The Northern Miner November 13 2017 Issue by The Northern Miner Group

EQUINOX GOLD: ROSS BEATY LEADS THREE-WAY MERGER OF GOLD JUNIORS / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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Copper, zinc and gold potential keep juniors busy in Saskatchewan and Manitoba / 9–12

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Chakana’s Soledad attracts Doug Kirwin PERU

| Chakana Copper targeting tourmaline breccia pipes BY TRISH SAYWELL tsaywell@northernminer.com

hen a renowned geologist like Douglas Kirwin throws his weight behind a junior exploration company, the mining world usually sits up and takes notice. Kirwin, a member of the joint discovery team of the Hugo Dummett deposit at Oyu Tolgoi in Mongolia and a corecipient in 2004 of the Prospectors and Developers Association of Canada’s inaugural Thayer Lindsley Award for the most significant international mineral discovery, is chairman of Chakana Copper Corp., a privately held company that through its wholly owned Peruvian subsidiary owns the rights under an option agreement to acquire the Soledad copper-goldsilver project from a subsidiary of project-generator Condor Resources (TSXV: CN). Under the option deal Chakana Copper can earn the 100% stake over four years, subject to a 2% net smelter return royalty (NSR). Soledad — which hosts multiple high-grade, quartz-tourmalinesulphide breccia pipes that crop out at surface — is 260 km northwest of Lima, and lies in the Cordillera Negra and western ranges of the Andes See SOLEDAD / 8

Leave no

Prospecting at Garibaldi Resources’ E&L nickel-copper property in northwestern British Columbia, from left: Jeremy Hanson, Matt Fraser and Everett Makela, vicepresident of exploration. GARIBALDI RESOURCES.

Garibaldi shares surge on potential nickel discovery BC’S GOLDEN TRIANGLE BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

aribaldi Resources (TSXV: GGI; US-OTC: GGIFF) president and CEO Steve Regoci says he’s baff led by the staggering gains in the company’s share price since the junior began drilling in August at its historical E&L nickel-copper property in northwestern B.C.’s Golden Triangle district. The share price has surged 2,500% to $4.50 at press time, propelled by the company’s Sept. 1 and Oct. 13 announcements that all 12 drill holes returned “broad sections” of nickel-bearing pentlandite, chalcopyrite and pyrrhotite. Garabaldi’s drill campaign is targeting “Anomaly D,” a 260-metre long geophysical conductor sit-

| Junior’s share price has risen 2,500% on early results

ting below the property’s historical E&L magmatic nickel-copper deposit. Assays for the drill holes are pending. “There’s definitely potential here, but honestly, you have to shake your head. I wouldn’t have predicted prices like this,” Regoci tells The Northern Miner during a phone interview. “The same thing happened to Noront Resources in 2007, but their significant moves in stock price came after assays. We haven’t put out our assays yet

so the movement in our stock is quite remarkable. The guys up on the hill aren’t shocked because they’re looking at the core, but we still have to see the assays.” Regoci says assay results should arrive in the coming weeks. The first move in the company’s stock came after Sept. 1, when initial results of the first drill hole were released. The company stated that the hole, which was drilled away from the historic mineralized zones into an

untested area, entered a mineralized gabbro with disseminated sulphides at 51 metres deep, with continuation to 169.5 metres. A second sulphide section with “metre-scale See GARIBALDI / 2 PM40069240

“IF THE RIGHT PEOPLE GET INVOLVED IN YOUR STOCK THEY CAN CAST QUITE A WIDE NET, AND IF YOU GET THAT KIND OF DISTRIBUTION GOING, IT TAKES ON A LIFE OF ITS OWN.” STEVE REGOCI CEO, GARIBALDI RESOURCES

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NOVEMBER 13–23, 2017 / THE NORTHERN MINER

Workers on drill pads at Garibaldi Resources’ E&L nickel-copper project in northwestern British Columbia’s Golden Triangle district. GARIBALDI RESOURCES

Garibaldi shares surge on potential nickel discovery GARIBALDI From 1

intervals up to 30% sulphides” was intercepted between 274.5 metres and 332 metres deep. The second major price move was triggered by the Oct. 13 announcement that drilling intercepted “broad sections of disseminated and nettextured sulphides” in the other 11 holes, and that X-ray fluorescence analysis supported a “very high” tenor of nickel in the sulphides. The press releases coincided with major investments by financier Eric Sprott, who raised his interest in Garibaldi from 7.7% to 10.7% on an undiluted basis after buying $2.5-million worth of Garibaldi stock in a flow-through and nonflow-through financing on Oct. 2. Sprott raised his interest again on Oct. 20 to 11.7% after acquiring 1.6 million units at $3.15 per unit for a total of $5 million. Each unit consists of one share and one warrant, with each warrant exercisable at $4.50 for two years. “There are networks on top of networks of people involved here.

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If the right people get involved in your stock they can cast quite a wide net, and if you get that kind of distribution going then it takes on a life of its own,” Regoci says. “I’m hoping it’s because they see us as something similar or half as big as Voisey’s Bay, but we don’t know that yet. It’s still early days.” Garibaldi’s drill program is the first of its kind on the property in almost 50 years. Previous exploration at E&L outlined a historical resource of 2.9 million indicated and inferred tonnes of 0.80% nickel and 0.62% copper with anomalous values in gold, silver and platinum group metals (PGM). The resource was based on 12 shallow holes drilled by Silver Standard Mines — now SSR Mining (TSX: SSRM; NASDAQ: SSRM) — in the 1960s, where intercepts included 37.8 metres of 1.3% nickel and 0.79% copper, and 27.7 metres of 1.2% nickel and 0.65% copper. Magmatic nickel-copper deposits form when mafic magmas sequester sulphur and metals during their ascent through the crust, only to deposit sulphides in quiescent chambers, dikes or sills. Regoci says that E&L is an “unusual” deposit type for the Golden Triangle district. The region is more

Drill core pulled from Garibaldi Resources’ E&L nickel-copper project. GARIBALDI RESOURCES

known for a plethora of Jurassicaged volcanogenic massive sulphide, porphyry and epithermal base and precious metals deposits, such as Barrick Gold’s (TSX: ABX; NYSE: ABX) Eskay Creek, Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM, and Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack mine. Mineralization at E&L — the Nickel Mountain gabbro — is hosted in stocks and dike swarms that extend along a 3 km northeast trend, according to a B.C. MINFILE.

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The age of the metal-rich intrusion is pegged between 185 and 110 million years old, which is younger than the world’s largest magmatic nickel-copper camps. Most world-class magmatic nickel-copper deposits — such as those seen in the Thompson nickel belt in Manitoba, the Cape Smith belt (Raglan) in Quebec, Sudbury and Voisey’s Bay — formed during magmatic events in the late to midProterozoic, some 1.9 to 1.3 billion years ago. The world-class Norilsk magmatic PGM-copper-nickel camp in Russia is different, having formed 250 million years ago in response to a massive surge in volcanism known as a flood basalt. (This particular event extinguished 95% of life on the planet due to global warming triggered by increased volcanism. The extinction is known by scientists as “the great dying.”) In contrast, the Golden Triangle is focused within a cordillera, built by the accretion and subduction of outboard landmasses to the ancestral margin of North America between 150 million to 50 million years ago.

“The Golden Triangle is arguably one of the most metal-rich districts in the world,” Regoci says. “There are an awful lot of eyes in the speculative world looking at you if you have a significant land position here. With all the new infrastructure improvements and power, there’s an awakening on the district’s potential.” Anomaly D is one of four highpriority geophysical conductors Garibaldi has identified on its 63 sq. km property. The targets are on razorback mountain ridges spanning 6 km around glaciers and snowfields. Because the age of mineralization at E&L is younger than the other intrusion-related mineral systems in the Golden Triangle, the B.C. MINFILE on E&L suggested that the extensive Bowser basin to the east may also be prospective for similar magmatic-style nickelcopper deposits. Shares of Garibaldi have traded in a 52-week range of 8¢ to $5.27, and closed at $4.50 at press time. The company has 86.3 million shares outstanding for a $439-million market capitalization. TNM

2017-11-07 8:44 PM

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THE NORTHERN MINER / NOVEMBER 13–23, 2017

Beaty bets US$20M on three-way merger to form Equinox Gold M&A

| Beaty to join mining board for first time in decade, as Trek, NewCastle and Anfield to merge

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

ining magnate Ross Beaty is leading a merger between gold juniors Trek Mining (TSXV: TREK), NewCastle Gold (TSX: NCA) and Anfield Gold (TSXV: ANF; US-OTC: ANCKF). Beaty will serve as chairman of the resulting company to be named Equinox Gold, which will mark the first time he has joined a board of directors of a mining company for nearly a decade. (The new company’s name harkens back to Beaty’s first mining venture in 1985 when he founded Equinox Resources Ltd., which was sold nine years later to Hecla Mining.) The transaction involves Trek acquiring the other companies at an exchange ratio of 0.873 for each NewCastle share, and 0.407 for each Anfield share. Beaty will acquire an 11% equity stake in Equinox for a US$20-million investment. Trek and NewCastle shareholders will each own 44% in the combined company, which will have 423 million shares outstanding, with the transaction expected to close in November. “This opportunity really appealed to me for a number of reasons,” Beaty said during a conference call. “The Trek team will form the core management group and they’ve impressed me, and we’ve assembled a strong board of directors. We have two big assets that have the capacity to become large mines with bright futures. The assets have near-term, low-cost gold production and generate high returns. That’s how you create real shareholder wealth.” Trek is working to restart the Aurizona gold mine in Brazil. The company outlined a US$131-million redevelopment plan in July, which could lead to a first gold pour by late 2018. The project was shut down two years ago amid struggles with material crushing and processing. Trek is modifying its permits to increase throughput from 5,500 tonnes per day to 8,000 tonnes per day, and CEO Christian Milau said he expects to receive government approvals in the near-term. Milau will continue as Equinox’s CEO and executive director. The Aurizona feasibility study foresees an open-pit gold mine producing 136,000 oz. gold annually, with an initial 6.5-year mine life, at all-in sustaining costs of US$754 per oz. gold. The property’s proven and probable reserves total 20 million tonnes at 1.52 grams gold per tonne for 971,000 contained ounces. Trek controls 2,250 sq. km in Maranhao state in northeastern Brazil, which includes a regional joint venture with AngloGold Ashanti (NYSE: AU; LON: AGD) across 2,000 sq. km of what Trek calls “underexplored greenstone belts hosting orogenic gold systems.” “The Aurizona deposit is wide open at depth and along strike,” Beaty said. “There are multiple other structures that are untested, and the potential to double or triple the mine life is very high ... you also have the joint venture, and I’m told this is AngloGold’s highest-priority property worldwide.” Meanwhile, NewCastle is advancing the past-producing Castle Mountain gold property, 120 km south of Las Vegas in California’s San

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Once formed, Equinox Gold will control two past-producing gold projects: Aurizona in Brazil (left) and Castle Mountain in California. TREK MINING, NEWCASTLE GOLD

“WE HAVE TWO BIG ASSETS THAT HAVE THE CAPACITY TO BECOME LARGE MINES WITH BRIGHT FUTURES.” ROSS BEATY PROPOSED CHAIRMAN, EQUINOX GOLD

Bernardino County. The site hosted a heap-leach operation between 1991 and 2001 that generated 1.24 million oz. gold at a head grade of 1.47 grams gold per tonne. The company merged with Richard Warke and Frank Giustra’s Catalyst Copper in early 2016. NewCastle updated Castle Mountain’s resource in September, and intended to release a prefeasibility study by year-end. The project has grandfathered permits that allow for the mining of 8.2 million tonnes per year — or 150,000 oz. gold annually — through 2025. Castle Mountain hosts 192 million tonnes grading 0.64 gram gold per tonne for 4 million contained oz. gold in the measured and indicated category, with inferred resources of 102 million tonnes grading 0.48 gram gold for 1.6 million contained oz. gold. The resource estimate assumes a 0.2 gram gold cut-off grade. NewCastle drilled over 44,000 metres at the project through the end of March and started a 10,000-metre follow-up program in September. Recent results from drilling at the South Domes project area showed higher grades, including: 2.76 grams gold over 102.7 metres in hole 130C. “I truly believe the recent drilling by NewCastle has discovered some amazingly high-grade root structures to that low-grade epithermal system,” Beaty said. “It’s going to be fun to hit the property really hard with a pile of drills to see what’s there. In the worst case we have a big deposit we can reopen under the old permits, but best case we have a really exciting upside. There’s just a lot of opportunity to surface value here.”

Equinox’s portfolio will also include: an 83% interest in the operating Koricancha gold mill in Peru; 100% of the feasibility-stage Coringa gold project in Brazil; and 100% of the past-producing Elk Gold gold project in British Columbia. Anfield controls Coringa, but its main role was to pave the way for Beaty’s involvement in the deal. “We’re looking at low-risk opportunities that are relatively easy to finance by a company of our size. Aurizona is fully funded right now, and we’ll be able to fund Castle Mountain with minimal shareholder dilution moving forward,” Beaty said. “We have the potential to build a significant gold company out of existing assets. Since the properties are so advanced, we’ll have the opportunity to look at acquisitions, and we’re already looking at new assets. We hope to come out of the gate in early 2018 with another significant acquisition of a producing asset.” Sprott Private Resource Lending will provide Trek Mining with an US$85-million senior secured credit

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facility for construction at Aurizona. Sprott will be entitled to a production payment of US$20 per gold oz. on 75% of the first 400,000 oz. gold produced at the mine. Furthermore, Sandstorm Gold (TSX: SSL; NYSE-AM: SAND) is selling Beaty 4 million Trek shares and US$15 million in principal debenture. The combined Sandstorm package is worth US$18.2 million. Sandstorm holds a sliding-scale 3% to 5% net smelter return royalty (NSR) on the Aurizona project, and a 2% NSR on the AngloGold joint venture ground. Equinox will have $98 million in cash and equivalents and access for up to US$200 million in funding for future project development

and acquisitions. The company will initially trade on the TSX Venture Exchange under the symbol EQX, though Beaty said it would graduate to the TSX “as soon as possible.” Canaccord Genuity analyst Kevin MacKenzie estimates near- to medium-term production from Aurizona at 136,000 oz. per year, and Castle Mountain’s longer-term production profile at between 200,000 and 300,000 oz. annually. He added that “although we see material upside [versus] the offer price, we note that value recognition associated with the Castle Mountain project remains challenged by its protracted phased ramp-up, and longer-term, phase-two water permit requirements.” TNM

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Richard Quarisa, BA, MA (Jour & Comm) rquarisa@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE 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: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF 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 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118 THE NORTHERN MINER is published biweekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

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E D I T O R IA L

O P- E D

Oil climbs to two-year highs, gold hangs tough MACROECONOMICS

| Gold sees change in investor profiles, declining official sector purchases

il is one the largest unit costs for many miners, especially for those involved with open-pit operations and remote mines dependent on diesel power generation. And so with oil prices surging to two-year highs in early November, it’s a good time for the mining community to take a fresh look at the multitude of political and economic BY JOHN CUMMING factors affecting oil prices as 2017 draws to a jcumming@northernminer.com close, and any correlation to movements in metal prices. Oil prices hit their two-year high on Nov. 6, with Brent Crude up 3% to touch US$64 per barrel after trading around US$50 per barrel for the first half of the year, while West Texas Intermediate jumped to US$57 per barrel. The Brent-WTI spread was also the largest in two years. Spurring the advance was major news out of oil giant Saudi Arabia of mass arrests of Saudi royals, ministers and businessmen, including billionaire investor Prince Alwaleed bin Talal. The arrests are being billed as an anti-corruption crackdown led by 32-year-old Crown Prince Mohammed bin Salman and his father King Salman, who ascended the throne in 2015 and ushered in the most tumultuous period in modern Saudi history, including a major war with its southern neighbour Yemen and heightened tensions with regional rival Iran. The recent events are widely seen as further consolidation of power by Bin Salman, who has promised to rapidly move the conservative society towards a more moderate path. It’s still an open question whether he will succeed or succumb to a strong backlash within the country, though U.S. President Donald Trump tweeted that he has “great confidence in King Salman and the Crown Prince ... they know exactly what they are doing ... Some of those they are harshly treating have been ‘milking’ their country for years!” Gold prices similarly jumped on the Saudi news, rising 2.9% to US$1,270.90 per oz. in London on Nov. 6 and holding steady at US$1,275.60 per oz. at press time. This time around, the other major precious metals silver, platinum and palladium did not react to the fear trade, and traded flat through the period. Gold’s price resilience is also impressive in the midst of a strengthening U.S. dollar since mid-September buoyed by stellar U.S. economic statistics as the first anniversary Trump election approaches, including unemployment levels dropping to 16-year lows of 4.1%, three consecutive quarters of GDP growth above 3%, the highest consumer confidence levels since 2000, and stock indexes hitting all-time highs. In its most recent market commentary, precious metals advisory firm CPM Group has noticed that while the net amount of physical gold investing has changed little from last year at just over 27 million oz. gold, there are major changes underway as to who is buying gold, the form they’re buying it in, their reasons for buying it and the duration for which they hold it. CPM is seeing a generational change take place, with older investors who bought and held physical gold — especially coins and bars — for capital preservation in the face of potential economic calamities dying off, and their heirs selling off the gold. They note that U.S. Mint gold coin sales are off 66.4% in the first 10 months of this year. In contrast, CPM says new gold investors are shorter-term in their investment horizons, are focusing more on gold’s potential for capital accumulation and are putting their money into gold exchange-traded funds, futures and options that offer easy entry and exit of trading positions. They shun coins and bars, and the gloom and doom scenarios of past decades of gold investors, CPM observes. Gold’s price resilience is also impressive in the wake of downward pressure from the official sector, most recently with Venezuela allowing US$1.7 billion of gold swaps with Deutsche Bank to expire in October. As the country continues its downward spiral, its official gold reserves have nearly halved from 361 tonnes at the end of 2014 to 188 tonnes at the end of August 2017, according to consulting firm Metals Focus. The consultancy predicts net official sector purchases worldwide will drop 5% year-over-year to 370 tonnes in 2017 (11.9 million oz.), well off the multi-decade high of 646 tonnes (20.8 million oz.) in 2013. And these numbers don’t take into account the swap activity by players such as Venezuela. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory. . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Alio Gold. . . . . . . . . . . . . . 23 Altius Minerals. . . . . . . . . 11 Alto Ventures. . . . . . . . . . 11 Anfield Gold. . . . . . . . . . . . 3 Anglo American. . . . . . .7,8 AngloGold Ashanti. . . . . . 3 Australia Mines . . . . . . . . 16 Barrick Gold. . . . . . . . . . 7,8 BHP Billiton. . . . . . . . . . . 13 Callinex Mines. . . . . . . . . 11 Cameco. . . . . . . . . . . . . 9,12 Casapalca. . . . . . . . . . . . . . 13 Chakana Copper Corp.. . . 1 China Minmetals. . . . . . . 13 Clean TeQ Holdings. . . . 16 Condor Resources. . . . . . . 1 Dolly Varden Silver. . . . . 15 eCobalt Solutions. . . . . . . 13

Falco Resources. . . . . . . . 14 Fathom Geophysics. . . . . . 5 Fission Uranium . . . . . . . . 9 Foran Mining. . . . . . . . . . 11 Garibaldi Resources . . . . . 1 Glencore . . . . . . . . . . . . . . 14 Goldcorp. . . . . . . . . . . . . . . 7 Hecla Mining. . . . . . . . . . 15 Iamgold. . . . . . . . . . . . . . . . 5 Imperial Metals . . . . . . . . . 5 Ironside Resources. . . . . . 10 Kootenay Silver . . . . . . . . . 5 Leagold Mining. . . . . . . . 23 Mineral Deposit Research Unit . . . . . . . . . 5 Murchison Minerals. . . . 11 Nevada Zinc. . . . . . . . . . . . 9 New Gold . . . . . . . . . . . . 5,7

NewCastle Gold. . . . . . . . . 3 Northern Dynasty Minerals. . . . . . . . . . . . . . 7 NovaGold Resources. . . . . 7 Osisko Gold Royalties. . . 14 Oz Minerals . . . . . . . . . . . 13 Polyus Gold. . . . . . . . . . . . . 7 Pretium Resources. . . . . . . 5 QMC Quantum Minerals. . . . . . . . . . . . . 11 Rockcliff Metals. . . . . . . . 93 Sandstorm Gold. . . . . . 3,13 Satori Resources. . . . . . . . 11 Seabridge Gold. . . . . . . . . . 2 SSR Mining. . . . . . . . . . . . . 2 Teck Resources. . . . . . . . . . 7 Theia Resources. . . . . . . . . 5 Trek Mining. . . . . . . . . . . . 3

Matt Manson (centre), Stornoway Diamond president and CEO, accepts The Northern Miner’s Mining Person of the Year Award for 2016 from editor-in-chief John Cumming (left) and publisher Anthony Vaccaro in October 2017 during the Progressive Mine Forum in Toronto. GEORGE MATTHEW PHOTOGRAPHY

Stornoway’s Manson speaks on the struggle to build Renard DIAMONDS

| TNM’s 2016 Mining Person of the Year accepts award at PMF in Toronto

The following is a transcript of the remarks made by Stornoway Diamond president and CEO Matt Manson at the Progressive Mine Forum in Toronto in late October, where he was presented with The Northern Miner’s Mining Person of the Year award for 2016, first announced in March.

his was a surprise when I saw this on the front page of The Northern Miner back in March. It wasn’t something I was expecting. Mining is a team sport, so I’m standing here as a representative of a team of geologists and engineers and finance people who worked for 16 years between discovery in 2001 — not by Stornoway but by Ashton and Soquem — and then to be in production by 2016.

so many regulatory hurdles to go through, the capital numbers are so much larger, and the investment perspectives and horizons of investors and lenders are so much shorter than ever before. We were successful by being opportunistic and raising the money when we were able to, and taking it to the next step when we were able to. We are a rare example of a mining company that took an exploration asset and it became a mine. We didn’t really have a choice in that, quite frankly, because the diamond space is not a big sector in the mining business. We didn’t have major mining companies knocking on our doors wanting to be updated on our latest results over time. I always say the next mine will be a gold mine. For me, if I came

“I’M HAPPY TO ACCEPT THIS ON BEHALF OF ALL THE OTHER JUNIOR MINING COMPANIES WHO HAVE THE SAME VISION, WHO HAVE THE COURAGE TO TALK ABOUT ... GROWTH WITH A CRUSTY INVESTOR OR RISK-AVERSE BOARD.” MATT MANSON PRESIDENT AND CEO, STORNOWAY DIAMOND

I guess we’re getting this award because Stornoway is an example of doing something that I think is the hardest thing to do in the mining business: taking an exploration discovery and actually shepherding it all the way through to being a producer. We want to take Stornoway further than that, but so far, so good. We’re a Canadian company with predominantly Canadian and American shareholders and lenders, headquartered in Canada, with a Canadian mine, selling Canadian diamonds. That story of taking it from beginning to end is getting harder and harder to do, but it used to be the typical story of Canadian mining. It’s getting harder to do because it takes so much longer. There are

back for another go at a mining career, I’d say, “Go into gold!” Because it’s a much bigger playing field and your opportunities are so much better. The diamond space is niche and much more restricted. Having said that, it was always part of the game plan at Stornoway to build a mine. It was always the plan to buy out our JV partner, to raise the money, to do it ourselves. We were always clear on that. It was always the vision. So I’m happy to accept this on behalf of all the other junior mining companies who have the same vision, who have the courage to talk about a vision of growth with a crusty investor or riskaverse board. We went through all of that. It’s still a work in progress, but thank you very much. TNM

2017-11-07 8:44 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 13–23, 2017

Iamgold CEO Letwin on cost control, innovation and gold’s bright future PROGRESSIVE MINE FORUM | The following is a transcript of the keynote speech by Stephen Letwin, president and CEO of Iamgold (TSX: IMG; NYSE: IAG), at the inaugural Progressive Mine Forum presented by The Northern Miner in October in Toronto.

hat I want to do is take you through a little bit of my history and hopefully share a little bit of my experiences, particularly as they tie into innovation. I’m 62 years old. I was born in southern Ontario and raised on a farm and went to school in Ontario. I spent my first couple of years with Procter & Gamble here in Toronto, and then at the tender age of 26 I got headhunted to Calgary, Alta., and I went to work for a fellow that 95% of you won’t know. Maybe some of you do, or remember he was sort of the Elon Musk of the oil days. His name was Jack Gallagher. So at 26 I went to work for Jack Gallagher, who was building at that time Canada’s and in fact North America’s largest oil and gas business: Dome Petroleum. Unfortunately Jack lost his job, lost his company within three years of me getting there — not that I was tied to that. But Jack made the mistake that many of us tend to make, and continue to make, around debt and innovation. I’m going to tie those things together in a little bit.

Mining exec warns against ‘falling in love’ with your equity

Jack went out when oil was around US$25 and started acquiring properties, and started to invest in what I call “long-cycle” rates of return. Big projects. He was in the Beaufort, he acquired Hudson’s Bay Oil and Gas. Because he had fallen in love with his own equity, he did it with debt. Sound familiar? Keep in mind, Jack was a superhuman being. If he was here today, we’d all love the guy. He was very charismatic, very smart, but he made the mistake that many of us do — and I made this mistake — of falling in love with your own equity, and not keeping an eye on what’s going on in innovation. As Jack piled into long-cycle rate of return projects, people started to change drilling programs in Western Canada: go for shallower wells, go for shorter-cycle economics. When oil prices fell from US$25 to US$9, and interest rates went from 5% to 21%, that company died. And along with it, the dream that Jack had for Canada’s oil and gas exploration program at the time. The lesson there is: you can never forget about basic economics, you can never forget about your cost structure, and you can never, ever forget about what innovation and the change in technology can do to your business. It is happening today, it happened a hundred years ago and it’s going to continue every day, every month, every year, forever. As human beings,

Iamgold CEO Stephen Letwin delivers the keynote address in October at The Northern Miner’s Progressive Mine Forum in Toronto. GEORGE MATTHEW PHOTOGRAPHY

it’s easy to forget that. Because you get on a roll. You get convinced by the marketplace, by your share price, that this will never change. I’m telling you, because I went through it. So that was my first experience at 26 years of age, and I have not forgotten that. I’ll never forget Jack sitting in the boardroom crying uncontrollably, at the age of 65, because he’d lost his company. I went from there into the upstream oil and gas business in Calgary and I watched something

very interesting. In the mid-1980s to mid-1990s, the belief was there would never be another oil pipeline built in Canada. There was too much oil, oil was trading around US$10, and this would never happen again. What happened at that point in time is that companies like Enron started a new model. And this model was: we trade electricity, we trade oil and gas, we do everything online. We’re the smartest guys in the world, and even though we’re running our debt up, even though we’re trading at 100 times multiples, that’s OK.

Enron lasted for almost 10 years. And when I was living in Houston, Texas, working for TransCanada, I got to know the CEO of Enron and the chairman — a hell of a nice guy. Same experience: selling something that was not sustainable, selling something that had no hard assets behind it and running up debt until he had a liquidity problem in 2001. And 30,000 people lost their jobs, and one of the major chartered financial institutions — Arthur Andersen — went under. Sound familiar? Again, too much emphasis on debt, too much emphasis on something that wasn’t backed up by hard assets. So when I look between Dome and Enron, I look at common things. The balance sheet — Dome forgot about the fact that the little guy could come in and disrupt what they were doing on long-cycle. Enron went the other way and put everything in what I would call fairly non-transparent and “magical,” and something the market wanted to grab hold of because they were sick and tired of hearing about oil and gas and pipelines. As I moved through my career and looked at these things, one would think that when I joined the gold business in 2010 — I’d gone to Harvard, I’d had all these experiSee LETWIN / 6

MDRU, Fathom Geophysics target central BC | Research groups find mineralized trends 344 million proven and probable “IF YOU’RE BY LESLEY STOKES tonnes of 0.74 gram gold, or 8.2 lstokes@northernminer.com LOOKING FOR million oz. gold. VANCOUVER “This is an area that previously TARGETS, THE he University of British Cohad no structural framework or reliable geological map — just little lumbia’s Mineral Deposit ONES NEAR THESE Research Unit (MDRU) and DEEP STRUCTURES islands of information in a sea of consulting firm Fathom Geophys- MAY BE THE MOST overburden,” Hart said. “Geophysics ics may have identified the regional allows us to see what’s undercover, structural framework partly re- PROSPECTIVE.” how the structures are connected GEOPHYSICS

sponsible for silver-gold-copper mineralization in central B.C.’s underexplored Interior Plateau region. MDRU and Fathom’s work is part of Geoscience BC’s Targeting Resources for Exploration and Knowledge (TREK) project, a fouryear program that involved airborne geophysics, geochemistry and geological surveys across a 24,000 sq. km region in B.C.’s underexplored Interior Plateau region. The Interior Plateau overlies parts of the Stikine terrane — a regionally trending, ancient volcanic island chain prospective for epithermal and porphyry-style deposits, such as Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack high-grade gold mine and Imperial Metals’ (TSX: III; US-OTC: IPMLF) Red Chris copper-gold mine in northwestern B.C.’s Golden Triangle district. The partners stitched together regional gravity maps over the project area and applied a proprietary processing technique developed by Fathom. The work highlighted a series of deeply buried, north-trending structures that fall in line with most of the known, Eocene-aged epithermal occurrences in the area. Craig Hart, MDRU’s director and a finalist of Integra Gold’s Gold Rush Challenge in 2016, presented the results during Geoscience BC’s October technical workshop in

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CRAIG HART DIRECTOR, MINERAL DEPOSIT RESEARCH UNIT

downtown Vancouver. “Deep structures tend to focus metal-rich fluids through the crust, so identifying where they are can make for great exploration targets,” Hart told The Northern Miner during an interview on the sidelines of the event. “This study allows explorers to focus on individual features rather than spending a lot of time looking over big areas, hoping they’ll come across something.” Hart said the TREK project area hosts a number of mineral occurrences “that have the potential to be big,” but exploration work is hampered by the lack of exposure, due to basalt and glacial cover sequences. One such project is Kootenay Silver (TSXV: KTN) and Theia Resources’ (TSXV: THH) Two Times Fred gold project, where drilling in 2015 intercepted 1.9 metres of 3.2 grams gold per tonne and 46.48 grams silver per tonne, and 7.6 metres of 1.69 grams gold and 29 grams silver. The most notable deposit in the region is New Gold’s (TSX: NGD; NYSE-AM: NGD) Blackwater epithermal gold deposit, which contains

and what their relationship is with mineralization.” MDRU combined existing geological knowledge with the TREK datasets and interpretations from the gravity surveys to refine the region’s geological map, which he says is the foundation of any exploration program. The data is publically available for download from Geoscience BC’s website. “The magnetic data and the known geology has given us a good idea on what’s happening with the geology near the surface, but these gravity anomalies show what’s happening down in the middle of the crust,” he said. “So if you’re looking for targets, the ones near these deep structures may be the most prospective.” MDRU performed similar work at its Yukon Gold project, which studied gold mineralization within the Dawson Range and White Gold orogenic belts in the Yukon. “Western Yukon is another place that has extremely poor bedrock exposure, so we had to start with geophysics to build a structural framework,” he said. “When we did, we quickly realized that a lot of key styles of mineralization were associated with these easterly trending features, and we could identify new ones from the geophysics that we couldn’t recognize from surface.” TNM

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NOVEMBER 13–23, 2017 / THE NORTHERN MINER

Iamgold president and CEO Stephen Letwin delivers the keynote address to attendees in October at The Northern Miner’s inaugural Progressive Mine Forum at the Carlu in downtown Toronto. GEORGE MATTHEW PHOTOGRAPHY

Iamgold CEO Letwin on cost control, innovation and gold’s future LETWIN From 5

ences — that I would know exactly what I was doing. Clearly, I did not. Because when I got into the gold business in 2010, what was happening? Gold was going from US$800 to US$2,000. The industry itself had gone completely into long-cycle. Big mines. Remote places. High cost structures. What did Steve Letwin do? He should have at that time said, “Wow, our cost structure’s too high. We’re completely betting on long-cycle. We’re not doing anything in innovation. We should be improving our metrics, and changing the model right now.” I didn’t do any of that. I came to Toronto. The stock price went from US$3 to US$23.50 and I felt like Mick Jagger. Going to restaurants [and waving to people, saying] “Hey!” Going to market analysts’ meetings and I wasn’t asked one question about cost structure, technology or where you were drilling. It was all about ounces, ounces, ounces. “Tell me how many ounces you’re going to add.” Not one question about where you were taking the company long-cycle and short-cycle. It was all about: “How many ounces are you going to deliver?” The ghost of Jack Gallagher should have been in the room with me, saying, “Steve, it’s time you change, because what these guys are driving you to is exactly what they drove me to: failure.” And that’s exactly where I was headed. A year and half later when gold turned, in 2012, and dropped from US$1,960 to US$1,057 in 18 months, we lost US$800 million a year in cash flow. [It was] a horrifying experience and we almost — or could have — lost the company. A couple of things saved us. I woke up, slapped myself across the face and said, “What the hell are you doing?” We sold some assets, kept the balance sheet strong, reduced our debt and brought people like Tony Moreau — a 33-year-old guy with lots of good ideas around innovation and technology — into the company. We changed the whole company from being focused on long-cycle to a short-cycle balance, which brought cash f low in sooner, brought our cost structure down, and at the same time improved our balance sheet. The stock price had fallen to US$1.50 and you had analysts and people who had purchased stock, I would go to the Denver gold show and people who had

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Jack Gallagher.

purchased Iamgold shares would walk by and look at the ground. Not me, the ground. They didn’t want to look at me. Loser. The worst thing you can do in life is lose somebody’s money. They are unforgiving. Unforgiving. Remember that. So we changed. The stock now is sitting at C$7.50. It’s up 600% since then. It’s up 60–70% this year. Let’s not forget the lessons that we learned: short-cycle balance with long-cycle balance; not too much debt; do not bet the farm on long-cycle; and always look at innovative ways to change your cost structure. Always. Every day. Every morn-

“JACK GALLAGHER WAS VERY CHARISMATIC AND VERY SMART, BUT HE MADE THE MISTAKE THAT MANY OF US DO OF FALLING IN LOVE WITH YOUR OWN EQUITY, AND NOT KEEPING AN EYE ON WHAT’S GOING ON IN INNOVATION.” STEPHEN LETWIN PRESIDENT AND CEO, IAMGOLD

ing when you get up, think about it. For that reason I would tell you that I think the gold business has a great future. Because like the oil business in the nineties when all investment stopped — nobody thought oil was going anywhere, it was US$9 a barrel — nobody was willing to make a bet. And because of that, we got short of oil. We had a situation were none of the exploration was done. The gold business and the metals business is in the same situation today, and as sure as I’m standing here, you’re going to see a response

in price because of the lack of exploration that’s been done in this mining field. I was down in Mexico City. I had 23 guys sitting in a room at the St. Regis Hotel — sons of multibillionaires in Mexico. Collectively, these 40 year olds were worth US$245 billion. Not one of them owns a gold stock. That should sound depressing. It actually wasn’t. I thought, here’s an indication of where people are putting their money: Tesla, cryptocurrencies, everything related to technology that’s exciting. I think you’re going to see a turn, and we need to be ready for the turn. Let’s continue to innovate. Let’s continue to bring our cost structure down — whether that’s ore sorting technology, X-ray technology, thinking about short-cycle versus long-cycle. Let’s keep doing what we’re doing, and when this turns — and it will turn — we will get the benefits of that. And when it does turn, let’s not be crazy again. Let’s keep the discipline. There are companies that have done that. There are very few, but they are out there. How much do you think gold is up since 2002? Three hundred and sixty percent. Gold has moved on average 11% every year for 16 years. How many companies have

actually seen their market cap improve? Out of 200, five. Do you think there’s a confidence issue? Yes — and it’s around cost structure and innovation. I’m so glad we’re doing this conference. It’s a reminder that innovation is absolutely critical to efficiency, staying ahead of the game, and making sure most importantly that your shareholders are getting the best value for their money. Because without it, you will not stay ahead of the game. And these crypto-currencies which I cannot explain. Tony’s tried, and I’m thick here. I have no idea why Bitcoin is at US$195 billion. I wish I would have invested. But I’ve made it a point, when I don’t understand something, not to invest in it. We saw the dot-coms in the late nineties. But right now my focus is on cost structure, balance sheet, innovation and bringing costs down, so that we last for the long term. So, when four out of 10 Canadians are $200 away from not being able to make their next credit card payment, I get a little concerned about debt, and I get a little bit concerned about where we’re putting our money. In the mining space, my perspective is that putting money into it is a good bet right now because we’ve had such a long dry spell of exploration. TNM

The 57-megawatt thermal power plant at Iamgold’s Essakane gold mine in Burkina Faso. IAMGOLD

2017-11-07 8:44 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 13–23, 2017

BMO: Gold miners may revisit dormant megaprojects GOLD

| Stronger metal prices and recovering capital markets change investment outlook

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

he last five years have seen large-cap gold miners shelve and write down many ambitious, greenfield development projects that carry significant price tags and heightened risk. Miners instead refocused on having strong operating margins and light balance sheets, which were typically characterized by free cashflow generation and low debt. The last 18 months have marked a shift in sentiment for metal producers, however, as commodity prices strengthen and risk capital markets begin to recover. Analysts are now speculating that precious metal companies could move their stalled megaprojects back onto the front burner to achieve long-term production stability in the face of falling discovery rates. On Oct. 12, BMO Capital Markets released research on large-scale gold development opportunities defined by criteria that includes: greater than US$1 billion in initial capital; in excess of a 15-year mine life based on current reserves; plant throughput greater than 30,000 tonnes per year; and gold-equivalent production greater than 400,000 oz. annually. “The move away from advancement of megaprojects was also a consequence of a number of cost overruns, in part related to industrywide inflationary pressures during this time frame,” the BMO analysts note. “With balance sheets largely repaired, the sector generating free cash, and a more constructive outlook on precious metal prices, it is therefore no coincidence that that we are seeing the early signs of reemergence.” BMO Research identified seven megaprojects in its coverage that match most of the criteria, which could produce in excess of 1.3 million equivalent oz. gold annually over a 30-year mine life. The report assumes a long-term gold price of US$1,200 per ounce. New Gold’s Blackwater in BC New Gold (TSX: NGD; NYSE-MKT: NGD) acquired the Blackwater project, 160 km southwest of Prince George, B.C., in early 2011 via the $513-million deal for Richfield Ventures. The property hosts large-scale gold-silver mineralization in an intermediate sulphidation, epithermal system that occurs within 2 km of clustered porphyry intrusive centres. New Gold spent US$4 million on the project through the first half of 2017, primarily focused on its federal and provincial environmental assessments. BMO Research models nearly US$2 billion in initial development capital for Blackwater, which would produce 452,000 equivalent oz. gold annually over a 16.8-year mine life. BMO ca lculates t hat a 60,000-tonne-per-day project carries a 3.1% internal rate of return (IRR) based on a feasibility study released in 2014. Blackwater hosts proven and probable reserves of 344 million tonnes grading 0.74 gram gold per tonne and 5.5 grams silver per tonne for 8.2 million contained oz. gold and 60.8 million contained oz. silver.

