The Northern Miner August 19 2019 Issue 17

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Glencore to mothball Mutanda DRC Northern Dynasty Minerals’ Pebble copper project in Alaska. NORTHERN DYNASTY MINERALS

Northern Dynasty seeks EIS, permitting for Pebble after ‘milestone’ EPA decision COPPER-GOLD

| U.S. EPA removes Obama-era regulations

BY BRENDA BOUW

T

Special to The Northern Miner

he U.S. Environmental Protection Agency (EPA)’s decision to remove proposed restrictions on mining operations in Alaska’s Bristol Bay is being called a “massive de-risking event” for Northern Dynasty Minerals’ (TSX: NDM; NYSE-AM: NAK) Pebble project. The move could also improve the Vancouver-based company’s chances of finding a partner to build the mine, which the company describes as the “most significant underdeveloped copper and gold resource in the world.”

In late July, the EPA removed a proposal started by the Obama administration in 2014 under Section 404(c) of the Clean Water Act that effectively stalled the Pebble project. The proposed limitations were never legally finalized. The decision doesn’t guarantee the U.S. government will issue a permit for the Pebble project, but removes a major barrier and overhang on the company.

In an interview with The Northern Miner, Northern Dynasty president and CEO Ron Thiessen described it as “a big psychological bonus for us in the marketplace.”

He said the move could make it easier for Northern Dynasty to secure an investment partner for the project. “We’re likely not to do it on our own,” Thiessen said, adding that his company specializes in discovering and permitting mines, and bringing on developers. “It’s a different skill set to build a mine … and another skill set to operate a mine.”

In the July 30 release, Northern Dynasty called the EPA move “one of a series of important milestones” to help get the mine approved. Thiessen said the announcement means the Environmental Impact Statement (EIS) and permitting process for the Pebble project, currently led by the U.S. Army Corps of Engineers, may advance “without the cloud of uncertainty created by EPA’s unprecedented, pre-emptive regulatory action.”

In the interview, Thiessen said

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the Trump administration is simply following the “proper permitting process, while the Obama administration was trying to usurp [it],” based on “an environmental agenda.”

The controversy has largely been around the protection of Bristol Bay, home to the world’s largest salmon run. Project opponents such as the United Tribes of Bristol Bay (UTBB), a consortium of 15 tribal governments, have called Pebble a “toxic project” that would “destroy the world’s last great sockeye salmon fishery for the project of a foreign mining company.” In the meantime, project proponents considered the Obama-era restrictions to be an unfair veto of the mining project based on outdated assumptions about the mine design and its risks. Northern Dynasty said Pebble is located on state land in southwest Alaska designated for mineral exploration and development, and that the Obama-era EPA sought to veto the Pebble project before it could be proposed, or an EIS permitting process undertaken.

The EPA said it would now focus on the permit review process for the Pebble project. The decision “restores the proper process for 404(c) determinations, eliminating a pre-emptive veto of a hypothetical mine, and focusing EPA’s environmental review on an actual project before the agency,” EPA general counsel Matthew Leopold said in a July 30 release.

In a July 30 note, Cantor Fitzgerald analyst Mike Kozak described the EPA move as a See NORTHERN DYNASTY / 2

| Low prices, high taxes make world’s largest cobalt mine uneconomic

BY TRISH SAYWELL tsaywell@northernminer.com

L

ow cobalt prices and higher taxes under the new mining code in the Democratic Republic of the Congo have combined to make Glencore’s (LON: GLEN) Mutanda cobalt and copper operation uneconomic, the company says.

Mutanda — the world’s largest cobalt mine — will transition to care and maintenance by year-end.

Last year the mine produced 27,000 tonnes cobalt (20% of the world’s supply of the metal) and 200,000 tonnes copper.

“The suspension of Mutanda should put a f loor under cobalt prices, given the extent of production removed from the cobalt market, which is likely to make purchasers nervous,” BMO analyst Colin Hamilton says in a research note to clients. “Indeed, this effectively removes the surplus we have in the cobalt market over the next couple of years.”

Stratfor, a geopolitical intelligence publisher based in Texas, notes that “new mines in different countries will likely come online in the future, but for the moment, companies that deal in cobalt have few other options than accommodating the hard-line government in Kinshasa that looks to squeeze as much advantage as it can from its current supply stranglehold.”

Stratfor also points out that pressure has been mounting on Glencore’s operations in the DRC for more than a year.

“These include international criticism over Glencore’s association with Israeli businessman Dan Gertler, who has been sanctioned by the U.S.; legal battles between Glencore and state-owned Gécamines; the country’s new mining codes and its tenfold increase in royalty taxes on cobalt; and recent security issues at its mines. Even though longtime President Joseph Kabila left office after the elections that

named his successor, a fraction of the Congolese government loyal to him has maintained control over the mining sector, indicating that the country’s mining strategy is unlikely to change.”

Longer term, the decision to put Mutanda on care and maintenance and conditions in the DRC may also impact the future composition and mix of metals used in the battery sector. (Cobalt is a component in lithium-ion batteries.) “Sustained higher prices or the departure of other cobalt producers from the DRC would benefit the battery makers that have strategically begun to move away from cobalt,” Stratfor notes.

“Chinese battery manufacturer CATL, for example, reported they started producing lithium-ion batSee GLENCORE / 2 PM40069240

ECUADOR: THE LATEST FROM AN EMERGING JURISDICTION / 7

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Glencore to mothball Mutanda GLENCORE From 1

teries with limited cobalt content in April 2019 as part of China’s aggressive push to expand manufacturing capacity overall. Tesla Inc. has also announced plants to limit cobalt content in its batteries.”

The closure of Mutanda was announced along with the company’s first-half financial results on Aug. 7.

The Anglo-Swiss miner and commodities trader reported adjusted earnings before interest, tax, depreciation and amortization (EBITDA) during the first six months of the year declined 32% year-on-year to US$5.6 billion, down from US$8.18 billion. Net income attributable to equity holders declined from US$2.8 billion in the first half of 2018 to US$0.2 billion in the first half of 2019, reflecting the lower adjusted EBITDA and US$0.9 billion in impairment charges related to its Chad oil and African copper assets.

Glencore’s performance “reflected a challenging economic backdrop for our commodity mix, as well as operating and cost setbacks within our ramp-up and development assets,” Glencore CEO Ivan Glasenberg says in a press release.

Average price benchmarks for its key commodities all declined during the six-month period, with copper down 11%, zinc down 16%, lead down 20%, nickel down 11%, cobalt down 58% and Newcastle coal down 14%.

“Heightened global trade policy tensions, U.S. dollar strength and volatile interest rate curves again proved to be the central influences on markets during the first half,” Glasenberg says. “While U.S. equity markets tested fresh highs, in the absence of other specific drivers, commodity markets struggled amidst increasing fears that actual and potential new tariffs would harm global manufacturing and consumer sentiment, resulting behaviour and with it, global growth expectations.”

On the bright side, Glasenberg says the price moves for most of its commodities in the first half of 2019 “are not representative of underlying supportive fundamentals.” He continues that “visible metal stocks in key industrial metals — including copper, zinc and nickel — are at relatively low levels, while demand growth is in positive territory and mine supply is underperforming.

Workers at Glencore’s Mutanda copper-cobalt mine in the Democratic Republic of the Congo. GLENCORE

Furthermore, coal demand in Asian markets continues to be strong.”

Glencore’s African copper assets were among the hardest hit. Revenue from Katanga, Mutanda and Mopani came in at US$1.54 billion in the first six months of 2019, down 27% from the US$2.13 billion posted in the same period last year.

“Our African copper business did not meet expected operational performance,” Glasenberg said.

“We have moved to address the challenges at Katanga and Mopani with several management changes, as well as overseeing a detailed operational review, targeting multiple improvements to achieve consistent,

cost-efficient production at design capacity. Our teams have identified a credible roadmap towards delivering on the significant cash-flow generation potential of these assets, at targeted steady-state production levels.”

At the end of June, Glencore’s debt stood at US$16.3 billion, up from

the US$14.75 billion the company reported at the end of last year.

“The new debt number exceeds Glencore’s self-imposed ceiling of US$16 billion, although accounting changes mean that US$865 million of leases now have to be included,” Edward Sterk of BMO Capital Markets notes. TNM

Northern Dynasty seeks EIS, permitting for Pebble NORTHERN DYNASTY From 1

“massive de-risking event for Northern Dynasty, over five years in the making,” adding that the project “finally receives a fair shake.” Added Kozak: “The importance of this cannot be understated. Northern Dynasty, and the Pebble project, will now finally be granted access to an objective, science-based permitting evaluation by the EPA under federal

law.” Kozak also said the draft EIS “can and should receive all necessary federal permits required to build and ultimately operate the mine.”

TD Securities analyst Craig Hutchison said in a July 31 note that the EPA decision removes “the risk associated with a potential preemptive veto by the EPA.” However, he added that “we continue to highlight the risks associated with financing Pebble in the absence of

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a long-term financing solution or partnership.”

In an Aug. 9 release, alongside its announcement of a US$10-billion, bought-deal financing, Northern Dynasty said it is in discussions with potential partners “to secure longterm funding to finalize permitting and initiate project development.”

The financing was upsized from US$8 million the day before and will be used to advance the field program by its wholly owned U.S. subsidiary Pebble Limited Partnership in Alaska, “and other work necessary to support timely completion of the EIS permitting process for the Pebble project.”

Northern Dynasty expects the Army Corps will finalize the Pebble EIS in early 2020, and issue a record of decision by mid-2020. If permits are granted, construction

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could begin in 2022, and take four years before commercial production would start. The company said it expects to create 2,000 direct jobs during the mine construction phase and 2,000 direct and indirect Alaska jobs while the mine operates.

Opponents of the Pebble project aren’t backing down, despite the recent EPA decision.

“I see it as a bump in the road,” Bristol Bay Economic Development Corp. (BBEDC) CEO Norm Van Vactor said in an interview. He said opponents are actively discussing next steps, including possible legal action.

“The public process has been violated,” he said, citing a lack of transparency as one issue.

“It’s the wrong project in the wrong place,” Van Vactor said.

“The risks far outweigh the possible returns.”

In a release, three organizations against the project — the UTBB, the BBEDC and Bristol Bay Native Association (BBNA) — said the decision comes after the EPA recently cited flaws in Pebble’s environmental review, in particular around the fisheries resources. “The fact that

Northern Dynasty Minerals president and CEO Ron Thiessen.

the EPA would withdraw protections for Bristol Bay after the very same agency stated that the proposed Pebble mine could devastate our region makes no sense,” BBNACEO Ralph Andersen stated in a release.

“This is unacceptable, and a clear example of politics taking priority over science at the federal level. The people of Bristol Bay deserve more from the federal government.” TNM

2019-08-13 7:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 19–SEPTEMBER 1, 2019

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JOINT VENTURE ARTICLE

A drill rig in the Bear-Rimini zone at Great Bear Resources’ Dixie gold property in Red Lake, Ontario. Credit: Great Bear Resources Ltd.

Great Bear Resources Just Getting Started in Red Lake Most investors enter the junior gold market seeking the elusive “tenbagger.” Most of them leave disappointed.

But in less than a calendar year many patient investors in Great Bear Resources Ltd. (TSXV: GBR) have been rewarded with those kinds of returns – and more.

On Aug. 15 2018 Great Bear Resources shares were trading at 50¢. As of mid-August 2019 shares in the plucky gold junior had topped $5.60. The only question is: What’s left in terms of shareholder value?

Great Bear Resources President and CEO Chris Taylor believes that question will be answered via the drill bit.

Taylor says the company will drill another 50,000-60,000 metres through the end of the year as part of its 90,000-metre 2019 drill program at its flagship Dixie Project near Red Lake, Ont. Great Bear Resources expects to surpass those considerable drilling numbers next year through a combination of step-out and infill drilling. As of mid-July the company had more than enough cash to pursue its goals with $20 million in the treasury ($28 million partially diluted). “(Drilling) will eventually produce a resource. We are just not there yet. It’s very much early stage work on the new zones that we keep finding,” Taylor says.

Indeed.

The company has found four mineralized gold zones to date: Dixie Limb, Hinge, Bear-Rimini and Yuma, in that order.

After some promising intercepts at Dixie Limb, including 6.6-metres running 10.58 grams gold per tonne in hole DL-050 and 10.4 metres grading 16.84 grams gold in hole DL-005, the junior found its breakthrough at the Hinge Zone.

In September 2018 Great Bear surprised the market with a 7-metre interval on Hole DHZ-004 on the Hinge Zone, which intersected an eye-popping 68.76 grams gold per tonne. The discovery re-rated the company.

“We had people telling us ‘you don’t need to go find the zone

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“ANY ONE OF THESE FOUR ZONES WE HAVE FOUND ON THE PROJECT COULD MAKE A JUNIOR MINING COMPANY. BUT WE HAVE FOUR OF THEM ALTOGETHER ON ONE PROJECT AND WE’RE JUST GETTING GOING.” CHRIS TAYLOR PRESIDENT AND CEO, GREAT BEAR RESOURCES LTD.

because you have got the zone in hand. Just drill it off and that will provide the valuation for the company,’” Taylor recalls. “If we had decided two years ago to hunker down and just do a resource estimate on Dixie Limb, the original zone that was discovered by Teck in the 1980s, we wouldn’t be even having this conversation. We would have been another company with a one-zone project and probably not capturing the imagination of the market.”

Taylor, meticulous by nature and a structural geologist by training, joined the company in 2009 as Vice-President of Exploration. A year later he was named president. He respectfully listened to the pundits yet continued to drill.

“It’s an exploration and discovery story, it’s not a definition story – yet,” Taylor says.

The primar y mineralized gold zones at Hinge and Dixie Limb resemble the gold-hosting geology typical of the Red Lake district – high-grade, quar t z vein-hosted gold in volcanic rocks controlled by a fault structure.

“Dixie Limb and Hinge are the types of deposits people are familiar with in Red Lake; vein-hosted, with really nice gold values in those

Great Bear Resources Ltd. President and CEO Chris Taylor examining drill core. Credit: Great Bear Resources Ltd. veins and they tend to be – from what we’ve been showing in our drill data – continuous to depth,” Taylor says.

The Bear-Rimini Zone, about 2 km nor thwest, was found along the LP Fault, roughly 18 km of which is controlled by Great Bear Resources. The high-grade gold at Bear-Rimini is disseminated in what appears to be in porphyrytype or crystal tuff rock formations.

“The gold was disseminated in that rock body and that was really unexpected given the high grades that we saw. And that means it’s basically a new style of gold mineralization for the Red Lake district,” Taylor explains.

He adds: “What people really need to understand it’s two types of gold systems sitting beside each other on the same property.”

Taylor says the company is currently researching various major Canadian gold deposits in search of analogs to the new Bear-Rimini and Yuma discoveries, but that such shallow intervals of disseminated high-grade gold mineralization are very rare. He expects there will be an update early this fall.

Hole DNW-011 at Bear Rimini hit 14 metres running 12.33 grams gold per tonne at 71 metres below surface. Another 4.6-metre interval on the same hole returned 30.9 grams gold.

At the Yuma Zone, a 1.4-km step-out southeast of Bear-Rimini, was discovered by assaying unsampled core from historical drilling.

Great Bear Resources drilled holes DC-12-07 and DL-03-10 again. The results have yet to be published.

Ongoing exploration work at Bear-Rimini and Yuma is being done with the aid of geologists Cr ystal McCullough and Rick Greenwood of Rimini Exploration and Consulting. Both worked underground at the former Goldcorp’s (now Newmont Goldcorp) mines in the area and had never seen high-grade gold disseminated in these types of rocks in the Red Lake area.

Great Bear Resources VicePresident of Exploration Bob Singh is also familiar with the camp, having played a key role in the discovery of the Newman Todd gold project at the western edge of the district. Singh was also instrumental in Great Bear’s acquisition of the Dixie project.

The success of Great Bear Resources has led to a considerable ownership stake by Red Lake stalwart Rob McEwen and his company, McEwen Mining. Together they own about 12.5% of the gold junior.

All told, institutions own about 25%; fully diluted Great Bear Resources has 50.6 million shares outstanding.

Taylor says none of the gold found to date is more than 3 km from a highway in one of the most mining friendly jurisdictions in Canada. Red Lake is also home to many experienced miners, many of whom have seen several mines reach production in the district.

“Any one of these four zones we have found on the project could make a junior mining company. But we have four of them altogether on one project and we’re just getting going,” Taylor says.

— The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Great Bear Resources Ltd. and compiled in cooperation with The Northern Miner. Visit www. greatbearresources.ca for more information.

2019-08-13 7:47 PM

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Is the US–China trade war the new normal?

EDITORIAL

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| China could restrict REE exports

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tocks swooned last week after U.S. President Donald Trump declared in a tweet on Aug. 1 that he would slap a 10% tariff on a further US$300 billion of Chinese imports to the U.S. starting on Sept. 1. (This does not include the US$250 billion already tariffed at 25%.)

The U.S. Chamber of Commerce, representing the interests of 3 million

BY TRISH SAYWELL tsaywell@northernminer.com American businesses, claimed the threat of more tariffs “will only inflict greater pain” on American companies, farmers, workers and consumers, “and undermine an otherwise strong U.S. economy.”

For months now, the International Monetary Fund has warned that the U.S.–China trade war poses the biggest threat to the world economy, and as recently as June, said that the use of tariffs as a weapon against China was “undermining the global trading system.”

But Trump took the escalating trade dispute to another level in a tweet on Aug. 5, when he accused China of being a “currency manipulator,” after Beijing allowed its currency to briefly slip below seven renminbi to the U.S. dollar — a symbolic threshold last crossed in May 2008. (China’s central bank sets the exchange rate each morning and allows the renminbi, also known as the yuan, to fluctuate by 2% against the dollar during the day.)

In a subsequent statement, the U.S. Treasury Department said Secretary Steven Mnuchin, “under the auspices of President Trump,” had determined that China is a currency manipulator — the first time the department has accused Beijing of the offence since 1994.

The Peoples’ Bank of China argued the currency dip was due to Trump’s “unilateralism and trade protectionism measures, and the imposition of increased tariffs on China,” while the state-run Xinhua News Agency reported that Chinese companies had ceased buying American agricultural products. Xinhua called Trump’s plan for new tariffs “a serious violation” of the consensus reached when the U.S. president and Chairman Xi Jinping met in Osaka, Japan, in June.

The two superpowers have been locked in conflict since Trump took office in November 2016. Trump’s complaints about America’s trade deficit with China and accusations of Beijing’s unfair trading practices and intellectual property theft were rallying cries he used during his political campaign.

The trade war is already racking up significant casualties. Reuters news agency estimates that the Trump administration “has already rolled out up to US$28 billion in federal aid for U.S. farmers since the trade war began last year, and the Agriculture Department to date has made US$8.6 billion of direct aid payments to U.S. farmers.”

U.S. Global Investors calculates that U.S. soy exports to China in the first six months of the year stood at 5.9 million tons (5.4 million tonnes), “down a whopping 70% from the same period two years earlier, and its lowest level since 2004.” The New York Times points out that China is now resorting to “new patterns of trade,” like buying more soybeans from Brazil.

Repercussions of the trade war are radiating far and wide. On Aug. 7, the central banks of New Zealand and Thailand cut their rates half a percentage point, and the Reserve Bank of India trimmed its benchmark rate 0.35 percentage point.

Many analysts see the headwinds from trade tensions slowing business investment and fueling uncertainty. Raymond James says in an Aug. 9 research note that capital spending assumptions for next year are “very concerning.”

“S&P 500 capex estimates for 2020 are about flat year-on-year, down from 5% growth in 2019, while the MidCap 400 and Russell 2000 capex estimates are already down mid-single digits for 2020,” the brokerage stated. “This is similar to the capital spending decline seen in 2015/ 2016 and argues for, at the very least, an industrial recession, similar to what occurred in 2015/2016, unless lower rates can reinvigorate growth.”

It is far from clear where the trade war will go from here, and Trump’s rants make de-escalation difficult.

“If the U.S. implements the tariff measures, China will have to take necessary countermeasures to resolutely defend the core interests of the country and its people,” a spokeswoman for China’s foreign ministry warned.

Some worry China could use its dominance of rare earths and rare earth magnets to restrict exports to the U.S. — a move it threatened against Japan in 2010, during a dispute with the island nation.

Chairman Xi pointedly paid a visit in May to a rare earths magnet maker in Ganzhou, Jiangxi province, describing the metals as an “important strategic resource.” The photo-op took place less than a week after the U.S. blacklisted Chinese telecom giant Huawei over national security concerns.

Bank of America Merrill Lynch estimates that China produced 78% of the world’s rare earths in 2018, and while “a complete ban to the U.S. would be impractical, as the U.S. could import from other countries ... nonetheless, some of these measures may come at a cost, so export restriction may be a headache, at least in the short-term.” TNM

COMPANY INDEX Alcoa . . . . . . . . . . . . . . . . . . . . 14 Argonaut Gold. . . . . . . . . . . . 12 Azarga Uranium . . . . . . . . . . 14 Barrick Gold. . . . . . . . . . . . . 9,15 Cleveland-Cliffs. . . . . . . . . . . 14 Coeur Mining. . . . . . . . . . . . . . 9 Crystal Peak Minerals. . . . . . 14 Fiore Gold. . . . . . . . . . . . . . . . 12 First Quantum Minerals. . . . 15 Franco-Nevada. . . . . . . . . . . . 15 General Moly. . . . . . . . . . . . . 14 Glencore . . . . . . . . . . . . . . . . . . 1 Gold Reserve . . . . . . . . . . . . . 12 Gold Resource. . . . . . . . . . . . 12

Hecla Mining. . . . . . . . . . . . . 12 Hudbay Minerals. . . . . . . . . . . 5 Intrepid Potash. . . . . . . . . . . . 13 INV Metals. . . . . . . . . . . . . . . . 7 Kinross Gold. . . . . . . . . . . . . . . 9 Lundin Mining. . . . . . . . . . . . . 9 Newmont Goldcorp . . . . . . 9,15 NioCorp Developments. . . . 13 Northern Dynasty Minerals. . 1 NovaGold Resources. . . . . . . . 9 OceanaGold. . . . . . . . . . . . . . . 8 Paramount Gold Nevada. . . 12 Peabody Energy. . . . . . . . . . . 14 Royal Gold . . . . . . . . . . . . . . . 14

Sandspring Resources. . . . . . 12 Santa Fe Gold. . . . . . . . . . . . . 12 Scandium International Mining . . . . . . . . . . . . . . . . . 14 SolGold. . . . . . . . . . . . . . . . . . . 7 Solitario Zinc. . . . . . . . . . . . . 14 Teck Resources. . . . . . . . . . . 9,15 Texas Mineral Resources . . . 14 Turquoise Hill Resources. . . . 6 Uranium Energy . . . . . . . . . . 13 Ur-Energy. . . . . . . . . . . . . . . . 13 Vista Gold. . . . . . . . . . . . . . . . 12 Wheaton Precious Metals. . . . 8

O P- E D

The London Gold Pool revisited COMMENTARY

| ‘A new gold standard is being born without any formal decision’

BY WILLEM MIDDELKOOP Special to The Northern Miner

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ast year, 22 central banks, situated largely east of Germany, bought the largest amount of gold since 1967, the year the London Gold Pool collapsed.

Furthermore, the gold repatriations by many European countries of the last few years are another sign that we are reaching the end of a calm monetary period that has lasted over 40 years. It could bring about the largest monetary changes since the closing of the gold window by U.S. President Richard Nixon in 1971.

The U.S. wants its fiat dollar system to prevail for as long as possible, and it has every vested interest in preventing a “rush out of dollars towards gold,” as happened in the 1970s. Through the sale of (paper) gold, bankers have been trying to keep the gold price under control for the last few decades. This war on gold has been going on for almost 100 years, but as I explained in my book, The Big Reset, it gained traction in the 1960s, with the forming of the London Gold Pool, whose members included the U.S., U.K. Netherlands, Germany, France, Italy, Belgium and Switzerland.

During meetings of the central bank presidents at the Bank for International Settlements in 1961, it was agreed that a pool of US$270 million in gold would be made available by the eight participating countries. This socalled ‘London Gold Pool’ was focused on preventing the gold price from rising above US$35 per ounce, as set during Bretton Woods, by selling official gold holdings from the central banks’ gold vaults.

However, in March 1968, the London Gold Pool was disbanded because France would no longer cooperate. The end of the London Gold Pool signalled the start of a “bull market” in gold, which would last for 13 years, and send gold to over US$800 per oz, in 1980.

Now, some 50 years later, the U.S. may consider it useful to bring back gold to support the dollar.

Some American insiders have even called openly for a return to the gold standard. One such insider is neoconservative Robert Zoellick, the former president of the World Bank, who wrote an open letter to the Financial Times in 2010 entitled “Bring back the gold standard.”

A 2012 study by the Chatham House Gold Taskforce titled “Gold and the International Monetary System” suggested the idea that gold could be added to the currency basket of the International Monetary Fund’s special drawing right (SDR). One of the members of this task force was Lord Meghnad Desai, chair of the Official Monetary and Financial Institutions Forum (OMFIF) advisors council.

During a conference in Dubai, he remarked: “We could ask that

gold be nominated as part of the SDR. That is one thing I think is quite likely to happen. This will be easier if China increases its official gold holdings.”

We know that China wants to increase its gold reserves in the shortest time possible to at least 8,000 tonnes. This would put the Chinese on par — in terms of its gold to gross domestic product ratio — with the U.S. and the European Union. This would then open the way for a possible joint U.S.-E.U.-China gold revaluation to support the financial system, should the need arise.

The Chinese realize that the U.S. could surprise the world with a unilateral gold revaluation. Wikileaks revealed a cable, sent in early 2010 to Washington from the U.S. Embassy in Beijing, which quoted a Chinese news report about the consequences of such a U.S. dollar devaluation: “If we use all of our foreign exchange reserves to buy U.S. Treasury bonds, then when someday the U.S. Federal Reserve suddenly announces that the original 10 old U.S. dollars are now worth only one new U.S. dollar, and the new U.S. dollar is pegged to the gold — we will be dumbfounded.”

In recent years, there have been numerous statements clearly showing that China has a good understanding of the “dark forces” suppressing the gold price on Wall Street.

Zhou Zhiaochuan, then-governor of the People’s Bank of China, revealed in a 2009 article that the Chinese do understand the hypocrisy of the U.S. policy towards gold: “After the disintegration of the Bretton Woods system in the 1970s, the gold standard, which had been in use for a century, collapsed. Under the inf luence of the U.S. dollar hegemony, the stabilizing effect of gold was widely questioned. The ‘gold is useless’ discussion began to spread around the globe … there are now more and more people recognizing that the ‘gold is useless’ story contains too many lies. Gold now suffers from a ‘smoke screen’ designed by the U.S. — which stores 74% of global official gold reserves — to put down other currencies and maintain the U.S. dollar hegemony.” Since then, China and especially Russia have stopped buying U.S. Treasuries, while adding physical gold reserves.

We can now conclude that gold is making a remarkable comeback into our financial system, and even that a new gold standard is being born without any formal decisions. At least, that is how Ambrose Evans-Pritchard, an influential international business editor of The Telegraph, described the ongoing efforts by countries to lay their hands on as much physical gold as possible: “The world is moving step by step towards a de facto gold standard, without any meetings of G-20 leaders to announce this.”

— Willem Middelkoop is the founder of the Netherlands-based Commodity Discovery Fund, and author of The Big Reset, the war on gold and the financial endgame.

He is also a member of the OMFIF advisory board, and this edited opinion piece first appeared in the OMFIF’s newsletter.

2019-08-13 7:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 19–SEPTEMBER 1, 2019

5

Rocks can talk ODDS ‘N’ SODS

| Always keep an ear to the ground

BY RALPH RUSHTON

R

Trucks at Hudbay Minerals’ Rosemont copper project in Arizona. HUDBAY MINERALS

US court rules against Hudbay’s Rosemont COPPER

| Miner plans to appeal decision

BY TRISH SAYWELL

S

tsaywell@northernminer.com

hares of Hudbay Minerals (TSX: HBM; NYSE: HBM) plunged 21.4% on Aug. 1 after a ruling by the U.S. District Court for the District of Arizona halted construction at the company’s Rosemont copper-molybdenum project in the state.

The court challenged the U.S. Forest Service’s issuance of a final record of decision on the project, and ruled to vacate and remand the decision. The U.S. Forest Service issued the decision in June 2017 after a process that took 10 years, involving 17 cooperating agencies at various levels of government, 16 hearings, over 1,000 studies and 245 days of public comment resulting in more than 36,000 comments.

Hudbay argues the district court has “misinterpreted federal mining laws and Forest Service regulations” regarding the project, and will appeal the decision to the U.S. Ninth Circuit Court of Appeals.

Peter Kukielski, Hudbay’s interim president and CEO, was unavailable for comment, but in a press release expressed his disappointment, stating “we strongly believe that the project conforms to federal laws and regulations that have been in place for decades.”

Mining analyst Farooq Hamed of Raymond James cut his price target after the news from $10 per share to $8 per share, and said in a research note that the ruling drives uncertainty and delays that could persist for more than a year.

“It is our preliminary understanding that the appeals process can take one to two years, with ancillary legal proceedings taking a further six to nine months,” Hamed said, adding that from what he can tell, the ruling “relates to the use of federal land for mining operations, and is in response to lawsuits issued by various non-governmental organizations challenging the use of the federal land on the basis of the environmental harm that could be caused by the project.”

The analyst noted that the ensuing delay and uncertainty caused by the ruling “will not only affect progress at Rosemont [such as finalizing a minority sale and reaching a sanctioning decision], but also the overall corporate strategy for Hudbay, as it may need to pivot to other opportunities in the interim while this issue at Rosemont comes to resolution.”

In March, Hudbay’s board of directors approved a US$122-million early works program for Rosemont

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“THE PROJECT CONFORMS TO FEDERAL LAWS AND REGULATIONS THAT HAVE BEEN IN PLACE FOR DECADES.” PETER KUKIELSKI INTERIM PRESIDENT AND CEO, HUDBAY MINERALS

— part of the US$1.9-billion capex estimate for the project. In a press release on March 28, management said it expects to seek board approval to start Rosemont construction by the end of 2019, which would enable first production by the end of 2022.

See HUDBAY / 8

Special to The Northern Miner

ock is remarkable stuff. It lets you know when it’s not happy, and like the best of us, it gets stressed from time to time. When it gets very wound up, it won’t shut up until something finally happens to calm it down, which is usually not a good thing for we humans. Ask San Francisco.

The rock was yapping away to itself late last year in northwest England, at a fracking site near Blackpool. Cuadrilla, a hydrocarbon explorer, had just restarted operations after being shut down for a while by the regulators because of an increase in seismicity near its drill site. Work was stopped again after the British Geological Survey picked up a swarm of minor earth tremors that were gradually increasing in magnitude. Nothing that you would necessarily notice, but they peaked at 1.1 magnitude in late October, which was felt by some local residents.

The swarm of tremors near Blackpool is remarkable for a supposedly seismically stable area like Great Britain. The island does experience tremors from time to time, some of them quite large, and usually related to Britain’s landmass still wobbling around after the removal of the huge weight of ice that formed during the ice age. But dozens of tremors in one small area are highly unusual, and clearly man-made.

Fracking-related tremors occur because of one of the basics of structural geology that we all learned as young geologists at university: overpressured water or fluid in fractured rock or along fault planes can — when the fluid pressure exceeds the frictional resistance of the fault — act like a lubricant, allowing them to slide and slip, sometimes seismically.

All very alarming, I guess, if you

Geologist Ralph Rushton (purple shirt) in Iran in the 1990s. RALPH RUSHTON

DANGER CREWS GOT PAID SILLY BONUSES TO UNDERTAKE WORK NO SANE PERSON WOULD TOUCH WITH A LONG POLE. live near a fracking site, but also a very predictable outcome from structural geology theory.

I have experienced rock chatter close-up a couple of times. Both times were in the deep-level gold mines in South Africa, when I was an inexperienced geologist in my twenties starting out in the industry. I’m not talking about the big mining-induced shakes we often felt after underground blasting operations. They were impossible to miss, a bit like a truck hitting a house 20 miles from the mine.

No, I mean I have been around the low-key evidence of extreme rock stress. These are signs that you don’t necessarily notice until you’re really close to the rock.

A red flag for miners is euphemistically called “popping.” An overstressed rock face can spontaneously spit out small chunks of rock at high speed, which make a ‘pinging’ noise as they fly off. A bit like the ultra-realistic war movies where you can hear the crack of the bullet passing by a soldier’s head. It

happened to me in a vertical shaft we were developing on Vaal Reefs mine, when it had reached a depth of about 900 metres.

I went underground with a colleague from the rock-mechanics engineering department to investigate some stability problems. We arrived at the bottom, just in time to hear regular “ping-ping-ping” sounds, as bits of Ventersdorp lava flew off the wall and did their best to embed themselves in our hard hats. A few days later, there was a much more serious accident at the same spot, when a large part of the sidewall of the shaft spontaneously exploded and killed several people.

The cause turned out to be a highly stressed fault plane near the shaft.

The second time I saw signs of impending problems was far spookier, and left a lasting impression. Fortunately, there were no casualties. I was called underground by a mine foreman to visit a working face where his team had See ROCKS / 16

2019-08-13 7:47 PM

6

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AUGUST 19–SEPTEMBER 1, 2019 / THE NORTHERN MINER

Turquoise Hill faces trouble at Mongolian mine The Progressive | Shares fall on cost overruns, delays at Oyu Tolgoi

COPPER-GOLD

“THE ALTERNATIVE PLANS MAY MINE FORUM REQUIRE RELOCATION OF CRITICAL

BY CECILIA JAMASMIE

S

SPECIAL TO THE NORTHERN MINER

hares of Canada’s Turquoise New Ideas > Next Generation UNDERGROUND INFRASTRUCTURE AND A Hill Resources (TSX: TRQ; NYSE: TRQ) sunk to historic CHANGE IN MINING SEQUENCE.” lows in August on news that pro- EDWARD STERCK duction from the vast Oyu Tolgoi ANALYST, BMO CAPITAL MARKETS copper-gold-silver mine in Mongolia could be delayed 16 to 30 months from the original estimate, while the capital cost of the underground dropped even more.

Rio with a low-cost way to bump up expansion (pegged at US$5.3 billion) At press time the company’s shares its ownership in the company, and could cost another US$1.9 billion. traded at 61¢ within a 52-week range by extension, the Mongolian mine.

The expanded underground of 60¢ and $3.35. At its peak in 2011, While Turquoise Hill has not operation was scheduled to begin Turquoise Hill’s market capitaliza- ruled out an equity raise, it has said production in 2020, but it could tion stood at nearly $20 billion. that the US$6-billion debt cap on now happen sometime between Today it sits at roughly $1.23 billion. the project finance facility — which May 2022 and June 2023. A final On July 31, the company reported could provide an extra US$1.6 bilestimate on the time line and cost a loss of US$736.7 million, or 22¢ lion of lending capacity — is an will be announced later next year. a share, in the three months ended “arbitrary” figure that could be Oyu Tolgoi, operated by the June 30, compared with a profit of “reviewed and looked at, with the world’s No. 2 miner, Rio Tinto US$204 million, or 9¢, a year earlier. potential to increase that amount.”

(NYSE: RIO; LON: RIO), is 66% It attributed the profit estimate miss The company has also noted the owned by Toronto-listed Turquoise to an almost US$597-million impair- mine design rethink could lower Hill — in which Rio has a 50.8% ment charge at the cash-generating the estimate of the amount of copcontrolling stake — and 34% by the unit of the Mongolian mine. per and gold retrievable from Oyu Mongolian government.

Most of the write-down (US$364.7 Tolgoi.

Some of Rio’s main lenders, in- million) was recorded against “capi“Current information indicates cluding the European Bank for Re- tal works in progress.” Another that Oyu Tolgoi mineral reserves will construction and Development, have US$180 million was related to the not be materially impacted by the already signalled their willingness carrying value of plant and equip- Hugo North mine design options beto provide more funding for the ment, while Turquoise Hill also ing considered,” Turquoise Hill said. project. wiped US$52 million off the value “However, ongoing reviews will be Turquoise Hill, however, hasn’t of its “mineral property interests.” considered as the work progresses.’’ had the same luck. Its shares have Some minority investors fear the Issues with the underground projfallen almost 80% over the past cost increases at Oyu Tolgoi will ect first emerged in October 2018, year, and since the cost blowout force Turquoise Hill to tap its share- when technical problems caused a a nd revea ling its Oy u Tolgoi holders for extra cash to complete nine-month delay to sustainable expansion on July 16, they have the project, which could provide production.

Processing facilities at Turquoise Hill Resources’ 66%-owned Oyu Tolgoi copper mine in Mongolia. TURQUOISE HILL RESOURCES

The companies use block-cave mining at the asset. Although technically challenging, it is deemed one of the most cost-effective mining methods for extracting ore buried deep below the surface.

For block-caving to work, however, weak and fractured rock needs to collapse under pressure from gravity. Rio Tinto CEO Jean-Sébastien Jacques had previously said that rock collapses too easily at Oyu Tolgoi.

“Starting a block cave correctly is critical to its long-term safety and viability. Analysis suggests that

the current mine design carries stability risks leading to a number of alternative mine designs being considered, with work currently at the conceptual study phase,” Edward Sterck, an analyst at BMO Capital Markets, said in a note to investors.

“The alternative plans may require relocation of critical underground infrastructure and a change in mining sequence.”

Oyu Tolgoi will become the world’s third-biggest copper mine when it is fully operational in the second half of the next decade. TNM

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1-16_AUG19_Main .indd 6

2019-08-13 7:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 19–SEPTEMBER 1, 2019

7

Ecuador’s Minister for Energy and Non-Renewable Natural Resources Carlos Perez at the initial production ceremony at Ecuacorriente’s Mirador copper mine in southern Ecuador. ECUADOR MINISTRY FOR NON-RENEWABLE NATURAL RESOURCES

Ecuador tests mining’s mettle EMERGING PROSPECTS

BY TOM AZZOPARDI Special to The Northern Miner

M

ore than a decade since Ecuador opened its doors to mining, the Andean country is beginning to see the results.

In July, production began at the country’s first large-scale mining operation: the Chinese-owned Mirador mine.

Located in southern Zamora– Chinchipe province, the open-pit operation is expected to produce up to 90,700 tonnes a year of copperin-concentrate over the next three decades.

Launching production, Ecuador’s Minister of Energy and Non-Renewable Natural Resources Carlos Perez praised the impact the US$1.7billion project will have on a remote part of the country in terms of jobs, economic activity and government revenues.

Still recovering from the slump in oil prices four years ago, Ecuador hopes it can imitate other Andean countries like Chile and Peru, which have harnessed their mineral wealth to power their economies.

And as mineral deposits have become harder to find and develop elsewhere, companies have been lining up to stake claims.

Earlier this year, the government estimated that mining companies will invest US$3.8 billion in the country by 2021 — at which time the sector could represent 4% of gross domestic product.

Next in line is Lundin Gold’s (TSX: LUG) US$693-million Fruta del Norte project, which is due to pour its first gold by year-end. In June, the company began mining the first production stope of the underground operation, which is expected to produce 310,000 oz. a year of gold over the next 15 years.

In southern Azuay province, INV Metals (TSX: INV) is advancing its US$279-million Loma Larga deposit.

A feasibility study completed late last year suggested it could produce 200,000 oz. gold a year over 12 years.

Perhaps the country’s most bullish promoter has been geologist Nick Mather, who has compared Ecuador to northern Chile, in terms of its potential for hosting large copper porphyries.

Backed by BHP and Newcrest Mining, his SolGold (TSX: SOLG) company has staked large areas of the country, but is focusing on the Alpala deposit, which could contain at least 10 million tonnes copper and 23 million oz. gold.

Nearby, through a joint venture with state mining company ENAMI EP, Chile’s Codelco, the world’s largest copper producer, has begun

1-16_AUG19_Main .indd 7

| Miners face pockets of support and resistance throughout jurisdiction

advanced exploration of the Llurimagua deposit, which is estimated to contain another 7 million tonnes of the metal.

Finds like that have captured the attention of the world’s major mining companies, several of whom are now scouring the country, including Fortescue Metals and Anglo American.

As these projects advance towards production, a new government has become more supportive. Before this year, President Lenin Moreno had rarely mentioned mining, an industry pushed hard by his predecessor and former boss, Rafael Correa.

That changed last May, when, fresh from accepting a US$4.2-billion loan from the International Monetary Fund, the president highlighted mining as a key sector for turning around the sluggish economy during his annual address to lawmakers.

A new mining policy has followed with promises to consolidate the sector, attract more investment and clarify regulation.

“Before there was a lack of definition about whether they wanted mining or not. This year there has been a big change,” says mining lawyer Rodrigo Borja of Lexim Abogados in Quito.

The new approach has meant faster responses from the government in applications for water and environmental permits.

But while the government now seems in favour, many Ecuadorians remain deeply skeptical about the benefits of mining.

Given the absence of large-scale mining until now, this partly owes to a lack of knowledge. The government’s silence on the matter has left room for environment campaigners to fill the gap.

They argue mining could trigger the sort of environmental damage left by decades of oil production, and equate new projects with the illegal mining that has ravaged parts of the country.

The government has now begun to get serious with these criminal organizations. In July, police and soldiers raided Buenos Aires, an illegal mining camp in northern Ecuador, where thousands of informal miners had occupied land staked by Australia’s Hancock Prospecting.

The result has been positive, Borja says. “It has triggered a national debate in the media and the National Assembly about what kind of mining we want.”

However, in some areas, it could be too late.

In last March’s regional elections, local politicians and environmentalists allied to include questions on the ballot about whether people wanted mining in their own districts.

In many localities, the answer has been a resounding “no.” More than 80% of voters in the Giron district, home to half of INV’s Loma Larga project, voted against allowing mining in the area.

There is uncertainty about whether these referendums are binding.

Environmentalists point to a clause in the latest constitution, which says local communities have the right to be consulted on new activities.

The mining industry and the

government say such referendums breach the central government’s exclusive domain over mining as an activity of national interest.

The question has now been put to Ecuador’s Constitutional Court.

So far, the court has largely ruled in the mining industry’s favour, most recently rejecting an application for a vote that would cover the northern Carchi and Imbabura provinces, home to SolGold’s Alpala project.

However, rather than ruling on the merits of holding a referendum on mining, the court has instead rejected the applications on administrative or procedural grounds.

Miners now hope that the court will send a stronger message when it next considers the matter in a ruling on the referendum on Loma Larga.

But regardless of how the judges rule, it seems clear that local opposition to the industry will remain a challenge in the coming years. TNM

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2019-08-13 7:47 PM

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AUGUST 19–SEPTEMBER 1, 2019 / THE NORTHERN MINER

Local blockade halts OceanaGold’s Didipio mine in the Philippines GOLD

| Miner will challenge injunction denial to Philippine Court of Appeals

BY TRISH SAYWELL tsaywell@northernminer.com

O

ceanaGold (TSX: OGC; ASX: OGC) has suspended underground mining at its Didipio gold-copper mine on the island of Luzon in the Philippines due to restraints imposed by the provincial government of Nueva Vizcaya.

Local government units have impeded access to the mine since July 1, after the governor of the province issued a directive to “restrain any operations” of the company. The actions began that day, when a local government unit prevented a supply truck from accessing the mine site.

As a result, the company decided to halt all truck movements in and out of the mine site to prevent any escalation of the conflict.

OceanaGold’s request for an injunction against the provincial ruling, filed on July 3, was denied by the Provincial Court of Nueva Vizcaya, the company reported on July 25.

