The Northern Miner September 7 2015 Issue by The Northern Miner Group

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Consolidation

Can mergers be a boon for juniors? $3.99 • SEPTEMBER 7-13, 2015 • VOL. 101, NO. 30 • SINCE 1915

Minera IRL 3

Goldcorp, Teck join forces to tackle El Morro in Chile

BY SALMA TARIKH

El Morro, the large undeveloped gold-copper deposit in northern Chile, will become the focus of a joint venture (JV) between Goldcorp (TSX: G; NYSE: GG) and Teck Resources (TSX: TCK.B; NYSE: TCK), giving it a better chance of reaching its production

potential. The JV has been made possible with New Gold (TSX: NGD; NYSE: NGD) agreeing in late August to sell its 30% interest in El Morro to partner Goldcorp in exchange for US$90 million in cash and a 4% royalty stream on gold production from the 417 sq. km

Anglo Pacific has ‘turned the corner,’ CEO says BY TRISH SAYWELL

For Anglo Pacific Group (TSX: APY; LSE: APF), royalty income in the first half surpassed all of the royalty income earned last year. And while the company posted an after-tax loss for the six months ended June 30, it was a much smaller one than a year earlier. “We’ve turned the corner and have ever-stronger growth ahead of us, until at least 2017,” Julian Treger, the company’s president and CEO, said in an interview from London. The group has seen higher royalty revenue despite a decline in commodity prices, and is keeping

costs under control, he said, adding the trend suggests 2014 should be the low point for Anglo Pacific’s royalty income. In the first half of 2015, royalty income surged to £3.8 million in a 48% increase from the £2.6 million Anglo Pacific posted in the same period last year, while aftertax losses fell from £23 million to £8.8 million. Higher royalties were largely driven by new sources of income acquired in the last 18 months from Whitehaven Coal’s (US-OTC: WHITF; ASX: WHC) Narrabri North coal mine in New South See ANGLO, Page 2

11-16

Gold miners must lower costs, BMO’s Kaip says

GOLDCORP

Goldcorp’s El Morro gold-copper project in northern Chile’s Huasco province.

Boardroom and project upheavals in Peru

property. And New Gold will no longer have to repay a US$93-million carried loan that Goldcorp and previous JV partners have funded on its behalf. “While the free-carried El Morro stake was an attractive position for New Gold, the project remains See GOLDCORP, Page 2

Gold (TSX: ELD; VANCOUVER — It’s NYSE: EGO), Goldbeen a rough run for gold corp (TSX: G; NYSE: equities over the past few GG), Kinross Gold years, but recent perfor(TSX: K; NYSE: KGC) mances by major and inand Yamana Gold termediate producers (TSX: YRI; NYSE: seem to hint at an indusAUY). try that’s getting its bal“Prior to the current ance sheets and cost downturn there had just structures in order. BY MATTHEW KEEVIL been so much emphasis The Northern Miner on growth, which is typihad the chance to speak with BMO Capital Markets’ cally the case when you’re in a rismanaging director of Mining ing market. People are looking at Equity Research Andrew Kaip how quickly a company can into catch up on current trends in crease production rates and subsethe gold space and what inves- quently benefit from increases in tors can expect moving for- gold price,” Kaip explained during a phone interview. ward. “The reality was that costs kept In mid-June BMO Research initiated coverage on six North in lockstep with the rise in the price American-based gold miners after of gold. So essentially that margin it concluded that following “two wasn’t captured, and that really years of cost cutting, balance exposed the deficiencies and probsheets are showing improvement, lems within the space,” he added. Gold producers were caught up and debt is less of an obstacle toward a new stage of growth fo- in a mergers and acquisitions boom cused on return that will drive the when gold prices topped out near US$1,900 per oz. in 2011. The frenzy next cycle.” The companies are Agnico led to a series of deals at top valuEagle Mines (TSX: AEM; NYSE: ations that triggered a plague of AEM), Barrick Gold (TSX: writedowns and rising debt, after ABX; NYSE: ABX), Eldorado precious metal prices plunged. Barrick said the average realized price for its product fell from $1,273 per oz. in 2013 to $1,201 per oz. in 2014, while Goldcorp reported an average US$1,035 per oz. last year. The impairment charges kept on hitting hard over the past six “Out of the $50 million we’ve See BMO, Page 18 raised in this declining market, Eldorado paid the same hard dollar PM40069240 – PAP Registration #09263 price as that financing.” The proceeds will go towards 100,000 metres of drilling this year across the property, with most spent on Lamaque’s Triangle zone. The exploration program is one of the largest in the industry this year. De Jong says infill drilling at Triangle is done, and the company is on schedule to deliver an updated resource estimate in October. The rest of the drill program will step out on known mineralization and try to expand the resource. “Triangle was originally 300 by 350 metres, and it’s turning out to

Eldorado invests $15M in Integra BY LESLEY STOKES

VANCOUVER — Integra Gold’s (TSXV: ICG; US-OTC: ICGQF) performance at its Lamaque gold mine project 3 km southeast of Val-d’Or, Que., has attracted international miner Eldorado Gold (TSX: ELD; NYSE: EGO) to pay $14.6 million for a 15% interest in the Vancouver-based junior. Eldorado is buying 52.1 million shares at 28¢ per share, or an 11% premium on the 20-day, volumeweighted average price of Integra shares, as of Aug. 17. “It’s the highest hard-dollar financing price we’ve done in three years,” Stephen de Jong, president and CEO of Integra, tells The Northern Miner in an interview.

See INTEGRA, Page 3

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

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2 SEPTEMBER 7-13, 2015 THE NORTHERN MINER

Anglo Pacific Group REGULAR DEPARTMENTS

COMPANY INDEX

Careers............................. 18 Editorial.............................. 4 Events............................... 20 Meetings.......................... 20 Mining Jobs...................... 19 Metal Prices........................ 7 Professional Directory.. 17-18 Stock Tables................... 6-10

Agnico Eagle Mines............ 1 Anglo Pacific Group............ 1 Argonaut Gold.................. 11 Bacanora Minerals............ 13 Barrick Gold........................ 1 Eldorado Gold..................... 1 Freeport-McMoRan.......... 20 Goldcorp....................... 1,14 Integra Gold....................... 1 Kinross Gold....................... 1 Largo Resources................. 2 McEwen Mining............... 14 Minera Alamos................. 11 Minera IRL.......................... 5 New Gold........................... 1

Oban Mining...................... 3 Pan American Silver.......... 11 Rare Earth Minerals.......... 13 Rio Tinto............................. 2 Rubicon Minerals.............. 15 Sierra Metals..................... 15 Starcore International Mines.......................... 11 Teck Resources................... 1 Tesla Motors..................... 13 Torex Gold Resources....... 14 Whitehaven Coal................ 1 Yamana Gold...................... 1

LARGO RESOURCES

Largo Resources’ Maracas vanadium mine in Brazil, where Anglo Pacific Group holds a 2% net smelter return royalty. ANGLO, From Page 1

Wales, Australia, and Largo Resources’ (TSXV: LGO; US-OTC: LGORF) Maracas vanadium mine in Brazil. Narrabri produced 4.9 million tonnes of coal, up from 2.4 million tonnes in the same period of 2014, exceeding Anglo Pacific’s estimates at the time it acquired the royalty for US$65 million in February. The acquisition was completed in March, but Anglo Pacific received royalty income starting from Jan. 1. In Brazil, Maracas continued its production ramp-up during the period, and achieved record monthly production of 487 tonnes of vanadium in May — the highest level since production started in August 2014. Anglo Pacific acquired a 2% net smelter return royalty on all mineral products sold from Maracas for US$22 million in June 2014. Meanwhile, Anglo Pacific benefitted from strong royalty income from Rio Tinto’s (NYSE: RIO; LSE: RIO) Kestrel mine in Queensland, Australia, which produces hard coking coal and thermal coal. Kestrel churned out 2.3 million tonnes in the first half of 2015, in a 42% increase from the 1.6 million tonnes it produced in the same period in 2014. Based on Rio Tinto’s production forecasts for Kestrel, 50–55% of total production this year will be within Anglo Pacific’s royalty paying lands — most of which will accrue in the second half of the year — and Treger expects this will increase to 60–65% in 2016 and to 90% in 2017. “That should bake in a lot of growth,” he says, despite lower commodity prices. “The first six months of 2015 have been encouraging ... and the outlook for the remainder of 2015 is

Julian Treger, Anglo Pacific Group president and CEO. equally encouraging,” Treger says. As a royalty company, he adds, Anglo Pacific is shielded from some of the worst effects of the current downturn. “We’re not immune to that, and our royalty income would have been higher if prices were better, but we’re better positioned than some of the other companies,” he says, adding that Anglo Pacific has benefitted in some jurisdictions from the U.S. dollar’s appreciation against local currencies. He says the flip side of the downturn is that “almost all companies are needy of funding — other than perhaps BHP Billiton or Rio Tinto — so we’ll be trying to see if we can engage with some of the higher-quality counterparties to see if we can provide funding for them and alleviate their stressed balance sheets. “We have very little debt and a much less risky income line compared to the mining companies, so

we’re not squeezed as much when commodity prices decline,” he continues. “Being a royalty company is a more resilient model in these circumstances.” Anglo Pacific ended the first half with £1.2-million net cash and a £16.2-million undrawn revolving credit facility. Analysts at Investec Securities in the U.K. say that the financial results showed “good improvement” and “an encouraging earnings outlook.” Looking ahead, Treger says the company is “keen to do more” acquisitions, but will take a disciplined apporach. He says that “it’s easy to spend money in the sector, as we all know. We think there will be more opportunities given we are effectively a financier to a distressed sector, and people will see our royalties as quite an attractive funding mechanism, compared to the alternatives they have.” Despite the gloomy outlook for coal, Treger emphasizes that Anglo Pacific’s royalties are on “high-quality clean coal with less impurities” that not only command a premium, but will be sought after and valuable as a percentage of global energy production, as countries grapple with meeting pollution controls. “The world isn’t going to move away from coal,” he says. “If you have high-quality premium coal that will be increasingly valuable, while sulphurus and dirty coal will be increasingly taxed. If you have the right type of coal you should be fine.” Narrabri, for instance, produces low ash (12%), low sulphur (0.5%), low phosphorus, high-energy export thermal coal and mid-volatile pulverized coal injection coal.

STORIES WE’RE WORKING ON. . .

Since 1915

Our September 21 issue will include a special section covering the latest mining and exploration activity in Ontario.

Goldcorp, Teck GOLDCORP, From Page 1

stalled and set for a prolonged development period, likely seeing a better chance of eventual development in a Goldcorp/Teck combined scenario,” Raymond James analyst Phil Russo writes. The sale bolsters New Gold’s balance sheet as it builds the Rainy River gold mine in Ontario and lowers its debt level, Desjardins analyst Michael Parkin comments, adding the market assigned “little to no value” to the company’s stake in El Morro. Under the gold stream, New Gold will pay US$400 per oz. for the first 217,000 oz. delivered. After that, the price will include an annual 1% inflation. The sale is expected to close in the fourth quarter, after which Goldcorp will have a 100% interest in the gold-copper deposit. Instead of advancing El Morro on its own, the gold miner intends to combine the project with Teck’s Relincho copper-molybdenum asset. The two projects sit 40 km apart in the Huasco province in Chile’s Atacama region. Goldcorp and Teck plan to hold the combined asset — tentatively named Project Corridor — in a fiftyfifty JV through which they would work to advance the deposits, as well as build infrastructure and develop community relationships. Teck’s president and CEO Donald Lindsay says the combination makes sense, as it would likely lower costs, reduce the environmental footprint and generate “greater returns over either standalone project.” Corridor’s preliminary economic assessment has pegged start-up costs for the first stage at US$3.5 billion.

During that stage, Corridor would process 90,000 to 110,000 tonnes per day to produce an average of 190,000 tonnes copper and 315,000 oz. gold per year over the first decade of its estimated 32-year life. Corridor’s initial capital requirement is nearly half of the combined cost of building El Morro and Relincho as stand-alone projects. Early feasibility studies estimated development costs for El Morro and Relincho at US$3.9 billion and US$4.5 billion. BMO analyst Andrew Kaip, who covers Goldcorp, says combining the two projects would help, because the majors could “diversify development risk and potentially realize cost savings, due to synergies associated with shared infrastructure.” Kaip previously valued Goldcorp’s 70% interest in El Morro at US$2 billion. BMO analyst Sasha Bukacheva, who covers Teck, echoes the potential benefits of the union, noting she previously assigned no value to the Relincho project, as it was “a long way from being sanctioned.” However, those projects may get some love sooner under the new JV. The majors intend to complete a prefeasibility study on Corridor in mid-2017. Corridor has total reserves of 16.6 billion lb. copper, 8.9 million oz. gold and 464 million lb. moly, based on reserves reported in late 2014 for El Morro and Relincho. The shares of all three firms closed higher on the Aug. 27 sale and combination news. Teck rose 23% to $9.05 per share, New Gold shares climbed 8% to $2.90 and Goldcorp added 3.5% to finish at $18.08 per share.

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THE NORTHERN MINER SEPTEMBER 7-13, 2015 3

Analyst: Oban’s four-way merger should inspire weary juniors

Integra Gold

BY TRISH SAYWELL

INTEGRA GOLD

Project geologists Laura Guillaume and Benjamin Blaise photograph core at Integra Gold’s Lamaque gold project in Quebec. INTEGRA, From Page 1

be more like 700 metres squared — and we still haven’t found the edge,” de Jong says. A resource estimate completed last year increased indicated ounces by 164% since 2013 to 1.3 million tonnes at 10.4 grams gold per tonne for 441,580 oz. gold. There are 429,300 tonnes at 11 grams gold for 152,370 oz. gold classified as inferred, using a 5-gram gold cut-off. Integra compares the potential at Triangle with the geologically similar Lamaque and Sigma gold mines 2.5 km north, which historically produced 9 million oz. gold.

But unravelling the geological tale that endowed the crust with pools of gold may require more than just a number of drill holes — at least, this is how Integra sees it. Instead, de Jong and his team say the answer could be locked within the 6 terabytes of data taken from the Sigma and Lamaque mines after their acquisition by Integra last year — but the company doesn’t have the manpower for the task. “We’re a victim of our own success — we have a phenomenal team that’s running at 110% capacity, just trying to stay on top of all the recent discoveries and exploration success we’ve had at Triangle,” he says.

‘A project like this was made for markets like these.’ — Stephen de Jong, president and CEO, Integra Gold Mineralization at the property occurs as a series of high-grade, discontinuous veins within brittledeformed intrusive plugs poking through the steeply dipping volcanic terrain. But at the Triangle zone, de Jong says those veins will be conservatively estimated in the resource. Instead, the most prospective target for Integra is a series of steeply-dipping, gold-bearing shear zones that cross cut the intrusive dykes and extend much farther into the surrounding volcanics than the company previously imagined. “The majority of gold produced at Lamaque came from mining the veins within the intrusive — mineralization never extended much farther than that,” he says. “But at Triangle, we’re seeing gold persist up to 300 metres into the volcanics, and it continues to grow.” Results from the new zones include 22.2 grams per tonne over 4 metres, and 39.2 grams gold over 2 metres, with the attractive shears open in all directions. De Jong says Eldorado is intrigued by the prospects at the Triangle zone. “They wonder just how big it can get … and their investment demonstrates their vote of confidence that we may have tapped into something big here.”

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This is why the company announced in June that it would release the data to the public and launch a “Gold Rush Challenge” that would entice participants with a sponsored $1-million prize to pan through the data and pitch a “highconviction” exploration plan. De Jong says that close to 500 people from over 39 countries have already signed up, and the company expects that number to increase once the data is released on Sept. 15. Integra is partnering with 3-D modelling software producer Leapfrog, which will provide participants with a “Gold Rush Edition” copy of its program. Engineering firm WSP will come on-board to assist with judging. De Jong says the company is looking forward to the first round of submissions in advance of the Dec. 1 deadline, but in the meantime will continue step-out drilling on the shear zones at Triangle well into early 2016. “What we’re trying to communicate to investors right now is that (the market news) is not all bad,” he says. “This is a high-grade deposit, held in a safe jurisdiction and fully permitted — and that really gives us the momentum. A project like this was made for markets like these.”

Market realities are starting to bite, and the combination of Oban Mining (TSX: OBM) with three other companies is a good model to emulate at a time when most management teams in the junior mining sector are struggling to keep their heads above water, some industry observers say. Oban Mining recently completed a business combination with Eagle Hill, Ryan Gold and Corona Gold, consolidating ground in prospective mining camps in Ontario and Quebec, and bundling together cash reserves of $63 million. “It’s a perfect example of what the juniors should be doing,” says Alka Singh, a Toronto-based geologist and independent mining analyst who has covered the mining sector for more than a decade. “The industry has to reinvent itself, and now is the time to consolidate.” It’s particularly true in wellknown mining camps, she says, where there are a large number of small players that have projects of perhaps 1 million oz. gold here and there, but little money to develop them. “You can look at areas where it should be done, like the Timmins camp, the Cadillac belt, the Porcupine-Destor fault, Kirkland Lake and Nevada,” she says. “The Cadillac belt has something like ten different junior companies — they should pool their resources.” One of the obstacles, she contends, is that often CEOs believe their projects are better than others, and they prefer to weather the downturn or try to raise money, rather than combine forces with other companies in similar circumstances. But Singh says shareholders can and should play a role in demanding change. “In my opinion, it was Dundee Resources that put pressure on

Mining analyst Alka Singh. these guys to put everything together,” she says of Oban’s fourway merger. With the business combination now complete, a larger and more powerful Oban has the high-grade Windfall Lake gold deposit between Val-d’Or and Chibougamau in Quebec, a 100% interest in the Roach property in northern Ontario and a 100% interest in a large area of claims in the Urban-Barry area of Quebec, along with options with other third parties to acquire a 100% interest in the Côté property, the Golden Dawn project, the Hunter property and other properties nearby. It also has an option to acquire up to a 70% interest in Northstar Gold Corp.’s Miller project in northern Ontario. “If everyone is working on a land package the size of a postage stamp, nothing is going to get done,” John Burzynski, Oban’s chairman, told The Northern Miner in an interview in June when the proposed business combination was first made public. “You can’t generate project economics on a bulk-tonnage, low-grade target [like Malar-

MINING ROYALTIES WANTED • Are you a miner looking for financing? • Do you have a royalty to sell?

tic], for example, if you don’t have a large enough claim do it.” Consolidation is even more critical when capital markets are depressed, he added, with juniors trading for just cents a share, and facing massive dilution if they try to raise money. Singh warns that if consolidation doesn’t take place organically at the rate it needs to, many more juniors will be driven into the arms of private equity firms, which she says can charge as much as 8–10% interest on corporate loans. “CEOs should not give up, but they also should be open to mergers and act more often than they are,” she says. “They must adapt and change, or they will cease to exist.”

Appointment Notice

Condor Consulting, Inc. de Lakewood, Colorado, USA est heureux d’annoncer que Pascal Paré se joint à Condor dans le rôle de Géophysicien Principal. Pascal a obtenu un BSc. en Génie Géologique de l’Ecole Polytechnique de Montréal (Montréal, Canada). Après sa graduation, il a été employé par le Ministère des Ressources Naturelles du Québec (Québec), SOQUEM, Inc. et Sagax Géophysique Inc. En 2006, il a joint Anglo American Exploration d’abord au bureau de la ville de Québec et puis basé à Vancouver. Depuis 2012, Pascal a assumé les rôles de Géophysicien Sénior Amérique du Nord/Arctique et Géophysicien Coordinateur Global pour le Groupe Exploration. Pascal travailleras pour Condor North Consulting ULC basé à Vancouver, CB. Condor est un leader mondial dans le traitement avancé et l’analyse des données géophysiques et géologiques, spécialisés dans l’inversion, la visualisation et l’interprétation des données EM et de champ de potentiel pour l’exploration minérale. Condor Consulting, Inc. of Lakewood, Colorado, USA is pleased to announce that Pascal Pare has joined Condor as Principal Geophysicist.

As a leading global base metals and bulk materials royalties company, Anglo Pacific has provided capital to the mining sector for over 30 years

Pascal obtained his BSc. in Geological Engineering from the École Polytechnique de Montréal (Montréal, Canada). Following graduation he was employed by Ministry of Natural Resources (Quebec), SOQUEM, Inc. and Sagax Inc. In 2006, he joined Anglo American Exploration, first in Québec City and then based in Vancouver. Since 2012, Pascal has been Senior Geophysicist North America/Arctic and Global Coordinator Geophysicist for Group Exploration. Pascal will be working for Condor North Consulting ULC based in Vancouver, BC.

Contact our investment team on: +44 (0) 20 3435 7400 or info@anglopacificgroup.com

www.anglopacificgroup.com

Condor are world leaders in the advanced processing and analysis of geophysical and geological data, specializing in the inversion, visualization and interpretation of EM and potential field data for minerals exploration. www.condorconsult.com

15-09-02 8:07 PM

SEPTEMBER 7-13, 2015

THE NORTHERN MINER

EDITORIAL

EDITOR-IN-CHIEF:

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

ANTHONY VACCARO, CFA, MBA

avaccaro@ 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 EDITORIAL: Toronto: 38 Lesmill Road, Unit 2, Toronto, ON, M3B 2T5 (416) 510-6768 tnm@ northernminer.com Reprints: (416) 510-6768 moliveira@ northernminer.com Western Bureau: 580 Hornby Street Suite 900 Vancouver, BC, V6C 3B6 (604) 688-9908 CIRCULATION: (416) 510-6789 (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 SUBSCRIPTION RATES: Canada: C$114.00 one year; Please add $6.00 S/H 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$114.00 one year +$6.00 S/H Foreign: US$151.00 one year +$6.00 S/H GST Registration # 809744071RT001 ART DIRECTOR: SHARON MALBON PRODUCTION MANAGER: JESSICA JUBB (416) 510-5213 jjubb@ glacierbizinfo.com (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 PAP Registration #09263 We acknowledge the financial support of the Government of Canada, through the Canadian Periodical Fund (CPF), for our publishing activities.

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EDITORIAL: TOP STORY OF WEEK 35

GROUP PUBLISHER/ PUBLISHER:

EDITOR, SPECIAL PROJECTS:

Graphite and REE juniors are suffering, too

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FA C T S ‘ N ’ F I G U R E S

Asia drags down gold demand in Q2

BY JOHN CUMMING

While they have a lower profile than the mining companies who are chasing after major commodities like gold, copper and iron, junior companies associated with graphite and rare earth elements have also endured a four-year bear market for their niche commodities, even if the demand trends for both products are encouraging. Graphite juniors are looking to tap into a US$14-billion global market for graphite. While lower-grade graphite has been used for years in the steelmaking industry, new uses for higher-grade — and higher-priced — graphite are being developed in the burgeoning high-value sector of lithium batteries, where graphite is used as a cathode, and in the more speculative realm of the wonder-material graphene, which is a layer of carbon atoms only an atom thick that displays extraordinary strength and a superb ability to conduct electricity, but hasn’t found many uses outside of creating lightweight tennis rackets so far. It’s worth noting it takes 20 to 30 times more graphite than lithium to make lithium-ion batteries, and each hybrid electric car uses about 22 lb. of graphite, while a fully electric car uses about 110 lb. Since 2002, the graphite market has grown at 7.5% per year and is forecast to grow at least 3.7% per year until 2020, when it will be a US$17.6-billion market. By 2020, the graphite-graphene market may well have doubled to 2.6 million tonnes per year. This all sounds wonderful, but the metric not yet mentioned is price. Since the 2011 peak of US$3,000 per tonne for coarse-flake, 94–97% pure graphite, prices have tumbled year after year to just US$1,200 per tonne today. Lower value fine-flake graphite has lost two-thirds of its value over the same period — dropping from US$1,800 per tonne to US$600 per tonne. Depressingly, today’s prices bring graphite prices right back to where they were in 2007, almost as if that glorious boom never happened. And realistically, there’s no short-term price relief in sight. Relatively rare battery-grade graphite, at 99.9% purity, is in a league of its own, recently commanding prices in the range of US$5,000 to US$20,000 per tonne. What’s different now compared to 2007, however, is the bevy of high-quality graphite deposits that have been swiftly developed by dozens of intrepid juniors in Canada, Alaska, Western and South Australia, Scandinavia, Mozambique and Madagascar, which are waiting in the wings to reach the feasibility stage and production. Unlike other subsectors of the mining industry, there has not been a rush to enter production amongst the graphite juniors until a more profitable environment is assured. Technically superb graphite deposits near excellent infrastructure such as the Lac Knife deposit near Fermont, Que., and now in the hands of Focus Graphite, have sat idle or unmined for years, despite studies showing potential for a highly profitable mine. (This could change for Lac Knife, though, with Focus lining up offtake agreements and entering mine financing discussions, on the back of a recent positive feasibility study.) The scene in the rare earth elements subsector is equally hard, with the good work by many juniors in developing complex REE deposits around the world running smack into the wall of collapsing prices for all the various REEs, which make up an even smaller global market than graphite. The REE subsector has already had its sinking of the Titanic, with industry leader Molycorp filing for bankruptcy in June and announcing in late August it would put its massive, state-of-the-art Mountain Pass REE mine and processing plant in California on care and maintenance in mid-October. How the mighty have fallen: In May 2011 at the peak of the REE boom, Molycorp’s market capitalization was US$6.4 billion; Today it’s US$28 million. Bloomberg has reported that Chinese and Japanese firms are looking at buying Molycorp’s better performing REE assets in China and Estonia. Thanks to low production costs that have traditionally put foreign competitors out of business, China still produces 95% of the world’s REEs, while Japanese REE customers always look at lessening their dependence on politically sensitive Chinese supply.

The following is an edited summary of the World Gold Council’s Gold Demand Trends report for this year’s second quarter. For the full report, please visit www.gold.org The latest Gold Demand Trends report for Q2 2015 from the World Gold Council shows total demand was 915 tonnes, a fall of 12% compared to the same period last year, due mainly to a decline in demand from consumers in India and China. However, demand in Europe and the U.S. grew, driven by increasingly confident jewellery buyers and strong demand for bars and coins. Looking ahead, there are encouraging signs moving into what are traditionally the busiest quarters for gold buying in India and China.

In Europe demand was also up, with Germany up 7%, and the U.K. and Spain both growing by 6%. Global investment demand was down 11% to 179 tonnes from 200 tonnes in Q2 2014. India drove the fall, down 30% to 37 tonnes, due to uncertain price expectations and a buoyant stock market. This was countered by a rise in Chinese bar and coin demand, up 6% to 42 tonnes. In Europe, fears of a potential Greek exit from the eurozone saw retail investment in gold reach 47 tonnes — 19% higher compared to last year. The U.S. also saw strong demand, with retail investment increasing by 7%. Of note was the huge burst of activity in June, when bullion coin sales by the U.S. Mint hit a 17-month high.

Mine production could slow in the second half, as the gold mining industry manages costs and optimizes operations in the face of challenging markets. Overall jewellery demand was down 14% to 513 tonnes, from 595 tonnes in 2014 due to falls in consumer spending in Asia. In China, slowing economic growth and a rallying stock market led to a 5% fall in demand to 174 tonnes. In India, the heavy unseasonal rains in Q1 and drought in Q2 impacted rural incomes and affected gold demand. Auspicious days for marriages in Q3 also meant that wedding-related demand was unusually slow, leading to lower jewellery demand of 23% to 118 tonnes. If we look at the picture for the first half of this year in India, jewellery was down 3% to 268.8 tonnes from 276.1 tonnes in first-half 2014. The U.S. remained steady, with jewellery demand up for the sixth consecutive quarter by 2% (26 tonnes).

Elsewhere, central banks were strong gold buyers. Net official sector purchases totalled 137 tonnes, with Russia and Kazakhstan the biggest buyers. Despite a 13% year-on-year fall, buying increased by 11% when compared with the first quarter of this year. It is the eighteenth consecutive quarter where central banks were net gold buyers. Total supply was down 5% to 1,033 tonnes, with mine production’s rise of 3% to 787 tonnes in Q2 2015 offset by declining recycling levels — down 8% to 251 tonnes. Mine production could slow in the second half, as the gold mining industry manages costs and optimizes operations in the face of challenging markets.

Send your Letters-to-the-Editor and op-ed submissions to the Editor-in-Chief at: tnm@northernminer.com or 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

Since 1915 The Northern Miner is published by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

TNM Sep 07 2015 Issue.indd 4

Workers pour gold doré in 2010 at Nevsun Resources’ Bisha mine in Eritrea.