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Workers in an undated photo taken at Northern Dynasty Minerals’ Pebble coppergold project in Alaska. NORTHERN DYNASTY MINERALS

Goldcorp and Barrick’s Cerro Casale-Caspiche in Chile In March, majors Goldcorp (TSX: G; NYSE: GG) and Barrick Gold (TSX: ABX; NYSE: ABX) created a fifty-fifty joint-venture to advance the Cerro Casale and Caspiche gold deposits in northern Chile’s Maricunga gold belt. Goldcorp must spend at least US$60 million over the next two years, and at least US$80 million in each successive two-year period until a US$260-million project payment obligation is satisfied. BMO Research estimates US$6.1 billion in initial capital expenses for developing mining operations for the twin gold-copper deposits, which lie 12 km apart. The conceptual operation would produce 684,000 equivalent oz. gold over a 36-year mine life. Goldcorp reports that Cerro Casale hosts 1.2 billion proven and probable tonnes of 0.6 gram gold and 0.22% copper, while Caspiche has measured and indicated resources of 1.4 billion tonnes at 0.51 gram gold and 0.19% copper. “The joint venture with Barrick has the potential to allow us to consolidate infrastructure to reduce capital and operating costs, reduce the environmental footprint and provide increased returns compared to two standalone projects,” Goldcorp president and CEO David Garofalo said about the arrangement. BMO Research said the combined Cerro Casale/Caspiche development carries an 8.8% IRR based on internal estimates. Barrick and NovaGold’s Donlin in Alaska Barrick and NovaGold Resources (TSX: NG; NYSE-AM: NG) finalized a joint venture to advance the large Donlin gold project in southwestern Alaska back in 2007. The property hosts proven and probable reserves of 505 million tonnes grading 2.09 grams gold for 33.8 million contained oz. gold. The deposits are hosted mostly in igneous rocks and are associated with an extensive late Cretaceous hydrothermal system. Gold occurs in broad disseminated sulphide zones in rhyodacite and in vein networks. The companies approved an US$8-million budget this year for geotechnical drill programs. They anticipate the U.S. Army Corps of Engineers will file a final environmental impact statement in 2018. BMO Research estimates US$5.2 billion in capital expenses to develop a mine, that could produce 1.2 million equivalent oz. gold annually over a 26-year mine life. The analysts peg Donlin’s IRR at 6%, though BMO notes it has “not

considered a staged approach, given the large infrastructure requirements and lack of details.” A feasibility study for Donlin completed in 2011 models an openpit, truck-and-shovel operation with a 53,500-tonne-per-day processing facility. Teck and Goldcorp’s NuevaUnion in Chile Teck Resources (TSX: TCK.B; NYSE: TCK) formed a joint venture with Goldcorp in mid-2015 to combine their respective Relincho and El Morro assets, which lie 40 km apart in Chile’s Huasco province. The companies are due to release a prefeasibility study on the combined “NuevaUnion” development in early 2018. The current plan models a conveyor to move ore from El Morro to a single-line mill and concentrator facility at the Relincho site, with an initial capacity of between 90,000 tonnes and 110,000 tonnes per day. The companies hope the mine would produce an average of 190,000 tonnes copper and 315,000 oz. gold per year over the first 10 years. El Morro hosts proven and probable reserves of 600 million tonnes grading 0.46 gram gold and 0.49% copper. Relincho has a reserve of 1.2 billion tonnes at 0.37% copper and 0.017% molybdenum. The combined NuevaUnion development has 9 million contained oz. gold, 16.6 billion contained lb. copper and 464 million contained lb. moly. BMO Research assumes a US$5billion preproduction investment for the NuevaUnion development, which would generate a 6.3% IRR based on a 38-year mine life.

Barrick’s Pascua-Lama in Chile Barrick has had its share of troubles at the massive Pascua-Lama project, 5,200 metres above sea level along the Argentina-Chile border. The company reported a U$5.1billion impairment charge on the asset before suspending development in late 2013. Barrick had spent US$5 billion of Pascua-Lama’s reported US$8.5-billion capital expenses at the time. Furthermore, the Chilean Supreme Court continues to oppose the project after citing environmental concerns three years ago. Late last year, Barrick announced it was taking a “fresh look ” at Pascua-Lama with the intention of developing a “scalable starter operation” that could be built underground in Argentina. The company is expected to release a prefeasibility study on the new plan by early 2018. BMO Research notes that “the company has not provided sufficient information” on the underground mine to update valuations, and assumes the remaining capital expenses on the entire project total US$3.3 billion. Pascua-Lama project would feature a 16.7% IRR under current assumptions. Andy Lloyd, Barrick’s senior vicepresident of communications, told The Northern Miner in September 2016 that “from the big picture, we’ve definitely said that Pascua-Lama is a project that probably by its nature could bring a partner on, and it could certainly be a project of interest to Chinese partners, or others.” The mine could produce between 800,000 and 850,000 oz. gold, and 35 million oz. silver per year, in the first five years of a 25-year life. Northern Dynasty Minerals’ Pebble in Alaska Northern Dynasty Minerals’ (TSX: NDM; NYSE-AM: NAK) Pebble copper-gold asset is the second megaproject on this list with a history of sociopolitical disputes and related delays. In fact, Anglo American (LON: AAL; US-OTC: AAUKF) walked away from the project in late 2013, after pouring US$540 million into it over six years. Northern Dynasty finally resolved its squabbles with the U.S. Environmental Protection Agency earlier this year, which set the stage for it

to revive the permitting process. The company’s president and CEO Ron Thiessen told The Northern Miner in May that his company is considering a “smaller operation” than the plan outlined in a 2011 preliminary economic assessment. That study models a 200,000-tonneper-day operation exploiting a resource that stands at 5.9 billion measured and indicated tonnes grading 0.42% copper, 0.35 gram gold per tonne and 0.025% molybdenum, containing 55 billion lb. copper, 67 million oz. gold and 3.3 billion lb. molybdenum. BMO Research assumes Pebble would cost US$4.8 billion to develop, and would generate 675,000 equivalent oz. gold annually over a 45-year mine life. The current assumptions feature a 14% IRR. Polyus Gold’s Sukhoi Log in Russia Polyus Gold (LON: POLG; US-OTC: PGILF) acquired the final 25% in the large Sukhoi Log gold deposit in Eastern Siberia’s Irkutsk region for US$146 million in July. According to the Russian State Commission on Mineral Reserves, the project hosts reserves of 930 million tonnes grading 2.1 grams gold for nearly 63 million contained ounces. BMO Research models preproduction capital at Sukhoi Log of US$2.5 billion, with the operation expected to produce 675,000 equivalent oz. gold annually over a 30-year mine life based on a processing rate of 60,000 tonnes per day. The model generates a 16.8% IRR. Russia’s largest gold producer expects to crank out more than 2.7 million oz. gold annually by 2020. Polyus’ Natalka project enters production at year-end. “While conventional-sized discoveries will dominate project development in the near-term, the lack of new discoveries will increasingly place an emphasis on development of megaprojects to provide longterm stability of production,” BMO analysts added. “Constructively, many of the large gold producers that have exposure to megaprojects are focused on re-engineering the projects to reduce risk and improve returns through joint ventures, an infrastructure partnership, new technology, optimization and ownership of execution.” TNM

2017-11-07 8:44 PM

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NOVEMBER 13–23, 2017 / THE NORTHERN MINER

Soledad project attracts Douglas Kirwin SOLEDAD From 1

Mountains. The project is 35 km south of the Pierina gold-silver mine operated by Barrick Gold (TSX: ABX; NYSE: ABX) in the country’s prolific Miocene metallogenic belt. Kirwin first came across information on Soledad in January and was asked his opinion of the project by some friends. He recommended that they try to acquire the project because he was impressed by the gold and copper drill intercepts and the tourmaline breccia pipe-style mineralization. There were also a number of targets ready to drill straight away. “Breccia pipe targets are not everyone’s cup of tea, and most majors are not interested in exploring for these, as they tend to be relatively small tonnages — with a notable exception being Anglo American’s Los Sulfatos deposit in Chile,” Kirwin tells The Northern Miner. “Having said that, they can be very high grade, and tourmaline pipes often have vertical extents of greater than a kilometre.” They also typically occur in clusters, he says, and the team now knows of at least 12 around Soledad. But designing a drill campaign can be challenging, he says. “They are tricky to drill, as the best mineralization is normally concentrated at the pipe margins, and thus a drill campaign has to be designed with this in mind,” which is not the case for the previous drilling, he adds. “The pipes at Soledad are possibly unique because of their exceptional gold content. Most tourmaline breccia pipes are barren. Some have copper and some have copper and molybdenum — rarely do they contain economically significant copper and gold.” Results from two of five holes drilled into Soledad in August and September returned highlights of 147 metres from surface grading 2.51 grams gold, 48.6 grams silver and 0.77% copper, with the top 44 metres of the hole cutting 3.92 grams gold and 29.6 grams silver in hole 17-17.

The second hole, 17-18, returned a 209-metre intercept from surface grading 2.22 grams gold, 69.6 grams silver and 0.96% copper. Within the 209-metre intercept was a 74-metre interval of 3.31 grams gold, 65.5 grams silver and 1.1% copper. In October, Chakana Copper reported assays from the other three holes. Hole 17-20 returned 113 metres from surface grading 1.17% copper, 3.58 grams gold per tonne and 51.5 grams silver. A second hole, 17-19, penetrated a blind breccia zone from 88 metres to 230 metres, to the southwest of previous drilling. The hole returned two strongly mineralized intervals of 37 metres with 2.20% copper, 0.80 gram gold and 136.1 grams silver, and 25.3 metres grading 1.64% copper, 1.72 grams gold and 221.4 grams silver. So far, all the drilling has been on breccia pipe No. 1, where previous drilling had documented continuous mineralization from surface to 490 metres. “When we initially started negotiating for the project I was still focused on a porphyry copper target like everyone else, I hadn’t contemplated that the breccia pipes had the potential to become a high-grade copper-gold mine by themselves,” David Kelley, Chakana’s CEO, says in an interview. “It was Doug Kirwin that brought our attention to the potential of the mineralized breccia pipes. In the process of putting the company together, Doug had been shown details of the project. He became immediately interested since he had started his career by studying tourmaline breccia pipes, and has visited many of the related occurrences and mines around the world. Doug was impressed with the high grades at Soledad, particularly with respect to the associated gold, and their demonstrated vertical extent.” With input from Kirwin and the company’s technical advisor, Brian Lueck, Kelley and his team started working on the breccia pipes and putting together a 3-D model from

Ever Marquez, Condor Resources’ vice-president of exploration, shows off a core sample from breccia pipe 1 at Soledad in 2014. The nearly vertical hole intercepted 174 metres grading 1.2% copper, 0.74 gram gold and 114 grams silver per tonne. CONDOR RESOURCES

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Chakana Copper CEO David Kelley (left) and chairman Douglas Kirwin outside the Royal Ontario Museum in Toronto, where some of Kirwin’s mineral and ore collection is on display. PHOTO BY TRISH SAYWELL

previous drilling and surface mapping. The work, Kelley says, suggested potential pipe diameters of 50 to 100 metres, but was based on limited information. “Although we had some sense of the grade, Doug pointed out that tourmaline breccia pipes typically have strongly zoned grade profiles in the horizontal dimension, and often the highest grades are along the margin of the pipes where breccia textures have higher permeability,” Kelley says, explaining that this owes to the alignment of tabular breccia clasts, which form a “shingle breccia texture.” Previous drilling had been largely down the pipes, and though reasonably good grades were found, the true grade potential was unknown. “To characterize the grade profile you have to drill across the pipes,” Kelley says. “So an initial goal in our drilling program was to demonstrate that if you drill across the margin zone of the breccia pipe, you’ll get better overall grades than previous drilling has indicated, and that’s exactly what our first five holes have demonstrated.” Chakana Copper’s second objective, Kelley says, is to establish the tonnage potential of the individual pipes, and the company kicked off a 16,000-metre drill program in August. Initially the company will work on four pipes. Drilling in the top 300 metres from surface will be done from a central platform in the centre of each pipe, with various azimuth and dip orientations to determine the geometry of the pipes. The real challenge and opportunity will be how well Chakana can follow the pipes to depth, Kelley says, but

“THE PIPES AT SOLEDAD ARE POSSIBLY UNIQUE BECAUSE OF THEIR EXCEPTIONAL GOLD CONTENT. MOST TOURMALINE BRECCIA PIPES ARE BARREN, SOME HAVE COPPER AND SOME HAVE COPPER AND MOLYBDENUM — RARELY DO THEY CONTAIN ECONOMICALLY SIGNIFICANT COPPER AND GOLD.” DOUGLAS KIRWIN CHAIRMAN, CHAKANA COPPER

adds that modelling the geometry of the pipes in the top 300 metres will give them more control in drilling a deeper extent of the pipe from stepout platforms away from the pipes. The company hopes to get drill information down to 600 metres deep, produce an inferred resource on two pipes and drill the next two pipes. It will also explore high-priority targets on the property. The company has already found nine mineralized pipes in a 2 sq. km area. Separation between the pipes at surface is on the order of 300 to 500 metres. Kelley says the initial target was a 75-by-75 metre pipe. Back-of-theenvelope calculations suggest that a pipe of those dimensions down to 600 metres could generate 8 million tonnes per pipe, he says, and with more pipes the tonnages could add up. Additional upside comes from the pipes getting wider at depth and extending beyond 600 metres, and more occurrences of hidden pipes, all of which are noted characteristics of tourmaline breccia pipe type deposits, he explains.

“Unlike diatremes that erupt at surface, flare outward in the shallow extent and taper at depth, the tourmaline breccia pipes often have the geometry of an ‘inverted carrot,’ as Doug likes to say.” Typical breccia pipes can be ovalshaped and range from tens of metres to hundreds of metres across, Kelley says. The biggest ones are in the Los Bronces-Rio Blanco district in Chile, where large tourmaline breccia deposits of the same style as Soledad are found. The most spectacular, Kelley says, is the Los Sulfatos deposit, which is owned and being developed by Anglo American (LON: AAL; USOTC: AAUK). Los Sulfatos has an inferred resource of 1.2 billion tonnes grading 1.46% copper and 0.02% molybdenum. Other important tourmaline breccia deposits in that district, he says, include Sur Sur and Donoso. “A big part of this opportunity is that there is limited knowledge and experience with these types of See SOLEDAD / 13

Chakana Copper’s project team at the Soledad copper-gold-silver project in the western ranges of the Andes in Peru, from left: Carlos Montoya, project manager; Steve Park, chief consulting geologist; Favio Medrano, field assistant; David Kelley, CEO; and Victor Torres, project geologist. CHAKANA COPPER

2017-11-07 8:44 PM

CANADIAN PRAIRIES SPECIAL FOCUS

A road through North Atlantic Potash’s potash claims in southern Saskatchewan. NORTH ATLANTIC POTASH

Ross McElroy stakes new ground in Saskatchewan EXPLORATION

| Geo controls 132.4 sq. km in Crew Lake Belt

BY TRISH SAYWELL tsaywell@northernminer.com

Rockcliff ’s MacBride attracts Nevada Zinc MANITOBA

| Property holds VMS potential

oss McElroy may ca ll Kelowna, B.C., home, but his heart lies in Saskatchewan, where he has played a key role in four major discoveries in the Athabasca basin. The geologist was part of the small, early stage geological team that made the discovery of Cameco’s (TSX: CCO; NYSE: CCJ) McArthur River, the world’s largest high-grade uranium deposit. He also headed up the technical team at Fission Energy that made the J-Zone discovery at Waterbury Lake, and found Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) Patterson Lake South. But McElroy, who remains See MCELROY / 10

BY RICHARD QUARISA rquarisa@northernminer.com

evada Zinc (TSXV: NZN) has entered an option agreement with Rockcliff Metals (TSXV: RCLF) to buy up to an 80% interest in Rockliff’s wholly owned MacBride zinc-copper property in central Manitoba. Nevada Zinc can earn an initial 70% interest in MacBride by paying US$200,000 cash to Rockcliff over three years, issuing 200,000 shares and spending US$2.5 million on the property over the next five years, including at least US$250,000 annually.

Geologist Ross McElroy at Fission Uranium’s Patterson Lake South uranium project in northern Saskatchewan. IRONSIDE RESOURCES

See NEVADA ZINC/ 12

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McElroy’s new ground MCELROY From 9

Fission Uranium’s president, chief operating officer and chief geologist, and whose awards include The Northern Miner’s “Mining Person of the Year” in 2013 and the PDAC 2014 Bill Dennis Award for exploration success, also spent parts of his early career in gold and base-metal exploration in the province and still keeps an eye out for properties that could lead to more metal discoveries. In August, McElroy noticed there was ground coming available for staking in the Watts Lake area of Saskatchewan, 65 km northeast of the town of La Ronge and 20 km northwest of the village of Missinipe. He staked as much of the ground that he could for Edge Geological Consulting Inc., a company he founded in 2016, and now controls 132.5 sq. km on the eastern margin of the Crew Lake Belt of the LaRonge Domain. The property covers several electromagnetic conductive trends. These include the entire 14 km of strike length of the Borys Lake conductive trend that hosts the historic Borys Lake lead-zinc deposit, as well as mineralized occurrences of zinc, copper and silver, in addition to anomalous gold, nickel and cobalt found in drill holes, surface trenches and outcrop samples along strike and on parallel conductive trends. “When I saw it was a significant deposit and was available, my eyes lit up right away,” McElroy says in an interview. “We like it because this is shallow, near-surface, high-

“WHEN I SAW IT WAS A SIGNIFICANT DEPOSIT AND WAS AVAILABLE, MY EYES LIT UP RIGHT AWAY.” ROSS MCELROY FOUNDER, EDGE GEOLOGICAL CONSULTING

grade mineralization on a property that has great blue-sky potential to expand a known deposit, put it into current 43-101 categories and find more mineralization along this trend.” The history of the property dates to 1956, when the first outcrops were discovered. The earliest drilling around Borys Lake occurred in the 1960s, but most of the work was done in the 1970s by companies like Husky Oil, which at that time had a mineral exploration division. Husky drilled 10 holes in 1972, finding a historic resource at 30 metres’ vertical depth. Husky calculated that the Main Zone of the deposit contained 1.34 million tonnes grading 1.91% combined zinc and lead, with a zinc-to-lead ratio of 10 to 1. The oil company also concluded that the mineralization was open along strike and at depth. “It’s not 43-101, so we have to be very cautious, but nonetheless they were all well-mineralized holes and they only take the deposit down to 30 metres — that’s all they extrapolated from the drilling — so Husky outlined a cohesive mineralized trend about 950 metres long in strike length,” McElroy says. “They could see it extended down 30 metres, but I suspect it’s going to be much deeper than that, so that’s one area where there’s great opportunity for growth.” In addition, Husky only looked at zinc and lead, McElroy says, and says he will see significant silver results, as well. “We’ll be adding silver and copper if it’s significant,” he says, “so that’s part of the work to be done, but I do think we’ll start to see other elements come in to play.” There were other companies working on their own sections of the historic trend, as well, he says, and there had been “some pretty encouraging airborne geophysics done in 2008 that showed there was a large conductive trend and mineralized showings along it that stretched for 14 km and was available to be staked, too.” “It’s been an area that we knew

Dev Randhawa, Fission Uranium chairman and CEO, at Fission’s Patterson Lake South project in northern Saskatchewan. Randhawa also helms Ironside Resources. FISSION URANIUM

of that was important for hosting high-grade deposits, primarily with zinc and copper and silver anomalies,” McElroy continues. “The other three zones that other companies were working on at the time were

equally mineralized, but nobody did a resource estimate.” The four zones from west to east are called Can, Main, Will A/B and Mac. “When you line up the four zones

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there is about 4.5 km of trend,” he explains. “So [the Main Zone] is just under a kilometre, and then you have 3 km of trend that you don’t have a resource estimate on. I think the Main and the Will zones probably merge into each other — there may be a little bit of a gap. Then there may be a bit of separation, of about a kilometre, between the Can Zone on the far west and the other mineralization.” At the end of October, McElroy entered into a letter of intent to sell the Watts Lake property to Ironside Resources (TSXV: IRC), a company headed by Dev Randhawa, chairman and CEO of Fission Uranium. Once the transaction is completed, McElroy will assume a senior role in Ironside’s executive management team and will be responsible for all technical aspects of the project. Ironside can earn a 100% interest in the property — subject to a 2% net smelter return royalty — by issuing 10 million shares and paying $100,000 in cash over two years, and completing $1.2 million on exploration within the first 24 months. It’s a “great plus” when you can start with a project that already contains a known deposit, McElroy says. “This takes it much further down the road right out of the gate,” he says. “There hasn’t been any further drilling since 1972 — a 45-year period where no holes were put into the ground — partly a function of the commodity cycle and what commodities you could raise money on. “They barely scratched the surface here, and there is every reason to think that this project has good potential. You never know on these things until you start doing the work yourself, but I think this has potential to be a very notable project and to turn into something significant.” TNM

2017-11-07 8:45 PM

CANADIAN PRAIRIES

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 13–23, 2017

PRAIRIE SNAPSHOT: SEVEN JUNIORS HITTING FIFTH GEAR Resurgent metal prices rekindle grassroots work in historic camps Manitoba and Saskatchewan consistently rank top among the world’s premiere jurisdictions for mining and mineral exploration, and so, with prices for gold, copper, zinc and lead all strengthening, it’s no wonder the two Prairie provinces are the setting for a fresh round of programs by junior explorers. The following is a quick look at seven such juniors.

east of the community of Brabant Lake. The project is accessible by road and service by grid power. Thanks to a successful 10-hole, 5,600-metre drilling campaign carried out in early 2017, the company has recently updated the resource for the Brabant-McKenzie deposit to 1.5 million indicated tonnes grading 7.46% zinc, 0.70% copper, 0.39% lead and 31.16 grams silver per tonne (or 10.09% zinc equivalent), plus another 4.5 million inferred tonnes at 5.99% zinc, 0.62$ copper, 0.39% lead and 19.39 grams silver (or 7.99% zinc equivalent).

ALTIUS MINERALS With its headquarters in St. John’s, N.L., Altius Minerals (TSX: ALS; USOTC: ATUSF) has a diverse portfolio of royalties, streams and shares in junior explorers. Altius holds royalty interests in 13 producing assets in Canada that include a 4% net smelter return royalty on Hudbay’s 777 copper-zinc mine in Manitoba, six potash mines and five coal mines in Western Canada, a royalty on Vale’s Voisey’s Bay nickelcopper-cobalt mine in Labrador and a 3.7% stream interest on Yamana Gold’s Chapada mine in Brazil. Altius also gets regular dividend income from its equity ownership in Labrador Iron Ore Royalty Corporation. Altius says collectively these royalties should generate $55 million in revenue per year at current metal prices. Altius still has a hand in the exploration game, however, and recently reported finding macro-diamonds at its 608 sq. km Lynx diamond project near the community of Oxford House in northeast Manitoba, halfway between Thompson and the provincial border with Ontario. The property was optioned from a consortium of prospectors and geologists who worked with the Geological Survey of Manitoba in 2016 in the Knee Lake area. Altius followed up with channel and grab sampling in June and July, with positive diamond counts announced in September. ALTO VENTURES Vancouver-based Alto Ventures (TSXV: ATV; US-OTC: ALVLF) is another junior active in the Oxford Lake area of northeastern Manitoba, with its Oxford Lake gold property at the western end of the lake, which is characterized by iron formation-hosted gold occurrences. Noranda drilled the property between 1988 and 1992, delineating a historical 154,000 oz. gold in the property’s Rusty zone at a grade of 6 grams gold per tonne over 2.5 metres wide to 700 metres deep. Alto drilled three shallow holes in 2012 that confirmed gold on the property. Alto spent $400,000 exploring the property in mid-2017, and is now proposing a $1.3-million drilling campaign in the first quarter of 2018, followed by $3 million and $6 million drill programs in 2019 and 2020.

Drillers at Foran Mining’s McIlvenna Bay copper-zinc deposit in east-central Saskatchewan. FORAN MINING Callinex’s efforts in Manitoba centre on two projects: Pine Bay, which comprises four volcanogenic massive sulphide (VMS) deposits; and Flin Flon, which has geological strata like those seen at Hudbay Minerals’ 777 mine, located 3 km away. Callinex is led by president and CEO Max Porterfield, and chairman Mike Muzylowski — a member of the Canadian Mining Hall of Fame. Shareholders are divided between retail investors (40%), insiders and close associates (29%), and institutions (31%), including Resource Capital Funds, Sprott Group, Plethora Precious Metals Fund and Fieldhouse Capital Management. FORAN MINING Foran Mining (TSXV: FOM; US-OTC: FMCXF) is another junior explorer basking in the resurgence of copper and zinc prices. It is focused on advancing its substantial, fully owned McIlvenna Bay copperzinc deposit and nearby Hanson Lake VMS camp in central eastern Saskatchewan. As of 2013, indicated resources at McIlvenna Bay stood at 13.9 million tonnes grading 1.28% copper, 2.67% zinc, 0.49 gram gold

per tonne and 17 grams silver per tonne, while inferred resources were 11.3 million tonnes at 1.32% copper, 2.97% zinc, 0.43 gram gold and 17 grams silver. A preliminary economic assessment (PEA) of McIlvenna Bay by consultants JDS Energy and Mining in January 2015 envisioned a $249-million, 5,000-tonne-perday conventional underground mining operation using longhole stoping methods and cemented paste backfill. Total payable production over a 14-year mine life was expected to be 513.7 million lb. copper, 804.7 million lb. zinc, 15.8 million lb. lead, 218,000 oz. gold and 5.44 million oz. silver. Foran is working to show the project deserves advancement to a feasibility study, and contracted Micon International in April to carry out a technical review of the 2015 PEA. MURCHISON MINERALS Toronto-based junior Murchison Minerals (TSXV: MAM) has had a strong year exploring its wholly owned Brabant-McKenzie highgrade zinc-copper project in northern Saskatchewan, 175 km northeast of La Ronge and 3 km

Murchison says the deposit is open to depth and laterally, and there are “significant infill opportunities” from 610 metres down-dip to 950 metres. In 2018, Murchison aims to expand the resource to 9 to 11 million tonnes at similar grades, and upgrade inferred resources to the indicated category. To that end, Murchison is proposing a $3-million private placement of ordinary and flowthrough shares. It already has $1 million in cash. Quite a few veteran mining executives are guiding Murchison. The company is led by president and CEO Kent Pearson and chief financial officer Erik Martin, while the board is comprised of Pearson, chairman Jean-Charles Potvin, David Pyper, Denis Arsenault, Donald K. Johnson and John G.P. Dixon. The largest shareholders are Donald K. Johnson (37.1%), Rob McEwen (14.2%) and management (9.2%). QMC QUANTUM MINERALS Vancouver-based QMC Quantum Minerals (TSXV: QML; US-OTC: QMCQF) is on the hunt for lithium and precious metals in Manitoba. QMC describes its Cat Lake lithium project north of Cat Lake, Man., as containing a rare metal (lithiumtantalum-cesium) deposit within the Irgon pegmatite dike, with

substantial developmental work carried out by former owner Lithium Corp. of Canada, which delineated a resource of at least 1.2 million tonnes of spodumenebearing pegmatite grading 1.5% Li2O. QMC struck a deal to acquire the property a year ago and is engaged in stripping, geological mapping and channel sampling over the 400-metre surface exposure of the Irgon dike, with follow-up drilling to come. In early November, QMC raised gross proceeds of $774,000 by issuing 6.45 million units priced at 12¢ per unit, with each unit comprised of a share and a warrant allowing the holder to buy another shares for 17¢ within 18 months. SATORI RESOURCES Satori Resources (TSXV: BUD; USOTC: STRRF) is another junior active in Manitoba’s Flin Flon mineral belt, where it is exploring its wholly owned Tartan Lake gold project. The 27 sq. km property hosts a mothballed, high-grade underground mine that produced 47,000 oz. gold between 1987 and 1989. Satori says the deposit is open at depth and along strike, and there are numerous gold showings throughout property, which has seen limited drilling and few modern exploration techniques. The company notes there is substantial infrastructure in place that needs refurbishment, including a decline ramp with 2,100 metres of underground development down to 310 metres, six levels of development, vent raise, tailings pond, operational power and a 500-tonne-per-day mill. A National Instrument 43-101-compliant resource was recently calculated at 1.2 million indicated tonnes grading 6.32 grams gold per tonne (240,000 oz. gold) plus 240,000 inferred tonnes at 4.89 grams gold (37,000 oz. gold), using a 3 gram gold cut-off. TNM

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CALLINEX MINES Zinc junior Callinex Mines (TSXV: CNX; US-OTC: CLLXF) has advanced projects in western Newfoundland and northern New Brunswick with substantial defined resources, and more grassroots projects in central Manitoba.

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Cameco loses US$50M in Q3 as uranium languishes URANIUM

| Strategy unchanged as miner curtails high-cost production, focuses on higher-margin assets

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

anada’s Cameco (TSX: CCO; NYSE: CCJ) is in damage control mode amidst the worst uranium market in over a decade. The company’s underwhelming third-quarter results were plagued by a 20% year-onyear drop in spot U3O8 prices, and production delays at its Key Lake uranium mine in Saskatchewan. Cameco reported an adjusted quarterly loss of US$50 million, or 13¢ per share, after selling 9.2 million lb. uranium. The company indicated its US$32 per lb. U3 O 8 price realization represents the “lowest quarterly level reported in over 10 years.” Cameco generated 3.1 million lb. uranium in the quarter, which marked a 56% quarter-on-quarter decline after “planned summer shutdowns” at its f lagship Cigar Lake and McArthur River operations in Saskatchewan, as well as a required four-week maintenance program at Key Lake. The company had previously announced layoffs at these three mines totalling 120 employees, or 10% of its overall workforce. In mid-2016, Cameco cut 500 jobs in the province when it suspended its Rabbit Lake operation due to “depressed market conditions.” “Our strategy remains to curtail higher-cost production and focus on our best margin assets,” president and CEO Tim Gitzel said during a conference call. “We’ve consistently acknowledged the near- to medium-term challenges on both the demand and supply side. We are cautiously optimistic,

Workers inside Comeco’s uranium conversion plant in Port Hope, Ontario. CAMECO

however, because today’s uranium price is too low to incentivize the investment required to ensure that adequate uranium production is in the market.” Cameco subsequently reduced its annual production outlook to 24 million lb. from 25.2 million lb. U3O8 . The company faces growing long-term demand risks from France, South Korea and the U.S., which jointly account for 18% of

the global market. Cameco’s quarterly results were also impacted by an ongoing dispute with Tokyo Electric Power Co. (Tepco) over a 2009 uranium supply contract worth $1.3 billion in revenue through 2028. The Japanese utility has claimed force majeure pursuant to government regulations enacted after the earthquake and tsunami-related accident at Tepco’s Fukushima nuclear

power station in March 2011. “Three arbitrators have now been appointed for the Tepco trial, and based on the current schedule set by them, we expect the case will be heard in the first quarter of 2019,” Gitzel said. “Timing for a final decision, however, will obviously depend on how long the arbitrators deliberate following the conclusion of the hearing,” he said.

In addition, the company recently wrapped up legal proceedings against the Canada Revenue Agency (CRA) over its corporate structure and related transfer-pricing methodology for uranium. The tax court trial began in October 2016 with closing arguments in September. The company estimates its total potential liability to the CRA between $1.75 billion and $1.95 billion. The decision is expected by mid-2019. Scotia Capital noted in October that it now forecasts “the uranium market to remain in a structural surplus until early next decade.” Scotia analyst Orest Wowkodaw has a “sector underperform” rating on Cameco, alongside a $9.50-pershare, one-year price target. “Cameco released relatively disappointing [third-quarter] results and issued sharply lower 2018 to 2021 realized price guidance, in our view, reflecting deteriorating fundamentals. Overall, we view the update as negative for the shares,” Wowkodaw said. Cameco shares have traded in a 52-week range of $9.90 to $17.65 per share, and closed at $10.82 at press time. The company has 396 million shares outstanding for a $4.3-billion market capitalization. It exited the third quarter with $352 million in cash and a $1.1-billion net debt position. It approved a 10¢-pershare dividend. “We are restructuring our organization to be as efficient as possible,” Gitzel said. “Our goal is to remain competitive and position the company so we have the ability to be among the first to respond when the market calls for more uranium.” TNM

Rockcliff ’s MacBride attracts Nevada Zinc NEVADA ZINC From 9

“Rockcliff is focused on their properties in the Snow Lake area, and this one is in the greenstone belt that’s separate from that,” Nevada Zinc president and CEO and Rockcliff director Bruce Durham says in an interview. “It wasn’t core to Rockcliff and they didn’t have money to work on it, and so I liked the asset and thought it was a good way to get Nevada Zinc involved in another zinc project.” Nevada Zinc can increase its ownership to 80% by paying US$2 million to Rockcliff within 60 days of earning the 70% interest. It would then form a joint venture with Rockcliff. If either party’s interest drops below 10%, its interest will convert to a 1% net smelter return royalty, or a 0.5% royalty on those claims subject to a pre-existing royalty. Right now, Rockcliff hopes for a joint venture. “If a joint venture occurs it would mean that we will have success through the drill bit,” Rockcliff president and CEO Ken Lapierre says via email. “The potential to identify a significant amount of high-grade zinc mineralization at MacBride is very real.” The MacBride property is a nearsurface zinc deposit. It was last outlined in a 1977 report by Knobby Lake Mines Limited. Rockcliff and Nevada Zinc treat it as a historical estimate rather than a current resource. “Typically speaking, historical

1-16, 23_Nov 13_Main .indd 12

estimates are an order of magnitude correct,” Durham says. “In some cases, when these resources are done they end up being larger — sometimes higher grade. Sometimes they don’t hold together very well.” As a historical resource, MacBride contains 1.8 million tonnes grading 8.8% zinc and 0.30% copper with 0.10 gram gold per tonne and 4.5 grams silver per tonne. It was discovered in the 1970s and has not been drilled extensively — only 275 metres along strike, with 1.5 km remaining. “It’s had a bit of a checkered history,” Durham says. “It wasn’t drilled by one company. These drill holes were put together.” He says the 1.8 million inferred tonnes come from three different drilling groups. Then, in 1991, Eastmain Resources and Bellex Resources did more drilling. Bellex released assay results from three holes, claiming it was the best mineralization intersected on the property to date. “And then the story ends,” Durham says. “There’s no further information. Those holes were never released to the public.” The property comprises 22 contiguous claims covering 50 sq. km, 45 km north of Leaf Rapids, Man., on 15 km of volcanogenic massive sulphide stratigraphy. The geology consists of Paleoproterozoic-aged metavolcanic rocks and interbedded metasediments. Mineralization features coarse pyrite in a matrix of pyrrhotite and sphalerite with blebs

“THE POTENTIAL TO IDENTIFY A SIGNIFICANT AMOUNT OF HIGH-GRADE ZINC MINERALIZATION AT MACBRIDE IS VERY REAL.” KEN LAPIERRE PRESIDENT AND CEO, ROCKCLIFF METALS

of chalcopyrite. The MacBride zinc deposit coincides with a 1.8 km long, strongly conductive electromagnetic (EM) anomaly feature hosted within a 6 km long magnetic high corridor. Several other similar but untested airborne EM anomalies were found on the property in 2008. Durham points out that the anomalies were found by accident. “They were really discovered in an airborne survey that was done looking for nickel deposits as part of the Lynn Lake belt,” Durham says. “And so when they found these airborne geophysical targets that didn’t look like nickel target — they just were never drilled.” Nevada Zinc says that because volcanogenic zinc and copper-rich sulphide deposits are often found close to one another, the potential for more discoveries is high. “There’s quite a bit of overburden

A prospecting crew on Nevada Zinc and Rockcliff Metals’ MacBride zinc-copper property in Central Manitoba. ROCKCLIFF METALS

in the area, so geological mapping isn’t going to solve a lot of problems,” Durham says. “This was a surface exposure. That’s how it was found. But there’s not a lot of outcrop exposure along strike, so it requires more sophisticated ground geophysics and diamond drilling.” Nevada Zinc’s focus is on continuing to explore its 100% owned Lone Mountain zinc project near Eureka, Nevada. Its share price sits at 19¢ with a 52-week range of 19¢ to 60¢. It has a $14-million market capitalization. Rockcliff Metals’ focus is on its Snow Lake project consisting of

three polymetallic properties totalling 450 sq. km, including its 100% owned Rail property. Shares are valued at 10¢ apiece with a 52-week range of 5¢ to 14¢. It has a $16-million market capitalization. The company changed its name to Rockcliff Metals from Rockcliff Copper on Nov. 1, and its ticker on the TSX Venture Exchange to RCLF from RCU. “We’ve been in on the ground to start tying in some of the old drill holes before the snow flies,” Durham says. “So then we’re pretty much ready to do some follow-up ground geophysics, and drill it sometime next year.” TNM

2017-11-07 8:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 13–23, 2017

Some of the US$16-million worth of pre-purchased mine and mill equipment at eCobalt Solutions’ warehouse grounds in Salmon, Idaho. ECOBALT SOLUTIONS

Workers at eCobalt Solutions’ Idaho Cobalt project in Idaho. ECOBALT SOLUTIONS

eCobalt redevelops mothballed Idaho mine COBALT BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

ancouver-based eCobalt Solutions (TSX: ECS; USOTC: ECSIF) hopes to restart construction at its Idaho Cobalt project (ICP) next year, which could set the stage for first production in early 2020. The site is in east-central Idaho, 40 km west of the town of Salmon. In late September, the company released a feasibility study modelling an underground mine that would annually produce 2.4 million lb. cobalt, 3.3 million lb. copper and 3,000 oz. gold over a 12.5-year life. The permitted project would use an existing 725-tonne-per-day mill infrastructure that has been on care and maintenance since 2013, due to low cobalt prices. The company spent US$65 million

| Plans to make eCobalt a primary US producer for EV batteries

on development before shelving the project three years ago, including: earthworks, a ball mill, flotation and filtration circuits, pumps, grizzlies, hoppers and conveyors. The feasibility study builds on a preliminary economic assessment released in 2015, but incorporates a more conservative resource model, and a switch to longhole stoping from mechanized drift-and-fill mining. The US$187-million development would focus on the Ram deposit, which hosts proven and probable reserves of 3.7 million tonnes of 0.47% cobalt, 0.68% copper and 0.45 gram gold per tonne. The resource calculations use a 0.25% cobalt cutoff grade. ICP’s mineralization is reportedly composed of “syngenetic, stratiform, exhalative deposits within — or closely associated with — the mafic sequences of the regional Apple

