The Northern Miner August 7 2017 Issue by The Northern Miner Group

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GT Gold surges on greenfield discovery BC’S GOLDEN TRIANGLE

| Tatogga gold property shows high grades

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

T Gold (TSXV: GTT; US-OTC: GTGDF) has unearthed the first noteworthy greenfield gold discovery of the current exploration wave in northwestern B.C.’s historic Golden Triangle region. On July 25, the company tabled assays from 20 reversecirculation (RC) drill holes at its Tatogga property, highlighted by 13 grams gold per tonne over 10.7 metres from 7 metres deep in hole 8. More intercepts include: 17.41 grams gold over 9.1 metres from 46 metres deep in hole 19; 15.33 grams gold over 8.8 metres from 5.5 metres deep in hole 22; and 10.7 grams gold over 9.1 metres from 14.3 metres deep in hole 20. The 308 sq. km property sits 70 km south of Dease Lake on the Klastline Plateau, and is accessible from Highway 37. GT Gold is targeting its Saddle South prospect, which hosts a 1.5 km, east–west anomaly with an “irregular core” of gold-in-soil values and grades of more than 0.5 gram gold. The company expedited its drill program after reporting 58 soil samples that averaged 7.45 grams gold at the target last year. “The market is starved for discoveries, and they are becoming harder to find. It’s nice to deliver one and see the results have an impact,” president and CEO Kevin Keough says during an interview.

“We needed to show not only grade, but also widths and continuity, and we see promising signs at Saddle South. It’s been a pleasant surprise because, due to a lack of exposure, we only had the soil anomaly to guide us.” The mineralization at Saddle reportedly varies, but is described as transitional, low-sulphidation epithermal. The company notes that “higher-grade sections are characterized by decimetre- to metre-scale, quartzcarbonate, semi-massive to massive sulphide veins and vein-breccias dominated by pyrite, but also containing subordinate sphalerite, galena, chalcopyrite and probable sulphosalts.” The mineralized zones appear to trend east–west, with a moderate to steeply south-dipping structure. GT Gold is using portable X-ray fluorescence (XRF) analyzers to screen RC drill chips for the Tatogga pathfinder elements arsenic, lead and zinc. The company says that sulphide minerals in early RC visual drill results, along with analytical results from the XRFs, could guide further drilling to find the source of the gold-in-soil anomaly. “We don’t know if we have ‘nuggety’ gold. We’re starting mineralogy work to have a good look,” Keough says. “We haven’t found visible gold yet, but it’s there, and we need to understand that association. We tend to know we’re into the high-grade gold portion whenever we see XRF high values of the pathfinder elements. You also

NexGen says Arrow ‘in a class of its own’ URANIUM

| Drill results expand Arrow beyond its PEA, CEO Curyer says BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

exGen Energy (TSX: NXE; NYSE-MKT: NXE) has unveiled its first tentative mine plan for the Rook I uranium project along the southwestern edges of Saskatchewan’s Athabasca basin. The company’s newly released preliminary economic assessment (PEA) outlines a 1,450-tonne-perday underground mine with a 17year life. The study estimates initial capital expenses of $1.2 billion. The mine plan is underpinned by the Arrow deposit, which hosts 1.18 million indicated tonnes grading 6.88% uranium oxide (U3O 8) for nearly 180 million contained lb., and 4.25 million inferred tonnes at 1.3% U3O8 for 122 million contained See NEXGEN / 2

See GT GOLD / 2 PM40069240

A helicopter hovers above a drill site on the Saddle South zone in July 2017 at GT Gold’s Tatogga gold property in northwest British Columbia. GT GOLD

BANRO: ROLLING WITH THE PUNCHES IN THE DRC / 5

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The exploration camp at NexGen Energy’s Rook I uranium project along the southwestern edge of Saskatchewan’s Athabasca basin. NEXGEN ENERGY

NexGen says Arrow deposit ‘in a class of its own’ NEXGEN From 1

pounds. The company notes the PEA doesn’t include 66,000 metres of drilling from the past six months. “Recent drill results have materially expanded Arrow beyond the PEA footprint,” NexGen CEO Leigh Curyer said during a conference call. “We announced the discovery of Arrow South on a separate conductor. This study indicates that [the project] is a phenomenal, economically powerful mineral asset in its current state.” Arrow is reportedly a good candidate for long-hole stope mining “due to its stacked high-grade veins and continuity on strike, dip and vertical extent.” NexGen says the deposit’s geometry would allow for 93% of the resource to be converted into “mineable resources.” Mined material would be fed into a conventional uranium processing plant, where recovery could reach 96% over the mine life. The operation would generate 18.5 million lb. U3O8 annually over the life-of-mine at total unit operating costs of $8.37 per pound. The PEA assumes that uranium output would be front-end loaded, with annual production in the first five years averaging 27.6 million lb. U3O8 . NexGen’s base case assumes US$50 per lb. U3O 8 , which would generate a 56.7% after-tax internal rate of return (IRR) and 1.1-year payback period, as well as a $3.5-billion net present value (NPV) at an 8% discount rate. Assuming a US$25 per lb. U3O8 price, Rook I’s economics include a 27% IRR, 2.4-year payback period and $1-billion NPV. “We’ve put significant effort into looking at the uranium market during the time Arrow could realisti-

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“THE STUDY SHOWS THAT ARROW IS IN A CLASS OF ITS OWN ... NOT JUST IN TERMS OF URANIUM, BUT ACROSS OTHER MINERAL COMMODITIES AND FROM A GLOBAL ECONOMIC PERSPECTIVE.” LEIGH CURYER CEO, NEXGEN ENERGY

cally begin production. [Research] indicates a supply deficit emerging,” Curyer said. “Projects with these economic outcomes are rare. The minimal payback period will provide the company with outstanding financing options, which will help us keep the share structure optimally tight. It is our mission to make Arrow the leading — and most profitable — source of mined uranium.” NexGen hopes to lower the surface footprint of the project by using cemented paste-fill tailings. The waste material would be mixed with cement and delivered underground to backfill stopes, with excess tailings placed in an underground storage facility. Curyer said the design could set a “new environmental standard globally.” The company plans to complete a prefeasibility study on Arrow by mid-2018, which could lead to more substantive permitting. NexGen closed a US$110-million financing with Hong Kong’s CEF Holdings in July comprised of US$50 million in equity and US$60 million in unsecured convertible debentures. The company issued 24 million shares priced at $2.70, while the debentures carry a 7.5% coupon rate over a five-year term and can be converted into equity at US$2.69 per share.

“The allocation of dollars and drill rigs is something we deal with on a daily basis. There are more resources to define at Arrow, both in terms of the existing footprint and on the extensions,” Curyer said. “We’re still early in the game in terms of understanding the size, and Arrow South mirrors what we already see. It could also be a similar size.” The company has discovered uranium 400 metres south of its Arrow resource, where two exploration drill holes cut “a large and robust uraniferous alteration system” defined by narrow massive pitchblende veining and off-scale radioactivity. NexGen is planning a 25,000-me-

NexGen Energy CEO Leigh Curyer (far right) with workers at the Rook I uranium project in Saskatchewan. NEXGEN ENERGY

tre development and exploration program in mid-year with seven drill rigs. The company’s shares gained 11¢ on 1.5 million shares traded after the PEA was released and closed at $3.15 per share at press time. NexGen has 338 million shares

outstanding for a $1.1-billion market capitalization. “The study shows that Arrow is in a class of its own,” Curyer said. “Not just in terms of uranium, but across other mineral commodities and from a global economic perspective.” TNM

GT Gold surges on discovery GT GOLD From 1

see a lot of sulphide in the core.” The company completed 2,500 metres of HQ-diameter diamond drilling, and assay results should be released in August. GT Gold plans to move to fulltime diamond drilling at Tatogga, and bring in a second rig. It will also test the Saddle North target, which lies 200 metres below Saddle South’s upland ridge and tableland. “Saddle North looks promising. There’s better exposure down there, and it has never seen a drill hole,” Keough says.“Our latest geophysical work painted a lovely induced-polarization anomaly along strike of the target, and we’re seeing beautiful alteration.” GT Gold shares gained more than 200%, or 76¢, after the news, to hit an all-time high of $1.15 at press time. The company has 29 million shares outstanding for an $82-million market capitalization. GT Gold used its higher share price to announce a $5-million private placement, where it intends to issue 6 million shares priced at 85¢ each. The financing co-leads include Haywood Securities, M Partners and PI Financial. The company plans to drill up to 10,000 metres at Tatogga in 2017, depending on weather and equip-

The IP geophysical crew at GT Gold’s Tatogga gold property in June 2017. GT GOLD

ment availability. It says it could sustain two drills through October and may drill 12,000 metres. “Our goal is to establish the size potential at both targets before the end of the field season. We need to paint the large picture because that’s the real story,” Keough says. “The financing came together after the drill results, and it’s about the company evolving and strategically bringing in shareholders to adjust our base. There are always high-risk gamblers that will jump in right at the beginning, but it’s the

institutions and strong shareholders that step in when you make this kind of discovery.” Keough later added the success “is really a credit to our VP Exploration, Charlie Greig, who put quite a bit of his own money on the line in 2016 to make it blossom into the target we ultimately drilled. Charlie and our crew, many of whom are Tahltan, are about the hardest, smartest-working exploration bunch I’ve ever dealt with, and the results from the field show.” TNM

2017-08-01 8:55 PM

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THE NORTHERN MINER / AUGUST 7–20, 2017

Ascendant explores El Mochito’s upside ZINC

| Exploration key to boosting production at venerable Honduran mine “THIS YEAR’S EXPLORATION PROGRAM TARGETS THE HIGHER-GRADE CHIMNEYS TO SUPPLEMENT HEAD GRADE AND BOOST PRODUCTION.”

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

scendant Resources (TSX: ASND) has delivered fresh exploration drill results at its El Mochito zinc-lead-silver mine, 88 km southwest of San Pedro Sula in northwest Honduras. The 32,000-metre underground drill program is designed to infill and test for extensions of the carbonate-replacement style deposit, where mining has been ongoing since 1948. Three of the four drill targets — Palmar dike, Santa Elena and Victoria — are close to underground mine workings and could reach production within 12 months. The fourth target, Esperanza, is already being mined on its western edge. Chris Buncic, Ascendant’s president and CEO, tells The Northern Miner during a phone interview that the new assay results are “well above” mining grades, which speaks to the mine’s untapped potential. Stepout drilling at the Palmer dike intercepted 17.6 metres at 5.3% zinc, 3.8% lead and 83 grams silver per tonne, while at Victoria, drilling cut 17 metres of 5% zinc, 2% lead and 53 grams silver. Santa Elena returned 35.4 metres of 5.6 zinc, 2% lead and 31 grams silver, and Esperanza cut 17.5 metres of 6.2% zinc, 2.2% lead and 41 grams silver at Esperanza. The US$3-mi l lion exploration drilling campaign is Ascendant’s first since acquiring the 2,300-tonne-per-day underground operation from Belgium’s Nyrstar for US$500,000 last December. Nyrstar, an international smelting giant, acquired El Mochito when it bought Breakwater Resources in 2011, but the company began selling off its mining assets last year to focus on smelting. Buncic says that lowered development spending during Nyrstar’s ownership contributed to the mine’s decline in production from 133.5 million equivalent lb. zinc in 2014 to 62.3 million equivalent lb. zinc in 2016. “Historically, 75% of the ore came from lower-grade manto structures and 25% came from the higher-grade chimneys,” he says. “When Nyrstar took over, the resource didn’t change much. They didn’t do any exploration other than what was six months

CHRIS BUNCIC PRESIDENT AND CEO, ASCENDANT RESOURCES

Workers leaving Ascendant Resources’ El Mochito zinc-lead-silver mine in Honduras. ASCENDANT RESOURCES

ahead of production, which is why 90% of our ore comes from mantos. This year’s exploration program targets the higher-grade chimneys to supplement the head grade and boost production.” Ascendant plans to increase output 44% to 189,200 tonnes in the fourth quarter, up from 131,115 tonnes in the first quarter. The

company expects to finish the year with 65.8 million equivalent lb. zinc in production. Mine site costs could fall from US$102 per tonne in the f irst quarter to US$63 per tonne in the fourth quarter. “This is our ramp-up year, and by 2018 we expect to be more steady,” he says. “We want to re-

turn this mine to what it once was, and that’s a 90 million equivalent lb. zinc producer at all-in sustaining costs of US82¢ per lb. — that’s our target.”

Ascendant is increasing head grades through exploration, and improving mining efficiency to lower costs. The company is shortening truck cycles from the rock face to the mining shaft, and introduced a “hot seat” shift change to lower mining downtime. The optimization plans could increase productive time from 15 hours to 22 hours, and add 300 tonnes per day of capacity. “We have to get our costs down. El Mochito has 80% fixed costs, such as electricity and employee salaries. So the best bang for our buck is to get production up,” Buncic says. Ascendant had a setback in May when mobile equipment acquired from Nyrstar began to fail. “April was a great month. We drove the equipment hard, but as result we experienced a lot of breakdowns in May and production suffered,” Buncic says. “We’re recovering. We still have the same equipment, but by the end of July we’ll have three new trucks and two new scoops. We’ll park the oldest truck, which is the most expensive to operate. In August we should be firing on all cylinders. We expect to have a great third quarter and an even greater fourth quarter.” Measured and indicated resources at El Mochito stand at 5.4 million tonnes of 4.85% zinc, 1.72% lead and 44.7 grams silver. Inferred resources add 3.9 million tonnes of 5.11% zinc, 1.38% lead and 35 grams silver. The company expects to update the resource estimate in 2018. TNM

Building Out a World Class Silver Asset

· High grade silver in a safe jurisdiction · De-risked: permitting and established infrastructure · Proven exploration/operational expertise · Robust project economics · Strong cash position

TSX: AXR NYSE-MKT: AXU • www.alexcoresource.com IR Tel: 604.633.4888 ext 108 • lmay@alexcoresource.com A scoop truck operator at Ascendant Resources’ El Mochito zinc-lead-silver mine in Honduras. ASCENDANT RESOURCES.

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E D I T O R IA L

One theory on the Barrick’s Acacia, Tanzanian gov’t stay root of Acacia’s on collision course troubles in Tanzania GOLD

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O P- E D

| Miner handed US$190B tax bill and fine

he months-long showdown between Barrick Gold’s 63.9%-owned subsidiary Acacia Mining and the Tanzanian government heated up in the last days of July, with Acacia reporting that one of its senior international executives was prevented from leaving the country on July 28, with his passport seized and detention at Dar es BY JOHN CUMMING Salaam airport. After what Acacia calls “legal jcumming@northernminer.com intervention,” he was later released and his passport returned. Acacia said the incident “follows increased levels of pressure from government agencies on Acacia employees” and the company vowed to “support our people.” London-listed Acacia, formerly named African Barrick Gold, is the biggest gold miner in Tanzania, with three substantial operations: Bulyanhulu, Buzwagi and North Mara. It also has exploration projects in Tanzania, Kenya, Mali and Burkina Faso. Last year, the three mines produced 830,000 oz. gold, divided between the underground Bulyanhulu mine (289,000 oz.), the open-pit Buzwagi mine (162,000 oz.) and the open-pit and underground North Mara mine (378,000 ounces). Current mine life stands at 20 years for Buly, three for Buzwagi and eight for North Mara. The situation came to a boil in March when the Tanzanian government, led by President John Magufuli, banned export of mineral concentrates from the country — something most gold producers depend upon, and which directly affects Bulyanhulu and Buzwagi. As is now well-known, the government’s ban was more than an Indonesian-style effort to encourage domestic mineral processing. Rather, it stemmed from its seemingly outrageous accusations that mining companies in the country had been grossly under-reporting gold concentrations in their concentrates destined for export. (One theory on why the government reached this conclusion is presented in the accompanying commentary by Hardolph Wasteneys.) On July 24, Acacia reported that its local operating subsidiaries Bulyanhulu Gold Mine Ltd. and Pangea Minerals (owners and operators of the Bulyanhulu and Buzwagi mines) received notices of adjusted assessment from the Tanzania Revenue Authority for historical corporate income tax, covering the periods 2000 to 2017 for BMGL and 2007 to 2017 for Pangea. Acacia said the assessments were issued in respect of alleged underdeclared export revenues, and appear to follow the findings of the First Presidential Committee announced on May 24, 2017, and the Second Presidential Committee on June 12, 2017. The assessments assert that BGML owes the government US$154 billion, and Pangea owes US$36 billion, comprised of US$40 billion of alleged unpaid taxes and US$150 billion in penalties and interest owed. Acacia refutes each set of findings and insists that it “operates in full compliance with Tanzanian law, has declared everything of commercial value that we have produced and has paid all appropriate royalties and taxes.” As a result of the conflict, Acacia’s share price has fallen 67% since February, and Acacia CEO Brad Gordon reported on July 21 that the “complex and fluid situation” has led to a cash-balance reduction to US$176 million from US$318 million, as a result of being unable to realize US$175 million of revenue during the half and a US$51-million VAT outflow. Acacia said it had served arbitration notices for its Bulyanhulu and Buzwagi mines, and “will work to achieve a negotiated resolution, which is the preferable outcome for all parties.” Despite the acute crisis, Acacia turned in record production numbers in the first half, with gold production of 428,203 oz. gold, up 4% from 2016, though second-quarter production was off 6%. Gold sales were a depressed 312,438 oz. gold in the first half due to the concentrate export ban, resulting in US$175 million in lost sales in the period. The company noted that its all-in sustaining costs (AISCs) for the first six months was US$893 per oz. — 5% lower than the comparable period in 2016 — and says if it had been able to sell all of the concentrate it produced, AISC would have been US$800 per ounce. Because of the ban, Acacia is targeting the lower end of its production guidance range of 850,000 to 900,000 oz. gold for 2017, but is leaving its AISC guidance the same due to its sustained cost discipline. Acacia warns it will suspend Bulyanhulu on Sept. 30 if the government doesn’t lift the ban. TNM Editorial. . . . . . . . . . . . . . . . . . . 4 Metal Prices . . . . . . . . . . . . . . 19

DEPARTMENTS

Professional Directory . . . . . 17 Stock Tables . . . . . . . . . . . 18-22

COMPANY INDEX Agnico Eagle Mines. . . . . . . 7,10 Alexco Resource. . . . . . . . . . . . 8 Altius Minerals. . . . . . . . . . . . 10 Anaconda Mining. . . . . . . . . 12 Asanko Gold. . . . . . . . . . . . . . 16 Ascendant Resources . . . . . . . 3 ATAC Resources . . . . . . . . . . . 7 Atlantic Gold . . . . . . . . . . . . . . 9 Auryn Resources. . . . . . . . . 7,10 Avalon Advanced Materials. . . . . . . . . . . . . . . . 11 Banro. . . . . . . . . . . . . . . . . . . . . 5 Barrick Gold. . . . . . . . . . . . . . . 7 Bonterra Resources. . . . . . . . . 7 Canadian Zinc. . . . . . . . . . . . 11 Candelaria Mining. . . . . . . . . . 7 Cardinal Resources. . . . . . . . 16 Cline Group . . . . . . . . . . . . . . 12 Contact Gold . . . . . . . . . . . . . . 7 Continental Gold. . . . . . . . . . . 7

Dalradian Resources. . . . . . . . 7 El Nino Ventures. . . . . . . . 11,13 Erdene Resource Development. . . . . . . . . . . . 12 Explor Resources. . . . . . . . . . 11 Freeport-McMoRan . . . . . . . 23 Galway Metals . . . . . . . . . . . . 11 Glencore . . . . . . . . . . . . 11,13,23 Gold Fields. . . . . . . . . . . . . . . 16 Goldcorp. . . . . . . . . . . . . . . . . . 7 Goldquest Mining. . . . . . . . . . 7 Goldstrike Resources . . . . . . . 7 GT Gold . . . . . . . . . . . . . . . . . . 1 Katanga Mining. . . . . . . . . . . 23 Kinross Gold. . . . . . . . . . . . . . . 7 Kirkland Lake Gold. . . . . . . . . 7 Lundin Mining. . . . . . . . . . . . 23 Marathon Gold. . . . . . . . . . 10,12 Metanor Resources. . . . . . . . . 7 Morien Resources. . . . . . . . . 12

New Millennium Iron. . . . . . 12 Newmont Mining . . . . . . . . . . 7 NexGen Energy. . . . . . . . . . . . 1 Nighthawk Gold. . . . . . . . . . . . 6 NovaGold Resources. . . . . . . 13 Nyrstar. . . . . . . . . . . . . . . . . . . . 3 Osisko Metals. . . . . . . . . . . . . 13 Otis Gold. . . . . . . . . . . . . . . . . . 6 Probe Metals. . . . . . . . . . . . . . . 7 Puma Exploration. . . . . . . . . 11 Sherritt International. . . . . . .23 Torq Resources. . . . . . . . . . . . 10 Trevali Mining. . . . . . . . . . . . 13 Triumph Gold. . . . . . . . . . . . . . 7 Vale. . . . . . . . . . . . . . . . . . . . . . 10 Vendetta Mining . . . . . . . . . . 15 Votorantim. . . . . . . . . . . . . 11,13 Wheaton Precious Metals. . . . 8 White Gold. . . . . . . . . . . . . . . . 9 Wolfden Resources . . . . . . . . 11

COMMENTARY

| Handheld XRF units may be giving gov’t wild overestimates of gold content BY HARDOLPH WASTENEYS

Special to The Northern Miner

ong-simmering resource nationalism in Tanzania heated up this March with a sudden export ban on ore concentrates by Tanzanian President John Magufuli, who said that “based on the information that I have, if I say what is really inside these containers, it could make any patriotic Tanzanian cry … from now onwards, no mineralized sand will be exported from Tanzania … there is no country being robbed of its mineral wealth like Tanzania.” It then erupted in June with the release of reports by two presidentially appointed committees alleging that gold miner and Barrick Gold subsidiary Acacia Mining was defrauding the Tanzanian government of tax revenue and royalties by substantially understating the value of its exported concentrates.

fication with which the numbers were stated suggested that they were not just a theoretical committee consensus, and instead must have come from an analytical source. The unsupported high gold values reminded me of a situation in 2006 when I was running a drill program at Granduc in northwestern British Columbia. As part of our core-logging routine we scanned the core with a handheld Niton X-ray fluorescence (XRF) unit — the only manufacturer at that time after the Mars Rover missions — to produce a numerical log of copper and iron contents of the iron formationhosted chalcopyrite-pyrrhotite mineralization. The numbers supplemented our visual estimates and helped overcome backlogs at the geochem labs that were common in that era. The numbers looked good and were posted on the company website,

THE LARGE DISCREPANCY RAISED A QUESTION IN MY MIND OF EXACTLY HOW THE TANZANIAN COMMITTEE HAD ANALYZED THE ACACIA CONCENTRATES. The committee reports confirmed the president’s position and were enthusiastically amplified by Tanzanian Swahili newspapers, but solidly refuted by Acacia and even international observers sympathetic to the cause of resource nationalism. However, one Tanzanian weekly, Mawio, stepped out of line by examining the role of past presidents in resource deals and was promptly shut down for two years by Magufuli under his recent Media Services Act. This activity was then upstaged by the rapid revisions to the Tanzanian Mining Act dramatically increasing royalties, government ownership and prohibiting external arbitration and subsequently, by hitting Acacia with a US$190billion tax and penalty bill. However, the original source of controversy was the first committee report — considered technical in nature — that came up with the disputed numbers. It cited ranges and averages of concentrations of gold, copper, silver, sulphur, iron, iridium, rhodium, ytterbium, barium, tantalum and lithium that it measured in 44 of 277 impounded concentrate shipping containers, and concluded that they were understated or undeclared in Acacia’s concentrate assays. The most striking were for gold, which they claimed ranged from 671 parts per million (ppm) to 2,375 ppm, and with an average 1,400 ppm gold that was 10 times higher than the 164 ppm that Acacia’s rigorous concentrate sale assays showed. Acacia, its assayer SGS and the smelter company MRI Group defended the veracity of the original assays, but this large discrepancy raised a question in my mind of exactly how the committee had analyzed the concentrates, about which a rough translation from Swahili showed no indication. The confidence or lack of quali-

and eventually corroborated by routine inductively coupled plasma (ICP) analyses. The XRF unit was also extremely handy for elements like titanium and zircon, which would have required expensive whole rock analyses. One day I found an arsenopyrite vein that I thought might be gold prospective, but was astounded when the XRF unit reported 2% gold. Repeated analyses with longer count times corroborated the high gold values, but my excitement ebbed when I realized that I could not see a trace of gold in the sample, when at 2% it should have been smeared all over the surface. Concerned, I delved into the XRF analysis routine by downloading the raw data and energy dispersive spectral plot and found that the characteristic fluorescence gold peaks within the spectral range (the gold L alpha and beta) were buried under a mountainous arsenic K alpha peak at 10.5 keV (gold K-lines that might have been uncompromised are actually at 68.88 keV, far above the limits of the X-ray source). The signals measured at the gold L-line energies were just part of the slope leading up to the major arsenic peak, and this was eventually confirmed by lab analysis of the rock, which returned nil gold. The Acacia concentrates on the other hand have gold, however only at an average of 164 ppm, or 100 times less than the false peak I’d seen at Granduc (or perhaps more, if the committee measurements have any credence). I wondered what the results might look like if someone used a handheld XRF to measure gold in the Acacia concentrate. Could peak overlaps from interfering elements account for the discrepancy between the committee See ACACIA / 14

2017-08-01 8:55 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 7–20, 2017

Banro’s Namoya gold mine in the Democratic Republic of the Congo, where five employees were kidnapped in March. BANRO

Banro navigates risk in the DRC GOLD

| Producer determined to succeed despite kidnappings, shootings, attempted robberies

BY TRISH SAYWELL

tsaywell@northernminer.com

he Democratic Republic of the Congo (DRC) is often described by miners as “elephant country” — a metaphor for a land filled with extra-large mineral deposits. The elephant in the room, however, are the extra security risks mining companies in the war-torn country have had to face to get minerals out of the ground and into the hands of buyers. Banro (TSX: BAA; NYSE-MKT: BAA) knows about this all too well. During the last five years the Toronto-based company has put two open-pit mines into production and advanced two other gold projects in eastern DRC. Its Twangiza mine, 45 km southwest of Bukavu in South Kivu province, started commercial production in September 2012. Namoya, about 210 km southwest of Twangiza in neighbouring Maniema province, started commercial gold production in January 2016. The last couple of years have been particularly challenging, however. In March, five employees (a Frenchman, a Tanzanian and three Congolese) were kidnapped from its Namoya mine. The Tanzanian national, an employee of SGS who worked as a supervisor in the mine’s laboratory, was released early. The others — including the Frenchman, a contractor who worked at the mine for international security services firm G4S — were held for three months. A handful of international media reported during the abductions that the kidnappers had asked for a US$1-million ransom. Experts in the field advised that Banro take a low-key approach, so it did not report the kidnappings in its press releases. “The story was already widely reported,” Banro’s president and CEO John Clarke says in an interview with The Northern Miner from his home in London, United Kingdom. “The whole point of dealing with the hostage situation was low-key

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“[THE KIDNAPPERS] WERE LOOKING AFTER THEIR OWN ENDS ... IT WASN’T POVERTY-RELATED. POOR PEOPLE DON’T DO THAT. IT’S A MINDSET.” JOHN CLARKE PRESIDENT AND CEO, BANRO

information, to stay cool and calm, and talk through it. It takes time. Our focus was to get everyone back to their families.” Clarke said the hostages were treated well, were in good shape upon their release, and have received support and counselling. “I can’t imagine going through that myself, but they came out in good shape and got on with things,” he said. “You check their health, make sure family is in immediate contact and get people back to their families as fast as possible.” He would not confirm or deny whether a ransom was paid, and if so, how much, and noted that the outlaw group’s demands changed frequently. “They were looking after their own ends — they were bandits,” Clarke said. “I wouldn’t say it was povertyrelated. Poor people don’t do that. It’s a mindset. These few bandits are remnants from the country’s difficult past, twenty or so years ago — a time of general unrest.” Media reported that the kidnappers had criticized Banro for not giving jobs to artisanal miners active on the site before the company built its mine. Clarke disagrees. “The issue is recognizing those that you are affecting at the beginning and providing alternatives,” he said. “Artisanal miners that would have been associated with our openpit area were found alternative employment and we trained them to become operators. But artisanal mining is endemic. Even though it’s illegal, people carry on the trade. It’s an arduous job with little return for the miners, and if they have any chance of employment, they don’t go into artisanal mining.”

In addition to the kidnappings, Banro had to deal with other incidents at both of its mines. In February, a group of armed robbers tried to enter the gate at Twangiza’s mine site. Three mine police officers and one of the armed robbers were killed and a security guard was injured. No items were stolen and operations continued at normal levels. In May, attacks on police and military personnel took place in villages surrounding the Namoya mine. Armed intruders also tried to get into the mine site but were driven back by security. At least one of the intruders was killed, along with one police officer and one military personnel. None of Banro’s staff were injured, but as a precaution, foreign nationals and local staff left the site temporarily and mining operations were suspended. Mining resumed at Namoya on May 22 and employees gradually returned. In July, a 23-truck convoy belonging to Namoya mine contractors travelling from Baraka with supplies was trapped in a cross fire between the Congolese national army (FARDC) and an armed group in Lulimba on N5, a major highway. Banro said the armed group controlled the Lulimba community and its surrounding area. In a press release on July 3, the company reported the incident and said that due to fighting between FARDC and other armed groups along the N5 supply corridor, all operations at Namoya were suspended and staff evacuated. Employees returned to the mine on July 6 and the truck drivers proceeded with their cargo. Clarke emphasized that both na-

Workers at Banro’s Twangiza gold mine in the Democratic Republic of the Congo’s South Kivu province. BANRO

tional and regional governments helped the safe return of Banro employees and contractors, and ensured the safety of its truck drivers. “The support was very real and very valuable,” Clarke said. “It was provided to assist us to move forward together in developing our part of the DRC.” Banro is the only mining company in South Kivu and Maniema provinces, Clarke noted. “We’re a long way from any other mines,” he said. “It’s a big country. We’re in a lowly populated part, where these people can be in the forest and in hiding.” Last year there was another hijacking. The trucks had delivered all of their goods to Namoya and were ambushed on their return trip. The bandits held the drivers for a time before letting them go. Clarke says the company is taking

precautions at its mines and two projects in the country, Lugushwa and Kamituga, which are located along the 210 km Twangiza-Namoya gold belt in South Kivu and Maniema provinces. “We’re committed to building a Congolese mining company with Canadian roots — building up the expertise of our workforce, employing and training more Congolese staff — and we’re pretty proud of what we’re doing. “The government wants to see Congolese mining companies, so we proudly fly our Canadian flag and proudly fly the national flag, as well,” he says. “We have a significant exploration portfolio, two mines in operation, and good quality staff and management running these mines — and they’re committed to building the company with us.” TNM

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AUGUST 7–20, 2017 / THE NORTHERN MINER

Nighthawk Gold extends high-grade zone at Colomac GOLD

| Fresh assays from the NWT highlight property’s potential

BY TRISH SAYWELL tsaywell@northernminer.com

ighthawk Gold (TSX: NHK), which graduated to the TSX in May, is halfway through a 25,000-metre drill program at its Colomac project in the Northwest Territories, and all of the holes reported so far have hit gold mineralization. The junior has released assays from nine holes that have expanded mineralization at Colomac’s highgrade Zone 1.5 by 90 metres to 350 metres deep, and extended the zone 25 metres north along strike. The zone, which outcrops at surface, is open to depth and along strike. Hole 17-8 returned a 55.4-metre intercept grading 3 grams gold per tonne from 270 metres downhole, including 19.5 metres grading 5.58 grams gold, and 6.8 metres of 10.45 grams gold. Colomac drilled its first two holes into the resource gap between Zones 1.5 and 2.0, immediately south. Zone 2.0 was the site of Colomac’s historic open pit and accounted for most of the mine’s previous gold production, while Zone 1.5 lies 100 metres north of the pit. Zone 2.0 also accounts for a hefty part of Colomac’s inferred resource of 39.81 million tonnes, with an average grade of 1.64 grams gold for 2.10 million contained oz. gold. The two holes were collared along the southern margin of Zone 1.5 and were designed to test for a possible merger of the two zones, and each one intersected broad mineralization. Hole 17-6B intersected 112 metres of 1.09 grams gold per tonne, including 33.1 metres of 1.84 grams gold, and 5 metres of 5.77 grams gold. Hole 17-6, the shallowest hole, returned 76.1 metres grading 1.17 grams gold, including 23 metres of 2.27 grams gold. Preliminary results suggest continuity between the zones, Michael Byron, Nighthawk’s president and CEO, said in an interview. Although still early, the assays suggest the zones could merge and develop into a higher-grade domain extending 300 metres on strike. Both zones have only seen shallow drilling and remain open for expansion to depth. One drill rig will test Zone 1.5 down-plunge and to depth, as well as laterally. It will also drill the gap between the two zones. “It was always intriguing to test the resource gap and see if they merged, and if they did, it would increase the strike length. Given the widths and any opportunities at depth, if it carried similar grade to 1.5, you could have a really good story,” he says.

Published by:

Core shacks at Nighthawk Gold’s Colomac gold property in the Northwest Territories. NIGHTHAWK GOLD

“WE HAVE ENOUGH MONEY TO PAY FOR EVERYTHING WE WANT TO DO THIS YEAR AND NEXT YEAR.” MICHAEL BYRON PRESIDENT AND CEO, NIGHTHAWK GOLD

A second rig has been moved up to Zone 1.0, about 2 km north of Zone 1.5. “We had drilled in the past there and found really good widths — up to 40 metres true width and 1.5 grams gold — so we’re trying to see if we were drilling marginal to something better, and we’ll try to track into some of the better stuff,” Byron says. (Nighthawk named its zones at Colomac based on their geographical distribution along the sill. Zone 1.0 lies at its northern extent and Zone 3.5 is 7 km south. Zones 2.5 and 3.0 are a couple kilometres south of Zone 1.5.) A third rig will be moved to the Goldcrest sill, a 4 km mineralization parallel to the Colomac main sill 400 metres west. “It’s also in our resource, so we’re following up on drilling we did in 2014 and 2016,” he says. For now the drilling focuses on

Colomac. The company is also undertaking detailed field mapping and bedrock sampling over much of the Colomac, Goldcrest and Nice Lake sills to hunt for more drill targets. The Nice Lake sill — discovered in February by prospecting geophysical targets outlined from airborne and ground magnetic surveys — is 1.5 km east of Colomac. Nice Lake’s mineralized quartz diorite intrusion is similar to the Colomac and Goldcrest sills. Later this year the company plans to drill some of the regional targets on its land package within the Indin Lake gold property, 200 km north of Yellowknife. Byron notes that before the company acquired Colomac in 2012, it was exploring elsewhere on the property, and had found a massive mineralized system running east–west at the north end of its

900 sq. km land package in the Indin Lake greenstone belt. “We put in five holes in 2011 and got a quarter-of-a-kilometre intersections,” he says. “the size of the system and the structural corridor runs almost 6 km, so we want to know more ... we have field-mapping crews who are helping unravel some of the complexities. I’ve hired solid structural geologists who also have industry experience and bring years of work in the Slave Province. They bring an academic background — they’re both PhDs — but they also spend a lot of time in the field, and we need that expertise.” At Leta Arm, where two historic mines operated in the mid-1940s and early 1950s, there is a shaft and a couple of levels. “No one has been back since,” Byron says. “There are four deposits that sit in a 2.5 km section of a 10 km shear structure that is 500 metres wide and runs north–south through the lake. It was intriguing that you had all that mineralization sitting in a massive shear and no one has paid any attention to it for the last 50 years. “We’re continuing with the same tact of chasing grade in a near-surface environment at Colomac, finding

structures and testing, and stepping out and revisiting our regional deposits, and maturing that story line,” he says. “That was the point of acquiring all that land, and waiting for the market to be receptive to what we’re doing. This will be the first year that we’ve been able to do that.” At the start of the 2017 drill program, Nighthawk had $36 million in cash. Today its cash balance stands at $33 million. “We have enough money to pay for everything we want to do this year and next year,” he says. Nighthawk expects to complete an updated resource estimate early in the first quarter of 2018. The Indin Lake greenstone belt is the same age and has many of the same mineralization styles as the Timmins camp in Ontario. Unlike Timmins and Canada’s other Archean gold camps, however, the Indin Lake area has seen little exploration, except for brief periods in the 1950s, the late 1980s and the early 1990s. Colomac has typical Archean gold mineralization. The host rock is a differentiated mafic intrusion, with gold in the silica-rich, upper part of the sill. TMN

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

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THE NORTHERN MINER / AUGUST 7–20, 2017

Gold juniors reap investment windfall from majors INVESTMENT BY TRISH SAYWELL tsaywell@northernminer.com

irect investment in TSXlisted shares of junior gold companies is the highest it’s been in the last 10 years, CIBC World Markets says in a report. The bank ’s research analysts calculate that $290 million has been invested into juniors this year, which is “double the value of 2015 and 2016 combined. “Nearly one-half of the equity raised by junior gold stocks [under $1 billion in market capitalization] on the TSX in 2017 has been in the form of direct investment by a larger gold stock,” CIBC says. “No previous year has exceeded 20%.” In addition, “the weight of money flow observed into passive investment funds (such as quant and exchange-traded funds) suggests that junior gold stocks may need to rely on direct investments from larger companies in the future, rather than the traditional equity issues to fundamentally driven institutional investors.” The institutional equity research team anticipates that more direct

| Established miners seek to prop up sagging production pipeline

investments are in store, and that juniors with projects in the Yukon, Quebec, Ontario and Nevada are the most sought-after. “Direct investment by senior gold stocks in juniors is expected to build momentum,” the researchers say. “Many of the TSX-listed junior exploration companies with interesting projects already have larger company shareholders. Mergers and acquisitions are the next logical step in the sector.” The study says that the trend reflects two realities: “more money flow to passive investments that do not participate in equity issues,” and “a growing sense of urgency for larger gold companies to address the potential future gold production decline through lack of recent exploration and development spending. “The gold companies within our stock coverage are forecast to increase output modestly from 37 million oz. in 2016A to 40 million oz. in 2020E, and decline each year thereafter based on our assumptions for existing mine life extensions and project development,” the study found.

