The Northern Miner August 29 2016 Issue by The Northern Miner Group

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DYNASTY METALS & MINING

INTERVIEW

Cash injection comes with management shuffle / 3

Canada’s new hostile takeover rules / 5

EXCELLON RESOURCES

Silver miner back in black / 11

AUGUST 29–SEPTEMBER 4, 2016 / VOL. 102 ISSUE 29 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Integra tests Gold Rush

Skeena picking up historic Porter Idaho

SITE VISIT

| Lamaque Deep target in Val-d’Or holds promise, CEO De Jong says

BC SILVER

| Junior takes on fourth project in Golden Triangle BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

keena Resources (TSXV: SKE) has spent the past two years building a portfolio of highgrade, precious metal projects in northwestern B.C.’s Golden Triangle region, and now the junior company — chaired by famed explorer Ron Netolitsky — is adding another. The company is acquiring private company Mount Rainey Silver for its Porter Idaho silver property, 2 km south of Stewart, B.C., in exchange for 25.1 million Skeena shares, or a $4.8-million value, based on Skeena’s Aug. 9 share closing price. The companies expect the transaction will close in early September. “The projects we’ve acquired so far are ones that Netolitsky has pursued for many years, and Porter Idaho certainly fits into that description,” Walter Coles, president and CEO of Skeena, said during a conference call to discuss the acquisition. The 5.9 sq. km property hosts two shear-hosted and silver-rich vein systems: the Silverado and Prosperity-Porter Idaho. Both showings are 2 km apart, located on opposite sides of a mountain that overlooks the town of Stewart. Most of the historical work focused on Prosperity-Porter Idaho, where mineralization is found within six moderately dipping, subparallel shear zones traced on surface for 200 metres and 1 km down-dip, with widths varying between 2 and 13 metres. The vein system was mined from adits between 1929 and 1931, and produced 27,000 tonnes of 2,692 grams silver per tonne and 0.99 gram gold per tonne. The ore was shipped to the port at Stewart via aerial tramway. At Silverado, the vein system is hosted within four similarly trending shear zones, with equally high silver grades. The mineralization was periodically mined between 1921 and 1932, and produced 167.8 See SKEENA / 3

Integra Gold’s senior vice-president of exploration Hervé Thiboutot (front) explains the geology of the Triangle and No. 4 Plug gold deposits to analysts and investors during a site visit in July. PHOTO BY LESLEY STOKES BY LESLEY STOKES

lstokes@northernminer.com VAL-D’OR, QUEBEC

ust eight months after wrapping up its Gold Rush Challenge exploration competition, Integra Gold (TSXV: ICG; US-OTC: ICGQF) hosted a visit to its Lamaque South gold property, just east of Val-d’Or, Que., to offer analysts and investors, plus The Northern Miner, a sneak peak at some of the newly generated drill targets. The company has begun a 2,000-metre long “parent” hole to test whether mineralization at the historic, neighbouring Sigma and Lamaque gold mines coalesce at depth. Once complete, the company will drill 15 “daughter” holes off the parent, totalling 8,000 metres, at various intervals to test the target. Integra president and CEO Stephen de Jong told visitors at a presentation in town that the Lamaque Deep target is the “most interesting” prospect to date, representing the potential down-dip extension of the Lamaque mine, one of the highest ounces of gold per vertical metre deposits in Canada.

“If we hit it, it’ll take a lot more drilling to prove it up, but it could be a real game-changer for the project,” De Jong said. “The structures that host mineralization at Sigma appear to trend towards Lamaque at depth, and if they intercept it would create a perfect environment for gold.” The Lamaque mine, which opened in 1933, produced 4.5 million oz. gold to 1.2 km deep, before shutting down in 1985. The Sigma mine, 500 metres north, produced the same amount over its 60-year mine life, with development extending to 1.9 km depth. De Jong said the previous operator, McWatters Mining, had partly tested the zone. Despite encouraging results of 45 metres of 2.16 grams gold per tonne, and 40 metres of 2.51 grams gold, McWatters stopped exploring, and shut mining operations in 2003 due to a major reserve grade miscalculation and a subsequent bankruptcy as head grades disappointed amid a prolonged downturn in gold prices. Hervé Thiboutot, senior vicepresident of exploration, continued the conversation in the core shed and exploration office. Inside, ge-

ologists had laid out hand-drawn, geological cross-sections displaying the latest drill results. Outside were core boxes cradling high-grade gold intercepts from the property’s key Triangle deposit. The core is riddled with countless high-strain, mylonitic shear zones, which once served as pathways for gold-rich fluids rising as a plume from depth. The f luids were origina lly stripped out of partly melted rocks that formed at deep crustal levels as a result of widespread deformation 2.7 billion years ago. At Triangle, mineralization occurred when a series of steeply dipping mylonites, or “C” structures, wedged their way through a cylindrical-shaped intrusive plug. In response to the strain, the plug shattered into a series of “C-flat” structures and flat, brittle tension gashes, which were later sealed with quartz and gold. But unlike the other deposits on the property, the mineralized C structures at Triangle extend farther into the surrounding volcaniclastic pile than previously

PM40069240

See INTEGRA / 2

CB GOLD: BUYS HISTORIC SANTA ANA PROPERTY IN COLOMBIA / 16

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AUGUST 29–SEPTEMBER 4, 2016 / THE NORTHERN MINER

Integra tests Gold Rush INTEGRA From 1

recognized. Thiboutot reckons that’s because the surrounding rocks were altered with silica, and more prone to breaking open when deformed. “The C4 structure is richer and more continuous than the others we’ve seen at Triangle, perhaps because it had more lateral displacement along it,” he said, noting the the latest drill results have returned 33.6 grams gold over 3.2 metres, and 21.6 grams gold over 5.9 metres. “There was so much movement that it created more open pace, and more fluid moved through it, at least that’s the theory.” At last count in 2015, the resource stood at 2.6 million indicated tonnes of 7.4 grams gold, and 3.9 million inferred tonnes of 6.9 grams gold, assuming a 3-gram-gold cut-off. Some of the mineralization, is “impossible to model,” Thiboutot commented. “The really flat structures mined at Sigma tend to be high grade, but discontinuous. In the context of Sigma, 10% to 15% of the gold produced came from those f lat structures, and that’s why Sigma always overproduced relative to its mining model. Those zones can never be calculated with confidence, but they’re present and high grade,”

he said. (The root of McWatters’ problems stemmed from grossly overestimating the amount of gold held in these flat structures.) Back at the exploration office, De Jong said the company expects to complete an updated preliminary economic assessment (PEA) for the project by November, which he predicts will be “vastly different” than the one published in early 2015. “In the last PEA, 70% of the ounces at Triangle were from the C-flat veins — it was done before we discovered the steep C structures,” he said. “So in the new PEA we’re looking at 85 to 90% long-hole mining … and that’s going to make a huge difference in terms of the economics and speed of mining.” The previous study, which pooled resources from the property’s Triangle, Fortune, Parallel and No. 4 Plug deposits, envisaged a 1,300-tonneper-day operation over a 4.5-year mine life. The underground mine would produce 110,000 oz. gold a year, pro c e s s e d at t he c ompa ny ’s 2,400-tonne-per-day Sigma mill complex, which could be scaled up to 5,000 tonnes per day by adding a semi-autogenous mill. The project has an after-tax net present value of $184 million at a

Samples of mineralized mylonites intercepted in drilling at Integra Gold’s Triangle deposit. The label reads 35.6 grams gold per tonne over 0.5 metre. PHOTO BY LESLEY STOKES

Mill superintendent Jean-Guy St-Jean (far left) shows investors and analysts Integra Gold’s Sigma mill complex . PHOTO BY LESLEY STOKES

5% discount rate, would generate a 59% internal rate of return. “Triangle would be a 1,500- to 2,000-tonne-per-day deposit, and likely won’t go beyond that, so our strategy now is to advance Triangle, and look at satellite deposits that can increase the throughput at the mill to 5,000 tonnes per day,” De Jong said. “Hopefully in a year from now we can show something that could develop into a 180,000 to 250,000 oz. gold per year operation. We need a lot of exploration success to get there, but that’s what we look to do.” The upcoming PEA will focus on resources at Triangle and No. 4 Plug, which is located 500 metres north of Triangle. The last resource estimate for the No. 4 Plug was completed in 2013, and tabled 1.3 million indicated tonnes of 5.6 grams gold for 237,000 oz. gold, assuming a 3-gram-gold cut-off. The company plans to calculate a resource estimate for both deposits early next year, which would include 10,000 metres of additional drilling at the No. 4 Plug and 40,000 metres more at Triangle. Recent drill intercepts at the No. 4 Plug carried 12.6 grams gold over 21.4 metres, 7.4 grams gold over 14.4 metres and 7.2 grams gold over 14.3 metres. Thiboutot explained that the No. 4 Plug is different than Triangle,

The historic Sigma pit at Integra Gold’s Lamaque South gold property in Val-d’Or, Quebec.

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“OUR STRATEGY IS TO ADVANCE TRIANGLE, AND LOOK AT SATELLITE DEPOSITS THAT CAN INCREASE THE THROUGHPUT AT THE MILL.” STEPHEN DE JONG PRESIDENT AND CEO, INTEGRA GOLD

with most of the mineralization hosted in a cluster of f lat-lying, brittle veins within the intrusive, which is more similar to what’s seen at Lamaque. The dimensions of the intrusive, which measures 200 by 150 metres at surface to at least 1 km depth, are also the same as the historic gold mine. Integra is almost two-thirds of the way through a 120,000-metre drill program at the property, with some of the metres designated to test interpretations of the Donald and Sigma extension prospects. The company says that Donald could represent the easterly extension of Triangle, whereas the Sigma Extension stands out as a geophysical anomaly, largely untested because it fell along a property boundary

before Integra consolidated the land package. The Sigma Extension was preliminarily tested by Integra in 2011, with results including 23 grams gold over 1.4 metres from 232 metres depth, and 4 grams gold over 2.5 metres from 70.5 metres depth. The company has also started a 3,000-metre long underground exploration drive into Triangle’s C1 and C2 structures to define a resource and collect a 20,000-tonne bulk sample. The cost of the underground drive is $26 million, but the company expects proceeds from the bulk sample could offset this figure by $9 million, assuming $1,600 per oz. gold. Integra aims to complete the ramp by next September. TNM

PHOTO BY LESLEY STOKES

2016-08-23 8:18 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 29–SEPTEMBER 4, 2016

Dynasty Metals shares surge on proposed US$4M financing ECUADOR GOLD

| Junior miner gets new CEO as Robert Washer stays on as chairman IN JUNE, DYNASTY LET EMPLOYEES EXTRACT ORE FROM ZARUMA FOR 10 DAYS TO FINANCE A PARTIAL PAYMENT OF THEIR OUTSTANDING WAGES.

BY SALMA TARIKH

starikh@northernminer.com

hares of cash-strapped Dynasty Metals & Mining (TSX: DMM; US-OTC: DMMIF) have shot up after the company announced a US$4-million private placement with three directors of Goldgroup Mining (TSX: GGA; OTC: GGAZF). Dynasty signed a binding letter of intent with Javier Reyes, Gregg Sedun and Keith Piggott, who is also Goldgroup’s chairman, president and CEO. The directors have agreed to use their own money to buy Dynasty shares for 15¢ apiece for gross proceeds of US$4 million. The news pushed Dynasty shares up 57%, or 9.5¢, to close Aug. 16 at 26¢ per share. Dy nast y intends to use t he proceeds to settle some of the payments owed to the Ecuadorian government, creditors and employees, as well as for working capital. At the end of the first quarter ended March 31, the miner had US$200,000 in cash resources and a US$13.4-million working capital deficit. This deficit has likely grown since. A two-and-a-half-month work stoppage started in April at the Zaruma gold mine in Ecuador, its sole producing asset. In June Dynasty let employees extract ore from Zaruma for 10 days to finance a partial payment of their outstanding wages. A month later, it received a default notice from Vertex One, which gave Dynasty US$4 million in notes last April. In an interview, Piggott says Dynasty has $20 million in debt, which was why Goldgroup itself

The processing plant at Dynasty Metals & Mining’s Zaruma gold mine in southern Ecuador. DYNASTY METALS & MINING

wasn’t part of the financing. “We don’t consider that a smart move to put Goldgroup in there. It’s too high risk for Goldgroup at this point in time.” Once the financing closes, Dynasty will shuffle its management and five-member board. Piggott will take on the role of CEO from Robert Washer, who will remain Dynasty’s chairman and board member, with director Leonard Clough. Meanwhile, Piggott, Reyes and Sedun will replace Dynasty’s

three other directors. Piggott notes his more than 30 years of mining experience makes him a good fit for leading Dynasty. “I have a track record of reorganizing things and making them work. We believe Dynasty Metals has good assets, but is in serious financial difficulties. So it needs a real reorganization. We have expertise to do that.” As of late, Piggot has focused on gold mining in Mexico with Goldgroup, which recently de-

clared commercial production at the Cerro Prieto heap-leach mine. Sedun is a financier and lawyer. He was involved with three juniors, including Robert Friedland’s Diamond Fields Resources, which Inco acquired for $4.3 billion in 1996. Reyes manages three hedge funds. In 2001, he founded a financial consultancy firm. While a private placement that materially affects control of a company requires shareholder approval, Dynasty will apply for

an exemption due to its “serious financial difficulty.” Dynasty’s special committee, comprised of independent directors to evaluate alternatives to keep the company in business, approved the terms of the private placement. The company didn’t immediately return requests for comment. Although none of the Goldgroup directors owned a single share of Dynasty before their proposed investment, they will collectively become the company’s largest shareholder. The expected US$4 million ($5.1 million) private placement at 15¢ per share would see 34 million shares issued, expanding Dynasty’s 46.7 million shares outstanding. Piggott says the deal could close shortly. “We have a strong plan to put the company back on its feet,” he adds. Commenting on working in Ecuador, Piggott notes that “we have seen Lukas Lundin go in there, and Ross Beaty and people like that. We are confident that Ecuador is a really good place to be.” The executive says that Goldgroup has potential projects in Ecuador and sees “possible synergies in the future.” TNM

Skeena picking up historic Porter Idaho property SKEENA From 1

tonnes of sorted high-grade ore. According to B.C. Minfile mineral inventory reports, a 12.7-tonne shipment from Silverado in 1927 averaged 3,400 equivalent grams silver, with minor gold and lead. The owners closed the mine due to weak silver prices, and apart from sporadic exploration over the years, Silverado and ProsperityPorter Idaho largely slipped out of memory. In 2008, Raimount Energ y (TSXV: RMT), an oil and gas company that had previously acquired junior explorer Pacific Cassier and its Porter Idaho property, reassessed the historic work and updated Prosperity-Porter Idaho’s resource. In 2012, the company spun out the silver asset into Mount Rainey. Indicated resources for the deposit stand at 395,000 tonnes grading 868 grams silver, 3.4% lead and 1.4% zinc, whereas 89,000 tonnes grading 595 grams silver are inferred. “The cut-off grade for ProsperityPorter Idaho averaged 23 oz. per silver,” Coles said. “This fits into our thesis they would’ve left behind a lot of mineralization, which, in today’s higher silver-price environment and improved infrastructure in the Golden Triangle, would be economic today.” Historic reports suggest that silver mineralization may be tied to a larger scale “Silverado” fault.

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“WE’RE STARTING WITH A HIGH-GRADE RESOURCE, AND THERE’S POTENTIAL TO ADD MORE OUNCES.” WALTER COLES PRESIDENT AND CEO, SKEENA RESOURCES

The fault traces in line with the mineralization, but previous explorers couldn’t assess whether the silver showings connect along strike because of an intervening glacier. “That’s the aspect of the project that gets us really excited — we’re starting with a high-grade resource, and there’s good potential to add more ounces by targeting the underexplored area between those two vein systems,” Coles said, noting that the glacier has receded over the past few decades. Skeena operates three other projects in the region, including its Spectrum gold-copper project, the GJ copper-gold project and the historic Snip gold mine. “When we started our strategy in the golden triangle two years ago, the sentiment was still very negative and our view was to be contrarian. Now, it’s becoming harder to find projects that we can acquire at attractive valuations,” he said. “At this point we’ve probably acquired all the projects we’re going to acquire in the golden triangle, with the caveat being that if something

attractive appears, we’ll certainly consider it. But we have our work cut out for us here with the projects we’ve accumulated.” The company expects to produce a preliminary economic assessment that envisages a combined operation between its Spectrum and GJ properties by the first quarter next year. Coles said the study would mark a “transformational milestone” for the company. Coles also expects “strong results” from a 6,000-metre drill program that has just begun at Snip. The former underground mine produced 1.1 million oz. gold at average grades of 27.5 grams gold before closing in 1999 due to low gold prices. As for Porter Idaho, Coles said it would be another year before the drills turn, as the company needs to acquire drill permits and review the old data. Skeena shares have traded in a 52-week range of 5¢ to 20¢ per share, and closed at 18¢ at press time. The company has 440.1 million shares outstanding for a $73-million market capitalization. TNM

Deep-sea loading facilities across from the Porter Idaho silver project on Mt. Rainey, 2 km south of Stewart, British Columbia. MOUNT RAINEY SILVER

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AUGUST 29–SEPTEMBER 4, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

E D I T O R IA L

LME shakes up gold World Gold Council: world with gold and Gold demand nears new record silver trading METALS MARKETS

| Revolution in transparency in precious metals trading

etal trading in the historic centre of London has had a pretty-clear cut dichotomy in recent years: base metals trading including futures are carried out on the giant London Metal Exchange (LME), while precious metals trading — including administering the iconic “London gold fix” — has been the purview of the relatively smaller and BY JOHN CUMMING jcumming@northernminer.com more quaint London Bullion Market Association (LBMA). This is all changing with the LME’s announcement that it is creating a gold and silver futures exchange in partnership with the World Gold Council (WGC) and a group of financial heavy hitters, including Goldman Sachs, ICBC Standard Bank, Morgan Stanley, Natixis, OSTC and Societe Generale. Perhaps most importantly, this new exchange will have a transparency that the LBMA — where precious metals are privately traded between individuals — has always lacked, whether or not by design. The more opaque LBMA approach has certainly been successful, though: London ranks as the world’s largest physical bullion market at US$5 trillion a year, and vaults in the city are used by many foreign central banks to hold their gold reserves. But in the words of the WGC, the partners’ move to create precious metals trading on the LME follows an “extensive engagement with major market participants,” and has been “driven by the need for greater market transparency to support and aid ongoing regulatory change, provide additional robustness to the precious metals market, broaden market access, make trading more capital efficient and trade lifecycle management easier.” The partners already picked out a Google-friendly name for the exchange: LMEprecious (all one word). WGC chief executive Aram Shishmanian comments that the new exchange will be “another important step in the modernization of the gold market. It will strengthen London’s position in the global gold market, enabling it to meet the needs of all participants, attract new players and satisfy the highest standards of regulatory compliance.” As planned, LMEprecious will comprise spot, daily and monthly futures, options, and calendar spread contracts for gold and silver. Platinum and palladium contracts will be added down the road. All trading will be centrally cleared on LME Clear, the LME’s stateof-the art, real-time clearing house, and leverage the London market’s existing delivery infrastructure. The LME says the new product suite will complement the bilateral over-the-counter (OTC) market, offering market participants similar levels of execution flexibility, including the ability to bring bilaterally negotiated (phone-based) trades into clearing. Market participants will also benefit, the LME says, from tight on-exchange price discovery and a product model designed to maximize capital efficiencies. The participating banks are to act as “liquidity providers for the precious contracts to ensure efficient price discovery and establish market depth.” LMEprecious is to be launched in the first half of 2017, following what the LME calls a “comprehensive process of integration and testing” that is subject to regulatory approvals. More information on LMEprecious can be gleaned at free breakfast workshops the LME will hold in New York City on Sept. 13 and London on Sept. 21. The LME hasn’t traded any precious metals since the 1990s, and lost out to the LBMA on an opportunity to administer the London gold fix in November 2014, but did win the administration of the platinum and palladium price fixes in October 2014. The LME’s previous and so far only attempt at starting a gold futures exchange was in 1982 at a time of peak gold prices, when it joined gold industry participants to launch the London Gold Futures Market, which shut its doors only three years later owing to a lack of domestic and speculative investors. The LBMA, whose 149 members include some of the world’s biggest banks, isn’t taking this challenge from the LME lying down. While stating it will never become a true exchange, it is responding with its own plans for increased technology use and improved transparency, noting that has been asked recently by the Bank of England to draft a global Precious Metals Code, following the example set by the Forex markets, and it will in time be available for public consultation. TNM

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O P- E D

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

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

COMPANY INDEX BHP Billiton. . . . . . . . . . . 14 CB Gold. . . . . . . . . . . . . . . 16 Dolly Varden Silver. . . . . . 5 Dynasty Metals & Mining.3 Excellon Resources. . . . . 11

Goldgroup Mining . . . . . . 3 Hecla Mining. . . . . . . . . . . 5 Integra Gold. . . . . . . . . . . . 1 Raimount Energy. . . . . . . . 3 Red Eagle Mining . . . . . . 16

Sierra Metals. . . . . . . . . . . 13 Skeena Resources. . . . . . . . 1 Taseko Mines. . . . . . . . . . . 5

FACTS ‘N’ FIGURES

| Western investors drive demand to 75M oz. in H1

The following is a release by the World Gold Council detailing global gold demand in the second quarter of 2016. The full 26-page Gold Demand Trends report is available for free download at www.gold.org.

lobal gold demand reached 2,335 tonnes (75.1 million oz.) in the first half of 2016, with investment reaching record levels for any first half of a year (H1), 16% higher than the previous record in first-half 2009, according to the World Gold Council’s latest Gold Demand Trends report. The second quarter of 2016 continued in the same vein as the first quarter of this year, with gold demand growing to 1,050 tonnes (33.8 million oz.), up 15% from 910 tonnes in second-quarter 2015, boosted by considerable and consistent investment demand. Investment demand reached 448 tonnes (14.4 million oz.), as investors sought risk diversification and a safe store of value in the face of continued political, economic and social instability.

to contribute to global demand, as gold provides diversification from currency reserves and, most notably, the dollar. The global picture for gold is dominated by considerable and continued investment demand driven by the West, as investors rebalance their portfolios in response to the expanding pool of negative yielding government bonds and heightened political and economic uncertainty. At the same time, the global gold market is, and has always been, based on balance, and we see a gradual return for the jewellery market in the second half of 2016. Total supply for the second quarter of 2016 saw a 10% increase to 1,145 tonnes (36.6 million oz.), compared to 1,042 tonnes in the second quarter of 2015. The primary driver of this increase was recycling, which saw a 23% rise, as consumers capitalized on the rising gold price, leading to first-half recycled gold supply of 687 tonnes, which is 10% higher than the 626 tonnes

PRODUCTION LEVELS HAVE PLATEAUED OWING TO COST MANAGEMENT, WHICH HAS BEEN THE INDUSTRY’S FOCUS FOR THE LAST COUPLE OF YEARS. HIGHER PRODUCTION WAS OFFSET BY DECLINES AT LARGER PROJECTS. Exchange-traded funds had a stellar first half of the year at almost 580 tonnes, due to inflows in the second quarter of 237 tonnes. Bar and coin demand was also up in a number of markets in the second quarter, including the U.S. at 25 tonnes (up 101%), leading to 485 tonnes in bar and coin investment in the first half of 2016, which is 4% higher than the first half last year. A cause and effect of the growth in investment demand was a 25% rise in the U.S. gold price — the strongest first-half price gain since 1980. This contributed to lacklustre consumer purchasing, particularly in price-sensitive markets. While there were increases for jewellery demand in the U.S. (up 1%) and Iran (up 10%), the customary powerhouses of China and India saw 15% drops in the second quarter to 144 tonnes, and 20% to 98 tonnes. China faced a challenging quarter against a relatively soft economic backdrop and the implementation of hallmarking legislation in May. Meanwhile, India’s rural incomes remained under pressure, while the government increased excise duty. Central bank demand decreased 40% in the second quarter of 2016 to 77 tonnes, compared to 127 tonnes in the same period last year, resulting in net purchases for the first half totalling 185 tonnes. While this quarter was the lowest level of net purchases since the second quarter of 2011, it comes amid a rise in gold prices over the first half of 2016, dramatically increasing the value of central bank gold holdings to US$1.4 trillion. Central banks are still expected

seen in the first half of 2015. Mine production stayed f lat at 787 tonnes (25.3 million oz.), versus 790 tonnes in the second quarter of 2015, while gold producers added 30 tonnes (965,000 oz.) to the hedge book. Production levels have plateaued owing to cost management, which has been the industry’s focus for the last couple of years. Higher production was more than offset by declines at larger projects. Canadian mine output rose 3 tonnes year-on-year in the second quarter, as continued ramp-up of the Eléonore and Cochenour projects bolstered Canadian Malartic and Detour Lake. In Mexico, production from Fresnillo (+1.1 tonnes, +20%) lifted the country’s year-on-year gold output, as did Torex Gold’s El Limon-Guajes, which entered commercial production at the end of the first quarter. Increases from the newer Aurora and Karouni projects helped Guyana register a higher year-on-year output (+2 tonnes). Although recent mine start-ups have contributed to mine production, this will not have a big effect. The project pipeline remains constrained, with 2016 output from on-stream mines around half of what it was in 2015. Year-on-year output from Mongolia (-6 tonnes) and Indonesia (-12 tonnes) saw declines, and production from both Oyu Tolgoi (-5.2 tonnes) and Grasberg (-4 tonnes) fell due to mine sequencing. In Peru, declines in production were once again led by Yanacocha, where production was 1.6 tonnes lower than in the second quarter of 2015.

2016-08-23 8:18 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 29–SEPTEMBER 4, 2016

BLG’s Pletcher on Canada’s new rules for hostile bids INTERVIEW

| Reviewing Hecla’s failed hostile takeover attempt of Dolly Varden

BY MATTHEW KEEVIL mkeevil@northernminer.com

e sat down in Vancouver with Fred Pletcher, chair of the National Mining Group at legal firm Borden Ladner Gervais, to discuss Canada’s new hostile takeover rules and a securities case involving junior Dolly Varden Silver (TSXV: DV; US-OTC: DOLLF) and a hostile takeover bid from U.S.-based Hecla Mining (NYSE: HL) launched on July 8. Pletcher served as lead lawyer representing Dolly Varden, which was defending its right to complete a private placement despite the unsolicited bid from Hecla Mining. Hecla ultimately dropped its offer in late July after regulators ruled the junior could move ahead with the financing. Hecla’s failed bid has led to speculation that private placements may replace shareholder rights plans, or “poison pills,” as the preferred method for defeating hostile takeovers after rule changes under National Instrument 62-104, but Pletcher cautions that may not be the case.

The Northern Miner: Let’s dig into the actual change to the letter of the law in terms of the regulatory initiatives outlined in NI 62-104 in May. What does it actually mean? Fred Pletcher: The change tried to give a board of directors more time to respond to hostile manoeuvres, and allow shareholders the opportunity not to be coerced by bids. The rules did a couple of things. First, bids are now required to be outstanding for 105 days instead of 35 days, which allows a target board to canvass the market and see if they can find a “white knight” to present an alternative transaction to shareholders. Second, there is now a minimum tender condition wherein 50% of the shares must not be held by parties who did not launch a hostile bid. In other words, a majority of the minority of shareholders would have to tender to the bid to proceed. That prevents a small minority of shareholders from pushing a company into a sale. TNM: What sort of background discussions and debates led to the regulatory changes? FP: This had actually been in the works for quite a long time. There had been a consensus emerging among securities regulators, legal practitioners and the federal gov-

www.mineshandbook.com

A helicopter and core racks at Dolly Varden Silver’s namesake silver project in northwest British Columbia.

DOLLY VARDEN SILVER

“I’D SAY BECAUSE OF THE NEW LEGISLATION WE’LL SEE LESS HOSTILE BIDS IN CANADA, WHICH MAY CHANGE THE DYNAMIC A BIT MORE FOR FRIENDLY TRANSACTIONS.” FRED PLETCHER CHAIR OF THE NATIONAL MINING GROUP, BORDEN LADNER GERVAIS

ernment that Canadian takeover bid legislation and policies were too favourable to hostile bidders. That created a slanted playing field, and one of the federal competition reviews actually talked about the lack of productivity in Canada, and an inability to create corporate “champions.” The message was that part of the problem was that our leading companies may have been too easy to take over. Also, people attempted to do privately what policy wouldn’t allow, which led to shareholder rights plans (poison pills). These developed to give boards more time to respond to hostile bids. The thought behind the legislation is to get security commissions out of the game by establishing a longer time frame to consider bids. TNM: How did these regulatory changes play out during Hecla Mining’s recent hostile bid for junior Dolly Varden silver? FP: This case involved private placements, and there was broad commentary in the industry over whether private placements would become the defensive tactic to thwart hostile takeovers. There were several cases before the rule changes that addressed using private placements in this man-

ner, and the rulings had gone both ways. I’d caution not to assume the Dolly Varden case would create a free-for-all to stop hostile bids with private placements … facts in this circumstance wouldn’t necessarily be there in other instances. This was a company that needed financing and worked on the private placement before the bid. Hecla also had a right to participate in the financing, so they weren’t being diluted here. Therefore you could say there was no prejudice in this private placement. TNM: You’ve also worked with proxy battles recently, including the Taseko Mines (TSX: TKO; NYSE-MKT: TGB) case involving dissident shareholders at Raging River Capital. What impact might the rules have in this case? FP: One of the questions during a proxy fight is: “What happens if the target does a private placement before the record date of the meeting?” In this case it was one of the threats the dissident group raised, though I’d point out that Taseko didn’t consider this move at all. But I could easily see a circumstance in a tightly fought proxy challenge where the same arguments would be raised as to whether a private placement would be ap-

proved by the regulators. In terms of that situation, however, it tends to occur when markets have been in a state of decline and dissidents can point to share performance. In a rising market like we see now it’s harder to make this case, so we see less activity. TNM: Regarding the dif ficulty Canada has in creating what you called champion companies, do you have suggestions that might alter the landscape? Is what has been done enough? FP: Our firm has supported the changes to the takeover rules. There was an alternative put forward by the Quebec Autorité des marchés financiers that probably would have gone further. This focused more on fiduciary duties and would have left it to the courts to determine these matters from the perspective of corporate and common law in Canada. There were interesting elements in this proposal, but the plan we now have balances the playing field. It’s easier for the targets of a hostile bid to find an alternative transaction to provide shareholders with more value. TNM: We’ve talked a lot about hostile bid scenarios. But could the rules impact friendly deals between companies?