Creek Formation.” The deposits range from nearly massive to disseminated, with some cross-cutting mineralization. ECobalt intends to produce a bulk cobalt-copper-gold concentrate that would run through a hydrometallurgical facility to become cobalt sulphate heptahydrate, which is used to make cathodes for rechargeable batteries. “This mine plan could make us the sole primary producer of cobalt in the U.S.,” eCobalt president and CEO Paul Farquharson said during a conference call. “We’re all aware of the future outlook on electric vehicles and battery markets, and cobalt is a critical ingredient in that equation. Our project provides secure access to safe, ethically sourced supply,” he continued. The hydrometallurgical process would involve an autoclave,

solvent extraction and crystallizers to produce cobalt-sulphate heptahydrate, copper-sulphate pentahydrate and magnesiumsulphate crystals. ECobalt wants to build the facility on a railhead in Blackfoot, Idaho, which lies 250 km southeast of the mine site. The company’s economic model features a US$136-million, after-tax net present value at a 7.5% discount rate, and a 21.3% internal rate of return, assuming an average base case price of $26.65 per lb. for contained cobalt in sulphate. “The next step is project financing, and this study really provides the foundation for those discussions with potential offtake partners, debt providers and alternative lenders,” Farquharson said. “We’re obviously looking at all opportunities as we move forward, and I can say there’s tremendous

interest out there from the battery and automobile manufacturers. We’ve already commenced preconstruction activities on-site.” Canaccord Genuity analyst Eric Zaunscherb cut his eCobalt target price by 20¢ after the news to $1.40 per share. He noted the feasibility study “features a lower-grade reserve and higher capital costs than we had modelled,” but added that “increased clarity in costs and a reduction in the discount rate on further drilling may have a significant impact on valuation going forward.” ECobalt shares have traded in a 52-week range of 46¢ to $1.48 per share, and closed at $1.11 at press time. The company has 131 million shares outstanding for a $146-million market capitalization, and reported $17 million in working capital at the end of May. TNM

Soledad project attracts Douglas Kirwin SOLEDAD From 8

deposits,” says Kelley, who was a member of the joint discovery team of the Zuun Mod molybdenumcopper discovery in Mongolia, the Wayamaga gold deposit in French Guiana, and the High Lake East deposit in Nunavut. “Tourmaline breccia pipes are fairly common, but they’re generally not a specific exploration target for anyone. They are often found associated with porphyry copper deposits and when economic to mine, the ores are comingled with porphyry ore. In this case with Soledad, the breccia pipes may be related to a porphyry or a volatile-rich crystallizing magma at depth that caused the brecciation, followed by hydrothermal fluids that mineralized the breccia. Previous explorers did some excellent work, but they were focused on a porphyry copper-gold target and not the breccia pipes.” According to Kelley, knowledge of the mineralized tourmaline pipes at Soledad dates to the 1950s, but the first serious exploration was in 1996 by Rio Amarillo, a junior exploration company from Canada. Rio Amarillo was doing a much more regional program focused on gold rather than copper, but they noted mineralization in the tourmaline breccia pipes. At the time, there were only three known pipes (since then, many more have been mapped at surface). Drilling around breccia pipe No. 1 by Rio Amarillo returned a 28.5-metre intercept grading 5 grams gold, 27.9 grams silver and 1.10% copper from 55.5 metres deep. “This was pre-SEDAR and the digital revolution, so it’s been difficult to track down information, except from their press releases in 1996 and 1997,” Kelley notes. “Their drilling was generally shallow but it

1-16, 23_Nov 13_Main .indd 13

did demonstrate some interesting grades associated with the tourmaline breccia.” The project largely sat dormant until 2011, however, when a subsidiary of Condor Resources won the Soledad claims in a government auction driven by Ever Marquez, Condor’s vice-president of exploration, who had previously visited the property and was interested in the surface mineralization. (Marquez is credited with the Breapampa discovery for Newmont Mining [NYSE: NEM], Kelley says, and has a very good understanding of Peru geology.) “Ever is an excellent exploration geologist that I’ve known for about 15 years — he’s the kind of geologist that, when he’s interested in something, you should be interested as well.” Kelley became drawn to the project when he was the general manager exploration for the Americas for MMG, whose major shareholder is China Minmetals. Kelley visited Soledad in 2012 along with Jim Wise, MMG’s chief geologist for the Americas, and together they recommended that MMG option the property, but were unable to convince them to move forward. In late 2013, Mariana Resources stepped in and completed surface sampling and 12 drill holes. They also did a deep-seeking inducedpolarization (IP) geophysics survey to give them better information to target a porphyry. “They came up with some very interesting deeper targets, but their Hot Maden project in Turkey was taking off and pressure was building for them to focus solely on that project, leading them to walk away from all of their projects in Peru,” Kelley says. “Their exit from Soledad wasn’t based on any negative sentiment, it was based on a business decision to

“THIS IS BY FAR THE BEST OPPORTUNITY I’VE SEEN THAT HAS TRUE POTENTIAL TO BE A MINE. THE QUESTION IS: HOW BIG A MINE WILL IT BE?” DAVID KELLEY CEO, CHAKANA COPPER

focus on their number-one priority in Turkey.” (Sandstorm Gold [TSX: SSL; NYSE-AM: SAND] acquired Mariana in July 2017.) Two years ago, Casapalca, a private Peruvian company and operator of the Americana mine, optioned the property from Condor and continued the work Mariana started, targeting a blind porphyry. Casapalca’s CEO, Carlos Gubbins, a geologist and graduate of the Colorado School of Mines, saw Soledad and projects like it as growth opportunities. But the geologist was killed in December 2015 in a car crash while travelling in northern Peru on vacation with his family. While dealing with the death and succession of its CEO, Casapalca kept its exploration commitment by drilling 2,816 metres in four holes, with three deep holes in breccia pipes 1, 5 and 6, and one more hole in the Cima Blanca target, a highsulphidation epithermal alteration zone at the highest elevation on the project. All of the drill holes in the breccia pipes were designed to drill down the pipes to determine their source, inferred to be a porphyry. While the results were generally positive in the three breccia pipes drilled, Kelley says, including a 490-metre interval of 1.15% copper

equivalent in breccia pipe 1 from surface until the hole deviated out of the pipe, Casapalca ended its agreement with Condor in January 2017 to focus on its operating mine. The importance of Casapalca’s work, Kelley says, is that it showed the vertical continuity of mineralized breccia from surface to nearly 500 metres. And based on Mariana’s IP survey, and a more recent controlled source and natural source audio-frequency magnetotellurics survey by Chakana, the pipes are thought to extend much deeper, and there could be more hidden pipes. Kelley left MMG in November 2016 and the following month set up Chakana along with Tom Wharton (currently a director of Ely Gold, Angel Gold, Dolly Varden Silver and GRP Minerals) and Juan Valdivia (15 years of experience in the development of mineral properties and hydropower assets in Peru, Colombia and Brazil), along with private financial backing. “Tom and Juan had already been in the process of putting something together in Peru so the timing for the three of us to come together was perfect,” says Kelley, whose exploration experience over a quarter of a century includes working in the Americas, Central Asia and Australasia for MMG, Oz Minerals (ASX: OZL), Zinifex, Newmont Mining, Western Mining Corp., BHP Billiton (NYSE: BHP; LON: BLT), Westmont Mining and Gold Standard. As soon as they heard that Soledad might become available, they started negotiating with Condor, signing an option agreement in April. Under the deal, Chakana Copper can acquire all of Soledad by drilling 12,500 metres; paying US$5.38 million in cash; issuing 500,000 shares to Condor Resources; and granting Condor Resources a

2% NSR on any mineral production from the project, subject to Chakana Resources’ rights to buy back 50% of the NSR at any time for US$2 million. “I have been involved in three discoveries but none are mines yet — all are located in remote areas, so they are challenged from the lack of infrastructure,” Kelley says. “This is by far the best opportunity I’ve seen that has true potential to be a mine. The question is: How big a mine will it be?” Kelley reasons that even if the resource is small, somebody will be able to mine the breccias at Soledad, given the high grades so far. “If a sufficient resource can be established, a very profitable, highgrade mine could be developed,” he continues. “The pipes occur over a vertical range of 500 metres. Access by adits would potentially allow extraction from the bottom up using a bulk-mining method. Given the proximity of the pipes, the potential exists to mine several pipes simultaneously.” The company doesn’t have to find a tier-one asset, he adds. “It would be great if it turns into that. And Antares is a good example of a very large porphyry that they discovered in Peru and sold to First Quantum, so it can happen on that scale. But our view is that mid-tier mining companies are also looking for quality mining assets to develop profitably, and if we get this to as little as 30 to 50 million tonnes, it’s going to draw a lot of attention … whether it’s a mine that a major company is interested in or one that a mid-tier would be interested in, either way would be a big win for Chakana.” Chakana Copper hopes to list on the Toronto Stock Exchange before year-end in a reverse takeover of Remo Resources. TNM

2017-11-07 8:45 PM

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NOVEMBER 13–23, 2017 / THE NORTHERN MINER

Falco Resources completes feasibility study on Horne 5 QUEBEC GOLD

| Billion-dollar mine would produce 219,000 oz. gold annually for 15 years

BY TRISH SAYWELL

tsaywell@northernminer.com

new feasibility study of the Horne 5 gold project in Rouyn-Noranda, Que., estimates it could cost C$1 billion to build, Falco Resources (TSXV: FPC; US-OTC: FPRGF) says. Preproduction construction costs for a large underground gold mine with silver and base metal byproducts are estimated at US$801.7 million, including a US$58.5 million contingency, and excluding US$26.7 million of capital outlays to Aug. 31, 2017. Payback would take 5.6 years on a post-tax basis. The mine would have a 15-year lifespan with average life-of-mine annual payable production of 219,000 oz. gold. The study put all-in sustaining cash costs (AISCs) at US$399 per oz. net of by-product credits and all-in costs (capex and opex) of US$643 per oz. gold. At US$1,300 per oz. gold and using an exchange rate of C$1 to US78¢, Horne 5 would generate a US$602 million after-tax net present value at a 5% discount rate and a 15.3% after-tax internal rate of return. Horne 5 has proven and probable reserves of 80.9 million tonnes grading 1.44 grams gold per tonne, 14.14 grams silver per tonne, 0.17% copper and 0.77% zinc. In all resource categories, the deposit contains 5.5 million oz. gold. On a conference call, Falco president and CEO Luc Lessard said the feasibility study establishes the Horne 5 project “as one of the best undeveloped gold projects by value and margin in today’s gold price environment. “It’s a big mine … it’s a VMS system … the thickness is over 100 metres, so for a mining engineer like me, it’s a big piece of cake,” Lessard said enthusiastically. Horne 5 sits below the former producing Horne mine, which was operated by Noranda from 1926 to 1976, and produced 2.5 billion lb. copper and 11.6 million oz. gold. The deposit Falco plans to develop is at a depth of 600 metres to 2,300 metres below surface. If all goes according to plan, the mine will use an existing shaft (Quemont #2), which extends to 1,200 metres deep. The deposit, which remains open, offers attractive exploration potential, given that the best grades the company has located so far are in the deeper portion of the deposit. “The current mine life is 15 years, however, there’s very good potential to add to the mine life with additional drilling,” Vincent Metcalfe, Falco’s chief financial officer, said during the conference call, adding that underground drilling can be done “with little additional capital down the road.” Metcalfe points out that the feasibility study reaches a depth of 2,000 metres, and that’s where most of the inferred resource lies. “Some of the highest grade that the company has seen in the deposit is located in the F Zone, which holds about 3.38 grams gold per tonne,” he continues. “So if we are able to go underground and drill the bottom portion of our deposit, there’s a good potential to increase tonnes.” In addition, with 670 sq. km available, regional exploration looks promising, particularly given that the Horne property includes 14 past-producing mines. “This project has a high level of attractiveness. The senior producers

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“FOR A MINING ENGINEER LIKE ME, IT’S A BIG PIECE OF CAKE.” LUC LESSARD PRESIDENT AND CEO, FALCO RESOURCES

A rendering of Falco Resources’ planned Horne 5 gold mine in Rouyn-Noranda, Quebec. FALCO RESOURCES

are looking for long mine life, and Horne certainly has that,” Metcalfe says. “There’s significant potential to increase resources and our AISCs are definitely at the top of our class.” The project, which Falco acquired for $5 million in 2012, benefits from surrounding infrastructure and is about 1.1 km from Route 101 and 4 km from the Trans-Canada Highway. It is also less than 700 metres from the Horne copper smelter, which treats copper concentrates and precious metal-bearing recyclable materials as its feedstock in producing 99.1% copper anodes. Lessard emphasizes the project’s location in Rouyn-Noranda, within the city’s industrial park and former mine infrastructure (Quemont and Horne mines), which avoids having to build a fly-in/fly-out camp. He also points to the area’s ample and experienced labour pool, especially those with expertise underground. The mining engineer has spent nine years in Rouyn-Noranda and has been involved in building a number of mines in the neighborhood. “We have people in place who have good experience in mine building and also mine operations,” Lessard says. “We have known them for 25 years, I would say, because I have built mines with them in the past.” (During the course of his career, Lessard has worked on 11 open-pit and underground mine builds around the world.) The company expects to use transverse long-hole stoping as the main mining method and forecasts dilution will be below 3%. At steady state, a semi-autogenous ball mill facility would process 15,790 tonnes a day, and processing would include a flotation and thickening section, divided in three circuits to recover copper, zinc and pyrite concentrates. The process plant would produce two concentrates and doré bars. The copper concentrate would have an estimated copper content of 16%, as well as payable gold and silver, and the zinc concentrate would have 52% zinc content. The pyrite concentrate will need “a finer liberation” to achieve improved gold recovery by cyanide leaching. Reground pyrite concentrate would be leached along with the pyrite flotation tailings in separate leaching circuits, followed by carbon-in-pulp (CIP) circuits. Both pyrite tailings and pyrite concentrate streams from flotation would be used as paste backfill in the new mine workings. Excess volumes would be disposed of in existing historic openings, until the old mine

A driller at Falco Resources’ Horne 5 gold property in Quebec. FALCO RESOURCES

openings are filled. The water freed from the underground workings from the consolidated tailings would be recovered, recycled and pumped back to the process plant. Tailings would be stored in old underground openings either in the form of slurry or paste backfill during the first two years of operations. Paste backfill would be used for the rest of the mine life. The rest of the tailings would be stored in a tailings management facility on surface. (Falco has already found an old tailings management facility about 11 km from Rouyn-Noranda, and is in discussions with the current site owners.) Dewatering could take 25 months a nd constr uct ion a not her 18 months. The company expects to start commissioning the process plant in the first half of 2021, with full mine production in the first half of 2022. Falco could finish the project’s environmental impact assessment before year-end. Glencore (LON: GLEN) has a 2% net smelter return royalty on all of the metal produced. Osisko Gold Royalties (TSX: OR; NYSE: OR) owns 13.2% of the project, and the streaming company’s chairman and CEO, Sean Roosen, is also Falco’s chairman. The Quebec government directly holds a 5.2% stake in the company, while crown corporation Caisse de dépôt et placement du Québec holds 1%. Metcalfe says he expects Falco will spend US$100 million advanc-

ing the project in 2018, and as for project financing, the company has several options. “There are a lot of various pools that can be accessed both on the equity and debt front,” he said in response to questions from analysts on the conference call. “At the moment, over the next six to 12 months, getting a deal done with Osisko is our primary focus … there’s already a rights between Osisko and Falco to put in a stream financing.” In addition, he says, the Quebec government has a long track record in mine builds. “We’d like to get the government as involved as possible,” Metcalfe said. Management also says that while it considers the results of the base case in the feasibility study as “excellent,” it anticipates future tradeoff studies could evaluate alternate development scenarios that might be used to lower initial capital requirements and increase revenue in the early stage of the life-of-mine. These include more exploration at depth; assessing whether larger underground stopes can be used; determining whether the leach and CIP circuits should be replaced by carbon-in-leach circuits; and looking at whether pre-assembled steel structures, pre-cast foundations and pre-made buildings can lower capital costs and shorten construction. Pierre Vaillancourt of Haywood Securities has his “buy” rating on

the company. “The project return is competitive, and, in some respects, superior to comparable operations,” such as Goldex, Young-Davidson and LaRonde, he said after the feasibility study results were announced. “However, production is four years away, and we recognize that the stock could be under pressure in advance of financing for a project that will cost over $1 billion to build.” Michael Siperco of Macquarie Research has his “outperform” rating on Falco but trimmed his target price on the stock to $2 from $2.15 per share. “While the results of the updated study are mixed versus our expectations, we believe the scarcity of large, long-life projects in good jurisdictions with good existing infrastructure should justify premium valuations for assets like Horne,” Siperco says in a research note. “The backing of the Quebec government and financial institutions, along with largest shareholder Osisko Gold Royalties [a likely partner for a stream transaction], help to mitigate potential financing risks.” Andrew Mikitchook of BMO Capital Markets increased his target price on the stock to $2 from $1.90. “We are adding four years [19 million tonnes] representing our assumption that there is room around and below the existing resou rce to conver t bot h i nferred ounces, as well as to add new mineralization to the mine plan,” he said in a research note. “The feasibility announcement noted additional high-grade zones of mineralization that were not included in the mine plan due to insufficient drill spacing, including the HG_F zone with 2.8 million tonnes of 3.38 grams per tonne in inferred.” Raymond James’ analyst Tara Hassan increased her price target on the stock from $2 to $2.10 per share. “The Horne 5 project is competitively positioned to be advanced to production or be attractive as an acquisition target, given the rarity of large-scale, long-life, and low-cost projects in safe jurisdictions,” she said in a note to clients. “With Falco trading at a discount to developer peers, but being led by a top team, we reiterate our view that there is an opportunity for a market re-rating.” At press time, Falco was trading at $1.09 per share within a 52-week range of 77¢ (December 2016) to $1.65 (April 2017). TNM

2017-11-07 8:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 13–23, 2017

Dolly Varden expands drill campaign after speedy start BC’S GOLDEN TRIANGLE

| Junior reports ‘breakthrough’ north of Torbrit mine, finding identical mineralogical signatures

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

olly Varden Silver (TSXV: DV; US-OTC: DOLLF) is wrapping up a bountiful exploration season in northwestern B.C.’s Golden Triangle region. The company had originally planned a $3.5-million, 5,000-metre diamond drill campaign at its flagship Dolly Varden silver-lead-zinc property, but it ended up spending $6.5 million and completing nearly 16,000 metres at the 88 sq. km property, which sits north of Alice Arm within the prolific Stewart complex. Dolly Varden subsequently reported dual discoveries 200 metres north of its resource-stage Torbrit deposit, which hosts 1.9 million indicated tonnes grading 251 grams silver for 15.5 million contained oz., and 845,600 tonnes of inferred material grading 373 grams silver for 10.1 million contained ounces. “We were able to drill much faster than anticipated,” Ben Whiting, Dolly Varden’s vice-president of exploration, said during an interview. “We were actually the first company active in the region and had our camp up and running before our neighbours. So about halfway through the season our team realized we could materially expand what looked to be a highly successful campaign.” Two types of mineralization are predominant: an epithermal veinstyle and mineralized exhalative horizons. Whiting says the most prominent zone is an aerially extensive sheet of chemical sediment that runs from the western Dolly Varden mine through the North Star underground workings and ends in the eastern Torbrit mine. Property-wide, Dolly Varden’s

Dolly Varden Silver’s vice-president of exploration Ben Whiting examines core at the firm’s eponymous silver-lead-zinc project in British Columbia. PHOTO BY ROB VAN EGMOND

indicated resources — including the Dolly Varden, Wolf and North Star deposits — total 3.1 million tonnes of 322 grams silver for nearly 32 million contained oz. silver. “You really start to see the differences in the blocks when you drill into them,” Whiting said. “We’ve had a very exciting season in terms of finding areas beyond the current

resource. The big story is the discovery away from the main deposit.” Whiting said that the biggest breakthrough came while drilling 200 metres north of the Torbrit mine, where the company found “all the mineralogical signatures of the Dolly Varden-Torbrit horizon.” Hole 17-58 cut the footwall of the regional Moose-Lamb fault, where

Chief geologist Rob van Egmond at the Dolly Varden project in British Columbia. PHOTO BY BEN WHITING

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the company intersected 16.1 metres at 269 grams silver, 0.3% lead and 0.21% zinc from 481 metres down hole. The company says the discovery may represent “a deeper offset, or parallel deposit.” “We divided the project up into a series of sectors. There’s the mine area down around the Torbrit, North Star and Dolly Varden mines. Then

there’s that northern area we called the ‘Central Sector’ that has a lot of the same alteration and rock types,” Whiting said. “I’d say that area is our greatest success right now. There’s a stretch up there along about 6 km of the favourable geological units that had very little drilling. We actually pick up that Torbrit horizon around 200 metres deeper there. It’s a target where previous drilling had been very shallow,” he added. The company says it has identified the Torbrit horizon as far as 500 metres north of the current resource. Furthermore, Dolly Varden discovered epithermal vein-style mineralization in the Central Sector during drill-testing of the MooseLamb fault, which is a syn-basinal structure, striking northwest to southeast and dipping steeply southwest. On Aug. 29, the company reported that hole 17-63 cut 6.7 metres of 1,181 grams silver, 1.83% lead and 0.26% zinc from 428 metres deep at the Moose zone. “The next step is to return to our 3-D modelling as we receive the data, and look at the litho-geochemistry,” Whiting said. “That will all factor into how we’ll tackle that next phase. In addition, there are some old mine workings on the property that could provide access underground and targets with some excellent grades we didn’t have a chance to follow up on this season.” In September, Dolly Varden closed a $5.7-million private placement. The financing included 2.74 million “hard” shares priced at 73¢, and 3.5 million flow-through shares priced at 85¢. Dolly Varden shares have traded in a 52-week range of 45¢ to 88¢ per share, and closed at 67¢ at press time. The company has 44 million shares outstanding for a $29-million market capitalization. U.S. silver producer Hecla Mining (NYSE: HL) holds a 12% equity interest in the explorer. TNM

2017-11-07 8:45 PM

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NOVEMBER 13–23, 2017 / THE NORTHERN MINER

A drill site at Clean TeQ Holdings’ Sunrise project cobalt-nickel-scandium project in Australia, 350 km west of Sydney. CLEAN TEQ HOLDINGS

Clean TeQ boosts cobalt grade by 30% at Sunrise COBALT-NICKEL

BY TRISH SAYWELL

tsaywell@northernminer.com

ust a little over a month after it signed an offtake agreement with one of the world’s largest producers of cathode material for the lithium-ion battery industry, Clean TeQ Holdings (AS: CLQ) has announced an increase in cobalt ore grade and contained metal at its newly renamed Sunrise cobaltnickel-scandium project (formerly named Syerston) in Australia, 350 km west of Sydney. A newly updated resource estimate tallies a 30% increase in cobalt grade and a 16% increase in contained cobalt metal compared to a resource estimate completed in August 2016. The increase in grade should translate into a 30% jump in average cobalt production over the first 10 years of the project’s proposed mine life to 5,000 tonnes a year, and brings the company another step closer to its goal of becoming one of the largest global suppliers of cobalt and nickel sulphate to the lithium-ion battery for use in the electric vehicle market. Sunrise’s measured and indicated resources using a 0.06% cobalt cut-off grade now stand at 87 million tonnes averaging 0.13% cobalt and 0.64% nickel for 116,000 tonnes cobalt metal and 558,000 tonnes nickel. The previous measured and indicated resources were based on a 0.60% nickel-equivalent cut-off grade and tallied 101 million tonnes grading 0.10% cobalt and 0.65% nickel for 106,000 tonnes cobalt and 660,000

| Australian deposit’s contained cobalt metal jumps 16% tonnes nickel. “BY FOCUSING ON A COBALT CUT-OFF In the inferred category, the new resource measures 14 million tonnes GRADE, THIS UPDATE HAS LED TO THE grading 0.11% cobalt and 0.24% INCLUSION OF HIGHER-GRADE BLOCKS nickel, for 16,000 tonnes cobalt and 35,000 tonnes nickel. This compares THAT HAD PREVIOUSLY BEEN EXCLUDED with the 2016 inferred resource FROM THE GEOLOGICAL MODEL.” estimate of 8 million tonnes grading 0.10% cobalt and 0.54% nickel for 8,000 tonnes cobalt and 50,000 tonnes nickel. Sam Riggall, Clean TeQ’s managing director, notes in a press release that previous studies had focused almost exclusively on nickel, “with little appreciation of the value represented by the inherent variability of cobalt grades. “By focusing on a cobalt cut-off grade,” he says, the resource update “has led to the inclusion of highergrade blocks that had previously been excluded from the geological model. It has also allowed for more selective rejection of low-grade and waste material.” Sunrise is “unique” in its high cobalt content relative to nickel content, the company says. The deposit’s cobalt-nickel ratio in the updated resource is now 0.22 tonne cobalt to 1 tonne nickel, more than double its closest peer in Australia, Australia Mines’ (ASX: AUZ) Sconi cobalt-nickel-scandium project in Queensland. (Both are Australian laterite projects.) Clean TeQ notes that due to the increase in anticipated cobalt production compared to last year’s prefeasibility study, the definitive feasibility study will need to reassess

Published by:

SAM RIGGALL MANAGING DIRECTOR, CLEAN TEQ HOLDINGS

the impact on the design and cost of the resin-in-pulp adsorptiondesorption and refinery circuits of the process flow sheet. The new resource estimate gives Clean TeQ flexibility to respond to market conditions and manage production volumes of the cobalt, nickel and scandium metal contained in the deposit, Riggall adds. The feasibility study will incorporate scandium oxide by-product recovery from the cobalt-nickel circuit with a nameplate capacity of 80 tonnes per year of scandium oxide. The company also has an option to increase production up to 170 tonnes a year if it installs a dedicated scandium recovery resin-in-pulp circuit as part of the flow sheet. Scandium oxide can be used to make lighter and stronger aluminum alloys for the aerospace and automotive industries, as well as in the emerging field of 3-D printing. The new resource puts Sunrise’s total scandium resource (measured, indicated and inferred) at 45.7 million tonnes grading 420 grams scandium per tonne for 19,200 tonnes

contained scandium metal (a 63% increase in contained scandium metal). The estimate used a 300 gram cut-off grade, and of the total resource, 27% is in the measured and indicated category. The newest resource compares with 28.2 million tonnes of 419 grams scandium for 11,800 contained tonnes at the same cut-off grade. The study will also examine options for low-cost platinum recovery via a separate beneficiation circuit. The new resource has increased the platinum resource to 103 million tonnes grading 0.33 gram platinum per tonne for 1.08 million contained oz. platinum, using a 0.15 gram per tonne cut-off grade. (Of this total resource, 94% of the metal content is in the measured and indicated category.) This compares to 109 million tonnes of 0.20 gram platinum for 700,800 contained oz. platinum in the earlier estimate. Clean TeQ thinks it can complete the study in the first quarter of 2018. Regulators have already approved the project’s environmental impact statement, and the company has

received consent for a 2.5-milliontonne-per-year mining and processing operation. Clean TeQ’s offtake agreement was signed with Beijing Easpring in August. Easpring produces nickelcobalt-manganese and lithium cobalt oxide cathode chemistries, and its clients include major lithium-ion battery makers Sony, Samsung SDI and LG Chemical. The binding fiveyear purchase agreement will represent 20% of Sunrise’s annual cobalt and nickel-sulphate tonnage, and kicks in from the start of commercial production. Sunrise, one of the largest and highest-grade undeveloped nickel and cobalt resources outside Africa, would be the first mine ever built dedicated to producing high-purity nickel and cobalt sulphate. Cobalt is selling for US$26 per lb. and a recent research report from Macquarie Bank forecasts the price could rise to US$41 per lb. in 2022. “By 2022 we see the [cobalt] market in a severe undersupply of more than 17,000 tonnes — equivalent to a copper deficit of 3 million tonnes, or an aluminium deficit of around 8 million tonnes.” “The concentration of the supply side, with its 60% of mine output coming from the unpredictable Democratic Republic of the Congo, makes this metal an eye-catcher.” Andrew Mikitchook of BMO Capital Markets raised his target price on Clean TeQ after the resource was released on Oct. 9 to A$1.75 per share, up A35¢. TNM

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2017-11-07 1:45 PM

WWW.NORTHERNMINER.COM

NOVEMBER 13–26, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 30–NOVEMBER 3 Canada’s benchmark index rose 0.42% to finish the trading week at 16,020.16. The S&P/ TSX Gold Mining Index and the S&P/TSX Global Gold Index posted incremental gains, rising 0.42% to 68.01 and 1.5% to 194.96. West Texas Intermediate crude rose 3.2% to close at US$55.64 per barrel. The gold price fell 0.30% to US$1269.40 per ounce. Suncor Energy shares rose $1.69 to $44.99. The company announced third-quarter net earnings of $1.3 billion, a more than $900-million gain over the same quarter of the previous year. It also set a quarterly record of 739,900 barrels of oil equivalent per day, or 11,800 more than the same quarter last year. On Oct. 24, the company applied to the Alberta Energy Regulator for approval of its Meadow Creek West project. The project would recover 40,000 barrels per day and enter construction as early as 2022. In October a contract worker employed by Aecon Mining died working at Suncor’s Millennium oilsands mine north of Fort McMurray. The man was digging a trench when he was buried and pronounced dead at the site. No one else was injured, and RCMP and health and safety officials are investigating. Imperial Metals shares fell 41¢ to $2.69. The Vancouver-based copper miner will receive a $10-million loan from billionaire

Norman Murray Edwards through an affiliate company. He will also buy $4.6 million of a $5-million private share placement. Edwards, a Canadian oilsands financier and co-owner of the Calgary Flames, was already the company’s largest shareholder. He owns a 35% equity stake and has previously helped bail out the company. Although copper is performing well, the price of Imperial shares has been declining. In October the company said it would not meet its 2017 metal production targets due to July forest fires in the Cariboo region of southcentral British Columbia. Imperial has not posted an annual profit since 2013. Shares of Ivanhoe Mines rose 55¢ to $4.78. On Oct. 30, Ivanhoe announced it TSX MOST ACTIVE ISSUES

Eldorado Gold Trevali Mng Suncor Energy First Quantum Nemaska Lith Barrick Gold Lundin Mng Goldcorp Lithium Amer Ivanhoe Mines

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ELD TV SU FM NMX ABX LUN G LAC IVN

16403 1.75 1.55 1.58 - 0.07 14159 1.49 1.35 1.45 + 0.09 13898 45.38 43.26 44.99 + 1.69 13299 15.52 14.09 14.87 + 0.66 12711 1.85 1.56 1.60 - 0.23 12693 19.07 17.63 17.89 - 0.95 11622 10.21 9.52 9.75 + 0.28 11402 17.28 16.45 16.71 - 0.10 10036 2.14 1.91 1.96 - 0.15 9769 4.90 4.12 4.78 + 0.55

would rebuild 34 km of track to connect its 68%-owned Kipushi zinc-copper project with the DRC national railway at Munama, south of Nubumashi. The Kipushi-Munama line has been inactive since 2011, but helps connect the DRC copper belt to seaports at Durban and Richards Bay in South Africa, Dar es Salaam in Tanzania and Lobito in Angola. In October, the company obtained board

member Marc Faber’s resignation after racist comments he wrote in his latest edition of the Gloom, Boom & Doom report. “And thank God white people populated America, and not the blacks,” Faber wrote. “Otherwise, the U.S. would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority.” TNM

TSX GREATEST PERCENTAGE CHANGE

Atlatsa Res Largo Res Sulliden Mng Kerr Mines Entree Gold Red Eagle Mng Ivanhoe Mines Dundee Prec Mt Freegold Vent North Am Pall RTG Mining Verde Potash Silver Bear Rs Orvana Mnrls Avesoro Res St Augustine Imperial Metal Black Iron Erdene Res Dev Nemaska Lith

ATL LGO SMC KER ETG R IVN DPM FVL PDL RTG NPK SBR ORV ASO SAU III BKI ERD NMX

1470 768 1267 1785 342 1764 9769 639 415 106 99 428 781 442 255 236 603 556 494 12711

0.03 1.10 0.33 0.34 0.63 0.35 4.90 2.66 0.10 9.35 0.17 0.60 0.15 0.24 0.04 0.04 3.11 0.11 0.67 1.85

0.02 0.83 0.25 0.26 0.55 0.29 4.12 2.38 0.09 7.51 0.12 0.39 0.12 0.20 0.03 0.03 2.35 0.10 0.54 1.56

0.03 1.09 0.30 0.33 0.63 0.34 4.78 2.66 0.10 9.03 0.12 0.41 0.12 0.21 0.03 0.03 2.69 0.10 0.55 1.60

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Suncor Energy Kirkland Lake North Am Pall First Quantum TMAC Resources Ivanhoe Mines HudBay Mnls Agrium Orocobre Dundee Prec Mt Agnico Eagle Barrick Gold Centerra Gold Americas Silvr Imperial Metal Silver Wheaton Pan Am Silver First Majestic Teck Res Detour Gold

50.0 25.3 20.0 20.0 18.9 15.3 13.0 11.8 11.8 11.4 27.3 26.4 20.0 14.6 14.3 14.3 13.2 13.0 12.7 12.6

VOLUME WEEK (000s) CLOSE CHANGE

SU KL PDL FM TMR IVN HBM AGU ORL DPM AEM ABX CG USA III WPM PAAS FR TECK.A DGC

13898 44.99 4311 16.83 106 9.03 13299 14.87 333 8.41 9769 4.78 8497 9.85 1258 137.98 1042 5.31 639 2.66 3388 56.30 12693 17.89 2502 7.89 571 4.66 603 2.69 4263 26.13 568 20.63 3194 8.24 14 26.88 4598 13.28

+ 1.69 + 1.59 + 0.93 + 0.66 + 0.58 + 0.55 + 0.42 + 0.37 + 0.35 + 0.28 - 2.03 - 0.95 - 0.78 - 0.48 - 0.41 - 0.41 - 0.39 - 0.38 - 0.36 - 0.32

TSX VENTURE EXCHANGE / OCTOBER 30–NOVEMBER 3 The S&P/TSX Venture Composite Index gained 4.6 points to a 791.98-point close, as spot gold prices fell US$3.44 to US$1,273.35 per oz., and Comex copper prices gained US2¢ to US$3.12 per lb. Shares of New Nadina Explorations rose 98¢ to $1.27 over the trading period on anticipation of assay results from the company’s polymetallic Silver Queen property, 43 km south of Houston in central British Columbia. The company is at the onset of a 5,000- to 8,000-metre drill program targeting historic silver-epithermal veins within a porphyry, in addition to testing a deep geophysical anomaly northwest of the vein system that could indicate massive sulphides. On Oct. 25, New Nadina reported that a drill-hole testing the geophysical anomaly returned a 261-metre interval of “high-grade sulphides” consisting of intense stockwork veining, with 1.5 cm thick sulphide veins down to 10 cm intervals. A historical drill hole intercepted the geophysical anomaly 400 metres southwest of the reported intercept and returned 1.7 metres of 843.4 grams silver per tonne, 0.08% copper, 12.2% lead and 27.2% zinc at 437 metres deep. On Oct. 27, the company printed a retraction, at the request of the Investment Industry Regulatory Organization of Canada, removing reference to “high-grade sulphides,”

with no assays received to date. The rest of the drill campaign is testing mineralized extensions of an epithermal-vein intercept in a 2015 drill hole. Metallis Resources, a junior explorer with a land position next to Garibaldi Resources’ E&L nickel-copper project, has retained Peter Lightfoot — one of Garibaldi’s technical advisors — to review the company’s Thunder North nickel-copper prospect in northwestern B.C.’s Golden Triangle district. Shares of Metallis were up 49¢ to $2.60 during trading. Thunder North is located in a previously unexplored northeastern section of Metallis’ Kirkham copper-gold-silvernickel property. Recent mapping and sampling in the area have found gabbroic units similar to those that host mineralization at E&L. The units begin at Thunder South and outcrop TSX-V MOST ACTIVE ISSUES

Leeta Gold Sparton Res Rusoro Mng Portofino Res Puma Expl Vanadium One Great Lakes Gr Advantage Lith Tolima Gold Lithium Energi

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

HIVE SRI RML POR PUM VONE GLK AAL TOM LEXI

35333 21200 16295 14235 12200 11704 11178 10728 10713 10306

6.75 0.14 0.12 0.11 0.13 0.13 0.09 1.12 0.01 0.90

3.15 0.04 0.08 0.05 0.08 0.09 0.04 0.81 0.01 0.36

4.71 0.10 0.08 0.11 0.10 0.11 0.07 1.05 0.01 0.83

+ + - + + + + + - +

1.57 0.06 0.03 0.06 0.02 0.02 0.03 0.23 0.01 0.46

intermittently over 800 metres, whereas at Thunder North the gabbro appears altered. The company drilled a single hole into a structurally controlled silica-pyrite zone within a diorite, along the margin of a gabbro at Thunder North. Assay results are pending. Millennial Lithium has settled a case with Salta Provincial Energy and Mining and a competing bidder involving the award of

mineral exploration claims to Millennial. The news drove shares of the company up 52¢ to $2.76. The settlement paves the way towards finalizing an agreement for 24.9 sq. km of claims in Argentina’s Pastos Grandes Salar, contiguous with Millennial’s Pastos Grandes lithium project. The acquisition would bring Millennial’s holdings to 86.6 square kilometres. TNM

TSX-V GREATEST PERCENTAGE CHANGE

New Nadina Sparton Res Lithium Energi Portofino Res IGC Res Goldbelt Emp Pac Arc Res Resolve Vent Granite Ck Gld Melior Res Peat Res Adex Mining Mezzotin Mnrls Tolima Gold Barker Mnrls Conquest Res Arcturus Vent Cariboo Rose Voyageur Min Red Moon Res

NNA SRI LEXI POR IGC.H GBE PAV.H RSV GCX MLR PET ADE MEZ.H TOM BML CQR AZN.H CRB VM RMK

7502 21200 10306 14235 5 744 488 790 179 2433 650 366 81 10713 955 1379 118 1482 224 12

1.70 0.14 0.90 0.11 0.01 0.03 0.30 0.05 0.16 0.11 0.01 0.01 0.01 0.01 0.01 0.03 0.19 0.11 0.12 0.08

0.30 0.04 0.36 0.05 0.01 0.02 0.00 0.03 0.03 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.05 0.08 0.00

