The Northern Miner April 25 2016 Issue by The Northern Miner Group

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VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation 905 841 5004 | geotech.ca

Barkerville Gold Mines Upgrading gold resource at Cow Mountain / 3

Integra gold

Pilot Gold

Takes $6M stake in Eastmain / 5

New CEO Everett lured by Goldstrike / 11

APRIL 25–MAY 1, 2016 / VOL. 102 ISSUE 12 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Harte Gold sends first ore to Barrick's Hemlo mill Ontario gold

| Sugar deposit should be profitable, CEO Stephen Roman says

Cordoba, HPX move San Matias forward Colombia

| Friedland holds 37% of Cordoba By Trish Saywell tsaywell@northernminer.com

hen Mario Stifano found himself alone in an elevator with mine-finder Robert Friedland at the end of a long day of presentations at the BMO Conference, the stars just seemed to align. “It was around 4:30 p.m., and usually the elevators at the conference are packed around that time, but there he was — it was just him and I,” Stifano, the president and CEO of junior explorer Cordoba Minerals (TSXV: CDB), recalls of the chance encounter in February 2014. “I introduced myself, told him I loved his speeches, and that I wanted to tell him about our project, where airborne surveys seemed to show similarities with his Oyu Tolgoi project. I had 30 seconds to pitch him.” See Cordoba / 13

A truck loaded with development ore from Harte Gold’s Sugar gold deposit in northern Ontario. Harte Gold PM40069240

By Trish Saywell tsaywell@northernminer.com

arte Gold (TSX: HRT; US-OTC: HRTFF) has shipped the first ore from a 70,000-tonne, bulk-sample mining program to Barrick Gold’s (TSX: ABX; NYSE: ABX) Hemlo mill on Lake Superior's North Shore. The bulk-sample program at Harte’s Sugar deposit in Ontario could produce 24,000 oz. gold this year. Technica, a Sudbur y-based contract miner, has been hired to mine the bulk sample. The fully permitted bulk-sample phase and the relatively quick path to production has won over analyst Christopher Ecclestone of Hallgarten & Co. “Production remains king, and long lead times are death to a goldmining story,” the London-based analyst writes in a research note, marking the start of his coverage of the Toronto-based junior.

“You have to be … a little inventive, so that you can make deals like we did with Barrick to toll mill and keep capex down.” Stephen Roman Chairman, president and CEO, Harte Gold

“The trend towards small-scale mining — or as we tend to call it, ‘right-sized’ mining — seems to be gaining traction,” the Londonbased analyst says. “Bankers don’t like it because it means smaller financings and less fees, and consultants absolutely hate it, because it means less mindless drilling, wheel-spinning and production of useless tomes of bankable and definitive feasibility study drivel. The group that does like it includes retail investors and us, while institutional investors find that, quite literally, they cannot get enough of these companies.” The 70,000-tonne, bulk-sample program will cost $20 million and mine the Sugar zone — one

of four zones the company has identified at the project — 60 km east of the Hemlo area gold mines and 25 km northeast of White River. The Sugar zone is a high-grade, 500,000 oz. gold deposit that is open at depth and on strike, where mineralization extends to a 1,000-metre vertical depth. Drilling last year extended the strike length at Sugar by 300 metres to 1,100 metres, and found a parallel mineralized zone that Harte is calling the “Footwall” zone. Stephen Roman, Harte’s chairman, president and CEO, says that after the bulk-sample mining program, the company will have all the information it needs to make a commercial production

decision. “This is in fact our feasibility study,” he says, which will provide information on mining methods, average grades, average thicknesses, costs and so forth. Roman notes that the $20-million cost of the bulk-sample program is dramatically lower than the $118 million in initial capex estimated in a 2012 preliminary economic assessment (PEA). This is because the PEA didn’t envision contract mining the deposit or toll milling, and all the savings on equipment and other material. Even if the company builds its own mill, Roman says, Harte has received three estimates that range from $10 million to $15 million for a mill, bringing total capex up to $45 million to get the project into the second phase, or commercial production. If the company brings its own power to site, this would add several million dollars. Roman notes that the company has already started permitting for commercial production, which he expects will take 12 to 18 months. See Harte / 2

Carbon Pricing: MAC offers guidElines / 4

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2016-04-19 7:08 PM

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APRIL 25–MAY 1, 2016 / THE NORTHERN MINER

Harte Gold sends first ore to Barrick's Hemlo mill

Material passes through processing equipment as part of Harte Gold’s bulk sampling of the Sugar gold deposit in northern Ontario. Harte Gold Harte From 1

“The best-case scenario would be having all of our commercial permits in hand a year from now,” he says. It has taken the company quite some time to reach this stage, Roman notes. When management took over the company in January 2009, it spent the next three years permitting the bulk sample, and another two years getting other permits and building a road to the mine. “Although it looks like an overnight success story, it’s taken quite a few years to get to this point during a difficult period in the mining cycle,” he says. “We’ve had to raise financing in a terrible market, but we’ve gotten the work done, and moved to the point we’re at now.” “Although this is not a huge deposit … it is high grade, and it should be profitable,” he continues. “We like making money for shareholders and not spending a lot of money to do it. You have to be … a little inventive, so that you can make deals like we did with Barrick to toll mill and keep capex down … eventually you can accumulate enough capital to build your own milling facility without having to continually go back to the market.” Roman adds that cash flow from the bulk-sample mining program should flow in May, and that the operation could provide a profit that can be reinvested in the project. Roman says that while the bulksample progra m w ill prov ide

Underground ramp development at Harte Gold’s Sugar gold project in Ontario. Harte Gold

information needed to make a commercial production decision, he expects that cash costs in commercial production would come in at $600 per oz., which is about the same amount envisioned in the 2012 PEA. The Sugar zone contains an indicated resource of 980,900 tonnes grading 10.13 grams gold per tonne (uncapped) — or 8.72 grams gold per tonne (capped) — for 319,300

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oz. gold (uncapped), or 275,000 oz. gold (capped). Inferred resources add 580,500 tonnes averaging 8.36 grams gold (uncapped) — or 7.03 grams gold (capped) — for 156,000 oz. gold (uncapped), or a capped 131,300 oz. Management sees more exploration upside beyond the Sugar zone, with the project identifying other target areas. In 2014, an induced-polarization (IP) magnetic survey found a mafic volcanic and sedimentary contact. Drilling the next year confirmed a Hemlo setting, with pathfinder elements and gold values that the company named the Contact zone. In 2010, Harte discovered the Wolf zone — 2 km from the Sugar zone — with a 7.5-metre intercept grading 9.5 grams gold per tonne, including a higher-grade core of 3 metres averaging 22.9 grams gold. Drilling last year extended the Wolf zone down-plunge and on strike. The deposit represents just a fraction of the overall 300 sq. km

property, and the company says exploration will uncover more ounces, and that it has the right team to find them. The company’s vice-president of exploration George Flach helped find several gold deposits, including the 20 million oz. Tarkwa mine in Ghana. Harte has retained Crone Geophysics & Exploration to conduct a 3-D IP and resistivity survey over 2 km between the Sugar zone and the southern end of the Wolf zone to test for continuous gold mineralization. The survey will be followed by an initial 5,000-metre drill program to test geophysical targets. The survey will be conducted over 1.5 by 2.3 km on 25-metre centres, and overlap the northern end of the Sugar zone deposit and the southern end of the Wolf zone for gold mineralization and structural baseline data. As for funds, Hallgarten’s Ecclestone says recent financings have left Harte in a hearty position. “The company is well-padded

for current requirements, and its strategy of funding works through the bulk sample is a canny one,” he notes. “To accelerate the project will need financing, but as production is tallied, the potential to do a streaming deal is accentuated.” Ecclestone has a one-year, 38¢ target price on the stock. At press time t he compa ny traded at 19¢ per share within a 52-week range of 4.5¢ to 34.5¢. Harte has 305.4 million shares outstanding, with another 39.7 million warrants and 24.5 million options for 370.5 million shares fully diluted. As of March 1, insiders owned 8%; institutional investors, 10%; and known retail investors, 40%. The public float makes up the rest. In addition to its Sugar project, Harte owns the 25 sq. km Stoughton-Abitibi project, 110 km east of Timmins, Ont. It is adjacent to and on-strike of the Holloway gold mine and the Thunder and Smoke Deep discoveries, now owned by Kirkland Lake Gold. TNM

2016-04-19 7:08 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 25–MAY 1, 2016

Senior geologist Jason Kosec at Barkerville Gold Mines’ Cow Mountain gold project in south-central British Columbia. Barkerville Gold Mines

Barkerville’s Cow Mountain back in the spotlight bc gold By Lesley Stokes

lstokes@northernminer.com VANCOUVER

unior explorer and past-producer Barkerville Gold Mines (TSXV: BGM) has three drills lined up at the Cow Mountain gold deposit, outside the historic placer gold mining town of Barkerville in south-central B.C., in preparation for a resource update expected mid-year. The company’s vice-president of exploration Paul Geddes said during a presentation at a Canadian Institute of Mining, Metallurgy and Petroleum meeting in Vancouver in March that the 60,000-metre drill campaign will show “what we think is in the pit — is in fact in the pit.” He said the goal of the “drill-tokill program” is to "take any inferred ounces and try to get rid of them with infill drilling … as preparation work for a feasibility study, because Cow is the first prize of many that we’re after.” Cow Mountain’s reputation was undermined in 2012 when Barkerville — under different leadership — announced that the deposit's resource had swelled to an eyebrowraising 10.6 million oz. gold, while the prospective trend in the district could host up to 90 million oz. gold. The company was slapped with an 11-month cease-trade order by the B.C. Securities Commission, and told to revise the estimate to reach National Instrument (NI) 43-101 reporting standards. The follow-up, NI 43-101-compliant resource estimate shrank Cow Mountain to 1.04 million oz. gold in 17.7 million indicated tonnes grading 2 grams gold per tonne, whereas inferred resources added 49.2 million tonnes at 2.74 grams gold for another 3.94 million oz. gold. The resource was updated again in March last year to 35.8 million indicated tonnes at 2.4 grams gold for 2.8 million oz. gold, and 27.5 million inferred tonnes at 2.3 grams gold for 2 million oz. gold, using a 0.5-gram-gold cut-off. “We’re an entirely new company, all the old guard is gone,” Geddes said. “It’s been a tumultuous ride,

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| Junior to drill 60,000 metres to upgrade gold resource

but now that we have our footing, we’re quickly moving past all that.” Geddes said the company’s focus this year is to quantify Cow’s resource alongside a geological model, rather than depend on “multiple indicator kriging (MIK)” to draw numbers into space. MIK is a geostatistical method commonly used in nuggety gold deposits to help reduce the influence of extreme grade without lowering their absolute value. In other words, MIK has no top cut on extreme grades, so it allows high-grade numbers that would not normally be included in other methods — such as inverse distance or ordinary kriging. “Although we’re pleased with the MIK resource model, it’s just not geologically constrained,” he said. “We all know what happened with Rubicon at their Phoenix deposit in Ontario, so we’re taking every precaution that we can, as we advance the project forward.” Barkerville’s main assets in the area — Cow, Island Mountain and Bonanza Ledge — occur within 6 km of prospective, Proterozoic-aged stratigraphy in the heart of B.C.’s most productive historical placer district, which yielded up to 3 mil-

“Our share price has been moving lately, not just because the market improved considerably, but because we’ve removed the veil of stench that was around the company.” Thomas Obradovich CEO, Barkerville Gold Mines

lion oz. gold. “That 6 km is … all that’s been looked at in 100 years, and it’s part of a much larger geological trend that extends for 60 km across our property,” he said. “When I show our consultants a regional geology map they all look at me shocked and say, ‘Paul, you essentially own the Cadillac Break.’” (The Cadillac Break is a deep, extensive fault system, with gold

extending from Kirkland Lake in Ontario eastwards through RouynNoranda, and on to Val-d’Or in Quebec.) “There’s the chance we’re blowing our brains out at Cow and there’s a Brucejack sitting right there, we just don’t know,” he said. “We have up to a $1.5-million budget this year for our regional program, so we’ll revisit absolutely everything and rank the targets.” Osisko Gold Royalties (TSX: OR; US-OTC: OKSKF) apparently likes what it sees, and has ploughed $10.2 million into Barkerville for a 19.9% stake, along with another $25 million for a 1.5% net smelter return royalty on the project, with both deals closing in February. There are more connections: Barkerville has appointed as president Chris Lodder of Talisker Exploration — Osisko’s principal client for project evaluation; and Sean Roosen, president and CEO of Osisko, is now Barkerville's co-chairman. “It’s not every day that Sean Roosen comes banging on your door and asks: ‘Can I give you $25 million, please?’ That’s really a vote of confidence on the prospectivity of the property,” Geddes said.

Operator Capri Aspe at work at Barkerville Gold Mines’ Cow Mountain gold project. Barkerville Gold Mines

The junior explorer plans to go cash-flow positive late this year by resuming small-scale production at its Bonanza Ledge deposit, which delivered 91,234 tonnes at 8.66 grams gold for 24,000 oz. gold between March 2014 and April 2015. Over 50,000 metres of drilling last year went into the mineralized “BC structure,” which brushes up against the replacement-style orebody at Bonanza Ledge and trends for at least 1.4 km. CEO Thomas Obradovich told The Northern Miner during a phone interview that internal studies show it’s more economical and less environmentally damaging for the company to access the mineralized bodies from underground, rather than pushing back the open-pit. “We’ll have two years of production at Bonanza Ledge and three years of production at the BC vein, which will keep us in positive cash f low through feasibility and development of Cow Mountain,” he said, noting that a 43-101 resource estimate for the BC vein could be available by this year’s second quarter. The company could process 74,000 tonnes per year at its 800-tonne-perday QR mill — 110 km by road south of the property — which is under care and maintenance. He said that BGM has been quiet on delivering news so that it can “release the data in bundles.” He added that “we want our news to make a difference to our investors, something they can wrap their heads around and see what we’re doing, and what our goals are. Our share price has been moving lately, not just because the market improved considerably, but because we’ve removed the veil of stench that was around the company. People finally recognize that we’re the real deal and we have a real project here.” The company’s treasury stands at $35 million in cash, while shares have traded within a 52-week range of 20¢ to 63¢ per share, and closed at 54¢ at press time. It has 259.6 million shares outstanding for a $152.9-million market capitalization. TNM

2016-04-19 7:08 PM

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GLOBAL MINING NEWS · SINCE 1915

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NDP one Leap from electoral oblivion

MAC supports carbon pricing

Leap Manifesto

Group Publisher/ Publisher: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com Editor-in-chief: John Cumming, MSc (Geol) jcumming@northernminer.com EDITOR, Special projects: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com Senior staff writer: Trish Saywell, BA, MA, MSc (Jour) tsaywell@northernminer.com Western Editor: Matthew Keevil, BA (Econ and Poli Sci) mkeevil@northernminer.com staff writerS: Lesley Stokes, BSc (Geol) lstokes@northernminer.com Salma Tarikh, BSc (Psych), MA (Jour) starikh@northernminer.com copy editor: Isa Cunanan, BSc (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com Production editor: David Perri, BA dperri@northernminer.com web editor: Adrian Pocobelli, MA (Engl) apocobelli@northernminer.com Advertising: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com Production Manager: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com Circulation/customer service: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com Subscription sales: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com Reprints: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 Subscription rates: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. Postmaster: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

| Trade unions sense betrayal from Eastern urban idealists

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Commentary

| Industry association offers principles to inform future policy

anada’s left-leaning federal New Democratic Party has long been the home for unions representing Canada’s miners. But the embrace of deep-green environmentalism by half the delegates at the NDP’s national convention in Edmonton in mid-April has opened up a battle for control over the party between the old-guard By John Cumming pragmatists who’ve walked the halls of power, jcumming@northernminer.com and the radical left intent on utopian purity. It all has trade unions in resource-dependant Western Canada starting to ponder whether they should distance themselves from the federal NDP if they continue down this path to electoral suicide, and instead keep their support at the provincial NDP level. It was a historic weekend for the NDP, which began by turfing their leader Thomas Mulcair for a lot of reasons, but most prominently the party’s blowing a lead and coming third in the federal election last October, losing 51 seats to win only 44 seats in a 338-seat Parliament. The party will now be rudderless for the next two years until a leadership convention in 2018, with no heir apparent. Far more interesting for the future of the party and Canada’s labour movement was the passage by delegates of a resolution by the TorontoDanforth riding to “debate the so-called ‘Leap Manifesto’ in riding associations across the country [for the next two years]. The policy blueprint, unveiled during the election campaign, calls for dramatic changes, including weaning Canada off fossil fuels. The resolution also notes the manifesto has already been endorsed by tens of thousands of Canadians, and proposes a model of ‘climate justice.’” A read-through of the Leap Manifesto — probably named as a nod to Mao’s Great Leap Forward campaign and Marx’s Communist Manifesto — at leapmanifesto.org shows this slim document penned by filmmaker Avi Lewis and writer Naomi Klein and their associates to be almost a parody of every pet wish harboured by the far left, all rolled into a theme of imminent, capitalism-fuelled environmental apocalypse. And this proposal to completely change the global economy by 2050 is backed by only a two-page costing document. The manifesto says “Canada is facing its deepest crisis in recent memory,” but the country in only two decades could easily be “powered entirely by renewable energy, woven together by accessible public transit, in which the jobs and opportunities of this transition are designed to systematically eliminate racial and gender inequality. Caring for one another and caring for the planet could be the economy’s fastest-growing sectors.” This transformation requires “expanding the sectors of our economy that are already low carbon: caregiving, teaching, social work, the arts and public-interest media.” With respect to resource extraction, the manifesto says “there is no longer an excuse for building new infrastructure projects that lock us into increased extraction decades into the future. The new iron law of energy development must be: if you wouldn’t want it in your backyard, then it doesn’t belong in anyone’s backyard. That applies equally to oil and gas pipelines; fracking in New Brunswick, Quebec and B.C.; increased tanker traffic off our coasts; and to Canadian-owned mining projects the world over.” In quite a message delivered in the heart of Canada’s oil province — which has seen 50,000 oil-sector layoffs and $50 billion in projects cancelled in the last year — the manifesto adds that “the drop in oil prices has temporarily relieved the pressure to dig up fossil fuels as rapidly as high-risk technologies will allow. This pause in frenetic expansion should not be viewed as a crisis, but as a gift.” Representing the NDP’s pragmatists, new Alberta Premier Rachel Notley said of the manifesto: “These ideas will never form any part of our policy. They are naive, they are ill-informed and they are tone-deaf.” Most unionized Canadian miners belong to either United Steelworkers Canada (USW) or Unifor. In 2013, the USW had 225,000 members, of whom 65,000 were in the steel or mining industries, while Unifor had 300,000 members, of whom 6,000 members were in mining or smelting. Unifor president Jerry Dias told the Huffington Post it had been “thoughtless” to debate in Alberta a rejection of the oil industry and all pipelines, especially when there is no realistic plan to achieve these goals. “All I know is that when I left the [NDP] convention, I hopped in a taxi, then I hopped on a plane and then I hopped in a taxi to get home. And I would suggest, so did pretty well everybody else. I don’t believe that there are going to be solar panels propelling 747s any time in the future.” B.C.’s former NDP premier Mike Harcourt was equally scathing of the Leapers, telling the Globe and Mail that “the B.C. and now Alberta, Saskatchewan and Manitoba New Democrats are used to governing, and the realities of governing. So we’re not sucking cappuccinos at some café in Toronto.” TNM

Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 7

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Areva Resources. . . . . . . . 16 Asanko Gold. . . . . . . . . . . 14 Barkerville Gold Mines. . . 3 Barrick Gold. . . . . . . . . . . . 1 Columbus Gold. . . . . . . . . 5 Cordoba Minerals. . . . . . . 1

Denison Mines. . . . . . . . . 16 Eastmain Resources. . . . . . 5 Goldcorp. . . . . . . . . . . . . . . 5 Harte Gold . . . . . . . . . . . . . 1 High Power Exploration.13 Integra Gold. . . . . . . . . . . . 5

JCU (Canada) Expl. . . . . 16 Newmont Mining . . . . . . 11 Osisko Gold Royalties. . . . 3 Ourd. . . . . . . . . . . . . . . . . . 16 Pilot Gold . . . . . . . . . . . . . 11 Teck Resources. . . . . . . . . 11

Mining Association of Canada president and CEO Pierre Gratton. Mining Association of Canada

n April, the Mining Association of Canada (MAC) released the position paper Principles for Climate Change Policy Design. MAC’s membership includes many of Canada’s prominent mining companies and suppliers. For more information, please visit www. mining.ca. Climate change is a global issue that requires a global solution. MAC and its members offer the following principles for consideration: 1. Establish a broad-based carbon price Why is this principle needed? To ensure that the long-term cost of reducing greenhouse gas (GHG) emissions achieves Canada’s objectives, while keeping sustainable and competitive economic growth. Any policy design must cover the broadest possible range of carbon emission activities to maximize effectiveness. Why is a clear price signal the best way forward? A broad-based carbon price is the most effective and efficient way to influence the investment and operating decisions that drive real emission reductions and innovation from all sectors of an economy. Regardless of which market-based mechanism (or suite of mechanisms) is chosen, a predictable long-term carbon price supports innovation and technology development, keeps economic competitiveness and provides compliance flexibility. What would implementing this principle mean? Developing and implementing a comprehensive approach that considers: all GHG emissions; all options for sequestration; all policy mechanisms; and seeking synchronized international and regional and national government policies and regulations. An initial, critical part is to ensure national plans to lower GHG emissions are pursued in a way that does not target selected parts of an economy. Any plans should be allocated across all relevant sectors and activities. Consideration should be on the sectors and regions where the most cost-effective, low-carbon technologies or abatement options are possible. 2. Apply any climate change policy-related revenues to manage the transition toward a lower carbon future, including climate adaptation

Why is this principle needed? To emphasize that the objective of climate change policy measures should be to address climate change-related challenges (i.e., progressively reducing emissions). These measures should be revenue neutral. What would implementing this principle mean? There are two implications of applying this principle to climate change policy-related revenues. Emission reduction policies and measures provide new revenues for governments. Such revenues should be directed toward two areas: developing lower carbon technologies and fuels, and energy and fuel efficiency, with investment in research and technology improvements in the resource sector; and helping “exposed” economic sectors and populations adapt to the costs associated with a carbon-limited future. 3. Address competitiveness and carbon leakage concerns across all sectors Why is this principle needed? Policies and programs need to address competitiveness concerns by ensuring there are no unintended consequences for emission-intensive and trade-exposed sectors. Carbon policy should balance the competitiveness of exposed sectors and recognize that disparate international, national and regional climate change policies could create carbon leakage: where mitigation efforts achieved in one sector or jurisdiction lead to emission increases in another. The right policy balance should prevent a decline in investment, employment and tax revenues, along with potential distortion of trade flows. What would implementing this principle mean? Governments must implement safeguards to ensure that carbon costs borne by trade-exposed sectors keep them competitive in the transition towards a lower carbon economy. Any climate change regulation should comply with international trade treaties to which Canada is a signatory, such as North American Free Trade Agreement and World Trade Organization rules and principles. 4. Be predictable, flexible and sensitive to changing conditions Why is this principle needed? See MAC / 13

2016-04-19 7:08 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 25–MAY 1, 2016

An outcrop at Eastmain Resources’ Eau Claire gold deposit in Quebec, 200 km east of James Bay. Eastmain Resources

Integra diffuses proxy battle between Columbus, Eastmain abitibi gold By Lesley Stokes

lstokes@northernminer.com VANCOUVER

ntegra Gold (TSXV: ICG; USOTC: ICGQF) is ma k ing a $6-million strategic equity investment for a 9.9% stake in Quebecfocused gold explorer Eastmain Resources (TSX: ER), and is shaking up Eastmain's management team. The move effectively ends a brewing proxy battle between Eastmain and its disgruntled shareholder Columbus Gold (TSX: CGT; USOTC: CBGDF), which had been trying to place five new directors to Eastmain’s board after picking up 2.7 million Eastmain shares in early April. Columbus argued that Eastmain had lost sight of how to unlock value at its Clearwater gold property, 200 km east of James Bay, Que. As part of the latest transaction, Integra’s president and CEO Stephen

| Integra buys $6 million of Eastmain and nominates new board

de Jong, and chairman George Salamis, will be appointed to Eastmain’s new slate of directors, whereas Donald J. Robinson, Eastmain’s president and CEO, will step down and serve as company advisor. Other nominees for election at Eastmain’s annual meeting on April 29 include: Claude Lemasson, former general manager of Goldcorp (TSX: G; NYSE: GG) for its Éléonore project; Laurence Curtis; Michael Hoffman; Blair Schultz; and Timo Jauristo, formerly executive vicepresident of corporate development of Goldcorp. “What we’ve done is no different from what Columbus was proposing,” Salamis tells The Northern Miner during a phone interview, commenting that Robinson has done an “exceptional” job at advancing the project to its current stage. De Jong adds that “the funds we’re going to inject — alongside a private placement and new board

The camp at Eastmain Resources’ Clearwater gold property in Quebec. Eastmain Resources

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“the funds we’re going to inject — alongside a private placement and new board members — give Eastmain the finances, mentality and resources to push the project forward.” Stephen de Jong president & CEO, Integra Gold

members — give Eastmain the finances, mentality and resources to push the project forward.” Integra is advancing its Lamaque South project in Quebec’s prolific Val-d’Or district, which includes the shear-hosted Triangle gold deposit. De Jong says that while this is a “great opportunity to get some of our expertise involved, we’re not distracting our own team, time and resources away from our focus at Triangle.”

