The Northern Miner November 14 2015 Issue by The Northern Miner Group

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Cons. Woodjam Copper $3.99 • SEPTEMBER 14-20, 2015 • VOL. 101, NO. 31 • SINCE 1915

Gold Fields exits Woodjam JV in BC

Commentary Navigating the Transparency Act

Fission Uranium 4

Gold Standard makes its mark in Nevada SITE VISIT

Strong economics for Triple R

Tailings dam failures to continue, experts say BY TRISH SAYWELL

BY ALISHA HIYATE

ELKO, NEVADA — Gold Standard Ventures’ (TSXV: GSV; NYSE-MKT: GSV) Railroad project is at the southern end of Nevada’s famous Carlin trend, but co-founder Luke Norman likes to first take visitors to a lookout at the northern end, where a cluster of Newmont Mining (NYSE: NEM) and Barrick Gold’s (TSX: ABX; NYSE: ABX) mining facilities dot the hilly landscape. “Look at how few trucks there are,” Norman says, who is a junior mining financier. With near-surface resources dwindling after decades of mining the Carlin, operations here are moving underground. “You’ve got massive depletion occurring in this part of the world and it’s not being replaced by discovery,” Norman says. “It’s not being replaced anywhere globally

PHOTO BY ALISHA HIYATE

Mac Jackson, Gold Standard Ventures’ vice-president of exploration, shows off a core sample from the Railroad gold project in northern Nevada. by discovery.” Gold Standard, which has amassed the second-largest land package on the Carlin trend — after Newmont Mining — is

doing its best to fill the discovery gap. The journey hasn’t been easy. Gold Standard’s founders Norman and president and CEO Jona-

than Awde have spent years and completed hundreds of land deals to consolidate the junior’s 115 sq. km Railroad land package at the See GOLD STANDARD, Page 2

AuRico CEO: ‘We’re First Mining pursues well situated for Gold Canyon, PC Gold challenging markets’ to grow its gold base BY MATTHEW KEEVIL

VANCOUVER — Newly minted AuRico Metals (TSX: AMI; USOTC: ARCTF) is poised to hit the ground running with a strong capital position and a portfolio of royalty assets that already make it cash flow positive. The company is a spin-out from the recent US$1.5-billion merger between AuRico Gold and Alamos Gold (TSX: AGI; NYSE: AGI). The new AuRico was bankrolled with US$25 million in cash, and holds a 100% interest in the past-producing Kemess gold-copper project, 250 km north of Smithers, B.C., plus gold royalties that generate between US$7 million and US$8 million per year. Major shareholders include New York-based hedge fund Van Eck Global and streaming company Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND), which hold 15% and 12% equity interests. “We are pretty unique, since we’re generating upside through our royalty portfolio and a stand-

TNM Sep 14 2015 Issue.indd 1

out development project, where we’re looking to deliver a number of important catalysts over the next twelve months,” president and CEO Chris Richter says during an interview. “We’ll definitely see value creation at Kemess, but right now the market is more focused on the royalty business, given the metal price backdrop. We’re more of a royalty company than a developer currently, but we’re keen on maintaining our optionality,” he says. “Even on the royalty side, we’re trading at a significant discount compared to other players in the space.” AuRico generates income from interests in a trio of producing mines: a 1.5% net smelter return royalty (NSR) on Alamos’ Young-Davidson gold mine in Ontario; a 2% NSR on the Fosterville gold mine in Australia and a 1% NSR on the Stawell gold mine in Australia. (The latter two mines were recently absorbed by Newmarket Gold See AURICO, Page 11

BY SALMA TARIKH

First Mining Finance (TSXV: FF; US-OTC: FFMGF) is buying Gold Canyon Resources (TSXV: GCU) and PC Gold (TSX: PKL) in allshare deals totalling $64 million to create a leading gold exploration company. Vancouver-based First Mining went public in April and holds 19 projects in Canada, Mexico and the U.S. In these deals, it is offering one share for each Gold Canyon share, and 0.2571 of a share for each PC Gold share. In total, First Mining will issue 160.6 million shares to Gold Canyon and 27.8 million shares to PC Gold. It should have 300 million shares outstanding once both transactions close. “The total amount paid for these two distressed companies is $64 million, but we are adding over 6 million oz. gold to our inventory. Effectively we are increasing our gold resources by almost 700%, but we are taking a 186% dilution,” Patrick Donnelly, First Mining’s president, said in an email.

The propositions value Gold Canyon at $56.2 million, or 35¢ per share, and PC Gold at $9.7 million, or 9¢ per share, reflecting a 204% and 255% premium over the companies’ 30-day, volume-weighted average price. In exchange, First Mining will get a hold of Gold Canyon’s 100%owned Springpole gold project in Ontario’s Red Lake mining district and PC Gold’s past-producing Pickle Crow gold mine, 110 km northeast of the Red Lake mining camp. A 2013 preliminary economic assessment envisions Springpole as an 11-year mine, producing 217,000 oz. gold a year. The project has 4.4 million oz. gold and 23.8 million oz. silver (from 128.2 million indicated tonnes of 1.07 grams gold and 5.7 grams silver per tonne), and 690,000 oz. gold and 2.7 million oz. silver (from 25.7 million indicated tonnes at 0.83 gram gold and 3.2 grams silver). According to a 2011 resource statement, the Pickle Crow mine

A year after Imperial Metals’ (TSX: III; US-OTC: IPMLF) Mount Polley copper-gold mine released 25 million cubic metres of waste into B.C.’s Fraser River watershed after its tailings dam broke, a new report claims that the worldwide rate of serious tailings dam failures is increasing. The report — produced by the Center for Science in Public Participation, a non-profit corporation that provides technical assistance on mining and water quality to public interest groups and tribal governments — warns there will be 11 “catastrophic” tailings dam failures globally between 2010 and 2019 that will cost US$6 billion to clean up — or an average of US$543 million for each failure. “Unless there is a significant change in the way that the industry does business and have safety drive the construction and design of tailings dams, these accidents are going to continue to happen at an increasing rate,” David Chambers, the nonprofit’s president and coauthor of the report, says in a telephone interview from his home in Montana. Chambers, a geophysicist, and colleague Lindsay Newland Bowker, director of Bowker Associates, Science & Research in the Public Interest, found that half of the 67 serious tailings dam failures See TAILINGS, Page 3 PM40069240 – PAP Registration #09263

See FIRST MINING, Page 13

15-09-09 6:50 PM

2 SEPTEMBER 14-20, 2015 THE NORTHERN MINER

Gold Standard makes its mark

REGULAR DEPARTMENTS

COMPANY INDEX

Careers............................. 13 Editorial.............................. 4 Events............................... 13 Meetings.......................... 13 Mining Jobs...................... 15 Metal Prices........................ 7 Professional Directory.. 12-13 Stock Tables................... 6-10

Alamos Gold....................... 1 AuRico Metals.................... 1 Barrick Gold................... 1,11 Biomin South Aftica............ 5 Biomin Technologies........... 5 Chamber of Marine Commerce..................... 5 Consolidated Woodjam Copper.......................... 3 Denison Mines.................. 16 DYWIDAG-Systems International.................. 5 First Mining Finance........... 1 Fission Uranium................ 16 Gold Canyon Resources...... 1 Gold Fields.......................... 3 Gold Standard Ventures...... 1

Grupo Mexico.................... 3 Hilti.................................... 5 Imperial Metals................... 1 K+S Group.......................... 5 Kovit Engineering............... 5 Mineral Streams................ 11 Newmarket Gold................ 1 Newmont Mining............... 1 OceanaGold....................... 2 Outotec.............................. 5 PC Gold.............................. 1 Romarco Minerals............... 2 Sandstorm Gold.................. 1 St. Lawrence Seaway Management Corp........ 5 Wesdome Gold Mines...... 11

STORIES WE’RE WORKING ON. . .

Since 1915

A drill site in 2014 at Gold Standard Ventures’ Pinion gold project in northern Nevada. GOLD STANDARD, From Page 1

southern end of the Carlin trend — a prospective area that has been underexplored because of fragmented ownership, going back decades. They also put together a topnotch team of senior Nevada orefinders who have made discoveries in the Carlin, and elsewhere in north-central Nevada. After listing in 2010, Gold Standard spent a year or so in the spotlight after finding North Bullion in 2011, which delivered a series of long, high-grade drill intercepts in 2012, including 56.4 metres at 4.26 grams gold per tonne and 164 metres of 3.38 grams gold.

economic assessment. Awde acknowledges that interest in exploration is near non-existent, but says that the best projects will find a market. “There’s obviously an argument to do nothing — just sitting on the cash and riding this market out,” Awde says in an interview from his Vancouver office. “But I think if you’re an exploration company and you’re not exploring, what’s the point? We felt quite strongly that we were not going to be that kind of a company. We’re an exploration company, and we wanted to make our mark doing so.” With the OceanaGold financing, Gold Standard has insurance

‘We’re an exploration company, and we wanted to make our mark doing so.’ — Jonathan Awde, president and CEO, Gold Standard Ventures However, interest in exploration has dried up since then. And North Bullion, a classic Carlin-type deposit with complex geology and deeper, refractory gold (mineralization starts around 100 metres deep) will take time and money to assess. In response to an impatient and largely indifferent market for gold exploration, Gold Standard has turned its attention to near-surface oxide deposits at Railroad, such as its recently acquired Pinion project. And with the financial support of a new investor — OceanaGold (TSX: OGC; ASX: OGC) invested $16.2 million in return for a 14.9% stake in the junior in May — Gold Standard is working on an updated resource for the project, which could lead to a preliminary

against a prolonged downturn, Awde says, adding that the company could avoid financing for another two to three years in a worst-case scenario. A gold producer with mines in the Philippines and New Zealand that also made a friendly bid for Romarco Minerals (TSX: R) for its Haile gold mine in South Carolina, OceanaGold bought 25 million common shares at 65¢ apiece. It also has the option to increase its interest to just under 20% this year, four months after the initial financing. “We thought it would be great to shore up our balance sheet and potentially act as a buffer in event that the market got worse — which it has — and it would really validate the work we’ve done at Railroad and Pinion,” Awde says

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

GOLD STANDARD VENTURES

of the deal. “We really liked the direction that Oceana was going and the teams get along well,” Awde adds. “We’re not sure how long this downturn will take to work itself out, but we think that being one of the few cashed up juniors in the sector and actually get work done, and capitalize on lower costs across the board — we felt it was a good buffer and a bit of a security blanket.”

Pinion

Gold Standard acquired the historic Pinion oxide gold deposit, less than 15 km south of North Bullion on the Carlin trend, over two stages in 2013 and 2014. Last year the junior released a National Instrument 43-101-compliant resource for the deposit, doubling historic resources. Pinion now holds 20.8 million indicated tonnes grading 0.63 gram gold per tonne for 423,000 oz. and 55.9 million inferred tonnes grading 0.57 gram for 1 million oz., using a cut-off grade of 0.14 gram gold per tonne. While its grade may not seem exciting, the company sees Pinion as a potentially low-cost development option that will have value in any market. “It’s pretty low grade, but it’s similar to Emigrant, which is

Gold Standard Ventures’ Railroad-Pinion gold project in northern Nevada. Newmont’s lowest-cost producing pit in Nevada,” vice-president of exploration Mac Jackson said in an interview at Gold Standard’s office in Elko. “The cut-off is 0.14 gram gold, so Newmont is producing at Emigrant at the same levels and cut-offs.” A collapse-breccia deposit, Pinion mineralization is exten-

sive, well-behaved and consistent, Jackson says. The oxidized zone so far extends 2.5 km northwest to southeast, and is 1 to 1.5 km wide. In addition to the Pinion resource, Gold Standard released an initial inferred resource in March for its Dark Star deposit, See GOLD STANDARD, Page 14

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TNM Sep 14 2015 Issue.indd 2

PHOTO BY ALISHA HIYATE

Gold Standard Ventures’ co-founder Luke Norman (second from left) and visitors look over Nevada’s Carlin trend, near the Railroad gold project.

15-09-09 6:50 PM

THE NORTHERN MINER SEPTEMBER 14-20, 2015 3

Tailings failures TAILINGS, From Page 1

in the last 70 years occurred between 1990 and 2009. “These tailings dams fail at a rate that is roughly 10 times that of water supply reservoirs, which just shouldn’t be,” he says. Indeed, just two days after the disastrous spill at Mount Polley, the Buenavista del Cobre mine in Mexico’s Sonora state — owned by a subsidiary of Grupo Mexico — spilled 40,000 cubic metres of copper sulphate acid into the Sonora and Bacanuchi rivers, 40 km south of the border with Arizona. Forbes magazine quoted Mexican Environment Minister Juan Jose Guerra Abud describing the spill as “the worst natural disaster provoked by the mining industry in the modern history of Mexico.” Forbes said the contamination “turned the waterways orange and affected the water supply of 24,000 people in seven communities along the rivers, forcing schools to close for several weeks while environmental authorities cleaned up the mess.” Chambers argues that when mining companies can’t pay for all of the clean-up, taxpayers are saddled with a “subsidy” to the industry. “If companies can pay for it that’s great, but so far that’s not what happens with most of these failures. The public ends up paying for part or all of it. Mount Polley is the exception, not the rule.” Imperial Metals says it has spent $61 million on rehabilitation at Mount Polley as of June 30. Steve Robertson, the company’s vicepresident of corporate affairs, told The Northern Miner he expects a $67.4-million clean-up bill, though this figure maybe be revised. Jack Caldwell, an engineer at Robertson GeoConsultants Inc., a Vancouver-based consulting firm, says improving mine-waste facilities will cost a fortune, but that the cost is “trivial by comparison with the estimated cost of dealing with a breach.” Caldwell argues that until tailings dams are designed and managed to the highest standards of practice seen at water dams, the statistics on failure rates likely won’t change. He says that at least all stages of tailings dam design, as well as all reports and drawings, should be peer-reviewed by in-house design consultants, and become an integral part of construction. An annual tailings facility construction report also should be prepared, he says, and be peer-reviewed by the company preparing

it, or a reputable consultant if the mining company prepares it. Then the annual report should be delivered to the regulators and made public. There should also be an independent tailings review board that is at least as active as those that are in place for the oilsand mines, he argues, and it should report to senior executives at the mining company. “They should report to senior mine management, but their deliberations should not be required to be made public, for they may have tough-love stories to tell,” Caldwell says. There should also be a report written every four months by a consultant that is independent of the mining company and its design consultants. The reports should document the current condition of each tailings facility, as well as issues considered to exist, and compliance with operations and construction documents. “These reports should be delivered to the regulators and made public immediately — much as it is currently done in South Africa,” he says. Caldwell recommends that regular dam safety reviews be held by a committee that includes regulators, senior independent engineers, the mine’s consultants and mine personnel, and that the dam safety reviews be made public. “Failing this,” he says, “no amount of advice, good will and good practice manuals will change the rate of mine waste management failures.” Caldwell has written papers about tailings dam failures each year for the last three years, and calculates that three or four tailings dam failures occur every 365 days. Moreover, the failures aren’t limited to active tailings dams at producing mines. Last month, millions of gallons of toxic mining waste from an abandoned gold mine in southwestern Colorado spilled into the Animas River, a source of drinking water and irrigation for the surrounding community. “Some would argue that mine waste management failures come out of nowhere and nobody anticipates them, and the systems don’t seem to be able to catch them, in spite of everything we do, say, read and write. And despite regulations and government action, these things seem to slip through the cracks,” he says. “Yet long years of statistics seem to support the conclusion that such failures are not black swans, so it follows that mining ingenuity should prevent such failures.”

CARIBOO REGIONAL DISTRICT

Toxic waste spills out of the tailings dam at Imperial Metals’ Mount Polley copper-gold mine, shortly after its collapse in August 2014.

TNM Sep 14 2015 Issue.indd 3

Woodjam property reverts to Cons. Woodjam Copper

CONSOLIDATED WOODJAM COPPER

A drill rig in 2011 at Gold Fields and Consolidated Woodjam Copper’s Woodjam copper-gold project in British Columbia. BY LESLEY STOKES

VANCOUVER — It’s been a journey of discovery and growth for partners Consolidated Woodjam Copper ( T S X V : WCC) and Gold Fields (NYSE: GFI) at their Woodjam coppergold-molybdenum porphyry deposit, 45 km east of Williams Lake, B.C., but now Gold Fields is departing. The gold mining giant is returning its 51% interest in the property to the junior explorer in exchange for 12.3 million shares, or 19.9% of Consolidated Woodjam, and an underlying royalty on the property. Glen Garratt, vice-president, secretary and a director of Consolidated Woodjam, tells The Northern Miner the company is “thrilled” to have the property back into full ownership. “Everything goes full circle in life, and we’re at that special time in the cycle when a junior company can pick up a substantial asset and take advantage of being at the bottom of a market,” he says. Gold Fields picked up an option on the greenfield discovery in 2009, enticed by a 2008 discovery drill hole intercept of 200.8 metres at 1% copper and 0.44 gram gold in the property’s Southeast zone.

He adds there’s “plenty of opportunity to double the size of the deposit,” and points to an undefined induced-polarization (IP) anomaly — a geophysical response to mineralization at Woodjam — that trends for 1.3 km from the southeast zone to a nearby property boundary. “Strong companies can be built on a project like this,” he says. “Look at Noranda and Placer Dome as examples — they all got their start by developing smaller mines, and a project like Woodjam would’ve been attractive for them.” He argues the mid-tier companies grew by taking the biggest exploration risk in the industry, but over his career, he’s watched many of them assimilate into larger companies and get “lost forever.” He says that “now we mostly have three or four giant companies that require assets to show up on their books in a substantial way. So what our industry is lacking in markets like these are those entrepreneurial mid-tier companies who recognize the value of these projects, and want to grow their wealth from smaller operations that have great upside potential.”

‘Strong companies can be built on a project like this.’ — Glen Garratt, vice-president, secretary and director, Consolidated Woodjam Copper The Southeast zone is one of six highly prospective porphyry targets clustered across a 5 km diameter. The other targets are Megabuck, Deerhorn, Takom, Megaton and Three Firs. The global miner spent the first year running geophysical surveys across the property, plus geological mapping, whole rock geochemistry and petrographic analysis. It then settled into advanced exploration drilling and earned its 51% interest. Drilling at the Southeast zone outlined a 227.5-million-tonne inferred resource grading 0.3% copper for 1.54 billion contained lb. copper. Gold and molybdenum occur sporadically through the deposit but are not part of the resource calcualtion. “Big companies require at least 500 million tonnes to drive the economics, and although Woodjam shows substantial economic power, it’s just not big enough yet for them — but it’s seriously close,” Garratt says.

By the time Gold Fields wrapped up programs at Woodjam in 2013, Garratt says its partner had spent almost $27 million dollars on the property. Inferred resource estimates were also calculated for the Deerhorn and Takom zones, which returned 32.8 million tonnes at 0.49 gram gold and 0.2% copper for 516,200 oz. gold and 158.2 million lb. copper, and 8.3 million tonnes at 0.26 gram gold and 0.2% copper for 68,200 oz. gold and 39.7 million lb. copper. “It really takes a major to bring a property like this along — they’re expensive,” he adds. Garratt says the next step for Consolidated Woodjam is to raise capital until early next year, with the proceeds going towards IP surveys and target evaluation. “There are several new areas ready for drill testing, and zones such as Deerhorn are open for expansion,” he says. “The discovery potential here is huge, so we expect a good deal more excitement

at Woodjam.” The company also hopes to drill an untested 2.5 km long IP anomaly, similar in size and habit to the one that helped the greenfield experts discover the Southeast zone. “We live by the old saying that ‘you don’t fight against the market’,” he says. “Those of us who have lived through these cycles know that one day it’ll just suddenly take off — it’s hardly predictable. And when the market turns, we’re going to be a junior sitting here with a major deposit and exciting potential.” Consolidated Woodjam shares have traded within a 52-week range of 2¢ to 9¢, and last closed at 5¢. The company has 52.3 million shares outstanding for a 3.2-million market capitalization.

Obituary Dr. Bernhard Free. Born in Bochum Germany, Dr. Free attended the University of Graz, Austria where he earned his doctorate in economic geology and paleontology. Following university Dr Free was employed by Eternit Switzerland, in South Africa’s asbestos industry. In 1966 Dr Free joined Cominco and was transferred to Canada where he resided in Montreal and Toronto, In 1975 he was hired by Uranerz (UEM) as Manager Northwest Territories and transferred to Calgary Alberta. In 1977 Dr Free was again transferred by Uranerz to head their operations in the U.S.A. where he was instrumental in the development and production of the Powder River Basin ISU project. Following his retirement from Uranerz, Dr Free continued to work for various Canadian Juniors and American Mid Tier companies on a consultant basis. He was known for his work on the Sloan Diamond mine in Colorado, the Gold King Mine in Silverton Colorado, Key Lake Uranium Deposit and the Crown Adeline in Nevada along with numerous projects in Central and South America. Dr Free also served on the board of various mining companies. Bernhard Free was preceded in death by his wife of 55 years, Edith Free. He is survived by his daughter Nicole and his son Michael. Dr Free was 81 years of age.

15-09-09 6:50 PM

SEPTEMBER 14-20, 2015

THE NORTHERN MINER

EDITORIAL

EDITOR-IN-CHIEF:

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

ANTHONY VACCARO, CFA, MBA

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Signs of life in copper market BY JOHN CUMMING

Glencore’s surprise decision to cut back its copper production coupled with stronger-than-expected Chinese copper import data have had a salutary effect on copper prices, which jumped 5% on Sept. 8 to record their biggest one-day percentage gain in two and a half years to US$2.43 per lb. at press time. That’s a 9.5% rise from the near seven-year low of US$2.22 per lb. seen a little over two weeks earlier on Aug. 24, 2015. For context, that’s still well above the recessionary low of just US$1.26 per lb. on Dec. 24, 2008, but nowhere near the sweet, sweet record-high price of US$4.60 per lb. on Feb. 14, 2011. In some ways, copper’s price gyrations have mirrored that of crude oil, which saw sudden price gains of 27% over three days in late August on lower U.S. production estimates, and expectations of supply cuts from other producing countries. In light of what it calls the “challenging environment for commodities,” Glencore has had its subsidiaries Katanga Mining and Mopani Copper Mines in the Democratic Republic of the Congo launch a major review of their copper-mining businesses, and suspend production at both Katanga and Mopani operations for 18 months until finishing expansion and upgrade projects that will continue to get funding, including the whole-ore leach at Katanga and the new shafts and concentrator at Mopani. Glencore says these suspensions could remove 400,000 tonnes of copper cathode from the market, or 1–2% of world copper production. It also expects the expansion and upgrade programs will reduce C1 costs at Katanga and Mopani to US$1.65 per lb. and US$1.70 per lb., from more than US$2.50 per lb. today. (Glencore’s Mutanda Mining copper mine in the DRC will continue operating, where it is achieving C1 costs of only US$1.33 per lb.) Back at head office, Glencore management is shoring up its balance sheet to stave off a cut in its credit rating, which stands at BBB at Standard & Poor’s. One of the key moves for Glencore will be to sell US$2.5 billion in new shares to help pay down its US$30-billion debt load. By many analysts’ calculations, Glencore’s bold move could restore supply-demand balance to the global copper market, which has been in oversupply this year by perhaps 500,000 tonnes, as the Chinese economy has slowed faster than most had expected. And yet, the latest data has revealed copper imports by China, which accounts for 40% of the global demand for refined copper, rose 2.9% year-over-year to 350,000 tonnes — flat compared to July 2015 levels but still better than expected. These two positive events for copper have effectively ended several months of extreme bearishness in copper markets that was little moved by the first news of substantial cuts announced by Freeport-McMoRan on Aug. 27 that were more geared towards reducing capital expenses than cutting production. At any rate, the copper industry is showing greater supply discipline by its biggest producers than is being displayed by the giant miners of the iron ore business — notably BHP Billiton and Rio Tinto — who refuse to pull back on their record levels of ultra low-cost iron ore production in Western Australia that have devastated iron ore prices, and wrecked the balance sheets of higher cost producers worldwide. Indeed, Glencore CEO Ivan Glasenberg famously peppered his speeches last year with condemnations of the iron ore majors for flooding the market with iron ore, and said that Glencore was “lucky” for not being in the iron ore business — presumably a reference to Glencore’s failed approach in acquiring Rio Tinto in previous years. The next major influence on copper prices will perhaps be the decision in the coming months by the U.S. Federal Reserve on whether to increase interest rates, which would likely lead to a stronger U.S. dollar and lower prices for commodities priced in U.S. dollars. 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.

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TNM Sep 14 2015 Issue.indd 4

ALISHA HIYATE, BA ahiyate@northernminer.com

SENIOR STAFF WRITER:

EDITORIAL: TOP STORY OF WEEK 36

GROUP PUBLISHER/ PUBLISHER:

EDITOR, SPECIAL PROJECTS:

STAFF WRITER:

MATTHEW KEEVIL, BA (Econ and Poli Sci) mkeevil@northernminer.com STAFF WRITER:

LESLEY STOKES, BSc (Geol) lstokes@northernminer.com

STAFF WRITER:

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C O M M E N TA R Y

Canadian gov’t seeks consultation on Transparency Act BY KEITH R. CHATWIN, IVAN T. GRBESIC AND CHRISTOPHER YUNG SPECIAL TO THE NORTHERN MINER

On Aug. 12, 2015, Natural Resources Canada (NRCan) posted a notice on its website seeking public input on draft “implementation tools” it has developed in respect of the Extractive Sector Transparency Measures Act. The stated purpose of the act is to foster better transparency to ensure that resource extractive industries support proper development in the countries where they operate, while at the same time making it harder to conceal illicit payments. The act was proclaimed into force on June 1, 2015, but precise guidance on the underlying disclosure obligations has been lacking. It was hoped that regulations enacted under the act would put meat on the legislative skeleton and provide much needed regulatory certainty. Instead, NRCan has introduced the implementation tools as a practical and illustrative alternative. These tools do not constitute prescriptive guidance with the force of law, however. The upshot is that, while the tools may assist a company in satisfying its obligations, companies at all times remain responsible for determining whether and how the act’s provisions apply to them. Regulations appear likely only if it becomes clear in practice that a more prescriptive framework is necessary.

