.94 0.58 0.05 0.05 0.05 + 0.01 0.06 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.10 0.07 0.07 + 0.01 0.45 0.03 0.04 0.03 0.04 + 0.01 0.09 0.03 0.23 0.21 0.22 + 0.01 0.30 0.11 0.03 0.03 0.03 - 0.01 0.17 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Benton Res V 1720 BHP Billi-BBL* N 70295 BHP Billi-BHP* N 155091 Big North Grap V 438 BioteQ Env T 3563 Bison Gold Res V 560 Bitterroot Res V 173 Black Iron T 1312 Black Isle Res V 710 Black Widow Rs V 4390 Blue Rvr Res V 500 Blue Sky Uran V 87 BMO Jr Gld ETF T 954 Bold Vent V 2380 Bonterra Res V 1933 Bowmore Expl V 2000 Bravada Gold V 654 Brazil Res V 2447 Brixton Mtls V 260 Buccaneer Gold V 150 Burnstone Vent V 1320

0.05 0.04 0.05 + 0.01 0.06 0.03 36.66 34.97 35.82 + 0.15 52.31 29.19 38.10 35.85 36.65 - 0.67 57.18 30.15 0.03 0.03 0.03 0.00 0.60 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.05 0.05 0.05 - 0.01 0.15 0.05 0.04 0.04 0.04 0.00 0.09 0.02 0.05 0.04 0.04 0.00 0.09 0.02 0.03 0.02 0.03 + 0.01 0.08 0.01 0.04 0.04 0.04 0.00 0.05 0.03 0.05 0.05 0.05 0.00 0.26 0.05 5.90 5.51 5.84 + 0.34 7.65 4.45 0.03 0.02 0.02 - 0.01 0.06 0.02 0.20 0.19 0.19 0.00 0.43 0.09 0.06 0.04 0.06 + 0.02 0.11 0.03 0.03 0.03 0.03 + 0.01 0.07 0.02 0.59 0.56 0.57 + 0.01 0.85 0.43 0.12 0.08 0.08 - 0.01 0.23 0.06 0.02 0.02 0.02 0.00 0.04 0.02 0.02 0.02 0.02 0.00 0.04 0.01

Cabot Corp* N 14579 Cache Expl V 2095 Cadillac Vent V 4160 Caledonia Mng T 2804 Calibre Mng V 4985 Calico Res V 463 Callinex Mines V 997 Cameco Corp* N 72696 Cameco Corp T 43515 Camino Mnls V 26 Canada Carbon V 10066 Canada Rare Ea V 2511 Canada Zinc Mt V 7700 Canadn Arrow V 1000 Canadn Int Mnl V 1915 Canadn Mining V 191 Canadn Orebods V 1536 Canadn Plat V 240 Canadn Zinc T 23087 Canamex Res V 684 Canarc Res T 2582 Canasil Res V 2965 Cancana Res V 655 Candente Coppr T 4968 CaNickel Mng T 135 Cannon Pnt Res V 350 Canoe Mng Vnt V 320 Canstar Res V 4909 Canterra Mnls V 19 Cantex Mn Dev V 625 Canuc Res V 25 Canyon Copper V 22 Capstone Mng T 59940 Caracara Silvr V 13 Cardero Res T 44 Cariboo Rose V 100 Caribou King R V 5071 Carlin Gold V 20 Carlisle Goldf T 115755 Carmax Mng V 110 Cassidy Gold V 10350 Cassius Vent V 150 Castle Peak Mg V 500 Catalyst Coppr V 5 Caza Gold V 66 CB Gold V 360 Centamin T 4259 Centerra Gold T 26251 Central Fund* X 44253 Central Fund T 2017 Central Gold-T T 9 Central GoldT* X 1999 Centurion Mnls V 623 Century Iron M T 175 Chalice Gold M T 50 Challenger Dee V 1370 Champion Bear V 95 Champion Iron T 7024 Chesapeake Gld V 507 Chiboug Ind Mn V 300 Chilean Gold V 460 China Gold Int T 11109 China Mnls Mng V 830 Claude Res T 24250 Cliffs Nat Rs* N 209379 Clifton Star V 145 Cloud Peak En* N 12119 CMC Metals V 5907 Codrington Res V 3210 Coeur Mng* N 208693 Colibri Res V 366 Colombia Crest V 370 Colonial Coal V 1215 Colorado Res V 863 Colt Res V 3593 Columbus Gold V 3053 Commander Res V 66 Commerce Res V 4415 Compass Mnls* N 2624 Compliance Eny V 20 Comstock Mng* X 5484 Comstock Mtls V 290 Condor Res V 4116 Confedertn Mls V 15303 Cons Richland V 1240 Cons Woodjam C V 1890 Consol Energy* N 290557 Constant Mtl R V 2259 Contintl Gold T 16621 Contl Precious T 2403 Copper Ck Gold V 44 Copper Fox Mtl V 4164 Copper Mtn Mng T 25041 Copper North M V 2129 Copper One V 1600 Corazon Gold V 80 Corex Gold V 2650 Cornerstone Ca V 4194 Coro Mining T 100 Coronado Res V 100 Coronet Mtls V 509 Corsa Coal V 420 Corvus Gold T 1726 Crazy Horse Rs V 865 Cresval Cap V 200 Critical Elem V 11419 Crown Gold V 190 Currie Rose Rs V 480 CVR Partners* N 1649 Cypress Dev V 1825

37.84 35.73 37.31 + 0.07 49.69 30.70 0.16 0.10 0.14 0.00 0.27 0.05 0.02 0.02 0.02 0.00 0.15 0.02 0.88 0.78 0.85 + 0.06 1.06 0.54 0.10 0.09 0.09 0.00 0.20 0.08 0.12 0.11 0.12 + 0.01 0.19 0.06 0.34 0.31 0.32 - 0.03 0.40 0.16 14.47 13.71 14.33 + 0.18 19.97 11.60 18.64 17.94 18.38 - 0.05 22.46 15.50 0.10 0.10 0.10 0.00 0.26 0.04 0.27 0.25 0.25 - 0.01 0.32 0.18 0.03 0.03 0.03 0.00 0.11 0.03 0.20 0.19 0.20 + 0.02 0.44 0.17 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.02 + 0.01 0.05 0.01 0.09 0.08 0.08 0.00 0.18 0.05 0.02 0.02 0.02 + 0.01 0.08 0.02 0.01 0.01 0.01 + 0.01 0.01 0.01 0.11 0.09 0.09 + 0.02 0.26 0.06 0.04 0.04 0.04 0.00 0.19 0.04 0.09 0.06 0.09 + 0.02 0.10 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 0.23 0.21 0.22 - 0.02 0.32 0.15 0.06 0.05 0.05 + 0.01 0.17 0.04 0.09 0.07 0.07 0.00 0.34 0.07 0.17 0.17 0.17 + 0.01 0.25 0.10 0.04 0.04 0.04 0.00 0.24 0.02 0.06 0.06 0.06 0.00 0.10 0.03 0.05 0.05 0.05 0.00 0.11 0.04 0.05 0.04 0.05 + 0.01 0.09 0.03 0.10 0.10 0.10 + 0.03 0.35 0.06 0.03 0.03 0.03 0.00 0.12 0.03 0.72 0.59 0.66 + 0.04 2.20 0.43 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 0.00 0.07 0.01 0.04 0.04 0.04 + 0.01 0.07 0.02 0.12 0.10 0.11 + 0.01 0.22 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.64 0.26 0.63 + 0.38 0.64 0.16 0.03 0.03 0.03 0.00 0.10 0.03 0.02 0.01 0.02 0.00 0.05 0.01 0.02 0.01 0.01 - 0.01 0.07 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.16 0.16 0.16 0.00 0.48 0.11 0.03 0.03 0.03 0.00 0.09 0.03 0.06 0.06 0.06 0.00 0.14 0.03 1.38 1.27 1.35 + 0.05 1.38 0.80 7.94 7.51 7.93 + 0.39 7.98 3.96 11.79 11.22 11.70 + 0.58 13.73 10.15 15.22 14.57 15.03 + 0.56 16.89 12.52 54.45 53.70 54.45 + 1.15 57.25 42.50 42.36 40.70 41.93 + 1.58 46.73 37.22 0.02 0.01 0.01 - 0.01 0.08 0.01 0.25 0.25 0.25 0.00 0.44 0.17 0.10 0.10 0.10 - 0.01 0.15 0.08 0.22 0.19 0.22 + 0.02 0.22 0.05 0.07 0.06 0.06 + 0.01 0.19 0.05 0.21 0.19 0.21 + 0.01 0.23 0.07 2.17 1.60 1.99 + 0.46 2.90 1.39 0.04 0.03 0.04 - 0.01 0.05 0.02 0.03 0.03 0.03 0.00 0.09 0.02 1.96 1.77 1.92 + 0.14 3.37 1.30 0.01 0.01 0.01 + 0.01 0.01 0.01 0.76 0.70 0.76 + 0.04 0.78 0.22 3.32 2.80 2.94 - 0.18 11.70 2.28 0.17 0.14 0.16 0.00 0.25 0.06 3.49 2.88 3.16 - 0.19 13.95 2.42 0.04 0.04 0.04 + 0.01 0.08 0.03 0.06 0.05 0.05 0.00 0.14 0.03 3.35 2.85 3.34 + 0.34 7.45 2.52 0.03 0.03 0.03 0.00 0.23 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.04 0.04 - 0.01 0.15 0.04 0.08 0.07 0.08 + 0.01 0.16 0.06 0.15 0.14 0.15 + 0.01 0.30 0.05 0.45 0.40 0.43 + 0.02 0.55 0.31 0.02 0.02 0.02 0.00 0.04 0.02 0.09 0.08 0.09 + 0.02 0.25 0.07 86.37 83.95 85.60 + 1.32 95.68 77.13 0.08 0.08 0.08 0.00 0.40 0.04 0.67 0.59 0.60 - 0.05 1.36 0.35 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.07 0.02 0.04 0.03 0.03 - 0.01 0.12 0.03 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.04 0.04 + 0.01 0.09 0.02 11.99 10.91 11.57 - 0.03 42.26 8.68 0.12 0.09 0.12 + 0.02 0.18 0.07 1.92 1.57 1.86 - 0.01 3.28 1.57 0.32 0.31 0.31 + 0.01 0.71 0.30 0.06 0.06 0.06 + 0.01 0.07 0.03 0.19 0.17 0.19 + 0.03 0.37 0.10 0.68 0.58 0.60 - 0.01 2.34 0.38 0.05 0.05 0.05 0.00 0.09 0.04 0.01 0.01 0.01 0.00 0.07 0.01 0.18 0.18 0.18 0.00 0.38 0.11 0.06 0.05 0.05 - 0.01 0.09 0.03 0.04 0.03 0.03 0.00 0.11 0.02 0.03 0.02 0.02 0.00 0.08 0.02 0.25 0.25 0.25 0.00 0.98 0.20 0.03 0.03 0.03 + 0.01 0.18 0.02 0.05 0.04 0.05 + 0.01 0.25 0.04 0.75 0.61 0.75 + 0.12 1.29 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 0.19 0.17 0.18 - 0.01 0.31 0.16 0.05 0.05 0.05 - 0.01 0.08 0.03 0.01 0.01 0.01 - 0.01 0.02 0.01 10.60 10.16 10.36 + 0.03 16.12 8.52 0.03 0.03 0.03 + 0.01 0.40 0.02

Dajin Res V 17123 Dalradian Res T 9720 Dalton Res Ltd V 310 Darnley Bay V 353 Decade Res V 14177 Defiance Silvr V 6296 Dejour Enterp T 643 Dejour Enterp* X 4142 Denison Mines T 35594 Denison Mines* X 3694 Desert Star V 4330 Detour Gold T 60385 Diagnos V 3010

0.14 0.13 0.13 0.00 0.16 0.04 0.80 0.71 0.80 + 0.09 1.16 0.46 0.15 0.11 0.15 + 0.01 0.36 0.10 0.02 0.01 0.02 0.00 0.10 0.01 0.02 0.01 0.02 + 0.01 0.14 0.01 0.10 0.08 0.10 + 0.02 0.19 0.07 0.18 0.14 0.18 + 0.03 0.31 0.11 0.14 0.11 0.14 + 0.02 0.28 0.08 0.72 0.62 0.70 + 0.04 1.39 0.48 0.56 0.48 0.54 + 0.03 1.22 0.36 0.14 0.12 0.14 + 0.01 0.22 0.12 16.00 14.69 15.47 + 0.24 16.37 6.02 0.05 0.05 0.05 0.00 0.11 0.04

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Diamcor Mng V 257 Dios Expl V 478 Discovery Harb V 10 Discovery Vent V 63959 Discovery-Corp V 300 DNI Metals V 810 Dolly Vard Sil V 995 Dominion Diam* N 6256 Dominion Diam T 8772 Doubleview Cap V 1125 Duncan Park H V 100 Dundee Prec Mt T 14343 Duran Vent V 453 Durango Res V 2010 DV Res V 250 Dynacor Gold M T 1713 Dynasty Gold V 8346 Dynasty Met&Mn T 5159 Eagle Plains V 170 East Asia Mnls V 4848 Eastern Platin T 3086 Eastfield Res V 50 Eastmain Res T 4560 Eco Oro Mnls T 1138 Ecuador G & C V 4895 Edgewater Expl V 500 El Tigre Silvr V 10 Eldorado Gold* N 66980 Eldorado Gold T 126920 Electra Gold V 1200 Eloro Minls V 511 Ely Gold & Mnl V 340 Emed Mining T 9590 Emerick Res V 1578 Encanto Potash V 8195 Endeavour Mng T 71395 Endeavr Silver T 3376 Endeavr Silve* N 4921 Endurance Gold V 3060 Energizer Res T 17423 Energold Drill V 755 Energy Fuels T 1835 Entourage Mtls V 2600 Entree Gold* X 3753 Entree Gold T 4463 Equitas Res V 47665 Equitorial Exp V 45010 Erdene Res Dev T 2557 Erin Ventures V 13131 Eskay Mng V 85 Ethos Gold V 1388 Eurasian Minls V 125 Eurasian Mnls* X 1201 Eureka Res V 610 EurOmax Res V 597 Europn Uran Rs V 62 Everton Res V 173 Evrim Res V 335 Excellon Res T 983 Excelsior Mng V 2614 Exeter Res* X 880 Exeter Res T 1777 Explor Res V 1208 Faircourt Gold T 341 Fairmont Res V 430 Falco Res V 6582 Fancamp Expl V 2380 Feronia V 19 Ferrum Am Mng V 675 Fieldex Expl V 830 Firestone Vent V 240 First Bauxite V 300 First Lithium V 414 First Majesti* N 105492 First Majestic T 38989 First Mexican V 4085 First Point T 870 First Quantum T 311804 Fission 3.0 V 11285 Fjordland Exp V 785 Flinders Res V 672 Focus Graphite V 6229 Focus Vnt V 1531 Foraco Intl T 340 Foran Mng V 2415 Formation Mtls T 630 Forsys Metals T 79 Fortuna Silver T 20540 Fortuna Silvr* N 17165 Fortune Bay T 186 Fortune Mnrls T 5617 Forum Uranium V 1360 Franco-Nevada* N 70506 Franco-Nevada T 38661 Freegold Vent T 303 Freeport McMo* N 1652916 Full Metal Mnl V 130

