The Northern Miner April 17 2017 Issue by The Northern Miner Group

ZINC: TINKA HITS 52 METRES OF 10.1% ZINC AT AYAWILCA IN PERU / 2 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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GLOBAL COPPER

Taking a close look at the red metal / 9–12

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Matt Manson and the long road to production at Renard INTERVIEW

| TNM’s Mining Person of the Year for 2016

BY JOHN CUMMING jcumming@northernminer.com

n this feature interview, Matt Manson, president and CEO of Stornoway Diamond (TSX: SWY), reflects on his decade-long journey leading the company that transformed Renard from a grassroots exploration project in remote Quebec into the province’s first diamond mine — a feat that earned him our “Mining Person of the Year” award for 2016 (T.N.M., March 6–19/17). The Northern Miner: Going back to the beginning, when you worked for Aber Diamond, how much of an influence was it on what you did later with Stornoway? Matt Manson: I was working with Aber from 1997 as a consultant and then from 1999 as an employee, through into late 2004. I did the project financing for our share of Eira Thomas and Matt Manson with a display of Renard bulk-sample diamonds in November 2008. STORNOWAY DIAMOND Diavik. I was the Aber representative on the Diavik construction could acquire an interest in that committee with Rio Tinto, and “MINING IS A RISK- AND LUCK-BASED project. That led, in 2006, to my went through the setup of all the BUSINESS. YOU DON’T GET LUCKY company Contact and the original operations. Stornoway run by Eira Thomas, We had a very specific business UNLESS YOU’RE PREPARED TO DRILL putting our companies together growth perspective back then, and bidding for Ashton (Mining around 2002–2003. It was very AND SEARCH FOR SOMETHING.” of Canada), which had 50% of the much Bob Gannicott’s vision: we MATT MANSON asset. Rio Tinto, as 51% owners of were not going to operate Diavik. PRESIDENT AND CEO, STORNOWAY DIAMOND Ashton, wanted out, and everybody We were minority partners and we knew that. would only operate the sale of the Harry Winston, and then turning that stage, along with Bob himself, We bought Ashton by locking diamonds. We would become really good at the company into an integrated I was the last mining person in the up Rio Tinto, and then ended up consolidating all three companies. that, and we invested in the down- company with — as Bob described company, essentially. I wanted to stay in mining. I When the bid was actually stream part of the business. We it — the bookends of the business: came to understand it, and I was in a mining investment and a retail wasn’t cut out for the luxury goods happening in 2006, people were Antwerp for months on end. investment. business. scratching their heads. It looked That ethos eventually led us all I was fully on-board with the viAgnico Eagle Mines was looking like Stornoway buying Ashton the way down the pipeline to buy sion, but I was a mining guy, and by for someone to run a subsidiary and Stornoway buying Contact, called Contact Diamond that had and people were saying, “Who diamonds assets in Ontario, in the are these Contact Diamond guys, Temiskaming area. I thought that and why are they in the mixture?” was a good opportunity, so I said But we were in the mix because my farewells and left in late 2004. it was our idea. We had Agnico Agnico was a fantastic bunch to Eagle in looking at Renard and go and work with. And with this they went through all the numjunior company Contact, they bers. The Agnico team had done gave me a mandate to put in flow- all the due diligence and we liked through and explore. But if I found it. And Agnico, in that bid, put a deal, they’d back it. in $20 million into a $60-million Your Technical Services Partner in Geochemistry and Metallurgy Immediately we began looking war chest. That was our cash bid For more information, scan this QR at the thing called Renard, which for that company. code or visit www.alsglobal.com was the new Quebec diamond disThat’s sort of the path we’ve Phone: +1 604-984-0221 covery, and Agnico was a Quebec- been on ever since. I always give based gold miner. RIGHT SOLUTIONS RIGHT PARTNER See MATT MANSON / 14 We’d started to see how we

Barrick sells half of Veladero for $960M GOLD

| Barrick and buyer Shandong Gold to codevelop Pascua-Lama BY SALMA TARIKH starikh@northernminer.com

arrick Gold (TSX: ABX; NYSE: ABX) is selling half of its Veladero gold mine in Argentina to Shandong Gold Group for US$960 million, as part of a strategic cooperation agreement with China’s leading underground mining firm. The agreement calls for the companies to examine jointly developing the suspended Pascua-Lama gold project, and further examine investment opportunities on the prospective El Indio gold belt on the border of Argentina and Chile, which hosts Veladero, Pascua-Lama See BARRICK / 2 PM40069240

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GEOLOGY: UNEARTHING CANADA’S OLDEST STORY / 6–7

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Tinka surges on zinc discovery PERU BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

xplorer Tinka Resources (TSX V: TK) has made a high-grade discovery at its Ayawilca zinc-silver property, 300 km east of Lima, Peru, in what it calls the “best adjacent mineralized holes ever drilled” at the project. Tinka has been work ing on Ayawilca since 2004 mainly for its silver prospectivity. The company spent much of 2016 awaiting threeyear drill permits after having expanded the project boundaries. Ayawilca appears to have been worth the wait. On April 4, Tinka reported that hole 17-56 cut 52 metres grading 10.1% zinc, 62 grams silver per tonne and 233 grams indium per tonne from 242 metres deep. The intercept features a higher-grade section running 20.6% zinc, 152 grams silver and 441 grams indium over 14.9 metres. “We added to our property package last year after the geophysics because we saw the opportunity to expand our targets based on magnetics,” Tinka Resources president and CEO Graham Carman says by phone from Toronto. “Much

| Ayawilca shows potential, CEO Graham Carman says

of last year was a question of engaging in the regulatory process for this drill program, since we’re looking at areas we hadn’t touched previously.” “We stepped out from our existing resource into a brand-new area. The targeting was based on geophysics we completed last year, and we’ve intersected thick, highgrade zones of zinc,” Carman says. “It’s early days, but we believe this discovery has serious potential. You simply don’t see these types of grade at that thickness on earlierstage projects. And the geophysics we’ve put together indicate promising size potential,” he says. Tinka completed a maiden resource at Ayawilca in mid-2016 of 18.8 million tonnes of 5.9% zinc, 0.2% lead, 15 grams silver and 74 grams indium. The contained metal totals 2.4 million lb. zinc, 82 millions lb. lead, 3 million lb. indium and 9 million oz. silver. The resource data incorporates 74 drill holes over 27,000 metres. Ayawilca is modelled as carbonate-hosted replacement deposit with zinc sulphide (sphalerite) occurring in multiple generations as semi-massive sulphide replacements of limestone together with

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Two drill rigs at the Ayawilca zinc property, 300 km east of Lima, Peru. TINKA RESOURCES

other — mostly iron — sulphides. The deposit is made up of multiple, gently dipping sulphide lenses, or “mantos,” generally with vertical thicknesses of between 10 metres and 30 metres within three areas named West, Central and East. West Ayawilca is suspected to have formed a vertical “chimney” up to 200 metres thick, comprised of several thick mantos. Ti n k a recent ly sta r ted a 10,000-metre drill program that will focus on West Ayawilca, as well as the Zone 3 and Chaucha areas. The company generated its targets based on results from a helicopter magnetic survey covering 150 sq. km of mineral claims. Tinka’s coincident soil and geophysical samples reportedly identify a prospective 5 km magnetic trend. “The objective right now is to increase the grade at the project,

Glencore’s Sudbury Integrated Nickel Operations (Sudbury INO) activities include exploration, Fraser Mine, Nickel Rim South Mine, Strathcona Mill and Sudbury Smelter. The company has been mining nickel-copper ores in the Sudbury area of northern Ontario, Canada, since 1928. It currently employs approximately 1,300 permanent employees. Join us and let’s grow together.

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ket, and it’s great to see results like this generating a positive response. I don’t know if we’d have caught this type of attention even six months ago,” Carman says. He adds that the fundamentals for zinc look good, due to supply declines as major mines shut down. “There are very few zinc projects at this stage out there … we have one of the up-and-coming stories in the space.” The company closed the final tranche of an $11-million private placement in November, when it issued 55 million shares at 20¢ each. Over the past few years, Tinka has significant institutional shareholders. Australian private-equity firm The Sentient Group holds a 20% position, JP Morgan has a 7.3% equity stake and the World Bank’s International Finance Corp. holds a 14% position. TNM

Barrick sells half of Veladero BARRICK From 1

Glencore is one of the world’s largest globally diversified natural resource companies and a major producer and marketer of more than 90 commodities. Our operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities – supported by a network of more than 90 offices located in over 50 countries. We employ approximately 160,000 people including contractors and we provide people with the opportunity to develop and grow their expertise and the confidence to grow their careers.

but also look at target opportunities that might allow us to double the size of the resource,” Carman says. “We’ve already got two drill rigs turning and a third rig on the way. There’s a lot of work left to be done, but we hope this discovery could be a game changer. It’s an encouraging start, but the key is to define the scale here, and see if we can merge the discovery with existing resources. I expect we’ll have a fourth drill rig on the property shortly to follow-up on some of the other targets we’ve generated.” Tinka surged 34%, or 19¢, to a 52-week high of 75¢ per share at press time. The company has 206 million shares outstanding for a $150-million market capitalization, and reported $11 million in cash at press time. “It had been that real tough mar-

and Barrick’s Alturas gold exploration project. “Shandong is an ideal partner to help us unlock the untapped mineral wealth of the El Indio belt over the long-term, while working with us to generate more value from the Veladero mine,” Barrick’s executive chairman John Thornton said in a release. Barrick and Shandong began talks in April 2016. “While we are giving up 50% of the cash f lows from Veladero in the short-term, we are receiving US$960 million in cash and gaining a partner with the potential to join us in future developments in the region, sharing capital and expertise,” Barrick spokesperson Andy Lloyd said in an email. Haywood Securities analyst Kerry Smith says Barrick is getting a “premium price” for the Veladero mine in San Juan province. He values the company’s 100% interest in the oxide heap-leach mine at US$1.6 billion (using a US$1,250 per oz. gold price). Based on this valuation, Barrick is getting a 24% premium. The deal, Smith notes, would likely have Barrick lose 7% of its consolidated 2017 production and resultant cash flow, which he argues is a “modest price to pay for the opportunity to find a way to develop Pascua-Lama and Alturas in a cost-effective way.” BMO analyst Andrew Kaip agrees that at first glance the transaction offers “attractive deal metrics for Veladero on a stand-alone basis,” and that the potential of codevelop-

BARRICK IS GETTING A “PREMIUM PRICE” FOR THE VELADERO MINE IN SAN JUAN PROVINCE, ACCORDING TO HAYWOOD SECURITES ANALYST KERRY SMITH. ing Pascua-Lama further de-risks the asset. However, he cautions that “giving up an interest in future opportunities in the El Indio belt is potentially one step too far, and lowers exposure to long-term future optionality for shareholders.” In response, Lloyd says that “any decision to jointly develop PascuaLama or other projects would be subject to future agreement and investment … we’re not giving anything up, we are crystallizing value from Veladero while gaining a partner for future developments in the region, and that has significant value for our owners, as we seek to grow our free cash flow per share over the long-term. We would argue this actually increases the long-term optionality of our portfolio, because we can do more with a partner in this region than we could ever do on our own.” Earlier this year, Barrick began a prefeasibility study for a 15,000-tonne-per-day underground operation on the Argentine side of

the stalled Pascua-Lama project. “Shandong will now embed a team of specialists in the process. Only when this is complete can we talk about what a future development might look like,” Lloyd notes. Smith adds that the “ bigger prize here is potentially bringing Shandong Gold in as a partner to develop and share the financial and execution risk of building out Pascua-Lama.” The strategic cooperation agreement should close at the end of June, after which Barrick and Shandong will create a joint-venture board, consisting of three members from each company to overlook the Veladero mine. The mine’s current management team will remain in place. On March 30, the San Juan government temporarily restricted using cyanide at the mine’s heapleach facility until Barrick finishes remedial work, after a recent leak in a pipe carrying gold-bearing solution on the leach pad. Barrick says all the solution was contained within the site and that it is completing the remediation, adding that this should not affect its 2017 gold guidance. The mine should produce 770,000 to 830,000 oz. gold this year at all-in sustaining costs of US$840 to US$940 per ounce. Barrick will use most of the proceeds from the transaction to pay down debt. The miner ended 2016 with US$7.8 billion in debt. It intends to lower this by US$2.8 billion at the end of 2018, with US$1.5 billion of the reduction planned for this year. Barrick closed April 6 relatively flat at $25.87 per share. TNM

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E D I T O R IA L

O P- E D

Debt-heavy Codelco forecasts muted growth COPPER

| Peru becomes world’s second-largest copper producer, surpassing China

wo highlights of the copper calendar — Cesco Week and CRU’s World Copper Conference, both held in Santiago, Chile in early April — have come to a close, with attendees reporting a sense of cautious optimism among the world’s top copper producers and refiners, as supply growth BY JOHN CUMMING starts to level off and copper prices modestly jcumming@northernminer.com rebound. Santiago-based Cesco (from Centro de Estudios del Cobre y la Minería, or Centre for Copper and Mining Studies) was founded in 1984 as a private, non-profit organization, and describes itself as “independent and plural … promoting social legitimacy and confidence in Chile’s mining industry as a development engine,” and seeks to monitor and provide “information and quality analysis in novel formats.” Each year the organization puts on Cesco Week, including the Cesco Dinner, as well as the similar Asia Copper Week in Shanghai. While much talk in the copper community over the first quarter focused on short-term supply disruptions at the world’s three largest copper mines — Escondida in Chile, Grasberg in Indonesia and Cerro Verde in Peru — the presentations in Santiago tackled some of the industry’s longer-term problems, including lower head grades, deepening mines with harder rock, water shortages and sociopolitical challenges. Chilean state-owned Codelco — the world’s largest copper producer, headquartered in the world’s largest copper-producing nation — best exemplifies the industry’s current spirit of planning for growth while recognizing financial and technical constraints. (Codelco has unique challenges as a state-owned enterprise, though, including the sticky fact that 10% of its sales must go to the Chilean military — a law that has held it back from operating in regional rival Peru where its privatesector competitors have been so active.) Like its private competitors, Codelco has sharply lowered mining costs in recent years but has avoided major strikes like those seen recently at Escondida and Cerro Verde, and negotiated more than a dozen labour deals with Codelco workers in the past year. Codelco is still on track to achieve its goal of US$2 billion in cost savings by 2020, and has seen cash costs fall 8–9% annually for the last three years. The copper mining giant wants to start the next decade in the lowest quartile for costs amongst global copper miners — a feat that would be in defiance of the common argument that governmentowned companies can never be cost-conscious. The possibility of more strikes at Chile’s copper mines still looms large, however, with more than 15 contracts up for negotiation this year, including at Codelco. Codelco is also intent on repairing a balance sheet that deteriorated over the five years of the global commodities downturn that reached its nadir just over a year ago, when copper traded at a low of US$4,300 per tonne (US$1.95 per pound). Codelco’s debt is US$15 billion, and it has stated it would like to keep this number at US$14 billion in the coming years, even as it invests heavily to maintain and expand its roster of mines in Chile. In figures released at the CRU conference, between 2016 and 2025, there are 37 copper projects due to be developed in Chile at a cost of US$49 billion. While only eight of these are Codelco projects, they account for US$21.6 billion over this period, or 44% of the total. If Codelco wants to keep its debt below current levels, Scotiabank analysts point out that it’s not clear how the company will finance the planned investments, which is another indicator for future constrained mine supply and is bullish for copper prices. Countering this trend in Chile is Peru, whose Energy and Mines Minister Gonzalo Tamayo told the CRU conference that the country expects to boost its copper output 32% to 3.1 million tonnes by 2021. Peru surpassed China as the world’s second-largest copper producer in 2016, thanks to rising output from MMG Ltd.’s Las Bambas mine and an expansion at Freeport-McMoRan’s Cerro Verde mine. TNM

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

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

COMPANY INDEX Antofagasta. . . . . . . . . . . . . . . . . . . . . . . . . . 10 Atalaya Mining. . . . . . . . . . . . . . . . . . . . . . . 10 Barkerville Gold Mines. . . . . . . . . . . . . . . . 16 Barrick Gold. . . . . . . . . . . . . . . . . . . . . . 1,8,13 BHP Billiton. . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Canarc Resource . . . . . . . . . . . . . . . . . . . . . 13 Endeavour Silver. . . . . . . . . . . . . . . . . . . . . 13 Engold Mines. . . . . . . . . . . . . . . . . . . . . . . . 23 Exeter Resource. . . . . . . . . . . . . . . . . . . . . . 13 Filo Mining. . . . . . . . . . . . . . . . . . . . . . . . . . 11 Finders Resources. . . . . . . . . . . . . . . . . . . . 12 First Quantum Minerals. . . . . . . . . . . . . . . 10 Freeport-McMoRan . . . . . . . . . . . . . . . . . . . . 9 Imperial Metals . . . . . . . . . . . . . . . . . . . . . . 12 Ivanhoe Mines. . . . . . . . . . . . . . . . . . . . . . . 10

Kinross Gold. . . . . . . . . . . . . . . . . . . . . . . . . 13 Lidya. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Mariana Resources . . . . . . . . . . . . . . . . . . . 12 Metal Tiger. . . . . . . . . . . . . . . . . . . . . . . . . . 12 Mod Resources. . . . . . . . . . . . . . . . . . . . . . . 12 NGEx Resources . . . . . . . . . . . . . . . . . . . . . 11 NuLegacy Gold . . . . . . . . . . . . . . . . . . . . . . . . 8 OceanaGold. . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Posco Daewoo. . . . . . . . . . . . . . . . . . . . . . . . . 9 Serengeti Resources. . . . . . . . . . . . . . . . . . . . . 9 Shandong Gold Group. . . . . . . . . . . . . . . . . . 2 Stornoway Diamond. . . . . . . . . . . . . . . . . . . . 1 Teck Resources. . . . . . . . . . . . . . . . . . . . . . . 13 Tinka Resources. . . . . . . . . . . . . . . . . . . . . . . . 2 Xanadu Mines . . . . . . . . . . . . . . . . . . . . . . . 12

Copper cathode produced at Codelco’s Chuquicamata copper mine in Chile. CODELCO

World copper mine production soars 5% in 2016: ICSG FACTS ‘N’ FIGURES

| Refined copper output up 2.5% globally

The following is an edited summary by the International Copper Study Group (ICSG) of world copper supply and demand data for 2016. The full report is available in the ICSG’s March 2017 Copper Bulletin, for sale at www.icsg.org.

n 2016, world mine production is estimated to have increased 5%, or 1 million tonnes, with concentrate production increasing 7% and solvent extractionelectrowinning (SX-EW) declining 2%. This 5% increase owed to a 38% (650,000 tonnes copper) rise in Peruvian concentrate output that benefitted from new and expanded capacity brought onstream in the last two years; a recovery in production levels in Canada, Indonesia and the U.S., and expanded capacity in Mexico; and low frequency of supply disruptions due to strikes, accidents or adverse weather conditions. Howe ver, over a l l g row t h was pa r t ly of fset by a 3.8% (220,000-tonne) decline in production in Chile, the world’s biggest copper mine producer, and a 4.5% decline in the Democratic Republic of the Congo (DRC), where output is being constrained by temporary production cuts. On a regional basis, production rose 6% in the Americas and 11.5% in Asia, but declined 3.5% in Africa, while staying the same in Europe and Oceania. Refined copper World refined production is estimated to have increased 2.5% (530,000 tonnes) in 2016, with primary production (electrolytic and electrowinning) increasing

ON A REGIONAL BASIS, PRODUCTION ROSE 6% IN THE AMERICAS AND 11.5% IN ASIA, BUT DECLINED 3.5% IN AFRICA, WHILE STAYING THE SAME IN EUROPE AND OCEANIA. 3% and secondary production (from scrap) declining 2%. Increased availability of concentrates allowed world primary electrolytic refined production to increase 4.5%. The main contributor to growth in world refined production was China (a 6% increase, or 470,000 tonnes), followed by the U.S. and Japan — where production increased 7% and 5% — and by Mexico (16%), where expanded SX-EW capacity contributed to refined production growth. However, overall growth was partly offset by a 3% decline in Chile, the world’s second-largest refined copper producer. Although primary electrolytic refined production increased 4.5%, electrowinning production declined 6.5%, owing to definitive or temporary closures of SX-EW mines. Production in the DRC and Zambia also declined an aggreSee ICSG / 5

COPPER STATS Year

World Mine Production

World Mine Capacity

2012

16,687,000

20,004,000

2013

18,171,000

20,747,000

2014

18,433,000

21,541,000

2015

19,147,000

22,431,000

2016

20,157,000

23,420,000 FIGURES IN TONNES, SOUNCE: ICSG

2017-04-11 7:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 17–30, 2017

Young Mining Professionals award winners fêted

Alicia Woods (left), founder of Covergalls and general manager of Marcotte Mining Machinery Services, is presented by mining entrepreneur Eira Thomas with the Young Mining Professionals’ Eira Thomas Award for 2016. The YMP Awards, presented in association with The Northern Miner, were held on March 4 at the Shangri-La Hotel in Toronto. Barrick Gold, KPMG, Cassels Brock and the PDAC were the gala sponsors. YMP

Peter Sinclair (left), chief sustainability officer at Barrick Gold, presents Nolan Watson, president and CEO of Sandstorm Gold, with the Young Mining Professionals’ Peter Munk Award for 2016. YMP

ICSG ICSG From 4

gate 11%, due to temporary production cuts. On a regional basis, refined output is estimated to have increased in the Americas (1%) and Asia (6%), while declining in Africa (10%) and Europe and Russia (2%), and remaining essentially unchanged in Oceania. World apparent refined usage increased 2% (430,000 tonnes) in 2016. Growth mainly owed to an increase in Chinese apparent demand, as world usage, excluding China, is estimated to have increased only 0.9%. Chinese apparent demand (excluding changes in unreported stocks) increased 2.5%, based on 6% growth in refined production, as net imports of refined copper declined 7.5%. Usage in the U.S. and Japan, the second and third refined copper-using countries, is down 2% and 2.5%. On a regional basis, usage increased an estimated 3% in Asia (when excluding China, Asia usage increased 3%) and 2% in Europe (1.5% in the European Union), while declining 3% in the Americas. World refined copper balance for 2016 indicates a 50,000-tonne deficit, mainly because of a 2.5% increase in Chinese apparent demand. The refined copper market balance for December 2016 showed a small 20,000-tonne surplus. Based on the average of stock estimates provided by independent consultants, China’s bonded stocks increased 15,000 tonnes in 2016 from the year-end 2015 level. (They had decreased 100,000 tonnes in 2015.) The average London Metal Exchange (LME) cash price for copper for February 2017 was US$5,941.55 per tonne, up from the January average of US$5,737.43 per tonne. The 2017 high and low copper prices through February were US$6,145 (on Feb. 14) and US$5,500.50 per tonne (on Jan. 4), and the year average was US$5,837 per tonne (20% above 2016 annual average). As of the end of February, copper stocks held at the major metal exchanges (LME, Comex, Shanghai Futures Exchange [SHFE]) totalled 605,146 tonnes — an increase of 66,073 tonnes (12%) from stocks held at the end of December 2016. Compared with the December 2016 levels, stocks were down at the LME (-36%) and up at SHFE (98%) and Comex (42%).

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APRIL 17–30, 2017 / THE NORTHERN MINER

Detour Gold staff at the Detour Lake open-pit gold mine in June 2016. Low production costs brought heavy investment in the mineral-rich Abitibi region in the early 2000s. PHOTO BY SALMA TARIKH

A 4B-year-old story etched in stone GEOLOGY BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

anada’s geological heritage goes back over 4 billion years to when the earth was a young, hot planet covered by ocean. During this time, intense volcanism formed the earth’s crust, giving way to a barren and lifeless landscape blasted by radiation from the sun. About 3 billion years ago, in the Archean eon, the emergence of plate tectonics moved thin and small rafts of rocks at a rate much faster than they do today. Over time, the volcanic islands butted together into large blocks of continental crust, with most of the action in what is today’s Canada starting around the Red Lake area, a prolific gold-mining camp in northwest Ontario. As these volcanic terranes collided, balls of magma were injected into the volcanic pile, which cooled into enormous granitic batholiths. Meanwhile, at the major spreading centres and back-arc rift zones, metal-rich fluids were exhaled from black smokers, peppering the seaf loor with volcanogenic massive sulphide (VMS) deposits. Magmatic nickel-copper-platinum group metal (PGM) deposits

| Canada’s diverse tectonic history generated many world-class ore deposits

THE OROGENIC GOLD DEPOSITS CLUSTERED WITHIN SEGMENTS OF VOLCANIC TERRANE THAT SAW LOW-GRADE GREENSCHIST METAMORPHISM, OR WHAT GEOLOGISTS CALL “GREENSTONE BELTS.” were also prolific during the Archean, as temperatures on earth were still hot enough to drive deep-seated, high-magnesium ultramafic melts — otherwise known as “komatiites” — into higher levels of the crust without cooling rapidly, as they might today. As the accreted landmass towered to new heights, intense pressures and temperatures partly melted deepburied crust, releasing gold-rich fluids. The fluids travelled upwards along terrane-bounding structures

A map showing gold-rich geology — created by volcanic terrane giving way to deformation — at Kaminak Gold’s Coffee project in the Yukon. PHOTO BY MATTHEW KEEVIL

in two major pulses, one at 2.9 billion years ago and the other 2.7 billion years ago, giving way to a variety of orogenic-style gold deposits. The orogenic gold deposits clustered within segments of volcanic terrane that saw low-grade greenschist metamorphism, or what ge-

ologists call “greenstone belts.” At the start of the Proterozoic eon, 2.5 billion years ago, the continents had nucleated into four cratons in Canada: the Superior, Slave, Rae and Hearne. Over time, their crustal peaks got flattened by erosion, and a number of world-class ore districts

A helicopter flies near Kaminak Gold’s Coffee gold project in the Yukon in 2015. More than 50 million years of subduction at converging tectonic plates has created coppergold deposits across Western Canada. PHOTO BY MATTHEW KEEVIL

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were exposed. The most prolific districts seen today consist of the 150 million oz. gold Abitibi greenstone belt that spans the Quebec and Ontario border, the VMS-rich Flin Flon belt across Manitoba and Saskatchewan, and northern Ontario’s Ring of Fire district that hosts a number of magmatic nickel-copper and chromium deposits. Sediments eroded off the cratons were swept into surrounding deep-ocean basins and along vast seaways. Here, metal-rich brines would circulate within the sediments for millions of years, occasionally spewing out onto the seafloor as sedimentary exhalative zinc-lead (sedex) lead-zinc deposits. Around 2.3 billion years ago, the oceans began to teem with oxygenproducing bacteria, and the iron-rich sediments deposited on the seafloor mixed with oxygenated waters to create vast iron deposits. These banded-iron formations (BIF) are prolific across the Labrador Trough, a world-class iron mining camp in Quebec and Labrador. However, remnants of much older BIF deposits also occur within Canada’s greenstone belts, with the Mary River iron mine on northern Baffin Island a prime example. The

2017-04-11 7:47 PM

GLOBAL MINING NEWS

deposit formed in oxygen-deficient, or “anoxic” conditions, having precipitated out from hydrothermal vents within volcanic centres. Two billion years ago, the four cratons were stitched together along vast mountain ranges to form the core of ancestral North America. The deformation lasted for millions of years and was so intense that it either obliterated pre-existing deposits entrained within the rocks, or thrusted them closer to surface. As a result of this event, metalrich fluids from deep-seated metamorphism were injected into major deformation zones, such as the 2,800 km long Snowbird Tectonic zone dividing the Rae and Hearne cratons. Archean-age BIF acted as a sponge to the gold-rich fluids, leading to the formation of the 3.4 million oz. gold Meliadine and the 3.5 million oz. gold Meadowbank deposits in Nunavut’s portion of the Rae craton. Meanwhile, deformation along the northwestern perimeter of the Superior craton gave way to the nickel-copper rich dikes and sills that define the world-class Thompson nickel belt in Manitoba. The rock belt extends northeast to the Ungava Trough (formerly the Cape Smith belt) in northernmost Quebec, which hosts the Raglan nickelcopper camp. Around the same time, a 10 km wide meteorite smashed into the Superior’s eastern margin, shattering and melting the rocks beneath. The impact injected prolific nickelcopper-PGM-rich dikes and sills into a cone-shaped bowl now called the “Sudbury Igneous Complex” in Ontario. During a lull in deformation, 1.5 billion years ago, the Snowbird once again became a passageway for fluids, but this time they were uranium rich. The structures, and where they pierce overlying basins of sediments, served as favourable traps for basement- and unconformityhosted uranium deposits, such as those seen within Saskatchewan’s Athabasca basin, and Nunavut and Northwest Territories’ Thelon basin. Deformation was reignited 1.1 billion years ago — triggered by the assembly of a supercontinent called Rodinia — and the eastern side of ancestral North America began to transform. This deformation produced a Himalayan-scale mountain range — called the Grenville orogeny — that extends across a significant portion of the North American continent, from Labrador to Mexico, as well as to Scotland. But just before the start of the orogen, 1.3 billion years ago, the

THE NORTHERN MINER / APRIL 17–30, 2017

Canada’s main geologic domains. NATURAL RESOURCES CANADA/LESLEY STOKES

world-class Voisey’s Bay magmatic nickel-copper-cobalt deposit in Labrador began to take prominence, as deep-seated magma squeezed its way through a suture zone between the Rae craton and an Archeanage geological province called the Nain. The melts, which contained a high amount of dissolved metals, devoured sulphur-rich country rocks during its ascent and pooled in quiescent magma chambers, allowing time for the sulphur to scavenge the metals. The melt eventually cooled, precipitating layers of massive sulphides. Over time, the Grenville range eroded down to its metamorphosed core, and was partly covered with sandstones and limestones by encroaching seas. Rodinia was eventually disassembled, only to reassemble again, 350 million years ago, to form the supercontinent Pangaea. At this time, the African continent collided with the eastern coast of ancestral North America and thrusted up a belt of rocks — rich with pre-existing VMS deposits — known as the Appalachians. World-class copper-lead-zinc deposits that were exposed by this tectonic event are clustered in the Bathurst camp in New Brunswick

and the Buchans camp in Newfoundland. As the Appalachian orogen ensued, gold-rich f luids funnelled into the many structural corridors across the eastern provinces, while lower-temperature fluids laden with lead-zinc were squeezed out of shales and into brecciated carbonate rocks to form Mississippi Valley Type (MVT) lead-zinc deposits. MVT deposits from this deformation event can be seen within the Gays River district in Nova Scotia, whereas a similar event much farther north, called the Innuitian orogen, drove fluids into the Polaris and Pine Point deposits of Nunavut and Northwest Territories. When the North Atlantic Ocean rifted open 180 million years ago, the African continent broke away — albeit leaving behind continental fragments on the east coast of Newfoundland — and North America was pushed westwards. The shift in movement ignited subduction beneath the western margin of the continent, and a number of offshore volcanic island chains and sedimentary rocks in the west were docked and thrusted onto the edge of the landmass. The first volcanic terranes that

arrived, 150 million years ago, were teeming with porphyry coppergold and epithermal gold deposits, such as those seen today within the Valley of the Kings and Red Chris deposits in northwest B.C., and the Highland Valley Copper deposit in southcentral British Columbia. These deposits formed between 220 and 175 million years ago in a setting similar to the present-day Philippine and Indonesian island arcs. As the metal-rich island chain pushed into the continent, basins of intervening sediments — up to 1.6 billion years old — were thrusted onto the landmass. The event exhumed a number of world-class sedex deposits that had formed along the edges of the ancient cratons, with examples including the Howard’s Pass and Sullivan lead-zinc deposits, located in the Yukon and southern British Columbia. This tectonic event also sliced up the crust and injected it with gold, most notably at the 20 million oz. Klondike placer goldfields, and central B.C.’s Barkerville camp, which saw 3.1 million oz. historical placer gold production. It has 4.8 million oz. gold in resources from nearby bedrock sources. The next volcanic terrane that ar-

Dominion Diamond’s Ekati diamond mine in the Northwest Territories, in 2016. Geologists say that high temperature and pressure 55 million years ago in the Lac de Gras region’s Archean-aged crust set the stage for diamond creation. DOMINION DIAMOND

1-16, 23_APR17_Main .indd 7

rived on Canada’s western margin, at 100 million years ago, created a massive wave of deformation that drove gold-rich fluids into parts of the Yukon, most notably at the 4.9 million oz. gold Coffee deposit. Subduction beneath the towering landmass eventually picked up speed, and the accreted margin of Western Canada was injected with enormous volumes of granitic magma for 50 million years, generating a number of porphyry copper-gold deposits, such as Casino in the Yukon and Huckleberry in British Columbia. Around 55 million years ago, diamond-bearing magmas punched up rapidly through the Archean-age crust in the Northwest Territories’ Lac de Gras region. Geologists believe that Archean crust favours diamonds because the cratons have bulged to enormous depths over its geological history, which provided high enough pressure and temperature to compress carbon into a precious stone. An older diamond-bearing kimberlite event occurred between 180 and 155 million years ago, as recorded in northern Ontario’s Victor diamond mine, whereas less commercially significant kimberlites up to 1.1 billion years in age have also been uncovered in other parts of Canada. Over time, the seas that once covered much of Western Canada began to evaporate, having been cut off from the ocean by the Canadian Cordillera. The sediments eroded off the leeward side of the mountains were buried up to 5 km deep, and any carbon matter was in time converted into oil by the elevated pressures and temperatures. Even to this day, oil is being generated at the toe of the mountains — across much of Alberta and the Northwest Territories — and migrates for hundreds of kilometres until caught by impermeable traps or quartz-rich sands. In the last 50 million years, the structural regime off the western coast of modern-day B.C. and the Yukon has transitioned more towards sideway faults than subduction, with tremors and earthquakes taking precedent over volcanism and mountain building. On the East Coast, the Atlantic Ocean continues to rift open, pushing the North American continent westwards. Geologists predict that in the next 250 million years, plate tectonics will likely drive the continents on earth together once again, into a supercontinent called Pangaea Ultima. TNM

2017-04-11 7:47 PM

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APRIL 17–30, 2017 / THE NORTHERN MINER

NuLegacy seeks ‘home run’ in its 2017 exploration program NEVADA GOLD

| Junior budgets US$3.2M to drill Red Hill “ELEPHANT-SIZED DEPOSITS [ARE] THE GOAL. THAT IS WHY WE HAVE BEEN GIVEN THE MANDATE AND THE GEOLOGICAL BRAIN TRUST TO STEP OUT AND DRILL.”

