The Northern Miner August 21-September 3 2017 Issue by The Northern Miner Group

GOLD: A QUARTERLY FINANCIAL REVIEW OF CANADA’S LARGEST PRODUCERS / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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AUGUST 21–SEPTEMBER 3, 2017 / VOL. 103 ISSUE 17 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Barrick’s Dushnisky on miner’s rebound, JVs INTERVIEW

| Restructuring efforts pay off with leaner, more adaptable company

BY LIAM ZISMAN SPECIAL TO THE NORTHERN MINER

t the Canadian Mining Symposium hosted by The Northern Miner at Canada House in London, U.K., in May, session moderator Bill Whitelaw, executive vice-president of Northern Miner parent company Glacier Media, sat down with Kelvin Dushnisky, president of Barrick Gold (TSX: ABX; NYSE: ABX) to discuss the company’s restructuring into a leaner, more focused gold miner, and its new joint ventures at operations around the world. The following is an edited transcript of the conversation. Bill Whitelaw: Peter Munk formed Barrick Gold in 1983, and within 25 years, it was the world’s biggest gold producer. But growth brings all kinds of challenges in terms of projects that go over budget and top-of-market acquisitions. It’s part of managing those growth pains that Barrick has instituted its Back to the Future strategy, which — like all good companies — looks back on their founding and brings that into the future. Maybe you could reflect on the success of that strategy?

Workers at a section of the Rail-Veyor system at Agnico Eagle Mines’ Goldex underground gold mine near Val-d’Or, Quebec. PHOTO BY JOHN CUMMING

Agnico declares commercial production at Goldex’s Deep 1 SITE VISIT

| Pioneering use of Rail-Veyor system to transport material underground

BY JOHN CUMMING jcumming@northernminer.com VAL-D’OR, QUEBEC

ith the declaration of first commercial production from the Deep 1 project, Agnico Eagle Mines (TSX: AGE: NYSE: AGE) has entered a new era in the life of its wholly owned Goldex underground gold mine, just 2.5 km west of Val-d’Or, Quebec.

The Deep 1 project centres on the D-1 (or Upper D) zone. It is 850 to 1,200 metres below surface, and will be mined at a rate of 6,000 tonnes per day, producing 100,000 oz. gold annually from 2018 through 2024 at a cash cost of US$610 to US$630 per ounce. The production from D-1 adds to ongoing production from the MMx zone, which is 50 to 370 metres from surface, and the deeper E zone, which lies just above and offset from

the D-1 zone at 670 to 850 metres deep, and is accessible from the bottom of the mine’s 800-metre Main shaft. Geologically, there is a sequence of steeply dipping mafic to ultramafic rocks that underlie the Goldex property and have been intruded by a large, table-shaped quartz-diorite body known as the “Goldex granodiorite” that dips steeply northeast. See GOLDEX / 2

“FOR A LONG TIME, BARRICK WAS THE ONLY COMPANY WITH AN A-RATED BALANCE SHEET...WE HAVE BEEN USING THE ‘BACK TO THE FUTURE’ ANALOGY TO RESTORE DISCIPLINE. ” KELVIN DUSHNISKY PRESIDENT, BARRICK GOLD

an untimely acquisition, when our debt became too high. There were a lot of issues and challenges we had to face. Intensively, over the last two and a half years, we have been restructuring the business. We have been using the Back to the Future analogy in restoring the discipline to the business. See BARRICK GOLD / 14 PM40069240

Kelvin Dushnisky: When Barrick started, our iconic founder Peter Munk was a visionary. The first acquisition he made — when Barrick was a small company — was Camflo Mines, and with Camflo came real talent, including Bob Smith — another legend in mining. The way Peter and Bob structured the business was a clear division of labour: Peter was responsible for financial aspects and strategy, Bob was responsible as an operator for overseeing the mines and making sure the right talent was in place, and making sure the operations ran well — which they did. The model worked very well. For a long time, Barrick was the only company in the space with an A-rated balance sheet. It had strong financial discipline and projects were built on time and on budget, and that model worked for a long time. But the reality is that if you go back several years, we lost our way in some sense. Like a lot of companies, we started chasing production — the number of ounces as opposed to quality of ounces. You mentioned

EV REVOLUTION: FRIEDLAND PITCHES COPPER, COBALT / 5

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Frédéric Langevin (centre), mine manager at Agnico Eagle Mines’ Goldex gold mine in Val-d’Or, Que., guides visitor on an underground tour in June 2017. PHOTO BY JOHN CUMMING

Agnico’s Goldex GOLDEX From 1

Most of the gold occurs in stockwork veins as microscopic particles associated with pyrite. The rest is coarse, native gold. The Goldex mine has had a rocky history. The shallow M (or Main) zone was discovered in 1963, with the larger and deeper Goldex Extension Zone (GEZ) discovered in 1990, when what is now an exploration shaft (or Shaft 1) on the property was deepened to 760 metres. In 2004, Agnico confirmed the mineralization at GEZ, and completed a prefeasibility study, leading to the start of underground mine construction and the sinking of the

Main shaft in 2005. Agnico reached commercial production from the GEZ in 2008, but ran into arguably its worst technical failure when constant dewatering of the highly fractured rock in the GEZ and other measures led to the mass infiltration of clayey material from surface into the orebody. The 40-metre-thick layer of clay at surface at Globex subsided by as much as 8 metres, which also led to geotechnical problems for surface mine infrastructure. In October 2011, Agnico was forced to shut down production at Goldex because of the water and clay problems. The troublesome GEZ was never to re-enter production,

“THE MINING INDUSTRY HAS A REPUTATION OF BEING CONSERVATIVE, SO THAT MAY HAVE BEEN OUR BIGGEST HURDLE IN DECIDING TO ADOPT THE RAIL-VEYOR, BUT IN OUR CASE IT JUST MADE SENSE.” FRÉDÉRIC LANGEVIN, GLOBEX MINE MANAGER, AGNICO EAGLE MINES

and there are no plans to do so, and so the GEZ remains a sizable “dead zone” in the wider Goldex mine, which exploits one large orebody. Agnico didn’t give up on Goldex, though, and in July 2012, resumed mining in the MMx and E zones, this time using the mining method of longhole open stoping with cemented pastefill, which is also used

at Agnico’s Lapa and LaRonde mines in the region. Mining from these two zones started at 5,100 tonnes per day. Agnico described this as a “marginal project in and of itself” but correctly judged that keeping the mine alive would allow for resource expansion and time to improve the mine plan. Agnico restarted the Goldex mill — with a capacity of 8,000 tonnes per day — in September 2013, and commercial production resumed a month later. Goldex ore has simple mineralogy requiring two-stage grinding through a semi-autogenous grinding mill and a ball mill, 70% gravity recovery of the gold and sulphide flotation. Free gold is poured into

doré bars on-site and the remaining gold in sulphide concentrate is sent in 5 to 10 trucks per day to Agnico’s LaRonde gold mine complex — 60 km west — for final leaching. Overall gold recovery is 93%. From 2013–2016, mining costs at Goldex were C$35 to C$37 per tonne, with mill throughput gradually increasing to 6,800 tonnes per day. The outlook for Goldex took a turn for the better in July 2015, when the Agnico board approved development of the US$140-million Deep 1 project, which involves exploiting the D-1 zone located under the “dead” GEZ. The D-1 zone will be mined using the same methods as the M and E zones, and no changes to the processing plant are required, as the ore shows the same metallurgy. “We’re mining a big potato, so we have multiple stopes in multiple dimensions, whereas LaRonde has that single sheet that they’re mining, so it’s bit more tricky the sequence, but it’s highly productive,” Frédéric Langevin, mine manager at Goldex, said during a mine tour in June. “Our ore is simple to process, See GOLDEX / 13

The mill at Agnico Eagle Mines’ Goldex gold mine in Val-d’Or, Quebec. The mill has an 8,000-tonne-per-day capacity but currently runs at 6,800 tonnes per day. PHOTO BY JOHN CUMMING

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GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 21–SEPTEMBER 3, 2017

McEwen Mining buys Primero’s Black Fox GOLD TRISH SAYWELL tsaywell@northernminer.com

cEwen Mining (TSX : MUX; NYSE: MUX) is expanding its footprint in the Timmins camp of Ontario with the purchase of Primero Mining’s (TSX: P; NYSE: PPP) Black Fox mine complex for US$35 million in cash. “The assets complement our recently acquired Lexam VG properties,” Rob McEwen, the company’s chairman and founder, wrote in an email to The Northern Miner. In February, McEwen Mining acquired Lexam VG Gold, whose primary projects in the Timmins Camp are past producers, with defined resources and infrastructure that will provide “fantastic synergies” with Primero’s Black Fox mine, McEwen says. “Our objective is to build a longterm production platform with a robust pipeline of production, development and exploration assets, all feeding into a single processing facility,” McEwen said in a press release. “This acquisition will add to our gold production, but is just the beginning of a new chapter of growth for McEwen Mining.” Black Fox is expected to produce between 50,000 and 60,000 oz. gold this year at total cash costs of between $850 and $950 per oz., and all-in sustaining costs of between US$1,150 and US$1,250 per ounce. In the second quarter, Primero produced 20,731 oz. gold at Black Fox (up from 15,172 oz. in the same quarter of last year) at total cash costs of $637 per oz., down 27% from $870 per oz. a year ago. Underground mining focused on Black Fox’s Deep Central Zone, with grades averaging 7.09 grams gold per tonne — a 59% increase in grade from the year earlier. Black Fox “has a processing facility with excess capacity, two future

| Timmins mine complements McEwen’s Lexam VG properties

“THIS ACQUISITION WILL ADD IMMEDIATELY TO OUR GOLD PRODUCTION, BUT IS JUST THE BEGINNING OF A NEW CHAPTER OF GROWTH FOR MCEWEN MINING.” ROB MCEWEN CHAIRMAN AND FOUNDER, MCEWEN MINING

development opportunities and excellent exploration potential,” McEwen says. “This is a logical and potent combination.” The Lexam properties add measured and indicated resources of 1.47 million oz. gold and 954,000 inferred oz. gold to the company’s resource base in Canada. Jeff Killeen of CIBC calculates that the $35-million deal for Black Fox implies a purchase price of 0.8 times his previous net present value (5%) for the asset. McEwen Mining says the properties from the Lexam deal earlier this year will enhance the company’s development and production pipeline, with the potential to produce at the Timmins properties within two years. The Lexam cluster of four pastproducing gold properties on the Abitibi greenstone belt have openpit and underground potential, and consist of Buffalo Ankerite, Fuller, Davidson Tisdale and Paymaster. The projects are situated within two claim blocks, one in the northern part of Tisdale Township (the Davidson Tisdale block, 5 km southeast of Timmins’ city centre) and a

McEwen Mining’s silver-gold El Gallo mine in Mexico’s Sinaloa State, in 2016. The company’s recent investment in Timmins, Ontario, where grades have increased 59% this year in the province’s Deep Central Zone, expands its worldwide portfolio. MCEWEN MINING

second block of contiguous claims comprising the Buffalo Ankerite, Fuller and Paymaster properties in Tisdale and Deloro Townships, 9 km east–northeast of downtown Timmins. Outside Canada, McEwen Min-

ing’s other assets include the San Jose mine and the Los Azules copper project in Argentina; the El Gallo gold mine and El Gallo silver project in Mexico; and the Gold Bar project in Nevada. Joseph Conway, Primero Mining’s

interim president and CEO, said the Black Fox sale would lower the company’s outstanding debt, but noted that the company has outstanding debt that matures in November 2017, which more funding or refinancing can repay in full. TNM

A quarterly financial review of Canada’s largest gold producers ROUNDUP BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

he Northern Miner presents a roundup of second-quarter results from Canada’s three largest gold producers by market capitalization: Barrick Gold (TSX: ABX; NYSE: ABX); Agnico Eagle Mines (TSX: AEM; NYSE: AEM); and Goldcorp (TSX: G; NYSE: GG). The review summarizes financial results, and highlights quotes from management and analysts. Barrick Gold Barrick has second-quarter gold production of 1.4 million oz. at all-in sustaining costs (AISCs) of US$710 per ounce. The company is keeping full-year guidance of between 5.3 and 5.6 million oz. at AISCs from US$720 to US$770 per ounce. Barrick registered adjusted earnings per share (EPS) of 22¢ and generated US$43 million in free

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| High market cap companies big on cash flow, investment and joint ventures cash flow (FCF). The company hopes to lower its debt from US$7.9 billion to US$5 billion by the end of 2018. Barrick is dealing with production shortfalls from 63.9%-owned Acacia Mining (LON: ACA), which is grappling with a governmentimposed concentrate export ban in Tanzania. Barrick shares have traded in a 52-week range of $18.52 to $29.97 per share, and closed at $20.76 at press time. The company has 1.2 billion shares outstanding for a $24.2-billion market capitalization. Kelvin Dushnisky, president, Barrick Gold: “We’re working to maximize free cash flow generation, while maintaining discipline to prudently invest capital into our business. Partnerships and joint ventures are a core element of our portfoliooptimization strategy, and during the year we’ve already finalized a number of agreements. Achieving

and sustaining a strong balance sheet also remains a priority.” Tony Lesiak, analyst, Canaccord Genuit y : “Ba r r ick generated only $43 million in FCF in the quar ter due to higher capita l costs associated w it h t he Veladero leach pad works, waste stripping in Nevada, and due to the Tanzania concentrate export ba n a nd hig her cash ta xes at [Pueblo Viejo]. Despite the nearterm restriction in FCF, Barrick improved its debt position by $309 million from the previously announced asset sales.” Andrew Kaip, analyst, BMO Capital Markets: “[Barrick] reported a solid second-quarter EPS, production and cost beat on the back of a strong performance at Cortez on better grade, while operating cash flow (OCF) and FCF disappointed, owing to unfavourable working

“PARTNERSHIPS AND JOINT VENTURES ARE CORE ... ACHIEVING AND SUSTAINING A STRONG BALANCE SHEET IS ALSO A PRIORITY.” KELVIN DUSHNISKY PRESIDENT, BARRICK GOLD

capital adjustments. In Tanzania, the company will begin direct discussions with the government regarding the concentrate export ban affecting Acacia Mining.” Tanya Jakusconek, analyst, Scotia Capital Markets: “[Barrick] reported an improved operational quarter versus the first quarter, led by [Nevada], where the Cortez Hills open-pit processed more ore at a higher grade than Scotia expected. The EPS beat was due to the betterthan-expected operational numbers and from higher [gold] sales.”

Agnico Eagle Mines Agnico reported 428,000 oz. in payable gold production during the second quarter at US$785 per oz. AISCs. The company has boosted its full-year guidance nearly 100,000 oz. to 1.6 million oz., and dropped its AISC estimates by US$20 to US$850 per ounce. Agnico registered a 24¢ adjusted EPS and generated US$8 million in negative FCF. The company noted a strong performance at its MeadowSee REVIEW / 6

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GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L Terrorist attacks plague Burkina Faso

O P- E D

WEST AFRICA

| France’s Macron urges creation of anti-terrorist army in Sahel

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITER: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

ugust was a particularly bloody one for sub-Saharan, West Africa mining nations, with major terrorist attacks on targets a day apart in Burkina Faso and Mali. In Burkina Faso’s capital Ouagadougou on Aug. 13, two attackers arriving on motorcycles — described as “very young” by BY JOHN CUMMING one witness — shot dead 16 people, including jcumming@northernminer.com at least eight foreigners, in a Turkish restaurant named Aziz Istanbul in what Burkina Faso President Roch Marc Christian Kaboré condemned as “a despicable attack that has Ouagadougou in mourning.” The restaurant was said to be packed with foreigners, who had gone to spend the evening watching soccer on TV. In a counter assault that lasted until morning, the two attackers were killed by state security forces, five of whom were among the additional 22 people wounded, according to Agence France Presse. Some 40 people were freed by the counter assault. At press time, there had been no claim of responsibility for the attack, but it bears the hallmarks of the extremist attacks that have plagued West Africa since the ill-judged toppling of Muammar Gaddafi’s regime in Libya in 2011. Global Affairs Canada identified the Canadian victims as Cambridge University PhD student and former Toronto schoolteacher Tammy Chen, who was newly married and pregnant; and Bilel Diffalah, who was a volunteer for Montreal-based Centre for International Studies and Cooperation. Other foreigners killed included a Frenchman, two Kuwaiti women and male victims from Senegal, Niger, Lebanon and Turkey. Global Affairs Canada has revised its risk level assessment for Burkina Faso to “exercise a high degree of caution due to the threat of terrorism,” even if there is no nationwide advisory in effect. Global Affairs says to avoid all travel to Burkina Faso’s northern area and the border with Mali, as well as the W National Park, due to the threat of terrorism and the area “north of the Tougan-Ouahigouya-Djibo-Dori line — up to the Mali and Niger borders — and within 80 km of the rest of the Burkina Faso-Mali border, due to the threat of banditry and kidnapping.” The Aziz Istanbul restaurant is only 200 metres from the Splendid hotel and Cappuccino restaurant targeted in a January 2016 assault that left 30 people dead — including six Canadians — and 71 wounded, many of them foreigners. Al-Qaeda in the Islamic Maghreb (AQIM) claimed responsibility for the slaughter. A dozen soldiers were also killed in December in an assault on an army base in Burkina Faso’s northern region. In November 2015, Islamist militants took 170 hostages and killed 20 of them in a mass shooting at the Radisson Blu hotel in Mali’s capital city Bamako. The death toll could have been much higher without the Malian commandos raiding the hotel and freeing hostages. The terrorist group Al-Mourabitoun claimed that it carried out the attack in cooperation with AQIM. And last March, in an attack also claimed by AQIM, 19 people were killed when gunmen stormed the Ivory Coast beach resort of Grand-Bassam. On Aug. 14, 2017, unidentified gunmen attacked the headquarters of the UN peacekeeping force in Timbuktu in northern Mali, killing seven people and injuring seven others in what the mission’s chief called a “terrorist” attack. Other gunmen then attacked two neighbouring UN camps in Douentza in the Mopti region of central Mali, killing a Malian soldier and a UN peacekeeper, and wounding another peacekeeper. The UN peacekeeping mission in Mali is now the deadliest of the UN’s 16 global peacekeeping operations, and the latest soldier’s death was the ninth UN peacekeeper killed in attacks this year in Mali. According to French media, French President Emmanuel Macron is concerned with the chaos flaring up in the former French colonies in West Africa, and is urging an earlier launch of a five-country, anti-insurgency force in the Sahel. France already has a sizable military presence in the region under its “Operation Barkhane” anti-terrorist program created in mid-2014 and based in relatively stable Chad, but Macron wants to set up another 5,000-member force — manned by soldiers from Chad, Niger, Mali, Burkina Faso and Mauritania — by October. The force would need US$470 million in new funding from the European Union. Burkina Faso has become Africa’s fifth-largest gold producer after South Africa, Ghana, Tanzania and Mali. Over the past two decades most foreign gold mining companies and their personnel on the ground have had genuine affection for the welcoming and peaceful local population, and hoped modern gold mining carried out to international standards could bring wealth to the 18 million people living in one of the world’s poorest countries. But two years of mass killings of foreigners in the region and last year’s coup d’état in Ouagadougou show miners’ carefree days of the late 1990s and early 2000s in Burkina Faso are long gone. TNM

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

Professional Directory. . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . 20-22

COMPANY INDEX Agnico Eagle Mines. . . . 1,3 Atico Mining . . . . . . . . . . 12 Aurania Resources. . . . . . 12 Barrick Gold. . . . . . . . . . 1,3 Bear Creek Mining . . . . . 12 Continental Gold. . . . . . . 11 Cordoba Minerals. . . . . . 12 Cornerstone Capital Resources . . . . . . . . . . . . . 10

DGR Global. . . . . . . . . . . 10 Fjordland Exploration. . . . 8 GoldCorp . . . . . . . . . . . . . . 3 GPM Metals. . . . . . . . . . . 12 Guyana Goldfields. . . . . . 10 INV Metals. . . . . . . . . . . . 12 McEwen Mining 3 Newcrest Mining. . . . . . . 10 NovoResources. . . . . . . . . 16

Red Eagle Mining . . . . . . . 9 Roxgold. . . . . . . . . . . . . . . . 7 Sabina Gold & Silver 5 Sandstorm Gold. . . . . . . . 23 Sierra Metals. . . . . . . . . . . 12 SolGold. . . . . . . . . . . . . . . . 9 Tinka Resources. . . . . . . . 12

Friedland pitches metals used in EVs SPROTT CONFERENCE |

Mining exec sees copper, PGMs, zinc and cobalt benefitting most

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

he electric vehicle revolution is accelerating, and it will inevitably change the orientation of the mining industry, Robert Friedland, executive chairman of Ivanhoe Mines, argued during a presentation at the Sprott Natural Resource Symposium held in Vancouver in July. Friedland said that rapid urbanization, combined with efforts to reduce air pollution, will lead to a ramping up of electric vehicle production. And the demand for the metals needed to build them — including his favourites copper, platinum, palladium, zinc, nickel and cobalt — will rise as a result. “This is an era of unprecedented change. It’s really happening,” Friedland said. “For those of you who deny this phenomenon, you’re going to miss this massive disruption opening soon at a theatre near you. “Air pollution isn’t just in China — it’s in Paris, Greece, Madrid and Mexico City,” he said. “In Beijing, the government is on an air pollution jihad. It’s engaging in the largest enterprise ever to clean the air, and they’re going to do it because China is a command economy.” He noted that just one electric vehicle contains 150 kg copper — or four times more than a conventional vehicle — and even more copper will be needed to electrify developing countries. “We aren’t discovering enough copper to meet future copper demand. We need much higher copper prices to stimulate the painful enterprise of exploration, development and production. We’re on the edge of a ski slope and looking down.” Friedland predicts that copper — which trades at US$6,290 per tonne — will remain in a “modest” deficit this year, but that by 2021 the world will “wake up.” He said if the world’s economy grows at 1.8% a year — a number predicted by management consulting firm McKinsey & Company — by 2030, copper will be in “massive deficits,” even without a wholesale, global changeover to electric vehicles. Friedland’s bullishness on cop-

“CHINA PLANS TO BUILD 60 MILLION CARS...ONE OUT OF TEN OF THOSE CARS POWERED BY A HYDROGEN FUEL CELL IS EQUAL TO THE TOTAL WORLD PLATINUM PRODUCTION.” ROBERT FRIEDLAND EXECUTIVE CHAIRMAN, IVANHOE MINES

per is one reason Ivanhoe and 39.6%-owner and partner Zijin Mining Group are developing their world-class Kamoa-Kakula copper project in the Democratic Republic of the Congo (DRC). Friedland heralds Kamoa-Kakula as the world’s largest undeveloped copper deposit, and it’s still growing. A resource update in June included the project’s new, high-grade Kakula discovery, which brought the resource to 1 billion indicated tonnes of 3.02% copper, plus 191 million inferred tonnes of 2.37% copper. In his presentation, Friedland also argued for a promising outlook for nickel and cobalt. He said only 4% of the metal value in a lithium battery is lithium, whereas 80% of the value is in nickel sulphate, with cobalt representing 15%. “If we’re going to have electric cars, the winners are going to be nickel and cobalt. The metal that’s scarce is cobalt, and since January last year, cobalt has been the best performing metal. Gold hasn’t tripled,” he said. In response to the burgeoning cobalt market, Friedland now has a 19.9% interest in Clean TeQ Holdings — a junior explorer advancing the world-class Syerston nickelcobalt-scandium project in New South Wales, Australia. “Green funds are all the rage,” he said. “They have access to massive pools of capital — much larger than the money that attracts the gold bugs. I wouldn’t be surprised if shares of Clean TeQ don’t outperform shares of Ivanhoe.” For electric vehicles that use a

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GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 21–SEPTEMBER 3, 2017

Environmental concerns relating to Nunavut’s regional Bathurst caribou herd stalled mine construction at Sabina Gold & Silver’s Back River gold project last year. The company considered caribou migration and calving activities in its subsequent application. SABINA GOLD & SILVER

Sabina back on track at Back River after NIRB approval ENVIRONMENT

| Company changes management plan, mine design stays the same

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

abina Gold & Silver (TSX: SBB; US-OTC: SGSVF) hopes to start construction at its multimillionounce Back River gold project in mid2018 after having received a positive recommendation from the Nunavut Impact Review Board (NIRB). Territorial regulators had rejected the company’s initial application 12 months ago due to concerns that related to the regional Bathurst caribou herd, mine closure measures and broader wildlife protection efforts. The NIRB approval on July 18, follows five years of review and public hearing processes involving local Inuit, the Kitikmeot Inuit Association, federal and territorial governments, and other community and northern representatives. “We didn’t need to alter our mine design. Instead we’ve made changes to our management plans,” Sabina’s vice-president of environment and sustainability Matthew Pickard says during an interview. “This includes wildlife protection measures and other areas where we provided more clarity and specifics. We went beyond what you’d typically see in an environmental process to increase everyone’s confidence. Any cost increases, or related

WE WENT BEYOND WHAT YOU’D TYPICALLY SEE IN AN ENVIRONMENTAL PROCESS TO INCREASE EVERYONE’S CONFIDENCE. MATTHEW PICKARD

Sabina Gold & Silver’s Back River gold project before the Nunavut Impact Review Board rejected the first application for more development. NIRB’s subsequent approval came after five years of review and public hearings. SABINA GOLD & SILVER

VP ENVIRONMENT & SUSTAINABILITY, SABINA GOLD & SILVER

impacts on project economics, are likely minor. There might be a little more cost in terms of environmental monitoring and mitigation.” The approval is subject to 94 terms and conditions that include an Inuit environmental advisory committee, a caribou technical advisory group and measures for the “staged reduction of project activities, as well as rapid and planned operational shutdowns, should caribou occur in proximity to the project site.” Agnico Eagle Mines (TSX: AEM; NYSE: AEM) had 30% more conditions attached to its Meliadine gold project 25 km north of Rankin Inlet back in 2015. Pickard points out that based on Inuit traditional knowledge and government scientific data, the Bathurst herd doesn’t interact with the project site. He says that any mine shutdowns would likely last “a couple days,” based on caribou migration, and calving and postcalving activities. The company reportedly has the

Ahiak-Beverly herd in the project region during “the summer months.” The NIRB conditions for caribou do not differentiate by herd. “We have plans that reduce certain activities around the mine if caribou are in the area, including blasting and heavy equipment,” Pickard says. “During sensitive periods, like calving and post-calving, we may do an operational shutdown. That doesn’t mean the entire mine, because the mill and inside activities can continue, the crusher can continue and the loader at the mill can continue,” he says. Back River lies 520 km northeast of Yellowknife, N.W.T., and hosts measured and indicated resources of 28.2 million tonnes grading 5.87 grams gold per tonne for 5.3 million contained ounces. Sabina released a feasibility study on the project in late 2015 that models a 3,000-tonne-per-day operation. The mine would produce 198,000 oz. gold per year over an 11-year life at all-in sustaining costs of US$620 per

ounce. The NIRB ruling assumes a 27-year project footprint that takes closure into account. Initial capital is an estimated $415 million, while sustaining capital sits at $185 million. “It doesn’t alter much from our mining perspective because the operational design is heavily based on stockpiles. We’re not as dependent on the mill feed coming continuously from the mine site,” Pickard says. “The gold production should stay the same, but you may see a minor head grade variation. We don’t anticipate losing much more than one or two days per year as a result of all the mitigation measures. We don’t believe it will have much, if any, impact on Back River’s economics.” The positive NIRB report has been forwarded to federal Minister of Indigenous and Northern Affairs Carolyn Bennett for a decision. If Bennett accepts the recommendation, Sabina will apply for construction and operation. The company intends to submit

Type A and Type B water licence applications to the Nunavut Water Board within the next 60 days. On July 20, Sabina announced it would add 6,000 metres of drilling to its annual exploration plans at Back River to bring the program to 13,000 metres. The company is targeting resource expansion at its Goose property that it says could “enhance economics.” Sabina shares gained nearly 14%, or 28¢, after news of the NIRB announcement, en route to a 52-week high of $2.34 per share at press time. The company has 224 million shares outstanding for a $523-million market capitalization, and reported $43 million in cash and equivalents at the end of March. “The outstanding feasibility study remains accurate,” Pickard says. “We’ve had time to plan the way forward over the past year, including advancing project financing and securing our permits. We hope we can start initial mobilization and construction by March 2018.” TNM

Friedland pitches metals used in EVs hydrogen fuel cell rather than a lithium battery, platinum group metals (PGMs) are needed, he added, with up to 30 grams platinum used in each car. “China plans to build 60 million cars, and if just one out of ten of those cars is powered by a hydrogen fuel cell, that’s equal to the total world platinum production,” Friedland said. “Platinum is rare in the crust, much rarer than gold. I’d buy platinum over gold — there are no platinum reserves sitting in

1-16, 23_Aug21_Main .indd 5

the central bank vaults waiting to be puked out.” Ivanhoe has its 64%-owned Platreef PGM project, a world-class deposit it found in South Africa’s prolific Bushveld Igneous Complex. The company’s definitive feasibility study envisages a 4-milliontonne-per-year operation producing 476,000 oz. platinum, palladium, rhodium and gold, plus 33 million lb. nickel and copper per year. Ivanhoe’s third main asset, the Kipushi zinc project in the DRC,

also has a bright future, Friedland argued. “After cobalt, zinc was the second best performing metal last year,” he said. “Goldman Sachs is predicting a huge shortage of zinc, and the world’s zinc mines are closing. When you look at all the zinc projects out there, Kipushi sticks out like a sore thumb. It averages 45% zinc equivalent, so it’s essentially a money mine. Every cubic metre holds $5,000 worth of zinc.” TNM

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2017-08-16 3:11 PM

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AUGUST 21–SEPTEMBER 3, 2017 / THE NORTHERN MINER

Barrick Gold’s Cortez pit, looking north. The company had a $24.2-billion market capitalization at press time, making it Canada’s largest gold producer by market cap and gold output. BARRICK GOLD

A quarterly financial review of Canada’s largest gold producers bank operation in Nunavut. Agnico shares have moved in a 52-week range of $46.91 to $78.35 per share, and closed at $59.37 at press time. The company has 232 million shares outstanding for a $13.8-billion market capitalization.

advance extremely well, and we reported promising exploration results at our key development projects and producing mines. The strong margins at our operations are driving very good cash performance. We’re on target to hit our production goal of 2 million oz. gold annually by 2020.”

Sean Boyd, president and CEO, Agnico Eagle Mines: “We had strong operating financial performance, our growth projects continue to

Canaccord’s Lesiak: “[Agnico] again outperformed on production and cost expectations, posting a 24¢ second-quarter adjusted

REVIEW From 3

EPS, handily beating [Canaccord’s] 19¢ estimate. As anticipated, this year’s production guidance was revised higher, but it still appears conservative.” BMO’s Kaip: “[Agnico] posted another strong quarter, building off a beat in first-quarter 2017, as the company delivered higher production, lower costs and EPS above expectations. [The company’s] headline EPS was above our 17¢ estimate.”

Scotia’s Jakusconek: “[Agnico’s] 23¢ adjusted EPS compares to Scotia’s 14¢ estimate and 15¢ consensus. The beat came on the strong operation performance (production and operating costs), and lower depreciation.” Goldcorp Goldc or p pro duc e d 635, 0 0 0 oz. gold in the second quarter at US$800 per oz. AISCs. The company kept its 2.5 million oz. full-year guidance and dropped

TSX:ROXG

HIGH GRADE LOW COST

its AISC estimates to US$825 per oz., from US$850 per ounce. Goldcorp had a 12¢ adjusted EPS and negative US$63 million FCF. The company realized proceeds of $242 million from selling its Los Filos and Cerro Blanco assets. Goldcorp’s chief financial officer Russell Ball is resigning. Goldcorp shares have traded in a 52-week range of $15.95 to $25.24 per share, and closed at $16.07 at press time. The company has 865 million shares outstanding for a $13.9-billion market capitalization. David Garofalo, president and CEO, Goldcorp: “Quarterly gold production is expected to remain in a f lat range, as a planned decrease in grades at Penasquito over the second half of the year is offset by the ramp up of Cerro Negro and Éléonore, and an improved grade profile at Red Lake. We see solid progress at many of our sites as productivity goals are achieved and rationalization of sustaining capital is implemented.” Canaccord’s Lesiak: “Goldcorp announced second-quarter 2017 produc t ion resu lts t hat were broadly in line with our expectations. [The company’s] 12¢ EPS came above consensus and our 9¢ estimates, with the variance largely due to a favourable tax rate and other non-operating items.”

GOLD PRODUCER

105,000 – 115,000 oz Au* in Burkina Faso

BMO’s Kaip: “[Goldcorp] reported an EPS beat on an income tax recover y and lower depreciation. OCF and FCF lagged our estimates. Production was in line, while AISC came in lower due to lower sustaining capital spending.” *Production 2017e

roxgold.com

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Scotia’s Jakusconek: “Scotia’s EPS estimate [for Goldcorp] was 7¢ against a 9¢ consensus. The beat owed to better operating costs. Scotia expects improvements at Éléonore and Cerro Negro will offset declining grades at Penasquito.” TNM

2017-08-15 10:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 21–SEPTEMBER 3, 2017

Roxgold grows Bagassi South resource in Burkina Faso GOLD

| Larger resource a ‘springboard’ towards feasibility study, CEO Dorward says BY TRISH SAYWELL

Roxgold Chairman Oliver Lennox-King; Prime Minister of Burkina Faso, his Excellency Paul Kaba Thieba; Burkina Faso Minister of Mines, his Excellency, Prof. Alfa Oumar Dissa; and John Dorward, Roxgold president and CEO. ROXGOLD

Equipment at Roxgold’s main asset, the high-grade Yaramoko mine, in the Hounde greenstone region of Burkina Faso, West Africa. ROXGOLD

Published by:

tsaywell@northernminer.com

oxgold (TSX: ROXG; US-OTC: ROGFF) has improved grades by 37% and the resource size by 14% at its Bagassi South satellite gold deposit in Burkina Faso. Bagassi South is 1.8 km west of its flagship underground mine at the 55 Zone, which is part of the company’s 90%-owned Yaramoko permit. The updated resource is based on 250 core boreholes totalling 55,660 metres of drilling and resulted in converting inferred ounces into the indicated category. The resource now stands at 352,000 tonnes grading 16.6 grams gold per tonne for 188,000 indicated oz. at a cut-off grade of 5 grams gold, and 69,000 inferred oz. from 130,000 tonnes grading 16.6 grams gold. The previous resource estimate, completed in Apri l 2016 a nd based on 114 core boreholes and the same cut-off grade, stood at 563,000 tonnes at 12.1 grams gold for 220,000 inferred ounces. “We’ve been hard at work,” Roxgold’s president and CEO John Dorward says. “The drilling at Bagassi South was a key job for us in the first half, and the results looked strong in terms of widths and grade, so we were confident that we’d see a good conversion from inferred to indicated. I was pleasantly surprised by the impact of the grade after the final estimation.” The resource update is a “really good springboard” for the company to move forward with the feasibility study, he adds, “and a good base to look at the economies of a combined operation to move to 150,000 oz. gold production.” The Australian mining executive also notes that a feasibility study on Bagassi South will be finished before year-end and the deposit should churn out metal in 2018. “We’ll be in production next year, so we’re looking at ore coming out of Bagassi South in the second half of next year — that’s our time frame now.” Dorward is confident that permitting Bagassi South should be straightforward. “I’ll be in Burkina to get an update on the ground, but everything points to a smooth process,” he says in an interview. “It’s effectively an amendment to the existing permit ... and we’re not looking to relocate any villages ... so the permit will be forthcoming to enable the time frame that we’ve discussed.”

