The Northern Miner December 7 2015 Issue

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FOCUS: OUTLOOK 2016

Diamond forecast and boardroom shake-ups / 7–9

Short Road to Silver Production/Earning TSX.V: GRG www.goldenarrowresources.com

FISSION URANIUM

ABORIGINAL RELATIONS

Readies for proxy battle / 3

Bob Rae says miners need to do more / 5

DECEMBER 7–13, 2015 / VOL. 101 ISSUE 43 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Trevali nears full production at Caribou SITE VISIT

| Caribou ramps up, ahead of anticipated recovery in zinc prices

Nordgold CEO orchestrates ‘compelling performance’ | Miner pays 30% of net profits to shareholders

GOLD

BY SALMA TARIKH starikh@northernminer.com BATHURST, N.B.

T

revali Mining (TSX: TV; US-OTC: TREVF) is nearing commercial production at its past-producing Caribou zinclead-silver mine in New Brunswick, ahead of what the company expects will be an uptick in zinc and lead prices, helped by looming mine closures of aging mines.

Trevali — which brought its 2,000-tonne-per-day Santander zinc-lead-silver mine in Peru in full production last year — is headed towards that same goal at its 3,000-tonne-per-day Caribou operation in early 2016.

“So we are pretty much there,” Mark Cruise, the company’s president and CEO, said during the drive to the site on a September media tour.

Once in full swing, Caribou should produce 93 million lb. zinc, 32.5 million lb. lead, 3.1 million lb. copper, 730,000 oz. silver and 1,500 oz. gold annually for a little over six years, at operating costs of US65¢ per lb. zinc, after by-products and royalties.

The 130 sq. km Caribou property sits in Restigouche County in the northern part of the province. It is accessible via Highway 180, which links the cities of Bathurst and Saint-Quentin. After driving 50 km west of Bathurst, we turn onto a 4 km long gravel road that leads to the mine site.

Caribou comprises two pastproducing open-pit lead-zinc-silver mines and an underground mine. It has been intermittently in production since the seventies. Between 1970 and 2008, Caribou cranked out an estimated 2.3 million tonnes grading 6.6% zinc and 3.1% lead

BY TRISH SAYWELL tsaywell@northernminer.com

M Christien Comeau takes a break from drilling at Trevali Mining’s Caribou zinc-lead-silver mine in New Brunswick.

under several operators.

Its previous operator was Blue Note Metals. Between 2006 and 2008, Blue Note invested $100 million to upgrade the mine infrastructure and install specialized grinding components at the mill.

It ran Caribou for a little over a year, before fi ling for bankruptcy in 2008. A year later, private firm Maple Minerals took ownership of the asset, but did not restart it.

Around this time, Trevali made a positive development decision for its Santander mine, and looked for other zinc-rich deposits to diversify its asset base a bit.

“One-mine operations are inherently risky,” Cruise concedes.

“So the idea was: well, let’s look for another camp or another opportunity where we think we can get fi rst-mover status, or at least acquire a significant position to dominate that camp at a local level

and move forward. We always liked the Bathurst camp, and again, there wasn’t much competition there.”

Xstrata and its predecessor — now part of Glencore — were then the biggest players in the Bathurst mining camp with their Brunswick 12 operation, which closed down in 2013. “That [mine] was probably responsible for 2–3% of the world’s zinc supply, and mined for a good 60 to 70 years,” Cruise says during a presentation at the Caribou office.

Other past-producing mines in the camp were Heath Steele, Brunswick 6 and Caribou. Other deposits included Halfmile and the past-producing Stratmat mine.

Trevali ventured into the Bathurst camp via a 2011 merger with Kria Resources, picking up Halfmile and Stratmat.

A year later, it initiated trial mining at the fully permitted Halfmile underground mine. It processed

PHOTO BY SALMA TARIKH

more than 100,000 tonnes on a toll basis through the now-closed Brunswick 12 mill — 40 km away — producing saleable zinc, leadsilver and copper-gold concentrates.

Cruise reveals he contemplated using the Brunswick 12 mill once the mine wound down. “But it was just too big, and too old. And our mines were too small. So it didn’t make sense. That is when we looked at Caribou more seriously.”

Trevali bought the Caribou deposit, mill and related infrastructure via a $22-million equity takeover of Maple Minerals in November 2012.

Former operator Blue Note left the mill in “pretty good shape,” as it thought it would restart the operation after negotiating its debt.

While that didn’t happen, it made Trevali’s job easier. “We’re lucky

oscow-headqua r tered Nordgold (LSE: NORD) counts itself as one of the best performing, lowest-cost gold producers in the industry today, and yet, curiously, few North Americans know anything about it.

Russian billionaire Alexey Mordashov owns a 90.5% stake in the company, whose nine mines — five in Russia, one in Kazakhstan and three in Africa — produced gold in the first half of this year at all-insustaining costs (AISC) of US$722 per oz., down 20% year-on-year, and generated US$141.2 million in consolidated free cash flow.

The company consistently pays See NORDGOLD / 5 PM40069240

See TREVALI / 2

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DECEMBER 7–13, 2015 / THE NORTHERN MINER

Trevali nears full production at Caribou TREVALI From 1

and thankful that they did that.

Otherwise it would have been a lot more capital to get the mill back up and running,” the company’s vicepresident of investor relations Steve Stakiw says before we suit up and take a tractor down the mine portal.

The temperature cools as we descend a couple hundred metres underground, passing an ore truck and a few drillers working on a 10,000-metre drill program that started in August. Trevali's goal with the program is to upgrade and better delineate the current resource, as well as test for mineralization.

The junior has 220 people on-site, including 90 underground. About 15% of its current workforce are First Nations members.

With its work cut out at the mill and 10 km of underground development in place when it arrived, Trevali assessed Caribou as a stand-alone operation. Now, it’s evaluating the possibility of building another mill down the road for the combined Halfmile–Stratmat deposits.

A resource estimate in 2013 shows Caribou has 7.2 million measured and indicated tonnes grading 6.99%

zinc, 2.9% lead, 0.4% copper, 84 grams silver and 0.9 gram gold per tonne for 1.1 billion lb. zinc, 468 million lb. lead, 69 million lb. copper and 19.6 million oz. silver.

It has 3.7 million inferred tonnes at 6.95% zinc, 2.8% lead, 0.3% copper, 78 grams silver and 1.2 grams gold for 560 million lb. zinc, 227 million lb. lead, 26 million lb. copper and 9.2 million oz. silver.

A May 2014 preliminary economic assessment (PEA) pegged initial costs to bring Caribou back online at $36.3 million, and life-of-mine sustaining capital at $88.8 million.

It calculated Caribou’s base-case, after-tax net present value at $106 million and internal rate of return at 56.9%, using zinc and lead prices of US$1 per lb. and a 5% discount rate.

Despite today's lower metal prices, Cruise explains the project’s economics are relatively the same today, as the study assumed a US95¢ Canadian–U.S. dollar exchange rate.

“Fortunately, the loonie [currently trading at US75¢] has dropped as much as the base metals effectively in the interim period,” he notes.

Trevali — the only primary zinc producer on the TSX — kicked off underground mining in March

General foreman Albert Legacy (left) and Trevali Mining’s CEO Mark Cruise at the 3,000-tonne-per-day mill at the Caribou zinc mine in Bathurst, New Brunswick. PHOTO BY SALMA TARIKH

2015, and started commissioning the mill in May, using low-grade stockpiled feed.

The milling complex includes a new 3,000-tonne-per-day semiautogenous-grinding mill, two refurbished ball mills and three IsaMills, as well as the zinc and lead flotation circuits.

The IsaMills — installed by Blue Note in 2007 — make the mine “a little bit unique in North American terms,” Cruise points out. “They just look like 40 gallon drums, but what they do is they grind very finely. That has always been the challenge with the Caribou mine. You have to grind [the ore] very fine to get the libera-

Practical iFrS aPPlication Guidance For the MininG induStry Help is a click away.

VIEWPOINTS:

Applying IFRSs in the Mining Industry

Viewpoints: Applying IFRSs in the Mining Industry is a series of non-authoritative accounting guidance and support papers, dedicated to helping resourceconstrained junior mining companies.

This series provides clear and concise application considerations, unique to this industry.

REVERSAL OF IMPAIRMENT LOSSES JULY 2015

Background Under IFRS, at the end of each reporting period, to the extent 1 that an entity has previously recorded an impairment loss (other than an impairment loss related to goodwill), the entity should assess whether there is any indication that the previously recognized impairment loss may no longer exist or may have decreased.

If any such indication exists, the entity is required to estimate the recoverable amount of the asset or the cash-generating unit (CGU). The recoverable amount of an asset or CGU is the higher of its fair value less costs of disposal (FVLCD) and its value in use (VIU).

If the recoverable amount exceeds the carrying amount, then a previously recognized impairment loss is considered to have been reversed (either fully or in part). IAS 36 Impairment of Assets requires an entity to recognize the reversal of the impairment loss, except for goodwill for which an impairment loss cannot be reversed under any circumstances.

Note that an impairment reversal is dictated by the specific facts and circumstances and is not an accounting policy choice.

Issue How do mining entities apply the requirements of IFRS with respect to reversal of impairment?

1

For more details, please refer to Mining Industry Task Force on IFRSs Viewpoint — Commodity Prices and Impairment and Viewpoint — Impairment of Exploration and Evaluation Assets.

Mining Industry Task Force on IFRSs International Financial Reporting Standards (IFRSs) create unique challenges for mineral resource companies. Financial reporting in the sector is atypical due to significant differences in characteristics between mineral resource companies and other types of companies. The Chartered Professional Accountants of Canada (CPA Canada) and the Prospectors & Developers Association of Canada (PDAC) created the Mining Industry Task Force on IFRSs to share views on IFRS application issues of relevance to mineral resource companies. The task force views are provided in a series of papers that are available through free download. These views are of particular interest to Chief Financial Officers, Controllers and Auditors.

The views expressed in this series are non-authoritative and have not been formally endorsed

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tion, and get your recoveries up.”

Given IsaMills are not common in Canada, the company retained DRA Americas Inc.— a South African specialist metallurgical and plant operations group — to provide training and support during commissioning. It also accessed its partner Glencore’s metallurgical teams for support.

Trevali began producing zinc and lead-silver concentrates from Caribou in July. It is ramping up and improving mill recoveries to reach PEA design levels of 84% zinc and 65% lead.

During the third quarter, mill recoveries were 61.1% zinc and 41% lead. Production totalled 12,464 tonnes of zinc concentrate grading 48.8%, and 4,240 tonnes of lead concentrate grading 35.7%.

Recoveries climbed in October, but milling rates fell as the company pulled back throughput, while transitioning the mill feed from the low-grade stockpile to the highergrade run-of-mine material, which familiarized its team with the material, Stakiw says. It also ironed out some wrinkles in its zinc circuit.

In November, mill throughput was well above 2,000 daily tonnes, with 78% and 60% zinc and lead recoveries. Mining rates were 1,950 tonnes per day, up from September’s 1,350 tonnes per day.

After the underground tour, we walk through the milling complex, where the crushed underground ore is ground further, treated and separated into zinc and lead-silver concentrates.

The products are stored on-site, until they are shipped to Belledune, N.B. Once there, the lead-silver concentrate goes into Glencore’s Belledune smelter, while the zinc concentrate goes by rail to the Noranda Income Fund’s (TSX: NIF.UN) CEZ refinery and smelting complex in Salaberry-de-Valleyfield, Que. Glencore buys all of the concentrates from Caribou and Santander at market price under long-term offtake agreements.

Trevali’s relationship with the global commodity trader and miner goes back to 2010, when it bought Glencore’s 2,000-tonne-per-day mill for Santander on a lease-toown basis, and signed a long-term concentrate offtake agreement for the mine.

Two years later, the major loaned Trevali $20 million to help commission the Santander mine, and signed an offtake agreement for Caribou.

More recently, it gave Trevali a one-year break from the finance lease payments on the Santander mill until Oct. 30, 2016 — or when zinc prices go back to US90¢ per lb. — for an average of 10 days.

“What we’ve seen in the market is that zinc has come down ... in unison with the rest of the metals See TREVALI / 3

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GLOBAL MINING NEWS

Trevali TREVALI From 2

out there — but the fundamentals in the background are maybe one of the strongest, in terms of where it is forecasted,” Stakiw says.

While spot zinc prices recently fell to lows of US68¢ — or US$1,500 per tonne — on the back of global economic uncertainty, perceived demand and a stronger U.S. dollar, Stakiw points out that up to 1.5 million tonnes of zinc mine production — 10% of the world’s 14 million tonnes of annual production — could come offline shortly.

In November, Nyrstar said that if zinc prices stayed weak it would lower its annual zinc concentrate production by 400,000 tonnes, or even leave the mining business.

In October, Glencore lowered its contained zinc mine production across its operations by 500,000 tonnes a year (including 100,000 tonnes of lead output) to preserve its reserves in the low-priced environment.

While Glencore’s move is temporary, the world’s two largest zinc mines — Century in Australia and Lisheen in Ireland — are permanently closing by year-end. They produce a combined 675,000 tonnes of zinc concentrate a year.

Analysts say the zinc price will increase over the next four to five years as demand outstrips supply, creating a deficit.

“The metal market is already in a structural deficit, which is being addressed by stock draws, which currently meet the shortfall,” Raymond James analyst Alex Terentiew writes. “We believe a strong upside in prices is required to avert the implied dip in metal stocks to less than one week of consumption by 2019,” he adds. Terentiew predicts zinc prices should increase to US$1.21 per lb. in 2016, gradually climbing to US$1.53 in 2019.

This outlook bodes well for Trevali, with some analysts forecasting that with every cent per pound that zinc prices move, the company’s net asset value per share moves 3¢.

According to mining research and consulting firm Wood Mackenzie, zinc consumption should increase by more than 3 million tonnes over the next five years, with zinc prices estimated to reach US$3,600 per tonne, or US$1.60 per lb.

Meanwhile, Trevali is nearing the finishing line at Caribou, with both the mine and mill running above 2,000 tonnes per day in late November. Underground mining has benefitted from a fleet of 40-tonne trucks and increased production per stope, exceeding planned rates of 500 tonnes per day.

Caribou is transitioning to owneroperated. The operation should reach 2,500 daily tonnes by year-end, followed by 3,000 daily tonnes in early 2016.

Around this time, Trevali plans to install the copper circuit so that it can make copper-gold concentrate. Meanwhile, its 10,000-metre underground drill program should continue until mid-2016.

Cruise points out the deposit remains open at depth, with deep drilling returning massive sulphides 450 metres below the current defined resource. He says adding another couple years to the six-year mine plan “won’t be a stretch.”

During trading on Nov. 26, Trevali was up 8% at 34¢ per share, as spot zinc and lead prices rose slightly to US72.2¢ per lb. and US74.3¢ per lb., after reports that China would stock up on base metals.

The stock’s average price target — based on six analysts — is $1.15, including a 70¢ target by Scotiabank and $1.70 target by GMP Securities.

Trevali ended September with a $16-million cash position, including $8 million in restricted cash. TNM

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THE NORTHERN MINER / DECEMBER 7–13, 2015

Fission steps into the ring for proxy fight with retail investor PROXY BATTLE

| Dissident shareholder Gifford challenges Fission management

BY MATTHEW KEEVIL

T

mkeevil@northernminer.com VANCOUVER

hings might be a little tense at Fission Uranium’s (TSXV: FCU; US-OTC: FCUUF) annual general meeting (AGM) due to a proxy battle launched by a retail shareholder looking to replace its board of directors. A dissident group calling itself “FCU OverSight” emerged in October, and though there may be a low risk of a full-blown house cleaning, Fission management is taking the proxy action seriously.

The company responded to the action by enacting an advancenotice by-law that says any new board nominations should be submitted within 30 days of its AGM, which is scheduled for Dec. 15. According to Fission CEO Dev Randhawa, a retail shareholder named James Gifford — who owns 126,000 shares — submitted his own list of nominees “around an hour” before the corporate deadline.

“WE TAKE THIS SERIOUSLY ... WHAT THESE PEOPLE ARE DOING IS IRRESPONSIBLE.” DEV RANDHAWA CEO, FISSION URANIUM

“We’ve never been able to schedule a direct meeting or call with this group, but from what we’ve gathered externally, they feel our Patterson Lake South (PLS) discovery is a production-ready asset that needs to advance towards development,” Randhawa said during an interview.

“I said: ‘If you have people you think are more qualified, put some names forward, and we’ll definitely take a look.’ Unfortunately, they didn’t opt to go about this in the usual way, and what has happened is really an unfortunate distraction, which we’re prepared to deal with. We take this seriously, and in my view, what these people are doing is irresponsible,” he added.

Fission is well known for the Triple R uranium discovery at PLS in Saskatchewan’s Athabasca basin, which hosts 2.3 million indicated tonnes grading 1.58% U3 O 8 for nearly 80 million contained lb.

FCU OverSight made itself known soon after Fission hosted a townhall meeting to promote a now-failed merger with Lukas Lundin’s Denison Mines (TSX: DML; NYSE-MKT: DNN).

There are a few familiar names on the dissident shareholder nomina-

tion list, namely Ben Ainsworth, who served as president and CEO of Alpha Minerals during a joint venture at PLS with Fission.

Also on the slate is Goldcorp (TSX: G; NYSE: GG) director John Bell, and Areva executive Jean-Jacques Gautrot. The list is rounded out by Olga Wills, who serves in an advisory role for Russian state-owned Rosatom State Atomic Energy, and lawyer Elizabeth Lockhart, who serves as general counsel at Zincore Metals (TSX: ZNC; US-OTC: ZCRMF), and was formerly with Southwestern Resources.

The largest shareholder up for nomination is Ainsworth, who owns 630,000 shares due to his involvement in the PLS joint venture.

The remaining nominees account for fewer than 10,000 shares.

“Look at this list of board nominees, and the thing that should stand out is share ownership. The only person I’m really familiar with on the slate is Mr. Ainsworth, who I think is a wonderful gentleman, but I’m a bit confused to see his name put up for nomination,” Randhawa pointed out. “I just don’t see anyone in this group having any experience with mine development. Our job is to continue to run the company despite what, to be quite frank, is a waste of everyone’s time. It’s a mystery why anyone would think this group of people is more qualified than our team ... we are talking about uranium exploration here, and we’ve proven to be among the best at it.”

The Northern Miner has requested interviews with FCU OverSight four times since the group came onto the scene last month, but has yet to receive any firm comments.

Gifford did respond by email on Nov. 25, saying that “the situation is f luid. [FCU OverSight] has not ‘faded away’ — we remain hard at work daily, and we remain hopeful that the outcome of the AGM will be positive for [Fission] shareholders.”

Fission is releasing assay results from its mid-year exploration program at PLS. The most promising results came from the R600W zone, where Fission cut 25.5 metres of 11% U3O8 from 117 metres deep in hole 15-439.

The intersect is intriguing, especially when taken in context with other holes drilled at the target mid-year, since the company has yet to release a resource estimate on R600W. Fission shares have traded within a 52-week window of 56¢ to $1.38, and closed at 58¢ per share at press time.

The company has $7 million in f low-through capital to finance its upcoming drill campaign, and 386 million shares outstanding for a $224-million market capitalization. TNM

A drill site at Fission Uranium’s Patterson Lake South uranium project in northern Saskatchewan. FISSION URANIUM

No. S-159677 Vancouver Registry In the Supreme Court of British Columbia IN THE MATTER OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED AND IN THE MATTER OF CANYON RESOURCES CORPORATION, CR BRIGGS CORPORATION, CR MONTANA CORPORATION, CR KENDALL CORPORATION, ATNA RESOURCES LTD. AND HORIZON WYOMING URANIUM, INC. AND ATNA RESOURCES, INC. PETITIONER On November 20, 2015, Atna Resources Inc. (“Atna US”), Canyon Resources Corporation, CR Briggs Corporation, CR Montana Corporation, CR Kendall Corporation, Atna Resources Ltd. and Horizon Wyoming Uranium, Inc. (collectively, the “Debtors”) obtained orders from the United States Bankruptcy Court for the District of Colorado (the “US Court”) which, among other things, commenced proceedings pursuant to Chapter 11 of Title 11 of the United States Code (the “US Proceedings”) and appointed Atna US as foreign representative (the “Foreign Representative”).

On November 23, 2015, the Supreme Court of British Columbia pronounced an order (the “Recognition Order”) pursuant to Part IV of the Companies’ Creditors Arrangement Act (the “Canadian Proceeding”) that, among other things, i) recognizes the US Proceedings as the foreign main proceeding, ii) recognizes the Canadian Proceeding as the foreign non-main proceeding, iii) stays all claims against the Debtors in Canada, and iv) appoints Alvarez & Marsal Canada Inc. as the information officer of the Debtors (the “Information Officer”).

The Foreign Representative may be contacted through its counsel, Kieran E. Siddall of Bull, Housser & Tupper LLP, 1800 – 510 West Georgia Street, Vancouver, B.C. V6B 0M3.

A copy of the Recognition Order and other public information in respect of these proceedings is available on the Information Officer’s website at www.alvarezandmarsal.com/atna or by contacting the Information Officer at:

Global Leader

Your Technical Services Partner in Geochemistry and Metallurgy For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221

Alvarez & Marsal Canada Inc. 400 Burrard Street Suite 1680, Commerce Place Vancouver, BC V6C 3A6 Attention: Tom Powell Tel: 604.639.0846 E-mail: tpowell@alvarezandmarsal.com

RIGHT SOLUTIONS RIGHT PARTNER

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Dave Chauvin (416) 510-6824 dchauvin@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 580 Hornby Street Suite 900 Vancouver, BC, V6C 3B6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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E D I T O R IA L

Layoffs pile up across the industry TOUGH TIMES

| Grande Cache Coal shutting down

T

he last couple of months have seen deep rounds of layoffs in the mining industry, as companies worldwide struggle to cope with low commodity prices, a resurgent U.S. dollar and thin financings.

The U.S. is ground zero for the recent wave of mine shutdowns and job losses, with

BY JOHN CUMMING its numerous coal mines and a high-flying jcumming@northernminer.com greenback that translates into higher domestic wage costs compared to foreign competitors with fallen currencies.

The thermal coal market in the U.S. has been particularly hard hit by proposals under the federal government’s Clean Power Plan, which aims to cut emissions at fossil-fuelled power plants. Twenty-five states are lining up to sue the federal government to stop the plan, which they say is a job-killer due to the closing of coal mines and increased electricity rates that will drive out businesses from their states. State governments such as West Virginia’s are already taking an axe to their annual budgets, as tax revenue from coal mining shrinks.

Two formerly substantial thermal coal miners, Alpha Natural Resources and Patriot Coal, are now under bankruptcy protection, and have issued layoff notices at several Appalachian mines.

The slumping global steel market has translated into weaker demand and falling prices for metallurgical coal, iron ore and molybdenum, with resulting mine layoffs.

In U.S. met coal, the Walter Energy bankruptcy auction has taken a turn, with the possible selling of its Alabama assets for US$1.3 billion.

Most Walter Energy operations have continued since the bankruptcy reorganization was announced in July, though there have been layoffs at subsidiary Jim Walter Resources. Cliffs Natural Resources has also cut hundreds of staff at its met coal mines in Wyoming and Alabama, as have its met coal competitors in Wyoming.

The pains in U.S. iron ore are centred in Minnesota and Michigan’s Upper Peninsula, with more than 1,500 layoffs at various firms.

U.S. molybdenum miners haven’t escaped the whirlwind, with the iconic Henderson moly mine in Colorado eliminating 210 jobs and leaving 350, as mine production is scaled back 45%. Freeport-McMoRan has also chopped jobs at many of its U.S. copper mines, including 450 people let go at the Sierrita copper-moly mine, as mining rates are cut in half. Worldwide Freeport is letting go of 10% of its workforce.

But the biggest job losses in copper are in Chile at state-owned Codelco. The world’s largest copper miner has laid off 4,000 workers, with Codelco CEO Nelson Pizarro calling it “painful but necessary.”

The metallurgical coal mines of Western Canada are hurting too, despite the loonie's drop into the low- to mid-US75¢ range. As we reported last week, Teck Resources has laid off 1,000 employees.

Grande Cache Coal in the remote town of Grande Cache in northwestern Alberta gave the bad news to its workers in November that the company would suspend indefinitely its Grande Cache underground coal mine on Christmas Eve, leaving 220 people out of work. Earlier this year, the miner laid off 250 people by closing its nearby openpit mine coal and plant. Grande Cache Coal was bought by Japan’s Marubeni and Winsway Coking Coal Holdings for $1 billion in 2012.

In October 2014, Up Energy Development Group bought a controlling interest in Grande Cache Coal from the two companies for just $2 (yes, that’s right: two dollars!).