BY SALMA TARIKH

Workers drillIing at NuLegacy Gold’s Iceberg gold deposit in Nevada. NULEGACY GOLD

starikh@northernminer.com

fter a year of attracting new shareholders and funds, NuLegacy Gold (TSXV: NUG; US-OTC: NULGF) is set to start its 2017 exploration program at the Red Hill gold project in Nevada’s prolific Cortez gold trend. NuLegacy’s CEO James Anderson, who describes 2016 as a “transformational year” for the company, says that this year he looks forward to “exploration and drilling success.” Last March, NuLegacy consolidated its interest in Red Hill, after Barrick Gold (TSX: ABX; NYSE: ABX) converted its 30% minority interest in the project into 32 million NuLegacy shares. Barrick, which owns 11.1% of NuLegacy, produces gold at its 21

JAMES ANDERSON CEO, NULEGACY GOLD

million oz. Pipeline and 15 million oz. Cortez Hills deposits on the Cortez trend. It also owns the nearby 10 million oz. Goldrush project, where mine construction should start in 2020. After the consolidation, NuLegacy attracted two new shareholders: OceanaGold (TSX: OGC) and New York-based Tocqueville Gold Fund in April. OceanaGold bought 47.5 million NuLegacy shares at 14¢ apiece in a $6.7-million private

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placement. In return, it became the junior’s largest shareholder at 19.9%. Tocqueville first acquired 19.5 million NuLegacy shares at 20¢ apiece in an open market transaction. It later bought another 9.2 million shares as part of a $4.5-million financing in October, bringing its total interest in NuLegacy to 9.9%. NuLegacy kicked off a 10,000-metre program last May to drill the Iceberg deposit and test other Carlintype gold systems on the property, including the Avocado, VIO and Jasperoid basin gold anomalies. In September, it confirmed Avocado as its second Carlin-type gold deposit, after the Iceberg discovery in 2012. The discovery hole returned 200 metres of 0.26 gram gold per tonne, including 10- and 13-metre intervals of better than 1-gram material. (NuLegacy drilled four holes at Avocado, where three hit mineralization.) “We are quite proud of the fact that we got a lot of things accomplished last year. Financially, we are in a much better position than the company has ever been in,” Anderson says. Nu L e gac y, w h ich c los e d a $6.1-million financing last July, ended 2016 with $16 million (US$12 million). It plans to start a 40-hole, 10,500-metre exploration program in April 2017. Half of the 40 holes will go towards deeper drilling at the Avocado deposit and the Deep Iceberg, VIO and Jasperoid basin anomalies, while the rest will extend the near-surface gold mineralization at Iceberg, Anderson says. Iceberg has a conceptual 90- to 110-milliontonne exploration target grading 0.9 to 1.1 grams gold per tonne. NuLegacy has budgeted US$3.2 million for the 2017 program, where 65% of the budget will go towards deeper drilling at Avocado and the anomalies, and 35% for shallow drilling in and around Iceberg. The goals of the program include expanding the Iceberg and Avocado deposits, and confirming opportunities. Anderson notes the company’s board has already approved another US$500,000 for drilling if NuLegacy makes a discovery. NuLegacy plans to drill three 500-metre holes at Avocado, followed by two holes in Iceberg and two at Avocado. Asked if the company intends to calculate a resource estimate at Iceberg, Anderson replies that NuLegacy will add ounces, but that the company’s major shareholders, “the folks who have given us the money — they want us to find one of these giants,” he says, referring to Barrick’s large deposits in the trend. “Elephant-sized deposits [are] the goal. That is why we have been given the mandate and the geological brain trust to step out and drill some of these high-impact targets. It’s the home run that people are looking for.” NuLegacy closed March 20 at 28.5¢, within a 52-week range of 11.5¢ to 54¢. TNM

2017-04-11 7:47 PM

SPECIAL FOCUS

GLOBAL COPPER Serengeti sees potential underground at Kwanika BC

| Serengeti expects PEA will entice partner Daewoo to earn another 30%

Copper needs more investment, analyst says SUPPLY

| Disruptions this year could be the highest since 2008

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

nderground and open-pit mining at Serengeti Resources’ (TSXV: SIR) Kwanika copper-gold property, 250 km east of Smithers, B.C., could boost the project’s economics, according to the company’s new preliminary economic assessment (PEA). The study envisages a 15,000-tonneper-day operation over a 15-year mine life, with the first nine years focused on block-cave mining the project’s high-grade, copper-gold Central zone porphyry deposit, before switching to open-pit mining at the lower-grade South zone, 2 km south. The mining scenario delivers a $324.4-million pre-tax net present value (NPV) at a 7% discount rate, and a 21.1% pre-tax internal rate of return (IRR), and would give a 3.7-year payback on $476 million in capital costs. The results are better than the company’s 2013 PEA, which calculated a pre-tax NPV of $143.3 million at an 8% discount rate, a 13.4% pre-tax IRR and a 7.3-year payback from a 13.5-year open-pit operation. David Moore, president and CEO of Serengeti, tells The Northern Miner during a phone interview that the economics incorporate an updated, geologically constrained resource model — published by SRK Consulting in November last year — that increased precious metal grades by 20%. “We’ll start with an open-pit on part of the Central and go as quickly as we can underground, so we can access the higher grades,” he says. “It’s a gold-rich system. So what we’ve done is come up with a much better production schedule, and that has made a big difference on the project’s economics.” He adds that over 64% of the revenue in the project’s first eight years is due to gold and silver credits. Pit-constrained resources for the Central zone stand at 101.5 million indicated tonnes of 0.31% copper, 0.32 gram gold per tonne and 0.96 gram silver per tonne and 31.9 million inferred tonnes of 0.17% copper, 0.14 gram gold and 0.59 gram silver. Underground resources add 29.7 million indicated tonnes of 0.34% copper, 0.36 gram gold and 1.05 grams silver, and 7.9 million inferred tonnes of 0.23% copper, 0.17 gram gold and 0.68 gram silver. Open-pit resources from the South zone are 33.3 million inferred tonnes of 0.26% copper, 0.08 gram gold, 1.64 grams silver and 0.01% molybdenum. Daewoo’s opportunity Serengeti is advancing the project alongside 5% partner Daewoo Minerals Canada — a subsidiary of one of South Korea’s leading trading

1-16, 23_APR17_Main .indd 9

BY TRISH SAYWELL tsaywell@northernminer.com

Project geologist Cole Godrey (far right) and Daewoo representatives examine core at the Kwanika copper-gold project, 250 km east of Smithers, British Columbia. SERENGETI RESOURCES

“WHAT WE’VE DONE IS COME UP WITH A MUCH BETTER PRODUCTION SCHEDULE, AND THAT HAS MADE A BIG DIFFERENCE ON THE PROJECT’S ECONOMICS.” DAVID MOORE PRESIDENT AND CEO, SERENGETI RESOURCES

companies Posco Daewoo — as part of a deal signed in April last year. Daewoo earned its current interest by paying Serengeti $400,000 in cash and spending $800,000 in exploration on the project last year. Moore says that within 90 days of filing the PEA report on Sedar, Daewoo is required to decide whether or not the company will pay Serengeti $7 million over the next two years to earn another 30% interest in the project. “The economics are in the sweet spot of what Daewoo would be interested in,” he says. “Their $7-million investment could give them $55-million worth of value in the project, so we’re pretty confident they’ll move forward.” A $7-million capital injection could facilitate a “significant” drill program by September, Moore says. The program would convert inferred resources to indicated, increase the gold grade at the Central zone and push the boundaries on the resource limits. “Gold grades have great implica-

Drillers on hole 179, which extended deeply, northwest of the Central zone at Serengeti Resources’ Kwanika copper-gold project. SERENGETI RESOURCES

tions on our economics, so if we can drill more holes and continue that trend, we can add a lot of value to the project quickly,” he says. As reported in “Upside ‘very much alive’ at Kwanika in BC” (T.N.M., Sept. 28/16), a part of Serengeti’s drill program last year aimed for a deeply buried induced polarization chargeability anomaly. The anomaly suggested that mineralization at the Central zone could extend up to 1 km north below prior drilling, giving Kwanika more room to grow. The hole hit 245 metres of 0.1% copper and 0.11 gram gold before it was crosscut with a fault and a post-mineral intrusive. Moore says that the hole skirted over the strongest part of the anomaly, and drill programs would follow up. Shares of Serengeti have traded within a 52-week range between 4¢

and 33¢, and closed at 15¢ at press time. The company has 71.5 million shares outstanding for an $11.9-million market capitalization. TNM

llianceBernstein, a global investment management firm with an independent sell-side research arm, is calling for greater investment in copper to build enough capacity to meet demand. “At a conservative estimate, the world’s mining community needs to approve the investment of 1 million tonnes per annum of new copper capacity each and every year, and, so far, this has proven impossible,” Paul Gait, a London-based analyst from Bernstein’s European metals and mining division, warned in a recent research note. “In part, this is because of the capital intensity and lead times that are required to create the economies of scale to profitably exploit either low-grade copper, or copper that is situated at extreme depth,” he noted, describing the red metal as “the scarcest and most important industrial commodity.” He added that “it is fair to say that the continued flow of copper is a global strategic imperative, and even more so if we are ever going to meet the demands of the green energy revolution.” This year, supply disruptions at three of the world’s largest copper mines — BHP Billiton’s (NYSE: BHP; LON: BLT) majority-owned Escondida mine in Chile, and Freeport-McMoRan’s (NYSE: FCX) Grasberg mine in Indonesia and Cerro Verde mine in Peru — have helped “support prices at 20% above the 2016 average,” according to BMO Capital Markets, which forecasts that “2017 is on track to deliver the largest disruption to initial production estimates since 2008.” At Escondida, a 44-day strike ended in March without a new labour contract, while Freeport halted production at its Grasberg mine in See COPPER / 10

2017-04-11 7:47 PM

GLOBAL COPPER

APRIL 17–30, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

First Quantum Minerals’ 80%-owned Kansanshi copper mine in Zambia. FIRST QUANTUM MINERALS

Copper needs more investment, analyst says COPPER From 9

February after the country banned concentrate exports, and employees at its Cerro Verde mine held an 18day strike the same month. BMO estimates that the strike at Escondida, the largest copper mine in the world, which it estimates is responsible for 5% of global mine supply, “will have cost the market nearly 200,000 tonnes of production, including additional losses, as the mine could take two weeks to resume normal operations.” Given that the strike “ended without a new labour contract negotiated [a legal provision allowed the workers to return to work for 18 months under their old contract, with a new agreement targeted for that time], another disruption in 2018 remains a possibility.” Disruptions at the Grasberg and Cerro Verde mines, meanwhile, which BMO says are the world’s second- and third-largest copper mines — representing 4% and 3% of global supply — have “further tightened supply.” The bank esti-

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1-16, 23_APR17_Main .indd 10

“AT A CONSERVATIVE ESTIMATE, THE WORLD’S MINING COMMUNITY NEEDS TO INVEST 1 MILLION TONNES PER ANNUM OF COPPER CAPACITY EACH AND EVERY YEAR, AND, SO FAR, THIS HAS PROVEN IMPOSSIBLE.” PAUL GAIT RESEARCH ANALYST, ALLIANCEBERNSTEIN

mates that “contract disputes with the government and strikes” at Grasberg and Cerro Verde have taken between 80,000 and 90,000 tonnes copper out of the market so far this year. “Since 2004, we estimate that strikes reduced annual mine supply by an average 115,000 tonnes per annum, with 2009 the highest year at 309,000 tonnes, and 2017 already at an estimated 203,000 tonnes,” BMO reported. Grouping in Grasberg rises to 290,000 tonnes. “With Grasberg seeming unlikely to be resolved in the near-term, however, and additional strikes possible globally, 2017 is on track to exceed 2016’s disruption by nearly 500,000 tonnes, and to be the highest since 2008.” The bank has raised its copper price forecasts accordingly. This year it expects copper to average US$2.64 per lb. — up 8% from its previous estimate of US$2.45 per pound. Next year BMO forecasts copper will average US$2.70 per lb., and should climb to US$2.85 per lb. in 2019, and US$3.05 per lb. in 2020. Paul Benjamin, research director for global copper markets at Wood Mackenzie, has raised his copper price forecast for 2017. “The impact of recent stoppages at the industry’s two largest mine producers pushed three-month prices above the US$6,000-pertonne level several times through first-quarter 2017, and with copper trading somewhat higher than expected, we have raised our annual average forecast to US$5,685 per tonne, or US$2.58 per pound.” Beyond 2020, “as liquid stocks are eroded sharply lower,” Benjamin expects “a sizeable reaction in prices,” with the metal spiking at

US$8,598 per tonne — or US$3.90 per lb. in constant 2017 dollars — by 2023. “We remain conf ident t hat our long-term incentive price of US$7,275 per tonne (US$3.30 per lb.) in constant 2017 dollars will be sufficient to bring on adequate mine output, keep market equilibrium and retain a reasonable market balance over the next decade.” BMO’s top picks among copper producers are Antofagasta (LON: ANTO; US-OTC: ANFGY) and First Quantum Minerals (TSX: FM; LON: FQM). It also likes Atalaya Mining (TSX: AYM; LON: ATYM) “for its free cash flow generation potential,” and Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) “for exposure to the growth of the Kakula-Kamoa discovery.” Antofagasta, BMO says, “offers the best exposure to higher copper prices,” and trades at a 6.4 times 2017 enterprise value/earnings before interest, tax, depreciation and amortization (EBITDA). “Although not a leveraged or near-term growth name, we see potential for the company to continue to reduce unit costs, further improving its position.” First Quantum, meanwhile, “offers some of the best exposure to higher copper prices and increasing cash flow — a result of its growing copper production profile in Zambia and in Panama,” BMO says. First Quantum “has hedged away most of its exposure to copper prices for 2017, but remains largely exposed to prices in 2018 and beyond ... we anticipate tightness in the market to move the price of the metal higher.” Atalaya Mining’s Proyecto Riotinto open-pit copper mine in the Andalucia region of Spain reached

nameplate capacity of 9.5 million tonnes per year in January 2017, and BMO expects “a near-term rerating of trading multiples, as the operation begins to deliver free cash flow for the company. “As a higher-cost operation,” BMO notes, “it has amongst the highest leverage to the copper price and trades on an attractive estimated 2017 enterprise value/ EBITDA multiple of 2.3 times.” Formerly known as EMED Mining, Atalaya put the past-producing mine and mill back into production in February 2016. The deposit, 65 km northwest of Seville, has ore reserves of 153 million tonnes containing 680,000 tonnes copper. BMO also likes Ivanhoe’s Kakula-Kamoa project in the Democratic Republic of the Congo, which has a resource and PEA due soon. In March, Ivanhoe announced that a step-out drill hole had doubled the strike length of the

copper-rich mineralized system at Kakula, extending to 10.1 km from an initial 5.5 km in January. The shallow deposit is open for expansion. In a research note after the drill hole assay was announced, Bernstein’s Gait described the KakulaKamoa discovery as “the world’s most important development project, in what we believe is the world’s most important commodity.” He added that “at a time when significant lack of investment in the copper industry is manifesting itself, and with the major mining houses rapidly running low on growth options but accumulating cash, we see Ivanhoe Mines as a compelling investment both strategically and for the underlying quality of the potential producing operation.” Bernstein initiated coverage of Ivanhoe in October 2015, and Gait repeated the firm’s description of Kakula-Kamoa in his March 21 research note to clients: “It is the largest copper discovery on the African continent, and the world’s largest high-grade copper deposit, largest undeveloped copper deposit, lowest capital intensity major copper development project and fifth-largest copper deposit.” TNM

Material leaves a conveyor at BHP Billiton’s Escondida copper mine in Chile. BHP BILLITON

2017-04-11 7:47 PM

GLOBAL COPPER

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 17–30, 2017

Filo Mining advances Filo del Sol copper-gold project CHILE-ARGENTINA

| Deposit’s top 250 metres are oxidized, potentially lowering mining costs

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

i lo Mining (TSX V: FIL) was spun out of Lukas Lundin’s NGEx Resources (TSX: NGQ; US-OTC: NGQRF) in mid2016 to highlight the Filo del Sol copper-gold property that straddles the Chile-Argentina border, 140 km southeast of the city of Copiapo, Chile. The Atacama region is renowned for large copper porphyry deposits, but Filo del Sol is a rarer near-term development opportunity due to its copper-gold mineralogy and heap-leach potential. Filo del Sol’s inferred resources are 381 million tonnes of 0.39% copper, 0.33 gram gold and 12.2 grams silver. Contained metals total 3.3 billion lb. copper, 4 million oz. gold and 150 million oz. silver. It’s the low-cost oxide upside, however, that could make it the Lundin Group’s next development project. “Filo del Sol wasn’t getting recognized in terms of value because it was our third project, but we really, really liked it,” Filo Mining president and CEO Wojtek Wodzicki said during an interview. The resource combines several mineralization styles owing to complex geological processes. These include high-grade leachable oxide and mixed copper mineralization; structurally controlled gold-silver mineralization; subhorizontal highgrade silver mineralization in mantos; and disseminated copper and gold-silver sulphide mineralization. “Probably the biggest difference

Drillers at Filo Mining’s Filo del Sol copper-gold project in the Atacama region of Chile and Argentina. FILO MINING

compared to our other regional projects is that the top 250 metres of the deposit are oxidized. We did heap-leach test work on that oxide material that returned really good recoveries. This could lead to lower development costs and a more manageable project size than the Los Helados and Josemaria porphyry scenarios we are working on at NGEx,” Wodzicki says. Filo has wrapped up a 9,000-metre drill program at the project

Copper sulphate mineralization at Filo del Sol in Chile and Argentina. FILO MINING

to boost confidence in the goldrich portions of the resource, and expand the Filo South zone. The company released its most recent results on April 10, which were highlighted by 112 metres grading 0.73 gram gold from 106 metres deep from infill hole 101, and 102 metres of 0.77% copper from 194 metres deep in hole 111 at Filo South. Roughly 180 million tonnes of the resource includes oxide and transitional material that could be amendable to heap-leach processing, but the company hopes its recently drilled Filo South target might grow into a satellite deposit. The results found a zone of “shallow oxide copper and gold mineralization,” 1 km south of resources at the Filo South zone. Filo’s drilling extended the mineralization along strike and to depth, and started to define a northwest-trending zone of “nearsurface copper oxide mineralization,” with associated gold, which runs along strike for at least 300 metres. “Filo has a more significant gold component to t he stor y. We’ve been dealing with coppergold porphyry deposits, but this is more analogous to the Veladero or Pascua-Lama type deposits. So

there’s a big opportunity to have a gold-only resource in addition to copper,” vice-president of exploration Bob Carmichael says. “We’re working on the infill drilling, but beyond that we’re looking to recategorize the way we’ve reported the mineral resources. This is thinking more towards what you’d actually be mining, where we have the higher-grade gold zone, the copper-gold oxide zone and the silver zone.” The company released results from bottle-roll tests at Filo del Sol in October that indicate preliminary recoveries of 95.1% for copper, 93.2% for gold and 92.7% for silver. “We’ve had a great response from markets in terms of that precious metal component and the oxides,” Wodzicki adds. “We felt like we could move quickly towards a PEA, but the property-wide exploration potential remains really good because the overall scale of the system is huge. You’re looking at something that’s 7 km long by 2 km wide. There’s still a lot of altered rock out there that we haven’t had a chance to drill.” The goal is to release an updated resource later this year, which could lead to beginning a preliminary economic assessment (PEA) by September. Filo closed a $20-mil-

lion private placement in November, when it sold 10 million shares priced at $2 each. “One thing that’s definitely interesting is the mineralogy of the copper zone. A lot of it is copper sulphate, which is a pretty rare mineral that’s water soluble,” Wodzicki says. “You could leach that copper with either really low amounts of sulphuric acid, or in some of the test work, it leaches in water. That’s unique, and you want to go after that because it leaches so well,” he says. Filo is also looking at discovery opportunities across the wider property. The Filo North prospect lies 1 to 2 km north of the deposit in an area thought to host a “potential feeder zone to Filo del Sol.” The Cerro Vicuna target is a conical hill that surface mapping indicates may be underlain by a silicified and stockwork porphyry intrusive. The Vicuna Porphyry target has seen grab samples of up to 5 grams gold collected from surface. Filo Mining shares have traded in a 52-week range of 64¢ to $3 per share, and closed at $1.86 at press time. The company has 61.4 million shares outstanding for a $114.2-million market capitalization. TNM

The Filo del Sol project, 140 km southeast of the city of Copiapo, Chile, straddles the border between Argentina and Chile. FILO MINING

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2017-04-11 7:47 PM

GLOBAL COPPER

APRIL 17–30, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Mariana Resources’ 30%-held Hot Maden gold-copper project in northeastern Turkey’s Artvin province. MARIANA RESOURCES

Top-five global copper intercepts TNM DATA MINER

| Australian firms dominate the pack with strong results in March and 0.3 gram gold. Imperial notes that the long, lower-grade hole may be amenable to sublevel caving. Meanwhile, hole 17-7 intersected 110 metres of 1.27% copper (or 139.7 metres × % copper per tonne), plus 0.24 gold, including 57 metres of 1.9% copper and 0.37 gram gold. The results are part of the first underground exploration at the Martel zone, where Imperial drilled 6,600 metres in 25 holes. Imperial expects to release assays from the remaining holes shortly.

BY SALMA TARIKH

starikh@northernminer.com

sing the IntelligenceMine database of our sister company Infomine, The Northern Miner compiled five projects with the top copper intersections (grade multiplied by width) globally in March 2017, as reported publicly. Xanadu Mines 1. Exploration firm Xanadu Mines (ASX: XAM) topped the list, returning exceptional results from its flagship Kharmagtai copper-gold project in Mongolia’s Omnogovi province, 420 km southeast of Ulaanbaatar. Kharmagtai is within the South Gobi porphyry copper province, which is home to several porphyry deposits in the South Gobi region, including the large Oyu Tolgoi copper-gold mine (120 km south). On March 29, Xanadu reported an update on the ongoing exploration at Kharmagtai, including multiple drill holes confirming the depth extension of the project’s Altan Tolgoi copper-gold deposit. Diamond drill hole 394 returned 646 metres (from 18 metres) grading 0.51% copper (or 393 metres × % copper per tonne), plus 0.87 gram gold from 16 metres, including 64 metres at 1.06% copper and 3.15 grams gold. The 646-metre intercept, which is the best drilled to date at Kharmagtai, confirms mineralization extends from surface to almost 625 metres vertically. Hole 394a hit 385 metres (from 351 metres) of 0.52% copper (or 200 metres × % copper per tonne), plus 0.6 gram gold. “We are yet to define the extents of the Altan Tolgoi porphyry system, and further drilling is planned below the breccia zone-hosted chalcopyrite-gold mineralization to test whether a higher-grade bornite core is in the root of this large breccia system,” Andrew Stewart, the company’s chief executive, said in a release. Kharmagtai has a Joint Ore

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Drill core from Mod Resources’ 70%-held T3 copper-silver project in Botswana. MOD RESOURCES

Reserves Committee-compliant resource of 1.5 billion lb. copper and 2.2 million oz. gold (203 million tonnes of 0.3% copper and 0.3 gram gold). Finders Resources 2. Indonesia-focused miner Finders Resources came in second place. On March 6, Finders reported significant drill results from pre-development activities at the Lerokis deposit on its 73.5%-held Wetar copper project, which also contains the producing Kali Kuning deposit. The project is on the north coast of the remote island of Wetar in the Maluku Barat Daya province of eastern Indonesia. Finders notes that high-grade copper intersections in geotechnical and metallurgical diamond drill holes indicate the potential to expand the existing resource in the southwest and northeast parts of Zone 5, and in the northwest of Zone 1S. The zones are part of the planned Lerokis mine development. Metallurgical holes in Zone 1S returned 26.2 metres of 8.01% copper (or 210 metres × % copper per tonne), 1.35 grams gold, 73 grams silver, 2.6% zinc and 0.69% lead from 4 metres, and 34 metres at 5.28% copper (or 179.5 metres × % copper per tonne), 1.09 grams gold, 75 grams silver, 3.59% zinc and 0.84% lead from 10 metres. Geotechnical hole 14 in Zone 5

cut 24 metres at 5.84% copper (or 140.2 metres × % copper per tonne), 0.48 gram gold, 25.3 grams silver, 0.39% zinc and 0.16% lead from 12 metres. Finders expects to incorporate the results into the planned resource update after finishing the upcoming 2,900-metre, reverse-circulation drilling program. Lerokis is set to start producing in 2019. Mariana Resources 3. Mariana Resources (TSX: MRY; LON: MARL) trailed in third, with encouraging results from its 30%held Hot Maden gold-copper project in northeastern Turkey’s Artvin province. Turkish partner Lidya holds the rest. On March 23, Mariana published assays from 19 holes completed around the project’s Main zone and the Ridge area, which is the transitional zone between the Main zone and the New Southern deposit. Highlights include hole 106 returning 116.5 metres grading 6.7 grams gold and 1.7% copper (or 198 metres × % copper per tonne) from 224.5 metres, including 16 metres of 35.7 grams gold and 2.9% copper. This infill hole “confirmed the continuity of high-grade goldcopper mineralization within the core of the Main zone resource,” Mariana says. Hole 88, a step back to hole 75, hit

79 metres of 8.1 grams gold and 1.9% copper (or 116.2 metres × % copper per tonne) from 326 metres, which extended the downdip extension of the gold-copper mineralized zone. Mariana says the gold-copper mineralization in the Main zone is “multistage, and ranges from early, massive sulphide-type mineralization to later tectonic brecciation, consisting of chalcopyritepyrite-bearing quartz stockworks and veining with distinctive red jasperoid.” Mariana and Lidya have three rigs turning on Hot Maden, in advance of completing a prefeasibility study. Imperial Metals 4. Vancouver-based Imperial Metals (TSX: III) took fourth place, after announcing underground drill results at the Mount Polley coppergold open-pit mine in south-central British Columbia, 56 km northeast of Williams Lake. After markets closed on Feb. 28, Imperial reported the results from the first nine underground holes completed at Mount Polley’s Martel and Green zones beneath the Wight pit, 400 metres east of the recently mined Boundary zone. Hole 16-6 returned 147.5 metres of 1.03% copper (or 152 metres × % copper per tonne) and 0.2 gram gold from 92.5 metres, including a 15.8-metre interval of 1.9% copper

Mod Resources 5. Subiaco, Western Australia-based Mod Resources (ASX: MOD) ranked fifth, after reporting results from its 70%-held T3 copper-silver project in Botswana’s Kalahari copper belt. Metal Tiger (LON: MTR) holds the other 30%. Mod released two assay results on March 6 from the newly discovered Zone 2 below the T3 resource area (now named Zone 1). Hole 65D returned 72.6 metres (from 250 metres) of 1.5% copper (or 108.9 metres × % copper per tonne), plus 27 grams silver, including 18 metres of 2.7% copper and 52 grams silver. On March 30, Mod said drilling has extended Zone 2’s disseminated mineralization, 700 metres along strike. Since discovering Zone 2 in February 2017, Mod completed 16 diamond core holes over six weeks to define the zone to 300 metres deep. The zone remains open downdip. Depending on the remaining assay results, Mod notes it may include Zone 2 in a potentially expanded T3 resource. “This is a high priority because Zone 2 lies directly below the proposed open pit and could have a material positive impact on the economics of the T3 PFS, already in progress,” Julian Hanna, Mod’s managing director, said in a release. To accelerate the assay turnaround, the company is installing a sample preparation facility onsite. TNM

2017-04-11 7:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 17–30, 2017

Goldcorp partners with Barrick in Northern Chile M&A

| Majors will develop Cerro Casale, Caspiche gold projects “SOME INVESTORS MIGHT QUESTION THE [JOINT VENTURE] IN THE NEAR-TERM, GIVEN THE CAPITAL OUTLAY.”

BY SALMA TARIKH

starikh@northernminer.com

oldcorp (TSX: G; NYSE: GG) is teaming up with Barrick Gold (TSX: ABX; NYSE: ABX) to develop gold-copper deposits in Northern Chile’s Atacama region — similar to what Goldcorp did earlier with Teck Resources (TSX: TECK.B; NYSE: TECK) at the NuevaUnion joint venture in the region. The perceived risk of replenishing reserves is high, so collaboration among seniors to develop resources is regaining popularity after years of less exploration and capital spending in the industry. In late 2015, Goldcorp combined its El Morro gold-copper deposit with Teck’s Relincho copper-molybdenum asset in the Atacama region. It is now joint-venturing with Barrick to advance the Cerro Casale and Caspiche projects. Goldcorp has announced three transactions — costing US$445million upfront in cash and shares — to create the fifty-fifty partnership with Barrick. First, it intends to buy Kinross Gold’s (TSX: K; NYSE: KGC) 25% interest in Cerro Casale and 100% interest in the Quebrada Seca exploration gold project for an initial US$260 million in cash. It will provide US$40 million after a positive construction decision on Cerro Casale, plus a 1.3% royalty on 25% of gross revenues from sales from Cerro Casale and Quebrada Seca. Second, Goldcorp will buy another 25% interest in Cerro Casale from Barrick — lowering Barrick’s 75% stake to 50% — for a deferred payment of US$260 million, which it would pay through project expenses. Barrick will also get a 1.3% royalty on 25% of gross revenues, US$40 million after a positive construction decision and US$20 million when commercial production starts, as well as half of Quebrada Seca.

ANDREW KAIP ANALYST, BMO

Looking north at Exeter Resource’s Caspiche gold-copper project in Chile, which Goldcorp is buying. EXETER RESOURCE

Goldcorp will take over Exeter Resource (TSX: XRC; NYSE-MKT: XRA) for US$185 million in shares for the junior’s wholly held Caspiche project. The gold-copper porphyry system is 10 km north of the Cerro Casale project. Goldcorp will exchange 0.12 of a share for each Exeter share. The deal values each Exeter share at $2.58 (US$1.93), marking a 67% premium over its March 27 close. The Cerro Casale and Exeter transactions should close by June 30, and are not conditional on completing the other.

Goldcorp will transfer Caspiche into the joint venture, with half of the acquisition cost (US$85 million) deducted from the US$260 million it owes Barrick. BMO analyst Andrew Kaip, who covers Barrick and Goldcorp, writes that the joint venture “represents a long-term opportunity for the two companies, but we do see how some investors might question the decision in the near-term, given the capital outlay.” Desjardins analyst Michael Parkin says that “with an acquisition cost

of US$18 per equivalent oz. gold reserves, we see the price being paid as relatively in line with the discovery cost.” The partners plan to advance the Cerro Casale and Caspiche deposits in a similar fashion to NuevaUnion. “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 stand-alone projects,” Goldcorp’s CEO David Garofalo

said in a release. Under the partnership, Goldcorp must spend at least US$60 million in the two years after the transaction closes, and US$80 million in each subsequent two-year period until it satisfies Barrick’s deferred payment. Garofalo was unavailable for comment at press time. On a 100% basis, Cerro Casale’s gold and copper reserves are 23.3 million oz. gold and 5.8 billion lb. copper (1.2 billion tonnes at 0.6 gram gold per tonne and 0.2% copper). It has 3.4 million oz. gold and 1.1 billion lb. copper in measured and indicated (297 million tonnes at 0.35 gram gold and 0.2% copper), plus significant silver credits. Caspiche has a measured and indicated resource of 23 million oz. gold and 5.9 billion lb. (1.4 billion tonnes of 0.51 gram gold and 0.2% copper). It has another 198 million tonnes in inferred. The partners expect to publish a concept study on the combined project in 18 to 24 months. Cerro Casale sits 200 km from NuevaUnion. Goldcorp’s director of corporate communications Christine Marks notes there “won’t be a lot of operating synergies” between the joint ventures. On the March 28 acquisition reports, Goldcorp shares fell 7% to $19.98; Exeter soared 56% to $2.41 per share; Barrick shares dropped 2.6% to $25.55; and Kinross fell 2.5% to $4.53. TNM

Endeavour Silver green-lights construction at El Compas MEXICAN SILVER BY SALMA TARIKH

starikh@northernminer.com

ndeavour Silver (TSX: EDR; NYSE: EXK) plans to add a fourth mine to its Mexican operations, after an encouraging preliminary economic assessment (PEA) at its El Compas gold-silver project in Zacatecas state. The miner operates three underground silver-gold mines: Guanacevi in Durango state, and Bolanitos and El Cubo in Guanajuato state. Combined the three churned out 9.7 million equivalent oz. silver in 2016, in line with guidance. The recent PEA outlines a small, low-cost operation at El Compas, with favourable economic returns. It also included an initial resource estimate. El Compas has 2.9 million indicated equivalent oz. silver (148,400 tonnes at 616 equivalent oz. silver) and 3.2 million inferred equivalent oz. silver (216,800 tonnes at 453 equivalent oz. silver).

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| El Compas could be a low-cost, profitable mine

Although the resource is small, it is high grade and shallow, starting from surface to 150 metres deep. The resource — along with Endeavour’s leased mill, sitting within 20 km — has contributed to El Compas’ low start-up costs of US$10 million and life-of-mine sustaining costs of US$1.8 million. Endeavour, with a cash balance of US$72 million, intends to fund El Compas’ construction internally. The study envisions El Compas as a 200-tonne-per-day underground operation, even though the mill has an initial capacity of 250 tonnes per day. As a condition of the lease, the company is reserving the 50-tonne balance to buy and process ore from small miners in the district. If those miners don’t have any feed, Endeavour is free to use the extra capacity. The PEA, however, has excluded this in the economic analysis. Over its estimated 4.3-year mine life, El Compas should process 300,000 tonnes (200 tonnes a day) grading 86.4 grams silver per tonne

and 6.3 grams gold, with recoveries averaging 73% silver and 83.5% gold. Estimated life-of-mine production is 583,000 oz. silver and 49,400 oz. gold, or 4 million equivalent oz. silver. Annual output averages 939,760 equivalent oz. silver, with expected all-in sustaining costs of US$9.64 per equivalent oz. silver over the mine life. El Compas has all its permits, except for the explosives permit, and is calling for more clarity on an exemption from the state’s new environmental tax. The company has not said when it will receive the outstanding permit and tax clarity for developing El Compas. Meghan Brown, the company’s director of investor relations, says in an email that Endeavour “cannot provide a time line, as these items are not within our control. Our construction time line once these are in place is six months.” Despite the short construction period, Endeavour cautions that

its decision to put El Compas into production based only on a PEA increases the technical and economic risks, but that it has the technical and financial capacity to manage such risks. “We recognize that these risks are mitigated by the project’s low capex, short time line to production and Endeavour’s in-house experience,” Raymond James analyst Chris Thompson writes. He has a $5.50 price target and “market perform” rating on the stock. Along with low capital requirements, the proposed mine has encouraging economics. Using US$18 per oz. silver and US$1,260 per oz. gold, which are around the current spot prices, El Compas would generate life-of-mine revenue of US$72.8 million and total free cash flow of US$16.5 million. The mine has a net present value of US$12.6 million and a 42% internal rate of return, both after taxes. Payback should take a little over two years. Endeavour picked up El Compas

and the plant lease in a US$6.7million, all-share acquisition of Oro Silver Resources — a subsidiary of Canarc Resource (TSX: CCM) — last May. El Compas is a classic low-sulphidation epithermal vein deposit. It has two veins ready for development (El Compas and El Orito) and 10 other vein targets for exploration. “The operation is scalable, if we discover or buy more mineral resources in the Zacatecas district and refurbish the second ball mill to double the plant capacity to 500 tonnes per day,” Bradford Cooke, Endeavour’s CEO, said in a release. Thompson forecasts that including El Compas will increase his estimate for Endeavour’s 2018 production 9%, from 10.1 million to 11 million equivalent oz. silver. Endeavour hasn’t published its 2018 production guidance, but for this year aims to produce between 8.9 and 9.7 million equivalent oz. silver from its three Mexican mines. TNM

2017-04-11 7:47 PM

WWW.NORTHERNMINER.COM

APRIL 17–30, 2017 / THE NORTHERN MINER

Matt Manson and the long road to production at Renard MATT MANSON From 1

credit at this stage of the story to the Ashton guys and to Soquem, because they found the asset. They did all the grassroots exploration for five years. They made the discovery in 2001. We were interlopers five years later, buying into it. What we can claim credit for, since 2006, is getting the resource done, getting the economic studies done, getting the permitting done, building relationships with the Crees, getting it financed, getting it built and putting it into production. TNM: Well, that’s a lot! Now, you never had a major mining company as a partner, but you did have Agnico’s guidance from early on, and then Soquem as partner at Renard. Is that kind of the same thing, or was it different in some way? MM: We had Agnico being supportive of Stornoway. Whenever we raised any money, Agnico would come in for a piece of it with a lead order. So that was useful. David Garofalo, Agnico’s chief financial officer at the time and now the CEO of Goldcorp, was on our board for many years. He left when he went to Hudbay Minerals, and then Ebe Scherkus, the president of Agnico at the time, came on-board, and he’s still our chairman. We always had this Agnico connection, and Sean Boyd has been supportive. When I won the Viola R. MacMillan award in 2015 at the Prospectors & Developers Association of Canada convention, the testimonial video for me was all Agnico guys talking. Soquem was important, too. When we bought Ashton we inherited a fifty-fifty JV with Soquem, so they were equal partners. In the middle of the credit crisis, after we bought Ashton in 2006, we finished a bulk sample and put out the first resource and the first economic study, and it was skinny. We had a six-year mine life and a $60-million net present value. After all the fuss and the hubbub we’d made with the hostile takeover of Ashton, to come out with a skinny project in the middle of nowhere, in the middle of the credit crisis … and that was November 2008. By Christmas 2008, the stock was at five and a half cents and we were very depressed and running out of cash, and I had a very good CFO who was hiding money from me, so we’d have enough money to lay off all the employees. That was a life or death moment for the company, and that’s when I became the CEO. Out of the gate in 2006 Eira was CEO and I was the president, and then she had her

At the Renard mine site, from left: Patrick Godin, chief operating officer of Stornoway Diamond; Gerald R. Longchap, Deputy Chief of the Cree Nation of Mistissini; and Matt Manson, president and CEO of Stornoway Diamond. STORNOWAY DIAMOND Signing the Plan Nord road agreement for the Renard diamond project in Quebec in August 2011, from left: Quebec Premier Jean Charest; Chibougamau Mayor Manon Cyr; and Stornoway Diamond president and CEO Matt Manson. STORNOWAY DIAMOND

first child in the middle of that, in January 2009. So she stepped back to take a maternity leave and I became the CEO, and then she came back after maternity. Soquem was really important in that moment, because the only cash that we could raise at Stornoway was Quebec super-flow-through, which meant we were drilling from surface. We decided, what the hell, we’re going to drill this orebody and see if we can make it bigger. For the drilling budget, we had $3 million in flow-through and Soquem chipped in $3 million to match. So we had a $6-million drilling program, and off we went. And in 2009 we had a home run. That drill program saved the company because we discovered the orebodies were not tapering at depth as kimberlites are supposed to, but were flaring open. The Renard pipes are like tubes, with Renard 2 being a big tube with a bulge in the middle. We discovered that bulge in the drilling in 2009, and that drill program tripled the size of the resource. By 2010 we had a new economic study out, and the six-year mine life was now 18 years, and the $60 million NPV was now $600 million. The Soquem relationship was really important for us, always. And it was a very good and friendly relationship. We bought Ashton by hostile takeover, but they were quite happy to see us come in as project operators and partners. And that good relationship culminated in 2011 when they sold their project interest to us for equity in Stornoway. That’s why Investissement Québec is such a big shareholder of Stornoway, because Soquem is their exploration vehicle.

