The Northern Miner Dec 21 2020 Issue 26 by The Northern Miner Group

THE MOST POPULAR STORIES OF THE YEAR FROM OUR WEBSITE / 4 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

SPECIAL FOCUS OUTLOOK 2021 New perspectives on a new year / 9-13

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE

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DECEMBER 21, 2020—JANUARY 3, 2021 / VOL. 106 ISSUE 26 / GLOBAL MINING NEWS · SINCE 1915 / $5.25 / WWW.NORTHERNMINER.COM

Glencore chooses coal head Gary Nagle as new CEO

MINERAL DEVELOPMENT CYCLE

LANDFILL AND INCINERATION THE CANADIAN MINERALS AND METALS PLAN. NATURAL RESOURCES CANADA

Activities in the cycle generate high paying jobs and regional development opportunities, attract investment, integrate environmental safeguards, deploy clean technologies, and lead to engagement and consultation with communities.

RECYCLE

Along the way, projects require permits, authorizations and licenses. Governments must respect the Crown’s legal obligations towards Indigenous Peoples.

RE-USE

REFURBISH

REPROCESSING

The cycle includes “downstream” activities such as processing, manufacturing and recycling. These rely on research and development, technology and innovation to remain competitive, sustainable and responsible.

Quo Vadis? Mining, metals and minerals in a circular economy COMMENTARY

| The status quo is no longer societally acceptable

BY ANDREW CHEATLE AND ELIZABETH FREELE Special to The Northern Miner

e are all familiar with the principles and practice of recycling and re-using,

and for many it is a common practice of daily life. Our society has a long history of recycling glass, aluminium cans, plastic (in all its forms), cars, scrap metal, jewelry, electronics, paper and so on. We increasingly re-use clothing, vinyl is back and

Breaking new ground.

We aim to break new ground in all that we do. We do this by creating a positive impact today, and for future generations, through our commitment to operating safely, sustainably and profitably.

TSX: ELD NYSE: EGO

eldoradogold.com

Lamaque, Quebec, Canada.

vintage wear is now a high-fashion statement. What if reduce, reuse and recycle applied to everything? Then you have an idea what the Circular Economy is about. Massive change is occurring in the metals and minerals industry. The status quo is no longer societally acceptable. Investor expectations of excellence in ESG (Environment, Social, Governance) performance continue to rise. Our industry also has a unique potential to accelerate progress on the Sustainable Development Goals during the Decade of Action, called upon by the United Nations. Now, we are also starting to become aware of the circular economy and our role in it. But firstly, what is the circular economy? For many of us this is a relatively new concept. Since the industrial revolution, our perfectly oiled economy has operated as if raw materials and energy were infinite. But we are reaching the limits of both our finite planet, and business-asusual. The circular economy offers an alternative, summarized as an economic system that encompasses and encourages resource recycling, reuse, repair and remanufacturing, ultimately creating a circular closed loop system which minimises the use of new mined product. In other words, compared to the prevailing linear take-make-waste economy, it avoids the use of nonrenewable resources, and preserves or enhances renewable ones. In so doing, it aims to improve the proSee COMMENTARY / 8

| Company also reveals plan to reach net-zero carbon emissions by 2050

C-SUITE NEWS

BY CECILIA JAMASMIE

Mining.com

ining and commodities trader Glencore (LSE: GLEN) announced on December 4 that Gary Nagle, the head of its coal division, would replace Ivan Glasenberg as the company’s top boss early next year. Glasenberg, who has led Glencore since 2002, said in 2018 that he would step down in three to five years. At the time, he said the firm had already begun training a small group of front runners to take over the post. “It’s time to hand over to a new generation and a new leader,” Glasenberg said on an investor call. “We’ve decided that over the next six months I will be working closely with Gary Nagle, who will be taking over from me.” Nagle, like Glasenberg, is South African and holds degrees in commerce and accounting from the University of Witwatersrand. Just as the departing CEO, Nagle built his career by rising through the ranks of Glencore’s coal department, where he has worked for the past 20 years. The announcement came as the Swiss firm revealed an ambitious plan to reach net-zero emissions by 2050 through reducing its direct and indirect carbon footprint by 40% by 2035, compared to 2019 levels. Glencore, one of the world’s largest coal producers, also said it would focus on investing in metals considered “vital” for the transition to a lower carbon world. While the company noted that thermal coal’s weight on the group’s earnings has dropped between 10% and 15%, from 25-40%, it said it did not believe that selling its coal mines would help reduce associated emissions. Glencore has already made some concessions. It promised in February 2019 to cap coal production, not to make any further coal acquisitions that would add to overall output, and to align its business strategy with Paris climate targets. “Our ambition to be a net zero total emissions company by 2050 reflects our commitment to contribute to the global effort to achieve the goals of the Paris Agreement,” Glasenberg said in an update to investors.

INDUSTRY NEEDS TO DO MORE TO PREVENT TAILINGS DAM FAILURES / 6

Gary Nagle.

GLENCORE

“IT’S TIME TO HAND OVER TO A NEW GENERATION AND A NEW LEADER.” IVAN GLASENBERG, CEO, GLENCORE

See C-SUITE NEWS / 7 PM40069240

DECEMBER 21, 2020—JANUARY 3, 2021 / THE NORTHERN MINER

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GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21, 2020—JANUARY 3, 2021

Companies with ESG focus can attract higher valuations, ERM says ESG

| Consultancy surveys 54 private equity investment professionals from around the world “THERE HAS BEEN A COMPLETE SHIFT IN WHAT THE MONEY IS LOOKING FOR AS INVESTOR AWARENESS INCREASES.”

BY TRISH SAYWELL

tsaywell@northernminer.com

nvironmental, Social and Governance (ESG) is now a key part of investment decisions in the private capital markets, sustainability consulting firm ERM concluded in a recent report. ERM surveyed 54 private equity investment professionals from around the world about how ESG impacts their decision making when choosing companies in which to invest. The results of the poll underscore the important and growing role ESG plays in investment choices and that it no longer is considered “just a risk management issue” but is now viewed as an important factor in “value enhancement potential.” Among the survey’s key findings were that 50% of those surveyed said ESG credentials are a factor in winning deals and 70% believed that ESG ‘sell-side’ due diligence will be undertaken increasingly over the next three to five years. “Anticipating buyer questions is the primary reason for including ESG in vendor packs,” the study found. Eighty-six percent of the respondents said they have access to a dedicated ESG Lead/ Team that offers this expertise. The survey also found that 25% of firms have an ESG fund or strategy and actively seek out ESG-focused investments, while 60% of those sur-

LOUISE PEARCE GLOBAL MINING AND METALS LEAD, ERM

Kirkland Lake Gold personnel pose in front of a pink haul truck at the Detour Lake mine in Ontario.

veyed said there needs to be regular and in-depth board engagement with companies to make sure that important ESG factors are addressed during ownership. In addition, since ERM’s last survey in 2016, there has been a “three-fold increase in the perception of ESG as a positive contribution to the exit multiple in sales processes, which

also explains the trend to have better ESG disclosures in exits.” Finally, 93% of those polled “agreed that focusing on ESG themes, that is, companies offering solutions or services to address sustainability challenges and trends, will generate good investment opportunities” and 83% said they believe that Europe will lead the way as a “hotbed of ESG invest-

ing and metals lead, said the purpose of the survey was to provide insights into the shifting dynamics of ESG in private equity and what this means in terms of how capital is deployed. “You can no longer just tell a great story about a significant discovery, you’ve got to build in the broader sustainability issues,” she said in a Zoom call from her home in Toronto. “It is important to show how you are working with the local communities, and the value provided to them, how your company contributes to the low carbon economy transition, and to the responsible sourcing of metals.” To emphasize how things have changed, Pearce relayed an anecdote from five or six years ago when she participated in a panel at a mining

KIRKLAND LAKE GOLD

ment activity” and other regions “will soon follow.” “Going forward, it is clear that business resilience will be highly valued over the coming years, with investors and buyers willing to pay a premium for companies that can demonstrate strong ESG credentials and a resilient business strategy,” ERM stated. Louise Pearce, ERM’s global min-

See ESG / 16

In 2020, we are proud to have enabled Canadian jobs and supported worthy charities during a very uncertain time.

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DECEMBER 21, 2020—JANUARY 3, 2021 / THE NORTHERN MINER

The most clicked stories in 2020

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

Our website’s most popular pieces

s we near the end of 2020 The Northern Miner has compile its list of the ten most popular stories on our website. The stories are ranked in order from the most popular, between Jan. 1 and Dec. 1.

NORTHERN DYNASTY’S PEBBLE PROJECT APPROVED AFTER 15-YEAR FIGHT

By Cecilia Jamasmie of MINING.com (July 24, 2020)

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com SENIOR REPORTER: Carl A. Williams, BSC (HONOURS), MSC, PHD cwilliams@northernminer.com REPORTER: Magda Gardner, BASC (MINERAL ENG) mgardner@northernminer.com REPORTER AND PRODUCTION EDITOR: Daniel Sekulich dsekulich@northernminer.com PHOTO EDITOR AND PODCAST HOST: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com

Northern Dynasty Minerals (TSX: NDM) has cleared the last environmental hurdle for its proposed Pebble copper-gold-molybdenum mine in Alaska almost two decades after developers first started considering the project. The U.S. Army Corps of Engineers has issued a final environmental impact statement (EIS) backing the controversial mine near the salmonrich Bristol Bay. Thedecision opens the door for Northern Dynasty to obtain the federal go-ahead as soon as late August.

REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

THE NORTHERN MINER is published biweekly by Glacier Resource Innovation Group, a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

By Trish Saywell (September 10, 2020) In an interview at Ernst & Young’s virtual Americas Mining & Metals Forum, Barrick Gold (TSX: ABX; NYSE: GOLD) chief executive Mark Bristow spoke about the importance of building a strong licence to operate, creating lasting relationships with governments and all stakeholders, and attracting generalist investors. Jeff Swinoga, co-leader of EY’s Canada Mining & Metals division, began the discussion by congratulating Bristow on Warren Buffett’s recent investment in Barrick Gold. Bristow responded that building a sustainably profitabl business is key, and something he started at Randgold Resources in 1995, prior to that company’s merger with Barrick Gold, completed early last year.

By Trish Saywell (February 17, 2020) The winners of the Young Mining Professionals (YMP) awards this year are Ashley Kirwan of Orix Geoscience and David Cataford of Champion Iron (TSX: CIA). The YMP awards, presented in association with The Northern Miner, recognize two mining professionals under the age of forty who have demonstrated exceptional leadership skills and innovative thinking and provided value to their companies and shareholders. TheYMP awards are named after two iconic entrepreneurs in the mining industry, Eira Thomas and the late Peter Munk. Ashley Kirwan has won the 2020 Eira Thomas award and David Cataford the Pete Munk award

SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com

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BARRICK’S MARK BRISTOW ON BUILDING A LICENCE TO OPERATE

ASHLEY KIRWAN, DAVID CATAFORD NAMED YOUNG MINING PROFESSIONALS OF THE YEAR

Michael Winter (416) 510-6772 mwinter@northernminer.com

PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com

Mining personnel at an SQM lithium brine site in Chile’s Atacama desert. SQM

WATER RIGHTS UNDER SCRUTINY IN CHILE’S ATACAMA DESERT

By Tom Azzopardi, Special to the Northern Miner (September 8, 2020) In one of the world’s driest deserts, the battle for water is heating up. Mining companies sifting northern Chile’s Atacama Desert for copper, lithium and other minerals are increasingly finding water is their most precious resource. Vital to processes such as concentrating and leaching, miners typically extract the water they need from aquifers located high in the Andes Mountains having obtained the necessary rights from Chile’s water authority. But their ability to exercise those rights is increasingly being challenged by environmentalists, farmers and the authorities who say the huge expansion of mining activity and climate changes have shrunk water supplies.

BANK OF AMERICA SEES ‘FURTHER UPSIDE’ POTENTIAL FOR SILVER IN 2021

By Trish Saywell (November 24 2020) Describing silver as a “metal important for future technologies” (MIFT) in a new report on the outlook for commodities in 2021, Bank of America said the “current focus on decarbonisation/solar panels should support fundamentals.” “Thesilver market has rebalanced on production discipline and demand from new applications including solar panels,” the bank stated. “If more spending on solar panels comes through, silver should rally above US$31 per oz.” The bank’s analysts said the white metal will be supported by U.S. President-elect Joseph Biden Jr.’s ambitious plans for achieving net-zero emissions across the U.S. by 2050.

KIRKLAND LAKE GOLD’S TONY MAKUCH OUR MINING PERSON OF THE YEAR FOR 2019

By Trish Saywell (February 22, 2020)

Tony Makuch, president and CEO of Kirkland Lake Gold (TSX: KL; NYSE: KL), is TheNorthern Miner’s Mining Person of the Year for 2019. Under his leadership, Kirkland Lake Gold has outperformed its peers in the last 24 months. The company’s shares rose by 60% last year, it raised its dividend twice and more than doubled its cash position, ending 2019 with US$707 million in cash and equivalents.

DEPARTMENTS Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Professional Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Stock Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18-23

Barrick employees pose for a team picture.

BARRICK GOLD

AMERICAN PACIFIC ACQUIRES MADISON WITH RIO TINTO AS PARTNER

By Trish Saywell (April 16 2020)

For a junior exploration company with a market capitalization of $3 million, the prospect of acquiring a gold project with a past producing mine in the U.S., where Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) may spend up to US$30 million to earn a 70% stake, sounds almost too good to be true. But that’s exactly what American Pacific Mining pulled off this week in an all-share deal with privately held Madison Metals worth about $2.4 million. “We are by no short order thrilled to have picked up this asset — and to pick it up with a joint-venture partner like Rio Tinto was a coup,” says Warwick Smith, American Pacific Mining’s founder and CEO. “It’s not very often that a company our size gets to team up with the second-largest company in the world.”

TRUMP DECLARES NATIONAL EMERGENCY ON RARE EARTHS PRODUCTION

By Cecilia Jamasmie of MINING.com (October 1, 2020) U.S. President Donald Trump has signed an executive order declaring a national emergency in the mining industry, a move that seeks to curb the country’s reliance on rare earths in his latest bid to end China’s control of the market. Thedirective, issued late Wednesday night, asks the Interior Department to explore using the 70-year-old Defense Production Act to speed up mines development. It also calls for a report evaluating possible measures such as tariffs quotas or other trade restrictions targeting China and “other non-market foreign adversaries.”

NEW MANAGEMENT BRINGS ‘MODERN THINKING’ TO ENVIRONMENTALLY CHALLENGED BUNKER HILL MINE

By Carl A. Williams (November 27, 2020) For over a century, the mines of Silver Valley in the Coeur d’Alene Mountains in northern Idaho have been a source of tremendous mineral wealth. From the mid-1880s, those mines have yielded almost 10 million tonnes of zinc, lead and silver. The region’s most famous mine, Bunker Hill, was first discovered in 1885 by Noah Kellogg. (In 1894, the nearby Milo prospecting camp was renamed in his honour, eventually leading to the establishment of Kellogg city.)

VIDEO: DAVID ROSENBERG ON PRECIOUS METALS AND MACROECONOMICS AT THE GLOBAL MINING SYMPOSIUM

TheNorthern Miner’s publisher, Anthony Vaccaro, interviews David Rosenberg, president, and chief economist and strategist of Rosenberg Research & Associates, an economic consulting firm he set up in January 2020 at The Northern Miner’s Global Mining Symposium, Nov. 10 and 12. TNM

COMPANY INDEX Anglo American . . . . . . . . . . . . . . . . . . 7,15 BHP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,7 Cameco . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Eclipse Gold Mining . . . . . . . . . . . . . . . . . . 7 First Quantum Minerals . . . . . . . . . . . . . . 15 Fortescue Metals Group . . . . . . . . . . . . . . . 7 Glencore . . . . . . . . . . . . . . . . . . . . . . 1,7,8,12 Kinross Gold . . . . . . . . . . . . . . . . . . . . . . . 14 Lundin Gold . . . . . . . . . . . . . . . . . . . . . . . . 14

Lynas Corp. . . . . . . . . . . . . . . . . . . . . . . . . 11 MP Materials . . . . . . . . . . . . . . . . . . . . . . . 11 Northern Vertex Mining . . . . . . . . . . . . . . . 7 OceanaGold . . . . . . . . . . . . . . . . . . . . . 15,16 Panoro Minerals . . . . . . . . . . . . . . . . . . . . . 8 Rio Tinto . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Southern Copper . . . . . . . . . . . . . . . . . . . . 15 Vale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21, 2020—JANUARY 3, 2021

Gold supported by the divine proportion COLUMN

| Precious metal price helped by a long dead Italian mathematician

BY DR. CHRIS HINDE Special to The Northern Miner

hat a Leap Year it has been! Quite apart from Brexit in Europe, a chaotic Presidential election in the United States and Covid-19 everywhere, we have uncertainty over the price direction of gold as this horrid year draws to a close. I am neither a chartist nor a particular exponent of gold, but I can’t see any concern about the precious metal’s price direction — at least not yet. The reason has much to do with a long dead Italian mathematician. Gold has enjoyed a five-year bull market since falling to barely US$1,060 per oz. in December 2015. The price was particularly buoyant in 2019 and the first half of this year, with the precious metal reaching over US$2,070 per oz. in August. Gold has since faltered, and analysts have scuttled to explain the mechanism. The explanation has been known for over 100 years, when stock-exchange brokers noticed that strong upward price movements tended to suffer intermittent corrections of one-third or two-thirds of the initial movement. The precise ratios had actually been established 500 years earlier by one of the most famous names in mathematics, Fibonacci. This is not, however, the name of the mathematician. Born circa 1175, Leonardo Pisano was the son of Gug-

A gold pour at Barrick’s Pueblo Viejo joint venture in the Dominican Republic.

lielmo Bonaccio (the name Pisano simply indicated he came from Pisa, where his father was a merchant). Pisano died in 1250, and, centuries later, when scholars were studying his work they misinterpreted ‘filius Bonacci’ (meaning ‘son of Bonaccio’) as his surname. Pisano is immortalized by the famous sequence 0, 1, 1, 2, 3, 5, 8, 13, 21 etcetera, such that each number, after the first two, is the sum of the two preceding ones. However, this sequence had already been described by the Indian mathematician Virahanka in circa 700 AD, and Pisano’s real claim to fame is describing a method of replacing the unwieldy Roman numbering system (I, IV, X etc.). In his book, Liber Abaci (‘The Book of Calculations’), published in

1202, Pisano explained that commercial and mathematical calculations could be done using nine Indian numbers (1 to 9) and the Arabic sign ‘0’ (called zephirum). The term ‘Fibonacci sequence’ was first used in the 19th century by number theorist Edouard Lucas. The sequence appears frequently in nature and mathematics, and is extremely popular amongst chartists to predict price retracements. If each number in the sequence is divided by the preceding value (giving 1.0, 2.0, 1.5, 1.67 etc.), the values eventually settle down to a fixed irrational number (meaning its terms go on forever) of just over 1.618. Called the golden mean, divine proportion or phi, this value is related, through trigonometry, to

BARRICK GOLD

Archimedes’ Constant (pi), which is another irrational number (almost 3.1416) that is the ratio of a circle’s circumference to its diameter. For unknown reasons, these Fibonacci ratios seem to play a role in the stock market, just as they do in nature. For chartists, the most popular Fibonacci retracements are 61.8% and 38.2%, which are found by dividing one number in the series by the number that follows it (yielding 0.618) or by the number located two places to the right (0.382). So how does this support gold? Helped by a weakening U.S. dollar, the price of gold rose 36% in under five months following an interim low of US$1,490 per oz. in March. As the dollar recovered, the precious metal retreated, but has gained ground

again following turmoil over the U.S. presidential election. The gold price benefits from political and economic uncertainty, of course, and the latter threat has eased recently, not least following the announcement of effective coronavirus vaccines. Nevertheless, low interest rates and high inflation are likely to benefit the precious metal for much of 2021 as investors tend to switch from the U.S. dollar to gold during times of monetary easing. At the end-November interim low of US$1,770 per oz., gold had fallen US$300 per oz. from its peak of four months ago. At the time of writing (Dec. 14), the precious metal is trading at almost US$1,830 per ounce. An entirely normal Fibonacci retracement of 38.2% on the over US$1,000 per oz. price appreciation over the past five years would have taken gold to below US$1,700 per ounce. That support level was not tested, and, even for a non-chartist, gold’s upward progress seems untroubled for now. Having said that, gold in the United Kingdom is trading today at an historically very heady £1,370 per oz., making the metal alone in my wedding ring worth over £400 (US$540); blimey. TNM — Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm he set up in 2018 specializing in mining industry trends. He previously worked for S&P Global Market Intelligence’s Metals and Mining division.

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DECEMBER 21, 2020—JANUARY 3, 2021 / THE NORTHERN MINER

The tailings dam disaster at Brumadinho in Brazil.

PHOTOS BY DIEGO BARAVELLI/WIKIMEDIA COMMONS

Tailings dam management not just ‘engineering challenge’ ERM says ESG

BY TRISH SAYWELL tsaywell@northernminer.com

ustainability consulting firm ERM says the mining industry needs to do more to prevent tailings dam disasters and notes that a further possible 19 incidents with tailings facilities could occur over the next decade. In a report released last month, ERM reviewed the dam failure incident reports of 11 major dam failures over the last 12 years and concluded that “basic organizational and human factors, such as budgeting, operational leadership, safety and

| Firm says mining industry needs to do more

risk culture, and competence, played a significant role in each.” Citing statistics from the World Mine Tailings Failures study released in 2019, ERM noted that historically there have been between two and five major failures and 35 minor failures annually. “Minimizing the risk of tailings dam failures is one of the greatest challenges facing the sector,” ERM stated in its report. “Despite the billions of dollars being invested and the recent launch of a global industry standard on tailings management, there is a concern that the industry is destined to do ‘too little too late’

to prevent further catastrophic incidents.” While the technical and engineering causes of tailings dam disasters have been covered extensively and include three major factors – slope instability, overtopping and foundation stability – ERM stated, “unfortunately the organizational and human or ‘adaptive’ causes have not been so well researched and yet these have been just as significant in contributing to catastrophic failures.” “An over-reliance on engineering standards and considerations has led to a focus on the low likelihood of tailings dam failures – yet they

continue to occur,” ERM noted. One problem is that decisionmakers “often rely on layers of controls that are reviewed by peers, subject matter experts and independent boards,” ERM found, but “do not dig deeply enough into how the controls are being implemented and how well they are understood by the workers managing the dam.” “Indeed in almost all cases when a third party review is conducted of a tailings storage facility (TSF) considering the management of controls (e.g. training, deviation reporting, corrective action tracking,

Samarco to resume production after Fundão dam tragedy BRAZIL

| Initial iron ore production expected to be 8 million tonnes per year

BY BRUNO VENDITTI MINING.com

amarco is expected to resume activities this month, five years after the Fundão dam tragedy. On November 5, 2015, the dam, owned by Samarco — controlled by Vale (NYSE: VALE) and BHP (NYSE: RIO; LSE: RIO) — burst, releasing 39.2 million cubic meters of tailings waste in the Rio Doce Basin, killing 19 people. At the time it was Brazil’s biggest environmental disaster. Brazilian prosecutors said in October that the Renova Foundation, created by the miners for the reparation of the damages did not deliver on any of its promises. Samarco told MINING.COM it is finalizing starting protocols at its new tailings filtering plant at the Germano unit in Minas Gerais state, which will allow 80% of the total tailings to be dry stacked. The remaining 20%, composed of water and fine ore, will be disposed in Cava Alegria Sul, a rocky natural containment structure. Samarco received the Collective Operational License to resume activities in October 2019. According to the company, the resumption of activities will be gradual, with a concentrator in Germano, and a pelletizing plant in Ubu, Espírito Santo state, totaling 26% of the capacity. The company expects initial production of eight million tonnes of iron ore per year. In 2015, the year of the tragedy,

Reconstruction efforts at Samarco’s Fundão tailings dam in 2017.

the company produced 25 million tonnes of iron ore. Samarco said it has developed a new security system, which includes a monitoring and inspection center. The company also conducts tests to reuse the tailings waste in construction. Four kilometers of roads in the Mariana region have already been paved with reused material. “We have lived through learning for the past five years,” said Samarco CEO Rodrigo Vilela. Despite the destruction caused by the dam’s burst, Mariana authorities are eagerly awaiting the resumption of mining activities. Until the tragedy, 89% of the city’s tax collection came from Vale and Samarco. The disaster led to an unemployment rate of 30%. “The population has a lot of respect for Samarco due to the company’s operating time in the region,” the mayor of Mariana, Duarte Junior, told MINING.COM.

BHP

“We hope the resumption generates jobs in the city.” Samarco currently has approximately 1,400 employees. Duarte Junior also claimed that investments promised by Renova Foundation, such as the construction of an industrial park and investments in a local milk cooperative are proceeding at a very slow pace. “The return of operations will allow Samarco to contribute even more to the development of the territories where the company operates,” Samarco stated in a press release. Of the 21 people who had been charged in 2016 by the Federal Public Ministry for the crime of qualified homicide with possible intent, five continue to respond to a lawsuit in the Federal Court. Today, however, they are responding to flood and landslide crimes followed by death, as well as environmental crimes. The crime of homicide was removed from the process in 2019.

Vale, BHP and Samarco are defendants in this process. The consultancy company Ramboll concluded in 2019 that none of the 512 families that had their homes affected by the dam burst had been resettled and 56% of the 414 temporary homes presented some type of inadequacy. The average time to receive emergency financial aid was three years. A study by researcher Liz Matsunaga, a fellow at Instituto Escolhas, showed an increase in hospitalizations for mental illness, with cases of stress and schizophrenia, and an increase in alcohol and drug consumption. “The public health system in the 41 affected municipalities has received around 26,000 people in the past five years due to conditions related to the disaster,” Matsunaga said. “The disaster had a bigger impact at Mariana because of the destruction of the ecosystem. People had ties of generations to their homes.” After the disaster, a study published by the Latin American and the Caribbean Economic Association also showed a sharp decline in birth weight and an increase in infant mortality for children exposed in utero to the tragedy. Samarco said it is committed to remediate and compensate the victims and that up to September 2020, over US$1.9 billion had been allocated as compensation. TNM This article first appeared in MINING. com, part of Glacier Resource Innovation Group.

communication, and governance processes), significant breakdowns emerge quite readily. Any control strategy cannot be devoid of the human factor.” ERM noted that based on disclosed information on about 600 TSFs around the world, there are more than 1.3 million people living downstream and within 20 km of the waste storage dams. Of those, 57% live downstream of TSFs built using “upstream” construction methods. According to ERM, the upstream model “is considered to be the lowest initial cost for a raised tailings embankment due to the minimal amount of initial fill material required,” noting that about half of these upstream models are operational and another 25% are described as ‘inactive’ but haven’t been closed down or rehabilitated. “Our analysis has considered the location and topography of these TSFs as well as the plausible flow trajectories,” ERM said. “Using satellite imagery, we have estimated that more than 70,000 sq. km of land, (an area the size of Scotland) is at risk of impact from these tailings facilities should they fail.” ERM also found that those people at greatest risk are living downstream of TSFs associated with copper mining operations. In an interview, Louise Pearce, ERM’s global managing mining and metals lead, said the report followed up data published by The Investor Mining & Tailings Safety Initiative, which is led by the Church of England Pension Board and Sweden’s AP Funds Council of Ethics. In April 2019, the Initiative requested damby-dam disclosure information from mining companies after 270 people were killed in the Vale tailings dam disaster at Brumadinho in Brazil. The request was issued to over 600 companies and was backed by 100 investors with nearly US$13 trillion in assets under management. Most major mining companies, Pearce said, have committed to implementing the standard and ERM sees this as a great step. “Our paper highlights the need to pay more attention to the human factors associated with managing dams safely and the importance of considering the downstream consequences, with much greater rigor,” Pearce said. “When implementing the global standards, mining companies need to place an early emphasis on the community and the human aspects equally with engineering design consideration.” “Are you talking to the communities? Do they really know how much time they have to react if something goes wrong?” TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21, 2020—JANUARY 3, 2021

Northern Vertex, Eclipse Gold to merge and create new US gold producer M&A

| Assets include mine in Arizona and exploration project in Nevada “THIS REPRESENTS A SIGNIFICANT STEP TOWARD OUR UNWAVERING VISION OF BUILDING A TOP OF THE CLASS MID-TIER GOLD PRODUCER.”

BY MAGDA GARDNER

mgardner@canadianminingjournal.com

orthern Vertex Mining (TSXV: NEE; US-OTC: NHVCF) and Eclipse Gold Mining (TSXV: EGLD; US-OTC: EGLPF) have entered into a definitive arrangement agreement for an at-market merger to create a gold producer focused on the western United States. With Northern Vertex as the resulting company, the new entity would hold the Moss heap leach mine in Arizona (through Northern Vertex) as well as the Hercules exploration project in Nevada’s Walker Lane trend (through Eclipse). In an emailed statement to The Northern Miner, Douglas Hurst, a director of Eclipse and chair of the combined company, highlighted the synergistic timing of the transaction given the recent milestones at both assets and their timing within the greater mining cycle. “Now is a great time to complete this transaction. Operations at the Moss mine have found their stride and recent permitting is set to unlock the entire property with 538 new drill ready sites. We expect results from phase II drilling from Hercules in January and will have a strong balance sheet and good cash position to go in and follow up. We are still early in the cycle and have an opportunity to create value through expanding near mine resources, exploration drilling and acquisition focused in the Western U.S.” As part of the deal, each existing common share of Eclipse would be exchanged for 1.09 shares of North-

C-SUITE NEWS From 1

Glencore, also a major cobalt and copper miner, highlighted the company’s current exposure to those two metals, which are essential in the production of electric vehicle batteries and renewables. The mining and metals sector is facing greater scrutiny from communities in host countries, end consumers and society at large, which are demanding a lower carbon footprint as well as transparent and ethical supply chains. Most top miners are well aware of the need for change, and have already kicked off company-wide initiatives. BHP (NYSE: BHP; LSE: BHP; ASX: BHP), the world’s no. 1 miner, has committed $400 million over five years to reduce greenhouse gas emissions from its operations and mined commodities. It has also vowed to reduce its Scope 3 emissions — those generated when customers burn or process the raw materials it mines — which are 40 times greater than those generated by its mines and oilfields. Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO), the world’s second-largest mining company, has vowed to spend US$1 billion over the next five years to reduce its carbon footprint and have “net zero” emissions by 2050. The company, however, has yet to commit to tackle its Scope 3 emissions. Fortescue Metals Group (ASX: FMG), the world’s fourth-largest iron ore producer, brought forward in June a self-imposed deadline to be carbon-neutral. It now expects to reach that goal by 2040, 10 years earlier than its closest rivals BHP,

KENNETH BERRY, PRESIDENT AND CEO, NORTHERN VERTEX MINING

The Moss mine in Arizona.

NORTHERN VERTEX MINING

ern Vertex, based on the 20-day average prices of the two companies as of Dec. 4. Once completed, 71% of the combined company would be held by Northern Vertex shareholders, Eclipse equity owners would hold 18% and new shareholders would own the remaining 11%. The combined company would be led by Douglas Hurst from Eclipse as chair, with the management team made up of Kenneth Berry as president and CEO (Northern Vertex’s current president, CEO and director), David Splett as CFO, Michael Allen as executive VP of corporate development, and Warwick Board as VP of exploration. Five directors would be from Northern Vertex (Geoff Burns, Michael Haworth,

David Farrell and James McDonald, in addition to Berry) as well as Marcel de Groot from Eclipse. “The result of this transaction will be a combined company with a greatly strengthened balance sheet, and an enhanced team with extensive experience growing multi-asset gold companies,” Berry stated in a press release. “This represents a significant step toward our unwavering vision of building a top of the class mid-tier gold producer.” Michael Allen, president, CEO and a director of Eclipse, said the combination “gives Eclipse shareholders exposure to creating value on a larger scale, supported by positive cash-flow” and “aligns all the key elements required toward build-

Rio Tinto and Vale. Anglo American (LSE: AAL) has also set 2040 as its deadline to become carbon-neutral. It has spent 2020 taking actions towards achieving that goal, including installing floating solar panels on a copper mine’s waste pond. Both the management transition and the “greener” objectives

announced by Glencore come as the company faces pressure on multiple fronts, including corruption probes, pollution accusations and a share price that’s lost half its value during the past decade. TNM — This article first appeared in MINING.com, part of Glacier Resource Innovation Group.

ing America’s next mid-tier gold growth story.” Alongside the merger, the companies announced a best-efforts private placement of subscription receipts by Eclipse, for minimum proceeds of $20 million, led by Stifel GMP. Each receipt, sold at 50¢, will ultimately be converted into one Northern Vertex share. Maverix Metals (TSX: MME; NYSE-AM: MMX) has agreed to exercise an estimated 19.5 million share purchase warrants of Northern Vertex, for gross proceeds of $7.8 million. As part of the transaction, the royalty company will then sell these shares to Eclipse for $9.8 million. Proceeds of the private placement offering will be used to buy the

shares back from Maverix. Overall, the combined company will have a pro-forma cash balance estimated at $29 million. The resulting company will have offices in the U.S. and Canada. The transaction has been approved by the boards of both companies and is subject to approval by Eclipse shareholders and the receipt of regulatory and court approvals, among others. The Eclipse shareholder meeting is expected to be held in February. The agreement includes a $2 million termination fee payable by either party. In its most recent operating quarter, Northern Vertex’s Moss mine generated 14,673 goldequivalent oz., at all-in sustaining costs of US$1,317 per ounce. Eclipse holds the 85-sq.-km low sulphidation epithermal gold-silver Hercules property. TNM — This article first appeared in the Canadian Mining Journal, part of Glacier Resource Innovation Group

A loading station at Glencore’s GGV operation in South Africa. GLENCORE

ASSETS Northern Vertex and Eclipse Gold Merge New Western US Gold Producer Exploration Upside Platform for Growth

northernvertex.com

TSX.V: NEE

TSX.V: EGLD

WWW.NORTHERNMINER.COM

DECEMBER 21, 2020—JANUARY 3, 2021 / THE NORTHERN MINER

Turmoil could slow major infrastructure works PERU

| Mining industry critical to the nation’s economy

BY TOM AZZOPARDI

Special to The Northern Miner

he sudden removal of a popular president amidst the coronavirus pandemic plunged Peru into chaos in November. On Nov. 9, Peru’s single-chamber Congress voted to impeach President Martín Vizcarra amid allegations that, while a provincial governor, he had received a payment of 5 million Peruvian Sols (US$1.4 million) from a company awarded the contract to build a public hospital in the southern city of Moquegua. The move was the latest dramatic political development in one of the world’s leading mining jurisdictions. Peru’s most popular president in a generation, Vizcarra’s sudden removal from office sparked major protests in Lima and other cities accusing the lawmakers who ejected him of launching a coup d’etat against the legitimate government. When two young protesters were shot dead during clashes with police in Lima, Vizcarra’s successor Manuel Merino resigned as president after just five days in the post. A day later Congress elected economist Francisco Sagasti as its new head and subsequently President of the Republic. Since then, the situation has calmed significantly. Protests have subsided after the new head of state promised to hold the post until next

COMMENTARY From 1

ductivity of resources, design out waste and pollution, and keep products and materials in use for longer, while regenerating the natural systems upon which our existence is dependent. The circular economy concept is being adopted by governments around the world, including the Government of Canada. It features in Canada’s own ‘Canadian Minerals and Metals Plan’ calling for a national strategy and global positioning of the country as a continued world leader in the mining sector. The concept is not, however, just in the arena of policy makers. Increasingly, major mining companies are building circular concepts into their long-term strategic planning and modelling, signaling a transformation from virgin mineral product miners to metals and minerals solution providers. Circular principles like reprocessing, repurposing and designing out waste aren’t new to our industry. We apply them regularly to increase efficiency, and reduce waste, water or carbon footprints. The concept of value from waste is not a stretch. Ninety percent of tailings produced in Canada each year come from metal mines, still retaining plenty of recoverable and valuable material, such as rare earth elements, gold, nickel, cobalt, and tungsten. Further, waste rock, tailings, slag and rock dust can be repurposed for applications from construction materials, to solar energy, to agricultural soil additives and more. However, the implications for the mining industry are far more profound than just site-level efficiencies. Recycling activity across all metals and mineral commodities is set to exponentially intensify in the coming years. Primary producers will soon face tough competition from recyclers as end use consumers demand to know product content provenance

Hudbay Minerals’ Constancia copper project in southern Peru.

July when a newly elected president is due to take office. While Vizcarra’s ousting from office and the subsequent turmoil had little impact on Peru’s world-class mining industry, observers fear that the country’s increasingly chaotic political scene is taking its toll on its ability to attract investment in the long term. Even before Vizcarra resigned, all five presidents to hold office this century were under investigation. In March 2018, Vizcarra’s predecessor Pedro Pablo Kunzcynski resigned over payments from Odebrecht, the

“AS WE MOVE TOWARDS A FUTURE POWERED BY ‘GREEN METALS’, CIRCULAR CLOSED LOOP INDUSTRIAL MODELS WILL BECOME THE NORM, NOT THE EXCEPTION.” and recycled products become ever more desirable by virtue of their being more ‘green.’ Moreover, research studies in recent years have suggested impressive cost and energy efficiencies. One in 2018 showed raw extraction costs thirteen times as much as e-waste “urban mining”. European Union research indicates that recycling just forty-one mobile phones can yield as much gold as one tonne of 1 g/t ore — there are over 14 billion mobile phones in the world. Notably, downstream sourcing decisions will immensely impact efforts to meet corporate Net Zero Green House Gas (GHG) emissions targets, depending on whether these decisions are based on linear or circular principles. For example, recycled steel in manufacturing reduces energy use by a whopping 95%. Similarly, a single tonne of recycled aluminium saves nine tonnes in CO2 emissions. For some, the future is now. Already, around half the copper demand in Europe is met by recycled material. Already, thirty percent of ArcelorMittal’s steel is made using scrap instead of iron ore. Already, one of the world’s preeminent recyclers, Nucor, has become the largest North American steel supplier. In 2019, the company recycled 16.1 million tonnes of scrap and earned revenue of US$22.6 billion!