He notes this is the first position Integra has taken in another junior explorer. Eastmain’s 201 sq. km Clearwater property includes the Eau Claire gold deposit, a 1.8 km long, 100-metre wide and 900-metre deep veinhosted mineralized body along the edges of a dyke swarm. Open-pittable, measured and indicated resources stand at 7 million tonnes at 4.05 grams gold for 885,000 contained oz. gold, whereas underground resources measure 428,000 tonnes of 4.78 grams gold for 66,000 tonnes gold, using a 2.5-gram-gold cut-off. Inferred resources add 5.1 million tonnes at 3.88 grams gold for 633,000 oz. gold. Salamis says Integra always had “its eyes on the property” but accelerated the “amiable” alliance because of the Columbus overture. “Everything we do is governed by the geological potential in the Abitibi,” he says. “What we see at Eau Claire looks a lot like how Sigma-Lamaque looked like when we started tackling it a couple years ago.” Interim-CEO of Eastmain Laurence Curtis says in a phone interview that Integra’s new involvement shows “we can initiate change and get it done in the time required. “Don Robinson is a discoverer and developer of this project … and we plan on taking it to the next level with a new team,” he says. “We realized all along that the project was transitioning to a more

advanced stage … and there was mutual ground for both companies to create a positive outcome.” Columbus withdrew its advance on Eastmain soon after Integra announced buying shares and changing the company’s board. In a press release, Columbus congratulates Eastmain for “taking swift action to address the concerns of Columbus and other concerned shareholders.” CEO Robert Giustra said that “it is a victory for shareholders everywhere when blockages are removed, so that investments can be set on course to realizing their full potential.” Eastmain closed a private placement on April 11 for a total $5.1-million, with subscribers including an unspecified Eastmain director. Integra’s tranche could close after Eastmain’s annual meeting. Eastmain has traded in a 52-week range of 28¢ to 50¢ per share, and closed at 46¢ at press time. The company has 133.9 million shares outstanding for a $62-million market capitalization. Integra has traded in a 52-week range of 22¢ to 58¢ per share, and last closed at 53¢. The company has 400 shares outstanding for a $216-million market capitalization. Columbus shares have traded within a 52-week price range of 31¢ to 47¢ per share, and last closed at 44¢ per share. The company has 141.7 million shares outstanding for a $65.2-million market capitalization. TNM

2016-04-19 7:08 PM

WWW.NORTHERNMINER.COM

APRIL 25–MAY 1, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / April 11–15 The Bank of Canada announced mid-week that it would keep its overnight interest rate at half a percent, and projected real gross domestic product growth this year would be 1.7%, rising to 2.3% in 2017. Encouraging trade data from China — March exports grew for the first time in nine mont hs — cheered investors. Canada’s main stock index rose 1.8% to 13,637.20, and the S&P/TSX Capped Diversified Metals & Mining Index rose 10.4% to 452.89. The S&P/TSX Global Mining Index was up 7.8% at 54.70, and the S&P/TSX Global Gold Index inched 0.02% higher to 201.21. The New York spot gold price slipped US$4.30 per oz. to finish at US$1,234.10. Endeavour Mining is going ahead with building its 90%-owned Houndé project in Burkina Faso, which lifted the company’s shares $1.24 to $14.04 apiece. Endeavour estimates the mine will increase the group’s total production to 900,000 oz. a year and lower average all-in sustaining costs (AISCs) to below US$800 per oz. by 2018. Houndé could produce 190,000 oz. a year over a 10-year mine life at AISCs of US$709 per oz. based on current reserves. The project would be an open-pit mine with a $328-million initial capital cost, inclusive of the $47 million for the

owner-mining f leet. The capex is fully funded from existing capital. Endeavour says it would take 18 months to build the mine, and hopes to pour first gold in the fourth quarter of 2017. Once in production, Houndé will be Endeavour’s f lagship low-cost mine and rank among the top-tier, cash-generating mines in West Africa. Shares of First Majestic Silver rose $1.63 to $10.55 on news of record production in the first quarter of 2016. The company’s six silver mines turned out 5.1 million equivalent oz. silver, or 30% more than in the first quarter of 2015. Production consisted of 3.1 million oz. silver, 16,870 oz. gold, 8.6 million lb. lead and 4 million lb. zinc. Richmont Mines posted solid f irstTSX most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Yamana Gold Kinross Gold First Quantum Teck Res B2Gold Trevali Mng Barrick Gold Torex Gold Lithium Amer Goldcorp

YRI K FM TCK.B BTO TV ABX TXG LAC G

43693 5.34 4.79 5.19 + 0.52 41986 5.72 5.10 5.47 + 0.38 35546 7.84 6.42 7.14 + 0.86 30223 11.51 9.66 10.90 + 1.37 30140 2.43 2.19 2.32 + 0.16 24197 0.45 0.36 0.41 + 0.06 23936 21.32 19.38 20.11 + 0.36 22597 1.97 1.78 1.89 + 0.10 19800 0.87 0.66 0.82 + 0.04 19216 23.18 20.90 21.56 - 0.68

quarter results that sent the company’s shares up $1.16 to $9.41 apiece. Its Island gold mine, 83 km northeast of Wawa, Ont., posted a 147% increase in production year-on-year to 26,589 oz. gold, and an 87% increase over the previous quarter. Cash costs of $674 per oz. (US$491 per oz.) were 52% lower year-on-year and 34% lower than the prior quarter. Richmont attributed t he strong resu lts to

higher-than-expected reconciled grades of 11.31 grams gold per tonne milled and record mill throughput of 834 tonnes per day. Company-wide, Richmont produced 32,369 oz. gold, up 25% year-on-year and 45% higher than the quarter before. Cash costs company-wide were $806 per oz. (US$587 per oz.) — an 18% decrease year-on-year and 22% decrease from the previous quarter. TNM

TSX greatest percentage change

TSX greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Orsu Metals Levon Res Ltd INV Metals Potash Ridge Formation Mtls IC Potash Golden Star Aberdeen Intl Intl Tower Hil Loncor Res Mawson West Platinum Gp Mt Black Iron Coro Mining General Moly Dominion Diam Fortune Bay Africo Res Wellgreen Plat Altius Mnrls

Detour Gold Franco-Nevada Agnico Eagle First Majestic MAG Silver Teck Res Labrador Iron Endeavour Mng Royal Gold Richmont Mines Agrium Dominion Diam Platinum Gp Mt Altius Mnrls Goldcorp Seabridge Gld Atalaya Mg plc Golden Queen Lundin Gold Wesdome Gold

OSU LVN INV PRK FCO ICP GSC AAB ITH LN MWE PTM BKI COP GMO DDC FOR ARL WG ALS

4586 1241 1831 10940 1862 10569 1230 2130 608 252 758 1067 1610 250 5 1321 113 42 585 750

0.04 0.03 0.04 0.24 0.16 0.24 0.48 0.25 0.48 0.30 0.18 0.29 0.33 0.20 0.28 0.09 0.05 0.07 0.94 0.64 0.90 0.19 0.13 0.18 0.73 0.50 0.65 0.09 0.06 0.09 0.01 0.01 0.01 4.88 3.26 3.44 0.04 0.04 0.04 0.04 0.04 0.04 0.43 0.38 0.38 15.74 13.50 13.91 0.35 0.00 0.30 0.46 0.00 0.45 0.26 0.22 0.23 12.13 10.59 10.88

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

75.0 65.5 65.5 58.3 47.4 44.4 40.6 40.0 39.8 38.5 50.0 26.8 12.5 12.5 11.6 9.3 9.1 8.2 8.0 7.9

DGC FNV AEM FR MAG TCK.B LIF EDV RGL RIC AGU DDC PTM ALS G SEA AYM GQM LUG WDO

6951 25.78 3796 86.84 4152 51.94 6172 10.55 965 13.92 30223 10.90 1777 13.28 1400 14.04 113 69.76 3321 9.41 2106 107.41 1321 13.91 1067 3.44 750 10.88 19216 21.56 916 17.99 12 1.85 385 1.79 579 5.72 1943 1.61

+ 2.79 + 2.07 + 1.87 + 1.63 + 1.38 + 1.37 + 1.34 + 1.24 + 1.24 + 1.16 - 6.56 - 1.42 - 1.26 - 0.93 - 0.68 - 0.21 - 0.15 - 0.14 - 0.11 - 0.10

TSX VENTURE EXCHANGE / April 11–15 The S&P/TSX Venture Composite Index moved up 4.95%, or 29.90 points, to a 633.84-point close, boosted by gains in commodity prices. Spot gold edged up US$6.70, or 0.5%, to a US$1,233.99 per oz. gold close, whereas three-month London Metal Exchange copper contracts rose US$151 per tonne, or 3.3%, to US$4,786 per tonne. Lithium X Energy led the value-added category, gaining $1.01 to a $2.53-per-share close. The company has permits for four exploration drill holes at its Clayton Valley North project in Nevada, and plans to execute the program before June. The company also closed private placements in March for a combined $16.2-million value, and has announced trading on the OTCQB venture market in the U.S. The surge in lithium exploration also spurred B.C.-based junior explorer Spearmint Resources to evaluate its recently acquired Whabouchi Lakes property in Quebec. The company saw 22 million shares change hands before closing up 1¢ to a 4¢ close. Spearmint director James Nelson said in a press release that the district has gained “significant market attention,” owing to the success of Nemaska Lithium’s updated feasibility study on its Whabouchi property

in Quebec. The study sees a $1.2-billion, after-tax net present value at an 8% discount rate and a 30.3% after-tax internal rate of return, up 100% and 44%, compared to a study completed in 2014. Junior explorer Great Thunder Gold topped the biggest percentage change column, gaining 8¢, or 650%, to 11¢ per share on signing a letter of intent to acquire a 2.3 sq. km lithium property next to Nemaska Lithium’s Whabouchi project in Quebec. The company said it is contemplating the project’s first phase of exploration, combining geophysics and soil sampling. Uranium explorer NexGen Energy was a front runner in the value-added category, gaining 58¢ to a $2.63-per-share close on TSX-V most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Ashburton Vent Nemaska Lith Spearmint Res First Mg Fin Encanto Potash Durango Res Nexgen Energy Macarthur Mnl Alix Res Discovery Harb

ABR NMX SRJ FF EPO DGO NXE MMS AIX DHR

29902 24877 21948 20110 19551 17299 17263 14389 11643 10960

0.05 1.23 0.05 0.70 0.18 0.21 2.76 0.08 0.10 0.01

0.02 0.86 0.03 0.42 0.07 0.08 2.09 0.04 0.06 0.01

0.04 + 1.05 + 0.04 + 0.69 + 0.13 + 0.13 + 2.63 + 0.07 + 0.09 + 0.01

0.02 0.06 0.01 0.28 0.07 0.06 0.58 0.03 0.04 0.00

news of a discovery at its growing Arrow deposit in Saskatchewan’s Athabasca basin. Drilling intercepted 8.4 metres of off-scale uranium mineralization within the A1 shear, marking it as the strongest and widest uranium intercept at the project to date. The basement-hosted deposit hosts 201.9 million lb. (uranium oxide) U3O 8 within

3.5 million inferred tonnes at 2.6% U3O 8 , including a high-grade domain of 120.5 million lb. U3O 8 within 0.4 million tonnes at 13.3% U3 O 8 , and remains open in all directions. The company is transitioning from a 30,000-metre drill program to its firsthalf program comprising 7,500 metres of drilling. TNM

TSX-V greatest percentage change

TSX-V greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Great Thunder Sonora Gld & S Goldstar Mnls Hinterland Mtl Tarku Res Minecorp Egy Belmont Res WPC Res Ashburton Vent Benz Cap Anglo-Can Mng Western Pac Rs Amato Expl Barker Mnrls Clydesdale Res China Mnls Mng Maudore Mnrls Currie Rose Rs Clear Mtn Res Carmax Mng

GTG SOC GDM HMI TKU MCE BEA WPQ ABR BZ URA WRP AMT.H BML CEO.H CMV MAO CUI CY CXM

5001 352 475 2565 181 177 2243 8542 29902 42 220 974 358 130 5 2410 109 24 591 2567

0.11 0.03 0.04 0.03 0.04 0.16 0.12 0.12 0.05 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.04

0.00 0.01 0.01 0.00 0.02 0.07 0.04 0.06 0.02 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.02

0.08 0.03 0.04 0.03 0.04 0.15 0.10 0.12 0.04 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02

+ 650.0 + 500.0 + 300.0 + 150.0 + 133.3 + 130.8 + 122.2 + 109.1 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 42.9

DGC FNV AEM FR MAG TCK.B LIF EDV RGL RIC AGU DDC PTM ALS G SEA AYM GQM LUG WDO

+ 2.79 + 2.07 + 1.87 + 1.63 + 1.38 + 1.37 + 1.34 + 1.24 + 1.24 + 1.16 - 6.56 - 1.42 - 1.26 - 0.93 - 0.68 - 0.21 - 0.15 - 0.14 - 0.11 - 0.10

U.S. MARKETS / April 11–15 The Dow Jones Industrial Average registered a 1.8% gain to close at 17,897.46, in its best week since March 18. The S&P 500 Index rose 1.6% to finish at 2,080.73, while the Nasdaq Composite increased 1.8% to 4,938.22. Spot gold slipped US$4.30 per oz. to US$1,234.10. Crude oil futures climbed 1.6% to US$40.36 per barrel. Fortuna Silver Mines got a boost on the back of first-quarter production results from its San Jose mine in Mexico and Caylloma mine in Peru. Quarterly production came in at 1.6 million oz. silver and 9,264 oz. gold, plus zinc and lead by-products. While silver and gold output was slightly below the same period last year, lead and zinc production improved. Fortuna expanded Caylloma’s mill from 1,300 to 1,430 tonnes per day at the end of March. It expects to grow the San Jose mill from 2,000 to 3,000 tonnes per day by July. Fortuna is guiding annual production of 7 million oz. silver and 42,600 oz. gold, or 9.6 million equivalent oz. silver. Its shares rose 15.5% to US$4.93. Harmony Gold Mining had a hard time. Early in the week, it announced two fatalities that occurred a day apart at its Kusasalethu

6_April25_MarketNews.indd 6

and Phakisa gold mines in South Africa. Investigations into the accidents are underway. On April 13, it reported exploration success at its Kili Teke copper-gold prospect in Papua New Guinea. The latest drilling has identified zones of near-surface, stockwork-related coppergold mineralization and depth extensions of porphyry-related quartz vein stockwork mineralization, as well as high-grade massive sulphides at depth. A revised resource estimate should be out before October. A day later, Harmony said it is on track to produce 1.1 million oz. gold for its 2016 fiscal year and pay off all its debt. Shares lost 9% to U.S. most active issues VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 233826 5.79 4.65 5.29 + 0.81 Alcoa* AA 220292 10.15 9.16 10.01 + 0.64 Freeport McMo* FCX 214686 11.23 9.51 10.86 + 1.53 Yamana Gold* AUY 106327 4.18 3.72 4.03 + 0.44 Barrick Gold* ABX 94921 16.67 15.10 15.64 + 0.46 Kinross Gold* KGC 88897 4.49 3.98 4.25 + 0.34 Vale* VALE.P 86233 4.32 3.53 4.00 + 0.66 United States S* X 82955 19.33 16.54 19.24 + 2.73 Teck Res* TCK 58332 9.00 7.46 8.50 + 1.17 Goldcorp* GG 50577 18.05 16.30 16.77 - 0.34

finish at US$3.59 per share. Dominion Diamond shares fell after the company swung into a loss during fiscal 2016. The net loss by January 2016 was US$11.6 million, or US40¢ per share, compared to a profit of US$170.3 million, or US79¢ per

share, the year before. The fiscal loss included a US$19.8-million inventory impairment at the Ekati mine; US$9.8 million in one-time charges, due to the departure of Robert Gannicott as CEO; a weaker diamond market; and lower diamond prices. TNM

U.S. greatest percentage change VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Natural Res Pt* Vale* First Majestic* Vale* Trecora Res* United States S* Freeport McMo* Teck Res* Yanzhou Coal* Fortuna Silvr* Harmony Gold* Dominion Diam* Agrium* Goldcorp* Gold Fields* MartinMarietta* Black Hills* Seabridge Gld* Alamos Gold* TECO Enrgy*

NRP 249 10.56 8.41 10.16 + 20.8 VALE.P 86233 4.32 3.53 4.00 + 19.8 AG 20464 8.25 7.01 8.22 + 19.7 VALE 233826 5.79 4.65 5.29 + 18.1 TREC 181 11.30 9.18 10.87 + 17.9 X 82955 19.33 16.54 19.24 + 16.5 FCX 214686 11.23 9.51 10.86 + 16.4 TCK 58332 9.00 7.46 8.50 + 16.0 YZC 217 6.13 5.58 5.96 + 15.7 FSM 3468 5.04 4.33 4.93 + 15.5 HMY 25088 4.17 3.48 3.59 - 8.7 DDC 3349 12.24 10.51 10.84 - 8.1 AGU 6235 90.00 81.17 83.67 - 4.5 GG 50577 18.05 16.30 16.77 - 2.0 GFI 24072 4.39 3.88 4.08 - 1.9 MLM 2476 168.23 161.97 165.63 - 0.3 BKH 2240 59.42 57.51 58.70 - 0.1 SA 7969 15.47 13.17 13.99 + 0.1 AGI 9871 6.44 5.74 6.18 + 0.2 TE 11779 27.74 27.44 27.69 + 0.9

U.S. greatest value change

WEEK VOLUME CLOSE CHANGE

Rio Tinto* RIO United States S* X Franco-Nevada* FNV Southern Copp* SCCO Agnico Eagle* AEM Natural Res Pt* NRP Trecora Res* TREC Freeport McMo* FCX First Majestic* AG Teck Res* TCK Agrium* AGU Dominion Diam* DDC MartinMarietta* MLM Goldcorp* GG Harmony Gold* HMY Gold Fields* GFI Black Hills* BKH Alamos Gold* AGI Seabridge Gld* SA McEwen Mng* MUX

25401 31.67 82955 19.24 4959 67.58 5271 27.98 11743 40.42 249 10.16 181 10.87 214686 10.86 20464 8.22 58332 8.50 6235 83.67 3349 10.84 2476 165.63 50577 16.77 25088 3.59 24072 4.08 2240 58.70 9871 6.18 7969 13.99 12971 2.35

+ 3.68 + 2.73 + 2.45 + 2.06 + 1.95 + 1.75 + 1.65 + 1.53 + 1.35 + 1.17 - 3.94 - 0.96 - 0.55 - 0.34 - 0.34 - 0.08 - 0.05 + 0.01 + 0.02 + 0.05

2016-04-19 6:51 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / APRIL 25–MAY 1, 2016

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 spot prices Courtesy of scotiabank Tuesday, April 19, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change $1241.70 -17.50 $16.62 +0.66 $982.00 +10.00 $561.00 +17.00

Price (US$/tonne) Change $9215.00 +130.00 $4943.50 +109.00 $1754.50 +47.00 $1934.00 +43.00

lme warehouse levels Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 18, 2016 (change from April 11, 2016 in brackets): Aluminium Alloy 16880 (0) Aluminium 2705550 (-37100) Copper 147275 (-75) Lead 162575 (+6825) Nickel 423672 (-4752) Tin 4640 (-215) Zinc 413250 (-1650)

tsx short positions

producer and dealer prices

tsx warrants

Thermal Coal CAPP: US$43.63 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.30 Coal: Powder†River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.35 Coal: CME Group Futures May 2016: US$43.63; June 2016: US$43.63 Cobalt: US$10.43/lb. Copper: US$2.18/lb. Copper: CME Group Futures May 2016: US$2.206/lb.; June 2016: US$2.212/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$59.90/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.78/lb. Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$5.58/lb. Phosphate Rock: US$115.00/tonne Potash: US$277.00/tonne Rhodium: Mid-mkt US$740.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$16.29 per oz.; Handy & Harman Fabricated: US$20.36 per oz. Tantalite Ore: : US$191.35/kg Tin: US$7.82/lb. Uranium: U3O8, Trade Tech spot price: US$25.50; The UX Consulting Company spot price: US$28.50/lb. Zinc: US$0.84/lb. Prices current Apr. 19, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 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 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 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 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 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 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15

Short positions outstanding as of Apr 15, 2016 (with changes from Mar 16, 2016) Largest short positions First Mg Fin FF 1715219 -177994 Nexgen Energy NXE 316500 -1343700 Integra Gold ICG 155414 -553205 Brazil Res BRI 107532 25605 Metanor Res MTO 104400 -345900 Jaguar Mng JAG 91500 91500 Nrthn Graphite NGC 86566 47683 Scorpio Gold SGN 85000 78000 IMPACT Silver IPT 84138 61138 Kaminak Gold KAM 70700 68200 Reservoir Mnls RMC 40400 -36800 ATAC Res ATC 39019 -22581 Aurcana Corp AUN 24900 -10800 Roxgold ROG 24681 5807 Santacruz Silv SCZ 23600 23600 Largest increase in short position Jaguar Mng JAG 91500 91500 Scorpio Gold SGN 85000 78000 Kaminak Gold KAM 70700 68200 IMPACT Silver IPT 84138 61138 Nrthn Graphite NGC 86566 47683 Largest decrease in short position NXE 316500 -1343700 Nexgen Energy Integra Gold ICG 155414 -553205 Noka Res NX 0 -400000 Metanor Res MTO 104400 -345900 Dajin Res DJI 18340 -259660

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

Apr 15 Apr 14 Apr 13 Apr 12 Apr 11 Index name S&P/TSX Composite 13637.20 13668.29 13671.35 13581.42 13422.76 S&P/TSXV Composite 633.84 625.42 621.72 626.92 619.79 S&P/TSX 60 798.94 801.45 800.78 795.38 785.00 S&P/TSX Global Gold 201.21 196.44 202.05 207.34 207.33 S&P/TSX Metals & Mining 452.89 453.34 457.81 453.52 425.25

17125/17175 17245/17155 17195/17125 17190/17050 16925/16870 1886/1899 1853/1864 1866.50/1879 1846/1860 1794/1803

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1237.70 1229.75 1240.30 1245.75 1259.20 1227.10 1233.85 1245.75 1254.60 Gold PM 1234.30 Silver 16.20 16.17 16.13 15.98 15.96 Platinum 978.00 986.00 993.00 994.00 990.00 568.00 555.00 541.00 546.00 Palladium 565.00

EXCHANGE RATES Date Apr 15 Apr 14 Apr 13 Apr 12 US$ in C$ 1.2817 1.2848 1.2818 1.2764 C$ in S$ 0.7796 0.7784 0.7802 0.7834

Apr 11 1.2897 0.7753

Exchange rates (Quote Media, April 15, 2016) C$ to AUS C$ to EURO 1.0098 0.6914 C$ to UK Pound C$ to China Yuan 0.5493 5.0548 US to AUS US to EURO 1.2948 0.8861 US to UK Pound US to China Yuan 0.7041 6.4756

C$ to Mex Peso 13.6959 C$ to Swiss Franc 0.7553 US to Mex Peso 17.5539 US to Swiss Franc 0.9680

C$ to YEN 84.8605 C$ to India Rupee 51.9915 US to YEN 108.7600 US to India Rupee 66.6400

C$ to SA Rand 11.3630 C$ to S. Korea Won 893.9794 US to SA Rand

392 New Highs

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.$

7_April25_MMMM.indd 7

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

Brixton Mtls Brixton Mtls* Caledonia Mng* Canarc Res* Canstar Res Cariboo Rose Cartier Res Castle Mtn Mng Castle Mtn Mng* Castle Peak Mg Catalyst Coppr CB Gold Cdn Metals Cdn Zinc Centamin Cerro Mng Cerro Mng* Chalice Gold M Champion Iron China Mnls Mng* Claude Res Claude Res* CMC Metals* Coeur Mng* Colibri Res Colombia Crest* Colorado Gldfs* Colorado Res Comstock Mtls* Conquest Res Cordoba Mnls Corex Gold Corvus Gold Critical Elem Critical Elem* Cypress Dev Cypress Dev* Dalradian Res Dalradian Res* Defiance Silvr Defiance Silvr* Detour Gold DRDGOLD* Durango Res Durango Res* Eagle Plains East Africa El Nino Vent* Emgold Mng Emgold Mng* Empire Rock Encanto Potash Encanto Potash* Endeavour Mng Endeavour Mng* Endeavr Silver Endeavr Silver* Erdene Res Dev Erdene Res Dev* Ethos Gold* EurOmax Res* Everton Res Everton Res* Evolving Gold Evolving Gold* Excalibur Res Excellon Res Excellon Res* Exeter Res

Exeter Res* Falco Res First Majestic First Majestic* First Mg Fin Formation Mtls Fortescue Mtls* Fortuna Silvr Fortuna Silvr* Franco-Nevada* Fresnillo plc* Geodex Mnrls* Geologix Expl Gldn Predator* Glen Eagle Res Global Hunter* Gold Dynamics* Gold Jub Cap Gold Ridge Exp Gold Std Vents Gold Std Vents* Golden Mnls Golden Mnls* Golden Sh Mng Golden Star Golden Star* Goldex Res Goldex Res* GoldON Res GoldON Res* GoldQuest Mng Goldrock Mines Goldstar Mnls Grande Portage Grande Portage* Great Panther Great Panther* Great Thunder Grizzly Gold* Guyana Gldflds Hinterland Mtl Hochschild Mg* Hunt Mng* IAMGOLD IAMGOLD* Iconic Mnls IMPACT Silver Inspiration Mg Integra Gold Integra Gold* Intl Lithium Intl Lithium* Intl Tower Hil Intl Tower Hil* INV Metals Jaguar Mng Jaguar Mng* Kaminak Gold Kaminak Gold* Kesselrun Res Khalkos Expl Kilo Goldmines Kilo Goldmines* Kinross Gold Kinross Gold* Klondex Mns Klondike Silv* KWG Res* Lara Expl

Levon Res Ltd Lexam VG Gold Lexam VG Gold* Lincoln Mng Lithium Corp* Lithium X Egy Lucara Diam Lund Enterpr Macarthur Mnl MacMillan Mnls* MAG Silver MAG Silver* Magellan Mnrls Magellan Mnrls* Majescor Res* Matamec Expl MaxTech Vent McEwen Mng McEwen Mng* Mechel* Mega Uranium Mega Uranium* Megastar Dev Menika Mining Menika Mining* Metallis Res Metalo Manuf Mexus Gold* Midas Gold Midas Gold* Millrock Res Millrock Res* Minaurum Gold Minco Silver* Minecorp Egy Mineral Mtn Mines Manage Mines Manage* Mirasol Res Moneta Porcpn Mountain Prov Mundoro Cap Nemaska Lith Nemaska Lith* Network Expl New Carolin Gd* New Gold New Gold* New Nadina* New Pac Metals* Newmarket Gold Newmarket Gold* Newmont Mng* Nexgen Energy Nexgen Energy* Nitinat Mnls Northn Empire* NovaGold Res NovaGold Res* NRG Metals Nrthn Freegold Nrthn Freegold* NSGold NuLegacy Gold NuLegacy Gold* OceanaGold OceanaGold* Olivut Res* Orezone Gold

Orezone Gold* Orocobre Orosur Mng Otis Gold* Pac North West Pac North West* Pac Ridge Expl* Pac Topaz Pan Am Silver Pan Am Silver* Para Resources Phoenix Metals Phoenix Metals* Potash Ridge Potash Ridge* Premier Gold M Probe Metals Probe Metals* Prosper Gold QMX Gold* Quest Rare Mnl Quest Rare Mnl* Randgold Res* Rare Earth Mnl* Red Eagle Mng Red Eagle Mng* Remo Res Renaissance Gd Renaissance Gd* Reservoir Mnls* Resolve Vent Revolver Res Richmont Mines Richmont Mines* Robex Res Rock Tech Lith Rock Tech Lith* Rockcliff Cop Rockland Mnls Romios Gold Rs* Roxgold Roxgold* Rupert Res Rye Patch Gold Rye Patch Gold* Sabina Gd&Slvr* Sandspring Res Sandspring Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Seabridge Gld Seabridge Gld* Secova Mtls* Sego Res SGX Res Sibanye Gold* Sienna Res Sienna Res* Sierra Metals Sierra Metals* Silver Predatr Silver Range Silver Shield Silvercorp Met Silvercorp Met* Sirios Res Sirios Res* Sky Ridge

Slam Explor* Sonora Gld & S Spanish Mtn Gd* Squire Mg Ltd Starcore Intl Strategic Metl Stratton Res Stria Lithium Sulliden Mng Sunridge Gold* Superior Coppr Taku Gold Taku Gold* Tasca Res Tasman Metals* TECO Enrgy* Telson Res Teranga Gold Teslin Rvr Res TMAC Resources TNR Gold Toachi Mg Inc TomaGold Torex Gold Torex Gold* Troy Res* True Gold Mng True Gold Mng* Turbo Cap Inc Ultra Lithium Ultra Lithium* Victoria Gold Vista Gold Vista Gold* Voltaic Min Wealth Mnrls Wealth Mnrls* West Af Res West Kirkland Westhaven Vent Westminster Rs White Metal Rs Worldwide Res* WPC Res Xander Res Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Zadar Vent Zazu Metals

16 New Lows Agrium Avarone Metals* Axiom Mng* Black Isle Res* Brixton Mtls* Del Toro Silvr* Erin Ventures* Gold Ridge Exp I-Minerals Intact Gold Intigold Mines* Pine Cliff En Potash Corp SK Rheingold Expl Tyhee Gold* Western Uran*

canadian gold mutual funds Fund name Apr 15 ($) Apr 8 ($) Change ($) AGF Prec Mtls Fd MF 21.34 20.60 0.74 BMO Prec Mtls Fd A 17.46 16.71 0.75 BMO ZGD 9.99 9.69 0.30 BMO ZJG 7.71 7.41 0.30 CIBC Prec Metal Fd A 11.39 11.17 0.22 Dyn Prec Metls Fd A 6.20 5.91 0.29 Horizons HEP 26.53 0.67 IGMacGloPrecMetCl A 8.28 7.96 0.32 iShares XGD 12.58 12.33 0.26 Mac Prec Met Cl A 46.12 44.31 1.81 NB Prec Met Fd Inv 12.21 11.76 0.45 RBC GblPreMetFd A 29.34 28.24 1.10 Sentry Pre Met Fd A 38.23 35.98 2.24 Sprott Gold&PrMinFdA 32.90 1.32 Sprott SilverEquCl A 4.83 0.30 TD PreciousMetals-I 36.95 35.53 1.42

Change (%) 3.59 4.48 3.05 4.09 1.99 4.91 2.58 4.03 2.08 4.09 3.83 3.89 6.23 4.09 6.30 4.00

YTDChange (%) 27.19 30.56 37.50 34.19 26.75 36.12 35.77 40.92 40.84 41.74 35.27 32.85 33.58 29.46 33.90 33.67

MER (%) TotalAssets (M$) 2.80 153.41 2.40 58.47 0.63 93.73 0.60 51.06 2.62 53.11 2.66 309.62 0.80 2.75 71.65 0.61 591.57 2.51 108.57 2.46 33.72 2.13 333.75 2.92 215.18 3.15 190.23 3.21 39.35 2.26 129.10

US to S. Korea Won 1147.1000

LEGEND

High Low 15527.30 12400.15 1050.26 883.52 896.74 709.99 218.90 149.29 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS April 11–15, 2016

92 Resources Aben Res Aben Res* Aberdeen Intl Aberdeen Intl* Adventure Gold Agnico Eagle Agnico Eagle* Aldershot Res Aldershot Res* Alexandria Min Alexco Res Alexco Res* Alix Res Almaden Mnls Almaden Mnls* Almadex Min Altai Res Altair Gold ALX Uranium Amara Mng* Americas Silvr Americas Silvr* Anaconda Mng Anconia Res Anfield Nickel Anglo American* AngloGold Ash* Argentum Silvr Argentum Silvr* Argonaut Gold Argonaut Gold* Asanko Gold Asanko Gold* Ashburton Vent Ashburton Vent* ATAC Res Atacama Pac Gd* Atlantic Gold Aura Mnls Aura Silver Rs Auryn Res Auryn Res* AZ Mining Azincourt Uran Azincourt Uran* B2Gold B2Gold* Barkerville Go* Barrick Gold Barrick Gold* DAILY METAL PRICES Barsele Min Battle Mtn Gld Battle Mtn Gld* Daily Metal Prices Bayhorse Silvr Date Apr 18 Apr 15 Apr 14 Apr 13 Apr 12 Bayhorse Silvr* Bayswater Uran* BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) BCM Res Bear Creek Mng Al Alloy 1530/1550 1545/1570 1545/1570 1545/1570 1555/1570 Belmont Res Aluminum 1546.50/1554.50 1533/1545 1547.50/1562 1544.50/1550 1513/1525 Black Mam Mtls Bluenose Gold Copper 4797/4777.50 4813/4786 4830/4814 4835/4819 4715/4695 Bravada Gold* 1711/1716 1708/1718 1740/1748 1716/1727 1690/1698 Lead Braveheart Res Brazil Res Nickel 8945/8990 8880/8900 8875/8900 8915/8970 8650/8680

Tin Zinc

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 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 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

tsx venture short positions

Short positions outstanding as of Apr 15, 2016 (with changes from Mar 16, 2016) Largest short positions Kinross Gold K 47333313 6408640 Lundin Mng LUN 43796241 -36060 Potash Corp SK POT 31542396 -4312992 First Quantum FM 31491557 -7135151 B2Gold BTO 22516111 -658992 Eldorado Gold ELD 19013729 -2597482 New Gold NGD 16533973 -10681391 Teck Res TCK.B 14706638 -1992815 Barrick Gold ABX 13709754 -6414078 Suncor Energy SU 12144791 -2615984 IAMGOLD IMG 10726200 -385761 Detour Gold DGC 9306205 2527167 Thompson Creek TCM 8435762 57364 Goldcorp G 8248000 -2026606 Yamana Gold YRI 7802227 -2613076 Largest increase in short position Kinross Gold K 47333313 6408640 Detour Gold DGC 9306205 2527167 Nautilus Mnrls NUS 2006325 1320645 Harte Gold HRT 1018500 1018300 Endeavour Mng EDV 2322217 993300 Largest decrease in short position 16533973 -10681391 New Gold NGD Trevali Mng TV 2008274 -8216264 OceanaGold OGC 2821810 -7946517 First Quantum FM 31491557 -7135151 Barrick Gold ABX 13709754 -6414078

tsx venture warrants

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

GLOBAL MINING NEWS · SINCE 1915

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RTG Mining, AuRico & Asiamet / 7–9

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Global CoPPER

April 18-24, 2016 / VOl. 102 iSSUE 10 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NOrTHErNMiNEr.COM

Trevali nears commercial production at Caribou

Warke discusses NewCastleCatalyst deal

zinc

| Glencore benefits with off-take agreements

merger | Restarting gold mine 'achievable' SMSJ_Sept 2012_Pro_TH_PC

Mobile Equipment for By MAtthew keevil mkeevil@northernminer.com Safety and Productivity

Re-Located to a 50,000 sq.ft. PLant! vanCOUver

he proposed merger of juniors NewCastle Gold (TSXV: NCA; US-OTC: CTMQF) and Catalyst Copper (TSXV: CCY; US-OTC: CATXF) is small in terms of cash and asset valuation, but the dealmakers see NewCastle's pastproducing Castle Mountain gold property in SMSJ_Sept California as a potential SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC flagship project. Mobile 22, Equipment for On March the companies Productivity that agreedSafety to a and combination would give Re-LocatedNewCastle to a 50,000 and sq.ftCatalyst . PLant! investors 60% and 40% equity stakes in the merged company. Catalyst is a copper vehicle spearheaded by mine financiers richard Warke and Frank Giustra, who will join a new board of directors. “A few years ago, Frank, ian Telfer and i looked at copper assets. We wanted to build something up in that space along the same lines as the Wheaton river and Goldcorp story,” Warke said during a phone interview. “QuiteAuthorized frankly, we didn’t come Landcruiser acrossToyota any assets we liked. Keep in

Contact: moliveira@northernminer.com or 416-510-6768 An underground development worker at Trevali Mining’s Caribou zinc mine in northern New Brunswick.