FP: There has always been an uncomfortable relationship between so-called “friendly” and “hostile” transactions. You can push back against a friendly transaction to negotiate better terms, but you’re always worried in the back of your mind that the situation could go hostile. The threat of this situation tends to grease the wheels in terms of motivating companies to close friendly deals. Because of the legislation, we’ll see less hostile bids in Canada, which may change the dynamic for friendly transactions. TNM: Would the legislation impact situations with multiple bidders? FP: Things are now much easier for white knights, simply because they have more time to complete due diligence. Companies in the resource space can have many layers of assets, so it can become complicated. This makes it hard for a third party to come in cold and get comfortable enough to place a substantial bid. This dynamic gives potential bidders time to understand an asset, and possibly raise financing for the transaction. In Canada, two-thirds of hostile bids generate a white knight or alternative transaction. These numbers will probably shift even further, and the hostile companies would have a lower success rate. But the intention is not to eliminate hostile corporate manoeuvres, because they help the marketplace police entrenched, recalcitrant management. TNM: How does the 105-day timeline for bids and a multiple-bidder situation work? FP: A nuance to the rule is that the 105-day period shortens to a 35-day period once you’re in a competitive auction. So when a white knight appears, the time frames compress because it’s now a jump ball. There’s also an option for a target to put the process on the shorter, 35-day period willingly. The question that may arise in the multiple-bid scenarios concerns private placements. We’ve seen instances in Canada where white knights have offered to take private placements in targets that need the money. The grey area comes when the hostile party says: “Wait a minute, now you’re making it more difficult for us.” This is a situation — unlike Dolly Varden — where the regulators would look a lot closer at the private placement. TNM

A POWERFUL RESOURCE IN YOUR BUSINESS ARSENAL Comprehensive profiles on over 2,000 active publicly-traded mining companies as well as over 1,300 mines and advanced projects related to those companies, your business decisions will always be backed up by the most up-to-date industry data.

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Call 1-888-502-3456 or email info@northernminer.com

2016-08-23 8:18 PM

WWW.NORTHERNMINER.COM

AUGUST 29–SEPTEMBER 4, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / AUGUST 15–19 Canada’s benchmark index retreated into negative territory, down 0.4% to 14,687.46. The S&P/TSX Global Mining Index fell 1.4% to 66.62. The S&P/TSX Global Gold Index lost 4% to close at 264.53, despite spot gold rising 0.4% to US$1,341.10 per barrel. The September contract for crude oil jumped 6% to US$48.52 per barrel. Dynasty Metals & Mining soared 73% to 29¢ per share on a proposed financing with three directors of Goldgroup Mining. The directors, including Goldgroup’s CEO Keith Piggott, will use their own money to buy Dynasty shares for 15¢ apiece for gross proceeds of US$4 million. Dynasty, the operator of the Zaruma gold mine in Ecuador, will use the proceeds to pay some of its outstanding debt. Once the financing closes, Piggott will take on the role of CEO from Robert Washer. Arizona Mining shares roses 26% to $2.07 on the back of drill results. The junior reported three exploration holes from the ongoing program at the Taylor zinc-lead-sulphide deposit on its Hermosa project in Arizona. Along with other recently drilled holes, this expands the February 2016 maiden resource of 39.4 million inferred tonnes grading 11% zinc equivalent. The best new hole intersected eight mineralized intervals, including 7.3 metres of 22.4% zinc, 24.5% lead, 0.4% copper and 415.6 grams silver per tonne. This interval

was within a broader, 17.7-metre section that assayed 12.2% zinc, 12.1% lead, 0.2% copper and 211.5 grams silver. Shares of Prophecy Development advanced 24%, or 84¢, to $4.30. The firm published assay results from the first 40 samples collected from the Paca exploration program at its Pulacayo project in Bolivia. The company had collected 233 samples, but due to a backlog at the testing laboratory, it picked the 40 most promising samples for assaying. It notes one chip channel sample had silver grades that surpassed the detection limit of 1,500 grams per tonne. This sample will undergo another assay using a higher detection limit, with results expected within three weeks. Energizer Resources jumped 23% to 8¢ per share after closing a $6.7-million priTSX MOST ACTIVE ISSUES

B2Gold Yamana Gold Kinross Gold Nthn Dynasty Teck Res Barrick Gold First Quantum Ivanhoe Mines IAMGOLD Eldorado Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO YRI K NDM TCK.B ABX FM IVN IMG ELD

27838 4.58 4.13 4.25 - 0.24 20472 7.44 6.64 6.75 - 0.61 20187 6.80 6.27 6.32 - 0.43 16387 1.48 1.09 1.13 + 0.03 16005 21.16 20.15 20.32 - 0.12 15701 28.17 26.28 26.48 - 1.72 15469 12.34 11.73 12.04 + 0.37 15396 1.80 1.62 1.68 - 0.04 14528 6.55 5.97 6.06 - 0.44 13950 5.61 5.29 5.31 - 0.14

vate placement at 7¢ per share. Investment funds managed by Goodman & Co. Investment Counsel, an affiliate of Dundee Corp., bought $6 million of shares under the offering, bringing its interest in Energizer to just below 20%. Sprott Asset Management and other shareholders were the remaining investors. Most net proceeds will help finish a Front-End Engineering Design study, aimed at determining potential development

path options for the Molo graphite project in Madagascar. Dynacor Gold Mining climbed 21%, or 53¢ per share, to $3.05, after the firm recorded its twenty-first straight profitable quarter in the second half. It earned US$1.1 million, or US3¢ per share, compared to US2¢ per share a year ago, as gold production and sales grew. During the quarter, Dynacor finished building its Veta Dorado processing facility in Peru. TNM

TSX GREATEST PERCENTAGE CHANGE

Dynasty Met&Mn Levon Res Ltd AZ Mining Lexam VG Gold Prophecy Coal Energizer Res Dynacor Gld Mn Fortune Mnrls Yellowhead Mng Luna Gold Stonegate Agri First Point First Majestic Candente Coppr Formation Mtls Kerr Mines Eco Oro Mnls Freegold Vent Largo Res Alexco Res

DMM LVN AZ LEX PCY EGZ DNG FT YMI LGC ST FPX FR DNT ECS KER EOM FVL LGO AXR

2205 1674 3376 2259 21 4548 1088 4231 12 1841 290 573 5960 278 360 558 97 208 43 1059

0.29 0.17 0.29 0.71 0.49 0.63 2.08 1.65 2.07 0.35 0.25 0.33 4.40 3.55 4.30 0.09 0.07 0.08 3.18 2.52 3.05 0.17 0.12 0.14 0.07 0.06 0.07 0.32 0.26 0.30 0.02 0.02 0.02 0.11 0.07 0.08 23.56 19.36 19.42 0.16 0.13 0.13 0.61 0.49 0.51 0.13 0.11 0.11 0.35 0.28 0.28 0.27 0.22 0.23 0.67 0.58 0.58 3.18 2.43 2.49

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Torex Gold TMAC Resources Prophecy Coal Dominion Diam Dynacor Gld Mn AZ Mining First Quantum Endeavour Mng Kirkland Lk Gd Teck Res First Majestic Agnico Eagle Detour Gold Tahoe Res Silver Wheaton Barrick Gold Agrium Franco-Nevada Richmont Mines Silver Std Res

72.7 28.6 25.5 24.5 24.3 23.1 21.0 16.7 16.7 15.4 25.0 23.8 17.2 16.7 16.4 16.0 15.2 13.5 13.4 12.6

VOLUME WEEK (000s) CLOSE CHANGE

TXG TMR PCY DDC DNG AZ FM EDV KGI TCK.A FR AEM DGC THO SLW ABX AGU FNV RIC SSO

3875 32.98 167 18.95 21 4.30 639 12.42 1088 3.05 3376 2.07 15469 12.04 1357 23.11 2878 12.00 16 20.82 5960 19.42 2528 72.21 3171 31.86 4806 19.25 7993 37.61 15701 26.48 1136 116.49 1805 99.80 1558 12.05 4493 18.95

+ 0.96 + 0.85 + 0.84 + 0.55 + 0.53 + 0.42 + 0.37 + 0.32 + 0.31 + 0.30 - 4.04 - 3.59 - 2.05 - 1.97 - 1.91 - 1.72 - 1.02 - 1.00 - 0.98 - 0.92

TSX VENTURE EXCHANGE / AUGUST 15–19 The S&P/TSX Venture Composite Index closed at 833.11 points, relatively unchanged during the trading period, whereas spot gold and comex copper edged up slightly, landing at US$1,341.47 per oz. gold, and US$2.18 per lb. copper. Shares of CanAlaska Uranium gained 23¢, or 19.7%, to $1.40, on news that its jointventure partner De Beers Canada would drill kimberlite targets at the company’s West Athabasca diamond project in Saskatchewan. De Beers recently collected over 100 samples for kimberlite indicator mineral processing, which were taken from glacial gravels within the target area. The diamond miner also completed an airborne magnetics geophysical survey that identified a cluster of anomalies measuring 10 hectares in size, with most found under lakes and swamps. A drill program targeting the land-based anomalies is scheduled at the end of August and would continue to mid-October, with the rest of the anomalies tested late in the year. Junior miner MX Gold saw 14.7 million shares traded, before closing down 5¢ to 32¢ per share, after an oversubscribed, $1.3-million private placement. The company issued 5.2 million units, consisting of one share and one warrant, with each warrant exercisable within three years at 75¢ per share.

The company, formerly known as Discovery Ventures, plans to use the proceeds to advance its Willa gold-copper project, 12 km south of Silverton, B.C. MX Gold is rehabilitating and upgrading its Max mill, 135 km south of Willa, in preparation for a 10,000-tonne bulk sample. The volcanogenic massive sulphide deposit has measured and indicated resources of 758,000 tonnes of 6.67 grams gold per tonne and 0.9% copper, assuming a 3.5 gram gold cut-off. Avino Silver & Gold Mines dropped 45¢ to $3.10 per share after releasing financial results for the second quarter. The company reported $11.9 million in revenues — a 102% increase compared to the second quarter last year — after commercial production at its Avino silver mine, in the Durango region of TSX-V MOST ACTIVE ISSUES

Am Manganese AMY Noram Vent NRM MX Gold MXL Cda Strtgc Met CJC Purepoint Uran PTU Tirex Res TXX Westkam Gold WKG Arian Res ARC Skeena Res SKE First Mg Fin FF

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

20819 16620 14655 11037 9760 9342 8969 8931 8270 7625

0.26 0.09 0.39 0.24 0.15 0.12 0.08 0.02 0.17 1.09

0.18 0.06 0.31 0.14 0.10 0.05 0.06 0.01 0.16 0.91

0.20 0.08 0.32 0.20 0.13 0.11 0.06 0.02 0.16 0.99

+ - - + + - - + - -

0.01 0.01 0.05 0.06 0.03 0.01 0.02 0.01 0.01 0.07

north-central Mexico. During the quarter, production dropped 23% to 629,780 equivalent oz. silver, and net income fell 224% to a 450,087 loss, compared to the same period last year. Avino’s president and CEO, David Wolfin, said in a press release that the declines in production and income — combined with higher costs — are “short-term adjustments,”

due to maintenance and lower-grade material from mining in Mexico. Shares of Callinex Mines rose 18¢ to 58¢, after acquiring 100% ownership in the Point Leamington, Nash Creek and Superjack volcanogenic massive sulphide deposits in eastern Canada. The company plans to complete metallurgical test work, target generation and drilling at the projects this year. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Mukuba Res True Grit Res Fort St J Nick RosCan Mrnls Saville Res Cache Expl Cerro Mng Ross River Stratabd Mnr Acme Res Inc Greatbanks Res ExGen Res Inc Voltaic Min Rainy Mtn Royl Regency Gold Interconnect Tudor Gold Baja Mng Anthem United Adex Mining

MKU.H TGI.H FTJ.H ROS.H SRE CAY CRX.H RRM.H SB ARI GTB.H EXG VLT RMO RAU.H IVC TUD BAJ AFY ADE

180 70 9 253 63 49 100 252 338 241 56 636 534 66 65 32 430 557 310 544

0.25 0.05 0.35 0.03 0.05 0.27 0.01 0.01 0.01 0.12 0.06 0.01 0.38 0.06 0.03 0.09 1.84 0.02 0.30 0.02

0.00 0.05 0.00 0.03 0.02 0.00 0.01 0.01 0.01 0.05 0.03 0.01 0.18 0.04 0.03 0.06 0.90 0.00 0.20 0.01

0.21 0.05 0.35 0.03 0.05 0.27 0.01 0.01 0.01 0.11 0.03 0.01 0.20 0.04 0.03 0.06 1.01 0.01 0.20 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 4100.0 + 900.0 + 250.0 + 200.0 + 150.0 + 135.6 + 100.0 + 100.0 + 100.0 + 90.9 - 50.0 - 50.0 - 50.0 - 41.7 - 40.0 - 38.9 - 36.5 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Till Capital Mirasol Res Abitibi Royalt Fort St J Nick CanAlaska Uran Mukuba Res Gold Std Vents Zenyatta Vent Callinex Mines Ascot Res Tudor Gold Avino Silver Bear Creek Mng K92 Mng Inc Voltaic Min Brazil Res Golden Secret Anfield Nickel Barsele Min Cava Res

TIL MRZ RZZ FTJ.H CVV MKU.H GSV ZEN CNX AOT TUD ASM BCM KNT VLT BRI GGS ANF BME CVA

6 429 29 9 762 180 2832 766 4965 366 430 322 526 3037 534 3642 405 890 262 55

5.21 3.38 8.84 0.35 1.40 0.21 3.75 0.86 0.58 2.32 1.01 3.10 3.15 1.71 0.20 2.41 0.53 1.45 1.15 0.65

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

0.77 0.28 0.27 0.25 0.23 0.21 0.19 0.18 0.18 0.17 0.58 0.45 0.31 0.29 0.20 0.19 0.15 0.14 0.14 0.13

U.S. MARKETS / AUGUST 15–19 Qualms that Federal Reserve chair Janet Yellen would hike rates this year during a speech on Aug. 26 at the Federal Reserve Bank of Kansas City’s annual economic policy symposium in Jackson Hole, Wyo., dampened enthusiasm for stocks. The Dow Jones Industrial Average slid 0.1% to 18,552.57 and the S&P 500 Index shed 0.01% to 2,183.87. Spot gold advanced US$5.40 per oz. to finish at US$1,341.10 per oz., while the Philadelphia Gold & Silver Index dropped 3.6% to 107.69. On a more positive note, Moody’s Investors Service changed its outlook for base metals to stable from negative. “The extreme price deterioration for major base metals — aluminum, copper, nickel and zinc — seen in late 2015 and early 2016 has likely bottomed,” it noted, while cautioning that “we do not expect material improvement from current levels over the next 12 to 18 months.” Shares of Rio Tinto rose US98¢, or 3% to US$32.06, after comments from Moody’s. The New York-based rating agency changed its rating outlook on the company to stable, saying it anticipates that Rio “will continue to focus on balance sheet strength,” and that the company’s “cost position and volume levels

6_AUGUST29_MarketNews.indd 6

are expected to generate acceptable earnings.” Moody’s also said the outlook “considers the company’s ongoing ability to drive out costs, reduce capital expenses and reduce dividend payout going forward.” Rio would be “free cash-flow generative, given actions taken to date,” Moody’s said, adding that its “liquidity position will continue comfortably above ongoing requirements.” The ratings agency pointed out that iron ore prices “are up off the lows of late 2015,” and that the slide in copper and aluminum prices “has likely bottomed.” Rumors reported by Bloomberg News on Aug. 18 that China Investment Corp. is in U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Yamana Gold* AUY 100344 5.77 5.15 5.25 - 0.43 Freeport McMo* FCX 99342 12.36 11.78 11.97 + 0.15 Vale* VALE 92926 6.09 5.70 5.97 + 0.33 IAMGOLD* IAG 85041 5.08 4.64 4.70 - 0.30 Kinross Gold* KGC 79274 5.27 4.87 4.93 - 0.28 United States S* X 73960 22.80 20.28 20.38 - 0.68 Alcoa* AA 59603 10.58 10.22 10.27 + 0.10 Barrick Gold* ABX 54148 21.83 20.38 20.61 - 1.14 Hecla Mining* HL 46746 7.17 6.73 6.76 - 0.23 First Majestic* AG 33146 18.18 15.05 15.12 - 2.98

talks with Vale for a multibillion-dollar, iron ore streaming deal sent the Brazilian miner’s shares up 6%, or US33¢ to US$5.97 apiece. The Chinese sovereign fund “is negotiating the potential purchase of a portion of Vale’s future iron-ore output for as long

as 30 years,” the news agency said, quoting two unnamed sources. Vale “could fetch $9 billion upfront from the sale … a so-called streaming transaction would allow CIC … to profit from a recovery in commodity prices, without bearing all the operational risk.” TNM

U.S. GREATEST PERCENTAGE CHANGE

Mechel* Vedanta* NACCO Ind* Vale* Cloud Peak En* Dominion Diam* McEwen Mng* Vale* Mosaic* Rio Tinto* First Majestic* AngloGold Ash* Yanzhou Coal* Tahoe Res* Harmony Gold* Yamana Gold* Stillwater Mg* IAMGOLD* DRDGOLD* Kinross Gold*

MTL VEDL NC VALE CLD DDC MUX VALE.P MOS RIO AG AU YZC TAHO HMY AUY SWC IAG DRD KGC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

517 1.84 1.61 1.79 + 13.3 677 10.57 9.90 10.55 + 6.5 168 70.11 63.62 67.77 + 6.0 92926 6.09 5.70 5.97 + 5.9 3511 3.73 3.36 3.55 + 5.3 896 9.73 9.05 9.65 + 5.2 19054 4.81 4.34 4.57 + 4.8 24875 5.12 4.85 4.99 + 3.7 21203 28.70 27.19 28.07 + 3.3 15008 32.80 31.31 32.06 + 3.2 33146 18.18 15.05 15.12 - 16.5 17498 21.58 19.03 19.17 - 12.5 147 6.37 5.65 5.69 - 10.5 9596 16.67 14.95 14.98 - 8.7 23490 4.55 3.94 4.10 - 8.3 100344 5.77 5.15 5.25 - 7.6 8904 15.31 13.82 13.84 - 6.6 85041 5.08 4.64 4.70 - 6.0 2029 8.53 7.82 8.04 - 5.6 79274 5.27 4.87 4.93 - 5.4

U.S. GREATEST VALUE CHANGE

NACCO Ind* NC Rio Tinto* RIO Mosaic* MOS Vedanta* VEDL Dominion Diam* DDC Vale* VALE Suncor Energy* SU Buenaventura* BVN Trecora Res* TREC CONSOL Energy* CNX MartinMarietta* MLM First Majestic* AG AngloGold Ash* AU Agnico Eagle* AEM Tahoe Res* TAHO Silver Wheaton* SLW Barrick Gold* ABX Newmont Mng* NEM Stillwater Mg* SWC Black Hills* BKH

VOLUME WEEK (000s) CLOSE CHANGE

168 67.77 15008 32.06 21203 28.07 677 10.55 896 9.65 92926 5.97 15641 28.43 6935 15.91 190 11.07 20329 17.46 2573 192.25 33146 15.12 17498 19.17 6748 56.14 9596 14.98 26796 29.26 54148 20.61 29579 44.17 8904 13.84 2323 58.54

+ 3.81 + 0.98 + 0.89 + 0.64 + 0.48 + 0.33 + 0.32 + 0.29 + 0.28 + 0.23 - 4.21 - 2.98 - 2.74 - 2.32 - 1.42 - 1.21 - 1.14 - 1.00 - 0.98 - 0.82

2016-08-23 8:17 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / AUGUST 29–SEPTEMBER 4, 2016

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, August 23, 2016 Precious Metals Price (US$/oz.) Change 1338.50 -10.60 Gold Silver $18.98 -1.06 Platinum $1107.00 -16.00 Palladium $704.00 +16.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10240.00 0.00 $4705.00 +38.50 $1865.00 +7.00 $2298.50 +22.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 22, 2016 (change from August 15, 2016 in brackets): Aluminium Alloy 11780 (+360) 2241550 (+17000) Aluminium Copper 229375 (+22225) 187900 (+525) Lead Nickel 373692 (+4644) 4630 (-405) Tin 455200 (-2975) Zinc

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$41.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.70 Coal: CME Group Central Appalachian Futures Sept. 2016: US$39.50 Oct. 2016: US$39.75 Cobalt: US$11.84/lb. Copper: US$2.15/lb. Copper: CME Group Futures Sept. 2016: US$2.12/lb.; Oct. 2016: US$2.13/lb Ferro-Chrome: US$1.94/kg Ferro Titanium: US$3.80/kg FerroTungsten: US$26.87/kg Ferrovanadium: US$19.33/kg Iridium: NY Dealer Mid-mkt US$595/tr oz. Iron Ore 62% Fe CFR China-S: US$61.10/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.84/lb. Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$655.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$18.97 per oz.; Handy & Harman Fabricated: US$23.71 per oz. Tantalite Ore : US$132.01/kg Tin: US$8.41/lb. Uranium: U3O8, Trade Tech spot price: US$25.75; The UX Consulting Company spot price: US$26.00/lb. Zinc: US$1.04/lb. Prices current August 23, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Aug 16, 2016 (with changes from Aug 02, 2016) Largest short positions LUN 43469095 -586325 8/2/2016 Lundin Mng Potash Corp SK POT 33447824 91500 8/2/2016 Kinross Gold K 23364897 357509 8/2/2016 New Gold NGD 23336889 -83746 8/2/2016 BTO 19757821 101518 8/2/2016 B2Gold ELD 18348228 775455 8/2/2016 Eldorado Gold IAMGOLD IMG 13826255 5649394 8/2/2016 First Quantum FM 12524790 -6401082 8/2/2016 SU 12267292 1643006 8/2/2016 Suncor Energy Jaguar Mng JAG 11900373 11661665 8/2/2016 CG 11538860 111461 8/2/2016 Centerra Gold Teranga Gold TGZ 11046696 2205631 8/2/2016 Thompson Creek TCM 10538862 5500 8/2/2016 Teck Res TCK.B 10055228 2414047 8/2/2016 DGC 8757331 -14345 8/2/2016 Detour Gold Largest increase in short position Jaguar Mng JAG 11900373 11661665 8/2/2016 IAMGOLD IMG 13826255 5649394 8/2/2016 TCK.B 10055228 2414047 8/2/2016 Teck Res Teranga Gold TGZ 11046696 2205631 8/2/2016 AUE 2090600 2090600 8/2/2016 Aureus Mng Largest decrease in short position Gran Colombia GCM 4399100 -14745400 8/2/2016 First Quantum FM 12524790 -6401082 8/2/2016 FVI 757697 -3129393 8/2/2016 Fortuna Silvr Copper Mtn Mng CUM 4327192 -1284365 8/2/2016 Golden Star GSC 4212900 -1164800 8/2/2016

Short positions outstanding as of Aug 16, 2016 (with changes from Aug 02, 2016) Largest short positions FF 2529550 -1061350 8/2/2016 First Mg Fin Westkam Gold WKG 2391600 259600 7/18/2016 Integra Gold ICG 1782465 61633 7/18/2016 Pure Energy PE 1430072 518513 7/18/2016 Golden Dawn Ml GOM 1286600 734800 7/18/2016 Cascadero Copp CCD 944800 814100 7/18/2016 BRI 865747 -88999 7/18/2016 Brazil Res Focus Graphite FMS 596500 0 7/18/2016 American Lith LI 432200 383600 7/18/2016 Rye Patch Gold RPM 417500 156124 7/18/2016 GSV 396600 310440 8/2/2016 Gold Std Vents K92 Mng Inc KNT 297100 71283 7/18/2016 Pure Gold Mg PGM 251000 -194400 8/2/2016 ATAC Res ATC 250500 -47800 8/2/2016 Condor Res CN 202000 201100 8/2/2016 Largest increase in short position Cascadero Copp CCD 944800 814100 7/18/2016 Golden Dawn Ml GOM 1286600 734800 7/18/2016 Pure Energy PE 1430072 518513 7/18/2016 American Lith LI 432200 383600 7/18/2016 GSV 396600 310440 8/2/2016 Gold Std Vents Largest decrease in short position Orezone Gold ORE 92500 -2029900 7/18/2016 First Mg Fin FF 2529550 -1061350 8/2/2016 GRZ 34000 -854900 8/2/2016 Gold Reserve Roxgold ROG 825 -213788 8/2/2016 KGL 15000 -205100 7/18/2016 Kilo Goldmines

DAILY METAL PRICES Daily Metal Prices Date Aug 22 Aug 19 Aug 18 Aug 17 Aug 16 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1575/1590 1580/1595 1555/1570 1550/1570 1550/1570 Aluminum 1650/1660 1648/1662 1690/1700 1685/1695 1675.50/1686 Copper 4731.50/4747 4773.50/4787 4802/4817.50 4755/4770 4797/4808 Lead 1847/1857 1883/1893 1892.50/1902 1875/1882 1863.50/1867 Nickel 10115/10170 10245/10285 10320/10380 10150/10215 10320/10350 Tin 18540/18525 18470/18420 18375/18325 18380/18330 18240/18250 2285/2283 2286.50/2286 2301/2300 2259.50/2263 2263.50/2267 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1334.30 1346.85 1347.10 1342.75 1349.10 Gold PM 1335.90 1346.40 1350.05 1343.35 1344.00 Silver 18.91 19.42 19.78 19.57 20.04 Platinum 1110.00 1106.00 1122.00 1109.00 1124.00 Palladium 707.00 711.00 701.00 698.00 701.00

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

Aug 19 Aug 18 Aug 17 Aug 16 Aug 15 1.2872 1.2781 1.2844 1.2862 1.2923 0.7771 0.7831 0.7786 0.7775 0.7743

Exchange rates (Quote Media, August 19, 2016) C$ to EURO C$ to YEN C$ to AUS 0.6862 77.8690 1.0188 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5942 5.1709 52.1900 US to AUS US to EURO US to YEN 1.3112 0.8831 100.2175 US to UK Pound US to China Yuan US to India Rupee 0.7647 6.6524 67.1371

C$ to Mex Peso 14.1591 C$ to Swiss Franc 0.7463 US to Mex Peso 18.2218 US to Swiss Franc 0.9602

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 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 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Aug 19 Aug 18 Aug 17 Aug 16 Aug 15 High Low S&P/TSX Composite 14687.46 14695.68 14697.60 14703.44 14777.02 15527.30 12400.15 S&P/TSXV Composite 833.11 837.58 828.48 838.55 836.10 1050.26 883.52 S&P/TSX 60 853.72 853.61 854.36 854.28 859.01 896.74 709.99 S&P/TSX Global Gold 264.53 268.40 267.46 270.90 273.08 218.90 149.29 S&P/TSX Metals & Mining 670.38 670.38 670.38 670.38 670.38 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS AUGUST 15–19, 2016 256 New Highs

Abzu Gold* Acme Res Inc Adamera Mnls Adamera Mnls* African Mnrls* Aguila Amer Gd* Almadex Min Almadex Min* Alphamin Res Alternative ER Am Manganese Am Manganese* Amarillo Gold Anglo American* Argus Metals Argus Metals* Asanko Gold* Astorius Res Atacama Pac Gd Atacama Pac Gd* Atico Mng Atico Mng* Aura Silver Rs Auramex Res Aurcana Corp Aurcana Corp* Aurion Res Avrupa Mnls AZ Mining Banyan Gold Barksdale Cap Big North Grap Big North Grap* Black Widow Rs Blind Crk Res Bravura Vent Buenaventura* Cache Expl Caledonia Mng Caledonia Mng* Callinex Mines Callinex Mines* Cancana Res Cardero Res Cartier Res

Castle Peak Mg Cda Strtgc Met Cda Strtgc Met * Centamin Chilean Metals Chilean Metals* China Mnls Mng* Colombia Crest* Comet Inds Commander Res Comstock Mtls Comstock Mtls * Copperbank Res* Corazon Gold Cornerstone Ca* Coronet Mtls Coronet Mtls* Cruz Cap Corp* Darnley Bay Diamond Fields Dynacor Gld Mn East Africa East Africa * El Capitan Prc* Eloro Mnrls Eloro Mnrls* Ely Gold & Mnl Era Res Inc* Eros Res Corp Eurasian Mnls Eurasian Mnls* Falcon Gold Finlay Minrls Firesteel Res First Quantum Foran Mng Fort St J Nick Fortescue Mtls* Fortune Bay Fortune Bay* Fortune Mnrls Fortune Mnrls* Galore Res Galway Mtls Galway Mtls* GFK Res

Gldn Predator Gldn Predator* GMV Minerals GMV Minerals* Gold Dynamics* Golden Reign Golden Valley Goldeye Expl Goldrea Res* Goldstream Mnl Graniz Mondal Great Atlantic Greatbanks Res* Handeni Gold* Highbury Proj Hochschild Mg* Inca One Gold Irving Res* Kilo Goldmines Kilo Goldmines* Kingsmen Res* Kirkland Lk Gd* Klondex Mns Knick Expl Laurion Mnl Ex Laurion Mnl Ex* Legend Gold Levon Res Ltd Levon Res Ltd * Lexam VG Gold Lexam VG Gold* Libero Mg Corp Lincoln Mng Lorraine Coppr* Lucara Diam Luna Gold Luna Gold* Lundin Gold Lupaka Gold MAG Silver Marathon Gold Marlin Gold* Mason Graphite Mason Graphite* Matamec Expl Matamec Expl*

MDN Inc MDN Inc* Mexus Gold* Minfocus Expl Mirasol Res Mountain Boy Mountain Boy* Mukuba Res Mundoro Cap Mundoro Cap* Murchison Min MX Gold MX Gold* NACCO Ind* Nevada Sunrise Nevada Sunrise* Nevado Res New Oroperu New World Res NewCastle Gold* NGEx Res NGEx Res* Nickel North Nortec Mnls North Am Pall North Am Pall* Norvista Cap Nrthn Lion Nthn Dynasty Nthn Dynasty* Oceanic Iron O* Odin Mng & Exp* Orca Gold* Oriental Non F Orosur Mng Orvana Mnrls Orvana Mnrls* OZ Minerals* Pac Ridge Expl Palamina Corp Palamina Corp* Pan Am Silver Pan Am Silver* Pan Global Res Pancontinental Peruvian Prc M*