Brazilian construction giant whose name some would argue has become a byword for corruption throughout Latin America. Before them, Alberto Fujimori, Peru’s president from 1990 until 2000, has spent more than a decade behind bars for murder and embezzlement charges, Alejandro Toledo (2001-2006) is fighting extradition from the U.S. to Peru on corruption charges, while Ollanta Humala (2011-2016) and his wife are under investigation for moneylaundering. Alan Garcia (2006-2011) killed himself last year when police

REGENERATE NATURAL SYSTEMS

DESIGN OUT WASTE & POLLUTION

INDUSTRIAL SYSTEM SHIFT KEEP PRODUCTS & MATERIALS IN USE

The Circular Economy. GRAPHIC BY ELIZABETH FREELE

Already, Apple’s MacBook Air chassis is manufactured from 100% recycled aluminium. The list goes on. As the Cleantech Boom 2.0 begins, startups like Li-Cycle and Redwood Materials are popping up, adopting closed-loop, highly-efficient new recovery processes and gaining notable market share from customers such as Amazon and Panasonic. And where startups aren’t satisfying demand, companies like Tesla, Audi, BMW, Volkswagen, Groupe Renault and more are rapidly stepping up to create their own recycling loops, either fully in-house or through new partnerships. In the Li-Cycle example their mission is “Making lithium-ion batteries a truly circular and sustainable product.” Of note, is the significant involvement and investment of mining executives, both on management and as backers, in TechMet. This month the company increased capacity to 10,000 tonnes per year to become North America’s largest spent lithium-ion batteries recycler. Like circular economy principles, such vertically-integrated business models are not new to mining. In the late 1800s and early 1900s, Mitsubishi and Henry Ford went on coal mine buying sprees to secure their value chains. Over time, we’ve also seen stories like the Minnesota Mining and Manufacturing Com-

HUDBAY MINERALS

appeared at his house to interrogate him over links to Odebrecht. Following his unexpected promotion, Vizcarra made cleaning up Peru’s dirty politics a priority, a move that placed him on a collision course with lawmakers, many of whom face corruption charges themselves. In late 2018, he scored a major victory when voters overwhelmingly approved three of his four flagship reforms in a referendum (improving the way judges are appointed, banning lawmakers from seeking re-election and strengthening regulations of party finances, but not a

pany going from miner to STEM manufacturer, and Lakshmi Mittal going from steel manufacturer to ArcelorMittal, vertically-integrated miner and multi-product, multimarket company. The Macbook Air chassis is just the beginning — Apple has pledged to eliminate waste through circular supply chains, with ALL their devices made from recycled or renewable sources. Their in-house disassembly robots continue to evolve, from Liam, to Daisy, to Dave, now recovering 29 ounces of gold, 240 ounces of silver, and nearly 2 tonnes of aluminum for every 100,000 iPhones deconstructed (which only takes 500 hours). In a smartphone first, the iPhone’s Taptic Engine now sports 100% recycled rare earth elements. While some traditional metal and mineral buyers will create their own circular product loops, many others will want to stick to their core business. This presents the emerging opportunity of access over product ownership models, know as servitization or Product-As-A-Service (PaaS). After orbiting the business world for over fifty years, this business model is now taking off in every corner of the global economy. Moving well beyond newer household names like Uber, AirBnB or Car2Go, countless PaaS applications have already been adopted by long-established companies: Philips leases lamps; Rolls-Royce, jet engines; Michelin, tires; Xerox. copy machines. What will “metal-as-a-service” offered from a minerals solutions company look like? Not only will it be costeffective and highly profitable, but also offer the added advantages of being both low-carbon and completely traceable. Recently, on October 7th, 2020, Coreo and the Circular Economy Leadership Coalition in collaboration with the Canadian Government heard in a keynote from Mark Cutifani, CEO of Anglo American:

return to a two-chamber legislature). So far investors seem reassured. On November 24, the government issued US$4 billion worth of bonds including its first 100-year bond, backed by a confirmation of its BBB+ sovereign debt rating from ratings agency S&P Global Ratings. The bonds attracted an interest rate of just 3.23%, or just 170 points above U.S. Treasuries. Nor has the gridlock in Lima gummed the wheels of bureaucracy. Permitting and community engagement procedures for new mining projects are continuing although slowed by the difficulties imposed by the Covid-19 pandemic, says Luquman Shaheen, CEO and president of Panoro Minerals (TSXV: PML), which is developing the Cotabambas copper project in southern Peru. That’s good news for miners and the country. Giant mines such as Glencore’s (LSE: GLEN) Antapaccay, MMG’s Las Bambas, and Chinalco’s Toromocho have almost doubled Peru’s copper output over the last decade, making it the world’s second largest exporter of the metal as well as a major producer of gold, silver, tin, and zinc. The expansion of the mining industry has driven Peru’s economic growth, with poverty levels falling See PERU / 15

“There is a strong rationale for us to engage with the circular economy that is strategic both from a planetary boundaries perspective and in order to support and accelerate our company’s ambitions. Furthermore, our customers are demanding it…If I look back over the years, we have characterized ourselves as a mining company, today we characterize ourselves as a metals and mining company, and tomorrow we could very well be categorizing ourselves as a materials solution company.” Megatrends of emerging technology, disruptive innovation, supply chain volatility, sourcing transparency, resource scarcity, social unrest, climate change and economic anxiety are converging to accelerate the circular economy trend as part of our collective progress on at least 7 of the 17 Sustainable Development Goals. As we move towards a future powered by ‘green metals’, circular closed loop industrial models will become the norm, not the exception. This shift invites the reimagining of the linear mineral extraction business as we know it. While raw extraction isn’t going away any time soon, opportunities for new business models, including integrated materials companies, mineral solutions providers, and even closed-loop metalas-a-service offerings, will emerge. These are opportunities that mining companies are well-positioned to seize. Lose or acquire market share, disrupt ourselves, or be disrupted. The choice is ours. TNM — Andrew Cheatle is a mining executive/director and geoscientist. He is passionate about the mining industry’s role in community and national development. Elizabeth Freele is a conscious capitalist, futurist entrepreneur, management consultant, and impact investor dedicated to building better-world-business. She is the founder and CEO of 4P-Solutions Inc.

SPECIAL FOCUS OUTLOOK 2021 A look at metals markets in 2021 INDUSTRIAL METALS

| Starting the new year with strong momentum

BY DANIEL SEKULICH

dsekulich@northernminer.com

or Scotiabank senior economist Marc Desormeaux, forecasting what the 2021 global commodity markets will be like, especially for industrial metals, is heavily predicated on the ability of nations to respond to Covid-19 in the new year. Speaking to The Northern Miner, Desormeaux talked about the importance of dealing with the virus, while also discussing the impact a new administration in Washington under president-elect Joseph R. Biden, Jr., will have on U.S. economic recovery, as well as how China’s already surging recovery will remain a major influence on global mining markets. What do you think the metals markets are generally going to be like in 2021? MARC DESORMEAUX: Well, most of the industrial metals are entering 2021 with some pretty strong momentum, and we anticipate that going into the new year global demand recovering as we start to come out of the pandemic. Expectations of an economic rebound should continue to see support for industrial metals’ prices. The industrial metals complex has witnessed quite a significant rebound from the early year troughs that we saw at the height of the lockdown period. Iron ore, zinc, nickel – they’ve all increased by 40-45%, at least, since that early year trough. There’s been a lot of momentum across the complex. THE NORTHERN MINER:

TNM: What are your thoughts about

some of the major regions around the world in the new year? MD: China, of course, is the world’s largest metals consumer, and we expect their economy to continue to grow. It’s been an outperformer in the global downturn that’s come with Covid-19. And its strong rebound persisting is something that we expect. So, certainly from a commodities perspective, as well as from a global growth perspective, China is important and will continue to be important. Outside of China, we expect the U.S. to start to come out of this downturn more meaningfully in 2021, and Europe as well. In South America, we are watching some commodities. For instance, iron ore production is lower than we had previously anticipated, as indicated by the recent announcement by Vale of lower production output. That’s something that could certainly contribute to tightness in the iron ore markets. We’re also watching closely for the extent to which supply disruptions occur in Chile and Peru, two of the major producers of copper. If those materialize, we could see

Scotiabank Commodity Price Outlook — Metals & Minerals 2019

2020F

2021F

2022F

US$ per pound US$ per pound US$ per pound US$ per pound

2.72 6.32 1.16 0.81

2.74 6.07 1.00 0.90

3.00 6.50 1.10 0.90

3.10 6.35 1.05 0.90

Bulk Commodities Iron Ore US$ per pound Metallurgical Coal US$ per pound

94 177

100 130

85 140

75 150

Precious Metals Gold US$ per pound

1,393

1,775

1,850

Base Metals Copper Nickel Zinc Aluminum

1,850 SCOTIABANK

some further upward pressure on copper prices. TNM: Can you expand a little on iron

and copper? Are there any concerns about the metals markets, and can you go into more detail about Vale’s announcement in early December that it would not make its 2020 iron ore production targets? MD: Certainly, Vale is a major global producer of iron ore and with lower anticipated production coming from them, that contributes to tightness in the markets. And on top of that, we’ve got Chinese fiscal stimulus going ahead that’s contributing to very strong steel output, steel manufacturing activity. With China expected to continue to expand going into 2021, our most recent forecast has them growing by 8.5%. That demand side, and upward pressure on iron prices, is something we expect to remain in place and continue to provide support for the [iron ore] price. And copper always gets a lot of attention from the point of view of markets. It’s been trading near its highest value since early 2013, so that’s really a lot of momentum there. It’s benefited from the improvement in risk sentiment, vaccine news, Chinese stimulus, so [copper] is one we certainly will be watching closely.

something — passage of a stimulus bill — that could be held back by partisan gridlock. And so, on that front, the outcome of the Georgia Senate run-off elections in early January will be very important. We do suspect that some stimulus will go ahead in any case, but there’s a potential upside on that front which revolves significantly on the ability of the two parties in Congress to get along and ultimately pass that package that can support the U.S. recovery. How much support do you think the new Biden administration will be able to provide to the U.S. mining industry? MD: If we were to see a stimulus package towards the upper end of the ranges being proposed, that’s something that really could provide support for the recovery, and ultimately the mining sector, on the demand side of their economy. So, that’s really what we’re watching most closely when we think about risks to the outlook and ultimately TNM:

See INDUSTRIAL METALS / 14

U.S. gold and silver coins.

FILO/ISTOCK

Precious metals and PGM prices forecast to rise next year | New U.S. administration’s policies will be important factor

ANALYSIS

BY CARL A. WILLIAMS cwilliams@northernminer.com

lthough a change in the U.S. government is unlikely to ease tensions between Washington and Beijing, says CPM Group vice-president of research Rohit Savant, incoming president Biden’s approach to negotiations with China could impact the status of gold and silver under the current administration. “Hostilities between the U.S. and China will remain irrespective of who is in the White House,” he told The Northern Miner in an email. “However, Trump’s approach to trade negotiations provided a haven for precious metals, whereas Biden is expected to bring the Chinese to the negotiating table by working with U.S. allies to collectively put pressure on Beijing, which could be less supportive of silver and gold prices.”

However, Savant acknowledged that there is still considerable uncertainty over who will control the U.S. Senate next year. Should the Senate be controlled by the Republicans, he said, then there is likely to be a “dysfunctional operation of Congress,” which, he noted, will incentivise investors to hold onto and add to their precious metal holdings and could put upward pressure on precious metal prices. A Biden administration’s focus on green energy initiatives, Savant said, should support silver and platinum group metals (PGMs). These metals are used in a range of green technologies such as solar panels, fuel cells, and electrolysers and will help meet the goals of the Democratic party’s Green New Deal, which aims to reduce greenhouse gas emissions. See ANALYSIS / 13

TNM: What sort of impact on markets

do you foresee from the incoming U.S. administration, both globally and domestically? MD: There’s a number of things to think about in terms of the Biden administration and the impact that that could have on the global economy. There’s trade, and there’s stimulus. And those are really the two factors that we are heavily focused on. In terms of trade, we do expect a degree of ‘America-first’ type policy making to persist into the new year. But trade policy should be, in our view, more conventional under a Biden administration, and that should help to unwind some of the uncertainty that has weighed down industrial sector activity over the last few years. The other question is around stimulus, and we’ve argued many times that more fiscal support is critical for the U.S. economy’s recovery. That’s

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DECEMBER 21, 2020—JANUARY 3, 2021 / THE NORTHERN MINER

Uncut diamonds. ISTOCK/RGBDIGITAL

Diamond industry forecast for 2021 and beyond ANALYSIS BY TRISH SAYWELL

tsaywell@northernminer.com

lobal diamond production this year fell by more than 20% to about 113 million carats due to planned production declines by the major producers and significant pandemic-related suspensions and curtailments across the industry, Paul Zimnisky, an independent diamond analyst and consultant told The Northern Miner Zimnisky said that mines including Ekati, Aikhal, Verkhne-Munskoye, Williamson, Liqhobong and Zarya have yet to resume production following suspensions in March, April and May. Canada’s Ekati mine, the largest in the group by production output, is estimated to have produced as much as five to seven million carats annually in recent years. The New York-based industry consultant noted that unrelated to

| Global jewelry demand could take years to recover

“GLOBAL DIAMOND JEWELRY DEMAND COULD FALL AS MUCH AS 25% IN 2020, POSSIBLY NOT RECOVERING TO PRE-PANDEMIC LEVELS UNTIL 2022 OR 2023.” PAUL ZIMNISKY DIAMOND ANALYST AND CONSULTANT

the pandemic, Rio Tinto’s Argyle mine in Western Australia marked its final day of mining in early November after having exhausted economic reserves. The mine produced 865 million carats of rough diamonds

over its life and was the world’s largest producer of colored diamonds and the world’s primary source of pink diamonds. Zimnisky forecasts global diamond production will remain welloff until at least 2025, after the most recent high-water mark reached in 2017 of 152 million carats. He noted that global demand for diamond jewelry, after growing at a low-to-mid single digit percentage in recent years, has been materially impacted by the coronavirus pandemic and related economic fallout, and it will likely be felt well beyond 2020. “While much uncertainty remains regarding the ultimate severity and duration of the current situation, global diamond jewelry demand could fall as much as 25% in 2020, possibly not recovering to pre-pandemic levels until 2022 or 2023,” Zimnisky said.

However, he said jewelers globally have posted positive momentum in the second half of 2020 highlighting recent results from China’s Chow Tai Fook and Tiffany & Co., the largest jeweler in the world. In the first quarter of this year, Chow Tai Fook saw sales fall about 45% relative to the year before. In the second quarter, sales fell another 20% before finally rebounding 3% in the third quarter. The market in mainland China clearly stood out as the market leader for the company, more than offsetting persistent weakness in Hong Kong and Macau he said. Tiffany had a year-over-year sales decrease of 45% in the fiscal quarter ended April 30 and a 29% sales decrease in the quarter ended July 31. However, the trend significantly improved with a sales decline of only 1% for the three-month period

ended October 31, driven by standout performance in mainland China where sales were up 70%. China continues to be the bright spot and “has shown to be the industry’s strongest consumer market in recent months, led in part by strong domestic luxury consumption by the Chinese as global lockdowns have essentially halted Chinese tourism spend in primary markets such as the Americas, Western Europe and Japan.” Despite the pandemic, in the third quarter, Chow Tai Fook actually opened 257 net new stores in the mainland, boosting the company’s store count by over 6% to 4,150. Zimnisky expects consolidated rough diamond prices “will fall between 5% and 10% in 2020, followed by a recovery of a high single-digit percentage in 2021 and a subsequent slight decline in 2022, as some supply returns to market.” TNM

Critical materials markets 2021 outlook INTERVIEW

BY DANIEL SEKULICH

dsekulich@northernminer.com

or 20 years, analyst Jon Hykawy has been looking at the global critical materials markets and providing advice to companies about the sector. The president of Toronto-based Stormcrow Capital spoke to The Northern Miner about what he thinks the new year will hold for this part of the mining industry. THE NORTHERN MINER: What do you

think the critical materials markets are generally going to be like in 2021? JON HYKAWY: Well, I hope they will be improved. There’s an old adage that the best cure for high prices is high prices, and the best cure for low prices is low prices. On the battery materials side we obviously had a weak period here with Covid striking demand in China, first, and then everywhere else thereafter. Lithium has been at a low ebb for a period of time. Contrary to what some have said,

| Sector’s global economic importance continues to rise

“THERE’S AN OLD ADAGE THAT THE BEST CURE FOR HIGH PRICES IS HIGH PRICES, AND THE BEST CURE FOR LOW PRICES IS LOW PRICES.” JON HYKAWY, PRESIDENT, STORMCROW CAPITAL

there really isn’t any more room for lithium prices to decline and, in fact, currently prices are moving up in China. And a number of the suppliers are actually withholding sales at this point, waiting for higher prices. As far as cobalt and nickel go, we’re fairly confident demand is going to increase, and that’s going to drive up the price, because we don’t have a massive supply response in behind either one of those materials. On the side of things like rare earths, we’re seeing a lot of noise in that space with prices moving up really dramatically over the last little while. Almost for certain, driven by speculative buying gambling on the willingness of the Chinese to cut off supply and drive up the price of rare earths. I’d be willing to stick my

neck out and say the Chinese are not going to intervene in the actual rare earth market. But they may well put some controls in place on other critical materials depending on what the new U.S. administration does, starting in January. TNM: What do you expect the lithium

market to be like in the new year? JH: I said earlier that lithium has been at a low [ebb] in price. The rationale behind lithium having to go higher is just that if the prices go much lower, no one is going to be able to supply spodumene to the conversion industry. So, lithium prices don’t really have a choice but to go up, provided we actually want more lithium. We’ve been pretty carefully moni-

toring spodumene prices for a couple of months now, because we’ve seen car sales, new energy vehicle sales and battery consumption in China expanding dramatically since the end of the Covid shutdown there. So the stockpile of spodumene in China is finally being worked through. And we are now seeing the beginning of price increases in spodumene, and we are seeing significant price increases in lithium carbonate. I expect to see 2021 as a year of increasing prices on the lithium side. TNM: What are your thoughts about

cobalt and nickel? JH: On the cobalt side, as goes the automotive industry, as goes battery demand, so goes cobalt pricing. The dream of zero cobalt batteries? We’re still way away from that. There are enough batteries out there, in terms of demand, that require high energy density, that we still can’t make do without cobalt. Just to be clear, cobalt is not the backbone for the energy density factor in modern lithium batteries. That’s nickel, predominantly. But

cobalt provides operational stability. And we’re not crying for cobalt, so the prices have not gone berserk. On the nickel side, there’s not really any shortage of nickel. That isn’t the issue. The issue is pure enough nickel at a low enough price. We expect to see those prices do reasonably well in 2021. We don’t see any reason for a retrenchment back to lows in nickel. There is enough demand out there, and supply will come back online. What are your expectations for rare earths? JH: I’ll say that I had higher prices forecasted for 2020 than occurred, because of the slowdown caused by the pandemic. But we’ve seen a speculative frenzy in the last few months that’s done a fair bit to drag those prices back up to our projected 2020 average. What I don’t see is that trend continuing. Chinese authorities and the rare earths companies in China learned a bit of a lesson in 2010. The story TNM:

See INTERVIEW / 13

SPECIAL FOCUS OUTLOOK 2021

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21, 2020—JANUARY 3, 2021

Chinese rare earth metals surge in price REE

BY DANIEL SEKULICH dsekulich@northernminer.com

| Market is set for long-lasting transformation says analyst

Law, it creates new regulations that give the government more control over such exports as technology and rare earths. “Market participants are increasingly of the view that the introduction of the new law will lead to a restriction of rare earth-based exports from China to key partners including the U.S., on the pretext that it is safeguarding its national security,” Hamilton stated. Though exports of Chinese rare earth metals have been decreasing in recent years, Hamilton’s report pointed out that rare earth-based magnet exports have actually been trending up because of increased global demand, including from the U.S. In anticipation of concerns that the Chinese government could use the new law to further curtail exports, “key customers in the U.S. (or perhaps the State Reserve) have seemingly been buying up as much material as possible, with U.S. rare earth magnet imports reaching 480 tonnes in September, the highest monthly total since 2016.” Already there have been measures introduced by nations at the policy level to address China’s dominance and bolster their domestic production of rare earths. In Africa, the European Union, Australia and the Americas, concerns about China’s control of the market have been pushing exploration and development projects, and leading to greater

B PODCAST MO Capital Markets says that a surge in the price of Chinese rare earth metals in November is a reflection of the geopolitical tensions between that country and the developed world. Commenting on the sudden price gains in a research note, BMO’s commodity analyst Colin Hamilton also said that as nations around the world consider self-sufficiency in rare earths and other critical minerals, while also enacting more trade restrictions and economic protectionism, the market “is set for long-lasting transformation over the coming years, one that we believe will likely lead to a gradual erosion of Chinese dominance in processing capacity.” November saw the prices of all major Chinese-sourced rare earths spike, but especially those used in magnets. In particular, the research note mentioned neodymium, which is the most common rare earth used in making magnets, which rose by 27% since early in November, up over 50% year to date. Several other key rare earths also increased in value last month, including dysprosium (+17%), gadolinium (+9%) and terbium (+27%). Another factor in the price surge is a new law that came into force in China on December 1, Hamilton noted. Known as the Export Control

PODCAST

PODCAST Inside the lab at Lynas’ rare earths deposit in Mt Weld, Western Australia.

attention from political leaders. “In May 2019 U.S. senators introduced legislation aimed at encouraging the development of domestic rare earth supplies, while the U.S. Department of Defense asked for additional federal funds to bolster domestic production of rare earths,” Hamilton noted. In April of this year, the Pentagon awarded funding to Australian miner Lynas Corp. (ASX: LYC) and Nevada-based MP Materials (NYSE:

Bank of America sees ‘further upside’ potential for silver in 2021

PODCAST

SILVER

MP) for rare earth separation facilities in Texas and California, respectively. And by late September, U.S. President Donald Trump signed an executive order declaring a national emergency in the mining industry. This followed recommendations outlined by the U.S. Department of Commerce to establish partnerships with such allies as Canada and Australia in order to secure greater access to rare earths and other critical minerals.

Meanwhile in Canada, the government of Saskatchewan committed in August $31 million for the construction of the country’s first rare earth processing facility, which is planned to be operational by the end of 2022. With ongoing funding for new projects coming from governments, Hamilton said he expects this will provide even “further impetus to ex-China capacity build-out over the coming years.” TNM

The Art and Humour of John Kilburn

PODCAST

| Market has already flipped into deficit says bank

THE PERFECT

BY TRISH SAYWELL

LYNAS CORP

GIFT

tsaywell@northernminer.com

escribing silver as a “metal important for future technologies” (MIFT) in a new report on the outlook for commodities in 2021, Bank of America said the “current focus on decarbonisation/solar panels should support fundamentals.” “The silver market has rebalanced on production discipline and demand from new applications including solar panels,” the bank stated. “If more spending on solar panels comes through, silver should rally above US$31 per oz.” The bank’s analysts said the white metal will be supported by U.S. President-elect Joseph Biden Jr.’s ambitious plans for achieving net-zero emissions across the U.S. by 2050. The research report noted that “a

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potential increase in photovoltaics matters particularly for silver, which is a key ingredient in solar panels” and “an accelerated de-carbonisation of the U.S. power sector alone could boost annual global silver demand from 2285 tonnes in 2020 to an average of 4272 tonnes over the next 15 years.” “Looking at the potential implications of that, market balances have averaged +1100 tonnes in the past five years (2016-19) and with limited supply increases currently in

Cartoons from the pipeline, the potential demand additions could push silver into a sustained deficit,” the report continued. “The last time this happened between 2006 and 2011, the precious metal rallied to US$50 per oz., a price level we would see within reach this time around as well.” The bank’s analysts pointed out surpluses “have gradually declined, and, with the help from investor demand, the silver market has already flipped into deficit. We expect another supply shortfall in 2021.” TNM

PODCAST

A hilarious, 262-page anthology of mining cartoons by The Northern Miner’s resident cartoonist John Kilburn. Unique in its scope and ambitions, this anthology gathers the best Northern Miner cartoons created over 25 years by John Kilburn, a Vancouver-based mining professional who has worked in Western Canada as a mining engineer, broker, journalist, equity analyst and investor. Kilburn stylishly captures the mining sector’s biggest events over the past quarter century as well as its perennial conundrums with a cast of characters that includes engineers, geologists, miners, promoters, executives and environmentalists. Joining the cast are coal mine canaries, camp dogs and llamas, plus a special appearance by Santa. With a foreword by Pierre Lassonde, co-founder and chairman of Franco-Nevada, an introduction by John Cumming, former editor-in-chief of The Northern Miner, and hundreds of boisterous JK mining cartoons like you’ve never seen them before. Specifications: 7.8” by 10”, 262 pages, B&W with a colour cover, ISBN 978-1-987932-00-3 C$34.99 plus shipping and applicable taxes. To order by phone, call toll-free: 1-888-502-3456 ext. 43702 For more information and to order online visit: www.northernminer.com/jk

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PODCAST

DECEMBER 21, 2020—JANUARY 3, 2021 / THE NORTHERN MINER

SPECIAL FOCUS OUTLOOK 2021

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Roskill forecasts demand for cobalt to double by 2030 COBALT

| Surplus stocks have been depleted

BY CARL A. WILLIAMS

cwilliams@northernminer.com

obalt watchers can expect demand for the blue metal to double by 2030, says Ying Lu, senior analyst at Roskill. The forecast comes even as this year saw a significant shift in global cobalt markets as both mined and refined cobalt production fell, marking the first decrease in production since 2016. “The cobalt market has been dogged by oversupply for three consecutive years,” Lu told The Northern Miner in an email. “The decrease in global production in 2020, however, has led to a relatively balanced market as surplus stocks of the metal have been depleted.” The U.K.-based analyst points to the suspension of operations at Glencore’s (LSE: GLEN) Mutanda mine in the Democratic Republic of Congo (DRC) in November 2019 and the temporary suspension of most of the artisanal and small-scale operations in the DRC in 2020 due to Covid-19, as the reasons for a tightening of cobalt feedstocks and cutbacks in production this year. Tighter cobalt markets, Lu said, were further exacerbated by logistics disruptions in Africa due to the pandemic, including the weeks-long closure of Durban port in South Africa, a key transition point for shipping Congolese cobalt to China.

High grade cobalt-copper ore from an artisanal mine site outside Kolwezi in the Democratic Republic of Congo (DRC). Artisanal and small-scale mines in the DRC account for more than 12% of global cobalt supply. COBALT BLOCKCHAIN

“WE ANTICIPATE THE TIGHTNESS IN COBALT FEEDSTOCKS TO CONTINUE IN 2021.” YING LU, SENIOR ANALYST, ROSKILL

Cobalt refining operations in China have also been affected by strict quarantine measures imposed across the country in the first four months of the year, forcing refineries to run well below capacity. The Covid-19 outbreak disrupted the growth in cobalt markets. Overall demand in 2020 is forecast to be broadly in line with 2019 but slowing down from the historical average growth rate, Lu said. “We anticipate the tightness in

cobalt feedstocks to continue in 2021, particularly in the spot market, given that a large portion of crude cobalt hydroxide production has already been locked into long-term contracts,” she said. As a consequence, Lu expects cobalt prices to rise next year and forecasts the blue metal to trade between US$18-US$20 per lb. in 2021, up from an average of US$16 per lb. in 2020. Lu also expects to see a more dis-

persed distribution of cobalt production and consumption in the coming years, with Europe and the U.S. now actively building up regional battery raw material supply chains. However, in the medium term, China will continue to dominate cobalt refining and battery manufacturing. National stockpiling of cobalt by China’s State Reserve Bureau could also potentially tighten the market, pushing cobalt prices higher, although such impacts are often limited and temporary. Since the commercialization of lithium-ion batteries — which use cobalt to boost the energy density and extend battery life — in the early 1990s, the rise in consumer electronics has underpinned the rapid growth in demand for cobalt. “Despite the reduced use of cobalt per unit in the automotive sector due to concerns over cost and ESG [environmental, social, and governance] issues, the growing penetration of EVs [electric vehicles] and the exponential growth in EV sales will boost cobalt demand, which we expect to double by 2030,” she said. In addition to increased demand for cobalt in EV markets, Lu said the rapid roll-out of 5G technology, particularly in China, will create new growth potential for the mobile electronics industry from 2021 onwards. In turn, she said, this will boost smartphone sales and cobalt demand in the medium term. TNM

Forecast for base metals sees sharp rise in 2021, less so in 2022 BASE METALS

| CPM Group expects markets to return to normality in new year

BY CARL A. WILLIAMS cwilliams@northernminer.com

s the world’s economies start to pick up following the impacts from the Covid-19 pandemic, CPM Group’s director of commodities and asset management Carlos Sanchez expects base metals markets to return to normality in 2021, supporting increases in prices. “We’re already seeing normal supply and demand dynamics returning to pre-pandemic levels for the base metal markets,” he said in an interview. “Although going into 2021, the demand-side will be aided by increased spending by governments around the world, primarily through investment in infrastructure projects, driving increases in base metal prices.” He also predicts prices to rise again in 2022, albeit at “more moderate levels.” Trade disputes, particularly between the U.S. and China, will continue into 2021, Sanchez said, but are “very unlikely” to cause friction between the two countries over base metals, such as copper, nickel and zinc, he said. The U.S., Sanchez noted, is becoming increasingly self-sufficient in several commodities, including copper. And with much of the world’s nickel produced in Indonesia and the Philippines, he doesn’t envisage any major trade issues to arise between the U.S. and China over sourcing these critical metals. According to S&P Global Market

Glencore’s San Juan de Nieva zinc plant in Spain.

Intelligence, primary nickel production in Indonesia, the world’s largest nickel producer, is expected to be around 550,000 tonnes in 2020. Although China produces around a third of the world’s zinc, according to Sanchez, a number of other countries, including Canada, Australia, China, Peru, and the U.S., also produce significant quantities. Allaying possible tensions between the U.S. and China over the bluishwhite metal, he said.

“We expect zinc and nickel prices to rise sharply, followed by more modest increases in nickel and aluminium prices, with lead prices lagging,” he said. In 2021, Sanchez forecasts zinc to trade at US$2,628 per tonne, up 17% from an average of US$2,246 per tonne in 2020, with nickel rising to US$15,557 per tonne, an increase of 14.5% from an average of US$13,582 per tonne. Aluminium prices will increase

GLENCORE

to US$1,912 per tonne in 2021, up 12.8% from US$1,695 per tonne in 2020, copper to US$6,654 per tonne, an increase of 9.2% from US$6,095 per tonne, and lead to US$1,845 per tonne, up 1.7% from US$1,814 per tonne. Sanchez estimates that zinc prices will rise to US$2,857 per tonne in 2022, up 8.7% from 2021 prices, copper to US$7,070 per tonne, an increase of 6.3%, aluminium to US$2,013 per tonne, a rise of

5.3%, lead to US$1,925 per tonne, an increase of 4.3%, and nickel to US$16,190 per tonne, up 4.1%. “The price projections incorporate the potential for further disruptions from Covid-19,” Sanchez said. “Even though vaccines are being now being rolled out, there is still uncertainty over their efficacy, and we could still see further outbreaks next year or the virus returning in 2022 if the protection provided by the vaccines only last six months or a year.” TNM

GLOBAL MINING NEWS

SPECIAL FOCUS OUTLOOK 2021

THE NORTHERN MINER / DECEMBER 21, 2020—JANUARY 3, 2021

INTERVIEW From 10

we always hear is that rare earths are absolutely essential, we can’t live without them or civilization would collapse. That didn’t play out [in 2010]. What we saw back then was a crisis, an engineered rare earth crisis. And what happened to the Chinese industry was not pleasant. Because the prices skyrocketed, for a period of time the Chinese producers were making ridiculous money. But they ended up with demand dropping away and prices collapsing. I don’t think they’re going to make the same mistake they made in 2010, regarding the rare earths themselves. We expect rare earth prices to climb in value, we expect to see a relatively stable market and the only thing that’s going to cause a disruption would be some sort of breakdown in relations between China and the U.S. or the rest of the world. that are overlooked and which we should keep an eye on in 2021? JH: Well, tin’s long been a favourite of mine. You know, we’ve hit peak recycling levels, the secondary supplies of tin. The best supplies of tin are showing signs of depleting, and that’s worrisome. We’ve also gotten pretty close to optimizing the amount of solder that’s used per electrical connection in the electronics industry. And look, we’re in no danger of people buying less electronics. So, the demand for tin continues to rise, while the supply is somewhat constrained. I’ve said for a while that tin is going to be one of the critical materials that we’re going to wake up one day and suddenly realize we’re in trouble. As long as we want to avoid the use of lead in electronics, we don’t have a choice. Tin is the direction we have to go in, so I’m bullish on tin. TNM: What are the most important

factors that will influence the critical materials market in the new year? JH: I would say the tenor that is taken between the new U.S. administration and China. You know, there are a number of really significant flashpoints that the Trump administration put in place. There were movements made months and months ago to limit the ability of companies to sell advanced semiconductors to certain Chinese entities. When you put in place regulations that limit the ability of China to build, for example, a 5G

ANALYSIS From 9

“The ability of Biden to push these initiatives through will, again, depend on who has control of the U.S. Senate,” Savant said. Turning to PGMs, Savant noted that they are critical to the traditional car industry and hybrid electric vehicles, where platinum and palladium are used in catalytic converters to reduce exhaust emissions. Although the market share of electric passenger vehicles (EVs) is set to rise over the next decade, increasing from a current level of 3% of global new car sales to 10% by 2025 and rising to 28% by 2030, according to the annual Bloomberg New Energy Finance report published in May, conventional cars will still account for most of the market share over the next couple of decades, driving demand for platinum and palladium. Demand for PGMs in China will also rise in 2021, as the country seeks to implement its delayed China 6 standards, he said. Based on European regulations, the standards aim to tighten emissions from new passenger cars and light-duty commercial vehicles. Silver demand is also expected to rise due to China’s increased

Brine pools and processing areas at SQM’s lithium mine on the Atacama salt flat.

telephony network in China, using their selected providers of equipment, you are going to cause some repercussions. However much we want to become independent of a Chinese supply chain for critical materials in the future, we are pretty heavily dependent on that supply chain at present. So, if you choose to pick a fight in a particular area, along the lines of what the Trump administration has done with semiconductors, then you run the risk of the Chinese stepping in and taking some very focused actions, perhaps limiting the exports of antimony to the U.S. Or you run the risk of the Chinese taking a broader approach, which could, for example, be to limit exports of gallium. Both of those materials are vital to certain industries, they are critical materials in their own right. The idea of fighting a trade war is to cause asymmetric damage. And from my point of view, what the United

emphasis on green energy and the improving economic conditions, which, Savant said, should drive up demand from industries that use silver in their fabrication processes. Increased gold demand is likely to be concentrated around the Chinese Lunar New Year in mid-February next year, he said. Savant expects prices for the four metals to rise next year on an annual average basis, with the highest gains for gold, silver, and platinum, with palladium experiencing moderate increases. He forecasts gold will trade at US$1,897 per oz. in 2021, up 7.3% from an average of US$1,768 per oz. in 2020. Silver will also jump to US$26.50 per oz., an increase of 30.2% from US$20.34 per oz. Likewise, PGMs will be on the rise: platinum to US$1,081 per oz., up 22.1% from US$885 per oz., and palladium to US$2,313 per oz., an increase of 6.8% from an average of US$2,166 per oz. in 2020. “A combination of improving economic conditions and a commitment by various major central banks to keep monetary policy ultra-loose is expected to be very beneficial to all commodity prices,” Savant said. TNM

States has been doing is they’ve been doing high profile things that are frankly going to cause almost as much damage to U.S. and international companies as to China. Whereas the Chinese responses potentially could cause a lot more damage in the U.S. than they do economically in China. I’m hoping cooler heads will prevail and we’re going to start seeing some thought put into the decisions that are made. It would be nice to see this new administration take a more thoughtful tack when it comes to trade. TNM: What do you think those who are looking at the critical materials sector need to know about as 2021 begins?

SQM

The sector has matured. The companies — and the people involved — have grown up. It’s not like it used to be a decade ago. And its global importance needs to be recognized. I often say that we went through the bronze age, the iron age, and we’ve gone through the steel age and, arguably, we are probably in what we should term the critical materials age. I mean, you couldn’t really have a modern cell phone without that little bit of lithium in a battery. It’s those little bits of material — critical materials — that make all the difference today. TNM JH:

This interview has been edited and condensed.

www.northernminer.com

TNM: Are there other critical materials

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Lundin Gold goes ahead with $18.6m Fruta del Norte expansion ECUADOR

URANIUM

| Gold-silver mine is largest in the country

BY CECILIA JAMASMIE

Cameco suspends production at Cigar Lake

MINING.com

anada’s Lundin Gold (TSX: LUG) is going ahead with expansion plans for its Fruta del Norte gold-silver mine in Ecuador, the country’s largest, only a year after producing the first doré bar on site. The Vancouver-based miner said the US$18.6 million expansion will take throughput from 3,500 to 4,200 tonnes per day over the life of mine and would be funded by cash flow from operations. Lundin plans to start construction in the first quarter of 2021, ramping production in the third quarter and increasing mill operations in the fourth quarter. Lundin, worth almost US$2.2 billion, worked on developing the asset for almost two years, following a 2016 agreement with Ecuador’s government. That deal allowed it to move ahead with the project, located in the southeastern Amazon province of Zamora Chinchipe. The company acquired Fruta del Norte in 2014 for US$240 million from fellow Canadian miner Kinross Gold, which had to halt operations after being unable to reach an agreement with authorities regarding the terms for developing the asset. The underground gold and silver mine, discovered in 2006, contains six of Lundin’s 29 mining concessions and covers 70,000 hectares of land. Lundin has set its 2021 production goal at between 380,000 and 420,000 oz. of gold at an average head grade of 10.4 grams gold per tonne, a recovery rate of 90% and all-in sustaining costs (AISCs) of

US$770-830 per ounce. The company also increased Fruta del Norte’s reserves by 8% to 5.41 million oz., thanks to changes in the planned mining method. “The increase in the 2020 reserve is primarily due to the conversion of a significant portion of the sections of the ore body originally mined by drift and fill to long-hole stoping, based on the good ground conditions experienced in the mine to date, which resulted in a slight increase in dilution and decrease in average grade,” it said. Based on the new figures, Lundin now expects to produce almost 4.8 million oz. gold at Fruta del Norte over a 14-year mine life. The company still expects to produce 200,000-220,000 gold ounces at the operation this year, despite the impact of Covid-19 restrictions and a recent 15-day blockade following frustration over a bridge collapse caused by one of Lundin’s mining trucks. President and CEO Ron Hochstein said Fruta del Norte has proven to be a low-cost producer, with upside potential in its ore body. “We anticipate adding even more to these estimates upon completion of an underground drilling program which began last month,” Hochstein said. The company is planning to spend US$11 million in 2021 to drill two high priority exploration targets at its Barbasco and Puente-Princesa concessions, about 7 km from the mine.TNM This article first appeared in MINING. com, part of Glacier Resource Innovation Group

| Temporary shutdown caused by Covid-19 risks

Underground tunnel at Cameco’s Cigar Lake mine in northern Saskatchewan.

BY BRUNO VENDITTI

MINING.com

ameco (TSX: CCO; NYSE: CCJ) announced December 14 that it will temporarily suspend production at its Cigar Lake uranium mine in northern Saskatchewan due to the increasing risks posed by the Covid-19 pandemic. “The safety of our workers, their families and communities is our top priority,” Tim Gitzel, Cameco’s president and CEO, stated in a news release. “We have had six positive tests at our northern operations in recent weeks, including three at Cigar Lake. While the protocols we have put in place have to date allowed us to effectively manage

CAMECO

these cases, there are broader risks we don’t control.” Cigar Lake was put on care and maintenance during the first wave of the pandemic in March, and restarted operations in September. At the peak of production this fall, there were about 300 workers at the Cigar Lake site. Gitzel said that Cameco plans to increase its purchases of uranium in the market “to secure uranium we need to meet our sales commitments.” “Our deliveries to date have not been materially impacted by Covid-19, nor do we expect there will be a material impact on our remaining 2020 deliveries,” he added. Cameco withdrew its production guidance for this year on April 13.

Cigar Lake was previously expected to generate nine million lb. of U3O8 for the company in 2020. By Sept. 30, Cigar Lake had produced 2.3 million pounds of uranium concentrates. While Cigar Lake is on care and maintenance, Cameco expects to incur costs of between US$8 million and US$10 million per month, which will be expensed directly to cost of sales. The Cigar Lake operation is owned by Cameco (50.025%), Orano Canada Inc. (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%). TNM

Inside Glencore’s Sudbury nickel operations.

GLENCORE

Canadian economy, as well as the mining sector. But over the next few quarters of 2021, the bigger question is kind of the timing of the [Covid-19] vaccine: when we might start to see mass production, mass inoculations. And weighing that against some pretty significant surges in infection

rates across a number of different countries. That’s something that will underpin economic activity broadly, and ultimately impact commodity prices. Again, it’s just that so much is dependent on Covid-19. TNM

This article first appeared in MINING.com, part of Glacier Resource Innovation Group

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Five new inductees / 5

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Liberals, Greens Q&A on mining in Canada

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Editorial

Canadian Mining Hall of Fame

Discipline pays off / 4

Five new inductees / 5

Mining sector forced to innovate

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Canadian Mining Hall of Fame

Discipline pays off / 4

Five new inductees / 5

Mining sector forced to innovate TECH CONFERENCE

| New technology stokes productivity gains, but ‘no silver bullet’

ELECTION 2015 | Credibility and accountability are top concerns

BY ALISHA HIYATE ahiyate@northernminer.com

BY JOHN CUMMING jcumming@northernminer.com

he mining sector is facing a DarW delegates at the winian moment, first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014? Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment. They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects. Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market. We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on. We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.

