The Norther Miner December 28, 2015 Issue

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VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation 905 841 5004 | geotech.ca

TURQUOISE HILL RESOURCES Lands $4.4B to go underground at Oyu Tolgoi / 3

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

COMMENTARY

Reviving exploration in Manitoba / 4

NGEX RESOURCES

Grows resource at Filo del Sol / 16

DECEMBER 28, 2015-JANUARY 3, 2016 / VOL. 101 ISSUE 46 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Klondex buys Rice Lake complex for US$32M

A sobering look at gold M&A since 2010

BANKRUPTCY SALE

FALLOUT

| Phil Russo finds 40% of past deals aren’t viable today

| Miner buys former San Gold asset at a deep discount

BY SALMA TARIKH

R

starikh@northernminer.com

aymond James analyst Phil Russo has reviewed 67 mergers and acquisitions (M&A) in the gold space since 2010 to determine how many are viable producing, developing and streaming deals. He has found that 40% of transactions would not recoup their total costs, based on current reserves and resources at today’s gold prices.

In an emailed response to The Northern Miner, Russo concedes that he expected the negative outcome, given the number of bad deals, but not the magnitude of the loss, or the pricing environment those transactions need to become “better or break-even deals.”

He says that “the gold space needs higher prices to rationalize deals, or there needs to be incremental reserve and resource growth shown post-transaction.”

Despite the metrics used to gauge the economics of a deal, Russo argues that a transaction is a success if it covers its total cost. This includes upfront acquisition costs and any initial development capital required before producing cash f lows. To assess a deal’s total cost, he used two metrics — payback period and internal rate of return (IRR).

“We observe in the industry the rationale for M&A being driven by net asset value, production, cash flow, reserve, diversification ... but rarely do we hear executives discuss the recoupment of all capital — that is total cost. We’d like to see more discussion on that principle, which is where the real benefits flow to shareholders.”

Using a US$1,150 per oz. gold price, the analyst calculated the payback and IRR for each deal’s total cost. He also projected the commodity price needed for each deal to break even, and the metal price needed to produce a 10% IRR on total costs.

Of the 67 transactions assessed, an estimated 27 cannot repay their total costs in today’s commodity price See GOLD DEALS / 13

San Gold opened the now-suspended Rice Lake gold mine nearly a decade ago. It sits 250 km northeast of Winnipeg, Manitoba. SAN GOLD

“WHEN YOU CONSIDER A $32-MILLION PRICE TAG … THIS THING IS A NO-BRAINER.”

BY SALMA TARIKH starikh@northernminer.com

K

londex Mines (TSX: KDX; NYSE-MKT: KLDX) is buying the idled Rice Lake gold mine and mill near Bissett, Man., to complement its flagship operations in Nevada.

The Rice Lake complex was formerly San Gold’s core asset, but declining gold prices, rising costs and unmanageable debt sent the junior producer into creditor protection in December 2014. Six months later, it sold the assets to a Manitoba numbered company as part of its court-supervised bankruptcy.

Under the proposed acquisition, Klondex will pay US$32 million.

The purchase price includes US$20 million in cash and a US$12-million deferred debt payment that it will repay in three installments of US$4 million a year, at a 4% annual interest rate.

“We are happy of the fact that we have no dilution to our share-

PM40069240

PAUL HUET PRESIDENT AND CEO, KLONDEX MINES

holders. We are able to pay cash for this asset,” Paul Huet, the company’s president and CEO, said on a conference call.

The fully permitted Rice Lake complex includes a functional 2,500-ton-per-day (2,268-tonneper-day) mill, valued at US$80 million to US$100 million. It also comes with 220 pieces of mobile equipment valued at up to US$20 million. Klondex intends to use some of this equipment at its underground Fire Creek and Midas gold-silver mines in Nevada.

Since 2007, San Gold spent $375 million on the Rice Lake mine and mill, including underground development. Between 2007 and 2015,

the operation produced 390,000 oz. gold, Klondex said in a related presentation.

Rice Lake has a historical reserve estimate of 455,000 oz. gold (2.4 million tonnes grading 5.9 grams gold per tonne), plus measured and indicated resources of 634,000 oz. (2.9 million tonnes grading 6.8 grams gold). Its reserve and resource base is similar in size to Klondex’s combined Nevada operations.

Given the large amount of capital previously invested at Rice Lake, Klondex will not need to spend a lot to get the operation up and See RICE LAKE / 2

OBAN MINING: EXTENDING ACQUISITION STREAK INTO 2016 / 14

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DECEMBER 28, 2015–JANUARY 3, 2016 / THE NORTHERN MINER

Klondex picks up Rice Lake for US$32M RICE LAKE From 1

Circuits at the mill at Klondex Mines’ Midas gold-silver mine in northern Nevada's Elko County. KLONDEX MINES

High grades, good execution keeps Klondex shining SPOTLIGHT

| Miner keeps delivering despite low gold prices Klondex Mines (TSX:KDX)

BY SALMA TARIKH

S

starikh@northernminer.com

alman Partners’ analyst Derek Macpherson has recently initiated coverage on Klondex Mines (TSX: KDX; NYSE-MKT: KLDX), with a “buy” rating and a one-year, $5-per-share price target.

“The company has exceptional grades, which provide margin protection and financial flexibility in the current gold-price environment, allowing it to organically fund its expected growth,” Macpherson writes in a Dec. 10 initiation report.

(Six days later, the Vancouver-based investment broker Salman Partners said it would close down in February 2016, due to tough market conditions.)

Klondex operates two underground gold-silver mines in Nevada: Fire Creek and Midas, which sit 160 km apart.

It started production from the Fire Creek deposit under a bulk-sample permit in the second half of 2013, and added the Midas mine and mill to its portfolio in early 2014. The Midas mill processes ore from both high-grade operations.

Using metal prices of US$1,000 per oz. gold and US$15.83 per oz. silver, updated gold-equivalent reserves at Fire Creek average 45.9 grams per tonne, and at Midas, grade 13.6 grams per tonne.

Along with the high grades, the company’s ability to deliver on its mine plans protect it from the low gold prices, John Seaberg, the company’s vice-president of investor relations, said in a Dec. 16 interview.

“Grade is king in this industry.

However, if you have grade and don’t operate it well, you can lose a lot of value. The grade helps, sure — but having good miners and executing on your mine plan will unlock value.”

Since starting production at the narrow-vein, high-grade Fire Creek deposit, Klondex has steadily increased throughput. It has ramped

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“WE RUN OUR MINES AS A BUSINESS — WHICH IS WHAT EVERYONE SHOULD DO — THAT GENERATES FREE CASH FLOW IN ALMOST ANY GOLD-PRICE ENVIRONMENT.” JOHN SEABERG VP OF INVESTOR RELATIONS, KLONDEX MINES

up throughput from 80 tonnes per day in the first quarter of 2014 to 230 tonnes per day in the third quarter of 2015.

O ver t h i s t i me , qu a r terly gold-equivalent output has climbed from 9,600 oz. to 21,200 oz.

Macpherson forecasts throughput at Fire Creek will continue to increase. He expects the firm will invest US$20 million in capital at the deposit in 2016, and US$16 million in 2017. With this capital spending, the analyst predicts throughput will double to 500 daily tonnes in late 2018, pushing up annual gold-equivalent production to 120,000 oz.

“It’s possible,” Seaberg says of the potential doubling of throughput.

“But I would caveat that it is contingent on additional exploration

success. Do we think we are going to have exploration success at Fire Creek? Absolutely. It’s only 7% tested — 93% of the land position is untested.”

He adds that the company intends to deliver measured 5–10% growth each year at Fire Creek, explaining that the analyst’s 120,000 oz. production target is “aggressive.”

At the Midas mine, Klondex has improved gold-equivalent output from 4,000 oz. in the first quarter of 2014 to 10,800 oz. in the third quarter of 2015.

Macpherson expects Klondex will keep Midas’ current throughput at 450 to 500 tonnes per day over the next few years. However, he anticipates gold-equivalent production should modestly increase, as gold grades trend upwards, off-

setting lower silver grades. Macpherson projects Midas will crank out 81,500 equivalent oz. gold in 2018, up from his 2015 estimate of 56,000 oz.

While the Midas mill has a 1,200ton (1,089-tonne) daily capacity, only a combined 715 tonnes per day were milled in the third quarter, leaving room for growth.

“The mill is only two-thirds filled ... our number-one strategic objective at the company is to fill the mill from Midas and Fire Creek,” Seaberg says. He expects Klondex will reach this target in the next two to three years.

Given the company’s progress to date, its share price has appreciated over the past three years, moving from $1.25 in 2012 to $1.61 in 2013, and to $1.95 in 2014. After hitting a 52-week high of $3.87 per share in August, Klondex ended Dec. 15 at $2.67 per share, up 114% since the end of 2012.

Over the same three years, the spot gold price has fallen 37% to US$1,061.20 per oz.

However, Macpherson points out that Klondex’s shares trade at a discount to its peers, which he believes will rerate, as the company continues to “execute operationally, while demonstrating production and resource growth potential.”

Seaberg attributes the previous share price performance to the company’s execution abilities, adding Klondex will do everything it can to deliver value to its shareholders.

“We run our mines as a business — which is what everyone should do — that generates free cash flow in almost any gold-price environment,” Seaberg says.

In 2015, the company guided consolidated gold-equivalent production of 130,000 to 135,000 oz., up 5,000 oz. from its previous estimate.

It ended September 2015 with a US$60.3-million cash position. On Dec. 17, Klondex proposed to buy the idled Rice Lake gold mining complex in Manitoba for US$32 million. TNM

running. But Huet notes the company is in no hurry to bring Rice Lake online.

“There is no urgency to turn this thing on immediately,” he says, explaining it made sense to buy the asset in today’s depressed markets, given its attractive price tag.

“When you consider a $32-million price tag … this thing is a no-brainer, in my opinion. It has a lot of upside, a lot of opportunity — we just got to deliver it.”

Before restarting the operation, Klondex intends to update the resource and reserve, and devise a new mine plan, using more selective mining methods.

Huet points out Rice Lake historically produced the best results through shrinkage mining methods, and that Klondex will apply its narrow-vein underground mining expertise to the operation.

Despite the large capacity at Rice Lake’s mill, Huet envisions the company will start Rice Lake as a smaller 60,000 to 100,000 oz. per year producer, with a plan to feed the mill high-quality tonnes.

Klondex aims to restart the mill in the fourth quarter of 2016.

“WE’RE BLESSED WITH A VERY GOOD ASSET … WE COULD ACTUALLY TURN IT ON SOONER IF WE WANTED, BUT WE JUST WANT TO MAKE SURE WE DO OUR HOMEWORK.” PAUL HUET PRESIDENT AND CEO, KLONDEX MINES

“We’re blessed with a very good asset … we could turn it on sooner if we wanted, but we just want to make sure we do our homework.”

That said, Huet emphasizes Klondex will stay focused on Fire Creek and Midas, explaining Rice Lake will come second to its Nevada operations.

The company’s objective in Nevada is to fill the 1,200-ton-per-day (1,089-tonne-per-day) Midas mill, which processes high-grade feed from both the Fire Creek and Midas operation.

As part of the Rice Lake acquisition, Klondex will receive a 50% interest in the Tully gold project in Timmins, Ont., and a 32% stake in SGX Resources (TSXV: SXR). The transaction, announced on Dec. 17, should close in early 2016.

“We believe the Rice Lake acquisition for US$32 million is a worthwhile undertaking with potential to create value, but it adds execution risk, and could take time to prove it works,” RBC analyst Sam Crittenden writes. He has a $4 target and an “outperform” rating on the stock.

Similarly, Mackie Research analyst Barry Allan notes that Rice Lake is a “difficult asset,” which he believes may take Klondex nine months to restart at a cost of $20 million. “For the next few months, we suspect the market will take a wait-and-see stance. However, if anyone can unlock the value of Rice Lake, it will be Klondex, which has the right attitude to ... restart the mine,” Allan writes. He has $3.50 target and a “buy” rating. TNM

2015-12-21 10:46 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 28, 2015–JANUARY 3, 2016

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Turquoise Hill lands US$4.4B to go underground at Oyu Tolgoi MONGOLIAN COPPER-GOLD

| 80% of the mine’s value resides in underground reserves

Guests tour the underground development more than 1.3 km below surface at Turquoise Hill Resources’ Oyu Tolgoi copper-gold mine in southern Mongolia.

“LONG-TERM COPPER FUNDAMENTALS REMAIN STRONG AND OYU TOLGOI, AS A TIER-ONE ASSET, WILL BE A GLOBALLY IMPORTANT SOURCE OF SUPPLY, AS THE MARKET MOVES BACK INTO STRUCTURAL DEFICIT OVER THE NEXT FEW YEARS.”

BY TRISH SAYWELL

A

tsaywell@northernminer.com

group of 20 lenders have come up with US$4.4 billion in project financing for Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ) to build the underground portion of its Oyu Tolgoi copper and gold mine in southern Mongolia.

The project financing comes at a time the mining industry is suffering one of the worst contractions in its history, and copper prices, at US$2.09 per lb., are at multi-year lows.

Jean-Sébastien Jacques, copper and coal CEO at Rio Tinto (NYSE: RTP; LSE: RIO), which holds a 50.8% stake in Turquoise Hill, described the financing as “significant in the industry,” and “the next important step towards further development” of the world-class Oyu Tolgoi mine, 80 km north of Mongolia’s border with China.

Turquoise Hill’s CEO Jeff Tygesen said in a November conference call that “80% of Oyu Tolgoi’s value resides in its underground reserves,” and that the company would begin underground construction.

The company did a financing in mid-December, updated a feasibility study and revised capital-cost estimates, and plans to restart underground development between April and June 2016.

As far as the industry’s low copper prices and their impact on underground mine development, Tygesen pointed out that the company expects it will take five years to bring the underground online, and another five years to ramp up to full production, so copper prices are barely a factor. “We are a long believer in copper, and we don’t expect prices to remain at these levels forever,” he said.

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TURQUOISE HILL RESOURCES

JEAN-SÉBASTIEN JACQUES COPPER AND COAL CHIEF EXECUTIVE, RIO TINTO

Copper-gold concentrate is bagged at the Oyu Tolgoi mine.

In a press release announcing the project’s finance agreement, Rio Tinto’s Jacques said that “long-term copper fundamentals remain strong, and Oyu Tolgoi, as a tier-one asset, will be a globally important source of supply, as the market moves back into structural deficit over the next few years.”

Rio Tinto says the underground expansion cost remains somewhere between US$5 billion and US$6 billion, but is reviewing those numbers “because the market conditions have changed dramatically in the last six months,” Jacques said during a conference call from Hong Kong, according to Bloomberg.

Analysts at Investec Securities in the U.K. predict that the projected capex could fall in the revised estimate due to the industry downturn, and lower costs for fuel, steel, concrete and other items.

“Rio Tinto has stated that the capex estimate of US$5 billion to US$6 billion is being re-costed, with

TURQUOISE HILL RESOURCES

better understanding expected early next year,” Investec said in a research note. “Given the lower cost of materials and excess capacity of services now available, we’d expect to see that number come down significantly. It was perhaps fortuitous that work on the underground project stalled in mid-2013.”

In a comment from Cowen and Co., lead analyst Anthony Rizzuto noted that Rio Tinto “continues to deliver impressive progress on the development of Oyu Tolgoi, especially given the difficulties of greenfield project development.”

The project financing comes from a syndicate of 15 commercial banks and five international financial institutions, and export credit agencies representing the governments of Canada, the U.S. and Australia.

They include Export Development Canada, the European Bank for Reconstruction and Development, the International Finance Corp., the Export-Import Bank of the United

States and the Export Finance and Insurance Corp. of Australia.

Net proceeds of the US$4.4-billion finance facility, after fees and taxes, will be US$4.1 billion. The all-in project finance interest rate for Oyu Tolgoi — including upfront and ongoing fees, as well as the annual completion support undertaking fee — is the London interbank offered rate, plus 6%, Turquoise Hill said in a news release.