“I WAS PLEASANTLY SURPRISED BY THE IMPACT OF THE GRADE.” JOHN DORWARD PRESIDENT AND CEO, ROXGOLD

On the exploration front, Roxgold has drilled 30,000 metres of its 60,000-metre program this year. It is conducting expansion drilling at Bagassi South and will drill at the nearby Ridge Line targets in the coming weeks. About 6,000 metres of drilling started mid-year to target the QV1 extension structure. (QV1 and QV Prime are Bagassi South’s two main deposits.) The QV structure, which accounts for 36,000 oz. gold within Bagassi South’s updated inferred resource, remains open downplunge along the contact between the basalt f lows and the Bagassi granite. In addition to the drill program, Roxgold is undertaking a ground geophysical survey consisting of two pole-dipole gradient surveys and two conventional induced polarization (IP) surveys. The two poledipole surveys occur on parts of the concession where an IP survey in 2014 highlighted areas of disruption in the regional structural fabric at 55 Zone and Bagassi South. Results from deep drilling at the 55 Zone are expected soon. “It’s all about exploration gearing up again,” Dor ward says. “We’ve been a little quiet during our ramp-up of operations [at the 55 Zone], but we’re stitching together our geophysical and geochemical data sets, and we’ll drill well into next year, so we have a number of targets, and hopefully, exciting times.” As for the 55 Zone, production continues to hum along, he says. “We’ll put out second-quarter results on Aug. 14, but the project continues to kick a lot of goals. The smooth ramp-up has continued and is settling into a rhythm. We see good production and cost performance.” The updated resource estimate lifted Roxgold’s shares 7¢, or 6.4%, to $1.17 per share, in a 52-week trading range of $1.04 to $1.76. Raymond James has a price target on the company of $1.90 per share. BMO’s target is $2.25 per share, and Macquarie has $3 per share. TNM

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2017-08-15 10:05 PM

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AUGUST 21–SEPTEMBER 3, 2017 / THE NORTHERN MINER

Fjordland, Commander search for next Voisey’s Bay NICKEL

| Fjordland pursues drilling at South Voisey’s Bay project in Labrador

Past activity at the quarry at Vale’s Voisey’s Bay. Joint-venture partners Fjordland Exploration and Commander Resources hope to use data on the megaproject to help new nickel-copper-cobalt drilling in Labrador. VALE

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

jordland Exploration (TSXV: FEX) is raising funds to fuel an exploration program with 85% joint-venture partner Commander Resources (TSXV: CMD) at the South Voisey’s Bay nickel-coppercobalt project in northern Labrador. The $1.2 million, non-brokered private placement is being issued at 13¢ per flow-through unit and 10¢ per non-flow-through. Each unit consists of one share of Fjordland and one half warrant, exercisable within 18 months at 20¢ per share. Almost half of the proceeds would be used to drill an untested, 800-metre-wide electromagnetic (EM) geophysical anomaly, plus four

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“WHEN WE COMBINE OUR DATA WITH THE NEW KNOWLEDGE WE HAVE ABOUT VOISEY’S BAY, IT’S CLEAR WHERE THE OPPORTUNITIES ARE.” ROBERT CAMERON PRESIDENT AND CEO, COMMANDER RESOURCES

vertical conductors at the project’s Sandy target. The anomalies are largely hosted within the Pants Lake gabbro, an intrusive complex identical to the one that hosts Vale’s (NYSE: VALE) world-class Voisey’s Bay nickel-copper-cobalt mine, 85 km north. The 1994 discovery of Voisey’s Bay has been heralded as one of the biggest discoveries made in Canada in the last 30 years. It triggered an exploration frenzy in the region that ensued until 2002, when targets were left dangling in an economic downturn. Despite their efforts, explorers never uncovered another Voisey’s Bay, and Robert Cameron, president and CEO of Commander, says he knows why. “They were looking for things they didn’t fully understand. We thought these magmatic-style deposits were easy to target — you drill a geophysical conductor and

you should find a deposit. But they’re far more complex than conventional wisdom suggests,” he says. Cameron adds that Fjordland and Commander have fine-tuned their targeting with a decade’s worth of academic research, advances in geophysics and the knowledge gained from mining Voisey’s Bay. The companies also enjoy over $20-million worth of historical exploration data from across the 76.4 sq. km property. “Over the years, Commander collected and compiled a large regional dataset through activities with partners and acquisitions. No one has ever compiled a dataset quite like this. When we combine our data with the new knowledge we have about Voisey’s Bay, it’s clear where the opportunities are,” he says. To increase the odds of discovery, Fjordland recently hired consultant Brian Bengert, Vale’s former senior geophysicist for Voisey’s Bay, to help interpret and reprocess the geophysical datasets. Fjordland also appointed Dawn Evans-Lamswood — a Voisey’s Bay expert who was the former brownfields project manager for Vale, and worked on the project since its discovery — as project manager for the upcoming drill program. The program would test whether Sandy’s cluster of untested EM targets are signalling pools of massive sulphides within feeder dikes or magma chambers, typical of magmatic-style deposits. “ T he or ig i na l d iscover y at Voisey’s Bay was in t he feeder dikes. As the magma f lows

Past copper mine operations at Vale’s Sossego mine in Para State. The multinational’s former brownsfields project manager Dawn Evans-Lamswood of Voisey’s Bay has teamed up with Fjordland on geophysical data to increase the odds of discovery in Labrador. VALE

through the feeder dikes it deposits nickel sulphide in embayments and bends. The magma then disgorges into the magma chambers, forming even bigger orebodies, like you see at Eastern Deeps,” Cameron says. The geophysical anomalies have been reviewed by consulting geophysicists, who say their response amplitudes are a lot like UTEM data observed at Voisey’s Bay. “Voisey’s Bay is a collection of deposits, either one can be small or large. So when you’re homing in on an area, you’re looking for clusters of anomalies, rather than just individual ones.” Other targets on the property, including the Sarah and South Gabbro, are being reviewed by Fjordland’s technical team, in light of the newly

catalogued historical data. On June 5, Fjordland and Commander renewed their option agreement, whereby Fjordland can earn another 85% interest in Voisey’s Bay South for $290,000 cash, $4.5 million shares and $8 million in exploration expenses. Commander, a prospect generator, would keep a 2% net smelter return royalty on the project. Commander shares have traded in a 52-week range of 4¢ to 8¢, and closed at 4¢ at press time. The company has 115.3 million shares outstanding for a $4.6-million market capitalization. Fjordland shares have traded in a 52-week range of 11¢ to 80¢, and last closed at 11¢. The company has 21 million shares outstanding for a $2.3-million market cap. TNM

2017-08-15 10:05 PM

COLOMBIA, ECUADOR & PERU SPECIAL FOCUS

Road construction at Continental Gold’s wholly owned, high-grade Buritica project in northwest Colombia. CONTINENTAL GOLD

Red Eagle grapples with ground conditions GOLD

| Mine suspension at San Ramon stalls free cash flow forecast BY MATTHEW KEEVIL

R Steve Garwin (centre) — SolGold’s chief technical advisor and an expert on porphyry, epithermal and Carlin-style mineralization in the circum-Pacific — reviews core at SolGold’s Cascabel project site. SOLGOLD

SolGold expands Alpala ECUADOR

| SolGold to deliver Alpala copper-gold resource by year-end

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

olGold (TSX: SOLG; USOTC: SLGGF; LON:SOLG) is building momentum at its 85%-owned Cascabel copper-gold project, 180 km north of Ecuador’s capital Quito. The company expects to ramp up from five to eight drill rigs before delivering its first inferred resource estimate at the property’s Alpala porphyry cluster later this year. Nicholas Mather, SolGold’s CEO, tells The Northern Miner during a phone interview that drilling has expanded Alpala’s mineralized footprint to 1.3 km along strike and up to 400 metres wide, with depths to 1,900 metres from surface. Alpala’s entire mineralized trend — as noted from surface work and in geophysical data sets — could total 3 km long, extending from the Moran target in the northwest, to the Cristal target in the southeast. “There were 28 rigs at Oyo Tolgoi at the peak of their resource drilling activities. We only have five, so we have a long way to go,” Mather says. “This is massive project, and it needs a massive drill program to define its limits and extent. This system is very big and very rich, and we haven’t even found the edges of it.” Two of SolGold’s drill holes are probing Alpala Central’s northwest and southeast extensions, stepping out on intercepts of 830 metres of 0.63% copper and 0.46 gram gold per tonne, and 586 metres of 0.27% copper and 0.25 gram gold. Another hole is drilling the Hematite Hill target — a porphyry centre southeast of Alpala Central — after an intercept of 894 metres of 0.78%

1-16, 23_Aug21_Main .indd 9

copper and 0.99 gram gold. The last two drill holes are testing the eastern extension of Alpala’s high-grade core, where recent drilling hit 770 metres of 0.71% copper and 1.16 grams gold. “At the moment, the resource program is designed to expand the mineralized shell as far and as wide as we can, so I would hope the resource statement we publish

at year-end will cover all the areas we drilled,” Mather says. SolGold’s technical team is led by chief technical advisor Steve Garwin, who is an authority on porphyry, epithermal and Carlinstyle mineralization in the circumPacific region. The company has combined stateSee SOLGOLD / 10

“THIS SYSTEM IS VERY BIG AND VERY RICH, AND WE HAVEN’T EVEN FOUND THE EDGES.” NICHOLAS MATHER CEO, SOLGOLD

mkeevil@northernminer.com VANCOUVER

ed Eagle Mining (TSX: R; USOTC: RDEMF) announced first gold at its San Ramon underground gold mine in Colombia in late 2016, but ramp-up at the operation hasn’t gone according to plan. The company has struggled with “geotechnical issues with ground stability” in the mineralized shear zone that have forced it to suspend mining activities and rethink its methods. Red Eagle spent nearly US$70 million building a 1,200-tonneper-day operation that it had hoped would generate free cash flow by the second quarter. The company declared commercial production in March, but found poor ground conditions in the stopes, particularly near the saprolite contact and historic workings. The situation impacted mining rates and increased dilution. Red Eagle’s proposed solution involves swapping to conventional mechanized cut-and-fill mining, which it suspects will “[optimize] mining the narrower, high-grade See RED EAGLE / 13

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SolGold’s Cascabel camp, 180 km north of Quito in Ecuador. The company expects to ramp up from five to eight drill rigs before delivering its first inferred resource estimate at the property’s Alpala porphyry cluster later this year. SOLGOLD

SolGold expands Alpala SOLGOLD From 9

of-the-art geophysical techniques with property-wide geochemistry and geology to develop what Mather calls a “low-risk” approach to targeting porphyry systems buried under Ecuador’s jungle. The model is being updated as higher resolution geophysical surveys and new drill data pour in, Mather adds. So far, the work has outlined 15 porphyry centres and nine priority drill targets at Cascabel, six of which have yet to be tested. “Drill holes will eventually become a grade-confirmation tool rather than an exploration tool for us — it will be an investment, rather than a speculation,” he says. “We want to show that our exploration is becoming low risk, and that’s important for major investment resource funds to decide whether they should invest in us or not.” Using the same tools that led

“WE’RE NOT JUST BUILDING A SINGLE PROJECT, SINGLE DEPOSIT COMPANY. WE’RE BUILDING A PORTFOLIO OF PORPHYRY COPPER-GOLD THROUGH THE WHOLE OF ECUADOR. NICHOLAS MATHER CEO, SOLGOLD

SolGold to Alpala, the company intends to explore Ecuador’s part of the central Andean copper belt. The company has expanded its land position to 1,600 sq. km and outlined 14 project areas. Mather

Benn Whistler, SolGold’s technical services manager, holds a core tray at SolGold’s Cascabel copper-gold project in Ecuador. SOLGOLD

1-16, 23_Aug21_Main .indd 10

says desktop studies are underway to rank the areas’ prospectivity. “We’re not just building a single project, single deposit company. We’re building a company that has an integrated portfolio of porphyry copper-gold projects through the whole of Ecuador. “SolGold will become a more attractive investment destination for funds that are interested in the upside of copper, in a team with proven discovery skills, and exposure to a country that has not been subject to the same exploration intensity as the rest of the South American countries,” Mather says. SolGold has recently listed on the TSX, and Mather says the move is part of the company’s intention to gain access to Canada’s mining and exploration funds, and institutions.

“They’re familiar with the style of mineralization we’re looking at, and understand the growth upside,” Mather says. Ottawa-based Cornerstone Capital Resources (TSXV: CGP; US-OTC: CTNXF), SolGold’s 15% partner at Cascabel, entered into a lock-up agreement on July 14 with a shareholder that owns 6.8% of SolGold. The agreement means neither party can sell their SolGold shares without the other’s consent. Cornerstone owns 11.23% of SolGold, and notes these two shareholdings combined with its 15% carried interest in Cascabel represent a 30% interest in the Cascabel concession. Cornerstone also plans to spin off its non-Cascabel assets and rename the company “Cascabel Gold & Copper.”

“Cornerstone is probably trying to build as big as possible an economic interest in Cascabel,” Mather comments. “But the control premium is sound and alive in SolGold. SolGold represents the better value entry into Cascabel, and the only entry into the largest ground position in Ecuador.” SolGold’s other shareholders include Newcrest Mining (ASX: NCM; US-OTC: NCMGY), 14.5%; DGR Global (ASX: DGR), 13.5%; Guyana Goldfields (TSX: GUY), 8.27%; and Mather, 5.91%. “I can’t tell you who is going to own SolGold, but what I can tell you is that we’re setting the company on a path towards the discovery, appraisal and development of one of the world’s greatest copper camps.” TNM

A sample of potassic-altered, diorite outcrop from a new concession at SolGold’s 85%-owned, copper-gold Cascabel project in Ecuador. SOLGOLD

2017-08-16 3:08 PM

COLOMBIA, ECUADOR & PERU

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 21–SEPTEMBER 3, 2017

Killing of contractors casts pall over Continental’s Buritica COLOMBIA BY TRISH SAYWELL tsaywell@northernminer.com

ver the last year, Continental Gold (TSX: CNL; US-OTC: CGOOF) has met a lot of goals in Colombia. It received the final environmental permit for its Buritica gold

| Development project still on track to pour first gold in 2020

activities.” Continental noted that the National Government of Colombia, the State Government of Antioquia and the Municipal Government of Buritica had closed “the vast majority” of illegal mines within the Buritica area during an intervention in 2016, however, “a few

of US$50 million) to complete the project. The term of the senior facility is 7.5 years and the agreement bears interest at three-month London interbank offered rate (LIBOR), plus 8%, with a minimum 1% LIBOR rate. The agreement with Red Kite

“IT IS SHAMEFUL THAT THIS INCIDENT HAS TARNISHED THE REMARKABLE PROGRESS MADE IN ESTABLISHING PEACE IN THE MUNICIPALITY OVER THE PAST 18 MONTHS.” ARI SUSSMAN CEO, CONTINENTAL GOLD

Three drill rigs are operating and another two are expected at the end of the third quarter. The program will include infill drilling of probable reserves and inferred resources to move them into higher classification categories. Step-out drilling will also target high-grade extensions along probable reserve blocks and inferred resources, and later in the program, drills will assess multiple targets that have been identified in grassroots exploration since 2015. Continental describes both the

Yaragua and the Veta Sur deposits as “wide open for expansion.” First drill results from the campaign are expected in September. Buritica, in Antioquia, has reserves of 13.7 million tonnes grading 8.4 grams gold per tonne for 3.7 million contained oz. gold. At press time Continental’s shares traded at $3.18 within a 52-week range of $2.62 (May 2017) and $5.75 (February 2017). The company has 188 million shares outstanding for a $597-million market capitalization. TNM

Workers at Continental Gold’s Buritica gold-silver project in Antioquia, Colombia. CONTINENTAL GOLD

project last November, and in May closed private placements with Newmont Mining (NYSE: NEM) and Red Kite. The company has ordered long lead-time equipment — semi-autogenous grinding and ball mills, tailing filters, thickeners and a water-handling and treatment plant — and hired key project personnel. In April Continental confirmed that it is on track to pour its first gold in early 2020. But the gruesome deaths last month of six security contractors on the Buritica concession has cast a pall over the company and the country. The security contractors were apparently accosted and later asphyxiated by a group of illegal miners after an explosion in an illegal underground mine that had been closed by the government. The company said in a press release that the contractors were carrying out routine inspections underground at an illegal mine on its property. When they entered the mine, they were confronted by a group of illegal miners, after which there was an explosion. A seventh contractor escaped. Continental Gold did not respond to requests for an interview, but in prepared remarks in its July 29 press release, Ari Sussman, the company’s CEO, strongly condemned the murders. “It is shameful that this incident has tarnished the remarkable progress made in establishing peace in the municipality over the past 18 months,” he said. “These efforts have been fully embraced by the local community, which has publicly voiced their strong preference for the benefits of legal versus illegal

1-16, 23_Aug21_Main .indd 11

illegal mines continue to operate.” “The company is looking to authorities to enforce the rule of law to prevent this kind of tragic event from ever happening again.” Mateo Restrepo Villegas, Continental’s president, added that the company “will remain vigilant in our efforts to support Colombia in addressing and resolving this problem” and will “remain committed to working with the Colombian government to eradicate illegal mining in the region.” In the meantime the company is pressing ahead to keep the project on track for production in three years. Continental reported in April that site excavation scheduled in the third quarter and initial concrete pours in the fourth quarter would be finished by June 2018 to install initial structural steel. Buritica’s capex of US$389 million, outlined in a 2016 feasibility study, will be fully funded, with US$403 million of available cash and debt allocated. In January, Continental signed a definitive credit agreement with Red Kite Mine Finance for a US$250million secured debt facility. The debt facility provided immediate access to US$100 million to advance the project. The second US$100-million tranche is available once Continental secures another US$100 million in net equity financing. Red Kite also committed to investing another US$25 million in equity (not linked in the US$100 million net equity financing); and a third tranche of US$50 million is available when the Buritica project is at least 65% complete and the company has enough capital (including Red Kite’s final tranche

includes a fixed production-linked payment of US$20 per oz. gold on the first 1.25 million oz. produced. The number of ounces subject to payment will be pro-rated if the company doesn’t draw down the full US$250 million. Continental also issued Red Kite 3 million warrants with a fouryear term and an exercise price of US$3.67 per share. In May, Continental completed two private placements, one with Red Kite Mine Finance and a second with Newmont. Red Kite bought a 4.6% stake in Continental, investing US$25 million for 8.59 million shares at $4 per share. Newmont also acquired a 19.9% strategic stake in Continental in a private placement (buying 37.38 million shares for US$109 million. In addition, the two companies signed a binding investment agreement, which included a standstill until the Buritica project reaches commercial production; a 12-month lock-up on share dispositions; participation rights in equity financings to keep its interest; and a right of first offer for any non-equity financing greater than US$30 million. Newmont and Continental will form joint technical and exploration committees; Newmont will appoint one director to Continental’s board; and the two companies will form an alliance to evaluate opportunities to partner on exploration on other properties Continental has in Colombia. Drills are also turning for the first time in more than two years. Last month, Continental started a 15,000-metre, first-phase expansion underground drill program.

2017-08-15 10:29 PM

AUGUST 21–SEPTEMBER 3, 2017 / THE NORTHERN MINER

COLOMBIA, ECUADOR & PERU

WWW.NORTHERNMINER.COM

NORTHERN ANDES SNAPSHOT: EIGHT ACTIVE JUNIORS Copper, zinc re-emerge as attractive exploration targets The northern Andean countries of Colombia, Ecuador and Peru are fertile ground for mineral explorers and mine developers, with their rich mineral bounty, underexplored terrain and pro-mining cultures. What follows are eight Canadian juniors with active exploration and mining programs in the region. ATICO MINING Vancouver-based Atico Mining (TSXV: ATY; US-OTC: ATCMF) is operating its 90% owned El Roble copper-gold-silver mine in Colombia, 145 km by road southwest of Medellin. Atico describes the asset as the only copper-gold volcanogenic massive sulphide (VMS) deposit in production in the country. The underground mine has been in production for over 30 years, and had at last count 1.87 million tonnes of measured and indicated resources grading 3.46% copper, 2.27 grams gold per tonne and 8.87 grams silver per tonne. The deposit remains open along strike and at depth. With Atico as operator, El Roble has been scaled up and upgraded to run at a rate of 800 tonnes per day, and produce copper concentrate with gold and silver credits. During the second quarter of 2017, Atico produced 5.15 million lb. copper and 2,570 oz. gold in concentrate, up slightly from the first quarter. There is further exploration potential within the El Roble mining district, where the company has found a favourable 10 km contact that may host more VMS bodies. Atico has a broader goal to grow its copper business by acquiring advanced exploration assets or small mines with exploration potential in Colombia, Peru and northern Chile. The company had 98.2 million shares outstanding for an $84-million market capitalization at press time. AURANIA RESOURCES Toronto-based Aurania Resources

(TSXV: ARU; US-OTC: AUIAF) is best known as being the new gold exploration vehicle for Keith Barron, who cofounded Aurelian Resources, which went on to discover the world-class Fruta del Norte gold deposit in Ecuador, now being built into a mine by Lundin Gold. Aurania is seeking gold at its Lost Cities project in southeastern Ecuador in the Cordillera del Cutucu region, which is contiguous with the Cordillera del Condor. The Cutucu forms part of the Northern Andean Jurassic metallogenic belt, which contains clusters of porphyry copper, gold-copper skarn and epithermal gold deposits. In August, Aurania began a helicopter-borne geophysical survey of its Lost Cities property to target potential epithermal gold and porphyry copper mineralization. The survey will include 12,000 line km flown at a terrain clearance of 80 metres in east- to west-orientated parallel lines spaced at 400-metre intervals. Veteran gold explorer Richard Spencer joined Aurania as president in May. In past decades he worked for Gencor and Iamgold in Ecuador, as well as for Crystallex International in Venezuela. He will continue as president and CEO of uranium junior U3O8, which is exploring in Argentina, Colombia and Guyana. BEAR CREEK MINING Bear Creek Mining (TSXV: BCM; US-OTC: BCEKF) is exploring and developing silver assets in southern Peru. The Vancouver-based junior describes its flagship Corani project east of Cusco as “one of the largest undeveloped silver deposits in the world, and stands alone by virtue of its substantial base metal credits, location in a mining-friendly jurisdiction and overwhelming community support.” According to an updated feasibility study, Corani could produce over 8 million oz. silver plus lead and zinc credits annually over an 18-year mine life.

Bear Creek notes the project is highly leveraged to metal prices, with the net present value rising US$120 million for every US$1 gain in the silver price, with proportional changes in lead and zinc prices. The company says it has the financial strength to fund Corani through to a development decision, which could come before year-end. It has only put two press releases on its website in 2017, one in February about granting stock options, and a second in May to state that it had signed an agreement with Peru’s Ministry of Energy and Mines and ProInversion that allows the company to recover, at its discretion and on an accelerated basis, the 18% IGV taxes applied to engineering and construction costs associated with future development of Corani. CORDOBA MINERALS Junior explorer Cordoba Minerals (TSXV: CDB; CDBMF) is looking to discover copper-gold deposits in Colombia. The company’s current focus is the San Matias copper-gold project, located on the northern extension of the prolific Mid-Cauca gold belt, where it had been involved in a joint venture with Robert Friedlandcontrolled High Power Exploration (HPX), whereby HPX could have earned up to a 65% interest in San Matias by funding the project and completing a feasibility study. Cordoba describes the San Matias property as covering over 200 sq. km of “ideal open-pit topography,” with excellent infrastructure. However, on July 31, Cordoba acquired HPX’s 51% interest in the San Matias joint venture in return for 137.4 million Cordoba shares and 6.2 million warrants. As a result, Cordoba is now full owner and operator of the San Matias project. Earlier in July, Cordoba raised $10 million by privately placing subscription receipts sold at 81¢ apiece. Each receipt entitled the holder to a share and half a warrant exercisable at $1.08 for two years. Cordoba says the proceeds will be used to advance San Matias, repay up to $1.5 million of expenses by HPX that are not covered by the acquisition agreement and for general corporate purposes. GPM METALS

Think Zinc High Grade Zinc Discovery in Peru • 150km2 Ayawilca property in Peru contains

high grade zinc, tin, and silver • Large Inferred Mineral Resource with major expansion potential • 10,000+ metre drill program currently underway

Rob Bruggeman +1.416.884.3556 • rbruggeman@tinkaresources.com www.tinkaresources.com • TSXV: TK OTCPK: TKRFF

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GPM Metals (TSXV: GPM; USOTC: GPMTF) is a Toronto-based, zinc-focused junior led by Patrick Sheridan that has exploration projects in Canada, Australia and Peru. In June, the company started a 2,000-metre drill program at its Pasco zinc property in the Central Peruvian zinc belt, 30 km northeast of the Cerro de Pasco mine. The drilling follows a ground geophysical survey that helped delineate two zones of interest, and a program in 2015–2016 of trenching, rock sampling and mapping. GPM describes the wholly owned Pasco claims as comprising 63 sq. km of contiguous land suitable for a district scale, greenfield base metal discovery. It says the concessions have not seen modern mineral exploration or drilling before the

Atico Mining’s newly upgraded El Roble mine, 145 km southwest of Medellin, is the only producing copper-gold volcanogenic massive sulphide deposit in the country. ATICO MINING staking and acquisition of the properties by its Peruvian agent in 2014.

using sub-level caving & cut-and-fill methods, with ore processing in a flotation plant.

GPM has an $11-million market capitalization, with shares last trading at 12.5¢ apiece.

During the second quarter, Sierra Metals said its Yauricocha operation saw “continued production improvements” and it had found a high-grade oxide zone — referred to as the Esperanza North zone — between the Esperanza zone and Cachi-Cachi Mine at Yauricocha.

INV METALS INV Metals (TSX: INV; US-OTC: ILNLF) is a Toronto-based junior long focused on exploring and developing the wholly owned Loma Larga (formerly Quimsacocha) gold property in Ecuador. INV’s chief operating officer is Bill Shaver, a cofounder of Dynatec and past president and CEO of DMC Mining Services. INV’s CEO is Candace MacGibbon, an accountant by training who who had past stints with RBC Capital Markets, BMO Capital Markets, Deloitte and Inco. In June INV started a feasibility study of Loma Larga, which INV envisions as being developed into an underground mine capable of producing 150,000 oz. gold annually over a 12-year mine life. The study is due towards the end of 2018. A prefeasibility study prepared in 2016 calculated a 26% after-tax internal rate of return, initial capital of US$286 million, all-in sustaining costs of US$590 per oz. gold and an after-tax net present value of US$301 million. In mid-2016, INV calculated a “probable reserve” at Loma Larga of 11.6 million tonnes grading 4.98 grams gold per tonne (1.8 million contained oz. gold), 28.0 grams gold per tonne and 0.29% copper (73.6 million lb. contained copper). SIERRA METALS Sierra Metals (TSX: SMT; NYSEMKT: SMTS) owns and operates three precious and base metal mines in Latin America: the Bolivar and Cusi mines in Mexico, and the 82%-owned Yauricocha mine in Peru. Located in Lima Department, the Yauricocha mine produces silver, lead, zinc, copper and gold from a high-temperature, carbonatereplacement deposit. It’s an underground mine with miners

Company-wide, Sierra Metals’ second quarter was headlined by revenue of US$48.6 million and adjusted EBITDA of US$17.6 million on throughput of 454,805 tonnes and metal production of 2.7 million silver equivalent oz., or 23.1 million copper-equivalent pounds. TINKA RESOURCES Vancouver-based zinc explorer Tinka Resources (TSXV: TK; USOTC: TKRTFF) is developing its 100%-owned Ayawilca zinc project, which comprises 150 sq. km located 200 km northeast of Lima and 40 km northwest of Cerro de Pasco in the silver-lead-zinc belt of Central Peru. Since early 2017, Tinka has drilled 12,000 metres to test new targets and extend known mineralized zones. Tinka has already defined three National Instrument 43-101 compliant resources on the Ayawilca property: the Zinc zone, with an inferred 18.8 million tonnes at 8.2% zinc equivalent (5.9% zinc, 74 grams indium per tonne, 15 grams silver per tonne, 0.2% lead); the Tin zone, with an inferred 5.4 million tonnes at 0.89 % tin equivalent (0.76% tin, 0.31% copper and 18 grams silver per tonne); and the Colquipucro silver zone, with an indicated 7.4 million tonnes at 60 grams silver, and an inferred 8.5 million tonnes at 48 grams silver in a preliminary openpit shell. Newest drilling highlights include 36.3 metres of 5.2% zinc, 0.2% lead and 65 grams indium per tonne from 273 metres deep in hole 17-79 at West Ayawilca. Tinka shares last traded at 60¢ each, for a $127-million market capitalization. TNM

2017-08-16 3:09 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 21–SEPTEMBER 3, 2017

Agnico declares commercial production at Goldex’s Deep 1 GOLDEX From 2

which contributes to our low costs. Quebec’s low energy costs are also an advantage at Goldex.” Agnico foresees mining D-1 at 6,000 tonnes per day at a head grade of 1.69 grams gold per tonne, at C$35 to C$40 per tonne. As of Dec. 31, 2016, reserves in Goldex’s MMx, E and D1 zones totalled 16.8 million tonnes grading 1.64 grams gold per tonne for 886,000 contained oz. gold. Measured and indicated resources add 30.3 million tonnes at 1.82 grams gold for 1.8 million contained oz. gold, while inferred resources weigh in at 21.9 million tonnes at 1.60 grams gold for 1.1 million contained oz. gold. “Our reserves and resources have grown even though we’ve been mining for four years,” Langevin said. The production rates from all three zones will be 6,800 tonnes per day, with mine life now extending beyond 2024. Sometime during 2018, all the ore at Goldex will come from D-1, as the MMx and E zones are depleted. The production outlook at Goldex is 105,000 oz. gold for 2017 compared to 120,704 oz. gold in 2016. Production is set to bounce back to 115,000 oz. gold in 2018 and 120,000 oz. gold in 2019. In February 2017, 617 people worked at Goldex, comprised of 334 Agnico personnel and 283 contractors. The total will drop to 500 people as the Deep 1 project hits full stride. Rail-Veyor The big innovation at Goldex is Agnico’s pioneering use of the RailVeyor system for moving material internally in the mine along a spiraling ramp at a 17% grade from the 120 level (at 1,200 metres deep) to the 73 level, where material is dumped into a crusher described by Langevin as the “biggest underground crusher in the world.” Built by Rail-Veyor Technologies Global, based in Sudbury, Ont., the Rail-Veyor is a system of two-wheeled rail cars that form a continuous, open trough to move crushed rock. Dual drive stations located along the track provide the forward thrust or brake action. Material is then dumped by invert-

ing the train in a vertical loop. The Rail-Veyor system was tested in the Sudbury area in the early 2000s, but Vale shut the program down after buying Inco. At Goldex, the rollercoaster-like Rail-Veyor system is comprised of 3 km of rail, with six, 66-car trains that are each 160 metres long. There are five bypasses and 91 drive stations. The entire system can move 600 tonnes per hour at a speed of 11 km per hour, or equivalent to replacing 14 trucks, plus their ventilation and diesel costs. “The Rail-Veyor is the main attraction here,” Langevin said. “It’s quite expensive to set up, so you need the tonnage. But there’s a lot of flexibility in the system, and the Rail-Veyor doesn’t add that much to our operating costs.” Only two other mines in the world — both precious metal mines in South Africa — use the Rail-Veyor system, but Langevin said “ours is the most robust” in terms of computer systems. “The Rail-Veyor had significant advantages over other technologies,” Langevin continued. “Here there is good rock we have our stopes in, and we have a couple of areas of poor rock where if we used standard conveyors, we would have had to go through these poor areas a couple of times going up, which would have been a problem. The Rail-Veyor is able to manage turns, so we can squeeze all of our excavations into the best rock available, all in the granodiorite.” Langevin commented that the mining industry “has a reputation of being conservative, so that may have been our biggest hurdle in deciding to adopt the Rail-Veyor, but in our case it just made sense.” The Rail-Veyor has been commissioned with all six trains set to be running by the end of the third quarter, and handling all the ore coming from the D-1 zone. Friendly neighbours With the mine so close to town, Agnico developed the Goldex mining operation to have a relatively a low profile and only a 9-hectare footprint. To lower noise, the ventilation system for exhaust is underground while the air supply is inside a building. Up to 30,000 tonnes of stockpiled material from

Agnico Eagle Mines’ Goldex gold mine in Val-d’Or, Que., as viewed from the employee parking lot, including the sulphideconcentrate storage dome, the mine office building and the Main shaft. PHOTO BY JOHN CUMMING

the mill waiting for transport is kept under a dome to reduce dust. Other mitigations include blasting only during the day; notifying neighbours when larger blasts are planned; and installing a permanent array of vibration monitors around the mine and in town. “We’re probably the most instrumented mine in the world,” Langevin said. Since 2013 half of the tailings generated at Goldex are made into paste and returned underground, but the rest still goes to a tailings facility at surface. The slightly alkaline nature of the Goldex tailings has provided an opportunity for Agnico to team up with the provincial government to rehabilitate the abandoned Manitou acid-generating mine site east of Val-d’Or, or 24 km via a tailings pipeline built by Agnico from the Goldex mine site. In a 2006 agreement, Agnico has been covering the acidic Manitou tailings with fresh, slightly alkalic Goldex tailings. Agnico, as operator of the tailings facility, has been investing the same amount that it would cost to build a tailings facility ($14 million), with the Quebec government picking up the rest of the cost ($50 million) and remaining owner of the Manitou property. “It’s a win-win situation that saves money for the Quebec taxpayer,” Langevin said. “We raised the water

Red Eagle grapples with ground conditions RED EAGLE From 9

veins and lower dilution and ore loss.” The company’s feasibility study, released in 2014, recommended mechanized shrinkage with delayed fill, which was designed to “keep stability of the hangingwall and footwall until ... ore is mucked out.” “Underground gold vein mines are notoriously challenging during the initial ramp-up to full production,” president and CEO Ian Slater wrote in a July letter to shareholders. “A tough decision was made in June to divert production crews to underground mine development while the add-on paste backfill plant is built. The primary issue is the lack of revenue from gold sales during the three-month construction period,” he said. The company says the plant additions and related capital requirements will total US$3 million. Red Eagle reported it had completed 800 metres of decline development and produced 1,750