The exploration camp at the Renard property in Quebec, in 2007. STORNOWAY DIAMOND

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Soquem is still there as a partner, just from within Stornoway now. They’ve been on our board and have contributed to project financing, and have been big supporters. TNM: That 2009 drilling campaign seemed like such a gamble at the time. Did you have some kind of indication that these pipes would bulge like they do, or were you just rolling the dice? MM: No, we had scant drilling at depth, and we knew we had drawn the orebodies fairly conservatively at depth. We thought that maybe we’d be able to get the mine life to eight or nine years by fattening up the orebodies a little bit at depth. But then we discovered that at one level in the kimberlite, it’s kind of kidney-bean shaped. And one of the older Ashton drill holes had gone through one part of the kidney bean and stopped in waste rock in the middle of the kidney bean. And that drill hole, if it had gone 5 metres more, would have gone into the other side of the kidney bean and kept on going. We actually redrilled that hole and found that. We got into the orebody 5 metres further on, and then went for 170 metres more in high-grade kimberlite before we left the orebody again. We realized the original drilling — which was very scant, with one vertical hole and one cross hole — was only one part of the overall footprint of the orebody. The adage in mining: “if you’re in a pickle, drill” — is true. Mining is a risk- and luck-based business. You don’t get lucky unless you’re prepared to drill and search for something. And we got lucky in 2009, for sure. TNM: Stornoway has undergone

Cutting the ribbon at the official opening of Stornoway Diamond’s Renard diamond mine, from left: Patrick Godin, chief operating officer; Ghislain Poirier, vice-president of public affairs; and Matt Manson, president and CEO. STORNOWAY DIAMOND

this tremendous shift from explorer to developer to mine operator. Was there a time that you knew you would mine it yourself? Did you originally develop it thinking you’d sell it at some point? MM: We didn’t really have the option to sell it. Rio Tinto had sold to us, so they weren’t buyers. The other potential buyers in the business didn’t have the inclination. The diamond business suffers in that it is a small pond. We’ve been swimming in each other’s company for far too long, and everyone has pretty nasty, prejudicial views of everybody else’s assets. That’s why you rarely see any corporate activity in the diamond space. We always wanted to develop it ourselves, and always said we were going to operate it ourselves. But nobody ever came over the hill and gave us an offer we couldn’t refuse. If somebody had, of course, we would have taken it — that’s our responsibility. But no, we were always on the path of doing it ourselves, and that never changed. TNM: As a CEO, how do you transition your workforce from explorer to developer to miner? MM: We’ve kind of just grown. We’ve still got the core of the exploration group in Vancouver. We inherited a very big exploration group from Ashton of 45 people, and we’ve reduced that over the years, as that was too much. A lot of those guys went to Peregrine Diamonds, people like Catherine Fitzgerald. Another is John Armstrong, who is the resource guy at Lucara Diamond. But the core of the group under Robin Hopkins is still there at Stornoway. We relocated the head office in 2012 from Vancouver to Montreal, and we had previously hired a mine builder in a guy named Pat Godin, who is our chief operating officer, in 2010. And Pat has been very influential in the company, because he has built the operating Stornoway around him in that head office in Montreal. We deliberately repositioned Stornoway over a space of two and a half

years from being a Vancouver-based, Anglophone exploration company to being a Montreal-based, Francophone mining company. The vestiges of the original company are still there, but there’s been a cultural sea-change. Our board has evolved over that period and investor base has evolved, and that was a stepwise exercise over a twoyear period. TNM: Going back to that incredible financing — which was the largestever project financing package for a publicly listed diamond mining company — how did you cobble that together? MM: We were in the trenches. It was 2011 and we had a good project. We knew we could build it but we had a lousy market cap, and we started going down the path of traditional mine project financing, which is basically half debt and half equity, with a cost overrun facility that’s equity based. We had no problem arranging the debt. We had seven commercial banks that we were negotiating with in a syndicate. And we had an indicative term sheet for $450 million of senior debt. But that was going to require us to do the same amount of equity, plus another $150-million equity cost overrun. So we were facing a $600-million equity raise and our market cap was $120 million. And that’s where we were getting stuck. As we were scratching our heads on that one in late 2011 and early 2012, BHP decided to sell the Ekati mine and start a public process. We were bidders, and we were very low on the radar, and nobody really knew we were there, apart from a little bit of media. By early 2012, we got to the short list, where there were four companies. Two bids went in finally: ours and Dominion Diamond’s. Ours was fully financed with private equity and bank debt, with Scotia advising us. And we lost. Dominion Diamond won it. That story isn’t really well known. But coming second opened doors for us, because there were 11 or 12 bidders in that process — a whole

2017-04-11 7:48 PM

GLOBAL MINING NEWS

bunch of private equity guys and different teams were assembling, and it was a big old process. That second half of 2012 we had serious discussions with potential financiers and private equity guys on different types of structure to finance Renard. Because the reason we were bidding for Ekati was this: rather than raising all this money for Renard, why not raise money and do less equity and more debt to buy an existing operating mine like Ekati? Then we’d be a mining company and that would give us a balance sheet, and later we’d do Renard. Renard would become the development asset in the pipeline, after buying Ekati. It was a very good strategy that almost worked out. All these doors opened in 2012, and we talked to all these private equity guys and different types of debt providers, banks and streamers, and royalty companies. That started a process that took another year, and by late 2013 and early 2014, we had the deal that we wanted. What was unique about our financing deal when we did it was how complicated it was. There were so many different pieces. The penalty we paid for being a small cap company raising so much money — we were a $120-million marker cap company raising $944 million — is that everybody needed to be the last money in, and everybody needed to have confidence that the other pieces of the puzzle were going to be done. So the private equity, the public equity, the streaming deal, the senior debt facility, the convertible debt facility that was marketed, the costoverrun facility and the equipment financing deal were all negotiated simultaneously, and launched simultaneously. And they were all co-dependent on all the other ones closing. TNM: Good lord. MM: Yes, so that was a horrendous process. But it worked. And we always said it worked because we managed to get a whole bunch of people that I called at the time “the coalition of good intent.” Everybody wanted the deal to work, and we just had to work out how that was going to go. We had that all done by July 2014, and that got us into construction, and that has got us to where we are now. TNM: Turning to the situation on the ground, you needed to build relationships with the local Cree, and then there was the Quebec government’s Plan Nord infrastructure program and the need to build a road to the mine site. How has all that evolved over the years? MM: Ashton did a very good job before us in getting on the ground early and establishing relationships with the Cree and giving updates. So the engagement was very good when we came in 2006. And we broadened and deepened that. The Cree are very, very good. They are very sophisticated. There’s a lot of capacity there in terms of skills and employment, and businesses in particular. Our two biggest contractors in the construction of the mine were both Cree businesses. We did a confidentiality agreement during the Impacts and Benefits Agreement negotiations in 2011. We were under confidentiality, and they had our financial model. We

THE NORTHERN MINER / APRIL 17–30, 2017

An aerial view of Stornoway Diamond’s Renard diamond mine in Quebec, in 2016. STORNOWAY DIAMOND

had no fear of doing that, and the trust was good. They struck a hard bargain but they were commercially sensitive to what we were trying to achieve. And we tried to be as sensitive as possible to what they were trying to achieve. We got a good deal on reasonable terms, good for both parties, and a deal similar to Goldcorp’s deal with them on Éléonore. The Crees have very good governance. They have two levels of government and they have very good leadership. They don’t have the problem of having a disenfranchised community. In so many aboriginal communities, the grassroots community members are going in a different direction than the leadership. The leadership is who the mining company has to talk to, ultimately. And if the leadership is not enfranchised to talk to us by their communities, nothing ever happens, right? The Cree doesn’t have that situation. They are much more politically mature. They’re completely straight ahead. They are very good people to work with, and are organized. They have a specific mining policy document that outlines what they are trying to achieve in terms of resource development. And there are some projects they don’t want to have: They didn’t want to have Strateco, they don’t want uranium mining. They wanted to have us, and they wanted to have others. So they are very self-confident in what they want. Our challenge with our social engagement is employment. There are actually competing employment options for the Cree in the James Bay area. There is Hydro-Quebec, the community corporations and the band councils. We have a hard time getting Cree employees into our management ranks because when we get them into our management ranks, we tend to lose them to other opportunities. That’s our challenge with that. In terms of business opportunities, spending in the communities, and in terms of social and environmental responsibilities, it has gone very well. TNM: And the road? MM: Plan Nord was great timing for us, because we needed a road to the mine. We knew we couldn’t do a fly-in and winter roads in that part of the world are pretty unreliable

Diamonds from the Renard mine on display during the mine’s opening ceremony on Oct. 19, 2016. PHOTO BY ALISHA HIYATE

1-16, 23_APR17_Main .indd 15

“THE DIAMOND BUSINESS SUFFERS IN THAT IT IS A SMALL POND. WE’VE BEEN SWIMMING IN EACH OTHER’S COMPANY FOR FAR TOO LONG, AND EVERYONE HAS PRETTY NASTY, PREJUDICIAL VIEWS OF EVERYBODY ELSE’S ASSETS.” MATT MANSON PRESIDENT AND CEO, STORNOWAY DIAMOND

because it’s just not cold enough. There had been a mine in the area called the Eastmain gold mine, and it ran in the 1990s for six years, but it failed because the roads to that project failed one winter. We needed a road, and the communities of Chibougamau and Mistissini had spent the money, along with industry, to plan out the road into our project, and had actually funded all the feasibility work. At the time there were four projects that were likely going to be built off that road: Strateco, Western Troy and their copper-moly project, the old Eastmain mine reopening, and us. The road was shovel-ready when Premier Jean Charest launched Plan Nord in mid-2011. We immediately put our hand up and negotiated a cost-sharing agreement with the Quebec government under Plan Nord to get that road built. We were prepared to put money into the road, and they were prepared to finance our ability to get money into the road, so they lent us the money to chip into the pool. And the work got started. During that period, the three other mine projects in that area fell away. Eastmain never reopened. The copper-moly project that Western Troy had became a big shit show because they made mistakes, and Troy ended up suing Genivar, which is still going on. Then Strateco became a lawsuit because the Cree didn’t want uranium mining and that meant they didn’t get a permit from Quebec for a bulk sample. And that’s still going on in court. We were the last man standing. Quebec was very trusting in us, because we didn’t have our financing in place. We were trying to do our mine project financing off a small market cap and they were confident enough in us that we could do it to the extent that they were going to build a road. That was a leap of faith on their part, but it all worked out pretty well. The road got built, the mine is operating and we paid back the loan they gave us, and so far, so good. TNM: Today, how would you characterize the mine operations? MM: We were the only mine under construction in Eastern Canada in that period. We were able to come in five months ahead of schedule and that allowed us to come in an

acceptable amount under budget. We’ve been ramping up since August. We are doing well with the resource. We are getting the grades and the tonnes and the diamonds we expect. We are breaking diamonds in our process plant. We are telling everybody about the classic rampup problems that diamond mines have. The Ekati mine had the same problem in 1998. Our process plant was experiencing a higher level of diamond breakage than we expected, so that’s a bit of a challenge, and affects the achieved price we’re getting. But that’s a problem that’s fixable, and it’s our principal ramp-up, commissioning issue in the process plant. But we’ll get that sorted. Our diamonds are being very well received. When you look at diamonds, the first couple of sales, people are a little cautious, they don’t know how it’s going to come out, how the stones are going to perform on the polishing wheels. They don’t know how the colour is going to change. But there has been a change. The first two sales were cautious but the last two were terrific. We were healthily over our reserve pricing in every category. But it’s early days for us and it’s going to take a little while to settle down — the same as with Diavik diamonds — but there are going to be Quebec diamonds in stores in the not too distant future, and that is encouraging. TNM: When you look out at the mining world and see so many companies crash and fail, and CEOs come and go, how do you compare that with Stornoway and yourself, and what is your explanation for your staying power and sustained success? MM: I think three things. The Renard asset is very good. A mining company succeeds based on the quality of the asset at the end of the day. Bad management groups can screw things up and good management can do well, but you’ve got have a good asset. The very best management group can’t do well with a lousy asset. Number two I’d say is Quebec. Quebec’s always been a fantastic place to do exploration and to do work. And I don’t just mean institutionally, I mean the whole culture of mining in Quebec. It’s part of the

economy, it’s part of the culture. Our contractors, the Crees, the whole thing is set up to help people like us succeed. I’d say the third thing is the team, the investors, the board and the lenders. Stornoway is a happy ship. We don’t have big fights on our board. We’re not firing people and getting into lawsuits all the time. We are pretty chunkily held, and we have long-time shareholders who are happy and have stuck with us. And that’s not always the case. There lots of examples of companies that are more conflict-based and dramatic. We’re a pretty functional outfit, and I’ll give you a good example of that. When we were in the trenches of doing our financing, the market only sees the deal that you do. They don’t see the deals that you don’t do. We were getting all kinds of offers that were stinky deals at difficult times, and I took them to our board and major shareholders, and told them: “This will get the project financed, but it will be punishing and terrible for shareholders. And I don’t think we should do it, however we have no other option — it’s the only deal on the table. The option is to take this, and all the pain, or to stay the course with no parachute and no plan B. We just have to keep trying and not take the bad deals.” The board always backed me up and the shareholders always backed me up. So if you have a happy ship and everybody’s working together, it’s a very good thing. And we’ve had that at Stornoway for many years now. TNM: You’ve grown so steadily over the past decade. How do go about building a team and getting people to complement each other? MM: I believe in a traditional hierarchy in mining. When I worked for the original Aber with Bob Gannicott, he was much more entrepreneurial, creative and non-traditional in terms of management structure. It was much flatter with undefined roles. I tend to follow the pattern of having everyone know what their job is and know who they are reporting to. I like to have competent people do their job, and delegate to them. I have a propensity to be involved in things, but I try to let people take responsibility and have a proper hierarchy. I’m blessed by having a very, very competent chief operating officer, so my strategy with my COO is that he has full authority over our relationships in Quebec, with the Cree and on the mine site. I let him do his job, and he tells me everything that goes on. And that’s fundamental for our success working together. And that’s how I meant to do it. — Please see our upcoming Diamonds in Canada issue for Matt Manson’s more in-depth, technical comments on the start-up of the Renard mine.

2017-04-11 7:48 PM

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APRIL 17–30, 2017 / THE NORTHERN MINER

Barkerville sees long-term potential in Cariboo Gold BC GOLD

| Barkerville expands high-grade gold mineralization at Island Mountain

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

arkerville Gold Mines (TSXV: BGM) is in for a busy year at its Cariboo Gold property outside the historic 3 million oz. Barkerville placer gold camp in south-central British Columbia. The junior explorer has plans to begin small-scale underground production at the property’s Bonanza Ledge deposit, followed by a resource update for the project’s most promising assets: Cow and Island Mountains. Chris Lodder, president and CEO of Barkerville, says during a phone interview with The Northern Miner that the underground mining could test for future production at Cow and Island Mountains — the details of which would be outlined in a feasibility study expected in 2018. “We’ll start with something small so we can learn how to mine these deposits from underground, and apply it to the rest of the property,” Lodder says, noting the vein-hosted and replacement-style orogenic gold deposits fall within a 67 km long belt of prospective rocks. “Any thing we build for the long-term will have to be scalable, because we expect to find deposits along the entire mineralized trend … we envision this camp as a 20-year-plus asset,” he adds. As of April 4, the company is fully permitted to mine Bonanza Ledge at a rate of 150,000 tonnes of ore per year. Barkerville expects to start production by July, and process the material at the company’s QR milling facility, 110 km south. After two years, Lodder says the company would switch to mining resources at the BC Vein, a structurally controlled gold vein that subvertically crosscuts the replacement ore at Bonanza Ledge. Mineralization at Bonanza Ledge was originally mined as an openpit between March 2014 and April

Workers and a drill rig at Barkerville Gold Mines’ Cow Mountain project, part of its Cariboo gold property in south-central British Columbia. BARKERVILLE GOLD MINES

2015. The operation produced 91,234 tonnes of 8.66 grams gold for 24,000 oz. gold. An updated, geologically constrained resource announced on April 7 states that the Bonanza Ledge and BC Vein contains 684,900 tonnes of 7.21 grams gold per tonne as measured and indicated, and 108,100 tonnes of 5.34 grams gold as inferred. The company is continuing with a 130,000-metre drill program focused largely on Island Mountain, which builds upon a 60,000-metre campaign last year at Cow Mountain. Lodder says the company wants to drill enough metres to geologically constrain the upcoming resource model, and not over-rely on statistical interpolation, as was the case in previous resource estimates at the property. “We don’t believe in the resource we inherited,” he says, referring to the 2012 incident where previous management announced that Cow Mountain had 10.6 mil-

lion oz. gold, which triggered the British Columbia Securities Commission to issue an 11-month cease-trade order, and call on the company to revise the estimate to meet National Instrument 43-101 standards. “With these structurally controlled deposits you need a lot more drilling to get a competent resource that you’ll go to feasibility with. You’re looking at spending $25 million for every million ounces of indicated resources.” A revised 2015 resource estimate says that Cow Mountain has 35.8 million indicated tonnes at 2.4 grams gold per tonne for 2.8 million oz. gold, plus 27.5 million inferred tonnes at 2.3 grams gold for 2 million oz. gold, using a 0.5 gram gold cut-off. The deposit was the site of an underground mining operation between 1952 and 1993 — the Cariboo Gold Quartz mine — which saw 1.7 million tonnes of production between 12.5 and 18.8 grams gold, for a total of 626,800 oz. gold.

“ANYTHING WE BUILD FOR THE LONGTERM WILL HAVE TO BE SCALABLE … THIS CAMP IS A 20-YEAR-PLUS ASSET.” CHRIS LODDER PRESIDENT AND CEO, BARKERVILLE GOLD MINES

Although no resource is outlined at Island Mountain, over 603,800 oz. gold at grades between 10.9 and 20.9 grams gold was produced from the deposit’s Aurum and Mosquito Creek underground mines between 1934 and 1987. “Previous producers found high grades, but keep in mind that they were being selective, and we’re not going to do that. We’re looking for corridors of higher vein densities, which means more tonnage and lower grades,” Lodder says, adding that Island Mountain appears to fit the bill. “We always liked Island Mountain. The historical data and some of the underground mapping and sampling we did last year really

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indicated that we see much higher vein densities. The mineralization would be more amenable to underground mining rather than open-pit, which is environmentally friendly and easier to permit.” Drilling at Island Mountain has established new vein corridors, and expanded upon previously known mineralized zones, with highlights of 24.7 grams gold over 6.6 metres, 12.5 grams gold over 3.7 metres and 21.2 grams over 5.1 metres. But what makes Island Mountain attractive as an exploration target, the technical report states, is that it falls within a 2.4 km long mineralized trend — almost twice the length of Cow Mountain “We’ve drilled thousands of metres and mapped kilometres of underground drives to figure out what’s going on geologically, and we realized there’s a repetitive control to mineralization that we can apply to our drilling,” he says. “So instead of hitting mineralization within three out of 10 holes, we now hit our targets in 10 out of 10 holes, and that’s been a real game changer for this project.” An analyst report from Haywood Securities, which initiated coverage of Barkerville on March 30, agrees that the previous resource estimate for Cow Mountain is “technically deficient.” The report predicts that Cow Mountain’s resource could drop to 750,000 oz. gold in the new resource estimate, whereas Island Mountain could contain upwards of 1.25 million oz. gold. The firm speculates the property could be an “acquisition target for a producer looking to add to its longterm project pipeline,” and values Barkerville shares at $1. “We’re looking at internal financing from the group, so we won’t look to do anything major until we get to the stage where we decide if we’re going to build something on-site,” Lodder says. Shares of Barkerville have traded within a 52-week range between 41¢ and 72¢, and closed at 63¢ at press time. The company has 310.3 million shares outstanding for a $214.3-million market capitalization. TNM

2017-04-11 7:48 PM

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THE NORTHERN MINER / APRIL 17–30, 2017

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APRIL 17–30, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / APRIL 3–7 Canada’s benchmark index touched a six-week high, as gold prices rose on the back of geopolitical developments. The S&P/TSX Composite Index edged up 0.7% to 15,667.13. The S&P/TSX Global Mining Index advanced 2.4% to 67.79, while the S&P/TSX Global Gold Index gained 3.3% to close at 214.53. Spot gold added US$4.60, or 0.37%, to f inish at US$1,253.80 per share. Statistics Canada reported the economy created 19,400 jobs in March — up from the expected 5,930. But the unemployment rate moved to 6.7% from 6.6% in February, as more people looked for work. Harte Gold rose nearly 30% to 70¢ per share. The junior received the Developer of the Year award from the Northwestern Ontario Prospectors Association for its Sugar zone property in White River, Ont., and also started property-wide airborne surveys. Harte recently carried out an advanced exploration bulk sample and transitioned to phase one commercial production at the Sugar zone. The junior received its first production permit for another 30,000 tonnes in January 2017, which will allow continued production until it gets full commercial permitting. Harte expects to reach commercial production within a year.

The junior also began airborne magnetic and electromagnetic surveys on the original Sugar zone property and the recently staked claims. The surveys will help identify exploration targets on the 625 sq. km package and guide exploration drilling this year. Talon Metals shares jumped 23.5% to close at 11¢, despite disappointing drill results from its 18.5%-held Tamarack nickel-copperplatinum group metals project in Minnesota. Four drill holes from the early 2017 exploration program failed to return mineralization from the 480 zone. The goal of step-out drilling in the 480 zone, 3.5 km north of the Tamarack zone, was to test the potential extension of previously drilled, shallow mineralization. During the 2009–2010 program, one hole returned TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

B2Gold Barrick Gold Kinross Gold Yamana Gold Goldcorp Teck Res Eldorado Gold IAMGOLD Cameco Corp Semafo

BTO 29697 3.89 3.69 3.70 - 0.09 ABX 20441 26.36 25.30 25.64 + 0.38 K 18151 4.98 4.65 4.79 + 0.10 YRI 17429 3.94 3.65 3.81 + 0.14 G 14962 20.20 19.37 19.77 + 0.37 TECK.B 14572 32.18 29.97 31.54 + 2.46 ELD 14180 4.84 4.46 4.64 + 0.09 IMG 12974 5.90 5.32 5.62 + 0.30 CCO 12719 15.18 14.53 14.97 + 0.25 SMF 12561 4.11 3.91 4.06 + 0.05

11.5 metres of 1.1% nickel and 0.8% copper from 43 metres. Talon says the program will explore new targets. Barrick Gold was the second most actively traded stock, finishing up 38¢ at $25.64, with 20.4 million shares traded. The major announced a strategic cooperation agreement with Shandong Gold, where the Chinese miner will buy half of the Veladero gold mine in Argentina for US$960 million. The proceeds

will go towards debt repayment. Under the agreement, the partners could jointly develop the suspended Pascua-Lama project, as well as evaluate investment opportunities in the El Indio gold belt on the border of Argentina and Chile. Veladero’s sale should close by the end of June. Shandong’s involvement with any other project would be subject to negotiations and more investments. TNM

TSX GREATEST PERCENTAGE CHANGE

Katanga Mng Anglo Pac Grp Harte Gold Wallbridge Mng Talon Metals Aquila Res Contintl Prec Silvercorp Met Osisko Mng Inc Xtra-Gold Res General Moly Eco Oro Mnls Rio Novo Gold Dynasty Met&Mn Avesoro Res Minco Silver Wesdome Gold Quest Rare Mnl Century Global Minco Gold

KAT APY HRT WM TLO AQA CZQ SVM OSK XTG GMO EOM RN DMM ASO MSV WDO QRM CNT MMM

11012 1 5437 887 2324 873 25 4489 9128 56 24 102 17 100 1032 118 2127 2032 27 196

0.41 2.00 0.70 0.12 0.15 0.32 0.37 5.49 5.65 0.27 0.68 0.60 0.15 0.42 0.05 1.28 4.05 0.18 0.30 0.21

0.27 0.00 0.53 0.08 0.10 0.25 0.30 4.63 4.84 0.23 0.52 0.55 0.14 0.39 0.04 1.12 3.50 0.14 0.27 0.18

0.41 2.00 0.70 0.10 0.11 0.31 0.37 5.38 5.59 0.27 0.52 0.55 0.14 0.39 0.04 1.12 3.52 0.15 0.27 0.19

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agnico Eagle Franco-Nevada Teck Res Teck Res Detour Gold MAG Silver Richmont Mines First Majestic Pan Am Silver Silvercorp Met Agrium Wesdome Gold Torex Gold Imperial Metal TMAC Resources Endeavour Mng Mountain Prov Contintl Gold Platinum Gp Mt Sierra Metals

44.6 38.9 29.6 25.0 23.5 22.0 21.7 16.5 15.3 15.2 23.5 15.4 15.2 13.3 12.5 12.5 12.4 12.1 10.0 9.8

VOLUME WEEK (000s) CLOSE CHANGE

AEM FNV TECK.B TECK.A DGC MAG RIC FR PAAS SVM AGU WDO TXG III TMR EDV MPVD CNL PTM SMT

3167 59.80 2203 90.08 14572 31.54 39 32.57 5355 16.57 1096 18.66 1689 10.50 4001 11.74 1000 24.19 4489 5.38 1133 125.81 2127 3.52 2011 25.78 145 6.00 249 16.03 1268 25.50 1044 4.50 5738 3.79 778 2.01 115 3.50

+ 3.38 + 2.96 + 2.46 + 2.42 + 1.33 + 1.25 + 1.07 + 0.95 + 0.91 + 0.76 - 1.11 - 0.50 - 0.44 - 0.36 - 0.30 - 0.30 - 0.25 - 0.22 - 0.18 - 0.17

TSX VENTURE EXCHANGE / APRIL 3–7 The S&P/TSX Venture Composite Index gained 8.5 points to an 824.7-point close over the trading week, as spot gold prices gained US$6.10 to US$1,257.3 per oz., and Comex copper prices remained steady at $2.65 per pound. Shares of White Gold led the value-added category, gaining 50¢ to $2.20. On March 22, the company closed a $10-million private placement in which 5.6 million flow-through shares were offered at $1.80 per share. Agnico Eagle Mines participated in the offering and kept its 19.9% interest in the junior explorer. White Gold owns a portfolio of projects that encompass 30% of the Yukon’s prospective White Gold district, south of the 30 million oz. Klondike placer goldfields surrounding Dawson City. Through a series of trades ending on April 5, Osisko Mining acquired ownership of 3.9 million shares of Beaufield Resources at 18¢ per share, thereby raising its stake in the junior explorer to 18.1%. The news drove shares of Beaufield up 9¢ to 32¢ during trading. Beaufield has been exploring its Rouleau gold zone, located 7 km southeast of Osisko’s Windfall gold deposit in southern Quebec. Highway 50 Gold was a front-runner in the greatest percentage change category, rising 111.5%, or 28¢ per share, to 55¢ per share,

after suspending its current drill program at its Monroe lead-zinc project in southeastern B.C., until weather conditions improve. The company was in the midst of drill-testing a stratigraphic horizon known to host the worldclass Sullivan lead-zinc deposit, located 40 km north. The depth of the hole has surpassed the expected target depth between 550 and 600 metres, but remains within the hangingwall stratigraphy at 785 metres deep. In May 2016, Highway 50 entered into an agreement with private company Eagle Putt Ventures to earn a 50% undivided interest in the 12.8 sq. km property by spending $3 million in exploration over the next four years. Shares of Chesapeake Gold were up 50¢ to $4.05 after providing channel-sampling results from its four precious and base metal TSX-V MOST ACTIVE ISSUES

Alexandria Min Saint Jean Metanor Res Alset Energy Beaufield Res MX Gold Arena Mnls Integra Gold Standard Graph Tango Mining

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AZX 11391 SJL 11355 MTO 10372 ION 9774 BFD 9123 MXL 7736 AN 7654 ICG 7285 SGH 6866 TGV 6285

0.09 0.08 0.10 0.20 0.32 0.19 0.30 0.96 0.20 0.08

0.06 0.06 0.08 0.14 0.21 0.15 0.20 0.81 0.14 0.06

0.08 0.06 0.10 0.16 0.30 0.17 0.24 0.83 0.18 0.06

+ - + + + + + - + -

0.01 0.02 0.01 0.01 0.09 0.02 0.05 0.08 0.04 0.01

green and brownfield projects in Mexico: Nicole and San Javier, 45 and 10 km from its Metates gold-silver-zinc deposit; and Yarely and El Paso, located 15 km and 25 km via highway from its proposed El Paso plant site. The company says the projects could have synergies with the future development of Metates, which has proven and probable reserves of 1.1 billion tonnes

of 0.5 gram gold, 14.2 grams silver and 0.2% zinc. Highlights include 60 metres of 71 grams silver per tonne and 0.6% lead from quartz-silver stockworks along a 4 km long trend at its San Javier target. At Nicole, samples returned 7 metres of 3.1 grams gold, 238 grams silver and 0.3% zinc, within a 12 sq. km regional alteration zone. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Canex Energy Graniz Mondal Red Oak Mg Highway 50 Gld Niocan Inc Kermode Res Ross River Melkior Res CANEX Metals Arak Res CANEX Metals Kintavar Exp Conquest Res Cornerstone Mt Azincourt Uran Laurion Mnl Ex ProAm Expl Xiana Mng Montero Mg&Ex North Arrow Mn

CSC GRA.H ROC.H HWY NIO KLM RRM.H MKR CANX AAC NAI KTR CQR CCC AAZ LME PMX XIA MON NAR

52 104 96 249 96 251 1114 2603 83 101 890 200 816 162 1280 44 168 5 1205 124

0.42 0.05 0.02 0.55 0.15 0.02 0.01 0.08 0.12 1.05 0.01 0.35 0.05 0.05 0.25 0.05 0.05 0.13 0.03 0.27

0.00 0.01 0.00 0.27 0.08 0.02 0.01 0.05 0.07 0.68 0.01 0.18 0.03 0.03 0.17 0.04 0.04 0.13 0.03 0.23

0.42 0.05 0.02 0.55 0.15 0.02 0.01 0.08 0.12 1.05 0.01 0.18 0.03 0.03 0.18 0.04 0.04 0.13 0.03 0.23

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 425.0 + 350.0 + 200.0 + 111.5 + 107.1 + 100.0 + 100.0 + 66.7 + 64.3 + 61.5 - 80.0 - 48.5 - 44.4 - 33.3 - 30.0 - 30.0 - 30.0 - 29.7 - 28.6 - 27.4

VOLUME WEEK (000s) CLOSE CHANGE

White Gold Chesapeake Gld Abitibi Royalt Arak Res Canex Energy Till Capital Filo Mg Corp Highway 50 Gld Cameo Res Everest Vent Gold Reserve Archon Mineral Prospector Res Comet Inds Gold Std Vents Kintavar Exp Bear Creek Mng Golden Arrow Hudson Res Gldn Predator

WGO CKG RZZ AAC CSC TIL FIL HWY CRU HOIL GRZ ACS PRR CMU GSV KTR BCM GRG HUD GPY

482 117 12 101 52 1 38 249 317 8 76 16 16 10 1147 200 302 1947 332 995

2.20 4.05 9.20 1.05 0.42 5.58 2.20 0.55 0.80 1.07 3.50 1.45 1.70 2.80 2.69 0.18 2.13 0.71 0.62 1.36

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

0.50 0.50 0.42 0.40 0.34 0.33 0.30 0.29 0.29 0.27 0.25 0.20 0.20 0.20 0.19 0.17 0.15 0.15 0.12 0.10

U.S. MARKETS / APRIL 3–7 U.S. President Donald Trump’s unexpected decision to launch a U.S. military strike on a Syrian government airbase on April 6 failed to roil markets in New York as expected, but the action drove gold to a five-month high before finishing the week up 0.37% to US$1,253.80 per ounce. The Dow Jones Industrial Average slipped 0.04% to 20,656.10 and the S&P 500 Index dropped 0.30% to 2,355.54. West Texas Intermediate crude rose 3.2% to US$52 per barrel. Shares of Rio Tinto fell US7¢ to US$40.61. The company reported on April 5 that amended income tax assessments from 2010 to 2013 by the Australian Commissioner of Taxation require that Rio pay additional tax of A$379 million, plus A$68 million in interest for a total of A$447 million. Rio says this payment would come along with A$25.5 billion in taxes and royalties that the company paid in Australia during the same four-year period. “Rio Tinto voluntarily approached the Australian Tax Office [ATO] more than a decade ago seeking to confirm its pricing arrangements,” the company stated. “The transfer price in dispute is in line with an outcome agreed by the ATO years prior to