Management will challenge the decision in the Philippine Court of Appeals in Manila on the basis that regulatory authority over Didipio rests with the national government, not units of the local government.

In the meantime, OceanaGold has ceased mining because it lacks sufficient supplies of consumables, although the mill continues to produce concentrate from stockpiled ore.

The company submitted its application to renew Didipio’s Financial or Technical Assistance Agreement (FTAA) with the Philippine Government in March 2018. In June 2019,the national government’s regulatory authority, the Mines and Geosciences Bureau, said the mine could continue operations while OceanaGold awaited confirmation of the FTAA renewal. (Didipio’s FTAA became renewable for another 25 years under the same terms and conditions in June 2019.)

Mick Wilkes, OceanaGold’s president and CEO, says the company is working with the regulatory agencies and national government to finalize the renewal, and doesn’t yet have a

The tailings storage facility at OceanaGold’s Didipio gold mine in the Philippines. OCEANAGOLD

“THE FTAA RENEWAL WILL BASICALLY MAKE ANY ISSUES WITH THE LOCAL GOVERNMENT GO AWAY.” MICK WILKES PRESIDENT AND CEO, OCEANAGOLD

timetable as to when the process will be concluded.

“While the renewal process continues, the national government, which has authority over mining in the country, has permitted continued operations at Didipio,” Wilkes told analysts and investors on a July 25 conference call. “Unfortunately, some parties have seen this as an opportunity to challenge that directive by spreading misinformation and disrupting our operations at Didipio.

“The FTAA renewal will basically make any issues with the local government go away,” Wilkes later elaborated during the question-andanswer session of the conference call.

“At this stage,” he continued, OceanaGold is confident that it can meet its guidance for the year.

“We will just have to wait and see how Didipio pans out,” Wilkes said.

“We continue our discussions

with the government, including the office of the presidents, who have the authority to sign the approval,” he said. “So we’re not going to discuss the details of that, other than to say it is a good working relationship, and we are moving it forward as quickly as we can, and I’m confident of a positive outcome.”

As for how long it will take Didipio to ramp back up after the FTAA is renewed, Wilkes estimated weeks, not months. “I don’t have any definitive time lines for the ramp back up,” he noted. “But as you know, it will take a bit of time, but in the order of weeks.”

Wilkes described Didipio as a “world-class operation that has strong social licence to operate,” and said the company has had “the support of the community during this renewal period and uncertainty.”

The mine employs over 1,500 workers — 97% of whom are Phil-

ippine nationals, and of those, 59% are from the local communities.

Didipio started commercial production on April 1, 2013, and provides indirect employment for nearly 4,000 Filipinos from the provinces of Nueva Vizcaya and Quirino, the company says.

“We have stimulated the local economy and have led to the establishment of new enterprises that are thriving,” Wilkes said. “We have constructed hundreds of kilometres of access roads connecting Didipio to new markets. We have built hospitals and schools. We have focused on building capacity through training, education and other forms of tuition assistance.”

In addition, Wilkes noted, the company set up an underground simulator at the Clark Training Center, which has allowed Filipinos from communities in the area to get hands-on training and certification to work underground at the mine.

Underground mining began at Didipio in the first quarter of 2018.

During the second quarter, Didipio produced 33,100 oz. gold and 8.82 million lb. copper at a cash cost of US$552 per oz., and all-in sustaining costs of US$733 per ounce.

At press time, OceanaGold’s

shares traded at $3.79 in a 52-week range of $3.27 to $5.01 per share.

In a research note to clients, Farooq Hamed of Raymond James says the stock price “will remain suppressed until the blockade at Didipio is resolved, or the FTAA renewal is officially granted.

“Given the FTAA renewal has received the support of the Mines and GeoSciences bureau (mining regulatory arm of the Department of Environment and Natural Resources), we remain optimistic regarding some form of resolution at Didipio,” Hamed says, “and as a result continue to model annual overall production in-line with guidance. (We are modelling production of 522,000 oz. gold at $917 per oz. allin sustaining costs (AISCs), versus guidance of 500,000 to 550,000 oz. at AISCs of $850 to $900 per ounce.)”

Consolidated production in the second quarter from all of its operations (Didipio, Waihi and Macraes in New Zealand, and Haile in the U.S.), reached 129,290 oz. gold and 3,961 tonnes copper at consolidated AISCs of US$1,118 per ounce.

At the end of June, OceanaGold had a US$84.7-million cash balance, and immediately available liquidity of US$134.7 million. TNM

US court rules against Hudbay’s Rosemont HUDBAY From 5

The early works program was given the green light after Hudbay announced on March 21 that it had received the approved Mine Plan of Operations (MPO) from the U.S. Forest Service. The issuance of the MPO was the last administrative step in the permitting process, the company said. Rosemont received its Section 404 water permit from the U.S. Army Corps of Engineers on March 8.

Rosemont’s environmental impact statement exceeded 2,600 pages, and its MPO weighed in at 4,000 pages. The project will use dry-stack tailings, which mechanically filters out 85% of the water from the tailings and leaves a material that the company describes as resembling “damp sand.” The water extracted will be reclaimed and reused for mining purposes, Hudbay says.

In addition, Rosemont will be a “zero-discharge site” — where the water used in processing will remain on-site to be recycled and reused. In its 2018 annual report, the company noted that it has “vol-

1-16_AUG19_Main .indd 8

untarily committed to replace all water used at the operation,” and that, as of the end of last year, it had “already purchased and stored approximately nine years’ worth of water ... in the Avra Valley and Lower Santa Cruz storage facilities of the Tucson Active Management Area. This water will be returned to the Rosemont-area aquifer, via recharge of the Central Arizona Project water.” Hudbay is supporting a $28-million project with the Community Water Company of Green Valley to build an eight-mile pipeline and water recharge facility that will bring Central Arizona Project water to the region.

Once in full operation, Hudbay estimates Rosemont would be the third-largest copper mine in the U.S., accounting for 10% of the country’s annual copper production.

Over a projected 19-year mine life, Rosemont is expected to produce 127,000 tonnes of copper annually.

A 2017 feasibility study outlined a 15.5% after-tax, unlevered internal rate of return at a $3 per lb. copper price.

The project is situated in the Helvetia–Rosemont district, where mining dates to 1875. Hudbay picked up the project through its acquisition of Augusta Resource in September 2014.

The near-surface deposit consists of copper, molybdenum, silver and gold mineralization. It is a high-tonnage, skarn-hosted and porphyryintruded deposit that would operate as an open-pit, shovel-and-truck operation.

A technical report completed in 2017 envisioned a final pit measuring 1,828 metres east to west and 1,828 metres north to south, with a total depth of 884 metres, down to 945 metres.

The processing facility is 305 metres east of the pit, and the drystack tailings facility, 457 metres southeast of the pit.

Rosemont contains 536.2 million measured and indicated tonnes grading 0.29% copper, 0.011% molybdenum and 2.64 grams silver per tonne, and 62.3 million tonnes grading 0.30% copper, 0.01% molybdenum and 1.58 grams silver per tonne.

Hudbay reached an agreement in March to acquire 100% of Rosemont. It struck a deal with United Copper & Moly LLC to acquire its 7.95% interest in the project and end UCM’s earn-in and offtake rights for US$45 million in cash, plus three annual installments of US$10 million per year, starting on July 1, 2022. UCM is jointly owned by Korea Resources and LG International.

Wheaton Precious Metals (TSX: WPM; NYSE: WPM) has a precious metals purchase agreement on Rosemont. Under the streaming arrangement, Wheaton will pay Hudbay $230 million in upfront cash payments in two installments.

Wheaton is then entitled to 100% of Rosemont’s gold and silver at a cost of US$450 per oz. and US$3.90 per oz., subject to inflation.

Last year, across the company, Hudbay produced 154,550 tonnes copper-in-concentrate, 115,588 tonnes zinc-in-concentrate and 176,375 oz. precious metal-in-concentrate.

At press time, Hudbay traded at $4.50 per share in a 52-week trad-

ing range of $4.41 to $10.42. The company has 261 million shares outstanding for a $1.3-billion market capitalization.

Jackie Przybylowski of BMO Capital Markets lowered her oneyear target price on Hudbay from $10.50 to $10 per share, after news of the court ruling. The “surprise ruling” she wrote, “will delay development of the Rosemont project by about two years in [the] best-case scenario, and will derail the project entirely in [the] worst case.

“The judge’s ruling is based on an interpretation of the U.S. Mining Code that materially differs from the interpretation the U.S. Forest Service has applied consistently for many years,” she stated in a client note. “If the ruling were to be upheld, this precedent-setting decision could impact any future mining project on U.S. federal land.”

While the analyst said she assumes a delay of two years, she also said she believes the permits “will ultimately be upheld.”

CIBC’s Oscar Cabrera trimmed his price target on Hudbay from $9 per share to $7 per share. TNM

2019-08-13 7:47 PM

US TOP 10

SPECIAL FOCUS

Precious metals: Top 10 US-based mid-tiers to juniors GOLD AND SILVER | American firms target rich deposits

BY TRISH SAYWELL tsaywell@northernminer.com

U Barrick Gold’s Cortez gold mine, 100 km southwest of Elko, Nevada.

BARRICK GOLD

Top 10 Canada-based companies with substantial US assets FRIENDLY NEIGHBOURS

BY DAVID PERRI dperri@northernminer.com

T

he U.S. is fertile ground for a variety of minerals, and Canadian companies are active throughout the land.

The Northern Miner presents its top-10 list of the biggest Canadabased f irms with substantia l assets in the U.S., by market capitalization.

1. Barrick Gold Market cap: US$34.2 billion In March 2019, Toronto-based Barrick Gold (TSX: ABX; NYSE: GOLD) and Newmont Goldcorp (TSX: NGT; NYSE: NEM) combined their Nevada operations into a joint venture.

Barrick is the operator and owns 61.5% of the Nevada Gold Mines joint venture. The company says the combined entity represents the world’s largest gold-producing complex, comprised of eight mines that produced 4.1 million oz. gold in 2018.

Barrick considers three of these mines “tier-one” assets: Cortez; Goldstrike–Carlin and Turquoise Ridge–Twin Creeks. Barrick says a tier-one asset is a low-cost mine with more than 10 years of mine life, producing more than 500,000 oz. gold per year.

Also in Nevada, the company holds the Goldrush–Fourmile development project, which Barrick says has the potential to become a tier-one gold mine (Fourmile is excluded from the joint venture).

Barrick also owns the Golden Sunlight mine in southwestern Montana, which produced 32,000 oz. gold in 2018.

1-16_AUG19_Main .indd 9

been producing nickel and copper concentrates since achieving commercial production in 2014 at its wholly owned Eagle underground mine.

Eagle operates at 2,000 tonnes per day, and miners access the deposit via a surface ramp and extract the ore via transverse bench-and-fill stoping. Lundin is driving ramp access to the Eagle East deposit, which will extend the mine’s life to at least 2023. The company expects the first ore from Eagle East to reach the mill in the fourth quarter of 2019.

Trucks carry Eagle’s ore 105 km

1. Coeur Mining Market cap: US$1.3 billion Coeur Mining (NYSE: CDE) is a diversified precious metals producer and owns the silver-gold complex of mines in Chihuahua, Mexico; the Rochester open-pit silver-gold mine in Nevada; the Kensington underground gold-silver mine in South Dakota; and the Silvertip silver-lead-zinc underground mine in British Columbia, Canada. In addition, it owns the La Preciosa silver and gold project in Durango, Mexico, and the Sterling gold project in Nevada.

Last year the Chicago-headquartered company produced a total of 12.9 million oz. silver, 367,728 oz. gold, 6.8 million lb. zinc and 3.9 million lb. lead, or 35.6 million equivalent oz. silver. In May 2019, the company provided production guidance for the year of 334,000 to 372,000 oz. gold, 12.2 million to 14.7 million oz. silver, 5.3 million lb. zinc, and 5.2 million lb. lead.

See CANADA-US / 10

See PRECIOUS METALS / 12

| Canadian firms cross the border to exploit world-class projects

2. Teck Resources Market cap: US$9.6 billion Vancouver-headquartered base metals miner Teck Resources (TSX: TECK.B; NYSE: TECK) owns the massive Red Dog zinc mine, 170 km north of the Arctic Circle in northwest Alaska. The mine was developed through an operating agreement with landowner NANA, a corporation owned by the Iñupiat people of the region. Red Dog has operated since 1989, and could continue until 2031. In 2018, it produced 583,000 tonnes zincin-concentrate, up 7% from 2017.

In northeast Washington, Teck owns the Pend Oreille underground zinc mine, which it restarted in 2014 after being on care and maintenance since 2009. In 2018, the mine yielded 30,000 tonnes zincin-concentrate. Pend Oreille’s reserves are nearly exhausted, and is scheduled for suspension in the third quarter of 2019.

3. Kinross Gold Market cap: US$7.1 billion Kinross Gold (TSX: K; NYSE: KGC) owns and operates a trio of openpit, heap-leach gold mines in the U.S.: Fort Knox, Round Mountain and Bald Mountain.

Fort Knox, near Fairbanks, Alaska, produced its 7 millionth ounce of gold in 2016. In 2018, the mine delivered 256,000 equivalent oz. gold (including silver credits).

The company is in the midst of completing the Gilmore expansion, which will extend the mine’s life through to 2030.

At Round Mountain in central Nevada, Kinross produced 386,000 equivalent oz. gold in 2018, with one of those ounces representing the site’s 15 millionth. In the second quarter of 2019, the company hit production at Round Mountain’s

Phase W expansion, which will keep the mine humming until 2027.

Bald Mountain is on the southern extension of the Carlin trend, 110 km southeast of Elko, Nevada. The mine yielded 285,000 equivalent oz. gold in 2018 and sits within the largest private mining land package in the country, Kinross says. In the second quarter of 2019, the company hit production at the Vantage Complex on the property, which includes a new heap-leach pad and associated processing facilities.

4. Lundin Mining Market cap: US$3.2 billion On Michigan’s Upper Peninsula, Lundin Mining (TSX: LUN) has

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10

US TOP 10

AUGUST 19–SEPTEMBER 1, 2019 / THE NORTHERN MINER

Barrick Gold and Premier Gold Mines’ South Arturo gold project in Nevada. PREMIER GOLD MINES

WWW.NORTHERNMINER.COM

Lundin Mining’s Eagle nickel-copper mine in Michigan’s Upper Peninsula. LUNDIN MINING

Top 10 Canada-based companies with substantial US assets CANADA-US From 9

for processing at the Humboldt mill, which processed iron ore before Lundin converted and refurbished the facility.

Lundin expects to produce between 12,000 to 14,000 tonnes nickel and 12,000 to 15,000 tonnes copper at Eagle in 2019.

5. NovaGold Resources Market cap: US$2.3 billion Vancouver-based NovaGold Resources (TSX: NG) is shepherding its massive 50%-owned Donlin gold project in Alaska through to production, together with partner Barrick Gold.

This exceptionally large and rich deposit hosts measured and indicated resources of more than 630 million tonnes grading 2.24 grams gold per tonne, for 39 million contained oz. gold. Donlin’s proven and probable reserves hold 33.8 million oz., or 87% of the gold in the resource estimate.

The project’s 2011 feasibility study contemplated an open-pit operation, which would churn through 53,500 tonnes per day to produce 1.1 million oz. gold per annum on average over a 27- year mine life. The project would cost US$6.7 billion.

In its second-quarter 2019 report to investors, NovaGold said it has US$157 million on hand, and plans to spend US$24 million in 2019.

The company is advancing key state permits related to the project’s required transportation corridor, natural gas pipeline and tailings storage dam.

The company is also preparing a study to inform an expected optimized project development plan.

6. SSR Mining Market cap: US$2.1 billion SSR Mining (TSX: SSRM; NASDAQ: SSRM) owns the Marigold gold mine on the Battle Mountain–Eureka trend in Humboldt County, Nevada.

Marigold is a heap-leach operation that has operated since 1989.

SSR acquired the mine in 2014 for US$275 million.

In 2018, Marigold produced 205,000 oz. gold. A 2018 mine plan update estimates it will produce an average of 211,000 oz. gold per year until the end of its mine life in 2027.

In June 2019, the company announced exploration and technical work results from the Red Dot gold deposit at the Marigold property, which should allow SSR to extend the mine’s life to the early 2030s, without expansion spending.

SSR is spending US$7.5 million on exploration in and around Marigold in 2019, including an exploration program on recently acquired land immediately south of the project.

7. Hudbay Minerals Market cap: US$850 million Established base-metals miner Hudbay Minerals (TSX: HBM; NYSE: HBM) is focused on putting its Rosemont copper project into production, 50 km southeast of Tucson, Arizona.

Rosemont hosts proven and probable reserves of 537.1 million tonnes grading 0.45% copper, 0.012% molybdenum and 4.58 grams silver per tonne.

The planned US$1.9-billion, open-pit operation would have a 19-year mine life. In the first 10 years, Rosemont would produce 127,000 tonnes copper per year at cash costs of $1.14 per lb. copper.

In March 2019, Hudbay approved

a US$122-million early works program at Rosemont and planned to start construction by the end of 2019, with first production scheduled for 2022.

Development at Rosemont hit a hurdle in July when an Arizona court challenged the U.S. Forest Service’s 2017 final record of decision in favour of the project. Hudbay is appealing the decision.

As planned, Rosemont would be the third-largest copper mine in the U.S., Hudbay says.

8. McEwen Mining Market cap: US$770 million In May 2019, precious metals miner McEwen Mining (TSX: MUX; NYSE: MUX) declared commercial production at its Gold Bar gold mine in Eureka Country, Nevada.

In the second quarter of 2019, the mine produced 7,940 oz. gold, including pre-commercial and commercial production. The company lowered Gold Bar’s 2019 production guidance from 50,000 oz. gold to 42,000 oz., due to ramp-up delays at the mine.

Gold Bar has a 7.4-year mine life and should produce an average 60,000 oz. gold per year.

Resources at Gold Bar include 30 million tonnes in the measured and indicated categories, grading 0.92 gram gold per tonne for 819,000 contained oz., and another 7.6 million inferred tonnes grading 0.91 gram gold, for 201,000 oz. gold.

McEwen has earmarked US$5 million for exploration at Gold Bar in 2019 — targeting Gold Bar South — to advance permitting, with development planned for late 2020. The company expects Gold Bar South’s resources will extend the mine life at least one year.

Pit operations at Equinox Gold’s Mesquite gold mine in California. EQUINOX GOLD

9. Equinox Gold Market cap: US$670 million Equinox Gold (TSXV: EQX; USOTC: EQXFF) owns the Mesquite gold mine in southern California’s Imperial County, which is scheduled to produce between 125,000 and 145,000 oz. gold in 2019.

The company paid US$158 million for the producing asset in 2018, and the mine has three years of remaining mine life, plus three years of residual leaching.

Mesquite’s measured and indicated mineral resources stand at 128 million tonnes grading 0.46 gram gold per tonne for 1.9 million contained oz. gold.

To extend Mesquite’s life, Equinox is working to convert resources to reserves, examining historic mineralized dumps and leach pads, and investigating exploration opportuni-

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ties near the mine, and regionally.

Elsewhere in California, Equinox is advancing its prefeasibility-stage Castle Mountain gold project. The company envisions restarting the historic mine in two phases to produce 2.8 million oz. gold over a 16-year mine life.

Phase-one construction is set to begin in the second half of 2019, with production to follow in 2020.

Castle Mountain has defined proven and probable reserves of 198 million tonnes grading 0.56 gram gold per tonne, for 3.56 million contained oz. gold.

10. Premier Gold Mines Market cap: US$420 million Thunder Bay-based gold junior Premier Gold Mines (TSX: PG) holds 40% of the construction-phase South Arturo gold project in Elko Country, Nevada. Barrick Gold owns the other 60% and operates the project.

Construction is advancing on two fronts on-site: at El Nino, and phase one.

El Nino is an underground development to extract gold beneath the historic phase-two pit, with ore mined in the second half of 2019.

The phase-one open pit is an extension of the past-producing Dee pit, and is scheduled to produce in 2020.

On a 40% basis, South Arturo hosts proven and probable reserves of 2.8 million tonnes grading 3.01 grams gold per tonne, for 275,000 oz. gold.

Premier also owns the past-producing Cove gold-silver property in north Nevada, where Barrick Gold can earn a 60% stake by spending US$22.5 million on exploration before June 30, 2022.

In 2018, Premier completed a preliminary economic assessment for the Cove deposit (excluded from the Barrick deal), which outlined indicated resources of 950,000 tonnes grading 11.2 grams gold per tonne and 29.5 grams silver, for 342,000 oz. gold and 900,000 oz. silver. Inferred resources at Cove total 3.7 million tonnes grading 11.20 grams gold and 20.9 grams silver, for 1.3 million oz. gold and 2.5 million oz. silver. TNM

2019-08-13 7:47 PM

US TOP 10

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 19–SEPTEMBER 1, 2019

11

Top 10 US-based miners LARGE MARKET CAPS

| Counting down the biggest players based in the US

BY JEAN LIAN

T

jlian@northernminer.com

he Northern Miner presents the top-10, U.S.-based mining companies by market capitalization.

Newmont Goldcorp Market cap: US$31.8 billion Newmont Goldcorp (NYSE: NEM) is a leading gold and copper producer with operations in the U.S., Australia, Ghana, Peru and Suriname.

Earlier this year, Barrick struck a joint venture with Newmont Goldcorp, called Nevada Gold Mines, which will have three tier-one gold mines: Barrick’s Cortez; the combination of Barrick’s Goldstrike and Newmont’s Carlin; and Barrick’s Turquoise Ridge, with Newmont’s Twin Creeks. The joint-venture operations making up Nevada Gold Mines — owned 61.5% by Barrick and 38.5% by Newmont Goldcorp — produced more than 4 million oz. gold in 2018.

In November 2018, Newmont declared commercial production at the Subika underground project in Ghana, which represented Newmont’s third profitable expansion last year. The company’s consolidated gold production in 2018 totalled 5.48 million ounces.

The attributable gold production outlook for 2019 is 5.2 million oz. gold at all-in sustaining costs of US$935 per oz. gold.

Tom Palmer will take over the reins as Newmont Goldcorp’s president and CEO on Oct. 1, replacing Gary Goldberg, who is retiring.

2. Southern Copper Market cap: US$25.6 billion Southern Copper (NYSE: SCCO) is one of the largest integrated copper producers in the world, with a copper reserve totalling 70.6 million tonnes.

The company was incorporated in Delaware in 1952, and is listed on the New York and Lima Stock Exchanges. The company operates in Mexico and Peru, and has exploration projects in Argentina, Chile, Ecuador, Mexico and Peru.

Sout hern Copper produced 883,689 tonnes copper, 70,778 tonnes zinc and 17.3 million oz. silver in 2018, compared to 876,979 tonnes copper, 68,665 tonnes zinc and 15.9 million oz. silver in 2017.

For 2019, the company expects to produce 986,700 tonnes copper, 96,400 tonnes zinc and 21.4 million oz. silver.

In February 2018, the company won the public bidding process for the Michiquillay project in Cajamarca, Peru, with mineral resources of 1.15 billion tonnes and a 0.63% copper grade. The Michiquillay project is expected to produce 225,000 tonnes copper a year, along with by-products molybdenum, gold and silver, for an initial mine life exceeding 25 years. Michiquillay will start production in 2025 to become one of the largest copper mines in Peru.

3. Freeport-McMoRan Market cap: US$15 billion Phoenix-headquartered FreeportMcMoRan (NYSE: FTX) operates seven open-pit copper mines in North America (Morenci, Bagdad, Safford, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico) and two copper mines in South America (Cerro Verde in Peru, and El Abra in Chile).

In 2018, Freeport produced 3.8 billion lb. copper at an average realized price of US$2.91 per lb., and 2.4 million oz. gold at US$1,254 per ounce. The company has estimated consolidated recoverable proven and

1-16_AUG19_Main .indd 11

A crushed ore stockpile at Newmont Goldcorp’s Boddington gold-copper mine in Western Australia. NEWMONT GOLDCORP

probable mineral reserves of 119.6 billion lb. copper, 30.8 million oz. gold, 3.78 billion lb. molybdenum and 393.1 million oz. silver.

In May 2019, Freeport announced the sale of its cobalt refinery — in Kokkola, Finland — and related cobalt cathode business to Umicore for US$150 million. Production at the Lone Star copper-leach project in Arizona, which Freeport started developing in 2018, should begin by the end of 2020. In December 2018, the Indonesian government took a 51.2% stake in Freeport’s Grasberg mine in Papua province, Indonesia, in a US$3.85-billion deal.

4. FMC Market cap: US$11.7 billion FMC (NYSE: FMC), a chemical company headquartered in Philadelphia, Pa., serves the global agricultural, consumer and industrial markets.

The company has two business segments: FMC Agricultural Solutions and FMC Lithium. The former offers crop-protection chemicals to enhance crop yield and control pests in non-agricultural markets, while the lithium segment makes lithium for use in products relating to energy storage, specialty polymers and chemical synthesis applications.

In June 2019, FMC announced plans to invest more than US$50 million over the next three years in capital-improvement projects, including the reconfiguration of a greenhouse and research facility at the company’s global research and development headquarters in Newark, Delaware.

5. Mosaic Market cap: US$9.1 billion Mosaic (NYSE: MOS) is the world’s leading producer and marketer of

concentrated phosphate and potash. The Fortune 500 company, headquartered in Plymouth, Minn., has been publicly traded since 2004.

Mosaic’s principal phosphate-production facilities are in Florida and Louisiana, while its potashproduction facilities are in New Mexico, Saskatchewan and Canada.

In 2018, Mosaic sold 8.8 million tonnes potash and 8.4 million tonnes phosphate. This year’s potash sales are expected to range from 9 million to 9.4 million tonnes, and 8.6 million to 9 million tonnes for phosphates.

In the second quarter of 2019, Mosaic reported a net loss of US$233 million, including a US$284-million, non-cash, after-tax charge for the permanent closure of its Plant City phosphate facility in Hillsborough County, Fla., in June 2019.

6. Albemarle Market cap: US$8.4 billion Albemarle (NYSE: ALB) is a global specialty chemicals company in lithium, bromine and refining catalysts, serving markets that include energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals, crop protection and custom chemistry services.

In December 2018, Albemarle entered a definitive agreement to acquire a 50% interest in Mineral Resources Ltd.’s Wodgina project in the Pilbara region of Western Australia for US$1.2 billion. The joint venture will produce spodumene concentrate and battery-grade lithium hydroxide.

In July 2019, Albemarle raised its stake in the Wodgina hard rock See TOP 10 MINERS / 14

Eight consecutive profitable years, positioned to increase gold production by over 100%, targeting increased monthly dividends and increased shareholder value.

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2019-08-13 7:47 PM

12

AUGUST 19–SEPTEMBER 1, 2019 / THE NORTHERN MINER

US TOP 10

WWW.NORTHERNMINER.COM

Precious metals: Top 10 US-based mid-tiers to juniors PRECIOUS METALS From 9

2. Hecla Mining Market cap: US$811 million Hecla Mining (NYSE: HL) was founded in 1891 in the Coeur d’Alene mining district of Idaho’s Silver Valley, one of the largest silverproducing districts in the world.

Today the low-cost silver producer has mines in the U.S., Canada and Mexico. It owns the Greens Creek mine in Alaska — one of the largest and lowest-cost primary silver mines in the world; the Lucky Friday underground silver-lead-zinc mine in Idaho; the San Sebastian underground gold-silver mine in Mexico; the Casa Berardi underground gold mine in Quebec; and the Fire Creek and Hollister mines in Nevada. It also owns several exploration properties in North America.

Last year, the company produced a total of 10.4 million oz. silver and 262,103 oz. gold. At the end of 2018, Hecla reported proven and probable reserves of 191 million oz. silver and 2.9 million oz. gold — the highest in the company’s history. It also has proven and probable zinc reserves of 932,000 tonnes, and 774,000 tonnes of lead reserves.

The company had cash and equivalents and short-term investments of US$10 million as of June 30.

3. Argonaut Gold Market cap: $371 million Argonaut Gold (TSX: AR) is a Canadian gold company with assets that include the El Castillo mine and San Agustin open-pit mines, which together make up the El Castillo Complex in Durango, Mexico, and the La Colorada open-pit, gold-silver mine in Sonora, Mexico. It also owns the advanced exploration-stage San Antonio project in Baja California Sur, Mexico; the Cerro del Gallo open-pit, gold-silver-copper project in Guanajuato, Mexico; and the Magino open-pit gold project in Ontario, Canada, which received federal government approval of its environmental assessment in January 2019. It also has several exploration-stage projects in North America.

Last year, the company produced 165,117 equivalent oz. gold at US$792 per oz. gold cash costs sold, and US$912 per oz. gold all-in sustaining costs sold. This year management expects to produce 200,000 to 215,000 equivalent oz. gold at

between US$775 and US$875 per oz. gold cash costs sold, and between US$875 and US$975 per oz. gold all-in sustaining costs sold.

The company plans to invest US$50 million to US$60 million in capital expenses this year. The largest one-time budgeted capital item is US$15 million, for expansion of the crushing and leaching facilities at the San Agustin mine to increase capacity from 20,000 tonnes per day to 30,000 tonnes per day.

4. Gold Resource Market cap: US$202 million Gold Resource (NYSE-AM: GORO) is a gold and silver producer, developer and explorer, with operations in Mexico and the United States.

The company poured first gold at its Isabella Pearl mine in Nevada in the second quarter of this year — just 10 months after breaking ground on the project in the Walker Lane belt.

The company owns several assets in Oaxaca, Mexico, including the Arista underground mine, the Aguila mill and the Mirador underground mine. Initial production at Arista began in March 2011, and mineralized material from the mine is trucked 2 km to the Aguila mill, where it is processed into three concentrates: copper-gold, leadsilver and zinc. The Mirador mine, also in Oaxaca state, is part of the company’s Alta Gracia project.

Gold Resource produced a total of 9,559 oz. gold and 467,484 oz. silver in the year’s second quarter, which along with base metal revenue generated US$29.4 million in net revenue and US$1.8 million — or US3¢ per share — in net income during the three months ended June 30.

5. Gold Reserve Market cap: US$176 million Gold Reserve (TSXV: GRZ; USOTC: GDRZF) owns 45% of the Siembra Minera gold-copper-silver project in the Km 88 gold-mining district of Venezuela’s Bolivar state.

(The Venezuelan government owns a 55% interest.) Gold Reserve has spent more than US$10 million on the project since August 2016, and the next phase of development is expected to include detailed design work for the small cyanidation plant and related facilities, and metallurgical tests. Depending on financing, the company also expects to start a feasibility study on a large flotation plant.

In 1992, the company began de-

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A driller at Sandspring Resources’ Toroparu gold project in Guyana. SANDSPRING RESOURCES

veloping the Brisas gold and copper project, also in Venezuela’s Km 88 mining district, and invested close to US$300 million in the project.

But in April 2008, the government revoked previous authorization to proceed with construction, and in 2009 the company sent the case to international arbitration. In June 2017, the company signed a settlement agreement with Venezuela, under which the government agreed to pay the company a total of US$1.03 billion. As of March 2019, the company had received US$276 million from the settlement, leaving US$756 million outstanding.

6. Vista Gold Market cap: US$95 million Vista Gold (TSX: VGZ; NYSE-AM: VGZ) owns the Mt Todd gold project in Australia’s Northern Territory, 250 km southeast of Darwin. The project is the largest undeveloped gold project in the country. Vista has invested over US$100 million to advance Mt Todd since acquiring the project in 2006.

An updated preliminary feasibility study on the brownfield project released in January 2018 envisions a large, conventional open-pit operation, with a 13-year mine life. The mine is expected to produce 382,211 oz. gold each year over its mine life, with an average of 479,450 oz. gold a year during the first five years of operation. Initial capex was pegged at US$839 million, and the mine should deliver a US$679-million after-tax net present value at a 5% discount rate, and a 20.5% after-tax internal rate of return at a gold price of US$1,300 per ounce. Life-of-mine average cash costs were estimated at US$645 per oz., with average cash costs of US$571 per oz. during the first five years of operations.

Mt Todd has proven and probable reserves of 221 million tonnes grading 0.82 gram gold per tonne at a cut-off grade of 0.40 gram gold, for 5.85 million contained oz. gold.

7. Sandspring Resources Market cap: US$47 million Sandspring Resources (TSXV: SSP; US-OTC: SSPXF) is developing its Toroparu gold project in western Guyana, 50 km from Guyana Goldfields’ Aurora gold mine. A preliminary economic assessment (PEA) in June 2019 estimated Toroparu would produce 4.5 million oz. gold — 3.64 million oz. of which would come in the form of gold doré bars — over a 24-year mine life. In addition, the project would produce 4.46 million payable oz. silver and

124.7 million payable lb. copper over the mine life. During the first 10 years, the mine would produce 1.48 million oz. gold doré. In the second, 14-year phase, it would produce 2.15 million oz. gold doré and another 876,000 oz. gold-inconcentrate. The study estimates all-in sustaining costs would run to US$812 per oz. over the mine life.

Pre-production capex was pegged at US$378 million. Sandspring says it plans to complete a final feasibility before year-end.

In November 2013, Wheaton Precious Metals signed a gold-purchase agreement, and in 2015, added a silver by-product stream to the agreement. Frank Giustra’s Fiore Group came in during 2015, and now owns 9.3% of the company’s stock, and last year, Gran Colombia Gold became a shareholder with 16.7% equity, which increased to 19.96% after Sandspring’s $4-million private placement in June.

8. Fiore Gold Market cap: US$39 million Americas-focused Fiore Gold (TSXV: F; US-OTC: FIOGF) has assets in Nevada and Chile. Its North American assets include the producing Pan mine near Eureka, Nev., and the nearby Gold Rock exploration project. Fiore also controls the Golden Eagle exploration project in Washington State, 10 km from Kinross’ Kettle River mill.

In Chile, Fiore controls a land package next to Yamana’s flagship El Penon mine in the Atacama region. Fiore’s Pampas el Penon properties lie west, south and north of the northernmost portion of Yamana’s El Penon deposit, and its Cerro Tostado project is south of the Mina Fortuna satellite deposit and the main El Penon mine and mill complex.

The company’s initial goal is to become a 150,000 oz. per year gold producer. In 2018, the company produced 34,297 oz. gold at cash costs of US$820 per oz., and all-in sustaining costs of US$1,063 per ounce.

9. Santa Fe Gold Market cap: US$32 million Santa Fe Gold (US-OTC: SFEG) started mining operations at its Jim Crow gold-silver mine in the historic Steeple Rock mining district of southwestern New Mexico at the end of April 2019. Initial production at the mine is planned to be stockpiled at surface in preparation for shipment to smelters in Arizona.

The company hopes production

from the Jim Crow mine will generate funds to finance development of its other mines in the district — the adjacent Imperial mine and the Bilalli mine, 6.4 km north of Jim Crow. It plans to have all three mines in production over the next 12 to 18 months.

In addition to its three past-producing mines in Steeple Rock, Santa Fe Gold has acquired five other historic silver mines: the Alhambra, Black Hawk, Silver King, Good Hope and Bullard’s Peak mines. These are covered by 13 patented claims and 82 unpatented claims in the Black Hawk district in Grant County, 24 km southwest of Silver City, in New Mexico. Santa Fe is reviewing development options for the assets.

10. Paramount Gold Nevada Market cap: US$25 million Paramount Gold Nevada (NYSEAM: PZG) owns the Grassy Mountain gold project in eastern Oregon, 113 km west of Boise, Idaho, and the Sleeper gold project in northern Nevada, 40 km northwest of the town of Winnemucca.

The company completed a prefeasibility study on Grassy Mountain last year that outlined annual production of 47,000 oz. gold and 50,000 oz. silver over a 7.25-year mine life, at cash-operating costs of US$528 per oz. gold. The study estimated initial capex of US$110 million for a 750-tonne-per-day mine and milling operation, and a 2.5-year payback period. The study anticipates a US$87.7-million, aftertax net present value — at a 5% discount rate — and a 28% after-tax internal rate of return. The company launched a feasibility study in June 2019, and says it plans to start construction as soon as it receives all of the required permits, which it forecasts will be in 2020.

AMAX Gold operated the Sleeper mine from 1986 until 1996, and produced 1.7 million oz. gold and 2.3 million oz. silver. A PEA of Sleeper in 2015 proposed a 30,000-tonneper-day, heap-leach-only operation, with a low strip ratio and 3.5-year payback period of US$175 million in initial capital expenses. The PEA envisioned annual production of 102,000 oz. gold and 105,000 oz. silver at cash-operating costs of US$529 per equivalent oz. gold produced.

In April 2019, Paramount closed a 2% net smelter return royalty agreement for US$2 million with Franco-Nevada. The proceeds will help advance permitting efforts and the feasibility study on Grassy Mountain. TNM

2019-08-13 7:47 PM

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Uranium Energy’s Palangana in-situ recovery uranium mine in south Texas. URANIUM ENERGY

Top 10 US-based mid-tiers to juniors, non-coal and precious metals GLOBAL REACH

BY TRISH SAYWELL

T

tsaywell@northernminer.com

he Northern Miner presents its top-10 list of U.S.-based mid-tier to junior companies, excluding coal and precious metals.

1. Intrepid Potash Market cap: US$432 million Intrepid Potash (NYSE: IPI) is a diversified minerals company based in Denver, Colo., that delivers potassium, magnesium, sulphur, salt and water products for the agricultural and oil and gas industries. It is the largest producer of potassium chloride — also known as muriate of potash — in the U.S., and owns three potash mines: Carlsbad in New Mexico, and Moab and Wendover in Utah. All three are solar evaporation mines. The company also operates an underground mine in New Mexico that extracts langbeninite, a naturally occurring mineral the company sells as Intrepid Trio.

During the second quarter the company generated net income of US$5.6 million, or US4¢ per diluted share, due to higher realized prices and increased sales of by-products.

Its potash segment generated US$8.2 million in gross margin during the quarter, for a US$2-million improvement year-on-year.

In May 2019, the company completed its acquisition of the Dinwiddie Jal Ranch in the Northern Delaware basin. The acquisition brings 242.8 sq. km of owned and leased land in one of the most productive oil and gas basins in the world. It has also expanded its oilfield footprint on Intrepid South, teaming up with NGL Energy Partners in a joint marketing agreement of its water, and jointly acquiring land in Texas for the development of produced waterdisposal facilities. Intrepid will be responsible for the development, transportation and sale of water from the Intrepid South property and NGL’s neighbouring Beckham and McCloy Ranches. The ranches service 20 oil and gas operators in the Northern Delaware basin.

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| Diverse companies targeting base metals and beyond

2. Uranium Energy Market cap: US$178 million Uranium Energy (NYSE-AM: UEC) is a U.S.-based uranium mining and exploration company. In South Texas, the company’s operations are anchored by the fully licensed Hobson Processing Facility, which is central to the Palangana, Burke Hollow and Goliad in-situ recovery (ISR) projects. In Wyoming, the company controls the Reno Creek project — the largest permitted, pre-construction ISR uranium project in the United States. Uranium Energy also controls a pipeline of uranium projects in Arizona, New Mexico and Paraguay, a uraniumvanadium project in Colorado, and one of the highest-grade and largest

undeveloped ferrotitanium deposits in the world, in Paraguay.

In February 2019, the company received the Radioactive Material License for its Burke Hollow project from the Texas Commission on Environmental Quality. This licence is the last of four major permits the company needed to extract uranium.

In addition to the Radioactive Material License, Burke Hollow now has a 44.5 sq. km mine area permit, approved in December 2016, two disposal well permits, issued in July 2015, and the aquifer exemption, issued in March 2017.

3. NioCorp Developments Market cap: US$95 million NioCorp Developments (TSX: NB;

US-OTC: NIOBF) is a U.S.-based company focused on developing its Elk Creek project in southeastern Nebraska — the only niobiumscandium-titanium project in North America. When in operation, the project is expected to be the sole producer of scandium oxide and a commercial version of niobium — known as ferroniobium — in the U.S., and one of only a handful of producers in the world of these critical and strategic materials.

The company released an updated final feasibility study on the project in April 2019. The study outlined a 36-year mine life and average annual production of 7,200 tonnes ferroniobium, 95 tonnes scandium trioxide and 11,642 tonnes titanium

dioxide. Total upfront capex for the project was pegged at US$1.14 billion, with an after-tax, 2.9-year payback period. The project yields a 25.8% after-tax, internal rate of return, and US$2.1-billion net present value.

4. Ur-Energy Market cap: US$89 million Ur-Energy (TSX: URE; NYSE-AM: URG) is a junior uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a nameplate capacity of 2 million lb. uranium oxide (U3O8) per year.

See JUNIORS / 14

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Top 10 US miners TOP 10 MINERS From 11

lithium project to 60%, and formed a 60/40 joint venture with Mineral Resources to operate the mine and battery-grade lithium hydroxide production facilities.

Net income attributable to Albemarle for 2018 was US$693.6 million, or US$6.40 earnings per share, compared to US$54.9 million, or US49¢ per share in 2017.

7. Royal Gold Market cap: US$8.9 billion Royal Gold (NASDAQ: RGLD) acquires and manages precious metals stream and royalty interests, with a focus on gold. The Denver, Colo.-based company owns interests in 186 properties on five continents, including 41 producing mines and 15 development-stage projects. Three-quarters of Royal Gold’s fiscal 2018 revenue came from its principal producing properties, which include Mount Milligan in Canada, Pueblo Viejo in the Dominican Republic, Andacollo in Chile, Wassa and Prestea in Ghana, Penasquito in Mexico, and Cortez in the United States.

In February 2019, Royal Gold acquired a silver stream on the Khoemacau copper project in Botswana, which has a 21-year initial mine life. Khoemacau is fully funded, and production and stream deliveries are expected in the first half of 2021.

8. Alcoa Market cap: US$3.7 billion Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and

aluminum products. Alcoa is among the world’s largest bauxite producers, with seven bauxite mines, including the world’s second-largest: Huntly, in Australia. It is also the world’s leading producer of alumina, and operates six refineries in Australia, Brazil and Spain. Its three-refinery operation in Western Australia is the world’s biggest single source of alumina.

In 2018, the company produced 45.8 million tonnes bauxite, 12.9 million tonnes alumina and 2.3 million tonnes primary aluminum in 2018. This year, the company expects to ship between 47 million and 48 million dry tonnes bauxite, between 13.6 million and 13.7 million tonnes alumina, and between 2.8 million and 2.9 million tonnes aluminum.

9. Cleveland-Cliffs Market cap: US$2.5 billion Headquartered in Cleveland, Ohio, Cleveland-Cliffs (NYSE: CLF) is the largest and oldest independent iron ore mining company in the United States. Its mines and pellet plants in Michigan and Minnesota are major suppliers of iron ore pellets to the North American steel industry.

In June 2019, Cleveland-Cliffs completed a US$100-million expansion of Northshore Mining, a company that mines iron ore near Babbitt, Minn., and moves the ore by rail to a processing plant on the north shore of Lake Superior in Silver Bay. By 2020, Cleveland-Cliffs could become the sole producer of hotbriquetted iron in the Great Lakes region, with the development of its

Alcoa’s Fjardaal aluminum smelter in Iceland. ALCOA

first production plant in Toledo, Ohio, which started construction in April 2018. The Toledo plant will produce 1.9 million tonnes per year of customized, high-quality, hot-briquetted iron.

