The Northern Miner April 3 2017 Issue

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Trevali to buy Glencore’s Rosh Pinah, Perkoa mines | ‘We are building an intermediate producer,’ Trevali CEO Cruise says

Financier Stephen Dattels banks on lithium ARGENTINA

ZINC

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

T

revali Mining (TSX: TV) is set to become a larger player in the zinc business with a $400-million deal to buy two zinc mines and several development assets from commodity giant Glencore (LON: GLEN).

Trevali expects the transaction will make it the world’s eighth-largest zinc producer and more than double its current production scale to 410 million payable lb. zinc annually. Trevali will acquire majority stakes in two operating mines: an 80% stake in the Rosh Pinah mine in Namibia, and a 90% interest in the Perkoa mine in Burkina Faso.

Glencore will receive US$244 million in cash and 175 million Trevali shares priced at $1.20 each, which gives Glencore a 25% equity position.

“We’ve been working closely toSee TREVALI / 3

Introducing the

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Phone: (705) 476-4500 Email: mtsales@millertechnology.com

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| Junior explorer collaborates with Enirgi Group

BY TRISH SAYWELL tsaywell@northernminer.com

M

any people in the industry will remember Stephen Dattels as the founder of UraMin, a company he set up in 2005 to develop uranium properties in Africa, and which he sold in 2007 to Areva for $2.5 billion in cash. The legendary top-of-the-market deal made Dattels, his partner Michael Beck and their shareholders very rich.

But the mining financier has hit other home runs since kicking off his career in mining at Barrick Gold (TSX: ABX; NYSE: ABX), where he was one of the company’s key executives — and reportedly Peter Munk’s protégé — from 1982 to 1987.

A few of his other success stories include cofounding Emerging Metals in 2007, which became a significant investor in Kalahari Minerals, and whose stake was sold in 2010 to Itochu Corp. for £33 million. (In 2011, Emerging Metals picked up iron ore interests in Sierra Leone and Cameroon, and changed its name to West African Minerals [LON: WAFM].) He also cofounded Oriel Resources with Russian mining entrepreneur Sergey Kurzin, with nickel and chrome assets in Kazakhstan, which was later sold to the Mechel Steel Group for $1.5 billion.

Now Dattels is banking on lithium, and, with longtime business partner Beck, has founded LSC Lithium (TSXV: LSC), which has quietly acquired lithium brine projects in northern Argentina since 2015, and today holds or has under option a 2,700 sq. km land package of prospective lithium salars in the Lithium Triangle.

The area straddles Argentina, Chile and Bolivia, and hosts the world’s most abundant lithium brine deposits.

The company’s four flagship properties consist of Salar Rio Grande in southwestern Salta province; Salar Pastos Grandes, also in Salta; the Salar Salinas Grandes in both Salta and Jujuy provinces; and Salar Jama in Jujuy.

The company also has an option

Workers at the Pozuelos lithium property in Argentina’s Salta province. LSC Lithium announced in March that it would acquire the 300 sq. km property. LSC LITHIUM

“IN OUR PROCESS, IT COMES OUT OF THE BRINE, INTO THE PLANT AND INTO THE BAG IN UNDER 24 HOURS.” WAYNE RICHARDSON PRESIDENT AND CEO, LSC LITHIUM AND ENIRGI GROUP

on the Pozuelos salar in Salta.

In July 2016, LSC Lithium entered into a strategic collaboration with Enirgi Group Corp., a privately held corporation with six divisions. Its resource division holds lead and silver assets in the U.S. and Australia, and the firm operates a used lead-acid battery recycling plant as part of its power storage business unit. The firm’s chemical division, which produces sodium bicarbonate in Colorado, is also developing the lithium assets in Argentina.

Enirgi, which is wholly owned by the Sentient Group — an inde-

pendent private equity firm specializing in the global resources industry, with more than US$2.7 billion in resource assets under management — wants to build a global lithium business. It owns the Salar del Rincon project in Salta and is building a demonstration plant there to test a technology that could dramatically lower the time it takes to process brines into lithium carbonate products.

The technology — called Direct Xtraction Process (DXP) — was developed in cooperation with the Australian Nuclear Science and Technology Organization (Ansto) in Australia, where Enirgi’s pilot plant at the Ansto facility showed recoveries in the range of 75–85%. Enirgi is now building a new demonstration plant in Argentina at its Salar del Rincon, which it expects to commission in the first half of 2017. If the pilot plant works well at high altitudes, the company intends to build a commercial-scale plant that could process 50,000 tonnes per year as early as 2019.

PM40069240

See LSC LITHIUM / 2

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Facilities at Enirgi Group’s Rincon lithium project in Salta province, Argentina, where the company is building a demonstration plant for its Direct Xtraction lithium processing technology. LSC Lithium envisions possibly sending brine from its properties to a future plant and Rincon. LSC LITHIUM

Financier Stephen Dattels banks on lithium LITHIUM From 1

“We’ve been developing our own technology over the last three years and have sunk $240 million acquiring all the property and delivering what we think will be a game changer,” said Wayne Richardson, who is president and CEO of both Enirgi Group and now LSC Lithium.

“The standard process of producing lithium takes a year, from extraction of the brine through the evaporation pond system into a plant and into the bag,” he says in a telephone interview from Brisbane, Australia. “In our process, it comes out of the brine, into the plant and into the bag in under 24 hours.

“We did all of our development work under the auspices of Ansto, with them looking over our shoulder to make sure we weren’t drinking our own Kool-Aid,” he says. “Now we’re actually putting it on the site, and have invested $30 million on building a demonstration plant.”

Richardson says that DXP is “disruptive technology” that involves producing lithium carbonate directly from unconcentrated raw brine in less than a day. The technology not only eliminates the need for mega-evaporation pond infrastructure, he says, but it also lowers dependency on external reagents that would otherwise have to be shipped to site, and lowers a project’s environmental footprint.

The process is also amenable to production of lithium hydroxide.

Under the cooperation plan between the two companies, Enirgi Group agreed to assign all of its non-

“THE OPPORTUNITY EMERGED FOR US TO CREATE, IN PARTNERSHIP WITH STEPHEN DATTELS AND OTHERS, A REAL EXPLORATION ARM ... ALTOGETHER, BETWEEN ENIRGI AND LSC, WE HAVE OUR FOOT ON 560,000 HECTARES OF PROPERTY” WAYNE RICHARDSON PRESIDENT AND CEO, LSC LITHIUM AND ENIRGI GROUP

Rincon lithium properties, or salars, to LSC Lithium in exchange for an 18.2% equity stake in the junior, and pledged management and board support to oversee LSC Lithium’s development. Under the partnership, LSC Lithium will have exclusive access to Enirgi’s DXP technology, which it says will minimize capex and opex requirements because it doesn’t need expensive solar evaporation ponds on its properties. Under the agreement, LSC Lithium will ship brine to a regional processing facility for final production.

Dattels sits on LSC Lithium’s board and holds 7 million shares in the company. Shares last traded at $1.37 apiece, with 84.7 million shares outstanding.

“The opportunity emerged for us to create, in partnership with Stephen Dattels and others, a real exploration arm,” Richardson says.

“So we have put our foot on other salars through LSC, and LSC gives us extra feedstock for the plant …

LSC really does give us that extra footprint to expand well beyond

50,000 tonnes per year … altogether, between Enirgi and LSC, we have our foot on 560,000 hectares [5,600 sq. km] of property, and we have a significant team of over 100 people in Argentina. We have technology, which is a game changer, and we sit today with the capacity not only to deliver substantial new and sustainable supply to the market — but it’s

expandable and very scalable.”

Richardson adds that because Enirgi Group has a large engineering division, it is already well advanced with the design of the proposed 50,000-tonneper-year commercial plant.

When pressed for details on how the DXP technology works, Richardson would only say how Enirgi got to the point of developing it.

“Enirgi has a brine extraction plant in the U.S. for baking soda, so that’s the reference point,” he said. “We doubled the footprint of our soda operation in North America through a $35-million operation. We extract 250,000 tonnes of baking soda from what is the world’s largest naturally occurring nacholite. It’s like a soft rock … a compacted dirt. And it’s a solid bed. You drill through hot water and it turns into a brine, and then you extract the brine and clean it out and dry it out. So because we have these operating companies

and run real businesses, it means our engineers are used to building things, and this gives them a leg up in terms of developing our DXP business.”

As for lithium demand, Richardson says it’s only going up, given rising demand for lithium-consuming products such as consumer electronics, electric and hybrid vehicles, grid storage and batteries. In a presentation, LSC Lithium cites November 2016 statistics from Morningstar that forecast demand for lithium will grow 16% annually from 175,000 tonnes in 2015 to 775,000 tonnes in 2025.

“We have a whole generation of 13- to 40-year-olds who expect to drive electric vehicles,” he says, “and in places like China they don’t have a choice. They’ve got to do something about pollution.”

As of Feb. 27, LSC Lithium had cash and equivalents of $34.5 million and no debt. TNM

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Workers at the Pozuelos lithium project in Argentina’s Salta province. LSC LITHIUM

2017-03-28 7:36 PM

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3

Kakula hit drives up Ivanhoe shares COPPER

| Latest drilling doubles DRC deposit’s apparent strike length

Trevali Mining’s Santander zinc mine in Peru, 200 km northeast of Lima. TREVALI MINING

Trevali to buy Glencore assets TREVALI From 1

gether and we operate in a similar way,” Trevali president and CEO Mark Cruise says during an interview. “Most of us [at Trevali] have worked with major mining companies, so we speak that language, which definitely helps, and perhaps makes us different than most junior companies.

“When the Glencore-Xstrata deal was finalized, we had initial discussions where we said that, at some point, it may make sense to look at assets that were no longer a fit in the new company. We’d been focused on getting our Caribou mine up and running, so the last piece of the puzzle for this deal was when we declared commercial production there last July,” Cruise adds.

The deal is the product of a partnership Trevali has been building with Glencore over the past few years.

The companies worked in tandem to advance the Santander underground zinc-lead-silver mine, located 200 km northeast of Lima, Peru, into production in early 2014.

There, Glencore provides a 2,000-tonne-per-day mill and concentrate plant under a lease-toown agreement, serves as contract mill operator and contract miner, and has a life-of-mine concentrate offtake agreement on the project.

The operation could generate 64 million lb. zinc, 13 million lb. lead and 800,000 oz. silver this year at cash costs from US$35 to US$40 per tonne milled.

Glencore also holds zinc, lead and copper concentrate off-take agreements at Caribou, a past-producing polymetallic deposit, 50 km west of Bathurst, New Brunswick.

The underground mine produced nearly 24 million payable lb. zinc equivalent during last year’s third quarter at cash costs of US$58.88 per tonne milled.

These latest acquisitions, combined with Santander and Caribou production, could allow Trevali to produce 235,000 contained tonnes zinc in 2018, which equates to 1.6% of global production.

As part of the deal, Trevali will also acquire a 39% interest in the Gergarub zinc project in Namibia, options to acquire the Heath Steel property in Canada and a “portfolio of other exploration assets.”

Rosh Pinah is in southwestern Namibia, 600 km south of the capital city of Windhoek. The 2,000-tonne-per-day underground mine has been in production since 1969, and could produce between 100 million and 105 million payable lb. zinc in 2017 at all-in sustaining costs (AISCs) ranging from US68¢ to US72¢ per pound. The mine has a reported 14-year life.

Rosh Pinah’s proven reserves are 1.6 million tonnes at 9.8% zinc, 1% lead and 17 grams silver per tonne, while probable reserves total 3.5

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Trevali Mining president and CEO Mark Cruise in 2015 at the Caribou zinc mine, 50 km west of Bathurst, New Brunswick. PHOTO BY SALMA TARIKH

“ZINC IS READY TO RUN, AND YOU DON’T WANT TO ACQUIRE THINGS AT THE TOP OF A CYCLE.” MARK CRUISE PRESIDENT AND CEO, TREVALI MINING

million tonnes of 8.3% zinc, 1.7% lead and 22 grams silver. All resource estimates were calculated under Joint Ore Reserves Committee standards.

“I’ve had exposure by osmosis to Africa coming from the Anglo American (LON: AAL; US-OTC: NGLOY) stable,” Cruise says.

“That was sort of the home territory, so to speak. We’re reasonably comfortable there, and I still have a number of colleagues that work in Africa. Namibia is a highly ranked and stable jurisdiction.

The country has had numerous democratic presidents elected and no issues with it, and the mine has been operating for a long time without interruption.”

Meanwhile, Perkoa hit production in 2013 and lies 120 km west of Ouagadougou, Burkina Faso. The 2,000-tonne-per-day underground operation is slated to produce between 165 million and 170 million payable lb. zinc in 2017 at AISCs ranging from US83¢ to US87¢ per pound. Perkoa’s proven reserves total 1.7 million tonnes at 15.8% zinc, while measured resources include 3 million tonnes at 15.5% zinc.

“The reality is that these are smaller operating units for [Glencore], even though they’re massively material from a Trevali perspective. They aren’t going to really move the bottom line of a super major,” Cruise says.

“What it likely does for them is daylight value, and they see a lot of accretion potential and upside on their shareholdings. The other thing we bring to the table is exploration expertise, and all the deposits remain open for expansion.

During the second half of the year we’ll get a lot more aggressive with the drill rigs. Our goal is to grow

resources and show the market what these assets can do.”

To fund the transaction, Trevali intends to raise $230 million via a bought-deal financing at $1.20 per subscription receipt. BMO Capital Markets will take 40% of the financing as bookrunner, while another 30% will go to Scotiabank as co-lead. The company will also refinance its debt load with a US$190-million senior-secured credit facility that has a five-year term and carries 3.5%, plus the London interbank offered rate.

Trevali has traded in a 52-week range of 34¢ to $1.57 per share, and closed at $1.22 per share at press time for a $476-million market capitalization.

The Glencore deal will increase the company’s fully diluted share count by over 90% based on 403 million shares issued at press time.

Trevali is expected to have $150 million in post-transaction liquidity after the debt restructuring, and anticipates Santander and Caribou will jointly produce 156 million payable lb. zinc in concentrate in 2017.

“In the early days, yes, it’s clearly dilutive,” Cruise says. “But the bigger picture is that we are building an intermediate producer. Before we acquired these two assets we screened over 500 zinc opportunities globally, and these came out near the top. What’s difficult right now is acquiring a producing zinc asset, or certainly assets that can impact the forthcoming cycle.

“The window is shrinking rapidly, and that’s why we moved to close the deal. A lot of groups out there looking for zinc assets now have probably missed that window because zinc is ready to run, and you don’t want to acquire things at the top of a cycle.” TNM

BY TRISH SAYWELL

A

tsaywell@northernminer.com

new step-out hole has doubled the strike length of the copper-rich mineralized system at the Kakula deposit in the Democratic Republic of the Congo, Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) says, and the company is mobilizing up to five drill rigs to fast-track exploration at its new Kakula West discovery.

Ivanhoe says hole 1124 has extended the length of the Kakula mineralized trend to 10.1 km — twice the length of the 5.5 km strike length the company reported at the end of January — and the deposit remains open for expansion.

The unassayed hole was drilled 5.4 km west of Kakula’s current inferred resource, and 4.1 km west of the last drill hole with returned assays — 1093. This hole, whose assays were announced on Jan. 23, intersected 11.1 metres (true width) of 5.8% copper at a 3% copper cut-off, beginning at 993 metres downhole.

Hole 1124 penetrated the zone closer to surface. It intersected a relatively shallow, 16.3-metre zone of typical Kakula-style, chalcocite-rich copper mineralization, beginning at 422 metres downhole (410 metres below surface), similar to holes drilled in the centre of the Kakula deposit, Ivanhoe says.

Robert Friedland, Ivanhoe’s founder and executive chairman, said in a press release that “in the mining exploration business, the very idea that a crew would drill a step-out hole almost 4 km away from the last known mineralization is virtually unheard of … the remarkable success with 1124 is further validation of our team’s judgment and expertise.”

The Kakula discovery is “vastly larger and more important than it was last year, when Kamoa-Kakula was independently ranked among the 10 largest copper deposits in the world,” Friedland said. “The resource estimate that we announced for Kakula last October only covers 40% of the defined 10.1 km strike length of Kakula’s mineralized trend.”

News of the stepout hole sent Ivanhoe’s shares up 9.3%, or 40¢, to $4.70 per share, with 9.1 million shares traded.

Andrew Mikitchook, a metals and mining analyst at BMO Capital Markets in Toronto, noted that mineralization in the hole “is interpreted to have intersected the top of an antiform,” and that there are two takeaways from the Kakula West discovery.

First, he says, it means there is “potential for another mining centre” that would “allow substantially increasing overall throughput and, in turn, would increase net present values,” and second, the drill hole suggests there is “potential for more Kakula-style discoveries.”

In a research note, Mikitchook wrote that “Ivanhoe’s geologists are clearly increasing their understanding of the Kakula system, and, more importantly, where to look for more,” Mikitchook has a price target on

“THE VERY IDEA THAT A CREW WOULD DRILL A STEP-OUT HOLE ALMOST 4 KM AWAY FROM THE LAST KNOWN MINERALIZATION IS VIRTUALLY UNHEARD OF.” ROBERT FRIEDLAND FOUNDER AND EXECUTIVE CHAIRMAN, IVANHOE MINES

the company of $7 per share.

The Kamoa-Kakula project is a joint venture between Ivanhoe, China’s Zijin Mining and the DRC government. It lies near the mining centre of Kolwezi on the Central African Copperbelt.

Kakula is the second major discovery on Ivanhoe’s Kamoa mining licence and is described as a gently dipping blanket of thick, chalcociterich copper mineralization. Initial mine development is planned to focus on the flat, near-surface mineralized section, which, along the deposit’s axis, has mineralized zones ranging between 7.1 metres and 11.7 metres thick, and grading between 8.1% and 10.3% copper, at a 3% copper cut-off grade.

In January, the company reported that 200 sq. km of the 400 sq. km Kamoa-Kakula project area remained untested. It also said that it expects to complete a resource estimate for Kakula in the second quarter of 2017.

The first resource on Kakula, completed in October 2016, and based on 24,000 metres of drilling in 65 holes, delineated 66 million tonnes grading 6.6% copper in the indicated category and 27 million tonnes of 5.3% copper in the inferred. The estimate used a 3% copper cut-off grade.

The addition of Kakula boosted the combined Kamoa-Kakula indicated resource to 944 million tonnes of 2.8% copper, and the inferred resource to 286 million tonnes of 2.3% copper at a 1% cut-off grade. TNM

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he flood of new data in the past month about Canadian mining and mineral exploration shows an industry getting back on its feet after five tough years, notwithstanding continued difficulties in the potash and uranium subsectors.

The Mining Association of Canada’s (MAC) newest Facts and Figures report on

BY JOHN CUMMING Canadian mining released in February has a jcumming@northernminer.com subtext that “cautious optimism is returning to the global mining industry” — which was also frequently expressed by speakers and delegates at the Prospectors & Developers Association of Canada convention in Toronto in March.

Canada still ranks among the top-five countries for producing quite a few mineral commodities: first in potash; second in uranium, nickel and niobium; third in cobalt, aluminum and platinum; fourth in salt, sulphur and tungsten; and fifth in diamonds, graphite and gold.

Mining is responsible for direct and indirect wages and employment of 563,000 people across Canada (of which 373,000 are direct), and wages are the highest of any significant industrial group.

MAC notes that historically, the value of minerals and metals to Canada’s economy has ranged between 2.7% and 4.5% of gross domestic product, and that in 2015, the number stayed in this range at 3.4%.

Mining, oil and gas extraction contributed $120.4 billion, or 7.3%, to Canada’s gross domestic product in 2015, making the extractive industry the fourth largest of Canada’s 18 industries, surpassed only by the services, real estate and manufacturing sectors, which rank first, second and third. (On a per-barrel basis, 46% of Canadian oilsands extraction was by mining in 2015.)

The output of the four stages of mining in 2015 totalled $55.6 billion in 2015: extraction, $24.6 billion; primary metal manufacturing including smelting and refining, $12.8 billion; non-metallic mineral product manufacturing (e.g., cement, glass and ceramics), $5.4 billion; and fabricated metal product manufacturing (e.g., forging and heattreating), $12.7 billion.

But MAC points out that in 2015, mineral production values were down in eight of Canada’s 13 provinces and territories compared to 2014, with Quebec and B.C. posting the largest drops in absolute value, exceeding $1 billion each. Saskatchewan had the single largest absolute gain in production value year-over-year, rising from $7.1 billion to $8.5 billion, while Nunavut posted the largest percentage gain, increasing 32% to $567 million. Total production value was down 4.2%, or just under $2 billion. But none of these figures take into account sustained recovery in metal and mineral prices throughout 2016 and into 2017 — most pronounced in copper, zinc, iron ore and metallurgical coal, which are fundamental to Canadian mining.

MAC is concerned that several indicators suggest Canada is not as competitive as it once was, in particular with foreign direct investment into Canada’s mining sector dropping by more than 50% year-overyear in 2015. MAC notes this is disproportionate to Canadian mining direct investment abroad, which only experienced a 6% decline.

With respect to mineral exploration expenses in Canada, Natural Resources Canada has found in its latest national survey that companies expect to spend $1.8 billion on mineral exploration and deposit appraisal expenses in Canada this year, up 18% from $1.6 billion in 2016, and the same as 2015 levels. (About $1.1 billion of the total each year is exploration, while the rest is deposit appraisal.)

Ontario and Quebec both see the biggest increases in planned exploration and deposit appraisal expenses in 2017, with Ontario at $486 million ($371 million in 2016) and Quebec at $457 million ($280 million in 2016). British Columbia and Saskatchewan take third and fourth place for planned expenses in 2017, at $237 million and $193 million — roughly the same as in 2016.

The number of companies active in exploration and deposit appraisal in Canada is relatively unchanged in 2017, with 447 junior companies and 134 seniors. Some 45 companies are carrying out exploration and deposit appraisal programs in Canada this year, with budgets exceeding $10 million, up from 38 companies in 2016.

Canada lost its spot as the single-largest share of total global mineral exploration spending to Australia in 2015, in part due to government policies such as anti-uranium stances, slow permitting timelines and uncertainty over aboriginal claims. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . 5

Meetings. . . . . . . . . . . . . . . . 5 Metal Prices . . . . . . . . . . . . 19

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

COMPANY INDEX Abitibi Royalties. . . . . . . . . . 9 Agnico Eagle Mines. . . . . 7,10 Alamos Gold. . . . . . . . . . . . 15 Anglo American. . . . . . . . . . 3 Areva. . . . . . . . . . . . . . . . . . 1,7 Aurania Resources. . . . . . . 14 AuRico Metals. . . . . . . . 10,15 Auryn Resources. . . . . . . 7,10 Baffinland Iron Mines. . . . . 7 Barrick Gold. . . . . . . . . . . . . 1 BHP Billiton. . . . . . . . . . . . 14 Callinex Mines. . . . . . . . . . . 8 Canadian Zinc. . . . . . . . . . . 6 Capstone Mining. . . . . . . . . 9 Copper North Mining. . . . . 6 Darnley Bay Resources. . . . 7 De Beers . . . . . . . . . . . . . . . . 6 Dominion Diamond. . . . . . 6 Dynasty Metals & Mining . . . . . . . . . . . . . . 5,14 Endeavour Mining. . . . . . . 12 Enirgi Group Corp.. . . . . . . 1 Eurasian Minerals. . . . . . . 16

Fortune Minerals. . . . . . . . . 6 Glencore Canada. . . . . . . . . 6 Glencore . . . . . . . . . . . . . . . . 1 Gold Standard Ventures. . . . . . . . . . . . . . 10 Goldcorp. . . . . . . . . . . 9,10,12 Goldstrike Resources . . . . 11 Hudbay Minerals. . . . . . . 8,10 Independence Gold. . . . 10,15 Integra Gold. . . . . . . . . . . . 14 INV Metals. . . . . . . . . . . . . . 5 Itochu Corp.. . . . . . . . . . . . . 1 Ivanhoe Mines. . . . . . . . . 3,16 Kennady Diamonds. . . . . . . 6 Kinross Gold. . . . . . . . . . . 9,13 Kirkland Lake Gold. . . . 11,15 Leagold Mining. . . . . . . . . 12 LSC Lithium. . . . . . . . . . . . . 1 Lumina Gold . . . . . . . . . . . 14 Lundin Gold. . . . . . . . . . . 5,14 Lydian International. . . . . 11 Mechel Steel Group. . . . . . . 1 Nevsun Resources. . . . . . . 16

New Gold . . . . . . . . . . . . . . 10 Newmont Mining . . . . . . . 11 Nighthawk Gold. . . . . . . . . . 6 Nordgold. . . . . . . . . . . . . . . . 7 Peregrine Diamonds. . . . . . 7 Rio Tinto. . . . . . . . . . . . . . . . 6 Riverside Resources. . . . . . 16 Roxgold. . . . . . . . . . . . . . . . 11 Sabina Gold & Silver. . . . . . 6 Selwyn-Chihong Mining . . . . . . . . . . . . . . . . 6 Sentient Group. . . . . . . . . . . 1 Sirios Resources. . . . . . . . . 10 TerraX Minerals. . . . . . . . . . 6 TMAC Resources. . . . . . . 6,11 Trevali Mining. . . . . . . . . . . 1 Triumph Gold. . . . . . . . . . . . 9 West African Minerals . . . . 1 Western Copper and Gold. . . . . . . . . . . . . . . . . . . 9 WPC Resources. . . . . . . . . . 6 Yamana Gold . . . . . . . . . . . 10

COMMENTARY

| US president, congress repeal Cardin-Lugar regulations

BY PETER MANTAS AND ANASTASIA REKLITIS ahiyate@northernminer.com SPECIAL TO THE NORTHERN MINER

O

n Feb. 14, 2017, U.S. President Donald Trump signed into law a joint resolution of Congress to repeal a critical anti-corruption rule for oil, gas and mining companies. The law was introduced by the House on Jan. 30, 2017. It quickly moved to the Senate, where it was passed with the support of the Republicans and opposition of the Democrats.

The rule is referred to as the “Cardin-Lugar regulations” and was enacted by the U.S. Securities and Exchange Commission (SEC) in accordance with the Cardin-Lugar amendment of 2010. The amendment — prompted by the 2008 financial crisis and high prevalence of corruption in developing countries — directed the SEC to issue a rule requiring oil, gas and mining companies listed on a U.S. stock exchange to disclose how much they paid to hosting foreign governments, above a certain threshold. The purpose of this amendment was to curb bribery and otherwise illicit payments made to governments in return for specific natural resource extraction projects.

this field.

The regulations have received widespread support from the world’s major extractive companies, and many companies have a reporting regime. It has led to the creation of a global standard of transparency in the extractive industry, with numerous jurisdictions including Canada, the U.K. and the European Union, enacting similar legislation to help combat corruption and increase accountability in corporate governance.

Canada continues to be one of the countries supporting transparency requirements in the extractive industry. The Extractive Sector Transparency Measures Act, for example, came into force in June 2015 and contains broad reporting obligations for oil, gas and mining companies. The reporting obligations go even further than the Cardin-Lugar provision, to include not only entities on Canadian stock exchanges, but also certain private companies.

A concern for Canadian and foreign companies who will maintain their reporting regimes is whether the repeal of the Cardin-Lugar regulations will place U.S.-listed companies operating in mining extraction areas at an advantage compared to companies subject to rigorous transparency require-

U.S.-LISTED COMPANIES WILL BE REQUIRED TO CONTINUE TO TRACK THEIR PAYMENTS, HOWEVER, THEY WILL NOT BE REQUIRED TO MAKE THIS INFORMATION PUBLIC. The rule itself took a decade to finalize, and, up until the U.S. government’s recent decision to overturn it, was set to take effect next year. As the rule stood, it would require U.S.-listed mining companies to file an annual report with the SEC outlining the type and total amount of payments made to foreign governments and the U.S. federal government with respect to extractive projects.

With the decision to repeal the SEC’s rule, there is therefore no indication that U.S.-listed companies will be subject to a reporting regime in the near future. That is, until the SEC creates a new rule.

While the Cardin-Lugar regulations have been overturned, the Cardin-Lugar amendment has not. This means that U.S.-listed companies will likely still be subject to reporting requirements at some point, as the Cardin-Lugar amendment requires the SEC to issue disclosure rules on extractive companies.

However it is yet to be determined when these rules will be enacted. Given the length of time associated with enacting the original rules, it is unlikely that a new reporting regime will be established anytime soon.

In the meantime, U.S.-listed companies will be required to continue to track their payments, pursuant to the U.S. Foreign Corrupt Practices Act, however, they will not be required to make this information public.

It is unlikely that other countries who have adopted legislation consistent with the Cardin-Lugar regulations will follow the U.S. government’s new direction in

ments — particularly for projects in developing countries such as Africa, where there is a problem with corruption and where succumbing to bribery could lead to the award of mining rights and subsequent contracts.

While the Cardin-Lugar regulations would not have ended corruption, they were expected to put pressure on those giving bribes and those receiving them, as they would be aware that they would have to report any payments made to government. With the repeal, there is the possibility that U.S.listed companies could feel more inclined to engage with corrupt governments and be under less pressure to decline a bribe, which could put them ahead of competitors from Canada, the U.K., the E.U. and elsewhere.

Whether or not this will in fact cause such a shift in the thinking and conduct of U.S.-listed companies during their dealings with foreign governments is, of course, undetermined. However, there remains a concern for mining companies subject to these types of reporting regulations, when operating and competing against American companies in these areas.

Mining companies listed on both U.S. and foreign exchanges will still be subject to transparency requirements. While the U.S. may not have reporting requirements, U.S.-listed companies operating in Canada, the United Kingdom and European Union will still be required to comply with applicable transparency legislation.

See ANTI-CORRUPTION / 5

2017-03-28 7:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 3–16, 2017

5

Ecuador joins IGF, lays out welcome mat for miners

PDAC 2017

| 57-member IGF encourages good governance through mining policy framework

BY SALMA TARIKH

E

starikh@northernminer.com

cuador’s government expressed its commitment to mining by joining the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) at the recent Prospectors and Developers Association of Canada (PDAC) convention in Toronto.

“IGF is the only intergovernmental forum that promotes good practice, sustainable development, and quality production in the mining sector and globally for governments,” IGF director Greg Radford said during a March 7 press conference.

The IGF encourages good governance through its flagship mining policy framework (MPF). The MPF addresses six areas of mining policy and law: the legal and policy environment, environmental management, socioeconomic benefit optimization and financial management, as well as mine closure and artisanal and small-scale mining.

IGF’s members work together to share best practices, Radford continued, before welcoming the government of Ecuador as IGF’s 57th member.

“It’s really important for us to be part of this forum,” Javier Cordova, Ecuador’s Minister of Mining, said in an interview. Ecuador will contribute to the global dialogue on sustainable mining as well as learn from the experiences of the other 56 members, which include established mining countries Canada, the United Kingdom, Mexico, Argentina and South Africa.

Cordova, who a day earlier attended PDAC’s meeting of mining ministers, says the countries have similar concerns related to mining.

Commentary ANTI-CORRUPTION From 4

Therefore, if a company has reason to believe and is concerned that an American competitor is committing bribery or corruption, it should consider further investigation. The suspect company may be subject to other transparency requirements and anti-corruption legislation.

Although the repeal of the Cardin-Lugar regulations signals that Canadian, U.K. and E.U. companies will have tougher reporting guidelines compared to their U.S. neighbours, the playing field may have just become more complex, rather than uneven.

— Based in Ottawa, Peter N. Mantas is a partner at the law firm Fasken Martineau. He is head of Fasken’s Ottawa litigation group, coleader of the firm’s White Collar Defence and Investigations group and a member of the firm’s Litigation Steering committee. He is also the immediate past co-chair of the Class Actions section of the Ontario Bar Association. Mantas is an editor of Fasken’s white collar defense blog whitecollarpost.com, where this article first appeared.

Anastasia Reklitis is an associate in the Litigation group in Fasken’s Ottawa office. She is experienced in large, document intensive litigation matters, especially cases involving records in electronic form.

Fasken Martineau is a leading international business law and litigation firm, with eight offices and more than 700 lawyers across Canada, the U.K. and South Africa. Please visit www.fasken.com for more information.

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Ecuador’s mine minister Javier Cordova signs an agreement to join IGF, as IGF director Greg Radford looks on, at the PDAC convention in Toronto in March. PHOTO BY SALMA TARIKH

“The challenges that Canada, Sweden, Australia or Ecuador have are not very different,” Cordova said. “We are all concerned about the environment, water and communities. We all want mining to be developed in a responsible and sustainable way.”

Since Ecuador’s mining ministry formed in 2014, the country has improved its mining-related policies — particularly its tax laws.

“We understood a couple years ago that our legal and taxation conditions were not appropriate for the industry. So we weren’t attractive, even though we had the resources and the geologic potential,” Cordova said.

In early 2014, the ministry hired Wood Mackenzie consultants to propose changes to help draw in foreign investment.

Ecuador has since lowered its tax burden to become more competitive.

For example, the tax burden for a

large-scale copper project dropped from 30% in 2014 to 23% after 2016, while for a large-scale gold project it went from 27% to 21% over the same period.

Ecuador also created other incentives, such as access to cheap electricity and labour, while reopening its mining cadaster in 2016.

To date, it has received 420 requests for new mining concessions from private companies and individuals around the world. It has already granted 160 concessions and expects to issue the rest in the coming months.

The underexplored countr y boasts several large projects, including Lundin Gold’s (TSX: LUG) Fruta del Norte gold deposit. Last December, Lundin signed an investment protection agreement and an exploitation agreement for the project. Fruta del Norte should see mine construction begin this year, followed by initial production in

2020.

Once Lundin starts building, Cordova says the international mining community will see the benefits of investing in Ecuador, creating a “better sense of trust in the country.”

He added that “our job is to create the conditions that the industry needs. As a country and as Ecuadorians — we don’t win anything if we don’t develop a project. To have the resources buried in the land is no

MEETINGS Apr 06 Apr 13 Apr 25 Apr 26 Apr 27 May 03 May 09

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good for anybody. For those mineral resources to be converted into wealth not only for the companies but for our people, we need companies to invest.”

Other Canadian juniors with projects in Ecuador include INV Metals (TSX: INV) and Dynasty Metals & Mining (TSX: DMM).

In 2016, Ecuador ranked 76th out of 104 jurisdictions surveyed on the Fraser Institute’s Investment Attractiveness Index, up from 92nd in 2015. But based on policy alone, which excludes the country’s mineral potential, Ecuador is one of the two Latin American countries, along with Venezuela, to remain in the bottom-10 jurisdictions.

Cordova acknowledges there is room to improve the country’s policies, and intends to keep working with the industry and make use of IGF’s member services. These services include in-country assessments, guidance documents, capacity building training on key mining and development issues, and technical assistance.

IGF was formed during the 2002 World Summit on Sustainable Development in Johannesburg, South Africa, where delegates outlined the difficulties and opportunities related to mining and sustainable development. It is a voluntary partnership that is open to any United Nations member. TNM

EVENTS Apr 4-5 Ninth Annual Mining Supply Chain Forum Saskatoon, SK Tel: (306) 931-7149 https://simsa.ca/event/2017-mining-supplychain-forum/ May 9 Canadian Mining Symposium London, UK Email: tnm@northernminer.com Tel: 1 (416) 510-6789 http://www.northernminer.com/ conferences/canadian-mining-symposium/

For more event information, please go to: www.northernminer.com/events/

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APRIL 3–16, 2017 / THE NORTHERN MINER

There’s more than meets the eye in NWT and Nunavut GEOLOGY

| Diverse geological framework, lack of detailed work speaks to mineral potential of Canada’s North

BY LESLEY STOKES

B

lstokes@northernminer.com VANCOUVER

eneath the glacier-scoured lakes and barren tundra of the Northwest Territories (N.W.T.) and Nunavut is a collection of disparate Archean- to Proterozoic-aged crust that were stitched together along vast mountain ranges during the assembly of ancestral North America 2 billion years ago.

These major blocks include the Wopmay orogen in the west and the Slave, Rae and Hearne cratons in the east, whereas rocks impacted by the Trans-Hudson and Innuitian orogens are found in the east and far north.

For millions of years, oceans and extensive seaways blanketed parts of the ancient continent with sediments derived from the mountains between the cratons eroding down to their core.

During the onset of deformation of the Canadian Cordillera, 180 million years ago, some of the sediments and crust in the west were uplifted into a vast mountain range. Today, an arc-shaped segment of that range, known as the Mackenzie Mountains, straddles the Yukon and N.W.T. border.

The Mackenzie Mountains hold 55% of the world’s known reserves of tungsten and significant reserves of lead-zinc, with major deposits including the skarn-related Cantung tungsten deposit and Canadian Zinc’s (TSX: CZN; US-OTC: CZICF) Mississippi Valley Type (MVT) Prairie Creek deposit in the Northwest Territories, and SelwynChihong Mining’s sedimentaryexhalative (Sedex) Howard’s Pass zinc-lead deposit on the border.

Proterozoic-aged sedimentaryhosted copper deposits — like those found in the Zambian and Congolese copper belts — are also seen in the Mackenzie Mountains, notably Copper North Mining’s (TSXV: COL) Redstone copper deposit in the Northwest Territories.

A plethora of other deposit types are scattered across the N.W.T. and Nunavut, confined to the geological boundaries of the cratons that host them. These deposits include iron-oxide copper-gold (IOCG);

Rio Tinto and Dominion Diamond’s Diavik diamond mine in the Northwest Territories. RIO TINTO

diamond-bearing kimberlites; orogenic and banded-iron formation (BIF) hosted gold; basement and unconformity-hosted uranium; magmatic nickel-copper; and MVT lead-zinc, to name a few. Substantial reserves of oil and gas are also available in the N.W.T., occurring within deep sedimentary basins similar to Alberta.

Modern explorers rely on geological maps to home in on prospective targets, but the lack of access into parts of Canada’s North has prevented government and industry geologists from mapping the region in much detail. With many regions left untouched by hand or hammer, Nunavut and the Northwest Territories have earned their reputation as the last frontier for exploration in Canada.

Wopmay orogen: IOCG During the assembly of ancestral North America, metamorphosed crust belonging to the Hottah terrane in the N.W.T. collided with

the Slave craton, an Archean-aged package of weakly metamorphosed, volcano-sedimentary terranes called greenstone belts.

The collision triggered subduction along the western margin of the Hottah, and fractures and faults were injected with granitic magmas, locally enriched with uranium or exploited by gold-bismuth-cobaltcopper-rich fluids driven by underlying IOCG systems.