18_APRIL17_MarketNews.indd 18

2010. Rio Tinto considers that its pricing is in accordance with the internationally recognized Organisation for Economic Cooperation and Development guidelines and Australian domestic law.” The company noted that the assessments result in double taxation and that management will seek relief under the Australia-Singapore double tax treaty. In the meantime, however, it said it will pay half of the total amount this month. Coeur Mining shares rose 6.9% to US$8.64. The company, which has five precious metal mines in the Americas, reported production results for the first quarter of 2017. Coeur U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 143032 10.10 8.95 9.23 - 0.27 Freeprt McMoR* FCX 96505 13.83 13.01 13.37 + 0.01 United States S* X 82836 34.77 31.95 33.90 + 0.09 Kinross Gold* KGC 57015 3.72 3.48 3.58 + 0.07 Vale* VALE.P 46436 9.55 8.50 8.72 - 0.26 Barrick Gold* ABX 43390 19.71 18.92 19.14 + 0.15 Yamana Gold* AUY 35057 2.95 2.73 2.84 + 0.08 IAMGOLD* IAG 34246 4.42 3.98 4.20 + 0.20 Goldcorp* GG 31648 15.12 14.46 14.75 + 0.16 Teck Res* TECK 30919 24.04 22.39 23.52 + 1.62

produced 3.9 million oz. silver and 88,218 oz. gold, or 9.2 million equivalent oz. silver. The company’s full-year production guidance is unchanged at between 16.4 million and 18 million oz. silver and between 362,000 and 387,000 oz. gold, or a range of 38.1 million

to 41.2 million equivalent oz. silver. Harmony Gold shares rose 8.2% to US$2.65 apiece after a six-day strike at its Kusasalethu mine in South Africa. The company reached an agreement with employees but did not provide any details. TNM

U.S. GREATEST PERCENTAGE CHANGE

AngloGold Ash* Richmont Mines* Sibanye Gold* Arch Coal* NACCO Ind* Harmony Gold* Endeavr Silver* First Majestic* Teck Res* Coeur Mng* Vale* Vale* Alcoa* Agrium* Vedanta* Potash Corp SK* Mosaic* Turquoise HIl* Rio Tinto* Alamos Gold*

AU RIC SBGL ARCH NC HMY EXK AG TECK CDE VALE.P VALE AA AGU VEDL POT MOS TRQ RIO AGI

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

18802 12.36 10.81 11.94 + 10.9 2402 7.98 7.00 7.85 + 10.6 9374 10.00 8.90 9.65 + 9.5 3750 76.88 70.83 74.75 + 8.4 82 75.80 67.25 75.50 + 8.2 27701 2.75 2.47 2.65 + 8.2 13906 3.73 3.17 3.43 + 7.9 19115 9.07 8.05 8.75 + 7.8 30919 24.04 22.39 23.52 + 7.4 16580 8.90 8.09 8.64 + 6.9 46436 9.55 8.50 8.72 - 2.9 143032 10.10 8.95 9.23 - 2.8 17802 35.09 33.15 33.73 - 1.9 1979 96.05 93.34 93.77 - 1.9 1659 17.19 16.63 16.87 - 1.7 23389 17.22 16.74 16.83 - 1.5 19611 29.51 28.41 28.85 - 1.1 22483 3.18 3.03 3.04 - 1.0 17022 41.98 40.00 40.61 - 0.2 10688 8.28 7.89 8.02 - 0.1

U.S. GREATEST VALUE CHANGE

Arch Coal* ARCH NACCO Ind* NC MartinMarietta* MLM Agnico Eagle* AEM Franco-Nevada* FNV Teck Res* TECK Chevron Corp* CVX Newmont Mng* NEM AngloGold Ash* AU Black Hills* BKH Agrium* AGU Alcoa* AA Mosaic* MOS Vedanta* VEDL Vale* VALE Vale* VALE.P Potash Corp SK* POT Rio Tinto* RIO Turquoise HIl* TRQ Alamos Gold* AGI

VOLUME WEEK (000s) CLOSE CHANGE

3750 74.75 82 75.50 3640 221.41 6729 44.59 2656 67.19 30919 23.52 25709 108.86 22617 34.31 18802 11.94 2180 67.39 1979 93.77 17802 33.73 19611 28.85 1659 16.87 143032 9.23 46436 8.72 23389 16.83 17022 40.61 22483 3.04 10688 8.02

+ 5.81 + 5.70 + 3.16 + 2.15 + 1.68 + 1.62 + 1.49 + 1.35 + 1.17 + 0.92 - 1.78 - 0.67 - 0.33 - 0.30 - 0.27 - 0.26 - 0.25 - 0.07 - 0.03 - 0.01

2017-04-11 7:28 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / APRIL 17–30, 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, March 28, 2017 Precious Metals Price (US$/oz.) Change 1255.70 -2.95 Gold Silver $17.94 +0.40 Platinum $950.00 -3.00 Palladium $799.00 +1.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10110.00 -70.00 $5757.0 +10.50 $2266.00 +8.00 $2601.50 -16.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, March 10, 2017 (change from March 3, 2017 in brackets): Aluminium Alloy 14080 (-240) 1802800 (-74500) Aluminium Copper 266575 (-17325) 171750 (-12525) Lead Nickel 374532 (-1944) 3330 (-180) Tin 366600 (-4365) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$53.60 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.42 Cobalt: US$25.17/lb. Copper: US$2.60/lb. Copper: CME Group Futures May 2017: US$2.59/lb.; June 2017: US$2.60/lb Ferro-Chrome: US$2.08/kg Ferro Titanium: US$3.46/kg FerroTungsten: US$25.24/kg Ferrovanadium: US$19.34/kg Iridium: NY Dealer Mid-mkt US$870.00/tr oz. Iron Ore 62% Fe CFR China-S: US$73.00/tonne Iron Ore Fines: US$61.53/tonne Iron Ore Pellets: US$88.15/tonne Lead: US$1.03/lb. Magnesium: US$2.18/kg Manganese: US$1.94/kg Molybdenum Oxide: US$6.92/lb. Phosphate Rock: US$98.00/tonne Potash: US$214.00/tonne Rhodium: Mid-mkt US$1,025.00 tr. oz. Ruthenium: Mid-mkt US$55.00/tr. oz. Silver: Handy & Harman Base: US$17.93 per oz.; Handy & Harman Fabricated: US$22.41 per oz. Tantalite Ore : US$123.94/kg Tin: US$9.25/lb. Uranium: U3O8, Trade Tech spot price: US$23.25; The UX Consulting Company spot price: US$23.50/lb. Zinc: US$1.21/lb. Prices current Apr. 11, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Apr 03, 2017 (with changes from Mar 16, 2017) Largest short positions K 43253706 3588803 3/16/2017 Kinross Gold New Gold NGD 31347413 9723645 3/16/2017 B2Gold BTO 24309639 2840391 3/16/2017 Argex Titanium RGX 24239600 19111900 3/16/2017 TV 19560600 17320301 3/16/2017 Trevali Mng Potash Corp SK POT 17953355 -1616594 3/16/2017 Suncor Energy SU 14404839 2010369 3/16/2017 Sandstorm Gold SSL 13613947 134454 3/16/2017 ELD 13352208 5130447 3/16/2017 Eldorado Gold Detour Gold DGC 11866016 581639 3/16/2017 IVN 11198710 948854 3/16/2017 Ivanhoe Mines Asanko Gold AKG 9007103 -666907 3/16/2017 Goldcorp G 8408811 1179633 3/16/2017 Barrick Gold ABX 8267381 12655 3/16/2017 YRI 8035273 -430194 3/16/2017 Yamana Gold Largest increase in short position Argex Titanium RGX 24239600 19111900 3/16/2017 Trevali Mng TV 19560600 17320301 3/16/2017 NGD 31347413 9723645 3/16/2017 New Gold Eldorado Gold ELD 13352208 5130447 3/16/2017 K 43253706 3588803 3/16/2017 Kinross Gold Largest decrease in short position Lundin Mng LUN 3668478 -14424746 3/16/2017 Klondex Mines KDX 3019800 -4103203 3/16/2017 KL 799605 -1997831 3/16/2017 Kirkland Lake Nthn Dynasty NDM 4915422 -1943517 3/16/2017 Argonaut Gold AR 6970234 -1767426 3/16/2017

Short positions outstanding as of Mar 16, 2017 (with changes from Mar 01, 2017) Largest short positions NLC 941800 59000 3/1/2017 Neo Lithium First Mg Fin FF 899000 -377200 3/16/2017 GoldMining GOLD 747700 -45118 3/16/2017 Amarillo Gold AGC 712900 687900 3/16/2017 MTO 302800 187400 3/16/2017 Metanor Res Pure Energy PE 211686 45586 3/1/2017 GPY 179700 -363600 3/1/2017 Gldn Predator Integra Gold ICG 163177 120484 3/16/2017 Avino Silver ASM 87800 0 3/16/2017 Bearing Res BRZ 82400 -36900 3/1/2017 36299 3/16/2017 GoldQuest Mng GQC 70387 MacDonald Mns BMK 68400 61400 3/16/2017 Chesapeake Gld CKG 55900 54800 3/16/2017 Toachi Mg Inc TIM 50800 49600 3/1/2017 Rye Patch Gold RPM 44824 -407776 3/16/2017 Largest increase in short position Amarillo Gold AGC 712900 687900 3/16/2017 Metanor Res MTO 302800 187400 3/16/2017 Integra Gold ICG 163177 120484 3/16/2017 MacDonald Mns BMK 68400 61400 3/16/2017 NLC 941800 59000 3/1/2017 Neo Lithium Largest decrease in short position Tinka Res TK 33109 -1012491 3/1/2017 Voltaic Min VLT 5000 -1005407 3/1/2017 -407776 3/16/2017 Rye Patch Gold RPM 44824 First Mg Fin FF 899000 -377200 3/16/2017 GPY 179700 -363600 3/1/2017 Gldn Predator

DAILY METAL PRICES Daily Metal Prices Date Apr 10 Apr 7 Apr 6 Apr 5 Apr 4 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1690/1700 1695/1705 1695/1705 1690/1700 Aluminum 1928.50/1940 1929/1942 1955/.50/1968 1960/1971.50 1690/1700 Copper 5730.50/5765 5769/5809 5870/5900 5808/5835 1937/1948 Lead 2259/2264 2259/2262 2327/2341 2314/2323 5724/5749.50 Nickel 10090/10160 9945/10015 10315/10320 10160/10230 2273/2288 Tin 20350/20325 20350/20300 20340/20300 20175/20175 9860/9960 2658/2675 2664/2685 2776/2802 2768/2792 20030/20050 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1253.60 1264.30 1253.75 1252.50 1258.65 Gold PM 1250.05 1266.45 1252.50 1245.80 1257.65 Silver 17.94 18.40 18.22 18.26 18.34 Platinum 940.00 967.00 955.00 963.00 958.00 Palladium 790.00 806.00 803.00 816.00 806.00

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

Apr 07 Apr 06 Apr 05 Apr 04 Apr 03 1.3419 1.3419 1.3433 1.3398 1.3386 0.7452 0.7452 0.7444 0.7464 0.7471

Exchange rates (Quote Media, April 07, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.988318 0.7002 82.6080 13.9785 10.2742 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.1406 48.1430 0.7491 842.9910 0.5978 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3262 0.9396 110.8490 18.7706 13.7861 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8022 6.8981 64.6200 1.0052 1131.0000

LEGEND A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$

19_APR17_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

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 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 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 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 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 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

Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS 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 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 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 Kaizen Discovery Inc. (KZD.RT) - Wt buy sh @ $0.105 to Apr 21/17 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Apr 07 Apr 06 Apr 05 Apr 04 Apr 03 High Low S&P/TSX Composite 15667.13 15697.18 15642.99 15669.07 15584.40 15527.30 12400.15 S&P/TSXV Composite 824.27 821.85 820.30 821.68 817.84 1050.26 883.52 923.12 925.09 921.55 922.92 918.21 896.74 709.99 S&P/TSX 60 S&P/TSX Global Gold 214.53 214.97 215.33 214.94 212.49 218.90 149.29 DJ Precious Metals 178.73 178.73 178.78 178.66 176.79 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS APRIL 3–7, 2017 99 New Highs Adamera Mnls Adamera Mnls* Aldershot Res Alta Vista Vnt Alta Vista Vnt* Amador Gold Amarc Res Amarc Res* Arak Res Arctic Star Argo Gold Argo Gold* Arizona Silver Arizona Silver* Ashburton Vent Ashburton Vent* Banyan Gold Banyan Gold* Beaufield Res Beaufield Res* Belvedere Res* Black Hills* BLOX Inc* Bravo Multinat* Brigadier Gold Brionor Res

Cache Expl* Cadillac Vent Cameo Res Cameo Res* Canex Energy Canuc Res Canyon Copper Cartier Res Castle Res Centamin Cyclone Uran* Dawson Gold Dolat Ventures* DV Resources* Dynasty Met&Mn* Eloro Mnrls Eloro Mnrls* Engold Mines Engold Mines* Full Metal Mnl Gensource Pot Golden Harp* Group Ten Mtls Harte Gold Harte Gold* Highway 50 Gld Highway 50 Gld*

Hunter Bay Mnl* Karoo Expl Kerr Mines Kerr Mines* Kestrel Gold Los Andes Copp MacDonald Mns Melkior Res Minaurum Gold Montego Res NewRange Gold NewRange Gold* Nikos Expl Niocan Inc Noble Mnl Expl Noble Mnl Expl* Osisko Mng Inc Paringa Res* Pinecrest Res Pitchblack Res* PJSC Polyus Gd* PNG Gold Ravencrest Res Rhyolite Res Royal Sapphire Rubicon Mnrls* Sage Gold

Sage Gold* Sama Res Scientific Met Seafield Res* Strata Mnls Talon Metals Teslin Rvr Res Tinka Res Tinka Res* Treasury Metal Vangold Res Vantex Res Velocity Mnrls Wallbridge Mng Western Potash White Gold White Gold* Winston Res* Wolfeye Res

30 New Lows Advantage Lith* Antler Gold Brazil Mnrls* Callinex Mines* Centenera Mng* DuSolo Fertil* Elcora Res

Elcora Res* Finore Mng* Galore Res Global Energy Graphite One* Homeland Egy IDM Mining* Kairos Cap Kootenay Silvr Kootenay Zinc* Lithium Energi Mandalay Res Meadow Bay Gd* Minera IRL Nevada Zinc One World Min Orex Mnrls Pac North West* Platinex Inc Prairie Mining* Rainmaker Res* Rockcliff Cop* Tintina Res*

CANADIAN GOLD MUTUAL FUNDS Fund Apr 07 ($) Mar 31 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 24.62 24.03 0.59 2.46 6.64 2.80 166.54 19.84 19.47 0.37 1.88 8.78 2.40 70.29 BMO Prec Mtls Fd A BMO ZGD 10.73 10.41 0.32 3.03 7.20 0.63 BMO ZJG 9.05 8.84 0.21 2.38 7.67 0.60 CIBC Prec Metal Fd A 11.44 11.07 0.36 3.28 5.28 2.62 55.18 Dyn Prec Metls Fd A 7.16 6.96 0.20 2.87 12.08 2.75 387.38 25.33 1.13 4.48 5.95 0.81 Horizons HEP IGMacGloPrecMetCl A 9.58 9.41 0.18 1.88 11.97 2.75 52.36 iShares XGD 12.98 0.54 4.15 6.93 0.55 748.53 53.92 52.90 1.02 1.92 12.07 2.51 125.57 Mac Prec Met Cl A Mac Prec Met Cl PWFB 10.06 NB Prec Met Fd Inv 13.91 13.56 0.35 2.58 8.36 2.46 36.78 RBC GblPreMetFd A 36.30 1.27 3.55 14.38 2.12 425.54 Redw UITGoDe&ProCl A 10.00 0.00 Sentry Pre Met Fd A 40.51 39.59 0.92 2.32 6.78 2.44 215.97 Sprott Gold&PrMinFdA 38.81 37.97 0.84 2.21 9.37 3.12 248.11 Sprott SilverEquCl A 6.87 6.67 0.20 2.93 9.48 3.09 144.35 TD PreciousMetalsInv 37.56 36.28 1.28 3.53 5.83 2.26 138.16

GLOBAL MINING NEWS · SINCE 1915

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2017-04-11 7:29 PM

WWW.NORTHERNMINER.COM

APRIL 17–30, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: APRIL 3–7, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abcourt Mines V 895 0.10 0.09 0.10 + 0.01 0.13 0.07 Abcourt Mines* O 326 0.08 0.07 0.07 + 0.00 0.10 0.05 0.11 + 0.01 0.26 0.05 Aben Res* O 187 0.12 0.09 Aben Res V 1045 0.16 0.12 0.14 + 0.02 0.34 0.07 Aberdeen Intl* O 244 0.10 0.10 0.10 - 0.01 0.16 0.09 0.14 - 0.01 0.24 0.13 Aberdeen Intl T 378 0.15 0.14 Abitibi Royalt V 12 9.20 8.92 9.20 + 0.42 10.75 3.64 0.23 - 0.03 0.76 0.20 ABT Holdings* O 4 0.28 0.23 Active Growth V 5132 0.16 0.13 0.13 - 0.03 0.38 0.03 Adamera Mnls* O 857 0.14 0.11 0.13 + 0.02 0.13 0.02 0.17 + 0.02 0.19 0.02 Adamera Mnls V 4990 0.19 0.14 Adex Mining V 1541 0.02 0.01 0.02 + 0.01 0.02 0.01 V 1485 0.60 0.53 0.56 - 0.03 1.34 0.16 Advantage Lith Advantage Lith* O 221 0.46 0.39 0.42 - 0.02 1.01 0.39 Adventus Zinc V 37 0.90 0.81 0.81 - 0.04 0.99 0.75 0.01 - 0.01 0.05 0.00 Affinity Gold* O 103 0.02 0.01 Agnico Eagle* N 6729 45.90 42.26 44.59 + 2.15 60.10 35.05 Agnico Eagle T 3167 61.39 56.62 59.80 + 3.38 78.35 46.91 T 1133 128.42 125.07 125.81 - 1.11 146.99 104.70 Agrium N 1979 96.05 93.34 93.77 - 1.78 111.88 81.17 Agrium* Aim Explor* O 5371 0.01 0.00 0.01 - 0.00 0.48 0.00 Alabama Graph V 1161 0.18 0.16 0.16 - 0.02 0.23 0.11 Alabama Graph* O 285 0.14 0.12 0.13 - 0.01 0.17 0.08 8.28 7.89 8.02 - 0.01 10.41 5.58 Alamos Gold* N 10688 Alamos Gold T 3201 11.08 10.59 10.73 + 0.05 13.65 7.34 Alaska Pac Egy* O 41 0.01 0.00 0.01 + 0.00 0.19 0.00 Alberta Star* O 4 0.31 0.29 0.31 + 0.03 0.37 0.16 Alchemist Mng 506 0.06 0.05 0.05 - 0.01 0.12 0.03 N 17802 35.09 33.15 33.73 - 0.67 39.78 20.00 Alcoa* Alderon Iron* O 23 0.35 0.29 0.35 + 0.04 0.60 0.08 Alderon Iron T 917 0.47 0.36 0.45 + 0.03 0.80 0.08 Aldershot Res V 841 0.10 0.06 0.07 + 0.01 0.10 0.02 Aldever Res V 259 0.07 0.00 0.06 - 0.01 0.48 0.06 0.04 + 0.00 0.11 0.04 Aldever Res* O 12 0.05 0.04 Aldridge Min V 80 0.25 0.24 0.24 - 0.02 0.34 0.12 Alexandria Min V 11391 0.09 0.06 0.08 + 0.01 0.12 0.04 Alexandria Min* O 1739 0.06 0.05 0.06 + 0.00 0.10 0.03 Alexco Res* X 1408 1.61 1.50 1.54 + 0.01 2.54 0.92 2.05 + 0.02 3.31 1.22 Alexco Res T 260 2.15 2.02 Algold Res V 1138 0.26 0.23 0.23 - 0.03 0.44 0.14 Alix Res V 523 0.06 0.05 0.05 - 0.01 0.18 0.05 Alliance Res* D 1453 23.30 21.55 22.55 + 0.90 26.65 11.35 Almaden Mnls T 438 1.87 1.51 1.71 + 0.15 2.44 0.95 X 1920 1.41 1.13 1.29 + 0.11 1.88 0.75 Almaden Mnls* Almadex Min* O 183 0.97 0.85 0.96 + 0.01 1.51 0.18 1.30 + 0.03 2.00 0.25 Almadex Min V 190 1.30 1.14 Almonty Ind V 102 0.29 0.26 0.28 - 0.01 0.44 0.20 Alset Energy* O 453 0.14 0.11 0.11 + 0.00 0.65 0.01 0.16 + 0.01 0.84 0.02 Alset Energy V 9774 0.20 0.14 Alta Vista Vnt* O 8 0.10 0.06 0.10 + 0.04 0.10 0.03 Alta Vista Vnt 12336 0.14 0.10 0.13 + 0.02 0.14 0.03 Altai Res V 93 0.09 0.08 0.08 - 0.01 0.16 0.03 Altair Res Inc V 724 0.40 0.25 0.40 + 0.15 0.70 0.16 O 70 0.19 0.00 0.17 - 0.02 0.46 0.15 Alternative ER* Altiplano Mnls V 118 0.25 0.22 0.25 + 0.01 0.25 0.04 Altitude Res V 545 0.06 0.04 0.05 - 0.01 0.21 0.02 Altura Mng Ltd* O 259 0.13 0.12 0.12 + 0.01 0.30 0.09 Alturas Mnrls V 206 0.03 0.03 0.03 + 0.01 0.08 0.01 5.31 - 0.14 6.24 3.62 Alumina Inc* O 56 5.56 5.27 Am Creek Res V 580 0.06 0.06 0.06 + 0.01 0.12 0.05 Am CuMo Mng V 830 0.38 0.33 0.38 + 0.01 0.48 0.08 Am CuMo Mng* O 99 0.29 0.26 0.29 + 0.01 0.35 0.05 Am Manganese* O 153 0.17 0.15 0.16 - 0.00 0.27 0.01 V 840 0.22 0.21 0.21 + 0.01 0.38 0.02 Am Manganese Am Sierra Gold* O 11 0.01 0.00 0.01 + 0.00 0.03 0.01 Amador Gold V 10 0.23 0.00 0.23 + 0.08 0.40 0.10 Amarc Res V 595 0.17 0.14 0.16 + 0.01 0.16 0.06 Amarc Res* O 168 0.13 0.11 0.12 + 0.02 0.12 0.04 Amarillo Gold V 361 0.45 0.40 0.42 + 0.03 0.68 0.14 Amazing OG* O 93 0.32 0.21 0.29 + 0.06 1.06 0.05 Amer Intl Vent* O 141 0.04 0.03 0.03 - 0.00 0.10 0.01 Amer Vanadium* O 16 0.03 0.01 0.02 - 0.00 0.07 0.00 Amer Vanadium V 146 0.03 0.02 0.02 - 0.01 0.04 0.01 American Lith* O 4 0.11 0.11 0.11 + 0.00 1.24 0.07 American Lith V 2848 0.17 0.14 0.15 - 0.01 1.62 0.12 American Pot 283 0.13 0.08 0.08 - 0.02 0.19 0.03 Americas Silvr* X 267 3.10 2.85 3.02 + 0.09 3.65 2.39 Americas Silvr T 175 4.18 3.83 4.02 + 0.15 5.76 2.70 0.70 + 0.05 0.83 0.10 Amerigo Res T 785 0.72 0.63 Amerigo Res* O 1182 0.53 0.46 0.52 + 0.04 0.63 0.08 Amex Expl V 277 0.22 0.19 0.19 - 0.01 0.38 0.11 Anaconda Mng* O 4 0.06 0.06 0.06 - 0.00 0.09 0.04 Andes Gold* O 214 0.02 0.00 0.01 - 0.00 0.02 0.00 Anfield Nickel V 672 0.99 0.91 0.91 - 0.08 1.94 0.72 Anfield Res V 1420 0.10 0.09 0.09 - 0.01 0.31 0.06 Angel Gold V 205 0.12 0.09 0.10 - 0.01 0.15 0.06 Angel Gold* O 160 0.09 0.07 0.07 - 0.01 0.11 0.04 Angkor Gold V 67 0.37 0.33 0.34 - 0.03 0.50 0.33 Anglo American* O 2554 7.84 7.48 7.55 - 0.06 8.87 3.51 Anglo American* O 2 15.51 15.22 15.22 - 0.31 17.61 7.66 Anglo Pac Grp T 1 2.00 0.00 2.00 + 0.56 2.02 0.75 Anglo-Can Mng V 4 0.12 0.00 0.12 + 0.01 0.30 0.05 AngloGold Ash* N 18802 12.36 10.81 11.94 + 1.17 22.91 9.28 Antioquia Gold V 124 0.15 0.13 0.15 + 0.01 0.16 0.06 Antioquia Gold* O 30 0.11 0.11 0.11 + 0.00 0.12 0.05 Antipodes Gold V 6 0.60 0.48 0.60 + 0.12 0.90 0.10 Antler Gold V 25 0.63 0.00 0.57 - 0.06 1.00 0.51 Antofagasta* O 1 10.68 0.00 10.68 + 0.29 11.00 5.76 Apogee Opport V 201 0.24 0.00 0.24 + 0.07 0.44 0.14 Appia Energy 217 0.33 0.28 0.32 - 0.03 0.47 0.13 Apple Cap Inc V 959 0.30 0.26 0.28 - 0.02 0.54 0.14 Applied Mrnls* O 642 0.08 0.00 0.07 - 0.01 0.25 0.07 Aquila Res* O 547 0.23 0.19 0.22 + 0.03 0.25 0.11 Aquila Res T 873 0.32 0.25 0.31 + 0.06 0.32 0.14 Arak Res V 101 1.05 0.68 1.05 + 0.40 1.00 0.17 Arch Coal* N 3750 76.88 70.83 74.75 + 5.81 86.47 59.05 Archon Mineral V 16 1.50 1.45 1.45 - 0.20 1.85 1.26 Arctic Star V 595 0.14 0.10 0.14 + 0.05 0.32 0.06 Arcus Dev Grp V 101 0.15 0.14 0.14 + 0.01 0.20 0.03 Arena Mnls V 7654 0.30 0.20 0.24 + 0.05 0.34 0.13 Arena Mnls* O 1773 0.23 0.14 0.19 + 0.04 0.25 0.11 Argentina Lith* O 60 0.17 0.15 0.16 + 0.01 0.63 0.03 Argentina Lith V 177 0.23 0.20 0.21 + 0.02 0.83 0.05 Argentum Silvr V 60 0.37 0.31 0.37 + 0.06 0.59 0.03 Argex Titanium* O 169 0.07 0.06 0.07 - 0.00 0.09 0.02 Argo Gold 112 0.26 0.20 0.24 + 0.02 0.26 0.06 Argo Gold* O 25 0.18 0.00 0.18 + 0.06 0.12 0.00 Argonaut Gold T 9563 2.50 2.32 2.38 + 0.05 4.45 1.48 Arian Silver* O 45 0.01 0.01 0.01 + 0.00 0.06 0.00 Arianne Phosph* O 115 0.57 0.55 0.57 - 0.01 0.98 0.52 Arizona Mng T 4594 2.32 2.17 2.22 + 0.07 3.49 0.88 Arizona Mng* O 535 1.72 1.63 1.65 + 0.02 2.64 0.70 Arizona Silver V 862 0.35 0.30 0.30 - 0.03 0.35 0.02 Arizona Silver* O 232 0.26 0.00 0.24 - 0.01 0.26 0.15 Armor Mnrls V 31 0.44 0.44 0.44 - 0.06 0.85 0.15 Asanko Gold T 3457 3.69 3.45 3.52 + 0.03 6.09 2.99 Asanko Gold* X 5365 2.75 2.57 2.63 + 0.02 4.68 2.23 Ascot Res V 121 1.92 1.85 1.86 - 0.07 2.83 0.98 Ashanti Sanko V 60 0.07 0.05 0.07 + 0.01 0.10 0.03 Ashburton Vent* O 44 0.24 0.18 0.18 - 0.02 0.24 0.09 Ashburton Vent V 3792 0.34 0.22 0.32 + 0.05 0.70 0.09 Asiamet Res* O 82 0.05 0.05 0.05 + 0.00 0.08 0.03 Aston Bay V 63 0.18 0.16 0.17 + 0.01 0.49 0.15 ATAC Res V 420 0.45 0.41 0.42 - 0.02 0.95 0.32 Atacama Pac Gd* O 10 0.35 0.35 0.35 - 0.02 0.79 0.21 Atacama Pac Gd V 589 0.48 0.39 0.45 - 0.03 1.02 0.25 Atacama Res* O 235 0.39 0.31 0.37 + 0.02 0.52 0.05 Athabasca Mnls* O 50 0.19 0.17 0.18 - 0.01 0.24 0.11 Athabasca Mnls V 216 0.26 0.23 0.24 - 0.02 0.32 0.14 Atico Mng V 171 0.82 0.77 0.77 - 0.06 0.99 0.29 Atico Mng* O 87 0.61 0.56 0.57 - 0.06 0.75 0.23 Atlanta Gold* O 699 0.04 0.04 0.04 - 0.01 0.09 0.04 Atlantic Gold V 1232 1.25 1.13 1.22 + 0.03 1.25 0.55 Atlatsa Res T 36 0.07 0.06 0.07 + 0.01 0.13 0.04 Atlatsa Res* O 19 0.04 0.04 0.04 - 0.00 0.10 0.03 Atom Energy V 35 0.33 0.30 0.30 - 0.02 0.65 0.16 Atom Energy * O 1 0.23 0.23 0.23 - 0.03 0.28 0.12 Aton Res Inc V 175 0.06 0.05 0.06 + 0.01 0.16 0.05 Aura Mnls* O 5 1.21 1.21 1.21 + 0.06 1.42 1.15 Aura Silver Rs V 797 0.07 0.06 0.07 + 0.01 0.08 0.02 Aurcana Corp V 265 0.39 0.35 0.37 - 0.03 0.80 0.17 Aurcana Corp* O 55 0.29 0.26 0.27 - 0.02 0.63 0.14 AuRico Metals * O 189 0.89 0.83 0.84 - 0.04 0.96 0.54 AuRico Metals T 689 1.20 1.12 1.14 - 0.03 1.26 0.71 Aurvista Gold V 3685 0.34 0.29 0.32 + 0.03 0.46 0.04 Aurvista Gold* O 421 0.25 0.22 0.23 + 0.00 0.34 0.07 Auryn Res* O 277 2.43 2.26 2.40 + 0.03 3.18 1.16 Auryn Res T 349 3.22 3.06 3.19 + 0.05 4.17 1.49 Austral Gold* O 31 0.14 0.12 0.13 - 0.01 0.19 0.08 Austral Gold V 106 0.19 0.16 0.18 - 0.02 0.22 0.12 Avalon Adv Mat T 803 0.17 0.16 0.16 + 0.01 0.33 0.14 Avalon Adv Mat* O 180 0.12 0.11 0.12 + 0.00 0.26 0.00 Avesoro Res T 1032 0.05 0.04 0.04 - 0.01 0.18 0.02 Avino Silver* X 1612 1.90 1.74 1.79 + 0.05 3.14 1.01 Avino Silver V 169 2.53 2.35 2.40 + 0.08 4.05 1.32 Avnel Gold T 941 0.30 0.28 0.29 - 0.01 0.39 0.18 Avnel Gold * O 88 0.23 0.21 0.21 - 0.01 0.30 0.13

20-22_APR17_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Avrupa Mnls V 136 Avrupa Mnls* O 86 Axmin Inc V 71 Azarga Mtls V 1471 Azarga Mtls* O 27 Azarga Uranium* O 3 Azimut Expl V 201 Azincourt Uran* O 128 Azincourt Uran V 1280 Azteca Gold* O 17457

0.10 0.09 0.09 - 0.01 0.25 0.09 0.08 0.06 0.08 - 0.00 0.19 0.06 0.06 0.00 0.05 - 0.01 0.10 0.02 0.33 0.19 0.24 + 0.01 0.60 0.10 0.22 0.00 0.17 - 0.02 1.21 0.06 0.27 0.27 0.27 + 0.00 0.44 0.14 0.32 0.29 0.31 - 0.01 0.68 0.24 0.19 0.13 0.14 - 0.05 0.22 0.03 0.25 0.17 0.18 - 0.08 0.28 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 19422 B2Gold T 29697 Bacanora Mnls V 193 Balmoral Res T 471 Balmoral Res* O 354 Bandera Gold * O 7 Bandera Gold V 11 Bannerman Res* O 299 Banro T 1014 Banro* X 4527 Banyan Gold V 664 Banyan Gold* O 645 Barisan Gold V 645 Barkerville Go* O 402 Barkerville Go V 5009 Barrick Gold T 20441 Barrick Gold* N 43390 Barsele Min* O 21 Barsele Min V 68 Battle Mtn Gld* O 3 Battle Mtn Gld V 106 Bayhorse Silvr* O 10 Bayhorse Silvr V 546 Bayswater Uran* O 15 BCGold V 1171 BE Res V 41 Bear Creek Mng V 302 Bearing Res* O 19 Bearing Res V 186 Beaufield Res* O 441 Beaufield Res V 9123 Beeston Ent* O 145 Bell Copper V 406 Bellhaven Cp&G V 10 Bellhaven Cp&G* O 45 Belo Sun Mng T 748 Benton Res V 701 Berkeley Egy* O 18 Besra Gold* O 1378 Bird River Res 22 Bison Gold Res V 40 Bitterroot Res* O 112 Bitterroot Res V 309 Black Dragon V 316 Black Hills* N 2180 Black Mam Mtls V 25 Black Sea Cop V 349 Blackrock Gold V 87 Blind Crk Res V 132 BLOX Inc* O 204 Blue Rvr Res V 1741 Blue Sky Uran* O 10 Blue Sky Uran V 138 Bonanza Gldfds* O 11689 BonTerra Res V 2250 BonTerra Res* O 329 Bowmore Expl V 246 Bravada Gold* O 224 Bravada Gold V 454 Bravo Multinat* O 896 Bravura Vent 783 Brazil Mnrls* O 416 Brigadier Gold V 1 Brio Gold T 34 Brionor Res V 30 Britannia Mng* O 64 Brixton Mtls* O 147 Brixton Mtls V 234 Broadway Gold* O 890 Broadway Gold V 1206 Brunswick Res V 36 Buccaneer Gold V 69 Buenaventura* N 5728 Bullfrog Gold* O 275 Burey Gold* O 325 BWR Explor V 629

