The Northern Miner August 8 2016 Issue 26 by The Northern Miner Group

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CANADA’S EAST COAST High gold grades and active juniors / 7–9

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GoldQuest’s Romero at ‘decision point’

Yukon Premier supports mines

SITE VISIT

| Cashed up junior to drill ‘low-hanging fruit’ in Dominican Republic

ROUNDUP |

YGS and MDRU gain insights into territory’s geology BY LESLEY STOKES lstokes@northernminer.com DAWSON CITY, YUKON

ining the quartz-gravel roads of Yukon’s Dawson City, the commercial hub of the legendary Klondike placer goldfields, are a number of derelict buildings that once gave refuge to the miners who risked it all in their pursuit for gold. The hardships they endured are stark in comparison to the challenges explorers face today, as companies probe deeper into the crust with scientific precision, always at the mercy of distant commodity markets. But at the core of every explorer is “unwavering tenacity,” Premier Darrell Pasloski said during a presentation at this year’s Yukon Mining Alliance investment conference in Dawson City, and mining has been “one of the Yukon’s greatest strengths for well over a century. “At the start of the gold rush in 1896, 10,000 people began the journey to reach Dawson’s gold-filled creeks, and those who stayed helped shape the Yukon as we know it today,” he said. “We are a territory that’s proud of our mining heritage, and we’re committed to creating a long-lasting future for this industry.” The Yukon experienced its second gold rush in 2008, after Underworld Resources — since acquired by Kinross Gold (TSX: K; NYSE: KGC) — found the Golden Saddle gold deposit, 95 km south of Dawson City. Golden Saddle was the first hard rock gold deposit found near the Klondike, other than the Lone Star

Talking geology at the GoldQuest Mining’s Romero gold-copper project in the Dominican Repubic, from left: president and CEO Julio Espaillat, country manager Felix Mercedes, senior field technician Franklin Nunes, senior project geologist Noverto Gonzalez and executive chairman Bill Fisher. PHOTO BY DAVID PERRI BY DAVID PERRI dperri@northernminer.com SAN JUAN, DOMINICAN REPUBLIC

he road to GoldQuest Mining’s (TSXV: GQC) exploration camp is rough to say the least. But president and CEO Julio Espaillat’s hands are steady on the wheel as he navigates the sharp turns, dips and rises.Clearlycomfortableinthisremote part of his native Dominican Republic, he waves and greets everyone he sees along the dirt road to the camp. Romero is 165 km northwest of the capital Santo Domingo, in the mountainous and fertile San Juan River valley, known for growing most of the nation’s bean crop. Relatively poor, the region is cut off from the Dominican Republic’s more developed areas and inland

See YUKON / 14

“PREFEASIBILITY IS THE MOST EXCITING AND SCARY TIME OF ANY PROJECT, BECAUSE YOU CAN’T HIDE.” BILL FISHER EXECUTIVE CHAIRMAN, GOLDQUEST MINING

from its world-class beaches. The camp is 35 km north of the provincial capital of San Juan de la Maguana, a city of 200,000 people. Paved roads cover most of the way to the project, but the final 16 km take well over an hour to pass. The border with Haiti is 40 km from Romero. Espaillat points out some of the farmers on muleback along the way are French-speaking migrants, while we, his passengers, tighten our grips to avoid bumping

our heads as we trundle over an upgraded mule path that takes us from 1,000 to 1,700 metres above sealevel — including a 650-metre climb over a 2 km stretch — before dipping down to 1,100 metres to arrive at camp. When GoldQuest first arrived here they took this road as far as they could and set up camp beside the 80-person village of Hondo See GOLDQUEST / 2

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GoldQuest’s Romero at ‘decision point’ GOLDQUEST From 1

Vallee in 2005. Traditional bootstrap geology led to the company’s first discovery in 2006, just 1 km from the camp: the outcropping Romero South gold deposit (formerly named Escandalosa). They wouldn’t know for another six years, but the explorers had set up camp right on top of the tail end of something significant: Romero proper, a much larger gold-copper deposit that is GoldQuest’s flagship asset today. With little in the way of surface showings, Romero was uncovered in 2012 after the company drilled 15 holes into induced-polarization (IP) chargeability high anomalies and pulled up the discovery hole just 700 metres from the camp. As far as discovery holes go, it left little doubt with a true width intercept of 231 metres grading 2.4 grams gold per tonne and 0.4% copper. Bill Fisher, GoldQuest’s executive chairman, speaks proudly of the deposit discovered shortly after he joined the company, as he leads analysts and journalists on a tour of the property. “Romero has delivered the best hole ever drilled in the Caribbean.” He’s referring to the third hole drilled after the discovery, which returned 235 metres of 4.7 grams gold and 1.4% copper. Fisher’s eyes light up when he talks about the Romero orebody, the core of which sits 150 metres below surface. “The middle of it is beautifully rich.” “We’ve really caught the trunk of the deposit,” Fisher says, noting that it has been drilled off to low grade in all directions — not zero. “How far do the branches go? We may be lucky. But the trunk is the key here — the gold-copper trunk.” The full deposit runs 1 km along strike, but its rich core, which contains half of the mineral wealth, spans 350 metres along strike length, 150 metres wide and 250 metres thick.

The tilled field to the left of the river is a potential portal location at the Romero gold-copper project. PHOTO BY DAVID PERRI

Romero is an epithermal volcanogenic massive sulphide deposit with mineralization associated with pyrite, chalcopyrite and sphalerite. It’s situated in the tectonic Tireo belt, which was formed by a series of volcanic flows in the Cretaceous period. In 2013, GoldQuest outlined a National Instrument 43-101 compliant resource estimate for Romero of 17.3 million indicated tonnes grading 2.55 grams gold per tonne and 0.7% copper, which adds up to 2.1 million equivalent oz. gold. Another 8.5 million inferred tonnes grade 1.59 grams gold and 0.4% copper for another 678,000 equivalent oz. gold. GoldQuest released a preliminary economic assessment (PEA) in July 2014, with an optimized study tabled in June 2015. That latest study, completed by JDS Energy & Mining, forms the basis for the upcoming Romero prefeasibility study. “This is the decision point,” Fisher says of the prefeasibility study’s rigorous nature. “Prefeasibility is the most exciting and scariest time of

GoldQuest Mining executive chairman Bill Fisher (left) points to a possible mill site at the Romero project in the Dominican Republic, as engineering manager Jean Pierre Leblanc (middle) and president and CEO Julio Espaillat, look on. PHOTO BY DAVID PERRI

GoldQuest Mining president and CEO Julio Espaillat navigates past a farmer on the road to the Romero copper-gold project in the Dominican Republic. PHOTO BY DAVID PERRI

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any project, because you can’t hide.” The junior had planned to table the study in May 2016, but that month it announced it had switched from Met-Chem to JDS to finish the job by September 2016. “We decided to revert to the simple JDS plan, as outlined in the JDS PEA, as opposed to a larger project, which is where the Met-Chem work was heading,” vice-president of exploration Jeremy Niemi explains. “We decided to give JDS the opportunity to complete their PEA concept, using much of the valuable work done by Met-Chem.” Niemi says the prefeasibility study will deliver a refined version of JDS’s PEA plan, which envisioned Romero as the Dominican Republic’s first underground mine. Preproduction costs were pegged at US$143 million, plus US$92 million in sustaining costs over a nine-year mine life, operating at a 2,500 tonnes per day to produce 117,000 equivalent oz. gold per year in a gold-copper concentrate. With all in sustaining costs of US$572 per equivalent oz. gold, the study judged that the project had a US$355-million pre-tax net present value (US$219 million after tax), with a pre-tax 46% internal rate of return (34% after tax). Niemi says that the firm will publish reserves in the coming prefeasibility study. “With this relatively compact, well-behaved mineralization style, we didn’t have to drill it like you would have to drill a narrow vein system,” he says. “The drill spacing is 35 metres, which gets you to an indicated resource.” “Last year we drilled only six holes — a total of 2,000 metres — and we converted all of the inferred material that was in our PEA to indicated, so that it could be contemplated as a reserve in the upcoming study.” Beyond Romero Romero sits in the Tireo belt, much of which is unexplored. “We’re big believers that this is a mineral belt, and we have about a 50 km strike length piece of that belt,” Niemi says. In the years since the Romero discovery, with the gold price oftentimes depressed and cash hard to come by, GoldQuest has kept exploring on its concessions, while stretching its cash as far as possible. In 2014 the company flew an airborne geophysical survey over the property, totalling more than 3,000 line km of helicopter-based magnetic and electromagnetic surveying. Then GoldQuest geologists moved on to low-cost “boots-onthe-ground” exploration, including detailed geological mapping of lithology, alteration and mineralogy on prospective areas that sit in magnetic lows. “We’ve mapped nearly 20 km of the strike length, moving south-

wards,” Niemi says. “I’d say more than a dozen drill targets have come out of that.” Once its geologists identified the most prospective areas, the company ordered a ground IP program to refine potential targets. With the market on an uptick this year, GoldQuest finds itself with more than $9 million in hand after a pair of spring financings. The firm has signed a contract with Energold Drilling (CVE: EGD) and is kicking off a campaign in August that will see 40 holes drilled to 250 metres depth (10,000 metres total) into the targets it has cultivated during the market lull.

over 5 metres. In September 2015, the neighbouring juniors put their heads together and signed a collaborative exploration and data-sharing agreement. In March 2016 Precipitate appointed Alistair Waddell to its board. Waddell is a GoldQuest founder who served as its president and CEO from 2007 to 2010. About 45 km west–northwest along strike from Romero is Unigold’s (TSXV: UGD) Neita gold project. In February 2015 it released an inferred resource estimate of 5.3 million tonnes grading 5.3 grams gold and 0.4% copper for 894,000 oz. and 41.1 million lb. copper.

“WE’RE GOING AFTER LOW-HANGING FRUIT, NEAR-SURFACE MINERALIZATION — NOT DEEP DRILLING — AND LOOKING TO PROVE THAT THIS IS IN FACT A MINERAL BELT, WITH MULTIPLE DEPOSITS.” JEREMY NIEMI VICE-PRESIDENT OF EXPLORATION, GOLDQUEST MINING

“We’re going after low-hanging fruit, near-surface mineralization — not deep drilling — and looking to prove that this is in fact a mineral belt with multiple deposits.” Niemi says the company is mostly chasing Romero-type deposits, but geologists have found quartz-barite material, with sulphide minerals that are 400 metres apart. The best sample contains 167 grams gold per tonne, more than 300 grams silver — the upper detection limit — 2.2% copper and 5.2% zinc. He suspects this could indicate a narrower target and a structural feature, and he anticipates finding more such occurrences. This sample is from the Loma el Cachimbo area, which Niemi says is one of the property’s best targets, with all the right ingredients to host a Romero-style deposit. “The targets are strong IP chargeability anomalies well over 1 km in length, and hundreds of metres wide,” Niemi says. “There is the potential for large volumes of mineralized rock. And high-grade gold in surface samples makes these particularly compelling.” Around Tireo GoldQuest is easily the biggest player in the Tireo belt, but it is not alone. After the Romero discovery in 2012, Precipitate Gold (CVE: PRG) arrived on the scene and has since amassed a land position that largely abuts GoldQuest’s to the southwest. In September 2014, Precipitate announced it hit a discovery hole at Ginger Ridge, 25 km south of Romero, near the Loma el Cachimbo area. The hole returned 18 metres grading 4.5 grams gold per tonne, including 13.4 grams

The road ahead There’s a lot of work for GoldQuest in the Tireo belt. The firm benefits from having an experienced team that’s done it all before in the Dominican Republic. President and CEO Espaillat served as vice-president of exploration at GlobeStar Mining, which developed the Cerro de Maimon copper-gold mine in the centre of the country. Executive chairman Fisher was CEO of GlobeStar, which was acquired by Perilya (ASX: PEM) in 2008 for $186 million. Moreover, in 2015 the company appointed Jean Pierre Leblanc as engineering manager. Leblanc was project manager during the construction and startup of Cerro de Maimon. One of Leblanc’s main tasks has to oversee the design and permit application for an upgraded access road to move heavy mining equipment in, and truckloads of copper concentrate out. GoldQuest expects to have a finished Romero prefeasibility study and fresh exploration drill results in time for conference season later this year. In June it hired Red Cloud Klondike Strike to help with investor relations. In terms of permitting at Romero, the company is working to complete its environmental-impact assessment, and expects to have a 25-year mining exploitation licence in hand soon. At press time GoldQuest shares traded for 66¢ apiece, within a 52week price range of 9¢ to 68¢. The firm has 213.6 million shares outstanding and a $141-million market capitalization. It counts mining mogul Rob McEwen and Warren Irwin’s Rousseau Asset Management as major shareholders. TNM

2016-08-02 7:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 8–14, 2016

Mark Wheeler (left), Treasury Metals’ director of projects, and Paul Dunbar, exploration manager, planning exploration at the Goliath gold project, 20 km east of Dryden in northwestern Ontario. TREASURY METALS

Treasury Metals to acquire Goldeye

ONTARIO GOLD

| Targets Weebigee project near two prolific mines

BY TRISH SAYWELL

tsaywell@northernminer.com

reasury Metals (TSX: TML) and Goldeye Explorations (TSXV: GGY) are planning to combine forces in an all-share deal that would give Treasury another significant gold project in northern Ontario. Treasury is already advancing its Goliath gold project, 20 km east of Dryden in northwestern Ontario, to a feasibility study, and forecasts that if a mine is built there, it could produce at least 80,000 oz. gold and 100,000 oz. silver annually over a 10-year mine life. The company’s plan at Goliath is to build an open-pit mine and 2,500-tonne-per-day processing facility, with underground operations developed in the latter years and funded by cash flow from the initial open-pit operation. Goldeye’s high-grade Weebigee gold project, also in northwestern Ontario, is near Sandy Lake in the heart of the Sandy Lake greenstone belt. The 60 sq. km property is 200 km west of Goldcorp’s (TSX: G; NYSE: GG) Musselwhite mine and 225 km north of Red Lake, one of the world’s most prolific gold camps. Robin Luke Webster, Goldeye’s president and CEO, declined to be interviewed until after a definitive agreement, but Marc Henderson, Treasury’s chairman of the board, said in an interview that the acquisition would give Treasury a second attractive asset in a safe mining jurisdiction. “There are early-stage indications that something interesting is going on in a greenstone belt that a lot of geologists feel excited about,” Henderson says. “It’s elephant country — it’s a greenstone exploration project that is well-known and advanced, as opposed to an absolute greenfield project where you start with just an idea.” Henderson notes that Weebigee would have been explored much sooner, but its proximity to the Sandy Lake First Nation’s traditional territory meant that to proceed Goldeye first had to reach an agreement with the First Nation. Goldeye signed such a comprehensive exploration agreement with the Sandy Lake First Nation in 2013. Then, in February and March 2 014 , G o l d e y e c o m p l e t e d a 2,200-metre shallow drill program at Weebgee, and flew a versatile time domain electromagnetic air-

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borne survey over the project in mid-2015. The project’s Knoll and RvGv zones were found by drilling beneath showings sampled in mid-2013. (Henderson says that “the guys at Sandy Lake First Nation are quite excited to see the development happen.”) What Goldeye knows so far about Weebigee is that the main Knoll zone is open in all directions and shows continous moderate to highgrade gold mineralization within a coherent alteration zone over a strike length of more than 100 metres and 100 metres deep. Highlights from drilling the Knoll zone included intercepts of 18.69 grams gold over 3.9 metres from 52 metres deep; 12.45 grams gold over 3.5 metres from 15 metres; 8.59 grams gold over 6.8 metres from 78 metres; 6.71 grams gold over 5.5 metres from 22 metres; and 6.76 grams gold over 7 metres from 21 metres. Drilling in the RvGv zone returned assays of 23.15 grams gold over 4 metres from a 43.6-metre depth and 9.35 grams gold over 4.5 metres from 49 metres. In the Bernadette zone, the company received intercepts of 70.23 grams gold over 1.2 metres starting from a 34-metre depth and 10.89 grams gold over 3.9 metres from 8 metres. Two other zones — Wavano and Tully — remain to be drilled tested. But channel sampling in 2013 at Wavano, which the company says is a similar setting to Knoll, returned a sample grading 17.7 grams gold. At Tully, historic sampling returned gold values, and 2013 geophysics located several IP anomalies next to regional iron formation that coincided with old trenching. Henderson notes that some geologists believe that the Sandy Lake greenstone belt is analogous to Red Lake, but that it’s still early days and more drill holes are needed. Weebigee is accessible by winter road from Red Lake and Pickle Lake, and the airport in Sandy Lake has daily passenger flights to Winnipeg, Sioux Lookout and Red Lake. The project is also 30 km from the Northwind Lake Dam, which powered the Berens River mine. At Treasury’s Goliath project, meanwhile, the company is pushing ahead with mine permitting, technical engineering studies, condemnation drilling and more exploration. Henderson expects to complete a feasibility study in the next six months.

Core racks at Treasury Metals’ Goliath gold project in Ontario. TREASURY METALS

“IT’S ELEPHANT COUNTRY — IT’S A GREENSTONE EXPLORATION PROJECT THAT IS REALLY WELLKNOWN AND ADVANCED.” MARC HENDERSON CHAIRMAN, TREASURY METALS

“The plan at Goliath is to get it permitted, get the feasibility study done and published, and then go and build it,” he says. “The completion of the feasibility study is no more than a six-month exercise from where we are now … we’re a little bit behind schedule on everything, mainly because we were pretty funding dependent, and until six months ago, the market wasn’t friendly or accommodating for funding junior gold development stories. Everything gets accelerated more quickly when funding is more fulsome. We’re in a climate now where that seems to be happening in the last six months.” In May, Treasury completed a previously announced brokered private placement for $3 million (6.26 million units at 48¢ per unit.) In addition, it sold on a non-brokered basis another 2.08 million units to a strategic financial advisor for additional proceeds of $1 million. The proceeds of the combined offering will be used to fund technical programs and mine permitting. Last month, Treasury closed a term loan for US$4.4 million with Extract Advisors LLC, a natural resources fund manager concentrated in the junior mining sector. Exploration this year will include field exploration and diamond drilling to explore high potential areas at Goliath, with the objective of adding gold ounces to the current resource estimate. The company has a three-year exploration permit from the Ministry of Northern Development and Mines that will support exploration and development activities through to April 2019. Goliath comprises two historic properties: the Thunder Lake property that Treasury bought from Teck Resources (TSX: TCK.B;

A core sample with eight visible gold blebs from Treasury Metals’ Goliath gold project. TREASURY METALS

NYSE: TCK) and Corona Gold Corp., and the Laramide property, transferred to Treasury from Laramide Resources (TSX: LAM; US-OTC: LMRXF) upon the company’s spin-out in 2008. Teck carried out most of the work at Goliath before 2008, beginning in 1990 with Teck’s first discovery hole and continuing through to the 250-metre underground drift and 2,400-tonne bulk sample in 1998, at which point the project was put on hold before being acquired by Laramide in 2007. (Teck and Corona completed a first resource estimate on the deposit in 1999.) A National Instrument 43-101 compliant resource estimate published in August 2015 outlined measured and indicated resources (for both open pit and underground) of 20.6 million tonnes grading 1.69 grams gold per tonne for 1.11 million contained oz. gold and 6.4 grams silver per tonne for 4.25 million contained oz. silver. Inferred resources add 3.5 million tonnes averaging 2.96 grams gold for 330,100 contained oz. gold and 8.3 grams silver for 928,000 contained oz. silver. If the takeover goes through, Goldeye shareholders will receive

0.10 of a share in Treasury Metals for each Goldeye share. The deal values Goldeye’s shares at 6.5¢ apiece, based on the company’s closing share price on July 8 of 4.5¢, which represents a 44.4% premium. The agreement would see Treasury issue a total 5.01 million shares. Under the proposal, announced on July 11, Treasury would also loan Goldeye $150,000 for interim working capital, and has could convert the loan into Goldeye shares at a deemed price of 5.5¢ per share. GPM Meta ls (TSXV: GPM) signed an option deal with Goldeye in April 2015 to earn an undivided 50.1% of the project, and also has the right to earn another 19.9% stake. But Henderson isn’t concerned about owning part of a joint venture. “They have a long way to go on the earn-in,” he says. “Even if we ended up in a minority position — 30% of something big is something big. “Assuming they complete the joint-venture, we’ll sit back and watch the next $4-million-plus of expenditure being spent, and have no funding obligations,” he continues. “If there’s a discovery, we’re obviously hopeful that it’s in the first $4 million.” TNM

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E D I T O R IA L

A fresh look at mining’s CSR success stories CSR

| Minding your Ps and Qs on your PDGs

dmittedly, our eyes tend to glaze over at the thought of reading a 74-page report on Corporate Social Responsibility (CSR) in mining, but a newly released one by the Columbia Center on Sustainable Investment, the UN Development Programme, the UN Sustainable Development Solutions Network BY JOHN CUMMING jcumming@northernminer.com and the World Economic Forum balances the characteristic vagueness of so many CSR reports with interesting case studies of mining’s CSR success stories. The report, entitled “Mapping mining to the sustainable development goals: an atlas” (though there’s no mapping and it isn’t actually an atlas), sets out to define mining’s relationship to the UN’s wider Sustainable Development Goals (SDGs) for 2015–2030, updating the ones that had been laid out in 2000. Large-scale mining is a global industry with 6,000 companies employing 2.5 million people, and the report’s authors recognize that, when managed appropriately, mining “can create jobs, spur innovation and bring investment and infrastructure at a game-changing scale over long time horizons.” If it is managed poorly, however, “mining can also lead to environmental degradation, displaced populations, inequality and increased conflict,” as well as gender-based violence, tax evasion and corruption, and increased risk of health challenges. The report is based on research and interviews with 60 global experts from industry, civil society, governments, academia, international organizations and financial institutions conducted in mid-2015, and there was public consultation in early 2016. The UN’s somewhat idiosyncratic list of 17 SDGs is: end poverty; zero hunger; good health and well-being; quality education; gender equality; clean water and sanitation; affordable and clean energy; decent work and economic growth; industry, innovation and infrastructure; reduced inequalities; sustainable cities and communities; responsible consumption and production; climate action; life below water; life on land; peace, justice and strong institutions; and partnerships for the goals. In short, the UN’s SDG approach may indeed be useful to a mining company looking for a globally standardized framework through which to review, organize and communicate its CSR activities. But it’s in the case studies where we see examples of mining companies taking innovative approaches to CSR challenges: • Since 2015, BHP Billiton has publicly released information on all the tax and royalty payments it makes to national and subnational governments on a project-by-project basis (US$7.3 billion last year), voluntarily going beyond the commitments it made under the Extractive Industries Transparency Initiative (EITI) by releasing information on payments in countries that are not part of the EITI. • In Burkina Faso, Canadian gold miner Semafo has helped 600 members of the Gnogondémé of Yona cooperative near its mine build and operate the village’s new shea butter production centre, in cooperation with TFO Canada (a non-profit export promoter), with some of the soap product marketed through Montreal-based start-up Karitex. • Teck Resources created its “Zinc and Health” program in 2014 to combat zinc deficiency in diets, including a $5-million partnership with UNICEF to provide zinc and oral rehydration salts to children in India, as a simple treatment for diarrhoea. In Canada, Teck runs a battery recycling campaign, where the company donates the amount of zinc it collects to UNICEF, and keeps batteries out of landfills. In Nebraska, Teck has helped restore bighorn sheep habitats by importing 41 sheep from around its reclaimed Luscar pit in Alberta, which now provides year-round habitat for bighorn sheep. • The Ebola outbreak in West Africa spurred ArcelorMittal personnel in Liberia to lead the creation of the Ebola Private Sector Mobilization Group, which included many London-based miners and grew to 400 people by December 2014, with companies coordinating their communication networks, equipment and expertise to respond to Ebola. The group estimates it gave away at least 50,000 litres of chlorine, 4 million latex gloves and 55 vehicles, and trained 50,000 employees. • For the last four years, Barrick Gold has partnered with NGO White Ribbon to prevent gender-based violence in the mining communities around its operations in Zambia, Nevada and Papua New Guinea. In Peru at its Pierina mine, Barrick helped local subsistence farmers adopt better farming techniques and animal husbandry, which quadrupled income and lowered the cases of childhood malnutrition. There are plenty more examples from firms such as Vale, Resolution Copper, Unigold, Thiess, New Gold, Newcrest, Codelco, De Beers and Rio Tinto, available by downloading the report at www.unsdsn.org. TNM

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Agnico Eagle Mines. . . . . . . . 16 Alexco Resource. . . . . . . . . . . 14 Anaconda Mining. . . . . . . . . 7,9 Atac Resources. . . . . . . . . . . . 14 Barrick Gold. . . . . . . . . . . . . . 16 Canadian Zinc. . . . . . . . . . . . . 9 Capstone Mining. . . . . . . . . . 14 Commander Resources . . . . . 8 Energold Drilling. . . . . . . . . . . 2 Globex Mining Enterprises. . . . . . . . . . . . . . . 9 Goldcorp. . . . . . . . . . . . . 3,14,16 Goldeye Explorations. . . . . . . 3 GoldQuest Mining . . . . . . . . . 1 GPM Metals. . . . . . . . . . . . . . . 3

Hadley Mining. . . . . . . . . . . . . 9 Independence Gold. . . . . . . . 14 JDS Energy & Mining. . . . . . . 2 Kinross Gold. . . . . . . . . . . . . 1,16 Klondike Gold. . . . . . . . . . . . 14 Laramide Resources . . . . . . . . 3 Maritime Resources. . . . . . . . . 7 Met-Chem. . . . . . . . . . . . . . . . . 2 New Millennium Iron. . . . . . . 9 Newmont Mining . . . . . . . . . 16 Precipitate Gold. . . . . . . . . . . . 2 Rambler Metals & Mining. . 8,9 Red Cloud Klondike Strike . . 2 Richmont Mines . . . . . . . . . . . 8 Rockhaven Resources. . . . . . 14

Rousseau Asset Management.2 Selwyn-Chihong Mining. . . 14 Strategic Metals . . . . . . . . . . . 14 Sunset Cove Mining . . . . . . . . 9 Teck Resources. . . . . . . . . . . . . 3 Treasury Metals. . . . . . . . . . . . 3 Trevali Mines. . . . . . . . . . . . . . 9 Unigold. . . . . . . . . . . . . . . . . . . 2 Victoria Gold. . . . . . . . . . . . . 14 Wellgreen Platinum. . . . . . . . 14 Western Copper and Gold. . 14 Winston Resources. . . . . . . . . 9 Yukon Zinc. . . . . . . . . . . . . . . 14 Zara Resources. . . . . . . . . . . . . 9

O P- E D

Gold is ‘back in style’ amid economic, political uncertainty, GFMS says FACTS ‘N’ FIGURES

| Chinese jewellery offtake plummets 31% year-on-year

The following is an edited commentary by Thomson Reuters as it releases its “GFMS Gold Survey: Q2 2016 Review and Outlook,” which is available for download at https:// forms.thomsonreuters.com/gfms/.

he first half of 2016 had seen a dramatic change in the rhythm and f lows of the gold industry, even long before Brexit. Encapsulating this, we estimate that for the second quarter in a row physical demand was down by more than a fifth year-on-year, to a seven-year low, with Asian offtake being exceptionally weak. Demand for gold exchange-traded funds (ETFs), in stark contrast, has set a new record half yearly total in the first six months of 2016 at 568 tonnes (18.3 million oz.), with interest centred on North America and London.

otherwise well informed of the retail price, were left guessing, as the price varied significantly from what was available in the media. Demand from rural areas stayed muted — a result of a poor monsoon in 2015. Higher gold prices in local terms also weighed on jewellery demand. The second-quarter average was up 10% year-on-year, and from the start of the year the price had surged 25%, to its highest since October 2013. World gold mine supply increased by less than 2 tonnes yea r-on-ye a r, tot a l l i ng 74 4 tonnes (23.9 million oz.) in the first quarter of 2016. We expect that mine supply will contract in the second quarter, with the total estimated at 770 tonnes — a 2% year-on-year decrease — with losses expected in China, Mexico and Mongolia. More broadly,

OUR VIEW IS THAT GLOBAL MINE SUPPLY OF GOLD IS SET TO BEGIN A MULTI-YEAR DOWNTREND IN 2016. We have rev ised our 2016 average gold price forecast to US$1,279 per oz. from US$1,184 per oz. forecast in April. The revision is a mark to market of the impressive gains that gold has posted so far this year, and reflecting the changed sentiment stemming from increased uncertainty from economic and political outlooks. These include Brexit, reduced expectations of a rate rise from the U.S. Federal reserve, a wobbly Italian banking sector and the U.S. presidential race. China’s total gold demand remained in free fall in the second quarter of 2016, declining across the board. Jewellery offtake, which has constituted over 60% of the country’s total physical demand in the past, fell 31% year-on-year. This represents the industry’s worst second-quarter performance since 2009. Economic pressures remain central to the weakness, as consumers have tightened purse strings and limited discretionary spending. The absence of positive price expectation has also been a factor, with investors looking elsewhere for capital growth. After three consecutive quarters of increases, gold demand from the retail investment segment (bars and coins) stalled in the second quarter of 2016, recording a 12% decline. Jewellery consumption in India declined by 56% year-on-year to 69 tonnes in the second quarter, making it the second consecutive quarter of hefty year-on-year declines. The second quarter, which is normally a period of seasonally strong demand, started with a weak sentiment, as a result of continued nationwide strike, which stocked negative publicity for the industry, leaving consumers divided on the purchasing decisions. More importantly, consumers, who are

there are relatively few projects and expansions expected to begin producing this year, and those in the near-term pipeline are fairly modest in scale, hence our view that global mine supply is set for a multi-year downtrend in 2016. Supply from scrap was up 9% year-on-year for the second quarter, aided both by the stronger dollar price and in many cases depreciating local currencies. The market is in a small surplus for the first half of the year, with the dramatic drop in physical demand largely offset by the stellar western demand for ETFs. The uptick in scrap supply ensured that total supply rose, despite a contraction in mine production, and ensured a surplus at the net balance. Investor sentiment towards gold had reb ou nde d i n t he first half of the year, triggered by concerns about the slowdow n i n emerg i ng ma rke t s and the impact on the global economy, as well as reduced ex pec tat ions of t he i nterest rate i ncrea se f rom t he Fed . T he Bre x it s ho c k a f t er t he U.K. referendum on June 23 had sent shock waves across g loba l ma rkets a nd spa rked demand for safe-haven gold. This translated into a rebound in interest from specu lative investors and impressive inf lows into gold ETFs. U.S. Commodity Futures Trading Commission data on managed money positions in gold futures and options shows that net long speculative positions surged to an all-time high at the beginning of July, while short positions stayed substantially below their previous highs. Demand for gold ETFs, meanwhile, has set a record total in the first six months of 2016, at 568 tonnes (18.3 million oz.), with interest centred on North America and London.