1.05 0.91 0.97 + 0.03 1.45 0.80 0.08 0.07 0.08 - 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.11 0.02 0.21 0.15 0.20 + 0.05 0.26 0.09 0.04 0.04 0.04 0.00 0.14 0.03 0.10 0.09 0.09 - 0.03 0.45 0.06 0.30 0.19 0.26 + 0.08 1.05 0.11 11.57 10.79 11.29 + 0.25 20.30 9.62 15.01 13.95 14.50 + 0.13 24.60 12.81 0.11 0.10 0.11 - 0.01 0.21 0.07 0.01 0.01 0.01 0.00 0.03 0.01 2.39 2.01 2.21 + 0.08 4.91 1.93 0.02 0.02 0.02 0.00 0.04 0.01 0.05 0.05 0.05 0.00 0.08 0.03 0.04 0.04 0.04 + 0.01 0.06 0.03 1.95 1.77 1.95 + 0.18 2.59 1.30 0.02 0.01 0.02 + 0.01 0.03 0.01 0.39 0.32 0.34 - 0.04 1.22 0.32 0.06 0.05 0.06 + 0.01 0.08 0.05 0.02 0.01 0.02 + 0.01 0.04 0.01 1.14 1.05 1.07 - 0.01 2.26 0.79 0.03 0.03 0.03 + 0.01 0.05 0.02 0.37 0.32 0.37 + 0.07 0.62 0.17 0.69 0.55 0.65 + 0.05 0.95 0.14 0.02 0.01 0.02 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.06 0.01 0.06 0.06 0.06 + 0.01 0.30 0.06 4.14 3.64 4.11 + 0.37 7.99 2.45 5.32 4.76 5.25 + 0.38 9.68 3.26 0.07 0.07 0.07 - 0.02 0.14 0.05 0.12 0.11 0.11 - 0.01 0.20 0.04 0.07 0.07 0.07 + 0.01 0.09 0.03 0.09 0.07 0.08 + 0.01 0.14 0.06 0.14 0.13 0.13 - 0.01 0.30 0.13 0.07 0.06 0.06 - 0.01 0.16 0.04 0.75 0.60 0.74 + 0.14 0.75 0.38 2.47 2.22 2.47 + 0.21 5.14 1.64 1.92 1.70 1.92 + 0.18 4.58 1.25 0.03 0.02 0.03 + 0.02 0.08 0.02 0.05 0.04 0.04 - 0.01 0.20 0.03 0.69 0.61 0.68 + 0.08 1.46 0.51 4.41 4.03 4.34 - 0.11 9.00 3.68 0.05 0.04 0.05 0.00 0.22 0.03 0.37 0.26 0.27 - 0.02 0.51 0.08 0.44 0.33 0.36 + 0.01 0.66 0.18 0.22 0.18 0.18 - 0.02 0.22 0.03 0.11 0.09 0.10 + 0.02 0.26 0.07 0.16 0.13 0.15 0.00 0.17 0.09 0.07 0.05 0.06 + 0.01 0.08 0.04 0.15 0.13 0.15 0.00 0.20 0.01 0.18 0.16 0.17 - 0.02 0.23 0.11 0.75 0.62 0.75 + 0.15 0.97 0.53 0.57 0.47 0.56 + 0.08 0.89 0.40 0.08 0.06 0.06 - 0.02 0.16 0.02 0.40 0.35 0.40 + 0.05 0.57 0.17 0.01 0.01 0.01 - 0.01 0.03 0.01 0.03 0.03 0.03 + 0.01 0.06 0.02 0.15 0.10 0.10 - 0.04 0.28 0.10 0.41 0.38 0.40 + 0.01 1.22 0.34 0.27 0.23 0.26 + 0.02 0.39 0.19 0.39 0.33 0.38 + 0.03 0.79 0.30 0.50 0.43 0.49 + 0.05 0.90 0.41 0.07 0.06 0.07 - 0.01 0.09 0.04 2.93 2.70 2.91 + 0.15 4.38 2.42 0.05 0.05 0.05 + 0.01 0.26 0.05 0.33 0.24 0.29 + 0.05 0.69 0.23 0.03 0.03 0.03 0.00 0.06 0.02 0.15 0.11 0.11 + 0.01 0.62 0.07 0.01 0.01 0.01 0.00 0.05 0.01 0.01 0.01 0.01 + 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 0.00 0.10 0.04 0.35 0.33 0.35 + 0.05 0.42 0.18 4.29 3.66 4.22 + 0.55 7.79 2.66 5.51 4.78 5.42 + 0.65 8.74 3.54 0.06 0.04 0.06 + 0.02 0.06 0.02 0.07 0.06 0.06 0.00 0.09 0.04 10.33 7.48 7.81 - 0.75 20.21 4.52 0.08 0.07 0.07 0.00 0.14 0.06 0.02 0.01 0.01 - 0.01 0.05 0.01 0.27 0.23 0.24 - 0.01 0.72 0.12 0.12 0.11 0.11 0.00 0.53 0.10 0.15 0.14 0.15 - 0.01 0.27 0.14 0.26 0.24 0.25 + 0.03 0.77 0.15 0.12 0.11 0.11 - 0.01 0.48 0.10 0.13 0.13 0.13 - 0.01 0.22 0.09 0.19 0.17 0.17 + 0.03 0.36 0.12 3.95 3.32 3.88 + 0.54 6.30 2.65 3.08 2.55 3.03 + 0.47 5.25 2.00 0.28 0.28 0.28 - 0.02 0.43 0.24 0.04 0.03 0.04 + 0.01 0.24 0.02 0.06 0.06 0.06 + 0.01 0.14 0.05 52.58 47.46 52.01 + 4.11 58.84 38.20 67.51 62.01 66.82 + 4.40 74.10 49.96 0.12 0.10 0.10 0.00 0.24 0.07 14.20 12.12 13.00 - 0.41 32.14 7.76 0.04 0.03 0.04 0.00 0.35 0.03

Gabriel Res T 4013 Galane Gold V 407 Galantas Gold V 1900 Galore Res V 175 Galway Gold V 1341 Galway Mtls V 1891 GAMCO Glb Gld* X 33059 Garibaldi Res V 4544 Gem Intl Res V 500 General Moly* X 2864 Gensource Pot V 110 Geodex Mnrls V 50 Geodrill T 260 Geologix Ex T 1197 Geomega Res V 3766 Georox Res V 242 Getty Copper V 666 GGL Res V 46 Glen Eagle Res V 3710 Globex Mng T 1101 GMV Minerals V 1375 Gobimin V 9155 GoGold Res T 4209 Gold Bulln Dev V 34426 Gold Canyon V 51667 Gold Fields* N 591030 Gold Mtn Mng V 1145 Gold Reach Res V 95 Gold Reserve V 140 Gold Resource* X 21065 Gold Std Vnt V 7242 Gold Std Vnt* X 3322 Goldbank Mng V 400 Goldcliff Res V 1110 Goldcorp T 141402 Goldcorp* N 563683 Golden Arrow R V 414 Golden Band V 1810 Golden Dawn Ml V 2498 Golden Goliath V 7992 Golden Hope V 810 Golden Mnls T 183 Golden Mnls* X 2686 Golden Peak Mn V 100 Golden Predatr V 306 Golden Queen T 803 Golden Reign R V 2860 Golden Share M V 1180 Golden Star T 4217 Golden Star* X 42028

0.25 0.22 0.24 - 0.01 0.97 0.22 0.09 0.09 0.09 - 0.02 0.22 0.08 0.09 0.09 0.09 - 0.02 0.18 0.05 0.03 0.02 0.02 - 0.01 0.04 0.01 0.09 0.07 0.08 + 0.01 0.12 0.05 0.10 0.10 0.10 - 0.01 0.16 0.09 5.91 5.54 5.91 + 0.50 9.22 4.90 0.13 0.11 0.12 - 0.01 0.23 0.05 0.08 0.06 0.06 - 0.02 0.26 0.05 0.36 0.31 0.34 + 0.01 1.00 0.25 0.07 0.07 0.07 + 0.02 0.07 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.62 0.57 0.62 + 0.02 0.99 0.46 0.04 0.03 0.03 0.00 0.06 0.03 0.07 0.07 0.07 - 0.01 0.29 0.07 0.07 0.06 0.06 - 0.01 0.14 0.05 0.03 0.02 0.02 0.00 0.07 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.05 0.04 0.05 0.00 0.20 0.03 0.29 0.28 0.28 - 0.02 0.35 0.14 0.12 0.08 0.12 + 0.05 0.26 0.05 0.40 0.37 0.40 0.00 0.51 0.35 1.26 1.23 1.25 + 0.01 1.79 1.18 0.05 0.03 0.04 + 0.01 0.06 0.02 0.38 0.32 0.36 + 0.04 0.38 0.09 3.13 2.85 3.05 + 0.20 6.01 2.35 0.03 0.03 0.03 - 0.01 0.14 0.03 0.15 0.14 0.14 - 0.02 0.50 0.13 3.98 3.37 3.65 - 0.19 5.39 2.48 3.15 2.75 3.12 + 0.30 5.35 1.99 0.54 0.48 0.53 + 0.03 0.73 0.40 0.45 0.37 0.41 + 0.03 0.65 0.26 0.06 0.06 0.06 + 0.01 0.09 0.03 0.02 0.01 0.01 0.00 0.02 0.01 20.17 18.05 20.08 + 2.43 30.95 15.99 15.69 13.81 15.63 + 2.08 25.00 11.95 0.27 0.24 0.27 - 0.01 0.50 0.17 0.01 0.01 0.01 0.00 0.01 0.01 0.19 0.15 0.16 - 0.03 0.30 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.33 0.28 0.30 0.00 0.64 0.08 0.41 0.37 0.40 - 0.01 0.91 0.31 0.35 0.30 0.34 + 0.03 0.78 0.23 0.05 0.05 0.05 0.00 0.14 0.04 0.12 0.12 0.12 - 0.01 0.15 0.07 1.06 0.85 1.04 + 0.11 1.68 0.65 0.09 0.09 0.09 + 0.01 0.19 0.05 0.07 0.05 0.06 0.00 0.08 0.03 0.36 0.28 0.35 + 0.06 0.51 0.20 0.28 0.22 0.27 + 0.05 0.42 0.16

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Tag V 9758 Golden Val Min V 2025 Goldex Res V 20 Goldeye Expl V 1260 Goldfield* X 866 T 16027 Goldgroup Mng V 6524 GoldQuest Mng Goldrea Res C 20 V 2043 Goldrock Mines Goldrush Res V 8030 V 735 Goldsource Min V 5135 Goldstrike Res Gonzaga Res V 10 Gowest Gold V 7175 T 1035 Gran Colombia V 860 Grande Portage 62 Granite Ck Gld V Graphite One R V 57943 Great Atlantic V 202 50 Great Bear Res V 22581 X Great Panther* Great Panther T 10098 Great Quest Me V 1472 V 100 Greencastle Rs Grenville Gold V 50 Gresham Res V 12297 Grizzly Discvr V 440 415 GTA Res & Mng V T 10398 Guyana Gldflds Guyana Prec Mt V 2737 GWR Res V 5368 Handa Copper V 100 Hansa Res V 250 40 Happy Ck Minls V 144968 N Harmony Gold* Harte Gold T 19137 V 5173 Heatherdale Rs 382705 Hecla Mining* N Helio Res V 170 Hi-Crush Part* N 5972 Highbank Res V 1447 Highland Res V 5425 170 Highway 50 Gld V 12610 HiHo Silver C Hinterland Mtl V 200 V 66 Homestake Res Horizns G Bear T 43123 Horizns G Bull T 76904 30 Hornby Bay Mnl V Houston Lake V 901 HudBay Minls T 41191 HudBay Mnls* N 1137 Hudson Res V 280 Hunt Mng V 420

0.02 0.03 + 0.01 0.10 0.03 0.02 0.12 0.10 0.12 + 0.02 0.21 0.08 0.02 0.03 0.00 0.08 0.03 0.03 0.03 0.05 - 0.01 0.06 0.06 0.05 1.20 1.75 + 0.01 2.85 1.76 1.70 0.05 0.07 0.00 0.24 0.08 0.07 0.07 0.12 0.00 0.20 0.13 0.11 0.02 0.04 0.00 0.10 0.04 0.04 0.15 0.25 + 0.05 0.40 0.25 0.23 0.01 0.02 0.00 0.03 0.02 0.02 0.13 0.19 + 0.01 0.26 0.19 0.18 0.05 0.13 0.00 0.21 0.14 0.11 0.02 0.03 0.00 0.15 0.03 0.03 0.05 0.08 + 0.01 0.10 0.09 0.07 0.18 0.21 + 0.03 0.97 0.21 0.19 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.06 0.01 0.11 0.08 0.10 + 0.02 0.14 0.07 0.04 0.05 0.00 0.30 0.05 0.05 0.04 0.04 0.04 - 0.01 0.09 0.02 0.30 0.62 + 0.14 1.04 0.62 0.48 0.40 0.80 + 0.18 1.16 0.80 0.63 0.26 0.22 0.23 - 0.02 1.19 0.22 0.05 0.06 0.00 0.09 0.06 0.06 0.04 0.09 + 0.04 0.15 0.09 0.09 0.46 0.59 0.00 0.95 0.61 0.56 0.02 0.07 + 0.01 0.10 0.07 0.06 0.05 0.04 0.04 0.00 0.10 0.04 2.15 3.81 + 0.17 4.48 3.90 3.58 0.22 0.18 0.18 - 0.02 0.33 0.08 0.01 0.05 + 0.01 0.05 0.05 0.04 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 0.11 0.11 - 0.01 0.17 0.08 0.57 0.83 + 0.16 3.18 0.88 0.68 0.04 0.07 + 0.02 0.10 0.07 0.05 0.01 0.02 + 0.01 0.06 0.02 0.02 1.77 2.63 + 0.32 3.54 2.64 2.34 0.02 0.02 - 0.01 0.07 0.02 0.02 9.15 7.11 7.63 - 0.95 55.64 7.01 0.07 0.08 0.00 0.30 0.09 0.08 0.10 0.15 + 0.02 0.50 0.15 0.12 0.10 0.09 0.09 - 0.01 0.51 0.09 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.02 + 0.01 0.04 0.02 0.02 0.01 0.02 0.00 0.06 0.02 0.02 12.15 10.37 10.57 - 1.98 24.65 8.50 4.38 3.82 4.31 + 0.58 8.86 2.75 0.03 0.03 0.03 0.00 0.10 0.03 0.09 0.17 + 0.02 0.20 0.17 0.15 7.85 6.64 7.09 + 0.18 12.61 4.82 5.95 5.08 5.52 + 0.21 10.37 3.62 0.22 0.47 - 0.01 0.55 0.48 0.45 0.02 0.02 + 0.01 0.40 0.02 0.02

I-Minerals V 870 61767 Iamgold* N T 61100 Iamgold IBC Adv Alloys V 8996 IC Potash T 1988 Iconic Mnls V 970 IMPACT Silver V 7726 619 Imperial Metal T Inca One Res V 2037 V 4801 Independence G Indico Res V 6313 Inspiration Mg T 20 Integra Gold V 71644 Intigold Mines V 566 Intl Bethl Mng V 6974 Intl Lithium V 715 940 Intl Montoro R V Intl Northair V 2965 150 Intl Samuel Ex V Intl Tower Hi* X 3684 514 T Intl Tower Hil Intl Vestr Res V 1665 Intrepid Pots* N 11368 INV Metals T 12607 122 ISh COMEX G Tr T Ivanhoe Mines T 18063 T 7818 Ivernia J.A.G. Mines V 1780 Jaguar Mng V 3874 Jasper Mng V 591 Jaxon Mnls V 1750 Jayden Res T 40 Jiulian Res V 20 Kaminak Gold V 8568 Karmin Expl V 125 Karnalyte Res T 5089 Katanga Mng T 114 Kennady Diam V 406 Kestrel Gold V 23 Kettle River V 200 Khalkos Expl V 1475 Khan Res C 1210 V 2046 Kilo Goldmines V 30 Kincora Copper Kings Bay Gold V 2590 136235 Kinross Gold T 711297 Kinross Gold* N Kirkland Lk Gd T 16879 Kiska Metals V 3661 Kivalliq Enrgy V 4239 Klondex Mns T 17726 Klondike Gold V 8337 Klondike Silv V 100 Knick Expl V 10 Kobex Mnls V 9176 V 8978 Kombat Copper V 1722 Kootenay Gold