Among suppliers, Vancouver-based Finning International, the world’s largest Caterpillar heavy equipment dealer, announced in mid-November it is cutting 1,100 jobs in Canada and abroad, or 8% of its workforce. For all of 2015, Finning will have eliminated 1,900 staff worldwide, including 1,100 in Canada. Finning is also shutting 11 more locations in Western Canada as it moves away from its previous business model of having a substantial bricks and mortar presence near all its clients. In its latest quarterliess, Finning said equipment sales dropped 27% between the second and third quarters.

In Decatur, Illinois, Caterpillar is cutting 5,000 salaried employees this year and says 10,000 might be eliminated by 2018. Another 2,000 have taken early retirement. TNM

DEPARTMENTS Careers . . . . . . . . . . . . . . . . . . . . . . . 14 Editorial . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices . . . . . . . . . . . . . . . . . . . 12

Mining Jobs . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . 12-13 Stock Tables . . . . . . . . . . . . . . 6, 10-12

COMPANY INDEX Aberdeen International . . . . . . . . . . 7 AngloGold Ashanti . . . . . . . . . . . . . 14 Barrick Gold . . . . . . . . . . . . . . . . . . . 9 Canadian Oil Sands . . . . . . . . . . . . . 9 Clifton Star Resources . . . . . . . . . . . 7 Columbus Gold . . . . . . . . . . . . . . . . . 5 Denison Mines . . . . . . . . . . . . . . . . . 9 Dominion Diamond . . . . . . . . . . . . . 7 Fission Uranium . . . . . . . . . . . . . . 3,7 Goldcorp . . . . . . . . . . . . . . . . . . . . . . 3 Hudbay Minerals . . . . . . . . . . . . . . . . 9 IC Potash . . . . . . . . . . . . . . . . . . . . . . 7

Karnalyte Resources . . . . . . . . . . . . . 7 Kingsdale Shareholder Services . . . . 7 Lucara Diamond . . . . . . . . . . . . . . . . 7 New Millennium Iron . . . . . . . . . . . . 7 Noranda Income Fund . . . . . . . . . . . 2 Nordgold . . . . . . . . . . . . . . . . . . . . . . 1 Northquest . . . . . . . . . . . . . . . . . . . . . 5 Scorpio Gold . . . . . . . . . . . . . . . . . . 16 Suncor Energy . . . . . . . . . . . . . . . . . . 9 Trevali Mining . . . . . . . . . . . . . . . . . . 1 Zincore Metals. . . . . . . . . . . . . . . . . . 3

Coal’s place in the shifting energy mix | Renewables on the rise, but fossil fuels still significant

COMMENTARY

G

iven the minyet on the way out. ing industry’s In fact, global deextended cycle mand for coal could times, companies regrise to 9 billion tons ularly look for insight by 2019, growing an relative to long-term average 2.1% per year. commodity demand Energy shortages in patterns. One area that BY PHILIP HOPWOOD countries across Afmay require more con- Special to The Northern Miner rica, Asia and South certed focus relates to America — coupled the shifting global energy mix. with an anticipated 40% spike in In many ways, this discussion global energy use by 2040 — may begins and ends with the outlook also boost demand for fossil fuels. for thermal coal. On the one hand, There are questions, too, as to the extent to which societies appear whether China can afford to stop to embrace renewable generation burning coal at its intended rate. is catching many people off guard. Pollution is a critical issue, but The environmental issues raised power shortages would cause more by burning coal are prompting social backlash. This may explain countries across the world to ex- why the IEA forecast China’s therplore alternative energy generation mal coal demand would grow to options — from nuclear and gas nearly half a billion tons by 2019. to solar, hydro and wind power.

Despite China’s efforts to moderate China’s thermal coal consump- its coal consumption, it will still tion, for instance, fell 3% in 2014, account for 60% of demand growth despite a 3.8% increase in electric- during the outlook period. ity output. In its bid to reduce These demand factors also hingreenhouse gas emissions up to der efforts to curb coal production.

65% from 2005 levels, the country While countries in developed naplans to increase its share of non- tions are adopting environmental fossil fuels to 20% of its primary agendas to reduce coal reliance, energy consumption by 2030. coal production in countries with These are significant indicators less stringent regulation may rise given China’s historical role as apace to meet global demand. the world’s largest coal consumer.

But while coal’s demise may be Alternate power sources are ex- premature, the move to alternative panding to bridge the gap. Beyond power sources is inevitable. Natusigning mega-contracts with global ral gas, which accounts for 20% LNG suppliers and developing do- of the global energy mix, could mestic gas supply, including shale, account for 25% of global energy China is investing billions of yuan use by 2040, surpassing coal. to fund clean energy production.

Similarly, nuclear power is enAlready, China plans to increase joying a global resurgence, with installed capacity of wind power installed capacity set to grow 60% from 96GW to 200GW, and of to 2040. Nearly half of the world’s solar power from 28GW to 100GW. current operating reactors will need It also plans to use natural gas to be retired by that date, but over for more than 10% of its primary 60 reactors are under construction energy consumption by 2020. in 15 countries.

And China is not alone. In 2014, Although some uranium proinstallations of renewable power ducers are struggling to realize plants surpassed 100,000 mega- a profit at current prices, several watts of capacity. low-cost U.S. producers have sigNone of this is good news for nalled an intent to ramp up if coal producers. Whilst the fall in uranium oxide spot prices hit producer currencies and lower US$50 per lb.

With demand for nuclear rising, oil prices have given the industry some unexpected relief, these cost Macquarie forecasts a gradual price tailwinds are providing incentives increase to US$53 per lb. through to increase output at a time when 2019 — rising to US$60 per lb. over producer discipline is essential, if the long-term. global thermal coal markets are to And the renewables genie canreturn to balance. not be put back into its bottle.

Despite China’s decision to re- Perhaps, like exponential techstrict imports, coal demand is not nologies, renewables have not yet the real problem. The issue is excess hit their full growth stride (much supply. According to Deutsche like the shale gas revolution in the Bank’s supply/demand models, U.S. seemingly took the world thermal coal is running a 30-mil- by storm). Although renewables lion-ton surplus, which could rise account for only 3% of the global to 68 million tons in 2018. energy mix, that number is set to These factors have some people rise to 8% by 2035. predicting an imminent demise Renewables’ share of power genfor coal. Junior coal miners are eration is expected to grow from taking the brunt of this impact, 21% in 2012 to 33% by 2040, overwith a high percent of the sector taking gas as the second-largest battling for survival. source of generation in the next On the other hand, most major few years, and surpassing coal as energy forecasters agree that coal the top source after 2035. will remain a critical component — Philip Hopwood is a partner of the global energy mix for years with Deloitte Canada and leads to come. According to the U.S. its Global Mining group. His areas Energy Information Administra- of expertise include performance tion, fossil fuels will continue to improvement, operating model supply nearly 80% of world energy development and value extracuse through 2040. tion from business transformation Looking at electricity alone — initiatives. which the International Energy The above commentary repAgency (IEA) says will remain resents an edited excerpt of one the fastest-growing final form of chapter in Deloitte’s newly released energy worldwide — by 2040, 56% 48-page report, entitled: Tracking of power will still come from fos- the trends 2016: The top-10 issues sil fuels,including 31% from coal. mining companies will face in While coal could lose market the coming year. For footnotes share to natural gas and renew- to this commentary and to view ables, dropping to 20% of the total the full report, please visit www. global energy mix by 2040, it is not deloitte.com.

2015-12-01 6:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 7–13, 2015

5

Bob Rae on engagement: ‘Face-to-face really matters' COMMUNITY RELATIONS

BY TRISH SAYWELL

A

tsaywell@northernminer.com

bout US$20-billion worth of projects globally in the industry today are stalled due to poor government or community relations, Gordon Bogden, a geoscientist and director on the boards of several mining companies, told a conference in Toronto hosted

by PwC in partnership with The Northern Miner.

“Mining is the number-one industry to take people out of poverty around the globe, so it’s critical to global development, not just in Canada,” Bogden said. “But it’s been stalled. Why? Because of issues often with respect to community engagement, and this lack of partnership.

So how do we move that forward?”

Failing to engage with communities can be a huge obstacle to economic growth, he added, given that mining and its related businesses are some of the biggest contributors to gross domestic product (GDP). In Canada, mining makes up 12% of GDP, while globally the figure is closer to 20%, he estimated.

The senior executive spoke at PwC’s “Shaping the mine of the future” event, along with Bob Rae, a senior partner at Olthuis Kleer Townshend LLP, which works with First Nations in Canada as legal counsel, advisor, negotiator and arbitrator.

“For a long time the assumption in law and the assumption in practice was that if you dealt with the government — national, state, local — you’d done your bit, and whatever arrangements you could work out with those governments was going to be sufficient for you to simply

| Mining companies must learn how to engage with indigenous people

carry out your business,” Rae said.

“But the reality today is different.

The reality today, for a whole variety of reasons around the world, is that indigenous people are saying: ‘No, you haven’t completed the consultation if you’ve only consulted with those governments.’”

It's also incorrect to suggest that indigenous communities are naturally opposed to development, Rae added. “I think that’s a myth, and I think you really miss the boat if you work on that assumption.”

The former premier of Ontario (1990–95), and interim federal leader and foreign affairs critic for the Liberal Party of Canada (2011–13), emphasized that mining companies and others in the extractive resources sector must first learn how to engage properly with indigenous communities if they want their projects to succeed.

“Increasingly people are recognizing that there has to be a new form of engagement and a new form of partnership, and that’s the era in which we are now living,” Rae said, who works with a number of First Nations groups in Ontario and in Western Canada.

“If people have no stake in anything and are feeling that there’s no way to benefit, they will simply oppose a development, and say, ‘Well, that’s not going to work for us, here’s a list of all the problems.’

But if people see what the benefits will be, what the actual return can be,” he says, the attitudes can change.

To support his point, Rae recalled a meeting he attended in a small, remote community in the Ring of Fire area of northern Ontario.

When the talks turned to building a road, a young man of about twenty

“IT’S A NEW GROUP OF PEOPLE WHO WILL NOT BE SATISFIED WITH SEEING THE NUMBER-FOUR YOUNG GUY COME OUT AND SAY: ‘I’M HERE REPRESENTING THE COMPANY.’” BOB RAE SENIOR PARTNER, OLTHUIS KLEER TOWNSHEND LLP

stood up at the back of the room and asked whether he would get a job building the road.

When Rae said yes, that part of the deal would be that members of the First Nations community would get hired in the construction process, the youth turned to the chief and said: “Don’t screw it up.”

Rae says: “That’s a bit of a change in terms of the mindset,” adding that it also showed a generational change that has taken place among groups of indigenous people, the world’s

youngest demographic. “That’s why I keep saying: ‘Think about how that transformation is taking place.’ It doesn’t mean that people won’t have questions about the development, it doesn’t mean that getting to ‘yes’ on the development is easy, it’s not easy.

But it does mean that, don’t assume it’s going to be a negative result. It isn’t, if engagement becomes the order of the day.”

Rae pointed to work he had done in the natural gas industry in B.C. as another example of where engagement happened “big time” under consultations and discussions, and the benefits that have been shared.

And he noted that both the new governments in Alberta and in Ottawa have stated publicly that the UN Declaration on the Rights of Indigenous People will be the basis of their public policy.

“That is a change, and you know, I suspect other governments will have to follow suit,” he said. “There will be a bunch of serious discussions about what that is going to mean, and we can talk about that. But I want to stress the last point, and just say it one more time: This is not about stopping development. This is about increasing engagement and ensuring that when development takes place, it will include the people that actually live on these lands.”

In terms of the best way to negotiate and engage with local communities, Rae said he had learned a few things over the years, and that above all, “face-to-face really matters.”

“The telephone doesn’t work, email doesn’t work, faxes don’t work, turning up, flying in, staying overnight, or for a few days, and going fishing, and talking to people, and engaging with people, works,” he

said. “I would say to every mining CEO, if you’re not prepared to spend as much personal time as you would with talking to your investors, going to New York and going to the U.K. and getting your money — you’re missing the point.”

Rae added that he’s told politicians and everyone else that they have to learn how to do it. “It’s a new form of human engagement that you have to learn. You have to take your tie off, you have to just go in there and get with the program.”

“This is a face-to-face business now,” he adds. “It’s an on-the-ground business ... and it’s a new group of people who will not be satisfied with seeing the No. 4 young guy come out and say: ‘I’m here representing the company.’ They’ll say: ‘Where’s your boss? I’m the chief, where’s your chief?’”

Both Rae and Bogden added that attitudes towards dealing with indigenous people at mining companies are changing, but still vary widely.

“Some companies, of course, are a little more progressive than others, and others are still, unfortunately, stuck in the 70s in the way they look at things, and at this kind of engagement, and they’re negotiating off a term sheet first,” Bogden says.

“That doesn’t work here. You’ve got to break that.”

Rae and Bogden also emphasized that starting off on the right foot was important for the junior and intermediate companies that are often the first on the ground in many indigenous communities.

Bogden estimated that while there are 30 major mining companies around the globe, there are 1,400 junior and intermediate companies, which can be a force for change. TNM

Nordgold CEO orchestrates ‘compelling performance’ “IF THESE WERE BAD OREBODIES, WE WOULDN’T HAVE SUCH LOW COSTS.” NIKOLAI ZELENSKI CEO, Nordgold

30% of its net profits to shareholders in the form of dividends. Last year NORDGOLD From 1

those dividends rang in at US$39 million, and already in the first three quarters of this year, have reached US$52.6 million.

“Hopefully we’ll have something more to add to dividends in the fourth quarter, and based on our internal assessments, I think those types of dividend payouts should be possible next year as well,” Nikolai Zelenski, the company’s 42-yearold CEO, says in an interview. “We are comfortable doing this because we generate substantial cash flow, and are able not only to give back to shareholders, but also drive our growth program.”

Nordgold is also one of a handful of companies in the industry that is buying back shares, and has spent US$29 million on the exercise so far this year. “Our shares are undervalued, and they represent accretive acquisition for us,” Zelenski explains. “The buyback is also

Dec 07 Pgs 1 2 3 4 5 14 16.indd 5

a good way to provide liquidity for some shareholders who want to sell their shares. So there’s a kind of dual purpose for this buyback program, and it’s been successful.”

In terms of production, the company has shown a 31% compound annual growth rate in six of the seven years since it set up as the gold division of Russian steel giant Severstal. (Nordgold was spun off in 2012.) Gold production has risen from 193,000 oz. in 2008 to 985,000 oz. in 2014, and this year Zelenski forecasts production will be between 925,000 and 985,000 oz. gold, at AISC of US$750 to US$800 per oz.

“It’s a compelling performance — we have met or exceeded our guidance for three years in a row,” he says, adding that the company put its newest mine, Bissa, into production in January 2013, three months ahead of schedule. The mine — in Burkina Faso — produced 254,000 oz. gold in 2013, exceeding the company’s 100,000 oz. guidance. Total cash costs were US$468 per oz.,

A worker directs traffic at Nordgold’s Bissa gold mine in Guinea.

well below Nordgold’s US$700 per oz. forecast.

Bissa brings Nordgold’s mines in the West African nation to two, and the company also owns the Lefa mine in nearby Guinea. In Kazakhstan, it owns the Suzdal mine, and the rest of its mines — Berezitovy, Buryatzoloto (the Zun-Holba and Irokinda mines), Neryungri and Aprelkovo — are spread across Russia.

Looking to future growth, Zel-

NORDGOLD

enski describes the company’s project pipeline as “probably one of the best in the industry,” with one mine under construction (Bouly in Burkina Faso), one ready to build (Gross in Russia), one in feasibility (Columbus Gold’s (TSXV: CGT; US-OTC: CBGDF) Montagne d’Or in French Guiana, in which it is earning a 50.01% stake), and seven in the early stage of exploration, including Northquest’s (TSXV: NQ; US-OTC: NOTQF) wholly

owned Pistol Bay project in Nunavut. (Nordgold has a 52.3% stake in Northquest.)

“Our new Bouly mine in Burkina Faso will be launched in the second half of 2016, and will add 120,000 oz. production. And we have all the permits for the Gross project in Russia’s Far East, and that is going to add 230,000 to 250,000 oz. gold,” Zelenski says. “Then we See NORDGOLD / 14

2015-12-01 6:59 PM

6

WWW.NORTHERNMINER.COM

DECEMBER 7–13, 2015 / THE NORTHERN MINER

MA R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 20–26 Canadian equities ended the trading week in the red. The S&P/TSX Composite Index fell 0.4% to 13,425.19. The S&P/TSX Global Mining Index lost 2.2% to fi nish at 45.12, and the S&P/TSX Capped Diversified Metals & Mining Index slipped 1.5% to 357.46.

The S&P/TSX Global Gold Index dropped 0.8% to 125.47, as the New York spot gold price fell 1% to US$1,070.90 per oz. on Nov. 25, a day before U.S. markets closed for the Thanksgiving holiday. On the New York Mercantile Exchange, crude futures for delivery in January gained 3% to close Nov. 25 at US$43.04 per barrel.

NGEx Resources rose nearly 62% to finish at 76¢ per share after updating the inferred resource estimate for its Filo del Sol silvercopper-gold deposit in Argentina. Using a 0.3% copper-equivalent cut-off grade, Filo’s contained copper, gold and silver resources have increased 42%, 39% and 71%. The deposit has 381 million inferred tonnes grading 0.4% copper, 0.33 gram gold and 12 grams silver per tonne for 3.3 billion lb. copper, 4 million oz. gold and 149.8 million oz. silver. The new resource estimate replaces a December 2014 estimate, and includes data from 24 more stepout and infi ll holes from the 2014–15 drill program.

Trevali Mining — the only primary zinc producer on the TSX — was the most traded

stock, with 33.6 million shares changing hands. The stock gained 4¢, or 13%, to close at 34¢ per share, as the spot zinc price rose US3.5¢ to US72¢ per lb. The junior is ramping up its 3,000-tonne-per-day Caribou zinc-lead-silver mine in New Brunswick to commercial production by year-end, followed by full production in early 2016. It also has the Santander primary zinc mine in Peru, which produced 14.8 million lb. zinc, 7.8 million lb. lead and 285,962 oz. silver in the third quarter. The junior ended September with a $16-million cash balance.

UEX shares rose 8.3% to 13¢, a f ter the junior and partner Areva Resources Canada repor ted a $2.2-million 2016 exploration budget for t heir Western Athabasca joint-venture uranium projects.

TSX MOST ACTIVE ISSUES VOLUME

WEEK (000s)

Trevali Mng First Quantum B2Gold Yamana Gold Teck Res B Barrick Gold Lundin Mng Kinross Gold Potash Cp Sask Eldorado Gold

TV FM BTO YRI TCKB ABX LUN K POT ELD

HIGH

33575 0.35 19755 5.46 19089 1.51 15437 2.82 14450 6.29 12137 10.20 11922 4.00 9672 2.65 8717 27.70 8678 4.39

LOW

CLOSE CHANGE

0.25 0.34 + 0.04 4.41 5.12 - 0.15 1.37 1.45 - 0.03 2.37 2.78 + 0.21 5.42 5.70 - 0.36 9.40 9.90 - 0.11 3.56 3.74 - 0.10 2.32 2.62 + 0.13 26.07 26.71 - 0.72 4.01 4.13 - 0.20

Of the budgeted $2.2 million, $1.4 million will go towards the Shea Creek project, where UEX will contribute $662,800.

Areva also plans to invest $650,000 and $200,000 to explore the early-stage Mirror River and Coppin Lake projects. UEX — which holds a 49.1% interest in eight projects under the Areva JV — says that because it doesn’t plan to invest in Mirror River and Coppin Lake, its interests in

the projects should drop to 41.4% and 1%.

UEX says its interests will stay at 49.1% for the other six projects, adding that it also owns 42.8% of the Laurie project under the JV. UEX chose not to invest in Mirror River and Coppin Lake so it could focus on its Christie Lake project, where it signed a letter of intent in October to earn a 70% interest from JCU (Canada) Exploration Co.

TSX GREATEST PERCENTAGE CHANGE VOLUME

Inspiration Mg NGEx Res Stonegate Agri Mawson West Aquila Res Energizer Res Laramide Res Victory Nickel Mega Uranium Minco Gold Gran Colombia Prophecy Coal Thompson Creek Coro Mining Amerigo Res Verde Potash Corvus Gold Erdene Res Dev Meadow Bay Gd MBAC Fertilizr

ISM NGQ ST MWE AQA EGZ LAM NI MGA MMM GCM PCY TCM COP ARG NPK KOR ERD MAY MBC

WEEK (000s)

HIGH

LOW

227 1908 657 836 266 968 609 153 1340 27 167 912 1561 1363 649 85 363 121 439 1594

0.14 0.95 0.02 0.02 0.19 0.07 0.24 0.03 0.06 0.20 0.20 0.03 0.43 0.03 0.26 0.24 0.44 0.15 0.12 0.03

0.07 0.48 0.02 0.02 0.13 0.06 0.17 0.02 0.05 0.15 0.12 0.02 0.31 0.02 0.19 0.18 0.36 0.12 0.10 0.03

TSX GREATEST VALUE CHANGE

CLOSE CHANGE

0.12 0.76 0.02 0.02 0.19 0.07 0.23 0.03 0.06 0.19 0.12 0.02 0.32 0.02 0.20 0.19 0.36 0.12 0.10 0.03

+ + + + + + + + + + -

71.4 61.7 33.3 33.3 32.1 30.0 28.5 25.0 20.0 18.7 40.0 33.3 25.0 25.0 23.0 20.8 18.1 17.2 16.6 16.6

Agrium Major Drilling Tahoe Res HudBay Minls Guyana Gldflds NGEx Res Pretium Res Franco-Nevada Yamana Gold Horizns G Bull Labdr I-Ore Ro Dominion Diam Royal Gold Imperial Metal Potash Cp Sask Seabridge Gold Cameco Corp Russell Metals Teck Res B Goldcorp

AGU MDI THO HBM GUY NGQ PVG FNV YRI HGU LIF DDC RGL III POT SEA CCO RUS TCKB G

WEEK VOLUME

CLOSE

1188160 430250 3132490 3306354 1272303 1907574 829546 1866946 15436561 6128863 1038885 1230604 15470 59855 8716537 420548 3474889 1090337 14449773 7921671

129.69 5.15 12.09 5.89 2.97 0.76 7.62 64.16 2.78 15.80 13.30 11.06 47.85 6.71 26.71 10.32 16.09 18.24 5.70 15.88

CHANGE

+ + + + + + + + + + -

3.55 0.55 0.53 0.38 0.30 0.29 0.26 0.21 0.21 0.20 1.35 1.09 1.04 0.73 0.72 0.60 0.39 0.38 0.36 0.30

TSX VENTURE EXCHANGE / NOVEMBER 20–26 The S&P/TSX Venture Composite Index was on the rise, as it gained 1.36 points en route to a 522.01-point weekly close.

Markets drove slightly higher after improved base metal and energy futures, with Statistics Canada reporting that its raw-material price index jumped 0.4% in October. In other macroeconomic news, investors responded positively to word that the European Central Bank would announce “aggressive stimulus” measures, while sales data indicated the U.S. housing market could lose momentum.

Gold took a step back after a relatively strong November, as February contracts for bullion dropped 1.9%, or US$20.20, en route to a US$1,056.20 per oz. weekly close. January contracts for West Texas Intermediate crude oil surged to a mid-week high of US$43.46 per barrel, before losing steam and finishing up 3.3%, or US$1.32, at US$41.71 per barrel.

March contracts for copper gained 1.5%, or US3¢, en route to a US$2.05 per lb. close.

Graphite One Resources led the volumetraded category after releasing a corporate update on its plans for the coming year at its Graphite Creek project, 59 km north of Nome, Alaska. The company saw 6.4 million of its shares change hands, before closing down 1¢ at 9¢ per share.

On Nov. 23 Graphite One reported that

a $2-million financing would help it release a preliminary economic assessment at Graphite Creek in 2016, while the company also welcomed NovaCopper president and CEO Rick Van Nieuwenhuyse to its advisory board. Graphite One’s plan involves testing its “spherical graphite” for applications in lithium ion batteries.

U.S.-based Gold Reserve topped the valueadded column after announcing a development in its legal dispute with the Venezuelan government over the termination of its Las Brisas gold concessions in 2009. The company gained 30¢ on 177,870 shares traded, before finishing at $3.75 per share.