The reporting obligation is in respect of payments within the same category of payments to the “same payee,” which the implementation tools indicate may constitute a series of departments, ministries or other bodies and agencies. As illustration, if several fee payments are made to the National Energy Board, Environment Canada, and NRCan, which aggregate above the $100,000 threshold, that series of payments is reportable. To the extent possible, the report should indicate the breakdown among the Canadian governmental bodies being grouped as the same payee. In addition, as was expected, to the extent payments can be attributed to a specific project, reporting must be done on a project-level basis, as shown on the reporting template. For that purpose, a “project” has been defined as a situation in which operational activities are governed by a single contract, lease, license, concession or similar agreement, or multiple substantially interconnected agreements, which forms the basis for the payment liability to the government. “Substantial interconnection,” in the case of multiple agreements, is determined by reference to the degree of operational and geographical integration.

Seven categories of payments

The implementation tools also provide some additional guidance on the seven categories

It was hoped that regulations enacted under the act would put meat on the legislative skeleton and provide much needed regulatory certainty. Instead, NRCan has introduced implementation tools. The implementation tools consist of the following: a guidance document, which provides general information on who is subject to the act, which entities must report payments under the act and what payments should be reported under the act; a technical reporting specifications document, which provides information on the mechanics of reporting under the act (including specifying accounting methods, reporting currency and reporting in-kind payments); and a template for reports under the act. The tools shed some light on several provisions under the act. Notably, it has been clarified how the act applies to multinational organizations with Canadian subsidiaries. The implementation tools explicitly state that “businesses that are not subject to Canadian law, but may have subsidiaries operating in Canada, are not subject to the act by virtue of their ownership of or interests in any Canadian subsidiary businesses, even if the subsidiary itself is a reporting entity.” A reporting entity refers to a corporation or other type of business enterprise engaged in the commercial development of oil, gas or minerals, which is also listed on a stock exchange in Canada, or has a place of business, does business or has assets in Canada and, for at least one of its two most recent financial years, meets at least two of the three thresholds: has at least $20 million in assets, has at least $40 million in revenue or employs an average of at least 250 employees. The implementation tools make clear that the asset test is limited to Canadian assets, and that the asset and revenue analysis should focus on the entity in question and exclude global assets and revenues of a parent company.

of reportable payments (taxes, royalties, fees, production entitlements, bonuses, dividends and infrastructure improvements). The tools state that companies should look to the substance — rather than the form of payments — in determining if a category is applicable. For example, a voluntary or philanthropic payment that relates in some way to the commercial development of oil, gas or minerals may be reportable. Where a payment could fall under multiple categories, companies must exercise their reasonable judgment to report the payment. The implementation tools also clarify that a payment for a service that amounts to a commercial transaction with a governmental entity is not necessarily reportable under the act, as illustrated by the following example: payments have been made to the foreign country’s army for the provision of security at an oil extraction site. Since the army is providing a service, this payment is treated as a commercial transaction and is not required to be reported. Another significant issue addressed by the implementation tools is the substitutability of another jurisdiction’s reporting requirements. NRCan has indicated that such assessments will be done for substitute legislation as they arise. In that regard, on July 31, 2015, NRCan stated that it has been determined that the reporting requirements under the European Union’s accounting and transparency directives are acceptable substitutes under the act. As a result, reports submitted to European Union and European Economic Area member states that have implemented the EU Accounting and Transparency Directives may be submitted to the Minister of Natural Resources as a See COMMENTARY, Page 14

15-09-09 6:50 PM

THE NORTHERN MINER SEPTEMBER 14-20, 2015 5

OP-ED

MATTERS OF GENERAL INTEREST

PEOPLE

SUPPLIERS NEWS

Salt picks up slack from coal, iron ore on St. Lawrence Seaway

Outotec acquires Sudbury’s Kovit, Biomin’s bioleaching technology In two separate deals, Finnish mining services provider Outotec (HEL: OTE1V) is buying Sudbury-based tailings management specialist Kovit Engineering and Biomin South Aftica for its gold processing technology. Outotec expects Kovit to enhance its pre-existing dewatering and tailings treatment business. “Effective and safe disposal of mining wastes presents technical and environmental challenges, Outotec CEO Pertti Korhonen said. “This acquisition of Kovit Engineering will strengthen our position as a provider of sustainable and water-efficient tailings management solutions to the mining industry.” Kovit was founded in 2011 by engineers Frank Palkovits, Paul Rantala, Steve Reichle and Mark Wallgren. Since then it has worked on a portfolio of global mining projects. In a statement Outotec said Kovit employs 30 specialists in the Sudbury area and generates annual sales in the range of $7 million to $15 million. To enhance its gold processing technologies, Outotec is buying a majority stake in Biomin South Africa and related assets from Switzerland-based Biomin Technologies. With the acquisition Outotec will get full intellectual property and marketing rights for the BioX bioleaching technology, which is used to extract gold from refrac-

tory ores. Outotec says refractory gold ore is being increasingly exploited. “Twenty percent of the world’s current gold projects and a third of upcoming projects are based on refractory ore that needs to be pretreated before the leaching process,” the company said. “There are three main pretreatment methods for refractory gold ores: pressure oxidation, roasting and bioleaching. BioX is proven technology for bioleaching.” BioX technology was developed in the 1970s and 1980s by South African miner Gold Fields (NYSE: GFI), which spun out the company in 2013. As of 2012, the process has produced 22 million oz. gold. Outotec employs 5,000 people and could make $1.8 billion to $2.1 billion in 2015. At press time the firm had a $1.5-billion market capitalization.

High demand pushed 1.4 million tonnes of road salt through the St. Lawrence Seaway between April 2 and July 31. That figure represents a 3% rise from 2014, which was an exceptional year for salt, according to the St. Lawrence Seaway Management Corp. (SLSMC). Most salt is mined from K+S Group’s Windsor salt mine in Ontario. “Ships are already carrying road salt from Windsor to cities and towns all over Canada and the U.S., which are stockpiling now in preparation for the winter months ahead,” Windsor Port Authority CEO David Cree said. At the Port of Johnstown, general manager Robert Dalley said that “total cargo shipments are up 21% this season compared to the same time frame last year, and this is mostly due to an increase in road salt coming from mines in Ontario and Quebec.”

U.S. construction activity has also boosted shipments of other commodities, including cement (up 11% ), gypsum (35%) and coking coal (23%), according to a statement from the Chamber of Marine Commerce. On the whole, however, cargo tonnage on the seaway in the period is down 7% to 14.5 million tonnes, with low prices sinking iron ore shipments by 8% and coal by 38%. SLSMC director of market development Bruce Hodgson expects road salt will be a “hot commodity” leading up to 2016. “The more buoyant U.S. economy is creating demand for other products such as construction materials and steelmaking materials,” he adds. “However, weaker global conditions and demand for some of the seaway’s key cargoes — iron ore and coal — are reflected in our numbers.”

Alderon Iron Ore — Mark Morabito appointed chairman and CEO. Tayfun Eldem appointed vice-chairman. Barrick Gold — Kelvin Dushnisky appointed president. Jim Gowans named senior advisor to the chairman. Richard Williams appointed COO. Basie Maree appointed chief technical officer. Metanor Resources — Norman Parker appointed general manager of the Bachelor Lake gold mine. Noront Resources — Sybil Veenman appointed a director. North American Palladium — Jim Gallagher appointed president and CEO. Christine Napierala appointed interim vice-president of finance and CFO. SNC-Lavalin — Jose J. Suarez appointed president of mining and metallurgy. SouthGobi Resources — Aminbuhe appointed CEO and executive director Yulan Guo appointed CFO. Strongbow Resources — Richard Williams appointed president and CEO.

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DSI scoops up bolt business from Hilti DYWIDAG-Systems International (DSI) has announced it is buying the intellectual property and manufacturing assets for the “OneStep” mining bolt from Hilti. OneStep is a self-drilling mining bolt that combines the drill head, drill steel, bolt and adhesive resin into one unit. In a single step it allows users to drill a hole, retract drill steel, insert a resin capsule, insert the bolt and set the bolt, which saves time and improves installation quality and safety, DSI said in a release. Hilti launched the product in 2004 to add speed and consistency to bolting for roadway development in deep coal mines in Germany. Soon afterwards the product was used in mines in Australia, Czech Republic, Poland and the U.S. Today it is used mostly in Australian coal mines. “Our plan is to optimize the supply chain of the product and promote OneStep through our well established distribution network,” DSI CEO Patrik Nolaker said. DSI specializes in underground mining and tunnelling products, and serves customers in 95 countries. The Germany-based firm has 2,100 employees and a network of manufacturing plants and warehouses that spans the globe. Headquarterd in Liechtenstein, Hilti is a major construction and energy industry supplier that operates in 120 countries, employs 22,000 people and generated $6.1 billion in revenue in 2014.

TNM Sep 14 2015 Issue.indd 5

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15-09-10 8:33 AM

6 SEPTEMBER 14-20, 2015 THE NORTHERN MINER

MARKET NEWS TORONTO STOCK EXCHANGE Confirmation that Canada slipped into a narrow recession in the first half of the year (real gross domestic product contracted by 0.5% from April to June and by 0.8% from January to March), coupled with news that the unemployment rate in August rose to 7% from 6.8% (the highest since 2009), weighed on equities. The S&P/TSX Composite Index fell 2.8% to 13,478.31, and the S&P/TSX Capped Diversified Metals & Mining Index fell 9.3% to 414.98. The S&P/TSX Global Mining Index lost 6.3% to 48.83, and the S&P/ TSX Global Gold Index dropped 6.3% to 121.97. U.S. crude prices ended at US$46.05 per barrel in their second weekly gain, while the gold price fell US$11 per oz., or 0.97%, to finish at US$1,122.80 per oz. Underground exploration results from Dynacor Gold Mines’ Tumipampa project in Peru sent the company’s shares up 11¢ to $1.55 apiece. Channel sampling in a 15-metre-long chimney excavated in the Manto Nazareno returned an average 12.14 grams gold per tonne and 0.8% copper over 1.4 metres wide. Two channel samples in the chimney graded 118 grams gold and 1.4% copper over 0.4 metre, and 101 grams gold and 0.7% copper over 0.5 metre. A drift along the southwestern extension of Manto Nazareno and channel sampling returned

A U G U S T 31- S E P T E M B E R 4

11 metres of 9.89 grams gold, and 0.5% copper over 1.5 metres wide. Cost-cutting by Dalradian Resources to downsize and restructure its management team and relocate its corporate office outside downtown Toronto lifted the company’s shares by 3¢ to 87¢. Dalradian, which is advancing its high-grade Curraghinalt gold project in Northern Ireland, announced that its president and vice-president of project management left the company, and that the CEO and chief operating officer would take over. Dalradian said the changes could save 20% annually in general and administrative costs, while moving its office away from the financial district would cut the annual lease in half. A corruption and political scandal in Gua-

TSX most active issues

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM ABX YRI TCKB LUN ELD G BTO K HGU

25532 7.35 6.05 6.20 - 0.85 19408 9.42 8.26 8.50 - 0.94 16258 2.56 2.20 2.26 - 0.33 14995 9.59 8.12 8.16 - 1.20 14938 4.48 3.96 3.99 - 0.28 14734 4.09 3.52 3.62 - 0.44 13597 18.83 17.25 17.70 - 0.77 12785 1.70 1.53 1.69 + 0.07 11898 2.42 2.10 2.18 - 0.25 9739 3.60 2.98 3.14 - 0.40

temala kept the pressure on Tahoe Resources. Guatemalan President Otto Perez Molina resigned on Sept. 3, and was placed in custody after Congress stripped him of his prosecutorial immunity as head of state. His former vice-president Roxana Baldetti is also in custody after resigning in May. Guatemala’s attorney general’s office accused Molina and Baldetti of receiving bribes in a corruption scandal that reduced

TSX greatest percentage change

Ivernia MBAC Fertilizr New Milln Iron Eco Oro Mnls Inspiration Mg Mawson Res Frontier Rr Er SouthGobi Res BioteQ Env Canarc Res Stonegate Agri Cardero Res Anaconda Mng Minera IRL Primero Mng Meadow Bay Gd MDN Inc Migao Entree Gold Fortuna Silver

IVW MBC NML EOM ISM MAW FRO SGQ BQE CCM ST CDU ANX IRL P MAY MDN MGO ETG FVI

1312 2517 364 74 245 79 460 13 189 575 372 68 350 353 2974 282 370 35 163 1923

0.02 0.04 0.11 0.59 0.07 0.28 0.12 0.55 0.03 0.06 0.02 0.02 0.04 0.09 3.99 0.20 0.03 0.69 0.37 3.33

0.01 0.03 0.09 0.44 0.04 0.21 0.09 0.55 0.03 0.05 0.02 0.02 0.04 0.07 3.08 0.16 0.03 0.59 0.30 2.80

0.02 0.04 0.11 0.57 0.07 0.28 0.10 0.55 0.03 0.06 0.02 0.02 0.04 0.07 3.14 0.17 0.03 0.59 0.30 2.87

TNM Sep 14 2015 Issue.indd 6

+ 50.0 + 40.0 + 37.5 + 31.0 + 30.0 + 27.2 + 25.0 + 22.2 + 20.0 + 20.0 - 25.0 - 25.0 - 22.2 - 22.2 - 20.1 - 17.5 - 16.6 - 15.7 - 15.7 - 15.3

WEEK VOLUME CLOSE CHANGE

Labdr I-Ore Ro Horizns G Bear Imperial Metal Eco Oro Mnls Dynacor Gold M SouthGobi Res B2Gold Northern Dyn M Alamos Gold Mawson Res Agrium Agnico-Eagle Franco-Nevada Silver Wheaton Teck Res B Tahoe Res HudBay Minls Barrick Gold First Quantum Primero Mng

LIF HGD III EOM DNG SGQ BTO NDM AGI MAW AGU AEM FNV SLW TCKB THO HBM ABX FM P

1773992 15.70 3493885 16.49 98756 8.17 73889 0.57 108262 1.55 12918 0.55 12785044 1.69 268722 0.53 2060517 5.55 78500 0.28 1681136 131.68 5301642 30.24 2933798 56.29 6150568 15.14 14995499 8.16 3926431 10.45 7491660 5.86 19408425 8.50 25531618 6.20 2973825 3.14

+ 2.01 + 1.85 + 0.29 + 0.14 + 0.11 + 0.10 + 0.07 + 0.07 + 0.06 + 0.06 - 4.46 - 2.27 - 1.38 - 1.24 - 1.20 - 1.11 - 0.97 - 0.94 - 0.85 - 0.79

A U G U S T 31- S E P T E M B E R 4

of one share and one full purchase warrant priced at 10¢ for three years. Nevada Exploration also issued 939,150 units to settle $47,000 in loans, and another 2.5 million shares at 5¢ to clear debts relating to salaries accrued by management. The company is advancing five projects across 80 sq. km along the Battle Mountain trend in Nevada. Gold Canyon Resources led the volumetraded category after a business combination agreement with newly formed First Mining Finance. The company saw nearly 24 million of its shares change hands, as it gained 16¢ en route to a 27¢ close. The deal values Gold Canyon at $56.2 million, or 35¢ per share, and gives First Mining

TSX-V most active issues

Gold Canyon Rodinia Lithm Equitas Res PC Gold Intl Bethl Mng Kincora Copper Nemaska Lith Malbex Res Metanor Res Redstar Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GCU 23692 RM 19776 EQT 12636 PKL 7259 IBC 7188 KCC 6311 NMX 5918 MBG 4847 MTO 4785 RGC 4174

0.28 0.04 0.15 0.07 0.03 0.03 0.33 0.04 0.05 0.05

0.11 0.02 0.12 0.03 0.02 0.02 0.24 0.02 0.05 0.04

0.27 + 0.04 + 0.15 + 0.07 + 0.02 0.03 + 0.33 + 0.04 + 0.05 + 0.04

0.16 0.01 0.03 0.05 0.00 0.01 0.09 0.02 0.01 0.00

control of the wholly owned Springpole gold project in Ontario’s Red Lake mining district. The project hosts 128.2 million indicated tonnes of 1.07 grams gold and 5.7 grams silver per tonne, and 25.7 million indicated tonnes at 0.83 gram gold and 3.2 grams silver. Producer Arian Silver reported delays in mine development at its San Jose processing plant, 55 km southeast of Zacatecas,

Mexico. The company dropped 26¢ on 600,675 shares traded, to 20¢ per share. On Aug. 31 Arian delayed phased commissioning at its plant and pursued remedial work on its tertiary crusher. The company will also need a new mine plan after a steep drop in silver prices, along with “additional working capital.” Arian reported cash and equivalents of US$778,000 at the end of June.

TSX-V greatest percentage change

Nevada Expl PC Gold Alliance Mng Gold Canyon Jaxon Mnls Goldbank Mng Cresval Cap Victory Vent Zadar Vent Sultan Mnrls Arian Silver Firebird Res Grenville Gold Desert Gold Copper One Claim Post Res Canadn Arrow Tajiri Res Western Pac Rs China Mnls Mng

TSX-V greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

NGE PKL ALM GCU JAX GLB CRV VVN ZAD SUL AGQ FIX GVG DAU CUO CPS CRO TAJ WRP CMV

U.S. M ARKETS U.S. equities tumbled on the back of lower precious and base metal prices and a mixed jobs report, which raised the question of whether the U.S. Federal Reserve would hike interest rates. The S&P 500 Index fell 1.9% to 1,947.76, while the Dow Jones Industrial Average dropped 3.2% to 16,102.38. The Nasdaq lost nearly 3% to finish at 4,683.92. In commodities, the spot gold price slipped 0.97% to US$1,122.80 per oz. Silver stayed flat at US$14.60 per oz., while platinum and palladium lost ground. Copper spot dipped 0.8% to US$2.31 per lb. Nickel, lead and zinc all finished lower. Crude oil for October futures gained 1.8% to settle at US$46.05 per barrel on the New York Mercantile Exchange. The U.S. economy added 173,000 jobs in August, compared to the 220,000 jobs economists had expected. This was below July’s revised gain of 245,000. However, the unemployment rate fell from 5.3% to 5.1% — its lowest level since early 2008. Northern Dynasty Minerals, the week’s percentage winner, climbed 13% to US40¢ per share. The company closed the first tranche of a fundraising through a private

TSX greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TSX VENTURE EXCHANGE The S&P/TSX Venture Composite Index returned to negative territory during trading, as it dropped 3.06 points en route to a 552.61-point close. With commodity futures down, the European Central Bank revamped its quantitative easing program and said it would use all tools available to bolster growth. Meanwhile, the U.S. Labor Department reported that the country’s unemployment rate fell to a seven-year low in August, even with slower-than-expected job growth. December contracts for gold lost nearly 1%, or US$11, before closing at US$1,120.60 per oz. October contracts for West Texas Intermediate crude oil tumbled 6.4%, or US$3.15, en route to a US$46.05-per-barrel close, and December contracts for copper lost US1.8¢ to US$2.32 per lb. Junior Nevada Exploration had major gains after closing a non-brokered private placement and carrying out a “corporate reorganization.” The company surged 400%, or 20¢, on 131,705 shares traded, before finishing at 25¢ per share. On Aug. 31 Nevada Exploration completed a 1-for-10 share consolidation and closed a $660,000 private placement, wherein it issued 13.2 million units at 5¢ per unit. Each unit consists

taxes for corporations that import products into Guatemala. The two politicians deny the claims. Since authorities publicized the alleged corruption scheme in mid-April, protestors have demanded that the pair resign. Tahoe assured investors that Molina’s resignation “is not expected to affect our Guatemalan operations,” and that its Escobal mine is operating as expected. Tahoe’s shares finished at $10.45, down $1.11.

132 7259 3074 23692 506 54 280 60 40 55 601 788 20 18 2028 1440 31 140 118 72

0.25 0.07 0.02 0.28 0.05 0.09 0.06 0.02 0.01 0.01 0.28 0.04 0.08 0.12 0.01 0.02 0.01 0.01 0.01 0.01

0.10 0.03 0.01 0.11 0.02 0.08 0.03 0.01 0.01 0.01 0.20 0.02 0.08 0.09 0.01 0.01 0.01 0.01 0.01 0.01

0.25 0.07 0.02 0.27 0.05 0.09 0.06 0.02 0.01 0.01 0.20 0.02 0.08 0.09 0.01 0.01 0.01 0.01 0.01 0.01

+ 400.0 + 250.0 + 200.0 + 140.9 + 125.0 + 112.5 + 100.0 + 100.0 + 100.0 + 100.0 - 56.6 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

WEEK VOLUME CLOSE CHANGE

Pac Booker Min Senator Minls Nevada Expl Gold Canyon Ascot Res North Arrow Mn West High Yld Nemaska Lith Kaminak Gold Alabama Graph Kennady Diam Arian Silver Abitibi Royalt Tsodilo Res Chesapeake Gld Bacanora Mnls Desert Gold Grenville Gold Timberline Res Gold Reserve

BKM SNR NGE GCU AOT NAR WHY NMX KAM ALP KDI AGQ RZZ TSD CKG BCN DAU GVG TBR GRZ

17463 56100 131705 23691535 187096 65000 18500 5917952 579730 672850 51122 600675 39025 24800 28463 452045 18395 20000 28520 68713

1.91 0.48 0.25 0.27 1.50 0.45 0.34 0.33 0.82 0.23 3.32 0.20 2.40 0.75 1.73 1.84 0.09 0.08 0.37 3.58

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

0.41 0.23 0.20 0.16 0.14 0.10 0.09 0.09 0.08 0.08 0.36 0.26 0.15 0.11 0.11 0.11 0.09 0.08 0.07 0.07

A U G U S T 31- S E P T E M B E R 4 placement of 25.6 million special warrants. Each warrant is exercisable into one common share at 0.399¢, for gross proceeds of $10.2 million. Northern Dynasty also signed a definitive agreement to acquire inactive firm Cannon Point Resources, whose main asset is $4.7 million in cash, for 12.9 million shares. Under the all-share transaction, expected to close in October, Cannon Point will give Northern Dynasty a $4.3-million secured loan. Sociedad Quimica y Minera de Chile added $1.05, or 6.7%, to close at US$16.54 per share on no news. A week before the major

U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 207422 10.83 9.50 9.71 - 0.79 Alcoa* AA 179604 9.75 9.01 9.49 + 0.08 Barrick Gold* ABX 96452 7.18 6.23 6.41 - 0.72 Peabody Enrgy* BTU 91356 2.74 2.00 2.28 - 0.11 Kinross Gold* KGC 56796 1.84 1.58 1.66 - 0.18 Goldcorp* GG 43830 14.35 13.01 13.36 - 0.60 Newmont Mng* NEM 38879 17.44 15.46 15.70 - 1.47 Consol Energy* CNX 36477 15.50 13.09 13.40 - 0.99 Arch Coal* ACI 34348 10.35 5.25 5.41 - 2.80 Teck Res B* TCK 28937 7.26 6.12 6.16 - 0.92

potash producer and the world’s largest lithium and iodine producer reported 2015 profits of US$154.9 million and US$83.2 million, beating the profits achieved by last year’s third quarter. Freeport-McMoRan fell US79¢ to finish

at US$9.71 per share on 207 million shares traded. On Aug. 27 the company revised its capital and operating plans due to weaker copper prices. Freeport expects to lower its 2016 mining capital costs by 25% and its U.S. mine staff by 10%, among other changes.