By trish sAywell tsaywell@northernminer.com

ure-play zinc producer Trevali Dealer Mining (TSX: TV; US-OTC: See NewCasTle / 2 TrEVF) expects to reach commercial production at its second zinc mine before July. The company is commissioning Authorized Authorized its 3,000-tonne-per-day Caribou Toyota Toyota Landcruiser Landcruiser Dealer underground operation in northern Dealer New Brunswick, and will finish installing a copper circuit there next year. Caribou has an estimated sixINTRODUCING THE NEWEST and-a-half-year mine life and will supplement zinc production from MID-RANGE UTILITY VEHICLE Trevali’s wholly owned underground Santander mine in peru, INTRODUCING THE NEWEST which has a nine-year mine life MID-RANGE UTILITY VEHICLE and produces zinc and silver-lead concentrates. last year, Santander — 215 km northeast of lima — produced 54.1 million lb. zinc, 30.2 million

55x x 55

bought Glencore’s (lSE: GlEN) 2,000-tonne-per-day mill on a lease-to-own basis and signed a life-of-mine concentrate off-take agreement. Glencore operates the mine and the plant. Glencore also has zinc, lead and copper concentrate off-take agreements at Caribou, the pastproducing polymetallic deposit, 50 km west of Bathurst. The diversified resource conglomerate and commodity trader owns 5.2% of Trevali’s share capital. “We’ve got a strong working relationship with Glencore,” Mark Cruise, Trevali’s president and CEO, said in an interview. “They buy all of our concentrate from us and in peru. Even though we own 100% of the mine, it’s a jointoperation team. “Glencore is incredibly bullish on zinc — they want the concentrate for their marketing division, so the sooner we can get to commercial production at Caribou,

Trevali Mining

Cruise — who cofounded Trevali in 2007 to help the company take advantage of anticipated global zinc deficits — noted that Glencore’s involvement in both of its mines is not only a testament to their shared outlook on zinc’s fundamentals, but also the junior itself. “What we’re getting as a small company is access to global mega mining services,” he said. “probably no mid-tier companies would ever have that sort of access, never mind an emerging small-cap mining company. Glencore’s involvement is a vote of confidence in the metal and a vote of confidence in Trevali, and helps us derisk, as well.” pierre Vaillancourt, a mining analyst at lB Securities in Toronto, initiated coverage of Trevali with a “buy” rating and a one-year, 80¢-per-share target price, compared to its current 36¢ trading price. Over the last year Trevali has traded between 24.5¢ and $1.24 per share.

PM40069240

2016-04-19 6:52 PM

WWW.NORTHERNMINER.COM

APRIL 25–MAY 1, 2016 / THE NORTHERN MINER

stoc k ta b le s

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES Trading: April 11–15, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 9616 0.10 0.07 0.10 + 0.04 0.09 0.03 Abcourt Mines* O 145 0.08 0.06 0.06 - 0.01 0.08 0.02 Abcourt Mines V 1097 0.10 0.09 0.09 - 0.01 0.10 0.03 ABE Res V 10 0.05 0.05 0.05 + 0.02 0.08 0.02 Aben Res* O 103 0.09 0.06 0.09 + 0.05 100.52 0.03 0.11 + 0.04 0.24 0.06 Aben Res V 124 0.12 0.07 Aberdeen Intl* O 1728 0.14 0.10 0.13 + 0.03 0.12 0.07 Aberdeen Intl T 2130 0.19 0.13 0.18 + 0.05 0.17 0.10 Abitibi Royalt V 49 4.12 3.88 4.10 + 0.20 4.20 1.53 ABT Holdings* O 2 0.76 0.00 0.75 + 0.04 1.38 0.05 0.03 + 0.01 0.04 0.01 Adamera Mnls V 682 0.03 0.02 Adriana Res V 1207 0.12 0.11 0.12 - 0.01 0.19 0.08 Adventure Gold V 1691 0.31 0.28 0.30 + 0.03 0.31 0.06 African Queen V 696 0.03 0.03 0.03 + 0.01 0.03 0.01 Africo Res T 42 0.46 0.00 0.45 - 0.04 0.55 0.30 51.94 + 1.87 53.06 27.63 Agnico Eagle T 4152 53.06 49.94 Agnico Eagle* N 11743 41.45 38.91 40.42 + 1.95 41.45 21.00 Agrium T 2106 115.07 104.70 107.41 - 6.56 139.99 106.50 Agrium* N 6235 90.00 81.17 83.67 - 3.94 110.21 79.94 Aguila Amer Gd* O 20 0.04 0.03 0.04 + 0.01 0.06 0.03 Aim Explor* O 5147 0.00 0.00 0.00 + 0.00 1.19 0.00 O 469 0.17 0.12 0.15 + 0.03 0.25 0.08 Alabama Graph* Alabama Graph V 6220 0.23 0.15 0.19 + 0.04 0.31 0.11 Alacer Gold T 6577 2.82 2.61 2.73 + 0.05 3.23 2.08 7.94 - 0.09 9.00 3.27 Alamos Gold T 5070 8.30 7.37 Alamos Gold* N 9871 6.44 5.74 6.18 + 0.01 7.54 2.27 4 0.12 0.04 0.12 + 0.08 0.20 0.00 Alaska Pac Egy* O Alba Minerals V 28 0.07 0.06 0.07 + 0.03 0.11 0.01 Alberta Star* O 2 0.17 0.16 0.16 + 0.00 0.19 0.12 N 220292 10.15 9.16 10.01 + 0.64 14.29 6.14 Alcoa* Alderon Iron* O 24 0.10 0.10 0.10 - 0.01 0.27 0.05 0.13 - 0.01 0.32 0.09 Aldever Res V 931 0.16 0.12 Aldridge Mnrls V 109 0.15 0.14 0.14 - 0.01 0.21 0.12 Aldrin Res* O 108 0.09 0.08 0.09 + 0.01 0.15 0.06 0.10 - 0.01 0.20 0.08 Aldrin Res V 187 0.11 0.09 Alexander Nubi V 783 0.07 0.05 0.07 + 0.01 0.20 0.04 O 167 0.04 0.03 0.03 - 0.00 0.05 0.01 Alexandria Min* Alexandria Min V 4264 0.06 0.04 0.06 + 0.02 0.06 0.02 Alexco Res T 1182 1.60 1.26 1.34 - 0.05 1.60 0.35 1.05 - 0.04 1.23 0.22 Alexco Res* X 2707 1.23 0.97 Algold Res V 878 0.22 0.16 0.17 + 0.01 0.30 0.07 0.12 - 0.01 0.24 0.07 Alianza Min* O 26 0.12 0.12 Alianza Min V 46 0.16 0.15 0.15 - 0.02 0.35 0.10 Alix Res V 11643 0.10 0.06 0.09 + 0.04 0.09 0.04 0.01 + 0.01 0.04 0.01 Alliance Mng V 1613 0.02 0.00 Alliance Res* D 1023 13.30 11.92 13.16 + 1.27 34.70 9.95 0.02 + 0.01 0.06 0.01 Alloycorp Mng V 938 0.02 0.01 Almaden Mnls* X 5561 1.27 1.10 1.16 + 0.04 1.27 0.48 Almaden Mnls T 1036 1.63 1.42 1.49 + 0.04 1.63 0.65 0.34 + 0.03 0.34 0.13 Almadex Min V 507 0.34 0.28 Almo Capital V 60 0.10 0.08 0.10 + 0.02 0.14 0.05 0.35 + 0.04 0.86 0.21 Almonty Ind V 115 0.37 0.00 Alpha Nat Res* O 3832 0.02 0.02 0.02 + 0.00 1.08 0.01 Alphamin Res V 279 0.20 0.18 0.20 + 0.02 0.25 0.11 0.05 - 0.01 0.07 0.03 ALQ Gold V 5 0.05 0.00 Alta Vista Vnt* O 7 0.08 0.04 0.04 - 0.04 0.14 0.01 1213 0.12 0.05 0.06 + 0.02 0.25 0.01 Alta Vista Vnt Altai Res V 1097 0.09 0.05 0.09 + 0.04 0.08 0.05 Altair Gold V 8 0.31 0.28 0.31 + 0.03 0.60 0.06 442 0.02 0.01 0.01 - 0.01 0.03 0.01 Altan Rio Mnls V Alternative ER* O 39 0.04 0.03 0.03 + 0.00 0.06 0.02 10.88 - 0.93 15.47 7.39 Altius Mnrls T 750 12.13 10.59 Alto Vent V 59 0.08 0.00 0.08 + 0.01 0.08 0.02 Alumina Inc* O 92 4.20 3.66 4.17 + 0.34 5.61 2.70 769 0.07 0.06 0.06 - 0.02 0.08 0.03 Am Creek Res V Am CuMo Mng V 571 0.12 0.08 0.09 - 0.02 0.15 0.06 551 0.09 0.06 0.06 - 0.01 0.12 0.04 Am CuMo Mng* O AM Gold V 18 0.11 0.00 0.09 - 0.02 0.30 0.07 Am Manganese* O 108 0.02 0.01 0.01 - 0.01 0.04 0.01 0.26 + 0.04 0.25 0.10 Amara Mng* O 2436 0.27 0.21 Amarc Res* O 200 0.06 0.06 0.06 + 0.02 0.14 0.02 0.07 - 0.01 0.16 0.04 Amarc Res V 282 0.08 0.07 Amarillo Gold V 287 0.19 0.15 0.16 + 0.02 0.20 0.04 Amato Expl V 358 0.01 0.01 0.01 - 0.01 0.02 0.01 0.10 + 0.04 0.70 0.03 American Pot 4 0.10 0.00 Americas Petro V 1642 0.24 0.20 0.23 + 0.02 0.33 0.15 0.30 + 0.05 0.32 0.09 Americas Silvr T 7323 0.32 0.26 Americas Silvr* O 1385 0.25 0.20 0.23 + 0.04 0.25 0.04 Amerigo Res T 721 0.13 0.12 0.12 + 0.01 0.45 0.10 0.09 + 0.01 0.37 0.07 Amerigo Res* O 159 0.10 0.09 Anaconda Mng* O 41 0.06 0.05 0.06 + 0.01 0.06 0.02 0.07 + 0.01 0.07 0.01 Anconia Res V 529 0.07 0.06 Andes Gold* O 55 0.01 0.00 0.01 + 0.00 1.00 0.00 Anfield Nickel V 890 0.89 0.74 0.82 + 0.07 0.89 0.52 0.14 + 0.06 0.21 0.05 Anfield Res V 598 0.15 0.09 Anfield Res* O 37 0.12 0.07 0.10 + 0.03 0.16 0.06 0.06 + 0.00 0.09 0.01 Angel Gold* O 110 0.06 0.05 Angel Gold V 289 0.08 0.07 0.07 - 0.01 0.10 0.01 Angkor Gold V 50 0.47 0.00 0.45 - 0.02 0.64 0.38 O 849 5.00 4.02 4.77 + 0.96 5.00 1.57 Anglo American* Anglo American* O 30 10.04 8.10 9.71 + 2.05 18.00 3.13 0.16 + 0.01 0.30 0.10 Anglo-Bomarc V 99 0.16 0.14 Anglo-Can Mng V 220 0.02 0.01 0.01 - 0.01 0.02 0.01 AngloGold Ash* N 21271 15.96 14.42 14.96 + 0.40 15.96 5.64 V 176 0.10 0.09 0.09 - 0.01 0.11 0.02 Antioquia Gold Antofagasta* O 56 6.72 6.21 6.54 + 0.29 12.30 5.24 Apogee Silver V 28 0.27 0.00 0.27 + 0.07 0.65 0.11 Applied Mrnls* O 225 0.23 0.15 0.18 - 0.06 0.75 0.11 AQM Copper V 421 0.06 0.05 0.06 + 0.01 0.08 0.03 0.12 - 0.00 0.19 0.09 Aquila Res* O 87 0.13 0.11 Aquila Res T 185 0.16 0.00 0.14 - 0.01 0.24 0.12 0.04 - 0.01 0.09 0.02 Arak Res V 211 0.06 0.04 Arbitrage Expl 38 0.02 0.00 0.02 + 0.01 0.04 0.01 Arch Coal* O 858 0.49 0.31 0.41 + 0.10 11.20 0.11 0.07 - 0.01 0.10 0.01 Arctic Star V 4234 0.08 0.06 Ardonblue Vent V 25 0.05 0.05 0.05 + 0.01 0.07 0.05 Argentex Mng V 157 0.08 0.07 0.08 + 0.01 0.08 0.02 Argentex Mng* O 37 0.06 0.05 0.06 + 0.01 0.06 0.01 Argentum Silvr V 869 0.12 0.03 0.06 + 0.03 0.12 0.02 Argentum Silvr* O 32 0.05 0.05 0.05 - 0.00 0.05 0.02 Argex Titanium T 634 0.03 0.03 0.03 + 0.01 0.50 0.02 Argex Titanium* O 88 0.03 0.02 0.03 + 0.01 0.40 0.01 Argonaut Gold T 5709 2.39 2.10 2.29 + 0.07 2.39 0.78 Argonaut Gold* O 352 1.88 1.64 1.80 + 0.10 1.88 0.53 Argus Metals* O 5 0.05 0.00 0.05 - 0.00 0.05 0.01 Argus Metals V 68 0.08 0.07 0.08 + 0.01 0.08 0.02 Arian Res* O 86 0.01 0.00 0.01 + 0.00 0.03 0.00 Arian Silver* O 111 0.04 0.01 0.02 - 0.03 0.51 0.00 Arianne Phosph V 319 0.98 0.86 0.97 + 0.09 1.00 0.68 Arianne Phosph* O 98 0.76 0.67 0.74 + 0.07 0.80 0.52 Asanko Gold* X 1486 2.76 2.44 2.59 + 0.10 2.76 1.27 Asanko Gold T 4316 3.53 3.14 3.29 + 0.11 3.53 1.67 Ascot Res V 121 1.09 1.00 1.02 - 0.06 2.00 0.80 Ashburton Vent V 29902 0.05 0.02 0.04 + 0.02 0.03 0.01 Ashburton Vent* O 153 0.04 0.02 0.04 + 0.02 0.02 0.00 AsiaBaseMetals V 228 0.07 0.06 0.07 + 0.01 0.24 0.04 Asiamet Res V 52 0.07 0.06 0.07 + 0.02 0.08 0.01 Aston Bay V 188 0.27 0.23 0.27 + 0.01 0.32 0.08 Astorius Res V 90 0.02 0.01 0.02 + 0.01 0.05 0.01 ATAC Res V 2294 0.65 0.56 0.58 + 0.01 0.65 0.26 Atacama Pac Gd V 49 0.37 0.33 0.37 + 0.02 0.49 0.14 Atalaya Mg plc T 12 2.01 1.72 1.85 - 0.15 3.45 1.20 Athabasca Mnls* O 37 0.21 0.15 0.20 + 0.05 0.68 0.12 Athabasca Mnls V 359 0.27 0.21 0.22 - 0.04 0.85 0.15 Athabasca Nclr V 301 0.06 0.05 0.05 - 0.01 0.07 0.02 Athena Silver* O 31 0.12 0.05 0.12 + 0.02 0.12 0.02 Atico Mng V 217 0.42 0.30 0.32 + 0.02 0.65 0.16 Atico Mng* O 95 0.35 0.23 0.26 + 0.03 0.51 0.12 Atlantic Gold V 1257 0.65 0.58 0.61 + 0.02 0.65 0.17 Atlatsa Res T 124 0.05 0.04 0.05 + 0.01 0.22 0.03 Atlatsa Res* O 360 0.04 0.00 0.04 + 0.01 0.16 0.02 Atna Res Ltd* O 47 0.02 0.00 0.01 + 0.00 0.10 0.00 Atom Energy V 405 0.07 0.04 0.05 - 0.02 0.15 0.03 Augustine Vent 675 0.08 0.06 0.07 + 0.01 0.09 0.03 Augyva Mng V 151 0.10 0.09 0.10 + 0.01 0.15 0.09 Aura Mnls T 449 0.31 0.26 0.28 + 0.02 0.31 0.06 Aura Silver Rs V 2419 0.03 0.02 0.03 + 0.01 0.03 0.01 Aurcana Corp V 1567 0.27 0.19 0.26 + 0.08 0.29 0.09 Aurcana Corp* O 402 0.21 0.15 0.20 + 0.06 0.24 0.07 Aureus Mng* O 785 0.13 0.10 0.11 + 0.01 0.68 0.05 Aureus Mng T 13407 0.18 0.13 0.14 + 0.02 0.83 0.05 Aurgent Gold V 100 0.04 0.04 0.04 + 0.01 0.05 0.02 AuRico Metals T 1827 0.80 0.72 0.72 - 0.04 0.90 0.47 Aurion Res V 108 0.14 0.12 0.13 + 0.01 0.19 0.03 Aurvista Gold V 910 0.08 0.04 0.07 + 0.03 0.09 0.03 Auryn Res* O 38 1.35 1.17 1.35 + 0.15 1.29 0.70 Auryn Res V 790 1.75 1.49 1.72 + 0.17 1.68 0.94 Avalon Rare Mt T 9162 0.32 0.22 0.30 + 0.05 0.48 0.10 Avarone Metals* O 43 0.07 0.07 0.07 - 0.01 0.08 0.07 Avino Silver* X 2418 1.29 1.14 1.21 + 0.13 1.45 0.71 Avino Silver V 433 1.68 1.43 1.55 + 0.16 1.82 1.03 Avnel Gold T 2287 0.32 0.29 0.30 + 0.01 0.34 0.18 AZ Mining T 3508 1.23 0.96 1.07 + 0.05 1.23 0.22 Azarga Uranium* O 20 0.24 0.23 0.24 - 0.00 0.31 0.18 Azarga Uranium T 164 0.30 0.27 0.30 + 0.01 0.43 0.24 Azimut Expl V 81 0.35 0.30 0.35 + 0.01 0.37 0.10 Azincourt Uran* O 56 0.06 0.05 0.06 + 0.00 0.06 0.02 Azincourt Uran V 832 0.08 0.06 0.08 + 0.02 0.14 0.04 Azteca Gold* O 211 0.00 0.00 0.00 + 0.00 0.00 0.00

B B2Gold* X 13907 B2Gold T 30140 Bacanora Mnls V 196 Baja Mng* O 66 Balmoral Res* O 285 Balmoral Res T 1316 Banro* X 6460 Banyan Gold V 76 Barker Mnrls V 130 Barkerville Go* O 581 Barkerville Go V 1560

8-9_April25_StockTables.indd 8

1.89 1.68 1.80 + 0.14 1.89 0.60 2.43 2.19 2.32 + 0.16 2.43 0.86 1.40 1.24 1.39 + 0.13 2.05 1.16 0.01 0.01 0.01 + 0.00 0.03 0.00 0.41 0.38 0.40 + 0.03 0.86 0.23 0.52 0.49 0.52 + 0.03 1.04 0.33 0.29 0.26 0.27 + 0.01 0.40 0.15 0.09 0.07 0.07 - 0.02 0.09 0.02 0.01 0.01 0.01 - 0.01 0.01 0.01 0.47 0.40 0.45 + 0.00 0.47 0.15 0.60 0.52 0.57 + 0.01 0.63 0.20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barrick Gold* N 94921 Barrick Gold T 23936 Barsele Min V 311 Battle Mtn Gld V 979 13 Battle Mtn Gld* O Bayhorse Silvr* O 74 Bayhorse Silvr V 600 Bayswater Uran* O 73 Bayswater Uran V 263 V 102 BCGold BCM Res V 334 Bear Creek Mng V 1663 Beaufield Res V 782 Beaufield Res* O 40 V 98 Bellhaven Cp&G Belmont Res V 2243 Belo Sun Mng T 6256 Belvedere Res V 312 Benton Cap* O 11 Benton Res V 407 Benz Cap V 42 Bethpage Cap V 369 Big North Grap* O 2 4 Bison Gold Res V Bitterroot Res* O 70 Bitterroot Res V 3 Black Hills* N 2240 Black Iron T 1610 76 Black Isle Res V Black Mam Mtls V 49 V 374 Blackheath Res BLOX Inc* O 1400 Blue Sky Uran V 104 Bold Vent V 720 BonTerra Res V 1140 BonTerra Res* O 37 Bowmore Expl V 215 Bravada Gold* O 12 Bravada Gold V 68 Braveheart Res V 180 Brazil Res V 2318 BrightRock Gld* O 381 Brilliant Sand* O 86 Brionor Res V 472 Britannia Mng* O 86 Brixton Mtls* O 64 Brixton Mtls V 473 Brookmount Exp* O 4690 Bryn Res* O 164 Buenaventura* N 11747 Buffalo Coal V 257 Bullfrog Gold* O 1272

16.67 15.10 15.64 + 0.46 16.67 5.91 21.32 19.38 20.11 + 0.36 21.32 7.89 0.30 0.17 0.28 + 0.11 0.30 0.08 0.38 0.25 0.38 + 0.13 0.35 0.09 0.30 0.22 0.30 + 0.09 0.28 0.06 0.09 0.07 0.09 + 0.01 0.09 0.03 0.12 0.10 0.11 + 0.01 0.12 0.05 0.03 0.01 0.03 + 0.01 0.03 0.00 0.04 0.00 0.04 + 0.01 0.05 0.01 0.06 0.00 0.05 - 0.01 0.13 0.03 0.28 0.23 0.28 + 0.03 0.25 0.02 2.08 1.66 1.87 + 0.30 2.08 0.50 0.08 0.07 0.08 + 0.01 0.08 0.03 0.06 0.06 0.06 + 0.00 0.07 0.02 0.15 0.11 0.13 - 0.02 0.42 0.03 0.12 0.04 0.10 + 0.06 0.12 0.02 0.73 0.65 0.67 - 0.01 0.75 0.15 0.03 0.02 0.03 + 0.01 0.06 0.01 0.01 0.01 0.01 + 0.00 0.02 0.01 0.06 0.05 0.05 - 0.01 0.06 0.03 0.02 0.00 0.02 + 0.01 0.20 0.01 0.05 0.03 0.05 + 0.02 0.10 0.03 0.02 0.01 0.01 - 0.01 0.08 0.01 0.13 0.00 0.13 + 0.01 0.63 0.12 0.03 0.03 0.03 - 0.00 0.05 0.02 0.04 0.00 0.04 - 0.01 0.10 0.03 59.42 57.51 58.70 - 0.05 61.13 36.81 0.04 0.04 0.04 - 0.01 0.05 0.02 0.05 0.04 0.05 + 0.01 0.05 0.03 0.10 0.00 0.10 + 0.04 0.10 0.02 0.12 0.10 0.11 - 0.01 0.30 0.08 0.01 0.01 0.01 - 0.00 0.25 0.01 0.07 0.06 0.07 + 0.01 0.26 0.04 0.04 0.03 0.04 + 0.01 0.05 0.02 0.45 0.41 0.42 - 0.02 0.51 0.09 0.35 0.33 0.33 - 0.01 0.37 0.08 0.10 0.06 0.07 + 0.01 0.10 0.03 0.10 0.08 0.08 + 0.02 0.10 0.01 0.12 0.09 0.11 + 0.02 0.15 0.02 0.08 0.05 0.08 + 0.03 0.08 0.02 1.14 0.90 0.99 - 0.03 1.14 0.38 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.10 0.12 + 0.03 0.20 0.02 0.03 0.02 0.02 + 0.01 0.03 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.16 0.00 0.15 + 0.04 0.16 0.03 0.25 0.13 0.20 + 0.09 0.20 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.01 0.01 0.01 + 0.00 0.01 0.00 8.75 7.66 8.08 + 0.22 12.51 3.30 0.03 0.02 0.02 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.00 0.03 0.01