NEVSUN RESOURCES

15-09-02 8:07 PM

THE NORTHERN MINER

SEPTEMBER 7-13, 2015

OP-ED

MATTERS OF GENERAL INTEREST

Minera IRL’s shareholders remove chairman Hodges

A driller at Minera IRL’s Ollachea gold project in 2011. BY SALMA TARIKH

In less than a month, Minera IRL (TSX: IRL; LSE: MIRL) has lost community support for its Ollachea gold project in Peru, dismissed its interim CEO, and most recently, shown its executive chairman Daryl Hodges the door. The issues appear to have started after Minera IRL’s cofounder, executive chairman and CEO Courtney Chamberlain stepped down for health reasons in March. Hodges, who joined as director in February 2014, took over Chamberlain’s board duties. In April, Chamberlain, who spearheaded strong ties with the Ollachea community, passed away. A month after mourning his loss, Minera IRL appointed cofounder Diego Benavides as interim CEO. Benavides — a Peru-

PHOTO BY JOHN CUMMING

vian lawyer and honorary member of the Ollachea community — previously held executive positions at two of the firm’s subsidiaries. He also played a role in establishing the publicly traded company, which has been producing from its Corihuarmi gold mine in Peru since early 2008. Everything seemed on track, with the miner announcing in June that it had lined up a US$70million bridge loan from the Peruvian state-owned development bank Corporacion Financiera de Desarrollo. The bridge loan would have been the first component of a senior debt facility of up to US$240 million, structured by the bank to develop the Ollachea project. Optimized mine studies last year pegged Ollachea’s start-up costs at

LETTER TO THE EDITOR

Juniors are best at finding deposits The interview of Rick Rule, chairman of Sprott U.S. Holdings, in “Market Insights” by Lesley Stokes (T.N.M., Aug. 31–Sept. 6, 2015) includes some observations on the nature of the junior exploration sector that I take issue with. The junior sector has always consumed a prodigious amount of capital, but it is the very high-risk, very highreward nature of the business that results in a success profile that is highly skewed. Junior exploration can be compared to the various research and development arms of the pharmaceutical industry, where large amounts of capital are used in pursuit of that one drug that will deliver a home-run patent for the company. Much of the capital spent in Big Pharma R&D is spent in well executed programs that fail … but that is the nature of their business as well as ours. The junior industry has become the outsourced and arm’s-length exploration department of the major mining companies who have largely disbanded their exploration teams over the last few decades. Research by Richard Schodde suggests that exploration companies are more successful at exploration than producers. His data indicates that juniors have

TNM Sep 07 2015 Issue.indd 5

made almost 60% of all discoveries around the world between 1975 and 2013. In Canada, between 2003 and 2012, the ratio of value discovered to expenditures was almost 270% greater for juniors than it was for majors. We need all those junior companies and individuals to make it possible for the few that are successful — and in some instances phenomenally so. Rick is right in saying that the allure of investing in the industry is supported by a minority of successful or very successful teams. However, without a vibrant junior sector populated by optimistic entrepreneurs, there would be no customers for the exploration services sector, and most importantly, no pipeline of discoveries for the major companies to develop. Juniors are still the most effective mechanism the world has to find the minerals and metals that make modern life possible. With apologies to Winston Churchill, the junior exploration model is the worst way to look for a mine, but better than all the others. Rodney N. Thomas, P.Geo., President, Prospectors & Developers Association of Canada Toronto

PHOTO BY JOHN CUMMING

Atop Minera IRL’s Ollachea gold deposit in Peru, with the town of Ollachea in the background, as seen in 2011. US$165 million and total costs at US$220 million. Annual production would average 100,000 oz. gold over at least nine years. But community relations turned sour in August. Juan Luis Valeriano, the president of the Ollachea community, notified Minera IRL in a letter that the community was withdrawing project support until it made management changes. The Peruvian media noted that the community had asked why Benavides was only “interim” CEO and why Hodges had taken over Chamberlain’s position after his sudden death, implying that Benavides should have taken the top job. Without local support, the company had to halt activities at Ollachea, including a planned 5,000metre exploration drill program that was set to start in August, and finalizing an engineering, procurement and construction management contract. Minera IRL says the delay puts the project’s financing at risk. The breakdown of communications is a major blow to the gold miner, which has spent eight years

fostering community relations, plus more than US$100 million advancing the Ollachea project, including spending US$25 million on community initiatives. Brad Boland, the company’s chief financial officer, said that Minera IRL is working to re-establish relations, but didn’t provide specifics on what went wrong: “It is a priority for the company to mend that relationship for sure.”

against four resolutions, including re-electing Hodges as chairman and a 10-for-1 share consolidation. With Hodges out of the picture, the company’s remaining two directors — Doug Jones and Robin Fryer — quickly appointed Jaime Pinto as a new director. Pinto, a veteran Peruvian lawyer, is the principal partner of Pinto & Abogados law firm in Lima. He’s also a director

Minera IRL’s board unanimously voted to remove interim CEO Diego Benavides as it investigates allegations of impropriety from its whistleblower hotline. Adding to the chaos, on Aug. 24, Minera IRL’s board unanimously voted to remove Benavides from his interim CEO role, explaining it was investigating allegations of impropriety from its whistleblower hotline. The drama continued as Minera IRL’s shareholders in the Aug. 27 annual general meeting voted

for Peru’s largest oil refinery, Refineria la Pampilla. Minera IRL’s board is looking for a new CEO. The company says it has enough management resources in place to continue its daily activities. The miner closed Aug. 28 down 14% at 9¢, after doubling to 10¢ a day earlier.

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6 SEPTEMBER 7-13, 2015 THE NORTHERN MINER

MARKET NEWS TORONTO STOCK EXCHANGE The Toronto Stock Exchange finished in positive territory as investors took in higher oil prices and news that the Chinese government cut interest rates again to bolster the country’s slowing economy. The S&P/TSX Composite Index climbed for four days after a six-day slide to close the week up 2.9% at 13,865.07. The S&P/TSX Capped Diversified Metals & Mining Index jumped 4.8% to 457.55, while the S&P/TSX Global Gold Index fell 6.8% to 130.15. The spot gold price dropped 2.3% to finish at US$1,133.80 per oz. Lithium Americas shares climbed 39% to 32¢, after signing a heads of agreement with Korea-based Posco that definined the conditions for a joint-venture entity to develop its Cauchari-Olaroz lithium project in Argentina. The parties expect to form the joint venture in the fourth quarter, after completing due diligence. Under the partnership, Posco would use its proprietary lithium extraction technologies to produce lithium carbonate and lithium hydroxide from Lithium Americas’ Cauchari-Olaroz salar properties. Compared to the traditional brine evaporation, Posco claims its technology produces lithium faster, with a higher recovery rate. The joint project would produce 2,500 tonnes per year by year-end 2016, before ramping up to 20,000

A U G U S T 24 -2 8

tonnes a year by the end of 2017. Posco will finance the initial capital required for the first commercial phase of 2,500 tonnes, with the joint venture funding the rest. Lima-based gold miner Minera IRL had another turbulent week, ending up 29% at 9¢ per share. On Aug. 27, shareholders voted against re-electing chairman Daryl Hodges and a 10-for-1 share consolidation at its annual general meeting. The miner’s remaining two directors swiftly appointed Jamie Pinto, who has a legal background, as its new director. The board is seeking a new CEO after sacking interim CEO Diego Benavides due to “impropriety” allegations on Aug. 24. Earlier the firm suspended its Ollachea gold project in Peru, after the Ollachea community withdrew its support, demanding IRL leadership changes.

TSX most active issues

First Quantum Barrick Gold B2Gold Yamana Gold Teck Res B Goldcorp Eldorado Gold Horizns G Bull Lundin Mng Kinross Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM ABX BTO YRI TCKB G ELD HGU LUN K

36908 7.24 5.75 7.05 + 0.29 22853 10.52 8.62 9.44 - 1.05 22596 1.74 1.40 1.62 - 0.06 21103 3.04 2.23 2.59 - 0.42 20086 9.93 7.08 9.36 + 1.06 19350 20.84 17.06 18.47 - 1.94 16567 4.50 3.63 4.06 - 0.42 14535 4.35 2.99 3.54 - 0.63 13403 4.34 3.74 4.27 + 0.03 12266 2.70 2.15 2.43 - 0.29

Teck Resources added $1.06 to finish at $9.36 per share, after announcing a new joint venture in Chile that would combine its Relincho copper-molybdenum with Goldcorp’s El Morro gold-copper project into a single project, tentatively named “Project Corridor.” Teck and Goldcorp will work together to develop the assets, infrastructure and community relations. Preliminary estimates for start-up costs at

Corridor are US$3.5 billion, which is nearly half the cost of building both El Morro and Relincho as stand-alone operations. Annual production at Corridor would average 190,000 tonnes copper and 315,000 oz. gold for the first decade of its 32-year life. Goldcorp, which recently agreed to buy the remaining 30% stake in El Morro from New Gold, lost $1.94 to close at $18.47 per share.

TSX greatest percentage change

Lithium Americ Mawson Res Wallbridge Mng Minera IRL Katanga Mng North Am En Pa Dejour Enterp Moneta Porcpn Century Iron M Northern Dyn M TVI Pacific Goldgroup Mng Redhawk Res Fortune Mnrls First Point Loncor Res Mawson West TriMetals Mng Aureus Mng MBAC Fertilizr

TSX greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

LAC MAW WM IRL KAT NOA DEJ ME FER NDM TVI GGA RDK FT FPX LN MWE TMI AUE MBC

3391 16 301 3109 231 73 33 2527 27 279 133 4770 203 474 92 319 420 391 38 1140

0.33 0.22 0.04 0.11 0.22 2.90 0.15 0.10 0.36 0.46 0.02 0.07 0.05 0.04 0.05 0.08 0.03 0.07 0.46 0.03

0.19 0.17 0.04 0.05 0.14 2.10 0.11 0.08 0.26 0.38 0.01 0.05 0.04 0.03 0.04 0.06 0.02 0.06 0.38 0.03

0.32 0.22 0.04 0.09 0.21 2.90 0.15 0.10 0.26 0.46 0.01 0.06 0.04 0.03 0.04 0.08 0.02 0.07 0.45 0.03

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

39.1 33.3 33.3 28.5 23.5 23.4 20.8 18.7 18.1 15.0 33.3 31.2 27.2 25.0 20.0 20.0 20.0 18.7 18.1 16.6

WEEK VOLUME CLOSE CHANGE

Agrium Russell Metals Horizns G Bear Potash Cp Sask Labdr I-Ore Ro Teck Res B Teck Res A North Am En Pa HudBay Minls First Quantum Royal Gold Franco-Nevada Goldcorp Agnico-Eagle Silver Wheaton Dominion Diam Barrick Gold Tahoe Res Detour Gold Centerra Gold

TSX VENTURE EXCHANGE The S&P/TSX Venture Composite Index rallied amidst a general market recovery, jumping nearly 3.4%, or 18.15 points, en route to a 555.67-point close. Gains were underpinned by surging crude oil futures, while intervention by the Chinese government and signals that the U.S. Federal Reserve could hold off on potential interest rate hikes also boosted market sentiments. In other news, the Canadian government reported a budget surplus of $1.1 billion in June, and said it expected a surplus for the fiscal year. October contracts for West Texas Intermediate crude oil gained 18%, or US$6.98, before finishing at US$45.22 per barrel. Meanwhile, December contracts for gold bullion dropped 2.5%, or US$28.50, en route to a US$1,134 per oz. close, and December contracts for copper closed up 2.7%, or US6.1¢, at US$2.35 per lb. Rare earth outfit Bacanora Minerals led the value-added category after a conditional long-term lithium hydroxide supply agreement with Tesla Motors. The company gained 55¢ on 551,474 shares traded, before finishing at $1.95 per share. Bacanora is advancing its Sonora Lithium project in northern Mexico alongside U.K.-based

TNM Sep 07 2015 Issue.indd 6

2561466 136.14 1616215 21.41 4823373 14.64 9606912 34.31 1412931 13.69 20086135 9.36 23392 10.85 72852 2.90 5074876 6.83 36907790 7.05 35654 64.75 3963277 57.67 19349948 18.47 6831188 32.51 8365688 16.38 1499261 15.65 22852743 9.44 7074362 11.56 6236976 13.80 5026738 6.78

+ 7.79 + 1.89 + 1.55 + 1.31 + 1.15 + 1.06 + 0.95 + 0.55 + 0.33 + 0.29 - 7.72 - 3.31 - 1.94 - 1.85 - 1.42 - 1.25 - 1.05 - 0.86 - 0.81 - 0.77

A U G U S T 24 -2 8

joint-venture partner Rare Earth Minerals. The mine and processing facility would have an initial production capacity of 35,000 tonnes of lithium compounds, with potential to scale up to 50,000 tonnes per year. Sonora could supply lithium hydroxide, with the volume and time frame determined by Tesla for its Gigafactory in Nevada. Junior Malbex Resources topped the volume-traded column after its management discussion and analysis revealed a strong working capital position and interest in new projects. The company saw 6.5 million shares change hands, but lost 2¢ en route to a 2¢-per-share close. On Aug. 27 the company reported a US$4.5-million working capital position,

TSX-V most active issues

Malbex Res Equitas Res Kincora Copper Gresham Res Visible Gold M Asian Minl Res Metanor Res Ashburton Vent Bowmore Expl Rogue Iron Ore

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MBG EQT KCC GRC VGD ASN MTO ABR BOW RRS

6503 6028 5732 5041 4764 4517 3710 3212 3125 2910

0.03 0.13 0.03 0.66 0.06 0.06 0.05 0.02 0.04 0.11

0.02 0.11 0.02 0.46 0.04 0.04 0.05 0.01 0.03 0.07

0.02 - 0.12 0.03 - 0.63 + 0.05 - 0.06 - 0.05 - 0.02 0.03 - 0.10 +

0.02 0.00 0.01 0.04 0.01 0.01 0.01 0.00 0.01 0.03

including $5 million in cash. In April Malbex sold its indirect interest in the Del Carmen project in Argentina to Barrick Gold for US$4.8-million cash, and a 0.5% net smelter royalty on any future production. The company applied for a “property in an emerging gold belt in the western Dominican Republic,” but began looking elsewhere after “inexplicable delays.”

Explorer Kennady Diamonds jumped 38¢ on 394,253 shares traded before closing at $3.68 per share, after recovering 35 diamonds larger than one carat from a 443-tonne bulk sample from the southeast Kelvin kimberlite at its Kennady North project in the Northwest Territories. The average grade sat at two carats per tonne.

TSX-V greatest percentage change

Adex Mining East Asia Mnls Pan Global Res North Am Tung Tajiri Res Valterra Res Xmet Mustang Minls Firebird Res Brionor Res Sonora Gld & S Alliance Mng Strata Mnls Bison Gold Res Troymet Expl Noram Vent Western Troy C White Pine Res Golden Goliath Kermode Res

TSX-V greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ADE EAS PGZ NTC TAJ VQA XME MUM FIX BNR SOC ALM SMP BGE TYE NRM WRY WPR GNG KLM

462 119 11 85 10 25 805 28 2397 11 25 474 440 60 28 68 10 910 50 42

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

0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

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

U.S. M ARKETS U.S. equities were in free fall early in the week, as Chinese stock indexes plunged nearly 9% and 8% — among their worst performances since December 1996 — while West Texas Intermediate (WTI) crude fell US$2.21 per barrel to US$38.24. The panic subsided after the Chinese government cut key interest rates by 25 basis points and reserve requirements at large commercial banks by 50 basis points. China’s stimulus measures lifted both the Dow Jones Industrial Average and the S&P 500 Index by nearly 4% each. U.S. crude also rallied, with WTI crude surging US$3.96 per barrel to close at US$42.56. Markets lifted after U.S. gross domestic product increased at a 3.7% annual rate in the second quarter — up from 0.6% in the first quarter — and consumer spending rose 0.3% in July, as households bought more cars. The Dow Jones Industrial Average rose 1.1% to 16,643.01 and the S&P 500 climbed 0.9% to 1,988.87. Gold fell 2.3% to US$1,133.80 per oz. and the Philadelphia Gold & Silver Index dropped 6.4% to 48.82. An investment by billionaire activist Carl Icahn and revised capital and operating plans

AGU RUS HGD POT LIF TCKB TCKA NOA HBM FM RGL FNV G AEM SLW DDC ABX THO DGC CG

WEEK VOLUME CLOSE CHANGE

Bacanora Mnls Kennady Diam Abitibi Royalt Senator Minls Marlin Gold Newport Expl Tasman Metals Oceanus Res Anfield Res Eurasian Minls Gold Reserve Pac Booker Min Bear Creek Mng Eagle Hill Exp EurOmax Res Zenyatta Vent Great Quest Me Gold Std Vnt Avino Silver Chesapeake Gld

BCN KDI RZZ SNR MLN NWX TSM OCN ARY EMX GRZ BKM BCM EAG EOX ZEN GQ GSV ASM CKG

551474 394253 16550 24625 88320 529970 120750 234800 158063 94400 246673 34265 416258 178520 16500 296473 140629 759677 84545 10990

1.95 3.68 2.55 0.26 0.39 0.30 0.47 0.35 0.16 0.72 3.65 1.50 0.66 0.65 0.40 1.46 0.26 0.47 1.27 1.84

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

0.55 0.38 0.15 0.12 0.09 0.09 0.08 0.07 0.07 0.06 0.24 0.14 0.13 0.13 0.09 0.09 0.09 0.07 0.07 0.06

A U G U S T 24 -2 8 owing to falling commodity prices put Freeport-McMoRan at the top of the list of most traded stocks. Icahn holds an 8.5% stake in Freeport and is considering meetings with management and perhaps a seat on the board. Freeport said it “welcomes constructive input toward our common goal of enhancing shareholder value.” Freeport is seeking a 25% reduction (US$700 million) in estimated mining capital expenditures in 2016. The company aims to cut copper sales by 150 million lb. a year in 2016 and in 2017, and hopes to cut production and delivery costs by 20% in 2016. Freeport’s shares rose US92¢ to

U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX Alcoa* AA Peabody Enrgy* BTU Barrick Gold* ABX Goldcorp* GG Newmont Mng* NEM Kinross Gold* KGC Teck Res B* TCK Consol Energy* CNX Silver Wheatn* SLW

339990 11.48 7.76 10.50 + 0.92 164185 9.42 7.97 9.41 + 0.68 146784 2.65 1.28 2.39 + 0.61 135724 7.97 6.51 7.13 - 0.86 66968 15.79 12.82 13.96 - 1.53 59638 18.48 15.39 17.17 - 0.97 56774 2.05 1.62 1.84 - 0.23 43679 7.51 5.32 7.08 + 0.79 42228 14.78 11.46 14.39 + 1.78 38186 13.45 11.22 12.39 - 1.13

US$10.50 per share. BHP Billiton climbed US$2.01 to US$36.69 per share. The company reported that aftertax profit fell 86% to US$1.9 billion during the financial year ended June 30. Revenues declined 22% year-on-year to US$52.3 bil-

lion. Capital and exploration expenditures slid by 24% to US$11 billion, and are expected to decline to US$8.5 billion in the 2016 financial year and to US$7 billion in 2017. BHP has cut costs, however, reporting US$3.8 billion less per year in controllable items.

U.S. greatest percentage change

Arch Coal* Mechel* Peabody Enrgy* Cloud Peak En* Hi-Crush Part* North Am En P* Rhino Res* Dejour Enterp* Tasman Mtls* Cliffs Nat Rs* Timberline Rs* Alexco Res* Harmony Gold* Tanz Roy Exp* Mines Managem* Yamana Gold* Richmont Mine* Gold Std Vnt* Kinross Gold* Almaden Mnls*

ACI MTL BTU CLD HCLP NOA RNO DEJ TAS CLF TLR AXU HMY TRX MGN AUY RIC GSV KGC AAU

U.S. greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

36781 8.50 2737 1.08 146784 2.65 2534 4.40 511 16.39 50 2.19 89 1.59 104 0.12 298 0.37 26791 4.20 246 0.43 796 0.35 12156 1.16 1197 0.39 109 0.42 13637 2.30 871 2.96 414 0.41 56774 2.05 369 0.61

Agrium* AGU Arch Coal* ACI Hi-Crush Part* HCLP BHP Billi-BHP* BHP BHP Billi-BBL* BBL Consol Energy* CNX Soc Quim&M Ch* SQM Mesabi Trust* MSB Mosaic* MOS Cloud Peak En* CLD Royal Gold* RGLD Randgold Res* GOLD Franco-Nevada* FNV Agnico-Eagle* AEM Goldcorp* GG Silver Wheatn* SLW US Silica Hld* SLCA Dominion Diam* DDC Newmont Mng* NEM Central GoldT* GTU

2.35 0.64 1.28 2.96 11.12 1.60 0.67 0.09 0.27 2.90 0.28 0.30 0.83 0.29 0.32 1.68 2.43 0.32 1.62 0.49

8.21 1.08 2.39 4.37 16.05 2.19 1.22 0.11 0.35 3.83 0.30 0.30 0.91 0.33 0.35 1.96 2.54 0.36 1.84 0.53

+ 113.2 + 47.7 + 34.2 + 31.2 + 26.8 + 23.7 + 20.7 + 19.5 + 17.4 + 15.7 - 17.5 - 16.9 - 15.4 - 14.8 - 14.8 - 14.7 - 13.6 - 12.7 - 11.1 - 11.0

1145814 103.01 36780963 8.21 511000 16.05 24432137 36.69 8698304 34.81 42228176 14.39 4967310 15.49 213840 13.02 28030045 41.04 2533951 4.37 5713188 48.94 5831311 61.24 8235341 43.63 26053385 24.57 66967578 13.96 38185760 12.39 2961097 19.92 751528 11.85 59638045 17.17 220583 39.22

+ 5.53 + 4.36 + 3.40 + 2.01 + 1.79 + 1.78 + 1.48 + 1.27 + 1.10 + 1.04 - 6.02 - 4.51 - 2.66 - 1.54 - 1.53 - 1.13 - 1.06 - 0.97 - 0.97 - 0.86

15-09-02 8:07 PM

THE NORTHERN MINER

SEPTEMBER 7-13, 2015

METALS, MINING AND MONEY MARKETS SPOT PRICES

PRODUCER AND DEALER PRICES

COURTESY OF SCOTIABANK

Tuesday, September 1, 2015 Precious Metals Price (US$/oz.) Gold $1141.90 Silver $14.68 Platinum $999.00 Palladium $563.00

Change -12.35 -0.19 -27.00 -43.00

Base Metals Nickel Copper Lead Zinc

Change -195.00 -35.50 -0.50 +2.00

Price (US$/tonne) $9860.00 $5097.50 $1731.00 $1810.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 28, 2015 (change from August 21, 2015 in brackets): Aluminium Alloy 12740 (0) Aluminium 3276075 (-44650) Copper 371250 (+17425) Lead 187400 (-7325) Nickel 455166 (+175) Tin 6980 (-375) Zinc 522875 (+17425)

Thermal Coal CAPP: US$42.77 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$48.60 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.90 Coal: CME Group Futures Oct. 2015: US$42.93; Nov. 2015: US$42.95 Cobalt: US$12.88/lb. Copper: US$2.31/lb. Copper: CME Group Futures Oct. 2015: US$2.298/lb.; Nov. 2015: US$2.301/lb Ferro-Chrome: US$2.09/kg FerroTungsten: US$27.72/kg Ferrovanadium: US$19.64/kg Iridium: NY Dealer Mid-mkt US$500/tr oz. Iron Ore 62% Fe CFR China-S: US$55.70/tonne Iron Ore Fines: US$52.15/tonne Iron Ore Pellets: US$69.15/tonne Lead: US$0.76/lb. Magnesium: US$2.21/kg Manganese: US$1.78/kg Molybdenum Oxide: US$5.87/lb. Phosphate Rock: US$115/tonne Potash: US$307.00/tonne Rhodium: Mid-mkt US$815.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$14.66 per oz.; Handy & Harman Fabricated: US$18.03 per oz. Tantalite Ore: : US$170.28/kg Tin: US$6.51/lb. Uranium: U3O8, Trade Tech spot price: US$36.50/lb.; The UX Consulting Company spot price: US$36.75/lb. Zinc: US$0.81/lb. Prices current Sept. 1, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding at Aug. 15/15 (with changes from July 30/15).

Largest short positions Lundin Mining LUN 39156153 New Gold NGD 30754104 Kinross Gold K 27818123 B2Gold BTO 25362060 PotashCorp POT 22626447 First Quantum Min. FM 20629732 Teck Resources TCK.B 17539961 Yamana Gold YRI 13149855 Thompson Creek Mtl TCM 12415175 Barrick Gold ABX 12068715 Denison Mines DML 11607010 Detour Gold DGC 10908893 OceanaGold OGC 10327313 Copper Mntn Mng CUM 8780085 Eldorado Gold ELD 8205337 Largest increase in short position Kinross Gold K 27818123 OceanaGold OGC 10327313 Barrick Gold ABX 12068715 Eldorado Gold ELD 8205337 PotashCorp POT 22626447 Largest decrease in short position Rubicon Minerals RMX 3562875 Lundin Mining LUN 39156153 North Amer. Palladium PDL 16100 Iamgold IMG 6192985 Torex Gold TXG 6110544

Largest short positions Dajin Res. DJI 1982000 Ximen Mining XIM 930000 Nippon Dragon Res. NIP 717000 Integra Gold ICG 707746 Nemaska Lithium NMX 494695 Zenyatta Vent. ZEN 275500 Emerita Res. EMO 255000 Roxgold ROG 215000 Gold Reserve GRZ 210600 Commerce Res. CCE 202500 Canasil Res. CLZ 200000 Saturn Minerals SMI 199200 Nexgen Energy NXE 197000 Impact Silver IPT 178500 Georox Res. GXR 150000 Largest increase in short position Dajin Res. DJI 1982000 Ximen Mining XIM 930000 Nippon Dragon Res. NIP 717000 Nemaska Lithium NMX 494695 Emerita Res. EMO 255000 Largest decrease in short position Pure Energy Min. PE 18300 Temex Res. TME 5000 Rusoro Mining RML 1200 Metals Crk Res. MEK 1000 Northern Uranium UNO 3000

-8136119 -606544 8793325 -948080 3150458 -1496871 705030 389856 322386 3848376 -379390 166216 4527700 880493 3616659 8793325 4527700 3848376 3616659 3150458 -11207421 -8136119 -2944800 -2491883 -1891610

1874000 930000 447000 136846 343895 -18400 255000 13100 3400 50500 0 199200 120500 169000 0 1874000 930000 447000 343895 255000 -551700 -460500 -198900 -134400 -132000

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

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

Aug 31 13859.12 559.16 815.45 128.44 458.86 48.43 115.03

Aug 28 13865.07 555.67 813.18 130.15 457.55 48.82 116.12

Aug 27 13766.67 545.55 789.87 125.54 449.28 46.84 111.32

Aug 26 13381.59 529.70 775.54 120.21 398.64 43.97 105.23

Aug 25 13150.93 526.54 770.29 126.55 414.69 46.19 111.17

High 15685.13 1028.26 905.09 203.14 887.42 95.64 240.47

Low 12705.17 509.03 750.26 117.10 393.29 43.59 104.66

DAILY METAL PRICES Date Aug 31 Aug 28 Aug 27 Aug 26 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy N/A 1675/1690 1600/1615 1675/1690 Aluminum N/A 1549.50/1564 1527/1546 1513/1535 Copper N/A 5094/5075.50 5028/4998.50 4958/4931 Lead N/A 1675/1680 1652/1658 1640.50/1644.50 Nickel N/A 9830/9865 9725/9765 9470/9515 Tin N/A 14355/14245 138890/13825 14075/13900 Zinc N/A 1792.50/1794 1725.50/1727 1687/1690

1670/1685 1525.50/1546 5031/5010 1677/1681 9665/9670 14450/14300 1744/1748

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM N/A 1125.50 1128.50 Gold PM N/A 1135.00 1119.00 Silver N/A 14.44 14.27 Platinum N/A 1003.00 990.00 Palladium N/A 573.00 548.00

1154.25 1137.50 14.87 994.00 558.00

1134.40 1120.75 14.41 973.00 524.00

Aug 25

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Aug 31 Aug 28 US$ in C$ 1.3223 1.3149 C$ in US$ 0.7563 0.7536

Aug 27 1.3269 0.7577

Aug 26 1.3197 0.7517

Aug 25 1.3303 0.7521

EXCHANGE RATES (Bank of Canada, August 31, 2015) Currency Aus $ Euro In C$ 0.9388 1.4801 In US$ 0.7100 1.1193

Japan 0.01090 0.00824

Mex P 0.07901 0.05975

SA Rand 0.09979 0.07547

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 Sep 07 2015 Issue.indd 7

UK £ 2.0313 1.5362

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

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

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

TSX VENTURE EXCHANGE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15. Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17. West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19. Supplied by TMX Group Inc.

