The Northern Miner August 5 2019 Issue 16

INTERVIEW: SEASONED GEO JOHN ROBINS ON THE ‘DEAL OF THE CENTURY’ / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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Barrick sweetens Acacia buyout

hil

AFRICA

| Deal would end standoff with Tanzania gov’t

BY CECILIA JAMASMIE

Pure Gold Mining VP of exploration Phil Smerchanski near a portal (left) and an ore transfer (right) during test mining at the Madsen gold project in Ontario. PURE GOLD MINING

Pure Gold Mining raises $47.5M for Madsen RED LAKE

| Eric Sprott takes a 10% stake in junior with advanced past producer

BY DAVID PERRI dperri@northernminer.com

V

ancouver-based junior Pure Gold Mining (TSXV: PGM, LON: PUR) has raised $47.5 million that will go a long way to push forward its flagship Madsen gold project in Red Lake, Ontario.

“This will be the equity component of a project financing package,” says Darin Labrenz, Pure Gold’s president and CEO, in an interview with The Northern Miner.

“We had an opportunity with the rising gold market and interest from a cornerstone investor that allowed us to move forward on an equity financing.”

The fundraising saw financier Eric Sprott acquire 10.2% of the company by buying 36 million units for 55¢ each, as part of a bought deal.

AngloGold Ashanti (NYSE: AU) increased its ownership stake in Pure Gold to 14.1% by picking up

“WE’VE GOT ABOUT 30% OF OUR FLOAT HELD BY FOUR KEY STRATEGIC SHAREHOLDERS: ANGLOGOLD, ERIC SPROTT, ROB MCEWEN AND NEWMONT GOLDCORP.” DARIN LABRENZ PRESIDENT AND CEO, PURE GOLD MINING

11.85 million units in a concurrent, non-brokered private placement.

Each unit includes one common share and one-half common share purchase warrant to buy one Pure Gold share for 85¢ by July 18, 2022.

“We’ve got about 30% of our float held by four key strategic shareholders: AngloGold, Eric Sprott, Rob McEwen and Newmont Goldcorp [TSX: NGT; NYSE: NEM],” Labrenz says. “Once we have debt [financing] arranged and announced, the board will be in a position to make a construction decision.”

Labrenz expects the company will make an announcement by

this September.

Ryan Walker, who covers Pure Gold as a mining analyst with Echelon Wealth Partners, quibbled about the timing of the financing.

“They may have jumped a little early and may have got a better deal had they waited, as it looks like we’re in the early days of a major gold bull market.”

The spot gold price rose above US$1,400 per oz., as Pure Gold closed the financing.

Walker has a “speculative buy” rating on Pure Gold stock, while lowering his share price target from $1.20 to $1.05 per share, due to

South American Metallogeny: Sierra to Craton

arrick Gold (TSX: ABX; NYSE: GOLD), the world’s second-largest bullion miner, is counting the days until it takes full control of its African subsidiary, Acacia Mining (LON: ACA).

By now, most of Acacia’s shareholders have expressed the intention of approving the sweetened takeover bid the gold giant submitted on July 19. That day, Barrick upped its original proposal, put forward on May 22, offering 0.168 of its own shares for every Acacia share, worth about 232 pence each.

Acacia’s shareholders opposed Barrick’s first approach, saying they thought it undervalued the company’s mine plans and disregarded its exploration and development assets.

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“higher than previously modelled share dilution.”

According to its 2019 feasibility study, the historic Madsen project will need just $95 million and 13 months to get up and running.

The study outlined 3.5 million tonnes of probable reserves grading 9 grams gold per tonne, for 1 million contained oz. gold.

Pure Gold is planning a 12-year underground operation with an 800-tonne-per-day capacity to produce an average 79,000 oz. gold per year. The company expects life-ofmine capital costs of $327 million, including pre-production and closing costs. The study pegged cash costs at US$607 per oz. gold, with all-in sustaining costs of US$787 per oz. gold.

Assuming gold prices of US$1,275 or US$1,400 per oz., Madsen has an after-tax net present value of $247 million or $326 million, and a 36% or 45% internal rate of return.

As a past production site, the

B

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CONDOR GOLD: ATTRACTS INVESTMENT IN NICARAGUA / 5

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2019-07-30 6:59 PM

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Workers at Acacia Mining’s Buzwagi gold mine in northwest Tanzania. ACACIA MINING

Barrick sweetens Acacia buyout BARRICK From 1

Despite Barrick’s insistence that it wouldn’t modify the pitch, the Toronto-based miner ended up increasing the worth of its offer by 10%.

It now values the Tanzanian miner at £951 million (around US$1.2 billion). It also offers Acacia’s minority shareholders special dividends on the company’s exploration properties, which would add 9 pence per

share, making it a total of 241 pence per share Barrick’s original offer for the stake in Acacia it doesn’t already own valued the targeted company at US$787 million, or 147 pence a share, at an 8% discount to Acacia’s 158.8 pence per share closing price on May 20, the day before the offer was made public.

While Acacia’s board has already backed the improved deal, the final

decision is now in the hands of its minority shareholders — 75% of whom need to back the buyout proposal.

“We assume that the increased offer level will now be acceptable to the minority shareholders,” Michael Stoner, an analyst at Berenberg Bank, wrote in a research note.

British hedge fund Odey Asset Management, which was one of the most vocal opponents of Bar-

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rick’s initial offer, said on July 22 it intended to back the new offer.

Documents for the official bid must be circulated to Acacia’s minority shareholders within 24 days, and the company will hold a general meeting 21 days after the documents are released.

The business combination has yet to receive court authorization in England, where Acacia is listed.

If approved, the deal would put an end to a two-year standoff between Acacia and the government of Tanzania. It would also hand Barrick’s chief executive, Mark Bristow, a victory of sorts.

The South African geologist spent decades building Africa’s Randgold Resources into London’s top gold company, before selling it to Barrick last year in a $6-billion deal.

Since taking Barrick’s helm this year, Bristow has promised to resolve what he described as a “lose-lose” situation in Tanzania.

As Acacia’s majority shareholder with a 63.9% stake, the Canadian gold giant has led discussions with the Tanzanian government, which refuses to deal directly with the local miner.

Barrick’s subsidiary has been embroiled in a battle with Tanzania since 2017, when the government banned exports of unprocessed metal and slapped it with a $190-billion tax bill — equal to almost two centuries’ worth of revenue.

The company was also forced to cut output by a third from two of its three mines in the country — Bulyanhulu and Buzwagi.

A framework deal reached in February proposed that Acacia would pay US$300 million to settle the tax claims and agree to split returns from operations with the country going forward. But nothing was finalized.

Now, Acacia’s only fully operating mine in Tanzania, North Mara, risks shutdown due to claimed wastewater pollution.

Barrick’s new offer “is a good solution to a very difficult situation,” Alan Spence, an analyst at Jeffries International Equity Research, said in a note to clients. “It’s hard to see how Acacia would all of a sudden be able to improve relations in Tanzania.”

The deal is expected to close in the fourth quarter of this year. TNM

Pure Gold raisies $47.5M PURE GOLD From 1

project doesn’t require an environmental assessment and the property has several permits. Labrenz says some of the permits need amendments in accordance with Pure Gold’s development plan. The company expects its amended air and noise permit in August, and its amended mill/mill eff luent and closure plan permits by year’s end.

The Madsen property is on the Red Lake greenstone belt — a prolific host of orogenic gold deposits.

The belt is comprised of deformed and metamorphosed supracrustal (volcanic and sedimentary) rocks intervening between three granitoid batholiths.

Madsen’s namesake resource contains 6.4 million indicated tonnes grading 9 grams gold per tonne, for 1.86 million contained oz. gold.

There is another 241,000 oz. gold in 889,000 inferred tonnes grading 8.4 grams gold.

Pure Gold is in the midst of a 12,000-metre drill program on the property, with plans to upgrade the Wedge deposit and test it along strike and down-plunge.

Wedge has a mineral resource estimate with 322,000 indicated tonnes grading 10.3 grams gold per tonne, for 107,000 contained

oz. gold. Inferred resources stand at 307,000 tonnes grading 8 grams gold, for 79,000 oz. gold.

The Madsen property also hosts the Fork and Russet South deposits, which will see exploration activity this year, as well.

On July 29, the company announced an agreement between local First Nations.

The agreement establishes that “Pure Gold acknowledges and respects the rights, history and interests that both the Wabauskang First Nation and the Lac Seul First Nation have in the region surrounding Madsen. In turn, both First Nations acknowledge and support Pure Gold’s rights and interests in the development and future operation of Madsen.”

The deal outlines a framework for communication, cooperation and collaboration between the three parties, including permitting, employment, contracting, training, education, sustainable development and the issuance of 500,000 Pure Gold shares to each First Nation, pending regulatory approval.

Pure Gold shares trade for 62¢ apiece, giving the company a $219-million market capitalization. In the past 52 weeks the share price has ranged between 49¢ and 81¢. TNM

2019-07-30 6:59 PM

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THE NORTHERN MINER / AUGUST 5–18, 2019

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Fireweed Zinc’s John Robins on ‘deal of the century’ in the Yukon INTERVIEW

| Seasoned explorer shares insights on the jurisdiction’s charms and challenges

BY TRISH SAYWELL

J

TNM: How does Fireweed Zinc rank in your career in terms of your level of excitement?

tsaywell@northernminer.com DAWSON CITY, YUKON

ohn Robins is the executive chairman and a director at Fireweed Zinc (TSXV: FWZ), which is advancing its massive zinc-lead project in the Yukon. Robins was the founder, executive chairman and director of Kaminak Gold, which discovered the Coffee gold deposit in the Yukon, and sold the company in 2016 to Goldcorp for $520 million. Robins took time out during a trip to Dawson City to speak with The Northern Miner during a recent week-long tour of the Yukon, sponsored by the Yukon Mining Alliance and the Yukon Government.

The Northern Miner: The Yukon clearly has a special place in your heart.

John Robins: It’s such an amazing part of the world, especially Dawson. You can’t leave Dawson without having a bit of gold fever, right? There’s so much history, and all those placer tailings as you come out from the airport. My great [maternal] grandfather was here in the Klondike, and I walk down the street and I’m always thinking that he walked down the same street 100 years ago. How cool is that?

TNM: You’ve had a lot of success here.

John Robins, Fireweed Zinc executive chairman and director, at the Macmillan Pass project in the Yukon. PHOTO BY TRISH SAYWELL

JR: Yeah, I’ve been coming here off and on for 30 years. Yukon has been kind of a frustrating jurisdiction for a lot of geologists until just recently.

There would be a bit of a boom and then things would be quiet for five or six years, and then there would be a bit of an exploration boom, but we kind of lacked that sort of main catalyst, like a big discovery, and Underworld was kind of the first one, and although they don’t have an economic resource there, when they got bought out by Kinross, it was a big wake-up call. Right at the same time, we started working here at Kaminak, and we made the Coffee discovery, and, honestly, I’m kind of proud of it, because it was really the Coffee discovery that really reignited the Yukon.

JR: That was three winters ago. There were two megaprojects in the Second World War that the Americans undertook in North America: The Alaska Highway, and a lesser-known but equally challenging one was building a pipeline from Norman Wells in the Northwest Territories to Alaska because of the perceived threat of invasion. There were no roads into Alaska or the Yukon, and there was no fuel. The Prudhoe Bay oil field hadn’t been discovered yet.

There was no domestic source of oil.

So there was an existing deposit in Norman Wells that Esso had, so they decided to build this pipeline across the Mackenzie Mountains and all the way along under extreme conditions, minus 70, minus 80, in the winter, and so, to this day, the Canol road is still drivable to the Northwest Territories border, where Macmillan Pass is, where our Fireweed deposits are, and then after that the bridges have been taken out, and after that it’s kind of bushwhacking.

So myself and two friends, we snowmobiled from Ross River to Macmillan Pass, which was fairly uneventful, but once we got into the Northwest Territories the snow conditions were horrific, and it became pretty clear after four or five days we weren’t going to have enough fuel, and we were going to run out of time.

As a back-up plan, we had brought our backcountry skis — because I’m a backcountry skier — so our plan was to base ourselves at Mac Pass, and ski a number of those slopes, and if you recall, they are perfect slopes for skiing. So the whole time I’m thinking, this is pretty cool because I know the Tom and Jason deposits are around here somewhere, but I don’t know where, because I had never been there before. And less than a year later we’re negotiating to buy Tom and Jason, and now we have it. It’s kind of funny, it’s one of those weird coincidences.

TNM: Yes, and you sold it at such a great price.

JR: Yeah.

TNM: Tell us about some of your adventures here in the Yukon.

JR: I love doing adventure trips, and I did a trip a few years ago with a couple of friends, and we snowmobiled from Yellowknife all the way to our project in Nunavut, Kivalliq, which was about an 1,100 km trip, in the middle of winter, like minus 60. That was an amazing experience. That part of the trip took 12 days. We were on snowmobiles. It takes time because you’re packing a thousand pounds of gear because you have to carry all your fuel with you, but it was a great adventure and fascinating, because you’re retracing a lot of pretty amazing historical routes, that Samuel Hearne did, like all kinds of northern explorers, even Franklin, because he did a lot of overland work before he did that ill-fated trip on his ship.

TNM: You also did another trip on the North Canol Trail and coincidentally came across Fireweed’s Tom and Jason deposits.

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JR: What I really like about the opportunity when it came up was, you know, I’m going to turn 60 this year, and you kind of realize that the average time frame from discovery to production is about 20 years, and if you can do something to sidestep a big part of that timeframe, all the better. A project like Mac Pass in today’s dollars probably has had in excess of $100 million spent on it.

So a lot of the early de-risking has already been taken care of, so you circumvent a lot of that time to get it into production, and that’s what really attracted me to it, and, of course, the price we got it for was extremely attractive, too.

TNM: On the site visit you noted that sometimes majors make dumb decisions.

JR: Well, you always have to be

respectful — you don’t know exactly what was going on within the mindset of HudBay. But they discovered it in 1952 and held on to it for all these years. And then just basically sold it for a song. It does lead you to wonder. Sometimes these big companies just do really crazy things. But those are how the greatest opportunities present themselves.

TNM: Why didn’t HudBay try to do more there?

JR: It’s hard to say. You lose the continuity from the people that probably were originally on the project, and then it’s just something in the Yukon that cost them a quarter of a million dollars a year for environmental monitoring, and it’s like, “Why do we even have this, we should just sell it.”

JR: Really high on the list. There’s no question what we have at Mac Pass ranks up there as one of the world’s largest undeveloped leadzinc deposits. It’s got high-grade, and you need grade up here. The one thing the Yukon has is infrastructure challenges, but as you saw, there is a Yukon-designated highway right to site, although not a highway by southern standards, it’s still a public road, and you’ve got an asset that, even if you didn’t discover one more pound of zinc, you’ve got a viable project.

Our preliminary economic assessment showed a really robust payback, a really good internal rate of return, and, most importantly, actually a very modest initial capital.

But it’s the exploration upside I like.

Because we’ve been able to galvanize the entire district. The idea that you could double the 50 million tonnes that we have right now, I think, is a completely realistic target, and this year we’re adding on to the resources at Tom, with some of the drilling at Jason. But we’re also drill testing a number of the gravity targets we identified last year, and any one of those could yield another Tom or Jason. Because the one thing that’s challenging when someone else has made the discovery [is that] you lack the sizzle of a discovery ... the sex appeal of a new discovery. We didn’t have the benefit of that.

TNM: True, but you sure got a good deal.

JR: If you looked at it in today’s dollars, it’s probably well in excess of $100 million. And we got it for a million. They own roughly 10% of the company. Honestly, in the Yukon, it’s the deal of the century.

It really is.

TNM: What would you say are the things the Yukon must do to get mine development rolling here? What are some of the advantages and disadvantages of investing here?

See INTERVIEW / 16

TNM: What is it that you love about Fireweed’s project?

2019-07-30 6:59 PM

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E D I T O R IA L Yukon’s geology remains under-explored EDITORIAL

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com ACTING EDITOR-IN-CHIEF AND SENIOR REPORTER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com COPY EDITOR: Isa Cunanan, HBSC (PROFESSIONAL WRITING, HEALTH SCI COMM)

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O P- E D

| Plenty of prospective ground

The annual tour of mining camps in the Yukon sponsored by the Yukon Mining Alliance (75%) and the Government of Yukon (25%) never fails to impress, and this year’s trip in mid-July was no exception. From visits to family-run placer mining camps in and around Dawson City to daily flights on Alkan

BY TRISH SAYWELL Air’s nine-seat Cessna Caravans headed tsaywell@northernminer.com to far-flung exploration camps and mine development projects — the 24 investors, analysts, newsletter writers and mining media on the tour were reminded again and again of just how deep the industry’s veins run in the territory.

In March, the Fraser Institute ranked the Yukon ninth in the world for investment attractiveness in its annual survey of mining companies. Yet despite the storied history of the Gold Rush, and its more recent mining history, the Yukon is still very much a frontier. At the peak of the last exploration boom cycle, only 12% of the territory’s landmass was staked, according to the Yukon Geological Survey, and within those claims there is still a lot of unexplored and underexplored ground.

Last year, $117 million was spent on exploration across 120 hardrock exploration projects. Scott Casselman, a geologist and head of mineral services at the Yukon Geological Survey, expects the same spend this year across about 60 projects. Of those, roughly a dozen of the biggest ones will get more than $1 million. “The key thing is that we’re relatively under-explored,” Casselman tells The Northern Miner on the sidelines of a mining conference in Dawson City, “and if you put the money into exploration, especially serious money into exploration, the chance of discovery is quite good.

“We’ve got Alaska on one side of us, we’ve got British Columbia and the Northwest Territories on the other two borders,” he continues.

“They have a vibrant mining industry, and our geology is virtually identical to the Alaskan and B.C. side. There’s no reason why we shouldn’t have the same levels of activity.”

The Yukon also has much more to offer than just gold and silver — with a spectrum of commodities ranging from copper, zinc-lead and nickel to platinum group elements, ruthenium, iridium and tungsten.

And while challenged by infrastructure in many areas, the Yukon Resource Gateway project proposes upgrades in two key areas of mineral potential and mining, including the Dawson Range and the Nahanni Range. The eight-year project, funded by the Government of Canada, the Government of Yukon and the mining industry, would involve 650 km of upgraded roads and the replacement of a number of bridges, culverts and stream crossings. In September 2017, Prime Minister Justin Trudeau announced a commitment by the Feds to contribute $247.4 million to the Gateway project. Once project agreements are finalized with First Nations, the Government of Yukon will contribute $112.8 million, and the mining industry up to $108.7 million.

In the meantime, maturing exploration projects look to jump to the next level. In 2018, $425 million was spent on development — most at Victoria Gold’s Eagle gold mine. Others projects, like Newmont Goldcorp’s Coffee, privately held BMC Minerals’ Kudz Ze Kayah, Alexco Resource’s Keno Hill, and Western Copper and Gold’s Casino are well into the permitting stage.

The bottleneck, many companies say, are review and permit approvals from two independent regulatory bodies, the Yukon Environmental and Socio-economic Assessment Board (YESAB) and the Water Board. During a trip to Alexco’s Keno Hill camp, CEO and chairman Clynt Nauman declared the company will not continue underground work until it receives a modification that brings its Bermingham deposit into its existing water licence — something it has been trying to do since late 2017. (He is hopeful Alexco will get approval for that modification in the fourth quarter.)

John McConnell, president and CEO of Victoria Gold, says it took the company five years to get its initial water licence for the Eagle project. “We’re proof that you can get it done — it just takes too long, in my opinion. A process that took five years could easily have been done in two and a half, and that same process would take eight now.”

One thing that might speed up the process, some critics say, would be to run the reviews of YESAB and the Water Board at the same time, but that would involve a change in legislation.

Piers McDonald, chair of the Water Board — and a former underground miner in the Yukon, who also spent 18 years as an MLA and four years as the territory’s premier from 1996 to 2000 — won’t comment on active licence applications, but says the Water Board is doing its best to speed up the process, while ensuring each project is reviewed appropriately. To underscore his point, he references the pastproducing Faro mine, where he says clean-up costs could run to the half a billion dollar range. “The Water Board has an obligation to study, review and verify information that is provided by the applicant, and where there are gaps, it tries to fill those gaps and sometimes that does take time,” he says. “Can the process be more efficient? Yes, it can and we should be pursuing that. But we also need to strike a balance and take environmental protection seriously.” TNM

COMPANY INDEX Acacia Mining . . . . . . . . . . . 1 AngloGold Ashanti. . . . . . . 1 Barrick Gold. . . . . . . . . . . . . 1 BHP. . . . . . . . . . . . . . . . . . . 10 Codelco. . . . . . . . . . . . . . . . 10 Condor Gold . . . . . . . . . . . . 5 Fireweed Zinc. . . . . . . . . . . 3,9 Freeport McMoRan. . . . . . 10 Glencore . . . . . . . . . . . . . . . 15 Group Eleven Resources. . 11 Hudbay Minerals. . . . . . 11,12

Ivanhoe Mines. . . . . . . . . . 10 Kincora Copper. . . . . . . . . 11 Lundin Mining. . . . . . . . . . 15 Newmont Goldcorp . . . . . . 1 Nexa Resources . . . . . . . . . 15 Nicaragua Milling. . . . . . . . 5 Noront Resources . . . . . . . 11 Northern Shield Resources.11 Osisko Metals. . . . . . . . . . . 13 Para Resources. . . . . . . . . . . 5 Pure Gold Mining. . . . . . . . 1

Rio Tinto. . . . . . . . . . . . . . . 10 RNC Minerals . . . . . . . . . . . 6 ScoZinc Mining. . . . . . . . . 10 Sherritt International. . . . . 13 Teck Resources. . . . . . 9,10,13 Tinka Resources. . . . . . . . . 14 Trevali Mining. . . . . . . . . . 15 Vale. . . . . . . . . . . . . . . . . . . . 10 Yamana Gold . . . . . . . . . . . 5,7 Zinc One. . . . . . . . . . . . . . . 13

The facade of the historic Toronto Stock Exchange building. ISTOCK/MIKEINLONDON

Canada’s IPO market struggles at fraction of 2018 pace, PwC says FACTS ‘N’ FIGURES |

Only $13M in proceeds from IPOs in Q2 for all Canadian exchanges

The following is a release by PwC Canada as part of its quarterly monitoring of the status of initial public offerings in Canada.

Visit www.pwc.com/ca for more information.

T

he surge in small mining issues and a single crossborder listing from the pharmaceutical sector was not enough to redeem the second quarter market for initial public offerings (IPOs) in Canada, the quarterly PwC review of the nation’s IPO market showed.

Thirteen new issues on all Canadian exchanges delivered just over $13 million in proceeds in the second quarter of 2019, our summary revealed. This compares to 11 new issues on all exchanges that resulted in $956 million raised in the second quarter of 2018, including four issues on the Toronto Stock Exchange (TSX) totalling $948 million.

NASDAQ, just $451 million was raised for Canadian companies in the first half.

The Canadian IPO market is out of step with the booming U.S. market for new issues, in part because of looming questions over Canadian trade with China and lingering concerns over the ratification of the pact to replace NAFTA. “Those concerns, and a gloomy narrative about a potential economic downturn that dominated the conversation earlier in the year, left the outlook clouded,” says PwC national IPO leader Dean Braunsteiner. Lacking the blockbuster tech issues like Slack and Lyft, the Canadian market doesn’t have the momentum of the U.S., he adds.

Noteworthy in the second quarter was the flurry of small issues on the CSE from the mining sector. But it is too early to confirm the long-awaited resurgence of

TOTAL PROCEEDS FROM 21 IPOS ON ALL CANADIAN EXCHANGES IN THE FIRST HALF OF 2019 SQUEAKED PAST $340 MILLION — LESS THAN A THIRD OF THE $1.1 BILLION GAINED FROM 20 ISSUES IN THE SAME PERIOD OF 2018.

There were no new issues on the TSX in the second quarter of 2019. Ten IPOs made it to the Canadian Securities Exchange (CSE) and three to the TSX Venture Exchange during the quarter.

The largest issue of the second quarter was the $111-million IPO of Montreal’s Milestone Pharmaceuticals Inc. on the NASDAQ, a continuation of the trend for Canadian companies to list in the United States.

Total proceeds from 21 IPOs on all Canadian exchanges in the first half of 2019 squeaked past $340 million — less than a third of the $1.1 billion gained from 20 issues in the same period of 2018. Even including the Milestone issue on

mining securities.

“This was not indicative of a wave of expansion,” Braunsteiner says. “A lot of very small issues just helped these juniors keep the lights on. But it may also be the opportunity for some consolidation among the smaller players in the sector, similar to what’s going on with the major players.”

— PwC Canada has more than 7,400 partners and staff in offices across the country working the fields of assurance, tax, consulting and deals services. PwC Canada is a member of the PwC network of firms, with more than 250,000 people in 158 countries.

2019-07-30 6:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 5–18, 2019

5

Condor Gold attracts new investment in Nicaragua GOLD

| Funds will advance past-producing La India project “NICARAGUA HAS BEEN STABLE FOR 10 MONTHS … THERE HAVEN’T BEEN DEMONSTRATIONS, AND THE SANDINISTA PARTY HAS TAKEN CONTROL OF THINGS, IF YOU LIKE.”

BY TRISH SAYWELL tsaywell@northernminer.com

N

icaragua Milling is taking a 10.4% stake in Condor Gold (TSX: COG; LON: CNR), which is advancing its La India gold project in Nicaragua.

The privately held milling company has operated in Nicaragua for two decades and is majority owned by American mining engineer Randy Martin, who developed Hemco Nicaragua, a 1,200-tonneper-day underground and open-pit mine at Bonanza. Martin later sold 90% of Hemco for US$96.8 million to Mineros SA. Martin also founded RNC Gold, which developed the La Libertad mine in Nicaragua, before merging with Yamana Gold (TSX: YRI; NYSE: AUY) in 2006, and is the chief operating officer of Para Resources (TSXV: PBR; US-OTC: PRSFR), a gold mining company with projects in Arizona, Colombia and Brazil.

Martin also has experience operating toll-milling plants for artisanal miners in South America, and Nicaragua Milling owns the 200-tonneper-day Plantel los Angeles toll mill in Nicaragua.

“Randy Martin has been involved in building two or three mines in Nicaragua over the last 20 years, and the group also has forestry and electricity businesses,” says Mark Child, Condor Gold’s chairman and CEO. “They know how to operate here, and I’ve known them for 14 years since coming to Nicaragua, and we look forward to working with them and advancing the project to production. They can add experience on the ground, as well as in terms of advice.”

Nicaragua Milling acquired 50% of Condor Gold’s recent £4,038,504 (US$5.1-million) private placement of 20.19 million units, at 20 pence per unit. Each unit consists of one common share and one-third of one share-purchase warrant.

Shareholders participating in the private placement include mining executive Ross Beaty, who kept his 7% stake in the company, and Jim Mellon, Condor’s non-executive director, who invested £1.5 million to increase his stake from 10% to 15%.

Proceeds of the placement will help advance Condor’s La India project, which hosts the historic La India mine, which operated between 1938 and 1956, and processed an estimated 1.7 million tonnes grading 13.4 grams gold per tonne for 576,000 oz. gold, some of it when the mine was under the ownership of Canadian miner Noranda. Mine records from 1953 show annual

MARK CHILD CHAIRMAN AND CEO, CONDOR GOLD

Drillers on Condor Gold’s La India gold project in Nicaragua. CONDOR GOLD

production of 41,861 oz. gold at a grade of 11.8 grams gold.

The mine worked a dozen narrow high-grade, low-sulphidation epithermal veins using traditional back-stoping techniques, but the activity was concentrated on two veins: the La India vein, where a 1,200-metre strike length was mined up to 200 metres below surface, and the America–Constancia vein, where a 2,200-metre strike length was mined to 250 metres below surface.

In addition to the La India and America sets of veins, Condor is also exploring the Mestiza vein set, and all three are situated within a 6 by 3 km area. In 2011, Condor geologists found another mineralization style on the edge of a major late-stage, northeast-striking fault that it calls its Central Breccia prospect.

In January, Condor Gold updated the resource estimate at La India, incorporating 8,222 metres of additional drilling since the previous resource was released in September 2014, as well as a new resource for

Condor Gold representatives at a community assembly in La Cruz de la India, Nicaragua. CONDOR GOLD

1-16_AUGUST5_Main .indd 5

the Mestiza vein.

Indicated resources stand at 9.85 million tonnes grading 3.6 grams gold for 1.14 million contained oz. gold. Inferred resources measure 8.48 million tonnes grading 4.3 grams gold for 1.18 million contained oz. gold. Of the total, the vast majority (8.58 million tonnes of indicated and 3.01 million tonnes of inferred) are defined as open-pit resources, while the rest is classified as underground.

Apart from the main La India pit, the project has four satellite pits that could act as feeder pits to supplement the main pit, and provide material to the mill.

The government awarded the company permits for the main La India pit and for a 2,800-tonne-perday processing plant in August 2018.

Condor is permitting the America and Mestiza pits 2 km and 4 km away from the proposed site of a central mill.

The satellite pits could increase production from open-pit material by 50% to 120,000 oz. gold per year, over a seven-year mine life, Child says.

A prefeasibility study was completed in 2014. The study considered three scenarios: an open-pit mine at La India only; an expansion scenario with open-pit mining at La India, America and Central Breccia; and an expansion scenario contemplating open-pit mining at La India, America and Central Breccia, and underground mining at La India and America.

With the updated resource estimate, Condor plans to continue evaluating the mining strategy for the La India project as it progresses towards an infill drill program and a feasibility study.

Child says it has been tough raising money for all exploration juniors over the last several years, and that Condor has had to grapple with tensions in Nicaragua in 2018, cul-

minating in the imposition of U.S. government sanctions against the country in December.

According to the United Nations, 325 Nicaraguans were killed after public protests against the government broke out between April and July 2018. The protests pressured President Daniel Ortega, elected to a third term as president in November 2016, to withdraw the reforms, but the protests continued.

“The increase in the political risk from U.S. sanctions has caused some people to sell their positions in the company, but Nicaragua has been stable for ten months,” Child says in a telephone interview from Nicaragua.

“There haven’t been demonstrations, and the Sandinista party has taken control of things, if you like.”

Child notes that over the last year Condor has nearly doubled its land position in the country, and the government continues to permit projects. “The government

identifies mining as a key part of the economy,” he says, adding that within one month of submitting permit applications for its two feeder pits in January, government representatives from three ministries all visited the project.

“The government couldn’t be more supportive,” Child says, adding that 100% of Condor’s staff is Nicaraguan, and that a public consultation in July 2018 drew 500 people from the local community, all of whom supported the project.

“It’s a mining community. La India was mined by Noranda back in the 1940s and 1950s, before it closed in 1956, so this former mining town wants the jobs back, and the community to return to its glory days, when it was a relatively rich community,” Child says. “We had 500 people on their feet saying ‘we want this mine, we want the jobs,’ so we have massive endorsement from the local community.”

The company is working on meeting some of the conditions it received in January for permitting the La India pit and a 2,800-tonne-per-day processing plant. Condor has to fully engineer the designs on the tailings storage facility, for example, and the government must sign off on them, as well as finish a hydrology study.

It also has to buy 6 sq. km of land around the project, and continue working on environmental impact assessments (EIA) for the two feeder pits. Condor plans to submit the documents before year-end.

“It took us three years to get the main permit, we had some stop and start. We redesigned it. It wasn’t straightforward, but I think with these two feeder pits, we’ve already permitted the main infrastructure for the mine, so it should be straightforward.” TNM

2019-07-30 6:59 PM

6

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AUGUST 5–18, 2019 / THE NORTHERN MINER

RNC Minerals’ staff with the first gold doré bar poured in June 2019 at the Higginsville gold mill, 60 km south of the Beta Hunt gold mine in Western Australia. RNC MINERALS

RNC expands Beta Hunt with resource update AUSTRALIA

a single shear complex in Western Flanks.

Measured and indicated resources for the Western Flanks Zone now stand at 7.45 million tonnes grading 3 grams gold per tonne for 710,000 contained oz. gold — a 390% increase — and inferred resources tally 2.48 million tonnes averaging 3.1 grams gold for 250,000 contained oz. gold. The resource uses a cut-off grade of 1.6 grams gold.

The definition drill program extended the resource 400 metres north and 50 metres down dip, intersecting greater thicknesses of mineralization in many areas, the

BY TRISH SAYWELL

I

| Junior tallies almost 1 million oz. gold through infill and exploration drilling

tsaywell@northernminer.com

nfill and exploration drilling in the Western Flanks Zone of the Beta Hunt gold mine in Western Australia has boosted measured and indicated resources fivefold and inferred resources threefold, RNC Minerals (TSX: RNX) reports.

The updated resource for the Western Flanks Zone incorporated 16,876 metres of new infill and exploration drilling in 144 holes since the previous resource estimate in December 2017, and comes from just over 1 km of strike length on

company says. Mineralization has been defined across a 1.2 km strike length and to a depth of 150 to 250 metres below the basalt contact.

“The really exciting part of the Western Flanks resource update is that the large increase to a nearly 1 million oz. measured and indicated resource was from just a small portion of the Western Flanks shear zone — only about 1 km of strike length is included in the resource,” Mark Selby, RNC Minerals’ president and CEO, said in an interview in early July. “Western Flanks is wide open at depth and to the north — we are only 150 to 250 metres down

in what we believe could extend a multiple of that distance.”

The resource increased at a discovery cost of less than $5 per ounce.

“While the Western Flanks resource was an incredible, low-cost resource addition, it is just the beginning of what we think we have at Beta Hunt,” Selby continued. “And, of course, we always have the potential for more high-grade, coarse gold discoveries as we develop the mine plan, especially in the areas where the shear zone interacts with the property-wide sediment layer — the same type of structures that hosted the well-known Father’s Day

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Vein discovery, and several small discoveries.”

The remaining 5,000 metres of the exploration and step-out drill program will test three shears that occur over a potential strike length of more than 4 km, and where gold mineralization has been outlined by historic drilling. The 5,000-metre program will drill significant stepouts “to start to show the potential of this asset,” Selby said.

In addition, RNC Minerals will update the resource for its A zone in August, he said, and the company is drilling the other two shears: East Alpha and Fletcher.

“The resource potential at Beta Hunt is massive,” he noted. “The historic nickel drilling — which was targeting nickel lenses sitting on top of our gold shears — outlines the top 5 to 10 metres of what we believe are four shears across an overall strike length of 4 km that is open in all directions.”

The Western Flanks structure is open to the north and at depth, with good grade and thicknesses of mineralization at the resource margins.

The deepest and northernmost hole in the drill campaign returned 6.3 grams gold over 14 metres in drill hole 83.

The company announced on July 18 that Selby had resigned from the company for personal reasons and its executive chairman, Paul Andre Huet, was appointed interim CEO. On July 30, RNC Minerals reported that stope production at Beta Hunt continues to ramp up and said it expects production rates will maintain 40,000 to 45,000 tonnes per month during the third quarter.

It also noted that the integration of its recently acquired Higginsville gold operations (HGO) had trimmed processing costs at Beta Hunt by 25%. The company processed 21,000 tonnes of previously stocked ore through the HGO mill, eliminating third-party tolling fees of A$45 per dry metric tonne, and resulting in additional revenue of A$0.9 million.

RNC Minerals traded at 52¢ per share at press time, in a 52-week range of 7¢ to $1.18. The company has 552 million common shares for a $287-million market capitalization. TNM

2019-07-30 6:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 5–18, 2019

7

Yamana’s Marrone on where gold companies can find value propositions CANADIAN MINING SYMPOSIUM |

Miner emerges stronger after years of tough decisions

At The Northern Miner’s Canadian Mining Symposium, held at Canada House in London, U.K., Yamana Gold (TSX: YRI; NYSE: AUY) executive chairman Peter Marrone spoke on the many changes at Yamana over the past few years, and the possible avenues for growth ahead. Below is an edited transcript of the session, held on May 22, 2019.

I

hope to reflect on some of the themes that perhaps other companies would look on and say, “That’s something that we should be considering.” Investors will look on and say, “That’s something that we need to consider as part of our investment thesis.”

The starting point is geographical or jurisdictional focus. From the very beginning in 2003, when this company was formed, we said we’re going to be an Americas-focused company.

At the time it was probably not clear to people, because we had only one small producing mine in Brazil.

A lot of people scratched their head and said, “But isn’t that just Brazil?”

But since then, in the last 15 years, we’ve gone from Brazil into Chile, Argentina, and now into Canada.

At Yamana we have a high-quality portfolio with long-life assets.

We look at the life of assets not just in terms of what’s immediately available on proven and probable reserves, but we also look at the potential for increases in proven and

that are not better than these countries, or that wherever you might be mining, is not a good place to be mining.

I was discussing [in May] with a gentleman the prospects of going into Africa. I’m not sure I know where the Democratic Republic of the Congo is entirely, but I know that it’s somewhere in Central Africa. It is not something that fits our portfolio. It’s not something that fits what we’re doing. I’m not saying that it isn’t a good place to be mining, but what we look for is places that have mining certainty.

Often, I’m asked about Argentina.

Here’s a country where a former president wants to become a vicepresident, a country that has very significant fiscal imbalances, has borrowed money from the IMF, has defaulted before, and probably will default again. It goes through these trials and tribulations.

But no one can deny that even in a country that has those fiscal challenges, it has an established rule of law and code of conduct for mining. You don’t run the risk that you wake up one morning looking at your breakfast table wondering how great the day will be, only to learn that somebody has made some proclamation that says, I’m expropriating one asset or another, or I’m doing the following things that are not particularly good things.

“ONE LESSON LEARNED IS THAT THE BEST NEW OUNCE IS AN OUNCE THAT YOU DISCOVER AND MINE AT AN EXISTING OPERATION.” PETER MARRONE EXECUTIVE CHAIRMAN, YAMANA GOLD

Yamana Gold executive chairman Peter Marrone at the 2019 Canadian Mining Symposium in London, United Kingdom. PHOTO BY MARTINA LANG FOR THE NORTHERN MINER

probable initially with resources, and where we don’t have resources, then where we have mineralization or prospects that will increase that.

Interestingly our newest mine, Cerro Moro in Argentina’s Santa Cruz province, has 6.5 years of mine life. But it’s an epithermal vein sys-

tem with 32 identified targets ... small open pits and underground, very rich grade, at more than 11 grams per tonne for gold and 650 grams for silver.

I can’t say to you that it’s a longlife asset. But I can say to you that there is an excellent opportunity

here for us to expand the life of mine of this project. It reminds us a lot of El Penon in Chile, and El Penon at this stage in its development — 1999 to 2000 — had 1.5 million ounces.

And if I look at gold equivalency between silver and gold in Cerro Moro, [today] it’s 1.4 million to 1.5 million ounces.

But in its life, El Penon has produced more than 5 million oz. gold, and over 130 million oz. silver. And in 2007, it had seven years of mine life and in 2019, it has seven years of mine life. They are very prolific epithermal vein systems.

And that’s what we mean by longlife assets, not necessarily identified today, but clearly where there’s a prospect to be able to do that.

Coming back to jurisdictions, I don’t want to leave you with the impression that there are countries

See MARRONE / 8

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Yamana’s Marrone on where gold companies can find value propositions MARRONE From 7

We like to be in jurisdictions where it’s mining friendly and somewhere there’s a mining pedigree, where there’s a tolerance for mining. And certainly, Canada, Brazil, Argentina and Chile are countries that check those boxes of where we want to operate.

I’m not saying to you that we’ve always been consistent, but certainly we have a long track record of consistency. We’ve been very good over the years of being able to translate what’s in the ground into production, and production to cash flows.

We’re looking at how to get better on generating free cash flows.

You heard in the discussion ... how that’s becoming increasingly more relevant ... in the last several years, certainly under the management of Daniel Racine, our president and chief executive officer, formerly our chief operating officer, we’ve not only been able to deliver, but also we’ve been able to increase our guidance mid-year, and then beat that guidance, as well.

Diversification is important. We certainly like precious metals. We do still have — soon we will not have — a copper mine. That’s our Chapada mine in Brazil. We’ve agreed to sell that mine. We’re getting far more than fair value for that asset.

Part of the reason for this action is we were looking to strengthen our balance sheet.

In 2014, this company hit a bit of a briar patch. We stumbled. We had a couple of development-stage assets that did not go entirely to plan, and what made it worse is that we then had to manage those assets.

Ultimately, we sold those assets, and then we had to clean up the balance sheet after all of that. We borrowed on our billion-dollar revolver, and two years before we had zero borrowed on it. And at the end of 2014, we had $410 million borrowed on that revolver, and that put a bloat on the balance sheet of the company.

As you are aware, that often creates limitations on the financial flexibility that’s available to a company.

Selling this asset at more than fair price, roughly a billion dollars of total consideration, $800 million upfront, completely cleans up the balance sheet. It breaks the back of that debt position. It brings the net debt to earnings before interest, tax, depreciation and amortization (EBITDA) to a very, very manageable 1.5, and then with free cash flow that we’re generating and several other initiatives that are in front of us, in the next year and a half to two years, we intend to bring that down to below one turn of EBITDA. But more importantly, what it does is it gives us financial flexibility to pursue the goals of increasing ounces in the ground, increasing production, and increasing returns to shareholders.

You’re aware that on announcing that deal, we’ve already doubled our dividend, and our expectation is that we can probably continue with that, as well.

The improvement in the balance sheet, that alone generates $105 million to $107 million of free cash flow in the next three years — just by the interest-saving that we have.

We decided that some of that, because we are generating free cash flows and still investing into the ground, some of that should go back to our shareholders.

We started with a light version of that with a doubling of our dividend.

As one of our shareholders mentioned: “It seems to me that you can probably do that again and again.”

The answer is we probably will, but we’ll be prudent and disciplined once we close the deal.

As we increase our cash balances, we’ll come back to the question

1-16_AUGUST5_Main .indd 8

of, “How do we further increase shareholder returns by delivering cash to shareholders?”

That could not have happened without some of the changes that have occurred in the company in the last four or five years. And one of the themes I hope I can communicate to you is: Don’t stay static.

Make changes where the changes are necessary.

As [Iamgold president and CEO] Steve Letwin said: “If something isn’t working, change it.”

I’m fiercely loyal. I believe in loyalty. But sometimes it’s difficult because what we have to do is say that those running the company or certain aspects of the company require a change. Notwithstanding the loyalty, at some point, you have to do the right thing and make those changes.

Four or five years ago, we embarked on that path. In that period, we’ve completed several succession plans. We took a succession plan for the head of exploration, for our chief financial officer, then for our chief operations officer.

Most recently, our chief operations officer has completed a succession plan, with myself as a founder and chief executive since 2003. I took on the more limited role of executive chairman, and he took on the role of chief executive officer.

We’ve added to our board of directors so that we can create more depth.

We have removed an entire layer of management in the company.

We had become bloated — we had too much management, too many vice-presidents.

I’m not saying this to throw eggs.

I’m not casting aspersions, but it was a South American model of many layers of management, and consultation and discussion.

Instead, we took a Quebecois model, which is get the right general manager who reports directly to a senior vice-president or the chief operations officer. It streamlines the organization, allows for decisions to be made very quickly — and we moved from there.

So there have been significant improvements to the management.

Incidentally, that took our general and administrative expenses from $142 million five years ago to roughly $80 million today, and we think there’s further improvement that can come from that.

We’ve upgraded our portfolio.

One thing that’s important to communicate: I am only 59 years old. I hope I don’t come across as looking old to you or sounding old to you. I don’t know that I’ve got enough experience or age to be able to say, “Here are the lessons learned.”

But if I can, one of the lessons that we’ve learned is: you cannot manage a company that has too many assets to manage.

The sweet spot for a gold mining company is between five and eight assets. Go above that, and it becomes very difficult to do.

So I applaud some of these mergers that we’ve discussed, where they’ll manage 15 or 16 mines, or as much as 20 to 22 mines. God bless, because that’s going to require a lot of effort.

And if that means that we’re not as capable as some of the other companies, we like the capabilities that we have. We think that five to eight mines is the sweet spot for the number of mines in a portfolio.

We’ve sold some of the mines that were in excess of that, some of the smaller mines, and we’re concentrating on those core mines, with five producing mines today.

Part of the success of a company comes from being able to build assets effectively.

We have not always succeeded at doing that. As I said, in 2014 we stubbed our toe. Heck, we stuck a

sword through our foot. We had a couple of development-stage assets that did not go entirely to plan.

So we changed how we manage the development of assets.

In the case of Cerro Moro, we built it on time and on budget in a part of the world, and in a part of Argentina, that is challenged in development of assets.

But why we were successful at doing that is, we decided that before we’re putting a shovel into the ground, before we’re spending $300 million of capital, which is the capex of this project, we completed more than 87% of the detailed engineering.

We went from a feasibility study to detailed engineering, and completed that amount of detailed engineering so that it gave us more competency in terms of how long it would take to develop the mine, and the cost of development.

I’m happy to say this has been a success, and it is the path forward.

If it means that it takes an extra six or nine months to develop something, we would rather take that time. That’s an important lesson we learned in terms of building high-quality operations.

We elected to sell our Chapada copper-gold mine, and it was a difficult decision for us.

I go back to what I said about loyalty. We developed this mine.