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Editorial

Canadian Mining Hall of Fame

Discipline pays off / 4

Five new inductees / 5

OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Liberals, Greens Q&A on mining in Canada

Mining sector forced to innovate TECH CONFERENCE

| New technology stokes productivity gains, but ‘no silver bullet’

ELECTION 2015 | Credibility and accountability are top concerns

BY ALISHA HIYATE ahiyate@northernminer.com

he mining sector is facing a Darwinian moment, delegates at the first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-

BY JOHN CUMMING jcumming@northernminer.com

15-09-29 8:10 PM

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014? Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment. They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects. Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market. We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on. We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

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See ELECTION / pg. 3 15-09-29 8:10 PM

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Editorial

OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Liberals, Greens Q&A on mining in Canada

BY ALISHA HIYATE ahiyate@northernminer.com

Mining sector W forced to innovate

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across CanTECH CONFERENCE | New technology stokes productivity gains, but ‘no silver bullet’ ada. The following are the answers from the Liberal Party of Canada ELECTION 2015 | BY ALISHA HIYATE leader Justin Trudeau and Green Party Credibility and ahiyate@northernminer.com accountability are of Canada leader Elizabeth May and top concerns their parties: he mining sector is facing a DarThe Northern Miner: In recent years winian moment, delegates at the BY JOHN CUMMING first annual Technology and Injcumming@northernminer.com the federal has streamlined novation in Mining conferencegovernment in Toronto heard in September. environmental permitting for miners ith Canadians looking Just as species deal with changes in byfood trying tooravoid ahead to a federal election their climate, sources other duplicating provinon Oct. 19, The Northern circumstances, miners dealing with efforts. Do you support this apMiner submitted mining-related quesmounting cial cost, social and technical tions to the leaders of the four major pressures must innovate ifDoes they want to federal government proach? the political parties running across Cansurvive, research group AMIRA Interhave adirector unique role to play in avoiding ada. The following are the answers national managing Joe Cufrom the Liberal Party of Canada cuzza said. catastrophic tailings dam failures, such leader Justin Trudeau and Green Party “If you look at Darwinian evolution, of Canada leader Elizabeth May and there are more that go extinct as species the Mount Polley spill in B.C. in their parties: than actually quickly adapt,” Cucuzza 2014?“The point is that The Northern Miner: In recent years told the conference. the federal government has streamlined in our industry, we need to adapt quickly. Justin Trudeau/Liberal Party: The environmental permitting for miners Those that are slow to adapt, unfortuby trying to avoid duplicating provinnately, are going to go extinct.” Harper government has eroded the cial efforts. Do you support this apThe conference, organized by Dubaicredibility of Canada’s environmental proach? Does the federal government See TECHNOLOGY / pg. 2 have a unique role to play in avoiding reviews by narrowing their application, catastrophic tailings dam failures, such Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region. as the Mount Polley spill in B.C. in limiting public participation and slash2014? ing the capacity of the federal governJustin Trudeau/Liberal Party: The Harper government has eroded the ment to protect the environment. credibility of Canada’s environmental reviews by narrowing their application, They have ended over 50 years of limiting public participation and slashing the capacity of the federal governenvironmental oversight in Canada ment to protect the environment. by repealing the Canadian EnvironThey have ended over 50 years of environmental oversight in Canada mental Assessment Act so that the by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep enfederal government can sidestep environmental reviews of potentially vironmental reviews of potentially harmful projects. harmful projects. Without public trust, Canada’s environmental assessment processes are Without public trust, Canada’s enincreasingly paralyzed. Not only are vironmental assessment processes are we not doing a good enough job at protecting our environment, we are increasingly paralyzed. Not only are not getting our resources to market. We need clear and efficient processes we not doing a good enough job at that have reasonable, evenhanded protecting our environment, we are rules, clear beginning and end points and decisions that can be relied on. not getting our resources to market. We will launch an immediate, public review of Canada’s environmental We need clear and efficient processes assessment processes. Based on this that have reasonable, evenhanded review, a Liberal government will rules, clear beginning and end points See ELECTION / pg. 3 and decisions that can be relied on. We will launch an immediate, pubCOAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 lic review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

| New technology stokes productivity gains, but ‘no silver bullet’

BY JOHN CUMMING jcumming@northernminer.com

Liberals, Greens Q&A on mining in Canada

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

SPECIAL FOCUS: QUEBEC / 7–10

TECH CONFERENCE

ELECTION 2015 | Credibility and accountability are top concerns OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

15-09-29 8:10 PM

TNM: What about the Canadian min-

ing industry’s challenges in 2021? MD: The main thing that we’re weighing here is the impact of Covid-19. On the one hand, we’ve had positive news on vaccine development and that appears to be happening earlier than we anticipated. That’s positive, in terms of getting back to some form of normalization earlier, and re-opening of the economy earlier. But in the more immediate near term, we’re dealing with significant increases in infection rates across most of the country. So ultimately, broadly, that’s what will impact the course of the Canadian economy: the course of the virus’ evolution and consumers’ and businesses’ response to it. TNM: Overall, what are the darkest

clouds looming as we start the new year? MD: What happens with Covid is key to the economic outlook, it is key to demand for everything, but in particular for commodities. So, if there were a situation in which multiple future waves of infection did materialize, certainly that would present downside risk for the entire

This interview has been edited and condensed.



GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21, 2020—JANUARY 3, 2021

Sunrise at OceanaGold’s Macraes gold mine in New Zealand.

OCEANAGOLD

OceanaGold looks to extend the mine life of Macraes NEW ZEALAND

| Company receives permits for three deposits

BY CARL A. WILLIAMS cwilliams@northernminer.com

ceanaGold (TSX: OGC; ASX: OGC) has received permits for three deposits at its Macraes gold mine, about 60 km north of Dunedin in the South Island of New Zealand, that will allow it to extend the life of the mine from 2021 to 2028. The permits will enable the development of the new Golden Point Underground Mine (GPUG), extend the Deepdell North Stage III open-pit deposit, and expand mineralisation at Frasers West open-pit. “The new GPUG will initially supplement and then eventually replace the existing underground operation at Frasers,” Sam Pazuki, the company’s vice president of strategy and corporate development, said in an interview. “We expect the first production at GPUG to start around this time next year.” The Frasers underground mine went into production in 2008 and originally had a mine life of five years but still has another two to three years of mine life to go. Services and earthworks around the GPUG portal are underway, and the first cut of the portal is expected before the end of the year, Pazuki said. Pre-stripping of the Deepdell open-pit is underway, as is the Fraser

PERU From 8

from over 50% at the start of the century to less than a quarter in recent years. And the country continues to attract significant investment. New mines under construction include Anglo American’s (LSE: AAL) US$5.3 billion Quellaveco copper project, and the US$900 million Mina Justa, owned by tin miner Minsur and Chilean industrial group Empresas Copec. The turmoil comes amid a coronavirus outbreak which has so far claimed the lives of 35,000 Peruvians, the second highest per capita death toll in the world. Despite a nationwide lockdown imposed from mid-March, which even closed the giant copper mines for several weeks, the disease has spread rapaciously as millions of informal workers were forced onto the streets or fled to rural areas, taking the virus with them. As a result, the country is facing one of the worst economic contractions in the region as well as

The Coronation north-pit area of OceanaGold’s Macraes gold mine in New Zealand.

West pit expansion, with mining of both expected to start in the next couple of months, he noted. The projects are collectively forecast to produce 1.1 million oz. of gold over the mine’s eight-year life. The mine is forecast to produce an average 150,000-170,000 oz. of gold per year at all-in sustaining costs of about US$1,000 per ounce, with 75% of the production from the openpit mines and about 25% from the underground mine.

A mineral resource estimate for Macraes in June 2020 outlined measured and indicated resources of 122 million tonnes grading 0.91 gram gold per tonne for 3.6 million oz. contained gold. Inferred resources add 4.2 million tonnes grading 0.74 gram gold for 1 million oz. of gold. “Because Macraes is not blessed with high-grades, we have to be as efficient as possible when mining,” Pazuki said. “Currently, we are mining ore at around US$1.30

the near-collapse of its ramshackle healthcare sector. The economy is expected to bounce back in 2021, in part driven by a 15% jump in copper production to 2.4 million tonnes following this year’s shutdowns. Despite the hardships suffered by millions of Peruvians over the last ten months, a radical change of course is not expected at next April’s presidential vote. “We don’t see demands for significant changes to the economic structures,” notes Pablo de la Flor, executive director of the national mining and energy association SNMPE. Memories of economic chaos in the 1980s and the arrival of more than 800,000 Venezuelans fleeing a similar mess at home have largely immunized Peruvian voters from the populist strains which are once again sweeping Latin America, says Nicolas Urrutia, a senior analyst at ControlRisks. “Even in the context of Covid-19, voters are expected to cast their votes for candidates who promote fairly

orthodox economic policies,” he told The Northern Miner. However, many are concerned by the longer-term impacts of Peru’s political gridlock. Whoever wins next year’s elections (and there is no clear favorite yet) is likely to face a fragmented congress. Without a majority, the incoming president will have to seek ad-hoc coalitions to pass any legislation or face a return to the deadlock of recent years. The fear is that the sclerosis hardens and delays decisions key to Peru’s future development, including the mining sector. “This has definitely had an impact on the rate of economic growth,” noted de la Flor. For example, work on a US$7.3 billion pipeline to bring natural gas to southern Peru has been paralyzed for the last four years amid a corruption scandal. Vizcarra had hoped to award the project to a new consortium before a new government is elected but that now looks unlikely. Several mining companies are

OCEANAGOLD

per tonne, but previously it’s been as low as US$1 per tonne, making it one of the world’s lowest-cost gold mines.” What also sets OceanaGold apart from other “non-major” gold companies, he said, is the company’s use of an in-house autoclave at the mine’s processing plant, which has been in operation since 1999, allowing it to process ore at about US$7 per tonne. This figure, he noted, is nearly half the cost of comparable

looking forward to plans that would link southern Peru’s isolated Andahuaylas-Yauri copper belt to the port of San Juan de Marcona via a new 920-kilometer railroad. Construction is due to begin in 2023. The US$9.2 billion project would immediately benefit MMG’s Las Bambas operation, which has faced protests from local people against heavy trucks laden with concentrates from the mine streaming through their communities. But other copper projects lie in its catchment area including First Quantum Minerals’ (TSX: FM) Haquira and Southern Copper’s (NYSE: SCCO) US$1.8 billion Las Chancas. Mining executives are worried that with officials at all levels wary of corruption accusations, key decisions like these will be delayed, setting back the country’s development. “It’s going to be a road or airport that has not been built or a port has not been privatized because leaders were afraid,” says Panoro’s Shaheen. “And delayed work to upgrade infrastructure will have a trickledown effect on our projects.” TNM

processing plants. In a research note, BMO Capital Market’s precious metals analyst, Brian Quast, forecast a 10-year mine life for Macraes with the open-pit resources becoming depleted in 2028 and underground resources becoming depleted in 2030. The analyst estimated a net present value of US$743 million, at a 5% discount rate, for the mine. In other news, the company has been notified that the Philippine government is moving forward to finalize the renewal of an agreement governing the company’s Didipio gold-copper underground mine in the north of Luzon Island, 270 km northeast of Manila. The company announced in a press release on Dec. 7 that President Rodrigo Duterte had instructed the Philippines’ Department of Environment and Natural Resources to work with OceanaGold and the Department of Finance on a new Financial for Technical Assistance Agreement (FTAA). OceanaGold kicked off the renewal of the 25-year permit for the mine in 2018. After it expired in June 2019, the company kept Didipio operating under a temporary licence, but a blockade backed by the local government forced the mining company to suspend operations a few weeks later. The FTAA’s renewal has been slowed down by the Covid-19 pandemic, claims that Didipio had been operating outside the Indigenous Peoples’ Rights Act, and the Bugkalot tribe had been seeking to expand its domain over parts of the FTAA area. The company was recently granted a “certification of non-overlap,” which states the FTAA area is outside the ancestral domain of local indigenous communities. It plans to restart the operation as soon as it gets the go-ahead. Farooq Hamed of Raymond James, described the news as “a clear positive” and said he believes “positive engagement and eventual sign-off of the FTAA renewal by the Office of the President is the final step in allowing Didipio to re-start given the renewal was previously endorsed by all other relevant government ministries including the Department of Environment and Natural Resources (DENR), Mining and Geosciences Bureau (MGB) and the Department of Finance (DofF).” Hamed also pointed to the support for Didipio from local communities. “OceanaGold was recently granted a Certificate of Non-Overlap which See NEW ZEALAND / 16

WWW.NORTHERNMINER.COM

DECEMBER 21, 2020—JANUARY 3, 2021 / THE NORTHERN MINER

NEW ZEALAND From 15

states that the FTAA area is outside the ancestral domain of the Indigenous Cultural Communities,” Hamed commented in his research note to clients. “The company has strong endorsement of the residents in the local communities around the Didipio mine including the Indigenous Cultural Communities and Indigenous Peoples.” In a separate research note, BMO’s Quast noted that Didipio makes up 12% of the company’s operational net present value and “generates significant free cash flow for the company when in operation.” The analyst also pointed out that news of the potential restart will likely assist OceanaGold in its discussions with lenders. “The company has overall $200 million credit facilities due December 31, 2021,” he wrote. “The facilities are with a multi-national group of banks. A restart of Didipio prior to the maturity of these debt facilities should be useful in any refinancing discussions.” Quast currently models a restart in mid-2022. “The company is not yet giving any timelines on a restart, and given the impact of the Covid-19 pandemic and the amount of bureaucracy still required, we are not yet prepared to model an earlier restart of Didipio.” OceanaGold is also moving forward with its environmental management strategy, releasing a position statement on climate change in mid-November, which included an emissions reduction goal to achieve net-zero emissions from its operations in 2050. “We’ve been mining in New Zealand for over 30 years, and we’re very proud of our track record on environmental and social issues in a country that prides itself on being one of the greenest in the world,” Pazuki said. “We have a demonstrably strong ESG [environmental, social,

Top: An excavator at OceanaGold’s Macraes gold mine in New Zealand. OCEANAGOLD Left: Aerial view of Frasers open-pit at the Macraes gold mine in New Zealand. OCEANAGOLD

governance] performance and are always looking for new opportunities to improve. The commitment to carbon-neutrality by 2050 is a key part of our commitment to minimizing our environmental impact.” Over the past several years ESG has become increasingly important to investors in the mining industry, Pazuki said. As a result, the company is continually seeking to better align its approach with the needs of its investors and stakeholders, he noted. The goal of OceanaGold’s environmental management strategy, is to mitigate the risks associated with climate change, establish measures and targets to improve the efficiency

of its energy use, and to minimize its greenhouse gas (GHG) emission ntensity, he said. To support this goal, the company plans to establish milestone inten-

sity targets (GHG emissions per oz. of gold produced) by 2022. The targets, he said, would be achieved by addressing four key strategic areas: improved energy efficiency

ESG From 3

conference with an executive from a private equity firm. When asked about ESG at that time, the executive said all they cared about was that a company wasn’t in the newspapers and had a sustainability report of some sort. “Today it’s completely different,” Pearce explained. “There has been a complete shift in what the money is looking for as investor awareness increases. They want to see the company’s performance on environmental and social metrics, how a company’s social and environmental performance is tied to executive remuneration; and they want to see key performance indicators.” According to the ERM survey, as of March, the amount of assets under management among ESG funds totaled more than US$1 trillion – marking a 35% increase over the preceding three year period – and European funds make up about 75% of these assets under management. In addition, 85% of ESG equity indices outperformed non-ESG peers in the first quarter of 2020, and 80% of fixed income assets did the same in the second quarter of the year. The survey also found that 86% of those polled expect the pipeline of ESG investment opportunities to increase over the next three to five years and 21% said there will be significantly more. ERM quoted one respondent, a managing director of an investment team at a European company, as saying: “For two businesses with [the] same profitability, we would be willing to pay a premium on the one that is a sustainability leader in its segment ... because when we sell it in four to six years, we will get an even higher premium if we can maintain and grow this position.”

Barrick Lumwana in Zambia donated Covid-19 medical supplies to the Kalumbila District administration to assist with the fight against the coronavirus pandemic. BARRICK GOLD

“Many firms are now recognizing the lucrative opportunities behind ESG themes but the leaders will be those that have a systematic process to identify these prospects and take decisive measures to create competitive advantage,” according to the report. ERM also noted an emerging link between executive compensation and ESG, with 36% of the respondents saying they would like to see management incentives aligned with ESG metrics. Drilling down into the most important ESG themes, ERM said 55% of those surveyed identified climate change impacts, societal wellbeing, water/wastewater and the

circular economy as the areas that present the biggest opportunities between now and 2025. As for regions where ESG has emerged as a significant theme, Europe leads the pack, followed by Asia-Pacific and North America. ERM pointed out that those surveyed said Europe offered the greatest opportunity for ESG-related investment due to its goal of becoming the world’s first climate-neutral region by 2050 and its intention to reduce greenhouse gas emissions by 55% before 2030. “Five or six years ago a number of mining executives didn’t embrace climate change as a business challenge and now it’s really hard to find

anybody who would talk about it not being real,” Pearce said. “It presents both a threat and an opportunity to the mining sector.” Pearce said ERM is seeing an increasing number of miners announce net zero targets and looking at options to reduce their direct and indirect, or value chain, carbon emissions. This is being driven by a combination of regulation around climate change disclosure, such as the Task Force on Climate-Related Financial Disclosure (TCFD), and mounting pressure from investors on ESG performance, she said. “It’s a complex challenge, especially when you consider the important role that mining and metals companies play

and energy reduction; decarbonisation of electrical energy supply; decarbonisation of the fuel used for mobile equipment fuel; and carbon sequestration. The company plans to establish a climate change Technical Coordinating Committee to identify opportunities to reduce its GHG emission intensity and identify risks, opportunities, priorities, and costs across its operations. It will also undertake climate change management and reporting to meet the requirements of the Task Force on Climate-related Financial Disclosures (TCFD). Created in 2017, the TCFD comprises 31 members across the G20 group of countries representing both preparers and users of financial data and aims to improve and increase climate-related financial information reporting. TNM

in terms of providing critical metals for the transition to a low carbon economy. The de-carbonization challenge requires collective action from a broad range of stakeholders — miners, downstream metals producers, governments, financial institutions, low-carbon technology providers etc. More broadly, the transition to a low carbon economy is about societal contribution to climate change … everyone has a role to play.” Pearce also pointed to growing shareholder activism and the fallout unfortunate decisions can have, such as Rio Tinto’s move earlier this year to destroy 46,000 year-old-rock shelters in Australia. “Things have changed, the world has changed,” she said. “You have the rise in awareness of systemic racism and the need for reconciliation with Indigenous peoples, to name two. The landscape has fundamentally changed in the past few years.” Pearce noted that if companies have agreements with regulators or local communities from five or six years ago, the onus is still on the company to challenge itself and make sure these past agreements, even if in writing, align with today’s higher standards. “Broader societal values have shifted so much that simply having an agreement or even permits from five years ago doesn’t mean you have the right to do what you thought you could do,” she said. “It’s not that the agreement itself is null and void, just that the conditions between when it was signed and actually delivered have dramatically changed. Companies need to ask themselves: ‘Is what we did five years ago still valid today? ... They need to continually check in on their social license to operate, and make sure it’s up-to-date.” TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21, 2020—JANUARY 3, 2021

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WWW.NORTHERNMINER.COM

DECEMBER 21, 2020—JANUARY 3, 2021 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 7 – 11 TheS&P/TSX Composite Index rose 0.16% to 17,548.92 during the Dec. 7-11 trading week. TheS&P/TSX Global Mining Index fell 0.08% to 99.28, and the S&P/TSX Global Base Metals Index dropped 1.80% to 133.42. Spot gold fell US$24.50 per oz. (1.31%) to US$1,839.50 per oz., and the S&P/TSX Global Gold Index declined by 0.55% to 310.88. Moneta Porcupine Mines jumped 13¢ to 26¢ per share. The company released an updated mineral resource estimate for its 100%-owned Golden Highway project in Ontario. The update follows the latest drill program completed during the first half of 2020, which increased its indicated resource base by 217% to 2.14 million oz. gold and inferred resources by 141% to 3.34 million ounces, added a maiden resource at Westaway and open pit resources at Windjammer South and 55. (Theresource included underground and open-pit resources and remains open.) Th majority of the new resources are attributed to the new Westaway high-grade discovery and the definition of near surface gold mineralization in open pits. Moneta said it will test the extensions of the current gold deposits in the winter 2020-2021 drill program. Shares of Fission Uranium rose 9¢ to 37¢

per share. The company announced plans to raise $6 million in a bought deal financing Red Cloud Securities and a syndicate of underwriters will purchase for resale 14.63 million flow-through units at 41¢ per unit. Each unit consists of one common share of Fission and one-half of one common share purchase warrant. (Each warrant can be exercised at a price of 50¢ within 24 months of the closing date.) Fission plans to use the proceeds of the public offering for exploration purposes. Thecompany is advancing its Patterson Lake South property in the Athabasca Basin, which hosts the Triple R uranium deposit. Kirkland Lake Gold increased by 77¢ to

TSX MOST ACTIVE ISSUES VOLUME (000s) HIGH

Suncor Energy Kinross Gold Barrick Gold B2Gold Corp Lundin Mng Fission Uran Nexgen Energy New Gold OceanaGold Trevali Mng

SU K ABX BTO LUN FCU NXE NGD OGC TV

78166 22562 22539 19154 16020 14947 14201 14135 13948 13943

24.08 10.03 30.96 7.53 10.64 0.38 3.28 2.85 2.46 0.21

WEEK LOW CLOSE CHANGE

22.22 23.75 + 0.78 9.11 9.18 - 0.02 29.17 29.23 - 0.78 7.01 7.07 - 0.05 9.70 9.82 - 0.73 0.31 0.37 + 0.09 2.79 3.24 + 0.47 2.54 2.76 + 0.21 2.22 2.24 + 0.42 0.19 0.20unch 0.00

$52.42 per share. The company announced its full-year guidance for 2021 of between 1.3 million and 1.4 million oz. gold. Thecompany said the guidance is driven by strong growth at its Detour Lake mine in Ontario. Theguidance is almost identical to the company’s 2020 production target of 1.35-1.4 million oz., although 2021 guidance will not include the Holt Complex, which is now on care

and maintenance, the company said. All-in sustaining costs per oz. gold sold in 2021 are expected to remain unchanged from 2020 levels of between US$790 and US$810 per ounce. The miner said that it hopes to grow annual production to 1.41-1.55 million oz. of gold in 2023 and will work towards completing its $50 million drill program at Detour Lake and release a new mine plan in 2022. TNM TSX GREATEST VALUE CHANGE

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Canagold Res EurOmax Res Moneta Porcpn Platinum Gp Mt Black Iron Ascendant Res Largo Res Fission Uran Denison Mines Sherritt Intl SRHI Inc Sulliden Mng Fortune Mnrls Mawson Res Xanadu Mines Nthn Dynasty Orosur Mng Kerr Mines Almaden Min Loncor Res

CCM EOX ME PTM BKI ASND LGO FCU DML S SRHI SMC FT MAW XAM NDM OMI KER AMM LN

967 1759 13609 3527 4471 1803 10622 14947 7275 8887 294 455 3618 1179 235 5234 278 1938 449 334

0.95 0.12 0.26 8.00 0.25 0.14 1.59 0.38 0.73 0.40 0.34 0.06 0.07 0.37 0.04 0.49 0.36 0.14 1.00 0.64

VOLUME (000s)

WEEK LOW CLOSE CHANGE

0.16 0.04 0.13 4.12 0.16 0.09 1.14 0.31 0.61 0.33 0.28 0.00 0.06 0.31 0.04 0.42 0.28 0.12 0.86 0.56

0.77 0.10 0.26 7.25 0.24 0.14 1.59 0.37 0.72 0.40 0.28 0.06 0.06 0.34 0.04 0.43 0.32 0.12 0.88 0.57

+ 327.8 + 216.7 + 88.9 + 84.5 + 45.5 + 42.1 + 34.7 + 29.8 + 25.4 + 23.1 - 17.6 - 15.4 - 14.3 - 13.0 - 12.5 - 11.3 - 11.3 - 11.1 - 11.1 - 10.9

Platinum Gp Mt Cameco Corp Agnico Eagle Wheaton Prec M Nexa Resources Turquoise HIl Franco-Nevada Labrador IOR Suncor Energy Kirkland Lake Ero Copper Teck Res Nutrien Pan Am Silver Teck Res SSR Mining Torex Gold HudBay Min Lithium Amer Newcrest Mg

PTM CCO AEM WPM NEXA TRQ FNV LIF SU KL ERO TECK.A NTR PAAS TECK.B SSRM TXG HBM LAC NCM

3527 11595 5684 8504 1 1742 2688 1040 78166 5308 1210 13 5701 2042 12924 2262 1938 7485 2380 6

WEEK CLOSE

7.25 17.01 89.61 52.36 11.47 15.51 167.54 31.94 23.75 52.42 18.05 27.12 62.70 37.90 23.02 23.77 19.64 8.35 12.06 25.54

CHANGE

+ + + + + + + + + + -

3.32 2.89 1.44 1.08 1.00 0.87 0.79 0.78 0.78 0.77 2.11 2.03 1.99 1.17 1.02 1.02 0.99 0.98 0.98 0.86

TSX VENTURE EXCHANGE / DECEMBER 7 – 11 The S&P/TSX Venture Composite Index rose 1.46% (11.19 points) to finish the Dec. 7-11 trading week at 780.30. Spot gold dropped US$24.50 per oz. (1.31%), to US$1,839.50 per ounce. Whitehorse Gold surged $1.50 to $3.28 per share on a strong intercept from its 2020 drill program at its wholly owned Skukum gold project in the Yukon. Drillhole SC20-001 returned 8.07 metres (true width) grading 6.54 grams gold per tonne and 186.83 grams silver per tonne starting from 434.08 metres downhole, including 1.2 metres of 21.4 grams gold and 563 grams silver. Thehole was drilled into the Rainbow Zone of the project’s Skukum Creek deposit. Results from three other holes are pending. The170 sq. km project is about 55 km south of Whitehorse and has year-round access. Theproject hosts three deposits with resource estimates and underground development – the Skukum Creek deposit, Goddell deposit and the past-producing Mt. Skukum gold mine) along with multiple mineralized showings. Skukum Creek is the largest of the three deposits and contains 1 million indicated tonnes grading 5.85 grams gold and 166.4 grams silver and 537,000 inferred tonnes grading 4.99 grams gold and 108.3 grams silver. Chesapeake Gold climbed $1.19 to $5.52 per share. The company announced the acquisi-

tion of privately held Alderley Gold Corp., a mining technology company, and said the purchase gives it “access to a proven and innovative precious metals processing technology together with certain asset rights and proprietary databases, creating the path towards a new growth oriented and innovative gold and silver producer.” Chesapeake said it will now focus on advancing its Metates project towards production using Alderley’s suphide leaching technology. According to Chespeake, the technology oxidizes sulphide and transition ore “using certain chemistry to manage pH and alkalinity thereby increasing recovery and reducing potential to turn acidic during cyanide leaching.” Metates, in Mexico’s Durango state, is the company’s flagship asset. An updated prefeasibility study outlined a mine life of 37 TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Leeta Gold Palladium One C3 Metals Fabled Copper Focus Graphite Purepoint Uran Nexus Gold Noront Res Uragold Bay Rs Gratomic

HIVE PDM CCCM FCO FMS PTU NXS NOT HPQ GRAT

27324 15531 13442 8571 8487 7019 6759 6468 6436 6259

1.58 0.29 0.09 0.14 0.06 0.07 0.06 0.23 0.84 0.28

WEEK LOW CLOSE CHANGE

1.24 0.19 0.08 0.07 0.04 0.05 0.06 0.17 0.69 0.21

1.30 + 0.27 + 0.08unch 0.10 0.05 + 0.07 + 0.06 0.19 + 0.74 + 0.25 +

0.04 0.09 0.00 0.02 0.01 0.02 0.01 0.02 0.03 0.01

the known resource, “potentially increasing the resource footprint by approximately 300 metres to the south.” Highlights included 4.53 grams gold per tonne and 262.67 grams silver per tonne over 83.35 metres (within and below the existing resource estimate), starting from 2.13 metres downhole, including 30.48 metres of 11.74 grams gold and 652.45 grams silver in drillhole FME-20-085. TNM

years, including stockpile production, and average annual production from an open pit of 519,000 oz. gold, more than 9 million oz. silver and 83 million lb. zinc. Shares of Integra Resources climbed 40¢ to $4.75. The company released drill results from Florida Mountain, part of its DeLamar project in southwestern Idaho. The drilling intersected “significant mineralization” outside

TSX-V GREATEST VALUE CHANGE

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

Buffalo Coal Corsa Coal Whitehorse GC Stone Gold Getty Copper Erin Ventures Frontline Gold Alturas Min Cache Explor Intl Cons Uran Olivut Res Altan Nevada Antler Gold Goldcore Res Altair Res Inc Intact Gold Lovitt Res Equitorial Ex Green Valley M Goldbelt Emp

BUF CSO WHG STG GTC EV FGC ALT CAY CUR OLV ANE ANTL GEM AVX ITG LRC.H LWR SCT GBE

2638 603 994 4257 219 1552 4396 2004 5220 1029 407 1052 272 1049 404 173 10 494 11 844

0.03 0.39 4.10 0.25 0.10 0.06 0.03 0.03 0.19 1.05 0.08 0.02 0.25 0.11 0.04 0.05 0.22 0.30 0.44 0.03

VOLUME (000s)

WEEK LOW CLOSE CHANGE

0.01 0.20 1.54 0.12 0.08 0.04 0.02 0.01 0.09 0.61 0.06 0.01 0.19 0.08 0.03 0.00 0.14 0.22 0.44 0.02

0.03 0.37 3.28 0.22 0.10 0.06 0.03 0.03 0.19 0.96 0.06 0.01 0.19 0.09 0.03 0.05 0.15 0.22 0.44 0.02

+ 150.0 + 87.2 + 84.3 + 76.0 + 72.7 + 71.4 + 66.7 + 66.7 + 60.9 + 60.0 - 47.6 - 33.3 - 30.9 - 30.8 - 28.6 - 28.6 - 27.5 - 26.7 - 26.7 - 25.0

Tanqueray Expl Whitehorse GC Chesapeake Gld Metalla Rylty Rupert Res Integra Res Intl Cons Uran IsoEnergy Ltd Pure Gold Mg Jubilee Gold Los Andes Metalore Res Great Bear Res Aurania Res Amex Expl Eloro Res Artemis Gold West Vault Fosterville Solaris Res

IPA WHG CKG MTA RUP ITR CUR ISO PGM JUB LA MET GBR ARU AMX ELO ARTG WVM FSX SLS

WEEK CLOSE

409 11.85 994 3.28 213 5.52 320 13.24 265 5.59 449 4.75 1029 0.96 1036 1.90 4281 2.90 12 0.90 22 6.75 5 2.30 238 16.23 215 3.55 460 2.95 515 1.50 361 6.00 133 1.52 582 2.14 816 5.09

CHANGE

+ + + + + + + + + + -

2.25 1.50 1.19 1.13 0.46 0.40 0.36 0.35 0.33 0.25 0.75 0.70 0.44 0.37 0.26 0.25 0.25 0.24 0.23 0.21

U.S. MARKETS / DECEMBER 7 – 11 The Dow Jones Industrial Average fell 0.57% to finish the trading week at 30,046.37 and the S&P 500 declined by 0.96% to 3,663.46. Spot gold dropped US$24.50 per oz. to US$1,839.50 per oz. Seabridge Gold fell by US61¢ to US$17.37 per share. Seabridge announced it had raised US$115.7 million, more than enough to fund the acquisition of Pretium Resources’ Snowfiel property in British Columbia. “Proceeds from the financing will pay the entire US$100 million upfront cash payment payable in respect of the acquisition of the Snowfield property, the expenses related to the acquisition, with the remainder used for general working capital,” the Toronto-based miner said on Dec. 9. Snowfield, immediately adjacent to its 100%-owned KSM gold-copper project, will open up new development opportunities for its flagship asset, Seabridge said. Snowfield has measured and indicated resources of 25.92 million oz. gold and a further 9.03 million oz. gold in the inferred category, in addition to substantial copper resources. Shares of Newmont dropped US57¢ to US$58.87 per share. The company plans to extend the life of its Peñasquito gold-silver

mine in Mexico’s Zacatecas state beyond 2040 through exploration. The company said it will invest US$10 million in 2021 to develop a pipeline of new exploration targets at the mine, and drilling is also expected to help convert resources within existing pit shells to reserves, Newmont said. Peñasquito is forecast to produce 660,000 ounces of gold in 2021, up from 510,000 ounces expected for 2020, and reflects the impact of disruptions due to the Covid-19 pandemic. Last year’s output from the mine was also impacted by two blockades by truckers and local residents. Thedifference between the two parties were settled through a 30-year water supply deal with the San Juan U.S. MOST ACTIVE ISSUES VOLUME (000s)

HIGH

Vale* VALE 173346 17.05 United States S* X 114005 20.00 Barrick Gold* GOLD 84850 24.20 Cleveland-Clif* CLF 82195 14.16 Freeport McMoR* FCX80209 0.45 Kinross Gold* KGC 79735 7.84 Yamana Gold* AUY 58794 5.80 Chevron Corp* CVX 49576 94.56 Cameco Corp* CCJ 41298 13.52 Suncor Energy* SU 37770 18.94

WEEK LOW CLOSE CHANGE

15.94 16.42 22.84 12.36 25.21

16.86 + 0.81 18.31 + 1.62 22.90 - 0.60 13.59 + 1.04 23.8224.61 -

7.13 7.20unch 0.00 5.46 5.47 - 0.03 89.37 92.45 - 0.83 11.38 13.33 + 2.26 17.37 18.59 + 0.61

de Cedros community, one of the mine’s 25 nearby communities. The mine is also slated to produce 30 million oz. of silver, 475 million lb. of zinc, and 190 million lb. of lead in 2021. AngloGold Ashanti fell US64¢ to US$21.49 per share. Thecompany announced the resignation of board chairman Sipho Pityana. Pityana will be replaced by Maria Ramos, who has been a director at the gold miner since May 2019.

Most recently, Ramos served for ten years as CEO of the Absa Group, one of Africa’s largest banks, before retiring from the post in February 2019. Since Pityana became chairman in 2014, AngloGold’s debt has declined by more than 70%, its portfolio simplified through the sale of shorter-life assets, and its Obuasi gold mine in Ghana redeveloped into a modern, long-life operation, the company said. TNM U.S. GREATEST VALUE CHANGE

U.S. GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Peabody Enrgy* Arch Resources* Cameco Corp* Mechel* CONSOL Coal Rs* CONSOL Energy* CONSOL Energy* United States S* NACCO Ind* Natural Res Pt* HudBay Min* Lithium Amer* MartinMarietta* DRDGOLD* Harmony Gold* Teck Res* Alcoa* Endeavr Silver* Seabridge Gld* Nutrien*

BTU ARCH CCJ MTL CCR CEIX CNX X NC NRP HBM LAC MLM DRD HMY TECK AA EXK SA NTR

33697 2.40 3414 47.55 41298 13.52 2837 1.98 607 4.93 2862 6.97 23725 11.14 114005 20.00 58 30.71 107 15.95 7488 7.47 17390 10.69 2535 287.51 1995 11.19 24070 4.60 19818 18.78 30472 24.10 10938 3.87 3526 19.02 4357 50.53

VOLUME (000s)

WEEK LOW CLOSE CHANGE

1.21 1.99 36.70 45.52 11.38 13.33 1.62 1.91 3.86 4.64 5.56 6.51 9.02 10.72 16.42 18.31 27.33 30.23 14.04 15.42 6.44 6.53 9.24 9.45 264.18 267.20 9.76 9.87 4.12 4.14 17.64 18.02 22.00 22.84 3.43 3.44 17.14 17.37 48.51 49.06

+ + + + + + + + + + -

53.1 21.2 20.4 20.1 16.0 13.6 13.2 9.7 9.0 8.6 10.7 7.3 6.2 5.6 4.4 4.3 3.8 3.6 3.4 3.1

Arch Resources* ARCH NACCO Ind* NC Cameco Corp* CCJ United States S* X CONSOL Energy* CNX Natural Res Pt* NRP Agnico Eagle* AEM Cleveland-Clif* CLF Wheaton Prec M* WPM Vale* VALE MartinMarietta* MLM Nutrien* NTR Black Hills* BKH Southern Copp* SCCO Alcoa* AA Chevron Corp* CVX Teck Res* TECK HudBay Min* HBM Lithium Amer* LAC AngloGold Ash* AU

3414 58 41298 114005 23725 107 5873 82195 9732 173346 2535 4357 2606 4445 30472 49576 19818 7488 17390 16705

WEEK CLOSE

CHANGE

45.52 30.23 13.33 18.31 10.72 15.42 70.16 13.59 41.03 16.86 267.20 49.06 59.13 59.76 22.84 92.45 18.02 6.53 9.45 21.49

+ 7.96 + 2.50 + 2.26 + 1.62 + 1.25 + 1.22 + 1.10 + 1.04 + 0.91 + 0.81 - 17.74 - 1.59 - 1.27 - 1.26 - 0.89 - 0.83 - 0.81 - 0.78 - 0.74 - 0.64

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 21, 2020—JANUARY 3, 2021

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

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Dec 10 2020 (change from Dec 03, 2020 in brackets): Aluminium Alloy 5140 (0) Aluminium 1333375 (-25050) Copper 147825 (-1500) Lead 109975 (-1975) Nickel 243426 (+1614) Tin 3420 (-250) Zinc 215975 (-3975)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$54.35 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.55 Cobalt: US$14.32/lb. Copper: US$3.51/lb. Copper: CME Group Futures January 2021: US$3.51/lb.; February 2021: US$3.52/lb Iridium: NY Dealer Mid-mkt US$1,710.00/tr oz. Iron Ore 62% Fe CFR China-S: US$160.70 Lead: US$0.93/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$16,350.00 tr. oz. Ruthenium: Mid-mkt US$270.00/tr. oz. Silver: Handy & Harman Base: US$24.02 per oz.; Handy & Harman Fabricated: US$30.02 per oz. Tin: US$8.87/lb. Uranium: U3O8, Trade Tech spot price: US$29.70 per lb. U308 Zinc: US$1.19/lb. Prices current Dec. 14, 2020

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 30, 2020 (with changes from Nov 15, 2020) Largest short positions New Gold NGD 18737929 518764 11/15/2020 Nexgen Energy NXE 12857889 -130239 11/15/2020 Premier Gold M PG 10664877 154472 11/15/2020 Suncor Energy SU 10241006 -4084388 11/15/2020 Trevali Mng TV 10152462 5833713 11/15/2020 Kinross Gold K 9600711 -171503 11/15/2020 Lundin Mng LUN 9347750 1085193 11/15/2020 Fortuna Silvr FVI 9143639 -144484 11/15/2020 Ivanhoe Mines IVN 8821699 -177964 11/15/2020 Argonaut Gold AR 7830034 1439910 11/15/2020 Barrick Gold ABX 7472245 -955077 11/15/2020 First Quantum FM 7401697 235530 11/15/2020 Wheaton Prec M WPM 7330406 -728583 11/15/2020 Endeavr Silver EDR 6477441 -171193 11/15/2020 Fission Uran FCU 6166886 -8587145 11/15/2020 Largest increase in short position Trevali Mng TV 10152462 5833713 11/15/2020 Argonaut Gold AR 7830034 1439910 11/15/2020 Teranga Gold TGZ 2820589 1108052 11/15/2020 Lundin Mng LUN 9347750 1085193 11/15/2020 Nthn Dynasty NDM 3766881 797892 11/15/2020 Largest decrease in short position Fission Uran FCU 6166886 -8587145 11/15/2020 Silver Eleph ELEF 1951463 -4928154 11/15/2020 Suncor Energy SU 10241006 -4084388 11/15/2020 Taseko Mines TKO 357574 -3507555 11/15/2020 Copper Mtn Mng CMMC 4262505 -1244193 11/15/2020

Short positions outstanding as of Nov 30, 2020 (with changes from Nov 15, 2020) Largest short positions AbraPlata Res ABRA 6874886 490638 11/15/2020 Discovery Met DSV 4459981 -290930 11/15/2020 Dolly Vard Sil DV 4251853 121392 11/15/2020 Oceanus Res SLVR 4170208 203710 11/15/2020 Novo Res NVO 2625781 2113315 11/15/2020 Impact Silver IPT 2333371 -904162 11/15/2020 Maple Gold MGM 2207285 1114022 11/15/2020 Lion One Mtls LIO 2192695 118521 11/15/2020 Emgold Mining EMR 1975416 1735718 11/15/2020 Kincora Copper KCC 1945326 1906822 11/15/2020 Southern Silvr SSV 1852156 -172220 11/15/2020 Aurcana Silver AUN 1590855 -1031061 11/15/2020 Leeta Gold HIVE 1415285 90700 11/15/2020 Noram Vent NRM 1413919 980287 11/15/2020 Uragold Bay Rs HPQ 1356916 57843 11/15/2020 Largest increase in short position Novo Res NVO 2625781 2113315 11/15/2020 Kincora Copper KCC 1945326 1906822 11/15/2020 Emgold Mining EMR 1975416 1735718 11/15/2020 Maple Gold MGM 2207285 1114022 11/15/2020 Noram Vent NRM 1413919 980287 11/15/2020 Largest decrease in short position Mako Mining MKO 77454 -4910844 11/15/2020 Condor Res CN 37205 -1446598 11/15/2020 First Cobalt FCC 104015 -1178060 11/15/2020 Palladium One PDM 43133 -1174340 11/15/2020 Aurcana Silver AUN 1590855 -1031061 11/15/2020

TSX WARRANTS Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry. Karora Resources Inc. (KRR.WT) - One

Warrant to purchase one common share of the Issuer at $0.50 until expiry. Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys

sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US$14.00 until expiry. Sherritt International Corporation (S.WT) Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share.

Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share. LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per

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

NEW 52-WEEK HIGHS AND LOWS DECEMBER 7-11, 2020 DAILY METAL PRICES

219 New Highs

Daily Metal Prices Date Dec 11 Dec 10 Dec 09 Dec 08 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1923.50/1860 1930/1868 1910/1860 1800/1800 Aluminum 2022/2034.50 2031/2042 2010/2027.50 1986/2007 Copper 7741/7760 7712/7729.50 7704.50/7723.50 7635/7647.50 Lead 2058.50/2060 2083/2088.50 2100/2103.50 2063/2073.50 Nickel 17192/17254 16807/16891 16475/16519 16390/16454 Tin 19550/19505 19740/19676 19393/19363 19128/19136 Zinc 2805.50/2838 2810/2839.50 2816/2845 2762.50/2791 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1833.65 1834.20 1859.80 Gold PM 1842.00 1844.35 1841.75 Silver 23.82 23.89 24.09 Platinum 1009.00 1038.00 1023.00 Palladium 2332.00 2362.00 2318.00

Dec 07 1800/1800 2004/2018.50 7656.50/7672 2012.50/2026.50 16290/16348 19071/19046 2729/2757

1864.50 1868.15 24.48 1024.00 2318.00

1832.80 1859.95 23.75 1023.00 2336.00

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

Dec 11 1.2742 0.7848

Dec 10 1.2742 0.7848

Dec 09 1.2827 0.7796

Dec 08 1.2816 0.7803

Exchange rates (Quote Media, December 11, 2020) C$ to AUS C$ to EURO C$ to YEN 1.0433 0.6463 81.7690 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5899 5.1372 57.8607 US to AUS US to EURO US to YEN 1.3293 0.8235 104.1895 US to UK Pound US to China Yuan US to India Rupee 0.7517 6.5455 73.7259

Dec 07 1.2803 0.7810

C$ to Mex Peso 15.7011 C$ to Swiss Franc 0.6953 US to Mex Peso 20.0082 US to Swiss Franc 0.8860

C$ to SA Rand 11.7908 C$ to S. Korea Won 853.0435 US to SA Rand 15.0238 US to S. Korea Won 1087.3700

Pucara Gold* Alphamin Res Alphamin Res * Altan Rio Min Altiplano Met Altiplano Met* Alturas Min Amerigo Res Anglo American* Antofagasta* Arbor Metals Arizona Metals* Arizona Silver* Asante Gold* Atalaya Mining Auxico Res Azarga Uranium Azarga Uranium* Bannerman Res* Bearclaw Cap Bell Copper* Bitterroot Res* Black Iron Black Iron* BlueBird Batt* Buffalo Coal C2C Gold* C3 Metals C3 Metals* Cameco Corp Cameco Corp* Canagold Res Canagold Res* CanAlaska Uran CanAlaska Uran* Capstone Mng Cardinal Res* Casa Minerals Casa Minerals *

CellCube Enrgy* Century Global Century Global* Chalice Gold M* Champion Iron Champion Iron* Cleveland-Clif* CNRP Mng Commander Res Commander Res* Copper Fox Mtl* Damara Gold Damara Gold* Deep-South Res Defiance Silvr* Discovery Min* Earl Res EnCore Energy Energy Fuels Energy Fuels* Entree Res Entree Res* Erin Ventures* EurOmax Res EurOmax Res* Explorex Res Explorex Res* Fidelity Min Fiore Gold* Focus Graphite Focus Graphite* Foran Mng Forsys Metals Fortescue Met* Four Nines Four Nines* Gatos Silver Gatos Silver* Generation Min Geomega Res

NORTH AMERICAN STOCK EXCHANGE INDICES Dec 11 17548.92 780.30 1046.51 310.81 279.73

Dec 10 17593.34 775.34 1049.35 312.33 279.73

Dec 09 17559.86 770.55 1048.13 315.71 281.03

Dec 08 17639.00 787.02 1050.99 324.18 288.84

Dec 07 17582.35 784.73 1046.74 324.30 288.89

High 17970.51 790.63 1070.48 416.84 359.81

Low 11172.73 330.65 683.81 173.42 140.55

GLOBAL MINING NEWS · SINCE 1915

FundName Dec 11 ($) BMO Prec Mtls Fd A BMO ZGD 76.48 BMO ZJG 75.38 CIBC Prec Metal Fd A 15.23 Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A 15.33 iShares XGD Mac Prec Met Cl A 73.99 NBI PrecMetFd Invt NPT Go&PrMinFd A 56.84 NPT SilverEquCl A 9.63 RBC GblPreMetFd A 61.41 RBC GblPreMetFd Adv 61.85 Sentry Pre Met Fd A TD Prec Mtl Fd Inv 50.59

Ophir Gold Oroco Res Oroco Res* OZ Minerals* Paladin Energy* Palladium One Platinum Gp Mt Platinum Gp Mt* Portex Mnrls* Pure Gold Mg Pure Gold Mg* Riley Gold Rimrock Gold* Rio Tinto* RJK Explor RJK Explor* Rock Tech Lith Rock Tech Lith* Rodinia Lithm Rojo Res* Sable Res Sable Res* Saint Jean* Scandium Intl Scandium Intl* Sherritt Intl Sierra Metals Sierra Metals* Signature Res* Silver Wolf* Skyharbour Res Skyharbour Res* Sokoman Min Sokoman Min* St. James Gold Syrah Res* Tanqueray Expl Tantalex Res Teck Res Tesoro Mnrls

Tesoro Mnrls* Tres-Or Res* Tsodilo Res Turquoise HIl Turquoise HIl* UC Res* Ucore Rare Mtl UEX Corp United States S* Uranium Energy* Uranium Roylty* USCorp* Vale* Vanadium One Vanadium One* Verde Potash Visionary Gold Western Areas* Whitehorse GC Zena Mining

15 New Lows

Capitan Mining Gatling Explor Gatling Explor* Generic Gold* Gold Line Res Granada Gold GSP Resource Jasper Mining Napier Vent* Navy Res Oceanic Iron O* Quadro Res* Southern Emp* Standard Uran* Xplore Res

Dec 04 ($) 26.77 76.65 75.60 15.26 13.41 31.55 32.20 15.38 19.53 74.23 20.76 56.59 9.69 62.07 62.51 57.14 50.83

Change ($) -0.48 -0.16 -0.21 -0.03 -0.29 -0.50 -0.28 -0.05 -0.25 -0.24 -0.18 0.24 -0.06 -0.66 -0.66 -1.51 -0.24

Change (%) -1.76 -0.21 -0.28 -0.21 -2.11 -1.56 -0.85 -0.33 -1.28 -0.33 -0.86 0.43 -0.65 -1.06 -1.06 -2.62 -0.47

YTDChange (%) 16.21 19.00 18.41 21.04 48.52 25.92 12.15 31.78 19.29 32.82 24.05 38.61 40.82 35.28 35.26 43.90 17.98

MER (%) 2.41 0.61 0.60 2.43 2.73 0.94 0.83 2.63 0.61 2.52 2.46 3.19 2.98 2.10 2.09 2.32 2.27

TotalAssets (M$) 57.63 248.94 109.82 64.65 672.08 8.55 35.07 736.57 75.03 35.23 512.18 2.88 374.06 148.49

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

Labrador IOR Labrador IOR* Largo Res Largo Res* Leading Edge* Leeta Gold Logan Res Lundin Mng* Lynas Corp* Marathon Gold Marathon Gold* Mariner Res* Martina Mnls MartinMarietta* Mega Uranium Mega Uranium* Meryllion Res Metalex Vent * Metalla Rylty Metallica Min* Metals X* Mineral Res* Mining Global* Mojave Gold* Moneta Porcpn Moneta Porcpn* Montero Mg&Ex Montero Mg&Ex * Mount Gibson * MPV Explor Mundoro Cap* Navy Res Network Expl Network Expl* Nexgen Energy Nexgen Energy* NextSource Mat Noront Res* Nortec Mnls* Northisle C&G *

CANADIAN GOLD MUTUAL FUNDS 52-week

IndexName S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

Geomega Res* Getty Copper Glencore Plc * Global Atomic Global Atomic* Golden Dawn Ml* Golden Mnls* GoldHaven Res* GoldON Res* Goliath Res Goliath Res* GoviEx Uranium* Granite Creek* Gratomic Gratomic* Group Ten Mtls Group Ten Mtls* HFX Holding Hinterland Mtl* HudBay Min HudBay Min* Indiana Res* Inter-Rock Mnl* Intl Battery* Intl Cons Uran Intl Cons Uran* Intl Star* Intrepid Pots* IsoEnergy Ltd Ivanhoe Mines* Jayden Res Jayden Res* Jervois Mining Jervois Mining* JNC Resources Jubilee Gold Jubilee Metals* King Global* Kuya Silver Kuya Silver*

LEGEND

Contact:

A – Australian Securities Exchange

moliveira@ northernminer.com or 416-510-6768

L – London Stock Exchange

C – Canadian 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 American *

– Denotes price in U.S.$

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

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

1 (metric) tonne = 1.1023 (short) tons 1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

WWW.NORTHERNMINER.COM

DECEMBER 7–20, 2020 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 7–11, 2020 (100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 1911 Gold* 1911 Gold 79 Resources 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources Abitibi Royal* Abitibi Royal AbraPlata Res* AbraPlata Res Academy Metals Adamera Min* Adamera Min Adex Mining Advance Gold Adventus Adventus* AEX Gold Affinity Metal* African Gold African Gold* African Min* African Rainb* Aftermath Silv* Agnico Eagle* Agnico Eagle AgriMinco* Aguila Amer Gd* Aguila Amer Gd AJN Resources Alamos Gold Alamos Gold* Alaska Pac Egy* Alcoa* Aldebaran Res* Aldebaran Res Alderon Iron* Aldever Res Aldever Res* Alexandra Cap* Alexco Res* Alexco Res Alianza Min* Alianza Min Alien Metals* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Almaden Min* Almaden Min Almadex Min* Almadex Min Almonty Ind Almonty Ind * Aloro Mining* Aloro Mining Alpha Lithium Alpha Lithium* Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc* Altair Res Inc Altamira Gold Altamira Gold* Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls * Altius Mnrls Alto Ventures Alto Ventures* Altura Mining* Alturas Min Altus Strat Altus Strat* Alumina Ltd* ALX Resources ALX Resources* AM Resources Amani Gold* Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* Amer Intl Vent* American Creek* American Creek American CuMo American CuMo* American Lith* American Lith American Mang* American Mang American Pac AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Amex Expl* Amex Expl Amilot Capital AMV Capital Anaconda Mng* Anaconda Mng Andes Gold* Andover Mng* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angus Gold* Angus Gold Antioquia Gold* Antioquia Gold Antler Gold * Antler Gold Antofagasta* Apollo Gold* Apollo Gold Appia Energy* Appia Energy Applied Min* Aquila Res Aquila Res* Arbor Metals Arch Resources* Archon Mineral* Archon Mineral Arctic Star* Arctic Star Arcturus Vent* Arcturus Vent Arcus Dev Grp* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Ares Strategic Ares Strategic* Argentina Lith* Argentina Lith Argentum Silvr* Argentum Silvr Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arian Res* Arianne Phosph Arianne Phosph* Arizona Metals* Arizona Metals Arizona Silver

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

229 671 81 1180 254 1660 571 432 918 191 516 953 5 18 2868 2668 2 42 477 89 1069 1061 10 97 22 787 219 1514 0 1036 5873 5684 40 0 9 97 3978 15864 76691 30472 8 20 66 100 0 1212 3890 703 431 677 169 511 270 51 3390 5838 449 122 87 1276 37 5 36 1911 4775 1311 2235 742 0 0 404 3773 139 1052 289 979 42 125 378 1055 3 26 2004 26 16 22 472 373 229 168 679 45 2472 1213 95 705 1204 909 2195 2121 1021 897 956 1188 4 4000 1630 932 600 146 460 29 77 340 489 60 50 631 4618 485 557 105 298 77 1575 31 2 16705 29 104 136 124 5 272 6 46 501 1294 1183 1909 212 444 141 3414 0 8 1 968 803 6111 15 218 442 44 5 654 858 828 46 297 20 217 127 32 1106 5884 30 81 203 1621 1643 160

0.39 0.50 0.13 0.13 0.06 0.07 0.12 0.17 0.19 0.14 0.05 0.07 19.77 25.30 0.34 0.43 0.00 0.07 0.08 0.01 0.15 0.95 0.70 0.86 0.15 0.20 0.16 0.00 0.00 0.86 73.14 93.66 0.00 0.00 0.50 0.20 12.06 9.43 0.00 24.10 0.35 0.41 0.02 0.15 0.00 0.17 2.64 3.40 0.11 0.13 0.02 0.34 0.27 0.31 5.42 0.79 1.00 0.24 0.28 0.79 0.60 0.10 0.06 0.81 0.64 0.28 0.35 0.10 0.06 0.00 0.04 0.25 0.19 0.02 0.15 0.38 0.31 9.94 12.75 0.13 0.08 0.03 0.03 0.92 0.83 5.74 0.08 0.06 0.04 0.00 0.07 0.05 0.32 0.25 0.01 0.22 0.29 0.05 0.04 1.04 1.29 0.18 0.23 0.18 0.02 2.98 3.82 0.86 0.66 2.66 3.40 0.07 0.17 0.47 0.60 0.00 0.00 0.07 0.10 0.03 0.03 0.05 0.07 34.20 17.14 2.16 22.40 23.10 0.55 0.66 0.05 0.06 0.17 0.25 19.53 0.46 0.60 0.41 0.54 0.01 0.13 0.11 2.01 47.55 0.15 0.21 0.03 0.05 0.02 0.02 0.02 0.03 0.11 0.08 0.03 0.03 0.26 0.22 0.06 0.07 0.14 0.19 0.21 0.15 2.08 2.62 0.00 0.21 0.18 0.76 0.95 0.41

0.37 0.47 0.12 0.10 0.00 0.06 0.10 0.14 0.16 0.13 0.05 0.06 0.00 24.34 0.28 0.36 0.00 0.05 0.07 0.01 0.11 0.86 0.00 0.75 0.14 0.18 0.13 0.00 0.00 0.74 69.04 88.33 0.00 0.00 0.00 0.18 11.16 8.71 0.00 22.00 0.30 0.00 0.00 0.15 0.00 0.15 2.41 3.07 0.09 0.11 0.01 0.27 0.21 0.00 4.69 0.67 0.86 0.19 0.25 0.66 0.55 0.02 0.05 0.66 0.51 0.21 0.28 0.08 0.06 0.00 0.03 0.16 0.12 0.01 0.12 0.31 0.25 9.16 12.17 0.11 0.08 0.00 0.01 0.89 0.71 5.44 0.07 0.05 0.04 0.00 0.05 0.05 0.29 0.22 0.01 0.20 0.25 0.03 0.02 0.90 1.15 0.16 0.20 0.15 0.00 2.66 3.41 0.75 0.58 2.25 2.85 0.06 0.16 0.43 0.55 0.00 0.00 0.05 0.07 0.02 0.00 0.04 0.06 0.00 16.04 2.02 20.85 21.15 0.00 0.58 0.04 0.06 0.00 0.19 18.88 0.45 0.53 0.31 0.39 0.01 0.12 0.09 1.99 36.70 0.15 0.17 0.03 0.04 0.01 0.02 0.02 0.00 0.09 0.07 0.03 0.03 0.24 0.19 0.00 0.07 0.13 0.16 0.15 0.13 1.89 2.43 0.00 0.20 0.15 0.65 0.82 0.36

0.37 0.48 0.13 + 0.10 0.05 + 0.06 0.12 + 0.15 0.16 0.13 + 0.05 0.06 unch 19.55 + 25.00 unch 0.30 unch 0.38 unch 0.08 unch 0.06 0.08 0.01 unch 0.12 0.90 unch 0.70 0.78 0.15 unch 0.18 0.13 0.00 + 14.75 unch 0.81 + 70.16 + 89.61 + 0.00 0.31 unch 0.50 + 0.20 unch 11.43 + 8.95 + 0.00 + 22.84 0.32 + 0.40 0.01 0.15 unch 0.11 unch 0.16 + 2.47 unch 3.14 unch 0.10 + 0.13 + 0.01 0.31 + 0.23 + 0.31 5.09 + 0.69 0.88 0.22 + 0.26 0.67 unch 0.55 + 0.04 + 0.05 0.79 + 0.62 + 0.28 + 0.35 + 0.08 + 0.06 + 0.01 unch 0.03 0.22 + 0.18 + 0.01 0.14 + 0.33 + 0.25 + 9.59 12.28 0.13 + 0.08 + 0.03 + 0.03 + 0.92 0.75 + 5.68 + 0.08 + 0.06 + 0.04 0.00 0.07 unch 0.05 0.30 + 0.23 0.01 0.21 0.27 0.04 0.03 + 0.92 1.19 0.17 + 0.22 + 0.16 0.01 2.79 3.51 0.81 0.65 2.33 2.95 0.06 0.16 unch 0.47 + 0.60 + 0.00 + 0.00 unch 0.06 + 0.08 + 0.03 + 0.03 + 0.05 + 0.06 34.02 16.17 2.16 + 20.85 21.49 0.55 + 0.66 + 0.04 + 0.06 + 0.17 0.19 18.88 0.46 0.59 + 0.33 0.43 0.01 + 0.12 0.09 + 2.01 + 45.52 + 0.15 unch 0.17 0.03 + 0.04 0.02 + 0.02 unch 0.02 unch 0.03 + 0.10 0.07 0.03 unch 0.03 + 0.26 unch 0.20 0.06 + 0.07 + 0.14 + 0.16 0.18 + 0.14 1.96 + 2.49 + 0.00 unch 0.20 0.16 + 0.72 + 0.92 + 0.37 -

0.02 1.22 0.16 0.02 0.98 0.23 0.01 0.15 0.10 0.02 0.25 0.10 0.00 0.07 0.01 0.01 0.10 0.02 0.01 0.21 0.04 0.01 0.29 0.06 0.01 0.24 0.04 0.00 0.18 0.03 0.00 0.12 0.03 0.00 0.16 0.05 0.03 20.45 7.68 0.00 26.75 11.10 0.00 0.36 0.03 0.00 0.48 0.04 0.00 0.22 0.06 0.00 0.12 0.02 0.01 0.16 0.02 0.00 0.01 0.01 0.03 0.29 0.03 0.00 1.60 0.52 0.01 1.18 0.36 0.02 1.20 0.33 0.00 0.37 0.06 0.01 0.39 0.10 0.01 0.00 0.01 0.00 0.00 14.75 5.00 0.02 0.95 0.06 1.10 89.23 31.00 1.44 117.35 43.25 0.00 0.00 0.00 0.00 0.34 0.12 0.04 0.57 0.12 0.00 1.34 0.18 0.28 15.52 4.43 0.20 11.58 3.34 0.00 0.00 0.00 0.89 24.17 5.16 0.01 0.52 0.17 0.04 0.74 0.16 0.01 0.17 0.00 0.00 0.22 0.05 0.00 0.16 0.01 0.01 0.54 0.06 0.00 3.50 0.72 0.00 4.65 1.00 0.00 0.16 0.03 0.02 0.21 0.03 0.01 0.04 0.00 0.03 0.71 0.09 0.02 0.56 0.05 0.01 0.63 0.13 0.31 12.02 2.63 0.09 1.24 0.21 0.11 1.60 0.31 0.01 0.29 0.05 0.02 0.36 0.12 0.00 0.81 0.28 0.01 0.61 0.24 0.01 0.19 0.01 0.01 0.12 0.03 0.11 1.45 0.27 0.08 1.13 0.23 0.06 0.24 0.09 0.07 0.35 0.12 0.01 0.14 0.03 0.01 0.11 0.02 0.00 0.02 0.00 0.01 0.04 0.01 0.07 0.26 0.04 0.06 0.19 0.02 0.01 0.03 0.01 0.02 0.15 0.03 0.04 0.38 0.02 0.01 0.23 0.05 0.28 9.94 4.33 0.40 12.75 6.29 0.02 0.24 0.09 0.01 0.18 0.04 0.01 0.12 0.00 0.01 0.03 0.01 0.05 1.36 0.34 0.01 21.22 0.35 0.03 6.75 3.09 0.01 0.10 0.02 0.00 0.07 0.01 0.01 0.08 0.03 0.00 0.05 0.00 0.00 0.10 0.02 0.00 0.07 0.02 0.01 0.42 0.10 0.00 0.31 0.08 0.00 0.02 0.00 0.01 0.38 0.02 0.02 0.50 0.04 0.01 0.06 0.03 0.00 0.08 0.00 0.06 2.19 0.07 0.07 2.98 0.10 0.00 0.21 0.07 0.01 0.28 0.10 0.02 0.62 0.06 0.00 0.05 0.01 0.01 3.90 1.00 0.06 5.12 1.39 0.04 0.86 0.12 0.02 0.67 0.08 0.17 2.98 0.64 0.26 3.98 0.86 0.02 0.08 0.01 0.00 0.20 0.07 0.02 0.59 0.07 0.03 0.78 0.10 0.00 0.02 0.00 0.00 0.01 0.00 0.01 0.12 0.03 0.02 0.16 0.04 0.01 0.05 0.00 0.01 0.07 0.01 0.01 0.08 0.02 0.01 0.10 0.01 0.48 34.50 12.56 0.91 17.14 5.91 0.02 3.51 1.75 2.10 38.94 15.44 0.64 38.50 12.66 0.05 1.16 0.43 0.02 1.51 0.14 0.01 0.07 0.01 0.01 0.09 0.02 0.01 0.38 0.01 0.09 0.49 0.02 0.01 19.02 7.30 0.00 0.91 0.39 0.01 1.68 0.04 0.02 0.43 0.07 0.02 0.57 0.10 0.00 0.03 0.00 0.01 0.22 0.07 0.00 0.15 0.05 0.02 2.01 0.03 7.96 78.06 21.80 0.00 0.31 0.13 0.04 0.41 0.10 0.00 0.09 0.02 0.01 0.12 0.02 0.01 0.45 0.00 0.00 0.29 0.01 0.00 0.03 0.01 0.01 0.04 0.01 0.01 0.21 0.04 0.01 0.15 0.03 0.00 0.04 0.01 0.01 0.05 0.02 0.00 0.33 0.07 0.01 0.26 0.05 0.00 0.10 0.02 0.01 0.13 0.04 0.01 0.23 0.11 0.03 0.31 0.14 0.01 0.35 0.04 0.04 0.24 0.06 0.01 2.63 0.53 0.02 3.42 0.76 0.00 0.00 0.00 0.01 0.34 0.13 0.00 0.25 0.10 0.07 0.75 0.46 0.08 1.04 0.23 0.05 0.41 0.11

(100s) Stock

Exc Volume

Week Low

0.27 0.27 0.00 0.77 + 4.57 4.67 5.83 6.00 0.08 0.10 + 0.10 0.13 + 0.46 0.64 + 0.07 0.10 + 0.09 0.14 + 1.09 1.14 unch 0.84 0.90 + 0.02 0.02 0.00 0.25 + 0.05 0.05 unch 0.03 0.04 + 0.04 0.05 + 0.13 0.15 + 0.17 0.18 + 0.01 0.01 + 3.61 3.61 0.00 0.11 + 0.13 0.14 + 0.00 0.04 0.42 0.43 0.53 0.55 0.00 0.00 0.02 0.02 unch 0.28 0.31 + 0.00 0.24 unch 0.00 10.76 13.30 13.46 2.49 2.70 3.18 3.55 0.88 0.90 0.69 0.70 0.08 0.08 0.06 0.06 unch 0.06 0.06 0.05 0.05 + 0.80 0.81 1.02 1.06 0.00 0.05 + + 0.07 0.09 0.17 0.20 0.01 0.01 + 0.08 0.17 + 0.19 0.20 0.19 0.20 + 0.15 0.16 + 0.26 0.35 + 0.07 0.08 0.10 0.10 0.04 0.04 unch 0.00 0.00 unch 0.16 0.16 0.18 0.20 0.90 0.92 1.16 1.17 0.00 0.02 0.00 0.04 + 0.10 0.10 0.08 0.09 unch 0.06 0.07 + 2.20 2.26 0.00 0.05 + 0.00 0.07 + 0.24 0.28 + 0.18 0.22 + 0.83 0.89 + 0.65 0.66 + 0.02 0.03 + 0.04 0.04 + 0.27 0.28 0.21 0.22 0.00 0.00 + 0.15 0.15 0.12 0.12 -

Arizona Silver* Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Asbestos Corp Ascendant Res* Ascendant Res Ascot Res Ascot Res * Ashanti Sanko AsiaBaseMetals Asiamet Res* Aston Bay* Aston Bay ATAC Res* ATAC Res Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Silver* Atico Mining* Atico Mining Atlanta Gold* Atlantic Indus Aton Resources Aton Resources* Aura Minerals* Aura Minerals Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold AurCrest Gold* Aurelius Min Aurelius Min* Aurion Res * Aurion Res Aurora Royal Aurwest Res AURYN Mining* Aust Mines* Austral Gold* Austral Gold AUX Resources AUX Resources* Auxico Res Avalon Advance* Avalon Advance Avarone Metals* Avenira Ltd* Avidian Gold* Avidian Gold Avino Silver* Avino Silver Avrupa Min* Avrupa Min Awale Res Axmin Inc Axmin Inc* Aya Gold* Azarga Metals* Azarga Metals Azarga Uranium Azarga Uranium* Azimut Explor Azimut Explor* Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azteca Gold* Azucar Min Azucar Min*

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

176 5 121 361 46 36 26 18 1803 944 460 317 22 2 1154 1384 512 691 19727 18 13 341 102 453 282 11 60 9 38 3 62 132 215 1383 1348 463 25 1017 120 379 443 73 953 30 1145 230 351 206 44 1002 1943 2834 50 25 64 242 2576 297 15 688 664 267 78 60 32 351 4519 1221 315 136 894 6167 437 375 255 168 269

0.33 0.77 5.00 6.30 0.10 0.13 0.65 0.10 0.14 1.19 0.94 0.03 0.25 0.05 0.04 0.05 0.15 0.20 0.01 3.97 0.11 0.15 0.06 0.49 0.62 0.01 0.03 0.33 0.24 11.12 14.51 3.11 3.99 0.96 0.75 0.09 0.06 0.06 0.05 0.90 1.13 0.05 0.09 0.28 0.02 0.18 0.20 0.20 0.17 0.35 0.09 0.12 0.04 0.00 0.18 0.22 1.00 1.26 0.03 0.04 0.11 0.09 0.07 2.34 0.06 0.07 0.29 0.23 0.95 0.74 0.04 0.04 0.30 0.24 0.00 0.18 0.14

B2Gold Corp* B2Gold Corp Balto Res Bam Bam Res Bam Bam Res* Bannerman Res* Banyan Gold Banyan Gold* Barksdale Res* Barksdale Res Baroyeca Gold Baroyeca Gold* Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baru Gold Baru Gold* Baselode Egy* Baselode Egy Batero Gold Batero Gold* Battle North* Battle North Bayhorse Silvr* Bayhorse Silvr BC Moly BCM Res Bear Creek Mng Bear Creek Mng* Bearclaw Cap Bearing Lith* Bearing Lith Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benton Res Benton Res* Benz Mining Benz Mining* Bessor Min Bird River Res Bitterroot Res* Bitterroot Res Black Dragon* Black Hills* Black Iron* Black Iron Black Mammoth* Black Mammoth Black Mountain Black Tusk Res* Black Tusk Res Blackheath Res Blackrock Gold* Blackrock Gold Blind Creek BLOX Inc* Blue Lagoon Blue Lagoon* Blue Moon Zinc* Blue Moon Zinc Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold* Blue Star Gold Blue Thunder BlueBird Batt* BlueBird Batt Bluestone Res Bluestone Res* BMEX Gold Bold Ventures* Bold Ventures Bonanza Gold* Bond Resources BonTerra Res Boreal Metals Boreal Metals * Borneo Res Inv* Boundary Gold* Boundary Gold Bravada Gold* Bravada Gold Braveheart Res* Braveheart Res

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

28403 19154 281 88 0 6867 1655 127 35 113 74 13 84850 22539 33 492 918 276 123 485 169 17 177 536 843 1705 148 34 412 292 320 280 310 355 369 58 364 998 1632 135 183 293 1124 303 403 74 3 145 381 62 89 12 2606 296 4471 4 5 26 201 1748 67 1143 884 178 11118 3319 2691 520 593 719 50 584 1382 20 391 1676 44 338 324 105 282 1 253 33679 58 655 2831 166 13533 1 897 509 965 314 604

5.89 7.53 0.09 0.86 0.68 0.06 0.27 0.21 0.49 0.63 0.30 0.20 24.20 30.96 0.51 0.68 0.14 0.11 0.88 0.60 0.10 0.08 1.52 1.95 0.09 0.12 0.07 0.07 3.14 2.45 0.29 0.15 0.19 0.13 0.31 0.23 0.07 0.96 0.76 0.32 0.42 0.94 1.21 0.18 0.14 0.77 0.60 0.05 0.12 0.09 0.10 0.03 60.54 0.20 0.25 0.09 0.13 0.42 0.05 0.06 0.21 0.53 0.66 0.11 0.01 0.77 0.72 0.05 0.06 0.02 0.01 0.12 0.15 0.06 0.09 0.15 0.22 0.28 1.97 1.55 0.47 0.04 0.07 0.00 0.19 1.31 0.09 0.08 0.00 0.03 0.04 0.13 0.16 0.12 0.15

Last

12-month

High

Change

High Low

0.03 0.01 0.18 0.25 0.04 0.02 0.18 0.03 0.04 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.31 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.03 0.00 0.41 0.78 0.35 0.37 0.02 0.03 0.01 0.00 0.01 0.00 0.08 0.07 0.01 0.02 0.07 0.00 0.02 0.01 0.01 0.02 0.07 0.01 0.01 0.00 0.00 0.00 0.01 0.06 0.07 0.01 0.01 0.01 0.00 0.01 0.06 0.01 0.01 0.05 0.04 0.02 0.01 0.01 0.01 0.02 0.02 0.00 0.03 0.01

0.33 0.97 5.63 7.64 0.10 0.14 0.99 0.30 0.41 1.40 1.06 0.10 0.64 0.05 0.09 0.13 0.30 0.40

0.08 0.31 0.60 0.95 0.02 0.02 0.30 0.06 0.08 0.37 0.26 0.01 0.18 0.02 0.03 0.04 0.08 0.11

3.92 0.29 0.38 0.15 0.50 0.67 0.08 0.03 0.65 0.40 18.11 18.30 4.31 5.75 1.19 0.92 0.09 0.07 0.14 0.10 1.72 2.14 0.08 0.10 0.60 0.02 0.69 0.38 0.56 0.39 0.35 0.10 0.13 0.06 0.01 0.35 0.48 1.49 2.04 0.04 0.05 0.24 0.41 0.30 2.55 0.10 0.20 0.27 0.22 3.27 2.35 0.05 0.06 0.70 0.53 0.00 0.27 0.20

1.79 0.06 0.08 0.01 0.11 0.16 0.00 0.01 0.20 0.10 1.16 1.53 1.03 1.51 0.15 0.11 0.02 0.01 0.02 0.04 0.29 0.42 0.02 0.01 0.06 0.00 0.02 0.08 0.00 0.14 0.02 0.02 0.03 0.02 0.00 0.13 0.05 0.26 0.27 0.01 0.01 0.04 0.07 0.05 0.65 0.03 0.05 0.07 0.05 0.45 0.35 0.01 0.02 0.04 0.03 0.00 0.08 0.05

0.06 0.05 0.02 0.03 0.00 0.01 0.02 0.02 0.06 0.06 0.09 0.00 0.60 0.78 0.05 0.02 0.00 0.00 0.12 0.07 0.01 0.00 0.00 0.03 0.00 0.01 0.01 0.01 0.07 0.04 0.04 0.01 0.01 0.02 0.00 0.00 0.01 0.01 0.01 0.02 0.01 0.03 0.00 0.01 0.00 0.01 0.04 0.01 0.02 0.01 0.00 0.00 1.27 0.06 0.08 0.00 0.02 0.01 0.00 0.00 0.00 0.01 0.02 0.02 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.03 0.04 0.00 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.04 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.02 0.00 0.00

7.55 9.99 0.19 1.60 1.03 0.05 0.39 0.90 0.54 0.70 0.32 0.20 31.22 41.09 0.58 0.75 0.24 0.21 0.95 0.80 0.13 0.10 1.74 2.28 0.17 0.24 0.09 0.08 4.17 3.04 0.60 0.21 0.25 0.22 0.34 0.23 0.10 1.44 1.10 0.42 0.57 1.22 1.64 0.30 0.22 0.92 0.68 0.10 0.24 0.08 0.11 0.07 87.12 0.15 0.20 0.12 0.17 0.45 0.08 0.10 0.24 1.22 1.61 0.27 0.28 2.11 1.45 0.06 0.08 0.02 0.01 0.17 0.23 0.12 0.16 0.20 0.22 0.40 2.43 1.84 1.05 0.06 0.08 0.01 0.43 2.31 0.14 0.17 0.00 0.08 0.08 0.19 0.25 0.13 0.17

2.16 3.12 0.03 0.25 0.19 0.01 0.03 0.02 0.14 0.21 0.03 0.08 12.65 17.52 0.07 0.11 0.02 0.02 0.23 0.07 0.05 0.03 0.37 0.54 0.03 0.05 0.03 0.02 0.75 0.50 0.10 0.06 0.06 0.06 0.01 0.02 0.02 0.21 0.18 0.09 0.12 0.12 0.17 0.04 0.03 0.05 0.05 0.03 0.04 0.02 0.03 0.00 48.07 0.03 0.05 0.02 0.04 0.35 0.03 0.03 0.05 0.05 0.07 0.02 0.00 0.43 0.27 0.00 0.01 0.01 0.00 0.03 0.05 0.04 0.04 0.06 0.17 0.08 0.99 0.75 0.08 0.00 0.03 0.00 0.15 0.63 0.03 0.03 0.00 0.00 0.01 0.03 0.05 0.03 0.05

B 5.50 5.52 7.01 7.07 0.08 0.08 0.79 0.82 0.00 0.68 unch 0.04 0.05 + 0.23 0.24 0.16 0.18 0.42 0.42 0.53 0.57 0.19 0.29 + 0.20 0.20 unch 22.84 22.90 29.17 29.23 0.00 0.48 0.00 0.67 + 0.12 0.13 unch 0.10 0.10 + 0.43 0.46 + 0.53 0.58 + 0.09 0.10 + 0.08 0.08 1.36 1.45 unch 1.81 1.83 0.08 0.09 0.10 0.10 0.06 0.06 0.00 0.07 + 2.93 2.95 2.30 2.32 0.15 0.21 0.12 0.13 0.16 0.18 + 0.00 0.11 0.24 0.27 unch 0.21 0.21 0.06 0.07 0.90 0.90 0.68 0.71 0.30 0.30 0.39 0.40 0.78 0.84 + 0.98 1.05 unch 0.16 0.18 + 0.11 0.13 unch 0.72 0.74 + 0.56 0.60 + 0.04 0.05 + 0.09 0.11 + 0.07 0.08 + 0.00 0.10 unch 0.03 0.03 unch 57.02 59.13 0.13 0.20 + 0.16 0.24 + 0.09 0.09 + 0.00 0.13 0.41 0.41 0.04 0.04 0.05 0.06 unch 0.19 0.21 unch 0.49 0.50 0.62 0.63 0.10 0.10 0.00 0.00 + 0.65 0.73 0.51 0.58 0.04 0.04 0.00 0.06 0.01 0.02 + 0.01 0.01 unch 0.09 0.12 + 0.12 0.15 + 0.06 0.06 + 0.08 0.08 0.10 0.12 + 0.21 0.21 + 0.25 0.26 1.85 1.87 1.47 1.48 0.40 0.45 0.04 0.04 unch 0.05 0.07 + 0.00 0.00 + 0.15 0.15 1.16 1.22 + 0.07 0.09 + 0.05 0.06 unch 0.00 0.00 + 0.00 0.02 0.03 0.04 unch 0.10 0.12 + 0.12 0.16 + 0.09 0.10 0.12 0.13 unch

(100s) Stock

Week Last

12-month

Exc Volume

High

Low

Change

Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Britannia Mng* Brixton Metals Brixton Metals* Brunswick Expl Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal Buffalo Coal * Bullfrog Gold Bullfrog Gold* Bullion Gold* Bunker Hill Bushveld Min* BWR Explor

O 239 O 128736 O 2193 V 4709 O 677 O 1327 V 2840 O 3801 V 47 O 511 O 606 V 1242 N 4944 V 2638 O 40 C 475 O 390 O 139 C 238 O 297 V 589

0.18 0.00 0.21 0.27 0.04 0.01 0.35 0.28 0.24 0.03 0.19 0.20 12.78 0.03 0.00 0.30 0.25 0.14 0.52 0.22 0.04

0.08 0.15 + 0.00 0.00 + 0.14 0.20 + 0.18 0.25 + 0.03 0.03 0.00 0.00 0.28 0.29 0.22 0.23 0.23 0.23 0.02 0.03 + 0.13 0.14 + 0.17 0.18 11.87 12.37 + 0.01 0.03 + 0.00 0.00 0.28 0.28 0.20 0.22 0.09 0.11 + 0.47 0.50 unch 0.17 0.17 0.03 0.04 +

C2C Gold* C2C Gold C3 Metals C3 Metals* Cabral Gold Cabral Gold* Cache Explor* Cache Explor Cadillac Vent* Cadillac Vent Caelan Capital* Caldas Gold* Caldas Gold Caledonia Mng* Calibre Mng* Calibre Mng California Gld California Gld* Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Cameo Cobalt* Camino Min Camino Min* Camrova Res* Canada Carbon Canada Carbon* Canada Nickel Canada Nickel* Canada One Canada One* Canada Rare Canada Rare* Canada Silver Canada Silver* Canadian Metal* Canadian Metal Canadian Prem* Canadian Prem Canadian Silv Canagold Res Canagold Res* CanAlaska Uran CanAlaska Uran* Canamex Gold* Canasil Res Candelaria Mg* Candelaria Mg Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng* CaNickel Mng Canoe Mng Vent Canstar Res* Canstar Res Cantex Mn Dev Cantex Mn Dev* Canuc Res* Canuc Res Capella Min* Capella Min Capitan Mining Capitan Mining* Capstone Mng Cardero Res* Cardero Res Cardinal Res* Cardinal Res Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res* Cartier Res Casa Minerals Casa Minerals * Cascadero Copp Cassiar Gold Cassius Vents Castle Peak Mg CAT Strategic Cdn Goldcamps Cdn Goldcamps* Cdn Palladium* Cdn Palladium CellCube Enrgy* Centamin Centaurus Diam* Centerra Gold Central Afric Central Afric* Central Iron Century Cobalt* Century Global* Century Global Cerro de Pasc * Cerro de Pasc Cerro Grande* Cerro Grande Ceylon Graph Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld* Chesapeake Gld Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Clarity Gold Clarity Gold* Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Mnls Cleveland-Clif* Cliffmont Res Clifton Mng* CMC Metals CMC Metals* CNRP Mng Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Colombia Crest Colombia Crest* Colonial Coal Comet Inds Commander Res Commander Res* Commerce Res Commerce Res* Compass Gold* Compass Gold Compliance Egy* Comstock Mng*

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

0.16 0.11 0.09 0.08 0.65 0.51 0.15 0.19 0.00 0.03 0.00 1.95 2.50 16.80 1.96 2.51 0.15 0.11 2.31 3.00 13.52 17.26 0.14 0.11 0.09 0.03 0.22 0.19 1.91 1.50 0.05 0.00 0.09 0.08 0.60 0.47 0.07 0.10 0.00 0.20 0.07 0.95 0.15 0.40 0.31 0.03 0.15 0.44 0.60 0.11 0.04 0.06 0.12 0.16 0.00 0.12 0.16 0.25 0.31 1.00 0.81 0.18 0.20 0.07 0.09 0.25 0.20 2.12 0.07 0.07 0.81 1.04 0.07 0.06 0.14 0.04 0.14 0.20 0.26 0.18 0.15 0.04 0.60 0.08 0.01 0.05 0.13 0.10 0.15 0.18 0.06 2.29 0.03 14.04 0.23 0.17 0.05 0.01 0.22 0.28 0.34 0.47 0.03 0.03 0.29 0.59 0.46 3.25 0.11 0.14 3.94 5.02 0.08 0.05 4.22 5.52 94.56 0.16 0.12 0.23 0.18 1.99 1.24 0.96 0.95 0.36 0.18 0.12 14.16 0.08 0.18 0.14 0.11 0.77 0.06 0.07 8.75 0.05 0.08 0.27 0.19 0.82 2.60 0.18 0.15 0.28 0.22 0.18 0.25 0.00 1.13

0.10 0.11 0.08 0.05 0.58 0.44 0.08 0.09 0.00 0.00 0.00 1.71 2.21 14.63 1.83 2.36 0.00 0.11 2.00 2.55 11.38 14.55 0.09 0.09 0.07 0.00 0.19 0.15 1.83 1.20 0.00 0.00 0.08 0.06 0.53 0.41 0.07 0.09 0.00 0.16 0.06 0.16 0.12 0.31 0.23 0.01 0.10 0.00 0.55 0.09 0.04 0.06 0.08 0.11 0.00 0.00 0.15 0.22 0.28 0.85 0.68 0.15 0.18 0.07 0.08 0.21 0.17 1.86 0.04 0.00 0.00 1.01 0.07 0.05 0.00 0.03 0.12 0.18 0.23 0.17 0.13 0.03 0.48 0.08 0.01 0.00 0.10 0.00 0.12 0.16 0.02 2.06 0.02 13.06 0.00 0.15 0.05 0.01 0.14 0.17 0.32 0.42 0.01 0.02 0.25 0.48 0.38 2.92 0.11 0.14 3.62 4.68 0.07 0.05 3.40 4.36 89.37 0.15 0.12 0.19 0.15 1.84 1.19 0.00 0.85 0.30 0.14 0.09 12.36 0.00 0.15 0.12 0.09 0.56 0.04 0.00 7.79 0.05 0.07 0.24 0.19 0.76 2.60 0.15 0.10 0.24 0.19 0.16 0.21 0.00 1.02