In addition, the parties have agreed to a US$6-billion debt capacity for Oyu Tolgoi, providing the option for another US$1.6 billion of supplemental debt in the future.

“It is a significant accomplishment to secure a huge financing package in the current copper-price environ-

ment,” Daniel Greenspan and Valeriy Dolgopolov of Macquarie Research said in a client note. “The size of the syndicate ... plus the size of the debt package, speak to the quality of the OT underground project.”

The analysts also noted that the debt, combined with Turquoise Resources’ $1.3 billion in cash, is enough to fully fund the first stage of underground development. “We do not expect to see a material change to the $4.9-billion capex estimate released in the 2014 Oyu Tolgoi technical report, when estimates get updated in 2016,” they added.

Oyu Tolgoi is one of four worldclass copper assets in Rio Tinto’s asset portfolio. The others are Escondida, Grasberg and Kennecott. TNM

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E D I T O R IA L Ontario gov’t draws fire over ROF file AG REPORT

| $16M in untracked payments

W

ith the Auditor General of Ontario Bonnie Lysyk newly releasing her Annual Report 2015, it’s been the Ontario government’s mismanagement of the province’s electricity generation system that has grabbed the biggest headlines across the country, but she also has a fair amount of criticism in the report on how the governBY JOHN CUMMING jcumming@northernminer.com ment has overseen mining and mineral investment in Ontario, particularly with respect to the Ring of Fire chromite camp.

Lysyk notes Ontario is Canada’s largest mineral producer, accounting for a quarter of all Canadian production, and has one of the lowest tax rates for miners, and yet the Fraser Institute’s survey of mining and exploration companies ranks Ontario ninth among Canadian provinces and territories in investment attractiveness for mineral exploration.

Some of her criticism isn’t too surprising, and reflects the problems of any large bureaucracy such as Ontario’s Ministry of Northern Development and Mines, which has an annual budget of $41 million and 270 full-time employees. She found the ministry doesn’t adequately assess the effectiveness of its investment marketing activities; has inadequate plans for dealing with abandoned mine sites and upcoming mine closures; is a little slow to complete programs and disseminate geoscience information to the public; may have undercollected the amount of bonds or equivalents needed for mine closure; and taken in too little in taxes, highlighted by collecting less than $20 million in royalties from De Beers’ Victor diamond mine from 2008–14, a period when the mine generated $2.5-billion worth of diamonds.

For the Ring of Fire (ROF), the government established the ROF Secretariat in 2010 to work and consult with Aboriginal Peoples, northern Ontarians and the mining community to encourage sustainable development. Today, the secretariat has 19 full-time staff in offices in Sudbury, Thunder Bay and Toronto.

The secretariat has so far spent $13.2 million in operating expenditures. It has also distributed $16 million in transfer payments to aboriginal communities for capacity building (e.g., operational support, and education and training initiatives for the mining sector) and other support, including funding a local liaison position on the reserves, and negotiating the Regional Framework agreement between the province and the nine nearby Matawa First Nations that outlines how they would work together on environmental monitoring, infrastructure planning, social and economic development, and revenue sharing.

Lysyk found the ROF Secretariat has “continuously missed milestones established by the government” for developing the ROF, for instance, having multi-year delays for environmental assessment approvals and land-use planning. Regarding that $16 million in transfer payments, Lysyk noted the nine communities are required to provide reports for the payments they receive, including progress reports, expense reports and audited financial statements. However, she found these reports “were not submitted on a timely basis, and … contained little supporting documentation to show whether the funds were spent according to the transfer-payment agreements. For example, while communities can claim expenses such as staff travel, meals and accommodation, and professional and legal fees, few invoices were submitted to support the amounts claimed in the expense reports.”

With activity slowing down considerably in the ROF in 2013 with Cliffs Natural Resources’ exit and the fall in commodities prices, the provincial government responded by creating the ROF Infrastructure Development Corp. in August 2014 to plan infrastructure for the area.

This corporation would make decisions on how to spend the $1 billion the Ontario government had committed for ROF infrastructure in its 2014 budget. However, the auditor general notes that none of this money has been spent, and it is contingent on as-yet-unpledged matching funds from the federal government.

Lysyk also found the corporation still had no representation on its board from any stakeholder group such as First Nations, industry or the federal government, and has only five senior bureaucrats from the Ontario government. Neither could she find a timeline for when stakeholders would be engaged. She underscores the corporation has cost $550,000 to set up, and will have annual operating expenditures of $4 million once it becomes operational.

Lysyk relays the mining industry's concerns that “delegating the aboriginal consultation process to the private sector discourages investments in the province’s mining sector because of the high costs of travel to many of these communities in Northern Ontario, and because the length of time to complete the consultation process cannot be controlled.” She points approvingly to the governments of British Columbia and Quebec, who — unlike Ontario — have kept full responsibility for consultation and its related procedural aspects. TNM

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COMPANY INDEX

Agnico Eagle Mines. . . . . . 14 Alacer Gold. . . . . . . . . . . . . 13 Asanko Gold. . . . . . . . . . . . 13 Barrick Gold. . . . . . . . . . . . 13 Coeur Mining. . . . . . . . . . . 13 Detour Gold . . . . . . . . . . . . 13 Discovery Ventures . . . . . . 11 Excellon Resources. . . . . . . 14 Goldcorp. . . . . . . . . . . . . . . 13 Guyana Goldfields. . . . . . . 13

Hudbay Minerals. . . . . . . . 13 IDM Mining. . . . . . . . . . . . 14 Kaminak Gold. . . . . . . . . . . 13 Kinross Gold. . . . . . . . . 13,14 Klondex Mines. . . . . . . . . 1,2 Metals Creek Resources. . . 14 New Gold. . . . . . . . . . . . . . . 13 Newmont Mining. . . . . . . . 13 NGEx Resources. . . . . . . . . 16 Northern Star Resources. . 13

Oban Mining. . . . . . . . . . . . 14 OceanaGold . . . . . . . . . . . . 13 Orezone Gold. . . . . . . . . . . 13 Osisko Gold Royalties. . . . 14 Rio Tinto. . . . . . . . . . . . . . . . 3 Roxgold. . . . . . . . . . . . . . . . 13 SGX Resources. . . . . . . . . . . 2 Silver Wheaton. . . . . . . . . . 13 Turquoise Hill Resources. . 3 Yamana Gold. . . . . . . . . . . . 14

O P- E D

How to revive exploration in Manitoba COMMENTARY

| Creation of vast parks would create “wilderness ghettos”

BY STEPHEN MASSON Special to The Northern Miner

T

he opportunities related to mining and exploration are enormous in Manitoba and Saskatchewan, but mineral exploration in these two provinces is decreasing, and our industry will need to see changes if we are to expect improvement.

Across the country, although there are some exceptions such as Fission Uranium’s uranium discovery in Saskatchewan and Balmoral Resources’ nickel find in Quebec, the lack of exploration activity by junior companies has resulted in a fall-off in discovery rates. Without discoveries, mines rapidly approaching the end of their life will not be replaced, and our once-vibrant mining camps and towns will go into decline, and new mining camps will not be founded.

to exploration — promoted and funded in a large part by American and international environmental groups — is ensuring that any dreams of a better life for future generations who could benefit from discoveries in the area are lost forever.

Limited money spent mainly on old, tired resource targets has produced few exciting finds. What financial institutions and governments need to do is ensure exploration is directed to new areas by offering enhanced tax incentives for “new target exploration,” as opposed to definition and development work. Exploring new targets, although of higher risk, is required to revitalize the industry and increase the discovery rate.

Caught in the middle of all this are our First Nations people and communities seeking to benefit, as all residents should, from resources that are extracted in their region.

MINING TAKES UP LESS SPACE IN ALL OF MANITOBA THAN THE PARKING LOTS OF SHOPPING MALLS IN WINNIPEG, AND EXPLORATION LESS THAN THE WINNIPEG STADIUM. The plunge in the discovery rate across the country has been unprecedented, and has been caused by five factors: 1) A lack of funds in the market for exploration, resulting from riskaverse, bank-owned brokerage firms that engineered a sell-off of junior stocks to mere cents, causing a profound shift in risk tolerance by investors, and a degradation in investor confidence in the junior industry; 2) This contraction in financing caused desperate junior companies to divert their few remaining dollars into exploring less risky, known mineralization, and away from new greenfield targets, as investors leaned towards highquality projects closer to production; 3) T he rise in costs related to complying with excessive and increasing regulations, consultations, safety and environmental measures have reached a point where only a quarter of junior companies had money for exploration, with the remaining companies becoming the walking dead, or on the brink of getting delisted; 4) The rising cost of pre-production work, as required by best practices, has resulted in resurveying, redrilling, reassaying, researching, repricing and refining mill processes to produce yet another National Instrument 43-101 compliant resource estimate report to reduce real risk, and protect analysts, resource slayers and geo-morticians. It has been exploration overkill at shareholders’ expense, as companies issue an unprecedented number of shares to finance it all; 5) The withdrawal and sterilization of huge areas of land accessible

They have rightly pushed back, and want a say in development and a share of revenue from what is happening in their own backyard.

The communities that benefit the least from resource extraction in their area have used their “duty to consult” as leverage in permitting, making it harder for companies in some areas to obtain work permits, and in some instances carry out any kind of exploration work.

This is why provincial governments should adopt some sort of government-resource revenuesharing model, similar to what’s being done in B.C. and in parts of the territories, to ensure that Aboriginal Peoples see an immediate benefit from supporting resource development.

The sterilization of land by new parks in the name of protection is counterproductive for economic opportunities and the development of skill sets for northern communities and residents. Some northern First Nation communities have unemployment rates of 80%, endure poor infrastructure and lack modern amenities.

Surrounding these communities with parks will only ensure a “wilderness ghetto,” where resources in the region cannot be developed to help fund local community projects, amenities and create jobs. Parks cost more money than they generate, and provide only low-paying and relatively few seasonal jobs.

A new federal government Federally in Canada, after 10 years of a Conservative government, we have a change. Our new Prime Minister Justin Trudeau promises a better relationship with the First Nations people, and perhaps in this there is a chance to address some of the issues affecting the decrease in

2015-12-21 11:08 AM

GLOBAL MINING NEWS

exploration, with a number of new First Nation members of Parliament.

The good news for Manitoba is that we have two new MPs in Jim Carr, who is the new Minister of Natural Resources, and MaryAnn Mihychuk, who is now the Minister of Employment for Workforce Development and Labour.

Mihychuk was formerly Manitoba’s Minister of Industry, Trade and Mines; is a graduate and professional geologist; and has sat on the board of the Prospectors & Developers Association of Canada, where she headed the capital crises committee, and others. I have worked with her on these committees and know she got things done on time and on budget.

She is well aware of the issues affecting exploration and would be a good resource for Jim Carr on mineral policy and taxation-policy related issues. She has experience with major mining companies, and has been a champion for the junior industry, as well as prospectors. We very much welcome both these new ministers, as well as Prime Minister Trudeau’s new government, and look forward to working with them.

In Iceland they have jailed their twenty-sixth banker for crimes in 2007–08, while in the U.S. the bankers got bonuses and the banks got bailouts.

Here in Canada the large corporate banks — who have little tolerance for economic risk — were allowed to take over the major brokerage firms and expand their stranglehold on the economy and exponentially increase their profits. In this government-sanctioned process, the banks squeezed out or crippled most mid-sized brokerage houses and instructed their brokerage firms to sell off their junior holdings, which devastated the juniors’ share prices.

The main source of capital for juniors virtually disappeared, guaranteeing discovery rates would plummet. The effect of this action by the banks has still not been addressed, nor is there a reasonable mechanism for replacing exploration funds. The feds allowed this buyout and security regulators went along with it, so they should be the ones to fix it.

A super flow-through tax break of 150% for exploration of new targets for two years would go a long way to bring back the high-risk investor, and perhaps save our industry.

I suggest limiting it to new targets, because that would result in the discoveries that the producers are in dire need of, as reserves dwindle.

This project risk-reduction step should be the role of majors, so that the cost would initially be net neutral to government.

Another strategy along the same lines would be to temporarily (e.g., three years) double the federal Mineral Exploration Tax Credit, which generates funds for grassroots, early stage exploration.

Exploration has slowed for sure in Saskatchewan and Manitoba, but it is more related to the general capital crises for junior exploration than policy or land tenure issues.

Saskatchewan is a shining example for other provinces on land tenure and mineral policy.

But in Manitoba not all is fine.

Exploration in this province has plummeted more than any other province despite the economic incentives that the provincial government has brought in, as far as grants, tax incentives for Manitoba investors and the doubling of assessment credits.

This is not because of potential — Manitoba has world-class discoveries, and Hudbay Minerals has recently opened two new mines.

So, with all the great potential and proven track record of discovery, and great provincial exploration incentives, why is exploration activity so exceptionally low?

As good as these provincial incentives are — and the Manitoba government deserves high praise for

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THE NORTHERN MINER / DECEMBER 28, 2015–JANUARY 3, 2016

being a leader here — the province is not deserving of the Fraser Institute survey’s ranking as the second-best place to explore in Canada or as fourth in the world.

The Fraser Institute’s survey respondents lost some credibility on that one, as investors and exploration companies have voted with their feet, and are either not investing, or leaving the province to explore elsewhere.

The problem lies with the province’s history of not addressing their First Nation communities’ rights for consultation in a manner so that permitting for exploration is not held up due to First Nation’s objections to the whole process.

Attention is finally being directed here, but it is painfully slow.

The other issue is the Manitoba government’s obsession with setting aside vast areas of land where economic development is restricted, with no mining, forestry or hydroelectricity generation permitted.

All this, carried out in the name of saving the boreal forest, has withdrawn millions of hectares of land from exploration.

In Manitoba’s Far North there is no logging or farming, and tourism is not a viable alternative, but there is a drive to make a park out of most of it, including almost the entire coast of the province.

These proposed parks will not stop global warming. This is insanity, because nothing is threatening the environment here. This obsession of the Manitoba government is not just misguided, but in open disregard of the economic well-being of other stakeholders in the province, as well as the economic well-being of the province itself.

A drill rig at Wolfden Resources’ Rice Island nickel-copper project in Manitoba’s Flin Flon-Snow Lake district.

ered with a 2 km thick ice sheet.

Without global warming there would be no boreal forest. It was not the little camp fires of First Nations people that melted all that ice. It certainly took a lot more warmth than we have now to melt these continental glaciers. It has to do with the long-term variation of the orbit of the earth (i.e., Milankovitch cycles), and these are still continuing, and likely will, until all the ice caps are gone.

This is bad for the polar bears, unfortunately, but the good news is that there will be a larger boreal forest. Looking at reconstructed climatic records of glacial and interglacial periods, it appears that if mankind has done anything, it has merely forestalled the next onset of global freezing.

THE MANITOBA GOVERNMENT IS CALLING FOR VAST AREAS OF MANITOBA TO BE WITHDRAWN FROM INDUSTRIAL DEVELOPMENT TO PROTECT THE WOODLAND CARIBOU, WHICH THEY ADMIT IS ONE OF THE HEALTHIEST HERDS IN CANADA. At every stage since this started in the 1990s, the government has lied to the minerals industry about its intentions. First it was for 12% protected areas. When they were given what they wanted, they reengineered it so that even more land was sterilized — this time based on land morphology — then they re-engineered it again to take even more, using the excuse that they wanted to protect species. Many of these species were not even threatened.

When they ran out of excuses, they created parks by edict, with lame excuses like endangered flowers. If they had ever worked in the North, they would know those flowers are everywhere.

I am still not sure if this was just misleading, or total incompetence.

But as explorationists in this province we feel misled, deceived and betrayed, as we see the livelihoods of future generations squashed.

Over 25% of northern Manitoba is restricted from exploration, and now the Manitoba government is pushing to make it 50%. To withdraw half of northern Manitoba from any development, including exploration and mining, is irresponsible.

Vast areas in the North are essentially unexplored, and to withdraw any of it from exploration without doing geological, geophysical and geochemical regional surveys is gross mismanagement of the future economic well-being of this province.