10. Peabody Energy Market cap: US$1.8 billion Peabody Energy (NYSE: BTU) is the largest private-sector coal company in the world. Its primary business lies in mining, selling and distributing coal for use in electricity generation and steelmaking. The company, headquartered in St. Louis, Mo.,

has majority interests in 22 of the 23 coal-mining operations in the U.S. and Australia, and a 50% equity interest in Middlemount Coal Pty Ltd., which owns the Middlemount mine in Queensland, Australia.

In June, Peabody and Arch Coal entered an agreement to combine their Powder River basin and Colorado assets into a joint venture, which the companies estimate will unlock synergies of US$120 million a year in the first 10 years. Peabody will be the operator and own 65% of the joint venture, and Arch will own the other 33.5%.

In December 2018, Peabody acquired the Shoal Creek seaborne metallurgical coal mine in Alabama from private coal producer Drummond Co. Inc. for US$387 million.

Shoal Creek is expected to ship 2.5 million tonnes of high-quality, hard-coking coal to Asian and Atlantic steel customers in 2019. The company announced on Aug. 9, 2019 that it would close the Somerville mining complex in Indiana, U.S., in October. The mine, which opened in 2000 and supplied 2 million tonnes coal in 2018, has been facing a tough economic climate. TNM

Top 10 US-based mid-tiers to juniors, non-coal, precious metals JUNIORS From 13

The Littleton, Colo.-based company sold its first yellowcake from Lost Creek in December 2013, and since then has produced more than 2.46 million lb. of the material.

In August the company confirmed that it had lowered its production estimates for Lost Creek in 2019 to between 50,000 and 75,000 lb. U3O8, and said it has reduced staff levels accordingly, Through June 30, it sold 362,500 lb. U3O8 at an average price of US$48.86, and for the year expects to deliver a total of 665,000 lb. U3O8 related to term contracts, at an average price of US$48 per pound.

In addition to Lost Creek, UrEnergy owns the Shirley Basin and Lucky Mc historic mine sites in the Shirley Basin and Gas Hills mining districts of Wyoming. Previous owners of the Shirley Basin project suspended mine operations in the 1990s due to low uranium prices.

At the end of July, the company had unrestricted cash of US$6.1 million.

5 . Scandium International Mining Market cap: US$30 million Scandium International Mining (TSX: SCY; US-OTC: SCYYF) owns a 100% interest in the Nyngan scandium project, in New South Wales, Australia, 500 km northwest of Sydney, and hopes to become the first company to achieve production from a primary scandium mine.

Scandium International completed a definitive feasibility study for the project in May 2016. The study concluded that the project could produce an average 37,690 kilograms of scandium oxide (or “scandia”) per year, at grades of 98% to 99.9%, generating an after-tax cumulative cash flow over a 20 -year mine life of US$629 million, with a US$177.5-million net present value at a 10% discount rate, and 33.1% after-tax internal rate of return. The average process plant feed grade

1-16_AUG19_Main .indd 14

over the mine life is an expected 409 parts per million scandium.

Capex of US$87.1 million could be paid back in 3.3 years. The mine would use a conventional flow sheet, with high-pressure acid leach and solvent-extraction techniques.

The company also owns 100% of the Honeybugle scandium property, next to the Nyngan project.

6. Azarga Uranium Market cap: US$24 million Azarga Uranium (TSX: AZZ; USOTC: AZZUF) is a uranium exploration and development company that has 11 uranium projects in the U.S. (South Dakota, Wyoming, Utah and Colorado) and in the Kyrgyz Republic. Its focus is advancing its Dewey Burdock project, an in-situ recovery uranium project in South Dakota, where it is working through the permitting process.

The project has already received its Nuclear Regulatory Commission License and draft Class III and Class V Underground Injection Control (UIC) permits from the Environmental Protection Agency, and the company is in the midst of completing other major regulatory permit approvals needed for construction, including the final Class III and Class V UIC permits.

Azarga’s other assets include the Gas Hills and Juniper Ridge projects in Wyoming, the Centennial project in Colorado, the Aladdin deposit in Wyoming, four exploration projects in the U.S. and a 70% stake in the Kyzyl Ompul project in the Kyrgyz Republic.

7. General Moly Market cap: US$28 million General Moly (TSX: GMO; NYSEAM: GMO) has two world-class projects in Nevada: its flagship Mt. Hope molybdenum project, and its wholly owned Liberty molybdenum-copper project. The company describes Mt. Hope, 34 km north of Eureka, as one of the largest and highest-grade

primary molybdenum deposits in the world. General Moly owns 80% of the project and POS-Minerals, a subsidiary of South Korean steel company POSCO, owns the other 20%.

The company reported at the end of July that it had received all the necessary water permits for the project from the Nevada State Engineer.

On Aug. 1, the company’s CEO and chief financial officer, Bruce Hansen, and its chief operating officer Robert Pennington, announced they are investing in General Moly through a private placement purchase of US$400,000 to provide interim incremental liquidity to the company. The investment follows a combined US$900,000 investment in a private placement earlier this year, which provided the company with working capital. The company said in a press release that it seeks US$10 million in financing options to carry the company to receipt of a record of decision, “and to allow for sufficient time to evaluate various potential strategic alternatives.”

8. Solitario Zinc Market cap: $19 million Solitario Zinc (TSX: SLR; NYSEAM: XPL) owns 39% of the Florida Canyon zinc project in northern Peru, a joint venture with Nexa Resources (TSX: NEXA; NYSE: NEXA), which, with 61% ownership, is the world’s fourth-largest zinc miner. After it earns 70%, Nexa has agreed to finance Solitario’s 30% participating interest for construction through a project loan.

The compa nies lau nched a drill program in May 2019. The 15,000-metre drill program will consist of 35 core holes. Initial results — released on Aug. 1 — included a 49-metre intercept grading 6.19% zinc-equivalent, including 18 metres of 13.7% zinc-equivalent; 1 metre of 56.9% zinc-equivalent; and 4 metres of 18.3% zinc-equivalent.

In addition to funding 70% of this

year’s exploration program, Nexa is funding a significant road-building program that will upgrade 31 km of previously built road, and add 10 km that will complete access to the mineralized areas.

Solitario also owns 50% of the high-grade and open-pittable Lik zinc deposit in northwestern Alaska.

Its joint-venture partner at Lik is Teck American Inc., a wholly owned subsidiary of Teck Resources, the world’s third-largest zinc miner.

In addition, Solitario holds a 7.6% equity stake in Vendetta Mining.

9. Texas Mineral Resources Market cap: US$18 million Texas Mineral Resources (US-OTC: TMRC) is advancing its Round Top heavy rare earth and industrial minerals project in Texas, 137 km southeast of El Paso. It is also developing alternative sources of strategic minerals through the processing of coal waste and other materials.

The company announced in April 2019 that a consortium it has assembled could produce high-purity and separated rare earth minerals from Pennsylvania coal-mining waste material. The company reported it had brought scandium, dysprosium, neodymium, cerium and lanthanum to a 99% purity level.

Texas Mineral Resources’ goal is to install a self-contained, modular and portable continuous ion exchange/ continuous ion chromatography pilot plant in Pennsylvania to determine the economic viability of deriving rare earth minerals and industrial mineral by-products from waste material produced fromanthracite coal.

The company is also working on an updated and expanded preliminary economic assessment (PEA) for its Round Top rare earth project, which contains both heavy and light rare earth elements. The expanded PEA will include an updated resource estimate adding lithium, hafnium, beryllium, scandium and gallium oxides, as well as industrial

minerals, such as the sulphates of aluminium, iron, magnesium, potassium and sodium. Eight of these additional minerals are on the U.S. government’s critical minerals list.

Navajo Transitional Energy Co. (NTEC) acquired a 20% stake in the company in August. NTEC owns the Navajo mine, a large coal operation in New Mexico.

10. Crystal Peak Minerals Market cap: US$28 million Crystal Peak Minerals (TSXV: CPM; US-OTC: CPMMF) is advancing its Sevier Playa brine project in southwestern Utah, 225 km from Salt Lake City. Using a brine extraction and solar evaporation process, the company plans to produce potassium sulphate, magnesium chloride, and sodium chloride from the project.

A feasibility study completed in January 2018 forecast average annual production of 298,000 tonnes sulphate of potash over a 30-year mine life, which would generate an estimated US$730-million after-tax net present value at an 8% discount rate, and a 21% after-tax internal rate of return. Total capital costs were estimated at US$412 million.

In July, the company announced the Federal Register published a notice availability for the project’s final environmental impact statement.

The Sevier Playa is an endorheic — or terminal — basin. The dry lake is 42 km long and 13 km wide, and covers 526.1 square kilometres.

Because there is no drainage, minerals eroded from the surrounding soils have concentrated over time to create a mineral-rich brine known to contain potassium, sulphate and other minerals.

Crystal Peak controls the project via leases on more than 501.8 sq. km on the Sevier Playa, which it acquired by competitive bid from the Utah School and Institutional Trust Land Administration, and from the U.S. Department of the Interior. TNM

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David Harquail on Franco-Nevada’s new long-life assets, succession plans GOLD

| CEO explains latest initiatives at Canadian Mining Symposium keynote, fireside chat

BY NORTHERN MINER STAFF

The following is an edited transcript of remarks made by Franco-Nevada (TSX: FNV; NYSE: FNV) CEO David Harquail at The Northern Miner’s Canadian Mining Symposium held at Canada House in London, U.K., on May 22, 2019, followed by a questionand-answer session. For the full audio, listen to Episode 143 of The Northern Miner Podcast.

David Harquail: In terms of our business principles at FrancoNevada, we’re trying to do all the good stuff in the industry, and avoid the bad stuff. We’re not a mining company, we don’t operate or build mines. We don’t even do any exploration. So, for that reason, we don’t get a lot of coverage in The Northern Miner, because it’s more of a financial business.

But over 30 years we’ve collected royalties on mining properties around the world. When I’m in New York and have to explain this to investors, the way I describe it is that our company is essentially the “Airbnb” of the gold industry.

We get a little piece of a lot of different mines.

We find that royalties on great geology is really the most accretive thing you can do in the business.

We’re not financial engineers.

We’re trying to expose ourselves to the exploration potential of good geology, and we describe FrancoNevada to investors as the low-risk way to get exposure to the industry.

We try to give investors the best aspects of a gold exchange-traded fund (ETF), and the best aspects of a gold operator. The message has worked with investors, and Franco-Nevada’s market capitalization as of yesterday was over US$14 billion [at press time on Aug. 13 it was US$17.60 billion]. So we’re just behind Newmont Goldcorp (TSX: NGT: NYSE: NEM) and Barrick Gold (TSX: ABX; NYSE: GOLD), and among the global gold companies by market capitalization.

The other thing that’s important is having a broad portfolio. And because it’s such a simple business, we can be involved in a lot of properties and manage it with few people.

We’re involved in not only producing and advanced projects, but also a lot of exploration projects.

We add to these small properties every month.

If it’s good geology, we’re very patient with them, but we’re always interested in the upside.

Because we have such a broad portfolio, we’ve become a proxy of the entire gold industry, so we’re covering all stages of projects.

It’s about 370 assets that we’re administering now, and we’re doing it with 34 employees. Our properties cover 44,000 sq. km, and that’s about the size of Switzerland.

But it’s better than Switzerland, because we’re trying to do it on the right trends. So we’re trying to pick the good geology within that. It’s an advantage that it’s a simple business, and so it doesn’t cost a lot to run.

I have my past auditor here and he’ll verify the numbers, but our general and administrative (G&A) costs on a quarterly basis have been almost flat for over a decade, and that’s despite our revenues going up sixfold. So this is an absolutely scalable business.

I would love to have a thousand royalties and maybe we add one or two auditors, but we’ve got that capacity because every asset we buy

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Franco-Nevada CEO David Harquail speaks at the 2019 Canadian Mining Symposium, in London, United Kingdom. PHOTO BY MARTINA LANG FOR THE NORTHERN MINER

“ONE OF THE NICE THINGS ABOUT THIS COMPANY IS, I CAN’T EVEN SCREW IT UP.” DAVID HARQUAIL CEO, FRANCO-NEVADA

is incremental, and there’s not a lot of management effort going forward.

I’m told that with our number of employees at 34, we have the highest market capitalization per employee of any company on the New York Stock Exchange, so we’ll try to maintain that.

Some of the things that have really driven our portfolio in the last few years is that we have got long-life assets. And an advantage of being in the royalty business is that we’re not restricted to just gold properties and gold companies.

What we’ve been able to do is buy gold and silver from the large porphyry gold projects and the skarn projects in Latin America. The advantage of some of these assets is that they can go for 30 to 50 years.

It’s hard to find those types of assets in the gold industry.

Cobre Panama is going to make its first official concentrate shipment next month [June 2019]. This is going to be a cornerstone asset for our company. First Quantum has been developing it, and it’s still probably the largest mining development project in the world, just coming to completion right now. We’re very proud to be associated with that.

We have quality franchises here that we’re participating in: mines that are run by BHP, Glencore, Teck Resources (TSX: TECK.B; NYSE: TECK), First Quantum Minerals (TSX: FM) and the Lundins of the world. In terms of performance, you can see there’s a good, strong, linear trend ... our performance was off just a bit in 2018, because there was a pit slide at our Candelaria mine in Chile, which is one of our largest cash-flow producers.

It was the first year we didn’t make

guidance, but I feel like we have hit the ground running for this year.

Just a week and a half ago [in early May] we had our first-quarter release, and we had record earnings and record revenue numbers for the company.

And what we’re telegraphing right now is that this is really the start of a bunch of records, because with Cobre Panama coming, with Candelaria getting back to normal operations — and we have a lot of growth coming from our own gas assets — we expect to hit further records in the second half of this year, and through next year.

We’re one of the growth companies in the industry. It’s a very good story. I like to point out that we measured G&A as a percentage of the value of our company, because one of the things that a lot of investors buy is the gold ETF, the GLD. And to be exposed to gold through ETF, it costs you 40 basis points — 0.4% — of every year to hold that gold.

Our entire overhead is running at about 17 basis points. We’re kind of twice as efficient as a gold ETF, and we can do that with active management of these assets.

And then ... there are the dividends. I listened earlier to Steve Letwin from Iamgold ... and we have achieved the dream: we are a free cash flow-generating business that not only generates enough cash for dividends and growing dividends, but also to do the reinvestment.

We’re self-financing going forward.

We have raised our dividend every year for the last 12 years. We just made our last announcement again 10 days ago at our annual meeting.

Anyone who bought us at our

initial public offering in Canada now gets almost a 9% yield from their investment in Franco-Nevada, if they bought us 11 years ago. It just shows you the power of compounding dividends.

One of the nice things about this company is that I can’t even screw it up. If our entire management team and board gets hit by a bus ... we can maintain these dividends for the next 35 years and still have billions leftover in the treasury. So I’d have to make a major mistake to screw it up at this stage.

We have got a powerful business model, and what we’re now focused on is proper succession planning to keep the DNA in order, so we can preserve this model going forward.

We’ve coined ourselves as “FrancoNevada: the gold investment that works.”

We now have 11.5 years of returns to our investors. It’s a 17% compounded annual growth rate of total return to our investors.

And this has been in a market that has been a bit of a bull, bear and neutral market for the last 11.5 years. I’m just wondering what we can do in a bull market.

So this has been a demonstration that active management ... [can] outperform passive management.

You can outperform the commodity, and our business model and portfolio demonstrates that.

Q&A session The Northern Miner: The first notes I wrote down while preparing for this interview were: “One of the greatest success stories in the gold sector this millennium … in a class by itself.”

Your first-quarter results were spectacular, and then you had some big news, that the cofounder of Franco-Nevada 1.0, Pierre Lassonde, would retire next year. Could you comment on your search for a new chairman and your thoughts on succession in a company like yours?

David Harquail: What we’d been doing is this: I have been with the original Franco and the new Franco for about 32 years. It started around 1985, when we first bought that Goldstrike royalty in Nevada that made the company.

What’s important is what makes companies successful. And you can even look at Agnico Eagle Mines (TSX: AEM; NYSE: AEM), they kind of have the DNA of the founder, and there are certain things that make the company successful, so you don’t want to turn over everything all at once, and then you’ve lost that DNA. So we’ve been very cautious in terms of trying to remember what Seymour Schulich and Pierre Lassonde did differently back in 1985, in terms of building that company in the 1980s and ’90s. And when we came back and relaunched FrancoNevada, we tried to bring back as many of the original people as possible.

And then when we bring new people in, it’s always educating them in terms of: keep those overheads low, keep the organization focused on new investments, take care of existing investments and manage the ego of the CEO — don’t let him think he’s the master of the universe.

All of the organization is there to keep me humble. Whoever is going to be the new CEO of the company, well, we have kind of lined that up right now. We’re trying to have an organization where we’re more of a partnership than having a large ego running the company.

We’re doing all of this internally because it’s important to keep the DNA. Last year we appointed Paul Brink, who has been with me for 14 years, as the president and chief operating officer. Essentially, he’s the CEO designate, and Pierre, this year, has announced that one year from now he’ll step down as chair.

I have been going through Europe, See HARQUAIL / 16

2019-08-13 7:47 PM

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David Harquail on Franco-Nevada HARQUAIL From 15

The surface of the gold mine in Vaal Reefs, South Africa, in the 1980s. RALPH RUSHTON

Rocks can talk Two days later, a danger crew was dispatched to drill and charge up a single blasting round to move the whole face forward by a metre or so. One. The bonuses reflected the higher-than-average chance the crew faced of being buried under tonnes of jagged rock. They would work one shift to drill and blast a round, then wait another day or two to see if the work induced anything more than rock chatter.

They charged up the face with explosives and it was blown at the usual time, at 1 or 2 a.m. My housemates and I were woken up about the same time by the biggest earth tremor I had ever felt in South Africa, a 5.2 magnitude shake that was detected by the U.S. Geological Survey (USGS) on mainland North America.

The USGS called up the mine rock mechanics department to let them know they had detected it. The ceiling in my bedroom cracked and we rattled merrily for 20 to 25 seconds, a long time for mine-induced bumps. The epicenter was on the fault we had visited two days earlier. The creaking we had heard was a vocal warning from the rocks that change was coming soon.

ROCKS From 5

been having trouble supporting the roof. The face sloped down to where the pay shoot had been cut off by a fault plane. There were no workers or drillers there so it was completely silent, except for the sound of our voices, as we discussed the issues the foreman had been facing.

The foreman told me quite calmly that the pit props he was installing as support were being squeezed and were taking pressure within a few minutes of installation, the implication being that the roof of the workface was on the move. Never a good sign. And then came the kicker.

“Come with me,” he said. “Let’s go down to the fault at the bottom of the face.”

We crawled on hands and knees, about 50 to 60 metres down the face.

“Listen. You can hear the fault creaking,” he said.

“It’s creaking,” he repeated.

He was right. It was creaking.

Clear as a bell, like timbers on a pirate ship in a storm. Seven thousand feet of rock above my head, and there we were, with our hands on a fault plane that was chattering quietly to itself, complaining about the stress it was under. That was beyond a doubt the scariest moment of my career. We left, quicker than we came in, and all work was stopped for 48 hours.

— Ralph Rushton is a Vancouverbased exploration geologist who once worked in the deep gold mines of the Vaal Reefs region of South Africa.

and we’d just been marketing in the U.S. as well, to touch base with the institutions to say, “What is the proper choice going forward, and governance-wise?”

Because they’re the owners of the company, we consult with them on the choice.

I have my hand up to be the next chair of Franco-Nevada. But we have to consult with the large institutions before we make a decision later this year. We’re getting good feedback on that.

TNM: Good to hear. When you think of Franco-Nevada, you think of a superstar singer or film actor who makes it all look easy, but there’s a lot of work going on in the background.

Could you comment on how you craft a royalty deal, for example, choosing between royalties, streaming or net profits, how to negotiate the deal, when to renegotiate, that kind of thing?

DH: It’s easy. The thing is the luxury we have. It’s good to remember that our very first royalty was Goldstrike.

So that was a cash cow right there.

And when you have that, then you have the ability to buy things when the market dips. And because it’s such a cyclical industry, if you have got the ability to buy things when the market dips, you can buy great assets.

The only tough part is not to buy things when there’s a bull market.

We have done our best deals when the downturn happened. For instance, [during] the global financial crisis — we did the Palmarejo–Guadalupe deal, and they’re company makers for us. We had the dip in the base metal companies from 2014 to 2016. It was BHP, Glencore, and Teck, and Freeport that were coming to us for help on their balance sheet.

We’re able to buy into their best mines and buy the gold out of those copper mines.

The other thing we have to resist is when we’re in the bull market and we’re not spending money, we’re actually piling up [cash]. Suddenly we have more than $1 billion in cash,

and I get this: “Oh, you have a lazy balance sheet. Dividend it out or go buy something and accelerate your growth.”

That’s the only hard part: not spending money sometimes. What we want to do is keep that money because we want to be the only ones that can write a check on the next downturn.

Right now we have just dipped into our revolver, so we have just a bit of debt in the company, and that’s because we’re finding a lot of things to buy. So we’re countercyclical.

TNM: How much of your time is tracking existing royalties, and waiting, who knows, 10 years to buy a royalty off someone when their fortunes maybe change, and how much of your time is spent creating royalties from scratch?

DH: Opportunity comes in waves.

Because we had the base metal companies in trouble, our money and time was spent on that capital — helping them fix their balance sheets. Right now there’s not a lot of that, so we’re doing just the small exploration or early-stage projects, because we can afford to get into some of these projects early.

Just earlier this year we put $20 million in Marathon Gold’s Valentine Lake deposit in Newfoundland, because we think that’s a great orebody, and someone’s going to build that mine. We’re in early, we have a royalty.

We have just done Salares Norte with Gold Fields (NYSE: GFI).

We bought the underlying ore in that project, and there’s a pre-final feasibility on it. But again, we’re absolutely confident both of these will be mines in the next five to 10 years, and we think we’re buying it at a price that even if it takes 10 years, we’re still making money on them.

We have the luxury. We can buy some of these long-dated assets beyond the time frame of most other investors because of the nature of the portfolio.

In terms of creating royalties, that’s when you’re into the mine financing and building stage. We’re really not at that stage, and I think

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that’s going to start happening next year.

Right now we’re spending most of our time deploying in the oil and gas industry on the U.S. side. We’re finding a lot of opportunity there, so there has been a lot of focus on that recently.

TNM: What kind of a relationship do you have with these companies after you strike the royalty deal? Is it hands off, or do you want to help out?

DH: It’s hands off, and, you know, it’s a nice thing. What I’m proud of is that in 32 years and hundreds of royalties, I have never had a lawsuit with any of the operators. We have very simple royalty contracts in Western courts of law. So no one has ever challenged them. Sometimes there’s an auditing issue ... we’ll do it, but it’s very rare we ever go to an arbitration on an audit issue.

So, I think we’re seen as good partners. We help out on local community and social investments.

We help fund the school program around a mine. At Detour, there was a fatality there, and so, we’re helping to fund some of the efforts to support the families who have lost their main partner.

We finance, of course, the Canadian Mining Hall of Fame. We sponsor that, and I was chair, but also the Prospectors & Developers Association of Canada Awards.

We want to help bring out the best in the industry.

TNM: On the world map of Franco’s portfolio, there are 227 exploration assets. They are obviously not material, but there’s a lot of them. What is your philosophy towards investing in juniors?

DH: Well, it’s good geology. It’s not so much the juniors, it’s: is that an interesting property? ... We can buy it, whoever owns it, because if it’s a good property, it’s going to go to stronger hands, eventually.

We were into Goldstrike before Barrick was. We were into Cobre Panama before First Quantum was.

If it’s a good orebody, it’s always going to attract a stronger operator, and so it’s the deposit itself. That’s where we have the tenure. It outlasts management teams, because those change all the time.

TNM: On a more personal note, you are a significant donor to charities, especially medical research and education. There’s the Harquail School of Earth Sciences at Laurentian University. Any reflections on this?

DH: I’m following my mentors’ footsteps. Seymour Schulich has been one of the biggest benefactors in Canada, so is Pierre Lassonde.

Our philosophy is that we don’t use the company to give money to charities. We do it with our own money. And so we just do miningrelated charity in institutions. But for hospitals and universities, it has to come from your own pocket.

I have done it, but it’s actually my family. My wife and daughter are here, and we called it the Midas Touch Foundation, because if you remember, the Midas mine was where we made a lot of our money.

Our dog is named Midas, and he happens to be a Golden Retriever.

So the whole family’s involved in this effort.

What I like is that Pierre has done the Lassonde mining school.

I’ve done the exploration school in Sudbury because I think the biggest wealth, is not by financial engineering, it’s by finding new orebodies.

If we can have some of these kids find new orebodies in Canada, everybody’s going to win. So that’s the fun part. And I hope to get more involved in it over time. TNM

2019-08-13 7:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 19–SEPTEMBER 1, 2019

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AUGUST 19–SEPTEMBER 1, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / AUGUST 5–9 The S&P/TSX Composite Index posted a 0.43% gain to 16,341.30. Spot gold finished the trading week at US$1496.20 per oz., up US$56.20 per oz., or 3.9%. The S&P/TSX Global Gold Index gained 6.41% to end at 252.39, while the S&P/TSX Global Base Metals Index lost 5.42% to 94.51, and the S&P/TSX Global Mining Index lost 0.16% to 76.06.

Wheaton Precious Metals rose $2.12 to $36.64 per share. Wheaton announced attributable gold production of 100,577 oz. gold in the second quarter, up 11.3% from the 90,391 oz. achieved in the second quarter of 2018. The increase owed to the San Dimas gold stream effective in May 2018, and the Stillwater precious metals stream effective in July 2018, as well as higher production at Sudbury. Attributable silver production in the three months ended June 30 fell 19.1% year-on-year to 4.83 million oz. silver. The decrease was mainly due to the termination of the San Dimas silver stream in May 2018 and lower production from Penasquito, after an illegal blockade. Cash costs for gold came in at US$420 per oz., up from US$407 per oz. in the year-earlier quarter, while cash costs for silver were US$5.14 per oz., up 13.2% from US$4.54 per oz. in the second quarter of 2018. This year Wheaton expects to produce 385,000 oz. gold, 22.5 million oz. silver and 22,000 oz. palladium for a total of 690,000

equivalent oz. gold.

First Majestic Silver rose $1.55 to $14.16 per share. The company reported silver production in the second quarter increased 25% to 6.41 million equivalent oz. silver, up from the 5.14 million equivalent oz. silver produced in the second quarter of 2018. Cash costs fell 10% to US$6.84 per oz., down from US$7.59 per oz. in the second quarter of 2018, and all-in sustaining costs fell to US$14.76 per oz., down from US$16.43 in the year-earlier quarter. Strong production results were offset by lower silver prices, resulting in a net loss for the quarter of US$12 million on revenues of US$83.7 million.

Pan American Silver’s share price rose $1.31 to $22.59. The company reported production results of 6.5 million oz. silver and TSX MOST ACTIVE ISSUES

B2Gold Corp Kinross Gold Barrick Gold Suncor Energy Yamana Gold Roxgold First Quantum IAMGOLD Lundin Mng New Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO K ABX SU YRI ROXG FM IMG LUN NGD

35166 5.36 4.33 4.86 + 0.51 34452 6.86 5.83 6.67 + 0.62 30016 24.56 22.31 23.96 + 1.63 24325 38.44 36.32 37.86 + 0.27 23571 4.98 4.13 4.58 + 0.40 21112 1.31 1.07 1.25 + 0.18 20858 10.63 9.54 9.58 - 0.91 18559 5.55 4.38 4.56 - 0.38 14582 6.26 5.76 5.91 - 0.15 13606 1.77 1.49 1.55 - 0.08

154,600 oz. gold during the second quarter, at all-in sustaining costs of US$10.67 per oz. silver and US$980 per oz. gold. In addition to the gold and silver, Pan American produced 17,400 tonnes zinc, 6,800 tonnes lead and 2,100 tonnes copper. The company lowered its 2019 guidance to between 25.3 million and 26.3 million oz. silver, and between 550,000 and 600,000 oz. gold, after a three-month postponement of commercial production

from its Cap-Oeste Sur Este and Joaquin projects, both in Argentina.

Asanko Gold rose 26.2% to $1.35 per share. The company posted record production in the second quarter of 62,067 oz. gold at an all-in sustaining cost of US$1,180 per ounce. The company recorded net income of US$6.1 million, compared to a net loss of US$142.3 million in the second quarter of 2018. TNM

TSX GREATEST PERCENTAGE CHANGE

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

DRDGOLD* DRD Coeur Mng* CDE Harmony Gold* HMY First Majestic* AG Gold Fields* GFI Pretium Res* PVG Kinross Gold* KGC Endeavr Silver* EXK Agnico Eagle* AEM Yamana Gold* AUY CONSOL Coal Rs* CCR Hecla Mining* HL Intrepid Pots* IPI Turquoise HIl* TRQ CONSOL Energy* CEIX Cleveland-Clif* CLF Mechel* MTL Teck Res* TECK United States S* X Rio Tinto* RIO

1208 4.08 3.38 3.88 + 17.6 46649 5.80 4.87 5.61 + 17.4 89153 3.07 2.70 3.04 + 14.3 31536 10.97 9.78 10.71 + 12.1 56582 6.29 5.68 6.11 + 12.1 18207 13.21 11.50 12.92 + 11.3 104454 5.17 4.65 5.05 + 10.5 19959 2.86 2.46 2.60 + 10.2 9491 60.17 54.75 59.24 + 9.5 149498 3.74 3.23 3.46 + 9.5 354 15.70 12.86 12.88 - 18.5 69291 2.08 1.50 1.57 - 16.9 3510 3.77 3.15 3.25 - 15.1 33155 0.58 0.45 0.46 - 12.5 2334 20.08 17.65 17.78 - 11.8 61780 9.19 8.35 8.45 - 9.5 112 2.05 1.86 1.86 - 9.3 16158 18.17 16.80 16.84 - 9.3 67712 13.06 11.90 12.05 - 9.2 14966 52.57 48.72 48.78 - 8.4

AEM Agnico Eagle Franco-Nevada FNV Newmont Gdcorp NGT Kirkland Lake KL Wheaton Prec M WPM Pretium Res PVG Barrick Gold ABX First Majestic FR Pan Am Silver PAAS Torex Gold TXG Ero Copper ERO Teck Res TECK.A Teck Res TECK.B Labrador IOR LIF Nutrien NTR North Am Pall PDL First Quantum FM Altius Mnrls ALS Champion Iron CIA Cameco Corp CCO

VOLUME WEEK (000s) CLOSE CHANGE

5597 78.25 3291 123.92 1321 51.52 4335 60.81 5096 36.64 5536 17.09 30016 23.96 6739 14.16 2953 22.59 1954 19.47 1659 20.85 59 22.40 10780 22.25 1587 27.75 5388 69.57 982 14.63 20858 9.58 295 12.56 3844 2.14 5355 11.35

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

6.80 5.56 2.76 2.63 2.12 1.74 1.63 1.55 1.31 1.27 3.70 2.30 2.25 1.27 1.17 0.98 0.91 0.50 0.40 0.39

TSX VENTURE EXCHANGE / AUGUST 5–9 The S&P/TSX Venture Composite Index fell 0.49% to 592.82 during the trading week.

SilverCrest Metals recorded the biggest value gain, rising $1.08, or 15.3%, to $8.16 per share. The company announced a bought-deal financing by underwriters National Bank Financial and Desjardines Capital Markets that will raise $22 million through the issuance of 3.76 million shares at $5.85 per share. To keep its 9.9% interest in SilverCrest, SSR Mining Inc. will buy a minimum of 718,000 shares up to a maximum of 780,000 shares in a separate, non-brokered private placement at a price of $5.85, for proceeds of $4.2 million (maximum $4.6 million). Proceeds from the offerings will be used for advancing SilverCrest’s Las Chispas project in Mexico’s Sonora state.

Chesapea ke Gold ’s sha res were up 36.8%, or $1.04, to close at $3.87. On Aug. 9, Chesapeake exercised an option to repurchase a 1% net smelter return royalty on its wholly owned Metates goldsilver-zinc project in Mexico’s Durango state from Wheaton Precious Metals for US$9 million. Chesapeake sold a 1.5% net smelter return to Wheaton Precious Metals in August 2014, and had the right to

repurchase two-thirds of it over a period of five years.

Drill results from Garibaldi Resources’ Nickel Mountain project in northwestern B.C. drove up the company’s shares 45¢ to $1.75. The first hole of the 2019 season, 19-47, intersected 6.1% nickel and 2.8% copper (plus cobalt, platinum, palladium, gold and silver) over 9 metres, within a broader near-surface interval of 51 metres containing 1.5% nickel and 0.94% copper. The Nickel Mountain gabbroic complex strikes northeast for at least 12 km and extends across strike for at least 1 km. Garibaldi discovered Nickel Mountain near Eskay Creek in mid-2017, intersecting 8.3% nickel and 4.2% copper over 17 metres, within a broader 40-metre intercept assaying 3.9% nickel and 2.4% TSX-V MOST ACTIVE ISSUES

Pure Gold Mg PGM Minera Alamos MAI Lucky Min LKY Jervois Mining JRV Harvest Gold HVG American Creek AMK Equinox Gold EQX Victoria Gold VIT Brixton Metals BBB Klondike Gold KG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

9509 9305 9044 8428 8251 7055 7020 6404 5503 4439

0.69 0.18 0.07 0.19 0.03 0.10 1.50 0.45 0.40 0.45

0.58 0.14 0.05 0.17 0.02 0.07 1.29 0.40 0.24 0.37

0.67 + 0.17 + 0.06 + 0.18 + 0.03 unch 0.09 + 1.46 + 0.45 + 0.39 + 0.40 +

0.05 0.03 0.01 0.01 0.00 0.02 0.08 0.05 0.14 0.03

copper, in drill hole 17-14.

Barksdale Capital dropped 13¢, or 20%, to 52¢. On Aug. 6, Barksdale closed the acquisition of the San Antonio property, 5 km southeast of the company’s flagship Sunnyside project in the Patagonia Mountains of southern Arizona. San Antonio comprises 315 mineral claims totalling 25.5 sq. km, and exploration focuses on the untested, shallow

Cosmos porphyry copper target. As part of the acquisition, Barksdale issued 898,809 common shares to Teck Resources, which increases its equity stake in Barksdale from 8% to 9.9%. At Sunnyside, the main exploration target is a skarn on the northeast margin of the intrusive complex that the company says likely hosts copper-zinc-lead-silver mineralization. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Royal Gold Golden Harp Canada One Argentum Silvr Teuton Res Brixton Metals Finlay Minrls MetalCorp Cresval Cap Bold Ventures Eurotin Alturas Min Buffalo Coal Adex Mining Stroud Res Gowest Gold Running Fox Rs Gold Rush Cari Galway Gold Tembo Gold

ROYL GHR.H CONE ASL TUO BBB FYL MTC CRV BOL TIN.H ALT BUF ADE SDR GWA RUN GDBO GLW TEM

134 40 40 293 1937 5503 197 16 554 264 1444 446 117 13 87 479 91 2027 74 356

0.17 0.14 0.05 0.48 0.57 0.40 0.06 0.02 0.03 0.02 0.03 0.02 0.01 0.01 0.01 0.38 0.02 0.03 0.12 0.03

0.00 0.08 0.03 0.28 0.35 0.24 0.04 0.00 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.02 0.00 0.02

0.17 0.14 0.05 0.48 0.57 0.39 0.06 0.02 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.19 0.01 0.02 0.07 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 450.0 + 75.0 + 66.7 + 62.7 + 54.1 + 52.9 + 50.0 + 50.0 + 50.0 + 50.0 - 66.7 - 66.7 - 50.0 - 50.0 - 50.0 - 47.2 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

SilverCrest Chesapeake Gld Aurion Res Garibaldi Res Sailfish Rylty O3 Mining New Pac Metals Tudor Gold Integra Res Teuton Res Abitibi Royal Gowest Gold ML Gold Corp Amex Expl Barksdale Cap BonTerra Res District Metal Cornerstone Ca Probe Metals Canadian Prem

SIL CKG AU GGI FISH OIII NUAG TUD ITR TUO RZZ GWA MT AMX BRO BTR DMX CGP PRB CPS

1194 8.16 651 3.87 1361 2.13 1772 1.75 190 1.59 105 3.14 445 2.65 2342 0.91 974 1.09 1937 0.57 22 12.60 479 0.19 110 0.39 318 0.95 106 0.52 655 2.30 33 0.20 65 3.91 91 1.14 53 1.12

+ 1.08 + 1.04 + 0.53 + 0.45 + 0.34 + 0.34 + 0.25 + 0.24 + 0.21 + 0.20 - 0.63 - 0.17 - 0.17 - 0.15 - 0.13 - 0.10 - 0.10 - 0.09 - 0.09 - 0.08

U.S. MARKETS / AUGUST 5–9 President Trump’s declaration on Aug. 1 that he would impose a 10% tariff on a further US$300 billion of Chinese imports to the U.S. starting on Sept. 1, and his subsequent description of China as a “currency manipulator,” hammered markets and sent gold prices soaring over US$1,500 per ounce. New York spot gold closed at US$1,496.20 per oz., up US$56.20 per oz., or 3.90%, while the Dow Jones Industrial Average fell 0.75% to 26,287.44, and the S&P 500 Index dropped 0.46% to 2,918.65.

Franco-Nevada climbed US$4.20 to US$93.74 per share on strong second-quarter results. The company reported net income and adjusted net income of US$64 million, or US34¢ per share, on revenues of US$170.5 million. Revenue in the quarter was sourced 83.8% from gold and gold equivalents (62.2% gold, 9.7% silver, 8.6% platinum group metals and 3.3% other mining assets), and 16.2% from energy. Franco-Nevada received its first gold and silver stream ounces from the Cobre Panama mine in early July. In late July, the company acquired a 1% overriding royalty interest on 1,416.4 sq. km in Marcellus for US$300 million. The royalty applies to existing production and future development from the Marcellus formation, as well as future

18_AUG19_MarketNews.indd 18

development from the Utica and Upper Devonian formations. With the addition of Cobre Panama, Franco-Nevada forecasts deliveries of gold-equivalent ounces (GEOs) at the higher end of its previously announced 2019 guidance of 465,000 and 500,000 GEOs. The new Marcellus royalty is expected to lift revenues from its energy group up to US$115 million, versus previous guidance of US$85 million.

Shares of Kirkland Lake Gold rose US$1.96 to US$46.03. The company reported adjusted net earnings of US$105.5 million, or US50¢ per basic share, which is 66% higher than the comparable second quarter of 2018. Revenues U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Yamana Gold* AUY 149498 3.74 Vale* VALE 109257 12.01 Freeport McMoR* FCX 108864 10.36 Kinross Gold* KGC 104454 5.17 Barrick Gold * GOLD 97135 18.44 Harmony Gold* HMY 89153 3.07 Hecla Mining* HL 69291 2.08 United States S* X 67712 13.06 Cleveland-Clif* CLF 61780 9.19 Gold Fields* GFI 56582 6.29

3.23 3.46 + 0.30 11.39 11.55 - 0.73 9.71 9.75 - 0.55 4.65 5.05 + 0.48 17.35 18.14 + 1.23 2.70 3.04 + 0.38 1.50 1.57 - 0.32 11.90 12.05 - 1.22 8.35 8.45 - 0.89 5.68 6.11 + 0.66

were up 31% to US$281.3 million, compared to the year-earlier quarter’s US$214.7 million.

The company produced 214,593 oz. gold for a 30% increase year-on-year.

Pretium Resources’ shares rose US$1.31 to US$12.92. The company’s Brucejack mine de-

livered another profitable quarter in the three months ended June 30, producing 90,761 oz. gold for adjusted earnings of US$17 million, or US9¢ per share on revenues of US$113.2 million. Pretium eliminated US$65 million of debt in the first six months of 2019. TNM

U.S. GREATEST PERCENTAGE CHANGE

DRDGOLD* DRD Coeur Mng* CDE Harmony Gold* HMY First Majestic* AG Gold Fields* GFI Pretium Res* PVG Kinross Gold* KGC Endeavr Silver* EXK Agnico Eagle* AEM Yamana Gold* AUY CONSOL Coal Rs* CCR Hecla Mining* HL Intrepid Pots* IPI Turquoise HIl* TRQ CONSOL Energy* CEIX Cleveland-Clif* CLF Mechel* MTL Teck Res* TECK United States S* X Rio Tinto* RIO

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

1208 4.08 3.38 3.88 + 17.6 46649 5.80 4.87 5.61 + 17.4 89153 3.07 2.70 3.04 + 14.3 31536 10.97 9.78 10.71 + 12.1 56582 6.29 5.68 6.11 + 12.1 18207 13.21 11.50 12.92 + 11.3 104454 5.17 4.65 5.05 + 10.5 19959 2.86 2.46 2.60 + 10.2 9491 60.17 54.75 59.24 + 9.5 149498 3.74 3.23 3.46 + 9.5 354 15.70 12.86 12.88 - 18.5 69291 2.08 1.50 1.57 - 16.9 3510 3.77 3.15 3.25 - 15.1 33155 0.58 0.45 0.46 - 12.5 2334 20.08 17.65 17.78 - 11.8 61780 9.19 8.35 8.45 - 9.5 112 2.05 1.86 1.86 - 9.3 16158 18.17 16.80 16.84 - 9.3 67712 13.06 11.90 12.05 - 9.2 14966 52.57 48.72 48.78 - 8.4

U.S. GREATEST VALUE CHANGE

Agnico Eagle* AEM Franco-Nevada* FNV MartinMarietta* MLM Newmont Gdcorp* NEM Kirkland Lake* KL Chevron Corp* CVX Wheaton Prec M* WPM PVG Pretium Res* Barrick Gold * GOLD First Majestic* AG Rio Tinto* RIO CONSOL Coal Rs* CCR CONSOL Energy* CEIX Arch Coal* ARCH Black Hills* BKH Mosaic* MOS Teck Res* TECK NACCO Ind* NC Alcoa* AA United States S* X

VOLUME WEEK (000s) CLOSE CHANGE

9491 59.24 3767 93.74 3161 249.41 49138 39.03 9066 46.03 36171 122.42 18558 27.74 18207 12.92 97135 18.14 31536 10.71 14966 48.78 354 12.88 2334 17.78 1638 76.08 2334 76.40 50249 22.60 16158 16.84 53 49.59 16761 19.21 67712 12.05

+ 5.15 + 4.20 + 3.36 + 2.12 + 1.96 + 1.69 + 1.62 + 1.31 + 1.23 + 1.16 - 4.50 - 2.92 - 2.39 - 2.21 - 2.19 - 1.79 - 1.72 - 1.57 - 1.50 - 1.22

2019-08-13 7:48 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / AUGUST 19–SEPTEMBER 1, 2019

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S Tuesday, August 13, 2019 Precious Metals Price (US$/oz.)

Change Gold $1501.95 +44.50 Silver $16.96 +0.47 Platinum $855.00 +3.00 Palladium $1424.00 +12.00 Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK

Price (US$/tonne) Change $15790.00 +80.00 $5810.50 +69.50 $2070.50 +6.50 $2308.50 +30.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 9, 2019 (change from August 2, 2019 in brackets): Aluminium Alloy 6540 (-200) Aluminium 998250 (-25950) Copper 271725 (-14875) Lead 83275 (-2100) Nickel 144156 (+498) Tin 4920 (+30) Zinc 76775 (-1725)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$65.80 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.05 Cobalt: US$12.93/lb.

Copper: US$2.58/lb.

Copper: CME Group Futures Sept. 2019: US$2.58/lb.; Oct. 2019: US$2.58/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$94.80/tonne Lead: US$0.95/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$3,700 tr. oz.

Ruthenium: Mid-mkt US$246.00/tr. oz.