It notes that acquiring junior gold stocks “lowers the risk of eroding capital, compared to larger-scale acquisitions of producing companies.” Moreover, equity issues of TSXlisted gold stocks in the first six months of 2017 totalled $0.9 billion, down from $2.5 billion in the same period of 2016 and $1 billion in 2015. While Agnico Eagle Mines (TSX: AEM; NYSE: AEM) has been the biggest investor over the last two decades (since 2010 the company has invested in more than 20 junior gold stocks), other gold majors that have been active are Goldcorp (TSX: G; NYSE: GG), Kinross Gold (TSX: K; NYSE: KGC) a nd Newmont Mining (NYSE: NEM). In February, Agnico Eagle invested $5 million for a 10% stake in Otis Gold (TSXV: OOO); $22.9 million for a 15% stake in Goldquest Mining (TSXV: GQC) in March; and $9.8 million for a 10% stake in Candelaria Mining (TSXV: CAND; US-OTC: CDELF) in June. Goldcorp invested $35 million for a 13% stake in Auryn Resources

(TSX: AUG; NYSE-MKT: AUG) in January; $2 million for a 1% stake in Probe Metals (TSXV: PRB) in February; $6.3 million for a 20% stake in Triumph Gold (TSXV: TIG) in March; and $7.5 million for a 15% stake in Contact Gold (TSXV: C), also in March. Newmont invested $6 million for a 7% stake in Goldstrike Resources (TSXV: GSR) in March, and $149.5 million for a 20% stake in Continental Gold (TSX: CNL) in May. Kinross Gold (TSX: K; NYSE: KGC) invested $5.2 million for a 10% sta ke in Bonterra Resources (TSXV: BTR; US-OTC: BONXF) in March, while Kirkland Lake Gold (TSX: KGL; US-OTC: KGILF) invested $7.3 million for a 1% stake in Metanor Resources (TSXV: MTO) in April. Barrick Gold (TSX: ABX; NYSE: ABX) invested $8.3 million for an 11% stake in ATAC Resources (TSXV: ATC), also in April. Of all the investments, CIBC notes, Newmont offered the most generous premium. Its investment in Goldstrike, for example, “was the highest premium paid [at 94%] over the past five years on the TSX,”

while Newmont’s investment in Continental “was the third-highest premium paid at 48% to the previous close.” The report points out that the share price reaction “is generally positive on the day of the announced stake by a larger gold company, almost regardless of the premium or discount offered for the shares. “Since 2014, the few instances of a negative share price reaction for the junior tend to occur for placements at a discount to market with an overprint of weaker gold price and GDXJ movement.” The report notes that juniors with projects “in jurisdictions beyond the footprint of larger gold companies have not [yet] attracted the attention of strategic investors, such as Euromax in Macedonia, Erdene in Mongolia, Dalradian in Ireland and Marathon in Newfoundland. “A few investments may become more than a toehold,” the report adds. “Junior gold stocks that appear to offer appeal for a senior to acquire” include Continental, Dalradian Resources (TSX: DNA; LON: DALR) and Probe. TNM

Gold major Agnico Eagle Mines has been a leading investor, taking stakes in more than 20 juniors since 2010, including Otis Gold, which is advancing the Kilgore project in Idaho (top left); Goldquest Mining, which holds the Tireo property in the Dominican Republic (top right); and Candelaria Mining, which owns the Caballo Blanco project in Mexico (bottom). PHOTOS BY OTIS GOLD, DAVID PERRI AND CANDELARIA MINING

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2017-08-01 8:55 PM

WWW.NORTHERNMINER.COM

AUGUST 7–20, 2017 / THE NORTHERN MINER

Alexco CEO on restructured Wheaton Precious Metals deal SILVER

| Both companies keen to return Keno Hill to production in Yukon

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

lexc o Re s ou rc e ( T SX : AXR; NYSE-MKT: AXU) is considering restarting production at its Keno Hill silver mine, 330 km north of Whitehorse, Yukon. The company suspended operations in late 2013, as rising unit costs and falling silver prices squeezed profit margins. Since then, Alexco has been exploring and expanding in-situ resources, and recently passed a few milestones that may allow for a restart within two years. The company’s priorities included restructuring a silver-purchase agreement with Wheaton Precious Metals (TSX: WPM; NYSE: WPM) that dates to 2008. Alexco traded 25% of life-of-mine silver produced across the 230 sq. km Keno Hill land package in exchange for US$50 million and US$3.90 per oz. delivered. The compa nies rev ised t he stream agreement in March, with Wheaton now set to pay a percentage of the spot silver price that increases with lower mill head grades and silver prices, and decreases with higher head grades and silver prices. For example, at a silver price of US$16 per oz. and a head grade of 700 grams silver per tonne, Wheaton would pay 66% of the spot price, or US$10.50 per ounce. “We’re talking about a downside hedge. The concern for both companies is getting Keno Hill back into production and keeping it there through the normal price cycle,” Alexco president and CEO Clynton Nauman says during an interview. “We devised a schedule wherein they pay higher amounts as prices decline, and vice versa. We bracketed it in terms of both silver price and grade, which was also important because the grade element allows us to optimize the

The view from Alexco Resource’s Ken Hill silver-lead-zinc property, overlooking the Keno mining district in the Yukon’s southern Klondike region. PHOTO BY MATTHEW KEEVIL

mine plan. Both companies benefit on the upside, and [Wheaton Precious Metals] is protected on the downside.” Alexco has seen recent exploration success at the project. Nauman points out that the company has outlined “20 million oz. at an average grade of 800 grams [silver] per tonne” over the past three years. The two major additions include: the Bermingham discovery, which hosts 858,000 indicated tonnes grading 628 grams silver, 2.4% lead and 1.7% zinc; and the Flame & Moth deposit, where indicated resources total 1.7 million

tonnes at 498 grams silver, 1.9% lead and 5.3% zinc. Alexco also released a Keno Hill preliminary economic assessment (PEA) that takes into account the new stream agreement and resource estimates. The company figures it will require $27 million in upfront capital to get back into production. T he op er at ion wou ld pro duce 3.5 million oz. silver per year at all-in sustaining costs of US$13.51 per oz. over an eightyear mine life. Payable production is anticipated to total 25.1 million oz. silver, 77 million lb. zinc and 67 million lb. lead.

“We were producing at materially higher average costs when we were forced to suspend production,” Nauman says. “We won’t be contract mining this time around, but the biggest thing is the increase of throughput in the mill because there are lots of tonnes and grade. Plus allowing us to bracket by grade was a deliberate move by Wheaton Precious Metals after a close inspection of our mine plan. It’s in their best interest to see that we’re successful.” Keno Hill’s economics outline a $79.4-million, after-tax net present value at a 5% discount rate, and a 78% after-tax internal rate

The flotation mill at Alexco Resource’s dormant Keno Hill silver mine, 330 km north of Whitehorse, Yukon. The mill was commissioned at 407 tonnes per day and can produce lead and zinc concentrates. PHOTO BY MATTHEW KEEVIL

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of return. The model assumes a US$18.60 per oz. silver price in 2018, and a US$19.35 per oz. price from 2019 through 2025. The company’s mill has a nameplate capacity of 408 tonnes per day and would use crushing, grinding, differential flotation and dewatering processes to produce lead and zinc concentrates. Alexco will need to obtain a water-use licence from Yukon regulators for mining and processing at Flame & Moth, which is scheduled to provide 67% of life-of-mine mill feed. Alexco announced a $9-million, flow-through private placement in May to fund more surface drilling and development of an exploration decline at Bermingham. The Bermingham deposit typically occurs in “structurally complex zones as discrete veins” with a 5- to 10-metre-wide “structurally damaged vein margin.” The veins show heavily disseminated to massive mineralization, while mineralization in the vein margins is reportedly “more stringer-like.” The company is optimistic that knowing more about the project’s structural geology will unlock more discoveries. “The ways the tectonics have worked at Keno Hill allowed us to lock in the structural setting that gives rise to these bigger, highergrade ore deposits,” Nauman says. “We’ve developed targeting to combine these old faults that have movement. It’s also important when it comes to rock type.” Alexco has planned a 12,000-metre surface drill campaign, plus the 600-metre decline at Bermingham for another 5,000 metres of delineation drilling at the deposit. The combined initiatives will cost nearly $12 million. Alexco has traded within a 52week range of $1.47 to $3.31 per share, and closed at $1.66 at press time. The company has 101.2 million shares outstanding for a $168-million market capitalization, and reported cash and equivalents of $30 million. TNM

2017-08-01 8:55 PM

SPECIAL FOCUS

CANADA’S EAST COAST Cape Bonavista coastline cliffs, near Elistion, Newfoundland. PHOTO BY KYLE BEDELL

Shawn Ryan turns attention to Labrador GOLD

| Yukon prospector options claims to Torq on island of Newfoundland BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

that we’ve dropped the strip ratio at Cochrane Hill and increased the prospective recovery rates,” Belanger says. She adds that Atlantic Gold is exploring pre-concentration at the satellite deposits to decrease

rodigious Yukon prospector Shawn Ryan is on the move again, but this time his sights are on Labrador. In June, Ryan staked 1,696 sq. km of claims over two greenstone belts in eastern Labrador and another region in western Labrador for their gold potential. Ryan’s staking in Newfoundland and Labrador comes after he optioned his other land holdings in the Yukon to junior explorer G4G Capital — renamed White Gold (TSX: AEM; NYSE: AEM) — last September. However, during a podcast recorded at the Yukon Mining Alliance’s Investment Conference in Dawson City in July, he told The Northern Miner his interest in Canada’s most eastern province began in 2014. “Their geological survey invited me [to teach a course on prospecting], so I flew in and they showed me around,” he said. “The guys are just fantastic … they remind me of the geologists at the Yukon survey. They’ve been around for 25 years and have a lot of knowledge. Their database is excellent, going

See ATLANTIC / 10

See SHAWN RYAN / 10

The carbon-in-leach and detox tank module under construction at Atlantic Gold’s Touquoy gold project in Nova Scotia. ATLANTIC GOLD

Atlantic Gold builds critical mass NOVA SCOTIA

| Junior develops satellite deposits around Torquay mill “WE’VE DEVELOPED AN UNDERSTANDING OF REGIONAL GEOLOGY AND STRUCTURAL ASPECTS OF THE MINERALIZATION THAT CAN LEAD TO MORE DISCOVERIES.”

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

tlantic Gold (TSXV: AGB) is on the fast track to first production at its Moose River Consolidated gold project in Nova Scotia. Its district-scale vision, however, extends beyond the mine life outlined in a mid2015 feasibility study. The company is putting the finishing touches on a US$156million, open-pit mine built 85 km northeast of Halifax that should first gold poured by early next year. The mine could produce 87,000 oz. gold annually over an 8.5-year mine life, at all-in sustaining costs of US$531 per oz. gold. The 5,500-tonne-per-day mill would have a 94% gold recovery rate using a conventional flow sheet consisting of three-stage crushing and ball milling, with cyclones used to close the grinding circuit. Tailings from leaching would be treated for cyanide destruction using sulphur dioxide and air with a copper catalyst. Proven and probable reserves total 16.5 million tonnes at 1.44 grams gold per tonne for 760,000 contained oz. gold, using a 0.4 gram gold lower cut-off grade. The company’s first mill feed will come from the central Touquoy deposit and the satellite Beaver Dam project, 37 km to the northeast. “We’ve been focused on the tailings facility design, and I’m happy to report everything is on track,” Atlantic chief operating officer Maryse Belanger says during an interview. “We’re coming up quickly on commissioning and I don’t foresee any issues. “Our goal, however, is to continue with exploration to expand our production profile. We’ve developed an understanding of regional geology and structural aspects of the mineralization that can lead to more discoveries.” Atlantic plans to incorporate its nearby Cochrane Hill and Fifteen Mile Stream gold deposits into a

1-16, 23_Aug7_Main .indd 9

MARYSE BELANGER COO, ATLANTIC GOLD

prefeasibility study by the fourth quarter. The company released an updated resource estimate on the satellite deposits in July. Fifteen Mile lies 57 km northeast of the mill and hosts 9.8 million measured and indicated tonnes at 1.4 grams gold for 442,000 contained oz. gold.

Meanwhile, Cochrane Hill sits 80 km northeast of Touquoy and hosts 10 million measured and indicated tonnes at 1.21 grams gold for 390,000 contained oz. gold. “Fifteen Mile looks attractive due to its combination of strip ratio, transportation synergies and grade profile. It’s also encouraging

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2017-08-01 8:55 PM

AUGUST 7–20, 2017 / THE NORTHERN MINER

CANADA’S EAST COAST

WWW.NORTHERNMINER.COM

Shawn Ryan turns attention to Labrador SHAWN RYAN From 9

online to look at data is easy, and they offer good subsidy programs for explorers. That gave me the footing to know this was a good area to explore.” Ryan said he began “sneaking around the island” after the visit, and evaluated big tracks of unclaimed ground looking for gold. By 2016, his attention focused along a structural trend of Marathon Gold’s (TSX: MOZ) 2.2 million oz. orogenic gold deposit. “I didn’t want to let the cat out of the bag that I was in the province,” he said. “We made interesting correlations with soils and geophysics — enough that Stratton Resources bit the bullet and became interested.” Stratton, since renamed Torq Resources (TSXV: TORQ), agreed to option the claims from Ryan after completing a $13.2-million private placement in February. Torq is directed largely by the technical team behind Auryn Resources (TSX: AUG; NYSE-MKT: AUG), and plans to drill gold anomalies in glacial till samples. “I staked so many claims in Newfoundland that their system crashed. It was down for two weeks,” Ryan said with a chuckle. “By then the word was out that Shawn was in Newfoundland, so everyone had two weeks to grind and think about what they wanted to stake. When the system came back online another 8,000 claims were staked that day.” To see where else he may have ventured, The Northern Miner used the Newfoundland and Labrador Geological Survey’s online map tool, Geoscience Atlas, to plot his claims, and found four areas in Labrador that were staked one month ago. In eastern Labrador, the new claims track parts of the paralleltrending Florence Lake and Hunt

1-16, 23_Aug7_Main .indd 10

A till-sampling crew mobilizing on a foggy morning at Kinden’s Quinn Lake Outfitters lodge before getting to work on Torq Resources’ gold claims in Newfoundland, which the company optioned from Shawn Ryan. TORQ RESOURCES

“I STAKED SO MANY CLAIMS IN NEWFOUNDLAND THAT THEIR SYSTEM CRASHED. IT WAS DOWN FOR TWO WEEKS.” SHAWN RYAN PROSPECTOR

River greenstone belts, which were explored by companies such as Falconbridge in the early 1990s for nickel and copper. The belts are at the southern end of the Archean-aged Nain geological province. Nain is more widely known for its 1.3-billion-year-old Nain plutonic suite, which hosts Vale’s (NYSE: VALE) world-class Voisey’s Bay nickel-copper-cobalt deposit. While the greenstone belts were never formally investigated for any gold potential, soil and stream geo-

chemical data from Florence Lake showed gold anomalies. Ryan also staked a package of Archean-aged granitic intrusions at the southeastern end of the greenstone belts. There are no recorded mineral occurrences in the area, but some of the largest gold anomalies in the regional stream sediment dataset occur within these claims. The most southeastern claims in Ryan’s new Labrador portfolio are geologically more enigmatic, as they occur at the juncture between four major geological provinces: Nain, Makkovik, Grenville and Churchill — the latter being composed of the Rae and Hearne cratons. (In Nunavut, the Rae hosts Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Meadowbank and Amaruq banded iron formation gold deposits.) These claims are centered between a string of Proterozoic-aged, stratabound copper showings to the east, and similar occurrences at Altius Minerals’ (TSX: ALS; US-OTC: ATUSF) Seal Lake cop-

per property. Stratabound uranium showings are also seen in parts of the area. In western Labrador, near the border with Quebec, Ryan staked three gold showings in Labrador’s part of the Superior craton. The Superior craton has some of the richest accumulations of gold on the planet, such as the Abitibi greenstone belt, where past production exceeds 170 million oz. gold. However, unlike the Abitibi, the rocks in Labrador’s Superior craton are more highly metamorphosed and represent the deeper

roots of mountain chains where orogenic-style deposits would not have formed. While little is known about the gold showings Ryan staked, across the border in Quebec, gold occurs within metamorphosed iron formations mixed with gneiss. The mineralization, which shares all the geochemical hallmarks of a greenstone-hosted gold deposit, may represent the deeper structural levels of the crustal-scale mineralization that occurred in the Superior craton 2.7 and 2.9 billion years ago. TNM

Atlantic Gold ATLANTIC From 9

the environmental footprint and increase efficiency. That would involve crushing, grinding, gravity and flotation to produce concentrate that can be trucked to the cyanidation circuit. “We’re looking at the potential mine sequence now that we have the updated resources,” she says. Atlantic’s plan has its Touquoy mining fleet transitioning to Beaver Dam after five years. The fleet would also be expanded due to a higher rate of material movement. Furthermore, the company intends to crush ore on location near Highway 224 and load it onto trucks for transport via private logging and public roads to the Touquoy facility. Beaver Dam waste rock would be placed “as close to the pit as practical to minimize waste-haulage costs. “Transportation will be a major consideration for us alongside strip ratio and grade. We’ll use existing forestry roads, for example, so in the near future we’ll complete a study that considers items like bridges and related infrastructure,” Belanger says. “Our centra l crushing and grinding circuit has been designed with the harder Beaver Dam ore in mind. [Fifteen Mile] looks quite similar to Touquoy in terms of metallurgy, but Cochrane has a bit more quartz veining and graywacke. So we’ll look at all those recovery-related and logistic elements,” she adds. Longer term, Atlantic wants to leverage its growing geological database to identify other prospects across its 210 sq. km land package in southwestern Nova Scotia. The company’s working theory is that historic miners and explorers didn’t realize that gold mineralization extends into sedimentary rocks that surround gold-bearing quartz veins across the regional Meguma geological terrane. Atlantic’s exploration has largely

been driven by historic records and scout, reverse-circulation (RC) drilling aimed at identifying prospective stratigraphies. The company reported highgrade drill results, in both the argillites and quartz veins, at its Plenty prospect 300 metres south of Fifteen Mile in January. Highlights include: 13 metres of 21.8 grams gold from 32 metres deep in hole 16-3; and 16 metres of 5.63 grams gold from 43 metres deep in hole 16-4. “We can take our experience and apply it regionally,” Belanger says. “We’re fortunate to have historic data, since geochemistry isn’t useful due to overburden. We’re leveraging RC drilling to identify areas of interest. We’re working through results from our most recent drill program, and we’ll get back to regional exploration later this year.” BMO Capital Markets analyst Andrew Mikitchook models that adding the Cochrane Hill and Fifteen Mile resources to Atlantic’s mine plan could see its production profile grow to least 150,000 oz. per year by 2022. He boosted his price target on Atlantic Gold shares by 20¢ to $2.20 after the update. Atlantic Gold shares have traded in a 52-week range of 76¢ to $1.64, and closed at $1.37 per share at press time. The company reported cash and equivalents of $11.3 million at the end of March. It has 177 million shares outstanding for a $242-million market capitalization. At la nt ic Gold ’s leadership includes notable veterans such as chairman and CEO Steven Dean (former president of Teck Cominco); vice-chairman Robert G. Atkinson (former president and CEO of brokerage house Loewen Ondaatje McCutcheon & Co.); and director of exploration Wally Bucknell (former GM of exploration for Plutonic Resources). Currently no one serves as Atlantic Gold president. TNM

2017-08-01 8:55 PM

CANADA’S EAST COAST

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 7–20, 2017

EAST COAST SNAPSHOT: EIGHT JUNIORS ON THE HUNT New Brunswick a hotbed for grassroots work Although many of the mineral deposits in Atlantic Canada are on the smaller side, the region is nonetheless home to dozens of junior explorers and developers with active programs in precious and base metals. Below is a sampling of eight such juniors.

In April, Explor closed a $900,000 private placement of flow-through shares and unsecured convertible debentures, with funds directed mainly to its Abitibi projects. GALWAY METALS Galway Metals (TSXV: GWM; US-OTC: GAYMF) was spun out of Galway Resources after it was sold for US$340 million in 2012, with substantially the same management team and board of directors.

AVALON ADVANCED MATERIALS Don Bubar-led Avalon Advanced Materials (TSX: AVL; US-OTC: AVLNF) is focused on its Separation Rapids hard-rock lithium project in northwestern Ontario and Nechalacho rare earth elements project in the Northwest Territories, but it also has a third advanced materials project: the East Kemptville tin-indium project east of Yarmouth, Nova Scotia. The property hosts the former East Kemptville mine, which was North America’s only primary tin producer while it was in production from 1985 to 1992. A 10,000-tonne-perday on-site mill was subsequently removed, and the open pit flooded. According to a 2014 estimate, East Kemptville still hosts an indicated resource of 18.5 million tonnes grading 0.18% tin, 0.17% zinc and 0.06% copper. Another 17 million tonnes at slightly lower grades lie in the inferred category. The resource is based on 275 holes totalling 29,600 metres drilled between 1979 and 2001 by previous operators, and seven holes totalling 984 metres drilled by Avalon in 2014. In 2015, Avalon finished a conceptual redevelopment study to restart production at 10,000 tonnes per day, and in 2016 optimized the gravity-processing flowsheet, and revisited the 7 million tonnes of stockpiled mined material still on-site. In mid-2017, Avalon was negotiating with surface landholders for the transfer of full tenure over surface rights, and was contemplating building a smallscale operation at the site to target the stockpiles. CANADIAN ZINC Canadian Zinc (TSX: CZN; US-OTC: CZICF) is best known for its efforts to redevelop the Prairie Creek silver and base metals mine in the Northwest Territories, but it also has a 500 sq. km portfolio of precious and base metal properties in central Newfoundland, cobbled together via the acquisitions of Paragon Minerals and Messina Minerals in 2012–2013. These include the South Tally Pond project (Lemarchant deposit); Tulks South project (Boomerang-Domino and Tulks East deposits) and Long Lake project (Long Lake deposit). The Toronto-based company says its strategy in Newfoundland is to build up a resource large enough to sustain a stand-alone mine, or several smaller deposits that could be developed simultaneously and processed in a central mill. In July, Canadian Zinc resumed drilling at its top-priority Lemarchant massive sulphide deposit, with a 24-hole program totalling 5,000 metres. Drilling returned highlight intercepts such as 14.06% zinc, 6.27% lead, 1.88% copper, 382.9 grams silver and 2.01 grams gold per tonne over 6 metres in hole 17-116.

1-16, 23_Aug7_Main .indd 11

Galway Metals has three high-grade gold properties in New Brunswick and Quebec, with its flagship asset being the Clarence Stream project, 70 km southwest of Fredericton in southwest New Brunswick. Galway describes Clarence Stream as comprising 45 km of strike length of the Sawyer Brook fault system and straddling several intrusives, which may have created the conditions for gold deposition at Clarence Stream.

Marathon Gold geologists examine veining at the Frank zone at the Valentine Lake gold project in Newfoundland. MARATHON GOLD Its current drilling includes initial drill testing of previously defined electromagnetic geophysical anomalies at the North and South Lemarchant target areas, located 500 metres along strike of the Lemarchant deposit. At the end of March, Canadian Zinc had a positive working capital balance of $7.3 million, including cash and equivalents of $7.7 million. EL NINO VENTURES Vancouver-based, Harry Barr-led El Nino Ventures (TSXV: ELN; US-OTC: ELNOF) is a base metals exploration company focused on early-stage projects in New Brunswick. For years, El Nino focused on its Murray Brook venture in the Bathurst camp with Brazil’s Votorantim, whereby El Nino owned 32.5% and Votorantim owns the rest, and is operator.

the hunt for base metals in New Brunswick. Its leading project in New Brunswick is its Chester copper property (formerly known as the Clearwater project), located 24 km southwest of the former Heathe Steele mine. Explor says the Chester property is known to host a copper deposit and a volcanogenic massive sulphide. There are three zones in the main copper deposit, named Central, East and West (also known as Copper Stringer). Only the West zone is included in a National Instrument 43-101 resource calculation, which stands at 712,000 measured and indicated tonnes grading 1.94% copper, 0.09% zinc and 4.9 grams silver per tonne, plus an inferred resource

In October 2016, El Nino struck a deal to sell its stake in Murray Brook to Puma Exploration (TSXV: PUM), but closing the deal was delayed well into 2017. In May 2017, the deal was modified so that payments totalling $1.5 million would be delayed to April 2018. Puma also issued 3 million shares to El Nino. El Nino’s remaining play in the Bathurst camp is its early-stage Bathurst Option Joint Venture project, which is equally owned by El Nino and Glencore (LON: GLEN). EXPLOR RESOURCES Based in Rouyn-Noranda, Explor Resources (TSXV: EXS; US-OTC: EXSFF) is looking for gold in the Abitibi greenstone belt in Quebec and Ontario, but it is also on

The property hosts an indicated resource of 822,000 tonnes grading 6.90 grams gold per tonne for 182,000 contained oz. gold, plus 1.2 million inferred tonnes of 6.34 grams gold for 250,000 contained oz. gold. Antimony is also present on the property.

In March, Explor reported the results of a 12-hole drill program at Chester, with highlight hole 157116-4 returning 11.5 metres (from 132 metres) grading 2.36% copper, plus minor gold, silver, zinc and lead. Explor president Chris Dupont said in a release that multiple copper mineralized zones in each of the holes drilled is “significant in terms of exploration,” and that the increase in strike length of the known mineralization from 500 to 750 metres “confirms the potential to significantly increase the resource,” which remains open on strike west and northwest.

Galway has carried out several deals and staked its own ground to assemble its Clarence Stream asset, but the pivotal agreement is an option to acquire 100% of Wolfden Resources’ (TSXV: WLF; US-OTC-WLFFF) interest in the Clarence Stream property for staged payments totalling $3.25 million and a 1% net smelter return royalty.

See SNAPSHOT / 12

TSX-V: GWM

As of June 2013, Murray Brook’s in-pit measured and indicated resources stood at 1.3 million measured and indicated tonnes of oxide material grading 2.57% zinc, 0.84% lead, 0.93% copper, 38.4 grams silver per tonne and 0.38 gram gold per tonne, plus 17.9 million measured and indicated tonnes of sulphide material at 2.73% zinc, 0.99% lead, 0.47% copper, 41.7 grams silver and 0.59 gram gold. A preliminary economic assessment carried out in June 2013 for Murray Brook calculated a $60-million net present value at a 7% discount rate, a 11.4% internal rate of return and a 5.4-year payback.

of 920,000 tonnes grading 1.76% copper (the inferred material was assayed for copper only).

DISCOVERING STRATEGIC OPPORTUNITIES

IN THE AMERICAS Advancing 2 Projects in Canada • CLARENCE STREAM – An Emerging Gold District in New Brunswick

• ESTRADES –

The former producing, high-grade VMS mine in Quebec

Clarence Stream Resource Estimate Class

Tonnes

Au cut (g/t)

Estrades Resource Estimate

Gold Cut Au Uncut Au Uncut Ounces (g/t) Ounces

Class

Tonnes

Au (g/t)

Ag (g/t)

Zn (%)

Cu (%)

Pb (%)

Indicated

822,000

6.90

182,000

9.11

241,000

Indicated

1,300,000

3.89

137.9

7.95

1.12

0.65

Inferred

1,226,000

6.34

250,000

7.95

313,000

Inferred

1,219,000

1.54

68.6

4.31

1.46

0.26

• Excellent high grade drill results; Galway drilling 24,000 metres in 2017 targeting resource extensions and new discoveries, bringing the total to >85,000 metres

• Successful drilling of resource extensions across 1.8 km of strike. First deep hole intersected 17.7 metres* of 1.1 g/t Au, 95.2 g/t Ag, 4.2% Zn, and 0.6% Cu. Doubled drill budget to 12,000 metres.

• Maiden pit constrained and updated underground resource estimates due September 2017

• Historic Production: 175,000 tonnes grading 6.4 g/t Au, 172.3 g/t Ag, 12.9% Zn and 1.1% Cu

For resource estimate notes, please see NI 43-101 reports at www.galwaymetalsinc.com

* True width is unknown at ths time

www.galwaymetalsinc.com

2017-08-01 8:55 PM

AUGUST 7–20, 2017 / THE NORTHERN MINER

CANADA’S EAST COAST

WWW.NORTHERNMINER.COM

Anaconda Mining branches out in Atlantic Canada GOLD

| Junior producer plans to barge Nova Scotia ore to Newfoundland mill “NOW WE HAVE A COMPLETE PIPELINE OF PROJECTS — FROM GRASSROOTS ALL THE WAY TO PRODUCTION.”

BY TRISH SAYWELL

tsaywell@northernminer.com

ince Dustin Angelo joined junior gold producer Anaconda Mining (TSX: ANX) as president and CEO in September 2010, he and his management team have grown the company’s footprint on the island of Newfoundland through option deals and staking from 7 to nearly 200 sq. km across four projects. Angelo has also been busy trying to grow the company through mergers and acquisitions (M&A), and picked up Anaconda’s first project in Nova Scotia — Goldboro — through the acquisition of Orex Exploration earlier this year. “We’ve always had a two-pronged approach: standard organic growth through options, staking and exploration, and mergers and acquisitions,” he says in an interview. “Now we have a complete pipeline of projects — from grassroots all the way to production.” “We’ve got 1 million oz. in our portfolio between all these projects and between measured and indicated and inferred, and we see potential to have a significant growth profile over the next three to five years.” At Point Rousse, Anaconda’s flagship asset on the Ming’s Bight Peninsula in Newfoundland’s Baie Verte mining district, a small openpit mine has been turning out 16,000 oz. gold annually since it reached commercial production in August 2010, and Angelo says the company can drive that number to 50,000 oz. gold from both its Point Rousse and Goldboro projects by 2020. He also sees potential to increase the resource estimate at its recently acquired Goldboro project in Nova Scotia and barge ore from that project to feed the company’s Pine Cove mill at Point Rousse. (Barging the ore 690 nautical miles to Point Rouse would take four to five days.) Goldboro is 2 km from tidewater and 185 km northeast of Halifax. It has a measured and indicated resource of 2.56 million tonnes grading 5.57 grams gold for 457,000

DUSTIN ANGELO PRESIDENT AND CEO, ANACONDA MINING

oz. gold and another 2.67 million inferred tonnes grading 4.35 grams gold for 372,900 oz. gold. “There’s potential to expand Goldboro at depth and then along strike,” Angelo says. “We’ve gone a maximum of 350 metres vertical depth at Goldboro, so there’s potential to extend it further down. There’s no geological reason why the orebody would stop at 350 metres.” Angelo adds that “there are similar styles of geology and mineralization and geologic models in Australia, where these saddle-reef structures have been found and mined down to about 1.2 km, so if the same features hold, we’ve only gone 350 metres and there’s potential to extend it further down.” There is also potential along strike east and west at Goldboro, where Osisko Gold, Orex’s previous joint-venture partner, had drilled in 2010 and 2011. The drill results were never included in the resource estimate because the spacing was too wide. “There are geophysical anomalies and drilling from Osisko that suggest the orebody continues east and west along strike,” Angelo says, adding that Anaconda expects to complete a preliminary economic assessment of Goldboro by year-end. The strategy is to leverage Anaconda’s infrastructure in Newfoundland, including a fully owned port facility at Point Rousse, and open up deposits that can supply ore to its mill. “We have a lot of operating infrastructure in place,” he says. “We have a mill and a

tailings facility, and the tailings facility will have a 15-year capacity, once the Pine Cove open-pit mine is mined out.” “The idea is for us to try to acquire or build other projects where they may not be economically viable as stand-alone operations because there isn’t enough resource to support the capital needed to build a full-scale mill or tailings facility,” he says. “We’ll still have to build infrastructure in certain places, but the idea is not to build 100% of it. That way we can lower capital costs and perhaps put projects into production on a shorter timeline, and use the infrastructure to grow the company.” On the exploration front, drilling at its Argyle deposit, which it found two years ago, 4.5 km from the mill, has expanded the mineralization zone down-dip and to the northeast. Drill results released on July 13 include 3.63 grams gold over 12 metres starting from 58 metres deep; 3.22 grams gold over 4 metres from 45 metres deep; 1.56 grams gold over 3 metres from 77 metres deep; and 1.22 grams gold over 4 metres from 86 metres down hole. “We’re seeing good grade and wide intersections — big widths here,” he says. Since initial trenching and two phases of diamond drilling began at Argyle in 2016, Anaconda has found a shallow-dipping, nearsurface (less than 100-verticalmetre) mineralized gold system with a more than 600-metre strike length and down-dip extension to

A gold doré pour at Anaconda’s Point Rousse gold project. ANACONDA MINING

225 metres. Argyle remains open both along strike and down-dip. Anaconda has already done internal resource modelling, preliminary planning and permitting activities for Argyle. The company also plans to add ore from its Stog’er Tight deposit, 3 km from its mill, starting from the winter of 2018. Anaconda optioned Stog’er Tight in 2012, and the deposit has an indicated resource of 204,100 tonnes grading 3.59 grams gold for 23,540 contained oz. metal, and an inferred resource of 252,100 tonnes averaging 3.27 grams gold

for a total of 26,460 ounces. T he compa ny i s c a sh-f low positive, and in the last six fiscal years its Point Rousse project has generated $40 mi l lion in projec t-level ea rni ngs before interest, taxes, depreciation and amortization. “Over the next few years, Anaconda is well positioned for mineral resource expansion, production increases and further consolidation in Atlantic Canada,” Angelo says. “We have the platform to be a major player in the Atlantic Canada gold space.” TNM

EAST COAST SNAPSHOT: EIGHT JUNIORS ON THE HUNT SNAPSHOT From 11 Galway has been drilling Clarence Stream since November 2016, and has so far released results for 57 holes. In July, Galway released results from stepout drilling highlighted by an intersection of 14.6 grams gold over 10.2 metres and 7.3 grams gold over 4.6 metres from near surface at the Clarence Stream North zone. Galway has hired SRK Consulting to calculate a pit-constrained resource estimate and update the underground resource, with the numbers expected in September. MARATHON GOLD Toronto-based Marathon Gold (TSX: MOZ; US-OTC: MGDPF) is advancing its wholly owned Valentine Lake gold property in central Newfoundland. There, its near-surface, mainly pitconstrained deposits Leprechaun, Sprite, Marathon and Victory host measured and indicated resources

1-16, 23_Aug7_Main .indd 12

totalling 22.6 million grading 1.91 grams gold for 1.4 million contained oz. gold, plus 8.8 million inferred tonnes at 2.24 grams gold for another 767,000 contained oz. gold. Marathon launched into a four-rig, 60,000-metre drilling campaign in May at the Leprechaun and Marathon deposits at Valentine Lake, which the company describes as being part of a 20 km long gold system of which only “10% of the gold trend has been looked at in any great detail, with many drill targets and multiple deposits.” As reported in July, Marathon’s latest infill drilling at the Marathon deposit, along the southwest and northeast ends of the mineralized corridor, cut 5.40 grams gold over 20 metres and 5.89 grams gold over 6 metres in hole 17-182, as well as 1.82 grams gold over 82 metres in hole 17-183. MORIEN RESOURCES Morien Resources (TSXV: MOX) has traded publicly since November

2012, after having been spun out from Mongolia-focused Erdene Resource Development (TSX: ERD). Morien is focused on North America with two long-life royalty assets, an active project generation program and a strong cash position. Its most notable asset is its royalty on the Donkin underground coking and thermal coal mine in Cape Breton, which is owned and operated by Kameron Collieries, a subsidiary of U.S.-based and privately held Cline Group. Morien’s royalty is 2% on the first 500,000 tonnes in any calendar quarter and 4% on any production above that mark. Morien received $2 million on the closing of its deal to sell its interest in the mine to Cline in February 2015, pocketed $2 million upon first coal production and is due to receive another $1.5 million on the third anniversary of the deal in February 2018, or at first coal export.

