The Northern Miner August 3 2020 Issue 16 by The Northern Miner Group

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US TOP 10 The companies and projects driving the industry / 9 – 14

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE

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Sourcing cobalt remains a challenge for electric vehicle manufacturers

COBALT |

Metal is the most expensive component of EV batteries

BY FRIK ELS

Mining.com

erman luxury vehicle maker BMW signed a US$2.3 billion long-term deal earlier this month with Swedish battery maker Northvolt, the latest of such deals, as European carmakers try to compete with Tesla in the burgeoning electric vehicle (EV) market. Tesla’s gigafactories and battery technology have long given it an edge in the EV market (Northvolt was started by two former Tesla executives), but when it comes to the sourcing of raw material for lithium-ion batteries, the California company faces the same challenges

as traditional carmakers. This makes another, much smaller deal BMW struck more significant in finding an advantage over Tesla and stealing a march on its German and Japanese competitors. The Munich-based carmaker signed a five-year cobalt supply deal on July 10 with Moroccan miner Managem worth US$112 million. Managem owns Bou-Azzer in the Anti Atlas mountains, the only primary cobalt mine in the world and in operation since 1930. BMW says the offtake agreement, first announced a year ago, covers one-fifth of its requirements for the NCM (nickel-cobalt-manganese) cathodes in its batteries, which

together with Tesla’s NCA (nickelcobalt-aluminum) represents more than 90% of the market. The other 80% of the cobalt it needs comes from the Murrin Murrin mine in Australia, a Glencore (LSE: GLEN) owned operation, which makes BMW the only carmaker with a direct to mine raw material sourcing approach. Roskill, a metals, minerals and chemical industry research company, estimates approximately 19,600 tonnes of cobalt will be required and provided for by the two sole suppliers, between 2020 and 2025. See COBALT / 3

Hydro unit at Managem’s Bou-Azzer cobalt mine in Morocco. MANAGEM

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Endeavour Mining adds to gold resource at Hounde complex BURKINA FASO | Company recently awarded exploitation licence for the Kari Area BY CARL A. WILLIAMS

cwilliams@northernminer.com

ndeavour Mining (TSX: EDV) has increased its gold resource by 554,0 0 0 oz. at its Hounde mine in Burkina Faso, located approximately 250 km southwest of the capital Ouagadougou. The updated minera l resource now stands at 74.6 million tonnes grading 1.85 grams gold per tonne for 4.45 million contained oz. gold in the measured and indicated category. Inferred resources also increased to 7.9 million tonnes grading 1.9 grams gold for 481,000 oz. gold, up 24,000 oz. gold from the previous estimate, the company reported. The increase followed further resource delineation at the Kari

Area. It included extensions for the Kari West and Kari Centre deposits plus maiden resources for the adjacent Kari Gap, Kari South and Kari Pump NE deposits. “We are very excited to announce this resource update as it continues to demonstrate the Hounde mine’s potential,” Sebastien de Montessus, the company’s CEO, said in a press release. “Over 2.5 million ounces of indicated resources have now been discovered in the Kari Area, ranking it as the largest resource in the Hounde mine complex.” The Kari Area, the company says, includes a 5 km by 4 km wide area that hosts numerous deposits located 7-10 km northwest of the Hounde processing plant. The area has been the focus of extensive exploration since 2017, with over 400,000 metres drilled

“OVER 2.5 MILLION OUNCES OF INDICATED RESOURCES HAVE NOW BEEN DISCOVERED IN THE KARI AREA.” SEBASTIEN DE MONTESSUS CEO and Chairman Endeavour Mining

and six discoveries made: Kari Pump, Kari Center, Kari West, Kari Gap, Kari Pump NE and Kari South. The company estimates that approximately 20% of the anomaly remains untested. Around 55% of drilling in the

first quarter of 2020, the company says, was focussed on extending and delineating the Kari Center trend, with 15% directed towards delineating Kari Pump NE, and the remaining 30% consisting of infill drilling at Kari West to convert inferred resources into indicated resources and to test deeper extensions of the deposit. “Last year, the 1 million oz. indicated resource delineated at Kari Pump led to a reserve conversion of over 700,000 ounces. We now look forward to quickly completing the work to convert the additional 1.5 million oz. indicated resources delineated for the other deposits,” de Montessus said. “With 84% of the Kari Area See ENDEAVOUR / 2

NORTHERN DYNASTY’S PEBBLE PROJECT APPROVED IN ALASKA / 2

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Giant Alaska copper-gold mine approved after 15-year fight ENVIRONMENT | Project

BY CECILIA JAMASMIE

Mining.com

orthern Dynasty Minerals (TSX: NDM) has cleared the last environmental hurdle for its proposed Pebble coppergold-molybdenum mine in Alaska almost two decades after developers first started considering the project. The U.S. Army Corps of Engineers has issued a final environmental impact statement (EIS), backing the controversial mine in the salmonrich Bristol Bay. The decision opens the door for Northern Dynasty to obtain the federal go-ahead as soon as late August. “There is more work to be done, but the publication of the Final EIS today is a clear validation that Pebble can be developed in an environmentally sound and socially responsible way, creating benefits and opportunities for the people of Bristol Bay and all Alaskans,” Ron Thiessen, Northern Dynasty’s president and CEO, said in a statement. He noted that the final EIS describes the proposed open-pit mine and related infrastructure as an operation that will protect water quality, fisheries, wildlife and other valued natural resources. Based on that, the U.S. Army Corps of Engineers believes the mine can secure all necessary federal and state permits in future. Opponents of the project didn’t wait to express their discontent. “The science is overwhelmingly clear: the proposed Pebble Mine is a catastrophe waiting to happen,” said Collin O’Mara, president and CEO of the National Wildlife Federation. “It’s simply unconscionable to fasttrack such a high-risk project with a shoddy environment review that failed to evaluate the consequences should the proposed six-story dam fail and release 10 billion gallons of toxic waste into Bristol Bay’s treasured, pristine ecosystem,” O’Mara noted. Bonnie Gestring, northwest program director for environmental group Earthworks, was also highly critical. “We are not talking about minor impacts, but the wholesale destruction of over a hundred miles of rivers and streams,” she said in a statement. “No other mine in North America, and perhaps the world,

would have such a devastating effect on clean water.” Tom Collier, chief executive officer of Pebble Partnership, the project developer, said the publication of the Final EIS was the most significant milestone in the project’s history. “Today was really fifteen years in the making,” he said. “[We have] a project that can be done responsibly, without harm to the Bristol Bay fishery, and provide meaningful contributions to the communities closest to the project.” Northern Dynasty said that, based on the positive environmental assessment, it would now seek a major mining company to become a partner in the project. Since Teck Resources’ (TSX: TECK.B; NYSE: TECK) predecessor, Cominco, began exploring the prospect in the 1980s, Pebble has divided conservationists, local activists, fishermen and regulators. Northern Dynasty secured a 100% ownership in Pebble in 2005. Two years later, it entered into a 50:50 partnership with Anglo American (LSE: AAL) to develop the massive deposit. The Canadian miner became again the sole owner of Pebble in 2013, after Anglo American walked away from the project, in which it had invested US$573 million. Pebble’s permitting process has been mired in controversy and delays. Perhaps one of the most publicized issues was the U.S. Environmental Protection Agency’s (EPA) decision in 2014 to propose restricting the discharge of mining waste and other material in the area. Criticism prompted the Vancouver-based company to submit a new, smaller mine plan that includes lined tailings, and eliminate the use of cyanide in the gold extraction process. Pebble began moving forward after the election of Donald Trump in November 2016. In July last year, Northern Dynasty scored a big win as the EPA scrapped the proposed restrictions on mining operations in Bristol Bay, which prevented the project’s consideration. The agency also issued a letter at the time, saying the project may result in substantial and unacceptable impacts to aquatic resources. That observation was a specific step in a

Geologists study drill core at Endeavour’s Hounde mine in Burkina Faso. ENDEAVOUR MINING

would be North America’s largest mine

The site of Northern Dynasty Minerals’ Pebble copper and gold project in Alaska. NORTHERN DYNASTY MINERALS

sequence established to deal with inter-agency disagreements over Clean Water Act permits. A draft version of the EIS released in February, however, indicated that the project could co-exist with the fisheries and water resources of the Bristol Bay area. The news was followed in May by the EPA issuing a new letter that downplayed the possible loss of streams and other wetlands the project might cause. If permitted, Pebble would be North America’s largest mine, with a productive life of at least 20 years. Headaches for Northern Dynasty, however, may not end up there. A coalition of local residents and national

environmental groups has vowed to challenge the permit in court. There is also the possibility that the next administration blocks it once again, as happened during Obama’s presidency, should Democrats win the White House in the fall. Pebble’s current resource includes 6.5 billion tonnes in the measured and indicated categories containing 57 billion pounds of copper and 71 million ounces of gold, 3.4 billion pounds of molybdenum and 345 million silver ounces. The project is about 320 km southwest of Anchorage. In a research note, Cantor Fitzgerald mining analyst Mike Kozak described the positive EIS as a “huge

de-risking event.” “The final EIS document is over 2,000 pages, and at this stage we have only been able to review the Executive Summary,” he wrote. “That said, in our view, it clearly outlines that the Pebble mine can be developed and operated in an environmentally benign and sustainable manner.” “Following the favorable Final EIS, we believe a positive Record of Decision and 404 Wetlands Permit is forthcoming. This should make the Pebble project far more attractive to a broader range of larger-tier partners.” TNM

ENDEAVOUR From 1

and Kari Gap slated for release in the fourth quarter. Next, the company plans to drill an additional 20,000 metres in the Kari Area and is slated to start after the rainy season in the fourth quarter of this year. “As we continue to drill in the Kari Area later this year and into 2021, we are confident that we will continue to delineate resources along the Kari Center trend, which remains open,” Patrick Bouisset, executive vice president exploration and growth, said in the company’s press release. “In addition, we are keen to start drilling other high priority targets close to the Hounde mill after spending three years focusing mainly on the Kari Area.” Raj Ray, a mining analyst at BMO Capital Markets, has an outperform rating on the company and a price target of $45 per share. “With the company expected to announce updated reserves

for Hounde in quarter three of 2020 and additional exploration upside still remaining, we see potential for Hounde reserves to grow to greater than 3 million oz. versus 2.2 million oz. of current reserves. Hounde accounts for about 24% of our production and valuation estimate for Endeavour,” Ray said. Haywood Capital Markets’ Geordie Mark has forecast a target price of $44 per share and recommends purchasing shares at the current price. “Endeavour’s shares continue to offer shareholder value in a higher gold price environment given the now larger and more diverse asset base,” he said. At press time in Toronto, Endeavour was trading at $33.59 per share within a 52-week trading range of $15.69 and $36.62. The company has around 110 million common shares outstanding for a $3.8-billion market capitalization. TNM

resource grading above 2 grams gold per tonne, we are confident we will achieve our goal of producing 250,000 oz. a year over a 10 plus year mine life at Hounde by displacing lower grade material.” The infill program has led to 88% of the total resource for Kari West, Kari Center, Kari Gap, Kari South, and Kari Pump NE classified in the indicated category, with the potential to convert additional resources through further drilling, the company the company said. Endeavour has recently been aw a rd e d a n e x ploit at ion l icence for the Kari Area, and mining has commenced at the Kari Pump deposit. Maiden reserves for Kari West and an updated mine plan for Hounde will be published in the third quarter, the company says, followed by maiden reserves for Kari Center

This article first appeared in our sister publication, MINING.com.

GLOBAL MINING NEWS

COBALT From 1

For Managem and Glencore to provide 100% of BMW’s cobalt requirements, approximately 85% of each company’s respective mine production would need to be assigned to BMW, totalling around 1,500 tonnes per year and 2,400 tonnes per year from Managem and the Swiss giant, respectively. Roskill says these volumes are significantly higher than previous estimates and may also imply an agreed long-term cobalt metal price at a discount to current market levels. Annual cobalt production is only around 130,000 tonnes, mostly as a byproduct of nickel and copper mining.

THE NORTHERN MINER / AUGUST 3–AUGUST 16, 2020

Two-thirds of cobalt supply comes from the Democratic Republic of the Congo (DRC). That proportion may rise, as production from the country has largely escaped the effects of Covid-19 with workers confined to mine sites. (The virus recently closed another major supplier, the Ambatovy mine in Madagascar). In the DRC, fears about political instability, the challenges of ethical sourcing and the presence of thousands of artisanal miners combine to supercharge supply concerns. The cobalt from Bou-Azzer and Murrin Murrin is not suitable to enter the battery supply without chemical conversion, and downstream, the supply chain is even more concentrated. More than 80% of the chemical

Glencore’s Murrin Murrin mine in Western Australia. GLENCORE

processing and refining capacity of cobalt is located in China, which after Glencore, is also the largest cobalt miner inside the DRC. Roskill says a core driver of BMW’s direct to mine strategy has been to minimize exposure to DRC cobalt production and also to increase control, transparency and auditability of its cobalt supply. Another reason BMW is looking outside central Africa is that much of the DRC’s cobalt is already tied up. Last month, Tesla reportedly signed a deal with Glencore for 6,000 tonnes of DRC cobalt destined for its new Shanghai factory. A lt houg h t he Tesla dea l is relat ively sma l l a nd rema i ns unconfirmed (as were previous agreements), it casts doubt on pronouncements from Tesla that it’s close to eliminating cobalt from its batteries altogether and claims that its current generation NCA technology uses much less than even the most thrifty NCM chemistries (8 parts nickel for every one cobalt). Glencore a lready has t hree other large, long-term deals in place with Korean battery manu fac t u rer SK I n novat ion for 30,000 tonnes (enough to make 2 million EVs with today’s cathode technology), Belgian chemicals giant Umicore and China’s GEM, a battery recycler. Benchmark Mineral Intelligence, a battery supply chain and price reporting company, estimates that even without Tesla on the books already more than 90% of Glencore’s DRC cobalt production is locked up in long-term agreements. A proposal from a New York

charity – Sisters of the Good Shepherd – which was supposed to be voted on at Tesla’s annual shareholder meeting scheduled for July 7, but postponed due to Covid-19 – called for an investigation into Tesla’s sourcing of cobalt. A representative of the Sisters of the Good Shepherd told S&P Global Market Intelligence that a Tesla-Glencore deal “seems to be inconsistent with their messaging around reducing their use of cobalt, and what we want to see is stronger implementation of human rights.” Roskill says, while BMW now has deals in place for 100% of its needs, the company has not shied away from the fact that completely by-passing DRC production is almost unachievable given the scale of cobalt required in the future (which is factors of current production before the end of the decade). This is evident in several initiatives that the BMW Group is a part of, such as the Responsible Cobalt Initiative and its Cobalt for Development study in partnership with BASF, Samsung SDI and Samsung Electronics. Its involvement in these projects suggests the automotive manufacturer potentially needs to procure additional cobalt from DRC mines in future, though is focussed on a long-term strategic approach to sustainability in the region. EVs only recently overtook mobile phones and super-alloys for the aviation industry as the main source of demand for cobalt. Tesla, alongside Google, Apple and others, were sued by a human rights group in December 2019 for artisanal cobalt mined under unsafe and unethical conditions,

including the use of child labour entering their supply chains. At the beginning of the year, the DRC government announced the Enterprise Generale du Cobalt (EGC), whereby state-owned miner Gecamines becomes the monopoly buyer of cobalt from small scale miners. EGC is set to kick-off within two months but Benchmark says few details have been revealed, and rather than providing greater transparency, “particularly in relation to how the material is to be traced and whether independent companies will be allowed to audit the process, the new arrangement is likely to add further opacity to the supply chain and hinder moves to formalize the artisanal sector.” Cobalt remains by far the most expensive component of EV batteries. After hitting near-decade highs in early 2018 above US$100,000 per tonne, prices for cobalt used in the global battery supply chain are down 70%. Glencore’s decision to mothball its Mutanda mine in the Congo, the world’s largest and responsible for 20% of global output, breathed life into the market, but the metal remains stuck in the low US$30,000s. Benchmark’s June cobalt price index shows prices gaining 3.2% month on month to US$31,300 per tonne (100% Cu basis), but the London-based price reporting agency warned of demand weakness and receding supply fears, as raw material volumes from the DRC shipped via South Africa returns to the market. TNM This article first appeared in our sister publication, MINING.com.

JOINT VENTURE ARTICLE

A potential world-class source of lithium Cypress Development’s Clayton Valley lithium project in Nevada is on track to be a potential world-class source of lithium for the global electric vehicle market BY NORTHERN MINER STAFF Lithium has become a critical component of our modern age and is used in rechargeable lithium-ion batteries for a range of electronics, including mobile phones, laptops, cameras, and hundreds of other devices. Furthermore, lithium-ion batteries are increasingly replacing lead-acid batteries in road transport and are transforming the market for hybrid and electric vehicles by significantly extending their range. For instance, there were only 17,000 electric vehicles on the world’s roads in 2010. By 2019, that number had swelled to 7.2 million, with nine countries having more than 100,000 electric vehicles on the road, according to the International Energy Agency’s Global EV Outlook 2020 report, published in June. The report says that electric vehicles accounted for 2.6% of global car sales and 1% of global car stock in 2019, with sales of electric vehicles topping 2.1 million globally. And as technological progress in the electrification of two and three-wheelers, buses, and trucks advances and the market for them grows, electric vehicles are projected to expand significantly over the coming years. Lithium is highly reactive, and because of this high reactivity, it does not occur as a pure element in nature but is contained within minerals in a range of hard rock types or in brine solutions in salt lakes, called salars. Cypress Development (TSXV: CYP), an exploration and development company with headquarters in Vancouver, is focussed on developing a world-class resource of lithium at its flagship Clayton Valley lithium project, located in Esmeralda County in Nevada and 10 km east of the community of Silver Peak. “The project is one of three advancedstage lithium projects in Nevada and is

View looking northeast toward Clayton Valley Ridge with claystone outcrops visible in the foreground. CYPRESS DEVELOPMENT

adjacent to the Albemarle Silver Peak mine, the only lithium brine operation in North America,” said Bill Willoughby, director and CEO of Cypress. “The size of the resource at Clayton Valley could make it a very significant lithium source for the global lithium market.” Situated immediately east of Albemarle‘s (NYSE: ALB) Silver Peak mine, which has been in continuous operation since 1966, Clayton Valley was discovered by Cypress in 2016. The company’s exploration and development work revealed an extensive deposit of lithiumbearing mudstone and claystone, with lithium mineralisation occurring within montmorillonite and illite clays throughout the sediments to a depth of 120 metres. Willoughby noted that the key features of the deposit include its large size,

surface exposure, and flat-lying nature. These features, he added, would allow for a mine with a negligible strip ratio of 0.15:1, due to very little overburden and the absence of interbedded waste, and negates the need for drilling or blasting during excavation work. In addition to the favourable geological and topographical setting, metallurgical testing also indicated lowcost processing by leaching with dilute sulphuric acid that could lead to high lithium recovery of over 85%. In May, a pre-feasibility study (PFS) estimated the project could produce approximately 27,400 tonnes of lithium carbonate equivalent (LCE) annually over a mine life of 40 years. The study estimated an initial capital investment of US$493 million for a

Drill rig operating on the south-central part of the Clayton Valley lithium project. CYPRESS DEVELOPMENT

payback period of 4.4 years. The project has an after-tax net present value of US$1.05 billion at an 8% discount rate and an after-tax internal rate of return of 25.8%, based on an average LCE price of US$9,500 per tonne. “The extremely positive results from the PFS demonstrated that Clayton Valley has become a world-class lithium deposit,” Willoughby noted. “And at US$3,329 per tonne of LCE, the low operating costs combined with significant mineral resources and long project life means it has the potential to be a significant source of lithium for some time.” The project contains measured and indicated mineral resources of 593.3 million tonnes grading 1,073 parts per million (ppm) lithium for

636,400 tonnes of contained lithium and inferred resources of 2.3 million tonnes grading 1,005 ppm for 2,300 tonnes of lithium, at a cut-off grade of 900 ppm lithium. Cypress is now focussed on developing a pilot plant program, which the PFS estimated at US$6.75 million and could take six months to complete. “The primary focus of the pilot plant program is to show continuity in our process and to consistently produce a lithium product which will be of interest to battery manufacturers and sold directly to that market,” Willoughby said. n The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Cypress Development and produced in cooperation with The Northern Miner. Visit www.cypressdevelopmentcorp.com for more information.

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E D I T O R IA L

O P- E D

Gold and Silver fire on all cylinders

Four of five global mega deals involved Canadian mining companies

PRECIOUS METALS

| Silver backed ETF holdings have

risen by over 140 million oz. in last three months

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he stars continue to align for precious metal prices, driven higher by unprecedented economic and political uncertainty and enormous monetary and stimulus programs. Last week leaders of the European Union agreed on a landmark 750 billion euro (US$858 billion) stimulus package to assist countries hit hardest by the coronavirus, while U.S.-China BY TRISH SAYWELL relations deterioriated further. tsaywell@northernminer.com “It’s all creating an investment climate where investors are saying: ‘We should have gold and silver,’” Jeff rey Christian of the CPM Group in New York tells me. While gold and silver prices also rose during July and August last year before retreating in the fall, Christian says, “Th is is not 2019, it’s 2020 – the economic and political problems are on top of the world now, not on the distant horizon as they were last autumn.” The silver spot price breached US$24 per oz. for the first time in more than six and a half years – hitting US$24.36 per oz. on July 27, while spot gold hit an all-time high of US$1,945.10 per oz., eclipsing the previous record set in September 2011. But it’s silver that I want to focus on here because a) it typically doesn’t get as much attention as gold and b) its uses are multi-faceted and likely to grow, given its importance in solar power technology and 5G applications. Bank of America Global Research is forecasting quarterly averages for silver of US$18 per oz. in the fourth quarter of this year and US$20 per oz. and US$22.50 per oz. in the first and second quarters of 2021, while RBC Capital Markets recently raised its price forecasts for the metal by 16% in 2020, 17% in 2021 and 14% in 2022. RBC’s analysts now predict silver will average US$17.76 per oz. this year, US$18.75 per oz. next year, and US$18.50 per oz. in 2021. RBC attributed its higher price forecasts to “a more robust rebound in global industrial production and ongoing strong investment demand.” Silver “offers many of the same investment qualities as gold even with 50-55% of demand coming from industrial use,” which “means it is similarly attractive in the current supportive gold macro environment,” RBC said in a July 17 research note. It also pointed out that over the last three months, silver backed exchange-trade fund (ETF) holdings have risen by more than 140 million ounces. At BMO Capital Markets, mining analysts Colin Hamilton and Alexander Pearce also weighed in on silver recently with an interesting commentary about the benefits silver enjoys from efforts to green the economy, noting that the metal’s “exposure to green stimulus is now an important tool in its armoury.” Hamilton and Pearce pointed out that 5G and solar technology are silver-intensive and “could well benefit from any fiscal stimulus.” So far this year, they calculated, governments (75% of them in Europe) have approved more than US$50 billion of green stimulus, while in the U.S., Democratic presidential nominee Joseph Biden’s Clean Energy plan aims by 2035 to have a zero-carbon power grid that will displace thermal generation with new wind and solar capacity. The push into solar will be “crucial” for future silver demand, the BMO analysts argued in their July 16 note to clients, explaining that the metal plays a “core role” in “the conductive layer on both sides of the silicon cell.” According to their figures, solar photovoltaics devoured about 100 million ounces of silver last year. Even with thrift ing, they added, “this is set to be a growth area.” “We model >500GW of new solar capacity being added globally by 2025,” they forecast. “This, plus use in 5G (in electromagnetic shielding), is why we now term silver an ‘infrastructure’ precious metal, as this is the key growth area and a key reason why we see silver outperforming gold as a trend over the coming years.” In an earlier commentary in April, BMO noted that “demand from new mobile communication technology already accounts for 7.5 million oz. of silver.” Meanwhile, ETF holdings of silver since January have shot up by about 40%, and Covid-19 related disruptions to the silver supply are impacting the market. BMO forecasts global silver supply will drop 6.8% this year to less than 900 million oz., the lowest in a decade. The bank points out that Mexico and Peru, both of which have been hit hard by the coronavirus pandemic, together make up about 40% of the world’s total global silver output, excluding scrap. For its part, RBC forecasts “declining silver production from primary mines over the coming years,” and sees “fewer primary silver projects than gold projects that could be developed in the medium term in responses to higher prices.” While higher prices “could incentivize the restart of several assets that have been idled over the past few years as a result of the weak price environment, this is unlikely to have a material impact on the overall supply picture,” RBC said. Finally, while by-product silver production “is expected to remain relatively robust,” RBC concluded, “It should be remembered that this supply is price insensitive and is unlikely to respond to stronger silver prices.” TNM

DEPARTMENTS Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory . . . . . . . . . . . . . . 17 Stock Tables . . . . . . . . . . . . . . . . . . . . 18-23

COMMENTARY | Mergers and acquisitions continue to offer opportunities to attract capital

BY KEVIN CHAN

Special to the Northern Miner

evenues for the world’s 40 largest mining companies by market capitalization rose 4%, to US$692 billion, according to PwC Canada’s recent Canadian Mine report. These companies entered 2020 on a solid fi nancial foundation with strong balance sheets and improved liquidity. Similar to last year, six Canadian mining companies made the global top 40 list and are managing through the Covid-19 crisis relatively well. In 2019, these six companies reported a net profit margin of 19%, versus 9% for the global top 40. Gold miners dominated Canada’s presence on the list, with four of the Canadian companies focused on that sector. Among the notable moves was Kinross Gold (No. 40), which returned to the top 40 for the first time in several years after reporting increased revenues, earnings and margins in its 2019 results. Topping the list of Canadian companies was Barrick Gold, which ranked ninth (up from 11th in 2018), while Agnico Eagle Mines saw the largest jump, rising to 17th from 24th in 2018. Agnico Eagle benefited from higher gold sales volumes as two new deposits in Nunavut came into commercial production in 2019. For Canadian miners, mergers and acquisitions continue to offer opportunities to attract capital and help companies emerge stronger from the Covid-19 pandemic. Of five mega deals noted in PwC’s

Global Mine 2020 report, four involved Canadian companies, the largest being Newmont’s acquisition of Goldcorp and Kirkland Lake Gold’s purchase of Detour Gold. Even as mega-deal activity slowed recently, the largest transaction so far in 2020 also involved two Canadian-listed companies: SSR Mining’s proposed US$2.4-billion merger with Alacer Gold, which will merge two companies with mines in four jurisdictions to create a diversified portfolio.

“THE STRONG PERFORMANCE OF CANADA’S LARGEST MINING COMPANIES IN 2019 SPEAKS TO THEIR CONTINUED PROGRESS.” Canadian miners have shown resilience over the past year, doing more to deal with cybersecurity threats and making environmental, social and governance (ESG) factors a top priority. There is a reputational advantage with key stakeholders, including investors, for whom ESG performance is becoming a leading guidepost for investment decisions. The strong performance of Canada’s largest mining companies in 2019 speaks to their continued progress in recent years. And while 2020 will be challenging, miners’ resilience during Covid-19 should help them manage through the coming months and position them to make investments needed for long-term success. — Kevin Chan is National Mining Leader, PwC Canada. For more information, visit www.pwc.com/ca.

COMPANY INDEX Alacer Gold . . . . . . . . . . . . . . . . . . . . . . . . 14 Albemarle . . . . . . . . . . . . . . . . . . . . . . . . . 11 Alcoa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Anglo American. . . . . . . . . . . . . . . . . . . . 2,8 Argonaut Gold . . . . . . . . . . . . . . . . . . . . 9,12 Azarga Uranium . . . . . . . . . . . . . . . . . . . 14 Barrick Gold . . . . . . . . . . . . . . . . . . . . 8,9,11 BHP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Canada Nickel . . . . . . . . . . . . . . . . . . . . . . .5 Centerra Gold. . . . . . . . . . . . . . . . . . . . . . 11 Cleveland-Cliffs . . . . . . . . . . . . . . . . . . . . 14 Coeur Mining . . . . . . . . . . . . . . . . . . . . . . . .9 Compass Minerals . . . . . . . . . . . . . . . . . . 13 Corvus Gold . . . . . . . . . . . . . . . . . . . . . . . 15 Endeavour Mining. . . . . . . . . . . . . . . . . . 1,2 Equinox Gold . . . . . . . . . . . . . . . . . . . . . . 10 Fiore Gold . . . . . . . . . . . . . . . . . . . . . . . . . 12 Freeport McMoRan . . . . . . . . . . . . . . . . . 11 General Moly . . . . . . . . . . . . . . . . . . . . . . 13 Glencore . . . . . . . . . . . . . . . . . . . . . . . . . . 1,3 Gold Reserve . . . . . . . . . . . . . . . . . . . . . . 12 Gold Resource . . . . . . . . . . . . . . . . . . . . . 12 Gold X Mining . . . . . . . . . . . . . . . . . . . . . 12 Golden Minerals . . . . . . . . . . . . . . . . . . . 12 Hecla Mining . . . . . . . . . . . . . . . . . . . . 11,14 HudBay Minerals . . . . . . . . . . . . . . . . . . . 10 Iamgold . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Intrepid Potash . . . . . . . . . . . . . . . . . . . . . 13 Kinross Gold. . . . . . . . . . . . . . . . . . . . . . . 8,9

Lundin Mining . . . . . . . . . . . . . . . . . . . . 9,10 Marathon Gold. . . . . . . . . . . . . . . . . . . . . 16 McEwen Mining . . . . . . . . . . . . . . . . . . . 10 Mosaic . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 New Gold . . . . . . . . . . . . . . . . . . . . . . . . . 11 Newmont. . . . . . . . . . . . . . . . . . . . . . . . . . 11 Nexa Resources . . . . . . . . . . . . . . . . . . . . 14 NioCorp Developments . . . . . . . . . . . . . 13 Northern Dynasty Minerals. . . . . . . . . . . .2 NovaGold Resources . . . . . . . . . . . . . . . . 10 O3 Mining. . . . . . . . . . . . . . . . . . . . . . . . . 15 OceanaGold . . . . . . . . . . . . . . . . . . . . . . . . .7 Paramount Gold Nevada . . . . . . . . . . . . 12 Premier Gold Mines . . . . . . . . . . . . . . . . 10 Probe Metals . . . . . . . . . . . . . . . . . . . . . . . 15 Royal Gold . . . . . . . . . . . . . . . . . . . . . . . . 11 Scandium International Mining . . . . 13,14 Solitario Zinc . . . . . . . . . . . . . . . . . . . . . . 14 Southern Copper . . . . . . . . . . . . . . . . . . . 11 SSR Mining . . . . . . . . . . . . . . . . . . . . . . 10,14 Teck Resources . . . . . . . . . . . . . . 2,8,9,11,14 Teranga Gold . . . . . . . . . . . . . . . . . . . . . . . .8 Texas Mineral Resources . . . . . . . . . . . . 13 Tristar Gold. . . . . . . . . . . . . . . . . . . . . . . . 12 Ur-Energy . . . . . . . . . . . . . . . . . . . . . . . . . 13 Uranium Energy . . . . . . . . . . . . . . . . . . . 13 Vendetta Mining . . . . . . . . . . . . . . . . . . . 14 Vista Gold . . . . . . . . . . . . . . . . . . . . . . . . . 12

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 3–AUGUST 16, 2020

Canada Nickel aims for zero-carbon emissions at Crawford nickel project | Company will use existing technologies to achieve its environmental goals

ONTARIO

BY TRISH SAYWELL

tsaywell@northernminer.com

n Tesla’s second quarter conference call last week, Elon Musk entreated the industry to: “Please mine more nickel – Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way.” Musk’s comments couldn’t have come at a better time for Mark Selby, president and CEO of Canada Nickel (TSXV: CNC), which owns 100% of the Crawford nickel-cobalt sulphide deposit in Ontario. The company has announced that it is setting up NetZero Metals, a wholly-owned subsidiary that will use existing technologies to produce zero-carbon nickel, cobalt, and iron products. Selby says Canada Nickel has a good chance of meeting its zerocarbon goals given Crawford’s location close to carbon-free sources of hydro-electric power in the Timmins mining camp, but also because of its largely serpentine rock, which some studies have shown naturally absorbs carbon dioxide (CO2) when exposed to air through a naturally occurring process of “spontaneous mineral carbonation.” Serpentine rock is the host rock that makes up more than 90% of the mass of the Crawford project. The mining executive points out that current techniques of processing sulphide and laterite ores generate significant sulphur dioxide

(SO2) and CO2 emissions and that the environmental impact will get worse with nickel supply growth coming from nickel pig iron production, in which an estimated 25 to 30 tonnes of coal is used to

foreseeable future is processing laterite ore and that takes a huge amount of electricity and in places where coal is used, such as Indonesia, you’re generating a lot of CO2 – it’s a very heavy CO2 footprint – which is not

what consumers on the EV side or in the market are looking for today,” he said. “We’re going to be taking advantage of the kind of rock we have and Crawford’s location close to hydro-power to deliver zero-carbon material. It’s the right thing to do.” He also noted that Crawford’s location in the Timmins area is beneficial because the area “is familiar with downstream processing with the Kidd Creek site that operated there for many, many years.” Selby said Canada Nickel will not need to invent any new processes or equipment to achieve its goals

“THE MARKET IS DEMANDING ZEROCARBON PRODUCTS NOW, NOT IN SOME NEBULOUS 2050 TIMEFRAME.” MARK SELBY President and CEO, Canada Nickel

produce each tonne of nickel at a number of operations. This, when combined with other sources of CO2 , generates roughly 90 tonnes of Scope 1 and 2 CO2 emissions per tonne of nickel produced, Selby said in an interview. That would mean that a battery pack in an electric vehicle that contains 50 kilograms of nickel would represent three to four tonnes of CO2 emissions for that vehicle. Other sources of nickel – such as from high-pressure acid–leach (HPAL) operations in Indonesia, also have a significant environmental footprint where some operations, he said, are considering deep-sea discharge of 100 tonnes of tailings for each tonne of nickel produced. “The bulk of growth in the nickel industry for the last while and in the

Core samples from Canada Nickel’s Crawford nickel-cobalt sulphide deposit near Timmins, Ontario. CANADA NICKEL

and will explore the use of various existing alternatives in the mining, milling and processing of mineralized material. These will include electric rope shovels and trolley trucks that use electricity rather than diesel fuel; and the deposition of waste rock and tailings during the mining process, which will expose the serpentine rock to air for mineral carbonation to help offset CO2 emissions from the project. The company will also explore producing nickel and cobalt products from existing pyro-metallurgical and hydro-metallurgical processes such as roasting, sulphation roasting and reduction using electric arc furnaces, which use natural gas rather than coke or coal as a reductant, and existing Albion and other hydrometallurgical processes. The off-gases would then be captured and re-routed into the waste rock and tailings, he said. In addition, Canada Nickel will look into producing iron products using existing direct reduced iron (DRI) processes or reduction in electric arc furnaces using natural gas. The remaining CO2 in the off-gases would then also be re-routed into the waste rock and tailings from the deposit, he explained. All of these options will be assessed in the preliminary economic assessment for Crawford that is underway now. “The market is demanding zerocarbon products now, not in some nebulous 2050 timeframe,” he said. “Resource companies need to find ways to deliver these products.” “We have to address the reality that consumers are increasingly taking as dim a view at the CO 2 emissions that the industry produces as we now do looking back forty years ago when many industrial companies thought it was okay to dump untreated gases, waste and tailings into the environment.” TNM

WWW.NORTHERNMINER.COM

AUGUST 3–AUGUST 16, 2020 / THE NORTHERN MINER

Copper price surges to two-year high COPPER | Indications

BY FRIK ELS

Mining.com

opper futures rallied on July 21 after an agreement on a massive economic stimulus plan in Europe, optimism about a Covid-19 vaccine, and ongoing worries about pandemic-hit supply from top producer South America. Copper for delivery in September trading in New York changed hands for US$2.98 per lb. (US$6,560 a tonne) in early afternoon trading on July 21, up 2% from July 20 settlement. Copper futures are on track for the highest close in two years and are now up by more than 50% from the Covid-19 lows struck in March. Top-listed copper miner BHP (NYSE: BHP; LSE: BHP) announced on July 21 that it expects its copper output to fall by between 5% and 14% in its next fiscal year to end-June 2021. BHP, which part-owns and operates Escondida in Chile, the world’s largest copper mine, said the expected fall in copper production is due to a reduction in its workforce related to Covid-19 restrictions. The Melbourne-based company now expects 2020-2021 cop-

per output of between 1.48–1.65 million tonnes, down from 1.72 million tonnes produced in the previous year. In a research note, Capital Economics pointed out that output rates have fallen sharply in Chile, Peru and Mexico, which together account for 45% of global production. Output is now at levels last seen in 2017 during a protracted strike at Escondida, which by itself is responsible for nearly 5% of worldwide production. Customs data released earlier this month showed China’s unwrought copper imports (anodes and cathodes) in June rose a stunning 50% from the previous month to 656,483 tonnes – a full 15% above the previous monthly record. June cargoes were double that of the same month last year as the infrastructure and manufacturing sectors in China, responsible for more than half the world’s copper consumption, rapidly recover following the Covid-19 slump. Over the first half of 2020, imports totalled 2.84 million tonnes – up 25% year-on-year and on track to easily beat 2018’s annual record of 5.3 million tonnes.

are that demand is outstripping supply

June imports of copper concentrate fell unexpectedly, down 6% to 1.69 million tonnes from May, but still up 8.4% from June last year, due to disruptions at mines in Peru, China’s top supplier. Another indication of demand outstripping supply is the decline in treatment and refining charges, paid by miners to smelters, that have fallen to an eight-year low, a sign of competition between refiners for available concentrate. For the first six months of 2020, imports totalled 10.84 million tonnes, on pace to surpass last year’s recordbreaking tally of 22 million tonnes. Commodity Futures Trading Commission data show hedge fund positioning in the copper market at its most bullish in two years. Large-scale speculators, such as hedge funds, have built long positions to pre-pandemic levels and at the same time cut shorts. As of July 14, the net balance was a collective long position of 41,309 contracts, up nearly 30% from the week before, and the strongest expression of bullish sentiment since June 2018. TNM This article first appeared in our sister publication, MINING.com.

Glencore’s Luilu metallurgical plant in the Democratic Republic of the Congo. GLENCORE

Seguela delivers more high-grade results for Roxgold WEST AFRICA | PEA estimates annual production of more than 100,000 oz. gold

BY NORTHERN MINER STAFF

our drill rigs at Roxgold’s TSX: ROXG; US-OTC: ROGFF) Sequela gold project in Cote d’Ivoire continue to return highgrade results at both Ancien and Antenna North, the company reports. Assay highlights from Ancien, which lies within six km of the project’s Antenna deposit, came from drill hole SGRD732, which returned 14 metres grading 13.3 grams gold per tonne from 71 metres, including 4 metres of 24.5 grams gold and 2 metres of 18.8 grams gold. Drill hole SGDD066 cut 35 metres of 5.5 grams gold from 136 metres, and included 3 metres of 23.1 grams gold and 3 metres of 23.4 grams gold. The results at Ancien “further underpin the high grade, high value contribution potential of the deposit to the mine plan,” CEO John Dorward said in a news release. “I am confident that we will continue to unearth further upside from the existing four deposits, while preliminary testwork on a suite of early stage targets on the property has demonstrated encouraging results and will be accelerated for drill testing later this year.” Paul Weedon, Roxgold’s VP Exploration, added that the drill results from Ancien follow the high-grade results released on June 26 that included 20 metres of 28 grams gold from drill hole SGRD730. At the Antenna North satellite pit, shallow infill results included 15 metres grading 2.8 grams gold from 15 metres in drill hole GRC807; 7 metres of 3 grams gold in drill hole SGRC812 starting from 26 metres downhole; and 5 metres of 7.5 grams gold from 20 metres in drill hole SGRC815. Apart from the Antenna deposit, Antenna North satellite pit and Ancien deposit, the project contains the Agouti and Boulder deposits.

Drilling at Roxgold’s Seguela project in Cote d’Ivoire. ROXGOLD

In addition, the company says there are 22 prospective targets on the 36,300-hectare land package. A preliminary economic assessment of Seguela completed in April outlined a mine life of eight years with annual production of more than 100,000 oz. of gold at all-in sustaining costs of US$749 per ounce. In the first three years of production, the PEA envisioned an average of 143,000 oz. of gold annually at AISCs of US$600 per ounce. Initial capex is pegged at US$142 million, including a US$20 million contingency, and the payback period is estimated to be just over a year. At a gold price of US$1,450 per oz.,

the study estimated an after-tax net present value at a 5% discount rate of US$268 million and an internal rate of return of 66%. The Seguela project has measured and indicated resources of 7.06 million tonnes grading 2.3 grams gold per tonne for 529,000 oz. of gold and an additional 5.37 million inferred tonnes averaging 2.9 grams gold per tonne for 508,000 ounces. Roxgold envisions a conventional open-pit mining operation that will exploit the Antenna deposit along with its satellite deposits (Ancien, Agouti and Boulder). The company expects to complete a feasibility study in early 2021 and

“I AM CONFIDENT THAT WE WILL CONTINUE TO UNEARTH FURTHER UPSIDE FROM THE EXISTING FOUR DEPOSITS.” JOHN DORWARD CEO, Roxgold

make a construction decision on the project in the first half of next year. Craig Stanley of Raymond James commented in a research note

that Seguela “has the potential to more than double Roxgold’s production in a relatively short timeframe without issuing equity.” Haywood Securities’ Geordie Mark noted that the latest drill results “capture growth potential and resource conversion de-risk heading into the delivery of the feasibility study in early 2021,” and noted that Roxgold is one of his top picks in the junior gold space. “Overall, we continue to be impressed by the company’s exploration results on Seguela, and in particular at the high-grade Ancien target, which we expect will be a key lever driving front-end project economics as more advanced mine sequencing plans come to light,” he commented in a research note. “Given the backdrop of more recent exploration success demonstrated at various targets across the Seguela camp (i.e. Ancien), we expect Roxgold to be capable of teasing further value from this grassroots opportunity via ongoing drilling, and in turn define a sufficient resource base that supports the company’s transition into a multi-asset producer in the near term (2022).” Roxgold acquired the Seguela project, 240 km northwest of Yamoussoukro and 480 km northwest of Abidjan, in April 2019 for about US$20 million. In the first half of the year, Roxgold’s Yaramoko complex in Burkina Faso produced 65,192 oz. of gold. In early July, the company said Yaramoko was on track to meet its annual production guidance of between 120,000 and 130,000 ounces of gold. Over the last year in Toronto, Roxgold’s shares have traded in a range of 57¢ and $1.64 and at presstime were changing hands at $1.61. The company has about 372 million common shares outstanding on the TSX for a market cap of roughly $599 million. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 3–AUGUST 16, 2020

ETFs drove gold price in Q2 as physical demand falls GOLD

| Investment demand grew by 361% year-over-year

BY CANADIAN MINING JOURNAL STAFF

s t he gold price brea ks through US$1,900 per oz., financial market data and intelligence provider Refinitiv has released its review of the gold sector in the second quarter, providing insight into where the demand is coming from — and where it’s falling. The review shows that as uncertainty around the Covid-19 pandemic has boosted investor demand for gold in some regions, the rising price has made the yellow metal more expensive in local currencies, leading to decreased demand in some regions and a drop in consumption. At the same time, the pandemic has curtailed gold supply, with mines around the world forced to delay operations or reduce production. Gold touched an eight-year high of US$1,772 per oz. at the end of June, averaging U$1,711 per oz. in the second quarter, up 31% from the same period last year, it said. Supporting that price growth was ETF demand, which grew by 361% year-over-year, or 436 tonnes, to a new high of over 3,000 tonnes. The numbers are on track to set a new full-year record. While investment demand surged during the quarter, physical demand fell 36% to 677 tonnes – a low not seen since early 2009. Demand for gold in industrial applications fell by 16%, while official sector purchases declined by 42% to 122 tonnes as Russia and China bowed out as buy-

Gold from Kirkland Lake’s Fosterville mine in Australia. KIRKLAND LAKE GOLD

ers. Jewelry demand cratered by 53% in the second quarter to 240 tonnes, the lowest quarterly level recorded over the past 20 years.

Retail investment (bars and coins) dropped by 2%, with a 58% drop in demand from Asia (notably India) mostly offset by huge surges

in demand in Europe (notably Germany) and a 25% year-onyear increase in demand in North America.

Just as the pandemic affected gold demand over the quarter, it also impacted mine production. With almost 130 mines put on care and maintenance or operating at reduced capacity, production dropped by 12% to 762 tonnes. Mines in Latin America and Africa were the most heavily impacted by lockdowns. “Looking ahead, the overall macroeconomic backdrop remains very supportive for gold,” Cameron Alexander, Refinitiv’s director of precious metals research, said in a news release on July 27. “We believe that gold will continue its uptrend, driven by growing concerns over the global economic recession, fears of a second wave of Covid-19, heightened geopolitical tensions, historically low and negative interest rates as well as rising inf lationary expectation amidst unprecedented levels of stimulus measures launched by central banks around the globe.” “Having said that,” he added, “gold remains vulnerable to liquidation in the short term as a move closer to its previous record high level or beyond that may well trigger a wave of profit taking.” Gold may also come under pressure on signs of a faster economic recovery or less pronounced global economic downturn than currently expected, he said. Refinitiv forecasts gold will average US$1,715 per oz. this year. TNM — This article first appeared in our sister publication, Canadian Mining Journal.