Silver: Handy & Harman Base: US$17.02 per oz.; Handy & Harman Fabricated: US$21.27 per oz.

Tin: US$7.67/lb.

Uranium: U3O8, Trade Tech spot price: US$25.25 per lb U308 Zinc: US$1.03/lb.

Prices current Aug. 13, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Aug 9 Aug 8 Aug 7 Aug 6 Aug 5 High Low S&P/TSX Composite 16341.34 16404.53 16265.22 16149.49 16271.66 15527.30 12400.15 S&P/TSXV Composite 592.82 596.33 597.33 594.69 595.74 1050.26 883.52 S&P/TSX 60 974.34 977.76 969.46 961.31 969.49 896.74 709.99 S&P/TSX Global Gold 252.39 254.92 253.95 246.78 237.19 218.90 149.29 DJ Precious Metals 211.60 211.60 209.62 204.91 203.84 420.72 130.95

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 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

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 Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21

Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share.

American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.

Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common 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 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS AUGUST 5–9, 2019 TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 31, 2019 (with changes from Jul 15, 2019) Largest short positions 793991 7/15/2019 Sandstorm Gold SSL 20152123 Nemaska Lith NMX 19953608 5352964 7/15/2019 New Gold NGD 15687410 -2473352 7/15/2019 Ivanhoe Mines IVN 14762159 1613643 7/15/2019 Kinross Gold K 12268744 1408985 7/15/2019 Barrick Gold ABX 11957543 80775 7/15/2019 Yamana Gold YRI 11830756 1691321 7/15/2019 Nexgen Energy NXE 10172486 2128959 7/15/2019 Royal Nickel RNX 8909762 -142316 7/15/2019 First Mg Fin FF 8890901 -106833 7/15/2019 Copper Mtn Mng CMMC 8847757 93683 7/15/2019 Sherritt Intl S 7832672 778964 7/15/2019 First Quantum FM 7445976 -838590 7/15/2019 Premier Gold M PG 7070559 1074893 7/15/2019 Trevali Mng TV 6678468 1287943 7/15/2019 Largest increase in short position NMX 19953608 5352964 7/15/2019 Nemaska Lith Nexgen Energy NXE 10172486 2128959 7/15/2019 Stornoway Diam SWY 4491877 1829880 7/15/2019 B2Gold Corp BTO 5016751 1741874 7/15/2019 Nthn Dynasty NDM 3792942 1723158 7/15/2019 Largest decrease in short position Perseus Mng PRU 277625 -3336652 7/15/2019 New Gold NGD 15687410 -2473352 7/15/2019 Semafo SMF 2557441 -1714469 7/15/2019 Energy Fuels EFR 1519648 -1609378 7/15/2019 Kerr Mines KER 503541 -1165956 7/15/2019

Short positions outstanding as of Jul 31, 2019 (with changes from Jul 15, 2019) Largest short positions Victoria Gold VIT 70331080 70151375 7/15/2019 Equinox Gold EQX 2093438 86738 7/15/2019 Novo Res NVO 1627971 -64011 7/15/2019 Gabriel Res GBU 1279095 1254585 7/15/2019 Garibaldi Res GGI 1219772 1135036 7/15/2019 Minera Alamos MAI 950747 771883 7/15/2019 Cobalt 27 Cap KBLT 895507 -26614 7/15/2019 Western Mag WMG 868758 850922 7/15/2019 SilverCrest SIL 795987 675122 7/15/2019 Amarillo Gold AGC 794418 30669 7/15/2019 Pedro Res PED.H 650044 650000 7/15/2019 Leeta Gold HIVE 638528 480823 7/15/2019 Colibri Res CBI 535499 494833 7/15/2019 Osisko Metals OM 501127 342225 7/15/2019 Altus Strat ALTS 450923 397683 7/15/2019 Largest increase in short position Victoria Gold VIT 70331080 70151375 7/15/2019 Gabriel Res GBU 1279095 1254585 7/15/2019 Garibaldi Res GGI 1219772 1135036 7/15/2019 Western Mag WMG 868758 850922 7/15/2019 Minera Alamos MAI 950747 771883 7/15/2019 Largest decrease in short position MKO 169703 -8055754 7/15/2019 Mako Mining Goliath Res GOT 232857 -869370 7/15/2019 Commerce Res CCE 13994 -562666 7/15/2019 AbraPlata Res ABRA 1894 -504670 7/15/2019 Klondike Gold KG 202100 -430327 7/15/2019

DAILY METAL PRICES Daily Metal Prices Date Aug 12 Aug 9 Aug 8 Aug 7 Aug 6 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1210/1220 1250/1250 1260/1260 1300/1290 1245/1245 Aluminum 1742.50/1776 1745.50/1776 1737/1768 1727.50/1756 1740/1766 Copper 5724/5748 5743/5766 5722.50/5747 5673/5704.50 5666/5690 Lead 2103/2084 2085/2068.50 2069/2055 2004/1995 2006/2000 15630/15625 15610/15675 15490/15490 14735/14740 15010/15025 Nickel Tin 17000/16975 16875/16800 16925/16890 17000/16990 17090/17000 Zinc 2238/2248 2262/2270 2271/2278 2256/2266 2327/2324.50 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1501.95 1503.50 1497.40 1487.65 1461.85 Gold PM 1504.70 1497.70 1495.75 1506.05 1465.25 Silver 16.96 17.00 17.02 16.82 16.39 Platinum 857.00 863.00 850.00 851.00 852.00 Palladium N/A 1432.00 1420.00 1407.00 1444.00

Silver Bear Rs* Minco Silver* Montego Res* GoGold Res Altiplano Met* Minera Alamos Silver Grail Alumina Ltd* Brixton Metals* Gold Fields* Mosaic* Golden Dawn Ml*Minera Alamos * Silvercorp Met American Lith* Namibia Crit* Calibre Mng* Silvercorp Met* Amerigo Res Minera IRL Golden Hope* Canarc Res Natural Res Pt* SilverCrest Golden Queen* New Oroperu Amerigo Res* Canarc Res* Nexa Resources* New Pac Metals SilverCrest* Anfield Energy* Nexgen Energy Canoe Mng Vent Golden Sun* New Pac Metals* Spanish Mtn Gd Angkor Gold Cantex Mn Dev GoldMining Nexgen Energy* Newmont Gdcorp Spanish Mtn Gd* Arch Coal* Cantex Mn Dev* GoldMining* SSR Mining Gran Colombia NovaGold Res Azarga Uranium Orocobre Centerra Gold Azarga Uranium* Peabody Enrgy* Chesapeake Gld Gran Colombia* NovaGold Res* SSR Mining* Phoenix Global* Strategic Metl Orezone Gold Cameco Corp Chesapeake Gld* Great Atlantic Pine Cliff En* Teranga Gold Great Bear Res* Orla Mng Ltd Cameco Corp* Contintl Gold Teranga Gold* Orla Mng Ltd* Guerrero Vents Chakana Copper* Plateau Energy Contintl Gold* PolyMet Mng Terraco Gold Harmony Gold* Osino Res Cleghorn Mnls Defiance Silvr Teuton Res Impala Platnm* Osisko Gold Columbus Gold PolyMet Mng* Defiance Silvr* Teuton Res* Osisko Gold* Integra Res Columbus Gold* Purepoint Uran Detour Gold Torex Gold Pan Am Silver CONSOL Coal Diamond Fields* Integra Res* Rover Metals* Peloton Mnrls* Torex Gold* IsoEnergy Ltd Rs* Discovery Met Skyharbour Res Treasury Metal Perseus Mng CONSOL Energy* Skyharbour Res* Discovery Min* Itoco Inc* Treasury Metal* Core Gold* Pretium Res Japan Gold* DRDGOLD* Syrah Res* Tudor Gold Delrey Metals * Dundee Prec Mt Jubilee Metals* Pretium Res* Taseko Mines Tudor Gold * Q-Gold Res* Energy Fuels Dynacor Gld Mn* Kinross Gold Taseko Mines* Renaissance Gd Uranium Hunter* Energy Fuels* Kinross Gold* Eldorado Gold Teck Res Renaissance Gd* Viscount Mng First Cobalt * Eldorado Gold* Kirkland Lake Teck Res* Rockwealth Res Vista Gold Kirkland Lake* Fission Uran Ely Gold Royal Tinka Res Vista Gold* Roxgold Fission Uran* Ely Gold Royal* Klondike Gold Titan Mining VR Resources Klondike Gold* Roxgold* Glencore Plc * EMX Royalty VR Resources* Royal Gold Trevali Mng Kootenay Silvr Glencore Plc* EMX Royalty* Endeavour Mng Kootenay Silvr* Royal Gold* Wallbridge Mng Go Cobalt* Trevali Mng* Endeavour Mng* Lake Forest Mi* Sabina Gd&Slvr Wesdome Gold Golden Arrow Turquoise HIl Sabina Gd&Slvr* Wesdome Gold* Golden Arrow* Turquoise HIl* Endeavr Silver* Libero Copper Libero Copper* Sailfish Rylty Great Lakes Gr* Enforcer Gold West Kirkland Ur-Energy* Salt Lake Pot* Liberty Gold* Enforcer Gold* West Kirkland * HudBay Min Uranium Energy* Lions Bay Mg * Sandstorm Gold Westgold Res* HudBay Min* Equinox Gold Vanadiumcorp* Sandstorm Gold* Wheaton Prec M INV Metals* Loncor Res Filo Mg Corp Vela Minerals Santacruz Silv Filo Mg Corp * Loncor Res* Wheaton Prec M* Lithium Chile Vendetta Mng* Seabridge Gld Lundin Gold Logan Res Finlay Minrls Yamana Gold Vertical Expl* Seabridge Gld* Yamana Gold* MAG Silver Mascota Res* Fiore Gold* Victory Metals* Mandalay Res* Semafo First Majestic 83 New Lows Matica Ent WAI Cap Invest* Sibanye-Stillw* MartinMarietta* First Majestic* Advantage Lith* Matmown* Sidney Resrces* Alcoa* Mega Uranium Wolfden Res Franco-Nevada Mexus Gold* Silver Bear Rs Millennial Lit* Franco-Nevada* Minco Silver Alliance Res* ZincX Res*

205 New Highs Brixton Metals Abcourt Mines Abcourt Mines* Affinity Metal* African Gold African Gold* Aftermath Silv* Agnico Eagle Agnico Eagle* Alacer Gold Alamos Gold Alamos Gold* Alexco Res Alexco Res* American Creek American Creek* Americas Silvr Americas Silvr* AngloGold Ash* Argentum Silvr Argentum Silvr* Argonaut Gold Argonaut Gold* Arizona Silver* Asanko Gold Asanko Gold* Atom Energy * Aurion Res Aurion Res * B2Gold Corp B2Gold Corp* Barksdale Cap* Baroyeca Gold Barrick Gold Barrick Gold * Batero Gold Batero Gold* BC Moly Bearing Lith Blackrock Gold* Blue Lagoon Bonanza Gold*

CANADIAN GOLD MUTUAL FUNDS Fund Aug 9 ($) BMO Prec Mtls Fd A 23.57 BMO ZGD 61.40 BMO ZJG 63.49 CIBC Prec Metal Fd A 12.74 Dyn Prec Metls Fd A 8.96 Galileo GOGO 13.97 Harvest HGGG Horizons HEP IG Mac GbPMetCl A 11.45 15.72 iShares XGD Mac Prec Met Cl A 60.14 NBI PrecMetFd Invt 16.19 NPT Go&PrMinFd A NPT SilverEquCl A RBC GblPreMetFd A 42.79 Sentry Pre Met Fd A 41.11 TD Prec Mtl Fd Inv

Aug 2 ($) 22.30 58.38 61.66 12.08 8.35 13.14 24.47 28.74 10.72 14.78 56.30 15.30 38.09 5.47 40.54 38.89 40.13

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 1.27 5.68 16.45 2.40 3.02 5.18 20.58 0.61 1.83 2.97 17.47 0.60 0.65 5.39 17.87 2.44 45.55 0.61 7.31 12.81 2.71 362.81 0.82 6.27 19.62 0.60 2.30 9.53 5.69 1.17 4.06 17.56 0.83 0.73 6.79 19.71 2.75 32.40 0.94 6.39 18.35 0.61 743.67 3.84 6.82 19.85 2.53 59.89 0.89 5.82 18.14 2.46 28.57 3.19 8.44 5.69 3.19 0.35 6.24 6.07 2.98 2.26 5.57 15.34 2.13 318.33 2.22 5.71 6.94 2.43 203.17 2.91 7.24 18.01 2.27 113.13

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

Aug 9 Aug 8 Aug 7 Aug 6 Aug 5 1.3233 1.3233 1.3308 1.3281 1.3213 0.7557 0.7557 0.7514 0.7529 0.7568

Exchange rates (Quote Media, August 9, 2019) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.1114 0.6756 79.9875 14.6877 11.3759 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6224 5.3259 53.2860 0.7361 912.6618 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4707 0.8940 105.8450 19.4223 15.0597 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8236 7.0453 70.4809 0.9741 1207.1500

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

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

19_AUG19_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

GLOBAL MINING NEWS · SINCE 1915

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

2019-08-13 11:46 AM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: AUGUST 5–9, 2019 (100s) Stock

WWW.NORTHERNMINER.COM

AUGUST 19–SEPTEMBER 1, 2019 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 1911 Gold* O 105 1911 Gold V 237 21C Metals* O 291 21C Metals 314 66 Resources 98 92 Resources V 1024 92 Resources* O 98 Abacus Mining* O 295 Abacus Mining V 138 V 1847 Abcourt Mines Abcourt Mines* O 276 Aben Resources* O 341 Aben Resources V 1487 Aberdeen Intl* O 78 Aberdeen Intl T 196 5 Abitibi Royal* O Abitibi Royal V 22 AbraPlata Res* O 261 AbraPlata Res V 536 Acacia Mining* O 7 Adamera Min V 975 O 217 Adamera Min* Adex Mining V 13 Advance Gold V 535 O 177 Advantage Lith* Advantage Lith V 138 Adventus* O 15 Adventus V 10 Aethon Mineral V 343 AEX Gold V 8 Affinity Metal* O 5 African Gold* O 9 African Gold V 807 African Rainb* O 0 O 579 Aftermath Silv* Aftermath Silv V 1644 Agnico Eagle T 5597 Agnico Eagle* N 9491 V 549 Aguia Resource Aguila Amer Gd V 55 AJN Resources 204 Alacer Gold T 6215 Alamos Gold T 7075 Alamos Gold* N 24191 Alaska Pac Egy* O 3600 Alba Minerals* O 3 Albert Mining V 691 Albert Mining* O 38 Alcoa* N 16761 V 74 Aldebaran Res Alderon Iron* O 24 Alderon Iron T 98 Aldever Res* O 0 Aldever Res V 1 O 12 Alexandra Cap* Alexandria Min* O 914 Alexandria Min V 12626 Alexco Res* X 3848 Alexco Res T 916 Algold Res V 100 Alianza Min V 591 Alianza Min* O 53 Alien Metals* O 110 Alio Gold* X 1413 Alio Gold T 666 Allegiant Gold V 250 Allegiant Gold* O 379 Alliance Mng V 280 Alliance Res* D 2837 Almaden Min T 401 Almaden Min* X 1804 Almadex Min* O 155 Almadex Min V 126 Almonty Ind * O 14 Almonty Ind T 118 Aloro Mining* O 260 Aloro Mining V 193 Alpha Lithium V 9 Alphamin Res * O 63 Alphamin Res V 253 ALQ Gold 3231 V 504 Altai Resource Altair Res Inc V 325 Altamira Gold V 1081 O 158 Altamira Gold* Altan Nevada V 18 Altan Rio Min V 150 Altiplano Met V 41 Altiplano Met* O 80 Altius Mnrls T 295 Altius Mnrls * O 162 Alto Ventures V 44 Altura Mining* O 317 Alturas Min V 446 Altus Strat V 226 Alumina Ltd* O 134 ALX Uranium* O 103 ALX Uranium V 135 AM Resources V 15 Amador Gold V 285 Amanta Res* O 0 Amarc Res V 122 Amarc Res* O 18 Amarillo Gold V 1661 O 329 Amarillo Gold* O 135 Amazing Energy* Amer Intl Vent* O 528 American Batt* O 10 American Creek* O 1935 American Creek V 7055 O 198 American CuMo* American Lith V 125 O 160 American Lith* American Mang* O 390 American Mang V 925 American Pac 5972 American Pac* O 415 American Uran V 4 O 5 AmericanSierra* Americas Silvr* X 4122 Americas Silvr T 3713 Amerigo Res T 1003 Amerigo Res* O 564 Amex Expl* O 15 Amex Expl V 318 Amilot Capital* O 0 Amilot Capital V 72 Amseco Expl V 15 Anaconda Mng T 675 Anaconda Mng* O 247 Andes Gold* O 31 O 144 Andover Mng* Anfield Energy* O 35 Anfield Energy V 181 Angel Gold* O 0 Angel Gold V 254 Angkor Gold V 231 Angkor Gold* O 9 Anglo American* O 81 Anglo American* O 583 Anglo Pac Grp T 1 AngloGold Ash* O 1 AngloGold Ash* N 21186 Antioquia Gold V 185 Antioquia Gold* O 425 Antler Gold V 50 Antler Gold * O 0 Antofagasta* O 9 Apex Res * O 28 Apex Res V 34 Appia Energy 203 Appia Energy* O 70 Applied Min* O 215 Aquila Res* O 297 Aquila Res T 109 Arch Coal* N 1638 Archon Mineral V 75 Arctic Star* O 8 Arctic Star V 563 Arcus Dev Grp V 342 Arcwest Explor V 476 Arcwest Explor* O 25 Arena Min* O 27 Arena Min V 268

20-23_AUG19_StockTables.indd 20

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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argentina Lith V 5 Argentina Lith* O 50 Argentum Silvr V 293 Argentum Silvr* O 250 Argo Gold 111 Argo Gold* O 88 Argonaut Gold* O 389 T 4736 Argonaut Gold Arianne Phosph V 279 Arianne Phosph* O 114 Arizona Silver* O 53 Arizona Silver V 232 Asanko Gold T 2127 Asanko Gold* X 7198 Asante Gold 125 Ascendant Res T 240 Ascendant Res* O 0 Ascot Res V 1028 53 Ascot Res * O Ashanti Gold V 716 Ashanti Sanko V 452 Ashanti Sanko* O 3 AsiaBaseMetals V 48 Asian Mineral V 90 Aston Bay V 409 Aston Bay* O 27 Astorius Res V 46 ATAC Res* O 230 ATAC Res V 3643 Atacama Res* O 41079 Atalaya Mining T 3 Athabasca Min* O 118 Athabasca Min V 279 Athena Silver* O 109 Atico Mining* O 121 Atico Mining V 125 Atlanta Gold* O 0 Atlantic Gold* O 3 Atlas Cons Mng* O 9 Atlatsa Res T 170 Atlatsa Res* O 449 Atom Energy * O 3 Aton Resources* O 3 Aton Resources V 418 Aura Minerals* O 3 Aura Minerals T 7 Aura Resources V 314 Aura Resources* O 5 Auramex Res V 307 Aurania Res* O 70 Aurania Res V 163 Aurcana Corp V 1243 Aurcana Corp* O 338 AurCrest Gold V 45 Aurelius Min V 203 Aurex Energy V 144 Aurion Res V 1361 Aurion Res * O 129 Aurora Royal V 143 AURYN Mining* O 18 Auryn Resource T 486 Auryn Resource* X 670 Aust Mines* O 1431 Austin Res V 26 Austral Gold* O 40 Austral Gold V 117 Auxico Res 464 Avalon Advance T 2270 O 574 Avalon Advance* Avarone Metals* O 200 Avarone Metals 653 Avesoro Res T 15 Avesoro Res* O 1 Avidian Gold V 136 Avino Silver* X 6006 Avino Silver T 441 Avrupa Min* O 107 Avrupa Min V 273 Awale Res V 1003 Axmin Inc V 77 Axmin Inc* O 24 Azarga Metals V 138 Azarga Metals* O 6 Azarga Uranium* O 309 Azarga Uranium T 392 Azimut Explor V 120 Azimut Explor* O 26 Azincourt Ener* O 52 Azincourt Ener V 885 V 141 Aztec Minerals Aztec Minerals* O 2 Azteca Gold* O 38 Azucar Min V 247 Azucar Min* O 293

0.07 0.00 0.07 + 0.01 0.86 0.05 0.06 0.06 0.06 unch 0.00 0.27 0.03 0.48 0.28 0.48 + 0.19 0.48 0.10 0.37 0.19 0.37 + 0.15 0.30 0.13 0.14 0.12 0.12 - 0.03 0.33 0.07 0.11 0.11 0.11 unch 0.00 0.24 0.06 2.15 1.73 1.96 + 0.11 2.15 0.85 2.87 2.38 2.59 + 0.12 2.87 1.18 0.60 0.52 0.52 - 0.05 0.65 0.35 0.44 0.40 0.43 - 0.00 0.49 0.27 0.18 0.12 0.13 + 0.01 0.18 0.04 0.18 0.16 0.17 + 0.01 0.19 0.06 1.39 1.06 1.35 + 0.28 1.32 0.68 1.05 0.83 1.02 + 0.20 1.05 0.50 0.06 0.04 0.05 + 0.01 0.08 0.03 0.41 0.37 0.38 - 0.02 0.83 0.32 0.00 0.00 0.31 unch 0.00 0.63 0.25 0.68 0.63 0.67 + 0.02 1.44 0.61 0.52 0.48 0.50 + 0.00 1.03 0.47 0.05 0.04 0.05 unch 0.00 0.11 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.03 0.02 0.49 0.35 0.46 + 0.08 0.64 0.12 0.19 0.17 0.19 unch 0.00 2.00 0.10 0.06 0.06 0.06 unch 0.00 0.15 0.05 0.05 0.05 0.05 + 0.00 0.12 0.03 0.21 0.21 0.21 unch 0.00 0.50 0.15 0.24 0.19 0.22 - 0.00 0.45 0.14 0.32 0.26 0.29 unch 0.00 0.60 0.18 0.01 0.01 0.01 - 0.01 0.02 0.00 3.45 0.00 3.45 unch 0.00 4.25 2.88 0.53 0.45 0.48 + 0.01 0.53 0.12 0.65 0.58 0.64 + 0.01 0.77 0.16 0.06 0.03 0.05 - 0.01 0.06 0.01 0.22 0.20 0.21 + 0.01 0.39 0.17 0.30 0.26 0.28 - 0.01 0.46 0.23 0.01 0.00 0.01 unch 0.00 0.04 0.01 2.21 2.18 2.18 unch 0.00 2.36 1.07 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.09 0.09 0.09 unch 0.00 0.09 0.03 0.07 0.06 0.06 - 0.00 0.07 0.02 0.68 0.00 0.31 - 0.19 0.68 0.00 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.03 0.03 0.03 - 0.01 0.11 0.03 11.78 0.00 11.78 - 1.42 16.50 1.00 17.84 0.00 17.30 - 0.25 21.63 14.60 0.08 0.05 0.06 - 0.02 0.13 0.03 0.06 0.06 0.06 - 0.01 0.06 0.01 0.07 0.06 0.07 + 0.01 0.08 0.03 2.10 1.82 2.02 + 0.02 3.05 1.44 2.70 2.50 2.68 + 0.05 4.10 1.93 0.39 0.29 0.31 unch 0.00 0.80 0.21 0.30 0.21 0.24 + 0.00 1.25 0.00 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.19 0.16 0.16 - 0.02 0.50 0.16 2.35 1.54 2.13 + 0.53 2.35 0.74 1.77 1.20 1.56 + 0.37 1.77 0.57 0.07 0.06 0.06 - 0.01 0.11 0.06 0.50 0.20 0.50 + 0.11 1.80 0.05 2.20 1.95 2.03 + 0.05 2.45 1.14 1.67 1.48 1.51 unch 0.00 1.84 0.85 0.02 0.01 0.01 unch 0.00 0.19 0.01 0.06 0.06 0.06 unch 0.00 0.13 0.05 0.06 0.03 0.06 + 0.02 0.40 0.00 0.09 0.07 0.09 + 0.02 0.10 0.05 0.11 0.06 0.09 - 0.01 0.27 0.06 0.08 0.06 0.06 - 0.01 0.17 0.05 0.06 0.04 0.05 - 0.01 0.13 0.03 0.10 0.09 0.09 - 0.00 0.11 0.02 0.14 0.12 0.13 + 0.01 0.15 0.04 1.45 1.10 1.10 - 0.15 4.24 0.42 1.09 0.00 0.88 + 0.06 3.02 0.65 0.15 0.13 0.14 + 0.01 0.68 0.09 0.80 0.69 0.71 + 0.02 1.09 0.39 1.03 0.90 0.92 + 0.02 1.43 0.53 0.02 0.01 0.02 + 0.00 0.07 0.01 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.08 0.08 0.08 unch 0.00 0.15 0.06 0.45 0.39 0.42 - 0.02 0.66 0.15 0.32 0.30 0.31 + 0.01 0.50 0.13 0.08 0.06 0.07 unch 0.00 0.15 0.06 0.06 0.00 0.05 - 0.00 0.10 0.04 0.17 0.13 0.13 - 0.02 0.24 0.13 0.21 0.18 0.18 - 0.03 0.30 0.18 0.38 0.33 0.36 + 0.04 0.52 0.22 0.27 0.25 0.27 + 0.02 0.38 0.17 0.03 0.03 0.03 - 0.00 0.07 0.02 0.04 0.00 0.04 unch 0.00 0.09 0.03 0.12 0.08 0.08 - 0.03 0.25 0.07 0.07 0.07 0.07 unch 0.00 0.17 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.42 0.34 0.37 - 0.04 0.77 0.26 0.33 0.25 0.28 - 0.02 0.59 0.19

B2Gold Corp T 35166 B2Gold Corp* X 53751 O 859 Balmoral Res* Balmoral Res T 1102 Balto Res V 126 Bankers Cobalt V 571 Bankers Cobalt* O 200 Bannerman Res* O 746 Banyan Gold V 543 Banyan Gold* O 53 Bard Ventures V 0 Bard Ventures* O 0 Barkerville V 3119 Barkerville* O 714 Barksdale Cap V 106 Barksdale Cap* O 85 Barolo Venture V 2 Baroyeca Gold V 16 Barrian Mining V 652 Barrick Gold * N 97135 Barrick Gold T 30016 Barsele Min* O 47 Barsele Min V 105 Batero Gold* O 41 Batero Gold V 354 Bayhorse Silvr* O 537 Bayhorse Silvr V 1864 BC Moly V 24 BCM Res V 74 BE Res V 38 BE Res* O 1 Bear Creek Mng V 566 Bear Creek Mng* O 182 Bearclaw Cap V 60 Bearing Lith V 664 Bearing Lith* O 98 Beauce Gold V 29 Bell Copper V 72 Bell Copper* O 22 Belmont Res V 194 Belo Sun Mng T 797 Belo Sun Mng* O 968 BeMetals V 254 Benchmark Met V 799 Benchmark Met* O 113 Benton Res V 1216 Benton Res* O 133 Benz Mining V 335 Benz Mining* O 0 Berkwood Res * O 84 Berkwood Res V 467 Bessor Min V 12 Bird River Res 90 Bitterroot Res* O 33 Bitterroot Res V 136 Black Hills* N 2334 Black Iron T 1758 Black Iron* O 303 Black Isle Res* O 0 Black Mammoth* O 0 Black Mammoth V 5 Black Sea V 0 Black Sea * O 3 Black Tusk Res 727 Black Tusk Res* O 22 Blackheath Res V 353 Blackrock Gold* O 91 Blackrock Gold V 466 Blind Creek V 40 BLOX Inc* O 10

5.36 4.33 4.86 + 0.51 5.36 2.77 4.02 3.36 3.67 + 0.39 4.02 2.10 0.18 0.16 0.17 - 0.01 0.20 0.07 0.24 0.22 0.23 - 0.01 0.26 0.10 0.07 0.07 0.07 unch 0.00 0.15 0.06 0.04 0.03 0.04 + 0.01 0.10 0.02 0.03 0.02 0.03 + 0.01 0.07 0.01 0.03 0.03 0.03 - 0.00 0.06 0.03 0.05 0.04 0.05 + 0.01 0.07 0.04 0.03 0.03 0.03 + 0.00 0.06 0.02 0.00 0.00 0.14 unch 0.00 1.63 0.14 0.00 0.00 0.10 unch 0.00 0.21 0.10 0.44 0.38 0.42 + 0.03 0.48 0.30 0.33 0.26 0.32 + 0.02 0.37 0.23 0.66 0.52 0.52 - 0.13 0.75 0.35 0.57 0.35 0.35 - 0.13 0.57 0.27 0.25 0.00 0.25 - 0.01 0.30 0.09 0.07 0.00 0.07 + 0.02 0.25 0.04 0.15 0.13 0.14 - 0.02 0.20 0.10 18.44 17.35 18.14 + 1.23 88.70 11.52 24.56 22.31 23.96 + 1.63 24.56 12.54 0.37 0.32 0.37 + 0.04 0.62 0.28 0.53 0.44 0.49 - 0.04 0.90 0.36 0.07 0.05 0.06 + 0.00 0.06 0.03 0.10 0.07 0.08 + 0.01 0.10 0.06 0.10 0.07 0.08 + 0.01 0.13 0.04 0.12 0.09 0.10 + 0.01 0.18 0.07 0.07 0.07 0.07 unch 0.00 0.07 0.03 0.10 0.08 0.09 - 0.02 0.24 0.07 0.04 0.03 0.03 - 0.01 0.07 0.02 0.02 0.02 0.02 - 0.00 0.04 0.01 2.43 2.20 2.32 - 0.01 2.50 0.89 1.88 1.66 1.76 + 0.01 2.03 0.71 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.38 0.26 0.29 - 0.04 0.38 0.17 0.29 0.21 0.23 - 0.02 0.80 0.02 0.14 0.13 0.14 + 0.01 0.29 0.07 0.08 0.07 0.08 unch 0.00 0.15 0.05 0.06 0.00 0.06 - 0.01 0.12 0.03 0.09 0.00 0.07 - 0.02 0.76 0.04 0.31 0.29 0.30 + 0.02 0.42 0.17 0.25 0.21 0.24 + 0.02 0.33 0.12 0.25 0.24 0.25 - 0.01 0.30 0.19 0.37 0.33 0.33 - 0.05 0.40 0.16 0.28 0.24 0.24 - 0.03 0.30 0.11 0.07 0.06 0.06 - 0.01 0.11 0.04 0.07 0.06 0.06 unch 0.00 0.07 0.02 0.08 0.00 0.08 + 0.02 0.08 0.05 0.00 0.00 0.05 unch 0.00 0.06 0.04 0.04 0.03 0.03 + 0.01 0.10 0.03 0.05 0.04 0.04 unch 0.00 0.13 0.04 0.06 0.00 0.05 unch 0.00 0.20 0.05 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.03 0.02 0.03 - 0.00 0.09 0.01 0.04 0.03 0.04 + 0.01 0.12 0.02 79.04 70.15 76.40 - 2.19 82.01 56.42 0.11 0.09 0.09 - 0.02 0.16 0.05 0.08 0.07 0.07 - 0.01 0.12 0.03 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.00 0.00 0.04 unch 0.00 0.08 0.03 0.04 0.00 0.04 unch 0.00 0.11 0.02 0.00 0.00 0.08 unch 0.00 0.23 0.06 0.07 0.05 0.05 - 0.00 0.08 0.01 0.14 0.13 0.14 - 0.01 0.29 0.11 0.11 0.10 0.10 - 0.01 1.06 0.10 0.02 0.01 0.01 - 0.01 0.03 0.01 0.14 0.11 0.12 + 0.00 0.14 0.02 0.17 0.15 0.16 + 0.01 0.18 0.03 0.05 0.04 0.04 - 0.01 0.07 0.03 0.20 0.20 0.20 unch 0.00 0.25 0.03

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue Lagoon 34 Blue Moon Zinc* O 68 Blue Moon Zinc V 103 Blue River Res V 1135 Blue River Res* O 331 Blue Sky Uran* O 160 Blue Sky Uran V 281 Blue Star Gold V 1235 BlueBird Batt* O 20 BlueBird Batt V 179 Bluenose Gold V 48 O 59 Bluestone Res* Bluestone Res V 175 Bold Ventures V 264 Bonanza Gold* O 34434 BonTerra Res V 655 Boreal Metals V 605 Boreal Metals * O 16 Borneo Res Inv* O 4272 Bravada Gold V 450 Bravada Gold* O 344 Braveheart Res V 92 Braveheart Res* O 5 Bravo Multinat* O 3 Brazil Min* O 54457 BrightRock* O 302 Britannia Mng* O 624 Brixton Metals V 5503 Brixton Metals* O 1289 Brookmount Exp* O 127 Bryn Res* O 47 BTU Metals V 3279 Buenaventura* N 7333 Buffalo Coal V 117 Bullfrog Gold* O 164 Bunker Hill 4 BWR Explor V 217

0.81 0.62 0.81 + 0.19 0.81 0.26 0.02 0.01 0.01 unch 0.00 0.07 0.01 0.03 0.02 0.02 - 0.01 0.09 0.02 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.01 0.00 0.01 + 0.00 0.03 0.00 0.11 0.10 0.10 - 0.01 0.18 0.09 0.14 0.13 0.14 + 0.01 0.23 0.13 0.05 0.04 0.05 unch 0.00 0.05 0.02 0.16 0.13 0.13 - 0.03 0.30 0.13 0.18 0.16 0.17 + 0.01 0.39 0.14 0.14 0.13 0.13 - 0.01 0.33 0.09 1.00 0.88 0.91 + 0.02 1.15 0.65 1.22 1.13 1.18 + 0.02 1.60 0.85 0.02 0.01 0.02 + 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 2.68 2.27 2.30 - 0.10 4.90 1.46 0.05 0.05 0.05 - 0.01 0.17 0.04 0.05 0.05 0.05 unch 0.00 0.05 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.18 0.12 0.18 + 0.04 0.18 0.05 0.14 0.10 0.13 + 0.02 0.14 0.04 0.17 0.16 0.16 - 0.01 0.21 0.06 0.13 0.13 0.13 unch 0.00 0.14 0.05 0.36 0.35 0.36 - 0.01 0.95 0.02 0.01 0.00 0.01 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.40 0.24 0.39 + 0.14 0.40 0.10 0.31 0.19 0.30 + 0.10 0.28 0.08 0.01 0.01 0.01 - 0.00 0.02 0.00 0.08 0.05 0.05 - 0.02 0.10 0.01 0.15 0.11 0.11 - 0.03 0.24 0.04 16.04 15.02 15.63 + 0.15 17.85 11.67 0.01 0.01 0.01 - 0.01 0.02 0.01 0.13 0.11 0.12 + 0.01 0.24 0.04 0.19 0.00 0.09 unch 0.00 7.70 0.05 0.04 0.04 0.04 + 0.01 0.06 0.03

Cabral Gold V 119 Cabral Gold* O 40 Cache Explor* O 0 Cache Explor V 811 Cadillac Vent V 203 Caledonia Mng* X 125 Caledonia Mng T 30 Calibre Mng* O 13 California Gld 59 California Gld* O 55 Callinex Mines* O 7 Callinex Mines V 111 Cameco Corp* N 13459 Cameco Corp T 5355 Cameo Cobalt* O 62 Cameo Cobalt V 1094 Camino Min* O 36 Camino Min V 56 Camrova Res* O 23 Canada Carbon V 518 Canada Carbon* O 334 Canada Coal* O 0 Canada Coal V 3 Canada Cobalt * O 91 Canada Cobalt V 454 Canada One V 40 Canada Rare V 563 Canada Rare* O 41 Canadian Engy V 10 Canadian Metal 161 Canadian Metal* O 50 Canadian Ore V 46 Canadian Prem V 53 CanAlaska Uran* O 31 CanAlaska Uran V 186 Canamex Gold* O 125 Canarc Res T 1465 Canarc Res* O 1157 Canasil Res V 446 Candelaria Mg V 206 T 379 Candente Coppr Candente Gold* O 90 Candente Gold V 214 CANEX Metals * O 100 CANEX Metals V 477 CaNickel Mng V 46 Canoe Mng Vent V 1639 Canstar Res V 127 Canterra Mnls V 152 Cantex Mn Dev* O 34 508 Cantex Mn Dev V Canuc Res V 96 Canuc Res* O 15 Capstone Mng T 659 Cardero Res V 825 Cardero Res* O 103 Cardinal Res* O 220 Cardinal Res T 566 Cariboo Rose V 545 Carlin Gold V 753 Carrara Explor 1843 Cartier Iron 33 Cartier Res V 470 Carube Copper V 986 Carube Copper* O 104 V 347 Casa Minerals Casa Minerals * O 58 Cascadero Copp V 172 Cassius Vents V 2 Castle Peak Mg V 140 CellCube Enrgy* O 2390 CellCube Enrgy 2418 Centamin T 169 Centaurus Diam* O 195 Centerra Gold T 5160 316 Central Tim Ex V V 250 Centurion Mnls Century Cobalt* O 12 Century Global* O 10 Century Global T 4 V 6 Century Metals Cerro Grande 123 Cerro Mng* O 0 Cerro Mng V 0 Ceylon Graph V 49 Chakana Copper V 1048 Chakana Copper* O 278 Chalice Gold M* O 14 285 Chalice Gold M T Champion Bear V 87 Champion Bear* O 330 Champion Iron T 3844 Champion Iron* O 236 Chatham Rock V 39 Chesapeake Gld* O 273 Chesapeake Gld V 651 Chevron Corp* N 36171 Chiboug Ind Mn V 3643 Chiboug Ind Mn* O 106 Chilean Metals V 81 Chilean Metals* O 0 China Gold Int T 406 Cicada Vents V 608 CIM Intl Grp 5 Clarmin Explor V 225 Clean Comm V 503 Clean Comm* O 400 Cleghorn Mnls V 258 Cleghorn Mnls* O 8 Cleveland-Clif* N 61780 Cliffmont Res V 8 Clifton Mng* O 76 Cloud Peak En* O 2416 CMC Metals* O 5 CMC Metals V 229 CNRP Mng* O 575 CNRP Mng 714 Cobalt 27 Cap V 540 Cobalt Block V 454 Cobalt Block* O 230 Coeur Mng* N 46649 Colibri Res V 397 Colibri Res* O 150 Colombia Crest V 3 Colombia Crest* O 0 Colonial Coal V 311 Colorado Res V 1030

0.18 0.15 0.16 - 0.02 0.33 0.10 0.13 0.13 0.13 unch 0.00 0.25 0.10 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.05 0.04 0.05 + 0.01 0.07 0.03 0.02 0.00 0.02 unch 0.00 0.04 0.01 6.27 5.72 6.03 + 0.08 8.45 5.01 8.10 7.60 7.75 - 0.10 10.88 6.63 1.52 0.04 0.60 - 0.13 1.52 0.03 0.57 0.48 0.52 unch 0.00 0.79 0.37 0.43 0.36 0.40 - 0.00 0.59 0.13 0.36 0.32 0.36 - 0.02 0.46 0.03 0.50 0.41 0.48 - 0.02 1.70 0.41 8.86 8.52 8.61 - 0.27 13.04 8.52 11.95 11.30 11.35 - 0.39 17.12 11.33 0.05 0.03 0.03 - 0.00 0.31 0.02 0.05 0.04 0.04 - 0.01 0.32 0.04 0.10 0.00 0.10 + 0.01 0.15 0.07 0.14 0.00 0.12 unch 0.00 0.20 0.09 0.00 0.00 0.00 + 0.00 0.07 0.00 0.08 0.07 0.07 - 0.01 0.18 0.07 0.06 0.05 0.06 + 0.01 0.13 0.00 0.00 0.00 0.03 unch 0.00 0.04 0.03 0.00 0.00 0.02 unch 0.00 0.08 0.02 0.25 0.19 0.21 - 0.01 0.64 0.01 0.30 0.26 0.28 unch 0.00 0.86 0.26 0.05 0.03 0.05 + 0.02 0.10 0.02 0.07 0.06 0.06 - 0.01 0.11 0.04 0.05 0.04 0.04 - 0.01 0.08 0.02 0.07 0.00 0.07 unch 0.00 0.20 0.06 0.05 0.05 0.05 + 0.01 0.11 0.04 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.21 0.18 0.19 - 0.03 0.45 0.14 1.20 1.00 1.12 - 0.08 3.08 0.75 0.21 0.18 0.19 - 0.02 0.29 0.16 0.28 0.24 0.25 - 0.02 0.40 0.21 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.08 0.06 0.08 + 0.01 0.08 0.03 0.06 0.05 0.06 + 0.01 0.06 0.02 0.09 0.07 0.08 unch 0.00 0.12 0.05 0.25 0.00 0.25 + 0.03 0.69 0.15 0.05 0.05 0.05 + 0.01 0.09 0.04 0.02 0.02 0.02 + 0.00 0.03 0.01 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.07 0.00 0.06 - 0.01 0.10 0.03 0.08 0.00 0.08 unch 0.00 0.13 0.06 0.05 0.03 0.05 + 0.02 0.05 0.02 0.05 0.04 0.05 + 0.01 0.30 0.04 0.03 0.02 0.03 - 0.01 0.04 0.01 4.92 4.43 4.72 + 0.06 4.77 0.13 6.60 5.36 6.30 + 0.13 6.60 0.18 0.04 0.03 0.04 unch 0.00 0.16 0.03 0.02 0.02 0.02 unch 0.00 0.12 0.02 0.54 0.49 0.51 - 0.02 0.99 0.48 0.03 0.03 0.03 unch 0.00 0.15 0.03 0.03 0.00 0.03 + 0.00 0.11 0.02 0.29 0.00 0.28 + 0.08 0.36 0.20 0.38 0.35 0.37 + 0.03 0.48 0.29 0.06 0.04 0.06 + 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.05 0.04 0.05 + 0.01 0.17 0.03 0.09 0.00 0.08 unch 0.00 0.13 0.05 0.17 0.15 0.16 + 0.01 0.19 0.11 0.04 0.03 0.04 + 0.01 0.08 0.03 0.04 0.03 0.03 - 0.00 0.05 0.03 0.10 0.08 0.09 + 0.01 0.24 0.08 0.08 0.08 0.08 unch 0.00 0.12 0.08 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.06 0.00 0.06 unch 0.00 0.08 0.04 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.07 0.05 0.06 - 0.00 0.30 0.04 0.09 0.07 0.08 - 0.01 0.34 0.06 2.28 2.04 2.25 + 0.20 2.34 1.39 0.15 0.12 0.13 - 0.03 1.00 0.09 12.16 10.61 11.81 + 0.99 12.04 4.76 0.05 0.04 0.05 + 0.01 0.20 0.03 0.08 0.08 0.08 unch 0.00 0.27 0.05 0.10 0.04 0.05 - 0.04 0.20 0.00 0.17 0.17 0.17 unch 0.00 0.17 0.13 0.25 0.25 0.25 unch 0.00 0.25 0.11 0.10 0.10 0.10 unch 0.00 0.11 0.06 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.09 unch 0.00 0.12 0.09 0.00 0.00 0.26 unch 0.00 0.42 0.26 0.10 0.08 0.10 - 0.01 0.20 0.08 0.29 0.24 0.25 - 0.04 0.62 0.24 0.22 0.17 0.19 - 0.02 0.48 0.17 0.13 0.12 0.13 + 0.01 0.13 0.08 0.17 0.16 0.17 unch 0.00 0.17 0.10 0.16 0.14 0.14 - 0.01 0.25 0.10 0.12 0.12 0.12 unch 0.00 0.17 0.11 2.55 1.95 2.14 - 0.40 3.15 0.89 1.85 1.60 1.63 - 0.27 2.36 0.70 0.17 0.15 0.15 - 0.01 0.19 0.13 2.93 1.93 2.92 + 0.74 2.54 1.03 3.87 2.66 3.87 + 1.04 3.87 1.41 123.89 116.95 122.42 + 1.69 127.60 100.22 0.18 0.10 0.13 - 0.05 0.27 0.04 0.13 0.08 0.08 - 0.05 0.19 0.03 0.05 0.00 0.04 - 0.01 0.29 0.04 0.00 0.00 0.02 unch 0.00 0.06 0.01 1.54 1.45 1.51 + 0.01 2.33 1.41 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.19 0.19 0.19 unch 0.00 0.63 0.19 0.12 0.12 0.12 unch 0.00 0.20 0.10 0.04 0.00 0.03 - 0.01 0.05 0.02 0.02 0.00 0.02 - 0.00 0.03 0.01 0.07 0.04 0.06 - 0.01 0.11 0.04 0.04 0.04 0.04 unch 0.00 0.08 0.04 9.19 8.35 8.45 - 0.89 13.10 7.40 0.11 0.00 0.11 unch 0.00 0.90 0.05 0.10 0.08 0.10 - 0.01 0.20 0.04 0.05 0.03 0.04 unch 0.00 2.67 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.01 0.07 0.06 0.06 unch 0.00 0.11 0.04 0.37 0.32 0.37 + 0.02 1.58 0.20 0.50 0.45 0.50 + 0.03 2.02 0.27 4.05 3.75 3.97 + 0.06 7.02 3.27 0.07 0.05 0.07 + 0.02 0.22 0.05 0.07 0.04 0.05 + 0.01 0.17 0.03 5.80 4.87 5.61 + 0.83 6.48 2.78 0.05 0.04 0.05 + 0.01 0.08 0.03 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.19 0.19 0.19 unch 0.00 0.30 0.11 0.00 0.00 0.17 unch 0.00 0.21 0.03 0.40 0.33 0.33 - 0.06 0.65 0.24 0.13 0.10 0.13 + 0.02 0.16 0.05

