The Northern Miner May 11 2020 Issue 10

BANK OF AMERICA FORECASTS $3000 GOLD / 6 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

AFRICA SPECIAL FOCUS

OPPORTUNITY AND SCALE

VTEM™ | ZTEM™ | Gravity | Magnetics 905 841 5004 | geotech.ca

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE WWW.SGS.COM/MINING

MINERALS@SGS.COM

MAY 11–MAY 24, 2020 / VOL. 106 ISSUE 10 / GLOBAL MINING NEWS · SINCE 1915 / $5.25 / WWW.NORTHERNMINER.COM

PNG clashes with Barrick, Zijin over fate of Porgera mine COURT

| PM threatens to end mining lease over social and environmental concerns

BY CECILIA JAMASMIE MINING.com

B

arrick Gold (TSX: ABX; NYSE: GOLD) welcomed a court ruling on May 1 ordering the government of Papua New Guinea (PNG) to review a requested lease extension for the Porgera gold mine.

The Canadian gold producer and its Chinese partner, Zijin Mining, temporarily halted operations at the mine in Enga Province a week ago, following Prime Minister James Marape’s decision not to renew Porgera’s long-sought lease.

The government hit back on April 27, saying it would be “forced” to take immediate control of the mine if it remains closed during the transition period.

State-owned Zijin followed suit. It said that if PNG didn’t conduct negotiations to extend the mining lease in good faith, the issue could impair the country’s relations with China.

See BARRICK / 2 PM40069240

Barrick Gold’s 47.5%-owned Porgera gold mine in Papua New Guinea. CREDIT: BARRICK GOLD.

Covid-19 disrupts $6.9B of global mining output | Mine closures reduce production across industry

SUPPLY

BY FRIK ELS

C

MINING.com

OVID-19 has impacted the mining industry across the globe as governments enforce lockdowns and quarantines and companies halt operations because workers and contractors can’t get on-site due to restrictions.

S&P Global Market Intelligence in a new report tallies the impact of these mine closures, showing Africa and the Americas hardest hit in terms of the number of suspended operations.

South Africa had closed 54 mines See COVID-19 / 2

FIT-FOR-PURPOSE SOLUTIONS Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers brought together to provide accurate and timely mineral and process evaluation services across the entire mining life cycle.

SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANY

WWW.SGS.COM/MINING CA.MINERALS@SGS.COM

2

WWW.NORTHERNMINER.COM

MAY 11 – MAY 24, 2020 / THE NORTHERN MINER

Silvercorp to buy Guyana Goldfields in $105M deal M&A

| Guyana had been under investor pressure due to poor performance

BY CECILIA JAMASMIE

S

MINING.com

ilvercorp Metals (TSX: SVM; NYSE: SVM) is buying Guyana Goldfields (TSX: GUY) in a $105 million (US$75 million) cash and stock deal that creates a diversified precious metals producer with two silver mines in China and a gold operation in Guyana.

The Vancouver-based miner, which currently produces silver, lead and zinc from mines in China, will give Guyana’s shareholders the option to receive 60¢ per share in cash, or 0.1195 of a share in the company, to a maximum cash consideration of $33.2 million (US$24 million).

The 60¢ share price represents a 71% premium to the 20-day volume-weighted average price of the target company as of Friday’s close.

“This transaction will create a new globally diversified precious metals producer,” Silvercorp’s chairman and CEO, Rui Feng, stated in a press release. “We believe this is a rare opportunity to leverage our underground mining expertise and strong balance sheet to unlock value for all shareholders through the development of the Aurora underground project as well as aggressive exploration programs in a proven gold district.”

The two companies have also struck a loan agreement, whereby Silvercorp will lend Guyana Goldfields up to $15 million. The funding will be used for the ongoing underground expansion of Aurora and for working capital.

Guyana has been under investor pressure due to the poor performance of its flagship and only operating mine, Aurora, following a resources review.

The mid-tier gold producer shocked the market in March last year by announcing the amount of gold in proven and probable reserves at Aurora had declined by almost 1.7 million oz., compared to estimates published in 2018.

The news triggered a bitter battle for control of the company led by founder and former chairman Patrick Sheridan, which was settled in April 2019. The deal included the appointment of an interim director and chief executive, who was replaced in January by Alan Pangbourne, Guyana’s current president and CEO. Shares in the company fell to the lowest since 2008 in October, after the embattled Canadian miner revealed Aurora would fail to meet production guidance. The company added that a mine plan review was underway.

Guyana Goldfields’ share price has steadily declined since then. So far this year, it is down 39%, last trading on April 24 at 42¢.

The miner’s current market capitalization is sitting at almost $73 million, about half the $167 million it was a year ago.

Guyana Goldfields updated its life-of-mine plan for Aurora in late March, estimating that recovered gold production will total 2.07 million ounces at an average head grade of 2.7 grams gold per tonne over a 14-year mine life,

COVID-19 From 1

as of April 23, the U.S. shut 42, and Mexico and Canada, 29 and 28 apiece. In total, production at 260 mines in 33 countries has been halted since early March.

The most affected commodity in terms of the percentage of annual output suspended is uranium – with nearly 12% at 21 mines affected.

Closures at 12 platinum mines have affected 3.3% of output over the period, while 100 silver-producing mine closures have already impacted 2.4% of global annual production.

S&P Global pointed out, however, that at-risk production has started

The mill at Guyana Goldfields’ Aurora gold mine in Guyana. CREDIT: GUYANA GOLDFIELDS.

including a transition of the mine from open pit to underground operations by mid-2021.

The updated mine plan forecast annual production of 170,000 oz. gold during the first five full calendar years (2022-2026) of underground mining at all-in sustaining costs of US$970 per oz. The latest plan also reduced the maximum depth of the open pit at Rory’s Knoll by 65 metres, and indicated that most of the mineralized material that had been planned to be recovered by open-pit mining would be recovered from underground under the new scenario.

“This approach to the orebody is now considered more practical than continued deepening of the pit due to extensive pit stripping requirements and timing issues related to continuous ore release, among other factors,” Guyana Goldfields stated in a news release.

The company estimated that initial capex to develop the underground in 2020 and 2021 would be about US$141 million, which would be “partially funded by cashflows from the operations.”

In a research note, Ryan Thompson of BMO Capital Markets said he sees “the potential for this acquisition to have merits” but cautioned that “it may take some time for the market to ascribe full value for Aurora given the operation’s challenging past.”

“While details are sparse, conversations with management indicate that Silvercorp plans to take a different approach to the mine plan versus what was tabled in Guyana’s most recent technical report that was released in March 2020,” Thompson stated. “Silvercorp has built its own resource model with a different geological interpretation. Upon deal closing, Silvercorp’s plan is to bring a new

to level off with the notable exception of platinum – four mines were added to the at-risk category in the week of April 20-24.

The U.S.-based mining analytics firm cautions that it is “too early in the pandemic’s spread to fully quantify impacts on the supply of commodities.”

“Miners are making additional announcements daily, companies continue to withdraw 2020 guidance in light of the uncertainties, extensions to many suspensions are likely, and limited disruptions at certain mines may not even impact full-year production.” TNM — This article first appeared in our sister publication, MINING.com.

contractor to site to begin underground development and definition drilling.”

Thompson added that while Silvercorp “appears to be paying an attractive price,” underground development capital is needed and “it could take more than a year for production to begin ramping up.”

Barry Allan, a mining analyst at Laurentian Bank Securities, noted that the deal provides “much needed financial support and market liquidity for Guyana shareholders.”

“While we recognize Silvercorp’s offer is below our theoretical NAV and target price for Guyana Goldfields, we do also recognize that GUY was facing substantial financial and operating hurdles that was jeopardizing the ability of the company to remain a going concern, and we believe Silvercorp are being opportunistic buying a fully built mill and a known resource — the true quality of which remains to be verified by good operating results,” he wrote in a research note. “At the very least, Silvercorp’s offer puts a nice floor under GUY’s share price.”

He also points to Silvercorp’s balance sheet (US$152.1 million in cash and short-term investments and working capital of US$133.7 million at the end of last year). “Silvercorp has significant market liquidity and substantial financial wherewithal, and clearly has an appetite for risk,” he said.

But Allan isn’t ruling out a competing bid.

“We think there is a reasonable probability that additional interest may surface given the comparatively low barrier in making an offer.” TNM — This article first appeared in our sister publication, MINING.com.

BARRICK From 1

The National Court order calls on PNG and Barrick to negotiate before returning to court in a week on May 8 to report on the progress of talks, the Post-Courier, a local newspaper, reported on May 1.

It also instructed Barrick Niugini Limited (BNL), the manager of Porgera, to maintain the mine infrastructure and assets during negotiations.

If talks fail, BNL said, the court would appoint an accredited mediator to facilitate dialogue between the parties.

Barrick and Zijin had applied in June 2017 for a 20-year renewal of the Porgera’s lease, which expired in 2019.

Since then, the company has faced backlash from landowners and residents over what they claim are negative social, environmental and economic impacts from the mine.

Negotiations with Porgera’s operators were complicated further by a split among the landowners.

Barrick’s president and chief executive officer, Mark Bristow, said in March that Porgera had “tier one potential” but faced many challenges in the form of “legacy issues and an unruly neighbourhood.”

The gold mine, located in PNG’s northern highlands region, is a joint venture between Barrick and Zijin Mining. Each company owns 47.5% of the mine, with the remaining 5% held by landowner group Mineral Resources Enga.

Porgera contributes to about 10% of the nation’s exports and employs over 3,300 Papua New Guinea nationals.

The open pit and underground gold mine sits at an altitude of 2,200-2,600 metres in Enga province, and is about 600 km northwest of Port Moresby.

“We don’t have many details on the implications of this decision yet, including the timing of the transition,” Jackie Przybylowski of BMO Capital Markets said in late April in a research note.

“Barrick has warned that it will pursue all legal avenues to challenge the government’s decision and to recover any damages. We expect that discretionary spending, such as development capex, will be minimized through the current period of uncertainty,” Przybylowski noted.

The mining analyst also said that “while removing Porgera from Barrick’s portfolio would have a negative financial impact, it would improve the ESG performance of the company’s portfolio going forward.”

“On its website, Barrick reports allegations of human rights violations in the region,” she pointed out, “including allegations of ‘extreme’ violence linked to local police forces or private security forces acting on behalf of the joint venture.”

Other mining companies operating in PNG, including Australia’s Newcrest (ASX: NCM), have not been impacted by the decision regarding Porgera. The miner has “welcomed” the Prime Minister’s support for its Wafi Golpu gold and copper asset, adding that its special mining lease at the Lihir operations remains in good standing with a renewal not expected until 2035. TNM — This article first appeared on our sister publication, MINING.com.

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 11 – MAY 24

Canada Nickel’s Mark Selby sees Dumont-style deposit at Crawford NICKEL

| Former RNC Minerals CEO sees opportunity in Quebec

Rockcliff makes nickel-PGE discovery in Manitoba NICKEL

| Drilling at Tower property yields high-grade surprise

BY TRISH SAYWELL

BY CARL A. WILLIAMS

tsaywell@northernminer.com

cwilliams@northernminer.com

M

ark Selby led a team that raised over $100 million and advanced the Dumont nickel-cobalt project in Quebec from an initial resource to a fully permitted, construction-ready project for RNC Minerals (TSX: RNX).

Now the mining executive believes he’s onto the next big nickel project in Canada with Crawford – a large tonnage nickel-cobalt sulphide discovery, 20 km north of Glencore’s enormous Kidd Creek base metal mine in Ontario’s Timmins camp.

The chairman and CEO of Canada Nickel Company (TSXV: CNC) says there are similarities between Crawford and RNC Minerals’ Dumont project – one of the world’s largest undeveloped nickel sulphide deposits containing about 6.1 billion lb. nickel in proven and probable reserves.

Both Dumont and Crawford sit in what was the bottom of Lake Ojibway — a glacial lake that existed between 10,000 and 20,000 years ago, Selby explains.

“It was a massive glacial lake that covered all of Timmins right through over to Amos north of Val-d’Or,” he says. “It basically covered the area with from five to 60 metres of clay and silt sediment, which limited the amount of outcrop, and that’s why these deposits didn’t get developed years ago. The deposit at Crawford has no outcrop and was found by geophysics.”

Geologists who’ve been to both deposits say the core looks identical, Selby continues, noting that while it’s still early days at Crawford, similarities in the geology and terrain will allow the team at Canada Nickel to leverage a lot of the work that Selby and his crew did at Dumont.

Dumont is a 6-km-long intrusion and contains a 2 billion tonne resource – enough to be mined for three decades, Selby says. So far, Canada Nickel has drilled just 1.7 km of the 8-km-long structure identified, but he’s optimistic Crawford is going to be big.

“Given the scale of the anomaly at Crawford it could be a very large deposit,” he says. “We believe from the geophysics that the structure goes down 1 km deep.”

In addition, both Crawford and Dumont contain the same nickelbearing minerals — pentlandite, heazlewoodite and awaruite.

“Deposits like Dumont and Crawford have a similar geophysical signature because of the process of serpentization of these deposits, which take nickel that is trapped in the olivine and that can’t be recovered with flotation, and creates recoverable nickel minerals like heazlewoodite, awaruite, and pentlandite,” Selby explains. “This serpentinization process also creates magnetite and causes the rock to expand and lower its density, which is the reason why you get this distinct geophysical signature.”

Drilling to date has traced the mineralized structure at the project over a strike length of 1.7 km, over a width of 225 metres to 425 metres and down to a depth of up to 650 metres. A high-grade core is contained within an area that is 1.6 km long and up to 650 metres deep.

R

Mark Selby, chairman and CEO of Canada Nickel, holding core from the Crawford project in Ontario. CREDIT: CANADA NICKEL.

The company released a maiden resource estimate in March that was based on 13,042 metres of drilling within 24 holes. Measured and indicated resources stand at 600.4 million tonnes grading 0.25% nickel and 0.13% cobalt for a total of 1.53 million tonnes nickel and 78,000 tonnes of cobalt. Inferred resources add 310.5 million tonnes grading 0.23% nickel and 0.013% cobalt.

The resource features a higher grade core of 262.8 million tonnes in the measured and indicated category at 0.31% nickel and 0.013% cobalt, for 807,000 tonnes contained nickel and 34,000 tonnes cobalt. The higher grade inferred portion of the resource is made up of 66.4 million tonnes at 0.29% nickel and 0.013% cobalt.

The mineralization sits within a host ultramafic body and is open for expansion as drilling has tested only 20% of the Crawford structure.

In mid-March, the company released initial results from a mineralogical assessment of 44 samples from the higher grade core, which confirmed that 89% of the nickel was contained in nickel sulphide and nickel-alloy minerals, with 97% in pentlandite and heazlewoodite and 3% in awaruite, and 11% in unrecoverable silicate minerals.

For the lower grade zones, the assessment confirms that 59% of the nickel is present in the nickel sulphide and nickel-alloy minerals, with 89% contained in pentlandite and heazlewoodite and 11% in awaruite, and 41% in unrecoverable silicate minerals.

The study also demonstrates that both the higher and lower grade mineralized areas contain significant amounts of magnetite, with the higher grade core averaging 8.7% and the lower grade zones 6.9%.

Canada Nickel hopes to wrap-up a feasibility study before the end of next year.

“That is pretty fast,” Selby acknowledges. “It would be two years from the start of new drilling in September 2019 to a feasibility study, but given the similarities we’ve seen so far with Dumont, we think we can move at that pace, and for investors, that’s the most exciting part.”

Selby notes that RNC Minerals spent seven years advancing the Dumont deposit “when nobody cared about nickel very much, but now we’re getting to the point where there’s a shortage of nickel projects.

With the majors interested in battery metals, and if we can demonstrate that Crawford would give a major

the scale they need to build a project around it, and not in place like Indonesia or the DRC, it should be a very compelling opportunity for the majors.”

Canada Nickel acquired the Crawford project in November 2019 for about $2 million in cash and 32 million in shares and went public in February 2020. The project was previously owned by a joint venture between Noble Mineral Exploration (TSXV: NOB; US-OTC: NLPXF) and Spruce Ridge Resources (TSXV: SHL).

“We’re advancing this in a market that really cares about nickel, and we’re starting out with a pretty tight shareholder structure,” he adds.

“Those investors are also investors in Noble and Spruce Ridge, and it’s a good shareholder base with only 55 million shares outstanding and no warrants.”

Last month the company announced a private placement financing of 1.6 million units, up to 5 million flow-through common shares and up to 4.1 million flow-through units to raise about $4 million.

“I don’t think people realize just what a high growth metal nickel is relative to other metals,” Selby says.

“To date, it has been driven by stainless steel growth which is still only 3% of the carbon/steel market, which gives it lots of runway to gain market share in the big steel market. And the result of this growth and the large increase in demand from electric vehicles will require nickel supply to double by 2030 with nowhere near the number of nickel projects ready to go to be able to meet that demand.”

At the same time, he says, there is much political risk in terms of the current concentration of the nickel supply.

“Indonesia, the Philippines and New Caledonia effectively control the same amount of the nickel market as OPEC did of oil at its peak,” he says, “and with nickel becoming the new gasoline, consumers will want projects outside those jurisdictions.” TNM

ockcliff Metals (CSE: RCLF) has announced a new highgrade nickel-PGE discovery at its wholly-owned Tower property, 600 metres south of the company’s high grade, copper-rich Tower deposit and 130 km from Wabowden in central Manitoba.

Drilling at the property was conducted in the winter of 2019-2020, with drill hole 20-002 intersecting 2 metres grading 2.53% nickel, 3.08 grams palladium per tonne and 1.04 grams platinum per tonne (3.82% nickel equivalent) starting from 245 metres downhole.

The drill hole also returned a higher-grade core of 1 metre of 4.46% nickel, 5.61 grams palladium per tonne and 1.87 grams platinum per tonne (6.79% nickel equivalent).

“We were trying to discover the southern extent of the Tower copper deposit in 2019, and downhole geophysics was suggesting that there wasn’t much conductivity to the south,” explains Alistair Ross, the company’s CEO, in a telephone interview. “But we decided to drop some holes, and low and behold the last hole we drilled returned this anomaly.”

The hole, says Ross, was designed to test the centre of a large electromagnetic geophysical anomaly of 400 metres by 350 metres, with additional geophysical surveys to be conducted to determine the relationship between the high-grade interval and the geophysical anomaly.

Buoyed by the find, the company sank several more drill holes and discovered that the narrowveined, steeply dipping ore body at the southern end of the Tower copper deposit suddenly became much thicker, says Ross.

“We were stunned to find the 2.5% nickel, and to find over three grams of palladium and over a gram

of platinum is very significant,” says Ross.

It also became clear, he says, that they had left the Fin Flon-Snow Lake Greenstone Belt, which hosts the Tower copper deposit, and had entered the Thompson Nickel Belt, a world-class, 300 km long mining belt that has been producing highgrade nickel and associated copper and cobalt over the last 60 years.

“WE WERE STUNNED TO FIND THE 2.5% NICKEL, AND TO FIND OVER THREE GRAMS OF PALLADIUM AND OVER A GRAM OF PLATINUM IS VERY SIGNIFICANT.” ALISTAIR ROSS CEO, ROCKCLIFF METALS

Next, Rockcliff plans to explore the potential enrichment of mineralization in the interface between the two rock formations and to test the extent of the southern part of the Tower copper deposit.

The company also intends to complete a preliminary economic assessment for the Tower nickelPGE discovery towards the end of 2020, which could potentially slip into the early part of 2021 due to the coronavirus outbreak.

At press time in Toronto, Rockcliff Metals was trading at 7¢ per share within a 52-week trading range of 4¢ and 19¢.

The company has 306 million common shares outstanding for a $5.53-million market capitalization. TNM

NOTICE TO CREDITORS of Dominion Diamond Mines ULC, Dominion Diamond Delaware Company, LLC, Dominion Diamond Canada ULC, Washington Diamond Investments, LLC, Dominion Diamond Holdings, LLC and Dominion Finco Inc. (collectively, the “Applicants” or “Dominion”) RE: NOTICE OF CCAA FILING NOTICE IS HEREBY GIVEN that on April 22, 2020, Dominion Diamond Mines ULC, Dominion Delaware Company, LLC, Dominion Diamond Canada ULC, Washington Diamond Investments, LLC, Dominion Diamond Holdings, LLC and Dominion Finco Inc. (collectively, the “Applicants” or “Dominion”) sought and obtained an order (the “Initial Order”) from the Court of Queen’s Bench of Alberta under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”) under court file number 2001-05630.

Pursuant to the Initial Order, FTI Consulting Canada Inc. has been appointed as monitor (the “Monitor”).

PLEASE TAKE NOTICE that a copy of the Initial Order and other public information concerning these CCAA proceedings can be found on the Monitor’s website at http://cfcanada.fticonsulting.com/Dominion, or may be obtained by contacting the Monitor at:

Geologist/prospector seeks examples of low tech, outdated or non traditional prospecting methods for short article or power point presentation. Examples such as Fluxgate mags, VLF units with modern algorithms, scrub oak or poison ivy over carbonate zones, mineralized rocks on beaver dams, etc. Will share photos and ideas for joint collaboration. Also looking for photos or examples in nature that reflect geological depositional models or processes.

Contact Frank in Sudbury at frankracicot@hotmail. com or at (705) 691-5920 for details or questions.

3

TM

C O N S U LT I N G FTI Consulting Canada Inc. Monitor of Dominion 1610 – 520 5th Ave. S.W. Calgary, Alberta T2P 3R7

Rob Kleebaum Dominion.Diamond@fticonsulting.com

ATTENTION: TF:

1-833-277-3986

E:

4

WWW.NORTHERNMINER.COM

MAY 11 – MAY 24, 2020 / THE NORTHERN MINER

E D I T O R IA L GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

Keeping up with gold price forecasts MARKETS

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com SENIOR REPORTER: Carl A. Williams, BSC (HONOURS), MSC, PHD cwilliams@northernminer.com REPORTER: Magda Gardner, BASC (MINERAL ENG) mgardner@northernminer.com EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: (403) 209-3505 1-800-387-2446 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304.

U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304.

U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

| Scotiabank winds down precious metals business

A

s if there weren’t enough upheaval in the markets. Now Canada’s Bank of Nova Scotia (Scotiabank) — one of the world’s biggest lenders to the physical precious metals industry — has apparently told staff that it plans to close its metals business. Reuters, quoting two sources, reported last week that the bank will unwind

BY TRISH SAYWELL its precious metals trading business in early tsaywell@northernminer.com 2021. Scotiabank has been involved in gold trading for many years and expanded the business when it acquired Mocatta Bullion from Standard Chartered in 1997.

At its height, Scotiabank’s metals division had offices in North America, Europe and Asia. “Scotia was one of the top three traders and has traded precious metals for decades – a sad day for the name Mocatta, the predecessor company,” the mining team at Haywood Securities wrote in a research note. (Mocatta Bullion was created in 1684.)

Some say the closure — while not completely unexpected as Scotiabank had tried to find a buyer two years ago — will have an effect on price discovery and others warn that more banks may follow suit. As Reuters pointed out, Scotiabank “remains one of the five banks that settle gold trades and one of 12 market makers that provide liquidity in the London market. It is also a participant in daily auctions that set a globally used gold benchmark price.”

Jeffrey Christian, the managing partner and founder of CPM Group in New York, said the news wasn’t entirely surprising since Scotiabank had cut way back on its metals trading and storage business as early as 2018.

But he also pointed out that the closure appears to be part of a larger trend. “There continues to be contraction in banking services, notably in metals and commodities trading, but actually across all banking services,” he told The Northern Miner. “Banks are closing and sloughing off business units, focusing on just a few areas of banking.”

Christian noted that the industry has witnessed a sharp decline in the number of banks involved in residential mortgages and retail real estate lending, for example, resulting in ever more concentration of business activities among fewer banks. “It is notable in commodities trading,” however, “since it is often said by bankers that metals trading ‘is not a traditional banking activity.’” But they’re wrong, Christian said. “Actually, it is the original traditional banking activity, if one goes back far enough,” and the consequence of the Scotiabank news, he said, “is that there is a further reduction in liquidity in the metals markets, which will be reflected in greater price volatility.”

Meanwhile, stimulus measures to combat the impact of COVID-19 are set to drive gold prices higher, bringing new forecasts for the metal almost every week. Marc Desormeaux, a senior economist at Scotiabank in Toronto, said in his latest commodity outlook published on April 30 that he sees a mean bullion price of US$1,650 per oz. this year and an annual average of US$1,700 per oz. in both 2021 and 2022.

Bank of America recently forecast real gold prices of US$1,695 per oz. in 2020, US$2,012 per oz. in 2021 and US$1,808 per oz. in 2022. It also predicted that gold will touch a peak of US$3,000 per oz. in 18 months, up from its earlier US$2,000 per oz. estimate, explaining that “as economic output contracts sharply, fiscal outlays surge, and central bank balance sheets double, fiat currencies could come under pressure and investors will aim for gold.”

For his part, Christian expects prices to spike up to US$1,800 per oz. or maybe higher this year, and his projection for the annual average is a new record of US$1,698 per ounce. (The record annual average gold price was in 2012 at US$1,670 per oz.). Longer term, he expects prices to rise sharply, possibly averaging around US$2,300 per oz. in nominal terms, but not until around 2024. “If we project an annual average of that height,” he said, “it would not be out of the question that an intraday spike could be US$3,000.”

Finally, Mike McGlone, Bloomberg’s senior commodity strategist, believes gold “is on track to breach its all-time high from 2011 of about US$1,900 per ounce.” Writing in the May 2020 edition of Bloomberg’s Commodity Outlook, McGlone noted that “unprecedented global monetary stimulus is a worthy catalyst for the per-ounce price of gold to revert to its long-term mean versus the S&P 500 Index, in our view. With the index stabilized at about 2,900 on April 30, the mean since 1971 of just above 1-to-1 indicates about a US$1,000 rally in the metal. Compared with the aftermath of the 2008 financial crisis, when gold rallied about 170% to US$1,900 per oz. in 2011 from a low of about US$700, a 70% advance on the back of the coronavirus-related global recession seems tame. The financial crisis was U.S.-centric versus the worldwide scope of the current – and potentially more enduring – economic calamity.” TNM

COMPANY INDEX THE NORTHERN MINER is published biweekly by Glacier Resource Innovation Group, a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services.

From time to time we make our subscription list available to select companies and organi­zations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

Agnico Eagle Mines. . . . . . . 6 Alamos Gold . . . . . . . . . . . . 6 Ango Gold Ashanti. . . . . . 11 Antofagasta. . . . . . . . . . . . . 14 B2Gold. . . . . . . . . . . . . . . . 6,11 Barrick Gold. . . . . . . . 1,6,7,18 BHP. . . . . . . . . . . . . . . . . . . 16 Bluebird Battery. . . . . . . . . 18 Bluestone Resources. . . . . . 8 Canada Nickel Company. . 3 Endeavour Silver. . . . . . . . 14 Energy Fuels. . . . . . . . . . . . . 5 First Majestic Silver. . . . . . 14 First Quantum Minerals. . 16 Franco Nevada. . . . . . . . . . . 6 Global Atomic . . . . . . . . . . 12 GoGold Resources. . . . . . . . 7

GoldQuest Mining . . . . . . . 7 Guyana Goldfields. . . . . . . . 2 Hochschild. . . . . . . . . . . . . 14 Ivanhoe Mines. . . . . . . . . . . 9 Kirkland Lake Gold. . . . . . . 6 Lundin Gold. . . . . . . . . . . . 18 Lundin Gold. . . . . . . . . . . . . 8 Mag Silver. . . . . . . . . . . . . 8,18 Newcrest Mining. . . . . . . . 16 Newmont. . . . . . . . . . . . . . 6,7 Nexus Gold. . . . . . . . . . . . . 12 Noble Mineral . . . . . . . . . . . 3 Orezone Gold. . . . . . . . . . . 12 Orford Mining. . . . . . . . . . 18 Osisko Mining. . . . . . . . . . . 6 Pan American Silver. . . . . . 6 Perseus Mining. . . . . . . . . . 10

Platinum Group Metals . . 12 Precipitate Gold. . . . . . . . . . 7 Probe Metals. . . . . . . . . . . . 18 Rio Tinto. . . . . . . . . . . . . . . 16 Rockcliff Metals. . . . . . . . . . 3 Roxgold. . . . . . . . . . . . . . . . 13 Silvercorp . . . . . . . . . . . . . . . 2 Solgold. . . . . . . . . . . . . . . . . 18 Spruce Ridge Resources. . . 3 SSR Mining. . . . . . . . . . . . . . 6 Teranga Gold . . . . . . . . . . . 13 Torex Gold Resources. . . . 15 Troilus Gold. . . . . . . . . . . . 18 Ur-Energy. . . . . . . . . . . . . . . 5 Vale. . . . . . . . . . . . . . . . . . . . 18 Wheaton Precious Metals. . 6 Zijin Mining. . . . . . . . . . . . . 1

Emissions to drop 6% this year: WMO CLIMATE

| Miners focus on carbon footprint

BY CECILIA JAMASMIE

G

MINING.com

reenhouse emissions are expected to fall by 6% this year due to a global slowdown caused by the COVID-19 pandemic, the World Meteorological Organization (WMO) said, but that would not be enough to stop climate change.

The forecast drop comes as transportation and industrial energy production has come almost to a halt globally, and it would be the biggest annual decline since World War II. In the past, however, emissions levels have grown to higher levels once the crises have been over.

“Extreme weather has increased, and it will not go away because of the coronavirus. On the contrary, the pandemic exacerbates the challenge of evacuating people and keeping them safe from tropical cyclones, as we saw with Category-5 strength Harold in the South Pacific,” WMO’s General Secretary, Petteri Taalas, said in a statement released on the 50th anniversary of Earth Day. “And there is a risk that overstretched health systems may not be able to cope with an additional burden of patients due to, for example, heatwaves,” Taalas noted.

The mining and metals sector has been facing greater scrutiny from communities in host countries, end consumers and society at large, demanding transparent, ethical supply chains, as well as a lower carbon footprint.

Particular attention is being paid to how companies are addressing issues such as climate change, water management, health and safety, and the fair treatment of workers and communities.

Investing in environmental, social and governance (ESG) is currently estimated at over US$20 trillion in assets under management, and those numbers are only expected to grow. Companies that fail to deliver value beyond compliance could face financial consequences and a blow to their reputations.

Miners step up to the plate Most top miners have already kicked off company-wide initiatives. BHP (NYSE: BHP; LSE: BHP) recently committed US$400 million over five years to reduce greenhouse gas emissions from its operations and mined commodities.

The miner, the world’s largest, has promised to reduce its Scope 3 emissions (those generated by end users), an important consideration given it is the top exporter of coking coal used in steelmaking and number three in iron ore, the raw material for steel.

Rio Tinto (NYSE: RIO; LSE: RIO), the world’s second-largest mining company, has vowed to spend US$1 billion over the next five years to reduce its carbon footprint and have “net zero” greenhouse gas emissions by 2050.

The company also said its total Scope 1 and Scope 2 emissions (indirect emissions from the generation of purchased energy consumed by a company, such as electricity) would be 15% lower by 2030 than 2018 levels.

The no emissions goal would be easier to achieve for Rio Tinto than other global miners, such as rival BHP, because it does not mine coal or oil.

The company, however, has not set a target to reduce so-called “Scope 3” emissions — those produced when customers burn or process a company’s raw materials — which has triggered the ire of investors and green groups.

As of early 2020, roughly 800 financial services organizations with US$118 trillion in assets under management have committed to making climate-risk disclosures about their portfolio investments.

“Despite the business case in support of decarbonization, many mining companies continue to see it as a cost rather than an opportunity — making it difficult for proponents to unlock the capital required to move forward,” Tim Biggs, Mining & Metals Leader, Deloitte UK, told MINING.COM in February.

“A massive shift toward electrification could also change the way employees work, requiring companies to obtain buy-in not only at the management level, but at the operations level,” Biggs said.

BHP estimates deals announced last year to switch two giant copper mines in Chile to solar, wind and hydro sources in place of existing coal and gas power will cut energy costs by about 20%.

Those and other actions helped renewables to officially overtake coal as a source of electricity generation last year, according to the International Energy Agency (IEA). TNM — This article first appeared in our sister publication, MINING.com.

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 11 – MAY 24

5

US outlines strategy to support domestic nuclear energy sector URANIUM

| Roadmap builds on previous efforts to boost U.S. production “AMERICA IS TRULY ADDICTED TO FOREIGN URANIUM.”

BY DAN SEKULICH

T

Special to The Northern Miner

he U.S. Department of Energy recently released a roadmap for rebuilding the country’s nuclear energy sector, including commitments to bolster domestic production of uranium, increase its enrichment as a fuel source and expand the export market for nuclear technologies.

U.S. Secretary of Energy Dan Brouillette unveiled the strategy on April 23. The report: Strategy to Restore American Nuclear Energy Leadership, was written by the government’s Nuclear Fuel Working Group (NFWG) – a task force put together by U.S. President Donald Trump last July.

The strategy paper builds on previous efforts by the Trump administration to help uranium miners in the U.S. and the broader nuclear energy sector as a whole – both of which have been struggling in the last few years.

“The decline of the U.S. industrial base in the front end of the nuclear fuel cycle over the past few decades has threatened our national interest and national security,” Brouillette said when he released the strategy report. “The Trump Administration is committed to regaining our competitive global position as the world leader in nuclear energy.”

In February, as part of the president’s proposed federal budget for fiscal 2021, his administration requested US$150 million annually over the next decade to stockpile U.S.-mined uranium in a new national reserve.

The leadership strategy lays out a three-fold approach to strengthening the entire U.S. nuclear enterprise. It begins with the government taking a series of actions to revive and strengthen the uranium mining industry, while also ending reliance on foreign enrichment capabilities. For miners, the most important aspect of this phase is the commitment by the government to directly purchase uranium from American producers in order to create a strategic reserve of the metal.

Next, the government wants to leverage investments in American nuclear research and development so that technological advancements, such as Small Modular Reactors (SMRs), can be accelerated. And these would require fuel sources, presumably initially sourced from the proposed uranium reserve.

Finally, the report outlines the administration’s desire to expand the export market of U.S. nuclear technology. It specifically says that American companies face compe-

MARK CHALMERS PRESIDENT AND CEO, ENERGY FUELS

Top: Energy Fuels’ White Mesa uranium mill in southeastern Utah. Left: Loading a shipment of yellowcake at Ur-Energy’s Lost Creek uranium mine in Sweetwater County, Wyoming. Above: Pressure Vessels and piping at Ur-Energy’s Lost Creek uranium mine in Sweetwater County, Wyoming. Credit: Ur-Energy.

PHOTOS: UR-ENERGY

tition not from other international companies, but from state actors such as Russian and Chinese stateowned enterprises.

The leadership strategy paper is the result of several years of intense lobbying by U.S. uranium miners and other players in the nuclear sector. In January of 2018, two uranium mining companies jointly submitted a petition to the U.S. Department of Commerce for relief under Section 232 of the Trade Expansion Act of 1962, an act that was promulgated by the U.S. Congress to protect essential national security industries whose survival is threatened by imports.

The two Colorado-based miners, Ur-Energy (TSX: URE; NYSEAm: URG) and Energy Fuels (TSX: EFR; NYSE-AM: UUUU), initially wanted the U.S. government to set a quota that would reserve 25% of the country’s nuclear market for domestic uranium producers. They were also concerned that cheap foreign uranium was flooding the market, mostly from Russia, Kazakhstan and Uzbekistan.

In a conference call on April 24, Mark Chalmers, Energy Fuels’ president and CEO, said the strategy report was the U.S. government’s strongest statement of support for the domestic nuclear fuel and uranium industry in decades.

Though the country is the largest global consumer of uranium, Chalmers noted that the United States did not produce enough uranium in 2019 to power a single commercial reactor. “America is truly addicted to foreign uranium,” Chalmers told analysts and investors on the call. “Approximately one-third of the world’s uranium is consumed by the United States.”

The NFWG report proposes addressing this shortfall by creating a new uranium reserve, and also po-

tentially merging it with the existing American Assured Fuel Supply. This could see the government procuring between 17 and 19 million lb. mined and milled uranium beginning in 2020.

Energy Fuels operates three key uranium production facilities in Wyoming, Texas and Utah, and has about 515,000 lb. finished uranium in its inventory, Chalmers said, noting that the company is ready to increase this inventory. “We plan to have close to 700,000 lb. at the end of this year — 650,000 to 700,000 pounds.”

Other uranium companies have also weighed in on the report. Jeff Klenda, chairman and CEO of UrEnergy, which operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming, told The Northern Miner that, for the most part, he feels the NFWG report says all the right things, in the right order, at the right time to get the uranium mining sector back online in the United States.

“If you’re going to resurrect the

fuel cycle here in the United States, it really must, by definition, begin from the ground up, which means you have got to address the miner first,” Klenda said. “Everything else is built on us.”

While the paper does extol the importance of American uranium miners and the nuclear sector in general, it is also vague when it comes to specifics, something that concerns Klenda.

“When does this exactly begin, buying that 17 or 19 million pounds, and at what price?” Klenda says.

“Our primary objective, right now, is we’ve got to get clarity. We hope that this will provide relief to us this year, in calendar 2020, but what we really need to come away with are contracts.”

Klenda noted that the last contract cycle was 2010-2014.

“We need there to be a new contracting cycle,” he said. “If that’s with the utilities, great. If it’s with the Department of Commerce or the Department of Energy, that’s fine, too. But the industry needs new contracts.”

There are also a number of other questions about the strategy outlined in the report and about the Trump administration’s intentions, analysts say, including Trump’s “Budget for America’s Future” unveiled on Feb. 10, which requested that the U.S. Congress approve a total of

US$1.5 billion between 2021 and 2030 to set up a strategic uranium reserve. Indeed, the strategy report relies on an immense US$4.8 trillion budget, whose passage is anything but certain.

“A presidential budget, without the approval and endorsement of Congress, is really just symbolic of what the government is prioritizing,” Colin Healey, a research analyst with Haywood Securities, said in an interview.

“It doesn’t mean that the money will be spent,” he said. “Many times, things that are in a budget don’t get spent. All we really have here is a report published from the current government stating its recognition of the importance of nuclear power and the entire nuclear cycle, and the desire to restore the U.S.’ global competitiveness in the industry.”

While the NFWG roadmap seems like a positive step forward for U.S. uranium miners, the unfortunate truth, some observers say, is that it remains something of a paper tiger.

Though the administration could commit to an executive action that would jumpstart the purchase of domestic uranium, it has so far held off doing so. And passage of the budget as envisioned in February remains questionable within the framework of a polarized Congress, the ongoing costs of dealing with the COVID-19 pandemic and a looming presidential election.

Still, some analysts like Healey remain cautiously optimistic. “I think that the message here is that to restore global competitiveness, including exporting nuclear technology, you have to support the entire sector. So, is this important for [U.S.] domestic uranium production? For sure: It says the government is behind the entire industry.” TNM

“Best for Project” philosophy, from studies to construction management. www.meritconsultants.net

6

WWW.NORTHERNMINER.COM

MAY 11 – MAY 24, 2020 / THE NORTHERN MINER

CIBC raises gold price forecast; shares top stock picks MARKETS

| Report says silver to underperform gold in coming years

BY TRISH SAYWELL

C

tsaywell@northernminer.com

IBC is increasing its gold price forecast to US$1,725 per oz. in 2020 and US$1,800 per oz. in 2021, up from its previous estimates of US$1,600 per oz. for both years.

The bank is also boosting its 2022 forecast to US$1,600 per oz. from US$1,500 per oz., but is leaving its long-term forecast for 2023 unchanged at US$1,400 per oz.

“If the 2008-2011 Global Financial Crisis is any indicator, the outlook for gold in a QE [quantitative easing] environment is very positive,” CIBC Equity Research said in a report on April 23. “Real rates will likely remain under pressure for a few years and currency devaluation will become a growing concern.”

At the same time, the bank’s research team is lowering its nearterm forecast for silver, “as liquidity pressures and weaker industrial demand have resulted in a wider gold-silver ratio, which could remain high in 2020 compared to historical averages.”

CIBC is trimming its silver price forecast for 2020 to US$18 per oz., down from its earlier forecast of US$19 per oz., but is keeping its targets unchanged for 2021 (US$19 per oz.), 2022 (US$18.50 per oz.) and longer term (US$16.50 per oz.) in 2023.

The bank also predicts more exposure to gold equities that can deliver attractive free cash f low yields.

“At the beginning of the pandemic, many investors were confused by the significant share price weakness in the precious metals sector, which we attribute to deleveraging by shorter-term inves-

PHOTO: NEWMONT

“CURRENCY DEVALUATION WILL BECOME A GROWING CONCERN.” REPORT CIBC EQUITY RESEARCH

tors,” the report stated. “With this flushing out of weaker positions largely behind us, a more bullish outlook on gold, and fairly robust balance sheets, the market is shifting from aversion to operators and 2020 COVID-19 production curtailments, to seeking more leverage exposure to the commodity via equities.”

Its top picks are: Agnico Eagle Mines (TSX: AEM; NYSE: AEM); Alamos Gold (TSX: AGI; NYSE: AGI); B2 Gold (TSX: BTO; NYSEAM: BTG); Barrick Gold (TSX: ABX; NYSE: GOLD) Kirkland Lake

Gold (TSX: KL; NYSE: KL); Newmont (TSX: NGT; NYSE: NEM); Osisko Mining (TSX: OSK); Pan American Silver (TSX: PAAS; NYSE: PAAS); SSR Mining (TSX: SSRM; NASDAQ: SSRM); Franco Nevada (TSX: FNV; NYSE: FNX) and Wheaton Precious Metals (TSX: WPM; NYSE: WPM).

“While several of these equities posted significant share price gains over the past year, we believe there is still room to move higher on the back of improving free cash f low yields, an increasing focus on return of capital to sharehold-

ers, improving quant scores, and company-specific catalysts.”

CIBC has revised its 12-18 month target prices for some of its top picks as follows: Agnico Eagle US$74 per share (up from previous US$63); Alamos Gold C$11.75 per share (up from C$10.50); B2Gold US$6.30 per share (from US$4.75); Barrick US$33 per share (up from US$24); Franco-Nevada C$195 per share (change from C$162); Kirkland Lake Gold C$69 per share (from C$62); Newmont US$77 (from US$57); and Wheaton Precious Metals US$42 (from US$36). TNM

BofA forecasts US$3,000 gold in 18 months MARKETS

BY THE NORTHERN MINER STAFF

B

ank of America says gold could hit US$3,000 per oz. in 18 months, up from a previous forecast of US$2,000 per ounce.

“As economic output contracts sharply, fiscal outlays surge, and central bank balance sheets double, fiat currencies could come under pressure and investors will aim for gold,” the bank said in a research note on April 20.

“True, a strong U.S. dollar backdrop, reduced financial market volatility, and lower jewelry demand in India and China could remain headwinds for gold,” it stated. “But beyond traditional gold supply and demand fundamentals, financial repression is back on an extraordinary scale.”

Lower GDP growth rates around the world will continue to fuel massive monetary easing, the bank said.

“One of the most intriguing developments ahead is that U.S. GDP could drop by 30% year on year in the second quarter of 2020, the steepest collapse ever in modern history,” the report stated.

“Other countries like Japan will

| Lower GDP rates will fuel massive monetary easing, bank says

likely experience a 21.8% decline in output, while China just reported a contraction of 6.8% in 1Q20.

As central banks rush to expand their balance sheets and backstop the economy, a lot of risks could effectively be socialized, boosting the appeal of gold.”

“In aggregate, major central bank balance sheets have been stable at around 25% of GDP for the last decade or so. But clearly COVID-19 has started a race to increase balance sheets and save domestic asset values.”

The report’s authors also noted that gold, unlike oil or natural gas, “is not constrained by storage dynamics and its price is not necessarily mean-reverting to the marginal cost of production over the long run.”

The bank, which describes itself as “long-term gold bulls,” forecasts gold will average US$1,800 per oz. in the fourth quarter of 2020 and US$2,250 per oz. in the third quarter of 2021.

Its real gold price estimates are US$1,695 per oz. in 2020 (up 4.7% from its previous forecast), US$2,012 per oz. in 2021 (up 25%) and US$1,808 per oz. in 2022 (up 16.9%). TNM

A gold pour at Agnico Eagle’s LaRonde mine, located in the Abitibi region of northwestern Quebec.

CREDIT: AGNICO EAGLE MINES

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 11 – MAY 24

GoGold drill results show ‘significant potential’ at Los Ricos MEXICO

| High-grade silver assays boost project outlook

Workers setting up a drill rig at the Los Ricos project in Mexico.

CREDIT: GOGOLD RESOURCE

BY CARL A. WILLIAMS cwilliams@northernminer.com

G

oGold Resources (TSX: GGD; US-OTC: GLGDF) has reported assay results from 12 drill holes at its Los Ricos South project in the Mexican state of Jalisco, 100 km northwest of the state’s capital, Guadalajara.

The drill highlights include 11 metres of 625 grams silver-equivalent per tonne, consisting of 358 grams silver per tonne and 3.56 grams gold per tonne from hole 20-136.

The hole was drilled in the main area of the Los Ricos quartz vein and the intercept started from 162 metres downhole.

Hole 20-135 intersected 23 metres of 212 grams silver-equivalent from surface, comprising 133 grams silver per tonne and 1.06 grams silver per tonne; and hole 20-132 returned 49 metres of 111 grams silver-equivalent per tonne (80.3 grams silver per tonne and 0.41 gram gold per tonne) starting from 322 metres downhole.

“At nearly 50 metres wide, hole 132 was one of our widest intercepts as well as our deepest drill hole,” Brad Langille, the company’s president and CEO, said in a telephone interview. “It showed an extremely high grade core of three metres grading 1,270 grams silver-equivalent per tonne.”

“The assay results continue to show that there is significant potential to increase the size of the Los Ricos deposit, which we believe will be a core asset and significant driver of value for the company.”

The property consists of 29 concessions, covering around 220 sq. km, and is home to numerous historic underground mining operations that date back to Spanish colonial times in the early 1500s.

There are also 65 historical reverse circulation (RC) drill holes from 2003 and 2004 on the property, the majority of which intercepted mineralization near surface.