0.14 0.20 - 0.02 0.31 0.21 0.19 1.16 2.10 + 0.25 3.39 2.14 1.82 1.50 2.70 + 0.27 4.09 2.74 2.39 0.11 0.10 0.10 - 0.01 0.16 0.09 0.10 0.13 + 0.02 0.31 0.14 0.12 0.03 0.03 - 0.01 0.10 0.04 0.03 0.14 0.20 + 0.04 0.38 0.20 0.16 8.24 7.77 8.08 + 0.49 13.69 6.01 0.13 0.12 0.12 - 0.01 0.29 0.09 0.07 0.08 + 0.01 0.11 0.08 0.07 0.02 0.05 - 0.02 0.16 0.06 0.05 0.04 0.04 - 0.01 0.43 0.04 0.04 0.14 0.32 + 0.02 0.36 0.34 0.30 0.03 0.10 + 0.02 0.32 0.10 0.09 0.02 0.02 0.02 0.00 0.03 0.01 0.02 0.06 - 0.01 0.09 0.06 0.05 0.05 0.05 0.05 + 0.01 0.10 0.04 0.04 0.05 0.00 0.11 0.05 0.04 0.01 0.01 0.01 0.00 0.03 0.01 0.42 0.35 0.38 + 0.03 0.62 0.20 0.57 0.46 0.50 + 0.04 0.75 0.26 0.02 0.02 0.02 0.00 0.15 0.02 7.13 6.15 6.56 - 0.17 15.56 5.34 0.08 0.12 - 0.01 0.29 0.12 0.10 14.83 14.41 14.66 + 0.36 15.78 12.61 0.62 0.79 + 0.09 1.36 0.81 0.71 0.01 0.01 0.00 0.11 0.01 0.01 0.02 0.02 0.00 0.06 0.02 0.02 0.12 0.30 + 0.10 0.84 0.30 0.20 0.02 0.03 - 0.01 0.08 0.03 0.02 0.01 0.05 + 0.01 0.06 0.06 0.05 0.03 0.04 + 0.01 0.16 0.04 0.04 0.02 0.03 0.00 0.06 0.03 0.03 0.53 0.89 + 0.09 1.15 0.93 0.80 0.21 0.28 + 0.01 0.50 0.29 0.27 0.52 0.72 - 0.39 1.33 1.02 0.72 0.14 0.16 - 0.01 0.43 0.16 0.16 2.80 2.95 - 0.15 6.50 3.15 2.90 0.02 0.03 + 0.01 0.07 0.03 0.03 0.01 0.01 + 0.01 0.02 0.01 0.01 0.06 0.07 - 0.01 0.12 0.07 0.07 0.33 0.50 0.00 0.80 0.50 0.50 0.04 0.04 0.00 0.15 0.04 0.04 0.02 0.02 0.00 0.05 0.02 0.02 0.01 0.01 0.01 0.00 0.01 0.01 1.79 2.90 + 0.11 4.48 2.97 2.71 1.35 2.26 + 0.13 3.71 2.31 1.97 5.99 5.68 5.76 0.00 6.88 2.79 0.02 0.03 0.00 0.07 0.03 0.02 0.06 0.09 + 0.02 0.22 0.09 0.07 1.68 3.49 + 0.14 3.87 3.54 3.26 0.08 0.11 - 0.01 0.28 0.14 0.11 0.02 0.03 + 0.01 0.05 0.03 0.03 0.01 0.02 0.00 0.02 0.02 0.02 0.46 0.55 - 0.01 0.65 0.56 0.54 0.03 0.05 - 0.02 0.11 0.07 0.05 0.20 0.33 + 0.08 0.56 0.33 0.26

Labdr I-Ore Ro T 11071 Lake Shore Gd* X 16106 Lake Shore Gld T 104538 Lara Expl V 1371 Laramide Res T 2384 Largo Res V 567 730 Laurion Mnl Ex V Legend Gold V 13 Letho Res V 10 Lexam VG Gold T 3401 Lincoln Mng V 831 Lion One Mtls V 1152 Lomiko Mtls V 3967 Loncor Res T 5061 47 Long Harbour E V V 2930 Lorraine Coppr 135 Los Andes Copp V Lowell Copper V 10 Lucara Diam T 7506 Luna Gold T 10388 147421 Lundin Mng T Lydian Intl T 2769

16.72 15.50 16.55 + 0.18 21.63 10.81 0.96 0.87 0.95 + 0.08 1.14 0.60 1.24 1.14 1.21 + 0.07 1.38 0.70 0.20 0.27 - 0.02 0.55 0.30 0.27 0.16 0.17 + 0.00 0.51 0.18 0.16 0.29 0.34 0.00 2.45 0.38 0.33 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.04 0.00 0.14 0.04 0.04 0.05 0.08 0.00 0.18 0.08 0.08 0.09 0.07 0.08 + 0.01 0.11 0.06 0.03 0.04 + 0.01 0.17 0.04 0.04 0.47 0.38 0.43 + 0.08 0.60 0.17 0.03 0.03 0.00 0.09 0.03 0.03 0.03 0.05 0.00 0.13 0.05 0.05 0.06 0.06 0.06 - 0.02 0.15 0.04 0.03 0.06 + 0.02 0.08 0.06 0.04 0.13 0.11 0.13 + 0.03 0.23 0.05 0.21 0.25 - 0.01 0.50 0.25 0.25 1.42 1.73 - 0.02 2.41 1.82 1.70 0.05 0.06 + 0.01 0.61 0.06 0.05 3.68 4.75 + 0.10 6.46 5.06 4.66 0.26 0.29 + 0.01 0.77 0.29 0.26

V 826 MacDonald Mns Mag Silver T 7781 Mag Silver* X 262 V 330 Magellan Minls Majescor Res V 40 Majestic Gold V 9545 Major Drilling T 5049 Makena Res V 2438

0.01 0.01 + 0.01 0.02 0.01 0.01 10.57 + 0.71 11.00 6.56 10.80 10.03 5.60 8.23 + 0.68 9.17 8.35 7.72 0.04 0.05 + 0.01 0.12 0.05 0.05 0.03 0.06 + 0.02 0.06 0.06 0.06 0.03 0.06 + 0.01 0.08 0.06 0.05 3.75 4.87 - 0.24 7.49 5.41 4.63 0.02 0.03 0.00 0.06 0.04 0.03

I-J-K

15-10-20 5:53 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MONTH ??–??, 2015

S TO C K TA BL ES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Malbex Res V 2400 Mandalay Res T 7543 Manitou Gold V 540 Manson Creek V 444 Marathon Gold T 762 Marengo Mng T 165 Marifil Mines V 2505 Maritime Res V 60 Marlin Gold V 720 Mason Graphite V 4368 Matamec Expl V 827 Maudore Minls V 370 Mawson Res T 123 Mawson West T 1660 Max Res V 114 Maya Gold & Si V 705 MBAC Fertilizr T 19073 McEwen Mng* N 7605 McEwen Mng T 7035 MDN Inc T 196 MDU Res* N 38487 Meadow Bay Gd T 587 Mechel* N 1358 Medallion Res V 2075 Mega Copper V 10 Mega Uranium T 9922 Megastar Dev V 50 Melior Res V 640 Menika Mining V 120 Merrex Gold V 1211 Mesa Expl V 90 Mesabi Trust* N 2207 Metalcorp V 75 Metalex Vent V 1320 Metalore Res T 2 Metals Ck Res V 302 Metanor Res V 59148 Micrex Devel V 350 Midas Gold T 3600 Midland Expl V 361 Migao T 1696 Millrock Res V 340 Millstream Min V 170 Minas Buenavn* N 89866 Minaurum Gold V 3835 Minco Gold* X 3043 Minco Gold T 863 Minco Silver T 2918 Mindoro Res V 2000 Mineral Mtn Rs V 840 Mines Managem* X 1956 Minfocus Expl V 10700 Miranda Gold V 8080 Mirasol Res V 1727 Mkango Res V 1890 Monarques Res V 3633 Moneta Porcpn T 7562 Monster Uran V 470 Montero Mg&Ex V 65938 Monument Mng V 4024 Mosaic* N 255551 Mountain Boy M V 10410 Mountain Prov T 3081 MPH Vent V 3193 MPVC V 750 Mundoro Cap V 595 Mustang Minls V 1235

0.03 0.03 0.03 0.00 0.06 0.01 0.85 0.80 0.83 + 0.03 1.05 0.69 0.02 0.02 0.02 + 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.03 0.01 0.24 0.20 0.22 + 0.01 0.39 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.00 0.02 0.01 0.20 0.19 0.20 + 0.08 0.24 0.08 0.32 0.29 0.32 + 0.01 1.09 0.25 0.50 0.42 0.50 + 0.06 0.73 0.36 0.04 0.03 0.03 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.22 0.20 0.21 - 0.01 0.30 0.15 0.02 0.02 0.02 0.00 0.24 0.01 0.09 0.09 0.09 + 0.01 0.20 0.04 0.21 0.19 0.20 + 0.02 0.31 0.11 0.05 0.04 0.04 - 0.01 0.18 0.01 1.08 0.94 1.06 + 0.13 1.94 0.65 1.39 1.22 1.36 + 0.15 2.15 0.84 0.03 0.02 0.03 0.00 0.08 0.02 19.55 18.72 19.03 - 0.37 28.51 16.15 0.15 0.14 0.14 - 0.01 0.31 0.10 0.95 0.91 0.95 + 0.00 1.88 0.42 0.03 0.02 0.03 - 0.01 0.12 0.01 0.03 0.03 0.03 0.00 0.05 0.02 0.09 0.08 0.08 - 0.01 0.25 0.07 0.03 0.03 0.03 + 0.01 0.07 0.02 0.03 0.02 0.02 0.00 0.12 0.02 0.10 0.10 0.10 - 0.03 0.15 0.05 0.17 0.15 0.16 + 0.01 0.23 0.05 0.02 0.02 0.02 + 0.01 0.04 0.02 12.31 10.93 11.11 - 0.57 20.97 9.08 0.01 0.01 0.01 - 0.01 0.01 0.01 0.08 0.06 0.08 + 0.03 0.12 0.03 3.05 3.00 3.00 - 0.20 3.72 2.41 0.08 0.07 0.07 - 0.02 0.28 0.05 0.06 0.05 0.06 - 0.01 0.10 0.04 0.03 0.02 0.02 - 0.01 0.05 0.01 0.32 0.29 0.31 + 0.03 0.62 0.27 0.60 0.55 0.60 + 0.04 0.89 0.47 0.54 0.52 0.54 + 0.02 1.59 0.50 0.25 0.20 0.25 + 0.07 0.55 0.19 0.04 0.03 0.03 + 0.01 0.07 0.01 8.29 7.37 8.18 + 1.00 12.51 5.73 0.06 0.05 0.05 - 0.01 0.10 0.05 0.21 0.17 0.21 + 0.04 0.40 0.15 0.27 0.22 0.27 + 0.05 0.45 0.20 0.47 0.39 0.46 + 0.06 0.93 0.32 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.03 0.03 0.00 0.06 0.02 0.36 0.30 0.32 + 0.01 0.74 0.26 0.01 0.01 0.01 + 0.01 0.04 0.01 0.08 0.07 0.08 + 0.01 0.14 0.07 0.82 0.75 0.81 + 0.04 1.17 0.74 0.03 0.02 0.03 + 0.01 0.19 0.01 0.08 0.07 0.08 + 0.01 0.14 0.07 0.15 0.10 0.14 + 0.03 0.15 0.04 0.04 0.04 0.04 0.00 0.12 0.02 0.06 0.02 0.05 + 0.04 0.06 0.01 0.13 0.11 0.12 0.00 0.18 0.08 35.55 32.76 34.93 + 1.04 53.83 29.61 0.01 0.01 0.01 0.00 0.02 0.01 4.40 4.15 4.20 + 0.04 5.50 3.38 0.09 0.07 0.08 - 0.02 0.10 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.07 0.06 0.07 0.00 0.24 0.06 0.01 0.01 0.01 + 0.01 0.02 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Otis Gold

V 1333 0.09 0.08 0.09 + 0.02 0.14 0.02

P-Q Pac Bay Mnrls V 730 Pac Booker Min V 142 Pac Booker Mn* X 14 Pac Casc Minls V 1060 Pac Coal Res V 770 Pac Imp Mines V 1780 Pac Iron Ore V 20 Pac North West V 98 Pac Potash V 47 Pac Ridge Expl V 2380 Paget Mnls V 1000 Paladin Energy T 13828 Palmer Res V 250 Pan Am Silver T 30880 Pan Am Silver* Q 143865 Pan Global Res V 370 Panoro Minls V 3890 Parlane Res V 800 PC Gold V 50359 Peabody Enrgy* N 35294 Peat Res V 11 Pelangio Expl V 120 Pele Mtn Res V 4660

0.05 0.03 0.05 0.00 0.07 0.02 2.30 2.00 2.10 - 0.29 6.90 1.02 1.78 1.60 1.63 - 0.07 5.75 1.04 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.38 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.31 0.31 0.31 - 0.02 0.39 0.10 0.03 0.02 0.03 + 0.01 0.05 0.01 0.04 0.04 0.04 0.00 0.45 0.03 0.03 0.03 0.03 + 0.01 0.04 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.21 0.19 0.20 + 0.02 0.43 0.15 0.01 0.01 0.01 0.00 0.08 0.01 11.15 9.65 11.08 + 1.32 15.06 7.77 8.69 7.37 8.61 + 1.11 12.05 5.85 0.01 0.01 0.01 + 0.01 0.08 0.01 0.13 0.12 0.13 + 0.01 0.35 0.10 0.10 0.06 0.06 - 0.06 0.23 0.03 0.10 0.08 0.10 + 0.02 0.10 0.02 27.32 20.82 23.58 - 0.42 179.40 14.85 0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.04 0.00 0.09 0.03

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Roxgold V 5951 Royal Cdn Mint T 743 Royal Gold T 267 Royal Gold* Q 42999 Royal Nickel T 3976 RPT Uranium V 81 RT Minerals V 1650 Rubicon Mnls* X 78973 Rubicon Mnrls T 60168 Rugby Mng V 40 Running Fox Rs V 100 Rupert Res V 1033 Rusoro Mng V 625 Russell Metals T 8693 Rye Patch Gold V 6866

0.72 0.62 0.70 + 0.09 0.77 0.39 16.36 15.89 16.18 + 0.40 17.41 13.87 68.30 63.25 67.77 + 3.17 95.64 57.21 53.12 48.31 52.79 + 3.21 77.20 42.21 0.26 0.24 0.24 - 0.01 0.59 0.22 0.32 0.30 0.32 - 0.03 0.43 0.22 0.01 0.01 0.01 - 0.01 0.05 0.01 0.56 0.47 0.51 - 0.03 1.35 0.43 0.73 0.62 0.64 - 0.06 1.63 0.57 0.07 0.07 0.07 0.00 0.27 0.06 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.03 0.03 0.00 0.11 0.03 0.05 0.05 0.05 + 0.01 0.07 0.01 21.94 20.14 20.36 - 1.19 34.14 18.23 0.14 0.12 0.14 + 0.02 0.20 0.11

Sabina Gd&Slvr T 16921 Saint Jean Car V 9207 Salazar Res V 430 Sama Res V 1312 San Marco Res V 250 Sanatana Diam V 2059 Sandspring Res V 6498 Sandstorm Gld* X 35569 Sandstorm Gold T 11263

0.57 0.46 0.53 + 0.08 0.57 0.28 0.04 0.03 0.03 - 0.01 0.04 0.01 0.05 0.05 0.05 0.00 0.18 0.04 0.20 0.15 0.19 + 0.04 0.30 0.10 0.03 0.03 0.03 + 0.01 0.13 0.02 0.03 0.03 0.03 + 0.01 0.15 0.02 0.20 0.16 0.19 + 0.03 0.66 0.13 3.16 2.85 3.10 + 0.29 4.65 2.20 4.06 3.71 3.99 + 0.33 5.30 2.80

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_TNM_Trade Listing_pg_8 9.indd 9