Gold Reserve is trying to enforce a US$740million arbitration award granted by the World Bank’s International Centre for SettleTSX-V MOST ACTIVE ISSUES VOLUME

Graphite One R Nemaska Lith Goldrush Res Golden Dawn Ml Canada Carbon Lomiko Mtls Adriana Res Laurion Mnl Ex Claim Post Res Equitas Res

GPH NMX GOD GOM CCB LMR ADI LME CPS EQT

WEEK (000s)

HIGH

LOW

CLOSE CHANGE

6411 5881 4981 4160 3803 3661 3427 3337 3041 3028

0.11 0.39 0.03 0.11 0.30 0.04 0.10 0.01 0.01 0.14

0.09 0.29 0.02 0.08 0.25 0.03 0.10 0.01 0.01 0.11

0.09 - 0.01 0.33 - 0.04 0.03 + 0.01 0.10 - 0.01 0.29 + 0.03 0.03 0.00 0.10 + 0.01 0.01 0.00 0.01 0.00 0.11 - 0.02

Zenyatta Ventures lost the most ground after announcing an update on its Albany graphite deposit in northeastern Ontario.

The company dropped 13¢ on 545,000 shares, before closing at 75¢ per share.

Zenyatta reported it had received test results from a batch of “purified graphite material” from Albany that graded 99.9% graphitic carbon.

ment of Investment Disputes last year. On Nov. 23 the company announced that the U.S. District Court had ruled in its favour and opted not to grant Venezuela’s request that enforcement of the judgment be stayed pending an annulment application before the Paris Court of Appeal. Gold Reserve’s president Doug Belanger reiterated that the company is open to a settlement in the case.

TSX-V GREATEST PERCENTAGE CHANGE VOLUME

Unity Energy African Metals Canyon Copper Marifil Mines Northern Vertx Centurion Mnls Chiboug Ind Mn Sarama Res Goldrush Res Fairmont Res Tearlach Res Strategic Res Firesteel Res Goldcliff Res Adex Mining Vendome Res Mountain Boy M Williams Creek Fieldex Expl NQ Expl

UTY AFR CNC MFM NEE CTN CBG SWA GOD FMR TEA STI FTR GCN ADE VDR MTB WCX FLX NQE

WEEK (000s)

HIGH

LOW

35 70 68 158 485 100 116 59 4981 564 55 39 363 224 26 44 115 10 835 30

0.14 0.04 0.02 0.02 0.25 0.04 0.04 0.08 0.03 0.05 0.08 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.14 0.02 0.02 0.02 0.15 0.04 0.02 0.06 0.02 0.03 0.05 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.14 0.04 0.02 0.02 0.25 0.04 0.04 0.08 0.03 0.05 0.05 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

+ 133.3 + 100.0 + 100.0 + 100.0 + 78.5 + 75.0 + 75.0 + 66.6 + 66.6 + 66.6 - 61.5 - 57.1 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Gold Reserve Kennady Diam Pac Booker Min Northern Vertx Comet Inds Unity Energy Eurasian Minls Mirasol Res Bear Creek Mng Feronia Zenyatta Vent Bacanora Mnls Almonty Ind Tearlach Res Timberline Res Energold Drill Midland Expl Reservoir Capt Abitibi Royalt Avino Silver

GRZ KDI BKM NEE CMU UTY EMX MRZ BCM FRN ZEN BCN AII TEA TBR EGD MD REO RZZ ASM

177870 26247 14545 484800 11000 34591 21700 57400 107298 34947 543634 121529 203351 55000 173175 430372 33412 92060 10830 22898

CLOSE

3.75 2.65 2.04 0.25 1.30 0.14 0.66 0.78 0.70 0.20 0.74 1.49 0.30 0.05 0.53 0.38 0.56 0.46 2.51 1.20

CHANGE

+ + + + + + + + + + -

0.30 0.15 0.13 0.11 0.10 0.08 0.07 0.06 0.06 0.05 0.13 0.10 0.10 0.08 0.07 0.07 0.07 0.06 0.06 0.05

U.S. MARKETS / NOVEMBER 20–26 Data released ahead of the U.S. Thanksgiving holiday on Nov. 26 showed that gross domestic product in the U.S. grew 2.1% in the third quarter — not the 1.5% reported in October — while single-family home sales in October rose 10.7%, and the number of Americans fi ling for initial unemployment benefits fell more than expected — down 12,000 to 260,000, and “close to levels last seen in the early seventies,” according to Reuters.

The Dow Jones Industrial Average rose 0.5% to 17,813.39, and the S&P 500 Index advanced 0.4% to 2,088.87. The Philadelphia Gold & Silver Index fell 1.20% to 45.96.

Alcoa’s shares climbed US65¢ to US$9.41 on the back of a three-and-a-half-year agreement with the State of New York to make its Massena West smelter more competitive. The company previously had announced that it would curtail the facility due to market conditions. The company says the incentive deal will help save hundreds of jobs and improve the cost position of the smelter, which has 130,000 tonnes of smelting capacity. Details of the agreement were not immediately available, but Alcoa says it will continue its other curtailments of uncompetitive smelting and

Dec 07 Pgs 6.indd 6

refining capacity, which will lower the company’s smelting capacity by 373,000 tonnes, and improve the cost position of its upstream business. The company says it is on track to meet its thirty-eighth percentile target on the global aluminum cash cost curve in 2016.

Shares of BHP Billiton and Vale fell in the wake of the Nov. 5 tailings dam disaster at the Samarco iron-ore joint venture in Brazil.

The nation’s federal and state governments confirmed their plans to sue the two companies on Nov. 27. The catastrophic breach killed at least 13 people and unleashed 60 million cubic metres of mine waste into the U.S. MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

Freeport McMo* FCX 146676 8.58 Alcoa* AA 120948 9.45 Barrick Gold* ABX 44063 7.67 Teck Res B* TCK 36506 4.74 Kinross Gold* KGC 33279 2.00 Consol Energy* CNX 33208 8.20 Goldcorp* GG 23818 12.32 Newmont Mng* NEM 23451 18.25 Potash C Sask* POT 22690 20.82 Hecla Mining* HL 20022 2.02

LOW

CLOSE CHANGE

7.94 8.10 8.59 9.41 + 7.03 7.38 4.06 4.16 1.72 1.93 + 7.21 8.00 + 11.57 11.75 17.23 17.91 19.55 19.85 1.83 1.98 +

0.31 0.65 0.14 0.40 0.06 0.17 0.41 0.14 0.78 0.01

environment, contaminating the Rio Doce, Brazil’s second-largest river system.

In other news, Vale announced on Nov. 22 that its S11D — the largest iron ore project in the company’s history — will start up in next year’s second half. The US$14.4-billion project

in Brazil’s Para state, will make 90 million tonnes of iron ore annually, when prices for the metal are US$43.50 per tonne, down 80% since 2011. Vale’s shares fell US16¢ to US$3.73, while BHP Billiton’s shares dropped US$1.59 to US$27.53.

U.S. GREATEST PERCENTAGE CHANGE VOLUME

Natural Rs Pt* Eurasian Mnls* Minco Gold* Tanz Roy Exp* Hi-Crush Part* Yamana Gold* Alcoa* Tasman Mtls* CVR Partners* US Silica Hld* Thompson Crk* Rhino Res* Timberline Rs* Uranium Res* Cloud Peak En* Comstock Mng* Dominion Diam* Mesabi Trust* Uranium Ener* Teck Res B*

NRP EMXX MGH TRX HCLP AUY AA TAS UAN SLCA TC RNO TLR URRE CLD LODE DDC MSB UEC TCK

WEEK (000s)

HIGH

LOW

267 1.75 1.48 160 0.51 0.44 307 0.15 0.11 550 0.32 0.27 179 7.05 5.92 7837 2.11 1.78 120948 9.45 8.59 198 0.24 0.15 115 8.74 8.15 1244 21.00 18.94 1356 0.31 0.23 31 0.61 0.38 324 0.47 0.37 476 0.66 0.58 1221 2.95 2.56 1910 0.50 0.42 608 9.22 8.11 710 6.98 5.53 410 1.15 1.01 36506 4.74 4.06

U.S. GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

1.75 0.50 0.15 0.31 6.74 2.08 9.41 0.22 8.66 20.79 0.23 0.45 0.38 0.60 2.68 0.44 8.23 6.24 1.03 4.16

+ + + + + + + + + + -

18.2 13.9 13.2 13.0 10.4 8.9 7.4 6.2 4.8 4.0 23.3 22.5 15.5 13.1 11.5 10.2 9.8 9.1 8.8 8.7

Agrium* Cabot Corp* Compass Mnls* US Silica Hld* Alcoa* Hi-Crush Part* CVR Partners* Natural Rs Pt* Tahoe Res* Consol Energy* BHP Billi-BBL* BHP Billi-BHP* Rio Tinto* Randgold Res* Dominion Diam* Mosaic* Potash C Sask* Royal Gold* Alliance Rs P* Mesabi Trust*

AGU CBT CMP SLCA AA HCLP UAN NRP TAHO CNX BBL BHP RIO GOLD DDC MOS POT RGLD ARLP MSB

379369 1424638 217644 1243822 120947528 179182 114880 266552 1047384 33207699 6591798 18482338 2714120 2588244 608312 15001965 22689584 2936781 1053775 710007

CLOSE

CHANGE

97.12 43.17 84.99 20.79 9.41 6.74 8.66 1.75 8.87 8.00 25.53 27.53 33.67 60.38 8.23 31.46 19.85 36.07 17.59 6.24

+ + + + + + + + + + -

2.20 1.39 1.01 0.80 0.65 0.64 0.40 0.27 0.18 0.17 1.77 1.59 1.28 1.12 0.90 0.85 0.78 0.68 0.67 0.63

2015-12-01 7:02 PM

OUTLOOK 2016

GLOBAL MINING NEWS

7

THE NORTHERN MINER / DECEMBER 7–13, 2015

OUTLOOK 2016 SPECIAL INDUSTRY FOCUS

Diamond glut ‘not as catastrophic’ as people believe: Lucara CEO INTERVIEW

| Large stones retaining their value, while market weakens for standard fare

Shareholder activism is the ‘new normal,’ Kingsdale report says PROXY BATTLES

|

The rise of the constructivist investor

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

T

An aerial view of Lucara Diamond’s Karowe diamond mine in Botswana, which could produce 350,000 to 400,000 carats in 2015.

BY ALISHA HIYATE ahiyate@northernminer.com

A

fter a decent 7% increase in 2014, rough diamond prices have fallen for the past year, prompting diamond equities to follow.

Pureplay Dominion Diamond (TSX: DDC; NYSE: DDC), for example, is down 42% over the last year.

While De Beers CEO Philippe Mellier predicted this March that rough prices had bottomed after softening at the end of last year, and that the second half of 2015 would be stronger, prices have continued to fall, Lucara Diamond (TSX: LUC; US-OTC: LUCRF) CEO William Lamb says.

“I don’t think he could have been more wrong,” Lamb says, noting that most producers have seen prices fall 15–20%.

“My estimate is De Beers would normally sell $3 billion in the second half of the year — and if they make $800 million, it’s going to be a good year for them.”

But the weak prices don’t extend to all parts of the market, Lamb says.

“Alrosa, De Beers — even Dominion Diamond — have only sold their larger, coarser stones because there’s no market for the smaller stones of poorer quality,” Lamb says.

Fortunately for Lucara — which in November recovered the secondlargest diamond in history from its Karowe mine in Botswana —

Dec 07 Pgs 7 8 9.indd 7

“OUR ESTIMATE IS THAT BETWEEN ALROSA, DE BEERS AND DOMINION — THE BIG THREE — THEY MUST NOW HOLD $5-BILLION WORTH OF INVENTORY.” WILLIAM LAMB CEO, LUCARA DIAMOND

the market for larger diamonds remains strong.

While 25–30% of Lucara’s revenue comes from smaller, lowerquality goods, Karowe is a reliable source for exceptional, high-value diamonds.

“About 70% of our production is sold into an area of the pipeline where things are still moving through. There’s no glut in those larger, special stones.”

De Beers has reacted to the oversupply in the small- and mediumsized categories by cutting production back to 29 million carats, from

32–34 million projected at the start of 2015. But Russia’s Alrosa, the world’s largest producer by volume, increased production 16% in the first nine months of the year.

“The ruble has decreased in value by 60% over the last year and a half, so they’re going: ‘Hey, it doesn’t make any difference to us. We can just pump the carats out because our operating costs are half of what they used to be in U.S. dollar terms,’” Lamb says.

Cutters and polishers have also added to supply by polishing two stones out of small diamonds that used to yield only one polished stone, thereby “maximizing the value of the rough,” Lamb says.

“The volume of polished they get from the same amount of rough has increased as well, which has just added to the problem of the increase in polished inventory.”

Slow economic growth in China has affected demand, as has the strength of the U.S. dollar, which has made diamonds more expensive for most of the world. Adding to the diamond sector’s problems is a lack of liquidity, with banks less willing to extend credit to diamond-cutters and polishers.

Diamonds and luxury goods once placed high on the list of what consumers would do with their discretionary spending, but they’ve been replaced by experiences, like travel and gourmet dining.

This affects lower-quality goods, rather than the high end of the market.

“Instead of buying the Walmarttype goods, the smaller clusters of finer diamonds ... the consumer’s

not buying diamonds anymore.”

In its third-quarter results, Lucara forecast a “prolonged weakness in smaller lower-quality goods,” due to high inventories and oversupply in these categories.

Lamb says there is anywhere from one and a half to two years of polished inventory in the smaller size categories.

But this isn’t as bad as it sounds: a comfortable level of inventory is one year.

“Our estimate is that between Alrosa, De Beers and Dominion — the big three — they must now hold $5-billion worth of inventory,” Lamb explains. “People say: ‘Oh, that’s an enormous number!’ but it’s only three to four months’ worth of production, so it’s not as catastrophic as what a lot of people believe.”

here’s been a rising tide of proxy contest activity in Canadian markets since 2008, and advisor y f irm Kingsdale Shareholder Services is cautioning companies that higher shareholder activism represents a “new normal” that requires greater diligence in engaging investors.

In its annual publication, 2015 Proxy season review: Creating certainty in uncertain times, Kingsdale notes that halfway through the year there were almost as many proxy contests as “all of 2014 combined.” The mining and energy sectors have been particularly prone to shareholder activism due to weak commodity prices, and are most likely to be targeted in proxy situations.

Cases in the resource space have included: Stan Bharti’s Aberdeen International (TSX: AAB) and its battle with Texas-based Meson Capital and U.K. based Nightscape Capital; Clifton Star Resources’ (TSXV: CFO; US-OTC: CFMSF) proxy battle with ex-president Harr y Miller; Resource Capital Fund’s attempt to nominate directors to IC Potash’s (TSX: ICP; US-OTC: ICPTF) board; and Karnalyte Resources’ (TSX: KRN; US-OTC: KRLTF) dispute with a “concerned shareholder” group headed by ex-CEO Robin Phinney.

More recently, shareholders of New Millennium Iron (TSX: NML) have accused the company of “destroying value,” and seek to replace the board of directors; while explorer Fission Uranium

See DIAMOND OUTLOOK / 8

See KINGSDALE / 9

LUCARA DIAMOND

Initial public offering Listing report prepared $1.78 billion raised Think of the investment. Visit: srk.com

2015-12-01 7:00 PM

8

OUTLOOK 2016

DECEMBER 7–13, 2015 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Lucara CEO: Larger stones still sought

Processing facilities at Lucara Diamond’s Karowe diamond mine in Botswana. LUCARA DIAMOND

DIAMOND OUTLOOK From 7

However, some effort is important on the marketing side to get diamonds moving.

“I don’t think it will take much marketing to see a lot of those goods f low into consumers’ hands. It’s going to be interesting to see how effective the marketing is that will happen over Christmas and the Chinese New Year ... how much it will affect the market.”

There could be a slight increase in diamond prices in the first quarter of 2016, depending on whether there is a quick outflow of goods through the pipeline over the holidays. But if marketing efforts are not sustained, Lamb says prices could drop again near year-end, as the pipeline slows and liquidity dries up.

“Until we see the sustainable movement of the pipeline, it’s just going to be this cyclic event of good and bad news all the time,” he says.

That’s where marketing comes in.

“Generic marketing has slowed down, so diamonds are not on the forefront of people’s minds anymore, and therefore they default into [buying] these other things,” he says.

Recognizing the need for generic marketing, De Beers announced in August that it would launch a generic campaign targeting men in the U.S.and China that are looking for gifts for their partners over the holiday season.

“It’s really targeting those people that will be spending up to $1,000 on a piece of jewellery, where that money’s now flowing somewhere else,” Lamb explains. “How do we bring that money back to buying diamonds? Only when that happens will you start to see polished flowing out of the pipeline, liquidity, buying of rough and a clearing out of the entire pipeline. Otherwise we’ve got this glut in two areas — polished and rough, which is not good.”

SMSJ_Sept 2012_Pro_TH_PC

De Beers stopped spending on generic marketing years ago to focus its advertising on its Forevermark brand.

The Diamond Producers Association (DPA), formed in May by Rio Tinto, De Beers, Alrosa, Dominion Diamond, Lucara Diamond, Petra Diamonds and Gem Diamonds, announced the appointment of exWorld Gold Council and De Beers marketing expert Sally Morrison as managing director of marketing in October. Jean-Marc Lieberherr of Rio Tinto has been named as chairman of the association, while Stephen Lussier of De Beers was named vice-chair.

“The DPA is moving forward and putting things in place — that’s encouraging for the market, and even the polishers and the cutters, etc., are quite excited about it, because it is now a formalized process where the diamond companies are going to support it ... driven by a consolidated

effort of the industry itself.”

The association will grade the effectiveness of De Beers’ generic campaign over the holidays, and look to put its own campaign together in 2016, with the help of ad agency Mother New York.

Lucara’s 1,111-carat stone Lamb doesn’t know how much the 1,111-carat diamond recently mined at Karowe is worth, but says that Lucara — which is debt free and had US$123 million in cash at the end of October — is in no hurry to sell it. To get the best price, it will not be sold along with other highvalue diamonds in the firm’s regular special tenders, but on its own.

While the stone has garnered a lot of media attention as the largest diamond ever recovered in Botswana, and the second largest-diamond recovered since the 3,106-carat Cullinan stone in 1905, Lamb says an underappreciated part of the story

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is the technology that recovered the treasure. Safety and Productivity Lucara recently installed several e ocated to a XRT machines at its processing plantsq ft in Karowe that replace dense media separation processing in the coarser size fractions: 8 to 14 mm, 14 to 32 mm and 32 to 70 mm.

“Never has a 1,000-carat diamond been recovered by a processing facility,” Lamb says, noting that the largest until now was a 603-carat diamond from the Letseng mine SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC in Lesotho.SMSJ_Sept If the Mobile 1,111-carat diamond had Equipment for been processed before the plant Safety and Productivity upgrade, it would have been broRe-LLamb ocated to a 50,000 sq.fttop . PLant ! ken, notes, as the size the plant could process was 35 mm.

The historic stone measures 66 by 56 by 40 mm.

Knowing that the plant upgrade would be completed in mid-2015, Lucara had stockpiled a lot of the material it had recently mined from the South Lobe at Karowe, the source of the operation’s exceptional stones.

Since the 1,111 stone, the company has also recovered 813-carat and 374-carat stones.

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Dec 07 Pgs 7 8 9.indd 8

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2015-12-01 7:00 PM

OUTLOOK 2016

GLOBAL MINING NEWS

9

THE NORTHERN MINER / DECEMBER 7–13, 2015

Shareholder activism is the ‘new normal,’ Kingsdale report says “WE’VE SEEN AN EMERGENCE OF A CLASS OF ACTIVISTS WE CALL ‘CONSTRUCTIVISTS,’ WHO WANT TO SIT DOWN WITH A BOARD OF DIRECTORS AND LOOK AT MORE COLLABORATIVE CORPORATE CHANGE.” IAN ROBERTSON VICE-PRESIDENT OF COMMUNICATIONS, KINGSDALE SHAREHOLDER SERVICES

KINGSDALE From 7

(TSX: FCU) faces a proxy challenge from retail investors at its annual general meeting in December (see Page 3).

“When times are good, shareholders are more likely to stomach suboptimal decisions by management, since strong market returns tend to mask a lot of problems. Maybe there’s a bit of a willingness to turn a blind eye to some of the corporate governance concerns,” Kingsdale’s vice-president of communications Ian Robertson said during an interview.

“But when markets turn and share prices are exposed, shareholders take a longer look at some of the details, in terms of how management is coping with tough financial realities to get a company back on track. Part of the situation is that governance issues often become symbolic in terms of whether or not a board is on the same side as shareholders,” he added.

And so-called big companies are no longer necessarily insulated from shareholder activism. One of the year’s prominent cases involved a dispute over management compensation and accountability.

In late April, Barrick Gold (TSX: ABX; NYSE: ABX) chairman John Thornton pledged to change the miner's compensation plan, after 75% of shareholders voted against the pay structure. Reportedly Barrick was under pressure by Canadian pension funds and other major investors.

Kingsdale notes that shareholders have appeared to “reach their breaking point” in terms of compensationrelated concerns. The report explains that “say-on-pay” initiatives are rarely one-year affairs, and are often symptoms of underlying concerns investors have over executive pay levels and shareholder returns.

“Another point in terms of trends is that it’s now not just so-called ‘activist shareholders’ that are looking at companies through a critical lens. A lot of big investment and pension funds are open to working more closely with activists, or they allocate a portion of capital to those types of actions,” Roberston added.

“It’s not just about re-engineering balance sheets. It’s about making improvements on business performance in a number of areas.

We’ve seen an emergence of a class of activists we call ‘constructivists,’ who want to sit down with the board of directors and look at more collaborative, corporate change,” he continued.

Another area where shareholders can play a major role — and activism can evolve — involves mergers and acquisitions. For example, Fission ran into retail investor issues after a failed merger with Lukas Lundin’s Denison Mines (TSX: DML; NYSEMKT: DNN). Corporate governance measures also contributed to the marathon negotiation that resulted in Hudbay Minerals’ (TSX: HBM; NYSE: HBM) $516-million acquisition of Augusta Resource.

Kingsdale recommends that companies familiarize themselves with the takeover rules proposed by the Canadian Securities Administrators, which it says “significantly tip the balance in favour of the target board.” The new rules would extend bidding from 35 days to 120 days,

and implement a 50% minimum tender requirement. The regulations aim to ensure that most shareholders support a takeover, and would prevent a bidder from accumulating a larger position to increase leverage.

“The 120-day rule is target-friendly in terms of takeovers. It allows more time to go out and procure a ‘white knight,’ as we call them, and cost of transaction for the bidder clearly goes up, compared to the previous regime,” Kingsdale executive vice-president Hooman Tabesh said.

“The good thing is that it sort of does away with the ‘poison pill,’ where every time you have a takeover, the first thing a target does is put together a shareholder rights plan to buy time and find another

transaction,” he added.

The topic is particularly apropos given the recent $4.3-billion hostile takeover attempt of Canadian Oil Sands (TSX: COS) by Suncor Energy (TSX: SU; NYSE: SU). Canadian Oil adopted a shareholder rights plan, and the Alberta Securities Commission ruled to allow shareholders 120 days to consider the bid.

It appears the trend is moving toward a greater shareholder demand for transparency and accountability from executive teams in the resource space. Kingsdale notes that institutional investors have become increasingly clear that they expect access to independent directors and a clear process for regular interaction.