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oz. gold during the first quarter at 90% average recoveries. It had anticipated annual production guidance of between 30,000 and 40,000 oz. gold. A geotechnical analysis of San Ramon by Golder Associates indicated that “the quality for the hanging and footwalls could be good to very good, with minimal support requirements for [20-metre] spans, or less.” The deposit is described as a single, east- to west-trending shear zone over 2 kilometres. San Ramon is part of Red Eagle’s 100 sq. km Santa Rosa project, where the company has outlined an intrusivehosted, structurally controlled quartz stockwork system, 70 km north of Medellin. San Ramon could have an eightyear mine life based on 2.4 million proven and probable tonnes grading 5.2 grams gold per tonne for 405,000 contained ounces. Red Eagle announced a financing in June to boost its working capital position during the mine’s temporary suspension. The company put together a rights offering, wherein

registered shareholders can acquire 35¢ units, which include one share and a 50¢ purchase warrant exercisable for five years. Red Eagle reported that major investors Liberty Metals & Mining, Vertex Value Fund and Orion Mine Finance intend to “fully exercise their rights,” which would generate gross proceeds of $16 million. If the rights offering is exercised, it would make US$46 million in gross proceeds. The company expects the paste backfill plant will take between three and five months to build, and “allow consistent production, resulting in 50,000 oz. gold produced during 2018.” Shares of Red Eagle have plummeted nearly 60% since March to a 29¢ close at press time. The company has 265 million shares outstanding for a $77-million market capitalization. Red Eagle raised $15 million with a bought-deal financing in February, where a syndicate led by BMO Capital Markets and National Bank Financial underwrote 20 million shares at 75¢ each. TNM

A vending-machine style distribution system for incidental mining supplies at Agnico Eagle Mines’ Goldex gold mine in Val-d’Or, Quebec. Supplies are provided at no charge to miners but tracked to each individual, and the machines are continually re-supplied by a third party. PHOTO BY JOHN CUMMING

level with our tailings and the oxidation process in the old tailings stops.” This half-completed rehabilitation program will continue with tailings from the D-1 zone. “We’ve already seen the benefits of that reclamation. The pH in that river, the Bourlamaque, is back to normal now at 6.5 and the wildlife is returning. Before us, the pH was 2. The river was dead. No plants, no fish, nothing at all downstream.” Langevin said a problem with the orphaned site was “a lack of material to cover the old tailings. They needed 20 million tonnes of material to cover the site, which would have cost the government much more than $50 million. By using our tailings, it’s the cheapest option.” Agnico’s agreement with the government covers up to 30 million tonnes of Goldex tailings, with the split in costs changing after 24 million tonnes. Both these milestones are well beyond the current mine plan at Goldex. Moving forward with the Deep 1 project should allow Agnico to pursue several longer-term goals to add mine life at Goldex. “We are confident we can convert more resources than we have in the plan right now at Deep 1,” Langevin said. Agnico’s Akasaba West property, located 30 km east–southeast of Goldex, was acquired in 2014 with an eye to providing Goldex feed. It hosts probable reserves of 4.8 million tonnes grading 0.92 gram gold (141,000 contained oz. gold) and 0.52% copper (24,500 tonnes contained copper). Indicated resources add another 2.8 million tonnes at 0.60 gram gold and 0.33% copper. Agnico is permitting Akasaba West, and hopes to start mining it as a small open pit in late 2018 or 2019, at a rate of at least 20,000 oz. gold and 8.5 million lb. copper annually for four or five years. Capital costs to build a mine at Akasaba West would be $50 million. Akasaba’s metallurgy as compatible with the mill configuration at

Goldex, with copper recovery in the LaRonde circuit. A smaller source of future mill feed is seen at the narrow, high-grade South zone near the D-1 zone’s 95 level, where early-stage exploration has delineated 305,000 inferred tonnes 5.45 grams gold for 53,000 contained oz. gold. Beyond that, the next major growth phase at Goldex will come from exploiting the Deep 2 (or D-2) zone below the D-1 zone at 1,200 metres deep. Deep 2 hosts 3 million indicated tonnes grading 2.09 grams gold (199,000 contained oz. gold) and 4.2 million inferred tonnes grading 1.43 grams gold (193,000 contained oz. gold), which Agnico says might extend mine life at Goldex by two to four years. The Rail-Veyor could be conceivably be extended down into the D-2 zone, or material could be trucked if it’s cheaper. “Deep 2 resources are going to be easy to convert,” Langevin said. One more source of feed for the Goldex mill could come from Agnico’s adjoining Joubi property where a small drill program is being carried out to evaluate its potential for bulk mining. Agnico expects to produce 1.62 million oz. gold from all its mines this year, up from a previous guidance of 1.57 million ounces. Total cash costs are expected to be US$580 to US$610 (previously US$595 to US$625) and all-in sustaining costs is expected to be US$830 to US$880 per ounce (previously US$850 to US$900). For the first half of 2017, production at Goldex was 63,008 oz. gold at total cash costs of US$564 per ounce (this includes pre-commercial gold production of 8,041 oz. gold from D-1). That equates to 7.4% of Agnico’s company-wide gold production coming from Goldex in the first half of 2017, with Goldex accounting for 6% of Agnico’s total operating margin of US$282.2 million during the second quarter of 2017. TNM

2017-08-15 10:06 PM

WWW.NORTHERNMINER.COM

AUGUST 21–SEPTEMBER 3, 2017 / THE NORTHERN MINER

Barrick’s Dushnisky on miner’s rebound, JVs BARRICK GOLD From 1

When we had 27 mines around the world, we used our regional business unit structure. Over the last while, we’ve been streamlining the portfolio, and we’ve shifted to a decentralized operating model. It’s been very effective. That means we have a much smaller head office. We removed the layer between the head office and the operating mines and we have empowered the GMs to run the mines — they’re accountable and they have the authority to run the mine as a business — and that’s proven to be an effective approach, and we’re seeing the results. We’ve reinstituted capital discipline to a higher level than we had four or five years ago. For the first time last year, we introduced the role of a chief investment officer, whose responsibility is to ensure that our investments meet an internal hurdle rate that we stay strict about. We have been reshaping the business, trying to put it back to how it looked a number of years ago. Of course times change, and we’ve also been adjusting it for the twenty-first century. We’re introducing a digital platform that generates real-time data to make decisions. We still have a lot of work to do, but we’re pleased with our progress. BW: As part of recalibrating the company, you’ve gone to the decentralized model, and part of that is showing your leaders of the decentralized model what it’s like on the front lines. So you put your mining managers on the quarterly calls and let them speak directly. How are they finding that, first as individuals, and how are the investors finding that? KD: You’re right, for probably almost a year now, we’ve had our GMs on the call. And the reason is part of our commitment to greater transparency. There was a perception that Barrick was a little opaque, and people couldn’t really see into the company. There was a sense that either we didn’t know our way or there was arrogance in terms of not wanting to share information, which was never the case. We’re giving the GMs the authority and accountability to run the mines, so when someone on the call — an analyst or an investor — has a question about a specific operation, they should hear from the person responsible and who’s running it. So that’s gone very well. In that same context we’ve paired our GMs in a structure such that we’ve got a GM running the mines and what’s called a country executive director — in the old days you may’ve called it a country manager. The country executive director’s responsibility is to look after all of the matters outside of the fence, so to speak: licence to operate; corporate social responsibility (CSR), communication, legal and so on. The intent is to let the GMs focus on running the mines. They’re true partners — their compensation is linked — so if one doesn’t do well, the other doesn’t. And that formula has worked well. BW: When you’re the biggest in the world, you also bear the burden of almost carrying the industry’s load when it comes to things like CSR and social licence to operate. What is Barrick’s philosophy on CSR, and how have we advanced in Canada? KD: This is something that goes back to the beginning, and it is part of the company’s culture and DNA, which started with Peter Munk and Bob Smith. When Peter brought Camflo into the company, Barrick

1-16, 23_Aug21_Main .indd 14

At the Canadian Mining Symposium hosted by The Northern Miner at Canada House in London, U.K., in May 2017 (from left): session moderator Bill Whitelaw, executive vicepresident of Northern Miner parent company Glacier Media and Kelvin Dushnisky, president of Barrick Gold. PHOTO BY MARTINA LANG

“THE WAY THE WORLD IS NOW ... GONE ARE THE DAYS WHEN YOU COULD OPERATE IN ISOLATION.” KELVIN DUSHNISKY PRESIDENT, BARRICK GOLD

was, if not the first, certainly one of the first companies to institute a scholarship program. So any child of a Barrick employee anywhere in the world who wanted to attend any post-secondary education — college, university, what have you — is entitled to a scholarship. And that exists today, and there are more than 10,000 kids who have now been educated as a result. It was a starting point, and things expanded from there to non-governmental organization partnerships and we built — like other companies have — clinics and schools, and so on. But we’ve always viewed the CSR licence to operate as fundamental as production and costs, because if you don’t get that right, it’s difficult to run the operations. We have the benefit of that history. There’s no question we’ve had missteps along the way. But when we have, we’ve tried our best to correct them quickly, to learn from the mistakes and not repeat them, and move on. Canada, generally speaking, has a very good reputation. When you travel around the world, one of the calling cards that we always use is the Canadian flag, and that’s one of the reasons. Canadian companies are known for being fair-minded, responsible, honest and transparent. From that perspective, we’re leading the way in many respects in terms of CSR. From Barrick’s perspective, again, individually, we’ve also elevated it. We have a CSR advisory board that we put in place maybe four years ago, and these are leading figures in the CSR space. None have mining experience, but they’re all seasoned

in their respective areas, and they challenge us. It’s a tough board, in the sense that it’s not just friendly meetings. They really grill management and test our theories and what we’re doing a lot, and that’s helpful. We also revamped what’s called a Corporate Social Responsibility Committee of the Board, led by one of our independent directors, Nancy Lockhart. It’s a structured committee that holds management to task, and that’s important. BW: What you think you’re doing in the CSR and social licence space is one thing, but what the communities where you operate think you’re doing is another. Maybe you could speak to Barrick’s engagement at a community level and some of the tangible benefits that the communities achieve as a result of that philosophy. KD: It starts with consultation and so, at all of our operations, if you go back historically, right back to projects like Alto Chicama in Peru — now called Lagunas Norte — from discovery to production, was just over three years. Part of that is because there was extensive consultation locally, which helped move the project along. That’s an approach we’ve taken wherever we operate. Again, it’s one of these things you can never be complacent about because we can always improve — no question about that. But part of the shift we’ve made is increasing access to company information via the Internet, for example. That’s something we find a strong response to, particularly in communities where we’re providing Internet access and WiFi that didn’t exist prior. The way the world is now — particularly with social media — gone are the days when you could operate in isolation. You can never operate anywhere in isolation, and so it’s best to understand that up front and engage actively, and it’s something we’ve been trying to do. BW: You mentioned earlier the idea of chasing production and different

types of production quality versus non-quality, but Barrick has a philosophy of focusing on cash flow versus production. Why is that important, and what’s important at particular times? KD: I wouldn’t want to say that we’re not focused on production — we are — but what we’re focused on is quality of production, as opposed to number of ounces. Like a lot of companies, we got on a treadmill a number of years ago where we forecast a production number — a number of ounces — and to achieve that meant you had to lower the level of discipline that we’ve now put back into the business. So we’ve very much focused on margin, generating quality ounces over quantity. The reason we’ve focused on cash f low is because it’s an area that enforces certain discipline. We’ve driven down our costs over the last couple of years. We still have work to do, but that’s the rationale for it. BW: You’re a Canadian company, but most of your operations are not in Canada. You’re still headquartered in Toronto, which [has a reputation] as being one of the golden cities for mining headquarters. What’s important about staying in Toronto, and staying Canadian? KD: Our founder and chairman Peter Munk emigrated from Hungary to Canada, and he really attributes Canada — and Toronto in particular — being a mining centre, as the basis for his success and for Barrick’s success, and I think he’s right. Toronto and Canada have everything we could look for: the Toronto Stock Exchange and TSX Venture Exchange, all the large engineering companies, the banks, the law firms and the suppliers. There’s a centre of gravity around mining that exists in Toronto that is supportive for the industry. You add to that supportive provincial governments, territorial governments and associations like the Mining Association of

Canada, the provincial associations and the Prospectors & Developers Association of Canada. There is history and comfort with the mining business that doesn’t exist in a lot of places, and that’s why Barrick will always be in Toronto. BW: When you think about Barrick’s evolution and growth, you’ve done a lot of JVs and partnerships lately in Chile, Argentina and Saudi Arabia. Why is that a solid, preferred approach to growing a business? KD: As part of the kind of reshaping of our business we started a few years ago, we also came to the conclusion that we don’t have to do everything ourselves, and particularly if we can enter into a strategic partnership where the partner brings something to the equation as opposed to just money. It hasn’t been unhelpful that some of the JVs we’ve entered into have helped us deleverage the balance sheet, which is very important. We’ve lowered our debt 40% since 2015, and that was critical, but it’s more than that. You mentioned a couple of partnerships. One of the first was in 2015, with Zijin Mining from China at our Porgera operation, and that was our first Chinese partnership in terms of running a mine, and that’s gone well for us. Then we entered into a partnership with Antofagasta Minerals at the Zaldivar mine where we had the view that even though we think we ran Zaldivar quite well, our sense was that Antofagasta could probably run it even better. They know Chile very well, there are synergies, and we’re seeing the results of that. After that, we entered into a partnership with Ma’aden in Saudi Arabia. Again they bring something different to the table, which was more of a cultural understanding and a better ability to operate in that particular regulatory environment, where we initiated the commercial production at Jabal Sayid in the middle of last year, so that has been See BARRICK GOLD / 23

2017-08-15 10:06 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 21–SEPTEMBER 3, 2017

NOVO STRIKES GOLD IN KARRARTHA, WESTERN AUSTRALIA

“

Shares of Novo Resources (TSXV: NVO; USOTC: NSRPF) have been on a tear since the company announced on July 12 it had found gold nuggets up to 4 cm long during trenching at its Purdy’s Reward paleoplacer gold prospect in Western Australia.

”

—The Northern Miner, August 10, 2017

• Fully financed, $15m in cash with close to $40m in potential warrant money • World Class Management Team • World class shareholders include Eric Sprott and Newmont Mining

TSX-V:NVO OTCQX NSRPF

416 543-3120 leo@novoresources.com

www.novoresources.com

1-16, 23_Aug21_Main .indd 15

2017-08-15 10:06 PM

WWW.NORTHERNMINER.COM

AUGUST 21–SEPTEMBER 3, 2017 / THE NORTHERN MINER

The landscape at Novo Resources’ Comet Well property immediately southwest of Novo’s Purdy’s Reward project area in Western Australia’s Karratha region. Inset: Gold nuggets from Purdy’s Reward. NOVO RESOURCES

Novo Resources strikes gold at Purdy’s Reward in Australia GOLD

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

hares of Novo Resources (TSXV: NVO; USOTC: NSRPF) have climbed since the company announced on July 12 it had found gold nuggets up to 4 cm long during trenching at its Purdy’s Reward paleoplacer gold prospect in Western

| Paleo-placer gold deposit already yielding nuggets up to 4 cm long

Australia. The company’s stock nearly tripled from 96¢, only to gain 33¢ to $3.15 per share on Aug. 8, when assay results of a 700 kg bulk sample delivered 87.8 grams gold per tonne and 46.1 grams per tonne. The sample represents the top metre of an 11-metre-thick stacked mineralized conglomerate, similar to deposits within South Africa’s 1.5

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1-16, 23_Aug21_Main .indd 16

billion oz. gold Witwatersrand basin. “It’s still early days, but this is a great start,” Quinton Hennigh, president and chairman of Novo, tells The Northern Miner during a phone interview. “We’re developing a sampling and analytical protocol to match this unusual deposit. There is always a risk of overstating grades in a nuggets system, but you can also understate grades by taking a small, unrepresentative sample. This data goes a long way towards telling us the appropriate sample size.” The watermelon seed-shaped nuggets originally eroded out of an ancient gold system and were redeposited via rivers in a large outwash zone. Novo has traced the nugget-rich, 2.7-billion-year-old conglomeratic package almost continuously along an 8 km strike length. The rocks dip 10 degrees southeast under a cover of basalts. “We’ve never drilled the target, and have no information about the conglomerates down-dip,” Hennigh says. “There’s a historic drill hole that an Australian mining company did 55 km south of Purdy’s, which returned 1 metre of 12 gram gold. From what we see in the photos, it looks similar, so we’re hopeful this could be a big system.” Hennigh has hunted for a Witwatersrand-type deposit in Western Australia’s Pilbara craton for years, and for a good reason: the Archeanage chunk of crust once adjoined South Africa’s Kaapvaal craton and its prolific gold deposits. Both the Kaapvaal and Pilbara are two of the oldest cratons left on Earth. They formed 3.9 billion years ago, when chains of volcanic islands accreted continents of greenstone belts surrounded by an ocean and in an atmosphere devoid of oxygen. The Wits basin got its start 3 billion years ago, when the greenstone belts of the Kaapvaal craton began to erode, blanketing a 300-metrelong basin with sediments up to

‘WE’RE HOPEFUL THIS COULD BE A BIG SYSTEM.’ QUINTON HENNIGH PRESIDENT AND CHAIRMAN, NOVO RESOURCES

7 km thick. Most of the gold is found in two stratigraphic levels of the Wits basin — the Main Reef and Bird Reef — and is often associated with carbon. However, the source and deposition of gold in the Wits has been debated for a hundred years. The most accepted theory is the modified paleoplacer model, where gold washed down from the surrounding gold-rich greenstone belts, and later remobilized as the basin deformed over history. A competing theory is that the gold was carried in acidic solutions that migrated through the unconsolidated sediments and was deposited in chemical traps, such as the carbon-bearing reefs. “The tenor of gold we see at Purdy’s Reward is different than the Witwatersrand basin. The Central Rand formation in the basin are a series of conglomerates 1 metre thick that contain fine gold, whereas at Purdy’s Reward it’s 10 metres thick, with coarse gold,” Hennigh says. “What we are dealing with is a proximal version of the Witwatersrand, closer to the gold source.”

Un li ke Wit watersra nd, t he conglomeratic horizon at Purdy’s Reward is hosted within a 50- to 100-metre thick package of sedimentary rocks underlying basalt flows, rather than a thick sedimentary basin. Novo has consolidated a 7,600 sq. km land position south of the city of Karratha, targeting possible extensions of the gold-bearing conglomerate horizon seen at Purdy’s Reward and a similar horizon at its Comet Wells project, 3 km southwest. Purdy’s Reward is subject to an earn-in agreement with Australian explorer Artemis Resources, whereby Novo could earn 50% interest in the paleoplacer gold targets at the project, with Artemis retaining full interest in any other minerals. The company plans to test the down-dip extensions of the Purdy’s Reward conglomerates with largediameter, reverse-circulation drilling in September, along with stream sampling, mapping and metal detecting on the land package. Novo’s other paleoplacer project, Beatons Creek — near the historic gold-mining town of Nullagine in the eastern Pilbara — is moving towards a prefeasibility study with potential partner Sumitomo, a Japanese trading house. Novo is preparing an internal study for Sumitomo, which will delve into the project’s basic engineering and permitting. Later this year, Sumitomo should reach a decision on whether to invest more in the project. Beatons Creek hosts 3.4 million measured and indicated resources of 2.7 grams gold, and another 3 million tonnes of 2.7 grams gold as inferred. Novo shares have traded in a 52week range of 66¢ to $3.27 per share, and closed at $2.97 at press time. The company has 119.7 million shares outstanding for a $356-million market capitalization. TNM

2017-08-15 10:06 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 21–SEPTEMBER 3, 2017

PROFESSIONAL DIRECTORY Toronto Denver London Vancouver Quebec City

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2017-08-15 10:08 PM

WWW.NORTHERNMINER.COM

AUGUST 21–SEPTEMBER 3, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / AUGUST 7–11 Increased political tensions on the Korean peninsula triggered more uncertainty across global markets, pushing down Canada’s benchmark index 1.47% to 15,033.38 — its biggest weekly drop since June. The geopolitical volatility was good for gold, however, driving up the price to US$1,288.70 per oz. — a 2.41% gain. The S&P/TSX Global Gold Index rose 3.58% to 199.41. The S&P/TSX Global Mining Index fell 0.47% to 65.89 and West Texas Intermediate crude finished at US$48.80 per barrel. Second-quarter results sent Franco-Nevada shares up $5.96 to $98.46 per share. The company sold 122,541 equivalent oz. gold for quarterly revenues of US$163.6 million. Net income came in at US$45.6 million, or 25¢ per share. The company has no debt and ended the quarter with US$614.3 million in cash and equivalents. Revenue in the quarter was sourced 91.9% from precious metals (71.2% gold, 13.9% silver and 6.8% platinum group metals) and 82.2% from the Americas (15.8% U.S., 19.9% Canada and 46.5% Latin America). Pan American Silver rose $2.05 to $22.32 per share. The company lowered its annual guidance range of all-in sustaining costs per silver oz. sold to $10.50, from $11.50 per ounce. During the second quarter, AISCs per silver oz. sold fell to $10.73 per silver oz. sold, down from $11.31 in the second quarter of 2016.

Second-quarter revenue totalled US$201.3 million, up 5% from the US$192.3 million in the year-earlier quarter, reflecting higher realized metal prices and lower direct selling costs. Net earnings reached US$36 million (23¢ per share), up from US$34.2 million (22¢ per share) in the same quarter of 2016. At the end of June, the company had US$429.6 million in working capital, US$263.8 million available under its revolving credit facility and US$46.7 million in outstanding debt. Shares of Primero Mining fell 47.3% to 24¢. The company reported second-quarter results and announced it was selling its Black Fox mine in Timmins to McEwen Mining for $35 million. Interim president and CEO Joseph Conway said the sale would lower the company’s outstanding debt, but said Primero TSX MOST ACTIVE ISSUES

IC Potash Kinross Gold Suncor Energy Barrick Gold First Quantum B2Gold Lundin Mng HudBay Mnls Teck Res Goldcorp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ICP 18398 0.04 0.02 0.03 - 0.01 K 15507 5.47 5.19 5.30 + 0.01 SU 13647 41.91 40.94 41.11 - 0.62 ABX 13616 21.82 20.74 21.59 + 0.57 FM 13489 14.14 12.29 12.41 - 1.01 BTO 13410 3.29 3.01 3.27 + 0.22 LUN 12932 9.46 8.67 8.70 - 0.38 HBM 12178 9.95 8.72 8.99 - 0.39 TECK.B 11823 29.14 27.35 28.12 - 0.14 G 11598 16.70 15.76 16.49 + 0.60

still has outstanding debt that matures in November 2017, which “will require more funding or refinancing to repay in full.” Conway noted that despite improvements at Black Fox, “the strike action at San Dimas early in the quarter followed by more labour disruptions have weighed on the company.” Unionized employees at the San Dimas mine in Mexico went out on strike in February. A bargaining agreement was reached on April 17

and a phased restart began April 22. Primero posted a second-quarter net loss of $300.4 million, compared to a net loss of $19.4 million in the same quarter of 2016. The net loss included a $285-million impairment of the company’s assets. Operating cash flow before working capital changes in the quarter came in at $8.4 million. Primero has $12.1 million in cash and has fully drawn its $75-million revolving credit facility. TNM

TSX GREATEST PERCENTAGE CHANGE

Candente Coppr Euro Sun Mg Silver Bear Rs Gabriel Res Semafo U3O8 Corp Coro Mining Argonaut Gold Orosur Mng GoGold Res Primero Mng Nevsun Res IC Potash Redhawk Res Meadow Bay Gd Potash Ridge Shore Gold Peregrine Diam Ivanhoe Mines Forsys Metals

DNT ESM SBR GBU SMF UWE COP AR OMI GGD P NSU ICP RDK MAY PRK SGF PGD IVN FSY

823 519 357 386 8566 2183 220 3450 855 672 9202 5817 18398 120 1368 2936 989 2027 8796 153

0.10 1.34 0.27 0.38 3.38 0.03 0.13 2.54 0.26 0.65 0.47 3.43 0.04 0.03 0.04 0.18 0.29 0.16 4.85 0.13

0.07 1.03 0.22 0.27 2.70 0.02 0.11 2.09 0.23 0.53 0.23 2.49 0.02 0.02 0.03 0.13 0.23 0.13 4.06 0.11

0.10 1.33 0.27 0.35 3.37 0.03 0.13 2.50 0.26 0.62 0.24 2.67 0.03 0.03 0.03 0.16 0.24 0.14 4.16 0.11

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Pan Am Silver Agnico Eagle Silver Std Res Detour Gold Goldcorp Semafo Barrick Gold Lundin Gold Sandstorm Gold Agrium Torex Gold First Quantum Pretium Res Nevsun Res Suncor Energy Ivanhoe Mines Potash Corp SK Silver Wheaton Cameco Corp

+ 35.7 + 23.1 + 22.7 + 21.1 + 20.8 + 20.0 + 18.2 + 14.2 + 13.0 + 12.7 - 47.3 - 21.5 - 16.7 - 16.7 - 14.3 - 13.9 - 13.0 - 12.9 - 12.6 - 12.0

VOLUME WEEK (000s) CLOSE CHANGE

FNV PAAS AEM SSRM DGC G SMF ABX LUG SSL AGU TXG FM PVG NSU SU IVN POT WPM CCO

3844 98.46 1714 22.32 2980 58.53 1460 12.87 4107 16.29 11598 16.49 8566 3.37 13616 21.59 599 5.18 3314 5.49 1916 124.67 2516 19.24 13489 12.41 3246 10.44 5817 2.67 13647 41.11 8796 4.16 7192 22.23 6227 24.19 6792 12.30

+ 5.96 + 2.05 + 1.91 + 1.38 + 0.77 + 0.60 + 0.58 + 0.57 + 0.54 + 0.52 - 3.03 - 1.27 - 1.01 - 0.86 - 0.73 - 0.62 - 0.60 - 0.60 - 0.57 - 0.48

TSX VENTURE EXCHANGE / AUGUST 7–11 The S&P/TSX Venture Composite Index lost 2.87 points to a 762.81-point close, as spot gold prices rose US$30.4 to US$1,289.31 per oz. and Comex copper prices gained US2¢ to US$2.91 per pound. Shares of Novo Resources gained 79¢ to $3.61 after the company released results from the first bulk sample at its Purdy’s Reward paleoplacer gold project, south of the city of Karratha in Western Australia. The 700 kg sample, which was split into two subsamples, returned 87.76 grams gold per tonne and 46.14 grams gold. Shares of the company have risen 275% since the company announced on July 12 that it found gold nuggets up to 4 cm long within the top metre of an 11-metre-thick stacked sequence of mineralized conglomerates. Prospecting has outlined the conglomerate package, along with gold mineralization, over an 8 km strike length. Novo has increased its land position to 7,600 sq. km in the region to cover extensions of the prospective conglomerates and similar sequences within the stratigraphy. Bison Gold Resources gained 28¢ to 55¢ per share after gold producer Klondex Mines agreed to acquire the company for its Manitoba-based gold assets, pending court approval. The consideration would be in

Klondex shares, cash or a combination of both, and is based on 59¢ per Bison share, which represents a 131% premium to the last Bison closing price on Aug. 2. Bison controls three main properties in Manitoba’s Rice Lake district, which falls along geological strike of Ontario’s 28 million oz. gold Red Lake district. The properties include 12 historic gold mines, which produced 205,000 oz. gold between 1935 and 1945 at grades between 10.3 grams gold and 12.6 grams gold. Klondex operates the Fire Creek and Midas gold mines in Nevada, and the True North gold mine in Manitoba. Shares of GT Gold rose 19¢ to $1.42. On July 25, the company announced a high-grade, gold system discovery at its Saddle South prospect, located on its Tatogga property in TSX-V MOST ACTIVE ISSUES

IC Potash Kinross Gold Suncor Energy Barrick Gold First Quantum B2Gold Lundin Mng HudBay Mnls Teck Res Goldcorp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

northwestern B.C.’s golden triangle. Drilling intercepted epithermal-style gold mineralization along a 200-metre geological strike length to 213 metres deep from surface. Intercepts included 10.7 metres of 13.03 grams gold and 8.5 metres of 8.75 grams gold. The 2,500-metre, reverse-circulation drill campaign targeted a 1.5 km long gold-in-soil anomaly. The project’s other anomaly to the

north, which trends for 1 km, is untested. A follow-up, 2,500-metre diamond drill program is underway and will test mineralization at Saddle South, along with targets at Saddle North. The mineralization coincides with an induced polarization geophysical anomaly, which helps the company improve targeting confidence for drilling down-dip and along strike of the presently defined zones. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Hard Creek Ni Bison Gold Res IGC Res Quartz Mtn Res Noble Metal Gr Theia Res Alturas Mnrls Cdn Platinum Rotation Mnls Upper Canyon Halio Energy Caracara Silvr Nunavik Nickel Superior Mng Magna Terra Stroud Res Madeira Mrnls Barker Mnrls China Mnls Mng Helio Res

HNC BGE IGC.H QZM NMG THH ALT CPC ROT UCM.H HOIL CSV.H MZZ SUI.H MTT SDR MDE.H BML CMV HRC

1348 1158 100 161 197 38 300 20027 219 1298 10 129 113 22 317 334 14 259 408 16

0.06 0.56 0.01 0.12 0.01 0.12 0.03 0.03 0.20 0.06 0.36 0.01 0.15 0.13 0.08 0.02 0.03 0.02 0.02 0.01

0.03 0.27 0.01 0.06 0.00 0.07 0.02 0.02 0.12 0.01 0.00 0.01 0.08 0.08 0.05 0.01 0.02 0.01 0.00 0.00

0.06 0.55 0.01 0.12 0.01 0.12 0.03 0.03 0.20 0.03 0.19 0.01 0.09 0.09 0.05 0.01 0.02 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 120.0 + 103.7 + 100.0 + 100.0 + 100.0 + 71.4 + 66.7 + 66.7 + 60.0 + 50.0 - 50.0 - 50.0 - 41.4 - 34.6 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Novo Res Gold Reserve Bison Gold Res Bear Creek Mng GT Gold Cameo Res Telson Res Revival Gold Critical Elem Kennady Diam Metalore Res Cobalt 27 Cap Till Capital Halio Energy SilverCrest Mt Tanqueray Expl White Gold Rogue Res Jaxon Mnls Monitor Vent

NVO GRZ BGE BCM GTT CRU TSN RVG CRE KDI MET KBLT TIL HOIL SIL IPA WGO RRS JAX MVI

5337 61 1158 136 3478 71 1030 99 1834 156 3 74 1 10 239 356 154 287 7628 3

3.61 4.89 0.55 2.54 1.42 1.34 0.59 0.70 1.46 3.36 2.91 8.20 4.47 0.19 1.69 1.22 1.60 0.36 0.30 0.50

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

0.79 0.48 0.28 0.24 0.19 0.19 0.18 0.17 0.16 0.16 1.04 0.67 0.53 0.19 0.17 0.17 0.16 0.15 0.12 0.12

U.S. MARKETS / AUGUST 7–11 U.S. President Donald’s Trump threats last week to unleash “fire and fury” against the North Korean regime if it endangered the U.S. or its allies sent the Dow Jones Industrial Average down 1.06% to 21,858.32 and the S&P 500 Index down 1.43% to 2,441.32. The Philadelphia Gold & Silver Index rose 2.50% to 84.09, in step with a higher gold price, which ended the week up US$30.03 to US$1,288.70 per ounce. Shares of Vale slipped US29¢ to US$9.01. The company confirmed at the end of July that it could not obtain a licence to operate at the Samarco iron ore mine in Brazil before year-end. The operation, a joint-venture between Vale and BHP Billiton in Minas Gerais state, was halted in November 2015 after a fatal tailings dam burst. The disaster left 19 people dead and sent sludge downstream through remote mountain valleys, reaching the Atlantic Ocean, 600 km away. Reuters reported on July 31 that BHP Billiton denied a report in a Brazilian newspaper that it had agreed to sell its stake in the Samarco mine to Vale. Mosaic’s shares fell US$2.24 to US$20.34 apiece. The company reported net income of

18_Aug21_MarketNews.indd 18

US$97 million in the second quarter, compared to a US$10-million net loss in the second quarter of 2016. Earnings per diluted share were US28¢. Net sales in the quarter of 2017 were US$1.8 billion, up from US$1.7 billion last year, with higher sales volumes offsetting lower realized prices for phosphates. Operating earnings were US$95 million, up from US$12 million a year ago, driven by higher phosphate and potash sales volumes, higher potash and international distribution segment margins. At the end of June the company had cash and equivalents of US$661 million and U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 152432 10.40 9.56 9.69 - 0.28 Freeport McMoR* FCX 80548 14.85 13.82 13.96 - 0.45 Kinross Gold* KGC 61322 4.31 4.09 4.18 unch 0.00 United States S* X 57999 24.76 22.94 23.16 - 0.39 Barrick Gold* ABX 51648 17.18 16.34 17.04 + 0.43 Yamana Gold* AUY 43209 2.71 2.43 2.69 + 0.24 Turquoise HIl* TRQ 39782 3.32 3.04 3.07 - 0.21 Goldcorp* GG 37564 13.15 12.49 13.00 + 0.44 Vale* VALE.P 33987 9.74 8.94 9.01 - 0.29 First Majestic* AG 32490 6.80 5.92 6.52 + 0.28

long-term debt of US$3.8 billion. Rio Tinto saw a US$2.22 decline in its share price to US$44.61. The company reported net earnings of US$3.31 billion during the first half, up 93% from the US$1.71 billion

in net earnings for the same period last year. Rio generated operating cash flow of US$6.3 billion and returned US$3 billion in cash to shareholders. The company also cut its net debt by US$2 billion to US$7.6 billion. TNM

U.S. GREATEST PERCENTAGE CHANGE

Yamana Gold* Eldorado Gold* Harmony Gold* DRDGOLD* Sibanye Gold* AngloGold Ash* Franco-Nevada* Tahoe Res* NACCO Ind* First Majestic* Primero Mng* Intrepid Pots* Mosaic* Pretium Res* Turquoise HIl* Endeavr Silver* Natural Res Pt* Cloud Peak En* Rio Tinto* HudBay Mnls*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AUY EGO HMY DRD SBGL AU FNV TAHO NC AG PPP IPI MOS PVG TRQ EXK NRP CLD RIO HBM

43209 2.71 2.43 2.69 + 9.8 28754 2.02 1.85 2.00 + 9.3 14577 1.88 1.65 1.86 + 7.5 579 3.37 3.05 3.28 + 6.5 14273 5.92 5.32 5.88 + 6.3 23323 9.88 9.08 9.71 + 6.2 3793 78.08 72.00 77.65 + 6.2 17230 5.63 4.98 5.51 + 5.2 175 74.00 66.28 69.80 + 5.0 32490 6.80 5.92 6.52 + 4.5 16799 0.37 0.18 0.19 - 47.9 13907 3.67 3.17 3.40 - 11.2 26688 22.62 20.06 20.34 - 9.9 9540 8.98 7.96 8.23 - 7.5 39782 3.32 3.04 3.07 - 6.4 12441 2.30 2.08 2.16 - 5.7 128 28.60 25.60 26.95 - 5.4 4492 3.28 3.04 3.07 - 5.0 18210 48.03 44.24 44.61 - 4.7 3588 7.90 6.85 7.10 - 4.7

U.S. GREATEST VALUE CHANGE

Franco-Nevada* FNV NACCO Ind* NC Agnico Eagle* AEM AngloGold Ash* AU Goldcorp* GG Barrick Gold* ABX Newmont Mng* NEM AA Alcoa* Sibanye Gold* SBGL Alamos Gold* AGI MartinMarietta* MLM Agrium* AGU Mosaic* MOS Rio Tinto* RIO Natural Res Pt* NRP Chevron Corp* CVX Pretium Res* PVG Suncor Energy* SU CONSOL Energy* CNX Potash Corp SK* POT