0.05 0.04 0.05 - 0.01 0.22 0.04 2.84 2.46 2.50 - 0.30 13.79 2.21 0.33 0.27 0.31 + 0.06 0.56 0.24 0.29 0.27 0.28 - 0.01 0.35 0.12 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 1.15 0.99 1.05 + 0.08 2.03 0.75 0.22 0.18 0.20 + 0.02 0.33 0.05 0.33 0.20 0.28 + 0.08 0.54 0.13 0.03 0.02 0.03 + 0.01 0.06 0.01 4.44 4.10 4.21 + 0.04 5.35 3.41 3.43 3.14 3.28 + 0.09 4.51 2.57 0.06 0.05 0.05 0.00 0.08 0.02 0.06 0.05 0.05 - 0.01 0.11 0.04 4.07 3.82 3.95 + 0.22 6.04 2.52 3.19 2.93 3.07 + 0.23 5.27 1.90 0.13 0.11 0.12 + 0.02 0.36 0.10 0.09 0.08 0.08 0.00 0.30 0.08 0.02 0.01 0.01 0.00 0.03 0.01 0.15 0.15 0.15 + 0.06 0.20 0.07 0.16 0.16 0.16 + 0.01 0.24 0.14 19.59 18.15 19.30 + 0.64 27.90 15.39 0.27 0.22 0.23 - 0.03 0.49 0.20 0.57 0.44 0.51 - 0.01 1.71 0.44 0.06 0.05 0.06 - 0.01 0.50 0.05 0.36 0.31 0.31 - 0.05 0.43 0.22 0.04 0.03 0.03 - 0.01 0.12 0.03 0.07 0.07 0.07 + 0.01 0.09 0.03 0.01 0.01 0.01 + 0.01 0.01 0.01 0.05 0.04 0.04 - 0.01 0.35 0.03 0.35 0.32 0.33 + 0.01 0.67 0.25 2.52 2.22 2.37 + 0.14 5.90 1.60 3.30 2.86 3.00 + 0.13 6.60 2.10 0.18 0.16 0.18 + 0.03 0.28 0.12 4.21 4.05 4.19 + 0.18 188.00 3.87 0.02 0.01 0.01 0.00 0.07 0.01 0.30 0.25 0.25 - 0.05 1.34 0.25 0.09 0.08 0.08 0.00 0.27 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.44 0.32 0.41 - 0.01 0.72 0.28 0.57 0.50 0.52 - 0.03 0.83 0.37 0.05 0.04 0.05 0.00 0.18 0.04 0.02 0.01 0.01 - 0.01 0.04 0.01 0.35 0.32 0.32 + 0.01 0.89 0.26 0.09 0.06 0.06 + 0.01 0.32 0.03 0.03 0.02 0.03 + 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.04 0.02 0.02 0.02 0.02 0.00 0.07 0.02 0.27 0.19 0.27 + 0.08 0.32 0.07 0.50 0.46 0.48 + 0.03 1.11 0.41 0.40 0.36 0.38 + 0.02 1.06 0.35 5.23 4.80 5.17 + 0.36 5.23 2.65 4.05 3.70 4.03 + 0.34 4.25 2.33 0.01 0.01 0.01 0.00 0.02 0.01 0.14 0.10 0.13 + 0.01 0.17 0.06 0.04 0.04 0.04 - 0.01 0.18 0.04 1.26 1.19 1.21 + 0.01 3.40 1.15 2.66 2.32 2.65 + 0.34 3.15 1.70 0.10 0.09 0.10 + 0.02 0.30 0.08 0.24 0.24 0.24 + 0.01 0.48 0.14 0.27 0.27 0.27 + 0.02 0.58 0.21 0.15 0.11 0.15 + 0.07 0.19 0.08 0.11 0.08 0.09 - 0.02 0.32 0.03 33.95 33.86 33.89 - 0.01 35.00 21.87 0.04 0.04 0.04 + 0.01 0.11 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.27 0.27 0.27 0.00 2.35 0.25 0.01 0.01 0.01 0.00 0.09 0.01 0.96 0.95 0.95 0.00 1.50 0.79 0.38 0.30 0.38 + 0.07 0.45 0.20 0.25 0.20 0.21 + 0.02 0.49 0.16 0.01 0.01 0.01 0.00 0.10 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.02 0.02 0.00 0.02 0.01 0.14 0.13 0.14 + 0.01 0.34 0.11 0.33 0.26 0.30 + 0.06 0.75 0.22 0.03 0.03 0.03 - 0.01 0.06 0.02 1.92 1.84 1.89 + 0.20 2.88 1.38 0.12 0.10 0.12 + 0.01 0.24 0.10 0.22 0.18 0.20 + 0.01 0.49 0.15

Peregrine Diam T 8357 Perseus Mng T 30622 Pershimco Res V 1141 Peruvian Prc M V 3765 Pilot Gold T 5140 Pinecrest Res V 105 Pinetree Cap T 13539 PJX Res V 230 Planet Mng V 400 Plata Latina M V 2400 Plate Res V 50 Platinum Gp M* X 7155 Platinum Gp Mt T 11618 Playfair Mng V 880 Polaris Minls T 344 PolyMet Mng* X 6720 PolyMet Mng T 801 Potash C Sask* N 315730 Potash Cp Sask T 72876 Precipitate Gl V 231 Premier Gold M T 30125 Pretium Res* N 39024 Pretium Res T 21117 Primero Mng T 46313 Primero Mng* N 5195 Probe Mines V 955 Prophecy Coal T 9826 Prospero Silve V 20 Puma Expl V 3075 Purepoint U V 3945 QMX Gold V 4310 Quaterra Res V 850 Quest Rare Mnl T 7124

0.17 0.17 0.17 0.00 0.39 0.14 0.41 0.35 0.40 + 0.07 0.48 0.18 0.16 0.14 0.16 + 0.02 0.30 0.13 0.10 0.08 0.09 + 0.01 0.19 0.06 0.48 0.38 0.45 + 0.07 1.27 0.33 0.09 0.07 0.09 + 0.02 0.50 0.06 0.08 0.07 0.07 + 0.01 0.22 0.06 0.20 0.18 0.20 + 0.02 0.29 0.10 0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.02 0.02 - 0.01 0.13 0.01 0.02 0.02 0.02 0.00 0.07 0.02 0.33 0.28 0.33 + 0.05 0.94 0.22 0.43 0.37 0.40 + 0.03 1.10 0.29 0.06 0.04 0.06 + 0.01 0.08 0.01 1.99 1.87 1.99 + 0.14 2.83 1.65 0.84 0.73 0.81 - 0.03 1.37 0.55 1.04 0.92 1.04 - 0.03 1.75 0.76 22.28 21.25 22.10 + 0.20 37.60 19.47 28.78 27.74 28.38 - 0.15 47.10 25.80 0.09 0.08 0.09 + 0.01 0.21 0.07 2.91 2.44 2.88 + 0.46 2.91 1.61 6.95 6.21 6.82 + 0.20 7.56 4.07 8.98 8.23 8.74 + 0.11 9.05 4.60 3.94 3.61 3.84 + 0.07 6.06 2.66 3.15 2.77 3.00 + 0.11 5.04 2.00 0.45 0.43 0.44 + 0.01 0.56 0.12 0.05 0.04 0.05 + 0.01 0.08 0.03 0.05 0.05 0.05 - 0.03 0.25 0.05 0.07 0.06 0.07 + 0.01 0.18 0.06 0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.02 0.02 0.00 0.04 0.01 0.10 0.08 0.08 - 0.01 0.15 0.04 0.09 0.07 0.09 + 0.02 0.29 0.07

Rackla Mtls V 151 Radisson Mng V 816 Radius Gold V 1991 Rambler Mg&Mtl V 115 Randgold Res* Q 51345 Range Engy Res C 19445 Rapier Gold V 793 Rare Elemnt Rs T 1550 Rare Elemt Re* X 7969 Ratel Grp T 100 Rathdowney Res V 445 Red Eagle Mng V 2873 Red Moon Potsh V 180 Red Pine Expl V 1095 Red Tiger Mng V 522 Redhawk Res T 1590 Redhill Res V 59 Redstar Gold V 3760 Redstar Res V 1731 Regal Res C 500 Reliance Res V 246 Renaissance Gd T 300 Reservoir Capt V 1318 Reservoir Mnls V 1311 Reunion Gold V 7510 Revolver Res V 680 Rhino Res* N 374 Richmond Mnls V 1455 Richmont Mines T 4084 Richmont Mine* X 9278 Rio Novo Gold T 2075 Rio Tinto* N 44512 Riverside Res V 336 Robex Res V 3380 Rochester Res V 10 Rock Tech Lith V 372 RockBridge Res V 500 Rockhaven Res V 2274 Rockwell Diam T 2646 Rodinia Lithm V 19593 Rogue Iron Ore V 4190 Rokmaster Res V 1400 Rome Res V 200 Romios Gold Rs V 3117

0.09 0.09 0.09 + 0.08 0.13 0.03 0.13 0.11 0.13 0.00 0.15 0.08 0.08 0.07 0.08 0.00 0.11 0.06 0.14 0.13 0.13 - 0.01 0.49 0.13 70.54 65.79 69.75 + 4.20 85.84 54.88 0.03 0.03 0.03 - 0.01 0.10 0.01 0.05 0.04 0.05 - 0.01 0.08 0.01 0.41 0.35 0.36 - 0.01 1.31 0.30 0.33 0.28 0.29 - 0.01 1.06 0.24 0.50 0.50 0.50 + 0.04 1.00 0.40 0.15 0.12 0.15 0.00 0.35 0.11 0.33 0.29 0.31 + 0.01 0.36 0.18 0.03 0.03 0.03 + 0.01 0.09 0.02 0.09 0.08 0.09 + 0.01 0.18 0.03 0.03 0.02 0.02 0.00 0.19 0.02 0.06 0.06 0.06 - 0.01 0.14 0.04 0.09 0.09 0.09 0.00 0.47 0.07 0.04 0.04 0.04 + 0.01 0.06 0.03 0.03 0.02 0.03 0.00 0.15 0.02 0.07 0.06 0.06 - 0.03 0.15 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.24 0.20 0.20 - 0.05 0.38 0.14 0.60 0.50 0.51 + 0.08 0.62 0.21 4.48 4.20 4.40 + 0.13 5.09 3.30 0.02 0.01 0.02 0.00 0.10 0.01 0.06 0.05 0.06 + 0.01 0.08 0.02 1.05 0.89 0.99 + 0.08 12.03 0.63 0.13 0.11 0.11 - 0.02 0.14 0.03 4.20 3.90 4.11 + 0.16 4.55 2.07 3.26 2.90 3.18 + 0.15 3.68 1.89 0.14 0.12 0.14 - 0.01 0.16 0.06 40.05 38.00 39.21 + 0.40 51.61 31.97 0.18 0.17 0.17 + 0.02 0.36 0.15 0.09 0.07 0.08 0.00 0.13 0.04 0.03 0.03 0.03 0.00 0.15 0.03 0.07 0.06 0.07 - 0.01 0.10 0.03 0.02 0.02 0.02 + 0.01 0.09 0.02 0.15 0.14 0.15 + 0.02 0.27 0.13 0.20 0.19 0.20 0.00 0.37 0.18 0.04 0.02 0.03 - 0.01 0.05 0.01 0.12 0.09 0.10 + 0.01 0.16 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.02 0.02 0.02 0.00 0.15 0.02 0.04 0.03 0.03 0.00 0.07 0.02

Stock

Week

12-month

Exc Volume High Low Last Change High Low

Suparna Gold V 600 0.02 0.02 0.02 0.00 0.16 0.02 Superior Coppr V 20 0.02 0.02 0.02 0.00 0.08 0.02 Sutter Gold V 445 0.07 0.06 0.06 - 0.01 0.15 0.04

T Tahoe Res* N 21656 Tahoe Res T 38998 Taipan Res V 107 Tajiri Res V 970 Talon Metals T 766 Tanz Roy Exp T 306 Tanz Roy Exp* X 6205 Tanzania Mnls V 3200 Taranis Res V 60 Taseko Mines* X 7050 Taseko Mines T 2863 Tasman Metals V 448 Tasman Mtls* X 2095 Tearlach Res V 550 Teck Res A T 121 Teck Res B* N 493653 Teck Res B T 218553 Tembo Gold V 11 Teranga Gold T 40725 Teras Res V 2580 Terraco Gold V 2346 Terrax Minls V 3115 Teuton Res V 250 Themac Res V 1000 Thompson Creek T 4176 Thompson Crk* N 4208 Thor Expl V 250 Timberline Res V 211 Timberline Rs* X 1254 Timmins Gold* X 10686 Timmins Gold T 47801 Tinka Res V 1141 Tintina Res V 2910 Tirex Res V 533 Titanium Corp V 1275 TNR Gold V 320 TomaGold V 1130 Torex Gold T 69915 Transition Mtl V 550 Treasury Metal T 3319 Tres-Or Res V 1090 Trevali Mng T 165113 Tri Origin Exp V 50 Tribute Res V 50 TriMetals Mng T 400 Trio Gold Corp V 1498 Troymet Expl V 357 True Gold Mng V 8236 True North Gem V 1850 Trueclaim Expl V 1747 Turquoise HIl* N 24848 Turquoise Hill T 38691 TVI Pacific T 13569 Typhoon Expl V 266

9.92 9.14 9.75 + 0.34 21.70 7.33 12.75 12.05 12.50 + 0.25 24.43 9.66 0.18 0.18 0.18 - 0.01 3.75 0.18 0.01 0.01 0.01 0.00 0.04 0.01 0.15 0.13 0.15 + 0.02 0.39 0.08 0.45 0.40 0.41 + 0.02 2.37 0.32 0.33 0.29 0.33 + 0.03 2.04 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.05 0.05 0.05 - 0.01 0.15 0.03 0.57 0.53 0.55 + 0.03 1.69 0.32 0.73 0.67 0.70 + 0.02 1.89 0.51 0.38 0.33 0.37 + 0.04 0.99 0.33 0.30 0.25 0.29 + 0.03 0.79 0.25 0.12 0.10 0.12 + 0.02 0.12 0.02 12.27 10.15 10.95 - 0.55 22.64 7.74 8.29 6.55 6.78 - 0.53 17.88 4.39 10.76 8.48 8.70 - 0.83 20.58 5.87 0.02 0.02 0.02 0.00 0.06 0.02 0.65 0.57 0.63 + 0.08 0.82 0.38 0.08 0.08 0.08 0.00 0.16 0.05 0.10 0.08 0.09 + 0.02 0.19 0.07 0.39 0.35 0.36 0.00 0.44 0.23 0.06 0.06 0.06 0.00 0.50 0.05 0.01 0.01 0.01 0.00 0.04 0.01 0.75 0.65 0.67 - 0.06 2.57 0.53 0.58 0.49 0.51 - 0.05 2.26 0.40 0.03 0.03 0.03 + 0.01 0.07 0.02 0.67 0.65 0.67 + 0.02 1.02 0.35 0.53 0.50 0.52 - 0.00 0.96 0.26 0.30 0.26 0.27 + 0.01 1.33 0.20 0.37 0.34 0.35 0.00 1.53 0.26 0.20 0.18 0.18 - 0.01 0.43 0.15 0.06 0.05 0.06 + 0.01 0.15 0.04 0.15 0.13 0.13 - 0.01 0.35 0.13 1.35 1.20 1.20 - 0.15 1.60 0.60 0.02 0.01 0.02 + 0.01 0.03 0.01 0.05 0.05 0.05 + 0.01 0.13 0.04 1.45 1.33 1.39 + 0.07 1.73 0.85 0.10 0.07 0.07 - 0.02 0.27 0.06 0.51 0.44 0.46 + 0.02 0.62 0.25 0.02 0.02 0.02 - 0.01 0.03 0.01 0.68 0.50 0.66 + 0.25 1.24 0.31 0.03 0.03 0.03 - 0.01 0.04 0.01 0.06 0.06 0.06 0.00 0.12 0.04 0.09 0.08 0.08 - 0.01 0.17 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 0.00 0.03 0.01 0.20 0.17 0.19 + 0.02 0.34 0.15 0.16 0.12 0.16 + 0.02 0.19 0.07 0.03 0.02 0.02 0.00 0.08 0.02 3.12 2.90 3.04 + 0.05 4.73 2.41 4.05 3.77 3.90 + 0.01 5.80 3.17 0.02 0.02 0.02 + 0.01 0.03 0.01 0.04 0.04 0.04 + 0.01 0.09 0.03

U3O8 Corp T 9775 UC Res V 40 Ucore Rare Mtl V 15284 UEX Corp T 12078 Ultra Lithium V 472 Unigold V 3502 Unity Energy V 130 Ur-Energy T 329 Ur-Energy* X 659 Uragold Bay Rs V 540 Uranium Ener* X 17235 Uranium Partic T 5357 Uranium Res* Q 2273 Uranium Valley V 81 Uravan Minls V 30 US Energy* Q 1062 US Silica Hld* N 21104 Vale* N 269984 Valterra Res V 345 Vangold Res V 101 Vena Res T 850 Vendetta Mng V 300 Vendome Res V 510 Verde Potash T 1601 Victoria Gold V 10102 Victory Nickel T 2917 Victory Res V 470 Victory Vent V 100 Vior Mining V 1170 Virginia Engy V 61 Viscount Mng V 3105 Visible Gold M V 850 Vista Gold T 220 Vista Gold* X 5408 VMS Vent V 2843 Volcanic Mtls V 50 Vulcan Mnrls V 200