“We think corporate bodies and company boards need to be ready to respond to the fact that proxy battles will simply be more common all year round,” Robertson said. “There are a lot of activist interactions that take place behind the scenes and never really make it onto the public stage. The big thing we’re communicating is that directors of companies must get out and engage shareholders. A lot of proposals do have merit, and companies need to keep an open mind.” TNM

Aberdeen International faced off with dissident shareholders earlier this year. The firm owns a 42.5% stake in African Thunder Platinum, which operates the Smokey Hills PGM mine in South Africa, shown here. ABERDEEN INTERNATIONAL

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Seiter&Miller 001223 Pub. The Northern Miner Size. 8 x 10 Issue April 2014 Art Director: sd/lg Copywriter: ms Account Executive: wt Date 03/05/14 Dec 07 Pgs 7 8 9.indd 9

2015-12-01 7:00 PM

10

WWW.NORTHERNMINER.COM

DECEMBER 7–13, 2015 / THE NORTHERN MINER

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 20–26, 2015 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 8203 0.07 0.06 0.06 - 0.01 0.09 0.03 Abcourt Mines V 1953 0.04 0.04 0.04 + 0.01 0.07 0.03 ABE Res V 110 0.05 0.05 0.05 + 0.01 0.08 0.03 Aben Res V 1287 0.06 0.06 0.06 - 0.01 0.30 0.06 Aberdeen Intl T 550 0.13 0.12 0.13 + 0.01 0.19 0.11 Abitibi Royalt V 108 2.59 2.51 2.51 - 0.06 5.10 1.53 Acme Res V 262 0.02 0.02 0.02 0.00 0.06 0.02 Adamera Mnls V 312 0.02 0.02 0.02 0.00 0.05 0.02 Adanac Moly V 21 0.18 0.18 0.18 0.00 0.20 0.15 Adex Mining V 262 0.01 0.01 0.01 - 0.01 0.02 0.01 Adriana Res V 34270 0.10 0.10 0.10 + 0.01 0.19 0.08 Advance Gold V 320 0.01 0.01 0.01 0.00 0.08 0.01 Adventure Gold V 127 0.15 0.12 0.12 - 0.01 0.20 0.06 African Gold G V 260 0.04 0.04 0.04 - 0.01 0.07 0.04 African Metals V 701 0.04 0.02 0.04 + 0.02 0.15 0.02 African Queen V 1560 0.03 0.02 0.03 + 0.01 0.03 0.01 Africo Res T 31 0.50 0.50 0.50 - 0.05 0.55 0.30 Agnico-Eagle* N 82057 27.42 25.59 26.69 - 0.34 34.89 21.00 Agnico-Eagle T 24831 36.48 34.27 35.73 - 0.23 43.70 25.24 Agrium* N 3793 98.17 94.00 97.12 + 2.20 116.77 86.60 Agrium T 11881 131.09 125.24 129.69 + 3.55 146.51 105.68 Alabama Graph V 7406 0.19 0.17 0.18 0.00 0.35 0.14 Alacer Gold T 28502 2.65 2.38 2.57 - 0.06 3.23 1.99 Alberta Star V 4280 0.03 0.02 0.02 - 0.01 0.05 0.02 Alcoa* N 1209475 9.45 8.59 9.41 + 0.65 17.75 7.81 Alderon Iron O T 4312 0.12 0.11 0.11 - 0.02 0.58 0.11 Aldershot Res V 150 0.02 0.02 0.02 + 0.01 0.05 0.01 Aldridge Minls V 552 0.15 0.13 0.14 0.00 0.24 0.13 Aldrin Res V 1513 0.11 0.10 0.10 - 0.02 0.26 0.10 Alexander Nubi V 2372 0.05 0.04 0.04 - 0.03 0.28 0.04 Alexandria Mnl V 5045 0.03 0.02 0.03 + 0.01 0.06 0.02 Alexco Res T 1682 0.50 0.45 0.46 - 0.02 0.81 0.34 Alexco Res* X 4165 0.37 0.34 0.36 + 0.00 0.68 0.26 Alita Res V 4436 0.07 0.06 0.07 + 0.01 0.47 0.06 Alix Res V 6060 0.05 0.04 0.05 0.00 0.10 0.03 Alliance Rs P* Q 10537 18.35 17.18 17.59 - 0.67 48.50 17.18 Alloycorp V 5340 0.02 0.01 0.02 + 0.01 0.07 0.01 Almaden Mnls* X 2074 0.53 0.50 0.51 - 0.02 1.11 0.48 Almaden Mnls T 510 0.70 0.67 0.70 0.00 1.57 0.65 Almonty Ind V 2033 0.40 0.28 0.30 - 0.10 0.86 0.28 Alphamin Res V 1545 0.18 0.18 0.18 0.00 0.32 0.11 Altai Res V 232 0.07 0.05 0.06 - 0.01 0.12 0.05 Altair Vent V 40 0.09 0.09 0.09 + 0.01 0.60 0.06 Altan Nev Mnls V 40 0.01 0.01 0.01 0.00 0.03 0.01 Altima Res V 1560 0.01 0.01 0.01 0.00 0.06 0.01 Altiplano Mnls V 100 0.03 0.03 0.03 0.00 0.06 0.02 Altius Mnrls T 2659 11.97 11.35 11.65 - 0.07 15.47 9.86 Alto Vent V 852 0.03 0.03 0.03 - 0.01 0.10 0.03 Alum Cp China* N 623 8.25 7.82 7.91 - 0.22 17.44 7.20 Am Creek Res V 2460 0.05 0.05 0.05 0.00 0.10 0.03 AM Gold V 207 0.04 0.04 0.04 0.00 0.07 0.03 Amador Gold V 705 0.01 0.01 0.01 0.00 0.01 0.01 Amarc Res V 370 0.08 0.07 0.08 + 0.01 0.18 0.07 Amarillo Gold V 1192 0.08 0.07 0.07 - 0.03 0.15 0.04 Amato Expl V 80 0.02 0.02 0.02 0.00 0.03 0.01 American Manga V 650 0.02 0.02 0.02 - 0.01 0.05 0.01 American Vanad V 2637 0.09 0.08 0.08 0.00 0.37 0.05 Amerigo Res T 6494 0.26 0.19 0.20 - 0.06 0.45 0.19 Amex Expl V 70 0.04 0.03 0.04 + 0.01 0.09 0.03 Anaconda Mng T 2740 0.05 0.04 0.04 0.00 0.07 0.04 Anconia Res V 115 0.01 0.01 0.01 - 0.01 0.03 0.01 Anfield Nickel V 606 0.71 0.63 0.69 + 0.05 0.96 0.62 Anfield Res V 470 0.19 0.09 0.13 + 0.02 0.37 0.07 Angel Gold V 465 0.03 0.02 0.03 + 0.01 0.10 0.01 Angkor Gold V 975 0.43 0.40 0.43 + 0.02 0.64 0.35 Anglo-Bomarc V 612 0.22 0.10 0.18 - 0.01 0.30 0.02 AngloGold Ash* N 111260 7.08 6.48 6.58 - 0.40 13.12 5.64 Antioquia Gold V 1071 0.08 0.06 0.08 - 0.02 0.10 0.01 Antofagasta Gd V 1321 0.24 0.21 0.21 - 0.01 0.29 0.09 Apogee Silver V 138 0.29 0.23 0.28 + 0.01 0.65 0.18 AQM Copper V 12130 0.05 0.04 0.04 - 0.01 0.08 0.04 Aquila Res T 2660 0.19 0.13 0.19 + 0.05 0.19 0.09 Arch Coal* N 86049 1.14 0.80 1.09 0.00 27.80 0.80 Archon Mineral V 10 1.45 1.45 1.45 - 0.05 2.09 0.95 Arco Res V 53 0.06 0.05 0.05 - 0.01 0.09 0.03 Arctic Hntr Ur V 20 0.03 0.03 0.03 0.00 0.06 0.02 Arctic Star Rs V 15141 0.02 0.01 0.02 0.00 0.07 0.01 Arcturus Res V 230 0.01 0.01 0.01 0.00 0.03 0.01 Argentex Mng V 2070 0.03 0.03 0.03 + 0.01 0.08 0.02 Argentum Silvr V 20 0.02 0.02 0.02 + 0.01 0.07 0.02 Argex Titanium T 4323 0.06 0.05 0.06 + 0.01 0.67 0.05 Argonaut Gold T 13778 1.30 1.18 1.26 - 0.02 3.14 1.14 Argus Metals V 164 0.02 0.02 0.02 0.00 0.11 0.02 Arian Silver V 30 0.22 0.16 0.16 - 0.01 0.75 0.13 Arianne Phosph V 1746 0.85 0.81 0.83 + 0.01 0.98 0.51 Armistice Res T 2445 0.30 0.27 0.29 0.00 0.52 0.22 Aroway Mnls V 5000 0.01 0.01 0.01 0.00 0.14 0.01 ASA (Bermuda)* N 2866 7.23 6.85 7.07 - 0.08 12.31 6.73 Asanko Gold T 15607 2.11 1.97 2.09 + 0.01 2.55 1.52 Asanko Gold* X 433 1.59 1.49 1.55 - 0.03 2.06 1.26 Ascot Res V 1078 1.25 1.00 1.07 + 0.02 2.00 0.99 Ashburton Vent V 2985 0.01 0.01 0.01 - 0.01 0.03 0.01 Asher Res V 374 0.02 0.02 0.02 0.00 0.08 0.02 Asian Minl Res V 15 0.03 0.03 0.03 - 0.01 0.08 0.03 Aston Bay V 107 0.15 0.14 0.14 - 0.01 0.20 0.08 Astur Gold V 620 0.02 0.02 0.02 + 0.01 0.10 0.01 Atac Res V 7722 0.37 0.31 0.31 - 0.05 0.78 0.31 Atacama Pac Gd V 430 0.18 0.17 0.18 + 0.03 0.52 0.14 Athabasca Mnls V 20231 0.28 0.20 0.27 - 0.02 1.43 0.20 Atico Mng V 803 0.39 0.33 0.34 - 0.02 0.70 0.33 Atlanta Gold V 331 0.07 0.06 0.06 0.00 0.25 0.05 Augen Gold V 40 0.04 0.04 0.04 + 0.03 0.28 0.03 Augyva Mng V 710 0.11 0.11 0.11 0.00 0.15 0.07 Aura Mnls T 1057 0.09 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 2184 0.02 0.02 0.02 + 0.01 0.03 0.01 Aurania Res V 845 0.40 0.35 0.35 + 0.05 0.45 0.30 Aurcana Corp V 4614 0.13 0.10 0.11 - 0.02 0.44 0.09 AurCrest Gold V 3763 0.04 0.03 0.03 0.00 0.05 0.01 Aureus Mng T 132 0.30 0.28 0.29 - 0.02 0.83 0.27 Aurion Res V 1720 0.07 0.05 0.07 + 0.02 0.08 0.03 Aurvista Gold V 690 0.04 0.04 0.04 0.00 0.09 0.03 Avala Res V 311 0.03 0.03 0.03 0.00 0.09 0.03 Avalon Rare M* X 6926 0.10 0.09 0.10 0.00 0.40 0.08 Avalon Rare Mt T 6946 0.13 0.12 0.13 + 0.01 0.48 0.11 Avino Silver V 228 1.26 1.20 1.20 - 0.05 2.40 1.15 Avino Silver* X 1033 0.95 0.90 0.91 - 0.04 1.97 0.89 Avnel Gold T 720 0.24 0.20 0.24 - 0.01 0.31 0.15 Avrupa Mnls V 3940 0.11 0.09 0.11 - 0.01 0.40 0.07 Axmin Inc V 328 0.01 0.01 0.01 - 0.01 0.03 0.01 Azimut Expl V 370 0.14 0.12 0.13 + 0.01 0.25 0.10 Azincourt Res V 141 0.05 0.04 0.04 - 0.01 0.36 0.04

B B2Gold* X 72625 B2Gold T 190887 Bacanora Mnls V 1215 Baja Mng V 4672 Balmoral Res T 6235 Banks Island G V 4525 Bannerman Res T 1321 Banro T 4978 Banro* X 17443 Banyan Gold V 130 Barisan Gold V 1250 Barker Mnrls V 350 Barkerville Go V 7996 Barrick Gold* N 440632 Barrick Gold T 121368 Batero Gold V 460 Bayswater Uran V 507 BCGold V 2212 BCM Res V 7780 Bear Creek Mng V 1072 Beaufield Res V 2639 Bell Copper V 819 Bellhaven Cp&G V 90

Dec 07 Pgs 10 11.indd 10

1.14 1.02 1.09 - 0.03 2.38 0.98 1.51 1.37 1.45 - 0.03 2.88 1.30 1.58 1.45 1.49 - 0.10 2.05 0.56 0.02 0.02 0.02 0.00 0.06 0.02 0.49 0.45 0.45 - 0.02 1.35 0.44 0.04 0.03 0.04 + 0.01 0.28 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.25 0.23 0.25 + 0.01 0.47 0.14 0.19 0.17 0.18 - 0.01 0.40 0.12 0.02 0.02 0.02 0.00 0.10 0.02 0.02 0.02 0.02 0.00 0.14 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.23 0.21 0.23 + 0.01 0.40 0.20 7.67 7.03 7.38 - 0.14 13.70 5.91 10.20 9.40 9.90 - 0.11 16.54 7.89 0.07 0.07 0.07 0.00 0.11 0.06 0.01 0.01 0.01 - 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.05 0.05 - 0.01 0.06 0.02 0.71 0.65 0.70 + 0.06 1.94 0.58 0.04 0.03 0.03 - 0.01 0.06 0.03 0.03 0.03 0.03 + 0.01 0.05 0.01 0.07 0.05 0.07 + 0.02 0.45 0.03

S TO C K TA BL ES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Belmont Res V 1600 Belo Sun Mng T 2467 Belvedere Res V 1092 Benton Cap V 1948 Benton Res V 1960 BHP Billi-BBL* N 65917 BHP Billi-BHP* N 184823 Big North Grap V 736 Bison Gold Res V 9690 Bitterroot Res V 31 Black Iron T 10 Blind Crk Res V 200 Blue Rvr Res V 3330 Blue Sky Uran V 15 BMO Jr Gld ETF T 758 Bold Vent V 1500 Bonterra Res V 3325 Bravada Gold V 360 Brazil Res V 2927 Brionor Res V 20 Brixton Mtls V 225 Burnstone Vent V 1080

0.03 0.03 0.03 + 0.01 0.09 0.02 0.25 0.22 0.25 + 0.01 0.30 0.11 0.01 0.01 0.01 - 0.01 0.15 0.01 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 0.00 0.06 0.03 27.68 25.44 25.53 - 1.77 50.21 25.44 29.56 27.41 27.53 - 1.59 54.96 27.41 0.02 0.02 0.02 + 0.01 0.50 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.04 0.04 0.00 0.15 0.04 0.03 0.03 0.03 0.00 0.07 0.02 0.05 0.05 0.05 0.00 0.07 0.04 0.04 0.03 0.03 0.00 0.05 0.03 0.05 0.05 0.05 0.00 0.26 0.05 4.90 4.55 4.86 + 0.07 7.65 4.45 0.02 0.02 0.02 0.00 0.06 0.02 0.21 0.19 0.20 0.00 0.43 0.09 0.05 0.03 0.05 + 0.01 0.07 0.02 0.50 0.46 0.49 - 0.01 0.85 0.43 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.05 0.05 - 0.01 0.22 0.05 0.01 0.01 0.01 0.00 0.04 0.01

Cabot Corp* N 14246 Cache Expl V 2405 Cadan Res V 105 Cadillac Vent V 1240 Caledonia Mng T 222 Calibre Mng V 8668 Calico Res V 96 Callinex Mines V 1492 Cameco Corp* N 61820 Cameco Corp T 34748 Camino Mnls V 40 Canada Carbon V 38030 Canada Rare Ea V 2570 Canada Zinc Mt V 1375 Canadn Int Mnl V 6241 Canadn Orebods V 30 Canadn Plat V 100 Canadn Zinc T 10118 Canaf Group V 400 Canamex Res V 1759 Canarc Res T 1197 Canasil Res V 540 Cancana Res V 1766 Candente Coppr T 1351 CaNickel Mng T 910 Canoe Mng Vnt V 2439 Canstar Res V 465 Canterra Mnls V 1394 Cantex Mn Dev V 43 Canyon Copper V 676 Cap-Ex Vent V 364 Capstone Mng T 36367 Cardero Res T 70 Caribou King R V 1546 Carlin Gold V 1050 Carlisle Goldf T 1856 Carmax Mng V 720 Castillian Res V 1292 Castle Peak Mg V 8295 Catalyst Coppr V 40 Caza Gold V 150 CB Gold V 374 Centamin T 562 Centerra Gold T 21791 Central Fund* X 39553 Central Fund T 3447 Central Gold-T T 21 Central GoldT* X 2681 Central Iron O V 1550 Centurion Mnls V 1000 Chalice Gold M T 1207 Champion Iron T 5872 Chesapeake Gld V 90 Chiboug Ind Mn V 1163 Chilean Gold V 1530 China Gold Int T 15236 China Mnls Mng V 240 Claim Post Res V 30410 Claude Res T 9316 Clear Mtn Res V 780 Cliffs Nat Rs* N 182353 Clifton Star V 55 Cloud Peak En* N 12208 CMC Metals V 6461 Codrington Res V 141 Coeur Mng* N 59636 Colombian Mins V 660 Colonial Coal V 3150 Colorado Res V 172 Colt Res V 120 Columbus Gold V 1081 Comet Inds V 110 Commerce Res V 7030 Compass Mnls* N 2176 Comstock Mng* X 19096 Condor Res V 1160 Confedertn Mls V 3463 Cons Woodjam C V 1453 Consol Energy* N 332076 Constant Mtl R V 3455 Contintl Gold T 8163 Contl Precious T 25 Copper Ck Gold V 25 Copper Fox Mtl V 1417 Copper Mtn Mng T 16766 Copper North M V 6741 Copper One V 380 Coral Gold V 483 Cordoba Mnls V 10645 Corex Gold V 2180 Cornerstone Ca V 29378 Coro Mining T 13626 Coronado Res V 100 Coronet Mtls V 1565 Corsa Coal V 12005 Corvus Gold T 3625 Crazy Horse Rs V 890 Critical Elem V 3285 Currie Rose Rs V 140 CVR Partners* N 1148 Cypress Dev V 1610

43.33 41.26 43.17 + 1.39 48.00 30.70 0.11 0.10 0.11 + 0.01 0.20 0.05 0.04 0.03 0.03 - 0.01 0.12 0.03 0.01 0.01 0.01 0.00 0.11 0.01 0.84 0.75 0.79 - 0.01 1.06 0.59 0.07 0.06 0.07 - 0.01 0.19 0.06 0.09 0.09 0.09 - 0.03 0.19 0.06 0.35 0.32 0.32 + 0.01 0.40 0.16 12.50 11.92 12.07 - 0.31 19.97 11.60 16.59 15.90 16.09 - 0.39 22.44 15.50 0.09 0.08 0.08 - 0.02 0.26 0.05 0.30 0.25 0.29 + 0.03 0.32 0.18 0.03 0.03 0.03 - 0.01 0.11 0.03 0.13 0.12 0.13 + 0.01 0.37 0.12 0.04 0.03 0.04 + 0.01 0.05 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.07 0.06 0.07 - 0.01 0.25 0.06 0.05 0.04 0.05 0.00 0.09 0.04 0.04 0.03 0.03 - 0.01 0.18 0.03 0.07 0.05 0.06 0.00 0.10 0.03 0.04 0.04 0.04 0.00 0.07 0.03 0.19 0.15 0.15 - 0.01 0.32 0.15 0.05 0.04 0.05 0.00 0.13 0.04 0.04 0.04 0.04 0.00 0.23 0.04 0.06 0.04 0.05 0.00 0.24 0.02 0.04 0.04 0.04 0.00 0.10 0.03 0.04 0.04 0.04 - 0.01 0.09 0.04 0.04 0.03 0.04 + 0.01 0.06 0.03 0.02 0.02 0.02 + 0.01 0.12 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.43 0.39 0.42 - 0.01 2.20 0.39 0.18 0.15 0.15 0.00 0.55 0.10 0.10 0.08 0.09 - 0.01 0.22 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.47 0.42 0.44 - 0.03 0.64 0.16 0.03 0.02 0.03 + 0.01 0.07 0.02 0.06 0.04 0.05 + 0.01 0.14 0.01 0.02 0.01 0.01 0.00 0.05 0.01 0.16 0.15 0.15 0.00 0.46 0.11 0.03 0.03 0.03 0.00 0.09 0.03 0.04 0.04 0.04 - 0.01 0.14 0.03 1.23 1.19 1.23 - 0.02 1.40 0.80 7.57 7.00 7.35 + 0.07 8.67 4.87 10.32 10.00 10.12 - 0.15 13.73 10.00 13.83 13.37 13.47 - 0.20 16.89 12.60 51.01 50.50 50.50 - 0.63 57.25 44.02 38.55 37.83 38.00 - 0.41 46.73 37.28 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 + 0.02 0.40 0.04 0.10 0.10 0.10 0.00 0.15 0.08 0.18 0.14 0.16 0.00 0.23 0.07 2.12 1.84 2.05 + 0.29 2.59 1.39 0.04 0.02 0.04 + 0.02 0.05 0.02 0.03 0.03 0.03 - 0.01 0.08 0.02 1.99 1.75 1.90 - 0.02 2.74 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.11 0.01 0.74 0.70 0.72 0.00 0.82 0.27 0.01 0.01 0.01 0.00 0.03 0.01 2.49 2.07 2.30 - 0.04 9.99 2.07 0.15 0.14 0.15 0.00 0.25 0.06 2.95 2.56 2.68 - 0.35 12.98 2.42 0.04 0.03 0.04 + 0.00 0.08 0.03 0.05 0.04 0.04 0.00 0.12 0.03 2.63 2.42 2.59 + 0.02 7.45 2.34 0.04 0.04 0.04 0.00 0.13 0.03 0.07 0.03 0.07 + 0.02 0.15 0.03 0.07 0.06 0.07 + 0.01 0.16 0.06 0.13 0.11 0.12 + 0.01 0.30 0.05 0.40 0.37 0.38 - 0.01 0.55 0.31 1.50 1.30 1.30 + 0.10 1.75 1.00 0.09 0.08 0.08 - 0.01 0.22 0.07 85.21 82.01 84.99 + 1.01 95.68 77.13 0.50 0.42 0.44 - 0.05 1.19 0.35 0.04 0.03 0.04 + 0.01 0.07 0.02 0.04 0.03 0.04 + 0.01 0.09 0.02 0.03 0.03 0.03 + 0.01 0.09 0.02 8.20 7.21 8.00 + 0.17 42.26 6.38 0.08 0.06 0.06 - 0.01 0.18 0.06 1.64 1.41 1.53 - 0.07 3.28 1.29 0.30 0.30 0.30 + 0.02 0.71 0.25 0.06 0.06 0.06 - 0.01 0.08 0.03 0.15 0.13 0.14 - 0.01 0.37 0.10 0.43 0.38 0.42 0.00 2.34 0.38 0.04 0.04 0.04 - 0.01 0.09 0.04 0.04 0.04 0.04 - 0.01 0.35 0.04 0.08 0.08 0.08 0.00 0.20 0.06 0.14 0.11 0.12 + 0.01 0.25 0.08 0.05 0.04 0.04 - 0.01 0.09 0.03 0.05 0.03 0.04 + 0.02 0.11 0.02 0.03 0.02 0.02 - 0.01 0.08 0.02 0.15 0.15 0.15 - 0.01 0.70 0.13 0.03 0.03 0.03 + 0.01 0.18 0.02 0.05 0.04 0.04 - 0.01 0.23 0.04 0.44 0.36 0.36 - 0.08 1.23 0.36 0.01 0.01 0.01 0.00 0.03 0.01 0.21 0.19 0.21 - 0.01 0.30 0.16 0.01 0.01 0.01 0.00 0.02 0.01 8.74 8.15 8.66 + 0.40 16.12 8.11 0.04 0.03 0.04 + 0.01 0.30 0.02

Dajin Res V 17925 Dalradian Res T 1669 Dalton Res Ltd V 200 Darnley Bay V 3514 Decade Res V 270 Defiance Silvr V 850 Denison Mines T 14833 Denison Mines* X 3117 Desert Star V 250 Detour Gold T 40367 Diagnos V 1720 Diamcor Mng V 391 Diamond Fields V 370 Dios Expl V 520 Discovery Harb V 3070 Discovery Vent V 13960 Discovery-Corp V 300 DNI Metals V 743 Dolly Vard Sil V 329 Dominion Diam* N 6083

0.12 0.10 0.10 - 0.02 0.16 0.04 0.73 0.66 0.71 + 0.01 1.16 0.61 0.11 0.10 0.10 - 0.03 0.36 0.10 0.02 0.01 0.02 + 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.13 0.01 0.08 0.07 0.07 - 0.01 0.19 0.06 0.51 0.49 0.51 0.00 1.37 0.48 0.39 0.37 0.38 0.00 1.22 0.36 0.11 0.11 0.11 0.00 0.22 0.11 13.65 12.76 13.42 - 0.03 16.86 7.75 0.05 0.04 0.05 + 0.01 0.11 0.04 0.99 0.90 0.94 - 0.01 1.45 0.80 0.02 0.01 0.01 0.00 0.05 0.01 0.08 0.06 0.08 + 0.02 0.10 0.04 0.01 0.01 0.01 - 0.01 0.11 0.01 0.18 0.16 0.17 - 0.01 0.25 0.09 0.03 0.03 0.03 + 0.01 0.14 0.03 0.08 0.06 0.06 - 0.02 0.22 0.06 0.20 0.19 0.20 + 0.02 1.05 0.11 9.22 8.11 8.23 - 0.90 20.30 8.11