In a June 2017 update, Morien said Kameron is anticipating production of 350,000 to 450,000 tonnes in 2017, 1.2 to 1.8 million tonnes in 2018, and 2.6 to 2.75 million tonnes of salable coal in 2019. It noted 64 full-time employees and contractors were working on-site at Donkin in June, and Kameron forecasts 135 full-time workers onsite at full production. In July, Morien reported it had received its first royalty payment on Donkin covering April 1 to June 30, 2017. Morien said the amount was nominal, but it signalled the first sale of Donkin coal to third parties. NEW MILLENNIUM IRON Montreal-based New Millennium Iron (TSX: NML) has been exploring and developing iron ore in Canada’s Labrador Trough since 2003, and now has India’s Tata Steel as its largest shareholder and strategic partner. New Millennium has seven long-

life, National Instrument 43-101 compliant taconite properties, which its says are capable of producing high-quality products to help steelmakers worldwide. The junior also has a minority interest in a direct-shipping ore project that produces and ships sinter fines. These properties are in the Menihek area, straddling the border between Labrador and Quebec, near the town of Schefferville. In December, New Millennium president, CEO and director Robert Patzelt resigned all three positions to be replaced as CEO on an interim basis by the firm’s vice-president of marketing and corporate affairs, Ernest Dempsey. Howard Lutley was appointed New Millennium chairman in May 2016, and much of the company’s focus has been on reining in expenses ahead of any resurgence in the iron ore sector. Since October 2014, the junior’s workforce has been reduced by 80%, with annualized payroll savings of $3.5 million. TNM

2017-08-01 8:55 PM

CANADA’S EAST COAST

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 7–20, 2017

Puma Exploration technician Yvan Ringuet at the Murray Brook VMS project in New Brunswick, 60 km west of Bathurst. PUMA EXPLORATION

Puma beats staking rush in NB ZINC-LEAD

BY TRISH SAYWELL

tsaywell@northernminer.com

uma Exploration (TSXV: PUM) has been active in northern New Brunswick’s Bathurst mining camp for more than a decade, but stepped up its involvement last year with agreements to acquire 100% of the Murray Brook polymetallic project, 60 km west of the city of Bathurst. The junior signed deals in October 2016 to acquire Votorantim’s 67.9% stake in the project and the other 32.1% held by El Nino Ventures (TSXV: ELN), for $9 million. The volcanogenic massive sulphide (VMS) deposit is 4 km from Trevali Mining’s (TSX: TV; USOTC: TR EVF) Caribou mine, which produces zinc and lead-silver concentrates, and 7.5 km from the past-producing lead-zinc-silver Restigouche mine. Between 1989 and 1992, Murray Brook’s previous owner, NovaGold Resources (TSX: NG; NYSE-MKT: NG), mined 2.7 million tonnes of the gold-enriched gossan cap overlying the sulphide deposit, recovering 45,000 oz. gold and 315,000 oz. silver. In December, Puma updated the resource estimate to show the deposit contains 610 million lb. zinc, 209 million lb. lead, 54 million lb. copper, 11.7 million oz. silver and 111,000 oz. gold. Measured and indicated resources total 5.28 million tonnes averaging 5.24% zinc, 1.80% lead, 0.46% copper, 68.9 grams silver per tonne and 0.65 gram gold per tonne. The measured and indicated resource categories represent 68% and 30% of the total sulphide mineral resource at Murray Brook. The VMS deposit is exposed at surface and continues to 300 metres deep, and is open at depth and

1-16, 23_Aug7_Main .indd 13

| Puma, Osisko Metals get busy in historic Bathurst mining camp

“SINCE JANUARY EVERYONE WANTS TO BE IN NEW BRUNSWICK — THERE’S A BIG, BIG CLAIM RUSH IN THE BATHURST MINING CAMP.” MARCEL ROBILLARD PRESIDENT AND CEO, PUMA EXPLORATION

along strike, with drill-ready UTEM geophysical targets. There are two lenses at the deposit: a western lens, which is deeper and zinc-rich, and an eastern lens, which is shallower and copper-rich, with some zinc. The next step is to update Votorantim’s 2013 preliminary economic assessment. “Votorantim did a lot of work between 2010 and 2013,” Marcel Robillard, Puma’s president and CEO, says in an interview. “I don’t know how much they spent over those three years, but they did all the preliminary work.” In addition to 30,000 metres of drilling and completing a resource estimate, he says, Votorantim also did geophysical and magnetic surveys over the entire land package between the Murray Brook deposit and the Caribou mine. “This will be a game-changer,” Robillard says. “New Brunswick is our playground. We have been working in the province since 2005, so we know the area well. I’ve been looking at the Murray Brook project in particular.” Robillard says he’s glad he did the deals on Murray Brook before

Consultant Steve McCutcheon (left) and field geologist Alain Hupe at the Murray Brook property. PUMA EXPLORATION

what he calls a “staking rush” got underway at the start of the year. “Since January everyone wants to be in New Brunswick — there’s a big, big claim rush in the Bathurst mining camp, which brings a lot more attention to the area,” he says, adding that Puma started talks with Votorantim and El Nino Ventures as early as July 2016. Since January 2017, Osisko Metals (TSXV: OM), formerly Bowmore Exploration Ltd., has acquired and staked 400 sq. km in the Bathurst camp, with the goal of developing a multi-deposit asset base in the region that would feed a central concentrator. Osisko Metals’ latest deal, announced July 6, is an option agreement to acquire 100% of the Mount Fronsac zinc property from two

private owners. The property, formerly owned by Glencore (LON: GLEN), has a historic resource of 1.26 million tonnes grading 7.7% zinc and 2.2% lead. Mount Fronsac, 40 km west of Bathurst, is a relatively recent discovery of massive zinc-lead sulphides in the western part of the camp. Osisko Metals says its short-term objective is to upgrade and expand the known resource to National Instrument 43-101 standards. The junior exploration and development company is headed by Jeff Hussey, a geologist whose 30year career in the business includes overseeing exploration and resource development at the Brunswick No. 12 mine. In June, Hussey noted that the Bathurst camp was a major pro-

ducer of base metal for 50 years, with total production of 136 million tonnes of 12% zinc and lead before the Brunswick No. 12 mine closed in 2013. This modern geological interpretation has opened up new areas for exploration in the camp. Meanwhile back at Murray Brook, Robillard expects to complete an updated PEA before year-end. “This is a huge play. It’s not a small zone — it has major zones. And the most beautiful thing is that it starts at surface and goes down to 300 metres, compared to the Caribou mine, where they are mining at 800 metres deep,” Robillard says, adding that another attribute at Murray Brook is that the high-grade zones found so far are all located on the western side of the deposit. “If the high grade was scattered all over the place I wouldn’t have taken it, because it would be more difficult to mine,” he says. “Now we can mine it as a big open pit. But we also have the opportunity to reach the high-grade zone and mine it underground.” The company has more than 18 km of unexplored ground at Murray Brook and there is little overburden to slow exploration. It has started a trenching program and will implement a 4,000-metre drill program — half surrounding the deposit, and the other on regional targets. In addition to Murray Brook, Puma has three earlier stage projects in the camp. The company acquired the Nicholas-Denys project in 2006, the Turgeon project in 2007 and the Red Brook project in January 2016. Nicholas-Denys is 20 km northwest of Bathurst and Red Brook is 50 km west of Nicholas-Denys. Turgeon is 5 km south of Belledune, a deepwater port in northern New Brunswick . TNM

2017-08-01 8:55 PM

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AUGUST 7–20, 2017 / THE NORTHERN MINER

Material drops off a conveyor at Acacia Mining’s Buzwagi gold mine in Tanzania. ACACIA MINING

One theory on the root of Acacia’s troubles in Tanzania ACACIA From 4

and Acacia’s results, and do these interfering elements exist in the concentrate? Certainly, analyses of the concentrate by ALS show 700 ppm arsenic, 1,500 ppm zinc and 30 ppm tungsten, the main suspects in false gold peaks in XRF analyses, but can this account for the extra 1,200 ppm gold. A decade after my Granduc experience, the handheld XRF industry has proliferated, with many new manufacturers aggressively competing to sell units to a range of industries, with claims for rapid identification and measurement of precious metals. However, while there have been advances in higher resolution detectors, batteries and software leading to point-and-shoot capabilities, the essential physics remain the same (although a lot of the advertising suggests otherwise), and this creates limitations in many situations. Most units use either a rhodium or silver target in their X-ray generating tube, which produces a continuous spectrum of X-rays ranging up to 50 keV. The X-ray counts are not equal for all energies and define a continuum curve (Bremsstrahlung) peaking at 5 keV and tapering to zero at 50 keV, and with sharp peaks at the characteristic emission lines for the source element, which for rhodium are at 22 keV. The source X-rays hit the sample and through the delights of quantum mechanics cause fluorescence: the return of suites of X-rays precisely characteristic of each element present. However, the counts of returned or fluoresced X-rays are variably proportional to source X-rays of similar and slightly higher energy, and the variable source spectrum calls for considerable corrections to convert counts of detected X-rays to measured concentrations. On top of this, the sharp emission lines characteristic of the X-ray source element (e.g., the K-lines of rhodium) limits the useful range of analysis to below 20 keV. This means that if you are measuring elements not much heavier than transition metals (but perhaps up to Z of 51 at Sb), the K fluorescence lines, which increase regularly with atomic number Z, are measured, while if you want heavier elements like gold, for which the K lines are out of range, then you have to rely on less distinctive L or M lines that are in the same energy range as K-lines of lighter and potentially more abundant elements. This results in interferences that have to be resolved by peak stripping routines built into the units, and was the cause of the false gold report I observed in 2006.

1-16, 23_Aug7_Main .indd 14

Whether or not that situation would be avoided today by newer detectors and software, experienced exploration geologists do not expect to directly measure gold in complex geological materials, and instead use these units to measure associated pathfinder elements like arsenic. Hence, it looked to me as though the spuriously high gold claimed by Magufuli’s committee might have been the result of using handheld XRFs, rather than standard fire assay techniques. But were there any other indications? Iridium was the next big item on the committee’s list of grievously undeclared values in the concentrate, with US$49-million worth claimed to be hidden in the impounded containers. A quick Internet search revealed several blogs about spurious iridium analyses by handheld XRFs, including one by Allan Fraser, a South African analytical chemist who had bought a mineral specimen online from Pasto Bueno in Peru, only to have it impounded by South African customs. When he went to find out why, they confidently showed their handheld XRF measuring 3.45% iridium, 0.49% rhodium and 0.37% gold — plus some platinum and palladium — in his specimen. The sample meanwhile was from a typical Andean vein system and consisted only of siderite, tetrahedrite, chalcopyrite and arsenopyrite, clearly not the right mineralogy or deposit type for iridium, which is never found in such high concentrations, even in the Bushveld complex. Predictably, iridium falls in the same category as gold with its Klines out of the energy range of handheld XRFs, resulting in reliance on L lines at 9.175 and 10.708 keV, which are interspersed with K-lines for both copper (copper K-beta at 8.91 keV) and arsenic (arsenic K-alpha 10.54 keV). Measuring these overlapped minor peaks requires not only a high-resolution detector (SDDs can resolve peaks to 0.15 keV) but also a sound software library of relative peak intensities for all elements of interest, and an excellent routine for peak stripping. This involves statistically adequate spectra for not just the major elements, but also the minor elements, and carefully stripping away all spectral features even remotely associated with the major constituents as well as predictable matrix effects, before attempting to attribute any concentrations to trace elements represented by the remaining minor peaks. Short counting times (e.g., 15 seconds) may ephemerally show spurious elements that disappear from the handy on-screen report

as the counting time increases, but from a human perspective, the initial report of an exciting element like iridium or gold raises expectations. Could the iridium alleged to be 320 ppm in the concentrate be a false measurement by handheld XRF? Both the theoretical peak overlaps (copper and arsenic) and the empirical case of the Pasto Bueno sample analysis by XRF suggest that it is highly likely, especially as copper has a significant concentration in the concentrate. Rhodium (alleged to be 2 ppm) is a different case: if the analyzed material is reflective (metal or hard sulphides), X-rays characteristic of rhodium can bounce back to the detector at 20.22 and 22.71 keV. The detector cannot tell that these are just from the X-ray tube and chocks up rhodium as a measured constituent, perhaps only partly discounted by the software. So, the presence of rhodium in the measurements, when none is expected, may be a subtle but direct indication that an X-ray device was used. On top of this, rhodium L-alpha lines are down at 2.83 keV and may be overshadowed by the nearby K lines from sulphur (in pyrite and chalcopyrite), which is acknowledged at 36% in the Acacia concentrate. Meanwhile, silver has K- and L- lines just above those of rhodium, as well as its L-lines in the neighbourhood of sulphur, which could readily augment the accepted silver content if not give a false silver peak — a known caveat. Other elements reported by the committee that fall into the same handheld XRF measurement chaos as iridium include ytterbium and tantalum. Both have L-lines in the high-traffic spectral zone of copper and iron K-lines, which are known major elements in the Acacia concentrates at 14% weight for copper and 31% weight for iron. Indeed, the only accurately reported elements by the committee seem to be for iron (27%) and sulphur (39%), representing the pyrite and chalcopyrite in the Bulyanhulu ore. Oddly, the committee recommended these as a potential revenue source, like iridium, ignoring that smelters generally penalize for sulphur in concentrates and that the iron ends in slag. Iron, sulphur and copper should all be reliably measurable by handheld XRF units, so it is a bit surprising that the copper contents were claimed to be understated. In fact, the committee report shows a wild range from 15.1% to 33.78% copper, sulphur from 16.7% to 50.8% and iron from 13.6% to 30.6%, suggesting either considerable variability

in the Acacia concentrates or some rather imprecise analytical procedures on the part of the committee. Their totals add up to 92%, which leaves insufficient room for the 10% silica from the quartz veins and 7.5% carbon from the sheared argillite units in which the gold-bearing quartz veins occur. The overall implausibility of the concentrations claimed by the committee suggests they may result from many of the pitfalls and limitations inherent in the use of handheld XRFs, including matrix and operational effects (e.g., sum and escape peaks). Nothing in the report indicates sampling protocols, analytical procedures, or even qualifications or identities of the first committee members. However, the Tanzanian committee should not be immediately condemned for believing XRF results, if that is the case. Simplified operational modes encourage the same confidence for providing an accurate picture, as we get from point-and-shoot digital cameras. Most of the emphasis of the report and its updated partner by the second committee focused on calculating the potential value of elements in the concentrates without questioning the veracity of the numbers used. While I believe the committee acquired most of its implausible results from a handheld XRF, beryllium and lithium, which have low characteristic fluorescence X-ray energies, are undetectable by handheld units because their X-rays are attenuated in the air gap between the unit and the sample. To get beryllium and lithium numbers the committee probably relied on some other rapid analytical technique available to them within the 20 days of their mandate, and selectively reported numbers that they judged representative. Inductively coupled plasma atomic emission spectroscopy (ICP-AES) might be a reasonable choice but for the lack of any beryllium and lithium in the concentrate and the probability that iron, copper and sulphur would be over-limit by standard ICP analyses, while conveniently in range for a handheld XRF. Perhaps a method particular to analyzing beryllium and lithium in gemstones — such as tanzanite and corundum, for which Tanzania is well known — were used, but that is a new mystery. If indeed my speculation is correct — that the Tanzanian committee used handheld XRFs to analyze the concentrates — there should be some indication that XRF units were available to them. Another Internet search revealed a document calling for bids by the Tanzanian government in early 2016

to supply handheld XRF units for use by government agencies. More recently, articles in the Lusaka Times of neighbouring Zambia declared that they had implemented 18 “Olympus-X” portable XRF units for use in monitoring all mineral exports. One Lusaka Times article stated: “Recently, there have been reports of mining companies exporting precious metals, especially gold, using falsified mineral content analysis reports. This has resulted in gross undervaluations of gold exports, thereby affecting revenue collection from mining companies.” It is doubtful that Magufuli will elucidate the source of the disputed committee numbers, no matter how earnestly he and his committee believe in them. Certainly they will not stand up to scrutiny and would prove embarrassing regardless of the method used by the committee. Likely, he used the report to raise patriotic fervour to back up his call for political solidarity and as a pretext to ram through objectionable amendments to the Mining Act in early July, while public expectations were high and Acacia and other miners were on the defensive. Magufuli surely cannot believe that he can force payment of the claimed US$190 billion in back taxes and royalties, since revelation of faulty analysis by the government would collapse that argument quickly. Instead, it is likely a bargaining tactic or ruse to force acquiescence with the more onerous and ambiguous conditions of the Mining Act amendments, and will be quickly discarded when Magufuli’s objectives are met. While a president and national government may be within their interests and rights to push negotiations for more favourable resource revenue terms — and certainly Tanzania does not have good ones presently — the credibility and honour of the nation hinges on ensuring that its allegations are based on honourable procedures, and, in this case, credible analyses. — Hardolph Wasteneys, P.Geo., APEGBC, is a consulting mineral exploration geologist with an engineering degree in mineral resource exploration (Queen’s, 1979) and PhD in mineral deposit research (Queen’s, 1990) based on study of epithermal silver mineralization in southern Peru. He did uraniumlead geochronology research at the Royal Ontario Museum during the 1990s on ore deposits and highgrade metamorphic terranes. He has worked in mineral exploration mainly in the Western Cordillera from the early 1980s to the present. He lives west of Campbell River, B.C., on Upper Campbell Lake.

2017-08-01 8:55 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 7–20, 2017

The exploration camp at Vendetta Resources’ Pegmont lead-zinc project in northwest Queensland, Australia. VENDETTA RESOURCES

Vendetta updates resource at Pegmont lead-zinc project AUSTRALIA

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

endetta Mining (TSXV: VTT; US-OTC: VDTAF) sees a new resource update at its Pegmont lead-zinc project in northwest Queensland, Australia, as the next step towards a preliminary economic assessment (PEA) it hopes to complete within 18 months. The company plans to drill 12,000 metres in 2017, and update the resource again before year-end. The goal is to delineate 15 million tonnes of zinc-lead mineralization for near-term mine planning and potential development. On June 26, Vendetta reported that Pegmont hosts inferred resources of 9.6 million tonnes grading 5% lead, 2.9% zinc and 8 grams silver per tonne. Indicated resources are 2.2 million tonnes at 5.6% lead, 2.6% zinc and 10 grams silver. “There hadn’t been an effort to add tonnes to the project before we took over,” Vendetta president and CEO Michael Williams says during an interview. “Our approach was to reverse engineer and figure out what we’d need in an economic mine plan. “We figured that getting to 10 million tonnes in this estimate would be a great start. Obviously we hope to find more than that over the mine life. The (deposit) doesn’t stop where we finished our drilling.” The updated estimate incorporates 12,700 metres Vendetta drilled between 2014 and 2016, and assumes metal prices of US90¢ per lb. lead, US95¢ per lb. zinc and US$15 per oz. silver. Vendetta describes Pegmont as hosting a body of stratiform, leadzinc sulphides within a metamor-

1-16, 23_Aug7_Main .indd 15

| Current drilling aimed at supporting PEA due in 18 months “EARLIER THIS YEAR THE PHONE REALLY STARTED TO RING ... INVESTORS ARE ON THE LOOKOUT FOR QUALITY ZINC PROJECTS.” MICHAEL WILLIAMS PRESIDENT AND CEO, VENDETTA RESOURCES

phosed, silicate facies banded-iron formation. It is a Broken Hill-type deposit that occurs in sedimentary basins overprinted by high-grade (upper amphibolite to granulite) metamorphism. “Historic drilling was close to surface, and didn’t cut below the amphibolite dike. This emerged as a focus ... and we leveraged orientated drilling to figure things out structurally,” Williams says. “It was thought of as a leaddominant, single-lens orebody, and that’s why it sat idle. We looked at the data and said: ‘this looks like a Broken Hill-style model.’ This meant there would be multiple lenses and room for growth on the historic resource.” Vendetta has defined several open-pit and underground mining scenarios. The project hosts open-pit, constrained inferred resources of 6.3 million tonnes at 5.4% lead and 2.4% zinc. The company is contemplating a starter pit, while Zones 1 and 2 represent near-surface targets. Zones 4 and 5 contain underground sulphide resources of 3.3 million inferred tonnes grading 4.1% lead and 3.8% zinc. “We felt our latest drilling dialled into the geology and structures of the system,” Williams says. “We’re conf ident there’s going to be an open-pit component to our mine plan, and our goal is to expand this potential. We hope the early open-pit element will help the payback period on

upfront capital before moving underground.” The company started its latest exploration campaign in April, and had completed 21 holes over nearly 4,000 metres by press time. Vendetta’s drilling will include upgrading open-pit targets to the PEA level, expanding inferred underground resources and testing regional exploration targets. The company has also budgeted for metallurgical work at Pegmont this year, including flotation and comminution work on sulphide mineralization. Vendetta closed a $4.2-million private placement in April, where it issued 21.2 million units at 20¢ each. The units comprise one share and half a warrant exercisable for two years at 30¢. The company’s shares have traded in a 52-week range of 6¢ to 35¢ per share, and last closed at 27.5¢. There are 107 million shares outstanding for a $29.5-million market capitalization. “Earlier this year the phone really started to ring ... investors are on the lookout for quality zinc projects,” Williams says. “We have great infrastructure in a mining jurisdiction, and we’ll continue to see the project grow. The value will emerge as the market moves into the second stage of a zinc rally that’s a supply-side story. With a new understanding of the structural geology, we’re optimistic that Pegmont will get to 15 million tonnes.” TNM

Drillers at Vendetta’s Pegmont lead-zinc project in Australia. VENDETTA RESOURCES

2017-08-01 8:56 PM

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AUGUST 7–20, 2017 / THE NORTHERN MINER

Cardinal Resources delineates 4.2M oz. gold at Namdini in Ghana GOLD

| Newly listed junior blazes trail in country’s overlooked north

BY TRISH SAYWELL tsaywell@northernminer.com

rchie Koimtsidis, cofounder and CEO of Cardinal Resources (TSX: CDV; ASX: CDV), is confident that the company’s Namdini gold deposit will become the first big gold mine ever built in northern Ghana. Historically, virtually all of the exploration for gold in the West African nation has been in the south, he says, closer to the capital of Accra on the Atlantic coast, where infrastructure is better and exploration easier. “Northern Ghana is largely savannah — very dry and harsh terrain — where electricity and water was scarce many years ago, and, as a result, all the focus was on the south,” the Australian mining executive says in an interview. “We’re the first major company attempting exploration in the north … Namdini will be the first significant mine to open up the northern half of the country and it will become an economic engine for the region.” Namdini, 40 km south of Ghana’s border with Burkina Faso and 20 km from the town of Bolgatanga in the Red Volta river valley, has a global resource of 4.2 million oz. gold, and Cardinal expects to upgrade this before year-end. “It’s exciting because this deposit is 1,000 metres long and 300 metres wide, and we’ve got data down to 600 metres and it keeps going, and we haven’t found the boundaries yet,” Koimtsidis says. The company’s resource estimate was based on 20,000 metres of drilling and finished within 18 months of its first drill hole. Since then 33,000 metres have been drilled. Another 2,000 metres will be drilled before the company upgrades its resource later this year. The resource is open along

A drill crew at work at Cardinal Resources’ Namdini gold deposit in northern Ghana, 40 km south of the Burkina Faso border. CARDINAL RESOURCES

strike and at depth. Namdini’s indicated resource stands at 8.3 million tonnes grading 1 gram gold per tonne for 270,000 contained oz. gold, and its inferred resource measures 114.7 million tonnes grading 1.1 grams gold for 3.9 million contained oz. gold. The resource estimate uses a cut-off grade of 0.3 gram gold per tonne. “Cardinal is poised to unlock the potential of one of the largest discoveries in the last 15 years,”

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Nana Sangmuah, a mining analyst at Clarus Securities, said in a research note on July 10, the day Cardinal listed on the Toronto Stock Exchange. “We see potential for a 30% to 50% growth in the 4.6 to 7 million oz. resource, based on recent stepout drilling that extended the mineralization downdip by 70% to 600 metres deep over a 600-metre strike length, and intercepted grades that were higher than the existing resource.” If Namdini can get to 6 million oz. it would be the largest discovery in West Africa and the fifth-largest discovery globally in the last decade, the Ghana-native adds, “making Namdini a coveted asset for the majors, many of which face a declining production profile.” He says that “in the last 15 years, nine of the 15 discoveries in West Africa have been acquired, six of which had a smaller resource than Namdini’s current resource.” Cardinal’s shares opened on the TSX for the first time at 54¢ and are trading at 65¢. Sangmuah has a 90¢ target price. Nine drill rigs are on-site and Koimtsidis expects to upgrade the resource estimate in September. “Guys like Nana have made their estimates, and we just hope we can embarrass them and make them look like they were conservative,” he jokes. In May, Cardinal released assay results from stepout and down-dip extension drilling that shows mineralization extends 200 metres to 300 metres beneath the resource. Highlights include 17 metres grading 1.75 grams gold in hole 63 and 34 metres averaging 3.58 grams gold in hole 67. The Namdini deposit is hosted along a regional scale shear zone near the Youga and Shaanxi gold mining operations. The gold mineralization is characterized by disseminated sulphides in sheared Birimian greenstones (metavolcanics intruded by granite and

Workers in the core shack at the Namdini gold project. CARDINAL RESOURCES

diorite). Cardinal was granted a largescale mining licence over 19.5 sq. km in Ghana’s Upper East Region, which includes Namdini. The mining lease is good for 15 years and is renewable. Koimtsidis has been visiting northern Ghana with a sma ll team of geologists for the last 15 years. Before setting up Cardinal Resources in 2011 with his cofounder, Malik Easah, Koimtsidis had worked in Ghana for PMI Gold as the company’s deputy country manager. Asanko Gold (TSX: AKG; NYSE-MKT: AKG) acquired PMI Gold in late 2013. “This is not a job for me,” Koimstidis says. “We put $2 million into this before listing on the ASX. We are not in it as employees. We are in it as guys trying to build a business and make value, not just for ourselves and our shareholders, but for the community

at large. We are entrenched in the local community and every level of government, and we want to make sure this becomes their first mine in northern Ghana. “I’m not an arm-waving kind of guy,” he continues. “We’re looking for gold and we found gold. Where to from here? Where are the boundaries? How big is it? How do you make money out of it? That’s what it’s all about.” The top-40 shareholders own 87% of the company. Cardinal’s major shareholders include 1832 Asset Management L.P. Dynamic Fund (10.35%); Van Eck Associates Corp. (7.28%); Gold Fields (NYSE: GFI) (6.98%); Commonwealth Bank of Australia (5.01%); Royal Bank of Canada (5%); Sprott Asset Management LP (4.98%); US Global (4%); Macquarie Bank (3.64%) and Precious Capital Global Mining and Metals Fund (3%). Directors hold 4.80%. TNM

2017-08-01 8:56 PM

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AUGUST 7–20, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JULY 24–28 The S&P/TSX Composite Index lost 54.48 points to a 15,128.65-point close over the trading period. Shares of Detour Gold rose $1.79 to $15.80 on rising gold prices and strong secondquarter results. The company posted net earnings of US$24.4 million, or US14¢ per share, and achieved record production of over 150,000 oz. gold at its sole asset, the Detour Lake gold mine in Ontario. The company expects to produce between 550,000 and 600,000 oz. gold this year at total cash costs of US$690 to US$750 per oz. sold. On July 10, the company received a US$500-million, senior-secured credit facility, consisting of a US$300-million revolving credit and a three-year, US$200-million loan, replacing the company’s $135-million credit facility. The new line of credit will repay US$320.5 million in convertible notes maturing on Nov. 30. Kirkland Lake Gold boosted the reserve grade by 83% at its Fosterville underground gold mine in Victoria State, Australia, sending shares of the company up $1.18 to $13.18. Proven and probable reserves stand at 2.4 million tonnes of 15.3 grams gold per tonne for 1.2 million oz. gold, compared to the previous estimate of 2.2 million tonnes gold at grades of 9.2 grams gold for 643,000 oz. gold. The resource

update incorporates down-plunge extensions of the high-grade, visible gold-bearing Lower Phoenix gold system, which is being mined. This extension, renamed the Swan zone, added 532,000 oz. gold at average grades of 58.8 grams gold to the updated reserve estimate. Mineralization has been traced by development and drilling for over 2 km along trend and remains open for expansion. Lundin Mining saw 16.3 million shares traded before closing up 84¢ to $8.69 per share. The company reported net earnings of US$85 million, or 10¢ per share in the second quarter, and declared a 3¢-per-share dividend. Rising metal prices lifted sales in the quarter to US$454.7 million, up from US$342.3 million compared to the second TSX MOST ACTIVE ISSUES

Jaguar Mng Lundin Mng First Quantum Goldcorp B2Gold Yamana Gold Barrick Gold HudBay Mnls Kinross Gold Teck Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

JAG 45841 0.38 0.22 0.25 - 0.11 LUN 16305 8.78 7.83 8.69 + 0.84 FM 15937 14.83 12.96 13.46 + 0.24 G 15856 17.45 16.05 16.24 - 0.96 BTO 15592 3.40 3.21 3.36 - 0.04 YRI 15271 3.31 3.04 3.23 - 0.07 ABX 14978 21.37 19.25 20.99 + 0.70 HBM 13045 10.01 8.31 9.56 + 1.16 K 12940 5.40 5.10 5.24 - 0.06 TECK.B 12658 27.28 24.31 26.36 + 1.94

quarter last year. The company is increasing its near-mine exploration budget to US$75 million. Peregrine Diamonds gained 2¢ to 15¢ per share on news of hitting 152 metres of kimberlite in a drill hole at its Chidliak diamond project on Baffin Island. The intercept expands the western margin of the project’s CH6 kimberlite pipe by 35 metres at 200 metres deep. The hole continued

in country rock and found a 0.32-metre, open-ended intersection of kimberlite at 361 metres deep before the hole was lost. Another drill hole is planned to test the kimberlite on the eastern side of CH6. The company is drilling extensions of the CH6 kimberlite for a resource update expected at year-end. The deposit has an inferred resource of 4.23 million carats in 5 million tonnes at 0.85 carat per tonne. TNM

TSX GREATEST PERCENTAGE CHANGE

Largo Res Candente Coppr Peregrine Diam Anaconda Mng Nemaska Lith HudBay Mnls Nevada Copper Imperial Metal Copper Mtn Mng Detour Gold Jaguar Mng Banro Corp Atlatsa Res Redhawk Res Asanko Gold Freegold Vent EurOmax Res Horizonte Mnls Goldgroup Mng Tanzania Rlty

LGO DNT PGD ANX NMX HBM NCU III CMMC DGC JAG BAA ATL RDK AKG FVL EOX HZM GGA TNX

767 482 1703 662 3533 13045 773 284 2493 5670 45841 254 65 274 7508 381 50 2370 469 226

0.58 0.35 0.55 0.08 0.06 0.08 0.16 0.13 0.15 0.07 0.06 0.07 1.22 1.03 1.21 10.01 8.31 9.56 0.59 0.52 0.59 4.12 3.38 3.89 1.06 0.92 1.04 15.82 13.24 15.80 0.38 0.22 0.25 0.71 0.48 0.53 0.06 0.00 0.05 0.03 0.02 0.03 1.89 1.56 1.58 0.15 0.12 0.13 0.40 0.36 0.37 0.04 0.04 0.04 0.09 0.07 0.08 0.60 0.50 0.54

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Teck Res Teck Res Suncor Energy Detour Gold Kirkland Lake Agnico Eagle HudBay Mnls Lundin Mng Barrick Gold Cameco Corp Franco-Nevada Agrium Goldcorp Pretium Res TMAC Resources Potash Corp SK Eldorado Gold Asanko Gold Klondex Mines Banro Corp

48.6 23.1 20.0 18.2 17.5 13.8 13.5 13.1 13.0 12.8 30.6 29.3 18.2 16.7 16.0 13.3 13.1 12.5 11.8 11.5

VOLUME WEEK (000s) CLOSE CHANGE

TECK.A TECK.B SU DGC KL AEM HBM LUN ABX CCO FNV AGU G PVG TMR POT ELD AKG KDX BAA

11 26.96 12658 26.36 12171 40.36 5670 15.80 5485 13.18 3106 58.85 13045 9.56 16305 8.69 14978 20.99 4400 13.11 2204 90.23 1097 124.13 15856 16.24 1558 12.03 204 11.50 7380 22.16 10396 2.80 7508 1.58 2752 4.01 254 0.53

+ 1.96 + 1.94 + 1.94 + 1.79 + 1.18 + 1.16 + 1.16 + 0.84 + 0.70 + 0.65 - 2.33 - 1.29 - 0.96 - 0.67 - 0.60 - 0.40 - 0.34 - 0.30 - 0.28 - 0.22