0.03 0.02 0.03 0.00 0.07 0.02 0.02 0.02 0.02 0.00 0.03 0.01 0.26 0.20 0.21 - 0.04 0.44 0.20 0.14 0.13 0.13 - 0.01 0.37 0.11 0.10 0.06 0.07 - 0.03 0.35 0.05 0.10 0.09 0.09 - 0.01 0.35 0.09 0.07 0.06 0.07 + 0.02 0.10 0.03 0.83 0.80 0.80 - 0.04 1.35 0.72 0.66 0.61 0.62 - 0.01 1.07 0.53 0.04 0.04 0.04 0.00 0.07 0.03 1.24 1.12 1.18 - 0.05 3.00 0.90 5.29 5.14 5.20 - 0.02 5.76 4.82 0.85 0.76 0.78 - 0.02 2.67 0.60 0.05 0.04 0.05 + 0.01 0.10 0.04 0.14 0.14 0.14 0.00 0.17 0.03 0.53 0.48 0.49 0.00 3.00 0.36 18.63 16.37 18.40 + 0.73 52.87 13.50 5.53 4.74 5.00 - 0.27 11.95 4.03 0.01 0.01 0.01 + 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 + 0.01 0.17 0.03 0.10 0.09 0.09 - 0.02 0.22 0.08 0.01 0.01 0.01 0.00 0.03 0.01 0.37 0.25 0.26 - 0.13 0.70 0.24 0.17 0.14 0.16 + 0.02 0.24 0.09 0.03 0.02 0.02 - 0.01 0.54 0.02 0.05 0.05 0.05 + 0.01 0.09 0.03 0.03 0.03 0.03 0.00 0.03 0.01 0.05 0.04 0.05 0.00 0.13 0.04 0.05 0.05 0.05 - 0.01 0.10 0.03 0.37 0.33 0.35 0.00 0.47 0.15 0.05 0.05 0.05 - 0.01 0.27 0.04 0.47 0.39 0.44 + 0.06 0.56 0.29 0.37 0.29 0.34 + 0.05 0.45 0.24 0.12 0.10 0.10 - 0.01 0.32 0.10 0.04 0.04 0.04 + 0.01 0.16 0.04 0.02 0.02 0.02 0.00 0.04 0.02

Wallbridge Mng T 240 Waseco Res V 20 Wealth Minls V 356 Wesdome Gold T 2818 West Af Iron O V 50 West High Yld V 200 West Kirkland V 3500 Westcore Energ V 20 Western Copper T 1114 Western Coppr* X 578 Western Lithiu T 14925 Western Melv M V 100 Western Pac Rs V 650 Western Potash T 1556 Westhaven Vent V 20 Westkam Gold V 2280 WGI Heavy Mnl T 2038 White Pine Res V 10 Wildcat Expl V 298 Williams Creek V 95 Wolfden Res V 3735 Wolverine Mnls V 82 WPC Res V 1693 Xmet V 4530 Xtierra V 300 Xtra-Gold Res T 157 Yamana Gold* N 119105 Yamana Gold T 191613 Yanzhou Coal* N 2120 Yellowhead Mng T 47649 Zadar Vent V 90 Zazu Metals T 3274 Zena Mng V 140 Zenyatta Vent V 7449 Zimtu Capital V 88 Zinco Mng V 505

0.04 0.03 0.03 - 0.01 0.08 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.22 0.20 0.22 + 0.02 0.42 0.03 1.07 0.97 1.04 + 0.04 1.40 0.62 0.02 0.02 0.02 0.00 0.10 0.02 0.31 0.25 0.31 + 0.04 0.43 0.11 0.06 0.05 0.06 + 0.01 0.11 0.05 0.03 0.03 0.03 0.00 0.04 0.01 0.44 0.40 0.40 - 0.04 0.78 0.34 0.35 0.30 0.31 - 0.03 0.68 0.27 0.30 0.26 0.29 + 0.01 0.96 0.26 0.03 0.03 0.03 0.00 0.20 0.03 0.01 0.01 0.01 0.00 0.18 0.01 0.26 0.25 0.25 0.00 0.37 0.20 0.07 0.07 0.07 0.00 0.12 0.05 0.03 0.03 0.03 + 0.01 0.05 0.03 0.23 0.23 0.23 0.00 0.78 0.00 0.01 0.01 0.01 0.00 0.09 0.01 0.03 0.03 0.03 - 0.01 0.09 0.02 0.03 0.03 0.03 - 0.01 0.11 0.01 0.10 0.09 0.10 + 0.01 0.32 0.05 0.03 0.03 0.03 - 0.01 0.11 0.03 0.06 0.05 0.05 0.00 0.08 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.23 0.20 0.22 + 0.03 0.30 0.10 2.60 2.20 2.54 + 0.21 6.07 1.43 3.33 3.01 3.27 + 0.22 6.80 1.89 5.50 5.23 5.45 + 0.11 12.24 4.28 0.05 0.03 0.05 - 0.01 0.18 0.03 0.02 0.01 0.01 - 0.01 0.08 0.01 0.17 0.14 0.16 + 0.02 0.47 0.12 0.08 0.06 0.06 + 0.01 0.12 0.06 1.13 0.93 0.97 - 0.14 2.61 0.93 0.25 0.24 0.24 0.00 0.50 0.19 0.02 0.02 0.02 - 0.01 0.09 0.02

U-V

N-O Namibia Rare E T 3828 Natural Rs Pt* N 2291 Nautilus Minls T 1648 Nemaska Lith V 10523 Network Expl V 193 Nevada Clean M V 652 Nevada Copper T 1881 Nevada Expl V 1579 Nevada Sunrise V 12838 Nevado Res V 3625 Nevsun Res T 11086 Nevsun Res* X 5690 New Carolin Gd V 3212 New Dimen Res V 142 New Gold T 82558 New Gold* X 230861 New Millennium V 7071 New Milln Iron T 7334 New Nadina V 5030 New Oroperu Rs V 50 New Pac Metals T 20 Newmont Mng* N 470527 Newport Expl V 3100 NGEx Res T 6837 Nighthawk Gold V 2687 Niogold Mng V 2614 Nippon Dragon V 16657 Nitinat Mnls V 150 Noble Metal Gr V 3600 Noka Res V 4500 Noront Res V 2056 North Am En P* N 345 North Am En Pa T 248 North Am Nickl V 545 North Am Pall T 170 North Am Tung V 4767 North Arrow Mn V 2254 Northcliff Res T 2614 Northern Abiti V 1520 Northern Dyn* X 5669 Northern Dyn M T 2027 Northern Freeg V 1141 Northern Gld M V 1343 Northern Graph V 1366 Northern Lion V 40 Northern Shiel V 630 Northern Sup R V 100 Northisle C&G V 104 Northquest V 320 NovaCopper T 199 NovaCopper* X 4924 NovaGold Res T 10480 NovaGold Res* X 71973 NQ Expl V 110 NuLegacy Gold V 4421 Nunavik Nickel V 17 Oban Mng T 4065 OceanaGold T 126380 Oceanic Iron O V 880 Oceanus Res V 10 Odin Mng & Exp V 255 Olivut Res V 528 Olympic Res V 1500 OM Group* N 18160 Omineca Mg&Mtl V 280 Opawica Expl V 16 Opta Minls T 20 Oracle Mng V 1910 Orbit Garant D T 35 Orbite Alumnae T 77310 Orca Gold V 297 Orefinders Res V 1050 Orestone Mng V 1000 Orex Expl V 500 Orex Minls V 1087 Orezone Gold T 2502 Oroco Res V 1500 Orocobre T 645 Orosur Mng T 960 Orvana Mnrls T 4352

(100s)

Santa Fe Metls V 136 Santacruz Silv V 5493 Satori Res V 334 Saturn Minls V 1365 Savant Expl V 10 Saville Res V 680 Scorpio Gold V 6407 Scorpio Mining T 5962 Seabridge Gld* N 19005 Seabridge Gold T 3648 Search Mnls V 730 Secova Mtls V 1247 Sego Res V 1630 Semafo T 56913 Sennen Res V 630 Sentry Sl PrmM T 711 Serabi Gold T 4477 Serengeti Res V 1075 SGX Res V 1250 Sherritt Intl T 63841 Shore Gold T 6731 Sienna Res V 30 Sierra Iron Or V 2569 Sierra Metals T 235 Silver Bear Rs T 24894 Silver Bull Re T 345 Silver Grail R V 476 Silver Predatr V 429 Silver Pursuit V 12 Silver Range R V 386 Silver Spruce V 200 Silver Std Res T 22010 Silver Std Re* Q 94171 Silver Wheatn* N 311544 Silver Wheaton T 66265 Silvercorp Mtl T 15005 Silvermet V 7145 Silvore Fox Ml V 40 Sirios Res V 1357 Skeena Res V 10459 Skyharbour Res V 5810 Slam Exploratn V 590 SnipGold V 436 SNS Silver V 1025 Soc Quim&M Ch* N 24785 Softrock Mnrl V 610 Solitario Ex&R T 276 Solitario Ex&* X 5619 Solvista Gold V 1305 Sonoro Mtls V 6810 Source Expl V 1200 Southern Arc V 65 Southern Silvr V 379 SouthGobi Res T 284 Spanish Mtn Gd V 10334 Sparton Res V 405 Sprott Ph Silv T 125 Sprott Res T 7170 St Andrew Gldf T 9477 St Augustine T 89 St-Georges Plt C 8830 Stakeholdr Gld V 410 Stans Energy V 8085 Starcore Int V T 1923 Stelmine Can V 10 Stillwater Mg* N 93785 Stockport Expl T 282 Stonegate Agri T 2135 Stornoway Diam T 5160 Strategic Metl V 5632 Strategic Res V 131 Strike Graph V 150 StrikePoint Gd V 35067 Strongbow Expl V 350 Stroud Res V 13500 Sulliden Mng C T 2011 Sultan Mnrls V 32190 SunCoke Engy* N 28025 Sunridge Gold V 3116

0.02 0.02 0.02 0.00 0.03 0.01 0.18 0.12 0.18 + 0.05 0.67 0.11 0.06 0.04 0.05 + 0.01 0.45 0.02 0.13 0.12 0.12 - 0.01 0.24 0.11 0.01 0.01 0.01 - 0.01 0.05 0.01 0.04 0.04 0.04 0.00 0.13 0.02 0.09 0.07 0.08 + 0.01 0.20 0.07 0.19 0.18 0.19 + 0.01 0.28 0.14 7.46 6.50 7.24 + 0.62 9.89 3.31 9.58 8.53 9.31 + 0.67 12.12 4.34 0.06 0.05 0.05 - 0.01 0.13 0.03 0.07 0.06 0.06 - 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.03 0.02 3.38 3.04 3.33 + 0.23 4.49 2.39 0.12 0.10 0.10 - 0.01 1.35 0.10 2.51 2.27 2.42 + 0.11 3.49 2.01 0.06 0.06 0.06 0.00 0.10 0.06 0.03 0.03 0.03 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.02 0.01 1.15 0.97 1.04 - 0.02 3.25 0.70 0.19 0.17 0.19 + 0.02 0.31 0.13 0.02 0.02 0.02 0.00 0.04 0.01 0.41 0.38 0.39 + 0.04 0.62 0.07 1.25 1.05 1.22 + 0.22 2.13 0.84 0.04 0.03 0.04 0.00 0.13 0.03 0.10 0.09 0.10 + 0.02 0.30 0.07 0.02 0.02 0.02 0.00 0.05 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.05 0.04 0.05 + 0.01 0.11 0.04 0.08 0.08 0.08 - 0.01 0.10 0.02 9.92 8.75 9.84 + 0.81 10.02 4.47 7.71 6.69 7.66 + 0.74 7.71 3.92 14.95 13.55 14.86 + 0.68 24.22 11.03 19.21 17.64 19.09 + 0.62 29.86 14.62 1.08 0.89 1.00 + 0.12 2.00 0.75 0.03 0.03 0.03 + 0.01 0.11 0.02 0.03 0.03 0.03 0.00 0.11 0.00 0.13 0.11 0.12 + 0.01 0.13 0.06 0.10 0.08 0.09 - 0.01 0.13 0.06 0.03 0.03 0.03 0.00 0.07 0.02 0.03 0.03 0.03 + 0.01 0.07 0.01 0.07 0.07 0.07 + 0.02 0.11 0.04 0.35 0.30 0.33 + 0.02 0.50 0.05 17.92 16.87 17.58 + 0.58 28.32 12.65 0.02 0.02 0.02 0.00 0.03 0.01 0.75 0.63 0.74 + 0.04 1.31 0.60 0.63 0.49 0.58 + 0.02 1.20 0.40 0.04 0.03 0.03 0.00 0.12 0.02 0.06 0.05 0.06 + 0.02 0.22 0.04 0.03 0.02 0.02 0.00 0.10 0.02 0.35 0.32 0.35 + 0.03 1.00 0.25 0.07 0.05 0.07 0.00 0.13 0.03 0.40 0.40 0.40 - 0.05 1.25 0.26 0.04 0.03 0.04 + 0.01 0.05 0.02 0.02 0.02 0.02 0.00 0.03 0.01 6.23 6.14 6.23 + 0.13 7.43 5.31 0.73 0.62 0.68 + 0.06 2.57 0.59 0.35 0.31 0.34 + 0.01 0.39 0.21 0.08 0.08 0.08 + 0.01 0.18 0.07 0.02 0.02 0.02 - 0.01 0.05 0.01 0.03 0.03 0.03 0.00 0.28 0.02 0.04 0.03 0.03 - 0.01 0.20 0.01 0.12 0.10 0.11 + 0.01 0.17 0.08 0.01 0.01 0.01 0.00 0.05 0.01 12.13 10.90 11.24 - 0.58 15.37 8.36 0.02 0.02 0.02 0.00 0.06 0.02 0.02 0.02 0.02 0.00 0.09 0.02 0.75 0.72 0.73 + 0.01 0.85 0.46 0.33 0.28 0.33 + 0.05 0.37 0.26 0.02 0.02 0.02 - 0.01 0.08 0.02 0.05 0.05 0.05 + 0.01 0.15 0.04 0.05 0.03 0.04 - 0.01 0.08 0.01 0.13 0.13 0.13 + 0.03 0.18 0.06 0.01 0.01 0.01 0.00 0.01 0.01 0.26 0.25 0.25 - 0.01 0.50 0.19 0.01 0.01 0.01 0.00 0.02 0.01 10.06 6.05 6.34 - 3.29 24.09 6.05 0.17 0.16 0.17 - 0.01 0.24 0.12

W-Z

15-10-20 5:53 PM

WWW.NORTHERNMINER.COM

OCTOBER 26–NOVEMBER 1, 2015 / THE NORTHERN MINER

BID-ASK — OCTOBER 9–15, 2015

Abzu Gold Acme Res Actus Mnls Adanac Moly Advance Gold Aegean Metals Afferro Mng African Metals Aftermath Silv AgriMinco Alder Res Alhambra Res Allana Potash Allied Gold Allied Nevada Allied Nevada* Alpha Gold Alpha Mnls Am Cons Minls AM Gold Amador Gold Amara Mng Amato Expl Amcol Intl* American Bonan AMI Res Anconia Res AndeanGold Anglo Pac Grp Anglo-Bomarc Arco Res Arcturus Res Armadillo Res Arrowstar Res Asher Res AsiaBaseMetals Astar Mnls Aston Bay Astorius Res Augusta Res Augyva Mng Aurania Res AuRico Gold* AuRico Gold Azumah Res Bama Gold Banyan Gold Baroyeca Go&Si Bayfield Vent BCM Res BE Res Bear Lake Gold Bearclaw Cap Bearing Res Benton Cap Berkwood Res Besra Gold Blackstone Ven Blind Crk Res Blue Gold Mng Bluestone Res Bonaparte Res Bralorne Gold Brazilian Gold Brionor Res Bullman Mnls Cadan Res Calvista Gold Canada Fluorsp Canadn Silvr H Canaf Group Cancor Mines Cangold Cap-Ex Vent Carrie Arran R Cascadero Copp Castillian Res Cavan Vent Cayden Res Celeste Copper Central Iron O Chalice Diam Channel Res Chimata Gold CIC Energy Citation Res Claim Post Res Clear Mtn Res Cliffmont Res Cline Mng CMQ Res Coalspur Mines Cobriza Mtls Coeur Mng Colombian Mins Colossus Minls Columbus Expl Comet Inds Conquest Res Contintl Nickl Coral Gold Cordoba Mnls Cortez Gold Cougar Mnls Creso Expl Crosshair Eny* Cuervo Res Curis Res Darwin Res Desert Gold Diamond Fields Diamonds North Dominion Mnls* Dorex Minls Duluth Metals Dunav Res E-Energy Vent Eagle Hill Exp Eagle Mtn Gold Eastern Merid El Nino Vent Elemental Mnls Elgin Mng Elissa Res Emgold Mng Esperanza Res Estrella Gold Eurotin Evolving Gold Excalibur Res Extorre Gold M Falcon Gold Finlay Minrls Firebird Res Firesteel Res First Nickel Fort St J Nick Freeport Res Frontier Rr Er Frontline Gold