C

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Dominion Diam T 12306 Dorex Minls V 80 Doubleview Cap V 2897 Dundee Prec Mt T 13304 Duran Vent V 1919 Durango Res V 11635 Dynacor Gold M T 780 Dynasty Gold V 330 Dynasty Met&Mn T 3108 Eagle Plains V 1168 East Asia Mnls V 210 Eastern Platin T 2452 Eastfield Res V 70 Eastmain Res T 3648 Eco Oro Mnls T 221 Ecuador G & C V 4747 Edgewater Expl V 334 El Nino Vent V 270 Eldorado Gold* N 31328 Eldorado Gold T 86780 Electra Gold V 11142 Eloro Minls V 191 Ely Gold & Mnl V 250 Emerick Res V 185 Emgold Mng V 90 Encanto Potash V 4160 Endeavour Mng T 29561 Endeavr Silver T 2598 Endeavr Silve* N 3005 Energizer Res T 9677 Energold Drill V 4303 Energy Fuels T 4501 Entourage Mtls V 951 Entree Gold* X 1493 Entree Gold T 560 Equitas Res V 30276 Equitorial Exp V 28922 Erdene Res Dev T 1211 Erin Ventures V 11449 Eskay Mng V 780 Ethos Gold V 2099 Eurasian Minls V 217 Eurasian Mnls* X 1599 Eureka Res V 400 EurOmax Res V 380 Europn Uran Rs V 1650 Everton Res V 8599 Evolving Gold C 432 Evrim Res V 1735 Excalibur Res C 280 Excellon Res T 1627 Excelsior Mng V 1321 Exeter Res* X 1145 Exeter Res T 910 Explor Res V 10437 Faircourt Gold T 419 Fairmont Res V 5635 Falco Res V 7655 Falcon Gold V 1135 Fancamp Expl V 20519 Feronia V 349 Fieldex Expl V 8350 Finlay Minrls V 140 Firebird Res V 400 Firesteel Res V 3630 Firestone Vent V 50 First Bauxite V 230 First Lithium V 3754 First Majesti* N 35365 First Majestic T 31787 First Mexican V 326 First Point T 4170 First Quantum T 197554 Fission 3.0 V 8683 Fjordland Exp V 1100 Flinders Res V 492 Focus Graphite V 8598 Focus Vnt V 720 Foraco Intl T 451 Foran Mng V 4402 Formation Mtls T 983 Forsys Metals T 508 Fortuna Silver T 11081 Fortuna Silvr* N 10636 Fortune Bay T 68 Fortune Mnrls T 1640 Forum Uranium V 3049 Franco-Nevada* N 28504 Franco-Nevada T 18669 Freegold Vent T 25 Freeport McMo* N 1466763 Freeport Res V 40 Frontline Gold V 44 Full Metal Mnl V 313

12.27 10.78 11.06 - 1.09 24.60 10.78 0.02 0.02 0.02 - 0.01 0.10 0.02 0.16 0.12 0.13 - 0.01 0.19 0.07 1.65 1.26 1.40 - 0.22 3.76 1.26 0.02 0.02 0.02 0.00 0.04 0.01 0.07 0.04 0.05 - 0.02 0.08 0.03 1.64 1.54 1.62 + 0.03 2.59 1.30 0.02 0.02 0.02 0.00 0.03 0.01 0.22 0.20 0.21 0.00 0.96 0.20 0.07 0.05 0.06 + 0.01 0.08 0.05 0.01 0.01 0.01 - 0.01 0.03 0.01 0.84 0.64 0.70 + 0.05 2.26 0.61 0.02 0.02 0.02 0.00 0.05 0.02 0.36 0.34 0.34 - 0.01 0.62 0.17 0.61 0.54 0.57 - 0.04 0.95 0.14 0.02 0.01 0.02 + 0.01 0.08 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.04 0.01 3.30 3.00 3.09 - 0.16 7.99 2.45 4.39 4.01 4.13 - 0.20 9.68 3.26 0.10 0.08 0.09 - 0.01 0.14 0.04 0.14 0.12 0.12 - 0.01 0.20 0.05 0.06 0.06 0.06 - 0.01 0.08 0.03 0.13 0.13 0.13 0.00 0.30 0.13 0.01 0.01 0.01 - 0.01 0.03 0.01 0.06 0.06 0.06 + 0.01 0.16 0.04 0.62 0.58 0.60 - 0.01 0.76 0.38 1.98 1.79 1.92 - 0.03 3.83 1.64 1.49 1.34 1.46 0.00 3.18 1.25 0.07 0.06 0.07 + 0.02 0.18 0.03 0.45 0.37 0.38 - 0.07 1.32 0.37 2.80 2.52 2.58 - 0.14 8.90 2.52 0.07 0.06 0.06 0.00 0.22 0.03 0.26 0.24 0.24 - 0.01 0.51 0.08 0.35 0.32 0.32 - 0.02 0.66 0.18 0.14 0.11 0.11 - 0.02 0.22 0.04 0.09 0.07 0.09 + 0.01 0.24 0.07 0.15 0.12 0.12 - 0.03 0.17 0.09 0.08 0.07 0.08 0.00 0.11 0.04 0.09 0.06 0.08 + 0.01 0.20 0.01 0.18 0.14 0.18 + 0.01 0.23 0.11 0.66 0.59 0.66 + 0.07 0.97 0.53 0.51 0.44 0.50 + 0.06 0.89 0.40 0.05 0.05 0.05 0.00 0.16 0.02 0.36 0.35 0.35 0.00 0.57 0.17 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.01 0.01 - 0.01 0.05 0.01 0.06 0.06 0.06 0.00 0.10 0.01 0.12 0.10 0.10 - 0.02 0.24 0.10 0.01 0.01 0.01 0.00 0.05 0.01 0.30 0.27 0.27 - 0.03 1.15 0.21 0.23 0.21 0.23 0.00 0.39 0.19 0.33 0.29 0.32 0.00 0.79 0.29 0.43 0.39 0.41 - 0.02 0.88 0.39 0.07 0.06 0.07 + 0.01 0.09 0.04 2.69 2.53 2.69 + 0.14 4.38 2.42 0.05 0.03 0.05 + 0.02 0.24 0.03 0.26 0.24 0.25 - 0.01 0.69 0.23 0.01 0.01 0.01 - 0.01 0.15 0.01 0.03 0.02 0.02 0.00 0.05 0.02 0.20 0.20 0.20 + 0.05 0.45 0.07 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.03 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 0.02 0.01 0.01 - 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.03 0.00 0.09 0.03 0.35 0.34 0.35 0.00 0.37 0.18 3.28 3.02 3.26 + 0.03 7.15 2.66 4.42 4.04 4.38 + 0.08 8.55 3.54 0.06 0.05 0.05 - 0.01 0.07 0.02 0.06 0.04 0.05 - 0.01 0.10 0.04 5.46 4.41 5.12 - 0.15 20.05 4.41 0.08 0.06 0.07 - 0.01 0.14 0.06 0.01 0.01 0.01 0.00 0.04 0.01 0.19 0.17 0.17 + 0.01 0.50 0.12 0.11 0.09 0.10 0.00 0.53 0.09 0.12 0.11 0.12 0.00 0.27 0.11 0.20 0.17 0.18 - 0.02 0.77 0.15 0.11 0.09 0.11 + 0.02 0.48 0.08 0.11 0.09 0.09 - 0.01 0.22 0.09 0.14 0.12 0.12 - 0.02 0.36 0.12 3.42 3.17 3.29 - 0.08 6.30 2.65 2.58 2.38 2.41 - 0.13 5.25 2.00 0.28 0.28 0.28 - 0.01 0.43 0.26 0.03 0.02 0.02 0.00 0.20 0.02 0.05 0.04 0.05 - 0.01 0.12 0.04 48.84 46.56 48.12 + 0.08 58.84 38.20 64.98 62.29 64.16 + 0.21 74.10 49.96 0.10 0.10 0.10 + 0.02 0.24 0.07 8.58 7.94 8.10 - 0.31 29.72 7.76 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 0.00 0.10 0.03

Gabriel Res T 6426 Galane Gold V 389 Galantas Gold V 449 Galore Res V 120 Galway Gold V 625 Galway Mtls V 1868 GAMCO Glb Gld* X 23087 Garibaldi Res V 10154 General Moly* X 2702 Gensource Pot V 5160 Geodex Mnrls V 243 Geodrill T 2625 Geologix Ex T 1615 Geomega Res V 1807 Georox Res V 1160 GGL Res V 92 Glen Eagle Res V 4640 Globex Mng T 586 Gobimin V 110 GoGold Res T 1337 Gold Bulln Dev V 9975 Gold Fields* N 138467 Gold Finder Ex V 11 Gold Mtn Mng V 110 Gold Reach Res V 818 Gold Reserve V 1778 Gold Resource* X 7879 Gold Std Vnt V 4306 Gold Std Vnt* X 4334 Goldcliff Res V 2240 Goldcorp T 79216 Goldcorp* N 238178 Golden Arrow R V 760 Golden Band V 2500 Golden Dawn Ml V 41602 Golden Goliath V 3753 Golden Hope V 1402 Golden Mnls T 102 Golden Mnls* X 2749 Golden Predatr V 354 Golden Queen T 307 Golden Reign R V 1385 Golden Share M V 471 Golden Star T 5397 Golden Star* X 20434 Golden Tag V 300 Golden Val Min V 2805 Goldex Res V 60 Goldfield* X 1836 Goldgroup Mng T 25304 GoldQuest Mng V 2493 Goldrea Res C 136

0.20 0.17 0.18 - 0.01 0.86 0.16 0.08 0.06 0.08 + 0.01 0.22 0.06 0.12 0.09 0.11 + 0.02 0.18 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.07 0.07 0.00 0.12 0.05 0.12 0.09 0.10 0.00 0.16 0.09 5.16 4.92 5.05 + 0.04 8.08 4.90 0.17 0.14 0.15 0.00 0.22 0.05 0.27 0.25 0.27 - 0.00 1.00 0.25 0.07 0.06 0.07 + 0.01 0.07 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.53 0.47 0.50 - 0.03 0.99 0.46 0.03 0.02 0.02 0.00 0.05 0.02 0.07 0.06 0.07 0.00 0.29 0.06 0.04 0.04 0.04 0.00 0.14 0.04 0.02 0.02 0.02 + 0.01 0.06 0.02 0.04 0.04 0.04 + 0.01 0.20 0.03 0.29 0.26 0.26 + 0.01 0.37 0.16 0.35 0.34 0.35 0.00 0.51 0.33 1.24 1.15 1.16 - 0.01 1.67 1.10 0.03 0.03 0.03 - 0.01 0.06 0.02 2.59 2.36 2.44 - 0.12 6.01 2.04 0.02 0.02 0.02 0.00 0.07 0.02 0.05 0.04 0.05 0.00 0.14 0.03 0.13 0.11 0.11 - 0.01 0.50 0.11 4.06 3.46 3.75 + 0.30 5.39 2.48 2.40 2.18 2.26 - 0.10 4.14 1.99 0.77 0.70 0.71 - 0.03 0.89 0.40 0.58 0.52 0.58 + 0.01 0.63 0.26 0.01 0.01 0.01 - 0.01 0.02 0.01 16.36 15.47 15.88 - 0.30 30.95 15.05 12.32 11.57 11.75 - 0.41 25.00 11.30 0.22 0.20 0.22 + 0.02 0.50 0.18 0.01 0.01 0.01 0.00 0.01 0.01 0.11 0.08 0.10 - 0.01 0.30 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.30 0.26 0.27 - 0.02 0.64 0.08 0.28 0.27 0.27 0.00 0.91 0.26 0.22 0.20 0.20 - 0.00 0.69 0.19 0.14 0.12 0.13 + 0.01 0.15 0.07 0.79 0.68 0.69 - 0.06 1.68 0.65 0.09 0.08 0.09 + 0.01 0.13 0.05 0.08 0.07 0.08 + 0.01 0.08 0.03 0.27 0.25 0.26 + 0.01 0.51 0.20 0.21 0.19 0.19 + 0.00 0.42 0.16 0.04 0.03 0.03 0.00 0.08 0.02 0.10 0.09 0.09 - 0.02 0.21 0.08 0.03 0.02 0.02 0.00 0.08 0.02 1.75 1.65 1.72 - 0.01 2.85 1.20 0.07 0.05 0.07 + 0.01 0.24 0.05 0.14 0.12 0.12 - 0.02 0.20 0.07 0.03 0.03 0.03 0.00 0.10 0.02

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Goldrock Mines V 1429 Goldrush Res V 49813 Goldsource Min V 711 Goldstar Mnls V 1510 Goldstrike Res V 680 Gowest Gold V 2274 Gran Colombia T 1673 Granite Ck Gld V 175 Graphite One R V 64114 Great Atlantic V 1705 Great Bear Res V 150 Great Panther* X 3397 Great Panther T 1791 Great Quest Me V 1428 Green Swan Cap V 400 Greencastle Rs V 210 Gresham Res V 24379 Grizzly Discvr V 796 Groundstar Res V 4390 GTA Res & Mng V 1283 Gunpoint Expl V 300 Guyana Gldflds T 12723 Guyana Prec Mt V 2128 GWR Res V 620 Handa Copper V 144 Happy Ck Minls V 650 Harmony Gold* N 45331 Harte Gold T 6023 Harvest Gold V 150 Hawkeye Gld&Di V 340 Heatherdale Rs V 28 Hecla Mining* N 200219 Hi-Crush Part* N 1791 Highbank Res V 6109 Highbury Proj V 75 Highland Res V 1610 Highway 50 Gld V 800 HiHo Silver C 800 Hinterland Mtl V 500 Homestake Res V 1710 Honey Badger E V 4980 Horizns G Bear T 46230 Horizns G Bull T 61288 Hornby Bay Mnl V 520 Houston Lake V 5546 HudBay Minls T 33063 HudBay Mnls* N 440 Hudson Res V 307 Hunt Mng V 100

0.29 0.21 0.23 + 0.03 0.40 0.15 0.03 0.02 0.03 + 0.01 0.03 0.01 0.17 0.16 0.17 0.00 0.26 0.13 0.01 0.01 0.01 0.00 0.04 0.01 0.15 0.10 0.10 + 0.02 0.21 0.05 0.10 0.08 0.10 + 0.02 0.10 0.05 0.20 0.12 0.12 - 0.08 0.63 0.12 0.01 0.01 0.01 0.00 0.04 0.01 0.11 0.09 0.09 - 0.01 0.14 0.07 0.06 0.04 0.06 + 0.01 0.30 0.04 0.03 0.03 0.03 - 0.01 0.09 0.02 0.48 0.44 0.48 + 0.02 0.91 0.30 0.64 0.58 0.62 0.00 1.05 0.40 0.19 0.17 0.17 - 0.02 1.04 0.15 0.02 0.02 0.02 - 0.01 0.06 0.01 0.06 0.06 0.06 - 0.01 0.09 0.05 0.78 0.71 0.75 + 0.02 0.95 0.46 0.07 0.06 0.07 - 0.01 0.10 0.03 0.05 0.04 0.05 0.00 0.14 0.03 0.04 0.03 0.03 - 0.01 0.10 0.03 0.17 0.17 0.17 0.00 0.20 0.14 3.01 2.48 2.97 + 0.30 4.48 2.19 0.13 0.12 0.12 - 0.01 0.33 0.08 0.07 0.06 0.06 0.00 0.08 0.01 0.05 0.05 0.05 0.00 0.12 0.05 0.10 0.09 0.09 - 0.01 0.17 0.08 0.62 0.53 0.58 - 0.02 3.18 0.53 0.08 0.08 0.08 0.00 0.10 0.04 0.02 0.02 0.02 - 0.01 0.06 0.01 0.04 0.04 0.04 + 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.05 0.01 2.02 1.83 1.98 + 0.01 3.54 1.77 7.05 5.92 6.74 + 0.64 50.00 5.09 0.07 0.06 0.07 + 0.01 0.27 0.05 0.15 0.15 0.15 0.00 0.40 0.10 0.16 0.12 0.12 - 0.01 0.45 0.10 0.10 0.09 0.09 - 0.03 0.42 0.09 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 0.00 0.02 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 14.52 13.00 13.33 + 0.03 20.33 8.50 15.80 2.91 15.80 + 0.20 44.30 2.75 0.03 0.03 0.03 - 0.01 0.10 0.03 0.18 0.14 0.14 - 0.02 0.20 0.09 6.00 5.46 5.89 + 0.38 12.61 4.82 4.43 4.10 4.29 + 0.14 10.37 3.62 0.47 0.41 0.44 + 0.04 0.55 0.22 0.02 0.02 0.02 - 0.01 0.40 0.02

I-Minerals V 647 Iamgold* N 26741 Iamgold T 20444 IBC Adv Alloys V 5621 IC Potash T 33750 Iconic Mnls V 4000 IMPACT Silver V 1074 Imperial Metal T 598 Inca One Res V 396 Independence G V 2243 Inspiration Mg T 2270 Integra Gold V 10742 Intigold Mines V 1900 Intl Lithium V 1286 Intl Montoro R V 2660 Intl Northair V 1379 Intl Tower Hi* X 255 Intl Tower Hil T 503 Intrepid Pots* N 12841 INV Metals T 15 ISh COMEX G Tr T 111 Ivanhoe Mines T 77844 Jaguar Mng V 314 Jasper Mng V 56 Jiulian Res V 200 Kaminak Gold V 2316 Karmin Expl V 10 Karnalyte Res T 297 Katanga Mng T 1166 Kazax Mnls V 30 Kennady Diam V 262 Kermode Res V 100 Kesselrun Res V 1060 Kestrel Gold V 822 Khalkos Expl V 1065 Khan Res C 585 Kilo Goldmines V 2384 Kincora Copper V 1166 Kings Bay Gold V 70 Kinross Gold T 96722 Kinross Gold* N 332788 Kirkland Lk Gd T 11763 Kiska Metals V 1892 Kivalliq Enrgy V 5175 Klondex Mns T 7079 Klondike Gold V 507 Klondike Silv V 190 Knick Expl V 5390 Kobex Mnls V 7086 Kombat Copper V 16307 Kootenay Gold V 3851

0.26 0.25 0.25 - 0.01 0.31 0.14 1.59 1.41 1.55 + 0.01 3.39 1.16 2.11 1.89 2.06 + 0.01 4.09 1.50 0.10 0.09 0.09 + 0.01 0.15 0.09 0.08 0.06 0.06 - 0.01 0.31 0.06 0.03 0.03 0.03 - 0.01 0.10 0.03 0.17 0.14 0.15 - 0.01 0.35 0.14 7.59 6.50 6.71 - 0.73 13.69 6.01 0.12 0.12 0.12 - 0.01 0.29 0.09 0.07 0.06 0.06 0.00 0.11 0.06 0.14 0.07 0.12 + 0.05 0.33 0.04 0.34 0.32 0.33 - 0.01 0.37 0.18 0.10 0.09 0.10 - 0.01 0.32 0.03 0.08 0.06 0.07 - 0.02 0.09 0.02 0.03 0.03 0.03 - 0.01 0.10 0.03 0.05 0.04 0.04 - 0.01 0.10 0.04 0.26 0.23 0.24 - 0.00 0.62 0.20 0.35 0.31 0.35 + 0.03 0.75 0.26 3.60 3.19 3.38 - 0.13 15.56 3.19 0.10 0.10 0.10 - 0.01 0.29 0.08 13.94 13.59 13.59 - 0.21 15.78 12.61 0.70 0.61 0.67 + 0.03 1.36 0.61 0.20 0.14 0.20 + 0.05 0.65 0.12 0.03 0.03 0.03 0.00 0.07 0.02 0.03 0.03 0.03 0.00 0.05 0.02 0.80 0.77 0.78 - 0.01 1.15 0.61 0.27 0.27 0.27 + 0.04 0.50 0.15 0.85 0.81 0.83 + 0.01 1.33 0.52 0.15 0.13 0.14 - 0.01 0.40 0.13 0.04 0.04 0.04 + 0.02 0.06 0.02 2.88 2.55 2.65 + 0.15 6.10 2.50 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.02 0.02 0.02 0.00 0.07 0.02 0.08 0.07 0.07 - 0.01 0.12 0.05 0.45 0.41 0.41 - 0.01 0.80 0.36 0.07 0.06 0.06 - 0.02 0.14 0.04 0.03 0.02 0.02 0.00 0.04 0.02 0.01 0.01 0.01 0.00 0.01 0.01 2.65 2.32 2.62 + 0.13 4.48 1.79 2.00 1.72 1.93 + 0.06 3.71 1.35 4.90 4.58 4.76 - 0.06 6.88 2.79 0.02 0.02 0.02 0.00 0.07 0.02 0.09 0.08 0.09 + 0.01 0.21 0.06 2.89 2.66 2.72 - 0.15 3.87 1.78 0.11 0.11 0.11 - 0.01 0.28 0.08 0.02 0.02 0.02 - 0.01 0.05 0.02 0.03 0.02 0.02 0.00 0.03 0.01 0.56 0.50 0.50 - 0.05 0.65 0.46 0.03 0.02 0.03 - 0.01 0.11 0.02 0.25 0.20 0.25 + 0.03 0.56 0.20

Labdr I-Ore Ro T 10388 Lago Dourado M V 1211 Lake Shore Gd* X 16153 Lake Shore Gld T 77554 Lara Expl V 545 Laramide Res T 6093 Largo Res V 2641 Latin Am Mnls V 1050 Laurion Mnl Ex V 33370 Legend Gold V 93 Letho Res V 34 Lexam VG Gold T 2622 Lincoln Mng V 580 Lion One Mtls V 370 Lomiko Mtls V 36614 Loncor Res T 100 Long Harbour E V 10 Lorraine Coppr V 300 Los Andes Copp V 515 Lucara Diam T 45154 Luna Gold T 2722 Lundin Mng T 119215 Lydian Intl T 2695

14.78 13.19 13.30 - 1.35 19.85 10.81 0.08 0.06 0.08 + 0.01 0.15 0.05 0.81 0.74 0.75 - 0.05 1.14 0.60 1.08 0.99 1.01 - 0.05 1.38 0.70 0.24 0.22 0.24 + 0.02 0.45 0.20 0.24 0.17 0.23 + 0.05 0.44 0.15 0.23 0.17 0.20 + 0.04 2.23 0.15 0.02 0.01 0.01 0.00 0.12 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.03 0.03 0.00 0.14 0.03 0.08 0.08 0.08 - 0.04 0.18 0.05 0.08 0.07 0.07 - 0.01 0.11 0.06 0.03 0.03 0.03 0.00 0.12 0.03 0.37 0.34 0.37 + 0.04 0.60 0.17 0.04 0.03 0.03 0.00 0.09 0.03 0.03 0.03 0.03 0.00 0.13 0.02 0.08 0.08 0.08 - 0.02 0.15 0.04 0.04 0.04 0.04 - 0.01 0.08 0.03 0.12 0.10 0.12 - 0.02 0.23 0.05 2.22 2.00 2.13 + 0.03 2.41 1.42 0.05 0.03 0.04 0.00 0.45 0.03 4.00 3.56 3.74 - 0.10 6.46 3.56 0.28 0.24 0.25 + 0.01 0.70 0.23

MacDonald Mns V 2248 MacMillan Mnls V 230 Mag Silver T 8497 Mag Silver* X 368 Magellan Minls V 2459 Majescor Res V 320 Majestic Gold V 4340 Major Drilling T 4302 Makena Res V 18641 Malbex Res V 1400 Mandalay Res T 8054 Manitou Gold V 109 Maracote Intl V 170 Marathon Gold T 6434 Margaret Lk Di V 20 Marifil Mines V 1580 Maritime Res V 105

0.01 0.01 0.01 0.00 0.02 0.01 0.18 0.17 0.18 + 0.02 0.24 0.05 9.55 8.99 9.38 - 0.04 11.00 6.90 7.20 6.75 6.93 - 0.14 9.17 5.60 0.06 0.05 0.06 0.00 0.10 0.04 0.05 0.03 0.05 - 0.01 0.06 0.03 0.08 0.07 0.07 - 0.02 0.10 0.03 5.16 4.39 5.15 + 0.55 7.49 3.75 0.03 0.02 0.03 0.00 0.06 0.02 0.03 0.03 0.03 0.00 0.06 0.01 0.73 0.71 0.71 - 0.01 1.04 0.69 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.01 0.01 0.00 0.25 0.01 0.17 0.11 0.15 - 0.02 0.38 0.11 0.07 0.07 0.07 - 0.01 0.26 0.07 0.02 0.02 0.02 + 0.01 0.02 0.01 0.10 0.10 0.10 - 0.02 0.24 0.10