VOLUME WEEK (000s) CLOSE CHANGE

3793 77.65 175 69.80 6807 46.15 23323 9.71 37564 13.00 51648 17.04 21522 36.53 23923 37.78 14273 5.88 10308 7.93 2610 204.77 3060 98.36 26688 20.34 18210 44.61 128 26.95 21171 109.23 9540 8.23 14396 32.41 11165 15.00 25132 17.52

+ 4.50 + 3.30 + 1.35 + 0.57 + 0.44 + 0.43 + 0.38 + 0.36 + 0.35 + 0.31 - 9.65 - 2.59 - 2.24 - 2.22 - 1.55 - 0.88 - 0.67 - 0.58 - 0.54 - 0.53

2017-08-15 10:09 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / AUGUST 21–SEPTEMBER 3, 2017

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, July 18, 2017 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change 1267.05 +15.05 $16.74 +0.43 $935.00 +0.00 $888.00 +47.00 Price (US$/tonne) Change $10180.00 -35.00 $6349.00 -19.50 $2319.50 -14.50 $2779.50 -13.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 31, 2017 (change from July 21, 2017 in brackets): Aluminium Alloy 12340 (-480) Aluminium 1382125 (+27575) Copper 308675 (+2050) Lead 160000 (+4725) Nickel 372870 (-3312) Tin 1790 (-370) Zinc 281250 (+12025)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.60 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.55 Cobalt: US$25.85/lb. Copper: US$2.88/lb. Copper: CME Group Futures Sept. 2017: US$2.88/lb.; Oct. 2017: US$2.90/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.52/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$74.30/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.05/lb. Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,040.00tr. oz. Ruthenium: Mid-mkt US$65.00/tr. oz. Silver: Handy & Harman Base: US$17.11 per oz.; Handy & Harman Fabricated: US$21.39 per oz. Tantalite Ore : US$123.61/kg Tin: US$9.31/lb. Uranium: U3O8, Trade Tech spot price: US$20.40; The UX Consulting Company spot price: US$20.50/lb. Zinc: US$1.31/lb. Prices current Aug. 15, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 17, 2017 (with changes from Jul 04, 2017) Largest short positions Kinross Gold K 54857851 931068 7/4/2017 Trevali Mng TV 34333261 4270202 7/4/2017 New Gold NGD 32937616 403750 7/4/2017 Eldorado Gold ELD 29248031 -11656556 7/4/2017 B2Gold BTO 21473227 -336689 7/4/2017 Sandstorm Gold SSL 16807281 -5480443 7/4/2017 Asanko Gold AKG 12320332 434322 7/4/2017 Suncor Energy SU 11981114 1330225 7/4/2017 OceanaGold OGC 11542357 -889859 7/4/2017 First Quantum FM 10422282 3704549 7/4/2017 Potash Corp SK POT 10214616 1320276 7/4/2017 IAMGOLD IMG 9322286 -59496 7/4/2017 IVN 9293209 -239890 7/4/2017 Ivanhoe Mines Detour Gold DGC 8777994 -3203021 7/4/2017 Barrick Gold ABX 8417763 1123350 7/4/2017 Largest increase in short position Trevali Mng TV 34333261 4270202 7/4/2017 First Quantum FM 10422282 3704549 7/4/2017 Suncor Energy SU 11981114 1330225 7/4/2017 Potash Corp SK POT 10214616 1320276 7/4/2017 Goldcorp G 7500963 1205457 7/4/2017 Largest decrease in short position ELD 29248031 -11656556 7/4/2017 Eldorado Gold Sandstorm Gold SSL 16807281 -5480443 7/4/2017 Detour Gold DGC 8777994 -3203021 7/4/2017 Tahoe Res THO 4380733 -2141926 7/4/2017 Avnel Gold AVK 29423 -1908277 7/4/2017

Short positions outstanding as of Jun 16, 2017 (with changes from Jun 01, 2017) Largest short positions Gold Std Vents GSV 1500200 544400 6/1/2017 Plata Latina PLA 772000 200000 6/1/2017 Scorpio Gold SGN 746200 745400 6/1/2017 Barkerville Go BGM 684565 -14735 6/1/2017 Probe Metals PRB 630800 -200 6/1/2017 Orca Gold ORG 488000 487500 6/1/2017 Rye Patch Gold RPM 310198 296998 6/1/2017 Kivalliq Enrgy KIV 244000 230700 6/1/2017 Neo Lithium NLC 237600 -155600 6/1/2017 Alix Res AIX 150000 149800 6/1/2017 Falco Res FPC 137606 -591894 6/1/2017 White Gold WGO 122600 -38200 6/1/2017 Avino Silver ASM 117200 27100 6/1/2017 Maya Gold &Sil MYA 114900 71400 6/1/2017 Five Star Diam STAR 102650 16800 6/1/2017 Largest increase in short position Scorpio Gold SGN 746200 745400 6/1/2017 Gold Std Vents GSV 1500200 544400 6/1/2017 Orca Gold ORG 488000 487500 6/1/2017 Rye Patch Gold RPM 310198 296998 6/1/2017 Kivalliq Enrgy KIV 244000 230700 6/1/2017 Largest decrease in short position Colonial Coal CAD 200 -666300 6/1/2017 Falco Res FPC 137606 -591894 6/1/2017 Integra Gold ICG 9900 -199000 6/1/2017 Aurvista Gold AVA 6000 -190200 6/1/2017 Gldn Predator GPY 44000 -174500 6/1/2017

DAILY METAL PRICES Daily Metal Prices Date July 31 July 28 July 27 July 26 July 25 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1620/1635 1620/1635 1620/1635 1610/1625 1610/1625 Aluminum 1903/1923.50 1891/1912.50 1922.50/1943.50 1911.50/1933 1896/1918.50 Copper 6346/6381 6282/6312 6324.50/6354 6236/6270 6148/6180 Lead 2310/2331 2280/2304 2296/2322 2283/2306 2265/2291 Nickel 10230/10270 10175/10210 10100/10145 9910/9955 9880/9930 Tin 20925/20805 20800/20650 20850/20625 20550/20325 20425/20270 Zinc 2801/2808 2765.50/2767.50 2808/2810 2804/2809 2824/2830

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1266.35 1259.60 1262.05 1245.40 1252.00 Gold PM 1267.55 1264.90 1261.10 1248.10 1254.40 Silver 16.76 16.56 16.79 16.37 16.31 Platinum 938.00 927.00 931.00 920.00 926.00 Palladium 894.00 875.00 879.00 856.00 860.00

EXCHANGE RATES Date Aug 11 Aug 10 Aug 09 Aug 08 Aug 07 US$ in C$ 1.2741 1.2695 1.2669 1.2680 C$ in US$ 0.7849 0.7849 0.7877 0.7893 0.7886 Exchange rates (Quote Media, August 11, 2017) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 0.998089 0.6671 85.6705 14.1104 10.5588 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6049 5.2170 50.3105 0.7555 898.0458 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2716 0.8499 109.1465 17.9740 13.4528 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7707 6.6464 64.1486 0.9626 1144.5300

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

19_Aug21_MMMM.indd 19

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

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

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

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18

Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Aug 11 Aug 10 Aug 09 Aug 08 Aug 07 High Low S&P/TSX Composite 15033.38 15074.25 15217.33 15256.35 15257.97 15527.30 12400.15 S&P/TSXV Composite 762.81 758.57 762.73 765.17 765.68 1050.26 883.52 S&P/TSX 60 886.38 889.51 898.31 900.80 900.63 896.74 709.99 S&P/TSX Global Gold 199.41 199.29 195.32 191.71 192.51 218.90 149.29 DJ Precious Metals 175.57 175.67 172.30 169.58 169.91 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS MONTH XX–XX, 2017 84 New Highs Advanced Expl* Alcoa* Alopex Gold ALQ Gold AuRico Metals * Auryn Res* Bard Ventures Bell Copper* Berkwood Res * Bison Gold Res* BonTerra Res* Bullion Gld Re* Caledonia Mng Canuc Res* Carrara Explor Cdn Silvr Hunt CNRP Mng CNRP Mng* Comet Inds Cornerstone Mt Critical Elem Critical Elem* Declan Res DNI Metals DNI Metals* Eloro Mnrls* Euro Sun Mg* Excelsior Mng Excelsior Mng*

ExGen Res Inc* Far Res* Garibaldi Res Garibaldi Res * Glencore Plc* Great Atlantic Great Bear Res* GT Gold GT Gold * Harfang Explor Hemcare Health* Hochschild Mg* Hornby Bay Mnl Icon Explor Jaxon Mnls* Kitrinor Mtls Legend Gold Liberty One Li Liberty One Li* Los Andes Copp Lundin Mng Manson Creek* Marathon Gold* Medallion Res Medallion Res * Metallis Res Mineral Res* Mountain Boy Mountain Boy* Novo Res

Novo Res* Nubian Res NxGold Ltd* Osisko Metals Osisko Metals* Pele Mtn Res* Providence Revival Gold Rio Tinto* Rockwealth Res Royal Gold* Silver Std Res Silver Std Res* Taseko Mines* Telson Res Telson Res * Titanium Corp Trilogy Mtls Trilogy Mtls* Troy Enrgy Umbral Enrgy* Upper Canyon Valencia Vent Vedanta* Wolfden Res* 63 New Lows Aguia Resource Anfield Nickel Aurcana Corp Aurum*

Contact Gold Contintl Prec Dynasty Met&Mn* Ely Gold & Mnl* Endeavr Silver Endeavr Silver* Fireweed Zinc First Majestic First Majestic* Fortuna Silvr Fremont Gold* Geologix Expl* Golden Queen Golden Queen* Goldsource Min* Group Ten Mtls* GrowMax Res Iconic Mnls * IMPACT Silver Kenadyr Mining* Kings Bay Gol* Klondex Mines Kootenay Silvr Liberty Silver Lucara Diam McEwen Mng McEwen Mng* Metallica Min* Midland Expl Mineral Mtn*

Moneta Porcpn Moneta Porcpn* Mosaic* Nevsun Res Nevsun Res* Niocorp Dev NovaGold Res Platinum Gp Mt Platinum Gp Mt* Potash Ridge Primero Mng Primero Mng* Rockshield Cap* Rye Patch Gold Rye Patch Gold* Salazar Res* Silver Bear Rs* Silvercorp Met* Superior Gold Tahoe Res Tanzania Rlty Tanzania Rlty* Tasca Res US Cobalt Vista Gold Vista Gold* West Kirkland * Westminster Rs* Westmoreland*

CANADIAN GOLD MUTUAL FUNDS FundName Aug 11 ($) Aug 04 ($) Change ($) Change (%) YTDChange (%) MER (%) AGF Prec Mtls Fd MF 21.44 20.97 0.47 2.24 -5.48 2.80 BMO Prec Mtls Fd A 17.89 17.31 0.58 3.34 -2.85 2.40 BMO ZGD 9.61 9.26 0.35 3.80 -1.63 0.63 BMO ZJG 8.63 8.24 0.40 4.80 4.74 0.60 CIBC Prec Metal Fd A 10.43 10.05 0.38 3.77 -4.28 2.58 Dyn Prec Metls Fd A 6.69 6.46 0.23 3.56 6.12 2.75 Horizons HEP 25.07 24.13 0.95 3.92 5.12 0.81 IG MacGlPrMetCl A 8.72 8.37 0.35 4.16 -0.20 2.75 12.45 12.02 0.43 3.57 0.20 0.55 iShares XGD Mac Prec Met Cl A 46.50 44.60 1.90 4.25 -0.12 2.51 NBI PrecMetFd AdvDSC 12.66 12.22 0.44 3.60 1.62 2.47 12.22 0.44 3.60 1.62 2.47 NBI PrecMetFd AdvISC 12.66 NBI PrecMetFd AdvLSC 12.66 12.22 0.44 3.60 1.62 2.47 NBI PrecMetFd Invt 12.66 12.22 0.44 3.60 1.62 2.46 RBC GblPreMetFd A 33.63 32.77 0.86 2.63 7.22 2.12 Redw UITGoDe&ProCl A 10.00 10.00 0.00 Sentry Pre Met Fd A 37.51 35.68 1.83 5.12 -5.73 2.44 Sprott Gold&PrMinFdA 35.45 34.04 1.41 4.15 -2.43 3.12 5.72 5.63 0.09 1.60 -7.44 3.09 Sprott SilverEquCl A TD PreciousMetalsInv 34.57 33.58 0.99 2.95 -2.21 2.26

TotalAssets (M$) 137.57 62.99 49.94 346.05 42.20 769.68 89.18 31.39 31.39 31.39 31.39 384.66 178.48 207.20 128.04 127.63

GLOBAL MINING NEWS · SINCE 1915

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2017-08-15 10:09 PM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: AUGUST 7–11, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

AUGUST 21–SEPTEMBER 3, 2017 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng &Ex* O 32 0.41 0.38 0.39 - 0.01 2.88 0.06 40 0.50 0.48 0.50 - 0.01 0.78 0.24 Abacus Mng &Ex V Abcourt Mines* O 72 0.06 0.05 0.06 + 0.00 0.10 0.05 ABE Resources V 32 0.34 0.30 0.31 - 0.03 0.57 0.04 Aben Res* O 288 0.19 0.15 0.17 + 0.01 0.22 0.05 0.22 + 0.02 0.28 0.07 Aben Res V 4327 0.24 0.18 Aberdeen Intl* O 4 0.11 0.11 0.11 + 0.00 0.14 0.09 Aberdeen Intl T 32 0.14 0.13 0.13 - 0.01 0.18 0.11 Abitibi Royalt V 6 9.40 9.15 9.35 - 0.05 10.75 6.36 AbraPlata Res* O 21 0.36 0.32 0.35 - 0.01 0.48 0.31 AbraPlata Res V 52 0.44 0.00 0.40 - 0.04 0.63 0.03 O 9 2.38 2.32 2.32 - 0.06 6.80 2.01 Acacia Mining* Adamera Mnls V 836 0.16 0.14 0.14 - 0.01 0.24 0.06 Adamera Mnls* O 95 0.12 0.10 0.12 - 0.00 0.18 0.04 Advanced Expl* O 69 0.00 0.00 0.00 + 0.00 0.00 0.00 O 174 0.36 0.32 0.33 - 0.03 1.01 0.28 Advantage Lith* Advantage Lith V 561 0.46 0.42 0.42 - 0.03 1.34 0.36 0.02 - 0.01 0.05 0.00 Affinity Gold* O 114 0.03 0.02 African Mnrls* O 136 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 + 0.01 0.08 0.03 African Queen V 114 0.04 0.00 Agnico Eagle T 2980 59.25 56.17 58.53 + 1.91 77.70 46.91 46.15 + 1.35 59.74 35.05 Agnico Eagle* N 6807 46.66 44.28 Agrium T 1916 128.92 123.50 124.67 - 3.03 146.99 115.16 Agrium* N 3060 101.23 97.10 98.36 - 2.59 111.88 87.78 V 106 0.40 0.00 0.39 - 0.01 0.49 0.38 Aguia Resource Aida Minerals 49 0.10 0.05 0.07 - 0.03 0.16 0.01 0.00 - 0.00 0.07 0.00 Aim Explor* O 2410 0.01 0.00 Alabama Graph V 685 0.14 0.13 0.13 - 0.01 0.22 0.11 O 93 0.12 0.10 0.11 - 0.00 0.17 0.08 Alabama Graph* Alacer Gold T 2522 2.33 2.10 2.25 + 0.11 3.79 1.75 T 3535 10.21 9.42 10.07 + 0.41 12.03 7.86 Alamos Gold Alamos Gold* N 10308 8.05 7.42 7.93 + 0.31 9.30 5.95 Albert Mining V 455 0.08 0.06 0.06 - 0.01 0.15 0.04 Alchemist Mng 2120 0.08 0.06 0.08 + 0.02 0.12 0.04 N 23923 40.36 36.93 37.78 + 0.36 40.36 20.00 Alcoa* Alderon Iron* O 5 0.21 0.21 0.21 - 0.03 0.60 0.08 O 50 0.03 0.03 0.03 - 0.01 0.04 0.03 Aldershot Res* Aldershot Res V 134 0.05 0.00 0.04 - 0.01 0.10 0.04 0.22 - 0.01 0.34 0.17 Aldridge Min V 38 0.23 0.22 Alexandria Min V 2594 0.07 0.06 0.06 - 0.01 0.11 0.04 O 525 0.06 0.05 0.05 - 0.01 0.09 0.03 Alexandria Min* Alexco Res T 178 1.80 1.65 1.76 + 0.08 3.31 1.47 Alexco Res* X 1029 1.41 1.30 1.38 + 0.05 2.46 1.10 Algold Res* O 40 0.16 0.15 0.16 + 0.00 0.33 0.14 0.22 + 0.02 0.44 0.17 Algold Res V 761 0.22 0.20 Alianza Min* O 12 0.10 0.09 0.09 - 0.01 0.12 0.05 18.60 - 0.75 26.65 18.15 Alliance Res* D 1636 19.75 18.20 Almaden Mnls* X 756 1.15 1.07 1.10 - 0.01 1.75 0.75 1.10 + 0.04 2.00 0.73 Almadex Min V 110 1.10 0.99 Almadex Min* O 139 0.87 0.77 0.87 + 0.05 1.51 0.55 0.32 + 0.10 0.36 0.20 Almonty Ind V 410 0.35 0.22 Alopex Gold V 17 0.62 0.56 0.62 + 0.04 0.62 0.48 Alphamin Res V 41 0.39 0.36 0.38 + 0.01 0.40 0.23 ALQ Gold 41 0.16 0.10 0.16 + 0.06 0.16 0.03 O 14 0.11 0.08 0.08 - 0.01 0.30 0.06 Alset Minerals* Alset Minerals V 2675 0.15 0.10 0.11 - 0.01 0.39 0.08 0.07 + 0.01 0.16 0.04 Altai Res V 562 0.08 0.06 Altair Res Inc V 268 0.29 0.22 0.25 - 0.02 0.47 0.16 0.18 - 0.01 0.30 0.14 Altamira Gold V 371 0.20 0.18 Altamira Gold* O 203 0.16 0.15 0.16 + 0.01 0.31 0.11 0.17 - 0.02 0.28 0.08 Altiplano Mnls V 287 0.18 0.16 Altius Mnrls T 166 11.26 10.78 10.97 - 0.07 14.06 9.01 Alto Vent V 246 0.08 0.07 0.07 - 0.02 0.14 0.05 Altura Mng Ltd* O 352 0.15 0.14 0.14 - 0.01 0.16 0.09 0.03 + 0.01 0.07 0.02 Alturas Mnrls V 300 0.03 0.02 Alumina Inc* O 114 6.18 5.95 6.09 + 0.10 6.32 3.86 0.07 + 0.01 0.12 0.05 ALX Uranium* O 349 0.07 0.06 ALX Uranium V 462 0.09 0.08 0.08 - 0.01 0.16 0.06 0.07 0.06 0.06 + 0.01 0.11 0.04 Am Creek Res V 4870 Am CuMo Mng V 312 0.36 0.28 0.28 - 0.08 0.49 0.08 153 0.29 0.21 0.24 - 0.04 0.35 0.05 Am CuMo Mng* O Am Manganese V 983 0.17 0.13 0.17 + 0.03 0.38 0.09 Am Manganese* O 126 0.15 0.11 0.13 + 0.02 0.27 0.07 Am Sierra Gold* O 49 0.02 0.00 0.01 - 0.01 0.05 0.01 0.16 + 0.01 0.18 0.04 Amarc Res* O 217 0.18 0.15 Amarillo Gold V 140 0.34 0.29 0.34 + 0.02 0.68 0.28 O 16 0.08 0.07 0.07 - 0.00 0.62 0.06 American Lith* American Pot* O 52 0.19 0.14 0.14 - 0.05 0.19 0.04 0.20 - 0.04 0.26 0.03 American Pot 4385 0.24 0.17 Americas Silvr* X 141 3.35 2.88 3.21 + 0.21 3.65 2.39 3.95 + 0.15 5.52 2.70 Americas Silvr T 136 3.97 3.65 Amerigo Res T 1435 0.73 0.65 0.71 + 0.02 0.83 0.14 Amerigo Res* O 902 0.57 0.51 0.55 + 0.02 0.63 0.10 Amex Expl V 607 0.11 0.09 0.10 - 0.01 0.38 0.09 O 53 0.06 0.00 0.06 + 0.00 0.09 0.04 Anaconda Mng* Anconia Res V 294 0.03 0.02 0.02 - 0.01 0.07 0.02 0.01 - 0.01 0.03 0.00 Andes Gold* O 81 0.01 0.00 Anfield Nickel V 458 0.40 0.35 0.35 - 0.04 1.61 0.35 0.05 + 0.00 0.20 0.04 Anfield Res* O 108 0.05 0.05 Angel Gold* O 164 0.06 0.05 0.05 - 0.01 0.10 0.04 0.08 + 0.01 0.14 0.06 Angel Gold V 169 0.08 0.06 Anglo American* O 1 17.00 16.75 16.75 + 0.21 17.61 10.17 Anglo American* O 267 8.51 7.95 8.03 - 0.22 8.87 5.03 0.11 - 0.02 0.15 0.05 Anglo-Bomarc V 234 0.12 0.11 Anglo-Can Mng V 31 0.12 0.12 0.12 - 0.01 0.30 0.05 AngloGold Ash* N 23323 9.88 9.08 9.71 + 0.57 22.36 8.93 Antioquia Gold V 53 0.09 0.08 0.09 + 0.01 0.20 0.08 Antler Gold V 28 0.39 0.36 0.39 + 0.03 0.67 0.28 Antofagasta* O 45 12.35 0.00 12.35 + 0.15 12.49 6.29 Apogee Opport V 2 0.17 0.00 0.17 + 0.03 0.34 0.14 Apogee Opport * O 1 0.11 0.00 0.11 - 0.03 0.25 0.11 Appia Energy 72 0.17 0.13 0.15 - 0.02 0.47 0.10 Applied Mrnls* O 29 0.04 0.03 0.03 - 0.01 0.19 0.02 Aquila Res* O 166 0.21 0.19 0.19 + 0.00 0.25 0.15 Arch Coal* N 1419 77.70 74.92 75.21 - 0.40 86.47 59.05 Archon Mineral V 27 1.50 1.03 1.07 + 0.04 1.75 1.02 Arctic Star* O 14 0.17 0.15 0.15 - 0.01 0.24 0.04 Arctic Star V 1678 0.22 0.19 0.19 - 0.01 0.38 0.06 Arcus Dev Grp V 34 0.15 0.13 0.14 - 0.01 0.18 0.06 Ardonblue Vent V 286 0.47 0.38 0.41 + 0.03 0.57 0.08 Arena Mnls* O 300 0.14 0.12 0.12 - 0.00 0.23 0.10 Arena Mnls V 768 0.17 0.15 0.16 - 0.01 0.30 0.13 Argentina Lith* O 36 0.09 0.08 0.08 - 0.01 0.63 0.07 Argentina Lith V 124 0.12 0.10 0.11 + 0.01 0.83 0.10 Argex Titanium T 1280 0.06 0.05 0.06 - 0.01 0.10 0.04 Argex Titanium* O 191 0.05 0.04 0.04 - 0.01 0.08 0.03 Argonaut Gold T 3450 2.54 2.09 2.50 + 0.31 4.00 1.48 Argonaut Gold* O 77 2.00 1.67 1.95 + 0.23 3.06 1.12 Argus Metals V 7 0.09 0.00 0.08 - 0.01 0.15 0.05 Arian Silver* O 537 0.01 0.01 0.01 - 0.00 0.02 0.00 Arianne Phosph V 62 0.82 0.78 0.78 - 0.02 1.03 0.70 Arianne Phosph* O 73 0.65 0.61 0.63 - 0.02 0.80 0.52 Arizona Mng T 2911 3.33 2.84 2.91 - 0.36 3.49 1.58 Arizona Mng* O 175 2.60 2.24 2.29 - 0.41 2.80 1.22 Arizona Silver V 510 0.22 0.18 0.18 - 0.03 1.23 0.10 Arizona Silver* O 208 0.17 0.14 0.14 - 0.03 0.91 0.13 Armor Mnrls V 4 0.37 0.00 0.35 - 0.02 0.67 0.35 Asanko Gold T 7995 1.19 0.99 1.18 + 0.07 6.09 0.99 Asanko Gold* X 6778 0.94 0.82 0.92 + 0.04 4.68 0.78 Asante Gold 198 0.12 0.07 0.10 + 0.03 0.27 0.07 Ascot Res V 282 1.99 1.80 1.89 + 0.06 2.83 1.50 Ashburton Vent* O 35 0.10 0.08 0.08 - 0.01 0.24 0.06 Asiamet Res* O 350 0.05 0.05 0.05 + 0.00 0.08 0.03 Aston Bay V 294 0.16 0.14 0.15 + 0.02 0.47 0.13 Astorius Res V 133 0.12 0.10 0.12 + 0.02 0.41 0.06 ATAC Res V 575 0.61 0.55 0.58 + 0.02 0.90 0.32 Atacama Pacif* O 12 0.56 0.47 0.56 + 0.08 0.79 0.22 Atacama Pacif V 45 0.70 0.62 0.70 + 0.01 1.02 0.26 Atacama Res* O 3941 0.02 0.01 0.01 - 0.00 0.52 0.01 Athabasca Mnls* O 31 0.11 0.09 0.09 - 0.03 0.24 0.09 Athabasca Mnls V 136 0.17 0.12 0.15 - 0.01 0.32 0.12 Atico Mng V 211 0.85 0.73 0.85 + 0.09 0.99 0.49 Atico Mng* O 130 0.67 0.57 0.67 + 0.06 0.75 0.38 Atlantic Gold V 1478 1.50 1.35 1.49 + 0.09 1.64 0.76 Atlatsa Res T 191 0.05 0.05 0.05 + 0.01 0.11 0.05 Atom Energy V 68 0.11 0.00 0.09 - 0.04 0.65 0.08 Aton Res Inc V 1584 0.04 0.03 0.03 - 0.01 0.16 0.03 Aura Mnls* O 4 1.16 1.09 1.12 - 0.04 1.42 1.03 Aura Mnls T 5 1.43 0.00 1.43 + 0.11 2.45 1.30 Aurania Res V 16 2.36 2.25 2.36 + 0.11 3.75 0.50 Aurcana Corp* O 129 0.21 0.18 0.20 - 0.00 0.63 0.18 Aurcana Corp V 434 0.27 0.24 0.26 + 0.01 0.80 0.24 AuRico Metals T 471 1.28 1.16 1.24 + 0.08 1.32 0.82 AuRico Metals * O 154 1.01 0.91 0.97 + 0.06 1.01 0.62 Aurion Res * O 21 1.52 1.48 1.52 + 0.02 1.64 0.24 Aurion Res V 291 1.95 1.87 1.92 + 0.02 2.29 0.32 Aurum* O 16 0.22 0.20 0.20 - 0.02 1.30 0.20 Aurvista Gold* O 287 0.24 0.22 0.24 - 0.01 0.34 0.10 Auryn Res T 367 3.55 3.24 3.30 - 0.11 3.85 2.14 Auryn Res* X 456 3.00 2.57 2.61 - 0.08 3.00 1.58 Austral Gold* O 9 0.13 0.00 0.13 + 0.02 0.19 0.08 Austral Gold V 320 0.18 0.16 0.18 + 0.01 0.22 0.12

20-22_Aug21_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Avalon Adv Mat* O 333 Avalon Adv Mat T 905 Avarone Metals 235 Avino Silver V 155 Avino Silver* X 1415 O 335 Avnel Gold * Avnel Gold T 635 Avrupa Mnls* O 81 Axmin Inc V 1363 Azarga Mtls V 51 Azarga Mtls* O 2 Azarga Uranium T 35 Azimut Expl V 62 Azincourt Uran* O 199 Aztec Minerals V 56 Azteca Gold* O 8

0.12 0.11 0.11 - 0.01 0.17 0.00 0.16 0.14 0.14 - 0.01 0.23 0.14 0.04 0.03 0.04 + 0.01 0.06 0.02 2.20 1.91 2.07 - 0.04 3.61 1.52 1.70 1.50 1.64 - 0.04 2.78 1.12 0.32 0.32 0.32 + 0.00 0.35 0.13 0.44 0.41 0.43 + 0.01 0.45 0.18 0.09 0.07 0.09 + 0.01 0.19 0.06 0.04 0.03 0.04 - 0.01 0.09 0.03 0.15 0.00 0.14 - 0.01 0.60 0.14 0.11 0.00 0.11 - 0.00 1.21 0.11 0.27 0.25 0.25 - 0.02 0.57 0.18 0.32 0.29 0.31 + 0.02 0.68 0.24 0.05 0.03 0.04 - 0.00 0.22 0.03 0.34 0.00 0.30 - 0.02 0.65 0.30 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 10696 B2Gold T 13410 Bacanora Mnls V 41 Balmoral Res T 645 Balmoral Res* O 306 Bandera Gold V 12 Bannerman Res* O 97 Banro Corp T 191 Banro Corp* X 717 Bard Ventures V 1015 Barker Mnrls V 259 Barkerville Go* O 301 Barkerville Go V 1210 Barrick Gold T 13616 Barrick Gold* N 51648 Barsele Min* O 269 Barsele Min V 265 Batero Gold V 350 O 25 Bayhorse Silvr* Bayhorse Silvr V 691 Bayswater Uran* O 1 BE Res V 1367 Bear Creek Mng V 136 Bearing Lith* O 160 Bearing Lith V 275 Beaufield Res V 522 O 325 Beaufield Res* Beeston Ent* O 1525 Bell Copper* O 36 Bell Copper V 234 Belo Sun Mng T 1018 Belvedere Res V 212 Benton Res V 514 Benz Mining V 917 Berkeley Egy* O 62 Berkwood Res V 196 40 Berkwood Res * O Besra Gold* O 428 228 Big Wind Cap Bison Gold Res V 1158 Bitterroot Res* O 37 Black Dragon V 3363 Black Hills* N 1362 Black Iron T 472 Black Sea Cop* O 5 Black Sea Cop V 90 V 443 Blackrock Gold Blind Crk Res V 124 BLOX Inc* O 100 Bluestone Res V 288 Bold Vent V 163 BonTerra Res V 1146 BonTerra Res* O 285 Borneo Res Inv* O 8758 Bravada Gold V 39 Bravada Gold* O 20 Bravo Multinat* O 5 Bravura Vent 940 Bravura Vent * O 48 Brazil Mnrls* O 1807 Brio Gold T 197 Britannia Mng* O 280 Brixton Mtls* O 29 Brixton Mtls V 179 Broadway Gold* O 188 Broadway Gold V 283 Brookmount Exp* O 10248 Buenaventura* N 4944 Bullfrog Gold* O 654 BWR Explor V 2217

2.59 2.31 2.58 + 0.23 3.58 2.02 3.29 3.01 3.27 + 0.22 4.74 2.69 1.48 1.32 1.33 - 0.03 1.75 1.01 0.65 0.63 0.63 - 0.01 1.24 0.62 0.54 0.49 0.51 + 0.01 0.96 0.46 0.04 0.00 0.03 - 0.01 0.15 0.02 0.03 0.02 0.03 + 0.00 0.08 0.01 0.55 0.39 0.44 - 0.04 55.00 0.39 0.40 0.30 0.35 - 0.03 4.16 0.30 0.05 0.02 0.03 + 0.01 0.05 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.72 0.63 0.69 + 0.01 1.03 0.29 0.91 0.80 0.85 - 0.01 1.39 0.41 21.82 20.74 21.59 + 0.57 28.75 18.52 17.18 16.34 17.04 + 0.43 22.19 13.81 0.52 0.44 0.44 - 0.06 1.25 0.47 0.66 0.58 0.58 - 0.05 1.62 0.58 0.09 0.08 0.08 + 0.01 0.23 0.08 0.15 0.11 0.15 + 0.02 0.22 0.09 0.25 0.15 0.19 + 0.03 0.29 0.13 0.03 0.03 0.03 - 0.00 0.07 0.01 0.05 0.04 0.04 - 0.01 0.50 0.04 2.59 2.26 2.54 + 0.24 3.74 1.72 0.70 0.62 0.62 - 0.08 1.41 0.30 0.90 0.79 0.79 - 0.09 1.83 0.13 0.24 0.21 0.24 + 0.02 0.34 0.06 0.19 0.17 0.19 + 0.01 0.25 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.11 0.12 + 0.00 0.12 0.02 0.15 0.10 0.12 + 0.02 0.15 0.03 0.63 0.55 0.62 + 0.06 1.14 0.50 0.07 0.05 0.05 - 0.01 0.09 0.01 0.09 0.07 0.08 + 0.01 0.15 0.06 0.30 0.17 0.22 + 0.02 0.40 0.15 0.61 0.59 0.59 - 0.01 0.92 0.50 0.45 0.41 0.42 + 0.01 1.23 0.27 0.35 0.00 0.32 - 0.03 0.35 0.25 0.00 0.00 0.00 + 0.00 0.01 0.00 0.54 0.40 0.47 - 0.06 0.56 0.05 0.56 0.27 0.55 + 0.28 0.60 0.20 0.11 0.10 0.11 + 0.01 0.22 0.02 0.06 0.04 0.04 - 0.01 0.08 0.03 71.01 69.21 69.52 + 0.01 72.02 54.76 0.09 0.08 0.08 - 0.01 0.17 0.03 0.16 0.00 0.16 + 0.01 0.46 0.13 0.19 0.18 0.18 + 0.01 0.54 0.18 0.07 0.06 0.06 - 0.01 0.18 0.05 0.21 0.19 0.21 + 0.02 0.38 0.07 0.13 0.09 0.12 + 0.00 0.35 0.01 1.43 1.30 1.30 - 0.10 1.90 0.40 0.04 0.04 0.04 - 0.01 0.06 0.03 0.53 0.45 0.49 + 0.03 0.55 0.21 0.41 0.34 0.40 + 0.04 0.40 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.16 0.17 - 0.01 0.34 0.15 0.14 0.12 0.14 - 0.00 0.26 0.12 1.89 0.00 1.27 - 0.63 9.75 0.32 0.54 0.48 0.54 + 0.05 5.90 0.20 0.40 0.38 0.39 + 0.00 4.85 0.18 0.01 0.00 0.01 + 0.00 0.50 0.00 2.01 1.86 1.87 - 0.08 3.59 1.74 0.00 0.00 0.00 - 0.00 0.02 0.00 0.31 0.26 0.26 - 0.04 0.65 0.15 0.37 0.32 0.34 - 0.02 0.84 0.18 0.46 0.40 0.41 + 0.01 1.29 0.22 0.59 0.49 0.51 - 0.02 1.70 0.24 0.05 0.04 0.05 + 0.00 0.13 0.01 12.64 11.95 12.31 + 0.19 16.45 9.87 0.09 0.05 0.07 - 0.02 0.19 0.05 0.09 0.06 0.08 + 0.01 0.09 0.04