Those of you who remember Yamana in 2003 to 2007, we put it into production in early 2007.

We were told it’s a low-grade deposit — amongst the lowest in the world.

We were told that it can’t be developed, and that we can’t possibly do it for $240 million, with 16 million tonnes of throughput per year.

And we did all of that.

What was overlooked was that the strip ratio was less than one-to-one.

So the strip-adjusted grade was actually in the top one-third, perhaps quartile, of the copper-gold assets in the world. It was difficult for us to sell it because we have developed it. We’ve nurtured this asset.

Our general manager ... reminded us [in April] that he joined the company in 2005, and people did not believe that this asset could be built, and we built it. He reminded me that there was a vision, and that vision led to the development of this asset.

Don’t let people tell you that you can’t do it. Just go on and get it done.

But he also said he met his wife there. They have three children, so there’s a personal side to it that we can’t overlook. We’re business people, but we can’t overlook the personal side.

So it was a difficult decision for us, but we’re getting more than fair value for it. It is going into proper hands to continue to manage the asset and the people there effectively, and it does a world of improvement to our balance sheet.

With that improvement to the balance sheet, we create financial flexibility. It enhances our free cash flow as I mentioned, significantly reduces our debt, allows us to be able to enhance our shareholder returns — rebalancing the portfolio more to precious metals — and allows us to be able to get this level of production increases.

An extra 150,000 oz. of new gold production will come very inexpensively, and it will come from existing operations.

One further lesson learned is that the best new ounce is an ounce that you discover and mine at an existing operation. And so that 150,000 oz. comes from our Canadian Malartic mine in Quebec, and from our Jacobina mine in Brazil.

In 2013 and 2014, we throttled back the Jacobina operation, when it was producing 76,000 oz. per year.

We were told — and there’s actually a person in this room who said —

“Why don’t you sell it? It’s not core.”

And yet, we looked at it and said, “There are millions of ounces that are not yet discovered in this deposit, and we need to learn how to mine it more effectively.”

And look at the growth of production over the course of these years, from 76,000 oz. to last year’s 145,000 ounces. We’re now mining at 5,800 tonnes per day. The plant is at 6,500 tonnes per day, and requires modest modifications — pipes and motors, really. We’re already mining faster than we’re processing.

There will be no more than a couple of million dollars to put that into development by next year. It gets us to a production platform that is about 170,000 ounces.

We now have a new plan that takes it to more than 225,000 oz., with a plant increased to 8,500 tonnes per day.

However — and this is where it’s important to look at the what-ifs and the howevers — we also looked at it and said, “But the grade trajectory of this asset in the last several years has been going up.” We had a grade increase last year, the year before. We will have another grade increase this year.

Every new zone of these reefs that we’re discovering comes in at higher grade than reserve grade.

So the trajectory for grade is actually going from the 2.34 grams we’re carrying today to closer to 2.6, so as we get to that 2.6, the what-if is staying at 6,500 tonnes per day, not spending the capital to go to 8,500 tonnes per day.

That takes us to a production platform of over 190,000 ounces.

Now, 190,000 oz. is the first part.

The second part is that we’re already carrying more than 13 years of proven and probable reserves. We’re carrying more than 2 million oz. resources, another 1 million oz. inferred resources, all at higher grade than reserve grade. Clearly, this has been a resounding success for us.

We chose not to sell it, and we’re happy we didn’t. It has become one of our more prolific producing mines with a very long life. We estimate certainly more than 15 years, and it could be significantly longer than that.

Canadian Malartic is another asset that we did not develop. We bought it in 2014, as you may remember. But in 2011 or 2012, we were being told that you can’t mine a 1-gram deposit in an open-pit in Canada — it isn’t going to work.

And look at how successful Osisko was, and we’re very happy that we acquired Osisko in 2014. We’ve taken the throughput from 48,000 tonnes per day to 55,000 tonnes per day.

We’re now developing the highergrade Barnat deposit. But more interestingly is what has been discovered with Odyssey and East Malartic. These are underground zones rather than open pit. We see the potential for another 150,000 ounces. So our 50% would be another 75,000 oz. at very modest capital investment.

We had a vision in 2014. There were only eight drill holes into Odyssey at the time. Listen to the geologist who discovered it, because he’ll tell you what he thinks. And he said, “You’ve got a deposit here.”

He was right. There’s excellent potential for the increase in production, and that will extend mine life, also.

Cerro Moro, again, is a very highgrade deposit, and it generates one of our better cash flows and free cash flows. Our objective in the next several years is to increase proven and profitable reserves, full stop.

It doesn’t need anything else other than that, and we’re very confident that we’ll be able to deliver on that.

One thing that I didn’t say about El Penon, is that sometimes it is bet-

ter to pull back on production, to improve the financial performance of an asset.

This mine was producing more than 220,000 oz. gold per year, and 7.5 million oz. silver, so on a goldequivalency basis, well in excess of 325,000 ounces.

But we were also doing more than 50 km of underground development per year: $60 million per year in development, $30 million in exploration.

We throttled it back. We said, “This mine has done its share of the heavy lifting. Let’s pull it back to 150,000 oz. gold, 4 million to 6 million oz. silver.”

It’s still an impressive mine at more than 200,000 equivalent oz. gold. But more importantly, because we’re spending one half of the amount on development and on exploration, we now generate more free cash flow from this asset with less risk than we did before we throttled it back three or four years ago.

Let me highlight one final aspect of our portfolio. The market sometimes misses opportunities that are in a portfolio that are not producing mines.

We have five producing mines, and we have a raft of what we call strategic assets. The most advanced is Agua Rica. This is one of the larger copper-gold-moly deposits in the world. With 25 years of life — a very high-quality grade — it’s a production platform to have 370 million lb. copper per year. But in the first 10 years, it would be more than 500 million lb. copper per year — a very significant mine.

It also happens to have a nextdoor neighbour, the Alumbrera mine, where the mine has just been exhausted. That’s 36 km away.

We’re a partner in Alumbrera, with a minority stake. We have 100% of Agua Rica.

We came to a conclusion: “Why don’t we integrate the two projects?”

Let’s not build a new plant. Let’s, by conveyor, take the ore from Agua Rica and take it to Alumbrera. That allows us to save hundreds of millions of dollars of capital costs, and lowers the risk significantly.

We can use the current tailings facilities. We may be able to use the exhausted pit for tailings and possibly for waste. That 36 km conveyor is not a challenge. Clearly, there’s a cost associated to it.

But this is a project that is now at the development stage, and we have advanced it by saying we’re not going to develop it as a $3-billion-plus, stand-alone project.

There’s an excellent synergy between what is already there as a plant, and what we have as a deposit.

We’re delivering a prefeasibility study [soon], and a feasibility study by this time next year.

In the integrated project, we have 56%.

And here’s an interesting question for you, maybe rhetorical, but how much do you think this asset is carried in analysts’ models, those analysts that cover this company?

Very, very good answers in the room. Zero.

So we certainly think that there’s a true value proposition here. It will be a significant improvement to the value of this company.

One can assume that we will probably look to monetize all or some part of it, which will bring further cash into the treasury of the company.

Most importantly, where the value proposition is, is sticking to your knitting, being a significant or a dominant intermediate company, focusing on the quality of your portfolio and the jurisdictions in which you operate, and become relevant in those jurisdictions.

Don’t worry about “bigger is better” — just get better. TNM

2019-07-30 6:59 PM

BASE METALS

SPECIAL FOCUS

Kutcho Copper’s namesake copper project in northern British Columbia. KUTCHO COPPER

Fireweed Zinc consolidates district in the Yukon SITE VISIT

| Mid-year exploration program in full swing

GEOLOGY

| A snapshot of seven types of base metal deposits

BY TRISH SAYWELL tsaywell@northernminer.com MACMILLAN PASS, YUKON

F

ireweed Zinc (TSXV: FWZ) CEO Brandon Macdonald travelled to China three times last year, twice to Japan, and also talked with Korean smelters about the company’s Macmillan Pass project in the Yukon — the largest undeveloped zinc and lead resource in the world held by a junior Canadian company.

“The reception we’ve had with the smelters has been very positive,” Macdonald tells a group of analysts and investors on a recent tour of the project. “One of the strengths of this project is the high-grade, clean concentrate.”

The geologist, who has an MBA from the University of Oxford and also spent years working on structured financings and risk management in London at Macquarie Bank, adds that the long-term supply picture for zinc “remains bleak.”

“Nobody exactly understands how the long-term is going to play out, because there’s just not enough scalable projects,” he says. “And then the big four-million-tonne elephant in the room is, can China keep producing four million tonnes of zinc a year? There isn’t a single mine in China that’s anywhere near as big as this.”

The Macmillan Pass project — whose Tom and Jason deposits contain a combined 11.2 million indicated tonnes grading 9.6% zincequivalent (6.59% zinc, 2.48% lead and 21.33 grams silver per tonne), and another 39.5 million inferred tonnes at 10% zinc-equivalent (5.84% zinc, 3.14% lead and 38.15 grams silver) — is positioned well as a result, he says.

“The next big crunch comes in 2023–2024, which is about perfect timing for this project.”

A preliminary economic assessment (PEA) of the project’s Tom and Jason deposits released in May 2018 delivered an after-tax net present value of $448 million and a 24% internal rate of return.

The early-stage study outlines an 18-year mine life, at least three as an open-pit operation. Starter pits on the Tom West and Jason Main zones lower upfront capital, and the initial capex total of $404 million could be paid back, aftertax, in four years.

Over the mine life, an estimated 32.7 million tonnes of mineralization would be mined. At an average

BY LESLEY STOKES Special to The Northern Miner VANCOUVER

T

he Earth has many ways of stripping base metals from its crust and concentrating them into deposits. Over the course of civilization, humans have uncovered seven main types: sediment-hosted copper-cobalt; magmatic nickelcopper-platinum group metals; volcanogenic massive sulphide; porphyry; Mississippi Valley-type; sedimentary exhalative; and laterites.

CEO, FIREWEED ZINC

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Nidd property on the western extension of the Macmillan Pass project from Teck Metals, a subsidiary of Teck Resources (TSX: TECK.B; NYSE: TECK). Historic drilling in Nidd’s Boundary Zone included intercepts of 224 metres grading 2.5% zinc and 0.3% lead, including 5 metres of 16.4% zinc.

With the Nidd acquisition, Fire-

Sediment-hosted, coppercobalt deposits Most world-class, sediment-hosted copper-cobalt deposits formed shortly after a unique period of time often referred to as the “boring billion,” the “Earth’s middle age” or “the dullest time on Earth.” The Earth’s major landmasses combined to form one large supercontinent, and remained relatively stable, positioned along warmer latitudes, from 750 million to 1.7 billion years. The continent began to break apart in the neoProterozoic, but many of the rifts failed, becoming significant basins of evaporitic, lacustrine and red-bed sediments, mixed with saline and oxidized fluids called brines. The brines circulated through the basins for tens, if not hundreds of millions of years, stripping metals from the rocks only to redeposit them onto chemically reductive horizons.

The sheer size and scale of the mineralizing process created blan-

See FIREWEED / 12

See GEOLOGY / 10

Fireweed Zinc CEO Brandon Macdonald on an outcrop at the Tom West zone at the Macmillan Pass zinc-lead silver project in the southeast Yukon, 372 km east of the capital city of Whitehorse. PHOTO BY TRISH SAYWELL

processing rate of 4,900 tonnes per day, the project would produce a yearly average of 85,000 tonnes zinc, 48,000 tonnes lead and 2 million oz. silver.

The base case in the maiden PEA employs a zinc price of US$1.21 per lb., a lead price of US98¢ per lb. and a silver price of US$16.80 per ounce. Altogether the Tom and Jason deposits contain 1.63 billion lb. zinc, 0.61 billion lb. lead and 7.69 million oz. silver in the indicated category, and another 5.08 billion lb. zinc, 2.73 billion lb. lead and 48.41 million oz. silver in the inferred category.

“This is an imminently developable project with these numbers,” Macdonald says, “but what you should pick up from the drilling we did last year, and what’s happening this year, in terms of blue sky, is that we’re not nearly done with this project and what it’s capable of ... we think this is going to get a lot better before you stick a pin in it and start developing it.”

For a start, it’s the first time in history that the entire district has been assembled under one company, and most of the vast land

“WE’RE NOT NEARLY DONE WITH THIS PROJECT AND WHAT IT’S CAPABLE OF ... THIS IS GOING TO GET A LOT BETTER BEFORE YOU STICK A PIN IN IT AND START DEVELOPING IT.” BRANDON MACDONALD

Deposits that host the world’s base metals

package has been little explored using modern techniques.

In early 2018, Fireweed exercised its option and became 100% owner of the Tom and Jason claims and associated deposits and assets, and consolidated the Macmillan Pass district with purchase and options on several blocks of adjacent claims, more than doubling its land position to 544 square kilometres.

In November, it acquired the

FIT-FOR-PURPOSE SOLUTIONS Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers brought together to provide accurate and timely mineral and process evaluation services across the entire mining life cycle.

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2019-07-30 6:59 PM

10

BASE METALS

AUGUST 5–18, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Deposits that host base metals See GEOLOGY / 10

kets of high-grade copper that extend for tens of kilometres in scale, and account for 20% of the world’s copper production today. Supergiant examples are found within the Katangan basin of south-central Africa, whereas other world-class deposits of varying ages are found in the Kodaro-Udokan basin of Siberia, and the Zechstein basin of northern Europe. As an example, Ivanhoe Mines’ (TSX: IVN; USOTC: IVPAF) Kamoa and Kakula deposits in the Katangan belt host a combined 1.4 billion indicated tonnes of 2.64% copper, and 316 million inferred tonnes of 1.76% copper over a 5- to 7-metre thickness.

Magmatic nickel-copper-PGM deposits Magmatic nickel-copper-platinum group metals (PGM) deposits occur when magnesium-rich magma (called ultramafics), sourced from the mantle, break through the crust in a dense network of dikes, sills and magma chambers. The fast-flowing, metal-rich intrusions devour sulphur-bearing crust during its ascent. Once the sulphur is saturated in the melt, it separates out of the magma — much like oil does in water — and begins to absorb the surrounding heavy metals, such as nickel, copper and PGMs. In traditional models, the magma becomes trapped in quiescent magma chambers — much like an eddy along a fast-flowing river — allowing the sulphur time to scavenge an abundance of metals from the

melt. Within time, sulphur droplets laden with metal sink to the base of the chamber, whereas lighter concentrations crystallize in-situ as the magma cools. As a result, magmatic-style deposits often have horizons of massive sulphides that grade upwards into less dense, nettextured sulphides, before ending in a horizon of disseminated sulphides.

Less traditional models take into account the sheer complexity of magma flow. There are often multiple chambers, each connected by complex highways of hot magma.

The magma bodies are convecting, mixing, changing composition, depressurizing, or repressurizing, as new magma is injected into the system, cools, then remelts and cools again.

A perfect example of a non-traditional deposit model can be found at Vale’s (NYSE: VALE) Voisey’s Bay, where the ore is found in feeder dikes connecting the two chambers (eastern and western deeps). There is evidence that metal-rich sulphide liquid was injected into the eastern deeps orebody, rather than settling along its base. Similar features are also seen in other world-class camps, such as Norilsk or Jinchuan.

There are seven major camps in the world — the largest being the Sudbury complex in Ontario and the Norilsk deposits of Russia, followed

by Kambalda in Western Australia, Voisey’s Bay in Labrador, the Thompson Nickel belt in Manitoba, Raglan in northern Quebec and Jinchuan in China.

Volcanogenic massive

sulphide copper-lead-zinc deposits (VMS) VMS deposits are found in areas where the Earth’s crust tears apart, such as along mid-ocean ridges, volcanic islands or back arc spreading centres. Some of the metals are supplied by hydrothermal fluids off-gassing from an underlying intrusive, whereas the rest is sucked in from heated groundwater convecting through basaltic crust for tens of kilometres. The hydrothermal f luids combine to vent upwards along extensional structures, only to spew outwards onto the seafloor as lenses of massive sulphide, and stockworks of mineralization underlying the mound.

VMS deposits are often found in clusters or districts 40 km in diameter, yet only one — or more — of the deposits contain more than half of the district’s resources. Average VMS grades run 5% copper, 4% zinc, <1% zinc and 1 gram gold per tonne within 4 million to 25 million tonnes, but some examples far exceed those amounts. Supergiant examples in Canada include the Kidd mine in Ontario, Windy Craggy in British Columbia, the Flin Flon–Snow Lake district in Manitoba and Bathurst in New Brunswick.

Porphyry Porphyry copper-gold plus or minus molybdenum deposits exist along convergent plate boundaries, where slabs of crust drive downwards and get consumed by the mantle. Magma generated from the subducting slab travels upwards, exploiting pre-

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1-16_AUGUST5_Main .indd 10

Underground at Codelco’s El Teniente copper porphyry mine in Chile. CODELCO

existing structures and rupturing the crust as it ascends. Occasionally, the system blows its top and erupts as a volcano, otherwise, it sits well below the surface, stewing in its own hydrothermal fluids. The deposits tend to have a high-grade core, noted as significant concentrations of potassium feldspar, magnetite and copper-rich minerals, such as bornite.

The mineralization grades outwards into more chalcopyrite-rich rocks surrounded by a pyritic halo.

Several pulses of magmatism can occur, leading to overprinting mineralization phases and alteration of the host rocks. In the case where the system erupts as a volcano, the level of boiling drops significantly, creating a higher-grade core at much greater depths. Porphyry deposits can range in size from 100 million to 5 billion tonnes of ore, with grades of 0.2 to >1% copper. Although low grade, the sheer size of porphyry deposits enable bulk mining for multiple decades, and the mines are not as vulnerable to challenging market conditions, compared to those that are shorter lived. Worldclass deposits include Codelco’s Chuquicamata and El Teniente; BHP Group (LON: BHP) and Rio Tinto’s (NYSE: RIO) Escondida; Rio Tinto’s Bingham Canyon;and Freeport-McMoRan’s (NYSE: FCX) Grasberg in Papua New Guinea.

Mississippi Valley-type leadzinc deposits (MVT) Mississippi Valley-type lead-zinc deposits account for 24% of the global resources of lead and zinc and are known for their high-quality ore. The deposits tend to have low iron in the system, which means the ore will be less penalized at the smelter, and the minerals are very coarse grained, making the zinc easier to recover. MVT’s have a median size of 7 million tonnes at grades of 7.9% lead and zinc, but they occur in districts where there can be hundreds of them in one place.

The driving factors behind MVT deposits are rock type — they form in coarse-grained carbonate rocks, often enriched with hydrocarbons — and how permeable the rocks are to mineralizing fluids. The deposits are found in extensional fault zones, and are associated with fractures and dilatant zones. Brines f lush along basin-bounding faults into structurally prepared cavities created by the dissolution of carbonates and/or along permeable horizons.

The fluids react with the carbonates and the metals are deposited.

Major districts include the area

surrounding the drained basin of the Mississippi River in the central U.S., Pine Point in Yellowknife, Teck Resources’ (TSX: TECK.B; NYSE: TECK) former Polaris mine in Nunavut, ScoZinc Mining’s (TSXV: SZM; USOTC: SWNLF) former Gays River mine in Nova Scotia, or Lennards Shelf in Western Australia.

Sedimentary exhalative leadzinc deposits (SedEx) Unlike MVT’s, sedimentary exhalative lead-zinc deposits are hosted in shales. The basinal brines carrying the metals travel upwards along structures only to exhale onto the seafloor, or permeate outwards into underlying sediments next to the vent. Some SedEx deposits are found close to the vent, whereas others are more distal — either a plume fallout that has been dispersed by bottom currents, or reworked sulphide mounts.

Giant and supergiant deposits range from 100 million to 400 million tonnes, with grades from 5% to 30% lead and zinc.

World-class deposits include Teck Resources’ Sullivan in southern B.C., Glencore’s McArthur River in Australia and Teck’s Red Dog in Alaska, whereas notable deposits are found at Faro, Macmillan Pass and Howard’s Pass in the Yukon, where Selwyn Chihong and Fireweed Zinc (TSXV: FWZ; US-OTC: FWEDF) are currently exploring.

Nickel-cobalt laterite deposits The Earth’s crust tends to rot at low latitudes. The intense chemical and mechanical weathering at surface makes for thick soil profiles, with varying compositions, depending on the original rock type. Nickle-cobalt laterites occur when ultramafic rocks — which carry a higher concentration of metals — weather into a soil.

Valueless minerals are flushed away, and metals such as nickel and cobalt find their way into multiple minerals throughout the weathered profile. Over 70% of the world’s nickel resources come from laterites, however only 50% account for global production. Deposits range in size from 2.5 million to 400 million tonnes, grading 0.66% to 2.4% nickel, and 0.01% to 0.15% cobalt.

New Caledonia contains 21% of the world’s nickel laterites, followed by Australia (20%), the Philippines (17%) and Indonesia (12%). TNM —Lesley Stokes is a geologist and a former staff writer for The Northern Miner. She currently works for Freeport-McMoRan in Vancouver.

2019-07-30 6:59 PM

BASE METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 5–18, 2019

11

BASE METALS SNAPSHOT

Eight companies advancing projects around the globe As the global demand for base metals grows, mining companies are on the hunt for new deposits that they can develop into operating mines. Here are eight companies with significant projects in the space.

GROUP ELEVEN RESOURCES Formed in 2015, Group Eleven Resources (TSXV: ZNG; US-OTC: GRLVF) focuses on zinc deposits in Ireland, and its two key projects are Ballinalack, a joint venture with Nonfemet, one of China’s largest zinc producers, and Stonepark, a joint venture with Arkle Resources.

Ballinalack is in northeastern Ireland and hosts potential Navan Bed mineralization in the Pale Beds, and Stonepark is near Limerick and next to Glencore’s Pallas Green deposit, one of the world’s largest undeveloped zinc deposits.

Ballinalack, 50 km west of Boliden’s Navan (Tara) zinc mine, has an inferred mineral resource of 5.4 million tonnes grading 8.7% zinc, plus lead. Historic intercepts include: 10 metres grading 17.9% zinc, 4.2% lead and 10.1 grams silver per tonne; 46 metres grading 13.6% zinc, 2.4% lead and 21.3 grams silver; and 24 metres grading 16.6% zinc, 3.2% lead and 16.3 grams silver. Group Eleven owns 60% of the joint venture.

Stonepark contains inferred resources of 5.1 million tonnes grading 8.7% zinc and 2.6% lead, and Group Eleven Resources’ ownership of the joint venture is 76%. In addition to Ballinalack and Stonepark, Group Eleven also wholly owns the Silvermines project, located next to the historic Silvermines zinc mine, which produced 10.8 million tonnes grading 7.4% zinc and 2.7% lead between 1968 and 1982. As of June 4, MAG Silver owns 16% of the company, while Teck Resources owns 6%. Institutional investors hold 10% and insiders, 17%.

HUDBAY MINERALS Hudbay Minerals (TSX: HBM; NYSE: HBM) has built a diversified portfolio of operating mines in North and South America, primarily producing copper concentrate (containing copper, gold and silver), molybdenum concentrate and zinc metal. The company owns three polymetallic mines, four ore concentrators, and zinc production facilities in Canada and Peru, and has copper projects in Arizona and Nevada in the United States.

The company’s exploration portfolio consists of 8,550 sq. km across Canada, Peru, the U.S. and Chile, and management has earmarked a 2019 exploration budget of $40 million, which includes option payments. The funds will focus on exploration near processing infrastructure in Manitoba and Peru, as well as in Nevada, Chile and British Columbia.

During the first quarter, Hudbay’s Constancia mine in Peru produced 31,843 tonnes copper, 14,427 oz. precious metals and 304 tonnes molybdenum. The company’s Manitoba operations produced 28,037 tonnes zinc, 6,129 tonnes copper and 24,266 equivalent oz. gold precious metals. In Arizona, the company concluded the permitting process at its Rosemont copper project in March 2018 with the receipt of the Section 404 water permit from the U.S. Army Corps of Engineers, and the mine plan of operations from the U.S.

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Hudbay Minerals’ Constancia copper project in southern Peru. HUDBAY Forest Service. Once in production, Hudbay estimates Rosemont will be the third-largest copper mine in the United States. Hudbay recently announced it had extended the mine life at its 777 mine in Manitoba to the second quarter of 2022, from the end of 2021.

KINCORA COPPER Kincora Copper (TSXV: KCC) is focused on its two wholly owned copper projects in Mongolia’s Southern Gobi–Bronze Fox and East Tsagaan Suvarga. The junior, based in Ulaanbaatar, with a corporate office in Vancouver, has operated in Mongolia since 2010.

In June, Kincora Copper kicked off a drill program at its Bronze Fox copper-gold porphyry project, with funds from a recent $6.3-million capital raise. The drill program will focus on two new targets outlined with the help of an independent block model, the re-logging of 24,000 metres of drill core, new geophysics and a reinterpretation of previous results. The company plans to drill up to 8,100 metres at Black Fox in 2019. Three of four holes previously drilled by Kincora into the monzodiorite section of the intrusive complex intersected over 1% copper, and have only tested 260 metres of over a kilometre strike length.

The Black Fox project has a mineralized footprint of over 40 sq. km within the Bronze Fox Intrusive Complex, and was one of four projects that Ivanhoe excluded from its BHP joint venture between 2006 and 2009. Kincora consolidated the ownership of Black Fox in early 2012.

methods and processed to deliver 150,000 tonnes of nickel-bearing concentrate per year over an 11year mine life. Proven and probable reserves at Eagle’s Nest measure 11.13 million tonnes grading 1.68% nickel, 0.87% copper, 0.89 gram platinum per tonne and 3.09 grams palladium per tonne.

The company’s 2019 drill program will also include up to 6,200 metres of drilling at its brownfield East Tsagaan Suvarga project.

The junior also owns the Blackbird and Black Thor chromite deposits in Sault Ste. Marie. Noront expects Blackbird will be its second mine and is one of a number of largetonnage chromite discoveries in the Ring of Fire. Blackbird has measured and indicated resources of 20.46 million tonnes grading 35.76% chromium trioxide and inferred resources of 23.48 million tonnes averaging 33.14% chromium trioxide. The Black Thor deposit has 137.7 measured and indicated tonnes grading 31.50% chromium trioxide and 26.8 million inferred tonnes grading 29.30% chromium trioxide.

NORONT RESOURCES Noront Resources (TSXV: NOT) has the largest land position in the Ring of Fire, an emerging multi-metals area in the James Bay Lowlands, 500 km northeast of Thunder Bay in northern Ontario. The “Ring” is 100 km in diameter and the result of a belt of mafic and ultramafic rocks wrapping around a circular intrusion. Noront’s flagship project, Eagle Nest, is a high-grade, nickelcopper-platinum group element (PGE) deposit. Noront describes Eagle Nest as the largest highgrade nickel discovery in Canada since Voisey’s Bay, and the most advanced project in the Ring of Fire.

The company expects Eagle’s Nest will produce 3,000 tonnes of mineralized material a day, which will be mined by underground

NORTHERN SHIELD RESOURCES Northern Shield Resources (TSXV: NRN) focuses on nickel, copper, platinum group elements and gold. The junior is earning an 80% interest in the Shot Rock gold property in Nova Scotia, where it explores for epithermal gold mineralization. Last year Northern Shield confirmed the discovery

of a low-sulphidation epithermal system at Shot Rock, which it says is the first time this style of gold mineralization has been found in the province. Gold mineralization of up to 3.3 grams gold per tonne was found within quartz veining. In June, the company reported that assays from rock sampling of the second low-sulphidation system discovered within the Highway Zone at Shot Rock demonstrated a 300-metre long, gold-anomalous trend, including assays of 5.3 grams gold per tonne and 4.9 grams gold per tonne.

In May, Northern Shield signed an option agreement to acquire 100% of the Root and Cellar gold project in Newfoundland, where it plans to explore for low and intermediate sulphidation epithermal-type gold mineralization, as well as copper porphyry mineralization. Grab samples from the property include grades of 45.5 grams gold per tonne and 1,365 grams silver per tonne; 37.8 grams gold and 1,000 grams silver; and 25.8 grams gold and 487 grams silver.

The company also has two gold properties in Gaspésie, Que. (Grand Pabos and Estcourt), the Five Islands and Parrsboro gold properties in Nova Scotia, and two nickel-copper-PGE projects in

See SNAPSHOT / 13

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ConstruCtion AnD Mining serviCes

2019-07-30 6:59 PM

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AUGUST 5–18, 2019 / THE NORTHERN MINER

BASE METALS

WWW.NORTHERNMINER.COM

Fireweed Zinc consolidates district FIREWEED From 9

weed now owns all four of the known large zinc mineralized systems in the region — Tom, Jason, the Boundary zone and the End zone — as well as other zinc exploration targets.

Nidd covers the western extension of the so-called “Fertile Corridor,” which traces critical stratigraphic rock units, structural features and exploration targets from east of the Tom deposit to west of the Boundary zone over at least 25 kilometres.

This year the company plans 2,000 metres of core drilling and 1,000 metres of reverse-circulation drilling, which will include step-out targets at Tom North (not included in the 2018 resource update), Tom East (one of the highest-grade zones on the property), Jason North and the End zone.

The End zone hosts zinc-leadsilver mineralization that has been drilled but not yet classified as mineral resources. Drilling last year intersected high-grade zones, including 4.78% zinc, 10.17% lead and 87 grams silver per tonne over 11 metres.

The 2019 drill program will also attack greenfield targets that Fireweed has generated over the last two years — most of which are in areas where overburden conceals the bedrock — and have never been drilled. The targets are spread across the company’s property, but the emphasis will be on the Fertile Corridor.

The corridor is a belt of critical host geology that straddles a major syn-sedimentary structure, the Hess fault zone, and is an area Fireweed says is prospective for shale-hosted, zinc-lead-silver mineralization.

“There’s so much exploration potential, it’s crazy,” John Robins, Fireweed Zinc’s executive chairman, says during the one-and-a-half hour flight on a Cessna Caravan from Whitehorse to the project, about 16 km from Yukon’s border with the Northwest Territories.

Macmillan Pass, in southeastern Yukon, is also accessible via the North Canol Road from Ross River, off the Robert Campbell Highway.

The company includes $105 million in its PEA as total capex required to upgrade the Canol Road, but Macdonald says there are opportunities to explore a partnership with the territorial and federal government to alleviate part or all of that cost. In 2016, Prime Minister Justin Trudeau and Yukon Premier Sandy Silver committed $360 million for infrastructure to access mineral-rich areas under the Gateway project.

“We include the road as a burden on our shoulders for our PEA,” Macdonald says, “which should give you a solid indication of how we approach it, and how we felt it would be disingenuous to be anything other than conservative in a setting like this, and why we think there is so much room for improvement [and optimization] here.”

“A lot of companies, including our neighbours at Mactung, when they did their feasibility study, not even a PEA, just left out the road,” he adds.

“They just assumed that it would magically manifest in a condition that was suitable for them.”

Macdonald notes that Macmillan Pass would be a cost-competitive mine, thanks to its high-grade material, which will be moved from site to a smelter using the port of Skagway in Alaska, at $212 per wet metric tonne of concentrate. “It is not trivial, but it’s not perhaps as eye-watering as people thought,” he says. “And the nice thing about that is it is a reasonably predictable expense. It’s mostly driven by labour and fleet, and a little bit of fuel, so it’s something that won’t change a lot year to year.”

Macdonald describes the initial concentrate tests as “very appeal-

1-16_AUGUST5_Main .indd 12

ing,” with low iron, and a little bit of mercury to manage, but other than that, a high-grade concentrate that “will be highly in demand.”

Met test results released before the PEA show a global composite zinc concentrate grading 58% zinc at 89% recoveries and a global lead concentrate containing 61% lead at 75% recoveries. Iron levels were 1.5%, with mercury at 155 ppm and silica at 4%.

“As part of our pre-PEA, when we released this metallurgy, we included in the appendix the full break-down of penalty elements from the assay results of the produced concentrate, which I don’t think you would see a lot of juniors do,” he says. “A lot tend to be evasive about lifting their kilts and showing what their con looks like. We felt it was the right thing to do. That’s the first question that a Korea Zinc, or a Sumitomo, or a Nonferrous Metals asks me, is: ‘OK, fine, so it’s 58% zinc. But what else?’”

Fireweed closed on the project in 2017, acquiring it from Hudbay Minerals (TSX: HBM; NYSE: HBM) for $1 million and 15% of the company’s shares. (Its 15% stake was diluted to 10%, with subsequent financings.)

Hudbay discovered the Tom deposit in 1952, and by the time Fireweed acquired the project, 70,000 metres of drilling had already been completed. By Fireweed’s calculations, the replacement cost of this work amounts to somewhere between $100 million and $125 million in 2017 dollars.

“It shows you the absurdity of the current market conditions,” Macdonald says. “It is a very viable project, and I think it’s going to get built, and yet we’re trading for onefifth the cost of getting this far.”

Robins, whose career successes include founding Kaminak Gold and its discovery of the Yukon’s Coffee deposits, describes the Macmillan Pass acquisition as “the deal of the century,” as far as the Yukon is concerned. Hudbay held on to it for years, he says, “and then just basically sold it for a song ... these are how the greatest opportunities present themselves.”

“It’s got high-grade, and you need high-grade up here,” he says, but “even if you didn’t discover one more pound of zinc, you’ve got a viable project ... because we’ve been able to galvanize the entire district, the idea that you could double the 50 million tonnes we have right now I think is completely a realistic target.”

Robins and his team also note that new exploration techniques, like passive seismic, will be a powerful tool at Macmillan Pass, where you have massive density differences.

“Gravity has been around for a long time, but the problem always was that you can’t do gravity in mountainous terrain,” Robins says. “So what’s really cool about this is that gravity is really a game-changer now because of passive seismic, the ability to have super-detailed digital elevation models.”

“Even if, in 1991 — when Cominco was last exploring here — they had the knowledge to integrate passive seismic and the terrain correction methodologies we have now, they would not have had the computational power to do the terrain correction that we do now,” Macdonald adds.

The company kicked off its mid2019 campaign in late June with core drilling on Tom North, which has been traced in sparse historic drill holes and trenches over a strike length of 600 metres, and only to shallow depths of 50 metres. Fireweed plans to drill the continuation of Tom North to depth to test its potential for mineralization amenable to open-pit mining, and test for thicker mineralization similar to the adjacent Tom West Zone. The company says Tom North could be

“WE’VE GOT PLENTY OF REALLY JUICY-LOOKING TARGETS THAT WE WOULD LIKE TO DRILL.” JACK MILTON CHIEF GEOLOGIST, FIREWEED ZINC

an extension of Tom West, separated by a fault.

Six shallow holes drilled at Tom North from 1951–1952 and one hole in 1978 returned assays up to 5.05% zinc and 1.80% lead over 20 metres.

But the company points out that its own drilling elsewhere at Tom has shown that many early historic results under-reported grades due to poor core recoveries.

“Tom North was drilled in 1952 using a very, very small-diameter core,” explains Jack Milton, Fireweed Zinc’s chief geologist. “And a lot of that stuff had really, really poor recovery, and we saw there was an opportunity there. For example, one hole was 15 metres of 2.7% zinc, and 5 metres of that was zero recovery, and some of the core is very soft.

It washes away very easily in the drilling. So there’s an opportunity for us to go back and twin some of those holes and recover much more of the mineralized zone.”

Another step-out core drill target is the Tom East expansion target.

Last year, drilling extended the zone to depth, with the deepest hole intersecting 16 metres grading 21.14% zinc, 13.55% lead and 243 grams silver. The zone is open for expansion.

RC drilling will focus on Target R and Jason North. At Target R, 2.5 km north of the mineral resource at Tom West, the drill will test a coincident gravity-magnetic and soil anomaly the company discovered last year. Jason North — an untested drill target north of the Jason Main deposit — is a coincident geologicalgeochemical-geophysical target.

In addition, gravity surveying, which found a number of targets in 2018, will continue along the Fertile Corridor and extend west from the 2018 survey area. The company is also undertaking LIDAR, geological mapping, sampling and prospecting to further its understanding of the geological controls on the mineralization, and delineate prospective areas on the property.

One area that appears intriguing is a 2.5 km long, lead-in-soil anomaly in the northern part of the property called Target G, which was identified last year after compiling historic data and fieldwork. The area is considered highly prospective because it is next to the MacMillan fault structure, and hosts bedded barite showings that can trap zinc-, lead- and silver-bearing fluids. A grab sample from loose surface rocks assayed 14.39% lead, 4.42% zinc and 312 grams silver. This year, Fireweed plans surface mapping and sampling over the length of the anomaly, followed by drilling the most prospective sections.

“We’re not going to get around to anywhere near drilling all the targets that we’ve already generated this year, and we’re still generating more data this year to do an additional gravity, additional mapping and prospecting,” Milton says. “We’ve got plenty of really juicy-looking targets that we would like to drill.”

There’s also low-hanging fruit for expanding Jason, the company says, where the syncline remains untested at depth, and connecting the two sides of Jason could yield more resource tonnage. “Jason Main was the first pit they discovered at Jason,” Macdonald says. “Once they found Jason South, they stopped

Jack Milton, Fireweed Zinc’s chief geologist at the Macmillan Pass zinc-lead-silver project in the Yukon. PHOTO BY TRISH SAYWELL

drilling Jason Main. By the time they realized Jason South had two lenses, they never went back to Jason Main to chase to see if they actually missed a lens there. And when you look at the drill holes through Jason Main, none of them continued very far. They kind of got through the end of the zone and were like, ‘We’re done here’ ... so it’s super intriguing. Jason Main is 10 million tonnes, and it would be great to add another Jason Main right next to it.”

Milton notes that the company is using new ideas to explore the project. The Tom deposit, for example, is where the term SedEx deposit was coined in the 1980s, he says, but it is no longer referred to as such. “There have been some developments in the model for how we think these deposits formed, and they may not actually be exhalative deposits,” he says.

“The classic SedEx model in the Selwyn basin is that you have these syn-sedimentary faults in these deep shale basins, and mineralizing fluids come up the faults and interact with very reduced seawater that contains very small amounts of sulphide, and you precipitate metals in layers on the seafloor. The new thinking is that these deposits form in the subsurface by the metals coming up the fault and reacting with barite to form sulphides. There has been no systematic exploration since the early 1990s, until we started exploration again in 2017. So we are using some of these new ideas to drive the exploration, and this opens up huge parts of our land package to a new wave of exploration.”

Fireweed’s $3.4-million exploration and resource expansion program this year (one drill that will be flown from target to target) will be funded from a $5-million private placement in February, which saw Teck Resources increase its stake in the junior to 9.9%, and Resource Capital Funds, the company’s largest shareholder, maintain its 13% interest.

Last year, drill costs ran at $700 per metre, but this year Macdonald says they’ll likely come in at closer to $500 per metre.

In addition to its size and exploration potential, Fireweed benefits from a management team with deep roots in the Yukon. Robins has spent decades in the territory, and his successes there include the 2016 sale of Kaminak’s Coffee deposit — 130 km south of Dawson City — to Goldcorp in a deal valued at $520 million.

For his part, Macdonald has a history of mining exploration work in the Yukon, including zinc projects, and originally hails from Ross River, 200 km from the Macmillan Pass project.

“Brandon’s father is a family friend of the chief’s,” Robin says, referring to the local First Nations. “Establishing social licence is absolutely critical ... if you get off on the wrong foot and alienate the First Nations, you’re done.”

The Tom and Jason deposits are situated in the Hess Mountain region of the Selwyn Mountains, and within an area of territorial claim by the Kaska First Nations that has been withdrawn from staking while land claims are being settled, according to a January 2018 technical report. “The Kaska have not reached a land-claim settlement with the Yukon government,” the report states, although “the current staking moratorium does not prevent exploration or development work to be carried out on existing claims.”

“People will be exploring for decades to come in the district,” Robins says. “Now that the land position is finally consolidated, there is so much exploration potential, it’s like, where do you focus on? Obviously, the best reward is to expand on existing deposits that are there, finding more.”

Robins also notes that the $404 million in initial capex is “not that high,” compared to some of the other base metal projects in the Yukon.

“The capital is reasonable, and just to put it in perspective, when you compare the economics of this to something like Coffee — which we were involved in — this thing will ultimately blow the doors off Coffee, in terms of a project that’s going to bring economic development to the territory.” TNM

2019-07-30 6:59 PM

BASE METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 5–18, 2019

13

Teck advances QB2 copper project in Chile DEVELOPMENT

BY TRISH SAYWELL

I

tsaywell@northernminer.com

f all goes according to plan in northern Chile, Teck Resources (TSX: TECK.B; NYSE: TECK) and its partners Sumitomo Metal Mining and Sumitomo will start commissioning and ramping up their Quebrada Blanca Phase 2 (QB2) copper project in the fourth quarter of 2021, with full production to follow in the second half of 2022.

The QB2 project, one of the world’s largest undeveloped copper resources, will cost an estimated US$4.74 billion to build, and, once completed, will be a tier-one asset in Teck’s portfolio, sporting an initial 28-year mine life, based on only a quarter of its reserves and resources.

The supergene orebody — or nearsurface deposit — was mined during the first phase of the Quebrada Blanca mine, which produced 25,500 tonnes copper cathode in 2018, and could produce between 20,000 and 23,000 tonnes this year.

But QB2 will see the development of the deeper sulphide resource underlying the existing operation in an open-pit, with a maximum 720-metre pit depth.

QB2 is effectively pre-stripped, so initial capex will mainly go towards building a concentrator plant — with a production capacity of 140,000 tonnes per day — as well as a tailings facility and a desalination plant.

(QB2 will be the first large-scale use of desalinated water in Chile’s Tarapaca Region.)

Capex will also help build concentrate and water supply pipelines,

| US$4.7B project designed to operate at 140,000 tonnes per day

“ENGINEERING, CONTRACTING AND PROCUREMENT ACTIVITIES ARE CURRENTLY 85%, 91% AND 82% COMPLETE.” DONALD LINDSAY CEO, TECK RESOURCES

a concentrate filtration plant, and port facilities to load the concentrate onto ships headed to international markets. The mine will also employ an autonomous haulage fleet.

Teck owns 60% of QB2 after selling a 30% stake in the project to its Japanese partners in December 2018. Enami, a Chilean state-owned company, owns the other 10% (and non-funding) interest.

Upon closing, Sumitomo Metal Mining Co. and Sumitomo Corp., which Teck refers to collectively as Sumitomo, contributed US$966 million to the project, and Teck says Sumitomo will add another US$307 million over the rest of the year.

After the sale, Teck’s share of the US$4.74-billion capital cost estimate was lowered to US$693 million, and its first contributions are not required until late 2020.

On Teck’s first-quarter conference call on April 23, CEO Donald Lindsay said the company continues to ramp up field activities and award major contracts for QB2.

“Earthworks activities are fully

The concentrator and grinding area under construction in June 2019 at Teck Resources’ 60%-owned Quebrada Blanca Phase 2 copper project in Chile. TECK RESOURCES

underway, utilizing the existing mine fleet and third-party contractors,” Lindsay told analysts and investors on the call. “Engineering, contracting and procurement activities are currently 85%, 91% and 82% complete.”

At the end of May, Teck and its partners signed a US$2.5-billion limited resource financing facility to fund QB2’s development.

Teck expects QB2 will churn out copper-equivalent for the first five full years of its mine life at all-in sustaining costs of US$1.38 per lb., and C1 cash costs of US$1.28 per pound.

QB2 has a 28-year mine life and includes 199 million tonnes of inferred resources within the life-of-mine plan. Most of the inferred resource will be mined late in the mine life, displacing lower-grade economic

material within the pit.

Taking the inferred resource into account, QB2 will produce 316,400 tonnes copper-equivalent per year in the first five full years, 306,900 tonnes annually in the first 10 full years, and 278,500 tonnes a year over the life-of-mine.

Excluding inferred resources, QB2 would produce 313,100 tonnes copper-equivalent per year in the first five full years, 303,000 tonnes per year in the first 10 full years, and 256,300 tonnes over the life-of-mine.

Copper-equivalent production was calculated using a US$3 per lb. copper price, US$10 per lb. molybdenum price and US$18-per-ounce silver price.

If inferred resources are included in the mine plan, Teck’s unlevered internal rate of return on QB2 is 19%

at US$3 per lb. copper, and rises to 24% at US$3.50 per lb. copper.

The company notes that developing QB2 delivers on management’s growth strategy for copper, and will rebalance Teck’s portfolio over time to make the contribution from copper similar to its met coal division.

Lindsay noted on the conference call that QB2 could come online soon, after a structural deficit in copper begins to “really get some traction” around 2022.

In addition, Teck is launching a scoping study to asset development options that could double production or more in a subsequent scenario it is calling QB3.

The deposit is open in several directions and has resource expansion potential, the company says.

Teck’s liquidity at the end of the first quarter stood at $8.7 billion, including $2.5 billion in cash, of which $1.3 billion is in Chile for the development of QB2, Teck’s senior vice-president of finance and chief financial officer, Ronald Milos, said on the conference call.

In addition, the company does not have any significant debt due before 2024. In other news, four credit agencies upgraded Teck to investment grade during the first three months of the year, and the company cancelled $1.1 billion letters of credit. Teck’s board also directed the repurchase of Class B shares another $600 million on May 30, 2019, bringing the total share buyback announced since November 2018 to $1 billion.