1.27 0.10 0.83 0.11 0.01 0.02 0.30 0.05 0.16 0.11 0.01 0.01 0.01 0.01 0.01 0.01 0.11 0.07 0.08 0.05

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 330.5 + 137.5 + 124.3 + 110.0 + 100.0 + 100.0 + 81.8 + 80.0 + 77.8 + 75.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 47.5 - 43.5 - 38.5 - 37.5

VOLUME WEEK (000s) CLOSE CHANGE

Leeta Gold New Nadina Millennial Lit Metallis Res Lithium Energi Garibaldi Res Rock Tech Lith Mason Graphite Giga Metals Standard Lith Metalore Res Chesapeake Gld Aurion Res Neo Lithium Senator Mnrls GT Gold Gold Reserve Karmin Expl Zenyatta Vent Tanqueray Expl

HIVE NNA ML MTS LEXI GGI RCK LLG GIGA SLL MET CKG AU NLC SNR GTT GRZ KAR ZEN IPA

35333 7502 2467 3717 10306 3850 380 2026 831 2999 0 32 807 4148 1720 750 60 67 400 109

4.71 1.27 2.76 2.60 0.83 4.87 1.84 2.94 0.85 2.35 3.15 3.32 2.35 1.88 0.92 1.10 5.00 1.15 0.74 0.82

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

1.57 0.98 0.52 0.49 0.46 0.36 0.35 0.29 0.26 0.26 1.05 0.28 0.25 0.17 0.17 0.17 0.17 0.15 0.13 0.13

U.S. MARKETS / OCTOBER 30–NOVEMBER 3 The unemployment rate in the U.S. fell to 4.1% to a new 17-year low over the reporting period. Spot gold ended the week at US$1,269.40 per oz., down 0.30%, or US$3.80 per oz. gold. The Philadelphia Gold and Silver Index finished at 80.72, in a 1.04% weekly drop. The Dow Jones Industrial Average gained 0.45% to 23,539.19 while the S&P 500 Index advanced 0.26% to 2,587.84. Arch Coal reported third-quarter financial results that lifted the company’s shares to US$79.38, in a weekly US$7.08 gain. Arch Coal posted net income of US$68.4 million, or US$2.83 per diluted share, up from US$37.2 million, or US$1.48 per diluted share in the second quarter. Revenues reached US$613.5 million for a 12% sequential increase, which reflected strength in coking coal prices as well as strong performances in the company’s Powder River basin and other thermal segments. The company also moved forward with its share repurchase program. During the third quarter, Arch Coal bought 2.2 million shares of common stock, representing 9.1% of the company’s shares outstanding, at a total cost of nearly US$167 million at an average US$75.49 per share. On Oct. 31, the

18_Nov13_MarketNews.indd 18

company’s board approved an incremental US$200 million to the share repurchase program, bringing the total authorized amount to US$500 million. At the end of September, Arch Coal’s cash and short-term investments totalled US$453 million and debt totalled US$238 million. Shares of Kirkland Lake Gold climbed US$1.25 to US$13.16 on the back of a strong third quarter of operating and financial results. Adjusted net earnings totalled US$30 million, or US21¢ per basic share, compared with US$18.9 million, or US16¢ per share, in the same quarter last year, U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 141650 10.26 9.73 10.09 + 0.08 United States S* X 96578 29.33 24.82 27.04 - 0.04 Freeprt McMoR* FCX 69683 14.69 13.84 14.15 + 0.02 Barrick Gold* ABX 57419 14.88 13.81 14.00 - 0.68 Cleveland-Clif* CLF 56036 6.41 5.69 6.09 - 0.22 Eldorado Gold* EGO 53714 1.37 1.22 1.25 - 0.04 Kinross Gold* KGC 38666 4.07 3.91 3.97 + 0.02 Yamana Gold* AUY 35829 2.66 2.53 2.58 + 0.03 Mosaic* MOS 34006 23.14 20.75 22.38 + 1.44 Goldcorp* GG 30563 13.47 12.87 13.10 unch 0.00

and US$35.6 million, or US17¢ per share, in the second quarter of 2017. Production during the quarter reached 139,091 oz., an 80% increase from the comparable 2016 level. The company is now targeting fullyear consolidated production of 580,000 to

595,000 oz. gold; operating cash costs of US$475 to US$500 per oz.; and all-in sustaining costs per oz. gold sold of US$800 to US$825. It also reported that reserves more than doubled at Fosterville in Australia to 1.03 million ounces. TNM

U.S. GREATEST PERCENTAGE CHANGE

Kirkland Lake* Arch Coal* Sibanye Gold* Mosaic* Intrepid Pots* Suncor Energy* HudBay Mnls* Rio Tinto* Turquoise HIl* Peabody Enrgy* Natural Res Pt* Hecla Mining* Black Hills* NACCO Ind* Mechel* Barrick Gold* Endeavr Silver* First Majestic* Cleveland-Clif* Eldorado Gold*

KL ARCH SBGL MOS IPI SU HBM RIO TRQ BTU NRP HL BKH NC MTL ABX EXK AG CLF EGO

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

6411 13.61 11.67 13.16 + 10.5 2677 79.88 70.82 79.38 + 9.8 13063 5.52 5.04 5.51 + 9.3 34006 23.14 20.75 22.38 + 6.9 5791 4.17 3.42 4.00 + 5.0 18604 35.55 33.68 35.23 + 4.4 3507 8.05 7.25 7.70 + 4.1 9502 49.78 47.16 49.24 + 3.8 7177 3.19 3.01 3.12 + 3.0 5549 32.07 30.26 31.55 + 2.8 72 27.40 24.70 24.75 - 6.6 21054 4.90 4.43 4.45 - 6.5 4661 65.87 59.80 61.23 - 5.9 214 42.38 34.95 38.85 - 5.2 711 5.19 4.85 4.87 - 5.1 57419 14.88 13.81 14.00 - 4.6 18918 2.29 1.94 2.07 - 4.2 13840 7.03 6.42 6.46 - 3.7 56036 6.41 5.69 6.09 - 3.5 53714 1.37 1.22 1.25 - 3.1

U.S. GREATEST VALUE CHANGE

Arch Coal* Rio Tinto* Suncor Energy* Chevron Corp* Mosaic* Kirkland Lake* Peabody Enrgy* Agrium* Sibanye Gold* Southern Copp* MartinMarietta* Black Hills* NACCO Ind* Natural Res Pt* Agnico Eagle* Alcoa* Barrick Gold* Trecora Res* Hecla Mining* Mechel*

VOLUME WEEK (000s) CLOSE CHANGE

ARCH RIO SU CVX MOS KL BTU AGU SBGL SCCO MLM BKH NC NRP AEM AA ABX TREC HL MTL

2677 79.38 9502 49.24 18604 35.23 28134 114.99 34006 22.38 6411 13.16 5549 31.55 1238 108.09 13063 5.51 4540 42.89 3960 211.81 4661 61.23 214 38.85 72 24.75 6735 44.11 11867 47.12 57419 14.00 136 12.25 21054 4.45 711 4.87

+ 7.08 + 1.79 + 1.47 + 1.45 + 1.44 + 1.25 + 0.86 + 0.78 + 0.47 + 0.41 - 5.31 - 3.85 - 2.15 - 1.75 - 1.31 - 0.79 - 0.68 - 0.35 - 0.31 - 0.26

2017-11-07 8:37 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / NOVEMBER 13–26, 2017

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 PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, November 7, 2017 Precious Metals Price (US$/oz.) Change 1276.35 +1.95 Gold Silver $17.00 +0.18 Platinum $921.00 +2.00 Palladium $1001.00 +36.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $12730.00 -190.00 $6848.00 -121.50 $2486.00 -23.00 $3195.00 -36.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, November 3, 2017 (change from October 27, 2017 in brackets): Aluminium Alloy 11920 (0) 1181300 (-15300) Aluminium Copper 270400 (-2225) 148475 (-1100) Lead Nickel 384054 (-240) 2070 (+25) Tin 249250 (-11575) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$57.85 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.75 Cobalt: US$27.90/lb. Copper: US$3.14/lb. Copper: CME Group Futures Dec. 2017: US$3.16/lb.; Jan. 2018: US$3.16/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.52/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$59.40/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.12/lb. Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,425.00 tr. oz. Ruthenium: Mid-mkt US$120.00/tr. oz. Silver: Handy & Harman Base: US$16.83 per oz.; Handy & Harman Fabricated: US$21.04 per oz. Tantalite Ore : US$123.61/kg Tin: US$8.94/lb. Uranium: U3O8, Trade Tech spot price: US$20.20; The UX Consulting Company spot price: US$19.95/lb. Zinc: US$1.48/lb. Prices current Nov. 6, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Oct 16, 2017 (with changes from Oct 02, 2017) Largest short positions BTO 18987127 -1014621 10/2/2017 B2Gold Sandstorm Gold SSL 15776531 -93273 10/2/2017 Suncor Energy SU 13432205 -465595 10/2/2017 Yamana Gold YRI 12303674 1942057 10/2/2017 AKG 11925592 -1023058 10/2/2017 Asanko Gold New Gold NGD 11234372 -1648439 10/2/2017 Eldorado Gold ELD 10461238 716001 10/2/2017 OceanaGold OGC 10266901 -11073 10/2/2017 IVN 9815502 -1463927 10/2/2017 Ivanhoe Mines Turquoise HIl TRQ 8524947 603607 10/2/2017 ASR 7043768 80265 10/2/2017 Alacer Gold First Majestic FR 6697773 -255485 10/2/2017 Nevsun Res NSU 6663164 -172805 10/2/2017 Potash Corp SK POT 6436948 -410700 10/2/2017 LUN 6217810 -5123441 10/2/2017 Lundin Mng Largest increase in short position Yamana Gold YRI 12303674 1942057 10/2/2017 Alamos Gold AGI 5485130 995885 10/2/2017 ELD 10461238 716001 10/2/2017 Eldorado Gold Kirkland Lake KL 3830747 672525 10/2/2017 S 2852263 604163 10/2/2017 Sherritt Intl Largest decrease in short position Lundin Mng LUN 6217810 -5123441 10/2/2017 New Gold NGD 11234372 -1648439 10/2/2017 CXN 1061900 -1485700 10/2/2017 Chalice Gold M Ivanhoe Mines IVN 9815502 -1463927 10/2/2017 Alexco Res AXR 267683 -1413733 10/2/2017

Short positions outstanding as of Oct 16, 2017 (with changes from Oct 02, 2017) Largest short positions LBY 2440532 2033912 10/2/2017 Liberty One Li Leeta Gold HIVE 1790100 -208200 10/2/2017 Atlantic Gold AGB 1391900 232413 10/2/2017 Lithium X Egy LIX 1249100 609336 10/2/2017 BXR 1014300 271100 10/2/2017 Blue Rvr Res Inca One Gold IO 756167 461167 10/2/2017 ABN 554000 356700 10/2/2017 Aben Res Millennial Lit ML 552720 149467 10/2/2017 MX Gold MXL 517617 400551 10/2/2017 Barkerville Go BGM 438100 -140794 10/2/2017 EXS 397400 600 10/2/2017 Explor Res Noble Mnl Expl NOB 347000 -175000 10/2/2017 GT Gold GTT 307995 101544 10/2/2017 Rainmaker Res RIR 280000 0 10/2/2017 Novo Res NVO 243785 47069 10/2/2017 Largest increase in short position Liberty One Li LBY 2440532 2033912 10/2/2017 Lithium X Egy LIX 1249100 609336 10/2/2017 Inca One Gold IO 756167 461167 10/2/2017 MX Gold MXL 517617 400551 10/2/2017 ABN 554000 356700 10/2/2017 Aben Res Largest decrease in short position Mountain Boy MTB 300 -1399800 10/2/2017 Eureka Res EUK 500 -1300500 10/2/2017 PHD 1100 -624500 10/2/2017 Providence Golden Reign GRR 397 -406603 10/2/2017 WAF 5000 -369151 10/2/2017 West Af Res

DAILY METAL PRICES Daily Metal Prices Date Nov 6 Nov 3 Nov 2 Nov 1 Oct 31 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1845/1860 1840/1855 1840/1855 1845/1860 1845/1860 Aluminum 2151/2172 2163/2183 2151.50/2166 2187/2196.50 2139.50/2156 Copper 6902/6937 6914/6940 6853/6882 6917/6936 6801.50/6830 Lead 2488/2493 2473/2478 2464/2467 2451/2460 2420/2430 Nickel 12825/12880 12555/12620 12625/12635 12690/12720 11810/11870 Tin 19575/19495 19695/19400 19495/19350 19695/19575 19500/19250 3288/3249 3265/3229 3270/3232 3330/3275 3319.50/3248 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1271.60 1275.30 1276.40 1279.25 1274.40 Gold PM 1270.90 1267.20 1279.20 1277.05 1270.15 Silver 16.92 17.09 17.08 16.94 16.82 Platinum 919.00 922.00 931.00 931.00 915.00 Palladium 994.00 995.00 1002.00 1002.00 977.00

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

Nov 03 Nov 02 Nov 01 Oct 31 Oct 30 1.2826 1.2826 1.2826 1.2826 1.2826 0.7757 0.7757 0.7757 0.7757 0.7797

Exchange rates (Quote Media, November 03, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6680 88.6830 14.8247 10.9220 1.0119 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5982 5.1597 50.4225 0.7803 862.7998 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2963 0.8600 114.1735 18.9864 14.0538 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7545 6.6092 64.5105 1.0026 1112.7200

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 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 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 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 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 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 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19

Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 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 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Nov 03 Nov 02 Nov 01 Oct 31 Oct 30 High Low 16029.33 16025.59 16002.78 15527.30 12400.15 S&P/TSX Composite 16020.16 16014.99 S&P/TSXV Composite 791.98 793.25 789.34 784.70 784.16 1050.26 883.52 S&P/TSX 60 946.81 946.16 946.72 947.17 945.71 896.74 709.99 S&P/TSX Global Gold 192.08 193.79 194.27 195.23 196.52 218.90 149.29 168.20 169.27 169.30 169.65 171.94 420.72 130.95 DJ Precious Metals

NEW 52-WEEK HIGHS AND LOWS OCTOBER 30–NOVEMBER 3, 2017 107 New Highs

Abacus Mng &Ex* Aftermath Slvr* Aida Minerals Altura Mng Ltd* Alumina Inc* Asiamet Res* Avarone Metals Big Wind Cap Bluestone Res* Cavan Vent Copper Mtn Mng Copper Mtn Mng* Cornerstone Mt* Dominion Diam* Dynasty Gold El Nino Vent* Ero Copper Far Res Finlay Minrls Firesteel Res Franco-Nevada Frontier Lith Fura Gems Gentor Res GGL Res GGL Res* Giga Metals Giga Metals* Granite Ck Gld Grizzly Discvr* Horizonte Mnls

Inform Res Inter-Rock Mnl* Intl Cobalt* Ironside Res Jasper Mng* Kesselrun Res Kesselrun Res* Leeta Gold Lions Gate Mtl Lions Gate Mtl* Lithium Energi Lithium Energi* Manson Creek Manson Creek* Mason Graphite Mason Graphite* Masuparia Gold Melior Res Millennial Lit Millennial Lit* Milner Con Slv Mkango Res Mustang Mnrls Mustang Mnrls* Navis Res Corp Neo Lithium Nevada Canyon* Nevada Egy Mtl Nevada Egy Mtl* New Nadina New Nadina* North Am Pall

North Am Pall* Northn Empire Nrthn Graphite Nrthn Graphite* Nyrstar NV* Orocobre Orsu Metals Pac Arc Res Pac Iron Ore Portofino Res Puma Expl Quantum Cobalt Ravencrest Res Remington Res Rock Tech Lith* Rockshield Cap Seabridge Gld Seabridge Gld* Sienna Res* Sparton Res Sparton Res* St-Georges Plt* Standard Lith Stina Res Stina Res* Suncor Energy Suncor Energy* Tasca Res Till Capital* Tinka Res* Titan Mining TNR Gold

Trueclaim Expl Trueclaim Expl* Ultra Lithium* Vedanta* Victory Res Victory Vent* Westridge Res Westridge Res* Wolfden Res Wolfden Res* Wolfeye Res Zeox Corp*

80 New Lows

Alexco Res Alset Minerals Am CuMo Mng* Amarillo Gold Angkor Gold Arena Mnls Ascot Res Atacama Res* Aurania Res* Aurcana Corp Auryn Res Avrupa Mnls Avrupa Mnls* Bankers Cobalt* Barrick Gold Cache Expl* CanAlaska Uran Catalina Gold Colibri Res*

Comstock Mng* Comstock Mtls * Diamcor Mng Diversified Rs* Eastmain Res Eco Oro Mnls El Capitan Prc* Eldorado Gold Eldorado Gold* Ely Gold & Mnl* Endeavr Silver Endeavr Silver* Fairmont Res* First Mg Fin Fortuna Silvr Gold Std Vents Gold Std Vents* Golden Queen Golden Queen* Golden Valley Great Panther Hecla Mining* IDM Mining* Imperial Metal Intl Tower Hil* Kenadyr Mining KWG Res Latin Am Mnls* LiCo Energy* Lucara Diam Mandalay Res McEwen Mng*

Medinah Mnrls* Midland Expl Mountain Prov Mundoro Cap Nevada Sunrise Nevada Sunrise* Niocorp Dev* Nrthn Lion* Paramount Gold* Playfair Mng* Pure Energy Pure Energy* Redstar Gold* RJK Explor* Santacruz Silv Sarama Res Secova Mtls* Silver Bear Rs Sojourn Explor Sprott Res Hld Tamerlane Vent* Tanzania Rlty Thunderstruck* United States A* Uranium Res* URZ Energy* Wesdome Gold Westmoreland* Zenyatta Vent

CANADIAN GOLD MUTUAL FUNDS Fund Nov 03 ($) Oct 27 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 20.00 20.04 -0.04 -0.20 -8.46 2.80 131.24 BMO Prec Mtls Fd A 17.39 17.57 -0.19 -1.05 -1.69 2.40 62.16 BMO ZGD 9.34 9.40 -0.06 -0.66 1.20 0.63 BMO ZJG 8.59 8.79 -0.20 -2.30 11.59 0.60 CIBC Prec Metal Fd A 9.89 10.05 -0.15 -1.52 -3.68 2.58 49.59 Dyn Prec Metls Fd A 6.51 6.49 0.02 0.31 6.44 2.66 352.51 GOGO 9.86 9.87 -0.01 -0.13 Horizons HEP 24.16 24.45 -0.16 -0.67 4.36 0.81 IG Mac GbPMetCl A 8.58 8.64 -0.06 -0.70 1.54 2.75 42.13 iShares XGD 12.00 12.18 -0.18 -1.49 1.18 0.55 782.15 Mac Prec Met Cl A 45.75 46.08 -0.33 -0.72 1.72 2.51 89.56 NBI PrecMetFd AdvDSC 12.06 12.20 -0.14 -1.15 1.22 2.47 30.90 NBI PrecMetFd AdvISC 12.06 12.20 -0.14 -1.15 1.22 2.47 30.90 NBI PrecMetFd AdvLSC 12.06 12.20 -0.14 -1.15 1.22 2.47 30.90 NBI PrecMetFd Invt 12.06 12.20 -0.14 -1.15 1.22 2.46 30.90 RBC GblPreMetFd A 32.38 32.19 0.18 0.57 8.14 2.13 382.50 Redw UITGoDe&ProCl A 10.00 10.00 0.00 Sentry Pre Met Fd A 38.17 37.95 0.22 0.57 3.18 2.44 186.96 Sprott Gold&PrMinFdA 34.70 34.69 0.01 0.02 -1.26 3.12 204.63 Sprott SilverEquCl A 5.48 5.60 -0.11 -2.05 -10.99 3.09 122.58 TD PreciousMetalsInv 33.04 33.39 -0.35 -1.05 -3.42 2.27 124.43

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.$

19_Nov13_MMMM.indd 19

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

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

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

2017-11-07 1:32 PM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 30–NOVEMBER 3, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

NOVEMBER 13–26, 2017 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1349 0.13 0.10 0.12 + 0.01 0.22 0.07 92 Resources* O 61 0.10 0.08 0.09 + 0.02 0.12 0.07 757 0.84 0.59 0.67 - 0.01 0.84 0.24 Abacus Mng &Ex V Abacus Mng &Ex* O 1279 0.66 0.46 0.53 - 0.01 2.88 0.06 Abcourt Mines V 823 0.08 0.07 0.08 + 0.01 0.13 0.07 O 55 0.06 0.05 0.06 + 0.01 0.10 0.05 Abcourt Mines* ABE Resources V 896 0.40 0.31 0.40 + 0.04 0.57 0.05 Aben Res* O 112 0.14 0.12 0.14 + 0.00 0.41 0.05 0.18 - 0.01 0.50 0.07 Aben Res V 2579 0.18 0.16 Aberdeen Intl* O 50 0.13 0.12 0.13 + 0.01 0.15 0.09 Aberdeen Intl T 405 0.18 0.15 0.17 + 0.01 0.19 0.11 Abitibi Royalt* O 9 6.96 0.00 6.45 - 0.01 8.18 6.00 AbraPlata Res V 108 0.27 0.00 0.27 + 0.03 0.63 0.03 O 50 0.21 0.18 0.21 - 0.00 0.48 0.18 AbraPlata Res* Accend Capital V 42 0.62 0.55 0.60 + 0.05 0.65 0.50 O 316 0.11 0.09 0.09 - 0.01 0.18 0.04 Adamera Mnls* Adex Mining V 366 0.01 0.01 0.01 - 0.01 0.02 0.01 Advance Gold V 218 0.06 0.05 0.06 - 0.01 0.13 0.05 Advantage Lith V 10728 1.12 0.81 1.05 + 0.23 1.34 0.36 Advantage Lith* O 2140 0.88 0.62 0.82 + 0.18 1.01 0.28 0.98 + 0.05 1.15 0.57 Adventus Zinc V 27 0.98 0.00 Affinity Gold* O 82 0.04 0.02 0.03 - 0.01 0.05 0.00 African Gold V 1370 0.06 0.05 0.05 - 0.01 0.09 0.04 African Mnrls* O 52 0.00 0.00 0.00 + 0.00 0.01 0.00 O 5 0.11 0.00 0.11 + 0.11 0.11 0.00 Aftermath Slvr* 0.14 - 0.03 0.17 0.04 Aftermath Slvr V 28 0.15 0.00 Agnico Eagle T 3388 58.69 55.19 56.30 - 2.03 70.30 46.91 Agnico Eagle* N 6735 45.76 43.23 44.11 - 1.31 52.32 35.05 T 1258 142.08 137.10 137.98 + 0.37 146.99 115.16 Agrium N 1238 110.25 106.99 108.09 + 0.78 111.88 87.82 Agrium* Aguia Resource V 42 0.40 0.40 0.40 + 0.01 0.49 0.35 Aguila Amer Gd V 30 0.22 0.22 0.22 - 0.02 0.45 0.18 Aida Minerals 670 1.50 0.87 1.08 + 0.15 1.50 0.01 0.00 + 0.00 0.04 0.00 Aim Explor* O 1479 0.00 0.00 Alabama Graph* O 337 0.14 0.11 0.13 - 0.01 0.17 0.08 2.02 - 0.13 3.11 1.75 Alacer Gold T 3336 2.19 1.96 Alamos Gold T 4669 8.43 8.04 8.14 + 0.04 11.83 7.86 6.37 + 0.06 9.00 5.95 Alamos Gold* N 9135 6.58 6.24 Albert Mining* O 11 0.03 0.03 0.03 - 0.00 0.07 0.03 Albert Mining V 26 0.05 0.05 0.05 - 0.01 0.15 0.04 N 11867 49.27 46.38 47.12 - 0.79 50.31 23.56 Alcoa* Alderon Iron* O 40 0.21 0.18 0.21 + 0.01 0.60 0.15 0.26 + 0.01 0.80 0.21 Alderon Iron T 164 0.26 0.24 Aldershot Res V 117 0.04 0.03 0.04 + 0.02 0.10 0.03 Alexandra Cap 19 0.12 0.09 0.09 - 0.04 0.12 0.02 Alexandria Min* O 515 0.05 0.04 0.05 + 0.00 0.07 0.03 1.25 + 0.09 2.04 1.10 Alexco Res* X 1504 1.29 1.10 Alexco Res T 835 1.64 1.41 1.59 + 0.08 2.66 1.41 Alianza Min* O 6 0.07 0.07 0.07 + 0.01 0.12 0.05 Alix Res* O 60 0.05 0.04 0.04 + 0.02 0.06 0.02 V 6233 0.06 0.05 0.05 - 0.01 0.08 0.03 Alix Res Alliance Res* D 1972 20.55 19.40 19.65 - 0.70 26.65 17.65 Almaden Mnls T 439 1.35 1.13 1.14 - 0.16 2.33 1.01 Almaden Mnls* X 1895 1.06 0.88 0.91 - 0.10 1.75 0.75 Almadex Min* O 331 1.03 0.83 0.90 + 0.04 1.51 0.65 1.14 + 0.03 2.00 0.89 Almadex Min V 225 1.32 1.06 Almonty Ind V 178 0.58 0.50 0.55 - 0.04 0.69 0.20 Alopex Gold V 47 0.62 0.60 0.60 - 0.02 0.71 0.48 Alphamin Res V 78 0.37 0.32 0.37 + 0.02 0.40 0.29 Alset Minerals* O 35 0.06 0.05 0.06 - 0.00 0.15 0.05 0.24 - 0.05 0.37 0.05 Altai Res V 2260 0.28 0.21 Altair Res Inc V 306 0.15 0.12 0.13 + 0.01 0.47 0.12 Altamira Gold V 625 0.23 0.18 0.20 - 0.03 0.34 0.14 Altamira Gold* O 271 0.20 0.15 0.16 - 0.03 0.31 0.11 0.14 - 0.01 0.28 0.09 Altiplano Mnls V 362 0.14 0.14 0.04 - 0.01 0.13 0.03 Altitude Res V 565 0.05 0.03 Altius Mnrls T 243 12.27 11.50 11.81 - 0.19 14.06 10.05 Alto Vent V 186 0.07 0.06 0.07 + 0.01 0.14 0.05 0.31 0.27 0.30 + 0.05 0.31 0.09 Altura Mng Ltd* O 7265 Alturas Mnrls V 18 0.05 0.04 0.04 - 0.01 0.05 0.02 7.37 - 0.09 7.57 4.64 Alumina Inc* O 79 7.57 7.11 ALX Uranium* O 12 0.06 0.00 0.06 + 0.00 0.12 0.05 768 0.06 0.05 0.05 - 0.01 0.08 0.04 Am Creek Res V Am CuMo Mng V 698 0.10 0.07 0.07 - 0.01 0.49 0.07 Am CuMo Mng* O 123 0.07 0.05 0.06 - 0.01 0.35 0.05 O 108 0.17 0.15 0.16 + 0.00 0.27 0.10 Am Manganese* Am Sierra Gold* O 50 0.04 0.00 0.04 + 0.02 0.05 0.01 0.14 - 0.03 0.39 0.11 Amador Gold V 113 0.17 0.14 Amarc Res* O 7 0.13 0.12 0.12 + 0.00 0.21 0.04 Amarc Res V 326 0.17 0.14 0.15 - 0.02 0.26 0.06 Amarillo Gold V 246 0.28 0.25 0.26 - 0.03 0.45 0.25 O 74 0.44 0.36 0.40 + 0.00 0.60 0.05 Amazing Energy* Amer Intl Vent* O 215 0.03 0.03 0.03 + 0.00 0.11 0.01 American Lith V 168 0.64 0.55 0.59 - 0.05 3.40 0.33 American Lith* O 15 0.51 0.44 0.45 - 0.04 0.67 0.34 0.09 + 0.01 0.26 0.03 American Pot 3505 0.10 0.07 Americas Silvr* X 262 4.20 3.64 3.64 - 0.36 5.04 2.39 Americas Silvr T 571 5.36 4.66 4.66 - 0.48 6.11 2.70 Amerigo Res* O 178 0.66 0.61 0.63 - 0.02 0.70 0.12 Amerigo Res T 293 0.84 0.78 0.82 - 0.01 0.90 0.16 0.11 - 0.02 0.38 0.08 Amex Expl V 217 0.11 0.10 Anaconda Mng* O 101 0.05 0.05 0.05 - 0.00 0.07 0.04 Anfield Nickel V 564 0.40 0.37 0.38 - 0.02 1.39 0.35 Anfield Res* O 253 0.04 0.03 0.03 - 0.01 0.12 0.03 0.04 - 0.01 0.09 0.03 Angel Gold* O 159 0.06 0.04 Angel Gold V 310 0.07 0.05 0.06 - 0.01 0.14 0.05 Angkor Gold V 833 0.25 0.19 0.20 - 0.02 0.43 0.19 Anglo American* O 572 9.96 9.39 9.83 + 0.35 10.07 5.95 Anglo American* O 7 19.54 0.00 19.35 + 0.52 19.60 12.19 Anglo-Bomarc V 63 0.10 0.08 0.10 - 0.01 0.15 0.05 AngloGold Ash* N 11711 9.61 9.08 9.24 - 0.20 14.50 8.89 Antioquia Gold V 478 0.07 0.06 0.06 - 0.01 0.20 0.06 Antler Gold V 40 0.40 0.35 0.35 - 0.06 0.67 0.28 Antofagasta* O 1 12.98 0.00 12.98 + 0.05 13.92 7.05 Apex Res V 334 0.11 0.09 0.09 + 0.01 0.15 0.06 Appia Energy 373 0.15 0.11 0.15 + 0.02 0.47 0.10 Applied Mrnls* O 1911 0.10 0.06 0.08 - 0.00 0.14 0.02 Aquila Res* O 345 0.21 0.19 0.21 + 0.01 0.24 0.15 Aquila Res T 194 0.27 0.25 0.27 + 0.01 0.32 0.19 Arch Coal* N 2677 79.88 70.82 79.38 + 7.08 86.47 60.13 Arctic Star* O 64 0.11 0.11 0.11 + 0.00 0.24 0.04 Arctic Star V 414 0.14 0.12 0.12 - 0.01 0.38 0.06 Arcturus Vent V 118 0.19 0.00 0.11 - 0.10 0.25 0.07 Arcus Dev Grp V 385 0.10 0.09 0.10 - 0.01 0.19 0.08 Ardonblue Vent V 246 0.48 0.39 0.46 - 0.01 0.59 0.08 Arena Mnls* O 763 0.07 0.05 0.05 - 0.02 0.23 0.05 Arena Mnls V 3439 0.10 0.07 0.08 - 0.03 0.30 0.07 Argentina Lith* O 611 0.29 0.20 0.26 + 0.03 0.38 0.07 Argentina Lith V 5112 0.36 0.26 0.31 + 0.02 0.58 0.08 Argentum Silvr V 30 0.21 0.20 0.20 - 0.01 0.59 0.17 Argex Titanium T 1826 0.07 0.06 0.07 - 0.01 0.10 0.04 Argex Titanium* O 32 0.05 0.04 0.04 - 0.01 0.08 0.03 Argo Gold* O 11 0.14 0.11 0.11 - 0.02 0.18 0.08 Argo Gold 7 0.18 0.00 0.18 + 0.01 0.26 0.06 Argonaut Gold* O 87 1.90 1.68 1.71 - 0.17 2.40 1.12 Argonaut Gold T 2785 2.43 2.13 2.21 - 0.19 2.98 1.48 Argus Metals* O 10 0.21 0.00 0.21 - 0.01 0.22 0.05 Argus Metals V 102 0.28 0.26 0.26 - 0.02 0.30 0.07 Arianne Phosph* O 74 0.55 0.52 0.52 - 0.03 0.73 0.52 Arianne Phosph V 172 0.71 0.66 0.68 - 0.03 0.97 0.66 Arizona Mng* O 89 2.60 2.40 2.51 - 0.09 3.50 1.30 Arizona Mng T 1069 3.36 3.16 3.21 - 0.13 3.68 1.70 Arizona Silver V 257 0.29 0.25 0.28 + 0.02 1.23 0.12 Arizona Silver* O 47 0.21 0.19 0.21 + 0.01 0.91 0.13 Asanko Gold* X 3096 1.05 0.93 1.01 + 0.05 4.01 0.78 Asanko Gold T 2790 1.33 1.20 1.28 + 0.04 5.39 0.99 Asante Gold 16 0.09 0.07 0.08 - 0.01 0.21 0.07 Ascot Res V 350 1.48 1.30 1.48 + 0.11 2.30 1.30 Ashanti Sanko V 56 0.03 0.02 0.02 - 0.01 0.10 0.02 Ashburton Vent V 1613 0.08 0.06 0.06 - 0.01 0.34 0.06 AsiaBaseMetals V 29 0.34 0.26 0.34 + 0.04 0.45 0.12 Asiamet Res* O 66 0.11 0.09 0.11 + 0.02 0.11 0.03 349 0.04 0.03 0.03 - 0.01 0.05 0.02 Asian Minl Res V Aston Bay V 112 0.13 0.12 0.12 - 0.01 0.29 0.10 ATAC Res V 401 0.57 0.53 0.53 - 0.03 0.89 0.32 Atacama Pacif* O 56 0.53 0.52 0.53 + 0.05 0.66 0.22 Atacama Pacif V 317 0.76 0.64 0.76 + 0.10 0.83 0.26 Atacama Res* O 2926 0.01 0.00 0.00 - 0.00 0.52 0.00 Athabasca Mnls V 264 0.19 0.16 0.19 + 0.04 0.32 0.12 Athabasca Mnls* O 102 0.15 0.12 0.15 + 0.03 0.24 0.09 Atico Mng* O 104 0.54 0.48 0.51 - 0.01 0.75 0.42 Atico Mng V 133 0.68 0.63 0.67 + 0.02 0.99 0.58 Atlanta Gold* O 40 0.05 0.03 0.03 - 0.02 0.07 0.03 Atlanta Gold V 75 0.06 0.00 0.05 - 0.01 0.10 0.05 Atlantic Gold V 1437 1.52 1.30 1.45 - 0.05 1.87 0.76 Atlatsa Res T 1470 0.03 0.02 0.03 + 0.01 0.10 0.02 Atlatsa Res* O 2852 0.02 0.01 0.02 + 0.01 0.07 0.01 Atom Energy V 4 0.07 0.00 0.07 + 0.02 0.65 0.05 Aura Mnls T 13 1.88 1.78 1.78 - 0.04 2.15 1.30 Aura Mnls* O 7 1.49 1.40 1.45 + 0.04 1.72 1.03 Aura Silver Rs V 494 0.03 0.02 0.02 - 0.01 0.10 0.02 Aurania Res* O 68 1.53 1.40 1.40 - 0.20 2.20 1.40 Aurania Res V 44 2.00 1.80 2.00 - 0.01 3.75 0.50 Aurcana Corp V 201 0.25 0.21 0.22 - 0.02 0.55 0.21 Aurcana Corp* O 143 0.19 0.16 0.17 - 0.03 0.40 0.16 AurCrest Gold V 220 0.03 0.00 0.02 + 0.01 0.04 0.02 AuRico Metals * O 167 1.02 0.95 1.00 - 0.01 1.19 0.62 AuRico Metals T 452 1.33 1.23 1.27 - 0.05 1.43 0.82 Aurion Res * O 25 2.02 1.79 2.00 - 0.02 2.82 0.24 Aurion Res V 807 2.62 2.25 2.35 - 0.25 3.49 0.32 Aurvista Gold* O 381 0.21 0.19 0.20 - 0.00 0.34 0.10 Aurvista Gold V 2964 0.27 0.24 0.25 + 0.01 0.46 0.15

20-22_Nov13_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Auryn Res* X 586 Auryn Res T 1153 Austral Gold* O 1569 Austral Gold V 556 Auxico Res 698 Avalon Adv Mat T 1022 Avalon Adv Mat* O 366 Avarone Metals 964 Avesoro Res T 255 Avino Silver* X 735 Avino Silver V 86 Avrupa Mnls* O 71 AXE Expl V 573 Axmin Inc* O 6 Axmin Inc V 137 Azarga Mtls V 99 Azarga Mtls* O 27 O 1 Azarga Uranium* Azimut Expl V 173 Aztec Minerals V 31

1.75 1.57 1.59 - 0.03 3.00 1.56 2.26 2.00 2.04 - 0.05 3.85 2.00 0.13 0.00 0.11 - 0.02 0.16 0.08 0.15 0.12 0.15 + 0.01 0.20 0.12 0.39 0.28 0.35 - 0.04 0.45 0.24 0.15 0.14 0.14 - 0.01 0.23 0.13 0.12 0.10 0.11 + 0.00 0.17 0.00 0.06 0.03 0.05 + 0.03 0.06 0.02 0.04 0.03 0.03 - 0.01 0.05 0.02 1.35 1.22 1.26 - 0.06 2.59 1.12 1.74 1.59 1.61 - 0.09 3.45 1.52 0.07 0.05 0.05 - 0.01 0.12 0.05 0.03 0.03 0.03 + 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.05 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.13 0.11 0.13 + 0.01 0.54 0.11 0.09 0.00 0.08 - 0.04 1.21 0.08 0.19 0.17 0.19 + 0.02 0.44 0.14 0.35 0.31 0.33 - 0.02 0.48 0.24 0.26 0.24 0.24 + 0.01 0.65 0.22

B2Gold* X 12214 B2Gold T 9758 V 204 Bacanora Mnls Balmoral Res T 484 Balmoral Res* O 174 Bandera Gold V 56 V 153 Bankers Cobalt O 68 Bankers Cobalt* Bannerman Res* O 236 Banro Corp T 30 Banro Corp* X 603 Banyan Gold V 149 Bard Ventures V 636 Barker Mnrls V 955 Barkerville Go* O 190 Barkerville Go V 2920 Barrick Gold* N 57419 Barrick Gold T 12693 Barsele Min V 83 Barsele Min* O 163 Batero Gold V 738 Bayhorse Silvr* O 279 Bayhorse Silvr V 803 Bayswater Uran* O 125 V 9 BC Moly BE Res V 201 Bearclaw Cap V 117 Bearing Lith* O 398 Bearing Lith V 995 Beaufield Res* O 406 Beeston Ent* O 266 Belo Sun Mng T 613 Belvedere Res V 142 Benton Res V 346 Benz Mining V 130 Berkeley Egy* O 3 Berkwood Res * O 85 V 758 Berkwood Res Besra Gold* O 485 Big Wind Cap 3318 Bitterroot Res* O 15 Bitterroot Res V 279 Black Dragon* O 34 Black Hills* N 4661 Black Iron T 556 29 Black Isle Res V Black Mam Mtls V 83 Black Sea Cop* O 18 Blackheath Res V 24 Blind Crk Res V 146 BLOX Inc* O 58 Blue Moon Zinc V 1922 62 Blue Sky Uran* O Blue Sky Uran V 394 Bluestone Res V 80 Bold Vent V 242 Bonanza Gldfds* O 1428 BonTerra Res V 1511 BonTerra Res* O 77 Borneo Res Inv* O 6013 BQ Metals V 416 Bravada Gold V 255 Bravada Gold* O 85 V 48 Braveheart Res Bravo Multinat* O 16 Brazil Mnrls* O 2829 BrightRock Gld* O 1242 Brio Gold T 131 Britannia Mng* O 102 Brixton Mtls* O 58 Brixton Mtls V 195 Broadway Gold* O 77 V 177 Broadway Gold Brookmount Exp* O 562 Bryn Res* O 3 Buenaventura* N 7693 Bullfrog Gold* O 1296 44 Bullion Gld Res V BWR Explor V 470

