The Northern Miner December 21 2015 Issue

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PILOT GOLD

Chases Goldstrike mineralization in Utah / 3

ANGLO AMERICAN

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

Plans radical restructuring / 5

NORDGOLD & NORTHQUEST

Russian firm increases stake in junior / 11

DECEMBER 21-27, 2015 / VOL. 101 ISSUE 45 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Champion Iron buys Bloom Lake for $10.5M

Persistence pays off for INV Metals at Loma Larga SITE VISIT

| Iamgold’s former Quimsacocha gold project sees new life

AUCTION

| Cliffs' Canadian bankruptcy yields bargain buy

C

hampion Iron (TSX: CIA; ASX: CIA) is taking advantage of the commodities crash to snatch the shuttered Bloom Lake iron ore mine in the Labrador Trough for a fraction of its previous purchase price.

Champion has agreed to buy the mine and related rail and mineral assets in Quebec from creditors for $10.5 million in cash, as iron ore prices sink below US$40 per tonne owing to oversupply and slumping Chinese demand. The company will also assume environmental obligations, including $41.7 million in reclamation liabilities, and the replacement of $1.1 million of bonds.

CLIFFS NATURAL RESOURCES PAID $4.9 BILLION FOR BLOOM LAKE WHEN IT BOUGHT CONSOLIDATED THOMPSON IRON MINES FOUR AND A HALF YEARS AGO. Champion chair and CEO Michael O’Keefe describes Bloom Lake as an “exceptional opportunity,” and notes that the tough market conditions helped it negotiate a competitive bid.

Four and half years ago, Cliffs Natural Resources (NYSE: CLF) paid $4.9 billion to pick up Bloom Lake as part of its pricey acquisition of Consolidated Thompson Iron Mines. At the time, iron ore traded at a high of US$180 per tonne due to rising demand from China, the world’s largest steel-maker and iron ore consumer.

But Bloom Lake failed to perform as expected, with Cliffs reporting operational challenges and quarterly losses, amid softening iron ore prices.

In the third quarter of 2014, Cliffs took a $5.7-billion, non-cash writeSee CHAMPION / 3

Fernando Carrion (left), social responsibility manager, and Vicente Jaramillo, environment, health and safety manager, at INV Metals’ 3 million oz. Loma Larga gold project, near the city of Cuenca in southern Ecuador. PHOTO BY TRISH SAYWELL

BY TRISH SAYWELL tsaywell@northernminer.com CUENCA, ECUADOR

R

ichard Spencer likes to think that there is a fine line between tenacity and stupidity in the exploration business.

The South African geologist found himself walking that line 15 years ago, while working in Ecuador as Iamgold’s (TSX: IMG; NYSE: IAG) exploration manager for South America.

Spencer remembers the day he was sitting in Iamgold’s offices in Quito talking with industry colleagues at Cogema. It was the late 1990s, and the Cogema geologists were pressuring him to acquire their Quimsacocha concession in the Western Cordillera of the Andes, 480 km south of the capital and 30 km southwest of the city of Cuenca, in southern Ecuador.

Cogema a nd joint-venture partners TVX Gold and Newmont Mining (NYSE: NEM) had drilled 82 holes at Quimsacocha in the mid-1990s. The eleventh hole, drilled in 1996, returned a 2-metre

“THE POLITICAL WILL IS THERE TO MOVE THE MINING BUSINESS FORWARD.” CANDACE MACGIBBON PRESIDENT AND CEO, INV METALS

intercept grading 83.5 grams gold per tonne and 317 grams silver per tonne. “It was one of the first holes they drilled, but it wasn’t what they were looking for,” Spencer says, noting that at the time, Newmont was the explorer for high-sulphidation epithermal gold deposits,

having recently discovered Peru’s Yanacocha, the largest of its kind in the world.

“Quimsacocha didn’t fit with the Yanacocha model, so they didn’t take the bonanza grade seriously,” he continues, explaining that the gold at Yanacocha is distributed within areas of vuggy silica and quartz-alunite alteration, which are surrounded by clay alteration.

“The Yanacocha model would have been a few grams over wide Intervals in vuggy silica, and the three-way joint venture didn’t follow up on the bonanza-grade hole at Quimsacocha, because it didn’t fit the Yanacocha model of that time,” he continues. “At Quimsacocha, there isn’t that much vuggy silica — it’s there, but it’s subordinate to chalcedonic silica flooding. The absence of the large quantities of vuggy silica would have downgraded Quimsacocha in a classic Yanacocha model of that time.”

W hen New mont a nd T V X walked away, the ground reverted to Cogema (now Areva), and that’s

PM40069240

See INV METALS / 2

SILVERCREST: SEES FUTURE FLAGSHIP IN LAS CHISPAS / 16

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DECEMBER 21-27, 2015 / THE NORTHERN MINER

Persistence pays off for INV Metals at Loma Larga

Visitors and INV Metals personnel near the entrance to the Loma Larga gold project in southern Ecuador.

INV METALS From 1

when the company urged Spencer and his exploration team at Iamgold to take it on.

At first, Spencer wasn’t interested.

“I certainly remember not being all that keen to take it, because I couldn’t see how we could do anything better than Newmont had done,” he says.

But Iamgold agreed in 1998–99 to take over the project, which in the first few years sat dormant due to the downturn in the gold price, and because the company couldn’t afford much drilling.

But Spencer and his crew slowly picked away at it, and some drill targets were tested on the basis of alteration and prior drill intercepts.

“I remember abusing the patience of management, which had been generous in funding the drill programs that hadn’t intersected gold values of economic interest — but management did back the team to keep drilling,” recalls Spencer, who is now president and CEO of U3O8 (TSX: UWE; US-OTC: UWEFF). “We came so close to giving up on a couple of occasions, but fortunately we kept our heads and kept going.”

Spencer says it didn’t help matters that the company had invited a world-renowned epithermal specialist to review the project, who concluded the team was wasting its time, the vuggy silica target had eroded away and that there was no chance of discovering a significant deposit at Quimsacocha.

“THE RESOURCE AT QUIMSACOCHA IS 3 MILLION OZ. GOLD, BUT THERE’S NO DOUBT IN MY MIND THAT IT’S GOING TO BE WELL NORTH OF 10 MILLION OZ.

BY THE TIME IT GETS FULLY EXPLORED, BECAUSE THERE ARE A LOT OF TARGETS ON THAT PROPERTY.” RICHARD SPENCER GEOLOGIST, QUIMSACOCHA DEPOSIT DISCOVERY TEAM

Spencer and his team were undeterred, however.

“We kept drilling — stretching that line between tenacity and stupidity — and switched consultants,” Spencer says, noting that the breakthrough came with drilling a line of long, tip-to-tail bore holes that helped the team map alteration on a vertical section over a horizontal distance of 1.5 km.

Although there were no intercepts of potential economic grade, for the first time Spencer and his team saw alteration packages arranged around centres of slightly elevated grade — and to define how the alteration changed over hundreds of metres in a vertical sense. “We got the first glimpse that weak mineralization cutout upwards — that there was a roof to the mineralized system,” he explains. “And these patterns in vertical section allowed us to make more sense of the sporadic outcrops that poke through the glacial moraine that covers most

Structural reinterpretation New gold zone defined 2 year mine life extension Think of the profits. Visit: srk.com

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PHOTO BY TRISH SAYWELL

of the Quimsacocha property.”

Spencer a nd his col leag ues started to better understand the alteration patterns in plan-view, and the company’s new consultant Jeff Hedenquist gave the project a thumbs up, which was enough to extract a little more drilling money from Iamgold’s long-suffering shareholders.

“Had we not drilled that line of tip-to-tail holes, and without Jeff Hedenquist’s excitement about the project, I would be surprised if we would have vectored towards the deposit,” he says. “The thing that excited me was that the alteration patterns were big. They weren’t changing over a couple of metres.

They were changing over tens or hundreds of metres, and that’s what really got me to put my hand on my heart in front of management and say: ‘There is something big here, and we just have to keep going.’”

One of the team members was Spencer’s wife, Camille, the geophysicist on the project. She also worked with detailed crystalinity of the alteration minerals, which turned out to be one of the key means by which Iamgold grew to understand the alteration. “When we were congratulating ourselves on an intercept, she was the voice in the background that was telling us there was something more — to swing harder, because the geophysics indicated something bigger,” he says.

“Most of the geophysics was done by a specialized contractor, but Camille also spent time in the field and was integral to the interpretations and recommendations, identifying that the drilled results showed little correlation with Quimsacocha’s spectacular geophysical signature.”

Spencer and his crew drilled 40

bore holes before hitting the discovery hole in 2003, which cut 101.4 metres of 9.5 grams gold, 46.7 grams silver and 0.4% copper.

But even then, it wasn’t an easy deposit to define. Quimsacocha is blind, and the top of the deposit literally cuts off from one metre to the next. Like Newmont, Iamgold’s follow-up hole intersected above the roof of the system, returning nothing of interest. While Newmont moved on, however, having failed to find continuity, Iamgold stuck it out, drilling 65,117 metres between

2003 and 2008.

Spencer left Iamgold in 2004 to join Crystallex as vice-president of exploration, leaving exploration and a maiden resource at Quimsacocha in the hands of the Ecuadorian team with whom he had worked. And he remains convinced of the project’s potential to this day.

“The resource at Quimsacocha is 3 million oz. gold, but there’s no doubt in my mind that it’s going to be well north of 10 million oz. by the time it gets fully explored,” he says.

The 80 sq. km property has a number of other targets to the northwest. Part of a large diatreme on the Quimsacocha property contains porphyry fragments that are mineralized with copper and gold, Spencer adds, making it, in his view, a classic system in which a highlevel, high-sulphidation epithermal gold deposit roots into a porphyry at depth.

Spencer says the property holds more discoveries. “Whether that porphyry is within drilling disSee INV METALS / 13

INV Metals’ Loma Larga gold property near Cuenca, Ecuador.

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GLOBAL MINING NEWS

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THE NORTHERN MINER / DECEMBER 21-27, 2015

Pilot rediscovers a Carlin-style gold trend in Utah GOLD EXPLORATION

BY LESLEY STOKES

I

lstokes@northernminer.com VANCOUVER

t’s not every day that a junior exploration company takes a step outside the well-trodden Carlin and Cortez districts of Nevada to look for Carlin-style gold deposits, but Pilot Gold (TSX: PLG; US-OTC: PLGTF) is proving to be the exception with its Goldstrike project, 56 km northwest of St. George, Utah.

Since acquiring the ground from Cadillac Gold in 2014, Pilot has been eager to chase the sediment-hosted gold mineralization, where it dips gently under cover beyond old open pits that between 1988 and 1994 produced 209,000 oz. gold from ore grading of 1.2 grams gold per tonne.

The first results from Pilot's maiden drill program were right on target, and extended the gold footprint across a 1,200-metre strike at surface, with intercepts of 39.6 metres grading 1.01 grams gold, 41.1 metres of 0.84 gram gold and 22.9 metres of 1.68 grams gold.

“We’ve spent a whole year putting the district-wide story together, and where this one geological horizon comes to surface, there’s always gold,” chief geologist Moira Smith tells The Northern Miner during a phone interview, adding that the “windows” to mineralization were historically developed into open pits across a 7 km mining trend.

| Maiden drill results at Goldstrike confirm brownfield potential

“Where it went under cover, the previous explorers stopped drilling, so the property presented us with enormous potential,” she adds. “The drill results demonstrate that there’s a lot of gold left in the ground, and plenty of room to build on that.”

The project lays along the eastern edge of the Great Basin — a metallogenic domain of Carlin and epithermal-type systems in the southwestern U.S. and home to 11% of the world’s gold production, according to the U.S. Geological Survey.

The deposits cluster along distinct linear trends that follow regionaltrending structures often hidden beneath younger rocks, but Smith says it’s best to explore where these structures intersect the most reactive and permeable rocks.

“The Carlin and Cortez trends in Nevada are in a geological environment just off the edge of an ancient Paleozoic continental shelf, and that’s the sweet spot, in terms of the best host rocks,” she explains.

“When you get off that platform it moves into a different package of rocks, and that extends all the way to Utah — but they still make great hosts. The similarities between the districts are striking.”

Vice-president of corporate affairs Patrick Reid refers to Newmont Mining’s (NYSE: NEM) Long Canyon property — a gold discovery made by Fronteer Gold that was

Drillers at work during Pilot Gold’s 2015 drilling campaign in the historic Hamburg Pit area at the Goldstrike gold project, 56 km northwest of St. George, Utah. PILOT GOLD

later acquired by Newmont for $2.3 billion — as the perfect example of how a “big gold deposit” can be found outside the usual model.

“The conventional paradigm was that you don’t have big gold deposits on the platform, but Long Canyon broke away from that idea, and now you see a lot more activity along

Champion Iron buys Bloom Lake

The concentrator building at the now-shuttered Bloom Lake iron ore mine, photographed in 2010 when it was in operation.

CONSOLIDATED THOMPSON IRON MINES

CHAMPION From 1

down — mainly for its ill-timed Bloom Lake acquisition.

At that time it couldn’t find a minority partner to help expand the mine and the troubled miner halted production at the end of 2014, as part of a strategy to divest its Eastern Canadian iron ore assets.

To avoid the hefty closure costs at Bloom Lake — up to $700 million over five years — it put the mine and its other Canadian assets into creditor protection in January 2015.

During the bidding, Champion said it “gained significant insight and confidence” in Bloom Lake. It has devised a mine plan to increase

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annual capacity from 6 million tons of iron fines at 66% Fe to over 7 million tons at similar grades, while improving recoveries.

Champion says it could also reduce operating costs, without specifying.

This would make the mine economic in today’s iron ore environment. In the last quarter of 2014, Cliffs reported cash production costs at Bloom Lake of $81 per tonne.

While it notes commodity traders and steel-makers are interested in signing offtake agreements for production at Bloom Lake, Champion is trying to raise up to $25 million in a private placement to fund the acquisition and its working

capital. Two companies, including one controlled by O’Keefe, will raise $15 million of the financing.

This will bring O’Keefe’s stake in the company to 19.95%.

As a contingency, Champion will also look to raise more funds to cover Bloom Lake’s care and maintenance costs for up to 24 months, adding that this could lower the mine’s holding costs.

The company did not return requests for comment at press time.

The transaction, subject to court approval, could close in early 2016.

On the acquisition news released on Dec. 11, Champion shares rose 30% to 19.5¢, before closing Dec. 14 at 17.5¢. TNM

that eastern side of the basin,” Reid says in a phone interview, noting that most of Pilot’s technical and management teams built Fronteer before its takeover in 2012.

Long Canyon is located along the eastern flank of the Pequop Mountains in northeastern Nevada. It has probable reserves of 1.2 million oz. gold, within 16.7 million tonnes grading 2.29 grams gold over a 4.8 km strike length.

Smith says that gold exploration in southwestern Utah stalled in the mid- to late-1990s due to the precipitous drop in gold prices, and she suspects it never rebounded, largely because the Canadian-based junior explorer, Cadillac, “did a great job at consolidating such a large land package.”

She says that “Cadillac put a large land package together, staked a bunch of claims and got their hands on virtually all the historical data from the mining operations and exploration in the district, so we’ve got a real treasure trove of all the old data. We basically have the whole district — there’s no one else around us.”

Pilot is waiting to receive the rest of the results from the 18-hole, 2,700-metre drill program, but already has “big plans” for Goldstrike.

“We designed the program to look down-dip of the existing drill holes and historic workings, and already we’re finding gold in those holes. The next step is to work on a resource and build confidence in the historical drill database,” she says, noting the company is still crafting its budget for the new year.

Analysts from Macquarie Research said in a report that the favourable, unexplored geology is conducive to Pilot developing

“THE DRILL RESULTS DEMONSTRATE THAT THERE’S A LOT OF GOLD LEFT IN THE GROUND, AND PLENTY OF ROOM TO BUILD ON THAT.” MOIRA SMITH CHIEF GEOLOGIST, PILOT GOLD

innovative, brownfield targets in a historic mining district. The group has reiterated an “outperform” recommendation on the stock, with a 12-month, $1.50 share target.

Pilot shares have traded within a 52-week range of 26¢ to $1.27 per share, and closed at 28¢ at press time.

The company has 107.3 million shares outstanding for a $30-million market capitalization. TMN

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 RIGHT SOLUTIONS RIGHT PARTNER

2015-12-15 7:13 PM

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E D I T O R IA L ’Tis the season for dividend cuts amongst base metal majors CASH PRESERVATION

A

s we all know, mining is a cyclical business, and by all appearances we are into the stage of the commodities cycle where many of the biggest, highest-quality major mining companies, especially base metal miners, are trimming and even suspending their dividends, as one more way to respond to the fourth long

BY JOHN CUMMING jcumming@northernminer.com year of low commodity prices.

With Anglo American’s dividend yield hitting an out-of-whack 14% in early December, it was time for the iconic mining giant to suspend its dividend payments for the second half of 2015, and all of 2016.

In doing so, it commented that when the payments resume, its dividend policy will “reflect a payout ratio to provide flexibility through the cycle and clarity for shareholders.”

In other words, everyone should expect a low yield whenever the dividend is reinstated.

Anglo’s last dividend payment was its interim-2015 one, with US32¢ paid out on Sept. 17.

Anglo’s dividend suspension will save it £1 billion per year, as it embarks on what it calls a “radical restructuring” over the next two years that will see its portfolio shrink 60%, as it closes, suspends and sells underperforming assets, and reduces its workforce to 50,000 people from 135,000.

Whether by coincidence or inspiration, Freeport-McMoRan followed Anglo American’s lead the next day by suspending its annual common stock dividend of US20¢ per share, after having had a dividend yield nearing 7% for years.

Freeport says the move will save US$240 million per year, and “enhance Freeport-McMoRan’s liquidity during this period of weak market conditions.”

It added that its board will “review its financial policy on an ongoing basis and authorize cash returns to shareholders, as market conditions improve.”

As one of the most generous companies in this area, Freeport had paid out US$4.7 billion in dividends between 2012 and 2014.

Similar to Anglo, Freeport’s dividend suspension is only one piece of a larger plan to restrain capital spending, with expenses in its oil and gas division in 2016 and 2017 only US$1.8 billion and US$1.2 billion, from an already-reduced previous plan of US$2 billion each year.

But that’s not all: Freeport is accelerating plans to reduce its copper and molybdenum production next year, now by 350 million lb. copper and 34 million lb. moly — compared to the previously announced 250 million lb. and 20 million lb. — owing to the “full shut down” of the Sierrita copper mine in Arizona, and what it calls “adjustments” at its primary molybdenum mines.

While Freeport says it “views the medium- and longer-term outlook positively,” it cautions that “as we approach 2016, we are positioning the company for free cash-flow generation in a weak commodity price environment, and remain focused on actions to reduce debt.”

Freeport has had extra visibility in the market since August, when high-profile activist investor Carl Icahn bought an 8% interest, making himself the company’s largest shareholder.

Regarding the dividend cut, Icahn told CNBC’s Fast Money: Halftime Report that “I absolutely agree ... you have to conserve capital at these companies.”

In cutting their dividends, Anglo and Freeport join a base metals and coal-heavy group that includes Glencore, Cliffs Natural Resources, Peabody Energy, Vale and Teck Resources. Kinder Morgan, the largest pipeline company in North America, has also just chopped its dividend by 75%.

The two mining giants that have not yet cut their dividend payments are Rio Tinto (with a 7.81% dividend yield at press time) and BHP Billiton (with a 11.97% yield), partly due to Australian tax breaks.

But the shares of both companies have fallen in the range of 10% in the wake of Anglo American and Freeport’s dividend decisions, which means the market is losing confidence that either company can continue to swim against the tide sweeping the mining industry and keep their current dividend policies. TNM

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| Anglo’s dividend yield was 14%

DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 7

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

COMPANY INDEX Anglo American. . . . . .5,14 Areva. . . . . . . . . . . . . . . . . . 1 Champion Iron. . . . . . . . . . 1 Cliffs Natural Resources. . . 1 First Majestic Silver. . . . . 16 Franco-Nevada. . . . . . . . . 14 Freeport-McMoRan . . . . 14

Glencore . . . . . . . . . . . . . . 14 Iamgold. . . . . . . . . . . . . . . . 1 INV Metals. . . . . . . . . . . . 13 Lundin Gold. . . . . . . . . . . 13 Newmont Mining . . . . . . 13 Nordgold. . . . . . . . . . . . . . 11 Northquest. . . . . . . . . . . . 11

Pilot Gold . . . . . . . . . . . . . . 3 Royal Gold . . . . . . . . . . . . 14 Silver Wheaton. . . . . . . . . 14 SilverCrest Metals . . . . . . 16 SilverCrest Mines. . . . . . . 16 Teck Resources. . . . . . . . . 14 U3O8. . . . . . . . . . . . . . . . . . 2

O P– E D

Canada’s Prime Minister Justin Trudeau (centre) speaks with provincial premiers during the 2015 Paris Climate Conference. PROVINCE OF BRITISH COLUMBIA

The Paris Agreement: A historic climate deal COMMENTARY

| What to expect as nations commit to cut greenhouse gas emissions

BY EMILIE BUNDOCK, PIERRE-OLIVIER CHARLEBOIS AND ANDRÉ TURMEL Special to The Northern Miner

W

hy should you care?

The outcome of the 2015 Paris Climate Conference is of great interest to anybody in the energy, industrial and environmental sectors, as the international community has finally reached an agreement showing global intention on behalf of world leaders to fight climate change. As of Dec. 12, 2015, greater efforts to lower greenhouse gas (GHG) emissions are expected, and a greener economy is on the radar.

What are the parties committing to achieve?

The parties to the Paris Agreement are committing to fight climate change. More precisely, they are committing to: • Hold the increase in the global average temperature to well below 2°C above pre-industrial levels, and pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.

• Foster adaptation to the adverse impacts of climate change, climate resilience and low GHG development, without threatening food production.

• Switch towards a greener economy.

What are the parties committing to do?

The parties have committed to reduce GHG emissions and enhance conservation of sinks and reservoirs of GHG. Ahead of COP21, 186 countries submitted plans to reduce GHG emissions before 2025 or 2030.

The Paris Agreement requires each party to communicate its nationally determined contribution by 2020, and every five years thereafter. Every updated target will thus indicate each party’s progression towards lowering GHG emissions.

The Paris Agreement leaves it up to the parties to determine how they will tackle the fight against climate change at the national level. This implies that each party may elect to implement economic instruments at the national level to ensure its nationally determined contribution. One can certainly expect cap-and-trade and carbon tax mechanisms to attract more attention from our political leaders.

The Paris Agreement recognizes the role forests play in the fight against climate change. A distinct article of the Paris Agreement focuses on actions to conserve and enhance sinks and reservoirs of GHG, therefore sending a strong signal to support reducing emissions from deforestation and forest degradation.

Leadership and payment by developed countries Developed countries express their intention to provide US$100 billion annually to developing countries by 2020. The Paris Agreement doesn’t quantify this commitment, but nevertheless states that developed countries shall provide financial resources to assist developing countries with both mitigation and adaptation to continue their existing obligations under the United Nations Framework Convention on Climate Change.

A similar commitment is made regarding capacity building. The Paris Agreement states that developed countries should enhance support for capacity-building actions in developing countries.

When does the Paris Agreement come into force?

The Paris Agreement will come into force once at least 55 parties to the United Nations Framework Convention on Climate Change — accounting for at least 55% of the global greenhouse gas emissions — have ratified the Paris Agreement.

What to expect in Canada The newly elected federal government participated in the 2015 Paris Climate Conference with strong support from the provinces. One can expect that this collaborative approach paved the way for further elaboration of Canada’s nationally determined contribution under t he Paris Agreement. W hile nobody can predict what form Canada’s nationally determined contribution under the Paris Agreement will take, the Paris Agreement provides the necessary leeway for a collaborative approach between the federal government and the provinces.

Provinces like Quebec, Ontario, B.C., Alberta and Manitoba — which have either already put a price on carbon, or have recently expressed strong intentions to do so in a near future — have something to bring to the table to support Canada in fulfilling its commitments under the Paris Agreement.

— Emilie Bundock is an associate lawyer based in Fasken Martineau’s Montreal office, where she practices environmental, energy, aboriginal, mining and climate change law, as well as lobbying law.

Pierre-Olivier Charlebois is a partner with Fasken Martineau in Montreal. He practices in the areas of environmental, mining, energy and climate change law.

André Turmel is a partner and strategic advisor with Fasken Martineau, who specializes in energy and climate change law at the firm’s Montreal office. TNM

2015-12-15 7:13 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21-27, 2015

5

Anglo American’s radical rethink HUMBLED GIANT

| Anglo cuts dividend, thousands of jobs amidst plans to shrink company by 60%

The Mantoverde copper mine in Chile, which Anglo American sold, along with the nearby Mantos Blancos copper mine, to a consortium led by Audley Capital Advisors earlier this year.