Cache Expl V 1841 Cache Expl* O 60 Cadence Min* O 2 Cadillac Vent V 89 Cairo Res V 10 Caledonia Mng T 11 Caledonia Mng* X 15 Calibre Mng V 1874 California Gld V 70 Callinex Mines V 209 Callinex Mines* O 267 Cameco Corp* N 9807 Cameco Corp T 6792 Cameo Res* O 6 Cameo Res V 71 Camino Mnls V 1141 Camino Mnls* O 18 Camrova Res* O 3 Canadian Mng V 786 Canadian Zeol V 556 Canadian Zeol* O 5 CanAlaska Uran* O 104 CanAlaska Uran V 80 Canamex Res* O 122 Canamex Res V 137 Canarc Res T 420 Canarc Res* O 439 Candente Coppr T 823 Candente Gold V 128 CaNickel Mng V 20 Canstar Res V 295 Canterra Mnls V 34 Cantex Mn Dev V 262 Canuc Res V 323 Canuc Res* O 2 Canyon Copper V 443 Canyon Gold* O 17537 Capstone Mng T 5272 Caracara Silvr V 129 Cardero Res* O 16 Cardero Res V 21 Cardinal Res T 2048 Cariboo Rose V 241 Carlin Gold V 153 Carmax Mng V 197 Carrara Explor 1721 Carube Copper V 548 Cascadero Copp V 328 Castle Peak Mg V 4548 Castle Res 6 Castle Silver* O 40 Cava Res V 373 Cavan Vent V 161 Caza Gold* O 74 Cda Carbon* O 29 Cda Carbon V 529 Cda Rare Earth V 344 Cda Strtgc Met V 387 Cda Zinc Mtls V 420 Cdn Arrow* O 44 Cdn Arrow V 441 Cdn Orebodies V 159 Cdn Platinum V 20027 Cdn Silvr Hunt V 576 Cdn Zinc* O 333 Cdn Zinc T 730 Centenera Mng* O 78 Centerra Gold T 2026 Centurion Mnls V 564 Ceylon Graph V 46 Champion Bear V 46 Champion Iron* O 56 Champion Iron T 511 Chantrell Vent V 160 Chatham Rock V 26

0.21 0.18 0.20 + 0.02 0.31 0.07 0.17 0.15 0.17 + 0.02 0.21 0.14 3.00 2.54 2.54 - 0.46 15.28 2.34 0.04 0.04 0.04 - 0.01 0.06 0.03 0.35 0.30 0.31 + 0.01 0.60 0.21 8.99 8.07 8.56 + 0.48 12.10 6.30 6.75 6.25 6.74 + 0.39 6.75 0.05 0.16 0.14 0.15 + 0.01 0.30 0.10 0.33 0.30 0.30 - 0.03 0.76 0.23 0.33 0.30 0.31 - 0.01 0.69 0.28 0.26 0.23 0.25 + 0.01 0.54 0.21 10.31 9.58 9.71 - 0.39 13.36 7.41 12.98 12.17 12.30 - 0.48 17.65 9.88 0.85 0.79 0.85 + 0.06 1.11 0.24 1.38 0.96 1.34 + 0.19 1.75 0.31 0.63 0.42 0.59 + 0.15 2.23 0.15 0.46 0.32 0.45 + 0.10 1.62 0.00 0.05 0.00 0.05 - 0.00 0.21 0.00 0.71 0.56 0.60 - 0.08 0.71 0.10 0.63 0.53 0.55 - 0.06 1.95 0.32 0.46 0.00 0.43 - 0.05 1.46 0.25 0.32 0.27 0.29 - 0.01 1.18 0.24 0.40 0.35 0.37 - 0.01 1.54 0.33 0.11 0.10 0.11 + 0.00 0.13 0.07 0.14 0.14 0.14 - 0.01 0.26 0.10 0.09 0.08 0.08 - 0.01 0.14 0.07 0.07 0.06 0.06 - 0.01 0.11 0.05 0.10 0.07 0.10 + 0.03 0.16 0.06 0.03 0.03 0.03 + 0.01 0.08 0.03 0.15 0.14 0.14 - 0.01 0.33 0.05 0.08 0.06 0.07 + 0.01 0.23 0.00 0.04 0.00 0.04 + 0.01 0.10 0.03 0.03 0.03 0.03 + 0.01 0.14 0.03 0.58 0.48 0.51 - 0.02 0.60 0.25 0.40 0.00 0.38 + 0.02 0.40 0.22 0.04 0.03 0.03 - 0.01 0.08 0.02 0.01 0.00 0.00 + 0.00 0.21 0.00 1.18 1.07 1.11 - 0.02 1.81 0.65 0.01 0.01 0.01 - 0.01 0.03 0.01 0.06 0.06 0.06 - 0.01 0.19 0.05 0.09 0.08 0.09 + 0.01 0.24 0.07 0.70 0.61 0.67 + 0.06 0.80 0.54 0.10 0.09 0.09 - 0.01 0.26 0.07 0.09 0.06 0.07 - 0.01 0.10 0.03 0.05 0.03 0.04 - 0.01 0.05 0.03 1.00 0.74 0.88 + 0.09 1.00 0.35 0.08 0.06 0.07 + 0.01 0.14 0.06 0.11 0.09 0.10 - 0.01 0.16 0.08 0.03 0.02 0.02 - 0.01 0.08 0.01 0.25 0.00 0.25 + 0.05 0.42 0.01 0.18 0.00 0.18 + 0.01 0.22 0.03 0.25 0.20 0.23 + 0.03 0.78 0.15 0.09 0.08 0.08 - 0.01 0.09 0.02 0.01 0.00 0.01 + 0.00 0.06 0.00 0.17 0.14 0.16 + 0.02 0.24 0.10 0.22 0.17 0.20 + 0.01 0.32 0.11 0.04 0.04 0.04 + 0.01 0.06 0.03 0.12 0.11 0.11 + 0.01 0.26 0.10 0.29 0.25 0.25 - 0.02 0.48 0.22 0.01 0.01 0.01 - 0.00 0.02 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.32 0.28 0.30 + 0.02 0.53 0.19 0.03 0.02 0.03 + 0.01 0.05 0.01 0.12 0.07 0.10 + 0.03 0.12 0.02 0.14 0.12 0.14 + 0.01 0.29 0.11 0.17 0.16 0.17 + 0.01 0.37 0.15 0.14 0.12 0.13 - 0.01 0.37 0.10 7.00 6.68 6.98 + 0.17 8.32 5.56 0.05 0.05 0.05 - 0.01 0.09 0.05 0.24 0.19 0.20 - 0.03 0.45 0.17 0.19 0.16 0.19 + 0.03 0.28 0.06 0.80 0.75 0.78 + 0.01 1.12 0.17 1.00 0.94 1.00 + 0.03 1.47 0.23 0.09 0.07 0.07 - 0.02 0.11 0.05 0.54 0.00 0.54 + 0.15 0.90 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Chesapeake Gld* O 43 2.95 0.00 2.78 + 0.09 4.87 2.28 Chesapeake Gld V 98 3.77 3.13 3.54 + 0.14 6.27 2.91 Chevron Corp* N 21171 111.44 109.13 109.23 - 0.88 119.00 97.53 Chiboug Ind Mn V 136 0.08 0.06 0.08 + 0.02 0.18 0.06 Chilean Metals* O 63 0.10 0.08 0.08 - 0.02 0.24 0.07 Chimata Gold V 82 0.08 0.07 0.08 - 0.01 0.13 0.05 China Gold Int T 1569 1.98 1.85 1.90 - 0.03 3.67 1.82 China Mnls Mng* O 545 0.01 0.00 0.01 + 0.00 0.02 0.00 China Mnls Mng V 408 0.02 0.00 0.01 - 0.01 0.03 0.01 0.07 - 0.01 0.19 0.06 CKR Carbon V 362 0.08 0.07 Claim Post Res V 1685 0.12 0.09 0.12 + 0.02 0.13 0.02 Clean Comm* O 8 0.03 0.03 0.03 - 0.02 0.10 0.03 Clean Comm V 866 0.08 0.06 0.07 - 0.01 0.15 0.05 Cleghorn Mnls V 29 0.08 0.07 0.07 - 0.01 0.16 0.07 Clifton Mng* O 36 0.12 0.00 0.10 + 0.01 0.16 0.07 Cloud Peak En* N 4492 3.28 3.04 3.07 - 0.16 8.04 2.91 0.08 - 0.01 0.18 0.08 CMC Metals V 138 0.08 0.08 CNRP Mng 248 0.75 0.64 0.70 + 0.03 12.50 0.18 CNRP Mng* O 123 0.60 0.52 0.53 + 0.00 0.60 0.07 Cobalt 27 Cap V 74 8.96 8.02 8.20 - 0.67 13.20 7.55 Cobalt Pwr Grp* O 85 0.11 0.09 0.11 + 0.00 0.12 0.06 Cobalt Pwr Grp V 2556 0.14 0.12 0.13 + 0.01 0.18 0.04 CobalTech M’g* O 65 0.14 0.11 0.13 - 0.01 0.32 0.05 CobalTech M’g V 597 0.17 0.16 0.16 + 0.01 0.45 0.06 Coeur Mng* N 9748 7.91 7.58 7.76 - 0.01 16.23 7.30 Colonial Coal V 921 0.12 0.10 0.12 + 0.02 0.24 0.09 Colorado Res* O 228 0.30 0.24 0.30 + 0.03 0.47 0.13 Colorado Res V 2973 0.40 0.30 0.38 + 0.06 0.60 0.18 Columbus Gold* O 324 0.57 0.49 0.52 + 0.02 0.83 0.31 Columbus Gold T 417 0.71 0.62 0.67 + 0.02 1.09 0.42 Comet Inds V 40 3.20 3.00 3.00 - 0.10 3.20 2.50 Commerce Res* O 52 0.07 0.00 0.06 - 0.00 0.09 0.04 Comstock Mtls * O 67 0.12 0.10 0.12 + 0.01 0.33 0.09 Comstock Mtls V 77 0.15 0.13 0.15 + 0.02 0.43 0.12 0.12 + 0.02 0.19 0.06 Condor Res V 128 0.12 0.11 Confedertn Ml* O 9 0.41 0.40 0.41 + 0.00 0.80 0.37 Confedertn Mls V 98 0.60 0.00 0.58 + 0.08 1.06 0.46 CONSOL Energy* N 11165 15.69 14.80 15.00 - 0.54 22.34 13.55 Constantine Mt V 940 0.23 0.21 0.21 - 0.01 0.23 0.08 0.73 - 0.01 1.10 0.68 Contact Gold V 56 0.75 0.68 Contintl Gold* O 208 2.59 2.45 2.49 - 0.03 4.39 1.90 Contintl Gold T 1358 3.30 3.11 3.18 - 0.01 5.75 2.62 Contintl Prec* O 2 0.30 0.29 0.29 - 0.01 0.35 0.11 Copper Fox Mtl* O 310 0.12 0.09 0.12 + 0.01 0.14 0.08 Copper Mtn Mng* O 16 0.84 0.00 0.75 - 0.03 1.02 0.32 Copper North M V 15 0.09 0.00 0.08 - 0.01 0.23 0.07 Copperbank Res* O 58 0.12 0.10 0.11 + 0.00 0.14 0.04 Coral Gold * O 38 0.30 0.26 0.29 - 0.00 0.30 0.20 Coral Gold V 160 0.37 0.35 0.35 - 0.01 0.40 0.27 Cordoba Mnls* O 144 0.54 0.49 0.51 - 0.01 1.21 0.45 Cordoba Mnls V 418 0.67 0.63 0.66 + 0.02 1.59 0.62 Cornerstone Ca* O 267 0.37 0.31 0.33 - 0.03 0.44 0.06 Cornerstone Ca V 938 0.46 0.41 0.43 - 0.03 0.55 0.09 Cornerstone Mt V 5372 0.13 0.05 0.07 + 0.02 0.13 0.02 Coro Mining T 220 0.13 0.11 0.13 + 0.02 0.20 0.10 Coronet Mtls V 77 0.15 0.00 0.12 - 0.05 0.71 0.12 Coronet Mtls* O 51 0.11 0.09 0.09 - 0.05 0.56 0.09 Corsa Coal V 81 1.52 1.47 1.47 - 0.03 3.82 0.80 Corsa Coal * O 24 1.20 1.15 1.17 - 0.00 2.93 1.12 0.75 - 0.04 1.26 0.50 Corvus Gold T 228 0.80 0.75 Corvus Gold* O 39 0.65 0.60 0.62 + 0.02 0.95 0.37 Cresval Cap V 81 0.06 0.05 0.06 - 0.01 0.06 0.04 Critical Elem V 1834 1.48 1.26 1.46 + 0.16 1.48 0.39 Critical Elem* O 224 1.16 1.01 1.14 + 0.12 1.16 0.31 Crown Mining V 365 0.09 0.07 0.09 - 0.01 0.18 0.07 Cruz Cobalt* O 560 0.17 0.15 0.16 + 0.01 0.23 0.09 Cruz Cobalt V 2401 0.21 0.19 0.21 + 0.02 0.31 0.11 Crystal Explor V 207 0.10 0.10 0.10 + 0.01 0.16 0.09 Crystal Lake V 80 0.23 0.19 0.19 - 0.01 0.43 0.16 Crystal Lake* O 36 0.14 0.13 0.14 + 0.01 0.30 0.13 0.31 - 0.01 0.42 0.14 Crystal Peak* O 100 0.32 0.30 Crystal Peak V 65 0.43 0.39 0.40 - 0.03 0.56 0.18 Curlew Lke Res V 32 1.43 1.21 1.25 - 0.10 1.49 0.05 Cypress Dev* O 11 0.09 0.08 0.09 + 0.01 0.15 0.06 Cypress Dev V 434 0.12 0.10 0.11 + 0.01 0.19 0.08

D-F Dajin Res* O 309 Dakota Ter Res* O 75 Dalradian Res* O 141 Dalradian Res T 850 Damara Gold V 823 Danakali* O 59 Darnley Bay V 397 Darnley Bay* O 99 Decade Res* O 981 Decade Res V 1756 Declan Res 150 Deep-South Res V 444 Defiance Silvr V 299 Defiance Silvr* O 138 Delrand Res V 96 T 2597 Denison Mines Denison Mines* X 1437 Detour Gold T 4107 Diamante Min* O 1009 Diamcor Mng V 137 Diamcor Mng* O 115 Diamond Disc* O 2050 Dios Expl V 516 Discovery Gold* O 1507 O 25271 Discovery Mnls* V 273 Discovery-Corp DNI Metals 2079 DNI Metals* O 779 Dolat Ventures* O 38273 Dolly Vard Sil* O 99 Dolly Vard Sil V 281 Dominion Diam T 694 N 7101 Dominion Diam* Dorex Mnrls* O 80 Doubleview Cap* O 229 Doubleview Cap V 295 DRDGOLD* N 579 Dundee Prec Mt T 855 Durango Res V 353 DuSolo Fertil V 3 Dynacor Gld Mn T 188 O 1 Dynamic Gold* DynaResource* O 2 Dynasty Gold V 50 Dynasty Met&Mn V 37 E3 Metals V 338 East Africa V 493 East Africa * O 1 East Asia Mnls V 580 Eastern Platin* O 32 Eastern Platin T 42 Eastmain Res* O 186 Eastmain Res T 870 Eco Oro Mnls T 162 eCobalt Solns T 2199 eCobalt Solns* O 749 El Capitan Prc* O 2941 El Nino Vent V 11 Elcora Res V 133 Elcora Res* O 88 Eldorado Gold* N 28754 Eldorado Gold T 11243 Eloro Mnrls* O 124 Eloro Mnrls V 103 Ely Gold & Mnl* O 48 Elysee Dev V 25 Elysee Dev * O 15 Emerita Res V 1570 Emgold Mng V 281 Empire Rock V 18 EMX Royalty V 26 EMX Royalty* X 103 Encanto Potash* O 74 Endeavour Mng* O 36 Endeavour Mng T 924 Endeavr Silver* N 12441 Endeavr Silver T 1847 Energy Fuels* X 668 Energy Fuels T 184 Enforcer Gold* O 18 Enforcer Gold V 649 Engold Mines* O 94 Engold Mines V 233 Ensurge* O 249 Entree Gold* X 694 Entree Gold T 321 Equitorial Ex* O 18 Equitorial Ex V 1595

0.08 0.06 0.07 - 0.00 0.16 0.06 0.04 0.04 0.04 - 0.01 0.10 0.02 1.25 1.14 1.24 + 0.06 1.35 0.78 1.60 1.45 1.56 + 0.08 1.78 1.06 0.10 0.07 0.08 - 0.01 0.11 0.04 0.56 0.53 0.55 + 0.00 0.65 0.27 0.27 0.23 0.25 + 0.03 0.57 0.13 0.20 0.19 0.20 + 0.01 0.44 0.10 0.13 0.11 0.13 + 0.00 0.14 0.03 0.16 0.13 0.16 + 0.02 0.18 0.04 0.29 0.00 0.29 + 0.17 0.45 0.06 0.19 0.15 0.19 + 0.04 0.39 0.08 0.34 0.30 0.34 + 0.02 0.59 0.21 0.27 0.22 0.26 + 0.01 0.47 0.16 1.53 1.30 1.50 + 0.15 1.60 0.30 0.61 0.56 0.58 - 0.02 1.10 0.49 0.47 0.44 0.47 - 0.00 0.84 0.37 16.47 15.28 16.29 + 0.77 35.40 13.24 0.13 0.10 0.11 - 0.01 0.45 0.02 0.79 0.70 0.73 - 0.04 1.50 0.67 0.59 0.56 0.58 - 0.01 1.11 0.55 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.06 0.07 + 0.01 0.17 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.07 0.02 0.13 0.07 0.11 + 0.04 0.13 0.02 0.10 0.06 0.09 + 0.03 0.10 0.00 0.06 0.03 0.05 + 0.01 0.13 0.00 0.48 0.39 0.48 + 0.07 0.71 0.35 0.62 0.50 0.60 + 0.09 0.98 0.45 17.96 17.63 17.85 - 0.02 18.27 10.47 14.14 14.03 14.09 - 0.03 14.16 7.92 0.16 0.16 0.16 - 0.00 0.16 0.14 0.04 0.03 0.03 - 0.00 0.14 0.03 0.05 0.05 0.05 + 0.01 0.19 0.05 3.37 3.05 3.28 + 0.20 8.77 2.84 2.69 2.43 2.53 - 0.14 3.94 1.87 0.08 0.07 0.08 + 0.01 0.36 0.05 0.33 0.31 0.33 + 0.03 0.65 0.25 2.11 1.92 2.11 + 0.04 3.71 1.82 1.55 1.30 1.30 - 0.25 2.00 0.25 1.35 1.05 1.35 + 0.02 1.99 0.00 0.02 0.02 0.02 + 0.01 0.04 0.02 0.32 0.30 0.31 - 0.02 0.45 0.16 0.54 0.44 0.44 - 0.10 0.78 0.18 0.29 0.23 0.29 + 0.03 0.36 0.17 0.19 0.18 0.19 - 0.03 0.28 0.13 0.24 0.17 0.19 - 0.02 0.74 0.05 0.24 0.23 0.23 + 0.00 0.64 0.19 0.31 0.29 0.30 + 0.01 0.85 0.23 0.26 0.24 0.26 - 0.01 0.73 0.21 0.33 0.31 0.32 + 0.01 0.97 0.30 0.46 0.39 0.44 - 0.03 0.87 0.13 1.43 1.26 1.33 - 0.02 1.48 0.46 1.14 1.02 1.06 - 0.02 1.14 0.34 0.06 0.05 0.05 - 0.00 2.35 0.04 0.03 0.02 0.03 + 0.01 0.05 0.02 0.26 0.21 0.21 - 0.01 0.40 0.17 0.23 0.19 0.20 + 0.02 0.32 0.14 2.02 1.85 2.00 + 0.17 4.38 1.77 2.56 2.24 2.55 + 0.22 5.63 2.24 0.64 0.58 0.64 + 0.04 0.64 0.30 0.80 0.73 0.77 + 0.02 0.84 0.35 0.10 0.08 0.10 + 0.00 0.20 0.08 0.35 0.00 0.32 - 0.01 0.49 0.30 0.26 0.25 0.25 - 0.01 0.37 0.23 0.12 0.10 0.11 + 0.01 0.22 0.04 0.03 0.02 0.02 - 0.01 0.04 0.02 0.17 0.16 0.16 - 0.01 0.30 0.07 1.29 1.13 1.20 - 0.02 1.84 1.05 1.01 0.95 1.00 - 0.00 1.40 0.75 0.04 0.03 0.03 - 0.01 0.13 0.03 18.36 17.40 18.36 + 0.46 21.89 13.00 23.38 22.04 23.20 + 0.46 28.81 17.37 2.30 2.08 2.16 - 0.13 5.89 2.08 3.14 2.64 2.73 - 0.18 7.75 2.64 1.75 1.55 1.70 - 0.04 2.71 1.29 2.27 2.10 2.15 - 0.05 3.53 1.74 0.17 0.16 0.16 - 0.01 0.18 0.15 0.21 0.19 0.19 - 0.02 0.28 0.18 0.28 0.26 0.26 - 0.01 0.50 0.03 0.36 0.30 0.35 - 0.01 0.68 0.03 0.06 0.04 0.05 - 0.02 0.12 0.02 0.49 0.41 0.44 - 0.04 0.72 0.21 0.63 0.52 0.57 - 0.03 0.94 0.29 0.08 0.07 0.08 + 0.01 0.10 0.03 0.09 0.08 0.08 - 0.01 0.14 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

548 Erdene Res Dev T 126 Erdene Res Dev* O 11 Eros Res Corp* O Eskay Mng V 141 V 47 Essex Minerals Ethos Gold V 153 Eureka Res V 301 14 Euro Sun Mg* O 519 T Euro Sun Mg O 8 EurOmax Res* EurOmax Res T 52 O 3519 European Metal* Everton Res* O 11 Evrim Res V 83 Excellon Res T 342 Excellon Res* O 372 O 128 Excelsior Mng* Excelsior Mng T 1524 465 ExGen Res Inc V Explor Res* O 239 Explor Res V 1073 Explorex Res 122 Fairmont Res V 143 Falco Res V 531 51 O Falco Res * Far Res 7873 Far Res* O 20 89 Filo Mg Corp V Fiore Explor* O 52 Firebird Res V 50 Firestone Vent V 1674 Fireweed Zinc V 113 O 57 Firma Holdings* First Energy V 124 First Energy* O 0 54572 First Liberty* O First Majestic* N 32490 First Majestic T 7902 First Mexican* O 49 T 2910 First Mg Fin First Mg Fin * O 2478 First Quantum T 13489 496 V Fission 3.0 Fission Uran T 1711 Fission Uran* O 509 Five Star Diam V 1377 O 14 Fjordland Exp* V 2057 Focus Graphite O 622 Focus Graphite* Focus Vent V 314 Foran Mng V 356 Forsys Metals T 153 O 17 Fortescue Mtls* T 2222 Fortuna Silvr Fortuna Silvr* N 6111 Fortune Bay V 22 Fortune Bay* O 1 Fortune Mnrls T 2674 O 514 Fortune Mnrls* O 33 Forum Uranium* N 3793 Franco-Nevada* Franco-Nevada T 3844 Freegold Vent T 113 N 80548 Freeport McMoR* Fremont Gold V 131 8 Fresnillo plc* O Frontier Lith V 96 Frontline Gold V 45 Fura Gems V 105

0.88 0.73 0.79 - 0.06 1.40 0.29 0.70 0.58 0.64 - 0.03 1.00 0.23 0.13 0.00 0.13 + 0.01 0.17 0.10 0.15 0.32 - 0.04 0.45 0.37 0.32 0.14 0.15 - 0.02 0.33 0.20 0.15 0.14 0.14 - 0.01 0.38 0.15 0.14 0.04 0.05 + 0.01 0.17 0.05 0.04 1.04 0.81 1.04 + 0.20 1.06 0.47 1.34 1.03 1.33 + 0.25 1.45 0.62 0.25 0.23 - 0.02 0.59 0.27 0.23 0.36 0.33 - 0.03 0.81 0.37 0.30 0.00 0.00 - 0.00 0.01 0.00 0.00 0.03 0.04 + 0.01 0.12 0.04 0.03 0.16 0.25 - 0.01 0.38 0.26 0.24 1.22 1.40 - 0.04 2.40 1.48 1.38 0.92 1.08 - 0.05 1.80 1.19 1.08 0.26 0.97 + 0.08 1.01 1.01 0.91 0.35 1.24 + 0.12 1.27 1.27 1.10 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.08 - 0.00 0.12 0.08 0.06 0.06 0.10 + 0.01 0.14 0.10 0.08 0.10 0.19 - 0.01 0.29 0.21 0.19 0.02 0.02 - 0.01 0.16 0.03 0.02 0.77 1.04 + 0.01 1.65 1.14 0.99 0.84 0.81 0.84 + 0.03 1.17 0.57 0.05 0.28 + 0.02 0.30 0.28 0.23 0.05 0.21 + 0.03 0.21 0.21 0.18 2.25 0.00 2.25 + 0.05 3.00 0.64 0.22 0.30 - 0.01 0.55 0.30 0.00 0.02 0.03 + 0.01 0.04 0.03 0.00 0.03 0.04 + 0.01 0.08 0.04 0.03 0.77 0.77 - 0.05 1.00 0.83 0.77 0.03 0.06 + 0.01 0.12 0.06 0.05 0.04 0.04 - 0.01 0.13 0.05 0.04 0.03 0.04 + 0.00 0.09 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 6.80 5.92 6.52 + 0.28 18.80 5.92 9.30 7.51 8.28 + 0.39 24.56 7.51 0.02 0.02 - 0.00 0.04 0.02 0.02 0.64 0.57 0.62 + 0.02 1.11 0.57 0.51 0.45 0.49 + 0.01 0.85 0.42 12.41 - 1.01 17.55 9.63 14.14 12.29 0.08 0.07 0.08 + 0.01 0.13 0.05 0.49 0.70 - 0.04 0.92 0.77 0.67 0.36 0.54 - 0.04 0.70 0.61 0.53 0.23 0.20 0.21 - 0.02 0.55 0.20 0.07 0.09 - 0.00 0.11 0.09 0.08 0.06 0.06 - 0.01 0.19 0.07 0.06 0.04 0.05 - 0.00 0.15 0.06 0.04 0.04 0.04 - 0.01 0.10 0.04 0.04 0.17 0.30 + 0.01 0.47 0.32 0.27 0.06 0.11 - 0.02 0.28 0.13 0.11 3.35 4.35 - 0.21 5.50 4.69 4.35 5.81 5.44 5.67 + 0.12 12.45 5.44 4.11 4.47 + 0.09 9.55 4.58 4.29 0.50 0.58 + 0.01 0.90 0.58 0.00 0.30 0.45 + 0.03 0.64 0.45 0.00 0.10 0.22 - 0.01 0.34 0.24 0.22 0.07 0.17 - 0.01 0.26 0.19 0.17 0.03 0.05 - 0.00 0.12 0.05 0.05 53.31 77.65 + 4.50 80.00 78.08 72.00 99.16 91.38 98.46 + 5.96 103.81 71.44 0.08 0.14 + 0.01 0.27 0.14 0.13 13.96 - 0.45 17.06 9.24 14.85 13.82 0.07 0.15 + 0.02 0.20 0.16 0.14 20.25 0.00 20.25 + 1.00 26.00 13.18 0.24 0.35 - 0.02 0.46 0.37 0.33 0.01 0.02 - 0.01 0.05 0.03 0.02 0.10 0.41 - 0.01 0.50 0.44 0.00

Gabriel Res T 386 Galane Gold V 622 O 33 Galantas Gold* Galantas Gold V 66 Galore Res V 418 Galway Gold V 345 Galway Mtls* O 175 Galway Mtls V 300 Garibaldi Res V 6741 309 Garibaldi Res * O General Moly* X 634 Genesis Mtls* O 84 Genesis Mtls V 820 Genius Props 310 V 735 Gensource Pot Geodex Mnrls V 16 O 33 Geologix Expl* Geologix Expl V 340 Geomega Res V 887 284 Gespeg Cop Res V O 126 GFG Resources* GGX Gold V 1309 Gitennes Expl V 118 Giyani Gold V 240 Giyani Gold* O 21 Glacier Lake V 182 O 336 Gldn Predator* 267 Glen Eagle Res V Glencore Plc* O 713 Global Energy V 222 Global Gold* O 13 Globex Mng* O 40 O 94 GMV Minerals* GMV Minerals V 244 GoGold Res T 672 21647 Gold Fields* N Gold Mng USA* O 1315 21 Gold Reach Res V Gold Reserve* O 63 Gold Reserve V 61 X 3135 Gold Resource* 372 Gold Std Vents V Gold Std Vents* X 1525 V 6 Goldbank Mng Goldcliff Res* O 8 Goldcliff Res V 11 T 11598 Goldcorp Goldcorp* N 37564 Golden Arrow V 660 Golden Arrow* O 481 V 66 Golden Cariboo Golden Dawn Ml V 1430 61 Golden Dawn Ml* O Golden Eagle* O 87 O 41 Golden Global* V 290 Golden Goliath O 69 Golden Goliath* Golden Harp V 4 Golden Hope V 348 Golden Hope* O 32 Golden Mnls* X 492 116 Golden Peak Mn V O 677 Golden Queen* Golden Queen T 592 Golden Reign V 212 Golden Share V 129 Golden Star T 732 Golden Star* X 6500 Golden Valley* O 225 Golden Valley V 418 Goldex Res V 16 O 162 Goldgroup Mng* T 280 Goldgroup Mng GoldMining V 714 GoldON Res V 1037 V 1683 GoldQuest Mng Goldrea Res 4 Goldrich Mng* O 87 O 193 Goldsource Min* V 654 Goldsource Min GoldTrain Res 5 O 147 GoviEx Uranium* V 1764 GoviEx Uranium Gowest Gold* O 76 Gowest Gold V 493 GPM Metals V 563 O 9 Gran Colombia* T 207 Gran Colombia Granada Gold V 1348 O 1215 Granada Gold* V 97 Grande Portage O 225 Graphite Corp* Graphite One V 652 Graphite One* O 57

0.26 0.35 + 0.06 0.67 0.38 0.27 0.06 0.07 - 0.01 0.14 0.08 0.07 0.05 0.08 - 0.00 0.14 0.08 0.08 0.08 0.08 - 0.01 0.18 0.10 0.08 0.01 0.02 + 0.01 0.07 0.02 0.02 0.06 0.08 - 0.01 0.13 0.08 0.08 0.18 0.28 + 0.00 0.51 0.29 0.26 0.23 0.37 + 0.04 0.65 0.37 0.33 0.07 0.58 + 0.09 0.71 0.71 0.38 0.56 0.39 0.43 + 0.03 0.56 0.05 0.21 0.38 - 0.05 0.72 0.43 0.38 0.01 0.14 + 0.01 0.22 0.14 0.11 0.09 0.18 + 0.01 0.28 0.18 0.16 0.11 0.19 + 0.01 0.38 0.19 0.14 0.06 0.14 + 0.03 0.25 0.14 0.11 0.05 0.15 + 0.04 0.15 0.15 0.00 0.03 0.04 - 0.01 0.11 0.04 0.03 0.05 0.05 - 0.01 0.15 0.05 0.05 0.06 0.08 + 0.02 0.16 0.08 0.07 0.07 0.06 0.07 + 0.01 0.08 0.02 0.39 0.48 + 0.06 1.00 0.50 0.39 0.07 0.22 + 0.02 0.39 0.22 0.19 0.02 0.05 - 0.01 0.08 0.06 0.05 0.15 0.42 - 0.01 0.70 0.44 0.35 0.13 0.35 + 0.00 0.50 0.35 0.28 0.05 0.09 + 0.02 0.19 0.09 0.07 0.38 0.94 + 0.04 1.59 0.99 0.88 0.27 0.23 0.27 + 0.01 0.31 0.09 4.46 8.36 - 0.44 9.00 9.00 8.28 0.10 0.13 + 0.02 0.67 0.13 0.12 0.01 0.02 - 0.01 0.06 0.02 0.01 0.21 0.41 - 0.01 0.48 0.43 0.40 0.22 0.31 + 0.01 0.55 0.31 0.29 0.28 0.42 + 0.05 0.70 0.42 0.36 0.41 0.62 + 0.07 1.29 0.65 0.53 2.60 4.14 + 0.15 6.56 4.22 3.92 0.01 0.00 0.01 - 0.00 0.01 0.00 0.13 0.12 0.12 - 0.02 0.25 0.09 0.00 3.75 + 0.20 5.40 3.76 0.00 2.61 4.89 + 0.48 7.00 4.89 4.26 3.08 3.47 - 0.09 8.22 3.66 3.42 2.14 2.04 2.09 - 0.04 3.95 2.03 1.70 1.60 1.62 - 0.04 3.04 1.49 0.06 0.11 - 0.03 0.15 0.11 0.00 0.09 0.11 - 0.03 0.36 0.14 0.11 0.12 0.15 - 0.01 0.47 0.16 0.15 15.76 16.49 + 0.60 25.17 16.70 15.76 11.91 13.00 + 0.44 19.34 13.15 12.49 0.53 0.57 - 0.01 1.29 0.61 0.54 0.40 0.46 - 0.02 1.01 0.48 0.42 0.05 0.13 - 0.02 0.17 0.15 0.13 0.29 0.25 0.26 - 0.03 0.42 0.19 0.21 0.20 0.20 - 0.01 0.32 0.14 0.02 0.06 - 0.02 0.11 0.09 0.06 0.00 0.02 - 0.02 0.36 0.02 0.01 0.04 0.05 - 0.01 0.10 0.05 0.04 0.02 0.04 + 0.01 0.08 0.04 0.03 0.08 0.08 - 0.01 0.24 0.08 0.00 0.11 0.12 - 0.01 0.39 0.14 0.12 0.08 0.10 + 0.01 0.25 0.10 0.00 0.45 0.52 - 0.01 0.90 0.55 0.50 0.25 0.22 0.25 + 0.03 0.74 0.14 0.42 0.45 - 0.02 1.07 0.48 0.42 0.54 0.58 - 0.02 1.35 0.60 0.54 0.20 0.24 + 0.01 0.36 0.24 0.22 0.10 0.11 - 0.03 0.36 0.13 0.00 0.76 0.92 + 0.06 1.33 0.93 0.83 0.59 0.72 + 0.04 1.01 0.75 0.67 0.20 0.22 + 0.01 0.38 0.22 0.21 0.24 0.29 + 0.01 0.50 0.31 0.26 0.46 0.81 - 0.02 1.04 0.83 0.75 0.06 0.07 + 0.01 0.28 0.07 0.06 0.07 0.09 + 0.01 0.35 0.09 0.00 1.47 0.05 3.35 1.72 - 1.82 1.66 0.10 0.12 - 0.01 0.25 0.13 0.11 0.20 0.39 - 0.06 0.63 0.48 0.37 0.03 0.05 - 0.02 0.14 0.05 0.00 0.02 0.04 - 0.00 0.05 0.04 0.02 0.06 0.08 + 0.00 0.42 0.09 0.06 0.10 0.12 + 0.02 0.52 0.12 0.10 0.05 0.06 - 0.04 0.25 0.06 0.00 0.04 0.16 - 0.03 0.34 0.19 0.15 0.09 0.21 - 0.02 0.44 0.24 0.20 0.08 0.16 + 0.00 0.20 0.17 0.15 0.10 0.21 + 0.01 0.25 0.21 0.19 0.08 0.10 + 0.01 0.41 0.12 0.09 1.02 1.14 - 0.01 1.25 1.15 1.08 1.20 1.44 - 0.03 2.18 1.48 1.42 0.06 0.07 + 0.01 0.13 0.07 0.06 0.04 0.05 - 0.00 0.09 0.06 0.05 0.13 0.17 - 0.02 0.22 0.19 0.16 0.00 0.00 - 0.00 0.01 0.01 0.00 0.05 0.05 - 0.01 0.13 0.06 0.05 0.04 0.05 + 0.00 0.09 0.05 0.04