Drilling at Los Ricos South began in March 2019, and has focussed on defining the mineralized halo around several of the historical high mines, including El Abra, El Troce, San Juan and Rascadero, as well as the Cerro Colorado and Las Lamas targets.

The 10,000-metre program is testing the top 200 metres of the mineralized zone to determine the potential for surface mining. It is in conjunction with geological mapping, sampling and trenching, according to the company.

A drilling campaign was also launched in March at the Los Ricos North project and includes the Monte del Favor, Salomon, La Trini and Mololoa targets.

Although exploration activities are currently halted due to restrictions imposed by the Mexican Government following the COVID-19 outbreak, the company continues to receive assay results from drill holes completed previous to the suspension of drilling.

“The drilling program at Los Ricos South continues with six drill rigs, and we intend to accelerate the drilling once restrictions are lifted,” Langille said, “and while the program is providing solid results for the south project, we will also expand the drilling program in the north, which we believe may provide even stronger returns.”

GoGold Resources acquired the 29 concessions from private owners in August 2019 in a deal worth about $7.1 million. Upon signing the agreement, the company paid US$500,000 in cash and is required to pay US$3.22 million in cash installments over 24 months, and deliver 9.05 million common shares over the same period.

As per the agreement, five of the 29 concessions were transferred to the company, and are targets for the company’s current drilling program.

The remaining concessions are to be transferred at a rate of five every five months.

In addition to the concessions, the company also acquired the existing 2% net smelter return royalty for the property for a US$1 million cash payment, to be paid in equal installments over 36 months, and 4.88 million common shares in the company, delivered in equal numbers over 18 months.

At press time in Toronto, GoGold Resources was trading at 74¢ per share within a 52-week trading range of 28¢ and 85¢.

The company has 222 million common shares outstanding for a $153-million market capitalization. TNM

7

Precipitate Gold turns to second property near Pueblo Veijo DOMINICAN REPUBLIC

| Junior looks for follow-up after Barrick deal

BY TRISH SAYWELL

A

tsaywell@northernminer.com

fter signing a deal with Barrick Gold (TSX: ABX; NYSE: GOLD) to earn a 70% stake in its Pueblo Grande project in the Dominican Republic last month, Precipitate Gold (TSXV: PRG) plans to focus on the Copey Hill target at its Ponton project, 20 km away.

The Copey Hill target, which has never been drilled, is hosted by the Los Ranchos Formation, the same prospective rocks that host Barrick’s Pueblo Veijo gold-silver mine, 35 km to the west.

Historic surface soil and rock sampling work by the property’s previous owners, Everton Resources, identified a multi-element geochemical anomaly measuring about 1.2 km in diameter that is open to the east and appears to contain gold, silver, arsenic, mercury and antimony. The early-stage rock sampling returned gold values of up to 4.1 grams gold per tonne, associated with fine grain silica veins.

“It’s still pretty early days and we’re relying on historic work, but what’s most compelling is that it’s a multi-element anomaly and some of the soil samples run pretty high — in the range of 0.1 to 0.6 gram per tonne gold,” says Michael Moore, Precipitate’s vice president exploration.

“It’s in the same geological terrain as Pueblo Viejo and Pueblo Grande but because we have been focused on Pueblo Grande and the deal with Barrick, we haven’t concentrated on it yet,” adds Jeffrey Wilson, Precipitate’s president and CEO. “It wasn’t until the Barrick deal looked like it was going to consummate that we decided to get our ducks in a row for what we would do next and this geochemical anomaly began to emerge as a compelling epithermal target and a potential near-term drill target.”

Under its deal with Barrick, announced on April 14, the gold major committed to spend US$10 million on exploration at the junior’s Pueblo Grande project, including 7,500 metres of drilling, and complete a pre-feasibility study within six years.

It also took a 12% stake in the company for a $1.4 million investment in a private placement of 12.71 million common shares at 11¢ per share.

Precipitate’s Pueblo Grande project surrounds the Pueblo Viejo mine site on the west, north and east side, covering roughly 99 sq. km, about 50 km north of the capital city of Santo Domingo. Pueblo Viejo is a joint venture between Barrick (60%) and Newmont (TSX: NGT; NYSE: NEM) (40%), and produces gold, silver and copper. The mine began commercial production in 2013 and is one of the world’s largest gold assets.

Precipitate acquired its land package containing Pueblo Grande and Ponton from Everton two years ago for $25,000 in cash and $300,000 worth of shares (7 million common shares at a price of 3¢ apiece).

“It was a damn good deal at the time and it certainly looks like a damn good deal today,” Wilson says. “Twenty-four months later we’ve got a $10 million earn-in agreement with Barrick, and we’ve probably only spent about $300,000 on the projects since acquisition.”

The next steps at Copey Hill will be to establish drill targets, Moore says. “I suspect we’ll be looking at surface mapping, soil and rock sampling and a ground magnetic program to tighten up things. I’m chomping at the bit to get to work. The unfortunate thing is having these COVID-19 restrictions.”

But Moore says the company is using the time to apply for drill permits. It also has the advantage

Left: Michael Moore, VP Exploration and Jeffrey Wilson, president and CEO, standing on Precipitate’s Pueblo Grande project in the Dominican Republic, with Barrick’s Pueblo Viejo mine in the background.

CREDIT: PRECIPITATE GOLD

of having its own drill rig, which not only cuts its exploration costs by about one-third per metre drilled, but also gives him more time to select targets.

“We can prospect by drilling a bit rather than having a super tight exploration budget,” Moore explains. “From a boots on the ground perspective, we can drill a hole, and I’m not forced to move the drill almost immediately to another spot. We still pay our guys to be around, but I’m not in the nerve-wracking position of trying to save money by immediately moving the drill to another place.

I can look at the rock and think about it a little bit.”

In addition to its Pueblo Grande and Ponton projects, Precipitate also holds a 12.5 sq. km concession in the western part of the country called the Juan de Herrera project that is adjacent to GoldQuest Mining’s (TSXV: GQC) Tireo project, which hosts the gold-copper Romero and Romero South deposits.

As far as a mining jurisdiction is concerned, Wilson says, attitudes towards mining in the Dominican Republic are becoming more positive, as COVID-19 has hit the main drivers of the economy – tourism and manufacturing.

“We’ve started to see commentary from a number of politicians and media that the Dominican Republic’s government is starting to recognize that gold and mining could very well become its lifeblood coming out the back end of this crisis,” Wilson says.

“When things get back to business, I think we’re going to have a government that is interested in developing the mining industry.”

During the first four months of 2020, for example, Barrick Gold paid US$185 million in direct taxes and US$9 million in indirect taxes to the Dominican government, Barrick reported on April 24.

The payments included advances of income taxes, net profit interest and royalties on the sales of gold and silver paid in the first quarter of the year, as well as the final settlement of the 2019 fiscal year, Barrick said. The payments bring Barrick’s total tax payments to the government from Pueblo Viejo to more than US$2 billion since 2013.

Pueblo Viejo’s exports in the three months ended March 31 represented 37% of the country’s total exports of national goods. TNM

A field crew doing sampling and reconnaissance program at the Copey Hill Zone within Precipitate Gold’s Ponton Project in the Dominican Republic. CREDIT: PRECIPITATE GOLD.

8

WWW.NORTHERNMINER.COM

MAY 11 – MAY 24, 2020 / THE NORTHERN MINER

Mag Silver rallies on $60M infusion from Eric Sprott MEXICO

| Billionaire shores up precious metals portfolio with silver bet

BY STEVE STAKIW

V

Vancouver Correspondent

ANCOUVER — Shares of Mag Silver (TSX: MAG; NYSE-AM: MAG) gained as much as 31% to a several month high of $17.87 on the TSX following news of precious metals sector financier Eric Sprott investing $60 million into the soon-to-be silver producer.

The $60-million equity placement saw Sprott buy 4.528 million common shares of Mag Silver at $13.25 apiece to top up the company’s treasury from the US$72.4 million reported as of year-end 2019. Sprott’s investment gives him a direct 5% interest in the company, and according to president and CEO George Paspalas, is Sprott’s “largest single investment in the silver space.”

The funds are primarily earmarked to finance development cash calls at its 44%-owned Juanicipio silver mine project, which is advancing towards production this year in the Fresnillo district of Mexico’s Zacatecas state.

The company’s plan to raise capital was recently flagged by its filing of a short form base shelf prospectus clearing the potential to raise up to US$250 million over the next two years through one or a series of issuances.

Juanicipio is operated by Mag Silver’s Mexican-based joint venture partner and world’s largest silver producer Fresnillo (LSE: FRES; USOTC: FNLPF), which owns 56% of the high-grade silver project. The partners approved Juanicipio mine development plans in April 2019 and launched the underground construction process, which is currently

The portal at Fresnillo and MAG Silver’s Juanicipio silver project in Mexico. CREDIT: MAG SILVER.

underway with more than 26 km of underground development reported complete.

Initial mine production is anticipated in mid-2020, with the ore being processed at Fresnillo’s nearby mill facilities until the new 4,000-tonneper-day processing plant at Juanicipio is completed and commissioned in mid-2021.

Based on Mag Silver’s 2017 preliminary economic assessment (PEA) of Juanicipio, the mine is anticipated to deliver average annual payable production of 9.6 million oz. silver, 39,500 oz. gold, 68.4 million lb. zinc and 42.7 million lb. lead over a modelled 19-year mine life.

The early state study forecasts all-in sustaining costs (AISCs) of US$5.02 per oz. silver and pegs initial capital costs of US$360 million, with payback in less than two years after plant start-up. The after-tax net present value at a 5% discount rate came in at US$1.14 billion along with a 44.5% internal rate of return.

Juanicipio is located in the Fresnillo silver trend, where historic silver production has exceeded 6.2 billion oz., or about 10% of the world’s historic production of the metal.

Mineralization at Juanicipio consists of high-grade silver-gold-leadzinc epithermal vein systems. The principal mineralized structure at the deposit is the Valdecañas vein system that hosts total indicated resources of 12.8 million tonnes grading 427 grams silver per tonne, 2.1 grams gold per tonne, 2.1% lead and 3.7% zinc for a contained metal tally of 176 million oz. silver, 867,000 oz. gold, 598 million lb. lead and 1.04 billion lb. zinc. The system also hosts additional inferred resources of 12.1 million tonnes of 232 grams silver, 1.4 grams gold, 2.5% lead and 4.7% zinc for contained metal of 91 million oz. silver, 562,000 oz. gold, 658 million lb. lead and 1.25 billion lb. of zinc.

Valdecañas is a vertically zoned vein system comprised of an upper silver-rich section, the Bonanza

zone discovered in 2006, and a lower base metal-rich zone, the Deep zone, discovered in 2015.

Additional mineralized vein systems, including the Anticipada, Pre-Anticipada and the Venadas 1 and 2, have been subsequently discovered through exploration around the deposit.

Development operations at Juanicipio, like most mining operations in Mexico, were dealt a setback in April 2020 with a notification from the government to temporarily suspend all non-essential activities until May 30, as an effort to slow the spread of COVID-19 in the country. Mag Silver reported that surface exploration and construction work was temporarily stopped, and underground operations have been temporarily reduced to minimum working levels.

Mag Silver enjoys a strong institutional shareholder base looking for silver exposure. The company reports institutions constitute approximately 78% of its shareholders,

while just 22% of its ownership is by retail shareholders and in the float.

Sellside analysts were generally positive on the $60-million financing.

TD Securities mining analyst Craig Hutchison described the financing as positive, maintained his speculative buy rating on the company and boosted his 12-month target price from $19.50 to $22.00 per share.

“The equity offering significantly de-risks any financing overhangs for Mag Silver, particularly in light of the volatility in the equity markets combined with the potential for development delays at Juanicipio related to COVID-19,” Hutchison wrote in a research note.

Bhakti Pavani, a research analyst at U.S.-based Alliance Global Partners, also reacted positively. “The financing bridges Mag Silver’s funding gap and removes the overhang on the stock,” she commented in a note to clients.

Pavani maintained her buy rating on the stock and raised the target price from US$15.70 to US$16.00 per share.

Mag Silver initially acquired a 100% interest in the Juanicipio project in 2003. From 2005 to 2007, Peñoles (a predecessor company of Fresnillo prior to their 2008 merger) earned a 56% interest in the project by undertaking US$5 million of exploration and investing US$1 million into the company, which subsequently established the current Fresnillo-Mag Silver joint venture.

At press time, shares in the company closed at $15.83 on the TSX, giving it a market capitalization of $1.44 billion based on its 91 million common shares outstanding. The stock has a 52-week trading range of $5.33-$18.60. TNM

Bluestone Resources closes $92M financing deal GUATEMALA

| Newly appointed CEO Jack Lundin aims to build on previous success “FULL MARKS TO THE GUATEMALAN GOVERNMENT ON HOW SERIOUSLY THEY’VE TAKEN THE COVID-19 OUTBREAK.”

BY CARL A. WILLIAMS cwilliams@northernminer.com

B

luestone Resources (TSXV: BSR; US-OTC: BBSRF) has raised $92 million in a bought deal financing to advance its flagship Cerro Blanco gold project in Guatemala.

Under the agreement, a syndicate of underwriters purchased 52.58 million common shares in the company at $1.75 per share. The deal includes the exercise, in full, of an over-allotment option of an additional 6.86 million shares at the offer price.

The syndicate was led by Canaccord Genuity and included Cormark Securities, PI Financial, Haywood Securities, National Bank Financial and Stifel Nicolaus Canada.

“The deal went extremely well and was roundly supported by our shareholders,” Darren Klinck, the company’s president and director, said in a telephone interview. “This latest tranche of money will allow us to advance basic engineering at the project and to move into the optimization phase. We envisage that the offer will be closed in around ten days from now.”

The company has also entered into an agreement with G Mining Services, a specialized mining consultancy firm based in Montreal, Canada.

Together, the two companies will form an integrated project team that will manage critical aspects of the project, including optimization of all areas of design, execution plan and basic engineering work.

DARREN KLINCK PRESIDENT AND DIRECTOR, BLUESTONE RESOURCES

Bluestone Resources’ Cerro Blanco gold project in Guatemala.

CREDIT: BLUESTONE RESOURCES.

“G Mining recently partnered with Lundin Gold (TSX: LUG) on its Fruta del Norte project in Ecuador,” says Klinck. “There are many synergies with our project, given that Jack Lundin recently joined us as the CEO and the Lundin Family is our largest shareholder, with 34% of the shares. So, we hope to replicate the success achieved at Fruta del Norte.”

Bluestone appointed Lundin as its new CEO in January. Prior to joining the company, Lundin had spent four years helping to develop the Fruta del Norte mine, which achieved commercial production in February.

Key areas for optimization will include process and layout trade-off

studies, which are already underway.

With further metallurgical testing nearing completion, Bluestone says it is close to finalizing the flowsheet, allowing them to confirm equipment selection for the project.

Updated project capital and operating costs estimates will also be prepared for the mine, processing facilities and balance-of-project facilities.

“We are also well advanced on the mine development contract and have already started to build out recruitment for the underground mine team, including training plans and project readiness initiatives,” Klinck says. “We’re also making good progress on the project debt financing package.”

The majority of the optimization and engineering work has been unaffected by the Covid-19 outbreak and continue to advance to plan, Klinck says. “Although the infill drill program was suspended several weeks ago, it is likely to restart in the next week or two.”

“Full marks to the Guatemalan government on how seriously they’ve taken the COVID-19 outbreak,” he continues. “They were very early to respond by closing inter-departmental travel in the country as well as introducing curfews. As a result, they have experienced a relatively modest number of cases and deaths.”

Fortunately for the company, most of their drilling team comes from the local community, he says. Although the government has softened the curfews, the company will limit work to just one shift a day, while ensuring that their workforce is safe and protected and follow the strict protocols put in place.

The company is also looking to finalize an underground mining contract later this year and is targeting the start of production around

the second half of 2022.

Average production for the underground mine will be around 113,000 oz. gold per year over a mine life of 8 years for total production of 902,000 oz. at all-in sustaining costs (AISCs) of US$579 per ounce.

During the first three years, the mine will produce an average of 146,000 ounces.

A feasibility study completed in January 2019 outlined initial capital costs of US$196 million, including contingency, and an aftertax payback of 2.1 years, based on base case gold and silver prices of US$1,250 per oz. and US$18 per oz., respectively.

“Investors are getting very excited over the project, as there aren’t that many development projects in the gold space that will be producing in 2022 and that have the kind of margins we do,” says Klinck.

Located 160 km southeast of Guatemala City, the high-grade gold project is fully permitted for production. Bluestone acquired the project in 2017.

Bluestone entered into a US$30 million credit facility with Natixis, a French multinational financial services firm, in January. The proceeds of the facility are being used at Cerro Blanco for detailed design and engineering and early development work.

At press time in Toronto, Bluestone Resources was trading at $1.89 per share within a 52-week trading range of 85¢ and $2.12.

The company has 78 million common shares outstanding for a $155.72-million market capitalization. TNM

AFRICA SPECIAL FOCUS

OPPORTUNITY AND SCALE

Ivanhoe stays course at Kakula amid cutbacks BUDGET

| Company cuts spending by US$75 million, including voluntary salary reductions

An access and ventilation tunnel under construction on the south side of Ivanhoe Mines’ Kakula copper deposit in the Democratic Republic of the Congo. CREDIT: IVANHOE MINE

and senior management headcount and reduced its footprint of global offices. The company’s vanhoe Mines (TSX: IVN; US-OTC: IVPAF) head office will remain in South Africa and has completed 13.5 km of underground be supported by satellite offices in Beijing and development — 4.2 km ahead of plan — at London. In terms of management changes, Egizio its Kakula copper project in the Democratic Bianchini, Ivanhoe’s executive vice chairman, Republic of Congo (DRC), and says it will bring will relinquish his executive role but remain as the deposit into production on time and budget vice chairman and a director. by the third quarter of 2021.

The initiatives “are designed to further build on Another 29.5 km of underground developour robust cash and cash equivalents of approximent must be completed before first concentrate mately US$600 million and essentially no debt,” production in 2021, and Ivanhoe noted that Marna Cloete, the company’s president and chief almost all of the underground development is in financial officer, said in a statement. “Through mineralized material, with each blast producing this current period of temporary uncertainty, about 550 tonnes of ore. we are acting now to Ivanhoe expects the protect this position all “THE COMPANY IS IN stockpiled ore, which while continuing to act has an average grade in the best interests of A STRONG FINANCIAL of more than 8% copour shareholders, our POSITION WITH US$603 per, will total about 1.5 employees, a nd our million tonnes prior to broad range of stakeMILLION AT THE production. holders across society.”

END OF MARCH.” The mining comAndrew Mikitchook ANDREW MIKITCHOOK pany also announced of BMO Capital Markets BMO CAPITAL MARKETS has an outperform ratcost-saving measures that should cut costs by ing on the stock and a US$75 million, includprice target of $9.00 per ing lower expenditures at its Platreef palladium- share. At press time in Toronto, the company’s platinum-nickel-copper-gold-rhodium project shares were trading at $2.69 apiece within a 52in South Africa and at its Kipushi zinc-copperweek trading range of $1.80 and $4.54. lead-germanium mine in the DRC. “The company is in a strong financial position Work on Platreef ’s first shaft will continue, with US$603 million at the end of March with but the company has reduced the project’s 2020 today’s press release highlighting ~$75 million budget to US$41.7 million, down from US$60 in cost savings through 2021 including the million, and trimmed its budget for Kipushi to reduction of activities at Platreef and Kipushi, US$28.7 million, down from US$40 million. deferral of exploration activities, and voluntary The company also announced voluntary salary management salary reductions,” Mikitchook reductions by senior management of up to 35% wrote in a research note on April 27. for a six-month period, and the suspension of all “The company continues to prioritize focus short-term incentive award payments for 2020. towards developing Kakula on time and on In addition, Ivanhoe has trimmed its corporate budget.” TNM

I

BY NORTHERN MINER STAFF

Uranium development at the Tier 1 Dasa project, backed by cash flow from zinc recycling • Phase 1 plan focused on twelve year, high grade, underground mine as the gateway to a larger development • New PEA for Dasa, Republic of Niger, generates an NPV8 of US$211M using a US$35/lb uranium price • Annual average steady-state production of 4.4Mlb U3O8 at a cash cost of US$16.72/lb • Phase 1 mine plan to produce 44Mlbs U3O8 after initial capex of US$203M to give an all-in-sustaining cost of US$18.39/lb • Ongoing cash flow from BST operation (49% GLO) in Turkey that generates zinc concentrate from steel dust recycling

TSX: GLO | USA OTCQX: GLATF | Frankfurt: G12

www.globalatomiccorp.com

10

SPECIAL FOCUS - AFRICA

MAY 11 – MAY 24 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Perseus pushes ahead in West Africa, despite virus threat COVID-19

BY TRISH SAYWELL tsaywell@northernminer.com

P

erseus Mining (TSX: PRU; ASX: PRU) is building its second open-pit mine in Cote d’Ivoire and its third in West Africa, and expects to pour first gold in December despite the COVID-19 pandemic.

Once built, Yaoure will produce 215,000 oz. gold per year at all-in sustaining costs (AISCs) of US$734 per oz. over the first five years of an initial 8.5 year mine life.

On a recent conference call, managing director and CEO Jeffrey Quartermaine said development work on the Yaoure mine, 40 km from the capital of Yamoussoukro, was 52% complete, with US$29 million spent on development in the first three months of the year. In total, Perseus has spent US$129 million on developing Yaoure, or 49% of the project’s total capex of US$265 million.

“This has been one of the bright lights for us this quarter, and we continue to make progress on all fronts at Yaoure,” Quartermaine

| Previous Ebola outbreak helped company prepare crisis-management scenario told analysts and investors on the call. “Our stretch target of pouring first gold by December 2020 continues to be within our capacity, provided we don’t have any unusual delays coming out of the virus later in the year.”

Fabrication of the SAG and Ball mills is complete and the equipment was delivered to site ahead of schedule in February, while other procured items have been moving efficiently through the port of Abidjan in Cote d’Ivoire and deliveries to the site have been taking place on a regular basis, unimpeded so far by COVID-19. It has completed 39% of its tailings storage facility, construction of the main Yaoure substation is 56% complete, and access roads are being upgraded.

“The pleasing news is that, notwithstanding COVID-19, cargoes are being efficiently cleared through the port of Abidjan and transported to site without too much delay,” he noted. “Yaoure is a very important project for Perseus and does underpin our future growth, and so we’re looking forward very much to delivering further progress on that.”

In the meantime, it continues to operate its Edikan open-pit mine in

“WE’RE LIVING IN PRETTY UNCERTAIN TIMES, AND THE COVID-19 PANDEMIC IS CREATING SOME SERIOUS CHALLENGES FOR US, BUT SO FAR WE’VE MET THESE HEAD-ON, AND WE’RE AHEAD OF THE GAME.” JEFFREY QUARTERMAINE MANAGING DIRECTOR AND CEO, PERSEUS MINING

Ghana, a historic heap leach mine it brought into production in 2011, and its Sissingue open-pit mine in Cote d’Ivoire, which started production in January 2018.

Sissingue produced 19,964 oz. gold at US$685 per oz. and AISCs of US$781 per oz. during the quarter,

YakamOkO gOlD mINE Burkina Faso

Strong Cash Flow

Séguéla gOlD PROJECT Côte d’Ivoire

Near Time Production growth TSX.V | ROG

while Edikan produced 38,019 oz. gold at US$1,090 per oz. and AISCs of US$1,242 per ounce. (The higher costs at Edikan were mainly the result of lower recovery rates due to carbonaceous materials in the ore from one of the mine’s pits.)

Perseus is also pushing ahead with exploration and has earmarked an exploration budget for the next 12 months of US$15 million — the bulk of which will be spent on areas around Yaoure, where management see “enormous potential to add materially to our reserve inventory there.” The balance will be spent at its two other producing mines.

“We are accelerating our efforts on exploration, not only to extend the life of our existing operations but to, hopefully, also discover our next mine. We have some interesting targets.”

While supply chains remain open in Ghana and Cote d’Ivoire, the movement of local and foreign employees has been impacted by government-imposed travel restrictions, and work rosters have been extended. No cases of COVID-19 have been reported by any of the company’s employees or contractors at either of its two mines or at the Yaoure development project.

“We’re living in pretty uncertain times, and the COVID-19 pandemic is creating some serious challenges for us, but so far we’ve met these head-on, and we’re ahead of the game,” Quartermaine said on the call. “What happens from here remains to be seen, but we are confident that by remaining vigilant and being proactive, we will successfully see this crisis through.”

Quartermaine also noted that the company had offered its expat staff at Yaoure the opportunity to fly back to their countries earlier on, before the airports were closed down, but virtually all of them declined. “Almost to a man they said, ‘No way, we’re going to see this through,’” he said, while those at its operating mines also declined the offer.

“Our people are there because they want to be there. By and large, the team was very determined to get through this. Now whether they have this same level of enthusiasm in another three months remains to be seen.” In the event of a medical emergency, Quartermaine added, a charter flight could be arranged.

In an email to The Northern Miner, Quartermaine explained that part of the company’s success weathering the current public health emergency is due to the company’s seasoned management teams at each of its operations in West Africa that have successfully managed several in-country crises in recent years, including the Ebola outbreak during 2014-2016. The deadly disease provided Perseus with tested crisis management capabilities and systems that are proving useful today, he said.

Several of its key executives, prior to joining Perseus, had spent the Ebola crisis on the ground in Sierra Leone where infections were rife, he noted. “These guys brought a lot of first-hand knowledge and experience to the table,” he explained, “and, under my leadership, our team has designed and implemented the systems that we have deployed with success to date throughout our business.”

“They had been part of a team that operated all of the way through Ebola without losing a day of produc-

tion,” Quartermaine added. “The strategy that their former employee deployed was taken and refined for our situation. This is what we refer to as our ‘Island Mode’ business model.”

Essentially, the company has divided its mine sites into three zones – green, orange and red. The green zone contains all of the equipment, activities and people required to guarantee business continuity, he explained. “Access to this zone is only possible after a period of quarantine to demonstrate that people are COVID-free,” he said.

“The orange zone is a little more relaxed – this is where the actual mining takes place – and the red zone permits interface with the community.”

“On top of this, we have deployed a lot of other protocols and practices aimed at making sure our supply lines remain open and ensuring that we will be able to continue operation, even if the virus spreads into our surrounding community – which pleasingly it has not. I would like to think that we are assisting this by procuring and distributing supplies to local health centres, undertaking disinfectant spraying in villages, funding publicity programs on local radio advising people how to avoid catching and spreading the virus, etc.”

The Island Mode system has not been fully deployed at Yaoure, however, as the development site “is simply too large and involves too many people – a large proportion of whom are residents of the local area, and we simply cannot house and feed all of these people in a quarantined area even if they were willing to go in there.”

Nevertheless, Quartermaine said, the company continues to make headway at Yaoure.

“We do continue to make very good progress, however, and are on track, but we may suffer schedule disruption in the future if we are unable to bring specialist construction technicians and commissioning people to site when needed due to international and local travel restrictions. We are not at that point, and hopefully the travel restrictions will be lifted before it becomes an issue.”

Quartermaine, who joined Perseus as chief financial officer in 2010 and was appointed managing director in January 2013, also praised the governments of both Ghana and Cote d’Ivoire for acting swiftly when the dangers of the pandemic became known, noting that statistics “are remarkably low by comparison to developed countries.”

According to the World Health Organization, Ghana had 1,671 confirmed cases and 16 deaths and Cote d’Ivoire 1,238 cases and 14 deaths as of April 30. “Whether this is a function of low levels of testing, misdiagnosis, etc., I really don’t know,” Quartermaine said.

“What is clear though is that both countries acted very promptly and very firmly as soon as the problem surfaced (which not every country in the world did, to their great regret I am sure).”

“Obviously the resources available to these countries are much lower than elsewhere, but they seem to be coping well at the moment and are getting solid support from industries such as the mining industry.” TNM

GLOBAL MINING NEWS

SPECIAL FOCUS - AFRICA

THE NORTHERN MINER / MAY 11 – MAY 24

11

AFRICA SNAPSHOT Eight companies active on the continent

A

frica offers pre-production and operating companies large areas of underexplored prospective terrain and, in many countries, established mining legislation. West Africa, in particular, has attracted many explorers, developers and producers looking to deliver competitive returns for shareholders. Notably, a number of countries on this continent have a free carried interest provision, whereby they own a share of the project. Governments are granted a 10% free-carried interest, for example, in Burkina Faso, Senegal and Mali. Here is an overview of eight mineral companies active within Africa.

BY MAGDA GARDNER mgardner@northernminer.com

 ANGLO GOLD ASHANTI

Anglo Gold Ashanti (NYSE: AU) is a major gold mining company with interests in 14 operating mines in nine countries. Last year, the company produced a total of 3.3 million oz. gold at all-in sustaining costs (AISCs) of US$992 per ounce. Continental Africa contributed 1.5 million oz. of this total with a further 419,000 oz. sourced from South Africa and additional production from South America and Australia. This year, the company plans to produce a total of 3.05 million oz. to 3.3 million oz. at AISCs of US$1,040 to US$1,100 per ounce.

The company is currently reorganizing its asset portfolio, and expects to exit this process with 11 mines in eight countries. As part of this effort, Anglo Gold is currently selling its interests in two South African operations to Harmony Gold and divesting its 41% stake in the Sadiola mine in Mali to Australia’s Allied Gold.

These sales are expected to generate total upfront proceeds of US$225 million.

The Geita mine in Tanzania is one of the company’s flagship operations, where open pit and underground material from the Geita deposit feeds a 5.1 million tonne per year processing facility.

In addition, the Obuasi underground mine in Ghana is one of two operations Anglo Gold holds in the West African country. Following a redevelopment effort of this past-producing asset, the mine poured first gold in December 2019 as part of a first phase ramp up to 2,000 tonnes per day. Anglo Gold expects this operation to churn out about 350,000 oz. to 400,000 oz. in the first ten years of operation at ASICs of US$725 to US$825 per ounce. This project is anticipated to reach steady-state production next year, as it scales up towards a run rate of 4,000 tonnes per day by year-end.

The company also holds in its African portfolio interests in the Siguiri open pits in Guinea, the Morila joint venture in Mali, and the Kibali operations in the Democratic Republic of Congo In South America, Anglo Gold has a 92.5% stake (7.5% is held by Fomicruz, a state-owned company) in the Cerro Vanguardia open pit and underground complex in Argentina as well as a 51% interest in the pre-production Gramalote joint venture in Colombia, where B2 Gold (TSX: BTO, NYSE: BTG) has a 49% ownership and is the manager of the project. The company also holds two operations in Minas Gerais state in Brazil.

Australian holdings include the Sunrise Dam and Tropicana operations in the goldfields of Western Australia. Wholly owned Sunrise Dam is an underground operation whereas the Tropicana joint-venture (70% Anglo Gold and 30% IGO, an Australian diversified miner) is a large open pit operation.

Anglo Gold Ashanti has a US$10.4-billion market capitalization.

 B2GOLD

B2Gold (TSX: BTO, NYSE: BTG) is a gold producer with operations in Mali, Namibia and the Philippines. This year, it expects to produce 1 million-1.1 million oz. on a company-wide basis.

The Fekola open pit in Mali is expected to drive the majority of this year’s production, estimated at 590,000 oz. to 620,000 oz. at AISCs of US$555 to US$595 per ounce. The mine achieved commercial production in 2017. Last year, the company released the results of a preliminary economic assessment (PEA) on an expansion at the site, increasing throughputs to 7.5 million tonnes annually, up from 6 million tonnes a year. With an estimated capital cost of US$50 million for a processing plant expansion and US$56 million for staged additions to the mining fleet, the study forecast average annual production of over 550,000 oz. per year between 2020 and 2024, with a mine life extending into 2030. The expansion is expected to be completed in the third quarter of this year; last year, Fekola generated 455,810 ounces.

Earlier this year, B2Gold published an updated resource estimate for the project. Indicated resources stand at 110.6 million tonnes at

1.7 grams gold per tonne for a total of 6.1 million oz., with further inferred resources of 28.6 million tonnes at 1.14 grams gold. The Fekola deposit remains open with a further 41,000 metres of drilling planned for zones within the Anaconda area, 20 km from the Fekola deposit.

Also in Africa, B2Gold holds the Otjikoto open pit in Namibia, expected to generate 165,000- 175,000 oz. this year at AISCs of US$1,010 to US$1,050 per ounce.

In addition, the Masbate open pit in the Philippines, acquired through a merger with CGA Mining in 2013, is forecast to produce 200,000-210,000 oz. in 2020 at AISCs of US$965 to US$1,005 per ounce.

In July of last year, B2Gold entered into an agreement with Calibre Mining (TSXV: CXB), whereby Calibre acquired the El Limon and La Libertad gold mines as well as the Pavon gold project in Nicaragua for US$100 million. The company currently holds approximately a 34% stake in Calibre.

In addition to the producing assets, B2Gold holds a 48.3% interest Contines on page 12

Workers organizing samples at Orezone Gold’s Bomboré gold project in Burkina Faso in 2015. CREDIT: OREZONE GOLD.

12

MAY 11 – MAY 24 / THE NORTHERN MINER

SPECIAL FOCUS - AFRICA

WWW.NORTHERNMINER.COM

AFRICA SNAPSHOT Eight companies active on the continent Below: The processing plant at the Yaramoko gold mine in Burkina Faso, in 2018. CREDIT: ROXGOLD Left: Bagging samples at the Bomboré gold project in Burkina Faso. CREDIT: OREZONE GOLD

(51.7% AngloGold Ashanti in the Gramalote project in Colombia, 120 km northeast of Medellin). In January, the company released the results of an updated PEA for the Gramalote Ridge deposit at the site (in the announcement, B2Gold also assumed the manager role within the JV).

The updated study outlines a 14-year, 11 million tonne per year open pit. The proposed operation would produce an average of 416,600 oz. per year at AISCs of US$648 per oz., generating an after-tax net present value estimate, at a 5% discount rate, of US$671 million. Feasibility-level work is ongoing for this project, with a final study expected by year-end.

B2Gold was founded in 2007, by the team that previously led Bema Gold, prior to its acquisition by Kinross Gold (TSX: K, NYSE: KGC) in 2006 for US$3.1 billion.

B2Gold has a $7.8-billion market capitalization.

 GLOBAL ATOMIC

Global Atomic (TSX: GLO; US-OTC: GLATF) is focused on development of its Dasa uranium project in Niger while harnessing cash flow from its 49% stake in the Befesa zinc concentrate production facility in Turkey.

The 750-sq.-km Dasa project, located 105 km south of Arlit, features the high-grade Dasa deposit. In April, Global Atomic released the results of a PEA for Dasa. The study outlines the first phase of a larger underground mine at the site — with a 12-year life, the operation would extract the high-grade Flank zone and surrounding mineralization. It would produce an average of 4.4 million lb. of U3O8 per year at all-in sustaining costs (AISCs) of US$18.39 per lb., with an after-tax net present value estimate of US$211 million, at an 8% discount rate.

The capital cost estimate for this first phase is US$203 million. The associated mine plan involves mining of material from depths of 70 metres to 600 metres below surface, with additional inferred resources outside of the plan at depths of 400 metres to 800 metres. The deposit remains open at depth and on strike.

The next step for the company would be a completion of a final technical report (FTR), incorporating impact assessment studies underway.

The FTR document is part of the country’s mining permit application process. Global Atomic expects to apply for the mine permit for Dasa in the second half of this year.

Resources at Dasa stand at 26.3 million tonnes in the indicated category grading 1,752 parts per million (ppm) U3O8 for a total of 101.6 million contained lb., with additional inferred resources of 22.3 million tonnes grading 1,781 ppm U3O8 for 87.6 million pounds.

Niger has produced uranium since 1971, and is the world’s fourthlargest producer of the commodity, according to the company.

In Turkey, Global Atomic holds a 49% interest in the Befesa Silvermet joint venture, which includes a 110,000-tonne-per-year electric air furnace dust kiln capable of producing 50-60 million payable lb. zinc concentrate annually from metallurgical waste.

Stephen Roman, the company’s chairman, president and CEO, has a long-standing history of uranium exploration and development. He spent 25 years with Denison Mines (TSX: DML), and, in 2005, set up Global Uranium (now known as Global Atomic).

Global Atomic has a $97.4-million market capitalization.

 NEXUS GOLD

Nexus Gold (TSXV: NXS) holds over 750 sq. km of ground within five properties in Burkina Faso. The company also owns six projects in B.C., Ontario and Newfoundland.

TSX.V: NXS | OTCQB: NXXGF | FSE: N6E

Gold Exploration and Development in West Africa Over 700-sq kms of highly prospective property in gold rich Burkina Faso Drill results at Bouboulou confirm multiple zones of potentially economic gold mineralization High-grade 100% owned Dakouli 2 project

In Africa, the 38.8-sq.-km Bouboulou property sits within the Boromo-Goren greenstone belts and is 75 km northwest of Ouagadougou, the country’s capital.

This exploration permit features five known zones of gold mineralization, within three 5-km long gold trends with substantial artisanal workings; the gold-bearing Sabce shear zone bisects the Bouboulou permit.

This permit was previously held by Roxgold (TSXV: ROG), when it was known as the Bissa West holding.

Reverse circulation (RC) drill intercepts from 2011 include 40 metres of 1.55 grams gold per tonne, 24 metres of 1.36 grams gold as well as 35 metres of 2.21 grams gold.

A soil grid survey at the adjoining 250-sq.-km Rakounga concession confirmed mineralization over a 9-km long gap in drilling between zones of mineralization at the two properties, suggesting over 16 km of strike for the PR gold trend, which extends from Bouboulou onto Rakounga. A 3,000-metre RC drill program at the Koaltenga target, completed in 2017, identified a 300-metre long zone of gold mineralization down to a depth of 80 metres. Drill highlights include 32 metres of 1.01 grams gold and 34 metres of 1 gram gold.

In December 2019, Nexus signed an earn-in agreement with Kruger Gold, a private company, to earn up to a 75% interest in Rakounga for cash payments totalling $1 million and development expenditures of at least $1.25 million over a five year period.

The company’s wholly owned 98-sq.-km Dakouli 2 property also features artisanal mining sites. The Sabce shear zone traverses 12 km of this holding, with a secondary trend spanning 4 km in its southern section. Dakouli 2 adjoins the company’s 178-sq.-km Niangouela property: drill highlights from a maiden 2,000-metre drill program completed in 2017 at Niangouela include 6.2 metres of 4 grams gold and 4.9 metres of 26.69 grams gold.

Nexus Gold has a $7.6-million market capitalization.

 OREZONE GOLD

Proven team with prior discovery and development success in West Africa

www.nexus.gold Tel: 604-558-1919

Email: info@nexusgoldcorp.com

Orezone Gold (TSXV: ORE) holds the 150-sq.-km Bombore gold project in Burkina Faso, where construction is underway. The property is 85 km from Ouagadougou, the country’s capital, and features a shallow weathered unit down to a depth of approximately 45 metres, which lies within resource pit shells extending down to a depth of about 200 metres.

Current measured and indicated resources at Bombore stand at 106.9 million tonnes of oxides grading 0.55 gram gold for a total of 1.9 million oz., with additional oxide

inferred resources of 20.9 million tonnes at 0.4 gram gold. Sulphide measured and indicated resources tally 122.6 million tonnes grading 0.8 gram gold, containing a total of 3.2 million oz. gold, with further inferred resources of 32.4 million tonnes at 0.81 gram gold.

Last year, Orezone tabled an updated feasibility study for Bombore, which outlined a staged development of the project, starting with a free-digging oxide operation with carbon-in-leach extraction. In the third year of operations, a sulphide circuit would be incorporated with a separate equipment fleet mining this material utilizing drilling and blasting. The resulting 13-year open pit, producing an average of 117,760 oz. per year at AISCs of US$730 per oz., delivers an after-tax net present value of US$361 million, at a 5% discount rate, with an initial construction cost of US$153 million for the oxide phase.

In January, the company closed a $20.3-million bought deal, with proceeds intended for the first phase of a resettlement plan at Bombore (currently 95% complete), as well as detailed engineering and construction work.

Orezone plans to secure binding debt commitments for the project later this year. Following closing of this financing, Resource Capital Funds holds a 19.99% stake in the company.

The Bombore deposit is hosted within a shear zone and is 11 km long by 200 metres wide. It lies within a 14-km long gold-in-soil anomaly and has been drilled down to an average depth of 120 metres. Additional resource modelling is underway to investigate highgrade plunging folds intercepted at the P17S zone; a number of such folds have been identified within the mining lease.

Orezone Gold has a $140.5-million market capitalization.

 PLATINUM GROUP METALS

Platinum Group Metals (TSX: PTM, NYSE: PLG) has a 37.05% interest in the Waterberg joint venture, which holds the Waterberg palladium-platinum-goldrhodium (4E) project on the northern limb of South Africa’s Bushveld complex.

The company’s joint-venture partners include Impala Platinum, with a 15% stake; JOGMEC, Japan’s national oil, gas and metals corporation, with a 12.95% interest; Hanwa, a Japan-based trading company (9.75%); and Mnombo Wethu Consultants, a black economic empowerment partner (26%). Platinum Group also has a 49.9% shareholding in Mnombo, bringing its effective interest in the Waterberg joint-venture to 50.02%.

GLOBAL MINING NEWS

SPECIAL FOCUS - AFRICA

THE NORTHERN MINER / MAY 11 – MAY 24

13

Platinum Group originally discovered this area of mineralization within the northern limb of the Bushveld Complex in November 2011. The deposit starts within 140 metres of surface and, according to the company, its geometry makes it amenable to bulk mining.

In September 2019, the company announced the results of a definitive feasibility study (DFS) for the project. The DFS outlined a large-scale mechanized mine with decline access, producing an average of 420,000 4E oz. per year in concentrate over a 45-year mine life at AISCs of US$767 per 4E ounce. It would entail the sale of a sulphide concentrate to smelters in South Africa. With an estimated peak project funding requirement of US$617 million, the after-tax net present value estimate for the project, at an 8% discount rate, came in at US$333 million using three-year trailing average metal prices.

Proven and probable reserves at Waterberg stand at 187 million tonnes grading 3.24 grams 4E for a total of 19.5 million oz. of 4E. These are within measured and indicated resources of 242 million tonnes at 3.38 grams 4E. The deposit remains open; approximately 63% of the project’s resources and reserves are made up of palladium.

Platinum Group expects to receive the mining right for Waterberg in the second quarter of this year. Within 90 days of its receipt, Impala Platinum may increase its interest in the project to 50.01% for US$165 million. Impala is currently wholly funding a ZAR55 million (US$2.9 million) engineering, design and simulation work program at Waterberg.

Decline development is anticipated to start by January 2021, with Platinum Group forecasting production at the project by the first quarter of 2024.

Platinum Group Metals has a $129-million market capitalization.

 ROXGOLD

Roxgold (TSX: ROXG) is an Africa-focused gold producer, developer and explorer with assets in Burkina Faso and Cote d’Ivoire.

The company’s 1,400-tonne-per-day Yaramoko mine complex in Burkina Faso, 200 km southwest of Ouagadougou, is expected to produce a total of 120,000-130,000 oz. of gold this year at AISCs of US$930-$990 per ounce. In the two following years, this site is expected to generate similar production at lower AISCs, in the range of US$750-$850 per ounce.

Despite the COVID-19 pandemic, Roxgold’s operations have been unaffected, and it has continued mining at Yaramoko with additional precautions and contingency plans in place.

In April, the company published the results of a PEA on the Séguéla gold project in Cote d’Ivoire. The study outlines an open pit operation targeting the Antenna, Ancien, Agouti and Boulder deposits, which would feed a central processing facility at the site. This proposed operation would produce an average of 103,000 oz. per year over an 8-year mine life at AISCs of US$749 per ounce. Due to the high-grade nature of the Ancien deposit, in the first three years, this operation would produce 143,000 oz. per year at AISCs of US$600 per ounce.

The project has an initial capital outlay of US$142 million, with an after-tax net present value estimate, at a 5% discount rate, of US$268 million and a 66% internal rate of return, based on a base case gold price assumption of US$1,450 per ounce. A feasibility study for the asset is now underway, with results expected early next year.

Drilling at the Séguéla project also continues to return high-grade intersections. Shortly after the PEA release, the company reported drill results from the Ancien, Agouti and Boulder areas. Drill highlights include 10 metres of 59.4 grams gold per tonne and 12 metres of 13.8 grams gold from Ancien, 11 metres of 8.2 grams gold from Agouti, as well as 6 metres of 8.8 grams gold from Boulder.

Roxgold has indicated that it expects to see further resource growth within the existing deposits, which would be incorporated in the upcoming feasibility. There are a further 21 untested targets identified within the Séguéla holdings, which cover 363 square kilometres.

A gold pour in progress at B2Gold's Otjikoto mine in Namibia. CREDIT: B2GOLD CORP.

Workers organizing samples at Orezone Gold’s Bomboré gold project in Burkina Faso in 2015. CREDIT: OREZONE GOLD.

Conveyors at Teranga Gold’s Sabodala gold mine in Senegal.

Roxgold acquired the Séguéla project in April of 2019 for US$20 million.

On the earlier-stage exploration front, Roxgold announced a new high-grade discovery at the Boussoura project in February.

The site is located in Burkina Faso, 180 km south of Yaramoko.

The company has drilled over 40 holes at the project, yielding high-grade mineralization over narrow to medium widths, which, according to the company, is characteristic of gold projects within the Hounde gold belt.

Roxgold has a $479.3-million market capitalization.

projects in Africa and, according to the company, provides opportunities for capital and operating costs synergies with Sabodala. Early integration work is ongoing with plans to start mining and processing the free-milling Massawa material in the third quarter of 2020. Also in the third quarter, Teranga expects to publish the results of a pre-feasibility study on an optimized and integrated mine plan for the two operations.

Massawa’s historic mineral reserves stand at 20.9 million tonnes grading 3.94 grams gold per tonne for 2.6 million oz. gold.