This mineral-rich tectonic margin, known as the Great Bear magmatic zone, hosts the historic Port Radium uranium-silver mine and Fortune Minerals’ (TSX: FT) Nico deposit, the latter hosting 33 million tonnes of 1.03 grams gold per tonne, 0.11% cobalt, 0.14% bismuth and 0.04% copper. The combined rock package is called the Wopmay orogen.

Slave craton: Diamonds The accretion of the Bear thickened the crust underneath Slave, and the combined rock package lengthened

Workers at a drill on Agnico Eagle Mines’ Amaruq gold property in Nunavut. AGNICO EAGLE MINES

1-16, 23_APR3_Main .indd 6

WITH MANY REGIONS LEFT UNTOUCHED BY HAND OR HAMMER, NUNAVUT AND THE NORTHWEST TERRITORIES HAVE EARNED THEIR REPUTATION AS THE LAST FRONTIER FOR EXPLORATION IN CANADA. to a depth where immense pressures transformed carbon-rich material into diamonds.

The diamonds remained undisturbed until 55 million years ago, when volatile, rich magmas drove up through the crust, moving the precious stones to surface. These diamond-bearing kimberlites were later uncovered by explorers in the Lac de Gras region of the N.W.T., most notably at Dominion Diamond (TSX: DDC; NYSE: DDC) and Rio Tinto’s (NYSE: RIO; LON: RIO) Diavik, Dominion’s Ekati and De Beers’ Gahcho Kué diamond mines. Farther north, the former Jericho diamond mine is hosted within Nunavut’s portion of the Slave, whereas the most advanced exploration project in the region is Kennady Diamonds’ (TSXV: KDI; US-OTC: KDIAF) Kennady North, located 5 km from the Gahcho Kué mine in the Northwest Territories.

Gold While diamonds attract the most attention in the N.W.T., gold has also lured explorers into Canada’s northern latitudes. The greenstone belts that occupy the Slave craton are similar, if not identical, to those of the Superior craton in the goldprolific regions of Ontario and Quebec, but are relatively unexplored.

Most of the gold exploration work in the Slave craton has focused on the Yellowknife Gold greenstone belt, which hosts the historic 7.6 million oz. Con and 5.5 million oz. Giant gold mines, located outside the capital city of Yellowknife, Northwest Territories.

TerraX Minerals (TSXV: TXR) is exploring the rest of the belt at its Yellowknife City Gold project, whereas 200 km north, Nighthawk Gold (TSXV: NHK) is uncovering a gold-rich greenstone belt at its

Colomac property.

In Nunavut’s portion of the Slave craton, north of N.W.T., major gold projects include TMAC Resources’ (TSX: TMR) 4.5 million oz. gold Hope Bay project and Sabina Gold & Silver’s (TSX: SBB; US-OTC: SGSVF) 5.3 million oz. gold Back River project. WPC Resources (TSXV: WPQ) is also working to restart operations at the shuttered Lupin gold mine, which produced 3.4 million oz. gold at average grades of 8.9 grams gold before closing in 2005. (Both Lupin and Back River are Archean-aged, BIF-hosted gold deposits, whereas the rest are Archean orogenic, lode gold systems.)

While most explorers focus on gold and diamonds in the Slave, volcanogenic massive sulphide (VMS) base-metal deposits are also known to occur, such as Glencore Canada’s Hackett River in Nunavut.

The deposit contains 25 million indicated tonnes of 4.2% zinc and 130 grams silver per tonne, and 57 million inferred tonnes of 3% zinc and 100 grams silver.

Churchill province, RaeHearne cratons The eastern side of Slave is sutured against the Churchill province, a geological domain divided into two cratons: Rae and Hearne. Rae and Hearne are separated by the enigmatic, 1.9-billion-year-old Snowbird tectonic zone, which stretches northeast for 2,800 km from the Canadian Cordillera, before disappearing beneath Hudson Bay. Geologists believe that the RaeHearne cratons are geologically similar to the Slave craton — being composed of a mix of greenstone belts and intrusives — but are slightly younger in age, and covered more extensively with Proterozoic-aged sedimentary rocks.

2017-03-28 7:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 3–16, 2017

Nordgold’s (LON: NORD) Pistol Bay project along the coast in southern Nunavut is the most advanced project in the Hearne craton, with 739,000 oz. gold at 2.95 grams gold being noted in resources. The project falls within the Rankin-Ennadai greenstone belt, which also hosts the historic North Rankin Inlet magmatic nickel-copper deposit.

North Rankin Inlet produced 500,000 tonnes of ore at grades of 3.3% nickel and 2.8% copper, before shutting down in 1962.

Select deposits, districts and geology in the Northwest Territories and Nunavut. GEOLOGICAL SURVEY OF CANADA/LESLEY STOKES

Uranium Once the Trans-Hudson orogen came to a halt, sediments eroded off the mountain peaks and deposited into deep basins, preserved today as the Athabasca basin in Saskatchewan and the Thelon basin that spans the N.W.T. and Nunavut border.

The basins are both underlain by the Snowbird tectonic zone, which acted as a conduit for uranium-rich f luids 1.5 billion years ago. The structures, and where they pierce the overlying sediments, served as favourable traps for basement- and unconformity-hosted uranium deposits.

In the Athabasca, explorers have uncovered a number of world-class uranium deposits, and those that have been converted into mines account for 20% of global uranium supply. The same opportunity of scale exists in the Thelon basin, with Areva’s 134 million lb. U3O8 Kiggavik project in Nunavut’s portion of the basin as being proofof-concept, but exploration in the region has been limited owing to local and governmental opposition.

Iron The northern part of Nunavut’s Baffin Island is home to one of the highest-grade iron mines in the world: Baffinland Iron Mines’ Mary River. The deposit occurs within a highly metamorphosed segment of the Committee Bay greenstone belt, and contains reserves of 365 million tonnes of 65% iron.

The geological framework of the Northwest Territories and Nunavut. GEOLOGICAL SURVEY OF CANADA/LESLEY STOKES

Because of its remoteness, little is known about Churchill, and many of its geological boundaries are still being refined.

Gold The Rae craton is more deformed than the Hearne, having been hit repeatedly on both sides by cratons from 2.6 billion to 1.9 billion years ago. These events intensely metamorphosed parts of the crust, and any pre-existing metal deposits that are common in greenstone belts — such as orogenic gold or VMS deposits — would have been obliterated by the immense pressures and temperatures.

Most of the known gold occurrences in the Churchill occurred during the waning stages of defor-

www.mineshandbook.com

mation related to the Trans-Hudson orogen, 1.9 to 1.8 billion years ago — almost 1 billion years after the main gold mineralizing events in the Slave or Superior craton.

In this younger event, gold-rich fluids — drawn from the partial melting of crust during metamorphism, or remobilized from older deposits — circulated through structures until it found chemical traps, such as BIF, and deposited the metals.

The most significant examples of Proterozoic-aged, BIF-hosted gold deposits are found where the Snowbird slices through the Rae craton.

These deposits include Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) 3.5 million oz. Meadowbank mine in south-central Nunavut, its 3.7

million oz. Amaruq exploration project, 55 km north of Meadowbank, and its 3.4 million oz. Meliadine deposit in southeastern Nunavut.

Aside from Amaruq, the most advanced exploration project in the Rae craton is Auryn Resources’ (TSX: AUG; US-OTC: GGTCF) Committee Bay, 180 km northeast of Meadowbank. The project occurs within a weakly metamorphosed section of the 300 km long Committee Bay greenstone belt, home to the 1.3 million oz. gold Three Bluffs BIF-hosted deposit.

Compared to the Rae craton, Hearn hosts few known gold occurrences, despite its greenstone belts being well-preserved and sheltered from intense metamorphism.

Trans-Hudson orogen Baffin Island is divided into two segments: the Rae craton in the north, and exotic terranes impacted by the Trans-Hudson orogen in the south.

While iron dominates exploration in the north, diamonds and magmatic nickel-copper deposits are the prize for explorers in the south.

Diamonds Peregrine Diamonds (TSX: PGD) was the first explorer to uncover diamond-bearing kimberlites in Baffin Island at its Chidliak project in 2008. The kimberlites jut through an undeformed block of Archean crust entangled within the TransHudson orogen. The kimberlites contain 9.6 million inferred tonnes of 1.57 carats per tonne.

Magmatic nickel-copper Baffin Island’s share of the TransHudson orogen could host magmatic nickel-copper deposits, such as those

7

seen within the Ungava trough’s Raglan mining camp in northern Quebec (formerly known as Cape Smith belt), and the Thompson nickel belt in Manitoba.

Both of the world-class mining camps were formed when the Superior craton rifted open during the Trans-Hudson orogeny, which in turn created sedimentary platforms that were injected with nickel-copper rich ultramafic intrusions and lava f lows. Similar environments could occur within Nunavut’s portion of the TransHudson orogeny.

Innuitian orogen and Paleozoic-Mesozoic sedimentary cover rocks: Lead-zinc Shallow seas inundated the lowlands up until 70 million years ago, and blankets of carbonates, shales and sandstones were deposited both across the continent and along its margins. The seas diminished when outboard volcanic terranes in the west accreted onto the landmass during the assembly of B.C. and the Yukon.

The tectonic environment fos-

THE RAE CRATON IS MORE DEFORMED THAN THE HEARNE … AND ANY PREEXISTING METALS ...

WOULD HAVE BEEN OBLITERATED. tered the growth of Sedex lead-zinc deposits such as Howard’s Pass, whereas the carbonate rocks served as a perfect environment for MVT lead-zinc deposits. MVT deposits form when mineralizing brines flush along basin-bounding faults into structurally prepared cavities created by the dissolution of carbonates.

“Two of the main MVT deposits in Nunavut and the N.W.T. — Polaris and Pine Point, — formed 360 million years ago, when immense pressures during the Innuitian orogen squeezed metal-rich fluids out of shales and into the carbonates.”

Polaris and Pine Point are considered world-class deposits, with production reaching 21.5 million tonnes of 4% lead and 7.2% zinc over a 21-year mine life at Pine Point, whereas production at Polaris topped 21 million tonnes of 14% zinc and 4% lead over its 20-year mine life. At the time of production, Polaris was the northernmost mine in the world.

Most of the exploration for base metals in the north are confined to projects along the coastline, as access to seaports are perceived as vital for a project’s economic success. While exploration for MVT deposits is limited, junior explorer Darnley Bay Resources (TSXV: DBL) is working to renew exploration at Pine Point. TNM

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Callinex grows Flin Flon footprint MANITOBA

| Company signs option contract for 100% in Big Island, bordering Pine Bay VMS project

BY TRISH SAYWELL tsaywell@northernminer.com

O

ver the last two years, Callinex Mines (TSXV: CNX; US-OTC: CLLXF) has raised $15 million on the back of exploration success at its Pine Bay polymetallic project in Manitoba.

Pine Bay lies on a claim package that is 16 km from Hudbay Minerals’ (TSX: HBM; NYSE: HBM) 6,000-tonne-per-day Flin Flon processing facility. The property covers a 10 km trend with four stacked volcanogenic massive sulphide (VMS) horizons. The company has been trying to acquire more prospective ground nearby.

Callinex recently signed an option agreement to pick up a 100% stake in the Big Island polymetallic project, whose property boundaries are contiguous to Pine Bay’s and include the Tara Lake deposit. (The Pine Bay deposit is 7 km southeast of Tara Lake.)

“We’ve been looking at it for the last two years, but members of our technical team have had their eyes on the project long before they joined Callinex,” the company’s president and CEO Max Porterfield says.

Porterfield describes Tara Lake, which is 10 km east of Hudbay’s 777 mine, as one of the highest-grade zinc and gold-rich VMS deposits ever discovered within the Flin Flon district.

The geologic sequence at the Tara deposit is similar to rocks that host the Flin Flon, Callinan and 777 mines, he adds, noting that “it appears to be a fold repeat of the horizons that hosted those three mines and produced over 100 million tonnes of ore.”

Tara Lake has only seen four years of exploration, however, and has been tied up in prospectors’ hands for the last 21 years.

“There has been no drilling on the project since 1991, so it has not ben-

“GRADE IS KING IN MY BOOK, AND THE TARA DEPOSIT IS EXTREMELY HIGH GRADE.” MAX PORTERFIELD PRESIDENT AND CEO, CALLINEX MINES

A drill rig at Callinex Mines’ Pine Bay VMS project near Flin Flon, Manitoba. CALLINEX MINES

efitted from a technical team of our ability to focus on that area,” he says.

“From a comparative standpoint, when we started really advancing the Pine Bay project, little work had been completed since 1993. We recognized this as an opportunity to revisit a significant mineral endowment at Pine Bay, and have been quite successful.”

Like Pine Bay, which had been explored only briefly by Placer Dome between 1990 and 1993, and by Inmet from 1994–1995, the Tara Lake deposit has seen little prior exploration. Westfield Minerals discovered the deposit and worked on it between 1987 and 1991.

Historic intercepts for Tara Lake from this period include 12.4 metres of 33.9% zinc-equivalent (22.4% zinc, 5.8 grams gold per tonne, 93.6 grams silver per tonne and 0.6% copper) in hole 87-03 at 22 metres deep; 7.4 metres of 35.3% zinc-equivalent

(20.3% zinc, 7.2 grams gold, 110.1 grams silver and 1.2% copper) in hole 87-11 from a 24.9 metres deep; and 19.6 metres of 23.8% zinc equivalent (14.6% zinc, 3.1 grams gold, 58.6 grams silver and 1.7% copper) in hole 88-41, starting from 72.1 metres deep.

“Grade is king in my book and the Tara deposit is extremely high grade,” Porterfield says. “Those grades speak for themselves. If you look at Hudbay’s 777 mine, the mineralization they mine is near 1,500 metres of vertical depth, and is on average 11% zinc-equivalent.

“At 777, there were two small zones called Dan and Owen. They didn’t have the grades of the Tara deposit, but they followed a down-plunge projection where they eventually found the 777 deposit, 1,278 metres down-hole,” he says.

Porterfield points out that Tara is also close to the Trout Lake deposit,

which had over 50 lenses. “The existing Tara deposit is just one lens starting at surface,” he says, adding that “these types of VMS deposits occur as clusters of lenses, so it’s about finding out where these additional lenses are.”

Trout Lake was a great example of that, Porterfield continues. “It was a small, near-surface deposit, and when Hudbay bought the mine and continued exploration, there were 53 lenses and well over 20 million tonnes.”

If you look at Pine Bay, he says, that deposit also has stacked horizon sequences with a large alteration package, and mineralization on each of the horizons.

“We’re exploring in those mineralized horizons at Pine Bay to see if they open up at depth, as is indicated by our most recent intersection of 10.3 metres grading 12.1% zincequivalent, at 800 metres deep.”

The company is well versed in the district and equipped to do the exploration, he adds.

Mike Muzylowski, chairman of the board and a 2011 inductee into the Canadian Mining Hall of Fame, was involved in discovering 12 VMShosted mines in the Flin Flon district — including the Trout Lake mine, which operated from 1982 until 2012 — and Alan Vowles, Callinex’s chief geophysicist, was an integral member of the Hudbay team that found the Lalor deposit, for which he received the PDAC Bill Dennis Prospector of the Year award.

Callinex’s chief geologist, Jim Pickell, is a recipient of the PDAC Bill Dennis Prospector of the Year award for his role in the discovery of the 777 mine, and consulting geologist JJ O’Donnell was instrumental in the exploration and development of the Howard’s Pass zinc project in the Yukon. TNM

A claims map showing Callinex Mines’ properties near Flin Flon, Manitoba. CALLINEX MINES

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2017-03-28 7:37 PM

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Lydian International’s Amulsar gold property in south Armenia. LYDIAN INTERNATIONAL

Goldcorp takes 19.9% stake in Triumph DISCOVERY

| Data mining casts new light on potential at Freegold Mountain, Yukon

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

A

new spin on target generation at Triumph Gold’s (TSXV: TIG) Freegold Mountain gold project in south-central Yukon has enticed international miner Goldcorp (TSX: G; NYSE: GG) to take a 19.9% stake in the junior for $6.3 million.

Goldcorp bought 11.9 million flow-through shares of Triumph — formerly Northern Freegold Resources — at 53¢ per share, as part of a charity flow-through arrangement.

The money will be partly used to fund Triumph’s 14,000-metre drill program this year, which will target porphyry-style copper-gold mineralization that previous explorers may have overlooked.

“Goldcorp’s investment is the best case scenario for us. We have enough funding for the next two years to test all of our new ideas, focus on the geology and find Yukon’s next mine … and that’s a great position to be in,” Triumph’s vice-president of exploration Tony Barresi tells The Northern Miner during a phone interview.

Before joining Triumph as an officer in January, Barresi worked as a consultant to Triumph to investigate the large amount of data on the project’s two main porphyry resources: Revenue and Nucleus.

Barresi spent over a month at the property last year, relogging drill core, mapping and taking a closer look at outcrops.

Abitibi Royalties is on a roll EASTERN CANADA

| Junior buys back shares, rarely raises money

BY TRISH SAYWELL tsaywell@northernminer.com

S

Triumph Gold’s vice-president of exploration Tony Barresi (centre) takes notes at an exposure of strongly altered rock on the margin of Triumph’s Revenue diatreme in Whirlwind Creek in the Yukon, with placer miner John Gow (left) and Kyle Cashin of the Little Salmon Carmacks First Nation. TRIUMPH GOLD

The 200 sq. km property sits within the Tintina gold belt, which is home to numerous, multimillion-ounce epithermal gold and porphyry copper-gold deposits, including Kinross Gold’s (TSX: K; NYSE: KGC) Fort Knox gold mine in Alaska, Goldcorp’s Kaminak Coffee gold project, Western Copper and Gold’s (TSX: WRN; NYSE-MKT: WRN) Casino copper-gold project

hares of Abitibi Royalties (TSXV: RZZ) are up 168% since April 2016 — surpassing the Philadelphia Gold & Silver Index, which in Canadian dollars was up 90% in 2016.

The company’s shares traded at a 52-week low in April last year of $3.45, and touched a 52-week high of $10.75 in February 2017. They trade at $9.24 apiece.

The junior recently released exploration results from the Odyssey gold deposit, which is 1.5 km east of the current limit of the Canadian Malartic open-pit gold mine in Malartic, Que., midway between Rouyn-Noranda and Val-d’Or. Abitibi holds a 3% net smelter return royalty (NSR) on the Odyssey North zone within the Canadian Malartic mine property, which has See ABITIBI ROYALTIES / 10

Extraordinary PossibilitiEs

in Gold mininG and minErals ProcEssinG

“WE REALIZED THAT THERE WAS EARLIER PORPHYRY MINERALIZATION THAT HASN’T BEEN RECOGNIZED, [WITH] SOME OF THE LONGEST AND BEST GOLD GRADES IN DRILLING.” TONY BARRESI VICE-PRESIDENT OF EXPLORATION, TRIUMPH GOLD

“We discovered a whole bunch of interesting things, but we became really excited when we realized that there was an earlier stage of porphyry mineralization that hasn’t been recognized before. Some of the longest and best gold grades in drilling — at both Revenue and Nucleus — are related to that early porphyry event.”

The porphyry was later overprinted by mineralized hydrothermal breccias, quartz-porphyry dikes and a long, vertical pipe called a diatreme, which formed when gas-filled magma exploded its way through the rock.

“In the data sets, the diatreme and breccias are an exploration bull’s-eye, and that’s what previous exploration focused on. I don’t think there was a recognition that the host rocks for the diatreme may have actually been genetically related to the mineralization,” Barresi says.

1-16, 23_APR3_Main .indd 9

and Capstone Mining’s (TSX: CS) producing Minto copper mine, all in the Yukon.

When asked why he left the consulting firm Seven Devils Exploration to join Triumph, Barresi replied that he has “rarely seen a property that’s so ripe for geological interpretation …

I wanted to dig my teeth into it and see if I could find something.”

He says Goldcorp requested a private meeting to discuss the geological interpretations after hearing about the results at the Yukon Geoscience Forum last November.

“When we look at the geological data associated with the early porphyry event, we see a whole bunch of open ground on the property that is virtually untested by drilling,” he says.

Triumph has flagged three targets for follow up: Nucleus, Blue Sky and Generation.

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2017-03-28 7:37 PM

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APRIL 3–16, 2017 / THE NORTHERN MINER

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Abitibi Royalties is on a roll ABITIBI ROYALTIES From 9

been jointly owned by Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY) since 2014.

“The clear outperformance of our stock was due to Odyssey,” Abitibi Royalties president and CEO Ian Ball says in a telephone interview.

He notes that Agnico Eagle and Yamana started off with a $3-million exploration budget at Odyssey for a 25,000-metre drill program in 2015, and drilled 119,400 metres in 155 holes in 2016.

The Odyssey property is made up of the Odyssey North and Odyssey South zones, which strike east to southeast and dip steeply south.

Odyssey North has been traced from 600 metres to 1,300 metres below surface along a 1.5 km strike length, while Odyssey South has a strike length of 0.5 km and has been located between 200 and 550 metres below surface.

In February, Agnico and Yamana completed an initial inferred resource on the two Odyssey zones of 20.7 million tonnes grading 2.15 grams gold per tonne for 1.43 million oz. gold.

The companies also announced that they had found a zone at the Odyssey deposit called the Internal zone, which was not included in the resource estimate, but returned promising intersections, including 3.10 grams gold over 91.5 metres, 4.24 grams gold over 12.5 metres and 3.23 grams gold over 10.5 metres.

“There are certain parts of the Odyssey deposit our royalty does not cover, but it covers the majority of it,” Ball says, adding that “they’re continuing to make discoveries … and it seems like Odyssey could become a larger deposit.”

Ball notes that Abitibi’s royalty on Odyssey covers 1.04 million of the 1.43 million oz. inferred resource, and hopes that the Internal zone can add to those numbers.

“We don’t know how this is going to impact us until they come out with a new resource,” he says.

“The Internal zone is right in the middle of the Odyssey deposit. It’s a cross-structure going north–south versus the main deposit, which runs east–west.”

In addition to the 3% NSR on Odyssey North, Abitibi holds NSRs on other near-pit zones that were previously outlined by the mine operators, which include the eastern

1-16, 23_APR3_Main .indd 10

part of the Gouldie zone (2% NSR); Charlie zone (2% NSR), the eastern part of the Barnat extension-Barnat South Wall contact (3% NSR); and the Sheehan zone (3% NSR).

Ball, who joined Abitibi in 2014, says another factor in the company’s successs is its business philosophy.

“One of the things we have told our shareholders is that only under rare conditions would you ever see us issue shares,” he says. “When I joined in 2014 we had no money, so we did do a financing with Rob McEwen, but since that time we haven’t done any financings or issued any new shares for acquisitions.

It’s been the exact opposite — we’ve been buying back shares.”

Since 2015, Abitibi has spent $630,000 repurchasing 120,000 of its own shares at an average $5.25 per share, and management’s goal is to get the share count down from the current 11.2 million to 10 million, Ball says.

“We don’t have a firm date on that. We’ll be opportunistic when we repurchase the shares,” he says, adding “there aren’t too many juniors who have a $100-million market cap at a $9 share price.”

He adds that “the whole idea has been to keep the business model simple. That’s how we’ve gone about things differently. There are going to be no new share issues. We will continue to do buybacks, and we have our cash flow coming from our investment portfolio in addition to royalties, which will add to our cash flow starting next year, and on top of that, you have the exciting growth coming from Odyssey.”

Abitibi owns 3.5 million shares in Yamana and 335,000 shares in Agnico Eagle, holds $8 million in cash and has no debt.

Since setting up its Royalty Search portal — an online platform that junior mining companies and prospectors can use to pitch their properties to Abitibi — the company has acquired 18 royalties at a cost of $195,000.

In the last two months alone, Abitibi has bought four new royalties through its web portal.

Two of them, unveiled in February, are near existing mines in Ontario and Manitoba. The first agreement, in partnership with AuRico Metals (TSX: AMI), gives each company a 0.75% NSR on nine exploration properties throughout the Rainy River district in Ontario, near New Gold’s (TSX: NGD; NYSE:

“THE CLEAR OUTPERFORMANCE OF OUR STOCK WAS DUE TO ODYSSEY.” IAN BALL PRESIDENT AND CEO, ABITIBI ROYALTIES

NGD) Rainy River gold mine under construction, 65 km northwest of Fort Frances.

“In the Rainy River royalties and that district you don’t see a lot of active companies because New Gold and Rubicon have most of the land, and neither of them are focused on district opportunities,” Ball says.

“There was limited prospecting on those claims, and there were positive signs of higher grades in some of the rock samples taken historically, so we said, ‘OK, there’s been little exploration and New Gold’s Rainy River mine is going through teething problems,’ and that’s when you probably want to acquire claims, when no one else is in the area.”

The second NSR Abitibi picked up is another 1% royalty on privately held Nordic Minerals’s exploration property, 5 km southwest of Hudbay Minerals’ (TSX: HBM; NYSE: HBM) 777 polymetallic mine in Manitoba. The royalty near the 777 mine was one of the first royalties Abitibi ever acquired (a 2% NSR), and the latest acquisition brings its total royalty interest on the property to 3%.

“It appeared, based on historic documents, that Hudbay had drilled close to the property and hit mineralization similar to their 777 mine,” Ball says. “It’s hard to know whether the thicknesses is economic, but there was mineralization of a reasonable quality, and we liked what we saw when we looked at the drill assays.”

Ball adds that Nordic Minerals — an exploration company that is involved in oil and gas, as well as minerals — is expected to raise

A gold pour at Agnico Eagle Mines and Yamana Gold’s Canadian Malartic gold mine in Quebec. Abitibi Royalties holds a 2% net smelter return royalty on the Gouldie deposit and Charlie zone at Canadian Malartic. OSISKO MINING

flow-through financing this year to fund exploration at the property.

In March, Abitibi acquired a new royalty next to Goldcorp’s (TSX: G; NYSE: GG) Red Lake gold mine in partnership with AuRico Metals.

Under the agreement, each company has acquired a 1% NSR on two exploration properties, 6 km east and 8 km south of the Red Lake mine.

One set of claims is attached to the historic Madsen gold mine. “When you look at where the claims are and you look at where the historic underground workings from Madsen are located, our royalty is not far from the property boundary,” Ball says.

“It seemed to us that there was the possibility that Pure Gold, which owns the Madsen mine, would drill ever closer to the property boundary, which seems to be the case. That was one of the biggest producers

of gold in Red Lake.”

The other royalty, closer to the Red Lake mine, Ball says, was acquired because there is a geological fold east of the Red Lake mine and the claims are just off the fold. “From a geological perspective, it is pretty prospective,” he says, adding that Abitibi wants to capitalize on what it knows: North America and precious metals.

“We want to stay 80% in North America and 80% in precious metals,” he says. “We are not going to venture into new areas where we have no expertise or commodities where we have no skill set — that’s probably a quick way to lose money.”

Large shareholders in the company are Golden Valley Mines, which holds a 49.9% stake, and Rob McEwen, who has a 12.3% interest. TNM

Goldcorp takes 19.9% of Triumph TRIUMPH From 9

At Nucleus, most mineralization was thought to be controlled by quartz-porphyry dikes along the margin of a microgranite, with 74 million indicated tonnes of 0.54 gram gold per tonne and 63.8 million inferred tonnes of 0.39 gram gold, assuming a 0.3 gram gold cut-off, noted in resources.

But after some data sleuthing, Barresi says that mineralization appears to follow the edges of the microgranite, rather than the dikes.

“The minera lization looks more like space-filling replacement zones, analogous to a skarn,” he says. “Although the dikes introduced and remobilized some metals, the data suggests that the earlier porphyry event was more important in terms of total metal endowment. So we believe there’s another 2.5 km circumference of microgranite contact that could be mineralized, and it has never been drill tested.”

The second target Triumph plans to test is at Revenue, where previous exploration outlined an inferred resource of 80.8 million tonnes of 0.39 gram gold, 3.45 grams silver per tonne, 0.14% copper and 0.05% molybdenum along the southern edge of a diatreme that crosscuts a microgranite.

“On the eastern side of the Revenue diatreme there are three holes, among the last ever drilled, and they have some of the best coppergold-molybdenum intercepts in the

area. At surface we see chargeability highs, magnetic anomalies and associated soil anomalies — all the good stuff you want to see for a large porphyry system — but the mineralization wasn’t hosted in the diatreme, so the holes were never followed up with additional drilling,” he says.

Drilling this year will also test the Generation zone, which Barresi stumbled upon during fieldwork last year.

Generation is 800 metres north of the Revenue diatreme.

“The overburden in the area is thick, but placer mining has exposed a couple of outcrops in the streams. One of the outcrops had dense quartz-sulphide stockworks, whereas the other got us particularly excited, because it was biotite altered with traces of bornite … there was also a 1.5-metre-thick, quartz-chalcopyrite vein ripping right down the middle. But what blew us away is that it’s never been drilled, even though it represents the high-temperature core of a porphyry system,” he says.

He adds that the mineralization sits 150 metres above the modelled depth of an intense chargeability high that spans 2 by 1 km.

Historical samples taken from the outcrop returned up to 0.3% copper and up to 0.23 gram gold, which may be why previous explorers ranked the target as low priority, Barresi adds.

“It just didn’t pass the grade test and wasn’t recognized as poten-

tially being part of a much larger porphyry system,” he says. “People are knocking themselves out right now looking for a buried porphyry, and if you drilled into something that looks like this outcrop, you’d go crazy. These outcrops are minuscule in size, the grade could be just next door … think of all the locations within a porphyry system where you’re going to get sub-economic grade — they’re all over the place. You can drill a couple of holes in the world’s best porphyry deposits and not hit ore grade.”

Triumph is the newest addition into Goldcorp’s portfolio of significant stakes in junior explorers.

Since early 2016, it has driven $58.4 million into juniors that have projects with district-scale potential, as a way to increase its exposure to greenfield discoveries.

The miner plans to invest up to $100 million in 15 to 20 juniors, as announced during this year’s Association for Mineral Exploration Roundup convention in Vancouver.

Other juniors in Goldcorp’s portfolio include Gold Standard Ventures (TSXV: GSV; NSYE-MKT: GSV), Sirios Resources (TSXV: SOI), Independence Gold (TSXV: IGO) and Auryn Resources (TSX: AUG; US-OTC: GGTCF).

Triumph shares have traded within a 52-week range of 23¢ to 50¢, and closed at 39¢ at press time. The company has 59.7 million shares outstanding for a $23.9-million market capitalization. TNM

2017-03-28 7:37 PM

GLOBAL GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 3–16, 2017

11

GLOBAL GOLD SNAPSHOT Six juniors developing high-impact projects around the world With gold prices holding above US$1,200 per oz. and money flowing back into earlier-stage exploration and development projects, gold juniors are poised to make progress at projects around the world this year.

Here is a look at six such companies.

GOLDSTRIKE RESOURCES Excitement around Goldstrike Resources’ (TSXV: GSR; US-OTC: APRAF) gold exploration projects in the Yukon hit a new level in early March, with U.S. gold mining giant Newmont Mining (NYSE: NEM) swooping in with a US$39.5-million deal comprised of a private placement and staged work commitments to advance Goldstrike’s Plateau gold project in the central-eastern portion of the territory.

Newmont will make an initial US$4.5-million, non-brokered private placement in Goldstrike to buy 12.7 units at 47.42¢ per unit, and has a right to earn an initial 51% interest in Plateau by paying US$6 million in cash, spending at least US$13 million on exploration and completing a National Instrument 43-101 compliant resource estimate.

In the second stage, Newmont could earn another 24% by spending US$16 million on exploration and completing a feasibility study by 2027. Newmont would have more spending and funding commitments with a mine.

“Goldstrike is now fully funded to move forward and unlock the potential of the district-scale Plateau gold project,” Goldstrike president and CEO Terence King said.

KIRKLAND LAKE GOLD The dust has settled at Torontobased gold miner Kirkland Lake Gold (TSX: KLG; US-OTC: KLGDF) after the company fended off a hostile $1.4-billion offer from Gold Fields and Silver Standard Resources.

Instead, in November Kirkland Lake completed a friendly business combination with Australia’s Newmarket Gold to form a midtier gold company with annual production exceeding 500,000 oz. gold from three high-grade, low-cost operations: the flagship Macassa and Taylor mines in northeastern Ontario; and the Fosterville mine in the state of Victoria, Australia.

In March, Kirkland Lake Gold reported finding the Lantern gold deposit within its Australian Northern Territory operations at its Cosmo open-pit and underground gold mine, with intercepts such as 119 grams gold per tonne over 4.5 metres and 15.27 grams gold over 11.1 metres.

In March Kirkland Lake boosted Macassa reserves by 37% to 3 million tonnes grading 20.8 grams gold per tonne (2 million contained oz. gold) and Fosterville by 66% to 2.2 million tonnes at 9.2 grams gold (643,000 oz. gold). All the company’s Canadian and Australian assets have 5.3 million oz. gold in additional resources.

Goldstrike Resources’ chief operating officer Bill Chornobay at the Plateau gold project in the Yukon. GOLDSTRIKE RESOURCES the country’s south. By all technical standards it is a conventional openpit mining and milling plan that seems destined to succeed.

Updated in February 2017, Amulsar’s proven and probable reserves stand at 103 million tonnes grading 0.79 gram gold per tonne and 3.9 grams silver per tonne, or 2.6 million contained oz. gold and 12.7 million oz. gold. Measured and indicated resources are 142 million tonnes at 0.76 gram gold and 3.8 grams silver, and inferred resources add 72 million tonnes at 0.55 gram gold and 3.3 grams silver.

After many years of development and permitting, mine construction is getting underway with targeted production of 225,000 oz. gold annually for at least 10 years at all-in sustaining costs (AISCs) of US$585 per oz. gold, with first gold production slated for 2018.

Lydian has recently signed major equipment supply contracts with Zeppelin, Sandvik, Azmet, ABB and Renco to help develop Amulsar.

The US$438-million project cost (including a US$370 capex) is being financed by equipment loans, a capped stream, a term loan and equity. As of early March, 40% of capex has been committed by Lydian.

ROXGOLD Despite being a relatively young company, Roxgold (TSXV: ROG) has swiftly become a gold producer. On Oct. 1, 2016, it achieved commercial production at its high-grade Yaramoko gold mine in Burkina Faso’s Houndé greenstone belt. This feat was accomplished US$4-million under budget, six weeks ahead of schedule, and only 30 months after the tabling of a positive feasibility study.

TMAC RESOURCES

southern Mexico.

TMAC Resources (TSX: TMR) is already producing gold at its remote, wholly owned Hope Bay gold property in northern Nunavut.

The first gold pour was on Feb. 9 from the project’s Doris mine and mill complex, which TMAC says is on the cusp of achieving commercial production after having completed plant commissioning.

Having produced 279,937 oz. gold at an AISC of US$733 per oz. at ELG in 2016, Torex aims boost this figure to 350,000 to 380,000 oz. gold this year at an AISC of US$775 to US$825 per ounce.

At year-end, TMAC had stockpiled 121,600 tonnes of ore grading 14.5 grams per tonne gold and containing 56,500 oz. gold. TMAC says the ore stockpile will be used to augment mill throughput to 1,000 tonnes per day during 2017, as it ramps up mining rates to 1,000 tonnes per day and hits a planned expansion to 2,000 tonnes per day starting in early 2018.

As of Dec. 31, 2016, TMAC had spent $350 million building the mine, which could produce 130,000 to 140,000 oz. gold this year, at AISCs below US$750 per ounce.

TOREX GOLD RESOURCES Fred Stanford-led Torex Gold Resources (TSX: TXG) is in full growth mode at its El LimonGuajes (ELG) gold mine complex in

As operations ramp up, Torex is working to improve the performance of its tailings filtration plant and sulphidization, acidification, recycling and thickening plant to manage soluble copper.

Based on a 3.6 million oz. reserve calculated in 2015, the mine is slated to produce 370,000 oz. gold annually for 8.5 years at a life-of-mine AISC of US$616 per oz. — exploiting an open pit with a relatively high grade of 2.6 grams gold.

Only 7 km away from ELG lies Torex’s promising Media Luna gold project, which already has an inferred resource of 7.4 million equivalent oz. gold. In a preliminary economic assessment, Torex envisages spending US$482 million to build a mine that would produce 350,000 oz. gold equivalent for 13 years at an AISC of US$636 per ounce. TNM

As of Dec. 31, 2016, the company had poured 77,157 oz. gold and had US$70 million in cash to end the year on a strong note.

This year, Roxgold plans to produce 105,000 to 115,000 oz. gold at AISCs of up to US$790 per oz. gold. It is also working to connect the mine to the Burkina Faso high-voltage electricity network, which should lower costs across the operation.

Roxgold reports that Yaramoko’s orebody widths and grades are in line with expectations, and that it sees positive ground conditions and geological definition.

It expects to update the Zone 55 resource shortly, and come up with an updated life-of-mine plan for Yaramoko, including devising a development strategy for the Bagassi South deposit.

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Los Filos has been Mexico’s third-largest gold mine, based on 2015 production numbers. The mine lies 230 km south of Mexico City. LEAGOLD MINING.

Leagold to buy Goldcorp’s Los Filos GOLD

BY MATTHEW KEEVIL

L

mkeevil@northernminer.com

eagold Mining (TSXV: LMC) envisions itself as the next intermediate gold producer in Latin America, and that journey is now underway with a US$350million deal in early 2017 to acquire Goldcorp’s (TSX: G; NYSE: GG) Los Filos gold mine, 230 km south of Mexico City.

The acquisition may appear ambitious for a gold junior, but the company’s management has the needed development and mining experience. Leagold’s entire management team was involved in Endeavour Mining (TSX: EDV; US-OTC: EDVMF), which grew into a leading gold miner in West Africa.

Leagold emerged in mid-2016 with US$25 million in cash. Leagold CEO Neil Woodyer holds a 20.4% equity stake, while financier Frank Giustra has an 11.5% share interest.

“We’d been through this experience before, and we started by looking for new jurisdictions

| CEO Neil Woodyer sees opportunity as majors look to divest assets

where we could apply our business model. Latin America emerged as an obvious choice,” Woodyer says in a phone interview from London, England.

“First, the size of the mining industry and opportunities there are much bigger. Second, there are a number of seniors that may be divesting properties and a number of juniors that may be struggling.

We’re hoping it’s a better situation in terms of capital markets and gold prices than we lived through five or six years ago,” he added.

Leagold will acquire Los Filos for US$279 million in cash and US$71 million in shares, which will result in Goldcorp holding a 22% interest in Leagold.