G-H

2017-08-16 12:02 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 21â&#x20AC;&#x201C;SEPTEMBER 3, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Great Atlantic V 134 6 Great Bear Res* O Great Bear Res V 68 Great Lakes Gr V 995 Great Lakes Gr* O 775 Great Panther T 610 Great Quest Fe V 24 Great Thunder V 308 Great Western* O 417 Greencastle Rs V 60 O 335 Greenland M&En* V 6 Greenshield Ex Grizzly Gold* O 2363 Group Ten Mtls V 82 GrowMax Res* O 227 GrowMax Res V 1300 GT Gold * O 79 GT Gold V 3478 GTA Res & Mng V 64 Gungnir Res* O 105 Gungnir Res V 310 Guyana Gldflds T 4343 Guyana Goldstr V 182 Halio Energy V 10 Handa Copper V 156 Handa Copper* O 3 Handeni Gold* O 2 Hannan Metals V 103 Hannan Metals* O 217 Happy Ck Mnrls V 237 Hard Creek Ni V 1348 Hard Creek Ni* O 1504 Harfang Explor V 198 Harmony Gold* N 14577 Harte Gold* O 68 Harte Gold T 603 Hawkeye Gld&Di V 79 Heatherdale Rs V 37 Hecla Mining* N 22043 Helio Res V 16 Hellix Vent* O 155 O 144 Hemcare Health* Highbank Res V 1102 Highland Copp V 969 O 232 Highland Copp* Highway 50 Gld* O 181 Hinterland Mtl V 371 Hochschild Mg* O 15 Homeland Egy V 15 Honey Badger E V 77 Horizonte Mnls T 612 Hornby Bay Mnl V 542 HudBay Mnls* N 3588 HudBay Mnls T 12178 Hudson Res* O 62 Hunt Mng V 129

0.19 0.17 0.18 + 0.01 0.19 0.07 0.28 0.23 0.28 + 0.07 0.28 0.14 0.35 0.30 0.32 - 0.02 0.35 0.13 0.07 0.00 0.07 + 0.01 0.11 0.06 0.05 0.04 0.05 + 0.00 0.08 0.04 1.70 1.58 1.65 + 0.04 2.95 1.48 0.19 0.15 0.18 - 0.01 0.35 0.14 0.07 0.00 0.06 - 0.01 0.10 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.00 0.09 - 0.01 0.15 0.08 0.10 0.09 0.10 - 0.01 0.16 0.02 0.05 0.00 0.05 - 0.01 0.08 0.03 0.01 0.01 0.01 - 0.00 0.22 0.01 0.13 0.11 0.13 + 0.01 0.32 0.08 0.08 0.07 0.08 - 0.01 0.17 0.07 0.10 0.09 0.09 - 0.01 0.23 0.09 1.18 0.90 1.16 + 0.26 1.11 0.25 1.54 1.11 1.42 + 0.19 1.54 0.10 0.05 0.04 0.05 + 0.01 0.24 0.04 0.06 0.05 0.05 - 0.01 0.08 0.02 0.08 0.06 0.07 - 0.01 0.12 0.03 4.65 4.32 4.51 - 0.08 9.68 4.10 0.20 0.17 0.19 + 0.01 0.35 0.03 0.36 0.00 0.19 - 0.19 1.52 0.19 0.08 0.07 0.07 - 0.01 0.18 0.05 0.05 0.05 0.05 - 0.00 0.07 0.04 0.09 0.00 0.09 + 0.05 0.20 0.04 0.35 0.28 0.31 + 0.01 0.51 0.08 0.31 0.27 0.28 + 0.06 0.39 0.21 0.19 0.17 0.17 - 0.01 0.29 0.13 0.06 0.03 0.06 + 0.03 0.12 0.02 0.03 0.02 0.03 + 0.01 0.09 0.02 0.33 0.28 0.30 + 0.02 0.33 0.02 1.88 1.65 1.86 + 0.13 4.65 1.56 0.53 0.49 0.49 - 0.04 0.66 0.17 0.66 0.61 0.62 - 0.03 0.87 0.20 0.10 0.07 0.10 + 0.01 0.33 0.06 0.05 0.00 0.05 + 0.01 0.12 0.03 5.16 4.82 5.01 + 0.01 7.64 4.61 0.01 0.00 0.01 - 0.01 0.05 0.01 0.07 0.02 0.06 - 0.00 0.23 0.00 0.19 0.15 0.18 + 0.01 0.19 0.01 0.03 0.02 0.03 + 0.01 0.08 0.02 0.13 0.10 0.10 - 0.02 0.18 0.08 0.10 0.07 0.07 - 0.02 0.14 0.06 0.22 0.21 0.22 + 0.01 0.48 0.10 0.04 0.04 0.04 + 0.01 0.06 0.02 4.37 0.00 4.37 + 0.47 4.37 2.25 0.11 0.10 0.10 - 0.01 1.13 0.09 0.07 0.06 0.06 + 0.01 0.23 0.05 0.05 0.04 0.05 + 0.01 0.06 0.03 0.08 0.07 0.08 + 0.01 0.08 0.03 7.90 6.85 7.10 - 0.35 9.15 3.57 9.95 8.72 8.99 - 0.39 11.95 4.74 0.43 0.39 0.39 + 0.00 0.60 0.24 0.17 0.14 0.15 - 0.03 0.40 0.14

I-Minerals V 46 I-Minerals* O 61 IAMGOLD* N 20471 IAMGOLD T 6502 IC Potash* O 1354 IC Potash T 18398 Icon Explor V 127 Iconic Mnls * O 21 IDM Mining V 1024 IDM Mining* O 325 IGC Res V 100 IMPACT Silver V 2196 Imperial Metal* O 71 Imperial Metal T 229 Inca One Gold V 1055 Inca One Gold* O 228 Inception Mng * O 5 Independence G V 56 Independence G* O 94 Inomin Mines V 86 Inspiration Mg 200 Inter-Rock Mnl V 27 Intl Cobalt 65 Intl Millm Mng V 277 Intl Montoro V 115 113162 Intl Star* O Intl Tower Hil* X 622 Intl Tower Hil T 104 Intrepid Pots* N 13907 INV Metals T 195 INV Metals* O 24 Inventus Mg V 220 InZinc Mining V 475 InZinc Mining* O 45 Ireland* O 163 Irving Res* O 164 Irving Res 292 IsoEnergy Ltd V 10 Itafos V 45 Itoco Mg Corp* O 65 Ivanhoe Mines T 8796 Ivanhoe Mines* O 982 Jaguar Mng* O 232 Jaguar Mng T 2718 Japan Gold* O 6 Japan Gold V 586 Jasper Mng V 20 Jaxon Mnls* O 484 Jaxon Mnls V 7628 Jayden Res V 370 Jayden Res* O 3 Jourdan Res V 233 V 723 K2 Gold K92 Mng Inc* O 410 K92 Mng Inc V 1071 Kairos Cap V 98 Kaizen Discov V 440 Karmin Expl V 147 Karnalyte Res T 46 Katanga Mng T 6089 V 667 Kenadyr Mining Kenadyr Mining* O 35 Kennady Diam V 156 Kerr Mines* O 79 Kerr Mines T 709 Kesselrun Res* O 19 Kesselrun Res V 255 Kestrel Gold V 2154 Khalkos Expl V 366 Kilo Goldmines V 153 Kilo Goldmines* O 170 Kincora Copper* O 40 Kincora Copper V 189 O 4 Kingsmen Res* Kinross Gold T 15507 Kintavar Exp V 82 Kirkland Lake* O 375 Kirkland Lake T 4335 Kitrinor Mtls V 115 Kivalliq Enrgy V 1031 Klondex Mines T 3753 Klondike Gold V 820 O 159 Klondike Gold* Kombat Copper V 40 Kootenay Silvr* O 101 Kootenay Zinc* O 96 KWG Res* O 20

0.43 0.38 0.43 + 0.03 0.60 0.27 0.32 0.29 0.30 - 0.01 0.44 0.20 5.48 5.12 5.45 + 0.23 5.71 3.14 6.94 6.51 6.92 + 0.30 7.52 4.18 0.03 0.02 0.02 - 0.01 0.11 0.02 0.04 0.02 0.03 - 0.01 0.15 0.03 0.08 0.00 0.08 + 0.02 0.08 0.01 0.04 0.03 0.03 - 0.01 0.28 0.03 0.15 0.13 0.14 + 0.01 0.25 0.12 0.12 0.10 0.12 + 0.02 0.20 0.08 0.01 0.01 0.01 + 0.01 0.02 0.01 0.37 0.32 0.35 + 0.02 1.22 0.32 2.79 2.41 2.41 - 0.46 5.86 2.16 3.64 3.10 3.20 - 0.33 7.89 2.95 0.10 0.09 0.09 - 0.01 0.50 0.08 0.07 0.07 0.07 - 0.00 0.35 0.06 0.32 0.00 0.30 - 0.00 0.80 0.25 0.19 0.17 0.19 + 0.01 0.43 0.13 0.15 0.13 0.15 + 0.02 0.33 0.10 0.06 0.05 0.05 - 0.01 0.10 0.05 0.03 0.00 0.03 + 0.01 0.10 0.01 0.27 0.25 0.27 + 0.04 0.34 0.03 0.13 0.08 0.13 + 0.02 0.30 0.00 0.03 0.03 0.03 + 0.01 0.09 0.03 0.07 0.05 0.05 - 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.55 0.50 0.53 + 0.03 1.28 0.43 0.69 0.64 0.67 + 0.03 1.64 0.57 3.67 3.17 3.40 - 0.43 3.93 0.93 1.07 0.95 1.00 + 0.05 1.13 0.62 0.80 0.75 0.79 + 0.04 0.85 0.49 0.15 0.13 0.15 + 0.02 0.30 0.13 0.14 0.10 0.12 + 0.01 0.36 0.10 0.09 0.07 0.09 + 0.02 0.27 0.07 0.23 0.20 0.23 + 0.01 0.32 0.04 0.75 0.60 0.75 + 0.06 1.24 0.09 0.95 0.81 0.95 + 0.14 1.54 0.27 0.71 0.70 0.71 + 0.01 1.70 0.63 1.65 1.40 1.50 - 0.10 3.45 0.90 0.01 0.01 0.01 + 0.00 0.16 0.00 4.85 4.06 4.16 - 0.60 5.47 1.56 3.83 3.20 3.28 - 0.46 4.10 0.00 0.21 0.18 0.19 - 0.02 0.63 0.18 0.27 0.24 0.24 - 0.02 0.82 0.22 0.25 0.23 0.25 - 0.01 0.67 0.17 0.33 0.30 0.31 + 0.01 0.88 0.24 0.07 0.06 0.06 - 0.01 0.10 0.03 0.29 0.23 0.23 - 0.06 0.29 0.04 0.47 0.28 0.30 - 0.12 0.51 0.05 0.12 0.09 0.12 + 0.04 0.23 0.06 0.07 0.00 0.07 + 0.01 0.17 0.04 0.16 0.11 0.12 - 0.03 0.20 0.06 0.56 0.36 0.42 + 0.03 0.58 0.25 0.53 0.47 0.49 - 0.01 1.63 0.47 0.67 0.61 0.63 + 0.01 2.08 0.59 0.50 0.42 0.42 - 0.03 0.95 0.02 0.17 0.15 0.15 - 0.01 0.30 0.11 0.84 0.57 0.80 + 0.10 0.86 0.21 0.59 0.55 0.59 + 0.03 1.28 0.53 0.84 0.70 0.77 + 0.03 0.89 0.12 0.30 0.28 0.28 - 0.01 1.00 0.20 0.24 0.21 0.21 - 0.02 1.45 0.22 3.50 3.20 3.36 + 0.16 4.45 3.01 0.18 0.15 0.15 - 0.01 0.22 0.07 0.23 0.19 0.21 + 0.01 0.27 0.09 0.09 0.07 0.07 - 0.01 0.17 0.06 0.10 0.09 0.10 + 0.01 0.30 0.08 0.10 0.07 0.10 + 0.02 0.17 0.02 0.10 0.08 0.08 - 0.01 0.22 0.08 0.05 0.04 0.04 - 0.01 0.25 0.04 0.04 0.04 0.04 - 0.00 0.19 0.03 0.27 0.00 0.26 + 0.02 0.43 0.17 0.36 0.33 0.33 - 0.01 0.65 0.23 0.09 0.09 0.09 + 0.00 0.13 0.06 5.47 5.19 5.30 + 0.01 7.16 3.87 0.18 0.13 0.17 + 0.02 0.35 0.13 10.48 9.90 10.45 + 0.37 10.61 4.84 13.31 12.69 13.26 + 0.50 13.31 6.33 7.98 7.01 7.88 - 0.01 7.98 1.00 0.12 0.11 0.11 - 0.01 0.19 0.07 4.13 3.57 4.10 + 0.31 7.95 3.57 0.34 0.27 0.33 + 0.05 0.36 0.14 0.27 0.22 0.27 + 0.04 0.30 0.10 0.30 0.24 0.27 - 0.03 0.75 0.21 0.19 0.16 0.19 - 0.00 0.46 0.16 0.08 0.05 0.07 - 0.00 0.59 0.05 0.01 0.01 0.01 - 0.00 0.03 0.00

I-J-K

L Labdr Iron Mns* O 12 Labrador Iron T 1485 Lara Expl V 148 Laramide Res T 294 Laredo Res* O 5002 Largo Res* O 263 Largo Res T 1043 Latin Am Mnls* O 30 Latin Am Mnls V 163 Leading Edge* O 392 Leading Edge V 416 Leagold Mg T 369 Leagold Mg* O 100 Legend Gold V 37 60 Levon Res Ltd * O Levon Res Ltd T 141 Li3 Energy* O 464

20-22_Aug21_StockTables.indd 21

0.01 0.01 0.01 - 0.01 0.07 0.00 19.27 17.93 18.48 + 0.15 20.67 12.63 0.73 0.62 0.72 + 0.07 1.46 0.54 0.35 0.32 0.32 - 0.04 0.74 0.18 0.00 0.00 0.00 + 0.00 0.00 0.00 0.49 0.41 0.48 + 0.03 0.53 0.26 0.65 0.55 0.56 - 0.02 0.68 0.34 0.09 0.08 0.09 + 0.01 0.32 0.07 0.12 0.11 0.11 + 0.01 0.41 0.10 0.69 0.61 0.62 - 0.07 0.71 0.22 0.88 0.78 0.78 - 0.08 0.93 0.25 2.90 2.67 2.82 + 0.05 4.90 2.27 2.29 2.15 2.25 + 0.04 2.40 1.76 0.25 0.20 0.22 + 0.03 0.65 0.10 0.30 0.25 0.29 - 0.00 0.54 0.18 0.37 0.34 0.36 - 0.01 0.71 0.25 0.02 0.02 0.02 + 0.00 0.06 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Libero Mg Corp V 118 Liberty Gold* O 413 Liberty One Li V 3783 Liberty One Li* O 4256 Liberty Silver 79 LiCo Energy* O 557 LiCo Energy V 1969 Lincoln Mng V 45 89 Lion One Mtls V Lion One Mtls* O 20 Lithium Amer* O 1889 Lithium Amer T 6878 Lithium Corp* O 693 Lithium Energi V 132 Lithium Energy V 1017 Lithium Expl* O 483422 Lithium X Egy* O 1064 Lithium X Egy V 565 LKA Gold* O 12 Logan Res V 396 Lomiko Mtls* O 39 Loncor Res T 201 Lone Star Gold* O 81 Lonmin plc* O 79 V 150 Lorraine Coppr Los Andes Copp V 1244 Lucara Diam T 1307 Lucky Mnls * O 5 Lucky Mnls V 128 Lumina Gold* O 4 Lumina Gold V 160 Lund Enterpr V 388 Lundin Gold T 599 Lundin Mng T 12932 Lydian Intl T 803 Lydian Intl* O 153 Lynas Corp* O 601

0.10 0.10 0.10 + 0.01 0.22 0.09 0.37 0.31 0.36 + 0.03 0.72 0.27 0.83 0.68 0.74 - 0.01 0.83 0.07 0.66 0.53 0.59 - 0.01 0.66 0.37 1.33 0.90 1.00 - 0.31 3.00 0.90 0.09 0.08 0.08 - 0.00 0.20 0.06 0.11 0.10 0.10 - 0.01 0.24 0.08 0.05 0.04 0.04 - 0.01 0.17 0.04 0.64 0.59 0.64 + 0.01 1.17 0.55 0.50 0.47 0.50 - 0.00 0.91 0.42 0.92 0.84 0.88 + 0.01 0.96 0.38 1.16 1.07 1.13 + 0.03 1.26 0.52 0.08 0.06 0.08 + 0.00 0.11 0.05 0.16 0.14 0.14 - 0.01 0.55 0.07 0.05 0.00 0.05 - 0.01 0.11 0.03 0.00 0.00 0.00 - 0.00 0.02 0.00 1.73 1.60 1.62 - 0.04 1.92 1.03 2.16 2.02 2.04 - 0.04 2.50 1.40 0.58 0.42 0.58 + 0.11 0.68 0.24 0.05 0.04 0.05 + 0.01 0.26 0.04 0.18 0.13 0.16 - 0.02 0.32 0.11 0.12 0.10 0.10 - 0.01 0.24 0.09 0.00 0.00 0.00 - 0.00 0.01 0.00 1.26 1.09 1.21 - 0.01 3.34 0.81 0.07 0.06 0.07 + 0.01 0.12 0.06 0.41 0.31 0.37 - 0.03 0.41 0.15 2.80 2.58 2.61 - 0.14 4.39 2.60 0.14 0.13 0.13 + 0.00 0.16 0.03 0.18 0.15 0.18 + 0.03 0.20 0.05 0.56 0.00 0.55 - 0.02 0.89 0.49 0.72 0.66 0.70 + 0.03 1.20 0.65 0.13 0.09 0.10 - 0.02 0.19 0.09 5.23 4.60 5.18 + 0.54 6.62 4.59 9.46 8.67 8.70 - 0.38 9.46 4.91 0.38 0.37 0.37 - 0.01 0.52 0.28 0.30 0.26 0.30 - 0.00 0.41 0.22 0.13 0.11 0.13 + 0.00 0.13 0.04

M Macarthur Mnl* O 80 0.05 0.05 0.05 - 0.00 0.12 0.03 Maccabi Vent 257 0.06 0.03 0.06 + 0.02 0.10 0.03 O 606 0.10 0.08 0.09 + 0.02 0.20 0.04 MacDonald Mns* V 89 1.55 1.50 1.52 + 0.02 1.84 0.90 MacMillan Mnls Madeira Mrnls V 14 0.03 0.02 0.02 - 0.01 0.05 0.01 16.20 + 0.39 23.32 12.75 MAG Silver T 920 16.55 15.70 Magellan Gold* O 440 0.11 0.08 0.08 - 0.02 0.28 0.07 Magna Terra V 317 0.08 0.05 0.05 - 0.03 0.09 0.03 0.12 - 0.01 0.21 0.11 Makena Res V 17 0.13 0.12 Malbex Res V 67 0.34 0.32 0.32 - 0.02 0.45 0.29 Mammoth Res V 147 0.07 0.06 0.06 - 0.01 0.20 0.06 Manado Gold V 25 0.11 0.10 0.10 - 0.02 0.15 0.06 0.37 + 0.02 1.18 0.33 Mandalay Res T 1035 0.38 0.35 Mandalay Res* O 759 0.30 0.28 0.30 + 0.03 0.92 0.24 Manganese X V 372 0.11 0.10 0.11 + 0.01 0.26 0.07 0.09 + 0.01 0.20 0.04 Manitou Gold V 138 0.09 0.07 Manson Creek V 185 0.09 0.00 0.08 - 0.01 0.10 0.02 O 21 0.06 0.05 0.06 + 0.01 0.06 0.01 Manson Creek* O 101 1.14 0.72 0.83 - 0.01 1.14 0.33 Marathon Gold* Maritime Res V 231 0.11 0.11 0.11 - 0.01 0.30 0.10 0.74 - 0.03 0.87 0.33 Marlin Gold* O 14 0.79 0.73 Marlin Gold V 42 0.98 0.93 0.96 - 0.02 1.15 0.44 MartinMarietta* N 2610 216.91 203.31 204.77 - 9.65 244.32 167.06 O 85 1.53 1.40 1.44 - 0.05 1.53 0.72 Mason Graphite* Mason Graphite V 319 1.91 1.78 1.84 - 0.02 1.91 1.00 Mason Res T 327 0.22 0.19 0.19 - 0.02 0.40 0.13 Mason Res* O 27 0.17 0.14 0.14 - 0.01 0.20 0.10 V 62 0.31 0.27 0.31 + 0.04 0.44 0.24 Matachewan Con O 45 0.04 0.04 0.04 + 0.01 0.07 0.03 Matamec Expl* Matica Ent* O 134 0.08 0.08 0.08 - 0.00 0.14 0.00 1.19 - 0.04 1.32 0.66 Maverix Mtls* O 7 1.23 1.17 Mawson Res* O 36 0.26 0.25 0.25 - 0.00 0.44 0.16 MaxTech Vent 177 0.24 0.18 0.24 + 0.04 0.63 0.18 0.27 0.21 0.26 + 0.02 0.27 0.10 Maya Gold &Sil V 1810 Mazarin V 122 0.08 0.05 0.06 - 0.02 0.08 0.02 McChip Res V 17 0.50 0.37 0.50 + 0.13 0.60 0.37 McEwen Mng T 2025 3.19 2.73 3.04 + 0.02 6.14 2.73 13767 2.41 2.15 2.39 + 0.01 4.81 2.15 McEwen Mng* N MDN Inc* O 92 0.14 0.12 0.12 - 0.01 0.92 0.12 Meadow Bay Gd T 1368 0.04 0.03 0.03 - 0.01 0.10 0.03 74 0.03 0.02 0.03 - 0.00 0.08 0.03 Meadow Bay Gd* O Mechel* N 1083 5.19 4.83 4.84 - 0.04 6.83 1.58 102 0.14 0.12 0.12 - 0.00 0.14 0.11 Medallion Res * Q 0.16 + 0.01 0.28 0.08 Medallion Res V 203 0.16 0.13 Medinah Mnrls* O 1564 0.01 0.00 0.01 + 0.00 0.02 0.00 O 497 0.17 0.13 0.14 - 0.01 0.25 0.08 Mega Uranium* Melior Res V 2120 0.04 0.03 0.04 + 0.01 0.09 0.02 Melkior Res V 570 0.06 0.05 0.05 + 0.01 0.10 0.02 O 1 0.00 0.00 0.00 - 0.00 0.00 0.00 Mercator Mnls* Meridian Mg V 8 0.64 0.00 0.58 - 0.06 1.54 0.31 Meryllion Res 302 0.03 0.02 0.03 + 0.01 0.05 0.02 Mesa Expl* O 11 0.04 0.03 0.04 - 0.00 0.08 0.03 0.05 - 0.01 0.06 0.02 MetalCorp V 1114 0.06 0.04 0.07 + 0.01 0.10 0.04 Metalex Vent V 683 0.07 0.06 Metalla Rylty* O 71 0.46 0.41 0.43 - 0.02 0.68 0.16 0.54 - 0.03 0.88 0.18 Metalla Rylty 196 0.57 0.53 Metallic Mnrls* O 35 0.24 0.20 0.23 - 0.00 0.44 0.19 Metalore Res V 3 3.95 2.91 2.91 - 1.04 5.16 1.50 Metals X* O 52 0.68 0.66 0.68 + 0.05 1.43 0.41 Metanor Res* O 297 0.64 0.56 0.58 - 0.02 0.94 0.54 0.75 - 0.02 1.29 0.45 Metanor Res V 495 0.80 0.71 Mexus Gold* O 2976 0.06 0.05 0.05 - 0.00 0.24 0.05 MGX Minerals* O 467 0.90 0.74 0.77 - 0.08 2.12 0.11 MGX Minerals 1864 1.12 0.91 0.99 - 0.09 2.75 0.14 Midas Gold T 392 0.78 0.73 0.75 - 0.02 1.22 0.62 Midland Expl V 84 1.04 0.89 1.02 + 0.07 1.25 0.89 Midnight Sun V 203 0.40 0.36 0.36 - 0.02 0.54 0.08 Midway Gold* O 348 0.00 0.00 0.00 - 0.01 0.01 0.00 Millennial Lit* O 69 1.16 1.03 1.09 + 0.00 1.43 0.88 Millennial Lit V 473 1.48 1.32 1.42 + 0.04 2.45 1.06 0.32 + 0.03 0.50 0.23 Millrock Res* O 128 0.34 0.27 Millrock Res V 214 0.43 0.35 0.41 + 0.04 0.64 0.32 Minaurum Gold V 631 0.32 0.27 0.32 + 0.04 0.38 0.07 Minco Silver* O 68 0.86 0.73 0.80 + 0.03 1.41 0.64 Minera Alamos * O 56 0.16 0.14 0.14 - 0.01 0.18 0.10 V 939 0.18 0.18 0.18 + 0.01 0.25 0.12 Minera Alamos Minera IRL 192 0.14 0.09 0.09 - 0.01 0.22 0.06 Mineral Hill V 3 0.34 0.25 0.25 - 0.09 0.35 0.17 Mineral Mtn* O 30 0.15 0.13 0.15 - 0.00 0.37 0.13 Mineral Mtn V 460 0.20 0.15 0.19 + 0.01 0.49 0.15 Mineworx Tech* O 241 0.07 0.06 0.07 + 0.01 0.08 0.05 Mirasol Res V 111 1.85 1.62 1.68 - 0.01 3.50 1.18 ML Gold Corp V 439 0.14 0.12 0.13 - 0.01 0.29 0.07 Monarca Mnrls* O 7 0.10 0.09 0.09 - 0.00 0.14 0.09 Monarca Mnrls V 65 0.13 0.12 0.13 + 0.01 0.28 0.08 O 15 0.27 0.24 0.24 - 0.03 0.42 0.18 Monarques Res* Monarques Res V 105 0.35 0.31 0.32 - 0.03 0.54 0.26 Moneta Porcpn* O 213 0.12 0.10 0.11 - 0.00 0.28 0.10 0.50 - 0.12 1.13 0.13 Monitor Vent V 3 0.62 0.00 Montego Res 9919 0.23 0.16 0.22 + 0.05 1.60 0.10 V 27 0.20 0.16 0.20 + 0.04 0.40 0.12 Montero Mg&Ex Morien Res* O 26 0.51 0.49 0.49 - 0.02 0.55 0.21 Morien Res V 106 0.66 0.60 0.62 - 0.03 0.74 0.28 Morumbi Res T 133 0.69 0.64 0.64 - 0.05 1.70 0.20 Mosaic* N 26688 22.62 20.06 20.34 - 2.24 34.36 20.06 Mountain Boy V 4455 0.11 0.08 0.10 + 0.02 0.11 0.05 Mountain Boy* O 3694 0.08 0.06 0.08 + 0.01 0.08 0.03 Mountain Lake 605 0.03 0.02 0.03 + 0.01 0.03 0.02 Mountain Prov T 435 4.95 4.62 4.63 - 0.10 7.18 3.56 Mountain Prov* D 104 3.95 3.60 3.65 - 0.10 5.52 2.55 Mundoro Cap* O 86 0.14 0.12 0.12 - 0.02 0.22 0.10 Mundoro Cap V 243 0.19 0.16 0.19 + 0.01 0.30 0.13 Murchison Min 58 0.15 0.15 0.15 + 0.01 0.35 0.13 MX Gold V 2167 0.11 0.10 0.11 + 0.01 0.39 0.10 MX Gold* O 161 0.09 0.08 0.09 + 0.00 0.31 0.08

N-O NA Frac Sand* O 187 NACCO Ind* N 175 Namibia Rare E V 14 Napier Vent* O 31 Natural Res Pt* N 128 Nautilus Mnrls T 288 Nautilus Mnrls* O 394 Navis Res Corp 29 Nemaska Lith T 3531 Nemaska Lith* O 472 Neo Lithium V 227 Nevada Clean M V 546 Nevada Clean M* O 75 Nevada Copper T 193 Nevada Egy Mtl* O 315 Nevada Expl * O 73 Nevada Expl V 120 Nevada Sunrise* O 120 Nevada Sunrise V 124

0.02 0.02 0.02 + 0.00 0.09 0.01 74.00 66.28 69.80 + 3.30 99.55 60.87 0.06 0.06 0.06 + 0.01 0.10 0.04 0.36 0.33 0.33 - 0.03 0.38 0.18 28.60 25.60 26.95 - 1.55 45.60 16.60 0.23 0.20 0.23 + 0.01 0.28 0.14 0.18 0.16 0.18 + 0.01 0.21 0.10 0.16 0.00 0.14 + 0.02 0.25 0.05 1.25 1.10 1.11 - 0.12 1.60 0.95 1.00 0.88 0.88 - 0.09 1.25 0.70 1.03 0.94 0.94 - 0.02 1.65 0.91 0.05 0.05 0.05 - 0.01 0.08 0.02 0.03 0.03 0.03 - 0.00 0.05 0.01 0.58 0.00 0.55 + 0.02 0.86 0.41 0.02 0.01 0.02 - 0.00 0.11 0.01 0.30 0.25 0.25 - 0.05 0.56 0.22 0.37 0.31 0.31 - 0.01 0.72 0.29 0.23 0.20 0.21 - 0.01 0.37 0.15 0.30 0.27 0.27 - 0.03 0.47 0.22

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevada Zinc V 445 Nevado Res V 20 Nevsun Res* X 9247 Nevsun Res T 5817 391 New Carolin Gd V 105 New Carolin Gd* O New Colombia* O 18338 New Gold* X 23883 New Gold T 5061 15 New Guinea Gld* O New Jersey Mng* O 166 New Pac Metals V 188 New Pac Metals* O 5 41 New World Res V T 672 NewCastle Gold NewCastle Gold* O 49 Newlox Gold 970 Newmac Res V 80 Newmont Mng* N 21522 Newport Expl V 116 O 98 NewRange Gold* NewRange Gold V 439 Nexgen Energy* X 665 T 2789 Nexgen Energy Nexus Gold* O 285 Nexus Gold V 679 NGEx Res T 59 NGEx Res* O 1 92 Nickel One Res V Nicola Mg Inc V 408 3 Nicola Mg Inc* O Nighthawk Gold* O 107 Nighthawk Gold T 372 Nikos Expl V 91 Niobay Metals V 99 Niocorp Dev T 2253 Niocorp Dev* O 1501 Nippon Dragon V 356 O 94 Nippon Dragon* Noble Metal Gr V 197 621 Noble Mnl Expl V Nomad Ventures V 42 Noram Vent* O 50 Noram Vent V 234 Noranda Alum* O 59 Noront Res V 988 Norsemont Cap 25 North Am Nickl* O 64 154 North Am Nickl V North Am Pall T 6 North Am Pall* O 6 Northcliff Res T 92 Northisle C&G V 673 Northn Empire V 580 Northn Empire* O 206 Norvista Cap V 31 Nouveau Monde V 762 Nouveau Monde* O 24 NovaGold Res T 1431 NovaGold Res* X 12447 Novo Res* O 1965 Novo Res V 5337 NRG Metals* O 20 NRG Metals V 881 Nrthn Graphite V 86 O 95 Nrthn Graphite* Nrthn Mnrls &E* O 64 Nrthn Superior V 615 Nrthn Superior* O 20 Nrthn Vertex* O 35 Nrthn Vertex V 154 Nthn Dynasty* X 7824 Nubian Res V 65 O 360 NuLegacy Gold* Nunavik Nickel V 113 V 91 NV Gold NxGold Ltd* O 111 NxGold Ltd V 24 O.T. Mining* O 46 OceanaGold T 8092 OceanaGold* O 11 Oceanic Iron O V 84 Oceanus Res V 1047 Oceanus Res* O 98 Odyssey Res V 227 OK2 Minerals V 343 Olivut Res V 51 Olivut Res* O 11 67 One World Min Opawica Expl V 270 127 Opus One Res V Orca Gold* O 147 Orefinders Res V 823 Orex Mnrls V 254 Orex Mnrls* O 147 Orezone Gold* O 128 Oriental Non F 10 Orla Mng Ltd* O 57 Orla Mng Ltd V 365 Oroco Res* O 98 Orocobre T 313 Oroplata Res* O 352 Orosur Mng T 855 Orsu Metals V 149 Orvana Mnrls T 650 Orvana Mnrls* O 92 Osisko Gold T 1332 Osisko Gold* N 2221 Osisko Metals V 598 Osisko Metals* O 47 Osisko Mng Inc T 3424 Osprey Gold V 385 Otis Gold V 943 Otis Gold* O 89 OZ Minerals* O 2