OceanaGold study adds 2.2M oz. gold to Waihi District mines NEW ZEALAND

BY CANADIAN MINING JOURNAL STAFF

ceanaGold’s (TSX: OGC) Waihi District preliminary economic assessment (PEA) envisions an additional 2.2 million oz. of gold output from the Waihi district between 2021 and 2036. The additional ounces would be sourced from the Martha and Gladstone open pits, as well as from the underground portions of the Martha and Wharekirauponga (WKP) deposits. Based on a growth capital estimate of US$447 million over eight years for the producing site and life-of-mine all-in sustaining costs (AISCs) at US$627 per oz., the after-tax net present value for the additional development is US$665 million, at a 5% discount rate. “Using our base-case assumptions, the significant exploration potential recognized at Martha Underground and WKP, combined with the existing infrastructure and skilled workforce, the results of the study give us confidence to move forward in the Waihi District opportunities and as a result, we will continue advancing each forward,” Michael Holmes, the company’s president and CEO, said in a news release. “Leveraging exploration potential through

| Open pit and underground asset was acquired in 2015

aggressive drill campaigns has been the key to our success since acquiring the Waihi asset in late 2015.” Holmes added that the company sees potential for additional resource growth across the existing deposits, with a 25,000-metre drill program underway at Martha underground and an additional 5,000 metres of drilling ongoing at WKP. OceanaGold now plans to start the permitting process for the proposed surface mines and an additional tailings facility. The latest study assumes an expansion of the existing Waihi plant to 1.6 million tonnes per year for annual gold production between 35,000 oz. to 45,000 oz. in 2021 and increasing to approximately 300,000 oz. by 2028. Along with the PEA, OceanaGold released an updated resource for the Martha open pit. Total indicated resources at Waihi stand at 12.2 million tonnes grading 4 grams gold per tonne for 1.6 million gold oz. with a further 11 million inferred tonnes at 4.4 grams gold, containing an additional 1.6 million oz. of gold. OceanaGold expects to deliver a feasibility study for Martha underground in the first quarter of next year, which would be followed by a prefeasibility study for WKP in the second half of the year.

“LEVERAGING EXPLORATION POTENTIAL THROUGH AGGRESSIVE DRILL CAMPAIGNS HAS BEEN THE KEY TO OUR SUCCESS.” MICHAEL HOLMES President and CEO, OceanaGold

The Waihi district is on the North Island of New Zealand, 140 km southeast of Auckland. The Waihi site hosts a producing underground mine, which is expected to generate 18,000 oz. to 20,000 oz. gold this year at AISCs of US$715-US$765 per ounce. OceanaGold’s producing operations are in New Zealand and the United States. This year’s total production guidance for the company stands at 360,000-380,000 oz. at AISCs of US$1,075-US$1,125 per ounce. Farooq Hamed, a mining analyst at Raymond James who covers OceanaGold, has a strong buy rating and a price target of $4.50 per share. “Overall, the updated PEA is accretive to our Waihi net asset value

A truck exits a portal at OceanaGold’s Waihi gold mine on New Zealand’s North Island. OCEANAGOLD

(Waihi NAV grows to $602 million from $567 million) and we believe there is further upside with updated results from the company’s exploration programs at Martha UG and WKP.” Brian Quast of BMO Capital Markets has a target price of $3.75 per share. “While our new NPV for the Waihi district moves up to $490 million (from $119 million), this additional value does not drive our target price higher. … Production growth in H2/20 following a

Covid-19 impacted Q2/20, combined with positive exploration results, and advanced studies and/ or permitting at Waihi should start to re-rate the stock higher over the next 12-18 months.” At press time in Toronto the company’s shares were trading at $3.90 within a 52-week trading range of $1.16 and $4.18. TNM — This article first appeared in our sister publication, Canadian Mining Journal.

WWW.NORTHERNMINER.COM

AUGUST 3–AUGUST 16, 2020 / THE NORTHERN MINER

Kinross estimates US$1B capex for Lobo-Marte gold project CHILE

| Company to begin feasibility study later this year

“THE PROJECT REPRESENTS A POTENTIAL SYNERGISTIC, LONG-TERM MINE LIFE EXTENSION IN A FAVOURABLE MINING JURISDICTION.” J. PAUL ROLLINSON President and CEO, Kinross Gold

BY CANADIAN MINING JOURNAL STAFF

inross Gold’s (TSX: K; NYSE: KGC) Lobo-Marte gold project in northern Chile could produce a total of 4.5 million oz. gold over a 15-year mine life at an estimated cost of US$995 million, according to a newly released prefeasibility study (PFS). The nearly US$1-billion price tag for the project, located in the country’s Maricunga mining district, includes a US$230 million contingency. The project would feature open pit mining at two deposits, with an

Kinross Gold’s Lobo-Marte gold project in northern Chile. KINROSS GOLD

average strip ratio of 2.2, heap-leach recovery and a SART (sulphidization, acidification, recycling and thickening) plant. Mining would take place for 12 years, followed by three years of residual processing. Average all-in sustaining costs (AISCs) per oz. gold at Lobo-Marte are estimated at US$745; the gold recovery rate is expected to be 71%. The project’s economic returns are highly sensitive to the gold price. At Kinross’s reserve price of US$1,200 per oz. gold, the project’s net present value (NPV) is estimated at US$150

million and its internal rate of return (IRR) is only 7%. At the consensus long-term price of US$1,500 per oz. gold, the NPV rises to US$770 million and the IRR to 14%. And at the spot price of US$1,800 per oz. gold, the NPV increases to US$1.4 billion and the IRR to 21%. The NPV figures are based on a 5% discount rate, calculated from Jan. 1, 2024. The PFS envisions project construction beginning in 2025, with first production following in 2027. Kinross anticipates mining at Lo-

bo-Marte would follow a restart at the nearby La Coipa mine, 50 km northwest. “The Lobo-Marte project provides Kinross with an excellent, organic development option that has attractive all-in sustaining costs and offers substantial upside leverage to the gold price, without increasing project cost requirements and risk,” J. Paul Rollinson, Kinross’ president and CEO, stated in a press release. “The project represents a potential synergistic, long-term mine life extension in a favourable mining jurisdiction and delivers a significant 6.4 million ounce addition to our current gold reserve estimates, increasing the company’s overall reserve mine life. As we move forward with the feasibility study for this longer-term project, we will continue to prioritize balance sheet strength

and disciplined capital allocation.” As part of the study, the company reported reserves at Lobo-Marte for the first time, with probable reserves of 146.8 million tonnes grading 1.36 grams gold per tonne for 6.4 million contained ounces. The figure increases Kinross’s reserves by 25%. The company plans to start a feasibility study on Lobo-Marte later this year and complete it in the fourth quarter of 2021. A construction decision will be made based on several factors, including the gold price and price projections, expected economic returns, permitting and Kinross’s capital priorities, the company said. Kinross acquired the project in 2009 from previous owners Teck Resources (TSX: TECK.B; NYSE: TECK) and Anglo American (LSE: AAL). In February, Kinross announced it will go ahead with a restart at La Coipa, which it expects to produce 690,000 oz. gold-equivalent from 2022 to 2024. Existing infrastructure at the camp will be refurbished and the mine fleet from its nearby Maricunga operation, which was recently placed on care and maintenance, will be redeployed to the site. Initial capital costs are pegged at US$225 million. TNM — This article first appeared in our sister publication, the Canadian Mining Journal

Teranga Gold says West African mine a ‘top tier’ asset SENEGAL

BY CECILIA JAMASMIE

Mining.com

eranga Gold (TSX: TGZ; US-OTC: TGCDF) has released a prefeasibility study for its Sabodala-Massawa complex in Senegal that shows the project is a “top tier” asset, the company says. The Toronto-based miner bought Massawa from Barrick Gold (TSX: ABX; NYSE: GOLD) in December 2019. After completing the US$380 million-acquisition earlier this year, Teranga began integrating the asset with its flagship Sabodala gold mine, located 20 km away. Consolidating Massawa, one of the highest-grade undeveloped open-pit gold reserves in West Africa, with the Sabodala mine into one complex, has left the company with a solid asset, Teranga says. Tier one gold deposits are “company making” mines. They are large, long-life and low-cost, and have an expected mine-life of at least ten years, with annual production of 500,000 ounces or more. Total cash costs per ounce should be in the lower half of the industry cost curve. Based on t he prefeasibi lit y study, Sabodala-Massawa meets all those requirements. Its reserve base stands at 4.8 million oz. gold (75.79 million tonnes grading 1.98 grams gold per tonne). Life-of-mine all-in-sustaining costs (AISCs) are pegged at US$749 per ounce, with total net cash flow of US$2.2 billion at US$1,600 per oz. gold over a 16.5year mine life.

| Annual production for 2021-2025 estimated at 384,000 oz.

“THE INTEGRATION OF SABODALA AND MASSAWA IS PERHAPS THE BEST EXAMPLE IN MINING OF THE ‘GREATER THAN THE SUM OF ITS PARTS’ CONCEPT.” RICHARD YOUNG, President and CEO, Teranga Gold

Teranga estimates Sabodala-Massawa’s average annual production for the 2021-2025 period at 384,000 oz., at AISCs of US$671 per ounce. “The integration of Sabodala and Massawa is perhaps the best example in mining of the ‘greater than the sum of its parts’ concept,” CEO Richard Young said in a press release. “The sum of Massawa, one of the highest grade open-pit deposits in Africa, and our flagship Sabodala mine is more than simply adding one large gold reserve to another. Integrating Sabodala and Massawa yields significant synergies, with the combined entity expected to generate net cash flows of $1.1 billion over the first five years and deliver a net present value of $1.6 billion compared to less than a billion dollars for the two assets on a standalone basis.” Teranga has begun digging up at Sofia, the first of the Massawa

Processing plant at Teranga Gold’s Sabodala-Massawa mine complex in Senegal. TERANGA GOLD

Pit operations at Teranga’s Sabodala- Massawa gold mine complex in Senegal. TERANGA GOLD

deposits to be mined. Processing of free-milling, high-grade ore through the Sabodala plant is “scheduled to begin shortly,” the company said. The miner has also kicked off a US$10-million exploration and drill

program at Massawa. “We believe in the great potential of this project and are conducting an aggressive drilling campaign for both refractory and free-milling ore, with a goal to sustain Sabodala-

Massawa’s gold production between 350,000-400,000 ounces per year beyond 2026,” Paul Chawrun, the company’s chief operating officer, said in the July 27 press release. The company also plans to issue a revised life of mine production schedule this quarter for its new Wahgnion gold mine in Burkina Faso, where “the plant is exceeding initial performance expectations” following a strong first full quarter in March. TNM — This article first appeared in our sister publication, MINING.com.

US TOP 10

SPECIAL FOCUS

Top 10 Canada-based companies with substantial US assets MORE THAN NEIGHBOURS |

BY NORTHERN MINER STAFF

The U.S. is fertile ground for a variety of minerals, and Canadian companies are active throughout the country. The Northern Miner presents its top 10 list of the biggest Canada-based firms with substantial assets in the U.S., by market capitalization, as of July 24. 1. Barrick Gold Market cap: US$50 billion Toronto-based Barrick Gold (TSX: ABX; NYSE: GOLD) has projects in 13 countries around the world. But the company’s U.S. operations have been crucial in maintaining its leading position on the list, especially its operations in Nevada. In 2019, the company joined forces with Newmont (TSX: NGT; NYSE: NEM) to create Nevada Gold Mines (NGM). NGM oversees the world’s largest gold mining complex, with assets that include 10 underground mines and 12 open pit mines, three of which are considered ‘tier-1’. Additional assets are two roaster facilities, two autoclave facilities, two flotation facilities and four oxide mills. Barrick operates NGM and owns 61.5% of the company, with Newmont holding the remaining ownership. At the beginning of July, Barrick announced that NGM had exceeded all expectations a year into the joint venture. The company says NGM’s exceptional performance is all the more noteworthy as it first required the integration of multiple assets from both companies into a unified complex, and then has had to weather the workplace safety protocols created by the Covid-19 pandemic. In 2019, Barrick’s share of NGM’s total output of gold amounted to 572,000 ounces. However, in just the first quarter of 2020, NGM produced 855,000 oz. gold, of which Barrick’s share was 526,000 ounces. The second quarter added an additional 521,000 oz. gold from the mine complex, and the company predicts that NGM’s production output for all of 2020 will amount to between 2.1-2.25 million oz. gold. 2. Kinross Gold Market cap: US$10.4 billion Kinross Gold (TSX: K; NYSE: KGC) is another Canadian miner focused on American properties to bolster its bottom line. While its portfolio includes mines in Brazil, West Africa and Russia, it is Kinross’ U.S. operations that made up the majority of the company’s gold equivalent production last year. The company’s wholly-owned open pit mines are located in Alaska and Nevada. The northernmost operation, Fort Knox, is located near the city of Fairbanks, and is one of the few cold weather heap leach facilities in the world.

In 2019, the site poured its 8 millionth ounce of gold, and last year’s overall production was 200,263 oz. gold-equivalent. While it had been nearing the end of its mine life, Kinross continues to develop the adjacent Gilmore expansion project, which would extend operations at the site until 2030. The company says the project is progressing on schedule and on budget, and remains on target for completion in 2020. In Nevada, Kinross has two operational open pit mines. Round Mountain, located in the southcentral part of the state, produced 361,664 oz. gold-equivalent in 2019, down slightly from the year before. Round Mountains’ estimated mine life extends to 2024, with stockpile milling and residual leaching continuing operations until 2027. The company’s other Nevada property, Bald Mountain, is the largest private mining land package in the U.S., located along the southern extension of the prolific Carlin Trend about 110 km from the city of Elko. The open pit, heap leach operation’s 2019 production was 187,961 GEOs. 3. Teck Resources Market cap: US$6 billion The key to Teck Resources’ (TSX: TECK.A and TECK.B; NYSE: TECK) U.S. presence is its zinc mine in northwestern Alaska. The Red Dog operation, located 180 km above the Arctic Circle in a remote part of the state, is one of the reasons Teck is the world’s third-largest producer of mined zinc. The sprawling operation is located 85 km inland from the Chukchi Sea that separates Alaska from Siberia. It has been producing since late 1989, and is expected to remain in production until 2031. Red Dog produced 553,000 tonnes zinc, contained in concentrate, in 2019. The Vancouverbased company says gross profits from the mine amounted to US$696 million last year. Concentrates from Red Dog are shipped south to Teck’s metallurgical facilities in Trail, B.C., and to customers in Asia and Europe. In early July, Teck reported a failure of the loading arm on a barge at the Red Dog transshipment port on the Chuchki Sea, west of the mine. There were no injuries or environmental impacts related to the mechanical incident. While the company foresees some delays in customer deliveries, management expects to move all of Red Dog’s production during the 2020 shipping season, barring unforeseen severe weather. Teck’s other U.S. operation, the Pend Oreille zinc mine in the far northeastern corner of Washington state, closed at the end of July 2019. At the time, Teck blamed a slowing demand for refined metals and a surplus of unrefined ore in the market.

Canadians invest heavily in American projects

4. Lundin Mining Market cap: US$4.3 billion Like Teck, Toronto-based Lundin Mining (TSX: LUN) has only a single U.S. operational asset, but its wholly owned Eagle mine has proven a consistent performer in a portfolio that includes operations in Sweden, Portugal, Brazil and Chile. Operated by Lundin’s subsidiary Eagle Mine, the site is located in Michigan’s Upper Peninsula, north-

west of the city of Marquette, about 20 km south of Lake Superior. It is the only primary nickel mine in the U.S., and Lundin expects it to produce 360 million lb. nickel over its mine life, which extends to 2025. An additional 295 million lb. copper are also estimated to be extracted over the same period. The mine’s output is approximately 2,000 tonnes per day. For 2019, Lundin says that Eagle met its yearly

guidance, producing 13,494 tonnes of nickel and 14,297 tonnes of copper. In the first quarter of this year, output totalled 3,575 tonnes of nickel and 4,378 tonnes of copper. Nickel production was lower than in 2019 due to reduced grades and recoveries partially offset by increased mill throughput. Copper production was higher than See TOP 10 / 10

Top 10 US-based mid-tier and junior precious metals companies GOLD AND SILVER BY NORTHERN MINER STAFF

U.S. firms have been atop the industry pursuing precious metals across the globe. The Northern Miner presents its top-10 list of U.S.-based, mid-tier and junior precious metals companies by market cap as of July 24. 1. Coeur Mining Market cap: US$1.84 billion Coeur Mining (NYSE: CDE) is a U.S.-based producer of precious metals with five wholly owned operating mines. In the U.S. it operates Rochester in northwestern Nevada, Kensington in Alaska north of Juneau, and Wharf in the Black Hills mining district of South Dakota; in Canada it owns Silvertip in northern British Columbia; and in northern Mexico it owns the Palmarejo mine.

| American firms target global projects

Founded in 1928 and headquartered in Chicago, its operations produce gold and or silver doré, and gold, zinc and lead concentrate. In 2019, its open-pit Rochester mine produced 3.8 million oz. silver and 35,000 oz. gold, while its underground Kensington mine produced 128,000 oz. gold and its open-pit Wharf mine churned out 84,000 gold ounces. Its underground Silvertip mine in B.C. produced 1.2 million oz. silver, 17.1 million lb. zinc and 16.6 million lb. lead, and the Palmarejo underground mine in Mexico produced 112,000 oz. gold and 6.8 million oz. silver. The company also has exploration projects elsewhere in North America and Mexico, including the Walker Lane trend in Nevada (the Sterling gold project) and in Mexico’s Durango state (the La

Preciosa silver-gold project). The La Preciosa project is situated on the eastern flank of the Sierra Madre Occidental mountain range, 85 km northeast of the city of Durango, and is envisioned as an open-pit silvergold mine. The Sterling project, 185 km north of Las Vegas, consists of four, high-grade, heap-leachable deposits with total inferred resources of 709,000 oz. gold. In addition, Coeur has strategic investments in early-stage precious metals companies. 2. Argonaut Gold Market cap: US$444 million Headquartered in Reno, Nev., Argonaut Gold (TSX: AR) completed an at-market merger with Alio Gold on July 1 creating a North American See MID-TIER / 12

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the comparable period in the prior year due to increased throughput. Lundin’s overall production guidance for the Eagle mine in 2020 is 15-18,000 tonnes each of nickel and copper. 5. NovaGold Resources Market cap: US$2.9 billion After months of inactivity caused by the Covid-19 pandemic, NovaGold Resources (TSX, NYSE-AM: NG) announced at the end of June that drilling had resumed at its flagship U.S. asset, the Donlin gold property in southwestern Alaska. Vancouver-based NovaGold is an equal co-owner of Donlin with Barrick Gold. The proposed mine’s proven reserves are 573,000 oz. gold with probable reserves at 33.28 million ounces. The field program at the Donlin site has four drill rigs turning. NovaGold anticipates that most of the planned program, aimed at confirming geologic modelling concepts and testing potential extensions of high-grade zones, will be completed by the end of the year. This will entail drilling about 80 holes totalling 22,000 meters. Based on exploration work, Donlin is envisioned as an open pit mine, processing 59,000 short tons of ore per day. Annual production is estimated at 1.1 million oz. gold, with a life span of 27 years. This would make Donlin one of the world’s largest gold mines. NovaGold’s financial results for the second quarter of 2020 show the company has maintained a strong treasury, with US$134.3 million in cash and term deposits as of May 31. The company anticipates spending US$31 million on the project this year, with the majority earmarked for the drill program. 6. SSR Mining Market cap: US$2.9 billion SSR Mining (TSX: SSRM; NASDAQ: SSRM) saw gold production increase at its Marigold mine in northern Nevada in 2019. According to the company, Marigold’s output last year was 220,227 oz. gold, a record that was almost 15,000 oz. higher than the year before. At the end of June, the mine produced its 4 millionth ounce of gold. SSR estimates 2020 production at between 225,000 and 240,000 ounces. The mine has been in continuous operation since 1989, and SSR completed its acquisition of the property in 2014. An updated life of mine plan for Marigold forecast peak production of over 265,000 oz. gold in 2021 and 2022. This year, the company intends to spend approximately US$14 million on exploration, with the goal of extending the mine’s life. The exploration program will focus on reverse circulation drilling in search of near-surface mineral resources, and diamond drilling targeting

high-grade sulphides. In July, SSR announced that shareholders had overwhelmingly approved a no-premium deal to merge the company with Denverbased Alacer Gold (TSX: ASR). Alacer operates the Çöpler gold mine in eastern Turkey. The merger, proposed in May, would eventually see the two companies operate under the SSR Mining name and be headquartered in Denver with a corporate office in Vancouver. 7. Equinox Gold Market cap: US$2.7 billion In March of this year, Equinox Gold (TSXV: EQX; NYSE-AM: EQX) completed its merger with rival mid-tier gold producer Leagold Mining. The US$578 million acquisition of Leagold transformed Equinox into a company with six producing gold mines, two growth projects and two expansion projects. The takeover is another element in Equinox’s objective to become a million-ounce gold producer. Equinox’s key U.S. asset is its Mesquite mine in southern California, 250 km east of San Diego. The open-pit heap leach mine is one of the largest gold mines in the U.S., and was acquired by Equinox in October 2018. In 2019, it produced 125,736 oz. gold, at an all-in sustaining cost (AISC) of US$933 per ounce. The company expects the mine to produce 120-130,000 oz. gold this year at AISCs of US$9751,025 per ounce. As Mesquite’s remaining mine life is only two to three years (plus residual leaching), Equinox has been engaged in a development program at a second site in California. Castle Mountain is situated 320 km north of Mesquite near the Nevada state line, and the company believes it has the potential to produce up to 200,000 oz. per year. Phase 1 construction commenced in 2019 and is now 75% complete, and the company expects the first gold to be poured there in the third quarter of this year. 8. Hudbay Minerals Market cap: US$878 million Toronto-based Hudbay Minerals (TSX: HBM; NYSE: HBM) has been working to develop two primary copper projects in the U.S. — Rosemont in Arizona and Mason in Nevada. Rosemont, located just southeast of Tucson, has long been planned by Hudbay as its flagship U.S. asset, and is expected to be one of the largest copper mines in the country. The proposed open pit mine’s annual production is estimated at 127,000 tonnes in the first ten years of operation. The company says the property’s proven and probable mineral reserves are 537.1 million tonnes grading 0.45% copper. Rosemont had been expected to begin production in 2022, and construction was already underway when a July 2019 U.S. District Court judgment halted work on

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

SSR Mining’s Marigold mine in northern Nevada. SSR MINING

Battle Mountain-Eureka-Cortez gold trend. Production at Gold Bar commenced in May 2019, and by year’s end output totalled 31,712 oz. goldequivalent. After producing 9,100 oz. gold-equivalent in the first quarter of 2020, operations ceased at the mine on April 1 due to Covid-19 concerns. Production did not resume until May, but Gold Bar still managed to produce 6,100 oz. gold-equivalent in the second quarter. Toronto-based McEwen says that the Gold Bar mine’s measured and indicated mineral resource estimate totals 30 million tonnes grading 0.92 gram gold per tonne, for a total of 819,000 contained oz. gold, with a further 7.583 million tonnes inferred, grading 0.91 gram gold per tonne for 201,000 contained oz. gold. However, the company says the mine’s life is only 7.4 years, which pushed it to acquire a property 5.5 km southeast of Gold Bar. Known as Gold Bar South, it consists of 109 mining claims and hosts a near-surface oxide gold deposit. An extensive drilling program carried out in 2019 led the company to announce that Gold Bar South’s resource estimate (measured and indicated) is 2.064 million tonnes grading 1.07 grams gold per tonne for 64,000 contained oz. gold. Pouring gold at Kinross’ Fort Knox operation in Alaska. KINROSS GOLD

the project. That judgment revoked the U.S. Forest Service’s issuance of the final record of decision for Rosemont. In late June, the company announced it was appealing the court decision, though a final decision in the appeal process is not likely to occur until late 2021. Meanwhile, the company continues to look at developing its Mason property, located southeast of Reno, Nevada. Hudbay conducted strategic land consolidation near the Mason project, including a large package of claims hosting potential

for high-grade skarn deposits. The company says the measured and indicated mineral resource for the property amounts to 1.4 billion tonnes grading 0.32% copper. 9. McEwen Mining Market cap: US$525 million McEwen Mining (TSX: MUX; NYSE: MUX) has precious metals projects spread across both North and South America, with its key U.S. production asset being the Gold Bar open pit mine in northcentral Nevada. It is located in the

10. Premier Gold Mines Market cap: US$446 million Premier Gold Mines (TSX: PG) has seen its key U.S. asset, the South Arturo gold project in northern Nevada, move into production in late 2019. The company owns 40% of South Arturo, with the remainder owned by Nevada Gold Mines (a joint venture between Barrick and Newmont). The property is located in the Carlin Trend. Development of the mine focused on two mining centres: the El Niño underground mine and open pit operations. The El Niño underground mine achieved commercial production in October 2019, more than three months ahead of schedule, and was in full production by the fourth quarter of last year. By the end of the year, El Niño had recovered 5,964 oz. gold (including 562 pre-production oz.) to Premier’s account, with an additional 3,855 contained oz. gold stockpiled for future processing. In the first quarter of 2020, Premier reported gold production from the underground mine totalled 6,730 oz. gold. In May, Premier announced it had begun its 2020 exploration drill program at the company’s other U.S. property, the wholly owned McCoy-Cove project. Located along the Battle Mountain Trend in Nevada, the company says the property’s indicated resources are 948,000 tonnes grading 11.20 grams per tonne for 342,000 oz. gold. The inferred resources are 3.66 million tonnes grading 11.20 grams per tonne for 1.32 million oz. gold. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 3–AUGUST 16, 2020

Top 10 US-based mining companies LARGE MARKET CAPS

| The biggest players in the US sector

BY NORTHERN MINER STAFF

Mining in the United States has been ongoing for centuries and has played a role in the country’s development over the years. The Northern Miner presents its annual Top-10 listing of the largest U.S.-based mining companies, which are ranked by market capitalization, as of July 24, 2020. 1. Newmont Market cap: US$53.6 billion Newmont (TSX: NGT, NYSE: NEM) is one of the world’s largest gold producers, with operations in the Americas, Africa and Australia. Over the next decade, the company’s guidance is for 6 million oz. to 7 million oz. annual gold output, with an additional contribution expected from 1.2 million to 1.4 million oz. gold-equivalent each year. The company’s business model is built around the concept of ‘worldclass’ assets, which it defines as gold operations producing at least 500,000 oz. gold-equivalent annually on a consolidated basis at all-in sustaining costs (AISCs) of under US$900 per ounce. In addition, in order for a mine to meet this threshold, it needs to have a life greater than 10 years and be within a ‘top-tier’ jurisdiction, based on credit agency ratings. Newmont’s operations include the Boddington mine in Australia, expected to produce over 1 million oz. gold-equivalent annually in the near-term, and the Penasquito openpit in Mexico, forecast to churn out over 1.5 million oz. gold-equivalent over the next four years. The Nevada Gold Mines joint venture, where Newmont has a 38.5% stake, also features 18.6 million oz. gold in reserves, with an operating life in excess of 10 years. Founded in the U.S. in 1921, the company established a Canadian presence in 2019, with its US$10 billion acquisition of Goldcorp, which closed in April of that year. Alongside this merger, also in 2019, Newmont and Barrick (TSX: ABX, NYSE: GOLD) formed a joint venture in Nevada, called Nevada Gold Mines, with the latter holding a 61.5% interest in the partnership. 2. Southern Copper Market cap: US$33.3 billion Southern Copper (NYSE: SCCO) is one of the world’s top producers of copper and, according to the company, has the largest reserves in the industry. Southern Copper is 88.9% owned by publicly traded Grupo Mexico, a Mexican mining company and one of the world’s largest copper producers. The company produces copper, molybdenum, zinc and silver with mining, smelting and refining facilities in Peru and Mexico. Peruvian assets include the Toquepala and Cuajone mine complexes with smelting and refining plants, as well as an industrial railroad and port that service both mines. The operations produce copper as well as byproducts such as molybdenum and silver. In Mexico, Southern Copper holds the La Caridad and Buenavista open pit sites, producing silver, copper and molybdenum. An additional five underground operations in the country generate zinc, copper, lead and precious metals. The company also holds a coal mine and a zinc refinery in Mexico. The company’s copper concentrates are smelted to produce either blister copper (as cakes with air pockets) or copper anodes (without the air pockets). Both products are

Haul trucks at Newmont’s Twin Creeks gold mine in Nevada. NEWMONT

sent to a refinery, where anodes are converted into copper cathodes and, later, copper rods. Last year, Southern Copper refined a total of 783,349 tonnes copper, 12.6 million oz. silver and 104,977 tonnes zinc. The company’s exploration efforts are focused on Argentina, Chile, Ecuador, Mexico and Peru. 3. Freeport McMoRan Market cap: US$19.1 billion Phoenix-headquartered Freeport McMoRan (NYSE: FCX) is one of the world’s largest publicly traded copper producers and operates a portfolio of metal mines in the Americas and Indonesia. Over 70% of the company’s copper reserves and sales are from the United States, where it holds seven open-pit copper assets as well as two molybdenum mines. The operations also generate gold and silver. Freeport is also working to develop the Lone Star leach project, nearby its Safford mine in Arizona, with first production expected this year. The asset would contribute approximately 90,718 tonnes copper annually, once ramped up. In South America, FCX operates two copper mines in Peru and Chile – Cerro Verde and El Abra. An expansion study is also underway for El Abra, where a large sulphide inventory could support a mill expansion. The company’s Indonesian subsidiary has a 48.8% stake in the Grasberg operation (51.2% is held by an Indonesian state-owned enterprise). Last year, mining of the open pit was completed and a transition to underground-only operations is underway. This asset is expected to generate an average of 635,029 tonnes copper per year between 2020 and 2024, as the underground scales up. In 2019, Freeport produced approximately 1.5 million tonnes of copper and 882,000 oz. gold on a consolidated basis – 45% of the copper output was from the U.S., a further 36% was sourced out of South America, with the remaining 19% coming from Indonesia. The company also sold 40,823 tonnes molybdenum last year. 4. Albemarle Market cap: US$9.3 billion Albemarle (NYSE: ALB) is a global chemicals company with lithium, bromine and catalyst business segments. As part of its lithium business, the company produces lithium com-

pounds for a variety of applications and industries and offers recycling services for lithium-containing byproducts. Albemarle’s lithium is generated through solar evaporation at ponds in Chile’s Salar de Atacama and in Silver Peak, Nevada. The Chilean lithium brines are processed into lithium carbonate and lithium chloride at an in-country plant, whereas the Nevada brines are processed into lithium carbonate at Silver Peak. Albemarle’s mineral rights in Chile cover 167 sq. km, which, according to the company, should allow it to produce over 80,000 tonnes of technical and battery-grade lithium salts annually for 24 years. At 54.6 sq. km, its Nevada site encompasses the lithium-bearing Clayton Valley basin. The company also generates mined lithium through its 49% interest in Australia-based Talison Lithium (51% is held by Tianqi Lithium, a Chinese publicly traded manufacturing company). Its Bromine segment generates products for fire safety and other specialty applications. Albemarle’s catalysts division produces catalysts, additives and performance catalyst solutions. Last year, the company recorded sales of US$1.4-billion from its lithium division, a 36.4% increase over 2018, revenues of US$1 billion from the bromine unit, and a further US$1.1 billion in sales from the catalysts business for a total adjusted EBITDA of US$1 billion. Albemarle estimates that 50% of its revenues are from Asia (including 13% from China), 26% of its sales are generated by North American operations, and 23% of revenues are from Europe, the Middle East and Africa. 5. Royal Gold Market cap: US$8.9 billion Royal Gold (NASDAQ: RGLD) is a streaming and royalty company focused on precious metals. The company’s portfolio includes over 42 producing assets. In addition, Royal Gold holds interests in 16 development-stage projects and 129 exploration and evaluationstage properties. Last year, 78% of Royal Gold’s revenue was derived from gold, and the company sourced 37% and 20% of its sales out of Canada and the Dominican Republic, respectively. The company’s key royalty and streaming interests include a metal stream on Teck Resources’

(TSX: TECK.A, TECK.B; NYSE: TECK) Andacollo copper-gold open pit in Chile, royalties on deposits at Nevada Gold Mines’ Cortez mine, as well as a metal stream on Centerra Gold’s (TSX: CG) Mount Milligan copper-gold mine. It also holds metal streams on the Pueblo Viejo open pit in the Dominican Republic, held by Barrick and Newmont, and on New Gold’s (TSX, NYSE: NGD) Rainy River mine in Ontario. Last year, Royal Gold recorded revenues of US$423 million and generated US$253 million from operating activities. According to the company, approximately 60% of its revenues are from operations in the first and second quartiles of the gold cash cost curve. Royal Gold is focused on achieving strong returns for its shareholders. It funds its growth through cash flow and debt and, as of the end of March, had approximately US$1 billion in available liquidity. 6. Mosaic Market cap: US$5.2 billion Mosaic (NYSE: MOS) is one of the world’s largest producers of

concentrated phosphate and potash crop nutrients. The company is organized into three business segments: phosphates, which operates mines and production facilities in Florida; potash, operating potash mines and facilities in Canada and the U.S.; and its Brazil-based Mosaic Fertilizantes unit, acquired in 2018. Mosaic’s phosphate mines include sites in central Florida and a joint venture in Peru, and its potash projects include three mines in Saskatchewan and one underground operation in New Mexico. In January 2018, Mosaic completed its acquisition of Vale Fertilizantes, which added five phosphate mines, four phosphate chemical plants and a potash mine in Brazil to the company’s portfolio. Due to last year’s market weakness, the company has taken steps to temporarily reduce its fertilizer production. In the second half of 2019, Mosaic decreased its phosphate output from facilities in central Florida and Louisiana and announced that it would reduce production at its Esterhazy potash mine in Saskatchewan. This year’s total global potash shipment guidance stands at 63.5 million tonnes to 66.4 million tonnes, with 63.7 million tonnes shipped last year, with a further 69.2 million tonnes to 71.8 million tonnes of phosphate shipments expected this year (versus 70.7 million tonnes of phosphate shipped last year). In April, the company combined its North American potash and phosphate operations under one management team, which is expected to leverage synergies between the two units. 7. Hecla Mining Market cap: US$2.7 billion Hecla Mining (NYSE: HL) is a silver and gold producer with assets in the U.S., Canada and Mexico. The company, founded in 1891, is the largest primary producer of silver in the U.S. and the fifth largest gold producer in Quebec. This year, Hecla expects to generate 10.9 million-11.9 million oz. silver and 195,000-208,000 oz. gold. Hecla’s wholly owned Greens See US BASED / 14

Clayton Valley Lithium Project The Future of Lithium

Cypress Lithium Nevada

Positive 2020 Prefeasibility Study advances Cypress’ goal of low-cost production of this vital commodity.

• Annual production rate 27,400 t LCE • Mine life more than 40 years • Cash cost $3,329/t LCE • 25.8% IRR at $9,500/t Li2CO3 (after-tax)

www.cypressdevelopmentcorp.com Don Myers | 604-639-3851 | TSXV: CYP | OTCQB: CYDVF

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AUGUST 3–AUGUST 16, 2020 / THE NORTHERN MINER

MID-TIER From 9

diversified intermediate producer. The company’s principal assets are the El Castillo and San Agustin open-pit gold and silver mines, which together form the El Castillo complex in Durango, Mexico; the La Colorada open-pit gold and silver mine in Sonora, Mexico, and the Florida Canyon open-pit, heap leach gold mine in Nevada. Last year, Argonaut produced a record 186,615 oz. gold-equivalent, a 13% year-on-year increase. Production fell short of its annual guidance of 200,000 oz. gold-equivalent, but over the last three years the company has grown production by 53%, Argonaut Gold stated in its 2019 annual report. Its advanced exploration projects include the Magino open-pit gold project in Ontario, Canada; the Cerro del Gallo open-pit, heap leach gold-silver-copper project in Guanajuato, Mexico; and the Ana Paula open-pit gold project in Guerrero, Mexico. It also holds the San Antonio open-pit, heap leach project in Baja California Sur, Mexico. Earlier this month, the company announced a $110 million bought deal financing with a syndicate of underwriters, including BMO Capital Markets, priced at $2.55 per share. The proceeds will be used mainly to advance the company’s Magino project. 3. Gold Resource Market cap: US$332 million Gold Resource’s (N YSE-A M: GORO) principal assets are in Mexico and the United States. In Mexico’s state of Oaxaca, it owns the Arista and Mirador underground gold mines and the Aguila mill. The Arista mine started commercial production in July 2010 and consists of high-grade gold and silver mineralization, as well as copper, lead and zinc. Mineralized material is trucked 2 km from Arista to the Aguila mill. The Mirador mine started production in 2017. In the U.S., the company’s Isabella Pearl mine in Nevada’s Walker Lane produced first gold in April 2019, just ten months after construction began. On the exploration front, Gold Resource is targeting extensions of its deposits in Mexico and its 560 sq. km land position in the country. The company estimates that, so far, discoveries in Oaxaca represent only about 2% of its land package. It is also exploring in Nevada, where it owns 27,600 acres in Nevada’s Walker Lane mineral belt. On July 1, the Colorado Springs’ headquartered company marked a decade of production in Mexico, which it says has generated over US$1 billion in revenue and US$114 million in total dividends, or about 10% of revenues, since July 2010. The company also offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery. Last year, Gold Resource produced a total of 40,318 oz. gold and 1.73 million oz. silver and achieved its ninth year of profits, posting net income of US$5.8 million. 4. Gold Reserve Market cap: US$180 million Gold Reserve (TSXV: GRZ; US-OTC: GDRZF) owns 45% of the Siembra Minera gold-copper-silver project in the Km 88 gold-mining district of Venezuela’s Bolivar state. (The Venezuelan government owns a 55% interest.) Since 2016, the company has completed preliminary design and engineering work on a small-scale Phase 1 oxide saprolite process plant and the Phase 2 larger hard rock process plant. It has also sent saprolite samples to the U.S. for metallurgical testing and completed a preliminary economic assessment (PEA) in 2018. In addition, the company is working on collecting payments under a settlement agreement for its Brisas gold and copper project, also in Venezuela’s Km 88 district. In 1992, the company began devel-

oping Brisas, and invested close to US$300 million in the project. But in April 2008, the government revoked previous authorization to proceed with construction, and in 2009, the company sent the case to international arbitration. In June 2017, the company signed a settlement agreement with Venezuela, under which the government agreed to pay the company US$1.03 billion. As of March 2019, the company had received US$276 million from the settlement, leaving US$756 million outstanding. 5. Gold X Mining Market cap: US$104 million Gold X Mining (TSXV: GLDX; USOTC: SSPXF), which changed its name from Sandspring Resources in November 2019, owns the Toroparu gold project in the Upper Puruni region of western Guyana. A preliminary economic assessment (PEA) in June 2019, which included the addition of the Sona Hill satellite deposit to the mine plan, estimated production of 4.5 million oz. gold with 125 million lb. copper by-product and 4.46 million oz. silver over a 24-year mine life. The mine plan envisions parallel carbon-inleach (CIL) and flotation circuits that will process ore types containing varying amounts of copper. About 80% of the gold, or 3.6 million oz., will be produced as dore bars and transported off-site by air to refiners in Canada or Europe, and the remaining 20% contained in copper concentrates will be shipped in containers to smelters in Europe or Asia. The early-stage study outlined two production phases beginning with a 4.2 million tonne per year CIL circuit operating for ten years and then expanding to 8.4 million tonnes per year with a parallel flotation circuit added to the mill in year eleven. Pre-production capex is pegged at US$378 million, which could be paid off in just under three years. At a gold price of US$1,300 per oz., the PEA forecast cash flow from operations of US$2.54 billion. Toroparu contains 7.35 million oz. gold in the measured and indicated category and another 3.15 million oz. gold in the inferred category. Robert Friedland, the founder of Ivanhoe Mines, joined Gold X Mining as non-executive chairman in June. 6. Vista Gold Market cap: US$114 million Vista Gold (TSX: VGZ; NYSE: VGZ) wholly owns the Mt Todd gold project in Australia’s Northern Territory, 290 km southeast of Darwin. The Colorado-based company describes Mt Todd as the largest known undeveloped gold project in the country and updated its prefeasibility study in October 2019. The study envisions a 50,000 tonne-per-day open-pit mine producing an average of 413,000 oz. gold a year over a 13-year mine life. Initial capex is estimated at US$826 million which could be repaid in just under three years. The study estimates an after-tax net present value at a 5% discount rate of US$823 million and an internal rate of return of 23.4% at a gold price of US$1,350 per ounce. Life-of-mine average cash costs were estimated at US$645 per oz., with all-in sustaining costs of US$746 per ounce. Mt Todd, which Vista acquired in 2006, has proven and probable reserves of 221 million tonnes grading 0.82 gram gold per tonne for 5.85 million contained oz. gold. The reserves were reported using a 0.40 gram gold cut-off grade.Vista Gold says the project also has exploration potential across its contiguous 1,100 sq. km exploration license, where it has five early-stage targets. 7. Fiore Gold Market cap: US$98 million Fiore Gold (TSXV: F; US-OTC: FIOGF) owns the Pan open-pit heap leach mine in White Pine County near Eureka, Nev., and the Gold Rock

exploration project, a 500 sq. km land package on the Battle MountainEureka trend, 13 km southeast of Pan. The company also controls the Golden Eagle exploration project in the state of Washington, 16 km from Kinross Gold’s 1,800-tonneper day Kettle River mill. The Pan mine produced 41,491 oz. gold in 2019, a 21% year-on-year increase. In April, Fiore completed a PEA on the federally permitted Gold Rock project, which envisions the project as a satellite open pit operation sharing infrastructure with the Pan mine. The early-stage study

The resource has grown by a factor of seven in the last three years and now contains indicated resources of 17.7 million tonnes grading 1.2 grams gold per tonne for 700,000 contained oz. gold and another 39.8 million inferred tonnes averaging 1 gram gold for 1.3 million ounces. The resource estimate used a cut-off grade of 0.3 gram gold. A PEA completed in November 2018 envisioned an open pit with a mine life of eight years producing 130,000 oz. gold a year for lifeof-mine production of 1.1 million ounces. Initial capex was pegged

material to its oxide mill at Velardeña. Pre-production costs are estimated at US$1.5 million. Golden Minerals also owns the Santa Maria project in southern Chihuahua state, which it has optioned to Fabled Copper (TSXV: FCO). It also has the option to purchase six concessions at the Yoquivo goldsilver project, also in Chihuahua. The property is 32 km south of Agnico Eagle’s Pinos Altos mine. The company is also earning a 60% stake in the Sand Canyon project, 80 km northwest of Winnemucca. The project is also 29 km from the

A portal at Golden Minerals’ past-producing Velardeña silver-gold mine in Mexico’s Durango state. GOLDEN MINERALS.

Sleeper mine, which was operated by Amax Gold and produced 1.7 million oz. gold and 2.3 million oz. silver between 1986 and 1996.

Haul truck at Coeur Mining’s Rochester gold-silver mine in Nevada. COEUR MINING.

estimates a mine life of six and a half years producing 362,750 oz. gold, or an annual average of 55,800 ounces. The PEA estimates life-of-mine cash costs of US$903 per oz. and all-in sustaining costs (AISCs) of US$1,008 per ounce. Pre-production capex is pegged at US$65 million. The company updated the resource for its Golden Eagle project in May, outlining measured and indicated resources of 52.39 million tonnes grading 1.25 grams gold per tonne and 5.99 grams silver per tonne for 2.11 million contained oz. gold and 10.08 million oz. silver. Inferred resources add 6.78 million tonnes grading 0.79 gram gold and 4.06 grams silver for 172,500 oz. gold and 885,930 oz. silver at a 0.48 gram cut-off grade. 8. Tristar Gold Market cap: US$65 million Tristar Gold’s (TSXV: TSG; USOTC: TSGZF) flagship gold project is Castelo de Sonhos in Brazil’s Para state. The company recently completed an US$8 million finance with Royal Gold and the proceeds will be used to complete a feasibility study this year. Castelo de Sonhos is a paleoplacer gold deposit, with 19 km of conglomerate outcrop, and only about 60% of the prospective area has been drilled so far. The deposit remains open along strike and down dip.

at US$184 million, with a payback period of just under two years. 9. Golden Minerals Market cap: US$57 million Golden Minerals (TSX: AUMN; NYSE: AUMN) has assets in Mexico, Argentina and Nevada and is primarily focused on its Velardeña project in Mexico and the El Quevar property in Argentina’s Salta province. In April, Barrick Gold signed an option agreement to earn a 70% stake in El Quevar. Barrick must spend US$10 million on exploration and deliver a prefeasibility study with a mineral resource of no less than 2 million oz. gold-equivalent. The Velardeña project in Durango state has two former underground mines and two mills. (One of the mills has been leased to Hecla since 2015.) An updated PEA in April outlines a mine life of ten years with life-of-mine contained silver production of 12.3 million oz. and 188,000 oz. gold. The PEA incorporates a bio-oxidation treatment of gold concentrates. Pre-production capex is pegged at US$10.3 million. Eighty km west of Velardeña is the company’s Rodeo project. A PEA completed in April envisions an open pit mine producing 41,000 oz. gold and 118,000 oz. silver over a mine life of nine quarters. The company hopes to bring Rodeo into production in 2021 and will transport mineralized

10. Paramount Gold Nevada Market cap: US$42 million Paramount Gold Nevada (NYSEAM: PZG) owns the Grassy Mountain gold project in eastern Oregon, 113 km west of Boise, Idaho, and the Sleeper gold project in northern Nevada, 40 km northwest of the town of Winnemucca. The company acquired Grassy Mountain in 2016 and completed a prefeasibility study in 2018 that outlined annual production of 47,000 oz. gold and 50,000 oz. silver over a 7.25-year mine life, at cash-operating costs of US$528 per oz. gold. The early-stage study estimated initial capex of US$110 million for a 750-tonneper-day mine and milling operation, and a 2.5-year payback period. The study anticipated a US$87.7-million, after-tax net present value — at a 5% discount rate — and a 28% after-tax internal rate of return. In June 2019, the company launched a feasibility study, which it expects to complete in mid-2020, and says it plans to start construction as soon as it receives all of the required permits, which it forecasts will be before the end of this year. In July, the company announced that the Oregon Water Resource Department had reviewed and approved its plans and specifications for the tailings dam proposed for Grassy Mountain. Paramount’s Sleeper gold project includes the former Sleeper mine, which produced 1.7 million oz. gold and 2.3 million oz. silver. The company completed a PEA on Sleeper in 2015 that proposed a 30,000-tonneper-day, heap-leach-only operation, with a low strip ratio and 3.5-year payback period of US$175 million in initial capital expenses. The PEA envisioned annual production of 102,000 oz. gold and 105,000 oz. silver at cash-operating costs of US$529 per oz. gold-equivalent produced. In April 2019, Paramount closed a 2% net smelter return royalty agreement for US$2 million with Franco-Nevada. The proceeds will help advance permitting efforts and the feasibility study on Grassy Mountain. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 3–AUGUST 16, 2020

Top 10 US-based mid-tiers to juniors, excluding coal and precious metals GROWING GLOBALLY

BY NORTHERN MINER STAFF

The Northern Miner presents the top-10, U.S.-based mid-tier to junior companies, excluding coal and precious metals, by market capitalization, as of July 24, 2020. 1. Compass Minerals Market cap: US$1.8 billion Compass Minerals (NYSE: CMP) produces plant nutrients, salts and magnesium chloride for applications in industrial, agricultural, commercial and consumer markets, primarily in North America. The Kansas-headquartered company is the number one producer in the U.S. of sulphate of potash (SOP), an organic fertilizer used for crops that require high potassium such as soybeans, corn, vegetables and tree nuts. The company operates

| Companies work to increase their market presence

project and Goliad in-situ recovery (ISR) project. The Palangana mine contains measured and indicated resources of 440,160 tonnes grading 0.135% uranium oxide (U3 O 8) for 1.06 million contained lb. U3O8 and inferred resources of 367,360 tonnes of U3O8 grading 0.176% U3O8 for 1.15 million lb. U3O8. Uranium Energy’s other North American uranium projects include the Reno Creek project, the largest permitted ISR uranium project in the U.S., located in northeast Wyoming; the Salvo and Longhorn projects in Texas; the Anderson, Los Cuatros, and Workman Creek projects in Arizona; and the Dalton Pass and Ce de Baca projects in New Mexico. It also controls the Diabase early-stage uranium project in Saskatchewan, Canada; and the

US$2.5 million to complete the optimization of the separation and purification processes and then spend an additional US$7.5 million to produce a bankable feasibility study on Round Top to earn up to a 70% interest in the project, and can thereafter earn up to an additional 10% interest in the project for a US$3 million cash payment to the company. 4. NioCorp Developments Market cap: US$149 million NioCorp Developments (TSX: NB; US-OTC: NIOBF) is focussed on its Elk Creek niobium-scandiumtitanium project in south-eastern Nebraska. Once built, Elk Creek would be the highest grade niobium mine in North America and one of the largest producers of scandium in the world, with a materials manufac-

The company is the only producer of muriate potash (potassium chloride) in the U.S., supplying 3.5% of the country’s annual consumption. It sells potash in granular, standard and fine standard sizes, with the granular-size predominantly sold to agriculture markets, while the standard-size is primarily sold to animal feed and industrial markets. Intrepid operates t hree solar evaporation potash and salt mines: Carlsbad in New Mexico, and Wendover and Moab in Utah. The company also owns the East mine, an underground langbeinite mine in Carlsbad, which sits on one of the world’s largest known reserves of langbeinite. Langbeinite is a naturally occurring fertilizer that the company sells under the brand name Intrepid Trio. In 2019, the company produced 1.5 million tonnes of potash and 856,000 tonnes of Trio. It also produces magnesium chloride, metal recovery salts, brines and water derived from its mining processes. 6. Ur-Energy Market cap: US$96 million Ur-Energy’s (TSX: URE; NYSEAM: URG) portfolio includes 12 uranium projects, ten of which are located in the Great Divide Basin of Wyoming, including its flagship Lost Creek in-situ recovery uranium facility, located 61 km northwest of Rawlins. In 2016, an updated preliminary economic assessment (PEA) for Lost Creek forecast total production of 13.8 million lb. uranium over a mine life of 19 years. The early-stage study estimated an initial capex of US$46.5 million. The project is forecast to have an after-tax net present value of US$208 million at an 8% discount rate and an after-tax internal rate of return of 50.9%.