0.16 + 0.11 unch 0.08 unch 0.07 + 0.63 + 0.48 + 0.15 + 0.19 + 0.02 unch 0.03 + 1.00 unch 1.76 2.25 15.34 1.88 2.44 + 0.15 0.11 2.11 2.70 13.33 + 17.01 + 0.12 + 0.09 0.08 0.03 + 0.20 0.15 1.87 1.45 0.04 0.03 unch 0.09 + 0.06 + 0.54 0.43 0.07 unch 0.10 0.12 unch 0.16 0.07 0.77 + 0.13 0.38 + 0.29 + 0.02 0.14 + 0.44 + 0.58 0.10 + 0.04 unch 0.06 0.12 + 0.15 + 0.10 unch 0.11 unch 0.15 + 0.23 + 0.30 + 0.90 0.73 0.16 + 0.19 0.07 unch 0.09 + 0.24 + 0.18 2.08 + 0.06 0.06 0.81 + 1.04 + 0.07 unch 0.05 unch 0.14 + 0.03 0.13 0.19 + 0.24 0.18 + 0.15 + 0.04 + 0.57 + 0.08 unch 0.01 unch 0.05 unch 0.10 0.10 + 0.13 0.17 0.03 + 2.08 0.03 + 13.32 0.20 0.15 0.05 + 0.01 0.22 + 0.20 + 0.33 0.43 + 0.03 + 0.02 0.28 + 0.49 0.39 3.14 + 0.11 + 0.14 unch 3.74 4.78 0.08 0.05 4.18 + 5.52 + 92.45 0.16 + 0.12 + 0.22 + 0.17 + 1.88 + 1.24 + 0.94 0.95 + 0.35 + 0.18 + 0.12 + 13.59 + 0.08 0.17 + 0.13 + 0.10 + 0.76 + 0.05 0.06 unch 8.54 + 0.05 unch 0.07 + 0.24 0.19 unch 0.81 + 2.60 unch 0.18 + 0.14 + 0.27 0.20 0.18 + 0.22 + 0.00 unch 1.08 +

Exc Volume

Week

Stock

0.01 0.00 0.04 0.05 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.01 0.40 0.02 0.00 0.02 0.00 0.03 0.00 0.04 0.01

0.45 0.00 0.45 0.62 0.04 0.03 0.57 0.42 0.27 0.06 1.00 0.44 15.45 0.02 0.01 0.36 0.28 0.15 1.01 0.45 0.06

0.05 0.00 0.07 0.05 0.00 0.00 0.08 0.05 0.05 0.02 0.00 0.10 5.12 0.01 0.00 0.08 0.05 0.01 0.10 0.00 0.02

0.06 0.00 0.00 0.00 0.03 0.01 0.07 0.07 0.00 0.01 0.00 0.12 0.15 0.57 0.03 0.04 0.03 0.03 0.14 0.13 2.26 2.89 0.02 0.02 0.01 0.01 0.03 0.04 0.02 0.02 0.01 0.00 0.01 0.00 0.03 0.02 0.00 0.02 0.00 0.01 0.01 0.59 0.01 0.07 0.05 0.01 0.04 0.05 0.01 0.01 0.00 0.01 0.01 0.02 0.00 0.00 0.01 0.01 0.03 0.05 0.08 0.02 0.02 0.00 0.02 0.01 0.01 0.19 0.01 0.01 0.01 0.01 0.00 0.00 0.02 0.01 0.01 0.01 0.02 0.02 0.02 0.01 0.05 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.47 0.04 0.02 0.01 0.00 0.05 0.04 0.01 0.01 0.02 0.01 0.02 0.09 0.06 0.26 0.00 0.00 0.01 0.04 0.01 0.00 0.78 1.19 0.83 0.02 0.02 0.03 0.02 0.03 0.04 0.00 0.02 0.06 0.02 0.03 1.04 0.03 0.00 0.01 0.01 0.14 0.00 0.00 0.51 0.00 0.01 0.03 0.00 0.01 0.00 0.03 0.04 0.02 0.02 0.02 0.01 0.00 0.03

0.11 0.15 0.09 0.07 0.88 0.70 2.08 0.24 0.04 0.05 1.00 9.60 3.07 29.39 2.40 2.80 0.40 0.30 3.10 4.15 12.65 16.71 0.25 0.19

0.01 0.03 0.01 0.03 0.07 0.05 0.00 0.04 0.00 0.01 0.06 1.30 1.30 6.51 0.00 0.46 0.11 0.08 0.22 0.32 5.30 7.69 0.00 0.06

0.10 0.39 0.28 3.00 2.24 0.06 0.05 0.12 0.09 0.73 0.57 0.15 0.18 0.39 0.70 0.16 0.95 0.15 0.40 0.31 0.07 0.26 0.46 0.66 0.12 0.08 0.11 0.25 0.33 0.19 0.27 0.30 0.26 0.33 1.79 1.33 0.19 0.26 0.08 0.10 0.50 2.00 2.05 0.07 0.07 0.81 1.05 0.10 0.07 0.33 0.10 0.14 0.30 0.33 0.18 0.09 0.06 1.20 0.10 0.03 0.05 0.55 0.35 0.18 0.23 0.06 4.04 0.10 19.59 0.43 0.34 0.25 0.04 0.18 0.22 0.41 0.54 0.05 0.06 0.32 0.80 0.61 3.25 0.16 0.27 3.84 5.02 0.32 0.18 5.75 7.61 122.72 0.17 0.12 0.29 0.19 2.00 1.31 1.10 1.10 0.47 0.21 0.12 14.16 0.13 0.23 0.17 0.12 0.71 0.06 0.08 9.25 0.07 0.10 0.34 0.23 0.92 3.50 0.17 0.14 0.38 0.26 0.50 0.65 0.00 2.12

0.00 0.07 0.06 0.38 0.67 0.02 0.01 0.03 0.02 0.25 0.18 0.05 0.01 0.12 0.10 0.05 0.03 0.02 0.09 0.06 0.00 0.05 0.03 0.05 0.02 0.01 0.01 0.07 0.10 0.04 0.04 0.10 0.00 0.02 0.46 0.33 0.03 0.03 0.02 0.02 0.21 0.16 0.33 0.01 0.02 0.15 0.20 0.04 0.01 0.00 0.01 0.03 0.05 0.07 0.02 0.03 0.01 0.23 0.04 0.01 0.01 0.10 0.09 0.03 0.06 0.01 1.52 0.02 5.52 0.05 0.02 0.01 0.00 0.05 0.05 0.18 0.24 0.00 0.01 0.06 0.08 0.05 0.08 0.07 0.09 0.77 0.96 0.06 0.04 1.01 1.40 51.60 0.05 0.07 0.03 0.01 0.45 0.22 0.85 0.50 0.27 0.01 0.03 2.63 0.05 0.07 0.03 0.02 0.06 0.02 0.03 1.98 0.03 0.04 0.05 0.05 0.21 2.60 0.05 0.04 0.11 0.07 0.10 0.14 0.00 0.33

Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res* Condor Res Confedertn Ml* Confedertn Mls Conic Metals* Conic Metals Conquest Res Conquest Res * Cons Woodjam CONSOL Coal Rs* CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold CopAur Min Copper Fox Mtl Copper Fox Mtl* Copper Lake Rs Copper Mtn Mng* Copper Mtn Mng Copper North M* Copper North M Copper One * Copperbank Res Copperbank Res* Cordoba Mnls Cordoba Mnls* Core Assets Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Cortus Metals Corvus Gold Corvus Gold* Crest Resource Crest Resource* Crestview Expl Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Cobalt* Cruz Cobalt Crystal Peak* CTGX Mining* Currie Rose Rs CWN M’g Acq Cyon Explor Cypress Dev* Cypress Dev

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

20 15 5 21 313 736 15 207 108 655 137 277 307 607 2862 23725 6 143 942 3610 394 897 168 4947 638 5020 20 70 2468 596 450 1833 328 148 176 82 255 603 46 466 792 1447 54 841 221 649 91 846 499 3 53 216 28 1 349 236 113 575 794

0.13 0.11 0.66 0.93 0.20 0.25 1.32 1.68 0.33 0.42 0.19 0.17 0.20 4.93 6.97 11.14 0.17 0.20 0.10 0.13 0.15 0.20 0.16 0.03 1.32 1.65 0.05 0.06 0.25 0.24 0.19 0.08 0.07 0.10 5.47 4.30 0.31 0.39 0.20 3.32 2.58 0.12 0.10 0.74 0.64 0.82 0.29 0.41 0.15 0.11 0.05 0.05 0.01 0.10 0.05 0.06 0.29 0.47 0.60

Dajin Lithium* Dajin Res Dakota Ter Res* Damara Gold Damara Gold* Danakali* Debut Dmds Decade Res Decade Res* Deep-South Res Deep-South Res* DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denison Mines Denison Mines* Desert Gold Desert Gold* Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Disc* Diamond Fields* Diamond Fields Dios Expl Discovery Harb* Discovery Harb Discovery Met* Discovery Met Discovery Min* Discovery-Corp District Cop District Cop* District Metal* District Metal District Mines Ditem Explor* Diversified Rs* Dixie Gold DNI Metals* Dolat Ventures* Dolly Vard Sil* Dolly Vard Sil Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res DV Resources* DV Resources Dynacor Gld Mn Dynacor Gld Mn* Dynamic Gold* DynaResource* Dynasty Gold Dynasty Gold* E3 Metals* E3 Metals E79 Res Eagle Graphite* Eagle Graphite Eagle Plains Earl Res East Africa East Africa * EastCoal Inc Eastern Platin* Eastern Platin Eastfield Res Eastfield Res* Eclipse Gold Eclipse Gold* Eco Oro Mnls* Eco Oro Mnls Edgemont Gold Edgewater Expl* Edgewater Expl Edison Cobalt* Edison Cobalt El Capitan Prc* El Nino Vent* El Nino Vent Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Electra Stone* Eloro Res* Eloro Res Ely Gold Royal Ely Gold Royal* Elysee Dev Elysee Dev * Emerita Res Emerita Res* Emgold Mining* Emgold Mining EMX Royalty EMX Royalty* Encanto Potash* Encanto Potash EnCore Energy Endeavour Mng Endeavour Mng* Endeavr Silver* Endeavr Silver Endurance Gold*

1261 O 708 V 134 O 939 V 288 O 249 O 127 C 2291 V 537 O 2718 V 16 O 258 C 550 O 795 V 920 V 884 O 116 V 7275 T X 24495 386 V 12 O 194 V 56 O 643 V 226 O 3632 O 132 O 77 V 349 V 250 O 572 V 1356 O 2405 V O 1204629 199 V 578 V 325 O 9 O 1114 V 35 V 116 O 1 O 156 V 92 O 5 O 1094 O 1179 V 1705 V 914 V 449 O 1995 N 2639 T 15 O 273 V 0 O 243 V 236 T 37 O 4 O 3 O 46 V 70 O 332 O 846 V 14 C 44 O 190 V 696 V 1785 V 230 V 27 O 0 V 217 O 874 T 246 V 1 O 3218 V 835 O 14 O 225 C 186 C 25 O 258 V 5 O 243 V 2122 O 3 O 290 V 882 V 91 O N 10395 3519 T 0 O 163 O 515 V 991 V 1002 O 168 V 62 O 1716 V 46 O 366 O 1891 V 128 V 1032 X 64 O 62 V 1870 V 2238 T 113 O N 10938 1512 T 20 O

0.05 0.06 0.56 0.11 0.09 0.30 0.15 0.07 0.06 0.18 0.11 0.07 0.18 0.22 0.87 0.70 0.10 0.73 0.57 0.17 0.14 1.77 0.01 0.09 0.08 0.00 0.12 0.15 0.12 0.05 0.06 1.67 2.13 0.00 0.07 0.02 0.01 0.29 0.42 0.12 0.00 0.01 0.24 0.01 0.08 0.69 0.89 0.83 0.27 0.21 11.19 8.97 0.07 0.11 0.07 0.10 1.90 1.48 1.75 1.00 0.09 0.06 0.79 1.01 0.80 0.03 0.05 0.16 0.40 0.22 0.00 0.00 0.43 0.53 0.08 0.04 0.65 0.51 0.05 0.06 0.15 0.18 0.23 0.02 0.04 0.01 0.03 0.04 0.08 0.07 13.68 17.39 0.00 1.44 1.82 1.24 0.97 0.47 0.36 0.19 0.15 0.06 0.08 4.02 3.15 0.04 0.06 0.69 31.14 24.86 3.87 4.95 0.12

C 35 3 13442 259 870 207 432 5220 0 7 0 111 238 335 235 2812 1426 1 91 81 41298 11595 25 290 54 20 500 85 700 200 75 0 309 197 744 514 5 27 0 133 158 967 2836 996 1073 292 1868 0 827 1212 93 89 99 2316 0 129 97 28 140 208 39 53 361 1 2048 400 156 5405 37 48 4 180 80 341 57 3743 255 256 560 373 45 576 295 82 117 541 306 58 1081 1123 6512 235 322 6427 40 15 427 25 5 12 23 494 15 120 273 569 650 68 139 116 93 2565 853 1 178 213 49576 346 37 140 25 352 334 16 17 1767 23 90 82195 721 58 927 739 5483 80 23 21920 70 532 60 18 190 5 594 349 514 189 21 250 3 1628

(100s)

High Low

High

Low

Last

12-month Change

+ 0.11 0.13 + 0.00 0.11 + 0.66 0.66 + 0.85 0.88 0.17 0.17 0.22 0.22 + 1.23 1.24 + 1.52 1.55 0.28 0.31 0.37 0.38 0.00 0.19 unch 0.14 0.14 0.00 0.18 + 3.86 4.64 + 5.56 6.51 + 9.02 10.72 + 0.14 0.16 + 0.18 0.19 + 0.08 0.09 + 0.10 0.12 0.11 0.12 + 0.17 0.19 + 0.13 0.15 + 0.02 0.03 1.12 1.22 1.41 1.54 0.05 0.05 unch 0.05 0.05 unch + 0.16 0.23 + 0.22 0.23 + 0.17 0.19 0.07 0.08 0.06 0.06 + 0.08 0.10 + 4.85 5.35 + 3.15 4.20 + 0.15 0.29 + 0.20 0.37 0.18 0.18 2.97 2.99 2.31 2.35 + 0.10 0.11 0.09 0.09 0.61 0.66 0.57 0.62 0.74 0.78 + 0.28 0.28 0.34 0.36 + 0.12 0.14 0.00 0.10 + 0.03 0.04 0.05 0.05 unch + 0.01 0.01 0.00 0.10 unch 0.04 0.04 0.05 0.05 unch 0.25 0.25 0.42 0.46 0.54 0.59 unch

High Low

0.02 0.03 0.01 0.03 0.02 0.02 0.06 0.03 0.01 0.04 0.00 0.06 0.01 0.64 0.78 1.25 0.03 0.01 0.01 0.02 0.04 0.01 0.02 0.01 0.06 0.09 0.00 0.00 0.07 0.01 0.01 0.01 0.02 0.02 0.25 0.21 0.14 0.17 0.02 0.11 0.08 0.01 0.00 0.08 0.02 0.05 0.01 0.03 0.02 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.04 0.01 0.00

0.18 0.17 2.59 1.40 0.50 0.44 2.06 2.78 0.35 0.46 0.36 0.26 0.30 11.92 15.15 14.19 0.20 0.29 1.00 0.28 0.27 0.20 0.15 0.03 1.34 1.73 0.05 0.07 0.69 0.27 0.21 0.14 0.10 0.20 6.53 5.00 0.38 0.51 0.35 4.26 3.29 0.22 0.12 2.60 0.79 1.02 0.34 0.50 0.15 0.12 0.05 0.07 0.06 0.10 0.06 0.21 0.32 0.64 0.84

0.08 0.01 0.03 0.34 0.02 0.04 0.11 0.21 0.09 0.12 0.05 0.13 0.02 2.78 3.35 4.26 0.09 0.12 0.00 0.08 0.06 0.01 0.03 0.01 0.19 0.28 0.01 0.01 0.01 0.10 0.12 0.05 0.03 0.07 1.36 1.08 0.08 0.12 0.20 0.99 0.72 0.04 0.08 0.29 0.16 0.17 0.25 0.17 0.02 0.01 0.01 0.03 0.00 0.00 0.02 0.03 0.12 0.08 0.11

0.00 0.00 0.01 0.03 0.03 0.02 0.03 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.07 0.06 0.01 0.15 0.11 0.02 0.02 0.10 0.00 0.00 0.02 0.00 0.01 0.02 0.00 0.00 0.00 0.09 0.09 0.00 0.01 0.01 0.00 0.05 0.02 0.04 0.00 0.00 0.03 0.00 0.01 0.02 0.03 0.07 0.01 0.01 0.58 0.18 0.00 0.03 0.00 0.01 0.00 0.03 0.25 0.18 0.00 0.00 0.01 0.01 0.05 0.01 0.01 0.01 0.01 0.02 0.00 0.00 0.08 0.07 0.01 0.00 0.04 0.04 0.01 0.01 0.03 0.00 0.02 0.00 0.01 0.00 0.00 0.01 0.02 0.01 0.16 0.19 0.00 0.19 0.25 0.09 0.10 0.01 0.02 0.01 0.01 0.00 0.01 0.09 0.05 0.01 0.01 0.18 0.05 0.06 0.13 0.16 0.00

0.06 0.08 0.96 0.09 0.06 0.45 0.23 0.14 0.10 0.16 0.12 0.09 0.23 0.25 0.92 0.69 0.62 0.75 0.58 0.35 0.26 2.11 0.03 0.20 0.15 0.01 0.17 0.25 0.24 0.14 0.18 2.14 2.84 0.00 0.14 0.03 0.02 0.31 0.47 0.14 0.01 0.03 0.28 0.05 0.13 0.91 1.17 1.65 0.34 0.26 18.05 10.73 0.13 0.18 0.14 0.20 2.62 1.98 3.00 1.10 0.14 0.11 1.31 1.73 0.85 0.06 0.08 0.18 0.40 0.24 0.15 0.09 0.44 0.72 0.09 0.06 0.96 0.80 0.08 0.10 0.15 0.18 0.23 0.05 0.05 0.02 0.05 0.07 0.19 0.14 14.49 18.90 0.00 1.49 1.95 2.09 1.54 0.54 0.45 0.40 0.23 0.12 0.16 4.40 3.33 0.08 0.10 0.69 39.21 30.33 4.79 6.40 0.13

0.01 0.02 0.06 0.02 0.00 0.16 0.07 0.01 0.00 0.03 0.02 0.01 0.03 0.07 0.06 0.03 0.08 0.24 0.19 0.05 0.05 0.14 0.01 0.06 0.05 0.00 0.04 0.09 0.03 0.02 0.03 0.16 0.22 0.00 0.07 0.01 0.00 0.08 0.09 0.06 0.00 0.00 0.07 0.00 0.03 0.12 0.17 0.45 0.04 0.04 3.06 3.20 0.03 0.04 0.03 0.05 0.99 0.70 1.10 0.25 0.04 0.03 0.11 0.19 0.02 0.01 0.02 0.07 0.09 0.08 0.07 0.06 0.12 0.18 0.03 0.02 0.40 0.31 0.02 0.03 0.10 0.02 0.04 0.01 0.02 0.00 0.01 0.02 0.02 0.01 4.60 6.29 0.00 0.16 0.20 0.39 0.28 0.28 0.19 0.02 0.05 0.03 0.03 1.54 1.18 0.01 0.01 0.08 15.68 11.02 0.99 1.30 0.02

D-F 0.03 0.00 0.51 0.07 0.05 0.23 0.00 0.06 0.04 0.13 0.00 0.05 0.15 0.20 0.76 0.59 0.08 0.61 0.47 0.15 0.12 1.65 0.01 0.08 0.06 0.00 0.09 0.12 0.10 0.04 0.05 1.38 1.77 0.00 0.06 0.00 0.01 0.00 0.34 0.00 0.00 0.01 0.18 0.00 0.05 0.59 0.75 0.69 0.23 0.18 9.76 8.22 0.07 0.06 0.07 0.09 1.83 1.43 1.00 0.00 0.00 0.06 0.67 0.85 0.75 0.03 0.05 0.14 0.30 0.00 0.00 0.00 0.35 0.43 0.07 0.00 0.51 0.39 0.04 0.06 0.12 0.18 0.21 0.02 0.03 0.00 0.03 0.03 0.06 0.05 12.59 16.10 0.00 1.15 1.47 1.04 0.81 0.43 0.34 0.17 0.15 0.05 0.07 3.71 2.90 0.00 0.05 0.53 29.23 22.94 3.43 4.38 0.11

0.04 0.06 unch 0.52 + 0.11 + 0.09 0.26 + 0.15 0.07 0.06 + 0.18 + 0.11 0.06 + 0.16 + 0.21 0.76 0.60 0.09 + 0.72 + 0.57 0.15 0.12 + 1.76 0.01 unch 0.08 unch + 0.08 0.00 unch 0.09 + 0.15 0.10 unch + 0.05 0.05 unch 1.40 1.81 + 0.00 0.06 + 0.02 + 0.01 + 0.29 + 0.35 + 0.12 0.00 0.01 unch + 0.22 0.01 + 0.06 + 0.62 + 0.78 + 0.83 + 0.26 + 0.20 9.87 8.27 0.07 unch 0.08 0.07 unch 0.09 1.86 unch + 1.47 1.75 0.82 0.09 unch 0.06 unch 0.73 + 0.95 0.75 0.03 0.05 + 0.15 + 0.40 0.21 0.13 unch 0.09 unch + 0.39 + 0.50 + 0.07 0.04 unch 0.57 0.44 0.04 0.06 + 0.14 0.18 unch 0.21 + 0.02 + 0.04 + 0.01 + 0.03 0.03 0.06 0.05 + 12.86 + 16.42 0.00 unch 1.18 1.50 1.07 0.82 0.46 0.34 0.18 + 0.15 + 0.06 0.07 3.86 3.00 0.04 0.05 + 0.66 29.51 23.07 3.44 4.40 + 0.12

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

THE NORTHERN MINER / DECEMBER 21, 2020â&#x20AC;&#x201C;January 3, 2021

Week High

Low 0.14 0.18 0.14 3.20 2.50 0.06 0.04 0.03 0.00 0.36 0.47 9.82 12.53 0.22 0.18 0.16 0.13 0.29 0.37 0.03 0.04 17.94 0.00 0.05 0.07 0.07 0.69 0.90 0.22 0.15 0.21 0.22 0.28 0.41 0.23 0.31 0.03 0.04 0.00 0.00 0.00 0.02 0.27 0.21 0.06 0.06 0.00 0.03 0.28 2.22 2.88 0.78 0.99 0.09 9.18 7.20 0.07 0.00 0.00 0.40 0.32 0.12 0.08 0.12 0.07 0.09 0.35 0.28 0.10 1.85 1.44 0.10 0.12 1.13 1.44 0.07 0.19 0.16 0.00 0.85 0.67 0.13 0.10 0.00 0.11 10.73 13.70 0.31 0.40 0.46 19.24 0.45 0.35 0.07 0.06 0.24 0.31 0.03 0.00 0.07 0.12 0.03 0.04 0.24 0.39 0.50 0.20 0.00 15.75 8.26 6.46 1.20 0.88 0.04 0.06 0.12 0.10 2.06 0.39 0.33 0.00 0.05 0.58 130.45 166.07 0.03 0.76 0.47 0.00 23.82 0.20 0.06 14.63 0.36 0.02 1.37 1.75 0.02 0.03

Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engold Mines Engold Mines* Ensurge* Entree Res* Entree Res Equinox Gold* Equinox Gold Equitorial Ex Equitorial Ex* Equity Metals Equity Metals* Erdene Res Dev* Erdene Res Dev Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng* Eskay Mng Essex Minerals Ethos Gold* Ethos Gold Etruscus Res* Etruscus Res Euro Manganese Euro Sun Mg* Euro Sun Mg EurOmax Res* EurOmax Res European Elect* European Elect European Metal* Eurotin Evergold Evergold* Everton Res* EVI Global Grp Evolving Gold Evolving Gold* Evrim Res Excellon Res* Excellon Res Excelsior Mng* Excelsior Mng ExGen Res Inc Explorex Res Explorex Res* Fabled Copper Fairmile Gold* Fairmont Res* Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Far Res* Far Res FenixOro Gold FenixOro Gold* Fidelity Min Filo Mg Corp Filo Mg Corp * Finlay Minrls Fiore Gold* Fiore Gold* Fiore Gold Fire River Gol* FireFox Gold FireFox Gold* Firestone Vent Fireweed Zinc Fireweed Zinc* First Cobalt First Cobalt * First Energy First Energy* First Majestic* First Majestic First Mg Fin * First Mg Fin First Point* First Quantum First Vanadium First Vanadium* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Fjordland Exp Flow Metals Flowery Gold* Focus Graphite* Focus Graphite Focus Minerals* Fokus Mining Foran Mng Forsys Metals Fort St J Nick Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Mnrls* Fortune Mnrls Forum Energy Forum Energy* Fosterville Four Nines Four Nines* Fox River Res Fox River Res* FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Freegold Vent Freeman Gold Freeman Gold* Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Fury Gold* Fury Gold Fuse Cobalt* Fuse Cobalt

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

53 1448 628 6811 31919 2264 951 5 0 437 454 4746 2317 494 2 1499 716 139 1234 323 1552 1210 19 142 261 261 260 674 185 272 234 67 70 564 275 1906 56 1759 44 34 4 93 307 36 57 4408 80 6 977 314 522 391 607 178 4 4 8571 0 0 1267 438 709 190 1317 11 7995 1134 1050 394 170 7 42 405 438 409 2 516 71 3 857 68 5979 2518 22 52 17364 3585 2000 2779 642 12930 395 383 2884 1105 5667 14947 883 190 78 8 7686 8487 10 415 3196 2054 18 29 2680 12621 125 29 1628 3618 2369 617 582 47 23 118 15 1148 2569 2688 1345 4189 826 88 80209 586 707 44 302 4396 1823 1710 376 4030

0.17 0.20 0.16 3.95 3.10 0.07 0.04 0.03 0.00 0.44 0.55 10.70 13.65 0.30 0.27 0.23 0.18 0.32 0.41 0.05 0.06 20.10 15.26 0.07 0.08 0.08 0.89 1.13 0.26 0.19 0.26 0.23 0.30 0.48 0.28 0.35 0.08 0.12 0.24 0.29 0.12 0.03 0.30 0.22 0.08 0.09 0.06 0.05 0.32 2.72 3.47 0.86 1.10 0.10 9.35 7.35 0.14 0.00 0.00 0.47 0.41 0.14 0.11 0.14 0.08 0.11 0.47 0.38 0.14 1.97 1.50 0.11 0.18 1.21 1.54 0.36 0.22 0.17 0.00 1.04 0.82 0.15 0.12 0.17 0.14 11.56 14.79 0.34 0.44 0.51 20.94 0.51 0.40 0.10 0.08 0.29 0.38 0.04 0.10 0.07 0.20 0.05 0.06 0.24 0.43 0.61 0.31 0.14 17.60 8.89 6.96 1.25 0.97 0.06 0.07 0.16 0.13 2.42 0.47 0.35 0.09 0.05 0.65 136.93 175.56 0.04 0.88 0.56 0.40 25.21 0.24 0.07 15.50 0.38 0.03 1.53 1.95 0.02 0.04

G2 Goldfields* G2 Goldfields Gabriel Res* Gabriel Res Gaia Metals* Gaia Metals Gainey Capital Galane Gold * Galane Gold Galantas Gold Galiano Gold Galiano Gold* Galleon Gold* Galleon Gold Galore Res Galway Gold * Galway Gold Galway Mtls* Galway Mtls Gambier Gold Gambier Gold* Garibaldi Res * Garibaldi Res Gatling Explor Gatling Explor* Gatos Silver Gatos Silver* Generation Min Generation Min* Generic Gold* Generic Gold Genesis Mtls* Genesis Mtls Genius Metals Gensource Pot Gentor Res Geomega Res Geomega Res* Gespeg Res Getchell Gold *

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

19 163 56 144 3 443 165 169 639 9 494 4484 261 888 518 45 48 264 504 35 10 82 528 589 119 73 1409 2809 278 0 1164 63 277 142 931 10 2620 332 382 93

0.41 0.57 0.21 0.25 0.08 0.11 0.03 0.21 0.26 0.24 1.58 1.23 0.09 0.11 0.02 0.14 0.16 0.91 1.17 0.20 0.14 0.38 0.49 0.25 0.19 9.82 7.68 0.70 0.55 0.00 0.37 0.21 0.26 0.20 0.23 0.05 0.27 0.21 0.09 0.28

Last

Stock

0.16 + 0.18 0.14 3.91 + 3.06 + 0.06 unch 0.04 0.03 unch 0.03 unch 0.39 0.50 9.92 12.67 0.22 0.18 0.17 0.13 0.30 0.38 0.04 + 0.06 + 18.05 14.09 0.07 + 0.08 unch 0.08 unch 0.87 + 1.09 + 0.25 0.18 + 0.23 0.23 unch 0.28 0.44 unch 0.25 + 0.32 unch 0.05 + 0.10 + 0.22 0.29 0.03 0.03 + 0.27 0.22 0.06 0.07 unch 0.06 + 0.05 + 0.30 + 2.34 3.01 0.83 + 1.06 + 0.10 9.35 + 7.35 + 0.10 0.00 unch 0.20 unch 0.40 0.32 0.12 + 0.09 + 0.13 unch 0.07 + 0.11 + 0.39 0.30 0.11 1.90 + 1.48 unch 0.10 0.18 + 1.13 1.44 0.07 + 0.21 0.17 0.12 unch 0.88 0.71 0.14 + 0.11 + 0.17 + 0.14 + 10.77 13.74 0.32 0.41 0.47 20.41 0.47 + 0.37 + 0.09 + 0.07 + 0.29 + 0.37 + 0.04 0.09 0.07 + 0.12 + 0.04 + 0.05 + 0.24 unch 0.40 0.61 + 0.24 0.14 unch 17.40 + 8.32 6.51 1.24 + 0.88 0.05 + 0.06 0.15 + 0.11 + 2.14 0.39 0.33 0.08 + 0.05 0.60 131.21 + 167.54 + 0.04 + 0.85 unch 0.49 + 0.39 + 24.61 0.22 + 0.06 15.08 0.38 0.03 + 1.39 1.75 0.02 + 0.03 unch

0.01 0.02 0.02 0.63 0.48 0.00 0.01 0.00 0.00 0.01 0.02 0.19 0.25 0.08 0.09 0.06 0.04 0.00 0.01 0.01 0.03 2.11 1.68 0.00 0.00 0.00 0.12 0.15 0.03 0.00 0.01 0.00 0.02 0.00 0.00 0.00 0.04 0.07 0.02 0.01 0.09 0.01 0.02 0.01 0.01 0.00 0.02 0.02 0.01 0.29 0.34 0.06 0.07 0.01 0.10 0.11 0.02 0.00 0.00 0.06 0.05 0.01 0.00 0.00 0.00 0.01 0.08 0.06 0.01 0.03 0.00 0.01 0.04 0.04 0.05 0.05 0.02 0.01 0.00 0.15 0.07 0.01 0.01 0.03 0.02 0.24 0.32 0.00 0.01 0.01 0.48 0.02 0.00 0.02 0.01 0.07 0.09 0.01 0.01 0.01 0.08 0.00 0.01 0.00 0.03 0.04 0.02 0.00 1.88 0.18 0.13 0.07 0.00 0.00 0.01 0.03 0.02 0.23 0.06 0.02 0.01 0.00 0.01 0.66 0.79 0.01 0.00 0.03 0.02 0.45 0.01 0.01 0.25 0.01 0.01 0.01 0.04 0.00 0.00

0.18 0.38 0.28 3.91 3.07 0.21 0.08 0.05 0.06 0.42 0.54 13.66 17.99 0.37 0.27 0.28 0.20 0.55 0.71 0.04 0.07 23.93 18.22 0.11 0.17 0.17 0.94 1.23 0.92 0.28 0.37 0.34 0.48 0.56 0.49 0.63 0.05 0.12 0.38 0.60 1.02 0.04 0.95 0.71 0.90 0.30 0.14 0.11 0.62 3.36 6.15 0.94 1.23 0.20 9.35 7.35 0.16 0.00 0.63 0.60 0.72 0.25 0.19 0.14 0.08 0.12 0.63 0.56 0.14 2.25 1.56 0.15 0.18 1.33 1.75 0.90 0.33 0.22 0.24 1.31 0.97 0.18 0.13 0.30 0.21 14.57 19.41 0.47 0.60 0.64 21.10 0.61 0.46 0.11 0.08 0.38 0.49 0.05 0.12 0.20 0.51 0.05 0.06 0.26 0.48 0.59 0.31 0.30 17.15 10.55 8.11 1.56 1.21 0.07 0.10 0.17 0.14 5.34 0.47 0.35 0.12 0.07 0.84 166.11 222.15 0.10 1.95 0.84 0.89 25.43 0.95 0.17 18.11 0.41 0.04 3.94 7.78 0.10 0.14

0.04 0.09 0.00 0.00 0.01 0.01 0.01 0.02 0.02 0.02 0.05 0.02 0.00 0.01 0.01 0.00 0.00 0.05 0.06 0.00 0.00 0.00 0.01 0.01 0.00 0.70 0.36 0.03 0.01 0.00 0.00 0.00 0.04 0.02 0.03 0.00 0.04 0.04 0.00 0.01

0.87 1.20 0.52 0.69 0.13 0.18 0.09 0.30 0.41 0.45 2.80 2.12 0.14 0.20 0.03 3.95 0.39 1.57 2.09 0.22 0.16 0.85 1.14 0.56 0.43 9.58 7.53 0.70 0.62 0.33 0.61 0.38 0.49 0.32 0.23 0.06 0.27 0.17 0.12 0.37

Getchell Gold Getty Copper GFG Resources GFG Resources* GFM Res GGL Res GGL Res* GGX Gold* GGX Gold Giga Metals Giga Metals* Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake Gldn Predator Gldn Predator* Glen Eagle Res* Glen Eagle Res Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery* Global Battery Global Energy* Global Energy Global Gold* Global Li-Ion* Global Li-Ion GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals* GMV Minerals GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Gold Basin Res Gold Bull Res* Gold Bull Res Gold Fields* Gold Fields* Gold Finder Ex* Gold Finder Ex Gold Line Res Gold Lion Res* Gold Lion Res Gold Plus* Gold Plus Gold Port Gold Reserve* Gold Reserve Gold Resource* Gold Rush Cari* Gold Rush Cari Gold Std Vents Gold Std Vents* Gold X Mining Goldâ&#x20AC;&#x2122;n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldbelt Emp Goldblock Cap Goldcliff Res* Goldcliff Res Goldcore Res Golden Arrow* Golden Arrow Golden Band* Golden Birch Golden Cariboo Golden Dawn Ml* Golden Dawn Ml Golden Goliath Golden Goliath* Golden Harp Golden Hope Golden Hope* Golden Lake Golden Mnls* Golden Mnls Golden Pursuit* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Star Golden Star* Golden Star* Golden Sun* Golden Tag Golden Tag* Golden Valley Golden Valley* Goldex Res Goldex Res* Goldgroup Mng* Goldgroup Mng GoldHaven Res* Goldhills Hldg GoldMining GoldON Res GoldON Res* GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldsource Min* Goldsource Min Goldstar Mnls Goldstar Mnls* Goldstrike Res* Goldstrike Res Goliath Res* Goliath Res Gossan Res GoviEx Uranium GoviEx Uranium* Gowest Gold Gowest Gold* GPM Metals* GPM Metals GR Silver* GR Silver Gran Colombia Gran Colombia* Granada Gold Granada Gold* Grande Portage Grande Portage* Granite Creek* Granite Creek Graphite Egy* Graphite One* Graphite One Gratomic* Gratomic Graycliff Exp Great Atlantic Great Bear Res Great Bear Res* Great Lakes Gr* Great Panther Great Panther* Great Thunder* Green River Green River* Green Swan Cap Green Valley M Greencastle Rs Greenland M&En* Greenshield Ex Grenville Gold Grid Metals Grid Metals* Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GrowMax Res* GSP Resource GT Gold GT Gold * Gungnir Res* Gungnir Res Gunpoint Expl* Gunpoint Expl Guyana Goldstr* Guyana Goldstr Handa Mining* Handa Mining Handeni Gold* Hanna Capital

0.03 0.05 0.04 1.10 0.78 0.03 0.02 0.02 0.01 0.16 0.23 4.63 6.60 0.05 0.14 0.04 0.03 0.09 0.13 0.02 0.03 8.40 5.92 0.04 0.06 0.06 0.09 0.12 0.10 0.05 0.08 0.20 0.12 0.05 0.02 0.14 0.00 0.01 0.24 0.10 0.00 0.01 0.19 0.15 0.01 0.05 0.01 0.00 0.19 2.20 1.55 0.30 0.42 0.05 3.49 0.00 0.03 0.00 0.19 0.17 0.11 0.03 0.06 0.03 0.01 0.02 0.10 0.09 0.02 1.00 0.77 0.02 0.05 0.19 0.27 0.00 0.04 0.10 0.03 0.31 0.21 0.08 0.05 0.04 0.03 4.17 5.30 0.09 0.12 0.08 4.71 0.13 0.08 0.03 0.02 0.07 0.10 0.01 0.03 0.05 0.04 0.01 0.01 0.13 0.04 0.08 0.06 0.09 5.16 2.05 1.47 0.25 0.14 0.03 0.04 0.05 0.03 0.91 0.10 0.15 0.04 0.03 0.11 77.18 105.93 0.00 0.04 0.16 0.18 4.82 0.08 0.05 5.53 0.14 0.01 1.05 1.44 0.01 0.02

G-H 0.37 0.47 0.17 0.24 0.07 0.09 0.03 0.17 0.23 0.22 1.41 1.10 0.08 0.10 0.01 0.10 0.14 0.84 1.07 0.18 0.14 0.31 0.43 0.22 0.17 8.83 6.72 0.63 0.49 0.00 0.30 0.16 0.23 0.18 0.20 0.05 0.21 0.16 0.09 0.25

0.37 0.47 0.20 0.25 0.07 0.09 0.03 0.20 0.25 0.22 1.44 1.14 0.08 0.11 0.02 0.13 0.16 0.85 1.09 0.20 0.14 0.35 0.44 0.23 0.18 9.78 7.52 0.67 0.51 0.33 0.35 0.20 0.23 0.20 0.22 0.05 0.24 0.20 0.09 0.27

(100s)

12-month High Low

Change

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

0.13 0.14 0.19 0.24 0.03 0.03 0.02 0.03 0.05 0.03 0.80 0.56 0.02 0.03 0.01 0.06 0.08 0.21 0.29 0.02 0.03 0.20 0.37 0.23 0.17 7.77 5.78 0.39 0.16 0.29 0.02 0.10 0.15 0.14 0.07 0.03 0.09 0.06 0.03 0.05

Exc Volume C 95 V 219 V 609 O 846 V 10 V 28 O 10 O 25 V 31 V 942 O 1614 V 1352 O 11 O 123 V 714 V 15 V 9 V 206 O 302 O 13 V 160 O 642 O 1683 O 715 T 1798 O 15 V 36 O 21 V 32 O 0 O 168 C 645 O 1 O 54 T 157 O 50 V 103 O 503030 O 4 C 164 V 10 T 1961 C 95 O 26 V 90 O 1 N 33747 O 157 V 2804 V 711 O 56 C 847 O 2 C 531 C 227 O 233 V 72 X 5157 O 0 V 305 T 994 X 5365 V 251 C 496 V 694 O 272 V 1 V 844 C 25 O 251 V 240 V 1049 O 148 V 268 O 405 C 289 V 563 O 22 V 103 V 1736 O 524 V 3 V 121 O 10 C 487 X 6379 T 464 O 109 V 351 V 205 V 852 V 182 T 110 O 13 X 2175 O 55 V 1282 O 666 V 24 O 21 V 284 O 4 O 284 T 258 O 371 V 101 T 2152 V 956 O 71 V 473 C 811 O 88 O 212 C 115 O 1282 V 1493 V 901 O 50 O 3 V 63 O 1024 V 2593 V 164 V 4014 O 3590 V 308 O 38 O 75 V 136 O 634 V 1618 T 1311 O 325 V 498 O 173 V 599 O 126 O 437 V 846 O 20 O 259 V 206 O 739 V 6259 C 139 V 278 V 238 O 80 O 780 T 1448 X 7010 O 787 C 235 O 1 V 355 V 11 V 131 O 1211 V 15 C 3 V 1062 O 377 O 367 V 356 V 23 V 1690 O 3689 V 5896 O 44 V 93 V 1024 O 38 O 65 V 82 O 5 V 1 O 23 V 399 O 0 V 25 O 0 V 433