Pitchblack Res Pitchblack Res* Platinex Playfair Mng Prospero Silvr Purepoint Uran Quartz Mtn Res* Radisson Mng Rainforest Res* Revolver Res* Rio Silver Rockcliff Cop RosCan Mrnls Rugby Mng Rupert Res Sage Gold* Salazar Res* Salt Lake Pot* San Marco Res San Marco Res* Saville Res Select Sands Shamrock Ent Shoshoni Gold Sierra Metals Sierra Metals* Signature Res Silver Bear Rs Silver Spruce* Sirios Res Sirios Res* Skyharbour Res* Slam Explor* Solitario Ex&R Sonoro Mtls Southern Silvr Southern Silvr* Sparton Res Sparton Res* St-Georges Plt* Stelmine Can Strategic Res Strategic Res * Stratton Res Sunvest Mnrls Sunvest Mnrls*

Taku Gold* Tango Mining Telferscot Res Teranga Gold Terrax Mnrls* Thompson Creek* Thor Expl Thunderstruck* TMAC Resources TMAC Resource* Torex Gold Torex Gold* Trigen Res TriStar Gold TriStar Gold* True Grit Res Vale* Vedanta* Vena Res War Eagle Mg West Red Lake* Western Pac Rs Western Pac Rs* Whitehaven Coa* Xiana Mng Xiana Mng* Yorbeau Res*

17 New Lows

Anglo-Bomarc California Gl* Copper Ck Gold* Engold Mines Fortune Bay* Heron Res* Oceanus Res* Rio Novo Gold Strategic Res * Thunderstruck* Tirex Res Tolima Gold True North Gem TVI Pacific Uracan Res* Vendome Res XLI Tech Inc*

CANADIAN GOLD MUTUAL FUNDS Fund Aug 19 ($) Aug 12 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 30.59 31.09 -0.50 -1.61 100.50 2.78 233.40 BMO Prec Mtls Fd A 23.52 24.02 -0.50 -2.08 97.87 2.40 88.97 13.77 14.25 -0.49 -3.42 115.31 0.63 BMO ZGD BMO ZJG 11.43 11.64 -0.20 -1.76 132.25 0.60 CIBC Prec Metal Fd A 14.19 14.69 -0.49 -3.35 77.82 2.62 71.91 Dyn Prec Metls Fd A 8.98 9.10 -0.12 -1.32 125.06 2.66 542.37 Horizons HEP 36.11 -0.71 -1.95 97.63 0.80 IGMacGloPrecMetCl A 11.48 11.84 -0.35 -2.99 125.78 2.76 122.66 iShares XGD 16.51 17.20 -0.68 -3.97 111.40 0.61 916.69 Mac Prec Met Cl A 65.19 67.18 -1.98 -2.95 130.51 2.51 171.52 NB Prec Met Fd Inv 16.62 17.17 -0.55 -3.20 108.54 2.46 49.81 RBC GblPreMetFd A 40.65 41.37 -0.71 -1.73 110.97 2.13 519.86 54.22 55.25 -1.03 -1.87 116.25 2.90 305.63 Sentry Pre Met Fd A Sprott Gold&PrMinFdA 50.49 52.31 -1.82 -3.48 121.19 3.19 332.25 9.42 9.71 -0.30 -3.04 168.86 3.23 104.99 Sprott SilverEquCl A TD PreciousMetalsInv 50.37 52.40 -2.03 -3.87 108.40 2.26 208.70

C$ to SA Rand 10.4995 C$ to S. Korea Won 867.2991 US to SA Rand US to S. Korea Won 1115.6900

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

7_AUGUST29_MMMM.indd 7

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

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

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

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

2016-08-23 6:16 PM

WWW.NORTHERNMINER.COM

AUGUST 29–SEPTEMBER 4, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: AUGUST 15–19, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1975 0.19 0.15 0.15 - 0.01 0.28 0.03 Abacus Mng &Ex V 705 0.05 0.05 0.05 + 0.01 0.08 0.04 Abcourt Mines* O 46 0.09 0.09 0.09 + 0.00 0.10 0.02 0.17 - 0.03 0.26 0.03 Aben Res* O 314 0.22 0.17 Aben Res V 722 0.27 0.21 0.24 - 0.02 0.34 0.06 Aberdeen Intl* O 160 0.13 0.12 0.13 + 0.00 0.16 0.07 Aberdeen Intl T 466 0.17 0.16 0.17 + 0.01 0.24 0.10 Abitibi Royalt V 29 9.00 8.58 8.84 + 0.27 9.95 2.05 0.59 - 0.11 0.76 0.05 ABT Holdings* O 3 0.70 0.55 Acme Res Inc V 241 0.12 0.05 0.11 + 0.05 0.12 0.02 Adamera Mnls V 2469 0.15 0.09 0.14 + 0.04 0.14 0.01 Adamera Mnls* O 445 0.11 0.06 0.11 + 0.04 0.10 0.01 Adex Mining V 544 0.02 0.01 0.01 - 0.01 0.02 0.01 Adriana Res V 97 0.14 0.12 0.12 - 0.02 0.15 0.08 0.09 - 0.02 0.12 0.03 African Gold V 1012 0.11 0.09 African Queen V 1885 0.07 0.05 0.06 - 0.01 0.14 0.01 Agave Silver* O 86 0.08 0.08 0.08 + 0.01 0.12 0.01 0.11 - 0.01 0.15 0.01 Agave Silver V 89 0.12 0.10 Agnico Eagle T 2528 76.37 72.03 72.21 - 3.59 78.35 28.15 56.14 - 2.32 60.10 21.22 Agnico Eagle* N 6748 59.18 55.85 Agrium T 1136 119.93 115.84 116.49 - 1.02 139.10 104.70 N 1940 93.11 89.96 90.61 + 0.02 105.60 79.94 Agrium* 12 0.08 0.05 0.08 + 0.03 0.08 0.03 Aguila Amer Gd* O Aguila Amer Gd V 451 0.10 0.09 0.09 + 0.01 0.14 0.03 0.02 - 0.03 0.20 0.02 Aim Explor* O 1519 0.07 0.02 Alabama Graph* O 916 0.14 0.12 0.14 + 0.03 0.18 0.08 Alabama Graph V 3792 0.18 0.16 0.18 + 0.02 0.24 0.11 3.20 - 0.11 3.64 2.08 Alacer Gold T 2699 3.36 3.18 Alamos Gold T 3174 11.95 11.10 11.10 - 0.58 13.65 3.27 Alamos Gold* N 9082 9.30 8.63 8.63 - 0.37 10.41 2.27 Alba Minerals V 73 0.10 0.05 0.07 + 0.02 0.11 0.01 Alberta Star* O 31 0.25 0.25 0.25 - 0.00 0.26 0.12 N 59603 10.58 10.22 10.27 + 0.10 11.50 6.14 Alcoa* Alderon Iron* O 113 0.09 0.08 0.09 + 0.01 0.17 0.05 Aldershot Res V 162 0.05 0.05 0.05 - 0.01 0.05 0.01 Aldever Res* O 142 0.05 0.04 0.05 - 0.00 0.20 0.04 Aldridge Mnrls V 121 0.33 0.32 0.33 + 0.01 0.33 0.12 0.10 - 0.01 0.15 0.08 Aldrin Res V 105 0.11 0.10 Alexander Nubi V 1076 0.15 0.12 0.15 - 0.01 0.16 0.04 O 157 0.12 0.11 0.11 - 0.01 0.12 0.03 Alexander Nubi* Alexandria Min V 3233 0.11 0.10 0.10 - 0.01 0.12 0.02 Alexco Res T 1059 3.18 2.43 2.49 - 0.36 3.31 0.35 1.94 - 0.28 2.54 0.22 Alexco Res* X 5154 2.46 1.88 Algold Res V 1066 0.38 0.35 0.35 + 0.01 0.40 0.07 0.11 + 0.02 0.17 0.07 Alianza Min* O 26 0.11 0.00 Alianza Min V 98 0.15 0.15 0.15 - 0.01 0.21 0.10 Alix Res V 1944 0.08 0.06 0.08 + 0.01 0.18 0.04 19.55 - 0.37 26.18 9.95 Alliance Res* D 1349 20.92 19.50 Almadex Min V 1058 1.17 0.85 1.02 + 0.14 1.17 0.13 0.80 + 0.10 0.91 0.01 Almadex Min* O 796 0.91 0.66 Almo Capital V 268 0.08 0.07 0.07 - 0.01 0.14 0.05 ALQ Gold V 282 0.14 0.12 0.13 - 0.03 0.15 0.03 0.36 - 0.02 0.84 0.02 Alset Energy V 287 0.39 0.33 Alta Vista Vnt 137 0.06 0.00 0.05 - 0.02 0.25 0.02 16 0.04 0.04 0.04 - 0.00 0.14 0.03 Alta Vista Vnt* O Altair Res Inc V 357 0.25 0.21 0.25 + 0.02 0.70 0.08 Altan Nev Mnls V 929 0.03 0.02 0.03 + 0.01 0.05 0.01 0.15 - 0.01 0.22 0.04 Altiplano Mnls V 43 0.16 0.00 Altitude Res V 328 0.06 0.05 0.05 - 0.01 0.16 0.02 T 288 9.55 9.01 9.45 - 0.04 13.89 7.39 Altius Mnrls Alto Vent V 374 0.07 0.00 0.06 - 0.01 0.09 0.02 Altura Mng Ltd* O 111 0.13 0.12 0.12 - 0.00 0.30 0.00 0.06 - 0.01 0.08 0.01 Alturas Mnrls V 606 0.07 0.06 Alumina Inc* O 56 4.17 4.00 4.12 + 0.10 4.73 2.70 0.11 - 0.01 0.15 0.06 ALX Uranium V 601 0.12 0.11 ALX Uranium* O 98 0.09 0.08 0.08 - 0.00 0.10 0.03 Am Creek Res V 711 0.11 0.09 0.10 - 0.01 0.12 0.03 Am CuMo Mng V 134 0.12 0.11 0.12 + 0.01 0.16 0.06 Am CuMo Mng* O 73 0.10 0.08 0.08 - 0.00 0.12 0.04 0.14 + 0.01 0.45 0.07 AM Gold V 43 0.19 0.13 Am Manganese V 20819 0.26 0.18 0.20 + 0.01 0.26 0.01 Am Manganese* O 1388 0.20 0.14 0.16 + 0.02 0.20 0.01 Amarc Res* O 54 0.10 0.08 0.10 + 0.01 0.10 0.02 Amarc Res V 563 0.13 0.11 0.12 + 0.01 0.13 0.04 0.49 - 0.06 0.68 0.04 Amarillo Gold V 851 0.68 0.49 Amato Expl V 230 0.07 0.06 0.06 - 0.01 0.10 0.01 Amazing OG* O 65 0.60 0.45 0.53 + 0.02 1.06 0.29 O 129 0.03 0.01 0.01 - 0.01 0.08 0.00 Amer Vanadium* American Lith V 746 0.72 0.59 0.59 - 0.13 1.62 0.05 0.39 - 0.04 0.48 0.09 Americas Silvr T 3425 0.43 0.39 Americas Silvr* O 794 0.34 0.30 0.31 - 0.02 0.37 0.04 Amerigo Res T 283 0.18 0.16 0.17 - 0.01 0.34 0.10 0.12 + 0.00 0.26 0.07 Amerigo Res* O 137 0.13 0.12 Amex Expl V 2249 0.05 0.04 0.04 + 0.01 0.08 0.02 O 42 0.08 0.08 0.08 + 0.00 0.08 0.02 Anaconda Mng* Andes Gold* O 264 0.01 0.00 0.00 - 0.00 1.00 0.00 Andover Mng* O 91 0.00 0.00 0.00 + 0.00 0.00 0.00 1.45 - 0.14 1.94 0.52 Anfield Nickel V 890 1.61 1.44 Anfield Res* O 25 0.21 0.17 0.19 - 0.02 0.22 0.06 Angel Gold* O 88 0.10 0.09 0.09 + 0.01 0.11 0.01 Angel Gold V 399 0.13 0.11 0.11 + 0.01 0.15 0.01 Anglo American* O 264 5.81 5.54 5.64 + 0.19 5.81 1.57 O 2 11.51 11.13 11.28 + 0.15 11.83 3.13 Anglo American* Anglo Pac Grp T 1 0.80 0.00 0.80 + 0.05 1.50 0.75 Anglo-Bomarc V 63 0.10 0.09 0.09 - 0.01 0.30 0.09 Anglo-Can Mng V 903 0.03 0.00 0.02 - 0.01 0.03 0.01 AngloGold Ash* N 17498 21.58 19.03 19.17 - 2.74 22.91 6.20 Anthem United V 310 0.30 0.20 0.20 - 0.10 0.39 0.14 Antioquia Gold* O 162 0.07 0.06 0.07 + 0.00 0.08 0.03 Antioquia Gold V 169 0.10 0.00 0.09 + 0.01 0.11 0.04 V 95 0.03 0.00 0.03 + 0.01 0.04 0.01 Antipodes Gold Apogee Silver V 43 0.33 0.30 0.30 - 0.03 0.58 0.11 O 18 0.24 0.00 0.21 - 0.02 0.45 0.08 Apogee Silver* Appia Energy 125 0.25 0.14 0.25 + 0.07 0.30 0.01 Apple Cap Inc V 108 0.51 0.00 0.47 - 0.03 0.54 0.15 0.15 + 0.01 0.17 0.03 AQM Copper V 537 0.16 0.14 Aquila Res* O 168 0.19 0.18 0.19 + 0.02 0.20 0.09 Aquila Res T 260 0.25 0.22 0.25 + 0.03 0.27 0.12 Arak Res V 943 0.04 0.03 0.03 - 0.01 0.07 0.02 Arch Coal* O 308 0.35 0.30 0.32 + 0.01 10.35 0.11 Arco Res V 30 0.07 0.06 0.07 + 0.01 0.08 0.03 Arctic Star V 4915 0.04 0.03 0.04 - 0.01 0.10 0.01 Arcus Dev Grp V 446 0.13 0.11 0.11 - 0.03 0.20 0.01 Arena Mnls V 401 0.22 0.19 0.20 - 0.01 0.34 0.15 O 173 0.08 0.06 0.08 + 0.01 0.10 0.01 Argentex Mng* Argentex Mng V 279 0.11 0.00 0.10 + 0.01 0.13 0.02 V 313 0.13 0.09 0.09 - 0.03 0.13 0.02 Argentum Silvr Argex Titanium* O 30 0.07 0.06 0.06 - 0.01 0.11 0.01 Argex Titanium T 2382 0.09 0.07 0.08 + 0.01 0.14 0.02 Argonaut Gold T 4857 3.88 3.56 3.73 + 0.15 4.45 0.78 Argonaut Gold* O 236 3.01 2.76 2.89 + 0.12 3.38 0.53 0.10 + 0.02 0.10 0.01 Argus Metals* O 103 0.10 0.10 Argus Metals V 30 0.15 0.00 0.15 + 0.05 0.14 0.02 Arian Res V 8931 0.02 0.01 0.02 + 0.01 0.05 0.01 Arian Silver* O 139 0.02 0.01 0.01 + 0.00 0.36 0.00 V 102 1.03 0.97 1.01 + 0.03 1.25 0.68 Arianne Phosph Arianne Phosph* O 86 0.80 0.76 0.76 + 0.03 0.98 0.52 Arrowstar Res V 25 0.13 0.13 0.13 + 0.02 0.15 0.04 Asanko Gold T 4488 5.97 5.56 5.82 + 0.13 6.00 1.77 Asanko Gold* X 3240 4.65 4.30 4.57 + 0.18 4.65 1.27 0.25 + 0.02 0.27 0.05 Asante Gold 130 0.25 0.23 Ascot Res V 366 2.35 2.06 2.32 + 0.17 2.63 0.80 AsiaBaseMetals V 82 0.35 0.28 0.35 + 0.01 0.35 0.04 Asian Minl Res V 217 0.04 0.03 0.03 - 0.01 0.06 0.02 Aston Bay V 415 0.46 0.41 0.41 - 0.02 0.49 0.10 Astorius Res V 1037 0.17 0.14 0.17 + 0.01 0.16 0.01 Astur Gold V 296 0.08 0.05 0.06 - 0.01 0.10 0.01 ATAC Res V 761 0.90 0.79 0.82 - 0.03 0.95 0.26 Atacama Pac Gd* O 48 0.79 0.65 0.65 + 0.01 0.79 0.09 Atacama Pac Gd V 2699 1.02 0.80 0.89 + 0.04 1.02 0.14 Athabasca Mnls V 541 0.21 0.18 0.19 - 0.03 0.40 0.15 Athabasca Mnls* O 43 0.16 0.15 0.15 - 0.01 0.28 0.12 Athabasca Nclr V 260 0.15 0.12 0.13 - 0.02 0.17 0.02 Athena Silver* O 32 0.10 0.07 0.10 - 0.00 0.15 0.02 Atico Mng* O 123 0.45 0.38 0.44 + 0.04 0.45 0.12 Atico Mng V 545 0.59 0.51 0.57 + 0.05 0.59 0.16 Atlanta Gold V 372 0.10 0.09 0.10 + 0.01 0.11 0.05 Atlanta Gold* O 20 0.08 0.07 0.08 + 0.01 0.09 0.03 Atlantic Gold V 489 0.95 0.90 0.92 - 0.02 0.99 0.23 Atlatsa Res* O 102 0.08 0.07 0.08 + 0.00 0.10 0.02 Atom Energy V 45 0.04 0.03 0.04 + 0.01 0.12 0.03 Augustine Vent 249 0.16 0.15 0.15 - 0.01 0.17 0.03 Aura Mnls T 502 0.25 0.22 0.22 - 0.01 0.31 0.06 Aura Silver Rs V 1554 0.07 0.05 0.07 + 0.01 0.06 0.01 Aurcana Corp V 971 0.80 0.68 0.68 - 0.05 0.80 0.09 Aurcana Corp* O 385 0.63 0.53 0.54 - 0.03 0.63 0.07 AurCrest Gold V 499 0.03 0.03 0.03 - 0.01 0.05 0.01 Aureus Mng* O 1172 0.05 0.00 0.05 - 0.00 0.31 0.03 Aureus Mng T 10752 0.06 0.05 0.06 - 0.01 0.55 0.05 Aurgent Gold V 14 0.08 0.07 0.08 + 0.01 0.11 0.02 AuRico Metals * O 284 0.80 0.75 0.77 - 0.01 0.91 0.37 AuRico Metals T 1403 1.04 0.96 0.98 - 0.04 1.22 0.55 Aurion Res V 117 0.48 0.42 0.44 + 0.01 0.48 0.04 Aurvista Gold V 1420 0.32 0.24 0.28 - 0.04 0.39 0.03

8-10_AUGUST29_StockTables.indd 8

(100s) Stock

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12-month

Exc Volume High Low Last Change High Low

Aurvista Gold* O 418 Auryn Res* O 463 Avalon Adv Mat* O 151 Avarone Metals 818 Avino Silver V 322 Avino Silver* X 2555 Avnel Gold T 756 Avrupa Mnls V 2820 Axmin Inc* O 49 Axmin Inc V 398 AZ Mining T 3376 Azarga Mtls* O 20 Azarga Uranium* O 12 T 252 Azarga Uranium Azimut Expl V 761 V 41 Azincourt Uran Azincourt Uran* O 3 Azteca Gold* O 430

0.24 0.19 0.22 - 0.02 0.29 0.02 2.85 2.56 2.67 - 0.15 3.18 0.70 0.16 0.14 0.16 + 0.00 0.26 0.07 0.06 0.05 0.05 - 0.02 0.14 0.02 3.56 3.06 3.10 - 0.45 4.05 1.03 2.77 2.40 2.41 - 0.34 3.14 0.71 0.35 0.31 0.31 - 0.04 0.39 0.18 0.25 0.14 0.20 + 0.06 0.25 0.08 0.05 0.05 0.05 + 0.00 0.06 0.00 0.08 0.07 0.08 + 0.01 0.10 0.01 2.08 1.65 2.07 + 0.42 2.06 0.22 0.17 0.00 0.17 + 0.00 1.00 0.03 0.22 0.20 0.20 - 0.03 0.29 0.19 0.27 0.26 0.26 - 0.03 0.40 0.26 0.68 0.50 0.50 - 0.13 0.68 0.10 0.07 0.00 0.07 + 0.01 0.09 0.04 0.06 0.05 0.05 - 0.00 0.07 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 27379 B2Gold T 27838 Bacanora Mnls V 251 Baja Mng* O 406 Baja Mng V 557 Balmoral Res* O 470 Balmoral Res T 1033 Balto Res V 8 Bama Gold 225 Bannerman Res* O 205 Banro T 1073 Banro* X 6165 Banyan Gold V 758 Barisan Gold* O 168 Barker Mnrls V 54 Barkerville Go* O 198 Barkerville Go V 1866 Barksdale Cap V 37 Barrick Gold T 15701 Barrick Gold* N 54148 Barsele Min* O 54 Barsele Min V 262 Batero Gold V 316 Battle Mtn Gld* O 115 Battle Mtn Gld V 434 Bayhorse Silvr* O 33 Bayhorse Silvr V 461 Bayswater Uran V 94 Bayswater Uran* O 2 BCGold* O 54 BCM Res V 86 Bear Creek Mng V 526 Bearclaw Cap V 154 Beaufield Res V 1011 Beaufield Res* O 74 Bell Copper V 130 Bellhaven Cp&G* O 14 Bellhaven Cp&G V 75 Belmont Res V 293 Belo Sun Mng T 4294 Belvedere Res V 119 Benton Res V 1405 Berkeley Egy* O 7 Berkwood Res V 1384 Besra Gold* O 246 Big North Grap* O 4 Big North Grap V 1992 Bison Gold Res V 9 Bitterroot Res* O 22 Bitterroot Res V 74 Black Hills* N 2323 Black Iron T 367 Black Isle Res V 575 Black Mam Mtls V 34 Black Widow Rs V 231 BlackEagle Dev 20 Blackheath Res V 998 Blind Crk Res V 157 Blue Sky Uran V 18 BonTerra Res V 1829 BonTerra Res* O 44 Bravada Gold V 196 Bravada Gold* O 36 Braveheart Res V 52 Bravo Multinat* O 2386 Bravura Vent 31 Brazil Mnrls* O 281455 Brazil Res V 3642 BrightRock Gld* O 246 Brionor Res V 110 Britannia Mng* O 398 Brixton Mtls* O 122 Brixton Mtls V 484 Bryn Res* O 10 Buenaventura* N 6935 Buffalo Coal V 418 Bullfrog Gold* O 420 Bullion Gld Res V 81

3.54 3.21 3.33 - 0.13 3.65 0.60 4.58 4.13 4.25 - 0.24 4.74 0.86 1.57 1.43 1.52 + 0.02 2.04 1.17 0.01 0.00 0.01 - 0.01 0.03 0.00 0.02 0.00 0.01 - 0.01 0.03 0.01 0.93 0.84 0.91 + 0.02 0.99 0.23 1.19 1.05 1.16 + 0.02 1.28 0.33 0.01 0.01 0.01 - 0.01 0.03 0.01 0.10 0.06 0.10 + 0.04 0.20 0.05 0.03 0.02 0.03 + 0.01 0.04 0.01 0.52 0.44 0.47 - 0.06 0.62 0.21 0.41 0.34 0.36 - 0.03 0.48 0.15 0.12 0.00 0.09 - 0.02 0.12 0.02 0.03 0.02 0.03 - 0.01 0.04 0.01 0.02 0.00 0.01 - 0.01 0.02 0.01 0.59 0.52 0.55 + 0.02 0.60 0.15 0.73 0.67 0.70 + 0.02 0.76 0.20 0.23 0.13 0.17 + 0.08 0.23 0.01 28.17 26.28 26.48 - 1.72 30.45 7.89 21.83 20.38 20.61 - 1.14 23.47 5.91 0.99 0.90 0.96 + 0.00 1.04 0.05 1.30 1.11 1.15 - 0.14 1.38 0.08 0.22 0.18 0.18 - 0.04 0.23 0.05 0.63 0.56 0.56 - 0.06 0.66 0.06 0.82 0.71 0.72 - 0.09 0.85 0.09 0.14 0.13 0.14 + 0.00 0.15 0.03 0.19 0.18 0.18 + 0.01 0.20 0.05 0.05 0.04 0.05 + 0.01 0.07 0.01 0.03 0.00 0.03 + 0.00 0.05 0.00 0.06 0.05 0.06 + 0.00 0.07 0.05 0.21 0.16 0.19 - 0.02 0.32 0.04 3.50 3.12 3.15 - 0.31 3.77 0.50 0.04 0.04 0.04 - 0.01 0.06 0.02 0.13 0.11 0.13 + 0.02 0.16 0.03 0.10 0.09 0.10 + 0.01 0.12 0.03 0.06 0.00 0.05 - 0.02 0.07 0.01 0.44 0.37 0.37 - 0.05 0.46 0.02 0.55 0.44 0.44 - 0.11 0.60 0.03 0.09 0.00 0.08 - 0.01 0.12 0.02 1.10 0.91 1.01 + 0.10 1.10 0.16 0.06 0.00 0.06 + 0.01 0.09 0.01 0.10 0.08 0.08 - 0.01 0.10 0.03 0.62 0.57 0.57 - 0.03 0.67 0.31 0.19 0.13 0.17 - 0.01 0.22 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.06 0.00 0.06 + 0.04 0.04 0.01 0.08 0.06 0.07 + 0.02 0.08 0.02 0.27 0.20 0.27 + 0.06 0.38 0.10 0.06 0.06 0.06 + 0.00 0.06 0.02 0.08 0.07 0.07 - 0.01 0.10 0.03 59.70 56.86 58.54 - 0.82 64.58 36.81 0.04 0.04 0.04 - 0.01 0.06 0.03 0.05 0.05 0.05 + 0.01 0.05 0.03 0.09 0.07 0.08 - 0.01 0.13 0.04 0.09 0.07 0.08 + 0.02 0.09 0.01 0.08 0.06 0.06 + 0.01 0.10 0.03 0.10 0.08 0.09 - 0.04 0.18 0.08 0.16 0.11 0.13 + 0.02 0.16 0.03 0.68 0.00 0.66 + 0.03 0.74 0.04 0.42 0.35 0.41 + 0.05 0.51 0.11 0.33 0.28 0.32 + 0.05 0.37 0.11 0.30 0.25 0.26 - 0.04 0.40 0.03 0.23 0.00 0.22 - 0.01 0.31 0.01 0.07 0.06 0.06 - 0.02 0.08 0.02 0.02 0.02 0.02 - 0.00 0.10 0.02 0.38 0.36 0.36 - 0.01 0.38 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 2.59 2.05 2.41 - 0.19 3.16 0.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.05 - 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.61 0.51 0.57 - 0.03 0.92 0.03 0.79 0.66 0.73 - 0.06 1.20 0.05 0.01 0.00 0.01 - 0.00 0.01 0.00 16.45 14.93 15.91 + 0.29 16.45 3.30 0.02 0.01 0.02 + 0.01 0.05 0.01 0.10 0.08 0.09 - 0.01 0.12 0.01 0.12 0.00 0.12 + 0.03 0.15 0.05

Cache Expl V 49 Cache Expl* O 1 Cadillac Vent V 307 Cairo Res V 27 T 146 Caledonia Mng Caledonia Mng* Q 105 California Gl* O 40 California Gld V 74 Callinex Mines V 4965 Callinex Mines* O 3156 Cameco Corp* N 7003 Cameco Corp T 4463 Cameo Res V 4572 Camino Mnls V 46 Canada Coal V 152 Canadian Zeol V 226 O 7 Canadian Zeol* CanAlaska Uran V 762 CanAlaska Uran* O 121 Canamex Res* O 399 Canamex Res V 2025 Canarc Res T 4109 Canarc Res* Q 1344 Canasil Res V 1572 Cancana Res V 124 Candelaria Mg V 2095 T 278 Candente Coppr Candente Gold* O 59 Candente Gold V 872 CaNickel Mng V 25 Canoe Mng Vent V 345 Canstar Res V 247 Canyon Gold* O 49 Cap-Ex Iron V 405 Cardero Res* O 73 Cardero Res V 59 Carmax Mng V 9 Carpathian Gld* O 111 Cartier Iron 617 Cartier Res V 529 Carube Copper* O 32 Carube Copper V 38 Cascadero Copp V 972 Castle Mtn Mng V 3585 Castle Peak Mg V 1218 Cava Res V 55 Caza Gold* O 2 Caza Gold V 64 CB Gold V 23 Cda Carbon* O 87 Cda Rare Earth* O 16 Cda Rare Earth V 341 Cda Strtgc Met * O 279 Cda Strtgc Met V 11037 Cdn Intl Mnrls V 3495 Cdn Intl Mnrls* O 25 Cdn Zinc T 1316 Cdn Zinc* Q 447 Centamin T 314 Centaurus Diam* O 66 Centenera Mng V 117 Centenera Mng* O 29 Centerra Gold T 2735 Centurion Mnls V 1007