The processing facility at Ur-Energy’s Lost Creek in-situ recovery uranium mine in Wyoming. UR-ENERGY

production facilities in the U.S. and Canada and has cornered between 70% and 80% of the SOP market in North America. Last year it sold 10.5 million tonnes of SOP worth about US$591 million. Compass is also the leading supplier of highway de-icing products in North America and the U.K. and operates three underground salt mines: the Cote Blanche mine in Louisiana, which produces nearly 15% of highway de-icing salt in the U.S., the Goderich mine in Ontario, the largest salt mine in the world, and the Winsford rock salt mine in Cheshire, the U.K.’s largest and oldest working mine, which began in 1844 when local prospectors started searching for coal at the site. Compass also operates a solar evaporation plant in the U.S. and mechanical evaporation plants in the U.S. and Canada. In 2019, the company produced 10 million tonnes of salt for sales worth US$890 million. 2. Uranium Energy Market cap: US$186 million Uranium Energy (NYSE-AM: UEC) is a uranium exploration and mining company headquartered in Corpus Christi, Texas. The company’s huband-spoke operations are anchored around its Hobson uranium processing facility, located 160 km northwest of Corpus Christi, which is central to its Palangana mine, Burke Hollow

Long Park and Slick Rock uraniumvanadium projects in Colorado. The company’s South American assets include the Oviedo and Yuty ISR uranium projects and the Alto Parana titanium project, all located in Paraguay. 3. Texas Mineral Resources Market cap: US$154 million Texas Mineral Resources (US-OTC: TMRC) is a mineral exploration company targeting heavy rare earth elements (REEs), technology metals and industrial minerals. The company is developing its flagship Round Top REEs and critical minerals project, located 13 km northwest of Sierra Blanca and 137 km southeast of El Paso, Texas. A 2019 preliminary economic assessment (PEA) of the project forecast annual production of 2,213 tonnes REEs, including 1,910 tonnes heavy REEs, over a mine life of 20 years. The study estimated an initial capex of US$350.4 million and a payback period of 1.4 years. The PEA also estimated total annual revenue of US$396 million, with 51% coming from technology metals, 26% from heavy REEs, 20% from industrial minerals, and 3% from light REEs. In 2019, Texas Mineral signed a development agreement with USA Rare Earth. Under the agreement, USA Rare Earth needs to first spend

turing facility and an underground mine situated on the property. A 2019 feasibility study estimated average annual production of 7,220 tonnes ferroniobium, 95 tonnes scandium trioxide, and 11,642 tonnes titanium dioxide over a mine life of 36 years. The study estimated a total net capex of US$1.14 billion and an after-tax payback period of just under three years. The project is forecast to have a net present value of US$2.1 billion at an 8% discount rate and an after-tax internal rate of return of 25.8%. The project contains indicated mineral resources of 183.2 million tonnes grading 0.54% ferroniobium, 57.65 grams scandium per tonne, and 2.15% titanium dioxide for 981,092 tonnes contained ferroniobium, 3.9 million tonnes titanium dioxide, and 10.6 million tonnes scandium. Ferroniobium is a critical component of high-strength, low-alloy steel, and scandium trioxide is used in high-performance aluminium alloys and solid oxide fuel cells. Titanium oxide is used in the manufacture of pigments in paints, plastics and paper, and as a photo-catalyst, and titanium is used in the aerospace, defence and automotive industries. 5. Intrepid Potash Market cap: US$119 million Intrepid Potash (NYSE: IPI) supplies high-quality potassium, magnesium, sulphur and salt products to the agricultural, animal feed and chemicals industry.

uranium mine situated in the Gas Hills mining district of Wyoming. 7. General Moly Market cap: US$49 million General Moly (TSX: GMO; NYSEAM: GMO) is a mineral exploration and development company primarily focussed on molybdenum. The company has two projects in Nevada: its flagship Mt. Hope molybdenum project and its wholly owned Liberty molybdenum-copper project. The company holds an 80% interest in Mt. Hope, with the remaining 20% owned by POS-Minerals, a subsidiary of South Korean steel company POSCO. The property is located 34 km north of Eureka. General Moly has invested US$299 million in permitting, pre-construction, and long-lead equipment at Mt. Hope and requires a further US$1.03 billion in capital investment. The company is seeking additional financing, which it says is contingent on higher and sustained molybdenum prices. The company describes Mt. Hope as one of the largest and highest grade primary molybdenum deposits in the world. Liberty is also considered another world-class molybdenum project, with measured and indicated resources of 281 million tonnes at an average grade of 0.08% molybdenum for 482 million contained lb. molybdenum. 8. Scandium International Mining Market cap: US$32 million Scandium International Mini n g ( T S X : S C Y; U S - O T C : SCYYF) hopes to become the first company to achieve production from a primary scandium mine. It owns the Nyngan scandium project in Australia, located about 25 km west of the town of Nyngan and

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

The company also operates the Shirley Basin project in centralsoutheast Wyoming, located 64 km south of Casper city. A PEA in 2015 forecast total production of 6.3 million lb. uranium over a mine life of 14 years. The initial capex was estimated to be US$30.6 million. Ur-Energy’s other properties include the Lost Solider uranium project, located 22.5 km northeast of its Lost Creek project, and the Lucky Mc

450 km northwest of Sydney. The project is shovel-ready and slated for completion in 2021. A definitive feasibility study for the project in 2016 estimated average annual production of 38 tonnes of scandium oxide at a grade of 9899.9% over a 20-year mine life. The study forecast a capex of US$87 million and a payback period of 3.3 See MID-TIERS / 14

WWW.NORTHERNMINER.COM

AUGUST 3–AUGUST 16, 2020 / THE NORTHERN MINER

US BASED From 11

ties in Colorado, Idaho and Nevada as well as B.C. and Quebec.

Creek underground mine in southeast Alaska is, according to the company, one of the largest and lowest-cost primary silver mines in the world. Last year, Greens Creek churned out 9.9 million oz. silver and 56,625 oz. gold at cash costs of US$1.97 per oz. silver, after byproduct credits. In western Quebec, Hecla’s wholly owned Casa Berardi underground gold mine produced 134,409 oz. gold last year at cash costs (after by-product credits) of US$1,051 per oz. and was acquired back in 2013 through its acquisition of Aurizon Mines. I n 2 018 , t he c ompa ny a cquired Klondex Mines in a US$462million cash-and-share deal, which added the Fire Creek, Hollister and Midas gold and silver mines in Nevada to its asset portfolio. In Idaho, Hecla holds the Lucky Friday underground operation, within the state’s Coeur d’Alene mining district. The mine has been producing silver since 1942 and, according to the company, still has 20 to 30 years of mine life ahead. Hecla’s Mexican asset is the San Sebastian silver and gold mine, which started up in 2015 and covers 420 sq. km within the Mexican Silver Belt. The company’s pre-production assets include the Montanore silvercopper deposit in Montana as well as the Rock Creek property, 80 km north of the Lucky Friday mine. Hecla also holds exploration proper-

8. Alcoa Market cap: US$2.4 billion Alcoa (NYSE: AA) generates bauxite, alumina and aluminum. The company is one of the world’s top producers of bauxite and the largest alumina producer outside of China. Its aluminum unit includes smelting, casting, rolling and energy assets. Although aluminum is an abundant element, it requires multiple steps before it can be transformed into aluminum: alumina oxide from bauxite rock needs to be refined into alumina, which is then smelted into aluminum.The company’s bauxite and alumina segments include Alcoa World Alumina and Chemicals (AWAC), a joint venture between Alcoa and Alumina Limited (ASX: AWC), in which Alcoa holds a 60% stake. AWAC mines bauxite and other aluminum-bearing material and refines, produces and sells aluminabased chemicals. Alcoa’s bauxite unit holds a total of seven mines. The company is one of the world’s top producers of the material, and its Huntly operation in Australia is the second-largest bauxite mine worldwide. On the alumina front, the U.S.-based company operates six refineries in Australia, Brazil and Spain, and has a 25% share in a refinery within the Ma’aden joint venture in Saudi Arabia. In Australia, Alcoa’s three refineries produce about 45% of the country’s alumina, or 7% of the world’s total alumina output.

Mosaic’s phosphate production facility in Bartow, Florida. THE MOSAIC COMPANY

Last year, Alcoa produced 47.4 million tonnes of bauxite, 13.3 million tonnes of alumina and 2.1 million tonnes of aluminum. This year, it expects to ship 48-49 million tonnes of bauxite, 13.6-13.7 million tonnes of alumina and 3-3.1 million tonnes of aluminum. 9. Cleveland-Cliffs Market cap: US$2.3 billion With a history dating back to 1850 in the U.S. Midwest, Cleveland-based Cleveland-Cliffs (NYSE: CLF) is the oldest and largest independent iron miner in the country. The company’s mines and pellet plants supply the North American steel industry with iron ore pellets. In March, Cleveland-Cliffs closed a US$3-billion acquisition of AK

10. Alacer Gold Market cap: US$2.2 billion Alacer Gold (TSX: ASR; ASX: AQG) is a gold producer with an

Headframe at Hecla’s Casa Berardi mine in western Québec. HECLA MINING COMPANY

MID-TIERS From 13

years. The project is estimated to have an after-tax net present value of US$177.5 million at a 10% discount rate and an after-tax internal rate of return 33.1%. The company’s other assets include the wholly-owned HoneyBugle scandium project adjacent to Nyngan, and the Kiviniemi scandium property, located 350 northeast of Helsinki in Finland. 9. Azarga Uranium Market cap: US$26 million Azarga Uranium (TSX: AZZ; USOTC: AZZUF) is a uranium exploration and development company and holds several major uranium deposits across South Dakota, Wyoming, Colorado and Utah. The company is focussed on developing its advanced-stage Dewey Burdock project, an in-situ recovery uranium project located 26 km northwest of Edgemont, South Dakota. In January, a preliminary economic assessment (PEA) for the project estimates annual production of 1 million lb. uranium oxide over a mine life of 21 years. The earlystage study forecasts an initial capex of US$31.7 million. The project is estimated to have an after-tax net present value of US$147.5 million at an 8% discount rate and an after-tax internal rate of return of 50%. Azarga’s other assets include the

Steel, a publicly traded producer of carbon, stainless and electrical steel. The deal is intended to vertically integrate Cliffs’ high-value added steel offerings and expand its customer base into the automotive industry. In the fourth quarter of 2020, construction is expected to be completed at the hot-briquetted iron (HBI) plant in Ohio, which is expected to position Cliffs as the only producer of high-quality HBI steel for the electric arc furnace steel market within the Great Lakes region. The Toledo-based plant will have the capacity to churn out 1.9 million tonnes of HBI annually. The company’s mining and pelletizing segment includes interests in four producing iron mines: Cliffs operates one in Michigan, two in Minnesota and has a 23% share of one additional Minnesotabased iron mine. Based on Cliff’s share of ownership, the mines are able to produce a total of 21.5 million tonnes of iron ore pellets each year. The low-grade material mined is then concentrated and pelletized for steelmaker deliveries. According to Cliffs, all of the mines are operating at, or close to, their annual capacities. In 2019, the company’s main customers were steel manufacturer ArcelorMittal (NYSE: MT), AK Steel as well as Ontario-based Algoma Steel, which was purchased by India’s Essar Group in 2007.

80%-interest in the Çöpler gold mine and Cakmaktepe project in eastern Turkey. In May 2020, Alacer Gold announced an all-share merger with SSR Mining (TSX, NASDAQ: SSRM) — the combined company is expected to keep the SSR name. The combined producer would generate an average of 780,000 oz. gold-equivalent at all-in sustaining costs (AISCs) of US$900 per oz. over the next three years, based on analyst consensus estimates. Upon closing – which is expected in the third quarter of 2020 – the joint company would hold the Marigold open pit in Nevada, the Seabee underground operation in Saskatchewan, and the Puna open pit complex in Argentina, in addition to the Turkey-based assets. In July, shareholders of both companies voted in favour of the merger. Çöpler features bot h ox ide and sulphide ores; first gold was poured from the heap leach open pit in 2010. With the oxide component nearing depletion in May of 2019, the Çöpler sulphide plant, which uses pressure oxidation, declared commercial production. This year, the company expects to churn out 80,000 oz. to 100,000 oz. gold from the oxide plant with a further 230,000-260,000 oz. expected from the sulphide plant at consolidated AISCs of US$735-$785 per oz. The Çakmaktepe project, 5 km from Çöpler, includes an oxide reserve of 1.3 million tonnes grading 2.13 grams gold and 10 grams silver per tonne, containing 91,000 gold oz. and 428,000 oz. silver. TNM

Gas Hills and Juniper Ridge uranium projects in Wyoming, the Centennial project in Colorado, the JB project in Colorado, and the Ticaboo project in Utah, which contains three uranium stockpiles. 10. Solitario Zinc Market cap: US$25 million Solitario Zinc (TSX: SLR; NYSEAM: XPL) is a zinc-focussed exploration and development company headquartered in Wheat Ridge, Colorado. It has joint venture interests in two zinc projects: Florida Canyon in northern Peru and Lik in northwestern Alaska. Florida Canyon is operated by Minera Bongara, a joint venture between Solitario and Nexa Resources (TSX: NEX A; N YSE: NEXA), the world’s fourth-largest zinc producer. Nexa currently holds a 61% interest in the joint venture, but is earning a 70% stake by funding 100% of all future costs until a feasibility study is completed. Once it earns its 70% stake, Nexa will fund Solitario’s 30% portion of construction costs under a loan facility that will be repaid from 50% of the mining operation’s cash flow. A preliminary economic assessment completed on the project in August 2017 envisioned an underground operation with a mine life of 12.5 years with annual production of 111.7 million lbs. of zinc, 12.6 million lbs. of lead, and 160,000

Drill rigs at NioCorp Developments’ Elk Creek niobium project in southeastern Nebraska in 2015. NIOCORP DEVELOPMENTS

oz. of silver. Solitario’s large tonnage and open-pittable Lik zinc deposit in Alaska is a 50:50 joint venture between Solitario and Teck American, a wholly-owned subsidiary of Teck Resources (TSX: TECK.A/TECK.B;

NYSE: TECK). The project is 22 km from Teck’s Red Dog mine, one of the largest and lowest-cost zinc mines in the world. The Lik project consists of 47 contiguous mining claims covering approximately 2,225 hectares.

Solitario also has a 9.97% stake in Vendetta Mining (TSXV: VTT; US-OTC: VDTAF), a junior exploration company that controls the Pegmont lead-zinc project in Queensland, Australia. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 3–AUGUST 16, 2020

Probe drills high-grade gold at Cadillac Break East ONTARIO

| 3D induced polarization survey of property is planned

BY NORTHERN MINER STAFF

eeper drilling in a previous drill hole intersected 8 grams gold per tonne over 9 metres at the Cadillac Break East property near Val-d’Or, Que., Probe Metals (TSXV: PRB; US-OTC: PROBF) says. Probe is earning up to a 70% stake in the property under a November 2016 option agreement with O3 Mining (TSXV: OIII), part of the Osisko Group of companies. Drill hole CBE-40 was deepened to follow up on lower grade assay results from the bottom of the hole and returned 9 metres grading 8 grams gold per tonne starting from 295 metres downhole, including 1 metre grading 45.9 grams gold per tonne in a new zone. Probe said the zone “appears to be along the same trend” that hosts earlier reported mineralization grading 4.2 grams gold over 4 metres in hole CBE-53 about 3.8 km away. In addition to drill hole CBE-40, Probe released results from four other holes, highlights of which include 1 metre of 9.2 grams gold in CBE-64 starting from 341 metres downhole and 13.8 grams gold over 1 metre starting from 194 metres in drill hole CBE-73. The company said the results are associated with new geophysical targets that have been delineated by induced polarization surveys on the property. It also noted that it is undertaking a new 3D IP survey to cover part of the trend between drill hole CBE-40 and CBE-53. Under its option agreement with O3 Mining, Probe can earn an initial 60% stake by spending $5 million on exploration over four years. It can then earn another 10% by spending a further $2 million on explora-

Drilling operations at Probe Metals’ Cadillac Break East property in western Québec. PROBE METALS

tion and completing a prefeasibility study. When it completes its 70% earn-in, Probe must then issue 200,000 of its common shares to O3 Mining. So far, Probe has spent $4.3 million on the property. The property is underlain by mafic to felsic volcanic rocks and related

sills of the Malartic Group, underlying the north half of the property, in contact with sedimentary rocks of the Pontiac Group to the south, says Probe, which is the operator of the exploration programs. The contact between the two geologic terrains, it adds, is the Cadillac Break

Deformation Zone, a major geologic fault zone that controls the location of many gold deposits spanning 300 km in Quebec and Ontario. The property also contains the Sleepy gold deposit, which has an inferred resource of 1.86 million inferred tonnes grading 5.1 grams

gold for 307,350 ounces. At press time in Toronto, Probe was trading at $1.50 per share within a 52-week range of 55¢ and $1.53. The junior explorer has about 126 million common shares outstanding for a $185-million market capitalization. TNM

Corvus discovers oxide zone near its Mother Lode deposit NEVADA

| Initial results suggest open pit mining and heap leach processing

BY CANADIAN MINING JOURNAL STAFF

orvus Gold (TSX: KOR; US - OTC: C ORV F) h a s announced a discovery at its Lynnda Strip target, 2.5 km northnortheast of its Mother Lode deposit in Nevada’s Greater Bullfrog gold district. The company released assay results for hole CH20-011, which returned 197 metres of 0.44 gram gold per tonne, starting at 264 metres,

and included higher-grade intervals, such as 5 metres of 1.44 grams gold and 44 metres of 0.9 gram gold. “The ongoing new discovery exploration work across the Bullfrog gold district continues to produce encouraging results, highlighting the potential of this re-emerging Nevada gold district,” Jeffrey Pontius, the company’s president and CEO, said in a news release. “The initial results at the Lynnda Strip suggest that the system could be amenable to open pit mining and

“EXPLORATION WORK ACROSS THE BULLFROG GOLD DISTRICT CONTINUES TO PRODUCE ENCOURAGING RESULTS, HIGHLIGHTING THE POTENTIAL OF THIS RE-EMERGING NEVADA GOLD DISTRICT.” JEFFREY PONTIUS President and CEO, Corvus Gold

heap leach processing. Corvus is continuing with the evaluation of this exciting new discovery on its ground and the value that it can bring to our shareholders as well as continuing to pursue our other new discoveries across the district on our large, 130 sq. km, 100%-owned land package.” Follow-up drilling is planned for the upper part of this new system. The geophysical signature seen at Lynnda has also been traced 3 km to the west, at the Twisted Canyon target, where there is a coincident surface gold geochemical anomaly. Corvus has also developed two new gold targets – Hidden Valley and East Prospector – on its Snake claims, east of AngloGold Ashanti’s Silicon discovery. Corvus Gold owns the adjoining Mother Lode and North Bullfrog projects in southern Nevada’s Greater Bullfrog district, host to epithermal gold systems, with an

View of Corvus Gold’s Mother Lode property in Nevada, with the North Bullfrog project in the middle background. CORVUS GOLD

additional sediment-hosted gold discovery at Mother Lode. Total measured and indicated resources at Mother Lode (including both sulphide and oxide material) stand at 53.4 million tonnes grading 0.68 gram gold for a total of 1.2 million oz., with a further 16.2 million inferred tonnes at 0.46 gram gold, containing 241,000 oz. gold. These are derived using cut-off grades between 0.06 gram gold and 0.63 gram gold. In 2018, the company published a preliminary economic assessment

on a combined heap leach and sulphide operation at Mother Lode and North Bullfrog. The nine-year open-pit operation would produce a total of 2.5 million oz. gold and 3.5 million oz. silver at total cash costs of US$680 per oz. gold-equivalent. With an initial capital cost estimate of US$424 million, the net present value estimate, at a 5% discount rate, is US$587 million. TNM — This article first appeared in our sister publication, the Canadian Mining Journal.

WWW.NORTHERNMINER.COM

AUGUST 3–AUGUST 16, 2020 / THE NORTHERN MINER

The camp at Marathon Gold’s Valentine Lake gold project in Newfoundland. MARATHON GOLD

Marathon extends gold zone at Valentine Lake project NEWFOUNDLAND

BY CANADIAN MINING JOURNAL STAFF

tep-out drilling at Marathon Gold’s (TSX: MOZ) Valentine gold project has extended the Berry zone to the northeast, to a drill-tested strike of 450 metres. The company’s latest release includes the assays from ten holes completed at the Berry area, which sits within a 6-km-long Sprite corridor between the Leprechaun and Marathon deposits at the site. Highlights include 120 metres of 3.33 grams gold per tonne starting at 87 metres, 36 metres of 3.37 grams

| Step-out drilling of 10 holes at Berry completed

gold from 107 metres, as well as 32 metres of 2.33 grams gold starting at 67 metres. “Our 2020 exploration program is focused on new discovery, with broad step-out drilling into areas previously untested,” Matt Manson, the company’s president and CEO, said in a press release. Manson added that the company’s 32,000-metre drill program is scheduled to cover a 3-km-long strike, extending from the Berry zone, through the Frozen Ear Pond Road area and to the limit of the Marathon deposit, which is open to the southwest.

All ten holes mentioned in the announcement returned gold grades in excess of 0.3 gram gold per tonne — the open-pit cut-off grade used in the latest resource estimate for the project. Nine holes included intersections over 0.7 gram gold. According to the company, the mineralization at Berry is within a 30- to 100-metre-wide interval, extends from surface down to a depth of 250 metres, and remains open at depth. Drill data available to date suggests a 450-metre-long strike for the Berry zone mineralization. The Valentine project features four shear-zone hosted gold depos-

its within a 20-km long trend. Measured and indicated resources at the site total 54.9 million tonnes at 1.75 grams gold for a total of 3.1 million oz., with additional inferred resources of 16.8 million tonnes at 1.78 grams gold for a further 1 million ounces. These resources include both an open pit and underground component — the underground is estimated using a 0.3 gram gold cutoff and the open pit is estimated using a 1.66 grams gold cutoff grade. In April, Marathon released a prefeasibility study for Valentine, which outlined a 12-year open pit and conventional milling operation

producing an average of 175,000 oz. gold annually in the first nine years of operation. With an initial capital cost of $272 million and average life-of-mine, all-in sustaining costs of US$739 per oz., the net present value of the project, at a 5% discount rate, is estimated at $472 million, based on a US$1,350 per oz. gold price, with a 36% internal rate of return. A feasibility study for the project is expected next year. TNM — This article first appeared in our sister publication, the Canadian Mining Journal.

Iamgold gives Côté gold project the green light DEVELOPMENT

BY CANADIAN MINING JOURNAL STAFF

amgold (TSX: IMG) and 30% joint-venture partner Sumitomo Metal Mining have decided to move ahead with their Côté gold project in northern Ontario. Construction at the US$1.3 billion, open-pit project is slated to begin in the third quarter, with commercial production expected in the second half of 2023. Over 60% of detailed project engineering is already complete. Iamgold estimates its 70% of the capex will be $875-925 million. Located 20 km southwest of Gogama, Côté is expected to produce 367,000 oz. gold annually over a mine life of 18 years, with the mill processing

| Construction to begin in Q3 2020, production in the second half of 2023

“THE PROJECT IS ANTICIPATED TO GENERATE OVER 1,000 JOBS DURING CONSTRUCTION, 450 JOBS DURING OPERATIONS.” GORDON STOTHART President and CEO, Iamgold

36,000 tonnes per day. “The Côté gold project is transformational to the future of IAMGOLD,” Gordon Stothart, Iamgold’s president and CEO, said in a release. “At a gold price of US$1,700, Côté’s expected NPV (on a 100% basis) is over US$2 billion, with a 22.4% IRR. The project is anticipated to generate over 1,000 jobs during construction, 450 jobs during op-

erations, $5 billion in wages and more than $10 billion in GDP over its lifespan.” Stothart added that the project will reduce Iamgold’s overall operating costs per ounce of gold, increase the company’s production capacity and add geographic diversity to its portfolio. Iamgold plans to use autonomous trucks at the site, which would be

relatively new for mines in Canada (outside of the oilsands). Discussions with regulators are under way. Côté has proven a nd probable reserves totalling 7.3 million oz. gold, contained in 233 million tonnes grading 0.96 gram gold per tonne. The life-of-mine average strip ratio is expected to be 2.7:1. Iamgold updated some of the project metrics in June, using US$1,350 per oz. gold and US$1,700 per oz. gold, up from US$1,250 per oz. used in a 2018 feasibility study for Côté. At US$1,350 per oz. gold, all-in sustaining costs (AISC) are estimated at US$771 per oz., the after-tax net present value (NPV) is US$1.1 billion, the internal rate of return (IRR) is 15.3%, and the payback

period is 3.7 years. At US$1,700 gold, the AISC is US$835 per oz., the NPV grows to US$2 billion, the IRR rises to 22.4% and the payback period falls to 2.6 years. Iamgold recently received a key federal permitting approval under the Fisheries Act, with other permitting under way. Environmental assessment and closure plans for the project have both been approved, and Impact and Benefits Agreements are in place with the Mattagami and Flying Post First Nations. Côté is 92.5% held by the IamgoldSumitomo 70/30 JV, with 7.5% held by Treelawn Investment Corp. TNM — This article first appeared in our sister publication, the Canadian Mining Journal.

GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 3–AUGUST 16, 2020

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AUGUST 3–AUGUST 16, 2020 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JULY 20-24 The S&P/TSX Composite Index fell 0.78% to 15,997.06 during the July 20-24 trading week. The S&P/TSX Global Mining Index rose 1.48% to 98.48, and the S&P/TSX Global Base Metals Index fell 3.22% to 99.14. Spot gold jumped US$91 per oz., or 5.03%, to US$1,901.30 per oz., and the S&P/TSX Global Gold Index rose 5.43% to 386.5. Shares of Nevada Copper fell by 1¢ to 14¢ per share. On July 23, the company fi led a final prospectus for a bought deal offering of about $97 million. The previously announced offering consists of 643.71 million units in the company at a price of 15¢ per unit with each unit made up of one common share and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase one common share at a price of 20¢ per share. The company has granted the underwriters an option to purchase up to an additional 23.8 million units. Nevada Copper plans to use the proceeds to fund its operations, including to continue its previously announced accelerated mine development plan and to re-start and ramp-up production at its Pumpkin Hollow underground mine in Nevada; repay a convertible loan; and repay outstanding debt. Golden Minerals closed the week at 61¢ per share, down 8.96%. The company closed

a bought deal offering that raised about $8.6 million at a price of 42¢ per share. The company owns or controls over a dozen projects, including the Velardena gold and silver property and the Rodeo gold project in Mexico, the El Quever district-scale silver project in Argentina, and the Sand Canyon gold-silver project in northwestern Nevada. It also signed a letter of intent to option 100% of its Santa Maria silver-gold project in Mexico to Fabled Copper Corp. Santa Maria is in Chihuahua state. Shares of Yamana Gold rose to $8.47, up 11.89%, following the release of its secondquarter results. The company posted adjusted net earnings of US$63.3 million or 7¢ per share, net free cash flow of US$60.3 million, TSX MOST ACTIVE ISSUES VOLUME (000s) HIGH

Nthn Dynasty Suncor Energy Kinross Gold B2Gold Corp Barrick Gold Yamana Gold First Quantum First Majestic Teck Res Nevada Copper

NDM 29288 SU 28376 K 26199 BTO 24500 ABX 21654 YRI 20294 FM 18606 FR 15133 TECK.B 14834 NCU 14231

3.28 24.59 11.57 9.11 38.87 8.48 13.37 18.88 15.84 0.16

WEEK LOW CLOSE CHANGE

2.44 22.40 10.79 8.46 36.96 7.60 11.61 14.69 14.46 0.14

2.61 22.42 11.30 8.76 38.18 8.47 12.06 17.82 15.01 0.14

+ + + + + + -

0.33 0.58 0.58 0.41 1.10 0.90 1.40 3.41 0.23 0.01

and reduced its net debt by US$101.1 million in the three months ended June 30. Yamana produced 164,141 ounces of gold and 2.01 million oz. of silver (183,582 gold-equivalent ounces) at all-in sustaining costs of US$1,125 per gold-equivalent oz. sold. Yamana reiterated its 2020 guidance of 890,000 gold-equivalent ounces, consisting of 786,000 oz. of gold and 10.25 million oz. of silver. Northern Dynasty Minerals’ shares rose

by 14.47% to $2.61 after the US Army Corps of Engineers issued a fi nal environmental impact statement backing the company’s proposed Pebble copper-gold-molybdenum mine in Alaska. The decision opens the door for Northern Dynasty to obtain the federal go-ahead as soon as late August. If permitted, the controversial Pebble project would be North America’s largest mine, with a productive life of at least 20 years. TNM

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Blackrock Gold Callinex Mines Abacus Mining Gray Rock Res Rover Metals Kombat Copper UrbanGold Min Frontline Gold Satori Res Jourdan Res Northern Uran BC Moly Nevado Res Blue River Res Austin Res Elcora Adv Mat Aston Bay Ashanti Sanko CROPS Running Fox Rs

BRC CNX AME GRK ROVR TM UGM FGC BUD JOR UNO.H BM.H VDO.H BXR AUT.H ERA BAY ASI COPS RUN.H

11449 1171 3437 172 5535 812 2853 8590 1954 3305 1118 4 3 655 176 1001 9074 459 3382 270

1.33 4.15 0.27 0.18 0.10 0.34 0.39 0.04 0.20 0.03 0.01 0.04 0.08 0.02 0.12 0.08 0.12 0.06 0.02 0.02

TSX GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.65 1.34 0.11 0.06 0.04 0.19 0.21 0.02 0.10 0.01 0.00 0.00 0.00 0.01 0.08 0.04 0.07 0.00 0.01 0.02

1.27 3.16 0.22 0.16 0.08 0.32 0.39 0.04 0.17 0.03 0.01 0.04 0.08 0.01 0.08 0.05 0.08 0.04 0.02 0.02

+ 195.3 + 150.8 + 104.8 + 100.0 + 87.5 + 82.9 + 81.4 + 75.0 + 70.0 + 66.7 - 50.0 - 41.7 - 33.3 - 33.3 - 33.3 - 33.3 - 28.6 - 27.3 - 25.0 - 25.0

VOLUME (000s)

Aura Minerals Franco-Nevada Wheaton Prec M Agnico Eagle Kirkland Lake Newmont Corp First Majestic Pan Am Silver SSR Mining MAG Silver First Quantum Labrador IOR Nutrien Suncor Energy Ero Copper Wesdome Gold Lundin Mng Teck Res Intl Tower Hil Altius Mnrls

ORA FNV WPM AEM KL NGT FR PAAS SSRM MAG FM LIF NTR SU ERO WDO LUN TECK.B ITH ALS

24 1938 7176 2763 7111 656 15133 4324 2977 2016 18606 793 9762 28376 731 2779 10177 14834 351 228

WEEK CLOSE

CHANGE

200.60 212.99 71.93 96.41 64.74 89.23 17.82 49.25 31.59 22.59 12.06 25.52 44.00 22.42 16.70 13.81 7.96 15.01 2.43 10.24

+ 18.59 + 9.21 + 6.51 + 5.50 + 3.99 + 3.88 + 3.41 + 2.58 + 2.07 + 1.87 - 1.40 - 1.22 - 1.07 - 0.58 - 0.40 - 0.39 - 0.38 - 0.23 - 0.23 - 0.14

TSX VENTURE EXCHANGE / JULY 20-24 The S&P/TSX Venture Composite Index rose by 2.50% to finish the July 20-24 trading week at 691.39, with spot gold finishing the week at US$1,901.30 per oz., a rise of US$91.00 per oz. from the previous week. Shares of Blackrock Gold jumped by 195.35% or 84¢ to $1.27 per share. The junior released initial drill results from the Victor target at its 100%-owned Tonopah West project in western Nevada. Highlights included 3 metres grading 11.52 grams gold per tonne and 1,046.06 grams silver per tonne (2,197.90 grams silver-equivalent per tonne) starting from 560.83 metres downhole in drill hole TW20-001. In addition, the company reported that Eric Sprott had agreed to purchase $5 million of a $7.5 million non-brokered private placement. Blackrock reported it would issue 10.42 million units of the company at a price of 72¢ per share. Each unit is made up of one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share of the company for a price of $1 per share. Callinex Mines’ shares rose by 150.8% or $1.90 to $3.16 per share. The company plans

to commence a soil sampling campaign at its wholly-owned Nash Creek project, located within the Bathurst mining district of New Brunswick. The company plans to collect approximately 1,680 soil samples for analysis of base and precious metals over an 11 km trend that encompasses two previously announced near-surface silver discoveries located 6.8 km apart. In mid-June Callinex reported it had intersected 28.6 metres of 57 grams silver per tonne at a vertical depth of 120 metres, including two 6 metre intervals of 140 grams silver and 88.5 grams silver. Shares of UrbanGold Minerals rose to 39¢ per share, up 81.4%. The company announced plans to begin a 2,500-metre drill TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Spanish Mtn Gd Honey Badger E Redstar Gold Nexus Gold Vangold Res AbraPlata Res Clean Air Met Blackrock Gold Kootenay Silvr Enduro Metals

SPA TUF RGC NXS VGLD ABRA AIR BRC KTN ENDR

16017 14330 13064 12761 12497 11687 11521 11449 10193 9964

0.50 0.06 0.10 0.11 0.20 0.27 0.39 1.33 0.47 0.33

WEEK LOW CLOSE CHANGE

0.36 0.03 0.06 0.08 0.16 0.20 0.32 0.65 0.35 0.24

0.45 0.06 0.09 0.10 0.17 0.24 0.35 1.27 0.44 0.30

+ + + + + + + +

0.10 0.02 0.03 0.01 0.02 0.04 0.04 0.84 0.10 0.06

program in August at its 100%-owned Pallador gold project, located in the Troilus area of Quebec, about 115 km north of Chibougamau. The drill program will test a newly discovered gold-bearing quartz vein system, where several grab samples reported this month returned values of up to 33 grams

gold per tonne. Several other gold targets will also be drill tested, including an area located 6 km to the southeast, where historic exploration identified palladium in several locations, including a channel sample of 1 metres grading 0.6 gram palladium per tonne. TNM

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

BRC CNX AME GRK ROVR TM UGM FGC BUD JOR UNO.H BM.H VDO.H BXR AUT.H ERA BAY ASI COPS RUN.H

11449 1171 3437 172 5535 812 2853 8590 1954 3305 1118 4 3 655 176 1001 9074 459 3382 270

1.33 4.15 0.27 0.18 0.10 0.34 0.39 0.04 0.20 0.03 0.01 0.04 0.08 0.02 0.12 0.08 0.12 0.06 0.02 0.02

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.65 1.34 0.11 0.06 0.04 0.19 0.21 0.02 0.10 0.01 0.00 0.00 0.00 0.01 0.08 0.04 0.07 0.00 0.01 0.02

1.27 3.16 0.22 0.16 0.08 0.32 0.39 0.04 0.17 0.03 0.01 0.04 0.08 0.01 0.08 0.05 0.08 0.04 0.02 0.02

+ 195.3 + 150.8 + 104.8 + 100.0 + 87.5 + 82.9 + 81.4 + 75.0 + 70.0 + 66.7 - 50.0 - 41.7 - 33.3 - 33.3 - 33.3 - 33.3 - 28.6 - 27.3 - 25.0 - 25.0

VOLUME (000s)

Callinex Mines Blackrock Gold Metalla Rylty Chesapeake Gld Bear Creek Mng HighGold Skeena Res Amex Expl Discovery Met Lion One Mtls Abitibi Royal Great Bear Res Metalore Res Novo Res Rupert Res Standard Lith Desert Mtn Egy American Lith Teuton Res Millennial Lit

CNX BRC MTA CKG BCM HIGH SKE AMX DSV LIO RZZ GBR MET NVO RUP SLL DME LI TUO ML

WEEK CLOSE

1171 3.16 11449 1.27 526 8.25 263 5.35 3102 3.46 1059 2.35 2464 2.93 1012 3.68 9509 1.68 3485 1.98 26 21.33 616 17.60 5 2.40 1614 3.75 409 3.01 600 1.06 1235 0.59 7464 1.83 447 2.44 169 1.38

CHANGE

+ + + + + + + + + + -

1.90 0.84 0.74 0.72 0.65 0.50 0.48 0.48 0.48 0.45 1.64 0.50 0.40 0.28 0.19 0.16 0.16 0.15 0.15 0.14

U.S. MARKETS / MONTH JULY 20-24 The Dow Jones Industrial Average fell 0.76% to 26,469.89 and the S&P 500 fell 0.28% to 3,215.63. Spot gold jumped US$91 per oz., or 5.03%, to finish the July 20-24 trading week at US$1,901.30 per ounce. Shares of First Majestic Silver rose to US$13.28 per share, up US$2.68 or 23.66%. The company reported second-quarter production of 3.5 million silver equivalent ounces, consisting of 1.8 million ounces of silver and 15,764 ounces of gold. In the first six months of the year, First Majestic produced a total of 9.7 million silver equivalent ounces, consisting of 5 million ounces of silver and 47,967 ounces of gold. As of June 30, First Majestic said it held 970,000 ounces of silver in inventory in anticipation of realizing higher selling prices for the metal in the second half of 2020. The company reported that all of its operations had returned to near full production rates by the end of the second quarter. The company has 14 exploration drill rigs turning across its projects. McEwen Mining’s shares rose by 20.72% to US$1.34 per share. The company reported consolidated production in the second quarter of 15,700 ounces of gold and 359,400 ounces of silver (or 19,200 gold equivalent ounces). Production at all four of its mines

was impacted by temporary mine suspensions due to the coronavirus pandemic, the company said, as well as operational issues at several of its mines. It has mines in Nevada (Gold Bar), Canada (Black Fox), Mexico (El Gallo) and Argentina (San Jose). At its Black Fox mine in Timmins, Ontario, McEwen Mining is developing access to the Froome deposit. It plans to reach the ore body in the second quarter of 2021, complete the necessary development, and start production in the fourth quarter of 2021. Shares of Freeport-McMoran fell by 3.39% to US$13.12 per share. The company reported net income of US$53 million or 3¢ per common share in the three months ended June U.S. MOST ACTIVE ISSUES VOLUME (000s) HIGH

Vale* VALE 139318 11.72 Yamana Gold* AUY 110935 6.31 Freeport McMoR* FCX108351 0.46 Hecla Mining* HL 91908 5.46 Kinross Gold* KGC 89488 8.61 First Majestic* AG 83480 14.08 Barrick Gold* GOLD 76604 28.87 Endeavr Silver* EXK 72147 4.31 Coeur Mng* CDE 66666 7.92 Harmony Gold* HMY 63987 7.06

WEEK LOW CLOSE CHANGE

11.09 11.26 - 0.05 5.65 6.30 + 0.72 13.74 12.7013.12 4.58 5.20 + 0.63 7.96 8.42 + 0.54 10.88 13.28 + 2.68 27.57 28.44 + 1.10 2.96 4.20 + 1.32 6.44 7.51 + 1.20 6.23 7.03 + 0.61

30. After adjusting for net credits of US$9 million or 1¢ per share, second-quarter adjusted net income totalled US$44 million, or 3¢ per common share. The company posted quarterly consolidated sales of 759 million pounds of copper, 184,000 ounces of gold and 18 million pounds of molybdenum. Freeport expects total consolidated sales in

2020 will reach about 3.15 billion pounds of copper, 800,000 oz. of gold and 77 million pounds of molybdenum. Next year it forecasts consolidated sales will increase to 3.8 billion pounds of copper and 1.4 million ounces of gold. At June 30, consolidated debt totaled US$9.9 billion and consolidated cash totaled US$1.5 billion. TNM

U.S. GREATEST PERCENTAGE CHANGE Endeavr Silver* Fortuna Silvr* First Majestic* McEwen Mng* Buenaventura* Coeur Mng* Peabody Enrgy* Hecla Mining* Yamana Gold* Wheaton Prec M* CONSOL Energy* Trecora Res* Freeport McMoR* Intrepid Pots* Alcoa* Rio Tinto* Nutrien* Suncor Energy* Southern Copp* Cleveland-Clif*

EXK FSM AG MUX BVN CDE BTU HL AUY WPM CEIX TREC FCX IPI AA RIO NTR SU SCCO CLF

VOLUME (000s) HIGH

72147 36280 83480 43363 10653 66666 8084 91908 110935 17515 1361 105 108351 2825 25114 7559 5788 28532 3556 33201

4.31 6.83 14.08 1.43 11.18 7.92 3.45 5.46 6.31 54.01 5.97 6.43 13.74 0.97 13.39 62.79 33.91 18.28 44.36 5.95

U.S. GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

2.96 5.30 10.88 1.11 9.42 6.44 2.84 4.58 5.65 48.38 5.37 5.93 12.70 0.86 12.30 60.18 32.46 16.62 42.25 5.56

4.20 6.53 13.28 1.34 11.06 7.51 3.41 5.20 6.30 53.62 5.39 5.96 13.12 0.89 12.75 60.77 32.60 16.70 43.08 5.65

+ + + + + + + + + + -

45.8 25.6 25.3 20.7 19.1 19.0 14.8 13.8 12.9 11.3 8.0 3.9 3.4 3.2 2.4 2.2 2.2 1.8 1.4 0.9

VOLUME (000s)

Franco-Nevada* FNV Wheaton Prec M* WPM Agnico Eagle* AEM Newmont Corp* NEM Kirkland Lake* KL Chevron Corp* CVX First Majestic* AG AngloGold Ash* AU Arch Coal* ARCH Buenaventura* BVN Rio Tinto* RIO Nutrien* NTR Southern Copp* SCCO CONSOL Energy* CEIX Freeport McMoR* FCX Alcoa* AA Suncor Energy* SU Trecora Res* TREC Black Hills* BKH Vale* VALE

3809 17515 7393 38476 10482 53598 83480 16269 1019 10653 7559 5788 3556 1361 108351 25114 28532 105 1593 139318

WEEK CLOSE

158.54 53.62 71.80 66.75 48.27 90.13 13.28 34.61 30.56 11.06 60.77 32.60 43.08 5.39 13.12 12.75 16.70 5.96 60.58 11.26

CHANGE

+ + + + + + + + + + -

8.16 5.45 4.86 3.83 3.56 2.94 2.68 2.24 1.92 1.77 1.38 0.73 0.60 0.47 0.46 0.31 0.30 0.24 0.22 0.05

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / AUGUST 3–AUGUST 16, 2020

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

LME WAREHOUSE LEVELS

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$50.75 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.00 Cobalt: US$12.93/lb. Copper: US$2.91/lb. Copper: CME Group Futures August 2020: US$2.90/lb.; September 2020: US$2.91/lb Iridium: NY Dealer Mid-mkt US$1,645.00/tr oz. Iron Ore 62% Fe CFR China-S: US$109.60 Lead: US$0.82/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$8,675.00 tr. oz. Ruthenium: Mid-mkt US$270.00/tr. oz. Silver: Handy & Harman Base: US$22.66 per oz.; Handy & Harman Fabricated: US$28.33 per oz. Tin: US$8.03/lb. Uranium: U3O8, Trade Tech spot price: US$32.70 per lb.U 308 Zinc: US$1.00/lb. Prices current July 27, 2020