Week Last

12-month

High

Low

Change

0.36 0.10 0.22 0.17 0.10 0.22 0.19 0.15 0.19 0.58 0.46 0.09 0.08 0.20 0.25 0.12 0.11 0.23 0.18 0.05 0.07 3.26 6.40 0.80 1.00 0.08 0.11 0.24 0.30 0.00 0.12 0.15 0.00 0.57 0.72 0.20 0.25 0.00 0.04 0.05 0.25 1.74 0.39 0.38 0.50 8.48 9.38 0.07 0.09 0.28 0.24 0.30 0.10 0.12 0.17 1.60 1.92 3.57 0.00 0.02 1.05 0.82 3.23 0.18 0.07 0.06 0.00 0.03 0.19 0.11 0.13 0.11 0.14 0.18 0.00 0.15 0.13 0.12 0.16 0.14 0.11 0.25 0.43 0.34 0.16 0.63 0.82 0.13 0.17 0.17 3.00 0.15 5.42 0.37 4.25 0.01 0.45 0.36 7.60 5.99 0.09 0.07 0.03 0.04 0.80 0.10 3.01 1.14 0.86 0.39 0.04 0.03 0.04 0.28 0.11 0.14 0.02 0.03 0.24 0.29 0.27 0.34 0.12 0.19 0.15 0.41 0.32 0.05 0.07 0.57 0.72 6.55 5.11 0.19 0.15 0.44 0.34 0.16 0.20 0.37 0.33 0.44 0.23 0.28 0.52 0.65 17.40 13.40 0.00 1.09 0.86 0.64 0.06 0.06 0.05 0.44 0.14 0.20 0.14 0.12 0.18 0.13 0.05 0.06 0.17 0.09 0.35 0.45 0.03 0.30 1.94 1.52 0.06 0.08 0.48 0.00 0.09 0.11 0.00 0.02 0.00 0.13

0.33 0.34 0.08 0.10 + 0.19 0.20 0.15 0.15 0.10 0.10 unch 0.21 0.21 0.19 0.19 0.12 0.13 0.16 0.18 + 0.51 0.57 + 0.39 0.43 + 0.07 0.09 + 0.00 0.07 0.16 0.19 + 0.22 0.24 + 0.11 0.12 + 0.11 0.11 unch 0.21 0.22 unch 0.17 0.17 0.05 0.05 unch 0.07 0.07 3.10 3.16 6.17 6.23 0.64 0.75 + 0.81 0.99 + 0.07 0.07 + 0.10 0.10 0.00 0.22 + 0.00 0.26 0.00 0.75 unch 0.09 0.09 0.12 0.13 0.00 0.00 unch 0.51 0.53 + 0.66 0.68 + 0.17 0.20 + 0.00 0.25 + 0.00 0.00 unch 0.03 0.04 + 0.00 0.05 + 0.25 0.25 unch 1.59 1.68 + 0.32 0.39 + 0.31 0.32 0.39 0.41 8.48 8.48 8.60 8.80 + 0.05 0.07 + 0.07 0.08 + 0.24 0.27 0.22 0.22 0.26 0.28 0.00 0.10 unch 0.10 0.10 0.14 0.14 1.46 1.51 0.00 1.86 3.25 3.32 + 0.00 0.01 unch 0.02 0.02 unch 0.89 0.91 unch 0.70 0.73 + 3.00 3.01 0.00 0.18 unch 0.06 0.06 0.04 0.06 + 0.00 0.12 unch 0.02 0.02 0.19 0.19 unch 0.09 0.10 + 0.12 0.12 + 0.08 0.09 0.13 0.14 0.17 0.18 unch 0.00 0.00 unch 0.14 0.15 unch 0.10 0.10 unch 0.11 0.12 + 0.13 0.16 + 0.12 0.13 0.08 0.11 + 0.25 0.25 + 0.38 0.42 0.00 0.30 0.14 0.15 0.57 0.59 + 0.73 0.76 + 0.12 0.12 0.15 0.17 + 0.15 0.15 2.86 3.00 + 0.12 0.13 unch 4.97 4.98 0.37 0.37 unch 3.90 3.93 0.00 0.00 0.40 0.42 0.31 0.32 7.38 7.59 5.76 5.99 + 0.00 0.09 + 0.05 0.06 + 0.03 0.03 0.04 0.04 unch 0.38 0.40 0.08 0.08 2.64 2.90 + 0.94 1.03 + 0.74 0.80 + 0.38 0.38 + 0.03 0.03 0.02 0.02 0.03 0.03 + 0.25 0.27 + 0.09 0.09 + 0.12 0.12 0.00 0.02 0.02 0.02 0.22 0.22 0.00 0.26 0.18 0.24 + 0.23 0.31 + 0.10 0.10 0.16 0.18 + 0.12 0.14 + 0.34 0.37 0.27 0.29 0.05 0.05 unch 0.06 0.06 0.44 0.53 + 0.57 0.66 + 6.16 6.26 + 4.80 4.86 unch 0.00 0.17 0.13 0.14 + 0.41 0.41 unch 0.32 0.33 + 0.10 0.16 + 0.15 0.20 + 0.28 0.30 0.30 0.31 0.38 0.40 0.17 0.17 0.21 0.25 + 0.46 0.47 0.61 0.65 + 16.07 16.23 12.59 12.59 0.00 0.00 1.00 1.03 0.79 0.80 0.52 0.55 0.06 0.06 unch 0.06 0.06 unch 0.04 0.04 + 0.44 0.44 0.11 0.12 0.18 0.19 + 0.14 0.14 unch 0.12 0.12 unch 0.14 0.15 unch 0.11 0.13 + 0.03 0.05 + 0.05 0.05 0.17 0.17 unch 0.07 0.07 unch 0.22 0.33 + 0.28 0.42 + 0.01 0.02 + 0.00 0.26 1.78 1.89 + 1.41 1.46 + 0.05 0.06 + 0.00 0.08 + 0.00 0.47 unch 0.00 0.61 unch 0.00 0.09 + 0.11 0.11 unch 0.00 0.00 unch 0.00 0.02 unch 0.00 0.02 unch 0.09 0.13 +

0.02 0.04 0.01 0.02 0.00 0.01 0.00 0.00 0.02 0.05 0.02 0.01 0.00 0.03 0.03 0.01 0.00 0.00 0.00 0.00 0.01 0.06 0.18 0.10 0.15 0.00 0.01 0.01 0.02 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.09 0.05 0.06 0.10 0.97 0.10 0.02 0.02 0.01 0.01 0.03 0.00 0.02 0.02 0.00 0.06 0.05 0.00 0.00 0.00 0.02 0.19 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.04 0.00 0.00 0.00 0.00 0.00 0.01 0.03 0.01 0.00 0.04 0.01 0.03 0.01 0.01 0.03 0.02 0.02 0.02 0.01 0.00 0.12 0.00 0.06 0.01 0.02 0.01 0.01 0.28 0.02 0.00 0.00 0.00 0.04 0.02 0.09 0.11 0.07 0.01 0.01 0.00 0.00 0.02 0.00 0.01 0.01 0.01 0.02 0.03 0.06 0.08 0.02 0.02 0.01 0.02 0.01 0.00 0.01 0.08 0.09 0.03 0.00 0.01 0.00 0.00 0.01 0.03 0.04 0.07 0.01 0.01 0.02 0.01 0.02 0.02 0.44 0.42 0.00 0.03 0.02 0.07 0.00 0.00 0.01 0.16 0.02 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.11 0.14 0.00 0.05 0.05 0.05 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.01

(100s)

High Low

Stock

0.50 0.09 0.44 0.32 0.15 0.39 0.25 0.22 0.30 2.44 1.84 0.30 0.14 0.22 0.28 0.17 0.25 0.48 0.37 0.10 0.14 3.25 6.43 0.71 0.90 0.11 0.18 0.27 0.45 2.35 0.13 0.19 0.58 0.61 0.81 0.27 0.35 0.00 0.14 0.16 0.35 1.84 0.50 0.56 0.71 15.00 14.90 0.13 0.17 0.38 0.51 0.75 0.18 0.26 0.30 2.02 2.70 6.24 0.03 0.04 1.50 1.14 4.62 0.35 0.14 0.11 0.18 0.03 0.19 0.14 0.18 0.21 0.16 0.22 0.01 0.28 0.15 0.12 0.20 0.38 0.32 0.44 0.50 0.36 0.36 0.63 0.82 0.25 0.38 0.33 3.00 0.20 6.89 1.00 5.20 0.01 0.49 0.60 8.32 6.43 0.12 0.09 0.07 0.10 0.80 0.18 3.85 1.15 0.86 0.50 0.08 0.05 0.05 0.59 0.14 0.19 0.03 0.03 0.28 0.40 0.25 0.53 0.17 0.19 0.15 0.51 0.39 0.06 0.09 0.72 0.95 8.10 6.19 0.34 0.26 0.68 0.52 0.14 0.20 1.01 0.79 1.04 0.19 0.28 0.89 0.80 19.83 14.62 0.01 1.42 1.07 0.73 0.10 0.07 0.06 0.63 0.14 0.24 0.20 0.15 0.27 0.20 0.07 0.10 0.20 0.14 0.32 0.40 0.12 0.67 2.25 1.63 0.08 0.10 0.67 0.93 0.16 0.40 0.01 0.06 0.14 0.16

Hannan Metals Hannan Metals* Hanstone Gold Happy Ck Mnrls Harfang Explor Harmony Gold* Harte Gold Harte Gold* Harvest Gold* Harvest Gold Hawkeye Gld&Di Hawkeye Gld&Di* Heatherdale Rs Hecla Mining* Heliostar Met* Heliostar Met Hemcare Health* Hemlo Expl* Hemlo Expl Heron Res* HFX Holding High Point Exp Highbank Res HighGold* HighGold Highland Copp* Highland Copp Highway 50 Gld Highway 50 Gld* HiHo Silver HiHo Silver* Hinterland Mtl* Hochschild Mg* Honey Badger* Honey Badger Horizonte Mnls Hornby Bay Mnl HudBay Min* HudBay Min Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hybrid Mineral Hylands Intl

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

I-Minerals* I-Minerals IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls Iconic Mnls * Idaho Champion* Idaho Champion IEMR Res IM Exploration IMC Intl Mng IMC Intl Mng* iMetal Res* iMetal Res IMPACT Silver Imperial Metal* Imperial Metal Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indiana Res* Indigo Expl Infinite Ore* Infinite Ore Inflection Res Inomin Mines Intact Gold Integra Res Integra Res* Inter-Rock Mnl Inter-Rock Mnl* Interconnect Intercontinent* Intercontinent Intl Battery Intl Battery* Intl Bethl Mng* Intl Cobalt* Intl Cobalt Intl Cons Uran* Intl Cons Uran Intl Lithium Intl Lithium* Intl Millm Mng Intl Montoro* Intl Montoro Intl Prospect * Intl Prospect Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite Intl Zeolite* Intrepid Pots* INV Metals* INV Metals Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Ion Energy Irving Res* Irving Res IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader Jaeger Res * Jaeger Res Jaguar Mng Jaguar Mng* Japan Gold Japan Gold* Jasper Mining* Jasper Mining Jaxon Mining* Jaxon Mining Jayden Res Jayden Res* Jazz Res Jervois Mining Jervois Mining* JNC Resources* JNC Resources Josemaria Res Joshua Gold* Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kaizen Discvry* Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Mining* Kenadyr Mining Kerr Mines* Kerr Mines Kesselrun Res* Kesselrun Res Kestrel Gold Kilo Goldmines Kilo Goldmines* Kincora Copper* Kincora Copper King Global* King Global Kingman Min Kings Bay Res Kingsmen Res Kingsmen Res* Kinross Gold* Kinross Gold Kintavar Exp Kirkland Lake*

0.07 0.02 0.07 0.05 0.05 0.03 0.02 0.05 0.05 0.13 0.09 0.05 0.01 0.04 0.04 0.11 0.05 0.15 0.11 0.05 0.07 1.29 2.51 0.18 0.23 0.03 0.02 0.11 0.05 0.55 0.03 0.03 0.00 0.19 0.26 0.05 0.08 0.00 0.01 0.02 0.20 0.37 0.10 0.01 0.02 4.09 3.79 0.02 0.02 0.24 0.21 0.18 0.09 0.05 0.04 1.17 1.50 2.02 0.00 0.01 0.46 0.27 0.75 0.11 0.02 0.02 0.09 0.02 0.12 0.05 0.07 0.04 0.06 0.09 0.00 0.03 0.02 0.02 0.04 0.04 0.02 0.06 0.06 0.05 0.07 0.13 0.20 0.04 0.04 0.10 0.66 0.03 2.56 0.17 1.85 0.00 0.03 0.03 3.10 5.15 0.06 0.04 0.01 0.02 0.11 0.06 0.85 0.20 0.14 0.09 0.02 0.01 0.01 0.07 0.04 0.06 0.01 0.01 0.00 0.12 0.00 0.12 0.02 0.08 0.05 0.10 0.08 0.03 0.03 0.07 0.10 2.88 2.10 0.09 0.06 0.10 0.07 0.08 0.03 0.00 0.10 0.15 0.00 0.03 0.30 0.30 3.68 7.46 0.00 0.32 0.23 0.11 0.04 0.05 0.01 0.05 0.03 0.04 0.13 0.06 0.08 0.05 0.01 0.02 0.09 0.02 0.09 0.12 0.00 0.08 0.67 0.53 0.02 0.03 0.29 0.43 0.07 0.08 0.00 0.01 0.01 0.02

Exc Volume

Week

12-month

High

Low

Last

744 119 130 186 329 24070 1758 457 1 53 305 54 307 31188 68 93 123 10 13 107 30 18 909 140 396 311 1969 90 5 286 70 22 74 423 787 185 1750 7488 7485 522 141 85 307 23 38

0.41 0.33 0.62 0.10 0.40 4.60 0.12 0.10 0.13 0.18 0.02 0.02 1.19 5.42 0.94 1.19 1.30 0.54 0.68 0.02 0.02 0.39 0.01 1.37 1.85 0.04 0.06 0.30 0.23 0.02 0.02 0.01 2.74 0.10 0.07 0.14 0.06 7.47 9.54 0.34 0.25 0.12 0.13 0.52 0.06

0.36 0.28 0.52 0.08 0.33 4.12 0.11 0.08 0.12 0.16 0.02 0.01 0.95 4.98 0.77 0.90 1.00 0.54 0.00 0.02 0.02 0.29 0.01 1.19 1.51 0.03 0.04 0.27 0.21 0.02 0.02 0.00 2.56 0.05 0.07 0.11 0.06 6.44 8.24 0.25 0.17 0.08 0.11 0.00 0.04

0.40 0.30 0.54 0.09 0.40 4.14 0.11 0.09 0.12 0.17 0.02 0.02 0.95 5.09 0.80 0.95 1.25 0.54 0.68 0.02 0.02 0.29 0.01 1.22 1.54 0.03 0.04 0.27 0.23 0.02 0.02 0.01 2.56 0.06 0.07 0.11 0.06 6.53 8.35 0.33 0.25 0.11 0.12 0.52 0.04

O 31 V 322 T 5537 N 16320 O 35 V 3227 O 200 O 208 C 332 V 385 C 43 C 903 O 373 O 120 V 423 V 1803 O 87 T 417 V 378 O 126 V 95 O 1087 V 364 O 204 O 8 V 427 O 210 V 728 C 540 V 75 V 173 V 449 X 584 V 70 O 3 V 40 O 20 V 91 C 321 O 760 O 198 O 197 C 70 O 98 V 1029 V 146 O 117 V 74 O 92 V 1043 O 22 V 104 O 153642 X 1621 T 102 V 91 O 5 N 773 O 85 T 211 O 250 V 461 V 490 O 100 V 248 O 169 C 148 V 1036 O 45 V 23 O 300 O 781 T 5878 C 13 V 31 O 0 V 33 T 1995 O 295 V 578 O 218 O 3 V 3 O 50 V 142 V 2749 O 43 V 3 V 1310 O 1110 O 31 C 152 T 508 O 224 V 121 V 12 O 266 O 7 V 167 O 3 V 1105 O 157 T 2108 O 1000 V 111 V 335 O 3 V 189 C 7 T 32 V 52 O 564 O 277745 O 515 V 1394 O 120 T 1938 O 242 V 955 V 619 V 494 O 57 O 45 V 451 O 9 V 761 V 172 V 2605 V 48 O 3 N 79735 T 22562 V 453 N 8949

0.03 0.03 4.82 3.77 0.08 0.14 0.11 0.19 0.23 0.02 0.15 0.12 0.09 0.09 0.11 1.02 3.43 4.40 0.09 0.48 0.61 0.02 0.16 0.11 0.06 0.07 0.05 0.07 0.44 0.08 0.05 4.94 3.90 0.42 0.34 0.08 0.12 0.15 0.34 0.27 0.01 0.01 0.01 0.79 1.05 0.05 0.04 0.02 0.06 0.07 0.09 0.11 0.00 1.46 1.90 0.08 0.06 17.44 0.31 0.39 0.13 0.18 0.04 0.03 0.33 1.97 2.54 1.92 0.34 0.44 0.08 5.10 6.21 0.30 0.06 0.00 0.03 7.89 6.19 0.35 0.28 0.04 0.00 0.05 0.07 0.12 0.10 0.26 0.38 0.31 0.55 0.71 0.80 0.06 0.04 0.90 0.17 0.13 0.16 0.95 0.67 0.35 8.18 6.38 0.35 0.05 0.03 1.25 0.17 0.24 0.47 2.91 0.00 0.03 0.03 0.11 0.14 0.14 0.20 0.10 0.02 0.01 0.06 0.08 0.05 0.06 0.10 0.02 0.17 0.14 7.84 10.03 0.09 42.52

Change

High Low

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

0.02 0.03 0.04 0.01 0.06 0.19 0.00 0.00 0.00 0.01 0.00 0.01 0.15 0.09 0.06 0.03 0.15 0.00 0.03 0.00 0.00 0.10 0.00 0.10 0.14 0.00 0.00 0.02 0.03 0.00 0.00 0.01 0.22 0.00 0.00 0.01 0.00 0.78 0.98 0.04 0.04 0.00 0.01 0.07 0.00

0.54 0.41 2.94 0.12 0.45 7.61 0.22 0.16 0.20 0.29 0.05 0.04 1.35 6.79 1.30 2.25 1.92 0.81 1.11 0.08 0.01 0.39 0.03 2.44 3.14 0.04 0.06 0.38 0.24 0.07 0.21 0.00 4.35 0.21 0.10 0.20 0.11 7.47 9.54 0.38 0.29 0.15 0.20 0.75 0.06

0.08 0.05 0.45 0.06 0.15 1.76 0.08 0.05 0.04 0.06 0.01 0.00 0.28 1.40 0.10 0.30 0.55 0.04 0.17 0.01 0.01 0.02 0.01 0.42 0.57 0.01 0.02 0.06 0.04 0.02 0.01 0.00 0.99 0.00 0.01 0.03 0.03 1.23 1.66 0.07 0.04 0.02 0.04 0.03 0.03

0.02 0.03 + 0.03 0.03 unch 4.47 4.51 + 3.49 3.54 + 0.03 0.08 + 0.12 0.13 + 0.09 0.10 0.15 0.15 0.19 0.20 0.02 0.02 unch 0.08 0.15 + 0.10 0.10 + 0.07 0.08 + 0.08 0.08 + 0.10 0.11 0.91 0.95 2.97 3.15 3.82 4.03 0.07 0.08 unch 0.41 0.41 + 0.54 0.57 + 0.02 0.02 + 0.14 0.14 0.00 0.11 0.04 0.04 0.06 0.06 0.04 0.05 0.06 0.06 unch 0.37 0.42 + 0.07 0.08 + 0.00 0.05 4.31 4.75 + 3.39 3.76 + 0.37 0.38 0.31 0.31 0.08 0.08 unch 0.00 0.12 unch 0.00 0.15 unch 0.24 0.26 + 0.17 0.20 + 0.01 0.01 + 0.01 0.01 + 0.01 0.01 unch 0.47 0.79 + 0.61 0.96 + 0.04 0.04 0.03 0.03 0.02 0.02 0.04 0.06 + 0.06 0.06 0.08 0.09 + 0.10 0.11 + 0.00 0.00 + 1.30 1.34 1.48 1.70 0.07 0.07 0.05 0.06 + 14.81 16.22 0.00 0.29 0.36 0.36 0.13 0.13 unch 0.14 0.18 + 0.03 0.03 0.03 0.03 unch 0.29 0.32 + 1.74 1.81 2.22 2.30 1.52 1.90 + 0.31 0.32 + 0.00 0.40 + 0.06 0.08 + 4.48 4.79 5.84 6.11 0.30 0.30 unch 0.05 0.05 unch 0.00 0.03 unch 0.00 0.03 unch 7.37 7.57 5.77 5.96 + 0.33 0.33 unch 0.25 0.26 + 0.04 0.04 unch 0.00 0.05 unch 0.05 0.05 unch 0.06 0.06 0.07 0.10 + 0.05 0.06 + 0.26 0.26 unch 0.34 0.35 + 0.26 0.28 + 0.46 0.53 + 0.60 0.71 + 0.72 0.73 0.06 0.06 unch 0.03 0.03 unch 0.65 0.90 + 0.15 0.15 + 0.00 0.09 0.13 0.15 0.75 0.95 + 0.56 0.58 0.30 0.31 7.28 7.32 5.63 5.74 0.25 0.28 + 0.04 0.05 + 0.03 0.03 1.01 1.07 0.00 0.17 unch 0.21 0.21 0.00 0.40 2.61 2.62 0.00 0.00 + 0.02 0.03 0.03 0.03 unch 0.09 0.10 0.12 0.12 0.13 0.14 + 0.17 0.19 + 0.08 0.09 unch 0.01 0.01 unch 0.00 0.01 0.00 0.06 0.07 0.07 unch 0.04 0.05 + 0.05 0.06 + 0.09 0.09 unch 0.01 0.02 + 0.16 0.17 + 0.12 0.12 7.13 7.20 unch 9.11 9.18 0.08 0.08 unch 39.86 41.03 +

0.01 0.00 0.02 0.03 0.03 0.01 0.00 0.02 0.03 0.00 0.07 0.01 0.00 0.00 0.01 0.01 0.29 0.39 0.00 0.00 0.03 0.00 0.01 0.00 0.01 0.02 0.00 0.00 0.01 0.02 0.02 0.40 0.34 0.01 0.02 0.00 0.00 0.00 0.03 0.03 0.00 0.00 0.00 0.31 0.36 0.01 0.00 0.01 0.02 0.01 0.00 0.02 0.00 0.08 0.15 0.01 0.01 0.38 0.01 0.02 0.00 0.03 0.01 0.00 0.01 0.05 0.10 0.35 0.07 0.09 0.00 0.02 0.05 0.00 0.00 0.00 0.00 0.01 0.03 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.01 0.00 0.01 0.00 0.08 0.11 0.03 0.00 0.00 0.25 0.02 0.00 0.01 0.30 0.08 0.04 0.51 0.35 0.03 0.01 0.01 0.04 0.00 0.02 0.01 0.20 0.00 0.00 0.00 0.01 0.02 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.02 0.02 0.00 0.01 0.02 0.02 0.00 0.02 0.00 0.61

0.05 0.06 7.07 5.35 0.14 0.15 0.11 0.47 0.44 0.04 0.18 1.00 0.73 0.47 0.60 1.25 3.51 4.50 0.11 0.67 0.86 0.08 0.23 0.17 0.05 0.15 0.10 0.14 0.63 0.25 0.09 5.90 5.50 0.45 0.34 0.11 0.25 0.33 0.35 0.26 0.03 0.02 0.02 0.68 1.05 0.07 0.05 0.03 0.08 0.11 0.15 0.23 0.00 2.27 3.07 0.11 0.07 27.40 0.78 1.11 0.15 0.21 0.04 0.03 0.50 3.48 4.60 1.92 0.54 0.67 0.20 5.10 6.41 0.42 0.26 0.03 0.08 9.20 7.05 0.45 0.34 0.08 0.12 0.09 0.14 0.12 0.10 0.44 0.38 0.31 5.24 0.71 0.91 0.19 0.05 0.90 0.14 0.20 0.27 1.50 0.96 0.65 8.50 6.50 0.35 0.08 0.06 1.49 0.30 0.33 1.28 3.57 0.00 0.06 0.08 0.15 0.18 0.37 0.47 0.13 0.03 0.04 0.14 0.19 0.05 0.07 0.23 0.03 0.22 0.15 10.32 13.59 0.15 57.69

0.01 0.02 2.00 1.44 0.01 0.04 0.02 0.05 0.04 0.01 0.04 0.10 0.07 0.06 0.08 0.22 0.70 0.99 0.03 0.01 0.16 0.01 0.03 0.01 0.02 0.06 0.03 0.03 0.36 0.03 0.03 1.53 3.06 0.16 0.13 0.06 0.08 0.09 0.07 0.05 0.01 0.00 0.01 0.02 0.10 0.03 0.02 0.01 0.01 0.01 0.05 0.07 0.00 0.33 0.43 0.02 0.02 6.00 0.13 0.17 0.08 0.10 0.01 0.01 0.27 1.02 1.45 0.23 0.14 0.21 0.03 1.35 1.80 0.20 0.04 0.00 0.01 1.15 0.81 0.21 0.12 0.03 0.03 0.02 0.03 0.01 0.00 0.14 0.11 0.05 0.24 0.18 0.31 0.04 0.01 0.38 0.03 0.06 0.11 0.20 0.11 0.07 1.55 1.12 0.25 0.03 0.02 0.13 0.03 0.09 0.04 2.30 0.00 0.02 0.02 0.06 0.10 0.02 0.03 0.01 0.01 0.00 0.02 0.02 0.00 0.01 0.06 0.01 0.07 0.05 2.72 4.00 0.05 18.03

I-J-K

(100s) Stock

Exc Volume

Week

12-month

High

Low

50.98 52.42 + 0.16 0.19 + 0.22 0.24 + 0.08 0.09 0.11 0.12 1.12 1.14 + 0.23 0.24 0.29 0.30 + 0.28 0.28 0.36 0.36 0.14 0.14 0.00 0.12 unch 1.05 1.22 + 1.37 1.53 + 0.21 0.21 + 1.95 2.01 1.56 1.58 0.01 0.01 unch 0.00 0.00 -

Kirkland Lake Klondike Gold* Klondike Gold Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kootenay Zinc* Kore Mining * Kore Mining Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

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

5308 216 395 891 2281 57 102 344 667 1322 37 0 547 572 94 317 218 2615 3

54.45 0.21 0.26 0.11 0.13 1.19 0.24 0.34 0.32 0.41 0.18 0.00 1.24 1.57 0.22 2.42 1.95 0.01 0.00

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

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

304 569 1063 1349 19 1040 4579 41 5962 2368 8201 10622 66 2070 226 314 17 71 92 1895 1126 27324 1527 24 76 226 2206 948 352 516 756 212 1 0 51 229 248 2380 17390 838 164 1530 20 219 0 315 8 10 0 74 626 80 37 334 7 22 6 10 1038 7 217 5 34 803 2000 445 1142 341 16020 11 569 502 2115 726

0.06 0.37 0.47 0.10 25.11 32.12 0.08 0.76 0.32 0.00 1.25 1.59 0.11 0.14 0.14 0.20 0.16 0.04 0.05 0.43 0.33 1.58 0.21 0.21 0.00 0.09 0.11 1.36 0.06 0.06 0.04 0.22 0.12 0.00 0.18 1.62 1.30 13.67 10.69 0.26 0.20 0.25 0.09 0.13 0.00 0.08 0.10 0.10 0.00 0.34 0.06 0.04 0.50 0.64 1.08 7.11 0.18 0.22 0.57 0.05 0.07 0.27 0.45 0.74 0.93 0.72 12.14 8.75 10.64 0.03 0.04 0.01 3.29 3.26

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

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

15 733 2964 3691 627 24 148 86 389 10 37 419 709 8 428 383 328 1000 1200 118 561 516 50 745 4325 33 16 130 657 1292 3014 285 2889 43 173 204 24 105 834 5 2535 335 1 1110 1244 23 1585 50 366 1957 519 1179 836 76 6 0 58 11 10118 864 1006 8 2837 814 1834 125 735 7417 3 1288 9707 205 41 1243 979 19 220 0 0 66 530 3 3

0.41 0.51 0.06 0.08 21.94 1.05 1.07 0.85 0.22 0.05 0.05 0.06 0.27 0.19 0.57 0.72 0.51 0.29 0.37 0.07 0.09 1.60 1.25 0.18 0.23 0.08 0.06 0.04 0.05 0.33 0.40 2.31 2.95 0.04 0.05 3.42 2.66 0.63 0.14 0.06 287.51 0.09 2.01 0.32 0.40 0.14 0.03 0.01 6.51 5.14 0.28 0.37 0.50 0.08 0.07 0.04 0.10 0.52 1.05 1.34 0.07 0.49 1.98 0.26 0.21 0.03 0.04 0.00 0.12 0.13 0.17 0.16 0.12 0.11 0.09 0.82 1.03 0.00 0.00 0.25 0.08 0.00 0.05

Last

Change

High Low

0.77 0.01 0.03 0.01 0.02 0.00 0.00 0.01 0.03 0.03 0.04 0.00 0.09 0.08 0.00 0.15 0.07 0.00 0.00

76.43 0.29 0.39 0.11 0.14 2.51 0.35 0.54 0.46 0.54 3.00 1.16 1.48 1.96 0.27 2.42 1.95 0.01 0.01

25.67 0.10 0.14 0.01 0.02 0.12 0.05 0.05 0.08 0.12 0.12 0.12 0.09 0.15 0.03 0.45 0.32 0.01 0.00

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

0.00 0.01 0.02 0.02 0.69 0.78 0.01 0.07 0.02 0.00 0.30 0.41 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.06 0.03 0.04 0.02 0.00 0.00 0.00 0.01 0.05 0.01 0.00 0.00 0.00 0.01 0.00 0.02 0.00 0.00 0.98 0.74 0.01 0.01 0.03 0.01 0.01 0.00 0.02 0.04 0.00 0.00 0.09 0.00 0.01 0.05 0.07 0.04 0.75 0.00 0.06 0.03 0.00 0.00 0.00 0.04 0.01 0.00 0.00 0.11 0.55 0.73 0.01 0.00 0.01 0.15 0.20

0.12 0.50 0.63 0.14 24.40 31.65 0.32 1.02 0.37 0.01 1.21 1.55 0.16 0.22 0.15 0.24 0.18 0.05 0.09 0.43 0.33 1.58 0.45 0.50 0.00 0.16 0.22 1.82 0.08 0.06 0.20 0.30 0.33 0.25 0.28 2.66 2.00 22.47 16.97 0.43 0.33 0.33 0.14 0.24 0.05 0.08 0.20 0.28 18.09 0.90 0.07 0.05 0.66 0.89 2.33 7.50 0.20 0.27 0.91 0.22 0.27 0.43 0.58 0.91 1.19 1.08 13.49 8.36 10.69 0.04 0.05

0.01 0.09 0.10 0.00 9.71 13.25 0.02 0.45 0.10 0.00 0.40 0.56 0.10 0.08 0.05 0.09 0.09 0.03 0.05 0.01 0.03 0.08 0.14 0.01 0.00 0.02 0.03 0.38 0.04 0.01 0.02 0.19 0.08 0.07 0.05 0.72 0.50 2.90 1.92 0.10 0.07 0.05 0.01 0.03 0.03 0.03 0.04 0.03 0.00 0.06 0.02 0.01 0.22 0.32 0.22 1.95 0.09 0.09 0.40 0.05 0.06 0.17 0.16 0.29 0.46 0.41 5.82 2.82 4.08 0.00 0.01

0.38 0.38 + 0.46 0.48 + 0.05 0.06 + 0.07 0.07 unch 20.20 20.73 0.75 0.95 0.96 1.05 + 0.73 0.80 + 0.18 0.18 0.05 0.05 unch 0.00 0.05 + 0.06 0.06 0.22 0.25 unch 0.17 0.17 unch 0.41 0.56 + 0.58 0.72 + 0.48 0.49 0.24 0.25 0.32 0.33 0.07 0.07 0.08 0.09 unch 1.52 1.54 1.21 1.21 0.13 0.15 0.17 0.19 0.00 0.08 0.05 0.06 + 0.04 0.04 + 0.05 0.05 0.25 0.29 0.30 0.37 2.15 2.16 2.74 2.75 0.03 0.03 0.05 0.05 + 3.18 3.27 2.50 2.57 0.50 0.56 + 0.13 0.13 0.06 0.06 unch 264.18 267.20 0.06 0.07 1.76 2.01 + 0.25 0.27 0.32 0.33 0.13 0.13 unch 0.03 0.03 + 0.01 0.01 unch 6.00 6.15 4.69 4.81 0.25 0.25 0.31 0.34 0.45 0.47 0.00 0.08 unch 0.00 0.06 0.00 0.03 0.09 0.10 + 0.00 0.50 + 0.97 1.01 + 1.24 1.27 0.05 0.07 + 0.43 0.43 1.62 1.91 + 0.20 0.26 + 0.15 0.19 + 0.03 0.03 unch 0.04 0.04 + 0.00 0.00 0.12 0.12 unch 0.11 0.13 + 0.14 0.16 + 0.14 0.15 0.11 0.12 + 0.10 0.10 0.08 0.09 + 0.72 0.75 + 0.90 0.93 0.00 0.00 unch 0.00 5.00 unch 0.21 0.23 + 0.00 0.08 + 0.00 0.00 0.05 0.05 unch

0.02 0.03 0.00 0.00 0.20 0.06 0.05 0.01 0.02 0.00 0.00 0.01 0.00 0.00 0.12 0.16 0.01 0.01 0.02 0.00 0.00 0.04 0.02 0.02 0.03 0.01 0.00 0.01 0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.21 0.03 0.01 0.01 0.00 17.74 0.02 0.25 0.01 0.03 0.00 0.01 0.00 0.25 0.17 0.05 0.05 0.01 0.00 0.00 0.01 0.01 0.04 0.01 0.01 0.03 0.05 0.32 0.06 0.02 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.02 0.02 0.00 0.00 0.01 0.03 0.01 0.00

0.50 0.67 0.10 0.15 26.29 1.84 1.89 1.46 0.48 0.08 0.06 0.08 0.82 0.52 1.27 1.65 0.74 0.50 0.54 0.10 0.09 2.12 1.65 0.85 1.11 0.13 0.09 0.07 0.08 0.42 0.56 2.31 2.95 0.08 0.11 3.71 2.80 0.60 0.23 0.06 287.51 0.14 2.60 0.43 0.57 0.19 0.05 0.05 7.78 6.00 0.44 0.57 0.55 0.12 0.09 0.20 0.18 0.57 1.53 2.02 0.18 0.63 3.43 0.41 0.31 0.06 0.08 0.00 0.29 0.12 0.17 0.20 0.14 0.21 0.16 1.00 1.25

0.04 0.07 0.04 0.05 5.33 0.20 0.24 0.02 0.18 0.03 0.02 0.04 0.13 0.17 0.30 0.27 0.22 0.18 0.23 0.02 0.02 0.46 0.38 0.04 0.06 0.04 0.02 0.02 0.03 0.03 0.04 0.52 0.71 0.02 0.03 1.00 0.03 0.34 0.05 0.05 135.08 0.03 0.51 0.08 0.12 0.10 0.02 0.00 3.10 2.51 0.11 0.16 0.06 0.03 0.02 0.04 0.05 0.39 0.53 0.76 0.02 0.14 1.28 0.05 0.03 0.02 0.03 0.00 0.02 0.03 0.05 0.05 0.05 0.09 0.06 0.01 0.06

15.00 0.39 0.20 0.04 0.08

5.00 0.06 0.05 0.00 0.00

L 0.06 0.34 0.42 0.04 23.71 30.28 0.06 0.67 0.24 0.00 0.90 1.14 0.10 0.12 0.12 0.19 0.14 0.03 0.05 0.28 0.22 1.24 0.17 0.20 0.00 0.07 0.09 1.20 0.05 0.03 0.03 0.20 0.00 0.00 0.17 1.52 1.20 11.80 9.24 0.21 0.16 0.19 0.07 0.10 0.00 0.05 0.06 0.10 0.00 0.00 0.00 0.03 0.45 0.56 0.78 6.50 0.00 0.14 0.51 0.00 0.06 0.27 0.39 0.70 0.89 0.66 11.51 7.56 9.70 0.00 0.04 0.00 2.83 2.82

0.06 0.35 0.43 0.10 25.09 31.94 0.06 0.69 0.28 0.00 1.24 1.59 0.10 0.14 0.12 0.20 0.16 0.04 0.05 0.28 0.23 1.30 0.20 0.20 0.00 0.08 0.11 1.23 0.06 0.04 0.03 0.20 0.12 0.16 0.17 1.57 1.23 12.06 9.45 0.22 0.17 0.24 0.09 0.11 0.04 0.08 0.06 0.10 0.07 0.34 0.05 0.04 0.45 0.57 0.88 6.75 0.18 0.15 0.51 0.05 0.07 0.27 0.43 0.70 0.90 0.68 11.78 7.70 9.82 0.03 0.04 0.01 2.85 2.85

3.05 0.58 3.16 0.55

WWW.NORTHERNMINER.COM

DECEMBER 21, 2020–Janury 3, 2021 / THE NORTHERN MINER

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

Exc Volume

Week Low

0.05 0.05 0.06 0.08 + 0.06 0.06 + 12.01 13.24 + 0.58 0.59 0.45 0.47 0.02 0.02 0.27 0.27 0.08 0.10 unch 2.30 2.30 0.00 2.06 unch 0.03 0.06 + 0.00 0.07 + 0.08 0.09 + 0.26 0.28 + 0.07 0.08 + 0.05 0.05 unch 0.04 0.04 0.24 0.24 1.10 1.12 0.86 0.87 0.08 0.08 unch 0.81 0.86 0.14 0.16 + 0.22 0.22 0.26 0.28 1.95 2.13 2.50 2.78 0.08 0.09 0.11 0.11 unch 0.50 0.50 0.39 0.40 0.36 0.37 0.47 0.47 0.52 0.52 0.66 0.67 + 0.12 0.13 unch 0.00 0.16 unch 0.21 0.22 0.26 0.27 11.30 26.25 + 0.00 0.00 unch 0.04 0.04 0.06 0.06 0.01 0.01 unch 0.07 0.08 0.00 0.00 unch 0.22 0.23 0.06 0.06 unch 0.41 0.44 0.29 0.30 0.19 0.19 0.07 0.08 unch 0.00 0.09 0.51 0.66 0.41 0.51 + 0.12 0.14 0.10 0.11 0.52 0.53 unch 0.41 0.41 0.10 0.20 + 0.13 0.26 + 0.00 0.19 unch 0.00 0.14 unch 0.80 0.83 + 0.01 0.01 unch 0.01 0.01 unch 0.03 0.04 unch 0.23 0.25 + 0.29 0.32 + 0.08 0.08 unch 0.07 0.07 unch 0.11 0.15 + 0.16 0.17 21.86 22.23 0.00 0.07 + 0.44 0.55 unch 0.36 0.36 0.27 0.27 0.32 0.36 + 0.43 0.47 + 0.71 0.89 + 0.12 0.13 0.00 0.18 + 0.06 0.08 unch 0.33 0.33 unch

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

V 560 V 1889 O 401 V 320 V 1352 O 513 O 40 V 226 C 551 V 5 O 0 O 94 V 524 O 253 V 195 O 224 C 1462 O 514 C 73 T 1156 O 1756 V 13 V 154 C 2203 O 20 V 130 O 89 V 327 O 462 V 1548 V 477 O 426 O 26 T 111 O 663 V 990 O 338 C 396 O 110 V 616 O 8 O 473890 O 274 V 623 O 10 V 197 O 1151842 V 134 V 5 V 249 C 728 V 121 O 3 V 199 C 1904 O 121 V 1427 O 479 T 2598 O 1289 O 3401 T 13609 V 0 O 0 V 360 O 51 C 493 C 572 O 133 V 375 V 254 O 75 O 392 V 86 N 21410 C 166 O 10 V 229 O 95 O 436 T 807 C 2424 O 139 V 390 V 768 O 15

0.06 0.08 0.06 13.50 0.73 0.57 0.03 0.31 0.10 3.00 0.00 0.06 0.07 0.09 0.29 0.09 0.07 0.05 0.25 1.19 0.95 0.08 0.90 0.16 0.25 0.32 2.36 2.89 0.09 0.12 0.56 0.44 0.40 0.51 0.55 0.70 0.13 0.16 0.22 0.29 26.45 0.00 0.05 0.07 0.01 0.09 0.00 0.25 0.06 0.45 0.34 0.22 0.08 0.10 0.67 0.51 0.18 0.15 0.56 0.44 0.20 0.26 0.00 0.00 0.89 0.01 0.01 0.04 0.27 0.40 0.09 0.07 0.15 0.19 22.95 0.07 0.55 0.39 0.31 0.37 0.47 0.93 0.14 0.18 0.08 0.33