Cache Expl V 265 T 207 Caledonia Mng Caledonia Mng* Q 98 Calico Res* O 108 Calico Res V 313 California Gld* O 50 California Gld V 618 Callinex Mines* O 222 Cameco Corp* N 9482 Cameco Corp T 5250 Cameo Res V 862 Camino Mnls V 20 Canadian Zeol V 86 V 500 CanAlaska Uran CanAlaska Uran* O 104 Canamex Res V 291 O 160 Canamex Res* Canarc Res* Q 922 Canasil Res V 2566 Cancana Res V 63 Candente Coppr T 406 V 95 Candente Gold Canex Energy* O 100 Canex Energy V 730 CaNickel Mng V 100 Canstar Res V 1377 51 Cantex Mn Dev V Canuc Res V 10 V 62 Canyon Copper Canyon Gold* O 91 Cap-Ex Iron V 38 T 3514 Capstone Mng Caracara Silvr V 541 Cardero Res T 68 Cardero Res* O 40 Cariboo Rose V 126 Carmax Mng V 2567 Carpathian Gld* O 821 Cartier Res V 13 Carube Copper V 36 Cascadero Copp V 962 170 Castle Mtn Mng* O Castle Mtn Mng V 5108 586 Castle Peak Mg V Catalyst Coppr V 958 Catalyst Coppr* O 5 Caza Gold* O 9 Caza Gold V 7 V 154 CB Gold Cda Carbon* O 53 Cda Strtgc Met * O 20 Cda Strtgc Met V 1042 Cda Zinc Mtls V 953 Cdn Intl Mnrls V 310 Cdn Metals 1522 Cdn Platinum V 587 Cdn Silvr Hunt V 3950 Cdn Zinc* Q 655 Cdn Zinc T 1393 Centamin T 228 Centaurus Diam* O 199 Centenera Mng V 166 Centerra Gold T 2291 Centurion Mnls V 87 Cerro Mng V 3 Chalice Gold M T 1037 Champion Iron T 2122 Chesapeake Gld* O 101 Chesapeake Gld V 167 Chevron* N 34401 395 Chiboug Ind Mn V Chilean Metals V 33 China Gold Int T 1270 China Mnls Mng V 2410 China Mnls Mng* O 212 Claude Res T 10205 Claude Res* O 3003 Clear Mtn Res V 591 Clifton Mng* O 29 Cloud Peak En* N 5221 Clydesdale Res V 5 CMC Metals V 60 Coeur Mng* N 20161 Colibri Res V 72 Colombian Mins V 413 Colonial Coal V 306 Colorado Res* O 29 Colorado Res V 1247 Colt Res* O 96 Colt Res V 399 Columbus Gold* O 363 Columbus Gold T 485 Comet Inds V 20 Commander Res V 294 Commerce Res* O 216 Commerce Res V 637 Comstock Mng* X 3020 Comstock Mtls* O 85 Condor Res V 118 Cons Woodjam V 377 CONSOL Energy* N 36841 Constant Mtl V 244 Contintl Gold* O 168 Contintl Gold T 2867 Contintl Prec T 23 Copper Ck Gold* O 5 Copper Fox Mtl V 2992 Copper Fox Mtl* O 93 Copper Mtn Mng* O 78 Copper Mtn Mng T 2506 Copperbank Res* O 33 Coral Gold V 328 Corazon Gold V 162 Cordoba Mnls V 3762 Corex Gold V 874 Cornerstone Ca* O 863 Coro Mining T 250 Coronet Mtls V 88 Corvus Gold* O 59 Corvus Gold T 314 Critical Elem V 2419 Critical Elem* O 218 Crystal Pk Min V 66 Crystal Pk Min* O 124 Currie Rose Rs V 24 Cypress Dev V 1175 Cypress Dev* O 536

0.08 0.06 0.06 - 0.01 0.16 0.05 1.25 1.10 1.14 + 0.03 1.28 0.66 0.98 0.87 0.90 + 0.02 0.98 0.48 0.09 0.08 0.09 - 0.00 0.12 0.05 0.12 0.10 0.12 + 0.01 0.16 0.06 0.05 0.05 0.05 + 0.02 0.10 0.02 0.06 0.06 0.06 + 0.01 0.18 0.02 0.24 0.22 0.23 + 0.00 0.31 0.17 12.83 12.01 12.46 + 0.41 17.77 10.31 16.41 15.52 15.99 + 0.31 21.44 14.56 0.06 0.05 0.06 + 0.01 0.10 0.02 0.14 0.00 0.12 - 0.03 0.25 0.07 0.10 0.09 0.10 - 0.01 0.12 0.05 0.50 0.38 0.45 + 0.03 0.52 0.09 0.39 0.31 0.36 + 0.04 0.40 0.06 0.05 0.00 0.05 + 0.01 0.10 0.03 0.04 0.04 0.04 + 0.00 0.09 0.02 0.10 0.09 0.10 + 0.01 0.10 0.02 0.25 0.18 0.19 - 0.04 0.28 0.03 0.20 0.18 0.20 + 0.02 0.32 0.13 0.10 0.08 0.09 + 0.01 0.13 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.03 0.03 + 0.00 0.12 0.02 0.04 0.03 0.03 - 0.01 0.16 0.02 0.07 0.00 0.06 + 0.01 0.14 0.03 0.12 0.07 0.11 + 0.04 0.10 0.03 0.04 0.00 0.04 + 0.01 0.06 0.03 0.11 0.11 0.11 + 0.03 0.30 0.05 0.02 0.02 0.02 - 0.01 0.12 0.01 0.30 0.04 0.10 - 0.11 0.54 0.02 0.02 0.00 0.02 + 0.01 0.03 0.01 0.58 0.49 0.56 + 0.09 1.71 0.27 0.02 0.01 0.02 + 0.01 0.02 0.01 0.13 0.00 0.13 + 0.03 0.30 0.08 0.09 0.07 0.08 + 0.01 0.15 0.05 0.06 0.05 0.06 + 0.02 0.06 0.03 0.04 0.02 0.02 - 0.02 0.06 0.02 0.02 0.01 0.02 - 0.00 0.03 0.00 0.14 0.00 0.14 + 0.06 0.13 0.04 0.08 0.00 0.08 - 0.02 0.21 0.05 0.05 0.03 0.05 + 0.01 0.08 0.02 0.41 0.36 0.41 + 0.11 0.45 0.14 0.54 0.37 0.54 + 0.12 0.49 0.18 0.04 0.02 0.03 + 0.01 0.04 0.01 0.55 0.36 0.55 + 0.19 0.45 0.10 0.30 0.00 0.30 - 0.00 0.30 0.07 0.03 0.03 0.03 - 0.00 0.04 0.01 0.03 0.00 0.03 - 0.01 0.09 0.02 0.10 0.05 0.06 + 0.01 0.07 0.03 0.24 0.22 0.24 + 0.02 0.28 0.17 0.05 0.04 0.05 + 0.01 0.07 0.01 0.06 0.04 0.05 + 0.01 0.10 0.03 0.12 0.10 0.12 + 0.01 0.33 0.10 0.04 0.04 0.04 + 0.01 0.06 0.01 0.25 0.15 0.25 + 0.08 0.24 0.06 0.02 0.01 0.02 + 0.01 0.02 0.01 0.04 0.02 0.03 + 0.01 0.06 0.01 0.17 0.14 0.17 + 0.03 0.18 0.04 0.22 0.18 0.22 + 0.05 0.21 0.06 1.91 1.81 1.86 + 0.02 1.91 1.07 0.30 0.23 0.29 - 0.01 0.34 0.01 0.11 0.00 0.09 + 0.02 0.14 0.02 6.85 6.36 6.60 + 0.29 8.67 5.51 0.13 0.10 0.13 - 0.01 0.25 0.04 0.03 0.00 0.03 + 0.02 0.03 0.01 0.16 0.14 0.16 + 0.02 0.15 0.09 0.30 0.20 0.25 + 0.04 0.30 0.07 2.16 1.90 2.04 + 0.15 2.17 1.05 2.75 2.42 2.61 + 0.16 2.90 1.39 98.27 95.15 97.23 + 0.90 112.20 69.58 0.04 0.02 0.03 + 0.01 0.05 0.02 0.09 0.07 0.07 - 0.02 0.11 0.02 2.30 2.14 2.26 + 0.04 2.58 1.52 0.01 0.00 0.01 - 0.01 0.01 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 1.76 1.47 1.70 + 0.23 1.76 0.51 1.38 1.14 1.31 + 0.19 1.38 0.39 0.02 0.01 0.01 - 0.01 0.02 0.01 0.13 0.09 0.09 + 0.00 0.22 0.05 2.21 1.81 2.04 + 0.20 7.39 1.08 0.01 0.00 0.01 - 0.01 0.08 0.01 0.11 0.09 0.11 + 0.02 0.53 0.05 6.99 6.11 6.67 + 0.66 6.99 1.62 0.12 0.09 0.11 + 0.03 0.11 0.02 0.06 0.05 0.06 + 0.02 0.09 0.02 0.09 0.07 0.09 + 0.02 0.15 0.02 0.13 0.12 0.12 - 0.01 0.14 0.02 0.19 0.15 0.18 + 0.01 0.19 0.05 0.08 0.07 0.08 + 0.01 0.25 0.05 0.11 0.10 0.11 + 0.01 0.30 0.08 0.36 0.34 0.35 + 0.02 0.38 0.23 0.46 0.43 0.46 + 0.03 0.48 0.31 1.33 1.30 1.33 + 0.03 1.75 1.05 0.04 0.03 0.04 + 0.01 0.05 0.01 0.07 0.06 0.06 + 0.01 0.12 0.04 0.09 0.08 0.08 + 0.01 0.14 0.06 0.41 0.37 0.41 + 0.05 0.83 0.35 0.03 0.03 0.03 + 0.01 0.03 0.01 0.07 0.06 0.07 + 0.01 0.07 0.02 0.05 0.04 0.05 + 0.01 0.09 0.02 14.00 11.91 12.79 + 0.93 34.14 4.54 0.07 0.06 0.07 + 0.01 0.17 0.05 1.82 1.67 1.79 + 0.20 2.65 0.88 2.37 2.14 2.30 + 0.23 3.28 1.28 0.33 0.29 0.33 + 0.03 0.50 0.25 0.06 0.06 0.06 - 0.00 0.07 0.04 0.14 0.12 0.14 + 0.02 0.24 0.11 0.11 0.10 0.11 + 0.01 0.19 0.08 0.38 0.00 0.37 + 0.00 1.42 0.23 0.52 0.48 0.49 + 0.01 1.73 0.33 0.04 0.01 0.04 + 0.02 0.06 0.01 0.14 0.09 0.14 + 0.02 0.15 0.05 0.21 0.00 0.21 + 0.01 0.33 0.18 0.88 0.56 0.85 + 0.21 0.80 0.10 0.08 0.05 0.07 + 0.03 0.07 0.03 0.04 0.03 0.04 - 0.01 0.06 0.01 0.04 0.04 0.04 - 0.01 0.04 0.02 0.07 0.00 0.07 + 0.02 0.12 0.03 0.64 0.54 0.62 + 0.11 0.67 0.25 0.86 0.70 0.85 + 0.18 0.84 0.33 0.35 0.31 0.35 + 0.05 0.35 0.14 0.28 0.23 0.28 + 0.05 0.28 0.10 0.31 0.27 0.30 + 0.01 0.37 0.13 0.25 0.23 0.23 - 0.02 0.33 0.11 0.01 0.01 0.01 - 0.01 0.02 0.01 0.16 0.08 0.14 + 0.05 0.13 0.02 0.13 0.07 0.12 + 0.04 0.10 0.01

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Dajin Res* O 4116 Dakota Ter Res* O 25 Daleco Res* O 147 Dalradian Res* O 590 Dalradian Res T 4169 Damara Gold V 248 Danakali* O 146 Decade Res V 2078 Defiance Silvr* O 1360 Defiance Silvr V 2611 Delrand Res V 15 Denison Mines T 3301 Denison Mines* X 3499 Desert Star V 818 Detour Gold T 6951 Diamante Min* O 98 Diamcor Mng V 106 Diamcor Mng* O 34 Diamond Disc* O 5242 Discovery Vent V 1130 V 65 Discovery-Corp DNI Metals* O 67 DNI Metals 438 83 Dolly Vard Sil* O Dominion Diam* N 3349 Dominion Diam T 1321 Double Crn Res* O 1079 Doubleview Cap V 281 DRDGOLD* N 2904 Dundee Prec Mt T 1722 Duran Vent V 969 Durango Res V 17299 Durango Res* O 432 313 Dynacor Gld Mn T Dynasty Met&Mn* O 126 T 1468 Dynasty Met&Mn Eagle Graphite V 2009 Eagle Plains V 836 V 780 East Africa Eastern Platin* O 5 Eastern Platin T 64 Eastern Res* O 105 Eastmain Res T 3657 13 Eco Oro Mnls T Ecuador Gold V 114 El Capitan Prc* O 1071 El Nino Vent* O 12 El Nino Vent V 194 Elcora Res V 193 Eldorado Gold* N 32377 Eldorado Gold T 13602 Ely Gold & Mnl* O 442 Ely Gold & Mnl V 547 Emgold Mng* O 64 Emgold Mng V 531 Empire Rock V 181 Encanto Potash* O 1142 Encanto Potash V 19551 Endeavour Mng T 1400 Endeavour Mng* O 79 N 10520 Endeavr Silver* Endeavr Silver T 1220 Endurance Gold V 984 O 311 Energizer Res* Energizer Res T 1689 Energy Fuels T 551 Energy Fuels* X 1579 Entree Gold T 355 Entree Gold* X 349 Equitas Res* O 123 T 34 Era Res Inc Erdene Res Dev T 708 Erdene Res Dev* O 127 Erin Ventures* O 106 Eros Res Corp V 13 13 Eros Res Corp V Ethos Gold V 196 Ethos Gold* O 77 X 111 Eurasian Mnls* Eurasian Mnls V 81 Eureka Res V 688 EurOmax Res V 127 EurOmax Res* O 57 Everton Res V 6401 Everton Res* O 1039 Evolving Gold 154 Evolving Gold* O 65 Evrim Res V 66 Excalibur Res 495 Excellon Res* O 761 Excellon Res T 1441 Excelsior Mng* O 76 Excelsior Mng V 551 Exeter Res* X 2080 Exeter Res T 511 700 ExGen Res Inc V Explor Res* O 126 Explor Res V 2093 Falco Res V 2010 Fancamp Expl V 791 Fieldex Expl V 1235 Finore Mng 319 Fire River Gol* O 1 Firesteel Res V 75 Firestone Vent V 1338 O 26 Firma Holdings* First Bauxite V 51 First Majestic T 6172 First Majestic* N 20464 First Mg Fin V 20110 First Quantum T 35546 Fission 3.0 V 1692 Fission Uran T 4721 Fission Uran* O 1439 Flinders Res* O 186 Flinders Res V 241 Focus Graphite* O 694 Focus Graphite V 2596 Focus Vent V 2925 Foran Mng V 211 Formation Mtls T 1862 Fortescue Mtls* O 52 Fortuna Silvr T 1926 Fortuna Silvr* N 3468 Fortune Bay T 113 Fortune Mnrls T 3307 Fortune Mnrls* O 347 Forum Uranium V 606 Forum Uranium* O 108 Four River V 11 Fox River Res 198 Franco-Nevada* N 4959 Franco-Nevada T 3796 Franklin Mng* O 6 Freegold Vent T 1027 Freeport McMo* N 214686 Freeport Res V 173 Fresnillo plc* O 11 Frontline Gold V 2727 Full Metal Mnl V 68

0.13 0.12 0.12 + 0.00 0.14 0.04 0.06 0.00 0.06 - 0.01 0.17 0.05 0.05 0.02 0.04 + 0.02 0.10 0.01 0.97 0.73 0.93 + 0.20 0.88 0.45 1.24 0.94 1.15 + 0.20 1.16 0.62 0.05 0.05 0.05 - 0.01 0.13 0.04 0.19 0.17 0.19 + 0.01 0.40 0.17 0.03 0.02 0.03 + 0.01 0.06 0.01 0.16 0.12 0.15 + 0.01 0.16 0.04 0.21 0.16 0.19 + 0.02 0.21 0.06 0.60 0.60 0.60 + 0.05 0.60 0.10 0.85 0.73 0.82 + 0.09 1.20 0.48 0.67 0.57 0.62 + 0.06 0.99 0.35 0.06 0.04 0.04 + 0.01 0.21 0.03 25.85 23.36 25.78 + 2.79 25.55 10.62 0.55 0.21 0.21 - 0.20 1.81 0.20 1.03 0.91 1.01 + 0.09 1.45 0.65 0.79 0.70 0.75 + 0.06 1.15 0.46 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.12 0.13 - 0.01 0.25 0.10 0.04 0.03 0.03 - 0.01 0.14 0.03 0.05 0.04 0.04 + 0.01 0.18 0.03 0.06 0.05 0.06 + 0.01 0.10 0.04 0.14 0.12 0.14 + 0.00 0.25 0.08 12.24 10.51 10.84 - 0.96 20.30 7.27 15.74 13.50 13.91 - 1.42 24.60 9.96 0.01 0.01 0.01 + 0.00 0.02 0.01 0.08 0.07 0.07 - 0.01 0.19 0.06 4.60 4.23 4.41 + 0.17 4.60 1.10 2.49 2.23 2.41 + 0.21 3.19 0.84 0.02 0.02 0.02 + 0.01 0.04 0.01 0.21 0.08 0.13 + 0.06 0.21 0.03 0.15 0.10 0.10 - 0.02 0.15 0.02 2.26 2.13 2.16 - 0.01 2.32 1.30 0.10 0.08 0.09 + 0.01 0.60 0.08 0.13 0.10 0.11 - 0.01 0.78 0.10 0.03 0.03 0.03 + 0.01 0.08 0.02 0.09 0.07 0.09 + 0.02 0.09 0.05 0.15 0.11 0.12 + 0.01 0.15 0.03 0.63 0.60 0.60 + 0.02 1.84 0.47 0.82 0.00 0.78 + 0.01 2.26 0.61 0.10 0.02 0.10 + 0.05 0.10 0.01 0.50 0.43 0.46 - 0.02 0.50 0.28 0.40 0.34 0.36 + 0.02 0.90 0.25 0.30 0.00 0.30 - 0.01 0.45 0.10 0.04 0.04 0.04 - 0.00 0.16 0.03 0.03 0.00 0.03 + 0.02 0.03 0.00 0.03 0.02 0.02 - 0.01 0.03 0.01 0.51 0.49 0.49 - 0.02 0.75 0.08 3.84 3.47 3.68 + 0.28 5.36 1.87 4.90 4.47 4.73 + 0.32 6.40 2.67 0.09 0.07 0.08 + 0.01 0.10 0.02 0.11 0.08 0.10 + 0.01 0.12 0.03 0.02 0.01 0.02 + 0.01 0.02 0.00 0.03 0.02 0.03 + 0.02 0.03 0.01 0.20 0.12 0.20 + 0.07 0.18 0.04 0.14 0.05 0.11 + 0.06 0.13 0.03 0.18 0.07 0.13 + 0.07 0.16 0.05 14.66 13.00 14.04 + 1.24 14.66 4.35 11.30 10.00 10.89 + 1.06 11.30 4.40 3.16 2.79 3.05 + 0.25 3.16 1.00 4.07 3.58 3.92 + 0.29 4.07 1.46 0.05 0.03 0.04 - 0.01 0.08 0.02 0.08 0.06 0.07 + 0.01 0.10 0.03 0.10 0.08 0.10 + 0.02 0.13 0.03 3.09 2.85 2.92 + 0.09 6.73 2.47 2.42 2.20 2.30 + 0.11 5.60 1.81 0.42 0.39 0.40 + 0.01 0.62 0.25 0.35 0.30 0.31 + 0.01 0.51 0.17 0.05 0.05 0.05 + 0.01 0.17 0.02 0.20 0.14 0.16 + 0.02 0.50 0.09 0.25 0.22 0.23 + 0.02 0.25 0.11 0.19 0.17 0.17 + 0.01 0.19 0.08 0.03 0.03 0.03 + 0.00 0.08 0.03 0.14 0.13 0.14 + 0.01 0.17 0.09 0.14 0.13 0.14 + 0.01 0.17 0.09 0.22 0.19 0.21 + 0.01 0.23 0.11 0.17 0.15 0.15 + 0.02 0.17 0.09 0.70 0.57 0.66 + 0.09 0.74 0.35 0.90 0.77 0.85 + 0.08 0.90 0.48 0.11 0.06 0.11 + 0.05 0.13 0.03 0.58 0.42 0.57 + 0.09 0.58 0.21 0.46 0.32 0.45 + 0.00 0.46 0.15 0.07 0.04 0.07 + 0.03 0.07 0.01 0.06 0.04 0.06 + 0.03 0.05 0.00 0.11 0.07 0.07 + 0.02 0.10 0.02 0.08 0.05 0.08 + 0.05 0.08 0.02 0.24 0.20 0.20 - 0.04 0.26 0.10 0.03 0.00 0.03 + 0.02 0.03 0.01 0.78 0.69 0.77 + 0.10 0.78 0.14 1.00 0.89 0.98 + 0.13 1.00 0.20 0.22 0.20 0.22 + 0.02 0.31 0.12 0.30 0.26 0.30 + 0.04 0.39 0.19 0.80 0.65 0.80 + 0.16 0.80 0.29 1.03 0.84 1.02 + 0.20 1.02 0.39 0.01 0.01 0.01 + 0.01 0.03 0.01 0.13 0.11 0.11 + 0.01 0.18 0.03 0.17 0.14 0.16 + 0.02 0.24 0.04 0.59 0.53 0.57 + 0.05 0.59 0.21 0.03 0.02 0.03 + 0.01 0.04 0.02 0.04 0.03 0.04 - 0.01 0.05 0.01 0.03 0.01 0.03 + 0.01 0.04 0.01 0.04 0.00 0.04 + 0.02 0.10 0.00 0.02 0.02 0.02 + 0.01 0.08 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.06 0.00 0.06 + 0.02 0.25 0.02 0.05 0.04 0.04 - 0.01 0.09 0.03 10.59 9.08 10.55 + 1.63 10.25 3.50 8.25 7.01 8.22 + 1.35 8.04 2.40 0.70 0.42 0.69 + 0.28 0.61 0.25 7.84 6.42 7.14 + 0.86 19.83 2.15 0.11 0.09 0.10 + 0.01 0.14 0.06 0.74 0.64 0.71 + 0.05 1.23 0.53 0.57 0.50 0.54 + 0.04 1.03 0.39 0.30 0.25 0.25 - 0.00 0.50 0.09 0.39 0.33 0.35 + 0.02 0.39 0.12 0.20 0.16 0.16 + 0.00 0.30 0.04 0.26 0.21 0.21 - 0.01 0.36 0.07 0.08 0.06 0.08 + 0.02 0.24 0.05 0.11 0.09 0.11 + 0.01 0.48 0.05 0.33 0.20 0.28 + 0.09 0.31 0.09 2.46 2.12 2.29 + 0.23 2.46 1.00 6.43 5.66 6.32 + 0.76 6.43 2.65 5.04 4.33 4.93 + 0.66 5.04 2.00 0.35 0.00 0.30 - 0.03 0.43 0.25 0.08 0.06 0.07 + 0.01 0.11 0.02 0.06 0.04 0.05 - 0.00 0.08 0.01 0.18 0.14 0.15 - 0.03 0.19 0.04 0.14 0.11 0.12 + 0.01 0.14 0.03 0.18 0.00 0.15 - 0.04 0.20 0.05 0.04 0.04 0.04 - 0.01 0.05 0.03 69.59 65.33 67.58 + 2.45 69.59 38.20 88.88 83.91 86.84 + 2.07 88.89 49.96 0.00 0.00 0.00 + 0.00 0.03 0.00 0.16 0.13 0.15 + 0.01 0.24 0.05 11.23 9.51 10.86 + 1.53 23.97 3.52 0.02 0.01 0.02 + 0.01 0.02 0.01 14.91 13.50 14.45 + 1.05 14.91 8.70 0.02 0.01 0.02 + 0.01 0.02 0.01 0.06 0.00 0.06 + 0.01 0.07 0.02

G&S Minerals* O 1 Gabriel Res T 637 Gainey Capital V 99 Galantas Gold V 422 Galena Intl Rs V 30 Galway Mtls* O 7 Garibaldi Res V 349 GB Minerals V 24 Gear Intl* O 4 Gem Intl Res V 70 General Moly T 5 General Moly* X 661 Genius Props 1578 Gensource Pot V 559 Geodex Mnrls* O 14 Geodex Mnrls V 10 Geologix Expl V 1981 Geologix Expl* O 214 Geomega Res V 520 GFK Res V 120 Gldn Predator* O 288 Gldn Predator V 707 Glen Eagle Res V 813 Glencore Plc* O 1347 Global Hunter* O 6 Global Hunter V 75 Globex Mng* O 55 Globex Mng T 473 GMCI Corp* O 0 GMV Minerals V 139 GoGold Res T 313 Gold & Silver* O 9688 Gold Bulln Dev* O 165 Gold Bulln Dev V 3967 Gold Dynamics* O 4452 Gold Fields* N 24072 Gold Jub Cap V 275 Gold Mng USA* O 895 Gold Mtn Mng V 83 Gold Reach Res V 580 Gold Reserve* O 183 Gold Reserve V 73 Gold Resource* X 3005

0.00 0.00 0.00 + 0.00 0.00 0.00 0.20 0.18 0.19 - 0.01 0.50 0.12 0.14 0.12 0.13 - 0.01 0.30 0.10 0.09 0.07 0.09 - 0.01 0.18 0.07 0.05 0.04 0.04 - 0.01 0.05 0.01 0.10 0.10 0.10 + 0.00 0.13 0.06 0.10 0.10 0.10 - 0.01 0.18 0.05 0.09 0.08 0.08 - 0.01 0.12 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.00 0.05 + 0.01 0.15 0.04 0.43 0.38 0.38 - 0.05 1.20 0.22 0.34 0.27 0.33 + 0.02 1.00 0.15 0.05 0.03 0.05 + 0.02 0.12 0.02 0.06 0.05 0.06 + 0.01 0.07 0.04 0.05 0.00 0.05 + 0.00 0.05 0.05 0.07 0.00 0.07 + 0.01 0.35 0.05 0.06 0.04 0.05 + 0.01 0.06 0.02 0.04 0.04 0.04 + 0.00 0.04 0.01 0.20 0.17 0.18 - 0.01 0.29 0.06 0.08 0.08 0.08 + 0.01 0.12 0.03 0.19 0.13 0.16 - 0.00 0.18 0.06 0.24 0.16 0.21 + 0.02 0.24 0.07 0.16 0.12 0.13 + 0.02 0.16 0.03 4.48 3.94 4.36 + 0.51 9.68 1.95 0.03 0.01 0.03 + 0.02 0.02 0.01 0.03 0.00 0.03 + 0.01 0.04 0.01 0.21 0.21 0.21 + 0.02 0.25 0.13 0.27 0.26 0.27 + 0.02 0.37 0.17 1.50 0.00 1.50 - 0.15 1.80 0.05 0.13 0.00 0.13 + 0.03 0.26 0.05 1.45 1.29 1.44 + 0.07 1.67 0.94 0.01 0.00 0.00 - 0.00 5460.00 0.00 0.08 0.06 0.06 - 0.02 0.09 0.01 0.11 0.07 0.08 - 0.02 0.11 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 4.39 3.88 4.08 - 0.08 4.68 2.04 0.28 0.23 0.27 + 0.04 0.25 0.07 0.07 0.04 0.05 - 0.01 0.44 0.03 0.08 0.06 0.08 + 0.01 0.11 0.02 0.21 0.00 0.16 - 0.01 0.30 0.08 4.57 4.36 4.57 + 0.07 5.90 2.19 5.93 5.58 5.90 + 0.05 8.00 3.06 2.82 2.51 2.77 + 0.27 3.60 1.14

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gold Std Vents V 1070 Gold Std Vents* X 1572 Goldbelt Emp V 108 T 19216 Goldcorp Goldcorp* N 50577 Golden Arrow V 656 Golden Band* O 77 Golden Dawn Ml V 3076 O 53 Golden Goliath* Golden Hope V 47 Golden Mnls T 865 Golden Mnls* X 6057 165 Golden Peak Mn V O 1256 Golden Queen* Golden Queen T 385 Golden Reign V 280 88 Golden Sh Mng V Golden Star T 1230 19668 Golden Star* X Golden Tag V 268 Golden Valley V 1119 Goldex Res V 31 Goldex Res* O 24 Goldeye Expl V 378 O 27 Goldgroup Mng* T 590 Goldgroup Mng GoldON Res V 228 GoldON Res* O 181 V 3411 GoldQuest Mng Goldrea Res 222 V 543 Goldrock Mines O 96 Goldsource Min* V 392 Goldsource Min Goldstar Mnls V 475 V 384 Goldstrike Res Gonzaga Res V 30 GoviEx Uranium 50 Gowest Gold* O 136 Gowest Gold V 9783 GPM Metals* O 47 GPM Metals V 590 O 1073 Gran Colombia* O 2 Grande Portage* V 19 Grande Portage O 863 Graphite Corp* Graphite One V 8108 Graphite One* O 518 Great Atlantic V 2005 427 Great Bear Res V Great Lakes Gr V 1288 305 Great Lakes Gr* O Great Panther T 1256 X 6256 Great Panther* 65 Great Quest Fe V 32 Great Rock Dev* O Great Thunder V 5001 V 363 Greencastle Rs O 36 Greenflag Vent* Grizzly Discvr V 124 Grizzly Discvr* O 53 Grizzly Gold* O 57 438 GTA Res & Mng V V 552 Guerrero Vents Gungnir Res V 1414 Gungnir Res* O 440 Gunpoint Expl V 55 T 4013 Guyana Gldflds GWR Res V 118 Handa Copper V 17 341 Happy Ck Mnrls V 516 Hard Creek Ni V 25088 N Harmony Gold* Harte Gold T 3504 V 329 Hawkeye Gld&Di V 158 Heatherdale Rs 38387 Hecla Mining* N Helio Res V 1472 O 19 Hemcare Health* HFX Holding V 28 Hinterland Mtl V 2565 O 86 Hochschild Mg* O 410 Homestake Res* V 731 Homestake Res T 2576 Horizonte Mnls 153 Hornby Bay Mnl V Houston Lake V 478 HudBay Mnls* N 1087 HudBay Mnls T 13156 Hudson Res V 88 Hudson Res* O 73