ANGLO AMERICAN

BY LESLEY STOKES

A

lstokes@northernminer.com VANCOUVER

nglo American (US-OTC: AAUKY; LSE: AAL) intends to shrink the number of its employees by 63%, suspend its dividends and close, sell or mothball its cash flow negative assets to adapt to deteriorating market conditions.

“Last year … we took the view that it was likely commodity prices were going to be pressed further. Quite frankly, we didn’t expect the rout to be so dramatic … we needed to put the foot to the accelerator and move the change,” Mark Cutifani, chief executive for Anglo, said during a conference call.

What he calls a “radical restructuring” program will transform Anglo American into a much smaller company with fewer assets. Its six divisions will be consolidated to three, placing its coal and iron ore assets into a “bulk commodities” division, and its platinum and basemetal operations into an “industrial” division. Its De Beers subsidiary will continue to manage its diamond business.

Anglo intends to shrink its portfolio by 60% from 2014, and generate US$4 billion by selling its low-priority assets, including its phosphate and niobium businesses.

It has also closed its Thabazimbi iron ore mine in South Africa, and placed De Beers’ Snap Lake diamond mine in Canada’s Northwest Territories on care and maintenance.

“Any asset that is cash-negative will not remain in the portfolio,” Cutifani said. He would not specify what other Anglo operations may be closed or sold, saying only that many still have their “nose above the water line.”

He commented that “we have no control on the prices. We have to deal with what the market throws at us.”

Cutifani further warned that market conditions could deteriorate in the next six months, and added, “what we want to do is make every post a winner in a tough environment, so that we create a more sustainable and competitive business.”

Dec 21 Pgs 1 2 3 4 5 11 13 14 16.indd 5

“WE DIDN’T EXPECT THE ROUT TO BE SO DRAMATIC …

WE NEEDED TO PUT THE FOOT TO THE ACCELERATOR AND MOVE THE CHANGE.” MARK CUTIFANI CEO, ANGLO AMERICAN

Anglo American’s Tumela platinum mine in Limpopo, South Africa. ANGLO AMERICAN

And next year, he said, “I would expect the die will be cast on 60–70% of the assets … with the clean up occurring in 2017,” he said. “But we will break the back of it next year.”

On the operations side, Anglo says the restructuring could lower capital expenses by US$1 billion in 2015 and 2016, and US$2.5 billion in 2017, as completion nears for De Beers’ Gahcho Kué diamond mine in the Northwest Territories, and the R20-billion Venetia underground diamond project in South Africa.

The firm plans to pocket US$1.6 billion in savings this year from general cost and productivity improvements at De Beers and its Kumba iron ore mine in South Africa.

By the end of 2017, the company expects to deliver US$3.7 billion in efficiency improvements across its operations.

Technical director Tony O’Neil

said on the call that “there is a real sense of urgency in Anglo to deliver step-change improvement quickly, and we are delivering results. Our focus is on applying technical leverage to these core assets to release short-term productivity gains, reduce operational and capital expenditures, and optimize production.”

Anglo will also withhold dividend payments for the next 18 months, which could save the company US$1.1 billion in cash flow per year.

“We have made the tough call in suspending the dividend,” Cutifani said, noting that it was “not a move that was taken lightly in terms of our shareholders, but a move that sent the right message in terms of our actions to make sure we stay a strong company.”

Anglo’s shocking restructuring comes five months after its US$3-billion loss in the first half of

the year, along with the sale of its Mantoverde and Mantos Blancos mines in northern Chile, and its stake in Lafarge Tarmac, which delivered total cash proceeds of US$1.9 billion.

The company’s net debt guidance at the end of 2015 is the same, at up to US$13.5 billion, despite falling commodity prices.

In July, the underlying earnings before interest and taxes for the six months ending June 30 was a reported US$1.9 billion — which is a 36% decrease, compared to the comparable period in 2014 — largely due to weaker commodity prices, but offset by weaker producer-country currencies and cost reductions.

BMO analysts say that Anglo American appears to have enough to repay its near-term debt, with US$15 billion in liquidity by year-end, including US$7 billion in cash and US$8 billion in undrawn facilities.

But if commodity prices drop further, BMO analysts say “the situation is not so clear-cut.” At spot, net debt to earnings before interest, taxes, depreciation and amortization could worsen to greater than 4.5 times, and not improve much beyond 2018.

The BMO analysts say Anglo could find itself in a worse position if the company can’t find buyers for the rest of the assets, but the company offers good value and an “attractive operational turnaround story.”

BMO has lowered its target price to ₤3 and had a “market perform” rating on the stock.

Upon news of the restructuring, American Depository Receipts of Anglo fell 13% to US$2.39. In London, full shares last traded at ₤2.71 apiece.

The company has 1.4 billion shares outstanding for a US$7.7-billion market capitalization. TNM

2015-12-15 7:13 PM

6

WWW.NORTHERNMINER.COM

DECEMBER 21-27, 2015 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 4–10 Tumbling oil prices sent the energy-heavy S&P/TSX Composite Index below 13,000 for the first time since 2013, before finishing at 13,016.59, down 2.3%. Brent crude closed at US$39.73 per barrel on Dec. 10 — less than half of the US$110 per barrel it fetched in June 2014 — while West Texas Intermediate closed at U$36.75 a barrel, its lowest since February 2009. Oil prices dropped after news that the Organization of the Petroleum Export Countries wouldn’t set production quotas for its members.

According to its latest monthly market report, OPEC’s group production rose by 230,000 barrels per day in November to 31.69 million barrels a day — the highest in more than three years. The S&P/TSX Capped Diversified Metals & Mining Index fell 3.7% to 336.23, and the S&P/TSX Global Mining Index dropped 1% to 43.90. Spot gold rose 0.9% to finish at US$1,071.50 per oz., lifting the S&P/TSX Global Gold Index 2.9% to 132.36.

Shares of Premier Gold Mines gained 21¢ to $2.58, on positive news from two of its projects in Ontario. The company reported drill intercepts of up to 46 metres across 11 metres at its Rahill–Bonanza joint venture with Red Lake Gold Mines, an affiliate of Goldcorp. The junior also reported that drilling at its wholly owned Hasaga project

had extended near-surface mineralization west of the Hasaga porphyry target, with results including assays of up to 1.68 grams gold per tonne across 49 metres.

Aureus Mining’s shares advanced 13% to 13¢. The company received a request for arbitration from International Construction & Engineering (Seychelles), with respect to its contract to carry out civil and earthworks at Aureus’ New Liberty gold mine in Liberia. The contract ended in August 2014, when the work was 60–70% complete. The company calls the arbitration request “frivolous, without merit and opportunistic.”

Potash Corp. of Saskatchewan’s shares fell $1.12 to $24.47. Media reported that the Saskatchewan provincial court fined the TSX MOST ACTIVE ISSUES

VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

First Quantum B2Gold OceanaGold Teck Res B Barrick Gold Lake Shore Gld Yamana Gold Capstone Mng Lundin Mng Goldcorp

FM 32663 5.07 4.03 4.94 - 0.04 BTO 22176 1.69 1.57 1.60 + 0.05 OGC 22016 2.56 2.36 2.39 - 0.13 TCKB 16730 5.60 4.75 5.15 - 0.22 ABX 15874 10.83 10.15 10.46 + 0.37 LSG 15847 1.11 1.03 1.07 + 0.05 YRI 15481 3.17 2.80 2.88 - 0.08 CS 14084 0.37 0.31 0.32 - 0.04 LUN 13863 3.80 3.41 3.60 - 0.16 G 12428 17.05 16.10 16.18 + 0.08

company $280,000 for workplace violations in the death of a worker at the company’s Cory mine near Saskatoon. The man died in February 2014 after being struck in the head by falling earth.

News that Hudbay Minerals’ CEO David Garofalo is resigning to take the top job at Goldcorp sent the miner’s shares down 70¢ to $5.38. Garofalo is replacing Goldcorp’s CEO Chuck Jeannes, who will step down

in April 2016. Garofalo will be replaced

by Alan Hair, Hudbay’s chief operating officer since 2012.

Teck Resources announced it would pilot liquefied natural gas (LNG) as fuel in six haul trucks at its Fording River steelmaking coal operation in southeastern B.C., marking the first use of LNG as a haul-truck fuel at a mine site, according to the company. Its shares fell 22¢ to $5.15.

TSX GREATEST PERCENTAGE CHANGE

TSX GREATEST VALUE CHANGE

VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

WEEK

VOLUME CLOSE CHANGE

U3O8 Corp Silver Bear Rs Opta Minls Zazu Metals Sabina Gd&Slvr Rio Novo Gold Minco Gold Erdene Res Dev Aureus Mng Avalon Rare Mt Inspiration Mg Freegold Vent Horizonte Mnls Mines Managmnt Stonegate Agri Yellowhead Mng Cardero Res Geologix Ex Vena Res Belo Sun Mng

Agnico-Eagle Royal Gold Horizns G Bull Cameco Corp Centerra Gold Franco-Nevada Endeavour Mng Agrium ISh COMEX G Tr Royal Cdn Mint Russell Metals Potash Cp Sask Horizns G Bear Altius Mnrls Imperial Metal HudBay Minls Labdr I-Ore Ro Mag Silver Teck Res B Dundee Prec Mt

UWE SBR OPM ZAZ SBB RN MMM ERD AUE AVL ISM FVL HZM MGT ST YMI CDU GIX VEM BSX

325 875 21 10 2191 200 24 50 140 267 128 854 102 13 507 92 96 1037 74 1645

0.03 0.03 1.30 0.13 0.69 0.13 0.23 0.14 0.13 0.13 0.12 0.10 0.03 0.31 0.02 0.04 0.19 0.02 0.02 0.28

0.02 0.02 1.08 0.13 0.57 0.10 0.18 0.12 0.09 0.12 0.06 0.06 0.02 0.20 0.02 0.03 0.10 0.02 0.02 0.22

0.03 0.03 1.25 0.13 0.69 0.12 0.21 0.14 0.13 0.13 0.06 0.07 0.02 0.22 0.02 0.03 0.12 0.02 0.02 0.22

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

25.0 25.0 25.0 23.8 23.2 20.0 20.0 16.6 13.0 13.0 47.8 35.0 33.3 30.6 25.0 25.0 20.6 20.0 20.0 18.5

AEM RGL HGU CCO CG FNV EDV AGU IGT MNT RUS POT HGD ALS III HBM LIF MAG TCKB DPM

3904090 37.46 36161 50.19 5951949 17.44 4263537 16.53 3546494 7.94 2911724 65.07 551949 6.59 2369621 131.00 14092 14.04 88457 15.57 1714324 15.42 9420755 24.47 7142131 11.74 720101 10.21 66325 6.27 5444061 5.38 1883712 12.03 843231 8.97 16730481 5.15 1373532 1.17

+ 1.50 + 1.07 + 0.99 + 0.67 + 0.62 + 0.56 + 0.48 + 0.46 + 0.43 + 0.42 - 1.21 - 1.12 - 0.95 - 0.80 - 0.73 - 0.70 - 0.39 - 0.31 - 0.22 - 0.16

TSX VENTURE EXCHANGE / DECEMBER 4–10 The S&P/TSX Venture Composite Index fell 2.5%, or 12.85 points, to close at 504.28 points, weakened by collapsing oil prices and a sinking loonie.

Spot gold prices fell 1.4%, or US$14.86, before closing at US$1,071.58 per oz. gold in anticipation of a tighter U.S. monetary policy and stronger U.S. dollar. Meanwhile, Brent crude oil slumped US$3.27, or 7.6%, to US$39.73 per barrel, driving down the CAD/ US exchange rate to multi-year lows of 74¢ to the dollar.

Copper fell slightly to US$4,636 per tonne, but is gaining strength after news that leading producers Freeport-McMoRan and Glencore would lower their 2016 copper output guidance by 350 million lb. and 705 million lb.

Shares of Roxgold gained 20%, or 13¢, to 79¢, after the company announced a second drawdown of US$21 million from its US$75million, six-year senior secured finance facility for developing the Yaramoko gold project in Burkina Faso.

The company says that mine development has “advanced considerably” at 60% construction, and on budget, with US$55 million of the US$110.8-million capital estimate spent to date.

The mine is on schedule to produce gold

sometime between April and June.

A resource upgrade at Rockhaven Resources’ Klaza gold-silver-lead-zinc property in the Yukon drove shares up 4¢ to 16¢ per share.

Compared to the previous estimate this January, gold resources grew 503,000 oz. using a 1.5-gram-gold-per-tonne cut-off.

Total inferred resources stand at 9.4 million tonnes grading 4.48 grams gold, 89.02 grams silver, 0.8% lead and 0.95% zinc for a total of 1.36 million oz. gold, 26.96 million oz. silver, 155.42 million lb. lead and 197.89 million lb. zinc.

Rockhaven president and CEO Matthew Turner said in a press release there is a “high probability” of expanding the resource along strike and to depth, and an opportunity to investigate multiple, parallel mineralization TSX-V MOST ACTIVE ISSUES

VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

Ashburton Vent ABR Adex Mining ADE Westkam Gold WKG Majestic Gold MJS Nemaska Lith NMX Canada Rare Ea CJC Dajin Res DJI Sanatana Diam STA Honey Badger E TUF Equitorial Exp EXX

4923 4561 4267 3903 3746 3310 3291 3276 3194 3190

0.03 0.01 0.03 0.10 0.39 0.04 0.13 0.02 0.04 0.09

0.02 0.01 0.02 0.08 0.34 0.03 0.11 0.02 0.03 0.07

0.02 + 0.01 0.03 0.09 + 0.38 + 0.03 + 0.12 0.02 - 0.04 + 0.09 +

0.01 0.00 0.00 0.02 0.03 0.01 0.00 0.01 0.01 0.01

zones elsewhere on the property.

Mundoro Capital shares fell 29% to 4¢, after the company released exploration results from its Southern Timok properties in northeastern Serbia, which has been under an option agreement with First Quantum Minerals.

According to a company press release, the 5,400-metre drill program identified large

areas of zoned hydrothermal alteration and intersected new mineralized zones that returned best intercepts of 36 metres of 0.2% copper and 0.21 gram gold, and 25 metres of 0.54 gram gold.

First Quantum, which solely funded the program, needs to give written notice to Mundoro if it wants a joint venture for the Southern Timok properties.

TSX-V GREATEST PERCENTAGE CHANGE

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

WEEK

VOLUME CLOSE CHANGE

Reva Res Goldstar Mnls Slater Mng Golden Goliath Western Pac Rs Northern Iron Laurion Mnl Ex Plato Gold Sonora Gld & S Tajiri Res Ferrum Am Mng Rock Tech Lith WCB Res Tawsho Mng J.A.G. Mines Alliance Mng Altima Res Pac North West Silver Predatr Standard Graph

Archon Mineral Abitibi Royalt Bacanora Mnls Roxgold Zenyatta Vent Reva Res Gold Std Vnt Mirasol Res Ascot Res Cordoba Mnls Timberline Res Chesapeake Gld Reservoir Mnls Midland Expl McChip Res EurOmax Res Diamcor Mng Eurasian Minls Arianne Phosph Taipan Res

RVA GDM SLM GNG WRP NFE LME PGC SOC TAJ FEM RCK WCB TAW JML ALM ARH PFN SPD SGH

25 392 45 20 53 29 13 20 120 145 120 73 643 10 204 358 75 43 101 52

0.10 0.03 0.06 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.05 0.06 0.02 0.02 0.01 0.01 0.02 0.02 0.01

0.04 0.02 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.10 0.03 0.06 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01

+ 400.0 + 200.0 + 120.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 64.7 - 54.5 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

ACS RZZ BCN ROG ZEN RVA GSV MRZ AOT CDB TBR CKG RMC MD MCS EOX DMI EMX DAN TPN

10300 57461 23918 1571739 886352 25166 514071 43330 92276 491853 75217 61358 122757 63950 17300 11000 124318 205860 156631 119271

1.68 2.75 1.69 0.79 0.88 0.10 0.81 0.82 0.99 0.17 0.33 1.90 4.05 0.51 0.61 0.31 0.86 0.59 0.86 0.07

+ 0.30 + 0.16 + 0.14 + 0.13 + 0.09 + 0.08 + 0.08 + 0.06 + 0.06 + 0.05 - 0.13 - 0.11 - 0.10 - 0.09 - 0.09 - 0.09 - 0.09 - 0.07 - 0.06 - 0.06

U.S. MARKETS / DECEMBER 4–10 The Dow Jones Industrial Average climbed 0.6% to finish at 17,574.75, while the S&P 500 Index inched up 0.1% to 2,052.23, and the Philadelphia Gold & Silver Index rose 0.4% to 47.37.

Freeport-McMoRan was the most traded mining stock, falling US32¢ to US$$7.36 per share. The company announced more cuts in copper and molybdenum production, suspension of its common stock dividend and revisions to its oil and gas capital spending plans, to US$1.8 billion in 2016 and US$1.2 billion in 2017.

Shares of Harmony Gold Mining were up US21¢ to US87¢ a share. In early December, the South African gold producer repaid R1.1 billion of its debt.

The repayment makes up US$50 million of its US$250-million revolving credit facility, and another R400 million of its R1.3-billion facility.

Harmony said the increase in the rand gold price in October and November strengthened its cash position. With over 90% of its operating revenue made in South Africa, the company benefits from the weak rand, which more than offsets the impact of the low U.S.

Dec 21 Pgs 6.indd 6

dollar gold price, the company said.

Uranium Energy’s shares gained US3¢ to US$1.11. The company reported that it had completed a 7,620-metre drill program at its Burke hollow in-situ recovery project in Texas, and extended the Eastern Lower B trend from 1.7 miles to 3.7 miles. The Eastern Lower B trend will be the first area scheduled for potential production at the project. The company also reported that leach amenability testing showed more than 90% recovery.

The Eastern Lower B trend is one of the company’s seven trends discovered to date at the Burke Hollow project. The company has U.S. MOST ACTIVE ISSUES VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 257018 7.92 6.63 7.36 - 0.32 Alcoa* AA 180415 9.47 8.50 9.17 + 0.18 Barrick Gold* ABX 82359 8.10 7.47 7.66 + 0.09 Consol Energy* CNX 73893 8.55 6.30 7.60 - 1.09 Gold Fields* GFI 44456 2.80 2.42 2.65 + 0.19 Newmont Mng* NEM 43717 20.49 18.87 19.43 + 0.73 Kinross Gold* KGC 39553 2.14 1.89 1.95 - 0.06 Goldcorp* GG 36543 12.75 11.83 11.88 - 0.19 Potash C Sask* POT 35581 19.15 17.82 17.96 - 1.23 Mosaic* MOS 33991 32.26 30.00 30.07 - 0.96

also installed baseline monitor wells along the Eastern Lower B trend.

Rio Tinto’s shares fell US$1.90 to US$29.90.

The company reported on Dec. 8 that by the end of 2015, its aluminum business will have delivered US$300 million of cash-cost

improvements, a US$45-million reduction in sustaining capex and a US$400-million cut in working capital, compared with 2014. Rio Tinto says its company-wide capital expenses next year will be US$5 billion, down from previous forecasts of just under US$6 billion.

U.S. GREATEST PERCENTAGE CHANGE VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

Harmony Gold* Minco Gold* AngloGold Ash* Tasman Mtls* Ur-Energy* Vista Gold* Gold Std Vnt* Gold Fields* NovaGold Res* Comstock Mng* US Energy* Mines Managem* Timberline Rs* Mesabi Trust* Natural Rs Pt* Arch Coal* Intl Tower Hi* Peabody Enrgy* HudBay Mnls* Consol Energy*

HMY MGH AU TAS URG VGZ GSV GFI NG LODE USEG MGN TLR MSB NRP ACI THM BTU HBM CNX

8799 0.89 328 0.17 18968 7.33 146 0.20 214 0.59 484 0.32 597 0.61 44456 2.80 8399 4.27 693 0.45 1057 0.24 323 0.23 368 0.35 1021 5.87 421 1.54 6119 1.30 234 0.26 3888 10.83 92 4.65 73893 8.55

0.64 0.13 6.25 0.18 0.49 0.27 0.53 2.42 3.98 0.38 0.13 0.15 0.24 4.37 1.22 1.00 0.20 9.04 3.72 6.30

0.87 + 31.7 0.16 + 20.3 7.21 + 11.6 0.20 + 11.1 0.59 + 9.2 0.30 + 9.0 0.59 + 8.4 2.65 + 7.7 4.19 + 5.8 0.40 + 5.7 0.14 - 28.0 0.17 - 25.6 0.24 - 23.0 4.42 - 21.2 1.22 - 20.2 1.03 - 20.1 0.20 - 18.7 9.27 - 13.7 3.95 - 13.5 7.60 - 12.5

U.S. GREATEST VALUE CHANGE

WEEK

VOLUME CLOSE CHANGE

AngloGold Ash* Newmont Mng* Agnico-Eagle* Central GoldT* Cameco Corp* NovaGold Res* Harmony Gold* Gold Fields* Alcoa* Primero Mng* Compass Mnls* Rio Tinto* Alliance Rs P* Agrium* Peabody Enrgy* BHP Billi-BBL* Potash C Sask* Mesabi Trust* BHP Billi-BHP* Cabot Corp*

AU NEM AEM GTU CCJ NG HMY GFI AA PPP CMP RIO ARLP AGU BTU BBL POT MSB BHP CBT

18968484 7.21 43717321 19.43 11583582 27.49 509907 38.21 8364108 12.13 8399070 4.19 8799366 0.87 44456231 2.65 180414884 9.17 462133 2.42 245432 79.57 6437081 29.90 2391647 14.60 341143 96.09 3888445 9.27 17459418 22.47 35580624 17.96 1020822 4.42 26132714 25.13 2163969 42.20

+ 0.75 + 0.73 + 0.52 + 0.44 + 0.25 + 0.23 + 0.21 + 0.19 + 0.18 + 0.11 - 3.56 - 1.90 - 1.77 - 1.71 - 1.48 - 1.27 - 1.23 - 1.19 - 1.12 - 1.10

2015-12-15 7:16 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 21-27, 2015

7

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, December 15, 2015 Precious Metals Price (US$/oz.)

Change $1069.15 -2.60 Gold Silver $13.74 -0.50 Platinum $843.00 -31.00 Palladium $549.00 -8.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8550.00 -200.00 $4573.50 -107.00 $1706.00 -29.00 $1502.50 -48.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 14, 2015 (change from December 7, 2015 in brackets): Aluminium Alloy 13460 (0) Aluminium 2930175 (+57375) Copper 232200 (-3553) Lead 131175 (+3600) Nickel 409014 (+14358) Tin 5805 (+20) Zinc 508075 (0)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

TSX VENTURE WARRANTS

Thermal Coal CAPP: US$43.00 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$43.40; Feb. 2016: US$43.93 Cobalt: US$10.43/lb.

Copper: US$2.10/lb.

Copper: CME Group Futures Jan. 2016: US$2.055/lb.; Feb. 2016: US$2.061/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$37.50/tonne Iron Ore Fines: US$53.16/tonne Iron Ore Pellets: US$71.04/tonne Lead: US$0.768/lb.

Magnesium: US$1.99/kg Manganese: US$1.63/kg Molybdenum Oxide: US$5.22/lb.

Phosphate Rock: US$123.00/tonne Potash: US$300.00/tonne Rhodium: Mid-mkt US$670.00/tr. oz.

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

Silver: Handy & Harman Base: US$13.73 per oz.; Handy & Harman Fabricated: US$17.16 per oz.

Tantalite Ore: : US$132.41/kg Tin: US$6.61/lb.

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

Zinc: US$0.69/lb.

Prices current Dec. 15, 2015

Alamos Gold(AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis.

See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 Oban Mining (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15 Supplied by TMX Group Inc.

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (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 @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19 Supplied by TMX Group Inc.