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 235 Colorado Res* T 655 Columbus Gold O 590 Columbus Gold* O 85 Commander Res* V 743 Commander Res V 2617 Commerce Res O 64 Commerce Res* O 31 Compass Gold* V 113 Compass Gold 12281 X Comstock Mng* V 144 Comstock Mtls 12 Comstock Mtls * O Condor Gold* O 18 Condor Gold T 44 Condor Res V 171 Condor Res* O 15 O 0 Confedertn Ml* V 67 Confedertn Mls V 166 Conquest Res V 109 Cons Woodjam CONSOL Coal Rs* N 354 CONSOL Energy* N 25940 N 2334 CONSOL Energy* O 151 Constantine Mt* V 639 Constantine Mt O 50 Contact Gold* Contact Gold V 167 O 56 Contact Mnrls* O 510 Contintl Gold* Contintl Gold T 3970 Contintl Prec* O 0 703 Copper Fox Mtl V 4 Copper Fox Mtl* O Copper Lake Rs V 2891 Copper Mtn Mng T 2532 Copper Mtn Mng* O 287 3 Copper North M* O 124 Copper North M V 247 Copper Reef Mg Copperbank Res 2469 O 883 Copperbank Res* 87 Coral Gold * O Coral Gold V 253 V 374 Cordoba Mnls O 253 Cordoba Mnls* Core Gold V 1173 Core Gold* O 108 Core Lithium* O 6 V 65 Cornerstone Ca O 3 Cornerstone Ca* Coro Mining T 964 51 Corsa Coal * O Corsa Coal V 61 Corvus Gold* O 94 Corvus Gold T 289 CR Capital V 137 43 Crazy Horse Res* O Crest Resource 1390 Cresval Cap V 554 Critical Elem* O 144 Critical Elem V 929 V 538 CROPS O 60 Crown Mining* Crown Mining V 88 Cruz Cobalt 322 Cruz Cobalt V 300 Cruz Cobalt* O 682 Crystal Lake* O 43 Crystal Lake V 1175 Crystal Peak V 47 Crystal Peak* O 188 O 0 CTGX Mining* 49 Currie Rose Rs V Cyntar Venture 11 Cypress Dev V 433 Cypress Dev* O 138

0.03 0.10 0.08 0.09 + 0.01 0.11 0.15 0.17 0.15 0.16 - 0.01 0.31 0.11 0.13 0.11 0.12 + 0.00 0.24 0.05 unch 0.00 0.12 0.08 0.08 0.08 0.07 0.11 0.09 0.10 + 0.01 0.17 0.04 0.05 0.04 0.04 - 0.01 0.09 0.03 0.04 0.03 0.03 - 0.00 0.07 0.18 0.21 0.00 0.21 - 0.02 0.40 0.11 0.31 0.27 0.28 - 0.01 0.71 0.12 0.18 0.14 0.14 - 0.01 0.33 0.03 0.03 0.03 0.03 - 0.01 0.06 0.03 0.02 0.03 + 0.01 0.04 0.01 0.23 unch 0.00 0.43 0.25 0.00 0.25 0.30 unch 0.00 0.86 0.35 0.35 0.35 0.04 unch 0.00 0.09 0.06 0.05 0.05 0.03 unch 0.00 0.07 0.04 0.04 0.04 0.09 unch 0.00 0.24 0.00 0.00 0.21 0.12 0.27 0.21 0.23 - 0.03 0.40 0.01 0.02 0.02 0.02 - 0.01 0.04 0.03 0.05 0.04 0.04 - 0.02 0.09 15.70 12.86 12.88 - 2.92 21.13 12.86 7.35 6.42 7.07 - 0.20 16.09 6.14 17.65 20.08 17.65 17.78 - 2.39 47.49 0.28 0.49 0.32 0.33 - 0.05 0.57 0.39 0.58 0.42 0.43 - 0.08 0.72 0.14 0.18 0.16 0.17 + 0.01 0.38 0.18 0.23 0.19 0.23 + 0.02 0.50 0.02 0.20 0.11 0.20 + 0.01 0.40 1.33 3.90 3.07 3.34 + 0.27 3.90 1.76 4.66 3.99 4.40 + 0.37 4.66 0.00 unch 0.00 0.31 0.00 0.00 0.00 0.11 0.10 0.10 - 0.01 0.13 0.08 0.08 0.07 0.07 - 0.01 0.10 0.06 0.02 0.01 0.01 - 0.01 0.04 0.01 0.77 0.66 0.70 - 0.05 1.23 0.65 0.64 0.49 0.51 - 0.05 0.95 0.48 0.02 0.00 0.02 unch 0.00 0.05 0.02 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.03 0.02 0.02 - 0.01 0.03 0.02 0.04 0.06 0.00 0.06 + 0.02 0.08 0.02 0.04 0.00 0.04 + 0.00 0.06 0.31 0.28 0.28 - 0.00 0.34 0.24 0.32 unch 0.00 0.44 0.39 0.37 0.37 0.08 unch 0.00 0.17 0.09 0.00 0.09 0.06 0.07 0.06 0.06 - 0.01 0.14 0.16 0.18 0.17 0.18 + 0.01 0.33 0.11 0.14 0.11 0.13 - 0.00 0.25 0.07 unch 0.00 0.55 0.07 0.07 0.07 2.80 4.31 3.50 3.91 - 0.09 7.90 0.03 3.12 2.67 2.95 - 0.30 3.61 0.05 0.10 0.08 0.09 - 0.01 0.12 0.50 0.45 0.47 - 0.03 1.10 0.37 0.60 0.67 0.60 0.60 - 0.07 1.45 1.13 1.77 1.59 1.63 - 0.02 2.72 1.55 2.23 2.08 2.15 + 0.02 3.39 0.02 0.06 0.05 0.05 - 0.01 0.08 0.36 0.34 0.35 - 0.01 0.36 0.08 unch 0.00 0.16 0.08 0.10 0.10 0.10 0.02 0.03 0.02 0.03 + 0.01 0.05 0.26 0.32 0.28 0.28 - 0.00 0.80 0.33 0.40 0.35 0.39 - 0.02 1.05 0.02 unch 0.00 0.05 0.03 0.02 0.02 0.05 unch 0.00 0.10 0.05 0.05 0.05 0.05 0.06 0.05 0.05 - 0.01 0.17 0.04 0.05 0.04 0.05 + 0.01 0.05 0.04 unch 0.00 0.12 0.04 0.04 0.04 0.02 0.04 0.03 0.04 + 0.00 0.10 0.18 0.32 0.27 0.27 - 0.02 0.54 0.24 0.39 0.34 0.35 - 0.03 0.72 0.12 0.13 0.00 0.13 - 0.01 0.44 0.09 0.10 0.09 0.09 - 0.01 0.34 0.10 unch 0.00 0.12 0.00 0.00 0.11 0.07 0.06 0.07 + 0.01 0.12 0.05 0.07 unch 0.00 0.15 0.11 0.11 0.11 0.17 0.18 0.17 0.18 + 0.01 0.42 0.12 unch 0.00 0.32 0.14 0.13 0.14

Dajin Res V 609 Dajin Res* O 228 Dakota Ter Res* O 227 Damara Gold V 71 O 125 Damara Gold* Danakali* O 17 Debut Dmds 116 Decade Res V 662 Decade Res* O 268 V 149 Deep-South Res O 2 Deep-South Res* DeepRock Min 357 O 47 Defense Metals* V 369 Defense Metals Defiance Silvr V 1095 O 835 Defiance Silvr* Delrand Res V 237 Delrey Metals * O 199 Delrey Metals 423 T 1275 Denison Mines X 1727 Denison Mines* Desert Gold* O 92 Desert Gold V 235 103 Desert Mtn Egy V Detour Gold T 6742 O 16 Diamante Min* Diamcor Mng V 422 O 115 Diamcor Mng* O 757 Diamond Disc* O 1 Diamond Fields* V 25 Diamond Fields Dios Expl V 283 V 2 Discovery Harb O 219 Discovery Met* V 1531 Discovery Met 690811 O Discovery Min* V 283 Discovery-Corp District Cop* O 88 District Cop V 2404 District Metal V 33 Ditem Explor* O 25 O 12 Diversified Rs* DNI Metals* O 166 O 122 Dolat Ventures* Dolly Vard Sil* O 246 403 Dolly Vard Sil V O 2 Doubleview Cap* V 283 Doubleview Cap DRDGOLD* N 1208 Dundee Prec Mt T 2455 O 16 Dunnedin Vent* Durango Res V 826 Durango Res* O 287 V 90 DV Resources 233 Dynacor Gld Mn T 33 Dynacor Gld Mn* O O 2 Dynamic Gold* O 0 DynaResource* Dynasty Gold V 73 E3 Metals* O 1 E3 Metals V 290 V 38 Eagle Graphite O 56 Eagle Graphite* Eagle Plains V 436 372 V East Africa 18 East Africa * O East Asia Mnls* O 104 East Asia Mnls V 1576 EastCoal Inc V 5 O 10 Eastern Platin* Eastern Platin T 146 Eastern Zinc 451 Eastfield Res V 97 O 310 Eastmain Res* Eastmain Res T 2579 74 Eco Oro Mnls 97 Eco Oro Mnls* O eCobalt Solns T 4058 V 12 Edgewater Expl O 6 Edison Cobalt* Edison Cobalt V 788 El Capitan Prc* O 300 7 El Nino Vent* O 4 El Nino Vent V 255 Elcora Adv Mat V Elcora Res* O 123 28708 N Eldorado Gold* Eldorado Gold T 12546

0.04 0.05 0.04 0.04 - 0.01 0.11 0.03 0.03 0.03 0.03 + 0.00 0.09 0.12 0.06 0.07 + 0.02 0.19 0.02 0.03 0.04 0.03 0.04 + 0.01 0.05 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.46 0.51 0.49 0.50 + 0.01 0.67 0.01 0.02 0.01 0.01 - 0.01 0.02 0.02 0.04 0.03 0.04 + 0.01 0.08 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.06 0.11 0.10 0.10 - 0.01 0.16 0.06 unch 0.00 0.09 0.07 0.07 0.07 0.02 0.05 0.00 0.05 + 0.02 0.10 0.09 0.12 0.10 0.12 + 0.00 0.25 0.12 0.17 0.16 0.16 - 0.01 0.25 0.16 0.36 0.27 0.33 + 0.06 0.36 0.12 0.26 0.22 0.25 + 0.04 0.26 0.25 0.60 0.51 0.55 - 0.03 0.71 0.08 0.05 0.05 - 0.01 0.30 0.05 0.07 unch 0.00 0.50 0.08 0.07 0.08 0.57 0.63 0.58 0.58 - 0.04 0.89 0.43 0.48 0.43 0.44 - 0.03 0.69 0.12 unch 0.00 0.21 0.14 0.12 0.14 0.14 0.20 0.19 0.19 + 0.01 0.26 0.20 0.17 0.17 + 0.01 0.27 0.13 25.11 21.99 23.37 + 0.95 25.11 9.38 0.01 unch 0.00 0.23 0.04 0.04 0.04 0.09 unch 0.00 0.50 0.12 0.10 0.11 0.07 0.09 0.07 0.08 - 0.01 0.28 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.00 0.13 + 0.00 0.13 0.07 unch 0.00 0.20 0.17 0.15 0.17 0.04 0.05 0.04 0.05 + 0.01 0.08 0.01 unch 0.00 0.07 0.04 0.00 0.04 0.14 0.36 0.28 0.35 + 0.06 0.36 0.17 0.47 0.37 0.46 + 0.09 0.47 0.00 0.00 0.00 0.00 + 0.00 0.00 0.01 unch 0.00 0.02 0.02 0.01 0.01 0.01 0.02 0.01 0.02 - 0.00 0.09 0.02 0.01 0.13 0.03 0.02 0.02 + 0.15 0.30 0.00 0.20 - 0.10 0.39 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.03 0.06 0.03 0.06 - 0.01 0.09 0.10 0.23 0.14 0.16 - 0.07 1.80 0.32 0.24 0.27 - 0.01 0.40 0.14 0.39 0.34 0.36 - 0.01 0.55 0.19 0.07 unch 0.00 0.13 0.07 0.07 0.07 0.08 0.10 0.08 0.10 + 0.01 0.18 1.64 4.08 3.38 3.88 + 0.58 4.08 5.13 4.49 5.03 + 0.47 5.05 2.56 0.05 unch 0.00 0.16 0.08 0.08 0.08 0.04 0.08 0.06 0.08 + 0.02 0.10 0.04 0.06 0.05 0.06 + 0.00 0.07 0.04 unch 0.00 0.16 0.08 0.08 0.08 1.90 1.76 1.88 + 0.03 1.90 1.41 1.59 1.31 1.43 + 0.10 1.59 1.02 1.00 4.00 3.00 3.50 + 0.49 5.00 0.36 unch 0.00 1.25 0.00 0.00 0.90 0.07 0.09 0.08 0.09 - 0.01 0.20 0.22 unch 0.00 0.41 0.38 0.38 0.38 0.23 0.50 0.41 0.44 - 0.03 0.58 0.03 0.08 0.07 0.08 + 0.01 0.21 0.04 0.06 0.06 0.06 + 0.00 0.13 0.08 0.11 0.10 0.11 + 0.01 0.12 0.22 0.20 0.21 - 0.01 0.29 0.14 0.16 0.15 0.15 - 0.00 0.19 0.10 0.07 0.05 0.06 + 0.01 0.08 0.03 0.10 0.07 0.07 unch 0.00 0.10 0.04 0.05 unch 0.00 0.24 0.07 0.07 0.07 0.12 0.18 0.17 0.18 + 0.01 0.23 0.17 0.25 0.00 0.25 + 0.01 0.30 0.07 0.11 0.10 0.10 - 0.01 0.56 0.03 unch 0.00 0.07 0.05 0.05 0.05 0.07 0.16 0.13 0.15 + 0.01 0.20 0.10 0.20 0.18 0.19 + 0.01 0.27 0.13 0.11 0.13 unch 0.00 0.27 0.08 0.09 0.08 0.09 + 0.01 0.77 0.00 0.20 unch 0.00 0.95 0.30 0.27 0.29 0.06 unch 0.00 0.16 0.14 0.14 0.14 0.03 unch 0.00 0.12 0.04 0.04 0.04 0.04 0.06 0.04 0.05 + 0.01 0.16 0.03 0.02 0.02 - 0.00 0.04 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.00 0.00 0.03 unch 0.00 0.05 0.02 0.08 0.06 0.08 unch 0.00 0.22 0.06 0.04 0.06 0.04 0.05 - 0.00 0.17 2.52 8.99 7.45 8.23 + 0.07 8.99 11.89 9.91 10.86 + 0.11 11.89 3.36

D-F

2019-08-12 12:10 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / AUGUST 19–SEPTEMBER 1, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Electra Stone* O 0 0.00 0.00 0.01 unch 0.00 Eloro Res* O 45 0.21 0.17 0.17 unch 0.00 0.42 0.13 Eloro Res V 26 0.31 0.24 0.29 + 0.04 0.55 0.15 Ely Gold Royal V 2044 0.47 0.36 0.39 - 0.02 0.47 0.09 Ely Gold Royal* O 1873 0.35 0.28 0.29 unch 0.00 0.35 0.07 Elysee Dev * O 25 0.28 0.26 0.27 + 0.01 0.33 0.23 Elysee Dev V 76 0.37 0.35 0.37 + 0.02 0.42 0.31 Emerita Res V 407 0.09 0.08 0.08 - 0.01 0.28 0.07 Emgold Mining* O 31 0.08 0.00 0.08 + 0.00 0.14 0.03 Emgold Mining V 410 0.11 0.09 0.09 unch 0.00 0.20 0.05 Empire Metals V 0 0.00 0.00 0.14 unch 0.00 0.23 0.11 Empress Res V 200 0.05 0.05 0.05 unch 0.00 0.14 0.03 EMX Royalty V 137 2.00 1.80 1.83 - 0.02 2.00 1.31 EMX Royalty* X 1030 1.54 1.36 1.41 + 0.04 1.54 1.02 Encanto Potash* O 10 0.11 0.11 0.11 unch 0.00 0.22 0.07 Encanto Potash V 38 0.15 0.12 0.13 unch 0.00 0.30 0.09 EnCore Energy V 793 0.13 0.11 0.11 - 0.02 0.21 0.07 Endeavour Mng T 2207 28.27 26.06 27.29 + 0.08 28.27 16.34 Endeavour Mng* O 25 21.25 20.04 20.65 + 0.05 21.25 12.38 Endeavr Silver* N 19959 2.86 2.46 2.60 + 0.24 2.86 1.68 Endeavr Silver T 4083 3.81 3.12 3.45 + 0.31 3.84 2.21 Endurance Gold* O 125 0.02 0.02 0.02 unch 0.00 0.05 0.02 Endurance Gold V 1026 0.03 0.03 0.03 unch 0.00 0.07 0.03 1.50 Energy Fuels* X 6490 1.80 1.50 1.58 - 0.15 4.09 Energy Fuels T 1740 2.38 2.01 2.09 - 0.22 5.38 2.01 Enforcer Gold* O 0 0.09 0.00 0.09 + 0.06 0.07 0.02 Enforcer Gold V 387 0.15 0.09 0.11 + 0.02 0.54 0.09 V 227 0.13 0.10 0.11 - 0.03 0.13 0.05 Engineer Gold Engold Mines V 74 0.09 0.08 0.09 unch 0.00 0.20 0.08 Engold Mines* O 50 0.08 0.07 0.07 - 0.01 0.13 0.06 unch 0.00 0.07 0.02 Ensurge* O 5 0.03 0.03 0.03 Entree Res* X 954 0.26 0.23 0.25 + 0.01 0.46 0.22 Entree Res T 843 0.34 0.29 0.33 + 0.02 0.61 0.29 0.85 Equinox Gold V 7020 1.50 1.29 1.46 + 0.08 1.50 Equitorial Ex V 1871 0.06 0.04 0.06 + 0.02 0.06 0.02 unch 0.00 0.05 0.02 Equitorial Ex* O 8 0.03 0.03 0.03 Erdene Res Dev T 746 0.25 0.23 0.24 + 0.01 0.44 0.16 Erdene Res Dev* O 336 0.19 0.17 0.18 + 0.01 0.33 0.12 0.04 Erin Ventures V 413 0.06 0.04 0.04 - 0.02 0.22 Ero Copper T 1659 24.87 19.89 20.85 - 3.70 25.69 7.62 Ero Copper* O 21 17.93 0.00 16.00 - 2.87 19.20 5.84 Eros Res Corp* O 25 0.06 0.06 0.06 unch 0.00 0.09 0.05 Eros Res Corp V 51 0.09 0.00 0.08 unch 0.00 0.11 0.07 Eros Res Corp V 51 0.09 0.00 0.08 unch 0.00 0.11 0.07 Eskay Mng V 312 0.08 0.07 0.08 unch 0.00 0.38 0.07 V 37 0.04 0.04 0.04 unch 0.00 0.12 0.03 Essex Minerals Ethos Gold* O 98 0.24 0.20 0.21 - 0.01 0.25 0.09 Ethos Gold V 756 0.29 0.27 0.28 - 0.01 0.34 0.12 Etruscus Res 79 0.45 0.00 0.41 + 0.04 0.50 0.24 Euro Manganese V 718 0.20 0.20 0.20 unch 0.00 0.44 0.15 0.35 0.26 0.29 + 0.01 1.00 0.17 Euro Sun Mg* O 135 Euro Sun Mg T 1002 0.40 0.37 0.38 + 0.01 1.25 0.23 O 33 0.03 0.03 0.03 unch 0.00 0.14 0.01 EurOmax Res* EurOmax Res T 54 0.07 0.05 0.07 + 0.01 0.21 0.02 European Elect* O 51 0.03 0.02 0.03 + 0.00 0.27 0.02 V 45 0.04 0.03 0.03 unch 0.00 0.35 0.03 European Elect European Metal* O 1180 0.00 0.00 0.00 + 0.00 0.00 0.00 Eurotin V 1444 0.03 0.01 0.01 - 0.02 0.10 0.01 Everton Res* O 60 0.02 0.02 0.02 unch 0.00 0.03 0.01 EVI Global Grp 540 0.90 0.71 0.73 - 0.17 1.64 0.20 O 3 0.00 0.00 0.00 unch 0.00 0.06 0.00 Evolving Gold* Evrim Res V 175 0.38 0.35 0.37 + 0.02 1.63 0.27 0.44 Excellon Res* O 1002 0.96 0.73 0.80 - 0.08 1.15 0.59 Excellon Res T 2824 1.18 0.95 1.04 - 0.12 1.51 Excelsior Mng* O 89 0.76 0.70 0.75 - 0.02 0.90 0.53 Excelsior Mng T 317 1.03 0.94 0.98 - 0.03 1.15 0.71 ExGen Res Inc V 613 0.01 0.01 0.01 unch 0.00 0.03 0.01 Explor Res* O 32 0.03 0.02 0.02 - 0.00 0.03 0.01 0.02 Explor Res V 627 0.04 0.03 0.04 + 0.01 0.04 Explorex Res* O 48 0.17 0.13 0.13 - 0.03 0.26 0.13 Explorex Res 59 0.18 0.17 0.18 - 0.01 0.45 0.15 Falco Res * O 226 0.22 0.18 0.22 + 0.05 0.40 0.10 Falco Res V 1154 0.31 0.24 0.28 + 0.04 0.54 0.21 Falcon Gold V 580 0.04 0.03 0.04 unch 0.00 0.06 0.02 V 455 0.08 0.07 0.07 - 0.01 0.11 0.04 Fancamp Expl Far Res 965 0.07 0.05 0.06 + 0.01 0.20 0.05 Far Res* O 32 0.05 0.04 0.05 + 0.01 0.88 0.03 unch 0.00 0.06 0.03 Fidelity Min* O 300 0.04 0.00 0.04 Fidelity Min V 183 0.05 0.04 0.04 unch 0.00 0.10 0.03 Filo Mg Corp V 81 3.25 2.90 3.02 + 0.07 3.25 2.00 3 2.31 0.00 2.31 + 0.08 2.31 1.55 Filo Mg Corp * O Finlay Minrls V 197 0.06 0.04 0.06 + 0.02 0.06 0.02 Fiore Gold* O 653 0.50 0.39 0.41 - 0.00 0.50 0.16 0.21 Fiore Gold V 879 0.58 0.52 0.52 - 0.04 0.60 Fire River Gol* O 0 0.00 0.00 0.11 unch 0.00 2.41 0.00 0.02 Firebird Res V 1221 0.04 0.02 0.03 + 0.01 0.05 FireFox Gold V 416 0.16 0.14 0.15 - 0.01 0.39 0.09 Firestone Vent V 65 0.05 0.05 0.05 unch 0.00 0.10 0.04 Fireweed Zinc V 154 0.64 0.53 0.55 - 0.06 1.39 0.53 Fireweed Zinc* O 14 0.43 0.40 0.40 - 0.08 1.03 0.41 Firma Holdings* O 813 0.01 0.01 0.01 - 0.00 0.05 0.01 First Cobalt * O 538 0.12 0.10 0.11 + 0.00 0.38 0.10 unch 0.00 0.50 0.14 First Cobalt V 1220 0.15 0.14 0.14 First Colombia* O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 First Energy 41 0.15 0.14 0.14 - 0.01 0.20 0.07 First Energy* O 8 0.13 0.10 0.10 + 0.02 0.18 0.07 First Majestic* N 31536 10.97 9.78 10.71 + 1.16 10.97 4.59 First Majestic T 6739 14.62 12.56 14.16 + 1.55 14.62 6.12 0.25 0.20 0.23 + 0.02 0.33 0.16 First Mg Fin * O 3490 First Mg Fin T 4980 0.34 0.27 0.30 + 0.02 0.44 0.21 First Point* O 24 0.11 0.08 0.11 + 0.01 0.12 0.06 First Quantum T 20858 10.63 9.54 9.58 - 0.91 18.72 9.45 V 330 0.40 0.34 0.40 + 0.03 1.96 0.29 First Vanadium First Vanadium* O 232 0.30 0.25 0.30 + 0.00 1.60 0.21 Fission 3.0 V 679 0.10 0.09 0.09 - 0.01 0.30 0.08 Fission 3.0* O 182 0.07 0.06 0.07 - 0.01 0.22 0.06 Fission Uran* O 1834 0.33 0.25 0.26 - 0.03 0.58 0.25 Fission Uran T 1755 0.41 0.34 0.35 - 0.03 0.75 0.34 Fjordland Exp* O 10 0.05 0.05 0.05 unch 0.00 0.19 0.03 Fjordland Exp V 312 0.07 0.04 0.06 - 0.02 0.23 0.04 Focus Graphite* O 808 0.02 0.02 0.02 + 0.00 0.04 0.01 Focus Graphite V 597 0.03 0.02 0.03 unch 0.00 0.06 0.02 Foran Mng V 80 0.29 0.27 0.29 + 0.02 0.43 0.23 Forsys Metals T 261 0.16 0.13 0.16 + 0.01 0.32 0.13 Fort St J Nick V 20 0.12 0.11 0.11 unch 0.00 0.42 0.11 Fort St James* O 0 0.09 0.09 0.09 unch 0.00 0.23 0.09 Fortescue Met* O 91 5.05 4.71 4.84 - 0.30 6.63 2.53 Fortuna Silvr T 5996 6.12 5.14 5.68 + 0.46 6.46 3.22 Fortuna Silvr* N 17515 4.59 4.01 4.29 + 0.34 4.77 2.39 Fortune Bay* O 11 0.26 0.00 0.26 + 0.03 0.31 0.10 Fortune Bay V 43 0.35 0.00 0.35 + 0.05 0.41 0.19 Fortune Mnrls* O 541 0.07 0.06 0.07 + 0.00 0.11 0.05 0.07 Fortune Mnrls T 572 0.10 0.09 0.09 - 0.01 0.16 Forum Energy V 90 0.07 0.00 0.06 + 0.01 0.08 0.03 Forum Energy* O 416 0.06 0.04 0.04 - 0.01 0.06 0.02 Fox River Res* O 3 0.06 0.05 0.06 + 0.01 0.06 0.04 62 0.08 0.07 0.07 unch 0.00 0.10 0.06 Fox River Res FPX Nickel V 175 0.14 0.10 0.13 unch 0.00 0.18 0.08 Franco-Nevada* N 3767 95.41 89.38 93.74 + 4.20 95.41 58.26 Franco-Nevada T 3291 126.29 117.55 123.92 + 5.56 126.20 76.53 0.00 Franklin Mng* O 11 0.00 0.00 0.00 - 0.00 0.00 Freedom Egy V 50 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.05 Freegold Vent T 481 0.07 0.06 0.06 - 0.01 0.13 Freeport McMoR* N 108864 10.36 9.71 9.75 - 0.55 15.26 9.47 Freeport Res V 53 0.09 0.00 0.09 + 0.01 0.11 0.06 Fremont Gold V 612 0.07 0.06 0.06 unch 0.00 0.19 0.06 Fremont Gold* O 59 0.06 0.05 0.05 - 0.00 0.18 0.04 Fresnillo plc* O 113 8.54 7.75 8.29 + 0.84 13.76 7.01 Frontier Lith V 139 0.30 0.28 0.28 - 0.02 0.48 0.27 Frontline Gold V 21 0.01 0.00 0.01 unch 0.00 0.02 0.01 Fura Gems V 935 0.22 0.18 0.20 + 0.01 0.47 0.14 Fura Gems* O 13 0.17 0.14 0.17 + 0.04 0.34 0.11 Fusion Gold V 75 0.17 0.17 0.17 unch 0.00 0.30 0.11

G-H G2 Goldfields V 1320 Gabriel Res V 717 Gabriel Res* O 104 Gainey Capital V 437 Galane Gold V 2017 Galane Gold * O 137 Galantas Gold V 244 Galantas Gold* O 343 Galore Res V 155 Galway Gold * O 10 Galway Gold V 74 Galway Mtls* O 106 Galway Mtls V 440 GAR Limited 1248 Garibaldi Res V 1772 Garibaldi Res * O 196 Gatling Explor V 344 Gatling Explor* O 32 General Moly T 67 General Moly* X 3713 Generation Min* O 11 Generation Min 142 Genesis Mtls* O 190 Genesis Mtls V 1246 Genius Metals 91 Gensource Pot V 378 Geomega Res V 685

0.29 0.22 0.29 + 0.07 0.43 0.13 0.44 0.41 0.42 - 0.01 0.49 0.29 0.33 0.30 0.31 + 0.00 0.35 0.20 0.11 0.11 0.11 + 0.01 0.16 0.04 0.06 0.05 0.06 + 0.01 0.07 0.04 0.04 0.04 0.04 + 0.01 0.05 0.03 0.08 0.06 0.08 - 0.01 0.15 0.06 0.05 0.05 0.05 - 0.00 0.10 0.04 0.04 0.03 0.04 unch 0.00 0.05 0.01 0.07 0.00 0.07 - 0.00 0.12 0.00 0.12 0.00 0.07 - 0.04 0.19 0.07 0.25 0.22 0.25 + 0.02 0.30 0.10 0.34 0.30 0.34 + 0.04 0.44 0.13 0.03 0.03 0.03 unch 0.00 0.22 0.03 1.91 1.27 1.75 + 0.45 2.99 0.69 1.44 0.95 1.36 + 0.36 2.30 0.51 0.41 0.38 0.40 + 0.01 0.58 0.13 0.33 0.27 0.30 + 0.01 0.34 0.21 0.36 0.24 0.26 - 0.08 0.63 0.22 0.26 0.20 0.20 - 0.05 0.46 0.16 0.23 0.00 0.23 + 0.02 0.28 0.03 0.30 0.27 0.29 + 0.02 0.36 0.10 0.06 0.05 0.06 + 0.01 0.08 0.04 0.08 0.06 0.07 + 0.01 0.12 0.05 0.18 0.15 0.15 - 0.02 0.25 0.12 0.11 0.10 0.10 - 0.01 0.15 0.08 0.17 0.14 0.15 - 0.03 0.23 0.07

20-23_AUG19_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Geomega Res* O 25 Gespeg Res V 1026 Getchell Gold * O 53 Getchell Gold 98 Getty Copper V 22 GFG Resources V 488 GFG Resources* O 265 GFM Res V 85 GGL Res V 27 GGL Res* O 1 GGX Gold* O 26 GGX Gold V 166 Giga Metals* O 208 Giga Metals V 544 Gitennes Expl V 197 Giyani Gold* O 24 Giyani Gold V 596 GK Resources V 226 Glacier Lake V 38 Gldn Predator* O 351 Gldn Predator V 1452 Glen Eagle Res V 109 Glen Eagle Res* O 108 Glencore Plc * O 212 Glencore Plc* O 2484 O 553 Global Atomic* Global Atomic T 401 Global Battery V 169 O 84 Global Battery* Global Energy* O 27 Global Energy V 574 Global Gold* O 4 Global Li-Ion 170 Global Li-Ion* O 115 GlobalMin Vent* O 1 Globex Mng* O 18 Globex Mng T 156 GMV Minerals* O 49 GMV Minerals V 281 GNCC Capital* O 55894 Go Cobalt* O 3 Go Cobalt 397 GobiMin V 2 God’s Lake Res 0 GoGold Res T 1778 O 40 Gold Dynamics* Gold Fields* O 1 56582 Gold Fields* N 215 Gold Finder Ex V Gold Finder Ex* O 0 Gold Lakes* O 9 Gold Reserve V 19 Gold Reserve* O 30 X 8051 Gold Resource* Gold Rush Cari V 2027 Gold Rush Cari* O 10 Gold Std Vents T 1416 Gold Std Vents* X 2645 Goldbank Mng* O 2 Goldcliff Res* O 117 Goldcliff Res V 258 Golden Arrow V 1350 Golden Arrow* O 623 Golden Band* O 275 Golden Cariboo V 27 8 Golden Dawn Ml V Golden Dawn Ml* O 2 V 54 Golden Goliath Golden Goliath* O 24 Golden Harp V 40 Golden Hope V 406 Golden Hope* O 16 Golden Mnls* X 2913 Golden Mnls T 145 Golden Pursuit V 325 T 715 Golden Queen Golden Queen V 63 O 60 Golden Queen* Golden Ridge V 1092 Golden Secret V 120 Golden Share V 30 Golden Star* X 6385 Golden Star T 930 Golden Sun* O 2597 Golden Tag V 352 Golden Valley* O 73 Golden Valley V 368 Goldex Res* O 1 Goldex Res V 59 T 215 Goldgroup Mng Goldgroup Mng* O 91 GoldMining* O 1148 GoldMining T 1502 GoldON Res V 299 GoldON Res* O 119 O 298 Goldplay Expl* Goldplay Expl V 799 V 864 GoldQuest Mng Goldrea Res 179 Goldrea Res* O 36 O 83 Goldrich Mng* Goldsource Min* O 768 Goldsource Min V 1858 Goldstar Mnls V 56 Goldstrike Res V 284 Goliath Res V 1131 Goliath Res* O 225 Gossan Res V 192 GoviEx Uranium* O 1024 GoviEx Uranium V 1363 Gowest Gold* O 213 Gowest Gold V 479 GPM Metals V 80 Gran Colombia* O 154 Gran Colombia T 1079 Granada Gold V 559 Granada Gold* O 54 Grande Portage V 91 Grande Portage* O 56 Granite Creek V 32 Graphite One* O 101 Graphite One V 106 Gratomic* O 10 Gratomic V 1911 Gray Rock Res V 120 Great Atlantic V 118 Great Bear Res V 820 Great Bear Res* O 174 Great Lakes Gr* O 5480 Great Panther T 3044 Great Panther* X 11707 Great Thunder V 100 Greatbanks Re V 60 Green River 226 Green Swan Cap V 330 Greencastle Rs V 27 Greenland M&En* O 4073 Greenshield Ex V 1 Grenville Gold 2 Grid Metals V 201 Grid Metals* O 175 Grizzly Discvr* O 1190 Grizzly Discvr V 115 Group Eleven V 314 Group Ten Mtls* O 373 Group Ten Mtls V 1713 GrowMax Res* O 301 GrowMax Res V 617 GSP Resource V 52 GT Gold V 2554 GT Gold * O 56 Guerrero Vents V 173 Gungnir Res V 302 Gungnir Res* O 278 Gunpoint Expl V 23 T 4856 Guyana Gldflds Guyana Goldstr V 175 Guyana Goldstr* O 250 Handa Mining V 20 Handeni Gold* O 0 Hannan Metals V 465 Hannan Metals* O 38 Happy Ck Mnrls V 63 Harfang Explor V 35 Harmony Gold* N 89153 Harte Gold T 2828 Harte Gold* O 708 Harvest Gold* O 1084 Harvest Gold V 8251 Hawkeye Gld&Di V 3239 Heatherdale Rs V 5 Hecla Mining* N 69291 Hemcare Health* O 20

0.14 0.13 0.13 - 0.00 0.17 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.10 0.07 0.07 - 0.03 0.19 0.07 0.11 0.08 0.09 - 0.02 3.60 0.08 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.25 0.00 0.23 unch 0.00 0.35 0.17 0.18 0.16 0.18 + 0.00 0.25 0.13 0.05 0.05 0.05 unch 0.00 0.05 0.04 0.08 0.07 0.07 - 0.01 0.11 0.07 0.05 0.00 0.05 unch 0.00 0.08 0.05 0.24 0.20 0.24 + 0.02 0.29 0.04 0.32 0.26 0.30 + 0.04 0.41 0.15 0.17 0.15 0.17 + 0.01 0.22 0.11 0.22 0.20 0.22 + 0.01 0.29 0.15 0.04 0.03 0.04 + 0.01 0.09 0.02 0.22 0.19 0.21 + 0.00 0.31 0.06 0.28 0.25 0.28 + 0.02 0.40 0.07 0.27 0.26 0.26 - 0.02 0.30 0.15 0.07 0.07 0.07 unch 0.00 0.40 0.07 0.31 0.25 0.27 + 0.01 0.38 0.13 0.41 0.34 0.37 + 0.03 0.50 0.18 0.10 0.09 0.09 unch 0.00 0.18 0.08 0.07 0.07 0.07 + 0.00 0.13 0.06 2.90 2.67 2.75 - 0.15 4.51 2.67 5.71 5.31 5.52 - 0.33 8.97 5.31 0.40 0.35 0.37 - 0.01 0.42 0.21 0.52 0.47 0.48 - 0.03 0.56 0.28 0.12 0.10 0.10 - 0.02 0.23 0.07 0.09 0.09 0.09 unch 0.00 0.18 0.06 0.04 0.03 0.03 - 0.01 0.08 0.03 0.05 0.04 0.04 - 0.01 0.10 0.04 1.25 1.25 1.25 unch 0.00 2.00 1.25 0.15 0.00 0.12 - 0.01 0.28 0.06 0.12 0.08 0.10 + 0.00 0.21 0.04 0.35 0.35 0.35 unch 0.00 1.89 0.31 0.30 0.27 0.28 + 0.01 0.31 0.19 0.40 0.35 0.37 + 0.01 0.42 0.25 0.13 0.11 0.12 + 0.01 0.19 0.07 0.17 0.15 0.15 - 0.01 0.25 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.02 0.06 + 0.04 0.26 0.02 0.10 0.06 0.10 + 0.03 0.38 0.06 0.00 0.00 0.28 unch 0.00 0.45 0.20 5.75 0.00 5.75 + 0.25 5.75 1.51 0.56 0.47 0.52 + 0.04 0.56 0.19 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 3.83 unch 0.00 4.10 2.40 6.29 5.68 6.11 + 0.66 6.29 2.20 0.05 0.04 0.04 - 0.01 0.35 0.04 0.03 0.00 0.03 - 0.01 0.22 0.03 0.04 0.01 0.03 unch 0.00 0.10 0.00 2.44 2.33 2.34 - 0.04 3.79 2.27 1.89 0.00 1.75 - 0.10 2.90 1.40 3.86 3.23 3.29 - 0.37 6.42 2.73 0.03 0.02 0.02 - 0.01 0.17 0.02 0.03 0.03 0.03 unch 0.00 0.11 0.03 1.41 1.31 1.31 - 0.04 2.40 1.17 1.08 0.99 1.00 - 0.04 1.86 0.86 0.00 0.00 0.11 unch 0.00 0.11 0.10 0.10 0.09 0.10 - 0.00 0.10 0.03 0.14 0.12 0.12 - 0.01 0.15 0.05 0.19 0.16 0.17 - 0.01 0.55 0.16 0.15 0.12 0.13 - 0.00 0.42 0.12 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.05 0.06 unch 0.00 0.07 0.03 0.22 0.00 0.22 unch 0.00 0.83 0.10 0.20 0.00 0.17 - 0.03 0.20 0.02 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.02 0.02 0.02 - 0.01 0.05 0.00 0.14 0.08 0.14 + 0.06 0.17 0.07 0.22 0.17 0.17 - 0.04 0.23 0.05 0.16 0.00 0.12 - 0.04 0.16 0.03 0.25 0.23 0.24 + 0.01 0.38 0.19 0.35 0.28 0.33 + 0.04 0.49 0.26 0.08 0.04 0.04 unch 0.00 0.13 0.02 0.03 0.03 0.03 unch 0.00 0.19 0.02 0.28 0.21 0.24 - 0.03 1.85 0.20 0.25 0.14 0.16 - 0.01 0.25 0.01 0.13 0.12 0.13 + 0.01 0.54 0.08 1.30 1.15 1.20 - 0.07 3.10 1.10 0.11 0.10 0.11 + 0.01 0.18 0.07 3.72 3.18 3.20 - 0.10 4.97 2.43 4.97 4.20 4.20 - 0.16 6.48 3.24 0.01 0.00 0.00 unch 0.00 0.01 0.00 0.04 0.03 0.03 unch 0.00 0.08 0.03 0.30 0.26 0.28 + 0.02 0.30 0.16 0.39 0.35 0.36 unch 0.00 0.39 0.22 0.10 0.08 0.09 + 0.01 0.37 0.07 0.13 0.11 0.11 - 0.01 0.60 0.08 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.04 0.03 0.03 - 0.01 0.06 0.02 0.91 0.75 0.88 + 0.13 0.90 0.52 1.20 0.96 1.17 + 0.18 1.20 0.71 0.78 0.70 0.71 + 0.01 0.91 0.12 0.55 0.53 0.54 + 0.01 0.69 0.09 0.17 0.14 0.16 - 0.02 0.22 0.09 0.23 0.19 0.20 - 0.02 0.30 0.11 0.20 0.18 0.19 + 0.01 0.23 0.08 0.08 0.06 0.08 - 0.01 0.12 0.04 0.07 0.00 0.05 - 0.02 0.07 0.03 0.02 0.01 0.02 - 0.01 0.03 0.01 0.12 0.10 0.11 + 0.00 0.16 0.02 0.15 0.14 0.14 - 0.01 0.23 0.04 0.05 0.05 0.05 unch 0.00 0.12 0.03 0.04 0.03 0.04 unch 0.00 0.20 0.03 0.07 0.06 0.07 + 0.01 0.25 0.06 0.04 0.04 0.04 + 0.00 0.19 0.04 0.08 0.06 0.06 - 0.02 0.10 0.05 0.13 0.11 0.12 - 0.01 0.20 0.09 0.17 0.15 0.16 - 0.02 0.25 0.12 0.29 0.15 0.15 - 0.13 0.31 0.01 0.38 0.00 0.19 - 0.17 0.70 0.18 0.08 0.07 0.07 - 0.01 0.10 0.06 4.40 3.97 4.23 + 0.27 4.40 1.57 5.80 5.05 5.60 + 0.34 5.80 2.03 0.12 0.11 0.12 unch 0.00 0.23 0.09 0.10 0.09 0.09 + 0.02 0.17 0.07 0.15 0.14 0.14 - 0.01 0.34 0.08 0.11 0.09 0.10 - 0.01 0.25 0.06 0.07 0.07 0.07 unch 0.00 0.23 0.05 0.15 0.13 0.14 - 0.01 1.00 0.00 0.22 0.12 0.18 - 0.01 0.60 0.12 0.04 0.04 0.04 unch 0.00 0.13 0.02 0.04 0.04 0.04 unch 0.00 0.17 0.03 0.07 0.07 0.07 unch 0.00 0.15 0.05 0.39 0.37 0.39 + 0.02 1.50 0.30 5.80 5.46 5.63 - 0.02 5.80 0.50 4.48 4.18 4.23 - 0.05 4.48 0.40 0.03 0.00 0.01 - 0.04 0.10 0.00 1.16 1.02 1.13 + 0.10 1.58 0.70 0.88 0.78 0.86 + 0.06 1.19 0.54 0.03 0.03 0.03 + 0.01 0.03 0.01 0.09 0.08 0.08 unch 0.00 0.20 0.04 0.06 0.04 0.06 unch 0.00 0.07 0.04 0.03 0.02 0.02 - 0.01 0.07 0.02 0.07 0.06 0.06 unch 0.00 0.09 0.02 0.11 0.08 0.09 - 0.02 0.12 0.04 0.00 0.00 0.13 unch 0.00 0.13 0.05 0.17 0.00 0.17 - 0.08 0.70 0.12 0.11 0.11 0.11 + 0.01 0.15 0.05 0.08 0.07 0.08 + 0.01 0.11 0.04 0.04 0.04 0.04 + 0.01 0.11 0.03 0.05 0.04 0.05 + 0.01 0.15 0.04 0.04 0.04 0.04 unch 0.00 0.20 0.04 0.13 0.10 0.11 - 0.00 0.17 0.01 0.15 0.14 0.14 - 0.01 0.23 0.12 0.07 0.07 0.07 - 0.00 0.12 0.05 0.10 0.09 0.10 unch 0.00 0.16 0.07 0.20 0.15 0.18 + 0.03 0.26 0.13 1.26 1.10 1.23 + 0.10 2.15 0.41 0.94 0.84 0.91 + 0.05 1.62 0.31 0.17 0.11 0.11 - 0.03 0.17 0.06 0.12 0.10 0.11 unch 0.00 0.39 0.06 0.10 0.07 0.08 - 0.00 0.29 0.04 0.50 0.50 0.50 unch 0.00 0.55 0.34 1.45 1.17 1.39 + 0.20 4.05 0.80 0.16 0.14 0.15 unch 0.00 0.31 0.12 0.16 0.10 0.12 + 0.00 0.23 0.09 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.02 0.00 0.02 unch 0.00 0.05 0.02 0.06 0.06 0.06 + 0.01 0.21 0.05 0.05 0.00 0.05 - 0.00 0.17 0.04 0.13 0.12 0.12 - 0.01 0.20 0.11 0.27 0.00 0.27 + 0.02 0.32 0.18 3.07 2.70 3.04 + 0.38 3.07 1.43 0.28 0.23 0.28 + 0.04 0.55 0.21 0.21 0.18 0.21 + 0.02 0.38 0.15 0.02 0.01 0.01 - 0.00 0.08 0.00 0.03 0.02 0.03 unch 0.00 0.10 0.01 0.05 0.04 0.05 + 0.01 0.11 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02 2.08 1.50 1.57 - 0.32 3.16 1.21 1.45 1.26 1.42 + 0.02 1.54 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Heron Res* O 1 HFX Holding V 63 Highbank Res V 430 Highland Copp V 1568 Highland Copp* O 185 Highway 50 Gld V 63 HiHo Silver 182 HiHo Silver* O 2 O 10 Hochschild Mg* Homeland Egy* O 369 Honey Badger E* O 0 Honey Badger E V 1604 T 323 Horizonte Mnls Hornby Bay Mnl* O 15 Hornby Bay Mnl V 42 HudBay Min* N 6826 HudBay Min T 6826 Hudson Res V 52 Hudson Res* O 144 Hunt Mng* O 25 Hunt Mng V 1556 Hut 8 Mining* O 140 Hut 8 Mining V 418 Hybrid Mineral V 300 Hycroft Mining* O 11