In November 2019, the company announced commercial production at its second gold mine, Wahgnion, in southwestern Burkina Faso, 510 km southwest of Ouagadougou. This year, this site is expected to produce 130,000 oz. to 140,000 oz. at AISCs of US$850-$950 per ounce. Wahgnion has an expected mine life of 13 years.

In addition, the company has exploration programs underway in Senegal, Burkina Faso and Cote d’Ivoire. Its Golden Hill project in Burkina Faso has 6.4 million indicated tonnes grading 2.02 grams gold per tonne for 415,000 oz. contained gold and 11.95 million inferred tonnes averaging 1.68 grams gold per tonne for 644,000 inferred ounces. Work is underway to expand this resource base.

Thus far, amid the COVID-19 pandemic, the company’s mines have continued producing as expected with precautions in place.

Teranga Gold has a $1.7-billion market capitalization. TNM

 TERANGA GOLD

B2Gold’s Fekola gold mine in southwest Mali, near the border with Senegal. CREDIT: B2GOLD.

Teranga Gold (TSX: TGZ) is a gold producer focused on West Africa. Its flagship Sabodala gold mine is the largest gold mine in the country. Last year, the operation generated 241,276 oz. gold. The company expects the operation to churn out 215,000 oz. this year at AISCs of US$900-$975 per ounce.

Sabodala is near Senegal’s border with Mali and 650 km east of Dakar, with multiple deposits feeding a central mill.

Sabodala has a 12-year life as a standalone operation. Teranga owns 90% of the mine and the government of Senegal has a 10% free-carried interest.

In February, Teranga announced it is acquiring the Massawa gold project, 30 km from Sabodala, from Barrick Gold (TSX: ABX; NYSE: GOLD). The acquisition closed in March.

Massawa is one of the highest grade undeveloped open-pit

CREDIT: TERANGA GOLD.

14

WWW.NORTHERNMINER.COM

MAY 11–MAY 24, 2020 / THE NORTHERN MINER

Silver miners hit hard by lockdowns: Report COVID-19

| GlobalData says two-thirds of annual silver output on hold |

BY MINING.COM STAFF

S

ince mid-March, the response of governments worldwide to the COVID-19 pandemic has led to disrupted mining activities across the globe.

Thirty-two countries have passed partial or complete lockdown orders, leading to the temporary suspension of activities at over 1,600 mines as of April 3, though that number has since dropped down to 729 as restrictions begin to ease in certain areas, analysts at market research firm GlobalData report.

The exempted mines are, nevertheless, still operating with reduced numbers of workers to minimize the potential spread of the virus, which is causing a slow return for an industry that has already seen production hit by restrictions.

“THIRTY-TWO COUNTRIES HAVE PASSED PARTIAL OR COMPLETE LOCKDOWN ORDERS, LEADING TO THE TEMPORARY SUSPENSION OF ACTIVITIES AT OVER 1,600 MINES.” GLOBALDATA REPORT

Among the mining activities affected by COVID-19, silver production has been the biggest victim, GlobalData says, with nearly 66% of the world’s annual output still on hold.

Silver miners First Majestic Silver (TSX: FR; NYSE: AG), Hochschild (LSE: HOC), Hecla Mining (NYSE: HL) and Endeavour Silver (TSX: EDR; NYSE: EXK) have all withdrawn their production guidance for 2020 in the wake of the virus outbreak.

Other metals that are experiencing signifi-

An automated load-haul-dump machine operated by an above-ground worker at Hecla Mining’s Greens Creek silver mine in southeast Alaska.

CREDIT: HECLA MINING.

cant production disruptions include: uranium (32%), zinc (23.8%), platinum (19.5%), nickel (14.6%), diamond (14.4%) and copper (12.7%), according to GlobalData.

Progress has also been halted on 23 mines under construction, including the US$5.3 billion Quellaveco copper mine in Peru, one of the world’s biggest copper mines under development. The project has an annual copper production capacity of up to 180,000 tonnes and is expected to commence operations by 2022.

In Chile, while a lockdown is not in force, Antofagasta (LSE: ANTO) has halted work on its Los Pelambres project and Teck Resources (TSX: TECK.B; NYSE: TECK) has suspended

BofA forecasts higher silver prices OUTLOOK

| Prices below $15 per oz. hard to justify, bank says

BY CARL A. WILLIAMS

S

— This article first appeared in our sister publication, MINING.com.

PHOTO: GETTY IMAGES/BAMBAMBU

the economy, supported by fiscal stimulus packages and central banks, could see silver prices take off, the analysts say.

Also, investor demand for silver has been strong. This demand is being driven by increased sales of silver coins, with purchases of U.S. Silver Eagle coins rising sharply to over 14 million units in March, and sustained growth in silver exchange-traded funds (EFTs), BofA reports.

According to Silver Investing News, so far this year EFT holdings have increased by 65 million oz., a new record high for the sector.

This increased exposure from non-commercial market participants is mirroring the same boost to gold holdings, as concerns over the loosening of monetary policies and apprehension over widening fiscal deficits — and their potential implications for inflation — makes hard assets like silver more attractive. TNM

An above-ground worker operating an automated load-haul-dump machine at Hecla Mining’s Greens Creek silver mine in southeast Alaska. CREDIT: HECLA MINING.

Silver investment demand jumped 12% in 2019: Silver Institute MARKETS

| Comex futures were consistently positive in the second half of the year

D

cwilliams@northernminer.com

ilver prices have dropped sharply yearto-date and are currently down 13.2% year-on-year at US$15.29 per oz., but the Bank of America (BofA) says its supply and demand model suggests that prices below US$15 per oz. “are hard to justify even now,” and predicts that prices could reach US$20 per oz. in the next 12 months.

By looking at the trajectory for the Euro against the U.S. Dollar and real exchange rates, which are key factors for investment demand, as well as global GDP growth, BofA forecasts silver prices could rally over the next year.

“A rebound of economic growth, supported by fiscal stimulus and central banks, could imply that silver will ultimately take off on two engines, having crashed to earth just now,” the analysts stated in an April 22 research note.

Despite its classification as a precious metal, around 80% of silver consumption is driven by industrial usage. As a consequence, it is more exposed to the health of industry than other precious metals like gold.

With demand for silver from industry positively correlated with global GDP growth, an upturn in industrial activity is required to bolster prices. Therefore, a rebound in

work on the Quebrada Blanca Phase II mine.

At present, lockdowns remain in force in mining jurisdictions like Peru (until May 10), Mexico (May 30), Bolivia (April 30) and Namibia (May 4).

In Quebec, restrictions have been extended to May 4, but the government is allowing mines to reopen from April 15 as essential services, if miners comply with strict safety measures.

Lockdown orders in India, Argentina, Zimbabwe and South Africa have been withdrawn, with mining seen as an essential service. TNM

BY MINING.COM STAFF

espite the challenges presented by the COVID-19 pandemic in forecasting silver market conditions over the rest of the year, extended physical demand could drive the metal’s price higher in 2020, the Silver Institute suggested in its annual World Silver Survey.

Last year, global silver demand edged 0.4% higher despite an ongoing global trade war affecting many industries, while silver mine supply declined for the fourth consecutive year, falling by 1.3%.

Favourable structural changes such as vehicle electrification and a rebound in the key field of photovoltaics fueled solid industrial demand, the Institute wrote.

Silver investment demand jumped 12% — the highest annual growth since 2015 — as retail and institutional investors focused their attention on the long-term investment appeal of the metal. Exchange-traded product (ETP) holdings stood at 728.9 million oz. at year-end, up by 13%, achieving the largest annual rise since 2010.

Money-managers’ net positions in Comex futures went from being short over much of 2018 to consistently positive in the second half of 2019. Coins and medals saw a 13% increase in demand over 2018, rising to 97.9 million oz., while bar demand remained

solid at 88.2 million oz., the report showed.

The Institute said these were key drivers for the 15% intra-year rise in silver price to a three-year high of US$19.65 last September. The 2019 yearly average silver price was US$16.21, about 3% higher than the 2018 average price.

Although many key areas of silver demand — including industrial fabrication and jewellery and silverware offtake — are anticipated to fall solely as a result of the global pandemic, the Institute still expects silver physical investment to extend its gains this year, with a projected 16% rise to a five-year high as investors rotate out of equities in search of safe haven vehicles.

Mine supply is also expected to continue its decline, given the temporary shutdown of mining operations in several significant silver mining countries in early 2020.

As a result, the silver price will likely rise this year and test the US$19 per oz. threshold again before year-end, said Metals Focus, the research firm behind the Silver Institute report.

The firm also expects silver to benefit from bargain hunting and outperform gold later this year on the back of its historically low relative value. TNM — This article first appeared in our sister publication, MINING.com.

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 11–MAY 24, 2020

15

Torex Gold pilots new underground mining system INNOVATION

T

| Trial follows string of technological success at ELG complex

BY CARL A. WILLIAMS cwilliams@northernminer.com

orex Gold Resources (TSX: TXG) is trialling a new underground mining system at its wholly-owned Morelos Gold property in Mexico’s Guerrero state, 180 km southwest of Mexico City.

The property is made up of the El Limón Guajes (ELG) mine complex, which features the El Limón, Guajes and El Limón Sur open pits, the El Limón underground mine, including the Sub-Sill, El Limón, Deep and 71 zones, a processing plant and related infrastructure.

The ELG mine started production in 2016.

Since 2019, the company has been piloting its proprietary Muckahi mining system at the El Limón Deep zone, a down-dip extension of the El Limon open-pit deposit, which primarily contains gold, with some silver mineralization.

Invented by the company’s president and CEO, Fred Stanford, with input from many others, the Muckahi system uses a two-way system operating on an overhead monorail that combines face drilling and blasting with an ore conveyor system and can also run on steep inclines of 30 degrees or higher in a narrow heading.

“The design of the system is based on the recognition that underground mining is really a material handling logistics business — and what logistics business would want to operate using only a single lane,“ Stanford said in a telephone interview. “It’s a subject I’ve been thinking about for the past 30 years, and it’s taken about 25 years to figure it out.”

The system, he said, could provide continuous material handling of ore from stope to the shaft or surface, with the batch transport of personnel, material and development waste in two-lane decline tunnels half the size of conventional tunnels and four times as steep, thereby reducing their length by three quarters.

Because the system employs fewer processes from stope to processing plant, it could reduce capital expenditure and operating costs by up to 30% and time to commercial production by up to 80%, the company estimates.

With the mine becoming fully-electrified, Torex says, greenhouse gas emissions could be reduced by as much as 95%.

By the end of 2019, the first long hole open stope had been blasted and mucked out at the El Limón Deep zone. The results, say the company, indicate that ‘conveyable’ ore

Top: An aerial view of the ELG mine complex in Mexico, with the RopeCon conveyor in the foreground.

Above: Torex Gold’s two-way monorail configuration at its ELG complex in Mexico. PHOTOS: TOREX GOLD.

fragmentation can be achieved at the zone and that the stope could be mucked with an electric slusher.

Drilling of the second stope commenced in the first quarter of 2020, which the company expects to further validate the fragmentation results and demonstrate the mucking rates with a slusher.

The company is currently developing the 30-degree decline access ramp for the deposit, with the installation of a 30-degree fixed conveyor (where the tramming conveyor will be loaded) slated to commence in the second quarter of 2020, allowing the Muckahi system to be tested as an integrated system.

Torex has a track record of innovation success at the ELG complex, which includes a RopeCon conveyor that generates almost a megawatt of green electricity as it conveys ore from the El Limón open pit to the processing plant.

The company also utilizes a high-pressure tailings filtration system to reduce the tailings moisture content to 17%, which are then conveyed and dry-stacked within the storage facility, further improving the effi-

ciency, operating costs and carbon footprint for the mine.

Torex plans to employ the Muckahi process at its feasibility stage for the Media Luna deposit on the property, where it completed a 175-hole infill drill program last year. Excavation of a 7-kilometre access tunnel under the Balsas River connecting the deposit to the processing plant is scheduled to commence in the second half of 2020.

“In quarter three of this year, we anticipate starting the tunnel to Media Luna, where we anticipate using a hybrid of conventional and Muckahi approaches, which will allow us to double the traditional tunnel advance rate,” Stanford said.

A key focus for the company in 2020 will be to de-risk the deposit by carrying out a $13 million infill program of 100 drill holes, with a target of upgrading an additional 7 to 9 million tonnes of resources from the inferred to the indicated category.

Results from the infill program will be incorporated into the feasibility study, slated for completion in the first quarter of 2021.

The company will continue to mine ELG

over the next three to four years and will then transition to production from Media Luna, where it has already commenced infrastructure development.

“By around 2024, we expect to be mining exclusively from our underground resources, primarily Media Luna,” Stanford said. “In the meantime, we will be looking to upgrade our underground resources to reserves.”

Currently, Media Luna has measured and indicated resources of 12.6 million tonnes grading 3.27 grams per tonne gold, 37.7 grams silver per tonne and 1.16% copper, or 5.55 grams gold-equivalent per tonne, for 1.32 million oz. contained gold, 15.3 million oz. silver, and 322 million lb. copper, or 2.24 million gold-equivalent ounces.

The resource estimate represents approximately 30% of the area of the targeted magnetic anomaly, according to the company.

Last year, Torex reported record production of 454,811 oz. gold, a 28% year-on-year increase, generating US$330.3 million in earnings before interest, taxes depreciation and amortization (EBITDA) and free cash flow of US$181.2 million. The company also cut net debt by US$198.6 million year-overyear to US$21.7 million by the end of 2019.

In the first quarter of 2020, the ELG complex produced 108,530 oz. gold.

“This has been a good quarter for production, and before the suspension of operations due to the COVID-19 outbreak, we were on track to achieve our 2020 production guidance of 420,000 to 480,000 ounces of gold,” Stanford said.

BMO Capital Markets has an outperform rating on the gold producer.

“There is a dearth of sizable single-asset gold producers remaining in the intermediate producer group,” BMO mining analyst Ryan Thompson wrote in an April 28 research note.

“We think this gives Torex scarcity value (as a potential acquisition target), but we also see the opportunity for Torex to grow via acquisition as it proves the efficacy of its proprietary Muckahi process,” he stated.

The stock’s valuation, “on all metrics is compelling for an established producer with a robust asset,” Thompson added.

Thompson has a share price target of $29.

At press time in Toronto, Torex was trading at $20.70 per share within a 52-week trading range of $8.79 and $22.45.

The company has around 85 million common shares outstanding for a $1.77-billion market capitalization. TNM

16

WWW.NORTHERNMINER.COM

MAY 11–MAY 24, 2020 / THE NORTHERN MINER

Extended lockdowns hit copper production SUPPLY

| Output reduced as mining operations deal with coronavirus

BY STAFF

P

MINING.com

eruvian copper mine Antamina, owned

by BHP (NYSE: BHP; LSE: BHP) and Glencore (LSE: GLEN), has reported 210 positive cases of coronavirus and said the date to restart operations is still uncertain.

One of the largest copper-zinc mines in the world, Antamina produced 101 million tonnes of copper in 2019.

The announcement on April 27 comes after six workers at Fortuna Silver Mines’ (NYSE: FSM) Caylloma operation in southern Peru also tested positive for COVID-19.

Peruvian President Martin Vizcarra has extended the country’s lockdown and travel restrictions to May 10, while the effects of a copper supply shock remain to be seen.

China, the world’s top metals consumer, boosted copper imports year-on-year in March, but still faces challenges as miners have reduced shipments or suspended operations.

Data analytics firm GlobalData forecasts copper output growth of 1.9% this year, compared to the original forecast growth rate of 3.4%.

Copper prices on April 27 in London rose to their highest in nearly six weeks.

Benchmark three-month copper on the London Metal Exchange (LME) rose as much as 2.3% to US$5,260 a tonne, its highest since March 17.

Freeport McMoRan’s (NYSE: FCX) El Abra copper mine in Chile also announced it would scale back copper processing by 40%, as global prices for the red metal plunge amid the coronavirus pandemic.

The mine, located in the province of El Loa in northern Chile, is one of two copper mines operated by Freeport in South America. The world’s largest publicly traded

INVESTMENT

| Mining giant continues search for new sources of copper

BY CECILIA JAMASMIE

R

million, compared to earnings of US$95 million in the same quarter of 2019. EDITDA for the quarter was US$434 million, up 18%.

In a research note, Jackie Przybylowski, a mining analyst with BMO Capital Markets, said the company is well-positioned to benefit from a post-COVID-19 economic recovery.

“First Quantum’s reported first-quarter earnings were below our expectations and the company has cut its 2020 guidance. However, we view the revised guidance as promising, as it shows the company has confidence in a nearterm Cobre Panama restart,” Przybylowski said.

“The company continues to grow, even in this challenging time, and the company expects it will remain in full compliance with all financial covenants through 2020, aided by its hedges on copper and nickel sales and diesel purchases.”

Przybylowski noted that First Quantum is the first miner covered by BMO that has provided detailed guidance for 2020.

The company has reduced its operating costs and capital spending to deal with the current environment, with capital spending for 2020 reduced by US$175 million to US$675 million.

In addition to the hedging it has in place to mitigate the uncertainty of the copper price, the company has improved its liquidity and flexibility. It had nearly US$1.2 billion in cash and equivalents at the end of March.

Senior staff have also seen compensation cuts of 25%.

Aside from Cobre Panama, operations at First Quantum’s Las Cruces mine in Spain were suspended for two weeks due to the pandemic; restrictions have also been lifted.

Commercial production began at the company’s Ravensthorpe nickel operation in Australia in April. TNM — This article first appeared in our sister publication, the Canadian Mining Journal.

— This article first appeared in our sister publication, MINING.com.

Primary crushers and a conveyor at First Quantum Minerals’ Cobre Panama copper mine under construction in Panama. CREDIT: FIRST QUANTUM MINERALS.

copper producer said on April 24 that it would cut its 2020 costs by 18%, or $1.3 billion, as prices for the red metal plunge.

Copper giant Codelco has also been hit by delays in upgrades and expansion projects caused by measures to stop the spread of the novel coronavirus.

Australia-based MMG saw copper production decline 20% in the first three months of the year, compared to the same period in 2019, after declaring force majeure at its Las Bambas mine in Peru amid coronavirusrelated restrictions.

Anglo American’s (LSE: AAL) Los Bronces copper mine in Chile, outside the capital Santiago, saw output tumble 25% to 68,700 tonnes, battered primarily by a worsening

drought in the region.

Grupo Mexico, the third-largest copper producer in the world through its subsidiary ASARCO, registered a net loss of US$369 million during the first quarter of 2020 in a sharp reversal from the same period a year ago. The largest mining company in Mexico recently reduced its mining operations to comply with government orders to suspend non-essential activities.

Vale (NYSE: VALE) has extended the care and maintenance period at its Voisey’s Bay mine in Labrador, Canada, for up to three months. TNM — This article first appeared in our sister publication, MINING.com.

| Cobre Panama suspended after the death of a worker

BY STAFF

W

Canadian Mining Journal

ith its Cobre Panama mine on care and maintenance since April 7, First Quantum Minerals (TSX: FM) has reduced its copper guidance for the year by 75,000 tonnes to 755,000-805,000 tonnes, with expected gold production falling by 30,000 oz. to 250-270,000 ounces. The forecast depends on officials allowing Cobre Panama to reopen by the end of May, with normal production levels being achieved in late June or early July.

The mine, located 120 km west of Panama City, was temporarily suspended after the death of a worker from COVID-19. The first case of the virus at the site was detected on March 24.

While mining and processing are suspended, the port and power plant have continued to operate to supply power to the country’s power grid. The US$6.3-billion operation began commercial production last fall.

On a conference call, Tristan Pascall, First Quantum’s director of strategy, said a restart will depend on the company’s ability to demonstrate the site is clean and safe – a requirement the company is confident it will meet. It will also depend on the big picture in Panama and the virus’s trajectory in the country.

“We would hope that Cobre Panama as an isolated site is a good candidate because it’s segregated from the rest of the country with a reasonable ability to hold a border and then manage personnel onsite to operate within the very strict protocols that the Ministry of Health has put forward,” Pascall said.

There are still 1,100 people on site, even though the operation is on care and maintenance – or “preservation and safe maintenance,” as the company is referring to it.

“The reason we talk about preservation and safe maintenance is that we are able to turn the mills – that’s important because in the Cobre

Panama climate we wouldn’t want condensation and so on,” Pascall said. “There is rock going into the mill, there is some production happening – but it’s really around ensuring that when we’re ready to start, we can.”

“WE VIEW THE REVISED GUIDANCE AS PROMISING, AS IT SHOWS THE COMPANY HAS CONFIDENCE IN A NEAR-TERM COBRE PANAMA RESTART.” JACKIE PRZYBYLOWSK ANALYST, BMO CAPITAL MARKETS

The pandemic has seen copper prices decline to a low of US$2.08 per lb. in late March. About 50% of First Quantum’s remaining copper production for the year is hedged, with an average floor price of US$2.62 per lb. – higher than the current price of US$2.34 per lb. In the first quarter, the company reported all-in sustaining costs (AISCs) of US$1.64 per pound. For 2020, under its revised guidance, it’s forecasting AISCs of US$1.65-US$1.80.

Quarterly results First Quantum recorded a 43% increase in copper production to 195,285 tonnes in the first quarter, with 56,240 tonnes of that coming from its 90%-owned Cobre Panama (Korea Resources owns a 10% stake). Revenue for the quarter was US$1.2 billion, an increase of 38% from the previous year.

The company reported a loss of US$79 million, owing to a net finance expense of US$184

MINING.com

io Tinto ( NYSE: RIO; LSE: RIO) will spend a further A$9.2 million (US$5.9 million) on exploration at the Citadel copper-gold project, a joint venture with junior Antipa Minerals (ASX: AZY), in Western Australia’s Paterson province.

The budget earmarked for this year is well above the previous commitment of A$2 million (US$1.3 million) put forth in January, when Rio Tinto earned 51% of the project, Antipa said in a statement.

The exploration activities, expected to begin this quarter, will include combined reverse circulation (RC) and diamond drilling at the Calibre deposit, located 28 miles from Rio Tinto’s Winu coppergold project.

Antipa, which is also carrying out exploration activities on the North Telfer project, located 40 km north of Newcrest Mining’s (ASX: NCM) Telfer coppergold-silver mine, said the program would now encompass up to 13,000 metres of combined diamond and RC resource drilling.

Due to current restrictions caused by the coronavirus pandemic, the completion of a previously planned RC drill program for the greenfield targets has been postponed, likely until the end of 2020 or early 2021.

Rio Tinto has been investing heavily in copper in the past two years, as it believes the market will soon go into deficit amid expectations that bigger power grids around the world and an electric-vehicle boom will boost demand, while supplies will remain constrained.

In the past, analysts have questioned the mining giant’s ability to scale up its copper business quickly without making an expensive acquisition, especially after facing challenges at key assets.

Rio Tinto delayed first production from the US$5.3 billion underground expansion of its Oyu Tolgoi coppergold-silver mine in Mongolia. Originally scheduled for early 2020, it is now expected to happen in the third quarter of 2021.

Earlier this month, the mining giant flagged copper and gold output drops at the already troubled operation.

Rio Tinto said that it would have to bring experts on-site to rectify industrial ropes in the largest and most important access shaft to the underground mine, Shaft 2.

Those ropes service a giant elevator that allows workers, equipment and ore to move between the bottom of the mine, 1.3 km underground, and the surface.

Oyu Tolgoi operator, Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ), said the COVID-19 pandemic was making it hard to get experts to the remote Mongolian mine to conduct rectification work on the ropes.

Demonstrating an increased interest in copper discoveries, Rio Tinto invested a further US$302 million to advance its Resolution copper project in Arizona last year. It has also been advancing other copper projects, Berenguela, in southeastern Peru, while applying for exploration permits in northern Chile. TNM

First Quantum lowers 2020 guidance COVID-19

Rio Tinto boosts budget for Citadel project in Australia

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 11–MAY 24, 2020

17

PROFESSIONAL DIRECTORY ASSAYERS

C.F. Mineral Research Ltd. INDEPENDENT SPECIALISTS IN HEAVY MINERAL GEOCHEMISTRY

Diamond Indicator Heavy Minerals Extraction • Precious and Base Metals Extraction • Electron Microprobe Precision Analyses • Diamond Indicator and Mineral Classification • Microdiamond Recovery and Characterisation • High Quality / Low Cost / Quick Turnaround

1677 Powick Road Kelowna, B.C. Canada V1X 4L1

•

TEL: 250-860-8525 FAX: 250-862-9435

INSTRUMENTATION

GEOPHYSICS

— SERVING THE EXPLORATION SECTOR WORLDWIDE SINCE 1977 —

Crone Geophysics

Highest Precision Magnetometers in the World

Worldwide 3D Pulse-EM TDEM, 3D E-SCAN IP/Resistivity Surveys www.cronegeophysics.com

(905) 814-0100

3D Pulse-EM (Time-Domain EM) Borehole and Surface Surveys Coil, Fluxgate or SQUID Sensors High Power, Low noise Step Response

3D E-SCAN (IP/DC Res) Mapping Recon3D , Target3D , HiRes3D Any Topography, any Scale Immediate QC, daily Results Deep, Efficient, Safe

Offering the industry leading precision, absolute accuracy and sensitivity for Optically Pumped Potassium, Overhauser and Proton Precession Magnetometers/Gradiometers with new add-on or standalone VLF-EM systems for resistivity depth sections.

R

R

R

R

UAV - Airborne – Ground Solutions Visit the website or call for a QUOTE today

Leading the World of Magnetics since 1980

DRONEMag™

www.gemsystems.ca

CONSULTING

• info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.635.1829

Sales and Rentals:

1,800+ CLIENTS 8,000+ PROJECTS 30+ YEARS EXPERIENCE Evaluate

Develop

Improve

Transform

amcconsultants.com

GEOLOGY | MINING ENGINEERING | GEOTECHNICAL | CONSULTING SERVICES

TERRAPLUS INC. 120 W. Beaver Creek Rd., Unit 15 Richmond Hill, ON, Canada L4B 1L2

GEOLOGICAL & MINING CONSULTANTS

Tel: Fax: E-mail: Website:

• French • English • Spanish • Arabic

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

Magnetometers/VLF Magnetic Susceptibility Conductivity Full Wave 2D/3D IP Borehole Logging TDEM and HLEM Gamma-Ray Spectrometers Infrared Spectrometers Resistivity (ERT) GPR Seismic

418-653-9559

www.goldmindsgeoservices.com

905.477.2800 | info@terraquest.ca terraquest.ca

REMOTE SITE SERVICES

FIXED WING AND HELICOPTER

Gradient Magnetics | Matrix Digital VLF-EM | Radiometrics | GT2A Gravity

Integrity, Competence and Independence www.micon-international.com Toronto

Vancouver

Norwich

Premier Canadian remote site service provider since 1945

International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

www.mphconsulting.com +1.416.365.0930

HEALTH & SAFETY

Same Team.

Same Proven Advice.

Expanded Rock Solid Services.

Mining Health, Safety, Security & Emergency Response Preparedness E Info@memhse.com W www.memsafetytraining.com

1 416 947 0907

HSE gap analysis, incident root cause support & emergency response readiness.

To reserve space contact: Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com

Since 1962

Call (416) 364-6244

wgm.ca

Geological and Mining Consultants

Geological and Mining Consultants I Since 1962

Published by:

Nobody knows Canada like Domco.. over 70 Years of Canadian experience

www.domcofoodservices.com Toronto: (416) 449-7333 Vancouver: 604-692-2870 Montreal: 450-813-9229 Yellowknife: 867-766-4222 Sept-Iles: 418-962-2327

Learn more at www.rpacan.com | www.slrconsulting.com

Trusted Advisors to the Global Mineral Resource Industry

• Canadian remote site service providers since 1945.

• Camp management, on site catering, hotel style housekeeping, janitorial and groundskeeping.

• Indigenous partnerships – Community Benefits • Excellent site safety record.

• Skills Training Programs

Fax: 416-447-7658

SURVEYORS & CORE SYSTEMS JEAN-LUC CORRIVEAU, Q.L.S., CLS LAND & MINING SURVEYORS – 3D SCANNING

GYRO (Shaft plumbing), underground control, photogrammetric mapping (Airborne Lidar & photos by drone), borehole & bathymetric surveys Scanning of flooded cavities by sonar • Surface and underground inspections by drone

1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 • Tel: (819) 825-3702 Fax: (819) 825-2863 • E-mail: bureau@corriveaujl.com • www.corriveaujl.com

MAKE SENSE OF THE MINING INDUSTRY Trusted Advisors to the Global Mineral Resource Industry

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

Now Available in Spanish

Order Your Copy Today!

Call 1-888-502-3456 or email info@northernminer.com

18

WWW.NORTHERNMINER.COM

MAY 11–MAY 24, 2020 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / APRIL 27-MAY 1 The S&P/TSX Composite Index rose 1.39% to 14,620.30 during the April 27-May 1 trading week. The Global Mining Index fell 0.81% to 82.25 and the Global Base Metals Index climbed 1.18% to 75.24. Spot gold dropped US$26.60 per oz., or 1.54%, to finish at US$1,702.90, and the Global Gold Index fell 1.32% to 342.27.

News that Eric Sprott invested $60 million into MAG Silver sent the company’s shares up $2.49 to finish the trading week at $16.12. Sprott purchased 4.528 million common shares in the equity placement at $13.25 apiece, giving him a direct 5% stake in the company. The funds mainly will be used to finance the company’s 44%-owned Juanicipio silver mine project, which is advancing towards production this year in Mexico’s Zacatecas state. Juanicipio is operated

by Mag Silver’s joint-venture partner Fresnillo, which owns 56% of the project.

Lundin Gold’s shares jumped $1.52 to $11.27.

The company announced that Newcrest Mining acquired the project financing package provided to Lundin Gold’s Fruta del Norte mine in Ecuador by Orion Mine Finance Group and funds managed by Blackstone. The Orion and Blackstone project financing package, put in place in 2017, is made up of a gold prepay credit facility for $150 million, a stream loan credit facility of $150 million and an offtake agreement for 50% of gold production up to a maximum of 2.5 million ounces. Orion and

Newcrest continue to own 10.79% and 31.85% stakes, respectively, in Lundin Gold.

Troilus Gold jumped 28% to $1.05 per share on news it increased its land holdings more than five-fold in the Frotet-Evans greenstone belt. The company acquired 627 claims over 334 sq. km to the south and southwest of its Troilus gold project from O3 Mining for 1.7 million common shares and a 2% net smelter return (NSR) royalty. (Troilus can repurchase a 1% NSR at any time for $1 million.) In addition, Troilus staked 629 new claims over 338 sq. km, bringing the company’s total land package to 834 sq. km and making it the largest mineral claims holder in the belt. Over the last 24 months, the company has completed more than 80,000 metres of drilling and defined a mineral resource estimate of 4.71 million gold-equivalent oz. in TSX MOST ACTIVE ISSUES

B2Gold Corp Suncor Energy Kinross Gold Barrick Gold Yamana Gold Guyana Gldflds Teck Res First Quantum Lundin Mng IAMGOLD

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO 35232 SU 34165 K 27459 ABX 26928 YRI 26221 GUY 21781 TECK.B 19653 FM 17585 LUN 13271 IMG 12079

7.77 6.85 7.25 - 26.58 21.21 24.14 + 10.06 8.93 9.63 - 38.45 35.28 37.87 - 6.90 6.39 6.85 + 0.67 0.55 0.65 + 12.68 9.73 12.03 + 9.58 8.01 8.26 - 7.58 6.53 6.63 - 5.13 4.76 5.11 +

0.38 2.19 0.36 0.34 0.14 0.24 1.62 0.29 0.15 0.06

compared to the November 2019 preliminary economic assessment (PEA) and the ability to produce 26%-30% copper concentrate (plus gold and silver) for the modelled mine life. In addition, the tests showed low deleterious elements in the concentrate and that all composite samples responded well to conventional froth flotation with high valuable metal recovery rates overall. TNM

the indicated category and another 1.76 million gold-equivalent oz. inferred.

Metallurgical results from its Alpala coppergold project in Ecuador sent SolGold’s shares up 25.7% to 44¢. The company said improved recoveries in new metallurgical tests suggest an increase in revenues from the project, which would be incorporated into a prefeasibility study. SolGold said the testwork demonstrated a life of mine increase in gold recovery by 7% TSX GREATEST PERCENTAGE CHANGE

Candente Coppr Guyana Gldflds Mawson Res Belo Sun Mng Steppe Gold Avalon Advance Silver Eleph Troilus Gold SolGold plc Calibre Mng Silver Bear Rs Perseus Mng Starcore Intl Century Global Nighthawk Gold Eastern Platin Jaguar Mng Excellon Res Aquila Res UEX Corp

DNT GUY MAW BSX STGO AVL ELEF TLG SOLG CXB SBR PRU SAM CNT NHK ELR JAG EXN AQA UEX

993 21781 4290 8371 845 10721 2297 2592 754 2928 304 698 890 15 710 178 3385 1908 262 3629

0.06 0.67 0.42 1.02 1.28 0.08 0.21 1.10 0.50 1.25 0.12 1.08 0.11 0.06 1.70 0.25 0.35 0.62 0.14 0.18

0.04 0.55 0.31 0.61 0.88 0.04 0.17 0.82 0.35 0.99 0.11 0.82 0.08 0.06 1.40 0.22 0.29 0.50 0.12 0.15

0.06 0.65 0.40 0.88 1.28 0.06 0.21 1.05 0.44 1.25 0.11 0.86 0.09 0.06 1.41 0.22 0.30 0.54 0.12 0.16

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Aura Minerals MAG Silver Franco-Nevada Suncor Energy Wheaton Prec M Teck Res Lundin Gold Teck Res Ero Copper Seabridge Gld Newmont Corp Kirkland Lake Endeavour Mng NovaGold Res Eldorado Gold Centerra Gold Labrador IOR B2Gold Corp Kinross Gold Barrick Gold

71.4 56.6 45.5 44.3 42.2 37.5 31.3 28.0 25.7 25.0 22.2 20.4 19.0 15.4 15.1 14.0 13.0 11.5 11.1 11.1

VOLUME WEEK (000s) CLOSE CHANGE

ORA MAG FNV SU WPM TECK.B LUG TECK.A ERO SEA NGT KL EDV NG ELD CG LIF BTO K ABX

5 3223 3148 34165 8360 19653 2266 34 836 732 920 7420 1647 3369 7036 4561 1322 35232 27459 26928

60.05 16.12 194.52 24.14 57.84 12.03 11.27 15.65 15.52 19.97 85.82 58.78 26.10 15.97 13.08 11.72 19.26 7.25 9.63 37.87

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

3.55 2.49 2.48 2.19 2.04 1.62 1.52 1.48 1.21 1.02 3.18 1.55 1.33 1.01 0.69 0.62 0.46 0.38 0.36 0.34

TSX VENTURE EXCHANGE / APRIL 27-MAY The S&P/TSX Venture Composite Index rose by 2.26%, or 10.45 points, to finish the trading week at 473.09, with gold finishing the week at US$1,702.90 per oz., a fall of US$26.60 per ounce.

Probe Metals climbed 11% to $1.11 per share. The company reported results from winter drilling at its Monique property, 25 km east of Val-d’Or, Quebec. President and CEO David Palmer said the first results from the drilling represented some of the best intersections from the Monique property so far, and included a new high-grade discovery south of the former open pit. The discovery is parallel to the I zone and returned 18.4 grams gold per tonne over 2 metres in hole MO-39 starting from 26 metres. Drill hole MO-33 tested the A and B zones at depth and intersected 14 metres grading 5.2 grams gold per tonne from 699 metres downhole, including 3 metres of 15 grams gold from 703 metres. Drill hole MO-41, which tested the western extension of the I zone, returned 4.5 grams gold over 14 metres at 94 metres depth, and included a higher grade core of 18.3 grams gold over 2 metres from 105 metres. The Monique property contains inferred resources of 9.13 million tonnes at a grade of 2.25 grams gold per tonne for 661,400 oz. gold.

Orford Mining’s share price doubled to 60¢. The company staked two claim blocks along the Casa Berardi/Joutel Structures in the Abitibi region of Quebec. One block, Joutel South, is at the southern extension of the Joutel trend, in an area “that has seen very little systematic exploration since 1993 when the Eagle/Telbel mine closed,” Orford CEO David Christie stated. The other block, McClure East, is located on the easterly extension of the Casa Berardi structural zone, which to the west hosts Hecla Mining’s Casa Berardi mine, as well as the nearby Duay gold deposit owned by Maple Gold Mines.

Bluebird Battery Metals rose 8¢ to 16¢.

The company plans to focus its exploration work on its Canegrass project, 550 km northeast of Perth, Australia. Results from TSX-V MOST ACTIVE ISSUES

Leeta Gold Power Metals BlueBird Batt Nrthn Shield MX Gold Palladium One Minera Alamos Libero Copper Teslin Rvr Res Bankers Cobalt

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

HIVE PWM BATT NRN MXL.H PDM MAI LBC SIM BANC

19491 14246 9532 8591 8260 8121 7145 7064 6406 6245

0.42 0.49 0.17 0.10 0.02 0.13 0.42 0.12 0.18 0.01

0.32 0.34 0.08 0.06 0.01 0.08 0.35 0.09 0.13 0.01

0.37 + 0.41 + 0.16 + 0.10 + 0.01 unch 0.09 + 0.41 + 0.10 - 0.15 + 0.01 -

0.06 0.08 0.09 0.04 0.00 0.01 0.06 0.03 0.02 0.01

its 2018 drill program returned 12 metres averaging 1.17% nickel, 0.93% copper, 0.05% cobalt, 0.76% vanadium oxide, 0.40 gram platinum per tonne and 0.51 palladium per tonne starting from 66 metres downhole.

The drill hole contained a higher-grade core grading 1.40% nickel, 0.96% copper, 0.06% cobalt, 0.94% vanadium oxide, 0.48 gram platinum and 0.60 gram palladium over 6

metres starting from 94 metres downhole.

“With 115 battery mega-factories under construction, and manufacturers beginning to turn to battery chemistries focused on nickel, manganese and cobalt, we are particularly excited about the potential of our project portfolio in Western Australia,” CEO Peter Dickie said in an April 30 news release. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Galore Res Ashanti Sanko Orford Mining BlueBird Batt Frontline Gold Vangold Res Surge Explor Philippine Mtl Stria Lithium Pac Imperial Paleo Resource Kings Bay Res Bankers Cobalt Rogue Res El Nino Vent CROPS Lupaka Gold Revelo Res Trifecta Gold Rodinia Lithm

GRI ASI ORM BATT FGC VGLD SUR PHI SRA PPM PRE KBG.H BANC RRS ELN COPS LPK RVL TG RM

1484 728 3103 9532 3010 2965 1457 98 361 982 380 1551 6245 755 51 29 350 998 239 9

0.03 0.05 0.06 0.17 0.02 0.10 0.01 0.09 0.01 0.03 0.01 0.01 0.01 0.08 0.03 0.02 0.01 0.10 0.02 0.05

0.01 0.02 0.03 0.08 0.01 0.05 0.01 0.02 0.00 0.01 0.01 0.01 0.01 0.06 0.02 0.01 0.00 0.01 0.00 0.03

0.03 0.05 0.06 0.16 0.01 0.09 0.01 0.09 0.01 0.02 0.01 0.01 0.01 0.07 0.02 0.01 0.01 0.10 0.02 0.03

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 400.0 + 200.0 + 120.0 + 113.3 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 35.0 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Great Bear Res New Pac Metals Universal Vent Aurania Res Aurion Res Till Capital Probe Metals Gold Reserve New Oroperu Kore Mining K92 Mining Gold X Mining Bear Creek Mng Callinex Mines GoldON Res Eclipse Gold Bluestone Res BTU Metals Gabriel Res Aurcana Corp

GBR NUAG MCLD ARU AU TIL PRB GRZ ORO KORE KNT GLDX BCM CNX GLD EGLD BSR BTU GBU AUN

1120 10.09 1407 6.38 117 4.72 92 2.73 1247 1.24 1 2.10 1694 1.11 5 2.40 204 1.30 3157 0.59 5729 3.39 514 2.07 258 1.79 41 0.44 334 0.56 283 0.80 1912 1.83 4637 0.24 568 0.50 1480 0.37

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

1.09 0.67 0.51 0.43 0.34 0.25 0.23 0.21 0.20 0.16 0.27 0.23 0.20 0.11 0.10 0.10 0.10 0.08 0.08 0.07

U.S. MARKETS / APRIL 27-MAY 1 The Dow Jones Industrial Average fell 0.22%, or 51.58 points, to 23,723.69, and the S&P 500 dropped 0.21%, or 6.03 points, to finish the trading week at 2,830.71. Spot gold finished US$26.60 per oz. lower at US$1,702.90 per oz., a 1.54% drop.

Vale was the most heavily traded stock of the week, finishing up US31¢ at US$7.98. The company said it will resume dry processing operations at the Timbopeba mine, part of its Mariana complex, in the first week of May. Vale said tests concluded in January certified the “absence of impact on the site’s geological structures,” so it can restart dry processing at a monthly production rate of about 330,000 tons of iron ore fines. Wet processing activities are expected to resume in the fourth quarter of the year, after the construction of a pipeline for tailings disposal at the Timbopeba pit is completed and receives approval. If wet processing activities resume, the operation would achieve its full production capacity of about 1 million tons a month, Vale said. If both dry and wet processing resumes, as planned at Timbopeba, Vale says it can meet its total production guidance of 310-330 million tons of iron ore fines this year.

Shares of Barrick Gold were down US17¢ to US$26.93 in the wake of Papua New Guinea’s

decision, announced on April 24, not to extend the special mining lease (SML) for the company’s 47.5% owned Porgera mine. China’s Zijin Mining owns the other 47.5% of the mine and Mineral Resources Enga, a landowner group, owns the remaining 5%. The manager of the mine, Barrick Niugini Ltd., applied for a permit extension in June 2017, which would have renewed Barrick’s rights for 20 years. Papua New Guinea Prime Minister James Marape said the lease, which expired in August 2019, would not be renewed on environmental and social grounds. Barrick said CEO Mark Bristow had met with the prime minister four times to discuss the extension issue, and “neither the Prime Minister nor U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 128490 8.80 7.76 7.98 Freeport McMoR* FCX 112452 9.48 8.22 8.46 Yamana Gold* AUY 97674 4.97 4.56 4.87 Barrick Gold* GOLD 90432 27.36 25.16 26.93 Kinross Gold* KGC 86990 7.14 6.37 6.84 United States S* X 84170 8.50 6.73 7.51 Cleveland-Clif* CLF 64566 4.90 3.83 4.18 Chevron Corp* CVX 60288 95.74 85.87 89.44 Alcoa* AA 53882 8.90 6.99 7.69 CONSOL Energy* CNX 52766 13.45 9.98 10.15

+ - + - - + + + + -

0.31 0.02 0.11 0.17 0.25 0.69 0.37 2.43 0.54 1.35

anyone acting on behalf of the government has ever proposed any alternative terms on which the SML could be extended, or indicated that it would not be extended.” Barrick also said that in 2019 the company had “proposed a benefitsharing agreement that would deliver more than half the economic benefits to PNG stakeholders

including the government for 20 years.” Barrick says it will “pursue all legal avenues to challenge the government’s decision and to recover any damages that BNL may suffer as a result of the government’s decision.” The Porgera open pit and underground mine is situated in Enga province, 600 km northwest of Port Moresby. TNM

U.S. GREATEST PERCENTAGE CHANGE

CONSOL Energy* NACCO Ind* Peabody Enrgy* Teck Res* Fortuna Silvr* Intrepid Pots* Nexa Resources* Arch Coal* United States S* Suncor Energy* Mechel* CONSOL Energy* CONSOL Coal Rs* McEwen Mng* AngloGold Ash* Trecora Res* Gold Fields* Eldorado Gold* Turquoise HIl* Black Hills*

CEIX NC BTU TECK FSM IPI NEXA ARCH X SU MTL CNX CCR MUX AU TREC GFI EGO TRQ BKH

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

4158 133 16681 41493 19982 5307 472 3945 84170 39208 762 52766 487 17409 20050 281 36388 15102 8211 2502

7.67 35.70 3.47 9.12 3.27 1.06 4.84 29.42 8.50 19.17 1.82 13.45 5.67 1.05 27.16 6.62 8.24 9.88 0.52 68.46

4.35 26.50 2.53 6.91 2.62 0.87 3.36 21.80 6.73 15.09 1.56 9.98 4.90 0.95 23.66 5.28 7.10 8.78 0.47 58.84

6.91 33.66 3.23 8.55 3.13 1.00 4.01 26.82 7.51 17.17 1.57 10.15 5.02 0.96 25.11 5.38 7.75 9.29 0.47 59.73

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

U.S. GREATEST VALUE CHANGE

45.2 24.8 21.4 15.7 15.5 14.9 14.9 13.8 10.1 10.1 11.8 11.7 9.9 8.5 5.6 5.4 5.0 4.6 4.6 4.5

MartinMarietta* MLM NACCO Ind* NC ARCH Arch Coal* Chevron Corp* CVX CONSOL Energy* CEIX Franco-Nevada* FNV Suncor Energy* SU Wheaton Prec M* WPM Teck Res* TECK Southern Copp* SCCO Black Hills* BKH Newmont Corp* NEM AngloGold Ash* AU Rio Tinto* RIO CONSOL Energy* CNX Kirkland Lake* KL CONSOL Coal Rs* CCR Eldorado Gold* EGO Gold Fields* GFI Trecora Res* TREC

VOLUME WEEK (000s) CLOSE CHANGE

3290 133 3945 60288 4158 4868 39208 17172 41493 4685 2502 31969 20050 10526 52766 10988 487 15102 36388 281

186.59 33.66 26.82 89.44 6.91 137.85 17.17 41.10 8.55 31.76 59.73 60.99 25.11 45.04 10.15 41.88 5.02 9.29 7.75 5.38

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

9.24 6.69 3.25 2.43 2.15 1.60 1.57 1.48 1.16 1.01 2.79 2.12 1.49 1.46 1.35 0.99 0.55 0.45 0.41 0.31

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MAY 11–MAY 24, 2020

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S LME WAREHOUSE LEVELS

TSX WARRANTS

PRODUCER AND DEALER PRICES

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 9 2020 (change from April 02, 2020 in brackets): Aluminium Alloy 8300 (0) 1239700 (+29225) Aluminium Copper 260275 (+40350) 71675 (+250) Lead Nickel 229062 (+294) Tin 7245 (+1325) Zinc 97975 (+24875)

Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$55.20 Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.55 Cobalt: US$13.38/lb.