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 23 2020 (change from July 16, 2020 in brackets): Aluminium Alloy 5740 (-800) Aluminium 1640425 (-48100) Copper 143800 (+-16000) Lead 97575 (+34525) Nickel 235146 (+186) Tin 3970 (+115) Zinc 150050 (+27525)

52-week

Jul 24 15997.06 691.41 960.06 386.59 320.48

Jul 23 16018.65 680.20 961.57 375.50 320.48

Jul 22 16171.06 693.80 970.92 382.49 325.98

Jul 21 16162.96 695.76 971.50 377.43 319.85

TSX SHORT POSITIONS

Jul 20 16183.66 685.16 973.04 375.61 316.28

High 17970.51 703.24 1070.48 387.02 330.18

Low 11172.73 330.65 683.81 173.42 140.55

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 15, 2020 (with changes from Jun 30, 2020) Largest short positions Suncor Energy SU 21730326 365903 6/30/2020 Barrick Gold ABX 17855174 686109 6/30/2020 Kinross Gold K 14316913 27546 6/30/2020 Ivanhoe Mines IVN 12896384 226909 6/30/2020 New Gold NGD 12726416 200499 6/30/2020 Nexgen Energy NXE 12499860 111997 6/30/2020 Premier Gold M PG 12087052 262614 6/30/2020 Yamana Gold YRI 11977056 1355160 6/30/2020 First Quantum FM 11943682 1852654 6/30/2020 Teck Res TECK.B 11786218 -884706 6/30/2020 Wheaton Prec M WPM 10183561 1077225 6/30/2020 Fortuna Silvr FVI 10074679 734400 6/30/2020 Argonaut Gold AR 9212569 1956337 6/30/2020 Nevada Copper NCU 8808138 8635661 6/30/2020 Lundin Mng LUN 8095028 2025849 6/30/2020 Largest increase in short position Nevada Copper NCU 8808138 8635661 6/30/2020 Nthn Dynasty NDM 6752904 2132836 6/30/2020 Lundin Mng LUN 8095028 2025849 6/30/2020 Argonaut Gold AR 9212569 1956337 6/30/2020 First Quantum FM 11943682 1852654 6/30/2020 Largest decrease in short position First Mg Fin FF 1621020 -2072352 6/30/2020 Fission Uran FCU 5642081 -1922492 6/30/2020 Sherritt Intl S 2791751 -1516078 6/30/2020 IAMGOLD IMG 4941701 -1097575 6/30/2020 Freegold Vent FVL 2535581 -1055385 6/30/2020

Short positions outstanding as of Jul 15, 2020 (with changes from Jun 30, 2020) Largest short positions Mako Mining MKO 5481342 2109095 6/30/2020 Discovery Met DSV 2800338 821051 6/30/2020 Uragold Bay Rs HPQ 2792646 1672458 6/30/2020 Strikepoint Gd SKP 2775994 2426780 6/30/2020 American Creek AMK 2771299 1952750 6/30/2020 Ely Gold Royal ELY 2073690 258483 6/30/2020 Nexus Gold NXS 2067352 1724576 6/30/2020 Minaurum Gold MGG 1836152 -1039 6/30/2020 Great Bear Res GBR 1672347 -116026 6/30/2020 NewRange Gold NRG 1648323 1271369 6/30/2020 Sky Gold SKYG 1645832 1618152 6/30/2020 American Lith LI 1638096 849945 6/30/2020 Nrthn Vertex NEE 1557207 1445140 6/30/2020 Copper Lake Rs CPL 1556658 1554768 6/30/2020 Galleon Gold GGO 1510827 539575 6/30/2020 Largest increase in short position Strikepoint Gd SKP 2775994 2426780 6/30/2020 Mako Mining MKO 5481342 2109095 6/30/2020 American Creek AMK 2771299 1952750 6/30/2020 Nexus Gold NXS 2067352 1724576 6/30/2020 Uragold Bay Rs HPQ 2792646 1672458 6/30/2020 Largest decrease in short position Anfield Energy AEC 118428 -2262483 6/30/2020 Cordoba Mnls CDB 14229 -2076971 6/30/2020 Eclipse Gold EGLD 114109 -1539479 6/30/2020 Manitou Gold MTU 67093 -1313366 6/30/2020 BTU Metals BTU 15946 -1058247 6/30/2020

DAILY METAL PRICES Daily Metal Prices Date July 24 July 23 July 22 July 21 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1315.50/1315 1305/1305 1280/1280 1260/1682.50 Aluminum 1654.50/1692 1661/1697.50 1651/1686.50 1646.50/1682.50 Copper 6412.50/6389.50 6533.50/6510.50 6527/6506 6513/6505 Lead 1808/1826 1794.50/1813 1800.50/1821.50 1814/1833.50 Nickel 13430/13465 13460/13498 13215/13260 13315/13367 Tin 17695/17624 17762/17703 17750/17695 17485/17465 Zinc 2193.50/2202 2207/2214 2202.50/2213.50 2207.50/2218

1250/1250 1621/1658 6416.50/6410.50 1805/1828 13162/13187 17400/17330 2171/2183

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1893.85 1882.35 1851.00 Gold PM 1902.10 1878.30 1852.40 Silver 22.48 22.86 22.25 Platinum 925.00 906.00 892.00 Palladium 2185.00 2126.00 2142.00

1810.30 1815.65 19.44 845.00 2040.00

1823.20 1842.55 20.56 873.00 2160.00

July 20

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

Jul 24 1.3417 0.7453

Jul 23 1.3404 0.7461

Exchange rates (Quote Media, July 24, 2020) C$ to AUS C$ to EURO 1.0491 0.6395 C$ to UK Pound C$ to China Yuan 0.5824 5.2315 US to AUS US to EURO 1.4074 0.8579 US to UK Pound US to China Yuan 0.7815 7.0173

Jul 22 1.3417 0.7453

Jul 21 1.3449 0.7436

C$ to YEN 79.0761 C$ to India Rupee 55.7375 US to YEN 106.1255 US to India Rupee 74.7247

Jul 20 1.3531 0.7390 C$ to Mex Peso 16.6119 C$ to Swiss Franc 0.6862 US to Mex Peso 22.2823 US to Swiss Franc 0.9206

C$ to SA Rand 12.4144 C$ to S. Korea Won 895.7873 US to SA Rand 16.6655 US to S. Korea Won 1201.5900

CANADIAN GOLD MUTUAL FUNDS FundName BMO Prec Mtls Fd A BMO ZGD BMO ZJG CIBC Prec Metal Fd A Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A iShares XGD Mac Prec Met Cl A NBI PrecMetFd Invt NPT Go&PrMinFd A NPT SilverEquCl A RBC GblPreMetFd A Sentry Pre Met Fd A TD Prec Mtl Fd Inv

Jul 24 ($) 33.12 92.96 88.12 18.61 14.78 37.92 39.69 17.68 24.11 85.12 24.54 65.99 11.18 69.14 59.79 63.02

Jul 17 ($) 31.54 87.21 83.05 17.73 14.22 35.98 37.57 16.72 22.88 80.30 23.27 61.39 9.68 65.41 57.62 59.88

Change ($) 1.58 5.75 5.08 0.88 0.56 1.94 2.12 0.95 1.24 4.81 1.27 4.60 1.50 3.73 2.17 3.14

Change (%) 5.02 6.59 6.11 4.98 3.91 5.38 5.64 5.71 5.41 5.99 5.46 7.50 15.50 5.70 3.76 5.24

YTDChange (%) 28.72 25.47 25.64 33.06 49.33 35.85 20.86 35.08 32.70 35.28 31.93 41.26 30.98 36.64 40.99 31.90

MER (%) 2.41 0.61 0.60 2.43 2.73 0.94 0.83 2.68 0.61 2.52 2.46 3.19 2.98 2.13 2.32 2.26

TotalAssets (M$) 62.85 222.80 114.55 67.46 641.57 5.87 43.30 1412.06 83.17 39.76 497.57 281.41 165.18

GLOBAL MINING NEWS · SINCE 1915

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

the Issuer at $2.21 until expiry. Karora Resources Inc. (KRR.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share. Equinoxgold Corp (EQX.WT) - One war-

rant to purchase one common share at $3.00 per share. Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share. LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share. Maple Gold Mines Ltd. (MGM.WT) -

buys sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS

NORTH AMERICAN STOCK EXCHANGE INDICES IndexName S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

TSX WARRANTS Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of

One warrant to purchase one common share at $0.40 per share Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share. Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share. Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share. Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS JULY 20-24, 2020 540 New Highs Canada Nickel* Falcon Gold* Steppe Gold* 1911 Gold 1911 Gold* Abacus Mining Abacus Mining* Abcourt Mines Abcourt Mines* Abitibi Royal Abitibi Royal* AbraPlata Res AbraPlata Res* Agnico Eagle* Alacer Gold Alamos Gold Alamos Gold* Alexco Res Alexco Res* Alianza Min Alianza Min* Aloro Mining Altamira Gold* Altiplano Met* Altus Strat Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* American Pac Amex Expl Amex Expl* Anaconda Mng Anaconda Mng* AngloGold Ash* Angus Ventures Antioquia Gold Antioquia Gold* Antler Gold * Antofagasta* Arbor Metals Aston Bay* ATAC Res ATAC Res* Atico Mining Atico Mining* Atlas Cons Mng* Aura Minerals Aura Minerals* Aurcana Corp Aurcana Corp* Austral Gold Avidian Gold Avino Silver Avino Silver* Avrupa Min* B2Gold Corp B2Gold Corp* Bankers Cobalt* Baroyeca Gold Barrick Gold* Baselode Egy Battle North Battle North* Bear Creek Mng Bear Creek Mng* Bell Copper* Belmont Res BeMetals BeMetals * Benchmark Met Benchmark Met* Black Iron Black Iron* Black Mammoth Black Mammoth* Black Sea Blackrock Gold Blackrock Gold* Blind Creek Blue Star Gold Blue Star Gold* Bluestone Res Bluestone Res* Bond Resources Bullfrog Gold Cabral Gold Caledonia Mng* Calibre Mng Callinex Mines Callinex Mines* Cameco Corp Cameco Corp* Canasil Res Candente Coppr

Candente Gold Candente Gold* Canstar Res Canstar Res* Canterra Mnls Capstone Mng Cardero Res Cardero Res* Cardinal Res Cardinal Res* Cariboo Rose Cartier Iron Cartier Res Cartier Res* Cascadero Copp Centamin Cerro Grande Cerro Mng Chesapeake Gld Chesapeake Gld* CMC Metals CMC Metals* Colibri Res* Commander Res* Comstock Mtls * Condor Gold Confedertn Ml* Confedertn Mls Conquest Res Conquest Res * Cons Woodjam Corvus Gold Corvus Gold* CR Capital Crest Resource Cross River Crown Mining* Cruz Cobalt* Cypress Dev Cypress Dev* Dajin Lithium* Dajin Res Damara Gold* Defiance Silvr Defiance Silvr* Desert Gold Discovery Met Discovery Met* District Metal Dolly Vard Sil Dolly Vard Sil* Duro Metals Dynacor Gld Mn Dynacor Gld Mn* Dynasty Gold Dynasty Gold* East Asia Mnls East Asia Mnls* Edgewater Expl Eldorado Gold Eldorado Gold* Emgold Mining* EMX Royalty EMX Royalty* EnCore Energy Endeavr Silver Endeavr Silver* Endurance Gold Endurance Gold* Equinox Gold Equinox Gold* Erdene Res Dev* Eskay Mng Eskay Mng* Evrim Res Falcon Gold Far Res Far Res* FenixOro Gold Fidelity Min* Fiore Gold First Majestic First Majestic* First Mg Fin First Mg Fin * First Point* First Vanadium Fjordland Exp* Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Forum Energy Forum Energy* FPX Nickel Franco-Nevada*

Freegold Vent Freeport Res Fremont Gold Fresnillo plc* Frontline Gold Galane Gold Galane Gold * Galway Mtls Galway Mtls* Generation Min Genius Metals Getchell Gold Getchell Gold * Gldn Predator Gldn Predator* Globex Mng Globex Mng* GMV Minerals GMV Minerals* GoGold Res Gold Fields* Gold Finder Ex* Gold Lion Res* Gold Reserve* Golden Cariboo Golden Hope Golden Hope* Golden Lake Golden Mnls Golden Mnls* Golden Ridge Golden Tag GoldHaven Res* GoldQuest Mng Goldstrike Res Goliath Res Gowest Gold* GR Silver GR Silver* Graphite Egy* Gray Rock Res Great Thunder* Greenland M&En* Harmony Gold* Hecla Mining* Hemlo Expl Hemlo Expl* HighGold HighGold* Hochschild Mg* Honey Badger E Honey Badger E* IAMGOLD IAMGOLD* IMPACT Silver Imperial Mg Gr Independence G Independence G* Indiana Res* Intl Lithium* Intl Samuel Ex IsoEnergy Ltd Jaeger Res * Jaxon Mining* Jiulian Res K92 Mining K92 Mining* Karoo Expl Karora Res* Kesselrun Res Kesselrun Res* Kinross Gold Kinross Gold* Klondike Silv Klondike Silv* Kombat Copper Kombat Copper* Kootenay Silvr Kootenay Silvr* Labrador Gold Labrador Gold* Lasalle Explor Latin American Latin American* Leo Res* Liberty Gold* Lion One Mtls Lithium Amer Lithium Amer* Lithium Corp* Lundin Mng Lundin Mng* MAG Silver Majestic Gold Majestic Gold* Makara Mining

Mako Mining Maple Gold Maple Gold* Marathon Gold Marathon Gold* Margaux Res* Marimaca Cop Marimaca Cop* Maritime Res MAX Res Medallion Res Medallion Res* Metallic Mnrls Metallic Mnrls* Metallica Min* Metalore Res* Metals Creek Metals Creek* Midas Gold Midas Gold* Midland Expl Minaurum Gold Minaurum Gold* Mineral Res* Monarch Gold Monarch Gold* Neometals* Nevada Canyon* New Dimen Res* New Egy Min* New Gold New Gold* New Jersey Mng* New Oroperu New Placer New Placer* Newlox Gold NewRange Gold NewRange Gold* Nexgen Energy Nexgen Energy* Nexus Gold* NGEx Minerals* Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold Nighthawk Gold* Niobay Metals Noram Vent Noram Vent* Norseman Cap Northisle C&G * NQ Minerals Pl* Nrthn Shield Nrthn Superior Nrthn Superior* Nrthn Vertex Nrthn Vertex* Nthn Dynasty Nthn Dynasty* NuLegacy Gold NuLegacy Gold* NV Gold* NxGold Ltd NxGold Ltd* Oceanus Res Oceanus Res* Opus One Res Origin Gold Orla Mng Ltd Orla Mng Ltd* Oroco Res* Osisko Mng Inc Outcrop Gold Outcrop Gold* OZ Minerals* Pac Ridge Expl* Pacific Empire Paladin Energy* Pan Am Silver Pan Am Silver* Pancontinental* Paramount Gold* Patriot Gold* Perseus Mng Phoenix Global* Phoenix Gold Pinecrest Res Pinecrest Res * PJSC Polyus Gd* Precipitate Gl Premier Gold M Prime Mining* Probe Metals Project One Prospero Silvr

Quaterra Res* Rainy Mtn Royl* Redstar Gold Redstar Gold* Revival Gold Revival Gold * Richmond Mnls Riley Resource Rio Silver Rio Silver* Rio Tinto* Rio2 Limited Rio2 Limited* Riverside Res Riverside Res* Rockhaven Res RosCan Gold Roughrider Exp Rover Metals Roxgold Roxgold* Royal Rd Mnrls RT Minerals* Sanatana Res Sanatana Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Satori Res Scorpio Gold Scorpio Gold * Scotch Creek Seabridge Gld Seabridge Gld* SearchlightRes Shine Minerals Sigma Lithium Silver Bull Re Silver Bull Re* Silver Dollar Silver Grail Silver Mtn Mns Silver One Silver One* Silver Predatr Silver Predatr* Silver Range* Silver Sands Silver Spruce Silver Spruce* Silvercorp Met Silvercorp Met* SilverCrest SilverCrest* Silverore Mns* Sixty North Sixty North* Skeena Res Skeena Res* Sky Gold Sky Gold* Slam Explor* Solitario Ex&R Sonoro Metals Sonoro Metals* Southern Silvr Southern Silvr* Spanish Mtn Gd Spanish Mtn Gd* Spearmint Res Spearmint Res* Spey Resources SSR Mining SSR Mining* Standard Uran Starr Peak Exp Starr Peak Exp* Stellar Africa* Steppe Gold Summa Silver Superior Gold Superior Gold* Superior Mng Superior Mng* Tajiri Res Taku Gold Talon Metals Taranis Res Taranis Res* Taseko Mines Taseko Mines* Tectonic Metal Temas Res Tembo Gold Teranga Gold Teranga Gold*

Teras Res* Tethyan Res* Theta Gold* Thor Expl Thunderstruck Thunderstruck* Timberline Res Timberline Res* Tinka Res Torex Gold Torex Gold* Tri Origin Exp Trifecta Gold Trifecta Gold* Trinity Valley TriStar Gold TriStar Gold* Troilus Gold Typhoon Expl UC Res* UEX Corp Unigold Unigold* United Battery United Battery* UrbanGold Min Vanadian Enrgy Vanadian Enrgy* Vanadium One Vangold Res Vanstar Mng Rs Victoria Gold* Virginia Enrgy* Vista Gold Vista Gold* Volcanic Gold Volcanic Gold* Volt Energy Wesdome Gold Wesdome Gold* Western Atlas Western Atlas* Western Troy C Western Troy C* Wheaton Prec M Wheaton Prec M* Wildsky Res Wildsky Res* Winshear Gold* X-Terra Res X-Terra Res* Xander Res Ximen Mining* Xtra-Gold Res* Yamana Gold Yamana Gold* Yorbeau Res Yorbeau Res* Zanzibar Gold Zephyr Mnls Zephyr Mnls* 13 New Lows Altan Nevada Bitterroot Res* Danakali* Flowery Gold* Goldstar Mnls* JNC Resources PepinNini Lith* Resource Cap* Rio Silver* Starr Peak Exp* Stratabd Mnr* Stuhini Explor* Wealth Mnrls

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

LEGEND A C L N O Q T V X *

– – – – – – – – – –

Australian Securities Exchange Canadian Stock Exchange London Stock Exchange New York Stock Exchange U.S. over-the-counter NASDAQ or U.S. OTC Toronto Stock Exchange TSX Venture Exchange NYSE American Denotes price in U.S.$

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

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 20–24, 2020 (100s) Stock

WWW.NORTHERNMINER.COM

AUGUST 3–AUGUST 16, 2020 / THE NORTHERN MINER

Exc Volume

Week High

Low

Last

12-month Change

High Low

A Canada Nickel* Falcon Gold* Steppe Gold* 12 Exploration 1911 Gold* 1911 Gold 66 Resources Abacus Mining Abacus Mining* Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources Abitibi Royal* Abitibi Royal AbraPlata Res* AbraPlata Res Academy Metals Adamera Min* Adamera Min Adex Mining Advance Gold Adventus Adventus* AEX Gold Affinity Metal* African Gold African Gold* African Min* African Rainb* Aftermath Silv* Agnico Eagle* Agnico Eagle Aguila Amer Gd Aguila Amer Gd* Aiml Res AJN Resources Alacer Gold Alamos Gold Alamos Gold* Alaska Pac Egy* Alcoa* Aldebaran Res Alderon Iron* Aldever Res Aldever Res* Alexandra Cap* Alexco Res* Alexco Res Alianza Min Alianza Min* Alien Metals* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Almaden Min* Almaden Min Almadex Min* Almadex Min Almonty Ind * Almonty Ind Aloro Mining* Aloro Mining Alpha Lithium Alpha Lithium* Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc Altamira Gold Altamira Gold* Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls * Altius Mnrls Alto Ventures Alto Ventures* Altura Mining* Altus Strat Altus Strat* Alumina Ltd* ALX Resources* ALX Resources AM Resources Amani Gold* Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* Amer Intl Vent* American Creek* American Creek American CuMo* American Lith American Lith* American Mang* American Mang American Pac American Uran AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Amex Expl* Amex Expl Amilot Capital Amseco Expl Anaconda Mng Anaconda Mng* Andes Gold* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angus Ventures Antioquia Gold* Antioquia Gold Antler Gold * Antler Gold Antofagasta* Apex Res * Apex Res Apollo Gold Appia Energy Appia Energy* Applied Min* Aquila Res* Aquila Res Arbor Metals Arch Coal* Archon Mineral Arctic Star* Arctic Star Arcturus Vent Arcturus Vent* Arcus Dev Grp* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Ares Strategic Ares Strategic* Argentina Lith* Argentina Lith Argentum Silvr Argentum Silvr* Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arianne Phosph Arianne Phosph* Arizona Silver* Arizona Silver Armor Min

O O O C O V C V O V O O V O V O V V O V V V V O V O V O O O O N T V O V C T T N O N V O V O O X T V O O V O V D X T O V O T O V V O O V V O V V O V V V O O T V O O V O O O V V O V O V O O O V O V O O V C V O X T T O O V V V T O O O V O V O V O O T O N V O V O V O O V V C O O O T V N V O V V O O V V O O V V O O V V O C O O T V O O V V

190 1318 244 448 391 532 152 3437 3867 4411 1091 1241 2251 7 26 3482 11687 59 451 2368 5507 1010 385 26 110 104 2613 825 157 1 3156 7393 2763 64 9 66 159 4845 6140 17502 2400 25114 34 323 104 0 1986 26696 6481 2604 636 366 792 598 1770 1713 5186 1570 269 291 46 298 155 267 3192 7260 91 1832 2579 11 312 1078 426 1800 246 324 70 207 228 102 40 2329 61 6 102 200 1521 28 150 836 102 5909 1638 64 3016 6264 228 7464 8913 979 441 1146 200 26 15220 9895 670 303 554 1012 37 0 2750 1383 37 848 3648 138 268 36 1325 6 544 4 4 16269 29 482 2480 35 445 5 1 102 133 1305 1324 1622 241 189 654 1019 153 34 1434 521 106 28 344 1517 95 15 2295 519 13 36 237 216 11 643 45 1088 7126 233 219 188 465 4

1.00 0.14 2.32 0.21 0.50 0.66 0.16 0.27 0.20 0.13 0.09 0.10 0.14 17.07 23.10 0.20 0.27 0.15 0.12 0.15 0.01 0.17 1.49 1.12 1.00 0.31 0.31 0.23 0.00 10.55 0.39 71.92 96.50 0.30 0.00 0.21 0.39 10.44 15.25 11.35 0.00 13.39 0.29 0.01 0.20 0.00 0.43 3.46 4.65 0.13 0.10 0.01 0.40 0.30 0.02 3.40 0.63 0.83 0.21 0.28 0.49 0.66 0.06 0.09 0.93 0.69 0.14 0.20 0.09 0.03 0.03 0.14 0.11 0.03 0.13 0.16 0.11 7.94 10.69 0.20 0.13 0.07 0.95 0.45 5.00 0.04 0.06 0.04 0.00 0.08 0.06 0.42 0.31 0.01 0.24 0.31 0.02 2.03 1.53 0.16 0.21 0.62 0.06 0.02 3.68 4.94 0.56 0.42 2.78 3.74 0.05 0.00 0.58 0.42 0.01 0.05 0.08 0.03 0.05 0.06 0.09 25.63 12.58 2.83 34.45 34.82 0.75 0.06 0.07 0.34 0.46 13.50 0.11 0.17 1.25 0.20 0.15 0.01 0.13 0.17 1.33 30.74 0.20 0.04 0.03 0.12 0.09 0.02 0.03 0.11 0.09 0.02 0.04 0.10 0.06 0.07 0.09 0.26 0.19 0.29 0.20 2.02 2.63 0.23 0.18 0.15 0.20 0.51

0.76 0.11 1.98 0.19 0.43 0.58 0.13 0.11 0.08 0.09 0.07 0.08 0.12 15.70 21.09 0.14 0.20 0.10 0.09 0.13 0.01 0.12 1.35 0.00 0.89 0.00 0.27 0.20 0.00 10.55 0.30 67.08 90.81 0.23 0.00 0.19 0.31 9.61 14.05 10.48 0.00 12.30 0.00 0.01 0.16 0.00 0.26 2.65 3.57 0.09 0.06 0.00 0.31 0.24 0.00 3.07 0.49 0.69 0.17 0.24 0.00 0.62 0.04 0.06 0.70 0.52 0.14 0.18 0.05 0.03 0.03 0.12 0.08 0.00 0.10 0.14 0.09 7.32 9.99 0.17 0.13 0.05 0.61 0.44 4.60 0.03 0.05 0.04 0.00 0.06 0.05 0.31 0.23 0.01 0.18 0.24 0.02 1.52 1.12 0.13 0.18 0.38 0.06 0.00 2.81 3.82 0.47 0.33 2.35 3.20 0.04 0.00 0.47 0.33 0.00 0.04 0.06 0.02 0.00 0.06 0.07 24.02 12.24 0.00 0.00 31.73 0.69 0.03 0.05 0.28 0.39 13.10 0.00 0.14 1.13 0.18 0.12 0.01 0.11 0.16 1.20 27.67 0.18 0.02 0.02 0.10 0.07 0.02 0.03 0.10 0.07 0.02 0.03 0.08 0.06 0.00 0.06 0.21 0.00 0.25 0.00 1.81 2.47 0.21 0.16 0.12 0.16 0.00

0.97 + 0.12 2.24 + 0.19 0.49 + 0.65 + 0.16 unch 0.22 + 0.16 + 0.13 + 0.09 + 0.09 0.12 16.48 21.33 0.18 + 0.24 + 0.11 + 0.10 0.13 unch 0.01 unch 0.16 + 1.40 1.04 0.95 + 0.29 0.29 + 0.22 + 0.00 unch 10.55 unch 0.34 + 71.80 + 96.41 + 0.30 + 0.16 unch 0.21 + 0.39 + 10.17 + 14.70 + 10.95 + 0.00 unch 12.75 0.29 0.01 + 0.19 0.11 unch 0.29 2.83 + 3.79 + 0.11 + 0.08 + 0.01 + 0.33 0.24 0.02 unch 3.39 + 0.58 + 0.75 + 0.20 + 0.27 + 0.48 + 0.64 0.06 + 0.08 + 0.80 0.62 0.14 0.20 + 0.07 + 0.03 + 0.03 unch 0.12 unch 0.09 0.02 unch 0.10 0.14 + 0.11 unch 7.62 10.24 0.19 + 0.13 0.05 0.77 + 0.45 4.69 0.04 + 0.06 + 0.04 unch 0.00 unch 0.07 + 0.06 + 0.34 unch 0.26 + 0.01 + 0.19 0.25 0.02 1.83 1.36 0.15 + 0.20 + 0.55 + 0.06 unch 0.02 unch 3.43 + 4.57 + 0.55 + 0.40 + 2.73 + 3.68 + 0.04 0.06 unch 0.52 + 0.39 + 0.01 + 0.05 + 0.08 + 0.03 0.04 unch 0.06 + 0.09 + 24.60 + 12.51 + 2.83 + 32.85 + 34.61 + 0.75 + 0.05 + 0.06 + 0.28 0.39 13.30 + 0.11 + 0.16 + 1.19 + 0.18 unch 0.14 0.01 0.13 0.17 1.33 + 30.56 + 0.20 unch 0.02 0.03 + 0.11 unch 0.09 unch 0.02 0.03 + 0.11 0.07 0.02 unch 0.04 + 0.09 + 0.06 unch 0.06 0.06 0.24 + 0.18 0.25 0.18 1.88 + 2.54 + 0.23 + 0.16 0.13 + 0.18 + 0.50 -

0.20 0.00 0.20 0.01 0.07 0.08 0.00 0.11 0.09 0.03 0.02 0.00 0.01 0.37 1.64 0.03 0.04 0.01 0.00 0.00 0.00 0.03 0.10 0.03 0.05 0.04 0.01 0.01 0.00 0.00 0.02 4.86 5.50 0.08 0.00 0.03 0.09 0.62 0.59 0.55 0.00 0.31 0.01 0.01 0.01 0.00 0.09 0.31 0.37 0.02 0.01 0.00 0.07 0.06 0.00 0.25 0.08 0.06 0.03 0.04 0.00 0.01 0.01 0.01 0.11 0.06 0.00 0.02 0.02 0.00 0.00 0.00 0.01 0.00 0.03 0.01 0.00 0.01 0.14 0.01 0.00 0.01 0.16 0.02 0.27 0.01 0.02 0.00 0.00 0.01 0.02 0.00 0.00 0.00 0.03 0.05 0.01 0.15 0.09 0.01 0.02 0.15 0.00 0.00 0.69 0.88 0.09 0.07 0.37 0.48 0.01 0.00 0.07 0.06 0.00 0.00 0.01 0.00 0.00 0.01 0.02 0.26 0.20 0.06 3.70 2.24 0.06 0.01 0.02 0.03 0.04 0.65 0.02 0.02 0.02 0.00 0.00 0.00 0.00 0.01 0.16 1.92 0.00 0.02 0.01 0.00 0.00 0.01 0.01 0.01 0.02 0.00 0.01 0.01 0.00 0.00 0.01 0.02 0.01 0.03 0.03 0.06 0.04 0.02 0.00 0.01 0.01 0.05

0.86 0.14 2.32 0.25 0.50 0.66 0.37 0.27 0.20 0.13 0.09 0.19 0.24 17.07 23.10 0.20 0.27 0.45 0.12 0.16 0.01 0.29 1.60 1.18 1.20 0.35 0.59 0.44 0.01 11.38 0.42 71.92 97.32 0.30 0.16 0.35 1.34 10.44 15.25 11.35 0.00 23.57 0.47 0.22 0.22 0.11 0.60 3.46 4.65 0.13 0.10 0.01 0.46 0.34 0.02 17.69 0.82 1.10 0.33 0.43 0.67 0.89 0.16 0.09 1.45 1.13 0.20 0.27 0.09 0.05 0.06 0.15 0.11 0.07 0.13 0.16 0.11 10.00 13.15 0.24 0.18 0.12 0.95 0.52 6.89 0.05 0.06 0.15 0.00 0.08 0.06 0.42 0.31 0.02 0.27 0.36 0.10 2.98 2.19 0.22 0.28 0.62 0.06 0.03 3.92 5.19 0.81 0.62 2.78 3.74 0.06 0.08 0.58 0.42 0.02 0.14 0.19 0.04 0.05 0.10 0.14 29.51 14.81 4.20 34.45 34.82 0.75 0.06 0.07 0.34 0.49 13.50 0.31 0.43 1.68 0.31 0.24 0.04 0.16 0.22 1.33 92.37 0.52 0.16 0.20 0.97 0.69 0.02 0.04 0.14 0.10 0.05 0.06 0.15 0.08 0.07 0.10 0.48 0.37 0.35 0.24 2.18 2.98 0.65 0.49 0.19 0.25 0.55

0.67 0.11 1.97 0.13 0.15 0.22 0.05 0.04 0.03 0.04 0.03 0.03 0.05 7.68 11.10 0.03 0.04 0.10 0.01 0.02 0.01 0.03 0.52 0.36 0.31 0.06 0.10 0.07 0.00 5.00 0.06 31.00 43.25 0.12 0.12 0.10 0.15 3.50 4.43 3.34 0.00 5.16 0.16 0.00 0.05 0.01 0.06 0.72 1.00 0.03 0.03 0.00 0.07 0.04 0.01 2.70 0.21 0.31 0.05 0.12 0.24 0.28 0.01 0.03 0.06 0.19 0.09 0.12 0.03 0.02 0.01 0.04 0.02 0.01 0.03 0.02 0.05 4.33 6.29 0.08 0.04 0.01 0.30 0.35 3.09 0.01 0.02 0.03 0.00 0.02 0.02 0.10 0.08 0.00 0.02 0.04 0.00 0.09 0.06 0.07 0.10 0.06 0.01 0.01 1.00 1.39 0.12 0.08 0.63 0.85 0.01 0.02 0.10 0.07 0.00 0.03 0.04 0.00 0.01 0.02 0.01 12.56 5.91 1.87 15.44 12.66 0.14 0.01 0.02 0.01 0.02 7.30 0.03 0.04 0.03 0.10 0.07 0.00 0.05 0.07 0.03 21.80 0.10 0.01 0.02 0.07 0.00 0.01 0.01 0.04 0.02 0.01 0.02 0.07 0.01 0.02 0.04 0.14 0.11 0.06 0.06 0.53 0.76 0.15 0.11 0.08 0.10 0.31

(100s) Stock

Exc Volume

Week Low

0.37 0.37 unch 4.04 4.15 + 2.95 3.05 + 0.05 0.05 0.06 0.08 + 0.60 0.60 unch 0.09 0.09 0.12 0.13 + 1.02 1.07 0.76 0.80 0.00 0.04 0.05 0.05 unch 0.37 0.37 0.20 0.20 unch 0.17 0.17 unch 0.25 0.31 + 0.07 0.08 0.06 0.06 0.29 0.37 + 0.21 0.28 + 0.01 0.01 + 3.00 3.36 + 0.10 0.12 0.15 0.17 unch 0.07 0.10 0.31 0.32 + 0.42 0.45 + 0.00 0.01 0.02 0.02 unch 0.96 0.96 + 0.03 0.04 + 0.04 0.04 132.80 146.84 + 180.90 200.60 + 0.07 0.08 0.00 0.06 unch 3.18 3.75 + 2.30 2.81 + 0.53 0.64 + 0.38 0.49 + 0.00 0.05 unch 0.00 0.03 unch 0.08 0.09 0.07 0.07 0.04 0.05 + 0.84 0.90 + 1.15 1.23 + 0.00 0.06 unch 0.06 0.06 0.16 0.21 2.92 3.03 + 2.17 2.26 + 0.01 0.01 + 0.08 0.08 0.07 0.14 + 0.00 0.17 unch 0.38 0.40 0.28 0.28 0.08 0.12 + 0.04 0.05 + 0.05 0.07 + 0.27 0.38 + 0.75 1.00 + 1.00 1.32 + 0.04 0.05 + 0.03 0.03 + 0.11 0.17 + 0.13 0.13 + 0.10 0.11 + 0.08 0.09 + 0.00 0.06 0.12 0.13 + 0.16 0.18 + 2.38 2.40 1.76 1.81 + 0.02 0.04 + 0.03 0.05 + 0.34 0.40 + 0.25 0.33 + 0.00 0.00 + 0.19 0.25 + 0.14 0.19 +

Armor Min* Artemis Gold Artemis Gold* Asante Gold* Asante Gold Asbestos Corp Ascendant Res* Ascendant Res Ascot Res Ascot Res * Ashanti Sanko Ashanti Sanko* AsiaBaseMetals AsiaBaseMetals* Asian Mineral* Asian Mineral Aston Bay Aston Bay* ATAC Res ATAC Res* Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Silver* Atico Mining* Atico Mining Atlanta Gold* Atlantic Indus Atlas Cons Mng* Aton Resources* Aton Resources Aura Minerals* Aura Minerals Aura Resources Aura Resources* Aurania Res Aurania Res* Aurcana Corp Aurcana Corp* AurCrest Gold AurCrest Gold* Aurelius Min Aurelius Min* Aurex Energy Aurion Res * Aurion Res Aurora Royal Aurwest Res AURYN Mining* Auryn Resource Auryn Resource* Aust Mines* Austin Res Austral Gold* Austral Gold AUX Resources AUX Resources* Auxico Res Avalon Advance* Avalon Advance Avidian Gold Avino Silver* Avino Silver Avrupa Min Avrupa Min* Awale Res Axmin Inc Axmin Inc* Azarga Metals Azarga Metals* Azarga Uranium* Azarga Uranium Azimut Explor Azimut Explor* Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azteca Gold* Azucar Min Azucar Min*

O V O O C V O T T O V O V O O V V O V O O T O V O O V O V O O V O T V O V O V O V O V O V O V V C O T X O V O V V O C O T V X T V O V V O V O O T V O O V V O O V O

1 382 111 46 865 3 55 552 1900 623 459 200 35 20 5 328 9074 3012 7514 2727 15629 24 7 878 75 295 723 40 510 1 215 462 9 24 673 12 244 126 9196 7841 249 36 1959 153 59 640 830 103 262 49 1804 2982 658 176 66 180 362 74 814 1139 2503 5798 16676 1184 717 313 2409 434 120 1111 37 874 3123 713 102 827 8857 790 328 26 306 505

0.37 4.78 3.54 0.06 0.08 0.60 0.10 0.13 1.25 0.94 0.06 0.05 0.40 0.22 0.17 0.35 0.12 0.09 0.38 0.28 0.01 3.68 0.14 0.18 0.10 0.35 0.47 0.01 0.02 0.96 0.04 0.05 146.84 201.00 0.08 0.06 3.90 2.93 0.83 0.63 0.06 0.00 0.10 0.08 0.05 1.00 1.31 0.06 0.07 0.40 3.17 2.36 0.01 0.12 0.15 0.19 0.50 0.35 0.14 0.05 0.07 0.48 1.09 1.45 0.05 0.04 0.22 0.16 0.11 0.09 0.07 0.14 0.19 2.80 2.07 0.04 0.05 0.45 0.33 0.00 0.27 0.20

B2Gold Corp B2Gold Corp* Balto Res Bam Bam Res* Bam Bam Res Bankers Cobalt* Bankers Cobalt Bannerman Res* Banyan Gold Banyan Gold* Bard Ventures* Bard Ventures Barksdale Res* Barksdale Res Barolo Venture Barolo Venture* Baroyeca Gold Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baselode Egy Batero Gold* Batero Gold Battle North* Battle North Bayhorse Silvr Bayhorse Silvr* BC Moly BCM Res BCM Res* BE Res Bear Creek Mng Bear Creek Mng* Bearing Lith Bearing Lith* Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benton Res Benton Res* Benz Mining Benz Mining* Berkwood Res * Berkwood Res Bessor Min Bird River Res Bitterroot Res* Bitterroot Res Black Hills* Black Iron Black Iron* Black Mammoth* Black Mammoth Black Sea Black Sea * Black Tusk Res* Black Tusk Res Blackheath Res Blackrock Gold* Blackrock Gold Blind Creek BLOX Inc* Blue Lagoon Blue Lagoon* Blue Moon Zinc* Blue Moon Zinc Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold* Blue Star Gold Blue Thunder BlueBird Batt* BlueBird Batt Bluestone Res Bluestone Res* Bold Ventures

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

24500 44071 72 193 16592 12 196 3034 5002 719 4 41 119 265 8 23 146 76604 21654 30 380 61 115 554 260 12298 3982 1125 4 211 5 4 3102 889 175 144 232 581 72 509 1553 3309 60 957 611 3063 2068 1853 717 113 46 632 70 862 79 565 1593 6851 1418 230 98 187 2 1316 8547 20 2483 11449 326 24662 159 55 178 2959 655 20 309 1295 37 2357 1282 24 290 887 466 203

9.11 6.79 0.07 0.08 0.11 0.22 0.29 0.03 0.29 0.22 0.00 0.14 0.30 0.44 0.25 0.18 0.11 28.87 38.87 0.36 0.51 0.50 0.08 0.11 1.50 2.02 0.15 0.11 0.04 0.06 0.05 0.13 4.17 3.04 0.13 0.10 0.18 0.18 0.13 0.10 0.84 0.63 0.37 0.53 0.69 0.92 0.26 0.20 0.51 0.31 0.02 0.03 0.06 0.02 0.04 0.05 62.65 0.20 0.14 0.09 0.12 0.28 0.18 0.06 0.08 0.08 0.99 1.33 0.08 0.01 0.75 0.54 0.02 0.03 0.02 0.01 0.11 0.16 0.09 0.12 0.12 0.09 0.13 2.43 1.80 0.07

Last

12-month

High

Change

High Low

0.00 0.13 0.08 0.01 0.02 0.00 0.01 0.01 0.05 0.03 0.02 0.00 0.01 0.00 0.00 0.07 0.03 0.02 0.11 0.09 0.00 0.49 0.02 0.00 0.00 0.01 0.04 0.00 0.00 0.09 0.01 0.01 12.84 18.59 0.01 0.00 0.35 0.41 0.11 0.10 0.00 0.00 0.01 0.01 0.01 0.02 0.04 0.00 0.01 0.01 0.01 0.02 0.00 0.04 0.05 0.00 0.02 0.09 0.03 0.01 0.01 0.11 0.26 0.31 0.01 0.00 0.03 0.01 0.02 0.01 0.00 0.01 0.01 0.05 0.03 0.01 0.02 0.04 0.05 0.00 0.06 0.05

0.39 5.70 4.16 0.07 0.09 0.60 0.31 0.42 1.30 0.97 0.10 0.05 0.58 0.34 0.32 0.89 0.13 0.09 0.38 0.28 0.03 3.97 0.60 0.79 0.15 0.35 0.47 0.04 0.02 0.96 0.04 0.07 146.84 196.00 0.09 0.08 4.50 3.40 0.83 0.63 0.06 0.04 0.12 0.09 0.20 1.77 2.35 0.07 0.10 0.57 3.26 2.40 0.02 0.13 0.15 0.19 0.56 0.37 0.15 0.06 0.08 0.48 1.09 1.45 0.05 0.04 0.26 0.50 0.34 0.20 0.10 0.20 0.25 3.27 2.35 0.05 0.06 0.54 0.37 0.00 0.43 0.33

0.19 0.95 0.60 0.02 0.02 0.30 0.07 0.09 0.37 0.26 0.01 0.01 0.22 0.16 0.10 0.13 0.04 0.03 0.11 0.08 0.00 1.79 0.06 0.08 0.01 0.11 0.16 0.00 0.01 0.71 0.01 0.02 11.78 16.21 0.02 0.02 1.51 1.03 0.15 0.11 0.02 0.01 0.02 0.04 0.03 0.29 0.42 0.02 0.01 0.03 1.00 0.71 0.00 0.04 0.02 0.06 0.00 0.28 0.02 0.02 0.03 0.05 0.26 0.27 0.01 0.01 0.04 0.10 0.07 0.05 0.03 0.05 0.07 0.31 0.23 0.01 0.02 0.04 0.03 0.00 0.08 0.05

0.41 0.38 0.01 0.02 0.01 0.07 0.05 0.00 0.02 0.03 0.00 0.02 0.02 0.02 0.00 0.00 0.03 1.10 1.10 0.03 0.04 0.11 0.00 0.01 0.15 0.24 0.03 0.02 0.03 0.00 0.00 0.01 0.65 0.47 0.01 0.01 0.01 0.02 0.02 0.04 0.08 0.08 0.04 0.06 0.15 0.16 0.02 0.01 0.11 0.03 0.00 0.00 0.00 0.00 0.01 0.01 0.22 0.02 0.02 0.04 0.05 0.04 0.01 0.00 0.01 0.00 0.61 0.84 0.00 0.00 0.13 0.13 0.00 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 0.01 0.01 0.09 0.05 0.02

9.11 6.79 0.19 0.10 0.16 0.29 0.38 0.04 0.32 0.23 0.10 0.15 0.57 0.75 0.25 0.18 0.11 28.87 40.13 0.55 0.73 0.50 0.09 0.13 1.46 1.94 0.20 0.14 0.07 0.11 0.05 0.25 4.17 3.04 0.38 0.29 0.22 0.19 0.13 0.10 1.05 0.79 0.37 0.53 0.61 0.92 0.30 0.22 0.53 0.38 0.04 0.05 0.07 0.02 0.04 0.07 87.12 0.20 0.14 0.09 0.12 0.28 0.19 0.15 0.15 0.15 0.99 1.33 0.08 0.30 2.11 1.45 0.03 0.04 0.02 0.01 0.17 0.23 0.08 0.12 0.20 0.16 0.20 2.43 1.80 0.10

3.12 2.16 0.03 0.03 0.03 0.02 0.05 0.01 0.03 0.02 0.05 0.05 0.14 0.21 0.18 0.01 0.03 12.65 17.52 0.07 0.11 0.07 0.03 0.05 0.37 0.54 0.05 0.03 0.03 0.02 0.04 0.09 0.75 0.50 0.06 0.06 0.06 0.01 0.02 0.02 0.21 0.18 0.09 0.12 0.12 0.17 0.04 0.03 0.05 0.05 0.01 0.01 0.03 0.01 0.01 0.02 48.07 0.05 0.03 0.02 0.04 0.02 0.01 0.02 0.03 0.05 0.05 0.07 0.02 0.00 0.40 0.27 0.00 0.01 0.01 0.00 0.03 0.05 0.04 0.04 0.06 0.03 0.04 0.99 0.75 0.03

B 8.46 8.76 + 6.24 6.53 + 0.07 0.07 0.06 0.08 + 0.08 0.10 + 0.00 0.22 + 0.25 0.28 + 0.03 0.03 + 0.25 0.26 + 0.18 0.20 + 0.00 0.08 unch 0.11 0.13 + 0.26 0.29 0.34 0.37 0.25 0.25 unch 0.17 0.18 unch 0.07 0.11 + 27.57 28.44 + 36.96 38.18 + 0.31 0.36 + 0.00 0.46 + 0.38 0.49 + 0.06 0.08 0.09 0.11 + 1.31 1.48 + 1.72 1.94 + 0.12 0.14 + 0.08 0.11 + 0.00 0.04 0.05 0.06 unch 0.05 0.05 unch 0.00 0.13 + 2.96 3.46 + 2.10 2.55 + 0.11 0.12 0.08 0.09 0.15 0.16 + 0.13 0.15 0.00 0.12 + 0.06 0.10 + 0.71 0.79 + 0.51 0.60 + 0.30 0.35 + 0.38 0.52 + 0.50 0.67 + 0.70 0.86 + 0.23 0.23 0.16 0.17 0.38 0.49 + 0.27 0.31 + 0.02 0.02 + 0.02 0.03 unch 0.05 0.05 unch 0.01 0.02 unch 0.00 0.03 0.00 0.05 58.76 60.58 0.15 0.17 + 0.11 0.12 + 0.05 0.09 + 0.00 0.12 + 0.23 0.23 0.00 0.18 + 0.04 0.05 + 0.06 0.07 0.08 0.08 unch 0.48 0.95 + 0.65 1.27 + 0.06 0.07 unch 0.01 0.01 0.56 0.71 + 0.42 0.54 + 0.00 0.02 + 0.02 0.03 + 0.01 0.01 0.01 0.01 unch 0.10 0.11 + 0.14 0.15 + 0.08 0.09 + 0.10 0.12 + 0.10 0.10 0.08 0.09 + 0.12 0.13 + 2.00 2.09 1.49 1.57 0.05 0.07 +