1.64 1.47 1.56 + 0.05 1.64 0.40 1.28 1.13 1.22 + 0.05 1.28 0.26 0.02 0.05 + 0.02 0.10 0.05 0.03 13.55 21.56 - 0.68 24.87 23.18 20.90 16.77 - 0.34 20.30 9.46 18.05 16.30 0.17 0.28 - 0.01 0.50 0.32 0.28 0.00 0.00 - 0.00 0.01 0.00 0.00 0.12 0.09 0.09 - 0.03 0.24 0.07 0.00 0.02 + 0.02 0.02 0.02 0.01 0.12 0.20 + 0.01 0.64 0.25 0.19 0.19 0.93 + 0.23 1.22 1.22 0.79 0.13 0.71 + 0.18 0.94 0.94 0.64 0.06 0.06 0.06 + 0.01 0.09 0.04 0.48 1.35 - 0.13 1.56 1.54 1.32 0.65 1.79 - 0.14 2.00 1.96 1.69 0.07 0.14 + 0.01 0.20 0.15 0.13 0.12 0.10 0.12 + 0.03 0.11 0.03 0.21 0.90 + 0.26 0.81 0.94 0.64 0.14 0.70 + 0.20 0.63 0.74 0.50 0.02 0.05 + 0.02 0.05 0.05 0.03 0.07 0.15 + 0.03 0.19 0.15 0.13 0.10 0.30 + 0.05 0.60 0.30 0.21 0.08 0.24 + 0.11 0.24 0.24 0.00 0.02 0.04 + 0.01 0.06 0.04 0.03 0.03 0.08 + 0.02 0.10 0.08 0.07 0.05 0.11 + 0.03 0.12 0.12 0.09 0.03 0.19 + 0.06 0.16 0.19 0.14 0.03 0.13 + 0.03 0.13 0.13 0.11 0.07 0.30 + 0.03 0.35 0.35 0.29 0.02 0.11 + 0.06 0.11 0.11 0.06 0.15 0.40 + 0.01 0.43 0.43 0.38 0.11 0.24 + 0.01 0.28 0.24 0.21 0.13 0.32 + 0.02 0.40 0.32 0.28 0.01 0.04 + 0.03 0.04 0.04 0.01 0.07 0.17 + 0.01 0.21 0.17 0.15 0.01 0.02 + 0.01 0.07 0.02 0.02 0.04 0.10 + 0.01 0.19 0.10 0.07 0.04 0.06 + 0.00 0.07 0.06 0.06 0.05 0.08 + 0.01 0.10 0.08 0.07 0.07 0.15 + 0.03 0.15 0.15 0.14 0.08 0.19 + 0.03 0.33 0.19 0.18 0.04 0.08 + 0.00 0.37 0.08 0.07 0.02 0.03 + 0.01 0.06 0.06 0.02 0.04 0.07 + 0.03 0.15 0.07 0.00 0.00 0.00 + 0.00 0.02 0.01 0.00 0.07 0.13 + 0.02 0.15 0.13 0.10 0.05 0.10 + 0.01 0.11 0.10 0.07 0.03 0.04 + 0.01 0.14 0.06 0.00 0.03 0.03 0.03 - 0.01 0.08 0.01 0.08 0.07 0.07 - 0.01 0.15 0.06 0.06 0.05 0.05 - 0.01 0.12 0.04 0.40 1.53 + 0.22 1.51 1.53 1.25 0.30 1.19 + 0.17 1.18 1.19 0.96 0.23 0.19 0.23 - 0.03 0.63 0.11 0.00 0.00 0.00 - 0.00 0.02 0.00 0.01 0.08 + 0.07 0.03 0.11 0.00 0.05 0.08 - 0.02 0.10 0.09 0.08 0.00 0.00 + 0.00 0.15 0.00 0.00 0.01 0.05 + 0.01 0.10 0.05 0.05 0.02 0.04 + 0.00 0.07 0.04 0.04 0.01 0.04 + 0.01 0.06 0.06 0.02 0.06 0.04 0.05 + 0.01 0.08 0.02 0.01 0.04 + 0.01 0.05 0.04 0.02 0.01 0.02 - 0.01 0.04 0.03 0.02 0.00 0.02 - 0.00 0.03 0.02 0.02 0.13 0.20 - 0.04 0.24 0.24 0.19 2.48 6.16 + 0.75 6.04 6.18 5.43 0.02 0.04 + 0.01 0.08 0.04 0.04 0.03 0.04 - 0.01 0.12 0.05 0.00 0.12 0.10 0.11 + 0.01 0.17 0.08 0.03 0.00 0.03 + 0.01 0.08 0.01 0.53 3.59 - 0.34 4.19 4.17 3.48 0.05 0.20 + 0.01 0.35 0.20 0.18 0.03 0.07 - 0.01 0.08 0.08 0.06 0.01 0.04 - 0.01 0.05 0.04 0.00 1.45 3.26 + 0.30 3.37 3.29 3.00 0.02 0.04 + 0.01 0.05 0.05 0.04 0.01 0.11 + 0.06 0.80 0.24 0.05 0.01 0.03 - 0.01 0.15 0.04 0.03 0.01 0.03 + 0.02 0.02 0.03 0.00 0.59 1.83 + 0.25 1.85 1.85 1.60 0.01 0.02 - 0.01 0.03 0.03 0.02 0.01 0.03 - 0.01 0.04 0.04 0.03 0.02 0.04 + 0.01 0.06 0.05 0.02 0.03 0.03 0.03 - 0.01 0.10 0.03 0.12 0.30 - 0.02 0.40 0.36 0.29 3.74 3.16 3.32 + 0.22 10.37 1.56 4.77 4.06 4.26 + 0.25 12.61 2.26 0.34 0.45 - 0.02 0.55 0.46 0.41 0.26 0.35 - 0.01 0.43 0.36 0.32

I-Minerals V 101 I-Minerals* O 4 IAMGOLD T 13669 34190 IAMGOLD* N Iberian Mnrls V 4456 IC Potash* O 162 IC Potash T 10569 Iconic Mnls V 480 IDM Mining V 1948 IDM Mining* O 512 IMPACT Silver V 1686 O 110 Impala Platnm* 6 Imperial Metal* O 184 Imperial Metal T 874 Inca One Gold V Q 103 Inception Mng* V 472 Independence G Indico Res V 165 Infrastructure* O 150 Intact Gold V 827 Integra Gold* O 1111 Intgr Egy Sol* O 22970 Intigold Mines V 1096 11 Intl Bethl Mng V Intl Lithium* O 98 Intl Lithium V 4097 608 T Intl Tower Hil Intl Tower Hil* X 2378 Intrepid Pots* N 5520 INV Metals T 1831 Inventus Mg V 1612 InZinc Mining V 223 Irving Res 82 20 Itoco Mg Corp* O O 849 Ivanhoe Mines* Ivanhoe Mines T 6182 J.A.G. Mines V 167 Jaguar Mng* O 714 Jaguar Mng V 1379 Jasper Mng V 67 Jaxon Mnls V 715 Jayden Res V 117 O 46 Kaizen Discvry* V 293 Kaizen Discvry O 1719 Kaminak Gold* Kaminak Gold V 3565 V 785 Kapuskasing Gd Karnalyte Res T 157 46481 KAT Expl* O Kazax Mnls V 98 Kennady Diam V 139 Kerr Mines* O 382 Khalkos Expl V 481 Khan Res 548 O 8 Kilo Goldmines* V 140 Kilo Goldmines V 609 Kincora Copper O 4 Kingsrose Mng* 88897 Kinross Gold* N Kinross Gold T 41986 121 Kirkland Lk Gd* O Kirkland Lk Gd T 3445 Kiska Metals* O 59 Kiska Metals V 1285 Klondex Mns T 1579 Klondike Gold V 482 O 39 Klondike Gold* Klondike Silv* O 28 Klondike Silv V 289 V 90 Kombat Copper V 70 Komet Resource Kootenay Silvr V 1310 KWG Res* O 1282 KWG Res 7120

0.14 0.20 - 0.03 0.37 0.23 0.00 0.11 0.17 - 0.00 0.28 0.17 0.17 1.50 3.66 + 0.38 3.79 3.79 3.35 1.15 2.86 + 0.34 2.97 2.97 2.60 0.05 0.05 - 0.01 0.11 0.06 0.05 0.03 0.06 + 0.03 0.25 0.06 0.03 0.04 0.07 + 0.02 0.31 0.09 0.05 0.03 0.23 + 0.03 0.24 0.24 0.18 0.07 0.11 - 0.01 0.14 0.12 0.11 0.04 0.08 + 0.00 0.11 0.09 0.08 0.11 0.54 + 0.12 0.55 0.57 0.43 1.45 3.14 + 0.26 5.96 3.33 3.06 3.60 3.13 3.60 + 0.41 10.96 2.81 4.72 4.00 4.52 + 0.53 13.27 3.92 0.08 0.07 0.08 + 0.01 0.26 0.07 0.05 0.28 + 0.18 0.35 0.31 0.11 0.06 0.11 + 0.01 0.13 0.12 0.10 0.02 0.08 + 0.02 0.16 0.08 0.05 0.01 0.01 + 0.00 0.02 0.01 0.01 0.02 0.15 + 0.02 0.17 0.24 0.12 0.18 0.42 + 0.00 0.45 0.45 0.39 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.08 - 0.04 0.32 0.10 0.08 0.06 0.00 0.06 + 0.02 0.10 0.02 0.01 0.14 + 0.05 0.16 0.16 0.14 0.02 0.25 + 0.11 0.21 0.27 0.15 0.73 0.50 0.65 + 0.19 0.73 0.26 0.55 0.38 0.50 + 0.14 0.55 0.18 1.13 0.91 1.02 + 0.10 13.24 0.65 0.08 0.48 + 0.19 0.44 0.48 0.25 0.01 0.10 + 0.03 0.08 0.10 0.07 0.04 0.06 - 0.01 0.14 0.06 0.05 0.11 0.13 + 0.01 0.20 0.15 0.12 0.20 0.20 0.20 + 0.04 1.10 0.13 0.36 0.73 + 0.06 1.08 0.76 0.68 0.53 0.93 + 0.05 1.36 0.97 0.88 0.01 0.02 + 0.01 0.04 0.02 0.02 0.07 0.30 + 0.03 0.31 0.31 0.28 0.12 0.38 + 0.03 0.40 0.40 0.36 0.02 0.05 + 0.02 0.06 0.05 0.00 0.01 0.06 + 0.02 0.06 0.06 0.04 0.03 0.05 + 0.02 0.15 0.05 0.00 0.06 0.08 + 0.01 0.21 0.10 0.08 0.08 0.12 + 0.01 0.30 0.13 0.11 0.47 1.45 + 0.18 1.50 1.50 1.27 0.61 1.86 + 0.21 1.92 1.92 1.65 0.02 0.05 + 0.02 0.09 0.05 0.03 0.52 2.34 + 0.11 4.15 2.35 2.11 0.00 0.00 + 0.00 0.01 0.00 0.00 0.01 0.03 + 0.02 0.06 0.03 0.02 2.35 3.60 + 0.20 5.95 3.72 3.41 0.01 0.06 + 0.00 0.12 0.06 0.05 0.05 0.14 + 0.03 0.16 0.16 0.12 0.34 0.78 - 0.01 0.85 0.80 0.77 0.03 0.13 + 0.03 0.13 0.13 0.13 0.04 0.16 + 0.02 0.17 0.17 0.12 0.02 0.03 + 0.01 0.04 0.03 0.02 0.58 0.76 + 0.00 1.29 0.82 0.76 1.31 4.25 + 0.34 4.49 4.49 3.98 1.79 5.47 + 0.38 5.72 5.72 5.10 6.97 6.37 6.64 + 0.05 7.33 3.12 8.96 8.19 8.52 - 0.05 9.53 4.49 0.01 0.04 + 0.01 0.04 0.04 0.03 0.01 0.04 - 0.01 0.05 0.05 0.04 2.56 4.01 + 0.09 4.19 4.19 3.79 0.08 0.17 + 0.01 0.20 0.18 0.16 0.06 0.14 + 0.02 0.15 0.15 0.13 0.01 0.03 + 0.01 0.03 0.03 0.02 0.01 0.03 + 0.01 0.05 0.04 0.02 0.02 0.07 - 0.01 0.11 0.10 0.07 0.26 0.37 + 0.02 0.47 0.37 0.33 0.17 0.39 + 0.06 0.56 0.44 0.36 0.00 0.02 + 0.01 0.02 0.02 0.02 0.01 0.03 + 0.01 0.03 0.03 0.02

614 Labdr Iron Mns* O Labrador Iron T 1777 Lancaster Cap V 41 Lara Expl V 105 Laramide Res T 495 Laredo Res* O 2995 Largo Res* O 21 Largo Res V 286 Lateral Gold V 3326 85 Latin Am Mnls* O 515 Latin Am Mnls V 219 Laurion Mnl Ex* O LeadFX Inc T 157 LeadFX Inc* O 12 Legend Gold* O 361

0.01 0.00 0.01 + 0.00 0.02 0.00 13.28 + 1.34 17.45 6.85 14.60 12.11 0.04 0.25 + 0.05 0.25 0.25 0.20 0.20 0.44 + 0.04 0.52 0.52 0.42 0.15 0.26 + 0.01 0.35 0.27 0.23 0.00 0.00 - 0.00 0.01 0.00 0.00 0.08 0.28 + 0.04 0.75 0.28 0.00 0.11 0.41 + 0.09 0.95 0.45 0.28 0.07 0.10 + 0.04 0.36 0.15 0.07 0.09 0.09 0.09 - 0.00 0.11 0.06 0.12 0.10 0.11 - 0.01 0.35 0.05 0.01 0.00 0.01 + 0.00 0.04 0.00 0.12 0.18 + 0.01 2.25 0.19 0.00 0.11 0.11 - 0.04 0.29 0.11 0.00 0.01 0.04 + 0.02 0.07 0.04 0.02

I-J-K

2016-04-19 5:26 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 25â&#x20AC;&#x201C;MAY 1, 2016

s toc k ta b le s (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Legend Gold V 826 Lepanto Con Mg* O 416 Levon Res Ltd T 1241 Levon Res Ltd * O 280 Lexam VG Gold T 2478 Lexam VG Gold* O 1710 Li3 Energy* O 2247 20 Libero Mg Corp V Lincoln Mng V 261 Lion One Mtls V 149 Lion One Mtls* O 110 Lithium Amer T 19800 Lithium Corp* O 1677 Lithium Expl* O 16056 Lithium X Egy V 6062 Lode-Star Mg* O 335 Lomiko Mtls* O 202 Loncor Res* O 20 Loncor Res T 252 Lone Star Gold* O 62 Lonmin plc* O 8 V 206 Lorraine Coppr Los Andes Copp V 43 Lowell Copper V 51 Lucara Diam T 3491 Luna Gold T 570 Luna Gold* O 621 Lund Enterpr V 116 Lundin Gold T 579 Lundin Mng T 8962 Lupaka Gold V 89 Lydian Intl* O 164 Lydian Intl T 2019 Lynas Corp* O 226

0.06 0.04 0.05 + 0.02 0.09 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.24 0.16 0.24 + 0.10 0.32 0.09 0.18 0.12 0.18 + 0.07 0.18 0.07 0.24 0.19 0.21 + 0.02 0.24 0.05 0.18 0.15 0.16 + 0.00 0.18 0.04 0.03 0.02 0.02 + 0.00 0.04 0.01 0.10 0.08 0.10 + 0.02 0.12 0.02 0.10 0.07 0.10 + 0.01 0.10 0.02 0.50 0.44 0.45 - 0.01 0.60 0.24 0.38 0.34 0.37 + 0.02 0.45 0.18 0.87 0.66 0.82 + 0.04 0.96 0.26 0.07 0.03 0.06 + 0.01 0.07 0.02 0.04 0.02 0.02 + 0.00 1.28 0.02 2.85 1.37 2.53 + 1.01 1.99 0.05 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.03 0.03 - 0.00 0.05 0.02 0.09 0.00 0.08 + 0.04 0.13 0.01 0.09 0.06 0.09 + 0.03 0.13 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 2.36 0.00 2.36 + 0.51 233.10 0.55 0.04 0.00 0.04 - 0.01 0.13 0.04 0.18 0.15 0.18 + 0.02 0.23 0.05 0.29 0.25 0.25 - 0.03 0.45 0.12 3.14 2.80 3.12 + 0.31 3.09 1.42 0.17 0.14 0.16 + 0.03 0.19 0.03 0.13 0.11 0.12 + 0.02 0.16 0.02 0.07 0.00 0.07 + 0.03 0.07 0.02 5.87 5.30 5.72 - 0.11 6.51 3.46 4.35 4.01 4.24 + 0.25 6.46 2.98 0.16 0.00 0.15 + 0.02 0.19 0.04 0.23 0.19 0.22 + 0.03 0.48 0.13 0.29 0.24 0.28 + 0.03 0.58 0.19 0.06 0.05 0.06 - 0.00 0.10 0.02

M Macarthur Mnl V 14389 0.08 0.04 0.07 + 0.03 0.08 0.02 Macarthur Mnl* O 214 0.04 0.03 0.03 - 0.00 0.04 0.02 O 29 0.23 0.13 0.21 + 0.08 0.23 0.01 MacMillan Mnls* MacMillan Mnls V 24 0.30 0.00 0.27 + 0.07 0.30 0.05 X 568 10.88 9.72 10.87 + 1.25 10.76 5.65 MAG Silver* MAG Silver T 965 13.98 12.56 13.92 + 1.38 13.75 6.90 Magellan Gold* O 1434 0.08 0.05 0.08 + 0.03 0.09 0.03 V 670 0.09 0.07 0.09 + 0.03 0.09 0.03 Magellan Mnrls Magellan Mnrls* O 476 0.07 0.05 0.07 + 0.01 0.07 0.02 V 224 0.04 0.03 0.04 + 0.01 0.13 0.02 Magnum Goldco Magnus Intl* O 5 0.00 0.00 0.00 - 0.00 0.00 0.00 Majescor Res* O 4 0.04 0.04 0.04 + 0.01 0.04 0.01 0.05 - 0.01 0.06 0.02 Majescor Res V 396 0.06 0.04 Majestic Gold V 263 0.09 0.07 0.08 - 0.01 0.12 0.04 O 103 0.07 0.05 0.06 - 0.01 0.08 0.02 Majestic Gold* Makena Res* O 339 0.02 0.02 0.02 + 0.00 0.03 0.01 Makena Res V 3730 0.03 0.02 0.03 + 0.01 0.05 0.01 0.03 - 0.01 0.04 0.02 Manitou Gold V 351 0.04 0.03 Manson Creek V 119 0.02 0.00 0.02 + 0.01 0.03 0.01 T 707 0.27 0.22 0.24 + 0.02 0.35 0.11 Marathon Gold Margaux Res V 127 0.20 0.11 0.19 + 0.02 0.30 0.11 Marlin Gold V 120 0.45 0.00 0.37 - 0.02 0.75 0.15 0.29 - 0.02 0.62 0.10 Marlin Gold* O 148 0.36 0.28 MartinMarietta* N 2476 168.23 161.97 165.63 - 0.55 178.67 108.31 V 826 0.60 0.53 0.59 + 0.03 0.61 0.30 Mason Graphite Mason Graphite* O 130 0.47 0.41 0.46 + 0.03 0.48 0.21 Matachewan Con V 22 0.35 0.30 0.34 - 0.02 0.49 0.17 O 146 0.03 0.02 0.03 + 0.01 0.04 0.01 Matamec Expl* Matamec Expl V 938 0.06 0.04 0.05 + 0.01 0.05 0.02 0.02 + 0.00 0.07 0.01 Matica Ent* O 1421 0.02 0.02 Maudore Mnrls V 109 0.01 0.01 0.01 - 0.01 0.01 0.01 Mawson Res T 145 0.29 0.22 0.24 - 0.01 0.30 0.16 0.19 + 0.01 0.27 0.12 Mawson Res* O 51 0.23 0.17 Mawson West T 758 0.01 0.01 0.01 - 0.01 0.08 0.01 0.06 - 0.02 0.11 0.04 MAX Res V 72 0.07 0.06 MaxTech Vent 190 0.26 0.12 0.26 + 0.14 0.22 0.05 Maya Gold &Sil V 1098 0.18 0.15 0.16 + 0.01 0.30 0.10 V 182 0.02 0.02 0.02 + 0.01 0.04 0.01 Mazarin MBAC Fertilizr* O 2 0.02 0.02 0.02 + 0.00 0.11 0.01 12971 2.52 2.19 2.35 + 0.05 2.52 0.65 McEwen Mng* N McEwen Mng T 1521 3.24 2.82 3.02 + 0.02 3.24 0.84 MDN Inc V 357 0.05 0.04 0.05 + 0.01 0.06 0.01 980 0.10 0.08 0.08 + 0.00 0.20 0.04 Meadow Bay Gd* O Mechel* N 1731 2.15 1.83 2.07 + 0.24 2.96 1.23 0.04 - 0.01 0.06 0.01 Medallion Res V 252 0.04 0.04 Medallion Res* O 218 0.03 0.02 0.02 - 0.01 0.04 0.01 Medgold Res V 271 0.09 0.09 0.09 + 0.01 0.15 0.05 O 5953 0.02 0.01 0.01 - 0.00 0.04 0.01 Medinah Mnrls* Mega Uranium T 8603 0.20 0.15 0.18 + 0.04 0.20 0.05 O 853 0.15 0.11 0.13 + 0.02 0.15 0.04 Mega Uranium* Megastar Dev V 179 0.06 0.04 0.06 + 0.02 0.05 0.02 Melior Res V 157 0.04 0.03 0.04 + 0.01 0.10 0.01 O 60 0.59 0.47 0.59 + 0.11 0.59 0.19 Menika Mining* Menika Mining V 1316 0.75 0.60 0.73 + 0.09 0.75 0.05 0.17 + 0.01 0.20 0.10 Merrex Gold* O 8 0.17 0.16 Metalex Vent V 96 0.08 0.06 0.06 - 0.02 0.12 0.04 Metallis Res V 418 0.10 0.06 0.08 + 0.01 0.10 0.01 0.60 + 0.05 0.70 0.30 Metalo Manuf 18 0.70 0.60 Metals Creek V 258 0.13 0.11 0.13 + 0.02 0.19 0.05 0.10 + 0.00 0.14 0.05 Metals Creek* O 92 0.10 0.09 Metanor Res V 10099 0.12 0.10 0.10 - 0.01 0.13 0.03 Mexus Gold* O 7177 0.04 0.03 0.03 + 0.00 0.04 0.00 0.11 + 0.01 0.70 0.08 MGX Minerals 1309 0.12 0.08 Midas Gold T 5272 0.67 0.59 0.67 + 0.09 0.66 0.25 0.52 + 0.06 0.66 0.16 Midas Gold* O 4268 0.66 0.46 Midland Expl V 122 0.75 0.68 0.69 - 0.06 0.80 0.45 Midnight Sun V 54 0.12 0.11 0.11 - 0.01 0.24 0.08 0.24 + 0.01 0.32 0.11 Millrock Res* O 222 0.32 0.22 Millrock Res V 640 0.42 0.29 0.30 - 0.04 0.42 0.15 0.12 + 0.06 0.16 0.01 Millstream Min V 290 0.13 0.07 Minaurum Gold V 442 0.14 0.10 0.10 - 0.02 0.14 0.04 Minco Gold* X 994 0.31 0.27 0.30 + 0.02 0.40 0.10 Minco Gold T 275 0.39 0.35 0.37 + 0.01 0.49 0.12 Minco Silver T 428 0.89 0.78 0.84 + 0.09 0.91 0.32 Minco Silver* O 181 0.70 0.62 0.66 + 0.08 0.70 0.26 Minecorp Egy V 177 0.16 0.07 0.15 + 0.09 0.16 0.01 Minera Alamos V 315 0.11 0.11 0.11 + 0.01 0.14 0.07 Mineral Mtn V 111 0.21 0.17 0.20 + 0.02 0.25 0.08 Mines Manage* X 2104 0.79 0.53 0.61 + 0.08 0.79 0.11 Mines Manage T 71 1.06 0.63 0.77 + 0.03 1.06 0.17 Minnova Corp V 761 0.40 0.38 0.40 + 0.02 0.48 0.18 Miranda Gold V 1224 0.10 0.08 0.09 + 0.01 0.12 0.06 Mirasol Res V 402 1.36 1.20 1.33 + 0.13 1.35 0.72 Mistango River 30 0.02 0.01 0.02 + 0.01 0.07 0.01 Mitchell Res V 275 0.03 0.03 0.03 - 0.01 0.05 0.01 Molycorp* O 9269 0.09 0.04 0.05 - 0.03 1.15 0.02 Monarques Res V 690 0.12 0.10 0.12 + 0.03 0.12 0.06 Moneta Porcpn T 1936 0.21 0.15 0.20 + 0.05 0.20 0.05 Moneta Porcpn* O 96 0.14 0.11 0.14 + 0.03 0.15 0.04 Monster Mng V 15 0.02 0.01 0.01 - 0.01 0.02 0.01 Monster Uran* O 15 0.04 0.00 0.04 + 0.02 0.06 0.01 Monster Uran V 57 0.05 0.03 0.05 + 0.02 0.12 0.02 Montan Mg V 540 0.04 0.03 0.04 + 0.01 0.26 0.02 Montana Gold 19 0.07 0.00 0.07 + 0.01 0.07 0.02 Montero Mg&Ex V 393 0.03 0.02 0.03 + 0.01 0.06 0.01 Monument Mng V 893 0.14 0.13 0.14 + 0.01 0.16 0.08 Morien Res* O 30 0.24 0.23 0.23 + 0.01 0.24 0.13 Mosaic* N 26099 26.56 24.57 26.11 + 1.15 47.68 22.02 Mountain Boy V 1760 0.02 0.01 0.02 - 0.01 0.02 0.01 Mountain Prov T 711 5.60 5.04 5.35 - 0.03 5.60 3.38 Mountain Prov* D 217 4.39 3.90 4.17 + 0.04 4.40 2.47 Mundoro Cap* O 28 0.06 0.05 0.06 + 0.01 0.10 0.03 Mundoro Cap V 153 0.13 0.09 0.11 + 0.03 0.13 0.04 Myson Group* O 25 0.01 0.01 0.01 + 0.00 0.18 0.00

N-O NACCO Ind* N 107 Namibia Rare E T 105 Napier Vent V 99 Natural Res Pt* N 249 Nautilus Mnrls T 1290 Nautilus Mnrls* O 657 Nemaska Lith V 24877 Nemaska Lith* O 939 Nevada Clean M* O 104 Nevada Copper T 127 Nevada Egy Mtl* O 4881 Nevada Egy Mtl V 4327 Nevada Expl * O 85 Nevada Sunrise V 3220 Nevada Sunrise* O 130 Nevada Zinc V 820 Nevado Res V 1314 Nevsun Res* X 1501 Nevsun Res T 1366 New Carolin Gd V 2158 New Carolin Gd* O 47 New Colombia* O 564 New Destiny Mg V 2685 New Dimen Res V 154 New Era Mnrls V 35 New Gold* O 296 New Gold T 8196 New Guinea Gld* O 1212 New Jersey Mng* O 113 New Milln Iron T 1427 New Nadina V 91 New Pac Metals* O 3 Newlox Gold 2600 Newmac Res V 50 T 5444 Newmarket Gold Newmarket Gold* O 595 Newmont Mng* N 47257 Newstrike Res V 359 Nexgen Energy V 17263 O 903 Nexgen Energy* Next Gen Mtls* O 0