Copper: US$2.30/lb.

CME Group Futures June 2020: US$2.31/lb.; July 2020: US$2.31/lb Iridium: NY Dealer Mid-mkt US$1,575.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$84.00 Lead: US$0.72/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$7,500.00 tr. oz.

Ruthenium: Mid-mkt US$270.00/tr. oz.

Silver: Handy & Harman Base: US$14.94 per oz.; Handy & Harman Fabricated: US$18.68 per oz.

Tin: US$6.88/lb.

Uranium: U3O8, Trade Tech spot price: US$33.20 per lb.U308 Zinc: US$0.86/lb.

Prices current May 4, 2020

the Issuer at $2.21 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of

Platinum Group Metals Ltd. (PTM.WT.U) One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US$14.00 until expiry.

Sherritt International Corporation (S.WT) Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

May 01 14620.34 473.09 882.65 342.27 264.51

Apr 30 14780.74 471.74 891.63 326.91 264.51

Apr 29 15228.11 477.36 920.28 341.79 277.21

TSX SHORT POSITIONS Short positions outstanding as of Apr 15, 2020 (with changes from Mar 31, 2020) Largest short positions SSL 22103464 -499084 Sandstorm Gold ABX 20213016 851939 Barrick Gold New Gold NGD 18734210 2172759 K 16765800 -596834 Kinross Gold First Quantum FM 14770496 3892919 SU 14533485 -4666594 Suncor Energy Ivanhoe Mines IVN 14275529 -1143892 PG 12587893 1037531 Premier Gold M Nexgen Energy NXE 11951818 66676 HBM 10332273 1620010 HudBay Min Fortuna Silvr FVI 10160661 1908667 Lundin Mng LUN 9554123 -1866222 Teck Res TECK.B 9448818 -258459 Yamana Gold YRI 8953880 4095858 Wheaton Prec M WPM 8407557 1079462 Largest increase in short position Yamana Gold YRI 8953880 4095858 Equinox Gold EQX 4510092 3992003 First Quantum FM 14770496 3892919 New Gold NGD 18734210 2172759 Fortuna Silvr FVI 10160661 1908667 Largest decrease in short position Osisko Mng Inc OSK 3314724 -6389824 Suncor Energy SU 14533485 -4666594 Nutrien NTR 2873362 -2858256 UEX Corp UEX 1975431 -2504297 Lundin Mng LUN 9554123 -1866222

Apr 28 14798.29 470.89 894.17 342.05 275.20

Apr 27 14642.11 470.42 884.53 343.95 275.68

High 15527.30 1050.26 896.74 218.90 420.72

Low 12400.15 883.52 709.99 149.29 130.95

TSX VENTURE SHORT POSITIONS

3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020

Short positions outstanding as of Apr 15, 2020 (with changes from Mar 31, 2020) Largest short positions TEM 6004000 6003886 Tembo Gold Conic Metals NKL 3973810 58556 New Pac Metals NUAG 1864819 59385 Surge Explor SUR 1118643 1117643 BTU Metals BTU 877131 843217 Palladium One PDM 621633 -1185956 Metalla Rylty MTA 559207 -512726 Leeta Gold HIVE 542941 171400 Guyana Goldstr GYA 514762 390776 Sokoman Min SIC 512281 411912 EnCore Energy EU 503603 73503 Minera Alamos MAI 471570 382609 Goldsource Min GXS 466297 394459 TVI Pacific TVI 465175 443775 GFG Resources GFG 449841 437439 Largest increase in short position TEM 6004000 6003886 Tembo Gold Surge Explor SUR 1118643 1117643 BTU Metals BTU 877131 843217 TVI 465175 443775 TVI Pacific GFG Resources GFG 449841 437439 Largest decrease in short position Palladium One PDM 621633 -1185956 Lion One Mtls LIO 130056 -704224 Power Metals PWM 69082 -674346 Colorado Res CXO 8050 -584980 Metalla Rylty MTA 559207 -512726

3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020 3/31/2020

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share.

American Cumo Mining Corp. (MLY.RT) - 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share

Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share.

Sandfire Resources America Inc. (SFR.RT) Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS 126 New Highs 1911 Gold* Agnico Eagle AgriMinco* Aiml Res* Alacer Gold Alamos Gold Alamos Gold* Allegiant Gold Allegiant Gold* Armor Min Asiamet Res* B2Gold Corp B2Gold Corp* Balmoral Res Bam Bam Res* Belo Sun Mng Belo Sun Mng* Benz Mining* Caledonia Mng Calibre Mng Canada Nickel Candente Coppr Canoe Mng Vent Canuc Res* Centamin Central Tim Ex Central Tim Ex* Chalice Gold M* Condor Res

Confedertn Ml* Copper One * Corsurex Res Desert Mtn Egy Endurance Gold* Ensurge* Evergold Evergold* Fieldex Expl Fiore Gold Fiore Gold* First Mexican Fortune Bay Franco-Nevada Full Metal Mnl* G2 Goldfields G2 Goldfields* Generic Gold Global Atomic Global Atomic* Golden Pursuit Goldseek Res GR Silver GR Silver* Great Bear Res Great Bear Res* Greatbanks Re Inca One Gold Jaguar Mng Jaguar Mng*

Kodiak Copper* Kore Mining Kore Mining * Lions Bay Mg Maple Gold Maple Gold* Mascota Res* Mawson Res Mawson Res* Mega Uranium Melkior Res Merger Mines* Midnight Sun Midnight Sun* Minera Alamos Minera Alamos * Mistango River Navy Res New Oroperu Northstar Gold Northstar Gold* NRG Metals* Original Sixtn* Orla Mng Ltd Orla Mng Ltd* Pac Imperial Pac Wildcat* Paramount Gold* PepinNini Lith* Phoenix Global*

PJSC Polyus Gd* Power Metals Power Metals* Prime Mining Prime Mining* Quadro Res Rae-Wallace Mg* Revelo Res RosCan Gold Roughrider Exp Running Fox Rs* San Marco Res* Sandstorm Gold Sandstorm Gold* Serabi Gold Sidney Resrces* Silver Mtn Mns* Southern Emp Steppe Gold Taiga Gold Taiga Gold* Tembo Gold Teranga Gold* Troilus Gold Troilus Gold* U3O8 Corp* Vangold Res Vangold Res* Vanstar Mng Rs Vanstar Mng Rs*

Wesdome Gold Wesdome Gold* Wheaton Prec M Wheaton Prec M* Yamana Gold* Zadar Ventures Zadar Ventures* 19 New Lows Alphamin Res Arch Coal* AurCrest Gold* Avenira Ltd* Azucar Min* Batero Gold* BLOX Inc* Blue Star Gold* Bullion Gold* Casa Minerals Gespeg Res Gitennes Expl * Gold Rush Cari* GrowMax Res* Intl Millm Mng PepinNini Lith* Sanatana Res* Vista Gold Western Mag*

CANADIAN GOLD MUTUAL FUNDS

DAILY METAL PRICES Date Apr 09 Apr 08 Apr 07 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1142.50/1180 1140/1180 1150.50/1190 Aluminum 1428.50/1467.00 1421.50/1459.50 1455.50/1491.50 Copper 4963.50/4992.50 4976/5000.50 6067.50/5085.50 Lead 1684.50/1704 1698/1713 1692.50/1707 Nickel 11457/11523 11425/11497 11350/11409 Tin 15171/15058 14667/14608 14929/14770 Zinc 1884/1889.50 1890/1904 1932/1940

1130/1180 1424.50/1460.50 4867/4881 1629.50/1643.50 11162/11217 14407/14295 1854.50/1868.50

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

Gold AM 1662.05 1649.05 Gold PM 1680.65 1647.80 Silver 15.18 15.07 Platinum 735.00 741.00 Palladium 2166.00 2180.00

1636.60 1648.30 14.56 733.00 2110.00

1652.20 1649.25 15.08 741.00 2175.00

Apr 06

May 01 ($) Apr 24 ($) FundName AGF Gb R A Fd MF 17.35 17.37 27.74 BMO Prec Mtls Fd A BMO ZGD 73.76 73.68 BMO ZJG 70.81 70.81 CIBC Prec Metal Fd A 16.16 16.33 Dyn Prec Metls Fd A 9.90 9.89 Harvest HGGG 31.47 32.44 Horizons HEP 34.07 34.59 IG MacGbPreMetCl A 13.50 13.82 iShares XGD 21.64 Mac Prec Met Cl A 70.30 72.05 NBI PrecMetFd Invt 20.13 20.17 NPT Go&PrMinFd A 45.71 46.32 NPT SilverEquCl A 6.54 6.34 RBC GblPreMetFd A 54.11 53.73 40.90 Sentry Pre Met Fd A TD Prec Mtl Fd Inv 54.31 55.13

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.02 -0.11 -19.04 2.79 66.03 -0.68 -2.51 -16.99 2.41 42.65 0.07 0.10 -22.96 0.61 127.06 0.00 0.00 -27.08 0.60 61.91 -0.17 -1.06 -10.82 2.43 44.48 0.01 0.10 -18.89 2.73 343.78 -0.97 -3.00 -8.38 0.94 3.96 -0.32 -0.93 -17.21 0.83 -0.32 -2.28 -15.36 2.68 28.52 -0.82 -3.89 -9.62 0.61 -1.74 -2.42 -15.56 2.52 53.35 -0.04 -0.20 -17.02 2.46 25.09 -0.60 -1.30 -19.45 3.19 0.20 3.11 -29.63 2.98 0.38 0.72 -17.39 2.13 304.97 0.02 0.06 -26.82 2.32 114.01 -0.82 -1.49 -12.80 2.26 113.40

EXCHANGE RATES Date US$ in C$ C$ in US$

May 01 1.4186 0.7054

Apr 30 1.3957 0.7165

Exchange rates (Quote Media, May 01, 2020) C$ to AUS C$ to EURO 1.098 0.6370 C$ to UK Pound C$ to China Yuan 0.5639 4.9946 US to AUS US to EURO 1.5576 0.9039 US to UK Pound US to China Yuan 0.7999 7.0624

Apr 29 1.3879 0.7205 C$ to YEN 75.3800 C$ to India Rupee 53.1034 US to YEN 106.9300 US to India Rupee 75.8590

Apr 28 1.4000 0.7143

Apr 27 1.4029 0.7128

C$ to Mex Peso 17.3423 C$ to Swiss Franc 0.6779 US to Mex Peso 24.6026 US to Swiss Franc 0.9616

C$ to SA Rand 13.3548 C$ to S. Korea Won 864.4608 US to SA Rand 18.8125 US to S. Korea Won 1224.9300

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

LEGEND A – Australian Securities Exchange C – Canadian Stock Exchange L – London 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 American * – Denotes price in U.S.$

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

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton

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

GLOBAL MINING NEWS · SINCE 1915

Re-Publishing License Own your moment in the press with a RePublishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525

THE GREAT PLANE ROBBERY: DRAMATIC GOLD HEIST AT THE MULATOS MINE / 7 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

SPECIAL FOCUS

MINING AND EXPLORATION IN

THE FAR NORTH VTEM™ | ZTEM™ | Gravity | Magnetics 905 841 5004 | geotech.ca

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE WWW.SGS.COM/MINING

MINERALS@SGS.COM

APRIL 27–MAY 10, 2020 / VOL. 106 ISSUE 9 / GLOBAL MINING NEWS · SINCE 1915 / $5.25 / WWW.NORTHERNMINER.COM

South America divided on coronavirus measures | Future mining projects in question as demand craters

DEBATE

BY KELSEY ROLFE Special to The Northern Miner

weeks to deal with the disease, some countries are seeing more success than others.

Argentina has already started to bend its curve thanks to early and aggressive shutdown measures. The country, which had its first confirmed case in early March, first closed its borders and suspended schools on March 15. Four days later, centreleftist President Alberto Fernández

S Contact: moliveira@northernminer.com or 416-510-6768 outh American countries have taken varying approaches to containing the spread of COVID-19, ranging from leaving it to states and cities to handle the virus to implementing aggressive lockdowns and curfews that have forced mining companies to reduce or shutter their operations.

While all have moved in recent

See SOUTH AMERICA / 8

Russia slams Trump order to mine Moon, asteroids SPACE MINING

| U.S. opens door to commercial

Brazil’s President Jair Bolsonaro and Minister of the Economy Paulo Guedes.

CREDIT: MARCOS CORRÊA/PALACIODOPLANALTO

PM40069240

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: APR 27 - MAY 01, 2020 (100s) Stock

WWW.NORTHERNMINER.COM

MAY 11 – MAY 24, 2020 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 12 Exploration C 40 1911 Gold* O 692 1911 Gold V 1853 Abacus Mining V 172 Abacus Mining* O 75 Abcourt Mines V 769 Abcourt Mines* O 35 Aben Resources* O 290 Aben Resources V 741 Abitibi Royal* O 11 Abitibi Royal V 13 AbraPlata Res* O 889 AbraPlata Res V 2989 Academy Metals V 35 Adamera Min* O 10 Adamera Min V 188 Adex Mining V 205 Advance Gold V 211 Advantage Lith V 98 Advantage Lith* O 58 Adventus V 25 Adventus* O 5 AEX Gold V 14 Affinity Metal* O 10 African Gold V 3346 African Gold* O 645 African Min* O 79 Aftermath Silv* O 1799 Agnico Eagle* N 10791 Agnico Eagle T 5239 AgriMinco* O 24 Aguila Amer Gd* O 0 Aguila Amer Gd V 3 Aiml Res V 88 Aiml Res* O 1 AJN Resources C 127 Alacer Gold T 5980 Alamos Gold T 10080 Alamos Gold* N 24450 Alaska Pac Egy* O 234 Alcoa* N 53882 Aldebaran Res V 23 Alderon Iron* O 125 Alderon Iron T 83 Aldever Res* O 0 Aldever Res V 12 Alexandra Cap* O 202 Alexco Res* X 6072 Alexco Res T 1892 Algold Res V 235 Algold Res* O 0 Alianza Min V 399 Alianza Min* O 74 Alien Metals* O 290 Alio Gold* X 1354 Alio Gold T 600 Allegiant Gold V 252 Allegiant Gold* O 467 Alliance Mng V 2725 Alliance Res* D 5607 Almaden Min T 278 Almaden Min* X 2459 Almadex Min* O 217 Almadex Min V 259 Almonty Ind * O 29 Almonty Ind T 132 Aloro Mining* O 13 Aloro Mining V 264 Alpha Lithium V 888 Alpha Lithium* O 1260 Alphamin Res * O 1879 Alphamin Res V 1374 Altai Resource V 748 Altai Resource* O 5 Altair Res Inc* O 0 Altair Res Inc V 375 Altamira Gold V 2650 Altamira Gold* O 480 Altan Nevada V 340 Altan Rio Min V 280 Altiplano Met V 82 Altius Mnrls T 469 Altius Mnrls * O 232 Alto Ventures* O 403 Alto Ventures V 495 Altura Mining* O 8 Alturas Min V 92 Altus Strat V 39 Alumina Ltd* O 94 ALX Resources* O 27 ALX Resources V 245 AM Resources V 10 Amarc Res V 263 Amarc Res* O 90 Amarillo Gold V 1155 Amarillo Gold* O 606 Amer Intl Vent* O 10 American Creek* O 516 American Creek V 1002 American CuMo* O 413 American Lith V 432 American Lith* O 252 American Mang* O 433 American Mang V 439 American Pac C 964 American Pac* O 746 AmericanSierra* O 22 Americas Silvr* X 5208 Americas Silvr T 2962 Amerigo Res T 496 Amerigo Res* O 182 Amex Expl* O 41 Amex Expl V 573 Amilot Capital V 422 Amseco Expl V 500 Anaconda Mng T 165 Anaconda Mng* O 163 Andes Gold* O 18 Anfield Energy* O 140 Anfield Energy V 1830 Angel Gold* O 34 Angel Gold V 126 Angkor Gold* O 50 Angkor Res V 313 Anglo American* O 6 Anglo American* O 1121 Anglo Pac Grp T 4 AngloGold Ash* O 0 AngloGold Ash* N 20050 Angus Ventures V 48 Antioquia Gold* O 147 Antioquia Gold V 584 Antler Gold * O 53 Antler Gold V 42 Antofagasta* O 5 Apex Res * O 1 Apex Res V 58 Appia Energy* O 175 Appia Energy C 170 Applied Min* O 1245 Aquila Res* O 307 Aquila Res T 262 Arbor Metals V 102 Arch Coal* N 3945 Archon Mineral V 5 Arctic Star* O 0 Arctic Star V 140 Arcturus Vent V 140 Arcturus Vent* O 14 Arcus Dev Grp* O 100 Arcus Dev Grp V 65 Arcwest Explor V 539 Arcwest Explor* O 5 Arena Min* O 10 Arena Min V 529 Ares Strategic V 53 Ares Strategic* O 20 Argentina Lith* O 24 Argentina Lith V 77 Argentum Silvr* O 30 Argentum Silvr V 173 Argo Gold C 1230 Argo Gold* O 33 Argonaut Gold* O 674 Argonaut Gold T 4780

0.15 0.15 0.15 unch 0.00 0.25 0.15 0.35 0.26 0.31 + 0.04 0.35 0.15 0.48 0.38 0.46 + 0.08 0.49 0.22 0.07 0.06 0.07 unch 0.00 0.15 0.04 0.06 0.04 0.05 + 0.00 0.11 0.03 0.07 0.06 0.07 unch 0.00 0.10 0.04 0.05 0.00 0.05 + 0.00 0.09 0.03 0.06 0.05 0.05 + 0.00 0.20 0.03 0.09 0.07 0.07 - 0.01 0.27 0.05 14.02 0.00 13.51 + 0.01 15.51 7.68 19.49 18.54 19.03 + 0.02 20.55 10.62 0.07 0.05 0.06 - 0.00 0.10 0.03 0.10 0.08 0.09 + 0.01 0.13 0.04 0.13 0.13 0.13 - 0.01 1.00 0.11 0.03 0.02 0.03 - 0.00 0.04 0.01 0.04 0.03 0.04 unch 0.00 0.05 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.08 0.07 0.07 - 0.01 0.29 0.03 0.27 0.25 0.27 unch 0.00 0.55 0.14 0.19 0.17 0.19 unch 0.00 0.41 0.07 0.78 0.70 0.78 + 0.08 1.16 0.52 0.56 0.49 0.56 + 0.09 0.90 0.36 0.64 0.00 0.63 + 0.04 0.69 0.27 0.13 0.13 0.13 + 0.00 0.20 0.04 0.33 0.26 0.31 + 0.02 0.59 0.10 0.24 0.19 0.21 + 0.00 0.44 0.07 0.01 0.01 0.01 + 0.00 0.01 0.00 0.19 0.15 0.17 unch 0.00 0.42 0.05 61.90 57.00 61.20 + 0.29 64.88 31.00 86.86 80.00 86.18 + 0.33 86.68 43.25 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.16 unch 0.00 0.16 0.12 0.14 0.13 0.14 + 0.01 0.24 0.12 0.19 0.16 0.16 - 0.03 0.35 0.10 0.17 0.00 0.17 + 0.04 0.17 0.01 0.40 0.29 0.32 + 0.02 1.34 0.07 7.77 6.74 7.67 + 0.53 7.66 3.46 12.19 10.81 11.81 + 0.42 12.19 4.43 8.77 7.77 8.40 + 0.32 8.77 3.34 0.00 0.00 0.00 unch 0.00 0.00 0.00 8.90 6.99 7.69 + 0.54 26.83 5.16 0.25 0.25 0.25 unch 0.00 0.51 0.16 0.06 0.06 0.06 + 0.01 0.26 0.04 0.08 0.08 0.08 - 0.01 0.35 0.06 0.00 0.00 0.01 unch 0.00 0.10 0.01 0.09 0.00 0.09 unch 0.00 0.25 0.05 0.25 0.19 0.23 + 0.04 0.60 0.06 1.72 1.46 1.64 + 0.14 2.81 0.72 2.40 2.04 2.31 + 0.20 3.73 1.00 0.17 0.10 0.11 - 0.03 0.29 0.03 0.04 0.04 0.04 unch 0.00 0.11 0.04 0.07 0.06 0.06 unch 0.00 0.10 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.72 0.64 0.69 + 0.03 0.94 0.28 1.00 0.91 0.98 + 0.06 1.23 0.43 0.25 0.19 0.23 + 0.04 0.25 0.07 0.19 0.14 0.16 + 0.02 0.19 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 4.09 3.21 3.62 + 0.27 19.43 2.70 0.68 0.51 0.61 + 0.05 1.10 0.31 0.49 0.38 0.43 + 0.04 0.82 0.21 0.15 0.12 0.14 + 0.02 0.45 0.05 0.21 0.18 0.19 + 0.01 0.45 0.12 0.38 0.35 0.35 - 0.02 0.77 0.24 0.54 0.47 0.50 - 0.01 1.05 0.28 0.03 0.03 0.03 unch 0.00 0.16 0.01 0.04 0.00 0.03 - 0.01 0.10 0.03 0.46 0.40 0.45 + 0.03 0.56 0.06 0.34 0.28 0.32 + 0.01 0.49 0.19 0.11 0.09 0.09 - 0.02 0.20 0.09 0.15 0.13 0.13 - 0.03 0.27 0.13 0.05 0.05 0.05 + 0.01 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.11 0.07 0.08 + 0.02 0.12 0.04 0.08 0.05 0.05 + 0.01 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.10 0.07 0.10 - 0.01 0.13 0.02 9.00 7.77 8.62 + 0.60 13.21 6.29 6.49 5.48 6.11 + 0.47 10.00 4.33 0.02 0.01 0.02 + 0.00 0.04 0.01 0.03 0.03 0.03 + 0.01 0.04 0.02 0.03 0.02 0.02 + 0.00 0.10 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.52 0.50 0.50 - 0.04 0.68 0.30 4.49 3.70 4.10 + 0.26 6.89 3.09 0.03 0.00 0.03 - 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.07 0.02 0.04 0.00 0.04 - 0.01 0.15 0.03 0.04 0.03 0.04 unch 0.00 0.08 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.20 0.18 0.19 - 0.01 0.27 0.10 0.14 0.12 0.13 - 0.01 0.20 0.08 0.01 0.00 0.01 + 0.00 0.02 0.00 0.06 0.04 0.05 + 0.01 0.09 0.02 0.07 0.06 0.07 unch 0.00 0.11 0.03 0.02 0.00 0.02 - 0.01 0.10 0.00 0.26 0.21 0.24 + 0.03 0.42 0.09 0.18 0.15 0.18 + 0.03 0.31 0.06 0.10 0.09 0.10 + 0.01 0.24 0.07 0.15 0.13 0.14 + 0.01 0.31 0.10 0.17 0.13 0.16 + 0.01 0.57 0.06 0.04 0.02 0.03 unch 0.00 0.43 0.04 0.01 0.00 0.01 + 0.00 0.03 0.01 2.27 1.98 2.21 + 0.08 3.92 1.00 3.16 2.78 3.13 + 0.14 5.19 1.39 0.30 0.26 0.26 - 0.03 0.85 0.12 0.21 0.18 0.19 - 0.02 0.63 0.08 1.13 0.96 1.07 + 0.14 1.44 0.48 1.59 1.34 1.44 + 0.11 1.90 0.59 0.03 0.02 0.03 + 0.01 0.06 0.01 0.05 0.05 0.05 + 0.02 0.08 0.02 0.24 0.22 0.22 - 0.01 0.36 0.10 0.17 0.15 0.15 - 0.01 0.26 0.07 0.01 0.00 0.01 - 0.00 0.02 0.00 0.09 0.00 0.07 - 0.01 0.16 0.03 0.12 0.08 0.10 - 0.01 0.22 0.04 0.02 0.02 0.02 + 0.01 0.02 0.00 0.03 0.03 0.03 + 0.01 0.04 0.01 0.04 0.04 0.04 + 0.00 0.11 0.04 0.07 0.05 0.07 + 0.01 0.15 0.05 19.09 0.00 17.57 + 0.34 29.51 12.56 9.55 8.41 8.48 - 0.30 14.81 5.91 2.88 2.19 2.79 + 0.19 4.20 1.87 26.78 0.00 26.78 - 0.03 26.81 11.07 27.16 23.66 25.11 - 1.49 27.63 11.29 0.53 0.00 0.53 + 0.03 0.55 0.14 0.02 0.01 0.02 + 0.01 0.03 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.06 0.06 0.06 unch 0.00 0.10 0.01 0.11 0.10 0.10 + 0.01 0.18 0.02 10.40 0.00 10.25 + 1.22 12.73 7.30 0.04 0.00 0.04 unch 0.00 0.31 0.03 0.08 0.07 0.07 unch 0.00 0.43 0.04 0.17 0.12 0.14 - 0.03 0.28 0.07 0.23 0.18 0.20 - 0.02 0.38 0.10 0.01 0.01 0.01 + 0.00 0.04 0.00 0.10 0.09 0.09 - 0.00 0.18 0.05 0.14 0.12 0.12 - 0.02 0.23 0.07 0.48 0.00 0.45 - 0.05 0.60 0.03 29.42 21.80 26.82 + 3.25 98.03 21.80 0.20 0.14 0.20 + 0.06 0.60 0.10 0.00 0.00 0.02 unch 0.00 0.30 0.01 0.04 0.03 0.04 + 0.01 0.48 0.03 0.10 0.08 0.09 unch 0.00 0.97 0.05 0.08 0.00 0.08 + 0.01 0.69 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.06 0.05 0.06 unch 0.00 0.09 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.02 0.01 0.02 + 0.01 0.06 0.01 0.04 0.03 0.03 + 0.01 0.08 0.02 0.11 0.09 0.11 + 0.01 0.15 0.07 0.05 0.05 0.05 unch 0.00 0.08 0.01 0.06 0.03 0.03 - 0.01 0.07 0.03 0.07 0.05 0.06 - 0.01 0.10 0.04 0.15 0.15 0.15 unch 0.00 0.37 0.11 0.22 0.20 0.21 unch 0.00 0.48 0.14 0.12 0.10 0.12 + 0.02 0.19 0.06 0.09 0.07 0.09 + 0.02 0.15 0.06 1.11 1.00 1.07 + 0.06 2.15 0.53 1.56 1.41 1.51 + 0.08 2.87 0.76

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Arianne Phosph V 353 0.19 0.17 0.17 - 0.02 0.65 0.15 O 76 0.14 0.12 0.12 - 0.01 0.49 0.11 Arianne Phosph* Arizona Silver* O 164 0.15 0.11 0.11 - 0.02 0.19 0.08 Arizona Silver V 717 0.21 0.15 0.17 - 0.02 0.25 0.10 Armor Min V 38 0.48 0.36 0.48 + 0.13 0.48 0.31 0.81 + 0.03 1.20 0.60 Artemis Gold* O 66 0.86 0.79 Artemis Gold V 192 1.22 1.09 1.15 + 0.03 1.60 0.95 1.09 - 0.08 1.28 0.50 Asanko Gold* X 3099 1.21 1.05 Asanko Gold T 1177 1.68 1.49 1.53 - 0.11 1.75 0.68 0.06 + 0.01 0.07 0.02 Asante Gold C 755 0.06 0.05 Ascendant Res T 541 0.13 0.11 0.12 - 0.01 0.50 0.09 Ascendant Res* O 1 0.09 0.09 0.09 + 0.00 0.34 0.07 Ascot Res T 368 0.78 0.71 0.73 - 0.01 0.98 0.37 Ascot Res * O 243 0.56 0.50 0.53 + 0.00 0.76 0.26 Ashanti Sanko V 728 0.05 0.02 0.05 + 0.03 0.05 0.01 AsiaBaseMetals V 1 0.00 0.00 0.30 unch 0.00 0.64 0.18 0.05 unch 0.00 0.05 0.02 Asiamet Res* O 0 0.05 0.05 Asian Mineral V 130 0.22 0.17 0.20 - 0.02 0.89 0.10 0.17 unch 0.00 0.32 0.17 Asian Mineral* O 3 0.17 0.17 Aston Bay V 3113 0.07 0.06 0.07 + 0.01 0.11 0.04 0.05 - 0.00 0.08 0.03 Aston Bay* O 192 0.05 0.04 ATAC Res* O 563 0.14 0.13 0.14 + 0.00 0.24 0.08 0.19 + 0.01 0.32 0.11 ATAC Res V 953 0.20 0.18 Atacama Res* O 8108 0.01 0.01 0.01 + 0.00 0.03 0.00 2.00 unch 0.00 3.99 1.79 Atalaya Mining T 3 2.00 2.00 Athabasca Min* O 15 0.12 0.10 0.11 + 0.01 0.60 0.06 0.17 + 0.01 0.79 0.08 Athabasca Min V 296 0.17 0.13 Athena Silver* O 23 0.04 0.00 0.04 + 0.01 0.06 0.01 0.21 - 0.00 0.33 0.11 Atico Mining* O 140 0.26 0.19 Atico Mining V 861 0.37 0.29 0.30 - 0.02 0.43 0.16 Atlanta Gold* O 44 0.03 0.00 0.00 - 0.01 0.04 0.00 Atlantic Indus V 100 0.02 0.02 0.02 unch 0.00 0.02 0.01 V 546 0.04 0.03 0.04 + 0.01 0.05 0.02 Aton Resources Aton Resources* O 50 0.02 0.00 0.02 + 0.00 0.04 0.01 5 45.02 0.00 45.02 + 5.32 65.07 11.78 Aura Minerals* O Aura Minerals T 5 64.74 55.48 60.05 + 3.55 91.80 16.21 Aura Resources V 146 0.05 0.00 0.05 unch 0.00 0.09 0.02 Aura Resources* O 14 0.03 0.02 0.02 - 0.01 0.06 0.02 Auramex Res V 445 0.04 0.03 0.03 - 0.01 0.08 0.02 Aurania Res* O 51 1.95 1.47 1.91 + 0.26 3.40 1.03 2.73 + 0.43 4.50 1.51 Aurania Res V 92 2.77 2.29 Aurcana Corp V 1480 0.46 0.37 0.37 - 0.07 0.53 0.15 0.28 - 0.04 1.25 0.01 Aurcana Corp* O 1479 0.33 0.26 AurCrest Gold V 51 0.03 0.03 0.03 + 0.01 0.05 0.02 0.01 - 0.00 0.04 0.01 AurCrest Gold* O 1 0.01 0.01 Aurelius Min V 523 0.03 0.02 0.03 + 0.01 0.06 0.02 Aurex Energy V 83 0.06 0.05 0.05 unch 0.00 0.30 0.05 Aurion Res V 1247 1.35 0.88 1.24 + 0.34 2.35 0.42 O 775 0.99 0.62 0.87 + 0.23 1.77 0.29 Aurion Res * Aurora Royal V 395 0.03 0.02 0.03 + 0.01 0.09 0.02 0.03 unch 0.00 0.12 0.01 Aurwest Res C 115 0.04 0.03 AURYN Mining* O 135 0.29 0.00 0.22 + 0.11 0.74 0.03 Auryn Resource T 342 1.55 1.42 1.50 - 0.01 2.45 1.00 Auryn Resource* X 626 1.11 1.02 1.08 unch 0.00 1.84 0.71 0.01 - 0.00 0.03 0.00 Aust Mines* O 53 0.01 0.01 Austral Gold* O 118 0.09 0.08 0.08 + 0.00 0.10 0.02 0.13 - 0.02 0.15 0.06 Austral Gold V 133 0.15 0.12 Auxico Res C 1534 0.05 0.04 0.05 + 0.02 0.18 0.02 T 10721 0.08 0.04 0.06 + 0.02 0.17 0.03 Avalon Advance Avalon Advance* O 3029 0.06 0.03 0.04 + 0.01 0.13 0.02 O 4 0.03 0.03 0.03 unch 0.00 0.11 0.03 Avarone Metals* Avarone Metals C 334 0.06 0.03 0.04 unch 0.00 0.15 0.03 0.00 unch 0.00 0.01 0.00 Avenira Ltd* O 24 0.00 0.00 Avidian Gold V 304 0.07 0.06 0.07 unch 0.00 0.21 0.05 0.41 - 0.01 0.81 0.26 Avino Silver* X 1732 0.44 0.39 Avino Silver T 129 0.60 0.52 0.56 - 0.04 1.07 0.27 0.02 - 0.01 0.05 0.01 Avrupa Min V 912 0.02 0.02 Avrupa Min* O 147 0.02 0.01 0.01 + 0.00 0.04 0.01 Awale Res V 1812 0.07 0.04 0.06 + 0.02 0.26 0.04 Axmin Inc* O 7 0.14 0.14 0.14 unch 0.00 0.40 0.11 0.20 + 0.01 0.57 0.16 Axmin Inc V 70 0.20 0.19 Azarga Metals V 98 0.13 0.12 0.12 unch 0.00 0.20 0.05 0.08 - 0.00 0.10 0.03 Azarga Metals* O 12 0.08 0.00 Azarga Uranium* O 466 0.17 0.14 0.14 - 0.00 0.22 0.05 T 1197 0.23 0.20 0.20 - 0.02 0.28 0.07 Azarga Uranium Azimut Explor V 1079 1.67 1.48 1.57 + 0.12 1.77 0.31 1.15 + 0.11 1.33 0.23 Azimut Explor* O 143 1.20 1.08 Azincourt Ener* O 285 0.04 0.03 0.04 unch 0.00 0.05 0.01 Azincourt Ener V 3223 0.05 0.04 0.05 unch 0.00 0.06 0.02 Aztec Minerals V 67 0.12 0.11 0.11 + 0.02 0.14 0.04 O 7 0.07 0.07 0.07 unch 0.00 0.11 0.03 Aztec Minerals* Azteca Gold* O 320 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 + 0.01 0.43 0.08 Azucar Min V 158 0.11 0.10 Azucar Min* O 235 0.08 0.00 0.08 + 0.01 0.34 0.05

B B2Gold Corp T 35232 7.77 6.85 7.25 - 0.38 7.77 3.12 5.16 - 0.22 5.53 2.16 B2Gold Corp* X 48522 5.53 4.88 Balmoral Res* O 1250 0.38 0.33 0.37 + 0.04 0.39 0.07 0.52 + 0.04 0.52 0.10 Balmoral Res T 3008 0.53 0.48 Bam Bam Res C 2536 0.13 0.07 0.12 + 0.05 0.15 0.03 Bam Bam Res* O 314 0.08 0.06 0.08 + 0.02 0.08 0.03 Bankers Cobalt V 6245 0.01 0.01 0.01 - 0.01 0.04 0.01 O 200 0.01 0.01 0.01 unch 0.00 0.03 0.00 Bankers Cobalt* O 2684 0.04 0.03 0.03 - 0.01 0.04 0.01 Bannerman Res* Banyan Gold V 584 0.06 0.05 0.06 + 0.01 0.09 0.03 Banyan Gold* O 105 0.04 0.04 0.04 + 0.00 0.07 0.02 Bard Ventures* O 10 0.06 0.06 0.06 + 0.01 0.10 0.05 Bard Ventures V 100 0.08 0.06 0.06 unch 0.00 0.17 0.05 Barksdale Res* O 48 0.23 0.16 0.22 + 0.08 0.57 0.14 0.31 + 0.09 0.75 0.21 Barksdale Res V 138 0.34 0.22 Barolo Venture V 10 0.18 0.18 0.18 unch 0.00 0.27 0.18 37.87 - 0.34 40.13 15.72 Barrick Gold T 26928 38.45 35.28 Barrick Gold* N 90432 27.36 25.16 26.93 - 0.17 28.50 11.65 0.26 unch 0.00 0.55 0.07 Barsele Min* O 25 0.26 0.26 Barsele Min V 87 0.38 0.36 0.38 unch 0.00 0.73 0.11 Batero Gold* O 182 0.06 0.04 0.04 - 0.02 0.08 0.04 Batero Gold V 510 0.08 0.06 0.06 - 0.01 0.10 0.05 Bayhorse Silvr* O 87 0.06 0.04 0.05 - 0.00 0.14 0.03 Bayhorse Silvr V 1742 0.07 0.06 0.06 unch 0.00 0.20 0.05 V 0 0.00 0.00 0.05 unch 0.00 0.07 0.04 BC Moly 0.04 - 0.02 0.11 0.02 BCM Res V 181 0.05 0.03 BE Res V 16 0.11 0.09 0.09 - 0.02 0.25 0.09 Bear Creek Mng V 258 2.06 1.70 1.79 - 0.20 2.97 0.75 Bear Creek Mng* O 336 1.48 1.21 1.28 - 0.10 2.35 0.50 Bearclaw Cap V 56 0.02 0.01 0.02 + 0.01 0.03 0.01 Bearing Lith* O 16 0.08 0.06 0.08 + 0.02 0.29 0.06 Bearing Lith V 19 0.10 0.00 0.10 + 0.01 0.38 0.06 0.10 unch 0.00 0.20 0.06 Beauce Gold V 259 0.11 0.10 Bell Copper V 154 0.08 0.06 0.07 - 0.02 0.11 0.01 0.06 + 0.00 0.08 0.02 Bell Copper* O 201 0.06 0.06 Belmont Res V 392 0.05 0.04 0.04 - 0.01 0.20 0.02 Belo Sun Mng T 8371 1.02 0.61 0.88 + 0.27 1.02 0.21 Belo Sun Mng* O 18811 0.76 0.41 0.63 + 0.20 0.76 0.16 BeMetals V 572 0.21 0.16 0.20 + 0.05 0.27 0.12 Benchmark Met* O 128 0.25 0.23 0.23 - 0.00 0.37 0.12 V 350 0.36 0.33 0.35 + 0.03 0.48 0.17 Benchmark Met 0.12 + 0.01 0.15 0.04 Benton Res V 723 0.12 0.11 Benton Res* O 220 0.09 0.00 0.09 + 0.01 0.11 0.02 Benz Mining V 886 0.14 0.11 0.12 unch 0.00 0.14 0.05 Benz Mining* O 211 0.10 0.07 0.09 + 0.01 0.10 0.05 Berkwood Res * O 128 0.02 0.01 0.02 + 0.00 0.05 0.01 Berkwood Res V 535 0.03 0.02 0.03 + 0.01 0.06 0.01 Bessor Min V 43 0.05 0.04 0.04 + 0.01 0.08 0.03 Bird River Res C 614 0.01 0.01 0.01 unch 0.00 0.02 0.01 Bitterroot Res* O 168 0.02 0.02 0.02 - 0.00 0.04 0.01 Bitterroot Res V 532 0.04 0.03 0.03 - 0.01 0.05 0.02 Black Hills* N 2502 68.46 58.84 59.73 - 2.79 87.12 48.07 Black Iron T 444 0.07 0.06 0.07 + 0.01 0.16 0.05 Black Iron* O 32 0.05 0.00 0.05 + 0.01 0.12 0.03 Black Mammoth V 8 0.04 0.04 0.04 unch 0.00 0.07 0.02 Black Sea * O 2 0.02 0.00 0.02 + 0.00 0.08 0.01 Black Sea V 8 0.04 0.00 0.04 + 0.01 0.10 0.02 Black Tusk Res* O 65 0.04 0.03 0.03 - 0.00 0.15 0.02 Black Tusk Res C 2172 0.06 0.05 0.05 unch 0.00 0.18 0.03 Blackrock Gold* O 555 0.16 0.11 0.15 + 0.02 0.27 0.03 Blackrock Gold V 741 0.23 0.15 0.21 + 0.04 0.36 0.03 Blind Creek V 42 0.04 0.03 0.04 + 0.01 0.06 0.02 BLOX Inc* O 25756 0.01 0.00 0.00 - 0.00 0.30 0.00 Blue Lagoon C 126 1.42 1.25 1.39 - 0.03 2.11 0.26 Blue Lagoon* O 5 1.05 0.00 1.05 + 0.05 1.45 0.62 Blue Moon Zinc* O 2 0.01 0.00 0.01 - 0.00 0.03 0.00 Blue Moon Zinc V 3 0.00 0.00 0.02 unch 0.00 0.04 0.01 Blue River Res V 190 0.01 0.01 0.01 unch 0.00 0.02 0.01 Blue River Res* O 122 0.01 0.01 0.01 unch 0.00 0.02 0.00 Blue Sky Uran* O 284 0.14 0.12 0.13 + 0.00 0.17 0.03 Blue Sky Uran V 1634 0.21 0.18 0.18 - 0.01 0.23 0.05 Blue Star Gold* O 0 0.00 0.00 0.06 unch 0.00 0.06 0.06 Blue Star Gold V 2386 0.05 0.04 0.04 unch 0.00 0.08 0.03 Blue Thunder V 478 0.10 0.08 0.10 + 0.02 0.20 0.06 0.11 + 0.05 0.19 0.03 BlueBird Batt* O 23 0.11 0.06 BlueBird Batt V 9532 0.17 0.08 0.16 + 0.09 0.28 0.04 Bluestone Res V 1912 2.05 1.81 1.83 - 0.10 2.12 0.85 Bluestone Res* O 117 1.46 1.30 1.30 - 0.09 1.59 0.65 Bold Ventures V 40 0.04 0.04 0.04 unch 0.00 0.13 0.03 Bonanza Gold* O 2251 0.00 0.00 0.00 - 0.00 0.01 0.00 BonTerra Res V 530 1.50 1.21 1.32 + 0.09 3.02 0.63 Boreal Metals V 90 0.06 0.04 0.06 + 0.02 0.08 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Borneo Res Inv* O 1493 O 14 Boundary Gold* Boundary Gold V 246 Bravada Gold* O 132 Bravada Gold V 181 O 3 Braveheart Res* Braveheart Res V 194 Bravo Multinat* O 49 Brazil Min* O 16975 Brigadier Gold V 90 BrightRock* O 1245 Britannia Mng* O 189 Brixton Metals V 796 Brixton Metals* O 550 Brookmount Exp* O 10204 Bryn Res* O 81 BTU Metals* O 126 BTU Metals V 4637 Buenaventura* N 10620 Buffalo Coal V 170 Bullfrog Gold* O 832 Bullfrog Gold C 840 Bullion Gold* O 11 Bunker Hill C 44 BWR Explor V 132

0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.01 0.01 + 0.01 0.15 0.00 0.02 0.02 0.02 unch 0.00 0.18 0.01 0.07 0.00 0.06 - 0.01 0.15 0.03 0.09 0.09 0.09 unch 0.00 0.20 0.05 0.03 0.03 0.03 unch 0.00 0.14 0.03 0.07 0.05 0.07 + 0.02 0.21 0.05 0.13 0.00 0.13 + 0.02 0.70 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.06 0.08 + 0.01 0.19 0.06 0.03 0.02 0.03 + 0.01 0.04 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.17 0.15 0.15 - 0.01 0.43 0.08 0.12 0.10 0.12 - 0.00 0.33 0.05 0.01 0.01 0.01 - 0.00 0.01 0.00 0.06 0.03 0.06 + 0.01 0.08 0.03 0.24 0.17 0.18 - 0.04 1.00 0.07 0.34 0.21 0.24 - 0.08 0.49 0.07 8.05 6.89 7.89 + 0.59 17.85 5.12 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.13 0.09 0.12 + 0.03 0.24 0.05 0.18 0.13 0.18 + 0.04 0.23 0.08 0.05 0.01 0.01 - 0.05 0.09 0.01 0.80 0.65 0.80 + 0.15 0.80 0.05 0.04 0.04 0.04 unch 0.00 0.06 0.02

Cabral Gold V 337 Cabral Gold* O 31 Cache Explor* O 320 Cache Explor V 187 Cadillac Vent* O 0 Cadillac Vent V 466 Caelan Capital* O 0 Cairo Res V 2 Caldas Gold V 56 Caledonia Mng T 28 Caledonia Mng* X 142 Calibre Mng T 2928 Calibre Mng* O 1386 California Gld* O 36 California Gld C 27 Callinex Mines* O 12 Callinex Mines V 41 Cameco Corp* N 15205 Cameco Corp T 6253 Cameo Cobalt* O 19 Cameo Cobalt V 150 Camino Min* O 10 Camino Min V 126 Camrova Res* O 2 Canada Carbon V 142 O 16 Canada Carbon* Canada Coal* O 0 Canada Coal V 0 Canada Cobalt * O 269 Canada Cobalt V 632 Canada Nickel V 254 Canada One V 93 Canada One* O 61 Canada Rare V 570 Canada Rare* O 258 O 5 Canadian Metal* Canadian Metal C 13 Canadian Ore V 149 Canadian Ore* O 32 Canadian Prem V 67 Canadian Prem* O 2 V 1026 CanAlaska Uran CanAlaska Uran* O 113 O 4 Canamex Gold* Canarc Res T 411 Canarc Res* O 113 Canasil Res V 145 Candelaria Mg* O 32 Candelaria Mg V 126 T 993 Candente Coppr Candente Gold* O 115 Candente Gold V 664 CANEX Metals * O 95 CANEX Metals V 1224 CaNickel Mng V 174 CaNickel Mng* O 0 Canoe Mng Vent V 830 Canstar Res V 24 Canstar Res* O 30 Canterra Mnls* O 3 Canterra Mnls V 543 35 Cantex Mn Dev* O Cantex Mn Dev V 120 Canuc Res V 882 Canuc Res* O 21 Capstone Mng T 1777 Cardero Res V 40 Cardero Res* O 24 Cardinal Res* O 41 Cardinal Res T 287 Cariboo Rose V 1535 Carlin Gold V 162 Carlyle Comm* O 109 Carrara Explor C 5056 Cartier Iron C 445 Cartier Res V 652 Cartier Res* O 248 Carube Copper V 803 Carube Copper* O 3 Casa Minerals V 79 Casa Minerals * O 36 Cascadero Copp V 330 Cassius Vents V 3 Cdn Palladium* O 191 Cdn Palladium C 753 CellCube Enrgy* O 450 Centamin T 60 Centaurus Diam* O 42 Centerra Gold T 4561 Central Iron V 6 Central Tim Ex V 68 7 Central Tim Ex* O Century Cobalt* O 43 Century Global T 15 Cerro de Pasc * O 10 Cerro de Pasc C 124 Cerro Grande* O 1 Cerro Grande C 2 Ceylon Graph V 279 V 377 Chakana Copper Chakana Copper* O 136 Chalice Gold M* O 141 Champion Bear* O 540 Champion Bear V 277 Champion Iron* O 5 Champion Iron T 3174 Chatham Rock V 4 Chatham Rock* O 0 Chesapeake Gld V 70 Chesapeake Gld* O 58 Chevron Corp* N 60288 Chiboug Ind Mn V 514 Chiboug Ind Mn* O 246 Chilean Metals V 176 Chilean Metals* O 6 China Gold Int T 305 CIM Intl Grp C 6 Clarmin Explor V 275 Clean Comm* O 18 Cleghorn Mnls V 50 Cleveland-Clif* N 64566 Cliffmont Res V 5 Clifton Mng* O 245 Clydesdale Res V 2 CMC Metals* O 20 CMC Metals V 278 CNRP Mng C 988 Cobalt Block* O 48 Cobalt Block V 83 Coeur Mng* N 31461 Colibri Res* O 715 Colibri Res V 844 Colombia Crest V 2 Colombia Crest* O 1 Colonial Coal V 148 Colorado Res V 2759 Colorado Res* O 265 Colt Res* O 0 Columbus Gold T 230 Columbus Gold* O 386 Commander Res V 321