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

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

0.01 30.71 0.23 0.19 0.00 15.95 0.00 3.45 0.70 1.58 0.23 0.88 0.65 0.70 0.15 0.10 0.14 0.11 0.14 0.06 0.14 0.10 0.11 0.04 0.06 0.06 0.08 0.05 0.09 3.95 2.85 2.24 0.00 0.29 0.30 0.38 3.10 5.40 6.50 0.23 0.30 0.40 0.00 0.07 2.45 0.72 0.55 27.25 20.70 0.18 0.00 62.12 79.52 0.48 0.00 0.12 0.15 11.47 9.12 0.20 3.28 2.62 0.09 0.05 0.06 0.41 0.54 0.19 0.15 0.04 0.20 0.16 0.09 0.12 1.03 1.32 0.62 0.22 0.77 0.62 0.06 0.05 0.01 0.06 0.07 0.50

Last

12-month

High

Change

Stock

0.01 0.02 0.00 1.13 0.08 0.05 0.01 0.05 0.00 0.70 0.00 0.01 0.02 0.02 0.03 0.00 0.00 0.00 0.04 0.03 0.02 0.00 0.04 0.02 0.02 0.03 0.11 0.07 0.00 0.00 0.01 0.02 0.02 0.02 0.02 0.01 0.00 0.00 0.00 0.01 14.95 0.00 0.01 0.01 0.00 0.01 0.00 0.05 0.00 0.01 0.02 0.03 0.00 0.01 0.01 0.00 0.05 0.03 0.00 0.00 0.10 0.12 0.00 0.00 0.01 0.00 0.00 0.00 0.02 0.04 0.00 0.00 0.04 0.02 0.55 0.01 0.00 0.01 0.01 0.02 0.03 0.10 0.00 0.02 0.00 0.00

0.11 0.08 0.06 13.50 1.30 0.94 0.02 0.64 0.30 3.65 2.06 0.08 0.10 0.08 0.42 0.15 0.15 0.11 0.50 2.04 1.55 0.15 1.13 0.35 0.26 0.33 2.42 3.18 0.23 0.32 0.85 0.67 0.60 0.83 0.62 0.78 0.18 0.25 0.43 0.53 19.65 0.00 0.11 0.15 5.00 0.09 0.00 0.60 0.10 0.62 0.41 0.25 0.16 0.18 0.67 0.50 0.30 0.20 0.60 0.46 0.16 0.22 0.45 0.33 1.27 0.01 0.06 0.10 0.27 0.40 0.12 0.09 0.50 0.65 23.19 0.07 0.52 0.69 0.52 0.86 1.21 0.86 0.14 0.21 0.18 0.60

0.01 0.02 0.01 4.06 0.10 0.07 0.01 0.11 0.07 1.00 0.81 0.02 0.03 0.03 0.15 0.01 0.04 0.02 0.15 0.24 0.16 0.07 0.46 0.10 0.04 0.03 0.38 0.61 0.06 0.09 0.22 0.16 0.14 0.20 0.11 0.16 0.07 0.05 0.16 0.22 11.36 0.00 0.04 0.05 0.01 0.02 0.00 0.05 0.01 0.29 0.03 0.05 0.06 0.08 0.03 0.02 0.02 0.01 0.11 0.07 0.04 0.06 0.12 0.08 0.75 0.00 0.01 0.02 0.03 0.01 0.04 0.00 0.06 0.08 6.50 0.05 0.40 0.14 0.09 0.17 0.25 0.21 0.06 0.09 0.05 0.32

0.00 2.50 0.01 0.01 0.00 1.22 0.00 0.27 0.02 0.13 0.00 0.06 0.07 0.38 0.01 0.00 0.00 0.01 0.01 0.00 0.03 0.02 0.03 0.00 0.01 0.00 0.01 0.00 0.01 0.04 0.21 0.13 0.00 0.00 0.00 0.01 0.05 0.00 0.61 0.01 0.02 0.00 0.00 0.01 0.69 0.06 0.08 0.86 0.10 0.02 0.00 0.57 0.82 0.01 0.00 0.01 0.01 1.00 0.27 0.03 0.47 0.38 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.02 0.01 0.01 0.01 0.04 0.07 0.03 0.03 0.02 0.02 0.01 0.00 0.00 0.00 0.01 0.02

0.03 50.28 0.37 0.29 0.12 22.02 0.02 5.00 0.70 1.74 0.40 0.88 0.65 4.00 0.38 0.30 0.39 0.25 0.31 0.08 0.18 0.11 0.15 0.09 0.11 0.07 0.11 0.20 0.11 4.90 2.98 2.28 0.13 0.39 0.30 0.40 3.59 5.60 7.23 0.80 0.95 0.62 0.10 0.15 2.50 0.92 0.70 31.25 26.42 0.19 0.16 72.22 96.45 0.53 0.01 0.31 0.43 12.35 9.46 0.30 3.28 2.59 0.09 0.12 0.14 0.50 0.69 0.33 0.24 0.10 0.21 0.16 0.14 0.21 2.20 2.90 0.93 0.28 1.02 0.78 0.09 0.06 0.03 0.10 0.14 0.53

0.00 17.95 0.10 0.06 0.00 8.50 0.00 0.92 0.12 0.38 0.05 0.08 0.06 0.30 0.06 0.08 0.12 0.01 0.01 0.03 0.07 0.02 0.04 0.02 0.03 0.03 0.02 0.00 0.02 1.24 0.55 0.39 0.00 0.12 0.03 0.04 0.54 1.68 2.34 0.05 0.22 0.03 0.02 0.03 0.36 0.14 0.09 25.02 11.59 0.03 0.03 33.00 44.00 0.25 0.00 0.05 0.07 3.94 2.57 0.06 0.76 0.50 0.02 0.01 0.03 0.16 0.24 0.02 0.02 0.01 0.04 0.02 0.04 0.04 0.30 0.97 0.20 0.10 0.53 0.38 0.01 0.01 0.01 0.02 0.03 0.06

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

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

P2 Gold* P2 Gold Pac Bay Mnrls Pac Booker Min Pac Booker Min* Pac Cascade Pac Imperial Pac Ridge Expl Pac Wildcat* Pacific Empire Pacific Rim Pacific Rim* Pacific Silk* Pacific Silk Pacton Gold Paladin Energy* Palamina Corp Palamina Corp* Palayan Res* Paleo Resource Paleo Resource* Palladium One Palladium One* Pan Am Silver* Pan Am Silver Pan Global Res* Pan Global Res Pancontinental* Pancontinental Panex Res* Pangolin Dia Panoro Mnrls Panoro Mnrls* Pantheon Vent Para Resources Paramount Gold* Paringa Res* Pasinex Res Pasofino Gold* Pasofino Gold Patriot Gold Patriot Gold* Peabody Enrgy* Pedro Res Pelangio Expl*

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

N-O 28509 58 225 198 910 107 488 92 31 2224 45 3699 533 5 9720 505 844 491 407 94 21 2364 3963 165 1345 50 383 165 82 1111 14135 48147 5 452 3641 11459 24 64 586 681 2286 18 0 363 45 650 26 6 9 2414 1 28621 446 256 3560 376 1621 1 156 79 14201 13482 6470 220 6759 4 73 1686 1303 568 63 58 94 424 84 306 408 937 571 978 244 108 145 39 737 1035

0.00 27.33 0.21 0.16 0.00 14.04 0.00 2.78 0.00 1.32 0.16 0.60 0.47 0.27 0.13 0.09 0.12 0.08 0.11 0.05 0.13 0.06 0.07 0.04 0.04 0.06 0.06 0.05 0.07 3.52 2.54 2.00 0.00 0.24 0.26 0.33 2.77 5.22 5.49 0.20 0.26 0.40 0.00 0.00 1.71 0.61 0.49 25.54 0.00 0.15 0.00 58.58 74.91 0.45 0.00 0.09 0.13 10.66 7.96 0.17 2.79 2.17 0.07 0.04 0.06 0.41 0.49 0.15 0.12 0.00 0.17 0.13 0.00 0.11 0.95 1.23 0.54 0.14 0.73 0.54 0.05 0.02 0.01 0.05 0.00 0.42

0.00 30.23 0.22 0.16 0.00 15.42 0.00 3.08 0.60 1.40 0.23 0.75 0.57 0.70 0.14 0.10 0.13 0.10 0.12 0.06 0.13 0.08 0.10 0.04 0.04 0.06 0.08 0.05 0.07 3.87 2.76 2.15 0.00 0.27 0.27 0.34 3.03 5.26 5.87 0.22 0.29 0.40 0.02 0.06 1.71 0.63 0.50 25.54 20.69 0.17 0.09 58.87 75.16 0.47 0.00 0.11 0.14 11.47 8.34 0.18 3.24 2.55 0.08 0.04 0.06 0.41 0.50 0.16 0.13 0.03 0.20 0.14 0.09 0.11 1.00 1.29 0.58 0.16 0.75 0.58 0.06 0.04 0.01 0.06 0.07 0.45

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

(100s)

High Low

Exc Volume

(100s) Stock

Week High

Low

178 37 432 440 6468 241 60 174 356 656 167 692 845 48 59 234 18706 21 79 1721 1203 3422 51 739 336 30 380 384 3207 2353 4793 1285 5551 884 1396 184 58 575 197 0 1 187 1417 375 318 1545 1892 35 625 5234 67332 10 330 55 349 2830 2244 4357 5701 230 173 1 76 310 104 13948 14 91 3 1149 216 258 370 407 1921 246 372 539 267 22 445 651 164 25 525 1289 0 11 748 928 667 682 586 1366 210 450 258 398 214 2 140 316 150 9 292 3090 2 67 1771 1795 474 278 66 6 911 253 467 1638 2715 1476 57 6181 429 886 761 483 0

0.41 0.03 32.98 0.18 0.23 0.09 0.10 0.30 0.78 1.00 0.12 0.03 0.21 0.16 0.05 0.06 0.00 0.51 0.65 0.05 0.08 0.02 0.22 0.28 0.31 0.24 0.13 0.06 0.08 0.55 0.68 13.62 10.64 1.86 2.35 0.09 0.22 0.23 0.30 0.00 0.28 0.05 0.08 1.26 1.00 0.49 0.61 0.37 0.05 0.49 0.39 0.00 0.37 0.01 0.01 0.19 0.15 50.53 64.62 0.24 0.30 0.06 2.42 3.13 0.15 2.46 1.91 0.21 0.11 0.42 0.33 0.04 0.07 0.08 0.27 0.34 0.26 0.08 0.07 0.11 0.22 0.23 0.17 0.33 0.15 0.06 0.00 0.00 0.54 0.69 0.09 0.12 0.15 0.09 0.14 0.16 0.75 0.97 0.15 0.06 0.09 0.16 0.25 0.19 5.42 6.95 0.55 0.72 2.12 1.65 3.89 0.36 0.33 0.26 0.31 0.25 1.28 14.97 11.70 0.51 0.38 4.00 0.04 0.04 0.49 0.38 13.83

0.34 0.01 30.92 0.14 0.17 0.09 0.00 0.25 0.71 0.92 0.01 0.02 0.16 0.00 0.04 0.05 0.00 0.42 0.55 0.05 0.07 0.01 0.20 0.26 0.28 0.21 0.13 0.05 0.07 0.42 0.53 12.59 9.85 1.66 2.11 0.04 0.19 0.19 0.24 0.00 0.28 0.05 0.07 1.06 0.84 0.39 0.50 0.30 0.04 0.42 0.33 0.00 0.34 0.00 0.01 0.16 0.12 48.51 61.96 0.21 0.27 0.05 2.19 2.80 0.00 2.22 1.60 0.16 0.00 0.38 0.29 0.04 0.05 0.06 0.23 0.30 0.23 0.07 0.05 0.00 0.18 0.20 0.16 0.33 0.13 0.05 0.00 0.00 0.49 0.63 0.08 0.11 0.13 0.07 0.11 0.14 0.70 0.89 0.14 0.00 0.09 0.14 0.21 0.00 4.82 6.05 0.00 0.62 1.77 1.39 3.63 0.28 0.28 0.24 0.26 0.20 1.16 14.16 11.07 0.42 0.37 3.63 0.03 0.04 0.44 0.34 0.00

63 260 76 23 1 11 1247 556 68 362 19 17 13 5 190 10630 105 207 1951 319 348 15531 1867 10449 2042 8 1192 22 240 29 137 296 81 162 483 500 319 5 27 445 114 574 33697 20 27

0.25 0.40 0.17 2.19 1.50 0.17 0.03 0.07 0.00 0.07 0.36 0.35 0.01 0.02 1.06 0.19 0.22 0.20 0.79 0.01 0.01 0.29 0.23 32.37 41.41 0.34 0.50 0.08 0.09 0.00 0.03 0.14 0.10 0.07 0.30 1.17 0.03 0.03 0.15 0.21 0.17 0.12 2.40 0.13 0.13

Last

12-month Change

High Low

0.34 0.02 32.83 + 0.15 + 0.19 + 0.09 + 0.10 0.27 + 0.75 0.95 0.01 0.02 unch 0.17 0.13 0.05 + 0.05 unch 0.00 unch 0.50 + 0.65 + 0.05 0.08 + 0.02 + 0.20 + 0.27 unch 0.29 0.24 unch 0.13 + 0.06 + 0.07 unch 0.43 0.54 12.73 9.95 1.79 + 2.28 + 0.04 0.21 + 0.20 0.25 0.37 unch 0.28 unch 0.05 unch 0.08 + 1.16 0.91 0.43 0.56 0.30 0.04 0.43 0.34 0.00 unch 0.34 0.01 0.01 unch 0.16 0.13 49.06 62.70 0.22 0.29 unch 0.05 2.27 2.95 0.15 unch 2.24 + 1.60 + 0.21 + 0.11 unch 0.41 + 0.32 + 0.04 unch 0.05 0.06 0.26 + 0.31 unch 0.24 0.07 0.06 0.11 unch 0.20 + 0.23 + 0.16 + 0.33 0.15 unch 0.06 0.06 unch 0.00 unch 0.52 + 0.67 + 0.09 + 0.11 0.14 unch 0.08 0.11 0.14 unch 0.71 + 0.89 0.15 0.06 + 0.09 unch 0.14 0.24 0.07 5.04 6.49 0.50 0.64 1.88 + 1.48 + 3.83 + 0.32 0.31 0.24 0.30 + 0.24 + 1.18 14.38 + 11.26 + 0.45 0.37 + 3.66 0.03 0.04 unch 0.46 unch 0.35 13.83 +

0.01 0.01 1.42 0.02 0.02 0.01 0.02 0.01 0.00 0.01 0.01 0.00 0.04 0.03 0.01 0.00 0.00 0.06 0.06 0.01 0.01 0.01 0.02 0.00 0.01 0.00 0.01 0.01 0.00 0.12 0.16 0.21 0.19 0.03 0.04 0.04 0.01 0.01 0.03 0.00 0.00 0.00 0.02 0.08 0.08 0.02 0.02 0.07 0.01 0.06 0.04 0.00 0.01 0.01 0.00 0.02 0.01 1.59 1.99 0.01 0.00 0.01 0.12 0.11 0.00 0.42 0.20 0.06 0.00 0.01 0.00 0.00 0.01 0.05 0.04 0.00 0.01 0.01 0.01 0.00 0.04 0.03 0.00 0.02 0.00 0.01 0.00 0.00 0.04 0.06 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.02 0.01 0.00 0.00 0.02 0.02 0.11 0.41 0.46 0.03 0.06 0.03 0.01 0.05 0.04 0.01 0.02 0.03 0.03 0.07 0.16 0.14 0.01 0.00 0.10 0.00 0.00 0.00 0.00 0.49

0.42 0.15 35.52 0.16 0.23 0.21 0.17 0.30 2.21 2.79 0.05 0.05 0.30 0.33 0.06 0.08 0.00 3.00 1.38 0.07 0.11 0.02 0.21 0.30 0.55 0.38 0.19 0.09 0.12 0.76 1.00 18.00 12.85 3.30 4.16 0.13 0.37 0.28 0.35 0.45 0.34 0.25 0.18 1.34 1.04 0.57 0.72 0.69 0.12 3.28 2.49 0.05 0.69 0.03 0.02 0.24 0.19 50.81 64.98 0.38 0.48 0.10 3.88 3.68 0.25 4.01 2.86 0.24 0.18 0.70 0.53 0.06 0.07 0.11 0.30 0.75 0.55 0.15 0.11 0.11 0.24 0.23 0.17 0.50 0.18 0.12 0.08 0.16 0.55 0.73 0.19 0.25 0.26 0.28 0.24 0.31 1.01 1.27 0.24 0.13 0.14 0.27 0.37 0.25 5.53 7.51 0.68 0.90 2.12 1.65 4.00 0.70 0.45 0.33 0.32 0.26 1.65 17.50 13.31 0.57 0.42 4.85 0.08 0.11 0.88 0.66 13.34

0.04 0.00 18.62 0.08 0.12 0.02 0.02 0.04 0.20 0.25 0.00 0.01 0.06 0.05 0.02 0.03 0.00 0.16 0.30 0.02 0.02 0.01 0.01 0.02 0.19 0.20 0.04 0.01 0.02 0.09 0.13 6.40 4.65 1.00 1.41 0.04 0.04 0.04 0.07 0.11 0.14 0.02 0.05 0.07 0.05 0.11 0.15 0.06 0.03 0.42 0.32 0.00 0.07 0.00 0.01 0.03 0.02 23.85 34.80 0.05 0.07 0.02 0.64 1.06 0.12 1.16 0.00 0.07 0.04 0.04 0.03 0.02 0.02 0.03 0.15 0.05 0.03 0.03 0.02 0.03 0.05 0.07 0.07 0.15 0.01 0.02 0.06 0.00 0.15 0.20 0.06 0.09 0.04 0.03 0.03 0.04 0.14 0.22 0.02 0.03 0.04 0.12 0.05 0.02 1.10 1.48 0.17 0.23 0.20 0.05 1.60 0.03 0.10 0.09 0.11 0.09 0.43 6.35 4.65 0.24 0.17 1.67 0.02 0.03 0.09 0.07 3.48

0.25 0.25 unch 0.30 0.37 + 0.16 0.17 + 2.00 2.00 0.00 1.50 0.15 0.15 + 0.03 0.03 unch 0.05 0.06 0.00 0.00 + 0.05 0.06 unch 0.32 0.33 0.21 0.25 0.01 0.01 unch 0.02 0.02 unch 0.92 0.93 0.14 0.16 + 0.00 0.20 unch 0.16 0.16 0.60 0.76 + 0.01 0.01 unch 0.01 0.01 0.19 0.27 + 0.13 0.22 + 29.62 29.66 37.82 37.90 0.32 0.34 + 0.40 0.47 + 0.06 0.06 0.09 0.09 unch 0.00 0.00 + 0.03 0.03 unch 0.12 0.13 unch 0.08 0.10 + 0.05 0.06 0.27 0.28 unch 1.04 1.12 + 0.01 0.01 + 0.03 0.03 unch 0.14 0.14 + 0.17 0.18 0.12 0.17 + 0.11 0.11 1.21 1.99 + 0.13 0.13 unch 0.11 0.11 -

0.00 0.04 0.04 0.20 0.15 0.01 0.00 0.01 0.00 0.00 0.05 0.04 0.00 0.00 0.09 0.03 0.00 0.02 0.17 0.00 0.00 0.09 0.07 0.92 1.17 0.03 0.08 0.01 0.00 0.00 0.00 0.00 0.02 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.05 0.01 0.69 0.00 0.00

0.59 0.90 0.19 2.60 2.07 0.22 0.08 0.09 0.01 0.21 0.63 0.53 0.03 0.04 1.81 0.14 0.34 0.26 1.82 0.04 0.04 0.29 0.49 40.11 53.30 0.56 0.72 0.20 0.13 0.00 0.06 0.17 0.13 0.09 1.40 1.48

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

0.04 0.31 0.42 0.21 0.14 10.68 0.19 0.20

0.01 0.01 0.04 0.07 0.02 0.80 0.09 0.08

P-Q

Exc Volume

Week Low

55 80 62 10 145 166 63 0 211 31 6 103 5 365 326 1239 0 1255 183 1 435 140 1321 769 45 4378 3527 48062 461 274 13 4103 59 3220 1 777 200 197 372 158 7 876 326 487 33 1897 3258 1942 5149 1796 118 2243 312 127 192 485 373 0 664 2 1 1 195 54 450 283 646 96 485 20 8295 140 1257 1 187 1817 4281 7019 2 3 1676 127 352 300 11 337 265 1242 2484 235 1387 315 103 0 149 629 646 268

0.15 0.13 0.10 0.12 1.17 0.06 0.01 0.00 0.05 0.10 0.06 0.07 0.56 0.32 0.20 0.26 0.00 0.04 0.36 103.00 0.16 0.10 0.34 0.27 0.05 0.07 8.00 6.27 0.04 0.15 0.12 4.19 5.33 0.00 0.00 0.11 0.11 0.02 0.03 0.06 0.05 0.23 0.28 0.05 0.03 0.20 0.26 2.73 12.22 15.63 1.49 1.90 0.06 0.35 0.08 1.38 1.75 0.00 0.10 0.34 8.00 0.00 1.20 0.24 0.14 0.12 0.16 0.13 0.88 0.69 0.03 0.17 0.23 0.02 0.95 2.29 2.92 0.07 0.34 0.40 0.19 0.18 0.24 0.17 0.13 0.20 0.25 0.15 0.17 0.13 0.17 0.04 0.16 0.00 0.08 0.06 0.02 0.64

0.14 0.15 + 0.11 0.13 0.00 0.10 + 0.00 0.12 1.07 1.10 0.00 0.05 unch 0.01 0.01 + 0.00 0.03 unch 0.04 0.04 0.07 0.07 0.06 0.06 0.06 0.06 0.52 0.54 0.27 0.27 0.19 0.19 0.21 0.24 0.00 0.03 unch 0.00 0.04 unch 0.32 0.34 0.00 103.00 + 0.14 0.16 0.00 0.10 unch 0.29 0.30 + 0.21 0.25 + 0.00 0.05 + 0.05 0.07 + 4.12 7.25 + 3.20 5.68 + 0.03 0.04 unch 0.13 0.14 + 0.11 0.12 + 3.53 4.16 + 4.55 5.28 + 0.00 0.00 0.00 0.00 + 0.10 0.11 0.07 0.08 + 0.02 0.02 0.02 0.02 unch 0.05 0.06 0.05 0.05 0.19 0.21 0.25 0.27 0.04 0.04 unch 0.03 0.03 + 0.12 0.16 0.14 0.20 2.51 2.53 11.09 11.21 14.18 14.33 1.30 1.37 + 1.68 1.75 + 0.05 0.05 0.27 0.32 + 0.07 0.08 + 1.27 1.35 + 1.65 1.74 + 0.00 0.04 unch 0.07 0.10 + 0.34 0.34 unch 0.00 7.50 0.00 0.12 unch 1.05 1.14 + + 0.20 0.20 0.11 0.13 unch 0.10 0.11 0.14 0.15 0.12 0.12 0.77 0.80 + 0.56 0.63 + 0.02 0.02 0.14 0.14 0.18 0.18 0.00 0.02 unch 0.75 0.84 2.05 2.27 + 2.60 2.90 + 0.05 0.07 + 0.31 0.31 0.40 0.40 + 0.16 0.17 unch 0.00 0.17 0.21 0.22 0.12 0.14 0.12 0.12 + 0.15 0.18 + 0.21 0.24 + 0.11 0.12 0.15 0.16 0.00 0.12 0.14 0.14 0.03 0.03 unch 0.15 0.16 + 0.00 0.11 unch 0.06 0.08 + 0.04 0.06 + 0.01 0.01 0.51 0.55 +

V 329 O 1 V 227 V 311 C 90 C 572 O 304 V 150 O 0 O 140 O 1775 V 546 O 162 V 44 V 2596 O 10 V 238 V 25 O 261 C 1650 V 214 O 13 O 501 V 2498 V 94 O 600 V 307 V 924 O 269 V 180 O 25 V 213 V 357 O 55 V 249 V 105 O 2965142 V 336 O 6 O 4 N 10079 O 0 V 396 O 583 O 53 C 37 V 173 O 344 O 110 V 1073 V 334 O 12 V 237 O 10 V 118 O 30 C 633 C 10 O 100 V 221 V 990 V 243 O 5 V 1896 V 23 O 11896 O 132 V 5801 V 916 O 132 O 632 V 1598 V 129 O 382 V 1197 T 2093 O 208 O 1 D 1572 O 462 V 557

0.17 0.13 0.37 0.30 0.06 0.18 5.00 0.11 0.00 0.01 0.68 0.05 0.00 0.09 0.05 3.00 1.15 0.20 0.05 0.06 0.06 0.00 0.09 0.11 0.18 0.87 0.90 1.07 0.84 0.81 0.04 0.05 0.40 0.06 0.08 0.46 0.00 0.08 0.07 73.90 74.21 0.00 0.91 0.76 0.72 0.90 0.35 0.27 0.26 0.36 0.45 0.07 0.09 0.97 1.25 0.07 0.08 0.03 0.11 0.14 0.13 0.10 0.06 0.35 0.08 1.17 0.28 0.41 0.06 0.04 0.36 0.38 0.19 0.10 0.12 1.75 1.37 0.38 113.34 0.00 0.32

Pelangio Expl V Peloton Mnrls C Peloton Mnrls* O PepinNini Lith* O Perseus Mng T Pershimex Res V Pershing Res* O Peruvian Metal* O Peruvian Metal V Philex Mng* O Philippine Mtl* O Philippine Mtl V Phoenix Global* O Phoenix Gold V Pine Cliff En* O Pine Cliff En T Pistol Bay Mng* O Pistol Bay Mng V Pivit Explor C PJSC Polyus Gd* O PJX Res V Plate Res V Plateau Energy V Plateau Energy* O Platinex Inc* O Platinex Inc C Platinum Gp Mt T Platinum Gp Mt* X Plato Gold V Playfair Mng V Playfair Mng* O PolyMet Mng* X PolyMet Mng T Portage Res* O Portex Mnrls* O Portofino Res V Portofino Res* O Potash Ridge* O Potash Ridge T Power Group V Power Group* O Power Metals* O Power Metals V PPX Mining V PPX Mining* O Precipitate Gl* O Precipitate Gl V Premier Gold M T Pretium Res* N Pretium Res T Prime Mining* O Prime Mining V Prism Res V Prismo Metals C ProAm Expl V Probe Metals* O Probe Metals V Prog Planet* O Prog Planet V Project One C Promithian Gl * O Prophecy Pot C Prosper Gold V Prospero Silvr V Prospero Silvr* O Provenance Gld C Providence V Providence Gld* O Pucara Gold V Pucara Gold* O PUF Vent Inc * O Puma Expl* O Puma Expl V Pure Alumina* O Pure Energy V Pure Gold Mg* O Pure Gold Mg V Purepoint Uran V Q-Gold Res* O Q-Gold Res V QC Copper V QC Precious * O QC Precious V QcX Gold V QcX Gold* O QMC Quantum Ml* O QMC Quantum Ml V QMX Gold* O QMX Gold V Quadro Res* O Quadro Res V Quantum Cobalt C Quartz Mtn Res V Quartz Mtn Res* O Quaterra Res V Quaterra Res* O Quest Rare Mnl* O Questex Gold V

Last

12-month

High

Change 0.01 0.01 0.00 0.00 0.02 0.00 0.00 0.00 0.01 0.03 0.01 0.01 0.05 0.03 0.00 0.02 0.00 0.00 0.01 5.00 0.02 0.00 0.01 0.01 0.01 0.01 3.32 2.58 0.00 0.01 0.02 0.51 0.58 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.03 0.05 0.06 0.27 0.34 0.02 0.07 0.02 0.02 0.01 0.03 0.05 0.00 0.03 0.00 0.28 0.00 0.09 0.03 0.00 0.01 0.01 0.00 0.03 0.03 0.00 0.00 0.03 0.00 0.03 0.25 0.33 0.02 0.03 0.04 0.00 0.01 0.02 0.01 0.02 0.02 0.03 0.01 0.01 0.00 0.02 0.00 0.01 0.00 0.01 0.01 0.00 0.05

High Low 0.27 0.15 0.12 0.15 1.52 0.10

0.11 0.04 0.03 0.00 0.45 0.02

0.06 0.08 0.10 0.08 0.12 0.70 0.32 0.24 0.31 0.05 0.07 0.42 128.00 0.18 0.16 0.37 0.28 0.08 0.13 6.64 5.20 0.05 0.21 0.15 9.70 13.00 0.00 0.00 0.26 0.25 0.05 0.07 0.10 0.07 0.40 0.54 0.10 0.06 0.30 0.41 3.10 14.55 19.13 1.67 2.17 0.06 0.88 0.15 1.53 1.95 0.08 0.11 0.60 9.78 0.20 1.34 0.49 0.32 0.17 0.17 0.17 1.50 0.68

0.01 0.03 0.02 0.00 0.02 0.06 0.01 0.04 0.05 0.00 0.01 0.12 43.41 0.01 0.02 0.16 0.09 0.01 0.01 1.25 0.86 0.02 0.02 0.01 1.50 2.45 0.00 0.00 0.02 0.02 0.01 0.02 0.03 0.02 0.03 0.04 0.04 0.02 0.04 0.05 0.85 4.05 6.25 0.14 0.25 0.01 0.20 0.05 0.37 0.54 0.02 0.02 0.12 1.80 0.02 0.25 0.10 0.11 0.08 0.06 0.02 0.61 0.51

0.19 0.27 0.30 1.41 2.12 2.79 0.08 0.39 0.65 0.21 0.29 0.39 0.50 0.30 0.21 0.27

0.03 0.04 0.01 0.18 0.27 0.38 0.03 0.17 0.14 0.03 0.10 0.14 0.04 0.09 0.03 0.06

0.38 0.25 0.33 0.06 0.24 0.18 0.15 0.11 0.04 0.90

0.06 0.08 0.04 0.01 0.05 0.10 0.02 0.02 0.00 0.25

0.28 0.20 0.40 0.38 0.14 0.35 14.50 0.18 0.10 0.12 1.25 0.12 0.03 0.15 0.07 4.38 1.74 0.35 1.00 0.09 0.16 0.00 0.13 0.17 0.29 1.13 1.45 1.74 1.35 0.98 0.06 0.08 0.74 0.27 0.30 0.46 0.00 0.10 0.08 72.73 74.20 73.85 1.03 0.78 0.83 1.10 0.54 0.40 0.26 0.36 0.56 0.07 0.10 0.92 1.18 0.10 0.14 0.05 0.19 0.25 0.23 0.19 1.00 0.32 0.10 1.00 0.50 0.60 0.08 0.06 0.50 0.55 0.36 0.15 0.13 1.92 1.48 0.43 147.64 0.00 0.48

0.08 0.00 0.09 0.11 0.05 0.07 0.22 0.04 0.04 0.00 0.33 0.03 0.00 0.04 0.02 1.80 0.47 0.07 0.01 0.03 0.05 0.00 0.04 0.05 0.05 0.24 0.33 0.50 0.44 0.04 0.02 0.03 0.29 0.05 0.07 0.11 0.00 0.01 0.02 34.85 35.35 41.50 0.14 0.11 0.31 0.30 0.10 0.06 0.07 0.09 0.11 0.02 0.03 0.35 0.37 0.03 0.04 0.02 0.04 0.06 0.07 0.02 0.00 0.02 0.02 0.11 0.14 0.04 0.03 0.01 0.07 0.10 0.08 0.00 0.03 0.56 0.05 0.16 59.78 0.00 0.13

R Rackla Metals Rackla Metals* Radisson Mng Radius Gold Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Red Eagle Mng* Red Moon Res Red Pine Expl Regis Res NL* Regulus Res Remington Res Renforth Res* Renforth Res Resolve Vent Resource Cap* Reunion Gold* Reunion Gold Revelo Res Revival Gold * Revival Gold Reyna Silver Reyna Silver* Rhyolite Res Richmond Mnls* Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold Rimrock Gold* Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited Rio2 Limited* Rise Gold Corp* Rise Gold Corp Riverside Res Riverside Res* RJK Explor* RJK Explor Robex Res Rochester Res* Rochester Res Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockridge Res Rockwealth Res Rockwealth Res* Rodinia Lithm Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RosCan Gold* RosCan Gold Roughrider Exp Rover Metals* Rover Metals Roxgold Roxgold* Royal Gold* Royal Gold* Royal Mines &M* Royal Rd Mnrls

0.15 0.00 0.34 0.26 0.06 0.17 2.36 0.00 0.00 0.00 0.50 0.04 0.00 0.00 0.04 2.78 0.98 0.20 0.03 0.05 0.06 0.00 0.07 0.09 0.16 0.61 0.77 0.97 0.74 0.00 0.04 0.04 0.32 0.05 0.07 0.40 0.00 0.08 0.07 0.00 71.58 0.00 0.84 0.65 0.00 0.00 0.28 0.22 0.20 0.24 0.41 0.00 0.00 0.00 0.96 0.06 0.07 0.03 0.10 0.13 0.11 0.00 0.06 0.24 0.00 0.54 0.24 0.30 0.05 0.03 0.27 0.35 0.16 0.08 0.10 1.57 1.22 0.38 109.12 0.00 0.00

0.15 0.12 0.34 0.30 0.06 0.18 2.60 0.09 0.08 0.00 0.54 0.05 0.00 0.08 0.05 2.78 1.00 0.20 0.03 0.06 0.06 0.00 0.08 0.11 0.17 0.68 0.90 0.98 0.77 0.75 0.04 0.05 0.38 0.05 0.07 0.46 0.00 0.08 0.07 73.90 74.12 70.10 0.85 0.67 0.72 0.83 0.30 0.24 0.23 0.29 0.42 0.07 0.09 0.97 1.15 0.07 0.07 0.03 0.11 0.14 0.12 0.10 0.06 0.34 0.07 1.14 0.26 0.33 0.05 0.04 0.27 0.35 0.17 0.08 0.11 1.58 1.24 0.38 109.26 0.00 0.27

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

0.02 0.01 0.00 0.04 0.00 0.01 1.40 0.00 0.00 0.00 0.13 0.01 0.00 0.01 0.01 0.01 0.09 0.01 0.01 0.00 0.00 0.00 0.01 0.02 0.00 0.03 0.05 0.05 0.04 0.05 0.00 0.00 0.06 0.00 0.01 0.04 0.00 0.01 0.00 1.41 0.20 0.00 0.01 0.00 0.02 0.05 0.04 0.02 0.01 0.02 0.01 0.00 0.02 0.06 0.03 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.06 0.01 0.53 0.03 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.11 0.08 0.00 1.01 0.00 0.04

(100s) Stock

Exc Volume

Week High

Low

Last

0.00 0.12 0.09 0.16 0.08 0.03 0.03 5.08 3.98 0.05 0.03

0.06 0.13 0.10 0.16 0.09 0.03 0.03 5.59 4.26 0.05 0.03

Royal Std Mnrl* RT Minerals RT Minerals* RTG Mining Rugby Mng Running Fox Rs* Running Fox Rs Rupert Res Rupert Res* Rusoro Mng Rusoro Mng*

O V O T V O V V O V O

0 448 26 138 628 32 50 265 14 454 175

0.00 0.15 0.11 0.17 0.10 0.03 0.03 5.60 4.44 0.05 0.04

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

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

729 3133 3853 521 100 1705 411 172 783 35 142 3 899 12 1134 95 208 119 1343 6736 1155 307 7684 731 121 483 266 543 454 898 252 75 28 299 890 12 90 492 3526 35 59 451 38 106 896 348 202 1655 2117 86 317 35 50 1018 8887 21 17 2 9518 2743 221 1407 5 642 2924 89 331 611 66 261 324 254 230 109 2719 4921 42 14 1347 1288 131 86 171 15 723 119 153 580 465 258 267 57 2393 5307 2474 1038 8 33 655 1363 756 11 399 309 684 2127 191 2304 626 3197 2193 203 1490 89 1126 2656 816 69 148 54 42 25 3120 93 458 925 1341 479 29 4445 41 672 2595 1327 119 2125 955 162 112 1018 7754 223 760 406 213 61 294 2262 7162 1504 2805 322 213 266 39 3183 2135 121 115 3065 471 51 455 2 39 124 98 193

2.22 2.83 0.25 0.19 1.20 0.04 0.04 0.24 0.32 0.33 0.13 0.10 0.01 0.17 0.22 0.24 0.19 2.52 9.94 7.78 0.35 0.38 0.00 0.72 0.49 0.12 0.11 0.04 0.18 0.22 0.15 0.12 0.16 0.29 0.36 0.47 0.65 24.29 19.02 0.38 0.55 0.07 0.06 0.06 0.02 0.07 0.00 0.05 0.02 0.33 0.42 1.59 1.18 0.34 0.40 0.11 0.09 3.60 15.10 0.06 0.06 0.08 0.13 4.36 3.43 2.90 0.12 0.15 0.12 0.15 0.63 0.80 1.54 1.21 0.36 0.46 0.25 0.29 0.68 0.53 0.19 0.19 0.25 0.19 0.27 0.21 0.05 0.06 0.40 0.32 0.19 0.15 7.94 6.21 9.39 12.00 0.15 0.05 0.11 0.14 0.21 0.16 0.06 0.05 2.33 2.98 0.25 0.18 0.14 0.24 0.19 0.09 0.11 0.08 0.18 0.23 5.32 4.12 0.50 0.53 0.66 0.67 0.54 0.07 0.05 0.25 0.30 0.14 1.94 60.83 0.17 0.22 0.54 0.42 0.05 0.42 0.33 0.06 0.05 0.05 0.07 0.14 0.03 0.10 0.74 0.27 0.34 26.31 20.57 0.07 0.11 0.09 0.58 0.46 0.43 0.07 2.77 0.04 0.13 0.18 0.00 0.14 0.18 0.00 0.23 0.29 1.53 1.97

12-month Change

High Low

unch unch unch + unch + + -

0.00 0.02 0.02 0.00 0.00 0.00 0.00 0.46 0.25 0.01 0.01

1.24 0.29 0.20 0.22 0.19 0.07 0.08 6.20 8.70 0.08 0.06

0.03 0.02 0.01 0.04 0.05 0.01 0.01 0.53 0.43 0.03 0.02

+ 2.19 + 2.82 + 0.23 + 0.18 + 1.19 + 0.04 + 0.04 0.23 0.30 0.33 0.12 + 0.10 0.01 unch 0.17 + 0.21 0.22 0.17 2.35 9.17 7.18 + 0.33 0.33 unch + 0.00 + 0.67 0.47 unch 0.10 0.11 0.04 unch + 0.18 + 0.22 0.14 unch + 0.12 0.16 unch 0.27 0.34 0.47 unch + 0.60 22.20 17.37 + 0.38 0.54 0.06 + 0.06 + 0.06 0.02 + 0.07 0.00 unch 0.04 unch + 0.02 0.25 0.34 + 1.55 1.18 unch 0.32 + 0.40 + 0.11 0.08 unch + 3.60 14.31 + 0.05 0.05 0.06 0.13 unch + 4.15 + 3.21 + 2.73 0.10 0.13 + 0.11 + 0.15 + 0.61 + 0.77 1.45 1.10 0.31 0.40 + 0.21 + 0.22 0.61 0.46 0.19 0.19 0.22 0.19 0.25 + 0.20 0.04 0.05 + 0.39 + 0.30 + 0.19 + 0.15 7.43 5.81 8.76 11.18 0.07 + 0.05 + 0.10 0.13 0.17 0.13 0.06 0.04 + 2.32 + 2.95 + 0.25 + 0.18 + 0.14 + 0.24 + 0.19 0.06 0.09 0.07 unch + 0.18 + 0.23 5.09 3.98 0.46 0.51 + 0.66 + 0.64 + 0.50 + 0.07 + 0.05 0.19 0.23 + 0.12 + 1.88 59.76 0.16 0.21 0.44 0.34 0.04 unch 0.36 + 0.29 0.06 unch + 0.05 + 0.05 0.06 unch + 0.12 0.02 + 0.10 0.60 0.21 0.28 23.77 18.60 0.07 unch 0.09 0.08 + 0.51 0.36 + 0.43 0.06 + 2.67 + 0.04 0.12 + 0.15 0.00 + 0.13 + 0.18 0.05 unch + 0.22 + 0.28 1.48 1.83