(100s) Stock

Exc Volume

Week High

Bonanza Gold* Bond Resources BonTerra Res Boreal Metals Boreal Metals * Borneo Res Inv* Boundary Gold* Boundary Gold Bravada Gold* Bravada Gold Braveheart Res* Braveheart Res Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Britannia Mng* Brixton Metals Brixton Metals* Brookmount Exp* Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal Buffalo Coal * Bullfrog Gold Bullfrog Gold* Bunker Hill Bushveld Min* BWR Explor

O 112930 C 214 V 1080 V 699 O 8 O 3062 O 35 V 346 O 1025 V 3594 O 348 V 660 O 62 O 68178 O 218 V 1409 O 169 O 909 V 6069 O 2857 O 13563 O 399 O 720 V 2871 N 10653 V 662 O 639 C 853 O 1333 C 177 O 106 V 754

0.01 0.43 1.40 0.07 0.07 0.00 0.06 0.07 0.15 0.20 0.11 0.15 0.13 0.00 0.37 0.51 0.04 0.00 0.28 0.22 0.01 0.03 0.18 0.24 11.18 0.01 0.01 0.27 0.20 0.75 0.20 0.06

Cabral Gold Cabral Gold* Cache Explor Cadence Min* Cadillac Vent* Cadillac Vent Caldas Gold Caldas Gold* Caledonia Mng* Calibre Mng* Calibre Mng California Gld California Gld* Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Cameo Cobalt* Camino Min Camino Min* Camrova Res* Canada Carbon Canada Carbon* Canada Coal Canada Nickel Canada One Canada One* Canada Rare Canada Rare* Canada Silver Canada Silver* Canadian Metal* Canadian Metal Canadian Prem* Canadian Prem Canadian Silv CanAlaska Uran* CanAlaska Uran Canamex Gold* Canarc Res Canarc Res* Canasil Res Candelaria Mg* Candelaria Mg Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng Canoe Mng Vent Canstar Res Canstar Res* Canterra Mnls* Canterra Mnls Cantex Mn Dev* Cantex Mn Dev Canuc Res Canuc Res* Capstone Mng Cardero Res Cardero Res* Cardinal Res* Cardinal Res Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res* Cartier Res Carube Copper Carube Copper* Casa Minerals Casa Minerals * Cascadero Copp Castle Peak Mg CAT Strategic Cdn Palladium* Cdn Palladium CellCube Enrgy* Centamin Centaurus Diam* Centerra Gold Central Iron Central Tim Ex Central Tim Ex* Century Cobalt* Century Global Century Global* Cerro de Pasc Cerro de Pasc * Cerro Grande* Cerro Grande Cerro Mng* Cerro Mng Ceylon Graph Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chesapeake Gld Chesapeake Gld* Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Clarity Gold Clean Air Met Clean Comm* Cleghorn Mnls Cleveland-Clif* Clifton Mng* Clydesdale Res CMC Metals* CMC Metals CNRP Mng Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Colombia Crest Colombia Crest* Colonial Coal Colorado Res Colorado Res* Colt Res* Commander Res

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

0.32 0.23 0.11 0.11 0.03 0.04 2.95 2.10 28.23 1.34 1.81 0.30 0.23 3.10 4.15 12.33 16.71 0.18 0.15 0.11 0.04 0.27 0.19 0.02 1.35 0.05 0.03 0.06 0.05 0.69 0.52 0.06 0.12 0.14 0.16 0.16 0.14 0.18 0.03 0.13 0.09 0.26 0.21 0.30 0.12 0.08 0.11 0.23 0.31 0.08 0.23 0.10 0.06 0.01 0.19 1.29 1.76 0.11 0.07 1.15 0.07 0.05 0.50 0.72 0.09 0.03 0.29 0.08 0.11 0.22 0.29 0.07 0.05 0.12 0.09 0.05 0.03 0.02 0.11 0.15 0.02 3.41 0.08 16.44 0.10 0.65 0.51 0.02 0.10 0.07 0.37 0.28 0.01 0.02 0.00 0.42 0.15 0.50 0.38 0.83 0.15 0.19 2.02 2.78 0.12 5.35 3.99 92.74 0.15 0.11 0.00 0.15 1.25 1.00 0.39 0.17 0.10 5.95 0.16 0.00 0.09 0.13 0.25 0.03 0.04 7.92 0.06 0.09 0.20 0.15 0.73 0.08 0.06 0.00 0.14

Low

Last

12-month Change

0.00 0.00 + 0.35 0.37 1.25 1.30 + 0.06 0.07 0.05 0.05 unch 0.00 0.00 + 0.00 0.06 + 0.06 0.07 + 0.13 0.15 + 0.17 0.20 + 0.09 0.11 + 0.13 0.14 unch 0.09 0.09 0.00 0.00 0.32 0.34 + 0.44 0.50 + 0.00 0.03 0.00 0.00 + 0.23 0.25 + 0.17 0.19 + 0.00 0.01 0.03 0.03 0.16 0.16 0.21 0.21 9.42 11.06 + 0.01 0.01 unch 0.01 0.01 0.23 0.24 + 0.17 0.18 + 0.30 0.35 0.13 0.20 + 0.05 0.05 unch

High Low

0.00 0.05 0.05 0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.04 0.00 0.01 0.05 0.01 0.00 0.02 0.02 0.59 0.01 0.01 0.02 1.77 0.00 0.00 0.01 0.01 0.40 0.05 0.00

0.01 0.43 3.02 0.08 0.07 0.00 0.10 0.13 0.15 0.20 0.13 0.18 0.58 0.01 0.45 0.62 0.04 0.01 0.43 0.33 0.01 0.08 1.00 0.49 17.62 0.01 0.01 0.27 0.21 1.01 0.40 0.06

0.00 0.14 0.63 0.03 0.03 0.00 0.00 0.01 0.03 0.05 0.03 0.05 0.08 0.00 0.07 0.05 0.00 0.00 0.08 0.05 0.00 0.02 0.00 0.07 5.12 0.01 0.00 0.08 0.05 0.08 0.08 0.02

0.04 0.02 0.00 0.00 0.00 0.01 0.35 0.25 8.44 0.16 0.23 0.01 0.02 1.44 1.90 0.04 0.12 0.00 0.01 0.01 0.03 0.07 0.05 0.00 0.30 0.01 0.00 0.01 0.00 0.03 0.01 0.00 0.02 0.00 0.00 0.02 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.00 0.03 0.02 0.00 0.03 0.05 0.00 0.03 0.00 0.00 0.08 0.02 0.11 0.16 0.02 0.00 0.06 0.01 0.02 0.13 0.03 0.02 0.01 0.06 0.01 0.02 0.00 0.00 0.01 0.00 0.03 0.01 0.01 0.01 0.00 0.05 0.06 0.00 0.07 0.00 0.48 0.00 0.07 0.02 0.00 0.01 0.00 0.02 0.03 0.00 0.00 0.00 0.10 0.02 0.05 0.03 0.01 0.03 0.05 0.01 0.09 0.00 0.72 0.56 2.94 0.02 0.01 0.00 0.05 0.25 0.12 0.04 0.01 0.00 0.05 0.01 0.00 0.01 0.01 0.00 0.00 0.00 1.20 0.01 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.01

0.32 0.25 0.32 0.11 0.03 0.04 3.00 9.60 28.23 1.52 1.76 0.58 0.46 3.10 4.15 12.33 16.71 0.25 0.19 0.14 0.08 0.39 0.28 0.06 1.41 0.05 0.03 0.08 0.06 0.73 0.57 0.45 0.55 0.83 1.35 0.16 0.22 0.29 0.06 0.15 0.11 0.26 0.31 0.41 0.12 0.08 0.11 0.25 0.33 0.11 0.30 0.10 0.06 0.21 0.30 5.23 6.99 0.11 0.08 1.15 0.07 0.05 0.50 0.72 0.09 0.06 0.33 0.10 0.11 0.22 0.29 0.08 0.06 0.18 0.12 0.05 0.03 0.04 0.18 0.23 0.08 3.39 0.29 16.62 0.25 0.90 0.59 0.11 0.25 0.17 0.54 0.41 0.01 0.02 0.22 0.42 0.20 0.62 0.45 0.86 0.16 0.27 2.17 2.90 0.32 5.35 3.94 125.27 0.19 0.13 0.17 0.15 1.62 1.00 0.47 0.20 0.10 11.28 0.23 0.05 0.09 0.13 0.56 0.07 0.08 8.29 0.06 0.09 0.31 0.23 0.82 0.13 0.10 0.00 0.15

0.07 0.05 0.04 0.04 0.00 0.01 1.30 0.11 5.22 0.00 0.46 0.11 0.08 0.22 0.32 5.30 7.69 0.00 0.05 0.03 0.00 0.05 0.03 0.01 0.38 0.02 0.01 0.03 0.02 0.25 0.18 0.06 0.01 0.12 0.10 0.06 0.06 0.09 0.00 0.03 0.02 0.05 0.03 0.05 0.02 0.01 0.01 0.04 0.05 0.04 0.10 0.02 0.00 0.00 0.05 0.33 0.46 0.03 0.02 0.33 0.02 0.01 0.15 0.20 0.04 0.01 0.00 0.01 0.03 0.05 0.07 0.01 0.03 0.02 0.03 0.01 0.01 0.01 0.02 0.06 0.01 1.52 0.04 5.52 0.01 0.05 0.03 0.00 0.05 0.05 0.24 0.18 0.00 0.01 0.05 0.07 0.06 0.08 0.05 0.08 0.07 0.09 0.77 0.96 0.07 1.40 1.01 51.60 0.05 0.07 0.03 0.01 0.45 0.22 0.30 0.01 0.03 2.63 0.07 0.01 0.02 0.03 0.06 0.02 0.03 1.98 0.03 0.04 0.05 0.05 0.21 0.03 0.02 0.00 0.05

C 3579 493 441 4 10 231 141 28 1168 431 2439 345 1255 1252 1171 16055 5001 50 425 104 34 440 139 115 1182 29 9 116 95 3781 2002 5 46 2 3 1738 467 737 178 1431 1434 2917 14 25 1599 139 1031 148 707 7 122 247 250 1 727 42 623 931 6 3630 162 99 77 532 712 83 43 9372 1064 436 1288 1532 400 680 12 748 392 250 622 4433 471 189 232 3649 710 99 56 13 41 50 434 100 139 334 0 5 208 683 794 85 8 494 35 1572 5 263 173 53598 292 8 0 20 1613 108 11521 55 2 33201 90 3 157 3672 2083 16 246 66666 104 641 131 31 363 1762 464 10 431

0.25 0.17 0.09 0.11 0.03 0.03 2.35 1.75 19.15 1.15 1.55 0.17 0.12 0.98 1.34 11.66 15.69 0.14 0.13 0.10 0.00 0.19 0.13 0.02 1.02 0.04 0.00 0.06 0.04 0.56 0.42 0.06 0.00 0.14 0.16 0.06 0.11 0.16 0.02 0.11 0.08 0.21 0.00 0.26 0.09 0.05 0.07 0.18 0.24 0.00 0.21 0.08 0.05 0.00 0.00 1.10 1.43 0.09 0.00 0.95 0.00 0.03 0.48 0.67 0.07 0.03 0.26 0.06 0.08 0.18 0.26 0.06 0.05 0.09 0.08 0.04 0.02 0.02 0.06 0.09 0.01 3.20 0.04 15.41 0.08 0.50 0.45 0.01 0.09 0.07 0.33 0.24 0.01 0.00 0.00 0.32 0.13 0.40 0.30 0.72 0.12 0.15 0.00 2.53 0.00 4.46 3.18 84.80 0.13 0.10 0.00 0.05 1.03 0.85 0.32 0.16 0.10 5.56 0.14 0.00 0.07 0.09 0.22 0.00 0.04 6.44 0.05 0.07 0.19 0.00 0.68 0.06 0.05 0.00 0.13

0.25 0.19 0.10 unch 0.11 unch 0.03 0.04 + 2.70 + 2.00 + 27.63 + 1.33 + 1.81 + 0.19 + 0.15 + 2.37 + 3.16 + 11.91 + 16.00 0.15 0.15 + 0.10 0.04 + 0.27 + 0.19 + 0.02 unch 1.35 + 0.05 + 0.03 + 0.06 + 0.04 + 0.61 + 0.44 + 0.06 unch 0.11 + 0.14 unch 0.16 unch 0.11 + 0.13 + 0.17 + 0.03 0.11 0.08 0.23 + 0.19 0.30 unch 0.11 + 0.06 + 0.08 unch 0.22 + 0.30 + 0.08 unch 0.23 + 0.08 unch 0.05 + 0.01 0.19 1.16 + 1.54 + 0.11 + 0.07 unch 1.05 + 0.07 + 0.05 + 0.50 + 0.70 + 0.09 + 0.03 + 0.26 0.07 0.11 + 0.20 0.27 unch 0.06 + 0.05 unch 0.09 0.08 0.04 + 0.03 + 0.02 unch 0.11 + 0.15 + 0.01 + 3.39 + 0.04 16.08 + 0.09 unch 0.61 + 0.49 0.01 0.09 0.07 unch 0.35 + 0.26 + 0.01 unch 0.02 unch 0.19 unch 0.42 + 0.15 + 0.41 0.31 0.78 + 0.12 0.15 1.93 2.62 0.12 unch 5.35 + 3.98 + 90.13 + 0.14 + 0.10 0.10 unch 0.09 1.23 + 0.97 + 0.35 0.17 0.10 unch 5.65 0.16 0.03 unch 0.08 + 0.10 + 0.24 unch 0.03 0.04 unch 7.51 + 0.06 + 0.08 unch 0.20 unch 0.12 + 0.70 unch 0.07 unch 0.05 + 0.00 unch 0.13 +

(100s) Stock

Exc Volume

Week High

Commander Res* Commerce Res Commerce Res* Compass Gold* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res Condor Res* Confedertn Ml* Confedertn Mls Conic Metals* Conic Metals Conquest Res Conquest Res * Cons Woodjam CONSOL Coal Rs* CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold Copper Fox Mtl Copper Fox Mtl* Copper Lake Rs Copper Mtn Mng Copper Mtn Mng* Copper North M* Copper North M Copper One * Copper One Copper Reef Mg* Copper Reef Mg Copperbank Res* Copperbank Res Coral Gold * Coral Gold Cordoba Mnls Cordoba Mnls* Core Lithium* Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Corsurex Res Corvus Gold Corvus Gold* CR Capital Crazy Horse Res* Crest Resource Crestview Expl Critical Elem* Critical Elem CROPS Cross River Crown Mining Crown Mining* Cruz Cobalt* Cruz Cobalt Crystal Peak* Crystal Peak CTGX Mining* Currie Rose Rs CWN M’g Acq Cyntar Venture Cypress Dev* Cypress Dev

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

50 484 150 58 521 9163 29 25 33 56 1659 549 15 702 91 572 2991 338 504 242 1361 16114 72 109 411 488 967 348 1783 1042 1087 254 538 1187 1771 90 168 1369 543 160 243 828 360 2 47 10 11 32 1621 945 487 408 11 2056 63 21 95 3382 34 846 16 84 640 35 56 0 171 30 135 826 1232

0.11 0.35 0.25 0.18 0.25 0.80 0.12 0.10 0.59 1.15 0.35 0.26 1.38 1.88 0.15 0.20 0.08 0.06 0.13 4.03 5.97 9.91 0.13 0.18 0.18 0.25 0.19 0.14 0.03 0.73 0.55 0.04 0.05 0.11 0.14 0.25 0.33 0.04 0.23 0.62 0.80 0.10 0.08 0.07 3.85 2.78 0.18 0.22 0.09 4.26 3.16 0.28 0.37 0.16 0.50 0.28 0.35 0.02 0.25 0.09 0.07 0.04 0.06 0.03 0.05 0.00 0.05 0.05 0.21 0.31 0.42

Dajin Lithium* Dajin Res Dakota Ter Res* Damara Gold Damara Gold* Danakali* Debut Dmds Decade Res Decade Res* Deep-South Res* Deep-South Res DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denison Mines Denison Mines* Desert Gold* Desert Gold Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Disc* Diamond Fields Diamond Fields* Dios Expl Discovery Harb* Discovery Harb Discovery Met* Discovery Met Discovery Min* Discovery-Corp District Cop District Cop* District Metal* District Metal Ditem Explor* Diversified Rs* Dixie Gold DNI Metals* Dolat Ventures* Dolly Vard Sil* Dolly Vard Sil Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res Duro Metals DV Resources* DV Resources Dynacor Gld Mn Dynacor Gld Mn* Dynamic Gold* DynaResource* Dynasty Gold Dynasty Gold* E3 Metals E3 Metals* Eagle Graphite Eagle Graphite* Eagle Plains East Africa East Africa * East Asia Mnls* East Asia Mnls EastCoal Inc Eastern Platin* Eastern Platin Eastfield Res Eastfield Res* Eastmain Res Eastmain Res* Eclipse Gold* Eclipse Gold Eco Oro Mnls Eco Oro Mnls* Edgemont Gold Edgewater Expl* Edgewater Expl Edison Cobalt* Edison Cobalt El Capitan Prc* El Nino Vent El Nino Vent* Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Eloro Res* Eloro Res Ely Gold Royal

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

863 581 239 443 3 18 64 4801 490 94 940 228 529 466 3322 2521 259 2849 7734 72 1395 1235 2 552 85 1303 15 6 722 243 761 4705 9509 15556 243 1746 33 9 213 549 83 119 65 75 2089 3036 34 1203 122 2821 3717 1 1002 4 7 29 544 164 1 4 380 185 399 40 8 7 623 107 27 2480 4656 0 38 98 505 200 3281 942 339 1283 80 7 95 21 278 20 12 633 323 140 1001 59 13717 4712 149 455 1844

0.06 0.08 0.43 0.06 0.05 0.35 0.15 0.10 0.08 0.09 0.14 0.04 0.15 0.19 0.45 0.34 0.25 0.63 0.47 0.21 0.28 0.77 0.01 0.09 0.06 0.00 0.13 0.10 0.20 0.08 0.12 1.27 1.70 0.00 0.09 0.02 0.01 0.21 0.39 0.01 0.01 0.26 0.01 0.05 0.75 0.98 0.81 0.30 0.21 16.79 9.53 0.06 0.10 0.27 0.11 0.15 2.28 1.70 1.22 0.54 0.14 0.11 0.38 0.26 0.04 0.02 0.15 0.16 0.11 0.17 0.18 0.00 0.26 0.36 0.06 0.04 0.19 0.14 0.66 0.84 0.07 0.04 0.12 0.11 0.17 0.04 0.04 0.01 0.07 0.04 0.08 0.05 12.10 16.27 0.82 1.10 1.78

Low

Last

12-month Change

High Low

+ + + + + + + + + + + + + + + unch unch unch + + unch + unch + + unch + + + + + + + + + + + + + unch unch unch -

0.01 0.10 0.07 0.01 0.01 0.01 0.01 0.01 0.03 0.18 0.03 0.01 0.01 0.07 0.02 0.03 0.03 0.02 0.03 0.16 0.47 0.93 0.00 0.01 0.00 0.03 0.04 0.03 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.03 0.00 0.01 0.05 0.06 0.02 0.00 0.00 0.15 0.16 0.04 0.02 0.02 0.13 0.06 0.01 0.29 0.05 0.01 0.01 0.01 0.01 0.01 0.03 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.03 0.01 0.03

0.11 0.65 0.47 0.50 0.65 1.10 0.20 0.10 2.59 1.15 0.44 0.32 1.38 1.88 0.35 0.48 0.08 0.06 0.13 16.33 22.60 14.19 0.53 0.72 1.00 0.26 0.20 0.14 0.03 0.87 0.67 0.04 0.06 0.69 1.00 0.35 0.52 0.20 0.24 0.63 0.85 0.14 0.10 0.21 4.31 3.25 0.55 0.67 0.15 4.26 3.16 0.28 0.38 0.16 2.60 0.48 0.63 0.04 0.25 0.09 0.06 0.04 0.06 0.12 0.16 0.07 0.07 0.21 0.21 0.31 0.42

0.04 0.11 0.07 0.10 0.14 0.15 0.08 0.01 0.22 0.30 0.04 0.02 0.11 0.21 0.09 0.12 0.01 0.01 0.02 3.60 3.35 4.26 0.09 0.12 0.00 0.08 0.01 0.03 0.01 0.28 0.19 0.01 0.01 0.01 0.05 0.08 0.13 0.07 0.10 0.18 0.26 0.04 0.03 0.02 1.36 1.02 0.08 0.12 0.02 0.99 0.72 0.02 0.00 0.04 0.40 0.16 0.17 0.01 0.17 0.02 0.01 0.01 0.03 0.01 0.01 0.00 0.02 0.03 0.08 0.08 0.11

+ 0.04 0.06 + 0.06 0.08 + 0.36 0.41 + 0.04 0.06 0.03 0.03 + 0.00 0.34 0.10 0.10 + 0.08 0.09 0.05 0.07 0.09 0.09 unch 0.11 0.12 unch 0.02 0.02 0.11 0.12 0.15 0.17 + 0.34 0.35 + 0.24 0.26 0.00 0.20 + 0.55 0.61 + 0.40 0.45 + 0.17 0.20 + 0.23 0.27 0.56 0.59 0.01 0.01 unch 0.08 0.08 unch 0.05 0.06 0.00 0.00 0.00 0.13 unch 0.09 0.09 + 0.17 0.19 + 0.07 0.08 + 0.10 0.11 + 0.92 1.27 + 1.23 1.68 0.00 0.00 unch 0.07 0.09 unch 0.01 0.02 unch 0.01 0.01 unch 0.00 0.21 unch + 0.32 0.35 + 0.00 0.00 + 0.01 0.01 0.21 0.21 0.01 0.01 + 0.04 0.04 + 0.52 0.68 + 0.70 0.92 0.75 0.78 + 0.23 0.26 + 0.17 0.19 + 15.14 16.57 8.67 9.10 0.06 0.06 unch 0.09 0.09 + 0.22 0.27 0.11 0.11 unch 0.13 0.13 + 2.01 2.28 + 1.49 1.70 1.22 1.22 unch 0.00 0.53 + 0.11 0.13 + 0.08 0.10 0.27 0.32 0.20 0.23 + 0.04 0.04 0.02 0.02 unch 0.13 0.14 unch 0.14 0.15 unch 0.10 0.10 + 0.09 0.13 + 0.13 0.18 0.00 0.09 unch 0.00 0.25 0.32 0.32 + 0.05 0.05 + 0.04 0.04 0.16 0.17 0.12 0.13 0.51 0.56 0.73 0.76 0.06 0.07 0.04 0.04 + 0.11 0.12 + 0.09 0.10 + 0.12 0.17 0.04 0.04 unch 0.04 0.04 0.01 0.01 + 0.05 0.06 0.04 0.04 unch 0.04 0.05 0.04 0.04 + 11.35 11.98 + 15.22 16.08 + 0.73 0.82 + 0.98 1.09 1.60 1.62

0.01 0.02 0.03 0.02 0.02 0.00 0.03 0.01 0.00 0.00 0.00 0.01 0.02 0.02 0.02 0.01 0.03 0.06 0.06 0.03 0.03 0.16 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.39 0.48 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.02 0.00 0.01 0.17 0.23 0.01 0.02 0.02 1.15 0.05 0.00 0.01 0.07 0.00 0.02 0.28 0.23 0.00 0.01 0.01 0.03 0.06 0.05 0.01 0.00 0.00 0.00 0.01 0.03 0.04 0.00 0.00 0.02 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.00 0.01 0.00 0.01 0.00 0.03 0.01 0.74 0.80 0.07 0.05 0.08

0.06 0.08 0.96 0.06 0.05 0.51 0.25 0.14 0.10 0.09 0.16 0.08 0.23 0.25 0.45 0.34 0.62 0.68 0.51 0.31 0.28 0.86 0.04 0.20 0.15 0.00 0.25 0.17 0.24 0.14 0.18 1.16 1.70 0.00 0.15 0.03 0.02 0.21 0.39 0.01 0.01 0.27 0.06 0.27 0.75 0.98 1.65 0.34 0.26 17.04 9.83 0.07 0.10 0.27 0.14 0.20 2.24 1.70 4.00 0.85 0.14 0.11 0.60 0.41 0.08 0.06 0.18 0.23 0.17 0.17 0.18 0.09 0.44 0.72 0.06 0.05 0.20 0.16 0.80 0.96 0.16 0.10 0.14 0.11 0.17 0.05 0.06 0.03 0.07 0.05 0.09 0.06 12.10 16.27 0.83 1.11 2.09

0.01 0.02 0.04 0.02 0.00 0.16 0.07 0.01 0.00 0.02 0.03 0.01 0.03 0.06 0.06 0.03 0.20 0.24 0.19 0.05 0.05 0.14 0.01 0.08 0.05 0.00 0.09 0.04 0.03 0.02 0.03 0.13 0.22 0.00 0.07 0.01 0.00 0.08 0.08 0.00 0.00 0.07 0.00 0.03 0.12 0.17 0.45 0.04 0.04 2.92 3.20 0.03 0.04 0.11 0.03 0.05 0.99 0.70 1.10 0.24 0.04 0.03 0.19 0.11 0.02 0.01 0.07 0.08 0.07 0.02 0.02 0.06 0.12 0.18 0.03 0.02 0.06 0.04 0.31 0.40 0.03 0.02 0.10 0.02 0.04 0.01 0.02 0.01 0.02 0.01 0.02 0.01 4.60 6.29 0.14 0.19 0.27

0.09 0.21 0.15 0.17 0.23 0.57 0.11 0.07 0.53 0.70 0.26 0.19 0.00 1.60 0.13 0.16 0.03 0.03 0.08 3.65 5.37 8.30 0.12 0.16 0.14 0.20 0.12 0.09 0.03 0.65 0.48 0.00 0.04 0.07 0.12 0.24 0.28 0.04 0.19 0.54 0.72 0.09 0.06 0.00 3.49 0.00 0.14 0.00 0.06 3.83 2.85 0.20 0.00 0.10 0.46 0.00 0.33 0.01 0.20 0.06 0.06 0.03 0.05 0.03 0.04 0.00 0.04 0.05 0.19 0.24 0.32

0.11 0.30 0.23 0.18 0.24 0.64 0.12 0.07 0.59 1.00 0.28 0.21 1.24 1.70 0.15 0.20 0.07 0.05 0.10 3.93 5.39 9.62 0.13 0.17 0.16 0.21 0.14 0.10 0.03 0.68 0.50 0.03 0.04 0.10 0.13 0.25 0.30 0.04 0.20 0.56 0.74 0.10 0.07 0.07 3.75 2.76 0.14 0.20 0.08 3.93 2.94 0.23 0.36 0.15 0.47 0.26 0.34 0.02 0.20 0.08 0.07 0.04 0.06 0.03 0.05 0.00 0.04 0.05 0.19 0.25 0.33

D-F

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

Ely Gold Royal* Elysee Dev Elysee Dev * Emerita Res Emgold Mining Emgold Mining* Empress Res EMX Royalty EMX Royalty* Encanto Potash* Encanto Potash EnCore Energy Endeavour Mng Endeavour Mng* Endeavr Silver* Endeavr Silver Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engold Mines Engold Mines* Ensurge* Entree Res* Entree Res Equinox Gold* Equinox Gold Equitorial Ex Equitorial Ex* Equity Metals* Equity Metals Erdene Res Dev Erdene Res Dev* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng* Eskay Mng Essex Minerals Ethos Gold* Ethos Gold Etruscus Res Euro Manganese Euro Sun Mg Euro Sun Mg* EurOmax Res* EurOmax Res European Elect* European Elect European Metal* Eurotin Evergold Evergold* Evolving Gold Evolving Gold* Evrim Res Excellon Res Excellon Res* Excelsior Mng* Excelsior Mng ExGen Res Inc Explorex Res* Explorex Res Fabled Copper Falco Res Falco Res * Falcon Gold Fancamp Expl Far Res Far Res* FenixOro Gold FenixOro Gold* Fidelity Min Fidelity Min* Fieldex Expl Filo Mg Corp Filo Mg Corp * Finlay Minrls Fiore Gold* Fiore Gold Fiorentina Min Fire River Gol* FireFox Gold Firestone Vent Fireweed Zinc Fireweed Zinc* Firma Holdings* First Cobalt * First Cobalt First Energy* First Energy First Majestic First Majestic* First Mexican First Mexican* First Mg Fin * First Mg Fin First Point* First Quantum First Vanadium First Vanadium* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Fjordland Exp* Fjordland Exp Flow Metals Flowery Gold* Focus Graphite* Focus Graphite Foran Mng Forsys Metals Fort St J Nick Fort St James* Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Mnrls* Fortune Mnrls Forum Energy Forum Energy* Fosterville Fox River Res FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Freegold Vent Freeman Gold Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl* Fura Gems Fura Gems* Fuse Cobalt* Fuse Cobalt

O 2803 V 182 O 95 V 910 V 6044 O 1362 V 214 V 267 X 3849 O 12 V 420 V 2349 T 2929 O 129 N 72147 T 13981 O 66 V 468 V 9964 O 621 T 2485 X 14665 V 4877 V 69 O 112 O 226 O 205 T 202 X 10144 T 5835 V 345 O 10 O 119 V 1339 T 7827 O 1440 V 184 T 731 O 19 O 29 V 335 V 335 O 610 V 857 V 136 O 172 V 454 C 587 V 368 T 9623 O 889 O 132 T 300 O 92 V 69 O 0 V 128 V 386 O 124 C 3 O 7 V 618 T 3701 O 1423 O 380 T 398 V 634 O 1 C 5 V 800 V 2077 O 123 V 4708 V 777 C 6812 O 438 C 2892 O 2056 V 223 O 225 V 2233 V 283 O 37 V 233 O 772 V 1409 C 65 O 17 V 657 V 13 V 428 O 28 O 314 O 2468 V 6530 O 39 C 14 T 15133 N 83480 V 223 O 41 O 9625 T 8888 O 1001 T 18606 V 1041 O 1290 V 6161 O 457 O 2842 T 5175 V 373 O 42 V 387 C 95 O 1 O 1019 V 655 V 631 T 710 V 668 O 7 O 9 T 9547 N 36280 V 207 O 19 O 923 T 910 V 7322 O 3330 V 1124 C 26 V 1859 N 3809 T 1938 O 320 T 12352 C 1889 N 108351 V 101 V 3014 O 227 V 586 V 8590 O 0 V 28 O 56 O 1886 V 768

G2 Goldfields* G2 Goldfields Gabriel Res Gabriel Res* Gaia Metals* Gaia Metals Gainey Capital Galane Gold Galane Gold * Galantas Gold Galantas Gold* Galiano Gold Galiano Gold* Galleon Gold Galleon Gold* Galore Res Galway Gold * Galway Gold Galway Mtls* Galway Mtls Gambier Gold* Gambier Gold Garibaldi Res * Garibaldi Res Gatling Explor

O V V O O V V V O V O T X V O V O V O V O V O V V

THE NORTHERN MINER / AUGUST 3â&#x20AC;&#x201C;AUGUST 16, 2020

Week High

Low

1.36 0.39 0.29 0.16 0.14 0.11 0.04 4.40 3.33 0.02 0.04 0.38 35.92 27.00 4.31 5.77 0.07 0.10 0.33 0.24 2.65 1.97 0.15 0.05 0.04 0.05 0.34 0.45 11.95 16.04 0.02 0.01 0.09 0.13 0.62 0.47 0.05 17.97 13.34 0.10 0.13 0.13 0.41 0.55 0.35 0.14 0.18 0.42 0.07 0.48 0.35 0.03 0.04 0.02 0.03 0.00 0.02 0.81 0.60 0.03 0.02 0.56 1.09 0.82 0.65 0.85 0.02 3.44 5.00 0.07 0.48 0.37 0.16 0.07 0.11 0.08 0.58 0.43 0.08 0.07 0.17 2.02 1.51 0.06 1.13 1.52 0.40 0.37 0.21 0.06 0.68 0.48 0.03 0.12 0.15 0.14 0.19 18.88 14.08 0.39 0.29 0.40 0.54 0.29 13.37 0.41 0.30 0.11 0.08 0.30 0.40 0.05 0.07 0.08 0.11 0.36 0.02 0.03 0.15 0.19 0.15 0.12 11.84 9.17 6.83 1.56 1.16 0.06 0.08 0.16 0.12 4.84 0.09 0.39 159.92 214.10 0.01 1.90 0.77 13.74 0.95 0.17 15.50 0.26 0.04 0.00 0.13 0.10 0.07 0.09

1.19 0.34 0.25 0.14 0.10 0.07 0.04 3.66 2.71 0.00 0.02 0.32 32.44 23.94 2.96 4.00 0.06 0.08 0.24 0.18 2.38 1.77 0.11 0.05 0.03 0.04 0.31 0.42 10.93 14.71 0.02 0.01 0.08 0.10 0.49 0.35 0.04 16.53 0.00 0.08 0.12 0.12 0.30 0.42 0.29 0.10 0.14 0.36 0.06 0.35 0.25 0.03 0.04 0.02 0.03 0.00 0.02 0.70 0.53 0.00 0.02 0.48 0.92 0.67 0.56 0.77 0.01 0.00 4.61 0.07 0.44 0.31 0.13 0.06 0.09 0.06 0.43 0.16 0.06 0.06 0.15 1.83 1.28 0.05 1.01 1.35 0.35 0.05 0.15 0.06 0.58 0.46 0.01 0.10 0.14 0.11 0.00 14.69 10.88 0.34 0.25 0.34 0.46 0.18 11.61 0.27 0.20 0.06 0.04 0.23 0.32 0.03 0.05 0.07 0.10 0.05 0.01 0.02 0.11 0.15 0.10 0.08 11.26 7.19 5.30 1.30 0.00 0.05 0.08 0.10 0.07 4.10 0.00 0.24 151.53 205.54 0.01 1.52 0.60 12.70 0.67 0.13 13.67 0.22 0.02 0.00 0.11 0.08 0.06 0.08

Last

High Low

Stock

Gatling Explor* General Moly* General Moly Generation Min Generation Min* Generation Min Generic Gold Genesis Mtls* Genesis Mtls Genius Metals Gensource Pot Geomega Res Geomega Res* Gespeg Res Getchell Gold * Getchell Gold Getty Copper GFG Resources* GFG Resources GGL Res* GGL Res GGX Gold GGX Gold* Giga Metals Giga Metals* Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake* Glacier Lake Gldn Predator Gldn Predator* Glen Eagle Res Glen Eagle Res* Glencore Plc * Glencore Plc* Global Atomic Global Atomic* Global Battery* Global Battery Global Energy* Global Energy Global Gold* Global Li-Ion* Global Li-Ion GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals GMV Minerals* GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Gold Fields* Gold Fields* Gold Finder Ex* Gold Finder Ex Gold Lion Res Gold Lion Res* Gold Plus Gold Reserve* Gold Reserve Gold Resource* Gold Rush Cari* Gold Rush Cari Gold Std Vents Gold Std Vents* Gold X Mining Goldbank Mng Goldcliff Res* Goldcliff Res Golden Arrow* Golden Arrow Golden Band* Golden Birch Golden Cariboo Golden Dawn Ml Golden Dawn Ml* Golden Goliath Golden Goliath* Golden Harp Golden Hope Golden Hope* Golden Lake Golden Mnls Golden Mnls* Golden Pursuit* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Star Golden Star* Golden Sun* Golden Tag Golden Valley* Golden Valley Goldex Res* Goldex Res Goldgroup Mng Goldgroup Mng* GoldHaven Res* GoldMining GoldMining* GoldON Res* GoldON Res GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldsource Min Goldsource Min* Goldstar Mnls Goldstar Mnls* Goldstrike Res* Goldstrike Res Goliath Res Goliath Res* Gossan Res GoviEx Uranium* GoviEx Uranium Gowest Gold* Gowest Gold GPM Metals GR Silver GR Silver* Gran Colombia* Gran Colombia Granada Gold Granada Gold* Grande Portage Grande Portage* Granite Creek Graphite Egy* Graphite One* Graphite One Gratomic* Gratomic Gray Rock Res* Gray Rock Res Great Atlantic Great Bear Res Great Bear Res* Great Lakes Gr* Great Panther Great Panther* Great Thunder* Greatbanks Re Green River Green Swan Cap Green Valley M Greencastle Rs Greenland M&En* Greenshield Ex Grenville Gold Grid Metals Grid Metals* Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GrowMax Res* GSP Resource GT Gold GT Gold * Gungnir Res* Gungnir Res Gunpoint Expl Guyana Gldflds Guyana Goldstr Guyana Goldstr*

1.22 0.37 + 0.29 + 0.15 + 0.12 + 0.08 0.04 unch 3.70 + 2.76 + 0.02 0.03 unch 0.35 + 33.98 + 25.33 + 4.20 + 5.64 + 0.07 + 0.09 + 0.30 + 0.22 + 2.52 + 1.87 + 0.12 0.05 0.04 unch 0.04 0.31 + 0.43 + 11.51 + 15.47 + 0.02 + 0.01 0.08 0.10 0.60 + 0.44 + 0.05 unch 16.70 12.42 0.10 + 0.13 + 0.13 + 0.36 + 0.48 + 0.29 0.12 + 0.15 unch 0.40 + 0.06 0.47 + 0.34 + 0.03 0.04 unch 0.02 0.03 unch 0.19 unch 0.02 unch 0.80 + 0.58 + 0.03 + 0.02 + 0.51 + 1.03 + 0.76 + 0.62 + 0.83 + 0.02 + 3.44 4.61 0.07 unch 0.46 + 0.35 unch 0.15 0.07 + 0.10 + 0.08 + 0.44 0.33 0.07 + 0.07 + 0.15 unch 2.00 + 1.45 + 0.05 unch 1.02 1.37 0.40 + 0.20 0.18 0.06 unch 0.61 0.46 0.01 0.11 + 0.14 0.14 + 0.19 unch 17.82 + 13.28 + 0.36 + 0.28 + 0.36 + 0.48 unch 0.28 + 12.06 0.39 + 0.29 + 0.09 + 0.06 + 0.28 + 0.37 + 0.05 + 0.07 + 0.07 + 0.11 unch 0.05 0.02 + 0.03 + 0.13 0.19 + 0.15 + 0.08 11.55 + 8.75 + 6.53 + 1.40 + 0.98 0.06 0.08 unch 0.16 + 0.12 + 4.60 + 0.09 unch 0.36 + 158.54 + 212.99 + 0.01 1.58 + 0.61 13.12 0.78 + 0.14 15.40 + 0.24 + 0.04 + 0.06 unch 0.13 + 0.10 + 0.06 + 0.09 unch

0.04 0.04 0.04 0.02 0.01 0.00 0.00 0.04 0.05 0.00 0.00 0.04 1.42 1.34 1.32 1.72 0.01 0.02 0.06 0.04 0.13 0.12 0.01 0.01 0.00 0.00 0.01 0.01 0.25 0.18 0.01 0.00 0.01 0.02 0.08 0.06 0.00 0.40 0.20 0.02 0.01 0.01 0.04 0.07 0.06 0.01 0.00 0.03 0.01 0.13 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.05 0.01 0.00 0.04 0.11 0.09 0.05 0.06 0.01 0.00 0.19 0.00 0.01 0.00 0.01 0.01 0.02 0.01 0.13 0.08 0.01 0.03 0.00 0.12 0.05 0.00 0.03 0.06 0.05 0.20 0.01 0.00 0.02 0.00 0.00 0.00 0.01 0.02 0.00 3.41 2.68 0.01 0.03 0.01 0.00 0.11 1.40 0.12 0.08 0.03 0.02 0.05 0.06 0.01 0.02 0.01 0.00 0.03 0.00 0.01 0.02 0.05 0.04 0.04 0.22 1.66 1.33 0.05 0.02 0.00 0.00 0.06 0.04 0.41 0.00 0.13 8.16 9.21 0.00 0.04 0.11 0.46 0.11 0.02 1.43 0.03 0.02 0.00 0.02 0.00 0.01 0.00

1.54 0.41 0.30 0.19 0.14 0.11 0.06 4.40 3.33 0.11 0.15 0.38 36.62 27.60 4.31 5.77 0.07 0.10 0.39 0.32 3.29 2.35 0.16 0.10 0.08 0.06 0.35 0.47 11.95 16.04 0.06 0.02 0.09 0.13 0.65 0.47 0.08 25.34 19.20 0.11 0.17 0.17 0.41 0.55 0.50 0.24 0.32 0.45 0.20 0.51 0.41 0.05 0.07 0.03 0.04 1.00 0.04 0.95 0.71 0.07 0.05 0.56 1.34 0.96 0.94 1.23 0.02 4.27 6.75 0.16 0.51 0.72 0.16 0.08 0.11 0.08 0.58 0.55 0.23 0.07 0.18 3.25 2.31 0.07 1.15 1.52 0.40 0.90 0.25 0.07 0.70 0.54 0.04 0.13 0.18 0.21 0.30 18.88 14.08 0.49 0.30 0.40 0.54 0.29 14.12 0.41 0.30 0.11 0.09 0.33 0.42 0.06 0.07 0.08 0.20 0.51 0.03 0.03 0.29 0.23 0.16 0.12 11.84 9.17 6.83 1.56 1.21 0.08 0.10 0.16 0.12 5.34 0.12 0.39 159.92 214.82 0.10 1.90 0.84 13.87 0.95 0.17 15.50 0.35 0.04 0.06 0.23 0.18 0.10 0.14

0.56 0.80 0.44 0.33 0.08 + 0.10 unch 0.04 0.34 + 0.25 + 0.28 0.22 + 2.19 + 1.62 + 0.13 0.10 0.03 + 0.15 + 0.20 + 0.92 + 1.21 + 0.06 unch 0.08 0.57 0.75 0.33 -

0.10 0.10 0.04 0.01 0.00 0.00 0.01 0.10 0.07 0.03 0.01 0.14 0.10 0.02 0.01 0.01 0.03 0.04 0.08 0.06 0.00 0.01 0.01 0.02 0.03

0.87 1.20 0.71 0.54 0.34 0.60 0.12 0.38 0.28 0.80 0.58 2.48 1.82 0.20 0.14 0.04 0.27 0.39 0.97 1.34 0.07 0.09 1.65 2.03 0.71

0.19 0.28 0.19 0.02 0.03 0.03 0.01 1.54 1.18 0.01 0.01 0.08 15.68 11.02 0.99 1.30 0.02 0.03 0.05 0.04 1.10 0.78 0.03 0.02 0.02 0.01 0.05 0.22 4.63 6.28 0.01 0.00 0.03 0.04 0.13 0.09 0.03 8.40 5.92 0.03 0.05 0.05 0.04 0.07 0.10 0.05 0.08 0.12 0.05 0.14 0.02 0.01 0.02 0.00 0.01 0.00 0.01 0.17 0.15 0.01 0.00 0.19 0.31 0.19 0.30 0.42 0.01 0.00 3.49 0.02 0.17 0.11 0.03 0.03 0.02 0.01 0.10 0.08 0.02 0.02 0.04 1.00 0.77 0.02 0.19 0.27 0.10 0.00 0.04 0.03 0.31 0.21 0.00 0.05 0.08 0.02 0.04 5.30 4.17 0.04 0.03 0.09 0.12 0.08 4.71 0.13 0.08 0.03 0.02 0.07 0.10 0.01 0.02 0.03 0.08 0.05 0.01 0.01 0.08 0.06 0.08 0.08 4.61 2.05 1.47 0.22 0.14 0.03 0.04 0.05 0.03 0.91 0.04 0.10 77.18 105.93 0.00 0.04 0.11 4.82 0.08 0.04 5.53 0.14 0.01 0.00 0.05 0.05 0.01 0.02

G-H 42 440 246 180 95 245 869 3708 1481 121 9 1485 10780 2752 795 1178 38 49 1166 2350 6 369 148 869 2375

0.64 0.92 0.48 0.36 0.08 0.10 0.05 0.38 0.28 0.30 0.23 2.21 1.65 0.15 0.11 0.03 0.15 0.20 0.97 1.34 0.06 0.08 0.60 0.82 0.39

0.55 0.73 0.44 0.32 0.08 0.10 0.04 0.26 0.18 0.26 0.21 1.96 1.46 0.13 0.10 0.02 0.13 0.18 0.83 1.13 0.06 0.07 0.52 0.71 0.32

(100s)

12-month Change

0.13 0.14 0.40 0.26 0.03 0.03 0.02 0.05 0.03 0.03 0.02 0.80 0.56 0.03 0.02 0.01 0.06 0.07 0.20 0.27 0.03 0.02 0.26 0.37 0.24

Exc Volume O X T C O T C O V C V V O V O C V O V O V V O V O V O O V V O V V O V O O O T O O V O V O O C O O T V O O O C V T O N O V C O C O V X O V T X V V O V O V O C V V O V O V V O C T X O V V V V T X O V O V O V T O O T O O V V C O O C V O V O O V V O V O V O V V V O O T V O V O V O O V O V O V V V O O T X O V C V V V O V C V O O V V V O V O V V O O V V T V O

588 16859 31 1265 544 2471 1360 791 1394 293 976 1152 614 134 1333 1524 466 260 908 2 112 388 436 1224 630 238 0 35 90 584 13 14 3219 951 179 115 299 885 2213 920 55 548 56 711 0 112 166 0 28 611 753 61 78468 21 100 1 2972 6 54354 575 6303 677 83 48 33 12 7461 114 717 4400 6133 851 30 113 478 1398 1180 224 44 40 228 92 2313 1275 34 965 198 1461 702 27649 15 178 299 51 89 189 4296 20 4547 312 267 58 353 1220 274 395 2129 2530 142 673 1451 1314 3 1433 6 8772 3890 1067 3 10 75 378 20 125 2251 2136 123 286 705 5300 1601 324 2801 1326 360 891 396 289 12 174 106 68 503 10 172 31 616 193 1494 5879 28835 198 53 194 616 16 137 1532 31 8 1089 299 188 464 25 270 991 1230 50 658 1971 242 154 1037 29 2016 2751 586