I-J-K

L

M

2015-12-01 7:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 7–13, 2015

11

S TO C K TA BL ES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Marlin Gold V 244 Mason Graphite V 7348 Matamec Expl V 3864 Mawson Res T 347 Mawson West T 8364 Maya Gold & Si V 1077 MBAC Fertilizr T 15935 McEwen Mng* N 5624 McEwen Mng T 2397 MDN Inc T 960 MDU Res* N 67699 Meadow Bay Gd T 4390 Mechel* N 548 Medallion Res V 6720 Mega Copper V 18 Mega Uranium T 13400 Megastar Dev V 220 Melior Res V 780 Melkior Res V 440 Menika Mining V 350 Merrex Gold V 1960 Mesa Expl V 36 Mesabi Trust* N 7100 Metalcorp V 400 Metalex Vent V 3741 Metallis Res V 3485 Metals Ck Res V 635 Metanor Res V 15763 Micrex Devel V 2410 Midas Gold T 1822 Midland Expl V 334 Midnight Sun M V 100 Migao T 781 Millrock Res V 2186 Millstream Min V 430 Minas Buenavn* N 59265 Minaurum Gold V 615 Minco Gold* X 3066 Minco Gold T 269 Minco Silver T 3100 Mindoro Res V 1305 Mineral Mtn Rs V 819 Mines Managem* X 1139 Minfocus Expl V 70 Minsud Res V 50 Miranda Gold V 1722 Mirasol Res V 574 Mkango Res V 1360 Monarques Res V 1686 Moneta Porcpn T 11335 Monster Mng V 1210 Montero Mg&Ex V 362 Monument Mng V 210 Mosaic* N 150019 Mountain Boy M V 1150 Mountain Prov T 2365 MPH Vent V 500 Mundoro Cap V 30 Musgrove Mnls V 30 Mustang Minls V 4860

0.25 0.20 0.25 + 0.04 1.09 0.20 0.40 0.37 0.40 + 0.01 0.73 0.36 0.03 0.03 0.03 - 0.01 0.07 0.02 0.22 0.18 0.20 + 0.02 0.30 0.15 0.02 0.02 0.02 + 0.01 0.09 0.01 0.16 0.14 0.16 + 0.01 0.31 0.11 0.03 0.03 0.03 - 0.01 0.17 0.01 0.90 0.83 0.90 + 0.02 1.63 0.65 1.19 1.10 1.17 + 0.02 1.89 0.84 0.02 0.02 0.02 0.00 0.08 0.02 18.23 17.43 17.67 - 0.44 26.00 16.15 0.12 0.10 0.10 - 0.02 0.31 0.10 0.90 0.86 0.87 - 0.02 1.88 0.42 0.04 0.03 0.03 - 0.01 0.07 0.01 0.03 0.03 0.03 0.00 0.05 0.02 0.06 0.05 0.06 + 0.01 0.24 0.05 0.03 0.02 0.03 + 0.01 0.06 0.02 0.03 0.02 0.02 0.00 0.12 0.02 0.01 0.01 0.01 0.00 0.06 0.01 0.14 0.14 0.14 + 0.03 0.15 0.05 0.15 0.14 0.14 - 0.01 0.23 0.05 0.02 0.02 0.02 0.00 0.04 0.02 6.98 5.53 6.24 - 0.63 19.21 5.53 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.06 0.07 - 0.01 0.12 0.03 0.03 0.02 0.02 - 0.01 0.14 0.01 0.07 0.06 0.07 + 0.02 0.28 0.05 0.04 0.03 0.04 0.00 0.09 0.03 0.02 0.01 0.01 - 0.01 0.05 0.01 0.29 0.27 0.28 0.00 0.60 0.26 0.65 0.56 0.56 - 0.07 0.77 0.47 0.15 0.10 0.15 + 0.04 0.19 0.08 0.57 0.53 0.55 - 0.02 1.22 0.50 0.20 0.15 0.20 + 0.02 0.55 0.15 0.05 0.03 0.05 0.00 0.07 0.01 4.85 4.35 4.72 + 0.05 12.51 4.35 0.05 0.05 0.05 - 0.02 0.10 0.04 0.15 0.11 0.15 + 0.02 0.35 0.10 0.20 0.15 0.19 + 0.03 0.39 0.12 0.37 0.36 0.37 - 0.01 0.83 0.32 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.03 0.03 + 0.01 0.06 0.02 0.27 0.22 0.24 - 0.02 0.74 0.22 0.01 0.01 0.01 0.00 0.04 0.01 0.09 0.09 0.09 0.00 0.09 0.05 0.08 0.07 0.07 - 0.01 0.13 0.07 0.80 0.74 0.78 + 0.06 1.16 0.72 0.03 0.03 0.03 0.00 0.19 0.01 0.07 0.06 0.07 0.00 0.14 0.06 0.13 0.11 0.13 + 0.02 0.15 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 - 0.01 0.06 0.01 0.10 0.09 0.10 0.00 0.16 0.08 32.66 30.67 31.46 - 0.85 53.83 29.61 0.01 0.01 0.01 - 0.01 0.02 0.01 3.80 3.62 3.67 - 0.07 5.50 3.38 0.08 0.08 0.08 0.00 0.10 0.04 0.08 0.08 0.08 + 0.01 0.19 0.06 0.08 0.08 0.08 0.00 0.30 0.04 0.01 0.01 0.01 0.00 0.02 0.01

Namibia Rare E T 81 Natural Rs Pt* N 2665 Nautilus Minls T 624 Nebu Res V 100 Nemaska Lith V 58809 Nevada Clean M V 3860 Nevada Copper T 1521 Nevada Expl V 690 Nevada Sunrise V 2454 Nevado Res V 100 Nevsun Res T 8582 Nevsun Res* X 3919 New Carolin Gd V 3239 New Destiny Mg V 2075 New Dimen Res V 600 New Gold T 64217 New Gold* X 156477 New Millennium V 955 New Milln Iron T 3595 New Nadina V 390 New Pac Metals T 371 New World Res V 1947 Newmac Res V 75 Newmont Mng* N 234505 Newport Expl V 793 Newstrike Res V 250 NGEx Res T 19075 Nighthawk Gold V 2892 Niogold Mng V 1707 Nippon Dragon V 2556 Noka Res V 29382 Nordex V 341 Noront Res V 3576 Nortec Mnls V 53 North Am En P* N 621 North Am En Pa T 2376 North Am Nickl V 2012 North Am Pall T 316 North Am Tung V 3770 North Arrow Mn V 399 Northcliff Res T 1099 Northern Abiti V 70 Northern Dyn* X 4392 Northern Dyn M T 6210 Northern Freeg V 10 Northern Gld M V 5730 Northern Graph V 2432 Northern Iron V 1280 Northern Shiel V 2285 Northern Sup R V 980 Northern Vertx V 4848 Northisle C&G V 10 Northquest V 9692 NovaCopper T 82 NovaCopper* X 4408 NovaGold Res T 7443 NovaGold Res* X 36218 NQ Expl V 300 NuLegacy Gold V 658 Nunavik Nickel V 171 NV Gold V 3070 Oban Mng T 2075 OceanaGold T 51104 Oceanic Iron O V 1082 Oceanus Res V 258 Odin Mng & Exp V 1524 Olivut Res V 452 Olympic Res V 495 Omineca Mg&Mtl V 92 Opawica Expl V 333 Oracle Mng V 1170 Orbit Garant D T 73 Orbite Alumnae T 31675 Orca Gold V 299 Orefinders Res V 1630 Orestone Mng V 130 Orex Expl V 1793 Orex Minls V 1130 Orezone Gold T 4235 Oroco Res V 150 Orocobre T 446 Orofino Mnls V 20 Orosur Mng T 1728 Orvana Mnrls T 6143 Otis Gold V 1481

0.05 0.05 0.05 - 0.01 0.22 0.04 1.75 1.48 1.75 + 0.27 13.79 1.48 0.35 0.29 0.34 + 0.01 0.55 0.24 0.01 0.01 0.01 0.00 0.05 0.01 0.39 0.29 0.33 - 0.04 0.45 0.15 0.04 0.03 0.04 0.00 0.06 0.03 0.73 0.70 0.70 - 0.01 2.03 0.70 0.43 0.34 0.43 + 0.04 0.94 0.05 0.22 0.18 0.22 + 0.02 0.53 0.13 0.02 0.02 0.02 + 0.01 0.06 0.01 3.73 3.58 3.66 + 0.08 5.35 3.41 2.79 2.68 2.70 + 0.01 4.51 2.57 0.05 0.05 0.05 - 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.06 0.05 0.05 - 0.01 0.09 0.04 3.05 2.69 3.02 + 0.04 6.04 2.52 2.28 2.00 2.22 - 0.01 5.12 1.90 0.08 0.07 0.08 0.00 0.36 0.07 0.06 0.05 0.06 0.00 0.27 0.05 0.02 0.01 0.01 0.00 0.03 0.01 0.21 0.20 0.20 0.00 0.23 0.14 0.03 0.03 0.03 + 0.01 0.12 0.01 0.07 0.06 0.07 - 0.01 0.29 0.06 18.25 17.23 17.91 - 0.14 27.90 15.39 0.23 0.22 0.22 0.00 0.49 0.20 0.03 0.03 0.03 - 0.01 0.08 0.02 0.95 0.48 0.76 + 0.29 1.37 0.44 0.05 0.05 0.05 - 0.01 0.35 0.04 0.29 0.27 0.28 - 0.03 0.43 0.22 0.12 0.10 0.11 0.00 0.15 0.03 0.06 0.04 0.04 0.00 0.26 0.03 0.10 0.08 0.09 - 0.01 0.43 0.06 0.46 0.40 0.45 + 0.04 0.67 0.25 0.02 0.02 0.02 0.00 0.04 0.02 2.21 2.05 2.12 - 0.02 5.39 1.60 2.96 2.74 2.85 + 0.01 6.10 2.10 0.11 0.08 0.09 - 0.01 0.28 0.08 4.12 3.97 4.01 + 0.04 188.00 3.85 0.01 0.01 0.01 0.00 0.06 0.01 0.25 0.19 0.22 + 0.04 1.34 0.17 0.10 0.09 0.09 - 0.01 0.24 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.32 0.28 0.31 - 0.00 0.72 0.28 0.41 0.38 0.40 - 0.01 0.83 0.37 0.04 0.04 0.04 - 0.01 0.15 0.04 0.02 0.01 0.01 0.00 0.03 0.01 0.20 0.18 0.20 + 0.01 0.89 0.18 0.01 0.01 0.01 0.00 0.05 0.01 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.04 0.02 0.25 0.15 0.25 + 0.11 0.26 0.09 0.02 0.02 0.02 - 0.01 0.06 0.02 0.26 0.19 0.25 + 0.03 0.32 0.07 0.53 0.46 0.46 - 0.04 0.93 0.41 0.40 0.35 0.36 - 0.02 0.74 0.35 4.90 4.61 4.88 + 0.05 5.23 2.94 3.68 3.45 3.59 - 0.04 4.25 2.56 0.01 0.01 0.01 - 0.01 0.02 0.01 0.12 0.11 0.11 - 0.01 0.17 0.08 0.05 0.04 0.04 + 0.01 0.18 0.04 0.01 0.01 0.01 - 0.01 0.17 0.01 1.20 1.11 1.15 - 0.01 3.40 1.09 2.53 2.25 2.50 + 0.11 3.15 1.70 0.20 0.14 0.15 + 0.02 0.30 0.08 0.25 0.21 0.21 - 0.01 0.38 0.14 0.27 0.27 0.27 - 0.01 0.50 0.21 0.13 0.10 0.13 + 0.03 0.18 0.08 0.20 0.13 0.15 - 0.05 0.32 0.03 0.03 0.02 0.03 + 0.01 0.11 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.07 0.01 0.75 0.75 0.75 0.00 1.50 0.62 0.49 0.47 0.48 + 0.02 0.53 0.20 0.17 0.15 0.16 0.00 0.43 0.15 0.02 0.02 0.02 - 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.00 0.02 0.01 0.14 0.11 0.11 - 0.01 0.34 0.11 0.26 0.22 0.25 - 0.01 0.61 0.22 0.02 0.02 0.02 - 0.01 0.06 0.02 1.59 1.39 1.45 - 0.09 2.88 1.38 0.08 0.08 0.08 0.00 0.20 0.05 0.12 0.11 0.12 0.00 0.24 0.10 0.17 0.13 0.16 + 0.02 0.49 0.13 0.11 0.08 0.11 + 0.03 0.14 0.02

N-O

Dec 07 Pgs 10 11.indd 11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

P-Q Pac Booker Min V 145 Pac Booker Mn* X 10 Pac Coal Res V 107 Pac Iron Ore V 200 Pac North West V 20 Pac Ridge Expl V 919 Paladin Energy T 4774 Palmer Res V 3500 Pan Am Silver T 14832 Pan Am Silver* Q 77026 Pan Global Res V 259 Pancontl Uran V 940 Panoro Minls V 510 Parlane Res V 100 Peabody Enrgy* N 37301 Peat Res V 100 Pelangio Expl V 110 Pele Mtn Res V 8078 Peregrine Diam T 37341 Perseus Mng T 2896 Pershimco Res V 1568 Peruvian Prc M V 8074 Philippine Mtl V 1520 Pilot Gold T 9497 Pinecrest Res V 218

2.06 1.95 2.04 + 0.13 6.90 1.02 1.59 1.41 1.59 + 0.09 5.75 1.04 0.01 0.01 0.01 0.00 0.29 0.01 0.31 0.31 0.31 0.00 0.39 0.10 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.24 0.21 0.22 - 0.02 0.41 0.15 0.01 0.01 0.01 0.00 0.06 0.01 9.46 8.84 9.35 + 0.12 15.06 7.77 7.10 6.59 6.96 + 0.03 12.05 5.85 0.01 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.13 0.12 0.13 - 0.01 0.30 0.09 0.07 0.07 0.07 - 0.01 0.23 0.03 13.08 11.00 11.28 - 0.56 177.30 11.00 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.03 0.00 0.09 0.03 0.16 0.14 0.15 - 0.01 0.39 0.13 0.34 0.31 0.32 - 0.02 0.48 0.18 0.15 0.13 0.14 - 0.01 0.26 0.12 0.05 0.04 0.05 + 0.01 0.18 0.04 0.02 0.02 0.02 + 0.01 0.06 0.02 0.29 0.27 0.28 0.00 1.27 0.27 0.08 0.08 0.08 + 0.01 0.50 0.06

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Romios Gold Rs V 1100 Roxgold V 4496 Royal Cdn Mint T 620 Royal Gold T 154 Royal Gold* Q 29367 Royal Nickel T 7224 RPT Uranium V 938 RT Minerals V 83 Rubicon Mnls* X 48369 Rubicon Mnrls T 51865 Rugby Mng V 100 Running Fox Rs V 2712 Rupert Res V 383 Rusoro Mng V 2750 Russell Metals T 10903 Rye Patch Gold V 3502

0.03 0.02 0.03 0.00 0.05 0.02 0.65 0.62 0.62 - 0.01 0.77 0.48 15.36 15.04 15.19 - 0.13 17.41 14.13 49.48 46.81 47.85 - 1.04 95.64 45.92 37.34 35.29 36.07 - 0.68 77.20 34.42 0.18 0.16 0.17 - 0.02 0.59 0.15 0.25 0.25 0.25 - 0.01 0.41 0.22 0.01 0.01 0.01 0.00 0.03 0.01 0.14 0.12 0.13 - 0.00 1.35 0.12 0.19 0.16 0.18 0.00 1.63 0.16 0.08 0.08 0.08 + 0.01 0.27 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.11 0.03 0.04 0.04 0.04 - 0.01 0.07 0.01 19.30 18.00 18.24 - 0.38 32.23 18.00 0.13 0.11 0.12 0.00 0.20 0.11

Sabina Gd&Slvr T 8135 Sage Gold V 777 Saint Jean Car V 1936 Salazar Res V 300 Sama Res V 1265 San Marco Res V 480 Sanatana Diam V 13260 Sandspring Res V 1982

0.63 0.56 0.60 + 0.02 0.64 0.28 0.05 0.04 0.04 - 0.01 0.17 0.04 0.05 0.04 0.05 0.00 0.06 0.01 0.04 0.04 0.04 + 0.01 0.17 0.03 0.15 0.12 0.13 - 0.02 0.28 0.10 0.03 0.02 0.02 0.00 0.10 0.02 0.03 0.02 0.03 0.00 0.10 0.02 0.17 0.14 0.14 - 0.03 0.44 0.13

S

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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sultan Mnrls V 4020 SunCoke Engy* N 5446 Sunridge Gold V 15633 Suparna Gold V 99 Superior Coppr V 3706 Sutter Gold V 90

0.01 0.01 0.01 0.00 0.02 0.01 3.91 3.57 3.69 - 0.15 22.05 3.57 0.25 0.24 0.25 + 0.01 0.27 0.13 0.01 0.01 0.01 0.00 0.12 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.05 0.05 0.00 0.15 0.04

TAD Mnl Expl V 100 Tahoe Res* N 10473 Tahoe Res T 31324 Taipan Res V 1114 Tajiri Res V 580 Takara Res V 670 Talon Metals T 193 Tanz Roy Exp T 1005 Tanz Roy Exp* X 5495 Tanzania Mnls V 100 Tasca Res V 562 Taseko Mines* X 6565 Taseko Mines T 8221 Tasman Metals V 1064 Tasman Mtls* X 1979 Tearlach Res V 550 Teck Res A T 97 Teck Res B* N 365060 Teck Res B T 144497 Tembo Gold V 650 Teranga Gold T 21953 Teras Res V 2539 Terraco Gold V 3600 Terrax Minls V 610 Teuton Res V 400 Theia Res V 200 Thompson Creek T 15608 Thompson Crk* N 13562 Timberline Res V 1731 Timberline Rs* X 3239 Timmins Gold* X 19947 Timmins Gold T 15260 Tinka Res V 597 Tintina Res V 439 Tirex Res V 364 Titanium Corp V 4375 TNR Gold V 2121 Tolima Gold V 700 TomaGold V 2599 Torex Gold T 53675 Transition Mtl V 840 Treasury Metal T 879 Trevali Mng T 335747 Tri Origin Exp V 150 Tribute Res V 5428 TriMetals Mng T 2592 Trio Gold Corp V 10 Troymet Expl V 150 True Gold Mng V 7718 True North Gem V 2283 Tsodilo Res V 166 Turquoise HIl* N 12769 Turquoise Hill T 24231 TVI Pacific T 1620 Typhoon Expl V 470

0.01 0.01 0.01 0.00 0.01 0.01 9.13 8.22 8.87 + 0.18 17.85 7.33 12.22 10.97 12.09 + 0.53 20.08 9.66 0.13 0.10 0.13 + 0.01 3.05 0.10 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.12 0.11 0.11 - 0.01 0.32 0.08 0.43 0.35 0.41 + 0.05 1.51 0.32 0.32 0.27 0.31 + 0.04 1.34 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.41 0.36 0.37 - 0.01 1.48 0.32 0.54 0.48 0.49 - 0.01 1.66 0.46 0.31 0.21 0.27 0.00 0.99 0.21 0.24 0.15 0.22 + 0.01 0.79 0.15 0.08 0.05 0.05 - 0.08 0.14 0.02 9.38 8.22 8.56 - 0.41 22.64 7.74 4.74 4.06 4.16 - 0.40 17.88 4.06 6.29 5.42 5.70 - 0.36 20.58 5.42 0.02 0.01 0.01 - 0.01 0.06 0.01 0.52 0.50 0.50 - 0.02 0.82 0.39 0.06 0.05 0.05 - 0.01 0.15 0.05 0.13 0.11 0.12 + 0.01 0.19 0.07 0.30 0.27 0.29 - 0.02 0.44 0.23 0.04 0.04 0.04 - 0.01 0.35 0.04 0.06 0.05 0.05 - 0.01 0.20 0.05 0.43 0.31 0.32 - 0.11 2.33 0.31 0.31 0.23 0.23 - 0.07 2.07 0.23 0.61 0.52 0.53 - 0.07 0.91 0.35 0.47 0.37 0.38 - 0.07 0.80 0.26 0.18 0.15 0.17 + 0.00 1.27 0.14 0.24 0.21 0.23 + 0.01 1.53 0.19 0.15 0.13 0.14 - 0.02 0.43 0.13 0.08 0.07 0.07 + 0.01 0.15 0.04 0.12 0.09 0.12 0.00 0.35 0.09 0.95 0.80 0.81 - 0.01 1.55 0.60 0.03 0.02 0.02 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.04 0.04 0.00 0.13 0.04 1.27 1.18 1.19 - 0.05 1.65 0.85 0.12 0.11 0.12 + 0.02 0.27 0.06 0.46 0.44 0.44 0.00 0.62 0.25 0.35 0.25 0.34 + 0.04 1.24 0.25 0.03 0.02 0.03 - 0.01 0.04 0.01 0.05 0.04 0.04 - 0.02 0.12 0.04 0.09 0.08 0.08 - 0.01 0.15 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.22 0.19 0.21 + 0.01 0.29 0.15 0.17 0.16 0.17 - 0.01 0.20 0.07 0.75 0.75 0.75 0.00 1.19 0.57 2.74 2.61 2.66 - 0.03 4.73 2.41 3.68 3.47 3.59 + 0.01 5.80 3.17 0.02 0.01 0.01 0.00 0.03 0.01 0.04 0.03 0.03 0.00 0.08 0.03

U3O8 Corp T 1394 Ucore Rare Mtl V 3184 UEX Corp T 8716 Ultra Lithium V 210 Unigold V 53 Unity Energy V 345 Ur-Energy T 1244 Ur-Energy* X 645 Uracan Res V 4543 Uragold Bay Rs V 7130 Uranium Ener* X 4103 Uranium Partic T 7109 Uranium Res* Q 4755 Uranium Valley V 30 Uravan Minls V 440 US Energy* Q 2029 US Silica Hld* N 12438 Vale* N 181926 ValGold Res V 640 Vangold Res V 6227 Vanstar Mng Rs V 540 Vantex Res V 100 Vena Res T 104 Vendome Res V 440 Venerable Vent V 60 Verde Potash T 851 Victoria Gold V 2879 Victory Nickel T 1529 Victory Res V 240 Victory Vent V 485 Vior Mining V 872 Viscount Mng V 3629 Visible Gold M V 4740 Vista Gold T 143 Vista Gold* X 1174 VMS Vent V 4702 VVC Expl V 3055

0.03 0.03 0.03 0.00 0.07 0.02 0.26 0.23 0.24 - 0.02 0.44 0.20 0.13 0.12 0.13 + 0.01 0.37 0.11 0.07 0.07 0.07 - 0.01 0.35 0.05 0.09 0.09 0.09 - 0.01 0.30 0.08 0.14 0.14 0.14 + 0.08 0.20 0.05 0.67 0.62 0.67 + 0.04 1.35 0.60 0.49 0.46 0.49 + 0.01 1.07 0.45 0.01 0.01 0.01 - 0.01 0.06 0.01 0.03 0.03 0.03 - 0.01 0.07 0.03 1.15 1.01 1.03 - 0.10 2.99 0.90 5.23 5.13 5.19 + 0.01 5.74 4.82 0.66 0.58 0.60 - 0.09 2.37 0.58 0.05 0.05 0.05 - 0.05 0.10 0.04 0.13 0.12 0.12 - 0.01 0.17 0.03 0.34 0.28 0.30 0.00 1.98 0.28 21.00 18.94 20.79 + 0.80 47.01 13.50 3.94 3.73 3.73 - 0.16 9.55 3.73 0.02 0.01 0.02 + 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.07 0.05 0.07 + 0.02 0.08 0.04 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.14 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.24 0.18 0.19 - 0.05 0.60 0.18 0.14 0.13 0.13 - 0.01 0.24 0.10 0.03 0.02 0.03 + 0.01 0.47 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.02 0.03 0.00 0.03 0.01 0.05 0.04 0.04 - 0.01 0.13 0.04 0.54 0.49 0.53 + 0.03 0.55 0.15 0.05 0.04 0.04 - 0.01 0.27 0.04 0.37 0.36 0.37 - 0.01 0.56 0.30 0.29 0.27 0.27 - 0.01 0.45 0.24 0.07 0.06 0.06 - 0.01 0.31 0.06 0.02 0.02 0.02 - 0.01 0.04 0.02

Wallbridge Mng T 1314 War Eagle Mg V 45 Waseco Res V 585 WCB Res V 300 Wealth Minls V 90 Wescan Goldfie V 92 Wesdome Gold T 2964 West Af Iron O V 260 West High Yld V 157 West Kirkland V 2885 Westcore Energ V 912 Western Copper T 1231 Western Coppr* X 788 Western Lithiu T 19618 Western Melv M V 560 Western Pac Rs V 50 Western Potash T 7302 Westhaven Vent V 349 Westkam Gold V 13415 Westminster Rs V 58 White Pine Res V 2005 Wildcat Expl V 40 Williams Creek V 100 Wolfden Res V 5700 WPC Res V 300 Xmet V 736 Xtra-Gold Res T 338 Yamana Gold* N 78372 Yamana Gold T 154365 Yanzhou Coal* N 767 Yellowhead Mng T 135 Zadar Vent V 1890 Zazu Metals T 1597 Zenyatta Vent V 5436 Zephyr Mnls V 255 Zimtu Capital V 452 Zinco Mng V 4625 Zonte Mtls V 5182