0.32 0.32 0.32 unch 0.00 0.45 0.32 0.05 0.05 0.05 unch 0.00 0.06 0.05 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.05 0.05 0.05 unch 0.00 0.14 0.03 0.04 0.02 0.03 - 0.01 0.12 0.02 0.19 0.16 0.16 - 0.03 0.48 0.14 0.06 0.04 0.04 - 0.03 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.05 0.01 2.75 2.57 2.75 + 0.24 2.76 1.90 1.36 1.15 1.15 - 0.19 3.21 0.18 0.02 0.02 0.02 unch 0.00 0.09 0.01 0.04 0.03 0.03 - 0.01 0.12 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.01 0.01 0.01 - 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.02 3.85 3.33 3.41 - 0.27 7.83 3.33 5.03 4.41 4.50 - 0.36 10.42 4.51 0.42 0.38 0.42 + 0.02 0.53 0.32 0.32 0.26 0.32 + 0.02 0.39 0.25 0.07 0.04 0.05 - 0.03 0.20 0.00 0.10 0.06 0.07 unch 0.00 0.32 0.06 2.18 1.88 1.93 - 0.06 2.85 0.60 2.73 2.48 2.57 - 0.03 3.75 0.76 0.04 0.04 0.04 unch 0.00 0.23 0.04 0.00 0.00 0.00 unch 0.00 0.13 0.00

I-Minerals* O 25 I-Minerals V 180 18559 IAMGOLD T IAMGOLD* N 44849 Iconic Mnls V 403 Iconic Mnls * O 36 O 5 Idaho Champion* Idaho Champion 163 IEMR Res V 105 IM Exploration 6 iMetal Res* O 100 iMetal Res V 825 V 1125 IMPACT Silver Impala Platnm* O 4 T 127 Imperial Metal Imperial Metal* O 44 453 Imperial Mg Gr V Inca One Gold* O 112 Inca One Gold V 1119 Inception Mng * O 102 Independence G* O 15 Independence G V 153 Indico Res V 940 Indigo Expl V 20 Infinite Lith V 4 Inomin Mines V 91 Intact Gold V 124 Integra Res* O 498 Integra Res V 974 O 4 Inter-Rock Mnl* Inter-Rock Mnl V 95 Interconnect V 15 Intercontinent* O 0 Intercontinent V 4 Intgr Egy Sol* O 3106 Intl Battery* O 95 Intl Battery 164 821 Intl Bethl Mng V Intl Cobalt* O 83 Intl Cobalt 337 Intl Lithium* O 124 Intl Lithium V 1348 Intl Montoro* O 100 Intl Montoro V 342 Intl Prospect V 439 Intl Samuel Ex V 1719 Intl Star* O 183228 Intl Tower Hil* X 990 Intl Tower Hil T 94 Intl Zeolite V 176 Intl Zeolite* O 25 Intrepid Pots* N 3510 INV Metals* O 22 INV Metals T 712 Inventus Mg V 233 Inventus Mg * O 83 InZinc Mining V 150 O 55 Ireland* Irving Res* O 194 Irving Res 292 IsoEnergy Ltd V 832 O 10 Itafos* Itafos V 24 Itoco Inc* O 1235 Ivanhoe Mines* O 729 Ivanhoe Mines T 6003 Jade Leader* O 121 Jade Leader V 88 Jaeger Res V 14 Jaguar Mng T 5549 Jaguar Mng* O 676 Japan Gold V 1638 Japan Gold* O 197 Jaxon Mining* O 60 Jaxon Mining V 549 Jayden Res* O 1 Jayden Res V 46 Jazz Res V 26 Jervois Mining V 8428 Jiulian Res V 136 Josemaria Res* O 349 Josemaria Res T 737 Jourdan Res V 632 Jubilee Gold V 12 Jubilee Metals* O 2 Juggernaut Exp V 1522 Juggernaut Exp* O 21 Jupiter Gold* O 1 K2 Gold V 360 K92 Mining* O 1191 K92 Mining V 2280 Kaizen Discov V 488 Kaizen Discvry* O 177 Kapuskasing Gd V 226 Karmin Expl V 36 Karnalyte Res T 57 KAT Expl* O 9619 Katanga Mng T 1415 Kenadyr Mining V 250 Kenadyr Mining* O 8 Kermode Res V 101 Kerr Mines* O 570 Kerr Mines T 937 V 350 Kesselrun Res Kesselrun Res* O 5 Kestrel Gold V 68 Kilo Goldmines V 1046 Kilo Goldmines* O 255 Kincora Copper* O 4 Kincora Copper V 188 Kingsmen Res V 145 Kingsmen Res* O 74 Kinross Gold T 34452 Kinross Gold* N 104454 Kintavar Exp V 93 Kirkland Lake* N 9066 Kirkland Lake T 4335 Klondike Gold* O 1139 Klondike Gold V 4439 Klondike Silv* O 31 Klondike Silv V 1957 Kombat Copper V 13 Komet Resource V 251 Kootenay Silvr* O 736 Kootenay Silvr V 3172 Kootenay Zinc 132 Kootenay Zinc* O 3 KOPR Point 12 Kore Mining V 191 Kore Mining * O 1 Kutcho Copper * O 17 KWG Res* O 20 KWG Res 297

0.04 0.04 0.04 unch 0.00 0.17 0.04 0.06 0.05 0.05 - 0.01 0.23 0.05 5.55 4.38 4.56 - 0.38 6.89 3.08 4.17 3.31 3.47 - 0.26 5.11 2.28 0.11 0.09 0.09 unch 0.00 0.19 0.08 0.07 0.06 0.06 - 0.00 0.14 0.06 0.05 0.05 0.05 unch 0.00 0.06 0.05 0.08 0.07 0.08 + 0.01 0.40 0.07 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.15 0.15 0.15 unch 0.00 0.15 0.15 0.04 0.04 0.04 unch 0.00 0.14 0.03 0.06 0.05 0.05 - 0.01 0.19 0.04 0.51 0.42 0.47 + 0.05 0.51 0.20 5.12 5.12 5.12 unch 0.00 5.12 1.15 2.57 2.00 2.56 + 0.03 3.50 0.93 2.07 1.65 1.82 - 0.05 2.60 0.72 0.06 0.05 0.06 + 0.01 0.11 0.05 0.03 0.03 0.03 - 0.00 0.05 0.02 0.04 0.04 0.04 - 0.01 0.05 0.04 0.11 0.00 0.09 - 0.01 0.55 0.00 0.06 0.00 0.06 - 0.00 0.08 0.03 0.09 0.08 0.09 + 0.01 0.10 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.07 0.00 0.07 + 0.01 0.18 0.05 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.05 0.05 0.05 unch 0.00 0.17 0.05 0.85 0.67 0.82 + 0.16 0.80 0.44 1.11 0.88 1.09 + 0.21 1.11 0.61 0.18 0.18 0.18 unch 0.00 0.24 0.16 0.27 0.23 0.27 + 0.04 0.35 0.19 0.06 0.06 0.06 unch 0.00 0.11 0.04 0.00 0.00 0.07 unch 0.00 0.30 0.07 0.16 0.00 0.16 + 0.04 0.50 0.09 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.09 0.10 - 0.01 0.21 0.03 0.14 0.13 0.13 + 0.01 0.27 0.05 0.06 0.05 0.05 unch 0.00 0.10 0.02 0.02 0.00 0.02 + 0.01 0.09 0.00 0.02 0.01 0.02 + 0.01 0.12 0.01 0.03 0.02 0.03 - 0.00 0.08 0.02 0.04 0.03 0.04 - 0.01 0.12 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.15 0.12 0.12 - 0.01 0.21 0.11 0.02 0.02 0.02 unch 0.00 0.13 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.68 0.62 0.65 + 0.04 0.68 0.35 0.90 0.78 0.86 + 0.06 0.90 0.48 0.09 0.07 0.08 - 0.01 0.20 0.05 0.07 0.06 0.06 - 0.00 0.13 0.01 3.77 3.15 3.25 - 0.58 4.41 2.51 0.30 0.23 0.29 + 0.01 0.59 0.23 0.41 0.37 0.39 + 0.03 0.83 0.32 0.14 0.11 0.11 - 0.03 0.24 0.10 0.11 0.09 0.09 - 0.01 0.15 0.07 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.16 0.11 0.16 + 0.04 0.20 0.03 2.26 1.97 2.18 + 0.01 2.50 0.70 2.98 2.50 2.90 + 0.03 3.25 0.91 0.79 0.62 0.72 + 0.02 0.79 0.29 1.04 0.95 0.95 - 0.04 1.67 0.39 1.35 1.04 1.06 + 0.01 2.31 0.53 0.50 0.32 0.48 + 0.14 0.50 0.02 3.10 2.73 2.82 - 0.22 3.46 1.50 4.05 3.65 3.72 - 0.28 4.54 2.00 0.23 0.20 0.20 + 0.01 0.29 0.13 0.31 0.00 0.27 + 0.02 0.37 0.13 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.30 0.18 0.25 + 0.03 0.31 0.07 0.22 0.18 0.18 + 0.01 0.23 0.05 0.30 0.26 0.27 - 0.02 0.38 0.07 0.29 0.19 0.20 - 0.01 0.29 0.06 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.05 0.05 0.05 - 0.01 0.14 0.05 0.00 0.00 0.00 unch 0.00 0.12 0.00 0.02 0.00 0.02 unch 0.00 0.20 0.01 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.19 0.17 0.18 + 0.01 0.21 0.13 0.04 0.04 0.04 unch 0.00 0.18 0.01 0.80 0.74 0.75 - 0.08 0.91 0.73 1.09 0.95 1.00 - 0.09 1.22 0.94 0.03 0.02 0.03 + 0.01 0.08 0.02 0.54 0.54 0.54 unch 0.00 0.64 0.54 0.04 0.04 0.04 unch 0.00 0.04 0.03 0.08 0.07 0.08 unch 0.00 0.54 0.07 0.06 0.05 0.06 + 0.01 0.39 0.05 1.75 1.35 1.35 - 0.40 2.25 0.90 0.37 0.31 0.31 - 0.02 0.37 0.16 1.98 1.78 1.85 unch 0.00 2.08 0.51 2.60 2.35 2.42 - 0.01 2.67 0.67 0.07 0.05 0.05 - 0.02 0.10 0.05 0.05 0.03 0.03 - 0.01 0.08 0.03 0.06 0.00 0.05 - 0.01 0.21 0.03 0.71 0.00 0.71 + 0.01 0.96 0.60 0.21 0.00 0.21 + 0.01 0.40 0.15 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.43 0.35 0.38 - 0.03 0.90 0.30 0.11 0.09 0.10 + 0.01 0.12 0.05 0.07 0.07 0.07 unch 0.00 0.09 0.04 0.02 0.01 0.01 unch 0.00 0.02 0.01 0.20 0.15 0.17 - 0.00 0.21 0.07 0.23 0.20 0.22 - 0.01 0.27 0.11 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.10 0.10 unch 0.00 0.15 0.07 0.13 0.11 0.11 - 0.03 0.22 0.08 0.15 0.12 0.12 - 0.02 0.70 0.09 0.12 0.11 0.11 - 0.01 0.52 0.10 6.86 5.83 6.67 + 0.62 6.86 3.15 5.17 4.65 5.05 + 0.48 5.17 2.38 0.19 0.13 0.13 - 0.06 0.44 0.11 49.13 45.11 46.03 + 1.96 49.13 17.26 65.45 58.13 60.81 + 2.63 65.45 22.42 0.35 0.27 0.31 + 0.03 0.35 0.10 0.45 0.37 0.40 + 0.03 0.45 0.17 0.04 0.04 0.04 - 0.01 0.05 0.02 0.05 0.05 0.05 - 0.01 0.07 0.03 0.09 0.00 0.09 + 0.01 0.17 0.05 0.12 0.10 0.11 + 0.01 0.28 0.10 0.13 0.09 0.12 + 0.01 0.13 0.08 0.17 0.14 0.16 + 0.02 0.17 0.11 0.08 0.00 0.08 unch 0.00 0.29 0.05 0.08 0.04 0.08 + 0.01 0.17 0.02 0.09 0.09 0.09 unch 0.00 0.80 0.01 0.34 0.29 0.32 unch 0.00 0.35 0.08 0.20 0.20 0.20 unch 0.00 0.21 0.09 0.15 0.12 0.12 - 0.02 0.35 0.11 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01

Labrador Gold* O 5 Labrador Gold V 13 Labrador IMH* O 53 Labrador IOR T 1587 Labrador IOR* O 11 Lake Forest Mi* O 0 Lara Expl V 172 Laramide Res T 1508 Laredo Res* O 325 Largo Res T 2648

0.17 0.17 0.17 unch 0.00 0.21 0.12 0.22 0.22 0.22 unch 0.00 0.29 0.14 0.00 0.00 0.00 - 0.00 0.03 0.00 29.94 27.72 27.75 - 1.27 36.01 22.25 24.44 21.17 21.17 - 0.84 27.20 17.28 5.00 5.00 5.00 unch 0.00 5.00 0.50 0.49 0.46 0.48 + 0.02 0.67 0.41 0.25 0.21 0.24 + 0.01 0.52 0.21 0.00 0.00 0.00 - 0.00 0.03 0.00 1.89 1.72 1.79 - 0.06 4.65 1.45

I-J-K

L

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Largo Res* O 1059 Lateral Gold V 247 Latin American* O 50 Latin Metals V 42 Latin Metals* O 19 Laurion Mnl Ex* O 201 Laurion Mnl Ex V 862 Le Mare Gold* O 2 Leading Edge* O 372 Leading Edge V 602 Leagold Mg T 4327 Leagold Mg* O 726 Leeta Gold V 3601 Legion Metals 1775 Leo Res* O 3 Lepanto Con Mg* O 2100 Levon Res Ltd T 1083 Libero Copper* O 413 Libero Copper V 1032 Liberty Gold* O 625 Liberty One Li V 1158 Liberty One Li* O 274 LiCo Energy* O 272 LiCo Energy V 366 Lincoln Mng V 1250 Lion One Mtls V 751 Lion One Mtls* O 452 620 Lions Bay Cap V Lions Bay Mg 17 Lions Bay Mg * O 12 1 Lions Gate Mtl* O Lithion Energy* O 21 N 800 Lithium Amer* Lithium Amer T 591 Lithium Chile V 186 Lithium Chile* O 39 Lithium Corp* O 131 Lithium Energi V 75 Lithium Expl* O 119 Lithoquest Dia V 78 LKA Gold* O 8 Lode-Star Mg* O 42 Logan Res* O 30 Logan Res V 605 Lomiko Mtls V 610 Lomiko Mtls* O 158 Loncor Res* O 98 Loncor Res T 184 Lone Star Gold* O 10 Los Andes V 140 Los Andes* O 27 Lucara Diam T 2031 Lucky Min V 9044 Lucky Min* O 172 Luckystrike * O 6 Luckystrike V 78 Lumina Gold* O 89 Lumina Gold V 322 Luminex Res V 481 Lundin Gold T 1956 Lundin Mng* O 259 Lundin Mng T 14582 31 Lupaka Gold * O Lupaka Gold V 434 Lydian Intl* O 772 Lydian Intl T 9419 Lynas Corp* O 762 Lynas Corp* O 273

1.41 1.30 1.34 - 0.08 3.56 1.07 0.06 0.05 0.06 unch 0.00 0.76 0.04 0.02 0.01 0.02 + 0.01 0.02 0.01 0.15 0.00 0.14 - 0.01 0.40 0.08 0.10 0.10 0.10 + 0.00 0.10 0.01 0.13 0.12 0.12 - 0.01 0.13 0.05 0.18 0.15 0.16 - 0.01 0.18 0.07 0.01 0.01 0.01 unch 0.00 0.15 0.00 0.20 0.14 0.16 - 0.04 0.37 0.07 0.27 0.19 0.21 - 0.05 0.50 0.10 2.39 2.00 2.23 + 0.19 2.49 1.28 1.80 1.55 1.72 + 0.18 1.92 0.95 0.43 0.33 0.36 + 0.02 0.90 0.24 0.62 0.47 0.60 + 0.11 0.83 0.26 0.03 0.02 0.02 + 0.00 0.60 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.26 0.22 0.22 unch 0.00 0.31 0.07 0.14 0.10 0.13 + 0.03 0.14 0.04 0.18 0.12 0.17 + 0.05 0.18 0.07 0.57 0.49 0.49 - 0.01 0.57 0.21 0.11 0.08 0.08 + 0.01 0.19 0.06 0.08 0.05 0.07 + 0.02 0.18 0.04 0.04 0.02 0.03 - 0.00 0.18 0.01 0.04 0.04 0.04 unch 0.00 0.40 0.04 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.74 0.64 0.70 - 0.01 0.79 0.35 0.60 0.49 0.53 - 0.02 0.60 0.24 0.06 0.05 0.06 + 0.01 0.12 0.04 0.19 0.00 0.18 + 0.05 0.20 0.03 0.14 0.00 0.09 + 0.01 0.14 0.00 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.32 0.30 0.31 + 0.01 0.35 0.02 3.69 3.41 3.56 - 0.14 5.17 2.75 4.90 4.52 4.70 - 0.20 6.69 3.74 0.40 0.38 0.40 - 0.01 1.01 0.38 0.30 0.28 0.29 - 0.00 0.81 0.28 0.10 0.08 0.08 - 0.00 0.25 0.05 0.13 0.11 0.12 + 0.01 0.36 0.11 0.01 0.00 0.01 - 0.00 0.02 0.00 0.09 0.08 0.09 + 0.02 0.50 0.07 0.10 0.07 0.07 - 0.07 0.43 0.05 0.05 0.05 0.05 - 0.01 0.15 0.02 0.10 0.09 0.09 - 0.01 0.12 0.00 0.14 0.11 0.12 - 0.02 0.24 0.11 0.04 0.03 0.04 - 0.01 0.09 0.03 0.03 0.02 0.03 - 0.00 0.07 0.02 0.20 0.11 0.12 + 0.00 0.20 0.04 0.20 0.14 0.19 + 0.04 0.17 0.06 0.92 0.10 0.50 - 0.01 2.12 0.05 0.47 0.40 0.47 + 0.04 0.52 0.15 0.38 0.34 0.36 - 0.02 0.40 0.14 1.52 1.38 1.38 - 0.08 2.39 1.38 0.07 0.05 0.06 + 0.01 0.21 0.04 0.05 0.00 0.05 + 0.01 0.16 0.03 0.11 0.09 0.09 - 0.02 0.35 0.08 0.14 0.13 0.13 - 0.02 0.55 0.12 0.52 0.49 0.51 + 0.03 1.03 0.35 0.69 0.62 0.67 + 0.05 0.82 0.46 1.00 0.87 0.92 - 0.02 1.05 0.51 8.40 7.93 8.24 + 0.27 8.40 4.42 4.70 4.35 4.46 - 0.12 5.94 3.60 6.26 5.76 5.91 - 0.15 7.96 4.70 0.02 0.00 0.01 - 0.01 0.13 0.01 0.03 0.02 0.02 + 0.01 0.21 0.02 0.12 0.06 0.10 + 0.03 0.21 0.05 0.16 0.09 0.13 + 0.03 0.28 0.07 2.02 1.70 2.01 + 0.15 2.29 1.05 2.05 1.70 1.98 + 0.14 2.33 1.05

M M.P.V. Explor 157 0.13 0.11 0.12 + 0.02 0.19 0.06 V 1213 0.08 0.07 0.07 - 0.01 0.17 0.02 Macarthur Min Macarthur Min* O 81 0.06 0.00 0.06 + 0.00 0.31 0.01 O 65 0.04 0.04 0.04 - 0.00 0.05 0.02 MacDonald Mns* MacDonald Mns V 676 0.06 0.04 0.06 + 0.02 0.07 0.03 MAG Silver T 1101 16.38 14.95 15.87 + 0.90 16.38 8.10 O 9 2.29 2.11 2.27 + 0.16 3.80 0.80 Magellan Gold* Magna Gold V 654 0.25 0.20 0.25 + 0.04 0.45 0.19 Magna Terra V 9 0.02 0.02 0.02 + 0.01 0.06 0.02 unch 0.00 0.04 0.01 Magna Terra* O 0 0.01 0.01 0.01 Magnitude Mng V 20 0.15 0.15 0.15 unch 0.00 0.20 0.14 Majestic Gold V 1199 0.06 0.05 0.05 + 0.01 0.11 0.04 Majestic Gold* O 176 0.04 0.03 0.04 + 0.01 0.08 0.03 Makena Res* O 73 0.72 0.61 0.72 + 0.08 2.18 0.58 Mako Mining* O 749 0.10 0.09 0.10 + 0.01 0.16 0.01 Mako Mining V 1563 0.13 0.12 0.12 unch 0.00 0.22 0.09 V 12 0.03 0.00 0.03 unch 0.00 0.09 0.03 Mammoth Res Mandalay Res T 1126 1.49 1.21 1.34 + 0.10 1.80 0.45 Mandalay Res* O 57 1.12 0.88 1.00 + 0.06 1.12 0.03 Manganese X* O 44 0.10 0.09 0.10 unch 0.00 0.16 0.07 Manganese X V 154 0.12 0.10 0.10 - 0.02 0.20 0.08 Mangazeya Mng V 111 0.04 0.00 0.04 unch 0.00 0.05 0.02 Mangazeya Mng* O 4 0.02 0.00 0.02 + 0.00 0.04 0.01 0.03 Manitou Gold V 156 0.06 0.05 0.06 + 0.01 0.11 Maple Gold V 2391 0.12 0.09 0.11 + 0.03 0.14 0.08 Maple Gold* O 1035 0.09 0.07 0.08 + 0.01 0.11 0.05 O 543 1.05 0.95 0.97 + 0.03 1.06 0.49 Marathon Gold* Marathon Gold T 1619 1.35 1.23 1.27 + 0.02 1.39 0.65 V 360 0.05 0.04 0.04 unch 0.00 0.11 0.02 Margaret Lake Margaux Res V 119 0.09 0.08 0.09 unch 0.00 0.16 0.03 Margaux Res* O 125 0.07 0.07 0.07 unch 0.00 0.11 0.02 0.04 Marifil Mines* O 447 0.12 0.11 0.12 + 0.01 0.14 0.05 Marifil Mines V 557 0.16 0.15 0.16 + 0.01 0.18 Mariner Res 30 0.19 0.18 0.18 unch 0.00 0.20 0.15 Maritime Res V 591 0.11 0.00 0.10 - 0.02 0.12 0.08 Martina Mnls V 1 0.00 0.00 0.12 unch 0.00 0.12 0.04 MartinMarietta* N 3161 252.91 242.34 249.41 + 3.36 252.91 150.75 Mas Gold V 280 0.08 0.08 0.08 unch 0.00 0.16 0.04 Mascota Res* O 2 2.30 2.20 2.20 - 0.10 2.50 2.20 O 109 0.25 0.22 0.24 + 0.00 0.92 0.18 Mason Graphite* Mason Graphite V 302 0.33 0.29 0.31 - 0.01 1.21 0.25 Matachewan Con V 250 0.11 0.11 0.11 unch 0.00 0.25 0.11 Matica Ent 4064 0.07 0.06 0.06 - 0.01 0.32 0.06 Matmown* O 646 0.01 0.00 0.00 - 0.00 0.08 0.00 Maverix Metals T 159 6.90 6.14 6.48 - 0.17 6.96 3.26 Maverix Metals* X 98 5.44 4.79 4.98 - 0.02 5.50 1.25 Mawson Res* O 50 0.14 0.12 0.14 + 0.02 0.27 0.11 Mawson Res T 579 0.20 0.16 0.18 + 0.02 0.39 0.15 0.09 MAX Res V 596 0.11 0.10 0.10 - 0.01 0.50 MaxTech Vent 27 0.05 0.00 0.05 + 0.02 0.31 0.03 O 112 0.06 0.02 0.03 + 0.01 0.25 0.02 MaxTech Vent* Maxwell Res* O 0 0.00 0.00 0.99 unch 0.00 4.54 0.20 Maya Gold &Sil* O 8 1.46 0.00 1.46 + 0.04 2.16 1.20 Maya Gold &Sil T 241 2.00 1.71 1.93 + 0.07 2.85 1.58 V 362 0.06 0.05 0.06 - 0.01 0.18 0.05 Mazarin MBMI Res* O 0 0.00 0.00 0.01 unch 0.00 1.00 0.01 unch 0.00 0.07 0.02 MBMI Res V 2 0.00 0.00 0.02 McChip Res V 15 0.63 0.62 0.62 unch 0.00 0.93 0.62 McEwen Mng T 2483 2.76 2.38 2.57 + 0.13 3.20 1.67 McEwen Mng* N 23601 2.08 1.88 1.93 + 0.08 2.44 1.23 McLaren Res 31 0.05 0.03 0.04 - 0.01 0.07 0.01 MDN Inc* O 57 0.20 0.20 0.20 + 0.00 0.26 0.11 Mechel* N 112 2.05 1.86 1.86 - 0.19 3.42 1.81 Medallion Res V 3176 0.14 0.11 0.12 unch 0.00 0.28 0.09 Medallion Res* O 185 0.12 0.08 0.09 + 0.00 0.21 0.06 Medgold Res V 296 0.14 0.12 0.13 + 0.02 0.38 0.09 Medgold Res* O 0 0.00 0.00 0.08 unch 0.00 0.30 0.07 Medinah Mnrls* O 1320 0.00 0.00 0.00 + 0.00 0.01 0.00 Mega Uranium T 3082 0.11 0.09 0.09 - 0.02 0.15 0.09 Mega Uranium* O 502 0.08 0.07 0.07 - 0.01 0.12 0.06 Megastar Dev V 345 0.19 0.14 0.18 + 0.01 0.19 0.04 MegumaGold* O 49 0.06 0.05 0.05 - 0.01 0.16 0.05 0.06 MegumaGold 21 0.08 0.07 0.07 - 0.01 0.26 Melior Res V 33 0.23 0.00 0.22 - 0.01 0.90 0.21 Melkior Res V 1009 0.04 0.03 0.03 unch 0.00 0.13 0.03 Meridian Mg V 37 0.17 0.00 0.15 unch 0.00 0.22 0.05 Meridian Mg * O 1 0.13 0.13 0.13 unch 0.00 0.13 0.05 Meridius Res V 85 0.16 0.15 0.15 unch 0.00 0.22 0.09 Meryllion Res* O 5 0.00 0.00 0.00 - 0.00 0.02 0.00 Meryllion Res 1174 0.01 0.01 0.01 unch 0.00 0.04 0.01 MetalCorp V 16 0.02 0.00 0.02 + 0.01 0.02 0.01 Metalex Vent V 213 0.04 0.03 0.04 - 0.01 0.06 0.02 Metalla Rylty* O 988 0.95 0.85 0.92 + 0.04 1.08 0.48 Metalla Rylty V 1410 1.24 1.12 1.21 + 0.05 1.43 0.63 Metallic Mnrls V 1252 0.20 0.16 0.17 - 0.01 0.30 0.11 Metallic Mnrls* O 287 0.16 0.12 0.12 - 0.02 0.24 0.08 Metallis Res V 169 0.96 0.75 0.90 + 0.11 1.40 0.39 Metalo Manuf 15 0.24 0.24 0.24 + 0.07 0.45 0.10 Metalo Manuf* O 15 0.18 0.18 0.18 unch 0.00 0.31 0.18 Metalore Res V 5 0.90 0.89 0.89 unch 0.00 2.85 0.89 Metals Creek* O 135 0.04 0.03 0.03 - 0.01 0.07 0.02 Metals Creek V 168 0.05 0.05 0.05 unch 0.00 0.08 0.03 Metals X* O 273 0.14 0.13 0.13 - 0.02 0.43 0.13 Metron Capital V 54 0.05 0.05 0.05 unch 0.00 0.07 0.05 Mexican Gold* O 77 0.14 0.10 0.12 + 0.00 0.22 0.06 Mexus Gold* O 9486 0.02 0.02 0.02 + 0.01 0.02 0.00 MGX Minerals* O 402 0.17 0.14 0.15 - 0.01 0.71 0.14 MGX Minerals 323 0.21 0.18 0.20 - 0.01 0.92 0.18 Michelin 91 0.32 0.31 0.32 + 0.01 0.50 0.30 Midas Gold T 2295 0.91 0.73 0.88 + 0.13 1.10 0.56 Midas Gold* O 2144 0.68 0.54 0.66 + 0.09 0.85 0.41 Midland Expl V 141 1.02 0.92 0.99 + 0.02 1.46 0.66

2019-08-12 12:10 PM

22

WWW.NORTHERNMINER.COM

AUGUST 19–SEPTEMBER 1, 2019 / 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

Midnight Star 238 Midnight Sun V 199 Millennial Lit* O 17 Millennial Lit V 73 Millrock Res* O 304 Millrock Res V 664 V 481 Minaurum Gold Minaurum Gold* O 360 Minco Silver* O 179 Minco Silver T 319 Minera Alamos * O 1924 V 9305 Minera Alamos Minera IRL 319 Mineral Mtn* O 46 Mineral Mtn V 501 Mineral Res* O 1 MineralRite* O 4735 V 650 Mineworx Tech O 210 Mineworx Tech* Minfocus Expl V 150 O 45 Minfocus Expl* Mining Global* O 148 Minnova Corp V 183 Minsud Res V 12 Miramont Res* O 237 Miramont Res 217 Mirasol Res V 199 Mistango River 38 Mkango Res V 98 ML Gold* O 62 110 ML Gold Corp V Monarca Mnrls* O 142 Monarca Mnrls V 96 Monarch Gold T 1008 Monarch Gold* O 278 O 90 Moneta Porcpn* Moneta Porcpn T 1126 10 Monitor Vent V Monitor Vent* O 9 Montego Res* O 15 Monterey Min 1859 Montero Mg&Ex V 26 Monument Mng V 465 Morien Res* O 6 Morien Res V 179 N 50249 Mosaic* Mount Gibson * O 0 O 98 Mountain Boy* Mountain Boy V 89 Mountain Prov* D 164 Mountain Prov T 451 Mundoro Cap* O 286 Mundoro Cap V 346 Murchison Min V 95 MX Gold* O 39

0.14 0.12 0.13 - 0.02 0.40 0.11 0.12 0.11 0.12 + 0.01 0.24 0.10 1.24 0.00 1.14 - 0.04 1.64 0.67 1.63 1.46 1.55 - 0.03 2.18 1.04 0.08 0.07 0.07 + 0.01 0.20 0.05 0.10 0.09 0.09 + 0.01 0.23 0.07 0.55 0.48 0.50 + 0.01 0.58 0.32 0.41 0.38 0.39 + 0.01 0.45 0.23 0.60 0.46 0.59 + 0.11 0.58 0.24 0.80 0.64 0.79 + 0.15 0.76 0.35 0.13 0.11 0.13 + 0.02 0.13 0.06 0.18 0.14 0.17 + 0.03 0.18 0.09 0.12 0.09 0.09 - 0.02 0.12 0.05 0.14 0.12 0.14 + 0.04 0.19 0.05 0.19 0.15 0.19 + 0.03 0.25 0.07 10.85 10.85 10.85 unch 0.00 12.00 9.80 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.09 0.09 unch 0.00 0.20 0.08 0.07 0.06 0.07 - 0.00 0.16 0.06 0.05 0.04 0.04 - 0.01 0.09 0.03 0.04 0.04 0.04 + 0.01 0.07 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.14 0.09 0.14 + 0.04 0.79 0.09 0.06 0.06 0.06 - 0.01 0.09 0.01 0.10 0.08 0.09 - 0.00 0.48 0.07 0.13 0.11 0.12 - 0.01 0.63 0.10 0.71 0.59 0.67 + 0.08 1.77 0.53 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.12 0.12 0.12 unch 0.00 0.19 0.10 0.33 0.32 0.32 unch 0.00 0.54 0.01 0.60 0.39 0.39 - 0.17 1.10 0.12 0.04 0.04 0.04 + 0.00 0.06 0.01 0.06 0.05 0.06 + 0.01 0.08 0.02 0.28 0.24 0.27 + 0.02 0.33 0.15 0.21 0.18 0.20 + 0.02 0.24 0.11 0.11 0.08 0.10 + 0.00 0.12 0.06 0.14 0.12 0.13 + 0.01 0.16 0.07 0.20 0.20 0.20 unch 0.00 0.98 0.16 0.14 0.00 0.14 - 0.00 0.80 0.12 0.01 0.01 0.01 unch 0.00 0.19 0.01 0.08 0.06 0.08 + 0.02 0.16 0.04 0.09 0.00 0.08 unch 0.00 0.22 0.05 0.06 0.05 0.05 unch 0.00 0.08 0.04 0.32 0.32 0.32 - 0.00 0.47 0.30 0.44 0.42 0.42 - 0.02 0.61 0.40 24.54 20.05 22.60 - 1.79 37.37 20.05 0.57 0.57 0.57 unch 0.00 0.65 0.28 0.19 0.19 0.19 unch 0.00 0.20 0.04 0.25 0.23 0.25 unch 0.00 0.40 0.15 1.01 0.90 0.95 - 0.00 2.30 0.80 1.32 1.21 1.27 + 0.02 2.97 1.08 0.10 0.09 0.09 - 0.01 0.19 0.00 0.13 0.12 0.13 unch 0.00 0.25 0.11 0.08 0.08 0.08 unch 0.00 0.18 0.06 0.00 0.00 0.00 + 0.00 0.03 0.00

NA Frac Sand* O 38 NACCO Ind* N 53 Namibia Crit V 71 Namibia Crit* O 24 Napier Vent V 13 Napier Vent* O 5 85 Natural Res Pt* N Nautilus Mnrls* O 671 Navy Res V 50 Nemaska Lith T 3338 Nemaska Lith* O 340 Neo Lithium V 463 Network Expl* O 182 Network Expl V 209 O 50 Nevada Canyon* Nevada Copper T 1125 O 11 Nevada Energy* Nevada Energy V 24 Nevada Expl * O 162 Nevada Expl V 294 Nevada Sunrise* O 452 Nevada Sunrise V 277 Nevada Zinc V 341 Nevado Res V 9 New Age Metals* O 446 New Age Metals V 627 New Carolin Gd* O 389 New Carolin Gd V 2046 New Destiny Mg V 118 New Dimen Res V 758 New Dimen Res* O 30 New Energy Met V 71 New Energy Met* O 25 New Gold* X 32267 13606 New Gold T New Guinea Gld* O 811 New Jersey Mng* O 711 New Milln Iron* O 150 New Milln Iron T 898 New Nadina V 37 New Nadina* O 12 New Oroperu V 884 New Pac Metals V 445 New Pac Metals* O 208 New Tech Min* O 53 New Tech Min 89 Newlox Gold 203 Newmac Res V 48 Newmont Gdcorp T 1321 Newmont Gdcorp* N 49138 Newport Expl V 221 Newport Gold* O 350 NewRange Gold* O 410 NewRange Gold V 863 Nexa Resources T 7 Nexa Resources* N 380 Nexco Res 40 Nexgen Energy* X 2054 T 1995 Nexgen Energy NextSource Mat T 776 Nexus Gold* O 145 Nexus Gold V 1197 Nickel Creek* O 1544 Nickel Creek T 2157 Nickel North V 355 821 Nicola Mg Inc V Nicola Mg Inc* O 19 Nighthawk Gold* O 291 Nighthawk Gold T 1053 Niobay Metals V 99 Niocan Inc V 32 Niocorp Dev T 303 Niocorp Dev* O 274 V 335 Nippon Dragon Nippon Dragon* O 49 Nitinat Mnls* O 0 Nitinat Mnls V 88 Noble Metal V 36 Noble Metal * O 14 Noble Mineral V 152 Noble Mineral* O 50 Noka Res* O 802 Noram Vent V 20 Noram Vent* O 3 Noranda Alum* O 3 Nordic Gold* O 120 Nordic Gold V 447 Noront Res V 1244 Norra Metals V 68 Norsemont Cap 0 Nortec Mnls* O 0 Nortec Mnls V 452 North Am Nickl V 322 North Am Nickl* O 115 North Am Pall* O 101 North Am Pall T 982 North Arrow Mn* O 2 North Arrow Mn V 199 North Bay Res * O 15410 Northcliff Res T 125 Northern Light 150 Northisle C&G * O 6 Northisle C&G V 70 Norvista Cap V 210 NorZinc T 434 NorZinc* O 378 Nouveau Monde V 508 Nouveau Monde* O 63 NovaGold Res T 1785