Week High

Low

0.28 0.32 0.41 0.40 0.36 0.51 0.57 0.25 0.33 0.29 0.16 0.22 0.17 0.08 0.37 0.50 0.04 0.19 0.26 0.06 0.13 0.24 0.18 0.28 0.22 0.16 0.00 0.13 0.17 0.15 0.00 0.19 0.48 0.35 0.10 0.07 2.37 4.65 0.63 0.46 0.06 0.10 0.02 0.02 0.00 0.09 0.11 0.12 0.37 0.52 0.34 0.25 0.00 0.09 0.05 0.00 1.40 12.65 12.61 0.11 0.15 0.62 0.48 0.17 1.95 2.42 4.96 0.02 0.02 1.20 0.88 3.96 0.13 0.08 0.10 0.14 0.19 0.00 0.20 0.08 0.11 0.09 0.25 0.19 0.28 0.50 0.35 0.23 0.80 0.58 0.25 0.34 0.28 1.29 0.15 4.86 3.64 0.00 0.31 0.53 0.71 0.07 0.10 0.04 0.03 0.37 2.48 1.85 0.52 0.71 0.35 0.07 0.04 0.02 0.58 0.16 0.12 0.03 0.02 0.20 0.33 0.28 0.19 0.06 0.13 0.17 0.31 0.43 0.08 0.90 0.68 5.16 6.95 0.23 0.17 0.54 0.40 0.10 0.42 0.40 0.50 0.13 0.17 0.00 0.18 0.42 18.80 13.93 0.00 1.15 0.86 0.66 0.16 0.08 0.03 0.35 0.09 0.14 0.15 0.11 0.22 0.15 0.07 0.09 0.16 0.09 0.18 0.24 0.02 0.43 1.51 1.11 0.08 0.10 0.65 1.79 0.06 0.05

0.23 0.20 0.28 0.38 0.32 0.44 0.38 0.21 0.28 0.21 0.16 0.20 0.14 0.07 0.25 0.36 0.03 0.17 0.24 0.06 0.08 0.21 0.15 0.21 0.15 0.00 0.00 0.10 0.14 0.12 0.00 0.14 0.37 0.28 0.09 0.07 2.25 4.46 0.57 0.42 0.06 0.00 0.02 0.02 0.00 0.05 0.08 0.12 0.00 0.47 0.30 0.23 0.00 0.02 0.04 0.00 1.20 0.00 11.56 0.08 0.12 0.52 0.40 0.17 1.70 2.30 4.20 0.02 0.02 1.02 0.76 3.42 0.00 0.06 0.08 0.13 0.17 0.00 0.19 0.07 0.08 0.07 0.20 0.14 0.22 0.38 0.26 0.19 0.58 0.43 0.25 0.27 0.24 1.22 0.11 4.24 3.10 0.00 0.17 0.49 0.65 0.06 0.09 0.03 0.02 0.29 2.22 1.65 0.46 0.61 0.31 0.04 0.04 0.01 0.00 0.14 0.10 0.00 0.00 0.00 0.26 0.22 0.16 0.06 0.11 0.15 0.29 0.37 0.06 0.73 0.55 4.67 6.32 0.17 0.14 0.45 0.34 0.08 0.00 0.32 0.45 0.11 0.15 0.00 0.06 0.00 16.87 12.60 0.00 0.88 0.64 0.53 0.16 0.07 0.02 0.27 0.08 0.11 0.00 0.11 0.19 0.14 0.06 0.08 0.16 0.08 0.15 0.21 0.02 0.27 1.39 1.03 0.06 0.07 0.65 1.77 0.05 0.04

Last

12-month Change

0.25 0.28 + 0.38 + 0.40 unch 0.34 + 0.47 + 0.54 + 0.21 0.28 0.27 + 0.16 + 0.20 0.15 0.08 + + 0.31 0.39 + 0.04 + 0.18 unch 0.24 + 0.06 unch 0.13 + 0.23 0.16 0.24 + 0.19 + 0.16 + 0.01 unch 0.11 0.15 0.13 0.11 unch 0.19 + 0.45 + 0.34 + 0.09 0.07 2.33 + 4.62 + 0.60 + 0.45 + 0.06 unch 0.09 + 0.02 + 0.02 1.25 unch 0.07 + 0.10 + 0.12 unch 0.36 + 0.50 + 0.31 0.24 + 0.00 unch 0.09 + 0.04 unch 0.26 unch 1.33 + 12.65 + 12.48 + 0.09 + 0.12 + 0.52 0.40 0.17 + 1.79 + 2.42 + 4.75 + 0.02 0.02 1.07 0.80 3.82 + 0.13 0.07 + 0.10 + 0.14 + 0.18 + 0.00 0.20 + 0.08 + 0.08 0.07 0.22 + 0.16 + 0.25 0.40 unch 0.32 + 0.23 + 0.61 0.45 0.25 unch 0.28 0.27 + 1.22 0.15 + 4.75 + 3.54 + 0.00 unch 0.27 + 0.51 0.69 0.06 0.10 + 0.04 unch 0.03 0.35 + 2.28 1.70 0.47 0.63 unch 0.33 + 0.05 + 0.04 + 0.01 + 0.47 0.15 unch 0.11 + 0.02 0.02 0.20 unch 0.33 + 0.26 + 0.19 + 0.06 unch 0.12 + 0.16 + 0.30 + 0.41 + 0.08 unch 0.85 + 0.63 + 5.11 + 6.84 + 0.20 0.14 0.48 0.36 0.09 0.37 + 0.36 + 0.49 + 0.11 0.16 0.07 unch 0.16 + 0.42 + 17.60 12.96 0.00 1.10 + 0.82 + 0.65 + 0.16 unch 0.08 0.03 + 0.27 0.08 + 0.14 + 0.15 + 0.11 unch 0.20 + 0.15 + 0.06 0.08 0.16 unch 0.09 + 0.18 + 0.24 + 0.02 unch 0.40 + 1.46 + 1.10 + 0.06 + 0.08 0.65 unch 1.79 unch 0.05 0.04 -

0.02 0.05 0.06 0.00 0.02 0.02 0.03 0.01 0.03 0.05 0.01 0.02 0.01 0.01 0.04 0.03 0.01 0.00 0.01 0.00 0.01 0.02 0.01 0.03 0.03 0.01 0.00 0.02 0.01 0.02 0.00 0.05 0.08 0.06 0.01 0.00 0.03 0.03 0.05 0.04 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.00 0.03 0.04 0.02 0.02 0.00 0.05 0.00 0.00 0.05 1.80 0.81 0.00 0.01 0.10 0.06 0.02 0.04 0.06 0.57 0.01 0.01 0.08 0.06 0.19 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 0.02 0.01 0.00 0.06 0.04 0.06 0.04 0.00 0.07 0.04 0.03 0.04 0.57 0.46 0.00 0.11 0.01 0.02 0.01 0.02 0.00 0.00 0.01 0.05 0.01 0.02 0.00 0.01 0.01 0.01 0.00 0.09 0.00 0.01 0.01 0.00 0.00 0.09 0.04 0.01 0.00 0.01 0.01 0.01 0.06 0.00 0.14 0.11 0.48 0.56 0.03 0.02 0.02 0.02 0.01 0.09 0.03 0.04 0.03 0.02 0.00 0.08 0.02 0.50 0.35 0.00 0.23 0.19 0.12 0.00 0.01 0.01 0.05 0.01 0.03 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.03 0.03 0.00 0.06 0.03 0.05 0.01 0.01 0.00 0.00 0.01 0.01

(100s)

High Low

Stock

0.54 0.38 0.54 0.75 0.62 0.47 0.57 0.38 0.49 0.29 0.17 0.23 0.17 0.13 0.37 0.50 0.04 0.32 0.44 0.10 0.17 0.33 0.27 0.53 0.40 0.55 0.04 0.26 0.35 0.27 0.13 0.25 0.48 0.35 0.14 0.10 3.40 6.75 0.90 0.65 0.09 0.13 0.04 0.05 2.35 0.12 0.15 0.58 0.37 0.52 0.34 0.25 0.00 0.14 0.10 0.36 1.40 12.65 12.61 0.11 0.15 0.75 0.48 0.17 1.95 2.47 6.24 0.02 0.04 1.41 1.08 4.34 0.19 0.14 0.18 0.17 0.21 0.01 0.28 0.08 0.38 0.28 0.26 0.19 0.32 0.50 0.35 0.23 0.80 0.58 0.25 0.38 0.65 1.65 0.16 5.80 4.41 0.01 0.31 0.53 0.71 0.10 0.13 0.06 0.04 0.37 2.48 1.90 0.82 1.15 0.35 0.09 0.07 0.04 0.59 0.19 0.14 0.05 0.02 0.23 0.80 2.18 0.20 0.08 0.14 0.19 0.31 0.46 0.09 0.90 0.68 5.72 7.81 0.26 0.19 0.65 0.49 0.11 0.37 0.54 0.75 0.18 0.20 0.07 0.18 0.80 19.83 14.54 0.04 1.21 0.89 0.64 0.16 0.09 0.04 0.40 0.10 0.14 0.22 0.18 0.27 0.20 0.07 0.10 0.17 0.09 0.28 0.38 0.15 0.44 2.25 1.63 0.10 0.12 0.74 1.80 0.17 0.16

Handa Mining Handeni Gold* Hanna Capital* Hanna Capital Hannan Metals Hannan Metals* Happy Ck Mnrls Harfang Explor* Harfang Explor Harmony Gold* Harte Gold* Harte Gold Harvest Gold* Harvest Gold Hawkeye Gld&Di* Hawkeye Gld&Di Heatherdale Rs Hecla Mining* Hemcare Health* Hemlo Expl Hemlo Expl* High Point Exp Highbank Res Highbury Proj HighGold HighGold* Highland Copp Highland Copp* Highway 50 Gld HiHo Silver* Hochschild Mg* Honey Badger E* Honey Badger E Horizonte Mnls HudBay Min HudBay Min* Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hybrid Mineral Hylands Intl

V O O V V O V O V N O T O V O V V N O V O C V V V O V O V O O O V T T N V O O V V V

I-Minerals I-Minerals* IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls * Iconic Mnls Idaho Champion Idaho Champion* IEMR Res IM Exploration IMC Intl Mng IMC Intl Mng* iMetal Res iMetal Res* IMPACT Silver Imperial Metal Imperial Metal* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indiana Res* Indigo Expl Infinite Ore* Infinite Ore Inflection Res Infrastructure* Inomin Mines Intact Gold Intact Gold* Integra Res* Integra Res Inter-Rock Mnl Intercontinent Intercontinent* Intl Battery* Intl Battery Intl Bethl Mng Intl Bethl Mng* Intl Cobalt* Intl Cobalt Intl Lithium* Intl Lithium Intl Millm Mng Intl Montoro* Intl Montoro Intl Prospect * Intl Prospect Intl Samuel Ex* Intl Samuel Ex Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite Intl Zeolite* Intrepid Pots* INV Metals* INV Metals Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Irving Res* Irving Res IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader Jaeger Res * Jaeger Res Jaguar Mng Jaguar Mng* Japan Gold Japan Gold* Jasper Mining Jaxon Mining* Jaxon Mining Jayden Res Jayden Res* Jazz Res JDF Explor Inc Jervois Mining Jervois Mining* Jiulian Res* Jiulian Res JNC Resources JNC Resources* Josemaria Res* Josemaria Res Joshua Gold* Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold K92 Mining* K92 Mining Kaizen Discov Kaizen Discvry* Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Mining* Kenadyr Mining Kerr Mines* Kerr Mines Kesselrun Res* Kesselrun Res Kestrel Gold Kilo Goldmines Kilo Goldmines* Kincora Copper* Kincora Copper King Global* Kingman Min Kings Bay Res Kings Bay Res* Kingsmen Res Kingsmen Res* Kinross Gold Kinross Gold*

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

0.17 0.14 0.22 0.19 0.15 0.39 0.02 0.10 0.15 0.14 0.07 0.09 0.06 0.03 0.05 0.06 0.02 0.05 0.07 0.02 0.03 0.05 0.05 0.13 0.09 0.05 0.00 0.04 0.04 0.11 0.09 0.05 0.15 0.11 0.07 0.05 1.29 2.51 0.23 0.18 0.03 0.02 0.00 0.01 0.55 0.03 0.03 0.10 0.19 0.26 0.08 0.05 0.00 0.01 0.02 0.20 0.37 4.09 3.79 0.02 0.02 0.17 0.34 0.05 1.05 1.82 2.02 0.00 0.01 0.46 0.27 0.75 0.09 0.05 0.07 0.06 0.09 0.00 0.03 0.02 0.04 0.02 0.04 0.02 0.04 0.06 0.05 0.07 0.20 0.13 0.04 0.04 0.08 0.66 0.03 2.56 1.85 0.00 0.03 0.24 0.31 0.05 0.06 0.02 0.01 0.11 0.85 0.61 0.14 0.20 0.09 0.02 0.01 0.01 0.07 0.06 0.03 0.01 0.02 0.00 0.12 0.12 0.00 0.02 0.05 0.08 0.08 0.08 0.03 0.10 0.07 2.10 2.88 0.09 0.06 0.10 0.07 0.03 0.00 0.09 0.12 0.00 0.03 0.07 0.04 0.30 3.68 7.46 0.00 0.32 0.23 0.10 0.06 0.04 0.01 0.05 0.03 0.04 0.00 0.06 0.08 0.05 0.01 0.02 0.09 0.02 0.09 0.12 0.00 0.08 0.66 0.50 0.02 0.03 0.43 0.25 0.02 0.01

Exc Volume

Week

12-month

High

Low

Last

124 36 1 168 1827 626 412 30 309 63987 567 4374 27 178 28 1403 602 91908 24 390 56 22 1103 63 1059 365 405 57 278 52 187 398 14330 662 6424 6072 281 170 163 280 8 20

0.03 0.12 0.03 0.05 0.48 0.36 0.12 0.23 0.31 7.06 0.12 0.15 0.12 0.16 0.03 0.04 0.25 5.46 1.54 1.11 0.69 0.08 0.03 0.25 2.45 1.83 0.04 0.03 0.12 0.15 3.53 0.04 0.06 0.08 4.78 3.56 0.10 0.08 0.10 0.13 0.04 0.04

0.03 0.08 0.00 0.00 0.39 0.29 0.09 0.23 0.27 6.23 0.10 0.13 0.10 0.15 0.01 0.03 0.00 4.58 1.21 0.67 0.46 0.00 0.02 0.25 1.85 1.38 0.00 0.02 0.00 0.01 3.15 0.02 0.03 0.06 4.45 3.31 0.09 0.06 0.08 0.00 0.00 0.04

0.03 0.12 0.03 0.05 0.39 0.30 0.11 0.23 0.28 7.03 0.10 0.14 0.11 0.16 0.02 0.03 0.25 5.20 1.49 0.92 0.67 0.08 0.02 0.25 2.35 1.72 0.03 0.03 0.12 0.12 3.52 0.04 0.06 0.07 4.53 3.39 0.09 0.08 0.08 0.12 0.04 0.04

135 6 10775 25372 50 98 2039 3686 274 87 106 526 253 764 994 7546 201 46 2680 236 475 271 1589 226 80 107 286 3218 2073 3 67 160 0 572 533 30 6 1 49 53 35 5 1105 3197 540 625 1212 868 2073 130 217 8 512 5000 3982 351 71 17 2825 33 329 61 287 799 46 287 322 683 2 86 474 701 4405 40 16 0 580 3802 2318 1327 568 30 90 503 141 26 15 188 2171 1625 12 326 3 50 301 703 34 3305 4 199 101 467 2 755 1726 5409 111 187 35 60 256 522 7567 1403 62 1648 623 3091 132 879 2587 703 29 350 922 12 322 26 1 424 20 26199 89488

0.04 0.03 6.71 4.99 0.08 0.09 0.13 0.34 0.28 0.02 0.09 0.31 0.23 0.04 0.03 1.25 2.65 1.96 0.09 0.37 0.50 0.03 0.14 0.11 0.05 0.10 0.07 0.11 0.62 0.00 0.06 0.07 0.00 1.54 5.75 0.30 0.20 0.13 0.08 0.10 0.02 0.01 0.02 0.02 0.05 0.07 0.03 0.05 0.08 0.14 0.19 0.12 0.26 0.00 2.10 2.78 0.05 0.03 0.97 0.71 0.98 0.13 0.17 0.04 0.02 3.06 4.10 0.90 0.22 0.35 0.11 3.27 4.38 0.20 0.15 0.02 0.05 0.64 0.48 0.40 0.29 0.06 0.06 0.08 0.04 0.03 0.24 0.10 0.20 0.15 0.00 0.08 0.45 0.00 0.58 0.80 0.10 0.03 0.51 0.06 0.12 0.16 0.77 0.62 4.28 5.73 0.05 0.03 0.24 0.17 0.28 1.28 0.63 0.00 0.05 0.08 0.13 0.17 0.13 0.17 0.04 0.02 0.01 0.13 0.18 0.00 0.08 0.01 0.00 0.20 0.11 11.57 8.61

Change

High Low

+ + + unch + + + + + unch + + + + unch unch unch + + + + + + + + + + unch unch

0.01 0.04 0.00 0.02 0.06 0.03 0.01 0.00 0.02 0.61 0.00 0.01 0.01 0.01 0.01 0.00 0.04 0.63 0.06 0.30 0.21 0.00 0.00 0.00 0.50 0.40 0.01 0.01 0.04 0.03 0.52 0.02 0.02 0.01 0.02 0.08 0.01 0.00 0.02 0.00 0.01 0.00

0.05 0.13 0.04 0.08 0.52 0.38 0.13 0.23 0.35 7.06 0.26 0.35 0.25 0.30 0.05 0.07 0.25 5.46 1.92 1.11 0.69 0.08 0.03 0.30 2.45 1.83 0.06 0.04 0.19 0.21 3.53 0.04 0.06 0.09 6.92 5.01 0.43 0.33 0.10 0.14 0.05 0.06

0.02 0.02 0.01 0.02 0.05 0.04 0.06 0.17 0.15 1.76 0.05 0.08 0.04 0.06 0.00 0.01 0.06 1.38 0.52 0.17 0.04 0.02 0.01 0.22 0.57 0.42 0.02 0.01 0.06 0.01 0.99 0.01 0.01 0.03 1.66 1.23 0.07 0.04 0.02 0.04 0.01 0.03

0.04 0.04 unch 0.02 0.03 + 6.12 6.55 + 4.51 4.90 + 0.07 0.07 0.07 0.08 + 0.10 0.11 + 0.28 0.30 + 0.20 0.24 + 0.02 0.02 unch 0.09 0.09 unch 0.29 0.29 0.21 0.21 0.03 0.04 + 0.02 0.03 + 0.88 1.02 + 2.39 2.50 + 1.81 1.83 + 0.07 0.09 + 0.31 0.34 0.45 0.46 0.02 0.03 0.09 0.12 + 0.06 0.10 + 0.03 0.05 + 0.09 0.10 + 0.07 0.07 + 0.09 0.09 0.47 0.54 + 0.00 0.00 unch 0.00 0.06 unch 0.06 0.06 0.00 0.02 unch 1.48 1.50 unch 5.01 5.40 + 0.00 0.30 0.00 0.17 0.10 0.13 + 0.06 0.07 0.08 0.10 unch 0.02 0.02 unch 0.01 0.01 unch 0.01 0.02 + 0.00 0.02 unch 0.04 0.05 + 0.05 0.06 + 0.02 0.03 + 0.04 0.04 0.06 0.08 + 0.12 0.13 0.15 0.16 0.11 0.12 unch 0.17 0.26 + 0.00 0.00 unch 1.78 1.83 2.39 2.43 0.04 0.05 + 0.03 0.03 + 0.86 0.89 0.00 0.66 0.84 0.90 unch 0.12 0.12 + 0.16 0.17 + 0.00 0.03 unch 0.02 0.02 + 2.70 2.75 3.63 3.65 0.77 0.90 + 0.22 0.22 + 0.22 0.30 + 0.07 0.07 2.99 3.18 + 4.10 4.28 + 0.20 0.20 unch 0.12 0.12 0.02 0.02 unch 0.04 0.05 0.56 0.60 + 0.41 0.45 + 0.32 0.33 0.24 0.24 0.06 0.06 unch 0.04 0.06 + 0.06 0.07 + 0.00 0.04 + 0.00 0.02 unch 0.24 0.24 unch 0.06 0.09 + 0.16 0.19 + 0.11 0.15 + 0.00 0.05 unch 0.06 0.07 + 0.00 0.45 unch 0.00 0.33 unch 0.52 0.55 0.69 0.73 0.07 0.10 + 0.01 0.03 + 0.50 0.50 unch 0.05 0.06 + 0.09 0.10 0.14 0.15 0.60 0.77 unch 0.48 0.56 + 3.78 4.07 + 5.27 5.43 + 0.05 0.05 unch 0.03 0.03 + 0.21 0.24 0.15 0.15 0.22 0.28 + 0.50 0.62 + 0.51 0.56 + 0.00 0.00 0.04 0.05 + 0.05 0.07 + 0.12 0.12 0.16 0.17 + 0.00 0.11 + 0.13 0.14 + 0.03 0.04 + 0.01 0.02 unch 0.01 0.01 0.10 0.10 0.13 0.16 0.00 0.00 unch + 0.08 0.08 0.01 0.01 unch 0.00 0.00 unch 0.13 0.13 + 0.10 0.10 + 10.79 11.30 + 7.96 8.42 +

0.00 0.00 0.47 0.42 0.01 0.00 0.01 0.02 0.01 0.00 0.00 0.02 0.01 0.01 0.01 0.17 0.06 0.02 0.03 0.01 0.01 0.00 0.03 0.04 0.03 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.00 0.00 0.06 0.01 0.03 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.00 0.10 0.00 0.13 0.23 0.01 0.00 0.03 0.01 0.00 0.00 0.01 0.00 0.00 0.16 0.31 0.14 0.02 0.01 0.03 0.14 0.15 0.00 0.03 0.00 0.01 0.03 0.03 0.03 0.02 0.00 0.01 0.02 0.01 0.00 0.00 0.03 0.03 0.03 0.00 0.01 0.00 0.00 0.02 0.01 0.03 0.01 0.00 0.01 0.02 0.02 0.00 0.03 0.13 0.06 0.00 0.00 0.01 0.02 0.03 0.17 0.04 0.00 0.01 0.02 0.01 0.01 0.02 0.02 0.01 0.00 0.00 0.03 0.02 0.00 0.01 0.00 0.00 0.01 0.01 0.58 0.54

0.07 0.05 6.71 4.99 0.13 0.11 0.15 0.44 0.47 0.04 0.15 1.00 0.73 0.12 0.09 1.25 2.93 2.11 0.09 0.62 0.82 0.11 0.14 0.11 0.05 0.15 0.10 0.12 0.62 0.00 0.08 0.09 0.02 3.85 5.90 0.36 0.33 0.25 0.13 0.18 0.06 0.04 0.02 0.02 0.05 0.07 0.03 0.06 0.08 0.15 0.23 0.13 0.26 0.00 2.27 3.07 0.12 0.07 3.87 0.78 1.11 0.15 0.21 0.04 0.03 3.48 4.60 0.90 1.23 1.63 0.90 3.38 4.43 0.20 0.35 0.02 0.08 0.69 0.52 0.45 0.34 0.25 0.06 0.09 0.05 0.03 0.44 0.71 0.25 0.21 0.05 0.08 0.45 5.24 0.83 1.14 0.40 0.03 0.95 0.07 0.63 0.80 2.00 0.71 4.28 5.73 0.08 0.06 0.25 0.17 0.33 1.28 0.63 0.00 0.07 0.11 0.20 0.25 0.13 0.17 0.04 0.02 0.01 0.14 0.19 0.04 0.23 0.03 0.00 0.20 0.15 11.57 8.61

0.02 0.01 2.00 1.44 0.01 0.02 0.04 0.04 0.04 0.01 0.04 0.15 0.18 0.02 0.01 0.22 0.99 0.70 0.03 0.01 0.16 0.03 0.03 0.00 0.02 0.06 0.01 0.03 0.47 0.00 0.03 0.03 0.00 1.00 1.53 0.16 0.12 0.08 0.05 0.07 0.01 0.01 0.00 0.01 0.02 0.03 0.01 0.01 0.01 0.05 0.07 0.11 0.05 0.00 0.33 0.43 0.02 0.02 0.60 0.13 0.17 0.05 0.07 0.01 0.01 1.02 1.45 0.23 0.14 0.21 0.03 1.35 1.80 0.20 0.04 0.00 0.01 0.11 0.05 0.19 0.12 0.01 0.02 0.03 0.01 0.00 0.14 0.06 0.11 0.05 0.05 0.01 0.18 0.24 0.21 0.31 0.04 0.01 0.38 0.03 0.06 0.10 0.20 0.11 1.12 1.55 0.03 0.02 0.15 0.03 0.09 0.04 0.14 0.00 0.02 0.02 0.06 0.10 0.02 0.03 0.01 0.01 0.00 0.02 0.01 0.00 0.06 0.01 0.00 0.07 0.01 4.00 2.72

I-J-K

(100s) Stock

Exc Volume

Week

12-month

High

Low

0.09 0.09 45.04 48.27 + 61.01 64.74 + 0.23 0.28 + 0.32 0.37 + 0.04 0.04 + 0.06 0.06 unch 0.34 0.36 + 0.15 0.20 + 0.19 0.32 + 0.12 0.13 0.26 0.34 + 0.35 0.44 + 1.25 1.32 + 0.93 0.99 + 0.11 0.11 0.00 0.00 0.01 0.01 -

Kintavar Exp Kirkland Lake* Kirkland Lake Klondike Gold* Klondike Gold Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Komet Resource Kootenay Silvr* Kootenay Silvr Kore Mining Kore Mining * Kutcho Copper * KWG Res* KWG Res

V N T O V O V O O V V O V V O O O C

330 10482 7111 258 992 183 2334 193 37 812 57 3944 10193 1596 955 160 1284 1573

0.10 49.70 66.80 0.28 0.37 0.06 0.07 0.41 0.20 0.34 0.14 0.36 0.47 1.45 1.09 0.12 0.01 0.01

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl Laramide Res Laredo Res* Largo Res Largo Res* Lasalle Explor Latin American Latin American* Latin Metals* Latin Metals Laurion Mnl Ex* Laurion Mnl Ex Leading Edge* Leading Edge Leeta Gold Legion Metals Leo Res* Lepanto Con Mg* Libero Copper* Libero Copper Liberty Gold* Lightspeed Dis Lightspeed Dis* Lincoln Mng Lion One Mtls Lion One Mtls* Lions Bay Cap Lions Gate Mtl* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi* Lithium Energi Lithoquest Dia Lithoquest Dia* LKA Gold* Lode-Star Mg* Logan Res* Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes Los Andes* Lovitt Res Lovitt Res* Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lydian Intl* Lynas Corp* Lynas Corp*

O V O O T O V T O T O V V O O V O V O V V C O O O V O V O V V O V O T N V O O O V V O O O O V V O O T O V O V O T O V O V O V V T O T O V O O O

57 2096 40 3 793 756 260 2203 1735 3990 1444 594 9947 57 19 680 78 721 576 777 8970 671 18 50 1185 5551 1972 5 0 141 3485 1901 665 1 1388 3993 96 81 4498 21 463 658 0 104 5 0 12 3121 349 64 202 43 334 7 36 25 533 26 119 0 18 626 1408 715 1722 260 10177 62 343 551 878 509

0.35 0.47 0.01 19.83 26.89 0.03 0.80 0.31 0.00 1.10 0.81 0.22 0.04 0.03 0.10 0.15 0.13 0.18 0.12 0.15 0.39 0.33 0.15 0.00 0.14 0.18 1.80 0.19 0.00 0.13 2.21 1.64 0.03 0.14 8.19 6.14 0.24 0.20 0.27 0.07 0.09 0.06 0.00 0.10 0.10 0.09 0.08 0.05 0.04 0.49 0.65 1.09 0.39 0.30 0.20 0.13 0.62 0.21 0.21 0.00 0.45 0.67 0.88 0.93 12.79 6.36 8.59 0.02 0.03 0.04 1.60 1.63

Macarthur Min* Macarthur Min MacDonald Mns* MacDonald Mns MAG Silver Magellan Gold* Magna Gold Magna Gold* Magnum Goldco Majestic Gold* Majestic Gold Major Precious Makara Mining Makena Res* Mako Mining* Mako Mining Mammoth Res * Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Mangazeya Mng* Manitou Gold * Manitou Gold Maple Gold Maple Gold* Marathon Gold* Marathon Gold Margaret Lake* Margaret Lake Margaux Res Margaux Res* Marifil Mines* Marifil Mines Marimaca Cop Marimaca Cop* Mariner Res Maritime Res MartinMarietta* Mas Gold Mascota Res* Mason Graphite* Mason Graphite Matachewan Con Matica Ent Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent* MaxTech Vent Maxwell Res* Maya Gold &Sil* Maya Gold &Sil Mazarin McChip Res McEwen Mng McEwen Mng* McLaren Res MDN Inc* Mechel* Medallion Res Medallion Res* Medgold Res* Medgold Res Medinah Mnrls* Mega Uranium Mega Uranium* Megastar Dev Megastar Dev* MegumaGold MegumaGold* Melior Res Melkior Res Melkior Res* Mensa Mng Corp* Meridian Mg Meridian Mg * Meridius Res

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

463 738 774 3376 2016 15 185 123 34 73 802 1097 407 69 2265 4764 2 209 289 53 10 275 296 109 88 4596 5297 3017 730 4576 0 67 1246 689 240 595 333 11 0 3123 2584 348 1 565 1662 1 1910 481 1348 280 3248 3531 370 2786 0 15 629 52 25 4247 43363 523 11 335 804 943 764 5145 1192 1959 764 267 43 144 40 66 353 115 0 45 9 4

0.15 0.20 0.08 0.11 23.74 1.39 1.40 1.02 0.06 0.05 0.07 0.75 1.01 0.38 0.40 0.53 0.02 0.04 1.97 1.46 0.08 0.11 0.10 0.08 0.05 0.06 0.22 0.16 1.84 2.46 0.00 0.03 0.12 0.09 0.07 0.09 2.94 1.95 0.00 0.14 228.09 0.12 2.50 0.13 0.17 0.15 0.04 6.74 5.03 0.30 0.40 0.25 0.07 0.10 0.00 1.61 2.20 0.16 0.45 1.92 1.43 0.06 0.50 1.91 0.21 0.15 0.06 0.08 0.00 0.12 0.09 0.14 0.09 0.18 0.13 0.03 1.00 0.75 0.00 0.38 0.26 0.11

Last

Change

High Low

0.01 3.56 3.99 0.04 0.05 0.00 0.00 0.03 0.03 0.15 0.01 0.08 0.10 0.03 0.03 0.02 0.00 0.01

0.20 51.08 67.87 0.35 0.45 0.06 0.07 0.49 0.17 0.34 0.17 0.36 0.47 1.83 1.35 0.21 0.01 0.01

0.05 18.03 25.67 0.10 0.14 0.01 0.02 0.12 0.05 0.05 0.05 0.08 0.12 0.15 0.09 0.03 0.00 0.01

0.04 0.02 0.00 0.30 1.22 0.00 0.04 0.04 0.00 0.09 0.07 0.01 0.01 0.02 0.01 0.03 0.01 0.03 0.02 0.02 0.06 0.01 0.03 0.00 0.02 0.02 0.11 0.01 0.00 0.01 0.45 0.34 0.00 0.00 0.57 0.51 0.03 0.01 0.02 0.00 0.01 0.01 0.00 0.03 0.00 0.00 0.00 0.01 0.01 0.04 0.02 0.16 0.05 0.04 0.01 0.01 0.02 0.01 0.01 0.00 0.01 0.02 0.03 0.03 0.20 0.20 0.38 0.00 0.01 0.01 0.13 0.21

0.35 0.47 0.20 24.44 33.15 0.32 1.02 0.37 0.01 1.99 1.51 0.22 0.04 0.03 0.11 0.15 0.16 0.22 0.20 0.27 0.55 0.70 0.15 0.00 0.18 0.23 1.80 0.20 0.09 0.20 2.21 1.64 0.06 0.18 8.19 6.14 0.40 0.31 0.27 0.14 0.24 0.10 0.08 0.14 0.28 1.04 1.60 0.06 0.04 0.64 0.88 1.09 0.52 0.40 0.27 0.20 1.53 0.35 0.49 1.62 2.20 0.72 0.97 1.08 13.49 6.36 8.59 0.03 0.04 0.16 2.02 2.05

0.09 0.10 0.00 9.71 13.25 0.02 0.44 0.10 0.00 0.56 0.40 0.08 0.01 0.00 0.04 0.05 0.09 0.09 0.03 0.01 0.08 0.14 0.11 0.00 0.02 0.03 0.38 0.08 0.07 0.05 0.62 0.46 0.01 0.14 2.90 1.92 0.10 0.07 0.05 0.01 0.03 0.03 0.03 0.04 0.03 0.08 0.06 0.02 0.01 0.18 0.20 0.10 0.20 0.14 0.12 0.09 0.40 0.05 0.08 0.10 0.13 0.29 0.46 0.41 5.82 2.82 4.08 0.00 0.01 0.00 0.58 0.55

0.01 0.01 0.01 0.01 1.87 0.03 0.06 0.01 0.01 0.01 0.00 0.34 0.03 0.01 0.01 0.00 0.00 0.00 0.18 0.16 0.01 0.01 0.03 0.02 0.00 0.01 0.03 0.02 0.27 0.32 0.00 0.01 0.01 0.01 0.00 0.01 0.38 0.20 0.00 0.02 0.10 0.01 0.25 0.00 0.00 0.00 0.00 0.20 0.20 0.02 0.01 0.07 0.01 0.00 0.00 0.12 0.21 0.02 0.00 0.29 0.23 0.00 0.06 0.10 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.02 0.01 0.00 0.00 0.13 0.11 0.00 0.07 0.04 0.00

0.26 0.32 0.16 0.21 23.74 2.50 1.60 1.29 0.13 0.05 0.07 0.82 1.01 0.74 0.50 0.53 0.03 0.05 2.12 1.55 0.10 0.15 0.13 0.09 0.06 0.08 0.22 0.16 1.78 2.40 0.03 0.06 0.12 0.09 0.13 0.16 2.61 1.85 0.20 0.14 281.82 0.14 46.00 0.28 0.36 0.18 0.08 7.33 5.72 0.32 0.43 0.66 0.09 0.13 1.25 1.73 2.50 0.18 0.65 2.84 2.14 0.10 0.50 3.43 0.21 0.15 0.08 0.14 0.00 0.12 0.09 0.19 0.12 0.21 0.15 0.26 1.25 0.88

0.04 0.07 0.03 0.04 5.33 0.20 0.19 0.02 0.03 0.02 0.04 0.35 0.50 0.22 0.09 0.11 0.02 0.02 0.46 0.38 0.04 0.06 0.03 0.02 0.02 0.02 0.04 0.03 0.52 0.71 0.02 0.02 0.05 0.03 0.02 0.03 1.00 0.03 0.13 0.05 135.08 0.03 0.51 0.08 0.12 0.10 0.02 3.10 2.51 0.09 0.13 0.06 0.02 0.03 0.05 0.65 0.82 0.04 0.39 0.76 0.53 0.01 0.14 1.28 0.05 0.03 0.02 0.03 0.00 0.05 0.03 0.05 0.05 0.06 0.03 0.01 0.06 0.01

L 0.30 0.34 + 0.40 0.45 + 0.01 0.01 18.67 19.37 24.94 25.52 0.02 0.03 + 0.73 0.74 0.26 0.29 + 0.00 0.00 0.92 1.05 + 0.68 0.78 + 0.16 0.17 + 0.02 0.02 0.00 0.02 + 0.09 0.10 + 0.12 0.14 + 0.00 0.13 + 0.17 0.18 + 0.08 0.11 + 0.12 0.15 + 0.31 0.39 + 0.29 0.31 + 0.11 0.11 0.00 0.00 unch 0.11 0.12 + 0.15 0.16 + 1.49 1.53 0.00 0.19 0.00 0.07 unch 0.10 0.11 + 1.57 1.98 + 1.12 1.47 + 0.03 0.03 unch 0.14 0.14 unch 7.16 7.71 + 5.27 5.78 + 0.00 0.23 0.16 0.17 0.17 0.20 + 0.06 0.07 0.08 0.09 0.05 0.06 0.00 0.04 unch 0.09 0.10 + 0.10 0.10 unch 0.09 0.09 unch 0.00 0.08 unch 0.04 0.04 + 0.02 0.03 + 0.40 0.40 0.53 0.57 0.69 0.85 + 0.34 0.36 0.26 0.26 0.18 0.18 0.13 0.13 0.58 0.58 0.13 0.15 + 0.00 0.20 0.00 0.34 unch 0.38 0.45 + 0.59 0.63 + 0.82 0.85 + 0.83 0.84 11.54 12.22 + 5.69 5.93 7.88 7.96 0.00 0.01 + 0.03 0.03 0.01 0.01 + 1.39 1.53 + 1.35 1.56 +

M 0.14 0.14 0.18 0.20 + 0.07 0.08 + 0.10 0.11 + 21.00 22.59 + 0.00 1.33 1.24 1.27 0.90 0.96 0.05 0.06 + 0.04 0.05 + 0.06 0.06 unch 0.45 0.70 + 0.92 1.01 + 0.34 0.35 0.32 0.35 + 0.44 0.47 unch 0.02 0.02 unch 0.04 0.04 unch 1.75 1.93 + 1.30 1.44 + 0.07 0.07 0.10 0.11 + 0.07 0.10 + 0.05 0.08 + 0.04 0.04 0.05 0.06 + 0.16 0.19 + 0.12 0.14 + 1.50 1.78 + 2.03 2.38 + 0.00 0.02 unch 0.03 0.03 0.10 0.11 + 0.08 0.09 + 0.05 0.06 0.07 0.08 2.35 2.65 + 1.75 1.95 + 0.00 0.17 unch 0.12 0.14 + 219.31 223.65 + 0.09 0.11 + 2.25 2.25 0.11 0.12 0.15 0.16 unch 0.15 0.15 unch 0.03 0.03 unch 6.16 6.40 + 4.62 4.78 + 0.26 0.28 + 0.36 0.37 + 0.16 0.23 + 0.06 0.07 + 0.08 0.08 unch 0.00 0.07 unch 1.27 1.43 + 1.71 1.87 + 0.12 0.16 + 0.45 0.45 unch 1.51 1.80 + 1.11 1.34 + 0.05 0.06 unch 0.00 0.44 1.71 1.78 + 0.17 0.19 0.13 0.14 0.04 0.04 0.07 0.07 + 0.00 0.00 + 0.10 0.12 + 0.07 0.08 + 0.11 0.13 + 0.08 0.08 0.15 0.16 0.12 0.12 0.03 0.03 unch 0.88 1.00 + 0.65 0.75 + 0.00 0.00 unch 0.27 0.36 + 0.22 0.22 0.11 0.11 unch

0.39 0.04 0.26 0.03 0.17 0.08

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 20–24, 2020 (100s) Stock

WWW.NORTHERNMINER.COM

AUGUST 3–AUGUST 16, 2020 / THE NORTHERN MINER

Exc Volume

Week Low

0.01 0.01 + 0.00 0.00 unch 0.02 0.03 + 0.01 0.01 unch 0.04 0.05 + 0.02 0.02 unch 7.47 8.25 + 0.44 0.49 + 0.33 0.37 + 0.01 0.01 unch 0.40 0.40 2.40 2.40 0.00 1.88 unch 0.05 0.07 + 0.08 0.08 + 0.05 0.07 + 0.24 0.24 0.08 0.10 + 0.00 0.00 + 0.04 0.07 + 0.06 0.10 + 0.17 0.20 + 1.10 1.30 + 0.81 0.97 + 1.02 1.03 0.13 0.14 + 0.12 0.12 + 0.15 0.16 + 1.00 1.04 1.31 1.38 0.20 0.20 0.27 0.27 unch 0.48 0.58 + 0.35 0.44 + 0.62 0.76 + 0.46 0.56 + 0.38 0.41 + 0.51 0.55 + 0.13 0.13 + 0.18 0.19 + 0.21 0.23 + 0.29 0.31 unch 16.93 17.05 + 0.00 0.00 unch 0.07 0.07 0.05 0.06 + 0.05 0.05 unch 0.00 0.01 unch 0.00 0.00 unch 0.20 0.20 unch 0.10 0.10 unch 0.00 0.06 unch 0.39 0.40 + 0.22 0.26 + 0.08 0.08 0.10 0.11 + 0.12 0.14 + 0.03 0.05 + 0.00 0.06 + 0.45 0.53 + 0.32 0.40 + 0.12 0.13 + 0.17 0.18 + 0.00 0.15 unch 0.00 0.20 unch 0.03 0.03 0.06 0.08 + 0.06 0.06 unch 0.00 0.10 + 0.09 0.09 unch 0.06 0.07 0.12 0.15 + 0.17 0.19 + 12.84 13.67 + 0.00 0.43 unch 0.26 0.27 0.35 0.35 0.28 0.30 + 0.21 0.22 + 0.14 0.15 0.10 0.11 + 0.05 0.05 unch 0.00 0.09 + 0.41 0.44 +

Meryllion Res Meryllion Res* MetalCorp MetalCorp* Metalex Vent Metalex Vent * Metalla Rylty Metallic Mnrls Metallic Mnrls* Metallica Min* Metallis Res Metalore Res Metalore Res* Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* Mexus Gold* MGX Minerals* MGX Minerals Mich Resources Midas Gold Midas Gold* Midland Expl Midnight Star Midnight Sun* Midnight Sun Millennial Lit* Millennial Lit Millrock Res* Millrock Res Minaurum Gold Minaurum Gold* Minco Silver Minco Silver* Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Mtn* Mineral Mtn Mineral Res* MineralRite* Mineworx Tech Mineworx Tech* Minfocus Expl Minfocus Expl* Mining Global* Minnova Corp Minsud Res Minsud Res* Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Monarca Mnrls* Monarca Mnrls Monarch Gold Monarch Gold* Moneta Porcpn* Moneta Porcpn Monitor Vent* Monitor Vent Montego Res Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Morien Res* Morien Res Mosaic* Mount Gibson * Mountain Boy* Mountain Boy Mountain Prov Mountain Prov* Mundoro Cap Mundoro Cap* Murchison Min* Murchison Min Musgrave Min*

C O V O V O V V O O V V O O V O V O O O C C T O V C O V O V O V V O T O O V O C O V O O V O V O O V V O V C V O V O V T O O T O V C C O V V O O V N O O V T O V O O V O

502 5 1918 4 767 0 526 2949 1511 203 379 5 2 96 2615 423 51 688 18215 2225 6653 66 8216 10867 198 771 237 353 72 169 1052 1398 2729 2206 731 592 1314 2118 223 2363 220 327 14 31500 1662 598 35 0 809 67 5 35 899 3276 169 12 288 250 1122 8989 1570 1155 2844 0 0 174 1425 16 109 383 50 129 314 15327 88 472 921 788 67 573 283 275 268 226

0.01 0.00 0.04 0.01 0.05 0.02 8.52 0.50 0.38 0.01 0.48 2.60 1.88 0.07 0.09 0.07 0.26 0.12 0.00 0.11 0.15 0.20 1.39 1.04 1.13 0.15 0.12 0.16 1.20 1.58 0.23 0.31 0.58 0.44 0.80 0.60 0.43 0.58 0.14 0.20 0.24 0.33 17.05 0.00 0.08 0.06 0.05 0.00 0.00 0.21 0.10 0.00 0.43 0.28 0.10 0.11 0.16 0.05 0.07 0.58 0.43 0.14 0.19 0.00 0.00 0.03 0.09 0.06 0.10 0.09 0.07 0.15 0.19 13.88 0.43 0.30 0.40 0.31 0.23 0.15 0.12 0.05 0.09 0.47

NA Frac Sand* NACCO Ind* Namibia Crit Namibia Crit* Napier Vent Napier Vent* Natural Res Pt* Nautilus Mnrls* Navis Res Corp* Navy Res Neo Lithium Neometals* Network Expl* Network Expl Nevada Canyon* Nevada Copper Nevada Energy* Nevada Energy Nevada Expl * Nevada Expl Nevada Sunrise* Nevada Sunrise Nevada Zinc Nevado Res New Age Metals New Age Metals* New Carolin Gd* New Carolin Gd New Destiny Mg New Dimen Res New Dimen Res* New Egy Min* New Energy Met* New Energy Met New Gold New Gold* New Guinea Gld* New Jersey Mng* New Milln Iron* New Milln Iron New Oroperu New Pac Metals* New Pac Metals New Placer* New Placer New Stratus New Tech Min* New Tech Min New World Res* Newlox Gold Newmac Res Newmont Corp* Newmont Corp Newport Expl Newport Gold* NewRange Gold* NewRange Gold Nexa Resources Nexa Resources* Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold NGEx Minerals* NGEx Minerals Nickel Creek Nickel Creek* Nickel North Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Noble Metal Noble Mineral Noble Mineral* Noka Res*

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

27080 92 253 349 20 45 144 961 14 13 1061 221 16 32 1612 14231 118 98 1218 870 508 335 157 3 3828 1721 593 3974 510 348 53 26 14 178 12502 44116 443 1121 665 1607 234 1561 1182 555 6915 27 2 406 17 6453 113 38476 656 128 98 2097 3712 7 465 5919 5996 883 4189 12761 434 428 5595 2040 454 2639 368 349 1074 307 37 514 578 305 31 61 846 334 103