2016-08-02 7:05 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 8–14, 2016

Cobalt’s silver boom and the rise of mining media in Canada ODDS ‘N’ SODS

| Newspapers also born in the ‘cradle of Canada’s hard rock mining industry’

BY DR. DOUGLAS BALDWIN

Special to The Northern Miner

he early history of hard rock mining in Ontario is essentially the story of the discovery of silver in Cobalt in 1903. It wasn’t long before the Cobalt mines became the third-largest silver producer in the world, and by the time the boom petered out in the 1920s, the camp had become the fourth-largest silver producer ever discovered. Today, most Canadians know about the Klondike gold rush in the Yukon, but few realize that the stampede for silver in Cobalt only five years later surpassed the Klondike in terms of profits, production and long-term impact. Spreading out in all directions, prospectors discovered silver in Gowganda and Elk Lake, and gold in Kirkland Lake and Timmins. These discoveries encouraged exploration in northern Canada and beyond. For the next half century, nearly every major discovery in Canada — from Noranda to Eldorado to Elliott Lake — was due to the skills and financial resources acquired at Cobalt. In the process, the foundations were laid for establishing a mining industry in a part of the continent where mining had hitherto been almost unknown. Cobalt’s contributions to Canada’s engineering, milling, industrial, manufacturing and hydroelectric sectors explain why the camp is often described as “the cradle of Canada’s hard rock mining industry.” Also nearly forgotten in Cobalt’s success story, as with many other mining booms, is the role the media played in promoting mining. Although the Ontario Bureau of Mines was eager to promote mining in the region, most mining professionals believed there were no precious metals east of the Rocky Mountains, and provincial geologist Willet Green Miller, who had investigated the first discoveries in the fall of 1903, was initially unable to overcome this apathy. It wasn’t until Miller publicized rich silver nuggets lying on the surface in articles in the Toronto Globe, the Toronto Daily Star, New York’s Engineering and Mining Journal (E&MJ) and Ottawa’s Canadian Mining Review that people took notice of the area. In Michigan, for example, after Charles A. Foster read Miller’s article in the E&MJ, he rushed to Cobalt and discovered the Foster mine. The following year, positive reviews in such mining and geological journals as Chicago’s Mining World and Pennsylvania’s Journal of Economic Geology kick-started the rush to Cobalt. During the next development stage, the Toronto press hired correspondents to write weekly accounts of the silver boom, and before long there was a news bureau in Cobalt. Frank Mosure of the Toronto World was the first regular correspondent in the camp. The Financial Post commented weekly on the number of new shafts in Cobalt, and detailed the growth of mining machinery and silver production. When the Montreal Monetary Times devoted its July 20 issue to Cobalt, a record 12,000 copies were sold — more than 2,000 above the journal’s normal circulation. Every day, bragged the Cobalt Nugget, “the big New York papers are giving us columns of valuable space. Only the

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Arriving at the Cobalt Station, Ontario, in the early 20th century.

Home of The Northern Miner in Cobalt, Ontario.

other day the New York Telegraph had a special Cobalt edition, and week by week the mining papers in Denver and San Francisco display a knowledge of the situation here that is gratifying.” The Canadian Press Association, followed by the National Press Association of America, and the British Press Association toured the camp. These visitors enjoyed above and below-ground tours of the mines, were given samples of the rich silver ore, and later informed their readers of the area’s potential. The editor of the London Financier proclaimed that Cobalt was “the richest silver camp in the world, and alone worth a journey to Canada to see.” Another British journal, the Investors Guardian, predicted that Cobalt would become the greatest silver mining camp ever, and the Boston Financial News gushed that the camp’s “history reads like a romance. Its richness is beyond comprehension.” Thanks to these and other accounts, by 1909 Cobalt had become a household name in North America. The Cobalt Nugget On a more local level, the area’s newspapers helped promote northeastern Ontario and when the silver petered out, they expanded elsewhere in the province. The Cobalt Nugget started business in 1906 as a weekly out of North Bay. In April 1908, two employees of Haileybury’s semi-weekly Silver City News purchased the Nugget, moved it to Cobalt and promised to promote the interests of northern Ontario. When the Nugget added another typesetting machine for faster production, the first issue of the Cobalt Daily Nugget appeared in January 1909. Within a year its circulation increased to 5,000 a day, and the newspaper was mailed to “more countries than any other small-town paper,” including most American states, England, France, Germany, Norway, Sweden, Mexico, New Zealand and Australia. The paper’s editor noted that the Nugget “is so widely quoted by the big daily papers in the large cities that many of its items reach millions of readers. This kind of publicity is doing the north country a great deal of good, and the results are being seen in the constantly awakening interest in this north land.” By 1912 the Daily Nugget maintained an office in North Bay, followed the next year by regular re-

Prospectors in Cobalt, Ont., in 1904.

Today’s Cobalt Mining Museum was the original home of the Cobalt Daily Nugget.

ports from representatives in Cochrane, Elk Lake, Gowganda, Swastika and Porcupine. The Nugget viewed itself as the spokesperson for New Ontario. It’s “only creed,” the editor claimed, was the “development and advancement of Northern Ontario.” This included providing “a fair expression of the progress and development of this north county [for less fortunate people to the south],” the “encouragement of every industry that is for the good of the district,” and presenting a united front to the provincial government at Queen’s Park in Toronto. In conjunction with the Cobalt Board of Trade, the Nugget organized the Associated Boards of Trade of Temiskaming to represent the region before federal and provincial governments, and to attract commerce and industry to the region. Northern Ontario was the land of opportunity, the Nugget proclaimed, it had the “greatest” silver, gold and nickel deposits in the world; millions of acres of mineral land were still undiscovered; a fortune’s worth of timber and pulpwood awaited exploitation; 18 million acres of farmland were ready for settlements; plus an unsurpassed climate. It “presents possibilities undreamed of in the past history of mankind.” The Nugget’s masthead indicated the town’s real priority: each day it listed the value of a bar of silver and the total production of the northern mines. The Northern Miner British-born Ben Wallace Hughes, the editor of the Daily Nugget, traveled to North America in 1903, and worked on a railway survey gang in New Mexico before coming to Cobalt. Hughes soon made a name for himself as a mining reporter for the Nugget, and when it became a daily he assumed the editorship. When Hughes left the paper in 1914, Harry Browning, the managing editor, hired James McRae on a trial basis to write about what he knew best: mining. According to McRae, at that time he didn’t know how to type, but he “had intimate knowledge of men and mines,” and quickly became the papers’ mining editor. When the silver began to peter out following the First World War, the Nugget returned to North Bay in 1920 and was issued semiweekly from 1922 to 1941. In succession, the paper was owned by the Southam chain, the Hollinger empire,

and the Osprey Media Group led by Michael Sifton. The Northern News, “Cobalt’s New Paper — Cobalt’s Newspaper,” replaced the Nugget in 1922, before moving to Timmins. It now publishes three times a week. After leaving the Daily Nugget, Ben Hughes started his own weekly mining journal in Cobalt. With the assistance of printer Ernie Hand, he published the first issue of The Northern Miner in March 1915. When Hughes left the next year to prospect in Quebec, he hired Richard Pearce (1892–1972), a young reporter from the Toronto World, to edit The Northern Miner. Pearce, who had been turned down by the Canadian army in 1914, had moved to Cobalt as the World’s representative. After marrying a Cobalt woman, Pearce purchased The Northern Miner in 1916 from Hughes, who

had joined the Royal Canadian Engineers. (Hughes moved to Vancouver Island and bought the Comox Argus. Later, he founded the West Coast Advocate in Port Alberni, B.C.) At the end of the war, Pearce’s older brother, Norman, who had worked for the Toronto World and the Sunday World, moved to Cobalt as coowner and co-editor. In 1929 the Pearce brothers brought the Northern Miner to Toronto. In 1989, the paper was acquired by Southam Business, which later sold it to Conrad Black ’s Hollinger. The Miner is now owned by Vancouver-based Glacier Media, whose focus is the global energy, agriculture, mining and environmental service sectors. Cobalt was thus spawned by the print media and gave birth to journals in Toronto, Timmins, North Bay and British Columbia. —These stories, and more, are detailed in Dr. Douglas Baldwin’s newly published Cobalt: Canada’s forgotten silver boom town (Indigo Press, 2016) — a richly illustrated, full-length history of Cobalt that is the culmination of four decades of research. It’s a story of immense capital accumulation, labour strife, technological progress, new government policies and ventures, regional growth and the struggle for law and order. Profits from the sale of this book will go to the Historic Cobalt Legacy Fund, which was created in 2014 to preserve Cobalt’s history and cultural heritage. The fund supports such organizations as the Cobalt Mining Museum, the Classic Theatre and the Cobalt Heritage Silver Trails. The book can be ordered from Nicole Guertin, Presidents’ Suites, Haileybury (Nicole.guertin@gmail. com), or from the town of Cobalt at www.cobaltboomtown.com.

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2016-08-02 7:05 PM

WWW.NORTHERNMINER.COM

AUGUST 8–14, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JULY 25–29 The S&P/TSX Composite Index stayed relatively flat at 14,582.74. The benchmark index increased 3.7% in July, marking its best month since March. The S&P/TSX Capped Diversified Metals & Mining Index rose 8.9% to 688.92, while the S&P/TSX Global Mining Index climbed 4.1% to 67.51. The S&P/TSX Global Gold Index advanced 4.7% to 273.88, and the gold spot price increased 2.1% to US$1,350.40 per oz. gold. The September contract for crude oil tumbled 7% to US$40.06 per barrel. New Millennium Iron rose 57% to 11¢ per share after announcing that the Quebec government provided $175 million to Tata Steel Minerals Canada to support the development of the direct-shipping ore project (DSO), near Schefferville, Que. New Millennium holds a 6% interest in the DSO project. The investment includes a $50-million loan from Investissement Québec and a $125-million equity stake through the government’s Capital Mines Hydrocarbons fund. Earlier this year, New Millennium fought off a dissident shareholder group unhappy with the company’s management, which among other things, diluted the previous 20% interest in the DSO project to 6% by not funding Tata’s cash calls. Rubicon Minerals jumped 30% to 7¢ per share on 21.6 million shares traded. In a July 28 release, Rubicon said it “is not aware of

any material, undisclosed information that would account for recent trading activity.” The company owns the Phoenix gold project in Ontario, which underwent a significant resource reduction in January, after data revealed the deposit was more geologically complex than thought. The junior is assessing strategic alternatives. Golden Star Resources shares tumbled 22% to $1.03 on its second-quarter financials and financing news. The Ghana-focused gold producer reported adjusted earnings of US1¢ per share, compared to an adjusted loss of US7¢ per share a year ago. It is offering US$65 million in convertible senior notes due in 2021. It has signed exchange and purchase agreements with two holders of its 5% convertible senior unsecured debentures TSX MOST ACTIVE ISSUES

First Quantum Kinross Gold Teck Res B2Gold Yamana Gold Rubicon Mnrls Barrick Gold Goldcorp Potash Corp SK Gran Colombia

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM K TCK.B BTO YRI RMX ABX G POT GCM

34259 11.45 9.65 11.29 + 1.30 29673 6.84 6.18 6.75 + 0.18 26542 20.81 17.21 20.81 + 2.96 24657 4.15 3.53 4.09 + 0.40 24535 7.87 6.82 7.47 + 0.33 21619 0.09 0.05 0.07 + 0.02 20704 28.79 25.86 28.51 + 1.48 20397 25.03 23.11 23.33 - 0.76 19510 23.15 19.93 20.35 - 1.94 18623 0.15 0.13 0.13 - 0.02

due June 1, 2017, to exchange US$40 million of the outstanding convertible debentures for an equal principal amount of new notes. It is also raising US$30 million in equity, where it will offer 40 million shares for US75¢ apiece. It intends to use the proceeds from both offerings to strengthen its balance sheet and repay its debt. Agnico Eagle Mines added $5.32 to close at $75.98. The gold major reported an ad-

justed profit of US16¢ per share, above the US10¢ per share that analysts had expected. It earned an adjusted US9¢ per share a year ago. During the second quarter, Agnico delivered 408,932 oz. gold, at all-in sustaining costs on a by-product basis of US$848 per oz. gold. Agnico reduced its net debt by US$181 million to US$742 million. It increased its quarterly dividend by US2¢ to US10¢. TNM

TSX GREATEST PERCENTAGE CHANGE

New Milln Iron Verde Potash Rubicon Mnrls Ivanhoe Mines Orsu Metals Formation Mtls Contintl Prec Vista Gold Nautilus Mnrls Nthn Dynasty Golden Star Argex Titanium Namibia Rare E Candente Coppr Eco Oro Mnls Gran Colombia Taseko Mines TriMetals Mng Golden Queen Dynasty Met&Mn

NML NPK RMX IVN OSU FCO CZQ VGZ NUS NDM GSC RGX NRE DNT EOM GCM TKO TMI GQM DMM

6197 76 21619 6672 564 1021 14 640 751 3724 4447 1451 54 1007 183 18623 620 622 1031 627

0.18 0.39 0.09 1.45 0.03 0.61 0.33 2.30 0.16 0.71 1.21 0.10 0.09 0.17 0.36 0.15 0.88 0.34 1.39 0.19

0.07 0.28 0.05 1.10 0.00 0.46 0.00 1.60 0.13 0.56 0.99 0.06 0.09 0.14 0.31 0.13 0.72 0.26 1.17 0.16

0.11 0.37 0.07 1.43 0.03 0.61 0.33 2.10 0.16 0.70 1.03 0.08 0.09 0.14 0.32 0.13 0.72 0.30 1.21 0.17

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agnico Eagle Franco-Nevada Endeavour Mng Teck Res Detour Gold Teck Res First Majestic Silver Wheaton Richmont Mines Torex Gold Agrium Potash Corp SK Cameco Corp Suncor Energy Goldcorp Eldorado Gold Orocobre Golden Star Prophecy Coal Golden Queen

57.1 37.0 30.0 26.5 25.0 24.5 20.4 20.0 19.2 18.6 22.0 21.1 19.0 17.6 15.8 13.3 12.2 11.8 11.7 10.8

VOLUME WEEK (000s) CLOSE CHANGE

AEM FNV EDV TCK.B DGC TCK.A FR SLW RIC TXG AGU POT CCO SU G ELD ORL GSC PCY GQM

3258 75.98 1736 100.67 1471 25.37 26542 20.81 5382 34.14 24 20.65 6988 22.64 8030 36.45 1322 14.53 2321 27.08 1163 118.50 19510 20.35 8178 12.48 12852 35.14 20397 23.33 18491 5.35 527 4.09 4447 1.03 7 4.19 1031 1.21

+ 5.32 + 3.63 + 3.15 + 2.96 + 2.90 + 2.57 + 2.15 + 2.06 + 1.70 + 1.63 - 2.97 - 1.94 - 1.12 - 0.86 - 0.76 - 0.33 - 0.31 - 0.29 - 0.18 - 0.16

TSX VENTURE EXCHANGE / JULY 25–29 The S&P/TSX Venture Composite Index jumped 26.2 points, or 3.4%, to a 796.17-point close, while spot gold prices gained US$28.55, or 2.2%, to US$1,351.28 per oz. gold. Comex copper edged down 0.9% to US$2.22 per lb. Shares of Eurasian Minerals rose 40¢, or 38%, to $1.45, after the company reported that private company IG Copper was granted government approval to advance its Malmyzh copper-gold porphyry project, 220 km northeast of the city of Khabarovsk, Russia. Eurasian is IG Copper’s largest shareholder, accounting for 42% of the company’s shares. The approval marks the completion of a review process required for “strategically significant” deposits, according to Russian law. IGC and 49% joint-venture partner Freeport-McMoRan both retain control of the project’s exploration and mining licences, and can advance the project towards development. The property’s deposits, prospects and targets occur within a 16 by 5 km intrusive corridor underneath a veneer of soil. Four of the 14 known porphyry targets have open-pit inferred resources of 1.7 billion tonnes of 0.34% copper and 0.17 grams gold per tonne, for 12.5 billion lb. copper and 9.1 million oz. gold, assuming 0.3% copper eq. cut-off. Lithium and graphite explorer Noram Ventures saw 16.8 million shares traded before

they closed up 4¢ to 12¢ per share, on news of assay results from surface and subsurface samples at its Clayton Valley lithium project in Nevada. The phase-two sampling results at its Zeus prospect, 2 km from Albemarle’s Silver Peak lithium brine mine, increased average assays in 71 samples to 0.08%, with a range of 0.002% and a high of 0.17% lithium. The vertical chip samples were taken over a 1.2 km long and 800-metre wide area, and range from 0.6 to 3 metres. On a contiguous claim to Zeus, clay samples taken from borehole spoil piles at the company’s Hades prospect, 5 km south of Silver Peak, returned lithium values up to 0.1% lithium. The company also announced plans to grant 1.25 million shares to certain directors and officers, with an exercise price of 7¢ per share, valid until TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Noram Vent NRM 16793 9941 Cascadero Copp CCD Nrthn Iron NFE 9909 First Mg Fin FF 9108 Canamex Res CSQ 8540 Gldn Dwn Mnrls GOM 7668 7594 Scientific Mts STM Metanor Res MTO 7321 Pure Energy PE 6420 Macarthur Mnl MMS 6403

0.13 0.17 0.06 1.19 0.05 0.44 0.10 0.10 0.97 0.08

0.08 0.07 0.02 1.01 0.04 0.36 0.08 0.08 0.77 0.06

0.12 + 0.15 + 0.05 + 1.18 + 0.04 - 0.37 - 0.09 - 0.10 + 0.86 + 0.07 unch

0.04 0.08 0.03 0.11 0.01 0.04 0.01 0.02 0.11 0.00

July 2018. Shares of West African explorer Sarama Resources jumped 28¢, or 120%, to 55¢. On July 19, the junior provided drilling results at its Karankasso joint-venture gold project in Burkina Faso with 70% partner Savary Gold. The project is situated 60 km south of Endeavour Mining’s Houndé development project and 130 km southwest from Semafo’s

Mana gold mine. The partners drilled 6,500 metres within 43 holes during the second quarter this year, with intercepts returning 11.6 metres of 1.34 grams gold at its S-Nosa zone. The Karangosso zone returned 13 metres of 3.82 grams gold from 270.1 metres deep, and 28 metres of 1.73 grams gold from 140 metres deep. The program extended mineralization on the property along strike and to depth. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Inform Res Lions Bay Cap Xiana Mng Nrthn Iron Sarama Res Cascadero Copp Bandera Gold EastCoal Inc Zincore Mtls Arcturus Vents Westridge Res Kermode Res Cerro Mng Barksdale Cap Baroyeca Go&Si Noble Metal Gr Brunswick Res Signal Expl Plate Res Prism Res

IRR LBI.H XIA NFE SWA CCD BGL ECX.H ZNC.H AZN.H WST.H KLM CRX.H BRO.H BGS NMG BRU SNL.H PLR PRS

97 342 151 9909 2994 9941 176 29 29 159 64 1633 60 11 203 33 41 120 691 16

0.04 0.04 0.13 0.06 0.55 0.17 0.01 0.01 0.05 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.04 0.17 0.06 0.20

0.00 0.02 0.00 0.02 0.23 0.07 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.02 0.09 0.04 0.00

0.40 0.04 0.13 0.05 0.50 0.15 0.01 0.01 0.25 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.09 0.04 0.10

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 900.0 + 700.0 + 257.1 + 125.0 + 120.0 + 107.1 + 100.0 + 100.0 + 100.0 + 100.0 - 66.7 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 43.8 - 41.7 - 41.2

VOLUME WEEK (000s) CLOSE CHANGE

Atacama Pac Gd Eurasian Mnls Inform Res Mirasol Res Golden Arrow Dolly Vard Sil Sarama Res Brazil Res Comet Inds Till Capital Abitibi Royalt Tudor Gold Cava Res Mason Graphite Gold Std Vents Goldex Res Delrand Res Archon Mineral Mariana Res MacMillan Mnls

ATM EMX IRR MRZ GRG DV SWA BRI CMU TIL RZZ TUD CVA LLG GSV GDX DRN.H ACS MRA MMX

1201 350 97 403 6359 1938 2994 2028 10 3 107 42 107 818 1807 77 6 20 751 169

0.88 1.45 0.40 2.93 1.23 0.91 0.50 2.88 2.00 4.21 7.82 1.69 0.45 1.04 1.95 0.60 0.55 1.75 0.90 1.05

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

0.43 0.40 0.36 0.34 0.32 0.30 0.27 0.26 0.25 0.21 0.81 0.25 0.15 0.13 0.12 0.10 0.10 0.10 0.10 0.10

U.S. MARKETS / JULY 25–29 U.S. markets ended lower during the last week of July. The Dow Jones Industrial Average shed 0.8% to finish at 18,432.24 and the S&P 500 Index slipped 0.07% to 2,173.60. Spot gold climbed US$28.30 per oz. to US$1,350.40, and the Philadelphia Gold & Silver Index advanced 6.79% to 110.78. Shares of Teck Resources were up US$2.35 to US$15.93. The company’s profit attributable to shareholders in the second quarter reached $15 million, or 3¢ per share, compared with $63 million, or 11¢ per share in the yearearlier quarter. Adjusted profit attributable to shareholders was $3 million, or 1¢ per share, compared with $79 million, or 14¢ per share in 2015. President and CEO Donald Lindsay said “we are starting to see some positive changes in the direction of zinc and steelmaking coal prices,” adding that management is “pleased with the performance of our operations, which have continued to reduce costs while maintaining production volumes,” and that, through recent transactions, “we now have no substantial bond maturities for five years.” Consol Energy, one of the largest independent natural gas companies in the U.S., said it would employ a two-rig program in

6_Aug 8_MarketNews.indd 6

the second half of 2016 “since expected rates of return nicely exceed our cost of capital, while supporting our free cash flow plan and liquidity goals.” (The company stopped drilling new wells last year.) Consol also reported second-quarter results, saying it had driven down E&P unit costs by 18% — compared to the previous year’s quarter — generated US$46 million in organic free cash flow from continuing operations, paid down US$390 million in debt and increased estimated ultimate recoveries in its Marcellus Shale Green Hill field to 3 to 3.5 billion cubic feet equivalent. Consol reported an adjusted net U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 206235 13.59 11.25 12.96 + 0.29 Vale* VALE 162803 5.86 5.18 5.75 + 0.44 United States S* X 104686 27.64 20.86 27.49 + 6.33 Barrick Gold* ABX 85990 22.10 19.53 21.86 + 1.31 Alcoa* AA 77608 10.97 10.40 10.62 + 0.05 Potash Corp SK* POT 77370 17.56 15.21 15.60 - 1.37 Kinross Gold* KGC 71721 5.25 4.68 5.17 + 0.17 Yamana Gold* AUY 70725 5.98 5.15 5.71 + 0.28 IAMGOLD* IAG 66609 5.25 4.39 5.17 + 0.55 Goldcorp* GG 56460 19.00 17.52 17.88 - 0.43

loss from continuing operations of US$49 million, or US21¢ per diluted share. Adjusted EBITDA from continuing operations was US$136 million, compared to $138 million in the year-earlier quarter. The company’s shares rose US$2.34 to US$19.38.

Cloud Peak Energy, one of the largest U.S. coal producers, jumped 33.2% to US$3.41 per share. Colin Marshall, Cloud Peak’s president and CEO, said that “increasing natural gas prices and a warm summer are improving the outlook towards the coal industry.” TNM

U.S. GREATEST PERCENTAGE CHANGE

Cloud Peak En* United States S* Teck Res* Buenaventura* Natural Res Pt* Stillwater Mg* Coeur Mng* McEwen Mng* CONSOL Energy* DRDGOLD* Mechel* Potash Corp SK* Cameco Corp* Eldorado Gold* Mosaic* Vedanta* NACCO Ind* Chevron* Goldcorp* Agrium*

CLD X TCK BVN NRP SWC CDE MUX CNX DRD MTL POT CCJ EGO MOS VEDL NC CVX GG AGU

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

12694 3.65 104686 27.64 46821 15.97 6660 14.72 355 25.00 11880 15.78 35035 15.49 19940 4.50 29261 19.62 3685 8.49 815 1.74 77370 17.56 19060 10.68 27730 4.39 26895 29.69 1348 10.20 53 59.67 37633 105.11 56460 19.00 2246 93.59

2.42 3.41 20.86 27.49 13.01 15.93 12.02 14.65 20.14 24.38 12.70 15.30 12.46 15.32 3.58 4.44 16.78 19.38 6.90 8.30 1.46 1.46 15.21 15.60 9.38 9.56 4.00 4.09 26.63 27.00 9.57 9.72 56.18 56.27 99.85 102.48 17.52 17.88 90.12 90.76

+ 33.2 + 29.9 + 17.3 + 15.3 + 14.9 + 14.2 + 14.2 + 13.8 + 13.7 + 13.1 - 14.6 - 8.1 - 7.6 - 5.3 - 4.5 - 3.7 - 3.4 - 3.0 - 2.3 - 1.8

U.S. GREATEST VALUE CHANGE

United States S* X Agnico Eagle* AEM MartinMarietta* MLM Franco-Nevada* FNV Natural Res Pt* NRP Newmont Mng* NEM Teck Res* TCK CONSOL Energy* CNX Buenaventura* BVN Stillwater Mg* SWC Chevron* CVX NACCO Ind* NC Agrium* AGU Potash Corp SK* POT Mosaic* MOS Cameco Corp* CCJ Suncor Energy* SU Goldcorp* GG Vedanta* VEDL Southern Copp* SCCO

VOLUME WEEK (000s) CLOSE CHANGE

104686 27.49 11048 58.14 2568 202.65 2551 77.03 355 24.38 36258 44.00 46821 15.93 29261 19.38 6660 14.65 11880 15.30 37633 102.48 53 56.27 2246 90.76 77370 15.60 26895 27.00 19060 9.56 19104 26.91 56460 17.88 1348 9.72 6736 25.99

+ 6.33 + 4.41 + 4.40 + 3.25 + 3.17 + 2.73 + 2.35 + 2.34 + 1.94 + 1.90 - 3.18 - 1.99 - 1.63 - 1.37 - 1.28 - 0.79 - 0.47 - 0.43 - 0.37 - 0.27

2016-08-02 6:52 PM

SPECIAL FOCUS

CANADA’S EAST COAST The Hopewell Rocks in New Brunswick. PHOTO BY KAREN MASSIER

Anaconda touts high-grade upside at Pine Cove NEWFOUNDLAND

Maritime offers streaming royalty to investors

| Growing Atlantic Canada’s only pure-play gold producer

EAST COAST GOLD

| Junior aims to reopen Hammerdown mine BY SALMA TARIKH starikh@northernminer.com

has been done … soil sampling in Newfoundland is a very good way of uncovering deposits, and if we’ve got 5.6 km of soil anomalies, there is a good chance we can find a much larger system — a much larger deposit.” Viking’s historic resource measures 937,000 tonnes grading 2.09 grams gold per tonne for 63,000 oz. gold in the indicated category, and 350,000 tonnes grading 1.79 grams gold for 20,000 oz. in inferred. The

aritime Resources (TSXV: MAE) has gotten inventive with its financings to help advance its 100%-held Green Bay gold property in Newfoundland and Labrador. The junior has offered a streaming royalty as part of its equity raises, where investors will receive their investment back once production starts. “We came up with the idea, let’s say mid-2015, as an incentive to our shareholders that are participating in the funding that is going to get us up and going. It was tough to raise money. So it was a creative way to incentivize the new coming shareholders to invest in the company,” Maritime’s president and CEO Douglas Fulcher says. Maritime first implemented the idea in a non-brokered private placement last November. It closed part of that financing this February, and offered the royalty again in a financing in April. In total, it raised $985,500 in those two equity raises. While investor sentiment has improved with the higher commodity prices this year, Maritime has

See ANACONDA / 8

See MARITIME / 8

Material flies off a conveyor at Anaconda Mining’s Pine Cove gold mine Newfoundland. ANACONDA MINING

BY TRISH SAYWELL tsaywell@northernminer.com

naconda Mining (TSX: ANX) counts itself as the only pure-play gold producer in Atlantic Canada, and has increased its property control in the region about eighteenfold since 2012. Its Pine Cove open-pit mine and mill — part of the company’s flagship Point Rousse project on Newfoundland’s Baie Verte peninsula — turned out 15,821 oz. in fiscal 2015 and 16,080 oz. gold in fiscal 2016. (The company’s fiscal year runs from June 1 to May 31.) The 63 sq. km Point Rousse property also hosts the Stog’er Tight deposit, about 3.5 km from the Pine Cove mill with grades approximately double current production grades, and Argyle, a prospect Anaconda discovered northeast of Stog’er Tight, about 5.5 km from the mill. (Argyle is the first discovery in the area in the last 30 years, Anaconda says.) In addition, Point Rousse has a third prospective area called Goldenville, an untested gold belt just kilometres north of the mill that has high-grade potential and an 8 km long horizon. Anaconda says Goldenville has a similar rock type to the Nugget Pond mine, which was mined in the late 1990s, and produced 166,000 oz. gold at grades of 11 grams gold. “Goldenville is the same type of rocks and the same type of setting, so we’ll drill that area hoping to find those types of grades,” President and CEO Dustin Angelo says. “We believe Goldenville is an analogue to Nugget Pond.” This year, the company has expanded its footprint in the province 100 km southwest of Pine Cove

1 2 3 4 5 7 8 9 14 16_Aug 8_Main .indd 7

in Newfoundland’s White Bay. Through option deals with Spruce Ridge Resources Ltd., Anaconda plans to acquire 100% of the Viking and Kramer properties. The Viking and Kramer properties combined encompass 40.3 sq. km and add to the 22 sq. km contiguous to Viking and Kramer that the company staked in January. Angelo believes that the ounces of gold Anaconda amasses in White Bay — including what can be confirmed from the historic resource contained in Viking’s

Thor deposit — can be processed at the company’s mill, and foresees a day that it will run two large goldmining operations in the province. “We’re pretty excited about the Viking project — it’s an area that could be one of the biggest growth areas for us,” Angelo says. “We say that because there is basically a large zone of anomalous rock in soil samples that cover 5.6 km in strike length, so it’s a pretty large anomalous system, and the Thor deposit, which sits in the middle of it, is where most of the drilling

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2016-08-02 6:51 PM

AUGUST 8–14, 2016 / THE NORTHERN MINER

CANADA’S EAST COAST

WWW.NORTHERNMINER.COM

Maritime offers streaming royalty to investors MARITIME From 7

continued to sweeten its financings. On July 20, the Vancouver-based junior closed a $2.5-million, nonbrokered private placement, where it issued 16.5 million equity units at 14¢ per unit and 16.5 million royalty units at 1¢ per unit. Each investor will receive one share and a half warrant under the equity unit, where each full warrant would help the holder buy one share at 20¢ for 36 months. Each investor will also get a transferable royalty deed, where Maritime would return 100% of their investment once commercial production starts in either cash or gold, at the company’s option. “It’s a creative way to create a bonus for the shareholders. The real idea behind it is they get paid out of production,” Fulcher says. “It’s not an ongoing royalty. It’s a royalty that’s based on their investment, and it comes out of 10% of net cash flow.” Maritime will make the royalty payments annually, starting on the first anniversary of when commercial production begins. It will terminate the royalty payments once it repays 100% of the total offering, plus the sum of its previous two financings. The funds will help bring the past-producing underground gold mine on the Green Bay property back into production. The 51.7 sq. km property consists of the former Hammerdown mine, including the Rumbullion and Muddy Shag zones in the north. It contains the Orion gold deposit, located 1.5 km south, and the Lochinvar base-precious metals deposit, located 1 km east of Hammerdown. The property is 14 km northwest from Springdale, the economic and business centre of the Green Bay area, and has direct access to Highway 391 via a 4 km logging road. Richmont Mines (TSX: RIC;

NYSE-MKT: RIC) operated the Hammerdown mine between 2000 and 2004. It recovered 143,000 oz. gold from 291,400 tonnes grading 15.83 grams gold per tonne. It processed the Hammerdown ore at the Nugget Pond mill, now owned by Rambler Metals & Mining (TSXV: RAB). Gold recoveries averaged 97%. However, due to the low gold prices, averaging US$325 per oz., Richmont shuttered the operation. Previous owner Commander Resources (TSXV: CMD) resumed responsibility of the Green Bay property in 2005 and continued exploration work. By 2010, Maritime, then BMB Capital Corp., a capital pool company, agreed to acquire the property. Through the acquisition, Commander received 17 million shares, of which it currently holds 8.4 million. Maritime has an option to buy most of those shares back over the next year, Fulcher notes. Commander also holds a 2% net smelter return royalty, and Maritime could buy back half for $1 million until commercial production starts. Since acquiring the property, Maritime has focused its exploration on the Hammerdown deposit, which contains a series of stacked gold vein zones. There are nine goldbearing veins with enough grade and continuity to be included in a reserve estimate. In May 2013, Maritime published resource estimates for the Hammerdown and Orion gold deposits. Using a 3 gram gold cut-off grade, Hammerdown hosts 271,000 oz. in measured and indicated (727,500 tonnes at 11.59 grams gold), plus 436,000 oz. in inferred (1.8 million tonnes at 7.68 grams). The lower grade Orion deposit has 157,000 oz. in measured and indicated (1.1 million tonnes at 4.47 grams gold), plus 225,100 oz. in inferred (1.3 million tonnes at 5.44

On an outcropping vein near the historic Hammerdown project at Maritime Resources’ Green Bay gold property in Newfoundland, from left: COO Andrew Pooler, vice-president of exploration Bernie Kahlert and project manager Kevin Milledge. MARITIME RESOURCES

grams), at the same cut-off grade. To outline the mining potential at Hammerdown, the junior recently hired engineering firm WSP Canada to complete a prefeasibility study (PFS). Hammerdown contains underground workings, as opposed to Orion, making it cost-efficient to mine. The underground workings “are fairly simple to access in that we just take a plug out, open the portal, get a permit to dewater, and we would have access to that (4-by-4-metre) decline that goes to the bottom of the workings,” Fulcher reveals. That said, he adds Maritime might take a bulk sample at Orion from surface as additional mill feed. It aims to publish the PFS in the fourth quarter. “I’m going to say with luck and a big stick, maybe we can get it out in October,” Fulcher estimates. Meanwhile, Maritime intends to permit Hammerdown as an under600-tonne-a-day operation, under the province’s small-scale operations regulation.