8-9_April25_StockTables.indd 9

59.50 57.42 58.60 + 0.70 62.96 40.04 0.09 0.06 0.08 + 0.02 0.20 0.04 0.28 0.24 0.24 - 0.03 0.34 0.15 10.56 8.41 10.16 + 1.75 74.05 5.00 0.18 0.16 0.16 - 0.01 0.50 0.15 0.14 0.12 0.13 - 0.00 0.41 0.11 1.23 0.86 1.05 + 0.06 1.23 0.15 0.97 0.69 0.83 + 0.04 0.97 0.13 0.02 0.01 0.01 - 0.01 0.05 0.00 1.00 0.92 0.92 - 0.01 2.03 0.45 0.17 0.12 0.17 + 0.05 0.16 0.06 0.22 0.16 0.22 + 0.06 0.21 0.01 0.26 0.23 0.25 - 0.00 0.61 0.08 0.29 0.18 0.28 + 0.09 0.36 0.13 0.22 0.15 0.22 + 0.07 0.29 0.09 0.41 0.36 0.39 - 0.01 0.43 0.19 0.03 0.02 0.02 + 0.01 0.05 0.01 3.39 3.03 3.30 + 0.28 4.36 2.27 4.36 3.93 4.25 + 0.36 5.35 3.27 0.09 0.08 0.09 + 0.01 0.10 0.02 0.08 0.07 0.07 + 0.00 0.08 0.03 0.01 0.01 0.01 + 0.01 0.02 0.00 0.02 0.01 0.01 + 0.01 0.03 0.01 0.12 0.08 0.10 - 0.02 0.12 0.04 0.09 0.06 0.09 + 0.03 0.29 0.04 0.07 0.05 0.07 + 0.01 0.33 0.03 5.71 5.11 5.34 - 0.04 5.71 2.52 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.07 0.09 + 0.00 0.12 0.02 0.10 0.08 0.09 + 0.01 0.18 0.05 0.13 0.09 0.09 + 0.01 0.30 0.05 0.21 0.21 0.21 + 0.00 0.21 0.11 0.03 0.02 0.03 + 0.01 0.08 0.02 0.07 0.05 0.06 + 0.01 0.20 0.05 3.02 2.67 2.93 + 0.01 3.02 0.80 2.34 2.09 2.28 + 0.04 2.45 0.61 31.25 28.26 29.37 + 0.27 31.25 15.39 0.05 0.04 0.05 + 0.02 0.08 0.02 2.76 2.09 2.63 + 0.58 2.76 0.48 2.14 1.60 2.06 + 0.50 2.14 0.41 0.10 0.00 0.10 - 0.00 0.14 0.08

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Next Gen Mtls 834 Nexus Gold V 575 NGEx Res T 513 Nickel One Res V 437 Nicola Mg Inc V 591 Nicola Mg Inc* O 172 Nighthawk Gold V 2177 Nikos Expl* O 90 Nikos Expl V 496 Niocan Inc V 18 Niocorp Dev T 542 Niocorp Dev* O 635 V 329 Nippon Dragon Nitinat Mnls V 25 Noble Mnl Expl V 608 Noka Res V 10055 Noranda Alum* O 353 Noront Res V 2122 Norsemont Cap 9 Nortec Mnls V 78 North Am Nickl* O 25 126 North Am Nickl V North Am Pall T 22 24 North Am Pall* O North Arrow Mn V 283 North Arrow Mn* O 75 93 North Springs* O Northair Silvr V 2485 Northcliff Res T 482 Northn Empire* O 5 Northquest V 214 Norvista Cap V 232 Nouveau Monde V 1142 NovaCopper* X 438 NovaCopper T 60 NovaGold Res T 2893 X 16317 NovaGold Res* Novo Res* O 117 Novo Res V 252 NovX21* O 203 NovX21 V 2701 NRG Metals V 2941 Nrthn Freegold* O 15 O 371 Nrthn Graphite* Nrthn Graphite V 545 Nrthn Lion V 33 30 Nrthn Mnrls &E* O Nrthn Shield V 1234 Nrthn Superior V 60 Nrthn Vertex V 498 NSGold V 100 Nthn Dynasty* X 1125 Nthn Dynasty T 1234 Nthrn Sphere 1003 NuLegacy Gold* O 1529 NuLegacy Gold V 4308 V 31 Nunavik Nickel NX Uranium* O 7 O.T. Mining* O 3 OceanaGold T 18142 OceanaGold* O 128 69 Oceanic Iron O V Oceanus Res V 169 41 Odin Mng & Exp* O Odin Mng & Exp V 1118 Olivut Res* O 16 136 Omineca Mg &Ml V Orbite Tech T 2332 Orbite Tech* O 88 Orca Gold V 1144 Orca Gold* O 34 V 1022 Orefinders Res Oremex Silver* O 2 Orestone Mng V 296 Orex Expl V 1943 Orezone Gold* O 229 Orezone Gold V 603 Original Sixtn* O 12 75 Orla Mng Ltd V Oro East Mg* Q 47 Oroco Res V 314 Oroco Res* O 110 Orocobre T 329 Orofino Mnrls V 14 Orosur Mng T 1290 Orsu Metals T 4586 Orvana Mnrls T 1518 Orvana Mnrls* O 283 113 Osisko Gold * O Osisko Gold T 2082 Otis Gold* O 257 Otis Gold V 590

0.16 0.12 0.16 + 0.02 0.18 0.01 0.05 0.05 0.05 - 0.01 0.14 0.04 0.75 0.66 0.73 + 0.06 1.05 0.44 0.14 0.09 0.11 + 0.02 0.18 0.09 0.09 0.07 0.08 + 0.01 0.15 0.04 0.07 0.06 0.07 + 0.01 0.08 0.03 0.18 0.11 0.16 + 0.05 0.22 0.04 0.09 0.08 0.08 - 0.01 0.13 0.01 0.11 0.09 0.10 - 0.01 0.19 0.02 0.08 0.08 0.08 + 0.01 0.18 0.04 1.04 0.98 1.04 + 0.03 1.16 0.51 0.81 0.77 0.80 + 0.03 1.01 0.37 0.09 0.08 0.08 - 0.01 0.15 0.03 0.08 0.00 0.07 + 0.03 0.07 0.03 0.02 0.01 0.02 + 0.01 0.02 0.01 0.13 0.07 0.13 + 0.07 0.26 0.03 0.08 0.05 0.07 - 0.01 24.50 0.02 0.35 0.31 0.33 + 0.03 0.54 0.28 0.31 0.24 0.24 - 0.07 0.31 0.07 0.03 0.02 0.02 + 0.01 0.04 0.02 0.08 0.07 0.08 + 0.02 0.21 0.05 0.11 0.00 0.11 + 0.02 0.25 0.07 5.70 5.25 5.40 + 0.12 50.00 3.85 4.37 4.07 4.20 + 0.13 25.52 2.71 0.29 0.22 0.23 - 0.04 1.34 0.15 0.21 0.19 0.20 - 0.02 1.08 0.12 1.99 1.06 1.11 - 0.64 40.00 0.15 0.18 0.14 0.16 + 0.01 0.21 0.04 0.12 0.00 0.12 + 0.03 0.17 0.06 0.08 0.07 0.08 + 0.01 0.08 0.04 0.23 0.22 0.22 - 0.01 0.32 0.07 0.20 0.17 0.19 - 0.01 0.24 0.08 0.24 0.20 0.21 - 0.03 0.24 0.11 0.41 0.35 0.39 + 0.03 0.66 0.15 0.51 0.00 0.51 + 0.06 0.81 0.20 8.07 7.38 7.70 + 0.19 8.07 3.42 6.25 5.75 5.98 + 0.22 6.25 2.65 0.65 0.57 0.63 + 0.03 0.75 0.29 0.83 0.75 0.80 + 0.01 0.99 0.40 0.03 0.03 0.03 + 0.01 0.06 0.00 0.05 0.03 0.03 - 0.01 0.08 0.02 0.18 0.09 0.16 + 0.08 0.12 0.02 0.10 0.07 0.08 - 0.00 0.10 0.02 0.42 0.35 0.36 - 0.05 0.68 0.12 0.54 0.46 0.46 - 0.07 0.81 0.16 0.13 0.00 0.12 - 0.01 0.16 0.03 0.03 0.00 0.03 - 0.00 0.14 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.04 0.01 0.34 0.29 0.32 + 0.06 0.40 0.11 0.08 0.08 0.08 + 0.01 0.08 0.03 0.37 0.31 0.36 + 0.02 0.53 0.20 0.47 0.40 0.47 + 0.06 0.67 0.28 0.25 0.22 0.22 - 0.03 0.60 0.10 0.20 0.15 0.18 - 0.01 0.20 0.06 0.27 0.20 0.21 - 0.04 0.27 0.08 0.09 0.05 0.06 - 0.04 0.10 0.03 0.03 0.01 0.01 - 0.01 0.06 0.01 0.04 0.00 0.04 - 0.01 0.14 0.03 4.22 3.90 4.02 + 0.04 4.22 1.79 3.27 3.11 3.23 + 0.21 3.27 1.43 0.12 0.10 0.11 + 0.02 0.22 0.08 0.30 0.27 0.30 + 0.04 0.35 0.14 0.34 0.31 0.33 - 0.02 0.35 0.17 0.44 0.39 0.39 - 0.01 0.49 0.21 0.16 0.10 0.16 + 0.01 0.16 0.05 0.08 0.06 0.07 - 0.01 0.11 0.01 0.25 0.24 0.24 + 0.01 0.53 0.20 0.20 0.18 0.18 - 0.00 0.40 0.15 0.27 0.22 0.24 - 0.01 0.40 0.12 0.20 0.17 0.17 - 0.03 0.32 0.08 0.05 0.04 0.04 - 0.01 0.08 0.01 0.01 0.00 0.01 + 0.01 0.01 0.00 0.02 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.53 0.46 0.50 + 0.03 0.53 0.16 0.68 0.60 0.65 + 0.05 0.68 0.22 0.06 0.03 0.06 + 0.03 0.23 0.00 0.15 0.15 0.15 - 0.01 0.32 0.06 0.02 0.01 0.01 - 0.00 0.06 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.00 0.03 0.01 3.51 2.97 3.28 - 0.05 3.51 1.33 0.18 0.17 0.17 - 0.01 0.23 0.05 0.22 0.15 0.21 + 0.06 0.19 0.10 0.04 0.03 0.04 + 0.02 0.06 0.01 0.26 0.21 0.25 + 0.05 0.40 0.11 0.20 0.16 0.20 + 0.04 0.31 0.07 11.64 11.03 11.30 + 0.38 15.13 8.88 14.79 14.21 14.54 + 0.28 18.64 12.39 0.15 0.13 0.13 - 0.01 0.15 0.01 0.19 0.15 0.17 - 0.02 0.19 0.03

Pac Booker Min* X 24 27 Pac Booker Min V Pac North West V 3800 Pac North West* O 64 52 Pac Ridge Expl V Pac Topaz V 205 T 2212 Paladin Energy Palamina Corp V 86 Pan Am Silver T 3422 Pan Am Silver* D 14930 Pangolin Dia V 692 Panoro Mnrls V 489 Para Resources V 1159 Paramount Gold* X 227 Pasinex Res 275 Passprt Potash* O 80 Patriot Gold* O 57 Peat Res V 294 Pedro Res V 142 Pelangio Expl* O 88 Pelangio Expl V 4187 Pele Mtn Res* O 346 Peregrine Diam T 2076 Perseus Mng T 2838 Pershing Gold* D 518 Peruvian Prc M V 282 Peruvian Prc M* O 27 Philex Mng* O 21 Phoenix Metals V 131 Phoenix Metals* O 22 Pilot Gold T 1822 Pilot Gold* O 738 Pine Cliff En T 3159 Pinecrest Res V 658 Pistol Bay Mng V 238 Pitchblack Res V 2 Pitchblack Res* O 2 PJX Res V 317 Plate Res V 60 Plateau Uran* O 48 Platinex V 350 Platinum Gp Mt* X 3006 Platinum Gp Mt T 1067 Polaris Mater T 70 PolyMet Mng* X 976 PolyMet Mng T 57 Portage Res* O 2700 Potash Corp SK* N 43758 Potash Corp SK T 10028 Potash Ridge T 10940 Potash Ridge* O 758 Premier Gold M T 2145 Pretium Res T 3896 Pretium Res* N 9461 Primero Mng* N 5009 Primero Mng T 6176 ProAm Expl V 197 Probe Metals* O 326 Probe Metals V 801 Prophecy Coal* O 31 Prosper Gold V 445 Puma Expl V 1252 Pure Energy V 5192 Pure Energy* O 3041 Pure Gold Mg V 1978 Pure Gold Mg* O 178 Purepoint Uran V 2647 QMC Quantum Ml V 175 QMX Gold* O 37 QMX Gold V 901 Quaterra Res V 352 Quaterra Res* O 580 Quest Rare Mnl* O 169 Quest Rare Mnl T 5154 Quinto Real V 93

0.67 0.48 0.55 - 0.13 4.56 0.45 0.88 0.63 0.63 - 0.22 5.67 0.70 0.07 0.04 0.07 + 0.03 0.06 0.01 0.04 0.03 0.04 + 0.01 0.04 0.00 0.06 0.05 0.06 - 0.01 0.07 0.02 0.20 0.00 0.20 + 0.10 0.18 0.06 0.27 0.24 0.27 + 0.03 0.36 0.15 0.10 0.00 0.09 - 0.01 0.12 0.06 16.72 15.41 16.36 + 0.79 16.72 7.77 13.08 12.00 12.74 + 0.76 13.08 5.38 0.06 0.05 0.05 - 0.01 0.06 0.03 0.15 0.12 0.14 + 0.02 0.18 0.09 0.28 0.24 0.26 + 0.02 0.27 0.06 1.53 1.40 1.48 - 0.02 1.85 0.93 0.07 0.06 0.07 + 0.01 0.11 0.03 0.01 0.00 0.00 + 0.00 0.27 0.00 0.11 0.07 0.10 - 0.00 0.15 0.02 0.06 0.05 0.06 - 0.01 0.06 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.04 0.03 0.04 + 0.00 0.06 0.02 0.18 0.16 0.17 + 0.01 0.39 0.09 0.46 0.42 0.44 + 0.02 0.48 0.26 4.24 3.75 3.76 - 0.21 6.76 3.04 0.05 0.04 0.04 - 0.01 0.14 0.03 0.04 0.04 0.04 - 0.00 0.10 0.02 0.10 0.10 0.10 - 0.00 0.18 0.05 0.08 0.04 0.08 + 0.03 0.08 0.02 0.04 0.03 0.04 + 0.01 0.03 0.01 0.70 0.55 0.65 + 0.09 0.82 0.22 0.55 0.42 0.49 + 0.05 0.68 0.16 0.69 0.61 0.67 + 0.03 1.65 0.61 0.14 0.11 0.12 + 0.02 0.26 0.03 0.05 0.02 0.05 + 0.02 0.07 0.01 0.06 0.00 0.06 + 0.01 0.20 0.05 0.04 0.00 0.04 + 0.01 0.08 0.03 0.15 0.13 0.14 - 0.01 0.29 0.13 0.06 0.00 0.06 + 0.01 0.21 0.03 0.27 0.25 0.25 - 0.00 0.57 0.18 0.01 0.01 0.01 + 0.01 0.01 0.01 3.78 2.52 2.68 - 0.94 5.40 0.96 4.88 3.26 3.44 - 1.26 6.50 1.35 1.54 1.40 1.46 + 0.02 2.83 1.12 0.99 0.82 0.96 + 0.10 1.33 0.55 1.27 1.08 1.21 + 0.11 1.71 0.76 0.01 0.01 0.01 - 0.00 0.01 0.00 16.70 15.54 16.42 + 0.46 33.80 14.64 21.39 20.03 21.09 + 0.32 41.06 20.03 0.30 0.18 0.29 + 0.11 0.26 0.03 0.23 0.14 0.23 + 0.09 0.18 0.02 3.60 3.29 3.41 + 0.13 3.60 1.65 8.82 7.96 8.29 + 0.45 9.00 5.57 6.90 6.16 6.47 + 0.42 6.95 4.00 2.08 1.88 2.04 + 0.20 4.49 1.41 2.68 2.42 2.64 + 0.24 5.51 1.94 0.02 0.00 0.02 + 0.01 0.02 0.01 0.66 0.56 0.61 + 0.08 0.66 0.24 0.84 0.72 0.79 + 0.09 0.84 0.33 0.02 0.01 0.02 + 0.00 0.06 0.01 0.36 0.19 0.28 + 0.08 0.36 0.06 0.08 0.05 0.06 - 0.02 0.14 0.03 0.94 0.76 0.85 + 0.10 1.03 0.19 0.74 0.59 0.66 + 0.08 0.77 0.18 0.43 0.37 0.40 - 0.01 0.43 0.07 0.33 0.29 0.31 - 0.00 0.33 0.01 0.09 0.07 0.09 + 0.01 0.11 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.04 0.04 0.04 + 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.08 0.06 0.07 + 0.02 0.15 0.04 0.06 0.04 0.06 + 0.02 0.11 0.03 0.20 0.14 0.15 + 0.03 0.20 0.03 0.25 0.17 0.20 + 0.04 0.25 0.06 0.05 0.05 0.05 + 0.01 0.05 0.01

Rackla Mtls V 53 Rackla Mtls* O 10 Rainforest Res* O 9 Rainmaker Res V 134 Rainy Mtn Royl V 45 168 Rambler Ml &Mg V Randgold Res* O 1 Randgold Res* D 4625 Rapier Gold V 124 Rare Earth Mnl* O 3 Rare Element* O 581 Rathdowney Res V 140

0.08 0.00 0.08 + 0.01 0.13 0.05 0.05 0.00 0.05 + 0.00 0.07 0.03 0.80 0.00 0.80 + 0.40 3.05 0.30 0.15 0.12 0.13 - 0.01 0.34 0.11 0.05 0.04 0.04 - 0.01 0.09 0.03 0.08 0.00 0.08 + 0.01 0.25 0.05 94.95 0.00 92.95 + 1.15 95.43 57.00 98.66 91.28 94.53 + 0.46 98.66 54.88 0.07 0.07 0.07 + 0.01 0.08 0.02 5.41 3.75 3.75 - 1.11 4.86 3.59 0.14 0.11 0.13 + 0.00 0.89 0.06 0.17 0.15 0.15 - 0.02 0.30 0.11

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

RB Energy* O 291 223 Red Eagle Mng* O Red Eagle Mng V 1958 Red Hut V 384 Red Moon Potsh V 18 Red Tiger Mng V 37 Redhawk Res T 360 Regulus Res V 205 Remo Res V 17 Renaissance Gd V 149 Renaissance Gd* O 49 Renforth Res 125 Reservoir Mnls* O 50 Reservoir Mnls V 263 Resolve Vent V 753 Resource Cap V 13 Revelo Res V 389 Revolver Res V 43 Richmond Mnls V 103 Richmont Mines* X 2905 T 3321 Richmont Mines Rio Novo Gold T 3649 Rio Tinto* N 25401 Rio Tinto* O 2 Rio Tinto* O 3 125 Rise Res Inc Riverside Res* O 72 Riverside Res V 331 Robex Res V 771 Rock Tech Lith V 703 153 Rock Tech Lith* O Rockcliff Cop V 1056 Rockex Mng 144 Rockhaven Res V 77 Rockland Mnls V 864 T 689 Rockwell Diam Rogue Res* O 15 Rogue Res V 2751 Rojo Res V 786 Romios Gold Rs V 305 269 Romios Gold Rs* O RosCan Mrnls V 1414 V 143 Roughrider Exp Roxgold* O 189 Roxgold V 5743 Royal Gold T 113 Royal Gold* D 4429 Royal Nickel* O 51 Royal Nickel T 7774 Royal Rd Mnrls V 828 RTG Mining T 136 Rubicon Mnrls* O 7159 Rubicon Mnrls T 6994 Rupert Res V 850 Rusoro Mng* O 18 Rusoro Mng V 244 Rye Patch Gold* O 392 Rye Patch Gold V 1060

0.00 0.00 0.00 - 0.00 0.03 0.00 0.47 0.35 0.43 + 0.08 0.44 0.18 0.60 0.45 0.55 + 0.10 0.56 0.25 0.13 0.08 0.11 + 0.02 0.15 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.04 0.00 0.03 - 0.01 0.07 0.02 0.05 0.04 0.05 + 0.01 0.10 0.04 0.40 0.34 0.36 - 0.04 0.54 0.19 0.10 0.06 0.10 + 0.04 0.08 0.04 0.36 0.21 0.35 + 0.14 0.26 0.11 0.28 0.15 0.27 + 0.10 0.21 0.08 0.04 0.03 0.03 - 0.01 0.05 0.01 5.60 5.35 5.59 + 0.14 5.58 2.25 7.20 6.84 7.16 + 0.04 7.25 3.26 0.22 0.16 0.22 + 0.05 0.20 0.04 0.06 0.05 0.05 - 0.01 0.08 0.02 0.08 0.07 0.08 + 0.01 0.14 0.04 0.18 0.17 0.18 + 0.01 0.23 0.07 0.07 0.06 0.07 - 0.01 0.14 0.03 7.47 6.42 7.35 + 1.04 7.18 2.27 9.59 8.30 9.41 + 1.16 9.18 3.14 0.15 0.13 0.14 + 0.01 0.16 0.07 32.15 28.77 31.67 + 3.68 47.37 21.89 31.65 0.00 31.55 + 4.25 47.23 21.90 37.01 0.00 37.01 + 6.13 47.28 25.47 0.20 0.17 0.17 - 0.02 0.20 0.11 0.20 0.18 0.20 + 0.02 0.21 0.08 0.26 0.23 0.25 + 0.01 0.28 0.12 0.17 0.12 0.15 + 0.04 0.15 0.05 0.36 0.21 0.27 - 0.05 0.36 0.03 0.27 0.22 0.22 - 0.00 0.27 0.02 0.05 0.04 0.05 + 0.01 0.06 0.02 0.13 0.11 0.12 + 0.02 0.18 0.01 0.20 0.17 0.19 + 0.02 0.24 0.10 0.07 0.01 0.04 + 0.03 0.07 0.01 0.11 0.08 0.09 - 0.01 0.25 0.07 0.10 0.06 0.10 + 0.03 0.10 0.03 0.15 0.09 0.13 + 0.04 0.16 0.03 0.07 0.05 0.07 + 0.01 0.13 0.04 0.07 0.05 0.06 - 0.02 0.08 0.02 0.06 0.03 0.05 - 0.01 0.06 0.01 0.01 0.01 0.01 + 0.01 0.01 0.01 0.13 0.11 0.13 + 0.04 0.17 0.05 0.84 0.72 0.83 + 0.12 0.82 0.42 1.08 0.92 1.07 + 0.16 1.04 0.54 72.79 67.30 69.76 + 1.24 82.49 35.46 56.55 52.42 54.35 + 1.60 67.99 24.68 0.29 0.22 0.27 + 0.08 0.39 0.10 0.38 0.29 0.37 + 0.07 0.59 0.12 0.06 0.05 0.06 + 0.01 0.35 0.04 0.61 0.45 0.61 + 0.09 0.75 0.33 0.05 0.03 0.05 + 0.01 1.23 0.01 0.06 0.05 0.06 + 0.02 1.49 0.02 0.38 0.29 0.38 + 0.08 0.37 0.02 0.09 0.08 0.08 + 0.01 0.10 0.02 0.11 0.10 0.10 - 0.01 0.15 0.03 0.18 0.14 0.16 + 0.02 0.18 0.08 0.23 0.18 0.21 + 0.03 0.23 0.11

Sabina Gd&Slvr* O 494 Sabina Gd&Slvr T 4612 Sage Gold* O 151 Saint Jean* O 14 Salazar Res V 111 Sama Res V 80 San Gold Corp* O 150 133 San Marco Res* O San Marco Res V 70 V 1396 Sandspring Res Sandspring Res* O 364 Sandstorm Gold* X 6658 T 2382 Sandstorm Gold Santa Fe Gold* O 534 Santa Fe Mtls V 1079 Santacruz Silv V 2982 Sarama Res V 344 Sarissa Res* O 1645 Saturn Mnrls V 1699 Savary Gold V 2781 Scandium Int M* O 95 Scorpio Gold V 1455 ScoZinc Mg V 26 Seabridge Gld T 916 Seabridge Gld* N 7969 Search Mnls V 212 Searchlight* O 90 Secova Mtls V 593 Select Sands V 341 T 8818 Semafo Sennen Potash V 571 Serabi Gold T 43 Serengeti Res V 154 Sherritt Intl T 3030 Shore Gold T 1046 Sibanye Gold* N 6417 Sidney Resrces* O 56 Sienna Res V 9601 Sienna Res* O 56 29 Sierra Iron Or V Sierra Iron Or* O 4 Sierra Metals* O 68 Sierra Metals T 192 Signature Res V 333 590 Silver Bear Rs T Silver Bull Re T 1340 Silver Bull Re* O 2084 Silver Dragon* O 2107 Silver Falcon* O 3639 Silver Grail V 290 Silver Mtn Mns V 591 Silver Predatr V 310 Silver Range V 458 Silver Shield 3291 Silver Spruce V 126 Silver Std Res T 4643 Silver Std Res* D 14045 Silver Stream* O 85 Silver Wheaton T 9415 Silver Wheaton* N 40618 Silvercorp Met T 5069 Silvercorp Met* O 2297 Silvermet V 37 SinoCoking Cl* D 237 Sirios Res V 5408 Sirios Res* O 240 Skeena Res* O 277 Skeena Res V 2130 Sky Ridge V 80 SnipGold V 174 SolidusGold V 151 Solitario Ex&R T 83 Solitario Ex&R* X 326 Sona Res* O 25 Sona Res V 181 Sonora Gld & S V 352 Sonoro Mtls V 78 Sonoro Mtls* O 8 Source Expl V 121 Southern Arc V 12 Southern Arc* O 6 Southern Copp* N 5271 Southern Silvr V 780 Southern Silvr* O 53 Spanish Mtn Gd V 2383 Spanish Mtn Gd* O 205 Sparton Res* O 19 Spearmint Res V 21948 Sphinx Res V 8 Spruce Ridge R V 41 Squire Mg Ltd 52 Stakeholdr Gld V 23 Stakeholdr Gld* O 17 Standard Graph V 151 Standard Metal* O 181 Stans Energy* O 21 Starcore Intl T 560 Starr Peak Exp V 7 Sterling Grp* O 336 Stillwater Mg* N 6248 Stina Res 274 Stonegate Agri* O 67 Stornoway Diam T 2513 Strategic Metl V 633 Stratton Res V 67 Stria Lithium V 1519 Strikepoint Gd V 215 Strikepoint Gd* O 4 Strongbow Expl V 50 Sulliden Mng T 303 Sultan Mnrls V 471 Suncor Energy T 14150 Suncor Energy* N 16655 Sunridge Gold* O 166 Sunridge Gold V 3876 Suparna Gold V 586 Superior Coppr V 1853 Sutter Gold V 30 Sutter Gold* O 37 Syrah Res* O 5