A buzzword these days is “global warming,” and that the land and species must be protected, in particular the boreal forest and the polar bears in the Far North.

Well, this is a farce: just 10,000 years ago, most of Canada was cov-

Without a doubt, humanity’s activities throughout the world have been responsible for pollution, destruction of habitat and overuse of renewable resources. But it remains to be seen if our part in global warming is significant.

Climate change has its warm spikes, but these are anomalies in a world generally colder through time that what we have now. Please note that although some suggest global freezing is near in geological time measured in centuries or millennia, the length of a warm cycle is not something that can be predicted with certainty — only that it will end.

What makes me really upset is that this push for protection is directed from outside Canada by people and nations who have screwed up their own environment and cut down all their forest, and now want to tell Canadians what to do with ours.

The PEW foundation and others out of the U.S. are funding this, and wanting to stop development in Canada’s North because they can’t do it at home.

I’ve even been told that we could end up like Ireland or Scotland, with few trees left.

Sorry, this is not the Middle Ages, and even if they think we are, the people of the North are not Stone Age people, and are smart enough to govern ourselves and protect what we have.

The Manitoba government is now calling for vast areas of Manitoba to be withdrawn from industrial development to protect the woodland caribou, which they themselves admit is one of the healthiest herds in Canada.

OK, logging maybe as indus-

trial development, but why mining?

Relative to logging, exploration and mining activity covers little area, and the impact of exploration is light on the environment, due to the exploration industry’s best practices guidelines and regulations, developed over decades by government and the industry.

Mining takes up less space in all of Manitoba than the parking lots of shopping malls in Winnipeg, and exploration less than the Winnipeg stadium.

Exploration should not be excluded in these parks, and if mineable deposits are discovered, mining should not be excluded. In our Far North we have amazing diamond potential, but the area is covered with a huge park.

Diamond mines, which occupy tiny areas, are pretty friendly to the environment. For example, the Snap Lake mine in the Northwest Territories covers less than 5 sq. km, while the right-of-way for the Bipole I & II transmission lines of Manitoba Hydro covers more than 250 sq. km. Looking at it in other ways, the Snap Lake mine is 8% bigger than the average Manitoba farm was in 2012, and would cover 0.07% of Caribou River Provincial Park in northeastern Manitoba.

Parks and First Nations The creation of large parks, especially covering 50% of northern and eastern Manitoba, would be devastating to the economic opportunities for First Nations, communities and northerners in general.

The First Nations are having opportunities for a better life ripped away, as the government sets aside vast areas as parks, whose boundaries would become invisible prison walls that isolate them from the outside world forever.

I suppose Americans and citydwelling environmentalists who promote these large withdrawals of land from economic development believe they are saving the North from devastation.

Those of us who actually work in the North love our fishing, our clean water and the beauty of the land, plants and animals — but we also love and need our jobs.

We want a vibrant economy in the North not only for us, but for our children and their children.

Proper management of the vast boreal forest can be done with good regulations and proper consultations with First Nations, so they too can benefit from revenue sharing of economic development in areas of their traditional lands.

When the glaciers melted they were the first people to populate Manitoba, moving ever northward as the glacier retreated. To put large parks in the area of First Nation communities, some with 80% unemployment, is to keep them forever as “have-nots” living in conditions akin to those in developing countries, without the benefits derived from developing resources in their own backyard.

5

WOLFDEN RESOURCES

It does not have to be that way.

The creation in times past of small reserves not large enough to have sustainable economic viability in a modern era was tragic, and now for First Nations people to surrender the economic opportunities for the sake of unneeded parks is another tragedy imposed on them from outside.

The prosperity of the North, especially the Far North, where there are no large forests, hinges almost exclusively on exploration, mining and other natural resources.

First Nation people — who by the way have historically prospected, used and traded mineral resources like stone for tools and copper — have an opportunity to stake claims and acquire interest in the mineral wealth for themselves and their communities. Why should they ever lose this?

Why should all northerners lose these opportunities? A few parttime, low-paying seasonal jobs as guides, or jobs in tourism, are not going to sustain these fast-growing communities.

Canada leads the world in mining innovation, and the valuable and transferable skills and the prosperity that mines bring should be shared with all northerners.

First Nations have played a vital role in the North, and will likely play an even greater role going forward in the North’s development, as we all seek the benefits of economic development within the context of a sustainable environment.

It takes decades to evaluate what areas should be a park and what areas should be for economic development.

These two can, and currently do, coexist, and should not be treated as though they can't occur side by side.

The process should certainly not be rushed for political reasons, such as winning the green vote in a particular election.

Before large areas of Manitoba are withdrawn from economic development, there should be a plebiscite of the northern peoples and affected stakeholders, or at least those residing outside the perimeter highways of major cities like Winnipeg.

There is a high probability that as-yet undiscovered mining camps and the benefits of enormous wealth will be lost forever, if they are hastily covered by the huge parks being proposed in Manitoba.

We need to counter this insanity with rational multi-use of land. In the North, life-sustaining economic development depends on finding and developing mining deposits where they are found, because they are unique, they are where they are, and cannot be moved. TNM — Stephen Masson is president of the Manitoba-Saskatchewan Prospectors & Developers Association, and president and CEO of Copper Reef Mining. A version of this commentary appeared in the Northern Prospector magazine, the official publication of the Manitoba-Saskatchewan Prospectors & Developers Association. Visit www.northernprospector.ca. TNM

2015-12-21 10:46 AM

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DECEMBER 28, 2015–JANUARY 3, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 11–17 The United States Federal Reserve’s decision to raise interest rates for the first time since June 2006 lifted Canada’s main stock index by 1.9% to 13,166.08, before finishing at 13,009.93, in a 0.05% decline. The central bank raised the range of its benchmark rate by a quarter of a percentage point to between 0.3% and 0.5%, driving the U.S. dollar higher and the Canadian dollar lower. The loonie closed at $1.3950 to the greenback, or US71.7¢, near the $1.40 level it last reached in 2004. Spot gold closed at US$1,072 per oz. after the interest rate hike on Dec. 16, up from US$1,060.90 per oz., on Dec. 15, before dropping to US$1,050.60 per oz. on Dec. 17.

The S&P/TSX Global Gold Index slid 5.3%, the S&P/TSX Global Mining Index fell 4.7% and the S&P/TSX Capped Diversified Metals & Mining Index plunged 10.6%.

Shares of Orocobre jumped 27% — or 39¢ to $1.83 — on no corporate news, prompting the company to issue a statement saying it was unaware of any information that could explain the activity in its shares. The company is ramping up its Olaroz lithium facility at its flagship brine-based Salar de Olaroz resource in Argentina, and expects to reach a 17,500-tonne-per-year nameplate capacity of high-quality lithium carbonate to begin 2016. The company noted, however, that the Paris Agreement signed by

195 countries at the recent United Nations Climate Conference, which aims to limit future global warming to less than 2°C, makes renewable energy sources and greener technology like rechargeable lithium ion batteries even more important. Orocobre also noted that in contrast with most commodities in the current downturn, the price of lithium carbonate has increased, with recent market prices in excess of US$10,000 per tonne reported in China.

Third-quarter production and financial results drove up the shares of Starcore International Mines by 19¢ to 28¢. The company’s San Martin mine, 250 km northwest of Mexico City, produced 5,105 equivalent oz. gold in the three months ended Oct. 31, at operating cash costs of US$787 per TSX MOST ACTIVE ISSUES

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(000s) HIGH LOW CLOSE CHANGE

First Quantum Teck Res B Kinross Gold Barrick Gold Yamana Gold B2Gold OceanaGold Goldcorp Eldorado Gold Potash Cp Sask

FM 28711 4.89 3.75 3.87 TCKB 17686 5.14 4.25 4.33 K 16527 2.84 2.46 2.48 ABX 14688 10.79 9.56 9.69 YRI 14424 2.96 2.49 2.51 BTO 14160 1.65 1.41 1.50 OGC 12371 2.62 2.35 2.56 G 12274 16.78 15.08 15.26 ELD 10020 4.31 3.86 3.98 POT 9576 25.00 22.89 24.01

- 1.32 - 0.96 - 0.27 - 1.53 - 0.48 - 0.16 - 0.02 - 2.00 - 0.24 - 1.28

equivalent oz. gold, and all-in sustaining costs of US$973 per equivalent oz. gold. The miner’s net income rang in at $0.6 million, and at the end of the quarter, held cash and short-term investments of $7.2 million. The company consolidated its shares and traded on the TSX on a one-for-four consolidated basis effective Dec. 14.

Barrick Gold’s shares were off $1.53, and closed at $9.69 apiece. The company sold

its 70% stake in Spring Valley and its 100% interest in the Ruby Hill mine to subsidiaries of Waterton Precious Metals Fund II for $110 million in cash. President Kelvin Dushnisky said Barrick’s portfolio is “now much more focused on core mines that generate free cash flow,” and added the miner would meet its debt reduction target of $3 billion for 2015.

This will represent a 23% reduction in total debt since the start of the year. TNM

TSX GREATEST PERCENTAGE CHANGE

TSX GREATEST VALUE CHANGE

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WEEK

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Starcore Int V Coro Mining Anaconda Mng Yellowhead Mng Luna Gold Orocobre Wallbridge Mng Rockwell Diam Freegold Vent Horizns G Bear Cardero Res MDN Inc Loncor Res Foraco Intl First Quantum Scorpio Mining Rare Elemnt Rs Zazu Metals Goldgroup Mng Silver Bear Rs

Horizns G Bear Orocobre Starcore Int V Dynacor Gold M Almaden Mnls China Gold Int Dundee Prec Mt Corvus Gold Denison Mines Ur-Energy Franco-Nevada Agrium Agnico-Eagle Horizns G Bull Labdr I-Ore Ro Royal Gold Goldcorp Silver Wheaton Pan Am Silver Barrick Gold

SAM COP ANX YMI LGC ORL WM RDI FVL HGD CDU MDN LN FAR FM SPM RES ZAZ GGA SBR

317 0.28 477 0.03 21 0.04 94 0.04 224 0.06 47 1.84 180 0.03 232 0.13 200 0.08 4786 12.95 353 0.12 539 0.02 945 0.03 28 0.17 28711 4.89 423 0.13 101 0.30 18 0.10 618 0.07 135 0.03

0.07 0.02 0.04 0.03 0.04 1.37 0.03 0.12 0.08 11.12 0.08 0.01 0.02 0.13 3.75 0.11 0.25 0.10 0.06 0.02

0.28 0.03 0.04 0.04 0.05 1.83 0.03 0.13 0.08 12.72 0.08 0.01 0.02 0.13 3.87 0.11 0.26 0.10 0.06 0.02

+ 194.7 + 50.0 + 33.3 + 33.3 + 28.5 + 27.0 + 25.0 + 23.8 + 23.0 + 20.9 - 36.0 - 33.3 - 33.3 - 25.7 - 25.4 - 21.4 - 20.0 - 20.0 - 20.0 - 20.0

HGD ORL SAM DNG AMM CGG DPM KOR DML URE FNV AGU AEM HGU LIF RGL G SLW PAA ABX

4785672 12.72 46575 1.83 316770 0.28 96199 1.70 132853 0.80 734630 2.06 1270692 1.31 107140 0.41 1199469 0.53 195853 0.86 2584001 62.65 1484649 128.67 3781764 34.93 5489401 15.46 2435682 10.12 14771 49.79 12273817 15.26 4296232 16.65 1704319 8.71 14688414 9.69

+ 2.20 + 0.39 + 0.19 + 0.13 + 0.08 + 0.08 + 0.07 + 0.04 + 0.04 + 0.04 - 4.31 - 4.17 - 3.82 - 3.53 - 2.23 - 2.23 - 2.00 - 1.71 - 1.56 - 1.53

TSX VENTURE EXCHANGE / DECEMBER 11–17 The S&P/TSX Venture Composite Index took a hit from falling commodity futures, as it tumbled 1.5%, or 7.33 points, en route to a 496.95-point weekly close. On the economic front, Statistics Canada reported that foreigners invested $22 billion in Canadian instruments in October. Meanwhile, U.S. industrial production dropped 0.6% in November, which marks the steepest decline in more than three and a half years.

February contracts for gold closed down 2%, or US$21, at US$1,052.10 per oz. Crude oil futures have been on a steady decline since the Organization of the Petroleum Exporting Countries opted during a meeting in early December to maintain production levels. January contracts for West Texas Intermediate fell another 5.3%, or US$1.96, en route to a US$34.80-per-barrel close. March contracts for copper lost US2¢ before closing at US$2.04 per lb.

In capital markets news, Salman Partners announced it will shut its doors in February, after 22 years of business. The investment banking and institutional trading firm had offices in Vancouver and Toronto, and had carved out a niche in the natural resource industry. CEO Terry Salman said in a media release that the firm would resign its membership in the Investment Industry

Regulatory Organization of Canada, due to “extremely difficult” industry conditions.

Select Sands topped the value-added category after a $1.1-million financing. The company gained 11¢ on 710,000 shares traded, before closing at 47¢ per share. On Dec. 11 Select Sands announced closing a private placement, where it issued 2.7 million units at 40¢ each. The units consist of one share and one purchase warrant, exercisable at 60¢ for three years.

The company is advancing its Silica Sand project in Arkansas to sell frac/industrial material into “major U.S. oil and gas basins, as well as industrial and specialty end markets.”

As per a recent preliminary economic assessment, the project hosts 20 million tonnes of silica sand, with a pre-tax, US$190-million TSX-V MOST ACTIVE ISSUES

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Skeena Res SKE Arctic Star Rs ADD Fancamp Expl FNC Majestic Gold MJS Huntington Exp HEI Equitas Res EQT VMS Vent VMS Nemaska Lith NMX Gold Std Vnt GSV Northern Shiel NRN

5962 5317 3927 3080 2729 2658 2507 2490 2383 2313

0.07 0.02 0.03 0.12 0.01 0.12 0.07 0.42 0.90 0.02

0.06 0.01 0.02 0.08 0.01 0.06 0.05 0.37 0.81 0.01

0.07 + 0.02 0.03 0.09 + 0.01 0.06 - 0.05 - 0.39 + 0.87 + 0.01 -

0.01 0.00 0.00 0.01 0.00 0.02 0.02 0.04 0.07 0.01

net present value.

Explorer Skeena Resources was the most traded stock after releasing news on an outstanding financing. The company saw nearly 6 million of its shares change hands, before it closed up 1¢ at 7¢ per share.

On Dec. 16 Skeena reported it would delay closing the second tranche of a private placement valued at $1.3 million. The company

closed its first stage, valued at $4.7 million, in early November. The company expects the rest of the financing to close in January.

Skeena recently picked up the GJ coppergold project from Teck Resources and NGEx Resources, and is advancing its Spectrum high-grade gold property. Both assets are located in B.C.’s prolific Golden Triangle region. TNM

TSX-V GREATEST PERCENTAGE CHANGE

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RockBridge Res Noble Metal Gr Indigo Expl Brionor Res Nomad Ventures Cassidy Gold Ferrum Am Mng Oracle Mng Diamond Fields Orex Expl Laurion Mnl Ex Silvore Fox Ml Crazy Horse Rs Plato Gold Stelmine Can Discovery Harb Western Pac Rs Aura Silver Rs Plate Res Great Bear Res

SNS Silver Gold Std Vnt First Lithium Antofagasta Gd Reservoir Mnls Zenyatta Vent RPT Uranium Mason Graphite Nemaska Lith Adventure Gold Gold Reserve Titanium Corp Energold Drill Viscount Mng Chesapeake Gld Lowell Copper Kennady Diam Midland Expl Reservoir Capt Roxgold

RBE NMG IXI BNR NMD CDX FEM OMN DFI OX LME SFX CZH PGC STH DHR WRP AUU PLR GBR

62 230 127 250 35 222 145 133 303 45 153 722 51 230 78 400 10 35 121 286

0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03

0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02

0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02

+ 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

SNS GSV MCI AN RMC ZEN RPT LLG NMX AGE GRZ TIC EGD VML CKG JDL KDI MD REO ROG

710002 2382919 879100 243150 51430 131342 42207 836009 2490021 92400 42498 366564 319026 388500 50976 13000 167598 167894 11725 564642

0.47 0.87 0.40 0.25 4.09 0.90 0.18 0.40 0.39 0.14 3.49 0.70 0.31 0.50 1.81 0.20 2.40 0.49 0.31 0.70

+ 0.11 + 0.07 + 0.05 + 0.04 + 0.04 + 0.04 + 0.04 + 0.04 + 0.04 + 0.03 - 0.24 - 0.13 - 0.11 - 0.11 - 0.10 - 0.09 - 0.08 - 0.08 - 0.07 - 0.06

U.S. MARKETS / DECEMBER 11–17 U.S. equities closed lower, despite receiving a boost after the Federal Reserve raised interest rates. The Dow Jones Industrial Average fell 0.5% to 17,495.84, while the S&P 500 Index lost 0.5% to close at 2,041.89. The Nasdaq dipped 0.8% to 5,002.55.