0.27 0.00 0.27 + 0.15 0.13 0.03 0.13 0.13 0.13 + 0.07 0.07 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.29 0.18 0.29 + 0.11 0.30 0.08 1.78 1.54 1.78 + 0.22 1.70 0.66 1.38 1.19 1.38 + 0.18 1.38 0.48 0.50 0.00 0.50 - 0.03 0.56 0.43 0.70 0.00 0.65 - 0.05 1.80 0.25 0.69 0.42 0.58 + 0.18 0.69 0.23 0.54 0.32 0.45 + 0.14 0.54 0.17 9.92 9.43 9.45 - 0.29 14.59 9.08 12.75 12.13 12.15 - 0.49 19.32 12.12 0.06 0.00 0.06 + 0.01 0.10 0.04 0.27 0.00 0.24 - 0.04 0.28 0.07 0.04 0.03 0.03 + 0.01 0.05 0.01 0.40 0.35 0.37 - 0.02 0.45 0.08 0.30 0.28 0.28 - 0.03 0.33 0.06 1.41 1.13 1.40 + 0.23 1.55 0.09 1.09 0.87 1.07 + 0.14 1.20 0.06 0.06 0.04 0.04 - 0.01 0.06 0.02 0.06 0.05 0.05 - 0.01 0.08 0.03 0.13 0.11 0.12 + 0.02 0.15 0.04 0.10 0.08 0.10 + 0.02 0.12 0.03 0.72 0.63 0.65 - 0.01 0.73 0.03 0.37 0.31 0.32 + 0.01 0.37 0.13 0.36 0.32 0.34 - 0.01 0.37 0.06 0.16 0.13 0.13 - 0.03 0.18 0.03 0.06 0.04 0.05 - 0.01 0.06 0.00 0.08 0.06 0.06 - 0.01 0.09 0.01 0.10 0.00 0.09 - 0.01 0.14 0.03 0.07 0.04 0.06 + 0.02 0.09 0.02 0.15 0.13 0.15 + 0.01 0.15 0.04 0.18 0.13 0.17 + 0.04 0.54 0.02 0.08 0.07 0.07 + 0.01 0.11 0.01 0.17 0.12 0.17 + 0.04 0.18 0.05 0.23 0.16 0.23 + 0.06 0.26 0.08 0.04 0.03 0.03 - 0.01 0.04 0.02 0.05 0.05 0.05 + 0.01 0.07 0.00 0.05 0.04 0.05 - 0.01 0.11 0.01 0.19 0.15 0.18 + 0.02 0.19 0.04 0.11 0.10 0.10 - 0.01 0.14 0.07 0.14 0.00 0.14 - 0.01 0.20 0.05 0.16 0.14 0.14 - 0.02 0.17 0.02 1.16 1.00 1.05 - 0.05 1.16 0.18 0.08 0.05 0.07 + 0.02 0.08 0.01 0.74 0.64 0.65 - 0.13 0.78 0.04 0.05 0.03 0.03 - 0.02 0.06 0.01 0.07 0.05 0.06 - 0.01 0.07 0.02 0.17 0.16 0.16 + 0.01 0.17 0.04 0.22 0.22 0.22 + 0.00 0.28 0.18 0.02 0.02 0.02 + 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.05 0.02 0.16 0.10 0.16 + 0.06 0.16 0.01 0.24 0.14 0.20 + 0.06 0.24 0.03 0.05 0.04 0.04 - 0.01 0.13 0.01 0.04 0.03 0.04 + 0.00 0.04 0.01 0.37 0.33 0.36 + 0.02 0.41 0.06 0.29 0.26 0.28 + 0.02 0.32 0.04 3.05 2.52 2.99 + 0.04 3.05 1.15 0.20 0.12 0.18 - 0.02 0.34 0.02 0.30 0.26 0.27 - 0.03 0.40 0.02 0.26 0.19 0.21 - 0.06 0.26 0.02 8.10 7.58 7.76 - 0.25 8.67 5.64 0.07 0.06 0.07 - 0.01 0.18 0.04

(100s) Stock

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12-month

Exc Volume High Low Last Change High Low

Century Global T 104 0.25 0.18 0.18 - 0.01 0.36 0.15 Cerro Mng V 100 0.01 0.01 0.01 + 0.01 0.03 0.01 Chalice Gold M* O 23 0.18 0.13 0.13 - 0.05 0.18 0.08 81 0.19 0.18 0.18 - 0.01 0.21 0.10 Chalice Gold M T Champion Bear V 331 0.11 0.09 0.10 + 0.02 0.11 0.03 Champion Iron* O 17 0.20 0.00 0.19 + 0.01 0.23 0.10 Chesapeake Gld* O 38 4.87 4.69 4.87 + 0.16 5.03 1.05 V 128 6.27 6.04 6.25 + 0.14 6.50 1.39 Chesapeake Gld Chevron* N 27572 103.60 101.02 102.32 + 0.16 107.58 69.58 166 0.18 0.14 0.15 - 0.01 0.26 0.03 Chiboug Ind Mn V Chilean Metals V 325 0.30 0.17 0.30 + 0.12 0.19 0.02 Chilean Metals* O 260 0.19 0.12 0.19 + 0.04 0.15 0.00 China Gold Int T 1222 2.56 2.40 2.53 + 0.10 2.72 1.60 67 0.02 0.01 0.02 + 0.01 0.02 0.00 China Mnls Mng* O China Mnls Mng V 1813 0.02 0.02 0.02 + 0.01 0.02 0.01 0.05 - 0.01 0.15 0.03 Cibolan Gold* O 12 0.06 0.00 CIM Intl Grp 95 1.00 0.90 1.00 + 0.10 1.50 0.90 CKR Carbon V 599 0.09 0.08 0.08 - 0.01 0.13 0.06 Claim Post Res V 178 0.03 0.03 0.03 - 0.01 0.06 0.01 Clifton Mng* O 63 0.16 0.14 0.14 + 0.00 0.17 0.05 Cloud Peak En* N 3511 3.73 3.36 3.55 + 0.18 4.79 1.08 CMC Metals V 187 0.18 0.16 0.18 - 0.01 0.32 0.05 Coeur Mng* N 22679 16.00 14.69 15.03 - 0.62 16.41 1.62 Colibri Res V 84 0.18 0.15 0.17 + 0.05 0.22 0.02 Colombia Crest* O 1 0.01 0.01 0.01 + 0.00 0.01 0.00 Colombia Crest V 1044 0.03 0.02 0.02 - 0.01 0.04 0.01 Colombian Mins V 144 0.21 0.17 0.21 + 0.03 0.23 0.02 Colonial Coal V 297 0.11 0.09 0.11 + 0.01 0.18 0.02 Colorado Res V 1353 0.59 0.50 0.51 - 0.07 0.71 0.05 Colorado Res* O 389 0.47 0.40 0.40 - 0.07 0.54 0.04 Colt Res* O 10 0.06 0.06 0.06 + 0.02 0.15 0.04 Colt Res V 3634 0.09 0.08 0.09 - 0.01 0.19 0.06 Columbus Gold* O 508 0.71 0.65 0.68 - 0.00 0.72 0.23 Columbus Gold T 3879 0.91 0.83 0.87 + 0.02 0.93 0.32 Commander Res V 887 0.08 0.06 0.07 + 0.01 0.08 0.01 Commerce Res V 982 0.08 0.07 0.08 + 0.01 0.11 0.06 Commerce Res* O 284 0.06 0.05 0.06 + 0.01 0.09 0.04 Comstock Mng* X 2511 0.41 0.36 0.36 - 0.04 0.70 0.33 Comstock Mtls V 385 0.43 0.30 0.35 - 0.01 0.43 0.05 Comstock Mtls * O 33 0.33 0.24 0.24 + 0.00 0.33 0.10 Condor Res V 816 0.11 0.08 0.09 - 0.02 0.12 0.02 Confedertn Ml* O 7 0.51 0.50 0.50 - 0.07 0.63 0.31 Confedertn Mls V 59 0.70 0.60 0.70 - 0.05 9.00 0.60 Conquest Res V 280 0.04 0.04 0.04 - 0.01 0.07 0.01 CONSOL Energy* N 20329 18.69 17.36 17.46 + 0.23 19.62 4.54 Constant Mtl V 394 0.12 0.10 0.11 - 0.01 0.15 0.05 Contintl Gold* O 96 2.95 2.85 2.92 + 0.08 3.31 0.88 Contintl Gold T 1101 3.81 3.58 3.73 + 0.04 4.32 1.28 Copper Ck Gold V 95 0.10 0.07 0.07 + 0.01 0.10 0.05 Copper Fox Mtl V 519 0.13 0.12 0.13 + 0.01 0.24 0.11 Copper Fox Mtl* O 30 0.10 0.09 0.10 + 0.00 0.17 0.08 Copper Lake Rs V 315 0.06 0.05 0.06 - 0.01 0.08 0.03 Copper Mtn Mng* O 9 0.38 0.38 0.38 + 0.00 0.52 0.23 Copper Mtn Mng T 670 0.53 0.50 0.53 + 0.02 0.70 0.33 Copper North M V 49 0.17 0.14 0.14 - 0.01 0.50 0.13 Copper North M* O 11 0.11 0.11 0.11 - 0.01 0.15 0.10 Copper One * O 42 0.15 0.14 0.14 - 0.00 0.17 0.02 Copper One V 57 0.20 0.17 0.17 + 0.01 0.30 0.03 Copper Reef Mg 696 0.03 0.02 0.03 + 0.01 0.03 0.01 Copperbank Res 269 0.10 0.08 0.08 - 0.01 0.10 0.03 Copperbank Res* O 5 0.08 0.06 0.08 + 0.00 0.08 0.01 Coral Gold V 255 0.38 0.35 0.36 + 0.01 0.39 0.05 Corazon Gold V 35 0.38 0.00 0.38 + 0.14 0.30 0.18 Cordoba Mnls V 211 0.93 0.83 0.87 - 0.03 1.08 0.10 Cordoba Mnls* O 57 0.73 0.67 0.68 - 0.01 0.79 0.08 Corex Gold V 1088 0.15 0.12 0.12 - 0.02 0.21 0.03 Cornerstone Ca* O 225 0.09 0.07 0.07 - 0.01 0.09 0.01 Coro Mining T 1598 0.19 0.17 0.19 + 0.02 0.21 0.02 Coronet Mtls V 642 0.57 0.43 0.53 + 0.10 0.57 0.03 Coronet Mtls* O 247 0.45 0.33 0.42 + 0.09 0.45 0.02 Corvus Gold T 113 1.26 1.11 1.16 - 0.09 1.38 0.33 Corvus Gold* O 80 0.95 0.86 0.91 - 0.02 1.05 0.25 Crazy Horse Res V 145 0.04 0.03 0.03 - 0.01 0.07 0.01 Cresval Cap V 50 0.04 0.04 0.04 - 0.02 0.06 0.03 Critical Elem* O 49 0.47 0.42 0.46 + 0.01 0.58 0.10 Crown Mining V 23 0.13 0.12 0.13 + 0.02 0.20 0.03 Cruz Cap Corp* O 5 0.44 0.39 0.44 + 0.05 0.44 0.20 Crystal Pk Min V 200 0.26 0.00 0.25 - 0.01 0.42 0.13 Crystal Pk Min* O 188 0.20 0.17 0.20 + 0.00 0.32 0.11 CWN M’g Acq V 214 0.13 0.11 0.13 + 0.01 0.25 0.11 Cyclone Uran* O 216 0.00 0.00 0.00 + 0.00 0.01 0.00 Cypress Dev* O 16 0.15 0.13 0.15 + 0.01 0.16 0.01 Cyprium Mng V 2490 0.09 0.07 0.07 - 0.01 0.13 0.06

D-F Dajin Res V 1023 Dajin Res* O 885 Dakota Ter Res* O 105 Daleco Res* O 109 Dalradian Res* O 866 Dalradian Res T 3204 Damara Gold V 126 Danakali* O 38 Darnley Bay V 671 Debut Dmds 729 Decade Res V 536 Decade Res* O 500 Declan Res 726 Defiance Silvr V 957 Defiance Silvr* O 474 Del Toro Silvr* O 2648 Denison Mines* X 1026 Desert Star V 76 Detour Gold T 3171 Diamante Min* O 98 Diamcor Mng* O 9 Diamcor Mng V 51 Diamond Fields V 267 Discovery-Corp V 176 DNI Metals 479 DNI Metals* O 39 Dolly Vard Sil* O 34 Dolly Vard Sil V 1483 Dominion Diam T 639 Dominion Diam* N 896 DRDGOLD* N 2029 Duncan Park H V 90 Dundee Prec Mt T 1568 Duran Vent * O 58 Duran Vent V 172 Durango Res* O 20 DuSolo Fertil V 700 DuSolo Fertil* O 235 Dynacor Gld Mn T 1088 O 161 Dynasty Met&Mn* Dynasty Met&Mn T 2205 Eagle Plains V 237 V 1239 East Africa East Africa * O 52 Eastern Platin* O 7 Eastern Platin T 65 Eastfield Res V 119 Eastmain Res T 2966 Eco Oro Mnls T 97 Ecuador Gold V 388 El Capitan Prc* O 26912 El Nino Vent* O 16 Elcora Res* O 17 Eldorado Gold* N 28648 Eldorado Gold T 13950 Eloro Mnrls* O 6 Eloro Mnrls V 101 Ely Gold & Mnl V 486 Ely Gold & Mnl* O 249 Elysee Dev V 110 Emgold Mng* O 12 Encanto Potash V 1879 Encanto Potash* O 175 Endeavour Mng* O 67 Endeavour Mng T 1357 Endeavr Silver* N 11709 Endeavr Silver T 2529 Energizer Res T 4548 Energizer Res* O 565 Energy Fuels* X 821 Energy Fuels T 418 Ensurge* O 904 Entree Gold T 101 Entree Gold* X 304 Equitas Res V 2743 Equitas Res* O 309 Era Res Inc V 40 Erdene Res Dev T 318 Erdene Res Dev* O 96 Erin Ventures V 621

0.20 0.17 0.18 - 0.03 0.30 0.07 0.16 0.13 0.14 - 0.02 0.24 0.05 0.06 0.05 0.06 + 0.01 0.20 0.05 0.04 0.03 0.03 - 0.01 0.05 0.01 1.22 1.11 1.17 + 0.03 1.22 0.45 1.57 1.42 1.50 - 0.04 1.59 0.62 0.07 0.00 0.07 + 0.01 0.10 0.04 0.34 0.31 0.32 + 0.01 0.37 0.17 0.24 0.18 0.22 + 0.03 0.24 0.01 0.03 0.00 0.03 + 0.01 0.03 0.01 0.11 0.08 0.10 + 0.01 0.13 0.01 0.08 0.07 0.08 + 0.00 0.10 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.59 0.46 0.47 - 0.09 0.63 0.06 0.46 0.36 0.37 - 0.06 0.49 0.04 0.03 0.01 0.01 + 0.00 0.03 0.00 0.54 0.52 0.52 - 0.01 0.67 0.35 0.09 0.08 0.09 + 0.01 0.16 0.03 34.52 31.86 31.86 - 2.05 35.93 12.14 0.45 0.31 0.38 + 0.00 0.85 0.17 0.90 0.87 0.87 + 0.05 0.96 0.46 1.15 1.11 1.12 - 0.03 1.25 0.65 0.04 0.00 0.03 + 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.10 0.04 0.03 0.03 0.03 + 0.00 0.10 0.03 0.69 0.63 0.63 - 0.07 0.81 0.08 0.98 0.82 0.98 + 0.12 1.11 0.12 12.50 11.65 12.42 + 0.55 17.16 9.96 9.73 9.05 9.65 + 0.48 13.11 7.27 8.53 7.82 8.04 - 0.48 9.10 1.14 0.02 0.00 0.02 + 0.01 0.02 0.01 3.78 3.42 3.47 + 0.06 4.14 0.84 0.08 0.07 0.08 + 0.01 0.09 0.07 0.11 0.00 0.11 + 0.01 0.20 0.07 0.07 0.07 0.07 - 0.01 0.15 0.02 0.07 0.03 0.04 + 0.01 0.15 0.03 0.04 0.03 0.04 + 0.01 0.09 0.02 3.18 2.52 3.05 + 0.53 2.92 1.30 0.23 0.14 0.23 + 0.09 0.36 0.08 0.29 0.17 0.29 + 0.12 0.49 0.10 0.17 0.15 0.16 + 0.01 0.17 0.05 0.36 0.29 0.33 - 0.02 0.36 0.03 0.28 0.25 0.26 - 0.02 0.28 0.02 0.62 0.61 0.61 - 0.01 1.00 0.47 0.81 0.79 0.81 + 0.03 1.45 0.61 0.05 0.04 0.04 - 0.01 0.05 0.02 0.84 0.77 0.81 + 0.01 0.88 0.29 0.35 0.28 0.28 - 0.05 0.70 0.25 0.71 0.66 0.68 - 0.02 0.75 0.10 0.28 0.08 0.12 - 0.08 0.28 0.03 0.03 0.03 0.03 - 0.00 0.04 0.00 0.29 0.24 0.29 + 0.05 0.55 0.20 4.38 4.10 4.14 - 0.05 5.16 1.87 5.61 5.29 5.31 - 0.14 6.71 2.67 0.41 0.32 0.41 + 0.02 0.41 0.07 0.55 0.40 0.41 + 0.01 0.55 0.09 0.19 0.15 0.18 - 0.01 0.19 0.04 0.14 0.11 0.14 + 0.02 0.14 0.03 0.34 0.32 0.34 + 0.02 0.35 0.17 0.02 0.02 0.02 + 0.01 0.03 0.00 0.10 0.09 0.09 - 0.01 0.18 0.05 0.07 0.07 0.07 + 0.00 0.14 0.03 18.17 17.10 17.96 + 0.50 20.22 4.40 23.42 21.91 23.11 + 0.32 26.38 5.10 5.88 5.45 5.57 + 0.03 5.95 1.00 7.50 7.03 7.16 - 0.02 7.75 1.46 0.09 0.07 0.08 + 0.02 0.13 0.03 0.07 0.05 0.07 + 0.01 0.10 0.03 2.58 2.33 2.54 + 0.19 3.85 1.81 3.30 3.02 3.25 + 0.20 5.10 2.47 0.03 0.02 0.03 + 0.01 0.04 0.01 0.40 0.39 0.39 - 0.02 0.53 0.25 0.31 0.30 0.30 - 0.00 0.40 0.17 0.10 0.09 0.09 - 0.01 0.22 0.05 0.08 0.07 0.07 - 0.00 0.17 0.02 0.40 0.27 0.29 + 0.02 0.50 0.09 0.38 0.35 0.38 + 0.01 0.55 0.11 0.29 0.26 0.29 + 0.03 0.42 0.08 0.06 0.06 0.06 - 0.01 0.11 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.03 0.04 - 0.01 0.08 Erin Ventures* O 70 0.05 0.04 0.22 0.20 0.21 + 0.01 0.22 0.09 682 Eros Res Corp V 0.22 0.20 0.21 + 0.01 0.22 0.09 682 Eros Res Corp V 0.01 0.34 - 0.01 0.42 Eskay Mng V 381 0.39 0.34 0.14 0.32 - 0.02 0.41 Ethos Gold V 179 0.38 0.32 0.35 1.31 + 0.11 1.40 X 633 1.40 1.18 Eurasian Mnls* 0.48 1.70 + 0.07 1.84 Eurasian Mnls V 67 1.84 1.59 0.04 0.16 - 0.01 0.17 Eureka Res V 125 0.17 0.16 0.23 0.00 0.23 + 0.01 0.27 0.05 72 Europn Uran Rs V 0.03 0.07 - 0.01 1.00 V 133 0.08 0.05 Eurotin 0.01 0.12 - 0.01 0.20 Everton Res V 1363 0.15 0.11 0.00 0.09 - 0.01 0.14 Everton Res* O 123 0.11 0.09 0.04 0.30 - 0.02 0.50 Evolving Gold 244 0.37 0.30 0.02 0.24 - 0.01 0.38 O 42 0.29 0.24 Evolving Gold* 0.10 0.34 - 0.01 0.43 Evrim Res V 200 0.38 0.33 0.00 0.06 - 0.01 0.09 O 871 0.08 0.06 Excalibur Res* 0.01 0.10 - 0.01 0.11 Excalibur Res 524 0.11 0.07 0.20 2.15 - 0.04 2.40 Excellon Res T 1787 2.31 1.85 0.14 1.64 - 0.06 1.85 Excellon Res* O 662 1.80 1.43 0.12 0.29 + 0.01 0.31 O 51 0.29 0.27 Excelsior Mng* 0.29 1.32 - 0.08 1.48 Exeter Res* X 1189 1.46 1.25 0.39 1.70 - 0.11 1.94 Exeter Res T 274 1.88 1.64 0.01 0.01 0.01 - 0.01 0.02 0.01 636 ExGen Res Inc V 0.07 0.08 + 0.00 0.22 O 2 0.08 0.00 Expedition Mng* 0.03 0.10 - 0.02 0.18 Explor Res* O 236 0.11 0.08 0.05 0.15 + 0.02 0.15 Explorex Res 15 0.15 0.15 0.02 0.13 + 0.01 0.23 Fairmont Res V 324 0.14 0.12 0.21 1.21 + 0.06 1.25 Falco Res V 586 1.24 1.11 0.03 0.10 - 0.01 0.23 Falcon Gold V 321 0.10 0.05 0.02 0.04 - 0.01 0.06 Fancamp Expl V 156 0.05 0.04 0.02 0.08 - 0.01 0.15 Far Res 502 0.09 0.08 0.01 0.03 + 0.01 0.05 Fieldex Expl V 1981 0.03 0.02 0.02 0.07 - 0.01 0.09 Finlay Minrls V 112 0.09 0.07 0.01 0.06 - 0.01 0.08 Finore Mng 169 0.07 0.06 0.01 0.04 + 0.01 0.06 Firesteel Res V 310 0.06 0.03 0.01 0.07 + 0.01 0.08 Firestone Vent V 568 0.07 0.06 0.02 0.10 + 0.01 0.25 O 287 0.10 0.08 Firma Holdings* 0.03 0.05 + 0.01 0.08 First Bauxite V 145 0.06 0.05 0.00 0.00 - 0.00 0.00 First Liberty* O 2294 0.00 0.00 19.42 - 4.04 24.96 3.50 First Majestic T 5960 23.56 19.36 15.12 - 2.98 19.15 2.40 First Majestic* N 33146 18.18 15.05 0.02 0.05 - 0.02 0.08 First Mexican V 598 0.06 0.04 1.09 0.91 0.99 - 0.07 1.31 0.25 V 7625 First Mg Fin 0.85 0.70 0.77 - 0.06 1.02 0.19 First Mg Fin * O 8301 0.04 0.08 - 0.03 0.14 First Point T 573 0.11 0.07 12.04 + 0.37 12.34 2.15 First Quantum T 15469 12.34 11.73 0.09 0.08 0.09 + 0.01 0.12 0.06 564 V Fission 3.0 0.39 0.55 + 0.00 0.63 Fission Uran* O 1322 0.57 0.54 0.01 0.15 + 0.05 0.17 Fjordland Exp V 4115 0.16 0.10 0.13 0.47 - 0.04 0.77 Flinders Res V 125 0.56 0.47 0.09 0.06 0.61 0.36 - 0.45 0.36 163 Res* O Flinders 0.07 0.17 - 0.01 0.30 V 2500 0.19 0.16 Focus Graphite 0.04 0.13 - 0.01 0.23 O 378 0.15 0.12 Focus Graphite* 0.05 0.10 - 0.01 0.22 Focus Vent V 316 0.10 0.00 0.05 0.29 + 0.08 0.31 Foran Mng V 3127 0.31 0.20 0.09 0.10 0.72 0.51 - 0.61 0.49 T 360 Formation Mtls 0.05 0.08 + 0.01 0.20 Forsys Metals T 605 0.08 0.07 0.35 0.00 0.35 + 0.25 0.25 0.05 9 Fort St J Nick V 1.00 3.66 + 0.15 3.67 O 54 3.67 3.41 Fortescue Mtls* 11.80 + 0.06 12.73 2.65 Fortuna Silvr T 2879 12.19 11.57 2.00 0.12 9.75 + 9.19 Fortuna Silvr* N 6094 9.55 8.97 0.25 0.75 + 0.13 0.75 Fortune Bay V 58 0.75 0.62 0.36 0.56 + 0.08 0.55 Fortune Bay* O 6 0.56 0.00 0.02 0.14 + 0.02 0.17 Fortune Mnrls T 4231 0.17 0.12 0.01 0.12 + 0.02 0.13 O 926 0.13 0.09 Fortune Mnrls* 0.04 0.10 + 0.02 0.20 V 619 0.12 0.09 Forum Uranium 0.03 0.09 + 0.03 0.14 O 658 0.10 0.06 Forum Uranium* 0.05 0.04 0.04 - 0.01 0.06 0.03 376 Fox River Res 39.05 77.62 - 0.15 81.16 N 2999 79.17 76.05 Franco-Nevada* Franco-Nevada T 1805 101.92 97.90 99.80 - 1.00 105.69 51.92 0.00 0.00 + 0.00 0.01 Franklin Mng* O 42 0.00 0.00 0.05 0.23 - 0.04 0.28 Freegold Vent T 208 0.27 0.22 11.97 + 0.15 14.20 3.52 N 99342 12.36 11.78 Freeport McMo* 26.00 0.00 25.27 + 0.10 26.65 8.70 8 Fresnillo plc* O 0.01 0.00 0.01 + 0.01 0.08 0.00 2 Frontier Rr Er* O 0.01 0.03 - 0.01 0.04 Frontline Gold V 472 0.03 0.03 0.11 0.00 0.09 - 0.02 0.12 0.02 37 Full Metal Mnl V 0.08 0.17 + 0.03 0.25 Fura Emeralds V 384 0.17 0.00

G-H G&S Minerals* O 1065 Gabriel Res T 545 Galantas Gold V 647 O 64 Galantas Gold* 148 Galena Intl Rs V Galore Res V 99 Galway Gold V 1186 Galway Mtls* O 538 Galway Mtls V 1405 49 Garibaldi Res * O 438 V Gem Intl Res General Moly T 13 General Moly* X 280 Genesis Mtls* O 1 Genesis Mtls V 823 V 346 Gensource Pot O 0 Geodex Mnrls* Geodex Mnrls V 17 O 411 Geologix Expl* Geologix Expl V 841 O 2 Geomega Res* Geomega Res V 133 131 Gespeg Cop Res V Getty Copper V 357 GFK Res V 120 Gitennes Expl V 548 Giyani Gold* O 54 O 300 Gldn Predator* Gldn Predator V 2388 435 Glen Eagle Res V Glencore Plc* O 463 Global Mnrls V 9 Globex Mng T 392 Globex Mng* O 64 GMCI Corp* O 2 O 284 GMV Minerals* GoGold Res T 637 Gold & Silver* O 2941 110 Gold Bulln Dev* O O 1585 Gold Dynamics* 19780 Gold Fields* N Gold Lakes* O 698 952 Gold Mng USA* O Gold Mtn Mng V 1786 103 Gold Mtn Mng * O 115 Gold Reach Res V Gold Reserve* O 459 Gold Reserve V 260 X 5238 Gold Resource* 135 Gold Ridge Exp V Gold Std Vents V 2832 Gold Std Vents* X 7335 Gold Torrent* O 6 V 140 Goldbank Mng Goldcliff Res V 819 T 8765 Goldcorp Goldcorp* N 31978 Golden Arrow V 1639 Golden Arrow* O 1060 V 406 Golden Cariboo Golden Dawn Ml V 2969 57 Golden Dawn Ml* O Golden Eagle* O 15 O 104 Golden Goliath* V 726 Golden Goliath Golden Harp V 14 Golden Hope V 127 Golden Hope* O 15 Golden Matrix* O 24907 Golden Mnls* X 2674 Golden Mnls T 379 234 Golden Peak Mn V O 701 Golden Queen* Golden Queen T 417 Golden Reign V 1461 Golden Secret V 405 322 Golden Sh Mng V Golden Star T 1007 10913 Golden Star* X Golden Tag V 510 Golden Valley V 519 Goldex Res V 28 T 3145 Goldgroup Mng O 1220 Goldgroup Mng* GoldON Res V 38

0.00 0.00 + 0.00 0.00 0.00 0.00 0.12 0.64 - 0.01 0.74 0.67 0.63 0.07 0.15 + 0.01 0.17 0.16 0.14 0.06 0.12 + 0.01 0.13 0.12 0.10 0.14 0.10 0.14 + 0.04 0.15 0.02 0.01 0.03 - 0.01 0.04 0.04 0.03 0.04 0.10 - 0.01 0.13 0.11 0.08 0.06 0.45 + 0.08 0.51 0.51 0.37 0.09 0.56 + 0.09 0.65 0.65 0.49 0.05 0.13 0.01 + 0.07 0.08 0.06 0.15 0.12 0.13 - 0.03 0.15 0.04 0.22 0.39 - 0.03 0.64 0.42 0.39 0.15 0.31 - 0.01 0.51 0.34 0.30 0.10 0.16 - 0.03 0.19 0.16 0.16 0.05 0.25 + 0.03 0.27 0.26 0.22 0.04 0.09 + 0.01 0.12 0.09 0.08 0.05 0.07 - 0.00 0.07 0.07 0.00 0.05 0.10 - 0.01 0.15 0.11 0.00 0.01 0.10 - 0.01 0.11 0.11 0.10 0.02 0.13 - 0.01 0.15 0.14 0.12 0.03 0.07 - 0.01 0.16 0.08 0.07 0.06 0.11 + 0.01 0.23 0.12 0.10 0.04 0.03 0.03 - 0.01 0.06 0.02 0.02 0.03 + 0.01 0.04 0.03 0.03 0.03 0.16 + 0.04 0.18 0.18 0.12 0.01 0.03 + 0.01 0.04 0.03 0.03 0.02 0.16 - 0.04 0.27 0.19 0.16 0.06 0.80 + 0.11 0.89 0.89 0.72 0.07 1.02 + 0.12 1.17 1.17 0.90 0.14 0.12 0.14 + 0.02 0.16 0.03 1.95 4.90 - 0.10 5.15 5.15 4.86 0.03 0.30 + 0.06 0.30 0.30 0.00 0.19 0.37 - 0.04 0.51 0.40 0.36 0.15 0.30 - 0.01 0.38 0.31 0.29 0.20 2.50 + 0.30 2.51 2.50 0.00 0.06 0.49 + 0.03 0.55 0.55 0.41 0.94 1.17 - 0.07 1.65 1.28 1.16 0.01 0.00 0.00 - 0.00 100.00 0.00 0.09 0.08 0.08 - 0.01 0.11 0.01 0.00 0.00 + 0.00 0.01 0.01 0.00 2.04 6.37 - 0.01 6.60 6.50 6.07 0.01 0.49 - 0.00 1.02 0.53 0.40 0.01 0.01 0.01 - 0.00 0.19 0.00 0.32 0.27 0.27 - 0.04 0.49 0.02 0.25 0.22 0.22 - 0.04 0.26 0.22 0.25 0.20 0.23 + 0.02 0.25 0.08 0.00 5.20 + 0.00 5.90 5.24 0.00 3.06 6.70 - 0.03 8.00 6.90 6.54 1.14 6.11 - 0.42 6.88 6.75 5.87 0.50 0.40 0.40 - 0.10 0.70 0.05 3.84 3.48 3.75 + 0.19 4.10 0.42 3.00 2.69 2.93 + 0.11 3.20 0.32 0.20 0.60 - 0.05 0.69 0.65 0.50 0.03 0.15 + 0.01 0.16 0.15 0.13 0.01 0.02 - 0.01 0.04 0.03 0.02 13.55 23.56 - 0.91 26.56 24.65 23.30 18.33 - 0.55 20.38 9.46 19.10 18.06 0.17 1.01 - 0.13 1.48 1.20 1.01 0.13 0.84 - 0.02 1.30 0.92 0.73 0.03 0.12 + 0.02 0.15 0.14 0.10 0.33 0.25 0.29 - 0.02 0.44 0.07 0.25 0.23 0.23 - 0.01 0.32 0.06 0.00 0.02 - 0.00 0.03 0.02 0.02 0.00 0.07 - 0.01 0.10 0.08 0.06 0.01 0.09 - 0.01 0.14 0.10 0.09 0.03 0.22 + 0.02 0.28 0.22 0.22 0.16 0.25 - 0.04 0.47 0.29 0.25 0.12 0.19 - 0.04 0.43 0.22 0.19 0.00 0.00 0.00 - 0.00 3000.00 0.00 0.13 0.76 - 0.09 1.16 0.86 0.73 0.19 0.99 - 0.13 1.51 1.13 0.93 0.32 0.12 0.22 - 0.03 0.90 0.12 0.48 1.00 - 0.01 1.56 1.07 0.98 0.67 1.29 - 0.01 2.00 1.35 1.27 0.07 0.34 + 0.03 0.35 0.35 0.30 0.02 0.53 - 0.15 0.69 0.65 0.48 0.25 0.21 0.25 + 0.05 0.26 0.03 0.21 0.96 - 0.03 1.46 1.00 0.93 0.14 0.75 - 0.01 1.13 0.78 0.72 0.02 0.12 - 0.01 0.18 0.14 0.12 0.07 0.32 - 0.02 0.35 0.35 0.31 0.10 0.52 - 0.03 0.90 0.63 0.52 0.05 0.34 + 0.01 0.39 0.35 0.32 0.03 0.26 + 0.01 0.30 0.28 0.25 0.03 0.18 - 0.01 0.36 0.20 0.00