U.S. greatest percentage change

Northern Dyn* NAK Western Coppr* WRN Intl Tower Hi* THM Tasman Mtls* TAS Soc Quim&M Ch* SQM Uranium Res* URRE Goldfield* GV Minco Gold* MGH Mechel* MTL B2Gold* BTG Arch Coal* ACI NovaCopper* NCQ Primero Mng* PPP General Moly* GMO Coeur Mng* CDE Harmony Gold* HMY Fortuna Silvr* FSM First Majesti* AG HudBay Mnls* HBM Yanzhou Coal* YZC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

875 0.53 0.32 0.40 + 13.0 48 0.32 0.29 0.32 + 7.6 82 0.28 0.22 0.24 + 7.2 352 0.41 0.32 0.37 + 6.8 3997 16.72 15.02 16.54 + 6.7 181 0.88 0.80 0.85 + 6.2 100 1.88 1.75 1.84 + 5.1 141 0.20 0.17 0.19 + 4.9 788 1.17 1.01 1.13 + 4.6 13979 1.29 1.14 1.28 + 4.0 34348 10.35 5.25 5.41 - 34.1 292 0.60 0.47 0.47 - 21.3 880 3.04 2.33 2.36 - 20.2 258 0.50 0.41 0.41 - 17.4 14863 3.50 2.75 2.88 - 16.5 8278 0.95 0.74 0.77 - 15.9 1541 2.52 2.11 2.17 - 15.5 2646 3.59 2.89 3.00 - 14.7 93 5.13 4.41 4.44 - 13.9 404 4.74 4.28 4.31 - 13.4

U.S. greatest value change WEEK VOLUME CLOSE CHANGE

Soc Quim&M Ch* SQM 3996587 16.54 CVR Partners* UAN 124635 11.23 Natural Rs Pt* NRP 442033 3.32 Goldfield* GV 100376 1.84 Alcoa* AA 179603619 9.49 New Gold* NGD 20818479 2.32 Alamos Gold* AGI 7608669 4.18 B2Gold* BTG 13978603 1.28 Mechel* MTL 787664 1.13 Uranium Res* URRE 181058 0.85 Randgold Res* GOLD 4004613 57.15 Agrium* AGU 667753 99.26 Royal Gold* RGLD 4523038 45.85 BHP Billi-BHP* BHP 16692947 33.75 Arch Coal* ACI 34347589 5.41 BHP Billi-BBL* BBL 8211451 32.24 Rio Tinto* RIO 4541246 34.23 Agnico-Eagle* AEM 19544378 22.81 MDU Res* MDU 6089356 16.36 Hi-Crush Part* HCLP 540674 14.44

+ 1.05 + 0.19 + 0.10 + 0.09 + 0.08 + 0.08 + 0.05 + 0.05 + 0.05 + 0.05 - 4.09 - 3.75 - 3.09 - 2.94 - 2.80 - 2.57 - 2.37 - 1.76 - 1.63 - 1.61

15-09-09 6:50 PM

THE NORTHERN MINER

SEPTEMBER 14-20, 2015

METALS, MINING AND MONEY MARKETS SPOT PRICES

PRODUCER AND DEALER PRICES

COURTESY OF SCOTIABANK

Tuesday, September 8, 2015 Precious Metals Price (US$/oz.) Gold $1120.85 Silver $14.63 Platinum $990.00 Palladium $581.00 Base Metals Nickel Copper Lead Zinc

Change -21.05 -0.05 -9.00 +18.00

Price (US$/tonne) $10000.00 $5351.00 $1690.50 $1815.00

Change +225.00 +205.50 +23.00 +44.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 7, 2015 (change from September 1, 2015 in brackets): Aluminium Alloy 12740 (0) Aluminium 3219950 (-45800) Copper 352325 (-15325) Lead 174450 (-12350) Nickel 451962 (-1932) Tin 5795 (-935) Zinc 552650 (+27725)

Thermal Coal CAPP: US$42.93 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$42.98 Cobalt: US$12.47/lb. Copper: US$2.35/lb. Copper: CME Group Futures Oct. 2015: US$2.434/lb.; Nov. 2015: US$2.440/lb Ferro-Chrome: US$2.09/kg FerroTungsten: US$27.72/kg Ferrovanadium: US$19.64/kg Iridium: NY Dealer Mid-mkt US$500/tr oz. Iron Ore 62% Fe CFR China-S: US$56.00/tonne Iron Ore Fines: US$52.15/tonne Iron Ore Pellets: US$69.15/tonne Lead: US$0.76/lb. Magnesium: US$2.21/kg Manganese: US$1.78/kg Molybdenum Oxide: US$6.26/lb. Phosphate Rock: US$115/tonne Potash: US$307.00/tonne Rhodium: Mid-mkt US$780.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$14.61 per oz.; Handy & Harman Fabricated: US$17.96 per oz. Tantalite Ore: : US$170.28/kg Tin: US$6.92/lb. Uranium: U3O8, Trade Tech spot price: US$36.75/lb.; The UX Consulting Company spot price: US$37.725/lb. Zinc: US$0.81/lb. Prices current Sept. 8, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

Largest short positions Lundin Mining LUN 39684608 New Gold NGD 31277766 Kinross Gold K 27563908 B2Gold BTO 25203872 PotashCorp POT 23158758 First Quantum FM 21991455 Teck Res. TCK.B 17781827 Yamana Gold YRI 13860366 Barrick Gold ABX 12788932 Denison Mines DML 12510711 Thompson Crk Mtl TCM 12372436 OceanaGold OGC 11812346 Detour Gold DGC 9546321 Copper Mountain Min. CUM 8637104 Goldcorp G 8455478 Largest increase in short position Alamos Gold AGI 5161156 Goldcorp G 8455478 OceanaGold OGC 11812346 First Quantum FM 21991455 Klondex Mines KDX 2352655 Largest decrease in short position Eldorado Gold ELD 5137077 First Maj. Silver FR 4987826 Detour Gold DGC 9546321 Hudbay Mining HBM 3715226 Mcewen Mining MUX 2876877

Largest short positions Equitas Res. EQT 3286400 Integra Gold ICG 663415 Bonterra Res. BTR 522000 Gold Reserve GRZ 463100 Nemaska Lithium NMX 428000 Arian Res. ARC 301000 Gowest Gold GWA 295000 Zenyatta Vent. ZEN 291700 CB Gold CBJ 260000 Minaurum Gold MGG 238000 Roxgold ROG 189981 Dajin Res. DJI 146500 Georox Res. GXR 127400 Northern Graphite NGC 111434 Pure Energy Min. PE 103958 Largest increase in short position Equitas Res. EQT 3286400 Bonterra Res. BTR 522000 Arian Res. ARC 301000 Gowest Gold GWA 295000 CB Gold CBJ 260000 Largest decrease in short position Dajin Res. DJI 146500 Ximen Mining XIM 0 Nippon Dragon Res. NIP 0 Emerita Res. EMO 0 Canasil Res. CLZ 300

528455 523662 -254215 -158188 532311 1361723 241866 710511 720217 903701 -42739 1485033 -1362572 -142981 3697531 3706736 3697531 1485033 1361723 1044019 -3068260 -1989815 -1362572 -779624 -720033

3208900 -44331 522000 252500 -66695 301000 295000 16200 260000 236400 -25019 -1835500 -22600 2800 85658 3208900 522000 301000 295000 260000 -1835500 -930000 -717000 -255000 -199700

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

Sept 7 N/A N/A N/A N/A N/A N/A N/A

Sept 4 13478.31 552.61 792.56 121.97 414.98 45.33 108.66

Sept 3 13596.41 553.75 800.03 121.70 438.18 45.62 109.16

Sept 2 13545.25 550.05 797.17 124.88 431.11 46.23 111.14

Sept 1 13481.90 547.97 792.19 125.60 425.70 46.81 112.61

High 15580.46 997.93 905.09 195.63 886.05 92.73 229.07

Low 12705.17 509.03 750.26 117.10 393.29 43.59 104.66

DAILY METAL PRICES Date Sept 7 Sept 4 Sept 3 Sept 2 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1665/1680 1680/1695 1680/1696 1620/1650 Aluminum 1587/1609 1601/1623 1606/1626 1569.50/1591 Copper 5175/5170 5155/5145 5245/5223 5090/5068 Lead 1667/1676 1676/1691 1713/1725 1712/1722.50 Nickel 9800/9830 9780/9840 10020/10075 9740/9775 Tin 15240/14950 15580/15150 15550/15225 15575/15000 Zinc 1785/1790 1773/1782 1812/1820 1784.50/1792

1635/1650 1577/1593 5090/5083.50 1719/1728 9930/9950 14800/14250 1820.50/1826

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1121.00 1125.00 1130.05 Gold PM 1119.50 1118.25 1128.00 Silver 14.54 14.69 14.71 Platinum 986.00 991.00 1002.00 Palladium 582.00 575.00 585.00

1141.90 1142.30 14.68 1005.00 598.00

1140.00 1137.75 14.56 1007.00 584.00

Sept 1

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Sept 7 Sept 4 US$ in C$ N/A 1.3273 C$ in US$ N/A 0.7534

Sept 3 1.3199 0.7576

Sept 2 1.3311 0.7513

Sept 1 1.3179 0.7588

EXCHANGE RATES (Bank of Canada, September 8, 2015) Currency Aus $ Euro In C$ 0.9266 1.4753 In US$ 0.7022 1.1181

Japan 0.01102 0.00835

Mex P 0.07861 0.05958

SA Rand 0.09599 0.07275

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 14 2015 Issue.indd 7

UK £ 2.0294 1.5380

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.

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 — AUG 31-SEPT 4, 2015 24 New Highs Adanac Moly Alpha Gold Amarillo Gold Argentex Mng BCM Res Bell Copper Black Widow Rs Cresval Cap Goldbank Mng Intl Bethl Mng Intl Lithium Moneta Porcpn MPH Vent Nemaska Lith Newstrike Res Otis Gold PC Gold Range Engy Res Richmond Mnls Rogue Iron Ore Rusoro Mng Senator Minls Tri Origin Exp UC Res

265 New Lows Aben Res Acme Res Adamera Mnls Aftermath Silv Alderon Iron O Aldershot Res Alliance Mng Alloycorp Altai Res Altan Rio Mnls Alto Vent Am Creek Res Amador Gold Anaconda Mng AndeanGold Anfield Nickel AQM Copper Arctic Star Rs Arcturus Res Arcus Dev Grp Argentum Silvr Argonaut Gold Argus Metals Arian Silver Aroway Mnls Ashburton Vent Asher Res Astur Gold Atico Mng Aurcana Corp AurCrest Gold Avala Res Avino Silver Baja Mng Bannerman Res Bard Vent Barisan Gold Barker Mnrls Barrick Gold* Barrick Gold Bear Creek Mng Bellhaven Cp&G Benton Cap Bison Gold Res Bitterroot Res Bowmore Expl

Cadillac Vent Canada Rare Ea Canadn Arrow Canadn Int Mnl Canadn Orebods Canadn Plat Canadn Zinc Canasil Res Canterra Mnls Caracara Silvr Cascadero Copp Central Iron O Champion Bear Chesapeake Gld China Mnls Mng Claim Post Res CMC Metals Colombia Crest Colombian Mins Colonial Coal Condor Res Conquest Res Contl Precious Copper Mtn Mng Copper North M Copper One Corex Gold Coro Mining Coronado Res Corsa Coal Cypress Dev Darnley Bay Decade Res Discovery-Corp Duncan Park H Eastfield Res Ecuador G & C Edgewater Expl El Nino Vent El Tigre Silvr Eldorado Gold* Eldorado Gold Emerick Res Europn Uran Rs Eurotin Excellon Res Fairmont Res Falcon Gold Fieldex Expl Firesteel Res Firestone Vent First Point Focus Graphite Fort St J Nick Fortuna Silver Fortuna Silvr* Frontline Gold Galane Gold Galway Mtls Geodex Mnrls Gitennes Expl GMV Minerals Gobimin Gold Bulln Dev Gold Mtn Mng Golden Band Golden Goliath Golden Predatr Golden Share M Golden Tag Goldstar Mnls Graphite One R Great Atlantic

Green Swan Cap Guyana Prec Mt Handa Copper Harmony Gold* Harvest Gold Heatherdale Rs Highbank Res Highway 50 Gld Honey Badger E IC Potash Iconic Mnls Independence G Intl Montoro R Ivernia Jet Gold Karnalyte Res Kermode Res Kilo Goldmines Kincora Copper Kinross Gold Kinross Gold* Kivalliq Enrgy Kombat Copper Lakeland Res Largo Res Legend Gold Lomiko Mtls Los Andes Copp Luna Gold MacDonald Mns Magellan Minls Makena Res Margaret Lk Di Masuparia Gold MDU Res* Melkior Res Metalcorp Mindoro Res Mineral Mtn Rs Mkango Res Monster Mng Mundoro Cap Nevada Clean M Nevada Copper Nevada Sunrise NGEx Res Nighthawk Gold Nippon Dragon Nomad Ventures Noram Vent Nortec Mnls North Am Nickl North Am Tung Northern Abiti Northern Gld M Northern Sup R Northisle C&G NV Gold Oracle Mng Orestone Mng Orocobre Oronova Res Orosur Mng Pac Arc Res Phoenix Gold Pinecrest Res Plata Latina M PolyMet Mng Primero Mng Primero Mng* Purepoint U QMC Quantum Ml Quartz Mtn Res

Quia Res Rambler Mg&Mtl Randgold Res* Randsburg Intl Ratel Grp Rathdowney Res Red Moon Potsh Redhawk Res Renaissance Gd Riverside Res RJK Explor RockBridge Res Rome Res Romios Gold Rs Royal Gold Royal Gold* RT Minerals Rupert Res Sanatana Diam Santacruz Silv Savant Expl Saville Res Selwyn Res Silver Bear Rs Silver Wheatn* Silver Wheaton Silvermet Slam Exploratn Solvista Gold Sonora Gld & S Source Expl Stakeholdr Gld Stans Energy Starcore Int V Stellar Pac Vt Stonegate Agri Strata Mnls Sultan Mnrls Superior Coppr Tajiri Res Talon Metals Tanzania Mnls Teras Res Teuton Res Timberline Res Timberline Rs* Tintina Res Tirex Res TNR Gold TomaGold Transition Mtl Trio Gold Corp TVI Pacific Typhoon Expl Ultra Lithium Uracan Res ValGold Res Vantex Res Vena Res Venerable Vent Visible Gold M VMS Vent Volcanic Mtls West Kirkland Western Pac Rs Westridge Res White Pine Res Wolfden Res Yamana Gold* Yamana Gold Yanzhou Coal* Zazu Metals Zimtu Capital

FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM

REPRINTS

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

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

Reprints 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

15-09-09 6:51 PM

8 SEPTEMBER 14-20, 2015 THE NORTHERN MINER

STOCK TABLES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 2690 0.05 0.05 0.05 + 0.01 0.09 0.03 Abcourt Mines V 353 0.03 0.03 0.03 0.00 0.08 0.03 ABE Res V 400 0.04 0.03 0.03 - 0.01 0.10 0.03 Aben Res V 324 0.09 0.06 0.07 0.00 0.33 0.06 Aberdeen Intl T 271 0.12 0.12 0.12 0.00 0.20 0.11 Abitibi Royalt V 390 2.96 2.31 2.40 - 0.15 5.10 1.53 Acme Res V 32 0.02 0.02 0.02 0.00 0.06 0.02 Adamera Mnls V 940 0.03 0.03 0.03 0.00 0.08 0.03 Adanac Moly V 459 0.20 0.18 0.20 + 0.02 0.20 0.15 Adex Mining V 880 0.01 0.01 0.01 - 0.01 0.02 0.01 Adriana Res V 861 0.10 0.09 0.09 0.00 0.19 0.09 Adventure Gold V 1355 0.13 0.09 0.12 - 0.01 0.20 0.06 African Queen V 300 0.01 0.01 0.01 - 0.01 0.03 0.01 Africo Res T 35 0.42 0.42 0.42 + 0.01 0.45 0.30 Aftermath Silv V 200 0.01 0.01 0.01 0.00 0.04 0.01 Agnico-Eagle* N 195443 25.07 22.14 22.81 - 1.76 37.38 21.00 Agnico-Eagle T 53016 33.02 29.36 30.24 - 2.27 43.70 25.05 Agrium* N 6677 104.26 98.33 99.26 - 3.75 116.77 82.04 Agrium T 16811 137.39 130.67 131.68 - 4.46 146.51 92.81 Alabama Graph V 6728 0.23 0.15 0.23 + 0.08 0.35 0.14 Alacer Gold T 32309 3.02 2.71 2.81 - 0.13 3.22 1.77 Alamos Gold* N 76086 4.60 3.84 4.18 + 0.05 9.51 2.98 Alamos Gold T 20605 6.08 5.14 5.55 + 0.06 10.31 3.90 Alberta Star V 183 0.03 0.03 0.03 - 0.01 0.08 0.02 Alcoa* N 1796036 9.75 9.01 9.49 + 0.08 17.75 7.97 Alderon Irn O* X 1356 0.16 0.13 0.13 - 0.00 1.10 0.13 Alderon Iron O T 1175 0.21 0.17 0.17 - 0.02 1.20 0.17 Aldershot Res V 900 0.02 0.01 0.02 + 0.01 0.05 0.01 Aldridge Minls V 428 0.17 0.16 0.17 - 0.01 0.37 0.16 Aldrin Res V 1758 0.15 0.12 0.14 + 0.01 0.33 0.12 Alexander Nubi V 240 0.10 0.06 0.10 0.00 0.28 0.06 Alexandria Mnl V 4921 0.04 0.03 0.03 - 0.01 0.07 0.03 Alexco Res T 1835 0.44 0.39 0.40 0.00 1.09 0.34 Alexco Res* X 6043 0.33 0.30 0.31 + 0.01 0.99 0.26 Alliance Mng V 30740 0.02 0.01 0.02 + 0.01 0.06 0.01 Alliance Rs P* Q 10311 26.18 24.50 25.13 - 0.19 50.65 19.95 Alloycorp V 6685 0.03 0.02 0.02 - 0.01 0.10 0.02 Almaden Mnls* X 1703 0.60 0.51 0.51 - 0.01 1.43 0.49 Almaden Mnls T 367 0.80 0.70 0.70 + 0.01 1.80 0.65 Almonty Ind V 35 0.81 0.81 0.81 + 0.01 0.86 0.52 Alpha Gold V 104 0.06 0.06 0.06 + 0.01 0.06 0.03 Alphamin Res V 657 0.19 0.14 0.17 - 0.04 0.32 0.11 Altai Res V 2030 0.06 0.05 0.06 0.00 0.12 0.05 Altair Vent V 13 0.08 0.08 0.08 - 0.01 0.60 0.06 Altan Rio Mnls V 32 0.02 0.02 0.02 - 0.01 0.07 0.02 Altima Res V 1652 0.02 0.02 0.02 + 0.01 0.06 0.01 Altiplano Mnls V 50 0.05 0.04 0.05 0.00 0.06 0.02 Altitude Res V 80 0.15 0.15 0.15 - 0.01 0.30 0.09 Altius Mnrls T 3217 13.15 11.89 12.00 - 0.59 15.47 9.86 Alto Vent V 270 0.04 0.04 0.04 - 0.01 0.10 0.04 Alum Cp China* N 1669 8.47 7.75 7.81 - 0.83 17.44 7.20 Am Creek Res V 8485 0.04 0.03 0.04 0.00 0.10 0.03 AM Gold V 20 0.05 0.05 0.05 0.00 0.10 0.02 Amador Gold V 1950 0.01 0.01 0.01 0.00 0.01 0.01 Amarc Res V 2508 0.10 0.08 0.10 + 0.02 0.18 0.06 Amarillo Gold V 3984 0.15 0.11 0.13 - 0.01 0.15 0.04 American Manga V 850 0.02 0.02 0.02 - 0.01 0.04 0.01 American Vanad V 1608 0.10 0.10 0.10 0.00 0.62 0.05 Amerigo Res T 1829 0.26 0.23 0.25 0.00 0.48 0.22 Amex Expl V 670 0.04 0.03 0.04 + 0.01 0.09 0.03 Anaconda Mng T 3500 0.04 0.04 0.04 - 0.01 0.07 0.04 AndeanGold V 345 0.02 0.01 0.02 0.00 0.04 0.01 Anfield Nickel V 512 0.75 0.65 0.73 + 0.05 1.10 0.65 Anfield Res V 760 0.21 0.18 0.18 + 0.02 0.53 0.07 Angel Gold V 1015 0.06 0.05 0.06 - 0.01 0.10 0.02 Angkor Gold V 640 0.48 0.45 0.45 - 0.02 0.64 0.31 AngloGold Ash* N 169479 8.37 7.34 7.60 - 0.52 16.88 5.64 Antioquia Gold V 4886 0.05 0.04 0.05 + 0.01 0.07 0.01 Antofagasta Gd V 7935 0.16 0.15 0.16 0.00 0.25 0.09 Apogee Silver V 622 0.33 0.31 0.33 0.00 0.65 0.18 AQM Copper V 780 0.05 0.04 0.05 + 0.01 0.10 0.04 Aquila Res T 720 0.14 0.13 0.14 + 0.01 0.19 0.09 Arch Coal* N 343475 10.35 5.25 5.41 - 2.80 31.70 1.00 Arctic Hntr Ur V 70 0.03 0.03 0.03 0.00 0.06 0.02 Arctic Star Rs V 4018 0.03 0.03 0.03 0.00 0.08 0.03 Arcturus Res V 10 0.01 0.01 0.01 0.00 0.03 0.01 Arcus Dev Grp V 259 0.02 0.01 0.02 + 0.01 0.04 0.01 Argentex Mng V 19899 0.08 0.04 0.04 + 0.02 0.08 0.02 Argentum Silvr V 105 0.03 0.02 0.02 - 0.01 0.10 0.02 Argex Titanium T 5547 0.14 0.12 0.12 - 0.02 0.72 0.11 Argonaut Gold T 19654 1.36 1.14 1.18 - 0.15 4.72 1.14 Argus Metals V 17 0.02 0.02 0.02 - 0.01 0.11 0.02 Arian Silver V 6006 0.28 0.20 0.20 - 0.26 0.78 0.20 Arianne Phosph V 1006 0.88 0.85 0.86 - 0.02 1.02 0.51 Armistice Res T 991 0.31 0.27 0.30 + 0.03 0.53 0.22 Aroway Mnls V 470 0.02 0.01 0.02 + 0.01 0.24 0.01 ASA (Bermuda)* N 8380 8.20 7.57 7.74 - 0.33 14.20 7.15 Asanko Gold T 8386 2.27 1.99 2.11 - 0.09 2.80 1.50 Asanko Gold* X 285 1.70 1.52 1.62 - 0.05 2.55 1.26 Ascot Res V 1870 1.50 1.36 1.50 + 0.14 2.28 1.01 Ashburton Vent V 1100 0.02 0.01 0.02 0.00 0.04 0.01 Asher Res V 60 0.03 0.03 0.03 0.00 0.08 0.03 Asian Minl Res V 1604 0.05 0.04 0.05 - 0.01 0.08 0.03 Astar Mnls V 80 0.10 0.10 0.10 0.00 0.16 0.09 Aston Bay V 250 0.13 0.13 0.13 + 0.01 0.18 0.08 Astur Gold V 40 0.02 0.02 0.02 - 0.01 0.29 0.02 Atac Res V 1313 0.46 0.41 0.41 - 0.04 0.85 0.31 Athabasca Mnls V 1466 0.38 0.32 0.36 - 0.02 2.65 0.31 Atico Mng V 914 0.39 0.35 0.38 + 0.01 0.82 0.35 Atlanta Gold V 166 0.08 0.07 0.07 - 0.01 0.35 0.05 Atna Res Ltd T 5642 0.07 0.06 0.06 - 0.01 0.13 0.06 Aura Mnls T 2859 0.07 0.07 0.07 - 0.01 0.14 0.06 Aura Silver Rs V 989 0.02 0.01 0.02 + 0.01 0.04 0.01 Aurcana Corp V 3658 0.15 0.14 0.14 - 0.01 0.61 0.14 AurCrest Gold V 200 0.01 0.01 0.01 0.00 0.06 0.01 Aureus Mng T 30 0.37 0.37 0.37 - 0.08 0.83 0.27 Aurion Res V 12800 0.06 0.05 0.06 + 0.01 0.08 0.03 Aurvista Gold V 300 0.05 0.04 0.04 - 0.01 0.11 0.03 Avala Res V 3844 0.04 0.03 0.03 - 0.01 0.20 0.03 Avalon Rare M* X 44155 0.16 0.12 0.12 - 0.00 0.46 0.11 Avalon Rare Mt T 15834 0.20 0.17 0.18 + 0.01 0.50 0.15 Avino Silver V 246 1.34 1.15 1.22 - 0.05 2.40 1.15 Avino Silver* X 2015 1.03 0.91 0.96 - 0.05 2.15 0.90 Avnel Gold T 83 0.25 0.23 0.25 + 0.02 0.31 0.14 Avrupa Mnls V 155 0.13 0.11 0.11 - 0.03 0.40 0.07 Axmin Inc V 496 0.02 0.01 0.02 + 0.01 0.03 0.01 Azimut Expl V 470 0.20 0.17 0.20 + 0.05 0.32 0.13 Azincourt Res V 810 0.05 0.04 0.04 + 0.01 0.36 0.03

B B2Gold* X 139786 B2Gold T 127850 Bacanora Mnls V 4520 Baja Mng V 6802 Balmoral Res T 4768 Bama Gold V 190 Banks Island G V 6842 Bannerman Res T 2100 Banro T 11748 Banro* X 36707 Banyan Gold V 169 Bard Vent V 121 Barisan Gold V 820 Barker Mnrls V 290 Barkerville Go V 5319 Barrick Gold* N 964521 Barrick Gold T 194084 Batero Gold V 970 Bayswater Uran V 148 BCM Res V 1650 Bear Creek Mng V 1397 Beaufield Res V 2220 Bell Copper V 140 Bellhaven Cp&G V 255 Belmont Res V 50

TNM Sep 14 2015 Issue.indd 8

1.29 1.14 1.28 + 0.05 2.54 0.98 1.70 1.53 1.69 + 0.07 2.88 1.30 2.00 1.69 1.84 - 0.11 2.05 0.56 0.03 0.02 0.02 - 0.01 0.06 0.02 0.57 0.52 0.57 + 0.04 1.68 0.49 0.07 0.06 0.07 + 0.02 0.23 0.05 0.03 0.02 0.03 + 0.01 0.48 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.26 0.23 0.23 - 0.02 0.47 0.13 0.20 0.18 0.18 - 0.00 0.40 0.12 0.04 0.04 0.04 0.00 0.10 0.02 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.03 0.04 + 0.01 0.20 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.23 0.21 0.21 - 0.03 0.40 0.11 7.18 6.23 6.41 - 0.72 18.13 6.23 9.42 8.26 8.50 - 0.94 19.77 8.26 0.08 0.07 0.08 0.00 0.11 0.06 0.03 0.02 0.02 - 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.05 0.02 0.70 0.63 0.64 - 0.02 3.67 0.63 0.05 0.04 0.04 - 0.01 0.08 0.03 0.05 0.04 0.04 + 0.01 0.05 0.01 0.13 0.10 0.10 - 0.06 0.45 0.10 0.05 0.05 0.05 0.00 0.11 0.03

(100s) Stock

Week

MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: August 31-September 4, 2015 12-month