0.26 0.22 0.23 - 0.01 0.69 0.21 0.03 0.03 0.03 + 0.01 0.11 0.02 2.76 1.96 2.12 - 0.56 3.52 1.96 3.43 2.49 2.67 - 0.73 4.63 2.49 0.04 0.03 0.04 + 0.01 0.10 0.03 0.03 0.02 0.02 - 0.01 0.08 0.02 0.00 0.00 0.00 - 0.00 0.05 0.00 3.55 3.32 3.42 + 0.07 5.92 2.39 4.50 4.17 4.37 + 0.06 7.83 3.11 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.11 0.13 - 0.00 0.15 0.09 1.55 1.24 1.42 - 0.09 1.59 0.48 1.20 1.11 1.11 - 0.10 1.26 0.33 0.14 0.12 0.14 + 0.02 0.16 0.08 0.88 0.80 0.83 - 0.04 1.30 0.52 0.69 0.64 0.65 - 0.04 0.96 0.39 0.06 0.04 0.04 - 0.01 0.06 0.02 0.07 0.07 0.07 + 0.02 0.10 0.04 36.74 35.50 36.53 + 0.38 46.07 30.19 0.23 0.21 0.23 + 0.01 0.32 0.19 0.46 0.37 0.38 - 0.09 0.59 0.07 0.63 0.48 0.52 - 0.09 0.75 0.08 2.65 2.14 2.21 - 0.22 3.40 1.05 3.08 2.74 2.80 - 0.27 4.45 1.42 0.13 0.11 0.12 - 0.01 0.27 0.05 0.17 0.15 0.15 - 0.01 0.37 0.07 0.92 0.86 0.88 + 0.02 1.50 0.75 0.74 0.00 0.68 - 0.04 1.14 0.58 0.04 0.04 0.04 + 0.01 0.12 0.03 0.21 0.20 0.20 - 0.02 0.54 0.14 0.17 0.15 0.16 - 0.01 0.39 0.11 0.78 0.70 0.72 + 0.01 0.87 0.26 0.97 0.89 0.92 + 0.03 1.15 0.36 0.06 0.05 0.06 + 0.01 0.21 0.04 0.18 0.15 0.16 - 0.02 1.25 0.14 0.68 0.58 0.63 - 0.03 0.98 0.58 0.55 0.45 0.50 - 0.03 0.81 0.45 0.07 0.06 0.06 - 0.01 0.11 0.05 0.06 0.04 0.05 - 0.00 0.09 0.03 0.01 0.00 0.01 + 0.01 0.02 0.01 0.05 0.05 0.05 - 0.01 0.15 0.03 0.15 0.11 0.12 - 0.04 0.40 0.10 0.03 0.03 0.03 + 0.00 0.06 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.02 0.02 - 0.00 0.10 0.01 0.33 0.30 0.32 + 0.01 0.45 0.22 0.35 0.34 0.34 - 0.01 0.45 0.25 0.06 0.05 0.05 - 0.01 0.11 0.04 0.08 0.07 0.08 - 0.01 0.15 0.06 5.58 5.27 5.39 + 0.12 6.49 4.54 4.30 0.00 4.27 + 0.07 5.06 3.33 0.18 0.16 0.17 + 0.01 0.23 0.09 0.18 0.13 0.18 + 0.05 0.20 0.07 0.65 0.59 0.60 - 0.05 0.95 0.33 0.52 0.48 0.48 - 0.04 0.60 0.47 0.15 0.14 0.15 + 0.01 0.30 0.11 0.32 0.29 0.30 - 0.01 0.36 0.20 0.27 0.23 0.23 - 0.04 0.27 0.16 5.49 4.97 5.09 - 0.31 8.90 5.03 4.31 3.91 4.01 - 0.18 6.84 3.78 3.03 2.18 2.87 + 0.62 3.03 0.49 3.85 2.72 3.61 + 0.79 3.85 0.66 0.10 0.10 0.10 - 0.00 0.15 0.06 0.14 0.11 0.11 - 0.01 0.22 0.07 0.29 0.26 0.26 - 0.02 0.40 0.18 0.23 0.20 0.20 - 0.01 0.32 0.14 0.02 0.01 0.01 - 0.01 0.05 0.01 0.05 0.00 0.04 - 0.01 0.08 0.03 0.04 0.03 0.03 - 0.01 4.63 0.02 0.40 0.38 0.38 - 0.02 0.50 0.27 0.55 0.48 0.50 + 0.01 0.70 0.35 1.46 1.34 1.40 - 0.01 3.45 0.54 0.38 0.30 0.38 + 0.08 0.38 0.08 0.21 0.18 0.18 - 0.00 0.41 0.00 0.15 0.08 0.09 - 0.06 0.17 0.06 0.47 0.42 0.47 + 0.06 0.48 0.17 0.25 0.25 0.25 + 0.00 0.25 0.25 0.32 0.31 0.32 + 0.01 0.72 0.13 0.15 0.06 0.12 + 0.06 0.29 0.03 3.73 3.40 3.72 + 0.27 5.11 3.24 2.92 2.70 2.86 + 0.16 3.94 2.36 0.09 0.08 0.08 - 0.02 0.35 0.06 0.34 0.31 0.34 + 0.02 0.35 0.14 0.26 0.00 0.26 + 0.00 0.26 0.11 0.08 0.06 0.06 - 0.02 0.08 0.02 0.09 0.00 0.09 - 0.01 0.21 0.09 0.13 0.11 0.13 - 0.01 0.38 0.10 0.11 0.09 0.10 + 0.00 0.30 0.09 0.28 0.20 0.27 - 0.01 0.75 0.20 0.06 0.05 0.06 + 0.01 0.15 0.04 0.12 0.10 0.10 - 0.02 0.18 0.08 0.35 0.31 0.34 + 0.01 0.44 0.20 0.08 0.07 0.07 - 0.01 0.12 0.04 0.14 0.12 0.13 + 0.01 1.24 0.11 0.11 0.09 0.09 + 0.00 0.96 0.08 0.59 0.53 0.56 - 0.00 0.99 0.31 0.98 0.95 0.95 - 0.03 1.20 0.69 1.05 0.99 0.99 - 0.07 1.07 0.88 1.30 1.21 1.25 + 0.03 1.75 0.81 0.03 0.03 0.03 - 0.00 0.05 0.01 3.29 3.04 3.05 - 0.22 5.04 2.73 0.13 0.10 0.10 - 0.03 1.11 0.10 0.26 0.23 0.26 + 0.03 0.38 0.19 0.03 0.02 0.03 + 0.01 0.05 0.02 0.32 0.27 0.29 - 0.02 0.39 0.18 0.25 0.22 0.24 - 0.01 0.29 0.14 16.33 15.57 16.11 + 0.34 17.38 11.90 12.88 12.20 12.69 + 0.24 13.35 8.88 1.19 1.02 1.14 + 0.04 1.19 0.21 0.91 0.00 0.91 + 0.04 0.87 0.74 4.90 4.49 4.80 + 0.23 5.65 2.03 0.24 0.21 0.22 - 0.02 0.44 0.05 0.32 0.29 0.31 - 0.01 0.42 0.21 0.25 0.23 0.25 + 0.00 0.32 0.15 6.84 0.00 6.72 + 0.88 7.39 4.22

Pac Booker Min V 59 Pac Booker Min* O 6 Pac Iron Ore V 18 Pac North West V 193 Pac North West* O 24 Pac Ridge Expl* O 15 Paladin Energy* O 484 Palamina Corp* O 1 Palamina Corp V 326 Palladon Vent* O 3 Pan Am Silver T 1714 Pan Am Silver* D 11475 Pan Global Res V 29 Pancontinental V 54 Pangolin Dia V 421 Panoro Mnrls V 396 Pantheon Vent V 1500 Para Resources V 266 Parallel Mng V 90 Paramount Gold* X 111 Parlane Res V 46 Pasinex Res 452 Patriot Gold* O 39 Peabody Enrgy* N 4848 Pedro Res V 119 Pelangio Expl* O 55 Pelangio Expl V 140 Pele Mtn Res* Q 4 Peloton Mnrls* O 70 Peregrine Diam T 2027 Perseus Mng T 901 Pershing Gold* D 196 Pershing Gold T 13 Pershing Res* O 100 Philex Mng* O 325 Pine Cliff En T 984 Pine Cliff En* O 8 Pinecrest Res * O 47 Pinecrest Res V 71 PJSC Polyus Gd* O 1 PJX Res V 257 Plata Latina V 137 Plateau Uran V 222 Plateau Uran* O 57 Platinex Inc 111 Platinum Gp Mt T 753 Platinum Gp Mt* X 3886 Playfair Mng* O 64

0.60 0.53 0.60 + 0.02 1.50 0.42 0.43 0.43 0.43 - 0.00 1.16 0.35 0.16 0.14 0.16 + 0.02 0.25 0.14 0.11 0.09 0.10 + 0.01 0.15 0.06 0.08 0.07 0.08 - 0.00 0.10 0.06 0.05 0.00 0.04 + 0.00 0.09 0.03 0.05 0.03 0.04 - 0.01 0.14 0.00 0.16 0.00 0.16 + 0.02 0.19 0.10 0.21 0.00 0.19 + 0.03 0.26 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 23.07 19.88 22.32 + 2.05 27.99 18.70 18.17 15.66 17.59 + 1.59 21.59 13.80 0.15 0.13 0.13 - 0.03 0.17 0.04 0.04 0.00 0.04 + 0.01 0.16 0.03 0.06 0.05 0.05 - 0.01 0.15 0.04 0.17 0.16 0.16 - 0.01 0.22 0.13 0.10 0.09 0.10 + 0.01 0.38 0.09 0.23 0.19 0.22 + 0.01 0.33 0.17 0.08 0.07 0.07 - 0.01 0.18 0.06 1.48 1.39 1.44 - 0.02 2.35 1.36 0.14 0.13 0.14 + 0.01 0.33 0.10 0.27 0.24 0.25 - 0.02 0.34 0.10 0.09 0.09 0.09 - 0.02 0.17 0.07 29.59 27.71 28.25 + 0.03 32.50 22.58 0.25 0.00 0.19 - 0.03 1.35 0.19 0.05 0.03 0.05 + 0.01 0.05 0.02 0.05 0.04 0.04 - 0.01 0.06 0.04 0.24 0.00 0.13 + 0.11 0.24 0.01 0.06 0.05 0.06 + 0.01 0.12 0.04 0.16 0.13 0.14 - 0.02 0.26 0.12 0.32 0.29 0.31 + 0.02 0.66 0.27 2.99 2.82 2.94 + 0.03 4.90 2.60 3.85 3.58 3.75 + 0.10 5.52 3.45 0.05 0.04 0.04 + 0.01 0.10 0.02 0.18 0.15 0.16 - 0.01 0.20 0.10 0.71 0.68 0.71 + 0.01 1.22 0.65 0.56 0.54 0.56 + 0.02 0.89 0.51 0.27 0.26 0.27 + 0.01 1.36 0.26 0.36 0.34 0.35 + 0.02 0.56 0.16 35.10 32.75 35.10 + 1.60 40.00 31.83 0.14 0.13 0.13 - 0.01 0.27 0.13 0.03 0.03 0.03 - 0.01 0.09 0.03 0.40 0.33 0.33 - 0.03 0.71 0.17 0.32 0.26 0.26 - 0.00 0.54 0.12 0.09 0.07 0.08 + 0.01 0.23 0.05 0.80 0.64 0.68 - 0.04 4.43 0.64 0.60 0.51 0.54 - 0.04 3.46 0.51 0.05 0.05 0.05 - 0.01 0.12 0.03

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Polaris Mater T 121 PolyMet Mng* X 531 PolyMet Mng T 2 Portage Res* O 3931 Portofino Res V 885 Potash Corp SK* N 25132 Potash Corp SK T 7192 Potash Ridge T 2936 Potash Ridge* O 118 Power Metals V 1160 PPX Mining V 48 Precipitate Gl V 772 Premier Gold M T 2455 Premium Expl* O 24 Pretium Res* N 9540 Pretium Res T 3246 Primero Mng T 9202 Primero Mng* N 16799 Prize Mng V 197 Probe Metals* O 728 Probe Metals V 755 T 55 Prophecy Coal Prophecy Coal* O 6 Prospector Res V 7 Prosper Gold V 248 Prospero Silvr V 141 O 8 Prospero Silvr* Providence V 917 PUF Vent Inc 731 18 PUF Vent Inc * O Pure Energy V 468 Pure Energy* O 686 Pure Gold Mg V 832 Pure Gold Mg* O 171 Pure Nickel* O 248 Pure Nickel V 48 V 1093 Purepoint Uran QMC Quantum Ml V 212 QMX Gold* O 25 QMX Gold V 250 Quartz Mtn Res* O 0 161 Quartz Mtn Res V Quaterra Res V 667 Quaterra Res* O 1005 V 458 Quinto Real

0.93 0.90 0.90 - 0.02 1.48 0.90 0.66 0.62 0.64 - 0.02 0.98 0.57 0.79 0.00 0.79 - 0.01 1.31 0.71 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.06 0.08 + 0.02 0.12 0.04 18.10 17.28 17.52 - 0.53 20.27 15.72 22.94 22.00 22.23 - 0.60 26.62 20.45 0.18 0.13 0.16 - 0.03 0.38 0.13 0.14 0.11 0.11 - 0.03 0.28 0.11 0.30 0.27 0.29 + 0.01 0.55 0.07 0.06 0.05 0.05 - 0.01 0.16 0.05 0.16 0.12 0.16 + 0.04 0.35 0.11 3.46 3.16 3.32 + 0.08 4.94 1.87 0.01 0.00 0.01 - 0.00 0.03 0.00 8.98 7.96 8.23 - 0.67 12.53 6.82 11.80 10.12 10.44 - 0.86 16.48 9.17 0.47 0.23 0.24 - 0.22 2.43 0.24 0.37 0.18 0.19 - 0.18 1.86 0.18 0.37 0.30 0.30 - 0.05 0.72 0.01 1.11 1.05 1.10 + 0.03 1.66 0.75 1.41 1.30 1.40 + 0.06 2.18 0.99 3.64 3.20 3.63 + 0.23 7.19 2.75 2.85 0.00 2.80 + 0.27 5.17 2.21 1.10 0.00 1.08 - 0.02 1.90 0.03 0.20 0.18 0.18 - 0.03 0.44 0.13 0.29 0.27 0.27 - 0.02 0.38 0.23 0.24 0.22 0.22 - 0.02 0.26 0.19 0.26 0.19 0.21 - 0.02 0.26 0.07 0.39 0.34 0.37 + 0.02 0.47 0.07 0.31 0.00 0.29 + 0.01 0.35 0.06 0.60 0.55 0.55 - 0.02 0.88 0.49 0.48 0.43 0.44 - 0.02 0.70 0.36 0.59 0.51 0.58 + 0.03 0.76 0.40 0.47 0.41 0.45 + 0.03 0.59 0.29 0.00 0.00 0.00 + 0.00 0.03 0.00 0.02 0.02 0.02 + 0.01 0.03 0.01 0.07 0.07 0.07 + 0.01 0.19 0.06 0.13 0.10 0.12 + 0.01 0.19 0.04 0.28 0.26 0.26 - 0.02 0.28 0.03 0.38 0.33 0.35 - 0.01 0.40 0.04 0.05 0.00 0.05 + 0.01 0.07 0.03 0.12 0.06 0.12 + 0.06 0.12 0.04 0.12 0.09 0.12 + 0.02 0.15 0.06 0.10 0.07 0.08 - 0.01 0.13 0.03 0.06 0.05 0.05 - 0.01 0.18 0.05

Rackla Mtls* O 6 Rackla Mtls V 94 Radisson Mng V 168 Radius Gold V 452 Rae-Wallace Mg* O 171 Rainforest Res* O 4 71 Rainy Mtn Royl V Rainy Mtn Royl* O 258 Randgold Res* D 3287 Randsburg Intl V 34 Rapier Gold V 646 Raptor Res* O 3408 Rare Element* O 600 RB Energy* O 583 Red Eagle Expl V 224 Red Eagle Mng* O 123 Red Eagle Mng T 1460 Red Rock Enrgy V 6 Redhawk Res T 120 Redstar Gold V 2393 Redstar Gold* O 1854 Regulus Res V 133 Renaissance Gd* O 108 Renaissance Gd V 519 Renforth Res 154 Resource Cap* O 82 Resource Cap V 126 Revival Gold V 99 Rheingold Expl 125 Richmond Mnls V 306 Richmont Mines* N 1580 Richmont Mines T 1796 Rio Silver V 379 O 2 Rio Tinto* Rio Tinto* N 18210 Rio Tinto* O 1 338 Rise Gold Corp Riverside Res* O 57 Riverside Res V 228 Rizal Res V 45 RJK Explor V 512 RJK Explor* O 93 Robex Res V 566 V 27 Rochester Res Rock Tech Lith V 133 Rockcliff Cop V 1331 Rockcliff Cop* O 60 Rockhaven Res V 96 Rockshield Cap 120 Rockwealth Res V 37 Rodinia Lithm V 47 Rogue Res* O 5 Rogue Res V 287 Romios Gold Rs* O 39 Romios Gold Rs V 894 Rosita Mg Corp V 88 Rotation Mnls V 219 Roughrider Exp V 27 Roxgold* O 22 Roxgold T 893 Royal Gold* D 2912 Royal Nickel T 1546 Royal Nickel* O 36 Royal Rd Mnrls V 109 Royal Std Mnrl* O 240 Rubicon Mnrls* O 6 Rubicon Mnrls T 70 Rugby Mng V 238 Running Fox Rs V 37 Rupert Res V 86 Rusoro Mng* O 115 Rusoro Mng V 221

0.09 0.00 0.08 - 0.00 0.17 0.05 0.12 0.11 0.11 - 0.01 0.22 0.08 0.16 0.14 0.15 + 0.01 0.20 0.12 0.12 0.10 0.12 + 0.01 0.17 0.09 0.01 0.01 0.01 + 0.00 0.03 0.00 6.50 0.00 5.03 - 1.37 8.25 1.00 0.09 0.08 0.08 - 0.01 0.18 0.04 0.07 0.06 0.07 + 0.00 0.14 0.04 97.95 92.67 97.94 + 3.77 111.80 67.54 0.02 0.01 0.02 + 0.01 0.03 0.01 0.09 0.08 0.08 - 0.02 0.17 0.08 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.08 0.09 - 0.03 0.53 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.09 0.10 + 0.01 0.30 0.08 0.27 0.23 0.26 + 0.03 0.79 0.17 0.33 0.28 0.33 + 0.04 1.05 0.23 0.28 0.00 0.28 - 0.10 0.38 0.07 0.03 0.02 0.03 - 0.01 0.09 0.02 0.13 0.11 0.12 - 0.01 0.17 0.10 0.11 0.09 0.09 - 0.01 0.15 0.08 1.59 1.50 1.55 - 0.01 2.00 1.05 0.24 0.21 0.22 - 0.02 0.51 0.20 0.30 0.26 0.27 - 0.03 0.65 0.25 0.07 0.06 0.06 - 0.01 0.09 0.02 0.11 0.11 0.11 - 0.02 0.26 0.11 0.18 0.16 0.16 - 0.02 0.35 0.14 0.70 0.53 0.70 + 0.17 0.70 0.08 0.33 0.30 0.31 - 0.02 0.40 0.02 0.06 0.00 0.06 + 0.01 0.07 0.03 8.15 7.50 7.85 + 0.30 11.66 5.45 10.33 9.57 9.92 + 0.29 15.01 7.36 0.06 0.05 0.05 - 0.01 0.18 0.05 47.25 0.00 44.95 - 2.30 47.25 29.75 48.03 44.24 44.61 - 2.22 48.03 29.62 53.23 0.00 51.25 + 0.35 53.23 35.38 0.16 0.09 0.16 + 0.01 0.40 0.09 0.30 0.27 0.28 + 0.00 0.46 0.24 0.38 0.34 0.36 + 0.02 0.60 0.31 0.04 0.03 0.03 - 0.01 0.06 0.02 0.12 0.09 0.11 + 0.01 0.25 0.08 0.10 0.08 0.10 + 0.00 0.19 0.06 0.10 0.09 0.09 - 0.01 0.12 0.06 0.04 0.04 0.04 + 0.01 0.10 0.03 1.11 1.00 1.10 + 0.03 1.45 0.52 0.09 0.08 0.08 - 0.01 0.16 0.06 0.07 0.00 0.07 + 0.01 0.12 0.05 0.16 0.14 0.16 + 0.01 0.27 0.14 0.12 0.10 0.10 - 0.02 0.16 0.04 0.23 0.19 0.19 - 0.02 0.35 0.15 0.10 0.09 0.09 - 0.01 0.16 0.08 0.42 0.00 0.27 - 0.16 0.56 0.25 0.54 0.00 0.36 - 0.15 0.90 0.30 0.06 0.04 0.06 + 0.01 0.08 0.03 0.08 0.06 0.08 + 0.02 0.10 0.04 0.04 0.03 0.03 - 0.01 0.10 0.03 0.20 0.12 0.20 + 0.08 0.40 0.12 0.06 0.00 0.06 - 0.02 0.12 0.05 0.90 0.84 0.90 + 0.06 1.35 0.78 1.18 1.05 1.17 + 0.08 1.76 1.04 88.03 83.42 87.23 + 1.96 88.03 60.21 0.21 0.19 0.20 + 0.01 0.45 0.17 0.16 0.14 0.16 + 0.01 0.34 0.12 0.08 0.08 0.08 - 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 1.25 1.00 1.01 - 0.15 8.90 1.00 1.55 1.45 1.53 + 0.04 2.39 1.30 0.29 0.24 0.25 - 0.04 0.58 0.23 0.03 0.03 0.03 - 0.01 0.04 0.02 1.00 0.94 0.95 - 0.04 1.47 0.60 0.12 0.11 0.11 - 0.01 0.31 0.06 0.16 0.14 0.14 - 0.02 0.41 0.09

Sabina Gd&Slvr T 1778 Sabina Gd&Slvr* O 548 Sage Gold V 333 Sage Gold* O 53 Salazar Res V 407 Salazar Res* O 35 Sama Res V 468 Samex Mng* O 17 San Marco Res V 459 San Marco Res* O 106 Sandspring Res V 364 Sandspring Res* O 191 Sandstorm Gold* X 12064 Sandstorm Gold T 3314 Sandy Lake Gld V 51 Santa Fe Gold* O 424 Santacruz Silv V 1371 Sarama Res V 400 Sarissa Res* O 1081 Satori Res V 732 Saturn Mnrls V 414 Saville Res V 42 Scandium Intl* O 156 Scandium Intl T 501 ScoZinc Mg V 531 ScoZinc Mg* O 8 Seabridge Gld T 332 Seabridge Gld* N 1569 Searchlight* O 240 Secova Mtls* O 194 Select Sands V 1930 Semafo T 8566 Senator Mnrls* O 4 Senator Mnrls V 655 Serengeti Res V 534 Shamrock Ent 628 Sherritt Intl T 2351 Shore Gold T 989 Sibanye Gold* N 14273 Sidney Resrces* O 1541 Sienna Res V 25 Sierra Metals T 18 Sierra Metals* X 55 Signature Res V 225

2.29 2.08 2.27 + 0.11 2.42 0.84 1.80 1.65 1.79 + 0.09 1.94 0.61 0.20 0.19 0.20 + 0.01 0.27 0.09 0.16 0.15 0.16 + 0.00 0.19 0.07 0.12 0.08 0.12 + 0.03 0.18 0.08 0.07 0.06 0.06 - 0.01 0.14 0.06 0.16 0.13 0.13 - 0.01 0.25 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.26 0.24 0.25 - 0.01 0.30 0.13 0.20 0.19 0.20 + 0.00 0.22 0.10 0.40 0.36 0.39 + 0.01 0.84 0.31 0.32 0.28 0.31 + 0.01 0.66 0.23 4.47 3.89 4.34 + 0.47 6.75 3.18 5.67 4.84 5.49 + 0.52 8.73 4.29 0.06 0.00 0.06 + 0.01 0.25 0.04 0.10 0.09 0.10 + 0.01 0.23 0.03 0.20 0.17 0.20 + 0.02 0.59 0.16 0.17 0.15 0.16 - 0.01 0.42 0.13 0.01 0.01 0.01 - 0.00 0.01 0.00 0.20 0.18 0.18 - 0.01 0.30 0.07 0.10 0.08 0.09 - 0.01 0.12 0.07 0.19 0.15 0.15 - 0.04 0.40 0.08 0.25 0.23 0.23 - 0.02 0.35 0.10 0.32 0.29 0.29 - 0.03 0.48 0.14 1.60 1.50 1.55 + 0.05 1.60 0.76 1.26 0.00 1.23 - 0.05 1.29 0.62 14.48 13.62 14.31 + 0.14 17.73 9.99 11.35 10.70 11.30 + 0.15 13.50 7.35 0.04 0.04 0.04 - 0.01 0.13 0.02 0.05 0.04 0.04 + 0.01 0.09 0.03 0.59 0.48 0.55 - 0.04 2.04 0.35 3.38 2.70 3.37 + 0.58 6.93 2.68 1.04 0.97 0.97 - 0.07 1.05 0.43 1.32 1.23 1.25 + 0.02 1.59 0.36 0.20 0.17 0.19 - 0.02 0.33 0.11 0.04 0.03 0.03 - 0.01 0.06 0.02 0.85 0.79 0.80 - 0.04 1.67 0.74 0.29 0.23 0.24 - 0.04 0.44 0.17 5.92 5.32 5.88 + 0.35 20.85 4.43 0.01 0.01 0.01 + 0.00 0.02 0.00 0.10 0.00 0.09 - 0.01 0.27 0.09 3.25 0.00 3.05 - 0.09 3.75 1.70 2.50 2.35 2.40 + 0.02 3.10 1.29 0.11 0.09 0.10 + 0.01 0.19 0.07

2017-08-16 12:02 PM

WWW.NORTHERNMINER.COM

AUGUST 21–SEPTEMBER 3, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Silver Bear Rs T 357 Silver Bear Rs* O 33 Silver Bull Re* O 1753 Silver Dragon* O 313 Silver Grail V 1117 Silver Mtn Mns V 78 Silver Predatr* O 5 Silver Pursuit V 60 Silver Range V 79 Silver Spruce V 123 Silver Std Res T 1460 Silver Std Res* D 7171 Silver Wheaton T 6227 N 19809 Silver Wheaton* Silvercorp Met T 2670 Silvercorp Met* X 1176 SilverCrest Mt* O 143 SilverCrest Mt V 239 Silvermet V 74 O 17 Silverstar Res* Sirios Res* O 35 Sirios Res V 401 Skeena Res* O 130 V 154 Skyharbour Res Skyharbour Res* O 95 Slam Explor V 216 SolGold plc* O 104 SolGold plc T 119 Solitario Ex&R T 167 X 324 Solitario Ex&R* Sonora Gld & S V 230 Sonora Res * O 58 Sonoro Mtls V 60 Southern Copp* N 3469 Southern Lith V 6305 Southern Silvr* O 161 Southern Silvr V 282 Spanish Mtn Gd* O 133 430 Spanish Mtn Gd V Sparton Res V 707 Sparton Res* O 7 O 130 Spearmint Res* Spearmint Res V 6035 Sphinx Res V 1670 Squire Mg Ltd 36 SRG Graphite V 388 Stakeholdr Gld* O 21 Standard Lith V 725 O 66 Standard Metal* Stans Energy V 299 Stans Energy* O 176 Starcore Intl T 188 Stellar Africa V 15 Stelmine Can V 63 Sterling Grp* O 38 Stina Res 1109 Stina Res* O 52 Stockport Expl V 395 Stone Ridge Ex 200 Stornoway Diam* O 10 Stornoway Diam T 705 Strategic Metl V 352 Strategic Metl* O 299 O 15 Strikepoint Gd* Strongbow Expl V 154 Stroud Res V 334 Sultan Mnrls V 266 Suncor Energy T 13647 Suncor Energy* N 14396 Superior Gold V 32 Superior Mng V 22

0.27 0.22 0.27 + 0.05 0.53 0.21 0.20 0.15 0.20 + 0.03 0.41 0.15 0.09 0.06 0.09 + 0.01 0.20 0.06 0.02 0.01 0.01 - 0.00 0.03 0.00 0.12 0.05 0.08 + 0.02 0.14 0.05 0.03 0.02 0.03 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.00 0.08 0.02 0.19 0.17 0.17 - 0.03 0.23 0.07 0.22 0.19 0.19 - 0.02 0.29 0.08 0.07 0.06 0.06 - 0.01 0.14 0.05 13.17 11.19 12.87 + 1.38 20.48 10.32 10.36 8.94 10.14 + 1.10 10.36 8.89 25.70 23.73 24.19 - 0.57 40.80 22.63 20.25 18.72 19.04 - 0.52 31.13 16.94 3.62 3.39 3.51 - 0.07 5.90 2.82 2.85 2.67 2.75 - 0.05 4.50 2.07 1.54 1.29 1.35 - 0.13 3.13 1.08 1.94 1.63 1.69 - 0.17 4.09 1.45 0.11 0.09 0.10 + 0.02 0.13 0.03 3.15 2.84 3.15 + 0.05 3.20 1.51 0.32 0.31 0.31 - 0.01 1.13 0.21 0.41 0.38 0.39 - 0.01 1.42 0.25 0.06 0.04 0.05 + 0.01 0.15 0.03 0.49 0.44 0.44 - 0.05 0.70 0.24 0.38 0.35 0.35 - 0.01 0.54 0.18 0.04 0.00 0.03 - 0.01 0.15 0.03 0.52 0.51 0.51 - 0.01 0.63 0.25 0.75 0.66 0.72 + 0.06 0.95 0.56 0.90 0.81 0.83 - 0.03 1.29 0.76 0.75 0.64 0.65 - 0.18 0.91 0.58 0.06 0.05 0.06 + 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.12 0.12 - 0.01 0.16 0.08 39.47 37.13 38.38 - 0.34 39.94 24.90 0.29 0.23 0.24 - 0.03 0.49 0.08 0.31 0.27 0.30 - 0.01 0.52 0.19 0.39 0.35 0.37 - 0.01 0.66 0.27 0.11 0.09 0.11 - 0.00 0.17 0.06 0.14 0.12 0.13 + 0.01 0.23 0.09 0.05 0.04 0.04 - 0.01 0.09 0.04 0.03 0.03 0.03 - 0.00 0.07 0.02 0.03 0.03 0.03 - 0.00 0.03 0.02 0.04 0.03 0.04 + 0.01 0.04 0.02 0.07 0.05 0.05 + 0.01 0.14 0.04 0.14 0.12 0.14 + 0.02 0.16 0.05 0.52 0.45 0.50 + 0.03 0.60 0.15 0.27 0.24 0.27 + 0.03 0.67 0.17 1.05 0.92 1.05 + 0.11 1.25 0.30 0.12 0.08 0.08 - 0.02 0.22 0.04 0.05 0.04 0.04 - 0.01 0.09 0.02 0.03 0.03 0.03 - 0.01 0.06 0.01 0.40 0.36 0.37 - 0.03 0.81 0.36 0.04 0.00 0.04 - 0.01 0.07 0.02 0.25 0.24 0.24 - 0.01 0.38 0.15 0.08 0.07 0.08 + 0.01 0.18 0.02 0.28 0.22 0.25 - 0.01 0.35 0.07 0.19 0.18 0.19 + 0.00 0.26 0.05 0.03 0.02 0.02 - 0.01 0.06 0.02 0.06 0.00 0.06 + 0.01 0.17 0.04 0.64 0.60 0.61 - 0.03 0.96 0.54 0.81 0.76 0.78 - 0.02 1.33 0.69 0.52 0.41 0.52 + 0.12 0.83 0.37 0.41 0.32 0.41 + 0.09 0.65 0.28 0.31 0.31 0.31 + 0.00 0.47 0.14 0.15 0.13 0.15 + 0.01 0.27 0.12 0.02 0.01 0.01 - 0.01 0.03 0.01 0.10 0.08 0.09 + 0.01 0.15 0.06 41.91 40.94 41.11 - 0.62 44.90 34.01 33.24 32.23 32.41 - 0.58 33.79 25.70 1.04 0.00 1.00 - 0.02 1.25 0.85 0.13 0.08 0.09 - 0.05 0.40 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Supreme Metals 1625 0.05 0.04 0.04 - 0.01 0.15 0.02 0.02 + 0.00 0.06 0.02 Sutter Gold* O 229 0.02 0.02 Syrah Res* O 11 2.20 2.13 2.13 - 0.04 3.56 1.68

T Tahoe Res* N 17230 Tahoe Res T 7141 Tajiri Res V 155 Taku Gold 81 Tamino Mnrls* O 156 Tanqueray Expl V 356 Tanzania Rlty T 105 Tanzania Rlty* X 1142 Tarku Res V 424 Tartisan Res 62 Tasca Res V 202 Taseko Mines* X 4125 Taseko Mines T 2916 Teck Res T 11823 Teck Res* N 18259 Teck Res T 15 Telson Res * O 271 Telson Res V 1030 Tembo Gold* O 39 Teranga Gold T 1671 Teranga Gold* O 54 Teras Res V 202 Teras Res* O 80 Terraco Gold V 117 Terrax Mnrls* O 41 Terrax Mnrls V 529 Terreno Res V 218 Teslin Rvr Res V 941 Teuton Res V 2611 Teuton Res* O 61 Texas Mineral* O 367 Theia Res V 38 Themac Res V 172 Thor Expl V 12 Thunderstruck V 747 Till Capital V 1 Till Capital* D 7 Timberline Res* O 73 Timberline Res V 9 Timmins Gold* X 545 Timmins Gold T 540 Tinka Res V 344 Tinka Res* O 85 Tintina Res V 775 Tintina Res* O 175 Tirex Res V 301 Titanium Corp V 88 TMAC Resource* O 6 TMAC Resources T 196 TNR Gold V 758 Toachi Mg Inc V 58 TomaGold V 1382 Tombstone Expl* O 4125 Tonogold Res* O 102 Torex Gold* O 51 Torex Gold T 2516 Toron, Inc* O 1561 Tower Res V 301 Tower Res* O 29 Transatlan Mng V 386 Treasury Metal* O 45 Treasury Metal T 435 Trecora Res* N 213 Trek Mining V 756 Trek Mining* O 139

5.63 4.98 5.51 + 0.27 17.01 4.93 7.14 6.32 6.99 + 0.37 22.10 6.32 0.14 0.13 0.13 - 0.01 0.21 0.06 0.23 0.00 0.21 - 0.02 0.25 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 1.41 1.21 1.22 - 0.17 1.56 0.03 0.53 0.47 0.49 - 0.03 1.51 0.47 0.42 0.38 0.39 - 0.01 1.17 0.38 0.05 0.04 0.05 + 0.01 0.10 0.03 0.09 0.07 0.07 - 0.02 0.18 0.03 0.08 0.05 0.05 - 0.02 0.21 0.05 1.67 1.53 1.60 + 0.04 1.67 0.42 2.06 1.89 2.01 + 0.06 2.12 0.55 29.14 27.35 28.12 - 0.14 35.67 19.27 22.98 21.70 22.18 - 0.16 26.60 14.56 29.69 28.24 28.60 - 0.23 36.49 19.75 0.48 0.27 0.46 + 0.15 0.48 0.11 0.60 0.37 0.59 + 0.18 0.60 0.16 0.02 0.02 0.02 - 0.00 0.06 0.01 3.20 2.95 2.98 - 0.20 7.00 2.97 2.65 2.31 2.36 - 0.16 3.40 2.21 0.12 0.10 0.10 - 0.01 0.21 0.08 0.09 0.08 0.08 - 0.01 0.14 0.07 0.10 0.09 0.09 - 0.01 0.19 0.09 0.47 0.43 0.44 + 0.00 0.80 0.30 0.60 0.52 0.55 + 0.03 1.05 0.40 0.04 0.04 0.04 - 0.01 0.08 0.03 0.71 0.64 0.64 - 0.07 0.76 0.21 0.35 0.21 0.28 + 0.05 0.45 0.15 0.26 0.18 0.21 + 0.03 0.33 0.11 0.23 0.19 0.22 - 0.01 0.39 0.09 0.12 0.07 0.12 + 0.05 0.20 0.07 0.04 0.03 0.04 + 0.01 0.07 0.03 0.20 0.20 0.20 + 0.01 0.25 0.08 0.13 0.08 0.10 + 0.02 0.14 0.05 4.47 0.00 4.47 - 0.53 6.00 4.13 4.04 4.00 4.00 - 0.01 5.00 3.38 0.40 0.35 0.35 - 0.01 0.53 0.02 0.48 0.00 0.47 - 0.02 0.73 0.32 4.21 3.80 4.11 + 0.26 6.28 2.70 5.32 4.83 5.18 + 0.32 8.00 3.70 0.63 0.58 0.59 + 0.01 0.78 0.17 0.51 0.44 0.47 - 0.00 0.59 0.13 0.11 0.10 0.10 - 0.01 0.14 0.06 0.09 0.08 0.09 + 0.00 0.11 0.04 0.05 0.04 0.04 - 0.01 0.12 0.03 1.46 1.35 1.36 - 0.05 1.46 0.41 9.24 8.50 8.77 - 0.28 15.16 8.50 11.93 10.74 11.13 - 0.26 20.18 10.68 0.05 0.04 0.04 - 0.01 0.06 0.02 0.46 0.44 0.46 + 0.02 0.62 0.31 0.09 0.07 0.09 + 0.01 0.16 0.06 0.01 0.01 0.01 + 0.00 0.02 0.00 0.06 0.04 0.04 - 0.02 0.13 0.02 16.40 15.05 15.20 - 0.98 27.34 12.73 20.94 19.03 19.24 - 1.27 35.17 17.05 0.01 0.00 0.00 + 0.00 0.01 0.00 0.19 0.16 0.18 - 0.01 0.34 0.08 0.15 0.15 0.15 - 0.01 0.24 0.11 0.09 0.00 0.09 + 0.01 0.90 0.07 0.51 0.30 0.49 - 0.02 0.67 0.30 0.65 0.62 0.62 - 0.02 0.90 0.48 12.45 11.55 12.15 + 0.05 14.80 9.75 1.09 0.96 1.02 + 0.03 2.55 0.96 0.86 0.78 0.81 + 0.02 1.64 0.75