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 13, 2015 (with changes from Oct 16, 2015) Largest short positions Lundin Mng LUN 38967708 -358896 First Quantum FM 34091110 735284 New Gold NGD 31294087 916534 Potash Corp SK POT 30436931 15333825 Kinross Gold K 27409453 -1280113 B2Gold BTO 25121451 169279 Teck Res TCK.B 18950143 -117624 Suncor Energy SU 18103229 -3894 Yamana Gold YRI 17568555 -971883 Barrick Gold ABX 15432689 1978004 Thompson Creek TCM 12262962 -253475 Eldorado Gold ELD 11199801 -2200892 Detour Gold DGC 9660056 -994007 Copper Mtn Mng CUM 8673842 -38352 Torex Gold TXG 8059003 4184268 Largest increase in short position Potash Corp SK POT 30436931 15333825 Torex Gold TXG 8059003 4184268 Lake Shore Gld LSG 4461969 3101795 Barrick Gold ABX 15432689 1978004 Sandstorm Gold SSL 5040666 1727745 Largest decrease in short position Alamos Gold AGI 2773209 -3754828 Eldorado Gold ELD 11199801 -2200892 Denison Mines DML 4810650 -1948581 OceanaGold OGC 2798958 -1764659 Kinross Gold K 27409453 -1280113

Short positions outstanding as of Nov 13, 2015 (with changes from Oct 16, 2015) Largest short positions Pine Cliff En PNE 1029800 225700 BonTerra Res BTR 450000 449700 Nexgen Energy NXE 371000 57282 Gold Canyon GCU 238729 112625 Integra Gold ICG 227258 167200 Roxgold ROG 218481 3300 True Gold Mng TGM 208600 76100 Nrthn Graphite NGC 136634 27773 Reservoir Mnls RMC 38100 -4900 Lara Expl LRA 25000 24400 Saturn Mnrls SMI 18400 17700 Kaminak Gold KAM 17904 -26273 Almonty Ind AII 16000 11500 Gold Std Vents GSV 15700 -145200 Arian Silver AGQ 14200 14200 Largest increase in short position BonTerra Res BTR 450000 449700 Pine Cliff En PNE 1029800 225700 Integra Gold ICG 227258 167200 Gold Canyon GCU 238729 112625 True Gold Mng TGM 208600 76100 Largest decrease in short position Indico Res IDI 0 -584300 IMPACT Silver IPT 0 -307500 Nemaska Lith NMX 13400 -278100 Gold Std Vents GSV 15700 -145200 Golden Sh Mng GSH 0 -74000

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Date Dec 14 Dec 11 Dec 10 Dec 9 Dec 8 High Low TSX Composite 12695.49 12789.95 13016.59 12937.59 12922.47 15524.75 12617.66 S&P/TSX-Ven Comp 496.16 502.09 504.28 505.24 506.34 707.95 495.14 S&P TSX 60 749.53 753.11 766.76 762.80 760.81 905.09 744.37 Global Gold 126.44 134.55 132.36 131.97 130.74 195.63 114.48 TSX Metals & Mining 303.25 325.61 336.23 330.69 318.45 832.42 299.47 Gold & Silver XAU 44.57 47.41 47.37 47.21 46.47 82.19 42.72 211.23 101.28 Arca Gold Bugs 109.01 116.49 115.99 115.88 113.89

DAILY METAL PRICES Date Dec 14 Dec 11 Dec 10 Dec 9 Dec 8 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1585/1600 1590/1600 1550/1560 1560/1570 1560/1570 Aluminum 1475/1475 1498/1495 1478/1481 1493/1494.50 1461.50/1467.50 Copper 4639.50/4638 4665/4668.50 4571/4569 4619/4612 4567/4566 Lead 1712/1712 1717/1716 1683.50/1689 1708.50/1714 1669/1673 Nickel 8560/8600 8650/8650 8525/8550 8720/8750 8575/8635 Tin 14570/14525 14575/14550 14425/14405 14575/14600 14500/14475 Zinc 1523/1535 1532/1551.50 1501.50/1519 1521/1538 1493/1509 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1068.00 1067.20 1072.00 1078.40 1071.75 Gold PM 1068.25 1072.50 1071.00 1081.00 1072.10 Silver 13.71 13.92 14.17 14.27 14.24 Platinum 854.00 836.00 857.00 855.00 852.00 Palladium 547.00 543.00 556.00 554.00 558.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Dec 14 Dec 11 Dec 10 Dec 9 Dec 8 US$ in C$ 1.3733 1.3696 1.3599 1.3595 1.3593 C$ in US$ 0.7282 0.7301 0.7353 0.7356 0.7357

NEW 52-WEEK HIGHS AND LOWS DECEMBER 4–10, 2015 27 New Highs African Queen Aquila Res Blue Rvr Res Canadn Int Mnl Colombia Crest Gensource Pot Golden Peak Mn Golden Share M Honey Badger E I-Minerals Kings Bay Gold Majestic Gold Millstream Min Minsud Res MPH Vent Noram Vent NovaGold Res NovaGold Res* Pac Imp Mines Reva Res Roxgold Sabina Gd&Slvr Slater Mng St Andrew Gldf Sunridge Gold TAD Mnl Expl Zonte Mtls

367 New Lows Acme Res Adamera Mnls Adex Mining African Gold G Alberta Star Alderon Iron O Aldridge Minls Alexander Nubi Alexandria Mnl Alliance Mng Alliance Rs P* Alloycorp Altai Res Altan Nev Mnls Altan Rio Mnls Altima Res Altius Mnrls Alto Vent Alum Cp China* AM Gold Amarc Res Amex Expl Anaconda Mng Anglo-Can Mng AQM Copper Arctic Star Rs Arcturus Res Argex Titanium Aroway Mnls Ascot Res Asher Res Asian Minl Res Astur Gold Atac Res Atico Mng Auramex Res Aureus Mng Aurvista Gold Axmin Inc Azincourt Res Baja Mng Balmoral Res Bannerman Res Barisan Gold Barker Mnrls Bayswater Uran BCGold Bear Creek Mng Belvedere Res Benton Cap Berkwood Res BHP Billi-BBL* BHP Billi-BHP* Big North Grap Bison Gold Res Bitterroot Res Blue Sky Uran Bold Vent Brionor Res Burnstone Vent Cameco Corp* Canada Rare Ea Canada Zinc Mt Canadn Plat Canadn Silvr H Canaf Group Canamex Res Cancana Res Candente Coppr

CaNickel Mng Canterra Mnls Canuc Res Cap-Ex Vent Capstone Mng Caracara Silvr Cardero Res Carlin Gold Carmax Mng Castle Peak Mg Central Iron O Champion Bear Chiboug Ind Mn China Mnls Mng Clear Mtn Res Cliffs Nat Rs* Cloud Peak En* CMC Metals Colombia Crest Colombian Mins Colorado Res Commander Res Conquest Res Consol Energy* Constant Mtl R Copper North M Coro Mining Corsa Coal CVR Partners* Darnley Bay Denison Mines Denison Mines* Diamcor Mng Discovery Harb Dominion Diam* Dominion Diam Dorex Minls Duncan Park H Dundee Prec Mt Dynasty Met&Mn East Asia Mnls El Nino Vent Emerick Res Emgold Mng Europn Uran Rs Everton Res Excellon Res Fairmont Res Falco Res Falcon Gold Ferrum Am Mng Fieldex Expl Firebird Res Firesteel Res Firestone Vent First Bauxite First Quantum Focus Graphite Foraco Intl Foran Mng Forsys Metals Fortune Mnrls Forum Uranium Freegold Vent Freeport McMo* Freeport Res Frontline Gold Full Metal Mnl Gabriel Res Galane Gold Geodex Mnrls Geologix Ex Geomega Res Georox Res Getty Copper GGL Res Gobimin Gold Finder Ex Goldcliff Res Golden Band Golden Val Min Goldex Res Goldeye Expl Gran Colombia Grande Portage Great Atlantic GTA Res & Mng Handa Copper Heatherdale Rs HiHo Silver Horizonte Mnls Hunt Mng Huntington Exp IBC Adv Alloys IC Potash IEMR Res IMPACT Silver Inca One Res Independence G Indigo Expl

Intl Montoro R Intl Tower Hi* Intrepid Pots* Ivanhoe Mines J.A.G. Mines Katanga Mng Kazax Mnls Kermode Res Kestrel Gold Kincora Copper Kings Bay Gold Kiska Metals Laurion Mnl Ex Lincoln Mng Lucky Mnls Lundin Mng MacDonald Mns Magellan Minls Majescor Res Makena Res Mammoth Res Mandalay Res Maracote Intl Marifil Mines Marlin Gold Mason Graphite Masuparia Gold Matamec Expl MDN Inc Meadow Bay Gd Mega Uranium Melior Res Mesabi Trust* Metalcorp Metalore Res Metals Ck Res Metanor Res Micrex Devel Midas Gold Mindoro Res Mines Managem* Mines Managmnt Miranda Gold Monster Mng Mountain Boy M MPVC Mundoro Cap Mustang Minls Natural Rs Pt* Nevada Copper Nevado Res Nevsun Res Nevsun Res* New Destiny Mg New Milln Iron Newport Expl Nortec Mnls North Am Tung North Arrow Mn Northern Abiti Northern Freeg Northern Gld M Northern Sup R Northisle C&G NQ Expl NSX Silver Opawica Expl Oracle Mng Orca Gold Orestone Mng Orex Minls Orocobre Orosur Mng Pac Coal Res Pac North West Pac Ridge Expl Pan Global Res Pancontl Uran Peabody Enrgy* Pelangio Expl Pershimco Res Peruvian Prc M Pilot Gold Pinecrest Res Pinetree Cap Planet Mng Platinum Gp Mt Plato Gold Potash C Sask* Potash Cp Sask Prophecy Coal Puma Expl Purepoint U Q-Gold Res QMX Gold Quartz Mtn Res Quest Rare Mnl Randsburg Intl Rare Elemnt Rs Rare Elemt Re*

Red Rock Enrgy Redhill Res Redstar Gold Redstar Res Reliance Res Reliant Gold Reunion Gold Rhino Res* Rio Tinto* Riverside Res RJK Explor Rochester Res RockBridge Res Rockland Mnls Rockwell Diam Rodinia Lithm RPT Uranium RT Minerals Rubicon Mnls* Russell Metals Sage Gold Sama Res San Marco Res Sanatana Diam Santacruz Silv Savant Expl Scorpio Mining Serengeti Res SGX Res Sherritt Intl Silver Bear Rs Silver Bull Re Silver Grail R Silvercorp Mtl Skeena Res Source Expl Spanish Mtn Gd Sprott Res Stakeholdr Gld Standard Graph Starcore Int V Stelmine Can Stonegate Agri Strata Mnls Strategic Res Strike Graph Sultan Mnrls SunCoke Engy* Suparna Gold Superior Coppr TAD Mnl Expl Taipan Res Tasca Res Taseko Mines* Taseko Mines Tawsho Mng Teck Res A Teck Res B* Teck Res B Tembo Gold Teras Res Teuton Res Timberline Res Timberline Rs* Timmins Gold* Timmins Gold Tribute Res Trueclaim Expl Turquoise HIl* TVI Pacific Typhoon Expl U3O8 Corp Uranium Res* US Energy* Vale* Valterra Res Vangold Res Vanstar Mng Rs Vantex Res Vena Res Venerable Vent Verde Potash Victory Res Vulcan Mnrls VVC Expl Wallbridge Mng WCB Res West Kirkland Western Coppr* Western Lithiu Western Pac Rs Western Potash White Pine Res Xmet Xtierra Yanzhou Coal* Zephyr Mnls Zimtu Capital

For daily mining news, visit www.northernminer.com

EXCHANGE RATES (Bank of Canada, December 14, 2015) Currency Aus $ Euro Japan Mex P SA Rand UK £ In C$ 0.9965 1.5139 0.01144 0.07912 0.09065 2.0777 In US$ 0.7256 1.1024 0.00829 0.05761 0.06601 1.5129 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.$

Dec 21 Pgs 7.indd 7

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

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

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

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

Reprints Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $350.

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

2015-12-15 6:27 PM

8

WWW.NORTHERNMINER.COM

DECEMBER 21-27, 2015 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 4–10, 2015 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 6912 0.07 0.06 0.06 + 0.01 0.09 0.03 Abcourt Mines V 11774 0.06 0.04 0.05 + 0.01 0.07 0.03 ABE Res V 150 0.04 0.04 0.04 - 0.01 0.08 0.03 Aben Res V 2030 0.08 0.07 0.07 + 0.02 0.30 0.06 Aberdeen Intl T 617 0.13 0.12 0.12 - 0.01 0.19 0.11 Abitibi Royalt V 574 2.75 2.59 2.75 + 0.16 5.10 1.53 Acme Res V 200 0.02 0.02 0.02 0.00 0.06 0.02 Actus Mnls V 340 0.02 0.02 0.02 - 0.01 0.11 0.01 Adamera Mnls V 1433 0.02 0.02 0.02 0.00 0.05 0.02 Adex Mining V 45610 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 5865 0.13 0.11 0.11 0.00 0.19 0.08 Adventure Gold V 2339 0.12 0.08 0.10 - 0.02 0.20 0.06 0.04 0.04 0.04 + 0.01 0.07 0.04 African Gold G V 11615 African Metals V 5264 0.05 0.04 0.04 + 0.01 0.15 0.02 0.02 + 0.01 0.03 0.01 African Queen V 495 0.03 0.02 Agnico-Eagle* N 115835 29.15 27.17 27.49 + 0.52 34.89 21.00 Agnico-Eagle T 39040 39.08 36.37 37.46 + 1.50 43.70 25.24 N 3411 99.03 95.35 96.09 - 1.71 116.77 86.60 Agrium* Agrium T 23696 132.74 129.69 131.00 + 0.46 146.51 105.68 Alabama Graph V 18272 0.19 0.16 0.17 - 0.01 0.35 0.14 Alacer Gold T 18180 2.74 2.52 2.55 - 0.04 3.23 1.99 Alberta Star V 168 0.03 0.02 0.03 0.00 0.05 0.02 N 1804148 9.47 8.50 9.17 + 0.18 17.45 7.81 Alcoa* Alderon Iron O T 2158 0.12 0.11 0.11 - 0.01 0.58 0.11 0.02 0.00 0.05 0.01 Aldershot Res V 47 0.02 0.02 Aldridge Minls V 1291 0.14 0.13 0.13 - 0.01 0.23 0.13 Aldrin Res V 228 0.11 0.11 0.11 + 0.01 0.26 0.10 V 870 0.05 0.04 0.05 + 0.01 0.20 0.04 Alexander Nubi Alexandria Mnl V 11942 0.03 0.02 0.03 - 0.01 0.06 0.02 0.43 - 0.02 0.81 0.34 Alexco Res T 3774 0.50 0.43 Alexco Res* X 7715 0.38 0.32 0.32 - 0.03 0.68 0.26 Alita Res V 4792 0.07 0.06 0.07 + 0.01 0.44 0.06 V 12434 0.05 0.04 0.05 - 0.01 0.09 0.03 Alix Res Alliance Mng V 3580 0.01 0.01 0.01 - 0.01 0.06 0.01 16.76 14.01 14.60 - 1.77 46.23 14.01 Alliance Rs P* Q 23916 0.01 - 0.01 0.07 0.01 Alloycorp V 1351 0.02 0.01 Almaden Mnls* X 2358 0.56 0.51 0.52 - 0.01 1.11 0.48 0.70 0.00 1.57 0.65 Almaden Mnls T 485 0.75 0.67 Almonty Ind V 2421 0.30 0.26 0.26 - 0.05 0.86 0.25 0.05 + 0.01 0.06 0.03 Alpha Gold V 142 0.05 0.04 Altai Res V 250 0.05 0.05 0.05 0.00 0.12 0.05 Altair Vent V 40 0.09 0.09 0.09 0.00 0.60 0.06 845 0.01 0.01 0.01 0.00 0.03 0.01 Altan Nev Mnls V Altan Rio Mnls V 2679 0.02 0.02 0.02 - 0.01 0.05 0.02 0.01 - 0.01 0.05 0.01 Altima Res V 745 0.01 0.01 Altiplano Mnls V 200 0.03 0.03 0.03 - 0.01 0.06 0.02 Altius Mnrls T 7201 10.97 9.55 10.21 - 0.80 15.47 9.55 0.02 - 0.01 0.10 0.02 Alto Vent V 2455 0.02 0.02 Alum Cp China* N 2020 7.95 7.09 7.28 - 0.58 17.44 7.09 0.05 0.04 0.04 - 0.01 0.10 0.03 Am Creek Res V 3774 AM Gold V 469 0.04 0.03 0.03 - 0.01 0.06 0.03 Amarc Res V 1383 0.08 0.06 0.06 - 0.01 0.18 0.06 0.07 - 0.01 0.15 0.04 Amarillo Gold V 470 0.07 0.07 Amato Expl V 150 0.01 0.01 0.01 0.00 0.03 0.01 V 3870 0.03 0.02 0.03 + 0.01 0.05 0.01 American Manga American Vanad V 1881 0.08 0.07 0.07 - 0.01 0.30 0.05 Amerigo Res T 2520 0.20 0.17 0.20 + 0.02 0.45 0.17 0.03 - 0.01 0.09 0.03 Amex Expl V 1915 0.03 0.03 AMI Res V 50 0.04 0.04 0.04 0.00 0.06 0.01 T 2375 0.04 0.04 0.04 0.00 0.07 0.04 Anaconda Mng Anconia Res V 200 0.02 0.02 0.02 0.00 0.03 0.01 Anfield Nickel V 190 0.67 0.64 0.64 - 0.03 0.96 0.62 0.12 + 0.02 0.33 0.06 Anfield Res V 216 0.12 0.11 Angel Gold V 350 0.04 0.03 0.04 + 0.01 0.10 0.01 0.49 + 0.03 0.64 0.38 Angkor Gold V 415 0.50 0.42 Anglo-Bomarc V 205 0.19 0.15 0.19 + 0.04 0.30 0.02 Anglo-Can Mng V 841 0.02 0.01 0.01 0.00 0.02 0.01 7.33 6.25 7.21 + 0.75 13.12 5.64 AngloGold Ash* N 189684 Antioquia Gold V 170 0.08 0.08 0.08 + 0.01 0.10 0.01 V 2457 0.22 0.19 0.20 + 0.01 0.29 0.09 Antofagasta Gd Apogee Silver V 123 0.27 0.22 0.22 - 0.02 0.65 0.18 AQM Copper V 17062 0.04 0.04 0.04 - 0.01 0.08 0.04 0.18 - 0.02 0.24 0.09 Aquila Res T 8168 0.24 0.17 Arch Coal* N 61185 1.30 1.00 1.03 - 0.26 20.40 0.80 V 103 1.68 1.30 1.68 + 0.30 2.09 0.95 Archon Mineral Arco Res V 128 0.05 0.04 0.05 + 0.01 0.09 0.03 Arctic Star Rs V 7470 0.02 0.01 0.02 + 0.01 0.07 0.01 0.01 0.00 0.03 0.01 Arcturus Res V 14 0.01 0.01 Argentex Mng V 7826 0.03 0.02 0.03 0.00 0.08 0.02 V 15 0.02 0.02 0.02 0.00 0.07 0.02 Argentum Silvr Argex Titanium T 16920 0.05 0.04 0.04 - 0.01 0.61 0.04 Argonaut Gold T 26010 1.34 1.18 1.22 - 0.04 3.14 1.14 0.02 + 0.01 0.11 0.02 Argus Metals V 150 0.02 0.02 Arianne Phosph V 1566 0.93 0.84 0.86 - 0.06 0.98 0.51 Armistice Res T 2925 0.31 0.29 0.31 + 0.02 0.52 0.22 0.01 - 0.01 0.11 0.01 Aroway Mnls V 3601 0.01 0.01 ASA (Bermuda)* N 6711 7.75 7.09 7.31 - 0.09 12.31 6.73 2.06 + 0.03 2.55 1.52 Asanko Gold T 90838 2.12 1.77 Asanko Gold* X 2920 1.58 1.31 1.52 0.00 1.94 1.26 Ascot Res V 922 1.07 0.91 0.99 + 0.06 2.00 0.91 V 49230 0.03 0.02 0.02 + 0.01 0.03 0.01 Ashburton Vent Asher Res V 790 0.02 0.02 0.02 + 0.01 0.08 0.02 0.03 0.03 0.03 0.00 0.08 0.03 Asian Minl Res V 1860 Aston Bay V 329 0.15 0.13 0.15 - 0.01 0.20 0.08 Astur Gold V 4580 0.02 0.01 0.01 - 0.01 0.10 0.01 0.30 - 0.03 0.78 0.30 Atac Res V 6162 0.36 0.30 Atacama Pac Gd V 205 0.15 0.15 0.15 0.00 0.52 0.14 V 1378 0.30 0.25 0.28 + 0.01 1.31 0.20 Athabasca Mnls Atico Mng V 1631 0.34 0.27 0.30 - 0.05 0.67 0.27 Augen Gold V 606 0.06 0.04 0.04 + 0.01 0.25 0.03 0.11 0.00 0.15 0.07 Augyva Mng V 5520 0.11 0.11 Aura Mnls T 2202 0.09 0.08 0.08 + 0.01 0.12 0.06 Auramex Res V 100 0.01 0.01 0.01 0.00 0.02 0.01 Aurcana Corp V 1717 0.11 0.10 0.11 + 0.01 0.38 0.09 AurCrest Gold V 692 0.03 0.02 0.03 - 0.01 0.04 0.01 Aureus Mng T 1400 0.13 0.09 0.13 + 0.02 0.83 0.09 Aurion Res V 1100 0.06 0.05 0.05 - 0.01 0.08 0.03 Aurvista Gold V 20 0.03 0.03 0.03 0.00 0.09 0.03 Avala Res V 512 0.04 0.04 0.04 - 0.01 0.09 0.03 Avalon Rare M* X 9926 0.10 0.09 0.09 + 0.00 0.40 0.08 Avalon Rare Mt T 2674 0.13 0.12 0.13 + 0.02 0.48 0.11 Avino Silver V 328 1.34 1.23 1.25 - 0.02 2.40 1.15 Avino Silver* X 2159 1.00 0.90 0.93 - 0.03 1.97 0.89 Avnel Gold T 925 0.24 0.22 0.24 0.00 0.31 0.15 Avrupa Mnls V 590 0.10 0.08 0.09 - 0.01 0.40 0.07 Axmin Inc V 517 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 495 0.13 0.11 0.12 - 0.01 0.25 0.10 Azincourt Res V 1007 0.06 0.04 0.05 - 0.01 0.36 0.04

B B2Gold* X 149005 B2Gold T 221755 Bacanora Mnls V 239 Baja Mng V 2349 Balmoral Res T 5129 Banks Island G V 4100 Bannerman Res T 210 Banro T 7002 Banro* X 29950 Banyan Gold V 350 Bard Vent V 903 Barisan Gold V 850 Barker Mnrls V 2700 Barkerville Go V 13693 Barrick Gold* N 823585 Barrick Gold T 158736 Batero Gold V 899 V 3052 Bayswater Uran BCGold V 312 BCM Res V 4832 Bear Creek Mng V 11430

Dec 21 Pgs 8 9.indd 8

1.26 1.17 1.17 0.00 2.38 0.98 1.69 1.57 1.60 + 0.05 2.88 1.30 1.77 1.55 1.69 + 0.14 2.05 0.56 0.02 0.02 0.02 + 0.01 0.06 0.02 0.44 0.42 0.43 - 0.02 1.25 0.42 0.03 0.02 0.02 - 0.01 0.28 0.02 0.03 0.03 0.03 - 0.01 0.08 0.03 0.25 0.23 0.24 0.00 0.47 0.14 0.19 0.17 0.18 - 0.00 0.40 0.12 0.03 0.03 0.03 0.00 0.10 0.02 0.03 0.02 0.02 + 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.14 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.24 0.22 0.22 - 0.02 0.40 0.20 8.10 7.47 7.66 + 0.09 13.70 5.91 10.83 10.15 10.46 + 0.37 16.54 7.89 0.07 0.06 0.06 0.00 0.11 0.06 0.02 0.01 0.02 + 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.05 0.05 - 0.01 0.10 0.02 0.69 0.56 0.59 - 0.05 1.94 0.56

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Beaufield Res V 2505 Bellhaven Cp&G V 1007 Belmont Res V 400 Belo Sun Mng T 16454 Belvedere Res V 1581 Benton Cap V 1062 Benton Res V 1355 Berkwood Res V 15546 BHP Billi-BBL* N 174594 BHP Billi-BHP* N 261327 Big North Grap V 2553 Bison Gold Res V 1008 Bitterroot Res V 1105 Black Iron T 17007 80 Black Isle Res V Black Widow Rs V 10 Blind Crk Res V 170 Blue Rvr Res V 7105 Blue Sky Uran V 348 799 BMO Jr Gld ETF T Bold Vent V 4650 Bonterra Res V 7349 Bowmore Expl V 837 Brazil Res V 4102 Brionor Res V 19501 Brixton Mtls V 330 Burnstone Vent V 4886

0.05 0.04 0.04 0.00 0.06 0.03 0.05 0.04 0.05 + 0.02 0.45 0.03 0.03 0.03 0.03 0.00 0.09 0.02 0.28 0.22 0.22 - 0.05 0.30 0.11 0.01 0.01 0.01 0.00 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 0.01 0.01 0.01 0.00 0.05 0.01 24.20 21.65 22.47 - 1.27 48.87 21.65 26.49 23.91 25.13 - 1.12 50.22 23.91 0.04 0.02 0.04 + 0.02 0.45 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.03 0.04 0.00 0.15 0.03 0.04 0.03 0.03 0.00 0.06 0.02 0.04 0.04 0.04 - 0.01 0.09 0.02 0.02 0.02 0.02 - 0.01 0.08 0.01 0.06 0.05 0.06 + 0.02 0.07 0.04 0.05 0.04 0.04 - 0.01 0.05 0.03 0.06 0.04 0.04 - 0.01 0.26 0.04 5.32 5.04 5.10 + 0.03 7.65 4.45 0.03 0.02 0.02 0.00 0.06 0.02 0.20 0.18 0.18 - 0.01 0.43 0.09 0.07 0.05 0.07 - 0.01 0.11 0.03 0.52 0.47 0.48 - 0.02 0.85 0.43 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.07 0.08 + 0.02 0.22 0.05 0.01 0.01 0.01 - 0.01 0.04 0.01