2.63 2.49 2.54 + 0.04 3.55 2.02 3.36 3.18 3.23 + 0.01 4.64 2.69 1.58 1.35 1.52 + 0.13 1.75 1.01 0.53 0.48 0.48 - 0.05 0.98 0.46 0.42 0.37 0.37 - 0.03 0.91 0.23 0.04 0.03 0.04 + 0.01 0.11 0.02 0.49 0.45 0.47 - 0.03 0.55 0.11 0.43 0.37 0.37 - 0.06 0.43 0.37 0.03 0.03 0.03 - 0.00 0.08 0.01 0.42 0.39 0.39 - 0.01 35.00 0.31 0.34 0.31 0.31 - 0.00 2.55 0.25 0.08 0.00 0.08 - 0.01 0.15 0.05 0.05 0.00 0.03 + 0.01 0.05 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 0.61 0.58 0.58 - 0.01 1.03 0.29 0.79 0.74 0.76 + 0.01 1.39 0.41 14.88 13.81 14.00 - 0.68 20.78 13.81 19.07 17.63 17.89 - 0.95 27.19 18.01 0.70 0.63 0.63 - 0.03 1.62 0.55 0.51 0.50 0.50 - 0.02 1.25 0.44 0.11 0.09 0.11 + 0.01 0.14 0.08 0.17 0.14 0.16 + 0.02 0.21 0.09 0.22 0.18 0.21 + 0.03 0.26 0.13 0.02 0.02 0.02 - 0.00 0.07 0.01 0.05 0.04 0.05 + 0.01 0.08 0.04 0.08 0.05 0.06 + 0.02 0.50 0.04 0.03 0.03 0.03 - 0.01 0.06 0.03 0.71 0.58 0.64 + 0.04 1.41 0.30 0.92 0.74 0.81 + 0.04 1.83 0.39 0.10 0.09 0.09 - 0.01 0.25 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.53 0.50 0.53 + 0.03 1.14 0.49 0.07 0.06 0.07 + 0.02 0.09 0.01 0.07 0.06 0.06 - 0.01 0.15 0.06 0.32 0.24 0.24 - 0.05 0.47 0.15 0.62 0.60 0.62 + 0.00 0.92 0.50 0.29 0.27 0.27 - 0.03 0.44 0.20 0.38 0.33 0.35 + 0.01 0.93 0.25 0.01 0.00 0.01 + 0.00 0.01 0.00 0.85 0.40 0.68 + 0.28 0.85 0.05 0.16 0.14 0.16 + 0.00 0.24 0.02 0.24 0.18 0.20 + 0.02 0.29 0.04 0.05 0.05 0.05 - 0.00 0.09 0.02 65.87 59.80 61.23 - 3.85 72.02 54.76 0.11 0.10 0.10 - 0.02 0.17 0.03 0.04 0.04 0.04 - 0.01 0.06 0.03 0.20 0.17 0.20 + 0.01 0.25 0.06 0.13 0.11 0.11 - 0.01 0.27 0.11 0.06 0.05 0.06 - 0.01 0.11 0.04 0.20 0.16 0.19 - 0.01 0.38 0.07 0.27 0.26 0.27 + 0.01 0.35 0.02 0.06 0.05 0.05 - 0.01 0.12 0.02 0.12 0.10 0.10 - 0.01 0.37 0.08 0.16 0.14 0.15 - 0.01 0.49 0.10 1.22 1.15 1.15 - 0.05 1.90 0.40 0.04 0.03 0.03 - 0.01 0.06 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.49 0.45 0.46 - 0.02 0.55 0.21 0.37 0.35 0.36 - 0.01 0.43 0.15 0.00 0.00 0.00 + 0.00 0.00 0.00 0.28 0.23 0.24 + 0.02 0.49 0.01 0.15 0.12 0.12 - 0.02 0.34 0.11 0.11 0.10 0.10 - 0.00 0.26 0.09 0.08 0.07 0.07 - 0.01 0.10 0.03 0.75 0.00 0.65 - 0.10 3.81 0.32 0.01 0.00 0.00 - 0.00 0.50 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 2.05 1.71 1.75 + 0.05 3.59 1.58 0.00 0.00 0.00 - 0.00 0.02 0.00 0.22 0.19 0.20 - 0.01 0.47 0.15 0.27 0.25 0.26 + 0.01 0.65 0.18 0.31 0.27 0.29 - 0.05 1.29 0.22 0.40 0.35 0.37 - 0.04 1.70 0.30 0.01 0.01 0.01 + 0.00 0.13 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 14.60 13.31 14.39 + 0.39 14.96 9.87 0.17 0.15 0.16 + 0.01 0.18 0.05 0.42 0.00 0.38 - 0.03 0.47 0.08 0.08 0.05 0.06 + 0.01 0.09 0.04

Cache Expl V 550 Cache Expl* O 705 Cairo Res V 7 Calaveras Res 27 Caledonia Mng T 22 Caledonia Mng* X 16 California Gld V 206 California Go* O 6 Callinex Mines V 324 Callinex Mines* O 237 Cameco Corp* N 11524 Cameco Corp T 4494 Camino Mnls V 1052 Camino Mnls* O 2 Camrova Res V 31 Camrova Res* O 21 Canada Coal V 818 Canada One V 7 Canadian Mng V 100 Canadian Zeol V 896 Canadian Zeol* O 19 CanAlaska Uran* O 68 CanAlaska Uran V 93 CanAm Coal* O 271 Canamex Res* O 391 Canamex Res V 168 Canarc Res T 576 Canarc Res* O 190 Canasil Res V 226 Candelaria Mg V 101 Candente Coppr T 858 Candente Gold V 601 Candente Gold* O 2 CANEX Metals V 42 CaNickel Mng V 59 Canoe Mng Vent V 100 Canstar Res* O 42 Canstar Res V 65 Cantex Mn Dev V 186 Canuc Res V 184 Canyon Copper* O 27 Canyon Copper V 36 Canyon Gold* O 8025 Caracara Silvr* O 3 Cardero Res* O 289 Cardero Res V 679 Cardinal Res T 127 Cariboo Rose V 1482 Carmax Mng V 522 Carrara Explor 535 Cartier Res V 87 Castle Peak Mg V 473 Castle Silver V 423 Castle Silver* O 22 Catalina Gold V 125 Cautivo Mining 23 Cautivo Mining* O 28 Cava Res* O 172 Cava Res V 81 Cavan Vent V 250 Caza Gold V 161 Cda Carbon V 495 Cda Carbon* O 22 Cda Zinc Mtls V 777 Cdn Intl Mnrls V 854 Cdn Metals 314 Cdn Orebodies V 68 Cdn Silvr Hunt V 137 Cdn Zinc T 1122

0.08 0.07 0.08 - 0.01 0.31 0.07 0.08 0.05 0.05 - 0.02 0.21 0.05 0.41 0.41 0.41 + 0.05 0.60 0.21 0.50 0.47 0.47 - 0.03 0.50 0.47 7.05 6.80 6.90 + 0.19 10.50 6.30 5.48 5.32 5.47 + 0.18 6.75 0.05 0.46 0.41 0.41 - 0.02 0.64 0.23 0.36 0.34 0.34 - 0.00 0.49 0.21 0.41 0.33 0.33 - 0.02 0.67 0.28 0.32 0.26 0.26 - 0.01 0.50 0.21 8.64 8.00 8.48 + 0.18 13.36 7.68 11.08 10.28 10.84 + 0.20 17.65 9.90 0.55 0.42 0.50 + 0.08 2.23 0.17 0.36 0.00 0.36 + 0.03 1.62 0.00 0.16 0.00 0.11 + 0.01 0.33 0.06 0.10 0.06 0.08 + 0.03 0.21 0.00 0.04 0.03 0.04 + 0.01 0.10 0.02 0.09 0.00 0.09 + 0.01 0.19 0.06 0.33 0.29 0.30 - 0.02 0.79 0.10 0.47 0.35 0.46 + 0.01 1.95 0.33 0.36 0.32 0.36 + 0.02 1.46 0.27 0.26 0.21 0.22 - 0.01 0.59 0.22 0.33 0.26 0.26 - 0.05 0.78 0.26 0.00 0.00 0.00 - 0.00 0.01 0.00 0.11 0.08 0.10 + 0.01 0.13 0.06 0.14 0.12 0.14 + 0.01 0.19 0.08 0.08 0.07 0.07 - 0.01 0.12 0.07 0.06 0.06 0.06 - 0.00 0.09 0.05 0.11 0.10 0.10 - 0.01 0.32 0.10 0.65 0.65 0.65 + 0.03 1.05 0.49 0.18 0.14 0.18 + 0.02 0.21 0.06 0.05 0.04 0.04 - 0.01 0.08 0.03 0.03 0.03 0.03 - 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.14 0.03 0.20 0.16 0.17 + 0.02 0.33 0.05 0.12 0.10 0.12 + 0.02 0.15 0.04 0.07 0.06 0.06 - 0.00 0.17 0.04 0.08 0.07 0.08 - 0.01 0.23 0.00 0.03 0.02 0.03 + 0.01 0.08 0.02 0.40 0.34 0.34 - 0.06 0.60 0.25 0.13 0.13 0.13 - 0.01 0.22 0.09 0.22 0.16 0.20 + 0.04 0.29 0.08 0.00 0.00 0.00 + 0.00 0.15 0.00 0.01 0.01 0.01 - 0.00 0.02 0.00 0.17 0.11 0.15 + 0.02 0.19 0.05 0.22 0.15 0.17 + 0.02 0.24 0.07 0.64 0.55 0.56 - 0.03 1.05 0.54 0.11 0.05 0.07 - 0.05 0.26 0.05 0.06 0.05 0.06 + 0.01 0.06 0.03 0.67 0.60 0.65 - 0.03 1.00 0.35 0.25 0.23 0.23 - 0.01 0.38 0.15 0.03 0.02 0.02 + 0.01 0.04 0.01 0.17 0.15 0.17 + 0.01 0.30 0.02 0.14 0.12 0.13 + 0.02 0.22 0.03 0.03 0.02 0.02 - 0.01 0.08 0.02 0.56 0.00 0.45 - 0.10 0.85 0.20 0.43 0.36 0.36 - 0.08 0.49 0.35 0.24 0.21 0.23 - 0.00 0.24 0.14 0.29 0.23 0.23 - 0.03 0.32 0.15 0.14 0.11 0.11 + 0.02 0.14 0.02 0.02 0.00 0.02 + 0.01 0.09 0.01 0.16 0.12 0.15 - 0.02 0.31 0.11 0.13 0.11 0.11 - 0.00 0.23 0.09 0.31 0.28 0.28 - 0.01 0.48 0.22 0.02 0.02 0.02 - 0.01 0.04 0.01 0.11 0.08 0.10 + 0.02 0.19 0.05 0.22 0.19 0.20 - 0.02 0.53 0.19 0.11 0.08 0.10 + 0.01 0.12 0.02 0.18 0.16 0.17 + 0.01 0.32 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cdn Zinc* O 273 0.14 0.12 0.13 + 0.00 0.24 0.11 Centamin T 59 2.43 2.19 2.19 - 0.16 3.23 1.84 O 94 0.10 0.07 0.10 + 0.06 0.10 0.01 Centaurus Diam* Centenera Mng V 1114 0.25 0.20 0.20 - 0.01 0.38 0.15 O 350 0.21 0.16 0.16 - 0.00 0.21 0.10 Centenera Mng* Centerra Gold T 2502 8.97 7.74 7.89 - 0.78 9.35 5.56 Central Iron V 235 0.02 0.01 0.02 + 0.01 0.04 0.01 V 99 0.04 0.03 0.03 - 0.01 0.09 0.03 Centurion Mnls Century Global T 10 0.21 0.00 0.18 + 0.01 0.72 0.13 Ceylon Graph V 211 0.20 0.18 0.18 - 0.01 0.45 0.16 0.22 0.19 0.21 + 0.02 0.33 0.14 Chalice Gold M T 2812 Chalice Gold M* O 22 0.16 0.15 0.16 + 0.01 0.25 0.09 Champion Bear V 347 0.16 0.13 0.14 + 0.01 0.28 0.06 Champion Iron* O 13 0.84 0.00 0.84 + 0.02 1.12 0.20 Champion Iron T 675 1.10 1.04 1.09 + 0.02 1.47 0.24 O 28 2.99 0.00 2.70 - 0.30 3.45 2.28 Chesapeake Gld* Chesapeake Gld V 32 3.85 3.32 3.32 - 0.28 4.64 2.91 114.99 + 1.45 120.89 102.55 Chevron Corp* N 28134 116.97 112.84 Chiboug Ind Mn* O 218 0.04 0.03 0.04 + 0.01 0.11 0.03 Chilean Metals* O 151 0.07 0.05 0.05 - 0.02 0.24 0.05 Chilean Metals V 293 0.09 0.07 0.08 - 0.01 0.33 0.07 China Gold Int T 1566 2.06 1.98 2.00 - 0.04 3.59 1.82 1 0.18 0.00 0.18 - 0.02 0.24 0.14 China Mnls Mng* O China Mnls Mng V 43 0.26 0.20 0.26 + 0.08 0.75 0.16 CIM Intl Grp 161 0.25 0.08 0.20 + 0.12 0.90 0.08 CKR Carbon V 3002 0.09 0.07 0.07 - 0.01 0.19 0.05 0.09 0.06 0.08 + 0.01 0.13 0.02 Claim Post Res V 1919 0.04 - 0.00 0.09 0.03 Clean Comm* O 11 0.04 0.04 Cleghorn Mnls V 58 0.08 0.06 0.06 - 0.03 0.16 0.06 Cleveland-Clif* N 56036 6.41 5.69 6.09 - 0.22 12.37 5.45 Clifton Mng* O 58 0.09 0.09 0.09 - 0.01 0.15 0.07 Cloud Peak En* N 5927 4.45 3.99 4.13 - 0.09 8.04 2.78 CMC Metals* O 228 0.06 0.05 0.06 + 0.00 0.10 0.05 CMC Metals V 123 0.08 0.08 0.08 - 0.01 0.15 0.08 CMX Gold & Sil* O 12 0.06 0.06 0.06 - 0.02 0.08 0.05 0.91 + 0.37 1.00 0.02 CNRP Mng* O 1595 0.92 0.58 Cobalt 27 Cap V 427 9.26 9.14 9.23 + 0.10 13.20 7.42 254 0.12 0.11 0.12 - 0.01 0.16 0.06 Cobalt Pwr Grp* O CobalTech M’g* O 16 0.14 0.12 0.14 + 0.01 0.32 0.08 N 12040 7.80 7.33 7.40 - 0.23 12.30 7.30 Coeur Mng* Colibri Res* O 46 0.11 0.00 0.08 - 0.03 0.17 0.07 Colibri Res V 135 0.11 0.08 0.10 + 0.01 0.28 0.08 V 216 0.02 0.01 0.02 + 0.01 0.03 0.01 Colombia Crest Colonial Coal V 838 0.11 0.09 0.10 - 0.01 0.24 0.09 0.20 - 0.01 0.37 0.13 Colorado Res* O 272 0.24 0.19 Colorado Res V 1044 0.31 0.25 0.25 - 0.03 0.46 0.18 Columbus Gold* O 489 0.58 0.53 0.53 + 0.01 0.83 0.31 Columbus Gold T 451 0.73 0.68 0.68 - 0.01 1.09 0.42 3.00 - 0.05 3.20 2.50 Comet Inds V 29 3.05 3.00 Commerce Res V 1209 0.09 0.08 0.09 + 0.01 0.11 0.05 Commerce Res* O 217 0.07 0.06 0.06 + 0.01 0.09 0.04 Comstock Mng* X 24265 0.14 0.09 0.10 - 0.03 0.31 0.09 31 0.06 0.06 0.06 - 0.01 0.16 0.06 Comstock Mtls * O Condor Res V 332 0.14 0.12 0.13 + 0.02 0.19 0.07 Confedertn Mls V 94 0.75 0.70 0.72 + 0.02 1.06 0.46 Conquest Res V 1379 0.03 0.01 0.01 - 0.01 0.05 0.01 Cons Woodjam V 113 0.06 0.05 0.05 - 0.01 0.09 0.04 N 21323 16.76 15.01 16.27 - 0.05 22.34 13.55 CONSOL Energy* Constantine Mt V 543 0.23 0.20 0.20 - 0.04 0.35 0.09 Contact Gold V 566 0.72 0.59 0.64 - 0.04 1.10 0.59 Contact Mnrls* O 26 0.07 0.06 0.06 - 0.01 0.14 0.05 Contintl Gold T 2043 3.16 3.05 3.15 + 0.04 5.75 2.62 2.44 + 0.02 4.39 1.90 Contintl Gold* O 119 2.46 2.39 Contintl Prec* O 1 0.26 0.26 0.26 - 0.00 0.35 0.11 Contintl Prec V 4 0.34 0.00 0.26 - 0.08 0.44 0.25 Copper Ck Gold* O 180 0.03 0.02 0.02 - 0.00 0.06 0.02 318 0.14 0.13 0.13 - 0.01 0.19 0.11 Copper Fox Mtl V 12 0.12 0.10 0.10 - 0.02 0.15 0.08 Copper Fox Mtl* O Copper Lake Rs V 141 0.04 0.00 0.04 - 0.01 0.08 0.03 Copper Mtn Mng* O 102 1.31 1.13 1.29 + 0.09 1.31 0.33 1.68 1.44 1.64 + 0.14 1.68 0.42 Copper Mtn Mng T 1571 Copper North M V 1170 0.08 0.06 0.07 - 0.01 0.13 0.06 3 0.05 0.00 0.05 - 0.02 0.10 0.00 Copper North M* O Copper One V 140 0.04 0.00 0.04 + 0.01 0.30 0.03 O 111 0.10 0.08 0.08 + 0.00 0.14 0.04 Copperbank Res* Copperbank Res 572 0.12 0.09 0.12 + 0.01 0.18 0.05 Coral Gold * O 260 0.29 0.27 0.27 - 0.01 0.30 0.20 0.34 - 0.01 0.40 0.27 Coral Gold V 165 0.36 0.34 Corazon Gold* O 5 0.71 0.69 0.69 - 0.02 0.73 0.25 0.60 + 0.03 1.59 0.46 Cordoba Mnls V 410 0.62 0.56 Cordoba Mnls* O 54 0.49 0.44 0.46 + 0.02 1.21 0.35 Core Gold* O 74 0.21 0.18 0.18 - 0.04 0.32 0.13 Core Gold V 904 0.28 0.22 0.27 - 0.01 0.45 0.17 0.09 + 0.00 0.12 0.07 Corex Gold* O 407 0.11 0.09 Corex Gold V 1827 0.15 0.11 0.13 + 0.01 0.16 0.10 Cornerstone Ca* O 368 0.22 0.18 0.18 - 0.01 0.44 0.10 Cornerstone Mt* O 25 0.26 0.24 0.24 - 0.01 0.28 0.13 V 298 0.34 0.27 0.30 - 0.02 0.35 0.04 Cornerstone Mt Coronet Mtls V 32 0.15 0.14 0.14 + 0.02 0.54 0.10 Coronet Mtls* O 19 0.11 0.10 0.10 - 0.00 0.40 0.07 Corsa Coal V 58 1.50 1.40 1.40 - 0.10 3.82 1.34 Corsa Coal * O 29 1.18 1.00 1.09 - 0.09 2.93 1.00 0.97 - 0.00 1.07 0.37 Corvus Gold* O 107 1.01 0.94 CR Capital V 24 0.09 0.08 0.09 - 0.01 0.13 0.06 Cresval Cap V 32 0.06 0.00 0.06 + 0.01 0.06 0.04 Critical Elem* O 66 1.41 1.34 1.39 + 0.00 1.48 0.35 1.77 - 0.01 1.85 0.47 Critical Elem V 854 1.81 1.72 Crown Mining V 1313 0.14 0.10 0.14 + 0.03 0.18 0.07 Cruz Cobalt* O 147 0.15 0.14 0.15 + 0.00 0.23 0.09 Crystal Explor V 581 0.08 0.06 0.08 - 0.01 0.16 0.05 Crystal Lake V 108 0.24 0.00 0.22 - 0.02 0.39 0.16 Crystal Lake* O 42 0.17 0.17 0.17 - 0.01 0.25 0.13 Crystal Peak* O 12 0.31 0.28 0.31 - 0.00 0.42 0.20 Crystal Peak V 101 0.41 0.36 0.41 + 0.02 0.56 0.26 Curlew Lke Res V 88 0.85 0.69 0.85 + 0.10 1.49 0.10 Currie Rose Rs V 55 0.06 0.05 0.05 + 0.01 0.08 0.04 Cypress Dev V 439 0.18 0.16 0.16 - 0.02 0.23 0.08 Cypress Dev* O 89 0.15 0.12 0.14 + 0.01 0.16 0.06

D-F Dajin Res V 742 Dajin Res* O 837 Dakota Ter Res* O 46 Dalradian Res* O 278 Dalradian Res T 953 Damara Gold V 546 Danakali* O 45 Darnley Bay V 1528 Darnley Bay* O 30 Decade Res* O 2000 Decade Res V 986 Deep-South Res V 373 Defiance Silvr V 220 Defiance Silvr* O 121 Denison Mines* X 1265 Denison Mines T 1583 Detour Gold T 4598 Diamante Min* O 351 Diamcor Mng V 396 Diamcor Mng* O 111 Diamond Fields V 5 Dios Expl V 184 Discovery Gold* O 15 Discovery Harb V 54 Discovery Met V 19 Discovery Mnls* O 23528 Ditem Explor* O 6 Diversified Rs* O 125 DNI Metals 1305 DNI Metals* O 408 Dolat Ventures* O 86069 Dolly Vard Sil* O 112 Dolly Vard Sil V 289 Dominion Diam* N 3016 Doubleview Cap* O 36 Doubleview Cap V 1133 DRDGOLD* N 230 Duncan Park H V 83 Dundee Prec Mt T 639 DuSolo Fertil V 25 Dynacor Gld Mn T 137 Dynacor Gld Mn* O 29 DynaResource* O 4 Dynasty Gold V 198 E3 Metals V 383 Eagle Graphite* O 223 Eagle Plains V 565 East Africa V 452 East Africa * O 98 East Asia Mnls V 1020 East Asia Mnls* O 8 EastCoal Inc V 113 Eastern Platin* O 1 Eastern Platin T 183 Eastmain Res* O 167 Eastmain Res T 2065 147 Eco Oro Mnls eCobalt Solns T 2048 eCobalt Solns* O 914 El Capitan Prc* O 1488 El Nino Vent V 1006 Elcora Res V 1070 Elcora Res* O 105

0.14 0.12 0.14 + 0.01 0.16 0.08 0.11 0.09 0.11 + 0.01 0.12 0.06 0.03 0.00 0.03 - 0.00 0.10 0.02 1.00 0.93 0.98 - 0.01 1.37 0.78 1.27 1.20 1.25 - 0.03 1.78 1.06 0.14 0.00 0.13 + 0.01 0.18 0.04 0.59 0.53 0.54 - 0.05 0.65 0.27 0.22 0.19 0.22 + 0.01 0.57 0.17 0.17 0.17 0.17 + 0.00 0.44 0.14 0.12 0.08 0.09 - 0.02 0.16 0.03 0.12 0.11 0.11 - 0.01 0.20 0.04 0.24 0.20 0.22 - 0.03 0.39 0.08 0.27 0.23 0.23 - 0.04 0.45 0.21 0.21 0.17 0.19 - 0.00 0.35 0.16 0.42 0.38 0.41 + 0.01 0.84 0.37 0.54 0.51 0.53 + 0.02 1.10 0.49 13.97 13.17 13.28 - 0.32 22.36 13.01 0.08 0.04 0.05 + 0.01 0.21 0.02 0.44 0.37 0.41 - 0.02 1.28 0.37 0.32 0.29 0.31 - 0.01 0.94 0.29 0.09 0.00 0.09 - 0.01 0.23 0.09 0.08 0.07 0.08 - 0.01 0.12 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.05 0.07 + 0.02 0.12 0.05 0.75 0.64 0.75 + 0.03 0.92 0.45 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.30 0.03 0.09 0.08 0.08 - 0.01 0.16 0.02 0.08 0.06 0.07 - 0.01 0.13 0.00 0.09 0.04 0.05 - 0.03 0.16 0.00 0.55 0.48 0.50 - 0.04 0.71 0.35 0.70 0.62 0.62 - 0.06 0.88 0.45 14.26 14.24 14.25 + 0.09 14.26 8.29 0.06 0.06 0.06 + 0.02 0.14 0.03 0.09 0.08 0.08 - 0.01 0.19 0.04 3.50 3.35 3.41 - 0.05 6.67 2.84 0.02 0.01 0.02 + 0.01 0.02 0.01 2.66 2.38 2.66 + 0.28 3.70 1.87 0.25 0.24 0.24 - 0.01 0.60 0.23 2.06 1.93 1.95 - 0.10 2.75 1.82 1.61 1.51 1.57 - 0.01 2.10 1.37 1.40 1.19 1.35 - 0.05 1.99 0.00 0.18 0.15 0.15 - 0.01 0.32 0.12 0.73 0.60 0.65 + 0.03 0.78 0.18 0.03 0.02 0.03 + 0.01 0.04 0.01 0.16 0.14 0.14 - 0.01 0.24 0.13 0.26 0.22 0.22 - 0.03 0.33 0.17 0.18 0.17 0.17 - 0.01 0.24 0.13 0.11 0.08 0.09 - 0.01 0.74 0.05 0.09 0.07 0.08 + 0.01 0.49 0.07 0.10 0.10 0.10 + 0.02 0.30 0.07 0.26 0.24 0.26 + 0.02 0.36 0.19 0.32 0.31 0.32 + 0.01 0.49 0.23 0.24 0.23 0.23 - 0.00 0.52 0.21 0.32 0.28 0.29 - 0.02 0.70 0.28 0.24 0.15 0.22 + 0.02 0.28 0.15 1.16 1.02 1.15 + 0.04 1.48 0.46 0.92 0.79 0.91 + 0.02 1.22 0.34 0.05 0.04 0.04 - 0.00 2.35 0.04 0.04 0.03 0.03 + 0.01 0.05 0.02 0.28 0.21 0.25 + 0.04 0.40 0.13 0.21 0.17 0.20 + 0.03 0.30 0.12

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

1.22 1.25 - 0.04 3.91 53714 1.37 1.22 N Eldorado Gold* 1.57 1.58 - 0.07 5.13 Eldorado Gold T 16403 1.75 1.55 0.36 0.80 + 0.04 0.87 Eloro Mnrls V 47 0.80 0.77 0.12 0.11 0.12 + 0.01 0.21 0.11 156 Ely Gold & Mnl V 0.08 0.16 0.01 + 0.10 0.08 0.10 29 Ely Gold & Mnl* O 0.26 0.29 - 0.04 0.49 Elysee Dev V 165 0.31 0.26 0.26 0.20 0.20 - 0.03 0.37 0.20 117 O Elysee Dev * 0.07 0.15 + 0.02 0.22 Emerita Res V 1416 0.16 0.13 0.13 0.14 + 0.01 0.25 Emgold Mng* O 2 0.14 0.00 0.07 0.19 - 0.01 0.30 Empire Rock V 22 0.19 0.00 0.85 0.95 + 0.09 1.60 EMX Royalty V 156 1.02 0.88 0.67 0.75 + 0.08 1.24 EMX Royalty* X 290 0.80 0.67 0.03 0.04 + 0.01 0.13 O 809 0.04 0.03 Encanto Potash* 13.00 17.79 + 0.18 21.89 O 11 18.23 17.50 Endeavour Mng* 17.37 22.74 + 0.19 28.81 Endeavour Mng T 793 23.46 22.47 1.94 2.07 - 0.09 5.07 18918 2.29 1.94 N Endeavr Silver* 2.50 2.64 - 0.13 6.82 Endeavr Silver T 1766 2.94 2.50 0.04 0.07 + 0.01 0.10 V 30 0.07 0.06 Endurance Gold 1.66 1.73 + 0.07 3.53 Energy Fuels T 204 1.85 1.66 1.29 1.34 + 0.04 2.71 Energy Fuels* X 766 1.43 1.30 0.07 0.09 + 0.01 0.28 Enforcer Gold V 819 0.09 0.07 0.05 0.14 - 0.06 0.50 Engold Mines* O 243 0.18 0.14 0.07 0.21 - 0.05 0.68 Engold Mines V 606 0.25 0.18 0.03 0.02 0.12 + 0.07 Ensurge* O 444 0.08 0.07 0.21 0.49 + 0.07 0.72 Entree Gold* X 746 0.49 0.40 0.34 0.63 + 0.10 0.94 Entree Gold T 342 0.63 0.55 0.03 0.06 + 0.00 0.10 Equitorial Ex* O 148 0.07 0.06 0.03 0.09 + 0.01 0.14 Equitorial Ex V 3556 0.09 0.07 0.67 0.54 0.55 - 0.08 1.40 0.37 494 Erdene Res Dev T 0.52 0.42 0.42 - 0.06 1.00 0.28 152 Erdene Res Dev* O 0.01 0.06 - 0.02 0.11 Erin Ventures* O 14 0.09 0.00 0.09 0.09 - 0.01 0.42 Erin Ventures V 258 0.10 0.09 4.70 5.35 + 0.18 5.42 Ero Copper T 443 5.42 5.06 0.15 0.14 0.14 - 0.01 0.17 0.10 12 Eros Res Corp* O 0.15 0.33 + 0.02 0.45 Eskay Mng V 282 0.39 0.29 0.10 0.13 + 0.02 0.23 Ethos Gold* O 20 0.13 0.11 0.13 0.16 + 0.02 0.30 Ethos Gold V 130 0.16 0.14 0.02 0.03 - 0.01 0.13 Eureka Res V 4945 0.04 0.02 1.30 1.07 1.07 - 0.03 1.55 0.47 14 Euro Sun Mg* O 1.71 1.30 1.36 - 0.04 2.02 0.62 600 T Euro Sun Mg 0.23 0.23 - 0.00 0.57 O 3 0.23 0.23 EurOmax Res* 0.30 0.30 - 0.01 0.81 EurOmax Res T 42 0.30 0.30 0.00 0.00 - 0.00 0.01 O 139 0.00 0.00 European Metal* 0.03 0.03 + 0.01 0.09 Everton Res* O 136 0.04 0.03 0.13 0.36 + 0.04 0.41 Evolving Gold 31 0.36 0.30 0.10 0.29 + 0.03 0.32 O 25 0.29 0.24 Evolving Gold* 1.22 1.63 - 0.14 2.30 Excellon Res T 1195 1.79 1.61 0.92 1.27 - 0.11 1.87 Excellon Res* O 443 1.40 1.26 0.31 0.97 - 0.03 1.18 O 230 1.00 0.96 Excelsior Mng* 0.42 1.24 - 0.02 1.48 Excelsior Mng T 902 1.29 1.23 0.02 0.02 0.02 - 0.00 0.03 0.00 49 ExGen Res Inc* O 0.04 0.05 + 0.00 0.09 Explor Res* O 36 0.05 0.04 0.10 0.26 - 0.04 0.29 Explorex Res 298 0.29 0.22 0.02 0.02 - 0.00 0.07 Fairmont Res* O 16 0.02 0.02 0.02 0.02 - 0.01 0.16 Fairmont Res V 369 0.03 0.02 0.77 1.00 - 0.04 1.65 Falco Res V 1139 1.06 0.96 0.82 0.78 0.79 - 0.03 1.17 0.57 75 O Falco Res * 0.04 0.05 + 0.01 0.20 Falcon Gold V 348 0.05 0.04 0.06 0.42 - 0.04 0.50 Far Res 11433 0.50 0.40 0.05 0.32 - 0.04 0.41 Far Res* O 1207 0.39 0.31 2.60 2.33 2.50 - 0.08 3.00 1.55 89 Filo Mg Corp V 0.04 0.07 + 0.02 0.13 Finlay Minrls V 7682 0.13 0.06 0.22 0.54 - 0.03 0.72 Fiore Gold* O 93 0.60 0.54 0.68 0.70 - 0.03 1.10 Fiore Gold V 1604 0.78 0.68 0.01 0.01 - 0.01 0.04 Firebird Res V 1020 0.02 0.01 0.04 0.13 + 0.02 0.13 Firesteel Res V 599 0.13 0.10 0.03 0.10 - 0.01 0.15 Firestone Vent V 255 0.11 0.10 0.67 0.67 - 0.03 1.00 Fireweed Zinc V 154 0.75 0.67 0.03 0.06 - 0.02 0.12 O 539 0.08 0.06 Firma Holdings* 0.22 0.71 + 0.02 0.92 First Cobalt V 2077 0.76 0.67 0.64 0.53 0.55 + 0.00 0.67 0.31 442 First Cobalt * O 0.02 0.03 - 0.00 0.07 First Energy* O 1 0.03 0.03 0.00 0.00 + 0.00 0.00 First Liberty* O 9725 0.00 0.00 7.03 6.42 6.46 - 0.25 10.92 5.92 First Majestic* N 13840 7.51 First Majestic T 3194 9.06 8.20 8.24 - 0.38 14.36 0.62 0.55 0.57 - 0.03 1.10 0.57 T 2249 First Mg Fin 0.49 0.43 0.45 - 0.02 0.84 0.42 First Mg Fin * O 2910 0.00 0.00 - 0.00 0.00 First Nickel* O 100 0.00 0.00 0.05 0.06 - 0.00 0.12 First Point* O 32 0.06 0.06 14.87 + 0.66 17.55 9.69 First Quantum T 13299 15.52 14.09 0.05 0.05 0.05 - 0.01 0.13 0.05 543 V Fission 3.0 0.49 0.56 - 0.01 0.92 Fission Uran T 1582 0.58 0.55 0.36 0.44 - 0.01 0.70 Fission Uran* O 568 0.46 0.43 0.25 0.19 0.23 - 0.02 0.55 0.17 343 Five Star Diam V 0.10 0.33 + 0.01 0.59 Fjordland Exp V 184 0.38 0.27 0.04 0.07 - 0.01 0.11 O 796 0.08 0.06 Focus Graphite* 0.06 0.09 - 0.01 0.15 V 2411 0.10 0.08 Focus Graphite 0.02 0.03 - 0.01 0.07 Focus Vent V 981 0.03 0.03 0.17 0.31 + 0.02 0.47 Foran Mng V 920 0.32 0.29 0.30 0.00 0.30 + 0.09 0.30 0.08 18 Fort St James V 5.63 5.33 5.35 - 0.19 10.32 5.38 T 1050 Fortuna Silvr 4.11 4.19 - 0.12 7.68 Fortuna Silvr* N 3968 4.39 4.17 0.48 0.48 - 0.02 0.73 Fortune Bay V 100 0.50 0.48 0.30 0.37 - 0.01 0.56 Fortune Bay* O 4 0.39 0.00 0.10 0.20 + 0.01 0.34 Fortune Mnrls T 1550 0.21 0.19 0.07 0.16 + 0.01 0.26 O 913 0.16 0.15 Fortune Mnrls* 0.04 0.05 + 0.01 0.17 V 1169 0.05 0.04 Forum Uranium 0.11 0.01 0.16 0.11 - Four Nines 472 0.13 0.11 0.07 0.09 + 0.01 0.15 FPX Nickel V 617 0.09 0.07 53.31 79.61 + 0.37 85.03 N 2492 81.07 78.91 Franco-Nevada* 101.59 - 0.11 104.46 71.44 Franco-Nevada T 1753 104.46 101.27 0.07 0.09 + 0.01 0.14 Freedom Egy V 76 0.09 0.07 0.08 0.10 + 0.01 0.19 Freegold Vent T 415 0.10 0.09 10.50 14.15 + 0.02 17.06 N 69683 14.69 13.84 Freeport McMoR* 0.07 0.13 - 0.01 0.20 Fremont Gold V 269 0.15 0.13 13.18 17.01 - 0.45 22.27 Fresnillo plc* O 8 17.62 16.80 0.24 0.51 + 0.08 0.52 Frontier Lith V 800 0.52 0.40 0.01 0.03 + 0.01 0.04 Frontline Gold V 859 0.03 0.02 0.08 0.07 0.07 - 0.00 0.10 0.04 3 Full Metal Mnl* O 0.10 0.00 0.10 - 0.02 0.13 0.07 17 Full Metal Mnl V 0.12 0.60 + 0.14 0.62 Fura Gems V 1127 0.62 0.50

G-H Gabriel Res T 123 Gainey Capital V 397 Galore Res V 210 Galway Gold V 84 Galway Mtls* O 12 441 Garibaldi Res * O Garibaldi Res V 3850 GB Minerals V 54 General Moly T 23 General Moly* X 920 Genesis Mtls* O 228 Genesis Mtls V 217 Gentor Res V 160 Geodex Mnrls V 7 O 212 Geologix Expl* Geomega Res V 466 O 219 Geomega Res* O 38 GFG Resources* GGL Res V 46 GGL Res* O 10 GGX Gold* O 56 GGX Gold V 497 Giga Metals V 831 Giga Metals* O 150 Gitennes Expl V 1515 Giyani Gold V 231 Giyani Gold* O 31 Glacier Lake V 610 O 93 Gldn Predator* Gldn Predator V 1129 281 Glen Eagle Res V 548 Glencore Plc* O Global Cobalt* O 10 Global Energy V 700 Global Li-Ion 2128 Global Li-Ion* O 952 Globex Mng* O 42 Globex Mng T 188 O 49 GMV Minerals* V 12 GobiMin GoGold Res T 4641 18008 Gold Fields* N Gold Mng USA* O 1266 246 Gold Reach Res V Gold Reserve V 60 Gold Reserve* O 23 X 1819 Gold Resource* Gold Std Vents* X 1716 524 Gold Std Vents T Goldbelt Emp V 744 T 11402 Goldcorp Golden Arrow V 235 Golden Arrow* O 346 Golden Dawn Ml V 1698 Golden Eagle* O 104 O 61 Golden Global* O 144 Golden Goliath* Golden Hope V 446 Golden Hope* O 4 Golden Mnls* X 326