Exc Volume High Low Last Change High Low

Belo Sun Mng T 2278 Belvedere Res V 11 Benton Cap V 317 Benton Res V 8348 Berkwood Res V 1670 BHP Billi-BBL* N 82114 BHP Billi-BHP* N 166929 BioteQ Env T 1889 Bison Gold Res V 8765 Bitterroot Res V 300 Black Iron T 61464 Black Widow Rs V 1610 Blind Crk Res V 25 Blue Rvr Res V 20 Bluestone Res V 50 BMO Jr Gld ETF T 637 Bold Vent V 852 Bonterra Res V 14633 Bowmore Expl V 6400 Bravada Gold V 970 Brazil Res V 3915 Brionor Res V 328 Brixton Mtls V 80 Burnstone Vent V 2500

0.18 0.17 0.17 0.00 0.30 0.11 0.04 0.04 0.04 - 0.01 0.18 0.04 0.03 0.02 0.02 - 0.01 0.04 0.02 0.05 0.04 0.05 + 0.01 0.07 0.03 0.01 0.01 0.01 + 0.01 0.07 0.01 35.25 31.92 32.24 - 2.57 60.55 30.24 37.00 33.50 33.75 - 2.94 65.30 31.59 0.03 0.03 0.03 + 0.01 0.06 0.02 0.01 0.01 0.01 + 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.04 0.04 0.00 0.13 0.02 0.08 0.03 0.04 + 0.02 0.08 0.01 0.05 0.05 0.05 - 0.01 0.10 0.04 0.03 0.03 0.03 0.00 0.07 0.03 0.08 0.07 0.07 + 0.01 0.25 0.05 5.10 4.75 4.88 - 0.29 8.36 4.45 0.04 0.03 0.04 + 0.01 0.07 0.03 0.20 0.17 0.19 + 0.01 0.43 0.09 0.03 0.03 0.03 + 0.01 0.11 0.03 0.03 0.03 0.03 - 0.01 0.07 0.02 0.56 0.51 0.53 - 0.02 0.94 0.43 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.07 0.08 0.00 0.31 0.06 0.02 0.02 0.02 0.00 0.04 0.01

Cabot Corp* N 15008 Cache Expl V 5472 Cadillac Vent V 700 Caledonia Mng T 480 Calibre Mng V 717 Calico Res V 22 Callinex Mines V 1218 Cameco Corp* N 97223 Cameco Corp T 47992 Camino Mnls V 67 Canada Carbon V 7829 Canada Rare Ea V 450 Canada Zinc Mt V 625 Canadn Arrow V 312 Canadn Int Mnl V 1490 Canadn Mining V 540 Canadn Orebods V 360 Canadn Plat V 4320 Canadn Silvr H V 40 Canadn Zinc T 10495 Canamex Res V 2002 Canarc Res T 5745 Canasil Res V 3480 Cancana Res V 1816 Candente Coppr T 2120 CaNickel Mng T 44 Cannon Pnt Res V 14810 Canoe Mng Vnt V 221 Canstar Res V 558 Canterra Mnls V 1741 Cantex Mn Dev V 817 Cap-Ex Vent V 1731 Capstone Mng T 27814 Caracara Silvr V 89 Cardero Res T 675 Caribou King R V 8485 Carlisle Goldf T 1159 Carmax Mng V 850 Cascadero Copp V 1200 Castillian Res V 60 Catalyst Coppr V 760 Caza Gold V 333 CB Gold V 11403 Centamin T 253 Centerra Gold T 28872 Central Fund* X 30894 Central Fund T 1479 Central Gold-T T 70 Central GoldT* X 1306 Central Iron O V 100 Challenger Dee V 1544 Champion Bear V 31 Champion Iron T 1814 Chesapeake Gld V 284 Chiboug Ind Mn V 40 Chilean Gold V 1143 Chimata Gold V 74 China Gold Int T 9276 China Mnls Mng V 720 Claim Post Res V 14400 Claude Res T 7537 Cliffs Nat Rs* N 219155 Clifton Star V 935 Cloud Peak En* N 30806 CMC Metals V 6840 Coeur Mng* N 148625 Colombia Crest V 1000 Colombian Mins V 640 Colonial Coal V 1094 Colorado Res V 330 Colt Res V 593 Columbus Gold V 986 Commander Res V 100 Commerce Res V 5000 Compass Mnls* N 3580 Compliance Eny V 20 Comstock Mng* X 5002 Comstock Mtls V 80 Condor Res V 1190 Confedertn Mls V 1970 Conquest Res V 750 Cons Richland V 100 Cons Woodjam C V 372 Consol Energy* N 364767 Constant Mtl R V 1189 Contintl Gold T 8794 Contl Precious T 335 Copper Ck Gold V 1000 Copper Fox Mtl V 7136 Copper Mtn Mng T 26478 Copper North M V 455 Copper One V 20280 Coral Gold V 460 Cordoba Mnls V 340 Corex Gold V 20 Cornerstone Ca V 12025 Coro Mining T 7404 Coronado Res V 80 Coronet Mtls V 1341 Corsa Coal V 1682 Corvus Gold T 282 Crazy Horse Rs V 130 Cresval Cap V 2800 Critical Elem V 2651 Crown Gold V 85 Currie Rose Rs V 730 CVR Partners* N 1246 Cypress Dev V 768

34.20 32.53 33.51 - 0.42 55.98 31.10 0.15 0.08 0.15 + 0.08 0.27 0.05 0.02 0.02 0.02 - 0.01 0.25 0.02 0.77 0.74 0.77 + 0.02 1.20 0.54 0.10 0.09 0.10 0.00 0.20 0.08 0.12 0.08 0.12 + 0.03 0.19 0.06 0.33 0.28 0.32 - 0.01 0.40 0.16 14.15 13.19 13.36 - 0.26 19.97 12.38 18.65 17.47 17.74 - 0.26 22.46 16.45 0.12 0.11 0.11 - 0.04 0.26 0.03 0.29 0.28 0.29 0.00 0.32 0.18 0.03 0.03 0.03 0.00 0.11 0.03 0.22 0.20 0.21 + 0.01 0.55 0.18 0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.01 0.02 0.00 0.06 0.01 0.10 0.10 0.10 0.00 0.24 0.05 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 - 0.01 0.07 0.01 0.11 0.09 0.09 - 0.01 0.33 0.09 0.05 0.04 0.04 - 0.01 0.24 0.04 0.06 0.05 0.06 + 0.01 0.10 0.03 0.03 0.03 0.03 0.00 0.08 0.03 0.21 0.19 0.20 - 0.04 0.32 0.15 0.06 0.06 0.06 0.00 0.25 0.05 0.12 0.10 0.12 + 0.02 0.75 0.09 0.17 0.13 0.15 + 0.02 0.25 0.10 0.05 0.04 0.04 - 0.01 0.24 0.02 0.07 0.06 0.07 + 0.01 0.10 0.03 0.05 0.05 0.05 - 0.01 0.12 0.05 0.04 0.04 0.04 0.00 0.09 0.03 0.02 0.02 0.02 + 0.01 0.06 0.01 0.65 0.59 0.61 - 0.01 2.84 0.55 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 - 0.01 0.07 0.01 0.13 0.10 0.13 + 0.03 0.23 0.04 0.22 0.21 0.22 - 0.02 0.42 0.13 0.03 0.03 0.03 - 0.01 0.11 0.03 0.03 0.02 0.02 - 0.01 0.07 0.02 0.03 0.03 0.03 0.00 0.20 0.01 0.17 0.15 0.17 + 0.04 0.60 0.11 0.04 0.03 0.03 - 0.01 0.09 0.03 0.05 0.05 0.05 + 0.01 0.14 0.03 1.21 1.15 1.17 - 0.07 1.35 0.80 6.86 6.37 6.67 - 0.11 7.98 3.96 11.05 10.67 10.80 - 0.21 13.73 10.15 14.62 14.14 14.34 - 0.24 16.89 12.52 52.00 50.96 50.96 - 0.52 57.25 42.50 39.54 38.49 38.64 - 0.58 46.73 37.22 0.01 0.01 0.01 0.00 0.01 0.01 0.20 0.16 0.20 + 0.03 0.22 0.05 0.05 0.05 0.05 - 0.01 0.19 0.05 0.16 0.14 0.15 - 0.01 0.29 0.07 1.76 1.64 1.73 - 0.11 3.29 1.64 0.04 0.02 0.02 0.00 0.08 0.02 0.05 0.04 0.04 - 0.01 0.09 0.02 0.06 0.06 0.06 0.00 0.19 0.01 1.91 1.67 1.75 - 0.08 3.40 1.30 0.01 0.01 0.01 - 0.01 0.01 0.01 0.02 0.01 0.01 - 0.01 0.13 0.01 0.65 0.60 0.61 0.00 0.78 0.19 4.12 3.57 3.86 + 0.03 15.40 2.28 0.17 0.14 0.14 - 0.01 0.25 0.06 4.79 3.67 3.86 - 0.51 15.65 2.51 0.04 0.03 0.03 - 0.01 0.08 0.03 3.50 2.75 2.88 - 0.57 7.98 2.67 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.04 0.05 + 0.01 0.20 0.04 0.05 0.04 0.05 + 0.01 0.17 0.04 0.09 0.08 0.08 0.00 0.18 0.06 0.18 0.17 0.18 + 0.01 0.30 0.05 0.37 0.33 0.36 - 0.02 0.55 0.31 0.02 0.02 0.02 0.00 0.04 0.02 0.11 0.10 0.11 0.00 0.27 0.07 81.73 79.28 80.98 - 0.74 95.68 78.95 0.07 0.07 0.07 - 0.01 0.40 0.04 0.61 0.55 0.61 + 0.02 1.55 0.35 0.03 0.03 0.03 0.00 0.04 0.01 0.04 0.03 0.03 - 0.01 0.11 0.03 0.05 0.04 0.04 - 0.01 0.12 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 0.06 0.05 0.05 0.00 0.09 0.02 15.50 13.09 13.40 - 0.99 42.26 11.46 0.09 0.08 0.08 - 0.01 0.25 0.07 3.05 2.75 2.89 + 0.04 3.74 1.61 0.30 0.30 0.30 - 0.01 0.71 0.30 0.06 0.06 0.06 0.00 0.07 0.03 0.18 0.15 0.17 + 0.01 0.37 0.10 0.66 0.57 0.59 - 0.05 2.97 0.57 0.05 0.04 0.04 0.00 0.09 0.04 0.01 0.01 0.01 - 0.01 0.08 0.01 0.10 0.09 0.10 + 0.02 0.26 0.06 0.12 0.11 0.12 0.00 0.46 0.08 0.03 0.03 0.03 0.00 0.09 0.03 0.03 0.03 0.03 0.00 0.11 0.02 0.03 0.02 0.03 0.00 0.08 0.02 0.25 0.20 0.20 - 0.05 1.16 0.20 0.04 0.03 0.03 - 0.01 0.18 0.02 0.06 0.05 0.06 0.00 0.29 0.05 0.50 0.44 0.44 - 0.06 1.48 0.40 0.02 0.02 0.02 - 0.01 0.05 0.01 0.06 0.03 0.06 + 0.03 0.06 0.01 0.25 0.23 0.25 + 0.02 0.40 0.16 0.03 0.03 0.03 0.00 0.14 0.03 0.01 0.01 0.01 0.00 0.02 0.01 11.44 10.86 11.23 + 0.19 16.12 8.52 0.04 0.03 0.04 + 0.01 0.45 0.03

Dajin Res V 10729 Dalradian Res T 6317 Darnley Bay V 210 Decade Res V 8990 Defiance Silvr V 1559 Dejour Enterp T 1077 Dejour Enterp* X 1965 Delrand Res T 25 Denison Mines T 24510 Denison Mines* X 7018

0.09 0.08 0.09 + 0.01 0.11 0.04 0.87 0.83 0.87 + 0.03 1.16 0.46 0.02 0.02 0.02 + 0.01 0.15 0.02 0.03 0.02 0.03 0.00 0.25 0.02 0.10 0.08 0.09 - 0.02 0.19 0.07 0.16 0.14 0.14 - 0.01 0.31 0.11 0.12 0.10 0.10 - 0.01 0.28 0.08 0.10 0.10 0.10 0.00 0.95 0.05 0.66 0.61 0.63 - 0.01 1.48 0.55 0.50 0.46 0.47 - 0.01 1.35 0.41

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Desert Gold V 183 Desert Star V 1462 Detour Gold T 46716 Diagnos V 6592 Diamcor Mng V 665 Diamond Fields V 1150 Dios Expl V 1997 Discovery Harb V 4396 Discovery Vent V 20124 Discovery-Corp V 644 DNI Metals V 969 Dolly Vard Sil V 1301 Dominion Diam* N 5804 Dominion Diam T 9550 Dorex Minls V 2500 Doubleview Cap V 1718 Duncan Park H V 250 Dundee Prec Mt T 4842 Duran Vent V 9506 Durango Res V 2222 Dynacor Gold M T 1082 Dynasty Gold V 2870 Dynasty Met&Mn T 280 Eagle Plains V 1448 East Asia Mnls V 39221 Eastern Platin T 3822 Eastfield Res V 1250 Eastmain Res T 2315 Eco Oro Mnls T 738 Ecuador G & C V 7430 Edgewater Expl V 130 El Nino Vent V 33 El Tigre Silvr V 1640 Eldorado Gold* N 50910 Eldorado Gold T 147344 Eloro Minls V 907 Ely Gold & Mnl V 1174 Emed Mining T 123 Emerick Res V 1594 Encanto Potash V 8652 Endeavour Mng T 18619 Endeavr Silver T 4251 Endeavr Silve* N 5208 Energizer Res T 12065 Energold Drill V 461 Energy Fuels T 1777 Entourage Mtls V 1800 Entree Gold* X 1786 Entree Gold T 1627 Equitas Res V 126363 Equitorial Exp V 1547 Erdene Res Dev T 271 Erin Ventures V 1575 Eskay Mng V 488 Ethos Gold V 2736 Eurasian Minls V 134 Eurasian Mnls* X 1127 EurOmax Res V 10 Europn Uran Rs V 230 Eurotin V 442 Everton Res V 383 Evrim Res V 28 Excellon Res T 1464 Excelsior Mng V 3816 Exeter Res* X 1308 Exeter Res T 626 Explor Res V 3118 Faircourt Gold T 196 Fairmont Res V 1882 Falco Res V 1864 Falcon Gold V 1546 Fancamp Expl V 1675 Feronia V 65 Fieldex Expl V 220 Finlay Minrls V 1135 Firebird Res V 7880 Firesteel Res V 400 Firestone Vent V 2153 First Bauxite V 34 First Lithium V 2185 First Majesti* N 26457 First Majestic T 25597 First Point T 934 First Quantum T 255316 Fission 3.0 V 7798 Fjordland Exp V 600 Flinders Res V 2108 Focus Graphite V 15408 Focus Vnt V 825 Foraco Intl T 260 Foran Mng V 4085 Formation Mtls T 1466 Forsys Metals T 545 Fort St J Nick V 710 Fortuna Silver T 19234 Fortuna Silvr* N 15410 Fortune Bay T 277 Fortune Mnrls T 14965 Forum Uranium V 709 Franco-Nevada* N 52183 Franco-Nevada T 29337 Freegold Vent T 445 Freeport McMo* N 2074222 Frontier Rr Er T 4599 Frontline Gold V 2013

0.12 0.09 0.09 - 0.09 0.90 0.08 0.14 0.13 0.14 + 0.02 0.25 0.12 13.79 12.51 13.07 - 0.73 16.37 6.02 0.08 0.07 0.07 0.00 0.11 0.04 1.12 1.00 1.00 - 0.03 1.45 0.90 0.02 0.01 0.02 0.00 0.05 0.01 0.10 0.08 0.08 - 0.01 0.10 0.03 0.04 0.03 0.03 - 0.01 0.11 0.02 0.13 0.10 0.12 - 0.01 0.42 0.09 0.04 0.03 0.03 - 0.01 0.14 0.03 0.10 0.09 0.10 + 0.01 0.50 0.06 0.26 0.20 0.20 0.00 1.25 0.11 12.08 11.26 11.72 - 0.13 20.30 10.75 15.91 14.96 15.52 - 0.13 24.60 14.34 0.03 0.03 0.03 + 0.01 0.10 0.02 0.12 0.08 0.12 + 0.03 0.25 0.07 0.01 0.01 0.01 0.00 0.03 0.01 2.51 2.12 2.23 - 0.26 5.53 1.93 0.02 0.02 0.02 - 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.09 0.03 1.55 1.38 1.55 + 0.11 2.59 1.30 0.02 0.02 0.02 0.00 0.03 0.01 0.49 0.45 0.49 + 0.04 1.42 0.40 0.06 0.06 0.06 0.00 0.08 0.05 0.02 0.01 0.02 0.00 0.04 0.01 1.12 1.03 1.10 + 0.03 2.26 0.79 0.02 0.02 0.02 0.00 0.05 0.02 0.37 0.33 0.35 + 0.01 0.62 0.17 0.59 0.44 0.57 + 0.14 0.95 0.14 0.02 0.02 0.02 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.07 0.01 0.02 0.02 0.02 - 0.01 0.07 0.02 0.06 0.06 0.06 - 0.01 0.32 0.06 3.12 2.66 2.75 - 0.31 8.09 2.66 4.09 3.52 3.62 - 0.44 9.68 3.52 0.12 0.10 0.11 0.00 0.20 0.04 0.08 0.06 0.06 0.00 0.11 0.03 0.08 0.08 0.08 0.00 0.16 0.06 0.16 0.14 0.14 - 0.02 0.30 0.14 0.09 0.07 0.09 + 0.01 0.16 0.04 0.59 0.54 0.56 - 0.02 0.89 0.38 2.34 2.03 2.09 - 0.12 5.98 1.64 1.78 1.53 1.57 - 0.11 5.48 1.25 0.06 0.06 0.06 - 0.01 0.31 0.05 0.79 0.70 0.77 + 0.01 1.69 0.51 4.64 3.97 4.07 - 0.27 9.00 3.74 0.05 0.04 0.05 + 0.01 0.22 0.03 0.29 0.23 0.24 - 0.03 0.51 0.08 0.37 0.30 0.30 - 0.06 0.66 0.18 0.15 0.12 0.15 + 0.03 0.16 0.03 0.13 0.11 0.11 - 0.01 0.26 0.07 0.13 0.12 0.12 - 0.01 0.17 0.09 0.06 0.06 0.06 - 0.01 0.10 0.04 0.13 0.11 0.12 + 0.01 0.20 0.01 0.17 0.14 0.15 + 0.01 0.18 0.11 0.67 0.63 0.66 - 0.06 0.97 0.53 0.54 0.47 0.53 - 0.01 0.89 0.40 0.49 0.49 0.49 + 0.09 0.57 0.17 0.01 0.01 0.01 + 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.10 0.02 0.04 0.03 0.04 + 0.01 0.09 0.02 0.15 0.15 0.15 + 0.03 0.32 0.11 0.40 0.35 0.39 - 0.01 1.39 0.35 0.25 0.22 0.23 - 0.01 0.39 0.19 0.44 0.36 0.37 - 0.05 0.79 0.35 0.56 0.48 0.50 - 0.03 0.90 0.45 0.05 0.05 0.05 - 0.01 0.09 0.04 2.90 2.75 2.75 - 0.11 4.56 2.70 0.07 0.05 0.06 - 0.03 0.30 0.05 0.33 0.31 0.31 - 0.04 0.78 0.29 0.03 0.03 0.03 - 0.01 0.25 0.03 0.04 0.04 0.04 + 0.01 0.06 0.03 0.21 0.15 0.15 + 0.03 0.78 0.07 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.02 0.02 - 0.02 0.05 0.01 0.01 0.01 0.01 - 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 - 0.01 0.10 0.04 0.27 0.25 0.27 - 0.01 0.50 0.18 3.59 2.89 3.00 - 0.52 10.10 2.85 4.74 3.84 3.97 - 0.67 11.02 3.76 0.05 0.04 0.04 0.00 0.13 0.04 7.35 6.05 6.20 - 0.85 25.01 5.75 0.09 0.08 0.09 + 0.01 0.14 0.06 0.02 0.02 0.02 - 0.01 0.05 0.01 0.32 0.23 0.30 + 0.07 1.05 0.12 0.13 0.10 0.11 - 0.01 0.61 0.10 0.20 0.18 0.20 + 0.01 0.29 0.16 0.30 0.27 0.28 + 0.02 0.77 0.15 0.12 0.11 0.12 0.00 0.48 0.10 0.13 0.12 0.12 - 0.01 0.27 0.09 0.16 0.15 0.15 - 0.01 0.36 0.15 0.01 0.01 0.01 0.00 0.03 0.01 3.33 2.80 2.87 - 0.52 6.30 2.80 2.52 2.11 2.17 - 0.40 5.25 2.11 0.33 0.31 0.33 + 0.01 0.43 0.24 0.04 0.03 0.04 + 0.01 0.32 0.02 0.07 0.06 0.07 + 0.01 0.22 0.05 43.92 41.63 42.46 - 1.17 58.84 38.20 57.64 55.15 56.29 - 1.38 74.10 49.96 0.10 0.10 0.10 + 0.01 0.24 0.07 10.83 9.50 9.71 - 0.79 35.98 7.76 0.12 0.09 0.10 + 0.02 0.35 0.08 0.01 0.01 0.01 0.00 0.01 0.01

Gabriel Res T 2240 Galane Gold V 442 Galantas Gold V 1236 Galway Gold V 1882 Galway Mtls V 1358 GAMCO Glb Gld* X 18859 Garibaldi Res V 4946 Gem Intl Res V 40 General Moly* X 2584 Gensource Pot V 3260 Geodex Mnrls V 175 Geodrill T 70 Geomega Res V 978 Georox Res V 410 Getty Copper V 382 Gitennes Expl V 30 Giyani Gold V 478 Glen Eagle Res V 5082 Globex Mng T 405 GMV Minerals V 1550 Gobimin V 140 GoGold Res T 426 Gold Bulln Dev V 7661 Gold Canyon V 236915 Gold Fields* N 233374 Gold Mtn Mng V 1768 Gold Reach Res V 395 Gold Reserve V 687 Gold Resource* X 14611 Gold Std Vnt V 1534 Gold Std Vnt* X 2247 Goldbank Mng V 540 Goldcorp T 135974 Goldcorp* N 438296 Golden Arrow R V 396 Golden Band V 410 Golden Dawn Ml V 315 Golden Goliath V 9680 Golden Hope V 222 Golden Mnls T 392

0.39 0.34 0.38 - 0.01 1.09 0.25 0.10 0.08 0.10 + 0.01 0.30 0.08 0.12 0.10 0.11 + 0.01 0.18 0.05 0.10 0.08 0.08 - 0.01 0.12 0.05 0.12 0.10 0.10 - 0.01 0.17 0.10 5.38 5.06 5.14 - 0.19 10.90 5.03 0.09 0.07 0.07 - 0.01 0.29 0.05 0.06 0.05 0.06 + 0.01 0.26 0.05 0.50 0.41 0.41 - 0.09 1.00 0.26 0.06 0.06 0.06 0.00 0.08 0.04 0.02 0.01 0.02 + 0.01 0.07 0.01 0.55 0.53 0.53 0.00 0.99 0.46 0.10 0.09 0.10 - 0.01 0.41 0.08 0.07 0.06 0.06 - 0.02 0.14 0.05 0.03 0.02 0.02 - 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.08 0.07 0.08 + 0.02 0.20 0.05 0.05 0.04 0.05 + 0.02 0.20 0.03 0.23 0.21 0.22 + 0.01 0.29 0.14 0.07 0.05 0.07 - 0.01 0.26 0.05 0.38 0.38 0.38 0.00 0.51 0.38 1.35 1.25 1.30 0.00 1.84 1.18 0.02 0.02 0.02 0.00 0.08 0.02 0.28 0.11 0.27 + 0.16 0.33 0.09 3.28 2.75 2.89 - 0.34 6.01 2.42 0.05 0.04 0.04 0.00 0.18 0.04 0.18 0.14 0.18 + 0.03 0.57 0.13 3.80 3.31 3.58 - 0.07 5.39 2.48 2.45 2.21 2.34 - 0.07 6.09 1.99 0.50 0.44 0.47 - 0.01 0.80 0.40 0.38 0.33 0.35 - 0.01 0.72 0.26 0.09 0.08 0.09 + 0.05 0.09 0.03 18.83 17.25 17.70 - 0.77 30.95 16.16 14.35 13.01 13.36 - 0.60 27.33 12.35 0.28 0.24 0.28 + 0.02 0.50 0.17 0.01 0.01 0.01 0.00 0.02 0.01 0.16 0.13 0.16 0.00 0.30 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.45 0.42 0.42 - 0.03 0.64 0.08 0.42 0.39 0.40 - 0.07 1.19 0.31

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Mnls* X 4330 Golden Peak Mn V 40 Golden Predatr V 1364 Golden Queen T 1706 Golden Reign R V 701 Golden Share M V 1292 Golden Star T 1305 Golden Star* X 16034 Golden Tag V 36810 Golden Val Min V 1200 Goldex Res V 100 Goldeye Expl V 110 Goldfield* X 1003 Goldgroup Mng T 12667 GoldQuest Mng V 3326 Goldrea Res C 97 Goldrock Mines V 1204 Goldrush Res V 760 Goldsource Min V 1622 Goldstar Mnls V 250 Goldstrike Res V 6311 Gossan Res V 100 Gowest Gold V 438 Gran Colombia T 1253 Graphite One R V 7438 Great Atlantic V 600 Great Bear Res V 131 Great Panther* X 6586 Great Panther T 1994 Great Quest Me V 1458 Green Swan Cap V 1000 Greencastle Rs V 4830 Grenville Gold V 200 Gresham Res V 14723 Grizzly Discvr V 793 Groundstar Res V 1436 GTA Res & Mng V 150 Guyana Gldflds T 8884 Guyana Prec Mt V 19468 GWR Res V 5183 Handa Copper V 19 Hansa Res V 20 Happy Ck Minls V 193 Harmony Gold* N 82776 Harte Gold T 3534 Harvest Gold V 84 Hawkeye Gld&Di V 760 Heatherdale Rs V 188 Hecla Mining* N 211794 Helio Res V 2020 Hi-Crush Part* N 5406 Highbank Res V 22443 Highland Res V 50 Highway 50 Gld V 290 Homestake Res V 212 Honey Badger E V 13990 Horizns G Bear T 34938 Horizns G Bull T 97386 Hornby Bay Mnl V 30 Houston Lake V 923 HudBay Minls T 74916 HudBay Mnls* N 931 Hudson Res V 7729 Hunt Mng V 1450