NEW 52-WEEK HIGHS AND LOWS — AUGUST 24-28, 2015 18 New Highs Adroit Res Almonty Ind Amarillo Gold Bell Copper Canstar Res China Mnls Mng Copper Ck Gold Cresval Cap Firebird Res Moneta Porcpn NWM Mng Otis Gold Reliance Res Richmond Mnls Rogue Iron Ore Senator Minls Tri Origin Exp UC Res

413 New Lows ABE Res Adamera Mnls Adex Mining Adroit Res African Gold G Aftermath Silv Alcoa* Alderon Irn O* Aldershot Res Aldrin Res Alexander Nubi Alliance Mng Alliance Rs P* Alloycorp Almaden Mnls* Almaden Mnls Altai Res Altima Res Alto Vent Alum Cp China* Amerigo Res Anaconda Mng Anconia Res AndeanGold Anfield Nickel Anglo-Can Mng AQM Copper Arctic Star Rs Arcus Dev Grp Argentum Silvr Argex Titanium Argonaut Gold Arrowstar Res ASA (Bermuda)* Ashburton Vent Asher Res Atico Mng Augen Gold Auramex Res Aurcana Corp AurCrest Gold Avala Res Avalon Rare M* Avalon Rare Mt Azimut Expl Azincourt Res Baja Mng Balmoral Res Bandera Gold Bannerman Res Bard Vent Barker Mnrls Barrick Gold* BCGold Bear Creek Mng Bellhaven Cp&G Benton Cap Berkwood Res BHP Billi-BBL* BHP Billi-BHP* Bison Gold Res Blue Rvr Res Bowmore Expl Brazil Res Brixton Mtls Cabot Corp* Calibre Mng Cameco Corp* Cameco Corp Canada Rare Ea Canada Zinc Mt Canadn Int Mnl Canadn Plat Canadn Zinc Canamex Res Canasil Res Candente Coppr Canterra Mnls Canuc Res Canyon Copper Capstone Mng Caracara Silvr Cascadero Copp Centurion Mnls Champion Bear Chesapeake Gld Clear Mtn Res CMC Metals

Colonial Coal Commander Res Compass Mnls* Consol Energy* Constant Mtl R Copper Mtn Mng Copper North M Copper One Corex Gold Coro Mining Corsa Coal Crazy Horse Rs Cypress Dev Darnley Bay Decade Res Defiance Silvr Delrand Res Denison Mines Denison Mines* Desert Star Discovery-Corp Dominion Diam* Dominion Diam Duncan Park H Dynacor Gold M Dynasty Met&Mn East Asia Mnls Eastfield Res Ecuador G & C Edgewater Expl Eldorado Gold* Eldorado Gold Emgold Mng Energizer Res Energy Fuels Entourage Mtls Eskay Mng Europn Uran Rs Faircourt Gold Ferrum Am Mng Fieldex Expl Firestone Vent First Point First Quantum Focus Graphite Foran Mng Fort St J Nick Fortuna Silver Fortuna Silvr* Freeport McMo* Freeport Res Frontier Rr Er Frontline Gold Galore Res Galway Mtls GAMCO Glb Gld* Gentor Res Geodex Mnrls Geologix Ex Geomega Res Gitennes Expl Gobimin GoGold Res Gold Bulln Dev Gold Mtn Mng Golden Band Golden Goliath Golden Share M Goldgroup Mng Goldstar Mnls Grande Portage Granite Ck Gld Graphite One R Great Atlantic Green Swan Cap Gresham Res Guyana Prec Mt Handa Copper Happy Ck Minls Harmony Gold* Harvest Gold Heatherdale Rs Hi-Crush Part* HiHo Silver Homestake Res Honey Badger E HudBay Minls HudBay Mnls* Hunt Mng Huntington Exp IBC Adv Alloys IC Potash Iconic Mnls Imperial Metal Inca One Res Independence G Intl Bethl Mng Intl Montoro R Intl Samuel Ex Intrepid Pots* INV Metals Iron South Mng Ivanhoe Mines Ivernia J.A.G. Mines Karnalyte Res Katanga Mng Kennady Diam Kermode Res

Kilo Goldmines Kincora Copper Kiska Metals Kivalliq Enrgy Klondike Silv Kombat Copper Kootenay Gold Lakeland Res Laramide Res Largo Res Legend Gold Lincoln Mng Lithium Americ Lomiko Mtls Luna Gold Lydian Intl MacDonald Mns Magellan Minls Majescor Res Major Drilling Makena Res Margaret Lk Di Marifil Mines Marlin Gold Maya Gold & Si MDU Res* Melior Res Melkior Res Mesa Expl Metalcorp Midnight Sun M Migao Millrock Res Minas Buenavn* Minco Gold* Minco Gold Minco Silver Mindoro Res Mineral Mtn Rs Mirasol Res Mkango Res Monster Mng Monument Mng Mosaic* Mountain Boy M Mountain Prov Musgrove Mnls Nevada Clean M Nevada Copper Nevada Expl Nevsun Res Nevsun Res* New Gold* New Milln Iron New Nadina Newmont Mng* Newport Expl NGEx Res Nighthawk Gold Nippon Dragon Noka Res Nomad Ventures Noram Vent Nordex North Am En P* North Am En Pa North Am Tung Northcliff Res Northern Abiti Northern Gld M Northern Graph Northern Lion Northquest Nubian Res NV Gold NWM Mng Oban Mng Olivut Res Omineca Mg&Mtl Opta Minls Oracle Mng Orbit Garant D Orbite Alumnae Orezone Gold Orocobre Pac Arc Res Pac Booker Min Pac Imp Mines Paladin Energy Pan Am Silver* PC Gold Philippine Mtl Phoenix Gold Platinex Platinum Gp M* Platinum Gp Mt PolyMet Mng* PolyMet Mng Potash C Sask* Potash Cp Sask Precipitate Gl Prime Merid Rs Purepoint U Rambler Mg&Mtl Rathdowney Res Red Moon Potsh Redstar Res Redzone Res Reliance Res

Rio Tinto* Riverside Res RJK Explor Royal Gold* Royal Nickel RT Minerals Rubicon Mnls* Rubicon Mnrls Rupert Res Sage Gold Sama Res San Marco Res Santacruz Silv Scorpio Mining Selwyn Res Serengeti Res Sherritt Intl Silver Bear Rs Silver Predatr Silver Pursuit Silver Range R Silver Wheatn* Silver Wheaton Silvercorp Mt* Silvercorp Mtl Slam Exploratn SnipGold Softrock Mnrl Solitario Ex&* Solvista Gold Sonora Gld & S Sparton Res Sprott Res Spruce Ridge R Stakeholdr Gld Standard Graph Stans Energy Stonegate Agri Strata Mnls Strategic Metl Sultan Mnrls SunCoke Engy* Sutter Gold Talon Metals Tanzania Mnls Taseko Mines Teck Res A Teck Res B* Teck Res B Teras Res Terrax Minls Theia Res Thompson Creek Thompson Crk* Thor Expl Tiller Res Timberline Res Timberline Rs* Timmins Gold* Timmins Gold Tinka Res Tintina Res Tirex Res TNR Gold TomaGold Transition Mtl Trevali Mng Trio Gold Corp Troymet Expl True North Gem TVI Pacific UEX Corp Ultra Lithium Ur-Energy Ur-Energy* Uracan Res Uragold Bay Rs Uranium Ener* Uranium Res* US Silica Hld* Vale* ValGold Res Valterra Res Vantex Res Vendetta Mng Verde Potash Visible Gold M VMS Vent Vulcan Mnrls WCB Res West Af Iron O Western Lithiu Western Pac Rs Western Troy C Westkam Gold Westridge Res White Pine Res Wildcat Expl Wolfden Res Xmet Yamana Gold* Yamana Gold Yanzhou Coal* Zadar Vent Zena Mng Zephyr Mnls Zimtu Capital

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

15-09-02 8:07 PM

8 SEPTEMBER 7-13, 2015 THE NORTHERN MINER

STOCK TABLES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 13246 0.05 0.04 0.05 0.00 0.09 0.03 Abcourt Mines V 4814 0.04 0.03 0.03 0.00 0.08 0.03 ABE Res V 200 0.04 0.03 0.04 0.00 0.10 0.03 Aben Res V 30 0.07 0.07 0.07 + 0.01 0.33 0.06 Aberdeen Intl T 1512 0.12 0.12 0.12 - 0.01 0.20 0.11 Abitibi Royalt V 165 2.55 2.05 2.55 + 0.15 5.10 1.53 Actus Mnls V 340 0.03 0.03 0.03 - 0.01 0.12 0.01 Adamera Mnls V 217 0.03 0.03 0.03 0.00 0.08 0.03 Adanac Moly V 22 0.19 0.19 0.19 + 0.01 0.20 0.15 Adex Mining V 4620 0.02 0.01 0.02 + 0.01 0.02 0.01 Adriana Res V 4586 0.10 0.09 0.09 0.00 0.19 0.09 Adroit Res V 850 0.01 0.01 0.01 0.00 0.01 0.01 Adventure Gold V 1630 0.12 0.11 0.12 + 0.01 0.20 0.06 African Gold G V 7841 0.05 0.04 0.05 + 0.01 0.11 0.04 African Metals V 20 0.05 0.05 0.05 - 0.01 0.29 0.03 Africo Res T 907 0.41 0.39 0.41 + 0.02 0.45 0.30 Aftermath Silv V 680 0.01 0.01 0.01 0.00 0.04 0.01 Agnico-Eagle* N 260533 27.35 22.13 24.57 - 1.54 38.46 21.00 Agnico-Eagle T 68311 36.10 29.46 32.51 - 1.85 43.70 25.05 Agrium* N 11458 103.47 92.84 103.01 + 5.53 116.77 82.04 Agrium T 25614 136.65 123.28 136.14 + 7.79 146.51 92.81 Alabama Graph V 7320 0.16 0.14 0.15 + 0.01 0.35 0.14 Alacer Gold T 56345 3.11 2.65 2.94 - 0.07 3.22 1.77 Alamos Gold* N 57892 4.42 3.51 4.13 - 0.24 9.51 2.98 Alamos Gold T 26613 5.84 4.68 5.49 - 0.21 10.31 3.90 Alberta Star V 1768 0.04 0.03 0.04 0.00 0.08 0.02 Alcoa* N 1641853 9.42 7.97 9.41 + 0.68 17.75 7.97 Alderon Irn O* X 609 0.14 0.13 0.14 - 0.01 1.14 0.13 Alderon Iron O T 1556 0.20 0.17 0.18 0.00 1.23 0.17 Aldershot Res V 190 0.01 0.01 0.01 0.00 0.05 0.01 Aldridge Minls V 105 0.17 0.17 0.17 0.00 0.37 0.16 Aldrin Res V 2341 0.15 0.12 0.13 0.00 0.33 0.12 Alexander Nubi V 420 0.10 0.06 0.10 + 0.02 0.28 0.06 Alexandria Mnl V 20083 0.04 0.03 0.04 0.00 0.07 0.03 Alexco Res T 1948 0.48 0.40 0.40 - 0.08 1.09 0.34 Alexco Res* X 7955 0.35 0.30 0.30 - 0.06 1.00 0.26 Alix Res V 145 0.05 0.05 0.05 - 0.01 0.25 0.03 Alliance Mng V 4735 0.01 0.01 0.01 - 0.01 0.06 0.01 Alliance Rs P* Q 17679 25.96 19.95 25.32 + 0.70 50.65 19.95 Alloycorp V 12122 0.03 0.02 0.03 0.00 0.10 0.02 Almaden Mnls* X 3685 0.61 0.49 0.53 - 0.07 1.43 0.49 Almaden Mnls T 542 0.81 0.65 0.69 - 0.12 1.80 0.65 Almonty Ind V 395 0.86 0.80 0.80 - 0.06 0.86 0.52 Altai Res V 7055 0.06 0.05 0.06 - 0.01 0.12 0.05 Altan Rio Mnls V 240 0.02 0.02 0.02 0.00 0.07 0.02 Altima Res V 2994 0.02 0.01 0.01 - 0.01 0.07 0.01 Altiplano Mnls V 607 0.05 0.05 0.05 + 0.01 0.06 0.02 Altitude Res V 10 0.16 0.16 0.16 - 0.02 0.30 0.09 Altius Mnrls T 5925 12.87 11.88 12.59 - 0.11 15.47 9.86 Alto Vent V 720 0.04 0.04 0.04 0.00 0.10 0.04 Alum Cp China* N 2451 8.79 7.20 8.64 + 0.32 17.44 7.20 Am Creek Res V 1929 0.04 0.03 0.04 0.00 0.10 0.03 Amarc Res V 515 0.09 0.07 0.08 + 0.01 0.18 0.06 Amarillo Gold V 710 0.15 0.12 0.13 0.00 0.15 0.04 Amato Expl V 801 0.02 0.02 0.02 0.00 0.03 0.01 American Manga V 200 0.02 0.02 0.02 + 0.01 0.04 0.01 American Vanad V 8810 0.10 0.09 0.10 + 0.02 0.62 0.05 Amerigo Res T 2764 0.27 0.22 0.25 - 0.01 0.48 0.22 Amex Expl V 640 0.03 0.03 0.03 0.00 0.11 0.03 AMI Res V 20 0.05 0.05 0.05 0.00 0.06 0.01 Anaconda Mng T 1745 0.05 0.04 0.05 0.00 0.07 0.04 Anconia Res V 242 0.01 0.01 0.01 0.00 0.10 0.01 AndeanGold V 2160 0.02 0.01 0.02 0.00 0.04 0.01 Anfield Nickel V 127 0.68 0.65 0.68 - 0.02 1.10 0.65 Anfield Res V 1580 0.16 0.10 0.16 + 0.07 0.53 0.07 Angel Gold V 50 0.06 0.06 0.06 + 0.01 0.10 0.02 Angkor Gold V 1082 0.50 0.45 0.47 0.00 0.64 0.31 Anglo Pac Grp T 3 1.25 1.25 1.25 - 0.65 3.48 1.00 Anglo-Can Mng V 2000 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 368929 8.93 7.12 8.12 - 0.01 17.21 5.64 Antioquia Gold V 1770 0.04 0.04 0.04 0.00 0.07 0.01 Antofagasta Gd V 400 0.16 0.15 0.16 + 0.01 0.25 0.09 Apogee Silver V 1120 0.38 0.30 0.33 + 0.02 0.65 0.18 AQM Copper V 2050 0.05 0.04 0.04 - 0.01 0.10 0.04 Aquila Res T 1912 0.14 0.12 0.13 - 0.01 0.19 0.09 Arch Coal* N 367809 8.50 2.35 8.21 + 4.36 32.70 1.00 Archon Mineral V 10 1.98 1.98 1.98 + 0.33 2.05 0.77 Arctic Star Rs V 903 0.03 0.03 0.03 0.00 0.08 0.03 Arcus Dev Grp V 4049 0.02 0.01 0.01 - 0.01 0.04 0.01 Argentex Mng V 310 0.03 0.02 0.03 - 0.01 0.09 0.02 Argentum Silvr V 350 0.03 0.03 0.03 0.00 0.10 0.03 Argex Titanium T 9509 0.14 0.11 0.14 + 0.02 0.72 0.11 Argonaut Gold T 42959 1.44 1.18 1.33 - 0.09 5.28 1.18 Argus Metals V 10 0.03 0.03 0.03 + 0.01 0.11 0.02 Arian Silver V 575 0.45 0.43 0.45 - 0.03 0.78 0.37 Arianne Phosph V 2159 0.93 0.81 0.88 + 0.03 1.02 0.51 Armistice Res T 519 0.30 0.27 0.27 - 0.03 0.54 0.22 Aroway Mnls V 5000 0.02 0.01 0.01 0.00 0.24 0.01 Arrowstar Res V 614 0.07 0.04 0.07 + 0.02 0.25 0.04 ASA (Bermuda)* N 7551 8.39 7.15 8.07 - 0.22 14.48 7.15 Asanko Gold T 26227 2.45 1.90 2.20 - 0.10 2.80 1.50 Asanko Gold* X 845 1.84 1.46 1.67 - 0.06 2.55 1.26 Ascot Res V 1196 1.47 1.31 1.36 + 0.01 2.40 1.01 Ashburton Vent V 32121 0.02 0.01 0.02 0.00 0.04 0.01 Asher Res V 430 0.03 0.03 0.03 - 0.01 0.08 0.03 Asian Minl Res V 45174 0.06 0.04 0.06 - 0.01 0.08 0.03 Astar Mnls V 65 0.10 0.10 0.10 0.00 0.16 0.09 Aston Bay V 545 0.13 0.10 0.13 - 0.01 0.19 0.08 Astur Gold V 375 0.03 0.03 0.03 + 0.01 0.29 0.02 Atac Res V 5090 0.47 0.40 0.45 0.00 0.99 0.31 Atacama Pac Gd V 140 0.16 0.15 0.15 0.00 0.77 0.14 Athabasca Mnls V 1825 0.40 0.33 0.38 + 0.03 2.93 0.31 Atico Mng V 2123 0.40 0.36 0.37 - 0.02 0.82 0.36 Atlanta Gold V 100 0.08 0.08 0.08 0.00 0.40 0.05 Atna Res Ltd T 5096 0.08 0.06 0.07 - 0.01 0.13 0.06 Augen Gold V 4102 0.02 0.01 0.01 - 0.01 0.13 0.01 Augyva Mng V 1894 0.12 0.10 0.12 + 0.01 0.15 0.07 Aura Mnls T 1707 0.07 0.07 0.07 0.00 0.14 0.06 Aura Silver Rs V 7684 0.02 0.01 0.01 - 0.01 0.04 0.01 Auramex Res V 30 0.01 0.01 0.01 - 0.01 0.03 0.01 Aurcana Corp V 2889 0.16 0.14 0.15 0.00 0.61 0.14 AurCrest Gold V 1648 0.01 0.01 0.01 0.00 0.07 0.01 Aureus Mng T 380 0.46 0.38 0.45 - 0.10 0.83 0.27 Aurion Res V 1645 0.06 0.05 0.05 - 0.01 0.08 0.03 Aurvista Gold V 658 0.05 0.04 0.05 0.00 0.11 0.03 Avala Res V 390 0.04 0.03 0.04 + 0.01 0.20 0.03 Avalon Rare M* X 13360 0.14 0.11 0.13 + 0.01 0.46 0.11 Avalon Rare Mt T 4597 0.17 0.15 0.16 - 0.01 0.50 0.15 Avino Silver V 845 1.34 1.20 1.27 - 0.07 2.40 1.17 Avino Silver* X 3186 1.04 0.91 1.01 + 0.01 2.15 0.90 Avnel Gold T 180 0.24 0.19 0.23 - 0.03 0.31 0.13 Avrupa Mnls V 600 0.13 0.11 0.13 + 0.01 0.40 0.07 Axmin Inc V 20 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 4537 0.17 0.13 0.16 - 0.02 0.36 0.13 Azincourt Res V 1113 0.04 0.03 0.04 + 0.01 0.36 0.03

B B2Gold* X 167159 B2Gold T 225962 Bacanora Mnls V 5514 Baja Mng V 3854 Balmoral Res T 4927 Bama Gold V 20 Bandera Gold V 150 Banks Island G V 5113 Bannerman Res T 383 Banro T 16244 Banro* X 62036 Banyan Gold V 310 Bard Vent V 1336 Barisan Gold V 100 Barker Mnrls V 100 Barkerville Go V 2520 Barrick Gold* N 1357239 Barrick Gold T 228527 Batero Gold V 2452 Bayswater Uran V 1586

TNM Sep 07 2015 Issue.indd 8

1.32 1.05 1.23 - 0.05 2.62 0.98 1.74 1.40 1.62 - 0.06 2.88 1.30 2.00 1.22 1.95 + 0.55 2.05 0.56 0.03 0.02 0.03 + 0.01 0.06 0.02 0.54 0.49 0.53 - 0.02 1.79 0.49 0.06 0.06 0.06 - 0.01 0.23 0.05 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.50 0.02 0.04 0.03 0.04 0.00 0.09 0.03 0.26 0.23 0.25 - 0.01 0.47 0.13 0.20 0.17 0.19 - 0.01 0.40 0.12 0.04 0.04 0.04 0.00 0.10 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 0.03 0.03 0.03 + 0.01 0.20 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.25 0.22 0.24 + 0.02 0.43 0.11 7.97 6.51 7.13 - 0.86 18.43 6.51 10.52 8.62 9.44 - 1.05 20.03 8.60 0.08 0.07 0.08 + 0.01 0.11 0.06 0.03 0.02 0.03 0.00 0.08 0.02

(100s) Stock

Week

MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: August 24-28, 2015 12-month

Exc Volume High Low Last Change High Low

BCGold V 426 BCM Res V 1050 Bear Creek Mng V 4162 Beaufield Res V 1325 Bell Copper V 128 Bellhaven Cp&G V 717 Belmont Res V 356 Belo Sun Mng T 3142 Benton Cap V 542 Benton Res V 3165 Berkwood Res V 3024 BHP Billi-BBL* N 86983 BHP Billi-BHP* N 244321 Big North Grap V 613 BioteQ Env T 434 Bison Gold Res V 600 Black Iron T 5063 Blue Rvr Res V 3710 Blue Sky Uran V 40 BMO Jr Gld ETF T 3359 Bold Vent V 2860 Bonterra Res V 23287 Bowmore Expl V 31248 Bravada Gold V 37 Brazil Res V 8762 Brionor Res V 110 Brixton Mtls V 796 Burnstone Vent V 4970

0.02 0.01 0.02 0.00 0.04 0.01 0.04 0.04 0.04 0.00 0.05 0.02 0.82 0.63 0.66 - 0.13 5.20 0.63 0.05 0.04 0.05 + 0.01 0.08 0.03 0.05 0.03 0.03 - 0.01 0.05 0.01 0.16 0.13 0.16 - 0.04 0.45 0.13 0.05 0.03 0.05 + 0.01 0.11 0.03 0.18 0.16 0.17 - 0.03 0.30 0.11 0.02 0.02 0.02 0.00 0.04 0.02 0.05 0.04 0.04 0.00 0.07 0.03 0.01 0.01 0.01 0.00 0.07 0.01 35.03 30.24 34.81 + 1.79 61.58 30.24 36.92 31.59 36.69 + 2.01 66.23 31.59 0.04 0.03 0.04 + 0.01 1.00 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 0.04 0.04 0.04 0.00 0.15 0.02 0.04 0.03 0.03 0.00 0.07 0.03 0.08 0.06 0.06 0.00 0.26 0.05 5.62 4.66 5.17 - 0.36 8.50 4.45 0.04 0.03 0.04 + 0.01 0.07 0.03 0.19 0.12 0.18 + 0.05 0.43 0.09 0.04 0.03 0.03 - 0.01 0.11 0.03 0.04 0.03 0.04 + 0.01 0.09 0.02 0.55 0.43 0.55 + 0.04 0.94 0.43 0.01 0.01 0.01 + 0.01 0.03 0.01 0.08 0.06 0.08 - 0.01 0.32 0.06 0.02 0.02 0.02 + 0.01 0.04 0.01

Cabot Corp* N 22225 Caledonia Mng T 549 Calibre Mng V 2770 Calico Res V 363 Callinex Mines V 1691 Cameco Corp* N 116996 Cameco Corp T 52610 Camino Mnls V 54 Canada Carbon V 11660 Canada Rare Ea V 1661 Canada Zinc Mt V 1704 Canadn Arrow V 70 Canadn Int Mnl V 1891 Canadn Mining V 1160 Canadn Plat V 50 Canadn Zinc T 49062 Canaf Group V 3090 Canamex Res V 2655 Canarc Res T 8175 Canasil Res V 320 Cancana Res V 973 Candente Coppr T 4075 CaNickel Mng T 91 Cannon Pnt Res V 4265 Canoe Mng Vnt V 3020 Canstar Res V 2338 Canterra Mnls V 7822 Cantex Mn Dev V 64 Canuc Res V 340 Canyon Copper V 83 Capstone Mng T 88613 Caracara Silvr V 440 Cardero Res T 2190 Caribou King R V 6809 Carlisle Goldf T 2660 Carmax Mng V 500 Cascadero Copp V 536 Castillian Res V 97 Catalyst Coppr V 16 Caza Gold V 116 CB Gold V 27071 Centamin T 1075 Centerra Gold T 50267 Central Fund* X 68322 Central Fund T 5438 Central Gold-T T 30 Central GoldT* X 2205 Centurion Mnls V 2370 Century Iron M T 272 Chalice Gold M T 165 Challenger Dee V 3966 Champion Bear V 575 Champion Iron T 3006 Chesapeake Gld V 109 Chiboug Ind Mn V 196 China Gold Int T 17099 China Mnls Mng V 10 Claim Post Res V 130 Claude Res T 21497 Clear Mtn Res V 1180 Cliffs Nat Rs* N 267912 Clifton Star V 50 Cloud Peak En* N 25339 CMC Metals V 18018 Codrington Res V 48 Coeur Mng* N 138517 Colombian Mins V 15 Colonial Coal V 1000 Colorado Res V 150 Colt Res V 3740 Columbus Gold V 2570 Commander Res V 550 Commerce Res V 5340 Compass Mnls* N 5220 Compliance Eny V 55 Comstock Mng* X 6386 Comstock Mtls V 1987 Condor Res V 2352 Confedertn Mls V 3690 Cons Woodjam C V 50 Consol Energy* N 422281 Constant Mtl R V 5734 Contintl Gold T 27005 Contl Precious T 216 Copper Ck Gold V 1164 Copper Fox Mtl V 4846 Copper Mtn Mng T 35007 Copper North M V 1331 Copper One V 700 Coral Gold V 683 Corazon Gold V 75 Cordoba Mnls V 710 Corex Gold V 2260 Cornerstone Ca V 10709 Coro Mining T 1613 Coronado Res V 10 Coronet Mtls V 169 Corsa Coal V 4230 Corvus Gold T 642 Crazy Horse Rs V 4085 Cresval Cap V 120 Critical Elem V 4628 Crown Gold V 30 Currie Rose Rs V 372 CVR Partners* N 2563 Cypress Dev V 245

34.51 31.10 33.93 + 0.90 55.98 31.10 0.82 0.75 0.75 - 0.05 1.20 0.54 0.10 0.08 0.10 + 0.01 0.20 0.08 0.12 0.09 0.10 + 0.03 0.19 0.06 0.36 0.29 0.33 - 0.03 0.40 0.16 13.74 12.38 13.62 + 0.16 20.23 12.38 18.18 16.45 18.00 + 0.28 22.46 16.45 0.15 0.11 0.15 + 0.03 0.26 0.03 0.29 0.26 0.29 0.00 0.32 0.18 0.03 0.03 0.03 0.00 0.11 0.03 0.22 0.18 0.20 0.00 0.57 0.18 0.01 0.01 0.01 + 0.01 0.02 0.01 0.02 0.01 0.02 0.00 0.07 0.01 0.11 0.09 0.10 - 0.01 0.24 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.11 0.09 0.10 - 0.01 0.33 0.09 0.07 0.07 0.07 0.00 0.09 0.04 0.05 0.04 0.05 + 0.01 0.25 0.04 0.07 0.05 0.05 0.00 0.10 0.03 0.04 0.03 0.03 - 0.01 0.08 0.03 0.27 0.21 0.24 + 0.01 0.32 0.15 0.06 0.05 0.06 0.00 0.25 0.05 0.10 0.10 0.10 0.00 0.75 0.09 0.13 0.12 0.13 0.00 0.25 0.10 0.05 0.04 0.05 + 0.01 0.24 0.02 0.10 0.06 0.06 - 0.01 0.10 0.03 0.06 0.05 0.05 0.00 0.12 0.05 0.04 0.04 0.04 - 0.01 0.09 0.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.12 0.03 0.69 0.55 0.62 - 0.08 2.84 0.55 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.02 0.02 0.00 0.08 0.01 0.10 0.09 0.10 0.00 0.23 0.04 0.24 0.20 0.23 - 0.01 0.42 0.13 0.04 0.04 0.04 0.00 0.12 0.03 0.02 0.02 0.02 0.00 0.07 0.02 0.03 0.03 0.03 - 0.01 0.20 0.01 0.14 0.14 0.14 + 0.01 0.60 0.11 0.04 0.04 0.04 0.00 0.09 0.03 0.05 0.04 0.04 - 0.01 0.14 0.03 1.26 1.17 1.24 - 0.06 1.35 0.80 7.40 6.15 6.78 - 0.77 7.98 3.96 11.11 10.57 11.01 - 0.05 13.86 10.15 14.66 14.10 14.58 - 0.06 16.89 12.52 53.00 51.12 51.48 - 0.80 57.25 42.50 40.44 38.55 39.22 - 0.86 46.73 37.22 0.02 0.01 0.01 0.00 0.13 0.01 0.36 0.26 0.26 + 0.04 0.45 0.22 0.11 0.10 0.10 - 0.01 0.15 0.08 0.19 0.16 0.17 - 0.01 0.22 0.05 0.06 0.05 0.06 0.00 0.19 0.05 0.16 0.11 0.16 + 0.02 0.29 0.07 1.88 1.67 1.84 - 0.06 3.37 1.67 0.03 0.02 0.02 0.00 0.08 0.02 2.14 1.60 1.83 - 0.18 3.40 1.30 0.01 0.01 0.01 + 0.01 0.01 0.01 0.02 0.02 0.02 + 0.01 0.13 0.02 0.65 0.57 0.61 - 0.03 0.78 0.19 0.01 0.01 0.01 0.00 0.06 0.01 4.20 2.90 3.83 + 0.52 16.45 2.28 0.16 0.15 0.15 - 0.02 0.25 0.06 4.40 2.96 4.37 + 1.04 15.96 2.51 0.04 0.03 0.04 + 0.01 0.08 0.03 0.07 0.04 0.07 + 0.02 0.15 0.04 3.73 2.94 3.45 - 0.16 8.08 2.67 0.04 0.04 0.04 - 0.01 0.20 0.04 0.06 0.04 0.04 - 0.01 0.17 0.04 0.08 0.08 0.08 - 0.01 0.19 0.06 0.18 0.18 0.18 0.00 0.30 0.05 0.37 0.33 0.37 + 0.01 0.55 0.31 0.02 0.02 0.02 0.00 0.04 0.02 0.11 0.09 0.11 + 0.02 0.29 0.07 83.38 78.95 81.72 - 0.08 95.68 78.95 0.08 0.08 0.08 - 0.01 0.40 0.04 0.62 0.53 0.59 0.00 1.59 0.35 0.03 0.02 0.03 - 0.01 0.04 0.01 0.04 0.04 0.04 0.00 0.11 0.03 0.05 0.04 0.05 0.00 0.12 0.03 0.06 0.05 0.05 - 0.01 0.09 0.02 14.78 11.46 14.39 + 1.78 42.26 11.46 0.09 0.07 0.09 0.00 0.25 0.07 3.18 2.44 2.85 - 0.28 3.74 1.61 0.31 0.31 0.31 - 0.01 0.71 0.30 0.07 0.06 0.06 + 0.01 0.07 0.03 0.17 0.15 0.17 - 0.01 0.37 0.10 0.67 0.59 0.64 - 0.02 3.07 0.59 0.05 0.04 0.04 - 0.01 0.09 0.04 0.01 0.01 0.01 0.00 0.09 0.01 0.09 0.07 0.08 + 0.02 0.26 0.06 0.19 0.19 0.19 0.00 0.38 0.08 0.12 0.11 0.12 + 0.01 0.55 0.08 0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.02 0.03 + 0.01 0.11 0.02 0.03 0.02 0.03 0.00 0.08 0.02 0.25 0.25 0.25 + 0.04 1.23 0.21 0.04 0.04 0.04 0.00 0.18 0.02 0.07 0.06 0.06 - 0.01 0.30 0.06 0.51 0.44 0.50 - 0.03 1.48 0.40 0.02 0.01 0.02 + 0.01 0.05 0.01 0.03 0.03 0.03 + 0.01 0.03 0.01 0.23 0.20 0.23 + 0.01 0.40 0.16 0.03 0.03 0.03 - 0.01 0.14 0.03 0.01 0.01 0.01 0.00 0.02 0.01 11.32 10.25 11.04 + 0.29 16.12 8.52 0.04 0.03 0.03 - 0.01 0.45 0.03