0.08 0.14 0.04 0.03 0.04 0.01 0.00 0.02 0.02 0.06 0.01 0.01 0.00 0.02 0.01 0.03 0.01 0.17 0.26 0.21 0.02 0.00 0.00 0.04 0.00 0.02 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.08 0.78 0.61 0.05 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.05 0.06 0.12 0.00 0.01 0.08 0.01 0.00 0.38 0.20 0.00 0.01 0.01 0.00 0.42 0.28 0.23 0.02 0.03 0.01 0.02 0.06 0.08 0.01 0.05 0.01 0.01 0.01 0.02 0.03 0.03 0.02 0.03 0.02 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.04 0.02 0.19 0.15 0.01 0.04 0.01 0.04 0.00 0.01 0.03 0.02 0.01 0.01 0.33 0.40 0.03 0.03 0.02 0.05 0.04 0.03 0.02 0.00 0.02 0.02 0.21 0.15 0.04 0.01 0.01 0.04 0.03 0.01 0.01 0.01 0.05 0.01 0.07 1.26 0.00 0.01 0.08 0.07 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.09 0.04 0.06 1.02 0.81 0.00 0.01 0.00 0.05 0.10 0.03 0.00 0.10 0.00 0.01 0.03 0.00 0.00 0.01 0.00 0.01 0.01 0.06 0.09

2.42 3.06 0.25 0.19 1.57 0.04 0.04 0.31 0.36 0.57 0.29 0.22 0.02 0.32 0.40 0.40 0.31 3.51 14.22 10.63 0.39 0.51 0.00 1.24 0.92 0.20 0.17 0.06 0.18 0.22 0.22 0.17 0.25 0.46 0.53 0.54 0.90 28.48 21.86 0.51 0.71 0.08 0.06 0.10 0.07 0.14 0.04 0.07 0.04 0.66 0.85 2.06 1.55 0.38 0.37 0.25 0.19 6.24 15.18 0.08 0.09 0.11 0.20 4.35 3.43 3.00 0.12 0.15 0.18 0.24 0.76 1.40 2.00 2.51 0.45 0.59 0.35 0.53 0.87 0.67 0.40 0.34 0.28 0.21 0.49 0.37 0.48 0.12 0.85 2.21 0.24 0.15 11.62 8.91 11.12 14.88 0.27 0.09 0.20 0.26 0.30 0.22 0.11 0.08 2.51 3.34 0.50 0.23 0.20 0.24 0.19 0.11 0.16 0.13 0.17 0.22 6.09 6.70 0.50 0.56 0.72 1.16 0.88 0.13 0.10 0.28 0.34 0.18 2.00 61.34 0.25 1.45 0.69 0.53 0.14 0.77 0.59 0.08 0.06 0.10 0.10 0.20 0.03 0.15 0.83 0.78 0.85 33.69 25.32 0.15 0.16 0.11 0.58 0.46 0.60 0.19 3.03 0.08 0.17 0.38 0.01 0.41 0.53 0.19 0.26 0.35 2.24 2.94

0.51 0.71 0.04 0.03 0.45 0.02 0.00 0.08 0.12 0.18 0.11 0.08 0.00 0.00 0.08 0.14 0.11 0.58 4.64 3.32 0.07 0.09 0.00 0.43 0.47 0.02 0.07 0.02 0.03 0.06 0.05 0.03 0.07 0.07 0.11 0.19 0.28 7.37 5.25 0.09 0.15 0.03 0.02 0.01 0.01 0.02 0.00 0.03 0.01 0.26 0.10 0.75 0.82 0.15 0.07 0.02 0.03 2.53 3.50 0.01 0.02 0.03 0.04 0.89 0.45 1.30 0.02 0.02 0.05 0.05 0.46 0.24 0.22 1.05 0.06 0.10 0.05 0.08 0.15 0.11 0.04 0.05 0.07 0.05 0.10 0.15 0.01 0.02 0.18 0.00 0.04 0.07 2.12 1.50 3.28 4.50 0.00 0.00 0.07 0.08 0.05 0.03 0.03 0.02 0.37 0.50 0.16 0.05 0.04 0.08 0.06 0.00 0.01 0.04 0.04 0.06 1.38 1.97 0.30 0.13 0.19 0.22 0.13 0.02 0.02 0.06 0.07 0.02 0.89 23.43 0.19 0.19 0.06 0.05 0.04 0.05 0.03 0.02 0.01 0.01 0.01 0.02 0.01 0.03 0.22 0.02 0.14 12.12 9.00 0.01 0.03 0.02 0.05 0.05 0.16 0.05 0.39 0.02 0.12 0.12 0.00 0.11 0.15 0.02 0.00 0.07 0.25 0.28

S 2.01 2.64 0.19 0.15 1.12 0.03 0.02 0.23 0.30 0.00 0.00 0.10 0.00 0.15 0.19 0.22 0.17 2.34 9.09 7.11 0.30 0.31 0.00 0.58 0.47 0.10 0.11 0.04 0.15 0.20 0.14 0.11 0.16 0.26 0.34 0.40 0.00 21.83 17.14 0.33 0.42 0.06 0.05 0.05 0.01 0.07 0.00 0.04 0.02 0.25 0.33 0.00 1.18 0.30 0.33 0.00 0.08 3.22 14.08 0.04 0.05 0.06 0.13 3.72 2.90 2.60 0.09 0.11 0.10 0.13 0.49 0.65 1.41 1.10 0.31 0.39 0.00 0.21 0.59 0.46 0.00 0.15 0.22 0.00 0.23 0.18 0.03 0.05 0.34 0.27 0.15 0.13 7.39 5.77 8.53 10.93 0.07 0.00 0.09 0.12 0.17 0.13 0.06 0.04 1.99 2.56 0.23 0.15 0.12 0.20 0.15 0.06 0.08 0.07 0.16 0.19 4.95 3.87 0.46 0.00 0.00 0.58 0.45 0.07 0.05 0.17 0.22 0.12 1.87 58.66 0.16 0.20 0.42 0.33 0.04 0.35 0.27 0.06 0.04 0.04 0.05 0.11 0.00 0.09 0.55 0.21 0.28 23.61 18.48 0.06 0.08 0.07 0.45 0.26 0.38 0.06 2.37 0.04 0.12 0.14 0.00 0.13 0.17 0.00 0.00 0.27 1.44 1.83

GLOBAL MINING NEWS

(100s) Stock

Week

Exc Volume

Steele Oceanic* Stellar Africa* Stellar Africa Stelmine Can Steppe Gold Steppe Gold* Sterling Metal Sterling Metal* Stevens Gold Stone Gold Stornoway Diam* Straightup Res Stratabd Mnr* Stratabd Mnr Strateco Res* Strategic Metl* Strategic Metl Strategic Res Strategic Res* Strikepoint Gd* Strikepoint Gd Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor Stuhini Explor* Stuve Gold Sulliden Mng Sulliden Mng* Summa Silver* Summa Silver Sun Metals Sun Peak Metal Sun Summit Sun Summit* Suncor Energy Suncor Energy* Superior Gold* Superior Gold Superior Mng Superior Mng* Supernova Met Supernova Met* Surge Copper Surge Copper * Surge Explor Sutter Gold* Syrah Res*

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

THE NORTHERN MINER / DECEMBER 21, 2020–January 3, 2021

0 43 184 127 264 9 51 6 7 4257 6198 870 174 159 130 116 252 37 0 1785 2107 542 44 83 21 6 41 455 2 267 668 4042 526 2072 24 78166 37770 24 291 576 525 125 308 1877 99 42 258 1047

Last

Low

Change

0.05 0.05 0.06 0.09 2.12 1.86 0.39 0.32 0.27 0.25 0.00 0.28 0.23 0.27 0.00 0.33 0.43 0.42 0.00 0.20 0.25 0.09 0.07 0.73 0.47 0.39 0.42 0.06 0.05 0.82 1.05 0.15 0.61 0.21 0.16 24.08 18.94 0.56 0.71 0.73 0.53 0.17 0.13 0.70 0.50 0.08 0.00 0.93

0.05 0.05 unch 0.00 0.05 0.00 0.05 0.08 0.09 + 2.03 2.11 + 1.59 1.66 + 0.34 0.35 0.28 0.30 0.27 0.27 unch 0.12 0.22 + 0.00 0.00 unch 0.18 0.22 + 0.21 0.23 + 0.26 0.26 0.00 0.00 0.32 0.32 0.41 0.42 + 0.00 0.42 + 0.00 0.14 unch 0.16 0.16 0.21 0.21 0.08 0.09 + 0.07 0.07 + 0.62 0.63 0.43 0.44 0.34 0.39 + 0.42 0.42 unch 0.00 0.06 0.05 0.05 unch 0.64 0.71 0.82 0.91 0.13 0.14 + 0.55 0.56 0.18 0.20 + 0.15 0.16 + 22.22 23.75 + 17.37 18.59 + 0.47 0.48 + 0.59 0.61 + 0.63 0.73 unch 0.49 0.49 0.15 0.15 0.00 0.12 0.47 0.70 + 0.00 0.48 0.00 0.08 unch 0.00 0.00 + 0.60 0.70 -

0.00 0.00 0.01 0.02 0.08 0.08 0.04 0.02 0.00 0.10 0.00 0.04 0.02 0.01 0.00 0.01 0.01 0.03 0.00 0.02 0.03 0.01 0.01 0.06 0.01 0.01 0.00 0.01 0.00 0.05 0.04 0.01 0.02 0.02 0.01 0.78 0.61 0.02 0.03 0.00 0.04 0.01 0.01 0.08 0.02 0.00 0.00 0.10

High Low

Stock

0.51 0.05 0.07 0.12 3.14 2.33 0.75 0.55 0.32 0.28 0.02 0.35 0.26 0.38 0.01 0.60 0.80 0.45 0.30 0.21 0.27 0.15 0.10 0.83 0.94 0.72 0.45 0.10 0.05 2.20 3.50 0.25 1.34 0.40 0.28 45.12 34.56 1.15 1.53 0.89 0.58 0.32 0.24 0.74 0.50 0.30 0.05 0.85

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

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

U.S. Gold* U3O8 Corp U3O8 Corp* Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold

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

0.05 0.01 0.02 0.04 0.63 1.42 0.05 0.00 0.24 0.02 0.00 0.10 0.12 0.05 0.00 0.18 0.25 0.18 0.14 0.01 0.02 0.03 0.01 0.15 0.12 0.29 0.21 0.03 0.03 0.60 0.09 0.06 0.50 0.10 0.08 14.02 9.61 0.26 0.33 0.11 0.22 0.02 0.03 0.02 0.03 0.05 0.00 0.09

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

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

257 42 1470 1719 48 1250 3039 4 409 4384 123 2111 104 324 70 180 210 219 711 12217 1964 24 12924 19818 13 580 106 78 15 18 545 629 36 2430 51 111 448 177 894 76 23 630 125

0.22 0.18 0.20 0.34 0.27 0.02 0.37 0.00 12.05 0.05 0.84 0.66 0.29 0.37 0.14 0.11 0.17 0.27 0.35 1.14 1.44 0.11 24.00 18.78 30.00 0.11 0.09 0.25 0.17 0.67 0.85 0.14 0.11 14.60 11.30 0.06 0.08 0.29 0.37 0.04 0.08 0.12 2.50

0.20 0.16 0.14 0.31 0.25 0.02 0.30 0.00 9.13 0.03 0.72 0.57 0.26 0.33 0.00 0.10 0.15 0.23 0.30 1.02 1.31 0.11 22.64 17.64 27.12 0.10 0.07 0.17 0.17 0.61 0.78 0.12 0.09 13.68 10.71 0.06 0.07 0.26 0.33 0.04 0.06 0.08 1.99

0.22 0.16 0.15 0.32 0.25 0.02 0.36 0.00 11.85 0.03 0.81 0.64 0.27 0.35 0.14 0.11 0.15 0.24 0.31 1.10 1.40 0.11 23.02 18.02 27.12 0.10 0.08 0.20 0.17 0.66 0.81 0.12 0.09 13.76 10.78 0.06 0.07 0.27 0.33 0.04 0.08 0.12 2.11

(100s)

12-month

High

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

0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.00 2.25 0.01 0.03 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.04 0.06 0.00 1.02 0.81 2.03 0.00 0.00 0.03 0.00 0.01 0.01 0.01 0.02 0.13 0.10 0.00 0.01 0.00 0.02 0.01 0.02 0.04 0.13

0.31 0.22 0.23 0.44 0.47 0.05 0.43 0.00 15.70 0.03 1.49 1.09 0.39 1.00 0.16 0.12 0.22 0.44 0.35 1.34 1.76 0.20 24.07 18.84 30.00 0.34 0.25 0.33 0.23 0.70 0.90 0.30 0.18 16.80 12.82 0.08 0.14 0.41 0.55 0.06 0.08 0.12 3.80

0.07 0.05 0.03 0.29 0.16 0.01 0.08 0.00 2.50 0.01 0.55 0.36 0.25 0.04 0.04 0.03 0.04 0.03 0.05 0.20 0.28 0.07 8.15 5.60 9.00 0.09 0.07 0.04 0.04 0.30 0.10 0.03 0.02 3.86 2.84 0.02 0.04 0.11 0.16 0.01 0.03 0.03 0.20

Week

Exc Volume

High

Low

Last

290 913 3 0 1 210 1130 34 2 1100 290 26 3 249 262 641 701 58 3 25 532 217 41 133 168 849 740 10 166 0 118 1938 32 114 249 82 596 126 52 628 387 154 4 973 13943 14 240 15 70 305 131 1360 238 6 330 68 1406 417 1495 422 204 1374 319 1 1 18 746 185 423 1882 749 3060 1742 267 11 1652 585 1119

2.93 1.80 0.06 0.06 0.80 0.35 0.19 0.14 0.15 0.09 0.06 0.14 3.98 0.39 0.31 0.15 0.20 0.05 0.60 0.57 0.71 0.32 1.04 1.36 0.04 0.44 0.09 2.97 0.35 0.00 16.83 21.05 0.58 0.74 0.08 0.04 0.16 0.12 1.08 1.37 7.25 0.13 0.11 0.17 0.21 0.10 0.15 0.12 0.08 0.09 2.62 2.05 0.11 0.13 0.08 0.06 0.26 0.21 0.20 0.16 0.90 1.16 0.09 0.07 0.06 0.09 0.40 2.30 2.95 0.90 0.70 12.64 16.10 0.02 0.02 0.00 0.03 0.09

2.56 1.55 0.00 0.06 0.00 0.22 0.17 0.00 0.00 0.07 0.06 0.10 0.00 0.34 0.27 0.13 0.18 0.05 0.00 0.00 0.65 0.26 1.01 1.28 0.00 0.37 0.08 2.21 0.29 0.00 14.66 19.42 0.54 0.00 0.07 0.04 0.14 0.11 1.01 1.30 7.00 0.00 0.10 0.15 0.19 0.09 0.12 0.12 0.05 0.00 2.30 1.80 0.09 0.00 0.07 0.06 0.23 0.18 0.17 0.13 0.83 1.07 0.00 0.07 0.00 0.00 0.24 1.83 2.71 0.75 0.59 10.76 13.78 0.02 0.02 0.00 0.02 0.06

2.70 1.79 0.06 0.06 0.80 0.27 0.18 0.14 0.15 0.09 0.06 0.14 3.81 0.34 0.27 0.15 0.19 0.05 0.60 0.51 0.70 0.28 1.01 1.30 0.04 0.40 0.08 2.50 0.32 0.10 15.40 19.64 0.54 0.69 0.07 0.04 0.14 0.12 1.01 1.31 7.04 0.12 0.11 0.16 0.20 0.09 0.15 0.12 0.07 0.08 2.37 1.85 0.10 0.04 0.07 0.06 0.25 0.20 0.18 0.15 0.89 1.14 0.09 0.07 0.06 0.08 0.40 2.15 2.71 0.79 0.62 12.14 15.51 0.02 0.02 0.00 0.02 0.07

344 94 73 2 3241 4867 1337 6537 22 71 215 130 1071

11.91 0.18 0.14 0.07 1.97 0.08 1.20 0.20 0.06 0.07 0.11 0.34 0.44

12-month Change

(100s)

High Low

Stock

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

0.18 0.19 0.00 0.00 0.00 0.01 0.02 0.00 0.00 0.02 0.00 0.04 0.19 0.04 0.03 0.00 0.00 0.00 0.00 0.06 0.02 0.02 0.01 0.02 0.01 0.02 0.01 0.25 0.03 0.00 0.72 0.99 0.02 0.01 0.01 0.00 0.01 0.02 0.02 0.01 0.16 0.01 0.01 0.00 0.00 0.01 0.03 0.00 0.02 0.00 0.21 0.15 0.00 0.04 0.00 0.00 0.02 0.01 0.02 0.01 0.01 0.02 0.01 0.00 0.00 0.01 0.14 0.09 0.18 0.02 0.02 0.67 0.87 0.00 0.00 0.00 0.01 0.00

4.85 2.65 0.08 0.07 0.80 0.70 0.28 0.34 0.29 0.20 0.16 0.20 4.40 0.47 0.35 0.19 0.25 0.08 1.50 0.78 1.10 0.78 2.98 3.93 0.07 0.50 0.10 3.09 0.55 0.50 19.45 25.52 0.59 0.79 0.14 0.07 0.24 0.18 1.40 1.98 7.92 0.14 0.11 0.20 0.26 0.29 0.40 0.19 0.08 0.12 3.61 2.74 0.13 0.30 0.15 0.11 0.47 0.35 0.48 0.34 1.33 1.82 0.11 0.27 0.10 0.13 0.33 3.40 4.51 1.80 1.33 12.64 16.10 0.03 0.02 0.01 0.05 0.11

0.27 0.40 0.03 0.02 0.52 0.10 0.13 0.06 0.07 0.04 0.03 0.07 1.01 0.06 0.02 0.05 0.07 0.02 0.35 0.11 0.14 0.24 0.31 0.44 0.02 0.10 0.06 0.50 0.15 0.00 6.19 8.79 0.21 0.27 0.02 0.02 0.11 0.08 0.90 0.45 4.23 0.06 0.05 0.04 0.06 0.09 0.03 0.12 0.01 0.02 1.50 1.03 0.05 0.01 0.04 0.06 0.19 0.13 0.07 0.06 0.30 0.42 0.02 0.03 0.02 0.04 0.05 0.27 0.38 0.27 0.20 3.01 4.30 0.01 0.00 0.00 0.02 0.03

10.75 11.72 + 0.11 0.18 + 0.09 0.14 + 0.00 0.07 1.43 1.71 + 0.07 0.08 unch 0.09 1.08 + 0.18 0.19 + 0.04 0.05 0.06 0.06 + 0.09 0.11 + 0.30 0.31 0.39 0.39 -

0.88 0.05 0.04 0.01 0.29 0.00 0.13 0.02 0.01 0.01 0.02 0.03 0.01

14.44 0.19 0.90 0.07 1.97 0.19 2.50 0.20 0.08 0.09 0.24 0.50 0.67

2.61 0.04 0.01 0.04 0.09 0.05 0.70 0.07 0.01 0.02 0.06 0.07 0.10

U-V

Week Last

12-month

Exc Volume

High

Low

Change

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

O 145 C 313 O 209 X 25613 N 114005 O 0 V 922 V 314 V 90 T 1375 X 10624 V 6436 X 24243 O 14771 D 17854 V 595 O 229 V 769 O 85 V 95 O 1397 V 239 V 115 O 150 N 173346 O 26847 O 341 V 668 C 2398 O 198 V 280 O 10 V 140 O 10 V 1231 O 610 V 2799 O 434 V 1773 V 307 O 295 V 43 O 4 O 70 V 266 V 1161 O 651 V 18 O 77 T 287 O 187 O 64 V 210 O 306 T 1459 O 139 V 1474 O 6 C 231 C 571 O 1 V 31 O 165 V 2160 O 32 V 64 V 4058 O 65 V 359 X 1667 T 86 O 132 V 129 V 1179 O 454 C 163 O 125 V 947 O 30 C 45 O 65 V 419 O 378 V 323 V 368 O 100 V 486 O 129

0.53 0.67 0.03 0.53 20.00 0.00 0.08 2.00 0.07 0.87 0.69 0.84 1.59 0.06 6.24 1.29 1.01 0.03 0.02 0.23 0.00 0.24 0.11 0.09 17.05 0.04 0.25 0.32 0.23 0.06 0.08 0.05 0.05 0.09 0.16 0.07 0.09 0.19 0.24 1.36 1.09 0.20 0.15 0.41 0.53 0.07 0.06 0.12 0.03 0.87 0.01 0.03 0.04 9.88 12.65 0.52 0.66 0.02 0.04 0.07 0.04 0.09 0.08 0.45 0.19 0.26 0.04 0.03 0.13 1.07 1.36 0.20 0.25 1.45 1.13 0.19 0.34 0.45 0.19 0.25 0.04 0.05 0.21 0.28 0.07 0.06 0.12 0.10

0.48 0.53 + 0.61 0.64 0.03 0.03 + 0.40 0.47 + 16.42 18.31 + 0.00 0.07 unch 0.06 0.07 1.80 1.80 0.07 0.07 + 0.73 0.80 + 0.56 0.65 + 0.69 0.74 + 1.28 1.50 + 0.03 0.03 + 4.81 4.97 1.20 1.28 + 0.94 0.99 + 0.03 0.03 + 0.02 0.02 + 0.21 0.22 unch 0.00 0.00 + 0.20 0.20 0.09 0.10 0.08 0.08 15.94 16.86 + 0.01 0.02 0.20 0.24 + 0.29 0.30 + 0.15 0.21 + 0.06 0.06 + 0.07 0.08 unch 0.00 0.05 + 0.05 0.05 unch 0.08 0.09 + 0.11 0.13 + 0.06 0.07 0.08 0.08 0.15 0.18 0.20 0.22 1.22 1.22 0.95 0.96 0.19 0.19 + 0.15 0.15 0.37 0.40 + 0.00 0.53 + 0.06 0.06 unch 0.04 0.06 + 0.12 0.12 unch 0.03 0.03 unch 0.78 0.84 + 0.00 0.00 0.01 0.03 + 0.03 0.04 + 9.02 9.48 + 11.51 12.06 0.47 0.48 + 0.60 0.60 0.02 0.02 0.03 0.03 0.00 0.06 0.04 0.04 unch 0.00 0.08 0.06 0.06 0.35 0.37 0.18 0.19 0.23 0.24 0.03 0.03 0.02 0.03 + 0.10 0.12 unch 0.94 0.98 1.22 1.25 0.16 0.18 0.22 0.24 1.30 1.31 1.01 1.02 0.17 0.19 + 0.34 0.34 0.40 0.45 0.19 0.19 unch 0.00 0.25 unch 0.04 0.04 + 0.04 0.05 + 0.18 0.21 + 0.24 0.25 0.06 0.06 0.05 0.05 unch 0.09 0.09 0.08 0.08 -

Walcott Res Walcott Res* Walker Lane*

C O O

0.02 0.01 0.00 0.05 1.62 0.00 0.02 0.10 0.01 0.04 0.04 0.03 0.29 0.01 1.20 0.07 0.05 0.01 0.01 0.00 0.00 0.04 0.01 0.02 0.81 0.01 0.02 0.02 0.03 0.00 0.00 0.01 0.00 0.01 0.02 0.01 0.01 0.00 0.02 0.05 0.04 0.02 0.00 0.02 0.03 0.00 0.01 0.00 0.00 0.06 0.00 0.02 0.01 0.02 0.03 0.00 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.06 0.00 0.01 0.01 0.00 0.00 0.01 0.02 0.02 0.01 0.10 0.08 0.01 0.02 0.02 0.00 0.00 0.01 0.01 0.00 0.02 0.01 0.00 0.03 0.02

Stock

0.76 0.99 0.06 0.73 20.00 0.07 0.12 6.50 0.50 1.00 0.72 0.87 1.59 2.75 14.50 1.32 1.01 0.03 0.03 0.45 0.00 0.27 0.20 0.15 17.05 0.05 0.31 0.41 0.34 0.10 0.14 0.06 0.08 0.09 0.13 0.08 0.10 0.45 0.34 1.75

0.03 0.01 0.02 0.22 4.54 0.01 0.03 1.57 0.05 0.39 0.27 0.05 0.35 0.01 0.25 0.80 0.56 0.01 0.00 0.05 0.00 0.10 0.04 0.04 6.49 0.00 0.09 0.14 0.06 0.03 0.03 0.00 0.01 0.03 0.04 0.02 0.03 0.03 0.03 0.34

0.31 0.22 0.41 0.54 0.11 0.09 0.15 0.04 0.87 2.00 0.04 0.07 16.09 21.04 0.55 0.69 0.06 0.08 0.25 0.10 0.15

0.14 0.10 0.15 0.20 0.03 0.01 0.03 0.00 0.21 0.00 0.01 0.02 2.88 4.02 0.11 0.17 0.01 0.01 0.06 0.02 0.04

0.49 0.21 0.31 0.10 0.08 0.13 1.45 1.90 0.36 0.48 2.93 2.14 0.44 0.68 0.93 0.38 0.52 0.10 0.12 0.35 0.50 0.10 0.07 0.15 0.13

0.20 0.02 0.04 0.01 0.01 0.01 0.36 0.51 0.09 0.14 0.24 0.16 0.08 0.03 0.05 0.13 0.13 0.03 0.04 0.10 0.16 0.03 0.03 0.02 0.01

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

W-Z 2882 3289 10

0.87 0.69 0.06

0.38 0.28 0.03

0.48 0.37 0.06

0.30 0.24 0.02

(100s)

High Low

1.17 0.09 0.90 0.17 0.20 0.02

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

170 1953 1632 3461 112 23 274 41 642 1136 114 1904 233 251 10 1052 255 133 151 1273 5 1342 3319 75 560 288 185 1 10 5 411 495 100 216 82 33 168 41 1 8504 9732 13 195 444 37 679 697 25 994 2 80 382 0 1715 2253 4875 23 59 341 5 1178 25 235 240 20 181 50 165 205 30 304 483 107 5 13411 58794 130 512 2397 5 153 955 150 617 346 106 485 25 25 390 17

Week

12-month

High

Low

Last

Change

0.07 0.11 0.66 0.84 0.33 0.08 0.10 0.03 0.08 0.10 0.08 11.11 8.69 0.22 0.26 0.11 0.08 1.72 2.07 0.07 0.04 1.88 1.48 0.50 0.09 0.12 0.17 0.12 0.15 0.19 0.92 0.72 1.97 0.87 0.71 0.18 0.24 0.24 2.00 54.38 42.42 0.09 0.64 0.81 0.00 0.07 0.01 0.95 4.10 0.12 0.19 0.11 0.00 0.18 0.14 1.55 0.18 0.23 0.84 0.04 0.16 0.12 0.04 0.16 0.13 0.00 0.04 0.07 0.32 0.24 0.09 0.10 1.29 0.96 7.42 5.80 0.00 0.05 0.06 0.12 1.32 1.68 0.20 0.16 0.13 0.15 0.01 0.15 0.11 0.20 0.17

0.07 0.07 + 0.09 0.11 + 0.59 0.61 0.76 0.77 0.33 0.33 unch 0.07 0.08 0.09 0.09 0.03 0.03 unch 0.06 0.07 + 0.09 0.10 unch 0.00 0.08 + 10.15 10.20 7.95 8.00 0.19 0.20 0.26 0.26 unch 0.09 0.09 0.07 0.07 1.51 1.52 1.84 1.92 + 0.06 0.06 0.04 0.04 unch 1.58 1.72 + 1.24 1.35 + 0.45 0.50 unch 0.08 0.09 0.11 0.12 + 0.16 0.17 0.00 0.12 + 0.15 0.15 0.17 0.17 0.70 0.92 + 0.54 0.72 + 1.97 1.97 + 0.80 0.85 unch 0.63 0.66 0.00 0.16 0.17 0.20 0.00 0.24 unch 0.00 1.00 51.02 52.36 + 39.91 41.03 + 0.09 0.09 unch 0.57 0.61 0.74 0.78 0.00 0.04 unch 0.06 0.07 0.00 0.00 0.95 0.95 unch 1.54 3.28 + 0.00 0.12 0.00 0.19 + 0.10 0.10 unch 0.00 0.06 unch 0.16 0.17 0.12 0.13 0.93 1.50 + 0.00 0.18 + 0.21 0.22 unch 0.77 0.82 + 0.04 0.04 unch 0.14 0.14 0.00 0.11 + 0.04 0.04 0.14 0.15 0.11 0.11 0.00 0.00 + 0.04 0.04 0.06 0.07 0.28 0.28 0.22 0.22 0.07 0.09 + 0.08 0.09 unch 1.15 1.15 0.90 0.91 6.98 6.99 5.46 5.47 0.00 0.74 unch 0.04 0.04 0.05 0.05 0.12 0.12 unch 1.15 1.21 1.48 1.54 0.16 0.20 + 0.14 0.14 0.10 0.12 0.00 0.15 0.00 0.00 0.15 0.15 unch 0.11 0.11 unch 0.00 0.20 unch 0.14 0.14 -

0.00 0.02 0.04 0.05 0.00 0.00 0.01 0.00 0.00 0.00 0.02 0.33 0.26 0.01 0.00 0.01 0.00 0.24 0.07 0.01 0.00 0.12 0.08 0.00 0.00 0.01 0.01 0.00 0.00 0.04 0.24 0.19 0.10 0.00 0.00 0.03 0.05 0.00 1.00 1.08 0.91 0.00 0.02 0.03 0.00 0.01 0.01 0.00 1.50 0.03 0.07 0.00 0.00 0.01 0.00 0.47 0.01 0.00 0.04 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.01 0.00 0.08 0.09 0.02 0.03 0.00 0.00 0.01 0.00 0.08 0.09 0.01 0.02 0.01 0.03 0.00 0.00 0.00 0.00 0.02

High Low 0.14 0.19 1.01 1.35 0.70 0.11 0.15 0.07 0.29 0.38 0.12 15.00 11.37 0.30 0.30 0.21 0.17 1.99 2.02 0.19 0.14 1.95 1.53 0.60 0.13 0.18 0.31 0.23 0.16 0.33 1.10 0.84 1.98 1.25 0.93 0.22 0.30 0.24 7.00 76.69 57.89 0.11 2.00 1.34 0.05 0.07

0.05 0.06 0.25 0.33 0.02 0.03 0.03 0.02 0.05 0.07 0.03 5.85 4.10 0.07 0.22 0.04 0.02 0.45 1.15 0.04 0.04 0.44 0.31 0.01 0.07 0.09 0.13 0.11 0.10 0.06 0.25 0.15 1.00 0.35 0.25 0.10 0.08 0.04 1.75 26.99 18.66 0.03 0.29 0.41 0.02 0.02

1.87 4.00 0.20 0.26 0.20 0.11 0.20 0.17 2.25 0.25 0.32 1.28 0.07 0.25 0.18 0.10 0.45 0.20 0.01 0.22 0.35 0.80 0.60 0.11 0.23 1.54 1.15 9.29 7.02 0.95 0.06 0.08 0.45 1.70 2.23 0.20 1.15 0.88 0.28 0.10 0.16 0.12 0.37 0.28

0.63 0.57 0.04 0.01 0.05 0.03 0.01 0.00 0.05 0.05 0.07 0.43 0.02 0.03 0.03 0.01 0.04 0.11 0.00 0.02 0.04 0.26 0.20 0.07 0.03 0.43 0.30 3.11 2.23 0.64 0.02 0.02 0.11 0.17 0.26 0.04 0.13 0.10 0.08 0.00 0.06 0.04 0.16 0.12

BID-ASK — DECEMBER 7–11, 2020 12-MONTH STOCK

African Metals Aftermath Silv Aiml Res Alacer Gold Aldever Res Allante Res Amseco Expl Anglo-Bomarc Antler Hill Apex Res Atlanta Gold Aurelius Min Aurex Energy Austin Res Avarone Metals Aya Gold Banro Corp* Barker Min BE Res BHK Mining Boss Power Brunswick Res Bullion Gold C2C Gold Cairo Res Camrova Res Canada Coal Canterra Mnls Centurion Mnls Cerro de Pasc Cerro Mng Cliffs Nat Res* Clydesdale Res Comet Inds Cresval Cap CROPS Crystal Peak Cyntar Venture Cyprium Mng Duro Metals Electra Stone ESV Res Everton Res Excalibur Res Finore Mng Fire River Gol First Idaho Freedom Egy Full Metal Mnl Fusion Gold GAR Limited General Moly General Moly* GFM Res Global Cop Grp

EXC

BID

ASK

LAST

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

0.06 0.24 0.13 9.41 0.15 0.01 0.05 0.08 0.05 0.07 0.03 0.13 0.04 0.08 ... 1.94 0.11 0.01 0.20 0.02 0.17 ... 0.06 ... 0.41 0.01 0.35 0.13 0.08 ... 0.40 1.45 0.05 2.90 0.02 0.01 0.01 0.10 0.03 0.17 0.01 0.45 0.10 0.09 0.12 0.03 0.10 0.02 0.14 0.01 ... 0.04 ... 0.10 0.07

0.09 0.25 0.29 9.52 0.16 ... 0.07 0.08 0.05 0.11 0.04 0.14 0.06 0.12 ... 2.19 0.11 0.01 0.38 0.02 0.20 0.05 0.15 ... 0.87 0.01 0.35 0.13 0.08 ... 0.75 3.20 0.07 3.00 0.02 0.01 0.02 ... 0.03 0.38 0.02 0.52 0.10 0.10 0.12 0.07 0.98 0.02 0.14 ... ... 0.04 ... 0.15 0.08

0.06 0.25 0.29 9.47 0.15 0.16 0.04 0.15 0.06 0.10 0.03 0.14 0.05 0.08 0.04 2.01 0.11 0.01 0.20 0.02 0.17 0.03 0.10 0.11 0.21 0.07 0.06 0.15 0.07 0.29 0.60 1.43 0.05 2.60 0.03 0.02 0.01 0.19 0.03 0.18 0.01 0.56 0.03 0.10 0.11 0.09 0.12 0.01 0.10 0.17 0.15 0.04 0.11 0.10 0.08

HIGH

LOW

0.33 0.31 10.82 0.22

0.05 0.10 3.50 0.05

0.08

0.02

0.07 0.35 0.04 0.15 0.15 0.13 0.15 2.50 2.10

0.04 0.04 0.03 0.03 0.03 0.04 0.03 0.82 0.10

0.25

0.09

0.47 0.15 0.35

0.09 0.03 0.20

0.07 0.30 0.08 0.34 0.60 7.17 0.05 3.50 0.08 0.04 0.10 0.21

0.01 0.05 0.04 0.12 0.07 0.98 0.01 2.60 0.02 0.01 0.01 0.11

0.27

0.11

0.56

0.40

0.11

0.01

4.13 0.54 100.00 0.15 0.11

0.13 0.03 0.10 0.05 0.04

12-MONTH STOCK

Goldbank Mng Goldblock Cap Golden Cariboo Golden Indepen GoldHaven Res Graphite Egy Great Lakes Gr Great Quest Fe Green Arrow Greenshield Ex Grenville Gold Grosvenor Res GrowMax Res Gunpoint Expl Highbury Proj Highvista Gold Hornby Bay Mnl Hylands Intl Indico Res Inspiration Mg Intl Battery Intl Bethl Mng Iron South Mng K9 Gold Karora Res Kermode Res Knick Expl Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Madeira Mrnls MAG Silver* Major Precious Margaret Lake Mariner Res Melior Res Micrex Dev Midasco Cap MillenMin Vent Milner Con Slv Minecorp Egy Mineral Hill Minsud Res Mongoose Mg Montana Gold Napier Vent Navis Res Corp Nebu Res New Klondike Northway Res NRG Metals Optimus Gold Ord Mountain

EXC

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

BID

0.12 0.18 0.10 ... ... ... 0.05 ... 0.02 0.14 0.11 0.16 0.02 0.57 0.23 ... 0.06 0.04 ... ... ... 0.03 0.24 0.17 0.47 0.01 0.01 0.05 0.05 0.03 ... ... ... 12.52 ... 0.03 ... 0.05 0.02 0.08 ... 0.08 ... 0.15 0.06 0.07 0.09 0.06 ... 0.04 0.01 0.10 0.31 0.12 0.30

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

0.16 0.25 0.12 ... ... ... 0.05 0.10 0.03 0.17 0.15 0.25 0.02 0.70 ... ... 0.06 0.06 0.01 ... ... 0.04 0.27 0.24 0.48 0.02 0.01 0.06 0.10 0.04 ... ... ... 13.30 ... 0.04 ... 0.05 0.02 0.10 ... 0.13 ... 0.15 0.08 0.20 0.10 ... ... 0.04 0.01 0.45 0.34 0.20 ...

0.12 0.19 0.10 0.38 0.42 0.47 0.04 0.10 0.02 0.14 0.12 0.17 0.09 0.61 0.23 0.17 0.06 0.04 0.01 0.03 0.31 0.03 0.24 0.24 0.48 0.01 0.01 0.05 0.06 0.03 1.09 0.24 0.03 12.52 0.42 0.03 0.59 0.08 0.01 0.08 0.05 0.10 0.12 0.15 0.06 0.05 0.10 0.07 0.30 0.04 0.01 0.14 0.31 0.15 0.20

0.18 0.19 0.15 0.40 0.45 0.47

0.09 0.12 0.02 0.05 0.06 0.42

0.04 0.20 0.15 0.20

0.02 0.13 0.06 0.09

0.93 0.30

0.43 0.22

0.11 0.06

0.03 0.03

0.06 0.28 0.28 0.73 0.02

0.01 0.04 0.16 0.20 0.01

0.13 0.12 0.16

0.04 0.01 0.02

0.27

0.13

14.40 0.42 0.09 0.62 0.08

6.12 0.02 0.02 0.13 0.02

0.15

0.07

0.20 0.20

0.02 0.07

0.10 0.15 0.10 0.14

0.01 0.05 0.02 0.04

0.17 0.66 0.18 0.25

0.05 0.24 0.01 0.06

Outback Gold Pac Arc Res Pacific Silk Pan Andean Min Parallel Mng Parlane Res Pedro Res Plata Latina Primary Energy Prime Meridian Project One Prophecy Pot Quantum Cobalt Quinto Res Rare Element* Razore Rock Res Red Oak Mining Reliant Gold Rizal Res Rockland Mnls Ross River Royal Gold Sage Gold Samco Gold Scotch Creek Secova Mtls Sennen Potash Sierra Madre Silver Phoenix Southern Arc SouthGobi Res Southstone Min Stans Energy Stria Lithium Stuve Gold Surge Explor Trench Metals Tri-River Vent TriMetals Mng Vale* ValOre Metals Vatic Vent Venerable Vent Western Gold Whitemud Res Winshear Gold Worldwide Res Yukoterre Res Zadar Ventures Zara Res Zinc One Res Zinco Mng Zincore Mtls

EXC

BID

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

0.35 0.17 0.02 ... 0.12 0.05 0.10 0.04 ... 0.07 0.32 0.12 ... 0.05 0.11 0.06 0.10 ... 0.01 0.07 ... 0.33 0.01 0.01 0.16 0.05 ... 0.13 0.13 0.32 ... 0.01 0.01 0.03 0.31 0.39 0.55 ... 0.11 ... 0.06 0.05 0.12 0.45 0.01 0.12 0.04 ... 0.35 ... 0.01 0.05 0.05

ASK

... 0.25 0.03 0.09 0.15 0.05 0.15 0.05 ... 0.07 0.33 0.19 ... 0.05 0.16 0.10 0.23 ... 0.02 0.08 0.25 0.40 0.01 0.05 0.20 0.06 1.10 0.15 0.14 0.90 0.12 0.01 0.01 0.03 0.42 0.44 0.55 ... 0.12 ... 0.07 ... 0.18 0.50 0.02 0.14 0.05 ... 0.35 ... 0.02 0.07 0.40

LAST

0.28 0.16 0.02 0.09 0.15 0.07 0.13 0.04 0.17 0.07 0.34 0.12 1.10 0.08 0.15 0.07 0.10 0.02 0.02 0.08 0.26 0.40 0.02 0.05 0.16 0.05 0.45 0.13 0.11 0.89 0.09 0.01 0.01 0.02 0.42 0.39 0.55 0.04 0.12 10.24 0.07 0.10 0.12 0.50 0.02 0.14 0.04 0.10 0.30 0.07 0.01 0.05 0.05

HIGH

LOW

1.00 0.27 0.04 0.10 0.20 0.10 0.19 0.06 0.82 0.10 0.60 0.20 3.15 0.08 0.89 0.10 0.15

0.11 0.16 0.01 0.08 0.10 0.02 0.09 0.01 0.16 0.04 0.12 0.02 0.20 0.02 0.06 0.04 0.05

0.11

0.01

0.60

0.20

0.25 0.06

0.07 0.05

0.20 0.25 0.93 0.20 0.04 0.02 0.03 0.45 0.23 0.22

0.04 0.10 0.24 0.06 0.01 0.01 0.01 0.21 0.03 0.04

0.12 11.10 0.13

0.03 6.57 0.07

0.15 0.60 0.03 0.15 0.07 0.10 0.35 0.22 0.03

0.03 0.01 0.01 0.05 0.02 0.08 0.09 0.07 0.01

DECEMBER 21, 2020â&#x20AC;&#x201C;January 3, 2021 / THE NORTHERN MINER