0.34 0.29 0.30 - 0.02 1.10 0.23 0.06 0.06 0.06 0.00 0.18 0.04 0.08 0.07 0.08 + 0.01 0.18 0.07 0.80 0.73 0.75 - 0.03 1.68 0.65 0.09 0.08 0.08 - 0.01 0.19 0.05 0.04 0.03 0.04 + 0.01 0.09 0.03 0.26 0.24 0.26 + 0.01 0.55 0.20 0.20 0.18 0.20 + 0.01 0.51 0.16 0.03 0.02 0.02 - 0.01 0.10 0.02 0.11 0.10 0.11 + 0.01 0.21 0.08 0.04 0.04 0.04 0.00 0.08 0.02 0.04 0.04 0.04 - 0.01 0.07 0.03 1.88 1.75 1.84 + 0.09 2.85 1.20 0.07 0.06 0.07 + 0.01 0.24 0.05 0.12 0.10 0.11 + 0.01 0.21 0.07 0.05 0.05 0.05 0.00 0.10 0.02 0.26 0.23 0.25 + 0.05 0.40 0.15 0.02 0.02 0.02 + 0.01 0.03 0.01 0.18 0.15 0.16 + 0.01 0.26 0.13 0.02 0.02 0.02 0.00 0.05 0.02 0.21 0.19 0.21 - 0.01 0.28 0.05 0.02 0.02 0.02 - 0.01 0.05 0.01 0.08 0.07 0.07 - 0.02 0.10 0.05 0.25 0.23 0.24 - 0.01 1.39 0.20 0.08 0.07 0.07 0.00 0.18 0.07 0.05 0.05 0.05 0.00 0.30 0.05 0.05 0.04 0.04 - 0.01 0.09 0.02 0.43 0.39 0.40 - 0.00 1.27 0.30 0.55 0.52 0.53 - 0.01 1.39 0.40 0.31 0.26 0.30 + 0.05 1.53 0.25 0.01 0.01 0.01 0.00 0.06 0.01 0.06 0.06 0.06 0.00 0.10 0.05 0.08 0.08 0.08 - 0.08 0.15 0.04 0.64 0.60 0.60 - 0.03 0.95 0.46 0.06 0.05 0.05 0.00 0.10 0.02 0.06 0.06 0.06 + 0.01 0.19 0.03 0.06 0.05 0.06 + 0.01 0.10 0.04 4.13 3.84 4.07 0.00 4.48 2.15 0.12 0.08 0.12 + 0.02 0.33 0.08 0.04 0.02 0.03 0.00 0.05 0.01 0.06 0.06 0.06 - 0.01 0.13 0.06 0.02 0.02 0.02 0.00 0.03 0.01 0.13 0.10 0.10 0.00 0.17 0.08 0.95 0.74 0.77 - 0.15 3.18 0.74 0.05 0.05 0.05 0.00 0.25 0.04 0.02 0.02 0.02 0.00 0.06 0.02 0.05 0.05 0.05 0.00 0.10 0.02 0.03 0.03 0.03 0.00 0.07 0.03 2.16 1.88 1.96 - 0.10 3.54 1.77 0.02 0.02 0.02 0.00 0.07 0.02 17.20 13.92 14.44 - 1.61 71.74 11.12 0.12 0.09 0.09 - 0.04 0.31 0.09 0.18 0.18 0.18 + 0.01 0.56 0.10 0.17 0.10 0.15 + 0.02 0.51 0.10 0.03 0.03 0.03 - 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.05 0.01 17.30 14.42 16.49 + 1.85 24.65 8.50 3.60 2.98 3.14 - 0.40 10.26 2.95 0.05 0.05 0.05 - 0.01 0.10 0.03 0.17 0.17 0.17 0.00 0.20 0.09 6.76 5.84 5.86 - 0.97 12.61 5.67 5.13 4.41 4.44 - 0.72 10.44 4.27 0.50 0.46 0.46 - 0.01 0.55 0.22 0.04 0.03 0.03 0.00 0.40 0.02

I-Minerals V 25 Iamgold* N 33864 Iamgold T 48566 IBC Adv Alloys V 17057 IC Potash T 2898 Iconic Mnls V 530 IMPACT Silver V 1990 Imperial Metal T 987 Inca One Res V 2658 Independence G V 1362 Indico Res V 1735 Inspiration Mg T 2454 Integra Gold V 21227 Intigold Mines V 1941 Intl Bethl Mng V 71884 Intl Lithium V 13481 Intl Montoro R V 880 Intl Northair V 8589 Intl Tower Hi* X 819 Intl Tower Hil T 860 Intrepid Pots* N 6821 INV Metals T 32 ISh COMEX G Tr T 224 Ivanhoe Mines T 16558 Ivernia T 13115 J.A.G. Mines V 10 Jaguar Mng V 137 Jaxon Mnls V 5061 Jazz Res V 106 Jet Gold V 40 Kaminak Gold V 5797 Karmin Expl V 1200 Karnalyte Res T 753 Katanga Mng T 876 Kazax Mnls V 70 Kennady Diam V 511 Kermode Res V 490 Kesselrun Res V 770 Kestrel Gold V 120 Khalkos Expl V 506 Khan Res C 600 Kilo Goldmines V 1566 Kincora Copper V 63109 Kinross Gold T 118981 Kinross Gold* N 567962 Kirkland Lk Gd T 13594 Kiska Metals V 3730 Kivalliq Enrgy V 8390 Klondex Mns T 11613 Klondike Gold V 8090 Klondike Silv V 80 Knick Expl V 30 Kobex Mnls V 2264 Kombat Copper V 4122 Kootenay Gold V 7988

0.26 0.25 0.25 - 0.01 0.31 0.14 1.75 1.49 1.57 - 0.14 3.92 1.16 2.30 1.97 2.07 - 0.18 4.28 1.50 0.14 0.10 0.12 + 0.03 0.25 0.09 0.14 0.11 0.12 - 0.01 0.31 0.11 0.04 0.03 0.04 + 0.01 0.10 0.03 0.20 0.16 0.17 0.00 0.46 0.14 8.82 7.58 8.17 + 0.29 13.69 7.07 0.13 0.12 0.12 0.00 0.29 0.10 0.08 0.07 0.08 0.00 0.12 0.07 0.09 0.07 0.09 + 0.02 0.16 0.02 0.07 0.04 0.07 + 0.02 0.65 0.04 0.28 0.26 0.27 - 0.01 0.36 0.14 0.17 0.11 0.16 + 0.04 0.32 0.03 0.03 0.02 0.02 0.00 0.03 0.01 0.09 0.04 0.06 + 0.02 0.09 0.02 0.05 0.05 0.05 0.00 0.10 0.05 0.05 0.04 0.05 + 0.01 0.17 0.04 0.28 0.22 0.24 + 0.02 0.69 0.20 0.35 0.29 0.33 + 0.03 0.75 0.26 7.99 7.31 7.33 - 0.50 16.75 6.97 0.12 0.12 0.12 - 0.01 0.38 0.11 14.64 14.22 14.35 - 0.07 15.78 12.61 0.80 0.67 0.70 - 0.04 1.44 0.62 0.02 0.01 0.02 + 0.01 0.13 0.01 0.03 0.03 0.03 - 0.01 0.06 0.02 0.15 0.15 0.15 + 0.01 0.84 0.12 0.05 0.02 0.05 + 0.03 0.06 0.01 0.18 0.18 0.18 0.00 0.23 0.03 0.03 0.03 0.03 - 0.01 0.15 0.03 0.84 0.72 0.82 + 0.08 1.15 0.53 0.34 0.29 0.34 - 0.01 0.50 0.21 0.68 0.60 0.62 - 0.02 1.15 0.60 0.22 0.18 0.20 - 0.01 0.50 0.14 0.02 0.02 0.02 0.00 0.06 0.02 3.80 3.30 3.32 - 0.36 8.14 3.00 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.06 0.01 0.04 0.04 0.04 - 0.01 0.07 0.02 0.10 0.09 0.09 - 0.02 0.12 0.06 0.54 0.49 0.52 - 0.03 0.80 0.33 0.04 0.04 0.04 0.00 0.20 0.04 0.03 0.02 0.03 + 0.01 0.06 0.02 2.42 2.10 2.18 - 0.25 4.48 2.10 1.84 1.58 1.66 - 0.18 3.92 1.58 5.54 4.92 5.20 - 0.23 6.88 2.79 0.03 0.02 0.03 + 0.01 0.09 0.02 0.09 0.08 0.08 - 0.01 0.23 0.08 3.53 3.36 3.49 + 0.03 3.87 1.68 0.10 0.09 0.09 - 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 0.57 0.55 0.55 - 0.04 0.63 0.46 0.04 0.03 0.03 0.00 0.11 0.03 0.27 0.23 0.25 + 0.01 0.56 0.22

La Quinta Res V 150 Labdr I-Ore Ro T 17739 Lago Dourado M V 80 Lake Shore Gd* X 11507 Lake Shore Gld T 50158 Lakeland Res V 2821 Lara Expl V 282 Laramide Res T 5447 Largo Res V 923 Latin Am Mnls V 100 Legend Gold V 2140 Lexam VG Gold T 1046 Lincoln Mng V 50 Lion One Mtls V 433 Lithium Americ T 23103 Lomiko Mtls V 4624 Loncor Res T 404 Lorraine Coppr V 213 Los Andes Copp V 1030 Lucara Diam T 12885 Luna Gold T 713 Lundin Mng T 149384 Lydian Intl T 1965

0.01 0.01 0.01 0.00 0.02 0.01 15.78 13.27 15.70 + 2.01 29.69 10.81 0.06 0.06 0.06 0.00 0.20 0.05 0.87 0.76 0.81 - 0.05 1.14 0.60 1.14 1.01 1.04 - 0.10 1.38 0.70 0.03 0.03 0.03 - 0.01 0.16 0.03 0.25 0.23 0.23 - 0.01 0.77 0.20 0.29 0.24 0.25 + 0.01 0.60 0.19 0.54 0.47 0.50 - 0.05 3.10 0.47 0.01 0.01 0.01 - 0.01 0.19 0.01 0.04 0.03 0.04 + 0.01 0.20 0.03 0.08 0.08 0.08 - 0.01 0.14 0.06 0.04 0.04 0.04 + 0.01 0.20 0.03 0.32 0.30 0.30 - 0.01 0.60 0.17 0.33 0.29 0.30 - 0.02 0.49 0.19 0.03 0.03 0.03 0.00 0.11 0.03 0.08 0.07 0.07 - 0.01 0.13 0.03 0.05 0.04 0.05 + 0.01 0.08 0.03 0.17 0.09 0.17 - 0.02 0.23 0.09 1.70 1.56 1.57 - 0.13 2.41 1.55 0.07 0.05 0.06 0.00 0.88 0.05 4.48 3.96 3.99 - 0.28 6.46 3.68 0.32 0.29 0.31 + 0.01 1.05 0.26

I-J-K

15-09-09 6:51 PM

THE NORTHERN MINER SEPTEMBER 14-20, 2015 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

M MacDonald Mns V 271 MacMillan Mnls V 512 Mag Silver T 4045 Mag Silver* X 167 Magellan Minls V 2712 Majescor Res V 60 Majestic Gold V 1510 Major Drilling T 8466 Makena Res V 915 Malbex Res V 48469 Manado Gold V 1350 Mandalay Res T 3774 Manitou Gold V 2760 Marathon Gold T 349 Margaret Lk Di V 1000 Marifil Mines V 1912 Marlin Gold V 61 Mason Graphite V 2327 Masuparia Gold V 200 Matamec Expl V 1701 Mawson Res T 785 Mawson West T 281 Max Res V 3010 Maya Gold & Si V 1445 MBAC Fertilizr T 25169 McEwen Mng* N 22992 McEwen Mng T 2012 MDN Inc T 3700 MDU Res* N 60893 Meadow Bay Gd T 2817 Mechel* N 7876 Medallion Res V 200 Mega Copper V 279 Mega Uranium T 9635 Megastar Dev V 95 Melior Res V 115 Melkior Res V 2356 Merrex Gold V 1980 Mesabi Trust* N 1250 Metalcorp V 53 Metalex Vent V 2854 Metals Ck Res V 532 Metanor Res V 47854 Micrex Devel V 1080 Midas Gold T 2477 Midland Expl V 477 Midnight Sun M V 105 Migao T 351 Millrock Res V 100 Millstream Min V 172 Minas Buenavn* N 65848 Minaurum Gold V 1680 Minco Gold* X 1407 Minco Gold T 26 Minco Silver T 437 Mindoro Res V 813 Minera IRL T 3529 Mineral Mtn Rs V 5241 Mines Managem* X 1682 Miranda Gold V 1625 Mirasol Res V 1300 Mkango Res V 1470 Monarques Res V 9563 Moneta Porcpn T 6626 Monster Mng V 340 Monster Uran V 2000 Monument Mng V 650 Mosaic* N 147367 Mountain Prov T 1478 MPH Vent V 30 MPVC V 2050 Mundoro Cap V 908 Mustang Minls V 1025

0.01 0.01 0.01 0.00 0.02 0.01 0.16 0.11 0.14 + 0.03 0.20 0.05 9.91 8.83 9.16 - 0.71 11.00 6.56 7.52 6.68 6.89 - 0.60 9.17 5.60 0.05 0.05 0.05 - 0.01 0.12 0.05 0.05 0.04 0.05 + 0.01 0.06 0.03 0.05 0.05 0.05 0.00 0.08 0.03 4.16 3.80 3.85 - 0.33 8.25 3.75 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.02 0.04 + 0.02 0.06 0.01 0.03 0.03 0.03 - 0.01 0.08 0.01 0.85 0.77 0.79 - 0.05 1.10 0.74 0.03 0.03 0.03 - 0.01 0.05 0.01 0.23 0.21 0.23 + 0.01 0.60 0.18 0.08 0.08 0.08 - 0.01 0.28 0.08 0.02 0.02 0.02 - 0.01 0.02 0.01 0.39 0.37 0.38 - 0.01 1.09 0.30 0.44 0.38 0.40 + 0.01 0.83 0.37 0.04 0.04 0.04 - 0.02 0.10 0.04 0.04 0.03 0.04 + 0.01 0.07 0.02 0.28 0.21 0.28 + 0.06 0.35 0.15 0.03 0.02 0.02 0.00 0.29 0.02 0.07 0.05 0.07 0.00 0.33 0.04 0.21 0.19 0.21 + 0.01 0.39 0.11 0.04 0.03 0.04 + 0.01 0.25 0.01 0.94 0.81 0.84 - 0.03 2.74 0.65 1.23 1.08 1.14 0.00 3.00 0.84 0.03 0.03 0.03 - 0.01 0.08 0.02 17.96 16.22 16.36 - 1.63 31.73 16.22 0.20 0.16 0.17 - 0.04 0.31 0.10 1.17 1.01 1.13 + 0.05 1.88 0.42 0.03 0.03 0.03 + 0.01 0.13 0.01 0.04 0.04 0.04 + 0.01 0.07 0.02 0.09 0.08 0.08 - 0.01 0.27 0.07 0.03 0.03 0.03 0.00 0.07 0.02 0.04 0.04 0.04 + 0.01 0.14 0.03 0.02 0.02 0.02 0.00 0.06 0.02 0.18 0.15 0.16 - 0.03 0.23 0.05 13.22 12.45 13.01 - 0.01 21.93 9.08 0.01 0.01 0.01 0.00 0.01 0.01 0.06 0.05 0.05 - 0.01 0.12 0.03 0.09 0.07 0.09 + 0.02 0.28 0.05 0.05 0.05 0.05 + 0.01 0.13 0.04 0.02 0.02 0.02 0.00 0.05 0.01 0.41 0.37 0.38 + 0.01 0.75 0.31 0.60 0.55 0.60 - 0.03 0.90 0.54 0.12 0.11 0.12 - 0.01 0.25 0.10 0.69 0.59 0.59 - 0.11 1.70 0.57 0.24 0.22 0.24 + 0.04 0.75 0.20 0.02 0.02 0.02 - 0.01 0.08 0.01 6.45 5.84 6.10 - 0.44 14.37 5.73 0.08 0.06 0.06 - 0.02 0.10 0.05 0.20 0.17 0.19 + 0.01 0.43 0.15 0.25 0.25 0.25 0.00 0.46 0.20 0.47 0.41 0.41 - 0.05 1.07 0.32 0.01 0.01 0.01 0.00 0.06 0.01 0.09 0.07 0.07 - 0.02 0.21 0.04 0.03 0.02 0.03 + 0.01 0.06 0.02 0.39 0.32 0.34 - 0.01 0.75 0.30 0.11 0.08 0.08 - 0.01 0.15 0.07 0.87 0.85 0.85 - 0.03 1.36 0.82 0.02 0.02 0.02 0.00 0.24 0.02 0.09 0.08 0.09 - 0.01 0.14 0.07 0.10 0.08 0.09 - 0.01 0.10 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.07 0.05 0.05 - 0.02 0.12 0.02 0.10 0.09 0.09 - 0.01 0.22 0.09 40.96 38.92 39.67 - 1.10 53.83 37.20 4.25 4.08 4.13 - 0.10 5.80 4.00 0.08 0.07 0.08 + 0.01 0.08 0.04 0.02 0.02 0.02 0.00 0.12 0.02 0.08 0.07 0.08 0.00 0.26 0.07 0.01 0.01 0.01 0.00 0.02 0.01

Namibia Rare E T 485 Natural Rs Pt* N 4420 Nautilus Minls T 1225 Nebu Res V 20 Nemaska Lith V 59179 Nevada Clean M V 580 Nevada Copper T 822 Nevada Expl V 1317 Nevada Sunrise V 2759 Nevado Res V 800 Nevsun Res T 31515 Nevsun Res* X 12207 New Carolin Gd V 2423 New Dimen Res V 952 New Gold T 70986 New Gold* X 208184 New Millennium V 3322 New Milln Iron T 3644 New Nadina V 2230 New Oroperu Rs V 10 New Pac Metals T 80 New World Res V 33 Newmont Mng* N 388792 Newport Expl V 2647 Newstrike Res V 520 NGEx Res T 718 Nighthawk Gold V 1062 Niogold Mng V 1982 Nippon Dragon V 3680 Nitinat Mnls V 2960 Noka Res V 2710 Nomad Ventures V 2080 Noram Vent V 100 Nordex V 95 Noront Res V 1768 Nortec Mnls V 36 North Am En P* N 263 North Am En Pa T 1045 North Am Nickl V 862 North Am Pall T 311 North Am Tung V 5638 North Arrow Mn V 650 North Country V 609 Northcliff Res T 45 Northern Abiti V 3390 Northern Dyn* X 8746 Northern Dyn M T 2687 Northern Freeg V 1230 Northern Gld M V 1390 Northern Graph V 1393 Northern Iron V 980 Northern Lion V 37 Northern Shiel V 1190 Northern Sup R V 2466 Northern Vertx V 4145 Northisle C&G V 1589 Northquest V 1320 NovaCopper T 969 NovaCopper* X 2922 NovaGold Res T 8881 NovaGold Res* X 47481 NuLegacy Gold V 1137 Nunavik Nickel V 10 NV Gold V 500 Oban Mng T 12057 OceanaGold T 30709 Oceanic Iron O V 708 Oceanus Res V 2156 Odin Mng & Exp V 21 Olivut Res V 1383 Olympic Res V 440 OM Group* N 20127 Omineca Mg&Mtl V 1010 Oracle Mng V 3990 Orbit Garant D T 15 Orbite Alumnae T 8789 Orca Gold V 1654 Orefinders Res V 2750 Orestone Mng V 18

0.11 0.09 0.10 + 0.01 0.25 0.08 3.46 3.05 3.32 + 0.10 15.99 2.21 0.40 0.35 0.39 + 0.03 0.56 0.33 0.02 0.02 0.02 0.00 0.06 0.01 0.33 0.24 0.33 + 0.09 0.33 0.12 0.03 0.03 0.03 - 0.01 0.06 0.03 1.20 1.01 1.13 + 0.05 2.25 1.01 0.25 0.10 0.25 + 0.20 0.45 0.05 0.18 0.13 0.18 + 0.01 0.83 0.13 0.02 0.02 0.02 - 0.02 0.07 0.02 3.97 3.60 3.69 - 0.16 5.35 3.41 3.02 2.71 2.78 - 0.14 4.51 2.57 0.05 0.04 0.05 + 0.01 0.08 0.02 0.06 0.06 0.06 - 0.01 0.11 0.04 3.14 2.78 3.06 + 0.06 6.96 2.52 2.40 2.10 2.32 + 0.08 6.39 1.90 0.15 0.12 0.14 + 0.02 0.51 0.10 0.11 0.09 0.11 + 0.03 0.36 0.08 0.01 0.01 0.01 0.00 0.03 0.01 0.10 0.10 0.10 0.00 0.24 0.07 0.15 0.15 0.15 0.00 0.28 0.14 0.02 0.02 0.02 0.00 0.12 0.01 17.44 15.46 15.70 - 1.47 27.90 15.39 0.30 0.24 0.26 - 0.05 0.49 0.20 0.08 0.04 0.05 + 0.03 0.08 0.02 0.60 0.58 0.58 - 0.02 1.97 0.58 0.08 0.07 0.08 - 0.01 0.56 0.07 0.36 0.32 0.33 + 0.01 0.43 0.22 0.04 0.03 0.04 + 0.01 0.13 0.03 0.06 0.04 0.06 + 0.02 0.09 0.03 0.04 0.03 0.03 - 0.01 0.45 0.03 0.02 0.02 0.02 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.09 0.09 0.09 0.00 0.45 0.06 0.37 0.34 0.36 - 0.03 0.67 0.25 0.02 0.02 0.02 0.00 0.12 0.02 2.33 2.04 2.15 - 0.04 6.92 1.60 3.05 2.67 2.85 - 0.05 7.49 2.10 0.20 0.16 0.18 - 0.01 0.33 0.16 5.06 4.35 4.50 - 0.35 188.00 3.87 0.01 0.01 0.01 0.00 0.07 0.01 0.45 0.34 0.45 + 0.10 1.34 0.33 0.11 0.10 0.10 - 0.01 0.14 0.03 0.12 0.11 0.12 + 0.01 0.27 0.08 0.01 0.01 0.01 0.00 0.02 0.01 0.53 0.32 0.40 + 0.05 0.72 0.28 0.67 0.42 0.53 + 0.07 0.83 0.37 0.05 0.05 0.05 - 0.01 0.40 0.04 0.02 0.01 0.02 0.00 0.04 0.01 0.39 0.35 0.37 + 0.01 1.18 0.28 0.02 0.02 0.02 0.00 0.05 0.01 0.06 0.05 0.05 - 0.02 0.40 0.05 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.02 0.04 0.02 0.21 0.20 0.21 + 0.02 0.32 0.09 0.03 0.02 0.03 + 0.01 0.10 0.02 0.13 0.10 0.12 + 0.05 0.17 0.07 0.75 0.55 0.64 - 0.03 1.34 0.45 0.60 0.47 0.47 - 0.13 1.23 0.35 4.97 4.55 4.70 - 0.29 5.22 2.65 3.79 3.45 3.53 - 0.22 4.25 2.33 0.13 0.12 0.13 + 0.01 0.18 0.06 0.06 0.06 0.06 0.00 0.18 0.05 0.02 0.02 0.02 + 0.01 0.30 0.02 1.37 1.18 1.23 - 0.02 3.40 1.15 2.39 2.23 2.35 - 0.04 3.15 1.70 0.09 0.09 0.09 - 0.02 0.30 0.08 0.35 0.30 0.34 - 0.01 0.52 0.14 0.28 0.28 0.28 + 0.05 0.64 0.21 0.09 0.08 0.09 + 0.01 0.23 0.08 0.10 0.10 0.10 0.00 0.32 0.03 33.89 33.01 33.26 - 0.22 35.00 21.87 0.07 0.03 0.07 + 0.02 0.11 0.01 0.02 0.01 0.02 0.00 0.10 0.01 0.95 0.92 0.95 + 0.05 1.50 0.79 0.24 0.22 0.23 + 0.01 0.51 0.20 0.20 0.18 0.20 + 0.02 0.58 0.16 0.01 0.01 0.01 - 0.01 0.12 0.01 0.01 0.01 0.01 0.00 0.02 0.01

N-O

TNM Sep 14 2015 Issue.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orex Expl V 810 Orex Minls V 91 Orezone Gold T 3317 Oroco Res V 2260 Orocobre T 116 Oronova Res V 130 Orosur Mng T 1305 Orvana Mnrls T 1399 Otis Gold V 3500

0.02 0.01 0.02 0.00 0.02 0.01 0.19 0.17 0.18 - 0.01 0.43 0.14 0.30 0.30 0.30 0.00 1.05 0.26 0.04 0.03 0.04 + 0.01 0.06 0.02 1.54 1.48 1.52 - 0.02 3.05 1.48 0.03 0.03 0.03 - 0.01 0.04 0.03 0.13 0.12 0.12 - 0.02 0.29 0.12 0.22 0.18 0.19 - 0.01 0.49 0.15 0.11 0.09 0.10 - 0.01 0.11 0.02