0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.06 0.02 0.06 0.06 0.06 - 0.01 0.28 0.06 0.18 0.16 0.18 + 0.02 0.42 0.05 0.04 0.03 0.03 0.00 0.06 0.01 1.18 1.11 1.13 + 0.02 1.40 0.85 0.02 0.02 0.02 - 0.01 0.10 0.02 0.30 0.24 0.24 - 0.02 0.43 0.11 0.05 0.05 0.05 0.00 0.10 0.05 0.02 0.02 0.02 + 0.01 0.04 0.01 0.34 0.30 0.30 - 0.02 0.78 0.30 0.26 0.23 0.24 - 0.00 0.68 0.23 0.34 0.29 0.29 - 0.05 0.96 0.26 0.04 0.03 0.03 0.00 0.15 0.03 0.01 0.01 0.01 - 0.01 0.14 0.01 0.20 0.19 0.19 - 0.01 0.34 0.19 0.09 0.06 0.07 - 0.01 0.12 0.05 0.03 0.02 0.03 0.00 0.05 0.02 0.02 0.02 0.02 - 0.01 0.15 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.03 0.03 0.03 - 0.02 0.08 0.02 0.01 0.01 0.01 - 0.01 0.11 0.01 0.07 0.06 0.07 0.00 0.23 0.05 0.04 0.04 0.04 0.00 0.08 0.04 0.01 0.01 0.01 0.00 0.07 0.01 0.24 0.21 0.24 + 0.01 0.30 0.10 2.11 1.78 2.08 + 0.17 4.84 1.43 2.82 2.37 2.78 + 0.21 5.79 1.89 4.91 4.63 4.64 - 0.14 12.24 4.28 0.05 0.04 0.04 - 0.01 0.18 0.03 0.02 0.01 0.01 - 0.01 0.05 0.01 0.12 0.10 0.10 - 0.01 0.41 0.10 0.90 0.73 0.74 - 0.13 2.61 0.73 0.14 0.13 0.13 - 0.02 0.20 0.09 0.15 0.14 0.14 - 0.01 0.41 0.14 0.01 0.01 0.01 0.00 0.08 0.01 0.07 0.05 0.07 + 0.02 0.08 0.02

T

U-V Pinetree Cap T 7451 PJX Res V 227 Planet Mng V 350 Plata Latina M V 20 Plate Res V 100 Platinex V 4310 Platinum Gp M* X 3386 Platinum Gp Mt T 4712 Plato Gold V 900 Playfair Mng V 315 Polaris Minls T 2778 PolyMet Mng* X 5052 PolyMet Mng T 207 Potash C Sask* N 226895 Potash Cp Sask T 87165 Precipitate Gl V 680 Premier Gold M T 11488 Pretium Res* N 14483 Pretium Res T 8295 Primero Mng T 16579 Primero Mng* N 7544 Probe Mines V 1428 Prophecy Coal T 9119 Puma Expl V 2655 Purepoint U V 1435 Q-Gold Res V 281 QMX Gold V 3573 Quartz Mtn Res V 830 Quaterra Res V 900 Quest Rare Mnl T 4474

0.06 0.05 0.05 - 0.01 0.21 0.05 0.18 0.16 0.18 + 0.01 0.29 0.10 0.02 0.02 0.02 0.00 0.06 0.02 0.03 0.03 0.03 + 0.01 0.12 0.01 0.02 0.02 0.02 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.25 0.21 0.22 + 0.00 0.81 0.21 0.33 0.28 0.30 + 0.01 0.91 0.28 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.03 0.04 + 0.01 0.08 0.01 1.70 1.37 1.50 - 0.19 2.83 1.37 0.90 0.84 0.85 - 0.05 1.37 0.55 1.17 1.05 1.06 - 0.14 1.75 0.76 20.82 19.55 19.85 - 0.78 37.60 19.47 27.70 26.07 26.71 - 0.72 47.10 25.80 0.09 0.07 0.09 + 0.01 0.21 0.07 2.44 2.25 2.27 - 0.13 2.92 1.61 5.69 5.29 5.62 + 0.10 7.56 4.26 7.69 7.07 7.62 + 0.26 9.05 5.57 3.11 2.69 3.07 + 0.01 6.06 2.56 2.34 2.02 2.20 - 0.09 5.02 1.93 0.41 0.37 0.38 + 0.01 0.56 0.14 0.03 0.02 0.02 - 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.18 0.04 0.03 0.02 0.03 - 0.01 0.07 0.02 0.02 0.02 0.02 0.00 0.06 0.01 0.02 0.01 0.02 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.09 0.07 0.07 - 0.01 0.15 0.04 0.08 0.07 0.07 - 0.01 0.29 0.07

Rackla Mtls V 40 Radisson Mng V 654 Radius Gold V 1255 Rambler Mg&Mtl V 120 Randgold Res* Q 25882 Range Engy Res C 5470 Rare Elemnt Rs T 647 Rare Elemt Re* X 3133 Ratel Grp T 80 Rathdowney Res V 2105 Red Eagle Mng V 4957 Red Moon Potsh V 70 Red Pine Expl V 4755 Red Rock Enrgy V 300 Redhawk Res T 855 Redhill Res V 380 Redstar Gold V 815 Redstar Res V 807 Reliance Res V 2085 Reliant Gold V 200 Remington Res V 1680 Remo Res V 445 Renaissance Gd T 90 Renaissnc Gold V 247 Reservoir Capt V 920 Reservoir Mnls V 1006 Reunion Gold V 2184 Rhino Res* N 311 Richmond Mnls V 4390 Richmont Mines T 3955 Richmont Mine* X 4323 Rio Novo Gold T 1575 Rio Silver V 798 Rio Tinto* N 27141 Riverside Res V 2238 RJK Explor V 614 Robex Res V 3329 Rochester Res V 3150 Rock Tech Lith V 20 RockBridge Res V 81 Rockhaven Res V 602 Rockwell Diam T 304 Rodinia Lithm V 3635 Rogue Iron Ore V 2339 Rokmaster Res V 1290 Rome Res V 1264

0.06 0.06 0.06 + 0.01 0.13 0.03 0.11 0.09 0.10 0.00 0.15 0.08 0.07 0.06 0.07 + 0.01 0.11 0.06 0.07 0.06 0.07 0.00 0.49 0.06 61.76 59.32 60.38 - 1.12 85.84 54.88 0.04 0.03 0.04 + 0.02 0.10 0.01 0.30 0.24 0.26 0.00 1.31 0.24 0.20 0.19 0.19 - 0.00 1.06 0.19 0.45 0.45 0.45 - 0.05 0.95 0.40 0.17 0.16 0.17 + 0.01 0.35 0.11 0.29 0.26 0.27 0.00 0.36 0.23 0.03 0.03 0.03 0.00 0.09 0.02 0.08 0.05 0.07 + 0.01 0.18 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.05 0.05 0.05 0.00 0.11 0.04 0.08 0.07 0.08 + 0.01 0.38 0.07 0.03 0.03 0.03 - 0.01 0.06 0.03 0.02 0.02 0.02 0.00 0.10 0.02 0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.01 0.02 0.00 0.06 0.01 0.02 0.02 0.02 - 0.02 0.05 0.01 0.07 0.07 0.07 + 0.02 0.13 0.04 0.16 0.16 0.16 - 0.01 0.35 0.14 0.18 0.15 0.16 0.00 0.35 0.14 0.51 0.41 0.46 - 0.06 0.62 0.21 4.29 4.05 4.21 - 0.04 5.09 3.60 0.02 0.01 0.02 + 0.01 0.10 0.01 0.61 0.38 0.45 - 0.13 2.96 0.38 0.10 0.05 0.06 - 0.02 0.14 0.03 4.14 3.88 4.10 + 0.13 4.55 3.07 3.09 2.90 3.08 + 0.10 3.68 2.27 0.13 0.10 0.11 - 0.02 0.16 0.07 0.03 0.02 0.03 0.00 0.04 0.01 35.46 33.54 33.67 - 1.28 50.06 31.97 0.16 0.15 0.15 - 0.01 0.33 0.14 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.07 0.07 - 0.02 0.12 0.05 0.03 0.03 0.03 - 0.01 0.15 0.03 0.05 0.05 0.05 0.00 0.10 0.03 0.02 0.02 0.02 + 0.01 0.09 0.02 0.14 0.12 0.14 + 0.01 0.27 0.10 0.20 0.16 0.17 - 0.03 0.37 0.16 0.02 0.01 0.01 - 0.01 0.05 0.01 0.09 0.08 0.09 + 0.01 0.16 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.01 0.01 0.01 - 0.01 0.10 0.01

R

Sandstorm Gld* X 29455 Sandstorm Gold T 6299 Santa Fe Metls V 2611 Santacruz Silv V 13834 Sarama Res V 590 Satori Res V 290 Saturn Minls V 5479 Savant Expl V 150 Saville Res V 30 Scorpio Gold V 1048 Scorpio Mining T 26422 Seabridge Gld* N 16963 Seabridge Gold T 4205 Search Mnls V 580 Secova Mtls V 2971 Sego Res V 600 Semafo T 33568 Senator Minls V 10 Sennen Res V 2010 Sentry Sl PrmM T 805 Serabi Gold T 1282 SG Spirit Gold V 10 Sherritt Intl T 38588 Shore Gold T 7795 Sierra Iron Or V 1640 Sierra Metals T 190 Signature Res V 710 Silver Bear Rs T 13460 Silver Bull Re T 840 Silver Grail R V 100 Silver Mtn Mns V 2850 Silver Predatr V 10 Silver Pursuit V 910 Silver Range R V 9793 Silver Spruce V 160 Silver Std Res T 14200 Silver Std Re* Q 51276 Silver Wheatn* N 123274 Silver Wheaton T 37645 Silvercorp Mtl T 9975 Silvermet V 10 Sirios Res V 2837 Skeena Res V 12689 Skyharbour Res V 17273 Slam Exploratn V 130 Sniper Res V 1450 SnipGold V 18 SNS Silver V 1641 Soc Quim&M Ch* N 14003 Solitario Ex&* X 1000 Sona Res V 20 Source Expl V 480 Southern Arc V 155 Southern Silvr V 30 SouthGobi Res T 234 Spanish Mtn Gd V 8495 Sparton Res V 3690 Sprott Ph Silv T 132 Sprott Res T 5378 Spruce Ridge R V 1250 St Andrew Gldf T 45576 St Augustine T 1251 St-Georges Plt C 1150 Stakeholdr Gld V 3572 Standard Graph V 422 Stans Energy V 5965 Starcore Int V T 7964 Stellar Pac Vt V 1050 Stelmine Can V 2467 Stillwater Mg* N 44717 Stonegate Agri T 6574 Stornoway Diam T 8518 Strata Mnls V 910 Strategic Metl V 3304 Strategic Res V 386 Stratton Res V 160 Strike Graph V 1986 StrikePoint Gd V 7687 Sulliden Mng C T 3189

2.75 2.53 2.66 - 0.04 4.40 2.20 3.65 3.37 3.49 - 0.12 5.30 2.88 0.02 0.01 0.01 - 0.01 0.03 0.01 0.14 0.11 0.13 + 0.01 0.46 0.11 0.08 0.06 0.08 + 0.03 0.12 0.04 0.05 0.04 0.04 0.00 0.35 0.02 0.11 0.10 0.11 0.00 0.24 0.10 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.02 0.02 - 0.01 0.13 0.02 0.06 0.05 0.06 + 0.01 0.20 0.05 0.15 0.13 0.13 - 0.02 0.28 0.13 8.36 7.50 7.75 - 0.43 9.89 3.31 11.11 9.98 10.32 - 0.60 12.60 4.34 0.06 0.05 0.06 + 0.01 0.13 0.03 0.06 0.05 0.06 + 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.03 0.01 3.20 3.01 3.17 0.00 4.49 2.46 0.09 0.09 0.09 - 0.01 0.17 0.02 0.11 0.11 0.11 0.00 1.35 0.10 2.10 2.00 2.08 + 0.01 3.49 2.00 0.07 0.06 0.06 - 0.01 0.10 0.06 0.06 0.06 0.06 - 0.01 0.38 0.05 0.87 0.72 0.85 + 0.08 3.25 0.70 0.22 0.20 0.21 - 0.02 0.31 0.13 0.40 0.35 0.40 + 0.05 0.62 0.07 1.20 1.18 1.18 - 0.04 2.13 0.84 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.02 0.02 0.00 0.10 0.02 0.06 0.05 0.06 + 0.01 0.30 0.05 0.02 0.02 0.02 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.02 0.02 0.00 0.06 0.02 0.04 0.02 0.03 0.00 0.11 0.02 0.07 0.07 0.07 0.00 0.10 0.02 7.20 6.55 7.10 + 0.16 10.56 4.86 5.41 4.90 5.32 + 0.12 8.02 4.12 13.10 12.35 12.69 - 0.23 24.22 11.03 17.41 16.54 17.21 + 0.02 29.86 14.62 0.83 0.76 0.80 - 0.04 2.00 0.75 0.03 0.03 0.03 - 0.01 0.11 0.02 0.10 0.07 0.07 - 0.02 0.13 0.06 0.08 0.06 0.06 - 0.01 0.13 0.06 0.04 0.02 0.03 0.00 0.07 0.02 0.02 0.02 0.02 0.00 0.06 0.01 0.01 0.01 0.01 - 0.01 0.07 0.01 0.05 0.05 0.05 0.00 0.11 0.04 0.40 0.35 0.39 + 0.04 0.50 0.05 18.20 17.46 17.66 - 0.31 28.32 12.65 0.46 0.43 0.45 + 0.01 1.09 0.40 0.02 0.02 0.02 0.00 0.06 0.01 0.02 0.02 0.02 0.00 0.10 0.02 0.37 0.32 0.32 - 0.05 1.00 0.25 0.05 0.04 0.04 - 0.02 0.13 0.03 0.30 0.25 0.30 - 0.06 1.25 0.25 0.03 0.03 0.03 - 0.01 0.05 0.02 0.03 0.03 0.03 - 0.01 0.04 0.01 5.59 5.34 5.35 - 0.14 7.43 5.31 0.55 0.45 0.53 - 0.02 2.12 0.45 0.02 0.01 0.01 - 0.01 0.06 0.01 0.43 0.40 0.42 - 0.01 0.44 0.21 0.14 0.12 0.12 - 0.01 0.18 0.07 0.02 0.02 0.02 + 0.01 0.05 0.01 0.01 0.01 0.01 - 0.01 0.28 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.13 0.01 0.09 0.08 0.09 - 0.01 0.17 0.08 0.02 0.02 0.02 0.00 0.14 0.01 0.01 0.01 0.01 0.00 0.05 0.01 9.54 9.16 9.45 - 0.01 15.37 8.36 0.02 0.02 0.02 + 0.01 0.06 0.02 0.80 0.72 0.80 + 0.05 0.85 0.46 0.01 0.01 0.01 0.00 0.12 0.01 0.28 0.25 0.27 + 0.01 0.37 0.25 0.02 0.02 0.02 - 0.02 0.08 0.02 0.10 0.10 0.10 + 0.02 0.15 0.06 0.02 0.02 0.02 0.00 0.15 0.02 0.03 0.02 0.03 - 0.01 0.08 0.01 0.26 0.25 0.26 + 0.01 0.49 0.19

W-Z

2015-12-01 7:01 PM

12

WWW.NORTHERNMINER.COM

DECEMBER 7–13, 2015 / THE NORTHERN MINER

M E TA L S, MI N I N G A N D MONEY MA RK ETS SPOT PRICES COURTESY OF SCOTIABANK Tuesday, November 31, 2015 Precious Metals Price (US$/oz.)

Gold $1069.25 Silver $14.21 Platinum $829.00 Palladium $548.00

Change -3.75 +0.07 -18.00 0.00

Base Metals Nickel Copper Lead Zinc

Change +80.00 +31.50 +3.00 +12.00

Price (US$/tonne) $8975.00 $4616.50 $1650.00 $1575.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Novemberr 30, 2015 (change from November 23, 2015 in brackets): Aluminium Alloy 13160 (0) Aluminium 2901475 (-36700) Copper 244375 (-6750) Lead 128325 (-3100) Nickel 408360 (-4212) Tin 5205 (-60) Zinc 545375 (-4150)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$42.28 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$43.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Jan. 2016: US$42.95; Feb. 2016: US$43.50 Cobalt: US$11.34/lb.

Copper: US$2.08/lb.

Copper: CME Group Futures Jan. 2016: US$2.072/lb.; Feb. 2016: US$2.074/lb Ferro-Chrome: US$1.97/kg Ferro Titanium: US$4.35/kg FerroTungsten: US$22.75/kg Ferrovanadium: US$13.68/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$42.80/tonne Iron Ore Fines: US$53.16/tonne Iron Ore Pellets: US$71.04/tonne Lead: US$0.74/lb.

Magnesium: US$1.99/kg Manganese: US$1.63/kg Molybdenum Oxide: US$4.90/lb.

Phosphate Rock: US$123.00/tonne Potash: US$300.00/tonne Rhodium: Mid-mkt US$730.00/tr. oz.

Ruthenium: Mid-mkt US$42.00/tr. oz.

Silver: Handy & Harman Base: US$14.08 per oz.; Handy & Harman Fabricated: US$17.59 per oz.

Tantalite Ore: : US$132.41/kg Tin: US$6.80/lb.

Uranium: U3O8, Trade Tech spot price: US$36.00/lb.; The UX Consulting Company spot price: US$36.00/lb.

Zinc: US$0.70/lb.

Prices current Dec. 1, 2015

Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18.

Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17.

Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16.

Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17.

Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15.

Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17.

Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19.

Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18.

IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15.

Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15.

MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19.

New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17.

Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17.

Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16.

RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17.

Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15.

Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14.

Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15.

Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16.

Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15.

Supplied by TMX Group.

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS Short positions outstanding at Nov.15/15 (with changes from Oct.31/15) Largest short positions First Mining Finance FF 5735059 2687659 Nippon Dragon Res. NIP 1553000 -122000 Nemaska Lithium NMX 1024879 1011479 Sunridge Gold SGC 916000 915600 Equitas Resources EQT 768000 256300 Gold Reserve GRZ 580300 90500 Golden Dawn Min. GOM 521000 519800 Zenyatta Ventures ZEN 289000 -14000 Alabama Graphite ALP 283500 14700 Aldever Resources ALD 274500 264500 Majestic Gold MJS 232000 -1107000 Storm Resources SRX 223518 -19300 Kilo Gold Mines KGL 216100 216100 Nexgen Energy NXE 205458 -165542 Roxgold ROG 203881 -14600 Largest increase in short position

Short positions outstanding at Nov.15/15 (with changes from Oct.31/15).

Largest short positions Lundin Mining LUN 39088920 121212 First Quantum FM 35734602 1643492 New Gold NGD 32870049 1575962 PotashCorp POT 28520036 -1916895 Kinross Gold K 27676875 267422 B2Gold BTO 25841702 720251 Teck Resources TCK.B 19383499 433356 Yamana Gold YRI 18990513 1421958 Barrick Gold ABX 14542304 -890385 Thompson Crk Mtl TCM 12362437 99475 Eldorado Gold ELD 10949746 -250055 Paramount Res. POU 9539282 -375456 Detour Gold DGC 9281424 -378632 Copper Mountain Mining CUM 8801992 128150 Torex Gold TXG 7903495 -155508 Largest increase in short position First Quantum FM 35734602 1643492 New Gold NGD 32870049 1575962 Yamana Gold YRI 18990513 1421958 B2Gold BTO 25841702 720251 Teck Resources TCK.B 19383499 433356 Largest decrease in short position Sandstorm Gold SSL 1966530 -3074136 PotashCorp POT 28520036 -1916895 Denison Mines DML 3541736 -1268914 Goldcorp G 5789628 -1164343 Lake Shore Gold LSG 3336874 -1125095

First Mining Finance FF 5735059 Nemaska Lithium NMX 1024879 Sunridge Gold SGC 916000 Golden Dawn Min. GOM 521000 Aldever Res. ALD 274500 Largest decrease in short position Majestic Gold MJS 232000 PC Gold PKL 0 Bonterra Res. BTR 0 Falco Res. FPC 1000 Georox Res. GXR 700

2687659 1011479 915600 519800 264500 -1107000 -988000 -450000 -284000 -232500

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

Date TSX Composite S&P/TSX-Ven Comp S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Arca Gold Bugs

Nov 30 13469.83 523.47 791.80 125.66 350.21 46.15 110.79

Nov 27 13368.24 522.01 784.52 122.52 347.99 44.92 107.48

Nov 26 13425.19 521.73 788.64 125.47 357.46 45.96 110.30

Nov 25 13403.42 519.19 787.12 124.70 345.38 46.15 110.71

Nov 24 13407.83 518.98 787.64 125.35 348.38 44.42 106.09

High 15524.75 739.70 905.09 195.63 832.42 82.19 211.23

Low 12705.17 509.03 750.26 114.48 339.82 42.72 101.28

DAILY METAL PRICES Date Nov 30 Nov 27 Nov 26 Nov 25 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1600/1600 1600/1600 1565/1570 1535/1535 Aluminum 1441.50/1451 1479/1486 1470/1480 1428/1439 Copper 4595/4588 4635.50/4620 4666.50/4645 4540.50/4528 Lead 1629/1621 1613/1616 1638/1644 1592/1595 Nickel 8730/8800 8760/8800 9110/9135 8640/8715 Tin 14965/14850 15010/14970 14950/14905 14550/14525 Zinc 1544.50/1561 1540.50/1565 1601/1617 1555/1568

1580/1580 1444/1487 4511.50/4500 1593/1623 8440/8490 14200/N/A 1565/1593

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1055.65 1064.65 1070.50 Gold PM 1061.90 1057.40 1071.00 Silver 14.08 14.11 14.29 Platinum 831.00 827.00 850.00 Palladium 538.00 551.00 558.00

1073.00 1076.40 14.14 840.00 537.00

1072.20 1068.00 14.07 834.00 539.00

Nov 24

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Nov 30 Nov 27 US$ in C$ 1.3333 1.3360 C$ in US$ 0.7500 0.7485

Nov 26 1.3300 0.7519

Nov 25 1.3301 0.7518

Nov 24 1.3308 0.7514

EXCHANGE RATES (Bank of Canada, November 30, 2015) Currency Aus $ Euro Japan In C$ 0.9644 1.4081 0.01082 In US$ 0.7233 0.9469 0.00812

Mex P 0.08031 0.06023

SA Rand 0.09210 0.06908

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18.

Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16.

Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18.

Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19.

Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17.

Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19.

Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16.

Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17.

NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15.

Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17.

West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan 17/17.

West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19.

Supplied by TMX Group Inc.