TSX VENTURE EXCHANGE / JULY 24–28 The S&P/TSX Venture Composite Index gained 11.92 points to a 772.57-point close, as spot gold prices rose US$14.66 to US$1,269.64 per oz., while Comex copper prices surged US16¢ to US$2.88 per lb. on news of Chinese restrictions on scrap imports, which could increase demand for imported refined copper. Australian explorer Novo Resources led the value-added category, with shares gaining 82¢ to $2.67. On July 12, the company said it found gold nuggets up to 4 cm long while excavating a 700-kilogram bulk sample at its Purdy’s Reward gold prospect, 45 km south of Karratha, Western Australia. The company says the gold is hosted within unmapped conglomerates at the base of the Archeanage Fortescue Group, which is the same unit that hosts Novo’s Beatons Creek gold project, 350 km east. GT Gold was a front-runner in the valueadded category, with shares gaining 66¢ to $1.03 after the company revealed a high-grade gold discovery at its Tatogga gold property in northwestern B.C.’s Golden Triangle. The company targeted a gold-in-soil anomaly with reverse-circulation drilling at its Saddle South prospect, and intercepted gold mineralization within an east-trending, steeply dipping structure across a 200-metre strike length to 213 metres deep. Intercepts include

13.03 grams gold per tonne over 10.7 metres and 8.75 grams gold over 8.5 metres. A second diamond-drilling phase totalling 2,500 metres is underway, along with an 18 line km induced-polarization (IP) geophysical survey. Drilling will also test the project’s Saddle North geochemical target, which coincides with a kilometre-long, open-ended IP anomaly that spans 200 metres wide. The line spacing on the survey was completed at 200-metre centres. Shares of Garibaldi Resources gained 11¢ to 27¢ on news of a surface discovery at the firm’s E&L nickel-copper project in northwest B.C.’s Eskay camp. The company has found pyrrhotite-chalcopyrite mineralization in gabbroic rocks over a 300- by 700-metre area. The prospect, known as TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GT Gold GTT 11213 Spearmint Res SRJ 9136 Nevada Egy Mtl BFF 8143 Decade Res DEC 5955 Secova Mtls SEK 5565 Garibaldi Res GGI 5243 Cdn Platinum CPC 4891 Novo Res NVO 4855 Aben Res ABN 3912 Southern Lith SNL 3892

1.24 0.04 0.03 0.17 0.05 0.28 0.03 2.88 0.17 0.25

0.36 0.02 0.02 0.11 0.05 0.17 0.02 1.90 0.10 0.20

1.03 + 0.03 + 0.03 + 0.16 + 0.05 unch 0.27 + 0.02 - 2.67 + 0.16 + 0.24 +

0.66 0.01 0.01 0.04 0.00 0.11 0.01 0.82 0.05 0.04

Anomaly A, is located 6 km north–northeast of the project’s Anomaly D target, which the company plans to drill this year. Historical drilling at Anomaly D in the 1960s outlined a magmatic nickel-copper system extending 175 metres east–west, highlighted by a 37.8-metre drill intercept of 1.3% nickel and 0.79% copper. GoldMining acquired its Yellowknife and

Big Sky gold properties in the Northwest Territories, driving shares of the company up 24¢ to $1.93. The properties cover 35 km of the prospective Yellowknife greenstone belt, which produced 15 million oz. gold from the Con, Giant and Discovery mines. The company intends to update the current resource estimate by examining the cut-off, and verify the historic sampling. TNM

TSX-V GREATEST PERCENTAGE CHANGE

GT Gold Upper Canyon Legend Gold Odyssey Res QMX Gold Canadian Mng Garibaldi Res Superior Mng Troy Enrgy Deep-South Res Adex Mining Pac Link Mng Highbank Res Rotation Mnls Intl Montoro Honey Badger E Gespeg Cop Res Monitor Vent Stakeholdr Gld MetalCorp

GTT UCM.H LGN ODX.H QMX CNG GGI SUI.H TEG.H DSM ADE PKC.H HBK ROT IMT TUF GCR MVI SRC MTC

11213 175 32 157 3891 979 5243 53 378 286 94 13 1212 307 357 659 167 43 19 256

1.24 0.02 0.25 0.08 0.39 0.57 0.28 0.13 0.08 0.13 0.01 0.07 0.03 0.20 0.02 0.08 0.07 0.80 0.34 0.05

0.36 0.01 0.17 0.05 0.24 0.34 0.17 0.08 0.05 0.08 0.01 0.02 0.02 0.12 0.01 0.06 0.05 0.00 0.28 0.04

1.03 0.02 0.24 0.08 0.39 0.56 0.27 0.13 0.08 0.13 0.01 0.04 0.02 0.13 0.01 0.06 0.05 0.45 0.28 0.04

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 178.4 + 100.0 + 80.8 + 66.7 + 66.0 + 64.7 + 63.6 + 62.5 + 60.0 + 56.3 - 50.0 - 42.9 - 40.0 - 37.5 - 33.3 - 29.4 - 28.6 - 28.6 - 28.2 - 27.3

VOLUME WEEK (000s) CLOSE CHANGE

Novo Res GT Gold ScoZinc Mg Wealth Mnrls GoldMining Canadian Mng Yellowhead Mng Titanium Corp Rock Tech Lith QMX Gold Cobalt 27 Cap White Gold Monitor Vent Broadway Gold Curlew Lke Res Prospector Res Comet Inds Marlin Gold Metalore Res Itafos

NVO GTT SZM WML GOLD CNG YMI TIC RCK QMX KBLT WGO MVI BRD CWQ.H RIO CMU MLN MET IFOS

4855 11213 32 828 1587 979 11 549 644 3891 125 111 43 435 8 24 25 153 2 18

2.67 1.03 1.55 1.94 1.93 0.56 0.65 1.36 1.10 0.39 8.55 1.60 0.45 0.63 1.15 1.05 2.60 0.90 3.60 1.86

+ 0.82 + 0.66 + 0.37 + 0.27 + 0.24 + 0.22 + 0.22 + 0.21 + 0.16 + 0.16 - 0.73 - 0.25 - 0.18 - 0.17 - 0.15 - 0.15 - 0.15 - 0.14 - 0.14 - 0.14

U.S. MARKETS / JULY 24–28 On the macroeconomic front, the U.S. dollar remained under pressure af ter U.S. Federa l Reser ve commentar y on monetar y policy, which indicted that inf lation remains “ below target.” The Fed suggested it would lower the balance sheet by September, which also led to speculation that there was no rush to raise interest rates. T he Dow Jones Indust r ia l Average c l i mb e d 1.16% to 21, 83 0. 31 a nd t he S&P 500 Index closed relatively f lat at 2,472.1. The Philadelphia Gold & Silver Index gained 2.3% to f inish at 85.86, w it h gold pr ices nea r i ng seven-week highs at 1,268.40 per ounce. West Texas Intermediate crude jumped 8.6% en route to a US$49.71-per-barrel close. Copper companies gained as the red metal surged towards two-year highs. Copper increased 5.7%, or US15.5¢, en route to a US$2.87 per lb. close. Toronto-ba sed red meta l producer Hudbay Minera ls ga ined 14% before finishing at US$7.65 per share. FreeportMcMoRan rose 12% before closing at US$14.60 per share, and Turquoise Hill

18_Aug7_MarketNews.indd 18

Resources finished up 12% at US$3.20 per share. Meanwhile, U.S. gold major Newmont M i n i ng had a st rong qu a r terly p erformance. Shares jumped 7.8% before closing at $37.06. Newmont produced 1.4 million oz. gold during the second qu a r ter at a l l-i n su st a i n i ng cost s of US$884 per ounce. The company generated operating cash f low of US$526 million and adjusted earnings of US36¢ per share. Eldorado Gold declined after a quarterly financial report of more sociopolitiU.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Frport McMoR* FCX 176859 15.27 12.79 14.60 + 1.59 Vale* VALE 168002 9.69 9.04 9.67 + 0.65 United States S* X 142114 27.44 22.79 22.98 - 0.70 Barrick Gold* ABX 91596 17.12 15.40 16.87 + 0.68 Yamana Gold* AUY 64148 2.65 2.42 2.59 - 0.03 Kinross Gold* KGC 57344 4.35 4.07 4.21 - 0.01 Goldcorp* GG 54801 13.94 12.79 13.05 - 0.67 Turquoise HIl* TRQ 53297 3.24 2.84 3.20 + 0.35 Vale* VALE.P 46573 9.07 8.53 9.05 + 0.56 Newmont Mng* NEM 33257 37.35 33.89 37.06 + 2.67

cal issues at its projects in Greece. The company's shares dropped 9.6% before closing at $2.26 after the company reported more delays at its Olympias Phase II and Skouries development projects. Eldorado has yet to receive an arbitra-

tion notice from the Greek government, but the process could take four months. Commercia l product ion at Oly mpias Phase II is expected to be delayed until year-end, whi le Skouries was pushed back one year to 2020. TNM

U.S. GREATEST PERCENTAGE CHANGE

HudBay Mnls* HBM Turquoise HIl* TRQ Freeport McMoR* FCX Teck Res* TECK Newmont Mng* NEM Vale* VALE Gold Fields* GFI Vale* VALE.P Sibanye Gold* SBGL Cameco Corp* CCJ Eldorado Gold* EGO Mechel* MTL Coeur Mng* CDE Goldcorp* GG Cloud Peak En* CLD Pretium Res* PVG United States S* X Arch Coal* ARCH Alcoa* AA Trecora Res* TREC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

3924 8.05 6.60 7.65 + 14.2 53297 3.24 2.84 3.20 + 12.3 176859 15.27 12.79 14.60 + 12.2 26980 21.82 19.42 21.21 + 8.9 33257 37.35 33.89 37.06 + 7.8 168002 9.69 9.04 9.67 + 7.2 27403 4.05 3.70 4.04 + 6.9 46573 9.07 8.53 9.05 + 6.6 11244 5.09 4.63 5.08 + 6.3 11304 10.68 9.86 10.56 + 6.2 28716 2.53 2.23 2.26 - 9.6 517 4.97 4.61 4.64 - 6.5 14132 9.04 7.84 8.22 - 6.4 54801 13.94 12.79 13.05 - 4.9 5804 3.65 3.05 3.35 - 4.8 5235 10.20 9.58 9.67 - 4.5 142114 27.44 22.79 22.98 - 3.0 2257 77.36 71.14 73.32 - 2.9 14017 37.61 35.54 35.64 - 2.7 289 12.20 11.45 11.60 - 2.5

U.S. GREATEST VALUE CHANGE

Chevron Corp* CVX Newmont Mng* NEM Rio Tinto* RIO NACCO Ind* NC MartinMarietta* MLM Suncor Energy* SU Teck Res* TECK Southern Copp* SCCO Freeport McMoR* FCX Agnico Eagle* AEM Arch Coal* ARCH Franco-Nevada* FNV Alcoa* AA Black Hills* BKH United States S* X Goldcorp* GG Coeur Mng* CDE Pretium Res* PVG Mechel* MTL Trecora Res* TREC

VOLUME WEEK (000s) CLOSE CHANGE

30714 108.12 33257 37.06 22495 46.61 71 68.20 2655 226.50 18868 32.46 26980 21.21 3612 39.46 176859 14.60 9152 47.29 2257 73.32 3121 72.56 14017 35.64 1293 69.59 142114 22.98 54801 13.05 14132 8.22 5235 9.67 517 4.64 289 11.60

+ 4.87 + 2.67 + 2.47 + 2.15 + 1.83 + 1.82 + 1.74 + 1.63 + 1.59 + 1.24 - 2.20 - 1.24 - 0.98 - 0.88 - 0.70 - 0.67 - 0.56 - 0.46 - 0.32 - 0.30

2017-08-01 8:46 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / AUGUST 7–20, 2017

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

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

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

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

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.75 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.65 Cobalt: US$26.99/lb. Copper: US$2.66/lb. Copper: CME Group Futures Aug. 2017: US$2.72/lb.; Sept. 2017: US$2.73/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.55/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$66.80/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.03/lb. Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,030.00tr. oz. Ruthenium: Mid-mkt US$65.00/tr. oz. Silver: Handy & Harman Base: US$16.08 per oz.; Handy & Harman Fabricated: US$20.10 per oz. Tantalite Ore : US$123.61/kg Tin: US$9.07/lb. Uranium: U3O8, Trade Tech spot price: US$20.25; The UX Consulting Company spot price: US$20.40/lb. Zinc: US$1.26/lb. Prices current July 18, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

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

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

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

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

Jul 28 Jul 27 Jul 26 Jul 25 Jul 24 1.2552 1.2552 1.2448 1.2510 1.2512 0.7967 0.7967 0.8033 0.7993 0.7993

Exchange rates (Quote Media, July 28, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.999455 0.6819 88.6200 14.1377 10.3730 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.3752 51.1345 0.7684 889.1652 0.6095 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2544 0.8559 111.2300 17.7251 13.0171 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7650 6.7406 64.1950 0.9645 1116.5100

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15

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

TSX VENTURE WARRANTS Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Jul 28 Jul 27 Jul 26 Jul 25 Jul 24 High Low S&P/TSX Composite 15128.65 15191.36 15171.39 15202.37 15128.69 15527.30 12400.15 S&P/TSXV Composite 772.57 769.21 770.20 763.77 760.69 1050.26 883.52 889.43 894.12 892.41 895.82 892.07 896.74 709.99 S&P/TSX 60 S&P/TSX Global Gold 194.52 192.73 194.18 189.61 187.83 218.90 149.29 DJ Precious Metals 172.26 172.26 175.01 170.12 168.11 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS JULY 24–28, 2017 85 New Highs

Aldershot Res* ALQ Gold American Pot American Pot* Antofagasta* Ardonblue Vent B4MC Gold* Berkwood Res * Caledonia Mng* Canadian Mng Cavan Vent* Chatham Rock* Chinapintza Mg Claim Post Res Constantine Mt Corazon Gold* Cricket Res Critical Elem Critical Elem* Decade Res Decade Res* Declan Res

Dominion Diam* Dorex Mnrls* DuSolo Fertil Excelsior Mng Excelsior Mng* Far Res Garibaldi Res Garibaldi Res * Glencore Plc* Global Li-Ion Gran Colombia* GT Gold GT Gold * Hemcare Health* Intrepid Pots* Irving Res Irving Res* Jaxon Mnls Kirkland Lake Kirkland Lake* Leading Edge* Leagold Mg* Legend Gold

Liberty One Li Liberty One Li* Lynas Corp* Mason Res* Medallion Res Monitor Vent Mountain Boy Mountain Boy* Navis Res Corp Navis Res Corp* New Pac Metals New Pac Metals* Nouveau Monde* Novo Res Novo Res* NV Gold* Odyssey Res Osisko Metals Philippine Mtl* QMX Gold QMX Gold* Red Oak Mg Rock Tech Lith*

Sabina Gd&Slvr Sabina Gd&Slvr* Southern Copp* Superior Mng* Taku Gold Taku Gold* Teranga Gold* Teslin Rvr Res Titanium Corp Toachi Mg Inc* Trilogy Mtls Trilogy Mtls* Troy Enrgy URZ Energy Vedanta* Wealth Mnrls* Westminster Rs

51 New Lows

Asanko Gold Asanko Gold* Atacama Res* Bandera Gold * Berkwood Res *

BLOX Inc* Canstar Res* Cardinal Res Contact Gold Crazy Horse Res* Dajin Res Detour Gold Diamcor Mng Eldorado Gold Eldorado Gold* Ely Gold & Mnl GGX Gold* Global Energy Goldsource Min Graphite One* GrowMax Res Jaguar Mng K92 Mng Inc K92 Mng Inc* Kenadyr Mining* Klondex Mines Kootenay Zinc* Lucara Diam

Lundin Gold Moneta Porcpn Nevada Expl * Peat Res Platinum Gp Mt Platinum Gp Mt* Polaris Mater Rio Silver* Silver Bull Re Silver Falcon* SolGold plc Sutter Gold* Tanzania Rlty Tasca Res Texas Mineral* Theia Res Trifecta Gold Trifecta Gold* US Cobalt Vista Gold Vista Gold* Westmoreland* Winston Gld Mg

CANADIAN GOLD MUTUAL FUNDS Fund Jul 28 ($) AGF Prec Mtls Fd MF 21.59 BMO Prec Mtls Fd A 17.63 BMO ZGD 9.49 BMO ZJG 8.55 CIBC Prec Metal Fd A 10.24 Dyn Prec Metls Fd A 6.62 Horizons HEP IGMacGloPrecMetCl A 8.61 iShares XGD 12.15 Mac Prec Met Cl A 45.88 NBI PrecMetFd AdvDSC 12.61 NBI PrecMetFd AdvISC 12.61 NBI PrecMetFd AdvLSC 12.61 12.61 NBI PrecMetFd Invt RBC GblPreMetFd A Redw UITGoDe&ProCl A Sentry Pre Met Fd A 36.95 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv 34.23

Jul 21 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 21.51 0.08 0.37 -2.52 2.80 143.65 17.54 0.09 0.50 0.31 2.40 64.09 9.44 0.05 0.55 0.97 0.63 8.44 0.11 1.31 6.38 0.60 10.17 0.06 0.62 -1.93 2.58 50.69 6.47 0.15 2.32 6.28 2.75 349.72 24.25 0.33 1.36 2.67 0.81 8.44 0.16 1.92 -0.48 2.75 43.58 12.01 0.14 1.19 0.47 0.55 743.80 45.02 0.87 1.92 -0.39 2.51 90.12 12.53 0.08 0.64 3.41 2.47 32.13 12.53 0.08 0.64 3.41 2.47 32.13 12.53 0.08 0.64 3.41 2.47 32.13 12.53 0.08 0.64 3.41 2.46 32.13 33.53 0.21 0.63 7.93 2.12 389.45 10.00 0.00 36.23 0.72 1.99 -2.40 2.44 186.27 34.59 0.38 1.11 -0.42 3.12 213.29 5.91 0.01 0.09 -3.59 3.09 133.16 33.85 0.38 1.12 0.06 2.26 130.71

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

19_Aug7_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

Re-Publishing License Own your moment in the press with a Re-Publishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525

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

2017-08-01 8:44 PM

WWW.NORTHERNMINER.COM

AUGUST 7–20, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 24–28, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng &Ex* O 68 0.44 0.38 0.40 + 0.01 2.88 0.06 Abacus Mng &Ex V 118 0.54 0.46 0.49 + 0.01 0.78 0.24 Abcourt Mines V 321 0.08 0.08 0.08 + 0.01 0.13 0.07 V 123 0.45 0.33 0.40 + 0.03 0.57 0.04 ABE Resources Aben Res V 3912 0.17 0.10 0.16 + 0.05 0.34 0.07 Aben Res* O 168 0.13 0.08 0.13 + 0.04 0.26 0.05 Aberdeen Intl* O 245 0.12 0.10 0.10 + 0.00 0.14 0.09 Aberdeen Intl T 361 0.14 0.13 0.14 + 0.01 0.19 0.11 25 9.48 9.27 9.33 - 0.02 10.75 6.36 Abitibi Royalt V AbraPlata Res* O 18 0.39 0.37 0.37 - 0.02 0.48 0.31 AbraPlata Res V 22 0.48 0.44 0.47 - 0.01 0.63 0.00 Acacia Mining* O 2 2.15 0.00 2.01 - 1.69 6.80 2.01 Adamera Mnls V 978 0.15 0.13 0.15 - 0.01 0.24 0.06 Adamera Mnls* O 189 0.13 0.11 0.12 + 0.00 0.18 0.04 0.01 - 0.01 0.02 0.01 Adex Mining V 94 0.01 0.01 Advantage Lith V 505 0.49 0.45 0.45 - 0.02 1.34 0.36 Advantage Lith* O 146 0.40 0.36 0.36 - 0.00 1.01 0.28 0.63 - 0.07 0.99 0.61 Adventus Zinc V 41 0.68 0.61 African Gold V 825 0.07 0.00 0.07 - 0.01 0.12 0.04 0.04 - 0.01 0.10 0.03 African Queen V 9 0.04 0.00 Agnico Eagle* N 9152 49.71 45.04 47.29 + 1.24 60.10 35.05 Agnico Eagle T 3106 62.09 56.36 58.85 + 1.16 78.35 46.91 T 1097 126.20 122.88 124.13 - 1.29 146.99 114.44 Agrium N 2131 100.92 98.55 99.78 - 0.18 111.88 87.75 Agrium* V 118 0.44 0.40 0.42 - 0.02 0.49 0.40 Aguia Resource Aguila Amer Gd V 30 0.24 0.19 0.24 + 0.04 1.00 0.18 Aim Explor* O 5586 0.01 0.00 0.01 + 0.00 0.07 0.00 O 136 0.12 0.10 0.11 - 0.01 0.17 0.08 Alabama Graph* Alacer Gold T 1606 2.07 1.96 2.07 + 0.05 3.79 1.75 Alamos Gold T 2393 8.90 8.40 8.82 + 0.03 12.70 7.86 Alamos Gold* N 8564 7.12 6.70 7.08 + 0.06 9.72 5.95 Alba Minerals* O 48 0.11 0.08 0.09 + 0.01 0.17 0.03 0.05 - 0.01 0.12 0.04 Alchemist Mng 361 0.05 0.05 Alcoa* N 14017 37.61 35.54 35.64 - 0.98 39.78 20.00 Alderon Iron T 193 0.32 0.29 0.32 + 0.03 0.80 0.11 Aldershot Res V 252 0.05 0.04 0.05 + 0.01 0.10 0.04 Aldridge Min V 62 0.23 0.22 0.23 + 0.01 0.34 0.17 V 2737 0.07 0.07 0.07 - 0.01 0.11 0.04 Alexandria Min Alexandria Min* O 644 0.06 0.05 0.06 + 0.00 0.09 0.03 1.68 + 0.02 3.31 1.47 Alexco Res T 112 1.73 1.62 Alexco Res* X 980 1.40 1.30 1.35 + 0.03 2.54 1.10 Alianza Min* O 20 0.12 0.10 0.11 + 0.01 0.12 0.05 20.05 + 0.10 26.65 18.15 Alliance Res* D 1017 20.45 19.60 Almaden Mnls T 89 1.56 1.48 1.49 - 0.05 2.44 1.01 X 714 1.27 1.18 1.19 - 0.05 1.88 0.75 Almaden Mnls* Almadex Min V 229 1.13 0.92 1.07 + 0.13 2.00 0.42 Almadex Min* O 296 0.91 0.73 0.87 + 0.12 1.51 0.32 0.21 - 0.01 0.44 0.20 Almonty Ind V 29 0.22 0.21 Alopex Gold V 63 0.57 0.51 0.57 + 0.05 0.58 0.48 0.33 - 0.04 0.40 0.23 Alphamin Res V 66 0.36 0.33 ALQ Gold 46 0.10 0.07 0.10 + 0.03 0.08 0.03 Alset Minerals* O 39 0.10 0.07 0.09 - 0.01 0.33 0.06 0.12 - 0.01 0.49 0.08 Alset Minerals V 283 0.13 0.12 Altair Res Inc V 265 0.31 0.27 0.27 - 0.03 0.47 0.16 0.15 - 0.02 0.30 0.14 Altamira Gold V 371 0.16 0.14 Altamira Gold* O 53 0.13 0.12 0.13 - 0.00 0.31 0.11 Altitude Res V 134 0.06 0.05 0.06 + 0.01 0.21 0.04 11.11 + 0.09 14.06 9.01 Altius Mnrls T 149 11.19 10.91 Altura Mng Ltd* O 340 0.14 0.12 0.14 + 0.01 0.16 0.09 6.05 + 0.06 6.32 3.86 Alumina Inc* O 30 6.15 6.00 ALX Uranium V 170 0.10 0.00 0.09 - 0.01 0.16 0.06 ALX Uranium* O 124 0.07 0.00 0.07 + 0.00 0.12 0.05 785 0.36 0.26 0.29 - 0.07 0.49 0.08 Am CuMo Mng V Am CuMo Mng* O 111 0.29 0.22 0.22 - 0.07 0.35 0.05 O 203 0.13 0.11 0.12 - 0.01 0.27 0.04 Am Manganese* Am Manganese V 1004 0.16 0.14 0.14 - 0.01 0.38 0.03 Am Sierra Gold* O 49 0.02 0.00 0.02 + 0.01 0.05 0.01 Amani Gold* O 170 0.03 0.03 0.03 + 0.00 0.06 0.01 Amarc Res* O 95 0.15 0.14 0.14 - 0.01 0.16 0.04 O 16 0.40 0.25 0.26 + 0.01 0.63 0.05 Amazing Energy* American Lith* O 34 0.08 0.06 0.06 - 0.01 0.66 0.06 American Pot 4293 0.24 0.12 0.20 + 0.06 0.22 0.03 American Pot* O 18 0.16 0.11 0.16 + 0.05 0.16 0.04 Americas Silvr* X 179 3.34 3.08 3.34 + 0.10 3.65 2.39 4.10 + 0.06 5.76 2.70 Americas Silvr T 193 4.15 3.90 Amerigo Res T 822 0.71 0.60 0.64 + 0.05 0.83 0.14 Amerigo Res* O 762 0.56 0.48 0.52 + 0.05 0.63 0.10 0.12 - 0.01 0.38 0.11 Amex Expl V 382 0.14 0.12 Anaconda Mng T 662 0.07 0.06 0.07 + 0.01 0.11 0.05 O 57 0.05 0.04 0.04 - 0.00 0.09 0.04 Anaconda Mng* Andes Gold* O 51 0.01 0.00 0.01 + 0.00 0.03 0.00 Angel Gold* O 33 0.06 0.06 0.06 + 0.00 0.10 0.04 0.06 - 0.01 0.14 0.06 Angel Gold V 77 0.08 0.00 Angkor Gold V 188 0.33 0.28 0.31 + 0.01 0.50 0.25 O 2 16.31 14.51 16.31 + 2.03 17.61 10.17 Anglo American* Anglo American* O 894 8.10 7.10 8.03 + 1.01 8.87 5.03 Anglo-Can Mng V 81 0.15 0.12 0.15 + 0.03 0.30 0.05 10.18 9.40 10.13 + 0.45 22.91 9.28 AngloGold Ash* N 16401 Antioquia Gold V 699 0.11 0.08 0.09 - 0.02 0.20 0.08 Antler Gold V 151 0.38 0.28 0.35 + 0.05 0.67 0.28 Antofagasta* O 28 12.45 0.00 12.20 + 0.63 12.45 6.29 Apogee Opport V 23 0.16 0.14 0.14 - 0.01 0.35 0.14 0.16 - 0.01 0.47 0.10 Appia Energy 234 0.17 0.14 Applied Mrnls* O 281 0.03 0.00 0.02 - 0.01 0.19 0.02 Aquila Res* O 129 0.20 0.19 0.20 + 0.00 0.25 0.15 Aquila Res T 143 0.24 0.23 0.24 + 0.01 0.32 0.19 Arch Coal* N 2257 77.36 71.14 73.32 - 2.20 86.47 59.05 Arctic Star* O 4 0.17 0.16 0.17 + 0.01 0.24 0.04 Arctic Star V 2076 0.26 0.19 0.21 + 0.01 0.38 0.06 Arcus Dev Grp V 78 0.13 0.12 0.12 - 0.01 0.20 0.06 V 126 0.28 0.25 0.28 + 0.01 0.28 0.08 Ardonblue Vent Arena Mnls* O 237 0.14 0.12 0.12 - 0.01 0.23 0.10 0.16 - 0.01 0.30 0.13 Arena Mnls V 365 0.17 0.16 Argentum Silvr V 54 0.29 0.00 0.29 + 0.04 0.59 0.09 Argex Titanium T 826 0.06 0.05 0.06 + 0.01 0.10 0.04 O 38 0.05 0.04 0.04 - 0.01 0.08 0.03 Argex Titanium* Argo Gold 106 0.21 0.00 0.19 + 0.01 0.26 0.06 Argonaut Gold* O 78 1.86 1.71 1.83 + 0.01 3.06 1.12 Argonaut Gold T 2418 2.33 2.14 2.27 - 0.03 4.00 1.48 Argus Metals* O 1 0.07 0.00 0.07 + 0.00 0.10 0.05 Arian Silver* O 223 0.01 0.01 0.01 - 0.00 0.02 0.00 Arianne Phosph* O 74 0.66 0.63 0.66 - 0.01 0.80 0.52 Arizona Mng T 1386 3.39 3.23 3.34 + 0.07 3.49 1.58 Arizona Mng* O 120 2.75 2.60 2.70 + 0.12 2.80 1.22 0.20 + 0.01 1.23 0.04 Arizona Silver V 228 0.20 0.18 Arizona Silver* O 86 0.15 0.14 0.14 - 0.01 0.91 0.13 0.05 - 0.01 0.17 0.04 Arrowstar Res V 50 0.06 0.04 Asanko Gold T 7508 1.89 1.56 1.58 - 0.30 6.09 1.56 Asanko Gold* X 10624 1.52 1.21 1.27 - 0.23 4.68 1.21 Asante Gold 5 0.10 0.10 0.10 + 0.01 0.27 0.08 Ascot Res V 155 1.80 1.70 1.76 + 0.01 2.83 1.50 468 0.02 0.02 0.02 + 0.01 0.04 0.02 Asian Minl Res V Astorius Res V 121 0.09 0.00 0.09 + 0.01 0.41 0.06 ATAC Res V 665 0.64 0.53 0.63 + 0.10 0.95 0.32 Atacama Pacif* O 6 0.49 0.47 0.48 - 0.09 0.79 0.22 0.62 - 0.05 1.02 0.26 Atacama Pacif V 36 0.67 0.60 Atacama Res* O 37750 0.08 0.01 0.01 - 0.05 0.52 0.01 Athabasca Mnls* O 18 0.11 0.11 0.11 - 0.01 0.24 0.11 Athabasca Mnls V 75 0.16 0.15 0.16 + 0.01 0.32 0.14 Athena Silver* O 55 0.14 0.00 0.09 - 0.05 0.14 0.06 0.58 - 0.01 0.75 0.35 Atico Mng* O 68 0.61 0.54 Atico Mng V 102 0.76 0.68 0.71 - 0.02 0.99 0.47 Atlanta Gold V 410 0.07 0.06 0.07 + 0.01 0.11 0.06 Atlanta Gold* O 205 0.06 0.00 0.06 + 0.01 0.08 0.04 Atlantic Gold V 828 1.50 1.36 1.49 + 0.09 1.64 0.76 Atlatsa Res T 65 0.06 0.00 0.05 - 0.01 0.11 0.05 Atom Energy * O 1 0.09 0.00 0.09 - 0.04 0.34 0.08 Atom Energy V 7 0.13 0.11 0.13 + 0.02 0.65 0.08 Aura Mnls T 29 1.38 1.30 1.35 - 0.03 2.70 1.30 Aura Mnls* O 1 1.05 0.00 1.05 - 0.04 1.42 1.03 Aura Silver Rs V 296 0.06 0.05 0.05 - 0.01 0.10 0.03 Aurania Res* O 2 1.84 1.79 1.84 + 0.05 1.92 1.54 Aurania Res V 7 2.50 2.29 2.45 + 0.05 3.75 0.50 Aurcana Corp* O 48 0.24 0.21 0.22 - 0.00 0.63 0.20 AuRico Metals * O 178 0.97 0.92 0.95 + 0.02 0.99 0.62 AuRico Metals T 453 1.22 1.15 1.18 + 0.01 1.32 0.82 Aurion Res V 162 1.90 1.77 1.80 - 0.07 2.29 0.32 Aurvista Gold* O 233 0.27 0.23 0.25 + 0.02 0.34 0.10 Aurvista Gold V 1605 0.33 0.29 0.33 + 0.04 0.46 0.15 Auryn Res* X 401 2.89 2.66 2.83 + 0.15 3.18 1.58 Auryn Res T 347 3.57 3.34 3.48 + 0.15 4.05 2.14 Austin Res V 4 0.02 0.00 0.02 - 0.01 0.05 0.01 Austral Gold V 76 0.17 0.16 0.16 - 0.01 0.22 0.12 Avalon Adv Mat T 186 0.15 0.14 0.14 - 0.01 0.23 0.14 Avalon Adv Mat* O 342 0.12 0.10 0.11 - 0.00 0.18 0.00 Avino Silver* X 1219 1.89 1.62 1.86 + 0.17 2.87 1.12 Avino Silver V 152 2.35 2.04 2.26 + 0.13 3.70 1.52 Avnel Gold T 1403 0.44 0.42 0.44 + 0.01 0.45 0.18 Avnel Gold * O 214 0.35 0.33 0.34 - 0.01 0.35 0.13 Avrupa Mnls V 424 0.11 0.10 0.11 + 0.01 0.25 0.09 Avrupa Mnls* O 196 0.09 0.07 0.09 - 0.00 0.19 0.06 Azarga Mtls V 274 0.18 0.15 0.18 + 0.03 0.60 0.14 Azarga Mtls* O 7 0.13 0.12 0.13 - 0.01 1.21 0.11 Azarga Uranium T 51 0.29 0.24 0.26 - 0.02 0.57 0.18

20-22_Aug7_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Azimut Expl V 323 Azincourt Uran* O 42 Azincourt Uran V 217 V 125 Aztec Minerals Azteca Gold* O 23

0.32 0.26 0.32 + 0.05 0.68 0.24 0.05 0.05 0.05 - 0.00 0.22 0.03 0.07 0.06 0.06 - 0.01 0.28 0.04 0.35 0.00 0.32 - 0.03 0.65 0.32 0.00 0.00 0.00 + 0.00 0.00 0.00

B2Gold* X 13188 B2Gold T 15592 V 51 Bacanora Mnls Balmoral Res T 466 Balmoral Res* O 345 Bandera Gold V 10 Bannerman Res* O 77 Banro Corp T 254 Banro Corp* X 1598 Banyan Gold V 653 Barker Mnrls V 355 Barkerville Go* O 177 Barkerville Go V 982 Barrick Gold* N 91596 Barrick Gold T 14978 Barsele Min V 50 Barsele Min* O 37 Batero Gold V 134 Bayhorse Silvr* O 48 Bayhorse Silvr V 303 Bayswater Uran* O 4 Bayswater Uran V 6 BCM Res V 39 Bear Creek Mng V 223 Bearing Lith* O 153 Bearing Lith V 133 Beaufield Res V 832 Beaufield Res* O 87 Beeston Ent* O 115 Bell Copper V 168 Belo Sun Mng T 713 Benton Res V 149 Benz Mining V 117 Berkeley Egy* O 4 Berkwood Res V 444 Berkwood Res * O 90 Besra Gold* O 84 Big Wind Cap 63 Bitterroot Res* O 84 Bitterroot Res V 27 Black Dragon* O 28 Black Hills* N 1293 Black Iron T 250 Black Sea Cop V 63 Black Sea Cop* O 3 Blackheath Res V 255 Blackrock Gold V 370 Blind Crk Res V 182 BLOX Inc* O 22 Blue Rvr Res V 2159 Blue Sky Uran* O 11 Blue Sky Uran V 131 Bluestone Res V 47 Bonanza Gldfds* O 2099 BonTerra Res V 882 BonTerra Res* O 105 Bravada Gold V 99 Bravada Gold* O 90 Bravo Multinat* O 17 Bravura Vent 252 Brazil Mnrls* O 1985 BrightRock Gld* O 1654 Brilliant Sand* O 136 Brio Gold T 52 Britannia Mng* O 161 Brixton Mtls* O 14 Brixton Mtls V 159 Broadway Gold* O 287 Broadway Gold V 435 Brookmount Exp* O 7626 Buccaneer Gold V 31 Buenaventura* N 7398 Bullfrog Gold* O 327 BWR Explor V 1271