Cabot Corp* N 21639 Cache Expl V 700 Cadan Res V 42 Cadillac Vent V 1693 Caledonia Mng T 453 Calibre Mng V 3530 Calico Res V 450 Callinex Mines V 388 Cameco Corp* N 83641 Cameco Corp T 42635 Camino Mnls V 830 V 6865 Canada Carbon Canada Rare Ea V 33098 Canada Zinc Mt V 1815 Canadn Int Mnl V 1338 Canadn Mining V 630 Canadn Plat V 70 Canadn Silvr H V 1300 Canadn Zinc T 25329 Canaf Group V 200 Canamex Res V 5745 Canarc Res T 1295 Canasil Res V 725 Cancana Res V 3067 Candente Coppr T 1625 CaNickel Mng T 644 210 Canoe Mng Vnt V Canstar Res V 2857 Canterra Mnls V 2172 Cantex Mn Dev V 338 Canuc Res V 470 V 200 Canyon Copper Cap-Ex Vent V 1363 Capstone Mng T 140841 Caracara Silvr V 10 Cardero Res T 958 76 Caribou King R V Carlin Gold V 476 Carlisle Goldf T 1770 Carmax Mng V 1305 Castillian Res V 250 310 Castle Peak Mg V Catalyst Coppr V 912 Caza Gold V 348 V 193 CB Gold Centamin T 1955 Centerra Gold T 35464 Central Fund* X 40889 Central Fund T 1829 Central Gold-T T 13 Central GoldT* X 5099 Central Iron O V 2000 Centurion Mnls V 280 Chalice Gold M T 47 V 878 Champion Bear Champion Iron T 4002 Chesapeake Gld V 613 Chiboug Ind Mn V 300 Chilean Gold V 2300 Chimata Gold V 20 China Gold Int T 8898 China Mnls Mng V 250 Claude Res T 53699 Clear Mtn Res V 10260 Cliffs Nat Rs* N 143967 Clifton Star V 2665 Cloud Peak En* N 15093 CMC Metals V 11466 85839 Coeur Mng* N Colibri Res V 230 Colombia Crest V 500 V 316 Colombian Mins Colonial Coal V 2610 Colorado Res V 2070 Colt Res V 1437 Columbus Gold V 420 V 40 Commander Res Commerce Res V 3747 Compass Mnls* N 2454 Compliance Eny V 43 Comstock Mng* X 6925 V 11070 Comstock Mtls Condor Res V 30 V 8015 Confedertn Mls Conquest Res V 340 Cons Woodjam C V 490 Consol Energy* N 738925 Constant Mtl R V 1480 Contintl Gold T 9731 Contl Precious T 106 Copper Ck Gold V 498 Copper Fox Mtl V 5603 Copper Mtn Mng T 12343 Copper North M V 5894 Copper One V 2804 Coral Gold V 790 Cordoba Mnls V 4918 Corex Gold V 3335 Cornerstone Ca V 4137 Coro Mining T 2785 Coronado Res V 14 Coronet Mtls V 14 Corsa Coal V 8544 Corvus Gold T 3511 Critical Elem V 4820 Crown Gold V 573 Currie Rose Rs V 340 CVR Partners* N 2279 Cypress Dev V 906

43.32 40.64 42.20 - 1.10 48.00 30.70 0.11 0.11 0.11 + 0.01 0.16 0.05 0.05 0.05 0.05 0.00 0.12 0.03 0.02 0.02 0.02 + 0.01 0.11 0.01 0.83 0.80 0.82 + 0.02 1.06 0.59 0.08 0.07 0.08 + 0.01 0.19 0.06 0.12 0.10 0.10 + 0.03 0.19 0.06 0.34 0.29 0.30 - 0.03 0.40 0.16 12.25 11.40 12.13 + 0.25 17.77 11.40 16.67 15.52 16.53 + 0.67 21.44 15.50 0.08 0.08 0.08 0.00 0.26 0.05 0.29 0.28 0.29 + 0.01 0.32 0.18 0.04 0.03 0.03 + 0.01 0.11 0.03 0.13 0.11 0.12 + 0.01 0.35 0.11 0.05 0.04 0.04 - 0.01 0.05 0.01 0.11 0.10 0.11 + 0.01 0.18 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 - 0.01 0.07 0.01 0.11 0.07 0.08 0.00 0.25 0.06 0.04 0.04 0.04 - 0.01 0.09 0.04 0.04 0.03 0.03 0.00 0.18 0.03 0.06 0.06 0.06 0.00 0.10 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 0.17 0.13 0.14 - 0.03 0.32 0.13 0.04 0.03 0.03 - 0.01 0.13 0.03 0.04 0.03 0.03 0.00 0.23 0.03 0.04 0.04 0.04 + 0.01 0.24 0.02 0.05 0.04 0.04 - 0.01 0.10 0.03 0.04 0.04 0.04 - 0.01 0.09 0.04 0.04 0.04 0.04 0.00 0.06 0.03 0.07 0.05 0.05 - 0.02 0.35 0.05 0.03 0.02 0.02 - 0.01 0.12 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.37 0.31 0.32 - 0.04 2.15 0.31 0.01 0.01 0.01 0.00 0.01 0.01 0.19 0.10 0.12 - 0.03 0.45 0.10 0.08 0.08 0.08 - 0.01 0.22 0.05 0.01 0.01 0.01 0.00 0.02 0.01 0.50 0.45 0.50 + 0.04 0.64 0.16 0.03 0.02 0.03 0.00 0.07 0.02 0.07 0.06 0.07 + 0.02 0.14 0.01 0.01 0.01 0.01 + 0.01 0.05 0.01 0.15 0.13 0.13 - 0.02 0.34 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 1.28 1.23 1.27 + 0.02 1.40 0.84 8.06 7.34 7.94 + 0.62 8.67 4.87 10.36 10.10 10.16 + 0.08 13.73 9.91 13.94 13.55 13.86 + 0.41 16.89 13.13 52.15 51.68 52.00 + 1.55 57.25 45.02 38.74 37.75 38.21 + 0.44 46.73 37.25 0.01 0.01 0.01 0.00 0.01 0.01 0.10 0.07 0.10 + 0.04 0.40 0.04 0.11 0.11 0.11 + 0.01 0.15 0.08 0.08 0.05 0.08 + 0.02 0.15 0.05 0.16 0.14 0.15 - 0.01 0.23 0.07 2.00 1.87 1.90 - 0.11 2.59 1.39 0.03 0.02 0.03 0.00 0.05 0.02 0.03 0.03 0.03 - 0.01 0.08 0.02 0.04 0.04 0.04 0.00 0.19 0.01 2.01 1.89 1.92 + 0.02 2.62 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.79 0.71 0.76 + 0.03 0.82 0.27 0.01 0.01 0.01 0.00 0.03 0.01 2.45 2.05 2.18 - 0.01 9.39 2.05 0.20 0.16 0.16 + 0.01 0.25 0.06 2.68 2.25 2.34 - 0.30 11.27 2.25 0.03 0.03 0.03 - 0.01 0.08 0.03 2.86 2.52 2.61 - 0.02 7.45 2.34 0.04 0.03 0.04 + 0.01 0.23 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.02 0.03 + 0.01 0.13 0.02 0.10 0.07 0.07 - 0.01 0.15 0.03 0.07 0.06 0.07 0.00 0.16 0.06 0.15 0.13 0.15 + 0.01 0.30 0.05 0.40 0.36 0.37 0.00 0.55 0.31 0.01 0.01 0.01 0.00 0.04 0.01 0.09 0.08 0.09 0.00 0.22 0.07 84.89 79.48 79.57 - 3.56 95.68 77.13 0.07 0.06 0.07 + 0.01 0.40 0.04 0.45 0.38 0.40 + 0.02 1.19 0.35 0.02 0.01 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.07 0.02 0.04 0.03 0.04 + 0.01 0.09 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 0.00 0.09 0.02 8.55 6.30 7.60 - 1.09 37.72 6.30 0.06 0.05 0.05 - 0.01 0.17 0.05 1.76 1.49 1.50 - 0.14 3.28 1.29 0.29 0.29 0.29 - 0.02 0.71 0.25 0.06 0.06 0.06 + 0.01 0.08 0.03 0.13 0.11 0.12 0.00 0.37 0.10 0.49 0.43 0.48 - 0.01 1.82 0.38 0.04 0.03 0.04 0.00 0.09 0.03 0.04 0.04 0.04 0.00 0.35 0.03 0.07 0.07 0.07 0.00 0.20 0.06 0.19 0.12 0.17 + 0.05 0.25 0.08 0.06 0.04 0.05 - 0.01 0.09 0.03 0.04 0.03 0.03 - 0.01 0.11 0.02 0.02 0.02 0.02 0.00 0.07 0.02 0.18 0.18 0.18 - 0.07 1.30 0.13 0.08 0.08 0.08 - 0.02 0.39 0.04 0.03 0.03 0.03 - 0.01 0.20 0.03 0.48 0.34 0.40 - 0.07 1.23 0.33 0.22 0.20 0.21 0.00 0.30 0.16 0.07 0.06 0.06 - 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.02 0.01 8.48 7.65 8.16 - 0.23 16.12 7.65 0.05 0.04 0.05 + 0.01 0.30 0.02

C

D-F Dajin Res V 32911 0.13 0.11 0.12 0.00 0.16 0.04 Dalradian Res T 9742 0.71 0.63 0.70 + 0.06 1.16 0.61

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Dalton Res Ltd V 200 Darnley Bay V 890 Decade Res V 782 Defiance Silvr V 3746 Denison Mines T 27757 X 4566 Denison Mines* Desert Star V 1423 Detour Gold T 42491 Diagnos V 21877 Diamcor Mng V 1243 V 22 Diamond Fields Dios Expl V 500 Discovery Harb V 193 Discovery Vent V 6521 V 1000 Discovery-Corp DNI Metals V 1128 Dolly Vard Sil V 1610 Dominion Diam* N 5387 Dominion Diam T 10172 Dorex Minls V 3190 Doubleview Cap V 5846 Duncan Park H V 840 Dundee Prec Mt T 13735 Duran Vent V 10328 Durango Res V 5767 Dynacor Gold M T 1403 Dynasty Gold V 5120 T 835 Dynasty Met&Mn Eagle Plains V 3610 East Asia Mnls V 1043 Eastern Platin T 3524 Eastmain Res T 4025 Eco Oro Mnls T 1502 Ecuador G & C V 16502 V 300 Edgewater Expl El Nino Vent V 30 Eldorado Gold* N 41176 Eldorado Gold T 104944 Electra Gold V 22731 Eloro Minls V 487 Ely Gold & Mnl V 1465 Emerick Res V 773 Emgold Mng V 515 Encanto Potash V 14906 T 5519 Endeavour Mng Endeavr Silver T 2825 Endeavr Silve* N 3520 Energizer Res T 85425 Energold Drill V 2731 Energy Fuels T 1745 Entourage Mtls V 2211 Entree Gold* X 2428 Entree Gold T 817 Equitas Res V 22154 Equitorial Exp V 31903 Erdene Res Dev T 502 Erin Ventures V 10503 Eskay Mng V 7904 Ethos Gold V 760 Eurasian Minls V 2058 Eurasian Mnls* X 1777 Eureka Res V 80 EurOmax Res V 110 Europn Uran Rs V 731 V 1600 Eurotin Everton Res V 2661 Evolving Gold C 308 Evrim Res V 580 Excellon Res T 19616 Excelsior Mng V 1204 Exeter Res* X 1916 Exeter Res T 2417 Explor Res V 10060 Faircourt Gold T 743 Fairmont Res V 865 Falco Res V 2612 Falcon Gold V 3365 Fancamp Expl V 2825 Ferrum Am Mng V 1200 Fieldex Expl V 10 Finlay Minrls V 50 Firebird Res V 350 Firesteel Res V 660 Firestone Vent V 160 First Bauxite V 855 First Lithium V 2228 First Majesti* N 43440 First Majestic T 24355 First Mexican V 5110 First Point T 2820 First Quantum T 326630 Fission 3.0 V 6823 Fjordland Exp V 500 Flinders Res V 930 V 7365 Focus Graphite Focus Vnt V 1160 Foraco Intl T 213 Foran Mng V 3133 Formation Mtls T 873 Forsys Metals T 1220 Fortuna Silver T 15246 13332 Fortuna Silvr* N Fortune Bay T 526 Fortune Mnrls T 9919 V 1140 Forum Uranium Franco-Nevada* N 38168 Franco-Nevada T 29117 Freegold Vent T 8536 Freeport McMo* N 2570175 Freeport Res V 10 Frontline Gold V 1300 105 Full Metal Mnl V

0.13 0.13 0.13 0.00 0.34 0.09 0.02 0.01 0.02 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.12 0.01 0.08 0.07 0.07 + 0.01 0.19 0.06 0.52 0.48 0.50 0.00 1.22 0.48 0.39 0.35 0.37 - 0.00 1.02 0.35 0.13 0.11 0.11 0.00 0.22 0.11 14.95 14.09 14.41 + 0.10 16.86 7.75 0.07 0.05 0.05 - 0.01 0.11 0.04 0.94 0.75 0.86 - 0.09 1.45 0.75 0.01 0.01 0.01 0.00 0.05 0.01 0.07 0.06 0.07 + 0.01 0.10 0.04 0.01 0.01 0.01 0.00 0.11 0.01 0.17 0.16 0.16 - 0.01 0.25 0.09 0.04 0.04 0.04 + 0.01 0.14 0.03 0.13 0.10 0.10 - 0.02 0.22 0.06 0.21 0.15 0.15 - 0.04 0.85 0.11 8.45 7.75 7.94 - 0.28 20.30 7.75 11.25 10.53 10.85 - 0.12 24.60 10.53 0.02 0.02 0.02 0.00 0.10 0.02 0.12 0.09 0.11 0.00 0.19 0.07 0.01 0.01 0.01 0.00 0.03 0.01 1.38 1.16 1.17 - 0.16 3.76 1.16 0.03 0.02 0.02 + 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.08 0.03 1.70 1.46 1.54 - 0.08 2.59 1.30 0.02 0.01 0.02 0.00 0.03 0.01 0.24 0.20 0.20 - 0.01 0.93 0.20 0.07 0.05 0.05 0.00 0.08 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.75 0.67 0.75 + 0.04 2.26 0.61 0.36 0.32 0.33 - 0.02 0.62 0.17 0.53 0.42 0.43 - 0.01 0.95 0.19 0.03 0.02 0.02 0.00 0.07 0.01 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 3.27 2.97 3.03 - 0.10 7.99 2.45 4.40 4.04 4.14 - 0.02 9.68 3.26 0.11 0.10 0.11 - 0.01 0.14 0.04 0.13 0.10 0.11 - 0.01 0.20 0.05 0.06 0.05 0.05 0.00 0.08 0.03 0.13 0.11 0.11 - 0.02 0.30 0.11 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.06 0.06 - 0.01 0.16 0.04 6.85 6.16 6.59 + 0.48 7.60 3.80 2.09 1.88 1.96 - 0.04 3.83 1.64 1.57 1.38 1.44 - 0.07 3.16 1.25 0.09 0.08 0.08 - 0.01 0.14 0.03 0.46 0.38 0.38 - 0.04 1.32 0.33 2.87 2.60 2.83 + 0.03 8.49 2.47 0.06 0.05 0.05 - 0.01 0.22 0.03 0.26 0.21 0.23 - 0.02 0.51 0.08 0.34 0.28 0.33 - 0.01 0.66 0.18 0.12 0.10 0.12 + 0.01 0.22 0.04 0.09 0.07 0.09 + 0.01 0.20 0.07 0.14 0.12 0.14 + 0.02 0.17 0.09 0.09 0.06 0.07 + 0.01 0.11 0.04 0.11 0.08 0.09 - 0.02 0.20 0.01 0.16 0.14 0.15 + 0.01 0.23 0.11 0.66 0.59 0.59 - 0.07 0.97 0.53 0.49 0.42 0.43 - 0.04 0.83 0.40 0.05 0.05 0.05 0.00 0.16 0.02 0.42 0.31 0.31 - 0.09 0.57 0.17 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.02 0.01 0.01 0.00 0.05 0.01 0.06 0.06 0.06 0.00 0.10 0.02 0.15 0.11 0.11 + 0.01 0.24 0.10 0.26 0.20 0.25 + 0.03 1.15 0.20 0.22 0.20 0.21 - 0.02 0.39 0.19 0.40 0.31 0.33 - 0.01 0.72 0.29 0.54 0.42 0.45 + 0.01 0.82 0.39 0.07 0.06 0.07 + 0.01 0.09 0.04 2.72 2.51 2.65 + 0.04 4.38 2.42 0.03 0.02 0.03 + 0.01 0.24 0.02 0.26 0.21 0.23 - 0.03 0.69 0.21 0.01 0.01 0.01 0.00 0.14 0.01 0.03 0.03 0.03 0.00 0.05 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.03 0.02 0.02 0.01 0.01 0.00 0.05 0.01 0.01 0.01 0.01 0.00 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 0.32 0.31 0.32 + 0.01 0.37 0.18 3.64 3.25 3.44 + 0.01 7.15 2.66 4.86 4.43 4.69 + 0.11 8.55 3.54 0.06 0.05 0.06 0.00 0.07 0.02 0.05 0.04 0.04 0.00 0.10 0.04 5.07 4.03 4.94 - 0.04 19.83 4.03 0.08 0.07 0.07 - 0.01 0.14 0.06 0.02 0.02 0.02 + 0.01 0.04 0.01 0.19 0.16 0.17 + 0.01 0.50 0.12 0.09 0.07 0.09 0.00 0.53 0.07 0.12 0.12 0.12 + 0.01 0.27 0.11 0.16 0.15 0.16 + 0.01 0.77 0.15 0.10 0.08 0.10 + 0.01 0.48 0.08 0.10 0.09 0.10 - 0.01 0.22 0.09 0.13 0.10 0.13 + 0.01 0.36 0.10 3.56 3.30 3.46 + 0.11 6.30 2.65 2.66 2.42 2.53 + 0.01 5.25 2.00 0.31 0.28 0.29 - 0.02 0.43 0.26 0.03 0.02 0.02 0.00 0.17 0.02 0.05 0.04 0.05 0.00 0.12 0.04 50.87 46.86 47.75 - 0.61 58.84 38.20 68.06 63.76 65.07 + 0.56 74.10 49.96 0.10 0.06 0.07 - 0.04 0.24 0.06 7.92 6.63 7.36 - 0.32 26.66 6.63 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 1894 Galane Gold V 1255 Galantas Gold V 50 Galore Res V 438 Galway Gold V 2460 Galway Mtls V 518 GAMCO Glb Gld* X 24092 Garibaldi Res V 5070 Gem Intl Res V 74 General Moly* X 5423 Gensource Pot V 1793 Geodex Mnrls V 315 Geodrill T 45 Geologix Ex T 10365 Geomega Res V 4310 Georox Res V 20 Getty Copper V 1107 GFK Res V 348 GGL Res V 1007 Glen Eagle Res V 5358 Globex Mng T 707 GMV Minerals V 50 Gobimin V 370 GoGold Res T 1627 Gold Bulln Dev V 4969 Gold Fields* N 444562 Gold Finder Ex V 60 Gold Mtn Mng V 30 Gold Reach Res V 280

0.16 0.13 0.14 - 0.01 0.86 0.13 0.05 0.04 0.05 - 0.03 0.22 0.04 0.09 0.09 0.09 - 0.06 0.18 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.08 0.08 + 0.01 0.12 0.05 0.11 0.10 0.10 - 0.02 0.16 0.09 5.13 4.91 4.92 - 0.04 7.85 4.90 0.15 0.13 0.15 0.00 0.22 0.05 0.06 0.05 0.05 0.00 0.26 0.05 0.27 0.25 0.26 - 0.01 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 0.55 0.51 0.55 + 0.05 0.99 0.46 0.02 0.02 0.02 - 0.01 0.05 0.02 0.08 0.06 0.06 0.00 0.29 0.06 0.04 0.04 0.04 - 0.01 0.14 0.04 0.02 0.02 0.02 - 0.01 0.07 0.02 0.05 0.05 0.05 - 0.02 0.17 0.03 0.02 0.02 0.02 0.00 0.06 0.02 0.05 0.04 0.05 + 0.02 0.20 0.03 0.27 0.25 0.25 - 0.01 0.37 0.16 0.12 0.12 0.12 + 0.02 0.26 0.05 0.31 0.27 0.31 + 0.01 0.51 0.27 1.21 1.11 1.12 - 0.04 1.67 1.10 0.04 0.03 0.04 + 0.01 0.06 0.02 2.80 2.42 2.65 + 0.19 6.01 2.04 0.02 0.02 0.02 0.00 0.07 0.02 0.04 0.04 0.04 + 0.01 0.14 0.03 0.12 0.11 0.11 + 0.01 0.50 0.10

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gold Reserve V 45 15848 X Gold Resource* V 5140 Gold Std Vnt Gold Std Vnt* X 5966 V 80 Goldbank Mng Goldcliff Res V 740 T 124282 Goldcorp 365434 Goldcorp* N Golden Arrow R V 1597 Golden Band V 800 Golden Dawn Ml V 23397 V 200 Golden Goliath Golden Harp V 170 Golden Hope V 373 Golden Mnls T 327 Golden Mnls* X 2815 470 Golden Peak Mn V V 248 Golden Predatr Golden Queen T 486 476 Golden Reign R V 257 Golden Share M V Golden Star T 1593 26449 Golden Star* X Golden Tag V 1750 Golden Val Min V 1175 Goldex Res V 478 Goldeye Expl V 195 Goldfield* X 2037 T 3560 Goldgroup Mng V 1205 GoldQuest Mng Goldrea Res C 12 V 155 Goldrock Mines Goldrush Res V 5497 V 2120 Goldsource Min Goldstar Mnls V 3916 V 1341 Goldstrike Res Gossan Res V 8070 Gowest Gold V 4830 T 992 Gran Colombia V 425 Grande Portage Graphite One R V 26721 Great Atlantic V 597 20 Great Bear Res V 11890 X Great Panther* Great Panther T 2933 Great Quest Me V 2352 45 Green Swan Cap V V 910 Greencastle Rs Gresham Res V 10627 Grizzly Discvr V 47 V 1286 Groundstar Res GTA Res & Mng V 1650 Gunpoint Expl V 20 T 11305 Guyana Gldflds Guyana Prec Mt V 3185 GWR Res V 6765 Handa Copper V 130 Hansa Res V 3120 575 Happy Ck Minls V 87993 N Harmony Gold* Harte Gold T 11983 Harvest Gold V 143 V 283 Hawkeye Gld&Di V 723 Heatherdale Rs 220719 Hecla Mining* N Helio Res V 3700 Hi-Crush Part* N 4570 Highbank Res V 1731 Highland Res V 110 HiHo Silver C 560 Hinterland Mtl V 62 V 5724 Homestake Res Honey Badger E V 31942 Horizns G Bear T 71421 Horizns G Bull T 59519 T 1020 Horizonte Mnls 383 Hornby Bay Mnl V Houston Lake V 5385 HudBay Minls T 54440 916 HudBay Mnls* N Hudson Res V 708 Hunt Mng V 1497 V 2000 Huntington Exp