It is applying for a dewatering permit as well as completing an environmental assessment application. Fulcher expects to complete the application this year, noting the company wouldn’t dewater until first-half 2017. While Maritime doesn’t know what it would cost to get Hammerdown back into production until the PFS is out, Fulcher says the company’s in-house model has pegged the cost between $30 million and $40 million. “We are very conservative on that estimate, but that’s why we are doing a PFS. It has to be ground truth through the PFS.” The executive estimates most of the start-up capital will go towards building the facilities and buying the underground mining equipment, if Maritime chooses to self-mine the deposit. Once in production, Maritime intends to truck the ore to Rambler’s Nugget Pond mill, about 140 km away. In May, it signed an engineering, evaluation and service agreement with Rambler, where the

companies will negotiate management services and toll milling fees. “It’s a win-win for both companies,” Fulcher says. “Rambler has a gold circuit at the mill sitting there idle. For us, it saves us capital costs for a mill and permitting time, as we don’t need to put a tailings pond on site.” Meanwhile, the junior intends to initiate a 3,000-metre drill program this year to upgrade part of the inferred resource into measured and indicated, as well as to test the extensions on the Rumbullion zone to the northeast, after more geophysics. “We have low-hanging fruit,” Fulcher notes. “It wouldn’t take a lot to move some of that inferred into the measured and indicated category.” Asked when Hammerdown may reopen, Fulcher says that “if all my Christmases came on the same day, I’d say two years. But you never know what is going to come out when you are going through the permitting process.” That said, he maintains the permitting should be straightforward, as there was historically no acid drainage on the waste rock. Based on the company’s testing on the water in the decline, there were no “real nasties,” such as arsenic, mercury and antimony. “The whole idea is to build this. We have been through some tough times in the market,” Fulcher adds. Given the uptick in gold prices, where the spot price in Canadian dollars traded above $1,750 per oz., “it’s rewarding to have a Canadian gold project right now,” Fulcher says. “You are going to see a lot more people looking out for Canadian gold projects. It sort of seems to be the flavour right now.” Maritime shares recently closed at 25¢, within a 52-week range of 8¢ to 31¢. TNM

Anaconda touts high-grade upside at Pine Cove ANACONDA From 7

core of the deposit — or 60% of the indicated resource — has grades greater than 3 grams gold per tonne, and the company says the deposit could be developed one day as an open-pit mine. Select drill intercepts at Viking have ranged from 2.8 grams gold over 54 metres to 5.42 grams gold over 23 metres and 33.74 grams gold over 5.8 metres. At Point Rousse, the company has two National Instrument 43-101

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1 2 3 4 5 7 8 9 14 16_Aug 8_Main .indd 8

compliant resources. When combined with Thor’s historic resource, Anaconda says the company has enough resources for four more years of production. At the Pine Cove deposit, indicated resources stand at 1.5 million tonnes grading 1.61 grams gold for 77,390 oz. gold, and inferred resources add 220,700 tonnes averaging 1.59 grams gold for 11,260 oz. gold. At Stog’er Tight, indicated resources measure 204,100 tonnes grading 3.59 grams gold for 23,540 oz. gold, and inferred resources tally 252,000 tonnes averaging 3.27 grams gold for 26,460 oz. gold. Angelo hopes to double production at the company’s 1,200-tonne-perday mill by finding more high-grade ounces across Anaconda’s sizeable land package in the province, and is embarking on a 17,000-metre drill program this year. About 10,000 of those metres will be at Point Rousse and 7,000 metres at Viking. “Right now our grades range from 1.5 grams to 2 grams gold per tonne, and we’re looking to feed our mill with blended feed grade of 3 grams gold plus, so we’re looking to double production by delivering a higher grade to the mill, as opposed to significantly expanding mill capacity,” he says. The drill program is designed to look for size and grade potential. “What we’re trying to do is double production without doubling the actual mill capacity — we want to double production at a relatively incremental capital cost, that’s the goal. If you can do that, you’re generating higher margins.”

The exploration results that the company has received since January suggest that anything is possible. Last month, results of a 750-metre, 16-hole diamond drill program that focused on shallow areas no more than 40 metres from surface west and southwest of the Stog’er Tight deposit — known as the Gabbro and

“WE BELIEVE GOLDENVILLE IS AN ANALOGUE TO NUGGET POND.” DUSTIN ANGELO PRESIDENT AND CEO, ANACONDA MINING

West zones — returned intercepts of 6.70 grams gold per tonne over 4 metres, including 8.85 grams over 3 metres; 3.72 grams gold over 4 metres and 2.27 grams gold over 3 metres; and 1.81 grams gold over six metres. The company designed the program to test the hypothesis that the Gabbro and West zones join below surface, and find out if surface mineralization at the West zone continues down-dip, and extends from the Stog’er Tight deposit. The drill program determined that West and Gabbro are separate mineralization zones, and both continue at depth. The Gabbro zone dips shallowly to the north beneath the West zone and is within 20 metres of surface. Both zones are the folded extensions of Stog’er Tight, which extended the strike length by 100 metres for a total of 500 metres.

In addition, the company interpreted the drill results as indicating that there are other showings throughout the Stog’er Tight project area that may represent fold repetition of the deposit. Earlier this year, the company reported results from trenching and sampling at the Argyle prospect, which suggest not only that there are geological similarities to Pine Cove and Stog’er Tight, but there is an initial 300-metre strike length of alteration and mineralization. The program at Argyle consisted of excavating overburden along four trenches over 181 metres and 68 metres of channel sampling the exposed bedrock. Three of the four trenches tested the eastern part of the prospect where it was previously constrained by a single trench. A fourth trench tested the western limits of the prospect. Sample results include 1.89 grams gold over 10 metres; 1.31 grams gold over 11 metres; and 3.75 grams gold over 16 metres. Finally, results from drilling the southern margins of the Pine Cove deposit to 75 metres deep — in an area known as Pine Cove Pond (not in the current mine plan) — also yielded positive results. Highlights include 2.11 grams gold over 10.5 metres; 2.68 grams gold over 15.9 metres; and 3.16 grams gold over 5.5 metres. “The Pine Cove deposit and adjacent areas remain one of our highest priorities in our goal of outlining future production and growth within the Point Rousse project,” Angelo said. “Discovering near-surface mineralization

at these grades that is open for expansion at the southern margins of the mine is a positive signal that this part of the Pine Cove deposit could be expanded and potentially included in our mine plan.” Angelo says the company will be cashed up to complete this year’s 17,000-metre drill program and won’t need to raise more money any time soon. It recently unveiled a $2-million flow-through financing with Red Cloud Klondike Strike, and another agreement with the Royal Bank of Canada for a $1-million revolving line of credit, in addition to a $500,000 revolving equipment lease line of credit. It also has proceeds from its mining operation at Pine Cove. “We have cash f low from the operating mine, so we generate our own cash,” he says. “We raised additional funding because we wanted to accelerate our exploration. “Some of the areas we’re looking at are so close to the mill that we don’t need to be 1 million oz., if we can find smaller deposits that are anywhere from 150,000 to 250,000 oz.,” he adds. “If we find multiples of those we’ll have a significant amount of ounces right in our backyard.” Another thing to remember, he says, is that unlike many juniors doing exploration, Anaconda already benefits from existing roads, proximity to tidewater, and available power. “All of the infrastructure is already in place,” he says. “We don’t have to build a mill or roads, or find another workforce. It’s all there.” TNM

2016-08-02 6:51 PM

CANADA’S EAST COAST

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 8–14, 2016

Drillers at Wolfden Resources’ Tetagouche lead-zinc-silver project in the New Brunswick’s Bathurst mining camp. WOLFDEN RESOURCES

EIGHT ACTIVE JUNIORS ON CANADA’S EAST COAST Gold, copper, iron and more attract treasure hunters Atlantic Canada’s mineral riches have enticed mineral explorers since before Confederation. The following are eight such junior explorers and developers carrying on the tradition.

Newfoundland, including the South Tally Pond project. In 2013, Canadian Zinc added to its Newfoundland base metal portfolio by acquiring Messina Minerals and its Tulks South and Long Lake projects.

ANACONDA MINING Toronto-based Anaconda Mining (TSX: ANX) has just closed a $2 million flow-through financing, and plans to direct the funds towards surface exploration on targets located within processing distance of the company’s Pine Cove mill in Newfoundland — namely the Stog’er Tight, Goldenville, Argyle and Viking targets. Anaconda’s flagship asset is its Point Rousse gold project, which includes the Pine Cove mill, located on 63 sq. km of ground on the Ming’s Bight Peninsula in Newfoundland’s Baie Verte mining district. CANADIAN ZINC Canadian Zinc (TSX: CZN) is best known for advancing the restoration of its 100%-owned Prairie Creek zinc mine in the Mackenzie Mountains of the Northwest Territories. But the Toronto-based junior also took an opportunity during the last downturn in base metal prices to acquire Paragon Minerals in 2012 and its prospective base and precious metals properties in Central

GLOBEX MINING ENTERPRISES

and KéMag deposit in Quebec. New Millennium describes these resources as featuring taconite ore similar to that mined in the Mesabi Range in Minnesota — a mainstay of supply to the North American steel industry since the mid-1950s. RAMBLER METALS & MINING

Jack Stoch’s Globex Mining Enterprises (TSX: GMX) has been a fixture of the Quebec mining scene for decades, but the company is also active elsewhere in North America, including New Brunswick and Nova Scotia, and recently closed a $528,000 private placement. Globex’s most recent activity in the Maritimes includes an option agreement with Sunset Cove Mining (TSXV: SSM) regarding Globex’s wholly owned Houlton Woodstock manganese property in New Brunswick’s Carleton County, and staking 40 lithium-gold claims covering a strike length of 10 km in Nova Scotia’s Guysborough County, 200 km northeast of Halifax.

The U.K.’s Rambler Metals & Mining (TSXV: RAB; LSE-AIM: RMM) has crossed the Atlantic in its goal to become a mid-tier mining company through production from the Ming copper-gold mine in Newfoundland’s Baie Verte mineral district, as well through grassroots exploration and potential mergers and acquisitions. Ming had been a former underground copper and gold producing mine that ceased production when the deposit reached a property boundary. Ownership of the properties was subsequently consolidated and brought into Rambler’s portfolio.

NEW MILLENNIUM IRON

TREVALI MINES

Junior New Millennium Iron (TSX: NML) has been weathering the downturn in iron ore prices as it hangs on to its core assets in the 210-km long Millennium Iron Range in the famed Labrador Trough, with the LabMag deposit in Labrador

From its home office in Vancouver, Trevali Mines has been riding the excitement that’s re-entered the zinc space, and its stock is hitting new 52week highs. Its cornerstone assets are two producing zinc-lead-silver mines: its 2,000-tonne-per-day Santander

A sulphide flotation recovery cell at Trevali Mining’s Caribou zinc mine in northern New Brunswick. TREVALI MINING mine in Peru; and its 3,000-tonne-perday Caribou mine in northern New Brunswick’s iconic Bathurst camp. Trevali also owns the Halfmile and Stratmat base metal deposits in New Brunswick, which are currently the subjects of a preliminary economic assessment. WINSTON RESOURCES Newly created micro-cap Winston Resources (CNSX: WRW) has been formed in Toronto to focus on developing its 100% owned Elmtree gold project in New Brunswick. Winston also owns an investment portfolio of affiliated CNSX stocks, most notably Hadley Mining (CNSX: HM) and Zara Resources (CNSX: ZRI). Winston’s subsidiary CNRP Mining bought Elmtree in June 2012 for $7.7 million, with the project having an indicated and inferred

gold resource of 294,000 oz. — a figure Winston would like to expand through additional drilling and then a prefeasibility study for an open pit mine. WOLFDEN RESOURCES Aside from its nickel-copper deposit in Manitoba, Ewan Downie-led Wolfden Resources (TSXV: WLF) holds the underexplored Clarence Stream gold-antimony deposit in southern New Brunswik, which hosts 500,000 oz. gold grading 6.5 grams gold per tonne, as well as the 200 sq. km Tetagouche property in the Bathurst camp which contains five historical lead-zinc-silver base-metal deposits with exploration upside. Wolfden topped up its coffers with a $357,000 private placement in May, and has earmarked the funds primarily for more work at Clarence Stream.

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Spinning mills at Rambler Metals & Mining’s Ming copper-gold mine in Newfoundland. RAMBLER METALS & MINING

1 2 3 4 5 7 8 9 14 16_Aug 8_Main .indd 9

2016-08-02 6:51 PM

WWW.NORTHERNMINER.COM

AUGUST 8–14, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 25–29, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1866 0.19 0.14 0.19 + 0.06 0.28 0.03 778 0.05 0.05 0.05 + 0.01 0.08 0.04 Abacus Mng &Ex V Abcourt Mines V 603 0.12 0.11 0.12 - 0.01 0.13 0.03 O 112 0.09 0.09 0.09 + 0.00 0.10 0.02 Abcourt Mines* V 4 0.03 0.00 0.03 - 0.01 0.08 0.02 ABE Resources Aben Res V 524 0.27 0.20 0.22 - 0.03 0.28 0.06 O 143 0.20 0.16 0.17 - 0.03 100.52 0.03 Aben Res* 0.12 + 0.01 0.16 0.07 Aberdeen Intl* O 249 0.13 0.11 Aberdeen Intl T 280 0.17 0.15 0.17 + 0.01 0.24 0.10 7.82 - 0.81 9.95 1.53 Abitibi Royalt V 107 9.35 7.55 ABT Holdings* O 16 0.70 0.53 0.60 - 0.10 0.81 0.05 Acacia Mining* O 1 7.47 0.00 7.47 + 0.65 7.47 2.40 10 0.05 0.00 0.05 - 0.01 0.07 0.02 Acme Res Inc V O 145 0.08 0.06 0.06 - 0.00 0.10 0.01 Adamera Mnls* Adriana Res V 169 0.12 0.11 0.12 + 0.01 0.15 0.08 African Gold V 1312 0.11 0.09 0.10 - 0.01 0.11 0.03 0.08 - 0.02 0.14 0.01 African Queen V 302 0.10 0.07 Agave Silver* O 80 0.08 0.06 0.07 - 0.00 0.08 0.01 Agave Silver V 55 0.11 0.10 0.11 + 0.02 0.12 0.01 Agnico Eagle* N 11048 58.53 51.03 58.14 + 4.41 57.14 21.00 Agnico Eagle T 3258 76.35 67.51 75.98 + 5.32 75.15 27.63 Agrium T 1163 123.38 117.95 118.50 - 2.97 139.43 104.70 N 2246 93.59 90.12 90.76 - 1.63 106.76 79.94 Agrium* 564 0.10 0.07 0.09 + 0.01 0.14 0.03 Aguila Amer Gd V Aim Explor* O 73 0.06 0.03 0.03 - 0.03 0.20 0.04 O 33 0.12 0.10 0.11 - 0.01 0.18 0.08 Alabama Graph* Alabama Graph V 603 0.15 0.14 0.14 - 0.01 0.24 0.11 Alacer Gold T 4145 3.38 3.08 3.33 + 0.11 3.64 2.08 12.19 + 0.72 13.65 3.27 Alamos Gold T 3573 12.30 11.07 Alamos Gold* N 7673 9.43 8.35 9.34 + 0.61 10.41 2.27 Alba Minerals V 9 0.10 0.00 0.10 + 0.04 0.11 0.01 Alberta Star* O 14 0.25 0.22 0.22 - 0.00 0.25 0.12 0.05 + 0.01 0.10 0.01 Alchemist Mng 396 0.05 0.04 Alcoa* N 77608 10.97 10.40 10.62 + 0.05 11.50 6.14 Alderon Iron* O 51 0.08 0.08 0.08 + 0.01 0.18 0.05 0.11 - 0.01 0.24 0.07 Alderon Iron T 98 0.12 0.11 Aldershot Res V 68 0.04 0.03 0.04 + 0.01 0.05 0.01 Aldever Res* O 68 0.05 0.04 0.05 + 0.00 0.20 0.04 Aldever Res V 1068 0.08 0.06 0.08 + 0.01 0.30 0.06 Aldridge Mnrls V 557 0.28 0.24 0.28 + 0.04 0.28 0.12 Aldrin Res* O 50 0.08 0.08 0.08 - 0.01 0.15 0.06 Aldrin Res V 267 0.11 0.10 0.11 + 0.01 0.15 0.08 Alexander Nubi V 1229 0.07 0.05 0.07 + 0.01 0.10 0.04 O 249 0.05 0.05 0.05 - 0.00 0.06 0.03 Alexander Nubi* Alexandria Min V 3807 0.12 0.10 0.11 - 0.01 0.12 0.02 Alexandria Min* O 806 0.09 0.07 0.08 - 0.01 0.10 0.01 Alexco Res* X 3593 1.96 1.52 1.91 + 0.28 2.07 0.22 Alexco Res T 636 2.56 2.01 2.49 + 0.36 2.73 0.35 Algold Res V 649 0.37 0.31 0.37 + 0.03 0.40 0.07 Alianza Min* O 20 0.13 0.12 0.12 + 0.02 0.17 0.07 Alix Res V 3094 0.09 0.07 0.08 - 0.01 0.18 0.04 Alliance Mng V 472 0.03 0.02 0.02 - 0.01 0.04 0.01 19.25 + 1.60 26.18 9.95 Alliance Res* D 2582 20.33 17.10 Almaden Mnls T 218 1.99 1.73 1.99 + 0.22 2.30 0.65 Almaden Mnls* X 1907 1.52 1.31 1.51 + 0.16 1.83 0.48 0.44 + 0.03 0.48 0.13 Almadex Min V 153 0.44 0.41 Almadex Min* O 97 0.34 0.31 0.34 + 0.02 0.37 0.01 Almo Capital V 144 0.10 0.08 0.08 - 0.02 0.14 0.05 0.42 + 0.09 0.86 0.21 Almonty Ind V 684 0.44 0.31 Alpha Nat Res* O 8145 0.01 0.00 0.01 - 0.00 0.08 0.00 ALQ Gold V 136 0.12 0.00 0.12 + 0.05 0.09 0.03 Alset Energy V 3594 0.47 0.27 0.45 + 0.16 0.84 0.02 122 0.06 0.05 0.06 - 0.01 0.25 0.02 Alta Vista Vnt Altai Res V 132 0.04 0.04 0.04 - 0.01 0.09 0.03 Altair Res Inc V 253 0.21 0.20 0.21 - 0.02 0.70 0.08 Alternative ER* O 22 0.06 0.04 0.05 + 0.00 0.06 0.02 Alternative ER V 24 0.07 0.06 0.07 + 0.02 0.08 0.03 Altiplano Mnls V 47 0.17 0.16 0.16 - 0.01 0.22 0.04 Altitude Res V 461 0.08 0.05 0.06 - 0.01 0.20 0.02 Altius Mnrls T 228 10.69 9.98 10.61 + 0.41 14.00 7.39 Alto Vent V 228 0.07 0.05 0.06 - 0.01 0.09 0.02 Altura Mng Ltd* O 34 0.15 0.13 0.14 + 0.02 0.30 0.00 0.07 + 0.00 0.10 0.03 ALX Uranium* O 144 0.07 0.07 ALX Uranium V 479 0.11 0.09 0.10 - 0.01 0.15 0.06 Am Creek Res V 431 0.10 0.09 0.10 + 0.01 0.12 0.03 134 0.12 0.11 0.12 + 0.01 0.16 0.06 Am CuMo Mng V Am CuMo Mng* O 631 0.09 0.09 0.09 - 0.01 0.12 0.04 Amarc Res* O 50 0.08 0.07 0.08 + 0.01 0.08 0.02 0.10 + 0.01 0.11 0.04 Amarc Res V 330 0.10 0.09 Amarillo Gold V 348 0.40 0.34 0.40 + 0.03 0.42 0.04 Amazing OG* O 38 0.60 0.42 0.45 - 0.15 1.07 0.29 Amer Vanadium* O 47 0.03 0.01 0.02 + 0.00 0.08 0.00 V 77 0.03 0.00 0.03 - 0.01 0.10 0.02 Amer Vanadium American Lith V 779 0.69 0.57 0.69 + 0.11 1.62 0.05 Americas Petro V 935 0.24 0.22 0.24 + 0.02 0.29 0.15 0.40 + 0.03 0.45 0.09 Americas Silvr T 5458 0.40 0.35 Americas Silvr* O 1265 0.31 0.26 0.31 + 0.03 0.34 0.04 Amerigo Res T 1172 0.18 0.16 0.18 + 0.02 0.34 0.10 Amerigo Res* O 178 0.13 0.12 0.13 + 0.00 0.26 0.07 AMI Res V 20 0.08 0.08 0.08 - 0.01 0.10 0.03 Anaconda Mng* O 98 0.08 0.07 0.08 + 0.01 0.08 0.02 Anaconda Mng T 1105 0.11 0.09 0.10 - 0.01 0.11 0.04 Anconia Res V 110 0.08 0.07 0.07 - 0.02 0.09 0.01 Andes Gold* O 219 0.01 0.01 0.01 - 0.00 1.00 0.00 Anfield Nickel V 692 1.94 1.70 1.80 + 0.05 1.94 0.52 Anfield Res* O 18 0.17 0.17 0.17 - 0.03 0.22 0.06 Angel Gold* O 678 0.09 0.07 0.07 - 0.02 0.11 0.01 Angel Gold V 659 0.11 0.08 0.09 - 0.03 0.15 0.01 Anglo American* O 259 5.54 4.99 5.49 + 0.46 5.76 1.57 Anglo American* O 4 10.37 0.00 10.37 - 0.14 12.68 3.13 Anglo-Can Mng V 28 0.02 0.02 0.02 + 0.01 0.03 0.01 AngloGold Ash* O 0 21.45 0.00 21.45 + 1.35 21.45 6.45 21.91 + 0.86 21.93 5.64 AngloGold Ash* N 14583 22.10 19.92 Antioquia Gold* O 1288 0.08 0.07 0.08 + 0.02 0.08 0.03 Antioquia Gold V 695 0.10 0.08 0.10 + 0.02 0.11 0.04 420 0.06 0.05 0.06 + 0.01 0.11 0.03 APAC Res Inc Apogee Silver V 60 0.33 0.29 0.29 - 0.06 0.58 0.11 Apogee Silver* O 2 0.23 0.21 0.21 - 0.03 0.45 0.08 0.20 - 0.02 0.30 0.01 Appia Energy 66 0.26 0.20 Apple Cap Inc V 42 0.49 0.00 0.45 + 0.07 0.49 0.15 Applied Mrnls* O 82 0.18 0.00 0.18 + 0.02 0.45 0.11 Aquila Res* O 99 0.20 0.00 0.18 - 0.00 0.20 0.09 0.25 + 0.04 0.27 0.12 Aquila Res T 305 0.26 0.24 Arak Res V 116 0.04 0.03 0.03 - 0.01 0.07 0.02 Arbitrage Expl 125 0.09 0.00 0.08 - 0.01 0.12 0.01 Arch Coal* O 420 0.46 0.41 0.43 + 0.02 10.35 0.11 Archon Mineral V 20 1.85 1.51 1.75 - 0.10 2.10 1.30 Arco Res V 17 0.06 0.06 0.06 - 0.01 0.08 0.03 Arctic Star V 2871 0.04 0.04 0.04 - 0.01 0.10 0.01 Arcturus Vents V 159 0.02 0.01 0.02 + 0.01 0.02 0.01 645 0.07 0.06 0.07 + 0.01 0.07 0.01 Arcus Dev Grp V Arena Mnls V 895 0.22 0.18 0.22 + 0.04 0.34 0.15 Arena Mnls* O 81 0.15 0.00 0.15 + 0.02 0.25 0.12 Argentex Mng* O 116 0.08 0.07 0.08 + 0.00 0.10 0.01 Argentex Mng V 86 0.11 0.09 0.11 + 0.01 0.13 0.02 Argentum Silvr V 91 0.11 0.07 0.11 + 0.03 0.12 0.02 O 31 0.07 0.07 0.07 - 0.00 0.11 0.01 Argex Titanium* Argex Titanium T 1451 0.10 0.06 0.08 - 0.02 0.14 0.02 3.58 + 0.20 4.45 0.78 Argonaut Gold T 4641 3.70 3.15 Argonaut Gold* O 228 2.84 2.38 2.78 + 0.19 3.38 0.53 Argus Metals V 22 0.09 0.00 0.08 - 0.01 0.11 0.02 Arian Silver* O 210 0.02 0.01 0.01 - 0.01 0.42 0.00 Arianne Phosph V 104 0.99 0.90 0.95 - 0.02 1.25 0.68 Arianne Phosph* O 40 0.73 0.69 0.73 + 0.00 0.98 0.52 Armor Mnrls V 2 0.52 0.00 0.52 - 0.08 0.85 0.12 Arrowstar Res V 232 0.11 0.10 0.10 - 0.01 0.15 0.04 Asanko Gold T 4742 5.77 4.77 5.70 + 0.67 5.89 1.77 Asanko Gold* X 2791 4.42 3.60 4.36 + 0.54 4.53 1.27 Asante Gold 144 0.21 0.15 0.17 + 0.02 0.27 0.05 Asante Gold* O 85 0.17 0.12 0.14 - 0.03 0.17 0.05 Ascot Res V 488 1.88 1.69 1.81 - 0.05 2.00 0.80 Ashburton Vent* O 20 0.03 0.03 0.03 - 0.00 0.06 0.01 AsiaBaseMetals V 22 0.35 0.00 0.35 + 0.07 0.35 0.04 Asiamet Res V 986 0.06 0.05 0.05 + 0.01 0.08 0.01 Aston Bay V 222 0.45 0.43 0.43 - 0.04 0.49 0.10 Astorius Res V 94 0.15 0.00 0.15 + 0.01 0.15 0.01 Astur Gold V 281 0.05 0.00 0.05 + 0.01 0.10 0.01 ATAC Res V 1381 0.95 0.83 0.94 + 0.06 0.92 0.26 25 0.37 0.34 0.34 - 0.00 0.38 0.09 Atacama Pac Gd* O Atacama Pac Gd V 1201 1.01 0.45 0.88 + 0.43 0.79 0.14 Athabasca Mnls V 366 0.25 0.21 0.25 + 0.03 0.48 0.15 Athabasca Mnls* O 60 0.17 0.15 0.15 - 0.02 0.36 0.12 Athabasca Nclr V 254 0.11 0.10 0.11 + 0.01 0.17 0.02 Athena Silver* O 71 0.13 0.11 0.11 - 0.02 0.15 0.02 Atico Mng* O 86 0.40 0.35 0.40 + 0.06 0.39 0.12 Atico Mng V 286 0.53 0.47 0.53 + 0.09 0.53 0.16 Atlanta Gold V 69 0.09 0.08 0.09 + 0.01 0.11 0.05 Atlanta Gold* O 17 0.07 0.07 0.07 + 0.00 0.09 0.03 Atlantic Gold V 526 0.94 0.82 0.92 + 0.11 0.91 0.17 Atlatsa Res T 28 0.11 0.00 0.11 + 0.01 0.13 0.03 Atlatsa Res* O 39 0.08 0.08 0.08 - 0.01 0.10 0.02 416 0.00 0.00 0.00 - 0.00 0.06 0.00 Atna Res Ltd* O Augustine Vent 2234 0.17 0.15 0.17 + 0.02 0.17 0.03 Aura Mnls T 42 0.24 0.23 0.23 - 0.02 0.31 0.06 Aura Silver Rs V 1232 0.04 0.04 0.04 - 0.01 0.04 0.01 Auramex Res V 27 0.03 0.00 0.02 - 0.01 0.03 0.01 Aurcana Corp* O 78 0.40 0.30 0.39 + 0.05 0.42 0.07 Aurcana Corp V 730 0.52 0.40 0.50 + 0.06 0.55 0.09 AurCrest Gold V 156 0.03 0.00 0.03 - 0.01 0.05 0.01 Aureus Mng* O 228 0.07 0.06 0.07 + 0.00 0.33 0.03 AuRico Metals * O 457 0.90 0.83 0.87 + 0.00 0.91 0.34 Aurion Res V 888 0.37 0.32 0.36 + 0.01 0.40 0.04 Aurora Gold* O 478 0.00 0.00 0.00 - 0.00 0.02 0.00 Aurvista Gold* O 156 0.27 0.22 0.24 + 0.01 0.27 0.02 Auryn Res* O 472 3.16 2.86 3.03 - 0.02 3.16 0.70 Austin Res V 1297 0.03 0.02 0.02 + 0.01 0.04 0.01 Avalon Adv Mat T 1102 0.25 0.22 0.23 - 0.02 0.33 0.10 Avalon Adv Mat* O 339 0.19 0.16 0.17 - 0.00 0.26 0.07 Avarone Metals 436 0.07 0.06 0.07 + 0.01 0.14 0.02 Avino Silver V 333 3.66 3.15 3.55 + 0.20 4.05 1.03 Avino Silver* X 3128 2.79 2.37 2.74 + 0.18 3.14 0.71 Avnel Gold T 2190 0.39 0.35 0.38 + 0.03 0.37 0.18 Avrupa Mnls V 235 0.15 0.13 0.15 - 0.01 0.17 0.07 Axmin Inc V 532 0.05 0.03 0.04 + 0.01 0.05 0.01 Axmin Inc* O 155 0.03 0.02 0.02 - 0.01 0.06 0.00 AZ Mining T 1043 1.94 1.75 1.81 - 0.05 1.94 0.22 Azarga Uranium T 40 0.30 0.28 0.30 + 0.02 0.40 0.26 Azarga Uranium* O 50 0.23 0.23 0.23 - 0.00 0.29 0.19 Azimut Expl V 51 0.39 0.36 0.39 + 0.02 0.44 0.10 Azincourt Uran* O 58 0.05 0.04 0.04 - 0.01 0.07 0.02 Azteca Gold* O 13 0.00 0.00 0.00 + 0.00 0.01 0.00