Leagold has arranged a US$150million, senior-secured loan facility from a fund managed by Orion Resources Partners, and closed a $175-million equity offering, wherein it issued 63.6-million subscription receipts priced at $2.75 each.

Los Filos consists of the Los Filos and El Bermejal open-pit mines,

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1-16, 23_APR3_Main .indd 12

an underground mine at Los Filos, and the opportunity to develop an underground mine at El Bermejal.

Gold is recovered from crushed and run-of-mine ore through heapleach processing. The operation generated 194,000 oz. gold through the first nine months of 2016 at all-in sustaining costs (AISCs) of US$854 per oz. gold.

“Los Filos is obviously a large asset to acquire for a company of our size,” Woodyer says. “But it’s small when compared to some of the assets in Goldcorp’s portfolio, and things are getting a bit more complicated, as operations move toward a second underground mine.

So it was on the market. They could see the benefit of Los Filos growing, however, and they will have a significant share position in our company to maintain exposure to that upside.”

Los Filos has proven and probable reserves of 40.7 million tonnes grading 1.3 grams gold per tonne for 1.71 million contained ounces.

Only counting current reserves, the mine foresees an eight-year life and the production of 1.3 million oz. gold at an average AISC of US$803 per oz. gold.

Mineralization is hosted by, or spatially associated with, marble and skarn alteration formed during contact metamorphism of the carbonates. Massive magnetite, hematite, goethite and jasperoidal silica — with minor associated pyrite, pyrrhotite, chalcopyrite and native gold — typically occur in the veins and metasomatic replacement bodies that developed at the contacts between the carbonates and intrusive rocks.

Bermejal extends at least 400 metres below open-pit operations.

The deposit hosts measured and indicated resources of 4.7 million tonnes averaging 6.65 grams gold and 22.37 grams silver for 1.01 million contained oz. gold and 3.4 million contained oz. silver. There is another inferred resource of 4.2 million tonnes averaging 5.05 grams gold for 0.68 million contained ounces, which has been the focus of recent infill drilling.

On Feb. 8, Leagold released a preliminary economic assessment modelling an underground expansion at Bermejal that would require US$47 million in capital expenses.

The development could add 1.4 million oz. gold production over an eight-year mine life at an average US$439 per oz. AISC. “We’re going to start a program to expand the Bermejal underground right away, but there is also significant additional potential to extend the mine life way beyond its current nine years,” Woodyer said.

“The underground exploration is obviously a priority, since we need to make sure our feasibility study is optimal. Goldcorp is completing a drill program right now, but we’ll add step-out and infill of our own.

There is also regional potential we have to realize, however, so I would expect us to spend more on exploration moving forward,” he adds.

Woodyer also comments that a “smaller, perhaps less traditional mining company” such as Leagold can look at Los Filos from a “different perspective” than a major.

Leagold could contemplate the economic potential of another process facility, as well as an agglom-

“LOS FILOS IS A LARGE ASSET TO ACQUIRE FOR A COMPANY OF OUR SIZE, BUT IT’S SMALL COMPARED TO [GOLDCORP’S OTHER] ASSETS.” NEIL WOODYER CEO, LEAGOLD MINING

eration circuit.

The company intends to fund the Bermejal expansion, and auxiliary operational improvements, via its starting capital position and future cash flows.

“The Bermejal underground has had a permit application submitted and received for the portal and decline that would access the deposit,” Leagold senior vice-president of technical services Doug Reddy says.

“We’re just going through the final phases of reviewing the project designs at the moment. Development could commence in the second quarter. When it eventually becomes part of the full production schedule there would likely need to be a permit revision, but that shouldn’t be a big deal, because it’s all within the footprint of the existing mine and facilities.”

Leagold also hopes to explore more near-mine and regional targets at Los Filos later on. The company sees potential in the immediate vicinity of the Bermejal open pit and the San Pablo prospect. Reddy estimates that there is over 30 km of strike of intrusive contact on the broader property package, and sees prospectivity in the past-producing Guadalupe deposit.

“More people are looking for assets right now. It’s very marketdriven in terms of the availability of capital, and there was competition for this asset,” Woodyer says. “There are a number of other seniors that may look to divest similar projects, and that plays into our feeling that this is a great time to develop a new company. We looked at Los Filos and dropped everything else, because it’s such a good mine. We can see the expansion upside, and that makes it a great asset for us to get a head start.” TNM

2017-03-28 7:37 PM

GLOBAL GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 3–16, 2017

13

Keith Barron back on the hunt for riches of Ecuador’s Lost Cities GOLD

| Fruta del Norte finder zeroes in on ancient gold camps

BY TRISH SAYWELL

T

tsaywell@northernminer.com

he remarkable story of Aurelian Resources and its discovery of Fruta del Norte — a blind gold deposit the company’s geologists found in the Cordillera del Condor in southeastern Ecuador — is one for the history books.

The narrative begins with Keith Barron, an exploration geologist who cofounded Aurelian in 2001, listed the company on the TSX Venture Exchange in 2003, and, along with Stephen Leary and Patrick Anderson, discovered the multimillion-ounce gold deposit in 2006, selling it two years later to Kinross Gold (TSX: K; NYSE: KGC) for $1.2 billion.

Perhaps less well known is that at the time of the discovery, Barron had been looking for two famous gold-mining areas in the country, which historic Spanish documents and maps from the 16th and 17th centuries referred to as “Sevilla del Oro” and “Logrono de los Caballeros.”

The quest began somewhat serendipitously in 1998, when Barron, on a field leave from a job in Venezuela, happened to enroll in a Spanish language school in Quito, Ecuador’s capital city. To immerse himself in the language, Barron lived with a local family, the head of which was a history professor, Octavio Latorre, who had earned a PhD from Boston College.

The professor, delighted that Barron was a geologist, told him about seven ancient gold-mining areas or cities in the “Audiencia de Quito,” or present-day Ecuador, which had been mined in the days of the Spanish conquistadors.

Five of the ancient mining centres had been rediscovered, most recently Nambija in 1981, and the remaining two — Sevilla del Oro and Logrono de los Caballeros — have yet to be found.

Nambija — last mined in 1603 — was found when a hunting party accidentally came across open tunnels in the jungle. The discovery sparked a gold rush, not all that dissimilar from the one at the Serra Pelada deposit in Brazil, which in the early 1980s attracted tens of thousands of artisanal miners to the site, 430 km south of the mouth of the Amazon River.

In Ecuador’s case, 25,000 artisanal miners swarmed Nambija within months. About 2.7 million oz. gold was produced between 1981 and 2000, but an untold amount found its way onto the black market.

As such, few taxes were ever paid to the government and very little money flowed back into the surrounding communities. The miners also left behind a trail of destruction: a collection of unstable underground workings, open sewers, unreclaimed spoil heaps and damaged vegetation and wildlife habitat. In 2000, about 300 people perished when hills of mine waste buried the surrounding town.

“Nambija ended up being exploited in a chaotic fashion and is now considered as the world’s worst mercury-polluted site,” Barron says in an interview from his home in Switzerland. “The government thought that if they had found one of these lost places and secured it back in the day, they could have sold the rights to a company like Placer Dome, or to Homestake or Newmont.”

Nambija had been a Spanish mine, and perhaps before that an Incan mine, and was mentioned

1-16, 23_APR3_Main .indd 13

Keith Barron reading a letter by Columbus, at the General Archive of the Indies in Seville, Spain. PHOTO COURTESY KEITH BARRON

“IT’S AN INCREDIBLE THING TO HANDLE A DOCUMENT WRITTEN IN 1627. IT HAS MENTIONS OF GOLD FROM ALL OVER THE SPANISH EMPIRE, AND I WISH I HAD ANOTHER LIFETIME TO TRACK THEM ALL DOWN.” KEITH BARRON PRESIDENT AND CEO, AURANIA RESOURCES

in archival documents and maps, Barron says. So the government enlisted Latorre and a handful of other historians, and asked them to look for old mines that had been exploited by the Spaniards or the Inca or other pre-Columbian group before them. Their hope was that if any were found, they could be mined responsibly for the benefit not just of the local communities but all Ecuadorian people. A change in government, however, brought this work to a close, and the fruits of the historians’ research was catalogued in a small paperback published in 1990 called Investigacion historica de la mineria en el Ecuador.

Latorre was undeterred, however.

“The professor decided to continue with his work, and that’s when I met him in 1998, purely by serendipity,” Barron recalls. “He was intrigued that I was a geologist and wanted to tell me what he had been doing all those years. He had continued the research on his own dime after the government project ended, and when I met him he was extremely excited about two places — Sevilla del Oro and Logrono de los Caballeros.”

What Latorre had found in historic Spanish literature, including reports of gold production, pointed to Sevilla del Oro and Logrono de los Caballeros as the sites of two famous

This map titled “The Gold Regions of Peru” was produced by Flemish cartographer Abraham Ortelius in 1574 and references storied gold-mining centres Logrono and Sevilla del Oro in modern-day Ecuador. AURIANA RESOURCES

History professor Octavio Latorre, who has helped Keith Barron in search for historic gold centres in South America. PHOTO COURTESY KEITH BARRON

gold-mining areas that operated in the 16th and 17th centuries, but whose locations had been lost over time in the jungle.

Latorre convinced Barron in 2000 to look for the two lost cities, and after spending two months pouring through the library of the United States Geological Survey in Reston, Va., and the Geological Survey of Canada in Ottawa, the young geologist returned to Ecuador in 2001 and focused his fieldwork in the provinces of El Oro, Loja and Zamora-Chinchipe, all of which had legacies of gold production.

The search for the two lost cities took a left turn, Barron says, when

he and his colleagues found intensely altered breccias in outcrop near Alto Machinaza, and for the next five years explored the Aurelian concessions in the Cordillera del Condor, finding Fruta del Norte in March 2006.

Fruta del Norte made Barron a wealthy man and he eventually moved to Switzerland, but he and Latorre continued their hunt for Sevilla del Oro and Logrono de los Caballeros. They hired archivists to help them pour through documents in the General Archives of the Indies in Seville, Spain, which is the main repository for documents from the Spanish colonial era.

“Seville used to be the historic capital of Spain, and that’s where Barron and Latorre’s archivists — Guadalupe Fernandez Morente and Esther Gonzalez Perez — found more than 100 documents relating to Logrono de los Caballeros and Sevilla del Oro ... while Barron and Latorre supplemented the research with archival searches in various libraries in Ecuador; the Archivo See LOST CITIES / 14

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2017-03-28 7:37 PM

14

APRIL 3–16, 2017 / THE NORTHERN MINER

GLOBAL GOLD

WWW.NORTHERNMINER.COM

Integra doubles indicated gold resource at Triangle QUEBEC

BY SALMA TARIKH

I

starikh@northernminer.com

ntegra Gold (TSXV: ICG; USOTC: ICGQF) has doubled the gold ounces of the Triangle deposit at its 100% owned Lamaque gold project in Val-d’Or, Quebec.

The March 2017 estimate shows — using a 3-gram gold cut-off — indicated resources increased 100% from 737,590 oz. to 1.47 million ounces (6.3 million tonnes grading 7.32 grams gold per tonne). Inferred resources fell 1% to 991,800 oz. at 5.67 grams gold.

At a higher cut-off of 5 grams gold, indicated ounces jumped 105% from 580,150 to 1.19 million (4 million tonnes at 9.24 grams gold). Inferred resources dropped 15% to 631,200 oz. at 7.85 grams gold.

The new estimate highlights gains in the indicated resource at both cutoffs. The average grade at both cutoffs improved (4% at 3 grams gold and 3% at 5 grams gold), Raymond James analyst Tara Hassan writes.

| Cash-rich junior intends drill 80,000 metres or more at Lamaque

The updated resource incorporates 117,000 metres of new drilling completed at Triangle in late 2015 and 2016, with 75% of that drilling being infill. The effective date of the estimate is Jan. 11, 2017, with Integra noting it has since drilled another 15,000 metres in 75 holes at Triangle.

This is the third resource estimate for Triangle since Integra recognized the steeply dipping (45- to 75-degree) C-structures and their relationship with the flatter (25- to 55-degree) C-splay structures, the company says.

Haywood analyst Kerry Smith says that 67% of the new indicated resource (at a 3-gram cut-off) lies within the C-structures, which have an average true thickness of 3.7 metres, making it“perfectforcheaperlong-holemining.”

The C-splay structures, which have an average true thickness of 2.6 metres, account for the rest of the indicated resource.

The recent increase in the indicated resource “derives from successful

infilling of the C2 and C4 structures, while showing upside to convert and expand C5 inferred ounces,” BMO analyst Andrew Mikitchook says.

The Triangle deposit contains 75% of Lamaque’s current global resource of 1.92 million indicated oz. and 1.34 million inferred oz., at a 3-gram cut-off.

Integra intends to use a variable cut-off grade ranging between 4.5 grams and 5.5 grams depending on the deposit at Lamaque, Smith notes.

Along with Triangle, the project has five other deposits: the No. 4 plug, Parallel, No. 6 vein, Fortune and Sixteen.

On Feb. 27, Integra tabled an updated preliminary economic assessment (PEA) for Lamaque, where it envisioned extracting gold through underground mining from the Triangle, Parallel and No. 4 plug deposits. Annual production should range between 123,000 and 155,000 oz. over a 10.5-year mine life. Expected start-up costs are $175 million, with all-in sustaining costs

of $824 per ounce.

While the PEA used the November 2016 resource estimate for Lamaque, Integra says the updated Triangle resource does not affect the study’s “validity or currency.”

It says, however, the update supports the potential to increase the project’s mine life or throughput — something that it will assess in future studies.

“We are especially encouraged by the substantial upgrade in indicated resource grade, width and total ounces of the near-surface C2 structure, which accounts for most production in the early years of the proposed mine plan,” Stephen de Jong, Integra’s president and CEO, said in a release.

Year-to-date, Integra has finished 22,884 metres of infill and extension drilling 102 holes at Lamaque, of which 75 holes went into Triangle.

Integra has five drills turning, including three at Triangle, one at Plug No. 4, and one at the Lamaque Deep target. The 2017 drill campaign

includes at least 71,000 metres of surface drilling, where the focus will stay on Triangle and Plug No. 4, as well as testing high-impact targets, including Lamaque Deep and others found during the 2016 Gold Rush Challenge, Integra says.

The junior also intends to drill 10,000 metres underground using the Triangle exploration ramp.

Integra has finished 750 metres of that ramp, noting it should reach the C2 structure of the Triangle deposit in April.

The underground drilling, expected shortly, will target the C2 structure at 10-metre centres in the bulk sample area.

I nte g r a pl a n s to s t a r t t he 5,000-tonne bulk sample in the second quarter. It also expects to publish a resource update on the Sigma deposit, 3 km northwest of Triangle.

Integra closed March 22 up 6.4% at 83¢ per share, within a 52-week range of 42¢ to 96¢. It has $38 million cash-on-hand. TNM

Keith Barron back on the hunt for riches of Lost Cities LOST CITIES From 13

Historico Arzobispal and the Riva Aguero Insitute in Lima, Peru; the Biblioteca Nacional de España in Madrid; the Rare Book Section of the New York Public Library; the British Museum Library; and the Manuscript section of the Apostolic Library of the Vatican.

“Professor Latorre happens to be the brother of the Ecuadorian Ambassador to the Holy See, and he got us access to the Vatican library in Rome, and I’ve been there twice now,” Barron says. “I went there last May to hunt down an interesting book that almost gives you a roadmap to Sevilla del Oro. It’s an incredible thing to handle a document written in 1627. It has mentions of gold from all over the Spanish Empire, and I wish I had another lifetime to track them all down.”

Barron says there are numerous mentions in the historical records of the presence of gold at Logrono and Sevilla del Oro, but it is unclear whether it was placer or hard rock.

He also notes that many of the documents they have found over the last decade “are torn, worm-eaten or otherwise hard to decipher,” and were written in an “obsolete version of the language — resembling Elizabethan English.”

Occasionally, the documents have contained contradictory statements, he adds, and the settlements have been destroyed and at least twice moved. Nevertheless, he says, documents they have found mention both Sevilla del Oro and Logrono de los Caballeros as once important centres of gold mining, and his study of ancient maps and the geology has narrowed the search area. “Just because documents are very old, it doesn’t mean they aren’t accurate.”

In 2004, in the New York Public Library’s card catalogue in the rare books section, Barron found a map from 1574 called the “Gold Regions of Peru,” which is from the world’s first atlas. The map marked the settlements of Logrono and Sevilla del Oro, but “due to extreme age, it can only be considered as an approximation,” he says. “What was intriguing was the relatively accurate positioning of the towns in the interior of what is now Ecuador.”

1-16, 23_APR3_Main .indd 14

Latorre says this could only have been drafted by someone who had been on the spot or in dialogue with someone with firsthand knowledge of the area.

“There’s this little point on the map, and it’s a label on a river and says ‘El Pongo’ — a native word in the local dialect that means rapids,” Barron continues. “It’s a very, very narrow canyon with a furious rapid running through it in Peru, not far from the Ecuadorian border. This is the famous El Pongo de Manseriche, which is a narrow gorge through which the Maranon River passes — a treacherous rapid that conquistador Juan Salinas de Loyola descended in 1557.”

Barron and Latorre surmise that Salinas de Loyola may have founded what became Sevilla del Oro in 1560, and quite possibly Logrono around 1568.

Barron has staked 2,080 sq. km — 1.5% of Ecuador’s total landmass — in the Cordillera de Cutucu, where he says the two lost cities might be found. Fruta del Norte, in the adjacent Cordillera del Condor, is 90 km south of Barron’s new Lost Cities project, and has vended into Aurania Resources (TSXV: ARU).

The Nambija skarn deposits lie 95 km southwest.

“I didn’t expect it to take as long as it did before Ecuador came to its senses and opened up its land registry so that we could acquire land again,” he says. “They had closed it from 2008 right through until last year. When they reopened it they didn’t even have any forms to fill out. That’s why it took me until the end of December 2016 to get the titles awarded.

“I was worried that somebody might stumble upon it — that somebody walking around in the bush would stumble across some old pits and rock dumps, and find Logrono and Sevilla del Oro,” he says. “It’s lucky that nobody has done that in the last seven years. This area is virgin. It hasn’t been tackled by mining companies before, though it has been mapped by oil companies because there is a producing basin to the north, but the infrastructure was poor up until a few years ago, when they built a road down the west side of the Cordillera. Before then there were no roads at all, and

Keith Barron in 2003 on Aurelian Resources’ gold property in southeastern Ecuador. PHOTO COURTESY OF KEITH BARRON

I think the canyon to the south, where the Rio Santiago sits, was an impediment.”

Cordillera Cutucu and Cordillera del Condor form foothills on the Amazon side of the Andes mountain chain. The two cordilleras are separated by the valley of the Santiago River, which flows east into the Amazon River system. The two cordilleras are essentially one geological and geomorphic feature, Barron says, and represent an uplifted back-arc rift basin of Jurassic age into which porphyry bodies and their volcanic counterparts have been emplaced.

Barron notes that Cordillera de Cutucu is the follow-on of Cordillera del Condor and that the two are on the same strike, the same trend and in the same geology. “They’re the same but are cut through by the Rio Santiago, and that river runs east–west, and is the only river that runs down into the Amazon,” he says. “But it sits in a deep canyon.

Everything to the north is called Cutucu and everything to the south is called Condor.”

Barron points out that mining companies have explored south of the Rio Santiago in an incredibly well-endowed mineral belt.

There are three copper porphyries in pre-production (Panantza, San Carlos and Mirador), right up to the southern side of the river, which were found by Gencor and BHP Billiton (NYSE: BHP), and are now owned by

EcuaCorriente, an Ecuadorian subsidiary of China’s CRCC-Tongguan consortium.

In addition to the 7.4 million oz. Fruta del Norte — now owned

by Lundin Gold (TSX: LUG; USOTC: LUNMF), which acquired it from Kinross in 2015 — there is also Lumina Gold’s (TSXV: LUM) Santa Barbara deposit, and Dynasty Metals & Mining’s (TSX: DMM) Jerusalem and Chinapintza deposits.

There are at least 12 other copper porphyries in the belt, some of which are owned by David Lowell’s group JDL Gold Corporation. (Lowell counts Escondida in Chile among his many major discoveries.)

“I have never been a believer that geology just stops because someone says it stops in a certain place — it’s going to continue right on through the Jurassic belts, and when we start prospecting it, we’ll find numerous anomalies,” Barron says. “I have seen people panning gold who say there are others panning for gold too. We just haven’t been on the ground to check it out because it’s a massive, massive area — 208,000 hectares — so it’s going to take a while.”

Barron is planning an airborne survey “that should pop out any copper porphyries,” and also do stream sediments over the whole project area, which will take a lot longer.

“When we did stream sediments at Aurelian it led to the discovery of Fruta del Norte and over 30 different gold occurrences, so it’s a powerful

tool, and I know it works,” he says.

“Any exploration manager who has any guts should be tackling this thing. I say you need guts because there’s little infrastructure and it’s virgin territory, but, as demonstrated with Fruta del Norte, that’s how you find the elephants.”

Aurania is now in the midst of raising money — $6 million — and, if all goes well, the company should start the airborne survey in June or July.

“For any geologist, putting this kind of historic narrative together with good geology is very, very compelling, and it’s incredibly fun,” he says. “It’s like a dream come true ... I don’t know what we’re going to find, maybe nothing. It’s in the hands of God — las manos de Dios — but all the indicators are there, and, as exploration geologists, this is what we do. We work on hunches, we sift through evidence, and sometimes we work with historical narratives, as well.”

In the meantime, professor Latorre is now 86 years old.

“He says he isn’t passing on until we’ve found them,” Barron says.

“Sevilla del Oro and Logrono de los Caballeros are his babies. He has been working on this for a long time.”

Barron says that “records are kept for the old empire, from the diaries of Christopher Columbus right up to the age of independence. In the archives there are 40,000 manuscript boxes containing 80 million pages of documents — an incredible resource and a World Heritage Site ... two archivist helpers worked there for a year and a half.”

Barron says that in the Spanish possessions of the New World it was illegal to possess undeclared gold dust or nuggets — all gold production had to be surrendered to the Caja Real, or Royal Treasury, where it was cast into rough ingots.

A few of the ingots have been recovered from colonial shipwrecks, but typically they were not preserved and were recast into coins when they reached Spain.

What has survived, however, are thousands of written accountancy records, annual reports and other correspondence, most of which is housed in the General Archive of the Indies. TNM

2017-03-28 7:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 3–16, 2017

15

Infrastructure at AuRico Metals’ past-producing Kemess copper-gold project, 250 km north of Smithers, British Columbia. AURICO METALS

AuRico CEO Richter on Kemess permits, royalty strategy COPPER-GOLD

BY MATTHEW KEEVIL

A

mkeevil@northernminer.com VANCOUVER

uRico Metals (TSX: AMI; US-OTC: ARCTF) is closing in on regulatory approvals to revive the Kemess copper-gold mine, 250 km north of Smithers in north-central British Columbia. On March 15, the company received its environmental assessment certificate from the Canadian Environmental Assessment Agency to restart underground mining at the site, where open-pit operations cranked out 3 million oz. gold and 750 million lb. copper between 1998 and 2011.

The brownfield Kemess South project includes a 300-person camp footprint, 52,000-tonne-per-day processing plant, service roads, airstrip and an electrical substation.

Contingent on higher metals prices, AuRico plans to restart mining with ore from the Kemess Underground deposit, which sits 6.5 km north of the grinding, flotation, thickening and concentrate-handling facilities.

The redevelopment would require US$380 million in capital expenses, which would be largely earmarked for underground development.

“It was a good process for us. We kicked it off in 2015, so it’s been a long road,” president and CEO Chris Richter says during an interview.

“What’s interesting in terms of the environmental assessment is that we’re the first company to receive our certificate and decision statement from the federal government under substituted permitting, which involves B.C. and the government of Canada coordinating on the process. It’s the only province that has that type of framework, and we’re the first mining project to make it through.”

The Kemess Underground reserves are located between 200 to 550 metres below surface, and total 107.4 million tonnes grading 0.53 gram gold per tonne, 0.27% copper and 1.99 grams silver per tonne, which equates to 1.9 million contained oz. gold, 630 million contained lb. copper and 6.9 million contained oz. silver.

The company would process ore at an average 25,000 tonnes per day,

1-16, 23_APR3_Main .indd 15

| BC and federal government coordinate on permitting decisions

“THE FEDERALPROVINCIAL [PERMITTING] SUBSTITUTION FRAMEWORK WORKED WELL FOR US. WE’RE POSITIVE ON HOW IT’S SHAPING UP, BUT YOU NEED TO BE PATIENT.” CHRIS RICHTER PRESIDENT AND CEO, AURICO METALS

while placing waste rock and tailings in the old Kemess South open pit.

Test work on underground material has reportedly recovered 91% copper, 72% gold and 65% silver.

The reimagined Kemess operation would have life-of-mine production of 1.4 million oz. gold and 573 million lb. copper. Average annual production is estimated at 106,000 oz. gold and 47 million lb. copper.

At US$1,250 per oz. gold and US$3 per lb. copper, AuRico’s feasibility study features a 15.4% after-tax internal rate of return and a $421-million net present value at a 5% discount rate. The project will require more normal course licences and permits, which are expected in early 2018.

“We’d like to see sustainable metal prices at those levels before making a positive production decision.

In terms of permitting, there’s an interesting discussion about B.C. as a mining jurisdiction right now.

We’re very positive on the province,” Richter says.

“We’ve just moved through the environmental assessment process, and we feel the government worked well with all the interested parties ... they helped drive the process and assured that timelines were met.

The federal-provincial substitution framework worked well for us. We’re positive on how it’s shaping up, but you need to be patient,” he adds.

AuRico also plans to advance a preliminary economic assessment

for the Kemess East deposit, which sits 1 km east of the Kemess Underground. The company is working to increase confidence on a “highgrade core” at the satellite deposit, and released an updated resource in January. Kemess East has 113.1 million indicated tonnes grading 0.38% Cu and 0.46 gram gold, and 63.8 million inferred tonnes grading 0.34% copper and 0.31 gram gold.

The high-grade subsection hosts 67.2 million indicated tonnes grading 0.43% copper and 0.60 gram gold.

“We view Kemess East as an upside scenario, and it’s been really exciting over the past year. The resource update demonstrated a significant increase in our resources. It’s earlystage, but it’s emerging as an important component,” Richter says.

“The economics on the Kemess Underground remain quite compelling, even before you consider potential upside. But we don’t have to make a decision today. That might be a decision for early next year.

We’ll obviously look at the metal environment at that time,” he says.

Meanwhile, AuRico remains an active player in the royalty business. The company inherited its core royalty assets after its spin-out during the $1.5-billion merger of AuRico Gold and Alamos Gold (TSX: AGI; NYSE: AGI). The portfolio is headlined by a 2% net smelter return royalty (NSR) on Kirkland Lake Gold’s (TSX: KLG; US-OTC: KLGDF; LON: KGI) Fosterville gold mine in Australia, and a 1.5% NSR on Alamos’ Young-Davidson mine in Ontario.

AuRico expects to generate between $8 million and $8.4 million in pre-tax royalty revenue in 2017.

The company announced the $9.6-million, all-share acquisition of Kiska Metals in late 2016. The deal added six royalties to the portfolio, including a 0.5% NSR on Kirkland Lake’s East Timmins project and a 1% NSR on Independence Gold’s (TSXV: IGO; US-OTC: IEGCF) Boulevard property in the Yukon.

“We continue to see good opportunity on the royalty side in the market segment we occupy.

Certainly you hear about the competition among the large royalty players, but we don’t see as much of

that competition at the intermediate level,” Richter says.

“We’re not necessarily participating in some of the big bid processes, and we’re not looking to finance developers by creating new royalties. We’re looking to shake loose existing royalties that are in the hands of third parties who don’t get much value for them. There are a lot of those opportunities out there, and that’s our focus,” he continues.

AuRico has traded within a 52week range of 67¢ to $1.26, and has gained 35%, or 29¢, over the past three months, en route to a $1.13-per-share close at press time.

The company reported $15 million

in cash, along with no debt, and has 158 million shares outstanding for a $185-million market capitalization.

“We have two parts to our business, but that could always change,” Richter says. “There was a lot of negativity on copper as recently as six months ago. Certainly there’s a buzz out there now, and a lot of the players in the space have been clear in articulating that there’s not a lot out there in terms of development opportunities at an advanced stage.

So if you’re expecting a significant deficit opening up in a few years, we feel Kemess underground represents a potentially well-timed scenario.” TNM

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2017-03-28 7:37 PM

16

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APRIL 3–16, 2017 / THE NORTHERN MINER

Rick Rule likens prospect generators to ‘partial lottery tickets’ INVESTING

BY SALMA TARIKH

R

starikh@northernminer.com

ick Rule, president and CEO of Sprott U.S. Holdings, shared his top investment ideas and views on exploration in an interview on the sidelines of the recent Prospectors & Developers Association of Canada convention in Toronto.

Rule’s top names include prospector-turned-royalty generator Eurasian Minerals (TSXV: EMX; NYSE-MKT: EMX) and prospect generator Riverside Resources (TSXV: RRI). Sprott Global Resource Investments holds 13.5% of Riverside and 8.9% of Eurasian.

Prospect generators focus on adding value through exploration before attracting a buyer or partner to advance the project.

“We see a dearth of exploration taking place, and arithmetically

| Rule has invested in 60 of these companies over his career

our experience has been that the most efficient form of exploration finance is in prospect generators, where our money provides working capital for assembling intellectual capital, where the risk is farmed out to others,” Rule says.

Asked what he liked about Eurasian and its properties, Rule responded he does not “fall in love with properties.”

Instead, he says that “exploration is not an asset-intensive business, but like research and development.”

He says the best way for him to participate in exploration is having a skilled group of people propose and test an exploration thesis, before selling the idea to “a third party to do the heavy lifting.”

Rule shares that he learned early the probability of a mineralized anomaly becoming a mine was 1 in 3,000. These odds lower to 1 in 100 if you explore in prospective terrains

with generous exploration budgets, and further decline if you employ a “serially successful explorationist,” or people with previous exploration success, he says.

“If you have a team in a prospect generator that originates and turns four projects a year, and you have a portfolio of 10 prospect generators, what you are doing is building every year a sack of 40 partial lottery tickets, where somebody else paid for most of the ticket.”

In his more than 30-year career, Rule has invested in 60 prospect generators, which has helped him be part of 21 economic discoveries.

“If you think about that statistically — 21 successes in 60 starts, relative to 1 in 3,000 — the success I experienced, relative to the success I should have expected, is three standard deviations better.”

He reiterates that exploration success is about process. “Proper-

ties, put very rudely, are things you should date, not marry. Following that sort of ridiculous line of thinking, a prospect generator allows you as an investor to be promiscuous.

It exposes you to an awful lot of opportunity.”

Another characteristic Rule likes about prospect generators is that other companies interested in the assets would complete their own technical due diligences. “From my point of view, first the due diligence is free to me, and second, it is completely unconflicted. So it’s a better level of due diligence.”

Commenting on the state of the industry, Rule, like many market observers, points to both the lack of exploration spending as well as the ill-advised investments in the past five years. “The consequence is that we see everybody’s cupboards being bare, with regards to exploration.”

Rule notes he has seen this hap-

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“PROPERTIES, PUT VERY RUDELY, ARE THINGS YOU SHOULD DATE, NOT MARRY ...

A PROSPECT GENERATOR ALLOWS YOU AS AN INVESTOR TO BE PROMISCUOUS.” RICK RULE CEO, SPROTT U.S. HOLDINGS

pen three times before in his career, and in each case “stepping into that void has had a happy ending” — something he hopes to repeat.

Another name Rule is returning to is Nevsun Resources (TSX: NSU; NYSE-MKT: NSU), which owns 60% of the Bisha copper-zinc mine in Eritrea, and wholly owns the Timok copper-gold Upper zone in Serbia. He concedes that when Nevsun had problems with Bisha’s copper circuit recoveries, he lost his nerve and sold.

“The stock has retreated to the price, where some of the difficulties are priced into the market. They are smart guys and it is an addressable challenge, in regards to metallurgy.”

His favourite junior is Robert Friedland’s Ivanhoe Mines (TSX: IVN), saying that “if you measure my affection for companies by the position I have in my personal portfolio at cost, the largest position I ever had in my life is Ivanhoe.”

Ivanhoe is advancing three large projects, including Kamoa-Kakula and Kipushi in the Democratic Republic of the Congo, and Platreef in South Africa.

Friedland has been “ludicrously successful” at finding large deposits, Rule says. Part of this could owe to Friedland’s appetite of venturing into riskier jurisdictions and spending on exploration and exploration techniques.

Exploration “The process of adding value in exploration is answering a series of unanswered questions. Most speculators don’t understand that and don’t understand how value is added,” Rule says.

Most speculators often rely on hunches and fail to assess whether a company’s management could address the unanswered questions related to advancing a project.

“You have to determine for yourself, as a speculator, whether or not the management skill sets are sufficient, specifically sufficient, that you give a shit about their answer.

In other words, do you trust them to come with a valid thesis?”

The next thing, he says, is to check if the thesis addresses the unanswered question and whether the market trusts the result. Would a “yes” to that question add enough value to justify the risk?

“Many of these guys are looking for small mines, and heaven forbid that they succeed. Everything that can go wrong with a big mine can go wrong with a small mine. But a small mine can never make you big money.

“The nature of prospect generation is that all these questions get answered for me by other people, using their money. And I really like that.” TNM

2017-03-28 7:37 PM

GLOBAL MINING NEWS

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2017-03-28 11:37 AM

18

WWW.NORTHERNMINER.COM

APRIL 3–16, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MARCH 20–24 U.S. President Donald Trump’s failure to rally fellow Republicans to repeal and replace Obamacare put downward pressure on global stock markets and drove up the price of safe haven assets like gold. The S&P/TSX Composite Index fell 0.3% to 15,442.67 and the S&P/TSX Global Mining Index lost 1.2% to settle at 66.37. By contrast, the New York spot price of gold rose 1.1%, or US$14.10 per oz., to finish at US$1,242.90 per oz., and the S&P/TSX Global Gold Index rose 2.2% to 211.14.

An updated resource estimate for its wholly owned McCoy-Cove property in Nevada sent the shares of Premier Gold Mines up 22.4% to $3.12.

The project’s indicated resources rose 59% to 614,000 tonnes grading 11.57 grams gold per tonne for 228,000 contained oz. gold, and inferred resources jumped 374% to 3.38 million tonnes grading 12.17 grams gold per tonne for 1.32 million contained oz. gold.

The resource also showed grade increases, with the indicated grade rising 11% and the inferred grade up 24%. The previous resource estimate was completed in 2013.

The company confirmed that it would undertake a preliminary economic assessment of the high-grade project, which it hopes to finish in the second half of 2017.

Premier says there is “exceptional exploration potential” on the property, 52 km south of Battle Mountain in Lander County.

The company plans to drill 17,000 metres at the project this year, and says its US$5million exploration program will focus on infill drilling at the Helen and Gap deposits, as well as testing priority exploration targets across the property.

Shares of Detour Gold rose 82¢ to $16.

The company unveiled details of its new life-of-mine (LOM) plan for its Detour Lake gold mine.

The company modified the LOM plan amidst permitting uncertainties for its West Detour project.

The West Detour pit could see development in 2025, and the North pit in 2019.

TSX MOST ACTIVE ISSUES

B2Gold Capstone Mng Ivanhoe Mines Yamana Gold Goldcorp Kinross Gold Eldorado Gold Trevali Mng Barrick Gold IAMGOLD

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO CS IVN YRI G K ELD TV ABX IMG

27399 4.23 3.85 3.90 - 0.08 25094 1.56 1.19 1.21 - 0.35 23085 4.85 4.25 4.69 + 0.40 21164 3.86 3.63 3.71 + 0.04 21035 21.67 20.32 21.20 + 0.77 20443 4.72 4.50 4.56 + 0.06 19345 4.30 4.02 4.22 + 0.13 17971 1.35 1.21 1.22 - 0.10 15384 26.48 25.15 25.72 + 0.58 12324 5.40 5.04 5.19 + 0.05

Under the new plan, average LOM production was trimmed to 656,000 oz. gold per year, down from the previous 671,000 oz. gold per year.

Detour says the West Detour delay on production would lift the strip ratio over the next five years (an increase of 40 million tonnes of waste).

Sustaining capital costs over the new LOM are an estimated $2.5 billion — about

34%, or $640 million higher than the prior LOM, due to higher maintenance, tailings and mill costs. Total site costs over the new LOM are projected at US$758 per oz. sold, compared to US$701 per oz. sold in the previous LOM. The company also reported reserves of 530.2 million tonnes at 0.97 gram gold per tonne for 16.5 million contained oz. gold as of Dec. 31, 2016. TNM

TSX GREATEST PERCENTAGE CHANGE

Dominion Diam Premier Gold M Namibia Rare E Loncor Res Redhawk Res U3O8 Corp Kerr Mines Goldgroup Mng Sabina Gd&Slvr SouthGobi Res RTG Mining Capstone Mng Horizonte Mnls Anglo Pac Grp Mega Uranium New Milln Iron Laramide Res UEX Corp Katanga Mng Potash Ridge

DDC PG NRE LN RDK UWE KER GGA SBB SGQ RTG CS HZM APY MGA NML LAM UEX KAT PRK

3946 5550 188 214 72 2523 1221 1855 2047 123 194 25094 201 3 1783 593 1191 3590 3001 1837

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Dominion Diam DDC Agnico Eagle AEM Seabridge Gld SEA Pan Am Silver PAAS Endeavour Mng EDV Torex Gold TXG Silver Wheaton SLW Detour Gold DGC Goldcorp G PVG Pretium Res Agrium AGU Teck Res TECK.A Klondex Mines KDX Labrador Iron LIF First Quantum FM Altius Mnrls ALS Lundin Mng LUN Prophecy Coal PCY Wesdome Gold WDO Nexgen Energy NXE

17.21 15.62 16.99 + 28.6 3.19 2.53 3.12 + 22.4 0.09 0.08 0.09 + 21.4 0.19 0.13 0.17 + 17.9 0.05 0.04 0.04 + 14.3 0.04 0.04 0.04 + 14.3 0.18 0.14 0.16 + 14.3 0.15 0.11 0.13 + 13.6 1.55 1.33 1.48 + 13.0 0.40 0.00 0.40 + 12.9 0.24 0.20 0.20 - 23.1 1.56 1.19 1.21 - 22.4 0.05 0.00 0.04 - 20.0 1.47 1.44 1.47 - 18.3 0.25 0.21 0.21 - 17.6 0.25 0.20 0.21 - 16.3 0.65 0.50 0.54 - 15.6 0.37 0.30 0.30 - 15.5 0.35 0.27 0.29 - 14.7 0.24 0.21 0.21 - 14.3

VOLUME WEEK (000s) CLOSE CHANGE

3946 16.99 + 3.78 3119 58.66 + 2.16 707 16.12 + 1.59 1195 23.38 + 1.11 2007 24.11 + 1.11 1721 26.76 + 1.03 6650 27.49 + 0.98 11097 16.00 + 0.82 21035 21.20 + 0.77 3119 14.95 + 0.68 1422 126.84 - 2.50 20 28.62 - 1.17 7749 5.64 - 0.84 873 19.03 - 0.78 11809 13.63 - 0.78 177 12.30 - 0.57 10816 7.43 - 0.49 52 3.92 - 0.48 7073 3.92 - 0.48 5483 3.13 - 0.40

TSX VENTURE EXCHANGE / MARCH 20–24 The S&P/TSX Venture Composite Index shed 6.99 points to an 803.6-point close, as spot gold prices gained US$14.31, or 1.2%, to US$1,243.57 per oz., and Comex copper prices fell 6¢, or 2.2%, to US$2.63 per pound.