2.48 3.76 - 0.04 5.39 3.90 3.57 1.99 2.15 - 0.14 3.88 2.39 2.10 0.85 0.72 0.81 + 0.08 0.89 0.40 0.61 0.53 0.59 + 0.05 0.63 0.26 0.03 0.07 - 0.02 0.09 0.07 0.06 0.01 0.01 0.00 0.02 0.01 0.01 15.05 16.18 + 0.08 30.95 17.05 16.10 11.30 11.88 - 0.19 25.00 12.75 11.83 0.23 0.19 0.19 - 0.04 0.50 0.18 0.01 0.01 0.00 0.01 0.01 0.01 0.13 0.10 0.13 + 0.03 0.30 0.02 0.01 0.01 + 0.01 0.02 0.01 0.01 0.03 0.04 - 0.01 0.07 0.04 0.04 0.08 0.27 + 0.03 0.64 0.30 0.26 0.26 0.30 0.00 0.82 0.30 0.28 0.19 0.23 + 0.01 0.67 0.23 0.21 0.09 0.06 0.08 + 0.03 0.09 0.04 0.07 0.11 - 0.01 0.15 0.12 0.11 0.65 0.71 - 0.05 1.68 0.80 0.71 0.09 0.07 0.07 - 0.01 0.13 0.05 0.09 0.08 0.08 0.00 0.09 0.03 0.20 0.26 + 0.01 0.51 0.27 0.25 0.16 0.19 - 0.00 0.42 0.20 0.19 0.02 0.03 - 0.01 0.08 0.04 0.03 0.09 0.07 0.08 - 0.01 0.21 0.07 0.02 0.03 + 0.01 0.08 0.03 0.02 0.03 0.04 0.00 0.06 0.04 0.03 1.20 1.60 - 0.06 2.85 1.68 1.58 0.05 0.07 0.00 0.24 0.07 0.06 0.07 0.13 + 0.01 0.20 0.14 0.13 0.02 0.03 0.00 0.10 0.03 0.03 0.15 0.21 - 0.03 0.40 0.26 0.21 0.01 0.03 0.00 0.03 0.03 0.02 0.13 0.18 + 0.02 0.26 0.18 0.16 0.01 0.03 + 0.02 0.04 0.03 0.02 0.05 0.10 - 0.02 0.21 0.12 0.10 0.01 0.03 - 0.01 0.05 0.04 0.03 0.05 0.08 - 0.01 0.10 0.10 0.08 0.12 0.13 0.00 0.62 0.14 0.12 0.01 0.01 0.00 0.02 0.01 0.01 0.10 0.08 0.08 - 0.01 0.14 0.07 0.04 0.05 + 0.01 0.30 0.05 0.04 0.03 0.03 0.03 + 0.01 0.09 0.02 0.30 0.51 + 0.03 0.80 0.52 0.47 0.40 0.71 + 0.06 0.95 0.71 0.64 0.19 0.15 0.16 + 0.01 0.85 0.13 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.06 0.00 0.09 0.06 0.06 0.46 0.75 0.00 0.95 0.76 0.70 0.03 0.06 0.00 0.10 0.06 0.06 0.03 0.04 0.00 0.11 0.05 0.04 0.03 0.03 0.03 0.00 0.10 0.03 0.14 0.16 0.00 0.20 0.16 0.16 2.19 3.02 - 0.04 4.48 3.30 2.96 0.13 0.11 0.12 0.00 0.33 0.08 0.01 0.05 - 0.01 0.08 0.07 0.05 0.05 0.05 0.00 0.12 0.05 0.05 0.01 0.02 + 0.01 0.03 0.02 0.02 0.10 0.09 0.09 - 0.01 0.17 0.08 0.53 0.21 3.18 + 0.87 0.89 0.64 0.04 0.08 - 0.01 0.10 0.09 0.08 0.01 0.02 + 0.01 0.06 0.02 0.02 0.02 0.03 - 0.01 0.08 0.04 0.03 0.01 0.01 - 0.01 0.05 0.01 0.01 1.77 1.97 0.00 3.54 2.10 1.90 0.02 0.03 + 0.01 0.07 0.03 0.02 7.42 6.02 6.38 - 0.79 40.38 5.09 0.05 0.06 0.00 0.23 0.06 0.06 0.10 0.13 + 0.02 0.45 0.13 0.12 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.02 - 0.01 0.02 0.02 0.02 0.01 0.02 - 0.01 0.04 0.03 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 12.40 11.08 11.74 - 0.95 20.33 8.50 18.54 16.62 17.44 + 0.99 44.30 13.75 0.02 0.02 - 0.01 0.07 0.03 0.02 0.05 0.03 0.03 0.00 0.10 0.03 0.09 0.14 + 0.01 0.20 0.15 0.13 6.21 5.06 5.38 - 0.70 12.61 4.82 4.65 3.72 3.95 - 0.62 10.37 3.62 0.22 0.42 - 0.01 0.55 0.49 0.42 0.02 0.03 + 0.01 0.40 0.03 0.02 0.01 0.01 0.00 0.02 0.01 0.01

I-Minerals V 7965 32751 Iamgold* N T 47231 Iamgold IBC Adv Alloys V 10156 IC Potash T 13011 Iconic Mnls V 847 IEMR Res V 100 IMPACT Silver V 3425 663 Imperial Metal T Inca One Res V 2380 V 2996 Independence G Indico Res V 6171 Indigo Expl V 50 Inspiration Mg T 1280 Integra Gold V 24773 Intigold Mines V 1815 770 Intl Bethl Mng V Intl Lithium V 1735 21 Intl Montoro R V Intl Northair V 2264 Intl Samuel Ex V 1006 Intl Tower Hi* X 2344 T 2776 Intl Tower Hil Intl Vestr Res V 4050 Intrepid Pots* N 9407 INV Metals T 1379 140 ISh COMEX G Tr T Ivanhoe Mines T 45228 J.A.G. Mines V 2042 Jaguar Mng V 1500 Jasper Mng V 341 Jaxon Mnls V 70 Jazz Res V 30 Kaminak Gold V 9329 Karmin Expl V 321 Karnalyte Res T 468 Katanga Mng T 3035 Kazax Mnls V 60 Kennady Diam V 250 Kermode Res V 4500 Kesselrun Res V 1050 Kestrel Gold V 199 Khalkos Expl V 330 Khan Res C 589 V 1748 Kilo Goldmines V 1302 Kincora Copper Kings Bay Gold V 7210 Kinross Gold T 98559 395531 Kinross Gold* N Kirkland Lk Gd T 32601 Kiska Metals V 3591 Kivalliq Enrgy V 4605 Klondex Mns T 4434 Klondike Gold V 416 Knick Expl V 40 Kobex Mnls V 2523 V 20207 Kombat Copper V 1344 Kootenay Gold

0.14 0.24 - 0.04 0.37 0.37 0.23 1.16 1.47 - 0.09 3.39 1.67 1.44 1.50 2.00 - 0.10 4.09 2.23 1.95 0.08 0.07 0.07 - 0.01 0.15 0.07 0.04 0.05 0.00 0.31 0.06 0.04 0.03 0.04 + 0.01 0.09 0.04 0.03 0.01 0.01 0.00 0.01 0.01 0.01 0.13 0.14 - 0.02 0.31 0.16 0.13 7.00 6.15 6.27 - 0.73 13.69 6.01 0.11 0.09 0.11 - 0.01 0.29 0.09 0.06 0.06 - 0.01 0.11 0.06 0.06 0.02 0.04 - 0.02 0.16 0.06 0.03 0.01 0.01 0.00 0.02 0.01 0.01 0.04 0.06 - 0.06 0.25 0.12 0.06 0.18 0.31 - 0.02 0.37 0.33 0.30 0.03 0.07 - 0.03 0.32 0.10 0.07 0.04 0.03 0.03 - 0.01 0.10 0.02 0.02 0.06 - 0.02 0.09 0.07 0.06 0.03 0.03 0.03 - 0.01 0.10 0.03 0.04 0.05 + 0.01 0.10 0.05 0.04 0.01 0.01 0.01 + 0.01 0.03 0.01 0.26 0.20 0.20 - 0.05 0.62 0.20 0.35 0.27 0.27 - 0.05 0.75 0.26 0.02 0.02 0.02 + 0.01 0.12 0.01 3.37 3.13 3.27 - 0.05 15.09 3.13 0.08 0.10 - 0.01 0.28 0.10 0.09 14.20 13.87 14.04 + 0.43 15.78 13.16 0.60 0.63 - 0.02 1.36 0.73 0.60 0.01 0.01 - 0.01 0.06 0.02 0.01 0.12 0.18 + 0.02 0.65 0.20 0.18 0.02 0.03 0.00 0.07 0.04 0.03 0.01 0.03 - 0.02 0.06 0.04 0.03 0.03 0.10 - 0.09 0.23 0.10 0.10 0.61 0.77 0.00 1.15 0.81 0.76 0.15 0.24 - 0.03 0.40 0.25 0.18 0.52 0.84 0.00 1.33 0.87 0.78 0.13 0.14 - 0.01 0.39 0.15 0.13 0.02 0.02 - 0.02 0.06 0.02 0.02 2.50 2.62 + 0.02 5.95 2.80 2.55 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.03 + 0.01 0.06 0.03 0.03 0.01 0.01 - 0.01 0.07 0.02 0.01 0.05 0.08 + 0.01 0.12 0.08 0.07 0.35 0.36 + 0.01 0.80 0.40 0.36 0.04 0.06 - 0.03 0.14 0.09 0.06 0.02 0.02 0.00 0.04 0.02 0.02 0.01 0.01 0.01 0.00 0.01 0.01 1.79 2.66 - 0.03 4.48 2.86 2.56 1.35 1.95 - 0.06 3.71 2.14 1.89 5.09 4.80 5.01 + 0.26 6.88 2.79 0.02 0.02 - 0.01 0.07 0.02 0.02 0.06 0.10 + 0.01 0.19 0.10 0.09 1.78 2.89 + 0.11 3.87 2.98 2.80 0.08 0.11 + 0.01 0.28 0.12 0.11 0.01 0.02 0.00 0.03 0.02 0.02 0.46 0.52 - 0.02 0.65 0.55 0.51 0.02 0.03 0.00 0.11 0.04 0.03 0.20 0.21 - 0.01 0.56 0.24 0.21

I-J-K

2015-12-15 6:31 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21-27, 2015

9

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

Week

12-month

Exc Volume High Low Last Change High Low

L La Quinta Res V 667 Labdr I-Ore Ro T 18837 Lago Dourado M V 330 Lake Shore Gd* X 11406 Lake Shore Gld T 158470 Lara Expl V 170 Laramide Res T 7953 Largo Res V 922 Latin Am Mnls V 2810 Laurion Mnl Ex V 130 Lexam VG Gold T 2068 Lincoln Mng V 713 390 Lion One Mtls V Lomiko Mtls V 11560 Loncor Res T 2130 Lorraine Coppr V 6212 Los Andes Copp V 200 Lowell Copper V 10 Lucara Diam T 16136 Lucky Mnls V 15 Luna Gold T 1877 Lundin Mng T 138634 Lydian Intl T 25504

0.02 0.02 0.02 0.00 0.02 0.01 12.43 10.92 12.03 - 0.39 19.85 10.81 0.06 0.06 0.06 - 0.01 0.15 0.05 0.81 0.76 0.78 + 0.01 1.14 0.60 1.11 1.03 1.07 + 0.05 1.38 0.70 0.24 0.23 0.23 + 0.01 0.45 0.20 0.32 0.26 0.30 - 0.02 0.44 0.15 0.24 0.20 0.20 - 0.03 2.09 0.15 0.02 0.01 0.01 0.00 0.10 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.07 0.07 0.07 0.00 0.11 0.06 0.03 0.03 0.03 0.00 0.09 0.03 0.41 0.34 0.34 - 0.03 0.60 0.17 0.05 0.04 0.04 0.00 0.09 0.03 0.04 0.03 0.04 0.00 0.13 0.02 0.06 0.05 0.05 0.00 0.08 0.04 0.09 0.09 0.09 - 0.03 0.23 0.05 0.29 0.29 0.29 + 0.04 0.50 0.21 2.34 2.13 2.29 + 0.12 2.35 1.42 0.08 0.07 0.07 - 0.04 0.15 0.07 0.05 0.04 0.04 - 0.01 0.43 0.03 3.80 3.41 3.60 - 0.16 6.46 3.41 0.28 0.25 0.28 + 0.02 0.65 0.23

MacDonald Mns V 2401 MacMillan Mnls V 130 Mag Silver T 8432 Mag Silver* X 409 V 8992 Magellan Minls Majescor Res V 284 Majestic Gold V 39029 Major Drilling T 4445 Makena Res V 2945 Malbex Res V 770 Mammoth Res V 300 Mandalay Res T 19339 Manitou Gold V 52 Manson Creek V 110 Maracote Intl V 5615 Marathon Gold T 1473 Margaret Lk Di V 945 Marifil Mines V 2020 Maritime Res V 100 Marlin Gold V 273 Mason Graphite V 6017 Masuparia Gold V 910 Matamec Expl V 3126 Mawson Res T 190 Mawson West T 123 Max Res V 62 Maya Gold & Si V 6505 MBAC Fertilizr T 13834 McChip Res V 173 15015 McEwen Mng* N McEwen Mng T 6176 MDN Inc T 3958 MDU Res* N 78625 Meadow Bay Gd T 1044 N 5311 Mechel* Medallion Res V 4000 Mega Uranium T 6510 Melior Res V 21565 Melkior Res V 30001 Menika Mining V 440 Merrex Gold V 3140 Mesabi Trust* N 10208 Metalcorp V 235 Metalex Vent V 2883 Metallis Res V 825 Metalore Res T 27 Metals Ck Res V 658 Metanor Res V 28949 Micrex Devel V 70 Midas Gold T 2919 Midland Expl V 639 Midnight Sun M V 659 T 744 Migao Millrock Res V 576 Millstream Min V 2784 Minas Buenavn* N 74274 Minaurum Gold V 1390 Minco Gold* X 3283 Minco Gold T 236 Minco Silver T 4885 Mindoro Res V 1405 Mineral Mtn Rs V 7429 Mines Managem* X 3225 Mines Managmnt T 125 Minfocus Expl V 450 Minsud Res V 85 Miranda Gold V 1146 Mirasol Res V 433 Mkango Res V 1900 V 1780 Monarques Res Moneta Porcpn T 11234 Monster Mng V 70 V 1170 Montero Mg&Ex Monument Mng V 3427 Mosaic* N 339912 Mountain Boy M V 520 Mountain Prov T 4609 MPH Vent V 2280 MPVC V 710 Mundoro Cap V 8964 Mustang Minls V 4604

0.01 0.01 0.01 0.00 0.02 0.01 0.20 0.18 0.20 + 0.04 0.24 0.05 9.72 8.94 8.97 - 0.31 11.00 6.90 7.25 6.56 6.56 - 0.36 9.17 5.60 0.05 0.04 0.04 - 0.01 0.10 0.04 0.04 0.03 0.04 - 0.01 0.06 0.03 0.10 0.08 0.09 + 0.02 0.10 0.03 5.09 4.26 4.94 - 0.14 7.49 3.75 0.03 0.02 0.03 + 0.01 0.06 0.02 0.03 0.03 0.03 + 0.01 0.06 0.01 0.01 0.01 0.01 - 0.01 0.07 0.01 0.72 0.64 0.65 - 0.05 1.04 0.64 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.01 0.02 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.20 0.01 0.17 0.15 0.15 - 0.02 0.38 0.11 0.13 0.10 0.10 - 0.02 0.26 0.07 0.01 0.01 0.01 - 0.01 0.02 0.01 0.11 0.11 0.11 + 0.01 0.24 0.10 0.25 0.20 0.23 + 0.01 1.09 0.20 0.42 0.36 0.36 - 0.03 0.68 0.36 0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.02 0.03 0.00 0.07 0.02 0.21 0.19 0.20 - 0.01 0.30 0.15 0.03 0.02 0.02 0.00 0.08 0.01 0.08 0.08 0.08 0.00 0.20 0.04 0.15 0.12 0.13 - 0.02 0.31 0.11 0.03 0.02 0.03 - 0.01 0.17 0.01 0.65 0.60 0.61 - 0.09 1.22 0.57 0.97 0.88 0.94 + 0.02 1.41 0.65 1.32 1.19 1.29 + 0.10 1.71 0.84 0.02 0.02 0.02 0.00 0.08 0.02 17.79 16.64 16.95 - 0.44 24.58 16.15 0.10 0.08 0.09 - 0.01 0.31 0.08 0.91 0.76 0.88 + 0.01 1.88 0.42 0.04 0.03 0.03 - 0.01 0.07 0.01 0.06 0.05 0.06 0.00 0.20 0.05 0.02 0.02 0.02 - 0.01 0.12 0.02 0.03 0.02 0.02 + 0.01 0.06 0.01 0.14 0.11 0.11 - 0.03 0.15 0.05 0.17 0.14 0.17 + 0.05 0.23 0.05 5.87 4.37 4.42 - 1.19 18.59 4.37 0.01 0.01 0.01 0.00 0.01 0.01 0.07 0.06 0.06 - 0.01 0.12 0.04 0.03 0.03 0.03 + 0.01 0.14 0.01 2.60 2.39 2.45 - 0.20 3.72 2.39 0.07 0.05 0.06 0.00 0.28 0.05 0.04 0.03 0.03 - 0.01 0.09 0.03 0.01 0.01 0.01 0.00 0.05 0.01 0.29 0.26 0.27 + 0.01 0.60 0.26 0.62 0.50 0.51 - 0.09 0.77 0.47 0.14 0.10 0.10 - 0.05 0.19 0.08 0.59 0.57 0.57 - 0.02 1.15 0.50 0.21 0.18 0.18 - 0.04 0.51 0.15 0.16 0.07 0.12 + 0.02 0.16 0.01 5.03 4.41 4.63 - 0.15 12.51 4.35 0.05 0.05 0.05 + 0.01 0.10 0.04 0.17 0.13 0.16 + 0.03 0.34 0.10 0.23 0.18 0.21 + 0.04 0.39 0.12 0.40 0.36 0.39 + 0.03 0.80 0.32 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.02 0.00 0.06 0.02 0.23 0.15 0.17 - 0.06 0.74 0.15 0.31 0.20 0.22 - 0.10 0.85 0.20 0.01 0.01 0.01 0.00 0.04 0.01 0.09 0.09 0.09 0.00 0.09 0.05 0.07 0.06 0.07 + 0.01 0.12 0.06 0.82 0.77 0.82 + 0.06 1.16 0.72 0.03 0.02 0.02 - 0.01 0.19 0.01 0.08 0.07 0.07 0.00 0.13 0.06 0.13 0.12 0.13 + 0.01 0.15 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.11 0.09 0.09 0.00 0.16 0.08 32.26 30.00 30.07 - 0.96 53.83 29.61 0.01 0.01 0.01 0.00 0.02 0.01 3.80 3.46 3.68 + 0.03 5.50 3.38 0.11 0.09 0.09 - 0.02 0.11 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.09 0.04 0.05 - 0.02 0.19 0.04 0.01 0.01 0.01 0.00 0.02 0.01

Namibia Rare E T 205 Natural Rs Pt* N 4205 Nautilus Minls T 4216 Nemaska Lith V 37459 Nevada Clean M V 3761 Nevada Copper T 1554 Nevada Expl V 816 Nevada Sunrise V 3088 Nevado Res V 2230 Nevsun Res T 18692 Nevsun Res* X 14272 New Carolin Gd V 1915 New Destiny Mg V 9820 New Dimen Res V 42 New Gold T 64578 New Gold* X 160849 New Millennium V 5100 New Milln Iron T 5450 New Nadina V 925 New Pac Metals T 52 New World Res V 1026 Newmac Res V 563 Newmont Mng* N 437173 Newport Expl V 3498 NGEx Res T 1292 Nighthawk Gold V 6946 Niogold Mng V 2693 Nippon Dragon V 2816 Noka Res V 3737 Noram Vent V 700 Nordex V 1081 Noront Res V 2784

0.05 0.05 0.05 - 0.01 0.22 0.04 1.54 1.22 1.22 - 0.31 10.87 1.22 0.33 0.27 0.28 - 0.03 0.55 0.24 0.39 0.34 0.38 + 0.03 0.45 0.15 0.04 0.03 0.04 + 0.01 0.06 0.03 0.70 0.56 0.58 - 0.12 2.03 0.56 0.40 0.35 0.35 - 0.05 0.94 0.05 0.19 0.16 0.16 - 0.02 0.53 0.13 0.01 0.01 0.01 0.00 0.06 0.01 3.66 3.37 3.45 - 0.15 5.35 3.37 2.80 2.48 2.55 - 0.16 4.36 2.48 0.05 0.04 0.05 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.05 0.05 0.05 + 0.01 0.09 0.04 3.49 3.10 3.38 + 0.13 6.04 2.52 2.61 2.28 2.49 + 0.06 5.12 1.90 0.11 0.09 0.11 + 0.01 0.36 0.07 0.06 0.05 0.05 - 0.01 0.27 0.05 0.02 0.01 0.01 0.00 0.03 0.01 0.20 0.20 0.20 0.00 0.21 0.14 0.03 0.03 0.03 0.00 0.12 0.01 0.09 0.06 0.09 + 0.03 0.29 0.06 20.49 18.87 19.43 + 0.73 27.90 15.39 0.22 0.20 0.22 - 0.01 0.49 0.20 0.64 0.56 0.64 + 0.02 1.24 0.44 0.06 0.05 0.06 + 0.02 0.35 0.04 0.28 0.24 0.27 - 0.01 0.43 0.22 0.13 0.11 0.11 - 0.01 0.15 0.03 0.05 0.04 0.04 0.00 0.26 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 0.14 0.09 0.11 - 0.01 0.39 0.06 0.42 0.37 0.38 - 0.03 0.67 0.25

M

N-O

Dec 21 Pgs 8 9.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nortec Mnls V 546 North Am En P* N 336 North Am En Pa T 3123 North Am Nickl V 452 North Am Pall T 215 North Am Tung V 250 North Arrow Mn V 960 Northcliff Res T 5815 Northern Abiti V 1169 Northern Dyn* X 4039 Northern Dyn M T 1887 Northern Freeg V 345 Northern Gld M V 1895 Northern Graph V 2225 Northern Iron V 285 Northern Lion V 30 Northern Shiel V 11386 Northern Sup R V 14800 Northern Vertx V 6650 Northisle C&G V 50 Northquest V 2045 NovaCopper T 291 NovaCopper* X 4106 NovaGold Res T 17900 NovaGold Res* X 83990 NQ Expl V 8954 NSX Silver V 1232 Nubian Res V 900 NuLegacy Gold V 1697 Oban Mng T 1943 OceanaGold T 220157 952 Oceanic Iron O V Oceanus Res V 1458 Odin Mng & Exp V 180 Olivut Res V 117 Olympic Res V 500 V 52 Omineca Mg&Mtl Opawica Expl V 31119 Opta Minls T 211 Oracle Mng V 11928 Orbit Garant D T 135 T 33664 Orbite Alumnae Orca Gold V 4325 Orefinders Res V 900 Orestone Mng V 2500 Orex Expl V 70 Orex Minls V 2044 Orezone Gold T 2285 Orocobre T 744 Orofino Mnls V 26 Orosur Mng T 295 Orvana Mnrls T 3579 Otis Gold V 4445

0.03 0.02 0.03 + 0.01 0.04 0.02 2.16 1.84 1.93 - 0.15 4.32 1.60 2.91 2.51 2.65 - 0.11 5.24 2.10 0.12 0.09 0.09 - 0.03 0.28 0.08 4.03 3.96 4.00 0.00 188.00 3.85 0.01 0.01 0.01 0.00 0.06 0.01 0.19 0.17 0.19 + 0.02 1.34 0.17 0.14 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 0.29 - 0.01 0.72 0.28 0.43 0.39 0.43 + 0.03 0.83 0.37 0.05 0.04 0.04 - 0.01 0.14 0.04 0.02 0.01 0.01 - 0.01 0.03 0.01 0.28 0.19 0.26 - 0.01 0.89 0.18 0.01 0.01 0.01 + 0.01 0.05 0.01 0.07 0.07 0.07 - 0.03 0.16 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.04 0.02 0.23 0.21 0.21 - 0.01 0.26 0.09 0.02 0.02 0.02 0.00 0.06 0.02 0.26 0.25 0.25 - 0.01 0.32 0.07 0.50 0.42 0.48 - 0.07 0.93 0.40 0.39 0.30 0.32 - 0.01 0.74 0.30 5.78 5.33 5.70 + 0.39 5.78 2.94 4.27 3.98 4.19 + 0.23 4.27 2.56 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.02 0.02 - 0.01 0.07 0.02 0.02 0.01 0.01 0.00 0.03 0.01 0.10 0.09 0.10 + 0.01 0.17 0.08 1.15 1.10 1.12 0.00 3.40 1.09 2.56 2.36 2.39 - 0.13 3.15 1.70 0.17 0.11 0.12 - 0.03 0.30 0.08 0.18 0.15 0.17 - 0.01 0.38 0.14 0.32 0.30 0.30 - 0.02 0.50 0.21 0.13 0.10 0.13 0.00 0.18 0.08 0.14 0.14 0.14 0.00 0.32 0.03 0.03 0.03 0.03 0.00 0.11 0.01 0.01 0.01 0.01 0.00 0.03 0.01 1.30 1.08 1.25 + 0.25 2.15 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.74 0.70 0.70 + 0.01 1.50 0.62 0.46 0.41 0.43 - 0.01 0.53 0.20 0.18 0.15 0.17 + 0.02 0.43 0.15 0.02 0.01 0.01 - 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 0.00 0.02 0.01 0.12 0.11 0.11 - 0.02 0.34 0.11 0.30 0.26 0.28 - 0.01 0.61 0.22 1.52 1.33 1.37 - 0.08 2.88 1.33 0.07 0.07 0.07 - 0.01 0.20 0.05 0.11 0.10 0.10 - 0.01 0.24 0.10 0.17 0.15 0.16 - 0.01 0.49 0.13 0.10 0.07 0.10 + 0.02 0.14 0.02