B B2Gold* X 19531 B2Gold T 24657 Bacanora Mnls V 294

10-11_Aug 8_StockTables.indd 10

3.19 2.66 3.13 + 0.32 3.09 0.60 4.15 3.53 4.09 + 0.40 4.00 0.86 1.56 1.37 1.47 + 0.02 2.04 1.17

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Baja Mng* O 14 Balmoral Res T 741 Balmoral Res* O 416 Balto Res V 19 Bandera Gold V 176 Bannerman Res* O 96 Banro T 1149 Banro* X 6881 Banyan Gold V 149 Bard Vent V 264 Barkerville Go* O 120 Barkerville Go V 1128 Barksdale Cap V 11 Baroyeca Go&Si V 203 Barrick Gold T 20704 Barrick Gold* N 85990 Barsele Min* O 19 Barsele Min V 646 72 Battle Mtn Gld* O Battle Mtn Gld V 106 Bayhorse Silvr* O 131 Bayhorse Silvr V 1368 V 134 Bayswater Uran Bear Creek Mng V 1136 Bearclaw Cap V 5 Beaufield Res V 2878 Beaufield Res* O 102 Beeston Ent* O 97 Bell Copper V 51 Bell Copper* O 4 V 68 Bellhaven Cp&G Bellhaven Cp&G* O 19 Belo Sun Mng T 5060 Belvedere Res V 1115 Benton Res V 326 Benz Cap V 28 Berkeley Egy* O 19 Berkwood Res V 3406 Besra Gold* O 155 BHK Mining V 36 Big North Grap V 656 84 Big Wind Cap Bison Gold Res V 23 Bitterroot Res V 53 Black Hills* N 2227 Black Isle Res V 10 5 Black Mam Mtls V BlackEagle Dev 14 58 Blind Crk Res V BLOX Inc* O 176 Blue Sky Uran V 106 Bluestone Res V 10 Bold Vent V 290 BonTerra Res* O 57 Bowmore Expl V 186 Bravada Gold* O 205 Bravada Gold V 472 V 100 Braveheart Res Bravo Multinat* O 1888 158456 Brazil Mnrls* O Brazil Res V 2028 O 152 BrightRock Gld* Brilliant Sand* O 68 Brixton Mtls* O 68 O 474 Brookmount Exp* Brunswick Res V 41 Bryn Res* O 13 Buenaventura* N 6660 Bullfrog Gold* O 681

0.01 0.00 0.00 - 0.01 0.03 0.00 0.97 0.89 0.97 + 0.02 1.02 0.33 0.75 0.67 0.74 + 0.03 0.79 0.23 0.02 0.02 0.02 - 0.01 0.03 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.57 0.50 0.52 - 0.01 0.62 0.21 0.43 0.38 0.40 - 0.01 0.48 0.15 0.09 0.00 0.09 + 0.02 0.09 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 0.54 0.49 0.51 - 0.02 0.60 0.15 0.70 0.64 0.69 - 0.01 0.76 0.20 0.01 0.00 0.01 - 0.01 0.04 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 28.79 25.86 28.51 + 1.48 30.45 7.89 22.10 19.53 21.86 + 1.31 23.47 5.91 0.79 0.66 0.79 + 0.10 0.79 0.05 1.16 0.82 1.01 + 0.06 1.10 0.08 0.44 0.39 0.44 + 0.05 0.52 0.06 0.57 0.52 0.55 + 0.02 0.68 0.09 0.13 0.11 0.13 + 0.02 0.14 0.03 0.17 0.14 0.17 + 0.04 0.20 0.05 0.05 0.04 0.04 - 0.01 0.07 0.01 3.35 2.72 3.12 - 0.05 3.77 0.50 0.06 0.06 0.06 + 0.02 0.06 0.02 0.12 0.09 0.10 - 0.02 0.16 0.03 0.09 0.07 0.07 - 0.01 0.12 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.06 0.07 + 0.01 0.07 0.01 0.05 0.00 0.04 - 0.01 0.06 0.00 0.37 0.26 0.35 + 0.10 0.40 0.03 0.28 0.24 0.27 + 0.09 0.27 0.02 0.91 0.83 0.90 + 0.01 1.10 0.16 0.06 0.05 0.06 + 0.01 0.09 0.01 0.07 0.06 0.07 + 0.01 0.10 0.03 0.03 0.02 0.02 - 0.01 0.10 0.01 0.67 0.58 0.59 - 0.01 0.67 0.31 0.09 0.06 0.09 + 0.02 0.09 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.06 0.04 0.06 + 0.01 0.10 0.03 0.04 0.02 0.04 + 0.01 0.06 0.02 0.19 0.16 0.19 + 0.09 0.19 0.01 0.23 0.00 0.23 + 0.10 0.38 0.10 0.05 0.04 0.05 + 0.01 0.10 0.03 63.69 61.92 63.05 + 0.05 64.58 36.81 0.04 0.00 0.04 + 0.01 0.05 0.03 0.09 0.00 0.09 + 0.01 0.13 0.02 0.10 0.05 0.05 - 0.05 0.10 0.03 0.09 0.08 0.08 + 0.01 0.09 0.03 0.02 0.01 0.02 + 0.00 0.25 0.01 0.55 0.41 0.46 + 0.06 0.55 0.04 0.20 0.00 0.14 - 0.06 0.23 0.05 0.05 0.04 0.04 - 0.01 0.06 0.02 0.29 0.26 0.28 + 0.01 0.37 0.08 0.16 0.14 0.16 + 0.02 0.16 0.03 0.28 0.17 0.26 + 0.07 0.31 0.01 0.38 0.23 0.35 + 0.09 0.40 0.02 0.07 0.05 0.06 + 0.01 0.08 0.02 0.02 0.02 0.02 - 0.00 0.10 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 2.92 2.59 2.88 + 0.26 3.16 0.38 0.01 0.00 0.00 - 0.00 0.01 0.00 0.06 0.05 0.05 - 0.01 0.20 0.02 0.82 0.73 0.74 - 0.02 0.92 0.03 0.02 0.01 0.01 + 0.01 0.02 0.00 0.04 0.02 0.02 - 0.02 0.04 0.01 0.01 0.01 0.01 - 0.00 0.01 0.00 14.72 12.02 14.65 + 1.94 14.24 3.30 0.11 0.08 0.09 - 0.00 0.12 0.01

C Cache Expl V 116 0.16 0.12 0.12 - 0.04 0.18 0.06 Cadan Res V 68 0.06 0.05 0.05 - 0.01 0.09 0.03 0.04 - 0.01 0.05 0.01 Cadillac Vent V 491 0.05 0.04 Caledonia Mng* Q 113 1.22 1.10 1.16 - 0.03 1.23 0.48 0.50 - 0.00 0.55 0.45 California Gl* O 3 0.50 0.50 California Gld V 48 0.65 0.63 0.63 - 0.02 1.80 0.25 0.35 - 0.02 0.54 0.23 Callinex Mines V 451 0.38 0.34 Callinex Mines* O 259 0.28 0.26 0.26 - 0.03 0.44 0.17 Cameco Corp* N 19060 10.68 9.38 9.56 - 0.79 14.79 9.39 12.48 - 1.12 19.32 12.34 Cameco Corp T 8178 14.09 12.31 Camino Mnls V 64 0.28 0.23 0.25 - 0.03 0.28 0.07 0.03 - 0.01 0.05 0.01 Canada Coal V 42 0.04 0.03 Canadian Zeol V 1344 0.42 0.32 0.40 + 0.04 0.41 0.08 Canadian Zeol* O 25 0.32 0.24 0.32 + 0.08 0.30 0.06 V 552 1.15 0.88 1.09 + 0.15 1.55 0.09 CanAlaska Uran CanAlaska Uran* O 158 0.88 0.66 0.82 + 0.12 1.20 0.06 CanAm Coal* O 63 0.03 0.00 0.00 + 0.00 0.09 0.00 0.04 - 0.01 0.07 0.03 Canamex Res V 8540 0.05 0.04 Canamex Res* O 1903 0.04 0.03 0.03 - 0.00 0.05 0.02 0.10 + 0.01 0.15 0.04 Canarc Res T 1913 0.10 0.00 Canarc Res* Q 588 0.07 0.06 0.07 + 0.00 0.12 0.03 Canasil Res V 877 0.50 0.47 0.48 - 0.01 0.51 0.03 0.31 + 0.06 0.35 0.13 Cancana Res V 321 0.35 0.24 Candelaria Mg V 70 0.34 0.30 0.34 + 0.02 0.37 0.06 T 1007 0.17 0.14 0.14 - 0.03 0.18 0.03 Candente Coppr O 48 0.06 0.04 0.04 - 0.01 0.06 0.00 Candente Gold* CaNickel Mng V 24 0.10 0.09 0.09 - 0.02 0.14 0.03 409 0.04 0.04 0.04 - 0.01 0.09 0.02 Canoe Mng Vent V Canstar Res V 176 0.11 0.10 0.10 - 0.01 0.13 0.04 249 0.15 0.09 0.10 + 0.03 0.15 0.03 Cantex Mn Dev V Canyon Gold* O 154 0.20 0.12 0.18 - 0.02 0.54 0.02 Cap-Ex Iron V 1473 0.09 0.06 0.08 - 0.01 0.11 0.01 0.86 - 0.04 0.97 0.27 Capstone Mng T 2803 0.92 0.84 Cardero Res T 17 0.17 0.00 0.16 - 0.01 0.26 0.08 0.12 - 0.00 0.18 0.05 Cardero Res* O 8 0.12 0.00 Cariboo Rose V 278 0.09 0.08 0.08 - 0.01 0.09 0.03 Carmax Mng V 134 0.04 0.03 0.04 + 0.01 0.06 0.02 Carpathian Gld 4897 0.07 0.05 0.06 - 0.01 0.09 0.01 O 497 0.05 0.04 0.04 - 0.00 0.07 0.00 Carpathian Gld* Cartier Iron 998 0.09 0.05 0.06 - 0.02 0.11 0.01 0.15 + 0.02 0.16 0.04 Cartier Res V 77 0.16 0.15 Carube Copper* O 80 0.13 0.10 0.12 + 0.01 0.13 0.07 Carube Copper V 148 0.18 0.16 0.17 - 0.02 0.20 0.05 Cascadero Copp V 9941 0.17 0.07 0.15 + 0.08 0.12 0.02 Cassidy Vents* O 30 0.02 0.02 0.02 - 0.00 0.23 0.02 Castle Mtn Mng V 1459 0.86 0.71 0.85 + 0.07 0.84 0.18 Castle Peak Mg V 616 0.07 0.04 0.06 + 0.02 0.07 0.01 Castle Res 23 0.21 0.00 0.21 - 0.08 1.50 0.05 Cava Res V 107 0.55 0.43 0.45 - 0.15 0.60 0.04 Cava Res* O 15 0.33 0.33 0.33 - 0.04 0.37 0.02 Caza Gold* O 1 0.06 0.03 0.06 + 0.01 0.06 0.01 Caza Gold V 2 0.05 0.00 0.05 - 0.02 0.07 0.02 Cda Carbon V 548 0.30 0.27 0.28 - 0.02 0.42 0.23 Cda Carbon* O 50 0.21 0.21 0.21 - 0.01 0.28 0.18 Cda Rare Earth* O 50 0.02 0.02 0.02 + 0.00 0.03 0.01 Cda Strtgc Met V 1448 0.12 0.11 0.11 - 0.02 0.13 0.03 Cda Zinc Mtls V 671 0.30 0.26 0.29 + 0.02 0.30 0.10 Cdn Metals 480 0.20 0.15 0.16 - 0.04 0.44 0.06 Cdn Zinc T 1339 0.36 0.32 0.36 - 0.01 0.41 0.06 Cdn Zinc* Q 404 0.28 0.24 0.27 - 0.01 0.32 0.04 Centamin T 355 2.89 2.59 2.89 + 0.17 2.87 1.08 Centaurus Diam* O 131 0.23 0.15 0.20 - 0.03 0.34 0.02 Centenera Mng V 274 0.38 0.24 0.37 + 0.09 0.29 0.02 Centenera Mng* O 50 0.26 0.26 0.26 + 0.11 0.22 0.02 Centerra Gold T 5390 7.72 7.30 7.70 + 0.30 8.67 5.64 Centurion Mnls V 708 0.10 0.08 0.10 + 0.01 0.18 0.04 Century Global T 36 0.21 0.20 0.21 + 0.01 0.36 0.15 Cerro Grande* O 206 0.02 0.01 0.02 + 0.01 0.05 0.00 Cerro Grande 421 0.04 0.00 0.04 + 0.02 0.05 0.01 Cerro Mng V 60 0.01 0.00 0.01 - 0.01 0.03 0.01 Chalice Gold M T 731 0.20 0.18 0.19 - 0.01 0.21 0.09 Chalice Gold M* O 37 0.17 0.00 0.16 + 0.03 0.17 0.08 Champion Iron* O 39 0.20 0.18 0.20 + 0.02 0.23 0.09 Champion Iron T 708 0.25 0.23 0.24 + 0.01 0.30 0.11 Chesapeake Gld V 96 5.44 4.78 5.25 + 0.10 6.50 1.39 Chesapeake Gld* O 80 4.13 3.62 4.04 + 0.21 5.03 1.05 Chevron* N 37633 105.11 99.85 102.48 - 3.18 107.58 69.58 Chiboug Ind Mn V 109 0.20 0.15 0.15 - 0.02 0.26 0.03 Chieftain Mtls V 80 0.17 0.13 0.14 + 0.01 0.23 0.03 Chilean Metals V 73 0.18 0.15 0.16 + 0.01 0.19 0.02 Chilean Metals* O 36 0.15 0.11 0.14 - 0.00 0.15 0.00 Chimata Gold V 117 0.03 0.02 0.02 - 0.01 0.06 0.01 China Gold Int T 1953 2.54 2.29 2.47 + 0.03 2.72 1.60 China Mnls Mng* O 15 0.01 0.00 0.01 - 0.00 0.02 0.00 China Mnls Mng V 79 0.02 0.02 0.02 + 0.01 0.02 0.01 Cibolan Gold* O 55 0.07 0.05 0.07 - 0.00 0.15 0.03 10 1.05 1.01 1.01 - 0.02 1.50 1.00 CIM Intl Grp Claim Post Res V 317 0.04 0.03 0.03 - 0.01 0.06 0.01 Clifton Mng* O 83 0.16 0.14 0.16 - 0.00 0.18 0.05 Cloud Peak En* N 12694 3.65 2.42 3.41 + 0.85 4.79 1.08 CMC Metals* O 13 0.10 0.09 0.10 + 0.01 0.11 0.07 CMC Metals V 431 0.14 0.12 0.14 + 0.02 0.32 0.05 Coeur Mng* N 35035 15.49 12.46 15.32 + 1.90 15.07 1.62 Colibri Res V 41 0.22 0.14 0.22 + 0.09 0.21 0.02 Colombia Crest* O 11 0.01 0.00 0.01 + 0.01 0.01 0.00 Colombia Crest V 1171 0.03 0.02 0.03 + 0.01 0.03 0.01 Colombian Mins V 220 0.20 0.17 0.20 + 0.01 0.23 0.02 Colonial Coal V 345 0.10 0.07 0.10 + 0.01 0.18 0.02 Colorado Res V 3117 0.59 0.41 0.59 + 0.14 0.60 0.05 Colorado Res* O 314 0.46 0.31 0.46 + 0.11 0.47 0.04 Colt Res V 2467 0.07 0.06 0.07 + 0.01 0.19 0.06 Columbus Gold* O 595 0.63 0.52 0.59 + 0.05 0.59 0.23 Columbus Gold T 1784 0.82 0.68 0.78 + 0.04 0.79 0.32 Comet Inds V 10 2.00 2.00 2.00 + 0.25 2.00 1.20 Commander Res V 163 0.06 0.06 0.06 - 0.01 0.08 0.01 Commerce Res V 588 0.08 0.07 0.08 + 0.01 0.13 0.06 Commerce Res* O 160 0.05 0.05 0.05 - 0.00 0.10 0.04 Comstock Mng* X 2089 0.39 0.36 0.38 + 0.00 0.70 0.33 Comstock Mtls * O 95 0.28 0.20 0.22 + 0.03 0.28 0.10 Condor Res V 505 0.10 0.09 0.09 - 0.02 0.12 0.02 Confedertn Mls V 67 0.64 0.00 0.64 + 0.15 0.90 0.20 Confedertn Mls* O 2 0.33 0.00 0.33 - 0.00 CONSOL Energy* N 29261 19.62 16.78 19.38 + 2.34 19.62 4.54 Constant Mtl V 511 0.14 0.11 0.13 + 0.01 0.15 0.05 Contintl Gold T 2341 3.98 3.16 3.86 + 0.58 4.32 1.28 Contintl Gold* O 77 3.03 2.41 2.99 + 0.48 3.31 0.88 Contintl Prec T 14 0.33 0.00 0.33 + 0.06 0.38 0.25 Copper Ck Gold V 28 0.09 0.07 0.07 - 0.02 0.10 0.05 Copper Fox Mtl* O 91 0.10 0.09 0.09 - 0.01 0.17 0.08 Copper Lake Rs V 200 0.06 0.05 0.05 - 0.01 0.06 0.03 Copper Mtn Mng* O 14 0.44 0.40 0.40 - 0.03 0.66 0.23 Copper Mtn Mng T 1411 0.58 0.52 0.53 - 0.04 0.85 0.33 Copper North M V 44 0.18 0.16 0.17 - 0.02 0.50 0.13 Copper North M* O 13 0.14 0.14 0.14 - 0.00 0.15 0.10 Copper One V 78 0.18 0.15 0.16 - 0.01 0.30 0.03 Copperbank Res* O 30 0.06 0.04 0.05 - 0.00 0.06 0.01 Copperbank Res 691 0.08 0.06 0.07 + 0.01 0.08 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Coral Gold V 475 Corazon Gold V 61 Cordoba Mnls V 336 Cordoba Mnls* O 112 Corex Gold V 555 V 686 Cornerstone Ca Cornerstone Ca* O 187 Cornerstone Mt V 529 Coro Mining T 2395 Coronet Mtls V 204 Coronet Mtls* O 93 Corsa Coal V 863 Corvus Gold T 161 Corvus Gold* O 148 Cougar Mnls V 46 Cresval Cap V 231 Critical Elem V 1082 Critical Elem* O 56 Crown Mining V 86 Cruz Cap Corp* O 8 129 Crystal Pk Min V Crystal Pk Min* O 79 Cyclone Uran* O 350 Cypress Dev* O 354 Cyprium Mng V 1082

0.39 0.34 0.37 + 0.02 0.38 0.05 0.28 0.25 0.28 + 0.03 0.30 0.18 0.82 0.67 0.82 + 0.10 1.00 0.10 0.61 0.51 0.60 + 0.03 0.79 0.08 0.17 0.14 0.15 + 0.01 0.21 0.03 0.07 0.06 0.07 + 0.01 0.08 0.02 0.06 0.04 0.06 + 0.01 0.06 0.01 0.04 0.03 0.03 - 0.02 0.04 0.01 0.16 0.13 0.15 + 0.02 0.21 0.02 0.45 0.35 0.45 + 0.06 0.51 0.03 0.35 0.26 0.35 + 0.09 0.40 0.02 0.07 0.05 0.06 - 0.01 0.10 0.02 1.38 1.21 1.32 + 0.06 1.30 0.33 1.05 0.91 1.03 + 0.08 1.02 0.25 0.49 0.46 0.49 + 0.03 0.82 0.08 0.05 0.04 0.05 + 0.01 0.06 0.01 0.65 0.56 0.64 + 0.06 0.75 0.14 0.47 0.43 0.47 + 0.02 0.58 0.10 0.16 0.12 0.12 - 0.01 0.20 0.03 0.35 0.30 0.35 + 0.04 0.35 0.20 0.28 0.25 0.27 + 0.01 0.42 0.13 0.22 0.19 0.20 + 0.00 0.32 0.11 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.11 0.12 - 0.01 0.16 0.01 0.10 0.09 0.09 - 0.02 0.15 0.06

D-F Dajin Res* O 1176 0.16 0.13 0.15 + 0.01 0.24 0.05 Dajin Res V 1135 0.21 0.18 0.20 + 0.02 0.30 0.07 710 0.07 0.05 0.06 + 0.01 0.20 0.05 Dakota Ter Res* O Daleco Res* O 76 0.03 0.03 0.03 + 0.00 0.05 0.01 Dalradian Res* O 281 0.89 0.77 0.88 + 0.09 1.04 0.45 Dalradian Res T 3067 1.16 1.01 1.16 + 0.10 1.32 0.62 Damara Gold V 20 0.06 0.00 0.06 + 0.01 0.10 0.04 Danakali* O 119 0.31 0.29 0.29 + 0.00 0.37 0.17 Darnley Bay V 647 0.16 0.12 0.16 + 0.02 0.18 0.01 Debut Dmds 77 0.02 0.01 0.01 - 0.01 0.03 0.01 Decade Res V 383 0.10 0.09 0.09 + 0.01 0.13 0.01 Defiance Silvr V 1479 0.54 0.40 0.53 + 0.07 0.50 0.06 0.41 + 0.06 0.38 0.04 Defiance Silvr* O 428 0.42 0.31 Del Toro Silvr* O 500 0.00 0.00 0.00 + 0.00 0.03 0.00 Delrand Res V 6 0.65 0.00 0.55 - 0.10 0.65 0.10 Denison Mines T 2405 0.73 0.69 0.70 - 0.03 0.85 0.48 Denison Mines* X 2013 0.55 0.52 0.53 - 0.02 0.67 0.35 Desert Gold V 29 0.10 0.09 0.09 - 0.01 0.18 0.08 Desert Star V 165 0.10 0.06 0.10 + 0.04 0.16 0.03 Detour Gold T 5382 34.39 29.95 34.14 + 2.90 35.93 11.79 Diamante Min* O 12 0.46 0.36 0.46 + 0.01 0.85 0.17 Diamcor Mng V 154 1.20 1.07 1.18 + 0.06 1.25 0.65 0.90 + 0.05 0.96 0.46 Diamcor Mng* O 35 0.91 0.84 Dios Expl V 80 0.14 0.10 0.12 - 0.02 0.19 0.05 Discovery Gold* O 2344 0.00 0.00 0.00 + 0.00 0.00 0.00 Discovery Harb V 12 0.02 0.00 0.02 - 0.01 0.04 0.01 V 881 0.03 0.02 0.03 + 0.01 0.08 0.03 Discovery-Corp DNI Metals* O 166 0.04 0.03 0.03 - 0.00 0.10 0.03 Dolly Vard Sil* O 231 0.70 0.37 0.70 + 0.23 0.69 0.08 Dolly Vard Sil V 1938 1.00 0.48 0.91 + 0.30 1.00 0.11 Dominion Diam T 732 12.37 11.61 11.99 + 0.29 17.40 9.96 Dominion Diam* N 995 9.42 8.78 9.19 + 0.29 13.32 7.27 0.01 0.01 0.01 - 0.00 0.02 0.01 Double Crn Res* O 4636 DRDGOLD* N 3685 8.49 6.90 8.30 + 0.96 9.03 1.10 Duran Vent V 101 0.12 0.10 0.10 - 0.02 0.20 0.07 Duran Vent * O 28 0.09 0.00 0.09 + 0.01 0.09 0.07 Durango Res* O 23 0.08 0.06 0.08 + 0.01 0.15 0.02 0.10 + 0.01 0.21 0.03 Durango Res V 724 0.10 0.09 DuSolo Fertil V 66 0.04 0.00 0.04 + 0.01 0.19 0.03 DuSolo Fertil* O 5 0.03 0.03 0.03 - 0.00 0.15 0.02 Dynacor Gld Mn T 263 2.12 1.98 2.12 + 0.11 2.32 1.30 DynaResource* O 11 1.95 1.45 1.75 + 0.30 2.00 0.80 Dynasty Gold V 947 0.03 0.02 0.03 + 0.01 0.03 0.01 O 28 0.14 0.13 0.13 - 0.01 0.40 0.08 Dynasty Met&Mn* Dynasty Met&Mn T 627 0.19 0.16 0.17 - 0.02 0.60 0.10 Eagle Plains V 1094 0.15 0.13 0.14 + 0.01 0.17 0.05 East Africa V 1056 0.32 0.24 0.30 + 0.06 0.32 0.03 East Africa * O 16 0.19 0.18 0.19 + 0.01 0.19 0.02 EastCoal Inc V 29 0.01 0.00 0.01 + 0.01 0.01 0.01 Eastern Platin* O 2 0.67 0.66 0.67 + 0.01 1.02 0.47 Eastern Platin T 2804 0.90 0.82 0.85 - 0.03 1.45 0.61 0.03 - 0.01 0.05 0.02 Eastfield Res V 103 0.04 0.03 Eastmain Res T 3946 0.66 0.57 0.63 + 0.01 0.67 0.28 Eco Oro Mnls T 183 0.36 0.31 0.32 - 0.06 0.70 0.25 Ecuador Gold V 56 0.41 0.36 0.40 + 0.02 0.48 0.10 Ecuador Gold* O 23 0.30 0.29 0.30 + 0.01 0.33 0.13 El Capitan Prc* O 6742 0.05 0.04 0.05 + 0.01 0.10 0.03 O 23 0.03 0.02 0.03 + 0.01 0.04 0.00 El Nino Vent* Elcora Res V 234 0.39 0.37 0.37 - 0.02 0.75 0.15 Elcora Res* O 21 0.30 0.30 0.30 + 0.00 0.55 0.20 N 27730 4.39 4.00 4.09 - 0.23 5.16 1.87 Eldorado Gold* Eldorado Gold T 18491 5.76 5.29 5.35 - 0.33 6.71 2.67 Eloro Mnrls V 32 0.38 0.33 0.36 + 0.03 0.40 0.09 Ely Gold & Mnl V 57 0.14 0.12 0.14 + 0.02 0.17 0.04 Ely Gold & Mnl* O 254 0.11 0.09 0.10 + 0.00 0.12 0.03 Elysee Dev V 162 0.33 0.29 0.30 + 0.01 0.34 0.17 Emerita Res V 740 0.10 0.08 0.09 - 0.01 0.17 0.02 Emgold Mng V 117 0.04 0.00 0.04 - 0.01 0.05 0.01 0.02 - 0.01 0.03 0.00 Emgold Mng* O 74 0.02 0.02 Encanto Potash V 1295 0.10 0.09 0.09 - 0.01 0.18 0.05 Encanto Potash* O 350 0.08 0.07 0.07 - 0.01 0.14 0.03 Endeavour Mng* O 116 19.51 16.50 19.51 + 2.65 18.88 4.40 Endeavour Mng T 1471 25.50 21.66 25.37 + 3.15 24.69 4.65 Endeavr Silver* N 10696 4.96 4.13 4.85 + 0.38 5.13 1.00 Endeavr Silver T 1691 6.45 5.47 6.32 + 0.45 6.67 1.46 Energizer Res* O 245 0.06 0.05 0.06 + 0.00 0.10 0.03 2.90 - 0.06 5.76 2.47 Energy Fuels T 268 2.98 2.86 2.23 - 0.03 4.41 1.81 Energy Fuels* X 652 2.27 2.18 Ensurge* O 16 0.02 0.00 0.02 - 0.01 0.04 0.01 Entree Gold T 191 0.40 0.38 0.40 + 0.02 0.53 0.25 Entree Gold* X 676 0.31 0.28 0.31 + 0.01 0.40 0.17 Equitas Res* O 535 0.08 0.08 0.08 + 0.00 0.17 0.02 0.07 + 0.01 0.13 0.02 Equitorial Ex V 6264 0.08 0.06 Era Res Inc V 37 0.40 0.33 0.37 + 0.04 0.50 0.09 Erdene Res Dev* O 24 0.25 0.22 0.23 - 0.02 0.42 0.08 169 0.33 0.30 0.30 - 0.03 0.55 0.11 Erdene Res Dev T Erin Ventures V 383 0.05 0.00 0.05 + 0.01 0.11 0.04 Eros Res Corp V 109 0.19 0.17 0.19 + 0.01 0.20 0.09 Eros Res Corp V 109 0.19 0.17 0.19 + 0.01 0.20 0.09 0.25 + 0.01 0.26 0.01 Eskay Mng V 162 0.26 0.24 Ethos Gold* O 4 0.28 0.27 0.27 + 0.01 0.32 0.09 0.36 - 0.01 0.41 0.14 Ethos Gold V 60 0.38 0.34 Eurasian Mnls V 350 1.45 1.10 1.45 + 0.40 1.45 0.48 Eurasian Mnls* X 1362 1.12 0.81 1.10 + 0.29 1.11 0.35 Eureka Res V 540 0.15 0.10 0.15 + 0.05 0.14 0.04 EurOmax Res T 44 0.45 0.00 0.42 - 0.03 0.62 0.21 EurOmax Res* O 5 0.34 0.33 0.33 + 0.00 0.46 0.15 0.71 - 0.02 0.95 0.09 Everest Vent V 14 0.75 0.67 Everton Res V 237 0.07 0.06 0.06 - 0.01 0.08 0.01 Everton Res* O 7 0.06 0.04 0.06 + 0.00 0.07 0.00 Evolving Gold 30 0.40 0.35 0.35 - 0.01 0.50 0.04 Evolving Gold* O 8 0.31 0.00 0.30 + 0.02 0.38 0.02 0.32 + 0.04 0.35 0.10 Evrim Res V 424 0.32 0.28 0.09 + 0.01 0.08 0.00 Excalibur Res* O 35 0.09 0.07 Excalibur Res 327 0.11 0.09 0.11 - 0.01 0.11 0.01 1.27 + 0.12 1.44 0.20 Excellon Res T 2200 1.33 1.07 Excellon Res* O 286 1.02 0.83 0.95 + 0.08 1.13 0.14 Excelsior Mng* O 23 0.28 0.26 0.28 + 0.02 0.31 0.12 Excelsior Mng V 314 0.38 0.35 0.37 + 0.03 0.40 0.19 Exeter Res* X 1382 1.36 1.14 1.36 + 0.12 1.47 0.29 Exeter Res T 478 1.78 1.49 1.78 + 0.17 1.90 0.39 O 5 0.09 0.07 0.07 - 0.02 0.22 0.09 Expedition Mng* 0.13 - 0.00 0.18 0.03 Explor Res* O 174 0.13 0.11 Explor Res V 2613 0.17 0.15 0.17 - 0.01 0.24 0.04 Fairmont Res V 554 0.17 0.14 0.15 - 0.02 0.23 0.02 Falco Res V 577 1.07 0.99 1.02 + 0.03 1.25 0.21 Falcon Gold V 420 0.02 0.02 0.02 + 0.01 0.05 0.01 Far Res 666 0.10 0.08 0.08 - 0.02 0.15 0.02 Fieldex Expl V 83 0.03 0.00 0.02 - 0.01 0.05 0.01 0.08 + 0.03 0.06 0.02 Finlay Minrls V 1575 0.08 0.05 0.02 - 0.04 0.06 0.01 Finore Mng 410 0.06 0.02 Firma Holdings* O 12 0.08 0.05 0.08 - 0.00 0.25 0.02 First Bauxite V 69 0.05 0.04 0.05 + 0.01 0.08 0.03 First Liberty* O 2281 0.00 0.00 0.00 - 0.00 0.00 0.00 22.64 + 2.15 22.34 3.50 First Majestic T 6988 22.79 19.17 17.34 + 1.75 17.24 2.40 First Majestic* N 27858 17.47 14.48 First Mexican V 90 0.04 0.04 0.04 - 0.01 0.07 0.02 First Mg Fin V 9108 1.19 1.01 1.18 + 0.11 1.31 0.25 O 5800 0.91 0.77 0.90 + 0.08 1.02 0.19 First Mg Fin * First Point T 193 0.10 0.00 0.10 - 0.01 0.14 0.04 First Quantum T 34259 11.45 9.65 11.29 + 1.30 11.58 2.15 Fission Uran* O 700 0.56 0.53 0.56 + 0.01 0.66 0.39 0.46 + 0.02 0.61 0.09 Flinders Res* O 454 0.47 0.38 Flinders Res V 212 0.63 0.51 0.60 - 0.01 0.77 0.13 Focus Graphite* O 171 0.11 0.09 0.11 + 0.02 0.23 0.04 Focus Graphite V 2471 0.14 0.12 0.14 + 0.01 0.30 0.07 Focus Vent V 168 0.11 0.00 0.11 + 0.01 0.22 0.05 Foran Mng V 535 0.22 0.18 0.20 + 0.01 0.27 0.05 Formation Mtls T 1021 0.61 0.46 0.61 + 0.12 0.63 0.09 Forsys Metals T 207 0.07 0.06 0.07 - 0.01 0.20 0.05 Fortescue Mtls* O 56 3.39 2.98 3.39 + 0.33 3.39 1.00 Fortuna Silvr T 2627 11.55 10.02 11.38 + 0.78 11.77 2.65 Fortuna Silvr* N 5296 8.85 7.57 8.72 + 0.65 9.03 2.00 Fortune Mnrls* O 272 0.09 0.00 0.09 + 0.01 0.11 0.01 Fortune Mnrls T 882 0.11 0.10 0.10 - 0.01 0.14 0.02 Forum Uranium V 241 0.09 0.08 0.08 + 0.01 0.20 0.04 Four River V 11 0.29 0.00 0.29 + 0.01 0.39 0.05 Fox River Res* O 18 0.03 0.03 0.03 + 0.00 0.04 0.02 Franco-Nevada* N 2551 77.55 71.27 77.03 + 3.25 80.22 39.05 Franco-Nevada T 1736 101.12 94.30 100.67 + 3.63 104.19 51.35 Franklin Mng* O 2 0.00 0.00 0.00 - 0.00 0.01 0.00 Freegold Vent T 499 0.21 0.17 0.21 + 0.03 0.27 0.05 Freeport McMo* N 206235 13.59 11.25 12.96 + 0.29 14.20 3.52 Fresnillo plc* O 11 25.93 23.12 25.93 + 2.17 26.65 8.70 Frontline Gold V 1093 0.04 0.03 0.03 - 0.01 0.04 0.01 Full Metal Mnl V 149 0.07 0.00 0.06 + 0.01 0.07 0.02