0.16 0.13 0.14 + 0.02 0.19 0.07 0.11 0.09 0.11 + 0.02 0.14 0.05 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.00 0.00 0.02 unch 0.00 0.03 0.00 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.01 unch 0.00 0.94 0.06 0.20 0.20 0.20 unch 0.00 0.34 0.20 2.05 1.85 1.90 - 0.05 2.30 1.30 18.30 16.75 18.11 + 0.40 17.79 7.05 12.95 11.91 12.94 + 0.44 13.55 5.22 1.25 0.99 1.25 + 0.25 1.22 0.45 0.95 0.71 0.87 + 0.16 1.52 0.00 0.13 0.11 0.13 - 0.00 0.59 0.08 0.19 0.00 0.16 - 0.02 0.76 0.11 0.43 0.31 0.31 - 0.15 0.99 0.03 0.60 0.00 0.44 - 0.11 1.35 0.32 10.41 9.66 10.29 + 0.11 11.19 5.30 14.57 13.54 14.42 + 0.08 14.78 7.69 0.01 0.00 0.01 + 0.00 0.10 0.00 0.01 0.01 0.01 unch 0.00 0.13 0.01 0.10 0.00 0.10 + 0.03 0.14 0.03 0.14 0.00 0.13 - 0.02 0.19 0.05 0.00 0.00 0.00 unch 0.00 0.06 0.00 0.19 0.17 0.18 + 0.02 0.39 0.05 0.14 0.12 0.14 + 0.02 0.28 0.03 0.00 0.00 0.03 unch 0.00 0.00 0.00 0.02 unch 0.00 0.06 0.01 0.30 0.27 0.29 - 0.01 0.57 0.18 0.42 0.38 0.40 - 0.02 0.73 0.25 0.95 0.69 0.84 + 0.15 0.95 0.38 0.04 0.03 0.03 - 0.01 0.05 0.02 0.02 0.02 0.02 + 0.00 0.03 0.01 0.07 0.05 0.06 + 0.01 0.11 0.03 0.05 0.03 0.03 - 0.01 0.08 0.02 0.11 0.11 0.11 unch 0.00 0.50 0.11 0.16 0.13 0.13 - 0.02 0.70 0.01 0.10 0.09 0.10 - 0.01 0.30 0.06 0.07 0.07 0.07 - 0.01 0.21 0.04 0.23 0.12 0.21 + 0.09 1.40 0.10 0.19 0.12 0.12 - 0.06 0.83 0.12 0.20 0.15 0.15 - 0.03 0.29 0.09 0.13 0.11 0.11 - 0.02 0.23 0.06 0.03 0.00 0.03 unch 0.00 0.07 0.00 0.07 0.06 0.06 - 0.01 0.08 0.03 0.05 0.04 0.05 - 0.00 0.06 0.02 0.07 0.00 0.06 unch 0.00 0.09 0.05 0.08 0.05 0.07 - 0.01 0.18 0.03 0.10 0.00 0.10 unch 0.00 0.31 0.05 0.06 0.04 0.06 + 0.03 0.06 0.02 0.02 0.01 0.01 + 0.00 0.03 0.01 0.03 0.00 0.03 + 0.01 0.04 0.01 0.13 0.00 0.12 - 0.00 0.22 0.02 0.18 0.15 0.16 - 0.01 0.28 0.03 0.07 0.00 0.07 unch 0.00 0.11 0.04 0.00 0.00 0.04 unch 0.00 0.09 0.04 0.26 0.17 0.24 + 0.05 0.26 0.10 0.03 0.03 0.03 - 0.01 0.05 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.01 0.00 0.01 - 0.01 0.02 0.00 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.65 0.60 0.60 - 0.02 5.23 0.33 0.91 0.80 0.83 - 0.04 6.99 0.46 0.08 0.06 0.08 + 0.01 0.09 0.03 0.05 0.04 0.05 + 0.02 0.05 0.02 0.55 0.44 0.52 + 0.09 0.92 0.33 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.03 0.00 0.02 - 0.01 0.04 0.01 0.27 0.25 0.25 - 0.02 0.38 0.15 0.35 0.34 0.34 - 0.01 0.50 0.20 0.06 0.05 0.06 + 0.02 0.06 0.04 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.18 0.00 0.14 + 0.02 0.24 0.04 0.03 0.02 0.03 + 0.01 0.07 0.01 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.16 0.15 0.16 + 0.01 0.22 0.07 0.12 0.10 0.11 + 0.00 0.17 0.05 0.07 0.06 0.06 - 0.01 0.08 0.01 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.04 0.00 0.04 + 0.01 0.18 0.02 0.03 0.03 0.03 unch 0.00 0.12 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.07 0.06 0.07 + 0.01 0.28 0.02 0.10 0.09 0.09 + 0.01 0.23 0.06 0.03 0.01 0.02 - 0.00 0.11 0.01 2.95 2.65 2.73 - 0.19 2.95 1.44 0.05 0.05 0.05 - 0.02 0.29 0.04 12.34 10.65 11.72 - 0.62 13.00 5.52 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.30 0.23 0.23 - 0.02 0.48 0.05 0.18 0.10 0.18 + 0.08 0.18 0.03 0.02 0.00 0.01 - 0.00 0.13 0.00 0.06 0.06 0.06 - 0.01 0.25 0.05 0.24 0.24 0.24 unch 0.00 0.41 0.18 0.34 0.31 0.34 + 0.01 0.54 0.26 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.07 0.06 0.07 + 0.01 0.20 0.06 0.17 0.17 0.17 - 0.02 0.43 0.08 0.13 0.12 0.12 - 0.00 0.33 0.05 0.81 0.73 0.75 + 0.05 0.81 0.08 0.10 0.09 0.09 - 0.01 0.16 0.07 0.15 0.13 0.13 - 0.01 0.20 0.09 1.30 1.22 1.30 + 0.07 2.36 0.77 1.83 1.66 1.67 - 0.05 3.15 0.96 0.08 0.00 0.08 unch 0.00 0.18 0.07 0.08 0.08 0.08 unch 0.00 0.09 0.07 3.10 2.77 2.95 + 0.12 4.65 1.40 2.23 1.93 2.07 + 0.07 3.50 1.01 95.74 85.87 89.44 + 2.43 127.00 51.60 0.11 0.10 0.11 + 0.01 0.25 0.05 0.07 0.07 0.07 - 0.00 0.19 0.07 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.04 0.00 0.04 + 0.01 0.06 0.01 0.75 0.67 0.69 - 0.04 1.80 0.45 0.15 0.00 0.15 unch 0.00 0.19 0.02 0.09 0.07 0.09 + 0.01 0.17 0.05 0.13 0.08 0.13 + 0.04 0.17 0.01 0.05 0.05 0.05 unch 0.00 0.10 0.03 4.90 3.83 4.18 + 0.37 11.61 2.63 0.10 0.09 0.09 - 0.01 0.13 0.05 0.18 0.12 0.14 + 0.01 0.23 0.07 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.04 0.04 0.04 - 0.01 0.08 0.03 0.19 0.10 0.17 + 0.07 0.56 0.06 0.04 0.03 0.03 - 0.00 0.08 0.02 0.05 0.04 0.05 unch 0.00 0.09 0.03 4.35 3.45 3.90 + 0.30 8.29 1.98 0.04 0.03 0.03 + 0.00 0.06 0.03 0.06 0.04 0.04 - 0.01 0.08 0.04 0.00 0.00 0.12 unch 0.00 0.31 0.05 0.05 0.00 0.05 unch 0.00 0.23 0.05 0.27 0.24 0.25 - 0.01 0.54 0.21 0.06 0.04 0.06 + 0.01 0.13 0.03 0.04 0.03 0.04 + 0.00 0.10 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.14 0.14 - 0.02 0.20 0.09 0.12 0.09 0.09 - 0.02 0.15 0.06 0.07 0.06 0.07 + 0.01 0.11 0.05

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 60 Commander Res* Commerce Res V 226 O 145 Commerce Res* O 18 Compass Gold* Compass Gold V 287 X 1404 Comstock Mng* Comstock Mtls V 495 5 Comstock Mtls * O Condor Gold* O 63 Condor Gold T 52 Condor Res V 273 Condor Res* O 80 Confedertn Ml* O 3 Confedertn Mls V 26 Conic Metals* O 25 Conic Metals V 413 Conquest Res V 25 Cons Woodjam V 302 487 CONSOL Coal Rs* N CONSOL Energy* N 52766 4158 CONSOL Energy* N O 111 Constantine Mt* Constantine Mt V 427 Contact Gold* O 622 Contact Gold V 378 Contact Mnrls* O 10 226 Copper Fox Mtl V 55 Copper Fox Mtl* O 731 Copper Lake Rs V 1432 Copper Mtn Mng T 368 Copper Mtn Mng* O 23 Copper North M* O 796 Copper North M V 367 O Copper One * 11616 Copper One C 540 Copper Reef Mg C 0 Copper Reef Mg* O O 220 Copperbank Res* C 740 Copperbank Res 25 O Coral Gold * Coral Gold V 118 Cordoba Mnls V 103 Cordoba Mnls* O 117 Core Gold* O 39 Core Gold V 224 Core Lithium* O 8 V 94 Cornerstone Ca O 3 Cornerstone Ca* Coro Mining T 1328 Corsa Coal V 29 14 O Corsa Coal * Corsurex Res C 2900 Corvus Gold T 582 Corvus Gold* O 297 CR Capital V 146 0 Crazy Horse Res* O Crest Resource C 855 Crestview Expl C 365 Critical Elem* O 7 Critical Elem V 517 V 29 CROPS Crown Mining* O 61 Crown Mining V 137 Cruz Cobalt C 555 Cruz Cobalt* O 128 Crystal Lake* O 67 Crystal Lake V 938 Crystal Peak V 480 Crystal Peak* O 129 CTGX Mining* O 0 236 Currie Rose Rs V 100 Currie Rose Rs* O 30 V CWN M’g Acq Cypress Dev* O 79 Cypress Dev V 390

0.04 0.04 - 0.01 0.08 0.05 0.04 0.11 0.23 + 0.03 0.90 0.29 0.19 0.07 0.17 + 0.04 0.68 0.21 0.14 0.10 0.19 + 0.02 0.50 0.19 0.17 0.14 0.30 + 0.05 0.65 0.30 0.00 0.15 0.52 - 0.04 1.39 0.56 0.49 0.02 0.02 - 0.01 0.04 0.03 0.02 0.03 0.01 - 0.01 0.01 0.01 0.02 0.22 unch 0.00 0.39 0.36 0.39 0.36 0.30 0.57 + 0.09 0.70 0.58 0.37 0.04 0.08 + 0.01 0.09 0.09 0.07 0.02 0.06 + 0.02 0.06 0.06 0.04 0.10 0.36 + 0.16 0.36 0.36 0.19 0.21 0.45 + 0.10 0.74 0.45 0.00 0.09 0.12 + 0.01 0.35 0.14 0.11 0.12 0.18 + 0.01 0.48 0.20 0.16 0.01 unch 0.00 0.04 0.03 0.03 0.03 0.02 0.04 + 0.02 0.06 0.04 0.03 - 0.55 18.15 4.50 4.90 5.02 5.67 - 1.35 14.19 4.26 9.98 10.15 13.45 4.35 6.91 + 2.15 33.90 3.35 7.67 0.09 0.11 + 0.01 0.57 0.12 0.09 0.12 0.16 + 0.02 0.72 0.16 0.14 0.00 0.11 + 0.01 1.00 0.13 0.10 0.08 0.16 + 0.02 0.30 0.18 0.14 0.05 unch 0.00 0.24 0.05 0.05 0.05 0.11 0.01 0.00 0.07 unch 0.00 0.08 0.08 0.03 0.04 0.05 + 0.00 0.06 0.02 0.01 0.01 0.02 unch 0.00 0.02 1.02 0.28 0.42 0.46 + 0.02 0.52 0.75 0.19 0.30 0.32 + 0.01 0.38 0.04 0.01 0.00 0.01 + 0.00 0.01 0.05 0.01 - 0.01 0.00 0.02 0.02 0.69 0.01 - 0.09 0.01 0.23 0.69 0.05 0.31 - 0.06 1.00 0.43 0.25 0.52 0.13 0.15 0.22 + 0.06 0.22 0.35 0.07 0.14 0.14 unch 0.00 0.14 0.02 0.03 + 0.00 0.05 0.03 0.00 0.03 unch 0.00 0.06 0.04 0.05 0.04 0.44 0.18 - 0.01 0.37 0.37 0.38 0.26 0.52 - 0.01 0.57 0.53 0.00 0.04 0.07 - 0.01 0.14 0.08 0.00 0.03 0.05 - 0.01 0.10 0.06 0.05 0.06 0.10 + 0.02 0.26 0.11 0.09 0.08 0.14 + 0.02 0.34 0.17 0.12 0.02 unch 0.00 0.21 0.14 0.14 0.00 1.36 unch 0.00 7.00 2.60 3.10 2.55 0.10 1.92 + 0.10 3.61 2.22 0.00 0.04 0.06 + 0.01 0.11 0.06 0.05 0.12 0.18 - 0.02 0.85 0.19 0.18 0.66 0.08 - 0.02 0.12 0.12 0.14 0.02 0.08 + 0.02 0.15 0.15 0.05 0.99 1.98 - 0.08 2.69 2.25 1.90 0.72 1.42 - 0.03 2.04 1.61 1.36 0.02 0.04 + 0.01 0.06 0.05 0.04 0.38 0.00 0.00 0.10 unch 0.00 0.00 0.04 0.05 + 0.02 0.16 0.05 0.04 0.40 0.70 - 0.03 2.60 0.76 0.65 0.16 0.19 + 0.01 0.48 0.19 0.18 0.17 0.24 - 0.01 0.63 0.27 0.24 0.01 0.01 - 0.01 0.04 0.02 0.01 0.01 unch 0.00 0.06 0.01 0.01 0.01 0.02 unch 0.00 0.08 0.03 0.03 0.03 0.03 0.04 + 0.01 0.06 0.04 0.03 0.01 0.02 - 0.01 0.05 0.03 0.02 0.04 0.06 - 0.01 0.32 0.07 0.06 0.05 0.10 + 0.01 0.42 0.10 0.08 0.01 unch 0.00 0.18 0.04 0.04 0.03 0.01 0.02 - 0.01 0.13 0.03 0.02 0.00 unch 0.00 0.12 0.00 0.00 0.00 0.08 0.02 - 0.01 0.03 0.03 0.03 0.03 0.01 - 0.00 0.02 0.02 0.02 0.21 0.03 0.05 0.05 unch 0.00 0.05 0.08 0.13 + 0.01 0.19 0.14 0.12 0.11 0.18 + 0.01 0.26 0.19 0.18

Dajin Lithium* O 486 Dajin Res V 488 159 Dakota Ter Res* O Damara Gold V 359 Danakali* O 71 Debut Dmds C 52 Decade Res V 600 O 31 Deep-South Res* V 659 Deep-South Res DeepRock Min C 518 O 255 Defense Metals* Defense Metals V 718 Defiance Silvr V 931 Defiance Silvr* O 686 Delrand Res V 352 Denison Mines T 3046 X 7035 Denison Mines* Desert Gold* O 33 Desert Gold V 368 333 Desert Mtn Egy V Diamante Min* O 2 Diamcor Mng V 132 Diamcor Mng* O 25 Diamond Disc* O 435 V 27 Diamond Fields O 0 Diamond Fields* V 318 Dios Expl O 114 Discovery Harb* Discovery Harb V 280 Discovery Met* O 498 Discovery Met V 1033 37644 Discovery Min* O V 20 Discovery-Corp District Cop V 440 District Cop* O 0 Ditem Explor* O 18 Dixie Gold V 195 DNI Metals* O 5 Dolat Ventures* O 5 270 O Dolly Vard Sil* 513 V Dolly Vard Sil Dore Copper V 22 V 609 Doubleview Cap DRDGOLD* N 1996 2762 Dundee Prec Mt T Durango Res* O 200 Durango Res V 156 DV Resources* O 16 DV Resources V 30 146 Dynacor Gld Mn T 36 Dynacor Gld Mn* O O 1 DynaResource* Dynasty Gold V 219 Dynasty Gold* O 6 E3 Metals V 295 E3 Metals* O 36 Eagle Graphite V 75 O 0 Eagle Graphite* Eagle Plains V 635 35 V East Africa 2 O East Africa * 58 East Asia Mnls* O 241 East Asia Mnls V EastCoal Inc V 0 Eastern Platin* O 112 Eastern Platin T 178 Eastern Zinc C 339 Eastfield Res V 11 Eastfield Res* O 12 Eastmain Res T 2454 Eastmain Res* O 213 Eclipse Gold* O 41 Eclipse Gold V 283 181 C Eco Oro Mnls 28 O Eco Oro Mnls* O 1 Edgewater Expl* V 12 Edgewater Expl Edison Cobalt* O 4 380 El Capitan Prc* O 100 O El Nino Vent* 51 V El Nino Vent 193 Elcora Adv Mat V Elcora Res* O 32 Eldorado Gold* N 15102 Eldorado Gold T 7036 Eloro Res* O 6 Eloro Res V 30 1114 V Ely Gold Royal 1036 Ely Gold Royal* O 12 O Elysee Dev * Elysee Dev V 55

0.01 0.02 - 0.00 0.05 0.02 0.00 0.02 0.02 - 0.01 0.06 0.03 0.02 0.26 0.03 0.15 0.19 + 0.02 0.19 0.02 0.02 - 0.01 0.06 0.03 0.02 0.16 0.26 + 0.01 0.56 0.27 0.24 0.07 0.15 + 0.05 0.25 0.15 0.00 0.01 unch 0.00 0.05 0.03 0.03 0.03 0.03 0.03 + 0.00 0.07 0.03 0.03 0.03 unch 0.00 0.15 0.05 0.06 0.05 0.01 unch 0.00 0.08 0.02 0.02 0.01 0.03 0.11 + 0.00 0.24 0.12 0.09 0.06 unch 0.00 0.23 0.15 0.17 0.14 0.06 0.19 + 0.01 0.37 0.20 0.17 0.03 0.13 + 0.01 0.32 0.15 0.12 0.20 0.31 + 0.01 0.65 0.31 0.25 0.24 0.62 - 0.03 0.72 0.68 0.56 0.19 0.44 - 0.02 0.55 0.49 0.40 0.05 0.08 + 0.01 0.31 0.08 0.00 0.05 0.10 + 0.01 0.26 0.11 0.10 0.36 0.14 0.23 0.35 + 0.08 0.36 0.01 0.01 - 0.00 0.07 0.01 0.00 0.08 unch 0.00 0.20 0.13 0.14 0.12 0.05 0.09 + 0.01 0.15 0.09 0.09 0.00 0.00 - 0.00 0.00 0.00 0.00 0.09 0.11 + 0.01 0.25 0.12 0.00 0.00 unch 0.00 0.16 0.04 0.00 0.00 0.03 0.09 - 0.01 0.17 0.10 0.09 0.02 0.05 + 0.01 0.14 0.05 0.04 0.03 0.06 + 0.01 0.18 0.07 0.06 0.13 0.32 - 0.02 0.56 0.36 0.31 0.20 0.45 - 0.02 0.74 0.50 0.44 0.00 0.00 - 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.15 0.08 0.08 0.08 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.00 unch 0.00 0.03 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.07 0.18 + 0.02 0.24 0.18 0.13 0.00 0.02 + 0.00 0.09 0.02 0.00 0.04 0.07 + 0.02 0.76 0.07 0.00 0.35 0.12 - 0.02 0.20 0.21 0.24 0.47 0.17 - 0.03 0.29 0.29 0.33 0.45 0.66 + 0.06 1.65 0.66 0.59 0.04 0.07 + 0.01 0.14 0.07 0.06 1.64 9.50 + 0.12 9.69 9.59 8.72 6.95 3.20 6.33 6.94 + 0.29 6.95 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.04 0.06 + 0.02 0.08 0.06 0.05 0.03 unch 0.00 0.11 0.03 0.05 0.03 0.04 unch 0.00 0.12 0.07 0.07 0.07 2.00 0.99 - 0.02 1.53 1.60 1.65 1.60 0.70 - 0.09 1.10 1.15 1.24 0.24 0.50 + 0.02 1.08 0.50 0.47 0.04 0.05 - 0.01 0.11 0.06 0.05 0.03 0.04 + 0.00 0.08 0.04 0.04 0.19 0.26 - 0.01 0.60 0.30 0.24 0.11 0.19 - 0.02 0.41 0.20 0.18 0.02 unch 0.00 0.08 0.03 0.03 0.02 0.01 unch 0.00 0.06 0.02 0.00 0.00 0.07 0.10 - 0.01 0.12 0.11 0.10 0.26 0.08 - 0.02 0.00 0.10 0.11 0.19 0.07 - 0.00 0.07 0.07 0.07 0.09 0.02 0.02 0.03 + 0.01 0.04 0.13 0.02 0.04 0.04 + 0.01 0.05 0.06 unch 0.00 0.09 0.09 0.00 0.00 0.12 0.15 - 0.02 0.44 0.18 0.15 0.18 0.22 - 0.04 0.72 0.25 0.22 0.02 0.20 + 0.11 0.20 0.20 0.11 0.03 0.03 - 0.01 0.06 0.04 0.00 0.02 0.03 + 0.00 0.05 0.03 0.02 0.06 0.11 + 0.02 0.22 0.11 0.10 0.04 0.08 + 0.01 0.16 0.08 0.07 0.31 0.57 - 0.07 0.67 0.66 0.57 0.40 0.80 - 0.10 0.95 0.91 0.78 0.16 0.03 0.00 0.07 unch 0.00 0.07 0.10 0.02 - 0.00 0.00 0.05 0.05 0.02 unch 0.00 0.09 0.02 0.02 0.02 0.04 unch 0.00 0.15 0.05 0.05 0.04 0.03 unch 0.00 0.05 0.03 0.03 0.03 0.04 0.01 0.01 0.01 + 0.00 0.01 0.04 0.01 0.02 0.02 unch 0.00 0.02 0.05 0.02 - 0.01 0.02 0.02 0.03 0.10 0.02 0.02 0.03 + 0.01 0.03 0.01 0.02 + 0.00 0.07 0.02 0.01 - 0.45 11.29 3.05 8.78 9.29 9.88 4.10 13.08 - 0.69 14.99 13.89 11.50 0.13 0.24 + 0.05 0.35 0.24 0.19 0.15 0.33 + 0.06 0.46 0.33 0.27 1.02 0.15 - 0.05 0.82 0.87 0.94 0.78 0.11 - 0.04 0.56 0.62 0.66 0.30 0.19 0.22 0.22 unch 0.00 0.22 0.28 0.30 - 0.01 0.41 0.32 0.30

D-F

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MAY 11 – MAY 24, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Emerita Res V 392 0.06 0.04 0.05 + 0.02 0.17 0.02 Emgold Mining* O 113 0.04 0.03 0.03 + 0.00 0.14 0.03 Emgold Mining V 467 0.06 0.04 0.06 + 0.01 0.19 0.03 0.03 unch 0.00 0.06 0.01 Empress Res V 49 0.03 0.00 EMX Royalty V 99 2.48 2.30 2.48 + 0.04 2.77 1.45 1.77 + 0.04 2.12 1.10 EMX Royalty* X 1238 1.79 1.64 Encanto Potash* O 111 0.03 0.01 0.03 - 0.01 0.11 0.01 Encanto Potash V 120 0.04 0.03 0.04 + 0.01 0.15 0.01 0.21 + 0.02 0.22 0.08 EnCore Energy V 860 0.21 0.19 Endeavour Mng T 1647 27.56 24.25 26.10 - 1.33 29.18 15.68 O 96 19.52 17.33 18.53 - 0.72 21.86 11.02 Endeavour Mng* Endeavr Silver* N 9746 1.71 1.48 1.64 + 0.09 3.20 0.99 Endeavr Silver T 2555 2.37 2.08 2.29 + 0.15 4.26 1.30 O 211 0.05 0.04 0.04 - 0.01 0.05 0.02 Endurance Gold* Endurance Gold V 357 0.07 0.05 0.06 unch 0.00 0.07 0.03 1.80 - 0.06 3.32 0.78 Energy Fuels* X 9069 1.93 1.67 Energy Fuels T 2209 2.71 2.36 2.52 - 0.10 4.38 1.10 Engineer Gold V 270 0.07 0.06 0.07 + 0.02 0.14 0.03 0.05 unch 0.00 0.11 0.02 Engold Mines V 41 0.05 0.05 Engold Mines* O 10 0.04 0.02 0.04 unch 0.00 0.08 0.02 Ensurge* O 815 0.06 0.02 0.04 + 0.02 0.06 0.01 0.20 - 0.00 0.35 0.05 Entree Res* O 323 0.23 0.20 0.30 + 0.02 0.48 0.22 Entree Res T 310 0.32 0.28 Equinox Gold* X 8348 8.78 8.01 8.62 + 0.32 10.30 4.63 Equinox Gold T 5026 12.17 11.26 12.14 + 0.51 13.52 4.90 Equitorial Ex V 1118 0.02 0.01 0.01 unch 0.00 0.06 0.01 0.03 unch 0.00 0.08 0.03 Equity Metals* O 3 0.03 0.03 0.05 + 0.01 0.11 0.04 Equity Metals V 575 0.06 0.05 Erdene Res Dev T 517 0.24 0.21 0.23 + 0.01 0.32 0.13 Erdene Res Dev* O 235 0.17 0.15 0.15 - 0.01 0.24 0.09 Erin Ventures* O 8 0.03 0.03 0.03 + 0.00 0.06 0.02 0.04 - 0.01 0.10 0.03 Erin Ventures V 135 0.06 0.04 15.52 + 1.21 25.69 8.40 Ero Copper T 836 16.54 14.14 Ero Copper* O 40 11.83 10.20 10.99 + 0.89 19.20 5.92 Eros Res Corp* O 15 0.08 0.07 0.08 - 0.00 0.09 0.03 Eros Res Corp V 68 0.11 0.11 0.11 - 0.01 0.12 0.05 V 68 0.11 0.11 0.11 - 0.01 0.12 0.05 Eros Res Corp 0.12 unch 0.00 0.27 0.04 Eskay Mng* O 70 0.12 0.12 Eskay Mng V 219 0.16 0.15 0.15 unch 0.00 0.38 0.07 0.30 - 0.03 0.40 0.10 Essex Minerals V 270 0.31 0.00 Ethos Gold* O 127 0.09 0.06 0.06 - 0.02 0.24 0.05 0.10 - 0.01 0.32 0.08 Ethos Gold V 211 0.12 0.09 0.22 unch 0.00 0.49 0.12 Etruscus Res C 9 0.22 0.18 Euro Manganese V 161 0.10 0.00 0.10 unch 0.00 0.23 0.09 O 289 0.24 0.20 0.24 + 0.00 0.50 0.02 Euro Sun Mg* Euro Sun Mg T 989 0.34 0.31 0.33 + 0.01 0.65 0.14 0.02 unch 0.00 0.06 0.01 EurOmax Res* O 26 0.02 0.02 0.03 + 0.01 0.10 0.02 EurOmax Res T 66 0.03 0.02 European Elect* O 27 0.01 0.01 0.01 + 0.00 0.05 0.00 0.02 - 0.01 0.07 0.01 European Elect V 504 0.02 0.01 European Metal* O 0 0.00 0.00 0.03 unch 0.00 1.00 0.00 V 110 0.02 0.02 0.02 - 0.01 0.04 0.01 Eurotin Evergold V 1209 0.58 0.45 0.55 + 0.11 0.58 0.17 Evergold* O 38 0.42 0.33 0.40 + 0.10 0.42 0.15 420 0.10 0.09 0.10 unch 0.00 1.36 0.05 EVI Global Grp C Evolving Gold C 711 0.04 0.00 0.02 - 0.02 0.07 0.01 0.01 + 0.00 0.06 0.00 Evolving Gold* O 2 0.01 0.00 0.30 - 0.02 0.40 0.19 Evrim Res V 140 0.32 0.29 Excellon Res T 1908 0.62 0.50 0.54 - 0.07 1.51 0.31 0.38 - 0.06 1.15 0.19 Excellon Res* O 749 0.44 0.36 Excelsior Mng* O 263 0.45 0.38 0.41 + 0.03 0.94 0.30 0.60 + 0.05 1.23 0.42 Excelsior Mng T 433 0.62 0.54 450 0.01 0.01 0.01 + 0.01 0.02 0.01 ExGen Res Inc V Fabled Copper V 3 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.30 + 0.02 0.36 0.17 Falco Res V 2424 0.35 0.27 Falco Res * O 667 0.25 0.16 0.21 + 0.06 0.28 0.11 0.07 - 0.01 0.08 0.02 Falcon Gold V 4272 0.08 0.06 0.05 + 0.01 0.11 0.03 Fancamp Expl V 296 0.05 0.04 Far Res* O 235 0.02 0.01 0.01 - 0.00 0.07 0.01 C 2543 0.03 0.02 0.03 + 0.01 0.10 0.02 Far Res Fidelity Min* O 20 0.02 0.02 0.02 unch 0.00 0.22 0.02 0.02 - 0.01 0.28 0.02 Fidelity Min V 61 0.03 0.02 0.10 - 0.01 0.13 0.04 Fieldex Expl V 600 0.13 0.10 Filo Mg Corp V 47 1.50 0.00 1.36 + 0.01 3.25 1.00 O 26 1.05 0.95 1.04 + 0.09 2.31 0.77 Filo Mg Corp * Finlay Minrls V 139 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.51 + 0.05 0.54 0.18 Fiore Gold* O 687 0.54 0.46 0.71 + 0.06 0.74 0.26 Fiore Gold V 1404 0.74 0.64 Fiorentina Min C 30 0.10 0.00 0.10 unch 0.00 0.20 0.10 O 1 0.05 0.00 0.05 - 0.00 0.38 0.00 Fire River Gol* FireFox Gold V 182 0.07 0.07 0.07 + 0.01 0.23 0.04 0.04 unch 0.00 0.07 0.03 Firestone Vent V 125 0.04 0.04 0.37 + 0.02 0.70 0.31 Fireweed Zinc V 172 0.40 0.35 Fireweed Zinc* O 31 0.26 0.24 0.26 - 0.02 0.54 0.21 O 732 0.00 0.00 0.00 - 0.00 0.02 0.00 Firma Holdings* First Cobalt * O 1351 0.12 0.10 0.12 + 0.01 0.15 0.05 0.17 + 0.02 0.20 0.08 First Cobalt V 5080 0.17 0.14 0.05 + 0.01 0.16 0.02 First Energy* O 1 0.05 0.00 First Energy C 6 0.08 0.00 0.08 unch 0.00 0.20 0.04 11.70 + 0.83 16.50 5.30 First Majestic T 5397 12.10 10.40 First Majestic* N 25096 8.70 7.39 8.32 + 0.62 12.69 4.17 First Mexican V 235 0.24 0.15 0.21 + 0.07 0.24 0.04 0.09 unch 0.00 0.09 0.01 First Mexican* O 2 0.09 0.09 First Mg Fin T 3332 0.24 0.22 0.23 - 0.01 0.34 0.12 O 2248 0.18 0.15 0.16 - 0.01 0.27 0.09 First Mg Fin * First Point* O 98 0.11 0.00 0.11 - 0.01 0.16 0.08 First Quantum T 17585 9.58 8.01 8.26 - 0.29 14.10 4.71 0.21 + 0.05 0.55 0.13 First Vanadium V 422 0.21 0.17 First Vanadium* O 391 0.15 0.11 0.14 + 0.03 0.41 0.08 Fission 3.0 V 1353 0.07 0.06 0.06 - 0.01 0.12 0.03 Fission 3.0* O 207 0.05 0.04 0.04 - 0.00 0.09 0.02 Fission Uran* O 1370 0.25 0.21 0.22 + 0.00 0.41 0.07 Fission Uran T 3253 0.33 0.30 0.31 + 0.01 0.55 0.10 Five Star Diam V 234 0.03 0.02 0.02 - 0.01 0.06 0.01 Five Star Diam* O 3 0.02 0.00 0.02 unch 0.00 0.04 0.02 Fjordland Exp* O 32 0.03 0.02 0.03 + 0.01 0.07 0.02 Fjordland Exp V 197 0.04 0.00 0.04 unch 0.00 0.09 0.03 Focus Graphite* O 845 0.02 0.01 0.02 - 0.00 0.03 0.01 Focus Graphite V 1090 0.03 0.02 0.03 unch 0.00 0.04 0.01 Foran Mng V 430 0.17 0.11 0.17 + 0.07 0.33 0.08 Forsys Metals T 231 0.21 0.18 0.18 - 0.02 0.23 0.06 Fort St J Nick V 703 0.11 0.11 0.11 unch 0.00 0.18 0.08 Fortescue Met* O 4 8.14 7.24 7.24 - 0.11 8.89 4.61 Fortuna Silvr T 6271 4.51 3.69 4.39 + 0.58 6.12 2.05 Fortuna Silvr* N 19982 3.27 2.62 3.13 + 0.42 4.59 1.47 Fortune Bay V 229 0.81 0.62 0.70 unch 0.00 0.81 0.22 Fortune Bay* O 7 0.52 0.00 0.47 + 0.03 0.52 0.14 Fortune Mnrls* O 170 0.04 0.04 0.04 - 0.00 0.08 0.03 Fortune Mnrls T 755 0.06 0.05 0.06 + 0.01 0.11 0.04 Forum Energy V 883 0.09 0.08 0.09 + 0.01 0.11 0.04 Forum Energy* O 269 0.07 0.05 0.07 + 0.01 0.08 0.03 Fosterville V 3620 1.70 1.40 1.58 + 0.12 1.71 0.91 Four Nines C 175 0.10 0.10 0.10 unch 0.00 0.20 0.10 Fox River Res C 129 0.06 0.06 0.06 + 0.01 0.12 0.04 FPX Nickel V 261 0.16 0.14 0.15 - 0.01 0.23 0.10 Franco-Nevada* N 4868 138.51 128.64 137.85 + 1.60 138.56 69.92 Franco-Nevada T 3148 194.52 181.02 194.52 + 2.48 194.47 93.68 Franklin Mng* O 1118 0.00 0.00 0.00 unch 0.00 0.10 0.00 Freegold Vent T 485 0.09 0.00 0.09 + 0.01 0.12 0.04 Freeport McMoR* N 112452 9.48 8.22 8.46 - 0.02 13.64 4.82 Freeport Res V 2 0.00 0.00 0.02 unch 0.00 0.15 0.02 Fremont Gold V 245 0.09 0.08 0.09 + 0.01 0.12 0.04 Fremont Gold* O 1 0.06 0.06 0.06 unch 0.00 Fresnillo plc* O 42 9.19 8.55 8.80 - 0.57 11.43 5.53 Frontier Lith V 946 0.20 0.15 0.18 + 0.02 0.37 0.14 Frontline Gold V 3010 0.02 0.01 0.01 + 0.01 0.02 0.01 Full Metal Mnl* O 1 0.06 0.06 0.06 unch 0.00 0.06 0.00 Fura Gems V 158 0.13 0.11 0.13 + 0.02 0.27 0.05 Fura Gems* O 231 0.09 0.07 0.08 - 0.01 0.19 0.05 0.06 - 0.00 0.09 0.01 Fuse Cobalt* O 19 0.07 0.06 Fuse Cobalt V 43 0.10 0.00 0.09 unch 0.00 0.20 0.03

G-H G2 Goldfields* O 30 G2 Goldfields V 2076 Gabriel Res* O 14 Gabriel Res V 568 Gaia Metals* O 1 Gaia Metals V 5 Gainey Capital V 310 Galane Gold * O 1268 Galane Gold V 2031 Galantas Gold V 38 Galantas Gold* O 22 Galleon Gold* O 97 Galleon Gold V 1495 Galore Res V 1484 Galway Gold * O 1 Galway Gold V 24 Galway Mtls* O 203 Galway Mtls V 2620 Gambier Gold V 308 Gambier Gold* O 18 Garibaldi Res * O 121 Garibaldi Res V 505 Gatling Explor V 1966 Gatling Explor* O 585 General Moly* X 684 General Moly T 1 Generation Min* O 245 Generation Min C 1066 Generic Gold C 332 Genesis Mtls V 869 Genesis Mtls* O 139 Genius Metals C 92

0.59 0.00 0.54 + 0.12 0.59 0.13 0.84 0.65 0.76 + 0.06 0.84 0.14 0.40 0.35 0.37 - 0.04 0.54 0.26 0.59 0.49 0.50 - 0.08 0.71 0.38 0.04 0.04 0.04 unch 0.00 0.47 0.03 0.07 0.00 0.06 unch 0.00 0.65 0.03 0.04 0.03 0.04 unch 0.00 0.14 0.02 0.09 0.06 0.06 - 0.02 0.10 0.03 0.12 0.08 0.09 - 0.02 0.13 0.04 0.25 0.00 0.25 + 0.01 9.50 0.10 0.21 0.11 0.21 + 0.03 0.69 0.02 0.05 0.04 0.04 - 0.01 0.08 0.01 0.07 0.06 0.06 - 0.01 0.10 0.02 0.03 0.01 0.03 + 0.02 0.05 0.01 0.09 0.09 0.09 + 0.02 0.10 0.00 0.11 0.11 0.11 - 0.01 0.14 0.07 0.27 0.25 0.25 - 0.01 0.34 0.20 0.37 0.33 0.34 - 0.02 0.46 0.27 0.05 0.00 0.05 unch 0.00 0.15 0.02 0.03 0.03 0.03 unch 0.00 0.03 0.03 0.51 0.44 0.50 + 0.03 1.70 0.26 0.72 0.63 0.68 + 0.02 2.25 0.37 0.29 0.24 0.27 - 0.02 0.71 0.24 0.21 0.17 0.19 - 0.02 0.54 0.17 0.20 0.18 0.18 - 0.01 0.45 0.14 0.00 0.00 0.27 unch 0.00 0.59 0.22 0.27 0.23 0.23 - 0.02 0.62 0.15 0.40 0.32 0.33 - 0.02 0.75 0.19 0.10 0.00 0.09 + 0.03 0.10 0.02 0.28 0.23 0.25 - 0.02 0.49 0.15 0.24 0.17 0.18 - 0.01 0.33 0.10 0.16 0.15 0.16 unch 0.00 0.22 0.14

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gensource Pot V 1218 Geomega Res V 779 Geomega Res* O 17 Gespeg Res V 93 Getchell Gold * O 178 Getchell Gold C 179 Getty Copper V 67 GFG Resources V 1449 GFG Resources* O 379 V 35 GFM Res GGL Res V 78 GGL Res* O 0 GGX Gold V 56 Giga Metals* O 145 Giga Metals V 200 Gitennes Expl V 414 Gitennes Expl * O 3 Giyani Gold* O 66 Giyani Gold V 529 Glacier Lake* O 0 Glacier Lake V 22 Gldn Predator* O 399 Gldn Predator V 682 299 Glen Eagle Res V Glen Eagle Res* O 25 Glencore Plc * O 167 Glencore Plc* O 3898 Global Atomic* O 575 Global Atomic T 1606 Global Battery* O 43 Global Battery V 46 Global Energy V 390 Global Energy* O 40 Global Gold* O 8 Global Li-Ion* O 51 Global Li-Ion C 95 Global Vanad* O 1 GlobalMin Vent* O 1 Globex Mng* O 11 Globex Mng T 195 GMV Minerals V 229 GMV Minerals* O 55 GNCC Capital* O 4125 Go Cobalt* O 9 Go Cobalt C 91 GobiMin V 41 GoGold Res T 1253 Gold Fields* N 36388 664 Gold Finder Ex V Gold Finder Ex* O 4 Gold Lion Res C 536 Gold Reserve V 5 Gold Reserve* O 48 X 5676 Gold Resource* Gold Rush Cari* O 0 Gold Rush Cari V 718 Gold Std Vents T 1501 Gold Std Vents* X 4858 V 514 Gold X Mining Goldbank Mng* O 4 Goldbank Mng V 4 Goldblock Cap C 50 Goldcliff Res* O 75 Goldcliff Res V 129 Golden Arrow V 692 Golden Arrow* O 501 Golden Birch C 305 Golden Cariboo V 150 1073 Golden Dawn Ml V Golden Dawn Ml* O 70 Golden Goliath V 222 O 22 Golden Goliath* Golden Harp V 0 Golden Hope V 110 Golden Hope* O 4 Golden Lake C 891 Golden Mnls T 162 Golden Mnls* X 7283 668 Golden Opp Res C Golden Pursuit* O 3 Golden Pursuit V 386 Golden Ridge V 1650 Golden Secret V 132 Golden Share V 405 Golden Star T 150 Golden Star* X 3999 Golden Sun* O 20 Golden Tag V 307 Golden Valley* O 214 Golden Valley V 342 Goldex Res* O 5 Goldex Res V 206 Goldgroup Mng* O 95 T 81 Goldgroup Mng GoldMining* O 1652 GoldMining T 2652 GoldON Res V 334 GoldON Res* O 13 V 441 GoldQuest Mng Goldrea Res C 75 Goldrea Res* O 11 Goldrich Mng* O 166 Goldseek Res C 152 Goldsource Min* O 1819 V 2678 Goldsource Min Goldstar Mnls V 154 Goldstrike Res* O 1 Goldstrike Res V 20 Goliath Res V 83 Gossan Res V 151 O 3261 GoviEx Uranium* GoviEx Uranium V 3096 Gowest Gold* O 13 Gowest Gold V 292 GPM Metals V 660 GPM Metals* O 0 GR Silver* O 731 GR Silver V 2141 Gran Colombia* O 312 Gran Colombia T 2197 Granada Gold V 282 Granada Gold* O 85 Grande Portage V 141 Grande Portage* O 73 Granite Creek V 290 Graphite Egy* O 1 Graphite One V 46 Graphite One* O 130 Gratomic V 291 Gratomic* O 22 100 Gray Rock Res V Great Atlantic V 25 Great Bear Res V 1120 424 Great Bear Res* O Great Lakes Gr* O 133 Great Panther T 898 Great Panther* X 6392 Great Thunder V 518 Great Thunder* O 28 Greatbanks Re V 78 Green River C 242 Green Swan Cap V 1367 0 Green Valley M V Greencastle Rs V 14 Greenland M&En* O 1126 Greenshield Ex V 14 Grid Metals V 273 Grid Metals* O 91 Grizzly Discvr* O 888 Grizzly Discvr V 748 Grosvenor Res V 8 Group Eleven V 11 Group Ten Mtls* O 794 Group Ten Mtls V 1816 GrowMax Res* O 5 GSP Resource V 122 GT Gold V 434 GT Gold * O 35 Guerrero Vents* O 5 Gungnir Res* O 152 Gungnir Res V 167 Gunpoint Expl V 3 Guyana Gldflds T 21781 Guyana Goldstr V 338 Guyana Goldstr* O 31 Handa Mining V 20 Handeni Gold* O 11 Hanna Capital* O 3 Hanna Capital V 340 Hannan Metals V 71 Hannan Metals* O 61 Happy Ck Mnrls V 351 Harfang Explor V 54 Harmony Gold* N 34241 Harte Gold* O 204