P-Q Pac Booker Min V 73 62 Pac Booker Mn* X Pac Coal Res V 571 Pac Imp Mines V 2200 V 6 Pac Iron Ore Pac North West V 428 Pac Ridge Expl V 1750 Paladin Energy T 10234 Palmer Res V 6285 Pan Am Silver T 13779 Pan Am Silver* Q 83134 470 Pan Global Res V Pancontl Uran V 114 Panoro Minls V 1165 Parlane Res V 100 Peabody Enrgy* N 38884 Pelangio Expl V 6384 Pele Mtn Res V 13540 Peregrine Diam T 8878 Perseus Mng T 10829 Pershimco Res V 9564 Peruvian Prc M V 7594 Phoenix Gold V 40 Pilot Gold T 9139 Pinecrest Res V 1350 Pinetree Cap T 16985 Planet Mng V 5790 Plata Latina M V 40 Plate Res V 250 Platinum Gp M* X 4095 Platinum Gp Mt T 43072 Plato Gold V 200 Playfair Mng V 472 Polaris Minls T 890 PolyMet Mng* X 5845 PolyMet Mng T 644 Potash C Sask* N 355806 Potash Cp Sask T 94207 Precipitate Gl V 350 Premier Gold M T 25585 Pretium Res* N 29418 Pretium Res T 26513 Prime Merid Rs V 30 Primero Mng T 21613 Primero Mng* N 4621 Probe Mines V 2076 Prophecy Coal T 7207 Puma Expl V 24390 Purepoint U V 12882 Q-Gold Res V 1924 QMX Gold V 230 Quartz Mtn Res V 333 Quaterra Res V 885 Quest Rare Mnl T 1713

2.25 2.00 2.00 - 0.01 6.90 1.02 1.75 1.54 1.54 - 0.10 5.75 1.04 0.01 0.01 0.01 0.00 0.20 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.27 0.27 0.27 - 0.01 0.39 0.10 0.02 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.04 0.02 0.22 0.21 0.21 - 0.01 0.41 0.15 0.02 0.01 0.01 0.00 0.05 0.01 10.17 9.44 9.68 + 0.11 15.06 7.77 7.59 6.95 7.10 - 0.07 12.05 5.85 0.01 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.13 0.13 0.13 - 0.01 0.30 0.09 0.07 0.07 0.07 + 0.01 0.23 0.03 10.83 9.04 9.27 - 1.48 137.85 9.04 0.02 0.02 0.02 - 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 0.15 0.14 0.14 - 0.01 0.39 0.13 0.36 0.32 0.32 - 0.02 0.48 0.18 0.12 0.09 0.09 - 0.03 0.26 0.09 0.04 0.03 0.03 - 0.01 0.18 0.03 0.01 0.01 0.01 + 0.01 0.04 0.01 0.29 0.27 0.27 - 0.02 1.27 0.27 0.06 0.05 0.06 - 0.01 0.50 0.05 0.05 0.04 0.05 - 0.01 0.21 0.04 0.03 0.02 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 - 0.01 0.12 0.01 0.02 0.02 0.02 0.00 0.07 0.02 0.18 0.16 0.16 - 0.01 0.64 0.16 0.25 0.21 0.23 - 0.01 0.74 0.21 0.01 0.01 0.01 + 0.01 0.02 0.01 0.04 0.03 0.03 - 0.01 0.08 0.01 1.51 1.45 1.46 - 0.02 2.83 1.37 0.98 0.81 0.85 - 0.11 1.37 0.55 1.30 1.11 1.13 - 0.16 1.75 0.76 19.15 17.82 17.96 - 1.23 37.60 17.82 25.62 24.23 24.47 - 1.12 47.10 24.23 0.09 0.07 0.07 - 0.02 0.21 0.07 2.73 2.36 2.58 + 0.21 2.92 1.61 6.05 5.25 5.66 - 0.16 7.56 4.26 8.08 7.15 7.70 - 0.06 9.05 5.57 0.06 0.06 0.06 + 0.01 0.19 0.05 3.36 3.12 3.29 + 0.19 6.06 2.56 2.51 2.33 2.42 + 0.11 5.02 1.93 0.38 0.37 0.37 - 0.04 0.56 0.15 0.03 0.02 0.03 0.00 0.08 0.02 0.05 0.03 0.03 - 0.01 0.18 0.03 0.03 0.02 0.03 0.00 0.07 0.02 0.03 0.01 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.09 0.07 0.08 0.00 0.15 0.04 0.08 0.07 0.07 - 0.01 0.29 0.07

Rackla Mtls V 130 Radisson Mng V 1252 Radius Gold V 2730 V 380 Rambler Mg&Mtl Randgold Res* Q 30384 Randsburg Intl V 770 Range Engy Res C 1210 Rapier Gold V 154 Rare Elemnt Rs T 683 Rare Elemt Re* X 7061 Rathdowney Res V 2000 Red Eagle Mng V 4208 Red Moon Potsh V 384 Red Pine Expl V 3608 Red Rock Enrgy V 2960 Red Tiger Mng V 163 Redhawk Res T 3520 Redhill Res V 3866 Redstar Gold V 800 Redstar Res V 229 Regulus Res V 331 Reliance Res V 2694 Reliant Gold V 850 Remington Res V 905 Renaissnc Gold V 1016 Reservoir Capt V 895 Reservoir Mnls V 1227 Reunion Gold V 5638 Reva Res V 251 Revolver Res V 66 Rhino Res* N 546

0.07 0.06 0.07 + 0.01 0.13 0.03 0.11 0.10 0.10 + 0.01 0.15 0.08 0.07 0.06 0.06 - 0.01 0.11 0.06 0.07 0.07 0.07 0.00 0.44 0.06 65.35 60.73 62.65 - 0.38 85.84 54.88 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 - 0.01 0.10 0.01 0.05 0.04 0.04 - 0.01 0.08 0.01 0.30 0.22 0.27 + 0.01 1.31 0.22 0.22 0.16 0.20 + 0.01 1.06 0.16 0.17 0.17 0.17 - 0.01 0.35 0.11 0.27 0.26 0.27 - 0.01 0.36 0.23 0.03 0.03 0.03 - 0.01 0.09 0.02 0.09 0.07 0.07 - 0.01 0.18 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.04 0.03 0.03 - 0.01 0.17 0.02 0.07 0.05 0.05 - 0.01 0.10 0.04 0.07 0.04 0.04 - 0.04 0.31 0.04 0.03 0.03 0.03 0.00 0.06 0.03 0.02 0.02 0.02 - 0.01 0.10 0.02 0.20 0.19 0.19 0.00 0.54 0.00 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.00 0.06 0.01 0.04 0.03 0.04 0.00 0.05 0.01 0.19 0.17 0.17 0.00 0.34 0.14 0.39 0.35 0.37 0.00 0.62 0.23 4.16 4.03 4.05 - 0.10 5.09 3.60 0.01 0.01 0.01 0.00 0.10 0.01 0.10 0.04 0.10 + 0.08 0.10 0.02 0.03 0.03 0.03 - 0.01 0.23 0.02 0.45 0.36 0.42 - 0.01 2.91 0.36

R

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Richmond Mnls V 500 Richmont Mines T 6668 Richmont Mine* X 13287 Rio Novo Gold T 2002 Rio Silver V 1100 Rio Tinto* N 64370 Riverside Res V 1175 RJK Explor V 3853 Robex Res V 6307 Rochester Res V 211 Rock Tech Lith V 727 RockBridge Res V 1990 Rockhaven Res V 917 Rockland Mnls V 60 V 393 Rockridge Cap T 445 Rockwell Diam Rodinia Lithm V 9880 Rogue Iron Ore V 3786 V 230 Rokmaster Res Rome Res V 1240 432 Romios Gold Rs V Roxgold V 15717 Royal Cdn Mint T 884 Royal Gold T 361 Royal Gold* Q 41909 Royal Nickel T 7116 RPT Uranium V 212 RT Minerals V 300 77552 Rubicon Mnls* X Rubicon Mnrls T 50214 40 Running Fox Rs V Rupert Res V 1027 Rusoro Mng V 20907 Russell Metals T 17143 Rye Patch Gold V 4040

0.05 0.05 0.05 - 0.01 0.14 0.03 4.47 4.08 4.32 + 0.19 4.55 3.07 3.29 3.04 3.16 + 0.10 3.68 2.27 0.13 0.10 0.12 + 0.02 0.16 0.07 0.03 0.02 0.03 0.00 0.04 0.01 31.75 28.24 29.90 - 1.90 50.06 28.24 0.16 0.14 0.14 - 0.02 0.33 0.14 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.07 - 0.01 0.12 0.05 0.03 0.03 0.03 0.00 0.15 0.03 0.05 0.03 0.03 - 0.06 0.10 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.16 0.12 0.16 + 0.05 0.27 0.10 0.02 0.02 0.02 0.00 0.06 0.02 0.05 0.05 0.05 - 0.01 0.18 0.04 0.12 0.12 0.12 - 0.02 0.35 0.12 0.02 0.01 0.01 0.00 0.05 0.01 0.11 0.10 0.10 - 0.01 0.16 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.03 0.02 0.02 0.00 0.10 0.01 0.04 0.03 0.03 - 0.01 0.05 0.02 0.84 0.67 0.79 + 0.13 0.84 0.48 15.65 15.28 15.57 + 0.42 17.41 14.46 52.07 49.54 50.19 + 1.07 95.64 45.92 38.72 36.56 36.77 0.00 77.20 34.42 0.18 0.17 0.18 0.00 0.59 0.15 0.21 0.17 0.17 - 0.05 0.41 0.17 0.01 0.01 0.01 0.00 0.03 0.01 0.12 0.10 0.10 + 0.00 1.35 0.10 0.17 0.14 0.15 0.00 1.63 0.14 0.01 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.04 + 0.01 0.11 0.03 0.05 0.03 0.04 + 0.01 0.07 0.02 16.58 15.05 15.42 - 1.21 29.18 15.05 0.14 0.12 0.13 + 0.01 0.20 0.11

Sabina Gd&Slvr T 21914 Sage Gold V 1221 Saint Jean Car V 12189 Salazar Res V 28 Sama Res V 1583 Samco Gold V 589 San Marco Res V 1630 Sanatana Diam V 32760 V 1829 Sandspring Res Sandstorm Gld* X 25159 T 6204 Sandstorm Gold Santa Fe Metls V 2760 Santacruz Silv V 8034 Sarama Res V 44 Satori Res V 47 Saturn Minls V 8493 Savant Expl V 2640 Scorpio Gold V 2508 T 21120 Scorpio Mining Seabridge Gld* N 16734 Seabridge Gold T 2701 Search Mnls V 660 Secova Mtls V 866 Sego Res V 510 Semafo T 50818 Senator Minls V 437 Sennen Res V 710 Sentry Sl PrmM T 864 Serabi Gold T 142 Serengeti Res V 1940 10 SG Spirit Gold V SGX Res V 2550 Sherritt Intl T 48284 Shore Gold T 9639 Sienna Res V 160 Sierra Iron Or V 2536 Sierra Metals T 31 Signature Res V 1861 Silver Bear Rs T 8748 Silver Bull Re T 960 V 345 Silver Grail R Silver Predatr V 1010 Silver Range R V 7350 Silver Spruce V 1499 Silver Std Res T 16712 Silver Std Re* Q 60408 Silver Wheatn* N 168425 Silver Wheaton T 49574 Silvercorp Mtl T 22004 Silvore Fox Ml V 74 Sirios Res V 2102 Skeena Res V 2417 Skyharbour Res V 4535 V 4583 Slam Exploratn Slater Mng V 450 SnipGold V 521 SNS Silver V 1418 Soc Quim&M Ch* N 15999 Softrock Mnrl V 2835 Solitario Ex&R T 160 Solitario Ex&* X 1386 Sona Res V 142 Sonora Gld & S V 1200 Source Expl V 3620 Southern Arc V 256 Southern Silvr V 3058 T 173 SouthGobi Res Spanish Mtn Gd V 4512 Sparton Res V 4090 Sprott Ph Silv T 313 Sprott Res T 8606 St Andrew Gldf T 69674 St Augustine T 1990 C 1880 St-Georges Plt Stakeholdr Gld V 2067 Standard Graph V 520 Stans Energy V 2470 Starcore Int V T 5709 Stellar Pac Vt V 8874 Stelmine Can V 9218 Stillwater Mg* N 73638 Stonegate Agri T 5070 Stornoway Diam T 27445 Strata Mnls V 3649 Strategic Metl V 3168 Strategic Res V 288 Strike Graph V 12453 StrikePoint Gd V 3355 Strongbow Expl V 756 Sulliden Mng C T 588 Sultan Mnrls V 1760 SunCoke Engy* N 8801 Sunridge Gold V 23522 Suparna Gold V 1750 Superior Coppr V 3700 Sutter Gold V 573

0.69 0.57 0.69 + 0.13 0.69 0.28 0.05 0.04 0.04 - 0.03 0.17 0.04 0.05 0.04 0.05 + 0.01 0.06 0.01 0.06 0.05 0.06 - 0.01 0.16 0.03 0.13 0.10 0.10 - 0.02 0.28 0.10 0.03 0.03 0.03 + 0.01 0.80 0.03 0.03 0.02 0.03 + 0.01 0.10 0.02 0.02 0.02 0.02 - 0.01 0.08 0.02 0.16 0.14 0.15 0.00 0.44 0.13 2.88 2.62 2.64 - 0.04 4.40 2.20 3.84 3.57 3.57 - 0.04 5.30 2.88 0.02 0.01 0.02 0.00 0.03 0.01 0.14 0.10 0.12 0.00 0.43 0.10 0.08 0.06 0.06 - 0.01 0.12 0.05 0.03 0.03 0.03 0.00 0.25 0.02 0.14 0.11 0.14 + 0.01 0.24 0.10 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.05 0.05 - 0.01 0.20 0.05 0.14 0.12 0.13 0.00 0.27 0.12 8.99 8.10 8.36 - 0.02 9.89 3.31 11.99 11.02 11.37 + 0.17 12.60 4.34 0.06 0.05 0.05 + 0.01 0.13 0.03 0.05 0.05 0.05 0.00 0.09 0.03 0.02 0.02 0.02 0.00 0.03 0.01 3.60 3.29 3.50 + 0.24 4.49 2.46 0.14 0.08 0.08 + 0.02 0.17 0.02 0.12 0.11 0.11 + 0.01 1.35 0.10 2.18 2.06 2.11 + 0.01 3.49 2.00 0.06 0.06 0.06 0.00 0.10 0.06 0.02 0.02 0.02 + 0.01 0.08 0.02 0.06 0.06 0.06 0.00 0.38 0.05 0.01 0.01 0.01 0.00 0.02 0.01 0.74 0.63 0.67 - 0.06 3.25 0.63 0.21 0.18 0.19 - 0.02 0.31 0.13 0.02 0.02 0.02 0.00 0.04 0.01 0.37 0.32 0.32 - 0.04 0.62 0.07 1.15 1.01 1.04 - 0.11 2.13 0.84 0.03 0.02 0.02 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.10 0.02 0.06 0.04 0.05 - 0.01 0.30 0.04 0.03 0.02 0.02 0.00 0.06 0.02 0.02 0.01 0.01 - 0.01 0.04 0.01 0.06 0.03 0.03 - 0.01 0.11 0.02 0.07 0.06 0.07 0.00 0.10 0.02 7.90 7.12 7.44 + 0.05 10.56 4.86 5.92 5.23 5.46 - 0.08 8.02 4.12 14.09 12.99 13.12 - 0.32 24.22 11.03 18.79 17.68 17.88 - 0.05 29.86 14.62 0.80 0.66 0.69 - 0.05 2.00 0.66 0.02 0.02 0.02 + 0.01 0.10 0.00 0.11 0.09 0.10 0.00 0.13 0.06 0.06 0.06 0.06 0.00 0.13 0.06 0.04 0.03 0.03 - 0.01 0.07 0.02 0.03 0.02 0.03 + 0.01 0.06 0.01 0.06 0.05 0.06 + 0.03 0.06 0.02 0.05 0.05 0.05 0.00 0.11 0.04 0.40 0.37 0.38 - 0.02 0.50 0.05 16.85 15.34 15.39 - 1.06 26.40 12.65 0.02 0.02 0.02 0.00 0.03 0.01 0.67 0.61 0.65 + 0.02 1.18 0.57 0.50 0.43 0.48 - 0.02 1.00 0.40 0.03 0.02 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.02 0.02 0.02 0.00 0.10 0.02 0.33 0.32 0.32 0.00 1.00 0.25 0.06 0.04 0.06 + 0.02 0.13 0.03 0.30 0.28 0.30 0.00 1.25 0.25 0.03 0.02 0.03 0.00 0.05 0.02 0.03 0.03 0.03 0.00 0.04 0.01 5.56 5.39 5.39 + 0.02 7.43 5.31 0.51 0.40 0.42 - 0.07 1.99 0.40 0.45 0.42 0.44 + 0.02 0.45 0.21 0.12 0.11 0.11 - 0.01 0.18 0.07 0.03 0.02 0.02 0.00 0.05 0.01 0.02 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 0.00 0.13 0.01 0.08 0.07 0.07 - 0.01 0.17 0.07 0.02 0.02 0.02 0.00 0.14 0.01 0.01 0.01 0.01 0.00 0.05 0.01 9.50 8.38 9.05 - 0.16 15.37 8.36 0.02 0.02 0.02 - 0.01 0.06 0.02 0.78 0.67 0.69 - 0.08 0.85 0.46 0.01 0.01 0.01 0.00 0.12 0.01 0.29 0.27 0.28 + 0.02 0.37 0.24 0.03 0.02 0.02 0.00 0.08 0.02 0.02 0.02 0.02 - 0.01 0.15 0.02 0.03 0.02 0.02 - 0.01 0.08 0.01 0.08 0.08 0.08 + 0.01 0.18 0.05 0.26 0.23 0.23 - 0.03 0.49 0.19 0.01 0.01 0.01 0.00 0.02 0.01 3.48 2.84 3.07 - 0.42 20.01 2.84 0.28 0.27 0.27 + 0.01 0.28 0.13 0.01 0.01 0.01 - 0.01 0.10 0.01 0.02 0.01 0.02 0.00 0.05 0.01 0.05 0.05 0.05 0.00 0.15 0.04

TAD Mnl Expl V 5200 Tahoe Res* N 19595 Tahoe Res T 40215 Taipan Res V 1192 Tajiri Res V 1454 Takara Res V 12796 Talon Metals T 195

0.01 0.01 0.01 0.00 0.01 0.01 9.67 8.56 8.98 - 0.22 16.13 7.33 12.93 11.62 12.22 - 0.07 19.45 9.66 0.13 0.07 0.07 - 0.06 3.05 0.07 0.02 0.01 0.01 + 0.01 0.04 0.01 0.04 0.02 0.03 - 0.01 0.06 0.01 0.12 0.11 0.11 0.00 0.30 0.08

S

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tanz Roy Exp T 1393 Tanz Roy Exp* X 2910 Tasca Res V 26 Taseko Mines* X 8719 Taseko Mines T 2724 Tasman Metals V 497 Tasman Mtls* X 1464 Tawsho Mng V 100 Teck Res A T 130 Teck Res B* N 301745 Teck Res B T 167304 Tembo Gold V 700 Teranga Gold T 41336 Teras Res V 15717 Terraco Gold V 2243 Terrax Minls V 4595 Teuton Res V 252 Thompson Creek T 12795 Thompson Crk* N 5400 Thor Expl V 264 Tiger Intl V 55 V 752 Timberline Res Timberline Rs* X 3676 Timmins Gold* X 5879 Timmins Gold T 31760 Tinka Res V 1054 Tintina Res V 3898 Tirex Res V 2845 Titanium Corp V 538 TomaGold V 3951 Torex Gold T 59903 Transition Mtl V 21 Treasury Metal T 686 Tres-Or Res V 2370 Trevali Mng T 24329 20 Tri Origin Exp V Tribute Res V 1550 TriMetals Mng T 4478 Troymet Expl V 1277 True Gold Mng V 10577 True North Gem V 4786 Trueclaim Expl V 40 Tsodilo Res V 11 Turquoise HIl* N 14301 Turquoise Hill T 39261 TVI Pacific T 16166 Typhoon Expl V 240

0.42 0.38 0.39 - 0.02 1.05 0.32 0.32 0.28 0.29 - 0.02 0.95 0.25 0.01 0.01 0.01 - 0.01 0.05 0.01 0.37 0.32 0.33 - 0.02 1.25 0.32 0.49 0.44 0.45 - 0.02 1.42 0.44 0.27 0.23 0.26 + 0.01 0.99 0.21 0.20 0.18 0.20 + 0.02 0.79 0.15 0.02 0.01 0.01 - 0.01 0.03 0.01 8.42 7.47 8.00 - 0.14 22.64 7.47 4.19 3.49 3.78 - 0.25 16.40 3.49 5.60 4.75 5.15 - 0.22 20.58 4.75 0.01 0.01 0.01 0.00 0.06 0.01 0.52 0.49 0.49 - 0.01 0.82 0.39 0.05 0.04 0.04 0.00 0.14 0.04 0.11 0.10 0.11 - 0.01 0.17 0.07 0.30 0.25 0.25 - 0.04 0.44 0.23 0.05 0.04 0.04 - 0.01 0.28 0.04 0.34 0.28 0.28 - 0.04 2.07 0.23 0.25 0.20 0.21 - 0.03 1.79 0.18 0.04 0.03 0.03 0.00 0.07 0.02 0.20 0.20 0.20 0.00 0.30 0.12 0.46 0.33 0.33 - 0.13 0.91 0.33 0.35 0.24 0.24 - 0.07 0.80 0.24 0.16 0.14 0.14 - 0.01 1.27 0.14 0.21 0.19 0.19 - 0.01 1.53 0.19 0.15 0.11 0.11 - 0.04 0.43 0.10 0.08 0.05 0.06 - 0.01 0.12 0.04 0.10 0.08 0.10 + 0.01 0.35 0.07 0.84 0.72 0.82 - 0.03 1.55 0.60 0.05 0.04 0.05 0.00 0.13 0.04 1.22 1.09 1.13 - 0.03 1.65 0.85 0.13 0.13 0.13 + 0.01 0.27 0.06 0.44 0.42 0.42 - 0.02 0.62 0.25 0.03 0.02 0.03 + 0.01 0.03 0.01 0.41 0.34 0.36 - 0.02 1.24 0.25 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.03 0.03 - 0.01 0.12 0.03 0.07 0.06 0.06 - 0.01 0.14 0.04 0.02 0.01 0.01 0.00 0.03 0.01 0.25 0.21 0.24 + 0.03 0.29 0.15 0.17 0.16 0.17 + 0.01 0.20 0.07 0.02 0.02 0.02 0.00 0.06 0.02 0.73 0.73 0.73 + 0.11 1.19 0.57 2.61 2.37 2.49 - 0.07 4.73 2.37 3.49 3.22 3.39 - 0.04 5.80 3.17 0.01 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 3254 Ucore Rare Mtl V 3205 UEX Corp T 24603 Ultra Lithium V 783 V 1101 Unigold Unity Energy V 35 Ur-Energy T 6839 Ur-Energy* X 2138 Uracan Res V 2128 Uragold Bay Rs V 8130 Uranium Ener* X 3744 Uranium Partic T 8492 Uranium Res* Q 3817 Uravan Minls V 950 10570 US Energy* Q US Silica Hld* N 21513 N 267439 Vale* ValGold Res V 1110 Valterra Res V 1100 Vangold Res V 732 Vanstar Mng Rs V 4800 Vantex Res V 8319 Vena Res T 741 Vendetta Mng V 4850 V 20 Venerable Vent Verde Potash T 457 Victoria Gold V 15902 Victory Nickel T 1946 Victory Res V 1880 Victory Vent V 830 Vior Mining V 300 Virginia Engy V 281 Viscount Mng V 4363 Visible Gold M V 5930 Vista Gold T 1344 Vista Gold* X 4835 VMS Vent V 6067 Volcanic Mtls V 200 Vulcan Mnrls V 300 VVC Expl V 320

0.03 0.02 0.03 + 0.01 0.07 0.02 0.24 0.23 0.23 0.00 0.44 0.20 0.13 0.12 0.12 - 0.01 0.32 0.11 0.10 0.09 0.09 0.00 0.35 0.05 0.15 0.10 0.10 - 0.01 0.25 0.08 0.20 0.20 0.20 + 0.06 0.20 0.05 0.80 0.68 0.80 + 0.07 1.35 0.60 0.59 0.49 0.59 + 0.05 1.07 0.45 0.01 0.01 0.01 0.00 0.06 0.01 0.03 0.03 0.03 0.00 0.07 0.02 1.12 1.02 1.11 + 0.03 2.99 0.90 5.44 5.29 5.34 - 0.02 5.69 4.82 0.61 0.52 0.54 - 0.06 2.15 0.52 0.11 0.09 0.11 + 0.02 0.17 0.03 0.24 0.13 0.14 - 0.06 1.77 0.13 22.10 18.78 20.92 - 0.63 40.17 13.50 3.37 3.00 3.27 - 0.15 9.14 3.00 0.02 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.04 0.05 - 0.01 0.08 0.04 0.02 0.01 0.02 - 0.01 0.03 0.01 0.02 0.02 0.02 - 0.01 0.13 0.02 0.08 0.06 0.08 + 0.03 0.17 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.23 0.18 0.19 + 0.01 0.60 0.18 0.15 0.13 0.15 + 0.02 0.24 0.10 0.03 0.03 0.03 0.00 0.39 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.02 0.02 - 0.01 0.03 0.01 0.10 0.05 0.05 + 0.01 0.13 0.04 0.05 0.05 0.05 - 0.01 0.10 0.03 0.59 0.54 0.56 - 0.03 0.63 0.16 0.05 0.04 0.05 + 0.01 0.27 0.04 0.47 0.35 0.41 + 0.04 0.56 0.30 0.32 0.27 0.30 + 0.03 0.45 0.24 0.07 0.06 0.07 0.00 0.30 0.06 0.04 0.04 0.04 - 0.01 0.12 0.04 0.02 0.02 0.02 - 0.01 0.04 0.02 0.02 0.02 0.02 - 0.01 0.04 0.02