0.26 0.33 + 0.01 0.60 0.34 0.31 0.09 0.10 - 0.01 0.28 0.13 0.10 0.01 0.02 + 0.01 0.07 0.02 0.02 0.06 0.08 - 0.01 0.13 0.08 0.07 0.18 0.28 + 0.00 0.36 0.28 0.25 3.88 2.99 3.80 + 0.26 4.12 0.07 0.08 4.87 + 0.36 5.27 4.98 3.85 0.05 0.07 + 0.01 0.09 0.07 0.06 0.30 0.39 - 0.02 0.95 0.40 0.38 0.22 0.29 - 0.02 0.72 0.33 0.28 0.08 0.11 + 0.02 0.18 0.11 0.09 0.09 0.14 + 0.02 0.22 0.14 0.12 0.07 0.13 + 0.01 0.20 0.20 0.00 0.06 0.13 - 0.03 0.19 0.15 0.13 0.03 0.03 + 0.00 0.07 0.04 0.03 0.06 0.10 + 0.01 0.16 0.10 0.08 0.04 0.08 + 0.00 0.12 0.08 0.07 0.39 0.43 - 0.03 1.00 0.46 0.42 0.10 0.16 + 0.05 0.25 0.19 0.11 0.10 0.10 + 0.00 0.10 0.10 0.10 0.10 0.10 - 0.04 0.17 0.14 0.10 0.07 0.15 + 0.02 0.24 0.15 0.13 0.05 0.85 + 0.26 0.89 0.89 0.60 0.11 0.65 + 0.19 0.63 0.69 0.48 0.02 0.10 - 0.03 0.14 0.14 0.10 0.23 0.31 - 0.05 0.70 0.35 0.27 0.19 0.24 - 0.08 0.50 0.33 0.23 0.05 0.09 - 0.01 0.19 0.12 0.09 0.38 0.53 - 0.05 1.59 0.58 0.52 0.50 0.69 - 0.04 2.05 0.75 0.65 0.21 0.20 0.20 - 0.01 0.31 0.09 9.97 9.48 9.87 + 0.25 10.22 5.74 0.00 0.00 + 0.00 0.18 0.00 0.00 0.10 0.12 + 0.01 0.67 0.13 0.10 0.30 0.82 - 0.08 0.97 0.92 0.74 0.23 0.65 - 0.05 0.80 0.78 0.58 0.24 0.36 + 0.01 0.48 0.37 0.35 0.30 0.45 + 0.01 0.63 0.48 0.45 0.22 0.30 - 0.00 0.49 0.30 0.29 0.40 0.43 - 0.02 0.58 0.44 0.00 0.41 0.48 + 0.03 0.99 0.49 0.42 2.60 3.96 + 0.01 4.70 4.08 3.87 0.03 0.02 0.03 - 0.00 0.03 0.00 0.12 0.09 0.10 - 0.02 0.17 0.09 2.61 5.00 - 0.17 6.75 5.14 4.86 1.94 4.01 + 0.01 5.16 4.01 3.75 3.08 3.79 + 0.14 6.27 3.83 3.57 1.40 1.25 1.28 - 0.13 2.95 1.25 1.80 1.61 1.63 - 0.18 3.85 1.64 0.01 0.02 + 0.01 0.06 0.03 0.02 15.56 16.71 - 0.10 23.35 17.28 16.45 0.41 0.47 + 0.02 0.97 0.47 0.42 0.32 0.36 + 0.01 0.71 0.38 0.33 0.19 0.42 0.03 0.32 0.25 0.28 + 0.02 0.07 - 0.00 0.11 0.08 0.00 0.00 0.01 + 0.00 0.36 0.02 0.01 0.02 0.02 - 0.02 0.07 0.04 0.00 0.09 0.09 - 0.01 0.31 0.10 0.09 0.07 0.07 - 0.02 0.24 0.09 0.07 0.37 0.41 - 0.01 0.85 0.42 0.38

2017-11-07 1:33 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 13â&#x20AC;&#x201C;26, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Mnls T 19 Golden Peak Mn V 491 Golden Queen* O 1120 Golden Queen T 552 Golden Reign V 1256 Golden Secret V 246 Golden Share V 53 Golden Star T 1171 Golden Star* X 14945 Golden Tag V 180 Golden Valley* O 13 Golden Valley V 70 Goldgroup Mng* O 347 Goldgroup Mng T 462 GoldMining V 1009 V 1502 GoldQuest Mng Goldrea Res 349 Goldrich Mng* O 97 Goldsource Min* O 312 Goldsource Min V 489 Goldstream Mnl V 190 Goldstrike Res V 220 Goliath Res V 503 Gossan Res V 169 O 200 GoviEx Uranium* GoviEx Uranium V 1036 Gowest Gold* O 185 Gowest Gold V 1403 GPM Metals V 581 O 20 Gran Colombia* Gran Colombia T 182 Grande Portage V 180 Grande Portage* O 269 Granite Ck Gld V 179 O 700 Graphite Corp* Graphite One V 1464 Graphite One* O 226 Gray Rock Res V 27 Great Atlantic V 406 Great Bear Res V 259 Great Lakes Gr V 11178 Great Lakes Gr* O 1105 Great Panther T 668 Great Panther* X 3147 Great Quest Fe V 47 Great Thunder V 1803 Great Western* O 864 Green Arrow V 15 Green Swan Cap V 118 Greencastle Rs V 155 Grenville Gold V 7 Grizzly Discvr* O 658 Grizzly Discvr V 302 Group Ten Mtls V 186 Group Ten Mtls* O 270 GrowMax Res V 486 GT Gold * O 48 GT Gold V 750 Gungnir Res V 515 Gungnir Res* O 391 Guyana Gldflds T 3499 V 600 Guyana Goldstr Handa Copper V 124 Handeni Gold* O 2 Hannan Metals V 129 Hannan Metals* O 153 108 Happy Ck Mnrls V Harfang Explor V 117 Harmony Gold* N 13150 Harte Gold* O 400 Harte Gold T 1862 Harvest Gold V 663 Hawkeye Gld&Di V 279 Heatherdale Rs V 498 Hecla Mining* N 21054 Hellix Vent* O 56 Hemcare Health* O 238 Heron Res* O 309 Highbank Res V 200 Highland Copp V 1501 Highland Copp* O 89 Highway 50 Gld V 29 HiHo Silver 99 Hinterland Mtl V 307 Hochschild Mg* O 4 Homeland Egy V 6 Honey Badger E V 207 Horizonte Mnls T 703 HudBay Mnls* N 3507 HudBay Mnls T 8497 Hudson Res V 103 Hudson Res* O 18 Hunt Mng* O 110 Hunt Mng V 97

0.53 0.48 0.48 - 0.05 1.10 0.49 0.24 0.21 0.23 - 0.02 0.74 0.21 0.22 0.20 0.21 - 0.01 0.85 0.20 0.29 0.26 0.27 - 0.02 1.15 0.27 0.33 0.29 0.30 - 0.03 0.37 0.20 0.35 0.25 0.35 + 0.09 0.45 0.19 0.10 0.00 0.10 - 0.01 0.34 0.09 1.10 0.97 1.01 + 0.03 1.33 0.76 0.87 0.76 0.80 + 0.04 1.01 0.59 0.04 0.03 0.04 + 0.01 0.09 0.03 0.21 0.21 0.21 - 0.00 0.38 0.20 0.27 0.00 0.27 - 0.01 0.50 0.24 0.05 0.04 0.05 - 0.00 0.21 0.04 0.07 0.06 0.06 - 0.01 0.28 0.06 1.62 1.43 1.50 + 0.08 2.60 1.30 0.31 0.27 0.29 - 0.02 0.59 0.20 0.06 0.05 0.06 - 0.01 0.14 0.03 0.05 0.03 0.04 + 0.01 0.06 0.02 0.08 0.06 0.08 + 0.01 0.26 0.06 0.10 0.09 0.09 - 0.01 0.34 0.09 0.08 0.06 0.08 + 0.01 0.14 0.05 0.27 0.25 0.25 - 0.02 0.43 0.12 0.22 0.17 0.17 + 0.02 0.40 0.04 0.08 0.07 0.08 + 0.01 0.09 0.05 0.15 0.14 0.15 - 0.00 0.34 0.07 0.19 0.17 0.19 + 0.01 0.44 0.09 0.11 0.10 0.11 - 0.00 0.18 0.08 0.16 0.13 0.14 - 0.02 0.25 0.10 0.08 0.07 0.08 + 0.01 0.22 0.07 1.48 1.39 1.46 + 0.07 1.81 1.02 1.87 1.79 1.85 + 0.05 2.23 1.20 0.34 0.27 0.32 + 0.02 0.71 0.14 0.25 0.23 0.25 + 0.01 0.56 0.10 0.16 0.03 0.16 + 0.07 0.23 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.05 0.04 0.04 - 0.01 0.13 0.04 0.04 0.03 0.04 + 0.00 0.09 0.03 0.37 0.00 0.32 - 0.06 0.57 0.12 0.15 0.10 0.12 - 0.01 0.24 0.07 0.38 0.30 0.33 - 0.03 0.50 0.13 0.09 0.04 0.07 + 0.03 0.11 0.03 0.06 0.03 0.05 + 0.02 0.08 0.02 1.61 1.44 1.45 - 0.16 2.95 1.44 1.25 1.12 1.14 - 0.10 2.28 1.11 0.17 0.15 0.15 - 0.01 0.33 0.14 0.04 0.03 0.03 - 0.01 0.10 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.05 0.03 0.08 0.00 0.08 + 0.01 0.13 0.05 0.10 0.09 0.09 - 0.01 0.14 0.07 0.12 0.12 0.12 - 0.02 0.14 0.09 0.05 0.03 0.04 + 0.01 0.05 0.02 0.06 0.05 0.06 + 0.01 0.06 0.03 0.19 0.17 0.19 + 0.02 0.24 0.08 0.15 0.13 0.15 + 0.01 0.17 0.06 0.10 0.10 0.10 + 0.01 0.18 0.09 0.96 0.85 0.86 - 0.11 2.24 0.25 1.27 1.07 1.10 - 0.17 2.76 0.10 0.17 0.12 0.13 - 0.02 0.22 0.03 0.13 0.10 0.10 - 0.02 0.17 0.02 4.75 4.18 4.36 + 0.17 8.18 3.96 0.32 0.25 0.32 + 0.06 0.35 0.14 0.09 0.07 0.09 + 0.02 0.18 0.05 0.12 0.00 0.11 + 0.07 0.14 0.04 0.31 0.20 0.27 - 0.04 0.51 0.12 0.24 0.18 0.19 - 0.05 0.39 0.18 0.22 0.20 0.20 - 0.01 0.29 0.13 0.25 0.23 0.23 - 0.01 0.33 0.03 1.82 1.71 1.77 + 0.02 3.45 1.56 0.40 0.34 0.38 - 0.01 0.66 0.19 0.52 0.44 0.47 - 0.03 0.87 0.25 0.06 0.05 0.06 + 0.01 0.07 0.03 0.07 0.00 0.06 - 0.02 0.33 0.06 0.06 0.06 0.06 + 0.01 0.12 0.03 4.90 4.43 4.45 - 0.31 7.64 4.43 0.06 0.03 0.03 - 0.03 0.23 0.00 0.05 0.03 0.03 - 0.01 0.23 0.01 0.05 0.04 0.05 + 0.01 0.11 0.04 0.02 0.02 0.02 - 0.01 0.06 0.02 0.17 0.14 0.14 - 0.01 0.18 0.08 0.14 0.12 0.12 - 0.01 0.14 0.06 0.34 0.30 0.30 - 0.04 0.66 0.08 0.06 0.04 0.06 + 0.02 0.18 0.03 0.03 0.02 0.03 - 0.01 0.06 0.02 3.05 3.00 3.05 + 0.07 4.37 2.25 0.26 0.00 0.24 - 0.02 2.25 0.18 0.05 0.05 0.05 - 0.01 0.20 0.05 0.08 0.07 0.07 + 0.01 0.08 0.03 8.05 7.25 7.70 + 0.30 9.35 4.38 10.35 9.35 9.85 + 0.42 11.95 5.86 0.50 0.44 0.44 - 0.05 0.80 0.32 0.38 0.33 0.36 + 0.01 0.60 0.24 0.13 0.11 0.12 - 0.01 0.25 0.11 0.17 0.14 0.14 - 0.02 0.35 0.13

I-J-K I-Minerals* O 54 I-Minerals V 12 IAMGOLD T 4353 IAMGOLD* N 13164 IC Potash* O 18 Icon Explor V 122 Iconic Mnls V 152 IDM Mining* O 122 IDM Mining V 2186 IGC Res V 5 iMetal Res* O 232 iMetal Res V 937 IMPACT Silver V 426 Imperial Metal* O 109 Imperial Metal T 603 Inca One Gold* O 46 Independence G V 66 Independence G* O 101 Indigo Expl V 349 Inform Res V 368 Inomin Mines V 441 Inspiration Mg* O 6 Inspiration Mg 27 Intact Gold V 3121 Intl Battery* O 728 Intl Bethl Mng V 190 Intl Corona V 425 Intl Lithium* O 544 Intl Lithium V 1143 Intl Montoro V 192 Intl Prospect V 51 477 Intl Samuel Ex V Intl Tower Hil* X 450 Intl Tower Hil T 87 Intrepid Pots* N 5791 INV Metals T 430 INV Metals* O 93 Inventus Mg V 538 Inventus Mg * O 47 InZinc Mining* O 256 InZinc Mining V 275 Ireland* O 611 Ironside Res V 522 Irving Res 65 Irving Res* O 14 IsoEnergy Ltd V 18 Itafos* O 4 Itafos V 50 Itoco Mg Corp* O 53 Ivanhoe Mines* O 758 Ivanhoe Mines T 9769 Jaguar Mng* O 139 Jaguar Mng T 531 Japan Gold* O 47 Jasper Mng V 28 Jaxon Mining* O 51 Jaxon Mining V 3702 Jayden Res V 329 Jourdan Res V 1202 K2 Gold V 168 K92 Mng Inc* O 498 K92 Mng Inc V 5326 Kairos Cap V 117 Kaizen Discov V 865 Kaizen Discvry* O 26 Kapuskasing Gd V 277 Kapuskasing Gd* O 38 Karmin Expl V 67 Karnalyte Res T 41 KAT Expl* O 225 Katanga Mng T 2280 Kenadyr Mining V 4147 Kenadyr Mining* O 123 Kennady Diam V 26 Kermode Res V 319 Kerr Mines* O 215 Kerr Mines T 1785

20-22_Nov13_StockTables.indd 21

0.25 0.22 0.25 + 0.03 0.44 0.20 0.32 0.00 0.32 + 0.02 0.60 0.27 7.26 7.04 7.15 - 0.01 8.87 4.24 5.69 5.45 5.61 + 0.04 7.25 3.16 0.01 0.01 0.01 + 0.00 0.11 0.01 0.08 0.06 0.08 + 0.02 0.10 0.01 0.06 0.00 0.05 - 0.01 0.20 0.04 0.10 0.08 0.09 + 0.01 0.14 0.08 0.12 0.11 0.12 + 0.01 0.18 0.11 0.01 0.01 0.01 + 0.01 0.02 0.01 0.05 0.05 0.05 - 0.01 0.07 0.03 0.08 0.06 0.08 + 0.03 0.09 0.04 0.34 0.30 0.30 - 0.04 0.88 0.28 2.39 1.84 1.99 - 0.35 5.86 1.84 3.11 2.35 2.69 - 0.41 7.89 2.75 0.05 0.05 0.05 - 0.01 0.28 0.04 0.17 0.15 0.15 + 0.01 0.28 0.14 0.12 0.12 0.12 + 0.01 0.21 0.10 0.04 0.03 0.03 - 0.01 0.06 0.02 0.39 0.25 0.36 + 0.11 0.39 0.06 0.05 0.04 0.04 - 0.02 0.10 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.09 0.01 0.02 0.02 0.02 + 0.01 0.08 0.02 0.55 0.43 0.48 - 0.07 1.11 0.28 0.05 0.04 0.05 + 0.01 0.06 0.03 0.06 0.03 0.06 + 0.02 0.17 0.03 0.15 0.12 0.14 + 0.02 0.18 0.06 0.19 0.16 0.18 + 0.02 0.22 0.07 0.06 0.03 0.05 + 0.01 0.15 0.03 0.19 0.00 0.19 + 0.02 0.33 0.04 0.11 0.10 0.10 - 0.01 0.15 0.05 0.47 0.40 0.41 - 0.05 0.85 0.40 0.59 0.52 0.52 - 0.06 1.14 0.55 4.17 3.42 4.00 + 0.19 4.63 1.00 0.88 0.71 0.85 + 0.08 1.13 0.62 0.62 0.00 0.62 + 0.05 0.85 0.56 0.35 0.25 0.28 + 0.01 0.39 0.13 0.25 0.20 0.21 + 0.00 0.31 0.11 0.10 0.09 0.10 + 0.00 0.27 0.07 0.13 0.11 0.13 + 0.01 0.36 0.10 0.26 0.18 0.18 - 0.03 0.32 0.04 0.21 0.13 0.16 + 0.05 0.21 0.06 0.93 0.80 0.80 + 0.02 1.54 0.44 0.73 0.00 0.62 - 0.00 1.24 0.09 0.47 0.35 0.45 - 0.02 1.70 0.35 1.02 0.00 1.02 - 0.15 2.23 0.68 1.34 1.21 1.24 - 0.01 3.45 0.90 0.02 0.01 0.01 - 0.01 0.16 0.01 3.78 3.21 3.74 + 0.43 4.10 0.00 4.90 4.12 4.78 + 0.55 5.47 2.11 0.26 0.00 0.25 - 0.01 0.58 0.18 0.33 0.32 0.32 - 0.01 0.77 0.22 0.26 0.25 0.25 + 0.00 0.30 0.17 0.08 0.00 0.07 - 0.01 0.10 0.03 0.24 0.20 0.21 + 0.05 0.27 0.16 0.30 0.23 0.28 + 0.07 0.41 0.04 0.25 0.20 0.21 - 0.05 0.38 0.06 0.07 0.06 0.06 - 0.01 0.20 0.06 0.30 0.22 0.23 - 0.10 0.58 0.22 0.41 0.34 0.38 - 0.05 1.03 0.33 0.53 0.45 0.48 - 0.08 1.36 0.41 0.75 0.68 0.75 + 0.05 0.95 0.04 0.13 0.11 0.11 - 0.02 0.30 0.11 0.10 0.09 0.10 - 0.00 0.21 0.08 0.04 0.00 0.04 - 0.01 0.09 0.02 0.03 0.03 0.03 - 0.00 0.05 0.01 1.43 1.06 1.15 - 0.15 1.50 0.24 0.61 0.56 0.56 - 0.03 1.04 0.53 0.00 0.00 0.00 + 0.00 0.00 0.00 1.39 1.28 1.35 - 0.03 1.44 0.12 0.27 0.16 0.17 - 0.07 1.00 0.16 0.20 0.13 0.14 - 0.03 1.45 0.13 3.04 2.80 2.95 + 0.05 4.40 2.80 0.02 0.01 0.02 - 0.01 0.02 0.01 0.27 0.00 0.26 + 0.04 0.34 0.07 0.34 0.26 0.33 + 0.06 0.41 0.09

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kesselrun Res* O 227 Kesselrun Res V 1715 Kestrel Gold V 958 Khalkos Expl V 527 Khan Res 14790 Kilo Goldmines* O 50 Kincora Copper* O 27 Kincora Copper V 128 Kings Bay Res* O 82 Kingsmen Res* O 10 Kingsmen Res V 110 Kinross Gold* N 38666 Kinross Gold T 9650 Kintavar Exp V 135 Kirkland Lake* N 6411 Kirkland Lake T 4311 Kitrinor Mtls V 74 Kivalliq Enrgy V 137 Klondex Mines T 3132 Klondike Gold V 759 Klondike Gold* O 252 Klondike Silv V 269 Klondike Silv* O 54 Kombat Copper V 576 Kootenay Silvr V 663 Kootenay Silvr* O 91 Kootenay Zinc 232 Kootenay Zinc* O 70 KWG Res 4318

0.15 0.11 0.15 + 0.03 0.15 0.06 0.19 0.15 0.19 + 0.05 0.19 0.08 0.09 0.07 0.07 - 0.01 0.19 0.02 0.08 0.07 0.08 + 0.01 0.19 0.07 0.17 0.08 0.12 + 0.05 0.87 0.02 0.03 0.03 0.03 + 0.00 0.10 0.03 0.32 0.31 0.31 + 0.03 0.43 0.24 0.40 0.37 0.37 - 0.01 0.65 0.26 0.07 0.07 0.07 + 0.00 0.15 0.05 0.09 0.00 0.09 + 0.01 0.13 0.06 0.12 0.11 0.11 + 0.01 0.20 0.09 4.07 3.91 3.97 + 0.02 4.91 2.88 5.22 5.02 5.07 - 0.01 6.29 3.87 0.14 0.11 0.13 + 0.02 0.35 0.10 13.61 11.67 13.16 + 1.25 15.19 4.84 17.44 14.98 16.83 + 1.59 18.57 6.33 4.49 4.25 4.48 + 0.23 7.98 1.00 0.08 0.08 0.08 + 0.01 0.19 0.07 3.99 3.66 3.67 - 0.30 7.73 3.57 0.37 0.31 0.36 + 0.01 0.60 0.14 0.29 0.23 0.27 - 0.01 0.49 0.10 0.05 0.04 0.04 - 0.01 0.12 0.04 0.03 0.03 0.03 - 0.01 0.09 0.03 0.45 0.39 0.45 + 0.02 0.70 0.21 0.21 0.19 0.20 - 0.01 0.45 0.18 0.17 0.15 0.16 - 0.00 0.33 0.14 0.06 0.04 0.05 - 0.01 0.70 0.03 0.04 0.03 0.04 - 0.00 0.59 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01

Labdr Iron Mns* O 50 Labrador Iron T 679 Lake Victoria* O 538 Lamelee Iron V 83 Lara Expl V 196 Laramide Res T 263 Largo Res* O 316 Largo Res T 768 Lateral Gold V 37 Latin Am Mnls V 234 Latin Am Mnls* O 34 Laurion Mnl Ex* O 36 Leading Edge* O 177 Leagold Mg T 367 Leagold Mg* O 53 Leeta Gold V 35333 Legend Gold V 145 Levon Res Ltd * O 135 Levon Res Ltd T 437 Li3 Energy* O 2028 Libero Copper V 229 Liberty Gold* O 335 Liberty One Li V 8582 Liberty One Li* O 16098 Liberty Silver 70 LiCo Energy* O 1473 Lincoln Mng V 939 Lion One Mtls V 228 Lion One Mtls* O 35 Lions Gate Mtl* O 9 Lions Gate Mtl 610 Lithium Amer* O 3681 Lithium Amer T 10036 Lithium Corp* O 1622 Lithium Energi* O 344 Lithium Energi V 10306 Lithium Energy V 791 Lithium X Egy V 3487 Lithium X Egy* O 1168 LKA Gold* O 37 Lomiko Mtls* O 83 Lomiko Mtls V 782 Lone Star Gold* O 139 Lonmin plc* O 38 Lorraine Coppr V 285 Lorraine Coppr* O 177 Los Andes Copp V 166 LSC Lithium* O 2 Lucara Diam T 809 Lucky Mnls * O 200 Lucky Mnls V 1611 Lumina Gold* O 16 Lumina Gold V 281 Lundin Gold T 115 Lundin Mng T 11622 Lupaka Gold V 167 Lydian Intl* O 192 Lydian Intl T 1029 Lynas Corp* O 626

0.01 0.00 0.01 - 0.01 0.10 0.00 21.58 20.26 20.63 - 0.16 21.58 13.97 0.00 0.00 0.00 - 0.00 0.01 0.00 0.25 0.20 0.22 + 0.02 0.34 0.14 0.65 0.51 0.61 + 0.10 1.39 0.50 0.25 0.23 0.25 + 0.02 0.74 0.18 0.86 0.63 0.85 + 0.16 1.08 0.26 1.10 0.83 1.09 + 0.22 1.35 0.34 0.89 0.82 0.88 + 0.03 1.27 0.57 0.12 0.10 0.10 - 0.01 0.29 0.10 0.11 0.07 0.09 - 0.02 0.18 0.07 0.02 0.01 0.01 - 0.01 0.05 0.01 0.52 0.48 0.49 - 0.01 0.71 0.31 3.19 2.98 3.05 + 0.02 3.48 2.27 2.45 2.36 2.37 + 0.03 2.80 1.76 6.75 3.15 4.71 + 1.57 6.75 0.09 0.35 0.35 0.35 + 0.01 0.40 0.10 0.27 0.22 0.23 - 0.02 0.39 0.18 0.34 0.29 0.30 - 0.03 0.51 0.25 0.03 0.02 0.02 - 0.00 0.06 0.01 0.09 0.08 0.08 - 0.01 0.22 0.07 0.38 0.37 0.38 + 0.01 0.51 0.27 2.45 1.80 2.00 + 0.09 2.49 0.31 1.91 1.41 1.59 + 0.08 1.95 0.37 2.00 1.65 1.65 - 0.17 3.00 0.90 0.07 0.06 0.06 - 0.00 0.20 0.06 0.03 0.03 0.03 - 0.01 0.11 0.03 0.52 0.49 0.50 - 0.01 0.96 0.45 0.40 0.38 0.38 - 0.01 0.72 0.36 0.38 0.28 0.38 + 0.10 0.38 0.08 0.48 0.32 0.48 + 0.16 0.48 0.10 1.68 1.49 1.54 - 0.09 1.86 0.38 2.14 1.91 1.96 - 0.15 2.31 0.52 0.09 0.08 0.08 - 0.00 0.11 0.05 0.68 0.28 0.65 + 0.39 0.53 0.07 0.90 0.36 0.83 + 0.46 0.90 0.07 0.05 0.04 0.05 + 0.01 0.11 0.04 2.09 1.95 2.05 + 0.10 2.37 1.40 1.62 1.51 1.59 + 0.06 1.87 1.03 0.25 0.20 0.20 - 0.01 0.68 0.20 0.12 0.09 0.10 - 0.02 0.32 0.08 0.16 0.13 0.14 - 0.01 0.35 0.13 0.00 0.00 0.00 + 0.00 0.01 0.00 1.40 0.94 1.00 - 0.21 2.84 0.81 0.10 0.07 0.09 - 0.01 0.12 0.06 0.08 0.07 0.07 - 0.00 0.10 0.00 0.40 0.36 0.36 - 0.04 0.47 0.15 1.12 1.10 1.10 - 0.02 1.20 1.10 2.35 2.18 2.32 + 0.11 3.81 2.18 0.15 0.12 0.13 - 0.00 0.18 0.03 0.18 0.16 0.16 - 0.03 0.23 0.09 0.53 0.46 0.53 + 0.06 0.89 0.46 0.70 0.60 0.69 + 0.09 1.20 0.60 5.17 4.77 4.94 + 0.09 6.50 4.59 10.21 9.52 9.75 + 0.28 10.22 5.15 0.16 0.14 0.14 - 0.01 0.25 0.13 0.29 0.26 0.27 + 0.01 0.34 0.22 0.37 0.34 0.36 + 0.01 0.44 0.28 0.15 0.13 0.15 - 0.00 0.18 0.04

M Macarthur Mnl V 2473 0.09 0.08 0.08 - 0.01 0.16 0.05 Macarthur Mnl* O 77 0.07 0.06 0.07 - 0.00 0.12 0.03 MacDonald Mns* O 12 0.07 0.07 0.07 - 0.00 0.20 0.04 MacDonald Mns V 760 0.10 0.09 0.09 - 0.02 0.28 0.05 V 80 1.78 1.65 1.69 - 0.09 1.84 0.90 MacMillan Mnls MAG Silver T 925 14.32 13.60 13.76 - 0.06 21.99 12.75 Magellan Gold* O 210 0.04 0.03 0.03 - 0.01 0.28 0.03 0.06 + 0.01 0.09 0.03 Magna Terra V 25 0.06 0.05 Magnus Intl* O 190 0.00 0.00 0.00 + 0.00 0.01 0.00 Majestic Gold V 89 0.06 0.06 0.06 - 0.01 0.12 0.05 Makena Res 232 0.20 0.17 0.19 - 0.01 0.23 0.13 Mammoth Res V 331 0.09 0.07 0.08 - 0.01 0.14 0.05 0.08 + 0.01 0.14 0.06 Manado Gold V 42 0.08 0.08 Mandalay Res T 1063 0.30 0.28 0.29 - 0.02 0.99 0.28 Mandalay Res* O 1548 0.23 0.22 0.22 - 0.00 0.72 0.22 Manganese X V 2280 0.18 0.13 0.18 + 0.04 0.26 0.08 Manganese X* O 117 0.14 0.11 0.14 + 0.03 0.19 0.07 0.08 + 0.02 0.20 0.04 Manitou Gold V 1162 0.08 0.05 Manson Creek V 818 0.25 0.16 0.21 + 0.04 0.25 0.02 Manson Creek* O 36 0.20 0.00 0.17 + 0.08 0.20 0.01 Marathon Gold T 1574 1.07 1.00 1.02 - 0.01 1.36 0.43 Marathon Gold* O 241 0.84 0.79 0.79 - 0.01 1.14 0.33 Margaux Res V 205 0.30 0.25 0.30 + 0.05 0.50 0.18 Margaux Res* O 45 0.23 0.21 0.23 + 0.02 0.27 0.16 Marifil Mines* O 6 0.03 0.02 0.03 + 0.00 0.04 0.02 Maritime Res V 469 0.10 0.10 0.10 + 0.01 0.24 0.09 Marlin Gold* O 110 0.70 0.51 0.58 - 0.08 0.87 0.33 Marlin Gold V 157 0.80 0.70 0.72 - 0.08 1.15 0.44 MartinMarietta* N 3960 221.16 206.22 211.81 - 5.31 244.32 188.59 Mason Graphite* O 1447 2.47 2.04 2.31 + 0.28 2.47 0.83 Mason Graphite V 2026 3.15 2.60 2.94 + 0.29 3.15 1.10 Mason Res T 192 0.24 0.22 0.22 - 0.03 0.40 0.13 Mason Res* O 60 0.18 0.00 0.18 + 0.01 0.29 0.10 Masuparia Gold V 283 0.15 0.10 0.14 + 0.04 0.15 0.03 Matachewan Con V 25 0.30 0.25 0.30 + 0.06 0.35 0.21 Matamec Expl* O 76 0.04 0.03 0.04 + 0.00 0.06 0.03 Matamec Expl V 254 0.05 0.04 0.04 - 0.01 0.08 0.04 0.09 - 0.01 0.18 0.01 Matica Ent 3943 0.10 0.09 Matica Ent* O 30 0.08 0.07 0.07 - 0.01 0.14 0.02 Maudore Mnrls* O 165 0.00 0.00 0.00 + 0.00 0.00 0.00 Maverix Mtls* O 87 1.35 1.30 1.31 + 0.03 1.46 0.66 Mawson Res T 271 0.54 0.40 0.48 - 0.01 0.65 0.29 0.37 - 0.01 0.48 0.23 Mawson Res* O 80 0.42 0.32 MAX Res V 21 0.09 0.00 0.09 + 0.01 0.14 0.07 MaxTech Vent 935 0.45 0.25 0.33 - 0.01 0.63 0.14 O 382 0.33 0.19 0.26 - 0.02 0.46 0.13 MaxTech Vent* Maxwell Res* O 92 0.01 0.01 0.01 + 0.00 0.04 0.00 925 0.37 0.31 0.36 + 0.05 0.40 0.10 Maya Gold &Sil V McEwen Mng* N 12137 1.99 1.88 1.93 - 0.01 4.43 1.88 McEwen Mng T 760 2.54 2.41 2.47 - 0.02 5.83 2.40 McLaren Res 133 0.09 0.07 0.08 + 0.02 0.14 0.01 MDN Inc* O 22 0.23 0.21 0.21 + 0.11 0.87 0.09 Meadow Bay Gd* O 32 0.05 0.04 0.04 - 0.00 0.10 0.05 Mechel* N 711 5.19 4.85 4.87 - 0.26 6.83 4.16 Medallion Res V 286 0.20 0.14 0.17 - 0.04 0.28 0.08 Medallion Res* O 181 0.17 0.11 0.13 - 0.03 0.17 0.08 Medgold Res V 72 0.17 0.16 0.17 + 0.01 0.25 0.13 Mega Uranium T 1113 0.16 0.13 0.14 - 0.01 0.32 0.11 Mega Uranium* O 235 0.12 0.11 0.11 - 0.01 0.25 0.08 Megastar Dev V 505 0.06 0.06 0.06 - 0.01 0.07 0.03 Melior Res V 2433 0.11 0.05 0.11 + 0.05 0.11 0.02 Melkior Res V 898 0.07 0.05 0.06 - 0.01 0.10 0.02 Meridian Mg V 29 0.69 0.00 0.69 + 0.09 1.54 0.33 Mesa Expl V 23 0.05 0.00 0.05 + 0.01 0.12 0.04 Mesa Expl* O 7 0.03 0.03 0.03 - 0.00 0.08 0.03 Metalla Rylty* O 48 0.46 0.42 0.46 + 0.01 0.68 0.19 Metallic Mnrls* O 67 0.25 0.22 0.24 - 0.01 0.44 0.19 Metallic Mnrls V 252 0.31 0.26 0.30 - 0.01 0.59 0.22 Metallica Min* O 10 0.05 0.04 0.04 - 0.01 0.06 0.03 Metallis Res V 3717 2.60 1.59 2.60 + 0.49 2.69 0.09 Metalo Manuf 14 0.45 0.40 0.45 + 0.13 1.00 0.26 Metalore Res V 0 4.00 0.00 3.15 - 1.05 5.16 1.50 Metals Creek V 426 0.06 0.06 0.06 - 0.01 0.13 0.06 Metals Creek* O 100 0.04 0.04 0.04 - 0.02 0.09 0.04 Metals X* O 7 0.80 0.70 0.80 + 0.10 1.23 0.41 Metanor Res* O 14 0.63 0.59 0.62 + 0.04 0.94 0.54 0.80 + 0.04 1.29 0.45 Metanor Res V 248 0.81 0.76 Mexican Gold* O 11 0.20 0.19 0.19 + 0.00 0.29 0.11 Mexus Gold* O 3276 0.04 0.04 0.04 + 0.00 0.24 0.03 Mezzotin Mnrls V 81 0.01 0.01 0.01 - 0.01 0.05 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

MGX Minerals* O 282 MGX Minerals 1129 Micrex Dev V 53 Midas Gold* O 459 Midas Gold T 448 Midland Expl V 106 Midnight Sun V 503 Midway Gold* O 120 Millennial Lit* O 797 Millennial Lit V 2467 Millrock Res* O 276 Millrock Res V 370 Milner Con Slv V 29 Minco Silver T 67 Minco Silver* O 82 Minera Alamos * O 314 Minera Alamos V 1343 Minera IRL 291 Mineral Hill V 30 Mineral Mtn* O 47 Mineral Mtn V 139 Mineworx Tech* O 166 Minfocus Expl V 1128 Minnova Corp V 121 Mirasol Res V 75 Mistango River 238 MK2 Ventures V 22 Mkango Res V 272 ML Gold Corp V 667 Monarca Mnrls* O 11 Monarca Mnrls V 111 Monarques Res* O 51 Monarques Res V 526 Moneta Porcpn* O 74 Moneta Porcpn T 863 Monitor Vent* O 9 Montan Mg* O 24 Montego Res 633 Montero Mg&Ex V 52 Monument Mng V 387 Morien Res* O 8 Morien Res V 179 Morumbi Res* O 7 Morumbi Res T 259 Mosaic* N 34006 O 18 Mountain Boy* Mountain Prov T 322 Mountain Prov* D 190 Mundoro Cap* O 575 Mundoro Cap V 250 Murchison Min 44 Mustang Mnrls* O 73 Mustang Mnrls V 1416 MX Gold* O 227 MX Gold V 7664

0.83 0.73 0.80 - 0.02 2.12 0.11 1.04 0.94 1.01 - 0.04 2.75 0.14 0.02 0.02 0.02 + 0.01 0.03 0.01 0.61 0.57 0.58 - 0.00 0.80 0.02 0.79 0.73 0.73 - 0.01 1.07 0.62 1.00 0.00 0.96 + 0.04 1.24 0.89 0.30 0.27 0.30 + 0.03 0.54 0.10 0.00 0.00 0.00 + 0.00 0.01 0.00 2.18 1.67 2.16 + 0.44 2.17 0.88 2.77 2.23 2.76 + 0.52 2.77 1.20 0.25 0.22 0.25 + 0.03 0.50 0.21 0.33 0.29 0.33 + 0.03 0.64 0.27 0.05 0.04 0.05 + 0.01 0.05 0.03 0.83 0.70 0.78 + 0.02 1.74 0.70 0.64 0.51 0.64 + 0.05 1.23 0.51 0.14 0.13 0.14 + 0.00 0.18 0.10 0.18 0.17 0.18 - 0.01 0.24 0.12 0.13 0.10 0.13 + 0.01 0.22 0.06 0.25 0.23 0.25 + 0.03 0.34 0.17 0.17 0.15 0.17 - 0.00 0.34 0.13 0.23 0.20 0.22 - 0.01 0.49 0.15 0.06 0.05 0.06 + 0.00 0.08 0.05 0.02 0.02 0.02 - 0.01 0.03 0.02 0.71 0.60 0.65 + 0.05 0.90 0.55 1.70 1.59 1.65 + 0.05 2.45 1.18 0.04 0.00 0.03 + 0.01 0.05 0.01 0.13 0.00 0.13 + 0.03 0.24 0.09 0.09 0.07 0.08 + 0.01 0.09 0.04 0.16 0.12 0.13 - 0.03 0.29 0.10 0.11 0.10 0.11 + 0.01 0.14 0.09 0.14 0.10 0.14 + 0.03 0.28 0.08 0.25 0.23 0.23 - 0.01 0.38 0.18 0.32 0.29 0.30 - 0.02 0.49 0.26 0.17 0.15 0.17 + 0.00 0.22 0.10 0.22 0.20 0.20 - 0.02 0.30 0.13 0.31 0.00 0.31 + 0.03 0.81 0.00 0.01 0.01 0.01 + 0.00 0.05 0.01 0.25 0.22 0.24 + 0.05 0.90 0.10 0.19 0.00 0.18 - 0.04 0.32 0.15 0.08 0.07 0.07 - 0.01 0.13 0.07 0.51 0.50 0.50 + 0.00 0.56 0.27 0.68 0.63 0.68 + 0.03 0.74 0.36 0.59 0.57 0.57 - 0.01 1.26 0.45 0.76 0.72 0.75 + 0.03 1.70 0.48 23.14 20.75 22.38 + 1.44 34.36 19.23 0.07 0.06 0.06 + 0.00 0.09 0.03 3.81 3.50 3.69 + 0.05 7.01 3.50 2.94 2.70 2.85 + 0.05 5.45 2.55 0.11 0.10 0.11 - 0.01 0.22 0.10 0.15 0.13 0.14 - 0.02 0.30 0.13 0.21 0.18 0.20 - 0.05 0.30 0.13 0.36 0.27 0.29 + 0.07 0.36 0.03 0.48 0.32 0.33 - 0.01 0.48 0.05 0.13 0.11 0.13 + 0.01 0.20 0.07 0.17 0.15 0.15 - 0.01 0.26 0.10