Pac Arc Res V 170 Pac Booker Min V 174 Pac Booker Mn* X 78 Pac Casc Minls V 2450 Pac North West V 886 Paladin Energy T 8164 Pan Am Silver T 15231 Pan Am Silver* Q 115610 Panoro Minls V 470 Parlane Res V 20 PC Gold V 72586 Peabody Enrgy* N 913564 Pelangio Expl V 644

0.01 0.01 0.01 0.00 0.01 0.01 1.92 1.40 1.91 + 0.41 6.90 1.02 1.49 1.10 1.44 + 0.30 5.75 1.04 0.02 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.20 0.18 0.19 - 0.01 0.45 0.15 9.31 8.55 8.77 - 0.13 15.57 7.77 7.10 6.45 6.62 - 0.11 14.31 5.85 0.12 0.11 0.12 0.00 0.47 0.10 0.16 0.12 0.12 0.00 0.23 0.03 0.07 0.03 0.07 + 0.05 0.07 0.02 2.74 2.00 2.28 - 0.11 15.94 0.99 0.02 0.02 0.02 0.00 0.05 0.02

P-Q

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rokmaster Res V 2180 Romarco Mnrls T 58734 Rome Res V 590 Romios Gold Rs V 445 Roxgold V 4000 Royal Cdn Mint T 607 Royal Gold T 95 Royal Gold* Q 45230 Royal Nickel T 4995 RPT Uranium V 260 RT Minerals V 5983 Rubicon Mnls* X 29316 Rubicon Mnrls T 27374 Rugby Mng V 20 Rupert Res V 40 Rusoro Mng V 31423 Russell Metals T 6620 Rye Patch Gold V 1143

0.03 0.02 0.03 + 0.01 0.11 0.01 0.57 0.52 0.54 - 0.02 0.86 0.30 0.03 0.02 0.03 0.00 0.17 0.02 0.03 0.02 0.02 - 0.01 0.07 0.02 0.70 0.64 0.67 - 0.01 0.80 0.39 16.13 15.77 15.82 - 0.22 17.41 13.87 64.20 59.84 60.66 - 4.09 95.64 59.84 49.15 45.03 45.85 - 3.09 77.20 45.03 0.27 0.23 0.24 - 0.03 0.59 0.22 0.40 0.34 0.36 + 0.01 0.59 0.22 0.01 0.01 0.01 0.00 0.09 0.01 0.82 0.71 0.74 - 0.01 1.45 0.66 1.08 0.93 0.96 - 0.05 1.63 0.88 0.11 0.10 0.10 - 0.02 0.27 0.06 0.04 0.03 0.03 - 0.01 0.12 0.03 0.06 0.05 0.05 + 0.01 0.06 0.01 22.18 20.60 21.23 - 0.18 37.11 18.23 0.15 0.14 0.14 - 0.01 0.20 0.11

Sabina Gd&Slvr T 9500 Sable Res V 35 Saint Jean Car V 5230 Salazar Res V 1035

0.37 0.33 0.34 + 0.01 0.82 0.28 0.02 0.02 0.02 + 0.01 0.09 0.01 0.02 0.02 0.02 0.00 0.04 0.01 0.05 0.05 0.05 - 0.03 0.25 0.04

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www.northernminer.com Pele Mtn Res V 2334 Peregrine Diam T 4363 Perseus Mng T 15104 Pershimco Res V 3238 Peruvian Prc M V 3794 Phoenix Gold V 7110 Pilot Gold T 1544 Pinecrest Res V 20 Pinetree Cap T 13707 PJX Res V 88 Plata Latina M V 2640 Plate Res V 2200 Platinum Gp M* X 878 Platinum Gp Mt T 2965 Plato Gold V 150 Playfair Mng V 105 Polaris Minls T 288 PolyMet Mng* X 6029 PolyMet Mng T 727 Potash C Sask* N 233940 Potash Cp Sask T 74628 Precipitate Gl V 810 Premier Gold M T 12856 Pretium Res* N 20972 Pretium Res T 9504 Prime Merid Rs V 140 Primero Mng T 29738 Primero Mng* N 8800 Probe Mines V 685 Prophecy Coal T 7001 Prospero Silve V 10 Puma Expl V 690 Purepoint U V 17977 QMC Quantum Ml V 110 QMX Gold V 285 Quartz Mtn Res V 8309 Quaterra Res V 382 Quest Rare Mnl T 4407 Quia Res V 50

0.05 0.04 0.05 + 0.01 0.09 0.03 0.20 0.17 0.20 + 0.03 0.39 0.14 0.39 0.33 0.36 - 0.01 0.48 0.18 0.16 0.15 0.16 + 0.01 0.35 0.13 0.13 0.09 0.10 - 0.03 0.19 0.06 0.01 0.01 0.01 0.00 0.12 0.01 0.47 0.42 0.47 + 0.03 1.31 0.33 0.06 0.06 0.06 - 0.03 0.50 0.06 0.08 0.07 0.08 0.00 0.33 0.06 0.23 0.20 0.20 - 0.03 0.29 0.10 0.02 0.01 0.02 0.00 0.20 0.01 0.04 0.02 0.02 - 0.01 0.08 0.02 0.29 0.26 0.27 - 0.01 1.08 0.24 0.38 0.34 0.35 - 0.03 1.16 0.32 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 - 0.01 0.08 0.01 2.01 1.95 1.99 + 0.04 2.83 1.65 0.98 0.83 0.87 - 0.04 1.37 0.82 1.29 1.08 1.15 - 0.05 1.75 1.08 26.10 25.23 25.46 - 0.49 37.60 23.90 34.43 33.23 33.80 - 0.51 47.10 31.74 0.10 0.09 0.10 + 0.02 0.25 0.08 2.42 2.17 2.31 + 0.01 3.02 1.61 5.52 4.95 5.02 - 0.41 7.56 4.07 7.24 6.57 6.66 - 0.49 9.05 4.60 0.07 0.07 0.07 + 0.01 0.19 0.06 3.99 3.08 3.14 - 0.79 7.34 3.08 3.04 2.33 2.36 - 0.60 6.69 2.33 0.39 0.37 0.39 + 0.02 0.56 0.12 0.05 0.05 0.05 0.00 0.09 0.03 0.10 0.10 0.10 + 0.03 0.25 0.05 0.10 0.09 0.10 + 0.01 0.18 0.07 0.03 0.03 0.03 0.00 0.07 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.05 0.01 0.01 0.01 0.01 - 0.01 0.06 0.01 0.10 0.07 0.08 - 0.02 0.15 0.04 0.11 0.10 0.10 0.00 0.29 0.09 0.01 0.01 0.01 - 0.01 0.04 0.01

Rackla Mtls V 66 Radisson Mng V 641 Radius Gold V 1110 Rainmaker Res V 40 Rainy Mtn Royl V 140 Rambler Mg&Mtl V 280 Randgold Res* Q 40046 Randsburg Intl V 22 Range Engy Res C 246875 Rapier Gold V 140 Rare Elemnt Rs T 1205 Rare Elemt Re* X 3880 Ratel Grp T 6 Rathdowney Res V 300 Red Eagle Mng V 2145 Red Moon Potsh V 87 Red Pine Expl V 1640 Redhawk Res T 5128 Redhill Res V 630 Redstar Gold V 41737 Redstar Res V 1004 Regal Res C 1670 Regulus Res V 27 Reliance Res V 79 Reliant Gold V 410 Remo Res V 70 Renaissance Gd T 427 Reservoir Capt V 243 Reservoir Mnls V 930 Reunion Gold V 15 Revolver Res V 145 Rhino Res* N 495 Richmond Mnls V 2502 Richmont Mines T 3782 Richmont Mine* X 4106 Rio Novo Gold T 199 Rio Silver V 140 Rio Tinto* N 45412 Riverside Res V 325 RJK Explor V 590 Robex Res V 1950 Rochester Res V 230 Rock Tech Lith V 270 RockBridge Res V 120 Rockhaven Res V 925 Rockland Mnls V 1300 Rockwell Diam T 3665 Rodinia Lithm V 197757 Rogue Iron Ore V 18920

0.01 0.01 0.01 0.00 0.03 0.01 0.15 0.14 0.14 - 0.01 0.15 0.08 0.08 0.08 0.08 - 0.01 0.12 0.07 0.02 0.02 0.02 0.00 0.18 0.01 0.04 0.04 0.04 + 0.01 0.11 0.02 0.21 0.15 0.16 - 0.06 0.49 0.15 61.20 55.66 57.15 - 4.09 85.84 55.66 0.01 0.01 0.01 0.00 0.02 0.01 0.10 0.03 0.04 + 0.01 0.10 0.01 0.03 0.03 0.03 - 0.01 0.06 0.01 0.51 0.48 0.50 + 0.02 1.31 0.30 0.40 0.36 0.38 + 0.01 1.14 0.24 0.52 0.52 0.52 - 0.09 1.31 0.52 0.14 0.11 0.14 + 0.02 0.35 0.11 0.31 0.27 0.30 + 0.02 0.36 0.18 0.02 0.02 0.02 - 0.01 0.09 0.02 0.06 0.05 0.05 - 0.01 0.18 0.03 0.05 0.04 0.04 0.00 0.22 0.04 0.12 0.10 0.12 + 0.03 0.57 0.07 0.05 0.04 0.04 0.00 0.06 0.03 0.03 0.03 0.03 0.00 0.15 0.02 0.08 0.07 0.07 + 0.01 0.15 0.04 0.28 0.28 0.28 + 0.01 0.61 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.05 0.05 0.05 + 0.01 0.13 0.04 0.16 0.14 0.16 - 0.02 0.46 0.14 0.31 0.31 0.31 0.00 0.80 0.21 4.16 4.00 4.10 + 0.02 6.00 3.30 0.01 0.01 0.01 - 0.01 0.11 0.01 0.04 0.04 0.04 - 0.01 0.08 0.02 1.43 0.96 1.20 - 0.02 13.52 0.63 0.14 0.11 0.11 - 0.02 0.14 0.03 3.44 3.19 3.27 - 0.11 4.55 2.04 2.62 2.41 2.48 - 0.06 3.68 1.86 0.14 0.12 0.12 - 0.01 0.16 0.06 0.02 0.02 0.02 - 0.01 0.04 0.01 36.94 33.83 34.23 - 2.37 56.81 33.54 0.18 0.15 0.18 + 0.02 0.46 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.06 0.07 + 0.01 0.20 0.04 0.04 0.04 0.04 + 0.01 0.15 0.03 0.04 0.04 0.04 0.00 0.10 0.03 0.02 0.02 0.02 0.00 0.09 0.02 0.17 0.16 0.17 + 0.01 0.34 0.15 0.04 0.03 0.03 + 0.01 0.06 0.03 0.22 0.21 0.21 - 0.01 0.40 0.19 0.04 0.02 0.04 + 0.01 0.05 0.01 0.13 0.08 0.13 + 0.03 0.13 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Superior Coppr V 17910 0.02 0.02 0.02 - 0.01 0.13 0.02 Sutter Gold V 2469 0.06 0.05 0.06 + 0.02 0.15 0.04

T Tahoe Res* N 26151 Tahoe Res T 39264 Tajiri Res V 1400 Takara Res V 1281 Talon Metals T 1738 Tanz Roy Exp T 469 Tanz Roy Exp* X 4901 Tanzania Mnls V 960 Taseko Mines* X 5439 Taseko Mines T 3391 Tasman Metals V 1241 Tasman Mtls* X 3519 Teck Res A T 235 Teck Res B* N 289367 Teck Res B T 149954 Tembo Gold V 380 Temex Res V 14155 Teranga Gold T 24797 Teras Res V 6763 Terraco Gold V 880 Terrax Minls V 1605 Teuton Res V 1313 Themac Res V 115 Thompson Creek T 9507 Thompson Crk* N 4245 Tiger Intl V 28 Tiller Res V 15 Timberline Res V 285 Timberline Rs* X 1414 Timmins Gold* X 7358 Timmins Gold T 22142 Tinka Res V 1107 Tintina Res V 5080 Tirex Res V 3838 Titanium Corp V 817 TNR Gold V 326 TomaGold V 7182 Torex Gold T 37524 Transition Mtl V 500 Treasury Metal T 1138 Tres-Or Res V 100 Trevali Mng T 22022 Tri Origin Exp V 242 TriMetals Mng T 960 Trio Gold Corp V 600 True Gold Mng V 8682 True North Gem V 1120 Tsodilo Res V 248 Turquoise HIl* N 32309 Turquoise Hill T 86966 TVI Pacific T 1760 Typhoon Expl V 93

8.60 7.64 7.89 - 0.88 25.20 7.33 11.43 10.15 10.45 - 1.11 27.54 9.66 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.03 0.00 0.06 0.01 0.10 0.08 0.09 0.00 0.58 0.08 0.45 0.39 0.41 - 0.03 2.70 0.32 0.34 0.30 0.31 - 0.02 2.45 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.50 0.45 0.47 - 0.01 2.19 0.32 0.66 0.60 0.62 - 0.02 2.39 0.51 0.54 0.43 0.51 + 0.04 1.05 0.36 0.41 0.32 0.37 + 0.02 0.97 0.25 11.23 10.16 10.35 - 0.50 26.69 8.55 7.26 6.12 6.16 - 0.92 22.65 5.32 9.59 8.12 8.16 - 1.20 24.73 7.08 0.03 0.03 0.03 + 0.01 0.06 0.02 0.12 0.10 0.11 - 0.01 0.12 0.04 0.61 0.55 0.55 - 0.07 0.88 0.38 0.07 0.06 0.07 + 0.01 0.16 0.06 0.08 0.07 0.08 0.00 0.20 0.07 0.34 0.25 0.30 + 0.06 0.45 0.23 0.07 0.05 0.05 - 0.03 0.75 0.05 0.03 0.02 0.03 + 0.01 0.04 0.01 0.71 0.63 0.69 + 0.03 3.14 0.56 0.53 0.47 0.50 + 0.00 2.86 0.42 0.19 0.19 0.19 + 0.01 0.30 0.15 0.07 0.07 0.07 + 0.03 0.20 0.04 0.39 0.35 0.37 - 0.07 1.26 0.35 0.33 0.26 0.30 + 0.00 1.20 0.26 0.28 0.26 0.28 + 0.00 1.69 0.25 0.37 0.34 0.36 0.00 1.85 0.33 0.21 0.16 0.19 - 0.03 0.43 0.15 0.04 0.04 0.04 - 0.01 0.17 0.04 0.18 0.13 0.17 + 0.01 0.35 0.13 1.01 0.75 0.85 + 0.01 2.08 0.60 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.13 0.04 1.30 1.11 1.14 - 0.11 1.82 0.85 0.14 0.06 0.09 + 0.02 0.34 0.06 0.60 0.54 0.55 + 0.02 0.62 0.25 0.02 0.02 0.02 + 0.01 0.03 0.01 0.57 0.51 0.56 + 0.02 1.36 0.47 0.04 0.03 0.03 - 0.01 0.04 0.01 0.07 0.07 0.07 0.00 0.22 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.20 0.18 0.18 0.00 0.43 0.15 0.14 0.13 0.13 - 0.01 0.19 0.07 0.96 0.70 0.75 - 0.11 1.23 0.68 3.00 2.78 2.87 - 0.14 4.73 2.66 3.96 3.71 3.79 - 0.17 5.80 3.17 0.02 0.01 0.01 0.00 0.03 0.01 0.04 0.03 0.04 0.00 0.10 0.03

U3O8 Corp T 4396 UC Res V 400 Ucore Rare Mtl V 2812 UEX Corp T 3864 Ultra Lithium V 1300 Unigold V 400 Unity Energy V 500 Ur-Energy T 892 Ur-Energy* X 740 Uracan Res V 3218 Uragold Bay Rs V 1545 Uranium Ener* X 16964 Uranium Partic T 5721 Uranium Res* Q 1810 Uranium Valley V 70 Uravan Minls V 895 US Energy* Q 3741 US Silica Hld* N 24254 Vale* N 270641 ValGold Res V 50 Valterra Res V 152 Vanstar Mng Rs V 116 Vantex Res V 2375 Vena Res T 1285 Venerable Vent V 250 Verde Potash T 838 Victoria Gold V 6260 Victory Nickel T 2470 Victory Res V 1090 Victory Vent V 600 Vior Mining V 80 Virginia Engy V 11 Viscount Mng V 4175 Visible Gold M V 20791 Vista Gold T 96 Vista Gold* X 1117 VMS Vent V 30206 Volcanic Mtls V 30 VVC Expl V 2180

0.04 0.03 0.03 - 0.01 0.10 0.03 0.03 0.03 0.03 0.00 0.03 0.01 0.30 0.28 0.28 - 0.01 0.44 0.20 0.19 0.18 0.19 + 0.01 0.44 0.16 0.01 0.01 0.01 0.00 0.04 0.01 0.11 0.11 0.11 + 0.01 0.45 0.09 0.05 0.05 0.05 0.00 0.11 0.03 0.88 0.82 0.86 + 0.03 1.35 0.73 0.68 0.62 0.62 - 0.00 1.15 0.56 0.02 0.01 0.02 + 0.01 0.08 0.01 0.06 0.04 0.05 0.00 0.07 0.03 1.25 1.12 1.13 - 0.02 3.00 0.90 5.23 5.04 5.08 0.00 5.76 4.82 0.88 0.80 0.85 + 0.05 3.15 0.60 0.05 0.04 0.05 + 0.02 0.10 0.04 0.12 0.11 0.12 - 0.01 0.17 0.03 0.64 0.51 0.53 - 0.06 4.11 0.36 20.39 18.42 19.11 - 0.81 73.43 16.94 5.10 4.60 4.73 - 0.10 13.20 4.13 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.05 0.05 - 0.01 0.09 0.03 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.17 0.03 0.01 0.01 0.01 0.00 0.03 0.01 0.36 0.27 0.34 + 0.05 0.75 0.26 0.13 0.12 0.12 0.00 0.24 0.09 0.04 0.03 0.04 + 0.01 0.65 0.02 0.06 0.05 0.06 + 0.01 0.09 0.03 0.02 0.01 0.02 + 0.01 0.03 0.01 0.09 0.08 0.08 - 0.01 0.13 0.05 0.05 0.05 0.05 - 0.01 0.08 0.03 0.41 0.35 0.41 + 0.03 0.47 0.15 0.05 0.04 0.04 - 0.01 0.27 0.04 0.37 0.35 0.35 - 0.04 0.56 0.29 0.29 0.27 0.28 - 0.01 0.51 0.24 0.19 0.16 0.17 - 0.02 0.32 0.16 0.05 0.05 0.05 - 0.01 0.16 0.05 0.04 0.03 0.04 0.00 0.07 0.02

Wallbridge Mng T 1870 Waseco Res V 320 Wealth Minls V 4466 Wescan Goldfie V 35 Wesdome Gold T 821 West Af Iron O V 440 West High Yld V 185 West Kirkland V 4340 Western Copper T 305 Western Coppr* X 478 Western Lithiu T 14950 Western Melv M V 690 Western Pac Rs V 1175 Western Potash T 5799 Westhaven Vent V 609 Westkam Gold V 1370 Westminster Rs V 1120 Westridge Res V 750 WGI Heavy Mnl T 901 White Pine Res V 2550 Williams Creek V 25 Wolfden Res V 500 Wolverine Mnls V 25 WPC Res V 759 Xmet V 500 Xtra-Gold Res T 152 Yamana Gold* N 87384 Yamana Gold T 162584 Yanzhou Coal* N 4036 Yellowhead Mng T 450 Zadar Vent V 400 Zazu Metals T 1011 Zena Mng V 500 Zenyatta Vent V 1382 Zephyr Mnls V 107 Zimtu Capital V 150

0.04 0.04 0.04 - 0.01 0.08 0.03 0.04 0.03 0.03 + 0.01 0.10 0.02 0.23 0.18 0.18 - 0.03 0.42 0.03 0.02 0.02 0.02 0.00 0.05 0.01 0.99 0.95 0.95 - 0.05 1.40 0.62 0.03 0.03 0.03 + 0.01 0.15 0.03 0.34 0.25 0.34 + 0.09 0.43 0.11 0.06 0.05 0.05 0.00 0.14 0.05 0.42 0.38 0.42 0.00 0.81 0.36 0.32 0.29 0.32 + 0.02 0.76 0.27 0.46 0.37 0.39 - 0.06 1.00 0.33 0.05 0.04 0.04 - 0.01 0.40 0.03 0.01 0.01 0.01 - 0.01 0.18 0.01 0.28 0.25 0.26 0.00 0.39 0.20 0.09 0.06 0.06 0.00 0.14 0.05 0.03 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 0.25 0.23 0.24 0.00 0.78 0.00 0.01 0.01 0.01 0.00 0.09 0.01 0.02 0.02 0.02 + 0.01 0.11 0.01 0.09 0.08 0.09 0.00 0.32 0.08 0.04 0.04 0.04 - 0.01 0.13 0.03 0.05 0.04 0.05 + 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.23 0.22 0.22 + 0.01 0.31 0.10 1.95 1.66 1.72 - 0.24 8.37 1.66 2.56 2.20 2.26 - 0.33 9.13 2.20 4.74 4.28 4.31 - 0.67 12.24 4.28 0.06 0.06 0.06 + 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 0.57 0.15 0.08 0.07 0.07 + 0.01 0.15 0.06 1.46 1.37 1.44 - 0.02 2.61 1.05 0.18 0.15 0.16 0.00 0.22 0.09 0.20 0.20 0.20 0.00 0.55 0.20

U-V Sama Res V 430 Sanatana Diam V 3504 Sandspring Res V 9770 Sandstorm Gld* X 19486 Sandstorm Gold T 12579 Santa Fe Metls V 2484 Santacruz Silv V 2743 Sarama Res V 199 Satori Res V 65 Saturn Minls V 7720 Savant Expl V 750 Saville Res V 13 Scorpio Gold V 1616 Scorpio Mining T 15073 Seabridge Gld* N 14701 Seabridge Gold T 2251 Search Mnls V 2270 Secova Mtls V 2180 Selwyn Res V 4 Semafo T 48184 Senator Minls V 561 Sennen Res V 361 Sentry Sl PrmM T 696 Serabi Gold T 1065 Serengeti Res V 300 SGX Res V 2050 Sherritt Intl T 91410 Shore Gold T 9120 Sienna Res V 90 Sierra Iron Or V 203 Sierra Metals T 138 Signature Res V 350 Silver Bear Rs T 51934 Silver Bull Re T 459 Silver Grail R V 10 Silver Predatr V 300 Silver Pursuit V 20 Silver Spruce V 1908 Silver Std Res T 14636 Silver Std Re* Q 66506 Silver Wheatn* N 253668 Silver Wheaton T 61505 Silvercorp Mt* N 1893 Silvercorp Mtl T 3702 SilverCrest M* X 5867 SilverCrest Mn T 8342 Silvermet V 110 Sirios Res V 1350 Skeena Res V 12753 Skyharbour Res V 1037 Slam Exploratn V 6314 Sniper Res V 630 SnipGold V 560 SNS Silver V 2134 Soc Quim&M Ch* N 39965 Softrock Mnrl V 10 Solitario Ex&R T 26 Solitario Ex&* X 653 Solvista Gold V 1452 Sona Res V 84 Sonora Gld & S V 2050 Sonoro Mtls V 750 Source Expl V 1390 Southern Arc V 430 Southern Silvr V 129 SouthGobi Res T 129 Spanish Mtn Gd V 1625 Sparton Res V 3080 Sprott Ph Silv T 104 Sprott Res T 3851 St Andrew Gldf T 13549 St Augustine T 2355 Stakeholdr Gld V 373 Standard Graph V 90 Stans Energy V 3512 Starcore Int V T 1843 Stellar Pac Vt V 120 Stillwater Mg* N 76144 Stina Res V 556 Stockport Expl T 12 Stonegate Agri T 3715 Stornoway Diam T 6984 Strata Mnls V 200 Strategic Metl V 1606 Strike Graph V 746 StrikePoint Gd V 4685 Strongbow Expl V 5 Sulliden Mng C T 15489 Sultan Mnrls V 550 SunCoke Engy* N 9362 Sunridge Gold V 5197