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

0.03 0.02 0.02 0.19 0.02 0.03 1.10 0.05 0.01 0.01 0.01 0.02 0.50 2.25 0.16 0.86 0.05 5.55 0.04 0.03 0.01 0.20 0.02 45.74 0.02 0.05 0.01 0.01 1.20 0.19 0.06 0.01 0.01 0.05 0.02 0.04 0.09 0.13 0.01 3.15 0.10 0.21 2.87 3.58 0.02 0.07 0.03 0.01 0.24 0.05 0.02 0.03 0.02 0.03 0.02 0.01 0.02 0.05 0.04 0.46 0.08 0.05 0.19 0.10 0.01 0.05 0.05 1.09 0.35 0.01 0.05 0.01 0.03 0.01 0.05 0.03 0.03 0.02 2.40 0.01 0.01 0.07 0.04 0.04 1.99 0.07 0.01 0.01 0.01 0.01 0.02 0.02 0.12 12.03 0.04 0.02 0.06 1.20 0.01 0.40 0.10 0.10 0.18 0.05 0.12 0.02 0.01 0.68 0.05 0.11 0.01 0.02 0.08 0.02 0.45 0.01 0.01 0.60 0.14 0.03 0.02 0.18 0.41 0.14 0.01 1.01 0.03 0.01 0.05 0.01 4.27 0.03 0.03 0.02 0.01 0.01 0.01 0.02 0.13 0.01

0.03 0.03 0.04 0.20 0.03 0.05 2.50 0.06 0.01 0.01 0.01 0.03 0.50 2.29 0.16 0.86 0.07 5.68 0.04 0.04 0.01 0.29 0.02 45.75 0.02 0.06 0.02 0.02 1.44 0.25 0.06 0.02 0.05 0.07 0.03 0.10 0.15 0.15 0.02 3.50 0.12 0.45 2.88 3.73 0.03 0.20 0.03 0.01 0.25 0.06 0.35 0.04 0.03 0.04 0.02 0.01 0.02 0.05 0.06 0.49 0.15 0.12 0.19 0.10 0.01 0.05 0.09 1.10 0.35 0.02 0.06 0.02 0.04 0.02 0.06 0.04 0.04 0.02 2.49 0.01 0.01 0.07 0.06 0.06 2.00 0.08 0.02 0.01 0.01 0.01 0.04 0.02 0.13 12.64 0.05 0.02 0.06 1.75 0.01 0.90 0.13 0.12 0.32 0.07 0.12 0.03 0.01 0.72 0.05 0.20 0.02 0.03 0.18 0.03 0.45 0.02 0.01 0.65 0.17 0.10 0.02 0.25 0.42 0.14 0.01 1.03 0.04 0.02 0.07 0.02 4.28 0.03 0.03 0.03 0.02 0.01 0.02 0.03 0.14 0.01

0.03 0.02 0.02 0.19 0.02 0.03 1.57 0.05 0.01 0.01 0.01 0.02 0.50 2.25 1.08 0.86 0.06 5.45 0.04 0.03 0.01 0.21 0.02 45.74 0.02 0.05 0.01 0.02 1.50 0.20 0.06 0.01 0.02 0.07 0.03 0.05 0.10 0.15 0.02 3.55 0.11 0.30 2.86 3.58 0.02 0.06 0.03 0.01 0.24 0.05 0.35 0.04 0.03 0.03 0.02 0.01 0.02 0.01 0.05 0.47 0.08 0.05 0.20 0.11 0.01 0.04 0.06 1.09 0.35 0.01 0.06 0.01 0.03 0.02 0.05 0.03 0.03 0.02 2.40 0.01 0.01 0.07 0.05 0.05 1.99 0.07 0.01 0.01 0.01 0.01 0.02 0.02 0.12 12.09 0.04 0.04 0.19 1.20 0.01 0.40 0.09 0.12 0.32 0.05 0.12 0.02 0.01 0.70 0.05 0.11 0.02 0.02 0.01 0.03 0.45 0.02 0.01 0.65 0.13 0.05 0.02 0.20 0.42 0.14 0.01 1.01 0.03 0.02 0.06 0.01 4.27 0.02 0.03 0.02 0.01 0.01 0.01 0.02 0.13 0.01

0.07 0.06 0.12 0.20 0.08 0.11 2.40 0.29 0.03 0.01 0.05 0.09 0.50 3.70 4.45 6.70 0.06 7.60 0.07 0.07 0.01 1.72 0.03 47.09 0.06 0.06 0.04 0.04 3.48 0.30 0.09 0.03 0.02 0.20 0.08 0.14 0.16 0.16 0.05 4.18 0.15 0.45 4.69 5.12 0.11 0.23 0.10 0.01 0.41 0.06 0.35 0.06 0.05 0.07 0.04 0.07 0.07 0.20 0.10 0.95 0.25 0.11 0.45 0.25 0.03 0.23 0.16 1.10 0.35 0.07 0.09 0.05 0.15 0.04 0.07 0.05 0.20 0.04 3.49 0.01 0.01 0.08 0.09 0.19 2.45 0.10 0.12 0.04 0.02 0.84 0.05 0.08 0.16 20.14 0.18 3.40 0.20 1.75 0.02 1.12 0.20 0.25 1.00 0.30 0.13 0.26 0.01 0.99 0.20 0.90 0.05 0.08 0.09 0.10 1.00 0.14 0.01 0.93 0.42 0.10 0.05 0.55 0.45 0.25 0.03 1.70 0.08 0.10 0.14 0.05 11.27 0.22 0.03 0.05 0.08 0.03 0.03 0.02 0.35 0.01

0.02 0.02 0.01 0.15 0.02 0.00 0.00 0.03 0.01 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.02 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.01 1.00 0.02 0.03 0.01 0.01 0.04 0.02 0.04 0.09 0.08 0.02 0.00 0.07 0.30 0.00 0.00 0.00 0.00 0.02 0.01 0.00 0.02 0.35 0.00 0.02 0.02 0.02 0.01 0.00 0.10 0.04 0.00 0.05 0.00 0.00 0.00 0.01 0.04 0.04 0.00 0.00 0.01 0.04 0.00 0.00 0.01 0.05 0.02 0.01 0.02 0.00 0.01 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.10 1.00 0.01 0.00 0.06 0.08 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.08 0.01 0.00 0.00 0.02 0.00 0.00 0.01 0.00 0.00 0.04 0.02 0.00 0.00 0.06 0.01 0.00 0.00 0.02 0.01 0.01 0.00 0.02 0.02 0.01 0.01 0.00 0.01 0.02 0.00 0.01

Gentor Res Geocom Res* Geomark Expl GFK Res Gitennes Expl Giyani Gold Global Hunter Global Met Cl Global Ur Fund Gold Finder Ex Gold Ridge Exp Golden Harp GoldMountain* Goldstar Mnls Gossan Res Gray Rock Res Green Swan Cap Green Valley M Groundstar Res Gryphon Gold GTO Res Gunpoint Expl Harvest Gold Hawkeye Gld&Di Highbury Proj Highvista Gold Honey Badger E Horizonte Mnls Hudson River M Huntington Exp ICN Res IEMR Res Indigo Expl Inform Res Inova Res Inter-Citic Mn Inter-Rock Mnl Intl Enexco Intl Millm Mng Intl Minls Crp Intrepid Mns Iron South Mng Iron Tank Res Jazz Res Jet Gold Jourdan Res Kazax Mnls Kermode Res Kesselrun Res Kimber Res KWG Res La Quinta Res Labdr Iron Mns Lachlan Star Lago Dourado M Latin Am Mnls Liberty Silver Lipari Energy Lithium Americ Lithium One Logan Res Lornex Cap Lovitt Res Lucky Mnls MacMillan Mnls MagIndustries Magma Metals Mahdia Gold Mainstream Mnl Mammoth Res Manado Gold Margaret Lk Di Marklnd AGF PM Masuparia Gold McChip Res McVicar Res Mega Precs Mtl Melkior Res Mercator Mnls Messina Minls Metallis Res Midasco Cap Midnight Sun M Midway Gold Midway Gold* Milner Con Slv Minemakers Minera IRL Mineral Depost Mineral Hill Mines Managmnt Minsud Res Mirabela Nickl Moly Mines Monster Mng Mountain Lake Murgor Res Musgrove Mnls Nebu Res New Dawn Mng New Destiny Mg New World Res Newcrest Mng Newmac Res Newmont Mng Newstrike Cap Newstrike Res Nikos Expl NMC Res Noble Mnl Expl Nomad Ventures Noram Vent Nordex Nortec Mnls North Am Pot D North Country Northern Iron Northern Sun M Northern Vertx NSGold NSX Silver Nubian Res Nuinsco Res NV Gold NWM Mng NWT Uranium Open Gold Oremex Silver Orko Silver Orofino Mnls Oronova Res Orsa Vent Otterburn Res Pac Arc Res Pac Rim Mining Pac Wildcat Re Pancontl Uran Pantheon Vent Paragon Minls Parallel Mng

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12-MONTH

12-MONTH STOCK

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

0.03 0.05 0.96 0.07 0.01 0.08 0.02 0.01 1.64 0.02 0.02 0.04 0.04 0.02 0.02 0.03 0.01 0.01 0.05 0.01 0.10 0.17 0.02 0.04 0.05 0.12 0.01 0.03 0.01 0.01 0.06 0.01 0.01 0.01 0.16 2.04 0.02 0.41 0.01 2.80 0.25 0.05 0.04 0.18 0.04 0.04 0.03 0.01 0.02 0.15 0.02 0.01 0.02 0.01 0.07 0.01 0.05 0.46 0.29 1.15 0.03 0.10 0.04 0.08 0.19 0.10 0.09 0.01 0.01 0.01 0.03 0.09 5.86 0.04 0.80 0.47 0.08 0.02 0.01 0.06 0.04 0.11 0.11 0.13 0.07 0.02 0.09 0.07 5.00 0.04 0.35 0.09 0.02 0.06 0.01 0.32 0.02 0.06 0.01 0.10 0.01 0.02 12.10 0.09 26.37 0.66 0.03 0.03 0.17 0.01 0.02 0.01 0.13 0.02 0.01 0.11 0.01 0.11 0.22 0.05 0.03 0.01 0.01 0.01 0.01 0.02 0.01 0.02 1.94 0.06 0.03 0.10 0.09 0.01 0.07 0.01 0.01 0.11 0.06 0.03

0.04 0.09 1.00 0.12 0.01 0.09 0.03 0.01 1.67 0.02 0.03 0.06 0.05 0.03 0.03 0.03 0.01 0.01 0.06 0.01 0.16 0.25 0.03 0.06 0.20 0.15 0.01 0.05 0.01 0.01 0.07 0.01 0.02 0.01 0.20 2.05 0.03 0.41 0.02 2.83 0.26 0.09 0.04 0.29 0.05 0.05 0.05 0.01 0.03 0.16 0.03 0.02 0.02 0.01 0.12 0.01 0.08 0.49 0.30 1.18 0.05 0.18 0.09 0.11 0.21 0.04 0.09 0.17 0.01 0.01 0.03 0.10 8.25 0.07 1.40 0.49 0.09 0.03 0.01 0.10 0.05 0.79 0.18 0.13 0.08 0.03 0.12 0.07 5.09 0.18 0.44 0.10 0.02 0.07 0.01 0.35 0.02 0.12 0.02 0.16 0.01 0.03 12.90 0.19 26.90 0.70 0.05 0.04 0.17 0.01 0.02 0.02 0.15 0.02 0.01 0.12 0.02 0.15 0.75 0.08 0.04 0.02 0.01 0.02 0.01 0.02 0.01 0.03 1.99 0.10 0.05 0.10 0.25 0.01 0.08 0.01 0.02 0.12 0.07 0.03

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0.04 0.02 0.98 0.12 0.01 0.09 0.03 0.01 1.64 0.02 0.02 0.04 0.05 0.02 0.02 0.03 0.01 0.01 0.05 0.01 0.11 0.16 0.02 0.05 0.19 0.17 0.01 0.03 0.01 0.01 0.06 0.01 0.01 0.03 0.15 2.04 0.02 0.41 0.04 2.83 0.26 0.05 0.04 0.18 0.04 0.07 0.03 0.01 0.03 0.15 0.02 0.01 0.02 0.02 0.06 0.01 0.04 0.47 0.30 1.15 0.05 0.10 0.05 0.10 0.18 0.13 0.09 0.01 0.01 0.01 0.03 0.10 5.82 0.04 0.83 0.49 0.08 0.03 0.03 0.06 0.04 0.12 0.17 0.09 0.04 0.02 0.13 0.08 4.75 0.14 0.44 0.09 0.02 0.06 0.01 0.32 0.02 0.08 0.02 0.13 0.01 0.02 12.11 0.10 26.25 0.70 0.04 0.03 0.19 0.01 0.02 0.02 0.15 0.02 0.01 0.11 0.01 0.11 0.21 0.04 0.03 0.01 0.01 0.01 0.01 0.05 0.01 0.03 1.99 0.10 0.03 0.10 0.20 0.01 0.07 0.02 0.02 0.10 0.06 0.04

0.14 0.03 1.00 0.18 0.02 0.20 0.07 0.03 2.05 0.07 0.03 0.07 0.35 0.04 0.05 0.05 0.06 0.01 0.14 0.13 0.11 0.20 0.06 0.08 0.40 0.28 0.05 0.08 0.01 0.02 0.30 0.01 0.02 0.07 0.60 2.05 0.03 0.55 0.04 4.92 0.31 0.18 0.14 0.23 0.14 0.12 0.06 0.02 0.06 0.40 0.09 0.02 0.14 0.28 0.15 0.14 0.13 0.49 0.49 1.46 0.06 0.20 0.06 0.16 0.24 0.26 0.28 0.03 0.01 0.07 0.08 0.26 10.41 0.10 1.26 0.52 0.13 0.06 0.12 0.13 0.14 0.12 0.22 1.30 1.17 0.07 0.13 0.21 6.95 0.14 0.85 0.09 0.62 0.15 0.01 0.82 0.03 0.30 0.05 1.10 0.05 0.12 31.00 0.29 44.66 1.22 0.08 0.15 0.19 0.02 0.07 0.03 0.44 0.09 0.01 0.14 0.05 0.30 0.26 0.65 0.07 0.03 0.03 0.17 0.01 0.05 0.02 0.03 2.63 0.30 0.04 0.15 0.20 0.01 0.11 0.05 0.03 0.13 0.12 0.07

0.03 0.00 0.00 0.03 0.01 0.05 0.02 0.01 0.00 0.02 0.02 0.03 0.00 0.02 0.01 0.02 0.01 0.01 0.03 0.00 0.00 0.14 0.01 0.02 0.15 0.06 0.01 0.03 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.04 0.00 0.00 0.05 0.02 0.03 0.03 0.03 0.02 0.01 0.01 0.00 0.00 0.01 0.00 0.00 0.05 0.01 0.00 0.00 0.00 0.00 0.03 0.00 0.03 0.08 0.05 0.00 0.00 0.01 0.01 0.01 0.01 0.07 0.00 0.04 0.83 0.00 0.00 0.02 0.00 0.00 0.01 0.05 0.08 0.00 0.00 0.02 0.06 0.04 0.00 0.07 0.34 0.03 0.00 0.00 0.01 0.00 0.00 0.04 0.01 0.00 0.01 0.01 0.00 0.10 0.00 0.00 0.02 0.03 0.00 0.01 0.02 0.01 0.06 0.02 0.01 0.00 0.01 0.03 0.09 0.04 0.03 0.01 0.00 0.01 0.00 0.05 0.01 0.02 0.00 0.05 0.03 0.00 0.20 0.01 0.00 0.01 0.01 0.03 0.00 0.03