Dajin Res V 12060 Dalradian Res T 6312 Dalton Res Ltd V 30 Darnley Bay V 2107 Decade Res V 8347 Defiance Silvr V 6081 Dejour Enterp T 330 Dejour Enterp* X 1044 Delrand Res T 205 Denison Mines T 42775

0.08 0.07 0.08 - 0.01 0.11 0.04 0.88 0.81 0.84 - 0.06 1.16 0.46 0.17 0.11 0.17 + 0.01 0.41 0.11 0.02 0.02 0.02 0.00 0.15 0.02 0.03 0.02 0.03 0.00 0.25 0.02 0.12 0.07 0.11 - 0.02 0.19 0.07 0.15 0.11 0.15 + 0.03 0.31 0.11 0.12 0.09 0.11 + 0.02 0.28 0.08 0.10 0.05 0.10 0.00 0.95 0.05 0.65 0.55 0.64 0.00 1.48 0.55

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Denison Mines* X 5796 Desert Gold V 10 Desert Star V 1010 Detour Gold T 62369 Diagnos V 5025 Diamcor Mng V 48 Diamond Fields V 1375 Dios Expl V 1900 Discovery Vent V 15373 Discovery-Corp V 2165 DNI Metals V 691 Dolly Vard Sil V 888 Dominion Diam* N 7515 Dominion Diam T 14992 Dorex Minls V 60 Doubleview Cap V 1889 Duncan Park H V 735 Dundee Prec Mt T 7622 Duran Vent V 12140 Durango Res V 3741 Dynacor Gold M T 2747 Dynasty Gold V 350 Dynasty Met&Mn T 631 Eagle Hill Exp V 1785 Eagle Plains V 1095 East Asia Mnls V 1190 Eastern Platin T 10380 Eastfield Res V 4000 Eastmain Res T 4589 Eco Oro Mnls T 176 Ecuador G & C V 2380 Edgewater Expl V 80 El Nino Vent V 270 El Tigre Silvr V 1644 Eldorado Gold* N 79140 Eldorado Gold T 165666 Electra Gold V 579 Eloro Minls V 95 Ely Gold & Mnl V 1310 Emed Mining T 670 Emerick Res V 3567 Emgold Mng V 130 Encanto Potash V 27486 Endeavour Mng T 44526 Endeavr Silver T 5856 Endeavr Silve* N 8359 Energizer Res T 23169 Energold Drill V 719 Energy Fuels T 2888 Entourage Mtls V 887 Entree Gold* X 1980 Entree Gold T 1582 Equitas Res V 60281 Equitorial Exp V 1895 Erdene Res Dev T 382 Erin Ventures V 5297 Eskay Mng V 3350 Ethos Gold V 1610 Eurasian Minls V 944 Eurasian Mnls* X 1794 EurOmax Res V 165 Europn Uran Rs V 3120 Everton Res V 5157 Evolving Gold C 490 Evrim Res V 200 Excalibur Res C 80 Excellon Res T 404 Excelsior Mng V 3560 Exeter Res* X 612 Exeter Res T 280 Explor Res V 3398 Faircourt Gold T 564 Fairmont Res V 380 Falco Res V 4508 Fancamp Expl V 5535 Feronia V 248 Ferrum Am Mng V 20 Fieldex Expl V 7680 Firebird Res V 23968 Firestone Vent V 814 First Bauxite V 1598 First Lithium V 500 First Majesti* N 44446 First Majestic T 26559 First Mexican V 500 First Point T 924 First Quantum T 369077 Fission 3.0 V 6999 Fjordland Exp V 470 Flinders Res V 1134 Focus Graphite V 13739 Focus Vnt V 423 Foraco Intl T 4218 Foran Mng V 2747 Formation Mtls T 3843 Forsys Metals T 846 Fort St J Nick V 74 Fortuna Silver T 18197 Fortuna Silvr* N 22755 Fortune Bay T 425 Fortune Mnrls T 4739 Forum Uranium V 226 Franco-Nevada* N 82353 Franco-Nevada T 39632 Freegold Vent T 10 Freeport McMo* N 3399901 Freeport Res V 20 Frontier Rr Er T 4806 Frontline Gold V 128

0.49 0.41 0.49 - 0.01 1.36 0.41 0.18 0.18 0.18 + 0.08 0.90 0.08 0.13 0.12 0.12 - 0.02 0.26 0.12 15.25 12.82 13.80 - 0.81 16.37 6.02 0.08 0.07 0.07 - 0.01 0.11 0.04 1.04 0.97 1.03 - 0.01 1.45 0.90 0.02 0.02 0.02 0.00 0.05 0.01 0.09 0.06 0.08 + 0.01 0.10 0.03 0.13 0.10 0.12 + 0.01 0.42 0.09 0.04 0.04 0.04 - 0.01 0.14 0.04 0.10 0.08 0.09 + 0.01 0.50 0.06 0.21 0.13 0.20 + 0.05 1.25 0.11 12.40 10.75 11.85 - 0.97 20.30 10.75 16.55 14.34 15.65 - 1.25 24.60 14.34 0.02 0.02 0.02 - 0.01 0.10 0.02 0.11 0.08 0.09 - 0.01 0.25 0.07 0.01 0.01 0.01 0.00 0.03 0.01 2.54 2.05 2.49 + 0.20 5.70 1.93 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.09 0.03 1.55 1.30 1.44 - 0.04 2.59 1.30 0.02 0.02 0.02 0.00 0.03 0.01 0.45 0.40 0.45 0.00 1.43 0.40 0.79 0.57 0.65 - 0.13 0.93 0.00 0.06 0.06 0.06 0.00 0.08 0.05 0.02 0.01 0.02 + 0.01 0.04 0.01 1.14 1.00 1.07 - 0.08 2.26 0.79 0.02 0.02 0.02 - 0.01 0.05 0.02 0.36 0.33 0.35 - 0.01 0.62 0.17 0.44 0.41 0.44 - 0.04 0.95 0.14 0.02 0.02 0.02 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.07 0.01 0.02 0.02 0.02 0.00 0.08 0.02 0.07 0.06 0.06 0.00 0.32 0.06 3.40 2.73 3.06 - 0.33 8.33 2.73 4.50 3.63 4.06 - 0.42 9.68 3.63 0.10 0.08 0.10 + 0.01 0.15 0.05 0.12 0.11 0.11 - 0.01 0.25 0.04 0.06 0.04 0.06 - 0.01 0.11 0.03 0.08 0.07 0.08 0.00 0.16 0.06 0.17 0.16 0.16 - 0.01 0.30 0.15 0.01 0.01 0.01 0.00 0.03 0.01 0.09 0.07 0.08 + 0.01 0.16 0.04 0.61 0.51 0.58 - 0.04 0.96 0.38 2.30 1.81 2.21 + 0.02 6.18 1.64 1.74 1.36 1.68 + 0.03 5.68 1.25 0.06 0.05 0.06 + 0.01 0.31 0.05 0.85 0.70 0.76 + 0.03 1.69 0.51 4.67 3.74 4.34 - 0.41 9.00 3.74 0.05 0.03 0.04 - 0.01 0.22 0.03 0.27 0.23 0.27 + 0.02 0.51 0.08 0.36 0.30 0.35 + 0.04 0.66 0.18 0.13 0.11 0.12 0.00 0.16 0.03 0.13 0.12 0.12 - 0.01 0.26 0.07 0.12 0.12 0.12 0.00 0.17 0.09 0.06 0.05 0.06 0.00 0.10 0.04 0.13 0.01 0.11 - 0.02 0.20 0.01 0.14 0.14 0.14 0.00 0.19 0.11 0.72 0.62 0.72 + 0.06 0.97 0.53 0.56 0.46 0.54 + 0.04 0.89 0.40 0.44 0.40 0.40 - 0.09 0.57 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.09 0.02 0.09 0.06 0.07 0.00 0.21 0.01 0.13 0.12 0.12 - 0.03 0.36 0.11 0.01 0.01 0.01 0.00 0.07 0.01 0.42 0.37 0.40 - 0.03 1.40 0.35 0.25 0.22 0.24 - 0.02 0.39 0.19 0.44 0.38 0.41 - 0.03 0.79 0.35 0.55 0.50 0.53 - 0.03 0.90 0.45 0.05 0.04 0.05 + 0.01 0.09 0.04 3.18 2.70 2.86 - 0.19 4.60 2.70 0.08 0.06 0.08 + 0.02 0.30 0.06 0.35 0.29 0.35 + 0.04 0.78 0.29 0.04 0.04 0.04 0.00 0.06 0.03 0.21 0.12 0.12 - 0.01 0.90 0.07 0.01 0.01 0.01 0.00 0.05 0.01 0.02 0.01 0.01 0.00 0.04 0.01 0.05 0.03 0.04 + 0.02 0.05 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.06 0.05 0.06 + 0.01 0.10 0.04 0.28 0.28 0.28 + 0.01 0.50 0.18 3.82 3.05 3.52 - 0.20 10.32 2.85 5.04 4.06 4.64 - 0.28 11.21 3.76 0.02 0.02 0.02 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.15 0.04 7.24 5.75 7.05 + 0.29 25.65 5.75 0.09 0.08 0.08 + 0.01 0.14 0.06 0.02 0.02 0.02 + 0.01 0.05 0.01 0.25 0.18 0.23 + 0.04 1.08 0.12 0.14 0.11 0.12 - 0.02 0.67 0.11 0.20 0.18 0.20 - 0.01 0.29 0.16 0.36 0.26 0.26 - 0.01 0.77 0.15 0.14 0.10 0.12 - 0.01 0.48 0.10 0.12 0.11 0.12 - 0.01 0.27 0.09 0.17 0.16 0.16 0.00 0.36 0.15 0.01 0.01 0.01 0.00 0.03 0.01 3.85 2.96 3.39 - 0.38 6.30 2.96 2.93 2.22 2.57 - 0.29 5.31 2.22 0.35 0.32 0.32 - 0.01 0.43 0.24 0.04 0.03 0.03 - 0.01 0.34 0.02 0.06 0.06 0.06 0.00 0.22 0.05 46.87 40.10 43.63 - 2.66 58.84 38.20 61.94 53.20 57.67 - 3.31 74.10 49.96 0.09 0.09 0.09 - 0.01 0.24 0.07 11.48 7.76 10.50 + 0.92 36.52 7.76 0.02 0.02 0.02 0.00 0.03 0.02 0.11 0.08 0.08 0.00 0.35 0.08 0.01 0.01 0.01 - 0.01 0.01 0.01

Gabriel Res T 10862 Galane Gold V 1370 Galantas Gold V 875 Galore Res V 480 Galway Gold V 2493 Galway Mtls V 2090 GAMCO Glb Gld* X 37808 Garibaldi Res V 4688 General Moly* X 5074 Gensource Pot V 2300 Gentor Res V 530 Geodex Mnrls V 871 Geodrill T 120 Geologix Ex T 8123 Geomega Res V 2105 Georox Res V 4195 Getty Copper V 500 GFK Res V 16 GGL Res V 1780 Gitennes Expl V 1000 Giyani Gold V 895 Glen Eagle Res V 6090 Globex Mng T 970 GMV Minerals V 10 Gobimin V 320 GoGold Res T 1543 Gold Bulln Dev V 1930 Gold Canyon V 14080 Gold Fields* N 322538 Gold Mtn Mng V 3355 Gold Reach Res V 154 Gold Reserve V 2466 Gold Resource* X 20876 Gold Std Vnt V 7596 Gold Std Vnt* X 4135 Goldbank Mng V 151 Goldcorp T 193499 Goldcorp* N 669675

0.42 0.33 0.39 - 0.02 1.09 0.25 0.11 0.09 0.09 - 0.02 0.30 0.08 0.10 0.10 0.10 0.00 0.18 0.05 0.01 0.01 0.01 0.00 0.04 0.01 0.10 0.07 0.09 - 0.01 0.12 0.05 0.12 0.10 0.11 0.00 0.17 0.10 5.52 5.03 5.33 - 0.22 10.95 5.03 0.08 0.07 0.08 + 0.01 0.29 0.05 0.50 0.42 0.50 0.00 1.00 0.26 0.07 0.06 0.06 0.00 0.08 0.04 0.04 0.03 0.03 - 0.01 0.17 0.03 0.02 0.01 0.01 0.00 0.07 0.01 0.53 0.51 0.53 - 0.06 0.99 0.46 0.03 0.03 0.03 - 0.01 0.08 0.03 0.11 0.08 0.10 - 0.01 0.41 0.08 0.08 0.06 0.08 + 0.01 0.14 0.05 0.03 0.02 0.03 0.00 0.07 0.02 0.12 0.07 0.12 0.00 0.20 0.03 0.04 0.03 0.03 + 0.01 0.10 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.08 0.06 0.06 - 0.02 0.20 0.05 0.04 0.03 0.04 0.00 0.20 0.03 0.22 0.20 0.22 + 0.01 0.29 0.14 0.08 0.08 0.08 - 0.03 0.26 0.06 0.39 0.38 0.38 - 0.01 0.51 0.38 1.38 1.18 1.30 - 0.10 1.84 1.18 0.02 0.02 0.02 + 0.01 0.08 0.02 0.12 0.11 0.11 - 0.02 0.36 0.09 3.64 2.67 3.23 - 0.32 6.01 2.42 0.07 0.04 0.04 - 0.04 0.18 0.04 0.17 0.15 0.15 0.00 0.63 0.13 4.19 3.15 3.65 - 0.24 5.39 2.48 2.59 2.11 2.41 - 0.17 6.35 1.99 0.54 0.42 0.47 - 0.07 0.80 0.40 0.41 0.32 0.36 - 0.05 0.72 0.26 0.04 0.03 0.04 - 0.04 0.08 0.03 20.84 17.06 18.47 - 1.94 30.95 16.16 15.79 12.82 13.96 - 1.53 28.15 12.35

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Arrow R V 567 Golden Band V 200 Golden Dawn Ml V 568 Golden Goliath V 500 Golden Harp V 95 Golden Hope V 134 Golden Mnls T 224 Golden Mnls* X 4038 Golden Queen T 4853 Golden Reign R V 3278 Golden Share M V 603 Golden Star T 2585 Golden Star* X 36237 Golden Tag V 1420 Golden Val Min V 950 Goldex Res V 195 Goldeye Expl V 350 Goldfield* X 1761 Goldgroup Mng T 47701 GoldQuest Mng V 3503 Goldrea Res C 30 Goldrock Mines V 705 Goldrush Res V 26 Goldsource Min V 1800 Goldstar Mnls V 70 Goldstrike Res V 15990 Gossan Res V 590 Gowest Gold V 10476 Gran Colombia T 3184 Grande Portage V 1400 Granite Ck Gld V 158 Graphite One R V 17091 Great Atlantic V 255 Great Bear Res V 45 Great Panther* X 12702 Great Panther T 5726 Great Quest Me V 1406 Green Swan Cap V 1300 Greencastle Rs V 1210 Gresham Res V 50407 Grizzly Discvr V 2205 Groundstar Res V 3394 GTA Res & Mng V 550 Guyana Gldflds T 20556 Guyana Prec Mt V 20537 GWR Res V 4460 Handa Copper V 50 Hansa Res V 1300 Happy Ck Minls V 3220 Harmony Gold* N 121562 Harte Gold T 23934 Harvest Gold V 20 Hawkeye Gld&Di V 10 Heatherdale Rs V 1080 Hecla Mining* N 314136 Helio Res V 2020 Hi-Crush Part* N 5110 Highbank Res V 5821 Highland Res V 792 HiHo Silver C 5000 Hinterland Mtl V 42 Homestake Res V 488 Honey Badger E V 30 Horizns G Bear T 48233 Horizns G Bull T 145354 Hornby Bay Mnl V 3293 Houston Lake V 1432 HudBay Minls T 50748 HudBay Mnls* N 830 Hudson Res V 5234 Hunt Mng V 642 Huntington Exp V 4259

0.30 0.24 0.26 + 0.02 0.50 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.16 0.16 0.16 - 0.02 0.30 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.04 0.04 0.04 0.00 0.07 0.03 0.45 0.39 0.45 0.00 0.64 0.08 0.47 0.39 0.47 + 0.03 1.22 0.31 0.35 0.29 0.32 - 0.01 1.13 0.23 0.92 0.78 0.78 - 0.07 1.68 0.65 0.09 0.07 0.09 + 0.01 0.19 0.05 0.05 0.03 0.04 + 0.01 0.11 0.03 0.28 0.25 0.25 - 0.02 0.56 0.20 0.22 0.19 0.19 - 0.01 0.52 0.16 0.03 0.03 0.03 0.00 0.10 0.02 0.12 0.10 0.10 - 0.01 0.21 0.08 0.04 0.04 0.04 + 0.01 0.08 0.02 0.05 0.04 0.05 0.00 0.07 0.03 1.79 1.65 1.75 - 0.03 2.85 1.20 0.07 0.05 0.06 - 0.03 0.24 0.05 0.12 0.11 0.11 - 0.01 0.22 0.07 0.05 0.05 0.05 0.00 0.10 0.02 0.23 0.20 0.20 - 0.05 0.42 0.15 0.02 0.02 0.02 - 0.01 0.03 0.01 0.17 0.14 0.15 - 0.01 0.26 0.13 0.02 0.02 0.02 - 0.01 0.05 0.02 0.21 0.15 0.21 + 0.06 0.30 0.05 0.03 0.02 0.03 + 0.01 0.05 0.01 0.09 0.06 0.09 + 0.02 0.10 0.05 0.25 0.21 0.24 - 0.01 1.48 0.20 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 - 0.01 0.10 0.01 0.08 0.07 0.07 - 0.01 0.18 0.07 0.05 0.05 0.05 - 0.01 0.30 0.05 0.05 0.05 0.05 - 0.01 0.09 0.02 0.42 0.36 0.40 - 0.01 1.27 0.30 0.55 0.47 0.54 - 0.02 1.39 0.40 0.34 0.26 0.26 - 0.09 1.55 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.06 0.06 0.06 0.00 0.10 0.05 0.66 0.46 0.63 + 0.04 0.95 0.46 0.06 0.05 0.05 - 0.01 0.10 0.02 0.06 0.04 0.06 + 0.01 0.19 0.03 0.06 0.05 0.05 0.00 0.10 0.04 4.25 3.46 4.07 - 0.02 4.48 2.15 0.13 0.08 0.10 - 0.03 0.33 0.08 0.03 0.02 0.03 + 0.01 0.05 0.01 0.06 0.06 0.06 - 0.01 0.13 0.06 0.02 0.02 0.02 + 0.01 0.03 0.01 0.13 0.08 0.10 - 0.04 0.17 0.08 1.16 0.83 0.91 - 0.17 3.18 0.83 0.06 0.05 0.05 - 0.01 0.28 0.04 0.02 0.02 0.02 0.00 0.06 0.02 0.05 0.05 0.05 + 0.01 0.10 0.02 0.03 0.03 0.03 0.00 0.08 0.03 2.24 1.78 2.06 - 0.09 3.54 1.77 0.03 0.02 0.02 - 0.01 0.07 0.02 16.39 11.12 16.05 + 3.40 71.74 11.12 0.14 0.11 0.13 - 0.02 0.31 0.09 0.17 0.16 0.17 + 0.01 0.56 0.10 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.01 0.03 + 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.05 0.01 17.58 12.54 14.64 + 1.55 24.65 8.50 4.35 2.99 3.54 - 0.63 10.63 2.95 0.09 0.06 0.06 - 0.02 0.10 0.03 0.18 0.15 0.17 0.00 0.20 0.09 6.86 5.67 6.83 + 0.33 12.61 5.67 5.17 4.27 5.16 + 0.22 10.44 4.27 0.53 0.43 0.47 - 0.03 0.55 0.22 0.04 0.02 0.03 + 0.01 0.40 0.02 0.01 0.01 0.01 0.00 0.04 0.01

I-Minerals V 315 Iamgold* N 48574 Iamgold T 67626 IBC Adv Alloys V 4102 IC Potash T 1470 Iconic Mnls V 774 IMPACT Silver V 2841 Imperial Metal T 1207 Inca One Res V 12353 Independence G V 2531 Indico Res V 440 Indigo Expl V 2000 Inspiration Mg T 24 Integra Gold V 25342 Intigold Mines V 625 Intl Bethl Mng V 11714 Intl Lithium V 2170 Intl Montoro R V 9720 Intl Northair V 6755 Intl Samuel Ex V 30 Intl Tower Hi* X 309 Intl Tower Hil T 672 Intl Vestr Res V 440 Intrepid Pots* N 10815 INV Metals T 5276 Iron South Mng V 10 ISh COMEX G Tr T 645 Ivanhoe Mines T 36549 Ivernia T 4930 J.A.G. Mines V 1245 Jaguar Mng V 1194 Jasper Mng V 125 Jayden Res T 51 Jazz Res V 110 Jet Gold V 701 Kaminak Gold V 7536 Karmin Expl V 120 Karnalyte Res T 413 Katanga Mng T 2311 Kennady Diam V 3942 Kermode Res V 420 Kettle River V 500 Khalkos Expl V 1273 Khan Res C 2033 Kilo Goldmines V 3846 Kincora Copper V 57320 Kinross Gold T 122664 Kinross Gold* N 567744 Kirkland Lk Gd T 19786 Kiska Metals V 1729 Kivalliq Enrgy V 5297 Klondex Mns T 22517 Klondike Gold V 3850 Klondike Silv V 850 Knick Expl V 310 Kobex Mnls V 2641 Kombat Copper V 6673 Kootenay Gold V 5232

0.26 0.25 0.26 - 0.02 0.31 0.14 1.92 1.44 1.71 - 0.15 4.02 1.16 2.53 1.92 2.25 - 0.22 4.37 1.50 0.10 0.09 0.10 0.00 0.25 0.09 0.15 0.12 0.13 - 0.02 0.31 0.12 0.05 0.03 0.03 - 0.01 0.10 0.03 0.20 0.15 0.17 - 0.02 0.50 0.14 8.00 7.07 7.88 + 0.05 13.69 7.07 0.15 0.10 0.12 - 0.03 0.29 0.10 0.09 0.07 0.08 - 0.01 0.13 0.07 0.09 0.07 0.07 0.00 0.16 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.05 0.05 0.05 - 0.01 0.73 0.04 0.28 0.26 0.27 - 0.02 0.36 0.14 0.17 0.11 0.12 - 0.02 0.32 0.03 0.02 0.01 0.02 + 0.01 0.02 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.05 0.05 0.05 0.00 0.10 0.05 0.05 0.04 0.04 - 0.01 0.17 0.04 0.01 0.01 0.01 0.00 0.03 0.01 0.25 0.21 0.22 - 0.01 0.69 0.20 0.33 0.29 0.30 + 0.01 0.75 0.26 0.03 0.02 0.02 - 0.01 0.28 0.02 7.84 6.97 7.83 + 0.36 16.75 6.97 0.13 0.11 0.13 + 0.01 0.38 0.11 0.05 0.05 0.05 - 0.02 0.21 0.05 14.99 14.26 14.42 - 0.34 15.78 12.61 0.75 0.62 0.74 + 0.04 1.45 0.62 0.02 0.01 0.01 0.00 0.13 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 0.15 0.13 0.15 0.00 0.84 0.12 0.04 0.04 0.04 0.00 0.15 0.03 0.06 0.06 0.06 0.00 0.17 0.06 0.18 0.18 0.18 - 0.01 0.23 0.03 0.04 0.04 0.04 - 0.01 0.15 0.03 0.75 0.68 0.74 - 0.04 1.15 0.53 0.34 0.32 0.34 0.00 0.50 0.21 0.67 0.62 0.64 - 0.02 1.17 0.62 0.22 0.14 0.21 + 0.04 0.51 0.14 3.85 3.00 3.68 + 0.38 8.18 3.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.11 0.10 0.11 + 0.01 0.12 0.06 0.55 0.49 0.55 + 0.04 0.80 0.33 0.04 0.04 0.04 - 0.01 0.20 0.04 0.03 0.02 0.03 - 0.01 0.07 0.02 2.70 2.15 2.43 - 0.29 4.48 2.10 2.05 1.62 1.84 - 0.23 3.99 1.60 5.74 4.76 5.43 - 0.13 6.88 2.79 0.03 0.02 0.02 0.00 0.09 0.02 0.09 0.09 0.09 - 0.01 0.23 0.09 3.54 3.27 3.46 - 0.07 3.87 1.68 0.11 0.09 0.10 + 0.01 0.28 0.08 0.02 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.02 0.01 0.60 0.54 0.59 + 0.05 0.63 0.46 0.04 0.03 0.03 - 0.01 0.11 0.03 0.26 0.22 0.24 - 0.01 0.56 0.22

La Quinta Res V 103 Labdr I-Ore Ro T 14129 Lago Dourado M V 49 Lake Shore Gd* X 17229 Lake Shore Gld T 76067 Lakeland Res V 5651 Lara Expl V 696 Laramide Res T 5315 Largo Res V 1192 Latin Am Mnls V 11517 Laurion Mnl Ex V 5750 Legend Gold V 452 Lexam VG Gold T 1424 Lincoln Mng V 90

0.01 0.01 0.01 0.00 0.02 0.01 14.22 11.77 13.69 + 1.15 31.07 10.81 0.07 0.06 0.06 - 0.02 0.20 0.05 0.88 0.75 0.86 - 0.02 1.14 0.60 1.16 1.00 1.14 - 0.01 1.38 0.70 0.03 0.03 0.03 0.00 0.16 0.03 0.25 0.23 0.23 - 0.02 0.80 0.20 0.27 0.19 0.24 + 0.03 0.61 0.19 0.65 0.52 0.55 - 0.01 3.10 0.52 0.02 0.01 0.02 + 0.01 0.21 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.04 0.03 0.03 - 0.01 0.21 0.03 0.10 0.08 0.09 0.00 0.15 0.06 0.04 0.03 0.03 - 0.02 0.20 0.03

I-J-K

15-09-02 8:07 PM

THE NORTHERN MINER SEPTEMBER 7-13, 2015 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lion One Mtls V 1796 Lithium Americ T 33913 Lomiko Mtls V 10099 Loncor Res T 3193 Lorraine Coppr V 5470 Los Andes Copp V 280 Lowell Copper V 45 Lucara Diam T 14575 Luna Gold T 2905 Lundin Mng T 134031 Lydian Intl T 4133