Arak Resources led the value-added category, gaining 33¢ to 50¢ per share after completing a $650,020 private placement. The company issued 4.6 million units at 14¢ per unit, whereby each unit consists of a share and a warrant that’s exercisable within five years at 18¢ per share. Arak holds the Kayla gold property in Quebec’s Abitibi region, and the Perron uranium claims in Saskatchewan’s northeastern Athabasca basin. The company acquired Perron in 2015 on the expectation that the area could become a hot spot for uranium exploration. The region contains elevated uranium within lake sediments and several outcropping uranium prospects, as identified by previous explorers, Saskatchewan Mining and Development and CanAlaska Uranium.

At Kayla, little to no exploration work has been completed since 2012.

Los Andes Copper saw 8 million shares traded before closing up 5¢ to 21¢ per share on news of starting a work program at its Vizcachitas porphyry copper-molybdenum project in central Chile. The company plans to drill 10,000 metres into the deposit’s high-

grade core for an optimized preliminary economic assessment. The drilling will test extensions of a new geological model and convert part of the deposit’s inferred resource to indicated, in addition to more metallurgical test work. The Vizcachitas project has 1 billion indicated tonnes of 0.37% copper and 0.012% molybdenum, and 318 million inferred tonnes of 0.35% copper and 0.013% molybdenum.

Shares of Standard Lithium rose 16¢ to $1.05, after the appointment of Robert Mintak, one of the founders of Pure Energy Minerals, as the company’s director and interim CEO. The company, formerly known as Patriot Petroleum, has undergone corporate restructuring since emerging late last year as a lithium-focused explorer. The company TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Saint Jean SJL 50582 Focus Graphite FMS 9845 Alset Energy ION 9515 Secova Mtls SEK 9304 Active Growth QNC 8361 Evrim Res EVM 8141 Los Andes Copp LA 7953 BonTerra Res BTR 5985 Adamera Mnls ADZ 5967 Aurvista Gold AVA 5790

0.18 0.13 0.19 0.09 0.16 0.33 0.23 0.38 0.16 0.35

0.06 0.09 0.11 0.08 0.10 0.20 0.15 0.32 0.11 0.30

0.09 0.09 0.14 0.08 0.14 0.27 0.21 0.35 0.13 0.34

- - + + + - + - + -

0.09 0.01 0.02 0.01 0.01 0.03 0.05 0.02 0.03 0.01

is focused on its 16.1 sq. km Bristol Lake lithium brine project in the Mojave region of San Bernardino County, Calif., and its newly acquired 161.9 sq. km Paradox basin lithium project in Grand County, Utah.

Shares of Atlantic Gold had upwards momentum during trading, gaining 15¢ to $1.20 per share, after a March 16 news release that announced drill results from its Fifteen

Mile Stream gold project in Nova Scotia.

The company reported intercepts up to 20 metres of 3.35 grams gold per tonne from 68 metres deep, and 45 metres of 1.12 grams gold from 64 metres deep. Atlantic Gold is almost halfway through its 25,000-metre drill program, which aims to upgrade the project’s resources into the measured and indicated categories. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Brigadier Gold Arak Res Bluenose Gold Superior Mng Baroyeca Go&Si East Asia Mnls RosCan Mrnls Great Thunder Barisan Gold Gold Finder Ex Homeland Egy Saint Jean Morro Bay Red Moon Res Cdn Silvr Hunt TVI Pacific ProAm Expl Cornerstone Mt Marifil Mines Duncan Park H

BRG.H AAC BN.H SUI.H BGS EAS ROS.H GTG BG GFN.H SNX.H SJL MRB RMK AGH.H TVI PMX CCC MFM DPH

9 70 13 300 135 295 381 5013 4871 17 2908 50582 702 85 347 461 41 199 853 5385

0.16 0.50 0.04 0.01 0.02 0.24 0.10 0.08 0.03 0.12 0.28 0.18 0.01 0.07 0.08 0.02 0.04 0.04 0.02 0.02

0.00 0.24 0.00 0.01 0.01 0.13 0.05 0.05 0.02 0.00 0.01 0.06 0.01 0.04 0.05 0.01 0.04 0.03 0.01 0.01

0.14 0.50 0.04 0.01 0.02 0.22 0.10 0.08 0.03 0.12 0.19 0.09 0.01 0.04 0.05 0.01 0.04 0.03 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 1250.0 + 194.1 + 100.0 + 100.0 + 100.0 + 83.3 + 72.7 + 66.7 + 66.7 + 60.0 - 50.7 - 50.0 - 50.0 - 42.9 - 37.5 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Arak Res Metalore Res Titanium Corp Almadex Min White Gold Gold Std Vents Standard Lith Atlantic Gold Regulus Res Sama Graphite Corsa Coal Bear Creek Mng Kairos Cap Antipodes Gold Aurania Res Homeland Egy Canadian Zeol Lithium X Egy GoldMining Broadway Gold

AAC MET TIC AMZ WGO GSV SLL AGB REG SRG CSO BCM KRS NZP ARU SNX.H CNZ LIX GOLD BRD

70 3 395 192 27 961 514 3302 112 485 231 370 28 42 98 2908 559 2614 719 1061

0.50 4.65 0.90 1.27 1.64 3.46 1.05 1.20 1.60 0.55 1.83 2.23 0.71 0.50 2.70 0.19 0.57 1.49 1.66 1.52

+ 0.33 + 0.31 + 0.25 + 0.22 + 0.20 + 0.20 + 0.16 + 0.15 + 0.14 + 0.14 - 0.37 - 0.25 - 0.24 - 0.20 - 0.20 - 0.19 - 0.19 - 0.19 - 0.17 - 0.13

U.S. MARKETS / MARCH 20–24 U.S. indexes fell as investors fretted over whether the U.S. president would deliver on his promises to boost the economy and cut taxes. The Dow Jones Industrial Average fell 1.5% to 20,596.72, while the broader S&P 500 Index retreated 1.4% to 2,343.98. Both indexes closed their lowest since Feb. 14. The techheavy Nasdaq Composite Index lost 1.2% to finish at 5,828.74. Spot gold advanced 1.1%, or US$14.10, to US$1,242.90 per ounce. Crude oil futures fell 1.7% to US$47.97 per barrel.

Dominion Diamond topped both the percentage and value change lists, gaining 28%, or US$2.80 per share, to finish at US$12.72, after a hostile takeover offer. On March 19, the Canadian diamond major confirmed it received and rejected a US$1.1-billion proposal from the Washington Companies, a privately held U.S. conglomerate. The bid valued Dominion at US$13.50 per share, a 36% premium to its March 17 closing price.

Dominion says the offer, received on Feb. 21, would give Washington Co. a “lengthy period of exclusivity” and the ability to overrule the board’s choice of a new CEO, among other things.

On March 27, Dominion reported that it

18_apr3_MarketNews.indd 18

has formed a committee to assess its strategic alternatives, including selling the company.

The committee includes the board’s chairman Jim Gowans and directors Trudy Curran, David Smith and Josef Vejvoda. Dominion says there is no guarantee a transaction will occur. The company has stakes in the large Ekati and Diavik diamond mines in the Northwest Territories.

Intrepid Potash shares jumped nearly 12% to US$1.64, reversing the previous week’s loss.

On March 15, Intrepid signed an underwriting agreement with Cantor Fitzgerald to issue 43.5 million shares for $1.1537 apiece, after U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 145988 10.35 9.07 9.30 - 0.83 Frprt McMoR* FCX 90727 13.17 12.49 12.81 + 0.05 United States S* X 76215 37.35 32.38 32.82 - 4.47 Barrick Gold* ABX 49962 19.77 18.82 19.21 + 0.36 Kinross Gold* KGC 46112 3.55 3.37 3.39 - 0.01 Yamana Gold* AUY 43953 2.89 2.71 2.78 + 0.01 Vale* VALE.P 43759 9.84 8.56 8.77 - 0.87 Goldcorp* GG 37692 16.20 15.21 15.84 + 0.52 IAMGOLD* IAG 35942 4.05 3.78 3.89 + 0.01 Chevron Corp* CVX 32532 108.86 107.02 107.99 + 0.31

related discounts and commissions. Intrepid also granted Cantor an option to buy up to 6.5 million shares. A day later, Cantor exercised in full its option to buy the additional shares, increasing its total shares purchase to 50 million. The offering closed on March 21.

Intrepid plans to use the proceeds to pay part of its debt and for general corporate purposes.

Intrepid also reported that Brian Frantz, senior vice-president and chief accounting officer, is leaving. Joseph Montoya will take Frantz’s position on April 7. TNM

U.S. GREATEST PERCENTAGE CHANGE

Dominion Diam* Intrepid Pots* Seabridge Gld* Cloud Peak En* Harmony Gold* Sibanye Gold* CONSOL Energy* Pretium Res* Agnico Eagle* Goldcorp* United States S* Mechel* Vale* Natural Res Pt* Vale* Alcoa* Turquoise HIl* Trecora Res* Rio Tinto* HudBay Mnls*

DDC IPI SA CLD HMY SBGL CNX PVG AEM GG X MTL VALE.P NRP VALE AA TRQ TREC RIO HBM

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

10569 12.88 11.71 12.72 + 28.2 13398 1.78 1.46 1.64 + 11.6 5095 12.85 10.95 12.05 + 10.0 7611 4.29 3.83 4.21 + 6.9 22548 2.51 2.31 2.40 + 5.7 10483 9.06 8.30 8.81 + 4.6 17419 16.05 14.90 15.71 + 4.0 14306 11.45 10.62 11.14 + 3.6 7047 44.83 42.26 43.83 + 3.4 37692 16.20 15.21 15.84 + 3.4 76215 37.35 32.38 32.82 - 12.0 858 5.29 4.80 4.82 - 11.6 43759 9.84 8.56 8.77 - 9.0 196 39.75 34.51 35.45 - 8.9 145988 10.35 9.07 9.30 - 8.2 17289 35.36 32.37 32.56 - 6.9 10348 3.28 3.03 3.03 - 5.9 185 11.15 10.45 10.55 - 5.8 21106 43.34 40.58 40.84 - 5.1 3248 7.45 6.70 7.00 - 3.4

U.S. GREATEST VALUE CHANGE

Dominion Diam* DDC Agnico Eagle* AEM Seabridge Gld* SA Newmont Mng* NEM Silver Wheaton* SLW CONSOL Energy* CNX Goldcorp* GG Southern Copp* SCCO Sibanye Gold* SBGL Pretium Res* PVG MartinMarietta* MLM United States S* X Natural Res Pt* NRP NACCO Ind* NC Alcoa* AA ARCH Arch Coal* Rio Tinto* RIO Agrium* AGU VALE.P Vale* VALE Vale*

VOLUME WEEK (000s) CLOSE CHANGE

10569 12.72 7047 43.83 5095 12.05 27888 33.48 30367 20.54 17419 15.71 37692 15.84 5211 36.55 10483 8.81 14306 11.14 3089 207.24 76215 32.82 196 35.45 76 72.15 17289 32.56 2348 64.77 21106 40.84 1900 94.80 43759 8.77 145988 9.30

+ 2.80 + 1.46 + 1.10 + 0.64 + 0.64 + 0.61 + 0.52 + 0.42 + 0.39 + 0.39 - 4.71 - 4.47 - 3.45 - 2.50 - 2.41 - 2.28 - 2.19 - 2.07 - 0.87 - 0.83

2017-03-28 7:32 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / APRIL 3–16, 2017

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, March 28, 2017 Precious Metals Price (US$/oz.)

Change 1253.65 +21.65 Gold Silver $17.94 +0.63 Platinum $978.00 +14.00 Palladium $806.00 +32.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $9785.00 +15.00 $5799.00 +40.00 $2316.00 +19.50 $2782.00 +22.50

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 14900 (+220) 1936275 (-49600) Aluminium Copper 311375 (-21600) 190200 (-224) Lead Nickel 382158 (-666) 3715 (-510) Tin 374725 (-950) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$51.60 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.45 Cobalt: US$24.49/lb.

Copper: US$2.57/lb.

Copper: CME Group Futures April 2017: US$2.66/lb.; May 2017: US$2.67/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$780.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$80.80/tonne Iron Ore Fines: US$61.53/tonne Iron Ore Pellets: US$88.15/tonne Lead: US$1.05/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$1,015.00 tr. oz.

Ruthenium: Mid-mkt US$43.00/tr. oz.

Silver: Handy & Harman Base: US$18.07 per oz.; Handy & Harman Fabricated: US$22.58 per oz.

Tantalite Ore : US$123.94/kg Tin: US$8.87/lb.

Uranium: U3O8, Trade Tech spot price: US$24.00; The UX Consulting Company spot price: US$25.50/lb.

Zinc: US$1.25/lb.

Prices current Mar. 28, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Mar 16, 2017 (with changes from Mar 01, 2017) Largest short positions K 39664903 1760556 3/1/2017 Kinross Gold New Gold NGD 21623768 -6139055 3/1/2017 B2Gold BTO 21469248 -1735978 3/1/2017 Potash Corp SK POT 19569949 1189097 3/1/2017 LUN 18093224 -2771102 3/1/2017 Lundin Mng Sandstorm Gold SSL 13479493 375513 3/1/2017 Suncor Energy SU 12394470 1670634 3/1/2017 Detour Gold DGC 11284377 -25964 3/1/2017 IVN 10249856 3230673 3/1/2017 Ivanhoe Mines Asanko Gold AKG 9674010 4628063 3/1/2017 AR 8737660 -1211968 3/1/2017 Argonaut Gold Yamana Gold YRI 8465467 -368613 3/1/2017 Barrick Gold ABX 8254726 1845114 3/1/2017 Cameco Corp CCO 8239984 815773 3/1/2017 ELD 8221761 950852 3/1/2017 Eldorado Gold Largest increase in short position Asanko Gold AKG 9674010 4628063 3/1/2017 Ivanhoe Mines IVN 10249856 3230673 3/1/2017 GSC 3297640 3004700 3/1/2017 Golden Star First Quantum FM 8121899 2478674 3/1/2017 ABX 8254726 1845114 3/1/2017 Barrick Gold Largest decrease in short position New Gold NGD 21623768 -6139055 3/1/2017 Fortune Mnrls FT 466500 -4415384 3/1/2017 IMG 2599810 -3480416 3/1/2017 IAMGOLD Lundin Mng LUN 18093224 -2771102 3/1/2017 Klondex Mines KDX 7123003 -2337119 3/1/2017

Short positions outstanding as of Mar 01, 2017 (with changes from Feb 16, 2017) Largest short positions FMS 2135339 -61161 2/16/2017 Focus Graphite Lithium Energy LEP 1354500 1353000 2/16/2017 First Mg Fin FF 1276200 -1731424 3/1/2017 Tinka Res TK 1045600 394000 2/16/2017 VLT 1010407 -944593 2/16/2017 Voltaic Min Lithium X Egy LIX 1009000 549300 2/16/2017 NLC 941800 59000 3/1/2017 Neo Lithium GoldMining GOLD 879900 59000 2/16/2017 Vanadium One VONE 837000 736000 2/16/2017 Unigold UGD 698400 662800 2/16/2017 GPY 543300 533200 2/16/2017 Gldn Predator GoviEx Uranium GXU 316853 151351 2/16/2017 Gold Std Vents GSV 287800 21200 3/1/2017 Bear Creek Mng BCM 278900 234100 3/1/2017 K92 Mng Inc KNT 233100 81900 2/16/2017 Largest increase in short position Lithium Energy LEP 1354500 1353000 2/16/2017 Vanadium One VONE 837000 736000 2/16/2017 Unigold UGD 698400 662800 2/16/2017 Lithium X Egy LIX 1009000 549300 2/16/2017 GPY 543300 533200 2/16/2017 Gldn Predator Largest decrease in short position First Mg Fin FF 1276200 -1731424 3/1/2017 Voltaic Min VLT 1010407 -944593 2/16/2017 EMO 400 -354000 2/16/2017 Emerita Res Inca One Gold IO 263 -174737 2/16/2017 GRG 10159 -157554 2/16/2017 Golden Arrow

DAILY METAL PRICES Daily Metal Prices Date Mar 27 Mar 24 Mar 23 Mar 22 Mar 21 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1680/1690 1680/1690 1695/1705 1695/1705 1700/1710 Aluminum 1915/1924 1917/1929.50 1912/1922.50 1908/1921 1916/1929.50 Copper 5673/5693 5782/5815 5790/5824 5711.50/5740 5765/5792 Lead 2304/2317 2345/2350 2361/2366 2317/2322 2282/2290 Nickel 9705/9745 9910/9940 9910/9985 9945/9980 10100/10150 Tin 19540/19515 20075/20105 20350/20325 20450/20350 20550/20450 2758/2776 2804/2830 2815/2839 2817/2838 2857/2875 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1256.90 1244.00 1247.90 1246.10 1232.05 Gold PM 1257.55 1247.50 1247.50 1249.05 1241.60 Silver 17.94 17.63 17.55 17.58 17.31 Platinum 977.00 964.00 963.00 967.00 973.00 Palladium 803.00 816.00 803.00 793.00 788.00

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

Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 1.3349 1.3349 1.3333 1.3359 1.3340 0.7491 0.7491 0.7500 0.7486 0.7496

Exchange rates (Quote Media, March 24, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.981398 0.6947 83.1555 14.1922 9.3418 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5985 5.1584 49.0315 0.7441 840.7351 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3101 0.9273 111.0060 18.9459 12.4705 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7989 6.8861 65.4544 0.9933 1122.2300

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

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_apr3_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 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 High Low S&P/TSX Composite 15442.67 15433.61 15348.46 15313.13 15442.32 15527.30 12400.15 S&P/TSXV Composite 803.60 801.36 800.92 804.36 811.63 1050.26 883.52 S&P/TSX 60 910.73 910.28 905.16 902.07 909.90 896.74 709.99 S&P/TSX Global Gold 211.14 211.07 212.84 213.57 209.84 218.90 149.29 DJ Precious Metals 176.02 176.02 177.31 176.56 173.86 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS MARCH 20–24, 2017 80 New Highs Adamera Mnls Adamera Mnls* Adventus Zinc Amarc Res Amarc Res* Amex Expl Arak Res Argentum Silvr* Argo Gold Atlantic Gold Atom Energy * Aurum* Bandera Gold * Berkwood Res Bird River Res Black Isle Res* Bluenose Gold Brigadier Gold Broadway Gold Broadway Gold* Buccaneer Gold Candelaria Mg* Canuc Res

CNRP Mng* Cyclone Uran* Dominion Diam Dominion Diam* Dynasty Met&Mn Dynasty Met&Mn* East Asia Mnls Erdene Res Dev* Firma Holdings* First Point Homeland Egy Hudson Res* Hycroft Mg* I-Minerals I-Minerals* Icon Explor IMX Res* Jasper Mng Kerr Mines Kerr Mines* Kootenay Zinc* Leo Res* MagIndustries* Maxwell Res* Midnight Sun

Minaurum Gold MK2 Ventures * Northisle C&G Osisko Mng Inc Prospector Res Rheingold Expl RosCan Mrnls Sage Gold* Salazar Res Salazar Res* Santa Fe Gold* Savannah Gold Source Expl Source Expl * Stillwater Mg* Swift Res Talon Metals Tanager Energy Tartisan Res Texas Mineral* Tinka Res Tinka Res* Titanium Corp Vangold Res Vangold Res*

Vantex Res * Vedanta* Veris Gold* VR Resources Winston Res Wolfeye Res Zinc One Res *

41 New Lows Advantage Lith* Ashanti Sanko* Blackrock Gold* Bravura Vent * Brigadier Gold Brio Gold Detour Gold DGS Mnls* Doubleview Cap Essex Minerals Graphite One Graphite One* Great Lakes Gr GrowMax Res Idaho North* K92 Mng Inc K92 Mng Inc*

Kilo Goldmines Legend Gold* Liberty One Li* Makena Res Mandalay Res Miranda Gold Nevada Egy Mtl Nevada Egy Mtl* Noront Res Novo Res* One World Min Orefinders Res Orla Mng Ltd* Orsu Metals Orvana Mnrls Rubicon Mnrls* Velocity Mnrls* Viscount Mng Voyageur Min Walker River Western Pac Rs* Winston Gld Mg Winston Gld Mg* Yorbeau Res*

CANADIAN GOLD MUTUAL FUNDS Mar 24 ($) Mar 17 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) Fund AGF Prec Mtls Fd MF 24.09 23.86 0.23 0.96 6.64 2.80 166.54 19.37 19.41 -0.04 -0.22 8.78 2.40 70.29 BMO Prec Mtls Fd A BMO ZGD 10.49 10.25 0.24 2.30 7.20 0.63 BMO ZJG 8.83 8.67 0.16 1.85 7.67 0.60 CIBC Prec Metal Fd A 11.27 11.05 0.22 2.01 5.28 2.62 55.18 Dyn Prec Metls Fd A 7.03 -0.03 -0.42 12.08 2.75 387.38 Horizons HEP 25.14 0.45 1.78 5.95 0.81 IGMacGloPrecMetCl A 9.56 9.53 0.03 0.32 11.97 2.75 52.36 iShares XGD 12.92 0.17 1.33 6.93 0.55 748.53 Mac Prec Met Cl A 54.11 53.93 0.18 0.34 12.07 2.51 125.57 NB Prec Met Fd Inv 13.66 13.36 0.30 2.25 8.36 2.46 36.78 36.41 36.31 0.10 0.28 14.38 2.12 425.54 RBC GblPreMetFd A Redw UITGoDe&ProCl A 10.00 0.00 Sentry Pre Met Fd A 40.12 -1.75 -4.23 6.78 2.44 215.97 37.88 0.33 0.88 9.37 3.12 248.11 Sprott Gold&PrMinFdA 38.22 Sprott SilverEquCl A 6.71 6.64 0.07 1.03 9.48 3.09 144.35 TD PreciousMetalsInv 36.80 36.17 0.63 1.74 5.83 2.26 138.16

GLOBAL MINING NEWS · SINCE 1915

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2017-03-28 7:33 PM

20

WWW.NORTHERNMINER.COM

APRIL 3–16, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MARCH 20–24, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1526 0.14 0.12 0.14 + 0.01 0.28 0.04 Abacus Mng &Ex V 568 0.08 0.07 0.08 + 0.01 0.08 0.04 O 86 0.07 0.06 0.06 - 0.01 0.10 0.05 Abcourt Mines* Abcourt Mines V 533 0.10 0.09 0.09 - 0.01 0.13 0.07 Aben Res* O 45 0.09 0.09 0.09 + 0.01 0.26 0.05 Aben Res V 595 0.12 0.11 0.12 + 0.01 0.34 0.07 Aberdeen Intl* O 111 0.11 0.10 0.11 + 0.01 0.16 0.09 18 9.29 8.97 9.06 - 0.04 10.75 3.45 Abitibi Royalt V ABT Holdings* O 25 0.29 0.22 0.27 - 0.03 0.76 0.20 Active Growth V 8361 0.16 0.10 0.14 + 0.01 0.38 0.03 Adamera Mnls* O 220 0.12 0.07 0.10 + 0.02 0.12 0.02 Adamera Mnls V 5967 0.16 0.11 0.13 + 0.03 0.16 0.02 0.02 + 0.01 0.02 0.01 Adex Mining V 195 0.02 0.00 Advance Gold V 323 0.13 0.09 0.09 - 0.04 0.13 0.02 Advantage Lith* O 293 0.51 0.41 0.48 + 0.01 1.01 0.41 Adventus Zinc V 25 0.99 0.85 0.85 - 0.05 0.99 0.75 0.01 - 0.01 0.05 0.00 Affinity Gold* O 89 0.02 0.01 Afrasia Mnls V 28 0.36 0.35 0.36 - 0.01 0.36 0.04 0.00 + 0.00 0.01 0.00 African Mnrls* O 636 0.00 0.00 African Queen V 696 0.06 0.05 0.06 - 0.01 0.14 0.02 58.66 + 2.16 78.35 45.97 Agnico Eagle T 3119 59.96 56.47 Agnico Eagle* N 7047 44.83 42.26 43.83 + 1.46 60.10 35.00 Agrium T 1422 129.82 125.33 126.84 - 2.50 146.99 104.70 N 1900 97.25 93.82 94.80 - 2.07 111.88 81.17 Agrium* 229 0.04 0.04 0.04 - 0.01 0.14 0.04 Aguila Amer Gd V Alabama Graph* O 447 0.14 0.12 0.14 + 0.01 0.17 0.08 V 929 0.18 0.17 0.18 + 0.01 0.23 0.11 Alabama Graph Alamos Gold T 4578 11.32 10.57 10.95 + 0.06 13.65 6.41 8.49 7.91 8.18 - 0.03 10.41 4.86 Alamos Gold* N 17525 Alba Minerals V 872 0.18 0.13 0.16 - 0.05 0.28 0.04 0.10 - 0.06 0.17 0.05 Alba Minerals* O 36 0.16 0.10 Alberta Star* O 99 0.30 0.27 0.28 - 0.02 0.37 0.16 N 17289 35.36 32.37 32.56 - 2.41 39.78 20.00 Alcoa* Alderon Iron* O 4 0.34 0.00 0.30 - 0.04 0.60 0.08 0.43 - 0.03 0.80 0.08 Alderon Iron T 252 0.46 0.40 Aldershot Res V 111 0.06 0.06 0.06 - 0.01 0.10 0.02 0.06 + 0.00 0.11 0.04 Aldever Res* O 12 0.06 0.05 0.07 - 0.01 0.48 0.06 Aldever Res V 240 0.08 0.07 Aldridge Min V 30 0.26 0.25 0.25 - 0.01 0.34 0.12 V 3257 0.06 0.05 0.05 - 0.01 0.12 0.04 Alexandria Min Alexandria Min* O 536 0.05 0.04 0.05 + 0.01 0.10 0.03 1.66 + 0.10 2.54 0.86 Alexco Res* X 1884 1.70 1.51 Alexco Res T 392 2.26 2.03 2.22 + 0.15 3.31 1.14 0.28 + 0.02 0.44 0.10 Algold Res V 1661 0.29 0.25 Alianza Min* O 15 0.09 0.09 0.09 - 0.00 0.17 0.05 Alianza Min V 102 0.13 0.12 0.13 + 0.02 0.21 0.10 21.15 - 0.75 26.65 11.00 Alliance Res* D 1393 22.40 20.85 Almaden Mnls T 204 1.64 1.35 1.52 + 0.16 2.44 0.87 Almaden Mnls* X 1142 1.22 1.01 1.12 + 0.09 1.88 0.65 0.94 + 0.16 1.51 0.15 Almadex Min* O 220 0.97 0.75 Almadex Min V 192 1.27 1.01 1.27 + 0.22 2.00 0.21 0.29 + 0.02 0.44 0.20 Almonty Ind V 161 0.30 0.25 Alphamin Res V 218 0.34 0.31 0.31 - 0.04 0.40 0.18 0.11 + 0.01 0.65 0.01 Alset Energy* O 51 0.12 0.08 Alset Energy V 9515 0.19 0.11 0.14 + 0.02 0.84 0.02 Alta Vista Vnt 5631 0.09 0.07 0.08 + 0.02 0.12 0.03 270 0.26 0.24 0.24 - 0.02 0.70 0.16 Altair Res Inc V Alternative ER* O 168 0.21 0.15 0.19 + 0.03 0.46 0.15 0.23 + 0.01 0.25 0.04 Altiplano Mnls V 114 0.23 0.21 Altitude Res V 54 0.08 0.06 0.06 - 0.03 0.21 0.02 Altius Mnrls T 177 13.10 12.12 12.30 - 0.57 14.06 9.01 49 0.13 0.12 0.13 + 0.00 0.30 0.09 Altura Mng Ltd* O Alturas Mnrls V 31 0.03 0.00 0.03 + 0.01 0.08 0.01 5.36 - 0.27 6.24 3.62 Alumina Inc* O 48 5.76 5.32 ALX Uranium V 319 0.12 0.11 0.11 - 0.02 0.16 0.06 0.09 + 0.00 0.12 0.05 ALX Uranium* O 34 0.09 0.08 Am Creek Res V 216 0.06 0.05 0.06 + 0.01 0.12 0.05 Am CuMo Mng* O 303 0.30 0.25 0.28 - 0.01 0.35 0.05 0.40 0.32 0.35 - 0.05 0.48 0.08 Am CuMo Mng V 1681 Am Manganese* O 336 0.17 0.16 0.16 - 0.00 0.27 0.01 V 1143 0.23 0.21 0.22 - 0.02 0.38 0.01 Am Manganese Amador Gold V 7 0.20 0.00 0.16 - 0.01 0.40 0.10 Amarc Res V 2229 0.16 0.13 0.14 + 0.02 0.16 0.06 0.10 + 0.00 0.12 0.04 Amarc Res* O 289 0.12 0.10 Amarillo Gold V 284 0.39 0.37 0.37 - 0.03 0.68 0.14 Amazing OG* O 107 0.25 0.20 0.20 - 0.02 1.06 0.05 280 0.04 0.03 0.03 - 0.01 0.10 0.01 Amer Intl Vent* O Amer Vanadium* O 66 0.03 0.01 0.03 - 0.00 0.07 0.00 0.14 - 0.03 1.62 0.12 American Lith V 1952 0.17 0.14 American Lith* O 485 0.12 0.10 0.11 - 0.01 1.24 0.07 0.13 + 0.02 0.19 0.03 American Pot 157 0.13 0.08 Americas Silvr* X 163 2.93 2.70 2.72 - 0.21 3.65 2.39 3.65 - 0.24 5.76 2.16 Americas Silvr T 179 3.90 3.61 Amerigo Res* O 1300 0.57 0.48 0.51 - 0.05 0.63 0.08 0.68 - 0.06 0.83 0.10 Amerigo Res T 1439 0.76 0.64 Amex Expl V 236 0.25 0.18 0.19 + 0.01 0.38 0.11 O 50 0.06 0.06 0.06 + 0.00 0.09 0.04 Anaconda Mng* Andes Gold* O 201 0.02 0.02 0.02 + 0.01 0.02 0.00 1.00 - 0.04 1.94 0.71 Anfield Nickel V 289 1.03 0.98 Anfield Res* O 27 0.08 0.07 0.07 - 0.01 0.22 0.04 Anfield Res V 2156 0.11 0.09 0.09 - 0.01 0.31 0.06 Angel Gold* O 33 0.08 0.06 0.06 + 0.00 0.11 0.04 0.09 + 0.01 0.15 0.06 Angel Gold V 197 0.10 0.09 Angkor Gold V 74 0.39 0.37 0.39 + 0.02 0.50 0.33 O 6 15.98 15.51 15.60 - 0.38 17.61 6.87 Anglo American* Anglo American* O 835 7.95 7.61 7.75 - 0.17 8.87 3.32 3 1.47 1.44 1.47 - 0.33 2.02 0.75 Anglo Pac Grp T AngloGold Ash* O 1 10.67 0.00 10.57 - 0.10 22.25 9.55 AngloGold Ash* N 15983 11.41 10.77 11.10 + 0.29 22.91 9.28 Antioquia Gold* O 11 0.11 0.08 0.08 - 0.02 0.11 0.05 Antioquia Gold V 353 0.14 0.12 0.14 + 0.02 0.16 0.06 Antipodes Gold V 42 0.59 0.00 0.50 - 0.20 0.90 0.10 Antler Gold V 58 0.59 0.54 0.54 - 0.03 1.00 0.51 Antofagasta* O 11 10.61 0.00 10.61 + 0.13 11.00 5.76 Apex Res * O 4 0.09 0.08 0.08 - 0.01 0.10 0.04 Appia Energy 630 0.38 0.30 0.36 - 0.02 0.47 0.01 Apple Cap Inc V 2398 0.35 0.28 0.29 - 0.02 0.54 0.14 Applied Mrnls* O 217 0.09 0.08 0.08 - 0.01 0.25 0.08 Aquila Res* O 77 0.20 0.19 0.20 + 0.00 0.25 0.09 Aquila Res T 904 0.27 0.25 0.27 + 0.01 0.32 0.13 Arak Res V 70 0.50 0.24 0.50 + 0.33 0.60 0.17 Arch Coal* N 2348 68.03 63.26 64.77 - 2.28 86.47 59.05 Arco Res* O 2 0.04 0.04 0.04 + 0.00 0.05 0.03 Arco Res V 11 0.06 0.00 0.06 - 0.01 0.10 0.05 Arcturus Vent V 68 0.15 0.14 0.14 - 0.01 0.18 0.03 396 0.16 0.14 0.15 + 0.01 0.20 0.03 Arcus Dev Grp V Arena Mnls V 271 0.17 0.15 0.16 - 0.01 0.34 0.13 Arena Mnls* O 12 0.13 0.13 0.13 + 0.00 0.25 0.11 Argentina Lith* O 2 0.15 0.00 0.15 - 0.01 0.63 0.03 0.19 - 0.02 0.83 0.04 Argentina Lith V 102 0.20 0.19 Argentum Silvr V 120 0.42 0.33 0.37 + 0.01 0.59 0.03 Argentum Silvr* O 8 0.28 0.00 0.28 + 0.10 0.26 0.04 Argex Titanium* O 13 0.06 0.05 0.05 - 0.00 0.09 0.02 Argo Gold 79 0.20 0.00 0.20 + 0.03 0.20 0.06 Argonaut Gold T 5635 2.52 2.28 2.40 + 0.07 4.45 1.48 Argonaut Gold* O 212 1.85 1.73 1.79 + 0.02 3.38 1.12 Argus Metals V 141 0.10 0.08 0.10 + 0.03 0.15 0.05 Arianne Phosph* O 61 0.59 0.56 0.56 - 0.02 0.98 0.52 Arianne Phosph V 302 0.79 0.75 0.75 - 0.02 1.25 0.70 Arizona Mng* O 196 1.82 1.63 1.68 - 0.13 2.64 0.49 Arizona Mng T 2110 2.51 2.17 2.25 - 0.32 3.49 0.65 Arizona Silver V 1715 0.30 0.20 0.25 + 0.02 0.34 0.02 Arizona Silver* O 436 0.19 0.00 0.19 - 0.03 0.22 0.15 Armor Mnrls V 32 0.53 0.00 0.53 + 0.03 0.85 0.15 Asanko Gold T 5795 3.65 3.21 3.36 - 0.09 6.09 2.66 Asanko Gold* X 9056 2.75 2.40 2.51 - 0.03 4.68 2.01 Asante Gold 14 0.18 0.16 0.18 + 0.01 0.27 0.05 Ascot Res V 213 1.91 1.78 1.81 - 0.01 2.83 0.98 Ashanti Sanko V 90 0.06 0.05 0.05 - 0.01 0.10 0.03 Ashburton Vent V 350 0.19 0.16 0.17 - 0.01 0.70 0.09 Aston Bay V 109 0.17 0.15 0.17 + 0.01 0.49 0.15 Astorius Res V 1031 0.19 0.17 0.17 - 0.02 0.41 0.01 Atacama Pac Gd V 284 0.44 0.00 0.42 - 0.02 1.02 0.25 Atacama Res* O 69 0.45 0.34 0.35 - 0.10 0.52 0.05 Athabasca Mnls V 121 0.30 0.25 0.27 + 0.01 0.32 0.14 Athabasca Mnls* O 18 0.20 0.19 0.19 - 0.02 0.24 0.11 Athena Silver* O 72 0.10 0.06 0.10 + 0.03 0.15 0.05 Atico Mng V 322 0.88 0.83 0.85 + 0.01 0.99 0.27 Atlanta Gold V 244 0.08 0.00 0.07 - 0.01 0.11 0.06 Atlanta Gold* O 5 0.06 0.00 0.06 - 0.00 0.09 0.04 Atlantic Gold V 3302 1.21 1.02 1.20 + 0.15 1.21 0.55 Atlatsa Res T 115 0.06 0.06 0.06 - 0.01 0.13 0.04 Atlatsa Res* O 45 0.05 0.04 0.04 - 0.00 0.10 0.03 Atom Energy * O 0 0.28 0.00 0.28 + 0.02 0.28 0.12 Aton Res Inc* O 21 0.05 0.04 0.04 - 0.01 0.12 0.03 Aton Res Inc V 835 0.06 0.05 0.06 - 0.01 0.16 0.05 Aura Mnls* O 1 1.20 1.19 1.20 + 0.01 1.42 1.19 Aura Mnls T 54 1.59 1.42 1.58 + 0.01 3.10 1.42 Aura Silver Rs V 366 0.07 0.05 0.06 + 0.01 0.08 0.02 Auramex Res V 10 0.04 0.00 0.04 - 0.01 0.04 0.01 Aurania Res V 98 3.10 2.70 2.70 - 0.20 3.75 0.41 Aurcana Corp* O 33 0.30 0.27 0.28 + 0.01 0.63 0.12 AuRico Metals * O 125 0.86 0.82 0.82 - 0.02 0.96 0.51 AuRico Metals T 379 1.14 1.10 1.12 - 0.01 1.26 0.67 Aurion Res V 374 1.87 1.64 1.70 - 0.10 2.07 0.11 Aurum* O 1 1.30 1.05 1.05 - 0.25 1.30 0.80 Aurvista Gold V 5790 0.35 0.30 0.34 - 0.01 0.46 0.04 Aurvista Gold* O 1624 0.26 0.22 0.25 - 0.01 0.34 0.07