At press time, Teck shares traded at $28.26 per share in a 52-week range of $23.89 to $34.20. TNM

BASE METALS SNAPSHOT SNAPSHOT From 11 Quebec’s Labrador Trough.

OSISKO METALS Osisko Metals (TSXV: OM; US-OTC: OMZNF) is focused on zinc assets in Canada. Its flagship asset, the Pine Point lead-zinc project on the south shore of Great Slave Lake in the Northwest Territories, was first discovered in 1898 by prospectors heading to the Klondike gold rush.

Osisko acquired the project in February 2018, and has reported an inferred resource of 38.4 million tonnes grading 4.58% zinc and 1.85% lead for 6.58% zincequivalent. Highlights from drill intersections reported earlier this year include 10.23% zinc and 9.19% lead over 13 metres; 9.60% zinc and 1.53% lead over 14 metres; 14.66% zinc and 3.84% lead over 10 metres; and 8.59% zinc and 2.38% lead over 3 metres.

Within northern New Brunswick’s Bathurst mining camp, Osisko is focused on drilling and developing the Key Anacon project. The area hosts zinc-lead-copper-silverbearing sulphide mineralization, host-rock types, and alteration similar to the Brunswick No. 12 and Brunswick No. 6 stratiform zinclead sulphide mineralization, also known as the “Brunswick Belt.” In February, the company reported a maiden resource for its wholly owned Eastern Bathurst mining camp project (including the Key Anacon and Gilmour South deposit).

The project contains 1.96 million indicated tonnes grading 5.77% zinc, 2.38% lead, 0.22% copper and 68.9 grams silver, and 3.85 million

1-16_AUGUST5_Main .indd 13

inferred tonnes grading 5.34% zinc, 1.49% lead, 0.32% copper and 47.7 grams silver.

The company owns 420 sq. km in Quebec covering 12 grassroots zinc targets. It has the option to earn 100% of the Quévillon base metals project, west of Osisko Mining’s Urban-Barry claim group.

SHERRITT INTERNATIONAL Sherritt International (TSX: S) is one of the world’s largest producers of nickel from lateritic sources, with operations in Canada, Cuba and Madagascar. Nickel accounted for 50% of the company’s combined revenue in 2018, with its Moa joint venture in Cuba, and its Ambatovy joint venture in Madagascar having a combined capacity to produce more than 80,000 tonnes of nickel a year. Sherritt also produces cobalt as a by-product of its nickel mining operations, and is a top-10 producer of the finished metal. Sherritt’s finished cobalt has a 99.9% purity, which exceeds the current London Metals Exchange specification. The company augments its core metals business with oil, gas and power operations in Cuba.

The Moa joint venture — 50% owned by Sherritt and General Nickel Co. S.A. of Cuba — uses open-pit mining to mine lateritic ore, which is processed using highpressure acid leaching on-site into mixed sulphides containing nickel and cobalt. The mixed sulphides are moved to Fort Saskatchewan, Alta., where they are refined into high-quality finished nickel and cobalt, as well as a by-product ammonium sulphate fertilizer. In

addition, Sherritt has wholly owned ammonia, ammonium sulphate fertilizer, sulphuric acid and utilities operations in Fort Saskatchewan.

Sherritt’s Ambatovy open-pit mine produces nickel and cobalt, 80 km east of Madagascar’s capital, Antananarivo. From the mine, the slurried laterite ore is delivered via pipeline to a processing plant and refinery south of the Port of Toamasina. Sherritt owns 12% and operates the joint venture, and its partners include Sumitomo and Korea Resources.

for 496 million contained lb. zinc.

In May, Zinc One signed a binding term sheet with InCoR Zinc and InCoR Holdings to form a joint venture to advance the Bongara mine project and Charlotte– Bongara. Under the agreement, InCoR Zinc will earn up to an 80% stake in the joint venture. InCoR

is a venture capital investor in the resource sector focused on developing and commercializing mineral-processing technologies.

Charlotte–Bongara has multiple atsurface, high-grade drill intercepts.

Highlights include 29.5% zinc across 16 metres and 26.1% zinc across 12 metres. TNM

ZINC ONE Vancouver-based Zinc One Resources (TSXV: Z; US-OTC: ZZZOF) is focused on zinc projects in northcentral Peru, and its key assets are the past-producing Bongara zinc mine and the Charlotte–Bongara zinc project, 6 km to the northwest.

It acquired the Peruvian assets in June 2017 — the first time the two assets have been controlled by a single operator. The Bongara zinc mine, discovered in 1974, was in production as an open-pit mine from 2007 to 2008, but shut down due to the global financial crisis, and the ensuing drop in the zinc price. Past production included zinc grades over 20%, and recoveries higher than 90% from surface and near-surface, non-sulphide mineralization.

Zinc One released an initial resource estimate for Bongara in February 2019, consisting of 812,000 indicated tonnes averaging 18.9% zinc at a 10% cut-off grade for 339 million contained lb. zinc, and 1.34 million inferred tonnes grading 16.8% zinc

15% of the Cascabel Cu-Au Project in Ecuador financed to completion of a feasibility study plus 9.2% of the shares of JV partner SolGold Plc (total 22.8% direct and indirect interest in Cascabel) 3 projects being funded by partners (Bramaderos in Ecuador with Sunstone Metals; Miocene in Chile & Caña Brava in Ecuador with Newcrest) 2 more 100% drill ready projects in Ecuador Strategic Exploration Alliance Agreement with Ecuadorian State Mining Co. ENAMI EP – 9 concessions near Cascabel The Alpala deposit mineral resource estimate (MRE*) reports 2.05 billion tons at 0.60% copper equivalent (“CuEq”) (8.4 Mt Cu, 19.4 Moz Au) Indicated (with a cut-off grade of 0.2% CuEq), plus 900 Mt @ 0.35% CuEq (2.5 Mt Cu, 3.8 Moz Au) Inferred (at 0.2% CuEq cut-off), including a high-grade core of 400 Mt @ 1.49% CuEq (3.6 Mt Cu, 11.9 Moz Au) Indicated * See Nov. 20, 2018 news release and Technical Report filed Jan. 3, 2019 at www.sedar.com. Mr. Martin Pittuck, MSc, CEng., MIMMM, is responsible for the updated MRE and is an “independent qualified person” as defined in NI 43-101.

2019-07-30 6:59 PM

AUGUST 5–18, 2019 / THE NORTHERN MINER

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BASE METALS

WWW.NORTHERNMINER.COM

Tinka delivers Ayawilca PEA study PERU

BY STEVE STAKIW

S

Special to The Northern Miner

everal years after its discovery, Tinka Resources (TSXV: TK) has delivered a preliminary economic assessment (PEA) on the zinc sulphide deposit at its wholly owned Ayawilca project, 200 km northeast of Lima in central Peru.

The PEA tables a US$363-million after-tax net present value (NPV), with an 8% discount rate, and a 27.1% after-tax internal rate of return on the zinc sulphide deposit, along with a 3.1-year, after-tax payback period. Initial capex to build the project is pegged at US$262 million (including US$45 million for contingencies), and sustaining capex over the planned 21-year mine life is an estimated US$144 million.

The study assumes US$1.20 per lb. zinc, US$18 per oz. silver and US95¢ per lb. lead. At press time, spot metal prices are lower at US$1.10 per lb. zinc and US$16.40 per oz. silver. An after-tax NPV sensitivity graph provided with Tinka’s PEA news indicates that zinc price and feed grades affect valuation (90% of the net smelter return value is in zinc). At the US$1.10 per lb. zinc price, Ayawilca’s after-tax, NPV-8 drops 25% to the US$270-million level, illustrating the project’s strong leverage to the zinc price.

T i n k a ’s P E A e n v i s i o n s a 5,000-tonne-per-day, ramp-ac-

| Zinc sulphide deposit will have 21-year mine life, company says

“WITH A CURRENT MINE LIFE OF 21 YEARS, THE COMPANY HAS SUCCEEDED IN PROVIDING A SIZABLE RESOURCE, ABLE TO POTENTIALLY BENEFIT FROM MULTIPLE COMMODITY CYCLES.” IAN PARKINSON MINING ANALYST, GMP SECURITIES

cessed underground operation and average annual output of 101,000 tonnes zinc-in-concentrate, and 906,000 oz. silver in silver-lead concentrate. Average head grades are 6.05% zinc, 18.3 grams silver per tonne, 67.1 grams indium per tonne and 0.25% lead.

Graham Carman, Tinka’s president and CEO, described Ayawilca Zinc as “shaping up to be one of the best new zinc development projects in the Americas, with strong economics and a long mine life of over 20 years.”

On top of the main payable metals of zinc, lead and silver in the Ayawilca zinc deposit, indium grades could constitute a payable by-product credit in the zinc concentrate. The PEA assumes a US$20-per-tonne credit in the zinc concentrate. Indium is a silvery-white metal used in the semi-conductor industry that was US$175 per kilogram at press time.

Metallurgical test results show 92% for zinc at a 50% zinc concentrate grade using standard flotation processes. Zinc concentrate quality

showed that any potentially deleterious elements come in below standard smelter penalty levels. A minor penalty for elevated iron content in the zinc concentrate was noted, but is common in the region, due to the nature of the zinc mineralization.

Testing also shows lead and silver recoveries at 85% to produce a 50% lead concentrate, with 2,750 to 5,930 grams per tonne silver.

The company says roughly half the tailings will be thickened and sent to a surface-tailings storage facility, and the rest mixed with cement as structural backfill in underground operations.

Since acquiring its land position at Ayawilca in 2005, Tinka’s mining concessions constitute over 150 sq. km in the Central Peruvian Polymetallic Belt. Initially, only silver oxide mineralization was known on the project (the Colquipucro zone), but the company’s 2012 drill program hit zinc-bearing, carbonatereplacement-style mineralization in the limestone units that underlay the sandstones hosting the silver oxide zone.

To date, 67,000 metres of drilling has targeted the Ayawilca Zinc Zone, and has delineated an indicated mineral resource of 11.7 million tonnes at 6.9% zinc, 0.16% lead, 84 grams indium per tonne and 15 grams silver per tonne containing 1.8 billion lb. zinc, 42 million lb. lead, 983 tonnes indium and 5.8 million oz. silver. The deposit also has an inferred mineral resource of 45 million tonnes at 5.6% zinc, 0.23% lead, 67 grams indium per tonne, and 17 grams silver per tonne containing 5.6 billion lb. zinc, 230 million lb. lead, 3,003 tonnes indium and 25 million oz. silver.

Outside of its zinc deposit, Tinka has also outlined a tin mineralization zone at the project. The Ayawilca Tin Zone has inferred resources of 14.5 million tonnes at 0.63% tin, 0.21% copper and 18 grams silver per tonne for 201 million contained lb. tin, 67 million lb. copper and 8 million oz. silver.

Tinka says opportunities to improve the PEA economics include: mining the higher-grade zinc mineralization earlier, finding

additional high-grade zinc mineralization, reviewing the mining method and scale of the potential operation, and improving metallurgical recoveries for tin, while incorporating tin resources into the economics.

“With a current mine life of 21 years, the company has succeeded in providing a sizable resource, able to potentially benefit from multiple commodity cycles,” notes Ian Parkinson, a mining analyst at GMP Securities. “The largest driver ahead continues to be via the drill bit, in order to capitalize on higher-grade material. Significant exploration potential remains, with the Zinc Zone resource open in several directions.”

The company’s major shareholders include Sentient Equity Partners (24%), International Finance Corporation–World Bank (11%) and JPMorgan UK (7 %).

Tinka shares sold off on the July 2 news release of the Ayawilca PEA, closing down 15% to 27¢ per share.

Subsequently, the shares have sold down even further in light of weakened base metal investor sentiment to close at 18.5¢ per share, which gives the company a $49-million market capitalization, based on its 264.6 million shares issued and outstanding. The company’s balance sheet shows $11 million in cash at the end of the first quarter, and just over $550,000 in liabilities. TNM

Drillers at Tinka Resources’ zinc-tin project in Peru, 200 km northeast of the capital city of Lima. TINKA RESOURCES

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2019-07-30 6:59 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 5–18, 2019

15

Nexa Resources’ Cerro Lindo zinc-copper-lead mine in Peru, which produced 130,000 tonnes of zinc-in-concentrate in 2018. NEXA RESOURCES

Zinc sentiment staring into the bear pit

OUTLOOK

BY STEVE STAKIW Special to The Northern Miner

W

here are zinc prices headed? It’s a question that brings distinctly different opinions and forecasts from the bullish and bearish camps.

While zinc’s macro-fundamentals could arguably support more robust prices, the metal’s price has languished since its decade-high rally to US$1.63 per lb. (US$3,595 per tonne) in early 2018, and has struggled to break above US$1.36 per lb., or US$3,000 per tonne. At press time the price of the corrosioninhibiting metal on the London Metal Exchange (LME) was in the US$1.10 per lb. range (US$2,420 per tonne), near its low for 2019.

Counter to zinc’s price weakness is the metric that global refined inventories have dropped to multidecade lows. Refined zinc inventories in LME warehouses are at a reported 77,000 tonnes, while reported inventories on the Shanghai Futures Exchange are at 89,500 tonnes.

Just how tight are inventories?

Total current reported global refined inventories of 250,000 tonnes represents a week of global consumption needs, which is up slightly from lows seen earlier this year, when just five days of supply resided in the metal warehouses. However, these historically low refined inventories have not been able to add much of a catalyst to prices.

Reflective of this sentiment, the consensus long-term zinc price forecast has recently seen downgrading by many banks and brokers to the US$1 to 1.10 per lb. range.

Global trade war rhetoric over the past year, specifically between the U.S. and China, has cast a pall on most commodities and materials with muted demand, limited industrial growth expectations and lower raw material consumption levels, triggering expanded bearish sentiment.

This negative macroeconomic sentiment has hit Asian economies harder than most, followed

by Europe.

One of the main economic barometers, China’s Manufacturing Purchasing Managers Index (PMI), measures economic activities in the Chinese manufacturing sector on a monthly basis. PMIs have posted

1-16_AUGUST5_Main .indd 15

| The base metal has languished since a decade-high rally in early 2018

a general negative trend since early 2018, and have come in short on numerous forecasts over the past year. With a drop to 49.4 in June, PMIs have come in below 50 for four out of the last six months this year.

The 50-point level separates expansion on the upside from contraction downwards. July’s forecast China PMI is 49.6.

Amongst the base metals, zinc specifically has recently underperformed its sister metals, having dropped as much as 35% off its early-2018 highs. Copper and nickel have seen drops of up to 20% and 31%.

“The zinc market bull run is nearing an end,” Orest Wowkodaw, managing director and senior research analyst at Scotia Capita, says in a July 11 research note. “Although visible zinc stocks have finally reached critically low levels, as predicted, the negative macroeconomic sentiment overhang has served to largely ruin the party.”

The closure of three global marquee mines (Lisheen in Ireland, Brunswick in Canada and Century in Australia) between 2013 and 2016, as well as production cuts at some of Glencore’s (LON: GLEN) mines in 2016, precipitated significant tightness in the zinc concentrate supply market, and was the main catalyst of the metal’s 2016 to 2018 bull run.

However, this has recently waned, with increasing concentrate supply coming online in 2018, as well as mine output growth anticipated over the next few years. This supply boost could erode the deficits and tip the balance of refined metal back into a surplus scenario this year.

According to TD Securities’ recent “Q2/2019 Preview Equity Research note,” zinc mine supply is increasing.

“With a backdrop of weaker refined demand, mine supply growth has been increasing, with several large mines entering production, including Gamsberg (in South Africa) and Dugald River (in Australia),” the bank stated. “The restart of the Century operation (also in Australia) via reprocessing of mine tailings is also adding to supply. Wood Mackenzie is projecting year-over-year mine supply growth of 3.2% in 2019, and 6.7% in 2020. We expect that mine supply growth could turn negative by 2023, with lower prices disincentivizing new projects.”

Zinc ingots. GLENCORE

WHILE GALVANIZING IS EXPECTED TO REMAIN BY FAR ZINC’S PRIMARY END USE, NEW POTENTIALLY SIGNIFICANT SOURCES FOR DEMAND INCLUDE AGRICULTURE. Additionally, despite more than a decade of strong year-over-year Chinese mine production growth, output dipped from 2016 to 2018 due to more stringent environmental controls. But sentiment now leans back towards incremental production increases from Chinese mines.

China is the world’s largest zinc miner, at a third of global supply.

Scotiabank’s recent fundamental review of major commodities assumes 2.5%-per-year Chinese mine supply growth from 2019 to 2021.

Turning zinc concentrate from the mines into refined, industry-ready zinc falls on the smelters. While there was surplus global smelting capacity over most of the past several years, more environmental regulations in China over the past couple of years has contracted their capacity and muted refined output, although some modest growth is now modelled. This incremental increase in Chinese refining capacity, plus minor anticipated increases in Western capacity, could help push the refined zinc market into surplus over the next year.

Despite these modest smelter capacity increases, treatment charges (TC) charged by the smelters to the miners to refine their concentrate have gotten higher. Negotiated annually between the smelters and zinc producers, International Benchmark TCs rose from a multi-year low of US$147 per tonne of zinc concentrate in 2018 to about US$245 per tonne for 2019. Even more dramatic is the soaring increase in the spot TC market that has rallied from a low of US$19 per tonne in early 2018 to a high of US$275 per tonne earlier this year.

Unfortunately for miners, increasing concentrate supply has swung the advantage in favour of the smelters.

Worldwide zinc consumption averages about 14 million tonnes annually. Urbanization and industrialization drive global zinc consumption, with construction, transportation and infrastructure the major sectors accounting for its use.

Zinc is primarily used for its anti-corrosion ability, acting as a

sacrificial metal to inhibit rusting of steel. This galvanizing accounts for 60% of global use of the metal.

Other main uses include die-casting alloys, brass production, and oxides and chemicals.

According to Scotiabank research, global zinc demand averaged 2.3% growth annually from 2012 to 2017, but saw negative 0.3% growth in 2018. The bank also forecasts negative demand growth of 0.5% this year, followed by modestly increasing consumption of 1% in 2020, and 1.5% in 2021.

While galvanizing is expected to remain by far zinc’s primary end use, potential sources for demand include agriculture. The International Zinc Association is a strong proponent of the Zinc Nutrient Initiative and Zinc Saves Kids (along with UNICEF) that has worked to advocate and implement zinc’s use as a micronutrient in fertilizers.

The Zinc Nutrient Initiative has started more than 500 trials in eight countries — China, India, Bangladesh, Democratic Republic of the Congo, Malawi, Brazil, Peru and Mexico — where agricultural soils are identified as zinc deficient. Adding zinc to fertilizers has evidenced significant increases in crop yields, as well as boosting nutritional value of the grown product.

Zinc battery technology is another emerging use of the metal that could see future growth. However, it remains early stage, and the battery market can be quite dynamic. Zinc air battery technology has entered commercial application and looks to offer low-cost, recharge options for grid energy storage.

Mostly mined as a primary commodity, the zinc mining space is dominated by a few, large integrated mining companies: namely Glencore, Hindustan Zinc–Vedanta and Teck, which combined represent over 20% of global mine supply.

Other top zinc producers include Nexa Resources (TSX: NEXA), Boliden, Sumitomo, Minera Volcan, Trevali Mining (TSX: TV) and Lundin Mining (TSX: LUN). TNM — Steve Stakiw is a geologist and former Western editor for The Northern Miner. Most recently, he has spent over 10 years in a senior role with a zinc-focused, base metals producer with operations on three continents.

2019-07-30 6:59 PM

16

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AUGUST 5–18, 2019 / THE NORTHERN MINER

Fireweed Zinc’s John Robins on ‘deal of the century’ in the Yukon INTERVIEW From 3

JR: Well, I guess I’ll start off by praising the Yukon’s benefits. In terms of jurisdictions in Canada, it’s absolutely for me, my favourite place. I think Quebec is right up there, too, but I don’t have the experience. One of our companies is working in Quebec.

TNM: Which one?

JR: Genesis. But for me, nothing beats the Yukon. Right here at the Yukon Mining Alliance, to have this level of support from the government, it’s unprecedented. I can pick up the phone any day of the week and phone the premier, and I know he’ll take my call. I can phone probably any minister and know they’re going to return my call.

I’m not going to get that in British Columbia or Ontario. There is no other jurisdiction that bends over backwards like this because mining is absolutely part of the DNA of the Yukon.

TNM: Yes and no, though — Victoria Gold is the only company that is on the brink of commercial production.

JR: Yes, but the history, I mean. You can’t avoid the history of what made this territory what it is. So those are the good things.

On the other side, the challenges — like any jurisdiction in Canada — the threat is what I call “regulatory creep.” This need for government to just continually make things a little bit more complicated every year, throw in these roadblocks. At the end of the day, one of the great things about being in a jurisdiction like Canada, and more particularly the Yukon, [is that] unless you’ve got a fatal flaw, an environmental fatal flaw, you’re going to get your project developed. What you don’t know is the timeframe to do it. And it’s that regulatory creep that is the ever-present threat to us.

I remember one time I gave a talk at GeoScience in Yellowknife, and I have done a lot of my work in Nunavut, and I just saw this bureaucratic creep going at an exponential rate in Nunavut. I was going to give a talk on one of our projects we had there, and I completely threw that in the wastepaper bin because I knew that at least 50% of the people in the room were regulators, and I said, ‘You know what you have to realize is that there are no more portable dollars than exploration dollars.’ I started off working in British Columbia and 100% of my exploration dollars were in British Columbia. We had an NDP government come in and we left. And with the exception of a few minor projects, I have never gone back and spent any appreciable amount of money in British Columbia. I went to the North. I went to the Yukon, I went to the Northwest Territories and I went to Nunavut. And we’ve probably been responsible, directly and indirectly, for over $100 million worth of work in Nunavut.

And it’s still kind of going that way. It started to become progres-

Overlooking the historic mining town of Dawson City, Yukon. ISTOCK/LISA KEDIAN PHOTOGRAPHY

sively more challenging, and I just said at this talk, if you keep throwing up roadblocks, we can pick up stakes and be gone tomorrow. Because if we’re doing exploration, we don’t have a mine, we don’t have infrastructure, we just have money that we’re going to spend. And we can take that $100 million and go elsewhere.

And that’s not at risk in the Yukon right now, but if that regulatory creep continues, you know, the juniors will find it more difficult to raise money. The majors will go, well, it’s too hostile an environment.

It’s not where we want to be. And that’s not the case right now. It’s still considered to be a very good place, but we are seeing certain aspects of permitting drag out, and things taking longer than they should. So it’s an ever-present risk. And that’s true in every developed country.

Well, I would say the U.S. has taken a positive step in that sense.

I’m not making a statement about my feelings about Trump, but what he has done is reduce the red tape and things have actually gotten easier there. Things have not gotten easier here in Canada. And even under conservative governments, for all the talk there was, things may not have gotten worse, but they didn’t get better.

TNM: When you refer to permitting issues in the Yukon, are you referring to delays at the Water Board?

JR: Yes. TNM: What about the First Nations?

JR: One thing I was really proud

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of with Kaminak is that we really kind of raised the bar on developing positive working relationships with the First Nations. When we first started doing our work here, there was a lot of raised eyebrows from a lot of the other Yukon explorers, like we were rocking the boat, we were going to make life difficult for everybody else, and if you look around, I would say that it raised everyone’s game in the Yukon, and I think everyone is far better off for it. So I’m very proud of that. But that’s absolutely important in the Yukon. For the most part, there exist fairly positive relationships between industry and First Nations. But that work has to continue.

TNM: You said on the tour of Fireweed Zinc that if you don’t get it right with the First Nations, ‘you’re done.’

JR: Yes, absolutely. We’ve seen in other countries — I can think of multiple examples in Canada – where companies may get their license from the government, but if you don’t have your social license, you’re going nowhere, and a lot of projects now fail, not because the project didn’t work, they failed because they never got their social license. They failed for social reasons, and that’s 100% on the company.

TNM: When you say the Yukon is one of your favourite jurisdictions, is it the geological potential?

JR: It’s everything.

TNM: Your family history here?

JR: There’s the family history. It’s one of the most beautiful places in Canada — you could argue the most beautiful place. British Columbia is amazing as well, but the Yukon is just a great place to work.

In Whitehorse, there’s a bit of an environmental movement there, but, for the most part, you walk around in Dawson here and you see signs up that say: ‘We support placer mining’. Here you can be proud of doing what you do. I can be proud of saying, ‘Ah, I’m a geologist, I do mineral exploration.’ If I sit around in a bar in Vancouver and say, ‘I’m a geologist, I look for gold mines,’ it’s like, you might as well have

leprosy, right? [Laughs.] It’s not as socially acceptable in Vancouver!

TNM: Mining makes up such a huge part of the economy here.

JR: Oh absolutely, and if you take the government out of the picture, by far and away it would be the largest. It’s a great jurisdiction. I love it. It’s the same time zone as Vancouver. Jumping on a plane from Vancouver to Whitehorse is a short flight. Now they’ve paved the strip here [in Dawson]. Kudos to the government for doing that, so Dawson is an easier place to get into. It’s just great. I love it.

TNM: Was your great grandfather successful finding gold in the Yukon?

JR: It’s funny, it’s a bit of an enigma.

One of the cool things is that the museum has a lot of historical records, and any person who came in and out of Dawson City back in those days had to register. I don’t know whether it was with the police or the post office, so they know who came and went. I’ve been able to see that. And my grandmother, who is a real character in her own right, used to tell these stories, and my mom would roll her eyes and say, ‘Ah, well that’s probably all BS.’ But he never kept a journal, so you don’t know. He had been in the Australian goldfields. He disappeared for two years, showed up back home two years later after having no contact, and in the meantime, his wife had passed away. He didn’t even know about it. He was a bit of a character.

TNM: What happened to him here?

JR: According to my grandmother, he came up to the Yukon with his brother, and they headed off out into the bush somewhere, and there was a third person with them. As the story goes, my great grandfather’s brother took quite ill. He was basically on the verge of dying. They had made a big gold strike somewhere, but my great grandfather had to make this choice: Do I stick with what we’ve found, or do I take him back? So he did, he took him back and took him back down south, never to return.

And the story was, what happened to the gold claim, and who was this third guy? Did he strike it rich? It

“IT’S AN AMAZING PART OF THE WORLD. THERE ARE SO MANY INTERESTING CHARACTERS UP HERE. IT’S A PLACE WHERE YOU REALLY JUST FEEL THAT GOLD FEVER.” JOHN ROBINS EXECUTIVE CHAIRMAN, FIREWEED ZINC

would have made for a good story, but who knows.

TNM: So you come by it honestly.

JR: Yeah, but it must skip a few generations. My dad was quite an avid, amateur prospector, but not a capitalist. It’s an amazing part of the world. There are so many interesting characters up here. It’s a place where you really just feel that gold fever.

TNM: How does it differ from Yellowknife and the Northwest Territories?

JR: Yellowknife is so different. You had these big mines there, you had a very strong union component.

Placer miners are very independent and kind of the antithesis of the union thing. So you have created two very different kind of psyches.

TNM: Yes, and placer mining is so big here. Apparently, even a Texas billionaire is up here doing placer mining now.

JR: I wouldn’t doubt it. It’s the sort of thing, honestly, it does get in your blood. I’ve never placer mined per se, although I do have a placer deposit in the Yukon I haven’t done anything with. But when you get on to finding something, it does get to you. And a lot of these placer miners really don’t make a whole lot of money, but you just never know what’s coming in the next shovel-full. And I think that TV show Gold Rush has got a whole bunch of people wired up about it. TNM

2019-07-30 6:59 PM

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AUGUST 5–18, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JULY 22–26 The S&P/TSX Composite Index posted a 0.27% gain to 16,531. Spot gold stayed above the US$1,400 per oz. threshold, finishing at US$1,418.30 per oz. — down US$6.70 per oz., or 0.47%. The S&P/TSX Global Gold Index lost 2.23% to end at 205.82, while the S&P/ TSX Global Base Metals Index lost 2.11% to 110.20, and the S&P/TSX Global Mining Index lost 2.32% to 79.54.

Intermediate gold producer Torex Gold Resources posted the biggest gain, jumping $1.38 to $17.03. In July the company reported record quarterly gold production of 113,600 oz. during the second quarter, which is 12% higher than the company’s previous quarterly production record set in the third quarter of 2018. The company says it’s on track to sell 430,000 oz. gold in 2019. Torex’s principal assets are the El Limon–Guajes mining complex in Mexico, made up of the El Limon, Guajes and El Limon Sur open pits, and the El Limon Guajes underground mine.

Teranga Gold rose 43¢ to $5.09 per share.

The company announced on July 25 that it would undertake a 27,000-metre drill program on its Golden Hill project in West Africa during the second half of 2019. Golden Hill is in the central part of the Houndé Greenstone Belt in southwestern Burkina Faso, and the advanced-stage exploration project has delivered multiple near-surface and high-grade

gold discoveries over the last two years. After 18 months of drilling, Teranga released an initial resource in February on Golden Hill.

The project has 6.4 million indicated tonnes averaging 2.02 grams gold per tonne for 415,000 contained oz. gold, and 11.95 million inferred tonnes grading 1.68 grams gold for 644,000 oz. gold.

A new mine lease for its Nyngan scandium project in Australia sent shares of Scandium International Mining up 41.7% to 17¢ per share. The company plans to develop Nyngan into the world’s first scandium-only producing mine. Under the new mine lease, the company can build and operate a scandium mine of similar scale to its current plans, within the footprint of the new lease. A landowner had objected to Scandium International’s earlier TSX MOST ACTIVE ISSUES

Nemaska Lith Barrick Gold B2Gold Corp OceanaGold Kinross Gold Suncor Energy Yamana Gold Lundin Mng New Gold Roxgold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

NMX 24293 0.40 0.28 0.28 - 0.03 ABX 19799 22.96 22.24 22.46 - 0.04 BTO 16416 4.39 4.19 4.33 + 0.01 OGC 15846 4.09 3.37 3.60 - 0.45 K 14333 5.70 5.43 5.59 - 0.02 SU 13698 41.20 38.66 39.01 - 1.68 YRI 13026 3.91 3.59 3.82 + 0.11 LUN 11930 7.28 6.35 6.47 - 0.79 NGD 11252 2.01 1.75 1.85 - 0.02 ROXG 9978 1.16 1.07 1.13 + 0.01

Shares of Lundin Gold advanced 36¢ to $7.90. The company announced in June that it had begun mining the first production stope at its Fruta del Norte gold project in Ecuador. The company said it is on track to commission the process plant in the third quarter of this year. At the end of May, the company reported that construction was 73% complete, and that it had committed 88% of the project’s capital expense. TNM

mine lease application in 2016. In April 2019, the company filed a new mining lease application covering only surface rights owned by its Australian subsidiary (3.64 sq. km) and excluding 5.04 sq. km of surface rights owned by the objecting landowner.

The company says it will continue to negotiate with the landowner to buy some or all of the land over which the 2016 objection was lodged.

TSX GREATEST PERCENTAGE CHANGE

Scandium Intl Xanadu Mines St Augustine Century Global Steppe Gold Almaden Min Erdene Res Dev Aberdeen Intl Balmoral Res Marathon Gold NGEx Res Sherritt Intl Avalon Advance Orosur Mng Titan Mining Nexgen Energy Trevali Mng Serabi Gold Fission Uran INV Metals

SCY XAM SAU CNT STGO AMM ERD AAB BAR MOZ JOSE S AVL OMI TI NXE TV SBI FCU INV

692 210 162 17 232 442 2069 996 3982 1972 502 6210 2472 81 293 2549 6178 55 4315 120

0.20 0.07 0.03 0.25 1.00 1.08 0.25 0.06 0.26 1.39 1.22 0.33 0.07 0.06 0.40 2.16 0.27 1.06 0.45 0.41

0.12 0.05 0.02 0.20 0.80 0.84 0.19 0.05 0.18 1.17 1.00 0.22 0.06 0.05 0.34 1.81 0.23 0.85 0.36 0.36

0.17 0.06 0.03 0.25 1.00 1.01 0.24 0.06 0.23 1.36 1.10 0.24 0.06 0.05 0.34 1.83 0.24 0.90 0.38 0.36

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TXG Torex Gold Agnico Eagle AEM Osisko Gold OR Wheaton Prec M WPM Pan Am Silver PAAS Maverix Metals MMX Teranga Gold TGZ Lundin Gold LUG Eldorado Gold ELD Gran Colombia GCM Labrador IOR LIF Newmont Gdcorp NGT Kirkland Lake KL Suncor Energy SU Cameco Corp CCO NGEx Res JOSE Teck Res TECK.B First Quantum FM Lundin Mng LUN HudBay Min HBM

41.7 33.3 25.0 25.0 25.0 24.7 23.1 22.2 18.4 17.2 47.6 23.0 21.4 16.7 15.0 14.9 14.5 14.3 13.6 12.3

VOLUME WEEK (000s) CLOSE CHANGE

2556 3786 4007 4478 2404 120 2032 1742 7473 1296 1429 952 3195 13698 4752 502 7799 9918 11930 3846

17.03 70.81 15.82 35.64 20.67 6.25 5.09 7.90 10.35 4.82 31.52 48.99 58.68 39.01 12.17 1.10 28.05 12.51 6.47 6.42

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

1.38 0.87 0.76 0.73 0.60 0.55 0.43 0.36 0.30 0.27 3.73 2.22 2.08 1.68 1.18 1.00 0.94 0.80 0.79 0.72

TSX VENTURE EXCHANGE / JULY 22–26 The S&P/TSX Venture Composite Index climbed 0.16% to 592.89 during the trading week.

Drill results and exploration success at its Dixie project in the Red Lake district of Ontario sent Great Bear Resources up 17¢ to $5.60 per share. On July 24 the junior announced a 5-metre assay of 14.32 grams gold per tonne within a 12-metre intercept of 5.87 grams gold per tonne. The hole was drilled near a predicted intersection of the Hinge zone vein swarm in the project’s Dixie Limb. Great Bear’s 90,000-metre drill program, which is expected to continue through 2019 and 2020, is fully funded. Targets will include the Hinge zone, Dixie Limb zone, Bear–Rimini zone, Yuma zone LP Fault and the North Fault, along with other targets across the property.

A third drill rig arrived in June. Great Bear announced the discovery of the Yuma zone on July 16. The high-grade zone, like the Bear–Rimini zone, is hosted by the LP fault, which is an 18 km long, gold-bearing, deepseated crustal structure.

Shares of Rio2 rose 4¢ to 47¢. The company increased its bought-deal private placement — 55 million units at a price of 40¢ per unit — for gross proceeds of $22 million. Each unit will consist of one common share of the company and one-half of one common share

purchase warrant, exercisable at 50¢ for 36 months after the deal closes. Rio2 also noted that Eric Sprott had increased his subscription amount to $9.8 million from $9.2 million, and once completed, will own 19.9% of the company. The proceeds will help advance the company’s wholly owned Fenix gold project in Chile. Work includes completing an environmental impact baseline study, filing it with Chilean authorities, completing engineering studies, starting permitting, reviewing finance options and continuing social activities related to the project. The company announced in July that its updated feasibility study was delayed, but that it is expected in August.

A merger with eCobalt Solutions sent shares of Australia-based Jervois Mining up 2¢ to TSX-V MOST ACTIVE ISSUES

Alexandria Min AZX American Mang AMY Rio2 Limited RIO RosCan Gold ROS Jervois Mining JRV Minera Alamos MAI Karoo Expl AHE Golden Arrow GRG Mako Mining MKO NuLegacy Gold NUG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

7777 6969 6175 5951 5767 5381 5134 5088 4996 4492

0.06 0.31 0.49 0.16 0.21 0.16 0.05 0.31 0.13 0.07

0.05 0.17 0.41 0.13 0.16 0.14 0.04 0.19 0.10 0.05

0.05 - 0.27 + 0.47 + 0.15 + 0.17 + 0.14 - 0.04 unch 0.20 - 0.13 + 0.07 +

0.01 0.11 0.04 0.02 0.02 0.01 0.00 0.08 0.02 0.02

17¢. Most eCobalt shareholders approved the merger on July 19, and the transaction also received approval from the Supreme Court of British Columbia. Under the transaction, shareholders of eCobalt received 1.65 ordinary shares of Jervois for each eCobalt share held. eECobalt owns the Idaho cobalt project, 40 km west of the town of Salmon, with an eye on first production in early 2020.

In September 2017, eCobalt tabled a feasibility study modelling an underground mine that would annually produce 2.4 million lb. cobalt, 3.3 million lb. copper and 3,000 oz. gold over a 12.5-year life. First Cobalt Corp., one of eCobalt’s largest shareholders, vehemently opposed the merger. Jervois also owns the Nico Young cobalt-nickel deposit in Australia, and projects in Tanzania and Uganda. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Buffalo Coal Antler Gold District Metal Rockwealth Res Mineral Mtn American Mang Orex Mnrls Bravada Gold Explor Res ExGen Res Inc Enforcer Gold Adex Mining Lateral Gold Vantex Res Stakeholdr Gld Angel Gold Intercontinent Nevado Res Inter-Rock Mnl Melior Res

BUF ANTL DMX RWR MMV AMY REX BVA EXS EXG VEIN ADE TRAK VAX SRC ANG ICAU VDO.H IRO MLR

685 61 2 803 640 6969 660 499 1761 1738 82 138 76 21 67 14 134 7 155 15

0.01 0.18 0.30 0.37 0.18 0.31 0.12 0.18 0.03 0.02 0.04 0.01 0.09 0.26 0.05 0.02 0.20 0.11 0.34 0.33

0.01 0.08 0.00 0.20 0.10 0.17 0.08 0.10 0.03 0.01 0.00 0.01 0.06 0.15 0.05 0.02 0.12 0.00 0.23 0.23

0.01 0.16 0.30 0.37 0.17 0.27 0.11 0.16 0.03 0.02 0.04 0.01 0.06 0.15 0.05 0.02 0.12 0.11 0.23 0.23

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 100.0 + 100.0 + 87.5 + 87.2 + 70.0 + 63.6 + 57.1 + 52.4 + 50.0 + 50.0 - 66.7 - 50.0 - 40.0 - 40.0 - 35.7 - 33.3 - 33.3 - 33.3 - 32.4 - 31.8

VOLUME WEEK (000s) CLOSE CHANGE

SilverCrest Abitibi Royal Cantex Mn Dev Regulus Res Chesapeake Gld Great Bear Res Rockwealth Res Bear Creek Mng District Metal Westhaven Vent Garibaldi Res Aurion Res Chantrell Vent BonTerra Res Hut 8 Mining New Pac Metals Plateau Energy Metallis Res Inter-Rock Mnl Novo Res

SIL RZZ CD REG CKG GBR RWR BCM DMX WHN GGI AU OIII BTR HUT NUAG PLU MTS IRO NVO

1639 6.68 11 12.72 426 5.05 296 1.55 286 2.31 799 5.60 803 0.37 576 2.37 2 0.30 289 0.86 3584 1.36 251 1.60 79 2.91 534 2.47 361 2.14 74 2.29 346 0.48 355 0.77 155 0.23 843 2.42

+ 0.47 + 0.22 + 0.20 + 0.20 + 0.18 + 0.17 + 0.17 + 0.14 + 0.14 + 0.12 - 0.41 - 0.32 - 0.29 - 0.28 - 0.19 - 0.17 - 0.14 - 0.13 - 0.11 - 0.11

U.S. MARKETS / JULY 22–26 The Dow Jones Industrial Average rose 0.14% to finish at 27,192.45, and the S&P 500 Index jumped 1.66% to 3,025.86. Spot gold fell US$6.70 per oz. to US$1,418.30 per ounce.

Arch Coal topped the charts with a gain of US$4.79 to US$91.48. The company reported net income in the second quarter of US$62.8 million, or US$3.53 per diluted share, compared with net income of US$43.3 million, or US$2.06 per diluted share in the second quarter of 2018. The strong results were supported by the company’s core metallurgical segment. Arch Coal also returned US$70.8 million to shareholders during the quarter via buybacks and dividends.

Agnico Eagle Mines reported secondquarter results on July 24, and its shares rose US20¢ to US$53.75. Net income in the quarter came in at US$27.8 million, or US12¢ per share, up from net income of US$5 million, or US2¢ per share in the second quarter of 2018. The year-on-year increase in net income mainly owed to lower amortization, lower income and mining taxes, and higher realized gold prices, partly offset by lower gold sales volume (which did not include pre-commercial production ounces at Meliadine or Amaruq),

18_AUGUST5_MarketNews.indd 18

the company said. Highlights of the quarter included commercial production announced on May 14 at its Meliadine mine in Nunavut.

Amaruq, also in Nunavut, is scheduled for commercial production in the third quarter of 2019. The company expects to produce a total of 1.75 million oz. gold in 2019, including pre-commercial production from Meliadine and Amaruq. It anticipates total cash costs this year will amount to US$620 to US$670 per oz., and all-in sustaining costs of between US$875 and US$925 per oz. gold.

Newmont Goldcorp reported second-quarter results on July 25, and its shares ended at US$37.28, down US$2.01, or 5.1%. The comU.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMoR* FCX 88186 12.07 11.26 11.56 + 0.07 Yamana Gold* AUY 81587 2.97 2.73 2.90 + 0.05 Vale* VALE 72742 14.05 13.16 13.27 - 0.77 Barrick Gold * GOLD 67661 17.50 16.90 17.06 - 0.15 Kinross Gold* KGC 53417 4.36 4.13 4.24 - 0.07 Cleveland-Clif* CLF 48424 11.50 10.67 10.90 - 0.40 United States S* X 47000 15.88 14.82 15.19 + 0.12 Newmont Gdcorp* NEM 44863 40.33 36.90 37.28 - 2.01 Hecla Mining* HL 42844 2.01 1.80 1.88 - 0.01 Turquoise HIl* TRQ 39015 0.64 0.55 0.57 - 0.06

pany’s net income reached US$1 million, or zero per diluted share, in a US$273-million decrease from the comparable second quarter of 2018, mainly due to integration costs associated with the Newmont Goldcorp and Nevada joint-venture transactions, costs incurred while

the Penasquito and Musselwhite mines were not operational, higher interest expense, and a prior year gain from the sale of the company’s royalty portfolio in June 2018. These were partly offset by higher average realized gold prices. TNM

U.S. GREATEST PERCENTAGE CHANGE

Arch Coal* ARCH Osisko Gold* OR Fortuna Silvr* FSM Eldorado Gold* EGO DRDGOLD* DRD Yamana Gold* AUY Endeavr Silver* EXK Wheaton Prec M* WPM Trecora Res* TREC United States S* X HudBay Min* HBM Cameco Corp* CCJ Turquoise HIl* TRQ CONSOL Energy* CNX Buenaventura* BVN Rio Tinto* RIO Vale* VALE CONSOL Energy* CEIX Newmont Gdcorp* NEM Suncor Energy* SU

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

1848 94.96 86.75 91.48 + 5.5 4066 12.19 11.54 12.06 + 4.7 20321 4.24 3.75 3.91 + 4.5 20956 7.96 7.26 7.88 + 2.6 389 3.25 2.97 3.21 + 2.6 81587 2.97 2.73 2.90 + 1.8 16755 2.57 2.36 2.40 + 1.7 13001 27.50 26.76 27.06 + 1.2 217 10.54 9.40 9.60 + 1.1 47000 15.88 14.82 15.19 + 0.8 3426 5.47 4.82 4.88 - 10.6 19843 10.36 8.99 9.22 - 9.9 39015 0.64 0.55 0.57 - 9.4 19403 7.40 6.35 6.49 - 9.1 6366 17.85 16.04 16.05 - 6.3 9575 61.30 57.04 57.53 - 5.9 72742 14.05 13.16 13.27 - 5.5 1910 24.20 21.52 22.33 - 5.5 44863 40.33 36.90 37.28 - 5.1 14579 31.33 29.38 29.64 - 4.8

U.S. GREATEST VALUE CHANGE

Arch Coal* ARCH Osisko Gold* OR Wheaton Prec M* WPM Eldorado Gold* EGO Agnico Eagle* AEM Fortuna Silvr* FSM United States S* X CONSOL Coal Rs* CCR Trecora Res* TREC Mosaic* MOS Rio Tinto* RIO Newmont Gdcorp* NEM Kirkland Lake* KL Suncor Energy* SU Chevron Corp* CVX CONSOL Energy* CEIX Buenaventura* BVN Cameco Corp* CCJ Teck Res* TECK Franco-Nevada* FNV

VOLUME WEEK (000s) CLOSE CHANGE

1848 91.48 4066 12.06 13001 27.06 20956 7.88 7059 53.75 20321 3.91 47000 15.19 166 15.72 217 9.60 13490 24.31 9575 57.53 44863 37.28 5337 44.53 14579 29.64 23924 123.72 1910 22.33 6366 16.05 19843 9.22 17449 21.30 2250 89.33

+ 4.79 + 0.54 + 0.33 + 0.20 + 0.20 + 0.17 + 0.12 + 0.12 + 0.10 + 0.09 - 3.58 - 2.01 - 1.95 - 1.51 - 1.32 - 1.29 - 1.08 - 1.01 - 0.90 - 0.89

2019-07-30 6:51 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / AUGUST 5–18, 2019

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S Tuesday, July 30, 2019 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Price (US$/oz.)