0.02 25.10 0.28 0.21 0.07 0.05 10.39 0.00 2.90 0.24 0.72 0.40 0.23 0.32 0.40 0.16 0.09 0.12 0.17 0.23 0.10 0.13 0.07 0.08 0.08 0.06 0.07 0.09 0.05 0.06 0.05 0.01 0.05 0.04 2.19 1.64 0.00 0.39 0.04 0.05 2.95 4.37 5.89 0.69 0.95 0.03 0.02 0.03 1.20 0.14 0.07 67.08 89.72 0.40 0.00 0.29 0.39 9.08 6.75 2.52 1.88 0.04 0.10 0.11 0.37 0.51 0.13 0.10 0.03 0.21 0.14 2.05 2.75 0.72 0.16 0.85 0.66 0.05 0.04 0.01 0.08 0.06 1.02

Last

12-month

High

Change

High Low

0.01 0.00 0.01 0.00 0.01 0.00 0.74 0.05 0.05 0.00 0.04 0.40 0.00 0.01 0.01 0.01 0.02 0.02 0.00 0.02 0.04 0.02 0.27 0.21 0.02 0.01 0.01 0.01 0.07 0.14 0.00 0.00 0.10 0.08 0.12 0.08 0.01 0.01 0.00 0.02 0.00 0.00 0.12 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.03 0.01 0.02 0.03 0.01 0.01 0.10 0.07 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.03 0.00 0.00 0.02 0.01 0.26 0.00 0.02 0.05 0.02 0.02 0.01 0.01 0.00 0.02 0.03

0.01 0.01 0.04 0.03 0.08 0.03 8.69 0.50 0.38 0.01 0.96 3.65 1.88 0.07 0.09 0.16 0.42 0.14 0.03 0.19 0.25 0.50 1.39 1.04 1.13 0.35 0.15 0.22 1.29 1.70 0.23 0.32 0.58 0.43 0.99 0.73 0.44 0.58 0.16 0.21 0.43 0.53 17.05 0.00 0.24 0.18 0.05 0.04 0.00 0.22 0.15 0.06 0.71 0.35 0.16 0.16 0.60 0.06 0.08 0.58 0.43 0.16 0.22 0.16 0.22 0.06 0.12 0.17 0.15 0.10 0.09 0.50 0.65 25.71 0.57 0.33 0.45 1.44 0.86 0.21 0.14 0.11 0.18 0.60

0.01 0.00 0.01 0.00 0.02 0.01 4.06 0.10 0.07 0.01 0.11 0.89 0.81 0.02 0.03 0.03 0.06 0.01 0.00 0.02 0.04 0.08 0.24 0.16 0.46 0.10 0.04 0.03 0.38 0.61 0.06 0.08 0.22 0.16 0.20 0.14 0.10 0.13 0.07 0.05 0.09 0.13 8.77 0.00 0.07 0.05 0.02 0.01 0.00 0.05 0.01 0.04 0.29 0.02 0.05 0.06 0.08 0.01 0.02 0.11 0.07 0.04 0.06 0.08 0.12 0.02 0.02 0.02 0.01 0.04 0.02 0.06 0.08 6.50 0.40 0.09 0.14 0.25 0.17 0.09 0.06 0.04 0.04 0.32

0.00 0.47 0.01 0.00 0.00 0.00 0.05 0.00 0.13 0.00 0.11 0.22 0.01 0.03 0.10 0.01 0.02 0.01 0.02 0.02 0.01 0.01 0.01 0.04 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.28 0.22 0.00 0.03 0.00 0.01 0.35 0.03 0.03 0.10 0.15 0.00 0.01 0.01 0.10 0.07 0.02 3.83 3.88 0.04 0.00 0.10 0.13 0.12 0.01 0.38 0.32 0.00 0.01 0.01 0.03 0.01 0.04 0.04 0.01 0.07 0.05 0.24 0.25 0.06 0.02 0.01 0.02 0.01 0.00 0.00 0.01 0.00 0.00

0.03 66.40 0.31 0.24 0.29 0.28 32.83 0.03 3.44 0.27 0.92 0.40 0.39 0.48 0.40 0.38 0.11 0.16 0.30 0.39 0.12 0.17 0.08 0.15 0.15 0.11 0.11 0.15 0.15 0.06 0.05 0.01 0.21 0.31 2.19 1.64 0.13 0.39 0.06 0.09 2.95 5.60 7.17 0.69 0.95 0.25 0.03 0.05 1.33 0.14 0.08 69.13 96.45 0.45 0.02 0.24 0.39 14.33 10.98 2.52 1.88 0.09 0.10 0.12 0.37 0.66 0.15 0.10 0.04 0.21 0.14 2.05 3.65 0.72 0.28 0.94 0.72 0.05 0.04 0.03 0.14 0.10 1.97

0.00 21.01 0.08 0.06 0.04 0.04 8.50 0.00 0.92 0.10 0.38 0.08 0.06 0.08 0.03 0.13 0.02 0.04 0.08 0.12 0.01 0.01 0.03 0.07 0.03 0.02 0.02 0.03 0.02 0.02 0.02 0.01 0.00 0.02 0.55 0.39 0.00 0.12 0.03 0.04 0.35 1.61 2.25 0.19 0.21 0.03 0.01 0.01 0.22 0.03 0.03 33.00 44.00 0.25 0.00 0.05 0.07 3.94 2.57 0.76 0.50 0.02 0.01 0.03 0.16 0.24 0.02 0.02 0.01 0.04 0.04 0.26 0.97 0.20 0.10 0.50 0.36 0.01 0.01 0.01 0.03 0.02 0.26

N-O 0.01 22.51 0.26 0.19 0.07 0.05 9.86 0.00 2.50 0.24 0.55 0.10 0.20 0.00 0.05 0.14 0.06 0.09 0.14 0.18 0.08 0.10 0.06 0.00 0.07 0.04 0.05 0.08 0.04 0.05 0.00 0.01 0.03 0.04 1.88 1.38 0.00 0.31 0.03 0.05 2.28 3.75 4.84 0.49 0.65 0.03 0.00 0.03 1.08 0.06 0.05 63.21 85.74 0.35 0.00 0.18 0.26 8.01 5.82 2.09 1.55 0.04 0.06 0.08 0.34 0.45 0.08 0.05 0.02 0.11 0.08 1.80 2.43 0.58 0.00 0.80 0.60 0.00 0.02 0.00 0.06 0.04 0.97

0.02 23.53 0.26 0.20 0.07 0.05 10.05 0.00 2.69 0.24 0.59 0.34 0.21 0.27 0.17 0.14 0.09 0.09 0.16 0.22 0.10 0.12 0.06 0.08 0.08 0.06 0.06 0.08 0.05 0.05 0.05 0.01 0.05 0.04 2.15 1.60 0.00 0.35 0.04 0.05 2.75 4.08 5.47 0.58 0.81 0.03 0.02 0.03 1.20 0.13 0.07 66.75 89.23 0.36 0.00 0.28 0.38 8.33 6.33 2.46 1.85 0.04 0.07 0.10 0.37 0.45 0.12 0.09 0.03 0.17 0.13 1.99 2.65 0.59 0.16 0.85 0.64 0.05 0.04 0.01 0.08 0.06 0.97

+ + unch unch + + unch + + + + + + + + + + + + + + + unch + + unch + + + + + + unch + + + + + + + + + + + unch + + + + + + + + + + + + + + unch + + unch

(100s) Stock

Week

Exc Volume

High

Low

Noram Vent Noram Vent* Noranda Alum* Noront Res* Noront Res Norra Metals Norseman Cap Norsemont Cap Norsemont Cap* Nortec Mnls Nortec Mnls* North Am Nickl* North Am Nickl North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res Northcliff Res Northern Light Northern Uran Northisle C&G Northisle C&G * Northstar Gold Northstar Gold* Northway Res Norvista Cap NorZinc NorZinc* Nouveau Monde Nouveau Monde* NovaGold Res NovaGold Res* Novo Res* Novo Res NQ Minerals Pl* NRG Metals* NRG Metals Nrthn Graphite Nrthn Graphite* Nrthn Lion Nrthn Lion* Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* Nrthn Vertex* Nrthn Vertex NSGold NSS Res Inc Nthn Dynasty Nthn Dynasty* Nthrn Sphere* Nubian Res Nuinsco Res Nuinsco Res* NuLegacy Gold NuLegacy Gold* Nutrien* Nutrien NV Gold NV Gold* NxGold Ltd* NxGold Ltd O.T. Mining* O3 Mining* O3 Mining OceanaGold OceanaGold* Oceanic Iron O Oceanus Res* Oceanus Res Odyssey Res Olivut Res Olivut Res* Omineca Mining Omineca Mining* One World Lith One World Lith* Opawica Expl Opus One Res Orbite Tech* Orca Gold Orca Gold* Orea Mining Orea Mining* Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold Orezone Gold* Orford Mining OrganiMax* OrganiMax Origen Res Origin Gold Original Sixtn* Orla Mng Ltd* Orla Mng Ltd Oroco Res Oroco Res* Orocobre Orosur Mng Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls* Osino Res Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Osprey Gold Otso Gold Otso Gold* Outcrop Gold Outcrop Gold* OZ Minerals*

V 3976 O 135 O 5 O 160 V 1797 V 707 V 1004 C 277 O 204 V 298 O 2 O 526 V 973 O 180 V 587 O 27044 V 130 T 1610 C 1151 V 1118 V 222 O 35 C 480 O 32 V 220 V 266 T 1935 O 822 V 540 O 68 T 2106 X 10433 O 1282 V 1614 O 53 O 155 V 74 V 209 O 372 V 34 O 2 O 43 V 5395 V 384 O 23 O 359 V 1054 V 19 C 198 T 29288 X 182820 O 4 V 298 C 1135 O 1 V 8687 O 5275 N 5788 T 9762 V 1227 O 810 O 99 V 602 O 13 O 183 V 867 T 8211 O 65 V 173 O 1342 V 6086 V 500 V 31 O 125 V 754 O 547 C 127 O 49 V 600 V 1989 O 25 V 1703 O 236 T 858 O 1031 V 2254 V 1179 O 469 V 998 V 1103 O 311 V 1203 O 3 V 15 C 282 V 875 O 19 O 167 T 4432 V 410 O 492 T 334 T 582 V 76 O 13 T 645 O 459 V 1153 N 5053 T 3156 O 156 V 749 T 6482 V 1510 V 3809 O 178 V 4920 O 3603 O 5

0.27 0.17 0.01 0.16 0.23 0.05 0.17 2.01 1.62 0.02 0.01 0.09 0.12 0.04 0.07 0.00 0.76 0.04 0.06 0.01 0.09 0.07 0.44 0.30 0.14 0.14 0.12 0.08 0.20 0.15 12.03 8.97 3.10 4.16 0.13 0.32 0.42 0.20 0.15 0.34 0.25 0.04 0.14 0.52 0.39 0.35 0.46 0.24 0.08 3.28 2.49 0.02 0.41 0.01 0.00 0.18 0.13 33.91 45.38 0.39 0.29 0.49 0.68 0.10 2.00 2.69 3.79 2.73 0.17 0.44 0.60 0.04 0.04 0.04 0.64 0.48 0.10 0.09 0.09 0.10 0.00 0.44 0.32 0.24 0.17 0.12 0.27 0.14 0.18 0.97 0.74 0.10 0.05 0.08 0.25 0.29 0.10 3.68 4.98 0.70 0.54 3.12 0.09 0.39 0.29 0.27 0.20 1.39 11.70 15.73 0.32 0.43 4.27 0.07 0.07 0.05 0.77 0.59 9.91

0.15 0.11 0.00 0.11 0.16 0.00 0.13 1.87 1.38 0.02 0.01 0.07 0.09 0.00 0.05 0.00 0.67 0.03 0.04 0.00 0.00 0.06 0.37 0.00 0.11 0.13 0.08 0.05 0.19 0.14 11.32 8.42 2.72 3.64 0.09 0.21 0.31 0.17 0.13 0.00 0.25 0.03 0.09 0.46 0.00 0.31 0.41 0.00 0.05 2.44 1.79 0.02 0.34 0.01 0.00 0.13 0.09 32.46 43.70 0.32 0.23 0.35 0.50 0.03 1.75 2.36 3.27 2.32 0.16 0.32 0.43 0.04 0.04 0.02 0.54 0.40 0.00 0.08 0.00 0.06 0.00 0.39 0.29 0.20 0.14 0.10 0.19 0.10 0.14 0.88 0.65 0.09 0.05 0.00 0.22 0.17 0.06 2.93 3.95 0.64 0.50 2.63 0.06 0.00 0.00 0.24 0.17 1.23 10.88 14.75 0.29 0.39 3.84 0.06 0.06 0.04 0.47 0.35 0.00

Pac Bay Mnrls* Pac Booker Min Pac Booker Min* Pac Cascade Pac Imperial Pac Ridge Expl Pac Ridge Expl* Pac Wildcat* Pacific Empire Pacific Rim Pacific Rim* Pacific Silk Pacton Gold Paladin Energy* Palamina Corp Palamina Corp* Palayan Res* Paleo Resource Paleo Resource* Palladium One Palladium One* Pan Am Silver* Pan Am Silver Pan Andean Min* Pan Global Res Pancontinental* Pancontinental Panex Res* Pangolin Dia Panoro Mnrls Panoro Mnrls* Pantheon Vent Para Resources Parallel Mng Parallel Mng * Paramount Gold* Paringa Res* Parlane Res Pasinex Res Pasofino Gold Patriot Gold Patriot Gold* Peabody Enrgy* Pedro Res Pelangio Expl* Pelangio Expl Peloton Mnrls* Peloton Mnrls PepinNini Lith*

O V O V V V O O V C O V V O V O O V O V O D T O V O V O V V O V V V O X O V C V C O N V O V O C O

0.04 2.43 1.80 0.04 0.03 0.07 0.05 0.00 0.13 0.14 0.11 0.02 1.42 0.11 0.24 0.18 1.75 0.01 0.01 0.13 0.10 37.86 50.70 0.00 0.28 0.06 0.08 0.00 0.04 0.16 0.12 0.09 0.49 0.16 0.12 1.46 0.02 0.08 0.03 0.24 0.08 0.07 3.45 0.19 0.18 0.25 0.07 0.09 0.00

Last

12-month Change

High Low

0.20 + 0.16 + 0.00 0.14 + 0.19 + 0.05 + 0.15 + 1.94 unch 1.46 + 0.02 + 0.01 unch 0.08 0.10 unch 0.03 unch 0.06 0.00 unch 0.68 0.03 0.06 + 0.01 0.09 + 0.07 + 0.43 + 0.30 + 0.14 + 0.13 0.10 + 0.08 + 0.20 + 0.14 11.82 + 8.79 + 2.76 3.75 0.12 + 0.30 + 0.40 + 0.20 unch 0.14 0.34 0.25 unch 0.03 0.13 + 0.52 + 0.37 + 0.32 + 0.44 + 0.20 + 0.07 2.61 + 1.94 + 0.02 unch 0.38 0.01 + 0.00 + 0.15 + 0.11 + 32.60 44.00 0.37 + 0.28 + 0.45 + 0.53 + 0.03 1.99 + 2.64 + 3.69 + 2.58 + 0.16 0.37 + 0.50 + 0.04 unch 0.04 unch 0.03 0.55 0.41 0.10 unch 0.09 unch 0.09 0.10 + 0.00 unch 0.41 + 0.31 + 0.21 0.15 0.12 + 0.23 0.11 0.15 0.92 + 0.69 + 0.10 + 0.05 + 0.08 + 0.23 + 0.28 + 0.10 unch 3.60 + 4.91 + 0.69 0.52 2.98 + 0.07 + 0.35 0.28 0.26 + 0.20 + 1.33 + 11.45 + 15.33 + 0.30 + 0.41 + 4.08 + 0.07 + 0.06 unch 0.05 + 0.56 + 0.44 + 9.91 +

0.04 0.07 0.00 0.02 0.03 0.01 0.01 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.12 0.01 0.03 0.01 0.01 0.02 0.03 0.02 0.01 0.02 0.02 0.02 0.01 0.00 0.35 0.37 0.21 0.28 0.01 0.08 0.11 0.00 0.01 0.11 0.00 0.01 0.02 0.02 0.01 0.01 0.01 0.04 0.01 0.33 0.25 0.00 0.03 0.01 0.00 0.02 0.01 0.73 1.07 0.06 0.04 0.10 0.04 0.04 0.24 0.26 0.44 0.33 0.01 0.03 0.02 0.00 0.00 0.01 0.05 0.04 0.00 0.00 0.01 0.04 0.00 0.01 0.01 0.01 0.01 0.02 0.03 0.02 0.02 0.01 0.02 0.01 0.00 0.02 0.01 0.10 0.00 0.74 1.01 0.01 0.00 0.36 0.01 0.04 0.00 0.02 0.02 0.11 0.68 0.70 0.01 0.02 0.22 0.01 0.00 0.00 0.13 0.12 1.60

0.27 0.17 0.02 0.20 0.28 0.05 0.17 2.36 1.75 0.05 0.03 0.29 0.35 0.06 0.08 0.00 1.38 0.08 0.07 0.01 0.09 0.07 0.55 0.38 0.17 0.16 0.12 0.09 0.27 0.21 18.00 12.85 3.12 4.16 0.13 0.36 1.02 0.28 0.20 0.45 0.25 0.25 0.14 0.52 0.39 0.35 0.46 0.24 0.18 3.28 2.49 0.20 0.45 0.02 0.01 0.18 0.13 55.25 72.84 0.40 0.29 0.49 0.70 0.10 2.29 3.16 3.90 2.85 0.19 0.44 0.60 0.05 0.10 0.12 0.75 0.55 0.16 0.12 0.12 0.10 0.16 0.48 0.36 0.25 0.18 0.18 0.28 0.15 0.20 1.03 0.76 0.13 0.14 0.21 0.27 0.29 0.25 3.67 4.97 0.73 0.54 3.52 0.13 0.40 0.31 0.40 0.30 1.43 13.43 17.47 0.48 0.62 4.27 0.12 0.11 0.08 0.77 0.59 9.91

0.05 0.04 0.00 0.08 0.12 0.02 0.04 0.25 0.20 0.01 0.00 0.02 0.06 0.02 0.03 0.00 0.30 0.02 0.02 0.01 0.01 0.01 0.19 0.22 0.05 0.04 0.02 0.01 0.13 0.09 6.40 4.65 1.00 1.41 0.05 0.04 0.24 0.06 0.04 0.10 0.08 0.02 0.05 0.07 0.05 0.11 0.15 0.06 0.03 0.50 0.35 0.00 0.07 0.01 0.00 0.03 0.02 23.85 34.80 0.07 0.05 0.02 0.10 0.02 0.64 1.06 1.16 0.81 0.04 0.03 0.04 0.02 0.03 0.02 0.05 0.03 0.03 0.02 0.05 0.02 0.00 0.20 0.15 0.09 0.06 0.04 0.03 0.03 0.04 0.22 0.14 0.02 0.03 0.04 0.13 0.05 0.02 1.10 1.42 0.20 0.05 1.60 0.03 0.10 0.09 0.11 0.09 0.36 4.65 6.35 0.17 0.24 1.67 0.02 0.02 0.02 0.08 0.06 3.48

0.04 0.04 unch 2.10 2.43 + 0.00 1.80 + 0.04 0.04 0.02 0.03 0.06 0.07 + 0.00 0.05 + 0.00 0.00 unch 0.09 0.13 + 0.00 0.13 0.10 0.10 0.02 0.02 unch 1.27 1.33 + 0.10 0.10 + 0.20 0.23 + 0.14 0.17 + 1.24 1.72 + 0.00 0.01 unch 0.01 0.01 0.09 0.10 + 0.06 0.08 + 34.73 36.70 + 46.62 49.25 + 0.00 0.00 unch 0.22 0.24 + 0.05 0.06 + 0.08 0.08 unch 0.00 0.00 unch 0.03 0.03 unch 0.14 0.15 + 0.10 0.12 + 0.06 0.07 unch 0.39 0.44 + 0.13 0.15 + 0.11 0.12 + 1.21 1.34 + 0.02 0.02 + 0.00 0.07 + 0.03 0.03 0.22 0.23 unch 0.08 0.08 unch 0.04 0.07 + 2.84 3.41 + 0.15 0.15 + 0.14 0.18 + 0.18 0.25 + 0.06 0.06 0.08 0.09 unch 0.00 0.00 unch

0.00 0.03 0.03 0.01 0.01 0.01 0.00 0.00 0.04 0.01 0.00 0.00 0.06 0.01 0.03 0.02 0.12 0.00 0.00 0.01 0.01 2.31 2.58 0.00 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.13 0.00 0.02 0.01 0.00 0.00 0.01 0.44 0.01 0.01 0.03 0.00 0.00 0.00

0.08 3.33 2.40 0.05 0.03 0.08 0.05 0.01 0.13 0.33 0.36 0.03 2.60 0.11 0.30 0.23 1.75 0.05 0.04 0.24 0.20 37.86 50.70 0.04 0.30 0.06 0.08 0.00 0.10 0.16 0.12 0.09 1.90 0.45 0.13 1.46 0.19 0.13 0.05 0.29 0.08 0.07 22.99 0.20 0.19 0.25 0.11 0.12 0.00

0.03 1.12 0.84 0.01 0.01 0.03 0.02 0.00 0.02 0.11 0.08 0.01 0.35 0.03 0.09 0.06 0.25 0.01 0.00 0.05 0.03 10.61 14.22 0.00 0.06 0.01 0.02 0.00 0.02 0.07 0.04 0.01 0.10 0.10 0.09 0.47 0.00 0.02 0.01 0.04 0.05 0.02 2.51 0.09 0.08 0.11 0.03 0.04 0.00

P-Q 0 20 1 140 58 519 21 3 1575 106 24 75 511 7393 166 129 179 437 47 4351 641 27085 4324 1 1768 41 516 188 436 615 503 152 98 258 100 4110 75 760 144 298 20 137 8084 290 105 267 111 214 400

(100s) Stock

Exc Volume

Week Last

12-month

High

Low

Change

Perseus Mng T 388 Pershimex Res V 239 Pershing Res* O 940 Peruvian Metal* O 425 Peruvian Metal V 2044 Philex Mng* O 8 Phoenix Global* O 4 Phoenix Gold V 333 Pine Cliff En* O 150 Pine Cliff En T 143 Pinecrest Res * O 0 Pinecrest Res V 1939 Pistol Bay Mng V 2531 Pistol Bay Mng* O 420 Pivit Explor C 523 PJSC Polyus Gd* O 4 PJX Res V 270 Plata Latina V 169 Plate Res V 246 Plateau Energy V 266 Plateau Energy* O 61 Platinex Inc* O 21 Platinex Inc C 9966 Platinum Gp Mt T 531 Platinum Gp Mt* X 4820 Plato Gold V 455 Playfair Mng V 698 Playfair Mng* O 197 PolyMet Mng* X 209138 PolyMet Mng T 1552 Portage Res* O 8553 Portex Mnrls* O 2 Portofino Res V 1082 Portofino Res* O 33 Potash Ridge* O 436 Potash Ridge T 1652 Power Group* O 116 Power Group V 145 Power Metals* O 1421 Power Metals V 1297 PowerOre V 2374 Precipitate Gl* O 2127 Precipitate Gl V 3091 Premier Gold M T 3844 Premium Expl* O 2 Pretium Res* N 9256 Pretium Res T 3353 Primary Energy C 3843 Prime Mining* O 140 Prime Mining V 3154 Prism Res V 6 ProAm Expl V 356 Probe Metals* O 671 Probe Metals V 985 Prog Planet V 75 Prog Planet* O 7 Project One C 1000 Promithian Gl * O 12 Prophecy Pot C 50 Prosper Gold V 1614 Prospero Silvr V 130 Provenance Gld C 429 Providence V 487 Providence Gld* O 75 PUF Vent Inc * O 2891 Puma Expl* O 131 Puma Expl V 607 Pure Alumina* O 66 Pure Energy* O 1432 Pure Energy V 937 Pure Gold Mg* O 2363 Pure Gold Mg V 7268 Purepoint Uran V 2824 Q-Gold Res* O 8 Q-Gold Res V 310 QC Precious V 580 QC Precious * O 97 QMC Quantum Ml V 283 QMC Quantum Ml* O 273 QMX Gold* O 410 QMX Gold V 3021 Quadro Res V 2388 Quantum Cobalt C 15 Quartz Mtn Res* O 8 Quartz Mtn Res V 19 Quaterra Res V 805 Quaterra Res* O 3612 Quest Rare Mnl* O 453 Quinto Res V 557

1.45 0.08 0.01 0.04 0.05 0.10 0.51 0.06 0.10 0.14 0.52 0.84 0.04 0.04 0.39 95.00 0.18 0.04 0.07 0.30 0.22 0.05 0.10 2.96 2.22 0.05 0.15 0.10 0.71 0.95 0.00 0.00 0.13 0.09 0.02 0.04 0.03 0.04 0.28 0.37 0.11 0.26 0.34 2.59 0.00 9.85 13.20 0.29 1.23 1.65 0.03 0.12 1.16 1.56 0.05 0.05 0.26 8.10 0.10 0.06 0.49 0.12 0.13 0.12 0.04 0.06 0.11 0.01 0.13 0.17 1.66 2.23 0.06 0.17 0.26 0.31 0.23 0.13 0.11 0.14 0.19 0.28 0.03 0.14 0.19 0.15 0.11 0.02 0.08

1.37 1.43 + 0.07 0.07 unch 0.01 0.01 0.02 0.04 + 0.04 0.05 + 0.03 0.10 unch 0.00 0.46 + 0.05 0.05 unch 0.10 0.10 unch 0.13 0.14 0.00 0.52 + 0.67 0.80 + 0.04 0.04 unch 0.03 0.04 + 0.35 0.39 + 0.00 95.00 + 0.14 0.17 + 0.03 0.03 unch 0.06 0.07 + 0.25 0.26 0.19 0.19 0.05 0.05 0.06 0.09 + 1.90 2.83 + 1.40 2.12 + 0.04 0.04 unch 0.13 0.13 unch 0.10 0.10 0.37 0.54 + 0.51 0.71 + 0.00 0.00 0.00 0.00 unch 0.10 0.12 + 0.09 0.09 0.00 0.02 + 0.03 0.03 0.02 0.03 + 0.04 0.04 unch 0.24 0.25 0.32 0.35 0.07 0.08 + 0.16 0.25 + 0.21 0.34 + 2.38 2.56 + 0.00 0.00 unch 8.93 9.46 + 12.09 12.72 + 0.23 0.23 1.05 1.20 + 1.40 1.65 + 0.03 0.03 unch 0.08 0.12 + 0.98 1.06 + 1.31 1.43 + 0.00 0.05 0.05 0.05 unch 0.26 0.26 + 5.00 7.50 + 0.09 0.10 + 0.05 0.05 unch 0.35 0.35 0.10 0.12 + 0.11 0.12 + 0.08 0.10 + 0.04 0.04 + 0.06 0.06 0.08 0.10 + 0.01 0.01 unch 0.10 0.11 0.14 0.14 1.50 1.61 + 2.04 2.17 + 0.05 0.06 + 0.17 0.17 0.22 0.25 unch 0.27 0.29 0.20 0.20 0.11 0.13 + 0.08 0.10 + 0.11 0.14 + 0.16 0.18 + 0.24 0.24 0.00 0.03 0.14 0.14 unch 0.18 0.18 0.13 0.13 0.09 0.10 + 0.01 0.02 + 0.07 0.08 -

Rackla Metals Rackla Metals* Radisson Mng Radius Gold Rae-Wallace Mg* Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Razore Rock Res Red Eagle Mng* Red Moon Res Red Pine Expl Redstar Gold Redstar Gold* Regis Res NL* Regulus Res Remington Res Renaissance Gd* Renaissance Gd Renforth Res* Renforth Res Resolve Vent Resource Cap* Reunion Gold* Reunion Gold Revelo Res Revival Gold * Revival Gold Reyna Silver Reyna Silver* Rhyolite Res Richmond Mnls* Richmond Mnls Ridgestone M’g Ridgestone M’g* Riley Resource Rimrock Gold* Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited* Rio2 Limited Rise Gold Corp Rise Gold Corp* Riverside Res Riverside Res* RJK Explor* RJK Explor Robex Res Rochester Res Rochester Res* Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Res Rockridge Res Rockshield Cap* Rodinia Lithm Rogue Res* Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RosCan Gold* RosCan Gold Roughrider Exp Rover Metals*

0.19 0.12 0.33 0.37 0.10 0.10 0.30 1.13 0.16 0.10 0.00 0.97 0.06 0.10 0.00 0.06 0.05 0.10 0.08 4.26 1.06 0.35 0.43 0.58 0.04 0.06 0.08 0.00 0.10 0.13 0.14 1.07 1.45 0.82 0.61 0.21 0.03 0.07 0.24 0.24 0.24 0.00 0.10 0.08 62.62 62.79 0.00 0.72 0.94 1.09 0.80 0.40 0.31 0.16 0.21 0.35 0.06 0.04 0.45 0.61 0.05 0.09 0.03 0.25 0.18 0.04 0.06 0.06 0.08 0.23 0.21 0.28 0.07 0.05 0.38 0.55 0.36 0.13

High Low

0.08 0.00 0.00 0.02 0.01 0.00 0.11 0.00 0.00 0.01 0.01 0.10 0.00 0.00 0.04 7.00 0.04 0.00 0.01 0.04 0.03 0.00 0.03 0.91 0.73 0.00 0.00 0.00 0.15 0.18 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.02 0.02 0.01 0.09 0.11 0.12 0.00 0.64 0.75 0.02 0.16 0.27 0.00 0.02 0.05 0.07 0.01 0.00 0.01 0.60 0.01 0.00 0.04 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.02 0.03 0.07 0.07 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.03 0.02 0.04 0.01 0.00 0.02 0.01 0.00 0.00 0.01

1.44 0.09 0.06 0.04 0.05 0.10 0.51 0.06 0.14 0.19 0.52 0.84 0.06 0.05 0.64 95.00 0.19 0.06 0.16 0.55 0.65 0.06 0.13 3.86 2.98 0.05 0.17 0.12 0.97 1.30 0.00 0.00 0.14 0.11 0.05 0.07 0.09 0.12 0.40 0.54 0.12 0.29 0.34 2.59 0.00 13.83 18.30 0.82 1.23 1.66 0.05 0.15 1.16 1.56 0.14 0.05 0.26 9.78 0.19 0.12 1.10 0.20 0.18 0.13 0.28 0.20 0.20 0.30 0.17 0.24 1.70 2.31 0.08 0.21 0.30 0.39 0.29 0.21 0.15 0.14 0.20 0.28 0.06 0.18 0.24 0.15 0.11 0.06 0.08

0.45 0.02 0.00 0.01 0.03 0.00 0.06 0.01 0.04 0.05 0.09 0.14 0.01 0.00 0.12 43.41 0.01 0.01 0.02 0.16 0.08 0.01 0.01 1.25 0.86 0.02 0.02 0.01 0.15 0.25 0.00 0.00 0.02 0.02 0.01 0.02 0.02 0.03 0.03 0.04 0.03 0.04 0.05 0.85 0.00 4.05 6.25 0.17 0.14 0.25 0.01 0.05 0.37 0.54 0.02 0.01 0.12 0.02 0.01 0.03 0.10 0.08 0.06 0.02 0.02 0.03 0.04 0.01 0.02 0.03 0.27 0.38 0.03 0.09 0.14 0.14 0.10 0.06 0.03 0.03 0.04 0.02 0.01 0.04 0.05 0.02 0.02 0.00 0.02

0.04 0.00 0.02 0.03 0.00 0.03 0.04 0.05 0.03 0.00 0.00 0.09 0.00 0.00 0.00 0.00 0.00 0.03 0.02 0.16 0.04 0.00 0.03 0.04 0.00 0.01 0.01 0.00 0.03 0.02 0.00 0.13 0.18 0.07 0.00 0.00 0.00 0.00 0.00 0.01 0.03 0.00 0.02 0.02 0.51 1.38 0.00 0.04 0.05 0.06 0.02 0.03 0.02 0.02 0.02 0.00 0.02 0.01 0.03 0.02 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.04 0.07 0.01 0.01 0.01 0.10 0.05 0.03

0.19 0.12 0.34 0.38 0.90 0.15 0.35 7.60 0.25 0.10 0.03 1.25 0.11 0.10 0.03 0.24 0.07 0.10 0.08 4.26 1.78 0.35 0.45 0.59 0.15 0.06 0.16 0.00 0.24 0.32 0.20 1.05 1.45 0.87 0.65 0.26 0.05 0.07 0.30 0.27 0.24 0.00 0.10 0.08 62.62 62.79 71.08 0.72 0.94 1.10 0.83 0.40 0.31 0.24 0.32 0.39 0.08 0.06 0.64 0.85 0.08 0.12 0.05 0.25 0.23 0.05 0.06 0.10 0.13 1.00 0.21 0.34 0.08 0.06 0.39 0.55 0.36 0.40

0.08 0.00 0.09 0.11 0.00 0.04 0.07 0.22 0.04 0.04 0.00 0.22 0.05 0.04 0.00 0.03 0.02 0.02 0.01 1.80 0.47 0.07 0.10 0.14 0.02 0.03 0.05 0.00 0.04 0.05 0.05 0.24 0.33 0.50 0.44 0.04 0.02 0.02 0.17 0.13 0.11 0.00 0.01 0.02 34.85 35.35 41.50 0.11 0.14 0.30 0.31 0.10 0.06 0.06 0.08 0.07 0.03 0.02 0.35 0.37 0.03 0.04 0.01 0.06 0.07 0.01 0.02 0.03 0.02 0.19 0.03 0.04 0.02 0.01 0.05 0.10 0.06 0.00

R V O V V O C C O V O O O V C O V V V O O V V O V O C V O O V V O V V O V O V V O V O V O O N O O V C O V O O V V V O O V O C C V V O V O V O O V V O O V V O

19 4 2266 797 1 195 54 6 128 6 0 1108 212 75 135 16 1160 13064 6095 26 304 30 1276 722 10 1645 38 12 464 3650 116 1171 1552 1491 620 80 440 323 1983 626 8 21208 740 73 5 7559 0 2896 2738 123 92 747 1293 90 342 1256 255 18 2 202 10 888 180 2202 878 1 65 2 62 310 96 1005 1097 119 398 5203 298 1316

0.00 0.19 + 0.00 0.12 0.28 0.31 + 0.33 0.35 + 0.10 0.10 unch 0.07 0.10 + 0.26 0.28 0.96 1.00 0.13 0.13 0.10 0.10 unch 0.00 0.00 unch 0.78 0.93 + 0.06 0.06 unch 0.10 0.10 unch 0.00 0.00 + 0.06 0.06 unch 0.05 0.05 unch 0.06 0.09 + 0.04 0.07 + 3.85 4.01 + 0.94 0.97 0.35 0.35 unch 0.36 0.40 + 0.49 0.53 + 0.04 0.04 unch 0.05 0.06 + 0.08 0.08 0.00 0.00 unch 0.07 0.10 + 0.09 0.12 + 0.00 0.13 unch 0.82 1.03 + 1.10 1.42 + 0.70 0.77 + 0.52 0.52 + 0.19 0.19 unch 0.03 0.03 unch 0.05 0.07 unch 0.19 0.21 unch 0.15 0.15 0.21 0.24 + 0.00 0.00 0.07 0.09 + 0.00 0.07 + 0.00 61.23 60.18 60.77 0.00 65.80 unch 0.59 0.63 + 0.79 0.84 + 0.92 0.93 0.68 0.71 0.33 0.37 0.23 0.25 0.13 0.15 + 0.16 0.17 0.34 0.34 unch 0.04 0.06 + 0.03 0.04 + 0.41 0.41 0.58 0.60 + 0.00 0.05 0.07 0.08 unch 0.03 0.03 + 0.20 0.21 unch 0.15 0.16 unch 0.04 0.04 unch 0.00 0.05 unch 0.06 0.06 unch 0.00 0.08 + 0.19 0.21 0.16 0.20 + 0.21 0.28 + 0.06 0.06 + 0.04 0.04 0.31 0.38 + 0.42 0.53 + 0.29 0.33 + 0.03 0.06 +

(100s) Stock

Exc Volume

Week Low

+ 0.04 0.08 + 1.51 1.60 + 1.12 1.18 0.00 0.45 + 0.00 0.38 + 130.04 136.25 0.00 0.00 0.38 0.38 0.00 0.50 unch + 0.00 0.08 + 0.05 0.06 0.10 0.10 unch + 0.14 0.15 + 0.16 0.18 0.01 0.01 unch 0.02 0.02 2.28 2.28 3.00 3.01 + 0.03 0.04 0.04 0.05 unch

Rover Metals Roxgold Roxgold* Royal Gold Royal Gold* Royal Gold* Royal Mines &M* Royal Rd Mnrls Royal Std Mnrl* RT Minerals RT Minerals* RTG Mining * RTG Mining Rugby Mng Running Fox Rs* Running Fox Rs Rupert Res* Rupert Res Rusoro Mng* Rusoro Mng

V T O V O D O V O V O O T V O V O V O V

5535 8328 686 50 2 2196 700 1319 0 224 8 1 73 509 27 270 27 409 5 1085

0.10 1.65 1.24 0.50 0.38 138.67 0.00 0.48 0.00 0.08 0.06 0.10 0.15 0.19 0.01 0.02 2.59 3.40 0.04 0.05

Sabina Gd&Slvr Sabina Gd&Slvr* Sable Res* Sable Res Sailfish Rylty Saint Jean* Saint Jean Salazar Res* Salazar Res Salt Lake Pot* Sama Res Sama Res* San Gold Corp* San Marco Res* San Marco Res Sanatana Res Sanatana Res* Sandfire Res Sandfire Res* Sandspring Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama Res Sarissa Res* Satori Res Satori Res* Saturn Mnrls Saville Res Scandium Intl* Scandium Intl Scorpio Gold Scorpio Gold * Scotch Creek Scottie Res* Scottie Res ScoZinc Mg* ScoZinc Mg Seabridge Gld Seabridge Gld* Seafield Res* Search Mnls* Search Mnls Searchlight* SearchlightMin* SearchlightRes Sego Res Select Sands Sentinel Res Serabi Gold Serabi Gold* Serengeti Res Sherritt Intl Shine Minerals* Shine Minerals Sibanye-Stillw* Sidney Resrces* Sienna Res Sienna Res* Sierra Madre Sierra Metals Sierra Metals* Sigma Lithium Signature Res* Signature Res Silver Bear Rs* Silver Bear Rs Silver Bull Re* Silver Bull Re Silver Dollar Silver Eleph* Silver Eleph Silver Grail Silver Mtn Mns* Silver Mtn Mns Silver One Silver One* Silver Phoenix Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands* Silver Sands Silver Scott* Silver Spruce* Silver Spruce Silver Viper Silver Viper* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverore Mns* Silverstar Res* Sirios Res* Sirios Res Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res Skeena Res* SKRR Explor Sky Gold* Sky Gold Skyharbour Res* Skyharbour Res Slam Explor* Slam Explor Slave Lake Zn Sokoman Min* Sokoman Min Solaris Res SolGold plc* SolGold plc Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Metals* Sonoro Metals South32* Southern Arc* Southern Arc Southern Copp* Southern Emp Southern Silvr Southern Silvr* Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res* Spearmint Res* Spearmint Res Spey Resources Sphinx Res Sprott Res Hld Spruce Ridge R SRG Mining SSR Mining* SSR Mining St Augustine St-Georges Eco St-Georges Eco* Stakeholdr Gld Stakeholdr Gld*

T O O V V O V O V O V O O O V V O V O O T N V V O V O V V O T V O C O V O V T N O O V O O V V V C T O V T O V N O V O V T X V O V O T O T C O T V O V V O C O V O V O C O O V V O T X X T O O O V C O C O V O V O V O V O V C O V V O T T X V V O V O O V N V V O V V O V O O C C V T V V D T T C O V O

6071 2894 42 1138 250 10 976 30 182 23 1535 306 1449 55 658 267 21 35 65 181 2725 13250 2209 593 7368 1954 8 147 1361 338 628 3024 670 271 363 1356 0 26 482 2469 83 27 243 698 296 712 558 182 25 35 40 690 7255 0 185 14115 5339 3652 69 3 246 2564 51 129 337 230 737 6969 3640 1277 7282 13237 1016 0 28 8188 7250 2 51 278 242 507 153 1460 211 253 3336 1907 200 6818 19886 6864 2783 136 4 97 473 632 142 2260 191 2464 1208 284 733 5061 675 1001 57 1962 666 337 5735 1134 384 227 324 9003 1291 70 102 1130 81 4 2 3556 1596 4723 2358 41 16017 8560 1019 9 3931 12848 3077 1527 102 611 97 9743 2977 9692 1738 659 360 75

2.24 1.70 0.08 0.11 1.15 0.01 0.03 0.22 0.30 0.41 0.17 0.13 0.01 0.26 0.37 0.23 0.18 0.23 0.18 2.96 13.84 10.31 0.30 0.14 0.00 0.20 0.05 0.12 0.05 0.11 0.14 0.17 0.12 0.25 0.33 0.44 0.00 0.55 26.55 19.75 0.00 0.03 0.04 0.08 0.03 0.10 0.05 0.02 0.18 1.45 1.03 0.27 0.22 0.00 0.12 11.25 0.06 0.09 0.07 0.00 2.43 1.80 3.00 0.05 0.06 0.18 0.23 0.13 0.18 0.84 0.37 0.49 0.30 0.00 0.42 0.84 0.63 0.00 0.19 0.24 0.15 0.20 0.23 0.31 0.17 0.06 0.07 0.53 0.40 10.76 7.99 11.12 14.88 0.16 0.01 0.13 0.17 0.22 0.17 0.09 0.06 3.00 2.27 0.32 0.17 0.23 0.16 0.21 0.06 0.08 0.05 0.11 0.14 1.70 0.30 0.44 0.65 0.49 0.13 0.05 0.22 0.32 1.56 0.30 0.41 44.36 1.07 0.47 0.35 0.09 0.50 0.40 0.05 0.03 0.06 0.08 0.11 0.02 0.34 0.07 0.71 24.13 32.35 0.09 0.12 0.08 0.05 0.04

Last

12-month

High

Change

High Low

0.04 0.09 0.06 0.05 0.03 6.31 0.00 0.06 0.00 0.01 0.01 0.00 0.01 0.03 0.00 0.01 0.17 0.19 0.00 0.00

0.10 1.65 1.24 0.60 0.43 139.63 0.00 0.48 1.24 0.08 0.06 0.10 0.17 0.23 0.02 0.03 8.70 3.77 0.06 0.08

0.03 0.56 0.05 0.12 0.11 59.78 0.00 0.13 0.02 0.02 0.01 0.01 0.04 0.05 0.01 0.01 0.43 0.53 0.03 0.04

0.22 0.19 0.00 0.01 0.02 0.00 0.00 0.00 0.05 0.01 0.01 0.01 0.01 0.02 0.03 0.00 0.02 0.01 0.01 0.13 0.11 0.21 0.04 0.00 0.00 0.07 0.00 0.00 0.02 0.00 0.01 0.07 0.05 0.05 0.04 0.04 0.00 0.06 0.30 0.49 0.00 0.00 0.00 0.02 0.01 0.02 0.00 0.00 0.01 0.15 0.00 0.00 0.06 0.07 0.02 1.00 0.01 0.01 0.00 0.00 0.32 0.27 0.43 0.00 0.01 0.05 0.05 0.01 0.02 0.20 0.06 0.09 0.02 0.00 0.06 0.22 0.16 0.00 0.04 0.06 0.02 0.02 0.00 0.03 0.01 0.01 0.01 0.01 0.01 0.98 0.84 0.91 1.12 0.02 0.00 0.02 0.01 0.01 0.00 0.05 0.02 0.48 0.40 0.01 0.02 0.02 0.02 0.02 0.00 0.01 0.00 0.01 0.01 0.11 0.00 0.01 0.04 0.03 0.02 0.00 0.06 0.08 0.06 0.02 0.02 0.60 0.10 0.04 0.02 0.01 0.10 0.08 0.00 0.00 0.02 0.02 0.03 0.01 0.03 0.00 0.02 1.79 2.07 0.03 0.02 0.00 0.00 0.00

2.28 1.72 0.11 0.15 1.81 0.02 0.03 0.24 0.33 0.59 0.29 0.22 0.02 0.26 0.38 0.50 0.32 0.40 0.30 3.29 13.84 10.31 0.30 0.17 0.00 0.20 0.06 0.17 0.06 0.15 0.19 0.17 0.12 0.25 0.34 0.48 0.59 0.90 26.55 19.75 0.00 0.04 0.06 0.10 0.06 0.10 0.07 0.06 0.21 1.74 1.25 0.36 0.37 0.15 0.24 11.85 0.08 0.10 0.08 0.10 3.67 2.75 3.00 0.07 0.09 0.18 0.25 0.13 0.18 0.84 0.43 0.55 0.30 0.30 0.53 0.84 0.63 0.25 0.19 0.24 0.15 0.20 0.23 0.31 0.30 0.06 0.07 0.62 2.21 10.76 7.99 11.12 14.88 0.16 0.14 0.17 0.25 0.26 0.18 0.09 0.06 3.00 2.27 0.40 0.71 0.70 0.24 0.31 0.06 0.10 0.09 0.14 0.19 2.05 0.39 0.59 0.65 0.49 0.22 0.06 0.22 0.32 2.16 0.33 0.49 44.82 1.45 0.47 0.35 0.20 0.50 0.40 0.07 0.05 0.06 0.08 0.11 0.04 1.25 0.10 1.07 24.13 32.35 0.15 0.14 0.08 0.08 0.06

0.71 0.51 0.03 0.04 0.45 0.00 0.02 0.08 0.12 0.18 0.12 0.08 0.00 0.06 0.09 0.08 0.03 0.14 0.11 0.58 4.64 3.32 0.07 0.03 0.00 0.01 0.02 0.07 0.02 0.03 0.06 0.05 0.03 0.06 0.07 0.11 0.19 0.28 7.37 5.25 0.00 0.02 0.03 0.00 0.01 0.02 0.03 0.01 0.10 0.75 0.62 0.15 0.07 0.02 0.02 3.50 0.00 0.03 0.02 0.02 0.89 0.45 1.30 0.02 0.02 0.05 0.05 0.02 0.03 0.22 0.06 0.10 0.03 0.00 0.08 0.15 0.11 0.10 0.05 0.04 0.05 0.07 0.21 0.10 0.01 0.01 0.02 0.18 0.00 2.12 1.50 3.28 4.50 0.00 0.00 0.07 0.08 0.05 0.03 0.03 0.02 0.35 0.26 0.16 0.04 0.05 0.06 0.08 0.00 0.01 0.04 0.04 0.04 1.38 0.13 0.19 0.22 0.13 0.02 0.02 0.06 0.07 0.89 0.17 0.24 23.43 0.40 0.06 0.05 0.04 0.05 0.03 0.02 0.01 0.01 0.01 0.02 0.01 0.19 0.03 0.22 9.00 12.12 0.01 0.03 0.02 0.02 0.01