2.73 2.56 2.70 - 0.01 3.65 2.02 3.40 3.21 3.36 - 0.04 4.74 2.69 1.48 1.25 1.46 + 0.03 1.75 1.01 0.69 0.63 0.67 + 0.01 1.28 0.62 0.56 0.51 0.55 + 0.00 0.99 0.46 0.04 0.04 0.04 - 0.01 0.15 0.02 0.03 0.02 0.03 + 0.00 0.08 0.01 0.71 0.48 0.53 - 0.22 57.00 0.48 0.58 0.38 0.43 - 0.14 4.25 0.38 0.10 0.00 0.09 - 0.01 0.15 0.05 0.02 0.01 0.02 + 0.01 0.03 0.01 0.76 0.70 0.73 + 0.02 1.03 0.29 0.94 0.87 0.90 + 0.01 1.39 0.41 17.12 15.40 16.87 + 0.68 22.94 13.81 21.37 19.25 20.99 + 0.70 29.97 18.52 0.69 0.66 0.67 + 0.01 1.62 0.63 0.53 0.51 0.53 + 0.03 1.25 0.47 0.09 0.08 0.08 - 0.01 0.23 0.08 0.12 0.11 0.11 - 0.02 0.22 0.09 0.16 0.14 0.15 - 0.01 0.29 0.13 0.03 0.03 0.03 + 0.00 0.07 0.01 0.04 0.00 0.04 - 0.01 0.09 0.02 0.11 0.09 0.11 + 0.01 0.23 0.07 2.42 2.15 2.42 + 0.15 3.74 1.72 0.73 0.68 0.72 + 0.04 1.41 0.30 0.90 0.84 0.88 + 0.04 1.83 0.13 0.22 0.19 0.22 - 0.01 0.34 0.06 0.17 0.15 0.17 + 0.00 0.25 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.11 0.00 0.10 + 0.01 0.12 0.03 0.71 0.63 0.70 + 0.06 1.14 0.50 0.08 0.07 0.08 + 0.01 0.15 0.06 0.37 0.20 0.25 + 0.05 0.40 0.15 0.64 0.60 0.60 - 0.04 0.92 0.50 0.43 0.35 0.43 + 0.09 1.23 0.27 0.35 0.00 0.34 + 0.07 0.34 0.25 0.00 0.00 0.00 - 0.00 0.01 0.00 0.50 0.40 0.48 - 0.03 0.56 0.05 0.11 0.11 0.11 - 0.03 0.22 0.02 0.15 0.00 0.15 + 0.01 0.29 0.04 0.04 0.03 0.04 + 0.01 0.06 0.02 70.80 68.86 69.59 - 0.88 72.02 54.76 0.08 0.08 0.08 - 0.01 0.17 0.03 0.20 0.19 0.20 + 0.02 0.54 0.18 0.15 0.00 0.15 - 0.01 0.46 0.13 0.06 0.05 0.05 - 0.01 0.13 0.05 0.06 0.06 0.06 - 0.01 0.18 0.05 0.20 0.19 0.20 - 0.01 0.38 0.07 0.15 0.00 0.15 + 0.04 0.35 0.01 0.04 0.03 0.03 - 0.01 0.08 0.03 0.11 0.10 0.11 + 0.01 0.47 0.08 0.14 0.12 0.12 - 0.02 0.74 0.10 1.50 1.29 1.45 + 0.05 1.90 0.40 0.00 0.00 0.00 - 0.00 0.01 0.00 0.45 0.42 0.45 + 0.02 0.55 0.21 0.36 0.34 0.35 - 0.01 0.40 0.15 0.21 0.18 0.19 + 0.02 0.38 0.15 0.16 0.14 0.16 + 0.02 0.28 0.12 2.01 0.00 0.90 - 1.60 9.75 0.32 0.43 0.41 0.43 + 0.03 5.90 0.20 0.01 0.00 0.00 - 0.00 0.50 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.03 0.00 0.02 - 0.01 0.10 0.02 2.29 2.20 2.22 + 0.02 3.59 2.15 0.00 0.00 0.00 + 0.00 0.02 0.00 0.31 0.29 0.30 - 0.01 0.79 0.15 0.42 0.36 0.39 + 0.01 1.10 0.18 0.64 0.51 0.52 - 0.11 1.29 0.22 0.78 0.63 0.63 - 0.17 1.70 0.24 0.07 0.04 0.04 - 0.01 0.13 0.00 0.05 0.05 0.05 + 0.01 0.08 0.02 12.64 11.67 12.50 + 0.15 16.45 9.87 0.11 0.08 0.10 + 0.01 0.19 0.06 0.07 0.05 0.06 + 0.01 0.09 0.04

C Cache Expl V 2487 0.24 0.20 0.22 - 0.02 0.31 0.06 Cache Expl* O 86 0.20 0.18 0.18 - 0.02 0.21 0.05 Cadence Min* O 16 2.81 2.34 2.76 + 0.12 15.28 2.34 Cadillac Vent V 140 0.04 0.04 0.04 + 0.01 0.06 0.03 Caledonia Mng* X 13 6.75 6.38 6.51 + 0.06 6.75 0.05 Caledonia Mng* O 16 6.65 6.46 6.64 + 0.21 7.30 5.44 Caledonia Mng T 13 8.40 8.00 8.02 - 0.03 12.10 6.30 Calibre Mng V 1028 0.15 0.13 0.14 - 0.02 0.30 0.10 California Gld V 97 0.30 0.28 0.29 + 0.01 0.76 0.23 Callinex Mines V 497 0.33 0.28 0.33 + 0.01 0.69 0.28 Callinex Mines* O 289 0.27 0.22 0.26 + 0.01 0.54 0.21 Cameco Corp T 4400 13.37 12.33 13.11 + 0.65 17.65 9.88 10.68 9.86 10.56 + 0.62 13.36 7.41 Cameco Corp* N 11304 Cameo Res* O 16 0.92 0.00 0.89 - 0.03 1.11 0.24 Camino Mnls* O 190 0.37 0.31 0.32 - 0.04 1.62 0.00 Camino Mnls V 1083 0.48 0.37 0.44 - 0.04 2.23 0.15 Camrova Res V 28 0.08 0.00 0.07 - 0.01 0.33 0.07 Camrova Res* O 12 0.05 0.05 0.05 + 0.00 0.21 0.04 Canadian Mng V 979 0.57 0.34 0.56 + 0.22 0.47 0.10 Canadian Zeol V 1298 0.64 0.53 0.57 - 0.01 1.95 0.32 Canadian Zeol* O 11 0.51 0.43 0.47 + 0.02 1.46 0.25 O 36 0.34 0.31 0.32 + 0.00 1.18 0.24 CanAlaska Uran* CanAlaska Uran V 91 0.43 0.39 0.42 + 0.02 1.54 0.33 Canamex Res* O 31 0.11 0.10 0.11 - 0.00 0.13 0.07 0.13 + 0.01 0.30 0.10 Canamex Res V 49 0.13 0.12 Canarc Res* O 204 0.07 0.06 0.07 + 0.00 0.11 0.05 Candente Coppr T 482 0.08 0.06 0.08 + 0.02 0.17 0.06 O 2 0.02 0.02 0.02 + 0.00 0.06 0.02 Candente Gold* CANEX Metals V 3 0.06 0.00 0.06 - 0.01 0.14 0.05 CaNickel Mng V 13 0.16 0.13 0.14 + 0.01 0.33 0.05 CaNickel Mng* O 2 0.12 0.10 0.12 + 0.02 0.23 0.03 0.07 - 0.01 0.23 0.00 Canstar Res V 164 0.08 0.07 Canstar Res* O 85 0.06 0.00 0.06 - 0.00 0.17 0.04 Canterra Mnls V 66 0.04 0.00 0.03 - 0.01 0.10 0.03 0.32 + 0.05 0.39 0.22 Canuc Res* O 8 0.32 0.27 Canuc Res V 442 0.42 0.37 0.39 + 0.05 0.55 0.25 Canyon Gold* O 15496 0.01 0.00 0.00 + 0.00 0.21 0.00 T 7058 1.24 1.03 1.17 + 0.08 1.81 0.65 Capstone Mng Cardero Res V 332 0.11 0.00 0.09 + 0.02 0.24 0.07 Cardero Res* O 9 0.08 0.07 0.07 - 0.01 0.19 0.05 Cardinal Res T 863 0.64 0.00 0.62 - 0.02 0.80 0.54 Cariboo Rose V 201 0.11 0.09 0.10 + 0.01 0.26 0.07 Carlin Gold V 382 0.09 0.06 0.09 + 0.01 0.10 0.03 Carrara Explor 454 0.57 0.40 0.57 + 0.07 0.90 0.35 Cartier Iron 100 0.05 0.00 0.05 - 0.04 0.16 0.03 Cartier Res V 482 0.32 0.30 0.31 - 0.01 0.38 0.12 V 656 0.10 0.08 0.10 + 0.01 0.17 0.08 Cascadero Copp Castle Silver V 805 0.25 0.22 0.24 + 0.02 0.30 0.02 Castle Silver* O 60 0.20 0.18 0.20 + 0.03 0.22 0.03 0.16 + 0.01 0.78 0.15 Cava Res V 226 0.16 0.15 Cavan Vent V 273 0.06 0.04 0.06 + 0.01 0.06 0.02 Cda Carbon V 82 0.19 0.17 0.17 - 0.01 0.32 0.11 Cda Rare Earth* O 120 0.03 0.02 0.02 - 0.00 0.05 0.02 Cda Rare Earth V 64 0.04 0.00 0.03 - 0.01 0.06 0.03 Cda Strtgc Met * O 4 0.08 0.00 0.08 - 0.02 0.19 0.07 Cda Zinc Mtls V 315 0.28 0.25 0.26 - 0.02 0.48 0.22 Cdn Intl Mnrls* O 9 0.02 0.02 0.02 + 0.00 0.04 0.02 Cdn Orebodies V 65 0.33 0.28 0.29 - 0.02 0.53 0.19 Cdn Platinum V 4891 0.03 0.02 0.02 - 0.01 0.05 0.01 Cdn Zinc* O 167 0.14 0.13 0.13 - 0.01 0.29 0.11 Centamin T 19 2.73 2.57 2.72 + 0.10 3.23 1.84 Centaurus Diam* O 52 0.04 0.04 0.04 - 0.01 0.20 0.01 Centenera Mng* O 392 0.15 0.13 0.15 + 0.02 0.37 0.10 Centenera Mng V 220 0.18 0.15 0.18 + 0.02 0.50 0.15 Centerra Gold T 2236 6.84 6.50 6.70 - 0.03 8.32 5.56 Century Global* O 75 0.16 0.16 0.16 - 0.01 0.40 0.15 Ceylon Graph V 90 0.25 0.21 0.23 + 0.03 0.45 0.17 Chalice Gold M T 10 0.17 0.16 0.16 - 0.01 0.21 0.14 V 146 0.16 0.16 0.16 - 0.02 0.28 0.06 Champion Bear Champion Iron T 922 1.04 0.98 0.99 - 0.06 1.47 0.23 Champion Iron* O 68 0.82 0.77 0.81 - 0.01 1.12 0.17 Chantrell Vent V 188 0.09 0.07 0.09 + 0.02 0.12 0.05 Chatham Rock V 4 0.51 0.00 0.39 - 0.12 0.90 0.15 Chatham Rock* O 1 0.42 0.00 0.42 + 0.11 0.42 0.26 Chesapeake Gld* O 43 2.66 2.43 2.66 + 0.17 4.87 2.28 Chesapeake Gld V 25 3.34 3.05 3.30 + 0.01 6.28 2.91 Chevron Corp* N 30714 109.13 102.92 108.12 + 4.87 119.00 97.53 Chiboug Ind Mn* O 5 0.06 0.06 0.06 + 0.02 0.17 0.04 Chilean Metals V 129 0.13 0.11 0.13 + 0.02 0.33 0.10 Chilean Metals* O 17 0.10 0.09 0.10 + 0.00 0.24 0.07 China Gold Int T 992 1.99 1.87 1.90 - 0.09 3.67 1.82

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

China Mnls Mng* O 270 Cibolan Gold* O 20 CKR Carbon V 467 Claim Post Res V 1473 Clean Comm V 1444 Cleghorn Mnls V 45 Clifton Mng* O 39 Cloud Peak En* N 5804 CMC Metals V 249 CNRP Mng* O 26 CNRP Mng 507 Cobalt 27 Cap V 125 Cobalt Pwr Grp* O 368 Cobalt Pwr Grp V 1934 CobalTech M’g* O 110 V 867 CobalTech M’g Coeur Mng* N 14132 Colibri Res* O 13 Colibri Res V 62 Colonial Coal V 610 Colorado Res V 2854 Colorado Res* O 159 Columbus Gold* O 363 Columbus Gold T 221 Comet Inds V 25 Commander Res V 590 Commerce Res V 508 Commerce Res* O 231 Comstock Mng* X 10812 Comstock Mtls V 49 Comstock Mtls * O 32 Condor Res V 271 Confedertn Ml* O 46 Confedertn Mls V 202 Cons Woodjam V 136 CONSOL Energy* N 14024 Constantine Mt V 2048 Contact Gold V 170 Contintl Gold T 2226 Contintl Gold* O 136 Contintl Prec* O 20 Contintl Prec V 8 Copper Fox Mtl V 740 Copper Fox Mtl* O 99 Copper Mtn Mng* O 26 Copper Mtn Mng T 2493 Copper North M* O 22 Copper Reef Mg 468 Copperbank Res 1275 Copperbank Res* O 217 Coral Gold * O 81 Cordoba Mnls* O 407 Cordoba Mnls V 1002 Corex Gold* O 205 Cornerstone Ca V 1041 Cornerstone Ca* O 289 Cornerstone Mt V 103 Coro Mining T 249 Coronet Mtls V 50 Coronet Mtls* O 13 Corsa Coal V 62 Corsa Coal * O 6 Corvus Gold* O 213 Corvus Gold T 977 Cresval Cap V 116 Cricket Res V 14 Critical Elem V 1007 Critical Elem* O 77 Crown Mining V 282 Cruz Cobalt* O 79 Cruz Cobalt V 1019 Crystal Explor* O 48 Crystal Explor V 164 Crystal Lake* O 27 Crystal Lake V 60 Crystal Peak V 41 Crystal Peak* O 27 Curlew Lke Res V 8 Cypress Dev* O 10

0.01 0.01 0.01 + 0.00 0.02 0.00 0.01 0.00 0.00 - 0.00 0.13 0.00 0.08 0.07 0.07 - 0.01 0.19 0.06 0.13 0.08 0.10 + 0.02 0.13 0.02 0.07 0.06 0.07 + 0.01 0.17 0.05 0.08 0.08 0.08 + 0.01 0.16 0.07 0.09 0.09 0.09 - 0.03 0.16 0.07 3.65 3.05 3.35 - 0.17 8.04 2.64 0.09 0.08 0.09 - 0.01 0.20 0.08 0.32 0.32 0.32 - 0.02 0.36 0.07 0.54 0.39 0.53 + 0.12 12.50 0.18 9.45 7.55 8.55 - 0.73 13.20 7.90 0.08 0.00 0.08 - 0.01 0.09 0.06 0.12 0.10 0.12 + 0.02 0.18 0.04 0.13 0.12 0.12 + 0.00 0.32 0.03 0.17 0.16 0.16 - 0.01 0.45 0.03 9.04 7.84 8.22 - 0.56 16.41 7.30 0.14 0.13 0.13 - 0.03 0.17 0.09 0.20 0.14 0.16 - 0.03 0.28 0.11 0.13 0.10 0.11 + 0.01 0.24 0.08 0.32 0.23 0.31 + 0.06 0.71 0.18 0.24 0.19 0.24 + 0.05 0.54 0.13 0.60 0.53 0.60 + 0.06 0.83 0.31 0.75 0.66 0.74 + 0.07 1.09 0.42 2.75 2.60 2.60 - 0.15 3.00 2.50 0.04 0.04 0.04 - 0.01 0.08 0.04 0.08 0.07 0.08 + 0.01 0.11 0.05 0.07 0.05 0.07 + 0.01 0.09 0.04 0.20 0.18 0.19 - 0.00 0.47 0.13 0.15 0.13 0.15 + 0.02 0.43 0.12 0.12 0.10 0.12 + 0.02 0.33 0.09 0.12 0.10 0.12 + 0.01 0.19 0.06 0.49 0.39 0.47 + 0.08 0.80 0.37 0.75 0.47 0.57 + 0.09 6.40 0.46 0.06 0.00 0.06 + 0.01 0.09 0.04 17.19 15.82 16.91 + 0.98 22.34 13.55 0.23 0.17 0.21 + 0.05 0.23 0.08 0.78 0.70 0.78 + 0.04 1.10 0.70 3.53 3.26 3.45 - 0.05 5.75 2.62 2.82 2.62 2.77 - 0.05 4.39 1.90 0.30 0.29 0.30 + 0.01 0.35 0.11 0.38 0.32 0.38 + 0.01 0.44 0.25 0.15 0.12 0.14 + 0.02 0.19 0.11 0.12 0.10 0.12 + 0.01 0.14 0.08 0.84 0.73 0.78 + 0.05 1.02 0.32 1.06 0.92 1.04 + 0.12 1.32 0.40 0.07 0.00 0.07 + 0.02 0.16 0.00 0.03 0.02 0.03 + 0.01 0.05 0.02 0.13 0.08 0.13 + 0.04 0.18 0.05 0.11 0.07 0.10 + 0.03 0.14 0.04 0.30 0.00 0.28 - 0.00 0.30 0.20 0.63 0.55 0.56 - 0.04 1.21 0.45 0.78 0.68 0.68 - 0.08 1.59 0.65 0.10 0.07 0.10 + 0.00 0.13 0.07 0.53 0.46 0.49 - 0.02 0.55 0.06 0.41 0.37 0.38 - 0.02 0.44 0.04 0.05 0.05 0.05 - 0.01 0.06 0.02 0.13 0.11 0.12 + 0.01 0.20 0.10 0.17 0.17 0.17 + 0.02 0.71 0.15 0.13 0.13 0.13 + 0.00 0.56 0.11 1.61 1.48 1.55 + 0.07 3.82 0.80 1.50 1.16 1.20 + 0.04 2.93 1.12 0.66 0.56 0.65 - 0.01 1.05 0.37 0.82 0.69 0.79 - 0.03 1.38 0.50 0.06 0.05 0.06 + 0.01 0.06 0.04 0.22 0.20 0.22 + 0.01 0.30 0.10 1.31 1.21 1.27 + 0.06 1.31 0.39 1.05 0.98 1.03 + 0.06 1.05 0.31 0.14 0.07 0.10 + 0.02 0.18 0.07 0.16 0.14 0.15 - 0.01 0.23 0.09 0.20 0.19 0.19 + 0.01 0.31 0.11 0.09 0.08 0.09 + 0.01 0.12 0.08 0.11 0.09 0.11 + 0.02 0.16 0.09 0.15 0.13 0.13 - 0.02 0.30 0.13 0.19 0.16 0.16 - 0.03 0.43 0.16 0.43 0.39 0.42 - 0.01 0.56 0.18 0.34 0.31 0.33 + 0.02 0.42 0.14 1.22 0.00 1.15 - 0.15 1.49 0.05 0.08 0.07 0.07 + 0.01 0.15 0.06

Dajin Res V 200 Dajin Res* O 177 Daleco Res* O 64 Dalradian Res* O 287 Dalradian Res T 926 Damara Gold* O 6 Damara Gold V 452 Danakali* O 82 Darnley Bay* O 280 Darnley Bay V 1403 Debut Dmds 78 Decade Res V 5955 Decade Res* O 1767 Declan Res 28 Deep-South Res V 286 Defiance Silvr* O 119 Del Toro Silvr* O 188 Delrand Res V 804 Denison Mines T 2064 Denison Mines* X 2695 Desert Gold* O 8 Desert Gold V 29 Detour Gold T 5670 Diamante Min* O 2336 Diamcor Mng V 82 Diamcor Mng* O 69 Diamond Fields V 30 Diversified Rs* O 100 DNI Metals 390 DNI Metals* O 100 Dolat Ventures* O 21121 Dolly Vard Sil* O 66 174 Dolly Vard Sil V Dominion Diam T 532 Dominion Diam* N 5316 Dorex Mnrls* O 21 Doubleview Cap V 251 DRDGOLD* N 671 689 Dundee Prec Mt T Durango Res V 721 DuSolo Fertil V 54 Dynacor Gld Mn T 253 Dynamic Gold* O 1 Dynasty Gold V 134 Dynasty Met&Mn V 98 E3 Metals V 135 Eagle Plains V 118 V 481 East Africa East Asia Mnls V 432 East Asia Mnls* O 9 Eastern Platin T 496 Eastmain Res T 2152 Eastmain Res* O 331 56 Eco Oro Mnls T eCobalt Solns* O 756 eCobalt Solns T 2159 El Capitan Prc* O 3454 El Nino Vent V 200 Elcora Res V 223 Elcora Res* O 107 Eldorado Gold* N 28716 Eldorado Gold T 10396 Electra Stone V 1228 Eloro Mnrls* O 26 Eloro Mnrls V 106 Ely Gold & Mnl V 157 Ely Gold & Mnl* O 212 Elysee Dev V 19 Elysee Dev * O 37 EMX Royalty* X 240 EMX Royalty V 13 Encanto Potash V 3020 Endeavour Mng T 937 Endeavour Mng* O 26 Endeavr Silver* N 6779 Endeavr Silver T 973 Energy Fuels* X 964 Energy Fuels T 348 Enforcer Gold* O 3 Enforcer Gold V 2142 Engold Mines V 127 Ensurge* O 120 Entree Gold* X 859 Entree Gold T 436

0.09 0.00 0.09 + 0.01 0.22 0.08 0.07 0.06 0.07 + 0.01 0.17 0.06 0.01 0.01 0.01 - 0.00 0.04 0.00 1.32 1.24 1.25 - 0.04 1.35 0.78 1.65 1.54 1.58 - 0.05 1.78 1.06 0.03 0.02 0.03 + 0.01 0.05 0.02 0.07 0.00 0.07 + 0.02 0.11 0.04 0.58 0.55 0.56 - 0.01 0.65 0.27 0.19 0.17 0.19 + 0.00 0.44 0.10 0.26 0.21 0.21 - 0.04 0.57 0.13 0.02 0.00 0.02 + 0.01 0.03 0.01 0.17 0.11 0.16 + 0.04 0.16 0.04 0.13 0.09 0.13 + 0.04 0.13 0.03 0.13 0.00 0.13 + 0.05 0.45 0.06 0.13 0.08 0.13 + 0.05 0.39 0.08 0.27 0.23 0.24 - 0.03 0.49 0.16 0.06 0.05 0.06 + 0.00 0.06 0.00 1.59 1.30 1.30 - 0.10 1.60 0.30 0.64 0.58 0.63 + 0.04 1.10 0.49 0.52 0.47 0.51 + 0.04 0.84 0.37 0.15 0.14 0.15 + 0.01 0.30 0.07 0.19 0.17 0.18 - 0.02 0.40 0.09 15.82 13.24 15.80 + 1.79 35.40 13.24 0.13 0.10 0.12 - 0.01 0.51 0.02 0.79 0.72 0.79 + 0.02 1.50 0.72 0.64 0.57 0.63 + 0.02 1.11 0.57 0.17 0.13 0.13 - 0.04 0.24 0.07 0.06 0.04 0.06 + 0.02 0.36 0.03 0.08 0.07 0.08 + 0.01 0.09 0.02 0.07 0.05 0.07 + 0.00 0.09 0.00 0.06 0.05 0.05 + 0.00 0.13 0.00 0.42 0.36 0.38 + 0.01 0.81 0.35 0.51 0.45 0.50 + 0.03 1.11 0.45 17.75 17.52 17.55 - 0.10 18.27 10.47 14.16 14.07 14.11 + 0.04 14.16 7.92 0.16 0.14 0.16 + 0.02 0.15 0.14 0.05 0.05 0.05 - 0.01 0.19 0.05 3.22 2.92 3.21 + 0.13 9.10 2.84 2.65 2.33 2.60 + 0.02 4.14 1.87 0.07 0.07 0.07 + 0.01 0.36 0.05 0.40 0.25 0.38 + 0.13 0.65 0.25 2.26 2.00 2.19 + 0.19 3.71 1.82 1.55 1.50 1.55 + 0.05 2.00 0.25 0.02 0.02 0.02 - 0.01 0.04 0.02 0.33 0.00 0.30 - 0.02 0.45 0.16 0.56 0.00 0.55 + 0.04 0.78 0.18 0.16 0.15 0.16 + 0.01 0.24 0.11 0.28 0.24 0.27 + 0.01 0.36 0.17 0.35 0.27 0.29 - 0.07 0.74 0.05 0.31 0.00 0.24 - 0.05 0.49 0.11 0.30 0.28 0.30 + 0.01 0.90 0.23 0.36 0.31 0.35 + 0.02 0.97 0.30 0.29 0.24 0.28 + 0.02 0.73 0.21 0.43 0.38 0.39 - 0.04 0.87 0.13 1.14 0.93 0.95 - 0.08 1.14 0.34 1.39 1.17 1.18 - 0.12 1.48 0.46 0.08 0.06 0.07 - 0.00 2.35 0.04 0.03 0.03 0.03 - 0.01 0.05 0.02 0.27 0.22 0.26 + 0.04 0.40 0.17 0.21 0.19 0.21 + 0.01 0.32 0.14 2.53 2.23 2.26 - 0.24 4.39 2.38 3.15 2.78 2.80 - 0.34 5.76 3.00 0.02 0.01 0.02 + 0.01 0.05 0.01 0.58 0.58 0.58 - 0.01 0.62 0.30 0.78 0.71 0.71 - 0.02 0.84 0.35 0.12 0.11 0.11 - 0.01 0.27 0.11 0.09 0.09 0.09 + 0.00 0.20 0.08 0.34 0.00 0.32 + 0.02 0.49 0.29 0.28 0.25 0.27 + 0.01 0.37 0.22 1.04 0.90 0.93 - 0.01 1.40 0.75 1.20 1.07 1.13 + 0.01 1.84 1.05 0.06 0.05 0.05 - 0.01 0.17 0.05 23.97 22.86 23.76 + 0.23 28.81 17.37 19.11 18.43 19.08 + 0.31 21.89 13.00 3.10 2.93 3.09 + 0.03 5.95 2.75 3.86 3.67 3.83 + 0.02 7.75 3.55 1.79 1.66 1.75 + 0.06 2.71 1.29 2.24 2.09 2.18 + 0.06 3.53 1.74 0.17 0.17 0.17 + 0.01 0.18 0.15 0.23 0.20 0.20 + 0.01 0.28 0.18 0.35 0.27 0.34 + 0.09 0.68 0.03 0.06 0.06 0.06 + 0.01 0.12 0.02 0.55 0.44 0.52 + 0.05 0.72 0.21 0.66 0.58 0.64 + 0.07 0.94 0.29

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Equitorial Ex* O 123 377 Erdene Res Dev T 51 Erdene Res Dev* O 120 Eros Res Corp V 120 Eros Res Corp V Eskay Mng V 448 V 60 Essex Minerals Ethos Gold* O 71 Ethos Gold V 85 Eureka Res V 352 22 Euro Sun Mg* O 140 T Euro Sun Mg O 20 EurOmax Res* EurOmax Res T 50 Everton Res V 642 Everton Res* O 16 Evolving Gold 19 O 5 Evolving Gold* Evrim Res V 141 Excellon Res* O 649 Excellon Res T 742 O 228 Excelsior Mng* Excelsior Mng T 688 Exeter Res* X 186 Exeter Res T 81 532 ExGen Res Inc V Explor Res* O 15 Explorex Res 83 Falcon Gold V 159 Fancamp Expl V 3445 Far Res 31148 Fiore Explor* O 9 Fireweed Zinc V 49 O 214 Firma Holdings* First Bauxite V 1406 First Energy* O 4 71317 First Liberty* O First Majestic* N 17857 First Majestic T 3176 First Mexican V 1187 First Mg Fin * O 1792 T 1956 First Mg Fin First Quantum T 15937 511 V Fission 3.0 Fission Uran T 1342 Fission Uran* O 1120 524 Five Star Diam V 135 Five Star Diam* O O 54 Fjordland Exp* Fjordland Exp V 88 O 509 Focus Graphite* V 728 Focus Graphite Focus Vent V 993 Foran Mng V 379 Forsys Metals T 65 22 Fort St James V O 14 Fortescue Mtls* T 2651 Fortuna Silvr Fortuna Silvr* N 7651 Fortune Bay V 13 Fortune Bay* O 2 O 194 Fortune Mnrls* V 577 Forum Uranium FPX Nickel V 144 N 3121 Franco-Nevada* Franco-Nevada T 2204 Franklin Mng* O 2 Freedom Egy V 40 Freegold Vent T 381 176859 N Freeport McMoR* Fremont Gold V 57 Fresnillo plc* O 10 Frontier Lith V 110 Frontline Gold V 107

0.03 0.07 - 0.01 0.10 0.08 0.06 0.87 0.81 0.84 - 0.02 1.40 0.29 0.70 0.65 0.67 - 0.02 1.00 0.22 0.17 0.16 0.16 - 0.01 0.23 0.15 0.17 0.16 0.16 - 0.01 0.23 0.15 0.15 0.31 + 0.01 0.45 0.35 0.28 0.14 0.20 + 0.05 0.33 0.20 0.15 0.05 0.12 - 0.01 0.28 0.13 0.12 0.14 0.15 - 0.02 0.38 0.16 0.14 0.05 0.05 - 0.01 0.17 0.06 0.05 0.84 0.81 0.82 - 0.01 1.06 0.47 1.05 1.01 1.01 - 0.04 1.45 0.62 0.25 0.25 - 0.05 0.59 0.35 0.25 0.36 0.37 - 0.06 0.81 0.40 0.36 0.04 0.04 + 0.01 0.20 0.04 0.04 0.03 0.04 + 0.01 0.14 0.04 0.03 0.13 0.20 + 0.01 0.45 0.20 0.00 0.10 0.15 + 0.00 0.33 0.15 0.14 0.16 0.25 + 0.01 0.43 0.25 0.21 0.92 1.27 + 0.11 1.85 1.30 1.18 1.21 1.58 + 0.12 2.40 1.61 1.48 0.25 0.93 + 0.06 0.93 0.93 0.87 0.35 1.15 + 0.07 1.19 1.19 1.04 0.66 1.55 - 0.08 1.89 1.66 1.53 0.89 1.93 - 0.11 2.52 2.07 1.91 0.04 0.03 0.03 - 0.01 0.04 0.01 0.04 0.07 + 0.01 0.14 0.07 0.06 0.10 0.20 - 0.01 0.29 0.21 0.20 0.04 0.05 + 0.01 0.20 0.05 0.04 0.03 0.06 + 0.02 0.08 0.07 0.05 0.05 0.27 + 0.08 0.30 0.30 0.18 0.22 0.31 + 0.06 0.55 0.31 0.30 0.81 0.84 - 0.01 1.00 0.90 0.84 0.03 0.08 + 0.03 0.12 0.09 0.05 0.03 0.04 + 0.01 0.07 0.04 0.04 0.03 0.03 - 0.01 0.12 0.05 0.03 0.00 0.00 + 0.00 0.00 0.00 0.00 8.34 7.64 8.20 + 0.20 19.15 6.62 10.37 9.57 10.21 + 0.19 24.96 8.89 0.02 0.02 + 0.01 0.08 0.02 0.02 0.53 0.49 0.51 - 0.00 0.96 0.42 0.67 0.62 0.62 - 0.02 1.25 0.57 13.46 + 0.24 17.55 9.63 14.83 12.96 0.08 0.07 0.07 - 0.01 0.13 0.05 0.49 0.69 + 0.02 0.92 0.69 0.65 0.36 0.54 + 0.01 0.70 0.56 0.52 0.25 0.20 0.22 - 0.02 0.55 0.20 0.18 0.18 0.18 + 0.00 0.22 0.17 0.07 0.08 - 0.01 0.10 0.10 0.08 0.11 0.11 - 0.02 0.80 0.12 0.11 0.04 0.06 - 0.00 0.15 0.06 0.05 0.06 0.07 - 0.01 0.20 0.08 0.07 0.04 0.04 + 0.01 0.11 0.04 0.04 0.17 0.27 + 0.02 0.47 0.29 0.26 0.06 0.12 - 0.02 0.28 0.14 0.12 0.25 0.22 0.22 - 0.04 0.35 0.08 3.29 4.45 + 0.50 5.50 4.45 0.00 6.35 5.97 6.32 + 0.17 12.73 5.65 4.11 5.07 + 0.17 9.75 5.10 4.76 0.48 0.58 + 0.06 0.90 0.59 0.00 0.30 0.02 0.64 + 0.43 0.47 0.00 0.07 0.19 + 0.01 0.26 0.19 0.18 0.05 0.06 + 0.01 0.17 0.06 0.06 0.07 0.10 + 0.03 0.15 0.10 0.08 53.31 72.56 - 1.24 81.16 74.10 70.23 105.69 71.44 92.71 87.81 90.23 - 2.33 0.00 0.00 + 0.00 0.01 0.00 0.00 0.10 0.10 - 0.01 0.14 0.10 0.09 0.08 0.13 - 0.02 0.28 0.15 0.12 14.60 + 1.59 17.06 9.24 15.27 12.79 0.07 0.14 - 0.01 0.20 0.15 0.13 13.18 19.65 - 0.27 26.10 20.20 19.36 0.24 0.34 + 0.03 0.46 0.37 0.00 0.01 0.02 - 0.01 0.05 0.03 0.00

Gabriel Res T 328 Gainey Capital V 165 Galane Gold V 267 Galway Mtls* O 45 Galway Mtls V 206 GAR Limited 50 330 Garibaldi Res * O Garibaldi Res V 5243 309 V Gem Intl Res General Moly* X 1057 Genesis Mtls* O 438 Genesis Mtls V 1042 Genius Props 100 V 2763 Gensource Pot Geodex Mnrls V 25 167 Gespeg Cop Res V Getty Copper V 275 O 28 GFG Resources* GFK Res V 115 GGL Res V 15 GGX Gold* O 32 GGX Gold V 1177 Giyani Gold V 192 Glacier Lake V 250 Gldn Predator V 330 O 177 Gldn Predator* Glencore Plc* O 465 Global Energy V 277 Global Gold* O 79 Global Li-Ion 120 O 2 GlobalMin Vent* Globex Mng* O 103 Globex Mng T 293 GMV Minerals V 51 O 17 GMV Minerals* V 249 GobiMin O 14 Gold Dynamics* 27403 Gold Fields* N 17 Gold Finder Ex V 1 Gold Finder Ex* O 140312 Gold Lakes* O 598 Gold Mng USA* O 246 Gold Reach Res V Gold Reserve V 44 Gold Reserve* O 74 X 3320 Gold Resource* 489 Gold Std Vents V Gold Std Vents* X 2614 Goldcliff Res* O 11 Goldcliff Res V 45 T 15856 Goldcorp Goldcorp* N 54801 Golden Arrow V 392 Golden Arrow* O 254 24 Golden Dawn Ml* O 453 Golden Dawn Ml V Golden Eagle* O 75 O 240 Golden Goliath* Golden Hope V 101 Golden Hope* O 104 Golden Mnls T 9 Golden Mnls* X 422 40 Golden Peak Mn V O 383 Golden Queen* Golden Queen T 236 Golden Reign V 437 Golden Star T 1302 Golden Star* X 5133 Golden Tag V 232 Golden Valley* O 36 Golden Valley V 99 Goldex Res V 14 T 469 Goldgroup Mng GoldMining V 1587 V 1280 GoldQuest Mng Goldrich Mng* O 29 O 92 Goldsource Min* V 315 Goldsource Min V 571 Goldstrike Res GoldTrain Res 15 Gossan Res V 88 V 1254 GoviEx Uranium O 396 GoviEx Uranium* Gowest Gold* O 119 GPM Metals V 124 O 72 Gran Colombia* T 246 Gran Colombia O 31 Granada Gold* V 104 Grande Portage