Change $1418.95 -5.50 $16.39 +0.01 $867.00 +18.00 $1532.00 +32.00 Price (US$/tonne) Change $14305.00 +10.00 $5938.00 -70.00 $1998.00 -48.00 $2444.50 -9.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 26, 2019 (change from July 19, 2019 in brackets): Aluminium Alloy 6740 (-20) Aluminium 1021325 (+47325) Copper 294179 (-2255) Lead 55475 (-5900) Nickel 145062 (-2880) Tin 5990 (-470) Zinc 75700 (-3950)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$65.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.10 Cobalt: US$11.79/lb.

Copper: US$2.71/lb.

Copper: CME Group Futures Aug. 2019: US$2.68/lb.; Sept.

2019: US$2.69/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$118.5/tonne Lead: US$0.94/lb.

Molybdenum Oxide: US$11.60/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$3,495.00 tr. oz.

Ruthenium: Mid-mkt US$249.00/tr. oz.

Silver: Handy & Harman Base: US$16.42 per oz.; Handy & Harman Fabricated: US$20.53 per oz.

Tantalite Ore : US$186.50/kg Tin: US$8.09/lb.

Uranium: U3O8, Trade Tech spot price: US$25.25 per lb U308 Zinc: US$1.10lb.

Prices current July 30, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jul 26 Jul 25 Jul 24 Jul 23 Jul 22 High Low S&P/TSX Composite 16531.04 16488.20 16611.84 16572.68 16518.88 15527.30 12400.15 S&P/TSXV Composite 592.89 591.73 593.15 588.96 593.88 1050.26 883.52 S&P/TSX 60 987.67 984.85 992.12 990.28 986.83 896.74 709.99 S&P/TSX Global Gold 234.15 235.40 239.24 237.49 239.11 218.90 149.29 DJ Precious Metals 197.98 197.98 201.52 199.71 201.22 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 15, 2019 (with changes from Jun 28, 2019) Largest short positions Sandstorm Gold SSL 19358132 708465 6/28/2019 New Gold NGD 18160762 5448906 6/28/2019 Nemaska Lith NMX 14600644 118311 6/28/2019 Ivanhoe Mines IVN 13148516 830463 6/28/2019 Barrick Gold ABX 11876768 1907738 6/28/2019 Kinross Gold K 10859759 2210718 6/28/2019 Yamana Gold YRI 10139435 406790 6/28/2019 Royal Nickel RNX 9052078 -608800 6/28/2019 First Mg Fin FF 8997734 -236744 6/28/2019 Copper Mtn Mng CMMC 8754074 568032 6/28/2019 First Quantum FM 8284566 -900113 6/28/2019 Nexgen Energy NXE 8043527 1543826 6/28/2019 Sherritt Intl S 7053708 150569 6/28/2019 Turquoise HIl TRQ 7017387 -167306 6/28/2019 Suncor Energy SU 6865282 -517620 6/28/2019 Largest increase in short position NGD 18160762 5448906 6/28/2019 New Gold Perseus Mng PRU 3614277 3301577 6/28/2019 Kinross Gold K 10859759 2210718 6/28/2019 Barrick Gold ABX 11876768 1907738 6/28/2019 Energy Fuels EFR 3129026 1814639 6/28/2019 Largest decrease in short position MUX 1350246 -4408518 6/28/2019 McEwen Mng Cardinal Res CDV 25637 -4252942 6/28/2019 OceanaGold OGC 4119344 -1720250 6/28/2019 eCobalt Solns ECS 1486943 -1719996 6/28/2019 Lucara Diam LUC 2328604 -1636490 6/28/2019

Short positions outstanding as of Jul 15, 2019 (with changes from Jun 28, 2019) Largest short positions Mako Mining MKO 8225457 7674467 6/28/2019 Atlantic Gold AGB 4186681 -198145 6/28/2019 Equinox Gold EQX 2006700 34783 6/28/2019 Novo Res NVO 1691982 -109374 6/28/2019 Goliath Res GOT 1102227 926264 6/28/2019 Alexandria Min AZX 1100304 -2360396 6/28/2019 Cobalt 27 Cap KBLT 922121 -42085 6/28/2019 Amarillo Gold AGC 763749 -22770 6/28/2019 Klondike Gold KG 632427 468252 6/28/2019 Commerce Res CCE 576660 525495 6/28/2019 Berkwood Res BKR 530636 185441 6/28/2019 Fission 3.0 FUU 508500 185228 6/28/2019 AbraPlata Res ABRA 506564 455427 6/28/2019 Sokoman Min SIC 503253 472753 6/28/2019 Pure Gold Mg PGM 477845 382775 6/28/2019 Largest increase in short position Mako Mining MKO 8225457 7674467 6/28/2019 Goliath Res GOT 1102227 926264 6/28/2019 Commerce Res CCE 576660 525495 6/28/2019 Sokoman Min SIC 503253 472753 6/28/2019 Klondike Gold KG 632427 468252 6/28/2019 Largest decrease in short position Alexandria Min AZX 1100304 -2360396 6/28/2019 Minera Alamos MAI 178864 -1526654 6/28/2019 QMX Gold QMX 18124 -1325939 6/28/2019 Leeta Gold HIVE 157705 -1196565 6/28/2019 Kootenay Silvr KTN 6898 -857263 6/28/2019

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

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

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

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

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

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

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

NEW 52-WEEK HIGHS AND LOWS JULY 22–26, 2019 154 New Highs Blackrock Gold* Gran Colombia Acacia Mining* Agnico Eagle Agnico Eagle* Alacer Gold Alamos Gold Alamos Gold* Alexco Res Alexco Res* American Creek American Creek* American Mang American Mang* Americas Silvr Americas Silvr* Argonaut Gold Argonaut Gold* Ashanti Sanko* Atacama Res* Athena Silver* Aura Resources* Austin Res Balmoral Res Balmoral Res* Barrick Gold Barrick Gold * Batero Gold Batero Gold* Bear Creek Mng Blackrock Gold

Blue Lagoon Bravada Gold Bravada Gold* Buenaventura* Calibre Mng* Centerra Gold Century Global Contintl Gold Contintl Gold* Crazy Horse Res* Detour Gold Discovery Met Discovery Met* DRDGOLD* Dynacor Gld Mn Eldorado Gold Eldorado Gold* Ely Gold Royal Ely Gold Royal* EMX Royalty Ero Copper* Excellon Res First Majestic First Majestic* Franco-Nevada Franco-Nevada* GGX Gold GoGold Res Golden Queen* GoldQuest Mng

Gran Colombia* Great Bear Res Great Bear Res* Greenshield Ex Hochschild Mg* IMPACT Silver Integra Res Integra Res* Itoco Inc* Jervois Mining K92 Mining K92 Mining* Kerr Mines Kerr Mines* Kirkland Lake Kirkland Lake* Klondike Gold Klondike Gold* Laurion Mnl Ex Laurion Mnl Ex* Levon Res Ltd Levon Res Ltd * Liberty Gold* Los Andes Los Andes* Lundin Gold Mandalay Res* Marathon Gold Marathon Gold* Maverix Metals

Maverix Metals* Sibanye-Stillw* Maxwell Res* Silver Predatr Meridian Mg Silver Predatr* Meridian Mg * Silvercorp Met Minco Silver Silvercorp Met* Minco Silver* SilverCrest New Guinea Gld* SilverCrest* Newmont Gdcorp Silverore Mns* Newmont Spanish Mtn Gd Gdcorp* SSR Mining NGEx Res SSR Mining* NGEx Res* Stans Energy Oro East Mg* Stans Energy* Osisko Gold* Starr Peak Exp Osisko Mng Inc Talisker Res Peloton Mnrls Teranga Gold Peloton Mnrls* Teranga Gold* Perseus Mng Teuton Res Pretium Res Teuton Res* Pretium Res* Tombstone Expl* Renaissance Gd Tres-Or Res* Reunion Gold Tudor Gold Reunion Gold* Tudor Gold * Rockwealth Res United Res Hdg* Roxgold Vanstar Mng Rs* Royal Gold* Velocity Mnrls Sabina Gd&Slvr Velocity Mnrls* Sabina Gd&Slvr* Vista Gold Sandstorm Gold Vista Gold* Sandstorm Gold* Wesdome Gold Santacruz Silv Wesdome Gold*

Wheaton Prec M Macarthur Min Wheaton Prec M* Maple Gold* Mascota Res* Advantage Lith* Matica Ent American Lith* Maverix Metals* Anfield Energy* MGX Minerals Atlas Cons Mng* Michelin Cameco Corp Mineworx Tech* Cameco Corp* Cameo Cobalt* Nordic Gold Norsemont Cap Canada Cobalt CellCube Enrgy* Nortec Mnls* Nrthn Graphite* Cleghorn Mnls Cleghorn Mnls* Osprey Gold Columbus Gold Pine Cliff En* CONSOL Energy* Skyharbour Res Core Gold* Skyharbour Res* Denison Mines Strateco Res* Denison Mines* Tinka Res Doubleview Cap* Trevali Mng Energy Fuels Trevali Mng* Energy Fuels* Turquoise HIl First Vanadium Turquoise HIl* First Vanadium* Ur-Energy Fission Uran Ur-Energy* Fission Uran* Gold Rush Cari* Vantex Res * Kilo Goldmines* Vendetta Mng* Labrador Gold* Victory Metals* Zincore Mtls* Laramide Res ZincX Res* Latin Metals

57 New Lows

CANADIAN GOLD MUTUAL FUNDS

DAILY METAL PRICES Daily Metal Prices Date July 29 July 26 July 25 July 24 July 23 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1305/1300 1315/1310 1305/1300 1300/1295 1270/1265 Aluminum 1774/1798 1776/1803.50 1795/1823 1795/1826 1794.50/1820 Copper 5949/5971.50 5944/5965 6009.50/6030 5975/6000 5968/5998 Lead 2029/2034 2073/2074 2323/2110 2067/2062 2023.50/2023 Nickel 13985/14025 14055/14100 13980/14030 14465/14450 14300/14345 Tin 17550/17550 17790/17765 17750/17755 17625/17620 17575/17630 Zinc 2471/2458 2421/2120 2435.50/2442 2455/2457 2407/2418 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1418.95 1418.25 1426.35 1425.55 1417.55 Gold PM 1419.05 1420.40 1416.10 1426.95 1425.55 Silver 16.39 16.44 16.54 16.54 16.43 Platinum 869.00 865.00 873.00 869.00 853.00 Palladium N/A 1531.00 1528.00 1527.00 1523.00

Fund Jul 26 ($) AGF Glob Re A Fd MF 18.61 BMO Prec Mtls Fd A 22.02 BMO ZGD 56.91 BMO ZJG 59.12 CIBC Prec Metal Fd A 11.83 Dyn Prec Metls Fd A 8.22 Galileo GOGO 13.03 Harvest HGGG Horizons HEP IG Mac GbPMetCl A 10.47 iShares XGD Mac Prec Met Cl A 54.94 NBI PrecMetFd Invt NPT Go&PrMinFd A 37.45 NPT SilverEquCl A 5.56 RBC GblPreMetFd A 39.58 Sentry Pre Met Fd A TD Prec Mtl Fd Inv 39.30

Jul 19 ($) 18.73 22.34 57.33 59.66 11.89 8.27 13.08 24.58 28.57 10.57 14.81 55.48 14.95 37.51 5.43 39.73 39.31 39.53

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.12 -0.63 -0.35 2.80 95.12 -0.32 -1.44 16.45 2.40 -0.42 -0.73 20.58 0.61 -0.53 -0.89 17.47 0.60 -0.06 -0.50 17.87 2.44 45.55 -0.05 -0.60 12.81 2.71 362.81 -0.05 -0.37 19.62 0.60 -0.06 -0.27 5.69 -0.03 -0.12 17.56 0.83 -0.10 -0.98 19.71 2.75 32.40 -0.19 -1.30 18.35 0.61 743.67 -0.54 -0.98 19.85 2.53 59.89 0.07 0.47 18.14 2.46 28.57 -0.06 -0.16 5.69 3.19 0.13 2.48 6.07 2.98 -0.16 -0.39 15.34 2.13 318.33 0.14 0.35 6.94 2.43 203.17 -0.23 -0.58 18.01 2.27 113.13

EXCHANGE RATES Jul 26 Jul 25 Jul 24 Jul 23 Jul 22 1.3161 1.3161 1.3140 1.3135 1.3125 0.7598 0.7598 0.7611 0.7613 0.7619

Date US$ in C$ C$ in US$

Exchange rates (Quote Media, July 26, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0932 0.6817 82.5375 14.4582 10.7055 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6101 5.2225 52.5475 0.7528 899.1858 US to EURO US to YEN US to Mex Peso US to SA Rand US to AUS 1.4387 0.8971 108.6260 19.0284 14.0845 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8029 6.8726 69.1605 0.9908 1183.3900

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

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

19_AUGUST5_MMMM.indd 19

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

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton

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

GLOBAL MINING NEWS · SINCE 1915

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2019-07-30 3:35 PM

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MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 22â&#x20AC;&#x201C;26, 2019 (100s) Stock

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12-month

Exc Volume High Low Last Change High Low

A 12 Exploration 25 1911 Gold* O 64 1911 Gold V 287 21C Metals* O 375 21C Metals 705 66 Resources 110 92 Resources V 396 92 Resources* O 140 Abacus Mining* O 66 Abacus Mining V 96 Abcourt Mines* O 129 Abcourt Mines V 829 Aben Resources* O 596 Aben Resources V 1374 Aberdeen Intl* O 58 Aberdeen Intl T 996 1 Abitibi Royal* O Abitibi Royal V 11 O 723 AbraPlata Res* AbraPlata Res V 1423 Acacia Mining* O 5 Adamera Min V 289 O 143 Adamera Min* Adex Mining V 138 V 135 Advance Gold Advantage Lith V 226 O 125 Advantage Lith* Adventus V 14 Adventus* O 10 Aethon Mineral V 282 AEX Gold V 155 African Gold V 887 African Rainb* O 0 V 1893 Aftermath Silv Aftermath Silv* O 591 Agnico Eagle* N 7059 Agnico Eagle T 3786 AgriMinco* O 1 Aguia Resource V 27 92 Aguila Amer Gd V AJN Resources 372 Alacer Gold T 4830 Alamos Gold T 3231 11493 Alamos Gold* N Alaska Pac Egy* O 200 Alba Minerals* O 30 Albert Mining V 553 Albert Mining* O 5 Alcoa* N 16159 V 35 Aldebaran Res Alderon Iron* O 72 Alderon Iron T 135 Aldever Res* O 22 Aldever Res V 14 Alexandra Cap* O 7 Alexandria Min* O 713 V 7777 Alexandria Min Alexco Res* X 6359 Alexco Res T 1922 Algold Res* O 0 Algold Res V 444 Alianza Min V 260 Alianza Min* O 1 Alien Metals* O 22 Alio Gold* X 1411 Alio Gold T 642 V 185 Allegiant Gold Allegiant Gold* O 321 Alliance Mng V 146 Alliance Res* D 2500 Almaden Min T 442 Almaden Min* X 1765 Almadex Min* O 432 Almadex Min V 422 23 Almonty Ind * O Almonty Ind T 100 Aloro Mining* O 125 Aloro Mining V 144 Alphamin Res * O 775 Alphamin Res V 351 ALQ Gold 572 V 28 Altai Resource Altair Res Inc V 207 Altamira Gold V 445 Altamira Gold* O 348 Altan Nevada V 10 Altan Rio Min V 10 Altiplano Met V 213 Altiplano Met* O 30 Altius Mnrls * O 155 Altius Mnrls T 181 Alto Ventures V 2366 Altura Mining* O 82 Alturas Min V 296 Altus Strat V 32 Alumina Ltd* O 45 ALX Uranium V 247 ALX Uranium* O 64 AM Resources V 264 Amador Gold V 143 Amanta Res* O 0 Amarc Res V 110 Amarc Res* O 76 Amarillo Gold V 290 Amarillo Gold* O 267 Amazing Energy* O 85 Amer Intl Vent* O 213 American Batt* O 1401 American Creek* O 525 American Creek V 2872 American CuMo* O 7 American Lith V 281 American Lith* O 346 American Mang* O 3494 American Mang V 6969 American Pac 4584 O 515 American Pac* AmericanSierra* O 64 Americas Silvr* X 2149 Americas Silvr T 2080 Amerigo Res T 198 Amerigo Res* O 90 Amex Expl* O 29 Amex Expl V 899 Amilot Capital V 130 Amseco Expl V 3 T 608 Anaconda Mng Anaconda Mng* O 235 Andes Gold* O 1 Andover Mng* O 72 O 342 Anfield Energy* V 140 Anfield Energy Angel Gold* O 45 Angel Gold V 14 Angkor Gold V 57 Angkor Gold* O 13 Anglo American* O 30 Anglo American* O 1283 Anglo Pac Grp T 1 AngloGold Ash* O 2 AngloGold Ash* N 11726 Antioquia Gold V 232 Antioquia Gold* O 210 Antler Gold V 61 Antofagasta* O 64 Apex Res * O 10 Apex Res V 27 Appia Energy* O 97 Appia Energy 87 Applied Min* O 161 Aquila Res* O 192 Aquila Res T 138 Arch Coal* N 1848 Archon Mineral V 1 Arctic Star* O 64 Arctic Star V 2820 Arcus Dev Grp V 75 Arcwest Explor V 177 Arcwest Explor* O 34 Arena Min* O 25 Arena Min V 590 Argentina Lith V 45

0.25 0.25 0.25 unch 0.00 0.25 0.20 0.28 0.24 0.24 - 0.01 0.35 0.16 0.37 0.32 0.33 - 0.03 0.49 0.22 0.15 0.12 0.13 - 0.01 0.30 0.05 0.18 0.14 0.17 - 0.01 0.42 0.14 0.21 0.20 0.20 unch 0.00 0.29 0.06 0.04 0.03 0.04 + 0.01 0.09 0.03 0.03 0.02 0.02 - 0.00 0.07 0.01 0.05 0.04 0.05 + 0.01 0.29 0.03 0.06 0.05 0.05 unch 0.00 0.38 0.04 0.06 0.05 0.06 unch 0.00 0.06 0.03 0.08 0.07 0.08 unch 0.00 0.08 0.04 0.20 0.18 0.18 - 0.01 0.38 0.08 0.26 0.23 0.24 - 0.01 0.49 0.11 0.04 0.03 0.03 + 0.01 0.10 0.02 0.06 0.05 0.06 + 0.01 0.13 0.04 9.71 0.00 9.71 + 0.31 10.14 5.89 12.75 12.50 12.72 + 0.22 13.50 7.98 0.07 0.05 0.07 + 0.02 0.09 0.03 0.09 0.07 0.09 + 0.02 0.12 0.04 2.85 2.85 2.85 + 0.02 2.85 1.43 0.04 0.03 0.03 - 0.01 0.12 0.02 0.03 0.02 0.03 + 0.00 0.08 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.06 0.06 0.06 - 0.01 0.22 0.05 0.38 0.34 0.36 + 0.01 0.89 0.32 0.29 0.25 0.27 + 0.00 0.68 0.25 1.10 0.00 1.06 - 0.08 1.16 0.66 0.87 0.80 0.80 - 0.07 0.90 0.48 0.19 0.17 0.19 unch 0.00 0.48 0.11 0.33 0.29 0.33 unch 0.00 0.53 0.24 0.26 0.18 0.21 + 0.03 0.30 0.08 0.00 0.00 13.60 unch 0.00 13.60 13.50 0.17 0.13 0.16 + 0.03 0.20 0.05 0.13 0.10 0.12 + 0.02 0.14 0.05 54.52 52.79 53.75 + 0.20 54.52 32.18 71.68 69.44 70.81 + 0.87 71.68 42.35 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.14 0.14 0.14 - 0.01 0.17 0.08 0.24 0.23 0.24 + 0.01 0.28 0.17 0.20 0.00 0.20 unch 0.00 0.22 0.05 5.16 4.84 5.00 - 0.09 5.16 1.97 8.98 8.58 8.73 - 0.08 8.98 3.88 6.86 6.53 6.63 - 0.12 6.86 2.90 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 unch 0.00 0.09 0.03 0.10 0.09 0.09 - 0.01 0.25 0.02 0.07 0.07 0.07 unch 0.00 0.19 0.01 23.63 22.60 23.13 + 0.02 45.65 20.82 0.45 0.40 0.44 + 0.04 0.90 0.38 0.22 0.21 0.21 - 0.01 0.35 0.15 0.30 0.28 0.29 - 0.02 0.50 0.22 0.06 0.00 0.05 unch 0.00 0.10 0.02 0.08 0.00 0.07 - 0.01 0.20 0.04 0.35 0.30 0.30 - 0.05 0.48 0.30 0.04 0.03 0.04 - 0.01 0.05 0.01 0.06 0.05 0.05 - 0.01 0.07 0.02 1.87 1.59 1.68 + 0.09 1.87 0.68 2.45 2.07 2.24 + 0.19 2.45 0.92 0.00 0.00 0.11 unch 0.00 0.59 0.10 0.23 0.00 0.22 + 0.06 1.00 0.11 0.09 0.00 0.09 - 0.01 0.10 0.04 0.06 0.00 0.06 unch 0.00 0.07 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.94 0.84 0.85 - 0.04 1.43 0.51 1.23 1.11 1.11 - 0.05 1.88 0.69 0.15 0.11 0.11 - 0.01 0.54 0.08 0.13 0.08 0.08 - 0.01 0.42 0.06 0.01 0.01 0.01 unch 0.00 0.04 0.01 17.83 16.93 17.13 + 0.17 20.99 16.50 1.08 0.84 1.01 + 0.20 1.19 0.57 0.80 0.63 0.76 + 0.12 0.90 0.43 0.45 0.22 0.29 + 0.04 0.45 0.14 0.45 0.33 0.39 + 0.08 0.51 0.25 0.61 0.59 0.60 + 0.00 0.81 0.37 0.85 0.77 0.80 - 0.02 1.10 0.51 0.04 0.03 0.04 + 0.01 0.16 0.02 0.06 0.05 0.06 + 0.01 0.23 0.03 0.17 0.17 0.17 unch 0.00 0.22 0.13 0.24 0.22 0.24 unch 0.00 0.29 0.18 1.39 1.10 1.30 - 0.05 4.04 0.65 0.08 0.00 0.08 + 0.01 0.18 0.06 0.07 0.05 0.06 + 0.01 0.16 0.04 0.08 0.07 0.08 + 0.01 0.14 0.05 0.07 0.05 0.06 + 0.00 0.10 0.04 0.04 0.04 0.04 unch 0.00 0.09 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.09 0.09 unch 0.00 0.35 0.07 0.06 0.06 0.06 unch 0.00 0.25 0.06 9.86 9.51 9.79 - 0.01 10.63 7.31 12.98 12.65 12.90 + 0.09 13.93 10.04 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.10 0.07 0.09 + 0.02 0.24 0.06 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.08 0.00 0.08 unch 0.00 0.15 0.04 6.56 6.39 6.48 + 0.15 8.77 6.00 0.06 0.05 0.05 - 0.01 0.09 0.05 0.05 0.03 0.04 unch 0.00 0.07 0.03 0.11 0.08 0.09 unch 0.00 0.22 0.08 0.59 0.54 0.59 + 0.01 1.10 0.46 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.05 0.05 - 0.01 0.10 0.04 0.05 0.03 0.04 - 0.01 0.07 0.03 0.21 0.20 0.21 + 0.01 0.32 0.18 0.16 0.15 0.16 + 0.01 0.25 0.13 0.16 0.13 0.15 + 0.01 0.40 0.00 0.01 0.01 0.01 - 0.00 0.03 0.00 0.20 0.14 0.18 - 0.02 0.38 0.10 0.05 0.04 0.04 + 0.01 0.05 0.02 0.06 0.04 0.05 + 0.01 0.06 0.03 0.05 0.05 0.05 unch 0.00 0.10 0.02 0.20 0.17 0.19 - 0.01 0.74 0.17 0.15 0.12 0.13 - 0.01 0.57 0.12 0.24 0.12 0.21 + 0.09 0.24 0.10 0.31 0.17 0.27 + 0.11 0.31 0.13 0.15 0.13 0.13 - 0.01 0.31 0.04 0.12 0.10 0.11 - 0.00 0.24 0.03 0.02 0.00 0.02 - 0.00 0.03 0.01 3.16 2.69 2.77 - 0.13 3.16 1.24 4.11 3.56 3.70 - 0.05 4.11 1.66 0.77 0.74 0.75 - 0.01 1.21 0.62 0.58 0.56 0.57 - 0.01 0.92 0.45 0.98 0.76 0.83 + 0.11 1.12 0.04 1.30 0.96 1.11 - 0.01 1.52 0.06 0.06 0.00 0.05 + 0.01 0.15 0.03 0.00 0.00 0.05 unch 0.00 0.29 0.01 0.33 0.29 0.29 - 0.03 0.36 0.18 0.25 0.22 0.22 - 0.03 0.27 0.14 0.01 0.00 0.01 - 0.00 0.01 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.13 0.11 0.12 + 0.01 0.45 0.11 0.16 0.15 0.15 unch 0.00 0.59 0.14 0.02 0.02 0.02 + 0.01 0.05 0.01 0.02 0.02 0.02 - 0.01 0.07 0.02 0.14 0.12 0.13 - 0.01 0.20 0.11 0.11 0.10 0.10 - 0.00 0.32 0.09 28.45 25.86 25.95 - 1.20 29.00 19.09 14.22 13.07 13.09 - 0.89 14.74 9.37 3.49 3.05 3.10 - 0.39 4.75 1.99 18.85 0.00 18.85 unch 0.00 18.85 7.38 19.28 18.34 18.41 - 0.80 19.63 7.08 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.03 0.02 0.02 + 0.00 0.03 0.01 0.18 0.08 0.16 + 0.08 0.20 0.05 12.11 0.00 12.11 + 0.87 13.24 9.27 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.06 0.05 0.05 - 0.01 0.09 0.04 0.23 0.20 0.22 - 0.04 0.31 0.13 0.31 0.27 0.28 - 0.02 0.41 0.16 0.04 0.03 0.04 + 0.01 0.16 0.01 0.15 0.14 0.15 + 0.01 0.21 0.10 0.20 0.18 0.20 unch 0.00 0.27 0.13 94.96 86.75 91.48 + 4.79 101.92 78.05 0.00 0.00 0.50 unch 0.00 0.92 0.50 0.04 0.03 0.04 + 0.01 0.08 0.03 0.05 0.04 0.04 - 0.01 0.12 0.04 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.07 0.06 0.06 - 0.01 0.20 0.05 0.04 0.04 0.04 - 0.00 0.11 0.04 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.07 0.06 0.06 - 0.01 0.11 0.05 0.08 0.00 0.08 + 0.01 0.86 0.05

20-23_AUGUST5_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argentina Lith* O 26 V 111 Argentum Silvr Argo Gold 121 Argo Gold* O 42 Argonaut Gold* O 126 Argonaut Gold T 2489 Arianne Phosph V 128 O 51 Arianne Phosph* Arizona Silver* O 209 Arizona Silver V 395 Armor Min V 0 Asanko Gold T 637 Asanko Gold* X 1825 Asante Gold 728 Asbestos Corp V 4 O 28 Ascendant Res* Ascendant Res T 232 Ascot Res * O 345 Ascot Res V 808 Ashanti Gold V 204 V 200 Ashanti Sanko Ashanti Sanko* O 1 V 27 AsiaBaseMetals AsiaBaseMetals* O 2 Asian Mineral V 104 Aston Bay V 602 Aston Bay* O 200 Astorius Res V 56 ATAC Res* O 414 ATAC Res V 1355 Atacama Res* O 43061 Atalaya Mining T 2 V 186 Athabasca Min Athabasca Min* O 16 O 44 Athena Silver* Atico Mining* O 104 Atico Mining V 119 Atlanta Gold* O 13 Atlantic Gold V 4051 Atlantic Gold* O 15 Atlantic Indus V 685 Atlas Cons Mng* O 6 Atlatsa Res T 770 Atlatsa Res* O 355 60 Atom Energy * O Aton Resources* O 56 Aton Resources V 727 Aura Minerals* O 0 2 Aura Minerals T Aura Resources V 81 O 29 Aura Resources* Auramex Res V 699 Aurania Res* O 29 Aurania Res V 73 Aurcana Corp V 544 Aurcana Corp* O 103 V 70 AurCrest Gold Aurelius Min V 622 Aurex Energy V 27 Aurion Res * O 84 Aurion Res V 251 Aurora Royal V 438 O 9 AURYN Mining* X 635 Auryn Resource* Auryn Resource T 356 Aust Mines* O 1336 Austin Res V 52 Austral Gold* O 95 Austral Gold V 132 Auxico Res 722 Avalon Advance T 2472 Avalon Advance* O 459 O 18 Avarone Metals* Avarone Metals 843 Avesoro Res T 27 Avesoro Res* O 6 Avidian Gold V 253 Avino Silver* X 4619 Avino Silver T 751 Avrupa Min V 687 Avrupa Min* O 803 Awale Res V 10 Axmin Inc* O 75 Axmin Inc V 237 V 830 Azarga Metals Azarga Metals* O 199 Azarga Uranium* O 346 Azarga Uranium T 245 Azimut Explor V 170 Azimut Explor* O 79 O 113 Azincourt Ener* Azincourt Ener V 608 Aztec Minerals V 14 Aztec Minerals* O 8 Azteca Gold* O 5 Azucar Min V 241 Azucar Min* O 286

0.06 0.05 0.05 + 0.01 0.27 0.03 0.29 0.22 0.24 - 0.04 0.29 0.10 0.15 0.14 0.15 + 0.01 0.33 0.07 0.08 0.08 0.08 unch 0.00 0.24 0.06 1.97 1.83 1.86 + 0.05 1.97 0.85 2.60 2.40 2.45 + 0.07 2.60 1.18 0.62 0.55 0.61 + 0.03 0.65 0.35 0.46 0.42 0.46 + 0.01 0.49 0.27 0.12 0.10 0.11 + 0.00 0.14 0.04 0.16 0.14 0.15 + 0.01 0.19 0.06 0.00 0.00 0.43 unch 0.00 0.59 0.30 1.14 1.02 1.03 - 0.01 1.41 0.68 0.87 0.77 0.78 - 0.01 1.08 0.50 0.06 0.04 0.05 - 0.01 0.08 0.03 0.45 0.45 0.45 unch 0.00 0.55 0.33 0.32 0.31 0.31 + 0.02 0.63 0.25 0.44 0.39 0.42 + 0.02 0.83 0.32 0.52 0.47 0.51 + 0.00 1.03 0.47 0.68 0.61 0.66 unch 0.00 1.44 0.61 0.05 0.04 0.04 - 0.01 0.11 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.03 0.02 0.54 0.47 0.47 - 0.06 0.64 0.12 0.38 0.38 0.38 unch 0.00 0.38 0.20 0.13 0.00 0.13 unch 0.00 2.00 0.10 0.06 0.06 0.06 + 0.01 0.21 0.05 0.05 0.04 0.05 + 0.01 0.16 0.03 0.18 0.17 0.18 - 0.01 0.50 0.15 0.22 0.19 0.20 - 0.01 0.45 0.14 0.28 0.26 0.26 - 0.01 0.60 0.18 0.02 0.01 0.01 + 0.01 0.02 0.00 3.45 3.45 3.45 unch 0.00 4.25 2.88 0.66 0.60 0.65 + 0.04 0.77 0.16 0.48 0.46 0.48 + 0.04 0.53 0.12 0.06 0.03 0.06 + 0.03 0.06 0.01 0.23 0.21 0.22 + 0.00 0.39 0.17 0.31 0.28 0.30 + 0.01 0.46 0.23 0.04 0.00 0.04 unch 0.00 0.04 0.01 2.92 2.90 2.92 unch 0.00 2.92 1.40 2.21 2.18 2.18 - 0.02 2.36 1.07 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.05 0.04 0.09 0.08 0.09 + 0.01 0.09 0.03 0.07 0.06 0.07 + 0.01 0.07 0.02 0.30 0.24 0.30 + 0.09 0.65 0.00 0.02 0.02 0.02 - 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.00 0.00 13.78 unch 0.00 16.50 1.00 18.31 0.00 18.25 - 0.06 22.00 14.60 0.07 0.06 0.07 + 0.01 0.13 0.03 0.06 0.03 0.05 + 0.00 0.06 0.01 0.07 0.07 0.07 unch 0.00 0.07 0.03 2.13 2.04 2.05 - 0.06 3.05 1.44 2.79 2.66 2.68 - 0.06 4.10 1.93 0.36 0.28 0.28 - 0.06 1.13 0.21 0.27 0.21 0.22 - 0.05 1.25 0.00 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.19 0.19 0.19 + 0.02 0.65 0.18 1.45 1.19 1.22 - 0.18 1.63 0.57 1.92 1.52 1.60 - 0.32 2.15 0.74 0.07 0.06 0.07 + 0.01 0.11 0.06 0.57 0.51 0.57 + 0.06 1.80 0.05 1.78 1.63 1.66 - 0.05 1.84 0.85 2.32 2.14 2.18 - 0.03 2.45 1.14 0.02 0.01 0.01 - 0.00 0.19 0.01 0.06 0.06 0.06 unch 0.00 0.13 0.05 0.05 0.03 0.05 + 0.02 0.40 0.00 0.07 0.06 0.06 unch 0.00 0.10 0.05 0.12 0.10 0.10 - 0.02 0.27 0.10 0.07 0.06 0.06 - 0.02 0.17 0.05 0.05 0.04 0.05 - 0.01 0.13 0.03 0.11 0.09 0.09 - 0.02 0.11 0.02 0.14 0.13 0.13 - 0.02 0.15 0.04 1.41 1.25 1.37 - 0.02 4.24 0.42 1.01 0.99 0.99 - 0.01 3.04 0.65 0.13 0.11 0.12 + 0.02 0.68 0.09 0.81 0.67 0.77 + 0.09 1.18 0.39 1.07 0.85 0.98 + 0.07 1.52 0.53 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.02 0.01 0.02 + 0.00 0.08 0.01 0.10 0.10 0.10 unch 0.00 0.15 0.06 0.34 0.29 0.30 - 0.03 0.50 0.10 0.44 0.39 0.40 - 0.04 0.66 0.13 0.09 0.00 0.07 - 0.01 0.15 0.07 0.07 0.06 0.07 + 0.01 0.11 0.06 0.17 0.15 0.15 - 0.01 0.24 0.15 0.22 0.20 0.21 - 0.01 0.30 0.20 0.34 0.32 0.32 - 0.01 0.52 0.22 0.25 0.25 0.25 + 0.00 0.38 0.17 0.03 0.03 0.03 + 0.01 0.07 0.02 0.04 0.03 0.04 + 0.01 0.10 0.03 0.09 0.09 0.09 + 0.01 0.25 0.07 0.07 0.07 0.07 unch 0.00 0.18 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.43 0.32 0.37 + 0.05 0.77 0.26 0.34 0.25 0.29 + 0.04 0.59 0.19

B2Gold Corp T 16416 27557 B2Gold Corp* X Balmoral Res* O 2135 Balmoral Res T 3982 Bankers Cobalt* O 163 Bankers Cobalt V 408 Bannerman Res* O 827 Banyan Gold V 708 Banyan Gold* O 134 V 12 Bard Ventures Bard Ventures* O 0 Barkerville V 3002 Barkerville* O 1134 Barksdale Cap V 119 Barksdale Cap* O 91 Barolo Venture V 57 Baroyeca Gold V 1 V 247 Barrian Mining Barrick Gold T 19799 Barrick Gold * N 67661 Barsele Min* O 40 Barsele Min V 10 Batero Gold* O 33 Batero Gold V 1265 Bayhorse Silvr* O 195 V 1096 Bayhorse Silvr BC Moly V 6 BCM Res V 184 BE Res V 21 Bear Creek Mng V 576 Bear Creek Mng* O 290 Bearclaw Cap V 10 Bearing Lith V 100 Bearing Lith* O 47 Beauce Gold V 29 Bell Copper* O 14 Bell Copper V 14 Belmont Res V 82 Belo Sun Mng T 1655 Belo Sun Mng* O 1546 BeMetals V 225 Benchmark Met* O 147 Benchmark Met V 1861 Benton Res* O 50 Benz Mining V 50 Berkwood Res V 411 Berkwood Res * O 100 Bessor Min V 35 Bird River Res 188 Bitterroot Res* O 178 Bitterroot Res V 456 Black Hills* N 1687 Black Iron T 3446 Black Iron* O 370 Black Mammoth* O 0 Black Sea * O 0 Black Sea V 3 Black Tusk Res* O 3 Black Tusk Res 1264 Blackheath Res V 175 Blackrock Gold* O 627 Blackrock Gold V 1693 Blind Creek V 230 BLOX Inc* O 25 Blue Lagoon 18

4.39 4.19 4.33 + 0.01 4.45 2.77 3.36 3.18 3.29 - 0.02 3.40 2.10 0.20 0.14 0.17 + 0.03 0.20 0.07 0.26 0.18 0.23 + 0.04 0.26 0.10 0.02 0.01 0.02 - 0.00 0.08 0.01 0.03 0.02 0.03 + 0.01 0.11 0.02 0.03 0.03 0.03 - 0.01 0.06 0.03 0.05 0.04 0.04 unch 0.00 0.08 0.04 0.03 0.02 0.03 + 0.01 0.06 0.02 0.14 0.00 0.14 unch 0.00 1.63 0.14 0.00 0.00 0.10 unch 0.00 0.21 0.03 0.42 0.37 0.40 + 0.02 0.48 0.30 0.32 0.28 0.31 + 0.02 0.37 0.23 0.67 0.57 0.67 + 0.07 0.77 0.35 0.54 0.44 0.54 + 0.07 0.52 0.27 0.26 0.26 0.26 unch 0.00 0.30 0.09 0.00 0.00 0.05 unch 0.00 0.25 0.05 0.13 0.11 0.11 - 0.01 0.20 0.10 22.96 22.24 22.46 - 0.04 22.96 12.54 17.50 16.90 17.06 - 0.15 88.70 11.52 0.39 0.36 0.37 - 0.02 0.62 0.28 0.48 0.00 0.46 - 0.01 0.90 0.36 0.06 0.05 0.05 - 0.00 0.06 0.03 0.08 0.07 0.07 + 0.02 0.08 0.06 0.08 0.06 0.08 + 0.00 0.13 0.04 0.10 0.09 0.10 + 0.01 0.18 0.07 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.11 0.08 0.10 + 0.02 0.26 0.07 0.04 0.00 0.04 unch 0.00 0.07 0.02 2.50 2.23 2.37 + 0.14 2.50 0.89 1.91 1.71 1.80 + 0.14 2.03 0.71 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.20 0.18 0.18 - 0.02 0.31 0.17 0.16 0.14 0.14 - 0.02 0.80 0.02 0.10 0.09 0.10 unch 0.00 0.29 0.07 0.07 0.05 0.07 - 0.00 0.12 0.03 0.07 0.07 0.07 - 0.02 0.15 0.05 0.08 0.00 0.07 - 0.01 0.80 0.04 0.33 0.28 0.29 + 0.01 0.42 0.17 0.25 0.21 0.23 + 0.01 0.33 0.12 0.25 0.24 0.24 - 0.02 0.30 0.18 0.27 0.21 0.27 + 0.05 0.30 0.11 0.37 0.28 0.34 + 0.04 0.40 0.16 0.06 0.06 0.06 unch 0.00 0.06 0.02 0.07 0.06 0.06 - 0.01 0.08 0.05 0.05 0.04 0.05 unch 0.00 0.13 0.04 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.06 0.06 0.06 unch 0.00 0.20 0.05 0.02 0.02 0.02 - 0.01 0.10 0.01 0.03 0.03 0.03 - 0.01 0.09 0.01 0.04 0.04 0.04 - 0.01 0.12 0.02 79.81 77.66 79.52 - 0.04 82.01 56.42 0.14 0.13 0.13 - 0.01 0.16 0.05 0.10 0.09 0.10 - 0.00 0.12 0.03 0.00 0.00 0.04 unch 0.00 0.08 0.03 0.05 0.00 0.05 - 0.03 0.08 0.01 0.08 0.00 0.08 - 0.02 0.24 0.06 0.11 0.00 0.11 unch 0.00 1.06 0.10 0.16 0.14 0.14 - 0.01 0.29 0.11 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.13 0.11 0.12 + 0.01 0.13 0.02 0.18 0.14 0.16 + 0.02 0.18 0.03 0.06 0.05 0.05 unch 0.00 0.07 0.03 0.19 0.19 0.19 unch 0.00 0.25 0.03 0.50 0.45 0.50 + 0.05 0.50 0.26

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue Moon Zinc* O 110 Blue Moon Zinc V 990 Blue River Res V 954 Blue River Res* O 493 Blue Sky Uran* O 265 Blue Sky Uran V 326 Blue Star Gold V 219 BlueBird Batt V 477 BlueBird Batt* O 10 V 496 Bluenose Gold Bluestone Res* O 37 V 501 Bluestone Res Bold Ventures V 190 O 4879 Bonanza Gold* Bond Resources 15 BonTerra Res V 534 Boreal Metals V 830 Boreal Metals * O 400 Borneo Res Inv* O 18448 Bravada Gold V 499 O 421 Bravada Gold* Braveheart Res V 88 O 12 Braveheart Res* Bravo Multinat* O 31 Brazil Min* O 61396 BrightRock* O 402 O 45 Britannia Mng* Brixton Metals V 1808 O 775 Brixton Metals* Brookmount Exp* O 167 Bryn Res* O 324 BTU Metals V 1743 Buenaventura* N 6366 Buffalo Coal V 685 O 91 Bullfrog Gold* Bunker Hill 0 BWR Explor V 597

0.03 0.02 0.03 + 0.00 0.07 0.01 0.03 0.02 0.03 + 0.01 0.09 0.02 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.02 0.01 0.01 - 0.00 0.03 0.01 0.12 0.11 0.11 - 0.01 0.18 0.09 0.15 0.14 0.14 unch 0.00 0.23 0.13 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.20 0.17 0.20 + 0.01 0.41 0.14 0.14 0.00 0.14 - 0.02 0.30 0.13 0.16 0.13 0.14 - 0.03 0.33 0.09 0.86 0.80 0.86 + 0.04 1.15 0.65 1.16 1.01 1.14 + 0.07 1.60 0.85 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.16 0.16 unch 0.00 0.20 0.11 2.78 2.36 2.47 - 0.28 4.90 1.46 0.06 0.05 0.05 unch 0.00 0.17 0.04 0.04 0.04 0.04 unch 0.00 0.04 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.18 0.10 0.16 + 0.06 0.18 0.05 0.14 0.08 0.12 + 0.04 0.14 0.04 0.18 0.16 0.18 + 0.01 0.21 0.06 0.13 0.13 0.13 - 0.00 0.14 0.05 0.42 0.00 0.37 - 0.04 0.95 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.24 0.20 0.23 + 0.01 0.27 0.10 0.18 0.15 0.16 - 0.00 0.21 0.08 0.01 0.01 0.01 - 0.00 0.02 0.00 0.08 0.05 0.08 + 0.01 0.10 0.01 0.22 0.14 0.16 - 0.06 0.24 0.04 17.85 16.04 16.05 - 1.08 17.85 11.67 0.01 0.01 0.01 + 0.01 0.02 0.01 0.13 0.11 0.13 - 0.00 0.24 0.04 0.00 0.00 0.19 unch 0.00 7.70 0.05 0.04 0.04 0.04 unch 0.00 0.06 0.03