2016-08-23 5:03 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 29–SEPTEMBER 4, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

GoldQuest Mng V 1449 Goldrea Res* O 8 Goldrea Res 58 Goldsource Min* O 766 V 866 Goldsource Min Goldstream Mnl V 45 Goldstrike Res V 3516 GoldTrain Res 19 Gossan Res V 779 GoviEx Uranium* O 170 V 235 GoviEx Uranium Gowest Gold* O 241 Gowest Gold V 2071 GPM Metals V 495 Gran Colombia* O 777 Gran Colombia T 9785 Grande Portage V 151 Granite Ck Gld V 170 Graniz Mondal V 64 Graphite Corp* O 222 Graphite One V 3655 Graphite One* O 119 Gray Rock Res V 380 Great Atlantic V 440 Great Bear Res V 40 Great Lakes Gr* O 585 Great Panther* X 7014 Great Panther T 1995 Great Quest Fe V 59 Great Western* O 445 Greatbanks Res V 56 Greatbanks Res* O 13 272 Green Swan Cap V Greencastle Rs V 159 Greenland M&En* O 249 Grizzly Discvr V 128 Grizzly Gold* O 75 Group Ten Mtls V 3121 GTA Res & Mng V 515 Guerrero Vents V 829 Gungnir Res* O 10 Guyana Gldflds T 4970 Handa Copper V 33 Handeni Gold* O 4 Hard Creek Ni V 114 Harmony Gold* N 23490 Hawkeye Gld&Di V 75 V 86 Heatherdale Rs Hecla Mining* N 46746 Helio Res V 1328 Hellix Vent* O 85 Hemcare Health* O 42 Heron Res T 471 Highbank Res V 453 HiHo Silver 159 Hinterland Mtl V 213 Hochschild Mg* O 190 O 146 Homestake Res* Homestake Res V 522 Honey Badger E V 1199 Hornby Bay Mnl V 11 HTI Ventures V 215 HudBay Mnls T 5033 HudBay Mnls* N 533 Hudson Res V 141 Hudson Res* O 18 Hunt Mng V 45

0.61 0.53 0.58 - 0.02 0.68 0.09 0.08 0.08 0.08 - 0.01 0.08 0.02 0.12 0.00 0.10 - 0.01 0.12 0.03 0.42 0.36 0.38 - 0.01 0.45 0.11 0.52 0.47 0.49 - 0.02 0.57 0.14 0.17 0.13 0.17 + 0.03 0.40 0.10 0.41 0.35 0.36 - 0.01 0.41 0.07 0.15 0.00 0.13 - 0.02 0.20 0.08 0.08 0.06 0.07 - 0.01 0.08 0.02 0.13 0.12 0.12 + 0.00 0.16 0.08 0.17 0.13 0.13 - 0.02 0.19 0.13 0.20 0.16 0.18 - 0.01 0.22 0.04 0.25 0.21 0.24 - 0.02 0.28 0.06 0.41 0.35 0.36 - 0.05 0.57 0.08 0.11 0.09 0.11 + 0.00 0.20 0.04 0.14 0.12 0.13 - 0.01 0.26 0.06 0.19 0.15 0.18 - 0.02 0.20 0.04 0.06 0.04 0.04 + 0.01 0.06 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.09 0.08 0.08 - 0.01 0.18 0.07 0.07 0.06 0.07 + 0.01 0.14 0.05 0.09 0.08 0.08 - 0.01 0.09 0.02 0.10 0.08 0.10 + 0.01 0.10 0.03 0.35 0.31 0.35 + 0.05 0.36 0.05 0.06 0.06 0.06 + 0.01 0.09 0.04 1.51 1.38 1.39 - 0.06 2.25 0.36 1.95 1.78 1.79 - 0.09 2.82 0.47 0.20 0.15 0.20 + 0.05 0.38 0.11 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.03 0.03 - 0.03 0.06 0.01 0.02 0.00 0.02 + 0.02 0.02 0.00 0.09 0.09 0.09 - 0.01 0.14 0.01 0.15 0.11 0.12 + 0.01 0.18 0.05 0.04 0.02 0.04 + 0.01 0.17 0.00 0.05 0.04 0.05 + 0.01 0.10 0.01 0.20 0.12 0.13 - 0.02 0.21 0.01 0.04 0.03 0.03 - 0.01 0.07 0.01 0.16 0.11 0.16 + 0.04 0.16 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.04 0.00 9.46 8.95 9.22 - 0.19 10.35 2.48 0.07 0.00 0.06 + 0.01 0.07 0.03 0.20 0.00 0.20 + 0.08 0.53 0.11 0.05 0.05 0.05 + 0.01 0.05 0.01 4.55 3.94 4.10 - 0.37 4.87 0.53 0.15 0.12 0.13 - 0.01 0.15 0.03 0.06 0.06 0.06 - 0.01 0.07 0.01 7.17 6.73 6.76 - 0.23 7.26 1.45 0.05 0.04 0.04 - 0.01 0.08 0.02 0.04 0.02 0.03 - 0.01 0.06 0.00 0.06 0.06 0.06 - 0.00 0.25 0.05 0.17 0.15 0.15 - 0.02 0.17 0.07 0.07 0.06 0.07 + 0.01 0.15 0.04 0.11 0.10 0.11 + 0.01 0.25 0.09 0.05 0.04 0.05 - 0.01 0.12 0.01 4.16 3.69 4.16 + 0.26 4.14 0.59 0.17 0.14 0.15 - 0.02 0.18 0.01 0.21 0.18 0.19 - 0.02 0.24 0.01 0.05 0.03 0.04 + 0.01 0.05 0.01 0.06 0.06 0.06 - 0.01 0.09 0.03 0.98 0.85 0.85 - 0.09 0.98 0.01 6.27 5.91 6.09 + 0.05 7.85 2.26 4.87 4.60 4.72 + 0.07 6.02 1.56 0.37 0.35 0.35 - 0.01 0.54 0.34 0.30 0.27 0.27 - 0.00 0.41 0.26 0.33 0.27 0.32 + 0.07 0.35 0.02

I-Minerals V 63 IAMGOLD T 14528 IAMGOLD* N 85041 Iberian Mnrls V 4906 IC Potash* O 58 IC Potash T 275 Iconic Mnls V 1130 Iconic Mnls * O 111 IDM Mining* O 1215 IDM Mining V 5699 IEMR Res V 180 iMetal Res V 39 IMPACT Silver V 677 Impala Platnm* O 179 O 11 Imperial Metal* Imperial Metal T 187 Inca One Gold V 3696 Inca One Gold* O 38 Inception Mng * O 11 V 549 Independence G Independence G* O 48 Indigo Expl V 224 Inspiration Mg* O 10 Inspiration Mg 8 Intact Gold* O 20 Intact Gold V 1858 Integra Gold* O 1401 Integra Gold V 3255 Interconnect V 32 Intgr Egy Sol* O 94558 Intigold Mines* O 32 Intigold Mines V 346 Intl Lithium* O 392 Intl Lithium V 787 Intl Millm Mng V 398 Intl Samuel Ex V 386 Intl Star* O 5540 Intl Tower Hil T 138 Intl Tower Hil* X 1551 Intrepid Pots* N 3436 INV Metals* O 125 INV Metals T 299 Inventus Mg * O 30 Inventus Mg V 179 InZinc Mining V 937 InZinc Mining* O 30 Ireland* O 423 Ironside Res V 98 Irving Res 53 Irving Res* O 6 136 Itoco Mg Corp* O Ivanhoe Mines* O 1595 Ivanhoe Mines T 15396 Jaguar Mng* O 153 Jaguar Mng T 1161 Jayden Res V 111 Jazz Res V 5 Jet Metal* O 105 K92 Mng Inc V 3037 K92 Mng Inc* O 1158 Kaizen Discvry V 94 Kapuskasing Gd V 710 Karnalyte Res T 211 Katanga Mng T 57 Kenna Res V 487 Kennady Diam V 111 Kerr Mines* O 76 Kerr Mines T 558 Kesselrun Res V 767 Khalkos Expl V 575 Khan Res 1996 Kilo Goldmines V 2681 Kilo Goldmines* O 219 Kincora Copper* O 14 Kincora Copper V 343 Kingsmen Res* O 7 Kinross Gold* N 79274 Kinross Gold T 20187 Kirkland Lk Gd* O 186 Kirkland Lk Gd T 2878 Kiska Metals* O 94 Kiska Metals V 931 Klondex Mns T 1952 Klondike Gold* O 209 Klondike Silv* O 11 Klondike Silv V 540 Knick Expl V 1308 Komet Resource V 346

0.34 0.32 0.32 - 0.01 0.37 0.16 6.55 5.97 6.06 - 0.44 7.65 1.66 5.08 4.64 4.70 - 0.30 5.87 1.15 0.09 0.07 0.09 + 0.02 0.11 0.04 0.08 0.07 0.07 + 0.00 0.11 0.03 0.10 0.09 0.10 + 0.01 0.15 0.04 0.29 0.23 0.26 - 0.02 0.45 0.03 0.23 0.18 0.19 - 0.04 0.33 0.01 0.20 0.16 0.17 + 0.01 0.21 0.04 0.25 0.21 0.22 - 0.01 0.26 0.07 0.02 0.02 0.02 - 0.01 0.06 0.01 0.05 0.05 0.05 + 0.01 0.10 0.03 1.22 1.03 1.04 - 0.07 1.28 0.11 4.91 4.53 4.70 - 0.23 5.23 1.45 5.69 5.00 5.43 - 0.12 6.52 2.81 7.35 6.42 6.91 - 0.16 8.82 3.92 0.27 0.04 0.25 - 0.07 1.05 0.25 0.04 0.04 0.04 - 0.24 0.74 0.21 0.57 0.00 0.57 + 0.02 1.00 0.20 0.43 0.35 0.39 + 0.02 0.50 0.06 0.33 0.28 0.28 - 0.04 0.37 0.04 0.03 0.02 0.03 - 0.01 0.04 0.01 0.03 0.03 0.03 + 0.00 0.10 0.01 0.10 0.04 0.10 + 0.01 0.10 0.02 0.09 0.05 0.09 + 0.02 0.14 0.04 0.11 0.09 0.11 + 0.01 0.18 0.02 0.72 0.65 0.66 - 0.02 0.76 0.18 0.92 0.83 0.84 - 0.04 0.96 0.26 0.09 0.06 0.06 - 0.04 0.14 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.06 0.08 + 0.02 0.13 0.05 0.12 0.08 0.08 - 0.02 0.19 0.06 0.18 0.15 0.18 + 0.04 0.55 0.02 0.23 0.19 0.23 + 0.03 0.38 0.03 0.09 0.07 0.07 - 0.01 0.10 0.05 0.09 0.08 0.09 + 0.01 0.15 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 1.58 1.38 1.46 - 0.02 1.82 0.26 1.24 1.06 1.13 - 0.02 1.40 0.18 1.40 1.30 1.33 + 0.03 8.74 0.65 0.74 0.64 0.65 - 0.08 0.77 0.08 0.95 0.82 0.87 - 0.07 1.10 0.08 0.22 0.21 0.22 + 0.01 0.28 0.20 0.28 0.27 0.27 - 0.01 0.35 0.02 0.22 0.17 0.20 - 0.01 0.25 0.04 0.16 0.16 0.16 - 0.00 0.17 0.03 0.19 0.15 0.15 - 0.05 0.38 0.13 0.11 0.09 0.09 - 0.02 0.24 0.05 0.35 0.27 0.31 + 0.02 0.35 0.11 0.28 0.00 0.28 + 0.05 0.28 0.09 0.10 0.08 0.08 - 0.02 1.10 0.08 1.47 1.26 1.30 - 0.03 1.52 0.36 1.80 1.62 1.68 - 0.04 1.97 0.53 0.62 0.55 0.59 - 0.02 0.65 0.09 0.79 0.70 0.74 - 0.03 0.85 0.13 0.15 0.11 0.12 - 0.03 0.23 0.03 0.18 0.18 0.18 + 0.06 0.19 0.08 0.06 0.00 0.05 + 0.05 0.12 0.00 2.04 1.67 1.71 - 0.29 2.24 0.87 1.60 1.30 1.33 - 0.25 1.72 0.75 0.30 0.26 0.26 - 0.03 0.31 0.08 0.07 0.06 0.07 + 0.01 0.07 0.02 1.24 1.05 1.05 - 0.12 4.15 0.52 0.16 0.15 0.16 + 0.01 0.23 0.13 0.24 0.20 0.22 - 0.01 0.27 0.12 4.20 3.86 4.06 + 0.15 5.00 2.35 0.11 0.08 0.08 - 0.02 0.12 0.01 0.13 0.11 0.11 - 0.02 0.16 0.02 0.26 0.22 0.24 - 0.02 0.43 0.02 0.22 0.19 0.21 - 0.01 0.26 0.05 0.84 0.77 0.84 + 0.01 0.88 0.34 0.25 0.17 0.19 - 0.01 0.25 0.04 0.19 0.15 0.15 + 0.02 0.19 0.03 0.27 0.27 0.27 + 0.00 0.27 0.27 0.37 0.34 0.34 - 0.01 0.55 0.15 0.12 0.12 0.12 + 0.00 0.12 0.02 5.27 4.87 4.93 - 0.28 5.82 1.31 6.80 6.27 6.32 - 0.43 7.56 1.79 9.70 9.04 9.32 + 0.28 9.70 3.12 12.38 11.69 12.00 + 0.31 12.39 4.51 0.09 0.08 0.08 - 0.00 0.09 0.01 0.11 0.10 0.10 - 0.01 0.12 0.01 6.91 6.38 6.85 + 0.27 6.87 2.56 0.25 0.22 0.23 - 0.00 0.32 0.07 0.11 0.09 0.11 + 0.00 0.12 0.01 0.15 0.11 0.13 - 0.01 0.15 0.01 0.07 0.05 0.06 + 0.01 0.07 0.01 0.48 0.44 0.44 - 0.02 0.50 0.29

I-J-K

L Labrador Iron T Lago Dourado V Lakeside Mnrls V Lamelee Iron V Lara Expl V

714 54 101 86 231

13.55 13.01 13.20 + 0.03 17.44 6.85 0.16 0.15 0.15 - 0.02 0.59 0.05 0.02 0.01 0.02 + 0.01 0.04 0.01 0.29 0.24 0.24 - 0.04 0.70 0.10 1.45 1.34 1.36 - 0.02 1.58 0.21

8-10_AUGUST29_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Laramide Res T 362 Largo Res* O 28 Largo Res T 43 Latin Am Mnls* O 35 Latin Am Mnls V 621 Laurion Mnl Ex V 2769 Laurion Mnl Ex* O 435 Legend Gold V 176 Legend Gold* O 69 Levon Res Ltd T 1674 Levon Res Ltd * O 978 684 Lexam VG Gold* O Lexam VG Gold T 2259 Li3 Energy* O 122 Libero Mg Corp V 148 Liberty Star* O 5606 Lincoln Mng V 101 Lion One Mtls V 202 Lion One Mtls* O 131 Lithium Amer T 2635 Lithium Amer* O 1666 Lithium Corp* O 624 Lithium Expl* O 19354 Lode-Star Mg* O 857 Lomiko Mtls V 483 Lomiko Mtls* O 412 Loncor Res* O 33 Loncor Res T 59 Lone Star Gold* O 67 Lonmin plc* O 49 Lonmin plc* O 46 Lorraine Coppr* O 2 Lowell Copper V 52 Lucara Diam T 2386 Luna Gold T 1841 Luna Gold* O 697 Lundin Gold T 515 Lundin Mng T 4968 Lupaka Gold V 348 Lydian Intl T 1105 Lydian Intl* O 49 Lynas Corp* O 245

0.27 0.24 0.25 + 0.01 0.38 0.15 0.52 0.47 0.47 - 0.06 0.56 0.08 0.67 0.58 0.58 - 0.09 0.72 0.11 0.32 0.28 0.28 - 0.03 0.36 0.06 0.41 0.35 0.37 - 0.03 0.48 0.05 0.03 0.02 0.03 + 0.01 0.02 0.01 0.02 0.01 0.02 + 0.01 0.01 0.00 0.07 0.05 0.07 + 0.03 0.06 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.71 0.49 0.63 + 0.14 0.71 0.09 0.54 0.40 0.50 + 0.11 0.54 0.07 0.28 0.19 0.26 + 0.06 0.23 0.04 0.35 0.25 0.33 + 0.07 0.30 0.05 0.02 0.02 0.02 - 0.00 0.04 0.01 0.20 0.18 0.20 + 0.05 0.20 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.17 0.12 0.12 - 0.01 0.17 0.02 0.96 0.87 0.96 + 0.01 0.99 0.24 0.75 0.00 0.75 + 0.02 0.77 0.18 0.94 0.85 0.87 - 0.06 1.15 0.26 0.73 0.67 0.68 - 0.03 0.87 0.34 0.11 0.10 0.10 + 0.00 0.13 0.02 0.02 0.01 0.01 + 0.00 0.45 0.00 0.05 0.04 0.04 + 0.00 0.05 0.01 0.04 0.00 0.03 - 0.01 0.05 0.03 0.03 0.02 0.03 - 0.00 0.04 0.02 0.18 0.16 0.17 - 0.01 0.20 0.01 0.24 0.21 0.21 - 0.02 0.25 0.02 0.01 0.00 0.01 - 0.00 0.01 0.00 3.10 2.99 2.99 + 0.00 3.12 0.01 3.28 3.01 3.10 - 0.16 90.00 0.55 0.07 0.07 0.07 - 0.00 0.07 0.03 0.37 0.29 0.29 - 0.02 0.39 0.12 4.39 4.16 4.33 + 0.14 4.39 1.42 0.32 0.26 0.30 + 0.04 0.32 0.03 0.24 0.20 0.23 + 0.04 0.24 0.02 6.62 6.08 6.10 - 0.17 6.62 3.48 5.68 5.39 5.42 - 0.13 5.79 2.98 0.24 0.20 0.24 + 0.02 0.23 0.04 0.49 0.45 0.47 - 0.01 0.50 0.19 0.39 0.36 0.36 - 0.01 0.39 0.13 0.06 0.05 0.05 - 0.00 0.10 0.03

M Macarthur Mnl* O 377 0.06 0.05 0.06 + 0.01 0.14 0.02 Macarthur Mnl V 1670 0.08 0.07 0.08 + 0.01 0.18 0.02 Maccabi Vent 450 0.09 0.08 0.09 + 0.03 0.14 0.07 MacMillan Mnls V 151 1.15 1.08 1.10 + 0.02 1.44 0.20 Mag Copper 478 0.02 0.01 0.02 + 0.01 0.05 0.01 MAG Silver T 1199 22.59 20.86 21.10 - 0.55 22.59 8.60 Magellan Gold* O 22 0.20 0.12 0.13 - 0.02 0.35 0.04 Magnus Intl* O 506 0.00 0.00 0.00 - 0.00 0.00 0.00 Majescor Res* O 23 0.06 0.06 0.06 + 0.01 0.09 0.01 Majescor Res V 171 0.10 0.00 0.10 + 0.01 0.15 0.02 Makena Res* O 216 0.03 0.02 0.02 + 0.00 0.04 0.01 Makena Res V 5651 0.03 0.03 0.03 + 0.01 0.05 0.01 Malbex Res V 255 0.45 0.40 0.42 - 0.02 0.46 0.20 Mammoth Res V 433 0.04 0.03 0.04 - 0.01 0.05 0.01 Mandalay Res T 2811 1.17 1.12 1.13 - 0.02 1.35 0.59 Manson Creek V 450 0.05 0.04 0.04 - 0.01 0.06 0.01 Marathon Gold T 4090 0.79 0.64 0.77 + 0.10 0.79 0.11 Margaux Res V 166 0.28 0.25 0.28 + 0.01 0.28 0.11 Mariana Res V 392 1.00 0.94 0.94 - 0.05 1.20 0.85 Mariana Res* O 113 0.80 0.73 0.75 + 0.01 0.89 0.02 Marifil Mines V 314 0.03 0.02 0.02 - 0.01 0.04 0.01 Maritime Res V 524 0.30 0.25 0.27 - 0.01 0.31 0.08 Marlin Gold* O 76 0.54 0.43 0.47 + 0.02 0.54 0.10 Marlin Gold V 131 0.68 0.55 0.60 + 0.05 0.68 0.15 MartinMarietta* N 2573 201.11 190.50 192.25 - 4.21 206.36 108.31 Mason Graphite* O 151 0.99 0.94 0.95 + 0.00 0.99 0.21 Mason Graphite V 404 1.28 1.22 1.25 + 0.03 1.28 0.30 Masuparia Gold V 29 0.05 0.05 0.05 - 0.01 0.06 0.03 Matachewan Con V 336 0.33 0.00 0.30 - 0.03 0.49 0.20 Matamec Expl V 5410 0.11 0.05 0.07 + 0.02 0.11 0.02 Matamec Expl* O 213 0.07 0.04 0.06 + 0.02 0.07 0.01 Maverix Mtls* O 8 0.90 0.00 0.86 - 0.02 16.33 0.80 Mawson Res* O 6 0.18 0.17 0.17 + 0.01 0.24 0.12 Mawson Res T 130 0.23 0.00 0.22 + 0.01 0.30 0.17 Maxwell Res* O 33 0.01 0.01 0.01 - 0.00 0.06 0.00 Maya Gold &Sil V 3471 0.27 0.20 0.21 - 0.05 0.27 0.10 McEwen Mng* N 19054 4.81 4.34 4.57 + 0.21 4.92 0.71 McEwen Mng T 2637 6.14 5.60 5.88 + 0.26 6.44 0.95 MDN Inc V 4358 0.19 0.14 0.15 + 0.01 0.19 0.01 MDN Inc* O 318 0.14 0.12 0.12 + 0.02 0.14 0.01 Meadow Bay Gd* O 149 0.08 0.07 0.07 - 0.01 0.14 0.04 Meadow Bay Gd T 177 0.10 0.09 0.09 - 0.01 0.21 0.06 Mechel* N 517 1.84 1.61 1.79 + 0.21 2.48 1.23 Medallion Res* O 1426 0.02 0.02 0.02 + 0.00 0.04 0.01 Medgold Res V 533 0.20 0.17 0.18 - 0.01 0.25 0.05 Medinah Mnrls* O 3643 0.02 0.01 0.02 - 0.00 0.03 0.01 Mega Uranium T 2162 0.17 0.15 0.16 + 0.01 0.20 0.05 Mega Uranium* O 404 0.13 0.00 0.13 + 0.01 0.15 0.04 Merrex Gold V 402 0.23 0.21 0.23 + 0.02 0.31 0.10 Merrex Gold* O 65 0.18 0.17 0.17 + 0.01 0.24 0.10 Meryllion Res 511 0.03 0.02 0.03 + 0.01 0.03 0.01 Mesa Expl V 82 0.09 0.08 0.08 - 0.01 0.17 0.01 Mesa Expl* O 8 0.07 0.07 0.07 + 0.00 0.14 0.01 0.03 - 0.01 0.04 0.01 MetalCorp V 177 0.03 0.03 Metalex Vent V 315 0.09 0.08 0.08 - 0.02 0.11 0.04 Metallis Res V 86 0.20 0.18 0.20 + 0.02 0.28 0.02 0.70 - 0.20 1.50 0.30 Metalo Manuf 6 0.90 0.70 Metals Creek V 201 0.12 0.11 0.11 - 0.01 0.20 0.05 Metals X* O 26 1.39 1.30 1.30 - 0.13 1.43 0.68 0.09 - 0.01 0.13 0.03 Metanor Res V 4561 0.10 0.09 Mexus Gold* O 10572 0.09 0.07 0.08 + 0.01 0.09 0.00 MGX Minerals* O 14 0.15 0.15 0.15 - 0.00 0.19 0.14 MGX Minerals 1083 0.23 0.18 0.21 + 0.02 0.70 0.08 0.02 - 0.01 0.03 0.01 Micrex Dev V 255 0.03 0.02 Midas Gold T 1317 1.18 1.06 1.07 - 0.10 1.22 0.25 Midas Gold* O 1416 0.92 0.83 0.84 - 0.07 0.95 0.16 1.08 + 0.03 1.20 0.45 Midland Expl V 117 1.15 1.05 Midnight Sun V 452 0.15 0.11 0.15 + 0.03 0.24 0.08 Midway Gold* O 1724 0.00 0.00 0.00 - 0.00 0.01 0.00 0.47 + 0.04 0.54 0.11 Millrock Res* O 290 0.48 0.43 Millrock Res V 763 0.62 0.55 0.60 + 0.06 0.70 0.15 Minco Gold* X 543 0.34 0.30 0.31 - 0.02 0.42 0.10 Minco Gold T 72 0.44 0.39 0.39 - 0.04 0.55 0.12 Minco Silver T 281 1.81 1.68 1.71 - 0.04 2.05 0.32 Minco Silver* O 71 1.39 1.31 1.35 - 0.02 1.54 0.26 Minecorp Egy V 215 0.10 0.07 0.07 - 0.02 0.18 0.01 Minera Alamos V 47 0.24 0.23 0.24 - 0.02 0.29 0.07 Mineral Hill V 52 0.24 0.18 0.19 + 0.01 0.40 0.11 0.47 + 0.05 0.49 0.08 Mineral Mtn V 111 0.47 0.40 Mineral Mtn* O 68 0.37 0.31 0.37 + 0.05 0.38 0.04 Mines Manage* X 610 1.59 1.43 1.43 - 0.11 1.62 0.11 1.93 - 0.06 2.14 0.17 Mines Manage T 8 2.03 1.90 Minfocus Expl V 4437 0.07 0.03 0.05 + 0.02 0.07 0.01 Minnova Corp V 118 0.75 0.65 0.71 + 0.15 0.90 0.23 0.14 + 0.01 0.18 0.06 Miranda Gold V 474 0.14 0.12 Mirasol Res V 429 3.50 3.10 3.38 + 0.28 3.50 0.72 Mitchell Res V 39 0.13 0.00 0.13 + 0.01 0.14 0.02 Mitsui M’g* O 1 9.93 9.92 9.92 - 0.01 11.25 6.85 0.07 + 0.01 0.11 0.03 Mkango Res V 223 0.07 0.06 Molycorp* O 1175 0.04 0.03 0.03 - 0.01 0.14 0.02 Monarques Res* O 168 0.39 0.32 0.39 + 0.03 0.48 0.04 Monarques Res V 1147 0.49 0.41 0.49 + 0.01 0.66 0.06 Moneta Porcpn* O 840 0.28 0.23 0.23 - 0.03 0.28 0.06 Moneta Porcpn T 5033 0.36 0.29 0.30 - 0.03 0.36 0.07 Monster Mng* O 7 0.40 0.35 0.38 + 0.01 0.42 0.04 Monster Mng V 228 0.52 0.44 0.49 - 0.01 0.54 0.05 Montan Mg V 2429 0.08 0.06 0.08 - 0.01 0.13 0.02 Montero Mg&Ex V 278 0.04 0.03 0.03 - 0.01 0.08 0.01 Monument Mng V 495 0.15 0.13 0.14 - 0.01 0.19 0.08 Morumbi Res V 154 0.06 0.04 0.06 + 0.02 0.07 0.02 Mosaic* N 21203 28.70 27.19 28.07 + 0.89 42.49 22.02 Mountain Boy* O 2880 0.05 0.04 0.05 + 0.01 0.05 0.00 Mountain Prov* D 297 5.09 4.85 5.08 + 0.21 5.13 2.47 Mountain Prov T 352 6.55 6.25 6.53 + 0.20 6.70 3.38 Mukuba Res V 180 0.25 0.00 0.21 + 0.21 0.45 0.15 Mundoro Cap* O 536 0.20 0.10 0.18 + 0.07 0.20 0.03 Mundoro Cap V 967 0.23 0.17 0.21 + 0.05 0.23 0.04 Murchison Min 37 0.35 0.00 0.35 + 0.10 0.35 0.05 MX Gold* O 3232 0.31 0.24 0.25 - 0.04 0.31 0.07 MX Gold V 14655 0.39 0.31 0.32 - 0.05 0.39 0.10 Myson Group* O 52 0.05 0.03 0.03 - 0.00 0.06 0.00

N-O NACCO Ind* N 168 Natan Res V 110 Natural Res Pt* N 340 Nautilus Mnrls T 123 Nautilus Mnrls* O 187 Nemaska Lith* O 169 Nemaska Lith T 5141