Paramount Gold Penteco Res Petaquilla Mnl Philippine Mtl Phoenix Gold Pitchstone Exp Platinex Plato Gold PMI Gold PNG Gold Polar Star Mng Portage Mnls Portola Res Premier Roy Prime Merid Rs Proam Expl Providence Res PVR Partners* Q-Gold Res QMC Quantum Ml Quartz Mtn Res Quia Res Rainy Mtn Royl Rainy River Rs Randsburg Intl REBgold Red Cresc Res Red Rock Enrgy Redzone Res Regulus Res Reliant Gold Remington Res Remo Res Resolve Vent Reva Res Revett Mnls Rhyolite Res Ridgemont Ir O Rio Alto Mng Rio Alto Mng* Rio Silver RJK Explor Roca Mines Rockcliff Res Rockex Mng Rockgate Cap Rockland Mnls Rockridge Cap Romarco Mnrls Romulus Res Rotation Mnls Royal Coal RX Gold & Silv Ryan Gold Sable Res Sage Gold Samco Gold Sandstorm Mt&E Sarama Res Senator Minls Senior Gld Prd SG Spirit Gold Signature Res Silver Mtn Mns Silvercorp Mt* SilverCrest M* SilverCrest Mn Silvermex Res Sirocco Mng Slater Mng Sniper Res Soltoro Sona Res Sonora Gld & S Southern Hemis Spruce Ridge R Standard Graph Stellar Pac Vt Stikine Energy Strata Mnls Stratabd Mnr Stratton Res Sunset Cove Mg Sunward Res TAD Mnl Expl Takara Res Tasca Res Tawsho Mng Temex Res Teryl Res Corp Theia Res Thelon Cap Thunder Mtn Gd Tiger Intl Tigray Res Tiller Res Tintina Mines Tolima Gold Trend Mng* Tri-River Vent TriAusMin Troy Res Tsodilo Res Tyhee Gold United Silver Uracan Res Uranerz Energy Uranium One US SIlver & Go Vaaldiam Mng ValGold Res Vanstar Mng Rs Vantex Res Venerable Vent Veris Gold Viking Gold Virginia Mines Volta Res VVC Expl Walter Energy* Walter Energy War Eagle Mg Waymar Res WCB Res Wescan Goldfie West Cirque Rs Western Areas Western Troy C Westminster Rs Westridge Res Whetstone Mnls Windarra Minls Windstorm Res Witwatersrand World Vent* Xemplar Energy Xinergy Zephyr Mnls Zonte Mtls

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

1.20 0.05 0.03 0.03 0.01 0.09 0.01 0.01 0.48 0.01 0.01 0.01 0.20 0.74 0.05 0.01 0.04 27.44 0.03 0.01 0.01 0.01 0.03 3.37 0.01 0.13 0.02 0.01 0.08 0.21 0.02 0.01 0.05 0.04 0.02 0.56 0.07 0.02 3.47 2.46 0.02 0.01 0.03 0.03 0.03 0.30 0.03 0.06 0.46 0.10 0.02 0.03 0.23 0.11 0.01 0.04 0.13 1.20 0.07 0.08 4.78 0.10 0.01 0.01 0.65 0.83 1.33 0.50 0.34 0.03 0.05 0.30 0.03 0.01 0.04 0.03 0.01 0.01 0.01 0.01 0.01 0.08 0.01 0.17 0.01 0.02 0.01 0.01 0.12 0.01 0.05 0.10 0.05 0.12 0.09 0.05 0.04 0.01 0.05 0.06 0.06 0.43 0.76 0.01 0.01 0.01 1.41 2.85 0.34 0.26 0.01 0.05 0.01 0.01 0.10 0.01 14.65 0.33 0.03 0.16 7.10 0.02 0.09 0.08 0.02 0.23 3.75 0.01 0.02 0.01 0.01 0.05 0.04 1.08 0.01 0.02 0.02 0.14 0.03

1.20 0.06 0.03 0.05 0.01 0.09 0.01 0.01 0.50 0.01 0.02 0.02 0.01 0.76 0.09 0.02 0.09 27.46 0.05 0.02 0.02 0.01 0.04 3.37 0.01 0.14 0.02 0.01 0.20 0.25 0.02 0.03 0.08 0.07 0.06 0.65 0.14 0.02 3.51 2.48 0.02 0.01 0.03 0.03 0.04 0.35 0.04 0.07 0.48 0.13 0.25 0.01 0.24 0.12 0.02 0.05 0.15 1.37 0.10 0.13 4.88 0.85 0.02 0.02 0.65 1.11 1.43 0.55 0.36 0.04 0.15 0.30 0.03 0.02 0.06 0.06 0.02 0.02 0.01 0.01 0.01 0.13 0.01 0.18 0.01 0.02 0.02 0.02 0.12 0.02 0.09 0.10 0.12 0.25 0.13 0.08 0.05 0.01 0.05 0.11 0.07 0.44 1.00 0.02 0.01 0.02 1.44 2.86 0.35 0.27 0.01 0.07 0.02 0.02 0.10 0.01 15.22 0.34 0.03 0.17 7.82 0.03 0.13 0.19 0.03 0.26 8.54 0.01 0.02 0.02 0.01 0.07 0.05 1.18 0.51 0.02 0.02 0.16 0.05

LAST

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LOW

1.52 0.05 0.03 0.03 0.01 0.09 0.01 0.01 0.48 0.01 0.01 0.02 0.20 0.76 0.08 0.01 0.05 27.44 0.03 0.01 0.02 0.01 0.03 3.42 0.01 0.16 0.01 0.01 0.06 0.22 0.02 0.01 0.05 0.05 0.02 0.57 0.11 0.02 3.48 2.47 0.02 0.01 0.03 0.03 0.04 0.30 0.03 0.06 0.46 0.13 0.05 0.01 0.24 0.12 0.01 0.04 0.13 1.36 0.08 0.29 4.78 0.20 0.01 0.02 0.65 0.86 1.40 0.53 0.35 0.03 0.06 0.32 0.03 0.02 0.04 0.03 0.02 0.02 0.01 0.01 0.01 0.08 0.01 0.18 0.01 0.02 0.01 0.01 0.12 0.02 0.07 0.05 0.11 0.20 0.10 0.04 0.04 0.01 0.01 0.17 0.07 0.43 0.81 0.01 0.02 0.01 1.44 2.85 0.35 0.26 0.01 0.07 0.01 0.01 0.15 0.01 14.99 0.33 0.03 0.16 7.15 0.03 0.10 0.10 0.02 0.26 4.00 0.01 0.02 0.01 0.01 0.06 0.05 1.08 0.02 0.02 0.02 0.16 0.04

1.88 0.06 0.31 0.07 0.05 0.21 0.01 0.02 0.72 0.02 0.17 0.03 0.20 2.60 0.19 0.02 0.12 29.22 0.07 0.04 0.06 0.04 0.11 6.10 0.02 0.16 0.11 0.06 0.50 0.54 0.06 0.05 0.13 0.07 0.06 1.42 0.24 0.28 3.99 3.18 0.04 0.01 0.03 0.07 0.30 0.53 0.06 0.18 0.82 0.24 0.15 0.21 0.60 0.16 0.07 0.20 0.80 3.54 0.12 0.17 7.48 0.38 0.04 0.05 1.81 1.64 1.97 0.88 0.89 0.05 0.07 0.34 0.07 0.03 0.20 0.04 0.04 0.14 0.02 0.12 0.07 0.15 0.06 0.24 0.01 0.06 0.08 0.05 0.13 0.02 0.20 0.17 0.11 0.30 0.15 0.19 0.07 0.03 0.11 0.17 0.08 1.27 1.19 0.09 0.14 0.08 1.70 2.86 0.67 0.27 0.03 0.09 0.04 0.03 0.95 0.01 17.20 0.57 0.04 6.84 21.20 0.04 0.20 0.31 0.05 0.54 6.11 0.02 0.15 0.05 0.04 0.09 0.19 1.50 0.10 0.05 0.48 0.20 0.08

0.00 0.00 0.00 0.03 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.06 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.00 0.01 0.00 0.00 0.01 0.06 0.00 0.01 0.01 0.04 0.05 0.02 0.00 0.11 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.03 0.04 0.00 0.10 0.01 0.00 0.00 0.00 0.01 0.04 0.13 0.00 0.03 0.02 0.00 0.06 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.06 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.06 0.00 0.04 0.15 0.00 0.04 0.02 0.01 0.00 0.03 0.00 0.00 0.68 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.03 0.01 0.01 0.00 0.01 0.00 0.00 0.02 0.00 0.00 0.01 0.00 0.10 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.09 0.02

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15-10-20 5:55 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 26–NOVEMBER 1, 2015

Alamos bids $28.5M for Carlisle TAKEOVER

| Gold miner offers a 62% premium to consolidate Lynn Lake camp in Manitoba Carlisle Goldfields (TSX:CGJ)

BY SALMA TARIKH

starikh@northernminer.com

lamos Gold (TSX: AGI; NYSE: AGI) is offering to buy the shares it doesn’t already own in Carlisle Goldfields (TSX: CGJ) for $28.5 million, so it can gain a 100% interest in the Lynn Lake gold project in Lynn Lake, Man. The gold miner owns a 25% interest in the project and a 19.9% interest in Carlisle through a November 2014 agreement between its predecessor, AuRico Gold, and the junior. Under the agreement, Alamos has the right to earn up to 60% of Lynn Lake by spending $20 million and delivering a feasibility study on the project within three years. BMO analyst Brian Quast says it’s a “wise move” that Alamos consolidates its ownership in the Lynn Lake asset for $28.5 million, and removes the earn-in agreement. It’s also a great deal for Carlisle. Abraham Drost, Carlisle’s president and CEO, says the firm was “concerned” about staying on track as a junior development partner if Alamos went ahead with the earn-in, and that the company would “expose our shareholders to significant dilution risk to meet our share of spending commitments.” But the premium share deal allows Carlisle’s shareholders to participate in Alamos’ three gold mines — YoungDavidson in Ontario and the Mulatos and El Chanate mines in Mexico — as well as development projects, plus future upside in the Lynn Lake project. “Given that it’s a share deal, we participate in an active way. And it’s a great leverage to the Alamos portfolio,” Drost says. Under the deal, Alamos would issue 5.4 million shares, or 2.1% of its current share balance. Carlisle shareholders would receive 0.0942 of an Alamos share for each share held and 0.0942 of a three-year warrant, with a $10

$0.60

$0.50

$0.40

$0.30

May 2015

Jun 2015

Jul 2015

exercise price. Excluding Alamos’ existing stake and Carlisle’s $5 million in cash, the deal values the junior at 60¢ apiece. This represents a 62% premium to Carlisle’s Oct. 14 close, and a 117% premium to its 30-day, volume-weighed average price. Desjardins analyst Michael Parkin says the 62% premium is in line with the average 54% premium paid for developers since 2011, but adds it’s a “bit steep” when compared to the average 46% premium paid since 2014 in similar transactions. That said, Parkin notes the acquisition cost of US$4 per oz. silver resource is “relatively low.” Lynn Lake, which offers Alamos a low-risk growth opportunity, has five near-surface deposits with a measured and indicated resource of 2.75 million oz. gold from 40.5 million tonnes at 2.11 grams gold per tonne. It has another 2.28 million oz. in inferred from 51.8 million tonnes at 1.37 grams gold. In February 2014, a preliminary economic assessment on the project’s two main deposits — the MacLellan

Aug 2015

Sep 2015

Oct 2015

“WE WOULD HAVE LOVED TO BUILD IT, BUT WE WOULD BE VERY HAPPY TO HAVE ALAMOS BUILD IT.” ABRAHAM DROST PRESIDENT AND CEO, CARLISLE GOLDFIELDS

mine and the Farley Lake mines — indicated strong economics for a 12year mine, with annual production of 145,000 oz. gold and all-in sustaining costs of $644 per oz. It had an after-tax net present value of $257 million and a 26% internal rate of return, using a US$1,100 per oz. gold price and a 5% discount rate. Drost believes Lynn Lake could play an “important part” in Ala mos’ development, a nd wou ld “compete well internally for investment dollars.” He says that “we would have loved

Abraham Drost, Carlisle Goldfields president and CEO, examines core at the Lynn Lake gold project in Manitoba. CARLISLE GOLDFIELDS

to build it, but we would be very happy to have Alamos build it.” The transaction should close in December, pending approval from Carlisle’s shareholders. Meanwhile, Alamos has cut its semiannual dividend to 1¢ per share from 3¢ to reflect the weak gold price en-

vironment, and reinvest capital into growing production. The dividend cut could save the company $10 million a year, Raymond James’ analyst Phil Russo notes. Carlisle closed Oct. 15 up 70% at 63¢ per share, while Alamos shares fell 5% to $6.09. TNM

The headframe at the past-producing MacLellan mine site, part of Carlisle Goldfields’ Lynn Lake gold project in northwest Manitoba. CARLISLE GOLDFIELDS

_TNM_Oct26_Pg 1_2_3_4_5_11_13_14_16.indd 11

15-10-20 6:19 PM

OCTOBER 26–NOVEMBER 1, 2015 / THE NORTHERN MINER

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15-10-20 9:16 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 26–NOVEMBER 1, 2015

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Cupric’s ‘paradigm changer’ in the Kalahari CUPRIC From 2

23.3 grams silver over 19.8 metres; and 3.4% copper and 30 grams silver over 22.6 metres. Cupric has one drill turning on the nearby Zeta NE and NE Mango zones. Both host similar mineralogy to Zone 5. Growing with Boseto Cupric is putting the final touches on an updated feasibility study that combines Zone 5 with the recently acquired Boseto plant and infrastructure from Discovery Metals. The study should be complete in the fourth quarter. Enders shares that the firm had an eye on the Boseto assets since acquiring Khoemacau, as the Zone 5 resource extends onto the adjacent Boseto claims. Discovery, however, held onto its assets, despite running into mining and financial troubles. It was forced to liquidate in February 2015. Five months later, Cupric bought the Boseto pits, operational 8,000-tonneper-day plant, tailings dam, 18-megawatt power plant, workshops and offices, as well as the camp in Toteng, for US$35 million. This has boosted the firm’s land package in Botswana to 3,995 sq. km. “There has been really a constant evolution of the project to basically better and better outcomes as a result of the things that have happened,” Enders says. The Boseto mine opened in September 2012, but failed to meet its targeted annual copper production levels of 30,000 tonnes a year. Over its short operating life, Boseto’s three main pits — Zeta, Plutus Stage 1 and Plutus Stage 2 — cranked out 118,906 tonnes of copper-silver concentrate, grading 39.6% copper (47,864 tonnes copper) and 640 grams silver. “We were struggling on the mining side,” Boseto’s operations manager Stewart Wallace says, while leading a tour of the plant. Wallace is one of the 30 Discovery employees retained by Cupric. Some of the problems Discovery ran into included higher-than-expected dilution, mining costs and a waste-toore strip ratio of 13-to-1. As a result, copper tonnes, grade and recoveries were lower than planned.