Almaden Minerals shares were still on the rise, after releasing a positive preliminary economic assessment (PEA) on its Ixtaca gold-silver project in Mexico on Dec. 9. Its shares gained 8.4% to close at US58¢. The study, including the benefits of the recent mill purchase, envisions Ixtaca as a 7,000-tonneper-day operation, with a 13-year mine life.

The throughput is similar to the 2014 PEA’s alternative scenario that envisioned Ixtaca has a small mine, before ramping up to 30,000 daily tonnes in year six. Of note, the initial capital has dropped from US$244 million to US$100.2 million, improving the project’s economics. Assuming a US$1,150 per oz. gold price, the after-tax net present value at a 5% discount rate is US$166 million, with a 30% internal rate of return. Annual production should average 55,660 oz. gold and 3.6 million oz. silver, at operating costs of US$684 per equivalent oz. gold.

Dec 28 Pgs 6.indd 6

Cliffs Natural Resources sank 30.5% to US$1.59 per share, after Champion Iron Mines opted to buy the Bloom Lake iron ore mine in the Labrador Trough for $10.5 million — compared to the wallet-busting $4.9 billion Cliffs paid for it when it acquired Consolidated Thompson Iron Mines in 2011.

As part of the deal — expected to close in early 2016 — Champion will also receive related rail and mineral assets in Quebec.

Hudbay Minerals fell 20% to US$3.36 per share, on no new corporate news. On Dec. 4, it announced president and CEO David Garofalo would resign so he could become U.S. MOST ACTIVE ISSUES

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Freeport McMo* FCX 226492 7.29 6.10 6.12 Alcoa* AA 116669 9.34 8.68 9.15 Barrick Gold* ABX 73361 7.87 6.94 6.94 Consol Energy* CNX 47536 7.45 6.35 6.90 Goldcorp* GG 39542 12.25 10.87 10.95 Kinross Gold* KGC 39435 2.07 1.75 1.78 Potash C Sask* POT 36498 18.01 16.65 17.20 Teck Res B* TCK 32457 3.75 3.04 3.11 Newmont Mng* NEM 31178 19.80 17.50 17.61 B2Gold* BTG 26725 1.21 1.03 1.08

- 1.41 - 0.14 - 1.27 - 0.83 - 1.69 - 0.22 - 1.28 - 0.75 - 2.50 - 0.12

president and CEO at Goldcorp. Hudbay appointed Alan Hair as Garofalo’s replacement, effective Jan. 1, 2016. Hair hosted an investor and analyst luncheon and Q&A session on Dec. 11. The company notes its balance sheet is tight after building the large Constancia

mine in Peru, BMO analyst Aleksandra Bukacheva writes in a note. “The Rosemont project is unlikely to go ahead if copper prices stay at or below US$2 per lb.,” she adds, noting Hudbay believes market condition will improve towards 2019. TNM

U.S. GREATEST PERCENTAGE CHANGE VOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

SunCoke Engy* Almaden Mnls* Gold Std Vnt* General Moly* Avalon Rare M* Denison Mines* Yanzhou Coal* Ur-Energy* Intl Tower Hi* Arch Coal* Rhino Res* Cliffs Nat Rs* Peabody Enrgy* HudBay Mnls* Mines Managem* Teck Res B* Natural Rs Pt* Freeport McMo* Hi-Crush Part* Tasman Mtls*

SXC AAU GSV GMO AVL DNN YZC URG THM ACI RNO CLF BTU HBM MGN TCK NRP FCX HCLP TAS

846 3.52 399 0.58 669 0.64 606 0.26 538 0.10 408 0.38 388 4.54 311 0.64 46 0.23 5056 1.20 51 0.44 24155 2.15 3262 9.41 60 3.93 348 0.23 32457 3.75 357 1.22 226492 7.29 220 6.46 125 0.20

2.83 0.53 0.59 0.22 0.09 0.36 4.19 0.55 0.19 0.85 0.26 1.42 7.06 3.23 0.15 3.04 1.00 6.10 5.51 0.16

3.51 + 9.3 0.58 + 8.4 0.63 + 8.0 0.25 + 5.9 0.09 + 5.6 0.38 + 4.4 4.50 + 3.6 0.62 + 3.3 0.21 + 1.9 0.98 + 0.5 0.27 - 34.4 1.59 - 30.5 7.49 - 25.9 3.36 - 20.1 0.16 - 19.6 3.11 - 19.4 1.07 - 18.9 6.12 - 18.7 5.51 - 18.1 0.17 - 18.0

U.S. GREATEST VALUE CHANGE

WEEK

VOLUME CLOSE CHANGE

SunCoke Engy* SXC Yanzhou Coal* YZC Gold Std Vnt* GSV Almaden Mnls* AAU Ur-Energy* URG Denison Mines* DNN General Moly* GMO Arch Coal* ACI Avalon Rare M* AVL Intl Tower Hi* THM Compass Mnls* CMP Randgold Res* GOLD Agrium* AGU Franco-Nevada* FNV Agnico-Eagle* AEM Rio Tinto* RIO Peabody Enrgy* BTU Alliance Rs P* ARLP Newmont Mng* NEM Royal Gold* RGLD

846217 3.51 388279 4.50 668857 0.63 398569 0.58 311263 0.62 407699 0.38 605811 0.25 5056227 0.98 537809 0.09 46029 0.21 316320 73.94 3066774 59.24 375762 92.21 3249319 44.93 9939227 25.05 4995473 27.52 3262231 7.49 2285663 12.31 31177909 17.61 3366084 35.57

+ 0.30 + 0.16 + 0.05 + 0.05 + 0.02 + 0.02 + 0.01 + 0.01 + 0.01 + 0.00 - 6.43 - 5.25 - 4.80 - 4.05 - 3.27 - 3.16 - 2.63 - 2.63 - 2.50 - 2.47

2015-12-21 10:45 AM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 28, 2015–JANUARY 3, 2016

7

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

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

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

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 17, 2015 (change from December 10, 2015 in brackets): Aluminium Alloy 13980 (+520) Aluminium 2929200 (+4350) Copper 231475 (-450) Lead 169475 (+37725) Nickel 435756 (+35868) Tin 6115 (+365) Zinc 494700 (-22350)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

TSX VENTURE WARRANTS

Thermal Coal CAPP: US$43.10 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$43.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Jan. 2016: US$43.10; Feb. 2016: US$43.40 Cobalt: US$11.16/lb.

Copper: US$2.06/lb.

Copper: CME Group Futures Jan. 2016: US$2.102/lb.; Feb. 2016: US$2.110/lb Ferro-Chrome: US$1.97/kg Ferro Titanium: US$4.35/kg FerroTungsten: US$22.75/kg Ferrovanadium: US$13.68/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$38.50/tonne Iron Ore Fines: US$53.16/tonne Iron Ore Pellets: US$71.04/tonne Lead: US$0.74/lb.

Magnesium: US$1.99/kg Manganese: US$1.63/kg Molybdenum Oxide: US$5.44/lb.

Phosphate Rock: US$123.00/tonne Potash: US$300.00/tonne Rhodium: Mid-mkt US$660.00/tr. oz.

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

Silver: Handy & Harman Base: US$13.72 per oz.; Handy & Harman Fabricated: US$17.14 per oz.

Tantalite Ore: : US$132.41/kg Tin: US$6.65/lb.

Uranium: U3O8, Trade Tech spot price: US$36.00/lb.; The UX Consulting Company spot price: US$35.80/lb.

Zinc: US$0.66/lb.

Prices current Dec. 18, 2015

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

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

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19 Supplied by TMX Group Inc.

TSX VENTURE SHORT POSITIONS

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Dec 17 Dec 16 Dec 15 Dec 14 Dec 11 US$ in C$ 1.3970 1.3805 1.3728 1.3733 1.3696 C$ in US$ 0.7158 0.7244 0.7284 0.7282 0.7301 EXCHANGE RATES (Bank of Canada, December 17, 2015) Currency Aus $ Euro Japan Mex P SA Rand UK £ In C$ 0.9918 1.5094 0.01138 0.08160 0.09182 2.0780 0.7099 1.0805 0.00815 0.05841 0.06573 1.4875 In US$

DAILY METAL PRICES Date Dec 17 Dec 16 Dec 15 Dec 14 Dec 11 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1580/1595 1565/1580 1560/1580 1585/1600 1600/1600 Aluminum 1482/1474 1477.50/1477.50 1477/1476 1475/1475 1495/1527 Copper 4549.50/4550 4582/4586 4585/4600 4639.50/4638 4668.50/4660 Lead 1634.50/1640 1675/1680 1714/1719 1712/1712 1716/1730 Nickel 8600/8650 8670/8720 8640/8690 8560/8600 8650/8705 Tin 14640/14600 14745/14625 14595/14600 14570/14525 14550/NA Zinc 1461/1482.50 1479/1496 1499/1519 1523/15355 1551.50/1582 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1065.85 1065.75 1069.15 1068.00 1067.20 Gold PM 1049.40 1075.25 1061.50 1068.25 1072.50 Silver 14.08 13.74 13.74 13.71 13.92 Platinum 848.00 876.00 852.00 854.00 836.00 Palladium 568.00 573.00 558.00 547.00 543.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Dec 17 Dec 16 Dec 15 Dec 14 Dec 11 US$ in C$ 1.3970 1.3805 1.3728 1.3733 1.3696 C$ in US$ 0.7158 0.7244 0.7284 0.7282 0.7301

NEW 52-WEEK HIGHS AND LOWS DECEMBER 11–17, 2015 14 New Highs Blue Rvr Res Canada Carbon Colombia Crest Copper Ck Gold First Lithium Gold Std Vnt Gold Std Vnt* Golden Share M Honey Badger E Lucara Diam Majestic Gold Menika Mining Minsud Res Noble Metal Gr

348 New Lows Acme Res Adamera Mnls Adex Mining Advance Gold African Gold G Aguila Am Res Alderon Iron O Aldershot Res Aldridge Minls Aldrin Res Alexander Nubi Alexandria Mnl Alita Res Alliance Mng Alliance Rs P* Alloycorp Almonty Ind Altan Nev Mnls Altan Rio Mnls Altius Mnrls Alto Vent Alum Cp China* Amarc Res Amex Expl Anconia Res Anfield Nickel Anfield Res Anglo-Can Mng Apogee Silver AQM Copper Arctic Star Rs Aroway Mnls Ascot Res Asher Res Asian Minl Res Astorius Res Astur Gold Atac Res Avino Silver* Axmin Inc Azincourt Res Baja Mng Balmoral Res Bandera Gold Banyan Gold Bard Vent Barisan Gold Barker Mnrls Batero Gold Bayswater Uran BCGold Bear Creek Mng Benton Cap Berkwood Res BHP Billi-BBL* BHP Billi-BHP* Bitterroot Res Bold Vent Burnstone Vent Cameco Corp* Cameco Corp Canaf Group Canamex Res Candente Coppr CaNickel Mng Canterra Mnls Canuc Res Cap-Ex Vent Cardero Res Cassidy Gold Castle Peak Mg Central Fund* Champion Bear China Mnls Mng Claim Post Res Clear Mtn Res

Cliffs Nat Rs* Cloud Peak En* CMC Metals Colombia Crest Colorado Res Commander Res Compass Mnls* Constant Mtl R Copper North M Copper One Cornerstone Ca Coro Mining Corsa Coal Crazy Horse Rs CVR Partners* Dalton Res Ltd Defiance Silvr Diamond Fields Discovery Harb Dominion Diam* Dominion Diam Duncan Park H Dundee Prec Mt Dynasty Met&Mn East Asia Mnls Eastfield Res Energold Drill Equitorial Exp Eurasian Mnls* Europn Uran Rs Excalibur Res Fairmont Res Falcon Gold Fancamp Expl Firebird Res Firesteel Res Firestone Vent First Bauxite First Point First Quantum Fjordland Exp Foraco Intl Foran Mng Fortune Mnrls Forum Uranium Freeport McMo* Frontline Gold Full Metal Mnl Gabriel Res GAMCO Glb Gld* General Moly* Geodex Mnrls Geologix Ex Geomega Res Georox Res Getty Copper GGL Res GoGold Res Gold Finder Ex Gold Mtn Mng Gold Reach Res Goldcliff Res Goldcorp* Golden Band Golden Goliath Goldex Res Goldeye Expl Gonzaga Res Gran Colombia Great Atlantic Great Bear Res Great Quest Me GTA Res & Mng Gunpoint Expl Hansa Res Heatherdale Rs Highway 50 Gld Hornby Bay Mnl HudBay Minls HudBay Mnls* Hunt Mng Huntington Exp IBC Adv Alloys IMPACT Silver Imperial Metal Independence G Intl Montoro R Intl Tower Hi* Intl Tower Hil Intrepid Pots* J.A.G. Mines Katanga Mng Kestrel Gold

Khan Res Kincora Copper Kings Bay Gold Kiska Metals Kootenay Gold Labdr I-Ore Ro Laurion Mnl Ex Lexam VG Gold Lincoln Mng Loncor Res Lowell Copper Lucky Mnls Lundin Mng MacDonald Mns Magellan Minls Majescor Res Mandalay Res Marlin Gold Mason Graphite Masuparia Gold Matamec Expl Maya Gold & Si MDN Inc Meadow Bay Gd Mega Uranium Melior Res Mesa Expl Mesabi Trust* Metalcorp Metanor Res Micrex Devel Midas Gold Midland Expl Minas Buenavn* Mindoro Res Mineral Mtn Rs Mines Managem* Mines Managmnt Miranda Gold Monarques Res Mosaic* Mountain Boy M MPVC Mustang Minls Namibia Rare E Nebu Res Network Expl Nevada Copper Nevado Res Nevsun Res Nevsun Res* New Milln Iron Newport Expl Noble Mnl Expl North Am Tung Northern Abiti Northern Dyn* Northern Freeg Northern Gld M Northern Shiel Northern Sup R Northisle C&G NovaCopper NQ Expl Opawica Expl Oracle Mng Orca Gold Orestone Mng Orex Minls Pac Coal Res Pac North West Pac Ridge Expl Pan Global Res Pancontl Uran Peabody Enrgy* Pelangio Expl Peregrine Diam Pershimco Res Peruvian Prc M Pilot Gold Pinecrest Res Pinetree Cap Plate Res Platinex Platinum Gp M* Platinum Gp Mt Plato Gold Potash C Sask* Potash Cp Sask Precipitate Gl Prophecy Coal Puma Expl Q-Gold Res