Wallbridge Mng T 4029 145 War Eagle Mg V WCB Res V 6425 Wealth Minls V 747 Wescan Goldfie V 120 Wesdome Gold T 16304 West Af Iron O V 706 West High Yld V 285 West Kirkland V 1650 Westcore Energ V 11346 Western Copper T 1733 Western Coppr* X 916 Western Lithiu T 32164 Western Melv M V 280 530 Western Pac Rs V Western Potash T 14060 Westhaven Vent V 1030 Westkam Gold V 42667 Westminster Rs V 817 WGI Heavy Mnl T 4571 White Pine Res V 15028 Wildcat Expl V 745 Wolfden Res V 5910 Wolverine Mnls V 722 WPC Res V 250 Xmet V 400 Xtierra V 10 Xtra-Gold Res T 130 Yamana Gold* N 69932 Yamana Gold T 154812 Yanzhou Coal* N 1630 Yellowhead Mng T 920 Zadar Vent V 10810 Zazu Metals T 100 Zenyatta Vent V 8863 Zephyr Mnls V 3536 Zimtu Capital V 185 Zinco Mng V 2085 Zonte Mtls V 3193

0.03 0.03 0.03 - 0.01 0.06 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.06 0.02 0.03 - 0.03 0.28 0.02 0.17 0.15 0.17 - 0.01 0.42 0.05 0.03 0.03 0.03 0.00 0.06 0.01 1.35 1.25 1.27 - 0.03 1.40 0.88 0.02 0.02 0.02 0.00 0.10 0.02 0.25 0.21 0.22 + 0.02 0.43 0.11 0.05 0.05 0.05 + 0.01 0.10 0.05 0.02 0.01 0.02 - 0.01 0.04 0.01 0.36 0.31 0.34 - 0.02 0.75 0.30 0.27 0.23 0.25 - 0.02 0.65 0.23 0.30 0.26 0.29 + 0.02 0.96 0.26 0.05 0.04 0.05 + 0.02 0.15 0.03 0.01 0.01 0.01 + 0.01 0.14 0.01 0.20 0.18 0.19 + 0.01 0.34 0.18 0.07 0.06 0.06 - 0.02 0.12 0.05 0.03 0.02 0.03 0.00 0.05 0.02 0.03 0.02 0.02 + 0.01 0.15 0.01 0.23 0.18 0.22 - 0.03 0.75 0.00 0.01 0.01 0.01 0.00 0.09 0.01 0.04 0.03 0.04 0.00 0.08 0.02 0.07 0.06 0.06 0.00 0.23 0.05 0.04 0.04 0.04 0.00 0.10 0.03 0.05 0.05 0.05 0.00 0.08 0.04 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.24 0.22 0.22 - 0.01 0.30 0.10 2.37 2.06 2.10 - 0.11 4.84 1.43 3.17 2.80 2.88 - 0.08 5.79 1.89 4.65 4.26 4.28 - 0.26 12.24 4.26 0.04 0.03 0.03 - 0.01 0.18 0.03 0.02 0.02 0.02 - 0.01 0.05 0.01 0.13 0.13 0.13 + 0.03 0.39 0.09 1.17 0.77 0.88 + 0.09 2.61 0.63 0.10 0.08 0.09 - 0.01 0.20 0.08 0.15 0.13 0.13 - 0.02 0.38 0.13 0.02 0.01 0.01 0.00 0.08 0.01 0.15 0.09 0.10 + 0.01 0.15 0.02

U-V

W-Z

2015-12-15 6:31 PM

10

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DECEMBER 21-27, 2015 / THE NORTHERN MINER

BID-ASK — DECEMBER 4–10, 2015

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12-MONTH

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EXC BID ASK LAST HIGH

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STOCK

Abzu Gold V 0.03 0.03 0.03 0.05 Adanac Moly V 0.18 0.20 0.18 0.20 Advance Gold V 0.01 0.02 0.01 0.04 Aegean Metals V 0.03 0.05 0.03 0.11 Afferro Mng V 1.10 2.50 1.57 2.40 T 0.42 0.49 0.47 0.55 Africo Res Aftermath Silv V 0.01 0.01 0.01 0.02 AgriMinco V 0.01 0.01 0.01 0.01 Aguila Am Res V 0.04 0.06 0.05 0.11 Alamos Gold T 5.02 5.07 5.03 10.31 Alder Res V 0.01 0.01 0.01 0.05 Alhambra Res V 0.02 0.03 0.02 0.06 Allana Potash T 0.50 0.50 0.50 0.50 Allied Gold T 2.25 2.29 2.25 3.70 Allied Nevada T 0.16 0.16 1.08 4.45 Allied Nevada* X 0.86 0.86 0.86 6.70 V 5.55 5.68 5.45 7.60 Alpha Mnls Alphamin Res V 0.16 0.19 0.19 0.32 Altitude Res V 0.08 0.10 0.08 0.21 V 0.01 0.01 0.01 0.01 Alturas Minls Am Cons Minls V 0.04 0.04 0.04 0.07 V 0.01 0.01 0.01 0.01 Amador Gold Amara Mng T 0.20 0.29 0.21 1.72 Amcol Intl* N 45.74 45.75 45.74 47.09 American Bonan T 0.02 0.02 0.02 0.06 V 0.01 0.02 0.02 0.04 AndeanGold Anglo Pac Grp T 0.01 1.44 1.50 2.05 Arctic Hntr Ur V 0.03 0.03 0.03 0.06 V 0.02 0.02 0.02 0.04 Arcus Dev Grp Armadillo Res C 0.01 0.05 0.02 0.02 V 0.05 0.06 0.06 0.20 Arrowstar Res AsiaBaseMetals V 0.05 0.09 0.05 0.14 V 0.09 0.20 0.09 0.16 Astar Mnls Astorius Res V 0.01 0.02 0.01 0.05 Atlanta Gold V 0.07 0.08 0.06 0.25 Atna Res Ltd T 0.01 0.01 0.05 0.12 T 3.15 3.50 3.55 4.18 Augusta Res Aura Silver Rs V 0.01 0.02 0.02 0.03 V 0.33 0.60 0.32 0.45 Aurania Res AuRico Gold* N 2.87 2.88 2.86 4.69 AuRico Gold T 3.58 3.73 3.58 5.12 T 0.02 0.03 0.02 0.11 Azumah Res V 0.07 0.20 0.06 0.23 Bama Gold Bandera Gold V 0.01 0.01 0.01 0.05 Baroyeca Go&Si V 0.01 0.01 0.01 0.01 V 0.24 0.25 0.24 0.41 Bayfield Vent BE Res V 0.05 0.05 0.35 0.35 V 0.03 0.04 0.04 0.06 Bear Lake Gold Bearclaw Cap V 0.02 0.03 0.03 0.05 Bearing Res V 0.01 0.04 0.03 0.04 Besra Gold T 0.02 0.02 0.02 0.07 Blackstone Ven V 0.03 0.03 0.01 0.20 Blue Gold Mng V 0.46 0.49 0.47 0.95 V 0.06 0.10 0.07 0.14 Bluestone Res Bonaparte Res V 0.05 0.12 0.05 0.11 Bralorne Gold V 0.19 0.19 0.20 0.45 Bravada Gold V 0.04 0.05 0.04 0.07 V 0.10 0.10 0.11 0.25 Brazilian Gold Buccaneer Gold V 0.02 0.03 0.03 0.04 Bullman Mnls V 0.03 0.06 0.03 0.14 Calvista Gold T 1.09 1.10 1.09 1.10 Canada Fluorsp V 0.35 0.35 0.35 0.35 Canadn Arrow V 0.01 0.01 0.01 0.01 Cancor Mines C 0.01 0.02 0.01 0.05 V 0.03 0.04 0.03 0.15 Cangold Cannon Pnt Res V 0.18 0.19 0.19 0.25 Cariboo Rose V 0.03 0.04 0.03 0.07 Cascadero Copp V 0.03 0.04 0.03 0.05 V 0.01 0.02 0.01 0.05 Cassidy Gold Cavan Vent V 0.02 0.02 0.02 0.04 V 2.40 2.49 2.40 3.49 Cayden Res V 0.07 0.07 0.07 0.08 Chalice Diam Channel Res V 0.04 0.06 0.05 0.09 CIC Energy T 1.99 2.00 1.99 2.45 V 0.07 0.08 0.07 0.10 Citation Res Claim Post Res V 0.01 0.01 0.01 0.11 Cline Mng T 0.01 0.01 0.01 0.84 V 0.02 0.04 0.02 0.05 CMQ Res Coalspur Mines T 0.02 0.02 0.02 0.08 V 0.12 0.13 0.12 0.16 Cobriza Mtls Coeur Mng T 12.03 12.64 12.09 20.14 Colossus Minls T 0.02 0.02 0.04 3.40 Columbus Expl V 0.06 0.05 0.19 0.20 V 1.20 1.75 1.22 1.75 Comet Inds Cons Richland V 0.01 0.02 0.01 0.04 V 0.40 0.90 0.40 1.12 Contintl Nickl Corazon Gold V 0.16 0.22 0.18 0.38 Cortez Gold V 0.18 0.32 0.32 1.00 Cougar Mnls V 0.05 0.05 0.05 0.30 Crazy Horse Rs V 0.01 0.02 0.01 0.07 Creso Expl V 0.12 0.12 0.12 0.13 Cresval Cap V 0.03 0.04 0.03 0.06 Crosshair Eny* X 0.02 0.03 0.02 0.26 C 0.01 0.01 0.01 0.01 Cuervo Res Curis Res T 0.68 0.72 0.70 0.99 Darwin Res V 0.05 0.05 0.05 0.20 Desert Gold V 0.10 0.15 0.10 0.90 Diamonds North V 0.02 0.03 0.02 0.08 Dominion Mnls* Q 0.08 0.18 0.01 0.09 Duluth Metals T 0.45 0.45 0.45 1.00 V 0.01 0.02 0.02 0.14 Dunav Res DV Res V 0.04 0.07 0.05 0.06 E-Energy Vent V 0.01 0.01 0.01 0.01 V 0.60 0.65 0.65 0.93 Eagle Hill Exp Eagle Mtn Gold V 0.14 0.17 0.13 0.42 Eastern Merid V 0.03 0.07 0.05 0.07 Eastfield Res V 0.02 0.02 0.02 0.05 El Tigre Silvr V 0.03 0.04 0.04 0.26 Elemental Mnls T 0.18 0.25 0.20 0.55 T 0.41 0.42 0.42 0.45 Elgin Mng V 0.14 0.14 0.14 0.25 Elissa Res Endurance Gold V 0.02 0.03 0.02 0.08 Esperanza Res V 1.01 1.03 1.01 1.70 Estrella Gold V 0.03 0.04 0.03 0.08 Excalibur Res C 0.01 0.01 0.01 0.05 Extorre Gold M T 4.27 4.28 4.27 11.27

0.02 0.15 0.01 0.00 0.00 0.30 0.01 0.01 0.04 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.11 0.07 0.01 0.00 0.01 0.00 0.00 0.00 0.01 1.00 0.02 0.01 0.01 0.04 0.04 0.09 0.01 0.05 0.05 0.00 0.01 0.30 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.35 0.00 0.02 0.02 0.00 0.10 0.00 0.05 0.00 0.00 0.02 0.00 0.02 0.03 0.00 0.00 0.01 0.00 0.00 0.00 0.02 0.02 0.01 0.02 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.10 1.00 0.01 0.00 0.12 0.00 0.03 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.03 0.01 0.00 0.00 0.04 0.02 0.00 0.00 0.00 0.06 0.02 0.00 0.00 0.01 0.00

Feronia V 0.21 0.22 0.20 0.45 First Nickel T 0.01 0.01 0.01 0.03 T 0.13 0.14 0.13 0.35 Frontier Rr Er Gentor Res V 0.02 0.03 0.03 0.11 Geocom Res* Q 0.05 0.09 0.02 0.03 Geomark Expl V 0.96 1.00 0.98 1.00 V 0.01 0.01 0.01 0.01 Gitennes Expl Giyani Gold V 0.08 0.08 0.09 0.20 Global Hunter V 0.02 0.03 0.03 0.06 Global Ur Fund T 1.64 1.67 1.64 2.05 V 0.34 0.34 0.34 0.42 Gold Canyon Gold Ridge Exp V 0.01 0.03 0.02 0.03 GoldMountain* Q 0.04 0.05 0.05 0.35 Gonzaga Res V 0.02 0.02 0.02 0.15 Granite Ck Gld V 0.01 0.02 0.01 0.04 Gray Rock Res V 0.02 0.03 0.03 0.04 Green Valley M V 0.01 0.01 0.01 0.01 Grenville Gold V 0.07 0.12 0.09 0.15 Gryphon Gold T 0.01 0.01 0.01 0.13 GTO Res V 0.10 0.16 0.11 0.11 V 0.14 0.20 0.15 0.33 Highbury Proj Highvista Gold V 0.12 0.15 0.17 0.28 Highway 50 Gld V 0.09 0.10 0.09 0.42 V 0.01 0.01 0.01 0.01 Hudson River M V 0.06 0.07 0.06 0.30 ICN Res Inform Res V 0.01 0.01 0.03 0.03 T 0.16 0.20 0.15 0.60 Inova Res Inter-Citic Mn T 2.04 2.05 2.04 2.05 Inter-Rock Mnl V 0.03 0.07 0.03 0.04 Intl Enexco V 0.41 0.41 0.41 0.55 V 0.01 0.02 0.04 0.04 Intl Millm Mng Intl Minls Crp T 2.80 2.83 2.83 4.92 Intrepid Mns T 0.25 0.26 0.26 0.31 V 0.05 0.09 0.05 0.11 Iron South Mng Iron Tank Res V 0.04 0.04 0.04 0.14 V 0.04 0.08 0.05 0.13 Jet Gold Jiulian Res V 0.03 0.04 0.03 0.05 V 0.01 0.01 0.01 0.02 Kettle River Kimber Res T 0.15 0.16 0.15 0.40 Klondike Silv V 0.02 0.03 0.03 0.05 KWG Res V 0.02 0.03 0.02 0.09 T 0.02 0.02 0.02 0.14 Labdr Iron Mns Lachlan Star T 0.01 0.01 0.02 0.28 V 0.03 0.04 0.03 0.14 Legend Gold Letho Res V 0.08 0.15 0.08 0.18 Liberty Silver T 0.05 0.08 0.04 0.13 Lipari Energy T 0.46 0.49 0.47 0.49 Lithium Americ T 0.29 0.30 0.30 0.49 Lithium One V 1.15 1.18 1.15 1.46 Logan Res V 0.03 0.05 0.05 0.06 V 0.06 0.20 0.08 0.15 Long Harbour E Lornex Cap V 0.10 0.18 0.10 0.20 MagIndustries T 0.10 0.04 0.13 0.26 Magma Metals T 0.09 0.09 0.09 0.28 Mahdia Gold C 0.01 0.17 0.01 0.02 Manado Gold V 0.03 0.04 0.03 0.08 T 5.86 8.25 5.82 10.41 Marklnd AGF PM Maudore Minls V 0.01 0.01 0.01 0.01 V 0.47 0.49 0.49 0.52 McVicar Res Mega Copper V 0.03 0.04 0.03 0.05 Mega Precs Mtl V 0.08 0.09 0.08 0.13 Megastar Dev V 0.02 0.03 0.03 0.06 Mercator Mnls T 0.01 0.01 0.03 0.12 V 0.02 0.02 0.02 0.04 Mesa Expl Messina Minls V 0.06 0.10 0.06 0.13 Midasco Cap V 0.40 1.70 0.12 0.12 Midway Gold T 0.13 0.13 0.09 1.30 Midway Gold* X 0.07 0.08 0.04 1.17 Milner Con Slv V 0.02 0.03 0.02 0.07 T 0.10 0.30 0.13 0.13 Minemakers Minera IRL T 0.07 0.08 0.08 0.15 Mineral Depost T 5.00 5.09 4.75 6.95 Mineral Hill V 0.05 0.05 0.14 0.14 Mirabela Nickl T 0.02 0.02 0.02 0.62 Moly Mines T 0.06 0.07 0.06 0.15 Mountain Lake V 0.32 0.35 0.32 0.82 Murgor Res V 0.02 0.02 0.02 0.03 Musgrove Mnls V 0.08 0.14 0.08 0.20 Nebu Res V 0.01 0.02 0.01 0.05 V 0.02 0.03 0.02 0.05 Network Expl New Dawn Mng T 0.10 0.16 0.13 1.10 New Oroperu Rs V 0.14 0.15 0.14 0.20 T 12.10 12.90 12.11 31.00 Newcrest Mng Newmont Mng T 26.37 26.90 26.25 44.66 Newstrike Cap V 0.66 0.70 0.70 1.22 Newstrike Res V 0.03 0.04 0.03 0.08 Nikos Expl V 0.02 0.03 0.02 0.15 Nitinat Mnls V 0.05 0.07 0.07 0.09 V 0.17 0.17 0.19 0.19 NMC Res Noble Metal Gr V 0.01 0.01 0.01 0.01 V 0.01 0.01 0.01 0.02 Noble Mnl Expl Nomad Ventures V 0.01 0.01 0.01 0.07 North Am Pot D V 0.01 0.01 0.01 0.01 North Country V 0.11 0.12 0.11 0.14 Northern Sun M V 0.08 0.09 0.09 0.30 V 0.04 0.07 0.07 0.15 NSGold Nuinsco Res T 0.01 0.01 0.01 0.03 Nunavik Nickel V 0.04 0.06 0.04 0.18 NV Gold V 0.01 0.02 0.01 0.17 NWM Mng V 0.01 0.01 0.01 0.01 NWT Uranium V 0.02 0.02 0.05 0.05 Oremex Silver V 0.02 0.03 0.03 0.03 Orko Silver V 1.94 1.99 1.99 2.63 V 0.02 0.03 0.02 0.06 Oroco Res Oronova Res V 0.03 0.07 0.03 0.04 V 0.10 0.10 0.10 0.15 Orsa Vent Otterburn Res V 0.09 0.25 0.20 0.20 Pac Arc Res V 0.01 0.01 0.01 0.01 Pac Bay Mnrls V 0.05 0.09 0.05 0.10 Pac Potash V 0.04 0.06 0.05 0.25 Pac Rim Mining T 0.07 0.08 0.07 0.11 Paget Mnls V 0.01 0.01 0.01 0.01 Pantheon Vent V 0.11 0.11 0.10 0.13 Paragon Minls V 0.06 0.07 0.06 0.12 Parallel Mng V 0.03 0.03 0.04 0.07 Paramount Gold T 1.20 1.20 1.52 1.88

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0.07 0.00 0.00 0.03 0.00 0.00 0.01 0.05 0.02 0.00 0.00 0.02 0.00 0.02 0.01 0.02 0.01 0.04 0.00 0.00 0.10 0.08 0.09 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.04 0.00 0.00 0.05 0.02 0.03 0.02 0.00 0.00 0.02 0.00 0.00 0.00 0.03 0.05 0.00 0.00 0.00 0.00 0.03 0.04 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.02 0.00 0.02 0.00 0.02 0.00 0.05 0.00 0.00 0.02 0.06 0.00 0.00 0.12 0.00 0.00 0.00 0.00 0.04 0.01 0.02 0.00 0.07 0.00 0.00 0.00 0.02 0.02 0.03 0.00 0.01 0.01 0.01 0.01 0.00 0.03 0.03 0.00 0.04 0.01 0.00 0.05 0.02 0.00 0.02 0.03 0.00 0.20 0.01 0.02 0.03 0.00 0.01 0.03 0.00 0.03 0.00

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12-MONTH

EXC BID ASK LAST HIGH LOW

PC Gold V 0.08 0.08 0.09 0.10 Peat Res V 0.01 0.02 0.01 0.03 V 0.05 0.06 0.05 0.06 Penteco Res Petaquilla Mnl T 0.03 0.03 0.03 0.31 V 0.01 0.03 0.02 0.05 Philippine Mtl Pitchstone Exp V 0.09 0.09 0.09 0.21 PJX Res V 0.15 0.20 0.18 0.29 Platinex V 0.01 0.01 0.01 0.01 T 0.48 0.50 0.48 0.72 PMI Gold PNG Gold V 0.01 0.01 0.01 0.02 T 0.01 0.02 0.01 0.17 Polar Star Mng Portage Mnls C 0.01 0.02 0.02 0.03 V 0.20 0.01 0.20 0.20 Portola Res Premier Roy T 0.74 0.76 0.76 2.60 V 0.01 0.02 0.01 0.02 Proam Expl Prospero Silve V 0.09 0.15 0.08 0.25 Providence Res V 0.04 0.09 0.05 0.12 N 27.44 27.46 27.44 29.22 PVR Partners* QMC Quantum Ml V 0.01 0.02 0.01 0.04 Quia Res V 0.01 0.01 0.01 0.04 Rainy Mtn Royl V 0.03 0.04 0.03 0.09 Rainy River Rs T 3.37 3.37 3.42 6.10 Ratel Grp T 0.37 0.44 0.45 0.79 REBgold V 0.13 0.14 0.16 0.16 Red Cresc Res T 0.02 0.02 0.01 0.11 Redzone Res V 0.09 0.19 0.09 0.50 Regal Res C 0.03 0.07 0.07 0.15 Remo Res V 0.07 0.11 0.07 0.12 Resolve Vent V 0.05 0.07 0.04 0.07 Revett Mnls T 0.56 0.65 0.57 1.42 Rhyolite Res V 0.07 0.20 0.11 0.20 Ridgemont Ir O V 0.02 0.02 0.02 0.28 Rio Alto Mng T 3.47 3.51 3.48 3.99 Rio Alto Mng* N 2.46 2.48 2.47 3.18 Roca Mines V 0.03 0.03 0.03 0.03 Rockcliff Res V 0.03 0.03 0.03 0.07 Rockex Mng T 0.03 0.04 0.04 0.30 Rockgate Cap T 0.30 0.35 0.30 0.53 Romarco Mnrls T 0.46 0.48 0.46 0.82 Romulus Res V 0.08 0.29 0.09 0.24 Rotation Mnls V 0.01 0.20 0.05 0.15 Royal Coal V 0.03 0.01 0.01 0.21 Rugby Mng V 0.08 0.08 0.08 0.27 RX Gold & Silv V 0.23 0.24 0.24 0.60 Ryan Gold V 0.11 0.12 0.12 0.16 Sable Res V 0.01 0.02 0.01 0.07 Sandstorm Mt&E V 1.20 1.37 1.36 3.54 Saville Res V 0.02 0.03 0.02 0.13 Senior Gld Prd T 4.78 4.88 4.78 7.48 Silver Mtn Mns V 0.01 0.01 0.01 0.04 Silver Pursuit V 0.02 0.03 0.02 0.06 Silvercorp Mt* N 0.65 0.65 0.65 1.81 SilverCrest M* X 0.83 1.11 0.86 1.64 SilverCrest Mn T 1.33 1.43 1.40 1.97 Silvermet V 0.03 0.03 0.03 0.10 T 0.50 0.55 0.53 0.88 Silvermex Res Sirocco Mng T 0.34 0.36 0.35 0.89 Sniper Res V 0.01 0.01 0.01 0.07 Soltoro V 0.30 0.30 0.32 0.34 Sonoro Mtls V 0.06 0.08 0.06 0.19 Southern Hemis V 0.04 0.06 0.04 0.20 Spruce Ridge R V 0.01 0.02 0.02 0.06 Stratabd Mnr V 0.01 0.01 0.01 0.04 Stratton Res V 0.08 0.09 0.08 0.15 Stroud Res V 0.01 0.01 0.01 0.01 V 0.01 0.01 0.01 0.06 Sunset Cove Mg Sunward Res T 0.17 0.18 0.18 0.24 Tanzania Mnls V 0.01 0.01 0.01 0.07 Taranis Res V 0.04 0.05 0.04 0.15 Tearlach Res V 0.05 0.06 0.06 0.14 Temex Res V 0.12 0.12 0.12 0.13 Teryl Res Corp V 0.01 0.02 0.02 0.02 Theia Res V 0.05 0.09 0.05 0.20 Thelon Cap V 0.10 0.10 0.05 0.17 Themac Res V 0.01 0.02 0.01 0.03 V 0.05 0.11 0.12 0.12 Thunder Mtn Gd Tigray Res V 0.09 0.13 0.10 0.15 Tiller Res V 0.04 0.07 0.05 0.13 Tintina Mines V 0.04 0.12 0.05 0.06 TNR Gold V 0.02 0.02 0.02 0.03 Tolima Gold V 0.01 0.01 0.01 0.02 Trend Mng* Q 0.05 0.05 0.01 0.11 Tri-River Vent V 0.05 0.11 0.07 0.17 TriAusMin T 0.06 0.07 0.07 0.08 Trio Gold Corp V 0.01 0.01 0.01 0.02 T 0.43 0.44 0.43 1.27 Troy Res UC Res V 0.01 0.02 0.02 0.03 United Silver T 0.01 0.01 0.02 0.14 Uranerz Energy T 1.41 1.44 1.44 1.70 Uranium One T 2.85 2.86 2.85 2.86 Uranium Valley V 0.04 0.05 0.05 0.10 US SIlver & Go T 0.34 0.35 0.35 0.67 Vaaldiam Mng T 0.26 0.27 0.26 0.27 Vendome Res V 0.01 0.01 0.01 0.03 Veris Gold T 0.10 0.10 0.15 0.95 Viking Gold V 0.01 0.01 0.01 0.01 Virginia Mines T 14.65 15.22 14.99 17.20 T 0.33 0.34 0.33 0.57 Volta Res Walter Energy* N 0.16 0.17 0.16 6.84 Walter Energy T 7.10 7.82 7.15 21.20 Waseco Res V 0.03 0.03 0.03 0.06 Waymar Res V 0.09 0.13 0.10 0.20 West Cirque Rs V 0.23 0.26 0.26 0.54 Western Areas T 3.75 8.54 4.00 6.11 Western Troy C V 0.01 0.02 0.02 0.02 Westridge Res V 0.01 0.01 0.01 0.04 Whetstone Mnls V 0.01 0.01 0.01 0.04 Williams Creek V 0.01 0.01 0.01 0.11 Windarra Minls V 0.05 0.07 0.06 0.09 Windstorm Res V 0.04 0.05 0.05 0.19 Witwatersrand T 1.08 1.18 1.08 1.50 World Vent* Q 0.01 0.51 0.02 0.10 Xemplar Energy V 0.02 0.02 0.02 0.05 Xinergy T 0.02 0.02 0.02 0.48 Zena Mng V 0.06 0.10 0.06 0.12

0.00 0.01 0.00 0.00 0.02 0.00 0.12 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.01 0.05 0.00 0.00 0.01 0.00 0.02 0.00 0.40 0.00 0.00 0.06 0.03 0.04 0.04 0.00 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.03 0.00 0.06 0.00 0.00 0.01 0.00 0.02 0.00 0.01 0.02 0.00 0.00 0.00 0.02 0.00 0.00 0.01 0.00 0.04 0.00 0.01 0.01 0.06 0.01 0.01 0.00 0.01 0.03 0.02 0.00 0.01 0.05 0.00 0.01 0.05 0.00 0.04 0.02 0.01 0.01 0.00 0.05 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.04 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.02 0.00 0.06

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2015-12-15 6:33 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21-27, 2015

Northquest CEO Jon North (second from left) with colleagues at the Pistol Bay gold project, near the town of Whale Cove in eastern Nunavut.