0.03 0.02 0.02 - 0.01 0.03 0.00 51.09 47.98 49.59 - 1.57 54.49 28.77 0.14 0.11 0.12 + 0.01 0.28 0.08 0.11 0.00 0.07 - 0.04 0.23 0.06 0.26 0.26 0.26 unch 0.00 0.38 0.17 0.28 0.28 0.28 + 0.08 0.34 0.13 29.05 26.10 28.04 - 0.01 44.71 26.10 0.01 0.01 0.01 - 0.01 0.10 0.00 0.11 0.11 0.11 unch 0.00 0.22 0.11 0.29 0.26 0.27 - 0.02 0.94 0.22 0.24 0.20 0.21 - 0.01 0.72 0.16 0.70 0.58 0.69 + 0.07 1.23 0.55 0.39 0.28 0.30 - 0.01 0.45 0.19 0.44 0.35 0.44 + 0.04 0.54 0.23 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.36 0.33 0.34 - 0.01 0.55 0.30 0.09 0.09 0.09 + 0.00 0.15 0.08 0.12 0.11 0.12 + 0.01 0.22 0.10 0.25 0.20 0.22 - 0.01 0.39 0.10 0.32 0.27 0.29 - 0.01 0.50 0.14 0.06 0.05 0.06 + 0.00 0.11 0.03 0.07 0.05 0.07 + 0.02 0.15 0.05 0.07 0.05 0.06 - 0.01 0.17 0.05 0.11 0.11 0.11 unch 0.00 0.70 0.09 0.05 0.03 0.03 + 0.01 0.08 0.03 0.05 0.04 0.05 unch 0.00 0.10 0.04 0.11 0.08 0.10 + 0.02 0.24 0.05 0.14 0.10 0.14 + 0.03 0.35 0.08 0.15 0.13 0.14 - 0.01 0.25 0.10 0.05 0.04 0.05 + 0.01 0.20 0.04 0.03 0.03 0.03 unch 0.00 0.15 0.02 0.28 0.25 0.27 - 0.01 0.84 0.14 0.21 0.21 0.21 unch 0.00 0.26 0.12 1.34 1.12 1.17 - 0.07 1.56 0.61 1.77 1.49 1.55 - 0.08 2.03 0.82 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.14 0.17 - 0.00 0.20 0.11 0.05 0.05 0.05 - 0.00 0.08 0.03 0.08 0.06 0.07 unch 0.00 0.11 0.04 0.09 0.09 0.09 unch 0.00 0.16 0.05 0.07 0.04 0.07 - 0.00 0.11 0.03 0.45 0.35 0.45 + 0.10 0.45 0.22 2.94 2.35 2.65 + 0.25 2.94 1.18 2.25 1.61 2.00 + 0.20 2.06 0.86 0.02 0.00 0.02 unch 0.00 0.05 0.01 0.03 0.02 0.03 unch 0.00 0.06 0.02 0.10 0.06 0.06 - 0.04 0.10 0.03 0.08 0.08 0.08 unch 0.00 0.10 0.06 53.24 48.57 51.52 + 2.76 53.24 40.01 39.94 37.04 39.03 + 2.12 40.33 29.06 0.32 0.29 0.30 - 0.02 0.36 0.22 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.15 0.13 0.15 + 0.02 0.21 0.04 0.19 0.17 0.18 + 0.01 0.24 0.07 10.56 9.40 10.36 + 0.16 17.81 9.40 8.02 7.00 7.78 + 0.06 13.69 7.00 0.04 0.04 0.04 unch 0.00 0.28 0.04 1.43 1.25 1.26 - 0.12 2.53 1.25 1.85 1.66 1.68 - 0.13 3.31 1.66 0.09 0.08 0.09 + 0.01 0.16 0.05 0.07 0.05 0.06 + 0.00 0.22 0.04 0.09 0.07 0.08 + 0.01 0.28 0.07 0.04 0.03 0.03 + 0.00 0.14 0.02 0.06 0.05 0.05 + 0.01 0.18 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.13 0.11 0.11 - 0.02 0.17 0.08 0.09 0.08 0.08 - 0.02 0.11 0.06 0.46 0.41 0.43 + 0.00 0.48 0.22 0.60 0.52 0.55 + 0.01 0.63 0.30 0.29 0.25 0.26 unch 0.00 0.37 0.15 0.20 0.00 0.20 + 0.03 0.36 0.06 0.56 0.53 0.53 - 0.01 0.69 0.52 0.43 0.40 0.41 - 0.01 0.54 0.39 0.03 0.02 0.03 unch 0.00 0.03 0.01 0.02 0.02 0.02 - 0.01 0.03 0.00 0.00 0.00 0.07 unch 0.00 0.07 0.04 0.06 0.00 0.05 - 0.01 0.12 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.08 0.07 0.07 unch 0.00 0.18 0.07 0.05 0.05 0.05 unch 0.00 0.13 0.05 0.16 0.12 0.13 + 0.01 0.50 0.08 0.10 0.00 0.10 + 0.01 0.32 0.07 0.07 0.07 0.07 unch 0.00 0.22 0.07 0.01 0.00 0.01 unch 0.00 0.05 0.01 0.04 0.03 0.04 unch 0.00 0.12 0.02 0.05 0.05 0.05 unch 0.00 0.17 0.03 0.23 0.21 0.21 - 0.02 0.35 0.21 0.05 0.04 0.04 - 0.01 0.14 0.04 0.00 0.00 0.30 unch 0.00 0.43 0.25 0.00 0.00 0.02 unch 0.00 0.05 0.00 0.05 0.03 0.03 unch 0.00 0.08 0.02 0.02 0.00 0.02 unch 0.00 0.07 0.02 0.02 0.01 0.02 + 0.00 0.06 0.01 12.09 10.79 11.16 - 0.60 19.91 6.62 15.89 14.32 14.63 - 0.98 26.30 8.62 0.05 0.05 0.05 + 0.00 0.14 0.04 0.08 0.07 0.07 unch 0.00 0.19 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.07 0.07 + 0.01 0.11 0.05 0.05 0.05 0.05 - 0.01 0.15 0.02 0.04 0.00 0.04 unch 0.00 0.10 0.03 0.07 0.00 0.06 unch 0.00 0.14 0.05 0.10 0.09 0.10 - 0.01 0.13 0.06 0.10 0.09 0.09 unch 0.00 0.14 0.08 0.08 0.06 0.06 + 0.00 0.11 0.05 0.24 0.21 0.22 - 0.01 0.33 0.20 0.18 0.17 0.17 - 0.01 0.26 0.16 9.33 8.49 9.16 + 0.62 9.23 4.49

N-O

20-23_AUG19_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

NovaGold Res* X 13646 Novo Res* O 447 Novo Res V 685 NovX21* O 2 NRG Metals V 73 Nrthn Graphite* O 161 V 125 Nrthn Graphite Nrthn Lion* O 0 Nrthn Lion V 23 Nrthn Mnrls &E* O 3 Nrthn Shield V 647 O 77 Nrthn Superior* Nrthn Superior V 177 Nrthn Vertex* O 267 Nrthn Vertex V 619 NSS Res Inc 311 Nthn Dynasty* X 20614 Nthn Dynasty T 6265 O 175 Nthrn Sphere* Nubian Res V 106 Nuinsco Res 692 Nuinsco Res* O 20 V 628 NuLegacy Gold NuLegacy Gold* O 662 Nutrien* N 6212 Nutrien T 5388 NV Gold V 838 NV Gold* O 485 NX Uranium* O 46 NxGold Ltd V 626 O.T. Mining* O 10 O3 Mining V 105 OceanaGold* O 26 OceanaGold T 10548 Oceanic Iron O V 166 O 1 Oceanus Res* Oceanus Res V 146 Olivut Res* O 105 Olivut Res V 139 Omineca Mining V 12 One World Lith* O 53 One World Lith 492 Opawica Expl V 25 130 Opus One Res V Orbite Tech* O 115 Orca Gold V 413 Orca Gold* O 8 V 188 Orefinders Res Orestone Mng V 353 Orex Mnrls* O 113 Orex Mnrls V 180 Orezone Gold* O 227 Orezone Gold V 748 Orford Mining V 233 OrganiMax* O 0 OrganiMax V 11 Oriental Non F 0 Origin Gold V 75 Original Sixtn* O 7 Orla Mng Ltd T 2991 Orla Mng Ltd* O 6 Oro East Mg* O 13161 Oroco Res V 437 Oroco Res* O 547 Orocobre T 244 Oronova Energy V 228 Orosur Mng T 2447 Orsu Metals V 20 Orvana Mnrls* O 143 Orvana Mnrls T 680 Osino Res V 343 Osisko Gold* N 6064 Osisko Gold T 3920 Osisko Metals* O 113 Osisko Metals V 416 Osisko Mng Inc T 3126 Osprey Gold V 425 Otis Gold V 669 Otis Gold* O 403 Outcrop Gold V 292 Outcrop Gold* O 88 OZ Minerals* O 2

7.07 6.56 6.95 + 0.50 7.07 3.41 1.93 1.65 1.80 + 0.03 3.31 1.38 2.46 2.27 2.41 + 0.09 4.32 1.87 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.17 0.15 0.16 - 0.01 1.00 0.12 0.10 0.08 0.10 + 0.01 0.26 0.08 0.13 0.12 0.12 + 0.01 0.34 0.10 0.00 0.00 0.15 unch 0.00 0.16 0.15 0.24 0.24 0.24 unch 0.00 0.46 0.15 0.04 0.04 0.04 unch 0.00 0.12 0.02 0.09 0.07 0.08 unch 0.00 0.12 0.02 0.12 0.10 0.11 + 0.02 0.22 0.02 0.15 0.00 0.13 - 0.01 0.40 0.11 0.24 0.19 0.21 + 0.01 0.28 0.12 0.28 0.26 0.28 + 0.02 0.37 0.16 0.05 0.04 0.05 unch 0.00 0.45 0.03 0.95 0.76 0.80 - 0.00 1.12 0.41 1.25 1.00 1.05 - 0.01 1.47 0.56 0.00 0.00 0.00 unch 0.00 0.06 0.00 0.09 0.07 0.09 + 0.02 0.15 0.07 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.01 0.01 0.01 - 0.00 0.04 0.00 0.07 0.06 0.06 unch 0.00 0.22 0.03 0.05 0.03 0.04 + 0.00 0.17 0.02 53.29 50.77 52.62 - 0.90 58.99 43.96 71.45 67.34 69.57 - 1.17 76.17 59.97 0.19 0.14 0.17 + 0.02 0.20 0.07 0.14 0.09 0.12 + 0.02 0.15 0.05 0.15 0.09 0.10 - 0.05 1.00 0.01 0.07 0.06 0.07 + 0.02 0.19 0.05 0.07 0.05 0.07 - 0.00 0.24 0.04 3.15 0.00 3.14 + 0.34 4.20 1.60 2.85 2.58 2.85 + 0.22 3.74 2.44 3.90 3.66 3.82 + 0.10 5.01 3.27 0.12 0.08 0.08 - 0.02 0.15 0.04 0.07 0.05 0.05 - 0.01 0.13 0.04 0.08 0.07 0.08 + 0.01 0.18 0.05 0.12 0.06 0.12 + 0.06 0.12 0.05 0.09 0.07 0.07 - 0.02 0.16 0.07 0.06 0.00 0.06 unch 0.00 0.09 0.02 0.09 0.08 0.09 + 0.00 0.22 0.07 0.12 0.09 0.11 + 0.01 0.28 0.09 0.08 0.00 0.08 unch 0.00 0.13 0.05 0.04 0.04 0.04 unch 0.00 0.08 0.01 0.03 0.01 0.03 unch 0.00 0.17 0.00 0.40 0.33 0.35 - 0.03 0.56 0.30 0.31 0.27 0.27 - 0.03 0.42 0.23 0.08 0.06 0.06 unch 0.00 0.08 0.03 0.17 0.13 0.16 + 0.03 0.25 0.06 0.09 0.07 0.08 + 0.00 0.13 0.03 0.12 0.09 0.09 - 0.01 0.17 0.05 0.57 0.52 0.56 + 0.03 0.57 0.30 0.78 0.65 0.74 + 0.07 0.78 0.39 0.11 0.11 0.11 unch 0.00 0.33 0.07 0.00 0.00 0.05 unch 0.00 0.08 0.02 0.08 0.00 0.08 unch 0.00 0.36 0.05 0.00 0.00 0.80 unch 0.00 1.05 0.80 0.10 0.09 0.09 unch 0.00 0.14 0.07 0.10 0.10 0.10 unch 0.00 0.17 0.00 1.80 1.49 1.72 + 0.17 1.80 0.85 1.31 0.00 1.31 + 0.20 1.31 0.00 0.04 0.01 0.04 unch 0.00 0.04 0.00 0.48 0.40 0.45 - 0.01 0.74 0.17 0.35 0.31 0.33 - 0.02 0.56 0.13 2.73 2.25 2.71 + 0.20 4.77 2.25 0.07 0.00 0.06 - 0.01 0.16 0.05 0.13 0.05 0.09 + 0.04 0.20 0.02 0.39 0.36 0.37 + 0.01 0.40 0.17 0.30 0.28 0.30 + 0.01 0.30 0.09 0.40 0.34 0.38 unch 0.00 0.41 0.12 0.44 0.37 0.41 + 0.02 0.44 0.20 13.43 12.16 12.70 + 0.61 13.43 7.00 17.17 15.82 16.77 + 0.80 17.17 9.27 0.48 0.42 0.47 + 0.05 0.54 0.36 0.62 0.55 0.61 + 0.06 0.72 0.46 3.83 3.43 3.44 - 0.10 3.90 1.60 0.05 0.04 0.05 unch 0.00 0.07 0.04 0.11 0.09 0.10 unch 0.00 0.22 0.07 0.08 0.06 0.06 - 0.01 0.17 0.05 0.37 0.34 0.37 + 0.02 0.45 0.10 0.28 0.24 0.28 - 0.01 0.33 0.01 6.98 6.16 6.30 - 0.68 7.89 5.90

Pac Arc Res V 3 Pac Bay Mnrls V 33 1 Pac Booker Min* O Pac Booker Min V 29 Pac Imperial V 224 Pac Iron Ore V 150 129 Pac Ridge Expl V Pac Ridge Expl* O 0 Pac Wildcat* O 16 Pacific Empire V 130 Pacific Rim 642 Pacific Rim* O 76 Pacton Gold V 3410 Paladin Energy* O 897 Palamina Corp V 107 O 52 Palamina Corp* Paleo Resource V 2782 Paleo Resource* O 508 Palladium One V 589 O 50 Palladium One* Pan Am Silver* D 21389 Pan Am Silver T 2953 Pan Andean Min V 213 Pan Andean Min* O 10 Pan Global Res V 486 Pancontinental* O 11 Pancontinental V 676 Panex Res* O 1700 Pangolin Dia V 97 Panoro Mnrls V 42 Pantheon Vent V 515 Para Resources V 162 Parallel Mng V 2438 Paramount Gold* X 313 Paringa Res* O 66 13 Paringa Res* D Parlane Res V 875 Pasinex Res 13 Patriot Gold* O 115 Peabody Enrgy* N 6330 Pedro Res V 2792 Pelangio Expl* O 34 Pelangio Expl V 73 Peloton Mnrls 207 O 45 Peloton Mnrls* PepinNini Lith* O 55 Perseus Mng T 1458 Pershing Res* O 76 Peruvian Metal* O 1 Peruvian Metal V 196 Petra Diamonds* O 21 Phoenix Global* O 1 Pine Cliff En* O 100 Pine Cliff En T 771 Pinecrest Res V 164 Pistol Bay Mng* O 30 Pistol Bay Mng V 1317 Pivit Explor 1289 PJSC Polyus Gd* O 3 PJX Res V 1803 Plata Latina V 10 Plateau Energy* O 147 Plateau Energy V 1010 Platinum Gp Mt* X 410 Platinum Gp Mt T 73 Plato Gold V 325 Playfair Mng V 272 Playfair Mng* O 3 PolyMet Mng* X 1881 PolyMet Mng T 297 Portage Res* O 261 Portofino Res V 233 Potash Ridge* O 258 Potash Ridge T 889 Power Group V 439 Power Group* O 2 Power Metals* O 1127 Power Metals V 922 PowerOre V 375 PPX Mining* O 500 PPX Mining V 466 Precipitate Gl* O 69

0.30 0.30 0.30 unch 0.00 0.45 0.20 0.08 0.00 0.08 + 0.02 0.20 0.06 1.20 1.20 1.20 unch 0.00 3.10 0.50 1.88 1.56 1.60 unch 0.00 4.10 0.65 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.08 0.08 0.08 unch 0.00 0.10 0.06 0.04 0.00 0.04 - 0.01 0.07 0.04 0.00 0.00 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.15 0.00 0.07 0.07 0.07 unch 0.00 0.12 0.06 0.14 0.12 0.13 - 0.01 0.34 0.10 0.10 0.09 0.10 - 0.00 0.26 0.07 0.20 0.16 0.17 + 0.02 0.63 0.11 0.11 0.09 0.10 - 0.00 0.35 0.08 0.24 0.22 0.23 + 0.01 0.41 0.21 0.19 0.16 0.18 - 0.00 0.31 0.16 0.03 0.02 0.02 - 0.01 0.10 0.01 0.02 0.01 0.02 + 0.00 0.08 0.00 0.09 0.08 0.08 + 0.01 0.15 0.03 0.05 0.05 0.05 unch 0.00 0.07 0.01 17.45 16.32 17.06 + 0.96 17.48 10.26 23.27 21.15 22.59 + 1.31 23.27 13.83 0.05 0.03 0.04 unch 0.00 0.09 0.03 0.04 0.00 0.04 - 0.01 0.07 0.02 0.14 0.10 0.10 - 0.02 0.25 0.07 0.03 0.03 0.03 + 0.00 0.07 0.01 0.05 0.04 0.04 - 0.01 0.09 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 0.04 0.04 + 0.01 0.06 0.03 0.14 0.13 0.14 + 0.01 0.31 0.13 0.05 0.04 0.04 - 0.01 0.12 0.04 0.16 0.12 0.15 - 0.01 0.22 0.12 0.03 0.03 0.03 + 0.01 0.08 0.02 1.04 0.89 0.96 + 0.10 1.24 0.70 0.07 0.05 0.07 + 0.02 0.35 0.05 2.73 2.08 2.31 - 0.49 10.38 2.08 0.13 0.09 0.11 + 0.02 0.20 0.03 0.05 0.04 0.04 - 0.01 0.14 0.03 0.07 0.05 0.06 + 0.00 0.15 0.04 18.73 17.20 18.13 - 0.29 44.71 17.20 0.20 0.19 0.19 - 0.01 0.29 0.16 0.13 0.00 0.13 + 0.01 0.29 0.09 0.20 0.15 0.19 + 0.04 0.38 0.12 0.12 0.09 0.10 - 0.02 0.13 0.03 0.11 0.08 0.08 + 0.01 0.11 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.78 0.65 0.76 + 0.10 0.77 0.25 0.01 0.01 0.01 + 0.00 0.05 0.00 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.04 0.00 0.04 unch 0.00 0.10 0.03 0.19 0.19 0.19 unch 0.00 0.53 0.19 0.21 0.21 0.21 unch 0.00 0.75 0.75 0.11 0.09 0.09 - 0.02 0.29 0.09 0.15 0.12 0.12 - 0.02 0.40 0.12 0.18 0.00 0.18 + 0.01 0.28 0.16 0.04 0.04 0.04 - 0.01 0.05 0.02 0.04 0.00 0.04 unch 0.00 0.08 0.03 0.19 0.16 0.19 + 0.03 0.19 0.06 55.00 46.55 55.00 + 4.54 57.00 31.05 0.16 0.11 0.15 - 0.01 0.36 0.11 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.59 0.19 0.21 - 0.02 1.13 0.19 0.35 0.25 0.26 - 0.03 1.36 0.25 1.39 1.23 1.35 + 0.03 2.17 0.91 1.90 1.71 1.79 + 0.05 2.91 1.20 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.05 0.04 0.04 unch 0.00 0.08 0.02 0.03 0.02 0.02 - 0.00 0.06 0.01 0.41 0.35 0.37 - 0.00 1.25 0.35 0.55 0.46 0.50 - 0.01 1.60 0.47 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.04 0.04 + 0.01 0.24 0.03 0.04 0.03 0.03 - 0.00 0.08 0.02 0.05 0.04 0.04 - 0.01 0.11 0.03 0.12 0.00 0.11 - 0.02 0.80 0.07 0.07 0.00 0.07 + 0.00 0.18 0.01 0.07 0.06 0.07 - 0.00 0.24 0.05 0.10 0.09 0.10 + 0.01 0.32 0.07 0.10 0.09 0.09 - 0.01 0.15 0.05 0.05 0.04 0.05 + 0.01 0.08 0.03 0.07 0.06 0.07 + 0.01 0.10 0.05 0.09 0.07 0.08 - 0.01 0.12 0.03

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Precipitate Gl V 199 Premier Gold M T 4422 O 4 Premium Expl* Pretium Res* N 18207 Pretium Res T 5536 Prime Meridian V 50 Prize Mng V 347 Prize Mng* O 183 O 271 Probe Metals* Probe Metals V 91 Prog Planet V 1618 Prog Planet* O 8 Project One 145 Promithian Gl * O 0 Prophecy Coal* O 483 Prophecy Coal T 1450 Prosper Gold V 221 Prospero Silvr V 91 O 650 Prospero Silvr* Provenance Gld 36 Providence V 194 Providence Gld* O 16 PUF Vent Inc * O 2328 Puma Expl V 661 Puma Expl* O 229 Pure Alumina* O 1 Pure Energy* O 468 Pure Energy V 266 Pure Gold Mg* O 4950 Pure Gold Mg V 9509 Pure Nickel V 728 Pure Nickel* O 262 Purepoint Uran V 373 Q-Gold Res* O 22 Q-Gold Res V 60 QC Precious V 372 QC Precious * O 33 QMC Quantum Ml V 184 QMC Quantum Ml* O 170 QMX Gold* O 297 QMX Gold V 2478 Quadro Res V 130 Quantum Cobalt 24 Quartz Mtn Res V 20 Quartz Mtn Res* O 0 Quaterra Res V 228 Quaterra Res* O 556 Quest Rare Mnl* O 15 Quinto Res V 495

0.11 0.10 0.10 - 0.01 0.15 0.04 2.55 2.22 2.42 + 0.17 2.55 1.39 0.00 0.00 0.00 - 0.00 0.01 0.00 13.21 11.50 12.92 + 1.31 13.21 6.53 17.46 14.91 17.09 + 1.74 17.12 8.59 0.11 0.11 0.11 unch 0.00 0.11 0.07 0.02 0.02 0.02 unch 0.00 0.27 0.02 0.02 0.01 0.02 - 0.00 0.15 0.01 0.97 0.80 0.90 - 0.01 1.03 0.68 1.23 1.06 1.14 - 0.09 1.37 0.91 0.05 0.03 0.04 + 0.01 0.10 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.20 0.19 0.20 unch 0.00 0.30 0.19 0.00 0.00 0.05 unch 0.00 0.10 0.01 0.20 0.11 0.16 + 0.03 0.56 0.09 0.23 0.17 0.22 + 0.05 0.74 0.11 0.06 0.06 0.06 unch 0.00 0.18 0.06 0.09 0.09 0.09 + 0.01 0.11 0.04 0.07 0.07 0.07 unch 0.00 0.09 0.04 0.17 0.15 0.15 + 0.01 0.39 0.10 0.12 0.11 0.12 + 0.01 0.20 0.08 0.09 0.09 0.09 unch 0.00 0.16 0.06 0.28 0.21 0.23 - 0.02 0.64 0.06 0.02 0.01 0.02 + 0.01 0.07 0.01 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.06 0.05 0.05 - 0.00 0.16 0.03 0.08 0.07 0.07 - 0.01 0.20 0.05 0.57 0.43 0.51 + 0.04 0.62 0.36 0.69 0.58 0.67 + 0.05 0.81 0.49 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.03 0.04 + 0.00 0.04 0.00 0.06 0.06 0.06 - 0.01 0.11 0.06 0.21 0.20 0.21 + 0.00 0.21 0.14 0.27 0.27 0.27 unch 0.00 0.30 0.12 0.33 0.26 0.33 + 0.06 0.40 0.22 0.24 0.20 0.23 + 0.03 0.31 0.16 0.20 0.17 0.17 - 0.02 0.41 0.15 0.14 0.12 0.12 - 0.02 0.32 0.11 0.06 0.05 0.06 + 0.01 0.08 0.03 0.09 0.07 0.08 + 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.05 0.04 0.04 - 0.01 0.20 0.04 0.27 0.00 0.25 - 0.03 0.78 0.22 0.00 0.00 0.23 unch 0.00 0.69 0.22 0.07 0.06 0.06 - 0.01 0.13 0.05 0.05 0.04 0.04 - 0.00 0.10 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.07 0.05 0.05 - 0.02 0.10 0.02

R Rackla Metals* O 13 0.10 0.09 0.10 + 0.00 0.12 0.05 Rackla Metals V 4 0.14 0.00 0.14 unch 0.00 0.20 0.06 Radisson Mng V 735 0.15 0.14 0.15 - 0.01 0.17 0.09 Radius Gold V 956 0.26 0.23 0.24 - 0.01 0.47 0.09 Rain City 500 0.05 0.05 0.05 unch 0.00 0.14 0.05 Rainforest Res* O 3 5.50 0.00 5.00 + 0.75 9.20 3.50 Rainy Mtn Royl* O 3 0.01 0.01 0.01 unch 0.00 0.03 0.01 Rainy Mtn Royl V 147 0.02 0.00 0.02 unch 0.00 0.04 0.02 O 0 0.00 0.00 0.01 unch 0.00 0.04 0.00 Rambler Metals* Rare Element* O 576 0.48 0.38 0.39 - 0.06 0.60 0.03 Rathdowney Res V 264 0.11 0.10 0.11 unch 0.00 0.14 0.03 Ravencrest Res 1391 0.49 0.39 0.47 + 0.09 1.09 0.35 9 0.00 0.00 0.00 unch 0.00 0.12 0.00 Red Eagle Mng* O Red Moon Res V 21 0.05 0.00 0.05 unch 0.00 0.12 0.01 Red Oak Mining V 0 0.00 0.00 0.03 unch 0.00 0.08 0.03 Red Pine Expl V 1551 0.05 0.04 0.04 unch 0.00 0.08 0.03 Redstar Gold V 2145 0.04 0.03 0.04 + 0.01 0.04 0.02 Redstar Gold* O 757 0.03 0.02 0.03 + 0.01 0.03 0.01 1.25 Regulus Res V 250 1.50 1.36 1.46 + 0.01 2.13 Renaissance Gd* O 320 0.30 0.22 0.29 + 0.07 0.29 0.11 V 624 0.39 0.28 0.37 + 0.08 0.39 0.15 Renaissance Gd Renforth Res 1291 0.06 0.05 0.06 + 0.01 0.06 0.02 0.07 Resolve Vent V 15 0.10 0.00 0.09 - 0.01 0.13 Reunion Gold V 709 0.28 0.26 0.27 - 0.01 0.34 0.13 Reunion Gold* O 240 0.21 0.19 0.21 + 0.01 0.25 0.10 Revelo Res V 1180 0.02 0.02 0.02 unch 0.00 0.03 0.01 Revival Gold * O 89 0.52 0.44 0.49 + 0.06 0.67 0.32 Revival Gold V 312 0.69 0.55 0.65 + 0.09 0.87 0.44 unch 0.00 0.26 0.15 Rhyolite Res V 300 0.15 0.15 0.15 Richmond Mnls V 584 0.03 0.02 0.03 + 0.01 0.06 0.02 V 28 0.25 0.23 0.25 + 0.01 0.30 0.15 Ridgestone M’g Ridgestone M’g* O 1 0.19 0.19 0.19 unch 0.00 0.21 0.14 Riley Resource V 4 0.18 0.18 0.18 unch 0.00 0.41 0.15 Rimrock Gold* O 53929 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rio Silver V 21 0.04 0.04 0.04 - 0.01 0.06 0.03 Rio Tinto* N 14966 52.57 48.72 48.78 - 4.50 64.02 44.62 Rio Tinto* O 45 54.10 0.00 49.40 - 4.60 62.00 43.47 Rio Tinto* O 112 59.20 0.00 59.20 - 10.88 74.50 50.48 Rio2 Limited* O 434 0.41 0.36 0.41 + 0.04 0.61 0.24 Rio2 Limited V 2811 0.53 0.47 0.53 + 0.05 0.80 0.31 Rise Gold Corp 2094 0.09 0.07 0.09 + 0.02 0.12 0.05 Rise Gold Corp* O 2495 0.08 0.05 0.07 + 0.02 0.10 0.04 Riverside Res* O 651 0.17 0.10 0.15 + 0.03 0.21 0.10 0.13 Riverside Res V 1160 0.22 0.16 0.18 + 0.02 0.26 RJK Explor* O 319 0.08 0.07 0.07 - 0.02 0.13 0.00 unch 0.00 0.23 0.04 RJK Explor V 54 0.09 0.09 0.09 Robex Res V 661 0.09 0.07 0.09 + 0.01 0.12 0.06 V 81 0.04 0.03 0.04 + 0.01 0.06 0.03 Rochester Res Rochester Res* O 0 0.00 0.00 0.02 unch 0.00 0.04 0.02 Rock Tech Lith* O 0 0.41 0.41 0.41 unch 0.00 0.83 0.40 Rock Tech Lith V 4 0.52 0.00 0.52 + 0.01 1.35 0.50 Rockcliff Met 474 0.11 0.10 0.11 + 0.01 0.19 0.08 O 50 0.08 0.08 0.08 unch 0.00 0.14 0.02 Rockcliff Met* Rockex Mng 275 0.04 0.03 0.03 - 0.01 0.10 0.01 Rockhaven Res V 416 0.14 0.12 0.13 + 0.01 0.19 0.09 Rockridge Res V 539 0.20 0.18 0.19 + 0.01 0.39 0.17 Rockshield Cap* O 1 0.05 0.05 0.05 - 0.00 0.17 0.04 Rockwealth Res V 143 0.50 0.43 0.47 - 0.01 0.50 0.11 0.04 Rodinia Lithm V 18 0.05 0.05 0.05 - 0.01 0.12 Rogue Res V 69 0.09 0.00 0.09 - 0.02 0.22 0.06 Rokmaster Res V 351 0.05 0.04 0.05 + 0.01 0.13 0.03 Romios Gold Rs* O 579 0.04 0.03 0.04 + 0.00 0.07 0.02 352 0.05 0.05 0.05 - 0.01 0.09 0.04 Romios Gold Rs V RosCan Gold* O 446 0.14 0.10 0.14 + 0.03 0.23 0.09 RosCan Gold V 4381 0.19 0.14 0.19 + 0.05 0.33 0.05 96 0.00 0.00 0.00 + 0.00 0.05 0.00 Rosita Mg Corp* O Rotation Mnls V 496 0.18 0.14 0.16 + 0.02 0.25 0.07 V 223 0.08 0.06 0.08 + 0.02 0.14 0.06 Roughrider Exp Rover Metals* O 43 0.03 0.02 0.03 unch 0.00 2.01 0.04 Roxgold T 21112 1.31 1.07 1.25 + 0.18 1.25 0.72 Roxgold* O 850 0.98 0.72 0.95 + 0.12 0.97 0.55 Royal Gold V 134 0.17 0.00 0.17 + 0.14 0.28 0.10 Royal Gold* O 0 0.00 0.00 0.02 unch 0.00 0.02 0.02 Royal Gold* D 3798 129.86 118.16 129.03 + 12.56 129.86 70.16 Royal Mines &M* O 77 0.00 0.00 0.00 unch 0.00 0.01 0.00 Royal Nickel* O 1239 0.43 0.38 0.41 + 0.02 0.90 0.05 Royal Nickel T 4674 0.56 0.50 0.56 + 0.05 1.18 0.07 Royal Rd Mnrls V 670 0.21 0.18 0.21 + 0.01 0.21 0.06 RT Minerals V 19 0.05 0.05 0.05 unch 0.00 0.10 0.05 RTG Mining T 39 0.09 0.09 0.09 unch 0.00 0.16 0.07 Rubicon Mnrls* O 502 0.68 0.55 0.66 + 0.03 1.26 0.46 Rubicon Mnrls T 393 0.93 0.74 0.89 + 0.07 1.73 0.61 0.13 Rugby Mng V 121 0.23 0.19 0.20 - 0.02 0.31 25 0.01 0.01 0.01 unch 0.00 0.02 0.01 Running Fox Rs* O Running Fox Rs V 91 0.02 0.01 0.01 - 0.01 0.03 0.01 Rupert Res V 83 0.82 0.75 0.75 - 0.05 1.12 0.75 Rusoro Mng* O 55 0.06 0.05 0.05 - 0.00 0.32 0.04 Rusoro Mng V 830 0.08 0.07 0.07 - 0.01 0.42 0.06

S Sabina Gd&Slvr T 2365 Sabina Gd&Slvr* O 1016 Sable Res* O 38 Sable Res V 514 Sage Gold* O 0 Sailfish Rylty V 190 Saint Jean* O 0 Salazar Res* O 26 Salazar Res V 336 Salt Lake Pot* O 49 Sama Res V 812 Sama Res* O 6 Samco Gold V 21 Samex Mng* O 165 San Gold Corp* O 88 San Marco Res* O 50 San Marco Res V 221 Sanatana Res V 2323 Sanatana Res* O 20 Sandfire Res V 169 Sandfire Res* O 459 Sandspring Res* O 567 Sandspring Res V 3747 Sandstorm Gold T 4227 Sandstorm Gold* X 14544 Santa Fe Gold* O 243 Santacruz Silv V 1802 Sarama Res V 1386 Sarissa Res* O 3430 Satori Res V 139 Satori Res* O 10

1.75 1.46 1.67 + 0.13 1.75 0.99 1.32 1.09 1.26 + 0.09 1.32 0.73 0.09 0.09 0.09 + 0.01 0.28 0.07 0.14 0.12 0.13 + 0.02 0.37 0.09 0.00 0.00 0.00 unch 0.00 0.02 0.00 1.81 1.25 1.59 + 0.34 1.81 0.70 0.00 0.00 0.03 unch 0.00 0.04 0.01 0.15 0.11 0.13 - 0.02 0.15 0.07 0.20 0.00 0.17 - 0.03 0.20 0.10 0.58 0.54 0.55 - 0.01 0.58 0.31 0.28 0.25 0.26 - 0.01 0.44 0.22 0.21 0.20 0.20 - 0.01 0.33 0.17 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.03 0.03 unch 0.00 0.16 0.02 0.04 0.04 0.04 unch 0.00 0.23 0.04 0.05 0.04 0.05 + 0.01 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.33 0.28 0.33 + 0.05 0.40 0.06 0.26 0.20 0.22 - 0.01 0.31 0.05 0.21 0.17 0.20 + 0.02 0.28 0.11 0.28 0.22 0.26 + 0.04 0.35 0.15 9.21 8.11 8.67 + 0.45 9.21 4.60 7.02 6.42 6.56 + 0.36 7.02 3.48 0.09 0.08 0.09 + 0.01 0.14 0.04 0.20 0.16 0.20 + 0.03 0.20 0.05 0.10 0.09 0.10 + 0.01 0.12 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.06 0.06 - 0.01 0.10 0.04 0.05 0.05 0.05 unch 0.00 0.07 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Saturn Mnrls V 1270 Saville Res V 105 241 Scandium Intl T O 68 Scandium Intl* Scorpio Gold V 303 Scorpio Gold * O 101 ScoZinc Mg V 14 ScoZinc Mg* O 0 Seabridge Gld* N 3750 Seabridge Gld T 416 Search Mnls V 276 Searchlight* O 0 O 99 SearchlightMin* V 722 SearchlightRes Secova Mtls V 2324 Secova Mtls* O 10 Sego Res V 783 Select Sands V 1654 T 8097 Semafo Serabi Gold T 22 Serabi Gold* O 3 Serengeti Res V 469 Shamrock Ent 8 O 20 Shear Diamonds* Sherritt Intl T 5378 18858 N Sibanye-Stillw* O 14 Sibanye-Stillw* 41965 O Sidney Resrces* Sienna Res* O 1 Sienna Res V 1085 Sierra Madre V 25 Sierra Metals T 138 Sierra Metals* X 78 V 233 Sigma Lithium O 20 Signature Res* Signature Res V 148 Silver Bear Rs* O 149 Silver Bear Rs T 1045 Silver Bull Re* O 1242 914 Silver Bull Re T Silver Grail V 311 Silver Hill* O 2 8 Silver Mtn Mns* O 16 Silver Mtn Mns V O 23 Silver Predatr* Silver Predatr V 39 Silver Range* O 101 Silver Range V 522 Silver Scott* O 577 O 110 Silver Spruce* Silver Spruce V 944 Silver Viper V 741 T 3267 Silvercorp Met X 6399 Silvercorp Met* SilverCrest V 1194 SilverCrest* X 1540 O 30 Silverore Mns* O 15 Silverstar Res* Sirios Res V 734 Sitka Gold 14 Sixty North 69 Skeena Res* O 99 Skeena Res V 510 Sky Gold V 3282 Sky Gold* O 138 O 189 Skyharbour Res* V 326 Skyharbour Res Slam Explor V 37 75 Slave Lake Zn O 43 Sokoman Min* Sokoman Min V 1441 SolGold plc* O 35 SolGold plc T 12 T 36 Solitario Ex&R X 383 Solitario Ex&R* 465 V Gold Solstice 0 Sonora Gld & S V O 23 Sonoro Metals* V 616 Sonoro Metals South32* O 32 Southern Arc* O 5 Southern Arc V 75 N 4750 Southern Copp* O 282 Southern Silvr* Southern Silvr V 773 T 59 SouthGobi Res 936 Spanish Mtn Gd V Spanish Mtn Gd* O 316 Sparton Res V 429 Sparton Res* O 10 O 55 Spearmint Res* Spearmint Res 1286 Spey Resources 300 Sphinx Res V 65 189 Sprott Res Hld T 497 Spruce Ridge R V 69 V SRG Mining SSR Mining* D 7539 SSR Mining T 2075 St Augustine T 404 St-Georges Eco 1200 O 237 St-Georges Eco* V 132 Stakeholdr Gld O 0 Stakeholdr Gld* O 1017 Standard Graph* Standard Lith V 310 O 49 Standard Metal* Stans Energy V 1090 O 1680 Stans Energy* O 60 Star Diamond* Star Diamond T 2151 Star Gold* O 23 Starcore Intl T 95 333 Starr Peak Exp V O 0 Steele Oceanic* Stellar Africa V 635 Stelmine Can V 143 Steppe Gold T 254 Sterling Grp* O 1 T 2401 Stornoway Diam O 33 Stornoway Diam* Stratabd Mnr V 14 Strateco Res* O 93 Strategic Metl V 468 O 298 Strategic Metl* O 89 Strategic Min* Strategic Res V 21 O 1 Strategic Res* Stria Lithium V 344 V 3157 Strikepoint Gd O 950 Strikepoint Gd* V 678 Strongbow Expl O 0 Strongbow Expl* Stroud Res V 87 Stuhini Explor V 101 Sulliden Mng T 111 Sun Metals V 1954 Suncor Energy T 24325 N 26785 Suncor Energy* O 73 Superior Gold* Superior Gold V 1116 Superior Mng V 6 Supreme Metals 309 20 Surge Copper * O Surge Copper V 41 Surge Explor* O 343 Surge Explor V 475 Syrah Res* O 95

0.09 0.15 0.11 0.15 + 0.02 0.30 0.03 unch 0.00 0.07 0.05 0.05 0.05 0.19 0.15 0.17 - 0.01 0.32 0.10 0.08 0.15 0.10 0.10 - 0.05 0.24 0.01 0.12 0.08 0.10 + 0.03 0.16 0.09 0.07 0.07 - 0.02 0.11 0.01 0.34 0.40 0.37 0.37 - 0.03 0.85 0.30 unch 0.00 0.62 0.00 0.00 0.32 10.40 15.74 14.19 14.59 + 0.27 15.74 13.65 20.80 18.43 19.23 + 0.26 20.80 0.03 unch 0.00 0.06 0.04 0.00 0.04 0.01 unch 0.00 0.15 0.00 0.00 0.02 0.01 unch 0.00 0.07 0.05 0.05 0.05 0.02 0.04 0.03 0.04 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.10 0.01 0.04 0.00 0.04 + 0.01 0.06 0.03 0.04 0.04 0.04 + 0.01 0.07 0.04 0.05 0.04 0.04 - 0.01 0.51 2.24 5.75 4.86 5.12 - 0.32 5.75 0.45 0.96 0.86 0.96 + 0.10 1.20 0.62 unch 0.00 0.70 0.62 0.62 0.62 0.12 0.36 0.27 0.34 + 0.07 0.60 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.17 0.29 0.22 0.27 + 0.04 0.93 2.02 5.61 5.20 5.34 + 0.33 5.61 0.53 1.38 1.29 1.35 - 0.03 1.38 0.00 0.02 0.00 0.02 + 0.01 0.02 0.03 unch 0.00 0.09 0.03 0.03 0.03 0.04 unch 0.00 0.11 0.05 0.04 0.05 0.04 0.08 0.05 0.05 - 0.02 0.15 1.55 2.26 1.77 2.00 + 0.05 3.66 1.15 1.70 1.36 1.51 + 0.03 2.73 1.59 1.95 1.89 1.90 - 0.05 2.40 0.03 0.05 0.04 0.04 - 0.00 0.10 0.04 unch 0.00 0.12 0.05 0.05 0.05 0.18 0.13 0.18 + 0.04 0.17 0.07 0.25 0.18 0.25 + 0.06 0.24 0.10 0.12 0.10 0.11 - 0.00 0.14 0.07 0.16 0.14 0.14 unch 0.00 0.19 0.09 0.02 0.12 0.07 0.12 + 0.02 0.12 0.05 unch 0.00 0.18 0.05 0.05 0.05 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.04 0.10 0.09 0.10 + 0.01 0.10 0.06 unch 0.00 0.14 0.13 0.12 0.12 0.05 0.10 0.07 0.09 - 0.00 0.12 0.07 0.14 0.10 0.12 + 0.02 0.18 0.01 unch 0.00 0.06 0.05 0.02 0.03 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.06 0.04 0.05 + 0.01 0.06 0.07 0.25 0.20 0.24 - 0.01 0.28 2.43 5.04 4.14 4.94 + 0.71 4.75 1.83 3.82 3.23 3.74 + 0.54 3.82 2.60 8.38 6.96 8.16 + 1.08 8.38 1.97 6.35 5.42 6.23 + 0.78 6.35 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.01 0.04 0.03 0.03 - 0.01 0.15 0.12 0.19 0.17 0.18 + 0.01 0.28 0.04 unch 0.00 0.18 0.13 0.12 0.13 0.03 unch 0.00 0.24 0.06 0.05 0.05 0.19 0.33 0.28 0.31 + 0.03 0.52 0.27 0.42 0.37 0.41 + 0.03 0.70 0.03 unch 0.00 0.10 0.06 0.05 0.06 0.02 0.05 0.04 0.04 - 0.01 0.06 0.20 0.23 0.20 0.20 - 0.03 0.44 0.26 0.31 0.26 0.27 - 0.04 0.57 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.06 0.06 0.06 unch 0.00 0.13 0.06 0.00 0.09 0.07 0.09 - 0.01 0.33 0.07 unch 0.00 0.44 0.12 0.10 0.11 0.27 0.35 0.34 0.34 - 0.04 0.58 0.35 0.49 0.47 0.47 - 0.02 0.76 0.26 0.43 0.40 0.43 + 0.02 0.60 0.19 0.33 0.30 0.33 + 0.01 0.54 0.11 0.22 0.19 0.19 - 0.01 0.27 0.00 0.00 0.04 unch 0.00 0.09 0.04 0.07 0.14 0.14 0.14 - 0.00 0.16 0.07 0.19 0.17 0.18 - 0.01 0.20 1.85 2.02 1.85 1.87 - 0.15 2.98 0.20 0.30 0.25 0.25 - 0.02 0.47 0.27 0.37 0.31 0.37 + 0.01 0.62 29.01 33.40 31.51 31.98 - 1.13 45.98 0.08 0.19 0.15 0.18 + 0.02 0.20 0.11 0.26 0.19 0.25 + 0.07 0.26 0.10 0.15 0.11 0.13 - 0.02 0.18 0.13 0.10 0.11 unch 0.00 0.13 0.05 0.09 0.08 0.09 + 0.01 0.09 0.03 0.02 unch 0.00 0.12 0.03 0.02 0.03 0.01 unch 0.00 0.09 0.02 0.02 0.02 0.00 unch 0.00 0.08 0.03 0.03 0.03 0.02 0.03 0.03 0.03 - 0.01 0.06 0.04 unch 0.00 0.16 0.04 0.04 0.04 0.03 0.03 0.03 0.03 - 0.01 0.07 1.22 1.12 1.22 + 0.03 2.00 0.98 0.06 0.05 0.05 + 0.01 0.13 0.03 0.64 0.98 0.91 0.91 - 0.02 1.43 17.56 16.24 16.41 + 0.14 17.56 8.11 10.71 23.42 21.28 21.70 + 0.22 23.42 0.02 0.03 0.02 0.02 - 0.01 0.03 0.04 0.09 0.07 0.09 - 0.01 0.25 0.03 0.06 0.06 0.06 - 0.03 0.17 0.03 0.06 0.00 0.05 - 0.01 0.20 0.02 unch 0.00 0.11 0.00 0.00 0.03 0.29 0.32 0.29 0.30 - 0.00 1.01 0.67 unch 0.00 1.77 0.97 0.91 0.94 0.02 0.06 0.05 0.06 + 0.01 0.20 0.02 0.09 0.06 0.07 - 0.02 0.10 0.01 0.07 0.04 0.05 - 0.02 0.08 0.14 0.16 0.15 0.15 - 0.01 0.29 0.19 0.21 0.20 0.21 - 0.01 0.38 0.02 0.04 0.03 0.03 - 0.01 0.30 0.07 unch 0.00 0.16 0.14 0.12 0.12 0.37 0.35 0.35 unch 0.00 0.40 0.09 0.55 unch 0.00 0.96 0.00 0.00 0.55 0.01 unch 0.00 0.05 0.02 0.02 0.02 0.09 0.15 0.12 0.12 - 0.03 0.18 0.59 1.00 0.90 0.97 + 0.02 1.40 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.02 unch 0.00 0.43 0.03 0.03 0.03 0.01 0.02 0.02 0.02 + 0.01 0.33 0.06 0.07 0.06 0.07 + 0.01 0.39 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.28 0.45 0.37 0.40 + 0.02 0.45 0.21 0.35 0.26 0.32 + 0.03 0.35 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.16 0.59 0.00 0.59 + 0.07 0.70 0.12 unch 0.00 0.46 0.39 0.39 0.39 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.11 0.16 0.13 0.14 + 0.02 0.24 0.08 0.12 0.10 0.11 + 0.02 0.18 0.06 unch 0.00 0.22 0.07 0.06 0.07 0.04 unch 0.00 0.17 0.00 0.00 0.04 0.01 0.01 0.01 0.01 - 0.01 0.02 0.19 0.21 0.20 0.20 - 0.01 0.30 0.07 unch 0.00 0.29 0.09 0.08 0.09 0.13 0.62 0.47 0.51 - 0.08 0.65 35.53 38.44 36.32 37.86 + 0.27 54.51 25.81 28.96 27.28 28.62 + 0.19 42.16 0.33 0.83 0.76 0.79 + 0.03 1.00 0.44 1.13 0.95 1.09 + 0.11 1.32 0.06 unch 0.00 0.10 0.06 0.06 0.06 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.05 0.03 0.03 unch 0.00 0.11 0.03 0.04 0.06 0.00 0.06 + 0.01 0.14 0.02 0.05 0.04 0.05 + 0.00 0.12 0.03 unch 0.00 0.16 0.07 0.06 0.06 0.51 unch 0.00 2.01 0.58 0.51 0.58