2.91 2.75 2.76 - 0.07 3.65 1.59 3.89 3.69 3.70 - 0.09 4.74 2.10 1.43 1.28 1.37 + 0.05 1.95 1.01 0.81 0.76 0.78 + 0.01 1.28 0.48 0.61 0.56 0.58 - 0.00 0.99 0.36 0.05 0.05 0.05 - 0.00 0.05 0.01 0.08 0.07 0.07 - 0.01 0.15 0.02 0.05 0.03 0.04 - 0.01 0.08 0.01 0.21 0.17 0.19 + 0.03 0.62 0.15 0.15 0.13 0.15 + 0.02 0.48 0.11 0.15 0.12 0.14 - 0.01 0.15 0.05 0.11 0.10 0.10 - 0.00 0.11 0.06 0.04 0.03 0.04 + 0.01 0.04 0.02 0.55 0.47 0.54 + 0.06 0.60 0.29 0.74 0.63 0.73 + 0.10 0.76 0.41 26.36 25.30 25.64 + 0.38 30.45 18.52 19.71 18.92 19.14 + 0.15 23.47 13.81 0.81 0.71 0.71 - 0.07 1.25 0.13 1.08 0.96 0.96 - 0.08 1.62 0.17 0.29 0.26 0.28 + 0.02 0.73 0.20 0.40 0.32 0.40 + 0.08 0.95 0.25 0.15 0.13 0.15 + 0.02 0.22 0.07 0.20 0.16 0.18 + 0.01 0.29 0.10 0.03 0.02 0.03 - 0.00 0.07 0.01 0.05 0.04 0.04 - 0.01 0.10 0.03 0.11 0.09 0.10 - 0.02 0.50 0.09 2.35 2.07 2.13 - 0.15 3.77 1.40 0.72 0.68 0.69 - 0.04 1.41 0.30 0.97 0.92 0.92 - 0.05 1.83 0.13 0.24 0.16 0.22 + 0.05 0.24 0.04 0.32 0.21 0.30 + 0.09 0.32 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.09 0.10 - 0.02 0.12 0.01 0.43 0.43 0.43 + 0.03 0.78 0.11 0.33 0.33 0.33 + 0.00 0.61 0.12 0.89 0.83 0.84 - 0.01 1.14 0.61 0.12 0.09 0.11 + 0.01 0.15 0.04 0.65 0.59 0.65 + 0.07 0.92 0.36 0.00 0.00 0.00 - 0.00 0.02 0.00 0.07 0.05 0.05 - 0.02 0.07 0.01 0.41 0.39 0.40 + 0.01 0.60 0.10 0.18 0.15 0.18 + 0.02 0.22 0.02 0.24 0.21 0.22 + 0.01 0.29 0.03 0.06 0.05 0.05 + 0.01 0.10 0.02 67.92 65.37 67.39 + 0.92 67.73 54.76 0.20 0.19 0.20 - 0.02 0.25 0.06 0.26 0.20 0.20 - 0.05 0.54 0.20 0.08 0.07 0.08 + 0.01 0.18 0.07 0.28 0.24 0.26 - 0.03 0.34 0.04 0.24 0.21 0.24 + 0.01 0.24 0.01 0.04 0.04 0.04 + 0.01 0.08 0.04 0.26 0.00 0.23 - 0.01 0.47 0.04 0.34 0.31 0.34 - 0.01 0.74 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.43 0.41 0.42 + 0.02 0.47 0.21 0.32 0.30 0.32 + 0.01 0.37 0.15 0.12 0.09 0.10 - 0.02 0.16 0.06 0.21 0.16 0.21 + 0.03 0.31 0.06 0.29 0.22 0.29 + 0.07 0.40 0.09 1.12 0.00 1.12 + 0.22 23.97 0.51 0.09 0.04 0.06 + 0.01 0.59 0.04 0.02 0.00 0.02 + 0.01 0.50 0.00 0.18 0.00 0.18 + 0.04 0.30 0.13 3.33 3.12 3.29 + 0.14 3.59 2.95 0.07 0.06 0.07 + 0.01 0.06 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.41 0.38 0.41 + 0.03 0.92 0.10 0.54 0.50 0.53 + 0.01 1.20 0.11 0.98 0.68 0.94 + 0.10 1.29 0.22 1.31 0.92 1.28 + 0.17 1.70 0.07 0.05 0.04 0.05 + 0.02 0.05 0.02 0.08 0.06 0.07 + 0.01 0.08 0.02 12.82 11.94 12.08 + 0.04 16.45 7.48 0.08 0.07 0.08 - 0.00 0.19 0.02 0.03 0.02 0.03 + 0.01 0.06 0.01 0.07 0.05 0.06 - 0.01 0.09 0.02

Cache Expl V 75 Cadillac Vent V 127 Cairo Res V 56 Caledonia Mng T 117 Caledonia Mng* Q 98 California Gld V 26 California Go* O 11 Callinex Mines* O 367 Callinex Mines V 1723 Cameco Corp* N 9062 Cameco Corp T 12719 Cameo Res V 317 Cameo Res* O 1 Camino Mnls V 37 Camino Mnls* O 2 Camrova Res V 37 Camrova Res* O 22 Canadian Zeol* O 43 Canadian Zeol V 502 CanAlaska Uran V 98 O 38 CanAlaska Uran* Canamex Res V 3044 Canamex Res* O 358 Canarc Res T 2413 Canarc Res* Q 1425 Canasil Res V 364 Candente Gold V 176 Candente Gold* O 75 Canex Energy V 52 CANEX Metals * O 45 CANEX Metals V 890 CANEX Metals V 83 CaNickel Mng V 3 Canoe Mng Vent V 307 Canstar Res V 891 Canterra Mnls V 285 Cantex Mn Dev V 421 Canuc Res V 679 Canyon Copper V 2948 Canyon Gold* O 102546 T 9657 Capstone Mng Cardero Res V 38 Cardero Res* O 16 Cariboo Rose V 53 Carlin Gold V 41 Cartier Iron 720 Cartier Res V 3948 Carube Copper V 191 Cascadero Copp V 212 Castle Peak Mg V 428 Castle Res 32 Castle Silver* O 25 Castle Silver V 261 Cava Res V 274 Caza Gold* O 20 Cda Carbon* O 13 Cda Carbon V 213 Cda Rare Earth* O 361 Cda Rare Earth V 464 Cda Strtgc Met * O 32 Cda Zinc Mtls V 748 Cdn Metals 836 Cdn Orebodies V 1078 Cdn Orebodies* O 263 Cdn Silvr Hunt V 144 Cdn Zinc* Q 406 Centamin T 190 Centaurus Diam* O 56 Centerra Gold T 3503 Central Iron V 235 Centurion Mnls V 338 Century Global T 27 Cerro Grande 7 Ceylon Graph V 180 Chalice Gold M T 33 Champion Bear V 49 Champion Iron* O 641

0.20 0.17 0.20 + 0.04 0.20 0.03 0.06 0.05 0.06 + 0.01 0.05 0.01 0.44 0.35 0.44 + 0.08 0.60 0.15 1.98 1.86 1.96 + 0.10 2.42 1.07 1.46 1.38 1.44 + 0.02 1.84 0.84 0.48 0.41 0.45 + 0.01 0.80 0.37 0.34 0.32 0.34 + 0.03 0.56 0.28 0.23 0.21 0.21 - 0.02 0.54 0.21 0.31 0.28 0.29 - 0.03 0.69 0.28 11.34 10.80 11.16 + 0.09 13.50 7.41 15.18 14.53 14.97 + 0.25 17.65 9.88 0.90 0.50 0.80 + 0.29 1.75 0.31 0.45 0.00 0.45 + 0.08 0.45 0.24 0.35 0.00 0.34 + 0.03 0.39 0.12 0.21 0.21 0.21 - 0.04 0.30 0.00 0.18 0.16 0.18 - 0.02 0.40 0.10 0.14 0.12 0.14 - 0.01 0.21 0.07 0.57 0.50 0.51 - 0.02 1.46 0.06 0.77 0.67 0.69 + 0.01 1.95 0.09 0.50 0.45 0.45 - 0.03 1.55 0.36 0.36 0.33 0.33 - 0.02 1.20 0.28 0.14 0.11 0.13 + 0.02 0.30 0.10 0.10 0.07 0.09 + 0.01 0.11 0.07 0.11 0.10 0.10 - 0.01 0.15 0.06 0.08 0.07 0.07 - 0.00 0.12 0.04 0.17 0.15 0.17 + 0.01 0.73 0.14 0.05 0.04 0.04 - 0.01 0.09 0.03 0.03 0.03 0.03 - 0.00 0.06 0.02 0.42 0.00 0.42 + 0.34 0.75 0.15 0.02 0.01 0.02 - 0.06 0.13 0.00 0.01 0.01 0.01 - 0.04 0.13 0.03 0.12 0.07 0.12 + 0.05 0.11 0.07 0.09 0.00 0.09 - 0.01 0.14 0.05 0.07 0.07 0.07 + 0.01 0.10 0.03 0.12 0.10 0.10 - 0.04 0.23 0.00 0.05 0.05 0.05 + 0.01 0.10 0.04 0.06 0.04 0.06 + 0.02 0.15 0.04 0.55 0.45 0.46 + 0.01 0.55 0.11 0.08 0.03 0.04 + 0.01 0.08 0.01 0.01 0.01 0.01 - 0.00 0.46 0.00 1.36 1.25 1.27 - 0.03 1.81 0.44 0.15 0.00 0.15 + 0.01 0.25 0.09 0.12 0.10 0.10 - 0.00 0.19 0.07 0.13 0.00 0.13 - 0.01 0.26 0.05 0.07 0.07 0.07 - 0.01 0.10 0.02 0.14 0.00 0.10 + 0.02 0.16 0.03 0.26 0.20 0.25 + 0.05 0.26 0.07 0.14 0.00 0.13 + 0.01 0.20 0.06 0.12 0.11 0.12 + 0.01 0.17 0.03 0.02 0.02 0.02 - 0.01 0.08 0.01 0.36 0.30 0.36 + 0.06 0.40 0.01 0.20 0.17 0.17 - 0.03 0.21 0.03 0.27 0.23 0.23 - 0.04 0.28 0.02 0.27 0.24 0.24 - 0.02 0.78 0.05 0.01 0.01 0.01 + 0.01 0.06 0.01 0.20 0.19 0.20 + 0.01 0.26 0.18 0.27 0.25 0.26 - 0.01 0.32 0.22 0.04 0.03 0.03 - 0.01 0.05 0.01 0.05 0.05 0.05 + 0.01 0.06 0.02 0.09 0.08 0.08 - 0.01 0.19 0.04 0.34 0.31 0.33 - 0.01 0.48 0.10 0.09 0.05 0.09 + 0.03 0.44 0.05 0.50 0.38 0.42 + 0.03 0.51 0.19 0.33 0.30 0.33 + 0.02 0.38 0.00 0.07 0.06 0.07 + 0.01 0.09 0.01 0.17 0.16 0.16 - 0.00 0.32 0.12 3.06 2.89 3.02 + 0.15 3.05 1.72 0.05 0.04 0.05 + 0.01 0.30 0.01 7.88 7.57 7.72 + 0.07 8.13 5.56 0.02 0.02 0.02 + 0.01 0.04 0.01 0.08 0.06 0.07 - 0.01 0.15 0.05 0.30 0.27 0.27 - 0.03 0.72 0.13 0.05 0.00 0.04 - 0.01 0.08 0.01 0.41 0.35 0.39 + 0.03 0.45 0.20 0.18 0.18 0.18 - 0.01 0.21 0.14 0.22 0.18 0.18 + 0.02 0.28 0.03 0.88 0.77 0.83 + 0.06 1.12 0.14

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Champion Iron T 3361 1.21 1.02 1.14 + 0.11 1.47 0.17 Chesapeake Gld* O 80 3.10 2.68 3.01 + 0.30 5.03 1.81 Chesapeake Gld V 117 4.20 3.57 4.05 + 0.50 6.50 2.38 Chevron Corp* N 25709 110.67 106.38 108.86 + 1.49 119.00 94.08 Chilean Metals V 226 0.17 0.15 0.16 + 0.02 0.33 0.06 Chilean Metals* O 10 0.11 0.11 0.11 - 0.02 0.24 0.06 Chimata Gold V 12 0.02 0.01 0.02 + 0.01 0.04 0.01 China Gold Int T 1667 2.80 2.60 2.69 + 0.02 3.67 1.84 Cibolan Gold* O 191 0.01 0.01 0.01 - 0.00 0.13 0.01 CKR Carbon V 2774 0.19 0.15 0.17 - 0.02 0.19 0.06 Claim Post Res V 301 0.04 0.03 0.03 - 0.01 0.06 0.02 Clean Comm V 159 0.08 0.07 0.07 - 0.01 0.17 0.05 Clear Mtn Res V 995 1.18 1.12 1.13 - 0.04 2.03 0.10 Clifton Mng* O 283 0.12 0.10 0.12 + 0.01 0.16 0.08 Cloud Peak En* N 5032 4.83 4.40 4.77 + 0.19 8.04 1.64 CMC Metals V 219 0.10 0.09 0.10 - 0.01 0.20 0.08 CNRP Mng 530 0.04 0.00 0.04 - 0.01 0.13 0.01 Cobalt Pwr Grp V 1542 0.15 0.12 0.13 - 0.01 0.18 0.04 CobalTech M’g* O 26 0.21 0.16 0.17 - 0.04 0.32 0.01 CobalTech M’g V 2268 0.29 0.21 0.22 - 0.06 0.45 0.02 Coeur Mng* N 16580 8.90 8.09 8.64 + 0.56 16.41 5.75 Colombia Crest V 15 0.02 0.00 0.02 - 0.01 0.04 0.01 Colonial Coal V 416 0.16 0.14 0.14 - 0.01 0.24 0.07 Colorado Res* O 125 0.23 0.20 0.23 + 0.02 0.54 0.12 Columbus Gold T 309 0.98 0.92 0.94 + 0.01 1.09 0.41 Comet Inds V 10 3.00 2.80 2.80 - 0.20 3.00 1.31 Commander Res V 531 0.05 0.04 0.05 + 0.01 0.08 0.03 Commerce Res V 485 0.08 0.07 0.08 + 0.01 0.11 0.05 Commerce Res* O 71 0.06 0.05 0.06 - 0.01 0.09 0.04 Comstock Mng* X 1099 0.23 0.20 0.21 - 0.01 0.50 0.19 Comstock Mtls * O 54 0.12 0.10 0.12 + 0.00 0.33 0.09 Condor Res V 444 0.11 0.08 0.11 + 0.02 0.12 0.05 Confedertn Ml* O 6 0.46 0.44 0.44 - 0.06 0.80 0.31 Confedertn Mls V 192 0.65 0.55 0.55 - 0.07 8.00 0.46 Conquest Res V 816 0.05 0.03 0.03 - 0.02 0.07 0.02 Cons Woodjam V 83 0.08 0.07 0.08 + 0.02 0.09 0.04 CONSOL Energy* N 15732 17.51 16.31 17.03 + 0.25 22.34 10.93 Constant Mtl V 593 0.14 0.12 0.14 - 0.01 0.15 0.06 Contintl Gold* O 205 3.01 2.75 2.85 - 0.16 4.39 1.52 Contintl Gold T 5738 4.06 3.65 3.79 - 0.22 5.75 1.89 Contintl Prec T 25 0.37 0.30 0.37 + 0.07 0.44 0.25 Copper Fox Mtl* O 6 0.11 0.10 0.11 + 0.01 0.14 0.08 Copper Fox Mtl V 519 0.14 0.13 0.14 - 0.01 0.19 0.11 Copper Lake Rs V 479 0.05 0.05 0.05 + 0.01 0.08 0.03 Copper Mtn Mng* O 12 0.81 0.75 0.81 + 0.02 1.02 0.32 Copper North M* O 110 0.08 0.00 0.08 + 0.00 0.16 0.00 Copper North M V 377 0.10 0.09 0.10 + 0.01 0.30 0.08 Copper One * O 90 0.06 0.05 0.06 + 0.02 0.22 0.04 Copper One V 515 0.08 0.06 0.08 + 0.01 0.30 0.03 Copperbank Res* O 46 0.06 0.05 0.06 + 0.01 0.08 0.01 Copperbank Res 299 0.08 0.07 0.08 + 0.01 0.10 0.03 Coral Gold V 322 0.34 0.31 0.31 - 0.03 0.39 0.09 Cordoba Mnls V 663 1.25 1.16 1.23 - 0.03 1.59 0.56 Cordoba Mnls* O 184 0.94 0.88 0.92 - 0.03 1.21 0.43 Corex Gold V 71 0.13 0.12 0.13 - 0.01 0.21 0.05 Cornerstone Ca V 1674 0.30 0.27 0.28 - 0.02 0.33 0.04 Cornerstone Ca* O 415 0.23 0.21 0.21 - 0.00 0.25 0.03 Cornerstone Mt V 162 0.05 0.03 0.03 - 0.02 0.05 0.02 Coro Mining T 301 0.16 0.15 0.16 + 0.01 0.21 0.04 Coronet Mtls* O 89 0.16 0.16 0.16 + 0.00 0.56 0.02 Corsa Coal V 568 2.35 2.10 2.10 + 0.10 3.82 0.80 Corsa Coal * O 28 1.69 1.57 1.64 + 0.13 2.93 1.20 Corvus Gold T 87 0.89 0.83 0.89 + 0.04 1.38 0.50 Corvus Gold* O 64 0.67 0.62 0.64 - 0.00 1.05 0.37 Cougar Mnls V 253 0.53 0.48 0.48 - 0.04 0.82 0.28 Crazy Horse Res* O 5 0.02 0.02 0.02 - 0.00 0.02 0.01 Critical Elem V 1982 0.85 0.76 0.76 - 0.04 0.95 0.28 Critical Elem* O 72 0.62 0.58 0.58 + 0.00 0.70 0.22 Crown Mining V 333 0.14 0.13 0.13 - 0.01 0.20 0.04 Cruz Cobalt* O 52 0.14 0.12 0.14 - 0.01 0.23 0.07 Cruz Cobalt V 3079 0.19 0.16 0.18 - 0.01 0.31 0.02 Crystal Explor V 1157 0.14 0.11 0.13 + 0.01 0.20 0.08 Crystal Lake V 131 0.34 0.27 0.28 - 0.02 0.43 0.22 Crystal Peak V 263 0.49 0.00 0.49 - 0.01 0.56 0.18 Crystal Peak* O 88 0.37 0.33 0.37 + 0.03 0.42 0.14 CWN M’g Acq V 4 0.15 0.00 0.15 - 0.03 0.27 0.11 Cyclone Uran* O 1047 0.01 0.01 0.01 - 0.00 0.01 0.00 Cypress Dev* O 45 0.11 0.09 0.11 + 0.01 0.16 0.07

D-F Dajin Res V 788 Dajin Res* O 576 Dakota Ter Res* O 43 Daleco Res* O 138 Dalradian Res* O 156 Dalradian Res T 891 Damara Gold V 19 Danakali* O 161 Darnley Bay* O 55 Darnley Bay V 532 Dawson Gold V 10 Debut Dmds 241 Decade Res V 1190 Decade Res* O 1154 Defiance Silvr* O 153 Del Toro Silvr* O 445 Denison Mines* X 1752 Desert Gold V 43 Desert Star V 49 Detour Gold T 5355 DGS Mnls 80 Diamante Min* O 201 Diamcor Mng* O 25 Diamcor Mng V 92 Diamond Disc* O 32 V 61 Diamond Fields Discovery Gold* O 50 DNI Metals 1206 DNI Metals* O 19 Dolat Ventures* O 208131 48 Dolly Vard Sil* O Dolly Vard Sil V 78 Dominion Diam T 1034 Dominion Diam* N 2491 Double Crn Res* O 592 V 168 Doubleview Cap DRDGOLD* N 1250 Dundee Prec Mt T 733 Dunnedin Vent* O 51 Duran Vent * O 6 Durango Res* O 123 Durango Res V 2231 DV Resources* O 46 Dynacor Gld Mn T 152 DynaResource* O 15 Dynasty Gold V 282 Dynasty Met&Mn* O 22 Dynasty Met&Mn T 100 Eagle Plains V 770 East Africa * O 22 97 East Asia Mnls V Eastern Platin* O 38 Eastfield Res V 259 Eastmain Res T 2612 Eco Oro Mnls T 102 O 264 eCobalt Solns* Edgewater Expl V 4 El Capitan Prc* O 744 Elcora Res* O 66 Eldorado Gold* N 21710 Eldorado Gold T 14180 Electra Stone V 306 Eloro Mnrls* O 36 Eloro Mnrls V 93 Ely Gold & Mnl V 279 Ely Gold & Mnl* O 249 Elysee Dev V 46 Emerita Res V 2386 Emgold Mng V 33 Empire Rock V 29 Encanto Potash* O 189 Encanto Potash V 2718 Endeavour Mng T 1268 Endeavour Mng* O 40 Endeavr Silver* N 13906 Endeavr Silver T 3308 Endurance Gold V 229 Energizer Res* O 171 Energy Fuels* X 1286 Energy Fuels T 615 Enforcer Gold V 932 Engold Mines* O 273 Engold Mines V 2975 Entree Gold* X 390 Entree Gold T 401 Equitas Res V 76 Equitas Res* O 178 Equitorial Ex V 677

0.11 0.10 0.11 + 0.01 0.30 0.09 0.08 0.07 0.08 + 0.00 0.24 0.06 0.08 0.04 0.06 + 0.02 0.20 0.02 0.01 0.01 0.01 + 0.00 0.05 0.01 1.08 1.01 1.01 - 0.06 1.27 0.69 1.46 1.36 1.39 - 0.03 1.68 0.91 0.07 0.00 0.07 - 0.01 0.11 0.04 0.55 0.52 0.55 + 0.01 0.65 0.17 0.29 0.25 0.26 - 0.03 0.44 0.01 0.39 0.34 0.36 - 0.01 0.57 0.02 0.25 0.25 0.25 + 0.05 0.25 0.09 0.02 0.00 0.02 + 0.01 0.03 0.01 0.07 0.05 0.06 + 0.01 0.13 0.02 0.05 0.04 0.05 + 0.00 0.10 0.03 0.22 0.20 0.22 - 0.01 0.49 0.08 0.06 0.03 0.06 + 0.01 0.06 0.00 0.63 0.59 0.60 - 0.02 0.84 0.37 0.32 0.28 0.29 - 0.03 0.40 0.09 0.11 0.11 0.11 - 0.01 0.22 0.06 17.05 15.09 16.57 + 1.33 35.93 14.35 0.03 0.00 0.03 - 0.02 0.15 0.03 0.10 0.08 0.10 - 0.00 0.55 0.08 0.76 0.68 0.68 - 0.08 1.11 0.69 0.99 0.90 0.92 - 0.08 1.50 0.90 0.00 0.00 0.00 + 0.00 0.00 0.00 0.21 0.17 0.17 - 0.04 0.24 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.05 0.05 - 0.02 0.09 0.02 0.06 0.00 0.04 - 0.02 0.07 0.01 0.05 0.01 0.03 + 0.02 0.05 0.00 0.52 0.35 0.52 - 0.01 0.81 0.12 0.70 0.58 0.70 + 0.01 1.11 0.14 17.40 16.60 17.15 + 0.33 17.82 10.47 12.99 12.48 12.77 + 0.14 13.31 7.92 0.01 0.01 0.01 + 0.00 0.02 0.00 0.07 0.06 0.06 - 0.01 0.19 0.06 5.23 4.86 5.01 + 0.10 9.10 3.70 2.96 2.71 2.89 + 0.07 4.14 1.87 0.26 0.25 0.25 - 0.01 0.31 0.04 0.05 0.05 0.05 - 0.01 0.10 0.05 0.07 0.06 0.07 - 0.00 0.22 0.05 0.10 0.09 0.09 - 0.01 0.36 0.05 0.03 0.03 0.03 + 0.00 0.03 0.01 2.36 2.22 2.24 - 0.09 3.71 1.86 1.41 1.35 1.40 - 0.01 1.99 0.00 0.03 0.03 0.03 - 0.01 0.04 0.01 0.31 0.29 0.29 - 0.01 0.31 0.08 0.42 0.39 0.39 - 0.06 0.45 0.10 0.20 0.17 0.19 + 0.01 0.24 0.07 0.20 0.20 0.20 + 0.00 0.28 0.09 0.21 0.18 0.18 - 0.03 0.25 0.05 0.27 0.25 0.25 + 0.01 0.89 0.24 0.06 0.05 0.05 - 0.01 0.08 0.03 0.50 0.46 0.47 - 0.01 0.97 0.38 0.60 0.55 0.55 - 0.10 0.87 0.13 0.99 0.90 0.91 - 0.05 1.14 0.34 0.19 0.19 0.19 - 0.01 0.28 0.08 0.09 0.07 0.08 - 0.01 2.35 0.03 0.24 0.20 0.23 + 0.00 0.44 0.20 3.61 3.32 3.47 + 0.06 5.16 2.54 4.84 4.46 4.64 + 0.09 6.71 3.46 0.02 0.00 0.02 - 0.01 0.11 0.02 0.60 0.00 0.60 + 0.06 0.60 0.16 0.81 0.70 0.75 + 0.03 0.81 0.18 0.15 0.14 0.14 - 0.01 0.27 0.08 0.12 0.09 0.11 - 0.01 0.20 0.07 0.42 0.39 0.40 + 0.01 0.49 0.20 0.18 0.14 0.16 + 0.01 0.22 0.03 0.03 0.00 0.03 - 0.01 0.05 0.02 0.22 0.00 0.21 - 0.02 0.30 0.07 0.08 0.07 0.08 - 0.01 0.14 0.04 0.11 0.10 0.10 - 0.02 0.18 0.06 26.30 24.80 25.50 - 0.30 28.81 11.85 19.63 18.66 19.00 - 0.42 21.89 9.10 3.73 3.17 3.43 + 0.25 5.95 2.53 5.00 4.23 4.61 + 0.38 7.75 3.33 0.08 0.07 0.07 - 0.01 0.10 0.03 0.06 0.05 0.05 - 0.01 0.10 0.04 2.17 2.00 2.06 - 0.11 2.87 1.29 2.87 2.68 2.75 - 0.12 3.65 1.74 0.24 0.21 0.22 - 0.02 0.28 0.19 0.41 0.31 0.39 + 0.10 0.41 0.02 0.55 0.40 0.54 + 0.15 0.55 0.03 0.55 0.47 0.52 + 0.03 0.72 0.22 0.73 0.63 0.73 + 0.08 0.94 0.29 0.27 0.23 0.24 - 0.01 1.30 0.19 0.19 0.17 0.19 + 0.01 0.31 0.16 0.08 0.08 0.08 - 0.01 0.11 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

55 Erdene Res Dev* O 674 Erdene Res Dev T Erin Ventures V 151 12 Eros Res Corp* O Eskay Mng V 187 V 71 Essex Minerals Ethos Gold* O 97 Ethos Gold V 164 Eurasian Mnls V 35 X 283 Eurasian Mnls* Eureka Res V 281 3 Euro Sun Mg* O 89 T Euro Sun Mg O 80 European Metal* V 59 Eurotin Everest Vent V 8 Everton Res V 1796 Everton Res* O 168 96 EVI Global Grp Evolving Gold 13 O 7 Evolving Gold* Evrim Res V 102 Excellon Res T 414 Excellon Res* O 241 O 287 Excelsior Mng* Excelsior Mng T 502 Exeter Res* X 2140 Exeter Res T 1452 204 ExGen Res Inc* O O 37 Expedition Mng* Explor Res* O 113 Fairmont Res V 885 Falco Res V 1161 Falcon Gold V 361 Fancamp Expl V 965 Far Res* O 57 Fieldex Expl V 59 38 Filo Mg Corp V Finore Mng* O 266 Finore Mng 5527 Fiore Explor* O 759 Fiore Explor V 440 2 Fire River Gol* O Firebird Res V 699 Firesteel Res V 106 Firestone Vent V 790 O 96 Firma Holdings* First Cobalt V 763 7 First Cobalt * O First Energy V 39 First Majestic T 4001 First Majestic* N 19115 First Mexican V 910 First Mg Fin * O 1144 V 3361 First Mg Fin First Point V 620 First Quantum T 11564 354 V Fission 3.0 Fission Uran T 1270 Fission Uran* O 952 Flinders Res* O 315 Flinders Res V 501 O 416 Focus Graphite* V 1402 Focus Graphite Foran Mng V 308 T 1196 Formation Mtls Forrester Met V 1293 Forsys Metals T 309 O 19 Fortescue Mtls* T 2447 Fortuna Silvr Silvr* N 7780 Fortuna Fortune Bay V 73 Fortune Bay* O 4 O 609 Fortune Mnrls* V 228 Forum Uranium O 37 Forum Uranium* Four River V 552 8 Fox River Res* O 71 Fox River Res N 2656 Franco-Nevada* Franco-Nevada T 2203 Franklin Mng* O 250 N 96505 Freeport McMoR* 35 Frontier Rr Er* O 34 Full Metal Mnl V Fura Emeralds V 702

0.68 0.65 0.67 + 0.02 0.70 0.17 0.92 0.85 0.89 + 0.01 0.93 0.20 0.04 0.05 - 0.01 0.06 0.05 0.05 0.12 0.00 0.12 + 0.00 0.17 0.09 0.10 0.32 + 0.03 0.42 0.35 0.29 0.16 0.19 + 0.01 0.33 0.19 0.16 0.05 0.16 + 0.00 0.32 0.16 0.16 0.17 0.22 + 0.01 0.41 0.23 0.21 0.77 1.23 - 0.03 1.84 1.32 1.23 0.57 0.95 + 0.01 1.40 0.97 0.91 0.06 0.09 - 0.02 0.17 0.11 0.08 0.55 0.52 0.52 - 0.02 1.06 0.47 0.75 0.70 0.73 - 0.02 1.45 0.62 0.00 0.00 + 0.00 0.01 0.00 0.00 0.03 0.09 - 0.03 0.12 0.12 0.09 0.21 1.07 + 0.27 1.52 1.10 0.00 0.02 0.08 - 0.01 0.20 0.10 0.08 0.03 0.07 - 0.01 0.14 0.08 0.06 0.05 0.05 0.05 - 0.01 0.12 0.01 0.07 0.17 - 0.01 0.50 0.18 0.17 0.04 0.12 - 0.01 0.38 0.13 0.11 0.16 0.31 + 0.04 0.43 0.32 0.27 0.72 1.71 + 0.11 2.40 1.75 1.59 0.55 1.27 + 0.08 1.85 1.32 1.18 0.20 0.62 + 0.00 0.72 0.65 0.60 0.26 0.82 + 0.01 0.94 0.87 0.80 0.54 1.74 + 0.01 1.89 1.80 1.70 0.72 2.34 + 0.04 2.52 2.40 2.27 0.02 0.01 0.02 + 0.01 0.02 0.00 0.01 0.06 - 0.00 0.22 0.06 0.06 0.04 0.06 + 0.01 0.18 0.06 0.05 0.05 0.07 - 0.01 0.23 0.09 0.07 0.45 1.03 + 0.12 1.39 1.03 0.91 0.04 0.05 - 0.01 0.20 0.05 0.05 0.02 0.07 + 0.01 0.08 0.07 0.06 0.05 0.08 - 0.00 0.11 0.08 0.08 0.10 0.15 + 0.03 0.65 0.15 0.13 2.20 0.00 2.20 + 0.30 3.00 0.64 0.02 0.12 + 0.03 0.41 0.12 0.00 0.01 0.16 + 0.04 0.50 0.18 0.12 0.24 0.27 + 0.01 0.55 0.27 0.00 0.04 0.36 + 0.03 0.76 0.37 0.33 0.04 0.00 0.04 + 0.04 0.77 0.00 0.01 0.03 + 0.01 0.05 0.03 0.03 0.01 0.04 - 0.01 0.06 0.05 0.04 0.01 0.04 - 0.01 0.08 0.04 0.04 0.03 0.09 - 0.01 0.12 0.11 0.09 0.22 0.67 - 0.09 0.92 0.76 0.65 0.54 0.00 0.49 - 0.07 0.67 0.54 0.03 0.07 + 0.02 0.15 0.07 0.05 11.74 + 0.95 24.96 8.51 12.13 10.77 9.07 8.05 8.75 + 0.63 19.15 6.47 0.02 0.03 - 0.01 0.08 0.04 0.03 0.64 0.60 0.61 - 0.02 1.02 0.30 0.86 0.80 0.80 - 0.02 1.31 0.40 0.04 0.10 - 0.02 0.15 0.12 0.10 14.31 + 0.18 17.55 5.38 15.04 13.89 0.09 0.08 0.09 + 0.01 0.13 0.05 0.49 0.80 - 0.04 0.92 0.85 0.80 0.36 0.60 - 0.03 0.70 0.63 0.60 0.19 0.51 - 0.04 0.71 0.56 0.50 0.25 0.70 - 0.02 0.93 0.76 0.67 0.04 0.08 + 0.01 0.20 0.08 0.06 0.06 0.10 + 0.01 0.26 0.10 0.09 0.08 0.33 + 0.01 0.47 0.33 0.31 0.19 1.22 - 0.06 1.48 1.32 1.20 0.04 0.12 + 0.01 0.14 0.12 0.11 0.05 0.15 + 0.02 0.28 0.15 0.12 2.03 4.51 - 0.24 5.50 4.82 4.51 7.44 6.87 7.12 + 0.20 12.73 5.38 4.12 5.31 + 0.11 9.75 5.58 5.14 0.29 0.55 + 0.02 0.90 0.55 0.00 0.30 0.41 + 0.01 0.64 0.41 0.00 0.04 0.15 - 0.00 0.26 0.16 0.14 0.07 0.10 + 0.01 0.20 0.10 0.00 0.05 0.06 - 0.01 0.14 0.07 0.06 0.30 0.75 + 0.03 1.28 0.78 0.70 0.08 0.08 0.08 + 0.01 0.10 0.03 0.13 0.11 0.13 + 0.02 0.15 0.04 53.31 67.19 + 1.68 81.16 68.73 64.96 91.85 86.91 90.08 + 2.96 105.69 71.44 0.00 0.00 + 0.00 0.01 0.01 0.00 13.37 + 0.01 17.06 8.76 13.83 13.01 0.01 0.01 0.01 + 0.00 0.05 0.00 0.13 0.00 0.13 + 0.02 0.13 0.04 0.10 0.27 - 0.02 0.30 0.30 0.23

Gabriel Res T 78 Gainey Capital V 279 Galantas Gold V 1366 O 7 Galantas Gold* Galore Res V 93 Galway Mtls* O 30 Galway Mtls V 425 Garibaldi Res V 360 20 Garibaldi Res * O General Moly T 24 General Moly* X 821 Genesis Mtls* O 160 Genius Props 323 V 5341 Gensource Pot Geodex Mnrls V 22 O 134 Geologix Expl* Geologix Expl V 769 Geomega Res V 339 552 Gespeg Cop Res V GFK Res V 200 Gitennes Expl V 282 Giyani Gold* O 305 Giyani Gold V 598 Gldn Predator V 995 O 122 Gldn Predator* 288 Glen Eagle Res V Glencore Plc* O 567 Global Energy V 925 Global Gold* O 129 Globex Mng T 313 Globex Mng* O 19 GMCI Corp* O 4 O 39 GMV Minerals* GMV Minerals V 89 V 44 GobiMin GoGold Res T 716 Gold & Silver* O 9303 24858 Gold Fields* N 12 Gold Finder Ex V 2 Gold Finder Ex* O 1371333 Gold Lakes* O 676 Gold Mng USA* O 92 Gold Reach Res V Gold Reserve* O 45 Gold Reserve V 76 X 3848 Gold Resource* Gold Std Vents V 1147 Gold Std Vents* X 5825 Goldcliff Res* O 11 Goldcorp* N 31648 T 14962 Goldcorp Golden Arrow V 1947 Golden Arrow* O 1473 115 Golden Dawn Ml* O O 2 Golden Global* O 20 Golden Goliath* V 131 Golden Goliath Golden Harp V 4 Golden Harp* O 4 Golden Hope* O 16 Golden Hope V 130 Golden Mnls* X 817 Golden Mnls T 35 105 Golden Peak Mn V O 300 Golden Queen* Golden Queen T 111 Golden Reign V 567 Golden Secret V 112 Golden Star T 482 Golden Star* X 4964 Golden Tag V 193 Golden Valley V 328 Goldex Res V 16 Goldfields Int* O 2 T 408 Goldgroup Mng O 200 Goldgroup Mng* GoldMining V 856 V 1047 GoldQuest Mng Goldrea Res 267 Goldrea Res* O 32