NA Frac Sand* O 366 NACCO Ind* N 214 Namibia Rare E* O 44 Namibia Rare E V 58 Napier Vent V 50 Natural Res Pt* N 72 Nautilus Mnrls T 330 Nautilus Mnrls* O 312 Navis Res Corp 50 Nemaska Lith T 12711 Nemaska Lith* O 1721 Neo Lithium V 4148 Nevada Clean M* O 15 Nevada Copper T 82 Nevada Egy Mtl V 1526 Nevada Egy Mtl* O 424 Nevada Expl * O 105 Nevada Sunrise V 687 Nevada Sunrise* O 350 Nevada Zinc V 1354 Nevsun Res* X 6905 Nevsun Res T 4298 New Carolin Gd V 1369 59 New Dimen Res V New Dimen Res* O 2 New Gold* X 32659 New Gold T 5033 New Jersey Mng* O 225 New Nadina* O 415 New Nadina V 7502 New Oroperu V 6 New Pac Metals* O 8 New Stratus V 48 28 New World Res V NewCastle Gold T 4970 NewCastle Gold* O 95 Newmac Res V 64 Newmont Mng* N 21760 Newport Expl V 50 NewRange Gold* O 219 NewRange Gold V 779 Nexgen Energy* X 1507 Nexgen Energy T 2998 NextSource Mat T 1613 Nexus Gold V 997 Nexus Gold* O 294 NGEx Res T 61 NGEx Res* O 8 Nickel North V 381 Nickel One Res* O 203 Nickel One Res V 6761 Nicola Mg Inc V 913 Nicola Mg Inc* O 138 Nighthawk Gold* O 148 Nighthawk Gold T 585 Nikos Expl V 203 Niobay Metals V 224 Niocan Inc V 104 Niocorp Dev T 401 Niocorp Dev* O 398 Nippon Dragon V 1273 O 119 Nippon Dragon* Noble Mnl Expl V 1036 Noble Mnl Expl* O 201 Noram Vent V 1589 Noranda Alum* O 21 Nortec Mnls V 139 North Am Nickl* O 86 North Am Nickl V 251 106 North Am Pall T North Am Pall* O 74 North Arrow Mn V 126 North Arrow Mn* O 3 Northcliff Res T 146 Northisle C&G V 271 Northn Empire V 1640 Northn Empire* O 31 Norvista Cap V 16 V 1841 Nouveau Monde Nouveau Monde* O 35 NovaGold Res T 639 NovaGold Res* X 6297 Novo Res* O 982 Novo Res V 1943 NRG Metals* O 4414 NRG Metals V 8324 Nrthn Graphite V 4061 Nrthn Graphite* O 3552 Nrthn Mnrls &E* O 65 Nrthn Vertex V 165 Nrthn Vertex* O 62 NSGold V 16 14722 Nthn Dynasty* X Nthn Dynasty T 3510 Nthrn Sphere 119 Nubian Res V 56 NuLegacy Gold V 582 NuLegacy Gold* O 394 NV Gold* O 157 NV Gold V 113 NxGold Ltd V 41 OceanaGold T 4400 OceanaGold* O 38 Oceanic Iron O V 754 Oceanus Res* O 27 Olivut Res V 134 Olivut Res* O 38 One World Min 762 Opus One Res V 431 Orbite Tech* O 23 Orca Gold V 1375 Orca Gold* O 324 Orefinders Res V 627 Orestone Mng V 120 Orex Mnrls* O 98 Orex Mnrls V 249

0.01 0.01 0.01 - 0.00 0.09 0.01 42.38 34.95 38.85 - 2.15 99.55 23.80 0.05 0.03 0.03 - 0.02 0.07 0.03 0.05 0.05 0.05 - 0.01 0.10 0.04 0.46 0.45 0.45 - 0.01 0.54 0.25 27.40 24.70 24.75 - 1.75 45.60 22.81 0.21 0.18 0.20 - 0.01 0.28 0.14 0.17 0.15 0.16 - 0.01 0.21 0.10 0.48 0.37 0.42 + 0.09 2.50 0.33 1.85 1.56 1.60 - 0.23 1.85 0.95 1.46 1.21 1.27 - 0.16 1.47 0.70 2.16 1.83 1.88 - 0.17 2.16 0.85 0.04 0.03 0.04 - 0.01 0.08 0.02 0.68 0.63 0.65 - 0.04 0.86 0.41 0.26 0.02 0.26 + 0.01 1.30 0.15 0.21 0.01 0.21 - 0.01 0.97 0.10 0.32 0.29 0.29 - 0.01 0.35 0.21 0.19 0.12 0.19 + 0.06 0.36 0.12 0.15 0.09 0.15 + 0.05 0.28 0.09 0.23 0.19 0.22 + 0.03 0.60 0.18 2.49 2.27 2.39 + 0.09 3.52 1.96 3.20 2.90 3.04 + 0.08 4.63 2.49 0.03 0.03 0.03 - 0.01 0.08 0.03 0.05 0.00 0.05 + 0.01 0.17 0.04 0.03 0.02 0.03 + 0.01 0.13 0.02 3.57 3.26 3.29 - 0.18 4.52 2.39 4.58 4.17 4.20 - 0.26 6.09 3.11 0.15 0.13 0.14 + 0.01 0.17 0.09 1.22 0.23 0.98 + 0.73 1.22 0.06 1.70 0.30 1.27 + 0.98 1.70 0.08 0.55 0.55 0.55 + 0.13 0.70 0.37 1.14 1.08 1.08 - 0.05 1.26 0.40 0.27 0.24 0.24 - 0.01 0.48 0.07 0.13 0.00 0.13 + 0.03 0.16 0.08 0.82 0.77 0.78 - 0.01 1.12 0.52 0.64 0.60 0.62 + 0.00 0.86 0.39 0.07 0.06 0.07 + 0.01 0.08 0.04 36.50 35.59 36.04 + 0.24 39.63 30.19 0.27 0.27 0.27 + 0.02 0.32 0.19 0.47 0.41 0.44 + 0.04 0.59 0.07 0.62 0.52 0.53 + 0.02 0.75 0.08 2.12 1.85 1.92 - 0.02 3.40 1.05 2.67 2.40 2.45 - 0.04 4.45 1.42 0.07 0.07 0.07 + 0.01 0.11 0.06 0.08 0.07 0.08 + 0.01 0.37 0.06 0.06 0.05 0.06 - 0.00 0.27 0.05 1.05 0.99 1.05 + 0.02 1.45 0.75 0.82 0.81 0.82 + 0.02 1.05 0.58 0.03 0.03 0.03 - 0.01 0.06 0.02 0.03 0.03 0.03 + 0.00 0.08 0.03 0.05 0.03 0.04 + 0.01 0.12 0.02 0.18 0.17 0.17 - 0.01 0.30 0.14 0.15 0.13 0.14 + 0.00 0.23 0.11 0.57 0.49 0.50 - 0.07 0.97 0.26 0.74 0.61 0.66 - 0.08 1.15 0.36 0.20 0.18 0.18 - 0.02 0.22 0.04 0.32 0.25 0.25 - 0.10 1.19 0.11 0.10 0.07 0.10 + 0.02 0.15 0.05 0.54 0.47 0.49 - 0.04 0.89 0.46 0.43 0.36 0.38 - 0.04 0.81 0.36 0.07 0.05 0.06 + 0.01 0.11 0.05 0.05 0.04 0.05 + 0.01 0.09 0.03 0.15 0.12 0.13 - 0.01 0.19 0.03 0.11 0.10 0.11 + 0.00 0.15 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 0.02 0.00 0.02 + 0.00 0.06 0.01 0.08 0.07 0.07 - 0.02 0.18 0.05 0.07 0.06 0.06 + 0.01 0.08 0.04 0.09 0.00 0.08 + 0.01 0.12 0.06 9.35 7.51 9.03 + 0.93 8.62 4.54 7.29 6.08 7.08 + 0.86 7.29 3.40 0.28 0.00 0.28 + 0.04 0.40 0.16 0.20 0.00 0.20 - 0.02 0.23 0.13 0.14 0.11 0.13 - 0.01 0.23 0.09 0.12 0.00 0.10 - 0.02 0.20 0.07 1.05 0.92 0.98 + 0.10 1.05 0.33 0.78 0.71 0.77 + 0.06 0.78 0.47 0.13 0.13 0.13 - 0.01 0.19 0.11 0.53 0.45 0.53 + 0.04 0.54 0.21 0.40 0.38 0.38 + 0.01 0.40 0.16 5.34 5.16 5.21 - 0.01 8.15 4.94 4.15 4.04 4.09 + 0.02 6.21 3.78 6.24 5.35 5.86 + 0.16 7.08 0.49 7.99 6.87 7.46 + 0.12 8.83 0.66 0.36 0.24 0.26 - 0.08 0.45 0.07 0.46 0.31 0.35 - 0.08 0.52 0.09 0.70 0.48 0.54 + 0.07 0.70 0.18 0.55 0.38 0.43 + 0.05 0.55 0.14 0.04 0.03 0.04 - 0.00 0.05 0.01 0.55 0.47 0.48 - 0.04 0.70 0.35 0.43 0.37 0.37 - 0.06 0.57 0.27 0.11 0.10 0.10 - 0.01 0.20 0.06 2.07 1.78 1.93 - 0.06 3.45 0.70 2.65 2.28 2.47 - 0.10 4.54 0.93 0.11 0.09 0.10 - 0.01 0.85 0.09 0.26 0.18 0.18 - 0.08 0.38 0.10 0.21 0.17 0.19 - 0.01 0.40 0.16 0.16 0.13 0.16 + 0.01 0.30 0.00 0.29 0.24 0.24 + 0.01 0.39 0.13 0.38 0.31 0.38 + 0.05 0.48 0.17 0.26 0.22 0.22 - 0.03 0.72 0.21 3.55 3.41 3.44 - 0.04 5.00 3.24 2.84 2.70 2.76 - 0.11 3.60 2.36 0.15 0.10 0.14 + 0.03 0.35 0.06 0.23 0.23 0.23 + 0.00 0.29 0.11 0.11 0.09 0.11 - 0.02 0.22 0.08 0.08 0.07 0.08 + 0.00 0.17 0.06 0.20 0.15 0.16 - 0.04 0.75 0.15 0.10 0.08 0.09 + 0.01 0.15 0.08 0.03 0.01 0.01 + 0.00 0.29 0.00 0.64 0.50 0.61 + 0.07 0.74 0.31 0.51 0.40 0.47 + 0.05 0.56 0.20 0.08 0.06 0.07 + 0.01 0.11 0.04 0.08 0.07 0.07 - 0.01 0.13 0.05 0.09 0.08 0.08 - 0.01 0.38 0.08 0.12 0.10 0.10 - 0.01 0.52 0.10

N-O

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orezone Gold* O 13 Organic Potash 50 Oriental Non F 5 Orla Mng Ltd* O 22 Orla Mng Ltd V 233 Oroco Res V 451 Oroco Res* O 35 Orocobre T 1042 Orofino Mnrls V 10 Oroplata Res* O 95 Orosur Mng T 86 Orsu Metals V 52 Orvana Mnrls T 442 Orvana Mnrls* O 25 Osisko Gold* N 2157 Osisko Gold T 938 Osisko Mng Inc T 1164 Osprey Gold V 917 Otis Gold V 159 Otis Gold* O 76 OZ Minerals* O 10

0.52 0.47 0.51 + 0.04 0.63 0.31 0.02 0.02 0.02 - 0.01 0.05 0.01 1.05 1.00 1.05 + 0.05 1.20 0.70 1.11 1.09 1.09 - 0.02 1.18 0.88 1.40 1.35 1.36 + 0.05 1.50 1.04 0.08 0.07 0.08 + 0.01 0.09 0.02 0.07 0.05 0.07 + 0.01 0.07 0.01 5.34 4.55 5.31 + 0.35 5.34 2.73 0.09 0.08 0.09 + 0.01 0.15 0.06 0.11 0.10 0.11 - 0.01 0.35 0.10 0.28 0.23 0.25 + 0.02 0.32 0.19 0.21 0.20 0.20 + 0.01 0.45 0.13 0.24 0.20 0.21 - 0.04 0.33 0.18 0.19 0.17 0.17 - 0.02 0.25 0.14 12.78 12.38 12.46 - 0.12 14.39 8.88 16.46 15.83 15.86 - 0.30 17.58 11.90 4.11 3.84 3.90 + 0.03 5.65 2.08 0.15 0.12 0.12 - 0.03 0.44 0.05 0.29 0.27 0.28 - 0.01 0.39 0.21 0.23 0.20 0.23 + 0.01 0.29 0.15 6.54 0.00 6.54 + 0.02 7.39 4.70

Pac Arc Res V 488 Pac Bay Mnrls V 232 Pac Booker Min* O 10 Pac Booker Min V 9 Pac Iron Ore V 99 Pac North West* O 150 Pac North West V 2338 Pac Potash V 79 Pac Topaz V 220 Pac Wildcat* O 5 Pacific Rim 207 Pacton Gold V 848 O 238 Paladin Energy* Palamina Corp* O 183 Palamina Corp V 16 Pan Am Silver* D 4344 Pan Am Silver T 568 O 6 Pancontinental* Pantheon Vent V 1128 Para Resources V 327 Parallel Mng V 178 Parana Copper 10 Paringa Res* O 2 Pasinex Res 219 Patriot Gold* O 229 Peabody Enrgy* N 5549 Peat Res V 650 Pedro Res V 90 Peloton Mnrls* O 76 Peloton Mnrls 108 Peregrine Diam T 1884 Pershing Gold* D 454 Pershing Gold T 3 Pershing Res* O 895 Philippine Mtl V 23 Philippine Mtl* O 4 Pine Cliff En T 694 Pine Cliff En* O 89 Pinecrest Res V 4 Pistol Bay Mng V 157 PJSC Polyus Gd* O 0 PJX Res V 138 Plateau Uran* O 24 Plateau Uran V 236 Platinex Inc 13204 Platinum Gp Mt T 281 Platinum Gp Mt* X 2019 Plato Gold V 1937 Playfair Mng V 506 PolyMet Mng* X 1085 PolyMet Mng T 139 Portage Res* O 274 Portofino Res V 14235 Potash Corp SK T 6750 Potash Corp SK* N 17395 Potash Ridge T 1225 Potash Ridge* O 341 Power Metals* O 208 Power Metals V 3639 PPX Mining V 171 Precipitate Gl V 521 Premier Gold M T 1063 Premium Expl* O 51 Pretium Res* N 6537 Pretium Res T 1612 Primero Mng T 1739 Primero Mng* O 362 Prize Mng* O 29 Prize Mng V 1207 Probe Metals* O 441 Probe Metals V 557 Prophecy Coal T 11 O 3 Prophecy Coal* Prosper Gold V 431 Prospero Silvr* O 157 Provenance Gld 88 Providence V 1362 95 PUF Vent Inc * O PUF Vent Inc 986 Puma Expl V 12200 Pure Energy* O 1884 Pure Energy V 833 Pure Gold Mg* O 197 Pure Gold Mg V 846 Pure Nickel V 713 Pure Nickel* O 18 Purepoint Uran V 1368 Q-Gold Res V 364 QMC Quantum Ml* O 2302 QMC Quantum Ml V 2283 QMX Gold* O 65 Quantum Cobalt 843 Quartz Mtn Res* O 1 Quartz Mtn Res V 36 Quaterra Res* O 605 Quaterra Res V 332 99 Quest Rare Mnl* O Quinto Res V 958

0.30 0.00 0.30 + 0.14 0.30 0.09 0.03 0.03 0.03 - 0.01 0.07 0.03 0.94 0.84 0.94 + 0.10 0.99 0.35 1.20 0.96 1.20 + 0.15 1.44 0.42 0.23 0.14 0.14 - 0.02 0.23 0.13 0.05 0.04 0.05 + 0.00 0.10 0.04 0.06 0.05 0.05 - 0.01 0.15 0.05 0.04 0.04 0.04 - 0.01 0.05 0.03 0.14 0.12 0.14 + 0.02 0.23 0.10 0.00 0.00 0.00 - 0.01 0.04 0.00 0.84 0.70 0.80 + 0.29 0.57 0.33 0.08 0.06 0.07 - 0.01 0.16 0.04 0.03 0.01 0.02 - 0.00 0.13 0.00 0.16 0.12 0.15 + 0.00 0.19 0.10 0.20 0.17 0.19 + 0.03 0.26 0.14 16.70 16.07 16.15 - 0.25 21.29 13.80 21.42 20.54 20.63 - 0.39 27.99 18.70 0.02 0.02 0.02 - 0.00 0.08 0.02 0.13 0.11 0.11 + 0.01 0.38 0.08 0.16 0.14 0.14 - 0.01 0.27 0.13 0.08 0.07 0.07 - 0.01 0.16 0.06 0.10 0.06 0.06 - 0.05 0.15 0.03 0.42 0.30 0.42 + 0.12 0.50 0.26 0.31 0.27 0.31 + 0.03 0.34 0.10 0.10 0.10 0.10 + 0.00 0.14 0.07 32.07 30.26 31.55 + 0.86 32.50 22.58 0.01 0.01 0.01 - 0.01 0.03 0.01 0.27 0.19 0.19 - 0.07 1.05 0.13 0.08 0.06 0.06 - 0.01 0.08 0.04 0.10 0.08 0.08 - 0.01 0.11 0.05 0.15 0.12 0.12 - 0.01 0.26 0.11 2.97 2.80 2.92 - 0.03 4.40 2.60 3.72 3.65 3.65 - 0.07 5.52 3.44 0.04 0.02 0.03 + 0.01 0.10 0.02 0.10 0.07 0.07 - 0.03 0.16 0.03 0.05 0.00 0.05 - 0.03 0.10 0.01 0.53 0.50 0.53 + 0.02 1.22 0.49 0.45 0.39 0.40 + 0.00 0.89 0.39 0.32 0.32 0.32 - 0.03 0.56 0.16 0.04 0.00 0.04 - 0.01 0.12 0.04 41.00 0.00 41.00 - 8.00 50.23 31.83 0.14 0.12 0.14 - 0.01 0.27 0.11 0.22 0.22 0.22 - 0.01 0.54 0.12 0.30 0.00 0.27 - 0.02 0.71 0.17 0.10 0.05 0.10 + 0.05 0.23 0.05 0.57 0.50 0.50 - 0.04 3.19 0.43 0.44 0.39 0.39 - 0.03 2.45 0.35 0.04 0.03 0.04 + 0.01 0.04 0.01 0.07 0.06 0.07 + 0.01 0.15 0.05 0.66 0.60 0.61 - 0.04 0.97 0.57 0.83 0.77 0.77 - 0.03 1.27 0.71 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.05 0.11 + 0.06 0.11 0.04 25.43 24.39 24.64 + 0.12 26.62 20.68 19.75 19.02 19.32 + 0.21 20.27 15.74 0.12 0.10 0.11 - 0.01 0.35 0.10 0.09 0.08 0.08 - 0.01 0.25 0.08 0.35 0.30 0.33 + 0.03 0.38 0.07 0.46 0.38 0.45 + 0.05 0.55 0.07 0.08 0.07 0.07 - 0.01 0.12 0.05 0.10 0.09 0.09 - 0.01 0.23 0.09 3.52 3.29 3.33 - 0.08 4.13 1.87 0.01 0.00 0.01 + 0.01 0.03 0.00 11.60 11.07 11.30 + 0.17 12.53 6.82 14.90 14.18 14.40 + 0.12 16.48 9.17 0.09 0.08 0.08 + 0.01 1.89 0.08 0.07 0.06 0.07 + 0.00 1.41 0.06 0.38 0.34 0.36 + 0.06 0.52 0.21 0.48 0.44 0.48 + 0.06 0.72 0.25 1.15 1.10 1.11 - 0.05 1.42 0.75 1.48 1.39 1.42 - 0.06 1.74 0.99 4.71 4.48 4.70 + 0.05 7.19 2.75 3.66 0.00 3.66 - 0.00 5.17 2.21 0.10 0.08 0.08 - 0.01 0.28 0.08 0.14 0.12 0.14 + 0.02 0.26 0.12 0.25 0.20 0.20 - 0.05 0.40 0.08 0.25 0.13 0.20 + 0.05 0.27 0.07 0.38 0.34 0.36 - 0.02 0.56 0.15 0.48 0.44 0.45 - 0.02 0.65 0.20 0.13 0.08 0.10 + 0.02 0.13 0.05 0.37 0.33 0.35 - 0.01 0.57 0.33 0.47 0.43 0.43 - 0.01 0.75 0.43 0.41 0.37 0.38 - 0.03 0.55 0.29 0.53 0.49 0.49 - 0.04 0.72 0.40 0.03 0.02 0.03 + 0.01 0.03 0.01 0.01 0.01 0.01 + 0.00 0.03 0.00 0.07 0.06 0.07 + 0.01 0.19 0.06 0.03 0.03 0.03 - 0.01 0.05 0.03 0.31 0.23 0.27 - 0.03 0.37 0.02 0.39 0.30 0.37 - 0.03 0.46 0.04 0.19 0.17 0.19 + 0.01 0.29 0.05 0.94 0.76 0.92 + 0.15 3.15 0.20 0.04 0.00 0.04 - 0.01 0.07 0.03 0.07 0.00 0.07 - 0.01 0.12 0.04 0.06 0.05 0.05 - 0.01 0.13 0.03 0.08 0.07 0.07 - 0.02 0.15 0.06 0.01 0.00 0.01 - 0.00 0.23 0.00 0.11 0.08 0.11 + 0.03 0.18 0.05

Rackla Mtls V 29 Radius Gold V 177 Rainforest Res* O 1 Rainy Mtn Royl* O 12 Rainy Mtn Royl V 223 Randgold Res* D 3472 Rapier Gold V 331 Rathdowney Res V 80 Ravencrest Res 467 RB Energy* O 313 Red Eagle Mng T 1764 Red Eagle Mng* O 123 Red Moon Res V 12 Red Oak Mg V 3 Redstar Gold V 2266 Redstar Gold* O 613 Redzone Res V 251 Regency Gold V 1 Reliant Gold V 385 Remington Res V 393 Renaissance Gd* O 89 Renaissance Gd V 81 Renforth Res 1986 Resolve Vent V 790 Resource Cap V 667 Reunion Gold V 246 Revelo Res V 138 Revival Gold * O 8 Revival Gold V 27 Richmond Mnls* O 110 Richmont Mines* N 1278 Richmont Mines T 1705 Rift Valley 266 Riley Resource V 38 Rimrock Gold* O 272642 Rio Novo Gold T 45 Rio Silver V 49 Rio Tinto* N 9502 Rio Tinto* O 1 Rio Tinto* O 12 Riverside Res V 84 Riverside Res* O 12 Rock Tech Lith* O 12 Rock Tech Lith V 380 Rockcliff Met V 333 V 262 Rockhaven Res Rockshield Cap 1914 Rockwealth Res V 63 Rogue Res V 101

0.15 0.00 0.15 - 0.02 0.19 0.08 0.11 0.10 0.10 - 0.01 0.17 0.09 6.47 5.75 6.30 + 0.55 7.50 1.00 0.04 0.03 0.03 - 0.02 0.14 0.04 0.06 0.05 0.05 - 0.01 0.18 0.05 99.71 89.79 91.26 - 6.23 108.29 67.54 0.08 0.06 0.07 - 0.01 0.15 0.06 0.18 0.15 0.16 - 0.03 0.33 0.13 1.53 1.38 1.52 + 0.17 1.53 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.35 0.29 0.34 + 0.05 1.05 0.23 0.27 0.23 0.26 + 0.04 0.79 0.17 0.08 0.00 0.05 - 0.03 0.08 0.03 0.25 0.21 0.21 - 0.05 0.25 0.05 0.08 0.07 0.08 + 0.01 0.16 0.07 0.06 0.05 0.06 + 0.01 0.12 0.05 0.13 0.10 0.12 + 0.01 0.27 0.10 0.15 0.00 0.15 + 0.04 0.38 0.10 0.02 0.02 0.02 + 0.01 0.05 0.02 0.55 0.41 0.46 + 0.03 1.80 0.40 0.30 0.25 0.26 + 0.01 0.38 0.20 0.39 0.32 0.32 + 0.01 0.49 0.25 0.06 0.05 0.06 + 0.01 0.09 0.03 0.05 0.03 0.05 + 0.02 0.06 0.02 0.12 0.10 0.11 - 0.01 0.35 0.10 0.13 0.11 0.12 - 0.01 0.17 0.03 0.04 0.04 0.04 - 0.01 0.12 0.04 0.59 0.57 0.59 + 0.05 0.70 0.54 0.75 0.70 0.74 + 0.04 0.86 0.08 0.05 0.04 0.04 - 0.01 0.15 0.03 9.05 8.55 8.75 + 0.10 10.45 5.45 11.60 11.05 11.21 + 0.07 13.19 7.36 0.09 0.05 0.09 + 0.04 0.15 0.03 0.15 0.11 0.11 - 0.04 0.20 0.11 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.09 0.09 - 0.01 0.23 0.09 0.05 0.04 0.05 + 0.01 0.16 0.04 49.78 47.16 49.24 + 1.79 50.77 33.91 48.85 48.10 48.85 + 0.75 49.90 34.48 55.00 0.00 55.00 + 3.29 56.20 40.70 0.29 0.26 0.28 + 0.02 0.60 0.26 0.22 0.20 0.22 + 0.02 0.46 0.20 1.49 1.27 1.49 + 0.25 1.49 0.59 1.90 1.49 1.84 + 0.35 2.10 0.75 0.11 0.10 0.10 + 0.01 0.14 0.06 0.16 0.14 0.16 + 0.01 0.22 0.12 0.29 0.16 0.20 + 0.04 0.29 0.05 0.21 0.18 0.20 - 0.02 0.30 0.15 0.24 0.21 0.21 - 0.04 0.74 0.18

P-Q

2017-11-07 1:33 PM

WWW.NORTHERNMINER.COM

NOVEMBER 13–26, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Rokmaster Res V 45 181 Romios Gold Rs V 17 Romios Gold Rs* O Rosita Mg Corp V 206 Rotation Mnls V 10 Roughrider Exp V 204 T 917 Roxgold Royal Gold* D 2367 Royal Nickel T 3642 Royal Nickel* O 723 Royal Rd Mnrls V 571 986 Royal Std Mnrl* O RT Minerals* O 2 RT Minerals V 247 RTG Mining T 99 Rubicon Mnrls* O 8 Rugby Mng V 206 Running Fox Rs V 2630 Running Fox Rs* O 49 Rusoro Mng* O 5047 Rusoro Mng V 16295 Rye Patch Gold* O 709 Rye Patch Gold V 1416

0.04 0.03 0.03 - 0.01 0.08 0.03 0.08 0.07 0.08 + 0.01 0.10 0.04 0.06 0.05 0.06 + 0.00 0.08 0.03 0.03 0.02 0.02 - 0.01 0.07 0.02 0.22 0.22 0.22 - 0.04 0.45 0.12 0.05 0.04 0.04 - 0.01 0.12 0.04 1.12 1.06 1.10 - 0.02 1.67 1.03 86.99 83.31 86.00 + 1.23 94.39 60.21 0.20 0.18 0.20 + 0.02 0.39 0.17 0.16 0.14 0.16 + 0.01 0.30 0.12 0.11 0.09 0.09 - 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.03 0.03 - 0.00 0.10 0.03 0.05 0.04 0.04 - 0.01 0.16 0.04 0.17 0.12 0.12 - 0.05 0.40 0.12 1.19 1.12 1.14 + 0.01 1.48 1.00 0.32 0.30 0.32 - 0.01 0.50 0.23 0.03 0.02 0.03 + 0.01 0.04 0.02 0.02 0.01 0.02 + 0.00 0.02 0.01 0.09 0.06 0.06 - 0.02 0.21 0.06 0.12 0.08 0.08 - 0.03 0.32 0.08 0.18 0.15 0.17 - 0.01 0.27 0.14 0.23 0.20 0.21 - 0.02 0.37 0.18

Sabina Gd&Slvr* O 847 T 1519 Sabina Gd&Slvr Sable Res V 1081 Sage Gold* O 81 Sage Gold V 734 Saint Jean* O 49 Salazar Res V 129 Sama Res* O 40 Sama Res V 3540 Samex Mng* O 389 San Marco Res V 158 O 154 Sandspring Res* Sandspring Res V 436 Sandstorm Gold T 1107 Sandstorm Gold* X 5703 Sandy Lake Gld V 803 264 Santa Fe Gold* O Santacruz Silv V 701 Sarama Res V 298 Sarissa Res* O 376 Savary Gold* O 487 Saville Res V 287 Scandium Intl* O 282 Scandium Intl T 929 Scorpio Gold V 547 ScoZinc Mg V 42 Seabridge Gld T 230 Seabridge Gld* N 1797 Search Mnls V 174 Searchlight* O 286 Secova Mtls* O 264 Sego Res V 325 Select Sands V 943 Semafo T 4716 Senator Mnrls* O 3 Senator Mnrls V 1720 Sennen Potash V 13 Serabi Gold T 502 Serengeti Res V 102 Shamrock Ent 153 Sherritt Intl T 7836 Shoshoni Gold V 70 Sibanye Gold* N 13063 Sidney Resrces* O 81 Sienna Res* O 12 Sienna Res V 306 Sierra Metals* X 66 Sierra Metals T 48 Signature Res V 154 Silver Bear Rs T 781 Silver Bear Rs* O 306 Silver Bull Re* O 1103 Silver Bull Re T 1717 Silver Dragon* O 630 Silver Grail V 53 Silver Pursuit V 143 Silver Range V 193 Silver Spruce V 433 Silver Wheaton T 4263 Silver Wheaton* N 11252 Silvercorp Met T 1621 Silvercorp Met* X 1543 SilverCrest Mt* O 116 SilverCrest Mt V 159 Silvermet V 92 Silverstar Res* O 4 Sirios Res V 414 Sirios Res* O 53 Skeena Res V 495 Skeena Res* O 129 Skyharbour Res* O 150

1.82 1.62 1.79 + 0.07 2.17 0.61 2.32 2.09 2.26 + 0.07 2.70 0.84 0.18 0.13 0.17 + 0.02 0.20 0.10 0.12 0.12 0.12 + 0.00 0.20 0.08 0.19 0.16 0.18 + 0.02 0.27 0.11 0.04 0.02 0.03 - 0.00 0.26 0.02 0.13 0.12 0.12 - 0.01 0.18 0.08 0.29 0.23 0.27 - 0.03 0.34 0.05 0.38 0.30 0.36 + 0.01 0.44 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.17 0.17 0.17 + 0.01 0.27 0.14 0.27 0.24 0.25 + 0.01 0.51 0.23 0.34 0.31 0.32 + 0.01 0.67 0.31 5.79 5.44 5.60 + 0.02 6.81 4.29 4.52 4.25 4.40 + 0.05 5.18 3.18 0.06 0.05 0.05 - 0.01 0.13 0.04 0.10 0.09 0.10 + 0.00 0.23 0.03 0.16 0.14 0.15 - 0.01 0.46 0.14 0.11 0.09 0.10 - 0.01 0.29 0.09 0.01 0.00 0.00 - 0.00 0.01 0.00 0.04 0.04 0.04 + 0.01 0.09 0.04 0.11 0.09 0.09 - 0.02 0.40 0.08 0.26 0.22 0.23 - 0.02 0.35 0.11 0.32 0.29 0.29 - 0.01 0.48 0.15 0.05 0.05 0.05 - 0.01 0.15 0.05 1.50 1.20 1.39 + 0.18 1.75 0.76 17.65 16.43 16.62 + 0.06 17.65 9.99 13.70 12.85 13.00 + 0.10 13.70 7.35 0.04 0.03 0.03 - 0.01 0.10 0.03 0.04 0.03 0.03 - 0.01 0.13 0.01 0.03 0.02 0.03 - 0.00 0.09 0.02 0.06 0.06 0.06 + 0.01 0.08 0.02 0.45 0.41 0.45 + 0.01 2.04 0.41 3.34 3.17 3.24 + 0.08 5.52 2.68 0.88 0.82 0.82 - 0.06 1.57 0.43 1.12 0.88 0.92 - 0.17 1.99 0.47 0.51 0.00 0.50 - 0.03 1.10 0.45 0.07 0.07 0.07 + 0.01 0.10 0.05 0.21 0.18 0.18 - 0.02 0.26 0.11 0.05 0.04 0.04 - 0.01 0.06 0.02 1.47 1.17 1.29 + 0.10 1.67 0.74 0.06 0.05 0.05 - 0.02 0.08 0.04 5.52 5.04 5.51 + 0.47 11.76 4.27 0.01 0.01 0.01 - 0.00 0.02 0.00 0.14 0.11 0.14 + 0.01 0.14 0.07 0.17 0.15 0.16 + 0.01 0.17 0.09 2.60 2.40 2.59 + 0.17 3.10 1.40 3.30 3.09 3.29 + 0.24 3.75 1.78 0.09 0.08 0.09 + 0.01 0.19 0.07 0.15 0.12 0.12 - 0.03 0.49 0.12 0.12 0.09 0.10 - 0.02 0.38 0.08 0.09 0.08 0.08 - 0.01 0.16 0.06 0.12 0.10 0.11 - 0.01 0.21 0.08 0.01 0.01 0.01 - 0.00 0.03 0.01 0.08 0.07 0.08 + 0.01 0.13 0.05 0.21 0.19 0.21 + 0.01 0.23 0.10 0.14 0.12 0.12 - 0.01 0.29 0.08 0.06 0.05 0.06 + 0.01 0.12 0.05 27.34 25.72 26.13 - 0.41 33.50 22.63 21.32 20.14 20.47 - 0.22 24.97 16.94 3.37 3.10 3.19 + 0.09 5.90 2.82 2.63 2.42 2.50 + 0.07 4.50 2.07 1.11 0.98 1.07 + 0.05 2.14 0.95 1.43 1.26 1.35 + 0.05 2.86 1.21 0.12 0.11 0.12 + 0.01 0.22 0.03 2.18 2.10 2.10 - 0.02 3.36 1.51 0.34 0.31 0.32 - 0.02 0.56 0.25 0.26 0.25 0.25 - 0.04 0.42 0.21 0.53 0.46 0.48 - 0.06 1.20 0.40 0.41 0.37 0.41 + 0.01 0.95 0.27 0.28 0.24 0.27 + 0.01 0.54 0.18

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sokoman Iron* O 156 Sokoman Iron V 3656 SolGold plc* O 262 SolGold plc T 327 Solitario Ex&R T 52 Solitario Ex&R* X 350 Sonora Res * O 51 Sonoro Mtls V 50 Sonoro Mtls* O 6 Southern Arc* O 21 Southern Arc V 71 N 4540 Southern Copp* Southern Lith V 6526 Southern Silvr* O 105 Southern Silvr V 245 Spanish Mtn Gd V 543 Sparton Res V 21200 Sparton Res* O 309 Spearmint Res V 1874 Sphinx Res V 456 Sprott Res Hld T 1317 Spruce Ridge R V 1071 Squire Mg Ltd 50 SRG Graphite V 584 SSR Mining T 820 SSR Mining* D 2994 St Augustine T 236 St Elias Mns* O 225 V 24 Stakeholdr Gld Stakeholdr Gld* O 22 Standard Lith V 2999 Stans Energy* O 217 Stans Energy V 398 Star Gold* O 56 Starcore Intl T 164 27 Starr Peak Exp V Stellar Africa V 399 Stelmine Can V 104 Stina Res* O 293 Stina Res 2405 Stornoway Diam* O 31 Stratabd Mnr V 686 Strategic Metl* O 64 Strikepoint Gd V 722 Strikepoint Gd* O 78 Strongbow Expl V 297 Stroud Res V 1015 Sulliden Mng T 1267 Suncor Energy T 13898 Suncor Energy* N 18604 Sunvest Mnrls* O 12 Sunvest Mnrls V 2471 Superior Gold* O 5 Superior Gold V 106 Supreme Metals 718 Sutter Gold* O 82 Syrah Res* O 302

0.04 0.02 0.04 + 0.02 0.08 0.02 0.07 0.04 0.05 - 0.01 0.12 0.03 0.45 0.34 0.45 + 0.11 0.63 0.27 0.61 0.48 0.53 + 0.05 0.95 0.42 0.82 0.77 0.79 - 0.04 1.21 0.76 0.66 0.59 0.62 - 0.03 0.91 0.58 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.00 0.14 - 0.01 0.16 0.08 0.10 0.09 0.10 + 0.01 0.12 0.09 0.57 0.55 0.55 - 0.02 0.65 0.30 0.74 0.70 0.70 - 0.03 0.90 0.38 44.23 42.20 42.89 + 0.41 44.69 26.52 0.09 0.06 0.07 + 0.01 0.42 0.04 0.24 0.20 0.22 - 0.01 0.46 0.19 0.31 0.27 0.29 - 0.02 0.60 0.27 0.12 0.10 0.11 - 0.01 0.23 0.09 0.14 0.04 0.10 + 0.06 0.14 0.03 0.11 0.02 0.08 + 0.05 0.07 0.02 0.04 0.04 0.04 - 0.01 0.06 0.02 0.06 0.05 0.06 + 0.01 0.08 0.04 0.15 0.14 0.14 - 0.01 0.23 0.14 0.02 0.01 0.02 - 0.01 0.04 0.01 0.08 0.08 0.08 - 0.02 0.14 0.05 1.69 1.31 1.60 + 0.06 1.69 0.15 12.64 12.03 12.25 - 0.20 17.20 10.32 9.86 9.41 9.60 - 0.10 11.40 8.89 0.04 0.03 0.03 - 0.01 0.06 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.28 0.00 0.25 - 0.01 0.61 0.19 0.20 0.18 0.20 - 0.01 0.46 0.17 2.49 2.06 2.35 + 0.26 2.49 0.30 0.03 0.03 0.03 - 0.01 0.06 0.02 0.04 0.04 0.04 - 0.01 0.08 0.03 0.10 0.06 0.06 - 0.05 0.16 0.04 0.31 0.00 0.30 + 0.01 0.67 0.28 0.11 0.10 0.10 - 0.01 0.17 0.08 0.04 0.03 0.04 - 0.01 0.07 0.02 0.27 0.24 0.26 + 0.01 0.37 0.17 0.28 0.22 0.25 + 0.01 0.27 0.05 0.36 0.29 0.32 + 0.02 0.36 0.07 0.52 0.50 0.50 + 0.01 0.84 0.49 0.05 0.04 0.04 - 0.01 0.06 0.01 0.35 0.34 0.34 - 0.01 0.54 0.28 0.22 0.16 0.21 + 0.06 0.67 0.15 0.17 0.13 0.17 + 0.04 0.47 0.12 0.19 0.18 0.19 - 0.01 0.27 0.12 0.02 0.01 0.01 - 0.01 0.02 0.01 0.33 0.25 0.30 + 0.05 0.43 0.18 45.38 43.26 44.99 + 1.69 44.90 36.09 35.55 33.68 35.23 + 1.47 35.55 27.96 0.10 0.09 0.10 + 0.01 0.16 0.07 0.13 0.10 0.12 + 0.01 0.24 0.08 0.72 0.00 0.72 - 0.02 0.78 0.71 0.94 0.90 0.91 - 0.04 1.25 0.85 0.04 0.03 0.03 - 0.01 0.15 0.02 0.03 0.02 0.02 - 0.00 0.06 0.02 2.77 2.60 2.61 - 0.23 3.14 1.68