0.40 0.30 0.31 - 0.04 0.60 0.17 0.33 0.19 0.32 + 0.09 0.49 0.19 0.03 0.03 0.03 0.00 0.11 0.03 0.08 0.06 0.08 - 0.02 0.13 0.03 0.05 0.04 0.04 - 0.01 0.12 0.03 0.18 0.15 0.18 + 0.03 0.23 0.12 0.33 0.31 0.33 + 0.01 0.57 0.21 1.72 1.56 1.70 - 0.04 2.41 1.55 0.07 0.06 0.06 - 0.01 0.89 0.06 4.34 3.74 4.27 + 0.03 6.46 3.68 0.33 0.26 0.30 - 0.03 1.05 0.26

MacDonald Mns V 10700 MacMillan Mnls V 311 Mag Silver T 7371 Mag Silver* X 253 Magellan Minls V 7240 Majescor Res V 71 Majestic Gold V 1509 Major Drilling T 8471 Makena Res V 1868 Malbex Res V 65026 Manado Gold V 1550 Mandalay Res T 20083 Manitou Gold V 300 Manson Creek V 181 Marathon Gold T 1189 Margaret Lk Di V 150 Marifil Mines V 1430 Maritime Res V 30 Marlin Gold V 883 Mason Graphite V 2866 Matamec Expl V 3886 Mawson Res T 160 Mawson West T 4195 Maya Gold & Si V 4950 MBAC Fertilizr T 11400 McEwen Mng* N 60402 McEwen Mng T 10200 MDN Inc T 1235 MDU Res* N 74274 Meadow Bay Gd T 1844 Mechel* N 27373 Medallion Res V 1000 Mega Uranium T 15178 Melior Res V 5090 Melkior Res V 2565 Merrex Gold V 2153 Mesa Expl V 10 Mesabi Trust* N 2138 Metalcorp V 80 Metalex Vent V 4665 Metallis Res V 1806 Metalore Res T 12 Metals Ck Res V 512 Metanor Res V 37103 Micrex Devel V 200 Midas Gold T 5659 Midasco Cap V 200 Midland Expl V 357 Midnight Sun M V 210 Migao T 819 Millrock Res V 621 Millstream Min V 490 Minas Buenavn* N 92584 Minaurum Gold V 3064 Minco Gold* X 2996 Minco Gold T 446 Minco Silver T 1383 Mindoro Res V 2371 Minera IRL T 31092 Mineral Mtn Rs V 10900 Mines Managem* X 1090 Mines Managmnt T 5 Miranda Gold V 7800 Mirasol Res V 1404 Mkango Res V 2500 Monarques Res V 1700 Moneta Porcpn T 25270 Monster Mng V 325 Monster Uran V 170 Monument Mng V 96 Mosaic* N 280300 Mountain Boy M V 200 Mountain Prov T 4762 MPH Vent V 439 MPVC V 10340 Mundoro Cap V 193 Musgrove Mnls V 205 Mustang Minls V 284

0.01 0.01 0.01 0.00 0.02 0.01 0.11 0.11 0.11 + 0.01 0.20 0.05 10.14 8.91 9.87 + 0.03 11.00 6.56 7.60 6.75 7.49 + 0.03 9.17 5.60 0.05 0.05 0.05 + 0.01 0.13 0.05 0.04 0.03 0.04 + 0.01 0.06 0.03 0.05 0.05 0.05 0.00 0.08 0.03 4.38 3.75 4.18 + 0.26 8.50 3.75 0.03 0.02 0.03 0.00 0.06 0.02 0.03 0.02 0.02 - 0.02 0.06 0.01 0.04 0.03 0.04 + 0.01 0.08 0.01 0.84 0.79 0.84 + 0.01 1.14 0.74 0.03 0.03 0.03 - 0.01 0.06 0.01 0.02 0.02 0.02 0.00 0.15 0.01 0.23 0.20 0.22 0.00 0.60 0.18 0.11 0.09 0.09 0.00 0.31 0.09 0.02 0.01 0.02 0.00 0.02 0.01 0.10 0.10 0.10 0.00 0.24 0.08 0.39 0.30 0.39 + 0.09 1.11 0.30 0.44 0.39 0.40 - 0.05 0.83 0.37 0.04 0.03 0.03 0.00 0.07 0.02 0.22 0.17 0.22 + 0.06 0.35 0.15 0.03 0.02 0.02 - 0.01 0.29 0.02 0.21 0.11 0.20 - 0.02 0.39 0.11 0.03 0.03 0.03 - 0.01 0.27 0.01 0.90 0.71 0.87 - 0.05 2.82 0.65 1.22 0.95 1.14 - 0.08 3.05 0.84 0.03 0.03 0.03 0.00 0.08 0.02 18.14 16.28 17.99 + 0.28 31.73 16.28 0.20 0.18 0.20 0.00 0.31 0.10 1.08 0.64 1.08 + 0.35 1.88 0.42 0.04 0.02 0.02 - 0.01 0.13 0.01 0.09 0.08 0.08 - 0.01 0.27 0.07 0.04 0.03 0.03 - 0.01 0.14 0.03 0.02 0.02 0.02 0.00 0.06 0.02 0.20 0.17 0.18 - 0.02 0.24 0.05 0.02 0.02 0.02 - 0.01 0.04 0.02 13.26 11.08 13.02 + 1.27 21.93 9.08 0.01 0.01 0.01 - 0.01 0.01 0.01 0.06 0.04 0.06 + 0.01 0.12 0.03 0.06 0.05 0.06 - 0.03 0.19 0.01 2.88 2.66 2.66 - 0.07 3.72 2.41 0.08 0.08 0.08 - 0.01 0.28 0.05 0.05 0.05 0.05 - 0.01 0.14 0.04 0.02 0.02 0.02 0.00 0.05 0.01 0.40 0.37 0.37 - 0.02 0.78 0.31 0.09 0.09 0.09 + 0.01 0.10 0.05 0.65 0.56 0.63 + 0.04 0.96 0.54 0.13 0.10 0.13 0.00 0.25 0.10 0.70 0.57 0.70 + 0.02 1.70 0.57 0.24 0.20 0.20 - 0.02 0.75 0.20 0.03 0.03 0.03 - 0.01 0.08 0.01 7.20 5.73 6.54 - 0.48 14.82 5.73 0.08 0.06 0.08 - 0.01 0.10 0.05 0.20 0.15 0.18 - 0.02 0.44 0.15 0.25 0.20 0.25 + 0.01 0.46 0.20 0.48 0.32 0.46 + 0.03 1.14 0.32 0.01 0.01 0.01 0.00 0.06 0.01 0.11 0.05 0.09 + 0.02 0.21 0.04 0.03 0.02 0.02 - 0.01 0.06 0.02 0.42 0.32 0.35 - 0.06 0.81 0.30 0.50 0.50 0.50 - 0.02 0.86 0.40 0.10 0.08 0.09 + 0.01 0.15 0.07 0.88 0.82 0.88 0.00 1.36 0.82 0.02 0.02 0.02 0.00 0.24 0.02 0.10 0.08 0.09 - 0.01 0.14 0.07 0.10 0.08 0.10 + 0.02 0.10 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.11 0.07 0.07 - 0.04 0.12 0.02 0.10 0.09 0.10 0.00 0.22 0.09 41.05 37.20 41.04 + 1.10 53.83 37.20 0.01 0.01 0.01 0.00 0.03 0.01 4.29 4.00 4.23 - 0.04 5.83 4.00 0.07 0.05 0.07 + 0.02 0.08 0.04 0.02 0.02 0.02 0.00 0.12 0.02 0.08 0.08 0.08 + 0.01 0.26 0.07 0.09 0.06 0.09 - 0.01 0.41 0.06 0.01 0.01 0.01 + 0.01 0.02 0.01

Namibia Rare E T 110 Natural Rs Pt* N 5090 Nautilus Minls T 1839 Nemaska Lith V 16697 Nevada Clean M V 2465 Nevada Copper T 2026 Nevada Expl V 3030 Nevada Sunrise V 369 Nevsun Res T 17346 Nevsun Res* X 12528 New Dimen Res V 158 New Gold T 66211 New Gold* X 265028 New Millennium V 3031 New Milln Iron T 3417 New Nadina V 2050 New Pac Metals T 528 Newmont Mng* N 596380 Newport Expl V 5299 NGEx Res T 830 Nighthawk Gold V 1180 Niogold Mng V 1380 Nippon Dragon V 4270 Noka Res V 4324 Nomad Ventures V 2400 Noram Vent V 680 Nordex V 2290 Noront Res V 1976 North Am En P* N 495 North Am En Pa T 728 North Am Nickl V 108 North Am Pall T 519 North Am Tung V 850 North Arrow Mn V 368 North Country V 7736 Northcliff Res T 1450 Northern Abiti V 5500 Northern Dyn* X 5759 Northern Dyn M T 2788 Northern Freeg V 265 Northern Gld M V 2660 Northern Graph V 4541 Northern Iron V 1446 Northern Lion V 110 Northern Shiel V 125 Northern Sun M V 20 Northern Vertx V 250 Northisle C&G V 1407 Northquest V 120 NovaCopper T 314 NovaCopper* X 2496 NovaGold Res T 17506 NovaGold Res* X 116588 NSX Silver V 1730 Nubian Res V 20 NuLegacy Gold V 5020 NV Gold V 2160 NWM Mng V 250 Oban Mng T 38106 OceanaGold T 55409 Oceanic Iron O V 56 Oceanus Res V 2348 Odin Mng & Exp V 5 Olivut Res V 689 Olympic Res V 213

0.12 0.09 0.09 - 0.01 0.25 0.08 3.32 2.50 3.22 + 0.38 16.25 2.21 0.40 0.35 0.36 - 0.02 0.56 0.33 0.24 0.20 0.24 + 0.03 0.25 0.12 0.04 0.03 0.04 - 0.01 0.06 0.03 1.16 1.01 1.08 - 0.09 2.35 1.01 0.05 0.01 0.05 0.00 0.45 0.01 0.18 0.15 0.18 + 0.03 0.85 0.14 3.89 3.41 3.85 + 0.21 5.35 3.41 2.95 2.57 2.92 + 0.15 4.51 2.57 0.07 0.06 0.07 + 0.02 0.11 0.04 3.09 2.53 3.00 0.00 7.13 2.52 2.34 1.90 2.24 - 0.08 6.57 1.90 0.15 0.12 0.12 - 0.03 0.52 0.10 0.09 0.08 0.08 0.00 0.36 0.08 0.01 0.01 0.01 + 0.01 0.03 0.01 0.17 0.15 0.15 - 0.02 0.28 0.14 18.48 15.39 17.17 - 0.97 27.90 15.39 0.32 0.20 0.30 + 0.09 0.49 0.20 0.60 0.58 0.60 - 0.01 1.97 0.58 0.09 0.08 0.09 - 0.02 0.60 0.08 0.35 0.33 0.33 - 0.01 0.43 0.22 0.04 0.03 0.03 - 0.01 0.13 0.03 0.04 0.03 0.04 0.00 0.55 0.03 0.03 0.02 0.02 - 0.01 0.07 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.09 0.06 0.09 + 0.01 0.45 0.06 0.39 0.32 0.38 0.00 0.67 0.25 2.19 1.60 2.19 + 0.42 6.96 1.60 2.90 2.10 2.90 + 0.55 7.64 2.10 0.19 0.18 0.19 - 0.01 0.36 0.17 5.35 4.40 4.85 - 0.50 188.00 3.87 0.01 0.01 0.01 + 0.01 0.07 0.01 0.38 0.34 0.35 - 0.03 1.34 0.33 0.11 0.10 0.10 - 0.02 0.14 0.03 0.11 0.08 0.11 + 0.01 0.27 0.08 0.01 0.01 0.01 0.00 0.02 0.01 0.35 0.29 0.35 + 0.04 0.72 0.28 0.46 0.38 0.46 + 0.06 0.83 0.37 0.06 0.05 0.06 + 0.01 0.40 0.04 0.02 0.01 0.02 0.00 0.04 0.01 0.37 0.28 0.37 + 0.03 1.19 0.28 0.02 0.01 0.02 0.00 0.05 0.01 0.07 0.05 0.07 + 0.02 0.48 0.05 0.03 0.03 0.03 0.00 0.05 0.01 0.18 0.18 0.18 0.00 0.32 0.03 0.20 0.19 0.19 - 0.01 0.32 0.09 0.02 0.02 0.02 0.00 0.10 0.02 0.08 0.07 0.08 - 0.02 0.17 0.07 0.75 0.62 0.67 - 0.01 1.35 0.45 0.59 0.45 0.59 + 0.07 1.25 0.35 5.04 4.24 4.99 + 0.26 5.22 2.65 3.82 3.20 3.75 + 0.18 4.25 2.33 0.03 0.03 0.03 + 0.01 0.10 0.03 0.01 0.01 0.01 0.00 0.03 0.01 0.15 0.12 0.12 - 0.03 0.18 0.06 0.02 0.02 0.02 0.00 0.39 0.02 0.01 0.01 0.01 0.00 0.01 0.01 1.30 0.06 1.25 - 0.06 3.40 0.06 2.61 2.13 2.39 - 0.17 3.15 1.70 0.10 0.10 0.10 + 0.01 0.30 0.08 0.35 0.27 0.35 + 0.07 0.52 0.14 0.23 0.23 0.23 - 0.05 0.67 0.21 0.09 0.08 0.09 + 0.01 0.30 0.08 0.10 0.10 0.10 0.00 0.32 0.03

N-O

TNM Sep 07 2015 Issue.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

OM Group* N 20796 Omineca Mg&Mtl V 788 Opawica Expl V 21 Opta Minls T 5 Oracle Mng V 1185 Orbit Garant D T 115 Orbite Alumnae T 22285 Orca Gold V 1065 Orefinders Res V 3102 Orex Expl V 1840 Orex Minls V 1057 Orezone Gold T 3594 Oroco Res V 300 Orocobre T 186 Orosur Mng T 800 Orvana Mnrls T 3063 Otis Gold V 3185

33.67 32.99 33.48 + 0.06 35.00 21.87 0.05 0.01 0.05 + 0.01 0.11 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.50 0.50 0.50 - 0.05 2.35 0.50 0.02 0.01 0.02 + 0.01 0.12 0.01 0.90 0.79 0.90 0.00 1.51 0.79 0.24 0.20 0.23 0.00 0.51 0.20 0.20 0.17 0.18 + 0.01 0.59 0.16 0.02 0.01 0.02 + 0.01 0.12 0.01 0.02 0.01 0.02 0.00 0.02 0.01 0.19 0.15 0.19 - 0.01 0.43 0.14 0.31 0.26 0.30 - 0.01 1.07 0.26 0.03 0.03 0.03 0.00 0.06 0.02 1.58 1.49 1.54 - 0.02 3.31 1.49 0.13 0.13 0.13 + 0.01 0.29 0.12 0.21 0.18 0.20 + 0.01 0.49 0.15 0.11 0.08 0.10 0.00 0.11 0.02

P-Q Pac Arc Res Pac Bay Mnrls Pac Booker Min Pac Booker Mn* Pac Casc Minls Pac Imp Mines Pac North West Pac Ridge Expl

V V V X V V V V

850 310 342 79 1470 2510 1633 30

0.01 0.04 1.66 1.26 0.01 0.01 0.02 0.02

0.01 0.04 1.02 1.06 0.01 0.01 0.02 0.02

0.01 0.04 1.50 - 1.14 - 0.01 0.01 0.02 + 0.02

0.00 0.00 0.14 0.12 0.00 0.00 0.01 0.00

ADVANTAGE

0.01 0.07 6.90 5.75 0.04 0.03 0.06 0.05

0.01 0.02 1.02 1.04 0.01 0.01 0.01 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rockwell Diam T 1635 Rodinia Lithm V 3910 Rogue Iron Ore V 29096 Rokmaster Res V 3680 Romarco Mnrls T 98722 Romulus Res V 46 Roxgold V 7763 Royal Cdn Mint T 2311 Royal Gold T 356 Royal Gold* Q 57131 Royal Nickel T 9633 RPT Uranium V 1376 RT Minerals V 80 Rubicon Mnls* X 54504 Rubicon Mnrls T 42730 Rugby Mng V 20 Rupert Res V 60 Rusoro Mng V 1276 Russell Metals T 16162 Ryan Gold V 17225 Rye Patch Gold V 1639

0.23 0.20 0.22 - 0.02 0.40 0.19 0.03 0.02 0.03 0.00 0.05 0.01 0.11 0.07 0.10 + 0.03 0.11 0.02 0.03 0.02 0.03 0.00 0.11 0.01 0.61 0.50 0.56 - 0.02 0.86 0.30 0.16 0.16 0.16 - 0.01 0.24 0.12 0.72 0.65 0.68 - 0.04 0.80 0.39 16.58 15.78 16.04 - 0.39 17.41 13.87 73.20 61.53 64.75 - 7.72 95.64 61.50 55.85 46.12 48.94 - 6.02 77.89 46.12 0.27 0.22 0.26 - 0.01 0.59 0.22 0.35 0.31 0.35 + 0.04 0.60 0.22 0.01 0.01 0.01 - 0.01 0.09 0.01 0.80 0.66 0.76 + 0.00 1.45 0.66 1.06 0.88 1.01 + 0.03 1.63 0.88 0.12 0.12 0.12 + 0.03 0.27 0.06 0.04 0.03 0.03 0.00 0.12 0.03 0.04 0.04 0.04 0.00 0.06 0.01 21.59 18.29 21.41 + 1.89 37.11 18.23 0.13 0.12 0.12 - 0.02 0.16 0.00 0.15 0.14 0.15 + 0.01 0.20 0.11

Sabina Gd&Slvr T 14570 Sage Gold V 706 Saint Jean Car V 15415 Salazar Res V 1301

0.38 0.32 0.33 - 0.04 0.82 0.28 0.05 0.04 0.05 0.00 0.20 0.04 0.02 0.02 0.02 + 0.01 0.04 0.01 0.08 0.05 0.08 + 0.03 0.25 0.04

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www.northernminer.com Paladin Energy T 15105 Palmer Res V 200 Pan Am Silver T 27165 Pan Am Silver* Q 172550 Pan Global Res V 105 Pancontl Uran V 20 Panoro Minls V 624 PC Gold V 2943 Peabody Enrgy* N 1467836 Peat Res V 1915 Pelangio Expl V 310 Pele Mtn Res V 1952 Peregrine Diam T 9265 Perseus Mng T 25464 Pershimco Res V 2220 Peruvian Prc M V 2459 Philippine Mtl V 10 Phoenix Gold V 27389 Pilot Gold T 5920 Pinetree Cap T 23390 PJX Res V 10 Plate Res V 1850 Platinex V 650 Platinum Gp M* X 3807 Platinum Gp Mt T 7676 Plato Gold V 2553 Playfair Mng V 1480 Polaris Minls T 802 PolyMet Mng* X 13187 PolyMet Mng T 2810 Potash C Sask* N 323311 Potash Cp Sask T 96069 Precipitate Gl V 1400 Premier Gold M T 21906 Pretium Res* N 48126 Pretium Res T 19136 Prime Merid Rs V 20 Primero Mng T 32070 Primero Mng* N 14212 Probe Mines V 343 Prophecy Coal T 2377 Prospero Silve V 338 Puma Expl V 3926 Purepoint U V 4720 QMX Gold V 210 Quaterra Res V 1520 Quest Rare Mnl T 4268 Quia Res V 70

0.20 0.15 0.19 + 0.01 0.45 0.15 0.02 0.02 0.02 0.00 0.08 0.01 9.47 7.78 8.90 - 0.50 15.70 7.77 7.18 5.85 6.73 - 0.41 14.45 5.85 0.01 0.01 0.01 + 0.01 0.12 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.12 0.11 0.12 0.00 0.48 0.10 0.03 0.02 0.02 - 0.01 0.06 0.02 2.65 1.28 2.39 + 0.61 16.22 0.99 0.02 0.01 0.01 0.00 0.03 0.01 0.03 0.02 0.02 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.09 0.03 0.19 0.15 0.17 + 0.01 0.39 0.14 0.37 0.29 0.36 + 0.02 0.48 0.18 0.16 0.14 0.15 + 0.01 0.37 0.13 0.13 0.10 0.13 + 0.01 0.19 0.06 0.03 0.03 0.03 - 0.01 0.07 0.03 0.01 0.01 0.01 0.00 0.12 0.01 0.44 0.38 0.44 0.00 1.35 0.33 0.08 0.07 0.08 0.00 0.36 0.06 0.23 0.23 0.23 0.00 0.29 0.10 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.29 0.24 0.28 - 0.00 1.10 0.24 0.38 0.32 0.37 0.00 1.19 0.32 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 - 0.01 0.08 0.01 2.02 1.91 1.95 - 0.06 2.83 1.65 0.92 0.82 0.91 + 0.02 1.37 0.82 1.20 1.09 1.20 + 0.02 1.75 1.09 25.96 23.90 25.95 + 0.93 37.60 23.90 34.31 31.74 34.31 + 1.31 47.10 31.74 0.10 0.08 0.08 - 0.02 0.25 0.08 2.37 2.03 2.30 + 0.02 3.02 1.61 5.67 4.72 5.43 - 0.12 7.56 4.07 7.48 6.28 7.15 - 0.19 9.05 4.60 0.06 0.06 0.06 - 0.01 0.19 0.06 4.27 3.42 3.93 - 0.24 7.45 3.17 3.24 2.57 2.96 - 0.20 6.86 2.41 0.37 0.36 0.37 - 0.01 0.56 0.12 0.06 0.05 0.05 - 0.01 0.09 0.03 0.07 0.07 0.07 0.00 0.25 0.05 0.10 0.09 0.09 - 0.01 0.18 0.07 0.03 0.03 0.03 0.00 0.08 0.03 0.03 0.03 0.03 0.00 0.05 0.01 0.10 0.08 0.10 - 0.01 0.15 0.04 0.12 0.10 0.10 - 0.01 0.29 0.09 0.01 0.01 0.01 + 0.01 0.04 0.01

Rackla Mtls V 146 Radisson Mng V 1155 Radius Gold V 5119 Rainmaker Res V 2200 Rambler Mg&Mtl V 2190 Randgold Res* Q 58313 Range Engy Res C 3450 Rapier Gold V 3702 Rare Elemnt Rs T 452 Rare Elemt Re* X 5082 Rathdowney Res V 1500 Red Eagle Mng V 3235 Red Moon Potsh V 147 Red Pine Expl V 2250 Red Tiger Mng V 270 Redhawk Res T 2031 Redhill Res V 286 Redstar Gold V 11353 Redstar Res V 1760 Redzone Res V 1830 Regal Res C 2150 Reliance Res V 13514 Remo Res V 190 Renaissance Gd T 51 Reservoir Capt V 393 Reservoir Mnls V 4106 Reunion Gold V 8740 Rhino Res* N 891 Richmond Mnls V 1310 Richmont Mines T 4983 Richmont Mine* X 8706 Rio Novo Gold T 302 Rio Tinto* N 55968 Riverside Res V 1644 RJK Explor V 650 Robex Res V 745 Rochester Res V 20 Rock Tech Lith V 162 Rockhaven Res V 1885

0.01 0.01 0.01 0.00 0.03 0.01 0.15 0.11 0.15 + 0.02 0.15 0.08 0.09 0.07 0.08 0.00 0.12 0.07 0.02 0.02 0.02 0.00 0.18 0.01 0.21 0.16 0.21 + 0.03 0.49 0.16 66.95 58.28 61.24 - 4.51 85.84 57.06 0.04 0.03 0.04 + 0.01 0.07 0.01 0.04 0.03 0.03 + 0.01 0.06 0.01 0.51 0.40 0.49 - 0.01 1.31 0.30 0.39 0.34 0.37 - 0.01 1.14 0.24 0.13 0.11 0.13 - 0.01 0.35 0.11 0.30 0.26 0.28 - 0.02 0.36 0.18 0.03 0.03 0.03 - 0.01 0.09 0.03 0.06 0.05 0.06 + 0.01 0.18 0.03 0.04 0.03 0.04 + 0.01 0.30 0.03 0.05 0.04 0.04 - 0.02 0.22 0.04 0.11 0.08 0.09 - 0.01 0.57 0.07 0.04 0.04 0.04 0.00 0.06 0.03 0.03 0.02 0.03 - 0.01 0.20 0.02 0.03 0.02 0.02 - 0.01 0.05 0.02 0.09 0.06 0.06 - 0.03 0.15 0.04 0.02 0.01 0.02 + 0.01 0.02 0.01 0.05 0.05 0.05 + 0.01 0.13 0.04 0.17 0.17 0.17 - 0.01 0.47 0.17 0.31 0.29 0.31 + 0.01 0.80 0.21 4.08 3.75 4.08 + 0.05 6.03 3.30 0.02 0.02 0.02 + 0.01 0.11 0.01 1.59 0.67 1.22 + 0.21 13.73 0.63 0.13 0.10 0.13 + 0.03 0.13 0.03 3.90 3.21 3.38 - 0.53 4.55 2.04 2.96 2.43 2.54 - 0.40 3.68 1.86 0.14 0.12 0.13 - 0.02 0.16 0.06 36.95 33.54 36.60 + 0.61 56.89 33.54 0.18 0.16 0.16 - 0.02 0.51 0.16 0.01 0.01 0.01 0.00 0.01 0.01 0.07 0.05 0.07 0.00 0.20 0.04 0.03 0.03 0.03 - 0.01 0.15 0.03 0.04 0.04 0.04 0.00 0.10 0.03 0.18 0.16 0.16 - 0.03 0.34 0.15

Sama Res V 1790 San Marco Res V 536 Sanatana Diam V 6900 Sandspring Res V 5001 Sandstorm Gld* X 46586 Sandstorm Gold T 13659 Santa Fe Metls V 9020 Santacruz Silv V 12982 Sarama Res V 1625 Satori Res V 427 Saturn Minls V 19374 Scorpio Gold V 4560 Scorpio Mining T 31298 Seabridge Gld* N 35537 Seabridge Gold T 4001 Search Mnls V 582 Secova Mtls V 1870 Sego Res V 820 Selwyn Res V 19 Semafo T 83545 Senator Minls V 246 Sennen Res V 25 Sentry Sl PrmM T 2394 Serabi Gold T 25 Serengeti Res V 1600 SGX Res V 3210 Sherritt Intl T 85209 Shore Gold T 19527 Sienna Res V 300 Sierra Iron Or V 321 Sierra Metals T 772 Signature Res V 100 Silver Bear Rs T 4400 Silver Bull Re T 420 Silver Grail R V 100 Silver Mtn Mns V 1500 Silver Predatr V 3170 Silver Pursuit V 100 Silver Range R V 513 Silver Spruce V 274 Silver Std Res T 26006 Silver Std Re* Q 104912 Silver Wheatn* N 381857 Silver Wheaton T 83656 Silvercorp Mt* N 6458 Silvercorp Mtl T 8154 SilverCrest M* X 6932 SilverCrest Mn T 16822 Silvermet V 50 Sirios Res V 447 Skeena Res V 12465 Skyharbour Res V 15180 Slam Exploratn V 3220 SnipGold V 2880 SNS Silver V 2843 Soc Quim&M Ch* N 49673 Softrock Mnrl V 445 Solitario Ex&R T 10 Solitario Ex&* X 2585 Solvista Gold V 1826 Sonora Gld & S V 250 Sonoro Mtls V 500 Source Expl V 1810 Southern Arc V 943 Southern Silvr V 312 SouthGobi Res T 250 Spanish Mtn Gd V 12335 Sparton Res V 2670 Sprott Ph Silv T 340 Sprott Res T 4966 Spruce Ridge R V 570 St Andrew Gldf T 8352 St Augustine T 366 Stakeholdr Gld V 2259 Standard Graph V 1159 Stans Energy V 5154 Starcore Int V T 2127 Stellar Pac Vt V 480 Stelmine Can V 290 Stillwater Mg* N 157200 Stina Res V 958 Stockport Expl T 850 Stonegate Agri T 2182 Stornoway Diam T 13023 Strata Mnls V 4400 Strategic Metl V 1799 Strike Graph V 1205 StrikePoint Gd V 7026 Strongbow Expl V 55 Sulliden Mng C T 1562