G-H Galane Gold V 1392 Galantas Gold V 78 Galena Intl Rs V 505 Galway Gold V 375 Galway Mtls* O 4 Galway Mtls V 389 GAR Limited 26 Garibaldi Res * O 43 Garibaldi Res V 718 GB Minerals V 37 Gem Intl Res V 187 General Moly T 8

0.16 0.14 0.15 - 0.01 0.19 0.03 0.15 0.13 0.15 + 0.01 0.17 0.07 0.15 0.13 0.14 - 0.01 0.15 0.02 0.07 0.06 0.07 + 0.01 0.10 0.04 0.14 0.11 0.14 + 0.02 0.12 0.06 0.18 0.16 0.17 + 0.01 0.18 0.09 0.05 0.00 0.03 - 0.03 0.10 0.01 0.08 0.06 0.08 - 0.01 0.13 0.03 0.10 0.09 0.10 + 0.01 0.18 0.05 0.10 0.08 0.08 - 0.02 0.12 0.02 0.15 0.11 0.13 + 0.01 0.15 0.04 0.45 0.00 0.42 - 0.03 0.65 0.22

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

General Moly* X 355 Genesis Mtls* O 25 Gensource Pot V 456 Gentor Res V 640 Geodex Mnrls V 5 Geologix Expl* O 310 Geologix Expl V 805 523 Gespeg Cop Res V V 243 GFK Res Gitennes Expl V 23 Giyani Gold* O 71 Giyani Gold V 873 Gldn Predator* O 20 490 Glen Eagle Res V Glencore Plc* O 544 11 Global Cop Grp V Global Gold* O 25 Globex Mng T 408 Globex Mng* O 24 GMCI Corp* O 2 GMV Minerals* O 81 GMV Minerals V 640 GoGold Res T 996 Gold & Silver* O 3239 Gold Bulln Dev* O 1123 Gold Bulln Dev V 2999 29245 Gold Fields* N 448 Gold Jub Cap V Gold Lakes* O 1962 369 Gold Mng USA* O 690 Gold Mtn Mng V 306 Gold Reach Res V X 4359 Gold Resource* 126 Gold Ridge Exp V Gold Std Vents V 1807 Gold Std Vents* X 4096 Goldbank Mng V 3 Goldcliff Res V 470 T 20397 Goldcorp Goldcorp* N 56460 Golden Arrow V 6359 Golden Arrow* O 2554 V 188 Golden Cariboo Golden Dawn Ml V 7668 532 Golden Dawn Ml* O Golden Eagle* O 5 Golden Goliath V 2693 O 258 Golden Goliath* Golden Hope* O 8 Golden Hope V 429 Golden Matrix* O 13598 Golden Mnls* X 4992 Golden Mnls T 508 Golden Peak Mn V 1058 O 1682 Golden Queen* Golden Queen T 1031 Golden Reign V 1417 Golden Secret V 109 302 Golden Sh Mng V 3 Golden Sh Mng* O Golden Star T 4447 Golden Star* X 42177 Golden Tag V 828 Golden Valley V 1671 Goldex Res V 77 Goldex Res* O 2 T 2117 Goldgroup Mng O 1287 Goldgroup Mng* GoldON Res V 14 V 3327 GoldQuest Mng Goldrea Res* O 10 V 503 Goldrock Mines O 1158 Goldsource Min* V 1562 Goldsource Min Goldstrike Res V 2043 GoldTrain Res 37 Gonzaga Res V 640 O 206 GoviEx Uranium* V 921 GoviEx Uranium Gowest Gold V 1144 Gowest Gold* O 284 GPM Metals V 126 O 1888 Gran Colombia* T 18623 Gran Colombia V 28 Grande Portage 82 Granite Ck Gld V O 413 Graphite Corp* Graphite One* O 1054 Great Atlantic V 414 20 Great Bear Res V 636 Great Lakes Gr V Great Lakes Gr* O 1073 Great Panther T 2700 Great Panther* X 10667 51 Great Quest Fe V 21 Great Rock Dev* O Great Thunder V 315 O 113 Great Western* 96 Green Swan Cap V 972 Green Valley M V V 964 Greencastle Rs Grenville Gold V 62 Grizzly Discvr V 36 Grizzly Gold* O 29 458 GTA Res & Mng V Gungnir Res* O 124 Gungnir Res V 204 Guyana Gldflds T 2962 506 Hard Creek Ni V 22974 N Harmony Gold* Harte Gold T 3102 V 31 Hawkeye Gld&Di V 303 Heatherdale Rs 46832 Hecla Mining* N Helio Res V 167 Hellix Vent* O 368 Heron Res T 511 Highbank Res V 322 Highland Copp V 530 65 Highway 50 Gld* O O 435 Hochschild Mg* O 174 Homestake Res* V 2769 Homestake Res 902 Honey Badger E V 98 Hornby Bay Mnl V Houston Lake V 230 HTI Ventures V 574 HudBay Mnls* N 1391 HudBay Mnls T 8125 Hudson Res V 311 Hudson Res* O 26 Hunt Mng* O 350 Hunt Mng V 244

0.15 0.33 - 0.01 0.57 0.36 0.32 0.10 0.15 + 0.01 0.15 0.15 0.14 0.04 0.10 - 0.01 0.12 0.10 0.00 0.01 0.02 + 0.01 0.04 0.02 0.01 0.05 0.08 - 0.02 0.15 0.10 0.00 0.01 0.09 + 0.01 0.11 0.09 0.08 0.02 0.11 + 0.01 0.14 0.12 0.10 0.06 0.02 0.04 0.05 + 0.02 0.05 0.03 0.12 - 0.01 0.14 0.13 0.09 0.01 0.03 - 0.01 0.04 0.03 0.00 0.02 0.24 + 0.10 0.24 0.24 0.14 0.06 0.32 + 0.13 0.36 0.36 0.19 0.06 0.68 + 0.03 0.79 0.69 0.65 0.16 0.03 0.10 0.11 - 0.01 0.12 1.95 4.88 + 0.08 6.58 5.00 4.76 0.06 0.04 0.00 0.04 - 0.01 0.04 0.00 0.02 - 0.00 0.04 0.02 0.02 0.17 0.41 + 0.02 0.51 0.43 0.36 0.13 0.32 + 0.02 0.38 0.32 0.28 0.20 2.30 + 0.02 2.51 2.30 0.00 0.06 0.38 + 0.11 0.39 0.39 0.30 0.05 0.44 + 0.09 0.53 0.53 0.39 0.94 1.17 + 0.02 1.65 1.19 1.11 0.01 0.01 - 0.00 600.00 0.00 0.01 0.11 0.01 0.07 0.09 - 0.00 0.09 0.16 0.02 0.11 0.12 - 0.01 0.12 2.04 6.21 + 0.33 6.31 6.33 5.42 0.28 0.07 0.14 0.16 + 0.02 0.17 0.01 0.69 - 0.15 1.02 1.02 0.54 0.19 0.00 0.01 0.01 + 0.00 0.01 0.49 0.02 0.26 0.33 - 0.03 0.35 0.21 0.08 0.16 0.21 + 0.05 0.21 1.14 5.62 + 0.58 5.60 5.64 4.73 0.14 0.01 0.08 0.09 + 0.01 0.09 2.73 0.42 0.12 - 1.67 1.95 2.03 2.10 0.32 1.27 1.50 - 0.07 1.53 0.03 0.14 + 0.03 0.16 0.14 0.00 0.01 0.04 + 0.01 0.04 0.04 0.03 13.55 23.33 - 0.76 26.56 25.03 23.11 17.88 - 0.43 20.38 9.46 19.00 17.52 0.17 1.23 + 0.32 1.20 1.23 0.96 0.13 0.95 + 0.26 1.12 1.00 0.72 0.03 0.13 + 0.06 0.09 0.13 0.07 0.44 0.07 0.35 0.37 - 0.04 0.44 0.32 0.06 0.28 0.29 + 0.00 0.32 0.00 0.03 + 0.00 0.03 0.03 0.00 0.01 0.10 + 0.02 0.14 0.11 0.07 0.00 0.07 + 0.02 0.10 0.08 0.05 0.12 0.21 + 0.03 0.47 0.21 0.18 0.16 0.28 + 0.01 0.60 0.30 0.22 0.00 0.00 + 0.00 3000.00 0.00 0.01 0.13 1.02 + 0.05 1.16 1.06 0.87 0.19 1.32 + 0.05 1.51 1.38 1.15 0.09 0.05 0.05 0.05 - 0.01 0.06 0.48 0.93 - 0.12 1.56 1.05 0.90 0.67 1.21 - 0.16 2.00 1.39 1.17 0.07 0.28 + 0.04 0.34 0.28 0.24 0.02 0.45 + 0.04 0.67 0.46 0.41 0.26 0.03 0.13 0.14 - 0.01 0.16 0.14 0.05 0.10 0.10 - 0.05 0.10 0.21 1.03 - 0.29 1.46 1.21 0.99 0.14 0.78 - 0.22 1.13 0.92 0.75 0.02 0.11 + 0.02 0.11 0.13 0.09 0.07 0.24 - 0.03 0.32 0.27 0.23 0.10 0.60 - 0.10 0.90 0.64 0.52 0.08 0.43 - 0.19 0.62 0.62 0.00 0.05 0.33 - 0.01 0.39 0.35 0.32 0.03 0.26 - 0.00 0.30 0.26 0.24 0.03 0.15 - 0.06 0.36 0.16 0.00 0.09 0.60 + 0.05 0.62 0.61 0.53 0.02 0.06 - 0.01 0.08 0.07 0.06 0.15 1.48 + 0.09 1.55 1.52 1.28 0.11 0.34 - 0.03 0.45 0.38 0.33 0.14 0.45 - 0.04 0.57 0.49 0.43 0.07 0.25 - 0.01 0.34 0.26 0.23 0.08 0.13 - 0.02 0.20 0.15 0.13 0.01 0.04 + 0.01 0.06 0.04 0.04 0.08 0.12 + 0.00 0.16 0.13 0.12 0.14 0.14 - 0.02 0.19 0.18 0.14 0.05 0.22 + 0.04 0.20 0.23 0.18 0.04 0.17 + 0.04 0.16 0.17 0.13 0.08 0.46 - 0.03 0.57 0.50 0.45 0.04 0.11 - 0.00 0.20 0.12 0.10 0.06 0.13 - 0.02 0.27 0.15 0.13 0.04 0.18 + 0.02 0.20 0.18 0.00 0.06 0.01 0.03 0.06 + 0.03 0.06 0.00 0.01 + 0.00 0.02 0.01 0.01 0.05 0.07 + 0.01 0.14 0.07 0.06 0.03 0.07 + 0.01 0.09 0.07 0.06 0.35 0.05 0.00 0.29 + 0.01 0.29 0.13 0.06 0.07 0.07 + 0.01 0.07 0.09 0.04 0.05 0.06 + 0.01 0.06 0.43 1.90 + 0.14 2.82 1.92 1.64 0.33 1.45 + 0.11 2.25 1.47 1.23 0.49 0.11 0.15 0.16 - 0.01 0.17 0.02 0.00 0.00 0.00 - 0.00 0.01 0.01 0.11 + 0.01 0.24 0.11 0.09 0.00 0.00 - 0.00 0.00 0.00 0.00 0.14 0.01 0.07 0.08 + 0.02 0.08 0.05 0.01 0.01 0.01 - 0.01 0.02 0.05 0.18 + 0.03 0.18 0.18 0.14 0.06 0.15 + 0.02 0.18 0.15 0.13 0.01 0.04 - 0.01 0.10 0.05 0.04 0.01 0.18 - 0.02 0.21 0.19 0.11 0.16 0.02 0.08 0.08 + 0.01 0.10 0.00 0.03 - 0.00 0.04 0.04 0.02 0.01 0.04 + 0.01 0.05 0.04 0.04 7.65 8.40 + 0.43 10.35 2.48 8.53 0.05 0.01 0.04 0.04 + 0.01 0.05 0.53 4.57 + 0.25 4.72 4.62 4.00 0.05 0.25 - 0.03 0.35 0.28 0.24 0.03 0.07 - 0.01 0.10 0.07 0.00 0.01 0.05 - 0.01 0.07 0.05 0.00 1.45 6.49 + 0.47 6.38 6.56 5.66 0.02 0.05 - 0.01 0.08 0.05 0.04 0.00 0.03 - 0.01 0.06 0.04 0.03 0.07 0.14 - 0.01 0.17 0.17 0.14 0.04 0.07 - 0.01 0.21 0.07 0.06 0.07 0.10 + 0.01 0.18 0.10 0.09 0.19 0.05 0.16 0.19 - 0.00 0.19 0.59 3.53 + 0.47 3.63 3.63 2.91 0.01 0.17 + 0.00 0.18 0.18 0.16 0.01 0.23 + 0.02 0.24 0.24 0.21 0.05 0.01 0.03 0.04 - 0.01 0.04 0.09 0.03 0.00 0.06 + 0.01 0.06 0.13 0.29 + 0.01 0.40 0.30 0.27 0.00 0.73 + 0.19 0.73 0.74 0.55 1.56 5.00 + 0.18 6.67 5.14 4.69 2.26 6.51 + 0.20 8.70 6.76 6.26 0.34 0.41 - 0.02 0.55 0.42 0.40 0.26 0.30 - 0.03 0.41 0.33 0.30 0.01 0.19 + 0.02 0.22 0.19 0.18 0.02 0.25 + 0.02 0.35 0.25 0.23

I-Minerals V 100 I-Minerals* O 96 66609 IAMGOLD* N IAMGOLD T 15084 Iberian Mnrls V 3448 IC Potash* O 366 Iconic Mnls V 415 Idaho North* O 33 IDM Mining* O 326 IDM Mining V 2404 IMPACT Silver V 620 O 155 Impala Platnm* O 4 Imperial Metal* Imperial Metal T 113 Inca One Gold V 1725 44 Inca One Gold* O 1 Inception Mng * O V 401 Independence G O 44 Independence G* Indico Res V 226 Inform Res V 97 O 4 Inspiration Mg* Integra Gold* O 1881 Integra Gold V 4207 Interconnect V 52 Intigold Mines V 466 144 Intl Bethl Mng V Intl Lithium* O 201 Intl Lithium V 561 256 Intl Samuel Ex V Intl Tower Hil* X 2284 600 T Intl Tower Hil Intrepid Pots* N 4562 INV Metals* O 52 INV Metals T 954 50 Inventus Mg * O Inventus Mg V 344 InZinc Mining V 232 InZinc Mining* O 80 O 648 Ireland* 188 Iron South Mng V Ironside Res V 41 Irving Res* O 9 Irving Res 29 233 Itoco Mg Corp* O O 1508 Ivanhoe Mines* Ivanhoe Mines T 6672 Jaguar Mng* O 1874 Jaguar Mng V 2897 Jaxon Mnls V 100 Jayden Res V 119 Jazz Res V 21 Jiulian Res V 108 O 1842 K92 Mng Inc* Kaizen Discvry V 199 O 33 Kaizen Discvry* O 110 Kapuskasing Gd* Karnalyte Res T 132 Katanga Mng T 224 Kenna Res V 345 Kennady Diam V 68 Kermode Res V 1633 Kerr Mines* O 526 Kerr Mines T 1463

0.16 0.29 - 0.01 0.37 0.30 0.27 0.14 0.22 + 0.01 0.28 0.23 0.22 1.15 5.17 + 0.55 5.09 5.25 4.39 1.66 6.74 + 0.67 6.69 6.84 5.81 0.04 0.08 + 0.02 0.11 0.08 0.06 0.03 0.08 + 0.01 0.12 0.08 0.07 0.03 0.35 - 0.03 0.45 0.38 0.34 0.06 0.07 - 0.01 0.10 0.08 0.07 0.04 0.15 - 0.01 0.21 0.17 0.15 0.07 0.21 + 0.01 0.26 0.22 0.20 0.11 1.05 + 0.10 1.09 1.05 0.87 1.45 4.48 + 0.80 4.38 4.48 3.61 2.81 5.78 + 0.17 6.52 5.78 5.56 3.92 7.69 + 0.41 8.82 7.69 7.26 0.17 0.04 0.05 0.05 - 0.01 0.06 0.12 0.03 0.04 0.04 - 0.00 0.04 1.00 0.20 0.00 0.55 - 0.25 0.55 0.06 0.41 + 0.02 0.43 0.43 0.37 0.04 0.31 + 0.00 0.33 0.32 0.28 0.03 0.04 - 0.01 0.10 0.04 0.04 0.05 0.40 + 0.36 0.40 0.04 0.00 0.01 0.06 - 0.00 0.10 0.06 0.04 0.18 0.67 + 0.05 0.70 0.68 0.60 0.23 0.88 + 0.08 0.89 0.88 0.79 0.05 0.08 - 0.06 0.14 0.14 0.08 0.06 0.07 - 0.01 0.21 0.07 0.06 0.10 0.02 0.03 0.03 + 0.01 0.03 0.02 0.17 + 0.02 0.55 0.17 0.14 0.03 0.22 + 0.03 0.38 0.22 0.19 0.15 0.05 0.08 0.09 - 0.01 0.10 1.40 0.18 0.91 1.25 + 0.21 1.25 1.82 0.26 1.20 1.57 + 0.18 1.63 0.65 1.29 - 0.01 8.74 1.40 1.22 0.08 0.62 - 0.03 0.77 0.69 0.62 0.08 0.85 - 0.05 1.02 0.91 0.77 0.28 0.20 0.20 0.20 - 0.01 0.21 0.02 0.27 - 0.01 0.35 0.29 0.26 0.04 0.16 + 0.02 0.18 0.16 0.14 0.03 0.11 - 0.00 0.12 0.11 0.11 0.13 0.22 - 0.05 0.38 0.26 0.19 0.20 0.04 0.19 0.20 + 0.01 0.20 0.05 0.11 - 0.04 0.24 0.14 0.11 0.09 0.19 + 0.03 0.27 0.19 0.00 0.11 0.26 + 0.04 0.35 0.26 0.00 1.10 0.08 0.10 0.11 + 0.01 0.11 0.36 1.11 + 0.24 0.96 1.12 0.83 0.53 1.43 + 0.30 1.27 1.45 1.10 0.07 0.56 + 0.15 0.51 0.59 0.38 0.12 0.74 + 0.20 0.67 0.77 0.50 0.01 0.07 + 0.02 0.09 0.07 0.07 0.03 0.15 - 0.02 0.23 0.15 0.15 0.08 0.10 + 0.01 0.23 0.11 0.10 0.01 0.02 + 0.01 0.03 0.02 0.02 1.55 0.75 1.35 1.51 + 0.02 1.55 0.08 0.03 0.28 + 0.24 0.24 0.20 0.06 0.16 + 0.00 0.19 0.16 0.16 0.02 0.03 - 0.02 0.05 0.05 0.03 0.52 2.25 + 0.18 4.15 2.38 2.00 0.13 0.15 + 0.01 0.24 0.15 0.14 0.12 0.24 + 0.02 0.27 0.27 0.23 2.35 4.07 - 0.03 4.40 4.21 4.05 0.01 0.01 - 0.01 0.02 0.02 0.01 0.01 0.11 + 0.01 0.12 0.12 0.09 0.02 0.14 + 0.01 0.16 0.15 0.12

I-J-K

2016-08-02 6:38 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 8â&#x20AC;&#x201C;14, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Kesselrun Res V 388 0.36 0.32 0.34 - 0.02 0.43 0.02 Khalkos Expl V 446 0.17 0.14 0.16 + 0.02 0.26 0.05 Khan Res 70 0.83 0.81 0.83 + 0.01 0.88 0.34 Kilo Goldmines V 306 0.14 0.12 0.13 - 0.01 0.17 0.04 V 51 0.35 0.00 0.34 - 0.02 0.55 0.15 Kincora Copper Kings Bay Gold V 24 0.09 0.06 0.09 + 0.01 0.15 0.05 Kingsmen Res* O 29 0.10 0.07 0.10 + 0.03 0.10 0.02 Kingsrose Mng* O 5 0.42 0.42 0.42 - 0.08 1.09 0.42 Kinross Gold T 29673 6.84 6.18 6.75 + 0.18 7.56 1.79 Kinross Gold* N 71721 5.25 4.68 5.17 + 0.17 5.82 1.31 Kirkland Lk Gd* O 89 8.63 7.77 8.55 + 0.39 9.62 3.12 Kirkland Lk Gd T 3122 11.25 10.24 11.15 + 0.44 12.39 4.51 Kiska Metals* O 508 0.09 0.06 0.09 + 0.02 0.09 0.01 Kiska Metals V 1272 0.12 0.08 0.11 + 0.03 0.12 0.01 Kivalliq Enrgy V 649 0.10 0.00 0.10 + 0.01 0.10 0.06 Klondex Mns T 3761 6.19 5.35 6.16 + 0.50 6.00 2.56 Klondike Gold V 904 0.40 0.31 0.39 + 0.07 0.42 0.08 Klondike Gold* O 97 0.31 0.23 0.30 + 0.04 0.32 0.06 Klondike Silv* O 13 0.07 0.06 0.06 - 0.01 0.08 0.01 0.10 + 0.02 0.10 0.01 Klondike Silv V 591 0.10 0.09 Kombat Copper V 851 0.06 0.05 0.06 - 0.01 0.10 0.02 Komet Resource V 129 0.36 0.33 0.35 + 0.03 0.50 0.29 Kootenay Silvr V 1430 0.50 0.45 0.50 + 0.04 0.50 0.17

L Labdr Iron Mns* O 85 0.01 0.00 0.00 - 0.00 0.02 0.00 14.96 + 0.20 17.44 6.85 Labrador Iron T 869 15.04 14.24 Lago Dourado V 234 0.59 0.24 0.29 + 0.14 0.59 0.05 Lake Victoria* O 35 0.01 0.01 0.01 + 0.00 0.07 0.01 0.01 - 0.01 0.04 0.01 Lamelee Iron V 374 0.02 0.01 Lara Expl V 288 1.41 1.26 1.35 + 0.10 1.52 0.20 Laramide Res T 148 0.25 0.22 0.23 - 0.01 0.38 0.15 0.49 + 0.05 0.56 0.08 Largo Res* O 71 0.52 0.45 Largo Res T 261 0.70 0.57 0.63 + 0.06 0.72 0.11 39 0.31 0.24 0.31 + 0.00 0.36 0.06 Latin Am Mnls* O 5 0.01 0.00 0.00 - 0.01 0.02 0.00 Laurion Mnl Ex* O LeadFX Inc* O 23 0.25 0.23 0.25 + 0.02 0.41 0.11 0.05 + 0.01 0.06 0.02 Legend Gold V 51 0.05 0.04 Levon Res Ltd * O 69 0.36 0.32 0.35 - 0.02 0.42 0.07 390 0.48 0.43 0.46 + 0.01 0.54 0.09 Levon Res Ltd T Lexam VG Gold* O 529 0.22 0.19 0.21 - 0.00 0.23 0.04 Lexam VG Gold T 417 0.28 0.26 0.27 - 0.01 0.29 0.05 0.02 - 0.00 0.04 0.01 Li3 Energy* O 327 0.02 0.02 Liberty Star* O 48603 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 - 0.01 0.11 0.02 Lincoln Mng V 34 0.10 0.00 Lion One Mtls* O 91 0.72 0.66 0.71 + 0.02 0.74 0.18 342 0.04 0.02 0.04 + 0.04 0.04 0.01 Lions Bay Cap V Lions Gate Mtl 12 0.08 0.06 0.08 + 0.02 0.06 0.01 0.74 + 0.02 0.87 0.34 Lithium Amer* O 994 0.74 0.66 Lithium Amer T 4481 0.96 0.87 0.96 + 0.03 1.15 0.26 Lithium Corp* O 782 0.10 0.08 0.09 + 0.01 0.13 0.02 0.01 + 0.00 0.45 0.00 Lithium Expl* O 4641 0.01 0.00 LKA Gold* O 6 0.40 0.32 0.32 - 0.08 0.53 0.10 0.03 - 0.00 0.05 0.01 Lode-Star Mg* O 425 0.03 0.03 Lomiko Mtls* O 39 0.03 0.03 0.03 - 0.00 0.04 0.02 Loncor Res* O 22 0.19 0.18 0.19 + 0.01 0.20 0.01 215 0.01 0.00 0.00 - 0.00 0.01 0.00 Lone Star Gold* O Lonmin plc* O 10 3.12 0.00 3.12 + 0.59 2.53 0.01 Lonmin plc* O 22 3.11 0.00 3.10 + 0.28 90.00 0.55 V 67 0.09 0.08 0.09 + 0.01 0.12 0.04 Lorraine Coppr Los Andes Copp V 634 0.18 0.15 0.17 - 0.01 0.20 0.05 0.31 + 0.01 0.39 0.12 Lowell Copper V 26 0.31 0.30 Lucara Diam T 4282 4.05 3.72 4.03 + 0.26 4.37 1.42 Luna Gold* O 229 0.19 0.16 0.19 + 0.02 0.20 0.02 0.25 + 0.01 0.25 0.03 Luna Gold T 322 0.25 0.21 Lund Enterpr V 49 0.11 0.10 0.10 - 0.02 0.14 0.02 5.61 + 0.07 6.51 3.46 Lundin Gold T 542 5.64 5.38 5.46 + 0.15 5.52 2.98 Lundin Mng T 9126 5.53 5.19 Lupaka Gold V 452 0.19 0.16 0.19 + 0.04 0.23 0.04 0.35 + 0.05 0.37 0.13 Lydian Intl* O 116 0.37 0.29 Lydian Intl T 5367 0.49 0.39 0.46 + 0.07 0.49 0.19 0.06 + 0.00 0.10 0.02 Lynas Corp* O 237 0.06 0.05