Cabral Gold V 54 Cabral Gold* O 35 O 200 Cache Explor* Cache Explor V 412 O 150 Cadence Min* Cadillac Vent V 111 Caledonia Mng* X 27 Caledonia Mng T 8 Calibre Mng* O 20 California Gld* O 155 California Gld 229 Callinex Mines* O 19 Callinex Mines V 55 Cameco Corp* N 19843 Cameco Corp T 4752 Cameo Cobalt* O 204 V 791 Cameo Cobalt Camino Min* O 0 Camino Min V 68 Camrova Res* O 5 V 256 Canada Carbon Canada Carbon* O 94 Canada Coal* O 0 Canada Coal V 45 Canada Cobalt * O 147 Canada Cobalt V 1791 Canada One V 0 Canada One* O 0 Canada Rare V 108 Canada Rare* O 32 V 173 Canadian Engy Canadian Metal 381 O 10 Canadian Metal* Canadian Ore V 61 Canadian Ore* O 0 Canadian Prem V 183 O 27 CanAlaska Uran* CanAlaska Uran V 69 O 37 Canamex Gold* Canarc Res T 780 Canarc Res* O 437 Canasil Res V 431 V 1 Candelaria Mg Candente Coppr T 2 O 271 Candente Gold* Candente Gold V 349 CANEX Metals V 7 CaNickel Mng V 27 O 0 CaNickel Mng* Canoe Mng Vent V 45 Canstar Res V 112 Canterra Mnls V 438 Cantex Mn Dev* O 20 Cantex Mn Dev V 426 Canuc Res V 16 Canuc Res* O 17 Capstone Mng T 576 Cardero Res V 76 Cardero Res* O 1 Cardinal Res* O 53 Cardinal Res T 1121 Cariboo Rose V 60 Carlin Gold V 1600 Carrara Explor 1250 Cartier Iron 85 Cartier Res V 318 Carube Copper V 98 V 166 Casa Minerals Cascadero Copp V 31 Cassius Vents V 10 Castle Peak Mg V 196 Cautivo Mining 34 CellCube Enrgy 5278 O 4875 CellCube Enrgy* Centamin T 1341 Centaurus Diam* O 226 Centerra Gold T 4199 Central Iron V 100 Central Tim Ex V 90 Centurion Mnls V 66 Century Cobalt* O 32 Century Global* O 25 Century Global T 17 V 231 Century Metals Cerro Grande 15 Cerro Grande* O 1 Cerro Mng* O 0 Cerro Mng V 6 Ceylon Graph V 43 V 870 Chakana Copper Chakana Copper* O 112 98 Chalice Gold M* O Chalice Gold M T 224 Champion Bear V 161 Champion Bear* O 0 Champion Iron T 2297 Champion Iron* O 13 Chantrell Vent V 79 Chatham Rock V 14 Chatham Rock* O 0 Chesapeake Gld* O 59 Chesapeake Gld V 286 Chevron Corp* N 23924 Chiboug Ind Mn V 1376 Chiboug Ind Mn* O 69 Chilean Metals V 30 Chilean Metals* O 0 China Gold Int T 539 Chinapintza Mg V 105 Cicada Vents V 25 CIM Intl Grp 25 Clarmin Explor V 165 Clean Comm* O 24 Clean Comm V 1046 Cleghorn Mnls V 93 Cleghorn Mnls* O 4 Cleveland-Clif* N 48424 Cliffmont Res V 5 Clifton Mng* O 59 Cloud Peak En* O 6582 CMC Metals V 152 CMX Gold & Sil 1 CNRP Mng 533 CNRP Mng* O 230 Cobalt 27 Cap V 896

0.19 0.00 0.18 unch 0.00 0.33 0.10 0.14 0.14 0.14 unch 0.00 0.25 0.10 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.05 0.04 0.05 + 0.01 0.07 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.02 0.00 0.02 unch 0.00 0.04 0.01 6.44 6.14 6.25 + 0.14 9.48 5.01 8.25 7.85 8.07 + 0.22 12.26 6.63 0.65 0.00 0.65 + 0.15 0.65 0.03 0.53 0.40 0.40 - 0.13 0.59 0.13 0.68 0.52 0.53 - 0.15 0.79 0.37 0.39 0.36 0.37 - 0.02 0.46 0.03 0.53 0.51 0.51 - 0.01 1.80 0.45 10.36 8.99 9.22 - 1.01 13.04 8.99 13.60 11.85 12.17 - 1.18 17.12 11.97 0.04 0.02 0.03 + 0.00 0.31 0.02 0.05 0.04 0.05 + 0.01 0.32 0.04 0.00 0.00 0.09 unch 0.00 0.15 0.07 0.13 0.12 0.12 - 0.04 0.20 0.09 0.00 0.00 0.00 + 0.00 0.07 0.00 0.09 0.07 0.08 unch 0.00 0.18 0.07 0.07 0.06 0.06 - 0.01 0.13 0.00 0.00 0.00 0.03 unch 0.00 0.04 0.03 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.24 0.19 0.24 + 0.03 0.79 0.01 0.32 0.26 0.31 + 0.03 0.90 0.26 0.00 0.00 0.03 unch 0.00 0.10 0.02 0.00 0.00 0.01 unch 0.00 0.08 0.01 0.06 0.05 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 + 0.00 0.08 0.02 0.07 0.00 0.06 - 0.01 0.20 0.06 0.07 0.05 0.06 + 0.01 0.11 0.04 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.23 0.20 0.22 + 0.02 0.45 0.14 0.00 0.00 0.18 unch 0.00 0.34 0.15 1.35 1.15 1.22 - 0.02 3.98 0.75 0.22 0.19 0.20 + 0.02 0.29 0.16 0.27 0.25 0.25 - 0.01 0.40 0.21 0.06 0.03 0.03 + 0.00 0.09 0.02 0.07 0.06 0.06 unch 0.00 0.07 0.03 0.05 0.04 0.05 + 0.01 0.05 0.02 0.09 0.07 0.09 + 0.01 0.13 0.05 0.00 0.00 0.23 unch 0.00 0.69 0.15 0.05 0.00 0.05 unch 0.00 0.10 0.04 0.03 0.02 0.02 - 0.01 0.03 0.01 0.04 0.03 0.03 - 0.01 0.04 0.02 0.07 0.00 0.07 unch 0.00 0.10 0.03 0.08 0.00 0.08 + 0.01 0.13 0.06 0.00 0.00 0.04 unch 0.00 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.05 0.05 0.05 unch 0.00 0.30 0.04 0.03 0.03 0.03 + 0.01 0.04 0.01 4.35 3.73 3.82 + 0.21 4.46 0.13 5.84 4.90 5.05 + 0.20 5.99 0.18 0.04 0.00 0.04 - 0.01 0.16 0.03 0.02 0.02 0.02 + 0.00 0.12 0.02 0.57 0.55 0.55 - 0.03 0.99 0.48 0.04 0.00 0.04 - 0.01 0.15 0.04 0.03 0.02 0.03 - 0.00 0.11 0.02 0.20 0.00 0.20 unch 0.00 0.36 0.20 0.36 0.33 0.33 + 0.01 0.48 0.29 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.02 0.02 0.02 + 0.01 0.03 0.02 0.05 0.04 0.05 unch 0.00 0.17 0.03 0.09 0.06 0.07 - 0.02 0.13 0.05 0.16 0.15 0.15 - 0.01 0.19 0.11 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.10 0.09 0.10 + 0.02 0.24 0.09 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.02 0.02 0.02 - 0.01 0.02 0.01 0.11 0.11 0.11 unch 0.00 0.39 0.08 0.10 0.06 0.09 + 0.03 0.34 0.06 0.07 0.04 0.07 + 0.02 0.30 0.04 1.95 1.70 1.92 + 0.07 2.34 1.39 0.16 0.10 0.15 + 0.01 1.00 0.09 11.12 10.56 10.79 - 0.08 11.12 4.76 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.20 0.03 0.10 0.09 0.09 - 0.01 0.27 0.05 0.11 0.06 0.08 - 0.01 0.20 0.00 0.00 0.00 0.16 unch 0.00 0.17 0.13 0.25 0.20 0.25 + 0.05 0.25 0.11 0.06 0.06 0.06 unch 0.00 0.11 0.06 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.09 unch 0.00 0.12 0.09 0.26 0.26 0.26 unch 0.00 0.42 0.26 0.12 0.11 0.12 + 0.01 0.20 0.11 0.42 0.34 0.34 - 0.08 0.62 0.25 0.33 0.26 0.26 - 0.06 0.48 0.19 0.11 0.10 0.11 + 0.01 0.12 0.08 0.16 0.15 0.15 + 0.02 0.16 0.10 0.15 0.12 0.14 + 0.01 0.25 0.10 0.00 0.00 0.14 unch 0.00 0.17 0.11 2.84 2.50 2.62 - 0.19 3.15 0.89 2.15 0.00 2.08 - 0.08 2.36 0.70 3.22 2.91 2.91 - 0.29 4.20 1.60 0.16 0.00 0.16 + 0.01 0.19 0.13 0.00 0.00 0.11 unch 0.00 0.14 0.10 1.81 1.59 1.70 + 0.06 1.98 1.03 2.47 2.09 2.31 + 0.18 2.65 1.41 127.00 123.30 123.72 - 1.32 128.55 100.22 0.20 0.16 0.18 - 0.03 0.27 0.04 0.15 0.12 0.13 - 0.01 0.19 0.03 0.05 0.04 0.05 unch 0.00 0.29 0.04 0.00 0.00 0.02 unch 0.00 0.08 0.01 1.69 1.51 1.51 - 0.18 2.33 1.41 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.19 0.19 0.19 unch 0.00 0.63 0.19 0.13 0.12 0.12 - 0.01 0.20 0.10 0.03 0.02 0.03 + 0.01 0.03 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.07 0.06 0.07 unch 0.00 0.11 0.06 0.04 0.04 0.04 unch 0.00 0.08 0.04 11.50 10.67 10.90 - 0.40 13.10 7.40 0.11 0.11 0.11 unch 0.00 0.90 0.05 0.11 0.08 0.08 - 0.02 0.20 0.04 0.09 0.03 0.04 + 0.01 2.92 0.03 0.07 0.07 0.07 unch 0.00 0.11 0.04 0.00 0.00 0.05 unch 0.00 0.08 0.03 0.43 0.37 0.43 + 0.04 2.02 0.27 0.33 0.27 0.32 + 0.02 1.58 0.20 4.14 4.03 4.08 unch 0.00 7.66 3.27

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cobalt Block V 159 Cobalt Block* O 114 32848 Coeur Mng* N Colibri Res V 574 V 4 Colombia Crest O 0 Colombia Crest* Colonial Coal V 352 Colorado Res V 643 O 215 Colorado Res* T 826 Columbus Gold O 994 Columbus Gold* O 320 Commander Res* V 447 Commander Res V 849 Commerce Res O 133 Commerce Res* O 9 Compass Gold* V 145 Compass Gold X 3806 Comstock Mng* V 3065 Comstock Mtls 84 Comstock Mtls * O Condor Gold* O 25 Condor Gold T 66 Condor Res V 727 Condor Res* O 67 O 0 Confedertn Ml* V 28 Confedertn Mls V 192 Conquest Res 0 Conquest Res * O V 10 Cons Woodjam CONSOL Coal Rs* N 166 N 1910 CONSOL Energy* CONSOL Energy* N 19403 O 176 Constantine Mt* V 376 Constantine Mt O 15 Contact Gold* Contact Gold V 372 O 16 Contact Mnrls* Contintl Gold T 4088 O 359 Contintl Gold* Contintl Prec* O 0 Copper Fox Mtl V 634 15 Copper Fox Mtl* O 95 Copper Lake Rs V Copper Mtn Mng T 1274 Copper Mtn Mng* O 229 1 Copper North M* O 37 Copper North M V 25 Copper Reef Mg Copperbank Res 233 O 33 Copperbank Res* 54 Coral Gold * O Coral Gold V 50 V 343 Cordoba Mnls O 229 Cordoba Mnls* Core Gold V 1287 Core Gold* O 600 Core Lithium* O 9 V 25 Cornerstone Ca O 1 Cornerstone Ca* Coro Mining T 1124 Corsa Coal V 105 12 Corsa Coal * O Corvus Gold* O 65 Corvus Gold T 196 CR Capital V 93 75 Crazy Horse Res* O Crest Resource 240 Cresval Cap V 175 Critical Elem* O 29 Critical Elem V 947 V 208 CROPS O 3 Crown Mining* Crown Mining V 143 Cruz Cobalt V 227 Cruz Cobalt* O 121 Crystal Lake* O 251 Crystal Lake V 3346 Crystal Peak V 24 Crystal Peak* O 47 O 0 CTGX Mining* 63 Currie Rose Rs V Cyntar Venture 15 Cypress Dev V 1174 Cypress Dev* O 195

0.05 unch 0.00 0.22 0.07 0.00 0.07 0.04 0.06 0.04 0.04 - 0.01 0.17 2.78 4.90 4.44 4.66 + 0.03 7.42 0.03 0.05 0.05 0.05 + 0.01 0.08 0.11 0.22 0.19 0.19 - 0.03 0.30 0.03 unch 0.00 0.21 0.00 0.00 0.17 0.21 0.39 0.34 0.37 - 0.02 0.65 0.05 0.12 0.09 0.10 - 0.02 0.16 0.03 0.09 0.07 0.07 - 0.01 0.11 0.16 0.20 0.16 0.17 - 0.02 0.31 0.11 0.15 0.12 0.12 - 0.03 0.24 0.05 unch 0.00 0.12 0.07 0.06 0.07 0.07 unch 0.00 0.17 0.08 0.07 0.07 0.05 0.07 0.06 0.06 - 0.01 0.09 0.04 0.05 0.04 0.04 - 0.00 0.07 0.18 0.24 0.24 0.24 - 0.00 0.40 0.11 0.35 0.28 0.29 - 0.06 0.71 0.12 0.18 0.16 0.16 - 0.01 0.33 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.03 0.03 0.03 - 0.00 0.04 0.01 0.25 0.31 0.25 0.25 - 0.03 0.43 0.30 0.39 0.00 0.34 + 0.03 0.86 0.04 0.06 0.05 0.06 + 0.02 0.09 0.03 0.04 0.03 0.04 + 0.01 0.07 0.09 unch 0.00 0.24 0.00 0.00 0.21 0.12 unch 0.00 0.40 0.23 0.23 0.23 0.01 0.02 0.02 0.02 + 0.01 0.04 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.03 0.05 0.05 0.05 - 0.01 0.09 16.02 15.35 15.72 + 0.12 21.13 14.58 21.52 24.20 21.52 22.33 - 1.29 47.49 7.40 6.35 6.49 - 0.65 17.04 6.35 0.28 0.50 0.47 0.47 - 0.01 0.60 0.39 0.68 0.61 0.67 + 0.05 0.68 0.14 0.17 0.16 0.16 + 0.01 0.38 0.18 0.22 0.20 0.21 + 0.01 0.50 0.02 unch 0.00 0.40 0.19 0.12 0.19 1.76 4.44 3.83 3.95 - 0.34 4.44 1.33 3.35 2.95 2.99 - 0.28 3.35 0.00 unch 0.00 0.31 0.00 0.00 0.00 0.10 0.09 0.10 + 0.02 0.13 0.08 0.07 0.06 0.07 + 0.01 0.10 0.06 0.02 0.02 0.02 + 0.01 0.04 0.01 0.95 0.80 0.81 - 0.07 1.23 0.65 0.73 0.62 0.62 - 0.06 0.95 0.48 0.02 0.00 0.02 + 0.00 0.05 0.02 0.04 0.00 0.04 + 0.01 0.07 0.03 0.02 0.02 0.02 + 0.01 0.03 0.02 0.04 0.06 0.05 0.05 - 0.01 0.08 0.02 0.05 0.00 0.03 - 0.01 0.06 0.29 0.27 0.29 + 0.01 0.34 0.24 0.32 0.39 0.37 0.38 - 0.01 0.44 0.08 unch 0.00 0.17 0.10 0.09 0.09 0.06 0.08 0.07 0.07 + 0.00 0.14 0.16 0.20 0.16 0.18 - 0.02 0.33 0.12 0.15 0.12 0.12 - 0.02 0.26 0.07 0.21 0.07 0.07 - 0.13 0.55 2.80 unch 0.00 7.90 3.96 3.60 3.80 0.03 3.00 0.00 3.00 - 0.25 3.61 0.05 0.11 0.10 0.10 - 0.01 0.12 0.61 0.66 0.63 0.66 - 0.07 1.45 0.53 0.48 0.53 - 0.02 1.10 0.37 1.13 1.79 1.65 1.68 - 0.04 2.72 1.55 2.35 2.18 2.20 - 0.04 3.39 0.02 unch 0.00 0.08 0.06 0.06 0.06 0.27 0.22 0.27 + 0.04 0.26 0.08 0.08 unch 0.00 0.16 0.10 0.10 0.10 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.26 0.33 0.29 0.31 + 0.05 0.80 0.33 0.45 0.38 0.40 + 0.01 1.05 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.05 unch 0.00 0.10 0.05 0.05 0.05 0.05 0.06 0.05 0.06 + 0.01 0.17 0.04 unch 0.00 0.12 0.04 0.04 0.04 0.02 0.03 0.03 0.03 - 0.00 0.10 0.18 0.32 0.26 0.26 - 0.03 0.54 0.24 0.42 0.35 0.36 - 0.03 0.72 0.12 unch 0.00 0.44 0.16 0.14 0.14 0.09 0.12 0.11 0.12 + 0.00 0.34 0.10 unch 0.00 0.12 0.00 0.00 0.11 0.07 0.06 0.06 unch 0.00 0.12 0.05 0.07 unch 0.00 0.15 0.10 0.10 0.10 0.17 0.21 0.17 0.18 - 0.04 0.42 0.12 0.16 0.13 0.13 - 0.03 0.32

Dajin Res V 337 Dajin Res* O 325 54 Dakota Ter Res* O Damara Gold V 22 Danakali* O 4 Debut Dmds 20 Decade Res V 420 V 399 Deep-South Res DeepRock Min 33 V 113 Defense Metals O 21 Defense Metals* O 686 Defiance Silvr* Defiance Silvr V 1231 Delrand Res V 215 92 Delrey Metals * O Delrey Metals 114 T 2982 Denison Mines X 4057 Denison Mines* Desert Gold* O 84 Desert Gold V 145 Desert Lion V 60 Desert Mtn Egy V 449 Detour Gold T 6584 O 68 Diamante Min* Diamcor Mng V 309 O 104 Diamcor Mng* O 121 Diamond Disc* V 30 Diamond Fields O 0 Diamond Fields* Dios Expl V 91 V 13 Discovery Harb O 566 Discovery Met* V 2054 Discovery Met 376516 O Discovery Min* V 5 Discovery-Corp District Cop V 246 District Metal V 2 Ditem Explor* O 5 DNI Metals* O 6 O 96 Dolat Ventures* Dolly Vard Sil* O 189 Dolly Vard Sil V 467 O 12 Doubleview Cap* V 74 Doubleview Cap DRDGOLD* N 389 Dundee Prec Mt T 1617 O 22 Dunnedin Vent* Durango Res V 440 O 10 Durango Res* V 424 DV Resources Dynacor Gld Mn T 113 32 Dynacor Gld Mn* O O 16 DynaResource* Dynasty Gold V 349 E3 Metals* O 53 E3 Metals V 115 V 58 Eagle Graphite O 6 Eagle Graphite* Eagle Plains V 377 V 459 East Africa 2 East Africa * O East Asia Mnls V 395 East Asia Mnls* O 200 Eastern Platin T 115 O 50 Eastern Platin* Eastern Zinc 41 Eastfield Res V 7 O 224 Eastmain Res* Eastmain Res T 497 13 Eco Oro Mnls 64 Eco Oro Mnls* O T 6864 eCobalt Solns O 736 eCobalt Solns* V 43 Edgewater Expl O 0 Edgewater Expl* O 5 Edison Cobalt* V 157 Edison Cobalt El Capitan Prc* O 608

0.04 0.05 0.04 0.05 + 0.01 0.12 0.03 0.03 0.03 0.03 + 0.00 0.09 0.06 0.04 0.04 - 0.02 0.19 0.02 0.03 0.05 0.00 0.03 - 0.01 0.05 0.46 0.52 0.46 0.49 - 0.02 0.69 0.01 0.01 0.00 0.01 - 0.01 0.02 0.02 unch 0.00 0.08 0.04 0.03 0.03 0.06 0.15 0.08 0.11 + 0.02 0.16 0.03 unch 0.00 0.10 0.04 0.00 0.04 0.12 0.16 0.15 0.16 + 0.01 0.25 0.09 0.11 0.11 0.11 + 0.00 0.25 0.12 0.24 0.20 0.21 - 0.01 0.25 0.16 0.31 0.26 0.27 - 0.02 0.32 0.25 unch 0.00 0.71 0.60 0.54 0.60 0.08 0.06 0.07 + 0.01 0.30 0.06 0.08 0.10 0.09 0.09 - 0.01 0.50 0.57 0.64 0.57 0.58 - 0.04 0.89 0.43 0.49 0.43 0.44 - 0.03 0.69 0.12 0.13 0.12 0.13 - 0.01 0.21 0.14 0.19 0.17 0.18 - 0.01 0.26 0.04 unch 0.00 0.88 0.10 0.10 0.10 0.18 0.16 0.16 - 0.01 0.27 0.13 20.63 19.21 19.40 - 0.09 20.63 9.38 0.01 0.04 0.04 0.04 + 0.00 0.24 0.09 0.14 0.10 0.10 - 0.02 0.50 0.07 0.09 0.07 0.07 - 0.02 0.29 0.00 0.00 0.00 0.00 + 0.00 0.00 0.07 0.17 0.15 0.15 - 0.02 0.20 0.00 0.11 0.00 0.11 + 0.11 0.12 0.04 0.05 0.04 0.05 + 0.01 0.08 0.01 0.04 0.00 0.04 - 0.01 0.08 0.14 0.36 0.30 0.33 + 0.04 0.36 0.17 0.46 0.40 0.44 + 0.04 0.46 0.00 0.00 0.00 0.00 + 0.00 0.00 0.01 unch 0.00 0.02 0.00 0.00 0.01 0.02 unch 0.00 0.13 0.02 0.02 0.02 0.15 0.30 0.00 0.30 + 0.14 0.39 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.03 0.07 0.03 0.07 - 0.00 0.09 0.10 0.27 0.12 0.27 + 0.00 1.80 0.30 0.24 0.29 + 0.02 0.42 0.14 0.39 0.32 0.39 + 0.07 0.56 0.19 0.07 0.08 0.07 0.07 - 0.01 0.13 0.08 0.10 0.08 0.08 - 0.01 0.18 1.64 3.25 2.97 3.21 + 0.08 3.25 4.72 4.44 4.61 - 0.03 4.98 2.56 0.05 0.08 0.08 0.08 - 0.00 0.16 0.04 0.07 0.06 0.06 - 0.01 0.10 0.04 unch 0.00 0.07 0.05 0.05 0.05 0.04 0.09 0.07 0.07 - 0.02 0.21 1.90 1.81 1.85 + 0.01 1.90 1.41 1.43 1.37 1.43 + 0.03 1.44 1.02 0.36 unch 0.00 1.25 0.90 0.77 0.90 0.07 0.10 0.07 0.10 + 0.01 0.23 0.22 unch 0.00 0.38 0.37 0.36 0.36 0.23 0.55 0.50 0.55 + 0.04 0.58 0.03 unch 0.00 0.21 0.07 0.05 0.06 0.04 0.04 0.04 0.04 - 0.01 0.13 0.08 0.11 0.09 0.10 + 0.01 0.12 0.23 0.00 0.21 unch 0.00 0.29 0.14 0.17 0.17 0.17 unch 0.00 0.19 0.10 0.07 0.06 0.07 unch 0.00 0.10 0.04 0.05 0.03 0.05 + 0.01 0.08 0.03 0.17 unch 0.00 0.31 0.25 0.00 0.24 0.12 0.18 0.18 0.18 + 0.02 0.24 0.07 0.20 0.07 0.20 + 0.13 0.56 0.03 unch 0.00 0.07 0.05 0.00 0.05 0.07 0.15 0.13 0.14 - 0.01 0.20 0.10 0.20 0.18 0.18 - 0.01 0.27 0.10 0.10 0.10 unch 0.00 0.27 0.10 0.08 0.08 0.08 - 0.00 0.77 0.00 0.20 0.30 0.25 0.29 + 0.08 0.95 0.15 0.23 0.19 0.21 + 0.03 0.73 0.06 0.14 0.10 0.14 + 0.04 0.16 0.06 unch 0.00 0.12 0.00 0.00 0.06 0.03 unch 0.00 0.12 0.04 0.04 0.04 0.04 unch 0.00 0.17 0.05 0.05 0.05 0.04 0.02 0.02 - 0.01 0.04 0.00

D-F

2019-07-29 1:38 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / AUGUST 5â&#x20AC;&#x201C;16, 2019

Week

12-month

Exc Volume High Low Last Change High Low

El Nino Vent* O 35 0.02 0.02 0.02 unch 0.00 0.04 0.02 El Nino Vent V 128 0.03 0.03 0.03 + 0.01 0.05 0.02 0.09 0.08 0.08 + 0.01 0.22 0.06 Elcora Adv Mat V 149 Elcora Res* O 134 0.06 0.05 0.06 - 0.00 0.18 0.05 N 20956 7.96 7.26 7.88 + 0.20 7.96 2.52 Eldorado Gold* Eldorado Gold T 7473 10.48 9.54 10.35 + 0.30 10.43 3.36 Eloro Res* O 54 0.23 0.21 0.21 unch 0.00 0.47 0.13 0.15 Eloro Res V 178 0.33 0.28 0.28 - 0.02 0.58 Ely Gold Royal V 828 0.29 0.23 0.27 + 0.05 0.29 0.09 0.22 0.18 0.21 + 0.04 0.22 0.07 Ely Gold Royal* O 932 Elysee Dev * O 2 0.29 0.00 0.29 + 0.03 0.33 0.23 Elysee Dev V 89 0.38 0.37 0.38 + 0.03 0.42 0.31 0.07 Emerita Res V 42 0.08 0.07 0.07 - 0.01 0.28 Emgold Mining* O 30 0.10 0.08 0.10 - 0.01 0.14 0.03 Emgold Mining V 743 0.13 0.11 0.11 - 0.02 0.20 0.05 Empire Metals V 0 0.00 0.00 0.14 unch 0.00 0.23 0.11 Empress Res V 100 0.05 0.05 0.05 unch 0.00 0.14 0.03 1.31 EMX Royalty V 84 1.82 1.68 1.77 + 0.07 1.82 EMX Royalty* X 539 1.39 1.28 1.38 + 0.09 1.47 1.02 O 9 0.09 0.00 0.09 + 0.01 0.22 0.07 Encanto Potash* Encanto Potash V 49 0.14 0.11 0.13 + 0.02 0.30 0.09 EnCore Energy V 389 0.12 0.11 0.11 unch 0.00 0.21 0.06 Endeavour Mng T 1329 25.34 24.42 24.67 - 0.63 25.45 16.34 Endeavour Mng* O 161 19.29 18.71 18.77 - 0.68 19.45 12.38 N 16755 2.57 2.36 2.40 + 0.04 2.97 1.68 Endeavr Silver* Endeavr Silver T 3008 3.38 3.11 3.15 + 0.09 3.89 2.21 Endurance Gold V 10 0.04 0.04 0.04 unch 0.00 0.07 0.03 Energy Fuels* X 6259 2.00 1.70 1.91 - 0.06 4.09 1.70 Energy Fuels T 1608 2.58 2.24 2.52 - 0.06 5.38 2.24 Enforcer Gold V 82 0.04 0.00 0.04 - 0.07 0.54 0.09 Engineer Gold V 299 0.11 0.10 0.11 unch 0.00 0.13 0.05 Engold Mines V 147 0.09 0.08 0.08 - 0.01 0.20 0.08 Engold Mines* O 225 0.08 0.07 0.08 unch 0.00 0.13 0.06 Ensurge* O 1 0.02 0.02 0.02 unch 0.00 0.07 0.02 Entree Res* X 12537 0.28 0.25 0.26 - 0.01 0.46 0.22 Entree Res T 266 0.36 0.33 0.33 - 0.01 0.61 0.32 ePower Metals* O 30 0.13 0.13 0.13 unch 0.00 0.23 0.04 Equinox Gold V 2915 1.37 1.28 1.35 + 0.07 1.45 0.85 Equitorial Ex V 941 0.06 0.05 0.05 unch 0.00 0.06 0.02 Equitorial Ex* O 9 0.03 0.03 0.03 - 0.00 0.05 0.02 Erdene Res Dev* O 793 0.19 0.15 0.19 + 0.04 0.33 0.12 Erdene Res Dev T 2069 0.25 0.19 0.24 + 0.05 0.44 0.16 Erin Ventures V 495 0.10 0.05 0.06 - 0.02 0.22 0.04 Ero Copper T 870 25.37 24.36 25.05 unch 0.00 25.69 7.62 Ero Copper* O 2 19.20 0.00 19.20 + 0.06 19.19 5.84 Eros Res Corp* O 7 0.06 0.05 0.06 + 0.00 0.09 0.05 Eros Res Corp V 1 0.00 0.00 0.08 unch 0.00 0.11 0.07 Eros Res Corp V 1 0.00 0.00 0.08 unch 0.00 0.11 0.07 Eskay Mng V 130 0.08 0.07 0.08 - 0.01 0.38 0.07 Ethos Gold V 517 0.27 0.24 0.25 - 0.02 0.34 0.12 Ethos Gold* O 123 0.20 0.18 0.19 - 0.01 0.25 0.09 Etruscus Res 170 0.49 0.39 0.39 - 0.02 0.50 0.24 Euro Manganese V 160 0.18 0.00 0.18 unch 0.00 0.44 0.15 Euro Sun Mg* O 261 0.35 0.28 0.31 - 0.03 1.00 0.17 Euro Sun Mg T 771 0.46 0.40 0.41 - 0.04 1.25 0.23 EurOmax Res T 20 0.06 0.00 0.06 - 0.01 0.21 0.02 European Elect* O 154 0.03 0.02 0.03 + 0.00 0.27 0.02 European Elect V 125 0.04 0.00 0.04 + 0.01 0.35 0.03 European Metal* O 5950 0.00 0.00 0.00 - 0.00 0.00 0.00 EVI Global Grp 791 0.96 0.89 0.92 unch 0.00 1.64 0.16 Evolving Gold* O 0 0.00 0.00 0.05 unch 0.00 0.06 0.00 Evrim Res V 572 0.40 0.33 0.34 + 0.02 1.63 0.27 Excellon Res T 1541 1.51 1.16 1.19 - 0.16 1.51 0.59 Excellon Res* O 715 1.15 0.90 0.91 - 0.13 1.15 0.44 Excelsior Mng* O 195 0.79 0.69 0.76 + 0.07 0.90 0.53 Excelsior Mng T 424 1.05 0.90 1.00 + 0.09 1.15 0.71 ExGen Res Inc V 1738 0.02 0.01 0.02 + 0.01 0.03 0.01 Explor Res* O 171 0.03 0.01 0.02 + 0.00 0.04 0.01 Explor Res V 1761 0.03 0.03 0.03 + 0.01 0.04 0.02 Explorex Res 72 0.24 0.18 0.18 - 0.05 0.45 0.18 Explorex Res* O 95 0.17 0.15 0.16 - 0.01 0.27 0.15 Falco Res V 352 0.26 0.24 0.24 + 0.01 0.54 0.21 Falco Res * O 57 0.19 0.18 0.18 - 0.01 0.40 0.10 Falcon Gold V 843 0.05 0.04 0.05 + 0.01 0.06 0.02 Fancamp Expl V 55 0.08 0.00 0.08 + 0.01 0.11 0.04 Far Res* O 102 0.04 0.04 0.04 - 0.00 0.88 0.04 0.05 Far Res 1339 0.06 0.05 0.05 - 0.01 0.20 Fidelity Min* O 300 0.04 0.04 0.04 unch 0.00 0.06 0.03 Fidelity Min V 246 0.05 0.04 0.04 - 0.01 0.10 0.03 Filo Mg Corp V 144 2.91 2.79 2.90 + 0.10 3.01 2.00 Filo Mg Corp * O 0 0.00 0.00 2.04 unch 0.00 2.12 1.55 Finlay Minrls V 173 0.05 0.04 0.05 + 0.01 0.05 0.02 Fiore Gold* O 602 0.42 0.38 0.40 - 0.00 0.43 0.16 Fiore Gold V 797 0.56 0.51 0.53 + 0.02 0.57 0.21 Fire River Gol* O 1 0.11 0.00 0.11 + 0.09 2.41 0.00 Firebird Res V 200 0.02 0.02 0.02 unch 0.00 0.05 0.02 FireFox Gold V 354 0.15 0.15 0.15 + 0.01 0.39 0.09 Firestone Vent V 150 0.06 0.06 0.06 unch 0.00 0.10 0.04 Fireweed Zinc V 279 0.59 0.55 0.56 - 0.03 1.39 0.55 Fireweed Zinc* O 14 0.45 0.42 0.42 - 0.04 1.03 0.41 Firma Holdings* O 126 0.02 0.01 0.02 + 0.00 0.06 0.01 First Cobalt * O 466 0.12 0.11 0.11 - 0.01 0.38 0.10 First Cobalt V 852 0.16 0.15 0.15 - 0.01 0.50 0.14 First Colombia* O 500 0.00 0.00 0.00 - 0.00 0.00 0.00 First Energy 4 0.15 0.00 0.15 + 0.01 0.20 0.07 0.07 First Energy* O 4 0.12 0.00 0.08 + 0.00 0.18 First Majestic* N 32648 10.39 9.54 9.82 - 0.08 10.39 4.59 First Majestic T 6274 13.63 12.56 12.90 - 0.04 13.63 6.12 First Mg Fin T 3563 0.33 0.29 0.29 - 0.04 0.45 0.21 First Mg Fin * O 3841 0.25 0.22 0.22 - 0.03 0.34 0.16 First Point* O 0 0.10 0.10 0.10 unch 0.00 0.12 0.06 First Quantum T 9918 13.35 12.34 12.51 - 0.80 20.63 9.45 First Vanadium V 460 0.36 0.30 0.31 - 0.05 1.96 0.30 First Vanadium* O 474 0.28 0.23 0.23 - 0.04 1.60 0.23 V 706 0.12 0.10 0.10 - 0.01 0.30 0.08 Fission 3.0 Fission 3.0* O 125 0.09 0.07 0.07 - 0.01 0.22 0.06 Fission Uran* O 2166 0.34 0.28 0.29 - 0.06 0.58 0.28 Fission Uran T 4315 0.45 0.36 0.38 - 0.06 0.75 0.36 Fjordland Exp* O 6 0.04 0.04 0.04 - 0.00 0.24 0.03 Fjordland Exp V 322 0.07 0.06 0.06 - 0.01 0.30 0.05 O 1160 0.02 0.02 0.02 - 0.01 0.04 0.01 Focus Graphite* Focus Graphite V 394 0.03 0.03 0.03 - 0.01 0.06 0.02 Foran Mng V 51 0.30 0.29 0.29 unch 0.00 0.43 0.23 Forsys Metals T 159 0.16 0.15 0.15 - 0.01 0.32 0.15 Fort St J Nick V 1 0.12 0.00 0.12 unch 0.00 0.42 0.12 Fort St James* O 0 0.09 0.09 0.09 unch 0.00 0.23 0.09 Fortescue Met* O 96 6.19 5.66 5.66 - 0.46 6.63 2.53 Fortuna Silvr T 5660 5.56 4.94 5.14 + 0.24 7.37 3.22 Fortuna Silvr* N 20321 4.24 3.75 3.91 + 0.17 5.56 2.39 Fortune Bay V 5 0.37 0.00 0.32 - 0.06 0.41 0.19 Fortune Bay* O 2 0.29 0.00 0.23 - 0.06 0.31 0.10 Fortune Mnrls* O 90 0.08 0.06 0.07 + 0.00 0.13 0.05 Fortune Mnrls T 171 0.10 0.09 0.10 + 0.01 0.16 0.07 Forum Energy V 486 0.07 0.06 0.06 - 0.01 0.08 0.03 Forum Energy* O 55 0.05 0.04 0.04 - 0.01 0.06 0.02 Four Nines 100 0.15 0.15 0.15 unch 0.00 0.40 0.10 Fox River Res 87 0.09 0.07 0.07 - 0.02 0.10 0.06 unch 0.00 0.18 0.08 FPX Nickel V 192 0.14 0.00 0.14 Franco-Nevada* N 2250 90.76 88.88 89.33 - 0.89 90.76 58.26 Franco-Nevada T 2365 118.87 116.86 117.70 - 0.16 118.87 76.53 unch 0.00 0.00 0.00 Franklin Mng* O 2 0.00 0.00 0.00 Freedom Egy V 0 0.00 0.00 0.01 unch 0.00 0.09 0.01 Freegold Vent T 128 0.06 0.06 0.06 - 0.01 0.13 0.05 Freeport McMoR* N 88186 12.07 11.26 11.56 + 0.07 16.62 9.47 Freeport Res V 10 0.08 0.07 0.08 unch 0.00 0.11 0.06 Fremont Gold V 840 0.09 0.06 0.07 + 0.01 0.19 0.06 Fremont Gold* O 1 0.05 0.05 0.05 unch 0.00 0.18 0.04 65 10.06 9.64 9.86 - 0.24 13.85 9.23 Fresnillo plc* O Frontier Lith V 54 0.31 0.29 0.29 - 0.02 0.48 0.27 Frontline Gold V 10 0.01 0.01 0.01 unch 0.00 0.02 0.01 Fura Gems V 457 0.19 0.15 0.17 + 0.01 0.50 0.14 Fura Gems* O 18 0.15 0.13 0.15 + 0.02 0.38 0.11 Fusion Gold V 45 0.18 0.18 0.18 unch 0.00 0.30 0.11

G-H G2 Goldfields V 130 G2 Goldfields* O 0 Gabriel Res* O 44 Gabriel Res V 720 Gainey Capital V 1472 Galane Gold * O 1048 Galane Gold V 1060 Galantas Gold V 140 Galantas Gold* O 16 Galore Res V 355 Galway Gold * O 1 Galway Gold V 56 Galway Mtls* O 382 Galway Mtls V 1035 GAR Limited 714 Garibaldi Res V 3584 Garibaldi Res * O 586 Gatling Explor V 474 Gatling Explor* O 69 General Moly T 5 General Moly* X 363 Generation Min* O 36 Generation Min 56 Genesis Mtls* O 135 Genesis Mtls V 290 Genius Metals 25

0.25 0.22 0.22 unch 0.00 0.43 0.13 0.17 0.17 0.17 unch 0.00 0.22 0.05 0.33 0.30 0.32 - 0.02 0.35 0.20 0.44 0.42 0.44 - 0.01 0.49 0.29 0.11 0.09 0.11 + 0.01 0.16 0.04 0.05 0.04 0.04 - 0.00 0.05 0.03 0.06 0.05 0.05 unch 0.00 0.07 0.04 0.07 0.07 0.07 unch 0.00 0.15 0.06 0.06 0.06 0.06 unch 0.00 0.10 0.04 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.09 0.09 0.09 unch 0.00 0.12 0.00 0.12 0.12 0.12 unch 0.00 0.19 0.10 0.26 0.24 0.26 + 0.01 0.30 0.10 0.34 0.32 0.32 - 0.01 0.44 0.13 0.04 0.03 0.04 unch 0.00 0.22 0.03 2.25 1.36 1.36 - 0.41 2.99 0.69 1.70 1.04 1.04 - 0.35 2.30 0.51 0.45 0.38 0.39 - 0.04 0.58 0.13 0.34 0.29 0.31 - 0.03 0.34 0.21 0.48 0.48 0.48 - 0.01 0.63 0.22 0.38 0.36 0.37 + 0.01 0.46 0.16 0.23 0.19 0.19 - 0.04 0.28 0.03 0.30 0.25 0.26 - 0.03 0.36 0.10 0.06 0.06 0.06 + 0.01 0.08 0.04 0.08 0.08 0.08 - 0.01 0.12 0.05 0.18 0.15 0.18 + 0.01 0.25 0.12

20-23_AUGUST5_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gensource Pot V 966 Gentor Res V 0 V 193 Geomega Res Geomega Res* O 68 Gespeg Res V 1522 Getchell Gold * O 10 Getchell Gold 89 Getty Copper V 543 V 830 GFG Resources GFG Resources* O 251 GGL Res* O 7 GGL Res V 13 GGX Gold V 157 GGX Gold* O 86 Giga Metals* O 131 Giga Metals V 223 Gitennes Expl V 304 Giyani Gold* O 169 Giyani Gold V 993 GK Resources V 80 Glacier Lake V 22 Gldn Predator* O 310 V 553 Gldn Predator Glen Eagle Res V 321 Glen Eagle Res* O 50 Glencore Plc* O 2733 Global Atomic* O 187 Global Atomic T 317 Global Battery V 262 Global Battery* O 52 Global Energy* O 212 Global Energy V 550 Global Gold* O 0 Global Li-Ion 306 Global Li-Ion* O 58 GlobalMin Vent* O 1 Globex Mng* O 22 Globex Mng T 85 GMV Minerals* O 37 GMV Minerals V 11 GNCC Capital* O 34833 Go Cobalt 82 GobiMin V 10 Godâ&#x20AC;&#x2122;s Lake Res 1 GoGold Res T 931 Gold Dynamics* O 200 Gold Fields* O 3 Gold Fields* N 29696 Gold Finder Ex* O 60 Gold Finder Ex V 255 Gold Lakes* O 47 Gold Reserve V 14 Gold Reserve* O 9 Gold Resource* X 5270 Gold Rush Cari V 1045 Gold Rush Cari* O 20 Gold Std Vents T 1154 Gold Std Vents* X 1305 Goldbank Mng V 0 Goldbank Mng* O 0 Goldcliff Res* O 70 Goldcliff Res V 311 Golden Arrow V 5088 Golden Arrow* O 2212 Golden Band* O 50 Golden Cariboo V 32 Golden Dawn Ml V 273 Golden Dawn Ml* O 18 Golden Goliath* O 88 Golden Goliath V 744 Golden Harp V 12 Golden Hope V 594 O 18 Golden Hope* Golden Mnls* X 2531 Golden Mnls T 138 Golden Pursuit V 63 Golden Pursuit* O 0 Golden Queen T 1027 Golden Queen* O 669 Golden Ridge V 3713 Golden Secret V 59 Golden Share V 65 Golden Star* X 4676 Golden Star T 504 Golden Sun* O 100 Golden Tag V 1042 Golden Valley* O 139 Golden Valley V 356 Goldex Res* O 3 Goldex Res V 44 Goldgroup Mng* O 249 Goldgroup Mng T 507 GoldMining* O 408 GoldMining T 1171 GoldON Res V 56 GoldON Res* O 29 Goldplay Expl* O 72 Goldplay Expl V 129 V 886 GoldQuest Mng Goldrea Res 101 Goldrea Res* O 24 Goldrich Mng* O 56 Goldsource Min* O 1211 Goldsource Min V 2522 Goldstar Mnls V 414 V 252 Goldstrike Res Goliath Res V 871 Goliath Res* O 50 Gossan Res V 40 GoviEx Uranium* O 352 GoviEx Uranium V 2220 Gowest Gold* O 38 Gowest Gold V 93 GPM Metals V 22 GPM Metals* O 2 Gran Colombia* O 159 Gran Colombia T 1296 Granada Gold V 468 Granada Gold* O 174 Grande Portage V 33 Grande Portage* O 66 Granite Creek V 107 Graphite One V 24 Graphite One* O 12 Gratomic* O 16 Gratomic V 535 Gray Rock Res V 200 Great Atlantic V 126 Great Bear Res V 799 Great Bear Res* O 128 Great Lakes Gr* O 344 Great Panther T 1124 Great Panther* X 5120 Great Thunder V 240 Greatbanks Re V 78 Green River 105 Green Swan Cap V 538 Green Valley M V 24 Greencastle Rs V 65 Greenland M&En* O 2943 Greenshield Ex V 2 Grenville Gold 1 Grid Metals V 254 Grid Metals* O 132 Grizzly Discvr* O 2095 Grizzly Discvr V 736 Grosvenor Res V 10 Group Eleven V 125 Group Ten Mtls* O 583 Group Ten Mtls V 3065 GrowMax Res* O 8 GrowMax Res V 946 GSP Resource V 102 GT Gold V 1706 GT Gold * O 94 Gungnir Res* O 59 Gungnir Res V 125 Gunpoint Expl V 29 Guyana Gldflds T 3478 Guyana Goldstr V 222 Guyana Goldstr* O 102 Handa Mining V 45 Handeni Gold* O 1 Hannan Metals V 21 Hannan Metals* O 44 Happy Ck Mnrls V 134 Harfang Explor* O 160 Harfang Explor V 213 Harmony Gold* N 38313 Harte Gold T 1962 Harte Gold* O 1974 Harvest Gold* O 63