20-22_apr3_StockTables.indd 20

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Exc Volume High Low Last Change High Low

Auryn Res T 303 Auryn Res* O 144 Austral Gold* O 7 Austral Gold V 48 Avalon Adv Mat T 470 Avalon Adv Mat* O 110 Avarone Metals 173 Avesoro Res T 2757 Avino Silver* X 1327 Avino Silver V 119 Avnel Gold T 516 Avnel Gold * O 386 AXE Expl V 1524 Azarga Mtls V 177 Azarga Mtls* O 10 Azarga Uranium T 114 Azarga Uranium* O 5 Azimut Expl V 67 Azincourt Uran V 385 O 19 Azincourt Uran* Azteca Gold* O 520

3.22 3.04 3.16 + 0.03 4.17 1.48 2.42 2.23 2.35 - 0.06 3.18 1.11 0.11 0.10 0.11 + 0.00 0.19 0.08 0.18 0.16 0.18 + 0.02 0.22 0.12 0.17 0.16 0.17 + 0.01 0.33 0.13 0.12 0.11 0.12 + 0.00 0.26 0.00 0.03 0.03 0.03 - 0.01 0.12 0.02 0.05 0.04 0.04 - 0.01 0.18 0.02 1.89 1.67 1.76 - 0.07 3.14 0.90 2.52 2.24 2.33 - 0.12 4.05 1.21 0.30 0.28 0.28 - 0.01 0.39 0.18 0.23 0.21 0.21 - 0.01 0.30 0.13 0.03 0.03 0.03 - 0.01 0.05 0.02 0.28 0.21 0.28 + 0.06 0.60 0.10 0.18 0.00 0.18 - 0.02 1.21 0.06 0.40 0.36 0.37 - 0.04 0.57 0.18 0.30 0.27 0.27 - 0.02 0.44 0.14 0.36 0.32 0.33 + 0.01 0.68 0.17 0.22 0.18 0.22 + 0.02 0.27 0.04 0.14 0.14 0.14 + 0.00 0.18 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 28847 B2Gold T 27399 V 28 Bacanora Mnls Balmoral Res T 559 Balmoral Res* O 300 Bannerman Res* O 339 X 2401 Banro* Banyan Gold* O 507 Bard Vent V 22 Barisan Gold V 4871 Barkerville Go* O 180 Barkerville Go V 1077 V 135 Baroyeca Go&Si Barrick Gold* N 49962 Barrick Gold T 15384 Barsele Min* O 7 Batero Gold V 175 91 Battle Mtn Gld* O Bayhorse Silvr* O 14 Bayswater Uran* O 1 Bayswater Uran V 274 BCGold V 416 BCM Res V 26 V 201 BE Res Bear Creek Mng V 370 Bearing Res* O 99 Bearing Res V 337 Beaufield Res V 3829 Beaufield Res* O 115 Bell Copper V 388 Belmont Res V 585 Belo Sun Mng T 1053 Belvedere Res V 487 Berkeley Egy* O 2 V 18 Berkwood Res Besra Gold* O 128 Bitterroot Res* O 55 Bitterroot Res V 203 Black Dragon* O 2 Black Hills* N 1439 Black Iron T 4486 Black Isle Res V 22 11 Black Mam Mtls V Black Sea Cop V 129 Blackheath Res V 198 V 686 Blackrock Gold Blind Crk Res V 291 BLOX Inc* O 72 Blue Sky Uran* O 126 Blue Sky Uran V 889 Bluenose Gold V 13 Bold Vent V 38 BonTerra Res* O 699 BonTerra Res V 5985 Bowmore Expl V 390 Brakpan Vents 477 Bravada Gold V 261 Bravada Gold* O 56 Bravo Multinat* O 595 43 Bravura Vent * O Bravura Vent 4464 Brazil Mnrls* O 1908 Brigadier Gold V 9 BrightRock Gld* O 130 Brilliant Sand* O 100 Brio Gold T 27 Britannia Mng* O 4874 Brixton Mtls* O 83 Brixton Mtls V 210 Broadway Gold* O 868 V 1061 Broadway Gold Brunswick Res V 30 Buenaventura* N 6778 Bullfrog Gold* O 116

3.16 2.88 2.91 - 0.09 3.65 1.53 4.23 3.85 3.90 - 0.08 4.74 2.04 1.40 1.31 1.31 - 0.02 1.95 1.01 0.83 0.75 0.76 - 0.04 1.28 0.48 0.63 0.56 0.56 - 0.03 0.99 0.36 0.05 0.04 0.05 - 0.00 0.08 0.01 0.13 0.12 0.12 - 0.00 0.48 0.11 0.10 0.09 0.10 - 0.00 0.10 0.06 0.04 0.00 0.04 + 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.35 0.33 0.34 + 0.01 0.60 0.29 0.47 0.43 0.45 + 0.02 0.76 0.41 0.02 0.01 0.02 + 0.01 0.04 0.01 19.77 18.82 19.21 + 0.36 23.47 13.04 26.48 25.15 25.72 + 0.58 30.45 17.09 0.77 0.72 0.74 + 0.03 1.25 0.13 0.10 0.09 0.10 - 0.01 0.23 0.08 0.26 0.24 0.24 - 0.01 0.73 0.15 0.15 0.11 0.15 + 0.03 0.22 0.06 0.03 0.03 0.03 - 0.00 0.07 0.01 0.06 0.04 0.05 - 0.01 0.09 0.02 0.05 0.03 0.04 - 0.01 0.10 0.03 0.11 0.10 0.11 + 0.01 0.32 0.07 0.13 0.10 0.10 - 0.02 0.50 0.10 2.50 2.11 2.23 - 0.25 3.77 1.18 0.79 0.71 0.74 - 0.05 1.41 0.30 1.05 0.95 0.99 - 0.08 1.83 0.13 0.16 0.15 0.16 + 0.01 0.19 0.06 0.12 0.11 0.11 + 0.00 0.15 0.04 0.10 0.09 0.10 + 0.01 0.10 0.01 0.07 0.06 0.07 - 0.01 0.12 0.03 0.94 0.86 0.86 - 0.03 1.14 0.55 0.04 0.04 0.04 - 0.01 0.09 0.01 0.71 0.66 0.66 - 0.05 0.92 0.35 0.59 0.00 0.40 - 0.06 1.23 0.03 0.00 0.00 0.00 - 0.00 0.02 0.00 0.16 0.15 0.15 - 0.01 0.22 0.02 0.22 0.20 0.22 + 0.02 0.29 0.03 0.03 0.03 0.03 - 0.01 0.07 0.01 66.95 64.67 66.21 - 0.44 67.02 54.76 0.13 0.08 0.10 + 0.01 0.17 0.03 0.04 0.00 0.04 - 0.01 0.05 0.02 0.22 0.00 0.22 + 0.04 0.25 0.06 0.29 0.00 0.29 + 0.08 0.54 0.20 0.10 0.08 0.10 + 0.03 0.18 0.06 0.09 0.07 0.08 - 0.01 0.18 0.07 0.33 0.27 0.28 - 0.04 0.34 0.04 0.18 0.18 0.18 + 0.02 0.23 0.01 0.33 0.28 0.30 + 0.03 0.47 0.04 0.43 0.33 0.42 + 0.06 0.74 0.06 0.04 0.00 0.04 + 0.02 0.04 0.01 0.04 0.03 0.03 - 0.01 0.06 0.03 0.29 0.24 0.26 - 0.00 0.37 0.15 0.38 0.32 0.35 - 0.02 0.51 0.21 0.11 0.10 0.10 - 0.01 0.16 0.06 0.26 0.17 0.23 + 0.03 0.35 0.01 0.22 0.19 0.21 - 0.01 0.40 0.08 0.17 0.14 0.16 - 0.01 0.31 0.06 0.00 0.00 0.00 + 0.00 0.08 0.00 0.07 0.04 0.04 - 0.02 0.49 0.05 0.10 0.05 0.06 - 0.04 0.59 0.03 0.02 0.01 0.02 + 0.00 0.50 0.00 0.16 0.00 0.14 + 0.13 0.30 0.13 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.03 0.05 - 0.00 0.12 0.02 3.26 0.00 3.18 + 0.02 3.59 2.95 0.00 0.00 0.00 - 0.00 0.02 0.00 0.37 0.33 0.34 - 0.02 0.92 0.08 0.50 0.45 0.48 - 0.01 1.20 0.11 1.29 1.04 1.13 - 0.12 1.29 0.22 1.70 1.40 1.52 - 0.13 1.70 0.07 0.04 0.04 0.04 - 0.01 0.05 0.02 12.95 12.13 12.49 - 0.29 16.45 6.17 0.09 0.07 0.09 + 0.01 0.19 0.02

Cache Expl V 77 Cairo Res V 45 Caledonia Mng T 136 Caledonia Mng* Q 61 Calibre Mng V 1274 California Gld V 145 California Go* O 67 Callinex Mines* O 406 Callinex Mines V 1095 Cameco Corp T 6040 Cameco Corp* N 10171 Cameo Res* O 6 Cameo Res V 104 Camino Mnls V 196 Camrova Res V 41 Can-Cal Res* O 401 Canada Coal V 308 Canadian Zeol V 559 Canadian Zeol* O 83 CanAlaska Uran* O 182 V 129 CanAlaska Uran Canamex Res V 229 Canamex Res* O 44 Canarc Res T 1188 Canarc Res* Q 189 Canasil Res V 456 Candelaria Mg V 7 Candelaria Mg* O 13 O 25 Candente Gold* Candente Gold V 94 Canstar Res* O 74 Canstar Res V 339 Canterra Mnls V 43 Canuc Res V 321 Canuc Res* O 3 Canyon Gold* O 58869 Capstone Mng T 25094 Cardero Res V 12 Cardero Res* O 3 Cariboo Rose V 111 Cartier Iron 67 Cartier Res V 671 Carube Copper* O 37 Carube Copper V 332 Cascadero Copp V 714 Castle Peak Mg V 417 Castle Res 11 Castle Silver V 545 Castle Silver* O 32 Cava Res V 1275 Cava Res* O 160 Caza Gold* O 154 CB Gold V 23 Cda Carbon* O 13 Cda Carbon V 338 Cda Rare Earth V 1258 Cda Strtgc Met V 548 Cda Zinc Mtls V 796 Cdn Arrow V 1376 Cdn Metals 85 Cdn Orebodies V 754 Cdn Platinum V 1738 Cdn Silvr Hunt V 347 Cdn Zinc* Q 365 Cdn Zinc T 751 Centamin T 63 Centaurus Diam* O 45 Centenera Mng V 47 Centenera Mng* O 19

0.16 0.13 0.16 + 0.01 0.18 0.03 0.36 0.32 0.35 + 0.03 0.60 0.15 1.90 1.80 1.90 + 0.01 2.42 0.89 1.43 1.34 1.42 + 0.02 1.84 0.70 0.26 0.23 0.24 - 0.01 0.30 0.10 0.47 0.43 0.45 + 0.02 0.80 0.37 0.36 0.33 0.34 + 0.05 0.56 0.28 0.28 0.26 0.27 + 0.01 0.54 0.21 0.38 0.34 0.37 + 0.02 0.69 0.28 14.89 14.14 14.58 - 0.15 17.65 9.88 11.15 10.55 10.89 - 0.17 13.50 7.41 0.37 0.25 0.36 + 0.12 0.39 0.24 0.55 0.43 0.50 + 0.07 1.75 0.31 0.39 0.35 0.35 - 0.04 0.39 0.12 0.20 0.18 0.18 - 0.01 0.40 0.10 0.03 0.03 0.03 - 0.01 0.08 0.02 0.04 0.04 0.04 - 0.01 0.10 0.02 0.80 0.54 0.57 - 0.19 1.95 0.08 0.59 0.41 0.42 - 0.18 1.46 0.06 0.35 0.31 0.33 - 0.00 1.20 0.28 0.46 0.42 0.44 - 0.02 1.55 0.36 0.12 0.00 0.11 + 0.01 0.30 0.10 0.09 0.07 0.08 + 0.01 0.11 0.07 0.12 0.11 0.11 - 0.01 0.15 0.06 0.09 0.08 0.08 - 0.01 0.12 0.04 0.17 0.16 0.17 + 0.01 0.73 0.14 1.01 0.00 0.96 - 0.04 1.19 0.17 0.76 0.72 0.72 - 0.01 0.76 0.56 0.04 0.04 0.04 + 0.00 0.06 0.01 0.05 0.04 0.04 - 0.01 0.09 0.03 0.09 0.09 0.09 + 0.00 0.17 0.09 0.15 0.11 0.14 + 0.01 0.23 0.00 0.06 0.05 0.06 + 0.01 0.10 0.03 0.45 0.34 0.45 + 0.08 0.45 0.08 0.28 0.28 0.28 + 0.02 0.30 0.10 0.04 0.01 0.01 - 0.02 0.46 0.00 1.56 1.19 1.21 - 0.35 1.81 0.44 0.16 0.00 0.14 - 0.04 0.25 0.08 0.11 0.00 0.11 - 0.01 0.19 0.05 0.15 0.14 0.15 + 0.01 0.26 0.04 0.15 0.00 0.12 - 0.03 0.16 0.03 0.22 0.19 0.20 - 0.02 0.25 0.07 0.10 0.07 0.10 + 0.02 0.14 0.05 0.13 0.11 0.13 + 0.02 0.20 0.06 0.14 0.12 0.12 - 0.01 0.17 0.03 0.03 0.02 0.02 + 0.01 0.08 0.01 0.29 0.00 0.29 - 0.01 0.40 0.01 0.26 0.22 0.26 + 0.03 0.27 0.02 0.19 0.00 0.19 + 0.02 0.20 0.03 0.24 0.17 0.23 + 0.03 0.78 0.05 0.18 0.14 0.18 + 0.04 0.37 0.14 0.03 0.01 0.03 + 0.01 0.06 0.01 0.17 0.17 0.17 + 0.01 0.30 0.05 0.20 0.20 0.20 + 0.01 0.26 0.18 0.27 0.25 0.26 - 0.01 0.32 0.22 0.06 0.00 0.05 - 0.01 0.06 0.02 0.15 0.13 0.13 - 0.02 0.26 0.04 0.38 0.35 0.35 - 0.03 0.48 0.10 0.03 0.02 0.02 - 0.01 0.03 0.01 0.08 0.07 0.07 + 0.01 0.44 0.06 0.35 0.29 0.35 + 0.05 0.40 0.19 0.02 0.01 0.02 + 0.01 0.03 0.01 0.08 0.05 0.05 - 0.03 0.09 0.01 0.19 0.17 0.17 - 0.01 0.32 0.11 0.24 0.23 0.23 - 0.01 0.41 0.14 2.97 2.89 2.91 + 0.03 3.05 1.60 0.04 0.03 0.03 - 0.01 0.34 0.01 0.22 0.19 0.22 + 0.02 0.50 0.06 0.18 0.14 0.18 + 0.04 0.37 0.04

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C

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12-month

Exc Volume High Low Last Change High Low

Centerra Gold T 5573 7.60 6.89 7.35 + 0.49 8.13 5.56 Central Iron V 185 0.03 0.02 0.02 - 0.01 0.04 0.01 Centurion Mnls V 294 0.08 0.06 0.06 - 0.03 0.15 0.05 Century Global* O 42 0.23 0.20 0.20 - 0.03 0.40 0.15 Century Global T 26 0.27 0.00 0.27 - 0.04 0.72 0.13 Cerro Grande 10 0.04 0.00 0.04 - 0.01 0.08 0.01 Ceylon Graph V 216 0.43 0.37 0.41 - 0.02 0.45 0.20 Chalice Gold M T 23 0.18 0.18 0.18 + 0.01 0.21 0.14 Champion Bear V 84 0.20 0.17 0.20 + 0.03 0.28 0.03 Champion Iron* O 62 0.81 0.72 0.77 - 0.01 1.12 0.13 Champion Iron T 1706 1.09 0.90 1.00 - 0.06 1.47 0.17 Chesapeake Gld* O 44 2.95 2.81 2.85 - 0.05 5.03 1.53 Chevron Corp* N 32532 108.86 107.02 107.99 + 0.31 119.00 92.25 Chiboug Ind Mn V 1412 0.10 0.09 0.09 - 0.01 0.26 0.04 Chiboug Ind Mn* O 224 0.08 0.07 0.07 - 0.01 0.17 0.04 Chilean Metals V 443 0.18 0.14 0.14 - 0.02 0.33 0.06 China Gold Int T 3088 3.01 2.66 2.77 + 0.08 3.67 1.84 9 0.02 0.00 0.02 + 0.01 0.02 0.00 China Mnls Mng* O Cibolan Gold* O 285 0.02 0.01 0.02 + 0.01 0.13 0.01 479 0.04 0.03 0.03 - 0.01 0.06 0.01 Claim Post Res V Clean Comm V 1072 0.08 0.06 0.07 - 0.01 0.17 0.04 0.05 - 0.01 0.13 0.03 Clean Comm* O 118 0.06 0.05 Clear Mtn Res V 1788 1.19 1.02 1.13 + 0.06 2.03 0.10 Clifton Mng* O 149 0.13 0.10 0.12 - 0.01 0.16 0.08 Cloud Peak En* N 7611 4.29 3.83 4.21 + 0.27 8.04 1.64 CMC Metals* O 14 0.07 0.06 0.06 - 0.01 0.13 0.06 CMX Gold & Sil* O 1050 0.07 0.07 0.07 - 0.01 0.08 0.07 O 60 0.24 0.22 0.24 + 0.01 0.32 0.01 CobalTech M’g* Coeur Mng* N 15855 8.07 7.71 7.86 - 0.09 16.41 5.15 Colorado Res* O 22 0.21 0.19 0.21 - 0.00 0.54 0.07 0.27 - 0.02 0.71 0.09 Colorado Res V 466 0.29 0.27 Columbus Gold* O 1461 0.75 0.60 0.67 - 0.03 0.83 0.29 T 2042 0.99 0.80 0.89 - 0.05 1.09 0.37 Columbus Gold Commander Res V 881 0.06 0.00 0.05 + 0.01 0.08 0.03 Commerce Res* O 628 0.06 0.05 0.06 - 0.00 0.09 0.04 Commerce Res V 1108 0.08 0.07 0.07 - 0.01 0.11 0.05 Comstock Mng* X 604 0.26 0.24 0.25 - 0.00 0.50 0.19 Comstock Mtls * O 10 0.12 0.12 0.12 - 0.00 0.33 0.09 0.08 - 0.01 0.12 0.05 Condor Res V 429 0.09 0.08 Confedertn Ml* O 12 0.54 0.50 0.50 - 0.04 0.80 0.31 Confedertn Mls V 219 0.72 0.62 0.68 - 0.03 8.00 0.46 CONSOL Energy* N 17419 16.05 14.90 15.71 + 0.61 22.34 9.66 3.14 + 0.01 4.39 1.22 Contintl Gold* O 80 3.38 3.02 Contintl Gold T 2950 4.51 4.01 4.23 + 0.07 5.75 1.61 0.22 + 0.00 0.35 0.11 Contintl Prec* O 1 0.22 0.21 Contintl Prec T 2 0.30 0.00 0.30 + 0.01 0.44 0.25 362 0.15 0.14 0.14 - 0.01 0.19 0.11 Copper Fox Mtl V Copper Fox Mtl* O 11 0.12 0.11 0.11 - 0.00 0.14 0.08 Copper Mtn Mng* O 38 0.81 0.00 0.75 - 0.05 1.02 0.32 1.09 0.95 1.00 - 0.08 1.32 0.40 Copper Mtn Mng T 1754 Copper North M* O 16 0.07 0.00 0.06 + 0.00 0.16 0.00 Copper North M V 101 0.10 0.09 0.10 + 0.01 0.30 0.08 0.05 - 0.01 0.30 0.03 Copper One V 237 0.06 0.05 Copper One * O 35 0.05 0.04 0.05 + 0.01 0.22 0.04 Copper Reef Mg 3969 0.03 0.02 0.03 + 0.01 0.05 0.02 O 6 0.05 0.04 0.05 + 0.00 0.08 0.01 Copperbank Res* Coral Gold V 99 0.31 0.00 0.30 - 0.02 0.39 0.08 O 224 1.05 0.95 1.02 - 0.01 1.21 0.29 Cordoba Mnls* Cordoba Mnls V 511 1.40 1.25 1.34 - 0.02 1.59 0.39 Corex Gold V 390 0.14 0.11 0.12 + 0.02 0.21 0.04 Cornerstone Ca V 519 0.29 0.26 0.26 - 0.02 0.33 0.04 Cornerstone Ca* O 195 0.22 0.19 0.19 - 0.02 0.25 0.03 Cornerstone Mt V 199 0.04 0.03 0.03 - 0.02 0.05 0.01 0.15 - 0.01 0.21 0.04 Coro Mining T 587 0.16 0.14 Coronet Mtls V 102 0.23 0.20 0.20 - 0.01 0.71 0.03 Coronet Mtls* O 25 0.16 0.14 0.14 - 0.02 0.56 0.02 1.83 - 0.37 3.82 0.80 Corsa Coal V 231 2.21 1.75 Corsa Coal * O 161 1.65 1.20 1.34 - 0.30 2.93 1.20 Corvus Gold T 49 0.87 0.82 0.82 - 0.06 1.38 0.50 Corvus Gold* O 40 0.65 0.61 0.63 - 0.03 1.05 0.37 Cougar Mnls V 648 0.53 0.46 0.52 + 0.03 0.82 0.28 Cresval Cap V 297 0.05 0.05 0.05 - 0.01 0.05 0.04 0.79 - 0.08 0.95 0.24 Critical Elem V 1591 0.88 0.75 Critical Elem* O 85 0.65 0.56 0.57 - 0.09 0.70 0.18 0.16 + 0.02 0.20 0.04 Crown Mining V 727 0.17 0.14 Cruz Cap Corp* O 69 0.16 0.15 0.15 - 0.00 0.23 0.07 Cruz Cap Corp V 1171 0.22 0.19 0.19 - 0.02 0.31 0.02 0.26 - 0.01 0.43 0.22 Crystal Lake V 169 0.29 0.25 Crystal Peak V 35 0.51 0.50 0.51 + 0.01 0.56 0.18 Crystal Peak* O 19 0.39 0.32 0.33 + 0.02 0.42 0.14 56 0.01 0.01 0.01 - 0.00 0.02 0.00 Currie Rose Rs* O Currie Rose Rs V 9 0.03 0.03 0.03 - 0.01 0.05 0.01 9 0.24 0.18 0.18 - 0.06 0.27 0.11 CWN M’g Acq V Cyclone Uran* O 1828 0.01 0.00 0.01 + 0.01 0.01 0.00 Cypress Dev* O 23 0.10 0.09 0.10 - 0.00 0.16 0.05 0.13 + 0.01 0.20 0.06 Cypress Dev V 319 0.14 0.12

D-F Dajin Res* O 444 Dakota Ter Res* O 48 Daleco Res* O 111 O 242 Dalradian Res* Dalradian Res T 555 Danakali* O 144 Darnley Bay V 1430 Darnley Bay* O 152 Debut Dmds 317 Decade Res V 155 Defiance Silvr* O 143 Defiance Silvr V 500 X 2506 Denison Mines* Denison Mines T 2733 Desert Gold V 8 Desert Star V 220 Detour Gold T 11097 Diamcor Mng* O 3 Diamond Fields V 85 Dios Expl V 579 Discovery Harb V 69 Discovery Mnls* O 22809 DNI Metals 284 DNI Metals* O 8 Dolly Vard Sil* O 55 Dolly Vard Sil V 454 Dominion Diam T 3946 N 10569 Dominion Diam* Double Crn Res* O 4933 V 2222 Doubleview Cap DRDGOLD* N 1669 Duncan Park H V 5385 Dundee Prec Mt T 1347 Dunnedin Vent* O 38 Duran Vent V 110 Duran Vent * O 170 Durango Res V 2283 Durango Res* O 39 DuSolo Fertil V 566 DuSolo Fertil* O 138 Dynacor Gld Mn T 130 DynaResource* O 6 Dynasty Met&Mn* O 13 Dynasty Met&Mn T 230 Eagle Graphite* O 51 Eagle Plains V 532 East Africa V 907 East Africa * O 26 East Asia Mnls V 295 O 55 Eastern Platin* Eastern Platin T 236 Eastmain Res T 955 Eco Oro Mnls T 544 eCobalt Solns* O 292 El Capitan Prc* O 1514 Elcora Res V 448 Elcora Res* O 96 Eldorado Gold* N 20005 Eldorado Gold T 19345 Electra Stone V 260 Eloro Mnrls* O 21 Ely Gold & Mnl* O 276 Elysee Dev V 111 Emerita Res V 4070 Emgold Mng* O 28 Encanto Potash V 1278 Endeavour Mng T 2007 Endeavour Mng* O 50 Endeavr Silver* N 11159 Endeavr Silver T 1550 Endurance Gold V 126 Energizer Res* O 2148 Energy Fuels T 754 Energy Fuels* X 1330 Enforcer Gold V 605 Engold Mines* O 41 Engold Mines V 1832 Ensurge* O 177 Entree Gold* X 459 Entree Gold T 269 Equitas Res V 80

0.08 0.07 0.07 - 0.01 0.24 0.06 0.10 0.04 0.09 + 0.03 0.20 0.02 0.01 0.01 0.01 + 0.00 0.05 0.01 1.03 0.95 0.99 + 0.04 1.27 0.65 1.37 1.27 1.32 + 0.06 1.68 0.86 0.60 0.56 0.56 - 0.01 0.65 0.17 0.45 0.31 0.45 + 0.10 0.57 0.02 0.30 0.23 0.29 + 0.02 0.44 0.01 0.01 0.00 0.01 - 0.01 0.03 0.01 0.06 0.00 0.06 - 0.01 0.13 0.02 0.26 0.21 0.22 - 0.02 0.49 0.08 0.35 0.29 0.31 - 0.03 0.63 0.10 0.65 0.58 0.61 - 0.06 0.84 0.37 0.87 0.78 0.81 - 0.06 1.10 0.49 0.31 0.28 0.31 + 0.02 0.40 0.09 0.11 0.10 0.11 + 0.01 0.22 0.06 16.38 14.35 16.00 + 0.82 35.93 14.35 0.78 0.76 0.76 - 0.02 1.11 0.62 0.18 0.00 0.18 + 0.02 0.24 0.05 0.11 0.08 0.10 + 0.01 0.19 0.06 0.03 0.02 0.03 - 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.07 0.07 - 0.01 0.09 0.02 0.06 0.05 0.06 + 0.00 0.06 0.01 0.61 0.53 0.53 - 0.05 0.81 0.12 0.80 0.69 0.70 - 0.08 1.11 0.14 17.21 15.62 16.99 + 3.78 17.21 10.47 12.88 11.71 12.72 + 2.80 12.88 7.92 0.01 0.01 0.01 - 0.00 0.02 0.00 0.07 0.06 0.07 - 0.01 0.19 0.06 5.43 4.85 5.00 - 0.03 9.10 3.55 0.02 0.01 0.01 - 0.01 0.03 0.01 2.96 2.72 2.84 + 0.16 4.14 1.86 0.30 0.26 0.26 - 0.05 0.31 0.04 0.09 0.08 0.09 + 0.01 0.20 0.07 0.07 0.06 0.07 + 0.02 0.10 0.05 0.19 0.15 0.17 + 0.01 0.36 0.04 0.13 0.13 0.13 - 0.01 0.22 0.05 0.05 0.04 0.05 + 0.02 0.07 0.03 0.02 0.02 0.02 - 0.00 0.04 0.02 2.39 2.19 2.36 + 0.06 3.71 1.86 1.46 1.35 1.41 - 0.06 1.99 0.00 0.29 0.26 0.28 + 0.01 0.29 0.08 0.40 0.37 0.38 + 0.03 0.39 0.10 0.03 0.03 0.03 - 0.01 0.05 0.02 0.20 0.18 0.19 + 0.01 0.24 0.07 0.31 0.27 0.29 + 0.03 0.36 0.08 0.22 0.20 0.22 + 0.02 0.28 0.09 0.24 0.13 0.22 + 0.10 0.25 0.05 0.28 0.25 0.28 + 0.03 0.89 0.24 0.37 0.35 0.36 + 0.01 1.19 0.33 0.51 0.46 0.47 - 0.05 0.97 0.35 0.85 0.55 0.69 - 0.08 0.87 0.13 0.97 0.88 0.88 - 0.04 1.14 0.34 0.09 0.08 0.08 + 0.00 2.35 0.03 0.33 0.30 0.31 - 0.01 0.58 0.29 0.24 0.23 0.24 + 0.00 0.44 0.22 3.22 3.01 3.14 + 0.04 5.16 2.54 4.30 4.02 4.22 + 0.13 6.71 3.46 0.02 0.02 0.02 + 0.01 0.11 0.02 0.54 0.54 0.54 - 0.01 0.58 0.16 0.11 0.10 0.11 - 0.00 0.20 0.06 0.40 0.00 0.36 - 0.02 0.49 0.20 0.22 0.14 0.16 - 0.06 0.22 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.11 0.10 0.10 - 0.01 0.18 0.06 25.27 22.87 24.11 + 1.11 28.81 10.46 18.86 17.18 18.00 + 0.38 21.89 7.95 3.35 3.02 3.08 - 0.04 5.95 2.30 4.46 4.04 4.12 - 0.06 7.75 3.04 0.08 0.06 0.07 - 0.01 0.10 0.03 0.05 0.05 0.05 + 0.00 0.10 0.04 2.96 2.61 2.72 - 0.24 3.65 1.74 2.23 1.95 2.03 - 0.18 2.87 1.29 0.24 0.21 0.22 - 0.01 0.24 0.19 0.30 0.23 0.26 - 0.04 0.33 0.02 0.41 0.29 0.37 - 0.04 0.45 0.03 0.09 0.06 0.07 - 0.02 0.10 0.01 0.53 0.47 0.48 - 0.04 0.72 0.22 0.69 0.63 0.65 - 0.04 0.94 0.29 0.28 0.24 0.27 + 0.01 1.30 0.19

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Equitas Res* O 54 Equitorial Ex V 497 15 V Era Res Inc 794 Erdene Res Dev T 24 Erdene Res Dev* O Erin Ventures* O 50 Erin Ventures V 775 40 Eros Res Corp* O Eskay Mng V 156 V 43 Essex Minerals Ethos Gold* O 31 Ethos Gold V 135 X 238 Eurasian Mnls* 58 T Euro Sun Mg O 69 EurOmax Res* EurOmax Res T 17 V 60 Eurotin Everton Res* O 241 230 EVI Global Grp Evolving Gold 38 O 5 Evolving Gold* Evrim Res V 8141 Excellon Res* O 524 Excellon Res T 803 O 274 Excelsior Mng* Excelsior Mng T 349 Exeter Res* X 743 Exeter Res T 214 130 ExGen Res Inc V O 242 Expedition Mng* Explor Res* O 55 Explor Res V 806 Fairmont Res V 1204 Falco Res V 672 Fancamp Expl V 1135 Fieldex Expl V 130 74 Filo Mg Corp V Finlay Minrls V 173 Finore Mng 4088 Finore Mng* O 73 Fiore Explor* O 38 Fiore Explor V 262 Firesteel Res V 138 Firestone Vent V 581 O 193 Firma Holdings* First Cobalt V 1341 First Energy* O 35 First Liberty* O 9790 First Majestic T 4034 V 4690 First Mg Fin First Mg Fin * O 1852 First Point* O 43 First Point V 514 First Quantum T 11809 V 2130 Fission 3.0 Fission Uran T 2466 Fission Uran* O 1710 Fjordland Exp V 804 Flinders Res V 458 Flinders Res* O 628 V 9845 Focus Graphite O 980 Focus Graphite* Focus Vent V 2864 Foran Mng V 404 T 1741 Formation Mtls Forrester Met V 600 Forsys Metals T 484 25 Fort St J Nick V O 51 Fortescue Mtls* Fortuna Silvr* N 8217 T 2630 Fortuna Silvr Fortune Bay* O 1 Fortune Bay V 33 O 173 Fortune Mnrls* Fortune Mnrls T 1378 V 157 Forum Uranium O 144 Forum Uranium* Four River V 470 49 Fox River Res N 4279 Franco-Nevada* Franco-Nevada T 2478 Franklin Mng* O 20 Freegold Vent T 120 N 90727 Freeport McMoR* Freeport Res V 95 2 Fresnillo plc* O 1 Frontier Rr Er* O Frontline Gold V 393 6 Full Metal Mnl V

0.16 0.20 - 0.00 0.31 0.20 0.18 0.03 0.08 - 0.01 0.11 0.08 0.06 0.10 0.50 0.01 0.18 0.17 0.17 - 0.92 0.83 0.85 - 0.05 0.93 0.19 0.70 0.63 0.64 - 0.03 0.70 0.16 0.02 0.03 - 0.00 0.05 0.03 0.03 0.04 0.05 - 0.01 0.06 0.05 0.05 0.15 0.00 0.15 + 0.01 0.17 0.08 0.10 0.31 - 0.01 0.42 0.33 0.28 0.17 0.18 - 0.04 0.33 0.18 0.17 0.05 0.16 - 0.01 0.32 0.17 0.16 0.17 0.22 - 0.02 0.41 0.24 0.22 0.49 0.99 - 0.00 1.40 1.05 0.98 0.78 0.70 0.71 - 0.06 1.45 0.62 0.31 0.33 - 0.00 0.59 0.38 0.33 0.36 0.46 - 0.02 0.81 0.50 0.45 0.03 0.07 + 0.01 0.12 0.07 0.07 0.03 0.08 - 0.01 0.14 0.09 0.07 0.07 0.06 0.06 + 0.01 0.12 0.01 0.05 0.16 - 0.02 0.50 0.17 0.16 0.04 0.12 - 0.02 0.38 0.14 0.12 0.16 0.27 - 0.03 0.43 0.33 0.20 0.35 1.34 + 0.17 1.85 1.38 1.16 0.47 1.75 + 0.15 2.40 1.84 1.56 0.19 0.61 - 0.01 0.72 0.66 0.60 0.26 0.80 - 0.01 0.94 0.86 0.80 0.54 1.15 - 0.07 1.48 1.28 1.13 0.70 1.53 - 0.07 1.94 1.70 1.51 0.02 0.00 0.02 - 0.01 0.03 0.01 0.01 0.07 + 0.00 0.22 0.07 0.06 0.04 0.06 + 0.00 0.18 0.06 0.05 0.07 0.08 + 0.01 0.23 0.08 0.07 0.05 0.08 - 0.04 0.23 0.11 0.06 0.42 0.86 - 0.05 1.39 0.92 0.84 0.02 0.05 - 0.02 0.08 0.06 0.05 0.10 0.13 - 0.03 0.65 0.17 0.13 1.95 0.00 1.85 + 0.03 3.00 0.64 0.03 0.07 - 0.01 0.09 0.07 0.07 0.01 0.13 - 0.05 0.50 0.17 0.12 0.02 0.10 - 0.02 0.41 0.12 0.09 0.25 0.25 - 0.01 0.55 0.27 0.25 0.03 0.35 + 0.01 0.76 0.37 0.34 0.01 0.05 - 0.01 0.06 0.06 0.05 0.01 0.05 - 0.01 0.08 0.05 0.04 0.03 0.10 + 0.02 0.12 0.12 0.09 0.22 0.76 - 0.07 0.92 0.84 0.70 0.02 0.05 + 0.00 0.12 0.05 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 10.53 + 0.06 24.96 7.92 10.95 10.31 0.96 0.88 0.89 - 0.07 1.31 0.39 0.72 0.66 0.67 - 0.04 1.02 0.29 0.03 0.09 + 0.00 0.09 0.09 0.09 0.04 0.13 + 0.02 0.15 0.15 0.11 13.63 - 0.78 17.55 5.38 14.71 13.38 0.10 0.08 0.08 - 0.02 0.13 0.05 0.49 0.82 - 0.05 0.92 0.88 0.78 0.36 0.61 - 0.04 0.70 0.67 0.58 0.03 0.04 - 0.01 0.17 0.05 0.04 0.25 0.74 - 0.10 0.93 0.86 0.70 0.19 0.56 - 0.07 0.71 0.65 0.52 0.06 0.09 - 0.01 0.26 0.13 0.09 0.04 0.08 + 0.01 0.20 0.10 0.07 0.05 0.06 - 0.01 0.11 0.07 0.06 0.08 0.33 - 0.06 0.47 0.40 0.31 0.16 1.17 - 0.06 1.48 1.30 1.16 0.04 0.12 + 0.01 0.14 0.12 0.11 0.05 0.14 - 0.01 0.28 0.16 0.13 0.12 0.10 0.12 + 0.02 0.35 0.05 1.88 4.70 - 0.55 5.50 5.14 0.00 3.63 5.02 - 0.12 9.75 5.39 4.91 7.19 6.55 6.72 - 0.07 12.73 4.82 0.30 0.39 + 0.00 0.64 0.39 0.00 0.29 0.54 + 0.01 0.90 0.54 0.50 0.04 0.18 + 0.00 0.26 0.19 0.17 0.05 0.23 - 0.01 0.34 0.25 0.23 0.07 0.09 - 0.01 0.20 0.10 0.09 0.05 0.07 - 0.01 0.14 0.08 0.07 0.26 0.73 + 0.03 1.28 0.76 0.66 0.13 0.12 0.12 - 0.01 0.15 0.04 53.31 64.58 - 0.02 81.16 66.56 63.57 88.65 84.76 86.37 + 0.31 105.69 71.44 0.00 0.00 + 0.00 0.01 0.00 0.00 0.08 0.15 - 0.01 0.28 0.15 0.13 12.81 + 0.05 17.06 8.76 13.17 12.49 0.01 0.05 - 0.01 0.09 0.06 0.05 18.50 0.00 18.50 - 0.53 26.65 13.00 0.01 0.01 0.01 - 0.00 0.05 0.00 0.01 0.02 - 0.01 0.05 0.03 0.02 0.11 0.00 0.11 + 0.02 0.12 0.04