QMC Quantum Ml QMX Gold Quest Rare Mnl Rambler Mg&Mtl Ratel Grp Red Rock Enrgy Redhill Res Redstar Gold Redstar Res Reliance Res Rhino Res* Rio Tinto* Riverside Res RJK Explor Rockland Mnls Rodinia Lithm RPT Uranium Rubicon Mnls* Rupert Res Russell Metals Sage Gold Sama Res Sanatana Diam Sandspring Res Santacruz Silv Savant Expl Scorpio Mining Serengeti Res SGX Res Sherritt Intl Silver Bear Rs Silver Bull Re Silver Mtn Mns Silver Pursuit Silvercorp Mtl Skeena Res Sona Res Sonora Gld & S Source Expl Sprott Ph Silv Standard Graph Stelmine Can Stillwater Mg* Stonegate Agri Strike Graph StrikePoint Gd Sultan Mnrls SunCoke Engy* Superior Coppr Sutter Gold Taipan Res Taseko Mines* Taseko Mines Teck Res A Teck Res B* Teck Res B Tembo Gold Tiller Res Timberline Rs* Timmins Gold* Timmins Gold Tribute Res Turquoise HIl* TVI Pacific Typhoon Expl U3O8 Corp Uracan Res Uranium Res* US Energy* Valterra Res Vanstar Mng Rs Vena Res Vendome Res Victory Res VMS Vent VVC Expl West Kirkland Western Coppr* Western Lithiu Western Pac Rs Williams Creek Wolverine Mnls Xmet Xtierra Yanzhou Coal* Zimtu Capital

For daily mining news, visit www.northernminer.com

EXCHANGE RATES (Bank of Canada, December 17, 2015) Currency Aus $ Euro Japan Mex P SA Rand UK £ In C$ 0.9918 1.5094 0.01138 0.08160 0.09182 2.0780 In US$ 0.7099 1.0805 0.00815 0.05841 0.06573 1.4875 GLOBAL MINING NEWS · SINCE 1915

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

Dec 28 Pgs 7.indd 7

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

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

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

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

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

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

2015-12-21 10:44 AM

8

WWW.NORTHERNMINER.COM

DECEMBER 28, 2015–JANUARY 3, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 11–17, 2015 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 2424 0.06 0.06 0.06 - 0.01 0.09 0.03 Abcourt Mines V 4480 0.05 0.04 0.05 0.00 0.07 0.03 ABE Res V 391 0.05 0.03 0.03 - 0.01 0.08 0.03 0.07 0.00 0.30 0.06 Aben Res V 41 0.07 0.07 Aberdeen Intl T 2518 0.13 0.12 0.12 0.00 0.19 0.11 2.90 - 0.02 5.10 1.53 Abitibi Royalt V 236 2.90 2.65 Acme Res V 20 0.02 0.02 0.02 0.00 0.06 0.02 0.02 0.00 0.05 0.02 Adamera Mnls V 2048 0.02 0.02 Adex Mining V 517 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 7415 0.12 0.10 0.10 - 0.02 0.19 0.08 0.01 0.00 0.04 0.01 Advance Gold V 34 0.01 0.01 Adventure Gold V 924 0.14 0.08 0.14 + 0.03 0.20 0.06 African Gold G V 2080 0.04 0.04 0.04 - 0.01 0.07 0.04 African Metals V 273 0.06 0.04 0.05 + 0.01 0.11 0.02 African Queen V 7515 0.02 0.02 0.02 - 0.01 0.03 0.01 0.50 + 0.03 0.55 0.30 Africo Res T 152 0.50 0.50 Agnico-Eagle* N 99392 28.24 24.93 25.05 - 3.27 34.89 21.00 Agnico-Eagle T 37817 38.70 34.80 34.93 - 3.82 43.70 25.24 Agrium* N 3757 96.10 92.03 92.21 - 4.80 116.77 86.60 Agrium T 14846 131.71 127.14 128.67 - 4.17 146.51 105.68 Aguila Am Res V 40 0.04 0.04 0.04 - 0.01 0.11 0.04 Alabama Graph V 5828 0.18 0.16 0.17 - 0.01 0.35 0.14 Alacer Gold T 28730 2.60 2.39 2.53 - 0.15 3.23 1.99 Alberta Star V 5366 0.03 0.02 0.02 + 0.01 0.05 0.02 Alcoa* N 1166691 9.34 8.68 9.15 - 0.14 17.10 7.81 0.12 0.10 0.10 - 0.01 0.58 0.10 Alderon Iron O T 2310 Aldershot Res V 850 0.02 0.01 0.01 - 0.01 0.05 0.01 Aldridge Minls V 2177 0.14 0.12 0.14 - 0.01 0.21 0.12 Aldrin Res V 3360 0.11 0.09 0.11 0.00 0.26 0.09 Alexander Nubi V 1470 0.07 0.04 0.07 + 0.02 0.20 0.04 Alexandria Mnl V 11830 0.03 0.02 0.03 0.00 0.06 0.02 Alexco Res T 3068 0.46 0.43 0.44 - 0.01 0.81 0.34 Alexco Res* X 5354 0.36 0.31 0.32 - 0.02 0.68 0.26 Alita Res V 2341 0.06 0.06 0.06 - 0.01 0.36 0.06 Alix Res V 4824 0.05 0.04 0.05 - 0.01 0.09 0.03 0.01 0.00 0.06 0.01 Alliance Mng V 400 0.01 0.01 Alliance Rs P* Q 22856 14.51 11.93 12.31 - 2.63 43.88 11.93 Alloycorp V 3850 0.02 0.01 0.01 0.00 0.07 0.01 Almaden Mnls* X 3985 0.58 0.53 0.58 + 0.05 1.11 0.48 Almaden Mnls T 1328 0.80 0.75 0.80 + 0.08 1.57 0.65 Almonty Ind V 3413 0.26 0.23 0.24 - 0.03 0.86 0.23 Alpha Gold V 10 0.04 0.04 0.04 - 0.01 0.06 0.03 Alphamin Res V 2010 0.18 0.18 0.18 - 0.01 0.32 0.11 Altair Vent V 15 0.11 0.11 0.11 + 0.02 0.60 0.06 Altan Nev Mnls V 350 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.01 0.02 0.00 0.05 0.01 Altan Rio Mnls V 6312 Altima Res V 34 0.01 0.01 0.01 + 0.01 0.04 0.01 Altiplano Mnls V 220 0.03 0.03 0.03 + 0.01 0.06 0.02 Altius Mnrls T 4217 10.89 9.46 10.13 - 0.88 15.47 9.46 Alto Vent V 1556 0.03 0.02 0.02 0.00 0.10 0.02 Alum Cp China* N 1551 7.84 7.01 7.77 - 0.16 17.44 7.01 Am Creek Res V 3437 0.04 0.03 0.03 0.00 0.10 0.03 Amarc Res V 740 0.06 0.06 0.06 0.00 0.18 0.06 Amarillo Gold V 50 0.06 0.06 0.06 - 0.01 0.15 0.04 Amato Expl V 195 0.01 0.01 0.01 0.00 0.03 0.01 V 1350 0.03 0.02 0.02 - 0.01 0.05 0.01 American Manga American Vanad V 3391 0.08 0.07 0.08 + 0.01 0.29 0.05 Amerigo Res T 2466 0.20 0.17 0.17 - 0.02 0.45 0.17 Amex Expl V 1050 0.03 0.02 0.02 - 0.01 0.09 0.02 Anaconda Mng T 210 0.04 0.04 0.04 + 0.01 0.07 0.04 Anconia Res V 1242 0.02 0.01 0.01 - 0.01 0.03 0.01 Anfield Nickel V 974 0.63 0.52 0.60 - 0.04 0.96 0.52 Anfield Res V 438 0.11 0.05 0.08 - 0.05 0.30 0.05 Angel Gold V 55 0.04 0.03 0.03 0.00 0.10 0.01 Angkor Gold V 395 0.49 0.43 0.49 0.00 0.64 0.38 0.18 - 0.01 0.30 0.02 Anglo-Bomarc V 56 0.18 0.13 Anglo-Can Mng V 400 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 178213 7.51 6.34 6.45 - 1.03 13.12 5.64 Antioquia Gold V 120 0.08 0.07 0.08 + 0.01 0.10 0.01 Antofagasta Gd V 2431 0.28 0.20 0.25 + 0.04 0.29 0.09 Apogee Silver V 177 0.20 0.16 0.16 - 0.05 0.65 0.16 AQM Copper V 7625 0.04 0.03 0.03 - 0.01 0.08 0.03 Aquila Res T 1301 0.20 0.18 0.18 - 0.01 0.24 0.09 Arch Coal* N 50562 1.20 0.85 0.98 + 0.01 19.50 0.80 Archon Mineral V 50 1.50 1.50 1.50 - 0.18 2.09 0.95 0.04 - 0.01 0.09 0.03 Arco Res V 13 0.04 0.04 Arctic Hntr Ur V 500 0.03 0.03 0.03 0.00 0.06 0.02 Arctic Star Rs V 53168 0.02 0.01 0.02 0.00 0.07 0.01 Arcus Dev Grp V 420 0.02 0.02 0.02 0.00 0.04 0.01 Argentex Mng V 3155 0.04 0.02 0.03 + 0.01 0.08 0.02 Argex Titanium T 21095 0.04 0.04 0.04 + 0.01 0.60 0.03 Argonaut Gold T 25433 1.26 1.16 1.20 - 0.09 3.14 1.14 Argus Metals V 350 0.02 0.02 0.02 0.00 0.11 0.02 Arianne Phosph V 833 0.88 0.83 0.86 - 0.02 0.98 0.51 Armistice Res T 357 0.32 0.29 0.32 + 0.02 0.52 0.22 Aroway Mnls V 3364 0.02 0.01 0.01 0.00 0.10 0.01 Arrowstar Res V 350 0.06 0.05 0.06 + 0.01 0.20 0.04 ASA (Bermuda)* N 6569 7.43 6.78 6.85 - 0.76 12.31 6.73 Asanko Gold T 24853 2.16 1.92 2.00 - 0.18 2.55 1.52 Asanko Gold* X 811 1.56 1.41 1.44 - 0.15 1.94 1.26 Ascot Res V 2750 0.95 0.81 0.87 - 0.06 2.00 0.81 Ashburton Vent V 21088 0.02 0.02 0.02 - 0.01 0.03 0.01 Asher Res V 200 0.02 0.02 0.02 - 0.01 0.08 0.02 AsiaBaseMetals V 110 0.05 0.05 0.05 0.00 0.14 0.04 Asian Minl Res V 1070 0.03 0.03 0.03 0.00 0.08 0.03 Aston Bay V 864 0.16 0.15 0.16 + 0.02 0.20 0.08 Astorius Res V 50 0.01 0.01 0.01 - 0.01 0.05 0.01 Astur Gold V 50 0.01 0.01 0.01 0.00 0.08 0.01 Atac Res V 13911 0.31 0.26 0.29 - 0.01 0.78 0.26 Atacama Pac Gd V 335 0.15 0.15 0.15 0.00 0.45 0.14 Athabasca Mnls V 4284 0.28 0.24 0.27 - 0.03 1.21 0.20 Atico Mng V 355 0.31 0.28 0.28 - 0.04 0.67 0.27 Atlanta Gold V 388 0.08 0.07 0.07 + 0.01 0.25 0.05 Augen Gold V 107 0.06 0.04 0.06 + 0.02 0.20 0.03 Augyva Mng V 2100 0.11 0.11 0.11 0.00 0.15 0.07 Aura Mnls T 4153 0.08 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 350 0.01 0.01 0.01 - 0.01 0.02 0.01 Aurcana Corp V 2865 0.12 0.10 0.12 + 0.01 0.35 0.09 AurCrest Gold V 4110 0.02 0.02 0.02 - 0.01 0.04 0.01 Aureus Mng T 135 0.11 0.10 0.11 - 0.02 0.83 0.09 Aurion Res V 2550 0.05 0.05 0.05 0.00 0.08 0.03 Avala Res V 38 0.04 0.04 0.04 0.00 0.09 0.03 Avalon Rare M* X 5378 0.10 0.09 0.09 + 0.01 0.40 0.08 Avalon Rare Mt T 2594 0.14 0.12 0.13 0.00 0.48 0.11 Avino Silver V 279 1.28 1.24 1.24 - 0.01 2.40 1.15 Avino Silver* X 1379 0.93 0.89 0.90 - 0.04 1.97 0.89 Avnel Gold T 1342 0.24 0.22 0.24 - 0.01 0.31 0.15 Avrupa Mnls V 160 0.09 0.09 0.09 + 0.01 0.40 0.07 Axmin Inc V 10 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 300 0.13 0.11 0.12 - 0.01 0.25 0.10 Azincourt Res V 214 0.04 0.04 0.04 - 0.01 0.36 0.04

B B2Gold* X 267245 B2Gold T 141599 Bacanora Mnls V 85 Baja Mng V 3272 Balmoral Res T 3551 Bandera Gold V 60 Banks Island G V 5366 Bannerman Res T 930 Banro T 10124 Banro* X 23801 Banyan Gold V 170 Bard Vent V 250 Barisan Gold V 228

Dec 28 Pgs 8 9.indd 8

1.21 1.03 1.08 - 0.12 2.38 0.98 1.65 1.41 1.50 - 0.16 2.88 1.30 1.65 1.51 1.61 - 0.08 2.05 0.62 0.02 0.02 0.02 - 0.01 0.06 0.02 0.44 0.40 0.41 - 0.04 1.25 0.40 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.02 + 0.01 0.28 0.02 0.03 0.03 0.03 + 0.01 0.08 0.03 0.25 0.21 0.23 - 0.04 0.47 0.14 0.18 0.15 0.16 - 0.02 0.40 0.12 0.03 0.02 0.03 0.00 0.10 0.02 0.02 0.01 0.01 - 0.01 0.04 0.01 0.02 0.02 0.02 0.00 0.14 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barker Mnrls V 1183 Barkerville Go V 5249 Barrick Gold* N 733612 Barrick Gold T 146884 Batero Gold V 30 V 190 Bayswater Uran BCGold V 467 BCM Res V 4461 Bear Creek Mng V 3725 Beaufield Res V 800 V 727 Bellhaven Cp&G Belmont Res V 1230 Belo Sun Mng T 2836 Benton Cap V 1006 Benton Res V 940 Berkwood Res V 420 BHP Billi-BBL* N 164930 BHP Billi-BHP* N 195484 Big North Grap V 140 Bitterroot Res V 40 Black Iron T 1350 Black Isle Res V 905 Black Widow Rs V 767 Blind Crk Res V 265 Blue Rvr Res V 4840 Blue Sky Uran V 40 Bluestone Res V 200 BMO Jr Gld ETF T 847 Bold Vent V 325 Bonterra Res V 2481 Bowmore Expl V 695 Bravada Gold V 79 Brazil Res V 3685 Brionor Res V 2500 Brixton Mtls V 453 Buccaneer Gold V 1150 Burnstone Vent V 1322

0.01 0.01 0.01 0.00 0.02 0.01 0.23 0.22 0.23 + 0.01 0.40 0.20 7.87 6.94 6.94 - 1.27 13.70 5.91 10.79 9.56 9.69 - 1.53 16.54 7.89 0.06 0.06 0.06 - 0.01 0.11 0.06 0.02 0.01 0.02 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.05 0.05 0.00 0.10 0.02 0.62 0.56 0.57 - 0.03 1.94 0.56 0.04 0.04 0.04 0.00 0.06 0.03 0.05 0.04 0.04 - 0.01 0.45 0.03 0.03 0.03 0.03 - 0.01 0.09 0.02 0.24 0.22 0.23 - 0.02 0.30 0.12 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 0.00 0.06 0.03 0.01 0.01 0.01 0.00 0.05 0.01 21.53 20.36 21.01 - 2.26 48.87 20.36 24.38 23.21 23.62 - 2.28 50.22 23.21 0.03 0.03 0.03 - 0.01 0.45 0.02 0.03 0.03 0.03 - 0.01 0.15 0.03 0.04 0.03 0.03 0.00 0.06 0.02 0.05 0.03 0.05 + 0.01 0.09 0.02 0.02 0.02 0.02 0.00 0.08 0.01 0.06 0.05 0.05 - 0.02 0.07 0.04 0.05 0.04 0.04 - 0.01 0.05 0.03 0.05 0.05 0.05 + 0.01 0.26 0.04 0.06 0.06 0.06 - 0.01 0.14 0.05 5.25 4.89 4.93 - 0.36 7.65 4.45 0.03 0.02 0.03 + 0.01 0.06 0.02 0.20 0.18 0.19 + 0.01 0.43 0.09 0.07 0.04 0.07 + 0.01 0.11 0.03 0.04 0.04 0.04 - 0.01 0.07 0.02 0.49 0.45 0.48 + 0.01 0.85 0.43 0.01 0.01 0.01 + 0.01 0.03 0.01 0.09 0.07 0.09 + 0.01 0.22 0.05 0.02 0.02 0.02 - 0.01 0.04 0.02 0.01 0.01 0.01 0.00 0.04 0.01