0.11 0.09 0.11 + 0.02 0.15 0.08 0.00 0.00 0.07 unch 0.00 0.10 0.05 0.18 0.16 0.18 + 0.01 0.23 0.07 0.13 0.12 0.13 + 0.02 0.17 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.12 0.12 0.12 unch 0.00 0.19 0.11 0.15 0.11 0.11 - 0.04 3.60 0.11 0.04 0.04 0.04 - 0.01 0.07 0.02 0.25 0.22 0.22 - 0.02 0.35 0.17 0.19 0.17 0.18 - 0.01 0.25 0.13 0.05 0.05 0.05 + 0.00 0.08 0.05 0.08 0.00 0.08 + 0.01 0.13 0.07 0.33 0.28 0.29 - 0.03 0.42 0.15 0.25 0.21 0.21 - 0.08 0.29 0.04 0.17 0.00 0.16 - 0.01 0.22 0.11 0.22 0.20 0.22 + 0.01 0.29 0.15 0.04 0.03 0.04 + 0.01 0.09 0.02 0.20 0.16 0.20 + 0.03 0.31 0.06 0.27 0.19 0.23 + 0.02 0.40 0.07 0.28 0.26 0.27 + 0.01 0.30 0.15 0.08 0.00 0.08 + 0.01 0.40 0.07 0.32 0.27 0.28 - 0.03 0.38 0.13 0.41 0.36 0.37 - 0.04 0.50 0.18 0.10 0.09 0.09 - 0.01 0.18 0.08 0.07 0.07 0.07 unch 0.00 0.13 0.06 6.94 6.68 6.70 - 0.06 8.97 6.31 0.42 0.40 0.40 - 0.01 0.42 0.21 0.54 0.52 0.52 - 0.02 0.56 0.28 0.16 0.00 0.14 + 0.01 0.25 0.07 0.10 0.09 0.09 - 0.01 0.18 0.06 0.04 0.03 0.03 - 0.01 0.08 0.03 0.05 0.04 0.05 - 0.01 0.10 0.04 0.00 0.00 1.31 unch 0.00 2.00 1.30 0.13 0.10 0.13 + 0.03 0.28 0.06 0.09 0.08 0.08 - 0.01 0.21 0.04 0.35 0.35 0.35 unch 0.00 1.89 0.31 0.31 0.29 0.30 - 0.01 0.32 0.19 0.40 0.38 0.39 unch 0.00 0.42 0.25 0.12 0.10 0.10 - 0.02 0.23 0.07 0.14 0.13 0.14 - 0.01 0.32 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.00 0.08 unch 0.00 0.38 0.07 0.28 0.28 0.28 unch 0.00 0.45 0.20 5.50 5.50 5.50 unch 0.00 5.75 1.51 0.50 0.42 0.50 + 0.06 0.50 0.19 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 3.83 unch 0.00 4.10 2.40 5.67 5.33 5.41 - 0.25 5.84 2.20 0.03 0.03 0.03 - 0.01 0.22 0.03 0.06 0.05 0.05 - 0.01 0.41 0.05 0.04 0.01 0.03 - 0.01 0.10 0.00 2.36 0.00 2.29 - 0.07 3.79 2.27 1.86 0.00 1.70 - 0.10 2.90 1.40 4.02 3.54 3.75 + 0.08 6.74 2.73 0.03 0.03 0.03 unch 0.00 0.17 0.03 0.03 0.03 0.03 unch 0.00 0.13 0.03 1.46 1.28 1.35 - 0.08 2.40 1.17 1.11 0.98 1.03 - 0.06 1.86 0.86 0.00 0.00 0.11 unch 0.00 0.17 0.07 0.00 0.00 0.11 unch 0.00 0.11 0.10 0.10 0.08 0.08 + 0.00 0.10 0.03 0.14 0.12 0.12 + 0.01 0.15 0.05 0.31 0.19 0.20 - 0.08 0.55 0.19 0.23 0.14 0.15 - 0.06 0.42 0.14 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.05 0.06 + 0.01 0.07 0.03 0.30 0.21 0.28 + 0.05 1.05 0.10 0.20 0.18 0.20 + 0.03 0.20 0.02 0.04 0.03 0.04 + 0.00 0.05 0.00 0.06 0.05 0.05 unch 0.00 0.06 0.02 0.10 0.10 0.10 unch 0.00 0.18 0.06 0.22 0.16 0.16 - 0.06 0.23 0.05 0.16 0.16 0.16 - 0.00 0.16 0.03 0.26 0.22 0.24 + 0.02 0.38 0.19 0.33 0.29 0.32 + 0.02 0.49 0.26 0.08 0.00 0.08 + 0.01 0.14 0.02 0.00 0.00 0.06 unch 0.00 0.09 0.05 0.03 0.02 0.03 unch 0.00 0.19 0.02 0.20 0.01 0.20 + 0.19 0.15 0.01 0.13 0.11 0.11 - 0.03 0.54 0.08 1.30 1.15 1.20 - 0.10 3.10 1.10 0.11 0.08 0.10 + 0.02 0.18 0.07 4.56 4.05 4.21 - 0.28 4.97 2.43 5.96 5.33 5.55 - 0.33 6.48 3.24 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.27 0.25 0.26 + 0.01 0.30 0.16 0.35 0.33 0.34 + 0.01 0.39 0.22 0.07 0.07 0.07 unch 0.00 0.37 0.07 0.13 0.00 0.11 - 0.03 0.60 0.08 0.04 0.03 0.03 - 0.00 0.06 0.02 0.06 0.05 0.05 unch 0.00 0.08 0.04 0.80 0.71 0.74 + 0.02 0.85 0.52 1.04 0.94 0.98 + 0.03 1.11 0.71 0.71 0.63 0.67 - 0.03 0.91 0.12 0.53 0.48 0.48 - 0.01 0.69 0.09 0.16 0.14 0.15 - 0.01 0.22 0.09 0.21 0.19 0.19 - 0.01 0.30 0.11 0.23 0.18 0.21 + 0.02 0.23 0.08 0.10 0.00 0.08 - 0.01 0.12 0.04 0.07 0.06 0.06 - 0.01 0.08 0.03 0.02 0.01 0.01 - 0.00 0.03 0.01 0.14 0.10 0.11 - 0.02 0.16 0.02 0.16 0.14 0.14 - 0.02 0.23 0.04 0.05 0.04 0.05 + 0.01 0.12 0.03 0.04 0.03 0.04 + 0.01 0.25 0.03 0.07 0.06 0.06 unch 0.00 0.25 0.06 0.05 0.05 0.05 + 0.01 0.19 0.04 0.06 0.06 0.06 + 0.01 0.10 0.05 0.13 0.11 0.12 - 0.02 0.20 0.09 0.17 0.15 0.15 - 0.01 0.25 0.12 0.29 0.00 0.28 - 0.01 0.31 0.01 0.39 0.37 0.37 - 0.01 0.75 0.25 0.08 0.00 0.08 + 0.01 0.10 0.06 0.03 0.03 0.03 unch 0.00 0.04 0.02 3.89 3.46 3.61 + 0.12 3.89 1.57 5.10 4.46 4.82 + 0.27 5.10 2.03 0.14 0.12 0.12 - 0.01 0.23 0.09 0.11 0.09 0.10 - 0.00 0.17 0.07 0.15 0.12 0.14 - 0.01 0.34 0.08 0.11 0.10 0.11 - 0.00 0.25 0.06 0.07 0.07 0.07 + 0.01 0.23 0.05 0.27 0.22 0.24 - 0.02 0.60 0.22 0.20 0.18 0.19 - 0.01 1.00 0.00 0.04 0.02 0.04 + 0.02 0.13 0.02 0.04 0.04 0.04 unch 0.00 0.17 0.03 0.07 0.06 0.06 unch 0.00 0.15 0.05 0.37 0.36 0.36 - 0.01 1.50 0.30 5.68 5.20 5.60 + 0.17 5.68 0.50 4.31 4.01 4.20 + 0.07 4.21 0.39 0.04 0.02 0.04 + 0.01 0.10 0.01 1.27 1.12 1.14 - 0.05 1.58 0.70 0.97 0.85 0.87 - 0.05 1.19 0.54 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.09 0.09 0.09 - 0.02 0.20 0.04 0.06 0.05 0.06 unch 0.00 0.07 0.04 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.20 0.18 0.20 unch 0.00 2.00 0.06 0.07 0.07 0.07 - 0.01 0.09 0.02 0.12 0.10 0.10 + 0.00 0.12 0.04 0.13 0.13 0.13 unch 0.00 0.13 0.05 0.00 0.00 0.25 unch 0.00 0.70 0.12 0.13 0.11 0.11 - 0.02 0.15 0.05 0.10 0.08 0.08 - 0.02 0.11 0.04 0.04 0.04 0.04 - 0.00 0.11 0.03 0.05 0.04 0.04 - 0.01 0.15 0.04 0.08 0.08 0.08 unch 0.00 0.20 0.08 0.06 0.05 0.05 unch 0.00 0.20 0.04 0.13 0.11 0.12 - 0.01 0.17 0.01 0.17 0.15 0.16 - 0.01 0.23 0.12 0.06 0.06 0.06 + 0.00 0.12 0.05 0.10 0.09 0.09 + 0.01 0.16 0.07 0.17 0.14 0.17 + 0.03 0.26 0.13 1.18 1.04 1.09 + 0.05 2.15 0.41 0.88 0.80 0.82 + 0.02 1.62 0.31 0.09 0.07 0.08 + 0.00 0.29 0.04 0.11 0.10 0.11 unch 0.00 0.39 0.06 0.50 0.00 0.50 + 0.01 0.55 0.32 1.37 1.19 1.20 - 0.16 4.36 0.80 0.17 0.16 0.17 unch 0.00 0.32 0.12 0.13 0.12 0.13 + 0.00 0.24 0.09 0.03 0.00 0.03 unch 0.00 0.08 0.03 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.06 0.00 0.06 + 0.01 0.21 0.05 0.06 0.00 0.05 - 0.00 0.17 0.04 0.13 0.11 0.13 + 0.01 0.20 0.11 0.20 0.20 0.20 unch 0.00 0.20 0.16 0.30 0.25 0.27 - 0.02 0.32 0.18 2.56 2.41 2.47 - 0.09 2.61 1.43 0.25 0.23 0.24 unch 0.00 0.55 0.21 0.20 0.17 0.18 + 0.00 0.38 0.15 0.02 0.01 0.02 - 0.00 0.08 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Harvest Gold V 1077 Hawkeye Gld&Di V 145 V 333 Heatherdale Rs Hecla Mining* N 42844 O 12 Hemcare Health* Heron Res* O 3 HFX Holding V 25 V 67 Highbank Res Highbury Proj V 10 O 15 Highland Copp* Highland Copp V 2257 HiHo Silver 35 HiHo Silver* O 3 Hinterland Mtl* O 55 Hochschild Mg* O 17 Homeland Egy* O 968 Honey Badger E V 951 T 237 Horizonte Mnls Hornby Bay Mnl* O 55 55 Hornby Bay Mnl V HudBay Min* N 3426 HudBay Min T 3846 Hudson Res V 131 Hudson Res* O 206 Hunt Mng* O 3 Hunt Mng V 2 Hut 8 Mining* O 30 Hut 8 Mining V 361 Hybrid Mineral V 18

0.02 0.02 0.02 unch 0.00 0.10 0.01 0.04 0.03 0.03 unch 0.00 0.11 0.03 0.04 0.03 0.04 unch 0.00 0.04 0.02 2.01 1.80 1.88 - 0.01 3.37 1.21 1.37 1.24 1.33 + 0.06 1.54 0.05 0.32 0.00 0.32 - 0.06 0.45 0.32 0.05 0.05 0.05 unch 0.00 0.06 0.05 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.24 0.24 0.24 unch 0.00 0.25 0.17 0.02 0.02 0.02 - 0.00 0.12 0.02 0.05 0.04 0.05 + 0.01 0.14 0.03 0.05 0.00 0.05 unch 0.00 0.08 0.02 0.04 0.01 0.01 - 0.03 0.06 0.01 0.00 0.00 0.00 unch 0.00 0.14 0.00 2.76 2.63 2.65 unch 0.00 2.76 1.90 1.53 1.05 1.35 - 0.03 3.21 0.18 0.04 0.03 0.03 - 0.01 0.16 0.02 0.05 0.04 0.04 - 0.01 0.07 0.03 0.02 0.01 0.01 - 0.00 0.03 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.02 5.47 4.82 4.88 - 0.58 7.83 3.44 7.16 6.36 6.42 - 0.72 10.42 4.51 0.38 0.36 0.38 unch 0.00 0.53 0.32 0.30 0.28 0.29 - 0.04 0.39 0.25 0.10 0.08 0.10 + 0.02 0.20 0.00 0.14 0.14 0.14 unch 0.00 0.32 0.09 1.81 1.54 1.65 - 0.15 2.85 0.60 2.37 2.01 2.14 - 0.19 3.75 0.76 0.05 0.05 0.05 + 0.02 0.23 0.04

I-Minerals* O 5 I-Minerals V 272 IAMGOLD T 7912 IAMGOLD* N 24638 Icon Explor* O 42 Iconic Mnls V 209 Iconic Mnls * O 13 Idaho Champion 209 Idaho Champion* O 45 IEMR Res V 30 iMetal Res V 1635 iMetal Res* O 500 IMPACT Silver V 1538 Impala Platnm* O 5 Imperial Metal* O 69 Imperial Metal T 81 Imperial Mg Gr V 878 Inca One Gold* O 56 Inca One Gold V 67 Inception Mng * O 22 Independence G* O 7 Independence G V 530 Indico Res V 240 Indigo Expl V 130 Infinite Lith* O 55 Infinite Lith V 137 Inomin Mines V 10 Inspiration Mg* O 0 Intact Gold V 252 Integra Res* O 198 Integra Res V 505 Inter-Rock Mnl* O 1 Inter-Rock Mnl V 155 Intercontinent V 134 Intercontinent* O 0 Intgr Egy Sol* O 1778 Intl Battery* O 360 Intl Battery 369 Intl Bethl Mng V 76 Intl Cobalt* O 41 Intl Cobalt 111 Intl Lithium* O 100 Intl Lithium V 329 Intl Montoro V 275 Intl Prospect V 10 Intl Samuel Ex* O 60 Intl Samuel Ex V 2343 Intl Star* O 19120 Intl Tower Hil* X 628 Intl Tower Hil T 67 Intl Zeolite V 175 Intl Zeolite* O 25 Intrepid Pots* N 2731 INV Metals* O 90 INV Metals T 120 Inventus Mg * O 34 Inventus Mg V 110 InZinc Mining V 438 Ireland* O 65 Irving Res* O 151 Irving Res 263 IsoEnergy Ltd V 134 Itafos* O 36 Itafos V 132 Itoco Inc* O 842 O 408 Ivanhoe Mines* Ivanhoe Mines T 3856 Jade Leader* O 49 Jade Leader V 23 Jaeger Res V 16 Jaguar Mng* O 541 Jaguar Mng T 1969 Japan Gold V 791 Japan Gold* O 236 Jaxon Mining* O 30 Jaxon Mining V 428 Jayden Res* O 0 Jayden Res V 147 Jazz Res V 2 Jervois Mining V 5767 Jiulian Res V 45 Jourdan Res V 655 Jubilee Gold V 596 O 49 Juggernaut Exp* Juggernaut Exp V 1667 Jupiter Gold* O 3 K2 Gold V 203 K92 Mining* O 1951 K92 Mining V 2815 Kaizen Discov V 80 Kaizen Discvry* O 64 Kapuskasing Gd V 241 Karam Min 3 Karmin Expl V 6 Karnalyte Res T 69 Karoo Expl V 5134 KAT Expl* O 8107 Katanga Mng T 1500 Kenadyr Mining V 76 Kenadyr Mining* O 12 Kermode Res V 796 Kerr Mines* O 828 Kerr Mines T 1537 Kesselrun Res V 325 Kestrel Gold V 335 Kilo Goldmines V 1075 Kilo Goldmines* O 0 Kincora Copper V 554 Kincora Copper* O 155 Kingsmen Res V 1052 Kingsmen Res* O 8 Kinross Gold T 14333 Kinross Gold* N 53417 Kintavar Exp V 37 Kirkland Lake* N 5337 Kirkland Lake T 3195 Klondike Gold* O 173 V 886 Klondike Gold Klondike Silv* O 264 Klondike Silv V 1790 Kombat Copper V 381 Komet Resource V 792 Kootenay Silvr* O 294 Kootenay Silvr V 1178 Kootenay Zinc 40 Kootenay Zinc* O 7 KOPR Point 174 Kore Mining V 231 Kore Mining * O 0 Kutcho Copper * O 173 KWG Res* O 3 KWG Res 334

0.04 0.04 0.04 unch 0.00 0.17 0.04 0.08 0.06 0.06 - 0.02 0.23 0.06 5.06 4.78 4.85 - 0.11 7.39 3.08 3.87 3.63 3.68 - 0.10 5.68 2.28 0.11 0.11 0.11 unch 0.00 0.21 0.07 0.12 0.10 0.10 unch 0.00 0.19 0.08 0.09 0.08 0.09 + 0.01 0.14 0.06 0.09 0.08 0.08 - 0.01 0.40 0.07 0.06 0.06 0.06 unch 0.00 0.06 0.06 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.06 0.05 0.05 - 0.01 0.19 0.04 0.04 0.04 0.04 unch 0.00 0.14 0.03 0.51 0.38 0.45 + 0.08 0.51 0.20 5.03 5.03 5.03 unch 0.00 5.03 1.15 2.17 0.00 1.95 - 0.22 2.60 0.72 2.88 2.45 2.62 - 0.25 3.50 0.93 0.07 0.05 0.07 + 0.01 0.11 0.05 0.03 0.02 0.03 + 0.01 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.13 0.00 0.11 - 0.02 0.55 0.00 0.06 0.00 0.06 + 0.01 0.08 0.03 0.08 0.07 0.08 + 0.02 0.11 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.07 0.06 0.06 - 0.01 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.00 0.00 0.03 unch 0.00 0.04 0.00 0.05 0.05 0.05 + 0.01 0.17 0.05 0.75 0.67 0.73 + 0.05 0.75 0.44 0.98 0.87 0.95 + 0.08 0.98 0.61 0.19 0.19 0.19 unch 0.00 0.24 0.16 0.34 0.23 0.23 - 0.11 0.35 0.19 0.20 0.12 0.12 - 0.06 0.54 0.09 0.00 0.00 0.07 unch 0.00 0.41 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.09 0.09 - 0.01 0.22 0.03 0.14 0.00 0.12 - 0.02 0.27 0.05 0.06 0.04 0.04 - 0.02 0.10 0.02 0.01 0.01 0.01 - 0.00 0.11 0.01 0.02 0.00 0.02 + 0.01 0.15 0.01 0.03 0.02 0.02 - 0.01 0.09 0.02 0.05 0.04 0.05 + 0.01 0.12 0.03 0.05 0.04 0.05 unch 0.00 0.09 0.04 0.15 0.15 0.15 unch 0.00 0.21 0.11 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.13 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.63 0.56 0.61 + 0.01 0.68 0.35 0.86 0.00 0.79 - 0.01 0.90 0.48 0.09 0.09 0.09 - 0.01 0.21 0.05 0.07 0.07 0.07 unch 0.00 0.16 0.01 3.79 3.47 3.53 - 0.03 4.41 2.51 0.31 0.26 0.27 - 0.03 0.59 0.25 0.41 0.36 0.36 - 0.05 0.83 0.32 0.10 0.09 0.10 + 0.02 0.18 0.07 0.12 0.11 0.12 - 0.01 0.24 0.10 0.04 0.04 0.04 - 0.01 0.11 0.03 0.17 0.17 0.17 + 0.02 0.20 0.03 2.42 2.22 2.26 - 0.09 2.50 0.70 3.18 2.95 2.96 - 0.14 3.25 0.91 0.62 0.52 0.54 - 0.06 0.66 0.29 1.19 0.00 1.19 + 0.04 1.70 0.39 1.56 1.25 1.55 unch 0.00 2.31 0.53 0.44 0.30 0.33 - 0.02 0.44 0.02 3.29 2.98 3.10 - 0.09 3.46 1.50 4.32 3.91 4.09 - 0.09 4.54 2.00 0.20 0.19 0.19 unch 0.00 0.34 0.13 0.27 0.00 0.26 unch 0.00 0.44 0.13 0.03 0.00 0.03 unch 0.00 0.04 0.02 0.14 0.12 0.14 + 0.00 0.25 0.05 0.18 0.15 0.18 + 0.01 0.35 0.07 0.34 0.28 0.30 + 0.03 0.38 0.07 0.26 0.21 0.23 + 0.03 0.28 0.06 0.04 0.04 0.04 unch 0.00 0.11 0.04 0.06 0.05 0.05 + 0.01 0.14 0.05 0.00 0.00 0.00 unch 0.00 0.12 0.00 0.02 0.02 0.02 unch 0.00 0.20 0.01 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.21 0.16 0.17 + 0.02 0.21 0.13 0.04 0.04 0.04 unch 0.00 0.18 0.01 0.03 0.02 0.03 unch 0.00 0.09 0.02 0.60 0.60 0.60 unch 0.00 0.64 0.54 0.07 0.06 0.07 + 0.00 1.10 0.05 0.09 0.08 0.08 unch 0.00 0.55 0.07 0.90 0.00 0.90 unch 0.00 2.25 0.90 0.33 0.27 0.29 - 0.05 0.33 0.16 2.08 1.81 1.84 + 0.03 2.08 0.51 2.67 2.40 2.41 + 0.06 2.67 0.67 0.07 0.06 0.07 + 0.02 0.11 0.05 0.05 0.04 0.05 + 0.00 0.08 0.03 0.05 0.03 0.05 + 0.02 0.21 0.03 0.12 0.12 0.12 unch 0.00 0.15 0.05 0.90 0.77 0.85 - 0.05 0.96 0.60 0.22 0.22 0.22 + 0.01 0.40 0.15 0.05 0.04 0.04 unch 0.00 0.18 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.51 0.43 0.48 + 0.05 0.96 0.30 0.11 0.00 0.09 + 0.01 0.17 0.05 0.07 0.06 0.07 + 0.01 0.11 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.21 0.17 0.18 - 0.02 0.21 0.07 0.27 0.23 0.23 - 0.03 0.27 0.11 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.02 0.02 0.02 - 0.01 0.03 0.01 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.16 0.12 0.15 + 0.01 0.22 0.08 0.10 0.10 0.10 unch 0.00 0.15 0.07 0.18 0.11 0.18 + 0.03 0.70 0.09 0.11 0.11 0.11 + 0.00 0.52 0.10 5.70 5.43 5.59 - 0.02 5.72 3.15 4.36 4.13 4.24 - 0.07 4.38 2.38 0.20 0.19 0.20 + 0.01 0.44 0.11 47.21 44.31 44.53 - 1.95 47.21 17.26 61.77 58.46 58.68 - 2.08 61.77 22.42 0.28 0.26 0.28 + 0.02 0.28 0.10 0.37 0.34 0.36 + 0.02 0.37 0.17 0.04 0.04 0.04 + 0.00 0.05 0.02 0.05 0.04 0.05 + 0.01 0.07 0.03 0.10 0.09 0.10 + 0.02 0.17 0.05 0.12 0.11 0.12 + 0.01 0.28 0.11 0.12 0.10 0.10 - 0.01 0.13 0.08 0.16 0.14 0.14 - 0.01 0.16 0.11 0.06 0.00 0.06 unch 0.00 0.29 0.05 0.07 0.04 0.05 - 0.02 0.17 0.02 0.09 0.06 0.09 + 0.03 1.20 0.01 0.27 0.26 0.26 unch 0.00 0.35 0.08 0.00 0.00 0.20 unch 0.00 0.21 0.09 0.14 0.12 0.14 + 0.02 0.35 0.11 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.01 0.00 0.01 unch 0.00 0.02 0.01

Labrador Gold* O 0 Labrador Gold V 91 Labrador IMH* O 28 Labrador IOR* O 16 Labrador IOR T 1429

0.00 0.00 0.17 unch 0.00 0.21 0.12 0.26 0.00 0.20 - 0.06 0.29 0.14 0.01 0.00 0.01 + 0.00 0.11 0.00 27.20 24.02 24.02 - 3.18 27.20 17.28 35.27 31.51 31.52 - 3.73 36.01 22.25

I-J-K

L

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Lara Expl V 561 Laramide Res T 2410 Laredo Res* O 110 Largo Res T 1614 Largo Res* O 593 Lateral Gold V 76 Latin American* O 50 Latin Metals* O 30 Latin Metals V 105 Laurion Mnl Ex* O 314 Laurion Mnl Ex V 760 Le Mare Gold* O 9 O 274 Leading Edge* Leading Edge V 281 Leagold Mg T 2618 Leagold Mg* O 589 Leeta Gold V 3713 Legion Metals 884 Leo Res* O 3 Levon Res Ltd T 2437 Levon Res Ltd * O 1168 Libero Copper* O 34 Libero Copper V 311 Liberty Gold* O 623 Liberty One Li V 161 Liberty One Li* O 303 LiCo Energy* O 134 LiCo Energy V 122 Lincoln Mng V 29 Lion One Mtls V 143 Lion One Mtls* O 306 Lions Bay Cap V 27 Lions Bay Mg * O 1 Lions Bay Mg 2033 Lithion Energy* O 6 Lithium Amer* N 496 Lithium Amer T 333 Lithium Chile V 71 Lithium Chile* O 15 Lithium Corp* O 198 Lithium Energi* O 25 Lithium Energi V 91 Lithium Expl* O 1058 Lithoquest Dia V 121 LKA Gold* O 13 Lode-Star Mg* O 68 Logan Res* O 12 Logan Res V 1464 Lomiko Mtls V 222 Lomiko Mtls* O 37 Loncor Res* O 0 Loncor Res T 655 Lone Star Gold* O 1 Lonmin plc* O 6 Los Andes* O 112 Los Andes V 283 Lucara Diam T 558 Lucky Min V 3918 Lucky Min* O 76 Luckystrike * O 10 Luckystrike V 79 Lumina Gold V 204 Lumina Gold* O 26 Luminex Res V 566 Lundin Gold T 1742 Lundin Mng* O 198 Lundin Mng T 11930 Lupaka Gold * O 20 Lupaka Gold V 724 Lydian Intl* O 461 Lydian Intl T 974 Lynas Corp* O 184 Lynas Corp* O 298

0.52 0.45 0.50 + 0.05 0.69 0.41 0.27 0.23 0.25 + 0.01 0.52 0.23 0.00 0.00 0.00 + 0.00 0.03 0.00 1.80 1.64 1.70 - 0.01 4.65 1.45 1.37 1.25 1.29 - 0.01 3.56 1.07 0.09 0.06 0.06 - 0.04 0.84 0.06 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.10 0.10 unch 0.00 0.10 0.01 0.13 0.00 0.13 + 0.01 0.44 0.08 0.10 0.08 0.10 + 0.02 0.10 0.05 0.14 0.12 0.14 + 0.02 0.14 0.07 0.01 0.01 0.01 + 0.00 0.15 0.00 0.20 0.16 0.18 + 0.01 0.42 0.07 0.26 0.22 0.22 - 0.01 0.54 0.10 2.26 2.05 2.08 - 0.04 2.65 1.28 1.74 1.56 1.58 - 0.04 2.03 0.95 0.39 0.32 0.34 - 0.05 0.93 0.24 0.46 0.39 0.42 + 0.02 0.83 0.26 0.03 0.02 0.02 unch 0.00 0.60 0.01 0.31 0.24 0.24 + 0.03 0.31 0.07 0.23 0.17 0.18 + 0.02 0.23 0.06 0.08 0.08 0.08 - 0.00 0.10 0.04 0.11 0.10 0.10 - 0.01 0.14 0.07 0.54 0.46 0.53 + 0.05 0.54 0.21 0.09 0.07 0.08 - 0.01 0.24 0.06 0.08 0.05 0.05 - 0.01 0.19 0.04 0.03 0.03 0.03 + 0.00 0.18 0.01 0.04 0.04 0.04 + 0.01 0.40 0.04 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.70 0.68 0.69 + 0.01 0.79 0.35 0.53 0.52 0.53 + 0.01 0.60 0.24 0.06 0.05 0.06 + 0.01 0.12 0.04 0.09 0.00 0.09 + 0.01 0.14 0.00 0.12 0.12 0.12 + 0.01 0.20 0.03 0.33 0.33 0.33 unch 0.00 0.35 0.02 3.99 3.78 3.82 - 0.14 5.17 2.75 5.26 4.98 5.02 - 0.10 6.69 3.74 0.40 0.39 0.39 - 0.01 1.01 0.39 0.30 0.00 0.30 - 0.01 0.81 0.29 0.10 0.09 0.10 + 0.00 0.26 0.05 0.11 0.11 0.11 unch 0.00 0.30 0.11 0.13 0.12 0.13 + 0.01 0.38 0.12 0.01 0.00 0.01 + 0.00 0.02 0.00 0.09 0.08 0.08 - 0.01 0.50 0.07 0.19 0.00 0.16 + 0.09 0.43 0.05 0.05 0.05 0.05 unch 0.00 0.15 0.02 0.10 0.10 0.10 - 0.00 0.12 0.00 0.16 0.13 0.14 + 0.01 0.24 0.13 0.05 0.04 0.04 unch 0.00 0.09 0.04 0.04 0.03 0.03 + 0.00 0.07 0.02 0.08 0.08 0.08 unch 0.00 0.09 0.04 0.10 0.09 0.10 + 0.01 0.14 0.06 0.53 0.00 0.51 - 0.04 2.12 0.05 1.03 0.98 1.02 unch 0.00 1.15 0.45 0.40 0.29 0.40 + 0.10 0.36 0.14 0.52 0.42 0.52 + 0.04 0.52 0.15 1.56 1.51 1.52 - 0.03 2.39 1.38 0.06 0.05 0.05 unch 0.00 0.21 0.04 0.04 0.03 0.03 - 0.00 0.16 0.03 0.13 0.13 0.13 unch 0.00 0.35 0.08 0.17 0.00 0.14 - 0.03 0.55 0.12 0.68 0.60 0.64 + 0.02 0.82 0.46 0.51 0.46 0.49 - 0.01 1.03 0.35 0.98 0.88 0.92 + 0.10 1.05 0.51 8.21 7.52 7.90 + 0.36 8.21 4.42 5.69 4.86 4.89 - 0.64 5.94 3.60 7.28 6.35 6.47 - 0.79 7.96 4.70 0.02 0.01 0.02 + 0.01 0.13 0.01 0.03 0.02 0.02 + 0.01 0.21 0.02 0.10 0.07 0.08 - 0.01 0.23 0.05 0.13 0.10 0.11 - 0.01 0.30 0.07 1.97 1.80 1.84 - 0.14 2.29 1.05 1.98 1.77 1.80 - 0.17 2.33 1.05

M M.P.V. Explor 130 0.18 0.14 0.18 + 0.04 0.19 0.06 Macarthur Min V 998 0.09 0.00 0.08 - 0.01 0.17 0.02 Macarthur Min* O 484 0.07 0.06 0.06 - 0.00 0.31 0.01 MacDonald Mns* O 47 0.04 0.00 0.03 - 0.00 0.05 0.02 MacDonald Mns V 148 0.05 0.00 0.05 unch 0.00 0.07 0.03 MAG Silver T 1157 15.15 14.46 14.92 + 0.10 15.74 8.10 Magellan Gold* O 5 2.09 0.00 2.09 + 0.39 3.80 0.80 Magna Gold V 389 0.25 0.21 0.21 - 0.02 0.45 0.20 Magna Terra V 130 0.03 0.02 0.02 - 0.01 0.06 0.02 Magna Terra* O 2 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.04 Majestic Gold V 2110 0.05 0.05 0.05 + 0.01 0.11 Majestic Gold* O 50 0.04 0.03 0.03 - 0.00 0.08 0.03 Makena Res* O 26 0.69 0.62 0.62 - 0.06 2.18 0.62 Mako Mining V 4996 0.13 0.10 0.13 + 0.02 0.22 0.09 Mako Mining* O 1864 0.10 0.08 0.10 + 0.01 0.16 0.01 Mammoth Res V 27 0.03 0.00 0.03 - 0.01 0.09 0.03 Mammoth Res * O 90 0.01 0.01 0.01 unch 0.00 0.05 0.01 Mandalay Res* O 115 1.08 1.01 1.04 - 0.01 1.08 0.03 Mandalay Res T 215 1.43 1.31 1.34 - 0.05 1.85 0.45 Manganese X V 70 0.12 0.00 0.12 unch 0.00 0.20 0.08 Manganese X* O 7 0.10 0.09 0.09 - 0.00 0.16 0.07 Mangazeya Mng* O 3 0.02 0.00 0.02 unch 0.00 0.04 0.01 Mangazeya Mng V 236 0.04 0.04 0.04 unch 0.00 0.05 0.02 Manitou Gold V 244 0.06 0.06 0.06 - 0.01 0.11 0.03 Maple Gold V 1393 0.10 0.09 0.09 unch 0.00 0.14 0.08 Maple Gold* O 350 0.08 0.00 0.07 - 0.00 0.11 0.05 Marathon Gold* O 283 1.06 0.90 1.04 + 0.15 1.06 0.49 Marathon Gold T 1972 1.39 1.17 1.36 + 0.20 1.39 0.65 Margaret Lake* O 56 0.04 0.03 0.03 unch 0.00 0.06 0.02 Margaret Lake V 397 0.06 0.04 0.05 - 0.01 0.11 0.02 Margaux Res V 147 0.08 0.08 0.08 unch 0.00 0.17 0.03 Margaux Res* O 15 0.07 0.07 0.07 - 0.01 0.14 0.02 Marifil Mines* O 395 0.12 0.10 0.10 - 0.01 0.14 0.04 Marifil Mines V 583 0.15 0.13 0.14 - 0.01 0.18 0.05 unch 0.00 0.20 0.15 Mariner Res 60 0.19 0.18 0.18 Maritime Res V 1168 0.12 0.11 0.11 + 0.01 0.12 0.08 MartinMarietta* N 4084 227.87 220.61 223.82 - 0.50 232.81 150.75 Mas Gold V 112 0.09 0.09 0.09 unch 0.00 0.16 0.04 Mascota Res* O 2 2.45 2.25 2.30 - 0.15 2.50 2.25 Mason Graphite* O 137 0.27 0.22 0.23 - 0.04 0.95 0.18 Mason Graphite V 260 0.35 0.29 0.29 - 0.04 1.24 0.25 V 72 0.13 0.13 0.13 unch 0.00 0.25 0.12 Matachewan Con Matica Ent 2490 0.08 0.07 0.07 - 0.01 0.32 0.07 Matmown* O 350 0.01 0.01 0.01 unch 0.00 0.08 0.01 T 120 6.25 5.49 6.25 + 0.55 6.20 3.26 Maverix Metals Maverix Metals* X 83 4.80 4.21 4.78 + 0.40 4.80 1.25 Mawson Res* O 146 0.13 0.12 0.12 - 0.02 0.27 0.12 Mawson Res T 129 0.17 0.16 0.16 - 0.01 0.39 0.16 MAX Res V 637 0.12 0.11 0.11 - 0.01 0.50 0.09 MaxTech Vent 41 0.04 0.04 0.04 - 0.01 0.31 0.03 MaxTech Vent* O 21 0.03 0.03 0.03 - 0.00 0.25 0.02 0.20 Maxwell Res* O 3153 1.00 0.00 1.00 - 0.49 4.54 Maya Gold &Sil* O 13 1.68 1.56 1.66 + 0.07 2.28 1.20 Maya Gold &Sil T 129 2.21 2.04 2.17 + 0.07 3.00 1.58 Mazarin V 110 0.07 0.07 0.07 unch 0.00 0.18 0.06 MBMI Res* O 58 0.01 0.01 0.01 unch 0.00 1.00 0.01 MBMI Res V 120 0.02 0.00 0.02 unch 0.00 0.07 0.02 unch 0.00 0.93 0.62 McChip Res V 0 0.00 0.00 0.70 McEwen Mng T 1537 2.58 2.31 2.38 - 0.05 3.28 1.67 McEwen Mng* N 16227 1.96 1.75 1.82 - 0.05 2.44 1.23 McLaren Res 7 0.05 0.05 0.05 + 0.01 0.07 0.01 unch 0.00 0.26 0.11 MDN Inc* O 8 0.20 0.20 0.20 Mechel* N 531 2.01 1.86 1.92 - 0.05 3.42 1.81 Medallion Res V 955 0.17 0.13 0.14 + 0.01 0.28 0.09 O 398 0.13 0.10 0.11 + 0.01 0.21 0.06 Medallion Res* Medgold Res* O 13 0.08 0.08 0.08 unch 0.00 0.31 0.07 Medgold Res V 157 0.15 0.12 0.12 - 0.03 0.40 0.09 Medinah Mnrls* O 2722 0.00 0.00 0.00 - 0.00 0.01 0.00 Mega Copper V 25 0.16 0.16 0.16 unch 0.00 0.18 0.16 Mega Uranium T 1425 0.10 0.09 0.10 - 0.01 0.16 0.09 Mega Uranium* O 294 0.08 0.07 0.07 - 0.00 0.13 0.06 Megastar Dev V 69 0.17 0.00 0.17 + 0.01 0.17 0.04 MegumaGold* O 24 0.07 0.07 0.07 unch 0.00 0.16 0.05 MegumaGold 215 0.08 0.00 0.07 - 0.02 0.26 0.06 Melior Res V 15 0.33 0.23 0.23 - 0.11 0.90 0.21 Melkior Res V 2661 0.04 0.03 0.03 unch 0.00 0.13 0.03 Meridian Mg V 237 0.22 0.17 0.20 + 0.02 0.22 0.05 Meridian Mg * O 9 0.13 0.07 0.13 + 0.05 0.13 0.05 unch 0.00 0.22 0.09 Meridius Res V 15 0.16 0.16 0.16 Meryllion Res* O 0 0.00 0.00 0.00 unch 0.00 0.02 0.00 Meryllion Res 80 0.01 0.00 0.01 unch 0.00 0.04 0.01 MetalCorp V 67 0.01 0.01 0.01 unch 0.00 0.02 0.01 Metalex Vent V 163 0.04 0.03 0.04 unch 0.00 0.06 0.02 Metalla Rylty* O 563 0.89 0.83 0.85 + 0.01 1.08 0.48 Metalla Rylty V 790 1.17 1.08 1.12 + 0.03 1.43 0.63 Metallic Mnrls* O 153 0.17 0.13 0.13 + 0.01 0.24 0.08 Metallic Mnrls V 1103 0.23 0.16 0.19 + 0.02 0.30 0.11 Metallis Res V 355 0.99 0.77 0.77 - 0.13 1.40 0.39 Metalo Manuf 121 0.17 0.17 0.17 unch 0.00 0.45 0.10 Metalore Res V 4 0.90 0.90 0.90 unch 0.00 2.85 0.90 Metals Creek V 393 0.05 0.04 0.05 unch 0.00 0.10 0.03 Metals Creek* O 213 0.04 0.04 0.04 unch 0.00 0.08 0.02 Metals X* O 1267 0.17 0.00 0.16 - 0.00 0.45 0.15 Metron Capital V 49 0.05 0.00 0.05 unch 0.00 0.07 0.05 Mexican Gold* O 65 0.12 0.11 0.11 - 0.00 0.22 0.06 Mexus Gold* O 5459 0.01 0.01 0.01 + 0.00 0.02 0.00

2019-07-29 1:38 PM

22

WWW.NORTHERNMINER.COM

AUGUST 5–16, 2019 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

MGX Minerals* O 819 MGX Minerals 841 Michelin 2 Midas Gold T 1066 Midas Gold* O 1119 Midland Expl V 122 Midnight Star 11 Midnight Sun V 372 Millennial Lit* O 27 Millennial Lit V 44 Millrock Res* O 323 Millrock Res V 1281 83 Milner Con Slv V V 497 Minaurum Gold Minaurum Gold* O 333 Minco Silver T 321 Minco Silver* O 144 Minera Alamos * O 1130 V 5381 Minera Alamos Minera IRL 45 Mineral Mtn V 640 Mineral Mtn* O 252 MineralRite* O 14000 Mineworx Tech V 593 Mineworx Tech* O 212 Minfocus Expl V 13 Minfocus Expl* O 2 Mining Global* O 2500 V 75 Minnova Corp Minsud Res V 25 Miramont Res* O 262 Miramont Res 533 Mirasol Res V 187 Mistango River 3 Mkango Res V 237 ML Gold* O 125 ML Gold Corp V 75 Monarca Mnrls* O 550 V 401 Monarca Mnrls Monarch Gold T 498 Monarch Gold* O 181 Moneta Porcpn* O 179 Moneta Porcpn T 549 Monitor Vent V 1 Monitor Vent* O 1 Monterey Min 490 Montero Mg&Ex V 104 Monument Mng V 134 Morien Res* O 9 Morien Res V 124 Mosaic* N 13490 Mountain Boy V 77 Mountain Boy* O 63 Mountain Prov T 1973 D 59 Mountain Prov* Mundoro Cap* O 236 Mundoro Cap V 361 Murchison Min V 38 MX Gold* O 164

0.18 0.16 0.17 - 0.01 0.73 0.16 0.24 0.21 0.23 - 0.01 0.95 0.21 0.31 0.00 0.31 + 0.01 0.50 0.30 0.80 0.72 0.75 - 0.02 1.10 0.56 0.60 0.54 0.58 - 0.01 0.87 0.41 1.03 0.90 0.93 - 0.05 1.46 0.66 0.17 0.00 0.16 + 0.01 0.40 0.11 0.13 0.11 0.12 - 0.01 0.25 0.10 1.11 1.02 1.10 + 0.03 1.64 0.67 1.54 1.39 1.46 + 0.01 2.18 1.04 0.09 0.07 0.07 - 0.01 0.23 0.05 0.12 0.09 0.10 - 0.01 0.30 0.07 0.05 0.05 0.05 unch 0.00 0.11 0.02 0.54 0.48 0.50 + 0.03 0.58 0.32 0.41 0.36 0.38 + 0.01 0.45 0.23 0.75 0.68 0.74 + 0.04 0.75 0.35 0.58 0.51 0.54 + 0.00 0.58 0.24 0.12 0.11 0.11 - 0.01 0.13 0.06 0.16 0.14 0.14 - 0.01 0.17 0.09 0.10 0.09 0.10 + 0.02 0.11 0.05 0.18 0.10 0.17 + 0.07 0.30 0.07 0.13 0.08 0.13 + 0.05 0.23 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.08 0.09 unch 0.00 0.22 0.08 0.07 0.06 0.07 + 0.00 0.17 0.06 0.05 0.00 0.05 unch 0.00 0.11 0.03 0.04 0.04 0.04 - 0.00 0.07 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.10 0.10 unch 0.00 0.79 0.09 0.08 0.08 0.08 unch 0.00 0.09 0.01 0.09 0.08 0.08 + 0.01 0.48 0.07 0.11 0.11 0.11 + 0.01 0.63 0.10 0.71 0.58 0.61 - 0.10 1.77 0.53 0.03 0.00 0.03 - 0.01 0.05 0.01 0.13 0.12 0.13 unch 0.00 0.19 0.10 0.36 0.32 0.32 - 0.04 0.54 0.01 0.46 0.40 0.40 + 0.01 1.20 0.12 0.05 0.05 0.05 unch 0.00 0.06 0.01 0.06 0.05 0.05 unch 0.00 0.08 0.02 0.25 0.23 0.25 + 0.01 0.33 0.15 0.19 0.17 0.18 - 0.01 0.24 0.11 0.10 0.08 0.10 + 0.02 0.12 0.06 0.13 0.11 0.13 + 0.02 0.16 0.07 0.00 0.00 0.20 unch 0.00 0.98 0.16 0.15 0.00 0.15 + 0.00 0.80 0.12 0.06 0.05 0.06 unch 0.00 0.16 0.04 0.09 0.08 0.08 unch 0.00 0.24 0.05 0.05 0.00 0.05 unch 0.00 0.08 0.04 0.34 0.32 0.34 + 0.01 0.47 0.30 0.44 0.43 0.44 + 0.03 0.61 0.40 25.04 24.03 24.31 + 0.09 37.37 20.81 0.26 0.19 0.23 + 0.03 0.40 0.15 0.17 0.14 0.17 + 0.01 0.19 0.04 1.33 1.26 1.27 - 0.03 3.30 1.08 1.03 0.96 1.00 + 0.02 2.50 0.80 0.11 0.10 0.10 + 0.01 0.19 0.00 0.14 0.13 0.13 - 0.01 0.25 0.11 0.10 0.10 0.10 - 0.01 0.18 0.06 0.00 0.00 0.00 - 0.00 0.03 0.00

NA Frac Sand* O 465 NACCO Ind* N 77 Namibia Crit V 152 Namibia Crit* O 176 Napier Vent V 17 Napier Vent* O 8 Natural Res Pt* N 43 Nautilus Mnrls* O 33 24293 Nemaska Lith T Nemaska Lith* O 1832 Neo Lithium V 299 Neometals* O 2 Network Expl* O 46 Network Expl V 90 Nevada Canyon* O 118 Nevada Copper T 1649 Nevada Energy* O 3 Nevada Energy V 41 Nevada Expl * O 151 Nevada Expl V 100 Nevada Sunrise* O 147 Nevada Sunrise V 441 Nevada Zinc V 167 Nevado Res V 7 New Age Metals* O 54 New Age Metals V 967 New Carolin Gd* O 209 New Carolin Gd V 1431 New Destiny Mg V 284 New Dimen Res V 369 New Energy Met V 97 New Energy Met* O 163 New Gold T 11252 New Gold* X 26110 New Guinea Gld* O 513 New Jersey Mng* O 105 New Milln Iron* O 39 New Milln Iron T 316 New Nadina V 150 New Nadina* O 5 New Oroperu V 56 New Pac Metals V 74 New Pac Metals* O 56 New Tech Min* O 0 New Tech Min 443 Newlox Gold 138 Newmont Gdcorp T 952 Newmont Gdcorp* N 44863 Newport Expl V 201 O 88 Newport Gold* NewRange Gold* O 593 NewRange Gold V 714 Nexa Resources T 2 Nexa Resources* N 374 Nexco Res 40 Nexgen Energy T 2549 Nexgen Energy* X 2327 T 658 NextSource Mat Nexus Gold V 1508 Nexus Gold* O 172 NGEx Res T 502 NGEx Res* O 136 Nickel Creek* O 1604 Nickel Creek T 1068 Nickel North V 50 Nicola Mg Inc V 1957 Nicola Mg Inc* O 565 O 178 Nighthawk Gold* Nighthawk Gold T 683 Niobay Metals V 40 Niocan Inc V 12 Niocorp Dev T 515 Niocorp Dev* O 456 Nippon Dragon V 84 Nippon Dragon* O 40 Nitinat Mnls V 298 Noble Metal V 830 Noble Mineral V 424 Noka Res* O 1018 Noram Vent V 158 Noranda Alum* O 2 Nordic Gold V 146 Noront Res V 520 Norra Metals V 147 Norsemont Cap 14 Nortec Mnls* O 0 Nortec Mnls V 936 North Am Nickl V 79 North Am Nickl* O 50 North Am Pall T 624 North Am Pall* O 67 North Arrow Mn V 249 North Arrow Mn* O 1 North Bay Res * O 21584 Northcliff Res T 58 Northern Light 261 Northisle C&G * O 26 Northisle C&G V 96 Norvista Cap V 42 NorZinc T 191 NorZinc* O 335 Nouveau Monde V 451 Nouveau Monde* O 15