0.26 0.29 + 0.01 0.68 0.30 0.28 0.09 0.14 - 0.02 0.37 0.17 0.14 0.06 0.08 - 0.01 0.15 0.09 0.08 0.14 0.28 + 0.03 0.51 0.28 0.25 0.17 0.36 + 0.04 0.65 0.37 0.31 0.01 0.06 - 0.04 0.13 0.06 0.06 0.22 0.13 0.21 + 0.08 0.20 0.05 0.07 0.27 + 0.11 0.25 0.28 0.17 0.02 0.02 0.02 - 0.01 0.15 0.02 0.21 0.44 - 0.00 0.72 0.45 0.40 0.01 0.14 + 0.01 0.22 0.14 0.13 0.09 0.17 + 0.01 0.28 0.17 0.15 0.10 0.18 - 0.03 0.38 0.21 0.15 0.06 0.03 0.25 0.12 - 0.14 0.11 0.05 0.11 - 0.04 0.15 0.15 0.00 0.07 0.05 0.05 - 0.02 0.08 0.02 0.01 0.04 + 0.01 0.04 0.04 0.03 0.40 0.44 + 0.00 1.00 0.45 0.43 0.08 0.12 + 0.02 0.18 0.12 0.10 0.02 0.02 - 0.01 0.05 0.02 0.02 0.10 0.16 - 0.00 0.25 0.16 0.00 0.07 0.19 - 0.01 0.39 0.21 0.19 0.15 0.41 - 0.06 0.70 0.46 0.41 0.05 0.05 - 0.01 0.19 0.05 0.05 0.50 1.16 + 0.01 2.05 1.22 1.11 0.38 0.97 + 0.04 1.59 0.97 0.88 4.46 8.69 + 0.58 8.68 8.69 8.09 0.10 0.10 - 0.02 0.67 0.11 0.10 0.01 0.02 + 0.01 0.06 0.05 0.01 0.30 0.42 + 0.07 0.42 0.42 0.34 0.05 0.06 - 0.00 0.10 0.06 0.06 0.21 0.43 + 0.06 0.48 0.48 0.39 0.28 0.53 + 0.05 0.63 0.59 0.50 0.28 0.38 + 0.02 0.70 0.38 0.36 0.22 0.30 + 0.03 0.55 0.30 0.26 0.43 0.52 - 0.03 0.58 0.55 0.52 0.00 0.00 + 0.00 0.01 0.00 0.00 2.60 4.04 + 0.26 6.60 4.05 3.70 0.11 0.00 0.11 - 0.01 0.20 0.08 0.09 0.00 0.09 + 0.02 0.14 0.07 0.00 0.00 - 0.00 1.01 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.11 0.12 + 0.01 0.25 0.09 2.61 4.90 + 0.03 7.34 4.93 4.62 0.00 3.90 + 0.05 5.54 3.95 3.25 3.08 4.25 - 0.02 8.22 4.35 4.06 2.20 2.04 2.08 - 0.11 4.10 1.78 1.75 1.63 1.69 - 0.06 3.20 1.35 0.09 0.14 + 0.01 0.36 0.14 0.14 0.12 0.17 + 0.02 0.47 0.17 0.15 15.95 16.24 - 0.96 25.17 17.45 16.05 11.91 13.05 - 0.67 19.35 13.94 12.79 0.53 0.64 + 0.02 1.48 0.66 0.60 0.40 0.52 + 0.03 1.30 0.53 0.48 0.21 0.20 0.21 + 0.00 0.32 0.14 0.28 0.26 0.27 - 0.03 0.42 0.19 0.02 0.09 + 0.03 0.11 0.09 0.05 0.02 0.03 - 0.00 0.08 0.03 0.03 0.11 0.13 - 0.01 0.39 0.13 0.11 0.08 0.09 + 0.01 0.25 0.10 0.08 0.61 0.67 - 0.03 1.43 0.68 0.00 0.45 0.56 - 0.01 1.11 0.57 0.53 0.29 0.24 0.24 - 0.03 0.74 0.12 0.50 0.50 - 0.04 1.07 0.55 0.50 0.63 0.63 - 0.06 1.41 0.68 0.63 0.20 0.23 + 0.01 0.36 0.26 0.22 0.76 0.84 + 0.04 1.33 0.85 0.79 0.59 0.68 + 0.04 1.01 0.68 0.63 0.04 0.04 + 0.01 0.18 0.04 0.04 0.17 0.23 + 0.02 0.38 0.23 0.20 0.23 0.29 + 0.01 0.50 0.31 0.28 0.46 0.80 - 0.08 1.04 0.87 0.00 0.07 0.08 - 0.01 0.36 0.09 0.07 1.47 1.93 + 0.24 3.35 1.94 1.73 0.20 0.43 - 0.01 0.68 0.46 0.40 0.02 0.04 + 0.00 0.05 0.04 0.03 0.07 0.08 - 0.01 0.42 0.09 0.07 0.10 0.10 - 0.01 0.55 0.11 0.10 0.12 0.32 + 0.01 0.43 0.32 0.30 0.05 0.10 + 0.02 0.25 0.19 0.00 0.04 0.06 + 0.01 0.11 0.06 0.06 0.09 0.24 + 0.01 0.44 0.25 0.23 0.04 0.19 + 0.01 0.34 0.20 0.19 0.08 0.16 - 0.00 0.22 0.17 0.15 0.08 0.11 - 0.01 0.50 0.11 0.11 1.02 1.25 + 0.07 1.24 1.25 0.00 1.20 1.55 + 0.06 2.25 1.55 1.48 0.04 0.05 - 0.00 0.10 0.06 0.05 0.13 0.20 + 0.04 0.22 0.20 0.16

G-H

2017-08-01 8:43 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 7â&#x20AC;&#x201C;20, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Graphite Corp* O 151 Graphite One* O 340 Gray Rock Res V 113 Great Atlantic V 272 298 Great Lakes Gr V Great Lakes Gr* O 295 Great Panther* X 3943 79 Great Quest Fe V Great Thunder V 484 Great Western* O 1385 203 Green Swan Cap V Greencastle Rs V 224 O 241 Greenland M&En* Grizzly Discvr V 199 Grizzly Gold* O 1028 Grosvenor Res V 2 Group Ten Mtls* O 42 Group Ten Mtls V 327 GrowMax Res* O 601 GrowMax Res V 1056 GT Gold V 11213 GT Gold * O 448 GTA Res & Mng V 455 Gungnir Res* O 257 Gunpoint Expl V 86 Guyana Gldflds T 2076 Guyana Goldstr V 281 O 1 Handa Copper* Handa Copper V 201 Hannan Metals V 38 Hannan Metals* O 13 Happy Ck Mnrls V 97 41 Hard Creek Ni V Harfang Explor V 91 Harmony Gold* N 11338 Harte Gold* O 95 Harte Gold T 1501 Harvest Gold* O 13 Hawkeye Gld&Di V 26 Heatherdale Rs V 15 Hellix Vent* O 41 Hemcare Health* O 217 HFX Holding V 27 Highbank Res V 1212 Highland Copp V 415 Highland Copp* O 50 Highway 50 Gld V 46 HiHo Silver 198 Hinterland Mtl V 331 Hochschild Mg* O 10 Honey Badger E V 659 Horizonte Mnls T 2370 Hornby Bay Mnl V 19 HudBay Mnls* N 3924 HudBay Mnls T 13045 Hudson Res V 13 Hudson Res* O 13 Hunt Mng V 1

0.01 0.00 0.01 + 0.00 0.01 0.00 0.05 0.04 0.04 - 0.00 0.09 0.04 0.49 0.33 0.42 - 0.03 0.55 0.07 0.17 0.14 0.16 - 0.01 0.18 0.06 0.07 0.06 0.07 - 0.01 0.11 0.06 0.05 0.05 0.05 - 0.00 0.08 0.04 1.30 1.21 1.26 + 0.01 2.28 1.11 0.16 0.14 0.15 + 0.01 0.35 0.14 0.07 0.06 0.07 + 0.01 0.11 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.09 0.09 - 0.01 0.13 0.05 0.10 0.10 0.10 + 0.01 0.18 0.08 0.10 0.08 0.09 - 0.00 0.16 0.02 0.04 0.04 0.04 - 0.01 0.06 0.03 0.03 0.01 0.01 - 0.03 0.22 0.01 0.17 0.00 0.17 + 0.01 0.35 0.16 0.09 0.08 0.09 + 0.01 0.17 0.06 0.15 0.11 0.13 + 0.02 0.39 0.08 0.08 0.08 0.08 - 0.00 0.19 0.08 0.11 0.10 0.10 - 0.01 0.24 0.10 1.24 0.36 1.03 + 0.66 1.18 0.10 0.93 0.31 0.85 + 0.54 0.84 0.25 0.05 0.04 0.05 + 0.01 0.24 0.04 0.07 0.05 0.06 + 0.01 0.08 0.02 0.22 0.21 0.22 + 0.01 0.31 0.20 5.26 4.93 5.10 - 0.14 9.68 4.56 0.18 0.14 0.16 - 0.02 0.35 0.03 0.05 0.00 0.05 - 0.01 0.07 0.03 0.09 0.00 0.07 - 0.01 0.18 0.04 0.32 0.29 0.31 + 0.01 0.51 0.08 0.27 0.23 0.23 - 0.02 0.39 0.09 0.20 0.18 0.18 - 0.04 0.29 0.13 0.04 0.03 0.04 + 0.01 0.12 0.02 0.28 0.27 0.27 - 0.01 0.31 0.02 1.77 1.66 1.77 + 0.03 4.87 1.56 0.52 0.49 0.51 - 0.01 0.66 0.17 0.65 0.61 0.63 + 0.01 0.87 0.20 0.03 0.03 0.03 - 0.00 0.05 0.02 0.08 0.07 0.07 - 0.01 0.33 0.06 0.06 0.00 0.05 - 0.01 0.12 0.03 0.08 0.05 0.08 + 0.04 0.23 0.00 0.16 0.11 0.16 + 0.02 0.16 0.01 0.06 0.05 0.05 - 0.01 0.12 0.04 0.03 0.02 0.02 - 0.01 0.08 0.02 0.10 0.10 0.10 - 0.01 0.18 0.08 0.07 0.07 0.07 - 0.01 0.14 0.06 0.33 0.31 0.33 + 0.02 0.66 0.08 0.08 0.07 0.08 + 0.01 0.18 0.06 0.04 0.04 0.04 + 0.01 0.06 0.02 4.00 3.61 3.91 + 0.21 4.16 2.25 0.08 0.06 0.06 - 0.03 0.23 0.05 0.04 0.04 0.04 - 0.01 0.06 0.03 0.06 0.06 0.06 + 0.01 0.07 0.03 8.05 6.60 7.65 + 0.95 9.15 3.57 10.01 8.31 9.56 + 1.16 11.95 4.74 0.56 0.50 0.55 + 0.05 0.80 0.29 0.45 0.40 0.45 + 0.03 0.60 0.24 0.18 0.00 0.18 - 0.03 0.40 0.16

I-Minerals V 35 I-Minerals* O 18 IAMGOLD* N 23133 IAMGOLD T 5525 IC Potash* O 794 Icon Explor V 287 Iconic Mnls * O 49 Idaho North* O 470 IDM Mining* O 171 iMetal Res V 241 IMPACT Silver V 543 Impala Platnm* O 165 Imperial Metal T 284 Imperial Metal* O 8 85 Inca One Gold* O Inception Mng * O 13 Independence G V 76 Independence G* O 19 Indigo Expl V 535 Inspiration Mg 41 Intl Bethl Mng V 470 Intl Cobalt 579 Intl Lithium* O 202 Intl Montoro V 357 118 Intl Samuel Ex V Intl Star* O 483986 Intl Tower Hil* X 738 Intl Tower Hil T 86 Intrepid Pots* N 9001 INV Metals T 267 Inventus Mg * O 12 Inventus Mg V 42 InZinc Mining V 351 InZinc Mining* O 75 Irving Res* O 205 Irving Res 484 IsoEnergy Ltd V 13 Itafos* O 2 Itafos V 18 Itoco Mg Corp* O 1276 Ivanhoe Mines* O 431 Ivanhoe Mines T 5656 Jaguar Mng* O 807 Jaguar Mng T 45841 Japan Gold V 312 Japan Gold* O 48 Jaxon Mnls V 2294 Jayden Res V 517 Jourdan Res V 137 K2 Gold V 244 524 K92 Mng Inc* O K92 Mng Inc V 2094 Kairos Cap V 68 Kaizen Discov V 135 Kaizen Discvry* O 14 Kapuskasing Gd V 249 Karmin Expl V 8 Karnalyte Res T 66 KAT Expl* O 1319 Katanga Mng T 4984 Kenadyr Mining* O 65 Kenadyr Mining V 1158 Kennady Diam V 37 Kerr Mines* O 79 Kerr Mines T 547 Kesselrun Res V 672 Kesselrun Res* O 323 Kestrel Gold V 80 Khalkos Expl V 383 Kilo Goldmines V 1154 Kilo Goldmines* O 673 Kincora Copper V 138 Kinross Gold* N 57344 Kinross Gold T 12940 Kintavar Exp V 190 Kirkland Lake* O 404 Kirkland Lake T 5485 Kivalliq Enrgy V 707 Klondex Mines T 2752 Klondike Gold V 1207 Klondike Gold* O 155 Klondike Silv V 586 Klondike Silv* O 160 Kombat Copper V 34 Komet Resource V 26 O 149 Kootenay Silvr* Kootenay Zinc* O 187 Kootenay Zinc 464 KWG Res 1295

0.37 0.36 0.37 + 0.01 0.60 0.27 0.29 0.29 0.29 - 0.00 0.44 0.20 5.43 4.96 5.42 + 0.24 5.87 3.14 6.75 6.22 6.74 + 0.25 7.65 4.18 0.03 0.03 0.03 + 0.00 0.11 0.02 0.05 0.03 0.05 + 0.01 0.06 0.01 0.05 0.04 0.04 - 0.01 0.28 0.04 0.02 0.02 0.02 + 0.01 0.12 0.01 0.12 0.10 0.11 + 0.00 0.20 0.08 0.07 0.05 0.07 + 0.02 0.08 0.04 0.44 0.38 0.40 - 0.02 1.28 0.36 2.78 2.67 2.71 - 0.11 5.23 2.53 4.12 3.38 3.89 + 0.45 8.00 2.95 3.13 2.70 3.04 + 0.34 6.21 2.16 0.08 0.07 0.07 - 0.01 0.35 0.06 0.37 0.00 0.36 - 0.04 0.80 0.25 0.20 0.17 0.19 + 0.02 0.50 0.13 0.15 0.14 0.15 + 0.01 0.37 0.10 0.06 0.04 0.06 + 0.01 0.06 0.02 0.03 0.00 0.02 - 0.04 0.10 0.01 0.04 0.03 0.04 + 0.01 0.06 0.03 0.14 0.11 0.12 - 0.01 0.30 0.00 0.07 0.06 0.07 + 0.01 0.18 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.08 0.07 0.08 - 0.01 0.10 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.56 0.52 0.53 - 0.01 1.30 0.43 0.70 0.66 0.67 - 0.03 1.68 0.57 3.16 2.72 2.96 + 0.14 3.08 0.93 0.89 0.85 0.89 - 0.01 1.13 0.62 0.12 0.12 0.12 - 0.00 0.24 0.11 0.15 0.14 0.15 - 0.01 0.31 0.13 0.13 0.11 0.11 + 0.01 0.36 0.10 0.10 0.09 0.10 + 0.02 0.27 0.07 1.24 0.64 0.89 + 0.25 1.24 0.09 1.54 0.79 1.08 + 0.23 1.54 0.22 0.70 0.65 0.70 + 0.05 1.70 0.63 1.65 1.48 1.48 - 0.13 2.23 0.68 2.15 0.00 1.86 - 0.14 3.45 0.90 0.01 0.01 0.01 + 0.00 0.16 0.00 3.98 3.71 3.83 - 0.03 4.10 0.00 4.97 4.64 4.79 - 0.03 5.47 1.20 0.30 0.18 0.20 - 0.09 0.65 0.18 0.38 0.22 0.25 - 0.11 0.85 0.22 0.35 0.32 0.35 + 0.03 0.88 0.24 0.27 0.00 0.26 - 0.00 0.67 0.17 0.51 0.34 0.46 + 0.09 0.51 0.05 0.09 0.08 0.09 - 0.01 0.23 0.06 0.17 0.13 0.13 + 0.01 0.20 0.06 0.45 0.35 0.39 + 0.02 0.58 0.25 0.56 0.47 0.52 - 0.02 1.72 0.47 0.69 0.59 0.64 - 0.05 2.24 0.59 0.45 0.42 0.45 + 0.03 0.95 0.02 0.18 0.15 0.16 + 0.01 0.31 0.11 0.15 0.11 0.12 + 0.02 0.21 0.08 0.06 0.05 0.05 - 0.01 0.10 0.02 0.53 0.48 0.50 + 0.02 0.86 0.21 0.63 0.53 0.59 - 0.05 2.32 0.53 0.00 0.00 0.00 + 0.00 0.00 0.00 0.83 0.69 0.74 - 0.03 0.89 0.12 0.26 0.24 0.24 - 0.02 1.45 0.24 0.33 0.28 0.31 - 0.01 1.00 0.20 3.44 3.32 3.41 - 0.04 5.00 3.01 0.19 0.16 0.18 - 0.01 0.22 0.07 0.23 0.21 0.23 + 0.01 0.27 0.09 0.13 0.11 0.11 - 0.01 0.36 0.08 0.11 0.08 0.08 - 0.02 0.17 0.06 0.13 0.11 0.13 + 0.03 0.17 0.02 0.10 0.09 0.10 + 0.01 0.22 0.09 0.05 0.04 0.05 + 0.01 0.25 0.04 0.04 0.04 0.04 + 0.00 0.19 0.03 0.34 0.31 0.32 - 0.01 0.65 0.23 4.35 4.07 4.21 - 0.01 5.56 2.88 5.40 5.10 5.24 - 0.06 7.23 3.87 0.15 0.13 0.13 - 0.02 0.35 0.13 10.61 9.15 10.60 + 1.00 9.96 4.84 13.18 11.43 13.18 + 1.18 12.54 6.33 0.11 0.10 0.11 + 0.01 0.19 0.07 4.28 3.84 4.01 - 0.28 7.95 3.84 0.36 0.30 0.33 - 0.02 0.45 0.14 0.30 0.25 0.26 - 0.02 0.32 0.10 0.05 0.05 0.05 - 0.01 0.15 0.04 0.04 0.03 0.03 - 0.01 0.12 0.03 0.35 0.00 0.30 - 0.05 0.75 0.21 0.37 0.31 0.37 + 0.07 0.58 0.31 0.21 0.19 0.19 - 0.02 0.46 0.18 0.08 0.05 0.07 + 0.00 0.59 0.05 0.09 0.07 0.08 - 0.01 0.70 0.06 0.03 0.02 0.03 + 0.01 0.03 0.02

Labdr Iron Mns* O 3 Labrador Iron T 725 Lake Victoria* O 129 Lara Expl V 93 Laramide Res T 1260 Largo Res* O 87 Largo Res T 767 Lateral Gold V 40 Latin Am Mnls V 219 Laurion Mnl Ex V 185 Leading Edge* O 449 Leading Edge V 412 Leagold Mg T 628

0.01 0.01 0.01 + 0.00 0.07 0.00 17.40 16.08 16.64 + 0.43 20.67 12.63 0.01 0.00 0.00 - 0.00 0.01 0.00 0.70 0.62 0.68 + 0.07 1.58 0.54 0.35 0.30 0.34 + 0.03 0.74 0.18 0.44 0.30 0.44 + 0.15 0.53 0.26 0.58 0.35 0.55 + 0.18 0.68 0.34 1.00 0.95 0.95 - 0.10 1.27 0.57 0.13 0.11 0.13 + 0.02 0.42 0.10 0.03 0.02 0.03 + 0.01 0.08 0.01 0.71 0.63 0.67 + 0.03 0.71 0.22 0.87 0.80 0.83 + 0.04 0.93 0.25 2.99 2.57 2.83 + 0.09 4.90 2.27

I-J-K

20-22_Aug7_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Leagold Mg* O 156 Legend Gold V 32 Levon Res Ltd * O 159 Levon Res Ltd T 221 Li3 Energy* O 2954 Liberty Gold* O 271 Liberty One Li* O 2354 Liberty Silver 56 LiCo Energy* O 263 LiCo Energy V 571 Lincoln Mng V 182 128 Lion One Mtls V Lion One Mtls* O 198 Lithium Amer T 3463 Lithium Amer* O 2065 Lithium Corp* O 543 Lithium Energi V 245 Lithium Energy V 81 Lithium X Egy V 759 Lithium X Egy* O 1050 LKA Gold* O 19 Lode-Star Mg* O 2 Lomiko Mtls* O 22 Lomiko Mtls V 244 Loncor Res* O 9 Loncor Res T 16 Lone Star Gold* O 342 Lonmin plc* O 15 Lonmin plc* O 57 Lorraine Coppr V 93 Los Andes Copp V 493 Lucara Diam T 898 Lucky Mnls * O 296 Lucky Mnls V 772 Lumina Gold V 122 Lumina Gold* O 15 Lundin Gold T 292 Lundin Mng T 16305 Lupaka Gold V 227 Lydian Intl* O 439 Lydian Intl T 1523 Lynas Corp* O 437

2.40 2.06 2.29 + 0.13 2.37 1.76 0.25 0.17 0.24 + 0.11 0.65 0.10 0.30 0.26 0.29 + 0.01 0.54 0.18 0.38 0.34 0.36 + 0.01 0.71 0.25 0.02 0.02 0.02 + 0.00 0.06 0.01 0.36 0.31 0.35 + 0.02 0.72 0.27 0.59 0.52 0.56 + 0.00 0.59 0.37 1.40 1.21 1.38 - 0.02 3.00 1.00 0.10 0.09 0.09 - 0.01 0.20 0.06 0.12 0.12 0.12 - 0.01 0.24 0.08 0.06 0.00 0.05 + 0.01 0.17 0.04 0.65 0.57 0.65 + 0.03 1.17 0.55 0.52 0.46 0.52 + 0.05 0.91 0.42 1.02 0.91 0.98 + 0.06 1.26 0.52 0.82 0.72 0.79 + 0.06 0.96 0.38 0.08 0.06 0.07 + 0.01 0.11 0.05 0.15 0.10 0.14 + 0.04 0.55 0.07 0.05 0.00 0.05 - 0.01 0.11 0.02 2.20 2.11 2.15 + 0.02 2.50 1.40 1.79 1.68 1.72 + 0.01 1.94 1.03 0.58 0.46 0.58 + 0.00 0.68 0.24 0.04 0.04 0.04 - 0.01 0.10 0.02 0.17 0.14 0.16 - 0.00 0.32 0.11 0.21 0.00 0.20 + 0.01 0.40 0.18 0.08 0.00 0.08 - 0.03 0.19 0.06 0.12 0.00 0.11 - 0.01 0.25 0.09 0.00 0.00 0.00 + 0.00 0.01 0.00 1.16 0.00 1.16 + 0.21 3.12 0.95 1.25 1.10 1.15 - 0.06 3.40 0.81 0.08 0.07 0.07 - 0.01 0.12 0.06 0.27 0.23 0.27 + 0.03 0.30 0.15 2.76 2.60 2.64 - 0.10 4.39 2.60 0.15 0.12 0.13 + 0.01 0.16 0.03 0.18 0.15 0.17 + 0.01 0.20 0.05 0.73 0.67 0.69 - 0.03 1.20 0.65 0.57 0.56 0.57 + 0.00 0.89 0.49 4.90 4.59 4.72 - 0.17 6.62 4.59 8.78 7.83 8.69 + 0.84 8.94 4.91 0.16 0.15 0.16 + 0.02 0.29 0.13 0.32 0.29 0.31 + 0.04 0.41 0.22 0.40 0.34 0.38 + 0.03 0.52 0.28 0.12 0.09 0.12 + 0.03 0.12 0.04

M Macarthur Mnl V 977 0.06 0.06 0.06 - 0.01 0.16 0.05 Maccabi Vent 81 0.06 0.03 0.06 + 0.01 0.10 0.03 MacDonald Mns* O 6 0.07 0.07 0.07 - 0.00 0.20 0.04 MacMillan Mnls V 45 1.57 1.47 1.52 - 0.06 1.84 0.90 Mag Copper 190 0.19 0.12 0.19 + 0.07 0.20 0.03 MAG Silver T 661 17.10 16.33 16.84 - 0.02 23.32 12.75 Magellan Gold* O 4538 0.19 0.10 0.11 - 0.04 0.28 0.07 Majescor Res V 103 0.08 0.07 0.07 - 0.01 0.15 0.04 Majestic Gold V 186 0.07 0.06 0.06 - 0.01 0.12 0.05 Makena Res V 88 0.14 0.00 0.14 + 0.02 0.21 0.11 Malbex Res V 571 0.35 0.30 0.33 - 0.02 0.45 0.29 Mammoth Res V 164 0.09 0.07 0.07 - 0.02 0.20 0.06 Manado Gold V 20 0.12 0.09 0.11 - 0.01 0.15 0.06 Mandalay Res T 3426 0.41 0.37 0.40 + 0.03 1.19 0.33 Mangazeya Mng V 146 0.03 0.03 0.03 - 0.01 0.06 0.02 Manitou Gold V 105 0.09 0.08 0.09 + 0.01 0.20 0.04 Manson Creek V 344 0.10 0.07 0.10 + 0.01 0.10 0.02 Marathon Gold T 1004 1.17 1.00 1.13 + 0.10 1.36 0.43 Margaux Res V 137 0.29 0.25 0.28 - 0.02 0.50 0.20 Marlin Gold* O 82 0.85 0.72 0.74 - 0.09 0.87 0.33 Marlin Gold V 153 1.06 0.89 0.90 - 0.14 1.15 0.44 MartinMarietta* N 2655 230.00 222.95 226.50 + 1.83 244.32 167.06 Mason Graphite* O 68 1.51 1.40 1.41 - 0.08 1.53 0.72 Mason Graphite V 381 1.88 1.75 1.80 - 0.06 1.91 0.99 Mason Res* O 120 0.19 0.16 0.17 - 0.00 0.20 0.10 Mason Res T 656 0.26 0.21 0.22 + 0.02 0.40 0.13 Masuparia Gold V 164 0.07 0.07 0.07 + 0.01 0.09 0.03 Matamec Expl* O 50 0.04 0.04 0.04 - 0.00 0.07 0.03 Matamec Expl V 118 0.05 0.05 0.05 + 0.01 0.11 0.04 Matica Ent* O 315 0.11 0.08 0.09 - 0.01 0.14 0.00 Matica Ent 10655 0.13 0.11 0.11 - 0.01 0.18 0.01 Maverix Mtls* O 6 1.28 1.23 1.23 - 0.03 16.33 0.66 Mawson Res* O 152 0.31 0.26 0.30 + 0.01 0.44 0.16 Mawson Res T 92 0.40 0.34 0.37 + 0.04 0.57 0.21 MAX Res V 205 0.09 0.08 0.08 - 0.01 0.14 0.07 MaxTech Vent 348 0.27 0.21 0.23 + 0.03 0.63 0.20 Maxwell Res* O 5 0.01 0.01 0.01 + 0.00 0.04 0.00 Maya Gold &Sil V 657 0.20 0.19 0.19 + 0.01 0.27 0.10 McEwen Mng* N 13031 2.74 2.50 2.62 + 0.01 4.81 2.41 MDN Inc* O 6 0.16 0.13 0.16 + 0.04 0.92 0.12 Mechel* N 517 4.97 4.61 4.64 - 0.32 6.83 1.46 Medallion Res V 629 0.14 0.03 0.14 - 0.01 0.28 0.08 Medallion Res* O 889 0.03 0.03 0.03 - 0.09 0.20 0.04 Medgold Res* O 61 0.16 0.00 0.16 + 0.03 0.17 0.12 Medgold Res V 481 0.22 0.19 0.21 + 0.01 0.25 0.13 Medinah Mnrls* O 4124 0.01 0.00 0.01 + 0.00 0.02 0.00 Mega Uranium* O 167 0.17 0.15 0.17 + 0.01 0.25 0.08 Mega Uranium T 2095 0.21 0.19 0.21 + 0.01 0.32 0.11 Megastar Dev V 13 0.04 0.04 0.04 + 0.01 0.07 0.03 Meridian Mg V 28 0.77 0.00 0.65 - 0.04 1.54 0.29 Mesa Expl V 22 0.05 0.00 0.05 - 0.01 0.12 0.04 MetalCorp V 256 0.05 0.04 0.04 - 0.02 0.06 0.02 Metalla Rylty 719 0.58 0.50 0.57 + 0.04 0.88 0.18 0.46 + 0.04 0.68 0.16 Metalla Rylty* O 222 0.47 0.40 Metallic Mnrls V 239 0.29 0.24 0.29 - 0.02 0.59 0.10 Metallic Mnrls* O 5 0.24 0.24 0.24 + 0.01 0.44 0.09 0.17 + 0.01 0.26 0.09 Metallis Res V 123 0.17 0.15 Metalore Res V 2 3.74 0.00 3.60 - 0.14 5.16 1.50 Metals Creek* O 162 0.06 0.05 0.05 - 0.01 0.09 0.04 0.79 + 0.01 1.29 0.45 Metanor Res V 233 0.80 0.76 Metanor Res* O 113 0.64 0.61 0.63 - 0.00 0.94 0.54 Mexus Gold* O 2234 0.06 0.05 0.06 + 0.00 0.24 0.05 MGX Minerals* O 506 0.73 0.60 0.72 + 0.02 2.12 0.11 0.93 + 0.07 2.75 0.14 MGX Minerals 1581 0.93 0.75 Micrex Dev V 50 0.03 0.03 0.03 + 0.01 0.03 0.01 Midas Gold* O 746 0.64 0.61 0.63 + 0.01 0.95 0.02 0.05 + 0.01 0.15 0.05 Midasco Cap V 42 0.05 0.05 Midland Expl V 101 0.96 0.91 0.95 + 0.01 1.25 0.90 Midnight Sun V 191 0.38 0.35 0.38 + 0.01 0.54 0.08 0.00 - 0.00 0.01 0.00 Midway Gold* O 121 0.00 0.00 Millennial Lit* O 150 1.15 1.01 1.08 - 0.08 1.43 0.88 Millennial Lit V 705 1.42 1.26 1.33 - 0.11 2.45 1.06 Millrock Res* O 155 0.30 0.26 0.26 - 0.03 0.54 0.23 Millrock Res V 173 0.37 0.32 0.33 - 0.04 0.70 0.32 Minaurum Gold V 370 0.29 0.26 0.28 - 0.02 0.38 0.07 Minco Silver T 80 1.09 1.00 1.00 - 0.01 1.95 0.86 Minco Silver* O 82 0.89 0.78 0.82 + 0.00 1.50 0.64 Minera IRL 112 0.09 0.06 0.07 - 0.02 0.22 0.06 0.30 + 0.10 0.35 0.17 Mineral Hill V 82 0.33 0.20 Mineral Mtn* O 44 0.18 0.16 0.17 + 0.00 0.38 0.13 Mineworx Tech* O 113 0.07 0.06 0.07 - 0.00 0.08 0.05 V 651 0.09 0.08 0.08 - 0.01 0.10 0.05 Mineworx Tech Minfocus Expl V 1040 0.03 0.03 0.03 + 0.01 0.07 0.01 Mining Global* O 1049718 0.00 0.00 0.00 + 0.00 0.00 0.00 0.65 + 0.04 0.85 0.50 Minnova Corp V 2 0.65 0.00 Mirasol Res V 104 1.67 1.54 1.60 + 0.01 3.50 1.18 Mistango River 16 0.02 0.00 0.02 + 0.01 0.05 0.01 Mkango Res V 34 0.06 0.05 0.06 + 0.01 0.11 0.04 363 0.14 0.12 0.13 + 0.01 0.29 0.06 ML Gold Corp V Monarca Mnrls* O 13 0.12 0.12 0.12 + 0.00 0.14 0.09 Monarca Mnrls V 85 0.13 0.12 0.12 - 0.01 0.33 0.08 Monarques Res* O 84 0.27 0.24 0.24 - 0.03 0.46 0.18 Moneta Porcpn* O 66 0.12 0.12 0.12 + 0.01 0.28 0.11 Moneta Porcpn T 530 0.16 0.15 0.15 - 0.01 0.36 0.15 Monitor Vent V 43 0.80 0.00 0.45 - 0.18 1.13 0.13 Montan Mg V 512 0.03 0.03 0.03 - 0.01 0.10 0.02 Morien Res* O 17 0.52 0.51 0.52 + 0.00 0.55 0.21 Morien Res V 84 0.66 0.62 0.65 + 0.03 0.74 0.28 Mosaic* N 15803 24.56 23.34 24.17 - 0.20 34.36 21.79 Mountain Boy V 3587 0.10 0.07 0.08 + 0.02 0.08 0.04 Mountain Boy* O 47 0.06 0.05 0.06 + 0.01 0.06 0.03 Mountain Prov T 452 5.10 4.75 5.03 + 0.19 7.18 3.56 Mountain Prov* D 328 4.10 3.80 4.05 + 0.15 5.52 2.55 Mundoro Cap* O 97 0.15 0.14 0.15 + 0.00 0.22 0.08 Murchison Min 823 0.16 0.00 0.16 + 0.01 0.35 0.13 Mustang Mnrls* O 144 0.01 0.01 0.01 - 0.00 0.02 0.00 MX Gold* O 1330 0.10 0.08 0.09 + 0.01 0.31 0.08 MX Gold V 1115 0.12 0.11 0.11 + 0.00 0.39 0.11

N-O NA Frac Sand* O 150 NACCO Ind* N 71 Napier Vent V 34 Napier Vent* O 51 Natural Res Pt* N 73 Nautilus Mnrls* O 231 Navis Res Corp* O 1 Navis Res Corp 106 Nemaska Lith T 3533 Nemaska Lith* O 403

0.02 0.02 0.02 + 0.00 0.09 0.01 70.60 65.85 68.20 + 2.15 99.55 53.51 0.46 0.43 0.44 - 0.02 0.50 0.24 0.37 0.35 0.35 - 0.02 0.38 0.18 28.62 27.25 28.05 + 0.40 45.60 16.60 0.18 0.16 0.16 - 0.00 0.21 0.10 0.09 0.00 0.02 - 0.13 0.20 0.01 0.20 0.00 0.12 + 0.02 0.25 0.05 1.22 1.03 1.21 + 0.18 1.60 0.95 0.99 0.83 0.98 + 0.15 1.25 0.70