Cabot Corp* N 15981 Cadan Res V 35 Cadillac Vent V 20 T 1269 Caledonia Mng Calibre Mng V 3753 Calico Res V 642 Callinex Mines V 95 Cameco Corp* N 66964 Cameco Corp T 60543 Camino Mnls V 1337 Canada Carbon V 11106 Canada Rare Ea V 2940 Canada Zinc Mt V 1060 Canadn Int Mnl V 6092 Canadn Mining V 1135 Canadn Zinc T 12000 Canaf Group V 998 Canamex Res V 2344 Canarc Res T 3962 Canasil Res V 980 Cancana Res V 765 Candente Coppr T 3159 CaNickel Mng T 67 62 Canoe Mng Vnt V Canstar Res V 4225 Canterra Mnls V 2725 Cantex Mn Dev V 36 Canuc Res V 10 Cap-Ex Vent V 304 Capstone Mng T 36402 Cardero Res T 3526 Caribou King R V 1600 Carlisle Goldf T 1206 Carmax Mng V 1249 Cassidy Gold V 2215 Castillian Res V 138 Castle Peak Mg V 1060 Catalyst Coppr V 3095 Caza Gold V 285 CB Gold V 376 Centamin T 999 Centerra Gold T 52470 Central Fund* X 42425 Central Fund T 1079 Central Gold-T T 57 Central GoldT* X 3346 Centurion Mnls V 75 Chalice Gold M T 50 Champion Bear V 348 Champion Iron T 18707 Chesapeake Gld V 509 Chiboug Ind Mn V 364 Chilean Gold V 1000 China Gold Int T 7346 China Mnls Mng V 360 Claim Post Res V 2000 Claude Res T 10615 Clear Mtn Res V 50 Cliffs Nat Rs* N 241553 Clifton Star V 1325 Cloud Peak En* N 12484 CMC Metals V 6540 Coeur Mng* N 68904 Colibri Res V 1451 Colombia Crest V 1100 Colombian Mins V 165 Colonial Coal V 3560 Colorado Res V 1256 Colt Res V 9850 Columbus Gold V 3416 Commander Res V 17981 Commerce Res V 2109 Compass Mnls* N 3163 Compliance Eny V 62 Comstock Mng* X 7909 Comstock Mtls V 550 Condor Res V 1501 Confedertn Mls V 2390 Cons Woodjam C V 1145 Consol Energy* N 475357 Constant Mtl R V 3833 Contintl Gold T 9408 Contl Precious T 11 Copper Ck Gold V 652 Copper Fox Mtl V 3752 Copper Mtn Mng T 11185 Copper North M V 7883 Copper One V 800 Coral Gold V 90 Corazon Gold V 50 Cordoba Mnls V 4316 Corex Gold V 3130 Cornerstone Ca V 17790 Coro Mining T 4769 Coronet Mtls V 584 Corsa Coal V 603 Corvus Gold T 1071 Crazy Horse Rs V 510 Cresval Cap V 10

41.65 39.91 40.01 - 1.59 48.00 30.70 0.04 0.04 0.04 - 0.01 0.12 0.03 0.02 0.02 0.02 0.00 0.11 0.01 0.83 0.66 0.74 - 0.10 1.06 0.59 0.08 0.07 0.07 - 0.01 0.19 0.06 0.08 0.07 0.07 - 0.03 0.19 0.06 0.33 0.30 0.33 + 0.03 0.40 0.16 11.99 11.26 11.66 - 0.78 17.77 11.26 16.64 15.46 16.25 - 0.77 21.44 15.46 0.08 0.07 0.07 - 0.01 0.26 0.05 0.34 0.29 0.31 + 0.03 0.34 0.18 0.03 0.03 0.03 0.00 0.11 0.03 0.13 0.11 0.11 0.00 0.33 0.11 0.04 0.04 0.04 0.00 0.05 0.01 0.12 0.10 0.10 - 0.01 0.18 0.05 0.10 0.08 0.09 + 0.01 0.24 0.06 0.05 0.04 0.04 0.00 0.09 0.04 0.03 0.03 0.03 0.00 0.18 0.03 0.07 0.05 0.06 + 0.01 0.10 0.03 0.05 0.04 0.05 0.00 0.07 0.03 0.17 0.15 0.15 + 0.02 0.32 0.13 0.04 0.03 0.03 0.00 0.13 0.03 0.03 0.03 0.03 0.00 0.23 0.03 0.04 0.04 0.04 0.00 0.24 0.02 0.05 0.04 0.05 + 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.09 0.03 0.03 0.03 0.03 - 0.01 0.06 0.03 0.05 0.05 0.05 0.00 0.35 0.05 0.01 0.01 0.01 0.00 0.04 0.01 0.36 0.32 0.35 + 0.01 2.15 0.31 0.12 0.08 0.08 - 0.05 0.45 0.08 0.09 0.08 0.08 + 0.01 0.22 0.05 0.50 0.45 0.48 - 0.01 0.64 0.16 0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.01 0.02 + 0.01 0.05 0.01 0.06 0.06 0.06 - 0.01 0.14 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.15 0.13 0.14 + 0.02 0.32 0.11 0.04 0.03 0.04 + 0.01 0.09 0.03 0.05 0.04 0.05 + 0.01 0.14 0.03 1.28 1.24 1.25 - 0.03 1.40 0.88 8.22 6.68 7.07 - 1.01 8.67 4.87 10.17 9.84 9.93 - 0.52 13.73 9.84 13.94 13.57 13.84 - 0.47 16.89 13.13 52.65 51.84 52.22 - 0.77 57.25 45.02 38.72 37.40 37.58 - 1.00 46.73 37.25 0.13 0.09 0.09 - 0.01 0.40 0.04 0.11 0.11 0.11 0.00 0.15 0.08 0.06 0.05 0.06 - 0.02 0.15 0.05 0.20 0.16 0.16 + 0.02 0.23 0.07 1.99 1.80 1.81 - 0.10 2.59 1.39 0.03 0.03 0.03 0.00 0.05 0.02 0.03 0.03 0.03 + 0.01 0.08 0.02 2.13 1.90 2.06 + 0.08 2.58 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.10 0.01 0.75 0.66 0.74 - 0.04 0.82 0.27 0.01 0.01 0.01 0.00 0.03 0.01 2.15 1.42 1.59 - 0.70 9.39 1.42 0.15 0.14 0.15 - 0.01 0.25 0.07 2.35 1.96 2.14 - 0.09 10.21 1.96 0.03 0.02 0.02 - 0.01 0.08 0.02 2.64 2.40 2.49 - 0.30 7.45 2.34 0.05 0.04 0.05 + 0.02 0.23 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 - 0.01 0.13 0.02 0.06 0.04 0.04 - 0.03 0.15 0.03 0.07 0.05 0.07 0.00 0.16 0.05 0.14 0.12 0.13 - 0.02 0.30 0.05 0.39 0.36 0.36 - 0.05 0.55 0.31 0.03 0.01 0.02 + 0.01 0.04 0.01 0.09 0.08 0.08 - 0.01 0.22 0.07 79.00 73.48 73.94 - 6.43 95.68 73.48 0.06 0.05 0.06 - 0.02 0.40 0.04 0.42 0.37 0.42 - 0.02 1.19 0.35 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.07 0.02 0.04 0.03 0.03 - 0.01 0.09 0.02 0.03 0.03 0.03 - 0.01 0.09 0.02 7.45 6.35 6.90 - 0.83 36.10 6.30 0.07 0.05 0.06 + 0.01 0.17 0.05 1.55 1.50 1.50 - 0.06 3.28 1.29 0.28 0.28 0.28 - 0.01 0.71 0.25 0.10 0.07 0.07 + 0.02 0.10 0.03 0.13 0.12 0.13 + 0.01 0.37 0.10 0.51 0.47 0.47 - 0.06 1.73 0.38 0.04 0.03 0.03 - 0.01 0.09 0.03 0.05 0.03 0.05 + 0.02 0.35 0.03 0.07 0.07 0.07 0.00 0.20 0.06 0.20 0.20 0.20 + 0.02 0.38 0.12 0.17 0.14 0.17 - 0.02 0.25 0.08 0.05 0.04 0.05 0.00 0.09 0.03 0.03 0.02 0.02 - 0.01 0.11 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.08 0.07 0.08 - 0.01 0.39 0.04 0.03 0.03 0.03 0.00 0.20 0.03 0.45 0.38 0.41 + 0.04 1.20 0.33 0.01 0.01 0.01 - 0.01 0.07 0.01 0.03 0.03 0.03 0.00 0.06 0.01

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Critical Elem V 8455 Crown Gold V 354 130 Currie Rose Rs V CVR Partners* N 1752 Cypress Dev V 982

0.20 0.17 0.18 - 0.03 0.30 0.16 0.07 0.05 0.07 + 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.02 0.01 8.04 7.35 7.43 - 0.77 16.12 7.35 0.07 0.05 0.05 0.00 0.25 0.02

Dajin Res V 20549 Dalradian Res T 3281 Dalton Res Ltd V 1265 Darnley Bay V 1610 Decade Res V 1696 Defiance Silvr V 1380 Denison Mines T 11994 Denison Mines* X 4076 Desert Star V 25 Detour Gold T 41998 Diagnos V 4830 Diamcor Mng V 949 Diamond Fields V 3028 Dios Expl V 1100 Discovery Harb V 4000 V 21205 Discovery Vent Discovery-Corp V 70 DNI Metals V 1419 Dolly Vard Sil V 597 Dominion Diam* N 5688 Dominion Diam T 13473 Doubleview Cap V 2429 Duncan Park H V 3350 Dundee Prec Mt T 12706 Duran Vent V 3640 Durango Res V 3578 Dynacor Gold M T 961 Dynasty Gold V 2150 Dynasty Met&Mn T 1273 Eagle Plains V 290 East Asia Mnls V 1622 Eastern Platin T 1245 Eastfield Res V 90 Eastmain Res T 2302 Eco Oro Mnls T 1286 Ecuador G & C V 1705 Edgewater Expl V 80 El Nino Vent V 20 Eldorado Gold* N 27235 Eldorado Gold T 100200 Electra Gold V 21560 Eloro Minls V 320 Ely Gold & Mnl V 730 Emerick Res V 584 Encanto Potash V 8851 T 6014 Endeavour Mng Endeavr Silver T 2815 Endeavr Silve* N 2639 Endurance Gold V 150 Energizer Res T 8873 Energold Drill V 3190 Energy Fuels T 1770 Entourage Mtls V 450 Entree Gold* X 1477 Entree Gold T 1192 Equitas Res V 26584 Equitorial Exp V 18999 Erdene Res Dev T 8837 Erin Ventures V 4542 Eskay Mng V 348 Ethos Gold V 1530 Eurasian Minls V 131 Eurasian Mnls* X 1098 EurOmax Res V 15 Europn Uran Rs V 517 V 2160 Eurotin Everton Res V 1590 Evolving Gold C 145 Evrim Res V 35 Excalibur Res C 1902 Excellon Res T 1841 Excelsior Mng V 567 Exeter Res* X 677 Exeter Res T 1212 Explor Res V 13151 Faircourt Gold T 218 Fairmont Res V 1542 Falco Res V 3005 Falcon Gold V 600 Fancamp Expl V 39270 Feronia V 1789 Ferrum Am Mng V 1450 Finlay Minrls V 100 Firebird Res V 550 Firesteel Res V 980 Firestone Vent V 21 First Bauxite V 1450 First Lithium V 8791 First Majesti* N 68041 First Majestic T 20997 First Mexican V 2400 First Point T 1100 First Quantum T 287106 Fission 3.0 V 8316 Fjordland Exp V 3175 Flinders Res V 408 Focus Graphite V 6015 Focus Vnt V 2509 Foraco Intl T 283 Foran Mng V 1570 Formation Mtls T 1447 Forsys Metals T 223 Fortuna Silver T 10619 Fortuna Silvr* N 12952 Fortune Bay T 613 Fortune Mnrls T 6011 Forum Uranium V 839 Franco-Nevada* N 32493 Franco-Nevada T 25840 Freegold Vent T 2000 Freeport McMo* N 2264921 Frontline Gold V 1600 Full Metal Mnl V 15

0.14 0.12 0.13 - 0.01 0.16 0.04 0.71 0.66 0.67 - 0.05 1.16 0.61 0.11 0.09 0.09 - 0.04 0.31 0.09 0.02 0.02 0.02 0.00 0.08 0.01 0.02 0.01 0.01 0.00 0.11 0.01 0.07 0.06 0.07 - 0.01 0.19 0.06 0.53 0.50 0.53 + 0.04 1.22 0.48 0.38 0.36 0.38 + 0.02 1.02 0.35 0.11 0.11 0.11 0.00 0.22 0.11 15.14 13.85 14.24 - 0.18 16.86 7.75 0.05 0.04 0.04 - 0.01 0.11 0.04 0.85 0.77 0.80 - 0.06 1.45 0.75 0.02 0.01 0.01 + 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.10 0.04 0.01 0.01 0.01 - 0.01 0.11 0.01 0.17 0.14 0.15 0.00 0.25 0.09 0.03 0.03 0.03 - 0.01 0.14 0.03 0.10 0.07 0.07 - 0.03 0.22 0.06 0.15 0.12 0.13 - 0.02 0.75 0.11 8.45 7.27 8.07 - 0.40 20.30 7.27 11.70 9.96 11.26 - 0.34 24.60 9.96 0.10 0.09 0.09 - 0.02 0.19 0.07 0.01 0.01 0.01 0.00 0.03 0.01 1.43 1.14 1.31 + 0.07 3.76 1.14 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.08 0.03 1.70 1.54 1.70 + 0.13 2.59 1.30 0.02 0.02 0.02 + 0.01 0.03 0.01 0.22 0.19 0.19 0.00 0.83 0.19 0.05 0.05 0.05 0.00 0.08 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.85 0.71 0.80 - 0.01 2.26 0.61 0.03 0.02 0.03 + 0.01 0.05 0.02 0.33 0.33 0.33 - 0.01 0.62 0.20 0.44 0.35 0.41 - 0.09 0.95 0.19 0.03 0.02 0.03 + 0.01 0.07 0.01 0.02 0.02 0.02 0.00 0.03 0.01 0.02 0.02 0.02 0.00 0.04 0.01 3.14 2.77 2.84 - 0.25 7.99 2.45 4.31 3.86 3.98 - 0.24 9.68 3.26 0.11 0.09 0.10 + 0.01 0.14 0.04 0.11 0.09 0.10 - 0.01 0.20 0.05 0.06 0.05 0.06 0.00 0.08 0.03 0.12 0.11 0.11 + 0.01 0.30 0.10 0.07 0.05 0.06 + 0.01 0.16 0.04 6.89 6.48 6.56 - 0.05 7.60 3.80 2.02 1.87 1.91 - 0.16 3.83 1.64 1.45 1.36 1.37 - 0.12 3.16 1.25 0.03 0.03 0.03 + 0.01 0.08 0.02 0.08 0.07 0.08 0.00 0.14 0.03 0.38 0.31 0.31 - 0.11 1.32 0.31 2.86 2.56 2.71 - 0.17 8.05 2.47 0.05 0.05 0.05 - 0.01 0.22 0.03 0.26 0.20 0.24 - 0.02 0.51 0.08 0.34 0.28 0.32 - 0.03 0.66 0.18 0.12 0.06 0.06 - 0.02 0.22 0.05 0.09 0.06 0.06 - 0.02 0.20 0.06 0.16 0.13 0.15 0.00 0.17 0.09 0.09 0.07 0.09 + 0.01 0.11 0.04 0.08 0.08 0.08 - 0.02 0.20 0.01 0.16 0.14 0.14 - 0.01 0.23 0.11 0.60 0.54 0.55 - 0.03 0.97 0.52 0.43 0.38 0.40 - 0.01 0.81 0.38 0.28 0.25 0.25 - 0.03 0.57 0.17 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.06 0.06 0.06 0.00 0.10 0.02 0.12 0.11 0.12 + 0.01 0.22 0.10 0.01 0.01 0.01 0.00 0.05 0.01 0.25 0.22 0.23 - 0.04 1.15 0.20 0.23 0.21 0.23 - 0.01 0.39 0.19 0.36 0.31 0.33 + 0.00 0.68 0.29 0.50 0.42 0.46 + 0.03 0.82 0.39 0.08 0.07 0.08 + 0.01 0.09 0.04 2.74 2.62 2.62 - 0.12 4.38 2.42 0.04 0.02 0.03 - 0.01 0.24 0.02 0.25 0.24 0.25 + 0.02 0.69 0.21 0.01 0.01 0.01 0.00 0.14 0.01 0.03 0.02 0.03 0.00 0.05 0.02 0.21 0.15 0.15 - 0.05 0.45 0.07 0.01 0.01 0.01 + 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.03 0.02 0.01 0.01 0.01 - 0.01 0.05 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.04 + 0.01 0.09 0.03 0.40 0.32 0.40 + 0.05 0.40 0.18 3.44 3.05 3.05 - 0.62 7.15 2.66 4.71 4.27 4.28 - 0.74 8.55 3.54 0.05 0.05 0.05 - 0.01 0.07 0.02 0.04 0.04 0.04 - 0.01 0.10 0.04 4.89 3.75 3.87 - 1.32 19.83 3.75 0.08 0.07 0.08 + 0.01 0.14 0.06 0.02 0.01 0.01 0.00 0.04 0.01 0.17 0.15 0.15 - 0.02 0.50 0.12 0.11 0.08 0.09 + 0.01 0.53 0.07 0.12 0.11 0.12 0.00 0.27 0.10 0.17 0.13 0.13 - 0.05 0.77 0.13 0.10 0.08 0.08 - 0.02 0.48 0.08 0.11 0.09 0.10 + 0.01 0.22 0.09 0.14 0.11 0.11 + 0.01 0.36 0.10 3.43 3.05 3.16 - 0.42 6.30 2.65 2.51 2.22 2.28 - 0.32 5.25 2.00 0.31 0.27 0.27 - 0.03 0.43 0.26 0.03 0.02 0.02 0.00 0.16 0.02 0.05 0.04 0.05 + 0.01 0.12 0.04 49.09 44.79 44.93 - 4.05 58.84 38.20 67.45 62.37 62.65 - 4.31 74.10 49.96 0.08 0.08 0.08 + 0.02 0.24 0.06 7.29 6.10 6.12 - 1.41 23.81 6.10 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.02 0.02 - 0.01 0.10 0.02