Gainey Capital V 178 Galane Gold V 581 Galantas Gold V 90 Galway Gold V 67 Galway Mtls* O 62 Galway Mtls V 82 Garibaldi Res V 363 25 Garibaldi Res * O GB Minerals V 461 379 V Gem Intl Res General Moly T 6 General Moly* X 446 Genesis Mtls* O 5 Genesis Mtls V 242 Genius Props 86 V 1107 Gensource Pot Geodex Mnrls V 20 Geomega Res V 245 O 46 Geomega Res* 60 Gespeg Cop Res V Getty Copper V 572 GFK Res V 95 GGL Res V 219 GGX Gold V 41 Gitennes Expl V 1308 Giyani Gold V 66 Gldn Predator V 2118 O 556 Gldn Predator* 534 Glen Eagle Res V Glencore Plc* O 566 Global Energy V 1397 Global Gold* O 58 O 11 Global Hunter* Globex Mng* O 17 Globex Mng T 313 GMCI Corp* O 0 O 49 GMV Minerals* V 14 GobiMin GoGold Res T 589 Gold & Silver* O 11272 26714 Gold Fields* N 17 Gold Finder Ex V 3 Gold Finder Ex* O 760421 Gold Lakes* O 407 Gold Mng USA* O 2 Gold Reach Res V Gold Reserve* O 19 Gold Reserve V 19 X 4545 Gold Resource* 961 Gold Std Vents V Gold Std Vents* X 7740 Gold Torrent* O 19 Goldcliff Res* O 57 Goldcliff Res V 52 T 21035 Goldcorp Goldcorp* N 37692 Golden Arrow V 503 Golden Arrow* O 538 59 Golden Dawn Ml* O Golden Dawn Ml V 1251 Golden Eagle* O 26 V 69 Golden Goliath O 590 Golden Goliath* Golden Hope V 621 Golden Hope* O 33 Golden Mnls* X 608 74 Golden Peak Mn V O 204 Golden Queen* Golden Queen T 132 Golden Reign V 403 Golden Secret V 122 88 Golden Sh Mng V Golden Star T 1095 Golden Star* X 8759 Golden Tag V 335 Golden Valley V 417 Goldex Res V 95 T 1855 Goldgroup Mng

0.11 0.18 + 0.01 0.37 0.18 0.15 0.04 0.06 - 0.01 0.19 0.07 0.06 0.07 0.14 + 0.02 0.18 0.14 0.12 0.05 0.09 + 0.01 0.13 0.09 0.08 0.07 0.29 + 0.01 0.51 0.31 0.29 0.11 0.39 + 0.01 0.65 0.41 0.38 0.07 0.16 + 0.01 0.21 0.16 0.14 0.12 0.11 0.12 + 0.00 0.16 0.05 0.06 0.07 - 0.03 0.10 0.09 0.06 0.09 0.07 0.08 - 0.01 0.15 0.04 0.30 0.68 - 0.02 0.95 0.68 0.65 0.21 0.51 - 0.02 0.72 0.53 0.50 0.01 0.11 + 0.01 0.22 0.11 0.10 0.09 0.13 - 0.02 0.28 0.15 0.13 0.08 0.17 + 0.01 0.38 0.17 0.16 0.04 0.17 - 0.01 0.23 0.18 0.17 0.05 0.09 - 0.01 0.11 0.10 0.00 0.06 0.12 + 0.01 0.23 0.13 0.10 0.05 0.08 + 0.00 0.16 0.08 0.08 0.03 0.03 0.03 + 0.01 0.06 0.02 0.01 0.03 + 0.01 0.04 0.03 0.03 0.06 0.12 - 0.02 0.18 0.13 0.12 0.02 0.04 - 0.01 0.05 0.04 0.03 0.07 0.10 - 0.01 0.39 0.11 0.00 0.01 0.06 + 0.01 0.08 0.06 0.00 0.06 0.36 - 0.02 0.70 0.38 0.36 0.16 1.44 - 0.10 2.05 1.55 1.34 0.13 1.07 - 0.08 1.59 1.16 1.01 0.24 0.19 0.21 - 0.02 0.24 0.08 3.49 7.96 - 0.51 8.62 8.50 7.90 0.20 0.25 + 0.05 0.67 0.26 0.21 0.01 0.02 + 0.01 0.06 0.03 0.02 0.01 0.01 - 0.00 0.25 0.01 0.00 0.19 0.39 - 0.02 0.48 0.42 0.39 0.26 0.54 - 0.01 0.63 0.57 0.52 0.20 2.52 - 0.05 2.60 2.52 0.00 0.12 0.29 - 0.00 0.55 0.29 0.29 0.38 0.54 - 0.01 0.58 0.55 0.54 0.41 0.70 + 0.04 1.65 0.73 0.66 0.00 0.00 0.00 - 0.00 0.06 0.00 2.60 3.52 + 0.05 6.60 3.63 3.42 0.12 0.00 0.12 + 0.05 0.28 0.08 0.09 0.09 0.09 - 0.01 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 0.13 0.00 0.13 - 0.01 0.25 0.09 0.00 2.72 - 0.04 5.54 2.98 2.54 3.28 3.65 - 0.05 7.34 3.98 3.45 2.20 4.44 - 0.05 8.22 4.94 4.31 3.68 3.28 3.46 + 0.20 4.10 1.20 2.76 2.44 2.59 - 0.04 3.20 0.89 0.35 0.51 - 0.09 1.10 0.60 0.51 0.11 0.13 - 0.02 0.36 0.15 0.12 0.05 0.18 - 0.01 0.47 0.19 0.17 15.95 21.20 + 0.77 26.56 21.67 20.32 11.91 15.84 + 0.52 20.38 16.20 15.21 0.25 0.71 - 0.01 1.48 0.73 0.66 0.20 0.53 - 0.01 1.30 0.55 0.49 0.26 0.25 0.25 - 0.01 0.32 0.08 0.35 0.33 0.35 + 0.01 0.44 0.08 0.01 0.06 - 0.02 0.11 0.08 0.00 0.02 0.06 - 0.02 0.14 0.07 0.06 0.01 0.04 - 0.02 0.10 0.06 0.04 0.14 0.20 + 0.03 0.39 0.23 0.17 0.11 0.18 + 0.07 0.25 0.18 0.13 0.31 0.61 - 0.02 1.16 0.64 0.60 0.36 0.35 0.36 + 0.01 0.90 0.12 0.52 0.66 - 0.09 1.54 0.74 0.65 0.70 0.87 - 0.14 1.98 0.98 0.87 0.13 0.20 - 0.02 0.36 0.23 0.20 0.20 0.33 + 0.02 0.69 0.35 0.31 0.21 0.18 0.20 + 0.02 0.36 0.09 0.52 1.13 - 0.02 1.46 1.23 1.08 0.40 0.84 - 0.03 1.13 0.93 0.80 0.03 0.06 - 0.01 0.18 0.06 0.06 0.13 0.34 - 0.05 0.50 0.40 0.32 0.19 0.84 - 0.11 1.04 1.00 0.00 0.07 0.13 + 0.02 0.39 0.15 0.11

G-H

2017-03-28 7:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 3–16, 2017

21

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldgroup Mng* O 486 GoldMining V 719 GoldON Res V 20 GoldQuest Mng V 873 Goldsource Min* O 186 V 2 Goldstream Mnl Goldstrike Res V 989 Gonzaga Res V 106 GoviEx Uranium* O 577 GoviEx Uranium V 2617 Gowest Gold* O 121 Gowest Gold V 1037 GPM Metals V 178 Gran Colombia* O 308 Gran Colombia T 3362 Granada Gold V 1772 Grande Portage* O 6 Graphite Corp* O 1015 Graphite One V 1998 Graphite One* O 827 Gray Rock Res V 136 Great Bear Res* O 25 152 Great Bear Res V Great Lakes Gr V 206 204 Great Lakes Gr* O Great Panther T 1181 X 6383 Great Panther* Great Quest Fe V 89 Great Rock Dev* O 1 Great Thunder V 5013 Green Swan Cap V 87 V 125 Greencastle Rs Greenland M&En* O 239 Grizzly Discvr* O 25 Grizzly Gold* O 53 GrowMax Res V 1290 O 1633 GrowMax Res* GT Gold * O 100 V 280 GT Gold GTA Res & Mng V 549 Guerrero Vents V 896 Guyana Gldflds T 3408 Hadley Mng 657 Handa Copper V 135 Hannan Metals V 15 Hannan Metals* O 48 39 Happy Ck Mnrls V Hard Creek Ni V 80 Harmony Gold* N 22548 Harte Gold T 3383 Harte Gold* O 407 Harvest Gold V 253 Hawkeye Gld&Di V 111 V 115 Heatherdale Rs Hecla Mining* N 27595 Helio Res V 178 Hellix Vent* O 120 O 454 Hemcare Health* Heron Res* O 1811 Highbank Res V 360 Highland Copp V 636 O 34 Highland Copp* Hinterland Mtl V 3089 Hochschild Mg* O 150 Homeland Egy V 2908 Honey Badger E V 1698 Horizonte Mnls T 201 237 Hornby Bay Mnl V Houston Lake V 66 HudBay Mnls T 9563 HudBay Mnls* N 3248 Hudson Res* O 38 Hudson Res V 145 Hunt Mng* O 10 Hycroft Mg* O 1

0.11 0.07 0.10 + 0.01 0.30 0.06 1.87 1.61 1.66 - 0.17 3.35 0.69 0.20 0.00 0.19 + 0.01 0.36 0.09 0.53 0.49 0.50 - 0.02 0.68 0.19 0.12 0.10 0.11 - 0.00 0.45 0.09 0.09 0.00 0.09 + 0.02 0.40 0.05 0.32 0.28 0.30 - 0.04 0.43 0.12 0.32 0.28 0.28 - 0.02 0.36 0.02 0.25 0.18 0.18 - 0.06 0.34 0.04 0.32 0.25 0.27 - 0.05 0.44 0.09 0.14 0.11 0.12 - 0.01 0.22 0.05 0.18 0.15 0.17 - 0.01 0.28 0.07 0.10 0.09 0.09 + 0.01 0.57 0.08 0.08 0.07 0.08 + 0.00 0.13 0.06 0.10 0.09 0.10 - 0.01 0.16 0.08 0.06 0.06 0.06 - 0.01 0.16 0.06 0.12 0.12 0.12 - 0.00 0.14 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.06 0.07 - 0.01 0.18 0.06 0.06 0.05 0.05 - 0.01 0.14 0.05 0.35 0.00 0.35 + 0.03 0.40 0.02 0.21 0.17 0.17 - 0.04 0.24 0.14 0.22 0.20 0.20 - 0.01 0.36 0.13 0.09 0.00 0.09 - 0.01 0.11 0.06 0.07 0.07 0.07 - 0.00 0.08 0.04 2.40 2.08 2.18 - 0.10 2.95 1.13 1.81 1.56 1.64 - 0.02 2.28 0.86 0.22 0.18 0.18 - 0.03 0.35 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.05 0.08 + 0.03 0.24 0.01 0.11 0.09 0.11 + 0.01 0.14 0.02 0.13 0.10 0.12 - 0.01 0.18 0.06 0.10 0.08 0.09 - 0.03 0.16 0.00 0.03 0.03 0.03 - 0.00 0.05 0.02 0.04 0.03 0.03 - 0.00 0.22 0.01 0.13 0.12 0.12 - 0.01 0.28 0.12 0.10 0.09 0.09 - 0.01 0.22 0.09 0.28 0.28 0.28 - 0.01 0.36 0.28 0.38 0.00 0.37 - 0.01 0.50 0.09 0.07 0.07 0.07 - 0.01 0.24 0.04 0.03 0.02 0.02 - 0.01 0.04 0.01 7.38 6.61 6.99 + 0.22 10.35 4.35 0.99 0.90 0.95 - 0.04 1.08 0.06 0.06 0.06 0.06 + 0.01 0.10 0.04 0.49 0.44 0.49 + 0.05 0.51 0.05 0.32 0.30 0.30 - 0.02 0.39 0.09 0.25 0.00 0.22 - 0.02 0.29 0.10 0.06 0.04 0.05 - 0.01 0.12 0.01 2.51 2.31 2.40 + 0.13 4.87 1.86 0.54 0.50 0.51 - 0.02 0.54 0.16 0.40 0.37 0.37 - 0.03 0.41 0.14 0.06 0.05 0.05 - 0.01 0.10 0.04 0.10 0.08 0.10 + 0.01 0.33 0.03 0.07 0.00 0.07 - 0.01 0.12 0.03 5.23 4.98 5.06 + 0.02 7.64 2.57 0.04 0.04 0.04 - 0.01 0.08 0.02 0.03 0.02 0.03 - 0.00 0.08 0.00 0.06 0.03 0.06 + 0.02 0.24 0.01 0.09 0.00 0.09 - 0.02 0.13 0.09 0.05 0.04 0.04 - 0.01 0.10 0.04 0.18 0.14 0.14 - 0.03 0.18 0.07 0.14 0.12 0.12 - 0.02 0.14 0.07 0.05 0.03 0.05 + 0.01 0.12 0.01 3.41 3.18 3.36 + 0.14 4.16 1.29 0.28 0.01 0.19 - 0.19 1.13 0.18 0.02 0.02 0.02 - 0.01 0.05 0.02 0.05 0.00 0.04 - 0.01 0.06 0.02 0.07 0.04 0.06 + 0.02 0.08 0.03 0.40 0.38 0.39 - 0.01 0.46 0.24 9.92 8.99 9.33 - 0.38 11.95 3.77 7.45 6.70 7.00 - 0.25 9.15 2.88 0.39 0.00 0.39 + 0.04 0.38 0.24 0.52 0.47 0.52 + 0.02 0.52 0.29 0.18 0.18 0.18 - 0.01 0.31 0.05 2.00 0.00 2.00 + 1.00 2.00 0.00

I-J-K I-Minerals* O 141 I-Minerals V 339 IAMGOLD T 12324 IAMGOLD* N 35942 Iberian Mnrls V 3354 IC Potash* O 514 IC Potash T 1063 Icon Explor V 340 Iconic Mnls * O 25 Idaho North* O 162 IDM Mining* O 2119 IDM Mining V 3467 iMetal Res* O 25 iMetal Res V 3907 IMPACT Silver V 354 Impala Platnm* O 278 O 8 Imperial Metal* Imperial Metal T 109 IMX Res* O 1 Inca One Gold* O 111 Inca One Gold V 575 O 12 Independence G* Independence G V 233 Indico Res V 420 Indigo Expl V 170 Integra Gold* O 710 Integra Gold V 3122 Intigold Mines* O 219 Intl Corona V 3 Intl Lithium* O 134 Intl Lithium V 492 Intl Millm Mng V 306 Intl Montoro* O 408 Intl Samuel Ex V 298 Intl Tower Hil* X 548 Intl Tower Hil T 108 Intrepid Pots* N 13398 INV Metals T 97 Inventus Mg * O 16 Inventus Mg V 202 InZinc Mining V 491 InZinc Mining* O 250 Ireland* O 51 Ironside Res V 11 Irving Res 174 Irving Res* O 55 Itafos* O 2 Itafos V 8 Itoco Mg Corp* O 1019 Ivanhoe Mines* O 1241 Ivanhoe Mines T 23085 Jaguar Mng T 202 Jaguar Mng* O 117 Japan Gold* O 81 Japan Gold V 195 Jasper Mng V 160 JDL Gold* O 96 JDL Gold V 376 Joshua Gold* O 101 K2 Gold V 115 K92 Mng Inc* O 421 K92 Mng Inc V 1995 Kairos Cap V 28 Kaizen Discvry* O 126 Kaizen Discvry V 304 Karmin Expl V 69 Karnalyte Res T 43 Katanga Mng T 3001 Kennady Diam V 276 Kermode Res V 258 Kerr Mines* O 229 Kerr Mines T 1221 Kestrel Gold V 101 Khalkos Expl V 193 Khan Res 5549 Kilo Goldmines* O 4 Kincora Copper* O 66 Kincora Copper V 71 Kings Bay Gold V 103 Kingsmen Res V 56 Kinross Gold T 20443 Kinross Gold* N 46112 Kirkland Lake T 4552 Kivalliq Enrgy V 1125 Klondex Mines T 7749 Klondike Gold V 2451 Klondike Gold* O 150 Klondike Silv V 332 Knick Expl V 889 Kombat Copper V 33 Komet Resource V 327 Kootenay Silvr V 1288

20-22_apr3_StockTables.indd 21

0.36 0.31 0.35 + 0.04 0.36 0.15 0.48 0.40 0.47 + 0.04 0.48 0.20 5.40 5.04 5.19 + 0.05 7.65 2.66 4.05 3.78 3.89 + 0.01 5.87 2.01 0.16 0.10 0.10 - 0.05 0.16 0.04 0.08 0.07 0.08 + 0.01 0.11 0.03 0.10 0.09 0.10 + 0.01 0.15 0.05 0.06 0.05 0.06 + 0.01 0.06 0.01 0.07 0.07 0.07 - 0.01 0.33 0.07 0.07 0.04 0.04 - 0.05 0.12 0.04 0.13 0.12 0.13 + 0.01 0.21 0.08 0.17 0.16 0.16 + 0.01 0.26 0.10 0.04 0.04 0.04 - 0.01 0.05 0.03 0.07 0.05 0.07 + 0.01 0.08 0.04 0.72 0.62 0.63 - 0.05 1.28 0.34 3.58 3.39 3.44 + 0.05 5.23 2.74 4.66 4.41 4.50 - 0.02 6.21 2.78 6.39 5.81 6.14 - 0.01 8.50 3.46 0.08 0.08 0.08 - 0.00 0.08 0.00 0.11 0.10 0.10 - 0.00 0.35 0.08 0.15 0.14 0.14 + 0.01 0.63 0.12 0.16 0.14 0.14 - 0.02 0.37 0.09 0.21 0.18 0.19 - 0.02 0.50 0.09 0.02 0.02 0.02 - 0.01 0.10 0.02 0.03 0.02 0.03 + 0.01 0.04 0.02 0.64 0.57 0.60 + 0.03 0.76 0.32 0.84 0.76 0.82 + 0.05 0.96 0.43 0.03 0.02 0.02 - 0.01 0.08 0.01 0.12 0.09 0.12 + 0.03 0.17 0.01 0.11 0.10 0.11 + 0.00 0.55 0.02 0.15 0.14 0.14 - 0.01 0.38 0.09 0.04 0.04 0.04 - 0.01 0.10 0.04 0.02 0.02 0.02 + 0.01 0.03 0.01 0.06 0.06 0.06 - 0.01 0.15 0.05 0.54 0.48 0.49 - 0.01 1.40 0.29 0.71 0.64 0.66 - 0.01 1.82 0.37 1.78 1.46 1.64 + 0.17 3.04 0.85 0.83 0.76 0.79 - 0.04 1.13 0.22 0.15 0.14 0.14 - 0.01 0.28 0.11 0.20 0.18 0.18 - 0.01 0.35 0.09 0.27 0.24 0.24 - 0.01 0.36 0.05 0.21 0.20 0.21 + 0.01 0.27 0.04 0.15 0.13 0.13 - 0.03 0.34 0.04 0.09 0.00 0.08 - 0.01 0.16 0.06 0.92 0.76 0.79 - 0.06 1.18 0.12 0.69 0.57 0.60 - 0.05 0.99 0.09 1.56 0.00 1.56 + 0.03 2.23 0.68 2.10 2.03 2.03 - 0.07 4.00 0.90 0.12 0.09 0.09 - 0.02 0.30 0.00 3.63 3.20 3.45 + 0.18 3.89 0.00 4.85 4.25 4.69 + 0.40 5.11 0.78 0.68 0.60 0.66 + 0.04 0.85 0.27 0.52 0.45 0.50 + 0.04 0.65 0.21 0.24 0.23 0.23 - 0.01 0.67 0.21 0.32 0.31 0.31 - 0.04 0.88 0.28 0.09 0.08 0.08 + 0.03 0.09 0.03 1.24 1.11 1.16 - 0.06 1.64 1.10 1.66 1.46 1.52 - 0.10 2.55 0.97 0.15 0.12 0.14 + 0.01 0.15 0.05 0.34 0.30 0.33 + 0.01 0.58 0.08 0.63 0.57 0.58 - 0.03 1.72 0.57 0.83 0.76 0.78 - 0.04 2.24 0.76 0.95 0.71 0.71 - 0.24 0.95 0.02 0.18 0.16 0.16 - 0.02 0.21 0.07 0.24 0.00 0.21 - 0.02 0.31 0.09 0.55 0.00 0.48 - 0.06 0.86 0.21 0.71 0.65 0.68 - 0.02 3.13 0.64 0.35 0.27 0.29 - 0.05 0.65 0.12 4.25 3.75 3.75 + 0.05 5.00 3.17 0.02 0.00 0.02 - 0.01 0.04 0.01 0.13 0.10 0.12 + 0.03 0.13 0.04 0.18 0.14 0.16 + 0.02 0.18 0.06 0.09 0.06 0.06 - 0.02 0.10 0.02 0.19 0.17 0.17 - 0.02 0.26 0.10 0.06 0.05 0.05 - 0.01 0.88 0.02 0.07 0.06 0.06 - 0.01 0.19 0.06 0.39 0.37 0.37 - 0.02 0.43 0.17 0.50 0.48 0.49 - 0.05 0.65 0.15 0.19 0.17 0.17 - 0.01 0.21 0.05 0.16 0.00 0.13 - 0.03 0.18 0.07 4.72 4.50 4.56 + 0.06 7.56 3.87 3.55 3.37 3.39 - 0.01 5.82 2.88 9.97 9.01 9.33 + 0.11 11.15 4.21 0.13 0.11 0.12 - 0.02 0.19 0.07 6.45 5.47 5.64 - 0.84 7.95 3.40 0.27 0.19 0.27 + 0.08 0.45 0.14 0.19 0.16 0.19 + 0.06 0.32 0.10 0.10 0.09 0.10 + 0.01 0.15 0.02 0.06 0.05 0.05 - 0.01 0.11 0.02 0.33 0.00 0.32 - 0.01 0.95 0.33 0.42 0.36 0.42 + 0.04 0.58 0.29 0.31 0.28 0.31 + 0.02 0.60 0.26

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kootenay Silvr* O 278 Kootenay Zinc 1769 Kootenay Zinc* O 997 KWG Res* O 7

0.23 0.21 0.22 + 0.01 0.46 0.20 0.64 0.55 0.58 + 0.04 0.70 0.06 0.59 0.41 0.44 + 0.04 0.59 0.38 0.02 0.01 0.02 + 0.01 0.03 0.00

Labrador Iron T 873 Lamelee Iron V 14 Lara Expl V 120 Laramide Res T 1191 Largo Res* O 87 Largo Res T 34 Lateral Gold V 70 Latin Am Mnls V 60 Laurion Mnl Ex V 31 LeadFX Inc* O 64 Legend Gold V 32 Leo Res 30 Leo Res* O 75 Levon Res Ltd T 378 136 Levon Res Ltd * O Lexam VG Gold* O 188 986 Lexam VG Gold T Li3 Energy* O 215 200 Libero Mg Corp V Liberty One Li V 321 Liberty One Li* O 47 LiCo Energy* O 1090 LiCo Energy V 1879 Lion One Mtls* O 43 274 Lions Gate Mtl Lithium Amer T 7789 Lithium Amer* O 1939 Lithium Corp* O 485 268109 Lithium Expl* O Lithium X Egy* O 827 Lithium X Egy V 2614 LKA Gold* O 134 O 10 Lode-Star Mg* Logan Res V 309 Lomiko Mtls V 131 Lomiko Mtls* O 24 Loncor Res T 214 493 Lone Star Gold* O Lonmin plc* O 41 V 73 Lorraine Coppr Los Andes Copp V 7953 Lucara Diam T 1833 Lumina Gold* O 38 Lumina Gold V 178 Luna Gold* O 39 Luna Gold T 148 Lundin Gold T 284 Lundin Mng T 10816 Lydian Intl T 282 Lydian Intl* O 43 Lynas Corp* O 161

20.05 18.51 19.03 - 0.78 20.67 11.21 0.18 0.16 0.18 + 0.02 0.50 0.10 1.08 0.97 1.08 + 0.10 1.58 0.35 0.65 0.50 0.54 - 0.10 0.74 0.18 0.39 0.34 0.39 + 0.02 0.56 0.23 0.50 0.47 0.48 - 0.01 0.72 0.28 0.93 0.90 0.93 + 0.01 1.25 0.26 0.15 0.13 0.15 + 0.01 0.48 0.09 0.05 0.04 0.04 - 0.02 0.08 0.01 0.77 0.63 0.65 + 0.03 0.78 0.11 0.04 0.03 0.03 - 0.01 0.07 0.02 0.50 0.00 0.50 + 0.28 0.50 0.01 0.38 0.37 0.38 + 0.00 0.38 0.02 0.42 0.39 0.40 - 0.01 0.71 0.14 0.31 0.28 0.29 - 0.01 0.54 0.11 0.18 0.17 0.17 - 0.01 0.29 0.12 0.24 0.22 0.23 - 0.01 0.38 0.16 0.03 0.02 0.03 + 0.00 0.06 0.01 0.19 0.18 0.19 + 0.01 0.22 0.07 0.64 0.51 0.61 - 0.04 0.70 0.01 0.49 0.45 0.45 - 0.06 0.51 0.45 0.11 0.09 0.10 - 0.01 0.20 0.06 0.15 0.12 0.13 - 0.02 0.24 0.07 0.62 0.55 0.56 - 0.03 0.91 0.28 0.30 0.20 0.20 - 0.10 0.36 0.08 0.90 0.77 0.83 - 0.03 1.26 0.41 0.68 0.57 0.62 - 0.05 0.96 0.34 0.07 0.07 0.07 + 0.00 0.13 0.03 0.00 0.00 0.00 - 0.00 0.11 0.00 1.31 1.10 1.12 - 0.16 2.20 0.75 1.73 1.47 1.49 - 0.19 2.85 0.97 0.65 0.35 0.63 + 0.20 0.68 0.24 0.07 0.05 0.05 - 0.02 0.09 0.03 0.10 0.09 0.09 - 0.02 0.26 0.07 0.29 0.24 0.29 + 0.01 0.50 0.19 0.22 0.18 0.22 - 0.00 0.38 0.11 0.19 0.13 0.17 + 0.03 0.25 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 1.29 1.08 1.08 - 0.27 3.42 1.02 0.08 0.00 0.08 - 0.01 0.12 0.04 0.23 0.15 0.21 + 0.05 0.25 0.09 2.92 2.67 2.90 + 0.22 4.39 2.62 0.67 0.49 0.62 - 0.04 0.89 0.31 0.95 0.72 0.85 - 0.03 1.20 0.39 1.28 1.23 1.25 - 0.02 1.96 1.14 1.78 1.61 1.67 - 0.03 3.50 1.10 6.37 6.07 6.25 - 0.05 6.62 4.28 8.08 7.40 7.43 - 0.49 8.94 3.70 0.38 0.37 0.38 + 0.01 0.52 0.23 0.28 0.27 0.28 - 0.00 0.41 0.17 0.08 0.05 0.08 + 0.01 0.12 0.03

L

M Macarthur Mnl V 2173 0.14 0.12 0.13 - 0.01 0.18 0.02 Macarthur Mnl* O 55 0.10 0.09 0.09 - 0.00 0.14 0.02 O 48 0.14 0.00 0.11 - 0.00 0.14 0.04 MacDonald Mns* V 300 0.18 0.13 0.17 - 0.02 0.20 0.05 MacDonald Mns MacMillan Mnls V 44 1.45 1.35 1.42 + 0.02 1.84 0.37 18.68 - 0.02 23.32 11.79 MAG Silver T 1083 19.79 18.19 Magellan Gold* O 34 0.09 0.07 0.08 - 0.00 0.35 0.04 O 9195 0.90 0.00 0.90 + 0.90 0.05 0.00 MagIndustries* Magnus Intl* O 7 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 - 0.01 0.15 0.04 Majescor Res V 432 0.10 0.09 Majescor Res* O 15 0.07 0.07 0.07 - 0.00 0.09 0.03 Majestic Gold V 167 0.09 0.09 0.09 - 0.01 0.12 0.05 Majestic Gold* O 40 0.07 0.06 0.07 + 0.01 0.09 0.03 0.35 + 0.02 0.46 0.27 Malbex Res V 46 0.35 0.35 Mammoth Res V 1052 0.08 0.08 0.08 - 0.01 0.20 0.02 0.58 - 0.02 1.35 0.58 Mandalay Res T 2347 0.62 0.58 Manganese X V 911 0.21 0.18 0.18 - 0.02 0.26 0.07 0.08 - 0.01 0.20 0.03 Manitou Gold V 42 0.08 0.08 Marathon Gold T 1431 1.09 0.96 1.01 - 0.05 1.16 0.17 0.32 - 0.01 0.50 0.11 Margaux Res V 10 0.33 0.32 Mariana Res* O 683 0.75 0.67 0.70 - 0.04 1.12 0.02 Mariana Res V 2075 0.99 0.85 0.95 - 0.03 1.50 0.85 0.01 - 0.01 0.04 0.01 Marifil Mines V 853 0.02 0.01 Maritime Res V 155 0.15 0.13 0.14 + 0.02 0.31 0.12 0.51 - 0.01 0.57 0.23 Marlin Gold* O 50 0.51 0.50 Marlin Gold V 53 0.67 0.66 0.67 - 0.01 0.75 0.31 MartinMarietta* N 3089 214.67 206.49 207.24 - 4.71 243.98 150.75 O 68 0.96 0.91 0.95 - 0.00 1.21 0.37 Mason Graphite* Mason Graphite V 172 1.28 1.22 1.22 - 0.05 1.60 0.47 V 160 0.07 0.05 0.05 - 0.02 0.09 0.03 Masuparia Gold Matamec Expl* O 100 0.05 0.04 0.04 + 0.00 0.07 0.02 Matica Ent 7828 0.06 0.04 0.05 - 0.01 0.07 0.01 0.03 - 0.00 0.05 0.00 Matica Ent* O 129 0.04 0.03 Maverix Mtls* O 4 1.09 1.09 1.09 - 0.01 16.33 0.66 0.41 - 0.01 0.57 0.20 Mawson Res T 70 0.43 0.00 Mawson Res* O 70 0.32 0.29 0.30 - 0.01 0.44 0.16 0.01 + 0.00 0.02 0.00 Maxwell Res* O 126 0.02 0.01 Maya Gold &Sil V 977 0.16 0.12 0.13 - 0.02 0.27 0.10 Mazarin V 53 0.04 0.03 0.04 + 0.01 0.05 0.01 McChip Res V 9 0.48 0.45 0.45 - 0.03 0.77 0.40 McEwen Mng* N 18302 3.31 2.99 3.11 + 0.03 4.92 1.80 McEwen Mng T 2209 4.38 4.00 4.15 + 0.01 6.44 2.36 MDN Inc* O 60 0.62 0.59 0.59 + 0.01 0.92 0.11 Meadow Bay Gd T 68 0.06 0.06 0.06 - 0.01 0.14 0.05 Meadow Bay Gd* O 32 0.05 0.04 0.04 - 0.01 0.11 0.03 Mechel* N 858 5.29 4.80 4.82 - 0.63 6.83 1.46 Medallion Res* O 82 0.03 0.03 0.03 + 0.01 0.05 0.01 Medallion Res V 754 0.04 0.03 0.04 + 0.01 0.07 0.02 Medgold Res V 295 0.21 0.19 0.21 + 0.01 0.25 0.07 Medinah Mnrls* O 10358 0.01 0.01 0.01 + 0.00 0.02 0.00 Mega Uranium* O 456 0.18 0.15 0.16 - 0.03 0.25 0.08 Mega Uranium T 1783 0.25 0.21 0.21 - 0.05 0.32 0.11 0.06 - 0.01 0.09 0.02 Melior Res V 615 0.08 0.06 Meridian Mg V 10 0.68 0.00 0.64 - 0.06 1.54 0.14 Meryllion Res 31 0.03 0.00 0.03 - 0.01 0.05 0.01 Mesa Expl V 6 0.08 0.00 0.08 + 0.01 0.17 0.02 MetalCorp V 49 0.05 0.00 0.05 + 0.01 0.06 0.01 Metalex Vent V 29 0.05 0.05 0.05 - 0.01 0.10 0.04 Metalla Rylty* O 68 0.43 0.40 0.40 - 0.02 0.68 0.03 Metalla Rylty 110 0.57 0.51 0.53 - 0.04 0.88 0.03 Metallic Mnrls V 152 0.40 0.30 0.38 - 0.01 0.59 0.07 Metallic Mnrls* O 19 0.30 0.29 0.29 - 0.01 0.44 0.04 Metallis Res V 52 0.18 0.16 0.18 + 0.01 0.28 0.06 Metalore Res V 3 4.65 4.01 4.65 + 0.31 5.16 1.50 Metals Creek V 543 0.11 0.10 0.10 - 0.01 0.20 0.06 Metals Creek* O 75 0.08 0.07 0.07 - 0.02 0.14 0.04 Metals X* O 10 0.57 0.56 0.56 - 0.00 1.43 0.41 Metanor Res V 2852 0.07 0.06 0.07 + 0.01 0.12 0.05 Mexus Gold* O 3041 0.13 0.12 0.13 + 0.01 0.24 0.02 MGX Minerals* O 168 1.13 1.01 1.06 - 0.06 2.12 0.11 MGX Minerals 1023 1.50 1.36 1.41 - 0.09 2.75 0.08 Micrex Dev V 52 0.02 0.01 0.02 + 0.01 0.03 0.01 Midas Gold* O 504 0.65 0.59 0.62 + 0.01 0.95 0.02 Midasco Cap V 65 0.09 0.07 0.07 - 0.01 0.15 0.05 Midland Expl V 116 1.13 0.95 1.13 + 0.01 1.25 0.60 Midnight Sun V 584 0.47 0.39 0.44 + 0.01 0.47 0.08 Midway Gold* O 162 0.00 0.00 0.00 - 0.00 0.01 0.00 Millennial Lit* O 28 1.01 0.97 0.98 - 0.03 1.43 0.97 Millennial Lit V 418 1.35 1.29 1.33 - 0.02 2.45 0.09 Millrock Res* O 274 0.42 0.37 0.38 - 0.03 0.54 0.16 Millrock Res V 187 0.55 0.49 0.50 - 0.04 0.70 0.22 Minaurum Gold V 1588 0.31 0.25 0.26 + 0.02 0.31 0.07 Minco Gold* O 56 0.16 0.14 0.15 + 0.00 0.42 0.01 Minco Gold T 47 0.22 0.20 0.20 + 0.01 0.55 0.12 Minco Silver T 37 1.28 1.18 1.19 - 0.08 2.05 0.71 Minco Silver* O 12 0.93 0.89 0.90 - 0.10 1.54 0.54 Minecorp Egy V 187 0.13 0.00 0.12 + 0.01 0.20 0.07 Minera Alamos V 224 0.18 0.17 0.18 + 0.01 0.29 0.09 0.16 + 0.01 0.22 0.15 Minera IRL 887 0.17 0.15 Mineral Hill V 1 0.28 0.00 0.28 + 0.01 0.40 0.11 Mineral Mtn V 341 0.28 0.25 0.27 + 0.02 0.49 0.15 Mineral Mtn* O 56 0.22 0.19 0.21 + 0.02 0.38 0.04 Minnova Corp V 129 0.69 0.65 0.65 + 0.06 0.90 0.33 Miranda Gold V 169 0.10 0.00 0.10 + 0.01 0.18 0.07 Mirasol Res V 66 1.80 1.62 1.68 - 0.05 3.50 1.07 Mkango Res V 1266 0.06 0.05 0.06 + 0.01 0.11 0.05 Monarca Mnrls V 569 0.05 0.04 0.04 - 0.01 0.10 0.01 Monarques Res V 485 0.40 0.37 0.38 - 0.01 0.66 0.09 Moneta Porcpn* O 90 0.16 0.13 0.14 - 0.00 0.28 0.11 Moneta Porcpn T 1001 0.21 0.18 0.18 - 0.02 0.36 0.15 Montan Mg V 1156 0.06 0.05 0.06 + 0.01 0.10 0.02 Montego Res 9 0.29 0.00 0.29 - 0.02 1.60 0.10 Morien Res* O 30 0.48 0.43 0.44 - 0.04 0.55 0.20 Morro Bay V 702 0.01 0.01 0.01 - 0.01 0.03 0.01 Morumbi Res V 157 0.76 0.70 0.71 - 0.04 1.70 0.08 Mosaic* N 13379 29.59 28.34 28.75 - 0.42 34.36 22.77 Mountain Boy V 278 0.07 0.07 0.07 - 0.01 0.08 0.01 Mountain Boy* O 25 0.05 0.05 0.05 + 0.00 0.06 0.02 Mountain Prov T 739 5.25 5.07 5.15 + 0.16 7.18 4.50

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Mountain Prov* D 265 Mundoro Cap* O 164 Mundoro Cap V 935 Murchison Min 128 MX Gold* O 182 MX Gold V 812

3.95 3.78 3.90 + 0.15 5.52 3.35 0.16 0.14 0.15 + 0.03 0.20 0.05 0.22 0.17 0.19 + 0.02 0.23 0.07 0.20 0.16 0.16 - 0.05 0.35 0.05 0.14 0.12 0.13 - 0.01 0.31 0.08 0.20 0.17 0.17 - 0.02 0.39 0.12