Tahoe Res* N 9426 Tahoe Res T 3414 Taku Gold 271 Talon Metals T 98 Tanager Energy V 54 V 109 Tanqueray Expl Tantalex Res 1709 Tanzania Rlty T 119 Tanzania Rlty* X 856 Taranis Res* O 259 Tartisan Res 2533 Tasca Res V 636 Taseko Mines T 1657 Taseko Mines* X 6390 Teck Res T 8316 Teck Res* N 23034 Teck Res T 14 Telson Res * O 34 Telson Res V 87 Tembo Gold V 215 Tembo Gold* O 232 Teranga Gold T 715 Teranga Gold* O 87 Teras Res V 369 Teras Res* O 71 Terraco Gold V 581 Terrax Mnrls* O 61 Terrax Mnrls V 628 Terreno Res V 343 Teslin Rvr Res V 784 Tethyan Res V 2478 Teuton Res V 618 Teuton Res* O 167 Texas Mineral* O 120 Theia Res V 128 Thor Expl V 7 Thunder Mtn Gd* O 28

4.91 4.58 4.68 + 0.07 11.88 4.24 6.33 5.86 5.97 + 0.04 16.17 5.31 0.15 0.10 0.14 + 0.01 0.25 0.06 0.11 0.00 0.11 + 0.01 0.15 0.06 0.15 0.13 0.13 - 0.02 0.20 0.07 0.97 0.82 0.82 - 0.13 1.56 0.72 0.12 0.09 0.10 - 0.02 0.17 0.03 0.38 0.34 0.36 - 0.01 0.95 0.34 0.29 0.26 0.28 - 0.01 0.70 0.25 0.08 0.07 0.08 - 0.03 0.11 0.06 0.17 0.11 0.14 + 0.03 0.18 0.03 0.20 0.08 0.12 + 0.05 0.20 0.05 2.91 2.65 2.77 + 0.04 2.96 0.60 2.26 2.05 2.17 + 0.11 2.46 0.45 27.55 26.24 26.59 - 0.19 35.67 19.27 21.35 20.36 20.84 - 0.02 26.60 14.56 28.52 26.57 26.88 - 0.36 36.49 20.00 0.62 0.00 0.53 - 0.05 0.72 0.11 0.80 0.67 0.70 - 0.03 0.89 0.16 0.03 0.02 0.03 + 0.01 0.06 0.01 0.02 0.01 0.02 - 0.00 0.04 0.01 2.72 2.51 2.54 - 0.15 5.25 2.51 2.11 1.95 1.99 - 0.14 6.40 1.95 0.14 0.10 0.12 + 0.03 0.19 0.08 0.10 0.09 0.09 - 0.01 0.13 0.07 0.10 0.08 0.08 - 0.02 0.17 0.08 0.40 0.37 0.38 - 0.01 0.70 0.30 0.51 0.46 0.46 - 0.04 0.92 0.40 0.05 0.04 0.05 + 0.01 0.08 0.03 0.59 0.51 0.54 - 0.03 0.76 0.21 0.06 0.04 0.05 + 0.01 0.10 0.04 0.21 0.17 0.18 - 0.01 0.35 0.15 0.15 0.13 0.13 - 0.02 0.26 0.11 0.21 0.20 0.20 - 0.01 0.39 0.09 0.11 0.10 0.11 + 0.01 0.15 0.07 0.19 0.17 0.19 - 0.01 0.25 0.08 0.15 0.14 0.14 - 0.02 0.30 0.06

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Thunderstruck* O 21 Till Capital* D 71 Tiller Res V 155 Timberline Res* O 130 V 135 Timberline Res Timmins Gold T 467 Timmins Gold* X 374 Tinka Res V 2368 Tinka Res* O 1036 Tintina Res V 1176 Tintina Res* O 1000 Tirex Res* O 86 Titan Mining T 1191 Titanium Corp V 112 2 TMAC Resource* O TMAC Resources T 333 TNR Gold V 1372 Toachi Mg Inc* O 3 Toachi Mg Inc V 38 Tolima Gold V 10713 TomaGold V 1942 Tombstone Expl* O 1098 Tonogold Res* O 45 Torex Gold* O 30 Torex Gold T 1027 Toron, Inc* O 949 Torq Resources V 220 Tower Res V 197 Tower Res* O 23 Treasury Metal T 515 Treasury Metal* O 16 Trecora Res* N 136 Trek Mining V 2278 Trek Mining* O 802 Trevali Mng T 14159 Trevali Mng* O 973 Trifecta Gold* O 30 Trifecta Gold V 41 Trilogy Mtls T 36 Trilogy Mtls* X 464 TriMetals Mng T 323 TriMetals Mng* O 112 TriMetals Mng* O 56 Trinity Res* O 5 Trinity Valley V 352 Trio Resources* O 1356 TriStar Gold* O 114 TriStar Gold V 103 Triumph Gold V 158 Triumph Gold* O 119 Troy Enrgy V 158 True Grit Res V 1565 Trueclaim Expl V 39 Tsodilo Res V 50 Tudor Gold V 84 Tudor Gold * O 32 Turquoise HIl T 1805 Turquoise HIl* N 7177 TVI Pacific* O 404 Typhoon Expl V 45

0.07 0.06 0.06 - 0.00 0.11 0.06 5.11 3.93 4.50 + 0.58 5.11 3.30 0.30 0.21 0.30 + 0.06 0.65 0.05 0.31 0.26 0.27 - 0.02 0.52 0.02 0.38 0.32 0.34 - 0.04 0.69 0.32 5.23 4.98 5.00 - 0.19 7.99 3.70 4.09 3.90 3.90 - 0.16 6.06 2.70 0.77 0.59 0.70 + 0.10 0.78 0.19 0.60 0.46 0.56 + 0.08 0.60 0.14 0.07 0.06 0.07 + 0.01 0.14 0.06 0.06 0.05 0.06 + 0.00 0.10 0.04 0.04 0.03 0.03 - 0.01 0.09 0.02 1.40 1.33 1.33 - 0.02 1.40 1.26 1.50 1.35 1.41 - 0.06 1.50 0.41 6.41 0.00 6.41 + 0.40 14.36 5.64 8.56 7.81 8.41 + 0.58 19.25 6.90 0.07 0.05 0.07 + 0.01 0.07 0.02 0.24 0.24 0.24 - 0.02 0.35 0.24 0.27 0.27 0.27 - 0.04 0.62 0.25 0.01 0.01 0.01 - 0.01 0.03 0.01 0.08 0.07 0.07 - 0.01 0.13 0.06 0.01 0.00 0.01 + 0.00 0.01 0.00 0.15 0.10 0.14 - 0.01 0.16 0.02 14.23 13.80 14.04 + 0.14 25.59 12.73 18.32 17.71 17.96 + 0.13 33.85 17.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.62 0.56 0.56 - 0.08 1.00 0.54 0.15 0.14 0.15 + 0.01 0.34 0.11 0.11 0.11 0.11 + 0.02 0.24 0.09 0.69 0.62 0.65 - 0.04 0.90 0.51 0.53 0.48 0.51 - 0.03 0.67 0.30 12.65 11.70 12.25 - 0.35 14.80 9.75 1.03 0.99 1.00 - 0.03 2.02 0.96 0.81 0.77 0.79 - 0.00 1.55 0.75 1.49 1.35 1.45 + 0.09 1.64 1.00 1.18 1.06 1.14 + 0.06 1.34 0.76 0.11 0.00 0.11 + 0.01 0.20 0.10 0.15 0.13 0.14 - 0.01 0.40 0.13 1.38 1.23 1.27 - 0.03 1.60 0.58 1.05 0.99 1.00 - 0.02 1.35 0.41 0.18 0.16 0.16 - 0.01 0.29 0.16 0.14 0.12 0.14 + 0.00 0.23 0.12 0.19 0.15 0.18 - 0.00 0.21 0.11 0.10 0.00 0.10 + 0.09 0.17 0.01 0.03 0.00 0.02 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.20 0.18 0.19 - 0.01 0.34 0.17 0.27 0.24 0.24 - 0.03 0.44 0.22 0.32 0.28 0.30 - 0.01 0.57 0.18 0.26 0.22 0.26 + 0.01 0.46 0.13 0.10 0.05 0.10 + 0.02 0.15 0.01 0.07 0.05 0.06 + 0.01 0.08 0.01 0.16 0.00 0.14 + 0.06 0.45 0.08 0.65 0.56 0.65 + 0.09 1.05 0.56 0.69 0.53 0.57 - 0.05 0.94 0.37 0.49 0.00 0.46 + 0.00 0.71 0.33 4.05 3.89 4.00 + 0.11 5.03 3.25 3.19 3.01 3.12 + 0.09 3.80 2.44 0.01 0.00 0.00 - 0.00 0.06 0.00 0.07 0.07 0.07 - 0.01 0.12 0.06

U3O8 Corp T 118 U3O8 Corp* O 28 346 Ucore Rare Mtl* O UEX Corp T 1174 Ultra Lithium* O 33 Ultra Lithium V 336 Umbral Enrgy* O 8 Umbral Enrgy 4559 Unigold* O 45 V 139 Unigold United Res Hdg* O 119 United States A* X 435 United States S* N 96578 Unity Energy V 36 Universal Vent V 216 Upper Canyon V 26 Ur-Energy T 193 Ur-Energy* X 619 Uracan Res* O 4 Uragold Bay Rs V 821 Uranium Energy* X 7875 Uranium Res* D 1795 URZ Energy* O 282 URZ Energy V 231 US Cobalt * O 264 V 967 US Cobalt US Energy* D 403 US Precious M* O 1635 USCorp* O 27 Vale* N 141650 Vale* N 15102 Valley High Mg* O 866 Valterra Res V 188 Valterra Res* O 108

0.28 0.25 0.26 + 0.01 1.00 0.21 0.27 0.18 0.27 + 0.04 0.36 0.18 0.24 0.21 0.21 + 0.00 0.28 0.18 0.18 0.15 0.17 + 0.01 0.43 0.15 0.31 0.25 0.26 + 0.00 0.31 0.11 0.40 0.30 0.39 + 0.06 0.40 0.14 0.12 0.11 0.11 - 0.02 0.15 0.02 0.16 0.14 0.14 - 0.01 0.20 0.03 0.21 0.20 0.20 - 0.01 0.25 0.12 0.29 0.23 0.23 - 0.03 0.35 0.15 0.01 0.01 0.01 + 0.01 0.04 0.01 0.25 0.20 0.23 - 0.02 0.52 0.20 29.33 24.82 27.04 - 0.04 41.83 18.55 0.17 0.00 0.16 + 0.02 0.35 0.11 0.42 0.38 0.42 + 0.01 0.50 0.35 0.31 0.00 0.30 - 0.01 0.60 0.05 0.70 0.65 0.69 + 0.04 1.19 0.55 0.55 0.51 0.54 + 0.01 0.91 0.41 0.03 0.01 0.02 - 0.01 0.07 0.01 0.13 0.10 0.11 - 0.02 0.26 0.08 1.18 0.96 1.05 - 0.11 1.92 0.81 0.90 0.77 0.80 - 0.06 4.00 0.77 0.40 0.31 0.37 + 0.03 0.51 0.31 0.50 0.40 0.48 + 0.05 0.79 0.20 0.53 0.47 0.47 - 0.05 0.88 0.27 0.68 0.60 0.60 - 0.06 0.99 0.45 1.25 1.08 1.16 - 0.04 2.74 0.60 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 10.26 9.73 10.09 + 0.08 11.72 6.59 9.56 9.07 9.40 + 0.07 11.10 6.20 0.00 0.00 0.00 + 0.00 0.02 0.00 0.04 0.03 0.03 - 0.01 0.06 0.03 0.04 0.03 0.04 + 0.00 0.05 0.01

Stock

Week

12-month

Exc Volume High Low Last Change High Low

Vanadium One V 11704 O 292 Vanadiumcorp* Vangold Res* O 0 Vangold Res V 200 Vatic Vent V 1327 N 2120 Vedanta* Velocity Mnrls V 267 O 426 Vendetta Mng* Vendetta Mng V 1219 V 40 Venerable Vent Verde Potash T 428 Veris Gold* O 1 Victoria Gold V 843 Victory Nickel* O 101 Victory Nickel 333 Victory Res* O 0 Victory Vent V 944 Virginia Enrgy V 79 O 30 Virginia Enrgy* Viscount Mng V 182 373 Visible Gold M V 32 Visible Gold M* O Vista Gold T 47 Vista Gold* X 1298 Volcanic Gold V 60 Voltaic Min V 507 Voyageur Min V 224 VR Resources V 124 Vulcan Mnrls V 29

0.06 0.11 + 0.02 0.19 0.13 0.09 0.03 0.08 - 0.02 0.13 0.10 0.08 0.06 0.01 1.38 0.06 - 0.06 0.00 0.05 0.08 - 0.01 0.22 0.08 0.00 0.04 0.06 + 0.01 0.12 0.06 0.05 11.55 20.92 - 0.05 21.63 21.63 20.58 0.22 0.34 + 0.08 0.47 0.34 0.27 0.08 0.19 + 0.01 0.27 0.19 0.16 0.10 0.23 + 0.01 0.35 0.24 0.22 0.09 0.09 - 0.01 0.18 0.11 0.09 0.20 0.41 - 0.15 1.77 0.60 0.39 0.00 0.00 - 0.00 0.02 0.00 0.00 0.42 0.51 - 0.01 0.74 0.53 0.51 0.00 0.04 + 0.02 0.14 0.04 0.02 0.02 0.05 + 0.01 0.09 0.05 0.04 0.13 0.01 - 0.12 0.69 0.00 0.00 0.06 0.09 + 0.01 0.76 0.09 0.08 0.04 0.12 - 0.02 0.38 0.15 0.12 0.03 0.10 - 0.03 0.54 0.10 0.00 0.22 0.26 - 0.01 0.81 0.29 0.26 0.10 0.09 0.09 - 0.02 0.35 0.09 0.08 0.04 0.04 - 0.04 0.15 0.07 0.86 0.86 - 0.07 1.61 0.93 0.85 0.63 0.68 - 0.05 1.24 0.72 0.67 0.22 0.35 - 0.01 0.65 0.36 0.34 0.05 0.06 + 0.01 0.24 0.06 0.05 0.04 0.08 - 0.05 0.15 0.12 0.08 0.18 0.30 + 0.03 0.51 0.30 0.27 0.04 0.06 - 0.01 0.08 0.06 0.00

Wabi Explor 36 Walker River V 371 275 War Eagle Mg V Waseco Res V 536 Wealth Mnrls* O 186 Wealth Mnrls V 337 O 490 Wellgreen Plat* V 39 Wescan Gldflds O 135 Wesdome Gold* T 4615 Wesdome Gold V 1972 West Af Res 279 West Kirkland * O 254 West Red Lake 76 West Red Lake* O O 46 Western Areas* T 279 Western Copper X 565 Western Copper* 12 Western Pac Rs* O T 91 Western Potash Western Res* O 11 39 Western Troy C V Western Uran* O 114 Western Uran 112 V 625 Westhaven Vent O 150 Westhaven Vent* Westmoreland* D 1575 O 19 WestMountain* O 901 Westridge Res* White Gold* O 60 White Gold V 336 27 White Mtn Engy* O Winston Gold 670 Winston Gold* O 483 Wolfden Res* O 449 Wolfden Res V 4289 Wolfeye Res V 3034 V 767 Wolverine Mnls WPC Res V 626 X-Terra Res V 307 X-Terra Res* O 313 Xander Res V 805 Xiana Mng V 15 Ximen Mng* O 37 107 XLI Tech Inc* O V 37 Xtierra Xtra-Gold Res T 459 O 383 Xtra-Gold Res* Yamana Gold T 9234 35829 Yamana Gold* N Yanzhou Coal* O 8 V 4 Yellowhead Mng Yorbeau Res T 1146 150 O Zadar Vent * Zadar Vent V 271 Zena Mng V 553 O 29 Zenyatta Vent* Zenyatta Vent V 400 Zephyr Mnls* O 56 Zephyr Mnls V 50 Zimtu Capital V 54 335 Zinc One Res * O Zinc One Res V 1266

0.05 0.08 - 0.01 0.09 0.09 0.08 0.07 0.10 + 0.01 0.18 0.10 0.09 0.06 0.05 0.06 + 0.01 0.08 0.02 0.04 0.04 - 0.02 0.12 0.05 0.04 0.71 1.55 + 0.04 1.69 1.55 1.45 0.95 1.97 + 0.05 2.10 1.97 1.86 0.16 0.23 - 0.00 0.38 0.25 0.23 0.05 0.07 + 0.01 0.13 0.12 0.00 0.00 1.55 + 0.07 3.22 1.61 1.36 1.77 1.99 + 0.09 4.40 2.11 1.77 0.42 0.37 0.40 - 0.01 0.42 0.19 0.06 0.05 0.06 + 0.01 0.09 0.04 0.12 0.09 0.11 - 0.01 0.31 0.09 0.09 0.08 0.09 - 0.00 0.24 0.08 1.57 2.17 - 0.09 2.44 2.26 2.14 1.00 1.30 - 0.06 2.24 1.38 1.27 0.75 0.03 1.80 1.01 - 1.09 0.99 0.01 0.01 0.01 + 0.00 0.03 0.01 0.37 0.40 - 0.03 1.80 0.44 0.40 0.29 0.33 + 0.00 0.47 0.33 0.33 0.04 0.03 0.03 + 0.01 0.04 0.02 0.65 0.78 + 0.04 2.17 0.79 0.65 0.80 0.99 + 0.04 2.80 1.00 0.80 0.07 0.10 + 0.01 0.15 0.12 0.10 0.05 0.08 - 0.00 0.10 0.08 0.08 2.10 1.65 1.69 - 0.36 19.92 1.65 0.00 0.01 + 0.00 0.08 0.01 0.00 0.12 0.29 + 0.06 0.26 0.29 0.23 0.74 1.11 + 0.05 1.73 1.18 1.06 0.84 1.39 + 0.04 2.34 1.50 1.35 0.00 0.00 0.00 - 0.00 0.05 0.00 0.03 0.04 + 0.01 0.34 0.04 0.03 0.02 0.04 + 0.01 0.04 0.04 0.02 0.10 0.29 + 0.09 0.29 0.29 0.00 0.08 0.36 + 0.11 0.37 0.37 0.25 0.23 1.45 + 0.07 1.64 1.64 1.40 0.05 0.09 + 0.01 0.13 0.09 0.08 0.04 0.04 - 0.01 0.11 0.05 0.00 0.16 0.24 + 0.01 0.40 0.25 0.23 0.16 0.17 - 0.05 0.28 0.20 0.00 0.22 0.26 + 0.01 0.42 0.26 0.22 0.08 0.09 + 0.01 0.21 0.13 0.09 0.02 0.04 + 0.01 0.09 0.04 0.02 0.01 0.01 0.01 + 0.00 0.05 0.00 0.02 0.02 - 0.01 0.06 0.03 0.02 0.17 0.25 - 0.03 0.37 0.28 0.25 0.12 0.20 - 0.02 0.28 0.22 0.20 2.84 3.29 + 0.03 5.10 3.41 3.24 2.21 2.58 + 0.03 3.80 2.66 2.53 0.68 0.96 - 0.03 1.06 0.99 0.96 0.44 0.54 - 0.02 1.20 0.57 0.54 0.08 0.09 + 0.01 0.14 0.09 0.08 0.06 0.06 0.06 - 0.01 0.12 0.05 0.07 0.09 - 0.01 0.16 0.09 0.09 0.06 0.10 + 0.01 0.16 0.10 0.10 0.58 0.58 - 0.09 0.93 0.66 0.58 0.72 0.74 - 0.13 1.29 0.87 0.72 0.15 0.01 0.30 + 0.26 0.28 0.25 0.18 0.34 + 0.02 0.42 0.34 0.32 0.16 0.25 - 0.01 0.40 0.26 0.25 0.38 0.34 0.35 + 0.00 0.81 0.01 0.48 0.44 0.47 + 0.03 0.90 0.17

W-Z

U-V

BID-ASK — OCTOBER 30–NOVEMBER 3, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital Acme Res Corp African Metals Alba Minerals Alderon Iron* Allante Potash Alliance Mng ALQ Gold Altan Rio Mnls Amanta Res Anglo Pac Grp Angus Ventures APAC Res Inc Arch Coal* Archon Mineral Arco Res Arian Res Arrowstar Res Astar Mnls Astur Gold Atlatsa Res* Aurelius Min Baroyeca Go&Si BHK Mining Bird River Res Black Bull Res Boss Power Brigadier Gold Brunswick Res Buccaneer Gold Cameo Res Canex Energy Cascade Res Cassius Vents Castle Res Cerro Mng Chatham Rock Chieftain Mtls Chinapintza Mg Cicada Vents Cipher Res Cliffs Nat Res* Clydesdale Res CMX Gold & Sil CNRP Mng Compass Gold Cons Westview Copper Reef Mg Corazon Gold CWN M’g Acq Cyprium Mng Dawson Gold Declan Res Desert Star DV Resources Eastern Zinc Edgewater Expl Electra Stone European Metal EVI Global Grp Excalibur Res Fieldex Expl

20-22_Nov13_StockTables.indd 22

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

0.12 0.25 0.12 0.20 0.01 0.03 0.02 0.06 0.09 0.06 0.06 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.06 0.11 0.05 0.07 0.06 0.06 0.04 0.05 0.25 0.29 0.22 0.45 0.02 0.02 0.02 0.03 0.01 0.02 0.01 1.50 2.00 1.50 2.02 0.41 0.50 0.41 0.45 0.04 0.06 0.06 0.10 ... ... 0.58 0.90 1.30 1.00 1.70 0.06 0.08 0.06 0.12 0.01 0.02 0.01 0.02 0.04 0.05 0.04 0.08 0.31 1.00 0.35 0.40 0.06 0.08 0.08 0.10 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.05 0.09 0.12 0.09 0.09 0.10 0.18 0.10 0.15 0.17 0.20 0.17 0.17 0.25 0.17 0.30 0.02 0.03 0.03 0.05 0.03 0.04 0.03 0.08 1.40 1.40 1.34 1.75 0.33 0.40 0.32 0.70 0.02 0.04 0.02 0.03 0.05 0.03 0.06 0.17 0.37 0.19 0.42 0.05 0.10 0.05 0.18 0.39 0.51 0.51 0.90 ... ... 0.05 0.01 0.05 0.01 0.02 0.01 0.02 0.01 0.02 0.21 0.24 0.22 0.33 1.45 3.20 1.43 7.17 0.05 ... 0.06 0.06 0.08 0.09 0.09 0.10 0.71 0.76 0.76 12.50 0.06 0.08 0.07 0.12 0.40 0.70 0.40 0.55 0.02 0.03 0.02 0.04 0.52 0.55 0.55 0.55 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.08 0.15 0.34 0.30 0.30 0.21 0.22 0.21 0.30 0.39 0.50 0.45 0.47 0.51 0.59 0.55 0.63 0.20 0.28 0.20 0.30 0.15 0.19 0.15 0.25 0.01 0.01 0.01 0.05 ... 0.01 0.01 0.03 0.08 0.03 0.07 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.40

LOW

STOCK

0.12

Finore Mng Fire River Gol First Idaho GAR Limited GFM Res Global Cobalt Global Cop Grp God’s Lake Res Gold Finder Ex Goldbank Mng Golden Cariboo GoldTrain Res Graphite Egy Gravis Energy Greatbanks Res Green Valley M Greenshield Ex Grosvenor Res Hadley Mng Halio Energy HFX Holding Highbury Proj Highvista Gold Integra Res Interconnect Intl Battery Iron South Mng JDF Explor Inc Jiulian Res Jubilee Gold Karoo Expl Kenna Res La Imperial Leo Res Lions Bay Cap Lithion Energy Lovitt Res Madeira Mrnls MAG Silver* Martina Mnls Match Capital McChip Res Mega Copper Midasco Cap Midnight Star MillenMin Vent Millstream Min Minecorp Egy Miramont Res Moag Copper Montana Gold Morgan Res Mukuba Res Navy Res Nebu Res Network Expl New Destiny Mg New Klondike Nexco Res North Am Ptash Northern Uran NQ Explor

0.06 0.04 0.12 0.04 0.02 0.03 0.02 1.01 0.35 0.03 1.00 0.01 0.01 0.03 0.17 0.01 0.06 0.03 0.01 0.02 0.03 0.06 0.13 0.02 0.03 0.31 0.30 0.02 0.13 0.04 0.15 0.01 0.01 0.10 0.98 0.06 0.04 0.18 0.06 0.35 0.02 0.30 0.15 0.03 0.09 0.06 0.18 0.02 0.10 0.13 0.01 0.02 0.01 0.10

12-MONTH

EXC BID ASK LAST HIGH LOW

C V V C V V V C V V V C C C V V V V C V V V V C V C V C V V V V C C V V V V X V V V V V C V V V C C C V V V V V V V C V V V

0.12 0.12 0.11 0.99 0.03 0.07 0.09 0.05 0.25 0.05 0.10 0.07 0.21 0.07 0.13 0.05 0.09 0.05 0.05 0.02 0.02 0.02 0.07 0.08 0.08 0.11 0.07 ... 0.07 0.07 0.11 0.14 0.12 0.20 0.22 0.28 0.22 0.34 0.10 0.15 0.10 0.19 0.06 0.50 0.06 0.19 0.41 0.70 0.44 0.44 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.07 0.14 0.08 0.27 0.08 0.15 0.06 0.06 0.20 0.30 0.20 0.29 0.95 0.98 0.95 1.08 0.23 0.30 0.23 1.52 0.04 0.06 0.04 0.12 0.25 ... 0.25 0.30 ... 0.16 0.17 0.95 1.00 1.00 1.00 0.06 0.07 0.06 0.07 ... ... 0.31 0.40 0.24 0.27 0.24 0.28 0.01 ... 0.01 0.04 0.12 0.04 0.06 0.44 0.65 0.64 0.73 0.02 0.02 0.02 0.03 0.13 0.16 0.15 0.15 0.04 0.11 0.04 0.11 1.06 1.09 1.09 2.50 0.04 0.10 0.04 0.04 ... ... 0.10 0.18 0.03 0.09 0.10 0.17 0.03 0.07 0.03 0.05 12.52 13.30 12.52 14.40 0.03 0.06 0.03 0.04 0.01 0.04 0.04 0.44 0.60 0.44 0.60 0.17 0.27 0.17 0.30 0.08 0.10 0.08 0.11 0.10 ... 0.10 0.18 0.05 0.07 0.05 0.05 0.04 0.06 0.04 0.07 ... ... 0.12 0.20 0.25 0.35 0.30 0.30 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.07 0.08 0.15 0.06 0.16 0.17 0.25 0.20 0.21 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.20 0.22 0.22 0.22 0.01 0.01 0.01 0.35 0.40 0.35 0.35 0.05 0.08 0.04 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.04

0.17 0.05 0.01 0.01 0.04 0.03 0.08 0.06 0.05 0.06 0.40 0.01 0.07 0.04 0.16 0.06 0.19 0.04 0.25 0.06 0.05 0.11 0.04 0.02 0.46 0.01 0.15 0.04 0.05 0.01 0.03 0.03 0.01 6.12 0.02 0.37 0.10 0.05 0.08 0.05 0.04 0.07 0.20 0.02 0.01 0.06 0.09 0.01 0.16 0.15 0.01 0.01

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Nrthn Lion NSS Res Inc Oronova Energy Pac Cascade Pac Imperial Pac Link Mng Patriot Gold Pele Mtn Res Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian Prism Res ProAm Expl Rainmaker Res Randsburg Intl Rare Element* Razore Rock Res Red Tiger Mng Remo Res Rhyolite Res River Wild Exp Rockex Mng Rockland Mnls Rojo Res Romulus Res Royal Sapphire Rubicon Mnrls* Samco Gold Savoy Vent Scavo Res SGX Res Silver Phoenix Silver Viper Sniper Res Spada Gold Standard Graph Stockport Expl Tajiri Res Talmora Diamd Tarku Res Tearlach Res Themac Res Thunder Mtn Gd Tiger Intl Tintina Mines Tri-River Vent Trigen Res True North Gem UC Res United Coal Vanadium One Vela Minerals WCB Res West High Yld Westbay Vent Westcot Vent Westminster Rs Winston Res Zara Res Zinco Mng

V C V V V V C V V V V V V V V V X C V V V C C V V V V X V V C V C V V V V V V C V V V V V V V V V V C V V V V V V V C C V

0.45 0.57 0.45 0.74 0.06 0.19 0.06 0.21 0.36 0.40 0.40 0.46 0.01 0.02 0.01 0.02 0.02 0.02 0.04 0.03 0.07 0.04 0.07 0.11 0.17 0.12 0.15 0.02 0.02 0.02 0.40 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.11 0.20 0.16 0.25 0.02 0.03 0.02 0.06 0.05 0.06 0.05 0.11 0.01 0.02 0.01 0.03 0.11 0.16 0.15 0.89 0.03 0.07 0.03 0.18 0.02 0.03 0.03 0.07 0.09 0.15 0.09 0.30 0.21 0.24 0.23 0.30 0.16 0.75 0.15 0.15 0.02 0.04 0.02 0.07 0.07 0.08 0.08 0.11 0.39 0.45 0.45 0.55 0.15 0.23 0.19 0.20 0.13 0.23 0.13 1.40 ... ... 0.03 1.35 0.02 0.03 0.02 0.05 0.25 0.45 0.45 0.45 0.36 0.57 0.36 0.54 0.02 0.02 0.02 ... 0.22 0.22 0.25 0.21 0.25 0.25 0.30 0.01 0.01 0.01 0.18 0.38 0.18 0.38 0.18 0.18 0.17 0.20 0.02 0.03 0.03 0.06 0.12 0.14 0.12 0.21 0.01 0.02 0.01 0.01 0.03 0.04 0.03 0.07 0.08 0.15 0.08 0.04 0.06 0.06 0.10 0.15 ... 0.15 0.32 0.10 0.18 0.10 0.10 0.04 0.06 0.04 0.09 0.04 0.12 0.04 0.04 0.08 0.12 0.08 0.10 ... 0.01 0.01 0.01 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.13 0.15 0.13 0.22 0.05 0.06 0.05 0.09 0.04 0.06 0.05 0.09 2.00 2.10 2.00 3.80 0.18 0.29 0.17 0.36 0.26 0.35 0.26 0.30 0.35 0.36 0.35 0.50 0.56 0.58 0.56 0.82 0.07 0.15 0.15 0.43 0.05 0.07 0.05

0.11 0.05 0.30 0.01 0.01 0.10 0.15 0.07 0.16 0.02 0.05 0.01 0.06 0.01 0.02 0.09 0.11 0.01 0.01 0.01 0.30 0.09 0.10 0.03 0.02 0.05 0.26 0.05 0.23 0.13 0.05 0.02 0.08 0.01 0.03 0.03 0.11 0.08 0.03 0.03 0.07 0.01 0.01 0.09 0.03 0.03 0.09 0.16 0.04 0.15 0.03 0.01

2017-11-07 1:33 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 13–23, 2017

Alio Gold’s Ana Paula gold project on the northwestern extension of the Guerrero gold belt in southern Mexico. ALIO GOLD

Alio Gold to make construction decision on Ana Paula in Q2 2018 MEXICO BY TRISH SAYWELL

tsaywell@northernminer.com

ince Mexican regulator SEMARNAT approved Ana Paula’s environmental impact assessment in April, Alio Gold (TSX: ALO; NYSE-AM: ALO) has continued to take big strides in de-risking the relatively high-grade, open-pit project that lies along the northwestern extension of southern Mexico’s Guerrero gold belt. A prefeasibility study in May indicates the company could build the mine for an initial capital cost of US$137 million, and outlines a seven-and-a-half-year mine life producing a total of 868,000 oz. gold. The study estimates operating costs would be in the first quartile, with cash costs of US$489 per oz. and all-in sustaining costs of US$524 per oz. gold. At US$1,250 per oz. gold, Ana Paula’s net present value is estimated at US$223 million using a 5% discount rate, and it has a projected 34% internal rate of return. In September, Alio Gold received its second major permit with the approval of the change of land use application. Reaching this milestone means the company can focus on finishing a definitive feasibility study and arrange project financing. “Those two permits are the two main hurdles to getting construction started,” Greg McCunn, Alio Gold’s CEO, tells The Northern Miner. “We’re happy to have those ones behind us, and we expect to have all permitting virtually complete by the end of this year.” The open pit proposed in the Ana Paula prefeasibility study contains “proven and probable reserves” of 13.4 million tonnes grading 2.36 grams gold per tonne for 1.02 million contained oz. gold using a US$1,200 per oz. gold price. Included in the “reserves” are 2.3 million tonnes grading 5.9 grams gold per tonne for 436,000 oz. gold within a high-grade breccia core, with an approximate depth of 190 metres.

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| Hopes to have virtually all permitting finished by year-end

“OUR MISSION IS TO BUILD A MID-TIER GOLD MINING COMPANY, SO WE’LL KEEP DOING THE RIGHT THINGS, AND IF SOMEONE WANTS TO BUY US, WE’LL RUN LIKE HELL AND MAKE THEM TACKLE US FROM BEHIND.” GREG MCCUNN CEO, ALIO GOLD

“We’ve got high-grade breccia mineralization that outcrops at surface, and that breccia is surrounded by a lower-grade halo,” McCunn says, adding that the mineralized breccia makes up almost half of the project’s current “reserves.” Based on prior drill programs, the high-grade breccia is known to continue for 300 metres below the bottom of the proposed pit, which sits at 150 metres. Intercepts from the breccia zone include: 55.7 metres grading 3.66 grams gold per tonne starting from 287 metres downhole, with 19.7 metres of 6.46 grams gold from 289 metres; 39.6 metres of 1.62 grams gold starting from 481.8 metres deep; and 2.6 metres of 5.19 grams gold from 706.9 metres deep. The company’s directors recently approved excavating a decline to facilitate exploration drilling. The 1,200-metre decline will be driven from a portal in the adjacent valley from the proposed pit and 400 metres from the proposed mill site. It would take nine months for the decline to reach the mineralized area, at which point the company can start an underground diamond drill program. McCunn expects to start drilling from underground by the end of the second quarter of 2018. “We’re going to drill it off from underground, and there’s potential to double the reserves there, but of course we need to drill it to prove that,” McCunn says. The mining executive notes that part of the value proposition at Ana

Paula is that a mill it purchased (from Goldcorp’s (TSX: G; NYSE: GG) El Sauzal operations for US$17 million in cash and shares) has a capacity of 6,000 tonnes per day, while the geometry of the Ana Paula pit means that it will not be able to fill the mill to full capacity. “The pit is limited to about 5,000 tonnes per day, so we’ve got potentially an extra 1,000-tonne-per-day capacity,” he says. “If we can feed 1,000 tonnes from underground, that will significantly improve the economics and make them much more compelling. “The project is good enough to approve it without any exploration,” he adds. “We haven’t committed to build the whole project yet. We need to finish the definitive feasibility study and get the rest of our

permits, but presumably the start of drilling underground and the start of construction will be about the same time.” The US$16-million decline and underground exploration program is not expected to provide results that will be incorporated into the feasibility study. Drill results aren’t expected until mid-2018. If the exploration program is successful, however, the mine plan will be optimized during construction to balance feed from both the pit and underground for start-up and commissioning. Alio Gold expects to spend US$24 million between July 2017 and June 2018 advancing the project, including costs for the new study. Meanwhile, McCunn is starting surface exploration. McCunn notes that with Ana Paula’s 560 sq. km, Alio Gold, “has one of the best land packages in the Guerrero belt, and the probability of finding another deposit on our concessions is significant.” “Torex is immediately to the southeast of us. It’s about 7.5 km to El Limon — you can actually see it from our project — and Leagold’s Los Filos mine is equidistant farther southeast of Torex,” he says. “This is a highly prolific gold belt, and there have been over 3 million oz. produced in it. This will continue

to be a world-class gold camp, and we’ve got one of the best land positions in it.” McCunn admits that with a great land package and a fairly modest market cap, Alio Gold could become a takeover target. When asked if Leagold Mining (TSX: LMC) might be interested, McCunn acknowledges he’s heard the rumours. “The new owners of Leagold are intending to build a company like they did at Endeavour Mining, where they built a company in West Africa through acquisitions, so there’s speculation about who they might acquire first,” he says. “Potentially we’d be a good fit — there’s always that potential — but our mission is to build a midtier gold mining company, so we’ll keep doing the right things, and if someone wants to buy us, we’ll run like hell and make them tackle us from behind.” In addition to Ana Paula, Alio Gold owns the San Francisco mine in Sonora, Mexico. The mine produced 67,488 oz. gold in the nine months ended Sept. 30 and is on track to produce between 88,000 and 90,000 oz. this year. McCunn says the mine should produce over 100,000 oz. gold next year. The company had US$68.5 million in cash as of Sept. 30. TNM

Drill core at Alio Gold’s Ana Paula gold project in Mexico. ALIO GOLD

2017-11-07 8:39 PM

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