0.03 0.02 0.02 + 0.00 0.03 0.00 53.18 51.06 51.58 - 0.30 54.49 28.77 0.12 0.10 0.12 + 0.01 0.28 0.08 0.09 0.07 0.09 + 0.01 0.23 0.06 0.27 0.23 0.23 - 0.02 0.40 0.17 0.20 0.20 0.20 unch 0.00 0.34 0.13 33.44 31.19 31.69 + 0.09 44.71 28.40 0.02 0.01 0.02 + 0.00 0.12 0.00 0.40 0.28 0.28 - 0.03 0.94 0.22 0.30 0.21 0.21 - 0.03 0.72 0.16 0.73 0.63 0.63 - 0.04 1.32 0.55 0.10 0.10 0.10 unch 0.00 0.39 0.10 0.40 0.28 0.34 + 0.01 0.45 0.19 0.46 0.40 0.43 - 0.01 0.54 0.23 0.09 0.07 0.09 unch 0.00 0.09 0.04 0.37 0.34 0.34 - 0.01 0.59 0.30 0.08 0.08 0.08 - 0.01 0.15 0.08 0.14 0.11 0.11 unch 0.00 0.22 0.10 0.25 0.21 0.24 - 0.00 0.39 0.10 0.32 0.28 0.31 + 0.01 0.50 0.14 0.06 0.04 0.05 - 0.00 0.11 0.03 0.08 0.06 0.07 + 0.01 0.15 0.05 0.08 0.07 0.07 - 0.01 0.17 0.05 0.11 0.00 0.11 - 0.06 0.70 0.09 0.04 0.03 0.04 + 0.00 0.08 0.03 0.05 0.04 0.05 + 0.01 0.10 0.04 0.09 0.08 0.08 - 0.01 0.27 0.05 0.13 0.10 0.11 - 0.01 0.36 0.08 0.15 0.00 0.14 unch 0.00 0.25 0.10 0.05 0.04 0.04 unch 0.00 0.23 0.04 0.32 0.28 0.31 + 0.02 0.84 0.14 0.23 0.23 0.23 unch 0.00 0.26 0.12 2.01 1.75 1.85 - 0.02 2.04 0.82 1.53 1.34 1.40 - 0.02 1.56 0.61 0.00 0.00 0.00 + 0.00 0.00 0.00 0.17 0.15 0.17 + 0.01 0.20 0.11 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.09 0.08 0.08 + 0.01 0.11 0.04 0.08 0.08 0.08 + 0.01 0.18 0.05 0.05 0.05 0.05 unch 0.00 0.13 0.03 0.35 0.00 0.35 unch 0.00 0.40 0.22 2.50 2.21 2.29 - 0.17 2.55 1.18 1.92 1.67 1.76 - 0.14 1.94 0.86 0.00 0.00 0.03 unch 0.00 0.05 0.01 0.03 0.00 0.03 unch 0.00 0.07 0.02 0.05 0.04 0.04 - 0.01 0.06 0.03 53.00 48.63 48.99 - 2.22 53.00 40.01 40.33 36.90 37.28 - 2.01 40.33 29.06 0.32 0.30 0.30 + 0.01 0.36 0.22 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.15 0.13 0.15 + 0.01 0.21 0.04 0.20 0.19 0.19 + 0.01 0.24 0.07 12.31 11.65 11.65 - 0.36 18.50 11.00 9.48 8.85 9.09 - 0.11 14.33 8.22 0.04 0.04 0.04 unch 0.00 0.28 0.04 2.16 1.81 1.83 - 0.32 3.31 1.81 1.66 1.38 1.40 - 0.24 2.53 1.35 0.09 0.08 0.09 unch 0.00 0.16 0.05 0.09 0.08 0.08 - 0.01 0.29 0.07 0.07 0.06 0.06 - 0.02 0.22 0.04 1.22 1.00 1.10 - 1.00 1.22 0.94 0.91 0.76 0.82 + 0.04 0.91 0.73 0.04 0.03 0.03 - 0.00 0.14 0.02 0.06 0.05 0.05 unch 0.00 0.18 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.14 0.12 0.12 + 0.01 0.17 0.08 0.11 0.08 0.10 + 0.01 0.11 0.06 0.43 0.39 0.41 + 0.01 0.48 0.22 0.57 0.51 0.54 + 0.02 0.63 0.30 0.29 0.27 0.29 - 0.01 0.37 0.15 0.16 0.00 0.16 + 0.03 0.36 0.06 0.58 0.54 0.55 + 0.01 0.72 0.52 0.45 0.41 0.42 - 0.00 0.55 0.39 0.03 0.03 0.03 + 0.01 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.03 0.00 0.08 0.06 0.08 + 0.02 0.14 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.07 0.00 0.07 unch 0.00 0.18 0.06 0.15 0.12 0.13 - 0.01 0.58 0.08 0.10 0.08 0.10 + 0.02 0.32 0.07 0.01 0.00 0.01 - 0.00 0.05 0.01 0.05 0.00 0.04 - 0.01 0.17 0.03 0.23 0.22 0.23 - 0.01 0.36 0.21 0.05 0.04 0.04 - 0.01 0.14 0.04 0.30 0.00 0.30 unch 0.00 0.43 0.25 0.00 0.00 0.02 unch 0.00 0.05 0.00 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.03 0.02 0.03 + 0.01 0.08 0.02 0.01 0.01 0.01 + 0.00 0.06 0.01 16.08 14.76 15.12 - 0.49 26.30 8.62 12.22 11.25 11.43 - 0.52 19.91 6.62 0.08 0.07 0.08 + 0.01 0.22 0.05 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.08 0.08 unch 0.00 0.11 0.05 0.05 0.05 0.05 unch 0.00 0.15 0.02 0.06 0.04 0.04 + 0.00 0.10 0.03 0.07 0.00 0.07 + 0.01 0.14 0.05 0.11 0.10 0.10 unch 0.00 0.14 0.06 0.10 0.08 0.08 - 0.01 0.15 0.08 0.07 0.06 0.07 + 0.01 0.11 0.05 0.23 0.22 0.23 + 0.01 0.33 0.20 0.18 0.17 0.17 - 0.01 0.26 0.16

N-O

20-23_AUGUST5_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

NovaGold Res T 1279 X 8761 NovaGold Res* Novo Res* O 518 Novo Res V 843 NovX21* O 1 NRG Metals V 485 Nrthn Graphite V 218 O 232 Nrthn Graphite* Nrthn Lion V 25 40 Nrthn Mnrls &E* O Nrthn Shield V 818 O 50 Nrthn Superior* Nrthn Superior V 106 Nrthn Vertex* O 140 Nrthn Vertex V 294 V 88 NSGold NSS Res Inc 14 X 11293 Nthn Dynasty* Nthn Dynasty T 2225 Nthrn Sphere* O 3 Nubian Res V 123 Nuinsco Res 731 Nuinsco Res* O 3 NuLegacy Gold V 4492 NuLegacy Gold* O 1684 Nutrien* N 6379 T 4382 Nutrien NV Gold V 680 NV Gold* O 145 NX Uranium* O 5 NxGold Ltd* O 50 NxGold Ltd V 400 O.T. Mining* O 69 OceanaGold* O 11 15846 OceanaGold T Oceanic Iron O V 31 Oceanus Res* O 16 Oceanus Res V 332 Odyssey Res V 20 Olivut Res V 67 Olivut Res* O 35 Omineca Mining V 110 O 20 Omineca Mining* One World Lith 263 One World Lith* O 105 Opawica Expl V 41 Opawica Expl* O 0 Opus One Res V 1229 Orbite Tech* O 4 Orca Gold V 200 Orca Gold* O 96 Orefinders Res V 222 Orestone Mng V 96 Orex Mnrls* O 159 Orex Mnrls V 660 Orezone Gold* O 218 Orezone Gold V 340 Orford Mining V 340 OrganiMax* O 1 OrganiMax V 68 2 Oriental Non F Origin Gold V 424 O 5 Original Sixtn* Orla Mng Ltd T 2961 Orla Mng Ltd* O 3 Oro East Mg* O 1417 Oroco Res V 368 Oroco Res* O 131 Orocobre T 99 Oronova Energy V 151 Orosur Mng T 81 Orsu Metals V 41 Orsu Metals* O 2 Orvana Mnrls T 153 O 23 Orvana Mnrls* Osino Res V 437 Osisko Gold* N 4066 Osisko Gold T 4007 O 82 Osisko Metals* V 369 Osisko Metals Osisko Mng Inc T 3552 Osprey Gold V 107 Otis Gold V 612 Otis Gold* O 97 Outcrop Gold V 555 Outcrop Gold* O 84 OZ Minerals* O 0

8.41 8.01 8.27 + 0.03 8.60 4.49 6.40 6.09 6.28 - 0.01 6.58 3.41 2.11 1.83 1.87 - 0.06 3.45 1.38 2.79 2.40 2.42 - 0.11 4.48 1.87 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.19 0.00 0.15 - 0.03 1.18 0.12 0.13 0.10 0.13 + 0.01 0.35 0.10 0.11 0.08 0.08 - 0.01 0.27 0.08 0.24 0.24 0.24 unch 0.00 0.46 0.15 0.06 0.04 0.06 + 0.00 0.12 0.02 0.08 0.07 0.08 - 0.01 0.12 0.02 0.11 0.11 0.11 unch 0.00 0.22 0.02 0.15 0.13 0.15 + 0.01 0.40 0.11 0.21 0.18 0.21 + 0.01 0.32 0.12 0.28 0.24 0.27 + 0.01 0.43 0.16 0.10 0.10 0.10 unch 0.00 0.15 0.07 0.06 0.00 0.06 unch 0.00 0.45 0.03 0.63 0.51 0.58 + 0.07 1.12 0.41 0.82 0.67 0.76 + 0.11 1.47 0.56 0.00 0.00 0.00 unch 0.00 0.06 0.00 0.07 0.07 0.07 unch 0.00 0.20 0.07 0.01 0.01 0.01 - 0.01 0.08 0.01 0.01 0.01 0.01 + 0.00 0.04 0.00 0.07 0.05 0.07 + 0.02 0.22 0.03 0.05 0.03 0.04 + 0.01 0.17 0.02 52.27 50.08 50.83 - 0.66 58.99 43.96 68.66 66.05 66.94 - 0.33 76.17 59.97 0.16 0.13 0.15 - 0.01 0.21 0.07 0.12 0.10 0.11 - 0.00 0.16 0.05 0.26 0.00 0.26 + 0.01 1.00 0.01 0.04 0.04 0.04 unch 0.00 0.17 0.04 0.07 0.06 0.06 - 0.01 0.21 0.05 0.08 0.06 0.08 unch 0.00 0.24 0.04 3.08 2.52 2.57 - 0.48 3.74 2.44 4.09 3.37 3.60 - 0.45 5.01 3.27 0.12 0.10 0.10 unch 0.00 0.15 0.04 0.06 0.04 0.06 + 0.02 0.13 0.04 0.08 0.07 0.07 + 0.01 0.18 0.05 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.09 0.08 0.08 - 0.02 0.16 0.07 0.08 0.05 0.06 - 0.01 0.12 0.05 0.06 0.05 0.06 + 0.01 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.01 0.15 0.14 0.14 + 0.01 0.28 0.12 0.12 0.10 0.12 + 0.01 0.22 0.09 0.07 0.06 0.07 unch 0.00 0.13 0.05 0.00 0.00 0.05 unch 0.00 0.05 0.02 0.05 0.01 0.04 - 0.01 0.08 0.01 0.01 0.01 0.01 unch 0.00 0.17 0.00 0.37 0.35 0.37 + 0.01 0.56 0.30 0.29 0.25 0.28 - 0.00 0.47 0.23 0.07 0.06 0.06 unch 0.00 0.08 0.03 0.15 0.13 0.15 - 0.02 0.25 0.06 0.09 0.06 0.07 + 0.01 0.13 0.03 0.12 0.08 0.11 + 0.04 0.17 0.05 0.56 0.50 0.56 + 0.01 0.57 0.30 0.74 0.67 0.74 + 0.02 0.74 0.39 0.15 0.10 0.12 + 0.01 0.33 0.07 0.05 0.00 0.05 + 0.02 0.08 0.02 0.08 0.08 0.08 unch 0.00 0.36 0.05 0.00 0.00 0.80 unch 0.00 1.05 0.80 0.10 0.09 0.10 unch 0.00 0.14 0.07 0.09 0.09 0.09 unch 0.00 0.17 0.00 1.54 1.41 1.48 + 0.06 1.55 0.85 1.11 1.10 1.11 + 0.10 1.14 0.00 0.02 0.00 0.02 unch 0.00 0.02 0.00 0.48 0.46 0.46 - 0.02 0.74 0.17 0.37 0.36 0.36 - 0.00 0.56 0.13 2.70 2.55 2.62 + 0.07 4.93 2.45 0.08 0.06 0.08 + 0.01 0.16 0.05 0.06 0.05 0.05 - 0.01 0.20 0.02 0.37 0.00 0.36 unch 0.00 0.40 0.17 0.30 0.30 0.30 unch 0.00 0.30 0.13 0.38 0.36 0.38 + 0.01 0.41 0.12 0.29 0.27 0.28 + 0.01 0.30 0.09 0.41 0.36 0.36 - 0.01 0.43 0.20 12.19 11.54 12.06 + 0.54 12.19 7.00 16.02 15.11 15.82 + 0.76 16.08 9.27 0.46 0.41 0.41 - 0.04 0.54 0.36 0.60 0.53 0.54 - 0.04 0.72 0.46 3.90 3.58 3.67 - 0.02 3.90 1.60 0.05 0.00 0.05 unch 0.00 0.07 0.04 0.11 0.09 0.11 unch 0.00 0.25 0.07 0.09 0.07 0.07 - 0.00 0.21 0.05 0.39 0.34 0.37 + 0.03 0.45 0.10 0.30 0.26 0.29 + 0.03 0.33 0.01 0.00 0.00 6.82 unch 0.00 7.89 5.90

Pac Bay Mnrls V 22 12 Pac Booker Min* O Pac Booker Min V 81 Pac Imperial V 292 Pac Iron Ore V 3 53 Pac Ridge Expl V Pac Ridge Expl* O 0 Pac Wildcat* O 391 V 36 Pacific Empire Pacific Rim 1154 Pacific Rim* O 516 Pacific Silk V 55 Pacton Gold V 1377 Paladin Energy* O 699 Palamina Corp V 90 O 31 Palamina Corp* Paleo Resource V 149 Paleo Resource* O 564 Palladium One V 209 Pan Am Silver T 2404 Pan Am Silver* D 17559 Pan Andean Min* O 0 Pan Global Res V 585 Pancontinental V 320 O 125 Pancontinental* Panex Res* O 1241 Pangolin Dia V 516 Panoro Mnrls V 169 PanTerra Gold* O 0 Pantheon Vent V 16 Para Resources V 119 Parallel Mng V 610 Paramount Gold* X 233 Paringa Res* O 69 Paringa Res* D 8 Parlane Res V 341 Pasinex Res 338 Patriot Gold* O 55 Peabody Enrgy* N 3491 Pedro Res V 1750 O 20 Pelangio Expl* Pelangio Expl V 72 Peloton Mnrls 243 Peloton Mnrls* O 146 PepinNini Lith* O 89 Perseus Mng T 666 Pershing Res* O 20 Peruvian Metal* O 401 Peruvian Metal V 589 Petra Diamonds* O 67 Philex Mng* O 17 Pine Cliff En T 959 Pine Cliff En* O 50 Pinecrest Res V 2 Pinecrest Res * O 0 Pistol Bay Mng V 557 Pistol Bay Mng* O 120 Pivit Explor 462 PJSC Polyus Gd* O 4 PJX Res V 99 Plata Latina V 25 Plate Res V 1 Plateau Energy V 346 Plateau Energy* O 256 Platinum Gp Mt* X 263 Platinum Gp Mt T 88 Plato Gold V 266 Playfair Mng V 119 Playfair Mng* O 0 PolyMet Mng* X 1626 PolyMet Mng T 70 Portage Res* O 188 Portex Mnrls* O 0 Portofino Res V 62 Portofino Res* O 1

0.06 0.00 0.06 - 0.01 0.20 0.06 1.32 1.00 1.32 + 0.01 3.10 0.50 1.85 1.23 1.40 + 0.06 4.10 0.65 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.08 unch 0.00 0.10 0.06 0.05 0.04 0.05 + 0.01 0.07 0.04 0.00 0.00 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.00 - 0.00 0.19 0.00 0.07 0.06 0.07 unch 0.00 0.12 0.06 0.14 0.12 0.13 + 0.01 0.35 0.10 0.10 0.09 0.10 + 0.00 0.28 0.07 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.18 0.16 0.17 - 0.02 0.71 0.11 0.11 0.09 0.11 + 0.00 0.35 0.08 0.24 0.00 0.23 - 0.03 0.41 0.21 0.20 0.16 0.18 - 0.01 0.31 0.16 0.04 0.03 0.04 + 0.01 0.10 0.01 0.03 0.02 0.03 + 0.01 0.08 0.00 0.08 0.07 0.08 unch 0.00 0.15 0.03 21.71 20.04 20.67 + 0.60 22.95 13.83 16.54 15.28 15.69 + 0.34 17.62 10.26 0.00 0.00 0.05 unch 0.00 0.07 0.02 0.12 0.09 0.10 unch 0.00 0.25 0.07 0.05 0.04 0.05 + 0.01 0.09 0.02 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.16 0.14 0.16 unch 0.00 0.31 0.13 0.00 0.00 0.01 unch 0.00 0.02 0.00 0.04 0.04 0.04 unch 0.00 0.12 0.04 0.15 0.15 0.15 unch 0.00 0.22 0.12 0.04 0.04 0.04 unch 0.00 0.08 0.02 1.00 0.89 0.89 - 0.08 1.24 0.70 0.07 0.06 0.07 - 0.00 0.35 0.06 3.51 0.00 3.16 - 0.49 10.38 3.12 0.11 0.09 0.09 - 0.03 0.20 0.03 0.05 0.04 0.04 - 0.01 0.14 0.03 0.07 0.05 0.06 unch 0.00 0.15 0.04 23.73 22.52 22.78 + 0.04 44.71 21.42 0.19 0.19 0.19 unch 0.00 0.29 0.16 0.11 0.11 0.11 unch 0.00 0.29 0.09 0.15 0.00 0.14 - 0.01 0.38 0.12 0.13 0.10 0.12 + 0.02 0.13 0.03 0.10 0.07 0.09 + 0.01 0.10 0.05 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.69 0.61 0.63 - 0.02 0.69 0.25 0.01 0.01 0.01 unch 0.00 0.05 0.00 0.04 0.02 0.02 - 0.00 0.07 0.02 0.04 0.00 0.04 unch 0.00 0.10 0.03 0.26 0.00 0.19 - 0.07 0.53 0.19 0.05 0.05 0.05 unch 0.00 0.10 0.00 0.17 0.15 0.15 - 0.02 0.44 0.15 0.14 0.12 0.12 - 0.02 0.32 0.12 0.00 0.00 0.17 unch 0.00 0.28 0.16 0.00 0.00 0.17 unch 0.00 0.19 0.14 0.05 0.04 0.05 unch 0.00 0.08 0.03 0.03 0.03 0.03 + 0.00 0.05 0.02 0.15 0.13 0.14 + 0.01 0.19 0.06 55.50 49.67 52.50 - 4.50 57.00 31.05 0.18 0.17 0.17 unch 0.00 0.36 0.15 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.61 0.48 0.48 - 0.14 1.59 0.46 0.47 0.37 0.37 - 0.10 1.23 0.34 1.46 1.35 1.38 - 0.08 2.17 0.91 1.90 1.76 1.81 - 0.09 2.91 1.20 0.03 0.02 0.03 - 0.01 0.05 0.01 0.04 0.04 0.04 + 0.01 0.09 0.02 0.02 0.00 0.02 unch 0.00 0.06 0.01 0.41 0.38 0.38 - 0.02 1.25 0.36 0.53 0.49 0.50 - 0.02 1.60 0.49 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.03 0.04 unch 0.00 0.28 0.03 0.03 0.03 0.03 unch 0.00 0.03 0.03

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Potash Ridge* O 341 Potash Ridge T 1694 Power Group V 23 Power Group* O 1 O 102 Power Metals* Power Metals V 298 PowerOre V 710 PPX Mining* O 589 PPX Mining V 736 Precipitate Gl V 303 Precipitate Gl* O 64 Premier Gold M T 3754 O 1 Premium Expl* Pretium Res* N 9421 Pretium Res T 2291 Primary Energy 164 Prime Meridian V 100 Prism Res V 21 Prize Mng* O 312 Prize Mng V 1752 ProAm Expl V 3 Probe Metals* O 123 Probe Metals V 83 Prog Planet V 150 Project One 225 Promithian Gl * O 0 Prophecy Coal T 209 Prophecy Coal* O 311 Prosper Gold V 163 Prospero Silvr V 365 Prospero Silvr* O 206 Provenance Gld 342 Providence V 216 Providence Gld* O 29 PUF Vent Inc * O 2145 Puma Expl V 545 Pure Alumina* O 0 Pure Energy* O 600 Pure Energy V 332 Pure Gold Mg* O 796 Pure Gold Mg V 1598 Pure Nickel* O 43 Pure Nickel V 442 Purepoint Uran V 828 Q-Gold Res* O 0 Q-Gold Res V 122 QC Precious V 161 QC Precious * O 92 QMC Quantum Ml V 195 QMC Quantum Ml* O 102 QMX Gold* O 121 QMX Gold V 1517 Quadro Res V 24 Quantum Cobalt 136 Quartz Mtn Res V 2 Quartz Mtn Res* O 0 Quaterra Res V 257 Quaterra Res* O 185 Quest Rare Mnl* O 12 Quinto Res V 222

0.05 0.03 0.03 - 0.01 0.08 0.02 0.06 0.05 0.05 - 0.01 0.11 0.03 0.11 0.09 0.09 - 0.01 0.80 0.07 0.08 0.08 0.08 unch 0.00 0.18 0.01 0.07 0.06 0.06 - 0.00 0.30 0.05 0.10 0.09 0.09 unch 0.00 0.39 0.07 0.11 0.09 0.09 unch 0.00 0.15 0.05 0.04 0.04 0.04 - 0.00 0.08 0.03 0.07 0.06 0.06 - 0.01 0.11 0.05 0.11 0.10 0.10 unch 0.00 0.15 0.04 0.08 0.07 0.08 + 0.00 0.12 0.03 2.47 2.26 2.33 + 0.06 2.62 1.39 0.00 0.00 0.00 unch 0.00 0.01 0.00 11.56 11.03 11.13 - 0.25 11.56 6.53 15.19 14.56 14.66 - 0.23 15.19 8.59 0.40 0.30 0.40 unch 0.00 1.10 0.08 0.09 0.09 0.09 unch 0.00 0.11 0.07 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.02 0.01 0.02 + 0.00 0.15 0.01 0.03 0.02 0.02 - 0.01 0.27 0.02 0.00 0.00 0.02 unch 0.00 0.04 0.02 0.96 0.88 0.88 - 0.04 1.10 0.68 1.25 1.16 1.16 - 0.03 1.42 0.91 0.04 0.03 0.04 unch 0.00 0.10 0.03 0.23 0.20 0.20 unch 0.00 0.30 0.20 0.00 0.00 0.05 unch 0.00 0.10 0.01 0.19 0.17 0.18 + 0.01 0.74 0.11 0.14 0.13 0.13 + 0.00 1.95 0.09 0.08 0.06 0.07 - 0.01 0.18 0.06 0.10 0.09 0.09 + 0.01 0.12 0.04 0.08 0.07 0.07 + 0.00 0.09 0.04 0.19 0.15 0.15 - 0.04 0.39 0.10 0.14 0.10 0.11 + 0.01 0.20 0.08 0.09 0.09 0.09 + 0.00 0.16 0.06 0.28 0.24 0.26 - 0.00 0.64 0.06 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.02 0.00 0.02 unch 0.00 0.06 0.02 0.06 0.05 0.06 + 0.00 0.16 0.03 0.08 0.07 0.08 + 0.01 0.20 0.05 0.51 0.47 0.49 + 0.02 0.62 0.36 0.66 0.61 0.63 + 0.01 0.81 0.49 0.04 0.03 0.03 - 0.00 0.04 0.00 0.05 0.04 0.05 unch 0.00 0.05 0.01 0.07 0.06 0.06 - 0.01 0.11 0.06 0.00 0.00 0.17 unch 0.00 0.20 0.14 0.23 0.20 0.23 + 0.01 0.30 0.12 0.31 0.28 0.28 - 0.01 0.40 0.22 0.23 0.21 0.22 + 0.01 0.31 0.16 0.17 0.15 0.16 - 0.01 0.41 0.15 0.13 0.12 0.12 - 0.01 0.32 0.12 0.06 0.05 0.06 + 0.01 0.08 0.03 0.09 0.07 0.08 + 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.05 0.04 0.04 unch 0.00 0.20 0.04 0.28 0.00 0.28 unch 0.00 0.78 0.27 0.00 0.00 0.23 unch 0.00 0.69 0.22 0.09 0.06 0.06 - 0.01 0.13 0.05 0.06 0.04 0.05 - 0.00 0.10 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.07 0.07 unch 0.00 0.10 0.02

R Rackla Mtls* O 2 0.10 0.00 0.10 + 0.00 0.12 0.05 Rackla Mtls V 4 0.14 0.14 0.14 - 0.01 0.20 0.06 Radisson Mng V 572 0.17 0.14 0.15 - 0.01 0.17 0.09 Radius Gold V 732 0.31 0.24 0.24 unch 0.00 0.47 0.09 Rain City 5 0.05 0.05 0.05 unch 0.00 0.14 0.05 Rainforest Res* O 5 5.00 0.00 5.00 - 0.50 9.20 3.50 Rainy Mtn Royl* O 7 0.01 0.01 0.01 unch 0.00 0.03 0.01 Rainy Mtn Royl V 58 0.02 0.00 0.02 unch 0.00 0.04 0.02 Rambler Metals* O 122 0.02 0.00 0.01 + 0.00 0.04 0.00 Rare Element* O 469 0.37 0.31 0.35 + 0.01 0.60 0.03 Ravencrest Res 795 0.46 0.41 0.42 - 0.04 1.09 0.38 Red Eagle Mng* O 4 0.00 0.00 0.00 unch 0.00 0.13 0.00 Red Moon Res V 35 0.04 0.04 0.04 - 0.01 0.12 0.01 Red Oak Mg V 15 0.03 0.03 0.03 unch 0.00 0.08 0.03 Red Pine Expl V 771 0.04 0.04 0.04 unch 0.00 0.08 0.03 Redstar Gold V 148 0.03 0.03 0.03 + 0.01 0.04 0.02 Redstar Gold* O 170 0.02 0.02 0.02 + 0.00 0.03 0.01 Regulus Res V 296 1.59 1.34 1.55 + 0.20 2.30 1.25 Renaissance Gd* O 176 0.25 0.22 0.24 - 0.01 0.25 0.11 Renaissance Gd V 124 0.33 0.29 0.31 - 0.01 0.33 0.15 Renforth Res 722 0.06 0.05 0.06 + 0.01 0.06 0.02 Resolve Vent V 21 0.07 0.00 0.07 unch 0.00 0.13 0.07 Resource Cap* O 1 0.00 0.00 0.00 unch 0.00 0.03 0.00 Reunion Gold* O 554 0.25 0.21 0.21 - 0.02 0.25 0.10 Reunion Gold V 754 0.34 0.27 0.27 - 0.03 0.34 0.12 Revelo Res V 1373 0.02 0.02 0.02 unch 0.00 0.03 0.01 Revival Gold * O 111 0.52 0.45 0.52 + 0.09 0.67 0.32 Revival Gold V 121 0.67 0.58 0.65 + 0.06 0.87 0.44 Rhyolite Res V 97 0.16 0.16 0.16 unch 0.00 0.26 0.15 Richmond Mnls V 130 0.03 0.02 0.03 + 0.01 0.06 0.02 Ridgestone M’g V 27 0.25 0.25 0.25 + 0.01 0.30 0.15 Ridgestone M’g* O 0 0.19 0.19 0.19 unch 0.00 0.21 0.14 Riley Resource V 25 0.20 0.20 0.20 unch 0.00 0.41 0.15 Rimrock Gold* O 32256 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rio Silver V 20 0.05 0.05 0.05 + 0.01 0.06 0.03 Rio Tinto* O 3 60.90 60.00 60.90 + 1.09 62.00 43.47 Rio Tinto* N 9575 61.30 57.04 57.53 - 3.58 64.02 44.62 Rio Tinto* O 50 0.00 0.00 70.08 unch 0.00 74.50 50.48 Rio2 Limited* O 519 0.37 0.31 0.35 + 0.02 0.71 0.24 Rio2 Limited V 6175 0.49 0.41 0.47 + 0.04 1.15 0.31 Rise Gold Corp 1230 0.08 0.07 0.07 - 0.01 0.12 0.05 Rise Gold Corp* O 1022 0.06 0.05 0.05 - 0.01 0.10 0.04 Riverside Res V 488 0.16 0.15 0.16 + 0.02 0.29 0.13 Riverside Res* O 261 0.12 0.11 0.12 + 0.01 0.22 0.10 Rizal Res V 111 0.02 0.01 0.02 unch 0.00 0.05 0.01 RJK Explor V 281 0.10 0.00 0.10 + 0.01 0.23 0.04 RJK Explor* O 168 0.08 0.07 0.08 + 0.01 0.13 0.00 Robex Res V 134 0.07 0.07 0.07 unch 0.00 0.12 0.06 Rock Tech Lith V 53 0.65 0.00 0.58 - 0.02 1.35 0.51 Rock Tech Lith* O 1 0.41 0.41 0.41 unch 0.00 0.83 0.40 Rockcliff Met* O 39 0.07 0.07 0.07 unch 0.00 0.14 0.02 Rockcliff Met 124 0.10 0.09 0.10 unch 0.00 0.19 0.08 Rockex Mng 132 0.04 0.03 0.04 + 0.01 0.10 0.01 V 88 0.13 0.12 0.13 unch 0.00 0.19 0.09 Rockhaven Res Rockridge Res V 1364 0.20 0.17 0.19 + 0.01 0.39 0.17 Rockshield Cap* O 88 0.06 0.05 0.06 + 0.01 0.17 0.04 V 803 0.37 0.20 0.37 + 0.17 0.37 0.11 Rockwealth Res Rodinia Lithm V 58 0.06 0.04 0.04 - 0.02 0.12 0.04 Rogue Res V 30 0.11 0.00 0.11 unch 0.00 0.24 0.06 Rokmaster Res* O 0 0.00 0.00 0.03 unch 0.00 0.07 0.03 Rokmaster Res V 815 0.04 0.04 0.04 unch 0.00 0.13 0.03 Romios Gold Rs V 554 0.05 0.05 0.05 - 0.01 0.09 0.04 Romios Gold Rs* O 230 0.04 0.04 0.04 + 0.00 0.07 0.02 RosCan Gold* O 493 0.12 0.10 0.10 - 0.00 0.23 0.09 RosCan Gold V 5951 0.16 0.13 0.15 + 0.02 0.33 0.05 Rosita Mg Corp* O 1 0.00 0.00 0.00 unch 0.00 0.05 0.00 Rotation Mnls V 3374 0.17 0.14 0.15 - 0.03 0.25 0.07 Roughrider Exp V 69 0.06 0.06 0.06 unch 0.00 0.15 0.06 Roxgold* O 254 0.88 0.82 0.85 - 0.01 0.97 0.55 Roxgold T 9978 1.16 1.07 1.13 + 0.01 1.16 0.72 Royal Gold* D 2200 120.35 116.82 117.86 + 0.07 120.35 70.16 Royal Mines &M* O 975 0.01 0.00 0.01 unch 0.00 0.01 0.00 Royal Nickel* O 1643 0.45 0.38 0.41 - 0.03 0.90 0.05 Royal Nickel T 6804 0.57 0.51 0.54 - 0.05 1.18 0.07 Royal Rd Mnrls V 511 0.19 0.17 0.19 + 0.01 0.21 0.06 Royal Std Mnrl* O 0 0.00 0.00 0.01 unch 0.00 3.14 0.01 unch 0.00 0.10 0.05 RT Minerals V 30 0.05 0.05 0.05 RTG Mining T 33 0.10 0.10 0.10 unch 0.00 0.16 0.07 Rubicon Mnrls* O 432 0.69 0.58 0.60 - 0.05 1.26 0.46 Rubicon Mnrls T 631 0.89 0.76 0.79 - 0.05 1.73 0.61 Rugby Mng V 82 0.16 0.14 0.14 - 0.01 0.31 0.13 Running Fox Rs* O 1 0.01 0.01 0.01 unch 0.00 0.02 0.01 Running Fox Rs V 264 0.02 0.02 0.02 + 0.01 0.03 0.01 Rupert Res V 67 0.82 0.79 0.80 - 0.02 1.12 0.75 unch 0.00 0.32 0.04 Rusoro Mng* O 3 0.06 0.06 0.06 Rusoro Mng V 842 0.08 0.07 0.07 - 0.01 0.42 0.06

S Sabina Gd&Slvr T 1177 Sabina Gd&Slvr* O 653 Sable Res* O 45 Sable Res V 1034 Sailfish Rylty V 54 Saint Jean* O 4 Saint Jean V 7 Salazar Res* O 51 Salazar Res V 139 Salt Lake Pot* O 65 Sama Res V 167 Sama Res* O 64 Samco Gold V 21 Samex Mng* O 24 San Gold Corp* O 5 San Marco Res* O 9 San Marco Res V 297 Sanatana Res V 991 Sanatana Res* O 65 Sandfire Res V 202

1.68 1.47 1.60 + 0.10 1.68 0.99 1.27 1.12 1.22 + 0.08 1.27 0.73 0.10 0.09 0.09 - 0.00 0.28 0.07 0.11 0.10 0.11 + 0.01 0.37 0.09 1.39 1.25 1.39 + 0.09 1.68 0.70 0.03 0.00 0.03 unch 0.00 0.04 0.01 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.15 0.12 0.15 + 0.01 0.15 0.07 0.20 0.16 0.18 + 0.02 0.20 0.10 0.53 0.53 0.53 unch 0.00 0.56 0.31 0.29 0.27 0.28 unch 0.00 0.44 0.22 0.21 0.20 0.21 - 0.01 0.33 0.17 0.05 0.00 0.05 - 0.01 0.08 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.04 0.04 0.04 - 0.00 0.16 0.02 0.05 0.04 0.05 + 0.01 0.23 0.04 0.05 0.05 0.05 - 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.27 0.19 0.26 - 0.02 0.40 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sandfire Res* O 652 O 1084 Sandspring Res* V 1706 Sandspring Res T 2837 Sandstorm Gold 12202 X Sandstorm Gold* Santa Fe Gold* O 243 V 2566 Santacruz Silv Sarama Res V 487 Sarissa Res* O 1033 Satori Res V 180 Saturn Mnrls V 320 Saville Res V 401 Scandium Intl T 692 O 231 Scandium Intl* Scorpio Gold V 126 92 Scorpio Gold * O Scotch Creek 100 ScoZinc Mg V 10 ScoZinc Mg* O 0 Seabridge Gld T 249 N 1844 Seabridge Gld* Search Mnls V 46 Searchlight* O 0 O 120 SearchlightMin* V 394 SearchlightRes Secova Mtls V 997 Secova Mtls* O 250 Sego Res V 165 Select Sands V 284 T 6647 Semafo Serabi Gold T 55 Serabi Gold* O 3 Serengeti Res V 186 Shamrock Ent 108 Sherritt Intl T 6210 V 1 Shoshoni Gold 15483 N Sibanye-Stillw* O 9 Sibanye-Stillw* O 32 Sidney Resrces* Sienna Res* O 3 Sienna Res V 89 Sierra Madre V 25 Sierra Metals T 203 X 106 Sierra Metals* V 13 Sigma Lithium O 13 Signature Res* V 415 Res Signature Silver Bear Rs* O 263 Silver Bear Rs T 518 Silver Bull Re* O 1114 Silver Bull Re T 617 Silver Grail V 326 Silver Hill* O 1 33 Silver Mtn Mns* O 3 Silver Mtn Mns V Silver Phoenix 1 O 60 Silver Predatr* Silver Predatr V 96 Silver Range* O 55 Silver Range V 140 Silver Scott* O 150 O 86 Silver Spruce* Silver Spruce V 650 Silver Viper V 8 T 2857 Silvercorp Met X 3910 Silvercorp Met* SilverCrest* X 1241 SilverCrest V 1639 O 50 Silverore Mns* O 5 Silverstar Res* Sirios Res* O 10 Sirios Res V 260 Sitka Gold 122 Sixty North* O 30 Sixty North 341 Skeena Res* O 90 Skeena Res V 637 Sky Gold V 3351 Sky Gold* O 1 O 305 Skyharbour Res* V 429 Skyharbour Res Slam Explor V 105 Sokoman Min V 683 O 26 Sokoman Min* SolGold plc T 25 SolGold plc* O 103 T 114 Solitario Ex&R X 189 Solitario Ex&R* Solstice Gold V 786 Sonora Gld & S V 520 Sonoro Mtls* O 194 Sonoro Mtls V 114 South32* O 20 O 40 Southern Arc* Southern Arc V 51 N 3464 Southern Copp* O 352 Southern Silvr* V 981 Southern Silvr T 38 SouthGobi Res Spanish Mtn Gd V 900 Spanish Mtn Gd* O 194 Sparton Res V 1153 Sparton Res* O 5 O 123 Spearmint Res* Spearmint Res 2099 Spey Resources 31 Sphinx Res V 117 Sprott Res Hld T 128 Spruce Ridge R V 217 SRG Mining V 115 SSR Mining* D 5269 SSR Mining T 1640 St Augustine T 162 St-Georges Eco 1353 O 250 St-Georges Eco* V 67 Stakeholdr Gld O 45 Stakeholdr Gld* O 832 Standard Graph* Standard Lith V 842 O 212 Standard Metal* Stans Energy V 699 O 267 Stans Energy* O 56 Star Diamond* Star Diamond T 311 Star Gold* O 55 O 5 Star Mountain* Starcore Intl T 161 Starr Peak Exp V 727 O 0 Steele Oceanic* Stellar Africa V 200 Stelmine Can V 116 Steppe Gold T 232 Sterling Grp* O 4 O 84 Stornoway Diam* T 2391 Stornoway Diam Stratabd Mnr V 148 Strateco Res* O 2 O 104 Strategic Metl* V 395 Strategic Metl Strategic Res V 95 Stria Lithium V 233 V 2293 Strikepoint Gd O 1461 Strikepoint Gd* V 712 Strongbow Expl O 15 Strongbow Expl* Stroud Res V 600 Stuhini Explor V 135 Sulliden Mng T 177 Sun Metals V 1294 Suncor Energy T 13698 N 14579 Suncor Energy* O 58 Superior Gold* Superior Gold V 578 Superior Mng V 750 Supreme Metals 531 V 36 Surge Copper Surge Explor* O 169 224 Explor V Surge Syrah Res* O 128

0.05 0.23 0.14 0.21 - 0.01 0.31 0.11 0.18 0.14 0.16 - 0.00 0.28 0.15 unch 0.00 0.35 0.23 0.19 0.21 4.60 8.98 8.35 8.48 - 0.02 8.98 3.48 6.85 6.34 6.45 - 0.07 6.85 0.08 0.08 0.08 unch 0.00 0.14 0.04 0.05 0.16 0.10 0.13 + 0.03 0.16 0.05 0.09 0.09 0.09 - 0.01 0.12 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.04 0.08 0.06 0.07 - 0.01 0.10 0.09 0.11 0.10 0.11 - 0.01 0.30 0.03 0.05 0.05 0.05 - 0.01 0.07 0.20 0.12 0.17 + 0.05 0.32 0.10 0.08 0.15 0.09 0.13 + 0.04 0.24 0.01 0.11 0.10 0.10 - 0.01 0.16 0.09 0.07 0.07 - 0.02 0.11 0.01 0.07 unch 0.00 0.13 0.07 0.07 0.07 0.39 0.40 0.00 0.40 - 0.04 0.89 0.30 unch 0.00 0.65 0.00 0.00 0.32 13.65 19.36 18.36 18.41 - 0.22 20.10 10.40 14.74 13.94 13.96 - 0.31 15.30 0.03 0.04 0.00 0.04 - 0.01 0.06 0.01 unch 0.00 0.15 0.00 0.00 0.02 0.01 0.05 0.05 0.05 + 0.00 0.07 0.02 0.03 0.03 0.03 - 0.01 0.07 0.02 unch 0.00 0.10 0.04 0.03 0.03 0.01 unch 0.00 0.07 0.02 0.02 0.02 0.03 unch 0.00 0.07 0.04 0.04 0.04 0.05 unch 0.00 0.51 0.06 0.05 0.06 2.24 5.53 5.22 5.33 - 0.13 5.57 0.45 1.06 0.85 0.90 - 0.15 1.20 0.65 unch 0.00 0.70 0.70 0.70 0.70 0.12 0.29 0.27 0.29 + 0.03 0.60 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.17 0.33 0.22 0.24 - 0.07 1.01 0.03 unch 0.00 0.08 0.00 0.00 0.04 2.02 5.31 5.02 5.09 - 0.09 5.35 0.53 1.28 0.00 1.28 + 0.15 1.28 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.03 0.04 0.00 0.04 - 0.00 0.10 0.04 unch 0.00 0.11 0.05 0.05 0.05 0.06 unch 0.00 0.15 0.06 0.06 0.06 1.55 2.08 1.70 1.93 + 0.23 3.66 1.15 1.55 1.27 1.46 + 0.18 2.73 1.59 1.95 0.00 1.91 + 0.01 2.40 0.03 0.05 0.04 0.05 + 0.00 0.10 0.04 unch 0.00 0.12 0.06 0.05 0.06 0.16 0.13 0.16 + 0.03 0.17 0.07 0.21 0.18 0.20 + 0.02 0.22 0.10 0.12 0.10 0.11 - 0.00 0.14 0.07 0.16 0.14 0.15 + 0.01 0.19 0.09 0.02 0.07 0.06 0.06 - 0.01 0.09 0.05 unch 0.00 0.18 0.05 0.05 0.05 0.01 0.01 0.01 - 0.00 0.02 0.01 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.03 unch 0.00 0.22 0.19 0.19 0.19 0.04 0.10 0.09 0.10 + 0.03 0.10 0.06 0.14 0.12 0.12 + 0.02 0.14 0.05 0.10 0.09 0.09 - 0.01 0.13 0.07 0.12 0.11 0.11 - 0.01 0.18 0.01 0.06 0.03 0.03 - 0.02 0.06 0.01 0.04 0.04 0.04 + 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.06 0.07 0.24 0.00 0.24 - 0.02 0.28 2.43 4.20 3.96 4.17 + 0.17 4.20 1.83 3.20 3.01 3.16 + 0.11 3.20 1.97 5.29 4.60 5.10 + 0.29 5.29 2.60 6.94 6.05 6.68 + 0.47 6.94 0.02 unch 0.00 0.03 0.03 0.03 0.03 0.01 unch 0.00 0.15 0.04 0.04 0.04 0.09 unch 0.00 0.20 0.13 0.13 0.13 0.12 0.18 0.17 0.17 - 0.01 0.28 0.04 0.13 0.12 0.12 - 0.01 0.18 0.03 unch 0.00 0.16 0.04 0.04 0.04 0.03 unch 0.00 0.24 0.06 0.00 0.05 0.19 0.31 0.27 0.28 - 0.02 0.52 0.27 0.41 0.36 0.36 - 0.02 0.70 0.03 unch 0.00 0.10 0.06 0.05 0.06 0.02 unch 0.00 0.06 0.04 0.04 0.04 0.23 0.24 0.22 0.22 - 0.03 0.44 0.30 0.32 0.30 0.30 - 0.02 0.57 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.07 0.01 0.58 0.11 0.09 0.11 + 0.00 0.08 0.07 0.08 + 0.01 0.45 0.35 0.51 0.48 0.51 + 0.02 0.76 0.27 0.41 0.35 0.37 + 0.00 0.58 0.26 0.41 0.00 0.41 + 0.01 0.60 0.19 0.32 0.30 0.32 + 0.00 0.54 0.11 0.22 0.19 0.22 - 0.01 0.27 0.05 0.00 0.04 unch 0.00 0.09 0.04 0.07 unch 0.00 0.16 0.14 0.13 0.13 0.07 0.19 0.17 0.17 - 0.02 0.20 2.08 2.27 2.13 2.27 + 0.14 2.98 0.20 unch 0.00 0.47 0.30 0.30 0.30 0.27 0.42 0.36 0.41 - 0.03 0.62 29.01 38.31 36.93 37.36 - 0.27 49.56 0.08 0.19 0.16 0.17 - 0.01 0.20 0.11 0.26 0.21 0.21 - 0.01 0.26 0.10 unch 0.00 0.18 0.16 0.14 0.14 0.11 0.08 0.09 unch 0.00 0.11 0.05 0.08 0.06 0.08 + 0.00 0.08 0.03 0.03 0.03 0.03 0.03 + 0.01 0.12 0.01 0.02 0.02 0.02 + 0.00 0.09 0.00 0.03 0.02 0.02 - 0.00 0.08 0.02 0.04 0.03 0.03 - 0.01 0.06 0.04 unch 0.00 0.16 0.05 0.04 0.04 0.03 unch 0.00 0.07 0.03 0.03 0.03 0.98 2.20 0.02 + 1.21 1.12 1.24 0.05 0.05 0.05 unch 0.00 0.13 0.02 0.64 1.07 0.95 0.97 - 0.03 1.43 16.24 15.48 15.91 + 0.05 16.24 8.11 10.71 21.30 20.34 20.96 + 0.26 21.30 0.02 0.03 0.02 0.03 + 0.01 0.03 0.04 0.13 0.11 0.11 - 0.01 0.25 0.03 unch 0.00 0.19 0.09 0.09 0.09 0.03 0.05 0.05 0.05 - 0.03 0.20 0.02 0.03 0.00 0.03 + 0.00 0.11 0.29 0.33 0.30 0.30 - 0.01 1.01 0.67 1.08 0.89 0.98 + 0.07 1.77 0.02 unch 0.00 0.20 0.04 0.04 0.04 0.02 0.10 0.08 0.10 + 0.02 0.10 0.01 0.08 0.05 0.06 - 0.01 0.08 0.14 0.17 0.16 0.16 - 0.01 0.29 0.19 0.23 0.21 0.21 - 0.01 0.38 0.02 0.05 0.00 0.05 + 0.02 0.30 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.07 0.14 0.12 0.12 + 0.01 0.16 0.40 0.00 0.37 - 0.01 0.40 0.09 0.55 unch 0.00 0.96 0.00 0.00 0.55 0.01 0.02 0.02 0.02 + 0.01 0.05 0.09 0.14 0.12 0.12 - 0.02 0.19 0.59 1.00 0.80 1.00 + 0.20 1.44 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.01 0.03 0.02 0.02 - 0.00 0.33 0.02 unch 0.00 0.44 0.03 0.03 0.03 0.06 0.08 0.07 0.07 - 0.02 0.39 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.21 0.32 0.27 0.31 + 0.03 0.35 0.28 0.42 0.37 0.40 + 0.03 0.44 0.16 0.53 0.00 0.53 - 0.01 0.70 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.11 0.15 0.13 0.15 + 0.02 0.24 0.08 0.12 0.10 0.11 + 0.01 0.18 0.06 0.08 0.07 0.08 + 0.01 0.22 0.04 0.04 0.00 0.04 - 0.00 0.17 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.19 unch 0.00 0.30 0.20 0.20 0.20 0.07 unch 0.00 0.29 0.10 0.09 0.09 0.12 0.58 0.49 0.54 + 0.05 0.65 35.53 41.20 38.66 39.01 - 1.68 55.47 25.81 31.33 29.38 29.64 - 1.51 42.55 0.33 0.69 0.64 0.69 + 0.05 1.04 0.44 0.97 0.83 0.89 + 0.04 1.36 0.06 unch 0.00 0.10 0.07 0.06 0.06 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.04 0.05 0.04 0.05 + 0.01 0.14 0.02 0.05 0.03 0.05 + 0.01 0.13 0.03 0.07 0.05 0.06 + 0.01 0.16 0.57 0.73 0.64 0.65 - 0.06 2.34