0.15 0.15 0.15 - 0.01 0.30 0.10 0.03 0.02 0.03 - 0.01 0.15 0.02 0.07 0.06 0.06 0.00 0.26 0.05 2.85 2.53 2.61 - 0.23 5.80 2.20 3.74 3.36 3.46 - 0.31 6.32 2.80 0.01 0.01 0.01 0.00 0.04 0.01 0.16 0.14 0.14 - 0.01 1.00 0.14 0.08 0.08 0.08 + 0.01 0.12 0.03 0.07 0.07 0.07 + 0.02 0.50 0.04 0.14 0.12 0.13 - 0.01 0.24 0.11 0.01 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.02 0.13 0.02 0.11 0.09 0.10 0.00 0.20 0.08 0.16 0.15 0.15 - 0.01 0.34 0.14 6.68 5.70 5.93 - 0.37 11.34 3.31 8.75 7.56 7.88 - 0.39 12.38 4.34 0.06 0.05 0.05 0.00 0.13 0.03 0.08 0.05 0.07 + 0.02 0.09 0.03 1.35 1.35 1.35 0.00 4.22 1.35 3.35 2.93 3.07 - 0.23 4.95 2.39 0.50 0.13 0.48 + 0.23 0.50 0.05 0.26 0.19 0.19 - 0.07 1.35 0.19 2.33 2.10 2.11 - 0.19 3.95 2.05 0.07 0.07 0.07 - 0.01 0.12 0.06 0.03 0.03 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.03 0.01 1.23 0.99 1.01 - 0.12 4.33 0.94 0.16 0.14 0.14 - 0.01 0.31 0.13 0.02 0.02 0.02 - 0.01 0.06 0.01 0.45 0.42 0.42 - 0.03 0.62 0.07 1.02 1.00 1.00 0.00 2.13 0.84 0.02 0.02 0.02 - 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.14 0.04 0.10 0.09 0.09 - 0.01 0.30 0.08 0.03 0.03 0.03 + 0.01 0.07 0.02 0.02 0.02 0.02 0.00 0.06 0.01 0.03 0.03 0.03 + 0.01 0.07 0.02 0.07 0.04 0.07 + 0.01 0.08 0.02 8.79 7.75 8.01 - 0.61 10.04 4.47 6.70 5.84 6.04 - 0.49 9.21 3.92 12.49 11.18 11.40 - 0.99 24.78 11.18 16.42 14.84 15.14 - 1.24 29.86 14.84 0.72 0.66 0.71 + 0.01 1.82 0.65 0.96 0.88 0.95 + 0.01 2.00 0.86 1.00 0.81 0.84 - 0.12 2.00 0.65 1.30 1.07 1.12 - 0.16 2.17 0.87 0.05 0.03 0.05 + 0.01 0.12 0.03 0.11 0.10 0.11 + 0.01 0.13 0.06 0.09 0.07 0.09 + 0.01 0.13 0.06 0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.01 0.02 + 0.01 0.08 0.01 0.06 0.03 0.06 0.00 0.09 0.01 0.09 0.06 0.06 - 0.01 0.12 0.04 0.38 0.33 0.34 - 0.02 0.50 0.05 16.72 15.02 16.54 + 1.05 28.32 12.65 0.02 0.02 0.02 + 0.01 0.03 0.01 0.67 0.65 0.65 + 0.01 1.59 0.63 0.53 0.49 0.50 - 0.01 1.52 0.44 0.04 0.03 0.04 0.00 0.16 0.03 0.02 0.02 0.02 - 0.01 0.08 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.07 0.07 0.07 + 0.01 0.22 0.06 0.03 0.02 0.03 0.00 0.12 0.02 0.04 0.04 0.04 + 0.01 0.09 0.03 0.05 0.04 0.04 0.00 0.15 0.03 0.55 0.55 0.55 + 0.10 1.25 0.41 0.04 0.03 0.04 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.02 0.01 5.74 5.55 5.62 - 0.02 7.87 5.31 0.69 0.64 0.65 - 0.04 3.30 0.60 0.33 0.30 0.31 - 0.01 0.39 0.21 0.10 0.09 0.10 0.00 0.19 0.08 0.04 0.04 0.04 - 0.01 0.28 0.04 0.02 0.02 0.02 + 0.01 0.05 0.01 0.03 0.03 0.03 0.00 0.23 0.03 0.11 0.09 0.10 - 0.01 0.20 0.09 0.01 0.01 0.01 - 0.01 0.14 0.01 9.58 8.96 9.39 0.00 18.26 8.37 0.22 0.15 0.19 + 0.03 0.25 0.04 0.03 0.03 0.03 + 0.01 0.07 0.02 0.02 0.02 0.02 - 0.01 0.16 0.02 0.80 0.74 0.77 - 0.02 0.85 0.46 0.01 0.01 0.01 0.00 0.12 0.01 0.28 0.27 0.27 - 0.01 0.39 0.27 0.06 0.05 0.05 - 0.01 0.15 0.04 0.04 0.03 0.04 0.00 0.08 0.01 0.12 0.12 0.12 + 0.01 0.18 0.06 0.22 0.20 0.22 0.00 0.72 0.19 0.01 0.01 0.01 + 0.01 0.02 0.01 11.50 10.48 10.95 - 0.07 24.14 10.08 0.17 0.15 0.16 0.00 0.24 0.12

W-Z

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

15-09-09 6:51 PM

10 SEPTEMBER 14-20, 2015 THE NORTHERN MINER

BID-ASK — AUG 31-SEP 4, 2015 STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Abzu Gold V 0.03 0.03 0.03 0.14 0.02 Actus Mnls V 0.02 0.04 0.03 0.12 0.01 Adroit Res V 0.01 0.01 0.01 0.01 0.01 Advance Gold V 0.02 0.03 0.02 0.08 0.02 Aegean Metals V 0.03 0.05 0.03 0.11 0.00 Afferro Mng V 1.10 2.50 1.57 2.40 0.00 African Gold G V 0.04 0.05 0.05 0.11 0.04 African Metals V 0.05 0.06 0.05 0.29 0.03 AgriMinco V 0.01 0.01 0.01 0.01 0.01 Aguila Am Res V 0.05 0.07 0.05 0.13 0.03 Alder Res V 0.01 0.01 0.01 0.05 0.00 Alhambra Res V 0.02 0.03 0.02 0.10 0.02 Alix Res V 0.05 0.05 0.05 0.25 0.03 Allana Potash T 0.50 0.50 0.50 0.50 0.00 Allied Gold T 2.25 2.29 2.25 3.70 0.00 Allied Nevada T 0.16 0.16 1.08 4.45 0.00 Allied Nevada* X 0.86 0.86 0.86 6.70 0.00 Alpha Mnls V 5.55 5.68 5.45 7.60 0.00 Altan Nev Mnls V 0.01 0.01 0.01 0.05 0.01 Alturas Minls V 0.01 0.01 0.01 0.02 0.01 Am Cons Minls V 0.04 0.04 0.04 0.07 0.00 Amara Mng T 0.20 0.29 0.21 1.72 0.00 Amato Expl V 0.02 0.02 0.02 0.03 0.01 Amcol Intl* N 45.74 45.75 45.74 47.09 0.00 American Bonan T 0.02 0.02 0.02 0.06 0.00 AMI Res V 0.05 0.06 0.05 0.06 0.01 Anconia Res V 0.01 0.02 0.01 0.06 0.01 Anglo Pac Grp T 1.25 1.90 1.25 3.48 1.00 Anglo-Bomarc V 0.19 0.25 0.20 0.30 0.02 Anglo-Can Mng V 0.01 0.01 0.01 0.02 0.01 Archon Mineral V 1.75 2.00 1.98 2.05 0.77 Arco Res V 0.06 0.08 0.06 0.09 0.03 Armadillo Res C 0.01 0.05 0.02 0.02 0.01 Arrowstar Res V 0.05 0.07 0.07 0.25 0.04 Asia Now Res V 0.01 0.02 0.02 0.03 0.01 AsiaBaseMetals V 0.05 0.10 0.03 0.20 0.04 Astorius Res V 0.02 0.03 0.03 0.05 0.02 Atacama Pac Gd V 0.15 0.17 0.15 0.77 0.14 Augen Gold V 0.01 0.02 0.01 0.13 0.01 Augusta Res T 3.15 3.50 3.55 4.18 0.00 Augyva Mng V 0.12 0.13 0.12 0.15 0.07 Auramex Res V 0.01 0.02 0.01 0.03 0.01 Aurania Res V 0.30 0.40 0.30 0.30 0.30 AuRico Gold* N 2.87 2.88 2.86 4.69 0.00 AuRico Gold T 3.58 3.73 3.58 5.12 0.00 Azumah Res T 0.02 0.03 0.02 0.11 0.00 Bandera Gold V 0.01 0.01 0.01 0.05 0.01 Baroyeca Go&Si V 0.01 0.01 0.01 0.02 0.01 Bayfield Vent V 0.24 0.25 0.24 0.41 0.00 BCGold V 0.01 0.02 0.02 0.04 0.01 BE Res V 0.02 0.60 0.35 0.35 0.35 Bear Lake Gold V 0.03 0.04 0.04 0.06 0.00 Bearclaw Cap V 0.02 0.03 0.03 0.06 0.02 Bearing Res V 0.03 0.05 0.03 0.07 0.02 Besra Gold T 0.02 0.02 0.02 0.07 0.00 Big North Grap V 0.03 0.04 0.04 1.00 0.03 Black Isle Res V 0.04 0.04 0.04 0.09 0.02 Blackstone Ven V 0.01 0.01 0.01 0.01 0.01 Blue Gold Mng V 0.46 0.49 0.47 0.95 0.00 Blue Sky Uran V 0.06 0.08 0.06 0.26 0.05 Bonaparte Res V 0.05 0.12 0.05 0.11 0.00 Bralorne Gold V 0.19 0.19 0.20 0.45 0.00 Brazilian Gold V 0.10 0.10 0.11 0.25 0.00 Buccaneer Gold V 0.02 0.03 0.02 0.04 0.02 Bullman Mnls V 0.05 0.11 0.11 0.30 0.06 Cadan Res V 0.05 0.09 0.06 0.24 0.04 Calvista Gold T 1.09 1.10 1.09 1.10 0.00 Canada Fluorsp V 0.35 0.35 0.35 0.35 0.00 Canaf Group V 0.06 0.08 0.07 0.09 0.04 Cancor Mines C 0.01 0.02 0.01 0.05 0.00 Cangold V 0.03 0.04 0.03 0.15 0.00 Canuc Res V 0.06 0.15 0.02 0.35 0.01 Canyon Copper V 0.03 0.04 0.03 0.12 0.03 Cariboo Rose V 0.03 0.04 0.03 0.07 0.02 Carlin Gold V 0.01 0.02 0.02 0.03 0.01 Carrie Arran R V 0.05 0.06 0.05 0.07 0.05 Cassidy Gold V 0.03 0.03 0.03 0.06 0.03 Cassius Vent V 0.02 0.03 0.02 0.07 0.02 Castle Peak Mg V 0.01 0.01 0.01 0.05 0.01 Cavan Vent V 0.02 0.02 0.02 0.04 0.02 Cayden Res V 2.40 2.49 2.40 3.49 0.00 Celeste Copper V 0.01 0.01 0.01 0.01 0.01 Centurion Mnls V 0.01 0.02 0.01 0.13 0.01 Century Iron M T 0.25 0.30 0.26 0.45 0.22 Chalice Diam V 0.07 0.07 0.07 0.08 0.00 Chalice Gold M T 0.10 0.12 0.10 0.15 0.08 Channel Res V 0.04 0.06 0.05 0.09 0.00 CIC Energy T 1.99 2.00 1.99 2.45 0.00 Citation Res V 0.07 0.08 0.07 0.10 0.00 Clear Mtn Res V 0.01 0.02 0.01 0.06 0.01 Cliffmont Res V 0.01 0.01 0.01 0.03 0.01 Cline Mng T 0.01 0.01 0.01 0.84 0.00 CMQ Res V 0.02 0.04 0.02 0.05 0.00 Coalspur Mines T 0.02 0.02 0.02 0.08 0.00 Cobriza Mtls V 0.12 0.13 0.12 0.16 0.00 Codrington Res V 0.05 0.07 0.07 0.15 0.04 Coeur Mng T 12.03 12.64 12.09 20.14 0.00 Colibri Res V 0.01 0.01 0.01 0.02 0.01 Colossus Minls T 0.02 0.02 0.04 3.40 0.00 Columbus Expl V 0.13 0.25 0.19 0.20 0.10 Comet Inds V 1.06 1.75 1.20 1.75 1.00 Contintl Nickl V 0.40 0.90 0.40 1.12 0.00 Corazon Gold V 0.19 0.26 0.19 0.38 0.08 Cortez Gold V 0.18 0.32 0.32 1.00 0.00 Cougar Mnls V 0.04 0.07 0.06 0.30 0.03 Creso Expl V 0.12 0.12 0.12 0.13 0.00 Crosshair Eny* X 0.02 0.03 0.02 0.26 0.00 Cuervo Res C 0.01 0.01 0.01 0.01 0.00 Curis Res T 0.68 0.72 0.70 0.99 0.00 Dalton Res Ltd V 0.11 0.17 0.17 0.38 0.11 Darwin Res V 0.05 0.05 0.05 0.20 0.00 Diamonds North V 0.02 0.03 0.02 0.08 0.00 Dominion Mnls* Q 0.08 0.18 0.01 0.09 0.00 Duluth Metals T 0.45 0.45 0.45 1.00 0.00 Dunav Res V 0.01 0.02 0.02 0.14 0.00 DV Res V 0.04 0.05 0.04 0.07 0.04 E-Energy Vent V 0.01 0.01 0.01 0.01 0.01 Eagle Hill Exp V 0.60 0.65 0.65 0.93 0.00 Eagle Mtn Gold V 0.14 0.17 0.13 0.42 0.00 Eastern Merid V 0.04 0.10 0.05 0.11 0.04 Electra Gold V 0.09 0.10 0.10 0.15 0.05 Elemental Mnls T 0.18 0.25 0.20 0.55 0.00 Elgin Mng T 0.41 0.42 0.42 0.45 0.00 Elissa Res V 0.14 0.14 0.14 0.25 0.06 Emgold Mng V 0.01 0.01 0.01 0.03 0.01 Endurance Gold V 0.02 0.03 0.02 0.10 0.02 Esperanza Res V 1.01 1.03 1.01 1.70 0.00 Estrella Gold V 0.03 0.04 0.03 0.08 0.00 Eureka Res V 0.08 0.08 0.08 0.16 0.02 Evolving Gold C 0.07 0.08 0.07 0.21 0.01 Excalibur Res C 0.01 0.02 0.01 0.07 0.01 Extorre Gold M T 4.27 4.28 4.27 11.27 0.00 Ferrum Am Mng V 0.01 0.02 0.01 0.05 0.01 First Mexican V 0.02 0.03 0.02 0.05 0.02 First Nickel T 0.01 0.01 0.01 0.03 0.01 Freeport Res V 0.02 0.03 0.02 0.03 0.02 Full Metal Mnl V 0.03 0.05 0.03 0.35 0.03

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STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Galore Res V 0.01 0.01 0.01 0.04 0.01 Gentor Res V 0.03 0.04 0.03 0.17 0.03 Geocom Res* Q 0.05 0.09 0.02 0.03 0.00 Geologix Ex T 0.03 0.03 0.03 0.08 0.03 Geomark Expl V 0.96 1.00 0.98 1.00 0.00 GFK Res V 0.07 0.12 0.12 0.20 0.03 GGL Res V 0.03 0.03 0.03 0.10 0.02 Global Hunter V 0.02 0.03 0.02 0.08 0.02 Global Met Cl V 0.01 0.01 0.01 0.03 0.01 Global Ur Fund T 1.64 1.67 1.64 2.05 0.00 Gold Finder Ex V 0.03 0.03 0.03 0.07 0.03 Gold Ridge Exp V 0.02 0.02 0.02 0.05 0.02 Goldcliff Res V 0.01 0.01 0.01 0.02 0.01 Golden Harp V 0.04 0.06 0.04 0.07 0.03 GoldMountain* Q 0.04 0.05 0.05 0.35 0.00 Gonzaga Res V 0.03 0.07 0.04 0.15 0.02 Grande Portage V 0.01 0.01 0.01 0.02 0.01 Granite Ck Gld V 0.01 0.02 0.01 0.10 0.01 Gray Rock Res V 0.03 0.04 0.04 0.15 0.02 Green Valley M V 0.01 0.01 0.01 0.01 0.01 Gryphon Gold T 0.01 0.01 0.01 0.13 0.00 GTO Res V 0.10 0.16 0.11 0.11 0.00 Gunpoint Expl V 0.15 0.17 0.15 0.25 0.14 Highbury Proj V 0.12 0.24 0.19 0.40 0.15 Highvista Gold V 0.12 0.16 0.17 0.28 0.06 HiHo Silver C 0.01 0.01 0.01 0.03 0.01 Hinterland Mtl V 0.02 0.02 0.02 0.04 0.01 Horizonte Mnls T 0.03 0.05 0.04 0.09 0.04 Hudson River M V 0.01 0.01 0.01 0.01 0.01 Huntington Exp V 0.01 0.01 0.01 0.04 0.01 ICN Res V 0.06 0.07 0.06 0.30 0.00 IEMR Res V 0.01 0.01 0.01 0.01 0.01 Indigo Expl V 0.01 0.02 0.01 0.03 0.01 Inform Res V 0.01 0.03 0.03 0.07 0.01 Inova Res T 0.16 0.20 0.15 0.60 0.00 Inter-Citic Mn T 2.04 2.05 2.04 2.05 0.00 Inter-Rock Mnl V 0.02 0.03 0.02 0.03 0.01 Intl Enexco V 0.41 0.41 0.41 0.55 0.00 Intl Millm Mng V 0.01 0.02 0.04 0.04 0.04 Intl Minls Crp T 2.80 2.83 2.83 4.92 0.00 Intl Samuel Ex V 0.01 0.01 0.01 0.03 0.01 Intl Vestr Res V 0.02 0.03 0.02 0.28 0.02 Intrepid Mns T 0.25 0.26 0.26 0.31 0.00 Iron South Mng V 0.05 0.09 0.05 0.21 0.05 Iron Tank Res V 0.03 0.04 0.04 0.18 0.02 Jasper Mng V 0.04 0.16 0.04 0.15 0.03 Jayden Res T 0.06 0.10 0.06 0.17 0.06 Jiulian Res V 0.03 0.05 0.03 0.06 0.02 Jourdan Res V 0.04 0.05 0.07 0.25 0.03 Kettle River V 0.01 0.01 0.01 0.02 0.01 Kimber Res T 0.15 0.16 0.15 0.40 0.00 Kings Bay Gold V 0.01 0.01 0.01 0.02 0.01 KWG Res V 0.02 0.03 0.02 0.09 0.00 Labdr Iron Mns T 0.02 0.02 0.02 0.14 0.00 Lachlan Star T 0.01 0.01 0.02 0.28 0.00 Laurion Mnl Ex V 0.01 0.01 0.01 0.03 0.01 Letho Res V 0.07 0.09 0.08 0.18 0.05 Liberty Silver T 0.05 0.08 0.04 0.13 0.00 Lipari Energy T 0.46 0.49 0.47 0.49 0.00 Lithium One V 1.15 1.18 1.15 1.46 0.00 Logan Res V 0.05 0.06 0.05 0.06 0.03 Long Harbour E V 0.07 0.11 0.07 0.15 0.04 Lornex Cap V 0.10 0.18 0.10 0.20 0.00 Lovitt Res V 0.04 0.09 0.05 0.06 0.03 Lowell Copper V 0.30 0.34 0.33 0.53 0.21 Lucky Mnls V 0.10 0.11 0.13 0.16 0.08 MagIndustries T 0.10 0.04 0.13 0.26 0.00 Magma Metals T 0.09 0.09 0.09 0.28 0.00 Mahdia Gold C 0.01 0.17 0.01 0.04 0.01 Mainstream Mnl V 0.01 0.01 0.01 0.01 0.01 Mammoth Res V 0.01 0.01 0.01 0.07 0.01 Manson Creek V 0.02 0.02 0.02 0.12 0.01 Marengo Mng T 0.01 0.01 0.01 0.02 0.01 Maritime Res V 0.10 0.17 0.10 0.24 0.08 Marklnd AGF PM T 5.86 8.25 5.82 10.41 0.00 Maudore Minls V 0.01 0.01 0.01 0.06 0.01 McChip Res V 0.86 1.09 0.90 1.40 0.85 McVicar Res V 0.47 0.49 0.49 0.52 0.00 Mega Precs Mtl V 0.08 0.09 0.08 0.13 0.00 Menika Mining V 0.05 0.10 0.09 0.12 0.05 Mercator Mnls T 0.01 0.01 0.03 0.12 0.00 Mesa Expl V 0.02 0.03 0.02 0.04 0.02 Messina Minls V 0.06 0.10 0.06 0.13 0.00 Metallis Res V 0.05 0.09 0.06 0.17 0.01 Metalore Res T 2.72 2.85 2.66 3.72 2.41 Midasco Cap V 0.09 0.12 0.09 0.10 0.05 Midway Gold T 0.13 0.13 0.09 1.30 0.00 Midway Gold* X 0.07 0.08 0.04 1.17 0.00 Mill City Intl V 0.04 0.16 0.14 0.20 0.07 Milner Con Slv V 0.02 0.03 0.02 0.10 0.02 Minemakers T 0.08 0.12 0.09 0.11 0.06 Mineral Depost T 5.00 5.09 4.75 6.95 0.00 Mineral Hill V 0.03 0.14 0.14 0.14 0.07 Mines Managmnt T 0.44 0.55 0.50 0.86 0.40 Minfocus Expl V 0.01 0.02 0.01 0.04 0.01 Minsud Res V 0.09 0.10 0.09 0.09 0.03 Mirabela Nickl T 0.02 0.02 0.02 0.62 0.00 Moly Mines T 0.06 0.07 0.06 0.15 0.00 Montero Mg&Ex V 0.01 0.01 0.01 0.03 0.01 Mountain Boy M V 0.01 0.01 0.01 0.03 0.01 Mountain Lake V 0.32 0.35 0.32 0.82 0.00 Murgor Res V 0.02 0.02 0.02 0.03 0.00 Musgrove Mnls V 0.06 0.15 0.09 0.41 0.06 Network Expl V 0.03 0.03 0.03 0.06 0.03 New Dawn Mng T 0.10 0.16 0.13 1.10 0.00 New Destiny Mg V 0.01 0.02 0.01 0.05 0.01 Newcrest Mng T 12.10 12.90 12.11 31.00 0.00 Newmac Res V 0.11 0.20 0.11 0.29 0.10 Newmont Mng T 26.37 26.90 26.25 44.66 0.00 Newstrike Cap V 0.66 0.70 0.70 1.22 0.00 Nikos Expl V 0.03 0.04 0.03 0.15 0.03 NMC Res V 0.17 0.17 0.19 0.19 0.00 Noble Metal Gr V 0.01 0.01 0.01 0.01 0.01 Noble Mnl Expl V 0.01 0.01 0.01 0.02 0.01 North Am Pot D V 0.01 0.01 0.01 0.02 0.01 Northern Sun M V 0.11 0.22 0.18 0.30 0.03 NQ Expl V 0.01 0.01 0.01 0.02 0.01 NSGold V 0.04 0.05 0.04 0.65 0.04 NSX Silver V 0.03 0.04 0.03 0.10 0.03 Nubian Res V 0.01 0.02 0.01 0.03 0.01 Nuinsco Res T 0.01 0.01 0.01 0.03 0.00 NWM Mng V 0.01 0.01 0.01 0.01 0.01 NWT Uranium V 0.02 0.02 0.05 0.05 0.05 Opawica Expl V 0.01 0.02 0.02 0.06 0.01 Open Gold V 0.01 0.01 0.01 0.02 0.01 Opta Minls T 0.45 0.60 0.50 2.35 0.50 Oremex Silver V 0.02 0.03 0.03 0.03 0.02 Orko Silver V 1.94 1.99 1.99 2.63 0.00 Orofino Mnls V 0.06 0.10 0.06 0.30 0.05 Orsa Vent V 0.10 0.10 0.10 0.15 0.00 Otterburn Res V 0.09 0.25 0.20 0.20 0.20 Pac Bay Mnrls V 0.04 0.05 0.04 0.07 0.02 Pac Coal Res V 0.03 0.05 0.06 0.38 0.02 Pac Imp Mines V 0.01 0.01 0.01 0.03 0.01 Pac Iron Ore V 0.07 0.14 0.13 0.35 0.10 Pac Potash V 0.01 0.01 0.01 0.05 0.01 Pac Ridge Expl V 0.02 0.03 0.02 0.05 0.02