0.11 0.10 0.11 + 0.01 0.16 0.07 0.16 0.13 0.16 + 0.01 0.23 0.09 0.11 0.10 0.11 + 0.01 0.17 0.06 0.06 0.00 0.06 unch 0.00 0.13 0.03 0.16 0.13 0.15 + 0.01 0.20 0.05 0.21 0.19 0.20 - 0.01 0.27 0.06 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.23 0.20 0.22 unch 0.00 0.44 0.07 0.16 0.14 0.16 + 0.00 0.32 0.05 0.07 0.07 0.07 unch 0.00 0.08 0.05 0.07 0.05 0.07 unch 0.00 0.17 0.03 0.00 0.00 0.02 unch 0.00 0.10 0.02 0.06 0.06 0.06 unch 0.00 0.33 0.05 0.15 0.12 0.14 - 0.00 0.40 0.09 0.19 0.16 0.19 unch 0.00 0.53 0.13 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.01 0.00 0.00 - 0.01 0.04 0.00 0.08 0.05 0.08 + 0.01 0.26 0.04 0.10 0.08 0.09 + 0.01 0.35 0.04 0.00 0.00 0.11 unch 0.00 0.13 0.10 0.11 0.11 0.11 unch 0.00 0.25 0.05 0.20 0.18 0.20 + 0.00 0.38 0.11 0.28 0.25 0.27 + 0.01 0.50 0.15 0.11 0.09 0.10 - 0.01 0.14 0.07 0.07 0.07 0.07 + 0.00 0.10 0.05 1.95 1.71 1.75 - 0.02 3.96 1.29 3.85 3.39 3.43 - 0.02 7.83 2.51 0.65 0.43 0.48 + 0.03 0.65 0.18 0.90 0.59 0.67 + 0.02 0.90 0.23 0.06 0.05 0.06 + 0.01 0.14 0.03 0.10 0.08 0.10 + 0.01 0.22 0.02 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.83 0.00 0.83 unch 0.00 1.60 0.55 0.05 0.04 0.04 - 0.00 0.15 0.03 0.06 0.00 0.06 - 0.01 0.20 0.03 0.15 0.15 0.15 unch 0.00 0.15 0.07 0.12 0.12 0.12 unch 0.00 0.65 0.10 0.27 0.00 0.24 - 0.02 0.31 0.19 0.38 0.32 0.33 - 0.04 0.41 0.26 0.15 0.11 0.15 + 0.05 0.25 0.08 0.11 0.08 0.11 + 0.02 0.17 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.00 0.05 + 0.03 0.17 0.01 0.06 0.00 0.06 + 0.02 0.15 0.02 0.20 0.20 0.20 unch 0.00 0.45 0.20 0.76 0.69 0.73 - 0.02 0.85 0.34 8.24 7.10 7.75 - 0.41 8.48 3.57 0.06 0.05 0.05 - 0.01 0.11 0.02 0.05 0.03 0.05 - 0.00 0.07 0.02 0.37 0.28 0.37 + 0.03 0.43 0.17 2.40 2.15 2.40 + 0.21 3.48 1.82 1.71 1.58 1.62 + 0.04 2.60 1.05 4.45 3.71 4.21 + 0.24 6.24 2.02 0.00 0.00 0.00 unch 0.00 0.07 0.00 0.01 0.01 0.01 unch 0.00 0.14 0.01 0.95 0.84 0.86 + 0.03 1.62 0.46 0.68 0.60 0.63 + 0.04 1.21 0.27 2.29 1.97 2.07 - 0.23 3.56 0.75 0.07 0.07 0.07 unch 0.00 0.14 0.07 0.09 0.09 0.09 unch 0.00 0.19 0.09 0.12 0.12 0.12 unch 0.00 0.12 0.12 0.10 0.09 0.10 unch 0.00 0.14 0.05 0.14 0.12 0.14 + 0.02 0.18 0.08 0.15 0.14 0.14 - 0.01 0.31 0.09 0.11 0.09 0.10 - 0.00 0.24 0.06 0.21 0.17 0.17 - 0.07 0.28 0.06 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.13 0.07 0.12 + 0.04 0.38 0.04 0.09 0.04 0.09 + 0.06 0.28 0.03 0.07 0.06 0.07 - 0.01 0.10 0.02 0.04 0.03 0.04 + 0.00 0.08 0.01 0.00 0.00 0.09 unch 0.00 0.18 0.04 0.17 0.13 0.17 + 0.04 0.28 0.06 0.09 0.07 0.09 + 0.01 0.18 0.05 0.15 0.11 0.14 + 0.03 0.20 0.07 0.34 0.30 0.30 - 0.01 0.49 0.20 0.25 0.22 0.22 + 0.00 0.37 0.13 0.15 0.11 0.15 + 0.03 0.17 0.10 0.15 0.00 0.15 unch 0.00 0.15 0.04 0.30 0.22 0.28 + 0.07 0.30 0.04 0.05 0.04 0.04 - 0.01 0.20 0.02 1.09 0.90 1.04 + 0.04 1.68 0.66 0.05 0.05 0.05 unch 0.00 0.16 0.03 3.52 3.12 3.25 - 0.23 6.48 2.56 2.52 2.20 2.33 - 0.14 4.97 1.85 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.05 0.05 unch 0.00 0.10 0.03 0.40 0.34 0.39 + 0.06 0.47 0.23 0.55 0.47 0.55 + 0.10 0.62 0.31 0.06 0.06 0.06 + 0.00 0.10 0.05 0.09 0.08 0.08 + 0.01 0.14 0.07 0.03 0.01 0.02 - 0.00 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.02 1.33 1.10 1.18 - 0.06 1.60 0.56 1.81 1.54 1.65 - 0.09 2.05 0.75 0.65 0.50 0.56 - 0.10 1.15 0.20 0.45 0.41 0.41 - 0.00 0.82 0.14 0.18 0.15 0.15 - 0.01 0.23 0.09 0.04 0.02 0.03 unch 0.00 0.11 0.02 0.02 0.02 0.02 + 0.00 0.07 0.01 0.01 0.01 0.01 + 0.00 0.03 0.01 0.31 0.00 0.31 + 0.07 0.31 0.07 0.11 0.09 0.10 - 0.01 0.16 0.03 0.16 0.14 0.14 - 0.01 0.21 0.06 0.02 0.02 0.02 + 0.01 0.05 0.01 0.14 0.00 0.14 unch 0.00 0.23 0.00 0.20 0.00 0.18 + 0.02 0.90 0.12 0.15 0.14 0.15 + 0.01 2.18 0.12 0.04 0.03 0.03 - 0.01 0.08 0.02 0.13 0.11 0.12 - 0.00 0.15 0.05 0.17 0.16 0.16 - 0.01 0.20 0.08 0.12 0.11 0.12 + 0.01 0.31 0.01 0.17 0.15 0.15 - 0.01 0.44 0.08 0.06 0.05 0.05 - 0.01 0.10 0.03 0.00 0.00 0.03 unch 0.00 0.07 0.02 0.26 0.20 0.21 + 0.02 0.26 0.07 0.37 0.29 0.30 + 0.02 0.37 0.10 4.50 4.02 4.34 + 0.16 5.62 2.10 6.26 5.62 6.10 + 0.24 7.47 2.88 0.12 0.11 0.12 + 0.01 0.23 0.09 0.09 0.07 0.08 + 0.01 0.17 0.06 0.26 0.22 0.24 - 0.01 0.28 0.09 0.19 0.15 0.17 - 0.02 0.21 0.07 0.06 0.05 0.06 + 0.01 0.17 0.03 0.00 0.00 0.00 - 0.02 1.09 0.00 0.26 0.22 0.24 + 0.01 0.40 0.12 0.19 0.15 0.17 - 0.01 0.31 0.09 0.07 0.06 0.07 + 0.01 0.33 0.03 0.06 0.05 0.06 - 0.00 0.25 0.00 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.48 0.48 0.48 unch 0.00 0.80 0.30 10.30 8.75 10.09 + 1.09 10.30 2.20 7.33 6.30 7.17 + 0.76 7.33 1.63 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.70 0.63 0.68 - 0.01 1.28 0.32 0.50 0.45 0.48 - 0.00 0.98 0.23 0.45 0.37 0.44 + 0.05 0.50 0.08 0.32 0.00 0.31 + 0.06 0.35 0.04 0.16 0.10 0.14 + 0.04 0.16 0.06 0.07 0.06 0.07 - 0.01 0.08 0.04 0.04 0.02 0.03 + 0.01 0.04 0.01 0.00 0.00 0.20 unch 0.00 0.20 0.05 0.05 0.04 0.04 unch 0.00 0.08 0.02 0.09 0.06 0.07 + 0.00 0.12 0.04 0.15 0.15 0.15 unch 0.00 0.22 0.00 0.21 0.16 0.20 + 0.04 0.24 0.08 0.15 0.11 0.14 + 0.02 0.18 0.05 0.04 0.03 0.03 + 0.00 0.05 0.01 0.05 0.05 0.05 + 0.01 0.06 0.02 0.15 0.09 0.15 unch 0.00 0.17 0.08 0.05 0.00 0.05 unch 0.00 0.10 0.02 0.16 0.13 0.14 + 0.01 0.28 0.01 0.22 0.17 0.20 + 0.03 0.38 0.12 0.02 0.00 0.02 unch 0.00 0.15 0.00 0.20 0.13 0.17 + 0.06 0.44 0.08 1.40 1.28 1.36 + 0.02 1.49 0.66 0.98 0.93 0.96 + 0.00 1.14 0.50 0.31 0.29 0.31 unch 0.00 0.34 0.29 0.03 0.03 0.03 unch 0.00 0.11 0.02 0.04 0.04 0.04 - 0.01 0.13 0.03 0.48 0.00 0.48 - 0.01 0.74 0.40 0.67 0.55 0.65 + 0.24 1.46 0.25 0.03 0.02 0.03 + 0.01 0.18 0.02 0.02 0.01 0.01 - 0.01 0.16 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.03 0.00 0.03 + 0.00 0.04 0.02 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.03 0.03 0.03 - 0.01 0.09 0.02 0.20 0.00 0.19 - 0.01 0.28 0.05 0.15 0.12 0.14 + 0.01 0.22 0.04 0.08 0.00 0.08 unch 0.00 0.16 0.06 0.21 0.17 0.21 + 0.03 0.32 0.15 3.87 3.46 3.85 + 0.08 4.54 1.57 0.09 0.07 0.08 + 0.00 0.26 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Harte Gold T 3099 Harvest Gold* O 4 Harvest Gold V 51 O 25 Hawkeye Gld&Di* Hawkeye Gld&Di V 447 Heatherdale Rs V 258 Hecla Mining* N 41017 Hemcare Health* O 16 Highbank Res V 241 HighGold* O 88 HighGold V 649 Highland Copp* O 122 Highland Copp V 323 65 Highway 50 Gld V Hinterland Mtl* O 1 Hochschild Mg* O 37 Honey Badger E* O 0 Honey Badger E V 290 Horizonte Mnls T 346 Hornby Bay Mnl* O 51 522 Hornby Bay Mnl V HudBay Min* N 13489 HudBay Min T 8560 Hudson Res V 303 Hudson Res* O 428 Hunt Mng* O 5 Hunt Mng V 390 Hybrid Mineral V 449

0.12 0.11 0.12 + 0.01 0.35 0.08 0.05 0.00 0.05 + 0.00 0.25 0.04 0.08 0.06 0.07 + 0.01 0.30 0.06 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.10 0.00 0.09 + 0.03 0.24 0.06 2.77 2.38 2.70 + 0.23 3.51 1.21 1.72 1.63 1.69 + 0.02 1.92 0.52 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.84 0.72 0.75 - 0.03 1.45 0.42 1.19 0.99 1.10 - 0.02 1.89 0.57 0.02 0.02 0.02 - 0.00 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.08 0.08 0.08 unch 0.00 0.21 0.06 0.00 0.00 0.00 unch 0.00 0.14 0.00 1.80 1.60 1.72 + 0.04 2.79 0.99 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.06 0.00 0.05 + 0.01 0.09 0.03 0.03 0.01 0.03 + 0.01 0.06 0.01 0.07 0.05 0.05 unch 0.00 0.08 0.02 2.56 2.32 2.35 - 0.04 6.67 1.23 3.56 3.25 3.31 - 0.07 8.94 1.66 0.12 0.08 0.10 + 0.01 0.45 0.07 0.09 0.05 0.08 + 0.01 0.38 0.04 0.04 0.04 0.04 + 0.01 0.10 0.00 0.05 0.04 0.05 + 0.01 0.14 0.04 0.03 0.02 0.03 + 0.01 0.08 0.01

I-Minerals* O 9 I-Minerals V 4 IAMGOLD T 12079 IAMGOLD* N 25202 O 66 Iconic Mnls * Iconic Mnls V 74 Idaho Champion C 619 O 38 Idaho Champion* IEMR Res V 72 IM Exploration C 60 C 1794 IMC Intl Mng IMC Intl Mng* O 1109 iMetal Res V 1054 iMetal Res* O 1 IMPACT Silver V 1194 0 Impala Platnm* O Imperial Metal T 175 Imperial Metal* O 77 Imperial Mg Gr V 932 16 Inca One Gold* O V 152 Inca One Gold Inception Mng * O 490 V 274 Independence G Independence G* O 4 Indiana Res* O 1 Indigo Expl V 0 Infinite Ore* O 61 Infinite Ore V 1033 Inform Res V 156 Inomin Mines V 308 Intact Gold V 13 Integra Res* O 244 Integra Res V 354 Inter-Rock Mnl V 35 Intercontinent V 71 Intercontinent* O 1 Intl Battery* O 49 Intl Battery C 38 Intl Bethl Mng V 436 Intl Cobalt* O 70 Intl Cobalt C 294 Intl Lithium* O 27 Intl Lithium V 83 Intl Millm Mng V 77 Intl Montoro* O 620 Intl Montoro V 841 Intl Prospect * O 50 Intl Prospect V 600 Intl Samuel Ex V 145 O 12119 Intl Star* X 1520 Intl Tower Hil* Intl Tower Hil T 282 Intl Zeolite V 514 Intl Zeolite* O 4 Intrepid Pots* N 5307 INV Metals* O 53 INV Metals T 468 Inventus Mg * O 38 Inventus Mg V 97 InZinc Mining V 350 InZinc Mining* O 140 Irving Res* O 175 Irving Res C 195 IsoEnergy Ltd V 708 O 4 Itafos* V 7 Itafos Itoco Inc* O 258 Ivanhoe Mines* O 437 Ivanhoe Mines T 5428 Jade Leader* O 40 Jade Leader V 132 Jaeger Res V 3 Jaguar Mng T 3385 Jaguar Mng* O 867 Japan Gold V 346 Japan Gold* O 62 Jasper Mining V 7 Jaxon Mining* O 1 Jaxon Mining V 84 Jayden Res V 66 Jazz Res V 26 JDF Explor Inc C 473 Jervois Mining V 1185 Jervois Mining* O 668 Jiulian Res V 10 JNC Resources C 46 Josemaria Res* O 7 Josemaria Res T 265 Joshua Gold* O 36 Jourdan Res V 1747 Jubilee Metals* O 117 Juggernaut Exp V 107 Juggernaut Exp* O 113 Jupiter Gold* O 2 K2 Gold V 111 K92 Mining* O 1943 K92 Mining V 5729 Kaizen Discov V 48 Kaizen Discvry* O 6 Kanadario Gold V 1 Karam Min C 55 Karnalyte Res T 66 Karoo Expl V 19 KAT Expl* O 19672 Katanga Mng T 3904 Kenadyr Mining V 173 Kenadyr Mining* O 0 Kermode Res V 788 Kerr Mines* O 475 Kerr Mines T 572 Kesselrun Res* O 20 Kesselrun Res V 228 Kestrel Gold V 400 Kilo Goldmines V 46 Kincora Copper* O 33 Kincora Copper V 382 King Global* O 41 King Global V 884 Kings Bay Res V 1551 Kingsman Min V 106 Kingsmen Res V 52 Kingsmen Res* O 19 Kingsrose Mng* O 0 Kinross Gold* N 86990 Kinross Gold T 27459 Kintavar Exp V 86 Kirkland Lake* N 10988 Kirkland Lake T 7420 Klondike Gold* O 88 Klondike Gold V 476 Klondike Silv* O 362 Klondike Silv V 1603 Kodiak Copper* O 74 Kombat Copper* O 25 Kombat Copper V 207 Komet Resource V 5 Kootenay Silvr* O 395 Kootenay Silvr V 1961 Kootenay Zinc C 380 Kootenay Zinc* O 682 Kore Mining * O 537 Kore Mining V 3157 Kutcho Copper * O 37 KWG Res* O 106 KWG Res C 3323

0.03 0.02 0.03 + 0.02 0.14 0.01 0.04 0.00 0.04 unch 0.00 0.19 0.02 5.13 4.76 5.11 + 0.06 5.55 2.00 3.64 3.40 3.63 + 0.07 4.17 1.44 0.04 0.03 0.04 + 0.00 0.09 0.02 0.06 0.04 0.05 + 0.01 0.12 0.04 0.20 0.16 0.18 unch 0.00 0.21 0.04 0.14 0.12 0.13 + 0.01 0.39 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.73 0.63 0.68 unch 0.00 1.00 0.15 0.58 0.45 0.48 - 0.00 0.73 0.20 0.02 0.02 0.02 - 0.01 0.12 0.02 0.02 0.02 0.02 - 0.00 0.09 0.01 0.44 0.38 0.41 - 0.01 0.68 0.22 0.00 0.00 4.60 unch 0.00 10.60 4.60 1.90 1.52 1.80 + 0.28 2.93 0.99 1.33 1.12 1.30 + 0.21 2.17 0.70 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.24 0.23 0.24 unch 0.00 0.24 0.01 0.43 0.37 0.38 unch 0.00 0.50 0.16 0.06 0.00 0.05 + 0.00 0.36 0.03 0.05 0.05 0.05 - 0.01 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.00 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.07 0.06 0.06 + 0.02 0.08 0.01 0.10 0.08 0.08 + 0.01 0.11 0.03 0.34 0.31 0.32 unch 0.00 0.35 0.03 0.04 0.03 0.04 + 0.01 0.05 0.02 0.04 0.04 0.04 + 0.01 0.07 0.03 0.87 0.78 0.86 + 0.04 1.07 0.40 1.21 1.08 1.17 + 0.02 1.42 0.61 0.26 0.25 0.26 + 0.01 0.35 0.16 0.15 0.00 0.15 unch 0.00 0.33 0.09 0.10 0.10 0.10 unch 0.00 0.25 0.07 0.09 0.08 0.08 - 0.00 0.13 0.03 0.12 0.00 0.11 unch 0.00 0.18 0.05 0.01 0.01 0.01 unch 0.00 0.10 0.01 0.01 0.01 0.01 - 0.00 0.03 0.00 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.03 0.03 0.03 + 0.00 0.05 0.02 0.05 0.04 0.05 + 0.01 0.07 0.03 0.02 0.00 0.02 - 0.01 0.02 0.01 0.03 0.03 0.03 + 0.00 0.05 0.01 0.04 0.03 0.04 unch 0.00 0.07 0.01 0.07 0.07 0.07 unch 0.00 0.10 0.05 0.10 0.08 0.08 unch 0.00 0.18 0.07 0.17 0.09 0.16 + 0.07 0.30 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.51 0.45 0.47 - 0.03 0.72 0.33 0.71 0.63 0.68 - 0.03 0.94 0.43 0.03 0.03 0.03 unch 0.00 0.14 0.02 0.02 0.00 0.02 + 0.00 0.11 0.02 1.06 0.87 1.00 + 0.13 3.87 0.60 0.29 0.25 0.27 + 0.01 0.36 0.13 0.41 0.32 0.32 - 0.04 0.48 0.17 0.11 0.09 0.11 + 0.02 0.15 0.05 0.15 0.14 0.15 unch 0.00 0.21 0.07 0.02 0.02 0.02 - 0.01 0.05 0.01 0.02 0.01 0.02 + 0.02 0.03 0.01 2.05 1.92 2.00 + 0.00 3.48 1.02 2.87 2.69 2.82 - 0.05 4.60 1.45 0.62 0.52 0.52 - 0.06 0.79 0.23 0.24 0.00 0.24 + 0.01 1.23 0.14 0.34 0.00 0.32 + 0.08 1.63 0.21 0.09 0.04 0.07 + 0.00 0.90 0.03 2.15 1.85 1.99 + 0.11 3.46 1.35 3.03 2.61 2.80 + 0.18 4.54 1.80 0.05 0.05 0.05 unch 0.00 0.27 0.02 0.05 0.00 0.05 - 0.01 0.35 0.04 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.35 0.29 0.30 - 0.05 0.35 0.07 0.26 0.20 0.22 - 0.02 0.26 0.05 0.28 0.25 0.25 - 0.02 0.45 0.19 0.20 0.17 0.17 - 0.01 0.34 0.12 0.03 0.03 0.03 unch 0.00 0.25 0.01 0.03 0.03 0.03 + 0.00 0.06 0.02 0.05 0.05 0.05 - 0.02 0.09 0.03 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.21 0.18 0.18 - 0.03 0.44 0.18 0.08 0.08 0.08 - 0.01 0.71 0.01 0.18 0.15 0.18 + 0.03 0.25 0.11 0.14 0.10 0.12 + 0.02 0.21 0.05 0.02 0.02 0.02 unch 0.00 0.08 0.01 0.19 0.18 0.18 - 0.01 0.25 0.18 0.47 0.47 0.47 + 0.00 0.91 0.21 0.66 0.58 0.60 - 0.05 1.22 0.31 0.15 0.06 0.14 - 0.01 0.40 0.06 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.05 0.03 0.05 unch 0.00 0.07 0.03 0.22 0.16 0.18 - 0.02 1.25 0.10 0.16 0.11 0.11 - 0.04 1.02 0.06 0.96 0.00 0.96 unch 0.00 2.00 0.20 0.21 0.19 0.20 unch 0.00 0.37 0.11 2.56 2.13 2.43 - 0.16 3.50 0.95 3.60 3.09 3.39 - 0.27 4.47 1.27 0.06 0.05 0.06 + 0.01 0.08 0.03 0.03 0.00 0.03 unch 0.00 0.06 0.02 0.25 0.18 0.25 + 0.07 0.25 0.15 0.15 0.15 0.15 unch 0.00 0.17 0.03 0.15 0.00 0.15 + 0.02 0.26 0.09 0.24 0.17 0.23 - 0.01 1.65 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.16 0.16 unch 0.00 0.55 0.05 0.04 0.03 0.04 unch 0.00 0.11 0.02 0.00 0.00 0.03 unch 0.00 0.07 0.02 0.02 0.01 0.02 + 0.01 0.02 0.01 0.11 0.08 0.10 + 0.01 0.21 0.06 0.15 0.13 0.14 + 0.01 0.27 0.10 0.02 0.02 0.02 + 0.01 0.03 0.02 0.04 0.04 0.04 - 0.01 0.07 0.03 0.03 0.02 0.02 unch 0.00 0.04 0.01 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.04 0.00 0.04 + 0.01 0.11 0.02 0.10 0.07 0.08 + 0.02 0.16 0.01 0.01 0.01 0.01 + 0.00 0.04 0.00 0.02 0.02 0.02 + 0.01 0.10 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.21 0.14 0.21 + 0.06 0.30 0.06 0.13 0.12 0.13 + 0.01 0.55 0.07 0.08 0.08 0.08 - 0.00 0.51 0.01 0.00 0.00 0.12 unch 0.00 0.16 0.08 7.14 6.37 6.84 - 0.25 7.25 2.72 10.06 8.93 9.63 - 0.36 10.19 4.00 0.10 0.08 0.08 unch 0.00 0.20 0.05 43.91 39.72 41.88 - 0.99 51.08 18.03 61.50 55.60 58.78 - 1.55 67.87 25.67 0.17 0.16 0.17 + 0.02 0.35 0.10 0.24 0.22 0.23 unch 0.00 0.45 0.14 0.03 0.02 0.03 + 0.01 0.04 0.01 0.04 0.04 0.04 + 0.01 0.05 0.02 0.22 0.00 0.22 + 0.06 0.49 0.12 0.07 0.07 0.07 unch 0.00 0.15 0.05 0.09 0.08 0.08 unch 0.00 0.22 0.05 0.09 0.09 0.09 unch 0.00 0.19 0.05 0.20 0.13 0.15 + 0.00 0.27 0.08 0.22 0.19 0.20 - 0.01 0.35 0.11 0.07 0.05 0.05 + 0.02 0.18 0.02 0.05 0.03 0.05 + 0.03 0.12 0.01 0.43 0.28 0.41 + 0.10 0.41 0.09 0.60 0.39 0.59 + 0.16 0.60 0.15 0.11 0.09 0.11 + 0.03 0.21 0.03 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01

I-J-K

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

L Labrador Gold* O 9 0.11 0.11 0.11 + 0.00 0.18 0.09 Labrador Gold V 58 0.18 0.14 0.18 + 0.05 0.26 0.10 Labrador IMH* O 546 0.02 0.00 0.02 + 0.01 0.20 0.00 Labrador IOR* O 3 14.98 0.00 14.23 + 0.27 27.20 9.71 Labrador IOR T 1322 21.25 19.04 19.26 - 0.46 36.01 13.25 O 1267 0.03 0.02 0.03 + 0.00 0.32 0.02 Lake Resources* Lara Expl V 297 0.68 0.54 0.67 + 0.13 0.76 0.43 Laramide Res T 1401 0.32 0.25 0.29 - 0.01 0.40 0.10 Laredo Res* O 1038 0.00 0.00 0.00 + 0.00 0.01 0.00 1.10 + 0.18 2.01 0.56 Largo Res T 2540 1.15 0.91 Largo Res* O 1771 0.83 0.65 0.78 + 0.14 1.56 0.40 Lasalle Explor V 190 0.13 0.11 0.11 - 0.01 0.18 0.08 0.01 unch 0.00 0.02 0.01 Latin American V 623 0.02 0.01 Latin Metals* O 5 0.05 0.05 0.05 unch 0.00 0.11 0.04 Latin Metals V 164 0.07 0.06 0.06 unch 0.00 0.15 0.05 Laurion Mnl Ex V 316 0.15 0.14 0.15 + 0.01 0.22 0.09 Laurion Mnl Ex* O 112 0.10 0.10 0.10 + 0.00 0.16 0.07 Leading Edge V 157 0.09 0.08 0.09 + 0.02 0.40 0.01 Leading Edge* O 226 0.07 0.05 0.06 - 0.00 0.30 0.03 Leeta Gold V 19491 0.42 0.32 0.37 + 0.06 0.72 0.08 Legion Metals C 2325 0.37 0.29 0.30 - 0.03 0.81 0.14 Leo Res* O 5 0.02 0.00 0.02 + 0.01 0.06 0.00 Lepanto Con Mg* O 42 0.00 0.00 0.00 - 0.00 0.00 0.00 Libero Copper* O 1964 0.10 0.07 0.07 - 0.02 0.18 0.02 Libero Copper V 7064 0.12 0.09 0.10 - 0.03 0.23 0.03 Liberty Gold* O 1547 0.96 0.79 0.90 + 0.01 1.09 0.24 Liberty One Li V 275 0.05 0.04 0.05 + 0.01 0.13 0.04 Liberty One Li* O 150 0.04 0.03 0.04 + 0.01 0.10 0.02 Lightspeed Dis* O 0 0.00 0.00 0.07 unch 0.00 0.09 0.07 Lightspeed Dis V 0 0.00 0.00 0.08 unch 0.00 0.15 0.08 Lincoln Mng V 64 0.12 0.10 0.11 unch 0.00 0.20 0.05 Lion One Mtls V 1404 1.33 1.18 1.25 - 0.04 2.14 0.62 Lion One Mtls* O 464 0.95 0.85 0.88 - 0.04 1.64 0.46 Lions Bay Cap V 409 0.02 0.02 0.02 unch 0.00 0.06 0.02 Lions Bay Mg C 909 0.39 0.21 0.25 + 0.06 0.30 0.03 Lions Bay Mg * O 52 0.27 0.15 0.15 + 0.03 0.22 0.01 Lithium Amer* N 2282 3.58 3.01 3.06 + 0.03 6.03 1.92 Lithium Amer T 1307 4.95 4.21 4.27 - 0.01 8.00 2.90 Lithium Chile V 210 0.13 0.00 0.12 + 0.02 0.55 0.10 Lithium Chile* O 9 0.10 0.07 0.09 + 0.01 0.41 0.07 Lithium Corp* O 108 0.09 0.08 0.08 - 0.01 0.20 0.05 Lithium Energi* O 3 0.08 0.08 0.08 + 0.00 0.16 0.01 Lithium Energi V 240 0.12 0.09 0.11 - 0.01 0.24 0.03 Lithoquest Dia* O 29 0.03 0.03 0.03 - 0.00 0.08 0.03 Lithoquest Dia V 87 0.04 0.04 0.04 - 0.01 0.10 0.03 LKA Gold* O 47 0.08 0.00 0.08 + 0.03 0.20 0.04 Lode-Star Mg* O 2 0.09 0.07 0.09 unch 0.00 0.28 0.03 Lodge Res C 48 0.56 0.48 0.50 + 0.04 0.60 0.11 Logan Res V 1431 0.03 0.02 0.03 + 0.01 0.24 0.02 Logan Res* O 21 0.02 0.01 0.01 - 0.01 0.12 0.01 Lomiko Mtls* O 302 0.02 0.01 0.02 + 0.01 0.05 0.01 Lomiko Mtls V 1710 0.04 0.00 0.02 unch 0.00 0.06 0.02 Loncor Res* O 122 0.36 0.31 0.34 - 0.01 0.64 0.09 Loncor Res T 130 0.50 0.42 0.50 + 0.01 0.88 0.15 Lone Star Gold* O 10 0.53 0.41 0.53 unch 0.00 1.14 0.10 Los Andes* O 8 0.18 0.00 0.18 unch 0.00 0.40 0.14 Los Andes V 67 0.25 0.00 0.25 unch 0.00 0.52 0.20 Lucara Diam T 656 0.56 0.49 0.54 + 0.05 1.65 0.40 Lucky Min V 1445 0.02 0.02 0.02 unch 0.00 0.09 0.01 Lucky Min* O 962 0.01 0.01 0.01 - 0.00 0.07 0.01 Luckystrike V 75 0.34 0.28 0.28 - 0.02 2.20 0.13 Lumina Gold* O 221 0.49 0.41 0.46 + 0.02 0.60 0.29 Lumina Gold V 1075 0.68 0.60 0.66 + 0.04 0.80 0.46 Luminex Res V 285 0.67 0.63 0.67 + 0.03 1.02 0.41 Lundin Gold T 2266 11.38 9.61 11.27 + 1.52 13.49 5.02 Lundin Mng* O 173 5.30 4.51 4.68 - 0.12 6.34 2.82 Lundin Mng T 13271 7.58 6.53 6.63 - 0.15 8.08 4.08 Lupaka Gold * O 0 0.01 0.00 0.01 + 0.00 0.05 0.00 Lupaka Gold V 350 0.01 0.00 0.01 - 0.01 0.07 0.01 Lydian Intl* O 324 0.03 0.02 0.02 - 0.01 0.16 0.00 Lynas Corp* O 678 1.19 0.98 1.10 + 0.06 2.29 0.58 Lynas Corp* O 732 1.18 1.04 1.14 + 0.10 2.33 0.55

M M.P.V. Explor C 63 0.14 0.11 0.14 + 0.03 0.18 0.06 Macarthur Min V 174 0.11 0.08 0.09 + 0.02 0.44 0.07 Macarthur Min* O 240 0.06 0.06 0.06 + 0.01 0.34 0.04 MacDonald Mns* O 1181 0.06 0.05 0.06 + 0.01 0.16 0.02 V 2189 0.09 0.08 0.08 + 0.01 0.21 0.03 MacDonald Mns MAG Silver T 3223 17.87 14.32 16.12 + 2.49 18.60 5.33 Magellan Gold* O 7 0.83 0.35 0.83 + 0.43 2.50 0.20 Magna Gold* O 104 0.54 0.37 0.45 - 0.01 0.75 0.02 Magnum Goldco V 166 0.04 0.03 0.03 unch 0.00 0.14 0.03 Majestic Gold* O 65 0.03 0.03 0.03 + 0.00 0.05 0.03 Majestic Gold V 835 0.05 0.04 0.05 unch 0.00 0.07 0.04 Makena Res* O 58 0.35 0.30 0.30 - 0.05 1.50 0.24 Mako Mining* O 830 0.30 0.27 0.27 - 0.01 0.33 0.07 Mako Mining V 1167 0.40 0.38 0.38 - 0.02 0.44 0.09 0.04 unch 0.00 0.04 0.02 Mammoth Res V 287 0.04 0.03 Mammoth Res * O 51 0.03 0.02 0.02 - 0.01 0.03 0.01 Mandalay Res* O 65 1.07 0.91 1.06 + 0.03 1.12 0.05 Mandalay Res T 438 1.55 1.21 1.55 + 0.10 1.57 0.46 Manganese X V 1525 0.12 0.06 0.11 + 0.04 0.18 0.06 Manganese X* O 288 0.08 0.08 0.08 - 0.00 0.10 0.04 Mangazeya Mng* O 71 0.03 0.03 0.03 unch 0.00 0.09 0.01 Mangazeya Mng V 219 0.06 0.05 0.06 + 0.01 0.13 0.03 Manitou Gold V 1876 0.06 0.05 0.06 - 0.01 0.08 0.02 Maple Gold V 2343 0.14 0.08 0.09 + 0.01 0.14 0.04 Maple Gold* O 713 0.11 0.06 0.06 - 0.00 0.11 0.03 Marathon Gold* O 525 1.23 0.99 1.20 + 0.13 1.34 0.52 Marathon Gold T 2942 1.72 1.44 1.68 + 0.19 1.76 0.71 Margaret Lake* O 0 0.00 0.00 0.03 unch 0.00 0.04 0.02 Margaret Lake V 95 0.03 0.02 0.02 - 0.01 0.06 0.02 0.07 + 0.01 0.12 0.04 Margaux Res V 60 0.07 0.07 Margaux Res* O 5 0.04 0.04 0.04 unch 0.00 0.08 0.03 Marifil Mines* O 194 0.04 0.03 0.03 - 0.00 0.13 0.02 Marifil Mines V 157 0.05 0.04 0.04 - 0.01 0.17 0.03 Maritime Res V 1034 0.08 0.07 0.08 + 0.01 0.12 0.05 0.05 unch 0.00 0.12 0.05 Martina Mnls V 200 0.05 0.05 MartinMarietta* N 3290 199.44 178.51 186.59 + 9.24 281.82 135.08 0.07 + 0.02 0.10 0.03 Mas Gold V 732 0.08 0.05 Mascota Res* O 1 2.51 0.00 2.51 + 0.02 50.00 1.21 Mason Graphite* O 309 0.13 0.11 0.11 - 0.00 0.30 0.08 Mason Graphite V 607 0.18 0.15 0.16 - 0.01 0.40 0.12 Matica Ent C 1462 0.03 0.02 0.03 unch 0.00 0.10 0.02 Matmown* O 46 0.03 0.02 0.03 - 0.00 0.05 0.00 6.10 + 0.26 7.30 3.10 Maverix Metals T 366 6.24 5.54 Maverix Metals* X 638 4.49 3.96 4.32 + 0.14 5.72 1.84 Mawson Res* O 1266 0.31 0.21 0.29 + 0.09 0.31 0.09 Mawson Res T 4290 0.42 0.31 0.40 + 0.13 0.42 0.13 V 1979 0.15 0.08 0.10 + 0.03 1.20 0.06 MAX Res MaxTech Vent C 274 0.10 0.07 0.08 unch 0.00 0.13 0.03 MaxTech Vent* O 132 0.07 0.00 0.06 + 0.00 0.09 0.02 Maxwell Res* O 0 0.00 0.00 0.06 unch 0.00 4.54 0.05 Maya Gold &Sil* O 46 1.41 1.11 1.41 + 0.50 1.71 0.65 Maya Gold &Sil T 322 2.00 1.51 1.89 + 0.36 2.35 0.82 V 10 0.06 0.00 0.06 + 0.01 0.13 0.04 Mazarin 0.46 unch 0.00 0.73 0.46 McChip Res V 1 0.00 0.00 McEwen Mng T 2002 1.50 1.33 1.34 - 0.16 2.84 0.76 McEwen Mng* N 17409 1.05 0.95 0.96 - 0.09 2.14 0.53 McLaren Res C 309 0.05 0.04 0.04 unch 0.00 0.05 0.01 MDN Inc* O 777 0.17 0.14 0.14 - 0.04 0.40 0.11 Mechel* N 762 1.82 1.56 1.57 - 0.21 3.43 1.28 Medallion Res V 1378 0.13 0.07 0.11 + 0.04 0.28 0.05 Medallion Res* O 624 0.09 0.05 0.08 + 0.03 0.21 0.03 Medgold Res V 185 0.07 0.00 0.06 + 0.01 0.15 0.03 Medgold Res* O 10 0.05 0.05 0.05 unch 0.00 0.09 0.02 Medinah Mnrls* O 2691 0.00 0.00 0.00 unch 0.00 0.00 0.00 Mega Uranium T 3824 0.12 0.10 0.11 unch 0.00 0.12 0.05 Mega Uranium* O 594 0.09 0.07 0.08 - 0.00 0.09 0.03 Megastar Dev V 107 0.08 0.07 0.07 - 0.01 0.19 0.05 Megastar Dev* O 45 0.06 0.05 0.06 - 0.00 0.12 0.05 MegumaGold C 240 0.16 0.00 0.15 unch 0.00 0.21 0.06 MegumaGold* O 3 0.10 0.00 0.10 unch 0.00 0.15 0.03 Melkior Res V 150 0.34 0.27 0.27 - 0.01 0.40 0.06 Merger Mines* O 0 10.00 0.00 10.00 - 15.00 10.00 10.00 0.10 + 0.03 0.22 0.04 Meridian Mg V 18 0.10 0.09 Meridius Res V 550 0.11 0.11 0.11 unch 0.00 0.19 0.11 Meryllion Res C 1 0.00 0.00 0.01 unch 0.00 0.02 0.01 Meryllion Res* O 6 0.00 0.00 0.00 unch 0.00 0.01 0.00 MetalCorp V 96 0.02 0.00 0.02 unch 0.00 0.04 0.01 MetalCorp* O 120 0.01 0.01 0.01 unch 0.00 0.03 0.00 Metalex Vent V 232 0.03 0.02 0.03 + 0.01 0.08 0.02 Metalla Rylty V 209 7.90 7.24 7.74 - 0.04 8.69 3.68 Metallic Mnrls V 306 0.23 0.20 0.20 - 0.03 0.31 0.10 Metallic Mnrls* O 388 0.17 0.14 0.15 - 0.02 0.24 0.07 Metallica Min* O 44 0.01 0.01 0.01 - 0.00 0.01 0.01 0.21 + 0.01 0.99 0.11 Metallis Res V 57 0.22 0.19 Metalo Manuf C 65 0.12 0.07 0.07 - 0.05 0.40 0.07 Metalore Res V 3 1.50 1.35 1.50 + 0.15 2.60 0.89 Metalore Res* O 2 0.81 0.81 0.81 unch 0.00 1.80 0.71 Metals Creek* O 417 0.05 0.03 0.04 - 0.00 0.06 0.02 Metals Creek V 735 0.07 0.06 0.06 unch 0.00 0.08 0.03 Metals X* O 278 0.06 0.05 0.06 + 0.01 0.18 0.03 Metron Capital V 72 0.21 0.18 0.21 + 0.04 0.42 0.06 Mexican Gold* O 41 0.06 0.05 0.05 - 0.00 0.14 0.01 Mexus Gold* O 52368 0.00 0.00 0.00 - 0.00 0.03 0.00 MGX Minerals* O 494 0.05 0.04 0.04 - 0.00 0.21 0.02 MGX Minerals C 300 0.07 0.06 0.06 unch 0.00 0.29 0.04 Mich Resources C 25 0.20 0.20 0.20 unch 0.00 0.50 0.08 Midas Gold T 1814 0.67 0.54 0.62 + 0.07 0.91 0.24 Midas Gold* O 3046 0.49 0.38 0.44 + 0.05 0.68 0.16

22

WWW.NORTHERNMINER.COM

MAY 11 – MAY 24, 2020 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Midland Expl V 214 0.78 0.66 0.74 + 0.01 1.30 0.46 Midnight Star C 274 0.15 0.11 0.12 - 0.03 0.35 0.11 0.11 - 0.02 0.15 0.04 Midnight Sun* O 154 0.15 0.10 Midnight Sun V 876 0.22 0.14 0.15 - 0.04 0.22 0.03 0.78 + 0.08 1.30 0.38 Millennial Lit* O 48 0.79 0.66 Millennial Lit V 96 1.10 0.95 1.09 + 0.10 1.76 0.61 Millrock Res* O 1488 0.15 0.10 0.12 - 0.02 0.19 0.06 0.17 - 0.04 0.26 0.07 Millrock Res V 1715 0.20 0.17 Minaurum Gold V 226 0.48 0.42 0.42 - 0.06 0.55 0.22 O 234 0.34 0.30 0.33 - 0.01 0.43 0.16 Minaurum Gold* Minco Silver* O 99 0.45 0.00 0.36 - 0.02 0.73 0.14 Minco Silver T 118 0.59 0.49 0.51 - 0.02 0.99 0.20 3690 0.30 0.25 0.29 + 0.04 0.30 0.07 Minera Alamos * O Minera Alamos V 7145 0.42 0.35 0.41 + 0.06 0.42 0.10 0.11 + 0.04 0.15 0.07 Minera IRL* O 103 0.11 0.08 0.13 + 0.04 0.21 0.05 Minera IRL C 249 0.15 0.11 Mineral Mtn* O 721 0.25 0.19 0.21 + 0.01 0.43 0.07 0.30 + 0.02 0.53 0.10 Mineral Mtn V 898 0.35 0.27 MineralRite* O 1110 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 + 0.01 0.24 0.07 Mineworx Tech V 1841 0.09 0.08 O 1283 0.07 0.05 0.06 + 0.00 0.18 0.05 Mineworx Tech* Minfocus Expl V 429 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.04 + 0.00 0.04 0.01 Minfocus Expl* O 1 0.04 0.00 Mining Global* O 5922 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 + 0.02 0.15 0.05 Minnova Corp V 345 0.08 0.06 0.05 - 0.00 0.19 0.03 Miramont Res* O 50 0.06 0.05 Miramont Res C 138 0.09 0.08 0.08 unch 0.00 0.26 0.05 0.45 + 0.05 0.75 0.29 Mirasol Res V 337 0.45 0.39 Mistango River C 617 0.20 0.16 0.19 + 0.05 0.20 0.02 Mkango Res V 270 0.08 0.00 0.07 + 0.01 0.19 0.05 0.10 + 0.04 0.54 0.06 ML Gold* O 12 0.10 0.08 ML Gold Corp V 129 0.14 0.13 0.14 + 0.01 0.77 0.08 O 23 0.03 0.02 0.03 unch 0.00 0.06 0.01 Monarca Mnrls* Monarch Gold T 3437 0.27 0.20 0.24 + 0.04 0.29 0.11 Monarch Gold* O 612 0.19 0.14 0.18 + 0.03 0.22 0.07 O 2271 0.09 0.07 0.09 + 0.00 0.11 0.04 Moneta Porcpn* Moneta Porcpn T 1202 0.13 0.10 0.12 + 0.01 0.14 0.06 V 22 0.15 0.00 0.14 + 0.01 0.25 0.12 Monitor Vent Monitor Vent* O 5 0.09 0.00 0.09 + 0.01 0.22 0.08 Monterey Min C 2294 0.06 0.05 0.06 + 0.02 0.12 0.02 V 90 0.03 0.03 0.03 - 0.01 0.20 0.01 Montero Mg&Ex Monument Mng V 479 0.05 0.05 0.05 unch 0.00 0.07 0.04 Monument Mng* O 69 0.04 0.03 0.04 + 0.00 0.05 0.02 Morien Res* O 51 0.14 0.00 0.13 - 0.00 0.50 0.06 Morien Res V 272 0.19 0.17 0.17 - 0.01 0.65 0.08 N 25461 12.20 10.90 11.15 - 0.18 25.71 6.50 Mosaic* Mount Gibson * O 12 0.40 0.40 0.40 unch 0.00 0.57 0.40 0.13 unch 0.00 0.21 0.09 Mountain Boy* O 2 0.13 0.13 Mountain Boy V 143 0.19 0.00 0.16 - 0.05 0.28 0.14 Mountain Prov T 311 0.47 0.42 0.43 - 0.02 1.65 0.29 0.30 - 0.02 0.86 0.17 Mountain Prov* O 108 0.33 0.29 Mundoro Cap V 288 0.15 0.12 0.13 - 0.02 0.21 0.09 0.09 + 0.00 0.14 0.00 Mundoro Cap* O 52 0.09 0.00 Murchison Min* O 20 0.05 0.05 0.05 + 0.00 0.11 0.05 Murchison Min V 81 0.07 0.06 0.07 + 0.01 0.18 0.04 V 8260 0.02 0.01 0.01 unch 0.00 0.02 0.01 MX Gold MX Gold* O 346 0.01 0.00 0.01 + 0.00 0.01 0.00

N-O NA Frac Sand* O 1257 NACCO Ind* N 133 Namibia Crit V 324 Namibia Crit* O 450 Napier Vent V 153 Natural Res Pt* N 403 Nautilus Mnrls* O 309 V 65 Navy Res Neo Lithium V 364 Neometals* O 15 Network Expl* O 134 Network Expl V 629 T 2018 Nevada Copper Nevada Energy* O 34 Nevada Energy V 212 Nevada Expl * O 279 Nevada Expl V 482 O 336 Nevada Sunrise* Nevada Sunrise V 318 Nevada Zinc V 16 Nevado Res V 75 New Age Metals* O 73 1165 New Age Metals V New Carolin Gd* O 202 4367 New Carolin Gd V New Destiny Mg V 115 New Dimen Res V 454 120 New Dimen Res* O New Energy Met V 20 514 New Energy Met* O New Gold* X 23481 New Gold T 10174 148 New Guinea Gld* O New Jersey Mng* O 651 New Milln Iron* O 8 New Milln Iron T 229 New Oroperu V 204 New Pac Metals* O 1753 New Pac Metals V 1407 New Stratus V 41 New Tech Min* O 4 New Tech Min C 83 Newlox Gold C 900 Newmont Corp* N 31969 Newmont Corp T 920 Newport Expl V 60 Newport Gold* O 6 NewRange Gold* O 111 NewRange Gold V 284 Nexa Resources T 27 Nexa Resources* N 472 Nexgen Energy T 6035 Nexgen Energy* X 3152 NextSource Mat T 2805 Nexus Gold V 5779 Nexus Gold* O 332 NGEx Minerals V 97 NGEx Minerals* O 1 Nickel Creek T 670 Nickel Creek* O 221 Nickel North V 49 Nicola Mg Inc V 876 Nicola Mg Inc* O 81 Nighthawk Gold* O 202 Nighthawk Gold T 710 Niobay Metals V 352 Niocan Inc V 3 Niocorp Dev T 340 Niocorp Dev* O 588 Nippon Dragon V 474 Nippon Dragon* O 38 Noble Mineral V 1034 Noble Mineral* O 1002 Noka Res* O 179 Noram Vent V 149 Noram Vent* O 3 Noranda Alum* O 3 Noront Res* O 105 Noront Res V 903 Norra Metals V 668 Norseman Cap V 134 Norsemont Cap C 120 Nortec Mnls V 769 North Am Nickl V 79 North Am Nickl* O 5 North Arrow Mn* O 300 North Arrow Mn V 220 North Bay Res * O 5196 Northcliff Res T 164 Northern Light C 69 Northern Uran V 326 Northisle C&G V 225 Northisle C&G * O 104 Northstar Gold C 771 Northstar Gold* O 187 Northway Res V 6 Norvista Cap V 630 NorZinc T 297 O 90 NorZinc* Nouveau Monde V 993 Nouveau Monde* O 210 NovaGold Res T 3369 NovaGold Res* X 14731 Novo Res* O 623 Novo Res V 612 NRG Metals* O 37 NRG Metals V 52 Nrthn Graphite V 230 Nrthn Graphite* O 443