0.17 0.38 - 0.03 0.74 0.39 0.36 0.12 0.13 - 0.03 0.37 0.18 0.13 0.07 0.12 - 0.02 0.18 0.12 0.11 0.07 0.10 + 0.00 0.14 0.10 0.09 0.01 0.05 - 0.01 0.05 0.05 0.00 0.10 0.26 - 0.03 0.51 0.28 0.26 0.12 0.36 - 0.02 0.65 0.38 0.34 0.07 0.17 + 0.02 0.21 0.17 0.14 0.11 0.11 0.11 + 0.00 0.16 0.05 0.30 0.52 - 0.16 0.95 0.68 0.52 0.21 0.41 - 0.09 0.72 0.52 0.38 0.01 0.12 + 0.01 0.22 0.12 0.11 0.10 0.16 - 0.01 0.38 0.25 0.12 0.05 0.19 + 0.01 0.25 0.25 0.18 0.05 0.08 + 0.01 0.11 0.08 0.00 0.03 0.06 - 0.01 0.11 0.07 0.05 0.04 0.08 - 0.01 0.15 0.09 0.08 0.06 0.11 + 0.01 0.23 0.12 0.10 0.04 0.03 0.04 + 0.01 0.06 0.02 0.06 0.14 + 0.02 0.18 0.14 0.11 0.01 0.06 - 0.01 0.08 0.07 0.06 0.04 0.35 + 0.10 0.50 0.35 0.25 0.06 0.47 + 0.14 0.70 0.47 0.34 0.16 1.36 - 0.10 2.05 1.45 1.33 0.13 1.00 - 0.08 1.59 1.08 0.99 0.23 0.21 0.23 + 0.03 0.24 0.09 3.49 7.90 + 0.08 8.62 8.15 7.73 0.18 0.19 - 0.03 0.67 0.24 0.18 0.01 0.02 + 0.01 0.06 0.03 0.02 0.26 0.54 - 0.01 0.63 0.56 0.54 0.19 0.41 + 0.02 0.48 0.41 0.40 0.20 2.55 - 0.05 2.77 2.77 0.00 0.12 0.25 - 0.02 0.55 0.27 0.25 0.09 0.36 + 0.02 0.70 0.36 0.33 0.38 0.53 - 0.01 0.58 0.54 0.53 0.41 0.66 - 0.02 1.65 0.72 0.65 0.00 0.00 0.00 - 0.00 0.06 0.00 2.60 3.73 + 0.20 6.60 3.85 3.51 0.12 0.00 0.11 - 0.02 0.28 0.08 0.08 0.00 0.08 - 0.02 0.14 0.07 0.00 0.00 - 0.00 1.02 0.00 0.00 0.00 0.00 0.00 + 0.00 0.08 0.00 0.15 0.00 0.13 - 0.03 0.25 0.09 0.00 2.60 - 0.21 5.54 2.77 2.56 3.28 3.50 - 0.25 7.34 3.75 3.49 2.41 4.29 - 0.23 8.22 4.63 4.21 2.91 2.61 2.69 - 0.19 4.10 1.39 2.17 1.95 1.99 - 0.17 3.20 1.06 0.11 0.13 + 0.00 0.36 0.14 0.13 11.91 14.75 + 0.16 20.38 15.12 14.46 15.95 19.77 + 0.37 26.56 20.20 19.37 0.27 0.71 - 0.15 1.48 0.85 0.70 0.21 0.53 - 0.11 1.30 0.63 0.52 0.25 0.25 0.25 - 0.00 0.32 0.08 0.00 0.02 - 0.02 0.36 0.02 0.00 0.01 0.04 - 0.01 0.10 0.05 0.04 0.02 0.01 0.14 0.06 - 0.06 0.06 0.05 0.12 + 0.01 0.28 0.24 0.00 0.08 0.17 + 0.09 0.18 0.18 0.08 0.11 0.12 - 0.05 0.25 0.14 0.12 0.14 0.17 - 0.01 0.39 0.17 0.16 0.31 0.58 - 0.05 1.16 0.64 0.58 0.42 0.78 - 0.07 1.51 0.86 0.78 0.12 0.90 0.41 0.38 0.39 - 0.01 0.52 0.64 - 0.03 1.54 0.70 0.62 0.70 0.85 - 0.05 1.98 0.93 0.85 0.13 0.25 + 0.01 0.36 0.26 0.24 0.28 0.35 - 0.02 0.69 0.38 0.33 0.61 1.14 + 0.02 1.46 1.18 1.11 0.47 0.84 - 0.01 1.13 0.88 0.82 0.03 0.06 + 0.01 0.18 0.06 0.06 0.13 0.35 - 0.02 0.50 0.37 0.34 0.21 0.83 + 0.08 1.04 0.83 0.75 0.00 0.00 - 0.21 0.21 0.00 0.00 0.07 0.13 + 0.01 0.39 0.13 0.11 0.06 0.10 + 0.01 0.30 0.10 0.08 0.86 1.75 + 0.02 3.35 1.80 1.67 0.20 0.48 - 0.03 0.68 0.50 0.47 0.03 0.06 + 0.01 0.14 0.06 0.05 0.01 0.05 + 0.00 0.10 0.05 0.03

G-H

2017-04-11 5:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 17â&#x20AC;&#x201C;30, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldsource Min* O 216 Goldsource Min V 1224 V 21 Goldstream Mnl Goldstrike Res V 804 GoldTrain Res 3 Gossan Res V 75 GoviEx Uranium* O 581 V 2463 GoviEx Uranium Gowest Gold V 901 Gowest Gold* O 46 GPM Metals V 587 GPM Metals* O 90 O 144 Gran Colombia* Gran Colombia T 1323 O 296 Granada Gold* V 4 Grande Portage Graniz Mondal V 104 O 605 Graphite Corp* Graphite One* O 1293 Graphite One V 4758 Great Bear Res V 110 Great Lakes Gr V 320 Great Lakes Gr* O 29 Great Panther T 697 Great Panther* X 4063 Great Quest Fe V 116 Great Thunder V 1656 Green Swan Cap V 377 Green Valley M V 396 Greencastle Rs V 60 Greenland M&En* O 127 Grizzly Gold* O 23 Group Ten Mtls V 221 O 56 GrowMax Res* GrowMax Res V 307 GT Gold * O 72 GT Gold V 340 GTA Res & Mng V 116 Guerrero Vents V 443 Gungnir Res* O 264 Guyana Gldflds T 2713 Hannan Metals V 44 146 Happy Ck Mnrls V Hard Creek Ni V 129 Harmony Gold* N 27701 Harte Gold* O 858 Harte Gold T 5437 V 102 Hawkeye Gld&Di Heatherdale Rs V 43 Hecla Mining* N 23004 Helio Res V 158 Hellix Vent* O 20 Heron Res* O 119 Highbank Res V 131 Highland Copp V 676 Highland Copp* O 12 Highway 50 Gld V 249 HiHo Silver 84 Hochschild Mg* O 17 Homeland Egy V 97 Honey Badger E V 1088 Horizonte Mnls T 508 Houston Lake V 192 HudBay Mnls T 9005 HudBay Mnls* N 3154 Hudson Res* O 115 Hudson Res V 332 Hunt Mng* O 10 Hunt Mng V 39 Hycroft Mg* O 0

0.12 0.10 0.11 + 0.00 0.45 0.09 0.15 0.13 0.14 - 0.01 0.57 0.13 0.10 0.07 0.10 + 0.03 0.40 0.05 0.32 0.29 0.31 - 0.01 0.43 0.12 0.06 0.00 0.06 - 0.04 0.25 0.05 0.08 0.00 0.07 - 0.02 0.11 0.03 0.19 0.16 0.17 - 0.03 0.34 0.04 0.26 0.20 0.23 - 0.03 0.44 0.09 0.17 0.15 0.15 - 0.02 0.28 0.07 0.13 0.11 0.11 - 0.02 0.22 0.05 0.10 0.09 0.10 + 0.02 0.57 0.08 0.07 0.07 0.07 + 0.00 0.43 0.06 0.07 0.00 0.07 - 0.01 0.13 0.06 0.10 0.09 0.10 - 0.01 0.16 0.08 0.05 0.05 0.05 - 0.00 0.11 0.04 0.20 0.15 0.16 - 0.01 0.22 0.05 0.05 0.01 0.05 + 0.04 0.05 0.01 0.01 0.00 0.00 - 0.00 0.01 0.00 0.06 0.04 0.06 + 0.01 0.14 0.04 0.08 0.06 0.08 + 0.01 0.18 0.06 0.19 0.18 0.19 - 0.02 0.36 0.13 0.10 0.08 0.09 - 0.01 0.11 0.06 0.06 0.06 0.06 - 0.01 0.08 0.04 2.30 2.15 2.15 - 0.02 2.95 1.25 1.71 1.60 1.62 - 0.02 2.28 0.95 0.20 0.19 0.20 + 0.01 0.35 0.14 0.09 0.08 0.09 + 0.01 0.24 0.04 0.11 0.09 0.11 + 0.02 0.14 0.02 0.05 0.04 0.05 + 0.01 0.06 0.01 0.10 0.00 0.09 - 0.01 0.18 0.08 0.09 0.08 0.08 + 0.00 0.16 0.00 0.04 0.03 0.03 - 0.01 0.22 0.01 0.20 0.00 0.19 + 0.03 0.46 0.08 0.10 0.08 0.08 - 0.01 0.22 0.08 0.13 0.12 0.12 - 0.01 0.28 0.12 0.28 0.25 0.26 - 0.03 0.36 0.25 0.36 0.33 0.34 - 0.02 0.50 0.09 0.08 0.07 0.07 - 0.01 0.24 0.04 0.03 0.02 0.02 - 0.01 0.04 0.01 0.07 0.06 0.06 + 0.01 0.08 0.01 7.56 7.05 7.42 + 0.23 10.35 4.56 0.49 0.41 0.41 - 0.09 0.51 0.05 0.24 0.19 0.22 - 0.01 0.29 0.10 0.06 0.00 0.06 + 0.01 0.12 0.02 2.75 2.47 2.65 + 0.20 4.87 1.86 0.53 0.40 0.53 + 0.11 0.52 0.15 0.70 0.53 0.70 + 0.16 0.69 0.18 0.10 0.09 0.10 + 0.01 0.33 0.03 0.07 0.00 0.07 - 0.01 0.12 0.03 5.55 5.27 5.40 + 0.11 7.64 2.81 0.04 0.03 0.03 - 0.01 0.08 0.02 0.04 0.02 0.02 + 0.00 0.08 0.00 0.09 0.09 0.09 - 0.01 0.13 0.09 0.05 0.04 0.05 + 0.01 0.10 0.04 0.16 0.14 0.14 - 0.01 0.18 0.07 0.11 0.11 0.11 - 0.01 0.14 0.07 0.55 0.27 0.55 + 0.29 0.48 0.08 0.10 0.08 0.08 - 0.03 0.18 0.07 3.54 3.52 3.53 + 0.19 4.16 1.43 0.21 0.00 0.21 + 0.04 1.13 0.16 0.02 0.00 0.02 + 0.01 0.05 0.02 0.05 0.00 0.05 + 0.01 0.06 0.02 0.42 0.39 0.42 + 0.01 0.46 0.24 9.72 8.69 8.95 + 0.21 11.95 3.77 7.25 6.48 6.65 + 0.10 9.15 2.88 0.54 0.45 0.45 - 0.10 0.60 0.24 0.73 0.61 0.62 - 0.12 0.80 0.29 0.19 0.14 0.17 - 0.02 0.31 0.05 0.24 0.19 0.22 - 0.03 0.40 0.05 1.75 0.00 1.75 - 0.25 2.00 0.00

I-Minerals* O 38 I-Minerals V 61 IAMGOLD T 12974 34246 IAMGOLD* N Iberian Mnrls V 2846 IC Potash* O 2278 Iconic Mnls * O 25 Idaho North* O 62 IDM Mining* O 858 IDM Mining V 4806 iMetal Res* O 200 iMetal Res V 791 IMPACT Silver V 154 O 149 Impala Platnm* Imperial Metal T 145 Imperial Metal* O 6 Inca One Gold V 681 Inca One Gold* O 47 12 Inception Mng * O Independence G V 156 Independence G* O 22 Inomin Mines V 18 Integra Gold V 7285 Integra Gold* O 1337 Intgr Egy Sol* O 154818 Intigold Mines V 53 Intl Bethl Mng V 1 Intl Corona V 204 Intl Lithium* O 205 Intl Lithium V 328 Intl Millm Mng V 452 Intl Montoro* O 1634 Intl Tower Hil T 239 Intl Tower Hil* X 686 Intrepid Pots* N 8839 INV Metals T 42 Inventus Mg * O 54 Inventus Mg V 228 InZinc Mining V 268 InZinc Mining* O 14 Ireland* O 179 Irving Res 132 Irving Res* O 31 IsoEnergy Ltd V 30 Itafos V 3 Itoco Mg Corp* O 6569 Ivanhoe Mines* O 549 Ivanhoe Mines T 11594 Jaguar Mng* O 109 Jaguar Mng T 201 Japan Gold V 236 Japan Gold* O 73 Jayden Res V 175 Jayden Res* O 1 Jourdan Res V 106 K92 Mng Inc V 3454 K92 Mng Inc* O 376 Kairos Cap V 33 Kaizen Discvry* O 385 Kaizen Discvry V 442 Kapuskasing Gd V 1537 Karmin Expl V 78 Karnalyte Res T 178 Karoo Expl V 170 Katanga Mng T 11012 Kenadyr Mining V 1228 Kennady Diam V 459 Kermode Res V 251 Kerr Mines T 746 Kesselrun Res V 475 Kestrel Gold V 294 Khalkos Expl V 204 Khan Res 5232 Kilo Goldmines* O 85 Kinross Gold T 18151 57015 Kinross Gold* N Kintavar Exp V 200 Kirkland Lake T 3935 Kivalliq Enrgy V 745 Klondex Mines T 5178 Klondike Gold V 342 Klondike Gold* O 120 Klondike Silv V 405 Klondike Silv* O 90 Knick Expl V 441 Kombat Copper V 45 Komet Resource V 157 Kootenay Silvr V 1443 Kootenay Silvr* O 46 Kootenay Zinc 457 Kootenay Zinc* O 111 KWG Res* O 10

0.35 0.33 0.33 - 0.02 0.36 0.15 0.47 0.44 0.45 - 0.02 0.48 0.20 5.90 5.32 5.62 + 0.30 7.65 3.03 4.42 3.98 4.20 + 0.20 5.87 2.30 0.10 0.07 0.08 - 0.02 0.16 0.04 0.09 0.07 0.07 - 0.01 0.11 0.03 0.07 0.07 0.07 - 0.00 0.33 0.07 0.04 0.04 0.04 - 0.01 0.12 0.04 0.13 0.00 0.11 - 0.02 0.21 0.08 0.18 0.15 0.16 - 0.01 0.26 0.10 0.05 0.05 0.05 + 0.00 0.05 0.03 0.07 0.06 0.07 - 0.01 0.08 0.04 0.67 0.63 0.67 + 0.01 1.28 0.40 3.68 3.43 3.60 + 0.16 5.23 2.87 6.39 5.98 6.00 - 0.36 8.50 3.46 4.74 0.00 4.50 - 0.19 6.21 2.78 0.16 0.14 0.14 - 0.02 0.63 0.12 0.12 0.10 0.11 + 0.01 0.35 0.08 0.41 0.00 0.35 - 0.06 1.65 0.25 0.23 0.21 0.23 + 0.01 0.50 0.10 0.17 0.16 0.16 - 0.02 0.37 0.09 0.06 0.06 0.06 - 0.01 0.07 0.05 0.96 0.81 0.83 - 0.08 0.96 0.50 0.72 0.61 0.62 - 0.07 0.76 0.38 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.00 0.03 - 0.01 0.12 0.03 0.03 0.03 0.03 - 0.01 0.08 0.02 0.11 0.10 0.10 - 0.01 0.17 0.01 0.11 0.09 0.11 - 0.00 0.55 0.02 0.14 0.13 0.14 + 0.01 0.38 0.11 0.05 0.04 0.05 + 0.02 0.10 0.04 0.03 0.02 0.03 + 0.00 0.03 0.01 0.75 0.67 0.70 + 0.01 1.82 0.43 0.56 0.50 0.52 - 0.00 1.40 0.32 1.91 1.63 1.79 + 0.07 3.04 0.85 0.90 0.85 0.88 - 0.02 1.13 0.24 0.15 0.14 0.14 - 0.01 0.28 0.11 0.22 0.18 0.19 - 0.01 0.35 0.10 0.25 0.22 0.23 - 0.02 0.36 0.05 0.19 0.18 0.18 - 0.01 0.27 0.04 0.15 0.13 0.15 + 0.01 0.32 0.04 0.70 0.65 0.69 - 0.06 1.18 0.12 0.55 0.48 0.51 - 0.06 0.99 0.09 1.10 1.00 1.09 - 0.01 1.70 0.63 2.15 1.85 2.15 + 0.15 3.45 0.90 0.13 0.05 0.05 - 0.05 0.30 0.00 3.70 3.41 3.62 + 0.15 3.89 0.00 4.95 4.54 4.86 + 0.22 5.11 0.82 0.49 0.00 0.47 - 0.01 0.65 0.23 0.66 0.62 0.63 - 0.02 0.85 0.30 0.33 0.31 0.31 - 0.01 0.88 0.28 0.25 0.24 0.24 + 0.00 0.67 0.21 0.11 0.11 0.11 - 0.01 0.23 0.04 0.10 0.00 0.10 + 0.02 0.17 0.04 0.12 0.11 0.12 + 0.01 0.15 0.06 1.04 0.84 0.89 + 0.06 2.24 0.76 0.78 0.63 0.69 + 0.06 1.72 0.57 0.72 0.00 0.64 - 0.04 0.95 0.02 0.17 0.15 0.15 - 0.01 0.21 0.08 0.23 0.21 0.21 - 0.01 0.31 0.10 0.08 0.06 0.06 - 0.01 0.10 0.02 0.59 0.49 0.52 + 0.04 0.86 0.21 0.78 0.69 0.72 - 0.01 2.60 0.64 0.02 0.02 0.02 + 0.01 0.02 0.01 0.41 0.27 0.41 + 0.13 0.65 0.12 0.92 0.70 0.73 - 0.03 1.00 0.10 3.91 3.75 3.83 - 0.04 5.00 3.26 0.02 0.02 0.02 + 0.01 0.04 0.01 0.19 0.18 0.19 + 0.01 0.19 0.06 0.12 0.09 0.12 + 0.01 0.43 0.06 0.10 0.06 0.08 - 0.01 0.10 0.02 0.17 0.16 0.16 - 0.01 0.26 0.11 0.06 0.05 0.06 + 0.01 0.88 0.02 0.05 0.05 0.05 - 0.01 0.19 0.05 4.98 4.65 4.79 + 0.10 7.56 3.87 3.72 3.48 3.58 + 0.07 5.82 2.88 0.35 0.18 0.18 - 0.17 0.35 0.19 10.15 9.63 9.92 + 0.11 11.15 5.35 0.12 0.11 0.12 + 0.01 0.19 0.07 5.35 4.99 5.22 + 0.03 7.95 3.72 0.27 0.25 0.26 - 0.01 0.45 0.14 0.20 0.18 0.18 - 0.02 0.32 0.10 0.10 0.09 0.10 + 0.01 0.15 0.02 0.07 0.00 0.07 + 0.01 0.12 0.03 0.07 0.06 0.06 + 0.01 0.11 0.02 0.31 0.00 0.30 - 0.03 0.95 0.30 0.42 0.39 0.40 - 0.02 0.58 0.31 0.33 0.27 0.29 - 0.01 0.60 0.27 0.25 0.21 0.21 - 0.02 0.46 0.20 0.48 0.33 0.33 - 0.11 0.70 0.06 0.37 0.27 0.28 - 0.09 0.59 0.29 0.02 0.02 0.02 - 0.00 0.03 0.00

I-J-K

L Labdr Iron Mns* O

181

20-22_APR17_StockTables.indd 21

0.03

0.02 0.03

0.01

0.07 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Labrador Iron T 682 Lake Victoria* O 33 Lamelee Iron V 68 Lara Expl V 84 Laramide Res T 346 Largo Res* O 38 Largo Res T 259 Lateral Gold V 142 Latin Am Mnls V 433 Latin Am Mnls* O 16 Laurion Mnl Ex* O 6 Laurion Mnl Ex V 44 Leo Res 44 Leo Res* O 43 Lepanto Con Mg* O 1800 Levon Res Ltd T 614 Levon Res Ltd * O 227 Lexam VG Gold* O 92 Lexam VG Gold T 581 Li3 Energy* O 148 Libero Mg Corp V 40 Liberty One Li* O 35 LiCo Energy* O 390 LiCo Energy V 747 Lincoln Mng V 655 Lion One Mtls* O 82 Lions Gate Mtl 12 Lithium Amer T 3667 Lithium Amer* O 1575 Lithium Corp* O 1055 Lithium Energi V 140 Lithium Expl* O 287937 Lithium X Egy* O 977 Lithium X Egy V 1834 LKA Gold* O 65 Lomiko Mtls* O 43 Lomiko Mtls V 199 Lone Star Gold* O 91 Lonmin plc* O 61 Lorraine Coppr V 67 Los Andes Copp V 439 Lucara Diam T 1590 Lumina Gold V 68 Lumina Gold* O 16 Lund Enterpr V 30 Lundin Gold T 145 Lundin Mng T 10268 Lupaka Gold V 271 Lydian Intl* O 64 Lydian Intl T 541 Lynas Corp* O 229

19.45 18.43 18.52 - 0.12 20.67 11.22 0.01 0.01 0.01 + 0.00 0.02 0.01 0.20 0.18 0.20 + 0.03 0.50 0.10 1.02 0.98 1.01 + 0.02 1.58 0.37 0.61 0.54 0.56 - 0.04 0.74 0.18 0.38 0.00 0.34 - 0.04 0.56 0.23 0.52 0.48 0.51 + 0.01 0.72 0.28 1.10 0.90 1.10 + 0.19 1.25 0.26 0.16 0.13 0.15 + 0.02 0.48 0.09 0.10 0.10 0.10 - 0.00 0.36 0.07 0.03 0.02 0.03 + 0.01 0.05 0.00 0.05 0.04 0.04 - 0.02 0.08 0.01 0.44 0.00 0.44 + 0.20 0.50 0.01 0.33 0.23 0.33 - 0.05 0.38 0.02 0.01 0.00 0.01 + 0.00 0.01 0.00 0.48 0.42 0.46 + 0.04 0.71 0.14 0.37 0.32 0.35 + 0.03 0.54 0.11 0.18 0.17 0.17 + 0.01 0.29 0.12 0.24 0.23 0.24 + 0.01 0.38 0.16 0.03 0.02 0.02 - 0.00 0.06 0.01 0.17 0.17 0.17 - 0.01 0.22 0.07 0.44 0.43 0.44 + 0.01 0.51 0.42 0.13 0.11 0.11 - 0.01 0.20 0.06 0.17 0.15 0.16 - 0.01 0.24 0.07 0.07 0.05 0.07 + 0.02 0.17 0.05 0.59 0.54 0.56 - 0.03 0.91 0.31 0.20 0.00 0.18 - 0.02 0.36 0.08 1.01 0.90 0.91 - 0.09 1.26 0.52 0.76 0.65 0.68 - 0.07 0.96 0.38 0.10 0.07 0.07 + 0.00 0.13 0.03 0.21 0.19 0.19 - 0.04 0.55 0.19 0.00 0.00 0.00 - 0.00 0.04 0.00 1.35 1.17 1.22 - 0.02 2.20 1.03 1.80 1.58 1.63 - 0.01 2.85 1.32 0.60 0.48 0.55 + 0.05 0.68 0.24 0.25 0.16 0.19 - 0.03 0.38 0.11 0.29 0.24 0.26 - 0.02 0.50 0.19 0.00 0.00 0.00 - 0.00 0.01 0.00 1.50 1.07 1.50 + 0.36 3.42 1.02 0.08 0.00 0.08 - 0.01 0.12 0.04 0.30 0.22 0.28 + 0.06 0.30 0.09 3.17 3.08 3.16 + 0.07 4.39 2.62 1.00 0.82 0.82 - 0.04 1.20 0.39 0.66 0.61 0.61 - 0.03 0.89 0.31 0.16 0.11 0.16 + 0.05 0.19 0.04 6.23 5.90 6.00 - 0.09 6.62 4.66 7.77 7.22 7.55 + 0.06 8.94 3.70 0.16 0.14 0.15 + 0.01 0.29 0.11 0.29 0.26 0.28 - 0.00 0.41 0.19 0.40 0.37 0.39 + 0.02 0.52 0.24 0.08 0.07 0.08 + 0.00 0.12 0.03

M Macarthur Mnl V 1247 0.12 0.11 0.12 + 0.01 0.18 0.04 Macarthur Mnl* O 30 0.09 0.09 0.09 + 0.00 0.14 0.03 MacDonald Mns* O 20 0.19 0.18 0.19 + 0.01 0.20 0.04 MacMillan Mnls V 59 1.60 1.44 1.60 + 0.11 1.84 0.37 MAG Silver T 1096 19.37 17.35 18.66 + 1.25 23.32 12.47 Magellan Gold* O 29 0.08 0.07 0.07 - 0.02 0.35 0.05 Majescor Res V 635 0.10 0.00 0.09 - 0.02 0.15 0.04 Majestic Gold V 194 0.10 0.00 0.09 - 0.01 0.12 0.05 Makena Res* O 1 0.15 0.00 0.15 + 0.04 0.13 0.11 Makena Res V 215 0.20 0.18 0.19 + 0.01 0.20 0.15 Mammoth Res V 166 0.09 0.08 0.08 + 0.01 0.20 0.02 Mandalay Res T 4031 0.62 0.56 0.58 - 0.01 1.35 0.56 Manganese X V 1114 0.19 0.15 0.19 + 0.03 0.26 0.07 Manganese X* O 75 0.14 0.13 0.14 + 0.01 0.19 0.09 Manitou Gold V 56 0.08 0.08 0.08 + 0.01 0.20 0.03 Manson Creek V 150 0.05 0.00 0.05 + 0.01 0.06 0.01 Marathon Gold T 1002 1.05 0.96 1.03 + 0.03 1.16 0.20 Margaux Res V 133 0.36 0.35 0.35 - 0.01 0.50 0.11 Mariana Res V 734 1.18 1.05 1.09 - 0.09 1.50 0.85 Mariana Res* O 374 0.92 0.76 0.79 - 0.11 1.12 0.02 Marifil Mines V 32 0.02 0.00 0.02 + 0.01 0.04 0.01 Maritime Res V 505 0.14 0.12 0.14 + 0.03 0.31 0.12 Marlin Gold* O 21 0.53 0.50 0.50 - 0.03 0.57 0.23 Marlin Gold V 24 0.70 0.65 0.66 - 0.04 0.75 0.31 MartinMarietta* N 3640 223.55 212.65 221.41 + 3.16 243.98 160.60 Mason Graphite* O 26 0.98 0.93 0.98 - 0.01 1.21 0.41 Matamec Expl* O 42 0.05 0.04 0.04 - 0.01 0.07 0.02 Matamec Expl V 384 0.07 0.06 0.06 - 0.01 0.11 0.04 Matica Ent 23535 0.07 0.05 0.05 - 0.01 0.07 0.01 Maudore Mnrls* O 103 0.00 0.00 0.00 + 0.00 0.01 0.00 Maverix Mtls* O 2 1.12 0.00 1.12 + 0.03 16.33 0.66 Mawson Res* O 71 0.33 0.31 0.32 - 0.00 0.44 0.16 Mawson Res T 176 0.45 0.41 0.43 + 0.01 0.57 0.21 MAX Res V 134 0.11 0.09 0.10 + 0.01 0.11 0.05 MaxTech Vent 58 0.57 0.48 0.48 - 0.09 0.63 0.15 Maxwell Res* O 49 0.02 0.01 0.02 + 0.00 0.02 0.00 Maya Gold &Sil V 206 0.15 0.13 0.15 + 0.01 0.27 0.10 McChip Res V 22 0.60 0.45 0.60 + 0.15 0.77 0.40 McEwen Mng T 2418 4.40 4.10 4.27 + 0.22 6.44 2.61 McEwen Mng* N 13566 3.29 3.06 3.19 + 0.15 4.92 2.00 MDN Inc* O 2 0.57 0.57 0.57 + 0.00 0.92 0.11 Meadow Bay Gd T 195 0.06 0.06 0.06 - 0.01 0.14 0.05 Meadow Bay Gd* O 12 0.05 0.00 0.05 - 0.00 0.11 0.03 Mechel* N 1332 5.90 5.31 5.67 + 0.35 6.83 1.46 Medallion Res* O 915 0.03 0.02 0.03 - 0.00 0.05 0.01 0.15 - 0.01 0.17 0.12 Medgold Res* O 1055 0.15 0.00 Medgold Res V 1102 0.21 0.17 0.19 - 0.02 0.25 0.09 Medinah Mnrls* O 829 0.01 0.00 0.01 + 0.00 0.02 0.00 Mega Uranium T 2558 0.21 0.20 0.21 - 0.01 0.32 0.11 Mega Uranium* O 333 0.16 0.14 0.15 - 0.01 0.25 0.08 0.08 + 0.03 0.08 0.02 Melkior Res V 2603 0.08 0.05 Mercator Mnls* O 2 0.00 0.00 0.00 + 0.00 0.01 0.00 Meridian Mg V 28 0.67 0.63 0.65 + 0.01 1.54 0.14 Metalex Vent V 106 0.06 0.05 0.05 - 0.01 0.10 0.04 Metalla Rylty* O 27 0.37 0.34 0.36 + 0.01 0.68 0.03 0.48 - 0.03 0.88 0.05 Metalla Rylty 101 0.49 0.46 Metallic Mnrls V 146 0.39 0.34 0.37 - 0.02 0.59 0.07 Metallic Mnrls* O 37 0.30 0.26 0.28 - 0.01 0.44 0.04 Metallis Res V 488 0.19 0.15 0.17 + 0.01 0.28 0.06 Metalo Manuf 61 0.65 0.50 0.65 + 0.15 1.50 0.26 0.09 - 0.01 0.20 0.06 Metals Creek V 687 0.10 0.08 Metals Creek* O 128 0.07 0.06 0.07 + 0.00 0.14 0.04 Metanor Res V 10372 0.10 0.08 0.10 + 0.01 0.12 0.05 Mexus Gold* O 3338 0.12 0.11 0.12 - 0.00 0.24 0.02 MGX Minerals* O 467 1.02 0.81 0.88 - 0.13 2.12 0.11 1.17 - 0.21 2.75 0.08 MGX Minerals 1439 1.38 1.08 Micrex Dev V 224 0.02 0.02 0.02 + 0.01 0.03 0.01 Midas Gold T 523 0.84 0.77 0.77 - 0.04 1.22 0.48 Midas Gold* O 772 0.64 0.57 0.57 - 0.03 0.95 0.02 Midland Expl V 22 1.14 1.05 1.05 - 0.09 1.25 0.60 0.39 - 0.04 0.50 0.08 Midnight Sun V 283 0.42 0.39 Millennial Lit* O 31 1.12 0.99 0.99 - 0.12 1.43 0.97 Millennial Lit V 423 1.55 1.32 1.40 - 0.07 2.45 0.09 Millrock Res* O 339 0.39 0.33 0.34 - 0.04 0.54 0.18 Millrock Res V 389 0.51 0.44 0.44 - 0.07 0.70 0.23 V 1154 0.33 0.28 0.31 + 0.01 0.32 0.07 Minaurum Gold Minco Gold* O 154 0.16 0.12 0.14 - 0.01 0.42 0.01 Minco Gold T 196 0.21 0.18 0.19 - 0.02 0.55 0.12 Minco Silver T 118 1.28 1.12 1.12 - 0.16 2.05 0.74 Minco Silver* O 50 0.96 0.83 0.84 - 0.12 1.54 0.58 V 206 0.18 0.17 0.17 - 0.01 0.29 0.10 Minera Alamos Minera IRL 605 0.17 0.00 0.16 + 0.02 0.22 0.15 Mineral Hill V 3 0.30 0.30 0.30 + 0.03 0.40 0.11 Mineral Mtn V 147 0.28 0.24 0.24 - 0.03 0.49 0.16 Mineral Mtn* O 30 0.22 0.19 0.21 + 0.00 0.38 0.04 0.66 + 0.01 0.90 0.38 Minnova Corp V 581 0.68 0.66 Miranda Gold V 271 0.11 0.10 0.11 + 0.01 0.18 0.07 Mirasol Res V 194 1.89 1.63 1.88 + 0.19 3.50 1.18 Mkango Res V 191 0.07 0.06 0.06 + 0.01 0.11 0.05 ML Gold Corp V 1026 0.19 0.17 0.19 + 0.01 0.29 0.02 Monarca Mnrls V 378 0.04 0.03 0.04 + 0.01 0.10 0.01 Monarca Mnrls* O 64 0.03 0.02 0.03 + 0.01 0.10 0.00 Monarques Res V 588 0.40 0.37 0.38 + 0.01 0.66 0.10 Moneta Porcpn T 1132 0.19 0.17 0.18 - 0.01 0.36 0.15 Moneta Porcpn* O 484 0.14 0.12 0.13 - 0.01 0.28 0.11 Montego Res 460 0.52 0.35 0.38 + 0.03 1.60 0.10 Montero Mg&Ex V 1205 0.03 0.03 0.03 - 0.01 0.08 0.02 Monument Mng V 241 0.10 0.09 0.09 + 0.01 0.19 0.07 Morien Res* O 70 0.43 0.38 0.40 - 0.02 0.55 0.20 Morumbi Res V 791 0.75 0.65 0.65 - 0.03 1.70 0.08 Mosaic* N 19611 29.51 28.41 28.85 - 0.33 34.36 22.77 Mountain Boy V 249 0.07 0.06 0.07 - 0.01 0.08 0.01 Mountain Prov* D 637 3.60 3.30 3.35 - 0.20 5.52 3.05 Mountain Prov T 1044 4.84 4.46 4.50 - 0.25 7.18 4.07 Mundoro Cap* O 28 0.15 0.14 0.14 - 0.01 0.20 0.06 Mundoro Cap V 162 0.21 0.19 0.20 + 0.01 0.23 0.08 Murchison Min 27 0.25 0.18 0.18 + 0.01 0.35 0.05 MX Gold* O 1936 0.15 0.10 0.14 + 0.01 0.31 0.08 MX Gold V 7736 0.19 0.15 0.17 + 0.02 0.39 0.12

N-O NACCO Ind* N 82 75.80 67.25 75.50 + 5.70 99.55 49.80 Namibia Rare E T 15 0.09 0.00 0.08 - 0.01 0.14 0.04 Napier Vent V 14 0.40 0.39 0.40 - 0.01 0.40 0.24

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Natural Res Pt* N 157 Nautilus Mnrls T 234 O 201 Nautilus Mnrls* 20 Navis Res Corp* O Nemaska Lith T 1670 Nemaska Lith* O 242 Nevada Copper T 44 158 Nevada Egy Mtl* O 32 Nevada Expl * O Nevada Expl V 99 O 384 Nevada Sunrise* Nevada Sunrise V 723 Nevada Zinc V 144 Nevsun Res T 1721 New Carolin Gd* O 27 722 New Carolin Gd V New Colombia* O 28158 New Dimen Res V 105 New Gold* O 39 New Gold T 8695 19154 New Gold* X New Jersey Mng* O 1124 New Milln Iron* O 9 New Oroperu V 3 NewCastle Gold T 1717 O 57 NewCastle Gold* Newmarket Gold* O 233 Newmont Mng* N 22617 Newport Expl V 130 NewRange Gold* O 33 NewRange Gold V 678 Nexgen Energy* O 174 Nexgen Energy T 2671 Next Gen Mtls* O 927 Nexus Gold V 728 Nexus Gold* O 381 NGEx Res T 74 NGEx Res* O 4 Nickel North V 85 Nickel One Res V 277 Nighthawk Gold V 1071 Nikos Expl V 142 Niobay Metals V 70 Niocan Inc V 96 Niocorp Dev* O 265 Nippon Dragon V 953 Nippon Dragon* O 79 Noble Mnl Expl V 713 Noble Mnl Expl* O 1173 Nomad Ventures V 90 Noram Vent V 96 Noranda Alum* O 200 Noront Res V 893 Nortec Mnls V 35 16 North Am Pall T North Am Pall* O 10 North Arrow Mn V 124 Northcliff Res T 74 Northern Uran V 3053 Norvista Cap V 673 V 457 Nouveau Monde NovaGold Res T 1529 NovaGold Res* X 9701 Novo Res* O 239 Novo Res V 505 NRG Metals V 2104 NRG Metals* O 60 Nrthn Graphite V 482 Nrthn Graphite* O 204 Nrthn Lion V 7 20 Nrthn Mnrls &E* O Nrthn Shield V 4226 Nrthn Vertex V 440 Nrthn Vertex* O 24 Nthn Dynasty T 5361 13233 Nthn Dynasty* X Nthrn Sphere 112 Nubian Res V 46 NuLegacy Gold* O 720 NuLegacy Gold V 668 V 76 Nunavik Nickel NV Gold V 204 NxGold Ltd V 88 OceanaGold T 6847 OceanaGold* O 14 416 Oceanic Iron O V Oceanus Res V 243 Oceanus Res* O 170 OK2 Minerals V 119 Olivut Res V 158 3 Omineca Mg &Ml V One World Min 65 Orca Gold* O 174 Orca Gold V 987 Orefinders Res V 575 Orestone Mng V 792 Orex Mnrls* O 120 Orezone Gold V 286 Orezone Gold* O 75 Organic Potash 150 Orla Mng Ltd V 1505 Oro East Mg* O 268 Orocobre T 422 Oroplata Res* O 352 Orsu Metals V 893 Orsu Metals* O 1 Orvana Mnrls T 305 Orvana Mnrls* O 163 Osisko Gold* N 1861 Osisko Gold T 1848 Osisko Mng Inc T 9128 Otis Gold V 545 Otis Gold* O 386 OZ Minerals* O 2