0.81 0.73 0.75 + 0.01 0.81 0.24 1.03 0.93 1.03 + 0.08 1.06 0.30 0.07 0.05 0.07 + 0.01 0.07 0.03 0.04 0.04 0.04 + 0.00 0.04 0.01 0.11 0.08 0.10 - 0.01 0.14 0.03 0.10 0.09 0.09 - 0.01 0.22 0.08 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.05 0.05 + 0.00 0.05 0.01 0.06 0.00 0.06 + 0.01 0.06 0.02 0.43 0.33 0.40 + 0.07 0.44 0.11 0.34 0.25 0.31 + 0.06 0.34 0.08 4.03 3.63 3.89 + 0.35 4.03 1.94 5.19 4.71 5.01 + 0.38 5.19 2.82 0.00 0.00 0.00 - 0.00 0.15 0.00 0.02 0.00 0.02 - 0.01 0.03 0.01 0.45 0.31 0.45 + 0.17 0.41 0.09 0.11 0.10 0.11 + 0.01 0.11 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.15 0.12 0.13 - 0.01 0.24 0.09 0.10 0.08 0.10 + 0.02 0.11 0.02 0.14 0.12 0.13 - 0.01 0.17 0.06 0.10 0.08 0.09 + 0.01 0.14 0.05 0.64 0.41 0.64 + 0.23 1.25 0.40 19.93 16.92 17.99 - 0.21 19.93 4.34 15.47 13.17 13.99 + 0.02 15.47 3.31 0.10 0.07 0.07 - 0.02 0.13 0.04 0.10 0.08 0.10 + 0.01 0.42 0.06 0.07 0.06 0.07 + 0.01 0.09 0.03 0.27 0.23 0.25 + 0.02 0.50 0.21 5.17 4.38 4.66 - 0.04 5.20 2.46 0.15 0.09 0.09 - 0.03 0.47 0.10 0.07 0.07 0.07 - 0.01 0.10 0.04 0.06 0.05 0.05 - 0.01 0.08 0.02 0.82 0.73 0.80 + 0.05 3.24 0.53 0.25 0.21 0.25 + 0.04 0.30 0.13 16.63 14.80 15.28 + 0.35 16.63 4.07 0.01 0.01 0.01 + 0.00 0.02 0.00 0.18 0.10 0.16 + 0.06 0.12 0.01 0.13 0.07 0.12 + 0.05 0.07 0.01 0.35 0.30 0.35 + 0.02 0.62 0.22 0.25 0.23 0.25 + 0.01 0.42 0.15 1.34 1.12 1.28 + 0.15 1.34 0.69 1.75 1.44 1.52 + 0.06 1.75 0.84 0.08 0.06 0.08 + 0.02 0.08 0.01 0.10 0.08 0.09 + 0.01 0.10 0.02 0.12 0.09 0.11 + 0.02 0.17 0.04 0.09 0.07 0.09 + 0.02 0.14 0.02 0.02 0.02 0.02 - 0.00 0.05 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 0.04 0.02 0.03 + 0.01 0.04 0.01 0.13 0.09 0.13 + 0.02 0.12 0.02 0.14 0.08 0.11 + 0.02 0.14 0.01 0.07 0.06 0.07 + 0.01 0.10 0.02 9.67 8.25 9.31 + 1.16 10.56 5.28 7.58 6.39 7.26 + 0.98 8.02 3.66 0.02 0.01 0.02 + 0.01 0.04 0.00 22.95 21.21 21.90 + 0.41 25.20 14.51 17.95 16.53 17.05 + 0.55 21.12 10.04 2.49 2.10 2.27 + 0.07 2.49 0.60 1.95 1.63 1.77 + 0.08 1.95 0.41 0.05 0.05 0.05 + 0.01 0.10 0.02 0.57 0.37 0.57 + 0.17 2.69 0.26 0.35 0.27 0.29 + 0.02 0.35 0.07 0.27 0.21 0.24 + 0.05 0.27 0.07 0.07 0.06 0.06 - 0.01 0.09 0.04 0.09 0.07 0.08 - 0.02 0.13 0.06 0.25 0.00 0.25 + 0.01 0.25 0.03 0.15 0.11 0.14 + 0.03 0.17 0.04 0.09 0.08 0.09 - 0.01 0.17 0.04 0.63 0.60 0.62 - 0.01 0.96 0.57 0.50 0.46 0.48 - 0.01 0.85 0.40 0.02 0.02 0.02 + 0.02 0.03 0.00 0.02 0.02 0.02 + 0.01 0.05 0.01 0.03 0.01 0.03 + 0.03 0.03 0.01 0.10 0.07 0.10 - 0.01 0.16 0.04 0.08 0.08 0.08 + 0.00 0.12 0.03 0.03 0.00 0.03 + 0.01 0.09 0.01 0.33 0.00 0.33 + 0.06 1.00 0.24 0.25 0.21 0.25 + 0.04 0.29 0.17 28.15 26.27 27.98 + 2.06 33.31 21.55 0.11 0.08 0.10 + 0.02 0.13 0.03 0.08 0.06 0.08 + 0.01 0.10 0.02 0.08 0.06 0.08 + 0.02 0.08 0.02 0.06 0.05 0.05 + 0.01 0.06 0.01 0.02 0.02 0.02 + 0.00 0.04 0.00 0.05 0.03 0.04 + 0.01 0.05 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.15 0.11 0.15 + 0.04 0.15 0.10 0.39 0.00 0.33 - 0.02 1.85 0.04 0.27 0.26 0.26 - 0.01 0.36 0.05 0.04 0.03 0.03 - 0.01 0.05 0.01 0.11 0.10 0.11 + 0.02 1.15 0.01 0.02 0.02 0.02 - 0.00 0.08 0.01 0.59 0.50 0.58 + 0.11 0.62 0.25 0.08 0.00 0.08 - 0.01 0.14 0.03 0.02 0.02 0.02 - 0.00 0.03 0.01 11.80 10.70 11.25 + 0.67 15.07 4.99 0.15 0.12 0.15 + 0.02 0.19 0.11 0.02 0.01 0.01 + 0.00 0.03 0.00 1.05 1.02 1.02 - 0.02 1.08 0.63 0.44 0.37 0.44 + 0.07 0.44 0.24 0.21 0.19 0.20 + 0.02 0.21 0.07 0.18 0.12 0.18 + 0.06 0.18 0.02 0.13 0.00 0.12 + 0.01 0.75 0.05 0.10 0.08 0.08 - 0.02 0.10 0.08 0.16 0.00 0.12 - 0.04 0.23 0.05 0.36 0.30 0.35 + 0.05 0.35 0.19 0.02 0.01 0.01 + 0.01 0.02 0.01 37.29 35.57 35.92 + 0.10 40.93 27.32 29.13 27.59 27.98 + 0.46 33.49 18.71 0.26 0.24 0.25 - 0.01 0.26 0.11 0.33 0.32 0.32 - 0.01 0.33 0.13 0.03 0.03 0.03 + 0.01 0.04 0.01 0.06 0.03 0.05 + 0.02 0.05 0.01 0.05 0.05 0.05 - 0.01 0.10 0.04 0.04 0.03 0.03 - 0.00 0.09 0.02 3.37 3.01 3.37 + 0.48 3.45 1.81

T Tahoe Res* N 9971 12.43 11.58 11.91 + 0.56 15.14 6.48

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tahoe Res T 10301 Takara Res V 99 Taku Gold 83 Tango Mining V 2351 Tanzania Rlty T 214 Tanzania Rlty* X 825 Tarku Res V 181 Tartisan Res 560 Tasca Res V 401 Taseko Mines T 470 Taseko Mines* X 1537 Tasman Metals* O 141 Tasman Metals V 180 Teck Res T 13 Teck Res* N 58332 Teck Res T 30223 TECO Enrgy* N 11779 Telson Res V 71 Tembo Gold V 302 Teranga Gold T 5102 Teras Res V 125 Terrax Mnrls* O 135 Terreno Res V 8 Teslin Rvr Res V 1011 Teuton Res* O 36 Thompson Creek T 1859 Thompson Creek* O 1043 Thunder Mtn Gd* O 70 Thunderstruck V 61 Till Capital V 6 Till Capital* D 9 Timberline Res V 213 Timberline Res* O 118 Timmins Gold T 6899 Timmins Gold* X 7160 Tinka Res* O 337 Tinka Res V 340 Tintina Res V 135 Tintina Res* O 51 Tirex Res* O 261 Titanium Corp V 373 TMAC Resources T 67 TNR Gold V 3410 112 Toachi Mg Inc V TomaGold V 4160 Tonogold Res* O 6 Torex Gold* O 981 Torex Gold T 22597 Tower Res V 313 Transition Mtl V 404 Treasury Metal T 467 Trecora Res* N 181 Trevali Mng* O 665 Trevali Mng T 24197 Tri Origin Exp V 649 Trigen Res V 19 TriMetals Mng* O 158 TriMetals Mng* O 80 Trinity Res* O 2 Trinity Valley V 20 O 3 Trio Resources* TriStar Gold V 59 Troy Res* O 46 Troymet Expl V 2580 True Gold Mng V 5849 True Gold Mng* O 1658 True North Gem V 761 Tsodilo Res V 10 O 337 Tungsten Corp* Turquoise HIl* N 10981 Turquoise HIl T 4297 TVI Pacific* O 249 Tyhee Gold* O 2100 Typhoon Expl V 103

15.95 14.89 15.30 + 0.55 18.65 9.45 0.05 0.04 0.04 - 0.01 0.06 0.02 0.10 0.07 0.07 + 0.01 0.10 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.41 0.33 0.35 - 0.01 0.61 0.24 0.31 0.25 0.27 - 0.02 0.47 0.17 0.04 0.02 0.04 + 0.02 0.18 0.02 0.04 0.03 0.04 + 0.01 0.06 0.01 0.06 0.02 0.03 + 0.01 0.05 0.01 0.74 0.63 0.72 + 0.08 1.13 0.35 0.58 0.48 0.56 + 0.08 0.93 0.23 0.18 0.11 0.16 + 0.03 0.73 0.06 0.23 0.15 0.21 + 0.04 0.86 0.09 14.27 12.73 13.91 + 1.11 20.50 5.69 9.00 7.46 8.50 + 1.17 16.20 2.56 11.51 9.66 10.90 + 1.37 19.47 3.65 27.74 27.44 27.69 + 0.24 27.73 17.60 0.18 0.13 0.14 + 0.05 0.18 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.89 0.82 0.85 + 0.06 0.89 0.38 0.09 0.07 0.09 + 0.02 0.12 0.03 0.28 0.25 0.28 + 0.03 0.34 0.17 0.03 0.03 0.03 + 0.01 0.07 0.02 0.43 0.31 0.42 + 0.12 0.40 0.20 0.05 0.04 0.05 + 0.00 0.09 0.03 0.38 0.33 0.36 + 0.04 1.69 0.16 0.30 0.25 0.29 + 0.03 1.39 0.07 0.07 0.05 0.07 + 0.02 0.15 0.02 0.02 0.02 0.02 - 0.01 0.06 0.01 5.34 4.94 5.34 + 0.16 7.15 3.28 4.35 3.79 3.93 - 0.05 6.23 2.76 0.22 0.18 0.21 + 0.03 0.90 0.16 0.19 0.14 0.19 + 0.05 0.78 0.08 0.41 0.33 0.39 + 0.07 0.85 0.11 0.32 0.26 0.32 + 0.07 0.68 0.07 0.13 0.10 0.11 - 0.01 0.24 0.07 0.17 0.13 0.14 - 0.02 0.29 0.09 0.09 0.08 0.09 + 0.01 0.11 0.04 0.07 0.06 0.06 - 0.01 0.09 0.03 0.09 0.07 0.09 + 0.00 0.20 0.05 0.44 0.40 0.40 - 0.02 1.55 0.38 9.25 9.10 9.16 + 0.16 9.25 4.85 0.06 0.04 0.05 + 0.01 0.06 0.01 0.27 0.23 0.27 + 0.03 0.26 0.03 0.09 0.06 0.09 + 0.03 0.09 0.04 0.02 0.02 0.02 + 0.00 0.08 0.01 1.56 1.38 1.48 + 0.10 1.56 0.67 1.97 1.78 1.89 + 0.10 1.97 0.85 0.04 0.00 0.03 - 0.01 0.04 0.01 0.15 0.13 0.15 + 0.01 0.18 0.06 0.59 0.50 0.58 + 0.09 0.62 0.28 11.30 9.18 10.87 + 1.65 16.50 8.17 0.34 0.28 0.32 + 0.05 1.03 0.18 0.45 0.36 0.41 + 0.06 1.24 0.25 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.00 0.04 + 0.01 0.07 0.03 0.11 0.09 0.10 - 0.00 0.11 0.03 0.10 0.08 0.09 - 0.01 0.15 0.06 0.08 0.00 0.08 + 0.00 1.50 0.08 0.03 0.00 0.03 + 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.34 0.30 0.30 - 0.03 0.38 0.10 0.46 0.36 0.46 + 0.10 0.46 0.13 0.02 0.01 0.02 + 0.01 0.03 0.01 0.65 0.56 0.62 + 0.07 0.65 0.15 0.49 0.44 0.47 + 0.05 0.49 0.11 0.17 0.14 0.16 + 0.02 0.20 0.07 0.79 0.60 0.75 - 0.04 1.15 0.54 0.00 0.00 0.00 - 0.00 0.00 0.00 2.87 2.55 2.73 + 0.19 4.74 1.55 3.66 3.29 3.50 + 0.20 5.80 2.30 0.01 0.01 0.01 + 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.04 0.00 0.06 0.05 0.06 + 0.01 0.06 0.03

Ucore Rare Mtl V 911 Ucore Rare Mtl* O 460 UEX Corp T 4346 Ultra Lithium* O 8 Ultra Lithium V 1056 Umbral Enrgy 2013 Unigold V 182 Unigold* O 10 248 United Res Hdg* O United States A* X 1021 United States S* N 82955 Ur-Energy T 348 Ur-Energy* X 1150 Uracan Res V 620 Uracan Res* O 91 Uragold Bay Rs V 1323 Uranium Energy* X 4259 Uranium Hunter* O 4447 Uranium Res* D 647 Uranium Valley V 24 Uravan Mnrls V 92 US Energy* D 270 US Tungsten* O 338 USCorp* O 170 Vale* N 86233 N 233826 Vale* ValGold Res V 474 Valterra Res V 101 Vanadiumcorp* O 130 Vangold Res V 260 654 Vanstar Mng Rs V Vantex Res V 102 Vatic Vent V 1437 Vedanta* N 924 Vela Minerals V 320 Vendetta Mng V 312 Vendome Res V 2228 Venture Mnrls* O 199 Verde Potash T 111 Victoria Gold V 3278 Victory Nickel 123 Virginia Enrgy V 13 Virginia Enrgy* O 13 Viscount Mng V 204 Visible Gold M V 6946 Vista Gold* X 3113 Vista Gold T 100 VMS Vent V 2609 Volcanic Mtls V 142 Voltaic Min V 450

0.39 0.32 0.33 - 0.01 0.44 0.20 0.29 0.25 0.26 - 0.01 0.35 0.15 0.29 0.20 0.27 + 0.07 0.32 0.11 0.21 0.18 0.20 + 0.01 0.21 0.06 0.35 0.19 0.21 + 0.05 0.35 0.05 0.05 0.03 0.04 + 0.01 0.07 0.02 0.28 0.24 0.28 + 0.04 0.30 0.08 0.22 0.00 0.22 + 0.03 0.22 0.06 0.02 0.01 0.01 - 0.01 0.11 0.01 0.28 0.20 0.25 + 0.00 1.65 0.16 19.33 16.54 19.24 + 2.73 27.62 6.15 0.71 0.64 0.66 + 0.02 1.31 0.60 0.56 0.50 0.51 + 0.01 1.07 0.44 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.02 0.03 + 0.00 0.03 0.00 0.18 0.16 0.17 + 0.01 0.20 0.02 0.80 0.70 0.75 + 0.04 3.00 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 2.29 1.82 2.12 - 0.12 19.20 1.82 0.07 0.05 0.05 - 0.02 0.10 0.04 0.14 0.09 0.12 + 0.01 0.17 0.05 0.42 0.34 0.36 + 0.00 1.38 0.11 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.02 0.00 4.32 3.53 4.00 + 0.66 6.82 1.55 5.79 4.65 5.29 + 0.81 9.14 2.13 0.04 0.03 0.04 - 0.01 0.07 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.02 0.03 - 0.00 0.04 0.01 0.02 0.00 0.02 + 0.01 0.02 0.01 0.08 0.05 0.08 + 0.03 0.08 0.03 0.02 0.00 0.02 + 0.01 0.02 0.01 0.08 0.06 0.08 + 0.02 0.24 0.04 6.03 5.40 5.79 + 0.45 14.43 3.52 0.05 0.03 0.05 + 0.03 0.08 0.02 0.09 0.07 0.07 - 0.01 0.17 0.05 0.03 0.01 0.02 + 0.01 0.03 0.01 0.02 0.02 0.02 - 0.00 0.02 0.01 0.31 0.23 0.27 + 0.02 0.46 0.13 0.34 0.27 0.32 + 0.03 0.34 0.11 0.05 0.04 0.04 - 0.01 0.05 0.02 0.06 0.00 0.04 - 0.01 0.10 0.03 0.04 0.00 0.04 - 0.00 0.08 0.02 0.54 0.50 0.50 - 0.05 0.63 0.16 0.06 0.05 0.05 + 0.01 0.11 0.02 0.65 0.53 0.65 + 0.14 0.65 0.24 0.83 0.69 0.83 + 0.16 0.83 0.31 0.13 0.10 0.13 + 0.03 0.25 0.05 0.08 0.06 0.08 + 0.02 0.12 0.04 0.37 0.05 0.36 + 0.11 0.33 0.03

Walker River V 326 Wallbridge Mng T 852 Walter Energy* O 3296 WCB Res V 277 Wealth Mnrls* O 653 Wealth Mnrls V 2040 O 469 Wellgreen Plat* Wellgreen Plat T 585 Wescan Gldflds V 24 Wesdome Gold T 1943 West Af Res V 621 West Kirkland V 3052 West Red Lake 622 West Red Lake* O 38 Western Copper* X 270 Western Copper T 366 Western Pac Rs V 974 Western Potash T 560 Western Troy C V 325 Western Uran 171 Westhaven Vent V 371 Westkam Gold* O 120 Westminster Rs V 6621 Westmoreland* D 1549 WestMountain* O 1 Weststar Res 1053 White Metal Rs V 284 White Mtn Engy* O 40 Whitehaven Coa* O 17 Wildcat Expl V 123 Williams Creek V 91 Wincash Apolo* O 15 Winston Res 175 Worldwide Res* O 37 Worldwide Res V 330 WPC Res V 8542 X-Terra Res V 108 Xander Res V 266 Ximen Mng V 877 Ximen Mng* O 11 XLI Tech Inc* O 2217 Xtra-Gold Res* O 53 Xtra-Gold Res T 62 Yamana Gold T 43693 Yamana Gold* N 106327 Yanzhou Coal* N 217 Zadar Vent V 1053 Zazu Metals* O 37 Zazu Metals T 406 Zenyatta Vent V 272 Zenyatta Vent* O 17 Zephyr Mnls V 185 Zimtu Capital V 1126

0.05 0.05 0.05 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.06 0.02 0.03 0.02 0.03 + 0.00 0.65 0.01 0.04 0.03 0.03 - 0.02 0.19 0.02 0.53 0.33 0.53 + 0.18 0.48 0.10 0.67 0.42 0.67 + 0.22 0.59 0.14 0.20 0.17 0.18 - 0.01 0.37 0.12 0.26 0.22 0.23 - 0.02 0.45 0.16 0.02 0.00 0.02 - 0.01 0.06 0.01 1.78 1.54 1.61 - 0.10 1.82 0.89 0.22 0.13 0.18 + 0.04 0.17 0.05 0.12 0.09 0.12 + 0.03 0.12 0.04 0.16 0.12 0.14 + 0.02 0.21 0.01 0.10 0.10 0.10 + 0.01 0.13 0.02 0.63 0.55 0.60 + 0.06 0.66 0.20 0.80 0.70 0.78 + 0.07 0.87 0.29 0.02 0.01 0.01 - 0.01 0.04 0.01 0.21 0.20 0.21 + 0.02 0.34 0.17 0.02 0.01 0.01 - 0.01 0.03 0.01 2.00 1.50 1.99 + 0.24 5.00 1.20 0.14 0.11 0.12 + 0.02 0.14 0.04 0.03 0.02 0.03 + 0.01 0.03 0.01 0.11 0.05 0.09 + 0.04 0.11 0.01 7.80 6.83 7.00 - 0.30 30.92 3.44 0.20 0.00 0.20 + 0.11 0.28 0.04 0.05 0.03 0.05 + 0.02 0.06 0.01 0.08 0.03 0.08 + 0.03 0.08 0.02 0.13 0.10 0.10 - 0.02 0.46 0.07 0.55 0.43 0.55 + 0.12 1.23 0.25 0.08 0.07 0.07 - 0.01 0.09 0.02 0.03 0.03 0.03 + 0.01 0.04 0.01 0.10 0.07 0.07 - 0.03 0.35 0.07 0.01 0.00 0.01 + 0.01 0.08 0.01 0.02 0.01 0.01 + 0.00 0.02 0.01 0.03 0.01 0.02 + 0.01 0.08 0.01 0.12 0.06 0.12 + 0.06 0.09 0.03 0.17 0.15 0.15 - 0.02 0.24 0.06 0.43 0.38 0.41 + 0.01 0.43 0.18 0.07 0.00 0.07 + 0.02 0.15 0.02 0.03 0.03 0.03 - 0.01 0.11 0.01 0.13 0.11 0.11 - 0.02 1.50 0.08 0.38 0.33 0.35 + 0.03 0.38 0.12 0.50 0.42 0.47 + 0.05 0.50 0.18 5.34 4.79 5.19 + 0.52 5.34 1.89 4.18 3.72 4.03 + 0.44 4.18 1.38 6.13 5.58 5.96 + 0.81 10.73 3.66 0.14 0.10 0.14 + 0.04 0.14 0.01 0.19 0.16 0.19 + 0.01 0.21 0.08 0.29 0.20 0.26 + 0.06 0.28 0.09 0.86 0.81 0.84 - 0.03 2.61 0.63 0.66 0.00 0.66 + 0.00 2.20 0.47 0.20 0.18 0.20 + 0.01 0.20 0.08 0.25 0.16 0.20 + 0.07 0.34 0.12

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2016-04-19 5:26 PM

WWW.NORTHERNMINER.COM

APRIL 25–MAY 1, 2016 / THE NORTHERN MINER

BID-ASK — April 11–15, 2016

12-MONTH

STOCK

EXC BID ASK LAST HIGH

LOW

STOCK

Bell Copper Zinco Mng 37 Capital One Acme Res Corp Advance Gold African Metals Aftermath Slvr Aida Minerals Alberta Star Alchemist Mng Alderon Iron* Allante Potash Alpha Nat Res* Altitude Res Alturas Mnrls Amanta Res Amer Vanadium Anglo Pac Grp Anthem United Antipodes Gold APAC Res Inc Appalaches Res Appia Energy Apple Cap Inc Arch Coal* Archon Mineral Armor Mnrls Arrowhead Gold Arrowstar Res Artha Res Asante Gold Asbestos Corp Asher Res Asia Now Res Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Aurania Res Austin Res AXE Expl Banks Island Bard Vent Barksdale Cap Baroyeca Go&Si BE Res Bearclaw Cap Bearing Res BHK Mining Big Bar Res Big Wind Cap Bird River Res Black Bull Res Boss Power Bravura Vent Buccaneer Gold Bullman Mnls Burnstone Vent Carrie Arran Cartier Iron Cascade Res Cassidy Gold Castle Res Cava Res Celeste Mng Celtic Minrls Chimata Gold Chinapintza Mg Cliffs Nat Res* Compliance Egy Cornerstone Mt Cougar Mnls Crestwell Res Cresval Cap Cricket Res CWN M’g Acq Declan Res Desert Gold Deveron Res DGS Mnls E-Energy Vent EastCoal Inc

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

0.01 0.01 0.14 0.01 0.01 0.02 0.01 0.08 0.16 0.01 0.12 0.01 0.20 0.02 0.01

C Enfield Expl European Metal C Explorex Res C Finlay Minrls V Fire River Gol V G4G Res V C GAR Limited Gentor Res V Giyani Gold V Global Cobalt V Goldcliff Res V Golden Brg Dev V Golden Cariboo V Golden Harp V Goldstream Mnl V Granite Ck Gld V Graniz Mondal V Gravis Energy C Gray Rock Res V Greatbanks Res V Green Swan Cap V Grenville Gold V Greywacke Expl C C Hadley Mng V Harvest Gold Highvista Gold V HiHo Silver C Homeland Egy V V IEMR Res IGC Res V Inform Res V Interconnect V Intl Samuel Ex V V Jazz Res JDF Explor Inc C Jet Gold V Jet Metal V Jiulian Res V V Karoo Expl Kenna Res V Kestrel Gold V Kitrinor Mtls V La Imperial C V Lago Dourado Lions Gate Mtl C Lovitt Res V Lucky Mnls V Maccabi Vent C C Mag Copper Mainstream Mnl V Manado Gold V Masuparia Gold V V Match Capital T MBAC Fertilizr McLaren Res C Mega Copper V Metallum Res V MillenMin Vent V Milner Con Slv V Minfocus Expl V Minsud Res V Moag Copper C C Montego Res V Morgan Res Morumbi Res V Mountain Lake C Mountainstar C Natan Res V Nebu Res V New Klondike V Nomad Ventures V NQ Expl V NSS Res Inc C Nubian Res V NV Gold V Opawica Expl V Open Gold V Oracle Mng V Oronova Res V Oroplata Res* O Otterburn Res V Oxford Res V

0.01 0.05 0.12 0.01 0.02 0.05 ... 0.10 0.20 0.03 ... 0.01 0.23 0.06 0.01 0.01 0.09 ... 0.18 0.02 0.03 0.01 0.01 0.02 ... 1.71 0.11 0.01 0.05 0.13 0.05 0.19 0.01 0.01 0.09 ... ... ... 0.33 ... 0.02 0.01 0.01 ... ... ... 0.03 0.01 0.04 0.08 0.03 0.05 ... 0.17 0.03 0.02 0.04 0.01 0.05 0.03 0.02 0.01 0.01 0.06 ... ... 0.02 0.01 1.45 0.03 0.02 0.01 0.04 0.04 0.01 0.12 ... 0.08 0.20 0.04 ... 0.01

0.02 0.07 0.40 0.03 0.03 0.09 0.01 0.16 0.22 0.06 0.40 0.10 0.24 0.13 0.01 0.02 0.09 ... 0.29 0.02 0.10 0.01 ... 0.06 ... 1.99 0.35 ... 0.06 0.15 0.07 0.30 0.02 0.02 ... 0.01 0.01 ... ... 0.01 0.02 0.01 0.02 0.01 0.01 0.34 0.04 0.05 0.04 0.50 0.04 0.09 0.01 0.20 0.14 0.03 0.05 0.02 ... 0.03 0.04 0.02 0.03 0.07 0.01 ... 0.03 0.02 3.20 0.03 0.02 0.01 0.10 0.05 0.04 0.50 0.01 0.11 0.22 0.09 0.01 0.01

0.01 0.05 0.05 0.08 0.20 0.21 0.02 0.04 0.02 0.03 0.05 0.11 0.01 0.03 0.10 0.23 0.20 0.23 0.04 0.08 0.14 0.52 0.01 0.07 0.24 4.16 0.15 0.21 0.01 0.01 0.01 0.09 0.10 1.50 2.05 0.20 0.46 0.02 0.02 0.03 0.11 0.01 0.01 0.02 0.09 0.12 0.58 15.00 1.71 2.10 0.15 0.15 0.03 0.07 0.05 0.14 0.12 0.20 0.08 0.15 0.18 0.30 0.02 0.05 0.02 0.03 0.09 0.16 0.01 0.01 0.01 0.01 0.06 0.45 0.50 0.60 0.01 0.01 0.02 0.03 0.01 0.17 0.01 0.03 0.01 0.02 0.01 0.02 0.35 0.03 0.04 0.03 0.04 0.04 0.10 0.10 0.10 0.06 0.06 0.06 0.07 0.01 0.17 0.19 0.03 0.08 0.03 0.04 0.04 0.14 0.02 0.03 0.05 0.07 0.03 0.11 0.02 0.05 0.02 0.04 0.01 0.15 0.06 0.25 0.01 0.01 0.01 0.02 0.15 0.01 0.02 1.43 7.17 0.03 0.25 0.02 0.04 0.05 0.15 0.13 0.15 0.04 0.06 0.01 0.04 0.13 0.50 0.01 0.01 0.11 0.50 0.24 0.32 0.04 0.06 0.01 0.01 0.01 0.01

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0.06 1.07 0.14 0.01 0.03 0.01 0.09 0.58 1.30 0.10 0.03 0.04 0.01 0.05 0.13 0.02 0.01 0.09 0.01 0.01 0.06 0.30 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.07 0.01 0.02 0.15 0.02 0.02 0.03 0.01 0.05 0.01 0.02 0.01 0.01 0.04 0.01 0.01 0.01 0.98 0.03 0.01 0.03 0.08 0.01 0.01 0.11 0.01 0.08 0.17 0.02 0.01 0.01

12-MONTH

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... ... 0.01 0.10 ... 0.01 0.01 0.01 0.06 0.10 0.10 0.19 0.03 0.04 0.03 0.05 0.03 0.07 0.09 0.75 0.04 0.07 0.04 0.10 0.04 ... 0.05 0.10 0.01 0.02 0.02 0.07 0.04 0.04 0.09 0.11 0.02 0.02 0.02 0.08 0.01 0.01 0.01 0.02 0.03 0.08 0.08 0.17 0.05 0.08 0.08 0.08 0.05 0.08 0.05 0.08 ... 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.02 0.03 0.03 0.04 ... 0.02 0.01 0.02 0.04 0.02 0.04 0.01 0.02 0.01 0.14 0.02 0.02 0.02 0.05 0.08 0.12 0.08 0.15 0.04 ... 0.04 0.04 ... 0.01 0.01 0.12 0.04 0.12 0.04 0.05 ... 0.16 0.17 0.20 ... 0.02 0.01 0.01 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.01 ... 0.01 0.01 0.02 ... 0.01 0.03 0.03 0.09 0.14 0.09 0.11 0.02 0.14 0.10 0.30 0.13 0.15 0.15 0.23 ... 0.02 0.02 0.02 0.04 0.08 0.06 0.08 0.10 0.10 0.09 0.16 0.01 0.04 0.01 0.04 0.01 0.02 0.01 0.02 0.10 0.15 0.12 0.17 0.02 0.02 0.02 0.07 0.01 0.01 0.01 0.01 0.01 0.05 0.01 0.01 0.10 0.13 0.10 0.15 0.02 0.19 0.02 0.08 0.03 0.05 0.03 0.05 0.05 0.06 0.06 0.14 0.08 0.10 0.08 0.14 0.02 0.03 0.02 0.13 ... 0.01 0.01 0.01 0.01 0.03 0.08 0.05 0.07 0.05 0.09 0.01 0.04 0.01 0.01 0.03 0.04 0.03 0.13 ... 0.01 0.01 0.01 0.02 0.03 0.02 0.05 0.03 0.06 0.12 0.13 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.04 0.01 0.01 0.01 0.04 0.09 0.12 0.09 0.09 ... ... 0.08 0.14 0.07 0.15 0.10 0.25 0.01 0.01 0.01 0.07 0.03 0.03 0.03 0.07 ... 0.01 0.01 0.01 ... ... 0.10 0.30 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.02 ... 0.01 0.01 0.07 0.01 0.01 0.01 0.02 ... ... 0.20 0.20 0.01 0.02 0.01 0.02 0.01 0.02 0.01 0.03 0.01 0.02 0.02 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.04 0.06 0.04 0.04 ... ... 0.50 0.50 ... ... 0.20 0.02 0.03 0.03 0.03