_TNM_Oct26_Pg 1_2_3_4_5_11_13_14_16.indd 13

The original plant was designed to treat 3 million tonnes a year of 20% oxides and 80% sulphides. Cupric is now tweaking the plant so it can treat 3.65 million tonnes a year of 100% sulphide ore. (That works out to 10,000 tonnes per day, up from the previous 8,000 tonnes a day.) Along with the upgrades, the firm will boost the plant’s existing power capacity of 18 megawatts to 22 megawatts. Cupric estimates it will save US$120 million to US$150 million by incorporating the existing Boseto plant. It anticipates more savings when the Botswana government connects Toteng to the power grid in mid-2018. When that happens, electricity could cost US7¢ per kilowatt-hour, compared to the diesel-generated US30¢ per kilowatt-hour. Grid power makes up 9% of Zone 5’s projected mining costs of US$15 per tonne, and 29% of its processing operating costs, Enders says. Charms of mining in Botswana Back at the Toteng oﬃce, mining engineer Logic Sebopeng displays a diagram of how Cupric plans to mine Zone 5 via sub level open stoping. The starter project will include four interconnected declines with three independent portals to access the underground ore, starting at 150 metres below surface. (In the expansion case, Cupric will add more declines to Zone 5 to boost the production rate to over 6 million tonnes a year.) Given the ore zone is bounded by competent sandstones, Cupric will not need to backfi ll the stopes. However, it will leave a small part of the ore underground for ground support. The overall mining recovery rate is estimated at 84.6%. Once extracted, Cupric will process the Zone 5 ore at the upgraded Boseto plant, which is 35 km away. The company is permitting a haul route between Zone 5 and the plant, with completion expected in early 2016. Metallurgical test work indicates a 85.4% recovery rate for copper and 76% for silver. Concentrate grades should average 42% copper and 360 grams silver per tonne. Cupric plans to use an underground mining contractor to mine the deposit,

Stewart Wallace, operations manager, at Cupric Canyon Capital’s Boseto copper-silver mine, 35 km from its Zone 5 project in Botswana. PHOTO BY SALMA TARIKH

before transitioning to an owner-operated arrangment. Part of the reason is because there’s a slight shortage of skilled underground miners in Botswana, given the country has only two operating underground mines. But what Botswana lacks in that department, it more than makes up for with an attractive and straightforward mining policy. The Fraser Institute’s 2014–15 annual survey of mining companies ranks Botswana as the second most attractive African country to work in after Namibia. It ranked 26 out of the 122 jurisdictions in the survey. Ontario came in at 23. Based on the survey’s Policy Perception Index, the country has the best mining regime in Africa, and overall ranks in the top 15. On the 2014 Corruption Perceptions Index, Botswana came in the top quartile (31 out of 175), ahead of Peru and Mexico. “I have never ever — not once, not in the airports, not in the government — have I ever seen corruption in this country,” Rasmussen insists. On the environmental front, Botswana’s Department of Environmental Affairs authorized the company’s environmental and social impact assessment (ESIA) for the Zone 5 project area last October, following a lengthy review and community consultations. The ESIA findings indicate Zone 5 contains no archaeological sites and

isn’t “ecologically sensitive.” The noise impact of the operation should be negligible on the nearest settlements, as they are quite a distance away. The potential national income losses due to the proposed mine are 1% of its anticipated gains. While the previous operator had conducted an ESIA report on Boseto, Cupric is finishing more environmental assessment work to connect the Boseto project to Zone 5. Cupric takes pride in its social work, and has helped local authorities reestablish a permanent water supply to Somelo village. The settlement, 30 km away, is the closest to the Zone 5. To date, the fi rm has spent about US$250 million on the Khoemacau project, which includes the Boseto acquisition costs. In return, it has delineated a high-grade, low-cost copper deposit at Zone 5. The deposit has strong economics, using a US$3 per lb. copper and US$20 per oz. silver price. “We know from recent transactions in the copper space that people are still using US$3 per lb. copper as sort of a long-term price benchmark. We have a robust project, even at today’s copper prices of US$2.40. And at US$3 and above, it is just a great project,” Enders says. Cupric will work with a large international bank to engage the market and explore its fi nancing options to develop the estimated US$350-million

“THERE HAS BEEN REALLY A CONSTANT EVOLUTION OF THE PROJECT TO BASICALLY BETTER AND BETTER OUTCOMES.” STEPHEN ENDERS DIRECTOR, CUPRIC CANYON CAPITAL

starter project. The financial process should start by year-end and continue through the fi rst half of 2016, with construction expected by the second half of 2016. Meanwhile, the firm has a mining licence and other necessary permits in hand to develop Zone 5. The Botswana government is discussing its option to acquire up to a 15% working interest in the Zone 5 mine. “Zone 5 on its own is the best midsized high-grade copper deposit discovered in the last several years,” Enders says, explaining that its multiple mineralized zones could become a major copper-producing district. “There’s fantastic opportunity longterm here to build this project, either at a bigger scale or longer life. And the intention is to make that happen.”TNM

15-10-20 6:19 PM

WWW.NORTHERNMINER.COM

OCTOBER 26–NOVEMBER 1, 2015 / THE NORTHERN MINER

Tycoon takes 9.9% stake in Teranga Gold TERANGA From 1

that he’ll join the board and actively participate in building the business is terrific.” Having Mimran on Teranga’s team will likely open doors across West Africa, too, where the family’s business is a large employer in Côte d’Ivoire as well as in Senegal, and where during his career, Mimran has served on the boards of several key companies in the region ranging from Compagnie bancaire d’Afrique de l’Ouest, a private retail and commercial banking group in Senegal, to Eurafrique, Sometra and Cavpa. Before moving back to Geneva to run the family business (he spends about three weeks of each month in West Africa), the financier was based in New York, where his business aﬃ liations included board seats on companies such as Archer Daniels Midland, a global food processing and commodities trading group headquartered in Chicago. He has also held board seats at Milestone Merchant Partners, LLC, a merchant bank; Milestone International Asset Management; high-tech

and next generation companies such as Inaura Inc., Ample Communications and Realm Systems; Blackstreet Capital Management; and Mount Sinai Hospital. Mimran has also produced a number of Hollywood movies, including Stone, starring Robert DeNiro and Edward Norton; Henry’s Crime, with Keanu Reeves and James Caan; and Pawn Shop Chronicles, featuring Paul Walker and Elijah Wood. Mimran’s grandfather and founder of the family business, Jacques, was born to a modest family in Algeria. “After building his first fortune, which was confiscated during the war, he was the head of several flour mills in Morocco, before realizing his ambition to set up large industrial mills in the growing urban centres of sub-Saharan Africa.” In 1946, he created Les Grands Moulins de Dakar, and in 1963, Les Grands Moulins de Abidjan. (Today Les Grands Moulins de Abidjan is the largest flour producer in the Côte d’Ivoire, according to figures from Bloomberg.) In the early 1970s, Mimran’s founder developed a sugarcane estate in northern Senegal, and created Compagnie Sucrière Sénégalaise, a major producer and exporter of sugar.

Teranga Gold’s Sabodala open-pit gold mine in Senegal.

Explaining his latest investment in Teranga Gold, Mimran said in a press release that he was impressed by the company’s “track record of operating

TERANGA GOLD

and financial discipline, its high-calibre management team and its position as the only large-scale commercial gold producer in Senegal.”

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He also said he looked forward to working with the company “to execute on a strong platform of sustainable cash flow generation, and achieving the company’s vision of becoming a pre-eminent, mid-tier gold producer in Senegal and Greater West Africa by leveraging its asset base, people, operating experience and social licence.” Teranga’s Sabodala mine is situated within the West African Birimian gold belt in a part of Senegal that has only recently been opened to mining and mineral exploration. The mine is made up of six openpittable targets, three of which have been developed and are producing, with the fourth scheduled to move into production in the first quarter of 2016, the fift h in 2017 and the sixth in 2019. The remaining mine life based on current reserves is 11 years, but Young says that could be extended to between 12 and 15 years, with production close to 150,000 oz. gold a year during that time. The company’s production guidance for 2015 is between 200,000 and 215,000 oz., at cash costs per oz. of US$650 to US$700 per oz., and all-in-sustaining costs of US$900 to US$975 per oz. As of December 2014, measured and indicated resources stand at 141.8 million tonnes grading 1.33 grams gold per tonne for 6.05 million contained oz. gold, and inferred resources measuring 71.3 million tonnes averaging 1.03 grams gold for 2.37 million contained oz. gold. Young notes that Senegal offers tax holidays for the first seven years once a mining licence is granted. (Teranga has just exited its tax-holiday period.) Tax rates are 25% and royalties are 5%. “You get a stability agreement over the life of the mine — including licence renewals — it is a mining friendly jurisdiction, the current president is a geologist and it has a good geology school,” Young says. “We only have a couple of expats on the geology side— the majority of the team is Senegalese, and mining is one of the six pillars of the economy.” Commenting on Mimran’s purchase of 39.2 million shares of Teranga at 58¢ per share, analysts at Macquarie Research noted that “Mimran is a someone in Senegal,” and that while the company “didn’t need the extra cash, it will allow them to advance the mill expansion and escalate reserve defi nition on the Niakafi ri deposit, and resume exploration without taxing the balance sheet.” “We didn’t expect this, given the US$38.4-million cash balance in the till, but when a long-term investor with deep pockets came knocking at their door and was willing to come in at market, Teranga elected to bolster their cash balance by issuing equity.” Maquarie Research has a 12-month target price on the stock of 90¢ per share. At press time Teranga traded at 61¢. TNM

15-10-20 6:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 26–NOVEMBER 1, 2015

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

Senior Financial Accountant Ontario, Canada Online Reference No: 62586 The Senior Financial Accountant is a key member of the Finance group. This position’s main purpose is in the assistance of planning, controlling, reporting, and measuring the financial information of J.S. Redpath Limited. The Senior Financial Accountant produces and analyzes financial information critical to the business as well as creates and presents reports to management regarding the accounting data to enable knowledge-based decision making and forecasts.

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

Sr. Technician, Mine Rabbit Lake Operation Online Reference No: 62522 Reporting to the senior mine engineer, you will provide technical support duties within the mine engineering department at the Rabbit Lake operation. You will be responsible for development and production surveying, mine ventilation monitoring, data collection and monitoring instrumentation while ensuring quality work is being produced in a safe and efficient manner.

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

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

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

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

Project Engineering General Foreman Java,Indonesia Online Reference No: 62497 The Project Engineering General Foreman is responsible for the overall management, control, monitoring and development of the Engineering Department, his direct reports and the additional departmental staff under his management. The incumbent is responsible for setting and maintaining engineering systems, standards and controls in keeping with sound project engineering practices, Indonesian mining regulations, PTFI and PTRI standards.

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

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

Executive Director Saskatchewan, CA Online Reference No: 62156

Reporting to the Board of Directors through the Chair, you will execute the strategic plan, clearly identifying, measuring and reporting on progress in achieving IMII goals, objectives, strategies and measurable targets. Collaborate with industry partners and related organizations to build and maintain a supportive network of industry, education, research, and government entities to optimize financial and human resources that will enable IMII to meet its objectives.

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

Radiation Technician Rabbit Lake Operation Online Reference No: 62551 You will assist in ensuring compliance for the radiation protection program. You will collect, maintain and record radiation data from the mine and mill facility as well as issue radiation work permits. You will also conduct routine monitoring and assess working conditions pertaining to radiation protection for the safety of all workers.

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

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

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

Regional Supervisor, Mineral Exploration & Development, Timmins, ON Online Reference No: 62160

Are you looking for an opportunity to further develop your leadership skills while using your knowledge of the mining and exploration industry in leading the delivery of the Mineral Exploration and Development Program? If so, consider this opportunity to further advance mineral exploration and development in the North.

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

MJobsOctober 26 pg 15 2015.indd 15

15-10-16 10:43 AM

WWW.NORTHERNMINER.COM

OCTOBER 26–NOVEMBER 1, 2015 / THE NORTHERN MINER

Sibanye Gold dives headlong into platinum | South African miner makes two purchases in the Bushveld

ACQUISITIONS

Aquarius Platinum and Anglo American Platinum’s Kroondal platinum mine, 140 km northwest of Johannesburg, South Africa.

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_TNM_Oct26_Pg 1_2_3_4_5_11_13_14_16.indd 16

AQUARIUS PLATINUM

n less than a month, South African miner Sibanye Gold (NYSE: SBGL) has announced two acquisitions that will make it a big player in the platinum market, and the fifth-largest PGM producer in the world. In September, Sibanye agreed to pay R4.5 billion (US$330 million) for the Rustenburg operations of Anglo American Platinum, a subsidiary of Anglo American (US-OTC: AAUKY; LSE: AAL). Sibanye’s CEO Neal Froneman said the asset provided “an attractively priced entry at an advantageous moment in the price sector,” and noted that the company had made it known for some time that it was interested in extending its reach into platinum group metals (PGMs). The Rustenburg operations in the western limb of the Bushveld complex exploit the PGM-bearing Merensky and UG2 reefs, and could produce 800,000 oz. a year of platinum, palladium, rhodium and gold (4EPGMs) over the next five years. Of that annual production amount, 500,000 oz. will be platinum. Under the agreement, Sibanye will pay R1.5 billion upfront in cash or shares, and 35% of the mine’s free cash flow over six years, with a minimum amount set at R3 billion. The net asset value of the Rustenburg operations according to Anglo was R7.7 billion at the end of June. For the six months ended June 30, the mine lost R500 million. News of the Rustenburg acquisition was followed by an announcement on Oct. 6 that Sibanye is offering US$294 million for Aquarius Platinum (LSE: AQP), which owns two platinum mines: Kroondal, which is also in South Africa’s Bushveld Complex, and 140 km northwest of Johannesburg, and the Mimosa mine in Zimbabwe, which is 150 km east of Bulawayo. Kroondal, its primary asset, is managed in a fifty-fifty pool and share agreement with Anglo American Platinum, and is up-dip from the Rustenburg mine. Mimosa is a joint venture between Aquarius Platinum (50%) and Impala Platinum Holdings, or Implats (50%). Aquarius Platinum also owns Platinum Mile, a tailings operation next to Kroondale on land leased from the Rustenburg operations. Aquarius owns 91.7% of Platinum Mile, which recovers PGMs from the tailing streams of various platinum and chrome mining operations nearby. Aquarius Platinum’s attributable production from all three operations during the fiscal year that ended on June 30 reached 394,000 oz. platinum,

Aquarius Platinum and Impala Platinum’s Mimosa platinum mine, in Zimbabwe. AQUARIUS PLATINUM

palladium, rhodium and gold, of which 193,000 oz. were platinum. Sibanye’s all-cash offer of US$0.195 per share is a 56% premium to Aquarius’ closing share price on Oct. 5, and a 62% premium to its volumeweighted average share price over the last 30 days. Both Kroondal and Mimosa are shallow PGM deposits that are mined via declines that are cheaper than more conventional vertical shaft s, it says. Kroondal’s orebody is accessed via five decline shaft s up to 700 metres deep, while Mimosa runs to 200 metres below surface, and is accessed by a single decline shaft . The company is conducting a feasibility study to expand Mimosa’s mining and processing capacity by 25–30%, and undertaking another feasibility study for a tailings retreatment project at Kroondal. The Aquarius operations produce PGMs in concentrate, which has to be smelted and refi ned. The operations have life-of-mine concentrate off-take agreements in place for the additional processing. In Kroondal’s case, the concentrate produced is processed by Rustenburg Platinum Mines. Mimosa has an off-take agreement with Centametal AG of Switzerland, but also delivers its concentrate to Impala Platinum’s smelter for toll processing and refining. Platinum’s premium over palladium (US$229 per oz.) is at the lowest in 13 years, analysts at Investec Securities said in an Oct. 2 research note, adding that the platinum price has fallen 8% since September news of the emissions scandal at Volkswagen. (The EPA accused the German carmaker of violating U.S. emission regulations.) The scandal has industry watchers forecasting that demand for diesel

cars, and the platinum used in their catalytic converters, may wane in favour of gasoline vehicles. A catalytic converter, also known as an autocatalyst, is a pollution control device fitted to cars and trucks, and is the largest application of PGMs. “Given that diesel after-treatment systems tend to be platinum-intensive, this has raised concerns that demand for the metal may decline,” Bank of America Merrill Lynch analysts wrote in an Oct. 2 research report. “While we agree that the Volkswagen issues have increased headwinds to the metal, it is worth remembering that diesel cars have only a 3% market share in the U.S., so a switch to more palladium-intensive gasoline vehicles may be negligible.” But the report continues that “diesel engines have been popular in Europe, accounting for more than 50% of new registrations in recent years, so a switch towards petrol may reduce platinum demand by 200 koz, or 3% of global demand over the next three years.” For its part, Sibanye isn’t sweating it. “Despite widespread diesel market concerns, we believe the global autos underpin remains firmly in place.” The gold producer also said that, in general, PGM fundamentals “remain positive, robust and sound,” with “substantial industry-wide capex and production cuts.” It also said that the supply of PGMS produced in South Africa is “unlikely to return to precrisis levels.” But it acknowledged that PGM pricing headwinds may “persist over the near-term,” and said “the impact of limited trading liquidity, Volkswagen fallout and excess above-ground PGM stocks remain diﬃcult to quantify.” Sibanye spun off from South African gold producer Gold Fields in 2013. TNM

15-10-20 6:19 PM