11

NORTHQUEST

Nordgold raises stake in Northquest VOTE OF CONFIDENCE

BY TRISH SAYWELL

A

tsaywell@northernminer.com

s Canadian mining companies look inward, licking their wounds from the prolonged rout in commodity markets, a Russian gold producer with nine operating mines and heaps of cash has exercised warrants above market price to take a majority stake in a Canadian junior with a high-grade gold project in Nunavut.

Nordgold (LSE: NORD) increased its stake in Northquest (TSXV: NQ) to 52.3% from 42.9% in late November, writing a cheque for $5 million (US$3.8 million) that will cover all of the junior’s exploration costs next year at its Pistol Bay project, 80 km south of Agnico Eagle Mines’ (TSX:AEM; NYSE: AEM) high-grade Meliadine project.

“This is the greatest confirmation of credibility that you can get,” Jon North, Northquest’s president and CEO, says in an interview. “We have a million-ounce gold producer who just paid 30¢ a share, when the market says we’re worth 19¢ a share ... there is no Canadian company that will do that.”

Continuing, the mining executive says that “we can’t get a meeting in Canada with an institutional fund, a mining company or a portfolio manager ... $5 million is coffee money. Why didn’t a Canadian company do that?”

Whatever the reason, Nordgold spied an opportunity, making its first investment in Northquest in June 2014, before stepping in and taking majority control on Nov. 25. Nordgold made its move a day after Northquest released its second batch of drill results for the year, with intercepts from the project’s Vickers zone of 39 metres grading 2.57 grams gold per tonne; 30 metres grading 2.10 grams gold per tonne;

Dec 21 Pgs 1 2 3 4 5 11 13 14 16.indd 11

| Russians see potential in junior's Pistol Bay project in Nunavut, now with a majority interest

44.5 metres of 1.07 grams gold per tonne; and 50 metres of 2.13 grams gold per tonne. The results were released in January, with the best result returning 134.4 metres grading 1.36 grams gold.

Nikolai Zelenski, Nordgold’s president and CEO, stated that this year’s results from 36 drill holes “confirmed” Pistol Bay’s “potential of being a high-quality deposit of substantial scale with high-grade ore, a moderate stripping ratio and excellent metallurgy.”

Northquest acquired Pistol Bay, on the west coast of Hudson Bay in eastern Nunavut, in 2010. But the story dates to 1985, when Inco

“THIS IS THE GREATEST CONFIRMATION OF CREDIBILITY THAT YOU CAN GET.” JON NORTH PRESIDENT AND CEO, NORTHQUEST

discovered the Vickers zone in the centre of the property after drilling 149.8 metres grading 2.55 grams gold. In 2012, Northquest twinned the Inco hole in the same stratigraphy and doubled the grade, with a 164.4-metre intercept grading 5.39 grams gold. The company attributes the better grade to a larger core sample and more comprehensive assay method to take into account the abundant coarse visible gold in the core samples.

The grade and thickness of the zone were good and Inco had only completed a nominal amount of exploration, and in a completely different gold price environment 30 years earlier, which was appealing to Northquest. Also appealing

was the fact that Pistol Bay was on Crown land open for staking for more than a decade, meaning Northquest didn’t need to negotiate an exploration agreement with the territorial government.

Another surprising thing about the project, North says, is that companies involved in gold exploration in the region, with the exception of Agnico Eagle, seemed to have overlooked the mineral occurrences at Pistol Bay and the possibility that it was a linear trend parallel to Agnico’s Meliadine gold deposits, 25 km north of the hamlet of Rankin Inlet.

In 2010, Agnico Eagle and Northquest both claimed to have staked the ground covering the Vickers zone. The dispute was resolved two years later in Northquest’s favour, when the Mining Record awarded the claims to the person that Northquest had bought them from, after which the company began exploration work in earnest.

North knew the Meliadine deposit from when he worked for its previous owner, Western Mining, from 1994–95. Although he never worked directly on Meliadine, he was part of a committee that recommended Western Mining buy it from Comaplex Minerals.

Meliadine is Agnico’s largest development project. It has proven and probable reserves of 13.9 million tonnes grading 7.44 grams gold for 3.3 million oz. gold. Indicated resources measure 20.3 million tonnes at 5.06 grams gold for 3.29 million oz., and inferred are 14.1 million tonnes at 7.65 grams gold for 4.36 million oz. gold.

By September, Agnico had advanced the underground ramp at Meliadine by 1,960 metres.

Meliadine and Pistol Bay are on the opposite sides of a sterile, granitic gneiss block, and Northquest

Northquest (TSXV:NQ)

$0.25

$0.20

$0.15

$0.10

Jul 2015

Aug 2015

Sep 2015

believes the Pistol Bay trend is a mirror image of the Meliadine trend.

The first exploration phase in 2011 validated this concept, and led to the trend’s recognition as a deformation corridor trending northwest, with a nominal width of at least 2 km containing gold occurrences within epizonal porphyries, gabbro–diorite intrusions, quartz veins and bandediron formations, over at least 20 km of strike length.

Over the last five years, Northquest has completed three airborne geophysical surveys and 21,750 metres of diamond drilling in 100 holes, 65 of which were done in the Vickers zone.

The company recently announced that it had found a second goldbearing intrusion at Vickers that is open to the east, and at depth.

This year the company will drill west and east of drill holes at the Vickers zone to explore a potential gold zone extension that has been

Oct 2015

Nov 2015

Dec 2015

intersected over a 350-metre strike length.

Pistol Bay is accessible by air or by sea, within 10 km of Whale Cove, which has a population of 350 people.

Whale Cove has a 1,200-metre airstrip with daily flights to Winnipeg, among other cities, and a port that accepts sea lifts from the rail head at Churchill, Man., and Montreal in the shipping season.

There is also an all-season road from Whale Cove to the project.

The company says the surrounding infrastructure ensures that exploration costs at Pistol Bay, particularly for drilling, are half those of its peers working elsewhere in the Arctic.

“It’s an extremely robust project,” North says. “In the last press release, we had an intercept of 39 metres of 2.57 grams gold, and that’s what we call a narrow intersection at Pistol Bay — anywhere else that’s their discovery hole.” TNM

2015-12-15 7:13 PM

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Persistence pays off for INV Metals at Loma Larga

A drill rig at INV Metals’ Loma Larga gold project in Ecuador.

INV METALS From 2

tance or too deep to be economic I don’t know, but you do know there is an untested porphyry sitting at depth on that property, in addition to high-sulphidation epithermal showings that make it an incredibly exciting district,” he says. “And the thing we do know from Quimsacocha is that you can be a metre above the upper mineralized cut-off, and grades would be minimal. That change from bonanza grades in the deposit to trace mineralization above its roof is quite spectacular.”

In 2008, four years after Spencer left Iamgold, the government of Ecuador suspended all mining and exploration work in the country.

Iamgold eventually sold the project to INV Metals (TSX: INV; USOTC: ILNLF) for US$30 million in November 2012, after the government approved a new mining law in January 2009 that reopened the country to foreign mining investment.

INV Metals renamed the project Loma Larga, and updated Iamgold’s resource estimate. Indicated re-

Dec 21 Pgs 1 2 3 4 5 11 13 14 16.indd 13

INV METALS

sources now stand at 10.2 million tonnes grading 6.24 grams gold for 2.04 million oz. gold, 35.2 grams silver for 11.5 million contained oz. silver and 0.7% copper for 81.1 million lb. copper in the indicated category. Inferred resources add 0.3 million tonnes grading 15.14 grams gold for 0.14 million oz. gold, 123.6 grams silver for 1.1 million oz. silver and 1.7% copper for 10.4 million lb. copper.

The resource used a US$100per-tonne net smelter return cutoff value, US$1,500 per oz. gold price, US$25 per oz. silver price and US$3.50 per lb. copper price.

In 2013, INV Metals drilled 12 diamond drill holes (3,700 metres) and worked on a prefeasibility study, which was completed in early 2015.

The study envisions an underground mine with a 1,000-tonneper-day production rate and average annual gold production of 80,000 oz. over a 13.3-year mine life.

All-in sustaining costs are forecast at US$592 per oz. gold sold.

The study calculates an after-tax net present value at a 5% discount rate of US$153.8 million, a 16%

A field crew collects samples at the Loma Larga gold property.

after-tax internal rate of return and an after-tax payback period for the US$218.9-million initial capital costs of 4.4 years. The study uses a US$1,350 per oz. gold price, along with a US$23 per oz. silver and US$3 per lb. copper.

Candace MacGibbon, chief executive of INV Metals, says the company is doing desktop studies to see where it can optimize capital, production and operating costs, while it waits for more clarity on taxation rates.

As a medium-scale mining operation under Ecuador’s mining code, the project would be subject to a 22% corporate income tax rate, 4% state royalty on metal sales, 15% profit tax for state and employee participation, and a sovereign adjustment, based on a 50% net benefit to both the company and the government.

“Positive changes have recently been made. However, the current tax regime remains high and is challenging for projects in the country,” MacGibbon says in an interview.

“That will be one of the factors that may complicate mining investment in Ecuador.”

MacGibbon says Loma Larga needs returns that are financeable whene gold prices are relatively low and there is not a lot of available capital. “To compete for accessible mine financing dollars in today’s environment, some changes still have to be made,” she says.

At the same time, MacGibbon is optimistic that INV Metals can come to an agreement with the government that satisfies both sides, and notes that negotiations between Lundin Gold (TSX: LUG) and government ministries on the Fruta del Norte project should help provide a road map for other foreign mining companies in negotiating their own agreements.

(The Ministry of Mines told The Northern Miner in late October that it expects to reach the broad outlines of a fiscal stability agreement with Lundin Gold before year-end.)

MacGibbon concedes that Fruta del Norte is an exceptional project in terms of grade and scale, which may help it thrive under the current tax regime, whereas other companies with smaller or lower-grade projects may struggle.

INV METALS

“When you are the lucky recipient of having one of the highest-grade undeveloped projects in the world, you have a bit more economics to play with,” she says.

Still, she is hopeful that INV Metals can negotiate a fiscal stability agreement that is feasible to both parties, and says that in discussions she has had with Javier Cordova, the mines minister, and Rafael Poveda, the coordinating minister for strategic sectors, “they understand each project is different, and has different economics.”

She adds that “we’re optimistic, and while there are challenges we’re facing, we’re working together with the government to solve them, and there’s no indication that we won’t be able to solve them ... the political will is there to move the mining business forward.”

And that’s good news for mining companies everywhere.

“Ecuador is the only country [in the Andes] without significant operating mines, and the theory is that with similar and contiguous geology in the region, the potential is high for spectacular exploration discoveries,” MacGibbon says. TNM

2015-12-15 7:13 PM

14

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DECEMBER 21-27, 2015 / THE NORTHERN MINER

Major miners’ troubles fuel rising demand for streaming deals CORPORATE FINANCE

BY MATTHEW KEEVIL

A

mkeevil@northernminer.com VANCOUVER

s traditional forms of equity and debt finance become harder to obtain for mining companies, there’s been a rise in stream agreements, which offer miners access to cash for a percent of future by-product metal production. And according to analysts at Scotia Capital, there could be at least a few more high-profile streaming deals on the horizon as large, diversified miners look to improve balance sheets in the face of tough commodity markets.

Streaming deals tend to be best suited for bulk-tonnage, base metal mines with precious metal byproduct credits that a growing group of financiers will buy for big money. Major players on the buying side of the deal include Franco-Nevada (TSX: FNV; NYSE:

| Scotia Capital sees more miners exploring streaming options

FNV), Silver Wheaton (TSX: SLW; NYSE: SLW) and Royal Gold (TSX: RGL; NASDAQ: RGLD).

The lack of equity dilution and minimal direct burdens on balance sheets are boosting these agreements' popularity, as large mining companies with diverse portfolios look to raise capital amidst depressed share prices and rising debt loads.

The most recent top executive to tout the benefits of stream deals was Glencore’s (LSE: GLEN) Ivan Glasenberg on a Dec. 10 earnings conference call. The Swiss miner plans to reduce its net debt from $30 billion at press time to between $18 billion and $19 billion by the end of 2016.

Glencore has already completed a US$900-million deal with Silver Wheaton on its 33.75% stake of the Antamina copper-zinc mine in Peru.

Glencore says “additional streaming deals are advancing for agreement,” by the end of 2015.

BMO Capital Markets analyst David Gagliano speculated in a research report that Glencore’s Antapaccay project — a brownfield expansion of the Tintaya copper mine in southern Peru — may be the most likely candidate for a deal. BMO Research estimates that attributable precious metal production at the operation could hold a net present value of just over $1 billion at a 10% discount rate.

Meanwhile, Scotia Capital noted that Teck Resources (TSX: TCK.B: NYSE: TCK) president and CEO Don Lindsay said at a conference in December that it could sell a stream at its large Red Dog zinc-lead mine in northwest Alaska.

Teck reached an agreement with Franco-Nevada in early October on its 22.5% stake in Antamina, wherein it sold a silver stream for US$610 million.

Franco CEO David Harquail expects Antamina’s reserves will grow substantially over time, and that an

Trucks at Detour Gold’s Detour Lake gold mine in Ontario, where Franco-Nevada holds a 2% net smelter return royalty. PHOTO BY TRISH SAYWELL

underground expansion of the mine could extend its life “beyond 40 years.” Last year the mine produced 12 million oz. silver.

But the list of big names in the mining community lining up at the streaming kiosk doesn’t stop

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there. On Dec. 8, London-based mega miner Anglo American (LSE: AAL; US-OTC: NGLOY) revealed massive job cuts, and reported it could trim up to “60% of its asset base.” The company also announced it looked to sell precious-metal streams instead of carrying out equity financing while its share price plumbs historic lows.

U.S. copper giant Freeport-McMoRan (NYSE: FCX) may also be on the lookout for streaming deals after announcing in early December that it would cut another $1 billion in capital spending over the next two years, and suspend a 20¢-pershare dividend valued at US$240 million per year.

When all the potential new streams are added up, it looks like a major opportunity for buyers.

“THERE IS US$2 BILLION OF TOTAL CAPACITY [AMONG MAJOR STREAMING COMPANIES] FOR AN ESTIMATED US$4-BILLION WORTH OF TANGIBLE OPPORTUNITIES.” GARY BROWN

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VICE-PRESIDENT AND CFO, SILVER WHEATON

With so many deals already on the books, however, a major issue is outstanding capital capacity among streaming firms.

Silver Wheaton chief financial officer Gary Brown, speaking at Scotiabank’s Annual Mining Conference, estimates that “there is US$2 billion of total capacity [among major streaming companies] for an estimated US$4-billion worth of tangible opportunities.”

Scotia Capital analysts say that “streaming companies, much like their potential private equity competition, will look for higher internal rates of return in future transactions — likely in the range of 7–9%, versus the 4–5% we’ve seen in the past several months.”

Franco-Nevada CEO Harquail said in The Northern Miner’s recent roundtable discussion, entitled “New Frontiers in Mining Finance,” that streaming represents a “more permanent and patient capital” that understands what it takes for companies to advance a project through to production. Silver Wheaton president and CEO Randy Smallwood added that streaming has finally “broken through over the last couple of years,” due to a rising need among miners. TNM

2015-12-15 7:13 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21-27, 2015

Geophysicist Regina, Saskatchewan Online Reference No: 62809 The Saskatchewan Geological Survey Branch (SGS) with the Saskatchewan Ministry of Economy is seeking a self-motivated and committed Geophysicist to join its Data Management unit. The person we are seeking will have knowledge of electromagnetic, magnetic, gravity, and radiometric methods and the application, constraints, and limitations of geophysical interpretation techniques as applied to geological and mineral exploration studies.

Metallurgist McArthur Lake Operations Online Reference No: 62799 You will be responsible for providing technical expertise to process operations and establishing operational guidelines and control parameters for uranium milling, water treatment, slurry transport and for ensuring regulatory requirements are met. Your duties will include daily troubleshooting of plant operations, establishing operational set-points, metallurgical accounting and continuously improving process operations and control.

Environment Technician Rabbit Lake Operations Online Reference No: 62791 You will be responsible for carrying out environmental compliance monitoring activities such as collecting, preparing and shipping environmental samples, data entry and synthesis, and report preparation. You will be required to conduct environmental site inspections and assist in wildlife management activities and programs, as well as assist with environmental emergency response and providing support during environmental events.

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

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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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.

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.

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

CANADIAN Mining Journal EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND

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.

START RECRUITING SMARTER TODAY.

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.

IT Administrator Nunavut, Canada Online Reference No: 62753

You will be responsible for the planning and safe execution of commissioning and start-up activities to ensure safe, successful and effective start-up

15

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.

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.

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

MJobsDec 21_2015_ pg 15.indd 15

2015-12-15 6:08 PM

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DECEMBER 21-27, 2015 / THE NORTHERN MINER

SilverCrest Metals aims to repeat success in Mexico SPIN-OFF COMPANY

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

T

he ink has now dried on a $154-million agreement that has seen First Majestic Silver (TSX: FR; NYSE: AG) snap up and merge with SilverCrest Mines and its Santa Elena silver-gold operation in Sonora, Mexico, but president and CEO of the newly minted spin-off SilverCrest Metals (TSXV: SIL; US-OTC: SVCMF) Eric Fier is already talking about building the next mine.

The companies completed the merger in October, with SilverCrest Mines shareholders receiving 0.2769 of a First Majestic Silver share, plus $0.0001 in cash per share.

SilverCrest Mines shareholders ended up with a 23% stake in First Majestic Silver and 0.1667 of a share

| Reconstituted Santa Elena team rides again in Mexican silver belt

in the SilverCrest Metals’ spin-out vehicle, which has two gold-silver exploration plays.

CEO Fier, who was formerly chief operating officer at SilverCrest Mines, concedes during an interview that, “our challenge always involved our discount in the market, based on the fact that we were a single-asset company. We were considered higher risk, despite Santa Elena proving to be a great mine. I had a lot of difficulty over the past two years trying to find our next opportunity.”

As far as picking a company to go into business with, he says “we thought First Majestic was a really great fit. I want to emphasize the future here, because it is essentially a deal where we are becoming major investors. We want to see the rising tide because we all believe in the cyclical nature of the business.

This wasn’t a desperation deal, but

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more of a strategic move for our shareholders.”

Fier is quick to point out that SilverCrest came away with a team composed of production and geological personnel from Santa Elena, which this team is eager to get to work on opportunities in Mexico.

The company also ended up with $5.3 million in cash after the takeover, and raised $2.3 million in an over-subscribed private placement, where it issued 16.7 million units at 15¢ each. A unit consists of a share and half a warrant exercisable at 20¢ within two years.

Some of the money will be spent at SilverCrest’s new Las Chispas property, which lies 180 km northeast of Hermosillo along the northern end of the Santa Elena trend.

Several mines in the area produced 120 million oz. silver and 200,000 oz. gold between 1880 and 1930.

Geologically, Las Chispas holds a Late Cretaceous–Early Tertiary low sulphidation epithermal system. Host rocks are volcanic tuffs, rhyolites, agglomerates and rhyolite breccias. Andesite dykes are noted in underground workings subparallel to mineralized structures.

“We’ve worked on securing the deal for Las Chispas for the past two years, and it will be our flagship opportunity. You have to think of it as a historic gold-silver district,” Fier says. “It wasn’t available during the past silver rushes into Mexico, due to a property dispute we’ve now resolved. Our strategy was that certain properties in our portfolio were simply not going to be part of the deal with First Majestic, and this was right at the top of the list.”

“There’s a ton of targets and smoke here in the form of attractive grades at surface and over 5 km of underground workings.

We’re in the middle of prioritizing our targets, and looking for that low-hanging fruit. It all revolves

“EXPLORATION IS ONE HALF OF OUR PLAN ... [WE'RE] TRYING TO GET OUR MARKET CAPITALIZATION UP SO WE CAN GET EXCITED ABOUT ACQUISITION OPPORTUNITIES.” ERIC FIER PRESIDENT AND CEO, SILVERCREST METALS

around 14 epithermal veins, of which two have been mined. Plus there’s another part of the property with five separate veins, so there is plenty of opportunity for discovery,” he says.

The historical producing areas include Las Chispas, Guillermo Tell and Babicanora.

Mineralization occurs in 0.5- to 5-metre wide veins, with adjacent stockwork and breccias trending

northwest–southeast for over 1 km, with an estimated 300-metre depth from surface of known mineralization.

SilverCrest is permitting the site for exploration, and hopes to mobilize drill rigs before March 2016.

Fier says the budget is pegged at $750,000, which will help the company target near-surface vein extensions and the low-hanging fruit.

SilverCrest will also finish a smaller drill program at its greenfield Huasabas property, 190 km northeast of Hermosillo.

Previous field sampling at the target has returned anomalous gold, silver, mercury, antimony and barium occurring in veins, stockworks and breccias, across 1 km of strike length.

Fier says that Huasabas “tastes and smells” a lot like Santa Elena, and that since the target is easily accessible by road, it can be drilled relatively quickly and at a lower cost.

SilverCrest will apply what it calls a “drill to kill” mentality, where it culls projects quickly if it cannot make a discovery.

“Exploration is one half of our plan ... [we're] trying to get our market capitalization up so we can get excited about acquisition opportunities,” Fier says.

“We’ve revived our due diligence initiative in light of asset prices coming down yet again.

Things look a lot more amenable to a deal now, and this would be advanced exploration to development properties. We want an opportunity where we can apply the staged-build, Santa Elena success model,” he says.

SilverCrest Metals shares have moved between 14¢ and 20¢ since trading in October, and closed at 16¢ per share at press time.

The company has 23.2 million shares outstanding for a $4-million market capitalization. TNM

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Eric Fier, SilverCrest Metals president and CEO, at the Las Chispas silver property, 180 km northeast of Hermosillo, Mexico.

SILVERCREST METALS

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