0.01 0.01 0.05 0.02 0.03 0.03 0.01 0.01 0.05 0.01 0.01 0.06 0.03 0.03 0.01 0.01 0.01 0.02 0.01 0.01 0.04 0.01 0.01 0.01 0.16 0.01 0.01 0.01 0.01 0.01 0.05 0.05 0.06 0.02 0.03 0.04 0.01 0.01 0.08 0.01 0.01 0.01 0.05 0.01 0.02 0.05 0.08 0.01 0.01 0.03 0.01 0.02 0.01 0.02 0.11 0.01 0.02 0.01 0.05 0.07 0.09 0.01 0.02 0.01 0.09 0.01 0.01 0.01 0.01 0.01 0.20 0.01 0.01 0.02 0.01 0.03 0.35

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EXC BID ASK LAST HIGH LOW

Pac Arc Res Pac Cascade Pac Imperial Pac Link Mng Pac Potash Pantheon Vent Parallel Mng Parlane Res Phoenix Gold PNG Gold Portex Mnrls Portofino Res Prize Mng Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Red Rock Enrgy Redzone Res Regal Res Remington Res Rhyolite Res Rift Valley River Wild Exp Rochester Res Rockridge Cap Rockshield Cap Rodinia Lithm Rome Res Romulus Res Ross River Rotation Mnls Royal Sapphire RT Minerals Rubicon Mnrls* Running Fox Rs Sable Res Samco Gold Savant Expl Savoy Vent Scavo Res SG Spirit Gold Shamrock Ent Signal Expl Silver Fields Silver Phoenix Sniper Res Sokoman Iron Standard Toll Stellar Africa Strata Mnls Stroud Res Sunrise Res Sunset Cove Mg Superior Mng TAD Mineral Talmora Diamd Tantalex Res Taranis Res Tearlach Res Telferscot Res Teryl Res Corp Theia Res Thunder Mtn Gd Tiger Intl Tiller Res Tintina Mines Tri-River Vent Trident Gold True Grit Res True Zone Res Trueclaim Expl UC Res United Coal Universal Vent Velocity Mnrls Viking Gold Wabi Expl Wolfeye Res Xiana Mng Zena Mng

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

0.01 0.01 0.01 0.01 0.04 0.11 0.03 0.10 ... 0.02 0.10 0.06 0.01 0.11 0.01 0.01 0.01 0.01 0.09 ... 0.04 0.13 0.01 0.01 0.04 0.05 0.08 0.02 0.05 0.08 ... 0.03 0.03 0.01 ... 0.02 0.01 0.02 0.01 ... 0.36 0.11 0.01 0.02 ... 0.01 0.01 0.01 ... 0.01 0.01 ... 0.01 0.01 ... ... ... 0.03 0.05 0.08 0.01 0.01 0.09 0.05 0.12 0.03 0.07 0.03 0.01 0.01 ... 0.01 0.01 ... 0.40 0.08 0.01 0.04 0.25 0.04 0.06

0.01 0.02 0.02 0.03 0.05 0.11 0.03 0.12 0.01 0.02 0.15 0.09 0.02 0.16 ... 0.07 0.02 0.01 0.19 ... 0.08 0.18 0.06 0.10 0.08 0.08 0.09 0.02 0.06 0.28 0.01 0.25 0.05 0.01 ... 0.03 0.02 0.08 0.01 ... 0.57 ... 0.02 0.04 0.01 0.24 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.05 0.50 0.15 0.01 0.02 0.12 ... 0.20 0.10 0.12 0.10 0.01 0.06 ... 0.02 0.02 0.01 ... 0.15 0.01 0.06 ... 0.05 0.09

0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.05 0.45 0.10 0.13 0.04 0.07 0.15 0.21 0.01 0.03 0.01 0.01 0.06 0.13 0.02 0.05 0.15 0.89 0.01 0.01 0.08 0.08 0.02 0.06 0.01 0.06 0.09 0.50 0.07 0.11 0.04 0.05 0.18 0.18 0.01 0.04 0.01 0.01 0.04 0.08 0.05 0.08 0.08 0.14 0.01 0.05 0.05 0.07 0.09 0.16 0.01 0.01 0.04 0.15 0.05 0.05 0.01 0.03 0.03 1.35 0.02 0.03 0.01 0.02 0.02 0.45 0.01 0.03 0.16 0.36 0.54 0.09 0.20 0.01 0.04 0.01 0.04 0.01 0.03 0.10 0.10 0.01 0.07 0.01 0.02 0.01 0.25 0.01 0.10 0.01 0.05 0.01 0.01 0.01 0.06 0.01 0.05 0.01 0.01 0.01 0.01 0.04 0.03 0.07 0.08 0.15 0.08 0.16 0.01 0.01 0.02 0.02 0.10 0.20 0.09 0.12 0.20 0.25 0.04 0.09 0.10 0.12 0.03 0.17 0.01 0.02 0.01 0.04 0.01 0.03 0.01 0.05 0.02 0.03 0.01 0.45 0.45 0.08 0.20 0.01 0.01 0.04 0.06 0.25 0.35 0.04 0.10 0.05 0.10

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0.02

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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2016-04-19 5:27 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 25–MAY 1, 2016

Pilot Gold's new CEO Everett drawn to upside at Goldstrike Utah

| Junior turns attention to safer districts, while advancing projects in Turkey “After 25 years on the sell side, I realized I missed it, and running a public company was one of the things I hadn’t done in this business.”

By Matthew Keevil

mkeevil@northernminer.com VANCOUVER

ilot Gold (TSX: PLG; US-OTC: PLGTF) has a new look after a management change and a sharpened focus on sedimenthosted gold systems in the mining heartlands of the United States. Cal Everett joined Pilot as president and CEO in February, and his name is likely familiar. Everett is an economic geologist who spent 19 years at BMO Nesbitt Burns and PI Financial before cofounding Vancouver-based Axeman Capital. “There are a few reasons behind the career change, and the first is a macro view on gold: we’re looking at a prolonged — and hopefully steady — strength in the market,” Everett says during an interview at Pilot’s Vancouver offices. “We’ve gone through low interest rates for eight years, and I don’t see hikes coming any time soon. To put people back to work you’re going to have to print more money, and gold will be affected. “Number two: well, I didn’t have any hobbies. After 25 years on the sell side, I realized I missed it, and running a public company was one of the things I hadn’t done in this business,” he adds with a grin. The third item that sold Everett on Pilot was the past-producing Goldstrike gold property, 50 km northwest of St. George, Utah. The company picked up the asset two years ago in an all-share deal valued at $7 million. There hasn’t been much news from the property since. But Pilot has a lot going on elsewhere. It is advancing a pair of copper-porphyry projects in Turkey, namely the TV Tower joint venture with Teck Resources (TSX: TCK.B; NYSE: TCK), and the nearby Halilaga project. Pilot is also drilling the Kinsley Mountain prospect in southeast Elko County, Nev., 90 km from Newmont Mining’s (NYSE: NEM) Long Canyon deposit. “W hen Goldstrike changed hands I was representing another party who was interested in the property,” Everett says. “I have

Cal Everett President and CEO, Pilot Gold

done a lot of due diligence on the project, and I really like it. There’s quite simply a ton of drilling in the database, and when you have that many pierce points you’ve effectively de-risked the asset. In this case, there were implications of a district-scale gold system, and the grades were good. Goldstrike really brought me here.” The sediment-hosted gold prospect sits in southwest Utah’s Washington County, and had been an oxide heap-leach operation between 1988 and 1994. The mine generated 209,000 oz. gold at a grade of 1.2 grams gold per tonne. “The Turkish assets are great, but you have to strategically handle the projects from a practical and political standpoint. They have great potential, but if your shareholders would prefer you put risk capital into Utah and Nevada, that’s what you should do,” Everett says. Regional geology is headlined by Tertiary volcanic and sedimentary rocks that rest unconformably on a basement of deformed middle and late-Paleozoic carbonate and siliciclastics. The sequence is cut by steep, arcuate, oblique-slip faults that form horsts and grabens. Gold mineralization on surface and in shallow drill holes has been found where the basal unconformity of the Tertiary sequence is exposed at surface, and particularly where it is cut by faults. Over the past year Pilot’s technical team — guided by vice-president of exploration and geoscience Moira Smith — have built a geological model that incorporates over 1,500 historic drill holes and 100,000 blast-hole samples.

In March the company announced a $2.2-million infill and step-out program. Pilot is hunting around the historic pits. The company will also drill-test down-dip north and laterally beyond the historic mine trend into areas where gold has been confirmed but “not systematically drilled off.” Everett says that “there are 12 linear pits along a 7 km strike. Previous drilling has established that mineralization is present, but to nail down grades, we’ll have to drill it off,” Everett says. “For that budget we can punch 100 holes. You could drill it quickly, and it’s all reverse-circulation work. We’re in a mineralized system,

so naturally we’ll start from the middle and work out, and since we’re dealing with historic work, we have context in terms of grade.” The company tabled assays from the first eight holes at Goldstrike on April 12, with highlights of: 35 metres at 2.1 grams gold per tonne from 55 metres deep in drill hole 19; 30.5 metres of 1.07 grams gold from 143 metres deep in hole 20; and 58 metres at 1.19 grams gold from 107 metres deep in hole 26. Pilot intends to release a resource estimate by year-end, and the exploration budget is relatively fluid. And the company isn’t hurting for capital, after closing a $4.5-million private placement on March 4,

wherein it issued 18 million units at 25¢ each. The units consisted of one share and one-half warrant exercisable at 40¢ for 24 months. The financing gives the company just shy of $14 million in working capital. Pilot shares have traded in a 52week range of 22¢ to 82¢, and have jumped 103%, or 32¢, this year en route to a 63¢ close at press time. The company has 125.3 million shares outstanding for a $78-million market capitalization. “You could say that the business model at Pilot has shifted, because we’re aggressively looking for more deposits in North America, with a minimum potential 1.5 million oz. gold,” Everett says. “When you look at capital markets there is definitely interest in exploration in certain locations, and there’s a scarcity of product because nobody has explored that much for the past four or five years. It’s also been pretty busy on the mergers and acquisitions side for advanced-stage deposits and producers … it tells us that the majors are flexing their financial muscles.” TNM

The historic Moosehead pit at Pilot Gold’s Goldstrike gold property in Utah. Pilot Gold

A drill parked on the east side of the historic Basin pit at Pilot Gold’s Goldstrike gold project in Utah. Pilot Gold

1 2 3 4 5 11 13 14 16_April25_Main .indd 11

2016-04-19 7:09 PM

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APRIL 25–MAY 1, 2016 / THE NORTHERN MINER

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2016-04-19 5:25 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 25–MAY 1, 2016

Cordoba, HPX move San Matias forward Cordoba From 1

Friedland agreed to meet Stifano at 7:30 p.m. that evening to learn more about the company’s San Matias project in northern Colombia, where drilling the year before at the Montiel prospect had returned highgrade copper-gold porphyry mineralization, including a 101.1-metre intercept averaging 1% copper and 0.65 gram gold per tonne. “I explained the project to him and why I thought it was special,” Stifano says. “He told me why it would be extremely difficult for Cordoba to advance it on its own, and relayed his experience at OT, and how difficult it is to find these porphyries, and how you need a lot of experience and lots of geophysics. He reminded me that it took him 134 holes — some of them really deep — to hit the discovery hole at OT.” Nevertheless, Friedland was intrigued enough to dispatch the exploration team at his privately held High Power Exploration (HPX) to take a look at the project. “We didn’t need money at the time, but I was thinking ahead and thought it might make sense for him to look at the project, because you don’t know what the future is going to hold,” Stifano says, noting that Cordoba had already raised $15 million in early 2014 from a syndicate consisting of the Bank of Montreal, Dundee, GMP Securities and Clarus Securities. At the same time, he notes, Cordoba was signing a number of confidentiality agreements with large base metal companies. “We had almost every major mining company in the base metal space and some of the world’s largest mining companies come and look at our ground in the district,” Stifano says. “But from day one, I always wanted to do a deal with Robert. There’s no better mine finder and explorer than Robert Friedland.” That year Cordoba found more copper-gold porphyry mineralization at San Matias. At its Costa Azul target, an 800-by-800-metre copper-gold soil anomaly, 2 km south of the Montiel target, results of rotary air-blast drilling were

Field personnel at a porphyry outcrop at Cordoba Minerals’ San Matias copper-gold project in Colombia. Cordoba Minerals

“People always ask me why HPX came into this little company called Cordoba, and the answer is quite simple: the HPX team that visited the project saw a lot of similarities with Oyu Tolgoi.” Mario Stifano President and CEO, Cordoba Minerals

released in August 2014. Intercepts included 31 metres of 0.25 gram gold and 0.6% copper; 30 metres of 0.22 gram gold and 0.7% copper; and 12 metres of 0.2 gram gold and 0.7% copper. Stifano’s wish that Cordoba would do a deal with Friedland, however, came true in May 2015. Under a joint-venture agreement, HPX will spend $6 million for a 25% stake in the project and another $10.5 million for a 51% stake. They then have the right to carry it to feasibility. Friedland also owns 37% of Cordoba, a lot of which he bought on the open market, through private

placements and by exercising warrants, Stifano says. “I wanted as part of the jointventure deal that my partner earn into the property, but at the same time I wanted them to be a shareholder of Cordoba, because I wanted all of our interests aligned,” Stifano says. “That was one of my conditions and Robert agrees with that strategy, and that we need to be aligned in all matters.” Cordoba holds a 35% stake in the project and does not to need to spend any more funds until completing a feasibility study. “We did this deal in the early part of 2015, when no juniors could

MAC supports carbon pricing MAC From 4

Any climate change policy should be both f lexible and sensitive to changing economic conditions and geography. Clarity of policy design is essential to achieve environmental goals, minimize the impact on consumers and suppliers, and maintain economic competitiveness. What would implementing this principle mean? Transition to a lower carbon economy would be achieved through a policy framework that provides sufficient time, consistency and clarity for consumers and industry to adapt, and makes the necessary investments to maintain competitiveness — with a rate of transition that meets objectives. 5. Be simple, complementary and effective Why is this principle needed? In the pan-Canadian context, policies and regulations must lead to a national climate change management regime that complements provincial climate change schemes, avoids duplication and is simple to understand and administer; considers the aggregate cost burdens placed on industry; is informed by and balanced with other environmental policy areas, including land, water and air; and delivers on the environmental objective of reducing GHG emissions so that associated costs do not outweigh the benefits.

1 2 3 4 5 11 13 14 16_April25_Main .indd 13

What would implementing this principle mean? Policy would be simple, complementary or, where appropriate, equivalent with new and existing climate regimes. Policy would also harmonize jurisdictions with a consistent approach to monitoring, verification, reporting and administration. Most importantly, balanced policies and regulations should provide maximum clarity to incent the behaviours needed to lower GHG emissions. 6. Support investments in developing and implementating technologies that lower emissions Why is this principle needed? It is clear from all credible scenarios that addressing climate change will require a systematic transition to both infrastructure and technology over several decades. Capital investments to develop lower emission energy — including fuel-efficient power generation — require certainty from becoming stranded assets in the future. Policies should not limit energy technology choices, unfairly discriminate against energy choices, or establish technical barriers to trade or market entry. Policies should support the efforts of all stakeholders to emphasize energy and fuel efficiency, and advance low-cost, low-emission, stable and highly reliable forms of power generation. What would implementing this

principle mean? Governments would implement policies that create public-private investment partnerships to cultivate appropriate technologies and practices, including nuclear, natural gas cogeneration, hydrological, renewable, and other power generation sources and technologies. Governments would implement policies to encourage individual operations to transition to more energy and fuel-efficient technologies. 7. Recognize early action Why is this principle needed? Acknowledging that some companies have proactively reduced their climate footprints, and that some provincial jurisdictions in Canada have already established climate change mitigation regimes, it must be recognized that: many early actors have undertaken investments and measures to reduce GHG emissions; and that the incremental cost of lowering carbon emissions disadvantages early actors, compared with firms just embarking on mitigation measures. What would implementating this principle mean? Any new climate change policy should recognize that competitiveness impacts early actors more severely than on firms not subject to existing climate change schemes, and those early actors should be recognized for their early contributions. TNM

get anything done,” Stifano says. “I’ve always felt that great projects always get financed.” HPX has a robust treasury to take the project forward, Stifano says. “It raised $100 million with Robert’s own personal money and some additional money from a high net-worth individual,” he says. “They can spend money where they need to spend money. And Robert can raise money — it’s never been an issue for him.” Another reason Stifano wanted to partner with HPX was because of its proprietary Typhoon technology. “It’s almost like deep induced polarization, but it allows you to go

2 km below surface with significant detail, and they are fantastic at doing inversions, so you can do it in 3-D,” he says. Cordoba has released drill results from its Alacran target at San Matias, 2 km southwest of the Montiel porphyry copper-gold discovery and 2.5 km from Costa Azul. Highlights included 111 metres of 1% copper and 38 gram gold; 109 metres of 0.95% copper and 0.35 gram gold; and 108 metres of 0.9% copper and 0.36 gram gold. Alacran covers 270 metres of strike length at the northern end of a 1,300-metre defined mineralized trend, which remains open in all directions and at depth. Stifano notes that the Alacran discovery confirms his belief that San Matias hosts porphyry copper-gold mineralization and highgrade, skarn-hosted copper-gold systems. “People always ask me why HPX came into this little company called Cordoba, and the answer is quite simple: the HPX team that visited the project saw a lot of similarities with Oyu Tolgoi,” Stifano says. “We think we’re in a porphyry cluster. There’s a lot of faulting that you would have seen at OT. What we see in a lot of our geophysics is that some of these intrusions are deep and big. “We’re not talking about 0.2% copper or 0.3% copper, we’re talking some pretty high-grade copper, and this has potential — with a lot of work, obviously — for us to find a worldclass, tier-one discovery,” he adds. “Robert is probably the most aggressive explorationist out there, period. This is what he does. This is what he loves. You can’t fault his track record: Voisey’s Bay, Oyu Tolgoi, Kamoa, Platreef — all his projects are world-class. There is nobody better at finding world-class projects than Robert Friedland and his team. Nobody.” San Matias is 200 km north of Medellin and 20 km south of BHP Billiton’s Cerro Matoso nickel mine, and within 10 km of two open-pit coal mines operated by a Colombian conglomerate, with access to road infrastructure and power. TNM

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2016-04-19 7:09 PM

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APRIL 25–MAY 1, 2016 / THE NORTHERN MINER

Asanko hits commercial production Ramp-up

| Steady production expected in second half at flagship mine in Ghana By Salma Tarikh

The processing plant at Asanko Gold’s namesake gold mine in Ghana. Asanko Gold

starikh@northernminer.com

his year so far has been a great one for Asanko Gold (TSX: AKG; NYSE-MKT: AKG). In January, the company kicked off first production at its namesake gold mine in Ghana, followed by commercial production in April, a quarter ahead of schedule, with its shares surging 71% since the end of 2015. Phase one at the Asanko gold mine reached commercial production on April 1, three months earlier than expected, marking a “fantastic achievement by our team,” CEO Peter Breese stated. The team also completed the US$295-million construction, which started in August 2014, within budget. “This represents a milestone,” Raymond James analyst Chris Thompson says. He has a $3.80 target and an “outperform” rating on the stock, which last traded at $3.48. Ramp-up at the mine will continue during the second quarter, as

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“This represents a milestone.” Chris Thompson Analyst, Raymond James

workers access the main ore zones in the Nkran pit until the end of June, with steady production expected soon after. The first phase involves mining Nkran and four satellite pits that altogether comprise the Obotan project, at 190,000 oz. a year, before expanding to include the Esaase deposit in 2018. The company has yet to make a development decision on Esaase. By the end of March, phase one produced and shipped 15,337 oz. gold and 2,860 oz. silver, with another 6,200 oz. gold locked up in the milling facility. Asanko sold a total of 8,710 oz. gold at an average US$1,211 per oz. for US$10.6 million, helping it turn cash-flow positive in March, BMO analyst Andrew Breichmanas writes. He has a $4 target and “outperform” rating. In March, mill throughput surpassed capacity by up to 25%, with average rates of 8,908 tonnes per day, or 11% above design. Power consumption in the semi-autogenous and ball mills are lower than expected, helping the plant run more material through the mills at a lower cost per unit, the company says. Key reagent consumptions are at or below design, while gold recoveries are exceeding expectations. In the last two weeks of March, gold recoveries were 94%, versus a 92% design. CIBC analyst Jeff Killeen, who bumped his $2.85 target to $3 per share, says higher recoveries will “likely persist on a go-forward basis.” Asanko intends to increase mining through the second quarter to fill the extra capacity at the plant. It plans to stress-test the mills up to 12,000 tonnes per day. Meanwhile, the Nkran pit’s pushback continues, with 28 million tonnes mined since operations started in early 2015. However, Asanko notes the pit is under pressure to deliver ore to the milling facility, which started six weeks early and ramped up to design throughput rates three months faster than anticipated. To meet this demand, Asanko has bulk-mined to get to the main ore zones faster. As a result, it has mined lower head grades, with higher dilution and gold losses than planned. It expects to continue mining lower grades in the second quarter until it exposes Nkran’s main ore zones. After this, the grades should increase to match phase one’s average reserve grade of 2.15 grams gold per tonne. (Reserves total 36.7 million tonnes at 2.15 grams gold for 2.52 million oz.) Asanko is guiding gold production of 35,000 to 40,000 oz. in the second quarter, and 90,000 to 100,000 oz. in the second half, as it reaches steady production. Including Asanko’s first-quarter production, this would bring expected annual production to 140,000 to 155,000 oz. This is in-line with Raymond James’ 142,000 oz. forecast, but below the 182,000 oz. outlined in Asanko’s 2015 phase-two expansion plan prefeasibility study, due to the lower grades mined, Thompson writes. The company exited March 2016 with US$72 million in its treasury, and a $2.76 share price. It recently closed at $3.48, up 71% since ending 2015 at $2.03. TNM

2016-04-19 7:10 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 25–MAY 1, 2016

Mineral Deposit Compilation Geoscientist Thunder Bay

Senior Policy Advisor Ontario Ministry of Northern Development and Mines Ontario, Canada

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Geotechnical Engineer Rainy River, Ontario,

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Do you want to be part of the development and start-up of one of Canada’s

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freezing, ground control, surveying and other activities to support underground development, production and construction in a geo-technically challenging environment.

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Consultation Support Officer Ontario, Canada

Working with the maintenance engineering department, you will be responsible for providing greater technical focus on asset life cycle man-

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Are you interested in engaging and building relationships with Aboriginal communities? If so, consider joining the Mineral Exploration and Development Branch of the Ministry of Northern Development and Mines, where you will provide consultation expertise and advice through the implementation and administration of the Mining Act, regulations and policies.

ket, aligning with company sales goals and profitability.

VP Business Development Langley, British Columbia

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Working with the maintenance engineering department, you will be responReporting to the President, The VP, Business Development, is responsible

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tive maintenance techniques and identify equipment critical to operation and equipment with significant failure effects.

Occupational Health & Safety Inspector – Electrical/ Mechanical Ontario, Canada Do you have electrical/mechanical mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

Do you have surface and underground mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your underground experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Mining with the Ministry of Labour.

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16-04-19 3:12 PM

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APRIL 25–MAY 1, 2016 / THE NORTHERN MINER

Denison tables promising PEA for Wheeler River athabasca basin

By Salma Tarikh

starikh@northernminer.com

enison Mines’ (TSX: DML; NYSE: DNN) preliminary economic assessment (PEA) for its flagship Wheeler River uranium project in northern Saskatchewan’s Athabasca basin has left a good first impression on analysts. The project contains the highgrade Gryphon and Phoenix deposits and is held 60% by Denison, 30% by Cameco (TSX: CCO; NYSE: CCJ) and 10% by JCU (Canada) Exploration. The PEA envisions mining the two deposits as a single underground operation that would use Denison’s 22.5%-owned McClean Lake mill for processing. (Areva Resources holds 70% of the mill, with Ourd holding the rest.) Underground development and mining would first start at the Gry-

| Robust returns foreseen at current long-term uranium price

phon deposit, followed by Phoenix, 3 km away. The operation should churn out 104.8 million lb. uranium oxide (U3O8) over a projected 16-year-mine life, at average cash costs of US$19 per lb. The study pegs start-up capital at $560 million, with life-of-mine sustaining costs at $543 million, bringing the total to $1.1 billion. Denison would be responsible for 60% of the costs. Compared to the initial capital of building other high-grade uranium projects in Canada, Raymond James analyst David Sadowski writes that Wheeler River has “modest” costs and a “strong likelihood” of being developed. Denison, he believes, could finance its share of upfront costs of $336 million, given its current $378-million market capitalization. Partners Cameco and Japan’s JCU have the “financial horsepower” to do the same.

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“The underground mine would return solid economics, even at the low basecase uranium price of US$44 per lb.” David Sadowski Analyst, Raymond James

The project has encouraging economics. Using a base-case, long-term uranium price of US$44 per lb. and an 8% discount rate, Wheeler River has a $206-million after-tax net present value (NPV) and 17.8% internal rate of return (IRR). Payback should occur in three years. “Given modest capital requirements and low operating costs, the underground mine would return solid economics, even at the low base-case uranium price of US$44 per lb., which is in-line with the current posted long-term price,” Sadowski says. If uranium prices improve to US$62.60 per lb., the after-tax NPV and IRR should increase to $548 million and 29.2%, with the payback dropping to 18 months. Cantor Fitzgerald analyst Rob Chang says the second scenario with the higher uranium price is more likely, as he forecasts uranium hitting US$80 per lb. by the time production starts at Wheeler River. The PEA assumes pre-production in 2021, with production from the Gryphon deposit starting in 2025. Denison intends to begin with Gryphon — “the more profitable deposit” — due to its lower development and operating costs. The deposit sits 720 metres below surface and 220 metres below the sub-Athabasca unconformity. Its stable ground conditions allow for conventional development and underground extraction techniques, such as longitudinal longhole mining. In comparison, the higher-grade Phoenix deposit sits at the unconformity between the Athabasca basin sandstone and basement rocks, 400 metres below surface. Given its proximity to the unconformity and that it sits below the watersaturated Athabasca sandstone, it would require ground freezing to prevent water inflows, as well as remote mining to safely extract the high-grade uranium mineralization. Denison intends to use jet boring, which is used at Cameco’s Cigar Lake deposit. Based on 55 drill holes, Gryphon has an inferred resource of 43 million lb. U3O8 from 834,000 tonnes grading 2.3% U3O8. The study assumes extracting 6 million lb. annually for seven years at an average operating cost of US$14.28 per lb., before moving onto the neighbouring Phoenix deposit. Phoenix’s A and B zones host 70.2 million lb. U3O8 in indicated (166,400 tonnes at 19.1% U3O8) and 1.1 million lb. U3O8 in inferred (8,600 tonnes at 5.8% U3O8), based on 196 drill holes. The deposit should provide 7 million lb. annually for nine years at an average operating cost of US$22.15 per lb. The estimated combined average costs for both deposits are US$19 per lb. However, BMO analyst Edward Sterck points out that cash costs at

Drills in 2015 at Denison Mines’ Wheeler River uranium project in northern Saskatchewan’s Athabasca basin. Denison Mines

Core racks at Denison Mines’ Wheeler River uranium project in Saskatchewan. Denison Mines

The McClean Lake uranium mill in Saskatchewan, which is owned by Denison Mining, Areva Resources and Ourd. Denison Mining

Gryphon seem “optimistic,” versus his US$24 per lb. estimate for Rabbit Lake production, which is the “closest comparable operation, albeit a mature one.” That said, he notes Wheeler River’s development timeline appears “realistic” and matches his forecast of when “additional new mine supply will be needed to meet demand growth.” Sequencing Phoenix’s production after Gryphon also gives Denison time to develop a 3 km long underground connection drift between the deposits and finish freezing the deposit, as well as time for more engineering to lower costs and anticipate risks. The plan aligns with the expansion at the McClean mill, located 160 km northeast of Wheeler River. Annual production capacity at the mill could reach 24 million lb. U3O8, giving it enough capacity to process ore

from Cigar Lake and Wheeler River, which would be on a toll-mill basis. (Cigar Lake’s first-phase production should peak at 18 million lb., before lowering in the late 2020s.) “The PEA benefits from the infrastructure-rich nature of the eastern side of the [Athabasca] basin, as it capitalizes on items such as the existence of excess mill capital, provincial highways and a provincial power grid,” Chang writes. “With the opportunity for resource growth at Gryphon and higher uranium prices on the horizon, the PEA provides Denison with a solid foundation … and supports our decision to explore on the property and advance the project immediately into a prefeasibility study,” David Cates, Denison’s CEO, said in a statement. The study should take 12 to 18 months to complete. TNM

2016-04-19 7:10 PM