0.15 0.10 0.15 + 0.02 0.30 0.10 0.02 0.02 0.02 - 0.01 0.13 0.02 0.03 0.03 0.03 0.00 0.15 0.02 0.07 0.06 0.06 - 0.01 0.27 0.05 3.05 2.36 2.84 - 0.11 5.95 2.20 4.02 3.14 3.77 - 0.15 6.47 2.80 0.02 0.01 0.01 0.00 0.05 0.01 0.15 0.14 0.15 + 0.01 1.00 0.14 0.08 0.06 0.08 + 0.01 0.13 0.03 0.07 0.05 0.05 - 0.02 0.55 0.04 0.15 0.12 0.13 - 0.03 0.24 0.11 0.11 0.09 0.10 - 0.01 0.20 0.08 0.18 0.14 0.16 - 0.03 0.34 0.14 6.99 5.36 6.30 - 0.32 11.61 3.31 9.23 7.15 8.27 - 0.48 12.69 4.34 0.05 0.05 0.05 + 0.01 0.16 0.03 0.05 0.04 0.05 + 0.01 0.09 0.03 0.03 0.03 0.03 0.00 0.04 0.02 1.36 1.35 1.35 - 0.15 4.22 1.35 3.53 2.88 3.30 - 0.08 5.06 2.39 0.30 0.19 0.26 + 0.12 0.30 0.05 0.26 0.26 0.26 0.00 1.35 0.19 2.35 2.07 2.30 - 0.04 4.10 2.05 0.07 0.07 0.07 + 0.01 0.12 0.06 0.03 0.02 0.02 - 0.02 0.08 0.02 0.01 0.01 0.01 0.00 0.03 0.01 1.18 0.94 1.13 + 0.08 4.33 0.94 0.18 0.14 0.15 - 0.02 0.33 0.13 0.02 0.02 0.02 0.00 0.06 0.01 0.50 0.38 0.45 + 0.01 0.62 0.07 1.05 1.00 1.00 - 0.03 2.13 0.84 0.02 0.02 0.02 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.14 0.04 0.10 0.09 0.10 0.00 0.30 0.08 0.03 0.02 0.02 - 0.02 0.08 0.02 0.02 0.02 0.02 0.00 0.06 0.01 0.02 0.01 0.02 + 0.01 0.06 0.01 0.03 0.02 0.02 - 0.01 0.07 0.02 0.07 0.05 0.07 + 0.02 0.14 0.05 0.06 0.06 0.06 0.00 0.08 0.02 9.07 7.74 8.62 - 0.26 10.34 4.47 6.87 5.81 6.53 - 0.21 9.53 3.92 13.45 11.22 12.39 - 1.13 25.21 11.22 17.72 14.92 16.38 - 1.42 29.86 14.92 0.72 0.65 0.71 + 0.01 1.88 0.65 0.94 0.86 0.94 + 0.02 2.07 0.86 1.05 0.84 0.96 - 0.07 2.03 0.65 1.39 1.13 1.28 - 0.09 2.21 0.87 0.05 0.05 0.05 - 0.01 0.13 0.04 0.11 0.10 0.10 - 0.01 0.13 0.06 0.09 0.08 0.08 0.00 0.13 0.06 0.03 0.03 0.03 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.08 0.01 0.07 0.04 0.07 + 0.03 0.12 0.04 0.36 0.30 0.36 + 0.01 0.50 0.05 15.66 13.04 15.49 + 1.48 28.37 12.65 0.02 0.01 0.01 - 0.01 0.03 0.01 0.64 0.64 0.64 0.00 1.66 0.63 0.55 0.44 0.51 - 0.00 1.52 0.44 0.04 0.03 0.04 0.00 0.16 0.03 0.01 0.01 0.01 - 0.01 0.03 0.01 0.07 0.06 0.06 - 0.01 0.22 0.06 0.03 0.03 0.03 0.00 0.12 0.02 0.04 0.04 0.04 0.00 0.09 0.03 0.04 0.04 0.04 - 0.01 0.15 0.03 0.45 0.45 0.45 - 0.05 1.25 0.41 0.04 0.03 0.04 + 0.01 0.06 0.02 0.01 0.01 0.01 0.00 0.02 0.01 5.84 5.45 5.64 - 0.27 7.92 5.31 0.70 0.60 0.69 + 0.07 3.34 0.60 0.02 0.01 0.02 - 0.01 0.04 0.01 0.32 0.29 0.32 + 0.02 0.39 0.21 0.10 0.10 0.10 0.00 0.19 0.08 0.04 0.04 0.04 0.00 0.29 0.04 0.02 0.01 0.01 0.00 0.05 0.01 0.04 0.03 0.03 0.00 0.23 0.03 0.11 0.10 0.11 0.00 0.23 0.09 0.02 0.02 0.02 0.00 0.14 0.01 0.01 0.01 0.01 0.00 0.05 0.01 9.93 8.67 9.39 - 0.53 18.63 8.37 0.20 0.12 0.16 - 0.04 0.25 0.04 0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.02 0.02 0.00 0.16 0.02 0.79 0.65 0.79 + 0.05 0.85 0.46 0.01 0.01 0.01 - 0.01 0.12 0.01 0.29 0.27 0.28 + 0.01 0.40 0.27 0.06 0.04 0.06 + 0.01 0.15 0.04 0.04 0.03 0.04 + 0.01 0.08 0.01 0.12 0.11 0.12 + 0.02 0.18 0.06 0.23 0.20 0.22 - 0.02 0.72 0.19

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sultan Mnrls V 1240 SunCoke Engy* N 10156 Sunridge Gold V 6498 Suparna Gold V 2110 Superior Coppr V 2720 Sutter Gold V 1500

0.01 0.01 0.01 0.00 0.02 0.01 11.30 10.08 11.02 + 0.24 24.27 10.08 0.16 0.13 0.16 - 0.01 0.24 0.12 0.02 0.02 0.02 + 0.01 0.16 0.02 0.03 0.02 0.02 - 0.01 0.14 0.02 0.06 0.04 0.05 - 0.01 0.15 0.04

Tahoe Res* N 25846 Tahoe Res T 70743 Tajiri Res V 100 Talon Metals T 764 Tanz Roy Exp T 3440 Tanz Roy Exp* X 11967 Tanzania Mnls V 1260 Tasca Res V 10 Taseko Mines* X 10210 Taseko Mines T 6302 Tasman Metals V 1207 Tasman Mtls* X 2981 Teck Res A T 233 Teck Res B* N 436794 Teck Res B T 200861 Tembo Gold V 200 Temex Res V 26766 Teranga Gold T 39074 Teras Res V 4005 Terraco Gold V 3867 Terrax Minls V 2135 Teryl Res Corp V 100 Teuton Res V 50 Theia Res V 370 Themac Res V 20 Thompson Creek T 12970 Thompson Crk* N 5989 Thor Expl V 220 Thunder Mtn Gd V 20 Tiller Res V 295 Timberline Res V 306 Timberline Rs* X 2462 Timmins Gold* X 13430 Timmins Gold T 51015 Tinka Res V 1823 Tintina Res V 1815 Tirex Res V 3693 Titanium Corp V 1814 TNR Gold V 150 TomaGold V 4287 Torex Gold T 77809 Transition Mtl V 1175 Treasury Metal T 1646 Tres-Or Res V 623 Trevali Mng T 55138 Tri Origin Exp V 633 Tri-River Vent V 20 TriMetals Mng T 3914 Trio Gold Corp V 4615 Troymet Expl V 275 True Gold Mng V 12004 True North Gem V 13661 Tsodilo Res V 36 Turquoise HIl* N 37749 Turquoise Hill T 42908 TVI Pacific T 1330 Typhoon Expl V 772

9.53 7.54 8.77 - 0.64 25.76 7.33 12.58 10.05 11.56 - 0.86 28.03 9.66 0.01 0.01 0.01 + 0.01 0.04 0.01 0.09 0.08 0.09 + 0.01 0.58 0.08 0.54 0.39 0.44 - 0.07 2.70 0.32 0.39 0.29 0.33 - 0.06 2.45 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.02 0.02 0.02 + 0.01 0.08 0.01 0.49 0.39 0.48 + 0.02 2.24 0.32 0.64 0.51 0.64 + 0.02 2.45 0.51 0.49 0.38 0.47 + 0.08 1.08 0.36 0.37 0.27 0.35 + 0.05 1.02 0.25 11.25 8.55 10.85 + 0.95 26.69 8.55 7.51 5.32 7.08 + 0.79 23.36 5.32 9.93 7.08 9.36 + 1.06 25.45 7.08 0.03 0.02 0.03 0.00 0.06 0.02 0.12 0.11 0.12 0.00 0.12 0.04 0.63 0.55 0.62 + 0.01 0.88 0.38 0.08 0.06 0.06 - 0.01 0.16 0.06 0.08 0.07 0.08 0.00 0.20 0.07 0.28 0.23 0.25 - 0.01 0.57 0.23 0.01 0.01 0.01 - 0.01 0.03 0.01 0.08 0.08 0.08 - 0.02 0.93 0.05 0.07 0.06 0.07 - 0.03 0.20 0.06 0.02 0.02 0.02 - 0.01 0.04 0.01 0.68 0.56 0.66 + 0.03 3.30 0.56 0.50 0.42 0.50 + 0.01 3.01 0.42 0.02 0.02 0.02 - 0.01 0.08 0.02 0.08 0.07 0.07 - 0.03 0.09 0.04 0.05 0.04 0.04 - 0.01 0.25 0.04 0.52 0.39 0.44 - 0.05 1.32 0.39 0.43 0.28 0.30 - 0.06 1.32 0.28 0.30 0.25 0.27 - 0.03 1.72 0.25 0.40 0.33 0.36 - 0.03 1.89 0.33 0.22 0.15 0.22 + 0.04 0.43 0.15 0.05 0.04 0.04 - 0.01 0.18 0.04 0.18 0.14 0.16 0.00 0.35 0.14 1.01 0.80 0.84 - 0.02 2.14 0.60 0.01 0.01 0.01 0.00 0.04 0.01 0.05 0.04 0.05 0.00 0.13 0.04 1.32 1.08 1.25 - 0.06 1.82 0.85 0.08 0.07 0.07 - 0.01 0.34 0.07 0.60 0.50 0.53 - 0.06 0.62 0.25 0.02 0.02 0.02 0.00 0.03 0.01 0.55 0.47 0.54 - 0.02 1.38 0.47 0.04 0.03 0.03 - 0.01 0.04 0.01 0.05 0.05 0.05 0.00 0.09 0.03 0.07 0.06 0.07 - 0.02 0.22 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.19 0.17 0.18 - 0.01 0.45 0.15 0.15 0.07 0.14 + 0.02 0.19 0.07 0.86 0.71 0.86 + 0.09 1.23 0.68 3.05 2.81 3.01 - 0.02 4.73 2.66 4.03 3.71 3.96 - 0.02 5.80 3.17 0.02 0.01 0.01 - 0.01 0.03 0.01 0.04 0.04 0.04 0.00 0.10 0.03

U3O8 Corp T 3093 UC Res V 218 Ucore Rare Mtl V 4696 UEX Corp T 12936 Ultra Lithium V 1243 Unigold V 1901 Unity Energy V 770 Ur-Energy T 2102 Ur-Energy* X 1089 Uracan Res V 4095 Uragold Bay Rs V 4142 Uranium Ener* X 42834 Uranium Partic T 6824 Uranium Res* Q 5475 Uravan Minls V 1000 US Energy* Q 4028 US Silica Hld* N 29610 Vale* N 354942 ValGold Res V 60 Valterra Res V 250 Vanstar Mng Rs V 15 Vantex Res V 540 Vena Res T 620 Vendetta Mng V 3030 Verde Potash T 837 Victoria Gold V 7841 Victory Nickel T 2099 Victory Res V 532 Victory Vent V 400 Virginia Engy V 95 Viscount Mng V 2345 Visible Gold M V 47642 Vista Gold T 235 Vista Gold* X 4003 VMS Vent V 8123 Vulcan Mnrls V 1630 VVC Expl V 6675

0.04 0.03 0.04 0.00 0.10 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 0.30 0.28 0.29 - 0.01 0.44 0.20 0.19 0.16 0.18 0.00 0.45 0.16 0.01 0.01 0.01 0.00 0.04 0.01 0.13 0.10 0.10 - 0.03 0.45 0.09 0.06 0.05 0.05 0.00 0.11 0.03 0.84 0.73 0.83 + 0.03 1.35 0.73 0.63 0.56 0.62 + 0.02 1.15 0.56 0.01 0.01 0.01 0.00 0.08 0.01 0.05 0.03 0.05 + 0.01 0.07 0.03 1.18 0.90 1.15 - 0.02 3.00 0.90 5.24 4.84 5.08 - 0.02 5.76 4.82 0.84 0.60 0.80 + 0.00 3.15 0.60 0.13 0.10 0.13 0.00 0.17 0.03 0.64 0.40 0.59 + 0.03 4.16 0.36 20.71 16.94 19.92 - 1.06 73.43 16.94 5.18 4.13 4.83 + 0.08 13.81 4.13 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 + 0.01 0.04 0.01 0.06 0.06 0.06 + 0.01 0.09 0.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.04 0.04 0.04 - 0.01 0.17 0.03 0.09 0.08 0.08 - 0.01 0.25 0.08 0.29 0.26 0.29 + 0.04 0.80 0.26 0.13 0.12 0.12 - 0.01 0.24 0.09 0.04 0.03 0.03 - 0.01 0.65 0.02 0.06 0.05 0.05 0.00 0.09 0.03 0.02 0.01 0.01 0.00 0.03 0.01 0.05 0.05 0.05 - 0.01 0.08 0.03 0.40 0.32 0.38 + 0.04 0.47 0.15 0.06 0.04 0.05 - 0.01 0.27 0.04 0.39 0.33 0.39 + 0.01 0.56 0.29 0.30 0.27 0.29 - 0.00 0.51 0.24 0.20 0.17 0.18 - 0.02 0.32 0.17 0.03 0.02 0.02 - 0.01 0.04 0.02 0.04 0.03 0.04 0.00 0.07 0.02

Wallbridge Mng T 3010 War Eagle Mg V 2040 WCB Res V 100 Wealth Minls V 4540 Wesdome Gold T 1362 West Af Iron O V 25 West High Yld V 238 West Kirkland V 5890 Western Copper T 1186 Western Coppr* X 753 Western Lithiu T 22334 Western Melv M V 130 Western Pac Rs V 500 Western Potash T 6445 Western Troy C V 100 Westkam Gold V 9867 Westminster Rs V 4070 Westridge Res V 126 WGI Heavy Mnl T 2201 White Pine Res V 9100 Wildcat Expl V 1020 Wolfden Res V 2550 WPC Res V 1640 Xmet V 8048 Xtra-Gold Res T 215 Yamana Gold* N 136371 Yamana Gold T 211031 Yanzhou Coal* N 4958 Yellowhead Mng T 1605 Zadar Vent V 820 Zazu Metals T 270 Zena Mng V 10 Zenyatta Vent V 2964 Zephyr Mnls V 2150 Zimtu Capital V 301

0.04 0.04 0.04 + 0.01 0.08 0.03 0.03 0.02 0.02 + 0.01 0.04 0.01 0.10 0.10 0.10 - 0.02 0.35 0.10 0.22 0.17 0.20 - 0.01 0.42 0.03 1.00 0.94 1.00 + 0.03 1.40 0.62 0.03 0.03 0.03 - 0.01 0.15 0.03 0.27 0.20 0.25 - 0.05 0.43 0.11 0.06 0.05 0.05 0.00 0.14 0.05 0.42 0.37 0.42 + 0.02 0.83 0.36 0.33 0.27 0.30 0.00 0.78 0.27 0.48 0.33 0.45 + 0.05 1.00 0.33 0.05 0.05 0.05 - 0.01 0.45 0.03 0.01 0.01 0.01 0.00 0.18 0.01 0.28 0.26 0.26 - 0.02 0.40 0.20 0.01 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.03 - 0.01 0.07 0.03 0.02 0.02 0.02 0.00 0.25 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.27 0.23 0.25 - 0.02 0.78 0.00 0.01 0.01 0.01 - 0.01 0.09 0.01 0.04 0.03 0.03 - 0.02 0.17 0.03 0.10 0.09 0.09 - 0.01 0.32 0.09 0.05 0.04 0.04 - 0.01 0.08 0.03 0.01 0.01 0.01 + 0.01 0.07 0.01 0.23 0.21 0.21 - 0.03 0.31 0.10 2.30 1.68 1.96 - 0.34 8.55 1.68 3.04 2.23 2.59 - 0.42 9.28 2.23 5.10 4.44 4.98 - 0.03 12.24 4.44 0.06 0.04 0.05 - 0.01 0.18 0.01 0.01 0.01 0.01 - 0.01 0.08 0.01 0.16 0.15 0.16 0.00 0.58 0.15 0.06 0.06 0.06 - 0.01 0.15 0.06 1.51 1.32 1.46 - 0.09 2.61 1.05 0.18 0.09 0.16 + 0.04 0.22 0.09 0.21 0.20 0.20 0.00 0.57 0.20

U-V

W-Z

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

15-09-02 8:07 PM

10 SEPTEMBER 7-13, 2015 THE NORTHERN MINER

BID-ASK — AUGUST 24-28, 2015 STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Abzu Gold V Acme Res V Advance Gold V Aegean Metals V Afferro Mng V African Queen V AgriMinco V Aguila Am Res V Alder Res V Alhambra Res V Allana Potash T Allied Gold T Allied Nevada T Allied Nevada* X Alpha Gold V Alpha Mnls V Alphamin Res V Altair Vent V Altan Nev Mnls V Alturas Minls V Am Cons Minls V AM Gold V Amador Gold V Amara Mng T Amcol Intl* N American Bonan T Anglo-Bomarc V Arco Res V Arctic Hntr Ur V Arcturus Res V Armadillo Res C Asia Now Res V AsiaBaseMetals V Astorius Res V Augusta Res T Aurania Res V AuRico Gold* N AuRico Gold T Azumah Res T Baroyeca Go&Si V Bayfield Vent V BE Res V Bear Lake Gold V Bearclaw Cap V Bearing Res V Belvedere Res V Besra Gold T Bitterroot Res V Black Isle Res V Black Widow Rs V Blackstone Ven V Blind Crk Res V Blue Gold Mng V Bluestone Res V Bonaparte Res V Bralorne Gold V Brazilian Gold V Buccaneer Gold V Bullman Mnls V Cache Expl V Cadan Res V Cadillac Vent V Calvista Gold T Canada Fluorsp V Canadn Orebods V Canadn Silvr H V Cancor Mines C Cangold V Cap-Ex Vent V Cariboo Rose V Carlin Gold V Carrie Arran R V Cassidy Gold V Cassius Vent V Castle Peak Mg V Cavan Vent V Cayden Res V Celeste Copper V Central Iron O V Chalice Diam V Channel Res V Chilean Gold V Chimata Gold V CIC Energy T Citation Res V Cliffmont Res V Cline Mng T CMQ Res V Coalspur Mines T Cobriza Mtls V Coeur Mng T Colibri Res V Colombia Crest V Colossus Minls T Columbus Expl V Comet Inds V Conquest Res V Cons Richland V Contintl Nickl V Cortez Gold V Cougar Mnls V Creso Expl V Crosshair Eny* X Cuervo Res C Curis Res T Darwin Res V Diamonds North V Discovery Harb V Dominion Mnls* Q Duluth Metals T Dunav Res V DV Res V E-Energy Vent V Eagle Mtn Gold V Eastern Merid V Elemental Mnls T Elgin Mng T Elissa Res V Endurance Gold V Esperanza Res V Estrella Gold V Eureka Res V Eurotin V Extorre Gold M T Falcon Gold V Finlay Minrls V Firesteel Res V First Nickel T Full Metal Mnl V Gem Intl Res V Geocom Res* Q

0.03 0.03 0.03 0.14 0.02 0.03 0.03 0.06 0.02 0.03 0.02 0.08 0.03 0.05 0.03 0.11 1.10 2.50 1.57 2.40 0.02 0.02 0.02 0.03 0.01 0.01 0.01 0.01 0.05 0.09 0.05 0.13 0.01 0.01 0.01 0.05 0.02 0.03 0.02 0.10 0.50 0.50 0.50 0.50 2.25 2.29 2.25 3.70 0.16 0.16 1.08 4.45 0.86 0.86 0.86 6.70 0.05 0.07 0.05 0.06 5.55 5.68 5.45 7.60 0.16 0.20 0.21 0.32 0.08 0.12 0.09 0.60 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.02 0.04 0.04 0.04 0.07 0.05 0.06 0.05 0.13 0.01 0.01 0.01 0.02 0.20 0.29 0.21 1.72 45.74 45.75 45.74 47.09 0.02 0.02 0.02 0.06 0.19 0.25 0.20 0.30 0.06 0.08 0.06 0.15 0.03 0.04 0.03 0.06 0.01 0.02 0.01 0.03 0.01 0.05 0.02 0.02 0.01 0.02 0.02 0.03 0.03 0.04 0.03 0.10 0.02 0.03 0.03 0.05 3.15 3.50 3.55 4.18 0.30 0.40 0.30 0.30 2.87 2.88 2.86 4.69 3.58 3.73 3.58 5.12 0.02 0.03 0.02 0.11 0.01 0.01 0.01 0.02 0.24 0.25 0.24 0.41 0.02 0.65 0.35 0.35 0.03 0.04 0.04 0.06 0.02 0.03 0.03 0.06 0.03 0.05 0.03 0.07 0.04 0.05 0.05 0.18 0.02 0.02 0.02 0.07 0.01 0.01 0.01 0.02 0.04 0.04 0.04 0.09 0.02 0.03 0.02 0.08 0.01 0.01 0.01 0.01 0.05 0.06 0.05 0.10 0.46 0.49 0.47 0.95 0.06 0.08 0.06 0.25 0.05 0.12 0.05 0.11 0.19 0.19 0.20 0.45 0.10 0.10 0.11 0.25 0.02 0.03 0.02 0.04 0.05 0.11 0.11 0.30 0.08 0.10 0.08 0.27 0.05 0.09 0.06 0.24 0.02 0.03 0.03 0.35 1.09 1.10 1.09 1.10 0.35 0.35 0.35 0.35 0.02 0.03 0.02 0.08 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.05 0.03 0.04 0.03 0.15 0.02 0.03 0.02 0.06 0.03 0.04 0.03 0.07 0.01 0.02 0.02 0.03 0.05 0.06 0.05 0.07 0.02 0.03 0.03 0.06 0.02 0.03 0.02 0.07 0.01 0.01 0.01 0.05 0.02 0.02 0.02 0.04 2.40 2.49 2.40 3.49 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.07 0.07 0.08 0.04 0.06 0.05 0.09 0.04 0.05 0.05 0.09 0.05 0.10 0.06 0.19 1.99 2.00 1.99 2.45 0.07 0.08 0.07 0.10 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.84 0.02 0.04 0.02 0.05 0.02 0.02 0.02 0.08 0.12 0.13 0.12 0.16 12.03 12.64 12.09 20.14 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.02 0.04 3.40 0.13 0.22 0.19 0.20 1.09 1.75 1.20 1.75 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.05 0.40 0.90 0.40 1.12 0.18 0.32 0.32 1.00 0.04 0.07 0.06 0.30 0.12 0.12 0.12 0.13 0.02 0.03 0.02 0.26 0.01 0.01 0.01 0.01 0.68 0.72 0.70 0.99 0.05 0.05 0.05 0.20 0.02 0.03 0.02 0.08 0.03 0.03 0.03 0.11 0.08 0.18 0.01 0.09 0.45 0.45 0.45 1.00 0.01 0.02 0.02 0.14 0.04 0.05 0.04 0.07 0.01 0.01 0.01 0.01 0.14 0.17 0.13 0.42 0.04 0.10 0.05 0.21 0.18 0.25 0.20 0.55 0.41 0.42 0.42 0.45 0.14 0.14 0.14 0.25 0.02 0.03 0.02 0.10 1.01 1.03 1.01 1.70 0.03 0.04 0.03 0.08 0.08 0.08 0.08 0.16 0.02 0.02 0.02 0.10 4.27 4.28 4.27 11.27 0.03 0.04 0.04 0.25 0.02 0.03 0.02 0.05 0.01 0.02 0.02 0.08 0.01 0.01 0.01 0.04 0.03 0.05 0.03 0.35 0.05 0.06 0.05 0.26 0.05 0.09 0.02 0.03

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

STOCK

Geomark Expl Global Hunter Global Met Cl Global Ur Fund Gold Finder Ex Gold Ridge Exp Goldcliff Res Golden Peak Mn Golden Predatr GoldMountain* Gonzaga Res Gray Rock Res Green Valley M Grenville Gold Gryphon Gold GTO Res Gunpoint Expl Highbury Proj Highvista Gold Highway 50 Gld Horizonte Mnls Hudson River M ICN Res IEMR Res Inform Res Inova Res Inter-Citic Mn Inter-Rock Mnl Intl Enexco Intl Millm Mng Intl Minls Crp Intrepid Mns Iron Tank Res Jaxon Mnls Jiulian Res Jourdan Res Kazax Mnls Kesselrun Res Kestrel Gold Kimber Res Kings Bay Gold KWG Res Labdr Iron Mns Lachlan Star Letho Res Liberty Silver Lipari Energy Lithium One Logan Res Long Harbour E Lornex Cap Lovitt Res Lucky Mnls MagIndustries Magma Metals Mahdia Gold Mainstream Mnl Mammoth Res Marengo Mng Marklnd AGF PM Masuparia Gold Maudore Minls Max Res McChip Res McVicar Res Mega Copper Mega Precs Mtl Megastar Dev Menika Mining Mercator Mnls Messina Minls Midway Gold Midway Gold* Mill City Intl Milner Con Slv Minemakers Mineral Depost Mineral Hill Minfocus Expl Minsud Res Mirabela Nickl Moly Mines Montero Mg&Ex Mountain Lake Murgor Res Nebu Res Network Expl Nevado Res New Carolin Gd New Dawn Mng New Destiny Mg New Oroperu Rs New World Res Newcrest Mng Newmac Res Newmont Mng Newstrike Cap Newstrike Res Nikos Expl Nitinat Mnls NMC Res Noble Metal Gr Noble Mnl Expl Nortec Mnls North Am Pot D Northern Sup R NQ Expl NSGold Nuinsco Res Nunavik Nickel NWT Uranium Open Gold Oremex Silver Orestone Mng Orko Silver Orofino Mnls Oronova Res Orsa Vent Otterburn Res Pac Coal Res Pac Iron Ore Pac Potash Pac Rim Mining Pac Wildcat Re Paget Mnls Palladon Vent Pantheon Vent Paragon Minls Parallel Mng Paramount Gold Parlane Res

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.96 1.00 0.98 1.00 0.02 0.04 0.02 0.09 0.01 0.01 0.01 0.03 1.64 1.67 1.64 2.05 0.03 0.03 0.03 0.07 0.02 0.02 0.02 0.05 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.18 0.07 0.07 0.07 0.18 0.04 0.05 0.05 0.35 0.04 0.07 0.04 0.15 0.03 0.04 0.04 0.15 0.01 0.01 0.01 0.01 0.08 0.17 0.15 0.18 0.01 0.01 0.01 0.13 0.10 0.16 0.11 0.11 0.15 0.18 0.15 0.25 0.12 0.24 0.19 0.40 0.12 0.16 0.17 0.28 0.10 0.17 0.13 0.51 0.03 0.05 0.04 0.10 0.01 0.01 0.01 0.01 0.06 0.07 0.06 0.30 0.01 0.01 0.01 0.01 0.01 0.03 0.03 0.07 0.16 0.20 0.15 0.60 2.04 2.05 2.04 2.05 0.01 0.03 0.02 0.03 0.41 0.41 0.41 0.55 0.01 0.02 0.04 0.04 2.80 2.83 2.83 4.92 0.25 0.26 0.26 0.31 0.03 0.04 0.04 0.18 0.02 0.02 0.02 0.06 0.03 0.05 0.03 0.06 0.04 0.05 0.07 0.25 0.02 0.05 0.02 0.06 0.03 0.04 0.03 0.06 0.04 0.05 0.05 0.07 0.15 0.16 0.15 0.40 0.01 0.01 0.01 0.02 0.02 0.03 0.02 0.09 0.02 0.02 0.02 0.14 0.01 0.01 0.02 0.28 0.07 0.09 0.08 0.18 0.05 0.08 0.04 0.13 0.46 0.49 0.47 0.49 1.15 1.18 1.15 1.46 0.05 0.06 0.05 0.06 0.07 0.11 0.07 0.15 0.10 0.18 0.10 0.20 0.04 0.09 0.05 0.06 0.07 0.11 0.13 0.16 0.10 0.04 0.13 0.26 0.09 0.09 0.09 0.28 0.01 0.17 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.01 0.01 0.01 0.02 5.86 8.25 5.82 10.41 0.04 0.07 0.06 0.10 0.01 0.01 0.01 0.06 0.04 0.07 0.07 0.40 0.86 1.40 0.90 1.40 0.47 0.49 0.49 0.52 0.03 0.04 0.03 0.12 0.08 0.09 0.08 0.13 0.03 0.03 0.03 0.07 0.05 0.10 0.09 0.12 0.01 0.01 0.03 0.12 0.06 0.10 0.06 0.13 0.13 0.13 0.09 1.30 0.07 0.08 0.04 1.17 0.12 0.16 0.14 0.20 0.02 0.03 0.02 0.10 0.09 0.12 0.09 0.11 5.00 5.09 4.75 6.95 0.03 0.18 0.14 0.14 0.01 0.02 0.01 0.04 0.09 0.17 0.09 0.09 0.02 0.02 0.02 0.62 0.06 0.07 0.06 0.15 0.01 0.01 0.01 0.03 0.32 0.35 0.32 0.82 0.02 0.02 0.02 0.03 0.02 0.02 0.02 0.07 0.03 0.03 0.03 0.06 0.02 0.03 0.04 0.07 0.04 0.05 0.04 0.08 0.10 0.16 0.13 1.10 0.01 0.02 0.01 0.05 0.10 0.11 0.10 0.24 0.02 0.03 0.02 0.12 12.10 12.90 12.11 31.00 0.11 0.20 0.11 0.29 26.37 26.90 26.25 44.66 0.66 0.70 0.70 1.22 0.03 0.04 0.03 0.07 0.03 0.04 0.03 0.15 0.04 0.04 0.04 0.09 0.17 0.17 0.19 0.19 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.12 0.01 0.01 0.01 0.02 0.03 0.03 0.04 0.04 0.01 0.01 0.01 0.02 0.04 0.05 0.04 0.65 0.01 0.01 0.01 0.03 0.06 0.06 0.06 0.18 0.02 0.02 0.05 0.05 0.01 0.02 0.01 0.02 0.02 0.03 0.03 0.03 0.01 0.01 0.01 0.02 1.94 1.99 1.99 2.63 0.06 0.10 0.06 0.30 0.03 0.05 0.04 0.04 0.10 0.10 0.10 0.15 0.09 0.25 0.20 0.20 0.03 0.05 0.06 0.38 0.10 0.14 0.13 0.35 0.01 0.01 0.01 0.05 0.07 0.08 0.07 0.11 0.01 0.01 0.02 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 1.33 0.11 0.11 0.10 0.13 0.06 0.07 0.06 0.12 0.03 0.09 0.04 0.07 1.20 1.20 1.52 1.88 0.11 0.12 0.12 0.23