37.35 34.85 37.00 + 0.85 45.60 7.78 0.24 0.22 0.22 - 0.01 0.28 0.10 0.18 0.16 0.17 - 0.00 0.21 0.08 0.01 0.01 0.01 + 0.00 0.03 0.00 1.36 1.30 1.33 + 0.03 1.97 0.86 1.01 0.97 0.98 - 0.00 1.50 0.68 0.67 0.62 0.65 - 0.03 1.00 0.53 0.05 0.04 0.05 + 0.00 0.20 0.04 0.28 0.26 0.26 + 0.02 0.56 0.22 0.37 0.34 0.37 + 0.04 0.72 0.29 0.25 0.21 0.22 - 0.02 0.37 0.14 0.34 0.29 0.29 - 0.02 0.47 0.18 0.38 0.00 0.35 - 0.01 0.80 0.29 3.54 3.37 3.44 + 0.02 4.81 3.01 0.05 0.05 0.05 + 0.00 0.12 0.04 0.07 0.06 0.06 - 0.01 0.15 0.06 0.01 0.01 0.01 - 0.00 0.05 0.00 0.15 0.14 0.14 - 0.02 0.19 0.08 0.01 0.00 0.01 + 0.01 0.17 0.00 4.15 3.98 4.04 + 0.07 7.87 3.11 3.11 2.97 3.03 + 0.05 6.04 2.39 0.12 0.11 0.12 + 0.00 0.15 0.07 0.15 0.14 0.14 - 0.02 0.27 0.05 0.52 0.00 0.52 + 0.01 0.72 0.29 0.85 0.71 0.82 + 0.10 1.30 0.37 0.64 0.54 0.61 + 0.08 0.96 0.36 7.65 7.25 7.38 + 0.02 8.46 4.10 34.97 32.95 34.31 + 1.35 46.07 27.93 0.27 0.25 0.26 + 0.01 0.38 0.19 0.27 0.25 0.27 + 0.06 0.27 0.04 0.39 0.29 0.30 - 0.03 0.39 0.04 2.43 2.32 2.40 + 0.05 3.40 1.05 3.26 3.12 3.23 + 0.08 4.45 1.42 0.22 0.18 0.21 + 0.01 0.42 0.07 0.25 0.23 0.24 - 0.01 0.37 0.04 0.19 0.17 0.18 - 0.00 0.27 0.05 1.13 0.90 1.01 + 0.03 1.50 0.66 0.74 0.00 0.70 - 0.18 1.14 0.57 0.04 0.03 0.03 - 0.01 0.06 0.01 0.06 0.05 0.05 - 0.01 0.14 0.05 0.85 0.80 0.83 + 0.01 0.88 0.10 0.16 0.10 0.16 + 0.06 0.15 0.05 0.77 0.00 0.75 - 0.03 1.25 0.18 0.15 0.08 0.15 + 0.08 0.15 0.05 0.57 0.52 0.55 - 0.02 0.81 0.50 0.08 0.07 0.08 + 0.01 0.11 0.05 0.06 0.05 0.05 - 0.01 0.09 0.04 0.09 0.06 0.06 - 0.01 0.15 0.03 0.07 0.04 0.04 + 0.00 0.07 0.04 0.23 0.20 0.21 - 0.01 0.40 0.10 0.05 0.05 0.05 + 0.01 0.13 0.01 0.02 0.01 0.02 + 0.00 0.10 0.01 0.24 0.22 0.23 - 0.01 0.51 0.22 0.12 0.11 0.12 + 0.01 0.18 0.02 5.74 5.19 5.74 + 0.35 6.49 4.40 4.29 3.87 4.29 + 0.21 5.06 3.33 0.27 0.23 0.23 - 0.09 0.40 0.12 0.19 0.18 0.19 - 0.01 0.23 0.09 0.02 0.01 0.02 - 0.01 0.03 0.01 0.16 0.13 0.15 + 0.01 0.30 0.12 0.32 0.30 0.31 - 0.01 0.38 0.19 6.87 6.41 6.55 + 0.09 9.56 5.09 5.08 4.78 4.89 + 0.02 7.29 3.79 0.58 0.53 0.55 + 0.03 1.41 0.51 0.74 0.70 0.73 + 0.03 1.95 0.66 0.17 0.13 0.13 - 0.03 0.22 0.07 0.12 0.11 0.12 + 0.01 0.15 0.04 0.33 0.28 0.31 - 0.01 0.63 0.18 0.25 0.20 0.24 - 0.00 0.47 0.14 0.64 0.55 0.60 - 0.04 0.74 0.11 0.02 0.02 0.02 + 0.01 0.05 0.02 0.05 0.05 0.05 - 0.01 0.30 0.03 0.55 0.49 0.53 + 0.05 0.70 0.22 0.40 0.36 0.40 - 0.01 0.50 0.17 1.93 1.63 1.71 - 0.16 4.54 0.37 1.44 1.21 1.27 - 0.16 3.45 0.28 0.50 0.40 0.40 + 0.05 0.85 0.17 0.26 0.21 0.23 - 0.03 0.34 0.01 0.23 0.20 0.22 + 0.02 0.41 0.00 0.30 0.27 0.29 + 0.03 0.54 0.15 0.10 0.08 0.10 + 0.01 0.27 0.05 0.20 0.18 0.18 - 0.02 0.48 0.05 0.60 0.53 0.56 - 0.04 0.72 0.13 4.50 3.96 4.31 + 0.37 5.56 3.24 3.50 2.89 3.27 + 0.27 4.26 2.36 0.23 0.22 0.22 - 0.04 0.35 0.10 0.20 0.18 0.19 - 0.01 0.32 0.14 0.15 0.13 0.14 + 0.00 0.23 0.11 0.13 0.13 0.13 + 0.01 0.28 0.09 0.20 0.16 0.18 + 0.02 0.42 0.12 0.06 0.00 0.06 - 0.01 0.11 0.05 0.44 0.00 0.40 - 0.03 0.75 0.04 0.32 0.27 0.29 + 0.01 0.44 0.17 0.40 0.37 0.39 + 0.02 0.55 0.22 0.05 0.05 0.05 + 0.01 0.12 0.04 0.02 0.02 0.02 + 0.01 0.04 0.01 0.15 0.14 0.15 + 0.00 1.02 0.05 0.57 0.52 0.57 + 0.02 1.28 0.42 0.42 0.38 0.41 + 0.01 0.99 0.31 0.03 0.03 0.03 - 0.01 0.05 0.01 1.34 1.18 1.33 + 0.13 1.75 0.13 0.01 0.00 0.01 - 0.00 0.03 0.00 3.12 2.84 3.07 + 0.26 5.04 2.73 0.20 0.16 0.17 - 0.01 2.04 0.16 0.03 0.02 0.02 - 0.01 0.05 0.02 0.01 0.00 0.01 - 0.02 0.04 0.01 0.22 0.21 0.22 - 0.01 0.39 0.16 0.17 0.16 0.16 - 0.01 0.29 0.12 11.43 10.99 11.18 + 0.08 14.74 8.88 15.25 14.72 14.96 + 0.18 18.64 11.90 5.65 4.84 5.59 + 0.74 5.55 1.03 0.33 0.31 0.31 - 0.02 0.42 0.13 0.25 0.22 0.23 - 0.01 0.32 0.10 6.31 0.00 6.31 - 0.23 7.39 3.87

Pac Bay Mnrls V 18 Pac Booker Min* O 8 Pac Booker Min V 45 Pac Gold* O 3002 V 96 Pac Iron Ore Pac North West* O 92 Pac North West V 2001 Pac Potash V 10 Pac Ridge Expl V 348 Paget Mrnls* O 135 Paget Mrnls V 121 Palamina Corp V 209 Pan Am Silver* D 6848 Pan Am Silver T 1000 Pan Global Res V 318 Pancontinental* O 45 Pancontinental V 1643 Panoro Mnrls V 467 Pantheon Vent V 167 Para Resources V 313 Paramount Gold* X 155 Paringa Res* O 6 Parlane Res V 170 Pasinex Res 282 Patriot Gold* O 120 Peabody Enrgy* N 8923 Pelangio Expl V 538 Pelangio Expl* O 61 Pele Mtn Res V 210 Pele Mtn Res* O 120 Peloton Mnrls 86 Peregrine Diam T 238 Perseus Mng T 2440 Pershing Gold T 4 Pershing Gold* D 482 Pershing Res* O 55 Philex Mng* O 215 Pilot Gold* O 406 Pilot Gold T 710 Pine Cliff En* O 330 Pine Cliff En T 1867 Pinecrest Res V 720 Pistol Bay Mng V 477 Pitchblack Res V 130 Pitchblack Res* O 7 PJSC Polyus Gd* O 2 PJX Res V 83 Planet Mng V 365 Plate Res V 635 Plateau Uran* O 27 Platinex Inc 670 Platinum Gp Mt T 778

0.05 0.00 0.05 - 0.01 0.07 0.03 0.68 0.57 0.58 - 0.11 1.16 0.45 0.88 0.00 0.78 - 0.08 1.50 0.62 0.00 0.00 0.00 + 0.00 0.00 0.00 0.20 0.19 0.20 + 0.01 0.25 0.15 0.08 0.00 0.08 + 0.00 0.10 0.06 0.12 0.00 0.09 - 0.02 0.23 0.06 0.04 0.00 0.04 + 0.01 0.07 0.03 0.08 0.06 0.06 - 0.02 0.12 0.04 0.05 0.05 0.05 - 0.00 0.05 0.03 0.07 0.06 0.07 + 0.01 0.09 0.01 0.23 0.19 0.23 - 0.01 0.25 0.09 18.42 17.38 18.02 + 0.50 21.59 11.19 24.67 23.26 24.19 + 0.91 27.99 14.73 0.08 0.07 0.07 - 0.01 0.17 0.01 0.05 0.04 0.05 + 0.01 0.10 0.00 0.07 0.05 0.06 + 0.02 0.16 0.01 0.19 0.17 0.18 - 0.02 0.21 0.12 0.17 0.14 0.16 + 0.01 0.38 0.10 0.23 0.20 0.23 + 0.01 0.36 0.17 1.73 1.60 1.65 - 0.02 2.93 1.37 0.50 0.47 0.47 + 0.03 0.50 0.14 0.14 0.11 0.11 - 0.03 0.33 0.08 0.23 0.22 0.23 + 0.01 0.34 0.05 0.11 0.09 0.09 - 0.01 0.23 0.07 32.50 26.00 27.57 + 0.32 32.50 26.00 0.06 0.05 0.05 + 0.01 0.08 0.03 0.05 0.00 0.04 + 0.01 0.06 0.02 0.03 0.03 0.03 + 0.01 0.05 0.02 0.02 0.02 0.02 - 0.00 0.04 0.01 0.08 0.06 0.08 + 0.02 0.15 0.06 0.20 0.18 0.19 - 0.01 0.32 0.13 0.36 0.32 0.34 + 0.02 0.67 0.29 4.09 0.00 3.89 + 0.09 5.52 3.66 3.04 2.80 2.93 + 0.09 5.02 2.67 0.04 0.00 0.04 - 0.01 0.10 0.02 0.15 0.14 0.14 - 0.01 0.21 0.09 0.43 0.41 0.41 - 0.02 0.72 0.06 0.58 0.54 0.55 - 0.02 0.95 0.38 0.59 0.57 0.57 - 0.03 0.89 0.51 0.79 0.73 0.75 - 0.07 1.22 0.61 0.40 0.28 0.35 + 0.06 0.40 0.10 0.11 0.10 0.10 - 0.01 0.14 0.02 0.30 0.30 0.30 + 0.02 0.30 0.06 0.22 0.00 0.22 + 0.10 0.22 0.04 39.92 0.00 37.86 - 0.74 39.92 27.80 0.22 0.19 0.21 - 0.01 0.27 0.13 0.06 0.05 0.06 + 0.01 0.08 0.02 0.05 0.05 0.05 + 0.01 0.14 0.04 0.40 0.36 0.40 - 0.00 0.54 0.12 0.22 0.17 0.19 - 0.03 0.23 0.17 2.30 1.99 2.01 - 0.18 4.95 1.89

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Platinum Gp Mt* X 3684 Playfair Mng* O 19 PNG Gold V 1120 Polaris Mater T 1914 PolyMet Mng T 145 PolyMet Mng* X 1347 Portage Res* O 758 Portofino Res V 314 Potash Corp SK* N 23389 Potash Corp SK T 8497 Potash Ridge T 2049 Potash Ridge* O 45 Power Metals* O 15 Power Metals V 593 PPX Mining V 400 PPX Mining* O 55 Premier Gold M T 3968 Premium Expl* O 80 Pretium Res* N 8894 Pretium Res T 2124 Primero Mng T 1185 Primero Mng* N 4302 Prism Res V 207 ProAm Expl V 168 Probe Metals* O 78 Probe Metals V 228 Prophecy Coal* O 8 Prophecy Coal T 14 Prospector Res V 16 Prospero Silvr V 148 PUF Vent Inc 1437 PUF Vent Inc * O 17 Puma Expl V 1303 Pure Energy* O 845 Pure Gold Mg* O 55 Pure Gold Mg V 341 Pure Nickel V 1083 Pure Nickel* O 855 Purepoint Uran V 736 QMC Quantum Ml V 180 QMC Quantum Ml* O 0.02 QMX Gold* O 41 QMX Gold V 477 Quartz Mtn Res* O 1 Quaterra Res V 423 Quaterra Res* O 295 Quest Rare Mnl T 2032 Quest Rare Mnl* O 16

1.72 1.49 1.50 - 0.14 3.98 1.40 0.06 0.05 0.05 - 0.01 0.12 0.03 0.81 0.44 0.62 + 0.16 0.81 0.03 1.05 0.95 1.03 - 0.02 1.55 0.95 1.08 0.98 1.00 + 0.01 1.48 0.93 0.81 0.74 0.76 + 0.01 1.14 0.71 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.07 0.07 - 0.01 0.12 0.06 17.22 16.74 16.83 - 0.25 20.27 15.21 23.02 22.40 22.56 - 0.16 26.62 19.93 0.25 0.22 0.24 + 0.02 0.50 0.17 0.19 0.16 0.19 + 0.03 0.38 0.14 0.22 0.21 0.21 - 0.01 0.38 0.07 0.30 0.27 0.30 + 0.01 0.55 0.07 0.08 0.07 0.08 + 0.01 0.16 0.04 0.06 0.05 0.05 - 0.01 0.13 0.02 3.40 3.22 3.29 + 0.08 5.05 1.87 0.01 0.00 0.00 - 0.00 0.04 0.00 11.36 10.66 10.84 + 0.13 12.53 5.52 15.17 14.28 14.54 + 0.28 16.48 7.27 0.76 0.72 0.75 + 0.01 3.42 0.70 0.57 0.53 0.55 + 0.00 2.63 0.52 0.21 0.17 0.21 + 0.03 0.25 0.09 0.05 0.04 0.04 - 0.02 0.06 0.01 1.11 1.05 1.09 - 0.02 1.66 0.52 1.48 1.41 1.44 - 0.01 2.18 0.66 2.82 2.66 2.66 - 0.14 5.17 0.76 3.85 3.58 3.70 + 0.12 7.19 1.33 1.88 1.62 1.70 - 0.20 1.90 0.01 0.31 0.28 0.28 - 0.03 0.38 0.09 0.40 0.34 0.37 - 0.02 0.47 0.04 0.30 0.00 0.26 - 0.04 0.35 0.03 0.09 0.07 0.07 - 0.02 0.11 0.05 0.39 0.37 0.37 - 0.01 0.91 0.35 0.46 0.43 0.43 - 0.02 0.60 0.29 0.61 0.58 0.58 - 0.02 0.77 0.37 0.03 0.02 0.03 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.03 0.00 0.12 0.11 0.11 - 0.01 0.19 0.07 0.14 0.12 0.14 + 0.01 0.19 0.01 27 0.11 0.10 0.11 + 0.01 0.14

Radisson Mng V 243 Radius Gold V 328 Rae-Wallace Mg* O 180 Rainforest Res* O 1 Rainy Mtn Royl V 1466 Rainy Mtn Royl* O 259 Rambler Ml &Mg V 139 Randgold Res* D 2780 Rapier Gold V 615 Raptor Res* O 86 Rare Earth Mnl* O 1 Rare Element* O 414 Ravencrest Res 30 RB Energy* O 177 Red Eagle Expl V 68 Red Eagle Mng* O 198 Red Eagle Mng T 782 Red Hut V 407 Red Oak Mg V 96 Red Pine Expl V 2436 Redstar Gold V 2010 Redstar Gold* O 226 Regency Gold V 14 Regulus Res V 192 Renaissance Gd* O 77 Renaissance Gd V 61 Renforth Res 308 Resolve Vent V 501 Resource Cap V 850 Resource Cap* O 41 Reunion Gold V 720 Revelo Res V 419 Rheingold Expl 167 Rhyolite Res V 26 Richmond Mnls V 540 Richmont Mines* N 2402 Richmont Mines T 1689 Rio Novo Gold T 17 Rio Silver V 86 Rio Tinto* N 17022 Rio Tinto* O 0 Rio Tinto* O 1 Rise Gold Corp* O 95 Rise Gold Corp 2179 Riverside Res V 556 Riverside Res* O 688 RJK Explor V 155 RJK Explor* O 1 Robex Res V 491 Rock Tech Lith V 355 Rockcliff Cop V 1279 Rockex Mng 33 Rockhaven Res V 216 Rockshield Cap 260 Rodinia Lithm V 5 Rogue Res* O 25 Rogue Res V 62 Rojo Res V 52 Romios Gold Rs V 84 Romios Gold Rs* O 58 RosCan Mrnls V 254 Ross River V 1114 Roughrider Exp V 53 Roxgold* O 8 Roxgold T 768 Royal Gold* D 2570 Royal Nickel T 2889 Royal Nickel* O 73 Royal Rd Mnrls V 222 Royal Sapphire V 50 Royal Std Mnrl* O 414 RT Minerals V 2278 RTG Mining T 4 Rubicon Mnrls* O 135 Rubicon Mnrls T 167 Rugby Mng V 216 Running Fox Rs* O 23 Running Fox Rs V 42 Rupert Res V 222 Rusoro Mng V 422 Rusoro Mng* O 27 Rye Patch Gold* O 636 Rye Patch Gold V 3535

0.17 0.15 0.17 + 0.01 0.20 0.12 0.16 0.14 0.14 - 0.02 0.17 0.07 0.02 0.02 0.02 + 0.01 0.03 0.00 3.95 0.00 3.90 - 0.44 8.25 0.30 0.13 0.10 0.13 + 0.03 0.18 0.04 0.09 0.08 0.08 + 0.00 0.14 0.03 0.19 0.16 0.17 - 0.01 0.22 0.05 91.93 86.72 90.62 + 3.34 126.55 67.54 0.11 0.09 0.11 - 0.01 0.17 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 3.45 3.25 3.25 - 0.20 15.28 2.75 0.28 0.22 0.24 - 0.04 0.53 0.00 0.09 0.00 0.09 + 0.04 0.09 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.20 0.18 0.20 + 0.02 0.30 0.06 0.58 0.55 0.55 - 0.03 0.91 0.33 0.79 0.74 0.74 - 0.03 1.05 0.63 0.13 0.12 0.13 + 0.01 0.28 0.07 0.02 0.00 0.02 + 0.01 0.03 0.01 0.13 0.11 0.12 - 0.01 0.24 0.08 0.13 0.11 0.12 + 0.01 0.17 0.04 0.10 0.08 0.09 + 0.01 0.15 0.03 0.18 0.00 0.17 - 0.03 0.60 0.05 1.80 1.50 1.79 + 0.21 1.87 0.33 0.28 0.27 0.27 + 0.00 0.52 0.15 0.38 0.36 0.38 + 0.02 0.66 0.20 0.06 0.05 0.06 - 0.01 0.06 0.02 0.06 0.05 0.06 + 0.01 0.30 0.02 0.20 0.16 0.18 - 0.01 0.35 0.04 0.15 0.13 0.13 - 0.02 0.26 0.03 0.13 0.12 0.13 - 0.01 0.17 0.01 0.05 0.00 0.05 - 0.01 0.12 0.05 0.37 0.34 0.34 - 0.01 0.37 0.01 0.30 0.27 0.30 + 0.04 0.30 0.11 0.05 0.04 0.04 - 0.01 0.09 0.03 7.98 7.00 7.85 + 0.75 11.66 5.45 10.66 9.41 10.50 + 1.07 15.01 7.36 0.15 0.14 0.14 - 0.03 0.30 0.09 0.09 0.07 0.09 + 0.02 0.18 0.03 41.98 40.00 40.61 - 0.07 47.11 26.85 41.99 0.00 41.99 + 2.09 46.20 26.85 44.75 0.00 44.75 - 0.90 52.50 33.13 0.24 0.18 0.23 + 0.04 0.40 0.11 0.32 0.27 0.31 + 0.04 0.40 0.11 0.49 0.43 0.44 - 0.06 0.60 0.22 0.38 0.32 0.33 - 0.03 0.46 0.17 0.18 0.14 0.16 - 0.02 0.25 0.05 0.13 0.13 0.13 + 0.00 0.19 0.06 0.09 0.07 0.08 + 0.01 0.17 0.07 0.95 0.88 0.90 + 0.01 1.45 0.21 0.08 0.07 0.08 - 0.01 0.16 0.04 0.05 0.03 0.03 - 0.01 0.75 0.02 0.18 0.16 0.18 + 0.02 0.29 0.14 0.13 0.11 0.11 - 0.02 0.16 0.04 0.13 0.00 0.13 - 0.01 0.16 0.08 0.42 0.38 0.38 - 0.03 0.56 0.25 0.56 0.50 0.56 + 0.02 1.50 0.32 0.08 0.07 0.08 + 0.02 0.15 0.05 0.06 0.05 0.06 + 0.01 0.10 0.05 0.05 0.03 0.05 + 0.01 0.08 0.03 0.07 0.05 0.07 + 0.02 0.10 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.09 0.08 0.09 + 0.01 0.15 0.05 1.04 0.99 1.04 - 0.02 1.35 0.68 1.40 1.30 1.33 - 0.05 1.76 0.89 73.15 69.56 72.07 + 2.02 87.74 51.32 0.30 0.28 0.28 - 0.02 0.63 0.25 0.23 0.21 0.21 - 0.02 0.50 0.19 0.09 0.09 0.09 - 0.01 0.18 0.05 0.19 0.00 0.15 + 0.03 0.19 0.03 0.01 0.01 0.01 - 0.00 0.01 0.00 0.13 0.10 0.11 + 0.02 0.30 0.05 0.20 0.20 0.20 - 0.01 0.70 0.19 1.42 1.33 1.37 - 0.03 11.35 1.31 1.95 1.75 1.82 - 0.02 2.39 1.30 0.45 0.29 0.43 + 0.13 0.58 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 1.28 1.21 1.24 + 0.04 1.47 0.24 0.22 0.18 0.20 + 0.02 0.41 0.09 0.16 0.14 0.14 + 0.01 0.31 0.07 0.27 0.24 0.26 + 0.01 0.37 0.13 0.36 0.32 0.34 - 0.01 0.47 0.16

Sabina Gd&Slvr T 2787 Sabina Gd&Slvr* O 2098 Sage Gold* O 62 Sage Gold V 2580 Saint Jean* O 273 Saint Jean V 11355 Salazar Res V 84 Sama Res V 1700 Samex Mng* O 1 San Marco Res* O 50 San Marco Res V 144 Sanatana Diam V 777 Sandspring Res* O 338 Sandspring Res V 407 Sandstorm Gold T 1790 Sandstorm Gold* X 4756 Santa Fe Gold* O 964 Santacruz Silv V 1906 Sarama Res V 558 Sarissa Res* O 2163 Satori Res V 247 Saturn Mnrls V 316 Savary Gold V 160 Savary Gold* O 25 Scandium Intl* O 34 Scientific Met* O 387 Scientific Met V 1324 Scorpio Gold V 887 ScoZinc Mg V 10 Seabridge Gld* N 3380 Seabridge Gld T 606

1.77 1.51 1.71 + 0.17 1.87 0.84 1.33 1.12 1.27 + 0.11 1.55 0.61 0.16 0.00 0.15 + 0.01 0.14 0.04 0.23 0.19 0.22 + 0.03 0.23 0.05 0.06 0.05 0.05 - 0.02 0.26 0.02 0.08 0.06 0.06 - 0.02 0.35 0.03 0.16 0.14 0.16 + 0.03 0.18 0.07 0.19 0.15 0.19 + 0.04 0.16 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.14 0.14 0.14 - 0.00 0.22 0.05 0.20 0.17 0.18 - 0.01 0.30 0.05 0.05 0.04 0.04 - 0.01 0.07 0.01 0.44 0.39 0.41 + 0.01 0.72 0.23 0.59 0.53 0.54 + 0.01 0.94 0.30 6.05 5.75 5.89 + 0.17 8.73 4.29 4.52 4.30 4.41 + 0.14 6.75 3.20 0.18 0.15 0.16 - 0.02 0.23 0.00 0.30 0.27 0.28 + 0.02 0.63 0.24 0.22 0.20 0.22 + 0.01 0.55 0.10 0.00 0.00 0.00 - 0.00 0.01 0.00 0.25 0.20 0.21 - 0.04 0.25 0.06 0.09 0.08 0.08 - 0.01 0.15 0.07 0.09 0.08 0.08 - 0.01 0.15 0.07 0.07 0.05 0.07 + 0.02 0.12 0.05 0.29 0.28 0.28 - 0.01 0.35 0.10 0.58 0.53 0.56 + 0.03 0.59 0.27 0.77 0.70 0.77 + 0.06 0.77 0.16 0.09 0.08 0.09 + 0.01 0.15 0.06 1.26 1.06 1.11 - 0.09 1.26 0.47 11.60 10.90 11.20 + 0.20 15.88 7.35 15.50 14.61 15.01 + 0.38 20.71 9.99

0.17 0.15 0.15 + 0.00 0.22 0.03 0.25 0.21 0.23 - 0.02 0.30 0.04 0.05 0.00 0.05 - 0.01 0.07 0.01 0.13 0.09 0.10 - 0.02 0.15 0.06 0.10 0.06 0.09 - 0.01 0.13 0.03 0.18 0.14 0.15 - 0.02 0.30 0.10 0.13 0.10 0.11 - 0.02 0.23 0.07

2017-04-11 5:59 PM

WWW.NORTHERNMINER.COM

APRIL 17–30, 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

Seafield Res* O 23 Searchlight* O 92 Secova Mtls* O 1202 Sego Res V 156 Select Sands V 1039 T 12561 Semafo Senator Mnrls V 479 Senator Mnrls* O 15 V 144 Sennen Potash Serengeti Res V 1270 Shamrock Ent 593 Sherritt Intl T 2698 Sibanye Gold* N 9374 Sibanye Gold* O 1 Sidney Resrces* O 403 Sienna Res* O 11 Sienna Res V 97 Sierra Metals T 115 Sierra Metals* O 114 Signature Res V 375 Silver Bear Rs T 353 Silver Bull Re* O 1310 Silver Bull Re T 487 Silver Dragon* O 8458 Silver Grail V 120 Silver Mtn Mns V 141 Silver Predatr* O 318 Silver Predatr V 716 Silver Pursuit V 66 Silver Range V 71 Silver Shield 129 Silver Spruce V 546 Silver Spruce* O 239 Silver Std Res T 1859 Silver Std Res* D 8146 Silver Wheaton* N 15334 Silver Wheaton T 4729 Silvercorp Met T 4489 Silvercorp Met* O 772 SinoCoking Cl* D 4396 Sirios Res V 415 Sirios Res* O 54 Skeena Res* O 300 Skeena Res V 2114 Skyharbour Res* O 125 Skyharbour Res V 437 Slam Explor V 47 Sokoman Iron V 334 Solitario Ex&R T 21 Solitario Ex&R* X 136 Sonora Gld & S V 46 Sonora Res * O 1501 Sonoro Mtls V 249 Source Expl V 579 Source Expl * O 37 Southern Arc* O 102 Southern Arc V 182 N 4294 Southern Copp* Southern Lith V 858 Southern Silvr* O 342 Southern Silvr V 507 SouthGobi Res T 35 Spanish Mtn Gd V 427 Spanish Mtn Gd* O 265 Sparton Res V 330 Sparton Res* O 15 Spearmint Res V 1932 Sprott Res Hld T 4698 Stakeholdr Gld V 279 Stakeholdr Gld* O 22 Standard Graph V 6866 Standard Lith V 118 Stans Energy* O 206 Stans Energy V 501 Star Gold* O 5 Starcore Intl T 66 Stellar Africa V 263 Stelmine Can V 348 Sterling Grp* O 53 Stina Res* O 18 Stornoway Diam T 1705 Stornoway Diam* O 16

0.01 0.01 0.01 + 0.01 0.01 0.00 0.08 0.07 0.07 - 0.01 0.13 0.01 0.06 0.06 0.06 + 0.00 0.09 0.03 0.06 0.05 0.05 + 0.01 0.08 0.02 1.50 1.36 1.48 + 0.05 2.04 0.20 4.11 3.91 4.06 + 0.05 7.46 3.60 1.00 0.92 1.00 + 0.06 1.10 0.10 0.70 0.70 0.70 - 0.01 0.82 0.17 0.10 0.08 0.08 - 0.01 0.18 0.08 0.19 0.13 0.15 + 0.02 0.33 0.05 0.04 0.02 0.04 + 0.02 0.06 0.01 1.09 0.93 1.04 + 0.10 1.67 0.69 10.00 8.90 9.65 + 0.84 20.97 6.16 2.38 2.25 2.38 + 0.13 5.12 1.90 0.01 0.00 0.00 - 0.00 0.02 0.00 0.09 0.08 0.08 - 0.01 0.20 0.07 0.13 0.12 0.12 - 0.01 0.27 0.09 3.68 3.40 3.50 - 0.17 3.75 1.15 2.70 2.56 2.61 - 0.10 2.75 0.93 0.11 0.10 0.10 - 0.02 0.19 0.02 0.42 0.39 0.41 + 0.02 0.53 0.07 0.10 0.08 0.09 - 0.00 0.21 0.05 0.13 0.12 0.12 - 0.01 0.28 0.07 0.03 0.02 0.03 + 0.02 0.04 0.00 0.09 0.07 0.08 - 0.01 0.16 0.02 0.04 0.00 0.04 - 0.01 0.06 0.01 0.04 0.02 0.02 - 0.00 0.08 0.02 0.05 0.04 0.05 - 0.01 0.12 0.02 0.22 0.20 0.21 + 0.02 0.23 0.04 0.25 0.22 0.23 - 0.03 0.28 0.08 0.06 0.04 0.04 - 0.01 0.17 0.03 0.09 0.07 0.09 + 0.01 0.14 0.05 0.07 0.06 0.06 - 0.00 0.10 0.04 15.35 14.13 14.87 + 0.75 20.48 7.74 11.49 10.61 11.11 + 0.50 15.84 5.89 21.61 20.69 20.94 + 0.10 31.35 16.24 28.89 27.68 28.08 + 0.37 40.80 21.21 5.49 4.63 5.38 + 0.76 5.90 2.03 4.10 3.45 4.01 + 0.55 4.50 1.55 5.44 1.89 4.64 + 2.74 7.69 1.66 0.42 0.39 0.40 - 0.01 1.42 0.22 0.30 0.30 0.30 - 0.02 1.13 0.17 0.05 0.05 0.05 - 0.00 0.15 0.04 0.07 0.06 0.06 - 0.01 0.20 0.06 0.39 0.37 0.38 - 0.00 0.54 0.18 0.52 0.50 0.50 - 0.02 0.70 0.16 0.05 0.05 0.05 - 0.01 0.15 0.03 0.08 0.06 0.07 - 0.01 0.13 0.01 1.15 1.10 1.11 - 0.01 1.29 0.58 0.86 0.82 0.82 + 0.00 0.95 0.43 0.10 0.09 0.10 + 0.01 0.15 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.11 0.15 + 0.04 0.16 0.06 0.34 0.25 0.33 + 0.08 0.50 0.13 0.27 0.24 0.25 - 0.02 0.27 0.11 0.48 0.45 0.46 + 0.01 0.75 0.21 0.68 0.61 0.64 + 0.03 1.09 0.28 36.64 35.45 36.23 + 0.34 39.50 24.90 0.28 0.25 0.26 - 0.01 0.49 0.01 0.38 0.34 0.35 - 0.02 0.52 0.05 0.50 0.46 0.48 - 0.02 0.66 0.08 0.40 0.37 0.37 - 0.03 0.65 0.22 0.19 0.17 0.19 + 0.01 0.23 0.05 0.14 0.12 0.14 + 0.01 0.17 0.04 0.07 0.06 0.07 + 0.01 0.09 0.03 0.05 0.04 0.05 - 0.01 0.07 0.02 0.03 0.03 0.03 - 0.01 0.06 0.02 0.21 0.19 0.20 - 0.01 0.23 0.13 0.51 0.42 0.47 + 0.09 0.89 0.19 0.36 0.31 0.36 + 0.08 0.67 0.17 0.20 0.14 0.18 + 0.04 0.20 0.03 0.99 0.97 0.99 + 0.02 1.25 0.18 0.04 0.03 0.03 - 0.01 0.06 0.01 0.05 0.04 0.04 - 0.01 0.09 0.02 0.07 0.07 0.07 - 0.08 0.20 0.04 0.54 0.49 0.53 + 0.02 0.91 0.41 0.06 0.05 0.05 - 0.01 0.08 0.02 0.30 0.17 0.30 + 0.11 0.38 0.05 0.13 0.08 0.13 + 0.03 0.18 0.02 0.12 0.11 0.12 - 0.00 0.14 0.05 0.86 0.82 0.82 - 0.02 1.33 0.81 0.64 0.61 0.63 - 0.02 0.96 0.61

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strata Mnls V 33 Stratabd Mnr V 580 Stria Lithium V 186 Strikepoint Gd V 340 Strikepoint Gd* O 48 Sulliden Mng T 320 Sultan Mnrls V 49 Suncor Energy T 10648 Suncor Energy* N 14081 Supreme Metals 3453 Sutter Gold V 83 Sutter Gold* O 380 Swift Res V 181