M Macarthur Mnl* O 730 0.06 0.05 0.05 + 0.00 0.14 0.02 Maccabi Vent 120 0.10 0.08 0.08 - 0.03 0.14 0.08 V 1014 0.02 0.01 0.01 - 0.01 0.02 0.01 MacDonald Mns MacMillan Mnls V 169 1.20 1.05 1.05 - 0.10 2.88 0.32 0.01 - 0.01 0.05 0.01 Mag Copper 1324 0.02 0.01 MAG Silver T 1120 20.68 18.76 20.50 + 0.85 20.68 8.60 O 127 0.22 0.11 0.13 - 0.07 0.35 0.04 Magellan Gold* Majescor Res* O 108 0.06 0.06 0.06 - 0.00 0.09 0.01 0.08 + 0.01 0.15 0.02 Majescor Res V 362 0.09 0.07 Makena Res* O 4 0.02 0.02 0.02 - 0.01 0.04 0.01 Malbex Res V 224 0.43 0.00 0.38 - 0.08 0.46 0.20 0.03 + 0.01 0.03 0.01 Mammoth Res V 274 0.03 0.02 Mandalay Res T 1573 1.17 1.13 1.13 - 0.01 1.35 0.59 V 217 0.04 0.04 0.04 - 0.01 0.06 0.01 Mangazeya Mng 0.09 - 0.01 0.12 0.02 Manitou Gold V 144 0.10 0.09 Marathon Gold T 649 0.51 0.46 0.49 + 0.01 0.53 0.11 0.25 + 0.01 0.29 0.11 Margaux Res V 488 0.26 0.21 Mariana Res V 751 1.20 0.85 0.90 - 0.10 1.20 0.85 0.68 + 0.02 0.89 0.02 Mariana Res* O 877 0.77 0.63 0.03 + 0.01 0.04 0.01 Marifil Mines V 194 0.03 0.02 Maritime Res V 460 0.29 0.25 0.28 + 0.01 0.31 0.08 0.45 - 0.00 0.52 0.10 Marlin Gold* O 45 0.45 0.42 Marlin Gold V 98 0.60 0.55 0.59 + 0.04 0.68 0.15 Martina Mnls V 36 0.06 0.05 0.06 + 0.01 0.06 0.02 202.65 + 4.40 206.36 108.31 MartinMarietta* N 2568 206.36 196.66 Mason Graphite* O 250 0.88 0.73 0.76 - 0.12 0.96 0.21 V 818 1.17 0.96 1.04 - 0.13 1.25 0.30 Mason Graphite V 119 0.37 0.27 0.27 - 0.10 0.49 0.18 Matachewan Con Matamec Expl V 225 0.06 0.06 0.06 - 0.01 0.07 0.02 O 223 0.00 0.00 0.00 - 0.00 0.01 0.00 Maudore Mnrls* Maverix Mtls* O 8 0.90 0.83 0.85 - 0.05 1.01 0.80 0.24 + 0.03 0.30 0.16 Mawson Res T 81 0.25 0.22 Mawson Res* O 80 0.20 0.16 0.18 - 0.01 0.24 0.12 MAX Res V 25 0.08 0.08 0.08 + 0.01 0.11 0.05 0.16 0.14 0.16 + 0.01 0.25 0.10 Maya Gold &Sil V 1381 McEwen Mng* N 19940 4.50 3.58 4.44 + 0.54 4.92 0.68 5.79 + 0.67 6.44 0.88 McEwen Mng T 2981 5.86 4.75 MDN Inc V 1229 0.08 0.06 0.07 + 0.01 0.08 0.01 MDN Inc* O 38 0.06 0.05 0.05 + 0.02 0.06 0.01 Meadow Bay Gd* O 272 0.07 0.06 0.07 - 0.00 0.17 0.04 Mechel* N 815 1.74 1.46 1.46 - 0.25 2.48 1.23 Medgold Res V 1090 0.16 0.13 0.16 + 0.03 0.25 0.05 Medinah Mnrls* O 3841 0.01 0.01 0.01 - 0.00 0.03 0.01 Mega Uranium T 1797 0.14 0.12 0.13 - 0.02 0.20 0.05 Mega Uranium* O 509 0.11 0.09 0.09 - 0.01 0.15 0.04 Megastar Dev V 33 0.06 0.04 0.05 + 0.01 0.08 0.02 Melior Res V 233 0.03 0.02 0.02 - 0.01 0.06 0.01 Melkior Res V 1111 0.04 0.03 0.04 + 0.01 0.06 0.01 Merrex Gold V 322 0.22 0.18 0.20 + 0.01 0.31 0.10 Mesa Expl* O 9 0.09 0.07 0.07 - 0.02 0.14 0.01 Mesa Expl V 54 0.11 0.10 0.10 - 0.01 0.17 0.01 Metalex Vent V 113 0.07 0.06 0.07 + 0.01 0.11 0.04 Metallis Res V 142 0.25 0.18 0.25 + 0.05 0.28 0.02 Metals Creek V 355 0.11 0.10 0.11 + 0.02 0.20 0.05 Metals Creek* O 245 0.09 0.07 0.09 + 0.02 0.14 0.05 Metanor Res V 7321 0.10 0.08 0.10 + 0.02 0.13 0.03 Mexus Gold* O 3238 0.06 0.05 0.06 - 0.00 0.07 0.00 MGX Minerals 422 0.20 0.17 0.18 - 0.01 0.70 0.08 Midas Gold* O 2002 0.83 0.68 0.82 + 0.10 0.90 0.16 Midas Gold T 2088 1.11 0.90 1.07 + 0.11 1.18 0.25 Midland Expl V 108 1.20 1.00 1.08 + 0.02 1.20 0.45 Midnight Sun V 136 0.13 0.11 0.12 + 0.01 0.24 0.08 Midway Gold* O 834 0.00 0.00 0.00 - 0.00 0.01 0.00 Millrock Res V 751 0.51 0.45 0.51 + 0.05 0.51 0.15 Millrock Res* O 330 0.40 0.33 0.38 + 0.02 0.40 0.11 Millstream Min V 72 0.07 0.06 0.06 - 0.01 0.16 0.02 Minaurum Gold V 47 0.13 0.12 0.12 - 0.01 0.14 0.04 Minco Gold* X 1332 0.33 0.28 0.31 - 0.01 0.42 0.10 Minco Gold T 131 0.44 0.38 0.42 + 0.01 0.55 0.12 Minco Silver T 426 1.85 1.62 1.81 + 0.10 2.05 0.32 Minco Silver* O 111 1.41 1.24 1.38 + 0.06 1.54 0.26 Minera Alamos V 386 0.27 0.24 0.26 - 0.02 0.29 0.07 Mineral Mtn V 180 0.40 0.35 0.40 + 0.04 0.41 0.08 Mineral Mtn* O 7 0.29 0.28 0.28 - 0.00 0.32 0.04 Mines Manage* X 677 1.46 1.23 1.40 + 0.09 1.40 0.11 Mines Manage T 32 1.90 1.53 1.82 - 0.03 1.98 0.17 Minfocus Expl V 214 0.04 0.03 0.03 - 0.01 0.05 0.01 Mirasol Res V 403 2.93 2.31 2.93 + 0.34 2.85 0.72 Mitchell Res* O 1 0.09 0.00 0.09 - 0.00 0.09 0.09 Mkango Res V 144 0.07 0.07 0.07 + 0.01 0.11 0.03 Molycorp* O 1085 0.04 0.03 0.03 - 0.00 0.15 0.02 Monarques Res* O 87 0.48 0.35 0.39 - 0.08 0.48 0.04 Monarques Res V 2502 0.66 0.44 0.54 - 0.08 0.66 0.06 Moneta Porcpn* O 1004 0.26 0.23 0.24 - 0.02 0.26 0.06 Moneta Porcpn T 2372 0.35 0.31 0.32 - 0.01 0.35 0.07 Monster Mng V 320 0.14 0.08 0.14 + 0.05 0.30 0.05 Monster Mng* O 49 0.11 0.04 0.11 + 0.07 0.11 0.04 Montan Mg* O 407 0.06 0.04 0.06 + 0.01 0.09 0.01 Montan Mg V 1516 0.08 0.06 0.08 + 0.01 0.15 0.02 Montego Res 40 0.10 0.08 0.08 - 0.03 0.15 0.08 Monument Mng V 633 0.15 0.13 0.14 - 0.02 0.19 0.08 Morumbi Res V 198 0.04 0.03 0.04 + 0.01 0.07 0.02 Mosaic* N 26895 29.69 26.63 27.00 - 1.28 45.36 22.02 Mountain Prov T 271 6.49 6.25 6.47 + 0.22 6.60 3.38 Mountain Prov* D 176 4.98 4.72 4.94 + 0.19 5.10 2.47 Mundoro Cap* O 53 0.09 0.09 0.09 - 0.00 0.13 0.03 Mundoro Cap V 217 0.12 0.11 0.12 + 0.02 0.18 0.04 Mustang Mnrls* O 161 0.01 0.00 0.00 - 0.01 0.01 0.00 MX Gold* O 1398 0.19 0.15 0.19 + 0.01 0.23 0.07 MX Gold V 5024 0.24 0.21 0.24 + 0.01 0.29 0.10 Myson Group* O 655 0.03 0.01 0.03 + 0.02 0.07 0.00

N-O NACCO Ind* N 53 59.67 56.18 56.27 - 1.99 61.29 40.04 Namibia Rare E T 54 0.09 0.09 0.09 - 0.02 0.17 0.04 Napier Vent V 35 0.30 0.24 0.29 - 0.01 0.34 0.15 Napier Vent* O 7 0.23 0.23 0.23 - 0.01 0.26 0.19 Natural Res Pt* N 355 25.00 20.14 24.38 + 3.17 34.80 5.00 Nautilus Mnrls T 751 0.16 0.13 0.16 + 0.03 0.41 0.10 Nautilus Mnrls* O 356 0.12 0.09 0.12 + 0.02 0.32 0.08 Navis Res Corp 35 0.02 0.00 0.01 - 0.02 0.02 0.00 Nemaska Lith* O 267 0.92 0.77 0.90 + 0.06 1.50 0.15 Nemaska Lith T 6837 1.20 1.00 1.17 + 0.07 1.97 0.19 Nevada Clean M V 410 0.02 0.02 0.02 - 0.01 0.05 0.02 Nevada Egy Mtl* O 467 0.09 0.08 0.09 + 0.01 0.20 0.06 Nevada Egy Mtl V 1627 0.12 0.11 0.12 + 0.01 0.26 0.01 Nevada Expl * O 178 0.35 0.28 0.35 + 0.03 0.61 0.08 Nevada Expl V 208 0.45 0.40 0.45 + 0.05 0.94 0.05 Nevada Sunrise* O 254 0.22 0.19 0.20 - 0.00 0.28 0.09 Nevada Sunrise V 794 0.28 0.25 0.27 - 0.01 0.37 0.13 Nevada Zinc V 160 0.38 0.32 0.36 + 0.03 0.43 0.19 Nevado Res V 582 0.08 0.07 0.07 - 0.01 0.08 0.01

10-11_Aug 8_StockTables.indd 11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevsun Res* X 7773 3.40 2.88 3.32 + 0.39 3.80 2.27 Nevsun Res T 9257 4.42 3.82 4.32 + 0.46 4.81 3.27 New Carolin Gd V 1614 0.09 0.08 0.09 + 0.01 0.15 0.04 New Carolin Gd* O 215 0.07 0.06 0.07 + 0.01 0.12 0.03 New Colombia* O 3677 0.02 0.01 0.02 + 0.00 0.05 0.00 273 0.13 0.11 0.13 + 0.02 0.19 0.04 New Dimen Res V New Gold* O 19 0.08 0.06 0.08 + 0.02 0.28 0.03 6.78 + 0.99 6.57 2.52 New Gold T 10813 6.92 5.59 New Gold* X 29522 5.31 4.23 5.20 + 0.81 5.01 1.76 New Milln Iron* O 262 0.11 0.09 0.09 - 0.01 0.11 0.03 0.18 0.07 0.11 + 0.04 0.18 0.05 New Milln Iron T 6197 New Nadina V 6 0.13 0.00 0.11 + 0.01 0.18 0.05 0.36 - 0.06 0.52 0.09 New Oroperu V 64 0.42 0.00 New World Res V 15 0.10 0.00 0.08 - 0.03 0.11 0.01 NewCastle Gold* O 338 0.66 0.55 0.65 + 0.05 0.65 0.14 T 2676 4.40 3.75 4.33 + 0.50 4.14 0.97 Newmarket Gold Newmarket Gold* O 787 3.38 2.82 3.34 + 0.40 3.20 0.77 Newmont Mng* N 36258 44.17 39.66 44.00 + 2.73 42.81 15.39 Newport Expl V 333 0.21 0.19 0.20 - 0.01 0.38 0.19 0.02 + 0.00 0.03 0.00 Newport Gold* O 30 0.02 0.01 Nexgen Energy T 2746 2.35 2.16 2.32 - 0.05 2.86 0.56 Nexgen Energy* O 137 1.89 1.63 1.78 - 0.02 2.25 0.41 Next Gen Mtls* O 17 0.10 0.07 0.07 - 0.02 0.14 0.07 Next Gen Mtls 69 0.11 0.11 0.11 - 0.01 0.18 0.01 NGEx Res* O 21 0.91 0.87 0.89 - 0.00 1.00 0.37 Nicola Mg Inc V 3078 0.18 0.13 0.17 + 0.05 0.20 0.05 Nicola Mg Inc* O 53 0.14 0.10 0.14 + 0.04 0.14 0.03 Nighthawk Gold V 866 0.36 0.32 0.34 - 0.01 0.40 0.04 0.09 - 0.02 0.19 0.02 Nikos Expl V 195 0.11 0.08 Niocan Inc V 43 0.10 0.08 0.09 + 0.01 0.18 0.04 Niocorp Dev T 692 1.07 0.95 0.98 + 0.02 1.14 0.51 Niocorp Dev* O 576 0.81 0.72 0.76 + 0.01 0.87 0.37 Nippon Dragon V 349 0.10 0.08 0.10 + 0.01 0.15 0.03 Nitinat Mnls* O 10 0.05 0.05 0.05 + 0.03 0.05 0.02 Noble Metal Gr V 33 0.01 0.01 0.01 - 0.01 0.01 0.01 Noram Vent V 16793 0.13 0.08 0.12 + 0.04 0.13 0.01 Noranda Alum* O 247 0.08 0.04 0.05 + 0.00 5.04 0.02 North Am Nickl* O 83 0.08 0.06 0.08 + 0.01 0.18 0.05 North Am Nickl V 391 0.10 0.08 0.10 + 0.01 0.23 0.07 13 5.45 5.25 5.40 + 0.05 10.00 3.85 North Am Pall T North Am Pall* O 8 4.09 3.96 4.09 - 0.03 8.00 2.71 North Arrow Mn V 146 0.21 0.18 0.18 - 0.04 0.46 0.12 North Springs* O 2774 0.10 0.02 0.05 - 0.04 40.00 0.02 Northcliff Res T 557 0.13 0.11 0.11 - 0.01 0.15 0.06 Northisle C&G V 301 0.11 0.10 0.11 + 0.01 0.14 0.02 Northn Empire V 765 0.23 0.19 0.23 + 0.03 0.27 0.06 Northn Empire* O 51 0.17 0.15 0.15 - 0.02 0.22 0.04 Northquest V 47 0.26 0.26 0.26 + 0.01 0.35 0.07 Norvista Cap V 831 0.20 0.17 0.20 - 0.01 0.24 0.08 Nouveau Monde V 587 0.30 0.26 0.28 + 0.02 0.38 0.13 0.57 - 0.03 0.86 0.15 NovaCopper* X 458 0.58 0.53 NovaCopper T 30 0.76 0.74 0.75 - 0.02 1.08 0.20 NovaGold Res* X 11111 7.08 6.06 6.96 + 0.60 7.29 2.91 9.08 + 0.71 9.56 3.85 NovaGold Res T 2161 9.23 8.03 Novo Res* O 191 0.71 0.65 0.69 + 0.01 1.00 0.35 NQ Explor V 1181 0.02 0.02 0.02 + 0.01 0.02 0.01 NRG Metals* O 34 0.08 0.00 0.08 + 0.01 0.11 0.01 NRG Metals V 1314 0.13 0.09 0.11 + 0.01 0.18 0.02 Nrthn Abitibi V 43 0.03 0.02 0.03 + 0.01 0.03 0.01 Nrthn Freegold* O 27 0.22 0.00 0.21 - 0.00 0.23 0.02 Nrthn Graphite V 322 0.42 0.35 0.38 - 0.02 0.63 0.16 Nrthn Graphite* O 177 0.31 0.26 0.29 - 0.02 0.47 0.12 Nrthn Iron V 9909 0.06 0.02 0.05 + 0.03 0.04 0.01 Nrthn Lion V 4 0.09 0.09 0.09 - 0.02 0.16 0.03 0.19 - 0.05 0.26 0.01 Nrthn Shield V 2321 0.22 0.17 Nrthn Vertex V 188 0.46 0.44 0.44 - 0.02 0.47 0.13 NSGold V 2 0.08 0.08 0.08 - 0.02 0.10 0.03 Nthn Dynasty T 3724 0.71 0.56 0.70 + 0.11 0.76 0.28 Nthn Dynasty* X 5874 0.55 0.42 0.54 + 0.10 0.58 0.20 Nthrn Sphere 254 0.50 0.24 0.50 - 0.10 0.63 0.10 Nubian Res V 50 0.08 0.07 0.08 + 0.01 0.11 0.01 NuLegacy Gold* O 1871 0.23 0.17 0.22 + 0.02 0.32 0.06 NuLegacy Gold V 3310 0.31 0.23 0.29 + 0.02 0.39 0.08 Nunavik Nickel V 110 0.16 0.00 0.15 - 0.02 0.27 0.03 NV Gold V 178 0.13 0.10 0.10 - 0.04 0.13 0.03 0.02 + 0.00 0.04 0.01 NX Uranium* O 7 0.02 0.02 OceanaGold T 8757 4.90 4.38 4.72 + 0.23 5.56 1.79 OceanaGold* O 16 3.63 3.33 3.60 + 0.17 4.26 1.43 Oceanic Iron O V 42 0.20 0.19 0.20 + 0.01 0.25 0.08 Oceanus Res V 806 0.26 0.21 0.25 - 0.01 0.35 0.14 Oceanus Res* O 600 0.19 0.16 0.16 - 0.04 0.26 0.16 Odin Mng & Exp V 320 0.84 0.75 0.82 + 0.11 0.85 0.21 Odin Mng & Exp* O 40 0.64 0.53 0.62 + 0.06 0.64 0.17 Olivut Res* O 14 0.24 0.21 0.21 - 0.03 0.30 0.05 Olivut Res V 60 0.32 0.27 0.30 - 0.02 0.42 0.08 Omineca Mg &Ml V 109 0.09 0.07 0.08 + 0.01 0.11 0.01 Opawica Expl V 224 0.14 0.13 0.13 + 0.01 0.15 0.02 Orbite Tech* O 171 0.35 0.32 0.32 + 0.00 0.40 0.15 Orca Gold V 697 0.44 0.35 0.38 - 0.01 0.45 0.12 Orca Gold* O 48 0.34 0.29 0.29 - 0.01 0.34 0.08 Orefinders Res V 1328 0.07 0.05 0.07 + 0.02 0.08 0.01 Oremex Silver* O 264 0.05 0.04 0.04 - 0.01 0.10 0.00 Orex Mnrls V 445 0.88 0.77 0.82 - 0.04 0.93 0.11 Orex Mnrls* O 39 0.65 0.05 0.63 - 0.02 0.70 0.26 Orezone Gold* O 330 0.90 0.74 0.88 + 0.11 0.95 0.16 Orezone Gold V 1443 1.18 0.98 1.17 + 0.18 1.25 0.22 Oriental Non F 21 0.58 0.54 0.54 - 0.02 0.58 0.27 Orla Mng Ltd V 221 0.90 0.73 0.83 - 0.04 0.90 0.08 Oroco Res V 154 0.05 0.04 0.05 + 0.01 0.06 0.01 Orocobre T 527 4.46 4.04 4.09 - 0.31 4.92 1.33 Oroplata Res* O 4511 1.91 1.09 1.16 - 0.67 2.04 0.25 Orosur Mng T 1067 0.30 0.26 0.30 + 0.03 0.32 0.10 Orsu Metals T 564 0.03 0.00 0.03 + 0.01 0.06 0.01 0.28 + 0.04 0.30 0.11 Orvana Mnrls T 655 0.29 0.25 Orvana Mnrls* O 159 0.21 0.19 0.21 + 0.02 0.24 0.07 Osisko Gold* N 925 13.43 11.98 13.28 + 0.73 13.80 8.88 Osisko Gold T 2006 17.50 15.85 17.34 + 0.85 17.90 12.58 Osisko Mng Inc T 1311 2.50 2.21 2.47 + 0.11 2.72 0.96 Otis Gold V 1177 0.24 0.19 0.23 + 0.03 0.23 0.06 Otis Gold* O 155 0.18 0.15 0.18 + 0.02 0.18 0.04 OZ Minerals* O 1 4.79 4.76 4.79 + 0.03 5.28 2.29

P-Q Pac Bay Mnrls V 36 Pac Booker Min V 4 Pac Imperial V 199 Pac Iron Ore V 2 Pac North West V 2755 Pac North West* O 40 Pac Potash* O 38 Pac Potash V 146 Pac Ridge Expl V 162 Pac Topaz V 505 Paget Mrnls V 19 Palamina Corp* O 8 Palamina Corp V 82 Pan Am Silver* D 11370 Pan Am Silver T 1586 O 259 Pancontinental* Pancontinental V 419 Panex Res* O 93 Panoro Mnrls V 897 Para Resources V 428 Parallel Mng V 106 Paramount Gold* X 809 Pasinex Res 593 Patriot Gold* O 804 Peabody Enrgy* O 769 Peat Res V 227 Pedro Res V 181 Pelangio Expl* O 225 Pele Mtn Res* O 75 Peregrine Diam T 1447 Perseus Mng T 2203 Pershimco Res V 561 Pershing Gold* D 875 Pershing Res* O 276 Peruvian Prc M* O 178 Petra Diamonds* O 5 Pilot Gold* O 959 Pilot Gold T 1806 O 43 Pine Cliff En* Pine Cliff En T 2144 Pinecrest Res V 156 Pistol Bay Mng V 1981 PJSC Polyus Gd* O 4 Planet Mng V 138 Plate Res V 691 Plateau Uran V 962 Plateau Uran* O 80 Platinum Gp Mt* X 1927 Platinum Gp Mt T 328 Plato Gold V 9 Playfair Mng V 159 Playfair Mng* O 3 PNG Gold V 943 Polaris Mater T 101 PolyMet Mng* X 558 Portage Res* O 516 Potash Corp SK T 19510 Potash Corp SK* N 77370 Potash Ridge T 4250 Potash Ridge* O 18 Precipitate Gl V 485 Premier Gold M T 4205 Pretium Res* N 5975 Pretium Res T 2252 V 78 Prime Meridian Prime Meridian* O 160 Primero Mng T 2672 Primero Mng* N 5064 Prism Res V 16 Probe Metals* O 218 Probe Metals V 957 Prophecy Coal* O 3 Prophecy Coal T 7 Prospect Glob* O 2 Prosper Gold V 644 Prospero Silvr V 78 PUF Vent Inc * O 40 Puma Expl V 250 Pure Energy* O 5181 Pure Energy V 6420 Pure Gold Mg* O 234 Pure Gold Mg V 2598 Purepoint Uran V 659 Q-Gold Res V 335 QMC Quantum Ml V 321 QMX Gold* O 88

0.06 0.00 0.06 - 0.01 0.10 0.03 1.10 1.09 1.09 - 0.01 2.50 0.63 0.03 0.03 0.03 + 0.01 0.05 0.01 0.16 0.00 0.16 - 0.01 0.39 0.11 0.05 0.04 0.04 - 0.01 0.08 0.01 0.04 0.04 0.04 - 0.00 0.06 0.00 0.03 0.03 0.03 - 0.01 0.03 0.00 0.07 0.04 0.06 + 0.02 0.07 0.03 0.08 0.07 0.08 - 0.01 0.10 0.02 0.28 0.20 0.28 + 0.08 0.29 0.07 0.09 0.00 0.09 + 0.02 0.09 0.01 0.14 0.13 0.13 + 0.00 0.15 0.08 0.20 0.00 0.18 - 0.01 0.20 0.06 19.63 17.01 19.50 + 1.31 19.30 5.38 25.60 22.51 25.48 + 1.53 25.00 7.77 0.03 0.00 0.03 + 0.00 0.04 0.00 0.06 0.04 0.04 - 0.02 0.06 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.20 0.18 0.20 + 0.01 0.21 0.09 0.25 0.22 0.24 + 0.01 0.36 0.06 0.16 0.15 0.16 + 0.01 0.16 0.05 2.23 1.90 2.11 - 0.03 2.93 0.93 0.11 0.08 0.09 - 0.02 0.14 0.03 0.20 0.12 0.19 + 0.03 0.23 0.03 1.84 1.59 1.61 - 0.24 41.10 0.55 0.05 0.03 0.04 + 0.01 0.07 0.01 0.20 0.15 0.16 - 0.04 0.20 0.01 0.05 0.05 0.05 - 0.01 0.06 0.01 0.03 0.03 0.03 - 0.00 0.04 0.02 0.25 0.21 0.25 + 0.02 0.32 0.09 0.65 0.54 0.63 + 0.07 0.67 0.27 0.24 0.23 0.24 + 0.01 0.25 0.09 4.75 4.50 4.72 + 0.21 5.50 3.04 0.06 0.03 0.03 - 0.03 0.06 0.02 0.08 0.05 0.07 + 0.01 0.10 0.02 1.54 0.00 1.54 + 0.02 2.41 0.86 0.58 0.50 0.58 + 0.04 0.64 0.06 0.75 0.66 0.74 + 0.04 0.83 0.22 0.70 0.68 0.70 + 0.02 0.95 0.51 0.92 0.87 0.87 - 0.05 1.36 0.61 0.25 0.24 0.24 + 0.01 0.26 0.03 0.11 0.00 0.11 + 0.05 0.08 0.01 35.05 0.00 35.00 - 0.25 37.59 13.70 0.05 0.03 0.05 + 0.01 0.08 0.02 0.06 0.04 0.04 - 0.03 0.11 0.03 0.28 0.24 0.26 - 0.01 0.45 0.24 0.20 0.18 0.20 + 0.00 0.35 0.18 3.38 2.87 3.30 + 0.28 4.04 0.96 4.40 3.79 4.28 + 0.34 5.25 1.35 0.01 0.00 0.01 - 0.01 0.03 0.01 0.09 0.08 0.08 - 0.02 0.10 0.02 0.07 0.07 0.07 + 0.01 0.08 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 1.40 1.24 1.39 + 0.13 2.25 1.00 0.77 0.74 0.75 + 0.00 1.28 0.55 0.00 0.00 0.00 + 0.00 0.01 0.00 23.15 19.93 20.35 - 1.94 36.52 20.03 17.56 15.21 15.60 - 1.37 27.92 14.64 0.25 0.22 0.25 + 0.02 0.50 0.03 0.18 0.16 0.17 - 0.01 0.38 0.02 0.32 0.26 0.31 + 0.02 0.37 0.06 5.05 4.10 4.96 + 0.64 4.74 1.90 12.11 10.32 11.88 + 0.97 12.41 4.00 15.78 13.67 15.51 + 1.16 16.17 5.74 0.15 0.13 0.15 + 0.05 0.18 0.05 0.12 0.07 0.12 + 0.05 0.12 0.05 3.05 2.72 2.97 + 0.10 4.41 1.94 2.33 2.05 2.29 + 0.12 3.38 1.41 0.20 0.00 0.10 - 0.07 0.20 0.04 0.86 0.79 0.82 + 0.01 0.95 0.24 1.13 1.04 1.07 + 0.01 1.26 0.34 3.26 0.00 3.22 - 0.20 4.05 1.25 4.50 4.19 4.19 - 0.18 6.00 1.00 0.07 0.05 0.05 - 0.02 0.20 0.02 0.32 0.27 0.30 - 0.01 0.39 0.06 0.23 0.16 0.23 + 0.05 0.23 0.05 0.05 0.00 0.05 - 0.02 0.16 0.03 0.07 0.07 0.07 - 0.01 0.12 0.03 0.74 0.58 0.66 + 0.08 0.91 0.25 0.97 0.77 0.86 + 0.11 1.15 0.32 0.55 0.42 0.55 + 0.07 0.60 0.05 0.71 0.56 0.71 + 0.08 0.76 0.07 0.08 0.08 0.08 + 0.01 0.13 0.02 0.08 0.00 0.08 + 0.01 0.14 0.01 0.06 0.06 0.06 + 0.01 0.08 0.01 0.04 0.04 0.04 - 0.00 0.08 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Quaterra Res* O 489 Quaterra Res V 808 Quest Rare Mnl* O 177 603 Quest Rare Mnl T Quinto Real V 123

0.06 0.05 0.06 + 0.02 0.09 0.04 0.09 0.07 0.08 + 0.01 0.12 0.05 0.10 0.09 0.09 + 0.00 0.20 0.03 0.14 0.12 0.13 - 0.01 0.25 0.06 0.17 0.10 0.15 + 0.03 0.17 0.01

(100s) Stock

S Sabina Gd&Slvr T 2609 Sabina Gd&Slvr* O 1076 Sage Gold V 584 Sage Gold* O 46 Sama Res V 39 Samex Mng* O 419 San Gold Corp* O 41 San Marco Res V 112 San Marco Res* O 5 Sandspring Res V 1715 O 525 Sandspring Res* Sandstorm Gold T 2335 Sandstorm Gold* X 7210 Santa Fe Gold* O 1358 Santacruz Silv V 2615 Sarama Res V 2994 Sarissa Res* O 2766 Satori Res* O 20 Saturn Mnrls V 3875 Savant Expl V 569 Savary Gold V 2007 Savary Gold* O 311 Scandium Int M* O 1288 Scientific Mts V 7594 Scorpio Gold V 946 Seabridge Gld* N 4436 Seabridge Gld T 520 Search Mnls V 49 Searchlight* O 63 Sego Res V 228 Select Sands V 442 Semafo T 7837 Senator Mnrls V 142 Sennen Potash V 106 Serengeti Res V 1386 Shamrock Ent 90 Shore Gold T 963 Sibanye Gold* N 5246 Sibanye Gold* O 1 Sidney Resrces* O 600 Sienna Res* O 19 Sienna Res V 2063 V 30 Sierra Iron Or Sierra Metals* O 6 Sierra Metals T 61 Signal Expl V 120 Silver Bear Rs T 886 Silver Bull Re T 1480 Silver Bull Re* O 1671 Silver Dragon* O 200 Silver Grail V 234 112 Silver Mtn Mns V Silver Range V 712 Silver Scott* O 65 Silver Spruce V 281 Silver Spruce* O 1 Silver Std Res T 3163 Silver Std Res* D 9196 Silver Wheaton T 8030 Silver Wheaton* N 29598 Silvercorp Met T 3100 Silvercorp Met* O 1491 Silvermet V 408 SinoCoking Cl* D 645 Sirios Res V 1340 Sirios Res* O 154 Skeena Res* O 184 Skeena Res V 2299 Skyharbour Res* O 79 Skyharbour Res V 549 Slam Explor V 535 Solitario Ex&R T 58 Solitario Ex&R* X 277 Sona Res V 752 Sona Res* O 125 Sonora Gld & S V 1633 Sonoro Mtls V 260 Source Expl V 1085 Southern Arc V 119 Southern Arc* O 45 Southern Copp* N 6736 Southern Silvr* O 540 SouthGobi Res T 32 Spanish Mtn Gd V 902 Spanish Mtn Gd* O 30 Sparton Res* O 146 Sparton Res V 266 Sphinx Res V 351 Spruce Ridge R V 3374 St Augustine T 701 St-Georges Plt* O 51 Stakeholdr Gld V 465 Stakeholdr Gld* O 99 Standard Graph* O 242 Standard Graph V 3477 Standard Metal* O 121 Stans Energy V 505 Starcore Intl T 83 Stellar Africa V 1268 Stelmine Can V 74 Stillwater Mg* N 11880 Stina Res* O 25 Stina Res 51 Stockport Expl* O 6 Stockport Expl V 475 Stornoway Diam T 5234 Stratabd Mnr V 491 Strategic Metl V 339 Stria Lithium V 215 Strikepoint Gd V 132 Strikepoint Gd* O 28 Strongbow Expl V 72 Sultan Mnrls V 119 Suncor Energy T 12852