70.11 63.62 67.77 + 3.81 70.11 40.04 0.30 0.27 0.28 - 0.02 0.40 0.05 21.95 19.21 20.05 + 0.11 34.80 5.00 0.16 0.14 0.15 - 0.01 0.40 0.10 0.12 0.11 0.12 - 0.01 0.30 0.08 0.93 0.86 0.89 + 0.03 1.50 0.15 1.19 1.10 1.14 + 0.04 1.97 0.20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevada Canyon* O 81 Nevada Clean M* O 169 Nevada Clean M V 5975 Nevada Copper T 161 Nevada Egy Mtl* O 539 Nevada Egy Mtl V 2021 Nevada Expl * O 138 Nevada Expl V 396 Nevada Sunrise* O 670 V 1588 Nevada Sunrise Nevada Zinc V 782 Nevado Res V 610 Nevsun Res* X 3306 Nevsun Res T 2429 New Carolin Gd V 1786 New Carolin Gd* O 349 New Colombia* O 2781 33 New Destiny Mg V New Dimen Res V 105 New Gold* O 140 New Gold T 8089 New Gold* X 22111 New Jersey Mng* O 241 New Milln Iron T 569 New Nadina V 27 New Oroperu V 78 New World Res V 334 NewCastle Gold* O 432 Newlox Gold 123 Newmarket Gold* O 441 T 1929 Newmarket Gold Newmont Mng* N 29579 Newport Expl V 294 Newstrike Res V 292 Nexgen Energy T 1527 Nexgen Energy* O 79 Next Gen Mtls 1224 Next Gen Mtls* O 203 NGEx Res T 634 NGEx Res* O 46 Nickel North V 10 Nicola Mg Inc* O 64 Nighthawk Gold V 877 Nikos Expl V 50 Niocorp Dev* O 310 Niocorp Dev T 286 Nippon Dragon V 142 Noble Mnl Expl V 322 Noka Res* O 11 Noram Vent V 16620 O 244 Noranda Alum* Noront Res V 1755 Nortec Mnls V 226 97 North Am Nickl* O North Am Nickl V 912 29 North Am Pall T North Am Pall* O 13 North Arrow Mn V 25 596 North Springs* O Northcliff Res T 574 Northisle C&G V 646 Northn Empire V 233 Northn Empire* O 43 Norvista Cap V 284 Nouveau Monde V 737 NovaCopper* X 267 NovaGold Res T 1543 NovaGold Res* X 11581 Novo Res* O 209 Novo Res V 208 NRG Metals V 712 NRG Metals* O 240 Nrthn Abitibi V 82 Nrthn Freegold* O 13 Nrthn Freegold V 141 O 274 Nrthn Graphite* Nrthn Graphite V 183 Nrthn Iron V 544 Nrthn Lion V 45 Nrthn Mnrls &E* O 275 Nrthn Shield V 4346 Nrthn Vertex V 877 Nthn Dynasty T 16387 29807 Nthn Dynasty* X Nthrn Sphere 53 Nubian Res V 153 NuLegacy Gold* O 964 Nunavik Nickel V 16 NV Gold* O 20 Nyrstar NV* O 6 O.T. Mining* O 85 OceanaGold* O 59 OceanaGold T 9445 339 Oceanic Iron O V Oceanus Res V 652 Odin Mng & Exp V 178 Odin Mng & Exp* O 12 Olivut Res* O 19 Olivut Res V 71 Omineca Mg &Ml V 290 Opawica Expl V 22 Orbite Tech* O 203 Orca Gold V 402 Orca Gold* O 34 Orefinders Res V 1806 Orestone Mng V 1705 Orex Expl V 1576 Orex Mnrls V 614 Orex Mnrls* O 208 Orezone Gold* O 171 Orezone Gold V 937 21 Oriental Non F Orla Mng Ltd V 191 154 Oro East Mg* O Oroco Res V 102 Oroco Res* O 38 Orocobre T 345 Oroplata Res* O 3107 Orosur Mng T 588 Orsu Metals* O 1 Orvana Mnrls T 711 Orvana Mnrls* O 30 Osisko Gold T 1593 Osisko Gold* N 872 Osisko Mng Inc T 2617 Otis Gold* O 174 Otis Gold V 353 OZ Minerals* O 6

0.19 0.11 0.18 + 0.05 0.25 0.01 0.03 0.01 0.02 + 0.01 0.04 0.00 0.04 0.02 0.04 + 0.02 0.04 0.02 0.70 0.63 0.63 - 0.04 1.22 0.45 0.11 0.10 0.11 + 0.01 0.20 0.06 0.14 0.13 0.14 + 0.01 0.26 0.01 0.48 0.43 0.46 + 0.03 0.61 0.08 0.65 0.55 0.57 + 0.01 0.94 0.05 0.37 0.31 0.35 + 0.03 0.35 0.09 0.47 0.40 0.44 + 0.04 0.45 0.13 0.66 0.53 0.59 - 0.06 0.80 0.19 0.10 0.09 0.10 + 0.01 0.10 0.01 3.35 3.12 3.14 - 0.16 3.80 2.27 4.32 4.02 4.02 - 0.27 4.81 3.27 0.10 0.09 0.09 - 0.01 0.15 0.04 0.08 0.06 0.07 + 0.00 0.12 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 0.19 0.16 0.17 - 0.02 0.32 0.08 0.15 0.14 0.14 - 0.01 0.19 0.04 0.16 0.00 0.14 - 0.02 0.28 0.03 7.53 7.05 7.29 - 0.11 7.87 2.53 5.87 5.47 5.69 - 0.01 6.04 1.76 0.15 0.12 0.14 - 0.00 0.15 0.02 0.10 0.09 0.09 - 0.01 0.18 0.05 0.14 0.13 0.13 - 0.01 0.18 0.05 0.58 0.00 0.58 + 0.16 0.52 0.09 0.13 0.10 0.13 + 0.02 0.13 0.01 0.88 0.80 0.81 - 0.04 0.88 0.14 0.06 0.05 0.05 - 0.01 0.06 0.02 3.35 3.03 3.14 - 0.04 3.64 0.81 4.30 3.94 4.00 - 0.10 4.71 1.02 45.45 42.93 44.17 - 1.00 46.07 15.39 0.24 0.21 0.24 + 0.01 0.38 0.19 0.06 0.05 0.06 + 0.02 0.08 0.02 2.48 2.39 2.44 - 0.06 2.86 0.56 1.95 1.86 1.88 - 0.04 2.25 0.41 0.13 0.10 0.12 + 0.01 0.18 0.01 0.12 0.09 0.09 - 0.02 0.14 0.07 1.50 1.21 1.36 + 0.14 1.50 0.44 1.14 0.94 1.06 + 0.10 1.14 0.37 0.03 0.03 0.03 + 0.01 0.02 0.01 0.16 0.15 0.15 + 0.00 0.17 0.03 0.53 0.45 0.45 - 0.09 0.54 0.04 0.08 0.08 0.08 - 0.01 0.19 0.02 0.76 0.68 0.70 - 0.02 0.87 0.37 0.96 0.88 0.90 - 0.04 1.14 0.51 0.11 0.09 0.11 + 0.01 0.15 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 0.09 0.07 0.09 + 0.00 0.15 0.02 0.09 0.06 0.08 - 0.01 0.13 0.01 0.05 0.03 0.04 - 0.01 4.82 0.02 0.45 0.39 0.40 - 0.03 0.51 0.28 0.09 0.07 0.07 - 0.01 0.09 0.02 0.08 0.07 0.07 + 0.01 0.14 0.05 0.10 0.08 0.09 + 0.01 0.20 0.07 6.49 6.25 6.47 + 0.29 6.49 3.85 5.06 4.91 5.04 + 0.18 5.06 2.71 0.20 0.18 0.19 + 0.02 0.45 0.12 0.03 0.01 0.01 - 0.01 40.00 0.01 0.13 0.12 0.13 + 0.02 0.15 0.06 0.11 0.09 0.10 - 0.01 0.14 0.02 0.22 0.00 0.17 - 0.03 0.27 0.06 0.16 0.13 0.15 - 0.01 0.22 0.04 0.30 0.22 0.23 - 0.03 0.30 0.08 0.32 0.30 0.31 - 0.01 0.38 0.13 0.63 0.59 0.59 - 0.01 0.86 0.15 8.59 7.78 7.79 - 0.72 9.56 4.05 6.66 6.04 6.04 - 0.54 7.29 3.05 0.78 0.69 0.72 + 0.04 1.00 0.35 0.99 0.90 0.94 + 0.07 1.30 0.48 0.11 0.08 0.10 + 0.01 0.18 0.02 0.08 0.06 0.06 - 0.02 0.11 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.21 0.00 0.19 + 0.00 0.23 0.02 0.27 0.24 0.26 - 0.02 0.29 0.04 0.32 0.26 0.29 - 0.01 0.47 0.12 0.40 0.35 0.36 - 0.04 0.63 0.16 0.04 0.03 0.04 - 0.01 0.06 0.01 0.16 0.13 0.13 - 0.02 0.16 0.03 0.03 0.03 0.03 - 0.00 0.09 0.02 0.27 0.22 0.24 - 0.02 0.30 0.01 0.51 0.43 0.44 - 0.01 0.52 0.13 1.48 1.09 1.13 + 0.03 1.48 0.28 1.16 0.85 0.89 + 0.04 1.16 0.20 0.45 0.26 0.33 - 0.08 0.63 0.10 0.10 0.08 0.08 - 0.01 0.11 0.01 0.24 0.22 0.24 + 0.02 0.32 0.06 0.14 0.12 0.12 + 0.01 0.27 0.03 0.17 0.17 0.17 - 0.03 0.20 0.08 8.16 8.15 8.15 - 0.01 8.16 0.79 0.04 0.04 0.04 - 0.00 0.09 0.02 3.94 3.69 3.75 - 0.12 4.26 1.43 5.11 4.76 4.94 + 0.06 5.56 1.79 0.25 0.20 0.24 + 0.06 0.25 0.08 0.26 0.24 0.24 - 0.01 0.35 0.15 0.97 0.90 0.92 - 0.05 0.97 0.23 0.76 0.73 0.73 - 0.02 0.76 0.20 0.28 0.25 0.28 + 0.02 0.30 0.05 0.36 0.30 0.36 + 0.02 0.42 0.08 0.10 0.00 0.08 - 0.03 0.11 0.01 0.14 0.00 0.14 + 0.01 0.16 0.02 0.33 0.31 0.31 + 0.00 0.40 0.15 0.44 0.38 0.41 - 0.02 0.45 0.12 0.36 0.30 0.32 + 0.02 0.36 0.08 0.07 0.06 0.07 + 0.01 0.08 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 1.15 0.94 1.10 + 0.04 1.38 0.11 0.91 0.73 0.86 + 0.04 1.02 0.05 0.97 0.89 0.95 - 0.02 0.99 0.16 1.24 1.08 1.22 - 0.04 1.28 0.22 0.79 0.72 0.79 + 0.09 0.77 0.27 1.05 0.95 0.98 - 0.06 1.05 0.08 0.02 0.00 0.02 - 0.00 0.06 0.00 0.06 0.05 0.05 - 0.01 0.06 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 4.22 3.95 4.17 - 0.03 4.92 1.33 1.07 0.61 0.85 - 0.17 2.04 0.25 0.38 0.32 0.35 + 0.01 0.38 0.10 0.02 0.00 0.02 - 0.00 0.03 0.01 0.39 0.34 0.36 + 0.03 0.39 0.11 0.29 0.00 0.29 + 0.04 0.29 0.07 17.20 16.11 16.31 - 0.64 18.64 12.58 13.35 12.51 12.70 - 0.41 14.74 8.88 2.24 2.03 2.18 - 0.07 2.72 0.96 0.23 0.19 0.22 + 0.02 0.30 0.05 0.29 0.25 0.29 + 0.03 0.39 0.07 5.29 5.09 5.15 - 0.10 5.29 2.29

Pac Bay Mnrls V 95 Pac Booker Min* O 26 71 Pac Booker Min V Pac Gold* O 2858 Pac Imperial V 852 Pac Iron Ore V 13 Pac North West* O 757 Pac Ridge Expl V 466 Pac Topaz V 769 Paget Mrnls V 40 Paladin Energy T 1426 Palamina Corp V 186 Palamina Corp* O 24 Palisades Vent V 63 Palisades Vent* O 6 Pan Am Silver* D 13026 Pan Am Silver T 2284 Pan Global Res V 38 Pancontinental* O 156 Pancontinental V 426 Panex Res* O 266 Pangolin Dia V 2037 Panoro Mnrls V 669 Para Resources V 1155 Paramount Gold* X 518 Pasinex Res 1115 Passprt Potash* O 3 Patriot Gold* O 328 Peat Res V 52 Pedro Res V 56 Pele Mtn Res* O 173 Peloton Mnrls 41 Perseus Mng T 1013 Pershing Gold* D 673 Peruvian Prc M* O 674

0.07 0.00 0.07 + 0.01 0.10 0.03 0.83 0.75 0.75 + 0.00 1.93 0.45 1.08 0.92 0.97 - 0.03 2.50 0.63 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.03 0.04 + 0.01 0.05 0.01 0.23 0.00 0.23 + 0.01 0.39 0.13 0.04 0.03 0.04 + 0.00 0.06 0.00 0.11 0.09 0.10 + 0.02 0.11 0.02 0.24 0.21 0.21 - 0.03 0.29 0.07 0.08 0.07 0.07 - 0.01 0.09 0.01 0.18 0.17 0.18 + 0.02 0.27 0.15 0.25 0.22 0.25 + 0.02 0.24 0.06 0.19 0.17 0.19 + 0.03 0.19 0.08 0.07 0.06 0.07 + 0.01 0.08 0.03 0.04 0.04 0.04 + 0.00 0.04 0.04 21.59 20.18 20.77 + 0.16 21.59 5.38 27.56 26.01 26.69 - 0.05 27.56 7.78 0.08 0.08 0.08 + 0.02 0.08 0.01 0.06 0.04 0.06 + 0.02 0.06 0.00 0.10 0.06 0.08 + 0.01 0.08 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.12 0.12 - 0.02 0.22 0.03 0.19 0.17 0.18 - 0.01 0.21 0.09 0.33 0.26 0.31 + 0.01 0.36 0.07 2.31 1.91 2.00 - 0.30 2.93 0.93 0.13 0.10 0.13 + 0.02 0.14 0.03 0.00 0.00 0.00 - 0.00 0.03 0.00 0.16 0.13 0.15 - 0.01 0.23 0.03 0.05 0.04 0.04 - 0.01 0.07 0.01 0.24 0.00 0.24 + 0.01 0.25 0.01 0.03 0.02 0.03 + 0.00 0.04 0.02 0.12 0.10 0.11 - 0.01 0.12 0.09 0.57 0.52 0.53 - 0.03 0.67 0.27 4.28 4.00 4.03 - 0.23 5.13 3.04 0.13 0.08 0.11 + 0.01 0.13 0.02

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Petra Diamonds* O 4 Philex Mng* O 7 Philippine Mtl V 162 Pilot Gold* O 903 Pilot Gold T 1331 96 Pine Cliff En* O Pine Cliff En T 2301 Pinecrest Res V 90 Pistol Bay Mng V 563 Pitchblack Res V 33 Pitchblack Res* O 29 1 PJSC Polyus Gd* O PJX Res V 163 Planet Mng V 517 Plateau Uran V 301 Plateau Uran* O 54 Platinex V 2924 Platinum Gp Mt* X 824 Platinum Gp Mt T 123 Playfair Mng* O 3 PNG Gold V 401 Polaris Mater T 50 PolyMet Mng T 135 PolyMet Mng* X 715 Portofino Res V 220 Potash Corp SK* N 32072 Potash Corp SK T 9587 Potash Ridge T 3096 Potash Ridge* O 83 Precipitate Gl V 456 Premier Gold M T 2933 Premium Expl* O 10 Pretium Res* N 5221 Pretium Res T 2557 Primero Mng T 3259 Prize Mng V 1 Probe Metals* O 162 Probe Metals V 527 Prophecy Coal T 21 Prophecy Coal* O 10 Prosper Gold V 413 Prospero Silvr V 228 PUF Vent Inc * O 16 PUF Vent Inc 989 Puma Expl V 415 Pure Energy* O 1133 Pure Energy V 1358 Pure Gold Mg* O 183 Pure Gold Mg V 1913 Pure Nickel V 10 Pure Nickel* O 4 Purepoint Uran V 9760 Q-Gold Res V 70 QMC Quantum Ml V 206 QMX Gold* O 68 QMX Gold V 302 Quaterra Res* O 532 Quaterra Res V 437 Quest Rare Mnl* O 224 Quest Rare Mnl T 652 Quinto Real V 67

1.57 1.45 1.45 - 0.12 1.84 0.86 0.17 0.00 0.17 - 0.03 0.21 0.05 0.08 0.06 0.07 - 0.02 0.18 0.01 0.71 0.63 0.65 - 0.07 0.72 0.06 0.92 0.81 0.85 - 0.08 0.95 0.22 0.82 0.80 0.80 - 0.02 0.95 0.51 1.09 0.99 1.00 - 0.03 1.36 0.61 0.29 0.00 0.23 - 0.07 0.30 0.03 0.09 0.08 0.08 - 0.01 0.14 0.01 0.16 0.00 0.16 + 0.07 0.20 0.05 0.12 0.00 0.12 + 0.07 0.08 0.03 35.75 0.00 35.75 - 0.24 37.59 16.45 0.18 0.15 0.17 + 0.01 0.23 0.13 0.04 0.04 0.04 - 0.01 0.08 0.02 0.33 0.27 0.32 + 0.01 0.45 0.24 0.25 0.23 0.25 + 0.01 0.35 0.18 0.05 0.03 0.04 + 0.01 0.05 0.01 3.46 3.19 3.22 - 0.01 4.04 0.96 4.43 4.11 4.12 - 0.07 5.25 1.35 0.07 0.00 0.07 + 0.01 0.08 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 1.32 1.20 1.20 - 0.12 2.25 1.00 1.26 1.12 1.19 - 0.04 1.71 0.76 0.98 0.88 0.91 - 0.01 1.28 0.55 0.08 0.07 0.08 + 0.01 0.08 0.06 16.97 15.89 16.18 - 0.03 26.26 14.64 21.82 20.45 20.80 - 0.22 34.43 19.93 0.28 0.22 0.26 - 0.02 0.50 0.03 0.21 0.17 0.20 - 0.02 0.38 0.02 0.32 0.28 0.32 - 0.01 0.37 0.06 4.92 4.70 4.70 - 0.04 5.05 2.03 0.02 0.00 0.02 + 0.02 0.04 0.00 12.03 11.25 11.43 - 0.34 12.41 4.00 15.53 14.51 14.67 - 0.57 16.17 5.74 2.39 2.28 2.29 - 0.02 4.41 1.94 0.03 0.00 0.03 - 0.01 0.04 0.02 1.11 1.02 1.09 - 0.02 1.12 0.24 1.43 1.30 1.41 + 0.03 1.45 0.34 4.40 3.55 4.30 + 0.84 6.00 1.00 3.40 0.00 3.40 + 0.59 4.05 1.25 0.33 0.27 0.29 - 0.01 0.39 0.06 0.28 0.24 0.28 + 0.03 0.26 0.05 0.06 0.06 0.06 - 0.01 0.16 0.03 0.09 0.07 0.08 - 0.02 0.20 0.04 0.08 0.07 0.08 + 0.01 0.10 0.03 0.70 0.62 0.63 - 0.05 0.91 0.27 0.88 0.80 0.83 - 0.04 1.15 0.36 0.58 0.53 0.56 - 0.03 0.60 0.05 0.75 0.69 0.69 - 0.06 0.77 0.07 0.03 0.00 0.03 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.00 0.03 0.00 0.15 0.10 0.13 + 0.03 0.15 0.02 0.06 0.05 0.06 + 0.01 0.14 0.01 0.06 0.00 0.06 + 0.01 0.08 0.01 0.05 0.04 0.05 + 0.01 0.08 0.01 0.08 0.06 0.07 - 0.01 0.11 0.01 0.06 0.05 0.06 + 0.00 0.09 0.04 0.08 0.07 0.08 + 0.01 0.10 0.05 0.12 0.10 0.12 + 0.02 0.20 0.03 0.16 0.14 0.15 + 0.02 0.25 0.06 0.16 0.00 0.16 - 0.01 0.20 0.01

R Rackla Mtls* O 3 0.11 0.11 0.11 - 0.00 0.12 0.03 Rackla Mtls V 156 0.15 0.00 0.15 + 0.01 0.16 0.05 Radisson Mng V 316 0.18 0.17 0.18 + 0.01 0.18 0.09 Rainforest Res* O 8 7.00 4.00 7.00 + 2.99 7.00 0.30 Rainmaker Res V 63 0.14 0.12 0.13 + 0.01 0.25 0.07 Rainy Mtn Royl V 66 0.06 0.04 0.04 - 0.03 0.08 0.03 Rambler Ml &Mg V 593 0.10 0.07 0.09 + 0.03 0.21 0.05 Randgold Res* D 4514 111.80 108.02 108.60 - 0.51 126.55 54.88 Randsburg Intl V 37 0.02 0.01 0.01 - 0.01 0.02 0.01 Rapier Gold V 65 0.15 0.11 0.13 - 0.02 0.15 0.03 Rare Element* O 121 0.10 0.09 0.09 - 0.01 0.41 0.06 RB Energy* O 105 0.00 0.00 0.00 + 0.00 0.01 0.00 Red Eagle Mng V 1449 0.89 0.80 0.81 - 0.06 0.90 0.25 Red Eagle Mng* O 227 0.71 0.62 0.63 - 0.06 0.91 0.18 Red Moon Potsh V 72 0.05 0.04 0.04 - 0.01 0.09 0.02 Red Pine Expl V 2453 0.20 0.15 0.16 - 0.03 0.24 0.03 Redhawk Res T 330 0.09 0.07 0.08 + 0.01 0.10 0.04 Redzone Res V 33 0.22 0.21 0.22 + 0.01 0.32 0.06 Regency Gold V 65 0.03 0.03 0.03 - 0.02 0.06 0.01 Regulus Res V 103 1.70 1.57 1.66 - 0.02 1.87 0.19 Reliant Gold V 214 0.03 0.03 0.03 + 0.01 0.04 0.01 Renaissance Gd* O 343 0.51 0.38 0.43 - 0.06 0.52 0.08 Renaissance Gd V 615 0.65 0.50 0.54 - 0.09 0.66 0.11 Revelo Res V 105 0.10 0.08 0.08 - 0.01 0.11 0.04 Revolver Res V 205 0.25 0.18 0.18 - 0.04 0.27 0.07 Revolver Res* O 8 0.17 0.16 0.17 + 0.01 0.17 0.05 Richmond Mnls V 146 0.07 0.00 0.07 - 0.01 0.14 0.03 Richmont Mines* X 3466 10.35 9.34 9.35 - 0.72 11.48 2.41 Richmont Mines T 1558 13.37 12.03 12.05 - 0.98 14.99 3.19 Rio Novo Gold T 47 0.29 0.00 0.28 + 0.02 0.30 0.07 Rio Silver V 121 0.13 0.11 0.13 + 0.02 0.12 0.02 Rio Tinto* N 15008 32.80 31.31 32.06 + 0.98 40.05 21.89 Rio Tinto* O 5 32.71 0.00 31.93 - 0.62 38.70 21.90 Rio Tinto* O 0 38.07 0.00 38.07 + 1.93 39.53 25.47 32 0.15 0.00 0.15 + 0.03 0.25 0.08 Rise Res Inc* O Rise Res Inc 108 0.23 0.19 0.23 + 0.03 0.25 0.11 Riverside Res V 430 0.43 0.39 0.40 - 0.03 0.49 0.12 Riverside Res* O 59 0.33 0.31 0.31 - 0.02 0.38 0.08 Robex Res V 325 0.11 0.10 0.10 - 0.01 0.17 0.05 Rochester Res* O 28 0.07 0.00 0.07 + 0.01 0.09 0.01 Rochester Res V 44 0.10 0.00 0.08 - 0.02 0.11 0.03 Rock Tech Lith* O 9 0.50 0.45 0.50 + 0.04 0.53 0.02 Rock Tech Lith V 74 0.65 0.52 0.62 + 0.04 0.70 0.03 Rockcliff Cop V 839 0.11 0.08 0.09 - 0.01 0.11 0.02 Rockhaven Res V 140 0.25 0.23 0.25 + 0.01 0.29 0.10 Rockland Mnls V 159 0.08 0.07 0.08 - 0.01 0.11 0.01 V 10 0.35 0.25 0.35 + 0.10 0.57 0.05 Rockridge Cap Rockshield Cap 161 0.06 0.05 0.06 + 0.01 0.11 0.05 Rockwell Diam* O 30 0.09 0.00 0.09 - 0.00 0.18 0.05 Rockwell Diam T 517 0.12 0.10 0.11 - 0.01 0.24 0.07 Rogue Res* O 138 0.05 0.04 0.04 - 0.01 0.11 0.04 Rogue Res V 5479 0.09 0.05 0.05 - 0.01 0.16 0.05 Rojo Res* O 10 0.09 0.08 0.08 - 0.01 0.09 0.03 0.13 - 0.01 0.15 0.04 Rojo Res V 31 0.14 0.12 Romios Gold Rs* O 132 0.08 0.06 0.07 - 0.00 0.08 0.01 RosCan Mrnls V 253 0.03 0.03 0.03 + 0.02 0.03 0.01 V 252 0.01 0.01 0.01 + 0.01 0.03 0.01 Ross River Rotation Mnls V 34 0.30 0.27 0.27 - 0.03 0.30 0.02 Rouge Res V 983 0.71 0.63 0.65 - 0.04 0.73 0.03 V 164 0.11 0.10 0.11 + 0.01 0.15 0.05 Roughrider Exp Roxgold* O 95 1.29 1.22 1.29 - 0.00 1.35 0.42 Roxgold V 3791 1.68 1.56 1.65 - 0.03 1.76 0.55 Royal Gold* D 2808 84.84 81.13 83.25 - 0.01 87.74 24.68 Royal Nickel* O 37 0.31 0.30 0.30 + 0.00 0.50 0.10 Royal Rd Mnrls V 1362 0.13 0.11 0.11 - 0.01 0.18 0.04 Royal Std Mnrl* O 108 0.00 0.00 0.00 - 0.00 0.00 0.00 RT Minerals V 61 0.17 0.00 0.16 - 0.02 0.30 0.05 RTG Mining T 25 0.67 0.00 0.65 - 0.02 0.70 0.33 Rubicon Mnrls* O 3769 0.05 0.04 0.05 - 0.00 0.87 0.01 Rubicon Mnrls T 4635 0.07 0.06 0.07 + 0.01 1.13 0.02 Rugby Mng V 295 0.58 0.44 0.50 + 0.07 0.58 0.03 227 0.04 0.02 0.03 + 0.01 0.04 0.01 Running Fox Rs V Rupert Res V 190 0.99 0.89 0.89 - 0.03 0.99 0.02 Rusoro Mng* O 273 0.13 0.10 0.13 + 0.02 0.13 0.02 Rusoro Mng V 2792 0.16 0.14 0.16 + 0.03 0.19 0.03 Rye Patch Gold V 2647 0.35 0.34 0.35 - 0.01 0.47 0.11

S Sabina Gd&Slvr T 2390 Sabina Gd&Slvr* O 2062 Sage Gold V 279 Sage Gold* O 110 Saint Jean* O 250 Salazar Res* O 5 Samco Gold V 107 Samex Mng* O 164 San Gold Corp* O 110 San Marco Res* O 24 916 San Marco Res V Sandspring Res* O 237 Sandspring Res V 818 Sandstorm Gold T 2734 Sandstorm Gold* X 9708 Santa Fe Gold* O 709 Santacruz Silv V 3453 Sarama Res V 494 Sarissa Res* O 7576 Savary Gold V 1453 Savary Gold* O 48 Saville Res V 63 Scandium Int M* O 514

1.28 1.17 1.27 + 0.09 1.87 0.32 1.01 0.90 0.98 + 0.07 1.55 0.24 0.15 0.12 0.14 - 0.01 0.16 0.03 0.12 0.10 0.11 + 0.01 0.12 0.03 0.04 0.04 0.04 + 0.01 0.05 0.02 0.12 0.12 0.12 + 0.03 0.12 0.03 0.04 0.04 0.04 + 0.01 0.18 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 0.22 0.12 0.22 + 0.09 0.22 0.01 0.30 0.16 0.25 + 0.09 0.30 0.02 0.66 0.60 0.64 + 0.04 0.72 0.08 0.84 0.77 0.81 + 0.04 0.94 0.11 8.59 7.88 8.03 - 0.43 8.73 2.82 6.65 6.12 6.22 - 0.31 6.75 1.94 0.07 0.05 0.06 + 0.01 0.07 0.00 0.59 0.48 0.50 - 0.01 0.63 0.09 0.42 0.34 0.36 - 0.02 0.55 0.05 0.01 0.00 0.01 + 0.00 0.02 0.00 0.15 0.13 0.13 - 0.02 0.15 0.02 0.11 0.09 0.09 - 0.00 0.12 0.06 0.05 0.02 0.05 + 0.03 0.04 0.01 0.13 0.12 0.12 + 0.01 0.17 0.06

2016-08-23 5:03 PM

WWW.NORTHERNMINER.COM

AUGUST 29–SEPTEMBER 4, 2016 / 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

Scientific Mts V 3518 Scorpio Gold V 623 ScoZinc Mg V 2 Seabridge Gld* N 3732 Seabridge Gld T 378 Search Mnls V 93 Searchlight* O 168 Secova Mtls V 936 Select Sands V 1709 Semafo T 5319 Senator Mnrls V 64 Serabi Gold T 672 Serengeti Res V 824 Shamrock Ent 74 Shore Gold T 897 V 79 Shoshoni Gold Sibanye Gold* N 6886 Sidney Resrces* O 1241 Sienna Res V 2222 Sienna Res* O 18 Sierra Iron Or V 95 Sierra Metals* O 4 Sierra Metals T 195 Signature Res V 643 Silver Bear Rs T 3630 Silver Bull Re* O 1803 Silver Bull Re T 1477 Silver Dragon* O 27 Silver Grail V 240 Silver Predatr V 386 Silver Pursuit V 1055 Silver Range V 482 Silver Scott* O 7 Silver Shield 39 Silver Spruce V 175 Silver Spruce* O 3 Silver Std Res T 4493 Silver Std Res* D 12428 Silver Wheaton T 7993 Silver Wheaton* N 26796 Silvercorp Met T 2319 O 801 Silvercorp Met* SinoCoking Cl* D 75 Sirios Res V 7226 Sirios Res* O 362 Skeena Res* O 355 Skeena Res V 8270 Skyharbour Res* O 4 V 224 Skyharbour Res Slam Explor V 372 Slam Explor* O 100 Solitario Ex&R T 174 Solitario Ex&R* X 610 Sonora Gld & S V 19 Sonoro Mtls V 75 Source Expl V 1051 Southern Arc V 63 Southern Copp* N 2833 Southern Silvr* O 884 Southern Silvr V 1944 Spanish Mtn Gd V 1561 Spanish Mtn Gd* O 137 Sparton Res* O 45 Sparton Res V 1864 Spearmint Res V 2155 Sphinx Res V 404 424 Spruce Ridge R V St Elias Mns* O 45 St-Georges Plt* O 50 V 367 Stakeholdr Gld Stakeholdr Gld* O 44 Standard Metal* O 6 Stans Energy V 221 Stans Energy* O 125