Taiga Gold 115 Taiga Gold* O 19 Tajiri Res V 3524 Taku Gold* O 5 Taku Gold 1399 Talisker Res* O 11 Talisker Res 141 Talmora Diamd 20 Talon Metals T 165 46205 O Tamino Mnrls* Tango Mining V 745 V 170 Tanqueray Expl Tantalex Res 55 T 255 Tanzanian Gold X 2432 Tanzanian Gold* Taranis Res* O 110 Taranis Res V 130 Tarku Res V 125 Tartisan Nick* O 88 Tartisan Nick 392 X 2689 Taseko Mines* Taseko Mines T 1382

0.06 0.09 0.08 0.09 - 0.01 0.16 0.04 0.07 0.00 0.07 + 0.00 0.11 0.03 0.04 0.03 0.03 - 0.01 0.12 0.02 0.06 0.00 0.04 - 0.01 0.12 0.03 0.09 0.07 0.07 - 0.01 0.15 0.00 unch 0.00 0.12 0.10 0.10 0.10 0.08 unch 0.00 0.17 0.16 0.15 0.15 0.01 unch 0.00 0.06 0.03 0.03 0.03 0.07 unch 0.00 0.25 0.22 0.19 0.21 0.00 0.00 0.00 0.00 + 0.00 0.00 0.01 unch 0.00 0.04 0.02 0.02 0.02 0.53 0.60 0.56 0.57 - 0.02 1.12 0.02 unch 0.00 0.12 0.04 0.04 0.04 0.34 1.53 1.17 1.29 + 0.09 1.56 0.25 1.13 0.90 0.98 + 0.07 1.20 0.03 0.06 0.05 0.06 - 0.00 0.09 0.05 unch 0.00 0.12 0.08 0.08 0.08 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.02 0.03 0.03 0.03 + 0.00 0.06 0.02 unch 0.00 0.08 0.04 0.04 0.04 0.39 0.47 0.39 0.42 - 0.00 0.85 0.52 0.63 0.52 0.56 - 0.01 1.09

T

2019-08-12 12:10 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / AUGUST 19–SEPTEMBER 1, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Tearlach Res V 2 Teck Res T 10780 T 59 Teck Res Teck Res* N 16158 Telson Res * O 184 Telson Res V 260 Tembo Gold V 356 Tembo Gold* O 90 Teranga Gold T 2133 Teranga Gold* O 131 Teras Res V 142 Teras Res* O 11 Terraco Gold V 1909 Terrax Mnrls* O 68 Terrax Mnrls V 1001 Terreno Res V 366 Teslin Rvr Res V 907 Tesoro Mnrls V 0 Tesoro Mnrls* O 0 Tethyan Res V 50 Teuton Res* O 303 Teuton Res V 1937 Texas Mineral* O 1645 Themac Res V 10 Thor Expl V 63 Thunder Mtn Gd V 70 Thunder Mtn Gd* O 93 Thunderstruck V 487 Thunderstruck* O 201 Till Capital V 5 V 446 Timberline Res Timberline Res* O 251 Tinka Res* O 491 Tinka Res V 1548 Tintina Mines V 100 Tisdale Res V 23 Titan Mining T 331 Titanium Corp V 58 O 123 TMAC Resource* TMAC Resources T 1299 TNR Gold V 3041 Toachi Mg Inc V 349 Tocvan Venture 200 Tombstone Expl* O 5 Tonogold Res* O 52 Torex Gold* O 71 Torex Gold T 1954 Torq Resources* O 99 Torq Resources V 146 Tower Res* O 190 Tower Res V 344 Transatlantic V 200 Transition Met V 206 Transition Met* O 4 Treasury Metal T 418 O 151 Treasury Metal* Trecora Res* N 198 Tres-Or Res* O 3 Tres-Or Res V 18 Trevali Mng* O 461 Trevali Mng T 9578 Tri Origin Exp V 3259 Trifecta Gold* O 4 Trifecta Gold V 209 Trilogy Mtls T 372 Trilogy Mtls* X 5143

0.00 0.00 0.15 unch 0.00 0.28 0.03 25.28 22.19 22.25 - 2.25 34.31 22.80 25.40 22.40 22.40 - 2.30 34.00 23.10 18.17 16.80 16.84 - 1.72 25.82 16.80 0.22 0.22 0.22 + 0.01 0.46 0.21 0.32 0.27 0.30 + 0.02 0.63 0.25 0.03 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 - 0.00 0.03 0.01 5.66 4.75 5.39 + 0.14 5.66 2.97 4.22 3.58 4.09 + 0.15 4.22 2.23 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.16 0.13 0.15 + 0.02 0.16 0.06 0.29 0.25 0.25 - 0.01 0.36 0.25 0.40 0.34 0.35 unch 0.00 0.50 0.33 0.02 0.02 0.02 - 0.01 0.05 0.02 0.48 0.44 0.45 - 0.03 0.60 0.37 0.00 0.00 0.05 unch 0.00 0.06 0.05 0.00 0.00 0.03 unch 0.00 0.03 0.03 0.40 0.00 0.40 + 0.01 0.85 0.14 0.44 0.27 0.44 + 0.15 0.39 0.07 0.57 0.35 0.57 + 0.20 0.57 0.10 0.51 0.36 0.39 - 0.05 0.57 0.12 0.06 0.06 0.06 unch 0.00 0.09 0.03 0.18 0.16 0.16 - 0.01 0.19 0.13 0.17 0.17 0.17 unch 0.00 0.17 0.14 0.08 0.07 0.08 + 0.01 0.13 0.03 0.05 0.04 0.05 unch 0.00 0.11 0.04 0.04 0.03 0.04 unch 0.00 0.08 0.03 2.00 1.88 2.00 + 0.12 2.56 1.45 0.12 0.10 0.11 + 0.01 0.16 0.07 0.10 0.07 0.08 - 0.01 0.13 0.00 0.15 0.11 0.13 - 0.01 0.34 0.11 0.18 0.15 0.16 - 0.02 0.47 0.15 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.17 0.15 0.17 unch 0.00 0.38 0.10 0.49 0.00 0.43 - 0.02 1.40 0.31 0.67 0.63 0.66 - 0.01 1.20 0.47 4.44 3.67 4.07 + 0.36 5.29 2.71 5.93 4.84 5.33 + 0.42 7.06 3.57 0.03 0.03 0.03 + 0.01 0.06 0.02 0.07 0.07 0.07 unch 0.00 0.12 0.04 0.08 0.07 0.08 + 0.01 0.12 0.07 1.75 0.00 1.70 - 0.05 3.80 0.12 0.24 0.20 0.24 + 0.01 0.25 0.00 14.88 13.65 14.79 + 1.01 14.88 5.74 19.89 17.28 19.47 + 1.27 19.89 7.52 0.37 0.31 0.34 + 0.01 0.41 0.25 0.49 0.42 0.46 + 0.03 0.54 0.32 0.05 0.05 0.05 unch 0.00 0.06 0.01 0.06 0.05 0.06 unch 0.00 0.10 0.02 0.05 0.04 0.04 - 0.01 0.16 0.02 0.21 0.19 0.19 unch 0.00 0.23 0.06 0.14 0.14 0.14 unch 0.00 0.17 0.07 0.42 0.37 0.37 - 0.01 0.42 0.21 0.32 0.27 0.28 - 0.01 0.32 0.15 9.48 8.57 9.19 - 0.05 14.45 6.69 0.15 0.10 0.10 - 0.05 0.15 0.01 0.15 0.13 0.14 unch 0.00 0.35 0.13 0.18 0.14 0.15 - 0.01 0.63 0.14 0.23 0.19 0.20 - 0.02 0.82 0.19 0.04 0.01 0.02 + 0.01 0.04 0.01 0.03 0.02 0.03 + 0.00 0.06 0.02 0.05 0.00 0.04 - 0.01 0.09 0.04 2.79 2.05 2.66 + 0.23 4.10 2.03 2.06 1.54 2.01 + 0.17 3.13 1.48

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TriMetals Mng* O 38 TriMetals Mng T 262 Trinity Res* O 2 Trinity Valley V 109 Trio Resources* O 1830 TriStar Gold* O 58 TriStar Gold V 307 Triumph Gold V 625 O 559 Triumph Gold* Troilus Gold* O 44 Troilus Gold T 3550 Troubadour Res V 264 Troy Res* O 500 True Grit Res V 250 True North Gem* O 1 True North Gem V 9 Tsodilo Res V 486 Tudor Gold V 2342 Tudor Gold * O 494 Turquoise HIl T 4452 Turquoise HIl* N 33155 TVI Pacific* O 96 TVI Pacific V 716 Tyhee Gold* O 185 Typhoon Expl V 130

0.04 0.04 0.04 - 0.01 0.08 0.02 0.07 0.05 0.05 - 0.01 0.10 0.03 0.01 0.00 0.01 - 0.00 0.20 0.01 0.15 0.13 0.14 + 0.01 0.15 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.14 0.13 0.13 + 0.00 0.16 0.07 0.18 0.16 0.18 + 0.02 0.25 0.09 0.58 0.49 0.54 + 0.03 0.80 0.31 0.44 0.36 0.41 + 0.02 0.60 0.23 0.64 0.59 0.61 - 0.03 0.93 0.40 0.88 0.79 0.81 - 0.02 1.20 0.40 0.07 0.05 0.07 + 0.01 0.25 0.05 0.07 0.07 0.07 unch 0.00 0.10 0.06 0.02 0.01 0.02 unch 0.00 0.06 0.01 0.10 0.06 0.10 unch 0.00 0.14 0.00 0.08 0.00 0.08 + 0.01 1.00 0.05 0.12 0.11 0.12 + 0.01 0.52 0.11 1.07 0.67 0.91 + 0.24 1.07 0.20 0.81 0.46 0.69 + 0.17 0.81 0.15 0.73 0.60 0.60 - 0.09 3.35 0.65 0.58 0.45 0.46 - 0.07 2.51 0.45 0.01 0.00 0.01 + 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.03 0.04 unch 0.00 0.05 0.02

U.S. Gold* D 1232 U.S. Lithium* O 21 U3O8 Corp* O 47 U3O8 Corp T 171 Ubique Mineral 34 UC Res* O 13 Ucore Rare Mtl V 261 Ucore Rare Mtl* O 706 UEX Corp T 2184 Ultra Lithium V 118 O 181 Umbral Enrgy* Unigold* O 0 V 27 Unigold United Battery 53 United Battery* O 51 United Res Hdg* O 124 United States A* X 389 United States S* N 67712 Unity Metals V 128 Universal Cop V 62 O 9 Universal Cop* Universal Vent V 893 Ur-Energy T 326 Ur-Energy* X 3958 Uragold Bay Rs V 760 Uranium Energy* X 6755 Uranium Hunter* O 1 Uranium Res* D 433 V 319 UrbanGold Min USCorp* O 209 Val-d’Or Mg V 10 Vale* N 109257 Valley High Mg* O 1774 O 112 ValOre Metals* ValOre Metals V 458 Valterra Res* O 20 Valterra Res V 461 O 1 Vanadian Enrgy*

1.10 0.96 1.00 - 0.05 1.53 0.74 0.33 0.23 0.26 + 0.01 0.96 0.09 0.12 0.11 0.12 + 0.01 0.29 0.07 0.17 0.14 0.16 + 0.01 0.34 0.10 0.07 0.00 0.07 unch 0.00 0.25 0.05 0.55 0.52 0.55 unch 0.00 1.27 0.00 0.21 0.19 0.19 - 0.02 0.34 0.09 0.17 0.13 0.15 - 0.01 0.25 0.07 0.16 0.14 0.14 - 0.02 0.23 0.14 0.08 0.08 0.08 unch 0.00 0.22 0.08 0.39 0.32 0.35 - 0.01 0.54 0.11 0.10 0.10 0.10 unch 0.00 0.14 0.07 0.14 0.12 0.12 - 0.02 0.20 0.09 0.03 0.02 0.03 unch 0.00 1.68 0.02 0.03 0.02 0.02 - 0.00 1.58 0.01 0.09 0.07 0.09 + 0.02 0.09 0.01 0.75 0.64 0.73 - 0.01 1.05 0.42 13.06 11.90 12.05 - 1.22 31.59 11.67 0.40 0.27 0.34 - 0.06 1.40 0.10 0.07 0.00 0.06 - 0.01 0.18 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.02 0.42 0.39 0.40 - 0.02 0.63 0.28 0.79 0.72 0.73 - 0.05 1.30 0.72 0.64 0.50 0.55 - 0.04 0.99 0.50 0.10 0.09 0.09 - 0.01 0.12 0.06 0.96 0.86 0.92 - 0.02 1.80 0.86 3.50 0.00 1.50 + 0.50 3.50 0.26 4.70 2.82 3.04 - 0.15 17.95 2.82 0.15 0.13 0.15 + 0.02 0.17 0.10 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.09 0.09 unch 0.00 0.14 0.08 12.01 11.39 11.55 - 0.73 16.13 10.89 0.00 0.00 0.00 - 0.00 0.01 0.00 0.20 0.16 0.20 + 0.03 0.42 0.00 0.26 0.22 0.26 + 0.03 0.58 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.03 0.00 0.03 - 0.00 0.13 0.01

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Vanadian Enrgy V 23 Vanadium One* O 111 Vanadium One V 336 Vanadiumcorp* O 386 V 328 Vanadiumcorp Vanstar Mng Rs* O 500 Vanstar Mng Rs V 896 Vantex Res * O 8 Vantex Res V 20 Vela Minerals V 190 Velocity Mnrls* O 5 Velocity Mnrls V 598 Vendetta Mng V 1581 Vendetta Mng* O 495 V 48 Venerable Vent Venture Mnrls* O 2000 Verde Potash T 96 Verde Res* O 109 Veris Gold* O 0 Vertical Expl* O 16 Vertical Expl V 848 Victoria Gold V 6404 Victory Metals* O 232 Victory Metals V 204 O 1 Victory Nickel* Victory Nickel 556 Victory Res 406 Virginia Enrgy* O 421 Virginia Enrgy V 488 Viscount Mng V 590 13 Visible Gold M V Vision Lithium V 92 O 44 Vision Lithium* Vista Gold* X 3491 Vista Gold T 92 Viva Gold* O 126 Viva Gold V 54 Vizsla Res V 206 Volcanic Gold V 79 Volcanic Gold* O 1 O 60 Voyageur Min* Voyageur Min V 155 O 395 VR Resources* VR Resources V 354 Vulcan Mnrls V 42 VVC Expl V 494

0.05 0.05 0.05 unch 0.00 0.18 0.03 0.06 0.05 0.05 - 0.01 0.21 0.04 0.08 0.07 0.08 unch 0.00 0.29 0.06 0.05 0.03 0.04 - 0.01 0.15 0.03 0.06 0.05 0.06 unch 0.00 0.14 0.05 0.19 0.18 0.18 + 0.00 0.19 0.07 0.26 0.24 0.24 + 0.01 0.36 0.08 0.12 0.12 0.12 unch 0.00 0.22 0.12 0.31 0.20 0.29 + 0.09 0.40 0.14 0.15 0.11 0.11 - 0.04 0.27 0.11 0.44 0.44 0.44 - 0.00 0.44 0.09 0.56 0.49 0.51 - 0.04 0.58 0.13 0.09 0.07 0.08 - 0.01 0.22 0.07 0.07 0.05 0.05 - 0.02 0.17 0.05 0.07 0.07 0.07 unch 0.00 0.13 0.06 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.70 0.64 0.70 + 0.02 1.06 0.50 0.04 0.03 0.03 - 0.01 0.10 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.04 0.03 0.03 unch 0.00 0.13 0.03 0.45 0.40 0.45 + 0.05 0.55 0.30 0.46 0.38 0.38 - 0.06 0.57 0.38 0.59 0.51 0.51 - 0.08 0.77 0.38 0.01 0.01 0.01 + 0.01 0.04 0.01 0.03 0.00 0.02 unch 0.00 0.05 0.01 0.04 0.02 0.04 + 0.02 0.12 0.01 0.07 0.06 0.07 - 0.00 0.28 0.06 0.09 0.09 0.09 unch 0.00 0.37 0.08 0.31 0.25 0.29 + 0.02 0.31 0.15 0.09 0.00 0.09 - 0.01 0.11 0.04 0.05 0.05 0.05 + 0.01 0.31 0.05 0.04 0.04 0.04 - 0.00 0.21 0.03 1.05 0.91 0.94 + 0.05 1.05 0.37 1.39 1.16 1.22 + 0.06 1.39 0.56 0.23 0.20 0.20 - 0.02 0.35 0.20 0.30 0.27 0.27 - 0.02 0.46 0.25 0.22 0.19 0.19 - 0.03 0.23 0.13 0.30 0.25 0.30 + 0.05 0.81 0.14 0.23 0.23 0.23 unch 0.00 0.48 0.14 0.06 0.06 0.06 unch 0.00 0.10 0.04 0.08 0.05 0.07 - 0.01 0.12 0.05 0.26 0.20 0.20 + 0.01 0.26 0.09 0.30 0.25 0.28 + 0.03 0.30 0.12 0.04 0.03 0.04 + 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02

WAI Cap Invest* O 0 Walker Lane* O 20 Walker River* O 213 Walker River V 1149 Wallbridge Mng T 5622 Warrior Gold V 100 Warrior Gold* O 51 Wealth Mnrls V 414 Wealth Mnrls* O 770 Wescan Gldflds V 0 O 484 Wesdome Gold* Wesdome Gold T 3106 West High Yld V 150 West Kirkland V 2175 West Kirkland * O 252 48 West Red Lake* O West Red Lake 464

0.00 0.00 0.00 unch 0.00 0.00 0.00 0.25 0.25 0.25 unch 0.00 0.40 0.05 0.14 0.13 0.13 - 0.02 0.19 0.08 0.18 0.15 0.17 - 0.01 0.27 0.05 0.49 0.42 0.43 - 0.03 0.49 0.09 0.08 0.07 0.07 - 0.01 0.12 0.04 0.07 0.06 0.06 - 0.00 0.09 0.03 0.42 0.35 0.42 + 0.05 0.85 0.31 0.33 0.25 0.32 + 0.04 0.72 0.22 0.00 0.00 0.05 unch 0.00 0.11 0.03 5.78 5.05 5.34 + 0.11 5.78 2.00 7.36 6.89 7.07 + 0.14 7.36 2.95 0.23 0.16 0.23 + 0.03 0.60 0.16 0.09 0.06 0.08 + 0.02 0.09 0.03 0.07 0.05 0.07 + 0.02 0.06 0.02 0.06 0.05 0.06 + 0.00 0.09 0.03 0.08 0.07 0.07 - 0.01 0.12 0.05

W-Z

(100s) Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

Western Areas* O 17 Western Atlas V 5 Western Copper T 329 Western Copper* X 708 Western Mag V 547 Western Mag* O 355 Western Pac Rs* O 1 Western Pac Rs V 0 Western Potash T 1225 Western Res* O 4 Western U&V 407 Western U&V* O 280 Westgold Res* O 1 Westhaven Vent V 496 Westhaven Vent* O 181 Westkam Gold* O 108 Westkam Gold V 825 Westminster Rs V 216 Westminster Rs* O 4 O 98 Westmoreland* Wheaton Prec M T 5096 Wheaton Prec M* N 18558 White Gold V 2275 White Gold* O 181 White Metal R* O 125 White Metal Rs V 354 White Mtn Engy* O 1923 Whitemud Res V 4 Wildsky Res* O 2 Wildsky Res V 9 Winston Gold* O 48 Winston Gold 856 Winston Res 160 0 Winston Res* O Wolfden Res* O 102 Wolfden Res V 1890 Wolfeye Res V 254 Worldwide Res V 5 X-Terra Res V 243 Xanadu Mines T 21 Xiana Mng V 5 Ximen Mining V 393 Ximen Mining* O 17 Xtierra Inc V 107 Xtra-Gold Res* O 30 T 166 Xtra-Gold Res Yamana Gold T 23571 Yamana Gold* N 149498 Yanzhou Coal* O 60 Yorbeau Res T 1610 Zadar Ventures V 78 Zanzibar Gold 649 Zara Res* O 2593 O 7 ZEN Graphene* ZEN Graphene V 499 Zena Mining V 116 Zephyr Mnls V 30 Zephyr Mnls* O 9 Zimtu Capital V 42 Zinc One Res V 620 Zinc One Res * O 63 Zincore Mtls* O 0 ZincX Res* O 65 ZincX Res V 254 Zonte Metals* O 3 Zonte Metals V 129

1.47 1.45 1.46 unch 0.00 2.15 1.27 0.08 0.08 0.08 unch 0.00 0.12 0.05 1.00 0.91 0.98 - 0.02 1.08 0.52 0.77 0.67 0.74 unch 0.00 0.83 0.35 0.21 0.18 0.19 unch 0.00 0.35 0.03 0.15 0.14 0.14 + 0.00 0.43 0.02 0.23 0.00 0.23 + 0.02 0.62 0.01 0.00 0.00 0.35 unch 0.00 1.08 0.27 0.33 0.23 0.26 - 0.07 0.55 0.11 0.23 0.20 0.20 - 0.03 0.41 0.08 1.15 0.92 1.01 + 0.01 3.32 0.70 0.84 0.70 0.76 - 0.01 2.70 0.64 1.60 0.00 1.60 + 0.57 1.48 0.60 0.95 0.79 0.88 + 0.08 1.43 0.14 0.71 0.61 0.68 + 0.06 1.03 0.11 0.01 0.00 0.01 + 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.04 0.03 0.03 + 0.01 0.12 0.03 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.01 0.00 0.01 + 0.00 0.18 0.01 37.29 34.50 36.64 + 2.12 36.70 19.87 28.19 26.16 27.74 + 1.62 28.19 15.08 1.27 1.16 1.20 - 0.02 2.00 0.54 0.95 0.88 0.91 - 0.01 1.44 0.46 0.04 0.04 0.04 + 0.00 0.13 0.02 0.07 0.06 0.06 + 0.01 0.17 0.04 0.03 0.02 0.03 + 0.01 0.05 0.00 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.06 0.00 0.06 - 0.00 0.77 0.05 0.09 0.00 0.09 unch 0.00 1.01 0.06 0.05 0.04 0.04 + 0.00 0.07 0.02 0.06 0.05 0.06 + 0.01 0.07 0.03 0.03 0.03 0.03 + 0.01 0.09 0.02 0.00 0.00 0.55 unch 0.00 0.10 0.08 0.09 - 0.01 0.30 0.08 0.14 0.11 0.12 - 0.01 0.37 0.11 0.73 0.65 0.65 - 0.04 0.93 0.50 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.10 0.08 0.09 - 0.01 0.17 0.07 0.05 0.05 0.05 unch 0.00 0.17 0.04 0.42 0.00 0.42 unch 0.00 0.61 0.31 0.65 0.54 0.59 - 0.03 0.86 0.14 0.49 0.00 0.44 - 0.06 10.27 0.11 0.06 0.00 0.06 + 0.01 0.07 0.03 0.30 0.28 0.29 - 0.01 0.45 0.17 0.39 0.38 0.39 unch 0.00 0.47 0.23 4.98 4.13 4.58 + 0.40 4.98 2.41 3.74 3.23 3.46 + 0.30 3.74 1.78 0.88 0.00 0.81 - 0.07 1.22 0.81 0.03 0.03 0.03 + 0.01 0.05 0.02 0.12 0.11 0.11 unch 0.00 0.65 0.08 0.16 0.00 0.16 + 0.03 0.32 0.10 0.13 0.07 0.11 + 0.01 0.63 0.04 0.26 0.23 0.23 - 0.02 0.47 0.21 0.34 0.30 0.32 - 0.02 0.63 0.28 0.05 0.04 0.04 - 0.01 0.09 0.04 0.29 0.27 0.29 unch 0.00 0.34 0.15 0.23 0.22 0.22 - 0.00 0.54 0.11 0.21 0.20 0.20 - 0.02 0.35 0.19 0.03 0.02 0.02 - 0.01 0.19 0.02 0.02 0.01 0.01 + 0.00 0.15 0.01 0.00 0.00 0.01 unch 0.00 0.06 0.01 0.11 0.11 0.11 - 0.00 0.36 0.11 0.16 0.15 0.15 - 0.01 0.49 0.14 0.19 0.19 0.19 unch 0.00 0.30 0.12 0.29 0.26 0.26 - 0.01 0.41 0.17

BID-ASK — AUGUST 5–9, 2019

STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration C C 66 Resources AEX Gold V African Metals V Aguila Amer Gd V Alba Minerals V Alchemist Mng C Alexandra Cap C V Allante Res Alpha Lithium V American CuMo V Amseco Expl V V Anconia Res Anglo-Bomarc V Angus Ventures V V Antler Gold Antler Hill V Archon Mineral V V Arcturus Vent Armor Min V Arrowstar Res V Asbestos Corp V Astorius Res V V Atlanta Gold Atlantic Indus V V Aurelius Min Austin Res V Awale Res V Banro Corp* X Bard Ventures V Barker Min V V Bearclaw Cap BHK Mining V Bird River Res C Black Bull Res V Bond Resources C Boss Power V Brigadier Gold V Broadway Gold V Brunswick Res V Bullion Gold V V Cairo Res Calibre Mng V V Camrova Res Canada Coal V Canadian Silv V Canex Energy V Caracara Silvr V Castle Peak Mg V C CAT Strategic Cautivo Mining C V Central Iron Centurion Mnls V Century Global T Century Metals V Cerro de Pasc C Cerro de Pasc C Chinapintza Mg V CIM Intl Grp C Clarmin Explor V Cliffs Nat Res* N Clydesdale Res V CMX Gold & Sil C Comet Inds V Contintl Prec V Copper One V Crest Resource C CWN M’g Acq V Cyprium Mng V DV Resources V EastCoal Inc V Edgewater Expl V El Nino Vent V Electra Stone V Empire Metals V Empress Res V ePower Metals V Euro Manganese V Everton Res V Evolving Gold C C Excalibur Res Fabled Copper V Fengro Industr V Fieldex Expl V Finore Mng C Fire River Gol V Firestone Vent V First Idaho V First Mexican V Five Star Diam V Fort St J Nick V Four Nines C Freedom Egy V

20-23_AUG19_StockTables.indd 23

0.23 0.25 0.25 0.25 0.20 0.23 0.20 0.29 0.34 0.35 0.33 0.53 0.06 0.09 0.06 0.17 0.25 0.18 0.28 0.15 0.16 0.16 0.28 0.08 0.08 0.06 0.08 ... ...

0.50 0.93 0.20 0.35 0.16 0.20 0.09 0.14 0.10 0.28 0.06 0.07 0.06 0.11 0.05 0.08 0.05 0.29 0.01 0.01 0.01 0.02 0.08 0.08 0.15 ... ...

0.29 0.42 0.11 0.16 0.15 0.20 0.10 0.10 0.10 0.10 0.45 0.79 0.52 0.68 0.01 1.00 0.08 0.15 0.40 0.43 0.43 0.59 0.01 0.23 0.12 0.40 0.85 0.45 0.55 0.17 0.23 0.21 0.50 0.03 0.04 0.03 0.05 0.01 0.02 0.02 0.02 0.13 0.14 0.14 0.15 0.08 0.13 0.06 0.13 0.08 0.11 0.08 0.15 0.11 0.11 0.11 2.10 0.14 0.19 0.14 1.63 0.01 0.01 0.01 0.02 0.02 0.04 0.03 0.05 0.02 0.02 0.02 0.01 0.02 0.02 0.10 0.10 0.18 0.10 0.16 ...

0.16 0.20 0.17 0.20 0.17 0.14 0.17 0.15 0.25 0.08 0.08 0.08 0.15 ... 0.03 0.03 0.05 0.06 0.15 0.10 0.47 0.26 0.75 0.30 0.39 0.56 0.56 0.58 0.75 0.05 0.05 0.07 0.09 0.02 0.04 0.02 0.08 0.01 0.06 0.06 ... ...

0.17 0.17 0.19 0.19 0.11 0.01 0.02 0.02 0.02 0.04 ...

0.04 0.15 0.12 0.18 0.11 0.39 0.02 0.02 0.02 0.05 0.08 0.11 0.08 0.27 0.22 0.29 0.25 0.25 0.06 0.10 0.10 0.11 ... ...

0.29 0.34 0.32 0.32 0.32 0.37 0.02 0.10 0.02 0.03 0.19 0.50 0.19 0.63 0.12 0.16 0.12 0.20 1.45 3.20 1.43 7.17 0.03 0.04 0.04 0.08 0.03 0.05 0.05 0.08 2.75 3.50 3.15 3.60 0.35 0.38 0.30 0.41 0.11 0.14 0.15 0.18 0.11 0.13 0.10 0.16 0.04 0.07 0.07 0.08 0.03 0.03 0.03 0.07 0.13 0.08 0.16 0.07 0.15 0.07 0.24 0.11 0.14 0.14 0.16 0.02 0.03 0.03 0.05 0.01 0.02 0.01 0.13 0.19 0.14 0.23 0.04 0.05 0.05 0.14 0.30 0.40 0.15 0.31 0.18 0.20 0.20 0.44 0.03 0.03 0.03 0.04 0.08 0.08 0.08 0.09 0.09 0.10 0.10 0.11 0.01 0.33 0.08 0.09 0.02 0.03 0.02 0.12 0.10 0.14 0.19 0.12 0.12 0.11 0.03 0.07 0.09 0.05 0.06 0.05 0.10 0.09 0.25 0.03 0.03 0.01 0.01 0.01 0.06 0.05 0.05 0.07 0.12 0.12 0.18 0.11 0.42 0.15 0.31 0.15 0.40 0.02 0.02 0.01 0.07

LOW

STOCK

0.20 0.06 0.24

Full Metal Mnl V Fusion Gold V Gem Intl Res V Generic Gold C Gentor Res V GFM Res V Global Cop Grp V V Global Vanad GobiMin V Goldbank Mng V V Goldbelt Emp Golden Cariboo V C Golden Lake Golden Pursuit V Goldstream Mnl V Granite Creek V C Graphite Egy Gray Rock Res V V Great Lakes Gr Great Quest Fe V V Green Arrow Green Valley M V Greenshield Ex V Grosvenor Res V Gunpoint Expl V Handa Mining V Heatherdale Rs V Helio Res V HFX Holding V Highbury Proj V Highvista Gold V Hornby Bay Mnl V Hybrid Mineral V V Infinite Lith Inform Res V Inspiration Mg C Intact Gold V Interconnect V Intl Battery C Intl Corona V Intl Millm Mng V Iron South Mng V Jasper Mining V JDF Explor Inc C Jubilee Gold V Kal Minerals C Karam Min C Karoo Expl V Kenna Res V Kings Bay Res V Knick Expl V KOPR Point C La Imperial C Latin American V Latin Metals V Le Mare Gold V Leo Res C Lincoln Mng V Lithion Energy V Lithium Energy V Lovitt Res V Lund Enterpr V Madeira Mrnls V X MAG Silver* Manado Gold V Mariner Res C Martina Mnls V Mas Gold V Matachewan Con V MBMI Res V V McChip Res Meadow Bay Gd C Mega Copper V Meridius Res V Mesa Expl V Metalore Res V Micrex Dev V Midasco Cap V MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Mineral Hill V Mistango River C Monster Uran V Montana Gold C Montego Res C Mountain Lake C Murchison Min V MX Gold V Napier Vent V Navy Res V Nebu Res V

0.17 0.04 0.04 0.25 0.10 0.06 0.05 0.01 0.01 0.15 0.05 0.10 0.48 0.05 0.30 0.33 0.15 0.03 0.01 0.03 0.05 0.06 0.10 0.14 0.01 0.03 0.01 0.11 0.05 0.06 0.02 0.09 0.24 0.30 0.06 0.02 0.11 0.01 0.04 0.08 0.02 0.05 0.11 0.06 0.12 0.22 0.01 0.19 0.10 0.98 0.02 0.03 2.60 0.30 0.10 0.08 0.03 0.04 0.05 0.06 0.02 0.11 0.03 0.15 0.15 0.02 0.07 0.01 0.04 0.02

0.04 0.03 0.01 0.05 0.11 0.10 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.01 2.77 0.10 0.12 0.24 0.17 0.30 0.01 0.02 0.02 ... 0.20 0.06 0.30 0.06 0.07 0.07 0.10 0.05 0.10 0.05 0.05 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.01 0.37 0.28 0.45 0.08 0.27 0.11 0.17 0.01 0.03 0.02 0.05 0.06 0.06 0.07 0.12 ...

0.14 0.14 0.07 0.12 0.04 0.13 0.02 0.06 0.05 0.10 0.06 0.07 0.07 0.23 ... 0.30 0.47 1.35 0.07 0.08 0.07 0.15 0.05 0.05 0.04 0.06 0.10 0.10 0.10 0.14 0.02 0.03 0.02 0.04 0.10 0.20 0.20 2.00 0.13 0.60 0.13 0.13 0.11 0.16 0.08 0.20 0.49 0.55 0.50 0.55 0.03 0.04 0.03 0.08 0.03 0.04 0.03 0.04 0.03 0.07 0.06 0.10 0.05 ...

0.05 0.06 0.25 0.69 0.24 0.25 ... ...

0.17 0.02 0.03 0.02 0.05 0.03 0.04 0.04 0.23 0.26 0.29 0.28 0.32 0.04 0.07 0.04 0.14 0.04 0.04 0.03 0.06 0.04 0.06 0.05 0.17 0.06 0.09 0.06 0.11 ... ...

0.31 ... 0.04 0.04 0.05 0.01 0.01 0.03 0.03 0.24 0.27 0.24 0.28 ... 0.10 0.09 0.29 0.04 ...

0.04 0.05 0.44 0.59 0.54 0.64 0.08 0.20 0.25 0.25 0.05 0.13 0.12 0.15 0.04 0.04 0.04 0.18 0.13 0.16 0.15 0.04 0.05 0.04 0.06 0.01 0.01 0.01 0.02 0.01 0.09 0.09 0.80 0.02 0.26 0.04 0.07 0.02 0.02 0.02 0.03 0.03 0.04 0.03 0.16 0.04 0.07 0.06 0.18 ... ...

1.09 0.01 0.02 0.02 0.03 ... ...

0.10 0.01 0.01 0.10 0.32 0.08 0.13 0.10 0.01 0.01 0.13 0.25 ... ...

0.03 0.04 12.52 13.30 12.52 14.40 0.01 0.01 0.05 0.05 0.16 ...

0.18 0.20 0.05 0.12 0.12 0.12 0.07 0.09 0.08 0.16 0.12 0.18 0.11 0.25 0.01 0.02 0.02 0.07 0.62 0.72 0.62 0.93 0.04 0.04 0.04 0.06 0.12 0.20 0.16 0.18 0.16 ...

0.15 0.22 0.02 0.06 0.06 0.89 1.00 0.89 2.85 0.02 0.02 0.01 0.20 0.20 0.09 0.11 0.01 0.50 0.05 0.04 0.06 0.04 0.05 0.07 0.05 0.11 ... ...

0.12 0.20 0.01 0.15 0.15 0.20 0.03 0.04 0.03 0.05 0.06 0.33 0.08 0.32 0.09 0.10 0.10 0.10 0.01 0.01 0.05 0.31 ... ...

0.05 0.08 0.08 0.08 0.18 0.11 0.11 0.11 0.26 0.26 0.26 0.38 0.14 0.28 0.11 0.22 0.04 0.04 0.04

0.11 0.03 0.05 0.04 0.04 0.16 0.20 0.07 0.03 0.12 0.02 0.04 0.05 0.02 0.05 0.02 0.06 0.02 0.06 0.05 0.08 0.34 0.03 0.02 0.05 0.05 0.17 0.02 0.04 0.12 0.03 0.02 0.05 0.04 0.03 0.03 0.04 0.08 0.01 0.54 0.12 0.05 0.04 0.03 0.01 0.01 0.04 0.01 0.02 0.03 0.01 0.09 0.13 0.02 6.12 0.04 0.15 0.04 0.04 0.11 0.02 0.62 0.03 0.16 0.09 0.89 0.09 0.02 0.07 0.09 0.01 0.08 0.02 0.03 0.06 0.17 0.11

STOCK

New Jersey Mng New Klondike New Stratus New World Res Nickel North Norsemont Cap Northern Uran Nrthn Lion NSGold Odyssey Res Opus One Res Oriental Non F Pac Arc Res Pac Cascade Pac Imperial Pac Iron Ore Pacific Silk Patriot Gold Philippine Mtl Phoenix Gold Plate Res Platinex Inc Primary Energy Prime Meridian Prism Res ProAm Expl Project One Q-Gold Res Quadro Res Quantum Cobalt Rain City Rare Element* Razore Rock Res Regency Gold Reliant Gold Remington Res Rhyolite Res Rizal Res Rockland Mnls Rojo Res Rosita Mg Corp Ross River Rover Metals Rubicon Mnrls* Sage Gold Saint Jean Samco Gold Scotch Creek Sennen Potash Shamrock Ent Shine Minerals Silver Phoenix Slave Lake Zn Sonora Gld & S Surge Explor Talmora Diamd Tantalex Res Taranis Res Tarku Res Tearlach Res Teras Res Tesoro Mnrls Themac Res Thunder Mtn Gd Tiger Intl Tintina Mines Tisdale Res TomaGold Tri-River Vent Trident Gold Troy Enrgy True Grit Res Trueclaim Expl Upper Canyon Uravan Mnrls Vale* ValOre Metals Vangold Res Vatic Vent Volt Energy Waseco Res Wescan Gldflds Westcot Vent Western Atlas Western Troy C Worldwide Res Xander Res Zara Res Zenith Explor Zinco Mng Zincore Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

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

...

0.25 0.17 0.20 0.01 0.01 0.01 ... 0.39 0.40 0.25 0.35 0.21 0.30 0.01 0.02 0.01 0.03 0.30 0.44 0.30 0.43 0.01 0.01 0.01 0.02 0.20 0.30 0.24 0.46 0.10 0.38 0.10 0.15 0.03 0.09 0.03 0.05 0.03 0.05 0.04 0.08 ... ...

0.80 1.05 0.26 0.38 0.30 0.45 0.01 0.02 0.01 0.02 0.02 0.02 0.04 0.07 0.08 0.08 0.10 0.03 0.04 0.03 0.04 0.06 0.10 0.04 0.10 0.06 0.12 0.08 0.14 ... 0.05 0.05 0.07 0.03 0.05 0.03 0.08 0.06 0.06 0.04 0.10 0.42 0.42 0.40 1.10 0.08 0.12 0.11 0.11 0.03 0.04 0.03 0.06 0.02 0.03 0.02 0.04 0.20 0.25 0.20 0.30 0.24 0.27 0.27 0.30 0.03 0.04 0.03 0.07 ... ...

1.10 3.15 0.05 0.10 0.05 0.14 0.11 0.16 0.15 0.89 0.05 0.10 0.09 0.11 0.13 ...

0.20 0.23 ... 0.02 0.02 0.16 0.24 0.17 0.26 0.15 0.20 0.15 0.26 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 ... 0.19 0.19 0.30 0.03 0.04 0.04 0.08 ...

0.26 0.26 0.04 0.06 0.07 0.09 ... ...

0.03 1.35 0.01 0.01 0.02 0.04 0.04 0.04 0.06 0.04 0.06 0.05 0.08 0.08 0.20 0.07 0.13 0.22 1.00 0.45 0.45 0.02 0.02 0.02 0.06 0.09 ...

0.14 0.16 0.18 0.23 0.19 0.22 0.06 0.09 0.06 0.13 0.04 0.05 0.04 0.09 0.39 0.44 0.39 0.23 0.02 0.03 0.03 0.06 0.03 0.04 0.04 0.12 0.06 0.08 0.08 0.12 0.02 0.03 0.03 0.05 0.15 0.30 0.15 0.28 0.04 0.05 0.05 0.12 0.05 0.07 0.05 0.06 0.06 0.06 0.06 0.09 ... ...

0.17 0.17 0.07 0.12 0.06 0.15 0.03 0.08 0.04 0.08 0.13 0.17 0.17 0.38 0.05 0.05 0.05 0.07 ... ...

0.04 0.16 0.20 0.16 0.18 0.03 0.10 0.03 0.04 0.01 0.02 0.02 0.06 0.07 0.11 0.10 0.16 0.75 0.75 0.25 0.37 0.03 0.03 0.04 0.05 ... ...

10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.12 0.06 0.06 0.10 0.13 0.06 0.06 0.06 0.13 0.04 0.04 0.04 0.05 0.04 0.06 0.05 0.11 ... ...

0.35 0.06 0.08 0.08 0.12 0.06 0.10 0.10 0.10 0.03 0.12 0.03 0.07 0.12 ...

0.09 0.12 ... ...

0.07 0.22 0.14 0.20 0.19 0.20 0.05 0.07 0.05 0.03 0.05 0.05 0.07

0.15 0.13 0.01 0.25 0.01 0.15 0.07 0.02 0.01 0.80 0.20 0.01 0.06 0.02 0.04 0.04 0.04 0.03 0.03 0.08 0.07 0.03 0.02 0.19 0.12 0.02 0.20 0.05 0.06 0.06 0.14 0.16 0.15 0.01 0.01 0.10 0.03 0.03 0.03 0.02 0.02 0.07 0.45 0.02 0.08 0.03 0.06 0.04 0.03 0.01 0.02 0.05 0.02 0.03 0.04 0.05 0.03 0.14 0.05 0.02 0.10 0.04 0.14 0.01 0.01 0.07 0.17 0.02 6.57 0.07 0.03 0.06 0.03 0.02 0.03 0.05 0.03 0.02 0.03 0.07 0.04 0.03

2019-08-12 12:10 PM

24_AUG19_BackCover.indd 24

2019-08-08 12:16 PM