0.00 0.02 0.01 0.00 0.03 0.02 0.01 0.04 0.07 0.00 0.02 0.02 0.01 0.04 0.00 0.00 0.14 0.15 0.06 0.11 0.04 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.00 0.04 0.00 0.00 0.02 0.01 0.02 0.03 0.02 0.01 0.02 0.00 0.01 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.03 0.04 0.00 0.03 0.08 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.85 0.00 0.02 0.00 0.02 0.05 0.00 0.00 0.00 0.00 0.06 0.02 0.06 0.00 0.07 0.01 0.03 0.00 0.00 0.01 0.00 0.00 0.01 0.03 0.02 0.02 0.00 0.01 0.07 0.01 0.00 0.10 0.00 0.00 0.02 0.03 0.03 0.00 0.01 0.01 0.02 0.01 0.02 0.01 0.04 0.00 0.05 0.05 0.01 0.02 0.01 0.00 0.05 0.03 0.00 0.20 0.02 0.10 0.01 0.00 0.01 0.01 0.01 0.03 0.00 0.03 0.00 0.03

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Passprt Potash V Penteco Res V Petaquilla Mnl T Phoenix Copper V Pinecrest Res V Pitchstone Exp V Planet Mng V Plata Latina M V PMI Gold T PNG Gold V Polar Star Mng T Portage Mnls C Portola Res V Premier Roy T Proam Expl V Providence Res V PVR Partners* N Q-Gold Res V QMC Quantum Ml V Quartz Mtn Res V Rainy Mtn Royl V Rainy River Rs T Randsburg Intl V Ratel Grp T REBgold V Red Cresc Res T Red Rock Enrgy V Regulus Res V Reliant Gold V Remington Res V Resolve Vent V Reva Res V Revett Mnls T Revolver Res V Rhyolite Res V Ridgemont Ir O V Rio Alto Mng T Rio Alto Mng* N Rio Silver V Roca Mines V RockBridge Res V Rockcliff Res V Rockex Mng T Rockgate Cap T Rockland Mnls V Rockridge Cap V Rome Res V Romios Gold Rs V Ross River Mnl V Rotation Mnls V Royal Coal V Running Fox Rs V RX Gold & Silv V Sable Res V Samco Gold V Sandstorm Mt&E V Savant Expl V Saville Res V Senior Gld Prd T SG Spirit Gold V Signal Expl V Silvermex Res T Silvore Fox Ml V Sirocco Mng T Slater Mng V Sniper Res V Soltoro V Sona Res V Southern Hemis V St-Georges Plt C Stikine Energy V Stratabd Mnr V Strategic Res V Stratton Res V Stroud Res V Sunset Cove Mg V Sunward Res T TAD Mnl Expl V Taipan Res V Takara Res V Taranis Res V Tawsho Mng V Tearlach Res V Terreno Res V Thelon Cap V Tiger Intl V Tigray Res V Tintina Mines V Tolima Gold V Trend Mng* Q TriAusMin T Tribute Res V Troy Res T Trueclaim Expl V Tyhee Gold V United Silver T Uranerz Energy T Uranium One T Uranium Valley V US SIlver & Go T Vaaldiam Mng T Vangold Res V Vendome Res V Venerable Vent V Veris Gold T Viking Gold V Vior Mining V Virginia Mines T Volcanic Mtls V Volta Res T Walter Energy* N Walter Energy T Waseco Res V Waymar Res V Wescan Goldfie V West Cirque Rs V Westcore Energ V Western Areas T Westhaven Vent V Whetstone Mnls V Williams Creek V Windarra Minls V Windstorm Res V Witwatersrand T Wolverine Mnls V World Vent* Q Xemplar Energy V Xinergy T Xtierra V Zinco Mng V Zonte Mtls V

0.02 0.02 0.02 0.05 0.05 0.06 0.05 0.06 0.03 0.03 0.03 0.31 0.01 0.02 0.01 0.03 0.05 0.09 0.09 0.50 0.09 0.09 0.09 0.21 0.03 0.04 0.03 0.06 0.02 0.02 0.02 0.20 0.48 0.50 0.48 0.72 0.01 0.01 0.01 0.03 0.01 0.02 0.01 0.17 0.01 0.02 0.02 0.03 0.20 0.01 0.20 0.20 0.74 0.76 0.76 2.60 0.01 0.02 0.02 0.02 0.04 0.09 0.05 0.12 27.44 27.46 27.44 29.22 0.03 0.06 0.02 0.07 0.02 0.02 0.02 0.04 0.01 0.02 0.02 0.06 0.03 0.04 0.03 0.12 3.37 3.37 3.42 6.10 0.01 0.01 0.01 0.02 0.52 0.55 0.61 1.31 0.13 0.14 0.16 0.16 0.02 0.02 0.01 0.11 0.02 0.02 0.02 0.06 0.25 0.37 0.27 0.64 0.02 0.03 0.02 0.06 0.01 0.03 0.03 0.05 0.04 0.06 0.05 0.08 0.02 0.04 0.02 0.08 0.56 0.65 0.57 1.42 0.04 0.06 0.05 0.08 0.07 0.11 0.11 0.35 0.02 0.02 0.02 0.28 3.47 3.51 3.48 3.99 2.46 2.48 2.47 3.18 0.02 0.03 0.03 0.04 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.09 0.03 0.03 0.03 0.07 0.03 0.04 0.04 0.30 0.30 0.35 0.30 0.53 0.02 0.03 0.03 0.06 0.05 0.06 0.05 0.25 0.03 0.03 0.03 0.17 0.02 0.03 0.03 0.07 0.01 0.01 0.01 0.01 0.02 0.25 0.05 0.15 0.03 0.01 0.01 0.21 0.01 0.02 0.02 0.03 0.23 0.24 0.24 0.60 0.02 0.02 0.01 0.09 0.16 0.30 0.30 0.80 1.20 1.37 1.36 3.54 0.01 0.02 0.02 0.05 0.02 0.04 0.04 0.13 4.78 4.88 4.78 7.48 0.06 0.10 0.10 0.40 0.02 0.05 0.03 0.05 0.50 0.55 0.53 0.88 0.03 0.04 0.03 0.11 0.34 0.36 0.35 0.89 0.03 0.05 0.03 0.05 0.04 0.06 0.06 0.09 0.30 0.30 0.32 0.34 0.02 0.04 0.03 0.11 0.04 0.06 0.04 0.20 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.09 0.02 0.03 0.03 0.08 0.08 0.15 0.10 0.25 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.10 0.17 0.18 0.18 0.24 0.01 0.01 0.01 0.02 0.02 0.02 0.03 0.43 0.03 0.03 0.03 0.06 0.05 0.09 0.07 0.15 0.01 0.02 0.01 0.05 0.02 0.04 0.04 0.09 0.05 0.14 0.07 0.15 0.10 0.10 0.05 0.17 0.19 0.25 0.18 0.31 0.09 0.13 0.10 0.15 0.04 0.05 0.04 0.07 0.01 0.01 0.01 0.05 0.05 0.05 0.01 0.11 0.06 0.07 0.07 0.08 0.05 0.09 0.05 0.12 0.43 0.44 0.43 1.27 0.03 0.03 0.03 0.13 0.01 0.02 0.01 0.10 0.01 0.01 0.02 0.14 1.41 1.44 1.44 1.70 2.85 2.86 2.85 2.86 0.04 0.05 0.04 0.12 0.34 0.35 0.35 0.67 0.26 0.27 0.26 0.27 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.05 0.01 0.02 0.01 0.03 0.10 0.10 0.15 0.95 0.01 0.01 0.01 0.01 0.08 0.09 0.09 0.13 14.65 15.22 14.99 17.20 0.05 0.09 0.06 0.16 0.33 0.34 0.33 0.57 0.16 0.17 0.16 6.84 7.10 7.82 7.15 21.20 0.03 0.04 0.03 0.10 0.09 0.13 0.10 0.20 0.02 0.03 0.02 0.05 0.23 0.26 0.26 0.54 0.02 0.04 0.04 0.04 3.75 8.54 4.00 6.11 0.06 0.09 0.06 0.14 0.01 0.01 0.01 0.04 0.01 0.02 0.02 0.11 0.05 0.07 0.06 0.09 0.04 0.05 0.05 0.19 1.08 1.18 1.08 1.50 0.04 0.05 0.05 0.13 0.01 0.51 0.02 0.10 0.02 0.02 0.02 0.05 0.02 0.02 0.02 0.48 0.01 0.01 0.01 0.09 0.03 0.04 0.03 0.09 0.04 0.07 0.05 0.08

0.01 0.00 0.00 0.01 0.08 0.00 0.03 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.01 0.00 0.00 0.01 0.01 0.02 0.02 0.00 0.01 0.52 0.00 0.00 0.01 0.00 0.01 0.03 0.05 0.02 0.00 0.02 0.11 0.00 0.00 0.00 0.01 0.00 0.02 0.00 0.00 0.00 0.03 0.04 0.03 0.02 0.01 0.01 0.00 0.01 0.00 0.01 0.17 0.00 0.01 0.03 0.00 0.06 0.02 0.00 0.00 0.00 0.02 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.02 0.06 0.01 0.01 0.00 0.01 0.02 0.01 0.03 0.01 0.02 0.04 0.00 0.15 0.00 0.02 0.01 0.00 0.00 0.04 0.00 0.03 0.01 0.00 0.00 0.00 0.04 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.05 0.00 0.05 0.00 0.00 0.00 0.02 0.00 0.01 0.00 0.01 0.00 0.05 0.00 0.01 0.00 0.00 0.00 0.03 0.00 0.02 0.00 0.01 0.02 0.03

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

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15-09-02 8:07 PM

MEXICO Pages 11-16

September 7-13, 2015

Alamos Gold’s El Chanate gold mine in Sonora, Mexico. ALAMOS GOLD

Pan American Silver expands Mexico operations

Minera Alamos downsizes its dreams at Los Verdes

expansion projects of At a time when lower this magnitude in the commodity prices are fuindustry today.” elling cost-cutting and In May, Pan Amerirestructuring plans can’s board of directors across the mining sector, approved a US$112.4Pan American Silver million investment to (TSX: PAA; NASDAQ: expand the company’s PAAS) is pushing ahead Dolores open-pit mine with expansion projects at two of its three mines BY TRISH SAYWELL in the Sierra Madre mountain range of Mexin Mexico, and financing ico’s Chihuahua state. both with cash reserves. “It is somewhat unique under The money will be used to add a the circumstances,” CEO Geoff pulp agglomeration circuit to imBurns says in an interview. “I prove silver and gold recoveries, haven’t read about many new and develop an underground mine projects starting up, or significant See PAN AMERICAN, Page 14

Starcore has had ‘a big year,’ CEO Robert Eadie says BY SALMA TARIKH

Starcore International Mines (TSX: SAM), the owner of the San Martin gold-silver mine in Queretaro, Mexico, has added seven assets to its portfolio over the past year. “The company went from having one mining property and one real estate property to having eight mining properties and one real estate property. So last year was pretty big for us. It was a banner year,” Robert Eadie, Starcore’s president and CEO, says in an interview. Starcore has made three acqui-

sitions in the past year, with the latest being an all-share purchase of Cortez Gold. Under the deal, which closed on Aug. 10, Cortez shareholders received three Starcore shares for each share held, or 28.7 million Starcore shares in total. In exchange the miner received Cortez’s prized asset: the Altiplano gold-silver processing plant in Matehuala, Mexico. Starcore will use the plant to process gold-silver concentrates from small- to medium-sized mines into doré bars, for a fee.

BY MATTHEW KEEVIL

TNM Sep 07 2015 Issue.indd 11

lion capital requirement. The operation would have cranked out 19,000 dry tonnes of copper concentrate and 2,000 dry tonnes of high-grade moly concentrate annually, and generated a US$113million net present value at a 5% discount rate, along with a 34% internal rate of return. “The project has been around for quite a while, and we’ve spent a fair amount of time on mine planning. Unfortunately it proved pretty much impossible to finance that ‘last mile,’ given current market conditions,” explained CEO Chris Frostad during an interview. “We still believe it was a strong project design with reasonable

BY MATTHEW KEEVIL

VANCOUVER — Junior Minera Alamos (TSXV: MAI; US-OTC: VGMTF) is getting a second look from investors after a change in strategy at its wholly owned Los Verdes copper-molybdenum property, 200 km southeast of Hermosillo, Mexico. In response to weak capital markets the company has taken a step back and designed a much smaller start-up operation which it says could result in a lower development cost and a quicker path to cash flow. Minera Alamos’ preliminary economic assessment (PEA) in 2012 modelled a 3,000-tonne-perday operation with a US$92-mil-

MINERAL ALAMOS

capital requirement, but as lovely as all that was, it didn’t fly. So we shook up the box and ended up saying: ‘What would it look like if we went in with a smaller operation?’” The company’s new project design cuts throughput down to 400 tonnes per day, and would carry an estimated development cost of between US$8 million and US$10 million. Another investment of US$8 million would be considered in the third year of operations to double processing capacity and capture value from any growth in resource potential. Los Verdes’ in-situ copper equivalent resources haven’t See MINERA ALAMOS, Page 12

See STARCORE, Page 13

Argonaut aims to balance expansion, cost control VANCOUVER — Argonaut Gold (TSX: AR; US-OTC: ARNGF) is walking a fine line by expanding its gold and silver production while controlling operating costs to maximize its free cash flow. The company’s long-term goal is to boost its annual gold output to between 300,000 and 500,000 equivalent oz. gold. During the second quarter from its two Mexican mines, Argonaut cranked out 37,000 equivalent oz. gold at overall cash costs of US$779 per oz. The result marks a 21% production improvement compared to the same period in 2014, though

A drill site at Mineral Alamos’ Los Verdes copper-molybdenum project in Mexico’s Sonora state.

quarterly cash costs rose US$20 to US$756 per oz. The company’s producing mines are the wholly owned El Castillo open-pit gold mine in Durango State and La Colorada underground gold-silver operation in Sonora State. The company registered quarterly cash flow from operations of US$11.4 million before changes in non-cash working capital, and a net increase in cash balance of US$2.8 million to bring the total to US$43.7 million. “The increased costs were due to lower grades at El Castillo and higher cyanide consumption,”

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SEPTEMBER 7-13, 2015

Mexico

THE NORTHERN MINER

Minera Alamos downsizes its dreams at Los Verdes year were kind of crazy. We can get into production in around eighteen months, and that’s an attractive timeline to cash flow,” he added. The company is targeting earnings before interest, taxes, depreciation and amortization of between US$10 million and US$12 million during its first year of operation, and a minimum eight-year mine life. Preliminary testing on the ore-sorting technology has yielded 100% grade increases and up to 90% recoveries of valuable metals.

was also our technical team. We have a strong group of engineers and metallurgists who have been building mines in Mexico for quite some time,” Frostad said. The next step for Minera is an updated PEA on the smaller mine plan. The company is drilling 1,400 metres at its North deposit to extend Los Verdes’ life. North hosts a historic resource at the past-producing Buenavista mine of 1.1 million tonnes of 0.5% copper and 0.1% moly.

‘We’re essentially adding a new element to our concentration circuit, and it’s a technology that’s been used for years in recyclables and food industries.’

Chris Frostad, Minera Alamos’ CEO.

— Chris Frostad, CEO, Minera Alamos MINERA, From Page 11

changed since the original PEA. The project hosts 7.7 million measured and indicated tonnes grading 0.6% copper, 0.1% moly and 4.74 grams silver per tonne. Mineralization at Los Verdes is magmatic-hydrothermal with sulphide minerals — mostly chalcopyrite, pyrite and moly — that could be related to granodiorites. Weathering near the surface has converted some of the mineralization to an oxide facies (i.e., ferromolybdite plus iron oxides). The first step for Minera was outlining a higher-grade starter pit that could feed its smaller operation early on. The company ended up with a measured and indicated resource at its South deposit of 3.9 million tonnes of 1.9% copper

MINERA ALAMOS

Miguel Cardona (left), Minera Alamos’ vice-president of exploration, and Darren Koningen, president, at the Los Verdes copper-molybdenum project in Mexico. equivalent. “After that we explored the upside of ore sorting, since our team has used it in the past and had good results. We’re essentially adding a new element to our concentration circuit, and it’s a technology that’s been used for years in recyclables and food industries. In our case it involves crushing the rock, run-

ning it down a conveyor and scanning it with X-rays to separate the lower-grade material. We optimize that for cut-off based on our recovery, which allows us to double the grade,” Frostad said. “When we ran numbers things got really intriguing. For the amount of capital we’d be investing upfront, the adjusted earnings per

The company has raised US$3.5 million via private placements since June. Minera has issued 35 million units priced at 10¢ per unit, which each consist of one share and one purchase warrant priced at 10¢ for four years. Major investors include merchant banks Norvista Capital and IBK Capital, which own 16% and 26% of the company. “The financing ended up being structured in that way because, to be frank, it snowballed. As we talked to more people we picked up a lot of interest and built that momentum. We closed the first round, and opened it up for a few more folks we wanted to get involved. I think a large part of the attraction

“The mine life issue is really why we’re drilling right now. We bought the North area a few years back, which historically had better results during private mining. It had similar grades, a cleaner concentrate and it was easier to access,” Frostad said. “And the area is open, so there’s potential to add more mill feed, and there’s also a promising induced-polarization anomaly south of there that is more intense than both the past-producing deposits.” Minera Alamos shares have traded within a 52-week range of 6¢ to 38¢, and last closed at 10¢ per share. The company has 42.5 million shares outstanding.

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Mexico

THE NORTHERN MINER SEPTEMBER 7-13, 2015 13

Bacanora, Rare Earth Minerals sign landmark lithium supply deal with Tesla

Bacanora Minerals and Rare Earth Minerals’ Sonora lithium project in northern Mexico.

The landscape at Bacanora Minerals’ Sonora Lithium project in northern Mexico.

VANCOUVER — Tesla Motors (NASDAQ: TSLA) has signed a conditional agreement with joint-venture partners Bacanora Minerals (TSXV: BCN) and Rare Earth Minerals (LSE: REM) in a move to secure longterm resources from the juniors’ Sonora Lithium project, 180 km northeast of Hermosillo in northern Mexico’s Sonora state. Once the mine enters production, Tesla would buy lithium hydroxide for the first five years below market prices to feed its Gigafactory in Nevada — a battery-producing plant scheduled to open in 2016, and electrify 500,000 of Tesla’s vehicles per year. The agreement is open to a five-year extension. But first, the partners must advance the project into prefeasibility and raise the money to design and build the mine and processing facility — which was estimated at US$114 million, based on a preliminary economic assessment

ate Sonora’s development, and expects the project will “prove to be invaluable in an increasingly lithium-hungry world.” The prefeasibility will take into account a new product mix that will service Tesla’s demands, and establish the maiden reserve for the lithium deposit. Indicated resources at the property stand at 1.1 million tonnes of lithium carbonate equivalent (LCE) in 95 million tonnes averaging 2,200 parts per million (ppm) lithium and 6.3 million tonnes of LCE as inferred in 500 million tonnes averaging 2,300 ppm as inferred, using a 450 ppm lithium cut-off. In May, the partners reported partial results from a 5,000-metre drill program to upgrade the resource, but no timeline was given on when they’ll deliver the feasibility study. Mineralization is hosted within two clay-rich horizons that have been traced across a 7 km strike length, and several

Peter Secker, Bacanora Minerals’ CEO. (PEA) in 2013. In a company press release, Colin Orr-Ewing, non-executive chairman of Bacanora, said he anticipates the contract will acceler-

hundreds of metres down-dip through a number of the property’s concessions. Bacanora is the majority owner of the concessions, many of which are under 30% joint venture with rare earth investor REM, which also owns 16.4% of Bacanora. The partners expect to develop the deposit at a scaled capacity of 35,000 to 50,000 tonnes per year for a 20-year, open-pit mine life. Based on the PEA — which used inferred resources 930,000 tonnes of LCE in 60 million tonnes averaging 3,000 ppm lithium from the Ventana concession — the economics returned a net present value of US$848 million at an 8% discount rate, assuming an aver-

BACANORA MINERALS

age lithium carbonate price of $6,000 per tonne. The internal rate of return stood at 138%. The report assumes 100% recovery of the lithium-bearing solutions from the clays in the form of lithium carbonate. The partners are also finishing metallurgical test work to supplement the studies. Bacanora shares rose 42% on the news to $1.84 at presstime and have traded within a 52-week range of 56¢ to $2. There are 85.2 million shares outstanding for a $156.7-million market cap. REM shares rose 23% on the news to 1.12 pence, a new 52-week high. With 6.82 billion shares outstanding, the market cap is £73 million.

Starcore has had ‘a big year’ STARCORE, From Page 11

Eadie says the plant could generate between $4 million and $6 million in revenue in the first year, and a bit more once it reaches full capacity. Starcore intends to commission the plant soon. The miner is also offering 15.9 million shares priced at 14¢ per share to settle Cortez’s outstanding US$1.5-million debt. The debt relates to outstanding loans Cortez took on in 2014 to build the Altiplano plant. Starcore expects to have 197 million shares outstanding once it pays that off. In February 2015, Starcore bought the bankrupt firm Creston Moly for $2 million. Formerly a subsidiary of Mercator Minerals, Creston Moly owned three molybdenum-copper projects, with the most advanced being El Creston in Sonora, Mexico. “It’s a $194-million project, which we bought for $2 million,” Eadie says. Starcore kicked off its fiscal 2015 shopping spree with an all-share takeover of American Consolidated Minerals last December. Under that deal, three American Consolidated shares were exchanged for one Starcore share,

TNM Sep 07 2015 Issue.indd 13

totalling 5.9 million Starcore shares. Through this transaction, the miner received three exploration projects, including the Toiyabe gold property in Nevada and a 50% interest in the Sierra Rosario project in Sinaloa, Mexico. While the company intends to joint-venture some of its newer assets, San Martin remains its sole producer. On Aug. 19, Starcore reported a 6% improvement in quarter-overquarter production at the San Martin mine. For the fourth quarter ending in July, the mine churned out 4,694 equivalent oz. gold from 77,279 tonnes grading 2 grams gold per tonne and 19 grams silver per tonne. The equivalent gold production is up 6% from the third quarter’s 4,400 oz., partly due to a 13% increase in silver grades. Gold grades stayed relatively flat over the quarter. While the recently discovered high-grade manto mineralization has contributed to the improved quarterly performance, the company has also increased sampling

and attention to detail when it comes to processing, Eadie says. For the 12 months ended in July, Starcore churned out 19,635 equivalent oz. gold, down 18% from the same period last year. The drop likely resulted from lower overall gold and silver grades. Over the period, it processed 311,897 tonnes at 2.14 grams gold and 18.24 grams silver, compared to 308,610 tonnes averaging 2.55 grams gold and 24.2 grams silver a year earlier. Eadie says grades could return to 2013–14 levels by the end of this year. He highlights that for the fiscal year ending in July, Starcore reduced its operating costs and improved its operating efficiency. The 2015 financial results should be out in November. In the near term, Eadie says the company intends to focus on its San Martin operation, commission the Altiplano plant and sell the real estate property that it received through its 2007 acquisition of San Martin. He adds that the miner is still open to new acquisitions. The stock closed Sept. 1 flat at 10¢ per share.