0.10 0.09 0.09 - 0.01 0.10 0.07 0.10 0.09 0.09 - 0.01 0.11 0.05 0.95 0.00 0.95 + 0.02 1.25 0.40 13.49 12.79 12.94 - 0.16 15.88 5.31 17.33 16.50 16.64 - 0.37 20.71 7.13 0.08 0.07 0.07 - 0.01 0.11 0.04 0.08 0.06 0.06 - 0.00 0.35 0.01 0.06 0.05 0.05 - 0.01 0.10 0.03 0.51 0.37 0.48 + 0.11 0.49 0.20 6.79 6.40 6.57 - 0.03 7.46 2.51 0.49 0.36 0.49 + 0.10 0.66 0.04 0.10 0.09 0.10 - 0.01 0.12 0.04 0.21 0.19 0.21 + 0.01 0.22 0.02 0.06 0.04 0.06 + 0.01 0.06 0.01 0.22 0.20 0.22 + 0.01 0.25 0.13 0.08 0.01 0.08 - 0.02 0.25 0.05 20.85 19.59 19.72 - 0.38 20.97 4.07 0.01 0.01 0.01 + 0.00 0.02 0.00 0.25 0.22 0.22 - 0.02 0.27 0.01 0.20 0.17 0.17 - 0.03 0.20 0.01 0.36 0.27 0.33 + 0.03 0.50 0.22 1.69 1.37 1.62 + 0.26 1.69 0.69 2.19 1.73 2.07 + 0.27 2.19 0.95 0.11 0.08 0.11 + 0.02 0.11 0.01 0.53 0.37 0.44 - 0.04 0.53 0.02 0.20 0.16 0.18 + 0.01 0.21 0.02 0.26 0.21 0.24 + 0.01 0.28 0.04 0.03 0.00 0.00 - 0.03 0.05 0.00 0.11 0.08 0.09 - 0.01 0.16 0.02 0.08 0.07 0.08 + 0.01 0.09 0.01 0.11 0.07 0.11 + 0.04 0.13 0.02 0.19 0.17 0.18 - 0.02 0.24 0.02 0.02 0.01 0.01 - 0.01 0.02 0.00 0.08 0.00 0.07 - 0.01 0.17 0.01 0.13 0.11 0.11 - 0.01 0.13 0.04 0.10 0.00 0.08 - 0.01 0.10 0.02 19.99 18.34 18.95 - 0.92 20.48 5.28 15.48 14.23 14.75 - 0.59 15.84 3.66 40.00 37.54 37.61 - 1.91 40.80 14.51 31.09 29.20 29.26 - 1.21 31.35 10.04 4.27 3.97 4.21 + 0.04 4.45 0.60 3.32 3.10 3.27 + 0.02 3.41 0.41 0.39 0.35 0.36 - 0.01 0.89 0.26 1.42 0.95 1.07 + 0.14 1.42 0.07 1.13 0.79 0.84 + 0.14 1.13 0.07 0.14 0.13 0.13 - 0.01 0.15 0.04 0.17 0.16 0.16 - 0.01 0.20 0.06 0.28 0.25 0.28 + 0.02 0.32 0.25 0.38 0.33 0.34 - 0.05 0.42 0.08 0.13 0.00 0.09 - 0.02 0.14 0.01 0.09 0.06 0.09 + 0.02 0.09 0.01 1.29 1.06 1.15 - 0.02 1.29 0.57 0.90 0.81 0.89 - 0.02 0.95 0.40 0.07 0.06 0.07 + 0.01 0.08 0.01 0.15 0.13 0.15 + 0.02 0.15 0.04 0.04 0.03 0.03 - 0.01 0.05 0.01 0.78 0.70 0.73 - 0.02 1.00 0.24 26.50 25.85 26.01 - 0.08 31.31 21.55 0.52 0.41 0.42 - 0.08 0.52 0.02 0.66 0.53 0.54 - 0.10 0.66 0.03 0.20 0.17 0.18 - 0.02 0.22 0.02 0.15 0.14 0.15 - 0.00 0.17 0.01 0.07 0.05 0.07 + 0.02 0.07 0.01 0.09 0.06 0.07 + 0.02 0.09 0.01 0.03 0.03 0.03 - 0.01 0.06 0.01 0.06 0.05 0.05 - 0.01 0.07 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.01 0.00 0.01 + 0.01 0.01 0.00 0.04 0.03 0.04 + 0.01 0.04 0.01 0.53 0.45 0.48 - 0.07 0.70 0.04 0.42 0.37 0.38 - 0.06 0.54 0.05 0.14 0.10 0.10 - 0.04 0.90 0.01 0.02 0.00 0.02 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.00 0.03 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Starcore Intl T 328 Starr Peak Exp V 50 Stellar Africa V 150 Stelmine Can V 114 Sterling Grp* O 204 Stillwater Mg* N 8904 Stina Res 184 V 48 Stockport Expl Stonegate Agri* O 25 Stonegate Agri T 290 Stornoway Diam T 4004 Stratabd Mnr V 338 Strategic Res * O 30 Stratton Res V 221 Stria Lithium V 224 Strikepoint Gd* O 124 Strongbow Expl V 110 Sultan Mnrls V 159 Suncor Energy T 10518 Suncor Energy* N 15641 Sunridge Gold* O 425 Sunvest Mnrls V 169 Sutter Gold* O 65 Sutter Gold V 50 Syrah Res* O 4

0.81 0.69 0.70 - 0.06 0.91 0.25 0.13 0.09 0.13 + 0.04 0.19 0.05 0.05 0.04 0.04 - 0.01 0.08 0.01 0.30 0.15 0.29 + 0.13 0.27 0.05 0.04 0.02 0.03 + 0.01 0.04 0.01 15.31 13.82 13.84 - 0.98 15.91 4.99 0.15 0.10 0.10 - 0.04 0.19 0.11 0.03 0.02 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 + 0.00 0.03 0.00 0.02 0.02 0.02 - 0.01 0.04 0.01 1.13 1.05 1.13 + 0.03 1.20 0.65 0.01 0.01 0.01 + 0.01 0.02 0.01 0.25 0.00 0.25 + 0.11 0.25 0.14 0.85 0.71 0.81 + 0.11 0.85 0.07 0.11 0.10 0.11 + 0.01 0.18 0.02 0.21 0.15 0.19 - 0.02 0.21 0.08 0.22 0.18 0.20 - 0.02 0.25 0.05 0.15 0.13 0.15 + 0.01 0.20 0.05 36.84 35.80 36.55 + 0.10 40.35 27.32 28.76 27.78 28.43 + 0.32 30.70 18.71 0.03 0.02 0.02 - 0.01 0.29 0.01 0.20 0.16 0.18 + 0.01 0.55 0.01 0.05 0.04 0.05 + 0.00 0.13 0.02 0.06 0.06 0.06 + 0.01 0.16 0.04 3.56 3.49 3.49 - 0.07 4.90 1.81

Tahoe Res* N 9596 Tahoe Res T 4806 Tajiri Res V 1576 Taku Gold 48 Talon Metals T 295 Tamino Mnrls* O 6013 V 300 Tanager Energy Tango Mining V 4785 Tantalex Res 474 Tanzania Rlty T 199 Tanzania Rlty* X 1509 Tarku Res V 205 Tasca Res V 127 Taseko Mines T 337 Taseko Mines* X 610 O 140 Tasman Metals* Tasman Metals V 97 Teck Res T 16 Teck Res T 16005 Teck Res* N 32212 Telferscot Res 125 O 67 Telson Res * Telson Res V 99 Tembo Gold* O 107 Tembo Gold V 191 Teranga Gold T 5279 Teras Res V 93 Teras Res* O 25 Terraco Gold V 667 Terrax Mnrls* O 62 Terrax Mnrls V 1113 307 Teslin Rvr Res V Teuton Res V 256 Teuton Res* O 62 Themac Res V 53 O 715 Thompson Creek* T 1547 Thompson Creek Thor Expl V 178 Thunder Mtn Gd* O 87 Thunder Mtn Gd V 9 O 202 Thunderstruck* Till Capital* D 82 Till Capital V 6 Timberline Res V 20 Timberline Res* O 88 Timmins Gold T 5195

16.67 14.95 14.98 - 1.42 17.01 6.48 21.51 19.21 19.25 - 1.97 22.13 9.45 0.07 0.06 0.06 + 0.01 0.07 0.01 0.19 0.15 0.15 - 0.01 0.22 0.02 0.09 0.00 0.09 - 0.01 0.15 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.07 0.07 + 0.01 0.10 0.02 0.11 0.05 0.11 + 0.05 0.08 0.01 0.12 0.10 0.12 - 0.01 0.15 0.01 1.45 1.26 1.30 - 0.10 1.95 0.24 1.10 0.97 1.00 - 0.06 1.49 0.17 0.10 0.09 0.09 - 0.01 0.10 0.02 0.11 0.11 0.11 + 0.01 0.15 0.00 0.69 0.65 0.67 - 0.01 0.88 0.35 0.54 0.50 0.52 + 0.00 0.70 0.23 0.26 0.21 0.22 - 0.01 0.41 0.06 0.33 0.28 0.28 - 0.02 0.54 0.09 21.95 20.50 20.82 + 0.30 22.30 5.69 21.16 20.15 20.32 - 0.12 22.27 3.65 16.52 15.67 15.80 + 0.03 16.94 2.56 0.05 0.01 0.04 + 0.03 0.05 0.01 0.40 0.29 0.38 - 0.02 0.43 0.07 0.54 0.38 0.49 - 0.03 0.55 0.04 0.06 0.04 0.06 + 0.00 0.06 0.01 0.07 0.05 0.07 + 0.01 0.07 0.01 1.39 1.29 1.32 + 0.02 1.39 0.38 0.14 0.12 0.13 + 0.01 0.18 0.03 0.10 0.09 0.10 + 0.01 0.13 0.02 0.19 0.17 0.17 - 0.01 0.19 0.07 0.76 0.66 0.72 - 0.01 0.76 0.17 0.96 0.84 0.88 - 0.08 0.96 0.23 0.29 0.24 0.25 - 0.02 0.43 0.20 0.43 0.35 0.37 - 0.08 0.46 0.04 0.33 0.28 0.28 - 0.04 0.34 0.03 0.07 0.05 0.05 - 0.02 0.10 0.01 0.60 0.56 0.58 - 0.00 0.73 0.07 0.77 0.72 0.75 - 0.01 0.95 0.16 0.15 0.12 0.14 + 0.02 0.15 0.02 0.12 0.09 0.11 + 0.01 0.15 0.02 0.16 0.14 0.14 - 0.02 0.23 0.07 0.09 0.00 0.09 + 0.03 0.09 0.04 4.44 3.76 4.44 + 1.06 4.77 2.76 5.50 4.51 5.21 + 0.77 5.90 3.28 0.48 0.46 0.47 - 0.02 0.72 0.16 0.42 0.36 0.40 - 0.01 0.55 0.08 0.74 0.64 0.67 - 0.05 0.80 0.11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Timmins Gold* X 9998 Tinka Res* O 235 Tintina Res* O 51 Tintina Res V 53 Tirex Res V 9342 Tirex Res* O 195 Titanium Corp V 154 O 46 TMAC Resource* TMAC Resources T 167 Toachi Mg Inc V 165 TomaGold V 821 Tombstone Expl* O 194 Tonogold Res* O 147 Torex Gold* O 206 Torex Gold T 3875 Tower Res V 409 Transatlan Mng V 186 Transition Mtl V 248 Treasury Metal T 393 Trecora Res* N 190 Trevali Mng* O 371 Trevali Mng T 4299 Trigen Res V 125 O 79 TriMetals Mng* TriMetals Mng* O 65 TriMetals Mng T 126 Trinity Res* O 2 Trinity Valley V 110 TriStar Gold* O 178 TriStar Gold V 249 Troy Enrgy V 20 Troy Res* O 12 Troymet Expl V 1217 70 True Grit Res V 850 True North Gem V Trueclaim Expl* O 2 Tsodilo Res V 49 Tudor Gold V 430 O 14 Tudor Gold * O 5751 Tungsten Corp* Turquoise HIl T 3532 TVI Pacific* O 86 Tyhee Gold* O 131 Typhoon Expl V 123

0.57 0.49 0.52 - 0.04 0.63 0.07 0.17 0.15 0.16 + 0.00 0.22 0.07 0.11 0.10 0.10 - 0.01 0.12 0.03 0.14 0.13 0.13 - 0.01 0.15 0.04 0.12 0.05 0.11 - 0.01 0.22 0.05 0.09 0.07 0.09 - 0.00 0.16 0.05 0.74 0.59 0.62 - 0.08 1.54 0.31 15.16 14.09 14.87 + 0.91 15.16 9.26 19.97 18.15 18.95 + 0.85 19.97 5.30 0.40 0.38 0.40 + 0.02 0.43 0.03 0.16 0.14 0.15 + 0.01 0.17 0.04 0.01 0.01 0.01 - 0.00 0.02 0.01 0.04 0.02 0.04 + 0.02 0.07 0.01 26.13 24.49 25.55 + 0.73 26.13 7.97 33.57 31.59 32.98 + 0.96 33.57 10.70 0.10 0.08 0.08 - 0.01 0.10 0.01 0.06 0.05 0.06 + 0.01 0.15 0.03 0.20 0.18 0.19 - 0.01 0.25 0.06 0.82 0.73 0.80 + 0.01 0.85 0.32 11.24 10.75 11.07 + 0.28 14.96 8.17 0.75 0.70 0.75 + 0.04 0.75 0.18 0.96 0.91 0.96 + 0.05 0.98 0.25 0.09 0.09 0.09 + 0.02 0.09 0.03 0.24 0.22 0.23 + 0.00 0.28 0.04 0.23 0.21 0.23 + 0.00 0.32 0.06 0.31 0.29 0.30 + 0.01 0.36 0.06 0.03 0.00 0.03 - 0.00 0.87 0.03 0.02 0.02 0.02 - 0.01 0.04 0.01 0.41 0.34 0.37 - 0.04 0.41 0.10 0.53 0.44 0.50 - 0.02 0.53 0.10 0.03 0.03 0.03 + 0.01 0.05 0.01 0.42 0.40 0.42 + 0.02 0.56 0.13 0.03 0.03 0.03 - 0.01 0.05 0.01 0.05 0.05 0.05 + 0.05 0.05 0.01 0.10 0.00 0.09 + 0.01 0.20 0.07 0.04 0.04 0.04 - 0.00 0.04 0.01 0.78 0.68 0.77 + 0.05 1.03 0.50 1.84 0.90 1.01 - 0.58 2.50 0.03 1.26 0.90 0.90 - 0.36 1.26 0.78 0.00 0.00 0.00 + 0.00 0.00 0.00 4.16 3.89 4.02 - 0.02 4.72 2.30 0.02 0.01 0.02 - 0.01 0.03 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.12 0.10 0.11 + 0.01 0.13 0.03

U.S. Lithium* O 219 U3O8 Corp* O 489 Ucore Rare Mtl* O 338 762 Ucore Rare Mtl V Ultra Lithium* O 20 Ultra Lithium V 120 Umbral Enrgy 648 Unigold* O 53 V 392 Unigold United Res Hdg* O 734 United Silver* O 320 United States A* X 1372 United States S* N 73960 Unity Energy V 208 Ur-Energy* X 1217 Ur-Energy T 150 Uracan Res V 171 Uracan Res* O 27 Uragold Bay Rs V 1674 Uranium Energy* X 3458 Uranium Res* D 2166 V 61 Uranium Valley Uravan Mnrls V 267 US Energy* D 414 US Rare Earths* O 15 US Tungsten* O 165 USCorp* O 105

0.06 0.04 0.04 - 0.01 0.15 0.01 0.03 0.02 0.03 + 0.00 0.04 0.01 0.32 0.26 0.30 + 0.03 0.35 0.15 0.40 0.34 0.39 + 0.03 0.45 0.20 0.14 0.14 0.14 - 0.02 0.27 0.06 0.18 0.15 0.16 - 0.02 0.35 0.05 0.04 0.03 0.04 - 0.01 0.10 0.02 0.46 0.39 0.40 - 0.04 0.51 0.06 0.60 0.50 0.52 - 0.04 0.69 0.08 0.02 0.01 0.01 - 0.01 0.07 0.01 0.01 0.00 0.00 - 0.00 0.01 0.00 0.47 0.29 0.40 + 0.10 0.57 0.16 22.80 20.28 20.38 - 0.68 27.64 6.15 0.17 0.14 0.14 - 0.01 0.48 0.10 0.60 0.54 0.57 + 0.02 0.73 0.44 0.77 0.70 0.75 + 0.01 0.98 0.60 0.07 0.07 0.07 - 0.01 0.08 0.01 0.06 0.00 0.05 - 0.01 0.06 0.00 0.24 0.18 0.20 - 0.03 0.31 0.02 1.14 1.01 1.07 - 0.05 1.47 0.65 1.56 1.32 1.43 - 0.13 16.08 1.26 0.14 0.00 0.12 - 0.01 0.35 0.04 0.42 0.37 0.39 - 0.01 0.42 0.05 2.15 1.75 2.12 + 0.02 3.84 0.67 0.20 0.02 0.11 - 0.09 1.50 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.01 0.01 - 0.00 0.03 0.00

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

24875 N Vale* 92926 N Vale* ValGold Res V 1388 Valley High Mg* O 2853 Vanadiumcorp V 221 Vantex Res V 1618 Vatic Vent V 82 N 677 Vedanta* Vena Res V 1016 Vendetta Mng V 320 Venture Mnrls* O 11 Verde Potash T 58 Victoria Gold V 2910 Victory Nickel 54 O 7 Virginia Enrgy* Viscount Mng V 333 Vista Gold* X 6204 Vista Gold T 399 Voltaic Min V 534

1.55 4.99 + 0.18 5.12 5.12 4.85 2.13 5.97 + 0.33 6.26 6.09 5.70 0.01 0.05 + 0.01 0.07 0.06 0.05 0.01 0.00 0.00 + 0.00 0.02 0.00 0.02 0.05 + 0.01 0.06 0.05 0.05 0.01 0.03 + 0.01 0.04 0.03 0.03 0.04 0.12 - 0.01 0.24 0.14 0.12 10.57 9.90 10.55 + 0.64 10.49 3.52 0.04 0.13 + 0.02 0.12 0.13 0.09 0.05 0.10 - 0.01 0.13 0.10 0.10 0.01 0.03 - 0.00 0.04 0.03 0.03 0.13 0.34 + 0.03 0.48 0.38 0.34 0.12 0.67 - 0.02 0.80 0.71 0.67 0.02 0.03 + 0.01 0.05 0.03 0.03 0.02 0.04 - 0.00 0.08 0.04 0.00 0.30 0.60 - 0.03 0.91 0.65 0.55 0.25 1.11 + 0.02 2.09 1.16 1.04 0.33 1.42 + 0.01 2.73 1.48 1.35 0.03 0.20 - 0.20 0.52 0.38 0.18

T 656 Wallbridge Mng O 595 Walter Energy* 369 War Eagle Mg V Waseco Res V 347 Wealth Mnrls* O 43 Wealth Mnrls V 1524 O 348 Wellgreen Plat* T 1440 Wesdome Gold 687 V West Af Res 143 West High Yld V West Kirkland V 3334 2016 West Red Lake 70 West Red Lake* O X 283 Western Copper* T 117 Western Copper 419 Western Pac Rs V 231 Western Pac Rs* O T 1070 Western Potash Western Uran 31 Western Uran* O 31 V 8969 Westkam Gold O 183 Westkam Gold* V 1397 Westminster Rs Westmoreland* D 560 89 White Metal Rs V 108 White Mtn Engy* O O 20 Whitehaven Coa* Wildcat Expl V 425 Wolfden Res V 1030 X-Terra Res V 75 Xiana Mng V 74 Ximen Mng* O 189 XLI Tech Inc* O 14517 V 243 Xtierra Xtra-Gold Res T 28 O 3 Xtra-Gold Res* Yamana Gold T 20472 100344 Yamana Gold* N Yanzhou Coal* N 147 T 12 Yellowhead Mng Yorbeau Res* O 4 Zadar Vent V 2152 73 O Zadar Vent * Zazu Metals* O 61 Zazu Metals T 361 Zenyatta Vent V 766 O 118 Zenyatta Vent* Zimtu Capital V 33 Zincore Mtls V 34 Zonte Mtls V 363

0.02 0.08 - 0.01 0.10 0.09 0.08 0.01 0.03 - 0.01 0.15 0.05 0.03 0.04 0.02 0.03 + 0.01 0.04 0.01 0.02 0.07 - 0.01 0.07 0.07 0.00 0.10 0.67 - 0.03 0.83 0.70 0.61 0.14 0.83 - 0.05 1.06 0.90 0.75 0.12 0.37 + 0.01 0.46 0.39 0.36 0.89 1.62 + 0.05 2.20 1.69 1.60 0.37 0.34 0.36 + 0.01 0.40 0.05 0.19 0.15 0.17 - 0.02 0.39 0.16 0.04 0.15 + 0.01 0.17 0.17 0.14 0.34 0.25 0.31 + 0.05 0.34 0.01 0.27 0.20 0.25 + 0.06 0.27 0.02 0.20 0.88 - 0.03 1.04 0.93 0.88 0.29 1.13 - 0.05 1.35 1.20 1.13 0.05 0.00 0.05 + 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.04 0.00 0.14 0.15 - 0.01 0.30 0.16 0.14 1.20 2.34 + 0.03 5.00 2.34 2.25 1.19 1.82 + 0.03 2.67 1.83 1.70 0.02 0.06 - 0.02 0.09 0.08 0.06 0.01 0.05 - 0.01 0.07 0.06 0.05 0.02 0.07 - 0.01 0.18 0.07 0.06 8.79 8.06 8.51 + 0.38 16.54 3.44 0.08 0.07 0.08 + 0.01 0.13 0.02 0.09 0.07 0.09 + 0.01 0.40 0.07 0.25 1.55 + 0.13 1.55 1.55 1.50 0.02 0.09 - 0.01 0.16 0.09 0.09 0.05 0.12 - 0.02 0.19 0.14 0.11 0.06 0.22 - 0.02 0.31 0.24 0.22 0.03 0.16 + 0.04 0.13 0.16 0.00 0.01 0.11 - 0.00 0.13 0.12 0.10 0.01 0.00 0.01 + 0.00 1.50 0.00 0.01 0.07 - 0.01 0.08 0.08 0.06 0.18 0.42 - 0.06 0.56 0.46 0.42 0.12 0.33 - 0.01 0.43 0.35 0.00 1.89 6.75 - 0.61 7.87 7.44 6.64 1.38 5.25 - 0.43 5.99 5.77 5.15 3.66 5.69 - 0.67 7.02 6.37 5.65 0.03 0.07 + 0.01 0.10 0.07 0.06 0.04 0.09 + 0.00 0.09 0.09 0.09 0.01 0.14 - 0.05 0.26 0.19 0.14 0.13 0.12 0.12 - 0.02 0.20 0.06 0.08 0.21 + 0.02 0.24 0.21 0.19 0.09 0.27 + 0.01 0.33 0.28 0.24 0.63 0.86 + 0.18 1.70 0.94 0.66 0.47 0.69 + 0.20 1.25 0.73 0.49 0.12 0.23 - 0.02 0.38 0.25 0.22 0.03 0.30 + 0.10 0.30 0.30 0.20 0.02 0.08 + 0.01 0.15 0.11 0.07

W-Z

BID-ASK — AUGUST 15–19, 2016 STOCK

12-MONTH

EXC BID ASK LAST HIGH

Acme Res Corp Active Growth Afrasia Mnls African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Amanta Res American Pot AMI Res Anconia Res APAC Res Inc Arbitrage Expl Arch Coal* Archon Mineral Arcturus Vents Ardonblue Vent Armor Mnrls Arrowhead Gold Artha Res Ateba Res Atlantic Ind Atlatsa Res* BE Res Bethpage Cap BHK Mining Big Bar Res Big Wind Cap Bird River Res Black Bull Res Bluestone Res Boss Power Buccaneer Gold Bullman Mnls Canuc Res Canyon Copper Carrie Arran Cascade Res Cassidy Gold Cassius Vents Cdn Metals Celtic Minrls Central Iron Chinapintza Mg Clear Mtn Res Cliffs Nat Res* Clydesdale Res CNRP Mng Compliance Egy Cons Woodjam Cornerstone Mt Crestwell Res Cricket Res Delrand Res DGS Mnls Dorex Mnrls DV Resources E-Energy Vent EastCoal Inc Empire Rock Enfield Expl European Metal Fire River Gol First Idaho Four River Freeport Res G4G Res Gainey Capital GAR Limited GB Minerals Genius Props Gentor Res GFM Res Global Cobalt

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

8-10_AUGUST29_StockTables.indd 10

0.01 0.03 0.02 0.03 0.05 0.06 0.05 0.10 0.04 0.08 0.04 0.05 0.05 0.08 0.06 0.11 ... 0.01 0.01 0.03 0.11 0.14 0.12 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.03 ... 0.03 0.03 0.03 0.10 0.03 0.06 0.01 0.02 0.01 0.05 0.07 0.07 0.30 0.07 0.09 0.09 0.10 0.05 0.06 0.06 0.09 0.07 0.08 0.07 0.11 0.04 0.08 0.04 0.12 ... ... 0.58 15.00 1.75 1.80 1.75 2.10 0.02 0.03 0.02 0.02 0.06 0.11 0.09 0.09 0.45 0.89 0.50 0.85 0.01 ... 0.03 0.05 0.13 0.15 0.12 0.20 ... 0.01 0.01 0.01 0.01 0.03 0.01 0.01 ... ... 0.06 0.45 ... 0.34 0.35 0.06 0.07 0.06 0.10 0.05 0.08 0.08 0.10 0.08 0.50 0.10 0.09 0.15 0.15 0.19 ... 0.05 0.05 0.07 ... 0.01 0.01 0.15 0.21 0.15 0.23 0.17 0.20 0.17 0.03 0.03 0.03 0.04 0.05 0.09 0.09 0.09 0.23 0.29 0.25 0.27 0.03 0.04 0.04 0.04 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.03 0.05 0.04 0.04 0.17 0.25 0.30 0.44 ... ... 0.01 0.01 0.02 0.02 0.02 0.01 0.02 0.01 0.01 0.20 0.27 0.19 0.40 1.45 3.20 1.43 7.17 0.04 0.10 0.05 0.08 0.01 0.04 0.01 0.01 0.03 0.03 0.03 0.25 0.07 0.08 0.07 0.08 0.03 0.04 0.03 0.04 0.04 0.10 0.13 0.01 0.04 0.01 0.02 0.60 0.75 0.55 0.65 0.04 0.09 0.04 0.06 0.02 0.03 0.03 0.03 0.03 0.04 0.04 0.06 ... 0.01 0.01 0.01 0.02 0.01 0.01 0.20 0.25 0.25 0.27 ... ... 0.01 0.01 ... 0.01 0.01 0.01 0.03 0.07 0.09 0.75 0.08 0.14 0.12 0.12 0.27 0.35 0.30 0.39 0.04 0.05 0.05 0.09 0.08 0.12 0.09 0.11 0.17 0.20 0.20 0.30 0.02 0.05 0.03 0.05 0.08 0.10 0.09 0.12 0.04 0.05 0.05 0.06 0.02 0.02 0.02 0.04 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08

LOW

STOCK

0.01 0.02 0.01 0.02 0.01 0.08 0.16 0.12 0.03 0.01

God’s Lake Res C V Goldbelt Emp Gonzaga Res V Gravis Energy C Green Valley M V Grenville Gold V Greywacke Expl C Harvest Gold V HFX Holding V Highvista Gold V Highway 50 Gld V Homeland Egy V Icon Explor V IGC Res V Inter-Rock Mnl V Jasper Mng V Jaxon Mnls V C JDF Explor Inc Jet Gold V Jet Metal V Jiulian Res V Kairos Cap V Karmin Expl V Karoo Expl V Kestrel Gold V Kitrinor Mtls V La Imperial C Lancaster Cap V Lateral Gold V V Leeta Gold Leo Res C Lions Bay Cap V Lions Gate Mtl C Logan Res V Lovitt Res V Lucky Mnls V Lund Enterpr V MAG Silver* X Mainstream Mnl V Manado Gold V Martina Mnls V Match Capital V Matica Ent C MAX Res V MaxTech Vent C McLaren Res C Mega Copper V Metallum Res V Mezzotin Mnrls V Midasco Cap V Midnight Star C MillenMin Vent V Milner Con Slv V Minsud Res V Moag Copper C Montana Gold C Morgan Res V Mountain Lake C T Namibia Rare E Navy Res V Nebu Res V Network Expl V New Klondike V Niocan Inc V Nitinat Mnls V Noble Metal Gr V Norsemont Cap C North Am Ptash V North Am Tung V NSGold V NSS Res Inc C Open Gold V Oracle Mng V Orofino Mnrls V Oronova Res V Oxford Res V Pac Arc Res V