1.28 1.13 1.25 + 0.10 1.87 0.32 0.97 0.85 0.97 + 0.10 1.55 0.24 0.11 0.07 0.10 + 0.03 0.09 0.03 0.08 0.06 0.08 + 0.02 0.07 0.03 0.10 0.10 0.10 - 0.01 0.20 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.21 0.18 0.21 + 0.03 0.23 0.02 0.13 0.13 0.13 - 0.02 0.15 0.01 0.86 0.72 0.85 + 0.07 0.86 0.11 0.70 0.54 0.64 + 0.06 0.70 0.08 7.53 6.50 7.41 + 0.60 7.15 2.82 5.78 4.91 5.68 + 0.50 5.44 1.94 0.07 0.05 0.06 + 0.02 0.07 0.00 0.47 0.39 0.46 + 0.04 0.63 0.09 0.55 0.23 0.50 + 0.27 0.38 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.13 0.11 0.11 + 0.00 0.13 0.02 0.13 0.08 0.13 + 0.04 0.22 0.08 0.03 0.02 0.02 - 0.01 0.03 0.01 0.13 0.10 0.12 + 0.02 0.15 0.02 0.10 0.08 0.10 + 0.02 0.12 0.06 0.13 0.10 0.11 - 0.01 0.17 0.06 0.10 0.08 0.09 - 0.01 0.10 0.07 0.09 0.08 0.08 - 0.01 0.11 0.05 13.39 11.66 13.24 + 0.98 15.88 3.62 17.44 15.43 17.27 + 1.16 20.71 4.78 0.08 0.07 0.08 + 0.01 0.11 0.04 0.09 0.07 0.07 - 0.02 0.42 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 0.25 0.22 0.24 + 0.01 0.49 0.20 7.09 5.89 7.03 + 0.87 7.39 2.51 0.61 0.45 0.61 + 0.10 0.61 0.04 0.11 0.10 0.11 - 0.02 0.28 0.09 0.15 0.13 0.15 + 0.01 0.15 0.02 0.05 0.05 0.05 + 0.01 0.05 0.01 0.22 0.20 0.21 - 0.01 0.25 0.13 18.83 16.67 18.65 + 1.18 18.70 4.07 4.48 4.35 4.48 + 0.13 4.48 1.28 0.01 0.00 0.01 - 0.00 0.02 0.00 0.16 0.14 0.14 - 0.00 0.19 0.01 0.21 0.18 0.21 + 0.02 0.25 0.01 0.34 0.26 0.30 - 0.03 0.50 0.22 1.16 1.04 1.16 + 0.03 1.40 0.69 1.65 1.43 1.55 + 0.07 1.80 0.84 0.17 0.09 0.09 - 0.07 0.30 0.01 0.31 0.29 0.29 - 0.01 0.32 0.02 0.22 0.20 0.22 + 0.02 0.25 0.04 0.17 0.15 0.16 + 0.00 0.19 0.02 0.03 0.03 0.03 + 0.00 0.05 0.01 0.16 0.12 0.14 + 0.03 0.15 0.02 0.04 0.00 0.03 - 0.01 0.05 0.01 0.24 0.18 0.20 + 0.03 0.24 0.02 0.01 0.01 0.01 + 0.00 0.01 0.00 0.09 0.07 0.09 + 0.01 0.10 0.04 0.05 0.05 0.05 - 0.00 0.08 0.02 18.45 16.38 18.22 + 0.86 19.53 5.28 14.16 12.37 13.94 + 0.72 14.93 3.66 36.63 32.86 36.45 + 2.06 36.00 14.51 28.08 24.81 27.87 + 1.72 27.33 10.04 4.01 3.29 3.87 + 0.28 4.02 0.60 3.07 2.50 2.96 + 0.25 3.11 0.41 0.04 0.03 0.04 + 0.01 0.06 0.02 0.48 0.35 0.41 + 0.04 1.24 0.26 0.47 0.44 0.47 + 0.03 0.51 0.07 0.36 0.34 0.36 + 0.04 0.39 0.07 0.13 0.11 0.12 + 0.00 0.12 0.04 0.16 0.14 0.16 + 0.01 0.16 0.06 0.27 0.25 0.27 + 0.00 0.27 0.25 0.38 0.32 0.37 + 0.03 0.40 0.08 0.09 0.07 0.08 - 0.02 0.14 0.01 1.10 0.97 0.99 + 0.01 1.10 0.57 0.82 0.72 0.76 + 0.01 0.82 0.40 0.09 0.06 0.09 + 0.03 0.09 0.01 0.07 0.05 0.07 + 0.02 0.05 0.00 0.08 0.06 0.08 + 0.02 0.08 0.01 0.12 0.10 0.12 + 0.01 0.13 0.04 0.03 0.03 0.03 - 0.01 0.05 0.01 0.74 0.69 0.74 + 0.06 1.00 0.24 0.54 0.50 0.52 + 0.01 0.66 0.17 27.09 25.60 25.99 - 0.27 31.31 21.55 0.38 0.26 0.36 + 0.01 0.39 0.02 0.28 0.26 0.26 + 0.01 0.60 0.21 0.16 0.14 0.16 + 0.01 0.17 0.02 0.13 0.10 0.13 + 0.01 0.12 0.01 0.06 0.04 0.04 - 0.01 0.06 0.00 0.08 0.06 0.08 + 0.01 0.08 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.12 0.11 0.12 + 0.01 0.14 0.07 0.04 0.02 0.04 + 0.02 0.04 0.01 0.47 0.40 0.47 + 0.05 0.62 0.04 0.35 0.32 0.33 + 0.00 0.46 0.05 0.07 0.05 0.05 - 0.01 0.09 0.00 0.10 0.07 0.07 - 0.01 0.13 0.01 0.15 0.14 0.14 - 0.01 0.90 0.01 0.02 0.00 0.02 - 0.01 0.04 0.01 0.79 0.74 0.79 + 0.01 0.91 0.25 0.06 0.04 0.05 + 0.01 0.08 0.01 0.18 0.00 0.16 + 0.06 0.18 0.05 15.78 12.70 15.30 + 1.90 14.28 4.99 0.13 0.09 0.11 - 0.02 0.16 0.06 0.16 0.11 0.13 - 0.03 0.19 0.11 0.01 0.01 0.01 - 0.00 0.04 0.00 0.03 0.02 0.03 + 0.01 0.06 0.01 1.17 1.08 1.12 - 0.03 1.20 0.65 0.02 0.01 0.02 + 0.01 0.02 0.01 0.66 0.55 0.63 + 0.02 0.80 0.24 0.11 0.09 0.09 - 0.02 0.18 0.02 0.27 0.21 0.25 + 0.03 0.55 0.05 0.20 0.17 0.20 + 0.03 0.20 0.08 0.21 0.17 0.21 + 0.03 0.25 0.05 0.14 0.10 0.14 + 0.04 0.20 0.05 35.86 34.51 35.14 - 0.86 40.35 27.32

12-month

Suncor Energy* N 19104 27.15 26.08 26.91 - 0.47 30.70 18.71 Sunridge Gold* O 557 0.03 0.03 0.03 + 0.00 0.29 0.01 Sutter Gold* O 108 0.05 0.04 0.05 + 0.00 0.13 0.02 0.07 + 0.01 0.16 0.04 Sutter Gold V 157 0.07 0.06 Syrah Res* O 31 3.70 3.36 3.56 - 0.24 4.90 1.81

R Rackla Mtls V 46 0.15 0.00 0.15 + 0.02 0.15 0.05 Rackla Mtls* O 5 0.12 0.00 0.10 + 0.02 0.12 0.03 Radisson Mng V 250 0.17 0.14 0.17 + 0.01 0.16 0.09 Rainforest Res* O 2 2.40 0.00 2.40 + 0.30 2.40 0.30 Rainmaker Res V 432 0.14 0.09 0.14 + 0.05 0.25 0.07 840 0.12 0.08 0.08 + 0.01 0.25 0.05 Rambler Ml &Mg V Randgold Res* O 1 115.42 114.70 115.42 + 1.72 120.75 57.00 Randgold Res* D 5022 118.70 110.73 117.61 + 1.74 126.55 54.88 Rapier Gold V 371 0.10 0.06 0.10 + 0.03 0.10 0.02 Rare Earth Mnl* O 1 4.80 3.00 4.80 + 1.80 5.75 2.75 Rare Element* O 126 0.10 0.09 0.10 - 0.00 0.44 0.06 RB Energy* O 112 0.01 0.00 0.00 + 0.00 0.01 0.00 Red Eagle Mng V 1368 0.88 0.83 0.84 - 0.02 0.90 0.25 Red Eagle Mng* O 332 0.66 0.63 0.65 - 0.01 0.91 0.18 Red Hut V 92 0.19 0.08 0.19 - 0.01 0.29 0.01 0.24 0.22 0.22 - 0.01 0.24 0.03 Red Pine Expl V 1111 Red Tiger Mng V 111 0.10 0.00 0.10 + 0.03 0.10 0.02 Redstar Gold V 1839 0.11 0.09 0.11 + 0.02 0.11 0.03 1.35 - 0.01 1.44 0.19 Regulus Res V 274 1.41 1.31 Renaissance Gd* O 111 0.35 0.31 0.32 - 0.01 0.38 0.08 Renaissance Gd V 111 0.45 0.42 0.42 - 0.02 0.49 0.11 Renforth Res 1367 0.02 0.02 0.02 - 0.01 0.05 0.01 Resource Cap V 251 0.35 0.21 0.26 + 0.07 0.35 0.02 O 13 0.21 0.00 0.17 + 0.02 0.21 0.02 Resource Cap* Reunion Gold V 173 0.03 0.02 0.03 + 0.01 0.03 0.01 Revolver Res V 242 0.20 0.18 0.19 - 0.01 0.27 0.07 Rhyolite Res V 262 0.27 0.21 0.27 + 0.05 0.25 0.09 Richmont Mines* X 1853 11.17 9.26 11.12 + 1.37 10.54 2.27 Richmont Mines T 1322 14.55 12.26 14.53 + 1.70 13.88 3.14 Rio Novo Gold* O 19 0.17 0.15 0.17 + 0.02 0.23 0.06 Rio Novo Gold T 131 0.24 0.21 0.24 + 0.04 0.30 0.07 Rio Silver V 174 0.10 0.08 0.10 + 0.02 0.09 0.02 Rio Tinto* N 18204 32.99 30.79 32.82 + 1.47 41.69 21.89 Rio Tinto* O 5 32.05 0.00 32.05 + 0.86 40.80 21.90 Rise Res Inc 60 0.17 0.15 0.16 - 0.02 0.23 0.11 Riverside Res V 347 0.48 0.42 0.44 - 0.01 0.49 0.12 Riverside Res* O 116 0.37 0.31 0.34 - 0.00 0.38 0.08 RJK Explor V 796 0.20 0.12 0.20 + 0.03 0.25 0.05 Robex Res V 152 0.13 0.11 0.12 - 0.01 0.17 0.05 Rochester Res V 21 0.09 0.09 0.09 - 0.01 0.11 0.03 Rochester Res* O 6 0.08 0.07 0.07 - 0.01 0.09 0.01 Rock Tech Lith* O 4 0.43 0.43 0.43 - 0.01 0.53 0.02 Rock Tech Lith V 150 0.64 0.47 0.53 - 0.05 0.70 0.03 0.07 - 0.02 0.10 0.02 Rockcliff Cop V 742 0.08 0.06 Rockhaven Res V 335 0.29 0.24 0.26 + 0.01 0.29 0.10 Rockland Mnls V 23 0.09 0.00 0.09 + 0.01 0.11 0.01 Rockshield Cap 170 0.07 0.06 0.06 - 0.01 0.12 0.06 Rockwell Diam* O 1 0.08 0.00 0.08 + 0.00 0.19 0.05 Rockwell Diam T 371 0.11 0.10 0.11 + 0.01 0.25 0.07 0.05 - 0.00 0.11 0.04 Rogue Res* O 100 0.05 0.05 Rogue Res V 426 0.07 0.06 0.07 + 0.01 0.16 0.03 Rojo Res V 54 0.12 0.11 0.11 - 0.01 0.15 0.04 Romios Gold Rs* O 8 0.07 0.00 0.07 + 0.00 0.08 0.01 Rosita Mg Corp* O 42 0.08 0.07 0.07 - 0.01 0.10 0.01 Rotation Mnls V 78 0.30 0.25 0.30 + 0.05 0.30 0.02 Rouge Res V 706 0.50 0.44 0.47 + 0.03 0.60 0.03 Roughrider Exp V 51 0.11 0.09 0.11 + 0.02 0.15 0.05 Roxgold* O 184 1.32 1.20 1.28 + 0.08 1.33 0.42 Roxgold V 2435 1.73 1.57 1.70 + 0.10 1.73 0.54 Royal Gold* D 3328 84.81 76.33 84.54 + 5.22 83.61 24.68 Royal Nickel T 1023 0.43 0.41 0.42 - 0.01 0.63 0.12 Royal Nickel* O 81 0.32 0.31 0.31 - 0.01 0.50 0.10 Royal Rd Mnrls V 453 0.14 0.11 0.11 - 0.03 0.18 0.04 0.18 - 0.01 0.30 0.05 RT Minerals V 31 0.18 0.00 Rubicon Mnrls* O 6747 0.07 0.03 0.05 + 0.02 0.99 0.01 Rubicon Mnrls T 21619 0.09 0.05 0.07 + 0.02 1.29 0.02 Rugby Mng V 208 0.43 0.31 0.40 + 0.09 0.39 0.03 Running Fox Rs* O 29 0.03 0.01 0.03 + 0.02 0.03 0.00 77 0.03 0.03 0.03 - 0.01 0.03 0.01 Running Fox Rs V Rupert Res V 314 0.88 0.80 0.83 + 0.03 0.90 0.02 Rusoro Mng* O 72 0.10 0.09 0.09 - 0.00 0.13 0.02 Rusoro Mng V 255 0.14 0.12 0.12 - 0.01 0.19 0.03 Rye Patch Gold* O 429 0.33 0.30 0.31 - 0.01 0.37 0.08 Rye Patch Gold V 838 0.43 0.39 0.39 - 0.04 0.47 0.11

Week

Exc Volume High Low Last Change High Low

Tahoe Res* N 9573 Tahoe Res T 4518 Tajiri Res V 591 Takara Res V 303 Taku Gold 29 Talon Metals T 355 Tamino Mnrls* O 2208 Tanager Energy V 1976 Tango Mining V 2853 Tantalex Res 938 Tanzania Rlty T 575 Tanzania Rlty* X 3839 Taranis Res V 30 Tarku Res V 89 Tartisan Res 710 Tasca Res V 251 Taseko Mines T 620 Taseko Mines* X 1893 O 207 Tasman Metals* Tasman Metals V 193 T 24 Teck Res Teck Res T 26542 N 46821 Teck Res* Telferscot Res 545 Telson Res V 65 Tembo Gold* O 250 Tembo Gold V 224 Teranga Gold T 6121 Teras Res V 140 Teras Res* O 211 Terraco Gold V 1668 Terrax Mnrls* O 91 Teryl Res Corp* O 266 889 Teslin Rvr Res V Teuton Res V 759 Teuton Res* O 60 T 3648 Thompson Creek Thompson Creek* O 2496 Thor Expl V 253 Thunder Mtn Gd* O 119 Thunder Mtn Gd V 46 Till Capital V 3 Till Capital* D 6 O 322 Timberline Res* Timberline Res V 81 Timmins Gold T 4581 Timmins Gold* X 7797 Tinka Res* O 232 Tintina Res* O 129 Tintina Res V 233 Tirex Res V 427 Tirex Res* O 466 Titanium Corp V 223 TMAC Resource* O 31 TMAC Resources T 501 TNR Gold V 95 Toachi Mg Inc V 150 Tolima Gold V 144 TomaGold V 1167 O 632 Tombstone Expl* Torex Gold T 2321 Tower Res V 679 Transatlan Mng V 171 Transition Mtl V 230 Treasury Metal T 984 Trecora Res* N 304 Trevali Mng* O 282 Trevali Mng T 8625 Trident Gold V 15 TriMetals Mng* O 110 TriMetals Mng T 622 TriMetals Mng* O 78 Trinity Res* O 56 O 1207 Trio Resources* TriStar Gold* O 136 TriStar Gold V 210 Troy Res* O 128 True North Gem V 1335 Trueclaim Expl V 203 Tsodilo Res V 27 Tudor Gold V 42 O 5251 Tungsten Corp* Turquoise HIl* N 11475 Turquoise HIl T 4709 TVI Pacific* O 294 TVI Pacific T 295 Typhoon Expl V 79

15.65 14.16 15.56 + 0.46 16.84 6.48 20.41 18.75 20.27 + 0.40 22.05 9.45 0.03 0.03 0.03 + 0.01 0.06 0.01 0.09 0.08 0.08 - 0.01 0.10 0.02 0.15 0.11 0.14 + 0.02 0.22 0.02 0.11 0.09 0.10 - 0.01 0.15 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.07 0.07 - 0.01 0.10 0.02 0.07 0.05 0.05 - 0.02 0.08 0.01 0.08 0.06 0.07 + 0.01 0.11 0.01 1.88 1.43 1.73 + 0.24 1.88 0.24 1.45 1.08 1.32 + 0.20 1.45 0.17 0.11 0.11 0.11 + 0.01 0.15 0.04 0.09 0.00 0.08 + 0.01 0.10 0.02 0.05 0.03 0.03 - 0.01 0.10 0.01 0.11 0.10 0.10 - 0.01 0.12 0.00 0.88 0.72 0.72 - 0.10 0.88 0.35 0.67 0.56 0.56 - 0.07 0.70 0.23 0.26 0.19 0.26 + 0.05 0.41 0.06 0.34 0.26 0.33 + 0.06 0.54 0.09 20.86 17.75 20.65 + 2.57 20.86 5.69 20.81 17.21 20.81 + 2.96 20.34 3.65 15.97 13.01 15.93 + 2.35 15.46 2.56 0.01 0.01 0.01 + 0.01 0.02 0.01 0.29 0.23 0.26 + 0.03 0.29 0.04 0.04 0.04 0.04 + 0.01 0.05 0.01 0.06 0.04 0.06 + 0.01 0.06 0.01 1.12 1.02 1.10 + 0.03 1.25 0.38 0.18 0.15 0.17 + 0.02 0.18 0.03 0.13 0.12 0.12 - 0.01 0.13 0.02 0.19 0.15 0.18 + 0.04 0.17 0.07 0.62 0.56 0.60 + 0.00 0.62 0.17 0.01 0.00 0.00 - 0.00 0.01 0.00 0.31 0.28 0.29 - 0.01 0.43 0.20 0.44 0.26 0.38 + 0.12 0.37 0.04 0.33 0.19 0.29 + 0.10 0.28 0.03 0.74 0.70 0.73 + 0.01 0.95 0.16 0.56 0.53 0.56 + 0.02 0.73 0.07 0.14 0.12 0.14 + 0.01 0.14 0.02 0.11 0.07 0.11 + 0.04 0.15 0.02 0.16 0.10 0.16 + 0.06 0.23 0.07 4.49 3.96 4.21 + 0.21 5.90 3.28 3.51 3.15 3.40 + 0.16 4.77 2.76 0.40 0.34 0.36 - 0.01 0.55 0.08 0.52 0.44 0.45 - 0.05 0.72 0.16 0.69 0.60 0.67 + 0.04 0.75 0.11 0.53 0.45 0.52 + 0.04 0.58 0.07 0.18 0.17 0.17 + 0.00 0.22 0.07 0.08 0.07 0.08 + 0.01 0.10 0.03 0.15 0.09 0.15 + 0.06 0.13 0.04 0.12 0.10 0.12 + 0.01 0.22 0.07 0.09 0.07 0.09 - 0.00 0.16 0.05 0.73 0.62 0.68 + 0.14 1.54 0.31 12.26 11.34 12.26 + 0.78 13.63 9.26 16.00 14.99 15.93 + 0.85 17.73 5.30 0.06 0.05 0.06 + 0.01 0.09 0.01 0.38 0.36 0.37 - 0.01 0.43 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 0.15 0.13 0.15 + 0.01 0.16 0.04 0.02 0.01 0.02 - 0.00 0.02 0.01 27.44 24.31 27.08 + 1.63 27.00 10.60 0.08 0.07 0.07 - 0.01 0.10 0.01 0.05 0.05 0.05 - 0.01 0.15 0.03 0.24 0.19 0.24 + 0.02 0.25 0.06 0.78 0.57 0.70 + 0.09 0.70 0.32 11.70 11.12 11.43 - 0.10 14.96 8.17 0.69 0.65 0.66 - 0.03 0.71 0.18 0.91 0.84 0.87 - 0.05 0.93 0.25 0.02 0.01 0.01 - 0.01 0.02 0.01 0.25 0.20 0.24 - 0.01 0.28 0.04 0.34 0.26 0.30 - 0.04 0.36 0.05 0.24 0.17 0.24 - 0.00 0.32 0.06 0.04 0.00 0.03 - 0.01 1.35 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.34 0.28 0.33 + 0.03 0.33 0.10 0.43 0.37 0.41 + 0.03 0.43 0.10 0.41 0.40 0.40 - 0.05 0.56 0.13 0.08 0.07 0.08 - 0.01 0.20 0.07 0.04 0.04 0.04 + 0.01 0.05 0.01 0.70 0.50 0.68 - 0.02 1.03 0.54 1.83 1.58 1.69 - 0.25 2.50 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 3.59 3.39 3.56 + 0.07 3.67 1.55 4.71 4.50 4.65 + 0.07 4.72 2.30 0.02 0.01 0.02 + 0.00 0.03 0.00 0.02 0.02 0.02 - 0.01 0.04 0.01 0.10 0.09 0.10 - 0.02 0.13 0.03

U-V U3O8 Corp* O 653 0.03 0.02 0.03 - 0.00 0.04 0.01 UC Res* O 2 0.01 0.01 0.01 + 0.00 0.03 0.00 189 0.32 0.30 0.32 - 0.00 0.35 0.15 Ucore Rare Mtl* O Ucore Rare Mtl V 359 0.42 0.40 0.41 - 0.02 0.45 0.20 UEX Corp T 1425 0.23 0.20 0.21 - 0.01 0.29 0.11 0.14 - 0.00 0.27 0.06 Ultra Lithium* O 96 0.14 0.14 Umbral Enrgy* O 301 0.03 0.00 0.03 - 0.00 0.08 0.02 0.06 + 0.01 0.10 0.02 Umbral Enrgy 3319 0.06 0.04 V 491 0.64 0.55 0.60 - 0.06 0.69 0.08 Unigold Unigold* O 52 0.48 0.42 0.48 - 0.02 0.51 0.06 United Res Hdg* O 13 0.03 0.03 0.03 + 0.00 0.09 0.01 170 0.26 0.23 0.24 - 0.01 0.66 0.16 United States A* X United States S* N 104686 27.64 20.86 27.49 + 6.33 26.92 6.15 0.72 - 0.02 1.02 0.60 Ur-Energy T 80 0.75 0.72 Ur-Energy* X 706 0.57 0.55 0.56 - 0.00 0.77 0.44 Uracan Res* O 105 0.05 0.04 0.05 + 0.00 0.06 0.00 833 0.31 0.25 0.29 + 0.04 0.31 0.02 Uragold Bay Rs V Uranium Energy* X 2364 0.96 0.90 0.96 + 0.03 1.47 0.65 Uranium Res* D 1242 1.58 1.39 1.43 - 0.12 16.08 1.39 Uranium Valley V 22 0.20 0.16 0.16 - 0.03 0.35 0.04 Uravan Mnrls V 780 0.34 0.24 0.30 + 0.06 0.39 0.05 US Energy* D 35 2.05 1.84 1.91 - 0.19 4.86 0.67 US Precious M* O 4009 0.02 0.01 0.02 + 0.00 0.11 0.00 USCorp* O 23 0.01 0.01 0.01 + 0.00 0.03 0.00 Vale* N 162803 5.86 5.18 5.75 + 0.44 6.26 2.13 Vale* N 42631 4.64 4.19 4.61 + 0.35 4.79 1.55 ValGold Res V 1456 0.05 0.03 0.04 - 0.02 0.07 0.01 Valley High Mg* O 5950 0.01 0.00 0.00 - 0.00 0.02 0.00 Vanadiumcorp* O 158 0.04 0.03 0.04 - 0.00 0.05 0.01 Vanstar Mng Rs V 118 0.07 0.07 0.07 - 0.01 0.10 0.03 Vantex Res V 1340 0.04 0.00 0.03 - 0.01 0.04 0.01 Vatic Vent V 204 0.13 0.11 0.13 + 0.03 0.24 0.04 Vedanta* N 1348 10.20 9.57 9.72 - 0.37 10.20 3.52 Vena Res V 594 0.08 0.05 0.08 - 0.01 0.10 0.04 Vendome Res V 2287 0.02 0.01 0.02 + 0.01 0.03 0.01 Venture Mnrls* O 100 0.03 0.03 0.03 - 0.01 0.04 0.01 Verde Potash T 76 0.39 0.28 0.37 + 0.10 0.48 0.13 Victory Res V 563 0.05 0.00 0.05 - 0.01 0.09 0.02 Visible Gold M V 1341 0.04 0.00 0.04 - 0.01 0.07 0.02 Vista Gold* X 9559 1.75 1.21 1.61 + 0.30 2.09 0.25 Vista Gold T 640 2.30 1.60 2.10 + 0.35 2.73 0.33 Volcanic Mtls V 24 0.17 0.15 0.15 - 0.03 0.17 0.04 Voltaic Min V 52 0.45 0.39 0.40 - 0.04 0.52 0.03 VVC Expl V 478 0.04 0.03 0.04 - 0.01 0.05 0.01

W-Z Walker River V 3283 0.09 0.06 0.08 + 0.02 0.08 0.02 Walter Energy* O 648 0.07 0.05 0.05 - 0.01 0.15 0.01 Waseco Res V 64 0.06 0.05 0.06 + 0.01 0.07 0.02 Wealth Mnrls* O 317 0.77 0.70 0.73 + 0.03 0.83 0.10 Wealth Mnrls V 609 1.02 0.92 0.94 - 0.02 1.06 0.14 Wellgreen Plat* O 565 0.37 0.32 0.36 - 0.01 0.46 0.12 Wellgreen Plat T 596 0.49 0.43 0.48 - 0.01 0.62 0.16 Wesdome Gold T 1752 2.01 1.80 1.94 + 0.01 2.20 0.89 West Af Res V 1943 0.30 0.22 0.28 + 0.05 0.27 0.05 West High Yld V 110 0.21 0.17 0.18 - 0.03 0.39 0.17 West Melville V 29 0.28 0.26 0.28 - 0.08 0.45 0.08 West Red Lake 606 0.26 0.22 0.25 + 0.01 0.34 0.01 West Red Lake* O 137 0.20 0.16 0.20 + 0.01 0.26 0.02 Western Copper* X 265 0.99 0.80 0.91 + 0.10 1.04 0.20 Western Copper T 803 1.30 1.06 1.19 + 0.14 1.35 0.29 Western Pac Rs V 69 0.03 0.02 0.03 + 0.01 0.04 0.01 Western Potash T 339 0.16 0.15 0.16 - 0.01 0.30 0.14 Western Uran 44 2.50 2.10 2.50 + 0.25 5.00 1.20 Western Uran* O 32 1.90 1.60 1.70 - 0.01 2.67 1.19 Westhaven Vent V 365 0.14 0.08 0.13 - 0.01 0.16 0.04 Westkam Gold V 4645 0.06 0.05 0.06 - 0.01 0.09 0.02 Westkam Gold* O 282 0.05 0.04 0.04 - 0.01 0.07 0.01 Westmoreland* D 624 10.07 9.24 9.55 - 0.04 16.54 3.44 WestMountain* O 51 0.10 0.07 0.07 - 0.03 0.20 0.04 Westridge Res V 64 0.02 0.01 0.01 - 0.01 0.02 0.01 White Metal Rs V 334 0.08 0.06 0.06 - 0.02 0.13 0.02 White Mtn Engy* O 136 0.09 0.07 0.07 - 0.01 0.40 0.07 0.09 + 0.02 0.16 0.02 Wildcat Expl V 396 0.09 0.07 Winston Gld Mg 50 0.40 0.12 0.40 + 0.28 0.40 0.10 Wolfden Res V 366 0.14 0.12 0.12 + 0.01 0.19 0.05 Wolverine Mnls V 17 0.13 0.12 0.13 + 0.02 0.23 0.07 X-Terra Res V 208 0.31 0.25 0.27 - 0.04 0.31 0.06 Xiana Mng V 151 0.13 0.00 0.13 + 0.09 0.10 0.03 Ximen Mng* O 95 0.12 0.10 0.10 - 0.04 0.13 0.01 Ximen Mng V 1509 0.15 0.11 0.14 - 0.01 0.18 0.02 XLI Tech Inc* O 9515 0.03 0.01 0.01 - 0.01 1.50 0.01 Xtra-Gold Res T 108 0.47 0.41 0.46 + 0.04 0.56 0.18 Xtra-Gold Res* O 17 0.35 0.32 0.35 + 0.03 0.43 0.12 Yamana Gold T 24535 7.87 6.82 7.47 + 0.33 7.87 1.89 Yamana Gold* N 70725 5.98 5.15 5.71 + 0.28 5.99 1.38 Yanzhou Coal* N 125 6.27 6.01 6.26 - 0.11 7.02 3.66 Yorbeau Res T 564 0.12 0.11 0.11 - 0.01 0.12 0.06 Zadar Vent * O 26 0.11 0.10 0.11 - 0.01 0.20 0.06 Zadar Vent V 1736 0.16 0.13 0.16 + 0.02 0.26 0.01 Zazu Metals* O 16 0.20 0.17 0.19 + 0.02 0.24 0.08 0.25 + 0.02 0.33 0.09 Zazu Metals T 298 0.26 0.00 Zenyatta Vent V 166 0.71 0.68 0.69 - 0.01 1.78 0.63 Zenyatta Vent* O 42 0.54 0.53 0.54 + 0.01 1.33 0.47 0.23 - 0.07 0.30 0.15 Zephyr Mnls* O 21 0.30 0.22 Zephyr Mnls V 126 0.36 0.28 0.29 - 0.07 0.42 0.08 Zimtu Capital V 157 0.32 0.00 0.28 + 0.04 0.38 0.12 Zincore Mtls* O 450 0.04 0.03 0.04 - 0.15 0.18 0.00 Zincore Mtls V 29 0.05 0.00 0.25 + 0.13 0.25 0.03 Zonte Mtls V 279 0.08 0.07 0.08 + 0.01 0.15 0.02