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Neo Lithium V 584 Nevada Canyon* O 1 Nevada Clean M V 321 Nevada Copper T 773 Nevada Egy Mtl* O 171 Nevada Egy Mtl V 8143 Nevada Expl * O 58 Nevada Sunrise V 532 Nevada Sunrise* O 467 Nevada Zinc V 936 Nevado Res V 375 Nevsun Res* X 3151 Nevsun Res T 1672 New Carolin Gd* O 140 O 34497 New Colombia* New Dimen Res V 241 New Gold* X 25474 New Gold T 4989 New Guinea Gld* O 9 New Jersey Mng* O 113 19 New Milln Iron* O New Milln Iron T 167 New Nadina V 107 New Oroperu V 4 New Pac Metals V 73 46 New World Res V NewCastle Gold T 722 NewCastle Gold* O 46 Newlox Gold 310 Newmont Mng* N 33257 Newport Expl V 79 NewRange Gold* O 164 NewRange Gold V 476 X 581 Nexgen Energy* Nexus Gold* O 55 Nexus Gold V 502 NGEx Res T 120 NGEx Res* O 41 328 Nickel One Res V Nicola Mg Inc* O 48 Nicola Mg Inc V 1640 Nighthawk Gold* O 397 Nikos Expl V 345 Niobay Metals V 124 Niocorp Dev* O 380 O 66 Nippon Dragon* Nippon Dragon V 344 Noble Mnl Expl V 34 Noble Mnl Expl* O 180 Noram Vent V 1362 O 119 Noranda Alum* Noront Res V 945 North Am Nickl* O 100 116 North Am Nickl V North Am Pall T 2 6 North Am Pall* O North Am Ptash* O 3 North Arrow Mn* O 8 83 North Arrow Mn V Northcliff Res T 65 Northern Uran V 339 Northisle C&G V 681 Northn Empire V 98 O 14 Northn Empire* Norvista Cap V 117 O 12 Nouveau Monde* Nouveau Monde V 3285 NovaGold Res T 1416 X 12753 NovaGold Res* Novo Res* O 2078 Novo Res V 4855 NRG Metals* O 40 NRG Metals V 371 Nrthn Graphite V 172 Nrthn Graphite* O 112 Nrthn Lion V 46 Nrthn Mnrls &E* O 24 Nrthn Shield V 1835 Nrthn Superior V 928 Nrthn Vertex* O 132 Nrthn Vertex V 196 Nthn Dynasty* X 9048 Nthn Dynasty T 1915 Nubian Res V 71 NuLegacy Gold* O 1187 NuLegacy Gold V 1609 NV Gold V 247 NV Gold* O 140 NX Uranium* O 9 NxGold Ltd V 100 OceanaGold* O 37 OceanaGold T 8743 Oceanus Res V 401 Odyssey Res V 157 OK2 Minerals V 357 Olivut Res* O 17 Omineca Mg &Ml V 203 33 One World Min Orca Gold* O 186 Orca Gold V 403 Orex Mnrls V 209 Orex Mnrls* O 111 Orezone Gold V 187 Orezone Gold* O 91 Oriental Non F 6 Orla Mng Ltd* O 25 Orla Mng Ltd V 156 Orocobre T 414 Oroplata Res* O 223 Orosur Mng T 338 Orvana Mnrls* O 10 Osisko Gold T 1008 Osisko Mng Inc T 2771 Osprey Gold V 571 Otis Gold V 411 Otis Gold* O 89 OZ Minerals* O 1

1.02 0.97 0.97 - 0.03 1.94 0.91 0.16 0.14 0.14 - 0.02 0.20 0.10 0.05 0.04 0.05 + 0.01 0.08 0.02 0.59 0.52 0.59 + 0.07 0.86 0.41 0.03 0.02 0.02 + 0.00 0.11 0.01 0.03 0.02 0.03 + 0.01 0.15 0.02 0.29 0.00 0.25 - 0.03 0.56 0.22 0.33 0.28 0.31 + 0.02 0.47 0.22 0.27 0.23 0.25 + 0.02 0.37 0.15 0.24 0.22 0.23 - 0.02 0.80 0.22 0.03 0.03 0.03 - 0.01 0.11 0.03 2.67 2.42 2.64 + 0.19 3.56 2.06 3.32 3.07 3.29 + 0.21 4.63 2.83 0.03 0.03 0.03 - 0.00 0.08 0.03 0.01 0.00 0.00 - 0.00 0.05 0.00 0.06 0.00 0.05 - 0.01 0.17 0.05 3.23 2.98 3.23 + 0.14 6.04 2.39 4.02 3.72 4.00 + 0.11 7.87 3.11 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.12 0.13 - 0.00 0.15 0.09 0.12 0.11 0.12 + 0.01 0.27 0.06 0.15 0.13 0.13 - 0.01 0.36 0.08 0.14 0.12 0.14 + 0.02 0.18 0.08 0.40 0.00 0.40 - 0.04 0.72 0.36 1.40 1.12 1.15 + 0.03 1.16 0.40 0.13 0.11 0.12 + 0.01 0.16 0.08 0.91 0.87 0.88 - 0.02 1.30 0.52 0.72 0.70 0.72 + 0.01 0.96 0.39 0.04 0.04 0.04 + 0.01 0.06 0.02 37.35 33.89 37.06 + 2.67 46.07 30.19 0.24 0.21 0.24 + 0.01 0.32 0.19 0.45 0.40 0.45 + 0.00 0.59 0.07 0.57 0.52 0.56 + 0.04 0.75 0.08 2.50 2.28 2.42 + 0.01 3.40 1.05 0.14 0.12 0.13 - 0.00 0.27 0.05 0.17 0.15 0.16 - 0.01 0.37 0.05 0.92 0.79 0.86 + 0.07 1.50 0.75 0.72 0.65 0.69 + 0.01 1.14 0.58 0.04 0.04 0.04 + 0.01 0.13 0.03 0.18 0.17 0.18 - 0.01 0.39 0.11 0.25 0.21 0.21 - 0.02 0.54 0.14 0.77 0.60 0.73 + 0.01 0.87 0.25 0.06 0.06 0.06 + 0.01 0.21 0.04 0.21 0.16 0.21 + 0.04 1.25 0.14 0.53 0.51 0.51 - 0.00 0.81 0.45 0.05 0.04 0.04 - 0.00 0.09 0.03 0.07 0.05 0.07 + 0.02 0.11 0.05 0.05 0.05 0.05 + 0.01 0.15 0.03 0.04 0.04 0.04 - 0.00 0.07 0.03 0.04 0.03 0.03 + 0.01 0.13 0.03 0.03 0.02 0.02 - 0.01 0.10 0.01 0.34 0.31 0.31 - 0.02 0.51 0.22 0.05 0.05 0.05 - 0.01 0.11 0.04 0.08 0.07 0.08 + 0.01 0.15 0.06 5.29 4.98 5.19 - 0.06 6.49 4.54 4.41 4.03 4.15 - 0.09 5.06 3.33 0.00 0.00 0.00 + 0.00 0.06 0.00 0.23 0.20 0.20 - 0.01 0.23 0.11 0.29 0.25 0.25 - 0.01 0.40 0.15 0.18 0.16 0.16 - 0.02 0.23 0.09 0.02 0.01 0.02 + 0.01 0.03 0.01 0.15 0.13 0.14 - 0.02 0.20 0.07 0.70 0.00 0.68 + 0.01 0.95 0.33 0.56 0.53 0.56 + 0.04 0.60 0.47 0.15 0.00 0.15 - 0.02 0.30 0.11 0.27 0.26 0.27 + 0.01 0.27 0.16 0.35 0.30 0.33 + 0.02 0.36 0.20 5.87 5.36 5.66 - 0.20 9.49 5.09 4.69 4.28 4.54 - 0.15 7.27 3.78 2.30 1.52 2.16 + 0.68 2.21 0.49 2.88 1.90 2.67 + 0.82 2.72 0.66 0.10 0.08 0.08 - 0.02 0.15 0.06 0.13 0.11 0.12 + 0.01 0.22 0.07 0.29 0.26 0.26 - 0.02 0.42 0.18 0.23 0.20 0.22 - 0.01 0.32 0.14 0.46 0.45 0.46 + 0.01 0.74 0.11 0.02 0.01 0.01 - 0.01 0.05 0.01 0.09 0.05 0.07 + 0.01 0.30 0.04 0.05 0.04 0.05 + 0.01 0.08 0.03 0.47 0.42 0.42 - 0.02 0.50 0.27 0.60 0.53 0.53 - 0.02 0.70 0.35 1.46 1.35 1.44 + 0.08 3.45 0.44 1.82 1.70 1.82 + 0.11 4.54 0.63 0.26 0.25 0.26 + 0.02 0.34 0.08 0.20 0.16 0.20 + 0.02 0.41 0.00 0.25 0.21 0.25 + 0.03 0.54 0.16 0.47 0.36 0.46 + 0.11 0.48 0.10 0.38 0.28 0.37 + 0.09 0.37 0.13 0.02 0.01 0.02 + 0.00 0.04 0.01 0.31 0.30 0.31 + 0.05 0.72 0.13 2.94 2.58 2.75 - 0.19 3.94 2.36 3.62 3.28 3.39 - 0.21 5.11 3.24 0.33 0.30 0.32 - 0.01 0.35 0.14 0.08 0.05 0.08 + 0.03 0.08 0.02 0.09 0.09 0.09 + 0.01 0.21 0.09 0.11 0.10 0.10 - 0.01 0.30 0.09 0.04 0.00 0.04 - 0.01 0.11 0.04 0.29 0.20 0.29 + 0.02 0.75 0.25 0.34 0.31 0.33 - 0.00 0.44 0.20 0.42 0.39 0.41 + 0.01 0.55 0.30 0.14 0.12 0.13 + 0.01 1.38 0.12 0.12 0.09 0.11 + 0.00 1.02 0.05 0.78 0.73 0.77 + 0.04 1.28 0.42 0.63 0.58 0.62 + 0.02 0.99 0.31 0.95 0.93 0.95 + 0.02 1.20 0.52 1.05 1.05 1.05 - 0.02 1.07 0.88 1.33 1.25 1.29 - 0.01 1.75 0.68 3.36 3.17 3.19 - 0.01 5.04 2.73 0.16 0.11 0.12 - 0.04 1.81 0.10 0.24 0.22 0.23 - 0.01 0.38 0.19 0.24 0.22 0.24 + 0.01 0.29 0.14 15.93 15.48 15.75 - 0.13 18.64 11.90 4.50 4.10 4.45 + 0.07 5.65 2.03 0.25 0.23 0.25 + 0.01 0.44 0.05 0.32 0.28 0.28 - 0.02 0.42 0.21 0.25 0.22 0.23 - 0.00 0.32 0.15 5.84 0.00 5.84 - 0.23 7.39 4.22

Pac Booker Min V 41 Pac Booker Min* O 2 13 Pac Link Mng V Pac Ridge Expl V 26 Pac Ridge Expl* O 15 Pacton Gold V 633 Paladin Energy* O 737 V 31 Palamina Corp Palladon Vent* O 6 882 Pan Am Silver T Pan Am Silver* D 6902 V 129 Pancontinental Pancontinental* O 10 Pangolin Dia V 264 Pantheon Vent V 1402 Para Resources V 311 Parallel Mng V 386 Paramount Gold* X 77 Pasinex Res 809 Passprt Potash* O 48 Patriot Gold* O 228 Peabody Enrgy* N 4256 Pedro Res V 1101 Pele Mtn Res* O 15 Pele Mtn Res* Q 24 Peloton Mnrls* O 24 Peloton Mnrls 19 Peregrine Diam T 1703 Perseus Mng T 328 Pershing Gold* D 321 Pershing Gold T 10 Philippine Mtl V 239 Philippine Mtl* O 13 Pine Cliff En T 830 Pine Cliff En* O 157 Pinecrest Res V 141 Pistol Bay Mng V 703 PJSC Polyus Gd* O 4 PJX Res V 408 Plateau Uran* O 23 Plateau Uran V 103 Platinex Inc 378 Platinum Gp Mt* X 2798 Platinum Gp Mt T 400 Playfair Mng V 356 Polaris Mater T 106

0.48 0.46 0.48 + 0.03 1.50 0.42 0.38 0.36 0.38 + 0.02 1.16 0.35 0.07 0.02 0.04 - 0.03 0.07 0.01 0.07 0.00 0.06 + 0.01 0.12 0.05 0.04 0.04 0.04 + 0.00 0.09 0.03 0.11 0.09 0.10 - 0.01 0.16 0.04 0.07 0.04 0.06 + 0.00 0.15 0.00 0.21 0.18 0.19 - 0.02 0.26 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 21.28 20.31 21.01 - 0.12 27.99 18.70 17.10 16.23 16.87 - 0.01 21.59 13.80 0.04 0.04 0.04 + 0.01 0.16 0.03 0.04 0.04 0.04 + 0.02 0.10 0.02 0.05 0.00 0.05 - 0.01 0.15 0.04 0.13 0.11 0.11 - 0.03 0.38 0.10 0.20 0.18 0.19 - 0.01 0.33 0.17 0.08 0.07 0.08 + 0.01 0.18 0.06 1.57 1.45 1.49 - 0.08 2.38 1.36 0.23 0.21 0.23 + 0.02 0.34 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.11 0.08 0.10 + 0.01 0.20 0.07 27.92 26.61 27.40 + 0.41 32.50 22.58 0.05 0.04 0.05 - 0.01 0.27 0.04 0.02 0.02 0.02 - 0.19 0.33 0.10 0.13 0.00 0.02 - 0.03 0.13 0.02 0.06 0.06 0.06 + 0.00 0.12 0.04 0.08 0.08 0.08 + 0.01 0.15 0.05 0.16 0.13 0.15 + 0.03 0.26 0.12 0.31 0.29 0.31 + 0.02 0.66 0.27 3.25 2.93 3.22 + 0.30 4.90 2.60 4.05 3.70 3.99 + 0.38 5.52 3.45 0.15 0.12 0.15 + 0.03 0.18 0.03 0.10 0.10 0.10 + 0.02 0.10 0.01 0.72 0.68 0.70 - 0.04 1.22 0.65 0.57 0.55 0.57 - 0.03 0.89 0.51 0.38 0.36 0.36 - 0.02 0.56 0.16 0.05 0.05 0.05 + 0.01 0.14 0.05 32.30 31.83 32.30 + 0.47 40.00 31.83 0.17 0.13 0.13 - 0.02 0.27 0.13 0.25 0.24 0.25 - 0.01 0.54 0.12 0.35 0.31 0.33 + 0.02 0.71 0.17 0.09 0.06 0.08 + 0.03 0.23 0.05 0.80 0.71 0.74 - 0.02 3.56 0.71 0.99 0.90 0.92 - 0.04 4.63 0.90 0.07 0.05 0.07 + 0.01 0.18 0.05 0.94 0.91 0.91 - 0.02 1.49 0.91

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

PolyMet Mng* X 583 PolyMet Mng T 45 Portage Res* O 578 Potash Corp SK T 7380 Potash Corp SK* N 25664 Potash Ridge T 828 Potash Ridge* O 16 Power Metals V 802 PPX Mining V 548 Precipitate Gl V 257 Premier Gold M T 2165 O 149 Premium Expl* Pretium Res* N 5235 Pretium Res T 1558 Primero Mng* N 2728 Primero Mng T 1331 Prism Res V 150 Prize Mng V 150 Probe Metals V 453 Probe Metals* O 229 Prophecy Coal* O 8 Prospect Glob* O 1 Prospector Res V 24 Prosper Gold V 292 Prospero Silvr V 159 Prospero Silvr* O 21 Providence V 50 PUF Vent Inc 999 PUF Vent Inc * O 44 Puma Expl V 399 Pure Energy* O 452 Pure Energy V 517 Pure Gold Mg V 650 Pure Gold Mg* O 74 QMC Quantum Ml V 140 QMX Gold V 3891 QMX Gold* O 69 Quaterra Res* O 266 Quinto Real V 44

0.73 0.66 0.68 + 0.02 1.14 0.57 0.90 0.81 0.85 + 0.02 1.48 0.71 0.00 0.00 0.00 + 0.00 0.00 0.00 22.68 21.96 22.16 - 0.40 26.62 19.93 18.15 17.62 17.82 - 0.16 20.27 15.21 0.20 0.18 0.19 + 0.01 0.38 0.18 0.15 0.14 0.14 - 0.01 0.28 0.14 0.30 0.27 0.30 + 0.01 0.55 0.07 0.06 0.05 0.05 - 0.01 0.16 0.05 0.15 0.13 0.15 + 0.02 0.35 0.11 3.42 3.10 3.38 + 0.21 5.05 1.87 0.01 0.00 0.01 + 0.00 0.03 0.00 10.20 9.58 9.67 - 0.46 12.53 6.82 12.75 11.93 12.03 - 0.67 16.48 9.17 0.38 0.35 0.36 - 0.01 2.41 0.30 0.47 0.44 0.44 - 0.02 3.06 0.39 0.16 0.00 0.16 - 0.01 0.25 0.16 0.45 0.40 0.45 + 0.06 0.72 0.01 1.39 1.26 1.32 - 0.07 2.18 0.99 1.12 1.03 1.03 - 0.08 1.66 0.75 2.43 0.00 2.43 + 0.06 5.17 2.21 0.04 0.00 0.04 - 0.00 0.19 0.02 1.18 1.01 1.05 - 0.15 1.90 0.03 0.22 0.19 0.22 + 0.02 0.44 0.13 0.34 0.28 0.31 + 0.01 0.38 0.22 0.25 0.24 0.24 + 0.00 0.26 0.19 0.11 0.09 0.09 - 0.02 0.21 0.07 0.37 0.34 0.35 - 0.02 0.47 0.05 0.30 0.28 0.29 + 0.01 0.35 0.05 0.07 0.07 0.07 + 0.01 0.11 0.05 0.47 0.43 0.46 + 0.00 0.72 0.36 0.60 0.54 0.56 - 0.01 0.93 0.49 0.58 0.51 0.53 - 0.04 0.77 0.40 0.46 0.41 0.42 - 0.03 0.60 0.29 0.12 0.09 0.12 + 0.02 0.19 0.04 0.39 0.24 0.39 + 0.16 0.39 0.04 0.28 0.17 0.28 + 0.11 0.28 0.03 0.10 0.06 0.08 - 0.00 0.13 0.03 0.07 0.06 0.06 - 0.01 0.20 0.05

Radisson Mng V 136 Radius Gold V 219 Rae-Wallace Mg* O 275 Rainforest Res* O 5 Rainy Mtn Royl V 570 Rainy Mtn Royl* O 652 Rambler Ml &Mg V 231 Randgold Res* D 3362 Rapier Gold V 65 Rare Element* O 827 RB Energy* O 631 Red Eagle Expl V 172 Red Eagle Mng* O 257 Red Eagle Mng T 1378 Red Oak Mg V 4 Red Pine Expl V 1250 Red Rock Enrgy V 43 Redhawk Res T 274 Redstar Gold* O 526 Regency Gold V 50 Regulus Res V 95 Reliant Gold V 26 Remo Res V 10 Renaissance Gd* O 78 Renaissance Gd V 236 Resolve Vent V 87 Resource Cap* O 25 Revival Gold V 78 Rheingold Expl 209 Richmond Mnls V 38 Richmont Mines* N 2024 Richmont Mines T 1450 Rio Novo Gold T 105 Rio Silver* O 15 Rio Silver V 17 Rio Tinto* O 3 Rio Tinto* N 22495 Rio Tinto* O 1 Rise Gold Corp 383 Riverside Res* O 85 Riverside Res V 338 RJK Explor* O 55 Robex Res V 386 Rochester Res V 3 Rock Tech Lith* O 9 Rock Tech Lith V 644 Rockcliff Cop V 989 Rockshield Cap 157 Rodinia Lithm V 31 Romios Gold Rs* O 46 RosCan Mrnls V 242 Rosita Mg Corp V 279 Rotation Mnls V 307 Roxgold T 735 Roxgold* O 136 Royal Gold* D 3085 Royal Nickel* O 93 V 25 Royal Sapphire Royal Std Mnrl* O 116 RT Minerals V 2012 RT Minerals* O 112 Rubicon Mnrls* O 25 Rubicon Mnrls T 69 Rugby Mng V 22 162 Running Fox Rs* O Rupert Res V 229 Rusoro Mng V 1549 Rusoro Mng* O 59 Rye Patch Gold* O 1199 Rye Patch Gold V 2535

0.17 0.16 0.17 + 0.01 0.20 0.12 0.12 0.10 0.12 - 0.01 0.17 0.09 0.01 0.01 0.01 + 0.01 0.03 0.00 7.30 5.15 6.90 + 0.05 8.25 1.00 0.10 0.08 0.08 - 0.01 0.18 0.04 0.08 0.07 0.07 - 0.00 0.14 0.03 0.16 0.15 0.16 + 0.02 0.22 0.07 93.12 88.93 92.72 + 2.19 120.72 67.54 0.10 0.09 0.10 + 0.01 0.17 0.08 0.15 0.11 0.14 - 0.00 0.53 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.12 0.13 - 0.01 0.30 0.08 0.24 0.21 0.22 - 0.02 0.79 0.17 0.30 0.28 0.29 - 0.01 1.05 0.23 0.19 0.15 0.19 + 0.05 0.25 0.05 0.11 0.09 0.10 + 0.01 0.24 0.08 0.34 0.30 0.34 + 0.08 0.37 0.07 0.03 0.02 0.03 - 0.01 0.09 0.02 0.11 0.09 0.11 + 0.00 0.15 0.08 0.14 0.14 0.14 + 0.02 0.60 0.10 1.65 1.50 1.52 - 0.06 2.00 1.05 0.02 0.02 0.02 + 0.01 0.05 0.02 0.09 0.09 0.09 - 0.02 0.30 0.09 0.23 0.21 0.23 + 0.01 0.52 0.20 0.29 0.27 0.29 + 0.03 0.66 0.25 0.04 0.03 0.03 - 0.01 0.13 0.02 0.13 0.12 0.12 - 0.01 0.26 0.11 0.50 0.00 0.50 + 0.08 0.51 0.08 0.36 0.32 0.35 - 0.01 0.40 0.02 0.06 0.05 0.06 + 0.01 0.07 0.03 8.75 8.03 8.60 + 0.30 11.66 5.45 10.89 10.04 10.72 + 0.29 15.01 7.36 0.13 0.12 0.12 + 0.01 0.29 0.09 0.06 0.04 0.04 - 0.02 0.11 0.06 0.07 0.06 0.07 - 0.01 0.18 0.05 49.66 48.75 49.66 - 0.19 52.50 35.38 46.84 43.12 46.61 + 2.47 47.11 29.62 45.90 0.00 45.90 + 0.40 46.20 29.75 0.17 0.14 0.15 - 0.01 0.40 0.14 0.31 0.27 0.29 + 0.01 0.46 0.24 0.38 0.34 0.35 + 0.01 0.60 0.31 0.11 0.07 0.09 - 0.00 0.19 0.06 0.11 0.10 0.10 + 0.01 0.13 0.06 0.06 0.00 0.06 + 0.02 0.10 0.03 0.90 0.88 0.90 + 0.01 0.89 0.43 1.17 0.90 1.10 + 0.16 1.45 0.52 0.09 0.08 0.09 + 0.02 0.16 0.06 0.11 0.10 0.10 - 0.01 0.16 0.04 0.10 0.09 0.09 - 0.01 0.16 0.08 0.05 0.04 0.05 - 0.00 0.08 0.03 0.08 0.07 0.07 - 0.01 0.12 0.01 0.04 0.03 0.04 - 0.01 0.12 0.03 0.20 0.12 0.13 - 0.08 0.40 0.12 1.20 1.15 1.17 - 0.01 1.76 1.04 0.95 0.92 0.95 + 0.00 1.35 0.78 87.23 83.62 86.61 + 2.64 87.74 60.21 0.16 0.15 0.16 + 0.00 0.34 0.12 0.13 0.13 0.13 + 0.01 1.40 0.10 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.06 0.08 + 0.02 0.22 0.06 0.07 0.04 0.07 + 0.02 0.14 0.04 1.23 0.00 1.15 - 0.02 11.35 1.10 1.55 1.47 1.47 - 0.04 2.39 1.30 0.27 0.25 0.27 + 0.02 0.58 0.23 0.02 0.02 0.02 + 0.00 0.03 0.01 1.05 0.95 1.00 - 0.04 1.47 0.60 0.18 0.15 0.17 - 0.01 0.41 0.09 0.15 0.13 0.13 - 0.02 0.31 0.06 0.18 0.16 0.18 + 0.01 0.33 0.16 0.23 0.21 0.22 - 0.01 0.43 0.20

Sabina Gd&Slvr T 2685 Sabina Gd&Slvr* O 878 Sage Gold* O 21 Sage Gold V 625 Saint Jean* O 73 Salazar Res V 109 Sama Res V 273 San Marco Res* O 45 Sandspring Res V 597 Sandspring Res* O 180 Sandstorm Gold T 1950 Sandy Lake Gld V 13 Santa Fe Gold* O 407 Santacruz Silv V 304 Sarama Res V 655 Sarissa Res* O 1845 Satori Res V 167 Saturn Mnrls V 160 Savant Expl V 179 Savary Gold V 564 Savary Gold* O 527 Saville Res V 20 Savoy Vent V 101 Scandium Intl* O 204 Scandium Intl T 386 ScoZinc Mg V 32 ScoZinc Mg* O 11 Seabridge Gld T 312 Seabridge Gld* N 2564 Search Mnls V 239 Searchlight* O 44 Secova Mtls* O 450 Select Sands V 604 Semafo T 4879 Senator Mnrls V 453 Shamrock Ent 2006 Shore Gold T 969 Sibanye Gold* N 11244 Sienna Res V 67 Sierra Metals* X 26 Sierra Metals T 8 Signature Res V 129 Silver Bull Re* O 689 Silver Bull Re T 3718 Silver Dragon* O 594 Silver Falcon* O 40500 Silver Grail V 77 Silver Mtn Mns V 21 Silver Phoenix 25 Silver Predatr* O 16 Silver Predatr V 93

2.42 2.25 2.37 + 0.02 2.42 0.84 1.94 1.79 1.90 + 0.03 1.94 0.61 0.17 0.16 0.17 - 0.01 0.19 0.06 0.23 0.20 0.21 - 0.02 0.27 0.08 0.05 0.03 0.05 + 0.00 0.26 0.02 0.11 0.00 0.10 - 0.01 0.18 0.08 0.15 0.12 0.15 - 0.01 0.25 0.07 0.14 0.14 0.14 + 0.00 0.22 0.10 0.40 0.36 0.40 + 0.01 0.94 0.31 0.32 0.29 0.32 + 0.01 0.72 0.23 5.31 5.00 5.20 - 0.05 8.73 4.29 0.06 0.06 0.06 - 0.01 0.25 0.04 0.10 0.09 0.10 + 0.00 0.23 0.03 0.21 0.19 0.19 - 0.01 0.59 0.16 0.17 0.15 0.17 + 0.02 0.55 0.13 0.01 0.01 0.01 + 0.00 0.01 0.00 0.20 0.18 0.20 + 0.02 0.30 0.07 0.10 0.09 0.09 - 0.01 0.13 0.07 0.05 0.04 0.04 - 0.01 0.10 0.02 0.07 0.06 0.06 - 0.01 0.15 0.06 0.06 0.05 0.05 - 0.01 0.11 0.05 0.19 0.19 0.19 - 0.01 0.40 0.05 0.19 0.15 0.19 + 0.04 0.20 0.05 0.26 0.24 0.24 - 0.01 0.35 0.10 0.32 0.30 0.31 - 0.02 0.48 0.14 1.60 1.28 1.55 + 0.37 1.60 0.76 1.25 1.03 1.25 + 0.31 1.28 0.62 14.75 13.94 14.50 - 0.22 17.96 9.99 11.80 11.06 11.60 - 0.15 13.78 7.35 0.07 0.06 0.07 + 0.01 0.10 0.06 0.05 0.04 0.04 - 0.01 0.13 0.02 0.05 0.03 0.04 - 0.01 0.09 0.03 0.76 0.65 0.69 - 0.05 2.04 0.22 3.08 2.92 3.03 + 0.01 7.46 2.68 1.26 1.20 1.21 + 0.01 1.59 0.36 0.03 0.03 0.03 - 0.01 0.06 0.02 0.30 0.27 0.29 + 0.02 0.44 0.17 5.09 4.63 5.08 + 0.30 20.97 4.43 0.09 0.00 0.09 - 0.01 0.27 0.09 2.69 2.40 2.61 + 0.01 3.10 1.16 3.32 3.00 3.26 + 0.06 3.75 1.49 0.10 0.08 0.09 - 0.02 0.19 0.06 0.08 0.07 0.07 - 0.01 0.21 0.06 0.11 0.08 0.10 - 0.01 0.28 0.08 0.02 0.02 0.02 + 0.00 0.03 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.05 0.06 + 0.01 0.16 0.05 0.03 0.02 0.03 + 0.01 0.06 0.02 0.15 0.15 0.15 + 0.05 0.25 0.03 0.04 0.02 0.04 + 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.12 0.03

2017-08-01 8:43 PM

WWW.NORTHERNMINER.COM

AUGUST 7–20, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Silver Pursuit V 90 Silver Range V 23 Silver Shield 244 Silver Spruce V 246 Silver Spruce* O 202 Silver Std Res T 1115 Silver Std Res* D 7451 Silver Wheaton* N 13216 Silver Wheaton T 4243 Silvercorp Met T 1846 X 1481 Silvercorp Met* SilverCrest Mt* O 77 SilverCrest Mt V 86 Silvermet V 82 Silverstar Res* O 11 Sirios Res* O 29 Sirios Res V 394 O 118 Skyharbour Res* V 159 Skyharbour Res Sokoman Iron V 151 SolGold plc* O 67 Solitario Ex&R T 99 Solitario Ex&R* X 354 408 Sonora Gld & S V Sonora Res * O 55 Sonoro Mtls V 784 Southern Arc* O 42 Southern Copp* N 3612 Southern Lith V 3892 O 374 Southern Silvr* Southern Silvr V 411 Spanish Mtn Gd V 310 Spanish Mtn Gd* O 92 V 9136 Spearmint Res O 191 Spearmint Res* Sphinx Res V 105 Sprott Res Hld T 940 Squire Mg Ltd 243 SRG Graphite V 446 42 St Elias Mns* O Stakeholdr Gld V 19 Stakeholdr Gld* O 42 Standard Lith V 1203 O 38 Standard Metal* Stans Energy* O 152 Star Gold* O 1 Starcore Intl T 108 Stelmine Can V 54 Sterling Grp* O 5 Stina Res 1011 Stina Res* O 121 Stornoway Diam* O 23 Stornoway Diam T 1307 O 89 Strategic Metl* Strategic Metl V 128 Stria Lithium V 265 Strikepoint Gd V 171 Strongbow Expl V 331 Sulliden Mng T 30 Sultan Mnrls V 122 Suncor Energy T 12171 Suncor Energy* N 18868 Sunvest Mnrls V 369 Superior Gold V 255 Superior Mng V 53 Superior Mng* O 15 Supreme Metals 6430 Sutter Gold* O 970 Syrah Res* O 8

0.21 0.16 0.21 + 0.04 0.23 0.07 0.23 0.21 0.21 - 0.02 0.29 0.08 0.10 0.00 0.08 - 0.01 0.11 0.03 0.07 0.00 0.06 + 0.01 0.14 0.05 0.04 0.04 0.04 + 0.00 0.10 0.04 12.37 11.89 12.16 - 0.19 20.48 10.32 9.89 9.49 9.78 - 0.07 15.84 7.70 20.61 19.31 20.51 + 0.51 31.35 16.94 25.63 24.17 25.50 + 0.41 40.80 22.63 3.70 3.43 3.60 - 0.08 5.90 2.82 3.00 2.75 2.87 - 0.03 4.50 2.07 1.53 1.36 1.52 + 0.10 3.13 1.08 1.90 1.69 1.88 + 0.09 4.09 1.45 0.09 0.08 0.09 + 0.01 0.13 0.03 3.00 1.51 3.00 + 0.16 3.20 1.51 0.33 0.32 0.32 - 0.01 1.13 0.21 0.42 0.38 0.40 - 0.01 1.42 0.25 0.39 0.35 0.35 - 0.04 0.54 0.18 0.48 0.44 0.45 - 0.03 0.70 0.24 0.05 0.04 0.04 - 0.01 0.13 0.02 0.53 0.00 0.50 - 0.01 0.63 0.25 1.02 0.95 0.95 - 0.05 1.29 0.76 0.86 0.76 0.78 - 0.02 0.95 0.58 0.06 0.05 0.06 + 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.11 0.12 - 0.02 0.16 0.08 0.59 0.00 0.56 + 0.01 0.75 0.30 39.93 37.53 39.46 + 1.63 39.93 24.90 0.25 0.20 0.24 + 0.04 0.49 0.05 0.34 0.28 0.33 + 0.03 0.52 0.19 0.43 0.34 0.41 + 0.06 0.66 0.27 0.14 0.13 0.13 - 0.01 0.23 0.09 0.11 0.10 0.10 - 0.00 0.17 0.06 0.04 0.02 0.03 + 0.01 0.04 0.02 0.03 0.02 0.03 + 0.01 0.03 0.02 0.05 0.04 0.05 - 0.01 0.14 0.04 0.17 0.16 0.16 - 0.01 0.23 0.13 0.13 0.08 0.12 + 0.04 0.16 0.05 0.57 0.47 0.51 - 0.09 0.60 0.15 0.00 0.00 0.00 - 0.00 0.01 0.00 0.34 0.28 0.28 - 0.11 0.89 0.19 0.30 0.23 0.23 - 0.06 0.67 0.17 0.92 0.85 0.89 - 0.01 1.25 0.30 0.11 0.08 0.10 + 0.00 0.22 0.04 0.04 0.03 0.03 + 0.00 0.06 0.01 0.09 0.09 0.09 - 0.00 0.20 0.04 0.42 0.40 0.40 - 0.01 0.83 0.39 0.29 0.26 0.26 - 0.02 0.38 0.14 0.10 0.09 0.09 + 0.01 0.18 0.02 0.32 0.24 0.28 + 0.01 0.35 0.07 0.24 0.20 0.24 + 0.02 0.26 0.05 0.66 0.00 0.65 - 0.01 0.96 0.54 0.83 0.81 0.81 - 0.02 1.33 0.69 0.35 0.32 0.33 - 0.00 0.67 0.28 0.44 0.40 0.41 - 0.02 0.86 0.37 0.04 0.03 0.03 - 0.01 0.13 0.03 0.36 0.30 0.30 - 0.04 0.67 0.18 0.16 0.14 0.16 + 0.02 0.27 0.12 0.28 0.23 0.23 - 0.01 0.46 0.18 0.10 0.00 0.08 + 0.01 0.18 0.06 40.57 38.07 40.36 + 1.94 44.90 33.76 32.63 30.44 32.46 + 1.82 33.79 25.70 0.12 0.10 0.10 - 0.01 0.28 0.08 1.08 1.00 1.06 + 0.01 1.25 0.85 0.13 0.08 0.13 + 0.05 0.40 0.05 0.11 0.06 0.10 - 0.01 0.11 0.05 0.04 0.04 0.04 + 0.01 0.15 0.02 0.04 0.02 0.02 - 0.00 0.06 0.02 2.54 2.42 2.54 + 0.07 3.56 1.68

T Tahoe Res* Tahoe Res

N 12167 T 3364

5.68 7.12

5.38 5.60 6.74 6.98

- -

0.05 0.12

17.01 4.93 22.13 6.36

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tajiri Res V 174 Taku Gold* O 6 Taku Gold 116 Tamino Mnrls* O 336 Tanager Energy V 174 Tanqueray Expl V 264 Tantalex Res 350 Tanzania Rlty T 226 Tanzania Rlty* X 1610 Taranis Res V 143 Taranis Res* O 202 Tarku Res V 262 Tartisan Res 330 Tasca Res V 170 Taseko Mines* X 3431 Taseko Mines T 1092 Teck Res T 12658 T 11 Teck Res Teck Res* N 26980 Telferscot Res 115 O 5 Telson Res * Telson Res V 34 Tembo Gold V 25 Tembo Gold* O 157 Teranga Gold T 989 Teranga Gold* O 97 Terraco Gold V 132 Terrax Mnrls* O 46 Terrax Mnrls V 512 Teslin Rvr Res V 3212 Teuton Res V 150 Teuton Res* O 43 Texas Mineral* O 46 Thor Expl V 50 Thunder Mtn Gd* O 40 Thunderstruck V 104 Till Capital* D 1 V 14 Timberline Res Timberline Res* O 97 Timmins Gold T 729 Timmins Gold* X 525 Tinka Res V 629 Tinka Res* O 175 Tintina Res* O 121 Tintina Res V 108 Tirex Res V 390 Tirex Res* O 36 Titanium Corp V 549 TMAC Resource* O 5 TMAC Resources T 204 32 Toachi Mg Inc* O Toachi Mg Inc V 369 O 2656 Tombstone Expl* Tonogold Res* O 17 Torex Gold* O 26 Torex Gold T 1669 Toron, Inc* O 239 V 281 Torq Resources Tower Res V 485 Tower Res* O 8 V 345 Transatlan Mng Transition Mtl V 144 Treasury Metal T 318 Trecora Res* N 289 Trek Mining V 582 Trek Mining* O 65 Tres-Or Res V 327 Trevali Mng* O 272 Trevali Mng T 7487 Tri Origin Exp V 146 Trifecta Gold V 62 Trifecta Gold* O 85 Trigen Res V 235