0.01 0.00 0.01 + 0.00 0.03 0.00 35.70 26.50 33.66 + 6.69 66.40 22.26 0.19 0.17 0.18 - 0.01 0.31 0.08 0.14 0.12 0.13 - 0.00 0.24 0.06 0.07 0.04 0.07 + 0.02 0.30 0.04 13.85 12.01 12.75 + 0.50 44.71 8.50 0.01 0.00 0.01 - 0.00 0.04 0.00 0.23 0.18 0.23 + 0.03 0.23 0.10 0.60 0.53 0.55 + 0.01 0.92 0.38 0.08 0.08 0.08 unch 0.00 0.20 0.08 0.25 0.18 0.22 + 0.04 0.45 0.06 0.33 0.24 0.32 + 0.08 0.54 0.08 0.17 0.15 0.15 - 0.01 0.43 0.14 0.04 0.02 0.04 + 0.00 0.11 0.02 0.06 0.04 0.05 + 0.01 0.16 0.04 0.13 0.11 0.11 + 0.01 0.30 0.08 0.18 0.15 0.16 + 0.01 0.39 0.12 0.02 0.02 0.02 - 0.00 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.01 0.05 0.04 0.05 + 0.01 0.12 0.03 0.07 0.07 0.07 unch 0.00 0.17 0.07 0.06 0.04 0.05 + 0.01 0.11 0.02 0.08 0.07 0.07 + 0.01 0.15 0.03 0.06 0.04 0.04 - 0.01 0.11 0.02 0.08 0.06 0.07 unch 0.00 0.15 0.03 0.03 0.03 0.03 unch 0.00 0.17 0.02 0.04 0.00 0.04 unch 0.00 0.06 0.02 0.03 0.02 0.02 unch 0.00 0.04 0.02 0.06 0.04 0.06 unch 0.00 0.32 0.02 0.05 0.01 0.05 + 0.01 0.26 0.00 0.90 0.77 0.83 - 0.03 1.56 0.39 1.26 1.09 1.17 - 0.04 2.03 0.55 0.01 0.01 0.01 unch 0.00 0.13 0.00 0.17 0.13 0.17 - 0.00 0.20 0.11 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.05 0.04 0.05 + 0.01 0.10 0.04 1.30 1.07 1.30 + 0.20 1.30 0.23 4.61 3.81 4.50 + 0.39 5.60 1.24 6.39 5.35 6.38 + 0.67 6.98 1.66 0.06 0.05 0.05 - 0.01 0.25 0.05 0.01 0.01 0.01 + 0.00 0.03 0.01 0.02 0.00 0.02 unch 0.00 0.05 0.01 0.05 0.04 0.05 unch 0.00 0.10 0.03 63.68 58.21 60.99 - 2.12 64.65 29.77 89.48 81.67 85.82 - 3.18 90.79 40.01 0.32 0.31 0.32 + 0.01 0.45 0.25 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.10 0.08 0.09 + 0.01 0.15 0.05 0.14 0.12 0.13 + 0.01 0.20 0.07 6.56 4.75 5.50 + 0.62 14.65 3.94 4.84 3.36 4.01 + 0.52 10.98 2.57 2.03 1.73 1.88 - 0.07 2.31 0.76 1.45 1.24 1.35 - 0.04 1.78 0.50 0.05 0.04 0.04 unch 0.00 0.10 0.02 0.06 0.05 0.05 - 0.01 0.12 0.03 0.04 0.03 0.04 - 0.01 0.09 0.01 0.39 0.00 0.38 + 0.04 0.66 0.24 0.22 0.00 0.22 - 0.00 0.32 0.16 0.06 0.05 0.06 + 0.01 0.15 0.02 0.04 0.03 0.04 + 0.00 0.10 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.11 0.08 0.10 + 0.01 0.14 0.04 0.08 0.00 0.08 + 0.02 0.11 0.04 1.21 1.00 1.01 - 0.19 2.01 0.25 1.70 1.40 1.41 - 0.25 3.65 0.97 0.25 0.20 0.23 - 0.02 0.53 0.15 0.12 0.00 0.12 unch 0.00 0.28 0.10 0.72 0.68 0.71 + 0.01 0.94 0.50 0.52 0.47 0.51 + 0.02 0.72 0.36 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.03 0.03 + 0.01 0.04 0.01 0.07 0.06 0.07 + 0.02 0.14 0.03 0.06 0.04 0.05 + 0.01 0.10 0.02 0.06 0.05 0.06 + 0.01 0.20 0.03 0.10 0.09 0.09 unch 0.00 0.21 0.05 0.07 0.06 0.06 - 0.01 0.14 0.04 0.00 0.00 0.00 + 0.00 0.02 0.00 0.10 0.09 0.10 + 0.02 0.21 0.08 0.14 0.13 0.14 + 0.01 0.28 0.12 0.04 0.03 0.04 + 0.01 0.06 0.02 0.07 0.05 0.07 + 0.02 0.13 0.04 0.41 0.38 0.41 + 0.07 0.43 0.25 0.01 0.01 0.01 - 0.01 0.05 0.01 0.10 0.00 0.10 + 0.02 0.35 0.06 0.07 0.05 0.07 + 0.02 0.29 0.02 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.09 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.00 0.05 + 0.01 0.08 0.04 0.04 0.04 0.04 + 0.01 0.07 0.02 0.01 0.01 0.01 + 0.01 0.01 0.01 0.08 0.00 0.07 + 0.01 0.08 0.01 0.05 0.03 0.03 - 0.02 0.06 0.01 0.53 0.32 0.50 + 0.12 0.53 0.19 0.36 0.30 0.35 + 0.02 0.36 0.22 0.08 0.08 0.08 unch 0.00 0.14 0.05 0.14 0.09 0.14 + 0.04 0.15 0.04 0.06 0.06 0.06 - 0.01 0.12 0.02 0.05 0.00 0.05 + 0.01 0.09 0.01 0.24 0.20 0.23 + 0.03 0.27 0.13 0.17 0.15 0.16 + 0.02 0.21 0.09 17.17 15.17 15.97 - 1.01 18.00 5.00 12.21 10.86 11.40 - 0.68 12.85 3.69 2.00 1.81 1.88 + 0.07 3.07 1.00 2.80 2.54 2.63 + 0.05 3.96 1.41 0.28 0.21 0.22 - 0.02 0.36 0.04 0.37 0.00 0.35 + 0.01 1.98 0.24 0.19 0.16 0.16 - 0.01 0.28 0.06 0.13 0.11 0.12 - 0.01 0.20 0.04

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Nrthn Mnrls &E* O 121 0.09 0.02 0.02 - 0.07 0.10 0.02 Nrthn Shield V 8591 0.10 0.06 0.10 + 0.04 0.12 0.05 O 10 0.28 0.00 0.28 + 0.00 0.29 0.05 Nrthn Superior* Nrthn Superior V 255 0.39 0.36 0.37 - 0.03 0.42 0.07 Nrthn Vertex* O 49 0.17 0.15 0.17 + 0.00 0.27 0.11 Nrthn Vertex V 212 0.24 0.22 0.23 - 0.01 0.35 0.15 NSGold V 0 0.00 0.00 0.19 unch 0.00 0.20 0.06 C 879 0.12 0.03 0.08 + 0.04 0.18 0.03 NSS Res Inc Nthn Dynasty* X 15276 0.63 0.55 0.57 - 0.03 0.95 0.35 0.80 - 0.04 1.25 0.50 Nthn Dynasty T 3368 0.88 0.76 Nthrn Sphere* O 0 0.00 0.00 0.00 unch 0.00 0.20 0.00 Nubian Res V 242 0.08 0.07 0.07 unch 0.00 0.22 0.07 0.01 unch 0.00 0.02 0.01 Nuinsco Res C 4744 0.01 0.01 0.00 + 0.00 0.01 0.00 Nuinsco Res* O 140 0.00 0.00 NuLegacy Gold V 754 0.06 0.05 0.06 unch 0.00 0.12 0.03 O 548 0.05 0.04 0.04 + 0.00 0.08 0.02 NuLegacy Gold* Nutrien* N 6706 37.08 34.23 34.68 + 0.11 55.34 23.85 Nutrien T 5353 51.63 48.16 48.76 + 0.31 73.25 34.80 NV Gold V 899 0.18 0.14 0.15 - 0.02 0.29 0.07 NV Gold* O 246 0.13 0.09 0.11 - 0.01 0.22 0.05 NxGold Ltd V 889 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.05 unch 0.00 0.11 0.02 O.T. Mining* O 13 0.05 0.00 O3 Mining* O 20 1.69 1.38 1.49 + 0.11 2.29 0.64 1.95 + 0.12 4.00 1.06 O3 Mining V 58 2.15 1.88 OceanaGold T 11422 2.29 2.02 2.23 + 0.12 4.17 1.16 OceanaGold* O 7 1.54 1.45 1.54 + 0.05 3.13 0.81 359 0.11 0.00 0.09 + 0.01 0.17 0.04 Oceanic Iron O V Oceanic Iron O* O 0 0.08 0.08 0.08 unch 0.00 0.12 0.04 0.08 - 0.01 0.11 0.04 Oceanus Res V 577 0.10 0.08 Oceanus Res* O 9 0.06 0.06 0.06 - 0.00 0.07 0.03 0.03 unch 0.00 0.05 0.02 Odyssey Res V 475 0.03 0.03 Olivut Res V 158 0.05 0.04 0.04 - 0.01 0.14 0.03 0.02 - 0.00 0.12 0.02 Olivut Res* O 29 0.02 0.02 Omineca Mining V 234 0.15 0.13 0.14 - 0.01 0.18 0.05 O 56 0.10 0.00 0.10 - 0.01 0.13 0.03 Omineca Mining* One World Lith C 203 0.07 0.06 0.06 - 0.01 0.28 0.03 214 0.05 0.04 0.05 - 0.00 0.22 0.02 One World Lith* O Opawica Expl V 64 0.05 0.00 0.05 - 0.01 0.10 0.05 0.03 + 0.00 0.05 0.03 Opawica Expl* O 1 0.03 0.03 V 584 0.05 0.04 0.05 unch 0.00 0.06 0.01 Opus One Res Orbite Tech* O 167 0.16 0.00 0.00 unch 0.00 0.17 0.00 0.29 - 0.01 0.42 0.20 Orca Gold V 532 0.32 0.28 Orca Gold* O 51 0.24 0.21 0.21 - 0.01 0.32 0.15 0.07 + 0.01 0.12 0.06 Ord Mountain V 18 0.07 0.06 Orefinders Res V 961 0.10 0.09 0.09 + 0.01 0.10 0.04 Orestone Mng V 59 0.07 0.06 0.07 + 0.01 0.17 0.03 Orex Mnrls* O 10 0.07 0.05 0.06 - 0.01 0.11 0.03 0.08 - 0.01 0.14 0.04 Orex Mnrls V 285 0.10 0.08 Orezone Gold* O 126 0.41 0.36 0.41 + 0.01 0.67 0.14 0.57 + 0.01 0.88 0.22 Orezone Gold V 1260 0.58 0.53 0.06 + 0.03 0.15 0.02 Orford Mining V 3103 0.06 0.03 OrganiMax V 52 0.04 0.00 0.04 unch 0.00 0.21 0.04 0.07 unch 0.00 0.15 0.05 Origin Gold V 6 0.00 0.00 Original Sixtn* O 10 0.20 0.07 0.20 + 0.15 0.20 0.00 Orla Mng Ltd T 2592 3.42 3.07 3.15 + 0.04 3.42 0.96 Orla Mng Ltd* O 71 2.44 2.20 2.29 + 0.06 2.44 0.73 Oroco Res V 336 0.32 0.00 0.30 + 0.08 0.74 0.20 Oroco Res* O 133 0.23 0.16 0.23 + 0.08 0.56 0.05 T 207 2.05 1.84 1.92 + 0.02 3.52 1.60 Orocobre Orosur Mng T 269 0.04 0.03 0.04 + 0.01 0.13 0.03 0.16 unch 0.00 0.40 0.10 Orsu Metals V 684 0.18 0.13 Orsu Metals* O 0 0.00 0.00 0.10 unch 0.00 0.30 0.09 Orvana Mnrls T 172 0.20 0.18 0.18 - 0.01 0.41 0.11 0.13 - 0.01 0.30 0.09 Orvana Mnrls* O 18 0.14 0.13 Osino Res V 666 0.89 0.84 0.87 + 0.02 1.07 0.31 N 4856 9.54 8.83 9.40 + 0.16 13.43 4.65 Osisko Gold* Osisko Gold T 3184 13.29 12.42 13.16 + 0.11 17.47 6.35 0.29 - 0.01 0.54 0.17 Osisko Metals* O 24 0.31 0.29 Osisko Metals V 407 0.44 0.40 0.40 - 0.01 0.72 0.24 8619 3.71 3.11 3.47 + 0.30 4.19 1.67 Osisko Mng Inc T Osprey Gold V 344 0.05 0.05 0.05 + 0.01 0.12 0.02 V 534 0.13 0.12 0.13 unch 0.00 0.17 0.06 Otis Gold Otis Gold* O 3 0.08 0.08 0.08 unch 0.00 0.13 0.04 Otso Gold* O 12 0.06 0.05 0.05 - 0.00 0.07 0.02 0.07 - 0.01 0.09 0.02 Otso Gold V 1048 0.08 0.07 Outcrop Gold* O 144 0.14 0.11 0.13 - 0.00 0.30 0.06 0.16 - 0.02 0.39 0.08 Outcrop Gold V 401 0.19 0.16 OZ Minerals* O 0 0.00 0.00 4.95 unch 0.00 7.99 3.48

P-Q Pac Bay Mnrls V 8 0.05 0.05 0.05 unch 0.00 0.15 0.05 Pac Booker Min* O 2 1.17 0.00 1.17 + 0.11 3.10 0.84 Pac Booker Min V 36 1.65 1.45 1.55 + 0.10 4.10 1.12 Pac Imperial V 982 0.03 0.01 0.02 + 0.01 0.03 0.01 377 0.05 0.04 0.05 + 0.02 0.06 0.03 Pac Ridge Expl V Pac Ridge Expl* O 274 0.04 0.02 0.02 - 0.00 0.05 0.02 0.00 - 0.00 0.01 0.00 Pac Wildcat* O 961 0.01 0.00 Pacific Empire V 1325 0.06 0.05 0.05 unch 0.00 0.09 0.02 Pacific Rim C 349 0.18 0.16 0.17 - 0.01 0.33 0.11 0.12 - 0.01 0.36 0.08 Pacific Rim* O 387 0.14 0.11 Pacific Silk* O 7 0.02 0.01 0.01 unch 0.00 0.03 0.00 0.02 unch 0.00 0.04 0.01 Pacific Silk V 2 0.00 0.00 Pacton Gold V 1873 0.09 0.08 0.08 + 0.01 0.26 0.04 Paladin Energy* O 5520 0.08 0.06 0.07 + 0.00 0.12 0.03 Palamina Corp V 298 0.15 0.13 0.14 - 0.01 0.32 0.09 Palamina Corp* O 46 0.10 0.00 0.10 + 0.00 0.26 0.06 Palayan Res* O 5 0.76 0.76 0.76 unch 0.00 1.50 0.25 Paleo Resource V 380 0.01 0.01 0.01 - 0.01 0.07 0.01 Paleo Resource* O 107 0.01 0.00 0.00 unch 0.00 0.05 0.00 Palladium One V 8121 0.13 0.08 0.09 + 0.01 0.24 0.05 Palladium One* O 219 0.09 0.06 0.07 + 0.01 0.20 0.03 Pan Am Silver* D 13808 22.70 20.35 21.79 + 0.10 26.20 10.26 T 3270 31.61 28.60 30.69 + 0.09 34.79 13.83 Pan Am Silver Pan Global Res V 552 0.16 0.14 0.15 + 0.01 0.18 0.06 O 17 0.04 0.03 0.03 - 0.01 0.04 0.01 Pancontinental* Pancontinental V 802 0.06 0.05 0.05 + 0.01 0.07 0.02 Panex Res* O 61 0.00 0.00 0.00 - 0.00 0.01 0.00 Pangolin Dia V 739 0.03 0.02 0.02 unch 0.00 0.10 0.02 Panoro Mnrls V 265 0.09 0.08 0.09 + 0.01 0.20 0.07 Panoro Mnrls* O 258 0.06 0.06 0.06 + 0.01 0.13 0.04 PanTerra Gold* O 0 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.05 + 0.01 0.07 0.01 Pantheon Vent V 1009 0.05 0.04 Para Resources V 1324 0.03 0.00 0.02 unch 0.00 0.19 0.01 Parallel Mng V 37 0.15 0.13 0.14 + 0.01 0.53 0.10 Parallel Mng * O 3 0.09 0.09 0.09 unch 0.00 0.30 0.09 Paramount Gold* X 1340 1.38 1.20 1.25 + 0.07 1.38 0.47 Paringa Res* O 40 0.02 0.00 0.00 - 0.02 0.19 0.00 0.04 + 0.01 0.20 0.02 Parlane Res V 465 0.06 0.03 Pasinex Res C 250 0.02 0.01 0.01 unch 0.00 0.08 0.01 Pasofino Gold V 834 0.09 0.00 0.08 + 0.04 0.18 0.04 Patriot Gold* O 38 0.04 0.03 0.04 + 0.00 0.08 0.02 Peabody Enrgy* N 16681 3.47 2.53 3.23 + 0.57 29.61 2.51 Pelangio Expl* O 125 0.10 0.09 0.09 unch 0.00 0.18 0.08 Pelangio Expl V 13 0.15 0.00 0.14 - 0.01 0.24 0.11 Peloton Mnrls* O 6 0.06 0.05 0.06 + 0.00 0.11 0.03 Peloton Mnrls C 113 0.08 0.07 0.08 unch 0.00 0.13 0.04 PepinNini Lith* O 990 0.00 0.00 0.00 - 0.00 0.00 0.00 Perseus Mng T 698 1.08 0.82 0.86 - 0.22 1.18 0.40 Pershimex Res V 121 0.04 0.04 0.04 unch 0.00 0.06 0.02 Pershing Res* O 1261 0.01 0.01 0.01 + 0.00 0.06 0.00 O 13 0.04 0.00 0.03 + 0.01 0.04 0.01 Peruvian Metal* Peruvian Metal V 218 0.05 0.03 0.05 + 0.01 0.05 0.03 Petra Diamonds* O 9 0.02 0.00 0.02 + 0.01 0.30 0.01 Philex Mng* O 28 0.04 0.03 0.03 - 0.01 0.10 0.00 Philippine Mtl V 98 0.09 0.02 0.09 + 0.05 0.14 0.02 Phoenix Global* O 3 0.28 0.06 0.28 + 0.21 0.28 0.06 0.05 unch 0.00 0.15 0.02 Pike Mountain C 150 0.05 0.05 Pine Cliff En T 1442 0.15 0.13 0.14 unch 0.00 0.25 0.05 Pine Cliff En* O 127 0.11 0.09 0.11 + 0.01 0.16 0.04 Pinecrest Res * O 6 0.13 0.00 0.13 unch 0.00 0.17 0.09 Pinecrest Res V 65 0.20 0.17 0.17 - 0.03 0.22 0.14 Pistol Bay Mng V 1242 0.02 0.01 0.02 + 0.01 0.06 0.01 Pistol Bay Mng* O 300 0.01 0.01 0.01 unch 0.00 0.05 0.00 Pivit Explor C 441 0.21 0.16 0.18 - 0.01 0.64 0.06 PJSC Polyus Gd* O 1 93.00 0.00 81.00 - 3.00 93.00 40.00 PJX Res V 231 0.11 0.10 0.11 + 0.01 0.21 0.01 Plata Latina V 1 0.00 0.00 0.03 unch 0.00 0.06 0.01 Plate Res V 40 0.05 0.05 0.05 unch 0.00 0.16 0.03 Plateau Energy V 410 0.28 0.23 0.23 + 0.01 0.74 0.16 Plateau Energy* O 144 0.20 0.17 0.17 + 0.00 0.65 0.08 Platinex Inc C 977 0.03 0.02 0.03 unch 0.00 0.06 0.01 Platinum Gp Mt* X 1407 1.65 1.41 1.57 + 0.11 2.98 0.86 Platinum Gp Mt T 159 2.30 1.99 2.13 + 0.06 3.86 1.25 Plato Gold V 249 0.03 0.02 0.03 + 0.01 0.05 0.01 Playfair Mng V 1052 0.04 0.04 0.04 + 0.01 0.07 0.02 Playfair Mng* O 1 0.02 0.00 0.02 unch 0.00 0.05 0.01 PolyMet Mng* X 2945 0.29 0.23 0.27 + 0.02 0.54 0.15 PolyMet Mng T 115 0.37 0.32 0.37 + 0.02 0.71 0.25 Portage Res* O 2741 0.00 0.00 0.00 unch 0.00 0.00 0.00 Portofino Res V 2093 0.07 0.06 0.06 + 0.01 0.08 0.02 Potash Ridge* O 16 0.02 0.02 0.02 + 0.00 0.07 0.01 Potash Ridge T 495 0.03 0.03 0.03 + 0.01 0.10 0.02 Power Group V 849 0.04 0.03 0.03 - 0.02 0.13 0.03 Power Group* O 64 0.04 0.03 0.03 - 0.01 0.09 0.03 Power Metals* O 13933 0.37 0.24 0.29 + 0.06 0.37 0.03 Power Metals V 14246 0.49 0.34 0.41 + 0.08 0.49 0.04 PowerOre V 866 0.06 0.04 0.05 + 0.01 0.14 0.03 PPX Mining* O 30 0.04 0.04 0.04 unch 0.00 0.06 0.02

Week

12-month

Exc Volume High Low Last Change High Low

PPX Mining V 46 0.06 0.04 0.06 + 0.01 0.08 0.04 Precipitate Gl V 4731 0.23 0.16 0.18 + 0.01 0.28 0.05 Precipitate Gl* O 1763 0.17 0.11 0.13 + 0.01 0.22 0.04 4074 1.88 1.67 1.73 - 0.10 2.55 0.85 Premier Gold M T Premium Expl* O 10 0.00 0.00 0.00 unch 0.00 0.01 0.00 N 13020 8.48 7.55 8.46 + 0.16 13.83 4.05 Pretium Res* Pretium Res T 3537 11.93 10.59 11.89 + 0.20 18.30 6.25 Primary Energy C 5805 0.37 0.32 0.33 - 0.02 0.82 0.08 0.08 unch 0.00 0.16 0.04 Prime Meridian V 40 0.08 0.08 Prime Mining* O 187 0.53 0.44 0.48 + 0.02 0.53 0.14 0.69 + 0.04 0.73 0.25 Prime Mining V 1230 0.73 0.61 Prism Res V 10 0.03 0.03 0.03 + 0.01 0.05 0.01 ProAm Expl V 335 0.08 0.08 0.08 unch 0.00 0.12 0.05 0.79 + 0.16 1.16 0.37 Probe Metals* O 924 0.83 0.63 Probe Metals V 1694 1.14 0.88 1.11 + 0.23 1.53 0.54 0.04 unch 0.00 0.18 0.02 Prog Planet V 61 0.04 0.03 Prog Planet* O 4 0.03 0.00 0.03 unch 0.00 0.04 0.01 Project One C 300 0.12 0.12 0.12 unch 0.00 0.30 0.12 3 3.10 2.02 2.90 + 0.15 6.30 0.02 Promithian Gl * O Prophecy Pot C 16 0.15 0.10 0.10 - 0.03 0.19 0.01 Prosper Gold V 514 0.05 0.03 0.04 unch 0.00 0.12 0.03 0.03 + 0.01 0.11 0.01 Prospero Silvr V 101 0.03 0.00 0.02 + 0.01 0.08 0.01 Prospero Silvr* O 7 0.02 0.01 Provenance Gld C 0 0.00 0.00 0.12 unch 0.00 0.20 0.08 Providence V 117 0.09 0.08 0.09 + 0.02 0.20 0.06 Providence Gld* O 14 0.11 0.06 0.08 - 0.04 0.16 0.02 O 5348 0.04 0.03 0.04 + 0.00 0.42 0.02 PUF Vent Inc * 0.03 unch 0.00 0.20 0.03 Puma Expl* O 26 0.05 0.03 Puma Expl V 575 0.06 0.05 0.06 - 0.01 0.35 0.04 Pure Alumina* O 13 0.01 0.01 0.01 unch 0.00 0.04 0.01 Pure Energy* O 366 0.03 0.02 0.03 + 0.01 0.08 0.02 V 1059 0.05 0.04 0.05 + 0.01 0.12 0.03 Pure Energy 1813 0.62 0.57 0.59 + 0.01 0.68 0.27 Pure Gold Mg* O Pure Gold Mg V 2608 0.85 0.80 0.83 + 0.01 0.88 0.38 Purepoint Uran V 356 0.07 0.06 0.07 - 0.01 0.09 0.03 Q-Gold Res* O 0 0.00 0.00 0.09 unch 0.00 0.21 0.09 0.20 unch 0.00 0.28 0.14 Q-Gold Res V 0 0.00 0.00 0.27 + 0.04 0.40 0.14 QC Precious V 1647 0.27 0.22 QC Precious * O 18 0.19 0.16 0.19 + 0.02 0.30 0.10 938 0.12 0.06 0.12 + 0.05 0.23 0.06 QMC Quantum Ml V QMC Quantum Ml* O 385 0.09 0.04 0.07 + 0.02 0.20 0.03 0.10 - 0.00 0.11 0.03 QMX Gold* O 146 0.11 0.08 0.13 - 0.01 0.15 0.04 QMX Gold V 2309 0.14 0.13 Quadro Res V 2610 0.14 0.12 0.14 + 0.02 0.14 0.02 C 165 0.05 0.04 0.04 - 0.01 0.07 0.01 Quantum Cobalt Quartz Mtn Res* O 0 0.00 0.00 0.13 unch 0.00 0.23 0.13 0.06 + 0.02 0.10 0.02 Quaterra Res V 233 0.06 0.05 0.05 + 0.01 0.08 0.02 Quaterra Res* O 799 0.05 0.03 Quest Rare Mnl* O 2148 0.02 0.01 0.01 + 0.01 0.06 0.00 0.02 unch 0.00 0.09 0.02 Quinto Res V 4298 0.02 0.02

R Rackla Metals* O 1 0.07 0.00 0.07 + 0.01 0.12 0.00 Rackla Metals V 4 0.11 0.00 0.11 + 0.02 0.20 0.08 Radisson Mng V 115 0.18 0.16 0.18 unch 0.00 0.24 0.09 Radius Gold V 160 0.19 0.17 0.17 - 0.01 0.47 0.11 O 861 0.90 0.00 0.07 + 0.06 0.90 0.00 Rae-Wallace Mg* C 137 0.10 0.06 0.06 - 0.05 0.15 0.04 Rain City Raindrop Vent C 530 0.10 0.10 0.10 unch 0.00 0.16 0.07 O 18 2.24 1.60 2.10 + 0.45 7.60 0.22 Rainforest Res* Rambler Metals* O 29 0.02 0.01 0.01 unch 0.00 0.03 0.00 0.75 + 0.07 0.96 0.08 Rare Element* O 1488 0.84 0.70 V 90 0.09 0.09 0.09 unch 0.00 0.11 0.05 Rathdowney Res Ravencrest Res C 10025 0.01 0.01 0.01 - 0.01 0.72 0.01 32 0.04 0.04 0.04 unch 0.00 0.10 0.04 Razore Rock Res C Red Eagle Mng* O 305 0.01 0.00 0.01 + 0.00 0.01 0.00 138 0.06 0.05 0.06 + 0.02 0.24 0.03 Red Moon Res V 80 0.08 0.08 0.08 unch 0.00 0.28 0.04 Red Oak Mining V Red Pine Expl V 718 0.04 0.03 0.04 + 0.01 0.07 0.02 0.03 - 0.01 0.04 0.02 Redstar Gold V 853 0.04 0.03 Redstar Gold* O 166 0.02 0.02 0.02 - 0.00 0.04 0.01 O 4 3.08 0.00 2.80 - 0.19 4.61 1.80 Regis Res NL* 0.65 + 0.02 1.78 0.47 Regulus Res V 298 0.73 0.60 Renaissance Gd* O 730 0.24 0.18 0.21 + 0.03 0.33 0.10 V 359 0.33 0.27 0.30 + 0.05 0.43 0.14 Renaissance Gd Renforth Res* O 8 0.03 0.03 0.03 unch 0.00 0.04 0.03 0.04 - 0.01 0.06 0.03 Renforth Res C 138 0.04 0.04 0.07 - 0.01 0.16 0.05 Resolve Vent V 49 0.07 0.00 Reunion Gold V 192 0.10 0.09 0.10 - 0.01 0.34 0.07 0.07 - 0.00 0.25 0.04 Reunion Gold* O 244 0.08 0.06 Revelo Res V 998 0.10 0.01 0.10 - 0.05 0.30 0.05 O 130 0.52 0.47 0.47 - 0.01 0.75 0.24 Revival Gold * 0.67 unch 0.00 1.01 0.33 Revival Gold V 253 0.72 0.65 Rhyolite Res V 120 0.07 0.07 0.07 unch 0.00 0.24 0.04 V 545 0.06 0.06 0.06 + 0.01 0.06 0.02 Richmond Mnls Ridgestone M’g V 798 0.21 0.19 0.19 - 0.03 0.30 0.15 O 15 0.14 0.14 0.14 unch 0.00 0.19 0.14 Ridgestone M’g* 0.00 - 0.00 0.00 0.00 Rimrock Gold* O 9736 0.00 0.00 Rio Silver* O 41 0.02 0.02 0.02 + 0.00 0.05 0.02 V 225 0.04 0.03 0.04 + 0.01 0.06 0.01 Rio Silver Rio Tinto* O 2 48.00 0.00 48.00 + 3.20 62.00 34.85 Rio Tinto* N 10526 49.18 44.52 45.04 - 1.46 64.02 35.35 O 1 57.69 0.00 57.69 + 4.03 74.50 41.50 Rio Tinto* Rio2 Limited* O 1931 0.42 0.31 0.36 + 0.05 0.52 0.11 0.50 + 0.07 0.70 0.14 Rio2 Limited V 3055 0.58 0.44 Rise Gold Corp C 44 0.70 0.00 0.65 - 0.01 0.95 0.30 Rise Gold Corp* O 94 0.55 0.47 0.48 unch 0.00 0.83 0.31 0.20 + 0.02 0.25 0.10 Riverside Res V 922 0.21 0.17 Riverside Res* O 1105 0.16 0.12 0.14 + 0.01 0.18 0.06 RJK Explor* O 112 0.14 0.11 0.11 - 0.03 0.24 0.06 RJK Explor V 144 0.18 0.16 0.16 - 0.02 0.32 0.08 RNC Minerals T 10969 0.45 0.38 0.43 + 0.04 0.73 0.20 RNC Minerals* O 2332 0.32 0.27 0.30 + 0.02 0.55 0.14 Robex Res V 1941 0.35 0.31 0.31 - 0.02 0.36 0.06 0.04 unch 0.00 0.08 0.03 Rochester Res V 31 0.04 0.00 Rochester Res* O 40 0.04 0.00 0.03 unch 0.00 0.06 0.02 Rock Tech Lith* O 4 0.40 0.40 0.40 unch 0.00 0.64 0.35 Rock Tech Lith V 27 0.57 0.00 0.57 unch 0.00 0.85 0.37 Rockcliff Met C 2555 0.08 0.05 0.07 + 0.01 0.19 0.04 0.03 unch 0.00 0.12 0.02 Rockcliff Met* O 11 0.03 0.03 Rockhaven Res V 336 0.11 0.09 0.10 unch 0.00 0.19 0.06 Rockridge Res V 4939 0.20 0.14 0.15 + 0.01 0.39 0.07 Rockshield Cap* O 3 0.02 0.02 0.02 unch 0.00 0.07 0.01 Rodinia Lithm V 9 0.05 0.03 0.03 - 0.02 0.06 0.02 0.03 unch 0.00 0.10 0.03 Rogue Res* O 0 0.03 0.03 Rogue Res V 755 0.08 0.06 0.07 - 0.04 0.13 0.02 Rokmaster Res* O 3 0.18 0.18 0.18 unch 0.00 0.18 0.03 Rokmaster Res V 596 0.25 0.21 0.23 - 0.02 0.25 0.03 Romios Gold Rs V 402 0.04 0.00 0.03 unch 0.00 0.07 0.02 Romios Gold Rs* O 239 0.03 0.02 0.03 - 0.01 0.05 0.01 RosCan Gold V 2642 0.30 0.24 0.26 - 0.03 0.30 0.10 RosCan Gold* O 162 0.20 0.18 0.19 - 0.03 0.21 0.05 Roughrider Exp V 189 0.16 0.14 0.16 + 0.04 0.16 0.06 Rover Metals* O 31 0.11 0.11 0.11 unch 0.00 0.40 0.00 T 9892 1.33 1.15 1.28 + 0.09 1.42 0.56 Roxgold Roxgold* O 352 0.95 0.83 0.91 + 0.08 1.07 0.05 Royal Gold V 51 0.49 0.42 0.46 + 0.03 0.60 0.12 Royal Gold* O 8 0.30 0.30 0.30 - 0.00 0.39 0.02 Royal Gold* D 3834 131.09 118.50 125.86 + 0.43 138.78 59.78 180 0.00 0.00 0.00 unch 0.00 0.01 0.00 Royal Mines &M* O Royal Rd Mnrls V 132 0.24 0.21 0.22 + 0.01 0.35 0.13 Royal Std Mnrl* O 0 0.00 0.00 0.03 unch 0.00 1.00 0.01 RT Minerals V 545 0.07 0.03 0.04 + 0.01 0.07 0.02 RT Minerals* O 201 0.04 0.01 0.03 + 0.01 0.04 0.01 0.05 unch 0.00 0.11 0.04 RTG Mining T 8 0.05 0.05 Rubicon Mnrls* O 201 0.89 0.70 0.76 + 0.04 0.96 0.37 Rubicon Mnrls T 752 1.25 1.01 1.10 + 0.11 1.27 0.54 Rugby Mng V 108 0.10 0.09 0.09 - 0.02 0.23 0.05 Running Fox Rs* O 21 0.02 0.01 0.01 - 0.01 0.02 0.01 Running Fox Rs V 20 0.02 0.02 0.02 + 0.01 0.02 0.01 Rupert Res* O 40 0.57 0.54 0.54 - 0.03 0.74 0.43 Rupert Res V 147 0.75 0.70 0.71 - 0.05 1.00 0.53 Rusoro Mng* O 23 0.05 0.04 0.05 + 0.01 0.08 0.03 Rusoro Mng V 2098 0.07 0.06 0.07 + 0.01 0.11 0.04

S Sabina Gd&Slvr* O 6650 1.55 1.28 1.43 + 0.14 1.72 0.51 Sabina Gd&Slvr T 8965 2.11 1.79 2.00 + 0.17 2.28 0.71 Sable Res* O 4 0.05 0.04 0.04 - 0.01 0.11 0.03 Sable Res V 1071 0.07 0.00 0.07 unch 0.00 0.15 0.04 Sailfish Rylty V 42 0.90 0.80 0.90 + 0.02 1.81 0.45 Salazar Res* O 40 0.14 0.12 0.13 + 0.01 0.23 0.08 Salazar Res V 155 0.20 0.17 0.18 - 0.01 0.27 0.12 Salt Lake Pot* O 151 0.28 0.19 0.19 - 0.09 0.59 0.18 Sama Res V 248 0.17 0.15 0.16 - 0.01 0.35 0.12 Sama Res* O 22 0.13 0.11 0.12 - 0.01 0.26 0.08 San Gold Corp* O 135 0.00 0.00 0.00 + 0.00 0.00 0.00 San Marco Res* O 30 0.16 0.14 0.15 + 0.01 0.16 0.06 San Marco Res V 648 0.25 0.19 0.20 + 0.01 0.25 0.09 Sanatana Res V 785 0.01 0.01 0.01 unch 0.00 0.06 0.01 Sanatana Res* O 60 0.02 0.00 0.00 - 0.02 0.04 0.00 Sandfire Res V 359 0.28 0.25 0.28 - 0.02 0.40 0.09 Sandfire Res* O 462 0.21 0.19 0.20 - 0.01 0.31 0.06 Sandspring Res* O 78 1.67 1.42 1.50 - 0.14 2.72 0.58 Sandstorm Gold T 4323 11.64 10.41 11.37 + 0.73 11.64 4.64 Sandstorm Gold* N 18641 8.40 7.41 8.09 + 0.53 8.40 3.32 Santa Fe Gold* O 598 0.08 0.07 0.07 - 0.01 0.11 0.03 Santacruz Silv V 397 0.14 0.11 0.11 - 0.02 0.20 0.05 Sarama Res V 990 0.08 0.06 0.07 + 0.01 0.12 0.03 Sarissa Res* O 312 0.00 0.00 0.00 + 0.00 0.00 0.00 Satori Res V 93 0.05 0.04 0.05 + 0.01 0.08 0.01 Saturn Mnrls V 205 0.13 0.10 0.11 + 0.01 0.17 0.07 Saville Res V 552 0.03 0.00 0.03 unch 0.00 0.06 0.02 Scandium Intl T 267 0.08 0.07 0.07 - 0.01 0.20 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Scandium Intl* O 7 Scorpio Gold V 54 37 Scorpio Gold * O Scotch Creek C 5 Scottie Res* O 174 Scottie Res V 662 ScoZinc Mg* O 16 ScoZinc Mg V 85 Seabridge Gld T 732 Seabridge Gld* N 4003 Search Mnls V 133 Search Mnls* O 12 Searchlight* O 33 O 351 SearchlightMin* SearchlightRes V 153 Sego Res V 143 Select Sands V 328 T 6447 Semafo O 1 Sennen Potash* Sentinel Res C 10 Serabi Gold T 12 Serengeti Res V 338 O 2 Shear Diamonds* Sherritt Intl T 3675 Shine Minerals V 213 O 6 Shine Minerals* Sibanye-Stillw* N 13101 O 2596 Sidney Resrces* Sienna Res V 1907 Sienna Res* O 81 Sierra Metals* X 144 Sierra Metals T 89 Sigma Lithium V 12 Signature Res* O 63 Signature Res V 584 53 Silver Bear Rs* O 304 T Silver Bear Rs 472 O Silver Bull Re* 523 T Silver Bull Re Silver Eleph* O 1132 Silver Eleph T 2297 Silver Grail V 76 14 Silver Mtn Mns* O 231 Silver Mtn Mns V Silver One V 623 Silver One* O 1165 Silver Predatr V 15 Silver Predatr* O 110 Silver Range V 76 Silver Range* O 15 Silver Scott* O 170 Silver Spruce* O 21 Silver Spruce V 310 Silver Stream* O 0 Silver Viper* O 40 Silver Viper V 145 Silvercorp Met T 8055 Silvercorp Met* X 15694 SilverCrest* X 5706 T 2846 SilverCrest Silverstar Res* O 6 Sirios Res V 452 Sirios Res* O 83 Sitka Gold C 366 Sitka Gold* O 69 Sixty North C 36 Skeena Res* O 367 Skeena Res V 2165 SKRR Explor V 83 V 650 Sky Gold Sky Gold* O 1 O 452 Skyharbour Res* V 1268 Skyharbour Res Slam Explor V 133 Sokoman Min V 662 Sokoman Min* O 264 SolGold plc T 754 SolGold plc* O 157 Solitario Ex&R* X 587 Solitario Ex&R T 27 Solstice Gold V 478 245 Sonora Gld & S V Sonoro Metals* O 61 Sonoro Metals V 369 O 4 South32* Southern Arc* O 9 Southern Arc V 12 Southern Copp* N 4685 Southern Emp V 20 Southern Silvr V 272 Southern Silvr* O 296 SouthGobi Res T 20 V 118 Southstone Min 629 Spanish Mtn Gd V 679 Spanish Mtn Gd* O Sparton Res V 323 Sparton Res* O 17 O 2952 Spearmint Res* Spearmint Res C 9666 C 190 Spey Resources Sphinx Res V 113 381 T Sprott Res Hld 245 Spruce Ridge R V 83 V SRG Mining SSR Mining* D 5432 SSR Mining T 1765 St Augustine T 233 C 272 St-Georges Eco O 2 Stakeholdr Gld* Stakeholdr Gld V 408 O 642 Standard Graph* Standard Lith V 346 O 10 Standard Metal* Stans Energy V 301 Stans Energy* O 155 Star Diamond* O 41 Star Diamond T 1257 Star Gold* O 232 Starcore Intl* O 58 Starcore Intl T 890 44 Starr Peak Exp V O 0 Steele Oceanic* Stellar Africa* O 5 Stellar Africa V 91 Stelmine Can V 287 Steppe Gold T 845 Stevens Gold C 2 O 1369 Stornoway Diam* Stratabd Mnr V 97 Strateco Res* O 16 Strategic Metl* O 104 Strategic Metl V 443 Strategic Min* O 88 Strategic Res V 28 Strategic Res* O 0 Stria Lithium V 361 Strikepoint Gd V 1112 Strikepoint Gd* O 326 V 759 Strongbow Expl O 61 Strongbow Expl* Stroud Res V 40 Stuhini Explor V 183 Sulliden Mng T 727 Sun Metals V 603 Suncor Energy* N 39208 Suncor Energy T 34165 Superior Gold* O 27 Superior Gold V 569 Superior Mng V 261 O 4 Supreme Metal* C 265 Supreme Metals Surge Copper V 65 Surge Explor* O 160 Surge Explor V 1457 Sutter Gold* O 856 Syrah Res* O 94