Gabriel Res T 1647 Galane Gold V 748 Galantas Gold V 33 Galore Res V 100 Galway Gold V 830 Galway Mtls V 414 GAMCO Glb Gld* X 37147 Garibaldi Res V 3563 Gem Intl Res V 670 General Moly* X 6058 Gensource Pot V 30 Geodex Mnrls V 455 Geodrill T 409 Geologix Ex T 4907 Geomega Res V 2907 Georox Res V 1840

0.15 0.13 0.15 0.00 0.86 0.13 0.05 0.04 0.04 - 0.01 0.22 0.03 0.09 0.09 0.09 0.00 0.18 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.06 0.07 - 0.01 0.12 0.05 0.10 0.10 0.10 0.00 0.16 0.09 4.93 4.46 4.60 - 0.40 7.85 4.46 0.16 0.14 0.15 + 0.01 0.21 0.05 0.06 0.05 0.05 0.00 0.26 0.05 0.26 0.22 0.25 + 0.01 1.00 0.22 0.06 0.06 0.06 - 0.01 0.07 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.53 0.51 0.53 - 0.02 0.99 0.46 0.02 0.02 0.02 0.00 0.05 0.02 0.07 0.06 0.07 0.00 0.29 0.06 0.04 0.03 0.03 - 0.01 0.14 0.03

D-F

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Getty Copper V 1100 GGL Res V 1299 Glen Eagle Res V 7738 Global Hunter V 100 Globex Mng T 319 GMV Minerals V 451 V 315 Gobimin GoGold Res T 1823 Gold Bulln Dev V 17206 246464 Gold Fields* N 285 Gold Finder Ex V Gold Mtn Mng V 3890 Gold Reach Res V 1370 Gold Reserve V 424 15292 X Gold Resource* V 23829 Gold Std Vnt Gold Std Vnt* X 6688 V 20 Goldbank Mng Goldcliff Res V 810 T 122738 Goldcorp 395419 Goldcorp* N 262 Golden Arrow R V Golden Band V 3000 Golden Dawn Ml V 8586 V 415 Golden Goliath Golden Hope V 201 Golden Mnls T 145 Golden Mnls* X 3376 V 500 Golden Predatr Golden Queen T 671 Golden Reign R V 1930 Golden Share M V 1853 Golden Star T 797 20788 Golden Star* X Golden Val Min V 1129 Goldex Res V 10 Goldeye Expl V 5980 Goldfield* X 1854 T 6176 Goldgroup Mng V 3490 GoldQuest Mng V 483 Goldrock Mines Goldrush Res V 1603 V 474 Goldsource Min Goldstar Mnls V 500 V 1945 Goldstrike Res Gonzaga Res V 50 Gossan Res V 800 Gowest Gold V 7516 T 553 Gran Colombia 25 Granite Ck Gld V Graphite One R V 12091 Great Atlantic V 3421 Great Bear Res V 2855 10530 X Great Panther* Great Panther T 2200 483 Great Quest Me V Green Swan Cap V 4750 V 610 Greencastle Rs Gresham Res V 6898 Grizzly Discvr V 50 V 3993 Groundstar Res GTA Res & Mng V 5000 Gunpoint Expl V 540 T 10533 Guyana Gldflds 305 Guyana Prec Mt V GWR Res V 1040 Hansa Res V 3230 260 Happy Ck Minls V 113624 N Harmony Gold* Harte Gold T 12151 Harvest Gold V 500 V 110 Hawkeye Gld&Di V 451 Heatherdale Rs 192822 Hecla Mining* N Helio Res V 3367 Hi-Crush Part* N 2200 Highbank Res V 4673 Highland Res V 820 600 Highway 50 Gld V Hinterland Mtl V 92 V 1909 Homestake Res Honey Badger E V 10605 Horizns G Bear T 47856 Horizns G Bull T 54894 138 Hornby Bay Mnl V Houston Lake V 685 HudBay Minls T 49293 600 HudBay Mnls* N Hudson Res V 516 Hunt Mng V 321 V 27290 Huntington Exp

0.02 0.02 - 0.01 0.07 0.02 0.02 0.02 0.02 0.00 0.06 0.02 0.02 0.07 0.05 0.06 + 0.02 0.20 0.03 0.02 0.03 0.00 0.06 0.03 0.03 0.16 0.25 - 0.02 0.37 0.25 0.24 0.05 0.11 - 0.01 0.26 0.11 0.11 0.27 0.30 - 0.01 0.51 0.34 0.29 0.95 1.20 - 0.04 1.67 1.21 0.95 0.04 0.03 0.03 - 0.01 0.06 0.02 2.04 2.64 - 0.22 6.01 2.84 2.59 0.02 0.02 0.02 0.00 0.07 0.02 0.04 0.02 0.03 - 0.02 0.12 0.02 0.11 0.09 0.11 - 0.01 0.50 0.09 2.48 3.49 - 0.24 5.39 3.65 3.48 1.99 2.01 - 0.25 3.88 2.23 2.00 0.90 0.81 0.87 + 0.07 0.90 0.40 0.64 0.59 0.63 + 0.05 0.64 0.26 0.03 0.05 - 0.02 0.09 0.05 0.05 0.01 0.01 0.00 0.02 0.01 0.01 15.05 15.26 - 2.00 30.95 16.78 15.08 10.87 10.95 - 1.69 25.00 12.25 10.87 0.23 0.20 0.22 + 0.03 0.50 0.18 0.01 0.01 0.00 0.01 0.01 0.01 0.13 0.11 0.11 - 0.03 0.30 0.02 0.01 0.01 - 0.01 0.02 0.01 0.01 0.08 0.24 - 0.03 0.64 0.27 0.24 0.26 0.30 - 0.01 0.82 0.31 0.28 0.19 0.20 - 0.03 0.67 0.23 0.20 0.07 0.11 0.00 0.15 0.11 0.11 0.65 0.74 - 0.06 1.68 0.76 0.69 0.08 0.08 0.08 + 0.02 0.13 0.05 0.09 0.08 0.09 + 0.01 0.09 0.03 0.20 0.24 - 0.02 0.51 0.26 0.24 0.16 0.18 - 0.01 0.42 0.19 0.16 0.10 0.09 0.10 + 0.02 0.21 0.07 0.02 0.02 - 0.01 0.08 0.02 0.02 0.02 0.02 - 0.01 0.06 0.03 0.02 1.20 1.53 - 0.04 2.85 1.60 1.50 0.05 0.06 - 0.02 0.24 0.07 0.06 0.07 0.13 - 0.01 0.20 0.14 0.12 0.15 0.21 0.00 0.40 0.24 0.21 0.01 0.02 - 0.01 0.03 0.02 0.02 0.13 0.21 + 0.03 0.26 0.22 0.17 0.01 0.02 - 0.01 0.04 0.02 0.02 0.05 0.10 0.00 0.21 0.12 0.10 0.02 0.02 0.00 0.15 0.02 0.02 0.01 0.03 + 0.01 0.05 0.03 0.03 0.05 0.08 + 0.01 0.10 0.08 0.07 0.12 0.14 + 0.01 0.60 0.14 0.12 0.01 0.01 0.01 - 0.01 0.04 0.01 0.08 0.08 0.08 0.00 0.13 0.07 0.03 0.04 - 0.01 0.30 0.04 0.03 0.03 0.02 0.02 - 0.02 0.09 0.02 0.30 0.45 - 0.09 0.78 0.50 0.44 0.40 0.62 - 0.13 0.95 0.69 0.62 0.20 0.13 0.17 + 0.01 0.80 0.13 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.06 0.00 0.09 0.06 0.06 0.46 0.74 - 0.01 0.95 0.75 0.69 0.03 0.06 0.00 0.10 0.06 0.06 0.03 0.04 0.00 0.10 0.05 0.04 0.03 0.03 0.03 - 0.01 0.10 0.03 0.13 0.13 - 0.03 0.20 0.16 0.13 2.19 2.84 - 0.34 4.48 3.12 2.82 0.11 0.11 0.11 - 0.01 0.33 0.08 0.01 0.05 0.00 0.08 0.05 0.05 0.01 0.02 0.00 0.03 0.02 0.01 0.10 0.10 0.10 + 0.01 0.17 0.08 0.53 0.76 - 0.13 3.18 0.99 0.76 0.04 0.09 0.00 0.10 0.09 0.08 0.01 0.02 0.00 0.06 0.02 0.02 0.02 0.04 + 0.01 0.08 0.04 0.04 0.01 0.02 + 0.01 0.05 0.02 0.01 1.77 1.93 - 0.21 3.54 2.04 1.86 0.02 0.02 - 0.01 0.07 0.03 0.02 6.46 5.51 5.51 - 1.22 40.38 5.09 0.05 0.07 + 0.01 0.23 0.07 0.06 0.10 0.12 - 0.01 0.45 0.13 0.12 0.09 0.08 0.09 + 0.01 0.42 0.08 0.01 0.02 0.00 0.02 0.02 0.02 0.01 0.02 0.00 0.04 0.02 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 12.95 11.12 12.72 + 2.20 20.33 8.50 18.32 15.36 15.46 - 3.53 44.30 13.75 0.03 0.03 0.03 - 0.01 0.10 0.03 0.09 0.15 + 0.01 0.20 0.15 0.13 5.41 4.50 4.70 - 1.05 12.61 4.50 3.93 3.23 3.36 - 0.85 10.37 3.23 0.22 0.38 - 0.01 0.55 0.45 0.38 0.02 0.02 - 0.01 0.40 0.02 0.02 0.01 0.00 0.02 0.01 0.01 0.01

I-Minerals V 536 34920 Iamgold* N T 54660 Iamgold IBC Adv Alloys V 7354 IC Potash T 41097 Iconic Mnls V 25 IMPACT Silver V 2646 831 Imperial Metal T Inca One Res V 2280 V 431 Independence G Indico Res V 680 Indigo Expl V 1270 Inspiration Mg T 1025 Integra Gold V 21811 Intigold Mines V 232 11 Intl Bethl Mng V Intl Lithium V 1037 Intl Montoro R V 2620 Intl Northair V 2690 460 Intl Tower Hi* X 597 T Intl Tower Hil Intl Vestr Res V 5190 Intrepid Pots* N 11101 INV Metals T 5303 77 ISh COMEX G Tr T Ivanhoe Mines T 27459 J.A.G. Mines V 1050 Jaguar Mng V 186 Jasper Mng V 35 Jazz Res V 10 V 857 Jet Gold Kaminak Gold V 7569 Karmin Expl V 30 Karnalyte Res T 879 Katanga Mng T 888 Kennady Diam V 1675 Kesselrun Res V 60 Kestrel Gold V 165 Khalkos Expl V 335 Khan Res C 851 V 831 Kilo Goldmines V 430 Kincora Copper 85 Kings Bay Gold V 165265 Kinross Gold T 394348 Kinross Gold* N Kirkland Lk Gd T 16915

0.14 0.23 + 0.01 0.37 0.26 0.22 1.16 1.34 - 0.18 3.39 1.49 1.31 1.50 1.85 - 0.22 4.09 2.03 1.83 0.07 0.06 0.07 - 0.01 0.15 0.06 0.04 0.06 + 0.01 0.31 0.08 0.05 0.03 0.03 - 0.01 0.09 0.03 0.03 0.13 0.13 0.00 0.28 0.15 0.13 6.40 5.23 5.34 - 0.67 13.69 5.23 0.10 0.10 0.10 - 0.01 0.29 0.09 0.06 0.06 0.00 0.11 0.06 0.06 0.02 0.03 - 0.01 0.16 0.04 0.03 0.01 0.01 + 0.01 0.02 0.01 0.01 0.04 0.07 + 0.01 0.25 0.07 0.06 0.18 0.31 + 0.01 0.37 0.32 0.31 0.03 0.08 + 0.01 0.32 0.08 0.08 0.03 0.03 0.03 - 0.01 0.10 0.02 0.02 0.06 0.00 0.09 0.07 0.06 0.04 0.03 0.03 + 0.01 0.10 0.03 0.04 0.05 + 0.01 0.10 0.05 0.04 0.23 0.19 0.21 + 0.00 0.62 0.19 0.30 0.26 0.29 + 0.02 0.75 0.26 0.02 0.02 0.02 0.00 0.12 0.01 3.25 2.88 2.88 - 0.43 15.09 2.88 0.08 0.11 + 0.01 0.28 0.11 0.10 14.25 14.11 14.12 - 0.15 15.78 13.20 0.60 0.61 0.00 1.36 0.66 0.61 0.01 0.02 + 0.01 0.06 0.02 0.01 0.12 0.17 - 0.02 0.65 0.17 0.17 0.02 0.03 0.00 0.07 0.03 0.03 0.03 0.15 + 0.05 0.23 0.15 0.15 0.03 0.04 - 0.02 0.13 0.05 0.04 0.61 0.78 0.00 1.15 0.79 0.76 0.15 0.22 - 0.02 0.40 0.22 0.22 0.52 0.76 - 0.09 1.33 0.86 0.74 0.13 0.13 - 0.01 0.39 0.14 0.13 2.35 2.40 - 0.08 5.95 2.60 2.38 0.01 0.03 0.00 0.06 0.03 0.03 0.01 0.01 0.00 0.07 0.01 0.01 0.05 0.09 + 0.01 0.12 0.09 0.07 0.35 0.36 - 0.01 0.80 0.39 0.35 0.04 0.08 + 0.02 0.14 0.08 0.06 0.02 0.02 0.00 0.04 0.02 0.02 0.01 0.01 0.01 0.00 0.01 0.01 1.79 2.48 - 0.27 4.48 2.84 2.46 1.35 1.78 - 0.22 3.71 2.07 1.75 5.03 4.61 4.79 - 0.41 6.88 2.79