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Pac Rim Mining T 0.07 0.08 0.07 0.11 0.00 Pac Wildcat Re V 0.01 0.01 0.02 0.05 0.01 Paget Mnls V 0.01 0.01 0.01 0.01 0.01 Palladon Vent V 0.01 0.01 0.01 1.23 0.01 Palmer Res V 0.01 0.02 0.02 0.08 0.01 Pan Global Res V 0.01 0.01 0.01 0.10 0.01 Pancontl Uran V 0.02 0.02 0.02 0.04 0.01 Pantheon Vent V 0.03 0.11 0.10 0.13 0.03 Paragon Minls V 0.06 0.07 0.06 0.12 0.00 Parallel Mng V 0.03 0.04 0.04 0.07 0.03 Paramount Gold T 1.20 1.20 1.52 1.88 0.00 Passprt Potash V 0.02 0.02 0.02 0.05 0.01 Peat Res V 0.01 0.02 0.01 0.03 0.01 Penteco Res V 0.05 0.06 0.05 0.06 0.00 Petaquilla Mnl T 0.03 0.03 0.03 0.31 0.00 Philippine Mtl V 0.03 0.04 0.03 0.07 0.03 Phoenix Copper V 0.01 0.02 0.01 0.03 0.01 Pitchstone Exp V 0.09 0.09 0.09 0.21 0.00 Planet Mng V 0.03 0.04 0.03 0.06 0.03 Platinex V 0.01 0.01 0.01 0.02 0.01 PMI Gold T 0.48 0.50 0.48 0.72 0.00 PNG Gold V 0.01 0.01 0.01 0.02 0.01 Polar Star Mng T 0.01 0.02 0.01 0.17 0.00 Portage Mnls C 0.01 0.02 0.02 0.03 0.00 Portola Res V 0.20 0.01 0.20 0.20 0.20 Premier Roy T 0.74 0.76 0.76 2.60 0.00 Proam Expl V 0.01 0.02 0.02 0.02 0.01 Providence Res V 0.04 0.09 0.05 0.12 0.00 PVR Partners* N 27.44 27.46 27.44 29.22 0.00 Q-Gold Res V 0.03 0.07 0.02 0.07 0.01 Rainy River Rs T 3.37 3.37 3.42 6.10 0.00 REBgold V 0.13 0.14 0.16 0.16 0.00 Red Cresc Res T 0.02 0.02 0.01 0.11 0.00 Red Rock Enrgy V 0.02 0.02 0.02 0.06 0.01 Red Tiger Mng V 0.03 0.04 0.04 0.30 0.03 Redzone Res V 0.02 0.02 0.02 0.05 0.02 Remington Res V 0.01 0.03 0.03 0.05 0.03 Resolve Vent V 0.04 0.06 0.05 0.08 0.05 Reva Res V 0.02 0.04 0.02 0.06 0.02 Revett Mnls T 0.56 0.65 0.57 1.42 0.00 Rhyolite Res V 0.06 0.11 0.11 0.34 0.11 Ridgemont Ir O V 0.02 0.02 0.02 0.28 0.00 Rio Alto Mng T 3.47 3.51 3.48 3.99 0.00 Rio Alto Mng* N 2.46 2.48 2.47 3.18 0.00 Roca Mines V 0.03 0.03 0.03 0.03 0.00 Rockcliff Res V 0.03 0.03 0.03 0.07 0.00 Rockex Mng T 0.03 0.04 0.04 0.30 0.00 Rockgate Cap T 0.30 0.35 0.30 0.53 0.00 Rockridge Cap V 0.05 0.05 0.05 0.23 0.04 Romulus Res V 0.10 0.16 0.16 0.24 0.12 Rotation Mnls V 0.02 0.20 0.05 0.15 0.01 Royal Coal V 0.03 0.01 0.01 0.21 0.00 Running Fox Rs V 0.01 0.02 0.02 0.03 0.01 RX Gold & Silv V 0.23 0.24 0.24 0.60 0.00 Ryan Gold V 0.11 0.12 0.12 0.16 0.00 Sage Gold V 0.05 0.06 0.05 0.20 0.04 Samco Gold V 0.16 0.30 0.30 0.80 0.17 San Marco Res V 0.02 0.03 0.02 0.13 0.02 Sandstorm Mt&E V 1.20 1.37 1.36 3.54 0.00 Sego Res V 0.03 0.03 0.03 0.04 0.02 Senior Gld Prd T 4.78 4.88 4.78 7.48 0.00 SG Spirit Gold V 0.06 0.09 0.10 0.40 0.06 Signal Expl V 0.02 0.05 0.03 0.05 0.02 Silver Mtn Mns V 0.01 0.02 0.02 0.06 0.01 Silver Range R V 0.05 0.06 0.07 0.14 0.05 Silvermex Res T 0.50 0.55 0.53 0.88 0.00 Silvore Fox Ml V 0.03 0.04 0.03 0.11 0.00 Sirocco Mng T 0.34 0.36 0.35 0.89 0.00 Slater Mng V 0.03 0.05 0.03 0.05 0.02 Soltoro V 0.30 0.30 0.32 0.34 0.00 Southern Hemis V 0.04 0.06 0.04 0.20 0.00 Spruce Ridge R V 0.02 0.02 0.02 0.04 0.01 St-Georges Plt C 0.02 0.03 0.01 0.05 0.01 Stelmine Can V 0.01 0.02 0.01 0.05 0.01 Stikine Energy V 0.01 0.01 0.01 0.02 0.01 Stratabd Mnr V 0.01 0.01 0.01 0.09 0.01 Strategic Res V 0.02 0.03 0.03 0.08 0.02 Stratton Res V 0.08 0.15 0.10 0.25 0.06 Stroud Res V 0.01 0.01 0.01 0.01 0.01 Sunset Cove Mg V 0.01 0.01 0.01 0.07 0.01 Sunward Res T 0.17 0.18 0.18 0.24 0.00 Suparna Gold V 0.02 0.03 0.02 0.16 0.02 TAD Mnl Expl V 0.01 0.01 0.01 0.02 0.01 Taipan Res V 0.02 0.02 0.03 0.43 0.02 Taranis Res V 0.05 0.07 0.07 0.15 0.03 Tasca Res V 0.01 0.02 0.02 0.08 0.01 Tawsho Mng V 0.01 0.02 0.01 0.05 0.01 Tearlach Res V 0.02 0.04 0.04 0.07 0.02 Terreno Res V 0.04 0.14 0.07 0.15 0.04 Teryl Res Corp V 0.01 0.02 0.01 0.03 0.01 Theia Res V 0.06 0.09 0.07 0.20 0.06 Thelon Cap V 0.10 0.10 0.05 0.17 0.00 Thor Expl V 0.02 0.03 0.02 0.08 0.02 Thunder Mtn Gd V 0.05 0.12 0.07 0.09 0.04 Tigray Res V 0.09 0.13 0.10 0.15 0.00 Tintina Mines V 0.04 0.05 0.04 0.07 0.02 Tolima Gold V 0.01 0.01 0.01 0.05 0.01 Trend Mng* Q 0.05 0.05 0.01 0.11 0.00 Tri-River Vent V 0.05 0.17 0.05 0.09 0.03 TriAusMin T 0.06 0.07 0.07 0.08 0.00 Tribute Res V 0.05 0.09 0.05 0.12 0.04 Troy Res T 0.43 0.44 0.43 1.27 0.00 Troymet Expl V 0.01 0.01 0.01 0.02 0.01 Trueclaim Expl V 0.03 0.03 0.03 0.12 0.03 Tyhee Gold V 0.01 0.02 0.01 0.10 0.01 United Silver T 0.01 0.01 0.02 0.14 0.00 Uranerz Energy T 1.41 1.44 1.44 1.70 0.00 Uranium One T 2.85 2.86 2.85 2.86 0.00 US SIlver & Go T 0.34 0.35 0.35 0.67 0.00 Vaaldiam Mng T 0.26 0.27 0.26 0.27 0.00 Vangold Res V 0.01 0.01 0.01 0.03 0.01 Vendetta Mng V 0.08 0.10 0.08 0.25 0.08 Vendome Res V 0.01 0.01 0.01 0.04 0.01 Veris Gold T 0.10 0.10 0.15 0.95 0.00 Viking Gold V 0.01 0.01 0.01 0.01 0.01 Virginia Mines T 14.65 15.22 14.99 17.20 0.00 Volta Res T 0.33 0.34 0.33 0.57 0.00 Vulcan Mnrls V 0.02 0.03 0.02 0.04 0.02 Walter Energy* N 0.16 0.17 0.16 6.84 0.00 Walter Energy T 7.10 7.82 7.15 21.20 0.00 War Eagle Mg V 0.02 0.03 0.02 0.04 0.01 Waymar Res V 0.09 0.13 0.10 0.20 0.00 WCB Res V 0.08 0.10 0.10 0.35 0.10 West Cirque Rs V 0.23 0.26 0.26 0.54 0.00 Westcore Energ V 0.02 0.03 0.04 0.04 0.01 Western Areas T 3.75 8.54 4.00 6.11 0.00 Western Troy C V 0.01 0.02 0.01 0.02 0.01 Whetstone Mnls V 0.01 0.01 0.01 0.04 0.00 Wildcat Expl V 0.03 0.03 0.03 0.17 0.03 Windarra Minls V 0.05 0.07 0.06 0.09 0.00 Windstorm Res V 0.04 0.05 0.05 0.19 0.00 Witwatersrand T 1.08 1.18 1.08 1.50 0.00 World Vent* Q 0.01 0.51 0.02 0.10 0.00 Xemplar Energy V 0.02 0.02 0.02 0.05 0.02 Xinergy T 0.02 0.02 0.02 0.48 0.00 Xtierra V 0.01 0.01 0.01 0.09 0.01 Zinco Mng V 0.03 0.04 0.03 0.09 0.02 Zonte Mtls V 0.05 0.06 0.05 0.08 0.03

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THE NORTHERN MINER SEPTEMBER 14-20, 2015 11

AuRico CEO: ‘We’re well situated for challenging markets’

Chris Richter, AuRico Metals’ president and CEO.

AURICO METALS

The headframe at AuRico Metals’ past-producing Kemess gold-copper project, 250 km south of Smithers, British Columbia.

TNM Sep 14 2015 Issue.indd 11

tonnes grading 0.56 gram gold per tonne, 0.3% copper and 2.05 grams silver per tonne, for 1.8 million

The carrying cost for the current infrastructure at Kemess is $6 million per year. On Aug. 18 AuRico released assays from the first two holes at Kemess East, which extended core mineralization. Hole 15-1 cut 305 metres of 0.63 gram gold and 0.4% copper, while hole 15-2 intersected 301 metres grading 0.47 gram gold and 0.4% copper. The deposit remains open to the east towards the Kemess East Offset fault, and south towards the post-mineralization Sovereign intrusion. AuRico shares have traded from 47¢ to 90¢ since July, and closed at 64¢ per share at press time. The company has 118 million shares outstanding for an $85-million market capitalization. “We’re well situated for this type of market, where we have challenging metal prices,” Richter says. “We’re extremely protected by not only a strong balance sheet, but also the income from our royalties. We have some great shareholders supporting us, and we have a quality development asset that could give us major torque other royalty companies just don’t have.”

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AURICO, From Page 1

(TSX: CRK) after a $190-million merger with Crocodile Gold.) AuRico Metals boosted its cash position in late August when Alamos invested another $5.6 million via a private placement, wherein it picked up 5.8 million shares for 70¢ per share. The arrangement increases Alamos’ equity position in AuRico to nearly 11%. “Our cash position will allow us to pursue growth on both the development and royalty fronts. We completed the placement with Alamos, and we’ve received strong endorsement in the market from Sandstorm,” Richter comments. “The money we’re spending at Kemess is focused on a number of key deliverables we think will drive the value of that asset higher in investors’ eyes. We’re also looking to expand our royalty presence in good jurisdictions, with a focus on gold. There’s been few times better than this for royalty companies in terms of market conditions,” he adds. On Sept. 8 AuRico unveiled a deal to bolster its royalty portfolio via the $6.85-million acquisition of Mineral Streams. The private company holds a trio of Canadian gold interests: a 0.3% NSR on the Williams mine at Barrick Gold’s (TSX: ABX; NYSE: ABX) Hemlo gold complex; a 0.5% NSR on Wesdome Gold Mines’ (TSX: WDO; US-OTC: WDOFF) Eagle River gold mine; and a 1.5% NSR on the David Bell property, which also forms part of the Hemlo package. “The Hemlo-Williams and Eagle River royalties are an excellent fit within our portfolio of high-quality, cash flowing royalties in top-tier jurisdictions, and together with the Young-Davidson and David Bell royalties, we now have four royalties in Ontario giving us exposure to some of the best gold mines in the province,” Richter says. Under its former name Northgate Minerals, AuRico put Kemess on care and maintenance in 2011, after it failed to acquire a permit for an open-pit mine expansion when the local Tse Keh Nay First Nations raised concerns over proposed tailings and waste management. The company’s new plan, however, envisions a block-cave underground operation. Current development focuses on the Kemess Underground deposit, which hosts proven and probable reserves of 100 million

contained oz. gold, 6.6 million contained oz. silver and 619 million contained lb. copper. According to a feasibility study released in 2013, the company could develop the project for $451 million, and produce 105,000 oz. gold and 44 million lb. copper annually.

The game changer for AuRico could be the Kemess East discovery. The company released a maiden resource on the deposit in January 2015, highlighted by 56 million indicated tonnes grading 0.52 gram gold, 2 grams silver and 0.4% copper; and 117 million inferred tonnes averaging 0.38 gram gold, 1.79 grams silver and 0.3% copper. The deposit holds 5.5 million equivalent oz. gold. “We have a pretty large ongoing exploration program at Kemess East,” Richter says. The company is spending $6.5 million on the target this year, which will fund 30,000 metres of mostly infill drilling. “We really have a great leg up at the property, with the infrastructure at our disposal. All together it’s $1 billion in replacement costs, and includes the mill circuit, grid power and a full 300-person camp. We also have the permits to use the past-producing Kemess South open pit as a tailing facility. When you combine those factors with the Canadian dollar depreciation, we think it’s an attractive development scenario.”

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First Mining pursues Gold Canyon

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The camp at Gold Canyon Resources’ Springpole gold project in northwestern Ontario. FIRST MINING, From Page 1

— where operations closed in 1965 due to low gold prices — contains 1.26 million oz. gold from 10.2 million inferred tonnes averaging 3.9 grams gold. First Mining is paying $11 per oz. for Springpole and $8 per oz. gold for Pickle Crow, Donnelly says. As part of the Gold Canyon agreement, Gold Canyon will spin out its early non-gold exploration properties and other assets — plus $500,000 in cash — into New Gold Canyon. Its shareholders will receive 0.03333 of a New Gold

TNM Sep 14 2015 Issue.indd 13

Canyon share for each Gold Canyon share held. Gold Canyon’s president and CEO Akiko Levinson will run the new exploration vehicle, which will keep some of Gold Canyon’s management and directors. First Mining and Gold Canyon have agreed to pay a $3.9-million termination fee if either party backs out, while PC Gold will have to pay $500,000 to First Mining if it calls off its agreement. Gold Canyon and PC Gold’s shareholders are set to vote on the transactions in November. If

both deals close, former Gold Canyon and PC Gold shareholders will hold 55.4% and 9.6% of First Mining. First Mining announced both transactions on Sept. 1 — less than two months after snatching Coastal Gold and its Hope Brook gold project in Newfoundland in an $11-million, all-stock deal. On the latest acquisition news, First Mining shares fell 20% to 28¢, before erasing more than half the loss the next day to close Sept. 2 at 31.5¢. Donnelly expects the company’s shares will rerate once the deals

GOLD CANYON RESOURCES

MEETINGS close, noting the earlier drop was likely due to traders shorting the stock, and buying Gold Canyon and PC Gold shares. “We are a long-term story and we are being aggressive with our acquisition strategy, but in the end, I expect that we will deliver positive returns to our shareholders,” he says. The executive adds the firm will continue its all-share offer strategy and is looking for more acquisitions. At press time Gold Canyon rose 78% to close at 20.5¢ per share, and PC Gold shares climbed 83% to 5.5¢.

Sep 14 Sep 15 Sep 15 Sep 15 Sep 15 Sep 16 Sep 16 Sep 16 Sep 17 Sep 17 Sep 17 Sep 18 Sep 18 Sep 18 Sep 18

Temex Resources Abacus Mining & Exploration Corex Gold Noble Iron Lakeland Resources Apogee Silver Pacific Arc Resources Rockwell Diamonds KFG Resources ExGen Resources Helio Resource Silvercorp Metals Golden Peak Minerals Int’l Bethlehem Mining Vela Minerals

AS AG AG AG AGS AS AG AGS AG AGS AG AG AG AG AGS

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

15-09-09 6:51 PM

14 SEPTEMBER 14-20, 2015 THE NORTHERN MINER

Gold Standard makes its mark in Nevada GOLD STANDARD, From Page 2

another near-surface, oxide deposit just 2.1 km east of Pinion. Based on 105 historic reversecirculation (RC) drill holes, Dark Star holds inferred resources of 23.1 million tonnes grading 0.51 gram gold for 375,000 oz. gold at the same cut-off grade as Pinion. Drill hole 15-3, which hit sulphides southeast of the Pinion resource, has also revealed that the company could be close to a high-grade feeder structure.

Current work

With the market for gold exploration at such a low ebb, Awde plans to use Gold Standard’s treasury — $17 million in working capital at the end of June — very carefully. “We’re conducting smaller, methodical, strategic programs designed to add shallow oxide at Pinion, potentially tagging into some deeper higher grade, getting metallurgy done — things we feel quite strongly that in a more rational market will add value,” he says.

To grow both deposits, Gold Standard finished a 14-hole, 4,900-metre RC drill program earlier this year (nine holes at Pinion, five at Dark Star). In August it began a second-phase program for up to 27 RC holes to expand shallow resources and test new targets. Pinion could see 10 holes (3,950 metres), with up to 13 holes (3,700 metres) drilled at Dark Star. Some of the holes have found grades higher than 1 gram gold per tonne, including a 24.4-metre interval of 1.38 grams gold in hole 15-02 at Pinion.

on engineering, metallurgical and environmental work. Preliminary metallurgical work has been promising. In August, Gold Standard announced that Pinion samples are cyanide soluble from the multilithic dissolution collapse breccia — the main gold host at the deposit — and from oxidized zones outside the main host. Gold recoveries from the samples averaged 82.4%, indicating the deposit would be amenable to heap leaching. Despite the focus on Pinion and Dark Star, and oxide targets close to the two deposits, there is so

Institutional investors own half of Gold Standard Ventures’ shares. By late 2015, or the first quarter of 2016, the company aims to update resources for both deposits, and have the results of metallurgical testing. If the metallurgy results are positive, it will begin a preliminary economic assessment that builds

much potential at Railroad that a company without a disciplined management team could find it overwhelming. The company found North Bullion, a blind target, by looking for fault structures and anoma-

lous results from soil sampling (with arsenic, antimony and barite). It was drilled ahead of other targets simply because it was more accessible. “We drilled North Bullion because the road that came into Railroad drives straight to where North Bullion is,” Norman says. “We had a limited amount of resources in terms of cash, so we drilled our first target, and lo and behold, we hit a massive gold system.” The company says there is more gold to be found at Railroad, as well as polymetallic deposits (the Central Bullion area at Railroad hosted a historic mining district) and copper-gold potential (drilling at the Bald Mountain oxide copper-gold target returned 56 metres of 1.47 grams gold in oxides, followed by 23 metres of 0.4% copper in 2013). In the meantime, the mining downturn could give Gold Standard a chance to go back to North Bullion to put together an initial resource. Awde says the company is awaiting quotes on a six-hole

stepout drilling program at North Bullion. In 2012, some of the deeper holes cost north of $300,000 apiece. The company is looking for a 40% price reduction before it commits to a program — which is a realistic target, given that drilling costs at Pinion have come down 20–25% year over year.

Investors

In addition to OceanaGold, Gold Standard has attracted a sizable list of patient investors, with 50% of its shares owned by institutional investors. Albert Friedberg’s FCMI Financial owns 20% of the company. More recent investors include ex-Cayden Resources CEO Ivan Bebek, who came on as a special advisor in February, and the Hunt family of oil tycoons out of Texas (known for their play on the silver market in the 1980s). Management and insiders own 13%. Awde sees the company’s large shareholders as both protection against any hostile takeover attempts and a reflection of its quality. “It’s been a really strong group that’s come in here, and a lot of them are new,” Awde says. “I think it’s a testament to the asset, the jurisdiction and the people involved in the deal.” Gold Standard shares recently traded at 45.5¢ in a 52-week window of 40–80¢. The company has 167.8 million shares outstanding.

Commentary

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COMMENTARY, From Page 4

substitute for a report prepared under the act. It is generally expected that reports submitted under similar U.S. rules under Section 1504 of the Dodd-Frank Act (SEC Rules) will also be an acceptable substitute, once finalized. NRCan is accepting comments on the implementation tools until Sept. 22, 2015. Following the consultation period, the final versions will be made public. The first annual reports under the act will be in respect of financial years ending after June 1, 2016, and will be due 150 days after a financial year. As an example, companies with a Dec. 31 year-end will be required to submit their first annual report by May 30, 2017. In addition, reporting of payments made to aboriginal governments or entities will be deferred for a two-year period until June 1, 2017. — Keith Chatwin is a partner in Stikeman Elliott’s Calgary office whose practice involves an array of securities and general corporate transactions, ranging from public and private debt and equity financing to mergers and acquisitions, corporate restructuring and shareholder activism and defence. Ivan T. Grbesic is a partner in the firm’s Toronto office. His practice focuses on corporate and securities law, with an emphasis on corporate finance transactions, mergers and acquisitions, and corporate reorganizations. Christopher Yung is an associate practising in the corporate department of Stikeman Elliott’s Toronto office. Stikeman Elliott is one of Canada’s leading business law firms, recognized for top-tier services in each of core practice areas — corporate finance, M&A, real estate, corporate-commercial law, banking, structured finance, tax, insolvency, competition and foreign investment, employment and business litigation. Please visit www.stikeman.com for more information.

15-09-09 6:51 PM

THE NORTHERN MINER SEPTEMBER 14-20, 2015 15

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

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.

Technician, Environment Key Lake Operation Online Reference No: 62434 You will be responsible for conducting environmental monitoring and inspections, collecting daily samples, measuring and recording of data, as well as assisting the site environment lab while building technical skills and knowledge through applied practice and mentorship. In addition, you will apply a practical understanding of codes, regulations and policies to the work area.

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Global Copper Group Inc. President & CEO Online Reference No: 62172 Global Copper Group Inc. is a junior mining exploration company seeking to fill the position of President & CEO. The recently restructured company aims to develop mining projects from, potentially, the green-field stage, through to feasibility. This is a permanent full-time position.

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.

Minimum 5 years experience with Jackleg/Stoper and Long-tom for a leader position and 3 year for a miners position. Duties and Responsibilities: Track Drift development of numerous meters experience on Long-tom, inspect the workplace and make safe as required,perform equipment checks, Recognize hazards and take corrective action.

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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.

Environmental Specialist Rainy River, ON Online Reference No: 62226

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.

Track Drift Miner/Leader RedLake, ON Online Reference No: 62417

Environmental stewardship is a critical piece of our company culture and values. We are looking for an outstanding individual to join our environmental management team, as an Environmental Specialist. A number of short-term temporary roles during construction are also available.

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Mechanized Raise (Alimak) Leaders ID, Papua, ID Online Reference No: 61992 The primary role of the Alimak Leader is to maintain and construct underground installations, performing various tasks such as erecting work platforms, scaling loose rock, drilling, loading and blasting rock and ensuring that the drilling patterns follow the mining plans.

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

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TNM Sep 14 2015 Issue.indd 15

15-09-09 6:51 PM

16 SEPTEMBER 14-20, 2015 THE NORTHERN MINER

Fission Uranium’s Triple R shows strong economics Analysts are applauding Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) preliminary economic assessment (PEA) on the Triple R deposit at its 100% owned Patterson Lake South property just outside the southwestern portion of Saskatchewan’s Athabasca basin. The PEA, prepared by RPA Inc., estimates that a combined openpit and underground operation at Triple R could produce 100.8 million lb. uranium oxide (U3O8) over 14 years. The study shows “the viability and profitability of the project,” Cantor Fitzgerald analyst Rob Chang comments. Roughly 76 million lb. with a 2.2% head grade would come from the pit and 25 million lb. with a 0.4% head grade from the underground mine using long-hole stoping. Open-pit mining could occur over the first six years, with underground mining starting in year four, Raymond James analyst David Sadowski writes. Annual production rates would be 13 million lb. U3O8 in the first six years, and 3 million lb. U3O8 in the next eight years, to average 7.2 million lb. a year over the mine’s life.

Drills on barges on Patterson Lake at Fission Uranium’s Patterson Lake South uranium project, near Saskatchewan’s Athabasca basin. That would make Triple R the “world’s fourth largest by production after the monstrous McArthur

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River, Cigar Lake and Husab operations,” Sadowski writes. The cost to build Triple R is estimated at $1.1 billion, including $363 million for open-pit stripping and a dyke system to drain part of Patterson Lake, and $198 million for the processing plant. The total costs include a $208-million contingency and $189 million in sustaining capital costs. Thanks to the high grade, estimated life-of-mine operating costs are only C$16.50 (US$14) per lb., which would put Triple R among the world’s lowest-cost uranium mines. The project has further impressive economics: Using a base-case US$65 per lb. uranium oxide price and a 10% discount rate, the posttax net present value is $1 billion, with a 34.2% internal rate of return. Payback would occur within 1.7 years after tax. Over its life, Triple R would generate $7 billion in net revenue. Fission Uranium says the PEA does not include the recently discovered, high-grade R600W zone, which could expand the resource and further improve economics. Triple R’s indicated resource stands at 2.3 million tonnes grading 1.6% U3O8 for 80 million contained lb., including a high-grade zone of 44.3 million lb. based on 110,000 tonnes at 18.2% U3O8. Inferred resources are 901,000 tonnes grading 1.3% U3O8 for 26 million contained lb., including a

high-grade 13.9 million lb. based on 24,000 tonnes at 26.4% U3O8. Most of the resource, including the high grade, is in the deposit’s eastern R780E zones, with the rest in the much smaller R00E zone to the west. The zones have a combined 1.2km strike length, with R780E measuring 900 metres and R00E at 125 metres. There’s a 225-metre gap between the zones, but drilling suggests there could be significant mineralization there.

FISSION URANIUM

He says the firm will work on the project until 2017, with permitting wrapping up in 2024, followed by three years of development, and first production by 2028. While the PEA didn’t suggest a start-up date, Fission’s management suggests the project’s permitting could wrap up by 2019, followed by three years of construction, and a possible 2022 start date, Sadowski says. Fission Uranium did not return a request for

‘To access ore, part of the lake must be bermed-off and drained.’ — David Sadowski, analyst, Raymond James The R00E zone sits partly on land, while the R780E zones are completely underneath Patterson Lake. “In order to access ore, part of the lake must be bermed-off and drained,” Sadowski says, adding that while it sounds “challenging,” several other open-pit projects in Canada have used dyke systems, including the Diavik diamond mine and the Meadowbank gold mine. Given that all the current uranium operations in the Athabasca basin are underground mines, Chang says he is “concerned with permitting, as high-grade uranium dust control in an open-pit mine may be challenging.”

comment at press time. The project’s development timeline will likely benefit from the company’s merger with uranium miner Denison Mines (TSX: DML; NYSE-MKT: DNN). The deal, announced in July, should get regulatory and shareholder approvals in October. Given the strong PEA, Chang suggests Fission shareholders may wonder why the merger wasn’t done afterwards. Chang has upgraded his rating from “hold” to “buy,” with a $1.60 target. Sadowski has changed his recommendation from “market perform” to “outperform,” with a $1.30 target.

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TNM Sep 14 2015 Issue.indd 16

FISSION URANIUM

The exploration camp at Fission Uranium’s Patterson Lake South uranium project in northern Saskatchewan.

15-09-09 6:51 PM