2016-08-02 6:38 PM

WWW.NORTHERNMINER.COM

AUGUST 8–14, 2016 / THE NORTHERN MINER

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, August 2, 2016 Precious Metals Price (US$/oz.) Change 1358.15 +39.90 Gold Silver $20.71 +1.03 Platinum $1150.00 +78.00 Palladium $713.00 +39.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10690.00 -10.00 $4883.00 +10.00 $1819.00 0.00 $2275.50 +8.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 1, 2016 (change from July 25, 2016 in brackets): Aluminium Alloy 11600 (-340) 2293800 (-25350) Aluminium Copper 210075 (-11275) 187075 (-275) Lead Nickel 372954 (-654) 5540 (-430) Tin 431200 (-5600) Zinc

TSX SHORT POSITIONS

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$41.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.70 Coal: CME Group Central Appalachian Futures Sept. 2016: US$39.50 Oct. 2016: US$39.88 Cobalt: US$12.02/lb. Copper: US$2.23/lb. Copper: CME Group Futures Sept. 2016: US$2.21/lb.; Oct. 2016: US$2.22/lb Ferro-Chrome: US$1.94/kg Ferro Titanium: US$3.80/kg FerroTungsten: US$26.87/kg Ferrovanadium: US$19.33/kg Iridium: NY Dealer Mid-mkt US$565/tr oz. Iron Ore 62% Fe CFR China-S: US$60.50/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.83/lb. Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$625.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$20.60 per oz.; Handy & Harman Fabricated: US$25.74 per oz. Tantalite Ore : US$132.01/kg Tin: US$8.16/lb. Uranium: U3O8, Trade Tech spot price: US$25.25; The UX Consulting Company spot price: US$25.00/lb. Zinc: US$1.03/lb. Prices current August 2, 2016

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 18, 2016 (with changes from Jul 04, 2016) Largest short positions LUN 44627483 -300695 7/4/2016 Lundin Mng Potash Corp SK POT 37038874 2833644 7/4/2016 Kinross Gold K 24397756 887217 7/4/2016 New Gold NGD 23229239 -547706 7/4/2016 FM 20713831 -5394941 7/4/2016 First Quantum B2Gold BTO 20278539 196030 7/4/2016 Gran Colombia GCM 19285800 18423100 7/4/2016 Eldorado Gold ELD 18213852 -1245707 7/4/2016 SU 12310101 -2749539 7/4/2016 Suncor Energy Goldcorp G 10953117 994285 7/4/2016 Thompson Creek TCM 10684862 1691800 7/4/2016 HudBay Mnls HBM 9884344 -1515524 7/4/2016 Centerra Gold CG 9173873 6388692 7/4/2016 Detour Gold DGC 9093355 -1146313 7/4/2016 ABX 8812523 -54192 7/4/2016 Barrick Gold Largest increase in short position Gran Colombia GCM 19285800 18423100 7/4/2016 Centerra Gold CG 9173873 6388692 7/4/2016 AGI 8067270 2847793 7/4/2016 Alamos Gold Potash Corp SK POT 37038874 2833644 7/4/2016 MND 2327925 2074225 7/4/2016 Mandalay Res Largest decrease in short position Stornoway Diam SWY 311867 -15446928 7/4/2016 IAMGOLD IMG 7754674 -6207999 7/4/2016 Dundee Prec Mt DPM 1896413 -5420200 7/4/2016 First Quantum FM 20713831 -5394941 7/4/2016 Nemaska Lith NMX 431700 -4557800 7/4/2016

Short positions outstanding as of Jul 18, 2016 (with changes from Jul 04, 2016) Largest short positions FF 6540556 2270220 7/4/2016 First Mg Fin Orezone Gold ORE 2122400 423900 7/4/2016 Integra Gold ICG 1720832 -47927 7/4/2016 Brazil Res BRI 954746 79146 7/4/2016 922110 689210 7/4/2016 Bear Creek Mng BCM Santacruz Silv SCZ 825400 -2159874 7/4/2016 ALG 321369 319065 7/4/2016 Algold Res Rye Patch Gold RPM 261376 -104352 7/4/2016 ATAC Res ATC 260500 -39900 7/4/2016 Jaguar Mng JAG 229756 628 7/4/2016 IPT 163635 431 7/4/2016 IMPACT Silver Castle Mtn Mng NCA 150257 150257 7/4/2016 Monarques Res MQR 130529 10029 7/4/2016 Victoria Gold VIT 124566 102264 7/4/2016 Lomiko Mtls LMR 105000 105000 7/4/2016 Largest increase in short position First Mg Fin FF 6540556 2270220 7/4/2016 Bear Creek Mng BCM 922110 689210 7/4/2016 Orezone Gold ORE 2122400 423900 7/4/2016 Algold Res ALG 321369 319065 7/4/2016 150257 150257 7/4/2016 Castle Mtn Mng NCA Largest decrease in short position Santacruz Silv SCZ 825400 -2159874 7/4/2016 Strategic Metl SMD 8400 -249600 7/4/2016 AFM 3000 -247000 7/4/2016 Alphamin Res Metanor Res MTO 77000 -107200 7/4/2016 261376 -104352 7/4/2016 Rye Patch Gold RPM

DAILY METAL PRICES Daily Metal Prices Date Aug 1 Jul 29 Jul 28 Jul 27 Jul 26 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1530/1555 1540/1565 1575/1595 1525/1550 1530/1555 Aluminum 1645/1653 1615.50/1627.50 1597/1602.50 1583/1592.50 1590/1600 Copper 4906/4923 4852/4860 4861/4875 4869/4880 4861/4873 Lead 1834/1842 1783.50/1795 1799/1809 1805/1818 1825/1835.50 Nickel 10700/10760 10440/10485 10530/10560 10350/10405 10310/10340 Tin 17990/17950 17845/17750 17845/17775 17790/17750 17770/17790 2273/2275 2219/2216 2190/2192 2210/2212 2223.50/2224.50 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1348.85 1332.50 1341.30 1320.80 1321.25 Gold PM 1349.65 1342.00 1341.75 1329.00 1323.00 Silver 20.51 20.04 20.41 19.58 19.68 Platinum 1150.00 1128.00 1143.00 1105.00 1087.00 Palladium 721.00 707.00 702.00 694.00 687.00

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

Jul 29 Jul 28 Jul 27 Jul 26 Jul 25 1.3042 1.3157 1.3187 1.3186 1.3219 0.7668 0.7601 0.7583 0.7583 0.7566

Exchange rates (Quote Media, July 29, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0088 0.6863 78.2880 14.3813 10.6536 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5799 5.0897 51.1070 0.7439 852.9255 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3156 0.8949 102.0775 18.7520 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7560 6.6384 66.7000 0.9696 1111.9500

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug

25/18 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Goldstar Minerals Inc (GDM.RT) - 1 Rt to buy sh @ 0.04 ti Aug 17/16 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jul 29 Jul 28 Jul 27 Jul 26 Jul 25 High Low S&P/TSX Composite 14582.74 14552.72 14546.54 14550.00 14498.10 15527.30 12400.15 S&P/TSXV Composite 796.17 784.95 781.71 770.91 766.34 1050.26 883.52 S&P/TSX 60 847.40 846.88 846.40 847.45 844.49 896.74 709.99 S&P/TSX Global Gold 273.88 269.75 271.18 260.46 253.84 218.90 149.29 S&P/TSX Metals & Mining 688.92 685.33 653.60 650.99 630.74 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS JULY 25–29, 2016 239 New Highs

Acacia Mining* Agave Silver* Agnico Eagle Agnico Eagle* Alberta Star* ALQ Gold Alturas Mnrls Anfield Nickel AngloGold Ash* Antioquia Gold* Apple Cap Inc AsiaBaseMetals ATAC Res Atacama Pac Gd Atico Mng* Atlantic Gold Augustine Vent Auryn Res* Avnel Gold Axmin Inc AZ Mining B2Gold B2Gold* Barsele Min Barsele Min* Bellhaven Cp&G* Berkwood Res Big Wind Cap Blind Crk Res Blue Sky Uran Bowmore Expl Brookmount Exp* Buenaventura* Cadillac Vent Caledonia Mng Camino Mnls Canadian Zeol Canadian Zeol* Cancana Res Canterra Mnls Cantex Mn Dev Carlin Gold

Carube Copper* Cascadero Copp Castle Mtn Mng Centamin Centenera Mng Centenera Mng* Chalice Gold M* Coeur Mng* Colibri Res Columbus Gold Columbus Gold* Comet Inds Comstock Mtls Comstock Mtls * Confedertn Mls CONSOL Energy* Copperbank Res Coral Gold Corvus Gold Corvus Gold* Cruz Cap Corp* Defiance Silvr Defiance Silvr* Dolly Vard Sil Dolly Vard Sil* Dundee Prec Mt Duran Vent * East Africa East Africa * El Nino Vent Endeavour Mng Endeavour Mng* Endurance Gold* Eurasian Mnls Eurasian Mnls* Eureka Res Excalibur Res* Finlay Minrls Finore Mng Firestone Diam* First Majestic First Majestic* Fortescue Mtls* Galway Mtls*

Genesis Mtls Giyani Gold Giyani Gold* GMV Minerals GMV Minerals* Gold Fields* Gold Resource* Golden Arrow Golden Cariboo Golden Dawn Ml Golden Dawn Ml* Golden Tag Goldstream Mnl Gossan Res Gowest Gold Gowest Gold* Granite Ck Gld Greywacke Expl Hecla Mining* Hochschild Mg* Homestake Res Homestake Res* HTI Ventures IAMGOLD IAMGOLD* Impala Platnm* Ivanhoe Mines Ivanhoe Mines* Jaguar Mng Jaguar Mng* K92 Mng Inc K92 Mng Inc* Kenna Res Kincora Copper Klondex Mns Kootenay Silvr Lago Dourado Lions Bay Cap Lions Gate Mtl Lonmin plc* Lorraine Coppr* Lundin Mng Lydian Intl Lydian Intl*

MacDonald Mns Martina Mnls MartinMarietta* Midland Expl Mines Manage* Mirasol Res Monarques Res Monarques Res* Moneta Porcpn Moneta Porcpn* Monster Mng* Natural Res Pt* New Gold New Gold* New Milln Iron New Milln Iron* NewCastle Gold* Newmarket Gold Newmarket Gold* Newmont Mng* Nitinat Mnls* Noram Vent NQ Explor Nrthn Iron Odin Mng & Exp* Orca Gold* Oriental Non F Otis Gold Otis Gold* Pac Potash Pan Am Silver Pan Am Silver* Pistol Bay Mng Premier Gold M Prism Res Prospero Silvr PUF Vent Inc * Quinto Real Rackla Mtls Rackla Mtls* Radisson Mng Rainforest Res* Red Hut Red Pine Expl

Red Tiger Mng Redstar Gold Resource Cap Resource Cap* Rhyolite Res Richmont Mines Richmont Mines* Rio Silver RJK Explor Rotation Mnls Royal Gold* Rugby Mng Running Fox Rs* Sage Gold Sage Gold* Sandspring Res* Sandstorm Gold Sandstorm Gold* Sarama Res Satori Res* Savant Expl Senator Mnrls Serengeti Res Sibanye Gold* Silver Grail Silver Wheaton Silver Wheaton* Skeena Res Skeena Res* Skyharbour Res* Solitario Ex&R Sona Res* Spanish Mtn Gd* Sparton Res St-Georges Plt* Stelmine Can Stillwater Mg* Strikepoint Gd* Sultan Mnrls Talmora Diamd Tanzania Rlty Tanzania Rlty* Teck Res Teck Res*

Telson Res Terraco Gold Terrax Mnrls* Teuton Res Teuton Res* Tintina Res Torex Gold Treasury Metal TriStar Gold TriStar Gold* United States S* Uragold Bay Rs Vedanta* Vendome Res Walker River West Af Res Winston Gld Mg X-Terra Res Xiana Mng Xmet Inc* Yamana Gold

21 New Lows

Alix Res* Aurora Gold* Cameco Corp Cameco Corp* Canarc Res Frontier Rr Er* GoviEx Uranium Guerrero Vents* Kingsrose Mng* Medinah Mnrls* MGX Minerals* Mitchell Res* Montego Res Oceanus Res* Orex Mnrls* Osisko Gold* Potash Corp SK Rockland Mnls Royal Gold* Skyharbour Res* XLI Tech Inc*

CANADIAN GOLD MUTUAL FUNDS Jul 29 ($) FundName AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 23.72 14.08 BMO ZGD BMO ZJG 11.52 CIBC Prec Metal Fd A 14.69 Dyn Prec Metls Fd A 9.16 Horizons HEP IGMacGloPrecMetCl A 11.81 iShares XGD Mac Prec Met Cl A 67.10 NB Prec Met Fd Inv 16.85 RBC GblPreMetFd A 41.30 Sentry Pre Met Fd A 53.69 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv 51.37

Jul 22 ($) 28.56 22.50 13.23 10.58 14.12 8.55 34.25 11.08 16.34 62.81 15.91 38.83 50.98 47.78 8.17 48.37

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 1.22 4.29 79.83 2.78 213.50 1.22 5.42 82.40 2.40 79.26 0.85 6.45 92.70 0.63 38.10 0.94 8.86 106.65 0.60 79.66 0.57 4.03 68.46 2.62 68.81 0.61 7.13 99.51 2.66 471.14 1.08 3.15 83.61 0.80 0.73 6.61 99.80 2.76 109.60 0.61 3.76 95.09 0.61 836.51 4.29 6.82 102.40 2.51 151.26 0.94 5.91 92.70 2.46 46.35 2.47 6.37 92.02 2.13 475.31 2.71 5.32 93.18 2.90 271.54 2.69 5.62 92.35 3.19 288.29 0.62 7.58 119.85 3.23 81.27 3.00 6.20 88.24 2.26 183.88

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.$

12_Aug 8_MMMM.indd 12

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

2016-08-02 6:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 8–14, 2016

PROFESSIONAL DIRECTORY srk consulting

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To reserve space for your advertisement in the Professional Directory please contact:

Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com Fax: 416-447-7658

2016-07-29 1:02 PM

WWW.NORTHERNMINER.COM

AUGUST 8–14, 2016 / THE NORTHERN MINER

Yukon Premier supports mines YUKON From 1

mine, 20 km south of Dawson City, which produced a mere 1,240 oz. gold between 1912 and 1914. In comparison, the Klondike produced over 20 million oz. of placer gold over its history, and that number continues to grow. Between May and December last year, miners sluiced out 60,000 oz. gold for a value of $70.3 million. “The past century remains a cornerstone in the Yukon’s economy and culture … the Klondike is where it all started for explorers,” Pasloski said. Finding the bedrock source of the placer gold has always been the Excalibur for any explorer in the Yukon. So when Golden Saddle was discovered, over a hundred junior mining companies and countless prospectors flocked into the region. Soaring gold prices also helped exploration, and expenses peaked at $300 million in 2011, while 110,000 claims were staked the same year. Kinross bought Underworld for $139.2 million in 2010, but the project — which hosts 9.8 million inferred tonnes of 2.67 grams gold, totalling 840,000 oz. gold — was subsequently shelved. Fortunately, the kick in exploration spurred the discovery of other orogenic gold systems, most notably Kaminak Gold’s Coffee gold deposit, 30 km south of Golden Saddle. The half-oxidized deposit hosts 63.7 million indicated tonnes of 1.45 grams gold for 3 million oz., plus 52.4 million inferred tonnes of 1.31 grams gold for 2.2 million oz. gold. Goldcorp (TSX: G; NYSE: GG) bought the junior explorer and its project for $520 million in July this year. “Mining and exploration isn’t easy, it really requires perseverance and investment to succeed,” Pasloski said. “Goldcorp made a significant investment, and the project is expected to generate $2 billion in revenues and employ 500 people in its first decade. So on behalf of all Yukoners, I want to say congratulations to every person who brought that project forward.” The latest downturn in commodity markets may have deflated exploration spending down to $65 million last year, compared to $80 million in 2014, but ongoing work by the Yukon Geological Survey (YGS) and the Mineral Deposit Research Unit (MDRU) based at the University of British Columbia is gaining momentum. Geochronological dating by MDRU has found that mineralization at Golden Saddle and Coffee

The Tiger zone at Atac Resources’ Rackla gold project in central Yukon, 55 km northeast of Keno City. ATAC RESOUCES

“YOU WILL SEE LESS AND LESS CONFLICT IN THE YUKON, EVEN AS THE REST OF THE COUNTRY FACES MORE AND MORE UNCERTAINTY.” DARRELL PASLOSKI PREMIER, YUKON TERRITORY

occurred 100 million years apart, each driven by separate mountainbuilding events. The placer gold in the Klondike may be akin to mineralization at Golden Saddle, whereas regional, east-trending structures are thought to be the main conduits of gold at Coffee. And their work isn’t restricted to hard rock deposits. Last year, the YGS investigated the White Channel gravel — the host of placer gold in the Klondike — and discovered an older pay unit called the Paradise gravel, which appears to be the main gold source on benches in the area. “We have brilliant minds at the YGS, and many technical experts on staff to help companies move their projects forward,” Pasloski said. There is only one mine active in

the territory: Capstone Mining’s (TSX: CS) Minto copper-gold-silver mine, 240 km north of Whitehorse. The open-pit and underground porphyry deposit produced 6,093 tonnes of copper in concentrate in the second quarter of this year, at US$1.70 per lb. copper. The silver-rich, polymetallic Wolverine mine — owned by private company Yukon Zinc and located 440 km northeast of Whitehorse — was closed in January last year, and Alexco Resource (TSX: AXR; NYSE-MKT: AXU) suspended operations at its Bellekeno silver mine, 330 km north of Whitehorse, in September 2013. “The softening in global commodity prices has impacted our economic sector, with local mine

A drill site at Rockhaven Resources’ Klaza gold-silver-lead-zinc project in the Yukon, 50 km west of Carmacks. ROCKHAVEN RESOURCES

1 2 3 4 5 7 8 9 14 16_Aug 8_Main .indd 14

closures and lower exploration spending,” Pasloski said. “But we’ve weathered these challenges, and the potential of our region remains incredibly strong … I know that now, more than ever, is the right time to invest in our projects.” The next generation of mines could include Selwyn-Chihong Mining’s Selwyn zinc-lead project, 280 km north of Watson Lake, and Victoria Gold’s (TSXV: VIT) fully permitted Eagle gold project, 85 km north of Mayo. Western Copper and Gold (TSX: WRN; NYSE-MKT: WRN) is nearing the end of its assessment at its Casino copper-gold project — the largest submission ever received by the Yukon Environmental and Socioeconomic Assessment Board. Last year, over 60% of the $65 million spent in exploration focused on gold plays in the region. Advanced gold projects include Rockhaven Resources’ (TSXV: RK) Klaza, and Atac Resources’ (TSXV: ATC; US-OTC: ATADF) Rackla. A few other gold explorers with greenfield drill programs this year include Klondike Gold (TSXV: KG), Independence Gold (TSXV: IGO), Strategic Metals (TSXV: SMD). Elsewhere in the precious met-

als space, Wellgreen Platinum (TSX: WG; US-OTC: WGPLF) has a platinum group metals and nickel deposit in southern Yukon. “With our wealth in natural resources, the Yukon is well-positioned to turn the corner … and we’re focused on putting the tools in place to make the Yukon the next big development play for decades to come,” Pasloski said. He acknowledged that access to land and electricity are concerns for explorers in the region, and priorities for his government. The Yukon’s Minister of Energy, Mines and Resources Scott Kent told The Northern Miner during a phone interview that the territory is asking the Canadian government for $500 million towards more transportation infrastructure, outside the average $60 million spent per year. This would include building roads south of Dawson City, which would benefit Goldcorp’s Coffee project and Capstone’s Minto mine. Another road network is proposed north of Carmacks, near Western Copper’s Casino deposit. In the Yukon’s southeast, the government is looking to upgrade roads to Selwyn-Chihong Mining’s Selwyn project. “Not only is there a good business case to be made for the return on investment from Canada, it’s a good business opportunity for the local communities,” Kent said. “The investment would also derisk the projects and make them more viable for potential investors to bring development and production to the area.” Kent anticipates that by year-end the government will have a better idea of which road projects will go forward, pending budget agreements with affected First Nations. Premier Pasloski comments that the Yukon is different from other jurisdictions in Canada because of its “sophisticated First Nation governments.” “In other jurisdictions you hear about blockades and occasional violence, in the Yukon you hear about negotiations, strongly worded letters and on rare occasions, it goes to court,” Pasloski said. “Compared to other jurisdictions, that’s a pretty mature relationship. And as time goes on I believe you will see less and less conflict, even as the rest of the country is facing more and more uncertainty.” TNM

2016-08-02 6:50 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 8–14, 2016

www.northernminerjobs.com

Senior Mine Engineer Dubreuilville, Ontario, Canada

Metallurgist Dubreuilville, Ontario, Canada

Engineer – Projects & Planning Dubreuilville, Ontario, Canada

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

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

Reporting to the Mill Superintendent, the Metallurgist will be accountable

responsible for overseeing activities related to supporting the operations

Projects & Planning role will be responsible for planning, coordinating

for providing metallurgical expertise and technical support to ensure

and to ensure service and/or operating standards are met. The Senior

and monitoring site engineering activities; lead the design and develop-

efficient and optimum plant performance to meet production objectives

Mine Engineer will also design and develop processes, practices and

ment of engineering projects, ensuring completion on time and within

of the Island Gold Mine.

methodologies, and planning in mine engineering.

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

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

District Geologist Sudbury, ON. Canada

Maintenance Planner Dubreuilville, Ontario, Canada

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

Bring your geoscience, analytical and customer services expertise to the

mizing the impacts of mineral exploration and mining activities affecting

Ontario Geological Survey’s Resident Geologist Program and join the

Reporting to the Mechanical Superintendent the Maintenance Planner

public health and safety and the environment, and to do this, we need

Ministry of Northern Development and Mines’ exciting team in Sudbury’s

provides leadership and is responsible to develop, implement and main-

an individual who possesses the drive and leadership qualities to deliver

world-renowned mining district.

tain reliability based maintenance strategies based on preventive and

the ministry’s Mine Rehabilitation and Compliance Program.

predictive maintenance to ensure maximum availability and production.

Assay Laboratory Manager Calgary, Canada

Assistant or Associate Professor (Economic Geology) Ottawa, ON. Canada

Regional Resident Geologist Kirkland Lake, ON. Canada

The Department of Earth Sciences at Carleton UniBring your geoscience, analytical and customer service/communication

versity invites applications from qualified candidates

The successful candidate will have a firm grasp of the managerial skills

expertise to the Ontario Geological Survey’s Resident Geologist Program

for a preliminary (tenure-track) appointment in eco-

required to run an assay laboratory. This includes wet chemistry, fire

and play a key role with the Ministry of Northern Development and Mines

nomic geology at the rank of Assistant or Associate Professor beginning

assay, ICP and AA spectrometry, and an all-round knowledge of lab

geoscience team operating out of Kirkland Lake, Ontario.

in 2017. Applicants must have a Ph.D. in Earth Sciences, have demon-

operations.

strated excellence in teaching, possess a strong commitment to research and scholarship, as reflected in peer-reviewed publications, have strong connections with industry, and be engaged in a research area that has a strong field component.

Ontario Ministry of Northern Development & Mines Aggregate/ Industrial Mineral Specialist Ontario, Canada

Technologist II, Metallurgy Saskatoon, Saskatchewan, Canada

Chief Mine Engineer Timmins, ON. Canada Working with a core team you will be responsible for life-of-mine planning,

Reporting to the metallurgists, you will be responsible for the operation and

The Ministry of Northern Development and Mines is seeking a talented

engineering quality controls, and integrity of the plans and planning

maintenance of an ICP-MS radium analyser, as well as other field and

professional with sand, gravel and bedrock aggregates expertise to

process. The role includes the short term mine planning process, production

laboratory testing and equipment. Experience in analytical technique is a

become part of its Earth Resources and Geoscience Mapping team.

forecast evaluations, annual budgeting and production performance

must. You will conduct test work and report findings in an accurate and

Bring your technical expertise in geology to the Ontario Geological

measurement; focused on ounces produced not tons, cost savings rather

consistent manner.

Survey, Earth Resources and Geoscience Mapping Section, where you

than cost management, ore quality preservation initiatives, resource

will play a key role in the section’s aggregate/industrial mineral mapping

optimization influence, equipment utilization and manpower distribution

program.

optimization, capital expenditure validation and reconciliation.

Community Relations Liaison Saskatoon, Saskatchewan, Canada Cameco Corporation and AREVA Resources Canada Inc., as part of its Athabasca Community Relations program, are seeking a full-time Community

Recruit smarter with mining jobs The Northern Miner’s new section dedicated to recruiting in mining

Liaison to work out of the community of Fond du Lac Denesuline First Nation. This position is one of three Community Liaison positions for Black Lake Denesuline First Nation, Fond du Lac Denesuline First Nation, Hatchet Lake Denesuline First Nation, Wollaston, Stony Rapids, Camsell Portage and Uranium City. This position’s primary responsibility will be to the Fond

One listing is all you need Print Edition. Circulated to TNM 20K+ readership

du Lac Denesuline First Nation, Camsell Portage and Uranium City.

4 industry Job Boards

Lab Manager Langley, BC. Canada

The lab manager’s job will be to schedule the staffs’ time to ensure efficient use of lab equipment. You will train lab technicians and assistants on the correct use of lab equipment, as well as ensuring that employees

CANADIAN Mining Journal

follow industry standards and safety regulations for handling and disposing of test samples.

Email sales@mining-jobs.net or call 416-510-6772 and s t a r t r e c r u i t i n g s m a r te r t o d a y For full job details visit www.northernminerjobs.com and enter the Job Name in the search field

15-Aug 8_NEW-MiningJobs.indd 15

16-08-02 6:34 PM

WWW.NORTHERNMINER.COM

AUGUST 8–14, 2016 / THE NORTHERN MINER

The mill at Agnico-Eagle Mines and Yamana Gold’s Canadian Malartic gold mine in Quebec. AGNICO EAGLE MINES

Gold majors deliver Q2 results RESULTS REVIEW

BY SALMA TARIKH starikh@northernminer.com

any companies published t hei r second-qua r ter earnings on July 27, including gold miners Barrick Gold (TSX: ABX; NYSE: ABX), Agnico Eagle Mines (TSX: AEM; NYSE: AEM), Goldcorp (TSX: G; NYSE: GG) and Kinross Gold (TSX: K; NYSE: KGC). Here’s what you need to know: Barrick continued strong, with second-quarter adjusted earnings of US$158 million, or US14¢ per share, in line with analysts’ expectations and above the US5¢ per share earned a year ago. While gold production fell 8% year-over-year to 1.34 million oz.,

| Positive free cash flow, debt reduction highlighted in earnings reports

all-in sustaining costs improved 13% to US$782 per oz. gold. Barrick generated US$274 million in free cash flow, marking its fifth straight quarter of positive free cash flow. It has lowered its debt US$968 million year-to-date, and is on track to achieve its US$2-billion debt reduction target for the year. As part of this goal, Barrick intends to sell its 50% interest in Kalgoorlie Consolidated Gold Mines, where Newmont Mining (NYSE: NEM) holds the other half. Raymond James analyst Phil Russo values the asset at $1 billion. The major has reportedly also considered selling its 64% stake in Acacia Mining. In Toronto, Barrick shares fell 19¢ to close July 28 at $28.03. The

stock is up 174% since 2015, partly due to the 26% increase in spot gold prices, which recently closed at US$1,334.60 per oz. Ag n ico shone i n t he t h ree months ended June. It reported an adjusted profit of US$35 million, or US16¢ per share, beating the average US10¢ per share that analysts had expected. It earned an adjusted US9¢ per share in the same period last year. Gold production came in at 408,932 oz. gold, at all-in sustaining costs on a by-product basis of US$848 per oz., both in line with the earlier year’s figures. The Meliadine gold project in Nunavut is now fully permitted, after receiving the final Type A water licence in May.

The producer has cut its net debt by US$181 million to US$742 million, while boosting its quarterly dividend 25% to US10¢. Agnico shares advanced 3% to $74.53 on the financials. The stock is up 105% this year. Goldcorp missed expectations, with a net loss of US$78 million, or US9¢ per share, due to lower production at the Cerro Negro and Penasquito mines in Argentina and Mexico. This compares to earning US47¢ per share a year ago. “After adjusting for one-time items we calculate earnings of nil, which missed consensus of US4¢ per share,” Desjardins analyst Michael Parkin says. Gold production totalled 613,400 oz. at all-in sustaining costs of

SAVE UP TO 50% OFF WITH SITE LICENSE THE NORTHERN MINER TEAM ACCOUNTS Save Up to 50% with The Northern Miner Group Account Subscriptions Each member of your team can have their own access to reliable, timely and informed analysis of global mining and exploration activity. For pricing and other inquiries please email Dan Bond at

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KINROSS EXPECTS THE TASIAST MINE IN MAURITANIA WILL RETURN TO NORMAL OPERATIONS IN AUGUST. US$1,067 per oz., compared to 908,000 oz. produced at all-in sustaining costs of US$853 per oz. in 2015. Workforce reductions at Cerro Negro should deliver US$65 million in annual savings, while Goldcorp has identified another US$55 million in annual administrative savings. The company expects to achieve its US$250 million annual savings target by 2018. It has approved expansions at Penasquito and the Musselwhite mine in Ontario, while closing the Kaminak Gold acquisition. Goldcorp lost 6% on the financials to close July 28 at $23.36 per share. Its shares have increased 46% since 2015. Kinross recorded slightly higher production and lower costs in the June quarter. Gold equivalent production came in at 671,267 oz. at all-in sustaining costs on a by-product basis of US$976 per oz. gold. Despite that, it reported an adjusted net loss of US$9.8 million, or US1¢ per share, in line with a US1¢ per share loss a year ago. Analysts on average had projected a profit of US1¢ per share. Kinross expects the Tasiast mine in Mauritania will return to normal operations in August. It will temporarily suspend operations at its Brazilian Paracatu’s Plant 1 facility in the second half of the third quarter due to low rainfall. Kinross also expects to suspend mining and begin residual leaching at the Maricunga mine in Chile in the fourth quarter. It has made no changes to its 2016 production and cost guidance. Kinross shares stayed relatively flat to close July 28 at $6.63. The stock has gained 164% this year. TNM

2016-08-02 6:49 PM