0.15 0.13 0.14 + 0.04 0.21 0.03 0.20 0.18 0.20 + 0.02 0.20 0.00 0.25 0.20 0.24 + 0.02 0.25 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.13 0.13 - 0.03 0.20 0.05 1.22 1.09 1.20 + 0.04 1.56 0.03 0.05 0.04 0.04 - 0.01 0.18 0.04 0.60 0.50 0.54 - 0.07 1.95 0.51 0.48 0.40 0.44 - 0.04 1.49 0.40 0.10 0.09 0.10 + 0.02 0.15 0.08 0.08 0.00 0.08 + 0.00 0.12 0.06 0.05 0.04 0.04 - 0.01 0.10 0.03 0.10 0.09 0.09 - 0.04 0.18 0.03 0.07 0.06 0.06 - 0.01 0.21 0.06 1.53 1.38 1.49 + 0.09 1.63 0.42 1.89 1.73 1.83 + 0.07 2.12 0.55 27.28 24.31 26.36 + 1.94 35.67 19.27 27.50 24.92 26.96 + 1.96 36.49 18.85 21.82 19.42 21.21 + 1.74 26.60 14.56 0.02 0.02 0.02 - 0.01 0.05 0.01 0.27 0.23 0.27 + 0.04 0.43 0.11 0.35 0.32 0.34 - 0.01 0.55 0.16 0.02 0.02 0.02 + 0.01 0.07 0.01 0.02 0.01 0.02 + 0.00 0.06 0.01 3.44 3.23 3.26 - 0.17 7.00 2.97 3.40 2.59 2.62 - 0.09 3.40 2.21 0.10 0.09 0.10 - 0.01 0.19 0.09 0.39 0.35 0.39 + 0.02 0.80 0.30 0.50 0.44 0.50 + 0.03 1.05 0.40 0.76 0.64 0.68 + 0.06 0.76 0.21 0.20 0.18 0.19 + 0.01 0.46 0.15 0.14 0.13 0.14 + 0.02 0.34 0.11 0.22 0.00 0.21 - 0.01 0.39 0.09 0.21 0.18 0.20 + 0.05 0.25 0.08 0.10 0.09 0.10 + 0.01 0.16 0.02 0.09 0.08 0.09 - 0.01 0.20 0.04 4.30 0.00 4.05 - 0.24 5.00 3.38 0.50 0.00 0.48 + 0.03 0.73 0.32 0.41 0.34 0.41 + 0.04 0.53 0.02 5.65 5.22 5.44 - 0.20 8.00 3.70 4.52 4.13 4.37 - 0.14 6.28 2.70 0.69 0.60 0.61 - 0.07 0.78 0.17 0.55 0.49 0.50 - 0.04 0.59 0.13 0.10 0.08 0.09 - 0.01 0.12 0.04 0.12 0.10 0.12 + 0.01 0.15 0.06 0.05 0.04 0.05 + 0.01 0.12 0.03 0.05 0.03 0.04 - 0.00 0.10 0.02 1.44 1.15 1.36 + 0.21 1.44 0.41 9.66 0.00 9.50 - 0.17 15.16 9.15 12.17 11.50 11.50 - 0.60 20.18 11.34 0.35 0.29 0.35 + 0.06 0.35 0.29 0.48 0.40 0.48 + 0.10 0.62 0.31 0.01 0.01 0.01 - 0.01 0.02 0.00 0.07 0.05 0.07 + 0.02 0.13 0.02 18.54 17.79 18.06 - 0.13 27.34 12.73 23.19 22.28 22.56 - 0.20 35.17 17.05 0.01 0.00 0.00 - 0.00 0.01 0.00 0.75 0.69 0.75 + 0.01 1.00 0.53 0.23 0.20 0.21 - 0.02 0.34 0.07 0.18 0.17 0.17 - 0.01 0.24 0.05 0.09 0.07 0.08 - 0.01 0.90 0.07 0.14 0.13 0.14 + 0.01 0.24 0.12 0.67 0.62 0.65 + 0.01 0.90 0.48 12.20 11.45 11.60 - 0.30 14.80 9.75 1.15 1.07 1.14 + 0.06 2.55 1.00 0.92 0.85 0.92 + 0.05 1.64 0.78 0.04 0.03 0.04 + 0.01 0.06 0.03 1.11 1.01 1.04 + 0.02 1.16 0.65 1.38 1.26 1.31 + 0.04 1.57 0.85 0.05 0.04 0.05 + 0.01 0.08 0.03 0.22 0.00 0.22 - 0.01 0.40 0.18 0.18 0.00 0.17 + 0.01 0.20 0.14 0.10 0.07 0.07 - 0.03 0.11 0.07

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Trilogy Mtls* X 3950 Trilogy Mtls T 360 TriMetals Mng* O 52 O 163 TriMetals Mng* Trinity Res* O 5 Trio Resources* O 309 TriStar Gold* O 103 TriStar Gold V 226 Triumph Gold V 119 Triumph Gold* O 98 Troy Enrgy V 378 Troy Res* O 122 Tsodilo Res V 8 Tudor Gold V 350 Tungsten Corp* O 1946 Turquoise HIl* N 53297 Turquoise HIl T 8070 Tyhee Gold* O 5 Typhoon Expl V 41

1.22 0.77 1.02 + 0.08 1.22 0.41 1.50 1.01 1.28 + 0.10 1.50 0.58 0.20 0.17 0.19 - 0.01 0.24 0.11 0.18 0.16 0.18 + 0.00 0.25 0.13 0.04 0.00 0.03 + 0.00 0.33 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.32 0.28 0.31 + 0.01 0.41 0.15 0.41 0.35 0.38 + 0.01 0.53 0.22 0.35 0.28 0.35 + 0.04 0.50 0.16 0.26 0.23 0.23 - 0.02 0.38 0.12 0.08 0.05 0.08 + 0.03 0.08 0.01 0.10 0.09 0.09 + 0.02 0.42 0.05 0.70 0.69 0.69 - 0.02 1.05 0.50 0.82 0.64 0.80 + 0.15 1.99 0.37 0.00 0.00 0.00 + 0.00 0.00 0.00 3.24 2.84 3.20 + 0.35 3.80 2.44 4.02 3.55 3.99 + 0.43 5.03 3.25 0.00 0.00 0.00 - 0.00 0.02 0.00 0.09 0.07 0.09 + 0.02 0.15 0.06

U.S. Lithium* O 1536 U3O8 Corp* O 199 Ucore Rare Mtl* O 389 Ucore Rare Mtl V 322 UEX Corp T 923 Ultra Lithium V 114 Ultra Lithium* O 69 Umbral Enrgy* O 1 Umbral Enrgy 4074 Unigold* O 169 V 348 Unigold United Res Hdg* O 320 United Silver* O 94 United States A* X 331 United States S* N 142114 Unity Energy V 8 Upper Canyon V 175 Ur-Energy T 112 Ur-Energy* X 861 Uracan Res* O 10 Uragold Bay Rs V 1182 Uranium Energy* X 5059 Uranium Hunter* O 1 Uranium Res* D 1440 URZ Energy V 107 O 805 US Cobalt * US Cobalt V 1742 US Energy* D 95 US Precious M* O 790 Vale* N 168002 N 46573 Vale* Valley High Mg* O 9625 Valterra Res V 360 Vanadiumcorp* O 288 Vanadiumcorp V 531 Vangold Res V 404 Vanstar Mng Rs V 210 Vantex Res V 139 Vedanta* N 1963 Velocity Mnrls V 104 Vendetta Mng V 851 Vendetta Mng* O 148 Venerable Vent V 13 Verde Potash T 197 Verde Res* O 2418 Veris Gold* O 107 Victoria Gold V 1605 Victory Nickel 62 Victory Res V 426 Victory Vent* O 147 Victory Vent V 769

0.04 0.03 0.04 + 0.00 0.08 0.01 0.02 0.02 0.02 + 0.00 0.04 0.01 0.23 0.21 0.23 - 0.00 0.32 0.18 0.29 0.27 0.28 - 0.01 0.42 0.25 0.24 0.22 0.23 - 0.01 0.43 0.15 0.19 0.15 0.18 + 0.01 0.26 0.14 0.15 0.13 0.15 + 0.01 0.18 0.11 0.07 0.07 0.07 - 0.00 0.09 0.02 0.09 0.08 0.08 - 0.01 0.13 0.02 0.21 0.18 0.21 + 0.01 0.49 0.12 0.27 0.23 0.25 - 0.02 0.64 0.15 0.02 0.01 0.01 - 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.37 0.31 0.34 - 0.01 0.60 0.22 27.44 22.79 22.98 - 0.70 41.83 15.72 0.15 0.15 0.15 + 0.02 0.57 0.11 0.02 0.01 0.02 + 0.01 0.03 0.01 0.86 0.80 0.82 - 0.02 1.19 0.55 0.69 0.63 0.66 - 0.02 0.91 0.41 0.03 0.02 0.03 + 0.00 0.08 0.01 0.12 0.11 0.11 - 0.01 0.30 0.11 1.74 1.60 1.61 - 0.08 1.92 0.81 2.20 0.00 1.00 - 0.20 3.00 0.85 1.62 1.43 1.48 - 0.10 4.00 0.97 0.70 0.50 0.68 + 0.15 0.55 0.20 0.50 0.42 0.49 - 0.00 0.88 0.27 0.63 0.52 0.60 - 0.03 0.99 0.52 0.76 0.70 0.72 - 0.03 2.74 0.60 0.01 0.01 0.01 + 0.00 0.02 0.00 9.69 9.04 9.67 + 0.65 11.70 4.86 9.07 8.53 9.05 + 0.56 11.10 4.13 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.03 0.03 - 0.01 0.09 0.03 0.10 0.09 0.10 - 0.00 0.13 0.02 0.12 0.11 0.12 + 0.01 0.18 0.04 0.11 0.00 0.09 - 0.02 0.22 0.03 0.09 0.08 0.09 + 0.01 0.15 0.05 0.08 0.07 0.08 - 0.01 0.30 0.07 17.72 16.57 17.39 + 0.58 17.72 9.23 0.30 0.27 0.30 + 0.04 0.34 0.16 0.30 0.26 0.26 - 0.04 0.35 0.06 0.23 0.21 0.21 - 0.02 0.26 0.08 0.15 0.12 0.12 - 0.01 0.18 0.11 1.05 0.86 0.86 - 0.09 1.77 0.20 0.12 0.08 0.09 - 0.01 0.20 0.02 0.01 0.00 0.01 + 0.00 0.02 0.00 0.53 0.51 0.52 - 0.01 0.77 0.42 0.05 0.04 0.04 - 0.01 0.09 0.02 0.02 0.01 0.02 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.19 0.02

Stock

Week

12-month

Exc Volume High Low Last Change High Low

Virginia Enrgy V 23 O 20 Virginia Enrgy* Viscount Mng V 169 25 Visible Gold M* O Vista Gold T 48 Vista Gold* X 822 O 56 Volcanic Gold* Volcanic Gold V 229 Voltaic Min V 351 Voyageur Min V 92

0.04 0.16 - 0.02 0.38 0.18 0.00 0.02 0.13 + 0.03 0.54 0.15 0.12 0.22 0.25 + 0.01 0.81 0.26 0.23 0.13 0.00 0.13 + 0.01 0.15 0.12 1.01 1.03 - 0.02 2.30 1.07 1.01 0.80 0.82 + 0.01 1.75 0.85 0.80 0.15 0.37 + 0.01 0.45 0.37 0.36 0.14 0.46 - 0.02 0.65 0.47 0.44 0.05 0.07 - 0.01 0.40 0.08 0.07 0.06 0.06 - 0.01 0.13 0.07 0.06

26 War Eagle Mg V Wealth Mnrls V 828 Wealth Mnrls* O 542 O 188 Wellgreen Plat* Wellgreen Plat T 202 T 1261 Wesdome Gold 276 V West Af Res 364 West High Yld V 527 V West Kirkland 10 West Kirkland * O 41 West Red Lake* O 505 West Red Lake X 583 Western Copper* T 210 Western Copper 10631 O Western Graphi* 19 Western Pac Rs* O 280 Western Pac Rs V T 125 Western Potash Western Res* O 21 Western Uran 87 Western Uran* O 59 O 56 Westhaven Vent* V 212 Westhaven Vent V 313 Westkam Gold V 87 Westminster Rs O 3 Westminster Rs* Westmoreland* D 1145 O 50 WestMountain* Westridge Res V 1262 White Energy* O 18 White Gold* O 38 White Gold V 111 301 White Mtn Engy* O O 57 Wincash Apolo* 351 Winston Gld Mg 291 Winston Gld Mg* O Wolfden Res* O 123 Wolfeye Res V 231 V 384 Wolverine Mnls X-Terra Res V 117 X-Terra Res* O 131 Xander Res V 400 Xiana Mng V 50 739 XLI Tech Inc* O V 77 Xtierra Xtra-Gold Res T 260 O 42 Xtra-Gold Res* Yamana Gold T 15271 64148 Yamana Gold* N V 11 Yellowhead Mng Zadar Vent V 313 Zenyatta Vent V 148 O 11 Zenyatta Vent* Zimtu Capital V 354 829 Zinc One Res V 514 Zinc One Res * O Zonte Mtls V 496

0.05 0.00 0.05 + 0.01 0.07 0.01 0.75 1.94 + 0.27 2.10 1.95 1.65 0.59 1.57 + 0.23 1.55 1.58 1.30 0.16 0.22 + 0.01 0.43 0.24 0.21 0.22 0.26 - 0.01 0.55 0.29 0.26 1.50 2.47 - 0.06 4.40 2.56 2.39 0.38 0.34 0.35 - 0.01 0.40 0.19 0.36 0.32 0.33 - 0.05 0.43 0.09 0.06 0.08 + 0.01 0.17 0.08 0.07 0.07 0.05 0.06 + 0.01 0.13 0.05 0.16 0.15 0.15 + 0.00 0.31 0.10 0.21 0.17 0.20 + 0.01 0.40 0.16 0.65 1.22 + 0.05 1.80 1.30 1.15 0.85 1.53 + 0.07 2.24 1.61 1.45 0.00 0.00 - 0.00 0.00 0.00 0.00 0.01 0.01 0.01 + 0.00 0.04 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 0.45 0.47 - 0.01 1.80 0.49 0.45 0.36 0.36 - 0.02 0.47 0.39 0.36 1.00 1.12 - 0.02 2.80 1.15 0.99 0.80 0.92 + 0.00 2.17 0.92 0.80 0.05 0.08 + 0.01 0.11 0.08 0.07 0.07 0.09 + 0.01 0.16 0.10 0.09 0.02 0.02 - 0.01 0.08 0.02 0.02 0.15 0.30 + 0.02 0.80 0.31 0.28 0.19 0.22 + 0.00 0.23 0.22 0.22 4.59 4.10 4.32 + 0.11 19.92 4.10 0.01 0.02 + 0.00 0.10 0.02 0.01 0.01 0.21 + 0.05 0.39 0.21 0.14 0.12 0.13 + 0.01 0.28 0.13 0.13 0.09 1.24 - 0.24 1.73 1.44 1.24 0.09 1.60 - 0.25 2.34 1.80 1.46 0.00 0.00 0.00 - 0.00 0.09 0.00 0.03 0.06 - 0.02 0.22 0.09 0.06 0.05 0.00 0.04 - 0.01 0.64 0.03 0.04 0.03 0.03 - 0.00 0.49 0.03 0.10 0.11 - 0.00 0.12 0.12 0.00 0.23 0.59 + 0.05 0.99 0.60 0.51 0.05 0.07 + 0.01 0.13 0.07 0.06 0.13 0.30 + 0.01 0.40 0.30 0.29 0.16 0.24 - 0.03 0.28 0.27 0.22 0.26 0.30 - 0.03 0.49 0.33 0.00 0.06 0.08 - 0.02 0.21 0.09 0.00 0.01 0.01 0.01 + 0.00 0.05 0.00 0.02 0.04 + 0.01 0.08 0.04 0.00 0.17 0.30 - 0.01 0.48 0.31 0.25 0.12 0.25 + 0.00 0.37 0.25 0.20 2.84 3.23 - 0.07 7.87 3.31 3.04 2.21 2.59 - 0.03 5.98 2.65 2.42 0.44 0.65 + 0.22 1.20 0.65 0.44 0.07 0.08 + 0.01 0.19 0.08 0.08 0.63 1.13 + 0.02 1.55 1.15 1.07 0.49 0.93 + 0.10 1.17 0.93 0.00 0.15 0.22 + 0.01 0.40 0.22 0.20 0.52 0.47 0.49 + 0.03 0.90 0.10 0.42 0.37 0.40 + 0.02 0.81 0.01 0.05 0.29 - 0.03 0.49 0.32 0.29

W-Z

U-V

BID-ASK — JULY 24–28, 2017 STOCK

EXC BID ASK LAST HIGH

37 Capital Acme Res Corp African Metals Aftermath Slvr Aida Minerals Alba Minerals Alderon Iron* Allante Potash Alliance Mng Altan Nev Mnls Alturas Mnrls Amanta Res Anconia Res Anglo Pac Grp APAC Res Inc Arch Coal* Arco Res Arcturus Vent Arian Res Ashanti Sanko Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Balto Res BE Res Bearclaw Cap Bethpage Cap Bison Gold Res Black Isle Res Bluenose Gold Boss Power Brigadier Gold Buffalo Coal Bullman Mnls Canada Coal Candelaria Mg Canex Energy Caracara Silvr Cascade Res Cassius Vents Catalina Gold Central Iron Cerro Grande Chieftain Mtls CIM Intl Grp Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Compass Gold Compliance Egy Cons Westview Copper Ck Gold Corazon Gold CWN M’g Acq Cyprium Mng Dawson Gold Desert Star Duncan Park H DV Resources EastCoal Inc Emerita Res Empire Rock European Metal EVI Global Grp Excalibur Res Fieldex Expl Finlay Minrls Finore Mng Fiore Explor Fire River Gol Firesteel Res First Cobalt First Idaho Freeport Res Full Metal Mnl Galantas Gold

20-22_Aug7_StockTables.indd 22

12-MONTH

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

0.20 0.50 0.20 0.25 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.09 0.12 0.12 0.16 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.07 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.02 0.02 0.02 0.03 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.03 0.03 0.02 0.08 2.00 2.40 2.00 2.02 0.04 0.06 0.06 0.14 ... ... 0.58 0.08 0.12 0.08 0.12 0.13 0.18 0.13 0.25 0.01 0.02 0.01 0.02 0.03 0.04 0.03 0.10 0.31 1.00 0.35 0.40 0.06 0.08 0.08 0.10 0.04 0.05 0.04 0.05 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.02 0.03 0.02 0.02 0.05 0.06 0.06 0.50 0.02 0.05 0.04 0.06 0.07 0.15 0.07 0.16 0.25 0.35 0.30 0.60 0.04 0.05 0.05 0.06 0.05 0.08 0.06 0.06 0.17 0.20 0.17 0.17 0.25 0.17 0.30 0.01 0.02 0.01 0.03 0.07 0.10 0.10 0.12 0.03 0.04 0.03 0.10 0.71 0.91 0.90 1.19 0.33 0.40 0.32 0.75 0.01 0.01 0.01 0.03 0.02 0.04 0.02 0.05 0.04 0.06 0.04 0.06 0.05 0.07 0.08 0.08 0.01 0.02 0.02 0.04 ... 0.02 0.01 0.08 ... ... 0.05 0.23 0.26 0.62 0.60 1.01 1.45 3.20 1.43 7.17 0.07 0.08 0.06 0.06 0.10 0.10 0.10 0.10 0.06 0.08 0.07 0.12 0.03 0.03 0.03 0.25 0.36 0.70 0.36 0.56 0.04 0.05 0.04 0.11 0.52 0.55 0.55 0.55 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.39 0.50 0.45 0.47 0.01 0.02 0.01 0.03 0.51 0.59 0.55 0.63 0.01 0.01 0.01 0.02 0.14 0.14 0.11 0.22 0.17 0.24 0.17 0.30 ... 0.01 0.01 0.02 0.04 0.04 0.12 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.65 0.05 0.06 0.07 0.09 0.12 0.12 0.11 0.50 0.39 0.41 0.40 0.76 0.03 0.07 0.09 0.75 0.05 0.05 0.05 0.12 0.75 0.76 0.76 0.92 0.05 0.25 0.05 0.14 0.04 0.05 0.04 0.09 0.08 0.10 0.08 0.13 0.09 0.10 0.09 0.18

LOW

STOCK

0.10

V GB Minerals GFM Res V Global Cobalt V Global Cop Grp V C God’s Lake Res Gold Ridge Exp V Goldbank Mng V V Goldbelt Emp Golden Harp V Golden Secret V Goldstream Mnl V V Granite Ck Gld Graniz Mondal V C Gravis Energy Greatbanks Res V Green Arrow V Green Valley M V Greywacke Expl C Hadley Mng C Highbury Proj V Highvista Gold V Indico Res V Inomin Mines V Intact Gold V Inter-Rock Mnl V Interconnect V Iron South Mng V Ironside Res V Jazz Res V JDF Explor Inc C Jiulian Res V Jubilee Gold V Karoo Expl V Kenna Res V Kitrinor Mtls V La Imperial C Lamelee Iron V Leeta Gold V Leo Res C Lions Bay Cap V Lions Gate Mtl C Lithion Energy V Lovitt Res V MAG Silver* X Mainstream Mnl V Match Capital V McChip Res V McLaren Res C Mega Copper V Metalo Manuf C Midnight Star C MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Minsud Res V Miramont Res C Moag Copper C Montana Gold C Montego Res C Morgan Res V Morro Bay V Mountain Lake C Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V Newmac Res V Nickel North V Niocan Inc V Noble Metal Gr V Nomad Ventures V Norsemont Cap C Nortec Mnls V North Am Ptash V North Am Tung V NQ Explor V

0.03 0.01 0.01 0.04 0.12 0.04 0.01 0.01 0.02 0.02 0.75 0.03 0.01 0.05 0.01 0.03 0.10 0.01 0.01 0.06 0.03 0.01 0.05 0.03 0.04 0.17 0.02 0.01 0.13 0.01 0.04 0.03 0.52 0.30 0.01 0.02 0.02 0.08 0.01 0.01 0.03 0.25 0.98 0.05 0.06 0.05 0.03 0.35 0.04 0.24 0.11 0.03 0.09 0.18 0.01 0.02 0.01 0.04 0.07 0.01 0.01 0.10 0.04 0.01 0.32 0.03 0.03 0.22 0.05 0.03 0.05 0.08

12-MONTH

EXC BID ASK LAST HIGH LOW

0.05 0.06 0.05 0.10 0.02 0.10 0.02 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.03 ... 0.03 0.03 0.03 0.07 0.04 0.50 0.14 0.16 0.14 0.15 0.02 0.03 0.03 0.06 0.09 0.14 0.09 0.24 0.22 0.25 0.23 0.69 0.06 0.09 0.06 0.17 0.04 0.05 0.04 0.08 0.02 0.03 0.02 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.04 0.05 0.04 0.05 0.15 0.20 0.20 0.27 0.03 0.18 0.05 0.06 0.95 0.98 0.95 1.08 0.25 ... 0.25 0.30 ... 0.16 0.17 0.01 0.02 0.02 0.04 0.05 0.06 0.06 0.10 0.02 0.03 0.02 0.12 0.23 0.27 0.23 0.34 0.06 0.09 0.06 0.09 0.24 0.27 0.24 0.28 0.11 0.13 0.13 0.14 0.07 0.13 0.07 0.25 0.01 ... 0.01 0.04 0.06 0.04 0.05 0.44 0.73 0.73 0.73 0.02 0.02 0.02 0.03 0.13 0.16 0.15 0.27 0.16 0.21 0.16 0.30 0.06 0.09 0.06 0.11 0.15 0.20 0.16 0.50 0.29 0.33 0.29 0.30 1.06 1.09 1.09 2.50 0.04 0.10 0.04 0.04 0.11 0.12 0.11 0.36 ... ... 0.10 0.18 0.04 0.10 0.04 0.17 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.01 0.04 0.04 0.04 0.47 0.65 0.50 0.60 0.06 0.08 0.08 0.14 0.16 0.25 0.16 0.30 0.40 0.69 0.31 1.00 0.17 0.22 0.17 0.19 0.05 0.07 0.05 0.11 0.04 0.06 0.04 0.13 0.04 0.09 0.04 0.05 ... ... 0.12 0.20 0.13 0.16 0.13 0.13 0.25 0.35 0.30 0.30 ... ... 0.08 0.09 0.10 0.10 0.10 0.13 0.25 0.25 1.60 0.01 0.02 0.01 0.07 0.11 0.15 0.15 0.25 ... 0.01 0.01 0.18 0.30 0.20 0.25 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.20 0.22 0.22 0.27 0.01 0.01 0.01 0.06 0.07 0.06 0.10 0.03 0.04 0.03 0.06 0.09 0.14 0.09 0.15 0.01 0.01 0.01 0.02 0.15 0.17 0.15 0.40 0.35 0.40 0.35 0.45 0.10 0.10 0.10 0.18 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.01 0.01 0.01 0.04

0.05 0.01 0.01 0.04 0.02 0.04 0.06 0.02 0.09 0.23 0.05 0.01 0.01 0.01 0.03 0.05 0.01 0.06 0.25 0.02 0.05 0.02 0.03 0.06 0.04 0.06 0.06 0.02 0.33 0.01 0.14 0.05 0.03 0.14 0.09 0.05 0.01 0.10 0.03 0.02 6.12 0.04 0.44 0.01 0.05 0.26 0.06 0.05 0.04 0.03 0.07 0.03 0.20 0.02 0.10 0.01 0.05 0.09 0.01 0.13 0.04 0.01 0.05 0.01 0.10 0.25 0.05 0.03 0.01 0.01

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

NSGold NSS Res Inc Orofino Mnrls Oronova Energy Oxford Res Pac Arc Res Pac Cascade Pac Potash Pac Topaz Paladin Energy Parlane Res Pele Mtn Res Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian ProAm Expl Q-Gold Res Quartz Mtn Res Quest Rare Mnl Rainmaker Res Rare Element* Ravencrest Res Razore Rock Res Red Moon Res Red Tiger Mng Redzone Res Remington Res Rhyolite Res Riley Resource River Wild Exp Rockex Mng Rockland Mnls Rockwell Diam Rojo Res Romulus Res RTG Mining Rubicon Mnrls* Samco Gold Scavo Res Serabi Gold SG Spirit Gold SGX Res SinoCoking Cl* Sniper Res SouthGobi Res Spada Gold Standard Graph Starr Peak Exp Stockport Expl Stone Ridge Ex Talmora Diamd Tearlach Res Teryl Res Corp Tesoro Mnrls Tiger Intl Tiller Res Tintina Mines Tolima Gold Tri-River Vent True Grit Res Trueclaim Expl UC Res United Coal Universal Vent Vanadium One Vatic Vent Vela Minerals WCB Res Westbay Vent Whistler Gold Winston Res Worldwide Res Zara Res Zena Mng Zinco Mng Zincore Mtls

V C V V V V V V V T V V V V V V V V V T V X C C V V V V V V C C V T V V T X V C T V V D V T V V V V C C V V V V V V V V V V V C V V V V V V V C V C V V V

0.10 0.11 0.10 0.20 0.06 0.19 0.06 0.21 0.06 0.08 0.06 0.17 0.36 0.40 0.40 0.46 0.02 0.03 0.03 0.12 0.18 0.15 0.16 0.01 0.02 0.01 0.02 0.03 0.04 0.03 0.06 0.15 0.19 0.14 0.28 0.05 0.05 0.05 0.20 0.13 0.15 0.14 0.33 0.02 0.02 0.02 0.40 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.15 0.03 0.03 0.03 0.06 0.03 0.04 0.03 0.08 0.06 0.06 0.06 0.12 0.10 0.11 0.11 0.30 0.05 0.06 0.05 0.17 0.11 0.16 0.15 0.89 0.05 0.10 0.05 0.09 0.02 0.14 0.15 0.18 0.04 0.05 0.04 0.07 0.02 0.03 0.03 0.10 0.14 0.19 0.14 0.32 0.11 0.13 0.11 0.18 0.18 0.47 0.21 0.30 0.13 0.16 0.14 0.20 0.02 0.25 0.02 0.03 0.04 0.04 0.04 0.15 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.12 0.39 0.45 0.45 0.68 0.15 0.23 0.19 0.20 0.15 0.17 0.15 0.67 ... ... 0.03 1.35 0.03 0.03 0.03 0.05 0.36 0.57 0.36 0.54 0.07 0.08 0.07 0.11 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 ... ... 4.64 7.69 0.01 0.01 0.01 0.07 0.23 0.35 0.25 0.65 0.21 0.38 0.38 0.38 0.18 0.18 0.17 0.20 0.12 0.18 0.12 0.17 0.02 0.03 0.02 0.06 0.06 ... 0.06 0.17 0.01 0.02 0.01 0.05 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.06 0.07 0.07 0.12 0.08 0.21 0.08 0.10 0.45 0.63 0.35 0.85 0.04 0.05 0.04 0.09 0.01 0.01 0.01 0.03 0.04 0.12 0.04 0.07 0.04 0.06 0.04 0.08 0.02 0.03 0.02 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.13 0.15 0.13 0.35 0.05 0.05 0.05 0.15 0.05 0.06 0.05 0.09 0.03 0.04 0.03 0.09 0.23 0.35 0.28 0.36 0.03 0.10 0.03 0.06 0.56 0.58 0.56 0.82 0.01 0.03 0.01 0.05 0.07 0.15 0.15 0.43 0.08 0.12 0.09 0.14 0.05 0.07 0.05 0.08 0.10 0.18 0.10 0.30

0.06 0.05 0.06 0.04 0.09 0.01 0.03 0.14 0.04 0.10 0.15 0.07 0.12 0.02 0.03 0.04 0.08 0.05 0.06 0.01 0.01 0.03 0.02 0.10 0.06 0.11 0.10 0.01 0.02 0.01 0.04 0.30 0.09 0.13 0.03 0.02 0.26 0.07 0.07 0.01 1.66 0.01 0.22 0.13 0.05 0.07 0.02 0.04 0.01 0.02 0.01 0.05 0.08 0.05 0.03 0.01 0.03 0.01 0.02 0.01 0.09 0.05 0.03 0.03 0.16 0.01 0.02 0.01 0.01 0.06 0.01 0.08

2017-08-01 8:43 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 7–20, 2017

World’s largest cobalt reserves TNM DATA MINER BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

sing the IntelligenceMine database of our sister company Infomine, The Northern Miner compiled a list of the world’s five largest cobalt deposits in 2016, based on reserves. 1. Mutanda, DRC Glencore’s (LON: GLEN) Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) topped the list, weighing in with proven and probable reserves of 245 million tonnes of 1.52% copper and 0.6% cobalt, for a total of 3.7 million tonnes copper and 1.5 million tonnes cobalt. The mine, which has operated since 2007, produces 200,000 tonnes copper and 24,000 tonnes cobalt a year. Glencore bought the other 31% interest in the operation from the private investing firm Fleurette Group in February for US$922 million. Mutanda is in the DRC portion of the central African copper belt, an arcuate-trending package of rocks known to contain some of the world’s largest sedimentaryhosted copper deposits. The deposits formed in the early Proterozoic, when metal-rich, oxidizing brines migrated and reacted with horizons in the region’s stratigraphy. 2. Tenke Fungurume, DRC China Molybdenum and BHR Partners’ Tenke Fungurume coppercobalt mine in the DRC ranks as the second-largest cobalt reserve in the world. The deposit contains 144.4 million proven and probable tonnes of 2.36% copper and 0.36% cobalt, for a total of 3.4 million tonnes copper and 521,260 tonnes cobalt. The operation, 40 km east of Glencore’s Mutanda copper-cobalt mine, produced 215,940 tonnes copper and 16,050 tonnes cobalt in 2016. International miners FreeportMcMoRan (NYSE: FCX) and Lundin Mining (TSX: LUN) recently sold their stakes in Tenke to Chinese firms. China Molybdenum bought

| DRC, Madagascar and Australia boast biggest deposits

a 56% stake in the operation from Freeport for US$2.65 billion last November, while Lundin sold its 24% interest to BHR Partners for US$1.14 billion in April. A Congolese state mining company owns the other 20% interest. 3. Mashamba East, DRC Katanga Mining’s (TSX: KAT) open-pit Mashamba East copper-coba lt mi ne, 80 k m west of Ten ke Fu ng u r u me, sta nds as the world’s third-largest cobalt reserve, with 32.1 million proven and probable tonnes of 2.13% copper and 0.6% cobalt, for 683,730 tonnes copper and 192,600 tonnes cobalt. The historic mine produced 9.8 million tonnes ore at 4.96% copper and 0.35% cobalt over its 13-year mine life, before closing in 1988 due to lack of funds. Mashamba East is a satellite deposit to Katanga’s larger Kamoto copper-cobalt operation, which it owns with its 25% joint-venture partner, the Congolese state mining company. Under the joint venture, Kamoto began commercial production in 2008 but stopped in 2015 so the company could build a processing plant while metal prices were low. The US$880-million upgrade included commissioning a new leach plant, which will replace the oxide concentration process. Katanga intends to restart the operation this September, and has already begun waste stripping at Mashamba East and another oxide open-pit resource called the KOV. Production is pegged at 300,000 tonnes copper and 22,000 tonnes cobalt a year. In February, Glencore raised its interest in Katanga from 75% to 86% for US$38 million. 4. Murrin Murrin, Western Australia Glencore’s Minara Resources is one of Australia’s top nickel and cobalt producers. The company’s Murrin Murrin nickel-cobalt mine in the northeastern goldfields of Western Australia produced 35,300 tonnes nickel and 2,800 tonnes cobalt last year.

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

A worker and equipment at Glencore’s Murrin Murrin nickel-cobalt mine in Western Australia. GLENCORE

Murrin Murrin is a laterite nickel deposit, which forms when nickel and cobalt collect in clays due to extensive weathering of olivine-rich ultramafic rocks at surface. The open-pit mine hosts the fourth-largest cobalt reserve on the planet, with 237.9 million proven and probable tonnes of 0.94% nickel and 0.06% cobalt, for a total 2.2 million tonnes nickel and 142,740 tonnes cobalt.

5. Ambatovy, Madagascar The Ambatovy laterite nickel-cobalt mine — 80 km east of Madagascar’s capital Antananarivo — is the fifth-largest cobalt reserve, with 186 million proven and probable tonnes of 0.85% nickel and 0.07% cobalt for 1.6 million tonnes nickel and 137,600 tonnes cobalt. The open-pit operation is jointly owned by Toronto-based Sherritt

International (TSX: S), which holds 40%. Sumitomo has 30% and Korea Resources has 27.5%. The US$5.3billion mine reached commercial production in 2014, and produced 75,033 tonnes nickel and 6,967 tonnes cobalt in 2016. In May, Sherritt struck a deal with its Korean partners to lower its stake in Ambatovy from 40% to 12%, in a bid to eliminate US$1.4 billion in debt. TNM

The processing plant at China Molybdenum and BHR Partners’ Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo. FREEPORT-MCMORAN

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