0.03 0.03 0.01 0.03 0.01 0.58 1.30 0.01 0.05 0.12 0.03 0.01 0.01 0.01 0.06 0.03 0.03 0.01 0.03 0.05 0.02 0.03 0.05 0.01 0.05 0.02 0.01 0.01 0.06 0.01 0.01 0.10 0.98 0.01 0.01 0.03 0.02 0.01 0.01 0.10 0.04 0.01 0.03 0.01 0.04 0.01 0.01 0.03 0.05 0.05 0.01 0.03 0.10 0.01 0.02 0.02 0.01 0.02 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.05 ... 0.08 0.08 0.04 0.08 0.06 0.10 0.05 0.08 0.04 0.06 ... 0.02 0.01 0.01 0.02 0.02 0.05 0.15 0.17 0.17 0.18 0.06 ... 0.06 0.06 0.04 0.12 0.04 0.05 0.04 0.05 0.04 0.15 ... 0.16 0.17 0.19 0.24 0.24 0.25 ... 0.01 0.01 0.01 0.02 0.06 0.03 0.03 0.01 0.01 0.01 0.02 0.07 0.09 0.09 0.14 0.05 0.08 0.06 0.08 0.07 0.08 0.09 0.09 0.01 0.05 0.01 0.02 0.04 0.08 0.06 0.06 0.10 0.10 0.09 0.15 0.03 0.05 0.05 0.05 0.02 0.04 0.02 0.03 0.25 0.32 0.32 0.34 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.02 0.03 0.05 0.03 0.05 0.13 0.25 0.28 0.32 0.11 0.16 0.14 0.18 0.04 0.10 0.04 0.05 0.01 0.03 0.01 0.01 0.04 0.06 0.04 0.04 0.06 0.08 0.08 0.09 0.15 0.15 0.12 0.15 0.05 0.09 0.05 0.05 0.05 0.08 0.07 0.11 0.09 0.12 0.12 0.14 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.01 0.01 0.03 0.04 0.06 0.10 0.06 0.06 0.01 0.04 0.04 0.04 0.01 0.01 0.01 0.06 0.08 0.09 0.08 0.11 0.24 0.30 0.24 0.26 ... 0.01 0.01 0.01 0.05 0.11 0.05 0.05 0.03 0.06 0.12 0.01 0.02 0.01 0.01 0.07 0.09 0.07 0.13 0.06 0.15 0.06 0.10 0.09 0.20 0.11 0.14 0.04 0.05 0.05 0.07 0.06 ... 0.06 0.09 ... ... 0.08 0.12 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.03 ... 0.01 0.01 0.01 0.09 0.10 0.09 0.14 0.23 0.30 0.24 0.30 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.02 0.08 0.09 0.09 0.18 0.07 0.09 0.07 0.08 0.01 0.02 0.01 0.01 0.26 0.32 0.26 0.31 0.08 0.11 0.11 0.15 ... 0.01 0.01 0.02 0.08 0.12 0.12 0.12 ... ... 0.20 0.20 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.13 0.25 0.13 0.25 0.04 0.11 0.08 0.08 0.02 0.03 0.03 0.01 0.02 0.01 0.50

0.01 0.02 0.01 0.01 0.06 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.02 0.02 0.02 0.01 0.03 0.04 0.01 0.01 0.15 0.01 0.01 0.01 0.01 0.06 0.07 0.03 0.01 0.01 0.01 0.04 0.02 0.05 0.02 6.12 0.03 0.02 0.01 0.01 0.05 0.05 0.01 0.02 0.01 0.07 0.06 0.01 0.02 0.06 0.08 0.02 0.01 0.01 0.04 0.06 0.01 0.02 0.01 0.04 0.04 0.01 0.12 0.03 0.01 0.03 0.20 0.01 0.06 0.03 0.05

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

V Pac Cascade Pac Link Mng V V Pac Potash Parallel Mng V V Parlane Res Phoenix Gold V Phoenix Metals V Prime Meridian V V Prism Res ProAm Expl V Quartz Mtn Res V Rare Element* X Rathdowney Res V Ravencrest Res C Razore Rock Res C Red Oak Mg V V Redhill Res Remington Res V Remo Res V Resolve Vent V Reva Res V Rheingold Expl C Rhyolite Res V Rift Valley C River Wild Exp C Rockex Mng C Rodinia Lithm V Romulus Res V Rubicon Mnrls* X Sama Res V Savoy Vent V Scavo Res C Sego Res V SG Spirit Gold V SGX Res V V Signal Expl Silver Phoenix C Sky Ridge V Sniper Res V V Sona Res Spada Gold V C Squire Mg Ltd Stone Ridge Ex C Strata Mnls V V Sunrise Res Sunset Cove Mg V Superior Mng V Tanzania Mnls V Taranis Res V Tearlach Res V Terreno Res V Teryl Res Corp V Theia Res V Tiger Intl V Tiller Res V Tintina Mines V Tri-River Vent V UC Res V United Coal C Universal Vent V Vangold Res V Venerable Vent V Volcanic Mtls V Wabi Expl C WCB Res V West Melville V Westridge Res V Weststar Res C Whistler Gold V Wolfeye Res V Worldwide Res V Xander Res V Zara Res C Zena Mng V Zinco Mng V

0.01 0.02 0.01 0.02 0.01 0.08 0.01 0.03 0.04 0.05 0.04 0.07 0.14 0.17 0.17 0.17 0.15 0.16 0.15 0.21 ... 0.01 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.18 0.18 0.25 0.18 0.23 0.02 0.03 0.02 0.02 0.05 0.07 0.07 0.07 0.11 0.16 0.15 0.89 0.18 0.20 0.20 0.26 0.02 ... 0.02 0.02 ... 0.05 0.05 0.08 0.01 0.03 0.01 0.03 0.75 0.80 0.80 0.80 0.06 0.08 0.06 0.06 0.09 0.15 0.09 0.10 0.13 0.16 0.13 0.30 0.05 0.10 0.05 0.40 0.03 0.05 0.03 0.05 0.25 0.35 0.24 0.27 0.01 0.04 0.01 0.02 0.01 ... 0.01 0.01 0.06 0.14 0.14 0.75 0.02 0.02 0.01 0.05 0.12 0.20 0.12 0.17 ... ... 0.03 1.35 0.10 0.10 0.10 0.20 ... ... 0.16 0.36 0.57 0.36 0.54 0.04 0.05 0.05 0.05 0.11 ... 0.09 0.20 0.02 0.02 0.02 0.05 0.11 0.22 0.15 0.30 0.01 0.24 0.10 0.10 0.27 0.39 0.27 0.30 0.01 0.01 0.01 0.07 0.07 0.08 0.08 0.10 0.20 0.45 0.20 0.60 0.10 0.14 0.11 0.19 0.13 0.14 0.15 0.15 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.09 0.10 0.09 0.15 0.08 0.15 0.08 0.16 0.06 0.08 0.08 0.08 0.01 0.02 0.02 0.02 0.12 0.20 0.12 0.16 0.09 0.24 0.10 0.25 0.01 0.07 0.03 0.07 0.06 0.17 0.06 0.12 0.03 0.06 0.03 0.17 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.01 0.02 0.02 0.02 0.01 0.04 0.02 0.02 0.14 0.20 0.14 0.17 0.07 0.12 0.07 0.10 0.05 0.07 0.07 0.10 0.28 0.37 0.30 0.45 0.01 0.03 0.01 0.02 0.04 0.06 0.06 0.06 0.01 0.09 0.01 0.02 0.25 ... 0.25 0.02 0.04 0.01 0.06 0.44 0.48 0.48 0.48 0.01 0.02 0.01 0.10 0.06 0.10 0.06 0.10 0.05 0.07 0.05 0.08

0.01 0.01 0.03 0.05 0.01 0.01 0.02 0.05 0.05 0.01 0.01 0.06 0.11 0.01 0.01 0.01 0.06 0.01 0.05 0.04 0.08 0.01 0.09 0.01 0.01 0.02 0.01 0.07 0.03 0.07 0.26 0.01 0.05 0.01 0.01 0.01 0.05 0.01 0.01 0.20 0.10 0.08 0.01 0.01 0.01 0.01 0.04 0.02 0.02 0.01 0.05 0.08 0.02 0.04 0.03 0.01 0.01 0.01 0.04 0.03 0.02 0.08 0.01 0.01 0.01 0.01 0.25 0.01 0.05 0.01

2016-08-23 5:03 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 29–SEPTEMBER 4, 2016

Excellon swings back into profit as costs fall CEO INTERVIEW

| Silver miner aims to double output and halve costs at Platosa in Mexico

BY SALMA TARIKH

starikh@northernminer.com

xcellon Resources (TSX: EXN) is back in the black, after more than two years of losses. The operator of the high-grade Platosa silver-lead-zinc mine in Mexico reported a second-quarter adjusted profit of US$900,000, or a cent per share, which is up from last year’s adjusted loss of US3¢ per share. Excellon last recorded a net profit of US$1.9 million — or US3¢ per share — in the first quarter of 2014. The second-quarter adjusted earnings were ahead of the nil per share that Cormark analyst Graeme Jennings had projected, while cash flow per share of a cent met expectations. (The adjusted profit removed a US$5.4-million fair value adjustment loss on embedded derivatives and warrants.) The return to profitability came from improved costs, Brendan Cahill, Excellon’s president and CEO, says in an interview. “We’ve seen mining costs per tonne go down 50% or more, since the beginning of 2015, or the end of 2014.” Cost per tonne mined and milled fell from US$481 in the fourth quarter of 2014 to US$242 in the second quarter of 2016. The executive, a lawyer by training, also attributes costs to better management, lower input costs and a stronger U.S. dollar. “In Canada, people talk about the benefit of mining with the Canadian dollar when you’re selling in U.S. dollar. In Mexico, that is even more of a benefit, where the peso has gone from 11 or 10-to-1 a few years ago to almost 19-to-1 now. “Mexico is a great place to operate,” Cahill says, adding that the slump in oil prices has resulted in cheaper electricity. “We’ve seen prices per kilowatt hour drop from 14 cents in late 2014 to under 6 cents per kilowatt hour … when you compare that to the price in Ontario right now, it’s pretty impressive.” Located in northeastern Durango state, the underground Platosa mine produced more silver and lead in the June quarter, owing to improved grades and recoveries. Zinc output, however, fell on declining grades. The company’s sole producing asset churned out 368,568 equivalent oz. silver, up 8% from the year earlier. This includes 227,826 oz. silver, 1.31 million lb. lead and 1.57 million lb. zinc. Grades averaged 536 grams silver per tonne, 5.1%

Underground drilling in the Platosa mine.

1 2 3 4 5 11 13 14 16_AUGUST29_Main .indd 11

The portal at Excellon Resources’ Platosa silver-lead-zinc mine in Mexico.

lead and 6.3% zinc. All-in sustaining costs per oz. silver dropped 21% to US$19.27, which included one-time costs associated with optimization at Platosa. Adjusted all-in sustaining costs were US$15.27, or more than US$2 below the average realized silver price. The company processes all of the ore at its Miguel Auza mill, located 220 km away in Zacatecas, at 160 tonnes per day. The 650-tonne-perday mill runs half of the time, with Excellon seeking opportunities for the extra capacity, Cahill notes. From there, Excellon transports Platosa’s silver-lead concentrate and silver-zinc concentrate to the port of Manzanillo, where a subsidiary of the Trafigura Group buys them at market price. Production costs should improve after the optimization plan to prevent water inflows, Cahill says, helping the firm increase underground production and development rates. Excellon has mined Platosa since 2005, which contains several highgrade massive sulphide mantos, hosted by permeable limestone. It has used reactive pumping to control water inflows, after the mine work-

EXCELLON RESOURCES

ings extended below the local water table in 2007. Since the process was time-consuming and expensive, the miner in late 2014 retained Quebec-based firms Hydro-Ressources and Technosub to assess alternative water management solutions. They designed a proactive plan — currently underway — to install a system to pump directly from water-bearing faults, so that water wouldn’t enter the mine. Once Excellon implements the estimated US$6-million plan, it could dewater at 4 metres per month, Cahill says, adding that initial results indicate the drawdown would occur much faster. The deepest parts of the mine are 160 metres below surface, or 20 metres below the water table, meaning it would take five months to dewater, Cahill says, and installing the pumping system could take 10 months. The executive notes that the mineralization is ramp accessible, which makes mining at Platosa rather easy. “You need almost no ground support whatsoever. The rock is competent. As long as you can get rid of the

“THE EXPLORATION STORY IS WIDE OPEN, WE REALLY HAVEN’T DONE ANY RESOURCE EXPANSION DRILLING SINCE 2011.” BRENDAN CAHILL PRESIDENT AND CEO, EXCELLON RESOURCES

major bottleneck, it is actually a beautiful little mine to work in. It’s obviously exceptionally high grade as well, which makes things easier.” Without specifying when the optimization plan should wrap up, Cahill reveals by year-end “we should be in very good shape.” In the first half of 2017, the executive forecasts production could double to 4 million equivalent oz. silver, while all-in sustaining costs would halve to US$9 per oz. silver, on an annualized basis. With the optimization efforts well advanced at Platosa, Excellon initiated a 25,000-metre exploration program on Aug. 17. “The exploration story is wide open, we really haven’t done any resource expansion drilling since 2011,” Cahill says, noting once Excellon realized Platosa had a 10-year mine life, it looked for other highgrade mantos mineralization and large source-style skarn deposits. (“Source” refers to carbonate replacement deposit [CRD] mineralization, as Platosa falls within the prolific Mexican CRD belt.) In July 2012, the company discovered a source-style deposit, 1 km from Platosa. But the next year, the “market fell apart, and we ratcheted back on drilling since [first-half] 2013,” Cahill says. Given that Platosa’s resource covers 56 hectares of the 21,000-hectare project, Cahill says the chances of finding more skarn and manto-style mineralization are high. As part of its exploration plans, Excellon aims to locate massive

sulphide targets and new mantos discoveries near the mine infrastructure, as well as explore and drill source targets, and generate regional targets by reinterpreting geophysical and drilling data. Platosa’s resource estimate includes 428 million measured and indicated tonnes grading 1,252 equivalent grams silver per tonne for 17.2 million equivalent oz. silver. It has another 4,000 inferred tonnes grading 2,492 equivalent grams silver. Based on measured and indicated resources, Platosa has a six-year mine life. The company has enough cash to optimize and explore Platosa, Cormark’s Jennings notes. It ended June with $4.5 million in cash and marketable securities, and closed an oversubscribed $15.2 million bought-deal in July. Commenting on the recent financing, Cahill says it reflects the improved market and the company’s strong shareholders, which include Eric Sprott, Sprott Asset Management, Dundee Corp. and Blackrock Global Silver Miners ETF. “It will be interesting to see what we do next. It will be exciting.” Since releasing its financials on Aug. 8, Excellon shares are up 54% to close Aug. 12 at $2.19. “We expect to see Excellon continue to be rerated, as precious metal prices strengthen and as operations improve throughout the year from drier conditions and higher grades,” Jennings says. As of Aug. 9, he had a “buy” and a $2 target price on the stock. TNM

2016-08-23 8:16 PM

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2016-08-23 4:57 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 29–SEPTEMBER 4, 2016

Surface facilities at Sierra Metals’ Yauricocha polymetallic mine in Yauyos province, Peru. PHOTO BY SALMA TARIKH

Sierra Metals sees growth through exploration at its three mines DEVELOPMENT BY SALMA TARIKH

starikh@northernminer.com

ierra Metals (TSX: SMT) shares gained momentum after the company outlined its commitment to increase high-grade tonnage at its Yauricocha polymetallic mine in Peru, and Bolivar and Cusi mines in Mexico through brownfield programs. “Sierra Metals is on track to see strong exploration growth and exploration success. The past year’s preparation should lead to the rubber hitting the road, which should increase shareholder value for the company and its shareholders,” Mark Brennan, the company’s president and CEO, said on a conference call. At the underground Yauricocha silver-copper-zinc-lead-gold operation in Yauyos province, Sierra is wrapping up the first phase of an optimization program that has boosted quarterly production and throughput since the fourth quarter of 2015. The program, which began in late 2015, is focused on controlling water inflow, improving mine sequencing and introducing

| New maiden reserve estimate for Esperanza at Yauricocha

mechanized mining methods. (The company is replacing conventional jackleg mining with mechanized jumbo mining.) In the second quarter, Yauricocha’s silver-equivalent output grew 24% over the first quarter to 1.85 million oz., despite only a 4% increase in throughput, Brennan says. But compared to the second quarter of 2015, silver-equivalent ounces decreased 14%. The 3,000-tonne-per-day operation sits at an average altitude of 4,600 metres and has produced for more than 60 years, with no signs of stopping. Sierra recently updated the mine’s reserve and resource estimates, including a maiden reserve and resource estimate for the Esperanza zone, which it found 400 metres north of the central mine area in January. The Esperanza zone contains 1.5 million tonnes in reserves, bringing Yauricocha’s total to 3.8 million tonnes averaging 61.1 grams silver per tonne, 0.8% copper, 1.2% lead, 2.9% zinc and 0.62 gram gold. Esperanza has 2.5 million measured and indicated tonnes and 1.5

Sierra Metals operations manager Bernardo Cabezas (left) eyes a sample during a tour in the Yauricocha polymetallic mine in 2014. PHOTO BY SALMA TARIKH

1 2 3 4 5 11 13 14 16_AUGUST29_Main .indd 13

million inferred tonnes, representing 30% of the total measured and indicated resource and 41% of the total inferred resource at Yauricocha. Sierra is in the early stages of delineation drilling at Esperanza and says the exploration program will grow the mine’s resources in the coming months. “We like to emphasize that we believe we’re at the bottom of the first inning of a nine-inning ball game at Esperanza,” Brennan says. Esperanza is just one of the many brownfield targets at Yauricocha that Sierra is assessing. During the June quarter, Sierra drilled 10,800 metres in 72 holes at Yauricocha, with 32 holes going into Esperanza. At the underground Bolivar copper-zinc in Chihuahua, Sierra is growing throughput. The operation went from 400 tonnes per day in 2011 to 2,500 tonnes per day in 2015. It is now at 3,000 tonnes per day. Second-quarter throughput was up 13% from a year ago. Despite the increase, average head grades and recoveries declined, resulting in a 5% year-over-year decline in 5.36 million equivalent lb. copper production. Sierra expects grades will improve in the second half of 2016, because it may mine from higher-grade areas on the property. During the June quarter, Sierra extracted ore from the El Gallo zone and drilled over 6,000 metres at the nearby Bolivar West fault area. Meanwhile, the underground Cusi silver-lead mine, also in Chihuahua, saw second-quarter silver-equivalent ounces climb 23% year-over-year to 307,000 ounces. All-in sustaining costs per silverequivalent ounces decreased 39% to US$18.49. Sierra notes the mine started zinc production in the first half of 2016, which contributed to the higher silver-equivalent ounces. During the quarter, Cusi saw nearly 1,600 metres of infill drilling. “This year will be a significant year for Sierra Metals,” Brennan says, noting that production, grade and recoveries should improve throughout

the year at Yauricocha, with the optimization program and production from the Esperanza zone in the third quarter. He expects more brownfield exploration success at all three of Sierra’s underground operations. Net loss during the June quarter totalled US$3.4 million, compared to a US$1.2-million profit a year ago, largely due to lower revenues. Adjusted earnings were US$454,000. Revenue fell 20% to US$36.9 million, on the back of lower year-overyear production at Yauricocha and

Bolivar. All-in sustaining costs at the two operations also increased. Quarterly silver-equivalent output came in at 3 million oz., compared to 3.2 million equivalent oz. copper production of 19.7 million lb., versus 21.6 million pounds. Sierra exited the quarter with US$20.6 million in cash and equivalents, and US$4.7 million in restricted cash. On Aug. 17, the day Sierra released the operational update, its shares gained 11% to close at $2.06. TNM

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AUGUST 29–SEPTEMBER 4, 2016 / THE NORTHERN MINER

BHP tables US$6.4B loss in worst-ever year FISCAL YEAR 2016 BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

HP Billiton (NYSE: BHP) has posted the worst annual financial results since its inception in 2001, but CEO Andrew Mackenzie now says the “free fall” has likely passed for natural resource markets. The world’s largest mining company saw its annual revenue fall over 30% to US$31 billion, which led to a US$6.4-billion net loss for the fiscal year ended June 30. The result included net impairments of US$7.7 billion, which were largely attributed to US$4.9 billion on U.S. energy assets and US$2.2 billion related to the deadly tailings spill at the Samarco joint venture in Brazil. BHP’s performance did show recent operational improvements driven by its focus on “core, lowcost” assets, with its underlying profit totalling US$1.2 billion, or

| Operational performance improves for iron ore, petroleum, copper

US23¢ per share. The company’s flagship iron ore division accounted for earnings of US$5.6 billion, while its petroleum and copper units generated US$3.7 billion and US$2.6 billion. “This past year was difficult for the resource industry,” Mackenzie said during a video conference. “Notwithstanding that fact, we’ve achieved solid results. And we’ve done it focusing on the things that really matter in terms of cost control and lower corporate overhead. That has put us in a good position, with a strong and disciplined approach to capital management. We’ve increased productivity at many of our operations, but obviously that achievement was offset by falling commodity prices.” BHP is a bellwether for the base metal and oil sectors, which have not rebounded in 2016 alongside the precious metals sector due to weak global economic growth and widespread oversupply. Mackenzie conceded the near-

“WE’RE FOCUSED ON OIL AND COPPER, BECAUSE DECLINING GRADES AND BASE SUPPLY TEND TO PULL MARKETS BACK INTO BALANCE.” ANDREW MACKENZIE CEO, BHP BILLITON

term outlook for industrial metals and energy is bleak. BHP also signalled it is not poised to enter the mergers and acquisitions market due to its fiscal year-end net debt of US$26 billion. “O u r v i sion for long-ter m growth focuses on existing assets that sit within the portfolio. These don’t require a significant increase in commodity prices, but when you pool them all you see a

Material at BHP Billiton’s Port Hedland iron ore port facility in Australia.

significant increase in the value of our company,” Mackenzie said. “Despite lower-than-expected growth in the developed world, we are confident that the demand in these commodities will increase. We’re especially focused on oil and copper because declining grades and base supply tend to

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BHP BILLITON

pull markets back into balance,” he added. The company also noted a recent rise in metallurgical coal prices underpinned by seasonal demand, China’s domestic capacity controls and temporary supply disruptions in Queensland, Australia. BHP’s longer-term met coal outlook remains “robust” due to a projected scarcity of premium product and demand growth driven by steel production in India. Regarding BHP’s large-scale Jansen potash asset in Saskatchewan. The company recently cut US$130 million from its project budget, as fertilizer markets have remained depressed. Jansen’s total capital expenses are estimated at US$14 billion, and BHP is sinking nearly US$4 billion into preproduction activities at the site. The major infrastructure work involves developing twin shafts, which are expected by early 2019. “We’re making progress on the project after a challenging start,” Mackenzie said. “The shafts are well underway, and we’re doing it under a lower budget. When we finish that work we’ll face the decision on whether to build an operation. It’s perfectly possible we could mothball the shafts once they are completed if market conditions have not improved, and we continue to talk to partners about a potential stake.” BHP is striving to cut costs, and has saved US$437 million this year. The company is targeting another US$2.2 billion in savings by the end of fiscal 2017. Capital investment at Jansen alone has totalled US$2.6 billion to date. BMO Capital Markets analysts David Gagliano and Edward Sterck note that BHP’s underlying annual results are “better than expected,” though the failure to reduce net debt “may be seen as a slight negative, where peers have managed to improve their balance sheet positions.” Shares of BHP have traded in a 52-week range of US$18.46 to US$38.10, and closed at US$31.50 at press time. The company has 3.2 billion shares outstanding for a US$79-billion market capitalization. “Our position gives us many options to increase production volumes as prices recover. We’ve unwound a decade of cost inf lation, and we’re going to deliver further declines in unit costs this year,” Mackenzie said. BHP expects another US$1.8 billion in “productivity gains” next year, which it says could deliver more than US$7 billion in free cash f low based on current commodity pricing and forecast debt reductions. TNM

2016-08-23 8:14 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 29–SEPTEMBER 4, 2016

www.northernminerjobs.com

Senior Mine Engineer Dubreuilville, Ontario, Canada

Metallurgist Dubreuilville, Ontario, Canada

Engineer – Projects & Planning Dubreuilville, Ontario, Canada

Reporting to the Chief Engineer, the Senior Mine Engineer, will be

Reporting to the Superintendent – Projects & Planning, the Engineer –

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budget. They also review production plans to ensure targets are met and goals achieved, developing alternate plans when required.

Manager, Mine Rehabilitation, Inspection and Compliance Sudbury, ON. Canada

District Geologist Sudbury, ON. Canada

Maintenance Planner Dubreuilville, Ontario, Canada

The Ministry of Northern Development and Mines is committed to mini-

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Assistant or Associate Professor (Economic Geology) Ottawa, ON. Canada The Department of Earth Sciences at Carleton University invites applications from qualified candidates for a preliminary (tenure-track) appointment in economic geology at the rank of Assistant or Associate Professor beginning in 2017. Applicants must have a Ph.D. in Earth Sciences, have demonstrated excellence in teaching, possess a strong commitment to research and scholarship, as reflected in peer-reviewed publications, have strong connections with industry, and be engaged in a research area that has a strong field component.

Assay Laboratory Manager Calgary, Canada

ORICA CAREER OPPORTUNITIES – Sudbury, ON

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District Manager – Central Region

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Bring your geoscience, analytical and customer service/communication expertise to the Ontario Geological Survey’s Resident Geologist Program

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2016-08-23 6:20 PM

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AUGUST 29–SEPTEMBER 4, 2016 / THE NORTHERN MINER

CB Gold surges on Santa Ana deal COLOMBIA

| Silver property contains four past-producing mines

BY TRISH SAYWELL

tsaywell@northernminer.com

hares of CB Gold (TSXV: CBJ) jumped 36% on news that the junior explorer has bought the Santa Ana silver project in Colombia. Santa Ana, on the eastern side of the Central Cordillera, about 190 km northeast of Bogota, is situated in one of the country’s most prolific colonial mining camps, where production dates to the sixteenth century. “It’s a historic silver mining district in the province of Tolima, and the market is reflecting positively on the news,” says Patrick Balit, vicepresident of corporate development at Red Eagle Mining (TSXV: RD; US-OTC: RDEMF), which owns 71% of CB Gold. “This place was written about in the history books. In historic documents dating from 1585 there were claims they were mining 17.5 kilograms per ton of silver from four-and-a-half-footwide veins.” A preliminary drill program in 2012 by the project’s seller — privately held Condor Precious Metals — returned intersections of 1,751 equivalent grams silver per tonne over 3 metres, 1,465 equivalent grams silver per tonne over 1.8 metres and 2,545 equivalent grams silver per tonne over 1.3 metres. All of the eight holes in Condor’s 1,200-metre drill program were drilled from a single platform and tested the down-dip extension of vein mineralization below the historic Santa Ana mine tunnels. Prospecting and rock-chip sampling of vein material by Condor between 2012 and 2014 returned assays as high as 11 grams gold per tonne and 2,820 grams silver. Chip samples from outcrops in 2013 and 2014 returned 68 grams gold and 422 grams silver, 48 grams gold and 81 grams silver, and 36 grams gold and 163 grams silver. Santa Ana contains four pastproducing mines: La Porfia, El Dorado, La Manta and La Obdulia, according to a 2013 technical report by Doublewood Consulting and Antediluvial Consulting, part of which relied on historic documents in Spanish. Santa Ana’s polymetallic silvergold veins are described as “characteristic of an intrusion-related, silver-rich system later overprinted by a low-sulphidation epithermal system in a thrust and fold setting.”

The view from the northern part of CB Gold’s Santa Ana silver property in Colombia, 190 km northeast of Bogota. CB GOLD

“THIS PLACE WAS WRITTEN ABOUT IN THE HISTORY BOOKS.” PATRICK BALIT VICE-PRESIDENT OF CORPORATE DEVELOPMENT, RED EAGLE MINING

CB Gold says it intends to advance the project towards a feasibility study by delineating high-grade vein resources that can be exploited by underground mining methods. Initial work will range from compiling data to detailed underground mapping, underground channel sampling, and prioritizing targets for drifting and surface and underground diamond drilling. Under the deal, CB Gold is buying 100% of Santa Ana in exchange for $250,000 in cash and 8.1 million shares of its common stock (which at 10.5¢ per share is worth $850,000), and a 2% net smelter return royalty (NSR). CB Gold has the right of first refusal on any sale of the royalty and can buy 1% of the NSR at any time for $500,000. Elsewhere in Colombia, CB Gold owns the Vetas gold project, where over 71,000 metres of diamond drilling have been completed and more than 177 intersections re-

Visible silver in high-grade mineralization (grading 11.2 grams gold and 2,820 grams silver per tonne) in the Guadua tunnel in the colonial mine at CB Gold’s Santa Ana project. CB GOLD

1 2 3 4 5 11 13 14 16_AUGUST29_Main .indd 16

turned gold grades of more than 5 grams gold per tonne. Highlighted assays include 325 grams gold over 2.1 metres, 507 grams gold over 0.7 metre and 104 grams gold over 2.5 metres. Meanwhile, CB Gold’s major shareholder, Red Eagle Mining, owns 100% of the San Ramon gold mine and mill, which are fully permitted and financed. (Red Eagle closed a US$60-million construction credit facility in April 2015.) San Ramon is a single shear zone in Red Eagle’s 100 sq. km Santa Rosa gold project, an intrusivehosted, structurally controlled quartz stockwork system in the Antioquia Batholith, 70 km north of Medellin. The shear zone extends over 2 km, is up to 50 metres wide and is mineralized from surface. Red Eagle expects San Ramon will produce 70,000 oz. gold next year, at cash costs of US$596 per oz. and all-in sustaining costs of US$670 per oz. gold. At US$1,300 per oz. and a 5% discount rate, the project’s posttax internal rate of return is an estimated 53%, and its net present value is US$104 million. The company expects to pay off its US$74 million in capex in just over a year. San Ramon also has exploration potential, according to the company, because the deposit is open at strike to the east and also at depth, and reserves have only been delineated to 250 metres deep. Red Eagle’s major shareholders include: Liberty Metals and Mining Holdings (19%); Stracon GyM (14%), a leading Latin American contract miner builder and operator; Orion Mine Finance (11%); Ross Beaty (5%); and directors (5%). Balit notes that the Santa Ana acquisition is part of a strategy to “roll up interesting projects in Colombia that we think can be mines,” adding that “we want to find projects with gold and silver that are low cost and low technical risk.” He points out that the Santa Ana acquisition not only drove shares of CB Gold higher (to a 52-week high of 15¢), but had a positive impact on Red Eagle Mining’s shares, which closed 6% higher at 86¢ apiece. “This acquisition seems to have reminded investors of Red Eagle Mining’s first-mover advantage,” and the fact that the company “is bringing the first modern mine in Colombia into production later this year.” TNM

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