NACCO Ind* N 76 Namibia Rare E T 188 Natural Res Pt* N 196 Nautilus Mnrls* O 969 Nautilus Mnrls T 620 Navis Res Corp* O 10 Nemaska Lith T 2504 Nemaska Lith* O 206 Neo Lithium V 2590 Nevada Copper T 36 285 Nevada Egy Mtl* O Nevada Egy Mtl V 664 Nevada Expl * O 108 Nevada Sunrise* O 450 Nevado Res V 409 Nevsun Res* X 5023 Nevsun Res T 5741 New Carolin Gd V 122 13 New Carolin Gd* O New Colombia* O 46739 164 New Dimen Res* O New Dimen Res V 148 New Gold T 8019 New Gold* X 27513 New Gold* O 31 New Jersey Mng* O 327 10 New Milln Iron* O New Milln Iron T 593 59 New World Res V NewCastle Gold* O 89 T 1394 NewCastle Gold Newmac Res V 42 Newmarket Gold* O 159 Newmont Mng* N 27888 Newport Expl V 61 NewRange Gold* O 306 NewRange Gold V 333 Nexgen Energy* O 306 Nexgen Energy T 5483 Next Gen Mtls 4349 Next Gen Mtls* O 219 Nexus Gold* O 623 Nexus Gold V 1923 NGEx Res T 72 NGEx Res* O 3 V 83 Nickel North Nickel One Res* O 30 Nickel One Res V 154 Nicola Mg Inc V 2330 Nicola Mg Inc* O 63 Nighthawk Gold V 2333 Nikos Expl V 58 Niobay Metals V 126 Niocorp Dev T 410 Niocorp Dev* O 292 O 124 Nippon Dragon* Nippon Dragon V 1199 Nitinat Mnls V 10 Noble Metal Gr V 45 Noble Mnl Expl* O 102 Noble Mnl Expl V 114 Noka Res V 2666 Nomad Ventures V 56 Noram Vent V 2979 Noranda Alum* O 76 Noront Res V 1374 Nortec Mnls V 170 North Am Nickl* O 200 North Am Nickl V 55 North Am Pall T 10 North Am Pall* O 9 North Arrow Mn V 267 Northcliff Res T 302 Northisle C&G V 274 Norvista Cap V 395 Nouveau Monde* O 59 Nouveau Monde V 449 NovaGold Res T 1528 NovaGold Res* X 9681 Novo Res* O 374 Novo Res V 625 NRG Metals* O 110 NRG Metals V 2249 O 89 Nrthn Graphite* Nrthn Graphite V 163 44 Nrthn Mnrls &E* O Nrthn Shield V 1617 Nrthn Superior V 1003 Nrthn Vertex* O 3 Nrthn Vertex V 573 Nthn Dynasty T 9310 Nthn Dynasty* X 23490 Nthrn Sphere 146 Nubian Res V 411 NuLegacy Gold* O 572 NuLegacy Gold V 1162 NV Gold* O 11 V 129 NV Gold NX Uranium* O 47 NxGold Ltd V 68 O.T. Mining* O 109 OceanaGold T 4651 OceanaGold* O 20 144 Oceanic Iron O V Oceanus Res V 161 Odyssey Res V 1174 OK2 Minerals V 424 Olivut Res V 78 Olivut Res* O 22 31 Omineca Mg &Ml V One World Min 95 Opawica Expl V 775 Orbite Tech* O 73 Orca Gold V 482 Orca Gold* O 130 Orefinders Res V 179 Orex Expl V 2302 Orex Mnrls* O 71 Orezone Gold V 634 O 178 Orezone Gold* Orla Mng Ltd V 566 Oro East Mg* O 345 Oroco Res V 215 V 320 Oronova Energy Oroplata Res* O 338 Orosur Mng T 205 Orsu Metals V 627 Orsu Metals* O 11 Orvana Mnrls* O 18 Osisko Gold T 2598 Osisko Gold* N 3102 Osisko Mng Inc T 2538 Otis Gold V 924 Otis Gold* O 177

74.45 67.20 72.15 - 2.50 99.55 49.80 0.09 0.08 0.09 + 0.02 0.14 0.04 39.75 34.51 35.45 - 3.45 45.60 6.89 0.17 0.16 0.17 + 0.01 0.21 0.08 0.23 0.21 0.22 + 0.02 0.28 0.10 0.02 0.01 0.01 - 0.00 0.03 0.00 1.37 1.30 1.31 - 0.01 1.97 0.64 1.02 0.97 0.98 - 0.02 1.50 0.49 1.40 1.21 1.40 + 0.11 2.09 0.91 0.71 0.67 0.68 - 0.04 1.02 0.53 0.05 0.04 0.04 - 0.01 0.20 0.04 0.06 0.05 0.06 - 0.01 0.26 0.05 0.25 0.23 0.25 + 0.00 0.56 0.21 0.28 0.24 0.27 + 0.00 0.37 0.12 0.07 0.04 0.05 - 0.02 0.11 0.02 2.59 2.36 2.54 + 0.15 3.80 2.29 3.46 3.16 3.40 + 0.20 4.81 3.01 0.07 0.07 0.07 - 0.01 0.15 0.06 0.06 0.05 0.05 + 0.00 0.12 0.04 0.01 0.01 0.01 + 0.00 0.05 0.00 0.12 0.00 0.07 - 0.05 0.14 0.07 0.14 0.11 0.14 + 0.02 0.19 0.08 4.02 3.73 3.91 + 0.17 7.87 3.11 3.01 2.78 2.92 + 0.08 6.04 2.39 0.00 0.00 0.00 - 0.01 0.17 0.00 0.12 0.10 0.12 + 0.01 0.15 0.07 0.18 0.00 0.16 + 0.01 0.27 0.05 0.25 0.20 0.21 - 0.04 0.36 0.06 0.12 0.11 0.12 + 0.01 0.16 0.05 0.55 0.52 0.52 - 0.02 0.96 0.30 0.73 0.70 0.71 - 0.02 1.30 0.37 0.07 0.06 0.07 + 0.01 0.12 0.04 7.50 6.80 6.98 + 0.01 8.46 3.23 34.56 32.73 33.48 + 0.64 46.07 24.59 0.25 0.24 0.24 - 0.01 0.38 0.19 0.20 0.16 0.18 - 0.02 0.25 0.03 0.26 0.23 0.25 + 0.01 0.33 0.04 2.76 2.28 2.35 - 0.26 3.40 1.00 3.68 3.04 3.13 - 0.40 4.45 1.32 0.32 0.27 0.28 - 0.01 0.42 0.09 0.25 0.20 0.21 - 0.01 0.42 0.07 0.22 0.17 0.18 - 0.04 0.27 0.05 0.28 0.22 0.24 - 0.04 0.37 0.04 1.18 1.10 1.10 - 0.09 1.50 0.66 0.83 0.00 0.83 - 0.04 1.14 0.57 0.04 0.03 0.04 - 0.01 0.06 0.01 0.04 0.04 0.04 - 0.01 0.10 0.03 0.06 0.06 0.06 - 0.01 0.14 0.05 0.21 0.17 0.21 + 0.01 0.54 0.07 0.15 0.13 0.15 - 0.00 0.39 0.05 0.86 0.81 0.82 + 0.02 0.88 0.09 0.11 0.09 0.09 - 0.02 0.19 0.03 0.82 0.00 0.77 - 0.05 1.25 0.15 0.79 0.72 0.72 - 0.04 1.07 0.66 0.60 0.53 0.55 - 0.03 0.81 0.50 0.07 0.05 0.05 - 0.02 0.09 0.04 0.10 0.07 0.08 - 0.01 0.11 0.05 0.05 0.00 0.05 - 0.01 0.09 0.04 0.02 0.01 0.02 + 0.01 0.02 0.01 0.06 0.05 0.06 + 0.02 0.07 0.04 0.08 0.07 0.08 + 0.01 0.15 0.03 0.10 0.08 0.10 + 0.02 0.21 0.04 0.27 0.21 0.25 + 0.04 0.40 0.10 0.06 0.05 0.05 - 0.01 0.13 0.01 0.03 0.02 0.02 - 0.01 0.10 0.01 0.25 0.22 0.25 + 0.01 0.51 0.22 0.16 0.13 0.15 + 0.01 0.18 0.02 0.07 0.00 0.07 + 0.01 0.11 0.05 0.08 0.08 0.08 - 0.01 0.15 0.07 5.75 5.44 5.46 - 0.22 6.49 4.40 4.22 4.07 4.09 - 0.08 5.06 3.33 0.25 0.20 0.24 + 0.04 0.32 0.12 0.20 0.17 0.18 - 0.01 0.23 0.09 0.20 0.17 0.19 + 0.03 0.20 0.02 0.16 0.14 0.16 - 0.01 0.30 0.12 0.25 0.23 0.23 - 0.02 0.27 0.14 0.34 0.30 0.32 - 0.02 0.38 0.15 7.24 6.62 6.82 + 0.06 9.56 5.09 5.47 4.96 5.09 + 0.08 7.29 3.79 0.62 0.53 0.57 + 0.02 1.41 0.53 0.83 0.69 0.76 + 0.03 1.95 0.69 0.12 0.10 0.11 - 0.01 0.15 0.04 0.19 0.14 0.18 + 0.03 0.22 0.04 0.27 0.23 0.24 - 0.03 0.47 0.14 0.36 0.31 0.32 - 0.02 0.63 0.18 0.03 0.02 0.02 - 0.01 0.05 0.02 0.06 0.05 0.05 - 0.01 0.30 0.03 0.07 0.06 0.06 - 0.01 0.08 0.02 0.41 0.40 0.41 + 0.01 0.50 0.17 0.55 0.52 0.52 - 0.02 0.70 0.22 2.13 1.75 1.80 - 0.12 4.54 0.37 1.60 1.31 1.34 - 0.01 3.45 0.28 0.39 0.33 0.33 - 0.02 0.85 0.17 0.25 0.21 0.25 + 0.05 0.34 0.01 0.22 0.19 0.19 - 0.02 0.41 0.00 0.29 0.25 0.26 - 0.03 0.54 0.12 0.18 0.16 0.16 - 0.01 0.37 0.08 0.24 0.20 0.20 - 0.03 0.48 0.05 0.04 0.03 0.04 - 0.00 0.04 0.01 0.56 0.53 0.54 + 0.01 0.72 0.13 0.07 0.05 0.06 - 0.01 0.29 0.02 4.19 3.95 4.09 + 0.01 5.56 3.24 3.10 3.00 3.02 - 0.04 4.26 2.36 0.25 0.23 0.23 - 0.01 0.35 0.09 0.20 0.19 0.19 - 0.01 0.32 0.14 0.05 0.04 0.05 + 0.01 0.06 0.02 0.13 0.12 0.13 + 0.02 0.28 0.09 0.19 0.15 0.18 + 0.01 0.42 0.12 0.14 0.11 0.14 + 0.02 0.30 0.09 0.07 0.00 0.07 + 0.01 0.11 0.05 0.59 0.38 0.48 - 0.12 0.75 0.04 0.12 0.09 0.09 - 0.01 0.16 0.02 0.19 0.17 0.17 - 0.00 0.37 0.16 0.41 0.37 0.37 - 0.04 0.55 0.19 0.32 0.28 0.28 - 0.03 0.44 0.17 0.05 0.00 0.05 - 0.01 0.12 0.03 0.07 0.06 0.06 + 0.01 0.08 0.02 0.16 0.14 0.16 + 0.02 1.02 0.05 0.60 0.52 0.52 - 0.05 1.28 0.42 0.44 0.39 0.39 - 0.03 0.99 0.31 1.16 1.05 1.15 - 0.01 1.75 0.13 0.01 0.01 0.01 + 0.00 0.03 0.00 0.05 0.04 0.04 - 0.01 0.06 0.02 0.45 0.32 0.43 + 0.06 0.46 0.04 0.19 0.16 0.19 + 0.01 2.04 0.16 0.25 0.23 0.23 - 0.01 0.38 0.13 0.04 0.00 0.03 - 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.16 0.15 0.15 + 0.00 0.29 0.12 15.46 14.66 14.97 + 0.19 18.64 11.90 11.64 10.99 11.19 + 0.25 14.74 8.88 4.49 4.15 4.42 + 0.25 4.49 0.99 0.29 0.25 0.27 - 0.01 0.42 0.13 0.22 0.19 0.20 - 0.00 0.32 0.10

Pac Arc Res V 79 Pac Bay Mnrls V 67 Pac Booker Min* O 1 Pac Booker Min V 8 Pac Gold* O 71563 Pac North West V 147 Pac North West* O 5 Pac Potash V 38 Pac Ridge Expl* O 7 Pac Ridge Expl V 8 Pac Topaz V 1064 Paget Mrnls V 20 Palamina Corp* O 86 Palamina Corp V 129 Pan Am Silver* D 9689 Pan Am Silver T 1195 Pan Global Res V 183 Pancontinental* O 3 Pangolin Dia V 590 Panoro Mnrls V 153 Pantheon Vent V 665 Para Resources V 30 Parallel Mng V 147 Paramount Gold* X 152

0.16 0.15 0.15 - 0.01 0.50 0.05 0.07 0.04 0.05 + 0.01 0.07 0.03 0.68 0.67 0.68 + 0.02 1.16 0.45 1.00 0.00 0.92 + 0.02 1.50 0.63 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.09 0.10 + 0.01 0.23 0.06 0.07 0.07 0.07 + 0.01 0.10 0.06 0.04 0.04 0.04 - 0.01 0.07 0.03 0.06 0.06 0.06 + 0.01 0.09 0.04 0.09 0.09 0.09 - 0.02 0.12 0.03 0.23 0.18 0.18 - 0.05 0.29 0.14 0.05 0.00 0.05 - 0.01 0.09 0.01 0.16 0.14 0.14 - 0.02 0.19 0.08 0.22 0.19 0.20 - 0.05 0.25 0.09 18.43 16.85 17.48 + 0.45 21.59 10.16 24.68 22.53 23.38 + 1.11 27.99 13.53 0.08 0.07 0.08 + 0.01 0.17 0.01 0.04 0.04 0.04 + 0.01 0.10 0.00 0.05 0.05 0.05 - 0.01 0.22 0.04 0.17 0.15 0.16 - 0.01 0.21 0.12 0.17 0.15 0.15 - 0.01 0.38 0.10 0.23 0.21 0.23 + 0.02 0.36 0.17 0.10 0.09 0.09 - 0.01 0.18 0.05 1.71 1.60 1.63 - 0.00 2.93 1.30

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pasinex Res 237 Passprt Potash* O 54 Patriot Gold* O 1025 Peat Res V 180 Pele Mtn Res* O 137 Peloton Mnrls 179 Peloton Mnrls* O 37 Perseus Mng T 518 Pershing Gold* D 515 Pershing Gold T 2 Petra Diamonds* O 19 Philex Mng* O 53 Phoenix Metals* O 1 Pilot Gold T 598 Pilot Gold* O 119 Pine Cliff En* O 56 T 619 Pine Cliff En Pinecrest Res V 26 638 Pistol Bay Mng V Pitchblack Res V 354 25 PJSC Polyus Gd* O Planet Mng V 264 Plata Latina V 435 Plateau Uran V 356 Plateau Uran* O 196 Platinex Inc 681 Platinex Inc V 1143 Platinum Gp Mt T 420 Platinum Gp Mt* X 2428 Playfair Mng V 346 PNG Gold V 617 Polaris Mater T 330 PolyMet Mng* X 1364 Portage Res* O 300 Potash Corp SK T 8663 Potash Corp SK* N 19725 Potash Ridge T 1837 Potash Ridge* O 3 Power Metals* O 100 Power Metals V 1198 PPX Mining V 307 PPX Mining* O 21 Precipitate Gl V 167 Premier Gold M T 5550 Premium Expl* O 152 Pretium Res T 3119 Pretium Res* N 14306 Primero Mng T 1442 Primero Mng* N 6132 ProAm Expl V 41 Probe Metals V 310 Probe Metals* O 194 T 52 Prophecy Coal Prophecy Coal* O 5 O 14 Prospect Glob* Prospero Silvr* O 39 Prospero Silvr V 104 1012 PUF Vent Inc PUF Vent Inc * O 30 Puma Expl V 817 Pure Energy* O 673 Pure Energy V 632 Pure Gold Mg* O 134 643 Pure Gold Mg V Pure Nickel* O 953 Purepoint Uran V 3414 234 QMC Quantum Ml V QMX Gold* O 25 QMX Gold V 481 Quaterra Res* O 315 Quaterra Res V 157 Quest Rare Mnl* O 216 Quest Rare Mnl T 750

0.28 0.23 0.26 - 0.01 0.34 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.08 0.12 + 0.02 0.23 0.07 0.03 0.02 0.03 + 0.01 0.07 0.01 0.02 0.00 0.02 - 0.00 0.04 0.01 0.09 0.07 0.07 - 0.01 0.15 0.06 0.06 0.04 0.06 + 0.01 0.12 0.04 0.36 0.32 0.32 - 0.05 0.67 0.29 3.02 2.85 2.89 - 0.09 5.02 2.67 4.02 3.66 3.66 - 0.34 5.52 3.66 1.65 1.60 1.60 - 0.04 2.12 1.45 0.17 0.13 0.14 + 0.01 0.21 0.08 0.00 0.00 0.00 + 0.00 0.17 0.00 0.51 0.47 0.49 + 0.02 0.95 0.38 0.38 0.36 0.38 + 0.02 0.72 0.06 0.58 0.53 0.53 - 0.05 0.89 0.51 0.74 0.70 0.70 - 0.03 1.22 0.61 0.29 0.28 0.29 + 0.01 0.30 0.10 0.12 0.10 0.11 + 0.01 0.14 0.02 0.29 0.25 0.28 + 0.01 0.30 0.06 38.30 37.41 38.30 + 0.10 39.57 26.99 0.06 0.05 0.05 - 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.12 0.03 0.66 0.52 0.58 - 0.07 0.71 0.17 0.47 0.41 0.44 - 0.06 0.54 0.12 0.23 0.21 0.22 + 0.01 0.23 0.21 0.21 0.20 0.21 + 0.01 0.24 0.01 2.24 2.01 2.04 - 0.22 5.25 1.89 1.69 1.51 1.54 - 0.13 4.04 1.40 0.08 0.07 0.08 + 0.01 0.18 0.04 0.38 0.29 0.37 + 0.06 0.39 0.03 1.09 0.98 1.00 + 0.02 1.60 0.98 0.77 0.74 0.75 - 0.02 1.14 0.71 0.00 0.00 0.00 + 0.00 0.01 0.00 23.29 22.53 22.75 - 0.35 26.62 19.93 17.43 16.85 17.02 - 0.30 20.27 15.21 0.24 0.21 0.21 - 0.04 0.50 0.10 0.17 0.16 0.16 - 0.01 0.38 0.08 0.23 0.23 0.23 - 0.03 0.38 0.07 0.33 0.29 0.29 - 0.02 0.55 0.07 0.08 0.07 0.07 - 0.01 0.16 0.04 0.06 0.06 0.06 + 0.00 0.13 0.02 0.12 0.11 0.12 - 0.01 0.37 0.10 3.19 2.53 3.12 + 0.57 5.05 1.87 0.01 0.00 0.01 + 0.00 0.04 0.00 15.25 14.20 14.95 + 0.68 16.48 6.55 11.45 10.62 11.14 + 0.39 12.53 4.95 0.80 0.73 0.76 + 0.01 3.42 0.70 0.61 0.55 0.57 + 0.02 2.63 0.52 0.04 0.04 0.04 - 0.02 0.06 0.01 1.54 1.43 1.46 + 0.06 2.18 0.58 1.15 1.08 1.13 + 0.09 1.66 0.44 4.63 3.50 3.92 - 0.48 7.19 1.33 3.34 0.00 2.80 - 0.37 5.17 0.64 0.06 0.02 0.06 + 0.04 0.20 0.02 0.23 0.19 0.23 + 0.04 0.26 0.14 0.31 0.27 0.28 + 0.01 0.38 0.09 0.33 0.28 0.29 - 0.03 0.47 0.04 0.25 0.21 0.23 - 0.01 0.35 0.03 0.10 0.08 0.08 - 0.02 0.11 0.05 0.45 0.39 0.42 + 0.02 0.91 0.35 0.60 0.52 0.57 + 0.06 1.15 0.46 0.43 0.39 0.41 - 0.00 0.60 0.19 0.57 0.51 0.55 + 0.03 0.77 0.24 0.02 0.02 0.02 + 0.00 0.03 0.00 0.13 0.11 0.12 - 0.01 0.19 0.07 0.16 0.13 0.15 + 0.02 0.19 0.01 0.16 0.15 0.15 - 0.01 0.22 0.03 0.25 0.20 0.21 + 0.01 0.30 0.04 0.10 0.08 0.09 - 0.01 0.13 0.03 0.14 0.11 0.11 - 0.03 0.15 0.05 0.14 0.13 0.13 - 0.01 0.23 0.07 0.19 0.17 0.17 - 0.02 0.30 0.10

Rackla Mtls V 67 Radisson Mng V 447 Radius Gold V 458 Rainforest Res* O 6 V 182 Rainmaker Res Rainy Mtn Royl V 804 139 Rambler Ml &Mg V Randgold Res* D 3301 Rapier Gold V 203 Raptor Res* O 174 Rare Element* O 523 V 338 Rathdowney Res Red Eagle Mng T 1033 Red Eagle Mng* O 98 V 121 Red Hut Red Moon Res V 85 Red Pine Expl V 1560 Red Tiger Mng V 10 Redhawk Res T 72 Redstar Gold V 834 Redstar Gold* O 406 Redzone Res V 145 Regency Gold V 3 Regulus Res V 112 Reliant Gold V 102 Remo Res V 108 Renaissance Gd V 172 Renaissance Gd* O 34 Renforth Res 165 Resource Cap V 1012 Resource Cap* O 2 Reunion Gold V 498 Revelo Res V 166 Rheingold Expl 266 Richmont Mines T 1372 Richmont Mines* N 1769 Rio Silver V 1845 Rio Tinto* N 21106 Rio Tinto* O 5 Rio Tinto* O 3 Rise Res Inc 1070 Rise Res Inc* O 232 Riverside Res* O 243 Riverside Res V 378 RJK Explor* O 1 RJK Explor V 114 Robex Res V 550 Rochester Res V 133 Rock Tech Lith* O 8 354 Rock Tech Lith V Rockcliff Cop* O 104 Rockshield Cap 124 Rockwell Diam T 109 Rodinia Lithm V 107 Rogue Res* O 18 Rogue Res V 47 Rojo Res V 27 Romios Gold Rs* O 346 RosCan Mrnls V 381 Roughrider Exp V 266 Roxgold* O 33 Roxgold V 326 Royal Gold* D 3429 Royal Nickel T 2569 Royal Nickel* O 54 Royal Rd Mnrls V 335 Royal Std Mnrl* O 690 RT Minerals* O 114 RTG Mining T 194 Rubicon Mnrls* O 11 Rubicon Mnrls T 86 Rugby Mng V 221 Rupert Res V 408 Rusoro Mng* O 16 Rusoro Mng V 321 Rye Patch Gold* O 745 Rye Patch Gold V 1996

0.13 0.10 0.13 + 0.03 0.22 0.06 0.16 0.12 0.16 - 0.01 0.20 0.12 0.16 0.13 0.16 + 0.02 0.17 0.07 4.40 3.36 4.39 + 0.42 8.25 0.30 0.09 0.08 0.09 + 0.01 0.25 0.06 0.11 0.10 0.10 - 0.01 0.18 0.04 0.18 0.12 0.16 - 0.01 0.22 0.05 91.25 87.81 89.07 + 1.66 126.55 67.54 0.13 0.10 0.11 - 0.04 0.17 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.34 0.26 0.27 - 0.05 0.53 0.00 0.32 0.31 0.31 - 0.03 0.33 0.12 0.76 0.71 0.73 - 0.02 1.05 0.63 0.58 0.53 0.53 - 0.04 0.91 0.29 0.13 0.12 0.12 - 0.01 0.29 0.07 0.07 0.04 0.04 - 0.03 0.09 0.02 0.13 0.12 0.12 - 0.01 0.24 0.07 0.04 0.04 0.04 - 0.01 0.10 0.03 0.05 0.04 0.04 + 0.01 0.09 0.04 0.12 0.10 0.10 - 0.02 0.17 0.04 0.09 0.08 0.08 - 0.01 0.15 0.03 0.21 0.17 0.21 + 0.04 0.32 0.09 0.22 0.00 0.22 + 0.07 0.60 0.05 1.64 1.35 1.60 + 0.14 1.87 0.32 0.02 0.02 0.02 - 0.01 0.05 0.02 0.19 0.16 0.19 + 0.03 0.30 0.06 0.40 0.36 0.38 + 0.02 0.66 0.19 0.30 0.27 0.28 + 0.01 0.52 0.14 0.06 0.05 0.06 + 0.01 0.06 0.02 0.22 0.19 0.20 - 0.01 0.35 0.03 0.14 0.14 0.14 - 0.01 0.26 0.02 0.14 0.13 0.13 - 0.01 0.17 0.01 0.06 0.00 0.06 + 0.01 0.12 0.05 0.36 0.32 0.35 + 0.02 0.36 0.01 10.25 9.30 9.42 - 0.24 15.01 6.56 7.70 6.95 7.05 - 0.15 11.66 4.97 0.08 0.07 0.08 - 0.01 0.18 0.02 43.34 40.58 40.84 - 2.19 47.11 26.38 43.47 40.90 41.75 - 1.72 46.20 26.51 48.41 45.65 45.65 - 2.76 52.50 30.88 0.28 0.21 0.27 + 0.06 0.40 0.11 0.21 0.16 0.21 + 0.04 0.40 0.11 0.42 0.33 0.34 - 0.05 0.46 0.16 0.54 0.44 0.45 - 0.05 0.60 0.20 0.15 0.12 0.15 + 0.03 0.19 0.06 0.20 0.18 0.20 + 0.01 0.25 0.05 0.09 0.08 0.08 + 0.01 0.17 0.07 0.05 0.04 0.04 - 0.01 0.11 0.04 0.73 0.71 0.71 - 0.03 0.83 0.08 1.02 0.94 1.00 + 0.04 1.45 0.09 0.08 0.06 0.06 - 0.01 0.12 0.03 0.12 0.12 0.12 - 0.01 0.16 0.04 0.06 0.00 0.06 + 0.01 0.13 0.04 0.12 0.11 0.12 + 0.01 0.16 0.08 0.43 0.42 0.43 + 0.01 0.56 0.25 0.58 0.00 0.57 - 0.01 1.50 0.32 0.09 0.08 0.09 - 0.01 0.15 0.05 0.05 0.04 0.05 - 0.00 0.08 0.03 0.10 0.05 0.10 + 0.04 0.06 0.01 0.10 0.08 0.10 + 0.02 0.15 0.05 1.04 1.01 1.02 - 0.00 1.35 0.65 1.40 1.34 1.37 - 0.01 1.76 0.86 68.27 64.21 67.23 + 2.39 87.74 48.56 0.34 0.30 0.32 + 0.01 0.63 0.18 0.25 0.00 0.25 + 0.03 0.50 0.14 0.10 0.00 0.09 - 0.01 0.18 0.05 0.01 0.01 0.01 + 0.00 0.01 0.00 0.09 0.08 0.09 + 0.00 0.14 0.05 0.24 0.20 0.20 - 0.06 0.70 0.21 1.39 0.00 1.35 + 0.01 11.35 1.31 1.87 1.73 1.85 + 0.09 2.39 1.30 0.30 0.25 0.30 + 0.05 0.58 0.06 1.32 1.28 1.31 + 0.01 1.47 0.22 0.13 0.12 0.13 - 0.02 0.31 0.07 0.18 0.16 0.17 - 0.02 0.41 0.09 0.23 0.20 0.21 - 0.02 0.37 0.12 0.30 0.27 0.29 - 0.01 0.47 0.15

Sabina Gd&Slvr* O 1877 Sabina Gd&Slvr T 2047 Sage Gold V 1300 Sage Gold* O 96 Saint Jean* O 1294 Saint Jean V 50582 Salazar Res* O 72 Salazar Res V 222 Sama Graphite V 485 Sama Res V 1125 San Marco Res V 131 Sanatana Diam V 507 Sandspring Res V 286 Sandspring Res* O 167

1.16 1.00 1.11 + 0.12 1.55 0.61 1.55 1.33 1.48 + 0.17 1.87 0.84 0.19 0.17 0.18 - 0.01 0.19 0.05 0.14 0.13 0.14 - 0.00 0.14 0.04 0.13 0.04 0.07 - 0.06 0.26 0.02 0.18 0.06 0.09 - 0.09 0.35 0.03 0.14 0.11 0.13 + 0.01 0.14 0.07 0.18 0.14 0.17 + 0.03 0.18 0.07 0.56 0.44 0.55 + 0.14 0.58 0.04 0.15 0.13 0.15 + 0.01 0.16 0.07 0.19 0.16 0.18 + 0.02 0.30 0.05 0.05 0.04 0.05 + 0.01 0.07 0.01 0.57 0.51 0.53 - 0.03 0.94 0.28 0.44 0.38 0.38 - 0.04 0.72 0.21

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2017-03-28 7:34 PM

22

WWW.NORTHERNMINER.COM

APRIL 3–16, 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

Sandstorm Gold* X 6502 Sandstorm Gold T 1057 Sandy Lake Gld V 120 Santa Fe Gold* O 3660 Santacruz Silv V 1418 Sarama Res V 421 Satori Res* O 78 Satori Res V 1800 Saturn Mnrls V 1517 Savannah Gold V 127 Savant Expl V 1281 Savary Gold* O 5 Scandium Int M* O 196 Scientific Met* O 15 Scientific Met V 1185 Scorpio Gold V 452 ScoZinc Mg V 2 Seabridge Gld* N 5095 Seabridge Gld T 707 Search Mnls V 453 Searchlight* O 78 Secova Mtls* O 542 Secova Mtls V 9304 Sego Res V 88 Select Sands V 2793 Semafo T 7426 Senator Mnrls V 197 Serengeti Res V 288 Shamrock Ent 117 Sherritt Intl T 2161 Shore Gold T 649 Shoshoni Gold V 349 Sibanye Gold* N 10483 Sidney Resrces* O 1130 Sienna Res V 664 Sierra Metals* O 4 Sierra Metals T 98 Signature Res V 202 Silver Bear Rs T 447 Silver Bull Re* O 937 Silver Bull Re T 755 Silver Grail V 38 Silver Mtn Mns V 113 Silver Range V 41 Silver Scott* O 9 Silver Spruce V 804 Silver Spruce* O 41 Silver Std Res T 1428 Silver Std Res* D 8629 Silver Wheaton T 6650 Silver Wheaton* N 30367 Silvercorp Met T 3474 Silvercorp Met* O 423 SinoCoking Cl* D 112 Sirios Res V 795 Sirios Res* O 13 Skeena Res* O 104 Skeena Res V 2053 V 1020 Skyharbour Res Skyharbour Res* O 685 Slam Explor V 182 Sokoman Iron V 266 Solitario Ex&R T 115 Solitario Ex&R* X 954 92 Sonora Gld & S V Sonora Res * O 1230 Sonoro Mtls V 212 Source Expl V 154 25 Source Expl * O Southern Arc* O 21 Southern Arc V 49 Southern Copp* N 5211 Southern Lith V 586 Southern Silvr* O 158 Southern Silvr V 629 SouthGobi Res T 123 Spada Gold V 37 Spanish Mtn Gd V 761 Spanish Mtn Gd* O 139 Sparton Res* O 33 Sphinx Res V 427 Stakeholdr Gld V 136 Stakeholdr Gld* O 12

4.49 4.14 4.29 + 0.18 6.75 3.01 5.98 5.54 5.77 + 0.23 8.73 3.98 0.08 0.00 0.08 + 0.01 0.59 0.04 0.23 0.14 0.19 + 0.05 0.23 0.00 0.28 0.25 0.26 - 0.01 0.63 0.21 0.21 0.19 0.20 - 0.03 0.55 0.07 0.15 0.13 0.13 - 0.01 0.17 0.04 0.18 0.17 0.18 + 0.01 0.25 0.06 0.09 0.08 0.09 + 0.01 0.16 0.07 0.32 0.29 0.32 + 0.02 0.75 0.05 0.06 0.05 0.05 + 0.01 0.10 0.01 0.05 0.05 0.05 - 0.00 0.12 0.05 0.34 0.28 0.31 - 0.01 0.35 0.10 0.47 0.40 0.46 + 0.07 0.55 0.27 0.63 0.57 0.60 + 0.03 0.71 0.16 0.09 0.08 0.09 - 0.01 0.15 0.06 1.01 1.01 1.01 - 0.10 1.26 0.41 12.85 10.95 12.05 + 1.10 15.88 7.35 17.11 14.63 16.12 + 1.59 20.71 9.99 0.10 0.08 0.09 + 0.01 0.10 0.06 0.07 0.07 0.07 - 0.02 0.13 0.01 0.07 0.06 0.06 + 0.00 0.09 0.03 0.09 0.08 0.08 + 0.01 0.11 0.04 0.05 0.05 0.05 - 0.01 0.08 0.02 1.67 1.44 1.56 + 0.03 2.04 0.20 4.44 4.09 4.16 + 0.04 7.46 3.60 0.95 0.00 0.93 - 0.06 1.10 0.10 0.15 0.13 0.14 - 0.01 0.33 0.04 0.03 0.02 0.02 - 0.01 0.06 0.01 1.00 0.88 0.93 - 0.06 1.67 0.69 0.19 0.18 0.18 - 0.01 0.25 0.17 0.06 0.00 0.06 + 0.01 0.25 0.04 9.06 8.30 8.81 + 0.39 20.97 6.16 0.01 0.01 0.01 - 0.01 0.02 0.00 0.16 0.12 0.13 - 0.03 0.27 0.06 2.68 2.54 2.63 + 0.00 2.75 0.93 3.55 3.40 3.53 - 0.01 3.75 1.15 0.16 0.12 0.14 - 0.02 0.19 0.02 0.43 0.37 0.39 - 0.03 0.53 0.07 0.11 0.09 0.10 - 0.00 0.21 0.05 0.15 0.12 0.13 - 0.01 0.28 0.07 0.09 0.00 0.09 + 0.01 0.16 0.02 0.04 0.04 0.04 - 0.01 0.06 0.01 0.24 0.22 0.23 - 0.02 0.24 0.08 0.01 0.01 0.01 - 0.00 0.04 0.00 0.12 0.08 0.09 - 0.01 0.14 0.05 0.08 0.06 0.07 + 0.01 0.10 0.04 14.78 13.80 14.03 + 0.12 20.48 6.92 11.08 10.34 10.51 + 0.10 15.84 5.24 28.91 26.34 27.49 + 0.98 40.80 20.51 21.68 19.72 20.54 + 0.64 31.35 15.70 4.97 4.50 4.65 + 0.10 5.90 1.64 3.74 3.40 3.49 + 0.03 4.50 1.25 2.20 1.90 2.14 + 0.04 7.69 1.66 0.44 0.39 0.43 + 0.01 1.42 0.20 0.32 0.32 0.32 + 0.00 1.13 0.15 0.06 0.04 0.05 - 0.01 0.15 0.04 0.07 0.07 0.07 - 0.01 0.20 0.06 0.57 0.50 0.55 + 0.02 0.70 0.14 0.44 0.37 0.39 - 0.01 0.54 0.18 0.05 0.00 0.05 - 0.01 0.15 0.03 0.08 0.07 0.07 - 0.01 0.13 0.01 1.18 1.10 1.18 + 0.08 1.29 0.58 0.89 0.82 0.88 + 0.08 0.95 0.43 0.10 0.09 0.09 - 0.01 0.15 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.11 0.11 - 0.02 0.16 0.06 0.37 0.32 0.36 + 0.01 0.50 0.13 0.26 0.24 0.24 + 0.00 0.26 0.11 0.44 0.42 0.44 + 0.03 0.75 0.21 0.67 0.57 0.67 + 0.11 1.09 0.27 36.59 35.74 36.55 + 0.42 39.50 24.90 0.30 0.25 0.28 + 0.01 0.49 0.01 0.42 0.38 0.40 + 0.01 0.52 0.04 0.57 0.51 0.53 + 0.02 0.66 0.06 0.40 0.00 0.40 + 0.05 0.65 0.22 0.22 0.16 0.22 + 0.06 0.60 0.13 0.19 0.16 0.18 + 0.01 0.23 0.05 0.14 0.12 0.13 - 0.01 0.17 0.04 0.05 0.05 0.05 - 0.00 0.07 0.02 0.08 0.00 0.08 + 0.01 0.14 0.02 0.46 0.33 0.43 + 0.02 0.89 0.19 0.32 0.30 0.32 + 0.01 0.67 0.17

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Standard Graph V 338 Standard Lith V 514 Standard Metal* O 527 Stans Energy* O 32 Starcore Intl T 463 Stellar Africa V 507 Stelmine Can V 88 Sterling Grp* O 658 Stillwater Mg* N 5579 Stina Res* O 327 Stina Res 2633 V 154 Stockport Expl Stornoway Diam T 4574 O 84 Stornoway Diam* Strongbow Expl V 297 Sulliden Mng T 4426 Sultan Mnrls V 87 Suncor Energy T 11269 Suncor Energy* N 15091 Sunvest Mnrls V 909 Superior Gold V 174 Superior Mng V 300 Supreme Metals 2498 Sutter Gold V 145 Sutter Gold* O 95 Swift Res V 124 Syrah Res* O 9

0.15 0.13 0.13 - 0.02 0.20 0.03 1.12 0.97 1.05 + 0.16 1.25 0.10 0.08 0.07 0.08 + 0.01 0.21 0.04 0.04 0.03 0.03 + 0.00 0.06 0.01 0.56 0.46 0.55 + 0.05 0.91 0.38 0.05 0.04 0.05 + 0.01 0.08 0.02 0.23 0.19 0.21 - 0.02 0.38 0.05 0.14 0.10 0.13 - 0.01 0.18 0.01 17.53 17.13 17.40 + 0.04 17.53 9.02 0.11 0.08 0.11 + 0.03 0.14 0.05 0.14 0.12 0.14 + 0.02 0.18 0.07 0.04 0.00 0.03 - 0.01 0.06 0.02 0.99 0.86 0.94 + 0.07 1.33 0.81 0.73 0.68 0.71 + 0.07 0.96 0.62 0.18 0.14 0.14 - 0.03 0.25 0.09 0.31 0.30 0.30 - 0.01 0.47 0.27 0.13 0.11 0.12 - 0.02 0.20 0.05 41.35 40.15 40.84 - 0.31 44.90 32.69 31.15 29.99 30.52 - 0.36 33.79 25.31 0.10 0.09 0.10 + 0.01 0.28 0.05 0.98 0.92 0.95 - 0.05 1.25 0.85 0.01 0.01 0.01 + 0.01 0.04 0.01 0.07 0.06 0.06 - 0.02 0.15 0.02 0.05 0.05 0.05 - 0.01 0.16 0.04 0.04 0.03 0.04 - 0.00 0.13 0.03 0.32 0.22 0.24 + 0.02 0.32 0.01 2.10 1.92 2.02 + 0.04 4.90 1.78

Tahoe Res* N 9795 Tahoe Res T 4121 Tajiri Res V 115 Taku Gold* O 8 Taku Gold 264 Talon Metals T 1724 Tanager Energy V 287 Tanqueray Expl V 198 Tantalex Res 542 Tanzania Rlty T 88 Tanzania Rlty* X 574 Taranis Res V 73 Tarku Res V 322 Tartisan Res 367 Tasca Res V 31 Taseko Mines* X 2411 Taseko Mines T 823 Teck Res* N 22950 Teck Res T 20 Telson Res * O 35 Telson Res V 42 Tembo Gold V 73 Tembo Gold* O 65 Teranga Gold T 8980 Teras Res V 1002 Terrax Mnrls V 624 Terrax Mnrls* O 284 Teslin Rvr Res V 403 Tesoro Mnrls V 9 Teuton Res V 19 Texas Mineral* O 1264 Thor Expl V 250 Thunder Mtn Gd V 99 Thunderstruck V 154 Till Capital V 1 Till Capital* D 2 Timberline Res V 228 O 384 Timberline Res* Timmins Gold* X 3912 Timmins Gold T 1745 Tinka Res* O 1237 Tinka Res V 2907 Tintina Res V 155 Tintina Res* O 140 Tirex Res* O 56 Tirex Res V 847 Titanium Corp V 395 TMAC Resource* O 13 TMAC Resources T 132 Toachi Mg Inc V 111 Tolima Gold V 396 TomaGold V 458