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Trevali Mng T 10289 Trevali Mng* O 125 Tri Origin Exp V 122 Trifecta Gold V 107 Trifecta Gold* O 24 Trilogy Mtls* X 3943 Trilogy Mtls T 296 TriMetals Mng* O 227 TriMetals Mng* O 55 TriMetals Mng T 213 Trio Resources* O 180 TriStar Gold* O 95 Triumph Gold* O 296 Triumph Gold V 538 Troy Enrgy V 50 Tudor Gold V 353 O 10 Tudor Gold * Tungsten Corp* O 136 Turquoise HIl* N 39782 Turquoise HIl T 4030 Typhoon Expl V 27

1.34 1.22 1.29 + 0.03 1.57 0.85 1.06 0.93 1.01 + 0.01 1.16 0.66 0.04 0.04 0.04 - 0.01 0.08 0.03 0.20 0.19 0.19 - 0.01 0.40 0.18 0.15 0.00 0.14 - 0.01 0.20 0.14 1.35 1.09 1.15 - 0.05 1.35 0.41 1.60 1.38 1.45 - 0.03 1.60 0.58 0.18 0.16 0.16 - 0.02 0.24 0.13 0.18 0.16 0.18 - 0.00 0.24 0.11 0.22 0.21 0.21 - 0.02 0.31 0.18 0.00 0.00 0.00 + 0.00 0.00 0.00 0.28 0.26 0.26 - 0.01 0.41 0.15 0.38 0.27 0.37 + 0.07 0.38 0.12 0.48 0.34 0.46 + 0.09 0.50 0.16 0.15 0.10 0.15 + 0.05 0.15 0.01 0.89 0.74 0.79 - 0.04 1.84 0.37 0.70 0.64 0.64 - 0.02 1.26 0.33 0.00 0.00 0.00 - 0.00 0.00 0.00 3.32 3.04 3.07 - 0.21 3.80 2.44 4.19 3.85 3.90 - 0.24 5.03 3.25 0.08 0.07 0.08 + 0.01 0.15 0.06

U.S. Lithium* O 1194 U3O8 Corp* O 72 U3O8 Corp T 2183 Ucore Rare Mtl V 592 191 Ucore Rare Mtl* O Ultra Lithium* O 57 Ultra Lithium V 71 Umbral Enrgy 11746 Umbral Enrgy* O 37 Unigold* O 40 Unigold V 249 United Res Hdg* O 24 United Silver* O 24 United States S* N 57999 Unity Energy V 23 Upper Canyon V 1298 Ur-Energy* X 1111 Ur-Energy T 215 Uracan Res V 84 Uranium Energy* X 6905 Uranium Hunter* O 0 Uranium Res* D 1620 URZ Energy V 83 US Cobalt * O 587 US Cobalt V 608 US Energy* D 77 US Precious M* O 593 US Tungsten* O 21 USCorp* O 107 N 152432 Vale* Vale* N 33987 Valencia Vent V 12 Valley High Mg* O 1230 Valterra Res* O 82 Vanadium One V 2921 Vanadiumcorp* O 205 Vanadiumcorp V 825 Vangold Res V 22 Vedanta* N 2146 Velocity Mnrls V 757 Vendetta Mng V 799 Vendetta Mng* O 143 Venture Mnrls* O 50 Verde Potash T 61 Verde Res* O 68 Veris Gold* O 116 Victoria Gold V 2562

0.05 0.03 0.04 - 0.00 0.08 0.01 0.02 0.00 0.02 - 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.28 0.26 0.26 - 0.03 0.40 0.25 0.23 0.20 0.21 - 0.02 0.32 0.18 0.14 0.14 0.14 - 0.00 0.18 0.11 0.17 0.16 0.17 + 0.01 0.26 0.14 0.12 0.09 0.11 + 0.01 0.13 0.02 0.09 0.07 0.09 + 0.00 0.09 0.02 0.20 0.18 0.20 - 0.00 0.46 0.12 0.27 0.22 0.26 + 0.01 0.62 0.15 0.01 0.01 0.01 - 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 24.76 22.94 23.16 - 0.39 41.83 15.72 0.15 0.12 0.13 - 0.02 0.50 0.11 0.06 0.01 0.03 + 0.01 0.06 0.01 0.64 0.57 0.59 - 0.02 0.91 0.41 0.79 0.73 0.75 - 0.03 1.19 0.55 0.04 0.03 0.03 - 0.01 0.10 0.02 1.48 1.27 1.32 - 0.14 1.92 0.81 1.20 0.00 1.20 + 0.20 3.00 0.85 1.48 1.33 1.40 + 0.04 4.00 0.97 0.72 0.65 0.65 - 0.02 0.79 0.20 0.45 0.39 0.41 - 0.03 0.88 0.27 0.56 0.50 0.52 - 0.02 0.99 0.50 0.74 0.70 0.71 - 0.02 2.74 0.60 0.01 0.01 0.01 + 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 10.40 9.56 9.69 - 0.28 11.70 4.86 9.74 8.94 9.01 - 0.29 11.10 4.13 0.30 0.00 0.14 - 0.05 0.30 0.08 0.00 0.00 0.00 + 0.00 0.02 0.00 0.03 0.02 0.03 - 0.00 0.07 0.02 0.14 0.12 0.12 - 0.02 0.19 0.08 0.11 0.10 0.11 + 0.00 0.13 0.02 0.14 0.12 0.14 + 0.01 0.18 0.04 0.10 0.09 0.09 - 0.02 0.22 0.03 18.87 17.27 17.83 - 0.28 18.87 9.42 0.29 0.25 0.26 - 0.03 0.34 0.16 0.31 0.29 0.30 - 0.01 0.35 0.06 0.25 0.23 0.24 - 0.01 0.26 0.08 0.02 0.02 0.02 + 0.00 0.03 0.02 0.93 0.82 0.87 - 0.02 1.77 0.20 0.09 0.08 0.08 + 0.00 0.20 0.02 0.02 0.00 0.01 + 0.01 0.02 0.00 0.54 0.49 0.53 + 0.02 0.74 0.42

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victory Nickel 92 Victory Vent V 2196 Virginia Enrgy V 18 O 25 Virginia Enrgy* Viscount Mng V 111 137 Visible Gold M V Vista Gold* X 2187 Vista Gold T 103 Volcanic Gold V 98 Voyageur Min V 60 VR Resources V 565

0.02 0.05 + 0.01 0.09 0.05 0.04 0.02 0.03 - 0.01 0.19 0.04 0.03 0.04 0.18 + 0.02 0.38 0.18 0.00 0.02 0.14 + 0.01 0.54 0.14 0.00 0.22 0.29 + 0.01 0.81 0.29 0.28 0.16 0.14 0.14 - 0.01 0.40 0.14 0.63 0.79 - 0.02 1.24 0.83 0.63 0.89 1.00 - 0.03 1.61 1.04 0.89 0.14 0.45 - 0.01 0.65 0.45 0.43 0.06 0.07 + 0.01 0.13 0.07 0.06 0.14 0.25 - 0.04 0.51 0.29 0.25

Walker River V 312 O 261 Walter Energy* 634 War Eagle Mg V WCB Res V 90 Wealth Mnrls* O 217 Wealth Mnrls V 382 O 109 Wellgreen Plat* Wellgreen Plat T 134 V 8 Wescan Gldflds T 1156 Wesdome Gold 342 West High Yld V West Kirkland V 1036 132 West Kirkland * O 13 West Red Lake* O 67 West Red Lake T 330 Western Copper 73 Western Pac Rs V T 219 Western Potash Western Res* O 37 184 Western Troy C V Western Uran 75 Western Uran* O 70 O 765 Westhaven Vent* V 289 Westhaven Vent V 26 Westkam Gold O 221 Westkam Gold* V 45 Westminster Rs Westmoreland* D 2800 Westridge Res V 270 White Gold* O 38 White Gold V 154 263 White Mtn Engy* O O 4 Whitehaven Coa* O 8 Wincash Apolo* 140 Winston Gld Mg* O Wolfden Res* O 100 Wolfden Res V 413 Wolfeye Res V 1463 X-Terra Res V 82 Xander Res V 178 Ximen Mng* O 104 381 XLI Tech Inc* O V 164 Xtierra Xtra-Gold Res T 34 O 17 Xtra-Gold Res* Yamana Gold T 11198 43209 Yamana Gold* N V 13 Yellowhead Mng Yorbeau Res* O 116 Yorbeau Res T 1085 93 O Zadar Vent * O 6 Zenyatta Vent* Zenyatta Vent V 135 Zephyr Mnls V 60 97 Zinc One Res * O

0.07 0.12 - 0.01 0.18 0.13 0.12 0.03 0.04 - 0.00 0.28 0.04 0.03 0.05 0.04 0.04 - 0.01 0.07 0.02 0.03 0.04 + 0.01 0.09 0.04 0.04 0.59 1.48 - 0.09 1.69 1.65 1.44 0.75 1.87 - 0.11 2.10 2.00 1.83 0.16 0.22 - 0.00 0.43 0.23 0.21 0.22 0.29 + 0.02 0.55 0.30 0.27 0.05 0.10 + 0.03 0.13 0.10 0.00 1.50 2.25 + 0.04 4.40 2.30 2.12 0.33 0.28 0.32 - 0.01 0.43 0.09 0.06 0.07 - 0.01 0.17 0.08 0.07 0.07 0.04 0.06 - 0.01 0.13 0.05 0.10 0.31 0.02 0.16 0.00 0.14 - 0.20 0.00 0.18 - 0.01 0.40 0.16 0.85 1.51 - 0.01 2.24 1.65 1.47 0.02 0.02 0.02 - 0.01 0.05 0.01 0.40 0.40 - 0.02 1.80 0.44 0.39 0.33 0.34 + 0.01 0.47 0.34 0.33 0.04 0.03 0.03 - 0.01 0.04 0.01 0.99 1.15 + 0.01 2.80 1.19 1.09 0.80 0.92 - 0.01 2.17 0.95 0.85 0.05 0.08 - 0.00 0.11 0.09 0.08 0.07 0.11 + 0.02 0.16 0.12 0.09 0.02 0.02 - 0.01 0.08 0.02 0.00 0.01 0.01 - 0.01 0.06 0.02 0.01 0.15 0.31 - 0.02 0.80 0.33 0.31 3.19 2.23 2.31 - 0.83 19.92 2.23 0.01 0.25 + 0.06 0.39 0.25 0.19 0.09 1.27 - 0.13 1.73 1.40 1.22 0.09 1.60 - 0.16 2.34 1.76 1.53 0.00 0.00 0.00 + 0.00 0.09 0.00 1.37 2.46 + 0.00 2.50 2.46 2.46 0.03 0.07 - 0.03 0.22 0.10 0.06 0.04 0.03 0.04 + 0.00 0.49 0.03 0.10 0.11 - 0.00 0.12 0.12 0.11 0.08 0.14 - 0.01 0.19 0.16 0.14 0.23 0.98 + 0.09 0.99 0.99 0.77 0.13 0.33 + 0.01 0.40 0.34 0.30 0.26 0.31 - 0.02 0.49 0.33 0.31 0.03 0.04 + 0.00 0.13 0.04 0.04 0.01 0.01 0.01 - 0.00 0.05 0.00 0.02 0.03 - 0.01 0.08 0.03 0.03 0.17 0.31 + 0.01 0.48 0.31 0.30 0.12 0.24 - 0.03 0.36 0.27 0.24 2.84 3.42 + 0.30 7.61 3.44 3.09 2.21 2.69 + 0.24 5.85 2.71 2.43 0.44 0.50 + 0.03 1.20 0.50 0.00 0.05 0.06 + 0.01 0.09 0.06 0.06 0.08 0.09 + 0.01 0.14 0.09 0.08 0.07 0.06 0.06 - 0.01 0.14 0.05 0.49 0.80 - 0.06 1.17 0.86 0.80 0.64 1.04 + 0.02 1.55 1.08 0.99 0.18 0.22 + 0.01 0.42 0.23 0.21 0.38 0.36 0.38 + 0.01 0.81 0.01

W-Z

BID-ASK — AUGUST 7–11, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

BID-ASK - Aug 07 - Aug 11 Acme Res Corp V African Metals V Aftermath Slvr V Aguila Amer Gd V Alba Minerals V Alderon Iron* X Alexandra Cap C Allante Potash V Alliance Mng V Altan Nev Mnls V Altan Rio Mnls V Amanta Res V Amato Expl V Anglo Pac Grp T APAC Res Inc C Arch Coal* N Arco Res V V Arcturus Vent Arian Res V Arrowstar Res V Asbestos Corp V Asian Minl Res V Astar Mnls V Astur Gold V Atlantic Ind V Atlatsa Res* X Aurelius Min V Austin Res V Balto Res V Baroyeca Go&Si V BC Moly V Bearclaw Cap V Bethpage Cap V Bird River Res C Black Bull Res V Black Isle Res V Boss Power V Braveheart Res V Brigadier Gold V Buccaneer Gold V Bullman Mnls V Canex Energy V Cartier Iron C V Cascade Res Cassius Vents V Catalina Gold V Cdn Metals C Century Global T Chieftain Mtls V Chinapintza Mg V Cicada Vents V Cliffs Nat Res* N CMX Gold & Sil C Commander Res V Compass Gold V Compliance Egy V Cons Westview V Copper Ck Gold V Copper One V Corazon Gold V Cricket Res V CWN M’g Acq V Cyprium Mng V Dawson Gold V Desert Star V Duncan Park H V DuSolo Fertil* O DV Resources V EastCoal Inc V Eastfield Res V Edgewater Expl V Endurance Gold V European Metal C Eurotin V EVI Global Grp C Excalibur Res C Falcon Gold V Fieldex Expl V Finlay Minrls V Finore Mng C Fiore Explor V Fire River Gol V Firesteel Res V First Cobalt V First Idaho V Freedom Egy V Freeport Res V Full Metal Mnl V GAR Limited C General Moly T Gentor Res V

20-22_Aug21_StockTables.indd 22

0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.22 0.27 0.21 1.00 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.09 0.12 0.09 0.10 0.07 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.02 0.02 0.02 0.03 0.02 0.03 0.02 0.04 0.01 0.02 0.01 0.04 0.06 0.05 0.07 2.00 2.40 2.00 2.02 0.04 0.06 0.06 0.14 ... ... 0.58 0.08 0.12 0.08 0.12 0.11 0.18 0.11 0.25 0.01 0.02 0.01 0.02 0.05 0.05 0.05 0.17 0.30 0.37 0.30 0.30 0.02 0.03 0.02 0.04 0.31 1.00 0.35 0.40 0.06 0.08 0.08 0.10 0.04 0.05 0.04 0.05 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.02 0.02 0.02 0.05 0.02 0.03 0.02 0.02 0.01 0.02 0.02 0.02 0.05 0.05 0.05 0.09 0.02 0.05 0.04 0.06 0.07 0.15 0.07 0.16 0.05 0.08 0.07 0.09 0.10 0.11 0.10 0.15 0.04 0.05 0.05 0.06 0.17 0.20 0.17 0.05 0.06 0.07 0.08 0.17 0.25 0.17 0.30 0.05 0.05 0.05 0.08 0.07 0.10 0.10 0.12 0.33 0.40 0.32 0.75 0.06 0.08 0.06 0.16 0.02 0.04 0.02 0.05 0.04 0.06 0.04 0.06 0.05 0.07 0.08 0.08 0.06 0.09 0.06 0.25 0.18 0.20 0.19 0.72 ... ... 0.05 0.23 0.01 0.10 0.02 0.02 0.01 0.01 0.01 0.01 1.45 3.20 1.43 7.17 0.10 0.10 0.10 0.10 0.04 0.05 0.04 0.08 0.06 0.08 0.07 0.12 0.03 0.03 0.03 0.25 0.36 0.70 0.36 0.56 0.04 0.05 0.04 0.11 0.03 0.04 0.04 0.30 0.52 0.55 0.55 0.55 0.22 0.35 0.21 0.30 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.39 0.50 0.45 0.47 0.01 0.02 0.01 0.03 ... ... 0.23 0.23 0.51 0.59 0.55 0.63 0.01 0.01 0.01 0.02 0.04 0.05 0.05 0.08 0.20 0.25 0.21 0.28 0.06 0.06 0.06 0.10 ... 0.01 0.01 0.05 0.06 0.05 0.12 0.02 0.04 0.04 0.12 0.09 0.10 0.10 0.11 0.04 0.05 0.04 0.20 0.18 0.19 0.19 0.65 0.05 0.06 0.07 0.09 0.12 0.12 0.11 0.50 0.39 0.41 0.40 0.76 0.03 0.07 0.09 0.75 0.05 0.05 0.05 0.12 0.75 0.76 0.76 0.92 0.05 0.25 0.05 0.14 0.10 0.11 0.10 0.14 0.04 0.05 0.04 0.09 0.08 0.10 0.08 0.13 0.06 0.10 0.06 0.13 0.45 0.56 0.52 0.95 0.02 0.03 0.02 0.03

LOW

0.03 0.01 0.18 0.04 0.12 0.02 0.04 0.01 0.01 0.01 0.03 0.80 0.03 0.01 0.05 0.01 0.04 0.14 0.02 0.10 0.01 0.01 0.06 0.03 0.01 0.01 0.01 0.05 0.03 0.04 0.01 0.06 0.02 0.03 0.13 0.02 0.04 0.30 0.03 0.02 0.02 0.08 0.05 0.13 0.03 0.01 0.01 0.98 0.06 0.04 0.05 0.03 0.35 0.04 0.03 0.24 0.10 0.11 0.03 0.09 0.18 0.01 0.20 0.02 0.01 0.03 0.08 0.04 0.04 0.01 0.01 0.04 0.10 0.04 0.01 0.32 0.03 0.03 0.22 0.05 0.09 0.03 0.05 0.01 0.30 0.01

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

V GFM Res GGL Res V Global Cobalt V Global Cop Grp V GobiMin V C God’s Lake Res Gold Finder Ex V Gold Ridge Exp V Goldstream Mnl V Granite Ck Gld V Graniz Mondal V Gravis Energy C Greatbanks Res V Green Arrow V Green Valley M V Grosvenor Res V Hadley Mng C HFX Holding V Highbury Proj V Highvista Gold V HiHo Silver C V Inform Res Intl Bethl Mng V Intl Samuel Ex V V Iron South Mng Jazz Res V JDF Explor Inc C Jubilee Gold V Karoo Expl V Kenna Res V Khan Res C La Imperial C Lamelee Iron V Laurion Mnl Ex V Leeta Gold V Leo Res C Lions Bay Cap V Lions Gate Mtl C Lithion Energy V Lovitt Res V Mag Copper C MAG Silver* X Mainstream Mnl V Majestic Gold V Masuparia Gold V Match Capital V Mega Copper V Megastar Dev V Metalo Manuf C Mezzotin Mnrls V Micrex Dev V V Midasco Cap MillenMin Vent V Millstream Min V V Milner Con Slv Minecorp Egy V Minfocus Expl V Minsud Res V Miramont Res C Mistango River C Moag Copper C Montana Gold C Morgan Res V Morro Bay V Mukuba Res V Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V New Oroperu V Nickel North V Nitinat Mnls V North Am Ptash V North Am Tung V NQ Explor V Nrthn Lion V NSS Res Inc C Orestone Mng V Organic Potash C Orofino Mnrls V Oronova Energy V Oxford Res V Pac Arc Res V Pac Cascade V Pac Imperial V Pac Link Mng V Pac Topaz V Paget Mrnls V Patriot Gold C Peat Res V Pele Mtn Res V

0.02 0.10 0.02 0.02 0.02 0.03 0.03 0.05 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.50 0.58 0.50 0.58 0.03 ... 0.03 0.03 0.11 0.14 0.11 0.20 0.03 0.07 0.04 0.50 0.06 0.09 0.06 0.17 0.04 0.04 0.04 0.08 0.02 0.03 0.02 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.04 0.05 0.04 0.05 0.17 0.20 0.17 0.27 0.17 0.32 0.17 0.35 0.95 0.98 0.95 1.08 0.05 0.06 0.05 0.12 0.25 ... 0.25 0.30 ... 0.16 0.17 0.06 0.08 0.08 0.18 0.11 0.15 0.15 0.17 0.03 0.04 0.03 0.06 0.07 0.08 0.08 0.10 0.24 0.27 0.24 0.28 0.07 0.13 0.07 0.25 0.01 ... 0.01 0.44 0.73 0.73 0.73 0.02 0.02 0.02 0.03 0.13 0.16 0.15 0.24 0.05 0.07 0.05 0.88 0.06 0.09 0.06 0.11 0.15 0.20 0.16 0.34 0.02 0.03 0.03 0.08 0.29 0.33 0.29 0.30 1.06 1.09 1.09 2.50 0.04 0.10 0.04 0.04 0.11 0.12 0.11 0.35 ... ... 0.10 0.18 0.04 0.10 0.04 0.17 0.21 0.22 0.21 0.21 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.07 0.07 0.07 0.12 0.07 0.08 0.07 0.09 0.01 0.04 0.04 0.16 0.25 0.16 0.30 0.04 0.06 0.04 0.07 0.60 0.70 0.60 1.00 0.01 0.02 0.01 0.05 0.02 0.03 0.02 0.03 0.06 0.08 0.05 0.15 0.05 0.07 0.05 0.08 0.04 0.06 0.04 0.13 0.04 0.09 0.04 0.05 ... ... 0.12 0.20 0.02 0.03 0.03 0.07 0.13 0.16 0.13 0.13 0.25 0.35 0.30 0.30 0.02 0.03 0.02 0.05 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.07 0.11 0.15 0.15 0.25 0.06 0.15 0.06 0.25 0.18 0.30 0.20 0.25 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.20 0.22 0.22 0.22 0.01 0.01 0.01 0.40 0.53 0.40 0.72 0.03 0.04 0.03 0.06 0.05 0.09 0.05 0.09 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.01 0.01 0.01 0.04 0.45 0.55 0.46 0.74 0.06 0.19 0.06 0.21 0.02 0.02 0.02 0.03 0.02 0.02 0.02 0.05 0.06 0.08 0.06 0.15 0.36 0.40 0.40 0.46 0.02 0.03 0.03 0.12 0.18 0.15 0.16 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.04 0.02 0.07 0.04 0.07 0.15 0.19 0.14 0.24 0.05 0.07 0.05 0.08 0.10 0.13 0.10 0.15 0.01 0.02 0.01 0.05 0.02 0.02 0.02 0.40

0.01 0.02 0.01 0.04 0.43 0.02 0.08 0.04 0.05 0.01 0.01 0.01 0.03 0.07 0.16 0.06 0.04 0.25 0.06 0.06 0.03 0.05 0.04 0.06 0.33 0.01 0.14 0.02 0.04 0.14 0.02 0.09 0.05 0.01 0.10 0.03 0.02 0.03 6.12 0.05 0.03 0.05 0.03 0.26 0.01 0.01 0.05 0.05 0.04 0.03 0.07 0.01 0.03 0.20 0.01 0.02 0.01 0.05 0.06 0.09 0.01 0.16 0.37 0.01 0.05 0.03 0.01 0.01 0.11 0.05 0.01 0.01 0.06 0.04 0.09 0.01 0.01 0.01 0.14 0.01 0.10 0.01 0.15

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Phoenix Gold V Phoenix Metals V Pitchblack Res V Plate Res V Prime Meridian V Rainmaker Res V Rare Element* X Rathdowney Res V Ravencrest Res C Razore Rock Res C Red Oak Mg V Red Tiger Mng V Redzone Res V Remington Res V Remo Res V Rhyolite Res V Rift Valley C Riley Resource V River Wild Exp C Rockland Mnls V Rockwell Diam T Rojo Res V Romulus Res V RosCan Mrnls V Royal Sapphire V Rubicon Mnrls* X Samco Gold V Savoy Vent V Scavo Res C Serabi Gold T SGX Res V Silver Phoenix C Silver Std Res* D SinoCoking Cl* D Sniper Res V SouthGobi Res T Spada Gold V Spruce Ridge R V Stakeholdr Gld V Standard Graph V Starr Peak Exp V Talmora Diamd C Taranis Res V Tearlach Res V Teryl Res Corp V Thunder Mtn Gd V Tiger Intl V Tiller Res V Tintina Mines V Tolima Gold V Tri-River Vent V Trident Gold V Trigen Res V Troymet Expl V True Grit Res V True North Gem V Trueclaim Expl V Tsodilo Res V UC Res V United Coal C Universal Vent V Vanadium One V Vela Minerals V Venerable Vent V Victory Res V Westbay Vent V Whitemud Res V Winston Res C Xiana Mng V Zara Res C Zena Mng V Zinco Mng V Zincore Mtls V

... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.04 0.05 0.04 0.09 0.12 0.15 0.14 0.05 0.06 0.05 0.17 0.11 0.16 0.15 0.89 0.13 0.15 0.14 0.33 0.05 0.10 0.05 0.09 0.03 0.12 0.12 0.18 0.16 0.25 0.19 0.25 0.02 0.03 0.03 0.10 0.14 0.19 0.14 0.27 0.11 0.13 0.11 0.18 0.09 0.15 0.09 0.30 0.18 0.47 0.21 0.30 0.09 0.14 0.09 0.13 0.13 0.16 0.14 0.20 0.02 0.25 0.02 0.03 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.12 0.39 0.45 0.45 0.68 0.15 0.23 0.19 0.20 0.06 0.08 0.06 0.12 0.13 0.23 0.13 1.40 ... ... 0.03 1.35 0.03 0.03 0.03 0.05 0.18 0.27 0.19 0.20 0.36 0.57 0.36 0.54 0.07 0.08 0.07 0.11 0.02 0.02 0.02 0.05 0.05 0.14 0.15 0.25 ... ... 9.56 15.84 ... ... 4.64 7.69 0.01 0.01 0.01 0.07 0.23 0.33 0.25 0.65 0.21 0.38 0.38 0.38 0.02 0.02 0.02 0.05 0.29 0.31 0.31 0.89 0.18 0.18 0.17 0.20 0.11 0.18 0.11 0.17 0.01 0.02 0.01 0.05 0.10 0.11 0.11 0.15 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.09 0.16 0.14 0.21 0.08 0.21 0.08 0.08 0.45 0.63 0.35 0.85 0.04 0.05 0.04 0.09 0.01 0.02 0.02 0.03 0.04 0.12 0.04 0.07 0.18 0.23 0.19 0.22 0.07 0.15 0.07 0.11 0.01 0.02 0.01 0.04 0.03 0.06 0.04 0.08 ... 0.01 0.01 0.10 0.02 0.03 0.02 0.05 0.70 0.79 0.69 1.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.13 0.15 0.13 0.35 0.05 0.06 0.05 0.09 0.12 0.14 0.12 0.18 0.01 0.02 0.02 0.05 0.23 0.35 0.28 0.36 0.01 0.02 0.01 0.02 0.56 0.58 0.56 0.82 0.08 0.09 0.08 0.21 0.07 0.15 0.15 0.43 0.08 0.12 0.09 0.14 0.05 0.07 0.05 0.08 0.07 0.11 0.06 0.30

0.07 0.04 0.05 0.06 0.13 0.01 0.01 0.05 0.02 0.10 0.06 0.09 0.11 0.03 0.10 0.01 0.01 0.04 0.30 0.09 0.02 0.10 0.03 0.02 0.05 0.26 0.07 0.01 0.03 7.70 1.66 0.01 0.22 0.13 0.02 0.19 0.05 0.08 0.01 0.08 0.02 0.01 0.11 0.08 0.05 0.03 0.01 0.03 0.02 0.07 0.01 0.01 0.01 0.02 0.59 0.01 0.09 0.03 0.11 0.01 0.16 0.01 0.02 0.08 0.01 0.06 0.01 0.06

2017-08-16 12:02 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 21–SEPTEMBER 3, 2017

Sandstorm CEO sets the record straight on Mariana deal GOLD-COPPER

| Stake in Hot Maden Turkey project a ‘joint venture’

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

andstorm Gold (TSX: SSL; NYSE-MKT: SAND) made headlines in April when it bid US$175 million in cash and shares for explorer Mariana Resources and its 30% stake in the advanced-stage Hot Maden gold-copper project in northeastern Turkey. The move appeared to hint at a change in business strategy, with BMO analyst Andrew Kaip noting that investors were grappling with “how a streaming royalty company can acquire an exploration company with development and operating risk.” After closure on July 3, Sandstorm president and CEO Nolan Watson sat down with The Northern Miner to discuss how the deal aligns with the company’s goals. “There’s been this misconception that the acquisition somehow indicates a shift in our business,” Watson says. “But Mariana called the deal structure a joint venture, for lack of a better term ... it works [like a net profits interest], except for payments made from now through production to keep interest. What they did was enter into a shareholders agreement that is effectively a royalty.” Mariana signed the deal with 70% owner-operator Lidya Madencilik, which is part of a multibillion-dollar Turkish conglomerate called Calik Holding. The terms dictate that the project operator will make a payment, on an annual basis, equal to 30% of the gold and copper sold, less the cost of operations. Watson estimates Sandstorm will be on the hook for US$7 million at Hot Maden through 2019. The joint-venture partners released a preliminary economic assessment (PEA) on Hot Maden in March. The study outlines a US$169million development that would boost Sandstorm’s attributable gold equivalent production to more than 135,000 oz. by 2022, while increasing annual operating cash flow to more than US$100 million. The company reported record gold equivalent sales of 15,600 equivalent oz. gold in the first quarter. Hot Maden’s global economics include a US$1.37-billion, after-tax net present value at an 8% discount rate, and a 153% internal rate of return. The PEA is underpinned by 7.1 million indicated tonnes grading 12.2 grams gold per tonne and 2.3% copper. “Capital expenses could over-

Mariana Resources’ Hot Maden gold-copper project in Artvin Province, Turkey. Sandstorm president and CEO Nolan Watson says that no one outbid the company for Mariana’s 30% stake in the Hot Maden property. MARIANA RESOURCES

run by 50%, and it doesn’t matter because it goes from an 11-month payback to 16 or 17 months. The risk you’d usually see associated with a mining project isn’t there,” Watson says. “This is an asset that’s unlike anything that’s been the subject of a stream and/or royalty agreement. When we buy a royalty in the normal course of operations, rarely do we pay for it all upfront. So this is very much in our sweet spot, in terms of the business model,” he says. Watson adds that the sociopolitical risk in Turkey is “largely headline media noise” that ignores that the country’s stock market is hitting all-time highs. He points out that having Lidya Madencilik navigate the permit and construction process will mitigate operational risk.

Sandstorm has been building its stake in Mariana for a few years. The company accumulated a 7.6% equity stake, largely through previous private placements, and had targeted a 2% net smelter return royalty on Hot Maden in a US$21.8million, cash-and-share deal with Teck Resources (TSX: TECK.B; NYSE: TECK) in early 2016. The deal also sees Sandstorm acquire 2,800 sq. km in prospective greenstone exploration ground in Côte d’Ivoire, West Africa, which it intends to spin out into a public company run by former Mariana president and CEO Glen Parsons. This could be complete by September. The company will also spin-out tertiary exploration assets in Turkey and Argentina into a separate vehicle.

“No one tried to outbid us for Hot Maden because we were the largest shareholder and got there before anyone else was aware of the asset,” Watson says. “It’s becoming necessary to get more creative in the stream and royalty business, and we’ve been quicker to adapt than some of our larger competitors. We’re finding good deals buying small royalties for small dollars on exciting exploration plays, and we’re one of the only companies doing that right now,” he says. During the first quarter, Sandstorm acquired 22 royalties for US$1.9 million. The portfolio includes development-stage, advanced exploration projects in Canada, Mexico and Peru. Sandstorm shares have traded in

a 52-week range of $4.29 to $8.73 per share, and closed at $5.21 at press time. The company has 184 million shares outstanding for a $962-million market capitalization, and reported a US$32-million cash balance at the end of the first quarter. “We have to be much more creative in how we put financing packages together, and how we acquire streams. It’s getting more expensive to put together larger deals because those are few and far between,” Watson says. “We understand the need for creativity to keep our rates of return, and so far our biggest competitors are not evolving, and they’re seeing declining rates of return for shareholders.” TNM

Barrick’s Dushnisky on miner’s rebound, JVs BARRICK GOLD From 14

going well. More recently, we announced a partnership with Goldcorp at Cerro Casale. We’re now fifty-fifty in Chile and we look forward to the refreshed thinking they may bring to move that project along. And then there’s Shandong, which we announced I guess a month ago now. It’s probably a transformational partnership for us, starting at our Veladero mine, where they will acquire 50%, and that transaction will close at the end of June. There are three phases: one is the partnership in Veladero, where we look forward to generate more value from that asset; the second is to look

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at Pascua-Lama — and they have an interest in developing Pascua-Lama, provided the economics work out. An advantage of Shandong is that they have strong underground mining experience and the likelihood is that Pascua would be developed as an underground mine, starting in Argentina and moving into Chile. The third aspect of the relationship is to look at the El Indio gold belt, which is a large expanse that we own between Chile and Argentina that hosts Veladero, Pascua-Lama and Alturas — another deposit we’ve announced recently — and so we’re excited about that transaction. We’re also excited about our partnership in Alaska with NovaGold at Donlin Gold. That’s a rare deposit:

40 million oz., not constrained. It’s going through a permitting process now, and you don’t [often] find deposits like that in a jurisdiction like Alaska. BW: One theme has been Barrick as a learning organization that helps your staff learn constantly from investment partners and joint venture operations. But when you get to be the biggest, sometimes investors sometimes walk past you looking at other young prospects. If you had one word for the audience here today, why does Barrick deserve a view from investors? KD: I think of Barrick as kind of the young Barrick of the old days

maybe coming back. The fact is we’ve spent the last two years doing a lot of heavy lifting to restructure the company, and put stability back in the business. We’ve deleveraged the balance sheet and our liquidity position is strong. But importantly, we’ve got a pipeline of greenfield projects, such as Alturas in the Andes — 7 million oz. and growing — and Goldrush in Nevada, at 11 million oz. and growing. We’ve got a pipeline of organic projects we’re bringing on stream, Cortez Hills in Nevada, Turquoise Expansion, Lagunas Norte, then potentially the restart of Pascua-Lama. And again, projects like Donlin Gold, which are exciting.

From a pipeline perspective, it’s robust. Probably, we’d be the best in the industry. The decentralized model is operating well. We see the results, and a good testament are the results we saw last year: record cash flow for the company, US$1.5 billion in cash flow and our costs continue to come down. We’re managing that well. All the ingredients are in place to continue to grow the business. We’re going to stay focused on capital discipline, we’re going to grow margins and we’ve put the company in a position that Barrick is an investment to be considered in any gold price environment. TNM

2017-08-15 10:12 PM

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2017-08-15 10:00 PM