15-09-02 8:07 PM

Mexico

14 SEPTEMBER 7-13, 2015 THE NORTHERN MINER

Pan American Silver expands Mexico operations PAN AMERICAN, From Page 11

south of the open pit. The Vancouver-based silver producer is also in the midst of a US$164-million expansion at its La Colorada mine in the state of Zacatecas. The undertaking began in January 2014 and is designed to increase the operation’s annual silver production by 67% to 7.7 million oz. silver by 2018. The main components of the La Colorada expansion include a 600-metre-deep extraction shaft and hoisting system for ore, personnel, materials and waste of 2,300 tonnes per day; new mining zones; a larger mining fleet; and building up the sulphide treatment plant to 1,500 tonnes per day from 750 tonnes per day. Other work includes enlarging and upgrading the mine’s dewatering and ventilation systems, increasing the tailings storage facilities and building a 115-kilovolt power line connected to the national electricity grid. Burns says the company has spent US$38.2 million on the La Colorada expansion as of June, with US$125.8 million left to go. At Dolores, US$9.7 million has been spent, with another US$102.7 million left over. At La Colorada, Pan American has completed the pilot borehole for the 5.1-metre diameter shaft, and in July started full diameter boring. Since then, the company has pulled the 5.1-metre diameter raise bore for 150 metres of the 600-metre shaft length. Crews are completing the underground development work needed to tie into the new shaft, and working “full tilt” on the sulphide plant, Burns says. The team will likely finish the plant before the power line, but there is a contingency to provide on-site power for a year before the new power line is built. “There is no issue with the

power line, it just takes the amount of time it takes, and we don’t see any issues completing the expansion on time and within the capital budget we’ve announced,” Burns says, noting that Pan American expects to commission the plant in 2017, and reach a run rate of 1,800 tonnes per day by the end of that year. At Dolores, by the end of June, the company had completed 282 metres of the underground ramp and installed 30% of the power line. Pan American is fine-tuning the process engineering and putting together the construction contracts. Civil works — including clearing the land and excavating down to bedrock for the plant — are also underway. Burns says the company is getting going on the agglomeration plant, but doesn’t expect any problems, as it is a fairly straightforward plant. “There’s nothing unique or unusual about the plant at all, so I don’t see any reason why we won’t hit this one on schedule and on budget,” he says. “It should be finished at the end of 2016, with commissioning in early 2017.” Pan American drilled 8,700 metres at La Colorada in the second quarter of this year and expanded mineralization to the east, with high-grade intersects such as 2.9 metres averaging 904 grams silver per tonne, 6.9% lead and 4.5% zinc in the Recompensa zone, and 2 metres grading 1,020 grams silver, 3.6% lead and 22% zinc in the Amolillo vein. Since 2010, Pan American has more than tripled the reserves at La Colorada. “That was really the backbone of looking at the expansion,” Burns says, adding that the company has yet to reach the bottom of La Colorada’s two main zones — NC2 and Recompensa — which continue down-dip. “We’ve probably reached the end along strike, but we have in-

Processing equipment at Pan American Silver’s La Colorada silver mine in Mexico’s Zacatecas state. dications that they extend at least 200 to 400 metres below the deepest levels of the mine’s reserves today, so there’s a lot more to find,” he says. Pan American has slowed the pace of drilling at La Colorada for two reasons: it is focused on underground development work, and there is less area to drill from; and it believes there is no rush to find more resources, as it has enough material to feed a bigger mining operation. “We already have such a large reserve in front of us, it’s not mission-critical to continue to expand it,” he says. “We know there is more than enough material to run that plant for more than ten years and make this expansion plan really pay, so there’s no urgency to keep drilling.” The big growth areas at Dolores,

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meanwhile, are where Pan American is moving underground south of the current pit limits, and where it has undertaken drilling. The most effective drilling, however, won’t get underway until the ramp is finished. “It’s kind of a similar situation at Dolores as it is at La Colorada,” Burns says. “We’ve found so much resource south of the pit that we’re almost to the point that the drilling we need to do is definition rather than exploration, so that we can outline stopes and production schedules.” La Colorada has proven and probable reserves of 6.8 million tonnes grading 391 grams silver per tonne, 0.35 gram gold per tonne, 2.4% zinc and 1.4% lead, while Dolores has proven and probable reserves of 59.9 million tonnes averaging 33 grams silver and 0.89 gram gold. Both estimates are based on US$18.50 per oz. silver and US$1,250 per oz. gold. This year Pan American forecasts that its seven mines (Huaron and Morococha in Peru, Manantial Espejo in Argentina, San Vicente in Bolivia and La Colorada, Dolores and Alamo Dorado in Mexico) will churn out between 25.5 million and 26.5 million oz. silver, and between 165,000 and 175,000 oz. gold at cash costs of US$10.80 to $11.80 per oz. During the first half on a consolidated basis, Pan American produced 12.72 million oz. silver and 81,900 oz. gold at all-in sustaining costs of US$14.35 per oz. and cash costs of US$10.53, net of by-product credits. In the second quarter, La Colorada produced 1.3 million oz. silver at a cash cost of US$7.85 per oz., and Dolores produced 1.1 million oz. silver and 20,200 oz. gold at cash costs of US$8.34 per oz., despite lower gold prices. In June, Pan American held US$275 million in cash and shortterm investments, US$470-million working capital and US$61.8 million in debt. The company has negotiated a four-year, US$300-million secured revolving credit line that is available for general corporate purposes, including acquisitions — and Burns isn’t ruling out acquiring a development-stage asset. “Our preferred domiciles would be Mexico and Peru, so we do spend more time looking in those two locations for opportunities, because we’re trying to lever off

PAN AMERICAN SILVER

the infrastructure we’ve had in place for a number of years,” he says. “In the last six months the gap between how the operating companies are performing shareprice wise and some of the juniors, is starting to increase, which then makes things more affordable and value creating.” Burns says Mexico and Peru have a long history of mining “and are well disposed to provide the industry with everything it needs to operate,” such as having some of the world’s best mining infrastructure, government regulations, security of land tenure, availability of professionals and community understanding of the industry. While the mining executive acknowledges recent challenges in Mexico with the robbery earlier this year at McEwen Mining’s (TSX: MUX; NYSE: MUX) El Gallo 1 mine in Sinaloa state, and kidnappings in Guerrero state that have affected Torex Gold Resources (TSX: TGX; US-OTC: TORXF) and Goldcorp (TSX: G; NYSE: GG), Pan American isn’t overly concerned. “Security issues have cycled up and down in the last few years,” he concedes. “Things had seemed to be improving, and then appeared to deteriorate a little bit, but in general, they seem to be manageable from our perspective. Yes, we’ve had to increase our level of security at our sites, but at this stage I would say it hasn’t scared us away from doing the expansions.” And while Mexico introduced a new mining tax regime last year, which pushed a number of company projects into the uneconomic category, he says, Mexico was simply following the lead of Argentina, Australia, Brazil, Chile, Colombia, Peru, Russia, South Africa and the U.S., among others. “It just means you have to factor the increased taxes into your evaluations,” he says. Under Mexico’s taxation regime, which went into effect in January 2014, there is a new royalty of 7.5% on earnings before interest, taxes, depreciation and amortization, 60% of which is tax deductible. There is also a 10% withholding tax on dividends paid to non-resident shareholders and a 0.5% environmental erosion fee on precious metals based on gross revenues, which is also tax deductible. As for weathering the current See PAN AMERICAN , Page 15

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Mexico

THE NORTHERN MINER SEPTEMBER 7-13, 2015 15

Sierra Metals turns up the heat in Mexico In July, Sierra Metals (TSX: SMT) appointed as its vice-president of exploration Matthew Wunder — a geologist who during his career was part of a group at Rubicon Minerals (TSX: RMX; NYSE-MKT: RBY) that discovered and developed the F2 gold deposit in Red Lake, Ont. The explorer and his colleagues David Abramson, Ian Russell, Terry Bursey and Crystal McCullough were honoured in 2012 with the Colin Spence award for Excellence in Global Mineral Exploration — joining a list of recipients that include mining titans Ross Beaty, Roman Shklanka, Charles Forster and Mark Rebagliati. Mark Brennan, Sierra Metals’ president and CEO, was travelling and unavailable for an interview, but noted at the time of Wunder’s appointment that the geologist’s “extensive knowledge and experience with precious metal and polymetallic ore systems are tailored to exploit the considerable geological opportunities that the company sees available at all of its operations.” The operations in Mexico consist of two producing underground mines: its 100%-owned Bolivar copper-silver-gold mine, which began commercial production in November 2011, and its 100%-owned silver-lead Cusi mine, which achieved commercial production in January 2013. The Cusi mine, in central Chihuahua state, is 135 km south of Chihuahua City, while Bolivar is situated in southwestern Chihuahua, 255 km southwest of Chihuahua City and 1,250 km northwest of Mexico City. Sierra also has a number of exploration properties in Mexico, including the Bacera silver project in the state of Sonora, and the Batopilas gold project in Chihuahua. Altogether, Sierra’s land package in Mexico totals more than 1,420 sq. km. Outside Mexico, Sierra owns 82% of the Yauricocha mine in Peru, as well as the Adrico gold project, the Victoria copper-sil-

ver project and the Ipillo polymetallic project. This year Sierra has earmarked US$9 million for an exploration program that will drill 75,000 metres across all three operating mines, and another 4,000 metres on two exploration targets in Mexico. The program is aimed at expanding and upgrading the reserves and resources at its mines, and follow up on high-priority targets. Most of the drilling will be done in Mexico, with 21,210 metres at Bolivar split between resource expansion drilling (8,710 metres) and exploration drilling (12,500 metres). At Cusi, Sierra intends to drill 37,711 metres, with 33,382 metres dedicated to resource expansion drilling and 4,329 metres on exploration. Another 4,000 metres will be earmarked for exploration at the Bacerac and Batopilas projects. At Bolivar, the company will conduct step-out drilling on the copper-silver manto orebodies and further delineate the highgrade La Sidra gold-silver vein. At Cusi, drilling is adding reserves and resources to quantify the dimensions of future expansion plans. Underground drilling at Boli-

Pan American PAN AMERICAN, From Page 14

downturn, the start of which Burns dates to April 2013, the company, like most others, has struggled to re-engineer and retune the business to the reality of market prices. But he says Pan American was lucky because it entered the down cycle with a “strong balance sheet, significant cash balances and essentially no debt,” so it has had “the luxury of taking a methodical and analytical approach on how to strengthen and improve our business, and that has put us in a good spot.” What differentiates this downturn — or mining cycle — from previous downturns, he notes, is that while commodity prices have marched steadily downwards, cost profiles from the beginning were much higher than they have been in past cycles. “The cost base has gone from US$3 to US$4 per oz. silver to US$12 to US$14 per oz. in an eight-year period, so I’ve not seen a cycle that looked like this before.” Another aspect of the current downturn is that there is a surplus of almost every commodity, he says. “I don’t recall any time in my career that there was a theo-

TNM Sep 07 2015 Issue.indd 15

PHOTO BY ANTHONY VACCARO.

As seen in 2013, Sierra Metals’ Cusi silver-gold project, in Chihuahua state, Mexico.

retical surplus of everything, and when I say ‘everything’ let’s review: we have a surplus of oil, potash, nitrogen, potassium, iron ore, copper, gold, silver, zinc and lead. That is just unbelievably strange, and has probably never been seen before.” Moreover, as monetary policy in the developed world has “exploded” and governments print money (the U.S. has tripled its money supply in the last eight years), the value of tangible assets like gold and silver will rise, he argues. “In a world where governments are allowed to undermine the original value of their currency by printing more money ad hoc, fundamental commodities will eventually return to their adjusted values and so I’m optimistic that in the medium- to long-term, gold and silver will do incredibly well, as will all commodities,” he forecasts. “As the world gets tired of holding paper, which becomes less and less valuable every day, I’m supremely confident that gold and silver will do very, very well.” If Burns is correct, Pan American Silver should find itself in a sweet spot.

and an inferred resource of 2.7 million tonnes grading 227.5 grams silver, 0.3% lead, 0.3% zinc and 0.08 gram gold. The resource was based on a 90-gram silver per tonne cut-off grade. Regional exploration in Mexico will target the San Patricio mineralized breccia zone, a 400-by-500-metre area of historical workings at the Bacerac property in northeastern Sonora, where confirmation sampling over 8.3 metres yielded 2.3 grams gold and 1,722 grams silver, along with copper and lead values. A drill intercept in 2012 returned 1.2 metres grading 368 grams silver per tonne, 3.79 grams gold per tonne, 0.03% copper, 0.3% lead, 0.02% zinc and 0.01% manganese. At the Batopilas property in southwestern Chihuahua, meanwhile, exploration drilling will target the Corralitos prospect, a molybdenum-copper deposit that was partly drilled by a previous owner in 1997, and by Sierra in 2011. The drilling confirmed stockwork copper-molybdenum mineralization over a 1.5 sq km area that is open in all directions. Sierra says the mineralization is controlled by north- to northeast-trending faults and lies within a much broader area of alteration covering several square kilometres. Core drilling in 2011 returned a 6.1-metre intercept grading 1.1% copper, 0.002% molybdenum, 5.80 grams silver and 0.07 gram gold. In the first half of 2015, Bolivar produced 9.2 million lb. copper, 195,454 oz. silver and 1,218 oz. gold, at cash costs of US$1.45 per payable lb. copper, and Cusi produced 432,068 oz. silver, 142 oz. gold and 365 lb. lead, at cash costs of US$8.16 per payable oz. silver. At press time, Sierra traded at $1 per share within a 52-week range of 84¢ to $2.13. The company has 161 million shares outstanding.

var in 2014 expanded the copper- lent cut-off grade of 0.7%. At Cusi, the 2015 drill program gold-silver mineralization at Bolivar NW, while surface sam- will more than triple the total mepling and drilling highlighted the tres drilled in 2014 and expand La Sidra silver-gold quartz vein the current resource at both the system. Surface mapping and Promontorio and Santa Eduwiges sampling last year traced the mines — which are 600 metres silver-gold quartz vein system apart — as well as surface exploover a 2,500-metre strike length. ration in five areas: San Nicolas Drilling in 2014 over 150 metres Central, Milagro, Candelaria, the of the vein intersected up to 5 La India/Candelaria junction and SMSJ_Sept 2012_Pro_TH_PC grams gold per tonne, 440 grams San Juan. Drilling will also exsilver per tonne, 2% lead and 5% plore Azucarera, a silver-rich Mobile Equipment for stockwork breccia in the Promzinc, over up to 5 metres wide. Safety and Productivity Previous work at Bolivar also ontorio mine. Last year, surface and underreturned grades of up to 0.3% ocated to a of coresq ground ft Lant drilling expanded and copper eover 14 metres length at Lilly Norte, a 300-by- upgraded the resources for the 1 5 0 - m e t r e , t o u r m a l i n e - r i c h Promontorio and Santa Eduwiges breccia pipe that hosts dissemi- mines, and tested for depth extension of several veins. Undernated copper mineralization. At Bolivar’s Nathalie fault, ground development at Promondrilling this year will test the torio also exposed several extent of mineralization. Drill- hundreds of metres of mineraling within the upper skarn ho- ized shoots, some of which lie rizon nearSMSJ_Sept the Nathalie fault in outside the resource estimate. SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC Cusi has an indicated resource 2013 returned 13.6% zinc and Mobile Equipment for of 1.7 million tonnes grading 0.9% copper over an estimated Safetytrue and Productivity 231.9 grams silver, 0.5% lead, 10.1-metre width. The drill program this year will Re-Located to a 50,000 sq.ft. PLant! 0.5% zinc and 0.08 gram gold, continue resource expansion at Bolivar NW, Alta Ley and stepout zones, as well as surface exploration drilling on the La Sidra target. Measured and indicated resources at Bolivar add up to 15.4 million tonnes grading 19.4 grams silver per tonne, 0.8% copper, 1% zinc, 0.20 gram gold and 1.3% copper-equivalent. Its inferred resource measures 6.2 Engineering and Environmental Solutions million Authorized tonnes averaging 18.1 gramsToyota silver, 0.7% copper, 0.9% Landcruiser From geotechnical engineering to environmental zinc, 0.30Dealer gram gold and 1.2% assessments, water management, and renewable copper-equivalent. The reenergy integration, our international team of sources used a copper-equiva-

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15-09-02 8:07 PM

Mexico

16 SEPTEMBER 7-13, 2015 THE NORTHERN MINER

Argonaut aims to balance expansion and cost control

Argonaut Gold’s El Castillo gold mine in Mexico, 100 km north of the city of Durango, where the company has spent US$16 million so far this year. ARGONAUT, From Page 11

president and CEO Pete Dougherty explained during a conference call. “We expect our all-in sustaining cost to drop further as we lower our capital spending throughout the remainder of the year, and into next year we should see a significant reduction in our capital spending.” Argonaut is taking steps to cut costs, including layoffs at El Castillo and La Colorada, contract renegotiations with major suppliers and operational adjustments, in case gold drops for some time below US$1,100 per oz.. Argonaut spent US$22 million of its US$37-million annual capital-

expenditure budget through the end of June, including US$16 million at El Castillo where it built a heap-leach pad, and US$11 million at La Colorada where it installed an overland conveying system and heap-leach pads. “I’m happy to report that the heap-leach pad at El Castillo has been complete, which was the major capital undertaking for the project this year,” Dougherty elaborated. “At La Colorado we have completed the 6A and 9A leach pads, and the conveyor. We are well under way with our construction projects for this latter part of the year, when we see the rain starting to influence production and

construction ability.” Argonaut’s next development project appears to be the San Agustin satellite deposit, which sits 10 km west of the El Castillo complex. The company picked up the asset for $75 million in cash and shares in late 2013, and figures it can get it into production for US$67 million. According to a preliminary economic assessment released in early 2015, San Agustin would produce 50,400 equivalent oz. gold annually over a 10.5-year mine life at cash costs of US$670 per oz. Assuming metal prices of US$1,200 per oz. gold and US$17 per oz. silver, San Agustin has an

after-tax net present value of US$70.2 million at a 5% discount rate, and is projected to have a 22% after-tax internal rate of return. “Recent drilling has increased the footprint of the San Agustin property, while land negotiations and permits are moving forward,” Dougherty said. “We’re quite excited by the project and see advancements and a potential to increase resources even further. When we look at upcoming catalysts for the company it’s definitely San Agustin, and we’ll have a drilling update in the third quarter and hopefully a construction decision by [year-end].” San Agustin hosts 82 million in-

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TNM Sep 07 2015 Issue.indd 16

Mining & Construction Tools

ARGONAUT GOLD

dicated tonnes grading 0.32 gram gold per tonne and 10.7 grams silver per tonne for 845,000 contained oz. gold and 28.3 million contained oz. silver. Argonaut remains on track to meet its annual guidance of between 135,000 and 145,000 equivalent oz. gold at cash costs ranging from US$700 to US$750 per oz., and expects to have US$46 million in cash at year-end. The company’s shares have traded within a 52-week range of $1.18 to $4.88, and last closed at $1.30 per share. Argonaut has 155 million shares outstanding for a $205-million market capitalization. “We’re taking some actions right now that we think will strengthen the company from an operating perspective as we move forward in terms of reducing some significant operating costs. So we’re hopeful that, even in the lower environment, we’ll still be generating cash and putting that back into the balance sheet,” Dougherty said. BMO Capital Markets analyst Brian Quast has an “outperform” rating on Argonaut stock, but lowered his price target by $1 after the second-quarter results to $3 per share. BMO Research noted on Aug. 16 that the company’s earnings per share were below expectations following an inventory writedown and higher-than-expected cash costs. “Higher cash costs at El Castillo are due primarily to higher reagent consumption and a decrease in gold delivered to the leach pad,” Quast wrote. “Construction permits for San Agustin have been submitted and a construction decision is expected at the end of the year. Production and cash-cost guidance was maintained for the year, although the company is expecting to come in at the higher end of cost guidance.”

15-09-02 8:07 PM

THE NORTHERN MINER

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TNM Sep 07 2015 Issue.indd 17

15-09-02 8:08 PM

SEPTEMBER 7-13, 2015

THE NORTHERN MINER

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PROFESSIONAL DIRECTORY

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TNM Sep 07 2015 Issue.indd 18

Full Time

months, with Goldcorp reporting a US$2.3-billion writedown on its Cerro Negro mine in Argentina and Barrick taking a US$2.8-billion hit due to its investment in the Lumwana copper mine in Zambia and the Cerro Casale project in Chile. Meanwhile, Kinross took a $1-billion writedown related to property, plant and equipment, and Yamana absorbed an US$800-million impairment in 2014 due to declining mine production. The writedowns are non-cash accounting considerations that carry limited impact on day-today operations, but they have damaged investor faith in the gold space and driven equity valuations downward. The more pressing issues have involved the erosion of free cash flow and working capital, after miners operated with all-in sustaining cost profiles that put a severe dent in earnings per ounce. “When we talk about flaws we’re looking at bloated cost structures where a lot of costs didn’t need to be there, and yet they found a way into the system. Every company suffered from it, but some suffered more substantially,” Kaip said. “When you look at some of the senior gold companies you see their general and administrative expenditures literally ballooned during that time frame. They also became inefficient on the operation side, and there was less of a focus on costs. I think management teams just weren’t sharp enough, and that allows waste to find its way into a system over time.” In response to investor and market criticism, many senior gold producers have initiated cost-cutting programs to identify core assets and streamline operations. The measures have included layoffs at the corporate and operational level, deferment of development projects, asset sales, and raising cut-off grades on mineral reserves and resources. For example, Barrick has divested nearly US$3 billion in assets over the past year to cut debt levels, “further reorganized” its operations in January and cut more jobs. The company already slashed 100 positions at its Toronto offices back in 2012, as gold prices first deteriorated. In addition, megaprojects like Barrick’s Pascua Lama, Goldcorp’s El Morro and Kinross’ Tasiast expansion have been put on hold. BMO Research says the three projects represent more than 1.5 million oz. in new gold production, but would cost US$9 billion to develop. “There have been strides made, but there is definitely room for improvement in cost structures. That’s not only on the sustaining capital side, but in terms of the operating costs. We’re seeing these companies looking closely at operations, but those costs haven’t come down enough over the past few years,” Kaip noted. “Most of the benefits of optimizing sustaining capital have been achieved. One of the things we haven’t seen come into play is wage depletion. Labour wages are still at the level they were two years ago. The average miner is still employed because, quite frankly, we haven’t seen enough operations shut down. Reserves have definitely come down and they will come down further. That’s just a fact of life, and we expect to see more of it. Some of the miners are trying to offset reserve contraction by purchasing exploration or ad-

*PRICED AS OF CLOSE ON SEPT. 1, 2015

vanced-stage projects, but the reality is that operating reserves continue to decline year-over-year,” he said. BMO Research noted in an Aug. 9 update that the six North American senior miners in its coverage space reported free cash flow of US$309 million, with Eldorado, Agnico, Goldcorp and Kinross reporting “better-than-expected” cash flow on lower capital spending. Operating costs also trended downward, as Barrick registered a 2% drop in all-in sustaining costs, Agnico managed a 1.1% decrease, Goldcorp’s all-in sustaining costs dropped 4.1% and Eldorado reported a 5.4% cost decrease. “You have to layer into all of this execution. For example, when we compare Goldcorp and Agnico, you see that Agnico has been doing a better job executing over the past few years. Barrick had a similar premium and stumbled, but they look to regain some of that. Goldcorp also has an opportunity to recapture that premium with its Canadian production assets,” Kaip said. Long term, BMO Research forecasts a US$1,250 per oz. nominal gold price, though it notes that another round of cost cutting may be required for some miners to adapt to a potential sub-US$1,100 per oz. price environment.

gold deposit that’s still growing, and it’s one of the most significant gold discoveries in the next decade,” Kaip said. “The cuts in exploration budgets are becoming a problem, but you have to remember not to look at the physical dollars. There was a huge amount of money wasted in exploration during the peak cycle. Many of these exploration programs should never have had the amount of dollars thrown at them — that’s a lot of waste. From a senior perspective we’re looking at exploration dollars being spent more efficiently, and you could argue that even though we’re seeing less being spent, there’s still the potential to make significant discoveries. Another example is what Agnico is doing at Meadowbank with its Amaruq deposit in Nunavut.” BMO Research notes that investors are “waking up” to the realization that senior miners have made big changes, yet share prices remain near multi-year lows. Shares of Barrick were down 55% year-on-year to $8.89 at press time, while Goldcorp lost 38% and traded at $18.19 per share. Meanwhile, Agnico fell 23% to $31.91 and Yamana is down a whopping 73% to $2.35 per share. By comparison, December contracts for gold bullion have dropped just 11.5% since September

‘What I think will happen is a healthy pace of small companies being acquired by intermediate producers and the odd major coming in and taking a piece, or making an acquisition.’ — Andrew Kaip, managing director of mining equity research, BMO Capital Markets “While positive inroads have been made at assessing growth opportunities, the senior miners still struggle to demonstrate reasonable returns on capital allocation. It will take investors a while to forget the [US$29 billion] in writedowns incurred by the six gold miners in 2013 and 2014,” Kaip noted in a research report. Though producers have made progress in controlling capital spending and operating costs, there are concerns about the health of project pipelines after a drop in exploration investment. In-situ gold reserves have declined over recent quarters, and the Canadian Mineral Industry Federation noted in a recent report that exploration expenditures in 2014 were are at their lowest levels since 2002. In Canada, junior companies accounted for only 40% of exploration expenditures in 2013, down from a high of 65% in 2007. “There’s a misconception that all the seniors are in trouble in terms of exploration. Take Barrick for example, which made the Goldrush discovery in Nevada over the past five years or so. It’s a 15 million oz.

2014, and last closed at US$1,139.30 per oz. “I think what investors want to see are large business combinations, and I don’t know if we’ll see that in the near term. What I think will happen is a healthy pace of small companies being acquired by intermediate producers and the odd major coming in and taking a piece, or making an acquisition,” Kaip said. “For the most part it’s a balance sheet issue, but we aren’t seeing that issue snowball to the point where we’ll see major changes. There need to be more deals like the AuRico-Alamos deal, because one of the problems is that there is simply too much product ... we need to simplify the product for broader investment by limiting the amount of companies out there.” BMO Research expects an “inflection point” for the senior gold space in early 2016, with generalist investors returning to the sector. In particular, Goldcorp, Barrick and Agnico screen as having the top “core portfolios” by BMO’s calculations.

15-09-02 8:08 PM

THE NORTHERN MINER SEPTEMBER 7-13, 2015 19

Electrical, Foreman Saskatchewan, Canada Online Reference No: 62385 As a part of Key Lake’s maintenance team, you will be responsible for supervising various trades-people in multiple disciplines, ensuring safe work practices are followed, setting priorities and assigning work on a regular basis.

Discipline Engineer – Civil/ Structural, North Bay, Ontario Online Reference No: 62341 Key Accountabilities: Be a champion for safety, advocating safe behaviour while incorporating safety into the designs produced. As requested, attend technical conferences, representing Cementations capabilities, and attend seminars that will further Cementation’s knowledge. Collaborate with Project Services and Operations to produce “Best For Project” designs that are safe, reflect the client’s operability requirements first, and are constructible.

Category Manager Saskatoon, Saskatchewan Online Reference No: 62335 In this pivotal role you will be responsible for managing the materials and equipment portfolio of categories, including MRO, mobile equipment, bulks and other related categories. Working closely with supply chain management business partners in our mining, major projects and fuel services divisions, you will develop sourcing strategies for these categories, manage contracts with and performance of Cameco’s Tier 1 vendors, as well as maintain category expertise and market knowledge necessary to maximize value from periodic rate and service level negotiations.

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Journeyperson Carpenter/Scaffolder Rabbit Lake Operation Online Reference No: 62348 POSITION AND RESPONSIBILITIES: You will perform carpentry and related building maintenance duties. Responsibilities include the installation, maintenance and repair of surface and camp buildings and equipment. You will perform other duties as required and requested

Chief Metallurgist Saskatoon, Saskatchewan Online Reference No: 62338 We are looking for a new team member to join the corporate technical services department at Cameco. Our team is involved in new and challenging metallurgical projects that arise from Cameco’s diverse ore body geology. We have properties in Canada, the United States, Kazakhstan and Australia, where processing technologies cover a wide array of uranium extraction techniques ranging from traditional tank leach/SX to ISR/IX circuits.

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

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Mine Engineer Rabbit Lake Operation Online Reference No: 62306 As a member of the mine engineering group, you will be responsible for underground mine development planning, scheduling and priority setting to achieve short and long-term mine objectives. With safety as your core value, you will focus on high quality results to achieve production targets. You will provide technical support in the key areas of long range mine planning, longhole drilling and blasting, ground control, ventilation and mine water management.

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TNM Sep 07 2015 Issue.indd 19

15-09-02 8:08 PM

20 SEPTEMBER 7-13, 2015 THE NORTHERN MINER

EVENTS Oct 7-8 AEMQ XPLOR 2015 Place Bonaventure, QC info@aemq.org (819) 762-1599; 1-877-762-1599 http://aemq. org/EN/XPLOR Nov 4-5 World Mining Summit Toronto, ON lawrence.smithson@americanleaders. com +1 312 582 4273 www. worldminingsummit.com Nov 18-20 Manitoba Mining & Minerals Convention Winnipeg, MA convention@ gov.mb.ca (204) 945-2691; 1-800-2235215 manitoba.ca/iem/convention

Freeport-McMoRan on a broad cost-cutting spree

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

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

FREEPORT-MCMORAN

The second concentrator, which started operations in May 2014, at Freeport-McMoRan’s 85%-owned Morenci copper mine in southeast Arizona. VANCOUVER — Freeport-McMoRan (NYSE: FCX) has been carrying out business-wide spending cuts that it calls an “aggressive response” to weak market conditions. On Aug. 27 the company said it would reduce its mining capital budget by 25% next year and cut 10% of its U.S. mine staff, as it attempts to weather a sharp slump in copper prices. Freeport has committed to a number of measures to meet its spending goals, including: a US$700-million reduction in mining capital expenditures in 2016; 20% year-on-year slash in operating cash costs to US$1.15 per lb.; US$50-million cut in exploration expenses; and reduced copper and molybdenum production through 2017. Copper prices on the London Metal Exchange averaged US$3.11 per lb. last year, but dropped to an average of US$2.69 per lb. over the first half of 2015. Concerns over the health of China’s econ-

omy have led to more drops for the red metal, with copper prices sitting near a six-year low of US$2.30 per lb. at press time.

ing rates at its North American operations to lower operating and capital costs. The company will suspend mining at its Miami mine

Freeport’s revised plans involve material reductions in mining rates at its North American operations to lower operating and capital costs. Freeport’s most recent move culminates seven months of capital slash-and-burn, with the company’s annual budget dropping from US$7.5 billion to US$6.3 billion. Freeport has cut annual capital expenditures by US$700 million in its oil and gas business and US$500 million in its mining segment. The company expects to spend even less next year, with the annual budget dropping to US$4 billion. Freeport’s revised plans involve material reductions in min-

in Arizona, and cut throughput rates by 50% at its Tyrone operation in New Mexico. Freeport figures the move will drop annual copper production by 150 million lb. over the next two years. Chairman James R. Moffett and CEO James Flores stated that steps are being taken to “strengthen [the company’s] financial position during a period of weak and uncertain market conditions, and preserve its large resource base for improved future market conditions.” Freeport

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TNM Sep 07 2015 Issue.indd 20

reportedly remains bullish on copper over the longer term due to limitations in supplies and consistent worldwide demand. The future of Freeport’s energy arm remains uncertain following an announcement that it was considering an initial public offering of a minority stake in its oil-and-gas division. The company picked up Plains Exploration & Production and McMoRan Exploration for a combined US$9 billion in 2013 in a bid to diversify away from base metals. Freeport plans to fund its US$6.3-billion annual expenditure budget through operating cash flows, amounts available under its US$1.8-billion Cerro Verde bank facility and borrowings under a US$4-billion bank credit facility. In addition, the company intends to raise US$1 billion in proceeds from a recently announced stock offering. Freeport’s production guidance for the year remains unchanged at 4.2 billion lb. copper, 1.3 million oz. gold and 53 million barrels of oil equivalent (MMBOE). The company expects to produce 5.25 million lb. copper, 1.9 million oz. gold and 59.7 MMBOE in 2016. Bank of America Merrill Lynch analysts Oscar Cabrera and Matthew Griffiths noted in an Aug. 27 research note that “while prudent operational and capital expenditure cuts have been taken, uncertainty on [the Grasbeg project’s future] and potential source of cash to fund [oil-and-gas development] keep us cautious.” Bank of America has an “underperform rating” on Freeport and a US$12-per-share price target, and expects the company’s free cash flow to be negative US$1.1 billion through the end of 2016. Freeport shares have traded within a 52-week range of US$7.76 to US$36.65, and jumped nearly 30% on news of the cost cutting to US$10.19. The company has 1 billion shares outstanding. At press time, Reuters reported the union representing Chilean copper mine workers is considering action against Freeport for dismissing 700 employees — or half the workforce — from its El Abra mine. The union said multinational corporations had enough profits to get through the period of low copper prices.

15-09-02 8:08 PM