S 1.97 1.42 0.07 0.09 1.06 0.01 0.02 0.19 0.25 0.39 0.14 0.10 0.00 0.23 0.30 0.20 0.14 0.00 0.16 2.53 12.77 9.52 0.21 0.11 0.00 0.10 0.05 0.11 0.03 0.08 0.12 0.10 0.07 0.12 0.26 0.37 0.00 0.50 24.89 18.55 0.00 0.03 0.04 0.06 0.03 0.07 0.00 0.02 0.18 1.15 0.93 0.24 0.16 0.00 0.03 10.19 0.04 0.06 0.05 0.00 1.65 1.20 2.05 0.00 0.05 0.12 0.16 0.09 0.13 0.60 0.25 0.35 0.21 0.00 0.00 0.58 0.42 0.00 0.09 0.12 0.12 0.17 0.21 0.23 0.00 0.04 0.05 0.39 0.29 9.12 6.71 9.16 12.39 0.08 0.00 0.00 0.16 0.20 0.15 0.05 0.03 2.50 1.74 0.29 0.13 0.18 0.12 0.17 0.04 0.06 0.04 0.08 0.11 1.45 0.28 0.40 0.49 0.37 0.09 0.05 0.14 0.18 1.51 0.28 0.00 42.25 0.79 0.36 0.26 0.00 0.36 0.27 0.04 0.03 0.04 0.05 0.06 0.02 0.30 0.06 0.62 21.91 29.72 0.05 0.08 0.06 0.04 0.03

+ 2.17 + 1.61 0.08 + 0.10 + 1.14 0.01 unch 0.03 unch 0.20 0.25 + 0.40 + 0.16 + 0.12 0.00 + 0.25 + 0.33 0.20 unch + 0.18 0.22 0.16 + 2.81 + 13.33 + 9.95 + 0.25 0.13 unch 0.00 + 0.17 0.05 unch 0.11 unch + 0.05 + 0.10 + 0.13 + 0.17 + 0.12 + 0.13 + 0.31 + 0.41 0.30 unch + 0.55 + 25.54 + 19.03 0.00 + 0.03 0.04 unch + 0.07 0.03 + 0.09 0.04 unch 0.02 unch + 0.18 + 1.45 0.93 unch 0.25 unch + 0.21 0.04 + 0.12 + 11.11 + 0.06 + 0.08 + 0.06 0.05 unch + 2.03 + 1.51 + 2.50 + 0.05 + 0.06 + 0.16 + 0.21 + 0.10 + 0.14 + 0.82 + 0.32 + 0.43 + 0.24 0.30 unch + 0.42 + 0.79 + 0.59 0.15 unch + 0.13 + 0.19 0.13 0.18 + 0.22 + 0.29 + 0.15 + 0.05 + 0.07 0.42 0.31 + 9.99 + 7.47 + 9.97 + 13.40 + 0.08 0.00 0.11 0.16 + 0.22 + 0.16 + 0.09 + 0.06 + 2.93 + 2.21 + 0.31 + 0.15 + 0.20 + 0.14 + 0.19 + 0.06 0.06 0.04 unch + 0.09 + 0.11 + 1.61 0.29 + 0.42 + 0.57 + 0.42 + 0.11 0.05 unch + 0.18 + 0.25 + 1.56 0.28 0.40 43.08 0.81 + 0.39 + 0.29 + 0.08 + 0.45 + 0.34 0.05 unch + 0.03 + 0.06 + 0.08 + 0.11 0.02 0.30 0.06 unch 0.69 + 23.55 + 31.59 + 0.08 + 0.10 + 0.06 0.05 unch + 0.04

GLOBAL MINING NEWS

(100s) Stock

Week

Exc Volume

Low

0.07 0.09 1.04 1.06 0.06 0.06 unch 0.25 0.31 + 0.00 0.00 0.26 0.26 unch 0.18 0.19 + 0.06 0.07 0.12 0.13 + 0.16 0.18 + 0.00 1.19 + 1.30 1.67 + 0.00 0.51 unch 0.05 0.05 0.00 0.04 0.07 0.08 2.58 3.00 + 0.25 0.25 unch 0.00 0.00 + 0.18 0.19 0.12 0.12 0.16 0.18 + 0.65 0.68 unch 0.49 0.50 0.25 0.28 unch 0.02 0.02 unch 0.13 0.17 + 0.10 0.13 + 0.09 0.09 0.07 0.07 0.37 0.37 + 0.29 0.30 0.37 0.43 + 0.07 0.09 + 1.02 2.00 + 0.17 0.18 unch 16.62 16.70 22.40 22.42 0.83 0.93 + 1.11 1.24 + 0.00 0.38 + 0.25 0.31 + 0.00 0.23 unch 0.32 0.32 + 0.00 0.10 + 0.11 0.12 0.00 0.10 unch 0.01 0.01 unch 0.24 0.25 +

O V O V O T O O O T O V O V O V T C O C O V V O V V V O V O V O V T C V N T O V V O O C O V V O O

563 600 8 2680 310 905 7 114 57 691 22 225 0 241 101 127 903 45 1832 107 202 988 733 283 4 254 5079 2022 686 55 196 29 245 405 472 1307 28532 28376 165 1993 359 5 0 33 123 257 64 71 389

0.09 1.24 0.06 0.32 0.01 0.27 0.20 0.08 0.14 0.18 1.25 1.70 0.00 0.06 0.05 0.09 3.14 0.25 0.00 0.24 0.14 0.20 0.70 0.52 0.28 0.02 0.18 0.13 0.11 0.08 0.41 0.32 0.48 0.09 2.04 0.20 18.28 24.59 0.94 1.28 0.48 0.33 0.00 0.34 0.10 0.14 0.10 0.01 0.29

Taiga Gold Taiga Gold* Tajiri Res Taku Gold* Taku Gold Talisker Res* Talisker Res Talmora Diamd Talon Metals Tamino Mnrls* Tanqueray Expl Tantalex Res Tanzanian Gold Tanzanian Gold* Tarachi Gold Taranis Res Taranis Res* Tarku Res Tartisan Nick* Tartisan Nick Taseko Mines* Taseko Mines Tearlach Res Teck Res Teck Res* Teck Res Tectonic Metal Tectonic Metal* Telson Res Telson Res * Temas Res Tembo Gold Tembo Gold* Teranga Gold Teranga Gold* Teras Res Teras Res* Terrax Mnrls Terrax Mnrls*

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

724 294 2338 99 716 114 1560 50 1885 705 1104 517 517 5142 242 78 116 76 94 202 24042 2774 3 14834 22514 6 447 10 661 76 239 902 120 2532 135 530 68 3677 662

0.23 0.20 0.16 0.07 0.12 0.37 0.50 0.01 0.25 0.00 1.51 0.02 1.32 0.99 0.80 0.12 0.09 0.12 0.09 0.12 0.82 1.09 0.10 15.84 11.80 16.99 0.34 0.24 0.13 0.09 0.37 0.30 0.06 14.74 11.06 0.07 0.06 0.37 0.28

Last

High Low

Stock

0.01 0.16 0.00 0.11 0.00 0.00 0.00 0.01 0.00 0.02 0.26 0.33 0.00 0.01 0.00 0.01 0.22 0.00 0.00 0.03 0.01 0.01 0.00 0.00 0.00 0.00 0.03 0.02 0.02 0.01 0.02 0.02 0.08 0.01 0.79 0.00 0.30 0.58 0.11 0.14 0.04 0.05 0.00 0.01 0.01 0.01 0.00 0.00 0.01

0.33 1.54 0.08 0.32 0.08 0.53 0.41 0.09 0.25 0.30 1.25 1.70 1.00 0.07 0.05 0.15 3.08 0.30 0.03 0.30 0.15 0.28 0.72 0.53 0.65 0.02 0.18 0.14 0.15 0.10 0.50 0.32 0.50 0.10 2.04 0.62 34.56 45.12 0.93 1.28 0.48 0.33 0.30 0.48 0.12 0.21 0.95 0.01 0.68

0.05 0.39 0.02 0.15 0.00 0.18 0.14 0.02 0.00 0.05 0.25 0.25 0.20 0.02 0.01 0.04 0.63 0.25 0.00 0.10 0.12 0.02 0.25 0.18 0.18 0.01 0.02 0.01 0.03 0.01 0.05 0.29 0.12 0.03 0.09 0.06 9.61 14.02 0.26 0.33 0.05 0.08 0.18 0.10 0.03 0.02 0.05 0.00 0.09

0.00 0.00 0.00 0.02 0.03 0.01 0.09 0.00 0.08 0.00 0.05 0.00 0.04 0.03 0.05 0.04 0.03 0.01 0.00 0.01 0.20 0.26 0.00 0.23 0.05 0.40 0.01 0.01 0.01 0.00 0.04 0.01 0.00 0.88 0.74 0.01 0.00 0.03 0.03

0.31 0.22 0.16 0.08 0.12 0.47 0.65 0.05 0.24 0.01 2.06 0.04 1.53 1.13 0.86 0.12 0.08 0.23 0.10 0.12 0.82 0.86 0.20 30.41 21.57 30.30 0.34 0.25 0.32 0.23 0.37 0.30 0.18 14.67 11.06 0.09 0.06 0.41 0.30

0.07 0.05 0.03 0.01 0.03 0.10 0.14 0.01 0.08 0.00 0.45 0.01 0.55 0.36 0.04 0.04 0.03 0.04 0.02 0.03 0.20 0.28 0.07 8.15 5.60 9.00 0.10 0.11 0.04 0.04 0.25 0.03 0.02 3.86 2.84 0.02 0.02 0.16 0.11

Terreno Res Teslin Rvr Res Tesoro Mnrls Tethyan Res* Tethyan Res Teuton Res Teuton Res* Texas Mineral* Themac Res* Themac Res Theta Gold* Thor Expl Thunder Mtn Gd Thunder Mtn Gd* Thunderstruck Thunderstruck* Till Capital Timberline Res Timberline Res* Tinka Res Tinka Res* Tintina Mines Tisdale Res Titan Mining Titan Mining* Titanium Corp TMAC Resource* TMAC Resources TNR Gold Tocvan Venture Tombstone Expl* Tonogold Res* Torex Gold* Torex Gold Torq Resources Torq Resources* Tower Res* Tower Res Transatlantic* Transatlantic Transition Met Transition Met* Treasury Metal Treasury Metal* Trecora Res* Tres-Or Res* Tres-Or Res Trevali Mng* Trevali Mng Tri Origin Exp Trifecta Gold Trifecta Gold* Trilogy Mtls Trilogy Mtls* TriMetals Mng* Trinity Res* Trinity Valley Trio Resources* TriStar Gold TriStar Gold* Triumph Gold Triumph Gold* Troilus Gold Troilus Gold* Troubadour Res Troy Res* True North Gem* True North Gem Tsodilo Res Tudor Gold * Tudor Gold Turmalina Met Turmalina Met* Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tyhee Gold* Tymbal Res Typhoon Expl

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

U.S. Gold* U3O8 Corp U3O8 Corp* Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp

D V O C O O V T

Change

T 0.19 0.13 0.13 0.05 0.08 0.32 0.42 0.01 0.14 0.00 1.24 0.01 1.16 0.85 0.49 0.08 0.00 0.09 0.07 0.11 0.55 0.73 0.10 14.46 10.76 0.00 0.30 0.22 0.11 0.08 0.30 0.22 0.06 13.79 10.11 0.06 0.05 0.29 0.21

0.19 0.15 0.14 0.07 0.10 0.33 0.42 0.01 0.22 0.00 1.43 0.01 1.25 0.93 0.80 0.12 0.09 0.11 0.09 0.11 0.77 1.02 0.10 15.01 11.17 16.90 0.30 0.24 0.11 0.09 0.35 0.23 0.06 14.64 10.87 0.07 0.05 0.33 0.25

(100s)

12-month

High

Standard Graph* Standard Lith Standard Metal* Standard Uran Stans Energy* Star Diamond Star Diamond* Star Gold* Starcore Intl* Starcore Intl Starr Peak Exp* Starr Peak Exp Steele Oceanic* Stellar Africa Stellar Africa* Stelmine Can Steppe Gold Stevens Gold Stornoway Diam* Straightup Res Stratabd Mnr* Stratabd Mnr Strategic Metl Strategic Metl* Strategic Res Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor* Stuhini Explor Sulliden Mng Summa Silver Sun Metals Suncor Energy* Suncor Energy Superior Gold* Superior Gold Superior Mng Superior Mng* Supreme Metal* Supreme Metals Surge Copper * Surge Copper Surge Explor Sutter Gold* Syrah Res*

THE NORTHERN MINER / AUGUST 3–AUGUST 16, 2020

unch unch + + unch + + + unch + + + + + + + unch + + + + + unch + + + + +

Week

Exc Volume

Last

12-month

High

Low

Change

552 4738 155 295 752 447 264 2831 8 5 15 930 13 294 2581 707 3 524 785 2108 1889 22 48 2925 10 42 62 557 2235 359 14 84 399 2279 390 17 20 1109 1 266 245 77 1661 1084 105 7 223 803 7648 3545 1158 155 286 2370 114 1 1998 67 2852 1111 1990 452 4943 478 1624 46 0 3 99 795 1264 1871 395 17697 5352 2794 87 10 130 649

0.05 0.14 0.07 0.23 0.30 2.83 2.10 2.25 0.05 0.06 0.23 0.22 0.28 0.25 0.15 0.11 2.44 0.22 0.15 0.25 0.18 0.04 0.10 0.21 0.16 0.31 1.16 1.55 0.06 0.23 3.00 0.41 17.75 23.07 0.74 0.54 0.09 0.13 0.03 0.06 0.19 0.14 0.59 0.46 6.43 0.08 0.11 0.09 0.12 0.07 0.12 0.08 3.13 2.38 0.12 0.03 0.15 0.00 0.42 0.31 0.32 0.24 1.49 1.08 0.05 0.06 0.00 0.09 0.10 2.08 2.80 1.57 1.16 0.92 1.25 0.03 0.02 0.00 0.05 0.11

0.04 0.05 + 0.10 0.11 + 0.00 0.07 + 0.18 0.22 + 0.25 0.29 + 2.36 2.44 1.76 1.83 1.54 2.19 + 0.05 0.05 + 0.00 0.06 unch 0.20 0.23 + 0.20 0.22 + 0.09 0.09 unch 0.20 0.22 0.11 0.13 + 0.08 0.11 + 2.01 2.10 + 0.15 0.18 + 0.12 0.13 + 0.19 0.20 unch 0.14 0.15 + 0.04 0.04 0.00 0.08 0.18 0.20 unch 0.16 0.16 unch 0.00 0.30 1.09 1.10 1.42 1.48 0.05 0.05 + 0.18 0.22 + 2.79 2.97 + 0.33 0.40 + 14.95 15.83 + 20.94 21.25 + 0.66 0.70 0.48 0.51 0.08 0.09 + 0.11 0.11 unch 0.03 0.03 unch 0.04 0.05 0.17 0.17 0.13 0.14 + 0.51 0.53 unch 0.39 0.40 5.93 5.96 0.08 0.08 + 0.10 0.10 0.07 0.07 0.10 0.10 0.05 0.07 + 0.07 0.09 + 0.06 0.06 2.48 2.95 + 1.84 2.19 + 0.09 0.11 + 0.00 0.03 0.10 0.14 + 0.00 0.00 unch 0.34 0.40 + 0.25 0.30 + 0.26 0.31 + 0.19 0.23 + 1.11 1.41 + 0.82 1.03 + 0.04 0.04 unch 0.05 0.06 + 0.00 0.08 unch 0.00 0.09 unch 0.08 0.10 1.86 1.91 2.48 2.60 1.32 1.49 + 0.96 1.11 + 0.82 0.85 + 1.09 1.14 + 0.02 0.02 unch 0.01 0.02 0.00 0.00 unch 0.05 0.05 unch 0.08 0.09 -

359 39 44 27 404 2429 1054 3843

8.60 0.10 0.09 0.04 1.03 0.10 0.13 0.19

Stock

0.01 0.02 0.01 0.04 0.04 0.15 0.04 0.38 0.00 0.00 0.02 0.02 0.00 0.03 0.02 0.02 0.08 0.02 0.02 0.00 0.00 0.01 0.02 0.00 0.00 0.02 0.04 0.06 0.01 0.03 0.11 0.00 0.29 0.19 0.05 0.03 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.24 0.00 0.01 0.00 0.01 0.02 0.02 0.01 0.34 0.27 0.01 0.00 0.06 0.00 0.05 0.05 0.05 0.04 0.32 0.21 0.00 0.01 0.00 0.00 0.01 0.11 0.11 0.10 0.09 0.03 0.03 0.00 0.00 0.00 0.00 0.01

0.06 0.48 0.07 0.23 0.43 3.45 2.60 2.65 0.07 0.08 0.23 0.22 0.29 0.34 0.15 0.11 2.54 0.22 0.15 0.25 0.19 0.07 0.17 0.58 0.30 0.80 4.96 6.62 0.07 0.32 3.09 0.55 17.75 23.07 0.78 0.57 0.10 0.14 0.03 0.07 0.24 0.18 0.61 0.46 9.65 0.13 0.19 0.20 0.26 0.07 0.12 0.08 3.61 2.74 0.13 0.50 0.15 0.00 0.42 0.31 0.58 0.44 1.49 1.20 0.08 0.08 0.10 0.13 0.17 2.10 2.84 1.80 1.33 0.97 1.32 0.03 0.02 0.00 0.06 0.11

0.01 0.09 0.03 0.18 0.06 0.27 0.20 0.22 0.02 0.03 0.20 0.12 0.07 0.06 0.03 0.02 1.00 0.06 0.02 0.07 0.05 0.02 0.04 0.14 0.11 0.24 0.31 0.44 0.02 0.07 0.50 0.15 6.19 8.79 0.27 0.21 0.01 0.02 0.01 0.02 0.11 0.08 0.15 0.11 4.23 0.05 0.06 0.04 0.06 0.01 0.02 0.01 1.50 1.03 0.03 0.01 0.04 0.00 0.16 0.12 0.07 0.06 0.42 0.30 0.02 0.03 0.02 0.04 0.05 0.27 0.38 0.27 0.20 0.30 0.43 0.01 0.00 0.00 0.02 0.02

0.71 0.03 0.06 0.00 0.10 0.00 0.00 0.02

12.74 0.17 0.90 0.10 1.03 0.19 0.25 0.19

2.61 0.04 0.01 0.03 0.09 0.06 0.09 0.07

U-V 7.51 0.09 0.06 0.00 0.67 0.09 0.12 0.16

8.47 + 0.10 + 0.08 + 0.04 unch 0.71 0.10 0.13 unch 0.18 +

(100s)

High Low

Week Last

12-month

Exc Volume

High

Low

Change

Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop Universal Vent Ur-Energy* Ur-Energy Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty Uranium Roylty* Uravan Mnrls* Uravan Mnrls UrbanGold Min USCorp* Usha Res Val-d’Or Mg Val-d’Or Mg* Vale* Valley High Mg* ValOre Metals* ValOre Metals Valterra Res* Valterra Res Vanadian Enrgy* Vanadian Enrgy Vanadium One* Vanadium One Vanadiumcorp* Vanadiumcorp Vangold Res* Vangold Res Vanstar Mng Rs* Vanstar Mng Rs Vantex Res * Vantex Res Velocity Mnrls Velocity Mnrls* Vendetta Mng Vendetta Mng* Venerable Vent Venture Mnrls* Verde Potash Verde Res* Veris Gold* Vertical Expl* Vertical Expl Victoria Gold* Victoria Gold Victory Metals* Victory Metals Victory Nickel* Victory Nickel Victory Res Viking Gold Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M Visible Gold M* Vision Lithium Vision Lithium* Vista Gold* Vista Gold Viva Gold* Viva Gold Vizsla Res Vizsla Res * Volcanic Gold Volcanic Gold* Volt Energy Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls VVC Expl

O 1 V 56 O 400 O 203 V 4125 O 103 C 263 O 332 X 540 N 39825 V 94 V 101 X 6398 T 579 V 5176 X 6565 O 1599 D 4048 V 647 O 311 O 650 V 268 V 2853 O 4482 V 72 V 26 O 7 N 139318 O 737 O 430 V 877 O 306 V 464 O 23 V 89 O 2 V 1845 O 132 V 314 O 1034 V 12497 O 883 V 1038 O 0 V 47 V 655 O 141 V 1642 O 1476 V 3 O 20 T 184 O 45 O 255 O 1 V 154 O 353 T 672 O 78 V 54 O 76 C 386 C 218 V 20 V 21 O 71 V 582 V 985 O 63 V 85 O 25 X 7029 T 370 O 74 V 150 V 3225 O 1209 V 411 O 13 V 1402 O 64 V 372 O 172 V 361 V 22 V 727

0.05 0.07 0.10 0.40 0.55 0.24 0.33 0.05 0.49 8.11 0.09 3.42 0.63 0.82 0.42 1.08 0.15 2.79 1.08 0.81 0.03 0.03 0.39 0.00 0.20 0.19 0.14 11.72 0.00 0.29 0.38 0.09 0.13 0.06 0.08 0.05 0.10 0.05 0.07 0.22 0.20 1.20 1.61 0.00 0.31 0.52 0.39 0.09 0.07 0.10 0.02 0.63 0.01 0.01 0.03 0.04 12.27 16.48 0.26 0.34 0.03 0.04 0.12 0.43 0.11 0.09 0.39 0.19 0.11 0.09 0.07 1.19 1.60 0.32 0.42 2.68 2.00 0.90 0.65 0.14 0.04 0.07 0.29 0.39 0.06 0.03

0.04 0.05 + 0.00 0.07 + 0.08 0.08 0.30 0.35 + 0.39 0.48 + 0.11 0.22 + 0.16 0.32 + 0.03 0.05 + 0.41 0.43 7.55 7.89 + 0.07 0.08 3.11 3.31 + 0.51 0.60 + 0.69 0.80 + 0.34 0.41 + 1.00 1.01 + 0.01 0.13 + 2.23 2.35 + 1.02 1.07 + 0.76 0.80 + 0.02 0.02 unch 0.03 0.03 0.21 0.39 + 0.00 0.00 unch 0.17 0.19 + 0.16 0.18 0.00 0.14 + 11.09 11.26 0.00 0.00 + 0.22 0.24 + 0.30 0.30 0.07 0.07 0.09 0.09 + 0.04 0.06 + 0.00 0.08 + 0.05 0.05 unch 0.07 0.09 + 0.05 0.05 + 0.06 0.07 unch 0.12 0.13 0.16 0.17 1.08 1.20 + 1.45 1.60 + 0.00 0.12 unch 0.21 0.21 0.46 0.48 0.35 0.35 0.08 0.08 unch 0.05 0.07 + 0.10 0.10 unch 0.02 0.02 unch 0.56 0.63 + 0.01 0.01 unch 0.00 0.01 unch 0.02 0.02 0.04 0.04 unch 11.43 11.83 + 15.51 15.96 + 0.00 0.25 + 0.31 0.33 + 0.02 0.02 + 0.02 0.03 unch 0.10 0.11 0.00 0.31 0.00 0.10 unch 0.07 0.08 + 0.34 0.39 + 0.16 0.16 0.11 0.11 unch 0.00 0.08 0.00 0.06 0.88 1.19 + 1.19 1.58 + 0.27 0.28 0.37 0.37 2.27 2.40 1.70 1.80 0.70 0.85 + 0.48 0.62 + 0.00 0.10 + 0.00 0.04 0.07 0.07 0.25 0.27 0.34 0.37 0.05 0.05 unch 0.03 0.03 -

Walker Lane* Walker River*

O O

0.01 0.01 0.01 0.03 0.04 0.09 0.18 0.02 0.02 0.19 0.01 0.11 0.11 0.12 0.03 0.02 0.00 0.07 0.02 0.03 0.00 0.01 0.18 0.00 0.01 0.01 0.03 0.05 0.00 0.01 0.01 0.01 0.01 0.03 0.03 0.00 0.01 0.00 0.00 0.00 0.02 0.06 0.06 0.00 0.03 0.01 0.01 0.00 0.01 0.00 0.00 0.05 0.00 0.00 0.01 0.00 0.33 0.32 0.01 0.01 0.00 0.00 0.01 0.05 0.00 0.00 0.05 0.01 0.00 0.01 0.01 0.31 0.37 0.01 0.03 0.10 0.04 0.15 0.14 0.03 0.01 0.01 0.02 0.03 0.00 0.01

Stock

0.08 0.10 0.46 0.40 0.55 0.24 0.33 0.09 0.80 15.90 0.23 6.50 0.72 1.00 0.45 1.26 3.50 9.25 1.28 0.95 0.03 0.03 0.39 0.00 0.22 0.20 0.15 13.67 0.01 0.31 0.41 0.28 0.35 0.06 0.08 0.07 0.10 0.06 0.07 0.28 0.20 1.29 1.61 0.12 0.31 0.58 0.44 0.10 0.08 0.10 0.02 0.82 0.04 0.10 0.04 0.08 12.27 16.58 0.54 0.63 0.04 0.05 0.35 0.59 0.12 0.09 0.44 0.20 0.11 0.10 0.07 1.19 1.49 0.32 0.44 2.93 2.14 0.90 0.65 0.14 0.10 0.12 0.35 0.50 0.21 0.06

Walker River Wallbridge Mng* Wallbridge Mng Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wescan Gldflds Wesdome Gold Wesdome Gold* West High Yld West Red Lake West Red Lake* West Vault Western Areas* Western Atlas Western Atlas* Western Copper Western Copper* Western Mag Western Mag* Western Pac Rs* Western Pac Rs Western Potash Western Res* Western Troy C* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold Westhaven Vent* Westkam Gold* Westkam Gold Westminster Rs Westminster Rs* WestMountain* Wheaton Prec M Wheaton Prec M* White Energy* White Gold* White Gold White Metal R* White Metal Rs White Mtn Engy* Whitehaven Coa* Wildsky Res* Wildsky Res Winshear Gold Winshear Gold* Winston Gold Winston Gold* Wolfden Res* Wolfden Res Wolfeye Res Worldwide Res X-Terra Res* X-Terra Res Xanadu Mines Xander Res Xiana Mng Xiana Mng* Ximen Mining* Ximen Mining Xtierra Inc Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res* Yorbeau Res Zadar Ventures* Zadar Ventures Zanzibar Gold Zara Res* ZEN Graphene* ZEN Graphene Zephyr Mnls* Zephyr Mnls Zimtu Capital Zinc One Res Zinc One Res * ZincX Res ZincX Res* Zonte Metals Zonte Metals*

0.01 0.02 0.07 0.07 0.10 0.03 0.01 0.02 0.25 4.54 0.03 3.01 0.27 0.39 0.05 0.35 0.01 0.25 0.80 0.56 0.00 0.01 0.05 0.00 0.10 0.03 0.04 6.49 0.00 0.09 0.14 0.03 0.03 0.00 0.01 0.03 0.04 0.02 0.03 0.03 0.03 0.14 0.19 0.08 0.10 0.20 0.15 0.03 0.01 0.03 0.00 0.21 0.00 0.00 0.02 0.02 2.88 4.02 0.11 0.17 0.01 0.01 0.10 0.28 0.04 0.03 0.19 0.04 0.02 0.01 0.01 0.36 0.51 0.09 0.14 0.19 0.16 0.05 0.03 0.02 0.04 0.05 0.10 0.16 0.02 0.02

W-Z 68 39

0.07 0.07

0.04 0.06

0.07 unch 0.07 +

0.00 0.01

(100s)

High Low

0.29 0.02 0.14 0.05

Week

Exc Volume

High

Low

V 845 O 3186 T 7547 O 83 V 695 V 448 O 251 V 298 V 1028 T 2779 O 437 V 104 C 5236 O 1230 V 670 O 5 V 447 O 37 T 885 X 1766 V 441 O 130 O 0 V 31 T 172 O 39 O 1 V 163 C 787 O 1087 O 0 V 647 O 252 O 10 V 117 V 102 O 0 O 0 T 7176 N 17515 O 8 O 446 V 899 O 205 V 277 O 103 O 15 O 7 V 61 V 76 O 24 C 2266 O 1622 O 245 V 1281 V 2502 V 125 O 68 V 3286 T 71 V 543 V 830 O 16 O 168 V 2423 V 310 T 176 O 34 T 20294 N 110935 O 15 O 62 T 673 O 19 V 11 C 3698 O 209 O 60 V 260 O 239 V 1788 V 104 V 2387 O 962 V 219 O 70 V 310 O 139

0.10 0.81 1.08 0.07 0.10 0.06 0.07 0.09 0.08 14.55 10.80 0.12 0.20 0.15 1.45 2.00 0.19 0.14 1.70 1.32 0.12 0.09 0.32 0.54 0.20 0.13 0.05 0.11 0.85 0.63 0.00 0.93 0.70 0.12 0.16 0.11 0.00 3.50 72.48 54.01 0.10 0.95 1.25 0.05 0.06 0.02 1.05 0.20 0.26 0.15 0.11 0.12 0.09 0.19 0.25 1.06 0.02 0.13 0.18 0.06 0.44 0.05 0.04 0.60 0.80 0.10 0.80 0.60 8.48 6.31 0.74 0.05 0.07 0.24 0.32 0.30 0.02 0.54 0.69 0.58 0.78 0.13 0.02 0.02 0.10 0.07 0.33 0.24

0.09 0.69 0.93 0.00 0.09 0.05 0.05 0.00 0.07 13.40 9.88 0.11 0.14 0.11 1.17 1.80 0.16 0.12 1.51 1.12 0.11 0.00 0.00 0.00 0.17 0.00 0.05 0.00 0.48 0.36 0.00 0.80 0.59 0.11 0.15 0.00 0.00 0.00 65.59 48.38 0.10 0.81 1.10 0.00 0.06 0.01 1.05 0.09 0.00 0.14 0.09 0.08 0.06 0.17 0.22 0.94 0.02 0.08 0.12 0.05 0.34 0.04 0.00 0.35 0.46 0.08 0.74 0.00 7.60 5.65 0.74 0.05 0.06 0.22 0.28 0.21 0.01 0.44 0.58 0.36 0.48 0.12 0.01 0.00 0.09 0.00 0.29 0.21

12-month

Last 0.10 0.72 0.98 0.06 0.09 0.05 0.06 0.08 0.08 13.81 10.29 0.11 0.18 0.13 1.45 1.80 0.16 0.12 1.59 1.19 0.11 0.09 0.32 0.50 0.19 0.13 0.05 0.07 0.79 0.60 1.40 0.87 0.62 0.12 0.15 0.11 0.05 3.50 71.93 53.62 0.10 0.84 1.11 0.05 0.06 0.02 1.05 0.16 0.17 0.14 0.11 0.11 0.08 0.18 0.23 1.03 0.02 0.12 0.17 0.06 0.43 0.05 0.04 0.56 0.74 0.10 0.80 0.59 8.47 6.30 0.74 0.05 0.07 0.22 0.31 0.30 0.02 0.47 0.63 0.52 0.69 0.13 0.02 0.01 0.10 0.07 0.32 0.22

Change

unch + + unch + + + + + + + + + unch + + + + unch + + + + + unch unch + + + unch + unch + + + + unch + + + + + + + + unch + + + unch + + unch + + + + + + + + + +

0.00 0.02 0.03 0.01 0.00 0.01 0.00 0.01 0.01 0.39 0.13 0.01 0.03 0.02 0.16 0.12 0.01 0.01 0.01 0.01 0.01 0.00 0.13 0.00 0.01 0.02 0.01 0.01 0.27 0.21 0.00 0.03 0.00 0.00 0.01 0.04 0.00 0.00 6.51 5.45 0.00 0.01 0.01 0.00 0.00 0.01 0.03 0.03 0.00 0.02 0.02 0.03 0.02 0.00 0.02 0.01 0.00 0.03 0.04 0.01 0.09 0.01 0.01 0.20 0.24 0.00 0.02 0.01 0.90 0.72 0.00 0.00 0.01 0.00 0.01 0.07 0.00 0.03 0.05 0.17 0.21 0.02 0.01 0.01 0.01 0.00 0.02 0.00

High Low 0.19 0.97 1.35 0.09 0.13 0.07 0.33 0.43 0.09 14.55 10.80 0.24 0.20 0.17 1.50 2.32 0.19 0.14 1.90 1.53 0.25 0.20 0.45 0.62 0.39 0.25 0.05 0.11 1.15 0.84 1.67 1.25 0.93 0.35 0.35 0.20 0.14 3.50 70.75 54.01 0.11 2.00 1.28 0.05 0.07 0.07 2.32 0.20 0.26 0.20 0.11 0.17 0.13 0.19 0.27 1.28 0.07 0.11 0.18 0.10 0.44 0.48 0.29 0.59 0.80 0.15 0.80 0.60 8.14 6.31 1.08 0.05 0.07 0.30 0.35 0.30 0.16 0.62 0.85 0.58 0.78 0.21 0.03 0.02 0.16 0.11 0.37 0.28

0.06 0.23 0.31 0.03 0.03 0.02 0.05 0.07 0.03 5.74 4.10 0.07 0.04 0.02 0.45 1.15 0.04 0.04 0.44 0.31 0.09 0.07 0.17 0.20 0.13 0.11 0.01 0.02 0.25 0.15 1.00 0.35 0.25 0.02 0.08 0.04 0.05 1.00 26.99 18.66 0.03 0.29 0.41 0.00 0.02 0.01 0.91 0.04 0.01 0.05 0.02 0.01 0.00 0.05 0.07 0.43 0.02 0.03 0.03 0.01 0.04 0.04 0.02 0.20 0.26 0.03 0.37 0.20 3.11 2.23 0.64 0.02 0.02 0.07 0.08 0.03 0.00 0.17 0.26 0.12 0.15 0.08 0.01 0.00 0.06 0.04 0.17 0.12

BID-ASK — JULY 20–24, 2020 12-MONTH STOCK

African Metals Aftermath Silv Allante Res Alturas Min American CuMo American Uran Amseco Expl AMV Capital Anconia Res Anglo-Bomarc Antler Hill Archon Mineral Asbestos Corp Atlanta Gold Aurelius Min Avarone Metals Banro Corp* Barker Min Barolo Venture Bearclaw Cap BHK Mining Blackheath Res Boss Power Brigadier Gold Brunswick Res Bullion Gold Cairo Res Camrova Res Cassius Vents Cassowary Cap CAT Strategic Centurion Mnls Cerro de Pasc Chilean Metals Chinapintza Mg Clarmin Explor Cliffmont Res Cliffs Nat Res* Clydesdale Res Comet Inds Cresval Cap CWN M’g Acq Cyprium Mng District Mines Electra Stone Everton Res EVI Global Grp Excalibur Res Fabled Copper Fieldex Expl Finore Mng Fire River Gol Firestone Vent Four Nines Freedom Egy Full Metal Mnl Fusion Gold GAR Limited Gentor Res GFM Res Global Cop Grp Global Vanad Go Cobalt Goldbelt Emp Goldblock Cap GoldHaven Res Gossan Res Graphite Egy Great Lakes Gr

EXC

BID

ASK

LAST

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

0.06 0.24 0.01 0.01 0.06 0.06 0.06 0.11 0.02 0.08 0.10 0.16 0.75 0.03 0.13 ... 0.11 0.01 0.25 0.01 0.02 0.08 0.17 0.05 0.01 0.06 0.34 ... 0.08 0.02 0.02 0.07 ... 0.09 0.01 0.14 0.07 1.45 0.03 3.10 0.02 0.05 0.03 0.03 0.01 0.10 0.09 0.09 0.07 0.24 0.12 0.03 0.05 0.13 0.02 0.01 0.01 ... 0.05 0.06 0.07 0.17 0.04 0.02 0.16 ... 0.05 ... 0.05

0.09 0.25 0.20 0.01 0.07 0.14 0.08 ... 0.02 0.08 0.10 0.30 ... 0.04 0.14 ... 0.11 0.01 0.28 0.03 0.02 0.13 0.20 0.10 0.01 0.15 0.85 0.01 0.15 ... 0.03 0.07 ... 0.10 1.00 0.15 0.10 3.20 0.06 3.65 0.02 0.07 0.03 ... 0.02 0.10 0.09 0.10 0.08 0.24 0.12 0.07 0.06 0.20 0.02 0.01 ... ... 0.07 0.10 0.08 0.24 0.05 0.02 0.25 ... 0.06 ... 0.05

0.06 0.25 0.16 0.01 0.06 0.06 0.06 0.07 0.01 0.15 0.06 0.20 0.60 0.03 0.14 0.04 0.11 0.01 0.25 0.01 0.02 0.08 0.17 0.05 0.03 0.10 0.21 0.07 0.10 0.05 0.02 0.07 0.29 0.10 0.02 0.14 0.06 1.43 0.03 3.10 0.03 0.05 0.03 0.12 0.01 0.03 0.10 0.10 0.07 0.15 0.11 0.09 0.06 0.10 0.01 0.10 0.17 0.15 0.03 0.07 0.08 0.24 0.04 0.02 0.14 0.42 0.06 0.47 0.04

HIGH

LOW

0.33

0.05

0.02

0.01

0.06 0.08 0.08

0.01 0.02 0.07

0.09 0.52 0.60 0.04 0.15 0.15 2.10

0.04 0.10 0.30 0.03 0.03 0.03 0.10

0.25 0.03

0.18 0.01

0.15

0.05

0.08

0.05

0.47 0.35

0.09 0.20

0.10 0.05 0.04 0.14 0.34 0.17 0.02 0.18 0.13 7.17 0.05 3.60 0.08 0.21

0.04 0.01 0.01 0.04 0.12 0.03 0.01 0.05 0.05 0.98 0.01 2.75 0.02 0.03

0.24

0.05

0.95 0.11 0.16 0.18

0.05 0.01 0.02 0.04

0.07 0.16 0.01

0.03 0.10 0.01

0.17 4.13 0.06 0.08 0.11 0.28 0.10

0.17 0.13 0.03 0.05 0.04 0.16 0.02

0.14 0.45 0.08 0.47

0.12 0.06 0.02 0.42

12-MONTH STOCK

Great Quest Fe Green Arrow GrowMax Res Gunpoint Expl HFX Holding Highbury Proj Highvista Gold Hornby Bay Mnl I-Minerals Indico Res Inspiration Mg Interconnect Intl Battery Iron South Mng Ivor Explor Jasper Mining Kapuskasing Gd Karora Res Kermode Res King Global Knick Expl Kodiak Copper Kootenay Zinc La Imperial Latin Metals Le Mare Gold Leo Res Liberty One Li Lida Resources Lions Bay Mg Madeira Mrnls MAG Silver* Magna Terra Major Precious Mariner Res Martina Mnls McChip Res Mega Copper Meridius Res Metalo Manuf Micrex Dev Midasco Cap MillenMin Vent Milner Con Slv Minecorp Egy Mineral Hill Minsud Res Miramont Res Mongoose Mg Montana Gold MPV Explor Navis Res Corp Navy Res Nebu Res New Energy Met New Klondike New Stratus Nexco Res Norse Gold Odyssey Res Optimum Vent Ord Mountain Pac Arc Res Pac Bay Mnrls Pacific Silk Pan Andean Min Pasofino Gold Patriot Gold Philippine Mtl

EXC

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

BID

... 0.02 0.02 0.66 0.01 0.20 ... 0.09 0.04 ... ... 0.04 ... 0.24 0.21 0.06 0.06 0.47 0.01 0.03 0.01 0.05 0.04 0.03 0.03 0.01 ... 0.06 ... 0.26 ... 12.52 0.03 ... 0.26 0.05 0.42 0.03 0.19 0.12 0.02 0.07 ... 0.04 ... 0.02 0.05 0.20 0.05 0.09 0.12 ... 0.27 0.04 0.03 0.01 0.04 0.06 0.05 0.04 0.31 0.20 0.01 0.06 0.02 ... 0.26 0.04 0.06

ASK

LAST

0.01 0.03 0.02 0.75 5.00 0.30 ... 0.10 0.04 0.01 ... 0.07 ... 0.27 0.30 0.10 0.06 0.48 0.02 0.04 0.01 0.06 0.04 0.09 0.04 0.01 ... 0.06 ... 0.28 ... 13.30 0.03 ... 0.35 0.14 0.54 0.10 0.25 0.30 0.02 0.08 0.50 0.06 ... 0.02 0.10 0.20 ... 0.10 0.15 ... 0.32 0.04 0.04 0.01 0.05 0.08 0.08 0.07 0.42 0.20 0.25 0.12 0.03 0.09 0.26 ... 0.08

0.10 0.02 0.09 0.65 0.01 0.25 0.17 0.11 0.04 0.01 0.03 0.06 0.31 0.24 0.20 0.06 0.10 0.48 0.01 0.03 0.01 0.05 0.04 0.01 0.03 0.09 1.09 0.07 0.24 0.28 0.03 12.52 0.02 0.42 0.17 0.05 0.45 0.02 0.11 0.20 0.01 0.07 0.05 0.05 0.12 0.15 0.10 0.14 0.14 0.10 0.16 0.30 0.24 0.04 0.04 0.01 0.03 0.05 0.04 0.04 0.29 0.20 0.16 0.07 0.02 0.09 0.23 0.08 0.06

HIGH

LOW

0.04 0.10 0.74 0.05 0.30

0.02 0.08 0.43 0.01 0.22

0.11 0.07 0.01

0.02 0.02 0.01

0.06

0.28 0.20 0.25 0.14 0.73 0.02 0.10

0.04 0.20 0.01 0.05 0.20 0.01 0.01

0.13 0.18 0.12 0.16 0.09

0.04 0.02 0.01 0.02 0.04

0.11 0.27 0.39

0.04 0.13 0.04

14.40 0.03 0.42 0.20 0.06 0.65 0.12 0.17 0.35

6.12 0.01 0.02 0.13 0.05 0.39 0.02 0.08 0.07

0.15

0.07

0.05 0.20

0.02 0.07

0.15 0.17 0.15 0.10 0.18

0.01 0.05 0.11 0.02 0.06

0.27

0.10

0.31

0.02

0.25 0.07 0.05 0.05 0.30 0.25 0.30 0.15 0.03 0.10 0.29 0.08 0.09

0.03 0.03 0.02 0.02 0.15 0.06 0.16 0.05 0.01 0.03 0.04 0.05 0.02

12-MONTH STOCK

Pike Mountain PPX Mining Prime Meridian Prism Res Quantum Cobalt Rare Element* Razore Rock Res Red Oak Mining Reliant Gold Remington Res Rhyolite Res Rizal Res Rockland Mnls Rockwealth Res Ross River Sage Gold Samco Gold Secova Mtls Sennen Potash Sierra Madre Silver Phoenix Skarb Explor Slave Lake Zn SouthGobi Res Southstone Min Stans Energy Stevens Gold Surge Explor Talmora Diamd Tearlach Res Thunder Mtn Gd Tiger Intl TomaGold Top Explor Tri-River Vent Trident Gold TriMetals Mng True Grit Res Tymbal Res Upper Canyon Vale* ValOre Metals Vatic Vent Venerable Vent Walcott Res Whitemud Res Winshear Gold Winston Res Worldwide Res Yukoterre Res Zara Res Zena Mining Zenith Explor Zinco Mng Zincore Mtls

EXC

BID

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

0.17 0.01 0.07 0.03 ... 0.11 0.05 0.10 ... 0.24 0.19 0.01 0.07 0.46 ... 0.01 0.01 0.05 ... 0.05 0.13 0.03 0.05 0.02 0.01 0.01 0.27 0.39 0.02 0.10 0.09 0.13 0.04 0.04 ... 0.13 0.11 0.01 0.04 ... ... 0.06 0.05 0.08 0.12 0.01 0.12 ... 0.02 ... ... 0.06 0.03 0.05 ...

ASK

0.24 0.07 0.07 0.04 ... 0.16 0.10 0.10 ... 0.35 0.21 0.02 0.08 0.50 0.39 0.01 0.01 0.06 1.10 0.09 0.20 0.10 0.09 0.12 0.01 0.01 0.30 0.44 0.05 0.20 ... 0.22 0.04 ... ... 0.17 0.12 ... 0.05 0.25 ... 0.07 0.10 0.12 0.20 0.02 0.14 0.01 0.03 ... ... 0.08 0.58 0.07 0.40

LAST

0.17 0.06 0.07 0.03 1.10 0.15 0.10 0.10 0.02 0.35 0.19 0.02 0.08 0.46 0.26 0.02 0.05 0.05 0.45 0.05 0.15 0.08 0.04 0.09 0.01 0.01 0.25 0.39 0.01 0.10 0.09 0.17 0.05 0.02 0.04 0.12 0.12 0.02 0.05 0.25 10.24 0.07 0.10 0.10 0.09 0.02 0.14 0.01 0.02 0.10 0.07 0.05 0.02 0.05 0.05

HIGH

LOW

0.17 0.08 0.16 0.05 3.15 0.89 0.10 0.23

0.12 0.04 0.04 0.01 0.20 0.06 0.04 0.04

0.35 0.26

0.07 0.04

0.11 0.50

0.01 0.29

0.06

0.03

0.10 0.25 0.10 0.09 0.20 0.04 0.11 0.30 0.23 0.05 0.20 0.29 0.20

0.02 0.10 0.08 0.04 0.06 0.01 0.01 0.25 0.03 0.01 0.07 0.07 0.04

0.02

0.20 0.12 0.02 0.06

0.12 0.03 0.01 0.02

11.10 0.13

6.57 0.07

0.10 0.20 0.03 0.15 0.04 0.07 0.16 0.22 0.10 0.14

0.03 0.09 0.01 0.05 0.01 0.02 0.08 0.07 0.04 0.02