0.03 0.06 + 0.00 0.15 0.06 0.05 0.05 0.09 + 0.01 0.13 0.10 0.08 0.10 0.03 - 0.00 0.00 0.06 0.07 0.06 unch 0.00 0.12 0.07 0.07 0.07 0.07 0.17 + 0.01 0.23 0.17 0.15 0.11 0.22 + 0.01 0.30 0.23 0.21 0.19 0.24 + 0.05 0.59 0.26 0.00 0.28 0.40 + 0.12 0.90 0.40 0.32 7.37 19.97 + 1.02 21.98 20.10 18.60 5.25 14.25 + 0.80 16.55 14.47 13.20 0.03 unch 0.00 0.06 0.05 0.05 0.04 0.02 0.04 + 0.00 0.04 0.04 0.04 0.00 0.03 + 0.00 0.10 0.03 0.00 0.01 0.02 + 0.01 0.06 0.02 0.01 0.02 unch 0.00 0.05 0.03 0.04 0.00 0.03 0.05 + 0.01 0.07 0.05 0.04 0.01 unch 0.00 0.10 0.01 0.02 0.01 1.57 3.68 - 0.12 5.75 3.86 3.44 0.18 unch 0.00 0.31 0.31 0.31 0.31 0.10 unch 0.00 0.15 0.10 0.10 0.10 0.45 1.54 + 0.22 1.74 1.74 1.35 0.15 0.18 + 0.01 0.36 0.18 0.17 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.07 0.13 + 0.02 0.37 0.13 0.11 0.01 0.03 + 0.01 0.08 0.03 0.03 0.01 0.01 - 0.00 0.05 0.01 0.01 8.50 7.25 8.09 + 0.13 11.85 3.50 0.00 0.06 + 0.00 0.06 0.06 0.04 0.03 0.06 + 0.01 0.10 0.06 0.00 0.02 0.03 - 0.01 0.08 0.04 0.03 0.45 0.81 + 0.01 1.90 0.85 0.76 0.89 1.11 + 0.03 2.50 1.21 1.00 1.40 unch 0.00 2.08 1.89 1.89 1.60 0.02 0.04 + 0.00 0.07 0.04 0.03 0.02 unch 0.00 0.09 0.05 0.06 0.04 0.18 0.05 - 0.01 0.07 0.09 0.09 0.25 0.05 - 0.03 0.11 0.11 0.12 0.12 0.02 - 0.00 0.05 0.06 0.06 0.16 0.03 - 0.01 0.08 0.08 0.09 0.06 0.15 + 0.04 0.43 0.15 0.11 0.10 0.21 + 0.05 0.55 0.21 0.17 0.02 0.10 + 0.04 0.12 0.10 0.00 0.02 0.00 0.02 0.02 + 0.00 0.02 0.02 0.01 0.02 0.02 unch 0.00 0.02 0.13 0.34 + 0.02 0.50 0.35 0.32 0.09 0.24 + 0.02 0.37 0.25 0.22 0.04 0.08 - 0.01 0.17 0.09 0.08 0.05 unch 0.00 0.12 0.06 0.10 0.06 0.07 unch 0.00 0.14 0.09 0.09 0.09 0.05 unch 0.00 0.11 0.07 0.07 0.07 0.01 0.09 - 0.02 0.30 0.21 0.06 0.01 0.02 + 0.00 0.05 0.03 0.00 0.02 unch 0.00 0.07 0.04 0.04 0.03 8.00 unch 0.00 8.00 8.00 0.00 0.00 0.00 0.22 + 0.02 2.21 0.22 0.21 0.18 unch 0.00 0.43 0.30 0.33 0.28 2.12 5.52 + 0.35 7.69 5.79 4.81 1.50 3.94 + 0.25 5.93 4.17 3.42 2.96 6.77 + 0.15 8.30 7.34 6.21 10.15 8.77 9.48 + 0.15 10.98 3.99 0.01 0.01 - 0.05 0.14 0.06 0.00 0.08 0.12 + 0.01 0.25 0.12 0.11 0.07 0.09 - 0.00 0.17 0.09 0.09 0.05 0.10 - 0.01 0.26 0.11 0.10 0.03 0.07 - 0.01 0.18 0.08 0.07 0.03 0.03 - 0.01 0.09 0.04 0.03 0.26 0.71 - 0.01 0.92 0.75 0.65 0.35 1.01 + 0.01 1.20 1.03 0.92 0.16 0.27 - 0.04 0.40 0.31 0.24 0.05 unch 0.00 0.70 0.07 0.07 0.06 0.04 0.05 + 0.00 0.71 0.05 0.00 0.06 0.13 - 0.02 0.28 0.16 0.12 0.08 0.17 - 0.03 0.38 0.22 0.16 0.01 unch 0.00 0.03 0.02 0.02 0.01 0.04 0.11 + 0.02 0.13 0.11 0.09 0.04 0.07 + 0.00 0.09 0.07 0.07 0.19 0.44 + 0.09 0.71 0.50 0.35 0.13 0.33 + 0.05 0.54 0.35 0.00 0.13 0.26 + 0.01 0.40 0.31 0.25 0.22 0.36 + 0.01 0.52 0.42 0.36 0.02 0.05 - 0.01 0.27 0.06 0.05 0.06 0.03 0.04 0.04 unch 0.00 0.04 0.06 0.11 + 0.02 0.15 0.11 0.09 0.07 unch 0.00 0.19 0.14 0.15 0.11 0.89 1.25 + 0.10 2.33 1.25 1.13 0.17 0.26 + 0.03 0.37 0.26 0.21 0.24 0.35 + 0.02 0.50 0.35 0.30 23.43 31.76 + 1.01 44.82 34.78 30.89 0.40 0.65 + 0.10 0.65 0.65 0.55 0.06 0.14 - 0.03 0.31 0.17 0.14 0.05 0.11 + 0.00 0.23 0.12 0.10 0.06 unch 0.00 0.18 0.07 0.07 0.06 0.04 0.04 - 0.01 0.20 0.04 0.04 0.14 0.05 - 0.01 0.09 0.09 0.10 0.11 0.03 - 0.01 0.06 0.06 0.07 0.02 unch 0.00 0.06 0.03 0.03 0.03 0.01 0.01 - 0.00 0.05 0.02 0.01 0.01 0.03 + 0.01 0.03 0.03 0.01 0.01 0.03 + 0.01 0.04 0.04 0.02 0.02 unch 0.00 0.08 0.03 0.03 0.03 0.01 0.02 + 0.01 0.04 0.02 0.00 1.61 0.24 - 0.03 0.25 0.27 0.30 0.09 0.03 0.05 0.05 + 0.01 0.05 0.22 0.37 - 0.01 1.10 0.38 0.35 9.00 17.96 + 0.53 19.42 18.25 16.84 12.12 25.29 + 0.72 25.57 25.36 23.78 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.03 unch 0.00 0.15 0.04 0.05 0.04 0.01 unch 0.00 0.04 0.02 0.02 0.02 0.02 unch 0.00 0.08 0.04 0.04 0.03 0.05 0.07 + 0.00 0.43 0.07 0.06 0.39 0.76 + 0.11 1.08 0.80 0.66 0.03 0.03 - 0.01 0.08 0.04 0.03 0.01 unch 0.00 0.11 0.01 0.01 0.01 0.00 0.01 + 0.00 0.08 0.01 0.00 0.14 0.17 - 0.00 0.41 0.19 0.16 0.18 0.26 + 0.03 0.53 0.26 0.23 0.02 0.07 + 0.02 0.09 0.07 0.06 0.00 0.06 - 0.03 0.25 0.09 0.06 0.05 0.09 - 0.02 0.14 0.11 0.08 0.59 0.25 0.44 0.47 + 0.07 0.47 0.20 unch 0.00 1.00 0.22 0.00 0.00 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.02 unch 0.00 0.04 0.03 0.03 0.02 0.04 unch 0.00 0.17 0.06 0.06 0.05 0.59 1.28 + 0.38 1.14 1.28 0.88 0.25 unch 0.00 0.27 0.27 0.27 0.27 0.00 0.00 - 0.00 0.06 0.00 0.00 0.02 unch 0.00 0.13 0.06 0.06 0.06 0.00 0.00 + 0.00 0.01 0.00 0.00 0.18 0.29 + 0.00 0.43 0.32 0.28 0.25 0.42 + 0.03 0.57 0.43 0.39 0.00 unch 0.00 0.03 0.00 0.00 0.00 0.18 0.00 0.70 unch 0.22 0.22 0.00 0.14 unch 0.00 0.46 0.14 0.00 0.00 0.01 0.01 + 0.01 0.03 0.01 0.00 0.02 unch 0.00 0.16 0.04 0.04 0.04 0.01 0.03 + 0.00 0.12 0.03 0.02 0.03 0.02 0.15 + 0.10 0.11 0.09 0.01 0.07 + 0.03 0.09 0.08 0.00 0.05 0.19 + 0.01 0.37 0.21 0.16 0.12 0.21 + 0.04 0.35 0.21 0.15 0.03 unch 0.00 0.10 0.05 0.05 0.04 0.06 0.00 0.63 unch 0.08 0.09 0.08 9.61 17.17 + 1.57 34.56 19.17 15.09 14.02 24.14 + 2.19 45.12 26.58 21.21 0.26 0.57 + 0.05 0.84 0.57 0.52 0.33 0.79 + 0.04 1.14 0.81 0.75 0.05 0.07 0.25 + 0.21 0.22 0.16 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.02 0.07 - 0.02 0.14 0.09 0.07 0.00 0.01 + 0.00 0.08 0.01 0.00 0.01 0.01 0.10 0.01 + 0.01 0.01 0.00 0.00 + 0.00 0.01 0.00 0.00 0.09 0.15 + 0.01 0.94 0.17 0.13

Taiga Gold C 290 Taiga Gold* O 53 V 1105 Tajiri Res Taku Gold* O 5 Taku Gold C 72 Talisker Res C 656 Talisker Res* O 103 Talmora Diamd C 160 Talon Metals T 388 Tamino Mnrls* O 549 Tanqueray Expl V 593 Tantalex Res C 637 Tanzanian Gold T 176 X 1437 Tanzanian Gold* Tarachi Gold C 46 Taranis Res V 23

0.06 0.13 - 0.02 0.16 0.16 0.13 0.04 0.09 - 0.00 0.11 0.11 0.00 0.03 unch 0.00 0.08 0.06 0.07 0.05 0.01 0.04 - 0.00 0.08 0.04 0.04 0.03 unch 0.00 0.10 0.06 0.07 0.06 0.11 0.40 + 0.03 0.65 0.43 0.38 0.07 0.28 + 0.01 0.47 0.30 0.28 0.01 unch 0.00 0.05 0.02 0.02 0.01 0.08 unch 0.00 0.25 0.11 0.11 0.10 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.45 0.77 - 0.02 0.90 0.81 0.75 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.55 0.74 + 0.03 1.56 0.78 0.67 0.36 0.52 - 0.01 1.20 0.54 0.49 0.04 unch 0.00 0.20 0.20 0.20 0.20 0.04 unch 0.00 0.10 0.08 0.08 0.06

T

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MAY 11 – MAY 24, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Taranis Res* O 5 Tarku Res V 14 Tartisan Nick* O 18 Tartisan Nick C 529 Taseko Mines* X 2109 Taseko Mines T 783 Teck Res T 19653 Teck Res T 34 N 41493 Teck Res* Tectonic Metal V 540 Tectonic Metal* O 36 Telson Res V 67 Telson Res * O 15 Tembo Gold* O 5 Tembo Gold V 1414 Teranga Gold* O 184 Teranga Gold T 2158 Teras Res* O 300 Teras Res V 303 Terrax Mnrls V 739 Terrax Mnrls* O 108 Terreno Res V 213 V 6406 Teslin Rvr Res Tesoro Mnrls V 60 Tesoro Mnrls* O 60 Tethyan Res V 103 Teuton Res V 161 Teuton Res* O 98 Texas Mineral* O 2224 Themac Res V 107 Themac Res* O 18 Thor Expl V 204 40 Thunder Mtn Gd* O Thunderstruck V 167 Thunderstruck* O 25 V 26 Tiger Intl Till Capital V 1 Timberline Res V 201 Timberline Res* O 102 Tinka Res V 758 Tinka Res* O 113 Tintina Mines V 21 Tisdale Res* O 0 Tisdale Res V 80 Titan Mining T 103 Titan Mining* O 58 Titanium Corp V 72 O 434 TMAC Resource* TMAC Resources T 2710 TNR Gold V 752 Tocvan Venture C 805 Tombstone Expl* O 12 Tonogold Res* O 53 Torex Gold* O 867 Torex Gold T 2690 Torq Resources* O 17 Torq Resources V 69 Tower Res* O 1 Tower Res V 516 Transatlantic* O 1 Transatlantic V 895 Transition Met V 266 Transition Met* O 5 Treasury Metal T 1308 O 71 Treasury Metal* Trecora Res* N 281 Tres-Or Res V 78 Trevali Mng* O 350 Trevali Mng T 9170 V 2835 Tri Origin Exp Trifecta Gold V 239

0.06 0.04 0.06 + 0.00 0.08 0.03 0.07 0.06 0.06 - 0.01 0.23 0.04 0.06 0.03 0.06 + 0.04 0.10 0.02 0.09 0.05 0.09 + 0.04 0.12 0.03 0.35 0.29 0.34 + 0.02 0.68 0.20 0.49 0.42 0.48 + 0.04 0.93 0.28 12.68 9.73 12.03 + 1.62 30.90 8.15 16.20 14.00 15.65 + 1.48 31.00 9.00 9.12 6.91 8.55 + 1.16 23.30 5.60 0.20 0.17 0.20 + 0.02 0.31 0.10 0.13 0.12 0.13 + 0.01 0.14 0.11 0.09 0.00 0.09 - 0.01 0.40 0.04 0.07 0.05 0.06 - 0.00 0.30 0.04 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.05 0.03 0.05 + 0.01 0.05 0.01 7.68 6.42 7.17 - 0.16 7.68 2.25 10.46 9.30 10.07 - 0.28 10.71 2.97 0.04 0.03 0.03 - 0.01 0.05 0.02 0.05 0.04 0.05 - 0.01 0.08 0.02 0.30 0.26 0.29 + 0.01 0.44 0.16 0.20 0.19 0.20 + 0.01 0.34 0.11 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.18 0.13 0.15 + 0.02 0.51 0.13 0.04 0.04 0.04 + 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.03 0.03 0.17 0.12 0.12 - 0.03 0.70 0.06 0.55 0.48 0.52 + 0.03 0.65 0.16 0.38 0.34 0.37 unch 0.00 0.49 0.12 1.06 0.82 0.86 - 0.01 1.58 0.12 0.08 0.03 0.08 + 0.01 0.08 0.03 0.06 0.02 0.06 + 0.04 0.07 0.02 0.18 0.00 0.18 - 0.01 0.19 0.12 0.10 0.07 0.10 + 0.01 0.14 0.03 0.08 0.07 0.08 + 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.06 0.02 0.18 0.18 0.18 unch 0.00 0.20 0.04 2.10 0.00 2.10 + 0.25 2.54 1.00 0.07 0.00 0.07 unch 0.00 0.14 0.06 0.05 0.05 0.05 + 0.00 0.11 0.02 0.13 0.11 0.12 unch 0.00 0.34 0.07 0.10 0.07 0.10 + 0.02 0.25 0.05 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.00 0.00 0.04 unch 0.00 0.11 0.04 0.09 0.07 0.07 unch 0.00 0.19 0.04 0.17 0.15 0.17 + 0.02 0.58 0.14 0.11 0.11 0.11 unch 0.00 0.40 0.11 0.34 0.28 0.30 - 0.02 0.82 0.28 1.16 0.94 1.04 + 0.14 5.27 0.31 1.66 1.33 1.47 + 0.18 6.95 0.44 0.03 0.03 0.03 + 0.01 0.04 0.02 0.23 0.19 0.23 + 0.02 0.24 0.07 1.91 0.00 1.90 - 0.01 3.80 0.50 0.38 0.30 0.38 unch 0.00 0.55 0.14 16.11 13.77 14.53 + 0.15 17.13 6.19 21.42 19.21 20.45 + 0.01 22.45 8.79 0.32 0.29 0.31 - 0.01 0.42 0.21 0.45 0.41 0.45 - 0.01 0.59 0.27 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.02 0.02 unch 0.00 0.07 0.02 0.03 0.00 0.03 unch 0.00 0.06 0.01 0.06 0.04 0.06 + 0.01 0.08 0.02 0.23 0.19 0.21 + 0.01 0.24 0.11 0.16 0.14 0.16 + 0.02 0.18 0.08 0.32 0.26 0.28 - 0.03 0.42 0.15 0.23 0.00 0.20 - 0.01 0.32 0.11 6.62 5.28 5.38 - 0.31 10.54 4.23 0.10 0.09 0.10 + 0.01 0.30 0.06 0.08 0.06 0.07 - 0.00 0.28 0.05 0.11 0.09 0.09 - 0.01 0.38 0.07 0.03 0.01 0.02 + 0.01 0.04 0.01 0.02 0.00 0.02 - 0.01 0.05 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Trifecta Gold* O 4 Trilogy Mtls T 91 Trilogy Mtls* X 1296 TriMetals Mng* O 26 Trinity Res* O 2 Trinity Valley V 436 Trinity Valley* O 0 Trio Resources* O 387 TriStar Gold V 157 TriStar Gold* O 186 Triumph Gold V 104 Triumph Gold* O 75 Troilus Gold* O 262 Troilus Gold T 2592 Troubadour Res V 206 Troy Res* O 10 True North Gem* O 0 True North Gem V 12 Tsodilo Res V 189 Tudor Gold V 1460 O 56 Tudor Gold * Turmalina Met V 2063 Turmalina Met* O 41 Turquoise HIl* N 8211 Turquoise HIl T 2361 TVI Pacific V 415 TVI Pacific* O 77 Tyhee Gold* O 90 Tymbal Res V 30 Typhoon Expl V 490

0.01 0.00 0.01 + 0.00 0.04 0.01 2.65 2.15 2.24 - 0.15 4.10 1.50 1.89 1.53 1.61 - 0.07 3.13 1.03 0.05 0.05 0.05 - 0.00 0.13 0.03 0.06 0.00 0.06 - 0.02 0.50 0.01 0.09 0.07 0.07 - 0.01 0.15 0.04 0.00 0.00 0.03 unch 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.32 0.29 0.31 - 0.01 0.37 0.13 0.23 0.00 0.22 + 0.00 0.28 0.11 0.22 0.20 0.21 unch 0.00 0.58 0.07 0.16 0.14 0.15 + 0.01 0.44 0.06 0.79 0.59 0.79 + 0.21 0.77 0.30 1.10 0.82 1.05 + 0.23 1.08 0.42 0.05 0.03 0.04 + 0.01 0.12 0.02 0.06 0.00 0.06 + 0.02 0.09 0.03 0.00 0.00 0.02 unch 0.00 0.10 0.02 0.06 0.06 0.06 - 0.01 0.15 0.04 0.08 0.06 0.08 - 0.01 0.20 0.05 0.67 0.56 0.56 - 0.03 1.07 0.26 0.48 0.39 0.39 - 0.02 0.81 0.20 0.71 0.53 0.70 + 0.15 0.86 0.27 0.51 0.00 0.50 + 0.10 0.65 0.20 0.52 0.47 0.47 - 0.02 1.53 0.30 0.72 0.66 0.67 - 0.02 2.05 0.43 0.02 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.00 0.01 - 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.05 0.04 0.05 unch 0.00 0.07 0.02

U.S. Gold* D 258 U3O8 Corp V 877 U3O8 Corp* O 289 UC Res* O 140 4165 Ucore Rare Mtl V 5118 Ucore Rare Mtl* O UEX Corp T 3629 O 48 Ultra Resource* Ultra Resource V 57 Umbral Enrgy* O 323 O 330 Unigold* Unigold V 1234 United Battery* O 4 United Battery C 22 22 United Res Hdg* O 95 United States A* X United States S* N 84170 Universal Cop V 26 Universal Vent V 117 Ur-Energy T 396 Ur-Energy* X 2864 Uragold Bay Rs V 881 X 11784 Uranium Energy* Uranium Hunter* O 1 Uranium Res* D 1508 Uranium Roylty V 358 Uranium Roylty* O 249 Uravan Mnrls V 25 Uravan Mnrls* O 20 UrbanGold Min V 208 O 2721 USCorp* Usha Res V 20 Val-d’Or Mg V 128 Val-d’Or Mg* O 11 N 128490 Vale* Valley High Mg* O 557 ValOre Metals* O 62 ValOre Metals V 364 Valterra Res* O 90

5.42 4.90 4.93 - 0.12 15.30 2.61 0.14 0.05 0.11 + 0.01 0.17 0.04 0.90 0.01 0.05 + 0.04 0.90 0.01 0.15 0.13 0.15 + 0.02 0.70 0.09 0.19 0.13 0.16 + 0.04 0.34 0.09 0.14 0.09 0.12 + 0.03 0.25 0.06 0.18 0.15 0.16 - 0.02 0.20 0.07 0.04 0.03 0.03 - 0.00 0.08 0.01 0.05 0.00 0.04 - 0.01 0.10 0.02 0.12 0.09 0.11 + 0.00 0.47 0.07 0.14 0.14 0.14 + 0.00 0.21 0.07 0.20 0.18 0.19 + 0.01 0.27 0.09 0.11 0.08 0.10 - 0.02 0.24 0.03 0.15 0.00 0.15 - 0.01 0.30 0.01 0.03 0.02 0.02 - 0.01 0.09 0.02 0.37 0.32 0.35 + 0.02 0.80 0.25 8.50 6.73 7.51 + 0.69 16.99 4.54 0.06 0.06 0.06 - 0.03 0.36 0.03 4.80 4.05 4.72 + 0.51 6.50 3.45 0.87 0.78 0.85 - 0.02 1.30 0.39 0.63 0.55 0.60 - 0.01 0.99 0.27 0.09 0.07 0.08 + 0.01 0.10 0.05 1.19 1.00 1.14 + 0.03 1.48 0.35 1.23 0.00 1.23 unch 0.00 3.50 0.55 1.80 1.29 1.41 + 0.13 9.25 0.25 1.21 1.10 1.19 unch 0.00 1.28 0.80 0.87 0.79 0.85 unch 0.00 0.95 0.56 0.03 0.02 0.02 - 0.01 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.14 0.10 0.14 + 0.04 0.18 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.10 0.10 unch 0.00 0.19 0.10 0.15 0.12 0.12 - 0.03 0.15 0.03 0.11 0.08 0.08 - 0.02 0.12 0.04 8.80 7.76 7.98 + 0.31 14.19 6.49 0.00 0.00 0.00 - 0.00 0.01 0.00 0.20 0.00 0.20 + 0.02 0.31 0.09 0.28 0.00 0.28 + 0.04 0.41 0.14 0.05 0.04 0.05 + 0.01 0.28 0.03

U-V

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Valterra Res V 313 Vanadian Enrgy* O 87 Vanadian Enrgy V 177 Vanadium One* O 1 Vanadium One V 385 Vanadiumcorp* O 77 Vanadiumcorp V 112 Vangold Res V 2965 Vangold Res* O 83 Vanstar Mng Rs* O 1199 Vanstar Mng Rs V 1626 Vantex Res * O 2 Vantex Res V 2 Velocity Mnrls V 256 Velocity Mnrls* O 195 Vendetta Mng* O 18 Vendetta Mng V 674 Venerable Vent V 3 Venture Mnrls* O 230 Verde Potash T 69 Veris Gold* O 373 Vertical Expl V 718 Victoria Gold* O 179 Victoria Gold T 611 Victory Metals* O 33 Victory Metals V 29 Victory Nickel* O 52 Victory Nickel C 138 Virginia Enrgy* O 115 Virginia Enrgy V 12 Viscount Mng V 353 Visible Gold M V 116 Visible Gold M* O 3 Vision Lithium V 631 Vision Lithium* O 8 Vista Gold* X 2041 Vista Gold T 136 Viva Gold* O 26 Viva Gold V 179 Vizsla Res V 1235 O 944 Vizsla Res * Volcanic Gold V 18 Volcanic Gold* O 1 Volt Energy V 1500 Volt Energy* O 5 Voyageur Min* O 2 Voyageur Min V 740 VR Resources* O 117 VR Resources V 63 Vulcan Mnrls V 223 V 476 VVC Expl

Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

West Red Lake C 141 0.06 0.05 0.06 + 0.01 0.11 0.04 Western Areas* O 4 1.48 1.47 1.47 - 0.01 2.32 1.15 Western Atlas V 214 0.09 0.08 0.08 + 0.01 0.11 0.04 Western Copper T 200 0.94 0.88 0.91 unch 0.00 1.15 0.44 Western Copper* X 662 0.69 0.62 0.64 - 0.01 0.89 0.31 0.14 - 0.02 0.35 0.05 Western Mag V 567 0.16 0.14 Western Mag* O 177 0.12 0.00 0.11 - 0.01 0.43 0.03 Western Pac Rs* O 0 0.00 0.00 0.21 unch 0.00 0.26 0.16 Western Potash T 279 0.21 0.18 0.20 + 0.02 0.55 0.11 Western Res* O 5 0.13 0.11 0.13 + 0.01 0.41 0.08 0.61 - 0.01 1.15 0.15 Western U&V* O 249 0.65 0.51 Western U&V C 150 0.90 0.72 0.84 - 0.02 1.49 0.25 Westgold Res* O 10 1.45 0.00 1.45 + 0.05 1.67 1.00 Westhaven Vent* O 97 0.54 0.46 0.54 + 0.10 0.93 0.25 Westhaven Vent V 640 0.78 0.63 0.75 + 0.11 1.25 0.35 Westkam Gold* O 2 0.06 0.00 0.05 - 0.01 0.44 0.02 0.08 - 0.02 0.35 0.08 Westkam Gold V 25 0.09 0.00 Westminster Rs V 112 0.06 0.05 0.06 - 0.01 0.28 0.04 WestMountain* O 1 2.90 0.00 2.90 + 0.45 3.00 1.00 Wheaton Prec M* N 17172 41.26 36.77 41.10 + 1.48 41.26 18.66 Wheaton Prec M T 8360 58.03 51.65 57.84 + 2.04 56.47 26.50 White Energy* O 234 0.07 0.00 0.05 + 0.02 0.10 0.03 White Gold* O 137 0.55 0.44 0.50 + 0.04 1.05 0.29 White Gold V 1489 0.70 0.62 0.70 + 0.06 1.38 0.41 White Metal R* O 3 0.04 0.04 0.04 unch 0.00 0.05 0.00 White Metal Rs V 394 0.05 0.04 0.05 + 0.01 0.07 0.02 180 0.02 0.02 0.02 - 0.00 0.07 0.00 White Mtn Engy* O Whitehaven Coa* O 3 1.18 1.17 1.18 unch 0.00 2.91 0.91 Wildsky Res* O 0 0.00 0.00 0.04 unch 0.00 0.11 0.04 Wildsky Res V 86 0.09 0.06 0.08 unch 0.00 0.14 0.01 0.06 unch 0.00 0.20 0.05 Winshear Gold V 25 0.06 0.06 Winston Gold* O 778 0.06 0.05 0.06 - 0.00 0.13 0.00 Winston Gold C 494 0.09 0.08 0.08 - 0.01 0.17 0.01 Wolfden Res* O 14 0.07 0.06 0.06 - 0.01 0.14 0.05 Wolfden Res V 46 0.11 0.10 0.11 + 0.01 0.19 0.07 Wolfeye Res V 1061 0.89 0.77 0.86 + 0.11 1.00 0.43 O 65 0.02 0.02 0.02 unch 0.00 0.05 0.02 Worldwide Res* Worldwide Res V 65 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.09 + 0.02 0.15 0.03 X-Terra Res V 1130 0.10 0.07 X-Terra Res* O 9 0.07 0.00 0.07 + 0.03 0.10 0.03 0.03 unch 0.00 0.10 0.01 Xanadu Mines T 40 0.03 0.02 Xander Res V 303 0.05 0.04 0.05 + 0.01 0.05 0.04 Xiana Mng V 187 0.09 0.00 0.07 - 0.03 0.60 0.07 Ximen Mining V 93 0.35 0.30 0.30 - 0.01 0.79 0.26 Ximen Mining* O 9 0.25 0.00 0.22 - 0.02 0.60 0.21 Xtierra Inc V 299 0.06 0.04 0.05 + 0.01 0.08 0.03 Xtra-Gold Res T 107 0.62 0.50 0.61 + 0.11 0.66 0.28 Xtra-Gold Res* O 47 0.45 0.36 0.45 + 0.10 0.50 0.20 Yamana Gold T 26221 6.90 6.39 6.85 + 0.14 6.97 2.41 Yamana Gold* N 97674 4.97 4.56 4.87 + 0.11 4.97 1.78 Yorbeau Res T 403 0.04 0.04 0.04 unch 0.00 0.05 0.02 O 108 0.17 0.13 0.17 + 0.04 0.15 0.07 Zadar Ventures* Zadar Ventures V 378 0.25 0.16 0.25 + 0.07 0.25 0.08 0.06 unch 0.00 0.27 0.03 Zanzibar Gold C 462 0.08 0.05 Zara Res* O 730 0.01 0.01 0.01 + 0.00 0.53 0.00 0.33 + 0.05 0.61 0.26 ZEN Graphene V 952 0.40 0.28 ZEN Graphene* O 91 0.29 0.20 0.24 + 0.04 0.46 0.17 Zephyr Mnls V 404 0.24 0.22 0.24 + 0.02 0.34 0.15 Zephyr Mnls* O 61 0.17 0.15 0.17 + 0.01 0.54 0.12 Zimtu Capital V 73 0.09 0.08 0.09 - 0.01 0.28 0.08 Zinc One Res V 4227 0.02 0.01 0.01 unch 0.00 0.07 0.01 686 0.01 0.00 0.00 - 0.00 0.05 0.00 Zinc One Res * O ZincX Res V 200 0.10 0.09 0.09 + 0.01 0.20 0.06 0.07 - 0.01 0.15 0.04 ZincX Res* O 50 0.08 0.07 Zonte Metals V 42 0.20 0.19 0.19 - 0.01 0.37 0.17 0.13 - 0.02 0.28 0.12 Zonte Metals* O 18 0.14 0.13

0.04 0.04 0.04 - 0.01 0.35 0.03 0.03 0.02 0.03 + 0.02 0.04 0.00 0.05 0.03 0.04 + 0.01 0.06 0.01 0.04 0.00 0.04 + 0.02 0.10 0.03 0.06 0.05 0.06 - 0.01 0.13 0.04 0.04 0.03 0.03 - 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.08 0.03 0.10 0.05 0.09 + 0.05 0.10 0.03 0.06 0.03 0.06 + 0.02 0.06 0.03 0.81 0.66 0.80 + 0.10 0.81 0.14 1.18 0.91 1.13 + 0.15 1.18 0.19 0.12 0.12 0.12 unch 0.00 0.18 0.08 0.00 0.00 0.18 unch 0.00 0.31 0.10 0.38 0.35 0.35 - 0.03 0.58 0.20 0.26 0.26 0.26 - 0.01 0.44 0.15 0.00 0.00 0.03 unch 0.00 0.09 0.01 0.04 0.04 0.04 unch 0.00 0.12 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.03 0.01 0.00 0.01 + 0.01 0.02 0.00 0.48 0.00 0.43 - 0.03 0.82 0.21 0.02 0.00 0.01 + 0.01 0.10 0.00 0.02 0.02 0.02 - 0.01 0.08 0.02 5.95 5.54 5.86 + 0.06 7.56 2.88 8.40 7.75 8.19 - 0.01 9.90 4.02 0.20 0.17 0.20 + 0.03 0.54 0.11 0.28 0.00 0.27 + 0.02 0.71 0.17 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.00 0.02 - 0.01 0.05 0.01 0.07 0.00 0.06 - 0.01 0.25 0.03 0.10 0.00 0.10 + 0.02 0.37 0.04 0.31 0.27 0.30 - 0.02 0.35 0.15 0.08 0.08 0.08 + 0.01 0.14 0.04 0.06 0.04 0.06 - 0.00 0.07 0.02 0.03 0.00 0.03 unch 0.00 0.09 0.01 0.02 0.01 0.02 - 0.00 0.06 0.01 0.80 0.68 0.75 + 0.04 1.05 0.36 1.11 0.00 1.06 + 0.07 1.39 0.51 0.24 0.19 0.20 + 0.00 0.26 0.09 0.33 0.25 0.27 unch 0.00 0.35 0.14 0.50 0.42 0.43 - 0.05 0.96 0.14 0.36 0.30 0.30 - 0.04 0.73 0.16 0.25 0.00 0.19 - 0.06 0.31 0.05 0.13 0.13 0.13 unch 0.00 0.36 0.03 0.04 0.02 0.04 + 0.01 0.09 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.07 0.06 0.06 - 0.01 0.12 0.05 0.35 0.17 0.19 - 0.02 0.35 0.09 0.29 0.24 0.26 - 0.04 0.50 0.12 0.05 0.00 0.05 + 0.01 0.21 0.02 0.04 0.03 0.03 unch 0.00 0.06 0.02

W-Z Walcott Res C 0 0.00 0.00 0.09 unch 0.00 0.20 0.09 Walker Lane* O 11 0.08 0.05 0.08 + 0.03 0.33 0.02 Walker River* O 192 0.06 0.05 0.05 - 0.01 0.15 0.05 Walker River V 984 0.09 0.08 0.08 - 0.01 0.21 0.06 O 1380 0.57 0.50 0.56 + 0.04 0.75 0.20 Wallbridge Mng* Wallbridge Mng T 4240 0.80 0.70 0.78 + 0.04 0.98 0.27 Warrior Gold* O 471 0.05 0.04 0.04 + 0.00 0.09 0.03 Warrior Gold V 562 0.06 0.05 0.06 + 0.01 0.13 0.03 Waseco Res V 7 0.03 0.03 0.03 + 0.01 0.05 0.02 0.12 - 0.02 0.65 0.10 Wealth Mnrls V 210 0.14 0.12 Wealth Mnrls* O 192 0.11 0.08 0.09 - 0.01 0.50 0.07 Wescan Gldflds V 15 0.06 0.06 0.06 unch 0.00 0.08 0.03 O 805 8.48 7.21 7.68 + 0.16 8.48 2.95 Wesdome Gold* Wesdome Gold T 3219 11.60 10.20 10.75 + 0.13 11.60 3.96 West High Yld V 127 0.15 0.09 0.11 - 0.01 0.35 0.07 West Kirkland V 448 0.08 0.07 0.07 - 0.01 0.09 0.03 West Kirkland * O 300 0.06 0.05 0.06 + 0.00 0.07 0.02 44 0.05 0.04 0.04 + 0.01 0.10 0.02 West Red Lake* O

BID-ASK - APR 27 - MAY 01, 2020

STOCK

12-MONTH

EXC BID ASK LAST HIGH

66 Resources African Metals Aftermath Silv Allante Res Altair Res Inc Altum Resource American CuMo American Uran AMV Capital Anconia Res Anglo-Bomarc Antler Hill Arcus Dev Grp Asbestos Corp Atalaya Mining Atlanta Gold Atlantic Indus Aurelius Min Austin Res Avarone Metals Balto Res Banro Corp* Barker Min Barolo Venture Baroyeca Gold Barrian Mining BHK Mining Blackheath Res Bold Ventures Bond Resources Boss Power Brunswick Res Bullion Gold Cairo Res Camrova Res Canadian Silv Carlin Gold Castle Peak Mg CAT Strategic Central Iron Centurion Mnls Century Metals Cerro de Pasc Cerro Mng Chinapintza Mg Cleghorn Mnls Cliffs Nat Res* CMX Gold & Sil Colombia Crest Comet Inds Conquest Res Cresval Cap Crystal Peak Cyntar Venture Cyprium Mng District Metal District Mines Duro Metals DV Resources EastCoal Inc Edison Cobalt Electra Stone Everton Res EVI Global Grp Excalibur Res Explorex Res Fabled Copper Finlay Minrls Finore Mng Fire River Gol Firestone Vent Freedom Egy Freeport Res Full Metal Mnl Fusion Gold GAR Limited Genius Metals Gentor Res GFM Res GK Resources Glacier Lake Global Cop Grp

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

0.04 0.12 0.06 0.37 0.06 0.09 0.06 0.24 0.25 0.25 0.33 0.10 ...

0.16 0.01 0.01 0.01 0.07 0.10 ...

0.10 0.10 0.06 0.07 0.06 0.01 0.15 0.01 0.06 0.07 0.20 0.08 0.08 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.08 0.08 0.06 0.09 0.02 0.02 0.02 0.04 0.24 ...

0.35 0.50 1.80 2.30 2.00 3.99 0.03 0.04 0.03 0.04 0.01 0.02 0.02 0.02 0.13 0.14 0.14 0.15 0.04 0.09 0.04 0.13 ... ...

0.04 0.15 0.05 0.15 0.03 0.19 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.18 0.25 0.18 0.27 0.03 0.06 0.03 0.10 0.12 0.12 0.13 0.27 0.02 0.02 0.02 0.07 0.13 0.07 0.20 0.04 0.05 0.04 0.13 ... ...

0.15 0.20 0.17 0.20 0.17 ... 0.03 0.03 0.06 0.15 0.10 0.47 0.22 0.35 0.20 0.34 0.01 0.01 0.07 ... 0.06 0.06 0.02 0.02 0.02 0.03 0.01 0.02 0.01 0.02 0.04 ...

0.04 0.02 0.02 0.02 0.03 0.07 0.07 0.07 0.14 0.06 0.11 0.07 0.11 ... ...

0.29 0.34 0.08 0.30 0.08 0.36 0.01 0.02 0.01 0.03 0.04 0.06 0.05 0.10 1.45 3.20 1.43 7.17 ...

0.06 0.05 0.05 0.11 0.16 0.12 0.31 3.20 3.50 3.15 3.60 0.03 0.03 0.03 0.04 0.02 0.03 0.02 0.08 0.03 0.05 0.04 0.18 0.13 ...

0.11 0.11 0.03 0.03 0.03 ... 0.15 0.14 0.30 0.04 ...

0.12 0.24 0.06 ...

0.13 0.14 0.05 0.07 0.07 0.12 0.06 0.19 0.09 0.09 ... 0.05 0.06 0.09 0.01 0.02 0.01 0.10 0.10 0.03 0.04 0.11 0.16 0.10 1.36 0.09 0.10 0.10 0.11 ... 0.50 0.18 0.29 0.03 0.05 0.04 0.08 0.03 0.04 0.03 0.07 0.12 0.12 0.11 0.03 0.07 0.09 0.04 0.05 0.04 0.07 0.02 0.02 0.01 0.02 0.02 0.03 0.02 0.15 0.01 0.01 0.10 0.01 ...

0.17 0.18 ... ...

0.15 4.13 0.15 0.16 0.16 0.22 0.03 0.07 0.05 0.07 0.07 0.11 0.07 0.08 1.01 1.01 0.26 0.30 0.10 0.15 0.11 0.25 0.07 0.08 0.08 0.11

LOW

STOCK

0.05

V Global Vanad Goldbank Mng V V Goldbelt Emp Goldblock Cap C Golden Cariboo V Golden Harp V V Golden Share Graphite Egy C V Gray Rock Res V Great Lakes Gr Great Quest Fe V Green Arrow V V Green Valley M Grenville Gold C Grosvenor Res V GrowMax Res V Guerrero Vents V Handa Mining V HFX Holding V Highbury Proj V Highvista Gold V Highway 50 Gld V IM Exploration C Indico Res V Inspiration Mg C Interconnect V Intl Battery C Iron South Mng V Jasper Mining V Jiulian Res V V Jourdan Res Jubilee Gold V Kapuskasing Gd V Karam Min C Knick Expl V Kodiak Copper V Komet Resource V La Imperial C Latin Metals V Le Mare Gold V C Leo Res Lightspeed Dis V Lovitt Res V Madeira Mrnls V MAG Silver* X V Magna Gold Magna Terra V Magnitude Mng V Mariner Res C Martina Mnls V Matachewan Con V Mega Copper V Meridius Res V Micrex Dev V Midasco Cap V MillenMin Vent V Milner Con Slv V Minecorp Egy V Mineral Hill V Minfocus Expl V Minsud Res V Monarca Mnrls V Mongoose Mg C Montana Gold C Nebu Res V Nevado Res V New Destiny Mg V New Klondike V New World Res V Newmac Res V Nexco Res C Noble Metal V Northway Res V Nrthn Lion V Odyssey Res V Optimum Vent V Pac Arc Res V Pac Bay Mnrls V Pac Cascade V Pacific Silk V Pan Andean Min V Pasinex Res C

0.05 0.01 0.09 0.01 0.08 0.01 0.04 0.01 0.30 1.79 0.03 0.01 0.03 0.04 0.03 0.03 0.10 0.18 0.03 0.10 0.05 0.03 0.11 0.09 0.20 0.01 0.01 0.01 0.04 0.06 0.12 0.07 0.01 0.03 0.98 0.03 0.05 2.75 0.01 0.02 0.01 0.07 0.08 0.05 0.11 0.04 0.06 0.04 0.02 0.05 0.01 0.15 0.02 0.02 0.03 0.01 0.02 0.17 0.13 0.14 0.05 0.05 0.15 0.05 0.04

12-MONTH

EXC BID ASK LAST HIGH LOW

0.17 0.24 0.24 0.28 0.08 0.14 0.09 0.19 0.01 0.02 0.02 0.13 ...

0.12 0.12 0.03 0.04 0.03 0.06 0.08 0.11 0.09 0.18 0.05 0.06 0.05 0.16 0.03 0.03 0.47 1.35 0.05 0.10 0.05 0.15 0.05 0.05 0.04 ...

0.10 0.10 0.02 0.03 0.02 0.04 0.20 0.22 0.20 0.20 0.08 0.09 0.08 0.25 0.10 0.15 0.15 0.17 0.02 0.04 0.09 0.13 0.41 0.41 0.38 0.48 0.03 0.04 0.03 0.05 0.01 ...

0.01 0.06 0.18 ...

0.22 0.30 ... ...

0.17 0.08 0.10 0.08 0.21 0.04 0.08 0.04 0.15 ... 0.01 0.01 0.01 ... 0.03 0.03 0.02 0.29 0.06 0.06 ... ...

0.31 0.24 0.27 0.24 0.28 0.04 0.10 0.03 0.25 0.02 0.03 0.02 0.08 0.01 0.02 0.01 0.06 0.23 0.50 0.47 0.95 0.06 0.07 0.10 0.14 0.06 0.16 0.15 0.17 0.01 0.01 0.01 0.01 0.05 0.06 0.05 0.13 0.06 0.10 0.09 0.19 0.01 0.12 0.01 0.12 0.03 0.04 0.03 0.16 0.03 0.06 0.09 0.09 ... ...

1.09 0.04 0.10 0.08 0.15 0.08 0.13 0.10 ... ...

0.03 12.52 13.30 12.52 14.40 0.53 0.60 0.40 0.55 0.02 0.02 0.02 0.03 0.01 ...

0.13 0.16 0.13 0.23 0.16 0.20 0.05 0.17 0.05 0.12 0.09 0.13 0.11 0.17 0.06 0.14 0.06 0.16 0.11 ...

0.11 0.19 0.02 0.02 0.01 0.07 0.11 0.08 0.15 0.01 0.50 0.05 0.02 0.04 0.02 0.08 ... ...

0.12 0.20 0.15 0.24 0.15 0.03 0.04 0.03 0.06 0.07 0.10 0.07 0.15 0.02 0.06 0.03 0.08 0.08 0.13 0.14 0.15 0.09 0.10 0.10 0.10 0.03 0.03 0.04 0.07 0.13 0.07 0.17 0.02 0.03 0.03 0.17 0.01 0.01 0.01 0.30 0.30 0.21 0.05 0.07 0.07 0.08 0.03 0.07 0.03 0.07 ... 0.01 0.01 0.01 0.07 0.09 0.08 0.14 0.13 0.25 0.11 0.34 0.03 0.04 0.03 0.05 0.17 ...

0.16 0.21 0.12 0.25 0.16 0.30 0.06 0.09 0.05 0.15 0.01 0.02 0.01 0.02 0.03 0.02 0.04 0.01 0.10 0.09 0.10 0.01 0.02 0.01 0.08

0.16 0.09 0.12 0.02 0.04 0.03 0.29 0.04 0.02 0.05 0.06 0.08 0.08 0.09 0.02 0.01 0.17 0.06 0.04 0.01 0.06 0.04 0.01 0.01 0.01 0.38 0.03 0.03 0.01 0.04 0.05 0.01 0.02 0.03 0.08 6.12 0.19 0.01 0.04 0.15 0.05 0.10 0.06 0.11 0.08 0.02 0.07 0.02 0.01 0.02 0.11 0.02 0.07 0.02 0.04 0.03 0.01 0.05 0.10 0.02 0.15 0.16 0.05 0.01 0.03 0.01

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Patriot Gold Pedro Res Phoenix Gold Pike Mountain Plate Res Prime Meridian ProAm Expl Project One Provenance Gld Q-Gold Res Quantum Cobalt Quartz Mtn Res Rainy Mtn Royl Rare Element* Regency Gold Reliant Gold Remington Res Rhyolite Res Riley Resource Rizal Res Rockex Mng Rockland Mnls Rockwealth Res Rojo Res Ross River Rover Metals RTG Mining Rubicon Mnrls* Sage Gold Saint Jean Samco Gold Scotch Creek Secova Mtls Sennen Potash Sentinel Res Sierra Madre Silver Phoenix Skarb Explor Slave Lake Zn SouthGobi Res Southstone Min Stevens Gold Straightup Res Summa Silver Surge Explor Talmora Diamd Tearlach Res Terreno Res Thunder Mtn Gd Tiger Intl Tintina Mines TomaGold Tri-River Vent Trident Gold TriMetals Mng Troy Enrgy True Grit Res Tymbal Res Ubique Mineral Upper Canyon Usha Res Vale* ValOre Metals Vantex Res Vatic Vent Victory Res Wescan Gldflds Western Pac Rs Western Troy C Whitemud Res Winshear Gold Winshear Gold Winston Res Yukoterre Res Zara Res Zena Mining Zenith Explor Zinco Mng Zincore Mtls

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

0.03 0.08 0.05 0.06 ... 0.24 0.10 0.22 ... 0.05 0.05 0.07 0.10 0.05 0.15 0.02 0.04 0.05 0.16 0.04 0.07 0.08 0.16 0.07 0.99 0.08 0.12 0.12 0.18 0.12 0.30 0.12 0.13 0.12 0.20 0.19 0.20 0.20 0.28 ... ...

1.10 3.15 0.23 0.45 0.21 0.35 0.07 0.10 0.05 0.25 0.11 0.16 0.15 0.89 0.08 0.13 0.13 0.14 ... ...

0.02 0.05 0.09 0.07 0.17 0.05 0.10 0.07 0.24 0.12 0.25 0.11 0.21 0.01 0.02 0.02 0.02 0.02 0.04 0.02 0.05 0.07 0.08 0.08 0.11 0.01 0.98 0.46 0.50 ... 1.28 0.19 ...

0.26 0.26 0.02 0.02 0.07 0.05 0.07 0.05 0.11 ... ...

0.03 1.35 0.01 0.01 0.02 0.01 0.01 0.04 0.04 0.01 0.01 0.05 0.06 0.07 0.20 0.07 0.12 0.05 0.06 0.05 0.06 0.13 1.10 0.45 0.07 0.12 0.10 0.15 0.03 0.08 0.03 0.08 0.10 0.15 0.10 0.20 0.02 ...

0.08 0.10 0.04 0.09 0.09 0.10 0.05 0.07 0.07 0.18 0.01 0.01 0.01 0.04 0.27 0.29 0.27 0.27 0.11 0.23 0.10 0.10 ... ...

0.10 0.12 0.39 0.44 0.39 0.23 0.01 0.03 0.02 0.05 0.12 0.20 0.12 0.20 0.02 0.03 0.03 0.04 0.07 ...

0.07 0.17 0.18 0.23 0.18 0.20 0.03 0.04 0.04 0.08 0.05 0.05 0.05 ... ...

0.04 0.12 0.18 0.12 0.20 0.11 0.12 0.12 0.12 0.01 0.04 0.03 0.05 0.01 ...

0.02 0.02 0.03 0.06 0.03 0.06 0.01 0.05 0.04 0.16 ... 2.00 0.25 0.11 0.19 0.10 0.19 ... ...

10.24 11.10 0.06 0.07 0.07 0.13 0.18 0.21 0.18 0.31 ... 0.10 0.10 0.01 0.01 0.02 0.12 0.04 0.07 0.06 0.08 ...

0.68 0.23 0.40 0.02 0.19 0.02 0.04 0.01 0.02 0.02 0.03 0.06 0.08 0.06 0.20 0.12 0.14 0.14 0.15 ... ...

0.01 0.04 0.06 0.15 0.08 0.16 ... ...

0.07 0.22 0.05 0.08 0.04 0.10 0.01 0.68 0.02 0.20 0.05 0.07 0.05 ... 0.40 0.05

0.04 0.09 0.02 0.03 0.04 0.05 0.12 0.08 0.14 0.20 0.15 0.04 0.06 0.10 0.07 0.04 0.11 0.01 0.01 0.01 0.14

0.04 0.03 0.02 0.04 0.06 0.02 0.10 0.02 0.10 0.08 0.04 0.06 0.01 0.25 0.10 0.10 0.03 0.01 0.07 0.01 0.07 0.04 0.02 0.12 0.03 0.02 0.01 0.02 0.03 0.10 6.57 0.07 0.10 0.01 0.03 0.20 0.02 0.01 0.05 0.05 0.01 0.08 0.07 0.04 0.02

FULLY REMOTE CONTROLLED AND COMPATIBLE WITH ANY STANDARD SKID STEER ATTACHMENT

900 LBS LIFT CAPACITY LOW PROFILE 30” HIGH

HARD-LINE.COM