NEW 52-WEEK HIGHS AND LOWS — NOVEMBER 20-26, 2015 12 New Highs African Queen Amador Gold Gensource Pot Golden Share M Goldrush Res Gowest Gold Knick Expl Marifil Mines Minsud Res Orex Expl TAD Mnl Expl TNR Gold

347 New Lows Acme Res Adamera Mnls Adex Mining Advance Gold African Gold G African Metals Alberta Star Alderon Iron O Aldridge Minls Aldrin Res Alexander Nubi Alexandria Mnl Alita Res Alliance Rs P* Alloycorp Almonty Ind Altai Res Altan Nev Mnls Altima Res Alto Vent Amador Gold Amerigo Res Anconia Res AQM Copper Arch Coal* Arctic Star Rs Arcturus Res Argus Metals Aroway Mnls Asher Res Asian Minl Res Atac Res Athabasca Mnls Axmin Inc Azincourt Res Baja Mng Bannerman Res Banyan Gold Barisan Gold Barker Mnrls Bayswater Uran BCGold Beaufield Res Belvedere Res Benton Cap BHP Billi-BBL* BHP Billi-BHP* Big North Grap Bitterroot Res Blue Sky Uran Bold Vent Brionor Res Brixton Mtls Burnstone Vent Cadan Res Cadillac Vent Calibre Mng Canada Rare Ea Canada Zinc Mt Canadn Orebods Canadn Plat Canadn Zinc Canaf Group Canamex Res Cancana Res Candente Coppr CaNickel Mng Canterra Mnls Cap-Ex Vent Capstone Mng Carmax Mng Castle Peak Mg Central Fund* Central Iron O Centurion Mnls China Mnls Mng Claim Post Res Clear Mtn Res

Cliffs Nat Rs* CMC Metals Colonial Coal Constant Mtl R Copper North M Copper One Coro Mining Corsa Coal Corvus Gold Crazy Horse Rs Dalton Res Ltd Darnley Bay Decade Res Discovery Harb DNI Metals Dominion Diam* Dominion Diam Dorex Minls Dundee Prec Mt East Asia Mnls Ecuador G & C El Nino Vent Emgold Mng Energold Drill Energy Fuels Europn Uran Rs Everton Res Exeter Res* Exeter Res Fairmont Res Fancamp Expl Fieldex Expl Firebird Res Firesteel Res Firestone Vent First Bauxite First Point First Quantum Fjordland Exp Focus Graphite Focus Vnt Forsys Metals Fortune Mnrls Forum Uranium Freeport Res Frontline Gold Full Metal Mnl Galane Gold Galway Mtls Geodex Mnrls Geologix Ex Geomega Res Georox Res GGL Res Gold Finder Ex Gold Reach Res Goldcliff Res Golden Band Golden Goliath Goldex Res Goldgroup Mng Goldstar Mnls Gran Colombia Great Atlantic GTA Res & Mng Handa Copper Harmony Gold* Heatherdale Rs Highway 50 Gld HiHo Silver Hinterland Mtl Hornby Bay Mnl Hunt Mng IBC Adv Alloys IC Potash Independence G Intl Montoro R Intl Northair Intrepid Pots* Ivanhoe Mines Katanga Mng Kermode Res Kestrel Gold Kincora Copper Kings Bay Gold Kiska Metals Klondike Silv Kombat Copper Laurion Mnl Ex Legend Gold Lincoln Mng Luna Gold Lundin Mng

MacDonald Mns Majescor Res Makena Res Maracote Intl Marathon Gold Margaret Lk Di Maritime Res Marlin Gold MDN Inc Meadow Bay Gd Mega Uranium Megastar Dev Melkior Res Mesabi Trust* Metalcorp Metanor Res Micrex Devel Millrock Res Minas Buenavn* Mindoro Res Mines Managem* Minfocus Expl Miranda Gold Monarques Res Monster Mng Mountain Boy M Mustang Minls Natural Rs Pt* Nebu Res Nevada Copper New Destiny Mg New Millennium New Milln Iron New Nadina Newmac Res Nortec Mnls North Am Nickl North Am Tung Northern Abiti Northern Dyn* Northern Freeg Northern Gld M Northern Graph Northisle C&G NovaCopper* NQ Expl Nunavik Nickel NV Gold Opawica Expl Oracle Mng Orca Gold Orestone Mng Orex Minls Orezone Gold Oroco Res Pac Coal Res Pac Ridge Expl Pan Global Res Pancontl Uran Peabody Enrgy* Pele Mtn Res Peruvian Prc M Pilot Gold Pinetree Cap Planet Mng Platinex Platinum Gp Mt Plato Gold Polaris Minls Precipitate Gl Prophecy Coal Purepoint U QMX Gold Quartz Mtn Res Quest Rare Mnl Rambler Mg&Mtl Rare Elemnt Rs Rare Elemt Re* Redstar Gold Redstar Res Reliance Res Reliant Gold Rhino Res* RJK Explor Rochester Res RockBridge Res Rockwell Diam Rodinia Lithm Rome Res Romios Gold Rs RT Minerals Rubicon Mnls* Rubicon Mnrls

For daily mining news, visit www.northernminer.com UK £ 2.0057 1.5043

Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

BONUS MAGAZINE: DIAMONDS IN CANADA

GLOBAL MINING NEWS · SINCE 1915

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

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

Running Fox Rs Russell Metals Rye Patch Gold Sage Gold Sanatana Diam Santacruz Silv Saturn Minls Savant Expl Saville Res Scorpio Mining Sentry Sl PrmM Signature Res Silver Bear Rs Silver Bull Re Silver Mtn Mns Silver Pursuit Silver Range R Skyharbour Res Sniper Res SouthGobi Res Sprott Res Spruce Ridge R Stakeholdr Gld Standard Graph Starcore Int V Stelmine Can Stonegate Agri Strata Mnls Strategic Metl Strategic Res Strike Graph Sultan Mnrls SunCoke Engy* Suparna Gold TAD Mnl Expl Taipan Res Tanzania Mnls Tasca Res Tasman Metals Tasman Mtls* Teck Res B* Teck Res B Tembo Gold Teras Res Teuton Res Theia Res Thompson Creek Thompson Crk* Tinka Res Tirex Res Tolima Gold Trevali Mng Tribute Res Trio Gold Corp TVI Pacific Typhoon Expl Uragold Bay Rs Uranium Res* US Energy* Vale* Vangold Res Vena Res Vendome Res Venerable Vent Verde Potash Victory Nickel Victory Res Vior Mining VMS Vent WCB Res West Kirkland Western Copper Western Coppr* Western Pac Rs Western Potash Westkam Gold White Pine Res Williams Creek Xmet Zazu Metals Zenyatta Vent Zimtu Capital Zinco Mng

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

Featuring the latest developments from Botswana to Nunavut

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NOVEMBER 30–DECEMBER 6, 2015 / VOL. 101 ISSUE 42 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Kirkland Lake Gold, St Andrew Goldfields join forces CONSOLIDATION | $178M deal brings upside to both parties

BY TRISH SAYWELL tsaywell@northernminer.com

Kaminak Gold president and CEO Eira Thomas at the Coffee gold project camp, 130 km south of Dawson City, Yukon.

T

PHOTO BY MATTHEW KEEVIL

Kaminak on track to build the next Yukon gold mine SITE VISIT

| Simple mining plan helps Coffee project endure tough times

BY MATTHEW KEEVIL mkeevil@northernminer.com DAWSON CITY, YUKON

I

f there was a betting pool on which junior mining companies will bring Canadian assets into production over the next five years, Kaminak Gold (TSXV: KAM; US-OTC: KMKGF) would be one of the favourites. Despite potential jurisdictional challenges, and an uncooperative gold price, the company has no trouble raising capital, and is looking to pour first gold at its Coffee gold project in the Yukon by 2019.

During the scenic fl ight out to Kaminak’s base of operations — 130 km south of Dawson City, along the Yukon River — it’s pleasant to encounter a phenomenon that’s becoming all too rare in the mining industry: optimism. The company recently wrapped up fieldwork on a feasibility study it expects to complete in early 2016, and landed a $22.5-million private placement that includes investments by mining luminaries Ross Beaty and Lukas Lundin.

Rolling into Kaminak’s yearround camp on well-maintained gravel roads, it’s easy to assume

“THERE ARE EXCITING IDEAS IN THE WORKS. WE’RE LOOKING AT A RIDGETOP HEAP-LEACH FACILITY DESIGN, AN ALTERNATE ACCESS ROUTE TO THE PROJECT AND A NEW POWER SOURCE.” EIRA THOMAS PRESIDENT & CEO, KAMINAK GOLD

they have a strong amenability to heap leaching,” she added.

The oxide opportunities at Coffee formed the foundation for a preliminary economic assessment (PEA) Kaminak released last year.

The mine plan models a US$305million open-pit mine, with an 11-year life that would crank out 167,000 oz. gold per year at all-in sustaining costs of US$688 per oz. Assuming a US$1,100 per oz. gold price, Coffee would generate an after-tax net present value of US$194 million at a 5% discount rate, along with an 18% internal rate of return.

“We’re feeling confident about the assumptions in our PEA, even though the market has changed since we released the results last year,” Thomas continued. “Gold prices are lower, but taking into consideration exchange rates ... many of the variables we used in the study are still relevant. It’s also vital to remember that in heap-leach terms, this is a high-grade deposit.”

Ascending along a well-kept, 23 km gravel road and across the Coffee property, it’s possible to envision Kaminak’s mine plan as it progresses from the Latte deposit

he friendly combination of Kirkland Lake Gold (TSX: KGI; US-OTC: KGILF) and St Andrew Goldfields (TSX: SAS; US-OTC: STADF) will create an intermediate gold producer with four mines and two mills in the Timmins and Kirkland Lake gold camps in Ontario’s portion of the Abitibi greenstone belt.

The $178-million deal — described as “visionary” by one analyst on a recent conference call — will create a mining company that makes between 260,000 and 310,000 oz. gold next year, at cash costs of between See KIRKLAND LAKE / 11 PM40069240

Contact: moliveira@northernminer.com or 416-510-6768 that the site hosts a fishing lodge.

The company picked up an old outfitter’s camp on the banks of the Yukon River, and the rough-cut wood cabins lend an anachronistic charm that harkens back to historic days in the Klondike.

Kaminak will celebrate its 10year anniversary in late November, and it’s taken the company under seven years to advance Coffee from a grassroots exploration play into an asset that could be shovel ready by early 2017. As part of the FS at Coffee, Kaminak undertook a 70,000-metre infill drill campaign in 2014 on four main deposits: Supremo, Latte, Double Double and Kona.

In late September the company tabled an updated resource estimate on the project that boosted global indicated grades by 8%, and in-

ferred ounces by 12%. Coffee now hosts 52 million indicated tonnes grading 1.68 grams gold per tonne for 2.8 million contained oz. gold.

Inferred resources total 14.3 million tonnes at 1.56 grams gold for 719,000 oz. gold.

“We’re looking at a new deposit style for the Yukon. Many of the regional deposits within the Tintina Trench have some form of association with porphyry-style mineralization, but Coffee is unique,” president and CEO Eira Thomas said during a presentation at Kaminak’s base of operations.

“We’re part of a high-grade, structurally hosted hydrothermal system, and the deposit is situated in an area that’s never been glaciated.

That’s a real advantage, since our deposits are highly weathered or oxidized, and we’ve demonstrated

See KAMINAK / 2

LAYOFFS: TECK, CLIFFS SLASH JOBS TO CONSERVE CASH / 5

_TNM Nov 30 2015 pgs 1 2 3 4 5 11 13 14 16.indd 1

Dec 07 Pgs 12.indd 12

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2015-12-01 7:06 PM

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Nordgold CEO orchestrates ‘compelling performance’ NORDGOLD From 5

have Montagne d’Or in French Guiana in the feasibility stage, and that looks like an exciting project, too. Further, we have early stage projects like Pistol Bay that we’re quite excited about, so with this type of pipeline, we are fortunate to build high-quality mines in the next ten years.”

Zelenski — who has a PhD in molecular genetics, and an MBA — started his career in 2001 at McKinsey & Co.’s offices in New Jersey, working for the consulting firm’s pharmaceutical clients.

But it wasn’t long before he was drawn back to his homeland. “There were a lot of exciting things happening in Russia, so I moved to the Moscow office of McKinsey,” he says. “Most of their clients in Moscow were industrial commodity producers, and that’s how I got exposed to heavy industry and commodities.”

In Moscow Zelenski worked at McKinsey’s mining industry practice before making the jump in 2004 to one of his clients, steel giant Severstal. Zelenski was head of strategy at Severstal’s mining division, which held a suite of coal and iron ore assets.

In April 2007 Severstal diversified into gold, and Zelenski was appointed director of the company’s

gold division.

“In 2007 and 2008 we acquired several mines: Aprelkovo and Neryungri in the Far East of Russia, and Suzdal in Kazakhstan,” he says.

“Later we took advantage of the fi nancial crisis and acquired High River Gold, getting exposure to Africa, then we built it further, by acquiring the Lefa mine in Guinea.

That’s how our initial portfolio has developed. Once we optimized and integrated these assets in one business model, we spun off and became Nordgold, which was listed in 2012.”

Zelenski says the company has kept its costs down with highquality assets, finding efficiencies and macroeconomic factors, such as the depreciation of the Russian ruble and lower oil prices.

“If these were bad orebodies we wouldn’t have such low costs,” he explains, “and secondly, we have focused in the last several years consistently on our efficiencies, improving all types of processes throughout the value chain, and that’s generating results. We have less dilution, a little better stripping ratios and higher recoveries ... all these things add up.”

But he is the fi rst to add that the world’s wobbly economics haven’t hurt. Th e Russian ruble has depreciated more than any other currency, he notes, and 40% of

Processing facilities at Nordgold’s Bissa gold mine in Burkina Faso.

Dec 07 Pgs 1 2 3 4 5 14 16.indd 14

NORDGOLD

Machines moving material at Nordgold’s Neryungri gold mine in Russia’s Far East.

Nordgold’s production is in Russia, while lower oil prices have kept costs lower.

Another factor behind Nordgold’s success, he says, is having a good team. Louw Smith, Nordgold’s chief operating officer, joined the company in 2013 and has over 20 years of experience in the mining industry. Previously he was chief operating officer (COO) of Alacer Gold (TSX: ASR; US-OTC: ALIAF) and held various roles at Gold Fields (NYSE: GFI), while the company’s director of mining Michael Monaghan has 30 years of experience, with stints as COO of Akara Resources and general and mining manager at AngloGold Ashanti (NYSE: AU). Oleg Pelevin, head of strategy, worked in strategy at Severstal’s mining division; Howard Golden, Nordgold’s geology director, previously worked for Rio Tinto (NYSE: RIO) and Kinross Gold (TSX: K; NYSE: KGC), and Phillip Engelbrecht, director of metallurgy, was previously vice-president and head of metallurgy at Gold Fields.

“The team should be of high quality and motivated,” Zelenski says. “I have spent a lot of time making sure our team is focused.”

Other ingredients of his success, he says, are “the ability to learn from your own mistakes and not repeat them in the future,” and

NORDGOLD

stay “consistent and focused” on cost management. “We continue to do that, regardless of where the gold price is, and that helps us deliver results,” he says, adding that operational efficiencies are also key.

“It’s critical to have your processes efficient, because when you are positioned in the right place on the cost curve, you are able to execute your strategy, regardless of the point in the cycle,” he explains.

“It’s always a big dilemma or a mystery for some people, how to manage the cycle properly — how to invest at the bottom of the cycle and reap the benefits at the top of the cycle. Many companies do it the other way around. When there is a high point of the cycle, you should wait on the sidelines and generate free cash flow. Nordgold continues to invest in the future ... while many other companies just save cash.”

Nordgold has US$370 million in cash and total debt of US$950 million — most of which matures in 2018.

Alka Singh, an analyst and mining consultant in Toronto, describes Zelenski’s track record at Nordgold as one of the best in the industry, saying that “he is super young and super smart, and he’s not afraid of taking risks.”

When Nordgold looks for assets,

its criteria is that the projects are in mining friendly jurisdictions, have gold as the primary metal, a minimum 2 million oz. reserve potential and annual production at or above 150,000 oz. gold. The ore must be non-refractory and the project must have a low- to medium strip ratio.

One project that seems to fit that bill, Zelenski says, is Columbus Gold’s Montagne d’Or deposit, part of the junior’s Paul Isnard project in French Guiana, which is at the feasibility stage.

In March 2014, Nordgold agreed to spend US$30 million on the project and complete a bankable feasibility study to earn a 50.01% stake.

By year-end, Nordgold will have spent $25 million on the project, and the feasibility study could be done in the fourth quarter of 2016, four to five months ahead of schedule.

Rober t Giu st ra , C olu mbu s Gold’s chairman and CEO, counts himself as a Zelenski fan. “Just look at Nordgold’s performance relative to its peers — clearly he’s an exceptional CEO, and he has a knack for identifying and surrounding himself with equally talented lieutenants. What stands out for me, however, is that in an industry fraught with questionable personalities, Nikolai does what he says he’s going to do, no costly lawyers needed … if Nikolai shakes hands ... it’s done.” TNM

2015-12-01 6:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 7–13, 2015

Professional Associate II – Tenure Track Manitoba, Canada Online Reference No: 62734 Brandon University and University College of the North are searching for an individual to fill a tenure track appointment as Professional Associate in the Department of Geology at Brandon University.

Minimum of a Master’s degree (PhD preferred) in Geology or related field is required. See northernminerjobs.com and search ref # 62734 for details.

Lead, Commissioning Saskatoon, SK, Canada Online Reference No: 62716 You will be responsible for the planning and safe execution of commissioning and start-up activities to ensure safe, successful and effective start-up of all projects within the major projects portfolio in accordance with Cameco’s processes, procedures, standards and regulatory requirements. You will ensure that new or modified facilities/assets are commissioned and started up safely, including handover from the project to site operations.

You will provide leadership and oversight to commissioning teams, involve key stakeholders, coordinate resources and integrate project knowledge with construction, commissioning and operations as well.

Senior Project Geologist Toronto or Sudbury, Ontario Online Reference No: 62744 Responsible for adding to the geoscientific understanding of the Hope Bay ore deposits. The role will hold accountability for generating exploration targets and planning and executing exploration programs, to effectively add materially to the existing resource base and lead to the discovery of new economic mineral deposits.

Electrician (Certified) – Canadian Royalties Ontario, Canada Online Reference No: 62726 The primary role of an electrician is to install, wire, maintain & perform preventive maintenance and repairs to electric equipment some of which are noted below in all surface and underground areas including: Shops, warehouse, sub-level - Troubleshoot and repair ventilation fans - Lighting and electric/hydraulic equipment - Phone systems and all mine communication systems - PLC and other advanced or automation systems and High Voltage and Low Voltage Power and control systems.

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Manager, Processing Plant Operations Nunavut, Canada Online Reference No: 62749 Responsible to work with the project team to coordinate and complete the project planning and governance, project controls, construction and commissioning and start-up of a safe, reliable, gold processing plant at TMAC’s Hope Bay Project. Upon start-up, the Manager, Processing Plant Operations will provide overall leadership from commissioning through operation.

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Geoscientist Intern – Precambrian Geoscience Ontario, Canada Online Reference No: 62713 Are you interested in building your geological mapping skills and contributing to an organization that provides opportunities for personal growth, continuous learning and work-life balance? If so, then consider an internship with our team at the Ontario Geological Survey (OGS). This position will focus on Precambrian bedrock mapping.

Environmental Manager Toronto, Ontario Online Reference No: 62742 Responsible for obtaining and maintaining all environmental permits, licenses and plans required for the mine to achieve and maintain its legal right to operate. Working closely with the VP, Environmental Affairs, the position keeps management and operations informed of territorial and federal Acts and regulations that impact all activities.

Senior Project Geologist Nunavut, Canada Online Reference No: 62747 The position is responsible for the support and development of the Production Geology Department ensuring departmental goals are achieved in a safe, professional, quality and timely manner.

During the development phase this role will be hands-on as the geology team grows from development to production phases.

Chief Engineer Nunavut, Canada Online Reference No: 62751 Responsible to provide strategic direction and day to day support to the mine engineering and geology functions to ensure the efficient and effective delivery of services to support the management and recovery of ore. This position will also provide rotational coverage for the Manager of Mining.

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IT Administrator Nunavut, Canada Online Reference No: 62753

4 INDUSTRY JOB BOARDS Responsible for the integrity of all site based help desk, information and communications systems. This is a fantastic opportunity to gain experience with investigating and diagnosing network problems, collecting IT usage stats, making recommendations for improving the company’s IT systems and carrying out routine configuration and installation of IT solutions.

Senior Finance Manager Ontario, Canada Online Reference No: 62781 The Senior Finance Manager is responsible for all financial accounting and related functions as well as administration processes for J.S. Redpath Limited. This includes all Canadian and International projects as well as Global Raisebore Business and Global Insurance managed by Canadian operations management.

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EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND START RECRUITING SMARTER TODAY.

Assistant Executive Director – Corporate Development Québec, Canada Online Reference No: 62702 With the Executive Director, you will establish strategic partnerships and maintain relationships with key players in the industry.

You will be monitoring and taking advantage of the business opportunities in line with our mission and our vision. You will take part in the deployment of strategies with government authorities. You will play a leading role among directors with regards to corporate development, identifying opportunities and implementing business strategies.

Executive Director Saskatchewan, CA Online Reference No: 62156

Reporting to the Board of Directors through the Chair, you will execute the strategic plan, clearly identifying, measuring and reporting on progress in achieving IMII goals, objectives, strategies and measurable targets. Collaborate with industry partners and related organizations to build and maintain a supportive network of industry, education, research, and government entities to optimize financial and human resources that will enable IMII to meet its objectives.

For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field

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WWW.NORTHERNMINER.COM

DECEMBER 7–13, 2015 / THE NORTHERN MINER

Scorpio Gold finds more gold at Mineral Ridge ADDING OUNCES

| Taking advantage of cheaper drilling costs to extend operations

An aerial view of the Mineral Ridge gold mine, 56 km southwest of Tonopah, Nevada, where Scorpio Gold thinks there is a lot more gold to discover. SCORPIO GOLD

“IF YOU’VE GOT CASH, NOW IS THE TIME TO DRILL.”

BY TRISH SAYWELL

S

tsaywell@northernminer.com

corpio Gold’s (TSXV: SGN; USOTC: SRCRF) Mineral Ridge asset in Nevada is returning high-grade gold intercepts from satellite deposits and other targets drilled on the property, and its openpit gold mining operation is on track to produce 38,000 to 40,000 oz. gold this year, at cash costs of US$800 to US$850 per oz.

Scorpio acquired Mineral Ridge in March 2010, and put a conventional heap-leach operation into production in 2012, with ore from its Drinkwater starter pit, which is now depleted. Since then, the company has mined three other pits on the property: Mary, also now depleted; Solberry; Mary LC; and Bluelite. It could bring another three satellite deposits into production: Brodie, Wedge and Oromonte. All of the satellite deposits lie within several hundred metres of one another.

PETER HAWLEY PRESIDENT & CEO, SCORPIO GOLD

Mineral Ridge — 56 km southwest of Tonopah — is host to multiple gold-bearing structures, veins and lenses at various exploration, development and production stages, and historically produced 575,000 oz. gold (170,000 oz. from open pit and 405,000 oz. from underground).

Scorpio says the mine life could increase with infill and step-out drilling on mineralization that is close to its deposits, as well as exploration drilling on open-pit targets.

“Historically, people had a fixed

geological and mineralization model pegged for this deposit, along with numerous failures of past openpit miners not understanding the controls, metallurgy and geologic controls,” the company’s president and CEO Peter Hawley says in a telephone interview. “Given the new techniques available and out-of-thebox thinking, we believe Mineral Ridge has many more discoveries to uncover, and we have proven so to date.”

The 2015 drill campaign focused

on shallow targets and saw 70,000 metres of infill, development and exploration drilling. Exploration targets for 2015 were taken from geophysical signatures, geological interpretation from oriented drill core, field mapping, and soil and rock-chip anomalies.

The latest results, released on Nov. 17, were from its Oromonte target, a zone discovered in 2014 between the Solberry deposit and the Wedge deposit. Highlights from Oromonte include intercepts of 40.40 grams gold per tonne over 7.6 metres, 39.15 grams gold over 1.5 metres, 12.29 grams gold over 4.6 metres and 8.58 grams gold over 6.1 metres.

“It’s shallow — the deepest area we drilled was 40 or 50 metres down — so what we’re seeing at Oromonte is that it dips or comes to surface,” Hawley says. “Imagine a flat pancake dipping 20 to 25 degrees, and the width of the pancake being 200 metres that we know of, and having a thickness of 3 to 4 metres, dipping downwards

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at depth.”

Earlier this year, the company also reported high-grade RC drill intercepts from the Solberry and Bluelite deposits, and the NW Brodie trend.

Highlights include: 9.43 grams gold over 1.5 metres at Solberry, 12.63 grams gold over 3.1 metres from Bluelite and 5.89 grams gold over 6.1 metres at NW Brodie.

The company’s drill campaign this year was the largest in its history, and Hawley says it’s been a great time for drilling, due to the downturn in the exploration industry. This year the company spent US$4 million on its 70,000-metre RC drill program, while the same budget paid for just 40,000 metres in 2014 and 27,000 metres in 2013.

“The moral of the story is that for any kind of exploration or development company, if you’ve got cash, now is the time to drill — because what you can get done for a third of the cost is crazy,” he says. “If you do have a deposit, you can drill it out for one-third of the cost, and hopefully — in a year or two or three, when metal prices improve — you are ready to make a commitment to bring it into production. So you can certainly take advantage of the economics getting there.”

In addition, with the drop in oil prices, Hawley estimates that the company is saving US$65,000 a month on fuel alone.

This year, for the first time, 50% of Scorpio’s drilling was exploration drilling, Hawley says, and as a result, “we discovered these new zones — one of them being Oromonte — and these have never been mined before, so they have high-grade components still left in them.”

Hawley adds that “the property that we’re mining was mined in the past and 500,000 oz. gold was taken from underground, and the average recovered grade was 10 grams gold per tonne ... we’ve mined these remnant areas, and our head grade in the open pits is 2 grams gold to 2.5 grams gold, and is the remnants of what the old-timers left behind, because it wasn’t economic to mine.”

Scorpio owns 70% of Mineral Ridge, with Levon, LLC, a subsidiary of Waterton Global Value, holding the other 30%.

Scorpio also wholly owns the Goldwedge project, 50 km northeast of Tonopah in Manhattan, Nev. The property has a fully permitted underground mine with over 600 metres of development work, along with a mill, currently on care and maintenance, that has a 400-tonne daily gravity circuit. TNM

2015-12-01 6:59 PM