Taiga Gold* O 24 Taiga Gold 197 Tajiri Res V 737 Taku Gold* O 1 Taku Gold 363 Talisker Res* O 17 Talisker Res 195 Talmora Diamd 40 Talon Metals T 320

0.04 0.08 0.06 0.07 - 0.00 0.11 0.06 unch 0.00 0.16 0.10 0.08 0.10 0.04 0.04 0.04 0.04 - 0.01 0.12 0.02 0.05 0.00 0.05 - 0.00 0.12 0.03 unch 0.00 0.15 0.09 0.06 0.08 0.00 0.10 0.09 0.10 + 0.01 0.12 0.08 0.17 0.13 0.16 + 0.03 0.17 0.01 unch 0.00 0.06 0.03 0.03 0.03 0.07 unch 0.00 0.25 0.24 0.19 0.23

T

2019-07-29 1:38 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / AUGUST 5–16, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Tamino Mnrls* O 1256 Tango Mining V 582 Tanqueray Expl V 334 Tantalex Res 231 Tanzanian Gold T 93 X 712 Tanzanian Gold* Taranis Res* O 3 Taranis Res V 40 Tarku Res V 150 Tartisan Nick* O 4 Tartisan Nick 301 X 869 Taseko Mines* Taseko Mines T 1018 Tearlach Res V 15 Teck Res T 7799 Teck Res* N 17449 Teck Res T 11 64 Telson Res * O Telson Res V 68 Tembo Gold V 227 Tembo Gold* O 48 Teranga Gold T 2032 Teranga Gold* O 229 Teras Res* O 1 Teras Res V 83 Terraco Gold V 3007 Terrax Mnrls* O 75 Terrax Mnrls V 247 Terreno Res V 121 Teslin Rvr Res V 483 Tesoro Mnrls V 0 Tethyan Res V 96 Teuton Res V 1077 Teuton Res* O 108 Texas Mineral* O 436 Themac Res V 50 Thor Expl V 449 Thunder Mtn Gd V 14 25 Thunder Mtn Gd* O Thunderstruck V 94 Thunderstruck* O 306 Till Capital V 0 Timberline Res V 322 Timberline Res* O 93 Tinka Res* O 473 Tinka Res V 924 Tintina Mines V 71 Tisdale Res V 6 Titan Mining T 293 Titan Mining* O 1000 V 69 Titanium Corp TMAC Resource* O 3 TMAC Resources T 817 TNR Gold V 933 Toachi Mg Inc* O 40 Toachi Mg Inc V 1140 Tocvan Venture 162 Tombstone Expl* O 3399 O 38 Tonogold Res* Torex Gold* O 72 Torex Gold T 2556 Torq Resources* O 238 Torq Resources V 90 Tower Res* O 40 Tower Res V 560 Transatlantic V 335 Transatlantic* O 1015 Transition Met* O 20 V 398 Transition Met Treasury Metal T 849

0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.01 0.01 unch 0.00 0.04 0.01 0.65 0.58 0.58 - 0.07 1.13 0.58 0.05 0.04 0.05 + 0.01 0.12 0.02 1.40 1.23 1.25 - 0.04 1.56 0.34 1.06 0.95 0.96 - 0.03 1.20 0.25 0.06 0.00 0.06 unch 0.00 0.09 0.03 0.08 0.07 0.08 + 0.01 0.12 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.51 0.47 0.47 - 0.02 0.95 0.44 0.66 0.61 0.63 unch 0.00 1.25 0.60 0.15 0.15 0.15 unch 0.00 0.28 0.03 30.41 27.89 28.05 - 0.94 34.49 23.90 23.13 21.15 21.30 - 0.90 26.40 18.17 30.30 28.10 28.20 - 0.68 34.20 23.89 0.25 0.00 0.23 - 0.02 0.54 0.22 0.32 0.30 0.30 - 0.01 0.71 0.28 0.03 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.00 0.03 0.01 5.14 4.62 5.09 + 0.43 5.09 2.97 3.89 3.54 3.88 + 0.31 3.85 2.23 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.05 0.05 0.05 + 0.01 0.12 0.04 0.13 0.12 0.13 + 0.01 0.13 0.06 0.31 0.28 0.28 - 0.02 0.36 0.25 0.41 0.36 0.37 - 0.04 0.50 0.33 0.02 0.02 0.02 - 0.01 0.05 0.02 0.49 0.47 0.47 - 0.02 0.60 0.37 0.00 0.00 0.05 unch 0.00 0.06 0.05 0.46 0.40 0.40 - 0.05 0.85 0.14 0.39 0.26 0.34 + 0.08 0.39 0.10 0.26 0.20 0.26 + 0.08 0.26 0.07 0.45 0.39 0.40 - 0.02 0.57 0.10 0.06 0.06 0.06 unch 0.00 0.09 0.03 0.17 0.16 0.17 + 0.02 0.19 0.13 0.17 0.17 0.17 unch 0.00 0.17 0.14 0.10 0.07 0.10 + 0.01 0.13 0.03 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.04 0.03 0.03 unch 0.00 0.08 0.03 0.00 0.00 1.95 unch 0.00 2.56 1.45 0.11 0.09 0.11 + 0.01 0.16 0.07 0.08 0.06 0.08 + 0.02 0.13 0.00 0.17 0.14 0.14 - 0.03 0.39 0.14 0.22 0.18 0.19 - 0.04 0.50 0.18 0.05 0.04 0.04 unch 0.00 0.08 0.02 0.12 0.00 0.11 unch 0.00 0.56 0.10 0.40 0.34 0.34 - 0.06 1.40 0.31 0.31 0.27 0.31 unch 0.00 1.05 0.27 0.79 0.74 0.75 - 0.04 1.20 0.47 5.24 4.87 4.87 - 0.34 5.66 2.71 6.91 6.31 6.44 - 0.41 7.52 3.57 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.07 0.06 0.07 unch 0.00 0.15 0.04 0.08 0.08 0.08 unch 0.00 0.12 0.08 1.52 0.00 1.50 - 0.30 3.80 0.12 0.24 0.20 0.23 + 0.03 0.25 0.00 13.07 11.97 12.91 + 0.98 13.52 5.74 17.22 15.59 17.03 + 1.38 18.21 7.52 0.37 0.34 0.34 - 0.02 0.41 0.25 0.48 0.45 0.45 - 0.03 0.54 0.32 0.03 0.03 0.03 unch 0.00 0.10 0.01 0.06 0.05 0.06 + 0.01 0.11 0.02 0.06 0.00 0.05 - 0.02 0.16 0.02 0.06 0.05 0.06 unch 0.00 0.10 0.01 0.14 0.14 0.14 + 0.01 0.17 0.07 0.20 0.17 0.19 + 0.01 0.23 0.06 0.35 0.28 0.34 + 0.05 0.42 0.21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Treasury Metal* O 187 Trecora Res* N 217 Tres-Or Res* O 4 Tres-Or Res V 20 Trevali Mng* O 827 Trevali Mng T 6178 Tri Origin Exp V 210 Trifecta Gold* O 8 Trifecta Gold V 28 Trigen Res* O 40 Trilogy Mtls T 677 Trilogy Mtls* X 3732 O 79 TriMetals Mng* T 226 TriMetals Mng Trinity Res* O 0 Trinity Valley V 145 Trio Resources* O 1938 TriStar Gold* O 20 TriStar Gold V 101 Triumph Gold V 676 Triumph Gold* O 136 Troilus Gold* O 27 Troilus Gold T 448 V 286 Troubadour Res True Grit Res V 21 True North Gem* O 0 True North Gem V 0 Tsodilo Res V 205 Tudor Gold V 3619 Tudor Gold * O 1917 Turquoise HIl T 6009 Turquoise HIl* N 39015 TVI Pacific* O 481 TVI Pacific V 220 Typhoon Expl V 721

0.26 0.22 0.26 + 0.04 0.32 0.15 10.54 9.40 9.60 + 0.10 15.35 6.69 0.15 0.15 0.15 unch 0.00 0.15 0.01 0.19 0.16 0.16 - 0.04 0.35 0.15 0.20 0.17 0.18 - 0.03 0.63 0.18 0.27 0.23 0.24 - 0.04 0.82 0.24 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.03 0.02 0.03 + 0.00 0.08 0.02 0.04 0.04 0.04 + 0.01 0.12 0.04 0.25 0.24 0.24 unch 0.00 0.44 0.19 3.08 2.63 2.86 - 0.19 4.10 2.03 2.38 2.00 2.18 - 0.19 3.13 1.48 0.06 0.04 0.05 + 0.00 0.08 0.02 0.06 0.06 0.06 unch 0.00 0.10 0.03 0.00 0.00 0.01 unch 0.00 0.20 0.01 0.15 0.14 0.14 unch 0.00 0.15 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.13 0.00 0.13 - 0.00 0.16 0.07 0.18 0.16 0.17 unch 0.00 0.25 0.09 0.55 0.49 0.51 + 0.03 0.80 0.31 0.42 0.37 0.39 + 0.03 0.60 0.23 0.67 0.63 0.63 + 0.00 0.93 0.40 0.88 0.80 0.81 - 0.03 1.29 0.40 0.07 0.06 0.06 - 0.01 0.25 0.06 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.08 0.08 0.08 unch 0.00 0.14 0.00 0.00 0.00 0.05 unch 0.00 1.00 0.05 0.15 0.15 0.15 unch 0.00 0.52 0.12 0.67 0.48 0.59 + 0.09 0.67 0.20 0.51 0.37 0.45 + 0.07 0.51 0.15 0.83 0.73 0.75 - 0.08 3.82 0.74 0.64 0.55 0.57 - 0.06 2.95 0.55 0.01 0.00 0.01 + 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02

U.S. Gold* D 613 U.S. Lithium* O 94 U3O8 Corp* O 286 U3O8 Corp T 333 Ubique Mineral 0 UC Res* O 89 Ucore Rare Mtl V 536 Ucore Rare Mtl* O 808 UEX Corp T 1103 Ultra Lithium* O 16 Ultra Lithium V 3 Umbral Enrgy* O 388 Unigold* O 1 Unigold V 66 United Battery 146 United Battery* O 194 United Res Hdg* O 130 United States A* X 270 United States S* N 47000 Unity Metals V 426 Universal Cop V 319 Universal Cop* O 25 Universal Vent V 1015 Ur-Energy T 593 Ur-Energy* X 6734 Uragold Bay Rs V 1919 Uranium Energy* X 8845 Uranium Hunter* O 0 Uranium Res* D 146 Uravan Mnrls* O 25 Uravan Mnrls V 75 UrbanGold Min V 640

1.07 1.00 1.02 - 0.02 1.53 0.74 0.40 0.21 0.25 + 0.04 0.96 0.09 0.13 0.08 0.10 + 0.02 0.29 0.07 0.17 0.13 0.13 unch 0.00 0.35 0.10 0.00 0.00 0.08 unch 0.00 0.25 0.05 0.67 0.00 0.53 - 0.07 1.27 0.00 0.20 0.16 0.18 + 0.01 0.34 0.09 0.15 0.12 0.14 + 0.00 0.25 0.07 0.17 0.15 0.16 - 0.02 0.25 0.14 0.06 0.06 0.06 unch 0.00 0.17 0.05 0.08 0.00 0.08 + 0.01 0.22 0.08 0.46 0.39 0.39 + 0.01 0.54 0.11 0.10 0.10 0.10 - 0.00 0.14 0.07 0.15 0.00 0.14 unch 0.00 0.20 0.09 0.03 0.02 0.02 - 0.01 1.68 0.02 0.02 0.02 0.02 - 0.00 1.58 0.01 0.08 0.07 0.08 + 0.01 0.08 0.01 0.78 0.60 0.77 + 0.12 1.05 0.42 15.88 14.82 15.19 + 0.12 37.81 11.67 0.35 0.26 0.35 + 0.06 1.40 0.10 0.07 0.06 0.06 - 0.01 0.26 0.06 0.05 0.04 0.04 - 0.01 0.10 0.02 0.42 0.38 0.42 + 0.05 0.63 0.28 0.83 0.72 0.78 - 0.02 1.30 0.72 0.64 0.53 0.60 - 0.03 0.99 0.53 0.09 0.09 0.09 + 0.01 0.12 0.06 1.08 0.92 0.96 - 0.10 1.89 0.91 0.00 0.00 1.00 unch 0.00 2.60 0.26 4.81 3.75 3.90 - 0.89 19.89 3.50 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.04 0.03 0.04 unch 0.00 0.05 0.02 0.17 0.13 0.14 - 0.01 0.17 0.10

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

USCorp* O 45 N 72742 Vale* Valley High Mg* O 1064 O 55 ValOre Metals* ValOre Metals V 72 Valterra Res* O 50 Valterra Res V 590 O 106 Vanadian Enrgy* Vanadian Enrgy V 42 O 5 Vanadium One* Vanadium One V 418 O 71 Vanadiumcorp* Vanadiumcorp V 355 Vanstar Mng Rs* O 805 Vanstar Mng Rs V 696 4 Vantex Res * O Vantex Res V 21 Vela Minerals V 29 Velocity Mnrls* O 38 Velocity Mnrls V 482 Vendetta Mng V 1081 O 109 Vendetta Mng* Venture Mnrls* O 1220 Verde Potash T 12 Verde Res* O 3 Veris Gold* O 8 Vertical Expl V 29 Victoria Gold V 3518 Victory Metals* O 222 Victory Metals V 202 O 18 Victory Nickel* Victory Nickel 33 Victory Res 504 Virginia Enrgy* O 367 Virginia Enrgy V 226 Viscount Mng V 789 Visible Gold M V 294 Visible Gold M* O 23 Vision Lithium V 102 Vision Lithium* O 2 Vista Gold* X 2041 Vista Gold T 70 Viva Gold* O 74 Viva Gold V 85 Vizsla Res V 56 Volcanic Gold V 56 Volt Energy V 90 Voltaic Min V 46 Voyageur Min V 266 Voyageur Min* O 6 VR Resources* O 425 VR Resources V 522 Vulcan Mnrls V 178 VVC Expl V 2340

0.00 0.00 0.00 - 0.00 0.01 0.00 14.05 13.16 13.27 - 0.77 16.13 10.89 0.00 0.00 0.00 - 0.00 0.01 0.00 0.18 0.16 0.18 + 0.02 0.47 0.00 0.24 0.21 0.21 - 0.01 0.63 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.03 0.03 0.03 + 0.00 0.13 0.01 0.04 0.04 0.04 + 0.01 0.18 0.03 0.08 0.06 0.06 - 0.01 0.21 0.04 0.09 0.00 0.08 - 0.01 0.29 0.06 0.06 0.04 0.05 + 0.00 0.15 0.04 0.07 0.06 0.06 - 0.01 0.14 0.06 0.19 0.18 0.18 + 0.01 0.19 0.07 0.25 0.22 0.23 - 0.02 0.36 0.08 0.12 0.12 0.12 unch 0.00 0.22 0.12 0.26 0.15 0.15 - 0.10 0.40 0.14 0.15 0.15 0.15 unch 0.00 0.27 0.14 0.37 0.34 0.37 + 0.03 0.37 0.09 0.49 0.43 0.48 + 0.04 0.49 0.13 0.09 0.09 0.09 unch 0.00 0.22 0.09 0.07 0.06 0.07 + 0.00 0.17 0.06 0.02 0.02 0.02 - 0.00 0.02 0.01 0.53 0.51 0.52 + 0.01 1.18 0.50 0.03 0.02 0.03 - 0.00 0.10 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 0.04 0.04 - 0.01 0.14 0.03 0.41 0.39 0.40 + 0.01 0.55 0.30 0.47 0.44 0.45 + 0.00 0.57 0.44 0.67 0.57 0.60 + 0.02 0.77 0.38 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.00 0.02 unch 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.12 0.01 0.08 0.06 0.08 + 0.00 0.28 0.06 0.10 0.09 0.10 unch 0.00 0.37 0.08 0.27 0.22 0.27 + 0.06 0.29 0.15 0.11 0.09 0.09 unch 0.00 0.11 0.04 0.06 0.06 0.06 unch 0.00 0.06 0.03 0.07 0.07 0.07 + 0.01 0.33 0.05 0.04 0.04 0.04 unch 0.00 0.30 0.04 0.96 0.81 0.90 + 0.04 0.96 0.37 1.25 1.05 1.19 + 0.10 1.24 0.56 0.26 0.22 0.25 + 0.02 0.35 0.20 0.34 0.29 0.33 + 0.02 0.46 0.25 0.23 0.19 0.19 - 0.02 0.23 0.13 0.30 0.29 0.29 + 0.01 0.88 0.14 0.06 0.06 0.06 unch 0.00 0.13 0.03 0.12 0.10 0.10 - 0.02 0.28 0.10 0.08 0.05 0.08 unch 0.00 0.12 0.05 0.07 0.07 0.07 unch 0.00 0.10 0.04 0.23 0.18 0.18 - 0.01 0.24 0.09 0.25 0.24 0.24 - 0.01 0.34 0.12 0.04 0.03 0.04 + 0.01 0.07 0.03 0.04 0.03 0.03 - 0.01 0.05 0.02

Walker Lane* O 15 Walker River* O 110 Walker River V 305 Wallbridge Mng T 5637 Warrior Gold V 283 Warrior Gold* O 6 Wealth Mnrls V 194 Wealth Mnrls* O 327 Wescan Gldflds V 0 Wesdome Gold* O 947 Wesdome Gold T 3900 West High Yld V 304 West Kirkland V 291

0.27 0.20 0.20 - 0.07 0.40 0.05 0.14 0.13 0.13 - 0.00 0.19 0.08 0.19 0.17 0.17 - 0.01 0.27 0.05 0.44 0.37 0.40 - 0.02 0.47 0.08 0.08 0.08 0.08 unch 0.00 0.12 0.04 0.06 0.00 0.06 unch 0.00 0.09 0.03 0.40 0.37 0.40 + 0.01 0.94 0.31 0.31 0.29 0.31 + 0.02 0.73 0.22 0.00 0.00 0.05 unch 0.00 0.11 0.01 5.18 4.65 4.92 + 0.14 5.18 2.00 6.79 6.17 6.46 + 0.19 6.79 2.95 0.23 0.19 0.20 - 0.01 0.60 0.19 0.07 0.06 0.06 - 0.01 0.07 0.03

W-Z

(100s) Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

West Kirkland * O 198 70 West Red Lake* O West Red Lake 221 Western Atlas V 113 Western Copper T 160 X 447 Western Copper* Western Mag V 1591 O 473 Western Mag* Western Pac Rs* O 6 8 Western Pac Rs V Western Potash T 405 Western Res* O 3 Western U&V 110 O 159 Western U&V* Westhaven Vent* O 94 V 289 Westhaven Vent Westkam Gold* O 181 V 1790 Westkam Gold Westminster Rs V 357 Westmoreland* O 126 WestMountain* O 0 Wheaton Prec M* N 13001 Wheaton Prec M T 4478 O 13 White Energy* White Gold* O 49 White Gold V 1415 White Metal R* O 8 White Metal Rs V 350 White Mtn Engy* O 3450 Whitehaven Coa* O 13 V 3 Whitemud Res Wildsky Res* O 0 Wildsky Res V 22 Winston Gold* O 333 Winston Gold 577 Winston Res 413 Wolfden Res* O 62 Wolfden Res V 232 Wolfeye Res V 424 Worldwide Res V 189 X-Terra Res V 181 Xanadu Mines T 210 Xiana Mng V 6 Ximen Mining V 579 Ximen Mining* O 4 Xtierra Inc V 850 Xtra-Gold Res T 26 Xtra-Gold Res* O 1 Yamana Gold T 13026 Yamana Gold* N 81587 O 1 Yanzhou Coal* Yorbeau Res T 673 You Han Data* O 2 Zadar Ventures V 31 Zanaga Iron* O 1 Zanzibar Gold 89 Zara Res* O 1034 ZEN Graphene* O 18 ZEN Graphene V 237 Zena Mining V 34 Zephyr Mnls V 220 Zephyr Mnls* O 29 Zimtu Capital V 40 Zinc One Res V 1089 Zinc One Res * O 397 Zincore Mtls* O 0 ZincX Res* O 65 ZincX Res V 69 Zonte Metals* O 15 Zonte Metals V 124

0.05 0.04 0.05 unch 0.00 0.06 0.02 0.06 0.04 0.06 - 0.00 0.09 0.03 0.08 0.06 0.07 - 0.01 0.12 0.05 0.08 0.06 0.08 + 0.02 0.12 0.05 0.96 0.85 0.96 + 0.08 1.08 0.52 0.73 0.64 0.72 + 0.06 0.83 0.35 0.25 0.18 0.21 + 0.02 0.35 0.03 0.19 0.14 0.16 + 0.02 0.43 0.02 0.21 0.00 0.21 + 0.04 0.62 0.01 0.35 0.00 0.35 + 0.08 1.08 0.27 0.39 0.31 0.33 - 0.04 0.55 0.11 0.26 0.00 0.24 - 0.02 0.41 0.08 1.18 0.90 0.93 - 0.07 3.32 0.63 0.81 0.69 0.70 - 0.08 2.70 0.66 0.66 0.57 0.66 + 0.10 1.03 0.11 0.87 0.74 0.86 + 0.12 1.43 0.14 0.01 0.00 0.01 + 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.04 0.03 0.03 - 0.01 0.12 0.03 0.02 0.00 0.01 + 0.00 0.20 0.01 0.00 0.00 3.00 unch 0.00 3.00 3.00 27.50 26.76 27.06 + 0.33 27.50 15.08 36.11 35.03 35.64 + 0.73 36.09 19.87 0.55 0.55 0.55 unch 0.00 0.55 0.23 0.96 0.86 0.92 - 0.04 1.44 0.46 1.25 1.14 1.19 - 0.07 2.00 0.54 0.04 0.04 0.04 + 0.00 0.15 0.02 0.06 0.05 0.06 - 0.01 0.19 0.04 0.04 0.02 0.02 - 0.00 0.05 0.00 2.58 2.58 2.58 unch 0.00 4.00 2.58 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.06 unch 0.00 0.77 0.05 0.09 0.00 0.09 - 0.01 1.01 0.06 0.05 0.03 0.05 - 0.00 0.07 0.02 0.07 0.05 0.06 + 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.13 0.11 0.11 - 0.01 0.33 0.10 0.16 0.15 0.16 - 0.01 0.43 0.14 0.78 0.69 0.77 + 0.05 0.93 0.50 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.10 0.09 0.09 unch 0.00 0.17 0.07 0.07 0.05 0.06 + 0.02 0.17 0.04 0.38 0.00 0.38 - 0.01 0.61 0.31 0.76 0.63 0.66 - 0.08 0.86 0.14 0.57 0.53 0.53 - 0.01 10.27 0.11 0.06 0.05 0.06 + 0.01 0.07 0.03 0.38 0.35 0.38 + 0.02 0.47 0.23 0.30 0.30 0.30 + 0.03 0.45 0.11 3.91 3.59 3.82 + 0.11 4.20 2.41 2.97 2.73 2.90 + 0.05 3.23 1.78 0.93 0.92 0.93 + 0.03 1.22 0.90 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.65 0.65 0.65 unch 0.00 4.06 0.60 0.12 0.00 0.11 - 0.01 0.65 0.08 0.13 0.13 0.13 unch 0.00 0.14 0.10 0.16 0.12 0.16 + 0.04 0.32 0.10 0.19 0.13 0.13 - 0.05 0.63 0.04 0.26 0.25 0.25 + 0.00 0.47 0.23 0.34 0.30 0.31 - 0.01 0.63 0.30 0.07 0.05 0.05 - 0.02 0.09 0.05 0.31 0.30 0.30 + 0.01 0.34 0.15 0.23 0.23 0.23 + 0.00 0.54 0.11 0.21 0.20 0.20 - 0.01 0.35 0.20 0.03 0.02 0.03 unch 0.00 0.19 0.02 0.03 0.01 0.01 - 0.01 0.16 0.01 0.00 0.00 0.01 unch 0.00 0.06 0.01 0.13 0.11 0.11 - 0.00 0.48 0.11 0.16 0.15 0.16 - 0.01 0.64 0.14 0.19 0.19 0.19 + 0.03 0.30 0.12 0.27 0.25 0.26 + 0.02 0.41 0.17

BID-ASK — JULY 22–26, 2019

STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration African Metals Alba Minerals Alchemist Mng Alexandra Cap Allante Res Altan Rio Min Altiplano Met American CuMo American Uran Anconia Res Anglo-Bomarc Angus Ventures Antler Hill Arcturus Vent Arcus Dev Grp Argex Titanium Armor Min Arrowstar Res Asbestos Corp Ashanti Sanko Atlanta Gold Atlantic Indus Aurelius Min Awale Res Balto Res Banro Corp* Barker Min Barolo Venture BC Moly Bearclaw Cap Benton Res Bessor Min BHK Mining Black Bull Res Black Mammoth Blackheath Res Bond Resources Boss Power Brigadier Gold Broadway Gold Brunswick Res Bullion Gold Cairo Res Calibre Mng Camrova Res Canada Coal Canada One Canadian Silv Canex Energy Caracara Silvr Cariboo Rose CAT Strategic Cautivo Mining Central Iron Cerro de Pasc Cerro de Pasc Cerro Mng Chinapintza Mg CIM Intl Grp Cliffmont Res Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Comet Inds Confedertn Mls Contintl Prec Copper One Crest Resource Cresval Cap CWN M’g Acq Cyntar Venture Cyprium Mng Discovery-Corp EastCoal Inc Electra Stone Empress Res ePower Metals Essex Minerals Eurotin Everton Res Evolving Gold Excalibur Res Fabled Copper Fengro Industr Fieldex Expl Finore Mng Fire River Gol Firebird Res Firestone Vent First Idaho First Mexican Five Star Diam

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

20-23_AUGUST5_StockTables.indd 23

0.23 0.25 0.25 0.25 0.06 0.09 0.06 0.15 0.16 0.16 0.28 0.08 0.08 0.06 0.08 ... ...

0.50 0.93 0.25 0.25 0.16 0.20 ...

0.01 0.01 0.02 0.09 0.10 0.09 0.35 0.06 0.07 0.06 0.11 0.06 0.25 0.06 0.07 0.01 0.01 0.01 0.02 0.08 0.08 0.15 ... ...

0.29 0.45 0.10 0.10 0.10 0.10 1.00 1.00 0.08 0.15 0.03 0.04 0.04 0.06 0.01 0.01 0.02 0.06 0.40 0.48 0.43 0.59 0.01 0.01 0.12 0.46 0.80 0.45 0.55 0.03 0.03 0.03 0.05 0.03 0.04 0.03 0.05 0.01 0.02 0.02 0.04 0.13 0.14 0.14 0.15 0.08 0.11 0.10 0.15 0.08 0.10 0.10 0.15 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.02 0.25 0.33 0.26 0.30 0.04 0.07 0.04 0.06 0.03 0.03 0.03 0.05 0.07 0.07 0.06 0.07 0.05 0.07 0.06 0.20 0.02 0.02 0.02 0.10 0.18 0.10 0.04 0.06 0.02 0.11 0.01 0.02 0.01 0.03 0.16 ...

0.16 0.20 0.17 0.20 0.17 0.14 0.17 0.15 0.25 0.07 0.07 0.08 0.18 ... 0.03 0.03 0.05 0.06 0.15 0.10 0.47 0.32 0.39 0.30 0.39 0.68 0.68 0.58 0.75 0.05 0.07 0.07 0.09 0.02 0.04 0.02 0.08 0.03 0.05 0.03 0.10 0.01 0.01 0.06 ... ...

0.17 0.25 0.11 0.11 0.11 0.11 0.04 0.05 0.04 0.05 0.04 ...

0.04 0.15 0.09 0.18 0.11 0.39 0.02 0.02 0.02 0.05 0.32 0.32 0.32 0.37 ... ...

0.29 0.34 0.26 0.45 0.26 0.42 0.02 0.10 0.02 0.03 0.19 0.30 0.19 0.63 0.11 0.13 0.11 0.90 1.45 3.20 1.43 7.17 0.03 0.04 0.04 0.08 0.03 0.05 0.05 0.08 2.75 3.50 3.15 3.60 0.23 0.25 0.23 0.40 0.35 0.38 0.30 0.46 0.10 0.10 0.15 0.18 0.10 0.12 0.10 0.16 0.02 0.03 0.03 0.05 0.04 0.07 0.07 0.08 0.10 0.20 0.10 0.15 0.03 0.03 0.03 0.01 0.01 0.01 0.02 0.06 0.15 0.06 0.30 0.01 0.02 0.01 0.04 0.05 0.05 0.14 0.30 0.30 0.15 0.31 0.05 0.06 0.06 0.12 0.01 0.03 0.01 0.13 0.03 0.03 0.03 0.04 0.08 0.08 0.08 0.10 0.09 0.10 0.10 0.11 0.01 0.33 0.08 0.09 0.02 0.03 0.02 0.12 0.10 0.14 0.19 0.12 0.12 0.11 0.03 0.07 0.09 0.02 0.03 0.02 0.05 0.05 0.07 0.06 0.10 0.09 0.25 0.03 0.03 0.01 0.01 0.01 0.06 0.05 0.08 0.07 0.12

LOW

0.20 0.04 0.04 0.25 0.10 0.01 0.07 0.05 0.06 0.01 0.15 0.08 0.05 0.03 0.02 0.30 0.33 0.02 0.03 0.01 0.03 0.06 0.05 0.10 0.01 0.09 0.03 0.03 0.04 0.05 0.02 0.01 0.11 0.05 0.06 0.02 0.09 0.24 0.30 0.06 0.02 0.02 0.11 0.08 0.02 0.04 0.08 0.02 0.22 0.12 0.26 0.01 0.19 0.05 0.98 0.02 0.03 2.60 0.12 0.30 0.10 0.08 0.02 0.03 0.07 0.01 0.05 0.03 0.15 0.03 0.01 0.02 0.07 0.01 0.04 0.02

0.02 0.04 0.03 0.01 0.05

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Four Nines Frontline Gold Full Metal Mnl Galway Gold Gem Intl Res Generic Gold Gentor Res Gespeg Res GFM Res Global Cop Grp Global Vanad GobiMin God’s Lake Res Goldbank Mng Goldbelt Emp Golden Lake Goldstream Mnl Graphite Egy Gray Rock Res Great Lakes Gr Great Quest Fe Great Thunder Green Arrow Green Valley M Grosvenor Res Guerrero Vents Helio Res HFX Holding Highbury Proj Highvista Gold Highway 50 Gld IEMR Res Indico Res Indigo Expl Infinite Lith Inform Res Inomin Mines Inspiration Mg Interconnect Intl Battery Intl Corona Intl Millm Mng Intl Prospect Iron South Mng Jasper Mining Jazz Res JDF Explor Inc Jubilee Gold Kal Minerals Karam Min Karoo Expl Kenna Res Kesselrun Res Kings Bay Res Knick Expl La Imperial Latin American Latin Metals Le Mare Gold Leo Res Lithion Energy Lithium Energy Lovitt Res Lund Enterpr Madeira Mrnls MAG Silver* Magnitude Mng Manado Gold Martina Mnls Mazarin McChip Res Meadow Bay Gd Mega Copper Mesa Expl Metalo Manuf Micrex Dev Midasco Cap MillenMin Vent Millstream Min Milner Con Slv Minecorp Egy Mineral Hill Minsud Res Monster Uran Montana Gold Montego Res Mountain Lake MX Gold Navy Res Nebu Res New Jersey Mng New Klondike New Stratus

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

0.15 0.25 0.15 0.40 0.01 0.01 0.01 0.02 0.01 0.10 0.10 0.12 0.13 0.12 0.19 0.01 0.02 0.02 ... 0.19 0.06 0.30 0.06 0.07 0.07 0.10 0.02 0.02 0.02 0.05 0.05 0.10 0.05 0.05 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 ... 0.39 0.28 0.45 5.50 5.95 5.50 5.75 0.08 0.24 0.11 0.17 0.01 0.03 0.02 0.12 ...

0.14 0.14 0.02 0.05 0.05 0.14 0.13 0.30 0.47 1.35 0.07 0.08 0.06 0.15 0.05 0.05 0.04 0.06 0.10 0.10 0.10 0.14 0.03 0.03 0.03 0.03 0.02 0.03 0.02 0.04 0.10 0.20 0.20 2.00 0.10 0.15 0.08 0.20 0.03 0.12 0.08 0.15 0.04 0.07 0.06 0.10 0.05 0.08 0.05 0.06 0.24 0.69 0.24 0.25 ... ...

0.17 0.15 0.20 0.15 0.48 0.01 0.02 0.01 0.03 ... 0.01 0.01 0.02 0.01 0.02 0.02 0.02 0.26 0.29 0.28 0.32 0.04 0.07 0.04 0.14 0.03 0.04 0.04 0.07 0.04 0.04 0.03 0.06 0.06 0.09 0.07 0.11 ... ...

0.31 ... 0.04 0.04 0.05 0.02 0.02 0.03 0.03 0.12 0.13 0.15 0.21 0.24 0.27 0.24 0.28 ... 0.10 0.09 0.29 0.04 0.06 0.04 0.06 0.04 ...

0.04 0.05 0.42 0.59 0.60 0.64 0.08 0.20 0.25 0.25 0.05 ...

0.12 0.15 0.03 0.03 0.04 0.18 0.13 0.16 0.15 0.04 0.04 0.04 0.09 0.04 0.04 0.04 0.06 0.01 0.01 0.01 0.02 0.02 0.25 0.04 0.07 0.01 0.01 0.02 0.03 0.03 0.04 0.03 0.16 0.05 0.07 0.06 0.18 ... ...

1.09 ... ...

0.10 0.01 0.01 0.10 0.37 0.08 0.13 0.10 0.10 0.01 0.18 0.13 0.25 ... ...

0.03 0.04 12.52 13.30 12.52 14.40 0.15 0.20 0.16 0.20 0.01 0.01 0.05 0.05 0.05 0.12 0.12 0.12 0.07 0.09 0.07 0.18 0.59 0.77 0.70 0.93 0.02 0.02 0.04 0.07 0.16 0.20 0.16 0.18 0.02 0.02 0.06 0.20 0.25 0.17 0.45 0.02 0.02 0.01 0.20 0.20 0.09 0.11 0.01 0.50 0.05 0.04 0.06 0.04 0.05 0.07 0.05 0.11 ... ...

0.12 0.20 0.01 0.15 0.15 0.20 0.06 0.10 0.08 0.09 0.06 0.22 0.08 0.32 0.09 0.10 0.10 0.10 ... 0.01 0.05 0.31 ... ...

0.05 0.11 0.11 0.11 0.11 0.28 0.15 0.22 0.04 0.04 0.04 ...

0.22 0.17 0.20 0.01 0.01 0.01 0.10 0.39 0.40

0.10 0.01 0.10 0.03 0.05 0.02 0.04 0.04 0.16 0.20 1.51 0.07 0.12 0.04 0.02 0.05 0.02 0.06 0.01 0.02 0.06 0.08 0.06 0.05 0.05 0.17 0.14 0.01 0.01 0.01 0.12 0.03 0.02 0.02 0.04 0.03 0.02 0.11 0.04 0.08 0.03 0.01 0.54 0.12 0.05 0.04 0.03 0.03 0.01 0.04 0.01 0.02 0.03 0.09 0.07 0.11 0.02 6.12 0.14 0.04 0.04 0.06 0.62 0.03 0.16 0.10 0.09 0.02 0.07 0.09 0.01 0.08 0.02 0.03 0.15 0.15

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

New World Res Newmac Res Nexco Res Northern Uran Nrthn Lion NSGold Odyssey Res Origin Gold Pac Arc Res Pac Cascade Pacific Silk Pan Andean Min Parallel Mng Patriot Gold Pedro Res Philippine Mtl Phoenix Gold Plata Latina Plate Res Platinex Inc Primary Energy Prism Res ProAm Expl Project One Quantum Cobalt Rain City Rare Element* Rathdowney Res Razore Rock Res Red Oak Mg Regency Gold Reliant Gold Remington Res Resource Cap Riley Resource Rizal Res Rochester Res Rockland Mnls Rojo Res Rosita Mg Corp Ross River Rover Metals Rubicon Mnrls* Sage Gold Saint Jean Scotch Creek Sennen Potash Shine Minerals Sierra Madre Silver Phoenix Slam Explor Slave Lake Zn SouthGobi Res Spey Resources Superior Mng Surge Explor Tarku Res Tearlach Res Tesoro Mnrls Tiger Intl Till Capital TomaGold Tri-River Vent Trident Gold Troy Enrgy True Grit Res True North Gem Trueclaim Expl Tsodilo Res Ubique Mineral Upper Canyon Uravan Mnrls Val-d’Or Mg Vale* ValOre Metals Vangold Res Vatic Vent Venerable Vent Visible Gold M Volt Energy Waseco Res Wescan Gldflds Westcot Vent Western Troy C Whitemud Res Worldwide Res Xander Res Zara Res Zenith Explor Zinco Mng Zincore Mtls

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

0.25 0.25 0.21 0.30 0.05 0.12 0.09 0.10 0.03 0.15 0.04 0.28 0.01 0.01 0.01 0.02 0.23 0.30 0.24 0.46 0.09 0.38 0.10 0.15 0.03 0.07 0.03 0.06 0.10 0.11 0.10 0.14 0.24 0.49 0.23 0.45 0.01 0.02 0.01 0.03 0.04 0.03 0.05 0.05 0.09 0.09 0.10 0.03 0.04 0.04 0.08 0.06 0.10 0.04 0.10 0.15 0.20 0.19 0.29 0.08 0.12 0.08 0.14 0.02 0.02 0.05 0.07 0.04 0.04 0.03 0.05 0.03 0.05 0.03 0.08 0.06 0.06 0.04 0.10 0.42 0.42 0.40 1.10 0.03 0.04 0.03 0.06 0.02 0.03 0.02 0.04 0.20 0.25 0.20 0.30 ... ...

1.10 3.15 0.05 0.10 0.05 0.14 0.11 0.16 0.15 0.89 0.06 0.11 0.11 0.14 0.05 0.10 0.09 0.11 0.03 0.07 0.03 0.08 0.13 0.13 0.20 0.23 ... 0.02 0.02 0.16 0.24 0.17 0.26 ... ...

0.01 0.05 0.20 0.28 0.20 0.41 0.01 0.02 0.02 0.05 0.03 0.04 0.03 0.06 0.07 0.08 0.08 0.11 ... 0.19 0.19 0.30 0.03 0.04 0.04 0.08 ...

0.26 0.26 0.26 0.05 0.06 0.07 0.09 ... ...

0.03 1.35 0.01 0.01 0.02 0.04 0.04 0.04 0.06 0.08 0.10 0.07 0.13 0.22 1.00 0.45 0.45 0.09 ...

0.14 0.16 0.06 0.20 0.06 0.15 0.18 0.23 0.19 0.22 0.02 0.02 0.02 0.05 0.07 0.09 0.06 0.13 0.14 0.18 0.14 0.18 0.04 0.06 0.04 0.16 0.06 0.09 0.06 0.10 0.39 0.44 0.39 0.23 0.02 0.03 0.02 0.05 0.15 0.18 0.15 0.28 0.05 0.06 0.05 0.06 0.07 0.12 0.06 0.15 1.88 3.10 1.95 2.56 0.05 0.05 0.05 0.07 ... ...

0.04 0.15 0.20 0.16 0.18 0.03 0.10 0.03 0.04 0.01 0.02 0.01 0.07 0.07 0.13 0.05 1.00 0.07 0.11 0.10 0.16 0.13 0.15 0.15 0.52 0.07 0.10 0.08 0.25 0.75 0.75 0.25 0.38 0.03 0.04 0.04 0.05 0.07 0.09 0.08 0.14 ... ...

10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.13 0.06 0.06 0.10 0.14 0.07 0.17 0.06 0.13 0.08 0.11 0.09 0.11 0.06 0.06 0.06 0.13 0.04 0.04 0.04 0.05 0.04 0.05 0.05 0.11 ... ...

0.35 0.06 0.10 0.10 0.10 0.01 0.02 0.01 0.03 0.03 0.12 0.03 0.07 0.13 ...

0.09 0.12 ... ...

0.07 0.22 0.14 0.21 0.19 0.20 0.05 0.07 0.05 0.03 0.05 0.05 0.08

0.13 0.06 0.04 0.01 0.15 0.07 0.02 0.07 0.20 0.02 0.03 0.02 0.04 0.16 0.04 0.04 0.02 0.03 0.03 0.08 0.03 0.02 0.20 0.20 0.05 0.06 0.03 0.06 0.03 0.14 0.16 0.01 0.15 0.01 0.03 0.01 0.10 0.03 0.10 0.03 0.03 0.02 0.07 0.45 0.08 0.06 0.03 0.02 0.06 0.10 0.04 0.06 0.03 0.02 0.03 0.05 0.05 1.45 0.04 0.14 0.01 0.01 0.05 0.07 0.12 0.05 0.17 0.02 0.08 6.57 0.07 0.03 0.06 0.06 0.04 0.03 0.02 0.01 0.03 0.01 0.02 0.03 0.07 0.04 0.03

2019-07-29 1:38 PM