7.73 7.25 7.65 + 0.20 17.01 7.12 10.35 9.68 10.23 + 0.30 22.13 9.58 0.15 0.14 0.15 - 0.02 0.21 0.02 0.08 0.00 0.00 - 0.07 0.14 0.00 0.15 0.00 0.15 + 0.05 0.22 0.06 0.12 0.07 0.08 + 0.01 0.11 0.06 0.18 0.14 0.16 - 0.02 0.18 0.03 1.38 1.21 1.22 - 0.06 1.56 0.02 0.10 0.08 0.10 + 0.01 0.18 0.02 0.65 0.56 0.57 - 0.08 1.95 0.27 0.49 0.43 0.45 - 0.03 1.49 0.21 0.11 0.10 0.10 - 0.01 0.15 0.06 0.05 0.04 0.05 + 0.01 0.10 0.02 0.18 0.14 0.14 - 0.03 0.18 0.02 0.10 0.09 0.09 + 0.01 0.21 0.00 1.38 1.20 1.24 - 0.13 1.63 0.41 1.84 1.62 1.68 - 0.15 2.12 0.55 22.08 20.42 21.10 - 0.07 26.60 6.55 29.83 28.35 28.62 - 1.17 36.49 11.76 0.28 0.25 0.25 - 0.04 0.43 0.11 0.39 0.32 0.39 + 0.04 0.55 0.08 0.05 0.04 0.05 + 0.01 0.07 0.02 0.04 0.04 0.04 + 0.00 0.06 0.01 0.86 0.80 0.83 + 0.01 1.40 0.61 0.18 0.16 0.17 - 0.02 0.21 0.07 0.72 0.60 0.67 - 0.04 1.05 0.30 0.55 0.44 0.48 - 0.07 0.80 0.25 0.42 0.39 0.40 - 0.02 0.47 0.21 0.08 0.08 0.08 - 0.01 0.12 0.02 0.24 0.23 0.23 - 0.02 0.46 0.05 0.39 0.19 0.27 + 0.07 0.39 0.09 0.19 0.14 0.15 - 0.01 0.20 0.04 0.16 0.12 0.16 + 0.04 0.23 0.08 0.12 0.11 0.11 - 0.01 0.20 0.02 5.25 0.00 5.25 - 0.01 6.00 3.81 3.98 0.00 3.93 - 0.03 5.00 2.80 0.48 0.42 0.46 - 0.02 0.73 0.17 0.36 0.30 0.33 - 0.01 0.53 0.02 0.40 0.37 0.38 + 0.01 0.63 0.21 0.52 0.49 0.51 + 0.02 0.80 0.28 0.49 0.37 0.40 - 0.07 0.49 0.09 0.65 0.49 0.53 - 0.09 0.65 0.11 0.12 0.10 0.11 - 0.01 0.15 0.06 0.09 0.07 0.08 - 0.00 0.12 0.04 0.06 0.05 0.05 - 0.01 0.11 0.04 0.07 0.00 0.06 - 0.02 0.14 0.05 0.90 0.67 0.90 + 0.25 0.88 0.31 12.43 11.89 12.21 + 0.29 15.16 9.26 16.80 15.81 16.35 + 0.39 20.18 8.81 0.47 0.40 0.43 - 0.04 0.62 0.23 0.02 0.02 0.02 + 0.01 0.03 0.01 0.11 0.10 0.10 - 0.01 0.17 0.05

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tombstone Expl* O 3330 Tonogold Res* O 42 Torex Gold* O 41 Torex Gold T 1721 Torq Resources V 117 Transatlan Mng V 3809 Transatlan Mng* O 13 Transition Mtl V 383 Treasury Metal T 667 Trecora Res* N 185 Tres-Or Res V 429 Trevali Mng* O 160 Trevali Mng T 17971 135 Tri Origin Exp V Trilogy Mtls T 114 TriMetals Mng* O 33 O 18 TriMetals Mng* Trinity Res* O 4 TriStar Gold* O 26 TriStar Gold V 172 Triumph Gold* O 71 Triumph Gold V 142 Troy Res* O 250 Trueclaim Expl V 1214 Tsodilo Res V 42 Tudor Gold V 38 Tudor Gold * O 12 Tungsten Corp* O 1499 10348 Turquoise HIl* N Turquoise HIl T 3915 TVI Pacific V 461 Tyhee Gold* O 22 Typhoon Expl V 144

0.01 0.00 0.00 - 0.00 0.02 0.00 0.07 0.05 0.06 - 0.01 0.09 0.01 21.01 19.55 20.12 + 0.57 27.34 12.10 28.00 25.94 26.76 + 1.03 35.17 16.00 0.86 0.81 0.82 - 0.06 1.00 0.13 0.04 0.03 0.03 - 0.01 0.15 0.03 0.03 0.02 0.02 - 0.01 0.03 0.02 0.19 0.16 0.16 - 0.02 0.25 0.12 0.81 0.76 0.79 + 0.01 0.85 0.46 11.15 10.45 10.55 - 0.65 14.80 8.17 0.06 0.05 0.05 - 0.01 0.06 0.03 1.02 0.91 0.92 - 0.08 1.16 0.27 1.35 1.21 1.22 - 0.10 1.57 0.35 0.05 0.05 0.05 + 0.01 0.08 0.03 0.74 0.63 0.73 + 0.05 1.08 0.44 0.17 0.16 0.17 - 0.00 0.32 0.08 0.22 0.20 0.21 - 0.01 0.28 0.09 0.05 0.00 0.04 - 0.01 0.33 0.03 0.28 0.24 0.24 - 0.05 0.41 0.15 0.35 0.30 0.33 - 0.03 0.53 0.22 0.34 0.30 0.30 - 0.02 0.38 0.05 0.45 0.41 0.44 + 0.01 0.50 0.08 0.12 0.12 0.12 + 0.00 0.56 0.09 0.04 0.02 0.03 - 0.01 0.05 0.01 0.90 0.86 0.86 - 0.04 1.05 0.50 0.60 0.51 0.51 - 0.09 2.50 0.37 0.45 0.45 0.45 - 0.00 1.26 0.33 0.00 0.00 0.00 + 0.00 0.00 0.00 3.28 3.03 3.03 - 0.19 3.80 2.44 4.38 4.05 4.05 - 0.23 5.03 3.22 0.02 0.01 0.01 - 0.01 0.04 0.01 0.01 0.00 0.00 - 0.01 0.02 0.00 0.10 0.08 0.09 - 0.01 0.15 0.04

U.S. Lithium* O 4397 U3O8 Corp* O 1240 U3O8 Corp T 2523 Ucore Rare Mtl V 817 Ucore Rare Mtl* O 801 UEX Corp T 3590 Ultra Lithium* O 0 Ultra Lithium V 18 Unigold V 2199 Unigold* O 51 United Silver* O 86 161 United States A* X United States S* N 76215 Unity Energy V 261 Ur-Energy* X 1237 Ur-Energy T 315 Uracan Res V 190 Uranium Energy* X 5467 Uranium Res* D 2298 Uravan Mnrls V 165 US Energy* D 74 US Precious M* O 3049 US Rare Earths* O 29 USCorp* O 51 Vale* N 145988 Vale* N 43759 ValGold Res V 664 Valley High Mg* O 6627 Valterra Res* O 1213 Vanadium One V 196 Vanadiumcorp* O 6 Vangold Res* O 29 Vangold Res V 250 Vanstar Mng Rs V 353 Vantex Res * O 9 Vantex Res V 57 N 2399 Vedanta* Vela Minerals V 76 Vendetta Mng V 1487 Vendetta Mng* O 213 Venture Mnrls* O 15 Verde Potash T 67 Veris Gold* O 1 Victoria Gold V 820 Victory Nickel* O 47 Victory Nickel 310

0.06 0.04 0.04 - 0.01 0.15 0.01 0.03 0.02 0.03 + 0.00 0.04 0.01 0.04 0.04 0.04 + 0.01 0.05 0.02 0.32 0.28 0.31 + 0.01 0.45 0.27 0.24 0.21 0.22 - 0.01 0.35 0.19 0.37 0.30 0.30 - 0.06 0.43 0.15 0.13 0.12 0.12 - 0.01 0.27 0.12 0.18 0.00 0.17 - 0.01 0.35 0.13 0.26 0.24 0.25 - 0.01 0.69 0.15 0.20 0.18 0.19 - 0.00 0.51 0.12 0.00 0.00 0.00 + 0.00 0.01 0.00 0.52 0.40 0.50 + 0.03 0.60 0.17 37.35 32.38 32.82 - 4.47 41.83 12.77 0.20 0.07 0.20 + 0.01 1.43 0.15 0.78 0.66 0.69 - 0.10 0.91 0.41 1.03 0.86 0.90 - 0.12 1.19 0.55 0.06 0.05 0.05 - 0.01 0.10 0.03 1.49 1.23 1.32 - 0.13 1.92 0.69 1.94 1.74 1.78 - 0.10 4.00 0.97 0.14 0.10 0.10 - 0.03 0.42 0.06 0.93 0.80 0.85 - 0.06 2.84 0.75 0.01 0.01 0.01 - 0.00 0.02 0.00 0.41 0.00 0.37 + 0.05 0.80 0.01 0.01 0.01 0.01 - 0.00 0.03 0.00 10.35 9.07 9.30 - 0.83 11.70 3.70 9.84 8.56 8.77 - 0.87 11.10 2.72 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 0.04 0.04 + 0.00 0.07 0.00 0.17 0.14 0.15 - 0.02 0.19 0.13 0.05 0.04 0.05 + 0.01 0.06 0.02 0.13 0.00 0.12 + 0.03 0.13 0.09 0.18 0.16 0.16 + 0.03 0.18 0.03 0.12 0.11 0.11 - 0.01 0.15 0.05 0.11 0.09 0.10 + 0.00 0.12 0.09 0.14 0.13 0.14 + 0.01 0.40 0.10 16.64 15.76 16.24 + 0.13 16.64 5.00 0.06 0.05 0.05 - 0.01 0.06 0.03 0.25 0.22 0.23 - 0.01 0.29 0.06 0.19 0.17 0.17 + 0.00 0.22 0.08 0.03 0.02 0.02 - 0.01 0.04 0.02 0.65 0.56 0.61 - 0.02 0.92 0.20 0.02 0.00 0.02 + 0.02 0.02 0.00 0.58 0.54 0.54 - 0.02 0.80 0.21 0.06 0.03 0.05 + 0.02 0.14 0.01 0.08 0.06 0.07 + 0.01 0.09 0.02

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victory Vent V 1060 O 38 Virginia Enrgy* Virginia Enrgy V 80 Viscount Mng V 287 Vista Gold* X 1470 Vista Gold T 41 Volcanic Gold V 102 Voltaic Min V 1229 Voyageur Min V 131

0.02 0.09 - 0.00 0.19 0.09 0.08 0.02 0.08 - 0.02 0.54 0.11 0.08 0.04 0.11 - 0.02 0.38 0.14 0.11 0.42 0.44 - 0.06 0.91 0.49 0.42 0.43 1.00 - 0.02 2.09 1.07 0.99 0.57 1.33 - 0.01 2.73 1.41 1.33 0.06 0.60 + 0.02 0.63 0.62 0.55 0.05 0.13 - 0.02 0.52 0.16 0.12 0.07 0.09 + 0.01 0.13 0.10 0.07

T 1422 Wallbridge Mng O 753 Walter Energy* 765 War Eagle Mg V Waseco Res V 211 Wealth Mnrls* O 440 Wealth Mnrls V 829 O 677 Wellgreen Plat* Wellgreen Plat T 546 T 7073 Wesdome Gold 34 West Kirkland * O West Kirkland V 270 153 West Red Lake 45 West Red Lake* O X 740 Western Copper* T 509 Western Copper 61 Western Troy C V Western Uran* O 69 Western Uran 59 V 181 Westhaven Vent O 549 Westkam Gold* V 1597 Westkam Gold Westmoreland* D 1704 O 47 Westridge Res* Westridge Res V 123 White Gold* O 31 White Gold V 27 522 White Mtn Engy* O O 6 Whitehaven Coa* O 301 Wincash Apolo* 7797 Winston Gld Mg Winston Gld Mg* O 1027 Winston Res 1020 Wolfden Res V 756 Wolfeye Res V 589 V 72 Wolverine Mnls WPC Res V 201 X-Terra Res V 63 X-Terra Res* O 9 Xander Res V 310 Xiana Mng V 12 Ximen Mng* O 14 XLI Tech Inc* O 1704 O 28 Xtra-Gold Res* Xtra-Gold Res T 88 Yamana Gold T 21164 43953 Yamana Gold* N T 104 Yellowhead Mng Yorbeau Res* O 220 Zadar Vent V 490 42 O Zadar Vent * Zara Res 8 Zazu Metals V 45 Zazu Metals* O 200 Zenyatta Vent V 116 O 61 Zenyatta Vent* Zephyr Mnls V 55 Zimtu Capital V 126 283 Zinc One Res V 8 Zinc One Res * O Zincore Mtls V 74 Zincore Mtls* O 0 Zonte Mtls V 208

0.04 0.08 - 0.01 0.10 0.09 0.07 0.02 0.06 - 0.00 0.28 0.08 0.05 0.06 0.00 0.05 - 0.01 0.07 0.01 0.02 0.05 - 0.01 0.12 0.06 0.05 0.20 1.15 - 0.02 1.37 1.17 1.03 0.23 1.52 - 0.02 1.79 1.55 1.37 0.17 0.24 - 0.01 0.46 0.27 0.22 0.22 0.02 0.62 0.31 - 0.36 0.30 1.47 3.92 - 0.48 4.40 4.32 3.87 0.07 0.06 0.07 + 0.00 0.13 0.05 0.08 0.08 - 0.01 0.17 0.09 0.08 0.22 0.19 0.22 + 0.04 0.40 0.10 0.17 0.14 0.16 + 0.02 0.31 0.08 0.45 1.23 - 0.09 1.80 1.32 1.20 0.59 1.63 - 0.11 2.24 1.75 1.60 0.04 0.04 0.04 + 0.01 0.05 0.01 0.96 1.33 - 0.14 2.67 1.47 1.33 1.22 1.76 - 0.21 2.80 1.96 1.76 0.07 0.10 + 0.01 0.16 0.10 0.08 0.01 0.02 + 0.00 0.07 0.02 0.02 0.02 0.02 - 0.01 0.09 0.03 0.00 14.07 + 1.04 19.92 6.15 14.85 12.59 0.00 0.17 - 0.01 0.18 0.18 0.17 0.01 0.24 - 0.01 0.39 0.25 0.23 0.05 1.14 - 0.04 1.36 1.21 1.11 0.04 1.64 + 0.20 1.89 1.65 0.00 0.01 0.01 0.01 - 0.00 0.15 0.01 0.43 2.03 - 0.04 2.50 2.07 2.03 0.03 0.09 + 0.01 0.22 0.09 0.04 0.12 0.07 0.07 - 0.05 0.64 0.07 0.10 0.05 0.06 - 0.03 0.49 0.05 0.02 0.80 + 0.03 0.80 0.81 0.76 0.08 0.14 + 0.01 0.19 0.15 0.13 0.23 0.83 + 0.08 0.86 0.86 0.71 0.06 0.08 - 0.01 0.18 0.09 0.08 0.05 0.06 + 0.01 0.13 0.06 0.06 0.10 0.25 - 0.02 0.40 0.27 0.25 0.16 0.20 + 0.01 0.20 0.20 0.00 0.26 0.30 + 0.03 0.49 0.30 0.27 0.03 0.19 - 0.01 0.21 0.19 0.00 0.03 0.07 - 0.00 0.13 0.07 0.07 0.03 0.02 0.02 - 0.00 0.22 0.00 0.14 0.00 0.43 0.18 - 0.18 0.18 0.19 0.24 + 0.01 0.56 0.25 0.00 3.29 3.71 + 0.04 7.87 3.86 3.63 2.46 2.78 + 0.01 5.99 2.89 2.71 0.04 0.09 + 0.01 0.10 0.09 0.08 0.05 0.05 - 0.01 0.09 0.06 0.05 0.06 0.11 - 0.01 0.26 0.12 0.11 0.09 0.09 0.09 - 0.00 0.20 0.05 0.01 0.24 + 0.04 0.43 0.24 0.00 0.15 0.29 + 0.01 0.46 0.30 0.29 0.11 0.22 + 0.00 0.33 0.22 0.22 0.63 0.98 - 0.02 1.55 1.04 0.96 0.49 0.74 - 0.01 1.17 0.74 0.73 0.18 0.34 - 0.02 0.42 0.36 0.30 0.14 0.28 + 0.01 0.40 0.33 0.27 0.74 0.67 0.72 + 0.04 0.90 0.03 0.62 0.49 0.54 - 0.01 0.81 0.51 0.03 0.24 + 0.08 0.30 0.24 0.16 0.07 0.13 + 0.03 0.15 0.13 0.13 0.05 0.41 - 0.02 0.47 0.45 0.40

W-Z

BID-ASK — MARCH 20–24, 2017

STOCK

37 Capital One ABE Resources Acme Res Corp African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alliance Mng ALQ Gold Altan Rio Mnls Amanta Res Amato Expl APAC Res Inc Arch Coal* Ardonblue Vent Arian Res Asbestos Corp AsiaBaseMetals Asian Minl Res Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Atom Energy Aurelius Min Balto Res Barksdale Cap BC Moly Bearclaw Cap Bellhaven Cp&G Benz Mining Benz Mining BHK Mining Big Wind Cap Bison Gold Res Black Bull Res Bluestone Res Boss Power Buffalo Coal Bullion Gld Res Bullman Mnls Canex Energy Carrara Explor Carrie Arran Cascade Res Cassidy Gold Cassius Vents Catalina Gold Chantrell Vent Chieftain Mtls Chinapintza Mg CIM Intl Grp Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Colibri Res Colombia Crest Colt Res Comet Inds Compliance Egy Corazon Gold Cricket Res Curlew Lke Res Cyprium Mng Dawson Gold Declan Res Delrand Res DV Resources EastCoal Inc Empire Rock Enfield Expl European Metal

20-22_apr3_StockTables.indd 22

12-MONTH

EXC BID ASK LAST HIGH

C V V V V C V X C V V C V V V C N V V V V V V V V X V V V V V V V V V V C V V V V V V V V C V V V V V V V V C N V C V V V V V V V V V V C 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 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.08 0.10 0.10 0.15 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 0.05 0.15 0.06 0.06 0.02 0.02 0.02 0.04 0.01 0.02 0.01 0.04 0.04 0.04 0.10 0.06 0.09 0.06 0.14 ... ...

0.58 0.08 0.10 0.08 0.12 0.01 0.02 0.01 0.02 0.21 0.27 0.25 0.28 0.41 0.45 0.45 0.45 0.02 0.03 0.03 0.04 0.23 2.50 0.23 0.40 0.06 0.08 0.08 0.10 0.03 0.04 0.03 0.05 ... ...

0.06 0.45 0.38 0.50 0.38 0.65 0.13 0.14 0.14 0.15 0.01 0.04 0.01 0.03 0.50 0.58 0.50 0.65 0.05 0.06 0.06 0.09 0.04 0.05 0.05 0.06 0.40 0.44 0.40 0.78 0.28 0.85 0.35 0.40 0.03 0.03 0.03 0.08 0.03 0.04 0.03 0.08 0.07 0.12 0.07 0.19 0.32 0.59 0.50 0.60 ...

0.01 0.01 0.10 0.15 0.10 0.23 0.17 0.20 0.17 0.01 0.02 0.02 0.03 0.09 0.12 0.09 0.15 0.07 0.13 0.12 0.12 0.08 0.10 0.08 0.15 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 0.08 0.10 0.08 0.19 ... ...

0.05 0.23 0.01 0.02 0.01 0.38 0.77 0.70 1.50 1.45 3.20 1.43 7.17 0.06 0.08 0.06 0.06 0.08 0.10 0.10 0.10 0.17 0.17 0.17 0.23 0.02 0.03 0.02 0.04 0.04 0.04 0.04 0.12 2.85 3.05 3.00 3.00 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 0.02 0.03 0.03 0.03 0.03 0.12 0.11 0.17 0.12 0.12 ... 0.01 0.01 0.02 0.75 1.00 0.75 0.90 0.06 0.09 0.06 0.06 0.01 0.01 0.01 0.01 0.23 0.28 0.23 0.30 ... ...

0.01 ... 0.01 0.01 0.01

LOW

STOCK

0.05 0.02

C Excalibur Res Explorex Res C Fire River Gol V First Idaho V GAR Limited C Gentor Res V GFM Res V Global Cobalt V V Global Cop Grp God’s Lake Res C V Gold Ridge Exp Goldbank Mng V Goldbelt Emp V GoldTrain Res C Granite Ck Gld V Graniz Mondal V Gravis Energy C Greatbanks Res V Green Arrow V Greywacke Expl C Grosvenor Res V Gunpoint Expl V V HFX Holding Highbury Proj V Highvista Gold V Highway 50 Gld V Inform Res V Inomin Mines V Inspiration Mg C Inter-Rock Mnl V Intl Bethl Mng V Iron South Mng V V IsoEnergy Ltd JDF Explor Inc C Jiulian Res V Jubilee Gold V Karoo Expl V Kenna Res V V Kesselrun Res Kitrinor Mtls V La Imperial C Lakeside Mnrls V Leagold Mg V Leeta Gold V Lions Bay Cap V Lovitt Res V Lucky Mnls V Lund Enterpr V Maccabi Vent C Madeira Mrnls V MAG Silver* X Mainstream Mnl V Manado Gold V Martina Mnls V Matachewan Con V Match Capital V Mega Copper V Midnight Star C MillenMin Vent V Millstream Min V Milner Con Slv V Minsud Res V Moag Copper C Montana Gold C Morgan Res V Mountain Lake C Mukuba Res V Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V New Nadina V C Newlox Gold Newstrike Res V

0.03 0.01 0.08 0.16 0.12 0.02 0.01 0.01 0.03 0.01 0.01 0.03 0.05 0.01 0.14 0.06 0.02 0.09 0.01 0.01 0.06 0.16 0.03 0.01 0.01 0.03 0.03 0.11 0.10 0.01 0.03 0.03 0.10 0.06 0.01 0.05 0.04 0.03 0.12 0.05 0.02 0.01 0.01 0.08 0.05 0.03 0.38 0.98 0.01 0.05 0.05 0.01 0.03 1.30 0.03 0.19 0.01 0.01 0.03 0.09 0.01 0.30 0.02 0.01 0.07 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.09 0.10 0.10 0.11 0.13 0.18 0.15 0.19 0.03 0.07 0.09 0.75 0.08 ...

0.08 0.14 0.02 0.05 0.04 0.05 0.01 0.02 0.02 0.02 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 0.30 0.35 0.35 0.70 0.10 0.11 0.10 0.16 0.05 0.05 0.05 0.07 0.06 0.12 0.09 0.25 0.05 0.05 0.05 0.08 0.01 0.34 0.04 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.04 0.05 0.04 0.05 ... 0.06 0.06 0.06 0.20 0.30 0.21 0.35 0.27 0.30 0.27 0.32 0.08 0.14 0.09 0.12 0.25 ...

0.25 0.27 ... 0.16 0.17 0.26 0.30 0.30 0.31 0.18 0.28 0.18 0.40 0.06 0.10 0.06 0.07 0.03 0.04 0.03 0.10 0.13 0.14 0.13 0.18 0.04 0.04 0.04 0.08 0.24 0.27 0.24 0.28 1.23 1.24 1.24 1.70 0.01 ...

0.01 0.01 0.04 0.05 0.04 0.05 0.43 0.69 0.50 0.75 0.01 0.02 0.01 0.01 0.13 0.16 0.15 0.27 0.11 0.12 0.11 0.43 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 0.12 0.17 0.12 0.14 0.04 0.10 0.04 0.04 0.07 0.12 0.07 0.17 0.08 0.12 0.09 0.12 0.12 0.15 0.15 0.19 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 0.11 0.14 0.10 0.15 0.02 0.05 0.02 0.06 0.29 0.32 0.32 0.44 0.01 0.04 0.04 0.04 0.15 0.27 0.15 0.30 0.14 0.20 0.16 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 0.06 0.11 0.06 0.10 ... ...

0.08 0.09 0.10 0.10 0.10 0.01 0.01 0.01 0.02 ... 0.01 0.01 0.01 0.08 0.15 0.08 0.30 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 0.01 0.01 0.11 0.13 0.11 0.18 0.03 0.03 0.03 0.06 0.15 0.18 0.15 0.19

0.01 0.06 0.03 0.05 0.01 0.01 0.02 0.01 0.04 0.02 0.06 0.06 0.03 0.05 0.01 0.02 0.01 0.03 0.04 0.18 0.19 0.03 0.16 0.08 0.05 0.05 0.02 0.03 0.02 0.04 0.63 0.01 0.02 0.33 0.01 0.14 0.05 0.05 0.01 0.02 0.10 0.03 0.01 0.02 0.05 0.04 0.05 0.01 6.12 0.10 0.02 0.25 0.01 0.02 0.06 0.01 0.04 0.02 0.03 0.02 0.01 0.01 0.08 0.09 0.15 0.08 0.08 0.02 0.03

STOCK

Norsemont Cap North Am Ptash North Am Tung Northern Uran Northn Empire Nrthn Lion Orestone Mng Organic Potash Oriental Non F Orofino Mnrls Oxford Res Pac Cascade Pac Iron Ore Pac Link Mng Paladin Energy Palisades Vent Philippine Mtl Phoenix Gold Phoenix Metals Plate Res Prime Meridian Prize Mng Q-Gold Res Quartz Mtn Res Quinto Real Rare Element* Ravencrest Res Razore Rock Res Red Rock Enrgy Rhyolite Res Rift Valley Riley Resource River Wild Exp Rockland Mnls Romulus Res Ross River Rotation Mnls Royal Sapphire Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Phoenix Silver Predatr Silvermet Sniper Res Squire Mg Ltd Stone Ridge Ex Strata Mnls Strikepoint Gd Talmora Diamd Tearlach Res Telferscot Res Teryl Res Corp Themac Res Tiger Intl Tiller Res Tintina Mines Tri-River Vent Trident Gold Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vanadium One Venerable Vent Wabi Expl Whistler Gold Worldwide Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.40 0.47 0.45 0.45 0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.02 0.02 0.02 0.03 0.17 0.18 0.18 0.27 0.55 0.63 0.60 0.74 0.02 0.02 0.02 0.04 0.03 0.04 0.03 0.05 0.70 0.90 0.90 1.20 0.15 0.18 0.15 0.25 0.02 0.03 0.03 0.01 0.02 0.01 0.02 0.20 0.23 0.20 0.25 0.02 0.03 0.02 0.03 0.11 0.11 0.11 0.27 0.06 0.07 0.07 0.07 0.04 0.04 0.04 0.18 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.04 0.05 0.04 0.14 0.12 0.15 0.14 0.15 0.40 0.42 0.42 0.43 0.04 0.05 0.04 0.14 0.09 0.12 0.09 0.12 0.13 0.15 0.13 0.20 0.11 0.16 0.15 0.89 0.07 ...

0.05 0.05 0.01 0.06 0.06 0.06 0.01 0.02 0.01 0.02 0.17 0.35 0.18 0.27 0.01 0.06 0.01 0.02 0.05 ...

0.13 0.13 0.02 ...

0.03 0.03 0.07 0.08 0.08 0.11 0.11 0.25 0.15 0.17 0.01 0.01 0.01 0.03 0.17 0.26 0.22 0.40 0.12 0.17 0.13 0.17 ... ...

0.03 1.35 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 0.05 0.06 0.06 0.12 0.05 0.06 0.06 0.06 0.01 0.01 0.01 0.07 0.07 0.13 0.13 0.19 0.05 0.15 0.05 0.17 0.01 0.02 0.01 0.05 0.38 0.43 0.39 0.43 0.01 0.05 0.01 0.05 0.08 0.15 0.08 0.16 0.01 0.01 0.01 0.05 0.01 0.02 0.02 0.02 0.03 0.05 0.03 0.10 0.08 0.18 0.08 0.20 0.32 0.68 0.60 0.85 0.05 0.07 0.06 0.10 0.04 0.12 0.04 0.07 0.03 0.04 0.03 0.04 0.02 0.56 0.01 0.05 0.03 0.05 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 0.15 0.25 0.16 0.18 0.07 0.10 0.07 0.10 0.03 0.08 0.04 0.06 0.02 0.03 0.02 0.06 0.07 0.09 0.09 0.14 0.05 0.07 0.05 0.08

0.24 0.03 0.01 0.01 0.10 0.11 0.01 0.01 0.27 0.06 0.01 0.15 0.01 0.07 0.05 0.03 0.02 0.04 0.08 0.01 0.04 0.02 0.04 0.06 0.01 0.01 0.01 0.09 0.01 0.10 0.01 0.01 0.08 0.01 0.12 0.03 0.03 0.01 0.05 0.26 0.07 0.01 0.03 0.02 0.03 0.01 0.06 0.04 0.01 0.09 0.01 0.02 0.01 0.01 0.03 0.08 0.05 0.03 0.03 0.01 0.01 0.01 0.01 0.05 0.10 0.04 0.01 0.01 0.06 0.01

2017-03-28 7:34 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 3–16, 2017

23

Stream financing in uncertain times COMMENTARY

BY RONALD C. MAIORANO, ZAHRA NURMOHAMED, FRANK SIMONE, BRIAN R. CARR AND KARL P. DENNIS SPECIAL TO THE NORTHERN MINER

N

ow that mining has once again become one of the hottest sectors of the Canadian stock market, mining companies are reassessing opportunities to expand. Yet there remains some unpredictability surrounding access to conventional debt and equity financing on acceptable terms to fund such expansion.

Mining companies of all sizes are looking beyond traditional sources to fund their exploration and development projects, acquisitions and day-to-day operations, and manage debt loads.

Metal streaming is one alternative form of financing that mining companies are considering. Metal streaming transactions came onto the Canadian scene in 2004 and have gained traction among juniors and many major mining companies.

Metal stream transactions are contractual financing obligations entered into between a mining company and an investor for the purchase and sale of a metal that is to be produced and delivered in the future.

At the time of entering into the contract, the mining company promises to sell to the investor part of a mine’s produced metal for an upfront deposit for metal to be delivered in the future and an amount for each ounce of metal to be delivered in the future.

The mining company has no obligation to pay “interest” or any other amount in respect of the deposit.

The upfront payment from the purchaser provides the mining company with cash that allows the company to achieve its immediate objectives, whether they are to fund exploration or mine construction.

From the company’s perspective, it is giving up potential future value for an instant cash injection on more acceptable terms than it could obtain from traditional debt or equity financing. From the purchaser’s perspective, it is deploying capital now with the hope that it can buy metal in the future at a cost lower than the then-spot price for the particular commodity.

Metal stream contracts generally contain obligations entitling a purchaser to metal streams lasting several decades. In the first generation of streaming transactions, it was the by-product of the primary metal that the mining company produced that was the subject matter of the contract. For example, a gold-mining company might enter into a stream agreement for its by-product silver production.

| PE firms, tax-exempts enter metal-streaming space

The decision to sell only a future stream of a by-product metal related to how mining companies were typically given little value in the market for their by-product output.

However, if a mining company could monetize the value of the future production of a by-product, investors would be willing to give the mining company some credit for the cash obtained, thereby increasing the mining company’s share price.

More recently, some mining companies have entered into streaming contracts for shorter periods of time with optional buy-backs of the stream and capping the total amount of the commodity to be sold. Some mining companies have also entered into contracts for the sale of the future stream of their primary metal production.

Another more recent phenomenon of these metal stream agreements is that purchasers such as private equity firms, tax exempts and other players have entered the metal streaming space, sometimes as a syndicated group in the hopes of chasing larger acquisitions.

Form of agreement A precious metals purchase agreement (PMPA) is a long-term purchase and sale agreement that provides for the purchase of an amount of metal equal to a percentage or all of one or more metals produced from a specific mine.

The PMPA’s term typically ranges from 25 to 50 years, although the PMPA usually provides for one or more extensions at the option of the purchaser.

The obligation of the mining company selling the metal is to deliver either concentrate or refined metal to the purchaser.

Where the PMPA provides for the sale of concentrate, the sale takes place immediately before delivery to an offtaker. The purchaser as principal sells the concentrate to the offtaker, who buys it as principal.

Where the PMPA provides for the sale of refined metal by the mining company, the mining company has an obligation to deliver the refined metal to a metals account of the purchaser. The PMPA does not require the selling mining company to deliver metal from the mine that is the subject of the PMPA and may actually prohibit the mining company from doing so. The PMPA also requires the mining company not to deliver any metal purchased on a commodities or commodities futures exchange. The reason for this restriction is set out under the discussion on income tax issues.

The PMPA provides for the payment of a deposit by the purchaser to the selling mining company. The mining company is not obligated to segregate the deposit from its other

Published by:

A MAJOR ADVANTAGE OF STREAM FINANCING FROM THE PERSPECTIVE OF THE MINING COMPANY IS THAT THE CONTRACTUAL TERMS ARE, TO VARYING DEGREES, FRIENDLIER THAN A DEBT FINANCING. funds and can use the deposit for whatever activities it chooses. Where the mining company enters into the PMPA to fund the development of the mine, the PMPA will often provide for the payment of the deposit in stages so that the selling mining company is only entitled to drawdown from the deposit once the mine has reached a certain stage of development. Such an arrangement limits the risk of the owner of the mine not bringing the mine into production.

The purchase price under the PMPA consists of two elements: the fixed price and the spot price.

The fixed price reflects the estimated current costs of carrying out mining operations at the mine once the infrastructure has been built. The spot price is the day-today trading price of the metal on a specific metal exchange.

While the deposit is in existence, the purchase price of the metal is the spot price. Where the spot price exceeds the fixed price, the purchaser pays the fixed price portion of the purchase price in cash and the balance of the purchase price by applying part of the deposit.

Once the deposit has been eroded, the purchase price is the lesser of the fixed price and the spot price.

If the deposit has not been fully applied by the end of the term, the selling mining company has an obligation to refund the balance of the deposit.

Advantages and disadvantages A major advantage of stream financing from the perspective of the mining company is that the contractual terms are, to varying degrees, friendlier than a debt financing.

A conventional loan usually requires the borrower to make fixed payments on fixed dates. A rigid loan repayment schedule presents challenges for mining companies given commodity cycles and production challenges. A loan default

is more likely if commodity prices unexpectedly drop or production encounters unexpected shortfalls or delays. The problem is even more acute in the case of a mining company that is still in the development stage and does not yet have a solid grasp of production schedule and timing.

In contrast, under a PMPA, there is no obligation to pay any amount to the purchaser. The principal obligation of the seller is to deliver all or a portion of a commodity when produced. The PMPA provides that the deposit is applied against the purchase price until the deposit is exhausted. If amounts still remain on the deposit at the end of the term, the seller is obligated to return such amounts. For these reasons, streaming transactions offer substantial flexibility.

Streaming transactions also differ from traditional equity financings because they are non-dilutive to the mining company’s existing shareholders. Moreover, compared to prospectus offerings which are highly regulated, streaming transactions can often be completed faster and with fewer transaction costs.

Of course, there is a cost to streaming agreements from the mining company’s perspective and its shareholders. If production goes well and commodity prices are high, the amount received by the mining company for the metal subject to the agreement may be substantially less than the spot price at the time of delivery. This may result in the potential increase in the metal price accruing to the benefit of the purchaser of the stream instead of the mining company’s shareholders.

However, some mining companies recognize the need to preserve some of the future upside in the value of the commodity being sold.

Accordingly, some recent streaming contracts contain terms which require the purchaser to pay a higher sales price in the future if the price of the particular commodity being sold increases.

Purchaser’s upside In exchange for offering more economically friendly financing terms to the mining company, the purchaser receives greater upside participation in the economic returns from the mining operations. This may include full or partial participation in the commodity price of the mineral being purchased pursuant to the PMPA, the possible production increases that exceed estimates at the initial time that the stream was entered into (not only due to successful mining, but also possibly from more successful exploration on the related property), and higher ore grades realized over what was projected at the time the stream was entered into.

Greater alignment Streaming transactions increase the alignment of interests between the mining company selling the metal and the purchaser(s). Each party is rewarded by increased successful mining operations and each will experience greater returns as a mine becomes successful and the amount of ore being mined increases. Moreover, the flexible nature of the contracts allows the purchaser and the mining company to tailor the contract to the specific situation of the mine. This can be more difficult to do in the context of an equity investment.

Range of purchasers Traditional financial institutions normally require borrowers to meet certain constraints and be willing to accept various restrictive terms.

During uncertain economic times like today, mining companies may not be able to commit or may not desire to make a commitment to such restrictive terms. Therefore, more mining companies are receptive to the flexible terms and to entering into agreements with traditional investors and non-traditional investors who enter the stream-purchasing marketplace.

For example, Canadian pension funds and private equity funds appear to be increasingly interested in entering into PMPAs. The long-term nature of a streaming agreement aligns with the long-term obligations of pension plans. Other non-traditional, conservative investors such as life insurance companies could possibly be attracted to streaming transactions because their investment philosophy should be similar to that of pension plans.

In addition, private equity funds have started to combine PMPAs together with more conventional debt and equity investments with a view towards enhancing their overall returns. For example, Orion Mine Finance and Resource Capital Funds recently financed Lydian International’s Amulsar gold project in Armenia with equity, a term loan and a gold and silver stream.

— Authors Ronald C. Maiorano, Zahra Nurmohamed, Frank Simone, Brian R. Carr (retired partner) and Karl P. Dennis are partners at the Toronto and Vancouver offices of KPMG. Please visit www.kpmg.ca for more information.

The preceding is an excerpt from a longer article that is available in full online at www.northernminer.com/f inancial-matters/ commentary-stream-financinguncertain-times/1003784157/ and includes details on income tax considerations in Canada and the United States.

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

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2017-03-28 7:36 PM

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