0.28 0.20 0.22 + 0.01 0.28 0.05 0.03 0.03 0.03 - 0.01 0.08 0.02 0.06 0.06 0.06 - 0.01 0.18 0.04 0.45 0.37 0.41 - 0.04 0.47 0.09 0.33 0.29 0.29 - 0.02 0.33 0.08 0.29 0.28 0.28 - 0.02 0.47 0.27 0.12 0.11 0.11 - 0.01 0.20 0.05 42.03 40.23 41.47 + 0.64 44.90 32.69 31.37 30.05 30.98 + 0.23 33.79 25.31 0.06 0.04 0.05 - 0.01 0.15 0.02 0.06 0.05 0.05 - 0.01 0.16 0.04 0.04 0.03 0.04 - 0.00 0.13 0.03 0.23 0.19 0.20 - 0.01 0.32 0.01

Tahoe Res T 5189 Tahoe Res* N 17775 Taku Gold 279 Talon Metals T 2324 Tanager Energy V 33 Tango Mining V 6285 Tanqueray Expl V 282 Tantalex Res 968 Tanzania Rlty T 89 Tanzania Rlty* X 674 Taranis Res* O 22 Tarku Res V 309 Tartisan Res 183 Tasca Res V 130 Taseko Mines T 979 Taseko Mines* X 2237 Teck Res T 14572 Teck Res T 39 Teck Res* N 30919 Telson Res V 22 Telson Res * O 3 Tembo Gold V 30 Teranga Gold T 4430 Teras Res V 1411 Teras Res* O 230 Terraco Gold V 595 Terrax Mnrls* O 46 Terrax Mnrls V 346 Terreno Res V 966 Teslin Rvr Res V 1577 Tesoro Mnrls V 15 Teuton Res* O 15 Teuton Res V 171 Texas Mineral* O 267 Thor Expl V 369 Thunder Mtn Gd* O 5 Thunderstruck V 116 Thunderstruck* O 18 Till Capital* D 12 Till Capital V 1 Timberline Res V 140 Timberline Res* O 204 Timmins Gold* X 2819 Timmins Gold T 2425 Tinka Res* O 990 Tinka Res V 5850 Tintina Mines V 58 Tintina Res V 188 Tintina Res* O 108 Tirex Res* O 68 Tirex Res V 110 Titanium Corp V 653 TMAC Resource* O 7 TMAC Resources T 249 Toachi Mg Inc V 337 Tolima Gold V 71 TomaGold V 1192 Tombstone Expl* O 969 Tonogold Res* O 106 Torex Gold* O 47 Torex Gold T 2011 Toron, Inc* O 10260 Torq Resources* O 33 Torq Resources V 174 Tower Res V 138 Tower Res* O 64

11.64 10.58 11.20 + 0.52 22.13 9.58 8.70 7.88 8.35 + 0.32 17.01 7.12 0.15 0.08 0.08 - 0.07 0.22 0.06 0.15 0.10 0.11 + 0.02 0.15 0.06 0.16 0.00 0.15 - 0.01 0.18 0.04 0.08 0.06 0.06 - 0.01 0.14 0.02 1.32 1.10 1.10 - 0.06 1.56 0.03 0.09 0.00 0.08 - 0.01 0.18 0.02 0.63 0.57 0.60 + 0.02 1.95 0.33 0.48 0.42 0.45 + 0.02 1.49 0.25 0.09 0.08 0.09 + 0.01 0.12 0.06 0.06 0.05 0.06 + 0.01 0.10 0.02 0.13 0.09 0.12 + 0.02 0.18 0.03 0.11 0.10 0.11 + 0.01 0.21 0.01 1.82 1.67 1.78 + 0.01 2.12 0.55 1.36 1.25 1.34 + 0.02 1.63 0.41 32.18 29.97 31.54 + 2.46 35.67 9.05 32.75 30.81 32.57 + 2.42 36.49 11.90 24.04 22.39 23.52 + 1.62 26.60 6.88 0.34 0.29 0.33 - 0.01 0.55 0.13 0.25 0.22 0.22 - 0.03 0.43 0.11 0.04 0.04 0.04 - 0.01 0.07 0.02 0.86 0.80 0.81 - 0.04 1.40 0.63 0.17 0.10 0.14 - 0.01 0.21 0.07 0.12 0.08 0.09 - 0.03 0.14 0.08 0.14 0.13 0.14 - 0.01 0.19 0.10 0.53 0.48 0.53 + 0.04 0.80 0.25 0.73 0.65 0.67 + 0.02 1.05 0.32 0.08 0.05 0.05 - 0.01 0.08 0.03 0.63 0.49 0.57 + 0.05 0.63 0.21 0.08 0.00 0.08 + 0.01 0.12 0.02 0.18 0.18 0.18 + 0.01 0.34 0.04 0.24 0.22 0.24 + 0.02 0.46 0.05 0.27 0.23 0.25 - 0.01 0.39 0.09 0.18 0.15 0.18 + 0.03 0.20 0.04 0.14 0.13 0.14 + 0.07 0.16 0.02 0.10 0.08 0.10 + 0.01 0.20 0.02 0.07 0.07 0.07 - 0.00 0.11 0.04 4.25 0.00 4.16 + 0.21 5.00 2.98 5.58 0.00 5.58 + 0.33 6.00 3.88 0.69 0.57 0.63 + 0.01 0.73 0.18 0.50 0.41 0.48 - 0.00 0.53 0.02 0.40 0.37 0.39 + 0.01 0.63 0.22 0.54 0.50 0.53 + 0.03 0.80 0.30 0.59 0.48 0.56 + 0.12 0.57 0.10 0.78 0.64 0.74 + 0.18 0.77 0.13 0.07 0.05 0.07 + 0.01 0.10 0.03 0.14 0.11 0.12 - 0.02 0.15 0.06 0.10 0.00 0.09 - 0.01 0.12 0.04 0.05 0.05 0.05 - 0.01 0.11 0.04 0.07 0.06 0.06 - 0.01 0.14 0.05 1.15 0.92 1.12 + 0.02 1.18 0.31 12.26 11.95 11.96 - 0.25 15.16 9.26 16.51 15.75 16.03 - 0.30 20.18 9.00 0.40 0.39 0.40 + 0.01 0.62 0.23 0.02 0.01 0.02 - 0.01 0.03 0.01 0.10 0.09 0.09 - 0.02 0.17 0.05 0.01 0.00 0.00 - 0.00 0.02 0.00 0.05 0.03 0.03 - 0.02 0.09 0.01 20.09 18.81 19.16 - 0.54 27.34 12.73 27.12 25.12 25.78 - 0.44 35.17 17.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.57 0.53 0.53 - 0.04 0.73 0.29 0.78 0.69 0.72 + 0.02 1.00 0.15 0.17 0.00 0.16 - 0.01 0.21 0.03 0.12 0.12 0.12 - 0.01 0.13 0.05

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Transition Mtl V 190 Trecora Res* N 351 Trek Mining V 1146 Trek Mining* O 321 Trevali Mng T 8449 Trevali Mng* O 261 Tri Origin Exp V 1013 Trident Gold V 115 Trigen Res V 50 Trilogy Mtls* X 730 Trilogy Mtls T 254 TriMetals Mng* O 43 TriMetals Mng* O 76 TriMetals Mng T 158 TriStar Gold* O 89 Triumph Gold V 397 Triumph Gold* O 142 Trueclaim Expl V 300 Tsodilo Res V 45 Tudor Gold * O 5 Tungsten Corp* O 6540 Turquoise HIl* N 22483 Turquoise HIl T 5480 TVI Pacific* O 77 Typhoon Expl V 48

0.17 0.15 0.17 + 0.02 0.25 0.12 11.75 11.10 11.50 + 0.40 14.80 8.57 1.65 1.47 1.50 - 0.05 2.55 0.97 1.23 1.10 1.14 + 0.03 1.64 1.10 1.38 1.26 1.26 - 0.06 1.57 0.35 1.00 0.94 0.94 - 0.06 1.16 0.27 0.06 0.05 0.05 - 0.01 0.08 0.03 0.04 0.04 0.04 - 0.01 0.05 0.01 0.08 0.08 0.08 - 0.02 0.11 0.04 0.56 0.50 0.56 + 0.01 0.86 0.33 0.75 0.68 0.75 + 0.04 1.08 0.44 0.21 0.18 0.19 - 0.02 0.28 0.09 0.16 0.15 0.16 - 0.00 0.32 0.08 0.28 0.24 0.25 - 0.03 0.36 0.11 0.27 0.23 0.27 + 0.03 0.41 0.15 0.45 0.39 0.40 - 0.02 0.50 0.09 0.33 0.29 0.30 + 0.00 0.38 0.07 0.03 0.02 0.03 + 0.01 0.05 0.01 0.93 0.85 0.92 + 0.07 1.05 0.50 0.47 0.45 0.47 + 0.02 1.26 0.33 0.00 0.00 0.00 - 0.00 0.00 0.00 3.18 3.03 3.04 - 0.03 3.80 2.46 4.26 4.06 4.07 + 0.01 5.03 3.23 0.01 0.01 0.01 - 0.00 0.06 0.00 0.09 0.08 0.08 - 0.01 0.15 0.05

U.S. Lithium* O 1935 U3O8 Corp* O 688 Ucore Rare Mtl* O 771 Ucore Rare Mtl V 854 UEX Corp T 2856 Ultra Lithium* O 20 Ultra Lithium V 29 Umbral Enrgy* O 14 Umbral Enrgy 8366 Unigold V 439 Unigold* O 271 United Res Hdg* O 152 United Silver* O 43 United States A* X 330 United States S* N 82836 Unity Energy V 28 Ur-Energy* X 914 Ur-Energy T 187 Uracan Res* O 152 Uracan Res V 260 Uragold Bay Rs V 798 Uranium Energy* X 3234 Uranium Hunter* O 1 Uranium Res* D 4156 Uranium Valley V 22 Uravan Mnrls V 206 US Energy* D 57 US Precious M* O 1743 US Tungsten* O 104 USCorp* O 116 Vale* N 46436 Vale* N 143032 Valencia Vent V 11 ValGold Res V 49 Valley High Mg* O 2193 Valterra Res* O 133 Vanadium One V 488 Vanadiumcorp* O 35 Vanadiumcorp V 602 Vangold Res V 321 Vangold Res* O 50 Vanstar Mng Rs V 418 Vantex Res V 217 Vatic Vent V 32 Vedanta* N 1659 Vela Minerals V 153 Velocity Mnrls V 26 Vendetta Mng V 1249 Vendetta Mng* O 106 Venture Mnrls* O 25 Verde Potash T 67 Veris Gold* O 3 Victoria Gold V 3176 Victory Nickel 249

0.05 0.04 0.04 - 0.00 0.15 0.01 0.03 0.03 0.03 - 0.00 0.04 0.01 0.23 0.21 0.22 + 0.00 0.35 0.19 0.30 0.27 0.29 + 0.01 0.45 0.27 0.31 0.28 0.30 - 0.01 0.43 0.15 0.13 0.12 0.12 - 0.00 0.27 0.12 0.18 0.17 0.17 - 0.01 0.35 0.15 0.07 0.05 0.07 + 0.00 0.08 0.02 0.08 0.07 0.07 + 0.01 0.11 0.02 0.25 0.23 0.24 + 0.02 0.69 0.15 0.19 0.17 0.18 + 0.01 0.51 0.12 0.01 0.01 0.01 - 0.00 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.52 0.38 0.48 - 0.02 0.60 0.20 34.77 31.95 33.90 + 0.09 41.83 12.77 0.21 0.19 0.19 + 0.02 1.43 0.15 0.68 0.63 0.67 + 0.01 0.91 0.41 0.90 0.85 0.90 + 0.01 1.19 0.55 0.04 0.03 0.03 - 0.01 0.08 0.02 0.05 0.05 0.05 - 0.01 0.10 0.03 0.22 0.19 0.21 - 0.01 0.31 0.11 1.51 1.34 1.51 + 0.09 1.92 0.69 2.00 0.00 1.70 - 0.30 6.00 0.85 2.04 1.77 1.90 + 0.02 4.00 0.97 0.12 0.09 0.12 + 0.03 0.35 0.04 0.10 0.09 0.10 - 0.01 0.42 0.06 0.92 0.85 0.85 - 0.04 2.84 0.75 0.01 0.01 0.01 + 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.01 0.01 + 0.00 0.03 0.00 9.55 8.50 8.72 - 0.26 11.10 2.99 10.10 8.95 9.23 - 0.27 11.70 3.85 0.17 0.00 0.17 + 0.04 0.21 0.07 0.05 0.04 0.05 + 0.02 0.08 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.04 0.03 0.04 - 0.00 0.07 0.00 0.16 0.13 0.16 + 0.03 0.19 0.13 0.05 0.04 0.04 - 0.00 0.06 0.02 0.07 0.06 0.06 + 0.01 0.08 0.03 0.20 0.16 0.19 + 0.01 0.20 0.03 0.12 0.12 0.12 + 0.00 0.13 0.09 0.11 0.08 0.09 - 0.02 0.15 0.05 0.24 0.16 0.19 + 0.03 0.40 0.10 0.08 0.07 0.08 + 0.01 0.15 0.06 17.19 16.63 16.87 - 0.30 17.34 5.00 0.06 0.05 0.05 - 0.01 0.06 0.03 0.30 0.27 0.30 + 0.03 0.30 0.08 0.23 0.20 0.22 - 0.01 0.29 0.06 0.16 0.15 0.16 - 0.00 0.22 0.08 0.02 0.02 0.02 - 0.00 0.04 0.02 0.62 0.54 0.56 + 0.01 0.92 0.20 0.02 0.00 0.01 + 0.00 0.02 0.00 0.67 0.58 0.66 + 0.07 0.80 0.27 0.07 0.06 0.07 - 0.01 0.09 0.02

Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victory Nickel* O 107 Victory Vent V 1152 O 41 Virginia Enrgy* Virginia Enrgy V 62 Viscount Mng V 1117 431 Visible Gold M V Vista Gold* X 1686 Vista Gold T 54 Volcanic Gold V 79 Voltaic Min V 1136 Voyageur Min V 69 VR Resources V 374 Vulcan Mnrls V 150

0.01 0.06 - 0.01 0.14 0.06 0.04 0.02 0.08 + 0.01 0.19 0.08 0.07 0.02 0.09 + 0.01 0.54 0.09 0.00 0.04 0.12 - 0.01 0.38 0.12 0.10 0.26 0.30 - 0.01 0.91 0.32 0.26 0.03 0.02 0.02 - 0.01 0.07 0.02 0.50 1.06 + 0.04 2.09 1.11 1.01 0.67 1.43 + 0.09 2.73 1.46 1.34 0.07 0.60 + 0.01 0.63 0.60 0.58 0.05 0.12 - 0.01 0.52 0.12 0.11 0.07 0.08 - 0.02 0.13 0.10 0.08 0.14 0.25 - 0.04 0.51 0.30 0.25 0.02 0.05 - 0.01 0.08 0.05 0.05

Walker River V 1791 T 887 Wallbridge Mng O 922 Walter Energy* 455 War Eagle Mg V Waseco Res V 80 WCB Res V 359 Wealth Mnrls* O 292 Wealth Mnrls V 675 Wellgreen Plat T 210 O 103 Wellgreen Plat* V 11 Wescan Gldflds T 2127 Wesdome Gold V 2577 West Af Res 85 West High Yld V West Kirkland V 965 708 West Kirkland * O 27 West Red Lake* O Westbay Vent V 23 T 160 Western Copper X 477 Western Copper* 32486 O Western Graphi* 112 Western Pac Rs* O T 512 Western Potash Western Uran 38 Western Uran* O 50 V 211 Westhaven Vent O 160 Westkam Gold* V 1525 Westminster Rs Westmoreland* D 2292 O 10 WestMountain* O 3 Westridge Res* Westridge Res V 256 White Gold* O 37 White Gold V 482 521 White Mtn Engy* O O 10 Whitehaven Coa* O 233 Wincash Apolo* 367 Winston Gld Mg* O Wolfeye Res V 338 V 54 Wolverine Mnls X-Terra Res* O 0 Xander Res V 57 Xiana Mng V 5 Ximen Mng V 2683 Ximen Mng* O 131 XLI Tech Inc* O 1961 Xtra-Gold Res T 56 O 23 Xtra-Gold Res* Yamana Gold T 17429 35057 Yamana Gold* N 42 O Zadar Vent * Zadar Vent V 1447 Zazu Metals* O 62 Zazu Metals V 814 Zenyatta Vent V 135 O 5 Zenyatta Vent* Zephyr Mnls V 36 Zimtu Capital V 71 29 Zinc One Res * O Zincore Mtls V 35 Zonte Mtls V 347

0.05 0.13 + 0.03 0.18 0.13 0.10 0.04 0.10 + 0.02 0.10 0.12 0.08 0.02 0.07 - 0.00 0.28 0.11 0.06 0.05 0.05 0.05 + 0.01 0.07 0.01 0.02 0.07 + 0.02 0.12 0.07 0.00 0.03 0.04 - 0.01 0.09 0.05 0.04 0.26 1.17 + 0.04 1.37 1.22 1.04 0.34 1.60 + 0.15 1.79 1.60 1.38 0.22 0.29 + 0.01 0.62 0.30 0.28 0.17 0.23 + 0.01 0.46 0.23 0.21 0.02 0.08 - 0.01 0.13 0.08 0.00 1.47 3.52 - 0.50 4.40 4.05 3.50 0.30 0.26 0.28 + 0.02 0.40 0.13 0.36 0.31 0.35 + 0.03 0.38 0.09 0.08 0.09 - 0.01 0.17 0.09 0.08 0.07 0.06 0.06 - 0.01 0.13 0.05 0.18 0.15 0.18 + 0.00 0.31 0.09 0.04 0.23 - 0.08 0.36 0.25 0.23 0.68 1.74 - 0.02 2.24 1.78 1.68 0.52 1.27 - 0.04 1.80 1.34 1.27 0.00 0.00 + 0.00 0.00 0.00 0.00 0.02 0.01 0.01 - 0.01 0.04 0.00 0.60 0.91 + 0.11 1.80 0.91 0.17 1.22 1.76 - 0.03 2.80 1.89 1.68 0.96 1.30 - 0.03 2.67 1.33 1.26 0.07 0.08 - 0.02 0.16 0.09 0.07 0.01 0.02 - 0.00 0.07 0.02 0.02 0.02 0.02 - 0.01 0.18 0.03 0.02 15.12 + 0.60 19.92 6.15 15.28 13.95 0.02 0.02 - 0.00 0.20 0.02 0.00 0.00 0.17 - 0.00 0.18 0.17 0.17 0.01 0.21 - 0.03 0.39 0.25 0.20 0.05 1.61 + 0.32 1.62 1.65 1.28 0.05 2.20 + 0.50 2.15 2.22 1.65 0.01 0.01 0.01 - 0.00 0.13 0.01 0.43 2.49 + 0.27 2.50 2.49 0.00 0.03 0.09 + 0.05 0.22 0.11 0.05 0.06 0.05 0.05 + 0.00 0.49 0.04 0.23 0.91 + 0.03 0.99 0.99 0.82 0.06 0.08 - 0.01 0.18 0.09 0.00 0.16 0.16 - 0.04 0.20 0.16 0.00 0.26 0.33 + 0.03 0.49 0.33 0.30 0.03 0.13 - 0.06 0.21 0.13 0.13 0.05 0.07 - 0.02 0.18 0.09 0.06 0.03 0.06 - 0.00 0.13 0.06 0.06 0.04 0.02 0.03 - 0.00 0.14 0.00 0.19 0.27 + 0.04 0.56 0.27 0.23 0.14 0.18 + 0.01 0.43 0.18 0.18 3.29 3.81 + 0.14 7.87 3.94 3.65 2.46 2.84 + 0.08 5.99 2.95 2.73 0.09 0.00 0.09 - 0.01 0.20 0.05 0.08 0.11 - 0.01 0.26 0.13 0.11 0.11 0.20 - 0.05 0.33 0.26 0.20 0.15 0.32 - 0.01 0.46 0.32 0.25 0.63 0.96 - 0.04 1.55 1.00 0.96 0.49 0.73 + 0.00 1.17 0.77 0.72 0.18 0.36 + 0.01 0.42 0.36 0.35 0.14 0.29 - 0.03 0.40 0.35 0.29 0.51 0.00 0.51 + 0.02 0.81 0.49 0.03 0.23 + 0.01 0.30 0.23 0.00 0.05 0.41 - 0.03 0.47 0.43 0.35

W-Z

U-V

BID-ASK — APRIL 3–7, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp Advance Gold African Metals Aftermath Slvr Aida Minerals Alba Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alliance Mng Alphamin Res Altan Rio Mnls Amanta Res Amato Expl Anglo-Bomarc APAC Res Inc Arch Coal* Arco Res Ardonblue Vent Arian Res Asbestos Corp Astur Gold Atlantic Ind Atlatsa Res* AurCrest Gold Aurelius Min Balto Res Bard Vent BC Moly Bearclaw Cap Benz Mining Benz Mining Big Wind Cap Black Bull Res Black Isle Res Bluestone Res Boss Power Braveheart Res Bullion Gld Res Bullman Mnls Candelaria Mg CANEX Metals Carrara Explor Carrie Arran Cascade Res Cassidy Gold Cassius Vents Catalina Gold Chantrell Vent Chieftain Mtls Chinapintza Mg Cicada Vents CIM Intl Grp Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Colibri Res Compliance Egy Corazon Gold Cricket Res Curlew Lke Res Cyprium Mng Delrand Res Discovery Harb El Nino Vent Enfield Expl European Metal

20-22_APR17_StockTables.indd 22

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

0.10 0.40 0.15 0.25 0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.09 0.10 0.09 0.13 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.08 0.10 0.10 0.15 0.15 0.16 0.16 0.28 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.05 ... 0.05 0.05 0.06 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.31 0.34 0.34 0.40 0.02 0.02 0.02 0.04 0.01 0.02 0.01 0.04 0.04 0.04 0.10 0.08 0.10 0.10 0.19 0.06 0.09 0.06 0.14 ... ... 0.58 0.06 0.07 0.06 0.10 0.08 0.10 0.08 0.12 0.01 0.02 0.01 0.02 0.21 0.27 0.25 0.28 0.06 0.08 0.08 0.10 0.03 0.04 0.03 0.05 ... ... 0.06 0.45 0.03 0.04 0.03 0.04 0.13 0.14 0.14 0.15 0.01 0.03 0.01 0.03 0.03 0.04 0.03 0.04 0.05 0.06 0.05 0.09 0.04 0.05 0.05 0.06 0.03 0.03 0.03 0.08 0.28 0.85 0.35 0.40 0.07 0.12 0.07 0.19 ... 0.01 0.01 0.04 0.05 0.04 0.05 0.10 0.15 0.10 0.23 0.17 0.20 0.17 0.04 0.05 0.05 0.08 0.09 0.12 0.09 0.15 0.07 0.13 0.12 0.12 0.80 0.97 0.96 1.19 0.01 0.02 0.01 0.13 0.17 0.22 0.22 0.29 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.04 0.08 0.06 0.06 0.05 0.07 0.08 0.08 0.07 0.11 0.07 0.19 ... ... 0.05 0.23 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.42 0.68 0.68 1.50 1.45 3.20 1.43 7.17 0.06 0.08 0.06 0.06 0.09 0.10 0.10 0.10 0.17 0.17 0.17 0.23 0.03 0.03 0.03 0.25 0.52 0.55 0.55 0.55 0.01 0.12 0.01 0.01 0.01 0.02 0.01 0.03 0.03 0.03 0.03 0.12 0.75 1.00 0.75 0.90 0.02 0.04 0.03 0.04 0.03 0.04 0.03 0.05 ... ... 0.01 ... 0.01 0.01 0.01

LOW

STOCK

0.05 0.02

Excalibur Res C Finlay Minrls V Fire River Gol V First Idaho V Freeport Res V GAR Limited C V GFM Res Global Cobalt V Global Cop Grp V God’s Lake Res C Goldbank Mng V V Goldbelt Emp Golden Cariboo V Gravis Energy C Greatbanks Res V Green Arrow V Greywacke Expl C Grosvenor Res V Gunpoint Expl V Hadley Mng C Highbury Proj V Highvista Gold V IGC Res V Indigo Expl V Inform Res V Inter-Rock Mnl V Interconnect V Iron South Mng V Jazz Res V JDF Explor Inc C Jiulian Res V Jubilee Gold V Kenna Res V Kitrinor Mtls V La Imperial C Lakeside Mnrls V Leagold Mg V Leeta Gold V Lions Bay Cap V Logan Res V Lovitt Res V Maccabi Vent C Madeira Mrnls V MAG Silver* X Mainstream Mnl V Malbex Res V Manado Gold V V Martina Mnls Masuparia Gold V Matachewan Con V Match Capital V McLaren Res C Mega Copper V Meryllion Res C Metalore Res V Midnight Star C MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Minfocus Expl V Minsud Res V Moag Copper C Montana Gold C Morgan Res V Mountain Lake C Navy Res V Nebu Res V Network Expl V New Destiny Mg V

0.03 0.03 0.01 0.08 0.04 0.16 0.12 0.02 0.01 0.01 0.18 0.01 0.01 0.05 0.05 0.05 0.05 0.01 0.14 0.01 0.01 0.06 0.02 0.03 0.01 0.01 0.03 0.03 0.01 0.15 0.05 0.02 0.06 0.03 0.05 0.04 0.18 0.03 0.12 0.05 0.02 0.01 0.01 0.08 0.05 0.03 0.01 0.38 0.98 0.01 0.05 0.09 0.03 0.19 0.01 0.01 0.03 0.30 0.01 0.02 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.09 0.10 0.10 0.11 0.07 0.07 0.07 0.09 0.03 0.07 0.09 0.75 0.08 ... 0.08 0.14 0.05 0.06 0.05 0.09 0.02 0.05 0.04 0.05 0.02 0.09 0.02 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.03 ... 0.03 0.08 0.09 0.11 0.10 0.16 0.05 0.05 0.05 0.07 0.08 0.09 0.08 0.15 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.04 0.05 0.04 0.05 0.01 ... 0.01 0.06 0.20 0.38 0.21 0.35 0.26 0.30 0.26 0.32 0.95 0.98 0.95 1.08 0.25 ... 0.25 0.27 ... 0.16 0.17 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.04 0.15 0.28 0.14 0.40 0.11 0.15 0.11 0.18 0.06 0.15 0.06 0.14 0.24 0.27 0.24 0.28 0.08 0.14 0.08 0.25 0.01 ... 0.01 0.01 0.04 0.05 0.04 0.05 0.43 0.69 0.50 0.75 0.13 0.16 0.15 0.27 0.16 0.21 0.16 0.30 0.08 0.10 0.08 0.11 0.21 0.29 0.30 0.64 0.60 0.65 0.63 4.90 0.10 0.17 0.10 0.14 0.04 0.10 0.04 0.04 0.09 0.10 0.09 0.26 0.07 0.12 0.07 0.17 0.04 0.08 0.05 0.12 0.03 0.10 0.03 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.36 0.38 0.36 0.46 0.09 0.14 0.09 0.15 0.02 0.05 0.02 0.06 0.04 0.07 0.05 0.09 0.26 0.33 0.28 0.44 0.01 0.04 0.04 0.04 0.10 0.13 0.13 0.14 0.15 0.27 0.15 0.30 0.03 0.03 0.03 0.05 3.60 4.65 3.51 5.16 0.14 0.18 0.14 0.19 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.04 0.04 0.07 0.10 0.12 0.12 0.20 0.02 0.03 0.02 0.07 0.06 0.11 0.06 0.10 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.02 ... 0.01 0.01 0.13 9.65 0.09 0.30 0.01 0.02 0.01 0.17 0.23 0.17 0.22 0.20 0.22 0.22 0.32

0.01 0.03 0.03 0.05 0.01 0.01 0.02 0.01 0.04 0.02 0.06 0.04 0.05 0.01 0.03 0.01 0.18 0.19 0.06 0.16 0.01 0.02 0.05 0.03 0.06 0.04 0.07 0.01 0.02 0.33 0.14 0.05 0.01 0.02 0.10 0.03 0.01 0.07 0.02 0.05 0.01 6.12 0.27 0.09 0.02 0.03 0.25 0.01 0.01 0.02 0.01 1.50 0.06 0.01 0.04 0.02 0.07 0.01 0.03 0.02 0.01 0.09 0.17 0.08

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

New Klondike Newmac Res Newstrike Res Norsemont Cap North Am Ptash North Am Tung Northn Empire NQ Explor NSGold NSS Res Inc Orbite Tech Oriental Non F Orofino Mnrls Oronova Energy Oxford Res Pac Arc Res Pac Cascade Paladin Energy Palisades Vent Pedro Res Philippine Mtl Phoenix Gold Phoenix Metals Prime Meridian Prize Mng Quinto Real Randsburg Intl Rare Element* Razore Rock Res Red Rock Enrgy Redzone Res Remington Res Remo Res Riley Resource River Wild Exp Rochester Res Rockland Mnls Rockwell Diam Romulus Res Rotation Mnls Rubicon Mnrls* Samco Gold Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Phoenix Sniper Res Spada Gold Squire Mg Ltd Stone Ridge Ex Talmora Diamd Tearlach Res Teryl Res Corp Theia Res Thunder Mtn Gd Tiger Intl Tiller Res Tri-River Vent True Grit Res UC Res United Coal Universal Vent Vanadium One Wabi Expl Whitemud Res Worldwide Res Zinco Mng

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

0.01 0.01 0.01 0.07 0.07 0.07 0.12 0.15 0.18 0.15 0.19 0.33 0.47 0.33 0.45 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.17 0.18 0.18 0.27 0.02 0.03 0.02 0.04 0.13 0.18 0.14 0.20 0.04 0.15 0.07 0.07 0.23 0.24 0.24 0.49 0.70 0.90 0.90 1.20 0.15 0.18 0.15 0.25 0.36 0.40 0.40 0.46 0.02 0.03 0.03 0.12 0.15 0.12 0.50 0.01 0.02 0.01 0.02 0.11 0.11 0.11 0.27 0.06 0.07 0.07 0.07 0.16 0.16 0.16 0.27 0.04 0.04 0.04 0.18 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.15 0.40 0.42 0.42 0.43 0.13 0.15 0.13 0.20 0.01 0.02 0.02 0.03 0.11 0.16 0.15 0.89 0.01 0.05 0.04 0.06 0.01 0.02 0.01 0.02 0.19 0.22 0.18 0.32 0.11 0.21 0.13 0.18 0.15 0.26 0.19 0.30 0.13 0.20 0.15 0.18 0.02 ... 0.03 0.03 0.04 0.05 0.04 0.11 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.13 0.11 0.25 0.15 0.17 0.17 0.26 0.22 0.40 ... ... 0.03 1.35 0.03 0.04 0.03 0.08 0.03 0.04 0.02 0.05 0.11 ... 0.15 0.20 0.36 0.57 0.36 0.54 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.03 0.20 0.20 0.25 0.01 0.01 0.01 0.07 0.22 0.33 0.22 0.60 0.07 0.13 0.13 0.19 0.05 0.15 0.05 0.17 0.01 0.05 0.01 0.05 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.08 0.16 0.08 0.20 0.11 0.13 0.12 0.23 0.08 0.18 0.08 0.15 0.32 0.68 0.60 0.85 0.04 0.12 0.04 0.07 0.03 0.04 0.03 0.08 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.13 0.15 0.13 0.35 0.07 0.10 0.07 0.10 0.01 0.02 0.01 0.03 0.02 0.03 0.02 0.06 0.05 0.07 0.05 0.08

0.04 0.04 0.24 0.03 0.01 0.11 0.01 0.05 0.05 0.22 0.27 0.06 0.04 0.05 0.01 0.07 0.05 0.02 0.03 0.04 0.08 0.01 0.04 0.01 0.06 0.01 0.01 0.09 0.05 0.09 0.10 0.01 0.04 0.01 0.04 0.08 0.12 0.03 0.02 0.01 0.05 0.26 0.07 0.01 0.03 0.01 0.13 0.06 0.04 0.01 0.02 0.01 0.07 0.08 0.08 0.05 0.03 0.01 0.01 0.05 0.04 0.01 0.01 0.01

2017-04-11 5:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 17–30, 2017

A worker checks drill core at the new skarn discovery zone at EnGold Mines’ Lac La Hache polymetallic property in central British Columbia. ENGOLD MINES

EnGold Mines’ field manager Jesse Berkey gives the thumbs-up from an excavator after uncovering a gold-copper-rich quartz vein at surface in 2016 at the Aurizon zone, part of the Lac La Hache property. ENGOLD MINES

EnGold discovers copper-rich skarn at Lac La Hache BC DISCOVERY

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

ngold Mines (TSXV: EGM) has mobilized another drill rig to its Lac La Hache polymetallic property in central B.C., after finding a copper-gold-silver skarn zone in recent drilling. The company intercepted 26.6 metres of 1.8% copper, 0.27 gram gold per tonne, 10.3 grams silver per tonne and 35.8% iron at 337 metres deep in a hole designed to test a poorly constrained, 1 by 1.4 km wide gravity anomaly. The Feb. 22 announcement triggered shares of the company to almost double to 40¢ at press time. The hole was a diversion from the company’s 6,200-metre drill program, which was intended to target the extensions of a goldbearing structure at the project’s Aurizon South zone.

www.mineshandbook.com

| EnGold expands drill program to probe gravity anomaly for skarn mineralization “AURIZON SOUTH IS THE MOST COMPELLING TARGET ON THE PROPERTY, BUT THIS DISCOVERY HAS CHANGED THAT. WE NOW HAVE A DUAL FOCUS.” DAVID BRETT PRESIDENT AND CEO, ENGOLD MINES

EnGold president and CEO David Brett tells The Northern Miner during a phone interview that the gravity anomaly could reflect the presence of skarn mineralization similarly seen at the project’s Spout deposit, 1.8 km northwest. T he deposit cont a i ns a resource of 7.6 million indicated tonnes of 11.4% magnetite and 0.3% copper, and 15.8 million inferred tonnes of 8.3% magnetite and 0.2% copper. “It was an itch we just had to scratch … so I agreed to add a

hole to the current program, and sure enough, we hit this amazinglooking core,” Brett says. “Aurizon South is absolutely the most compelling target on the property, but this discovery has changed that. We now have a dual focus.” The company has begun drilling extensions of the new zone, and plans to complete a more detailed gravity survey, which will guide future drilling. While Brett wouldn’t comment on details of the program, he expects it will be aggressive.

“The resource calculation at Spout rendered the deposit unappealing as a focus … but we see size potential at this new zone compared to the Spout deposit,” he says. “We have a fairly large anomaly, and if we step out from where we are, we could build tonnes much faster than we can at Spout.” But the size of the anomaly doesn’t necessarily ref lect the size of a potential orebody, Rob Shives, EnGold’s vice-president of exploration, points out during an interview. “The grav it y sur vey is ver y poorly constrained by sparse data. We have one line of data, and that defines the size of the anomaly,” he says. “We are careful to not suggest an orebody of these dimensions, but what we do have suggests it could be quite extensive.” The gravity method in geophysics aims to calculate the density of

rocks, whereby the highest gravity values equate to the rocks with the most density, and vice-versa. Shives says the company first conducted the survey in 2015, as “proof of concept” that skarn-style mineralization on the property — which occurs with dense magnetite and focuses along a stratigraphic contact — lights up as a gravity high in the data. He adds that magnetic geophysical surveys — which measures the magnetism of rocks beneath the surface — isn’t as useful, as the rock’s magnetic response falls off at depth. “The skarn mineralization we see in this new zone lies within the same volcaniclastic unit as the Spout deposit, but we’ve never seen this uniformity of grade,” he says. “It’s got a sense of continuity that we don’t have at Spout, which is a lot more spotty and difficult to follow.” TNM

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2017-04-11 7:30 PM

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2017-04-11 11:26 AM