I-J-K

2015-12-21 10:44 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 28, 2015–JANUARY 3, 2016

9

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

Week

12-month

Exc Volume High Low Last Change High Low

Kiska Metals V 5496 Kivalliq Enrgy V 4318 Klondex Mns T 4993 Klondike Gold V 670 Klondike Silv V 3296 Knick Expl V 160 Kobex Mnls V 3566 Kombat Copper V 3086 Kootenay Gold V 3495

0.02 0.02 0.02 + 0.01 0.07 0.02 0.10 0.08 0.09 - 0.01 0.19 0.06 2.89 2.66 2.72 - 0.40 3.87 1.78 0.12 0.11 0.11 + 0.01 0.28 0.08 0.02 0.02 0.02 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.56 0.52 0.53 + 0.01 0.65 0.46 0.04 0.03 0.04 + 0.01 0.11 0.02 0.22 0.19 0.20 - 0.01 0.56 0.19

La Quinta Res V 843 Labdr I-Ore Ro T 24356 20 Lago Dourado M V Lake Shore Gd* X 7379 Lake Shore Gld T 62306 Lara Expl V 1331 Laramide Res T 4817 Largo Res V 511 Latin Am Mnls V 4500 Laurion Mnl Ex V 1525 Letho Res V 21 Lexam VG Gold T 8107 Lincoln Mng V 280 Lion One Mtls V 895 Lomiko Mtls V 7016 Loncor Res T 9448 Lorraine Coppr V 333 Los Andes Copp V 100 Lowell Copper V 130 Lucara Diam T 20793 Lucky Mnls V 195 Luna Gold T 2241 Lundin Mng T 67382 Lydian Intl T 3261

0.02 0.02 0.02 0.00 0.02 0.01 11.99 9.56 10.12 - 2.23 19.85 9.56 0.06 0.06 0.06 0.00 0.15 0.05 0.80 0.74 0.74 - 0.06 1.14 0.60 1.10 1.03 1.03 - 0.08 1.38 0.70 0.25 0.23 0.24 0.00 0.45 0.20 0.32 0.27 0.31 - 0.01 0.42 0.15 0.25 0.17 0.25 + 0.03 1.89 0.15 0.01 0.01 0.01 0.00 0.10 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.08 0.08 0.08 0.00 0.14 0.05 0.08 0.05 0.06 - 0.01 0.11 0.05 0.03 0.03 0.03 0.00 0.09 0.03 0.37 0.34 0.34 - 0.03 0.60 0.17 0.04 0.04 0.04 - 0.01 0.09 0.03 0.03 0.02 0.02 - 0.01 0.13 0.02 0.05 0.05 0.05 - 0.01 0.08 0.04 0.08 0.08 0.08 - 0.01 0.23 0.05 0.22 0.20 0.20 - 0.09 0.50 0.20 2.35 2.23 2.29 - 0.01 2.35 1.42 0.07 0.07 0.07 - 0.01 0.15 0.07 0.06 0.04 0.05 + 0.01 0.43 0.03 3.61 3.37 3.51 - 0.27 6.46 3.37 0.28 0.26 0.28 - 0.01 0.62 0.23

MacDonald Mns V 7835 V 90 MacMillan Mnls Mag Silver T 11393 Mag Silver* X 337 Magellan Minls V 40 Majescor Res V 354 Majestic Gold V 30801 Major Drilling T 3209 Makena Res V 6301 Malbex Res V 3863 Mandalay Res T 14510 Manitou Gold V 210 Manson Creek V 636 Maracote Intl V 1450 Marathon Gold T 1566 Marlin Gold V 340 Mason Graphite V 8360 Masuparia Gold V 18 Matamec Expl V 3260 Mawson Res T 207 Mawson West T 23690 Maya Gold & Si V 11249 MBAC Fertilizr T 3643 McChip Res V 10 McEwen Mng* N 8578 McEwen Mng T 4591 MDN Inc T 5385 MDU Res* N 53514 Meadow Bay Gd T 1783 Mechel* N 1672 Medallion Res V 4514 Mega Copper V 134 Mega Uranium T 12997 Melior Res V 4460 Melkior Res V 2897 Menika Mining V 2510 Merrex Gold V 1883 Mesa Expl V 20 Mesabi Trust* N 4110 Metalcorp V 50 Metalex Vent V 1994 428 Metals Ck Res V Metanor Res V 22464 Micrex Devel V 6210 Midas Gold T 4802 Midland Expl V 1678 Midnight Sun M V 300 Migao T 1094 Millrock Res V 2688 Millstream Min V 260 Minas Buenavn* N 74783 Minaurum Gold V 40 Minco Gold* X 1600 Minco Gold T 473 Minco Silver T 1012 Mindoro Res V 845 Mineral Mtn Rs V 1216 Mines Managem* X 3475 Mines Managmnt T 109 Minsud Res V 25 Miranda Gold V 4435 Mirasol Res V 500 Mkango Res V 1450 Monarques Res V 3032 Moneta Porcpn T 9360 Montero Mg&Ex V 1789 Monument Mng V 1342 Mosaic* N 182746 Mountain Boy M V 500 Mountain Prov T 2656 MPH Vent V 510 MPVC V 4050 Mundoro Cap V 4910 Musgrove Mnls V 336 Mustang Minls V 80

0.01 0.01 0.01 0.00 0.02 0.01 0.22 0.18 0.18 - 0.02 0.24 0.05 9.10 8.80 8.99 - 0.18 11.00 6.90 6.61 6.32 6.46 - 0.11 9.17 5.60 0.04 0.04 0.04 0.00 0.10 0.04 0.04 0.03 0.03 - 0.01 0.06 0.03 0.12 0.08 0.09 + 0.01 0.12 0.03 4.91 4.27 4.38 - 0.45 7.49 3.75 0.03 0.02 0.02 0.00 0.06 0.02 0.03 0.03 0.03 - 0.01 0.06 0.01 0.69 0.64 0.68 - 0.02 1.04 0.64 0.02 0.02 0.02 0.00 0.04 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.02 0.02 0.02 + 0.01 0.20 0.01 0.15 0.13 0.14 - 0.03 0.38 0.11 0.23 0.19 0.19 - 0.05 1.09 0.19 0.41 0.35 0.40 + 0.04 0.67 0.35 0.03 0.03 0.03 - 0.01 0.09 0.03 0.03 0.02 0.03 + 0.01 0.07 0.02 0.21 0.18 0.18 - 0.03 0.30 0.15 0.02 0.02 0.02 0.00 0.08 0.01 0.13 0.10 0.11 - 0.03 0.31 0.10 0.03 0.03 0.03 0.00 0.17 0.01 0.70 0.70 0.70 + 0.09 1.22 0.57 0.99 0.93 0.93 - 0.03 1.40 0.65 1.36 1.26 1.30 - 0.01 1.71 0.84 0.02 0.01 0.01 - 0.01 0.08 0.01 17.06 16.26 16.74 - 0.48 24.58 16.15 0.09 0.08 0.08 - 0.01 0.31 0.08 0.92 0.84 0.89 - 0.05 1.88 0.42 0.04 0.03 0.03 0.00 0.07 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.06 0.05 0.05 - 0.01 0.17 0.05 0.02 0.02 0.02 0.00 0.12 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.15 0.14 0.14 + 0.03 0.15 0.05 0.17 0.13 0.13 - 0.05 0.23 0.05 0.02 0.02 0.02 0.00 0.04 0.02 4.48 3.90 4.01 - 0.23 18.59 3.90 0.01 0.01 0.01 0.00 0.01 0.01 0.07 0.06 0.06 + 0.01 0.12 0.04 0.07 0.06 0.06 - 0.01 0.28 0.05 0.04 0.03 0.04 + 0.01 0.09 0.03 0.01 0.01 0.01 0.00 0.05 0.01 0.29 0.26 0.27 - 0.01 0.60 0.26 0.54 0.45 0.49 - 0.08 0.77 0.45 0.13 0.12 0.12 + 0.03 0.19 0.08 0.61 0.57 0.59 - 0.03 1.15 0.50 0.25 0.17 0.18 + 0.01 0.50 0.15 0.12 0.09 0.10 - 0.03 0.16 0.01 4.71 4.06 4.17 - 0.63 12.51 4.06 0.05 0.05 0.05 0.00 0.10 0.04 0.18 0.14 0.15 - 0.02 0.34 0.10 0.24 0.19 0.21 - 0.02 0.39 0.12 0.39 0.36 0.38 - 0.02 0.74 0.32 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.23 0.15 0.16 - 0.04 0.74 0.15 0.25 0.20 0.23 + 0.01 0.85 0.20 0.09 0.09 0.09 0.00 0.09 0.05 0.07 0.06 0.07 + 0.01 0.12 0.06 0.80 0.77 0.80 - 0.01 1.16 0.72 0.02 0.02 0.02 0.00 0.19 0.01 0.07 0.06 0.06 - 0.01 0.13 0.06 0.12 0.11 0.11 - 0.03 0.15 0.04 0.04 0.02 0.02 - 0.01 0.06 0.01 0.11 0.09 0.09 + 0.01 0.16 0.08 30.14 28.27 28.84 - 1.85 53.83 28.27 0.01 0.01 0.01 0.00 0.02 0.01 3.70 3.40 3.62 - 0.26 5.46 3.38 0.09 0.09 0.09 0.00 0.11 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.06 0.05 0.05 - 0.01 0.19 0.04 0.07 0.07 0.07 - 0.01 0.20 0.04 0.01 0.01 0.01 0.00 0.02 0.01

Namibia Rare E T 1530 Natural Rs Pt* N 3568 Nautilus Minls T 3539 Nebu Res V 320 Nemaska Lith V 24900 Network Expl V 670 Nevada Clean M V 350 Nevada Copper T 2351 Nevada Expl V 245 Nevada Sunrise V 3252 Nevado Res V 1305 Nevsun Res T 10588 Nevsun Res* X 7864 New Carolin Gd V 2226 New Dimen Res V 92 New Gold T 44447 New Gold* X 130749 New Millennium V 4572 New Milln Iron T 9674 New Nadina V 1450 New Pac Metals T 21 New World Res V 76 Newmont Mng* N 311779

0.05 0.04 0.04 - 0.01 0.22 0.04 1.22 1.00 1.07 - 0.25 10.51 1.00 0.31 0.26 0.28 + 0.01 0.55 0.24 0.01 0.01 0.01 0.00 0.05 0.01 0.42 0.37 0.39 + 0.04 0.45 0.15 0.02 0.01 0.01 - 0.01 0.05 0.01 0.04 0.04 0.04 0.00 0.06 0.03 0.61 0.56 0.60 + 0.01 2.03 0.56 0.38 0.34 0.36 + 0.01 0.94 0.05 0.19 0.15 0.19 + 0.01 0.49 0.13 0.01 0.01 0.01 0.00 0.06 0.01 3.53 3.32 3.39 - 0.17 5.35 3.32 2.58 2.41 2.44 - 0.17 4.36 2.41 0.05 0.04 0.05 + 0.01 0.08 0.02 0.05 0.05 0.05 - 0.01 0.09 0.04 3.50 3.06 3.12 - 0.41 6.04 2.52 2.56 2.19 2.24 - 0.34 5.12 1.90 0.13 0.09 0.11 - 0.02 0.36 0.07 0.06 0.05 0.05 + 0.01 0.27 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.20 0.20 0.20 0.00 0.21 0.14 0.03 0.02 0.02 - 0.01 0.12 0.01 19.80 17.50 17.61 - 2.50 27.90 15.39

L

M

N-O

Dec 28 Pgs 8 9.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Newport Expl V 5700 Newstrike Res V 100 NGEx Res T 182 V 5688 Nighthawk Gold Niogold Mng V 1801 Nippon Dragon V 2492 Noble Metal Gr V 2300 Noble Mnl Expl V 1450 Noka Res V 2052 V 350 Nomad Ventures Noram Vent V 500 V 1990 Nordex Noront Res V 3085 Nortec Mnls V 3418 North Am En P* N 74 North Am En Pa T 881 North Am Nickl V 10 North Am Pall T 165 North Am Tung V 2290 North Arrow Mn V 1840 Northcliff Res T 426 Northern Abiti V 935 Northern Dyn* X 4513 Northern Dyn M T 1769 V 45 Northern Freeg Northern Gld M V 1925 Northern Graph V 783 Northern Iron V 600 Northern Lion V 131 Northern Shiel V 23130 Northern Sun M V 62 Northern Sup R V 1840 Northern Vertx V 525 Northisle C&G V 3631 Northquest V 1054 NovaCopper T 699 NovaCopper* X 2734 NovaGold Res T 22494 X 80051 NovaGold Res* NQ Expl V 1000 NSX Silver V 1740 Nubian Res V 50 NuLegacy Gold V 4443 NV Gold V 1650 Oban Mng T 2730 OceanaGold T 123713 Oceanic Iron O V 267 Oceanus Res V 103 30 Odin Mng & Exp V Olivut Res V 31 Omineca Mg&Mtl V 105 Opawica Expl V 5620 Opta Minls T 298 Oracle Mng V 1328 Orbit Garant D T 17464 Orbite Alumnae T 49273 Orca Gold V 7325 Orestone Mng V 1100 Orex Expl V 450 Orex Minls V 1415 Orezone Gold T 1682 Orocobre T 465 Orosur Mng T 74 Orvana Mnrls T 941 Otis Gold V 1187

0.22 0.19 0.21 + 0.02 0.49 0.19 0.03 0.03 0.03 - 0.01 0.08 0.02 0.70 0.54 0.54 - 0.09 1.19 0.44 0.06 0.05 0.05 - 0.01 0.32 0.04 0.30 0.26 0.27 - 0.03 0.43 0.22 0.12 0.10 0.11 - 0.01 0.15 0.03 0.01 0.01 0.01 + 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 - 0.01 0.26 0.03 0.01 0.01 0.01 + 0.01 0.07 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.11 0.09 0.10 + 0.01 0.39 0.06 0.44 0.37 0.41 0.00 0.67 0.25 0.02 0.02 0.02 - 0.01 0.04 0.02 2.00 1.84 1.84 - 0.11 3.44 1.60 2.75 2.55 2.57 - 0.09 4.00 2.10 0.12 0.12 0.12 + 0.03 0.28 0.08 4.03 3.97 4.00 + 0.03 188.00 3.85 0.01 0.01 0.01 0.00 0.06 0.01 0.19 0.18 0.18 - 0.01 1.34 0.17 0.10 0.09 0.10 + 0.01 0.24 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.30 0.28 0.28 - 0.03 0.72 0.28 0.42 0.38 0.40 - 0.05 0.83 0.37 0.04 0.04 0.04 0.00 0.11 0.04 0.02 0.01 0.01 0.00 0.03 0.01 0.26 0.20 0.22 - 0.01 0.89 0.18 0.01 0.01 0.01 0.00 0.05 0.01 0.07 0.07 0.07 0.00 0.16 0.03 0.02 0.01 0.01 - 0.01 0.04 0.01 0.09 0.08 0.08 - 0.01 0.30 0.03 0.02 0.02 0.02 0.00 0.04 0.02 0.20 0.18 0.20 - 0.01 0.26 0.09 0.02 0.02 0.02 0.00 0.06 0.02 0.27 0.22 0.23 - 0.03 0.32 0.07 0.45 0.39 0.43 - 0.05 0.93 0.39 0.33 0.30 0.30 - 0.03 0.74 0.30 6.05 5.48 5.54 - 0.45 6.34 3.02 4.39 3.93 3.98 - 0.40 4.60 2.61 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.03 0.01 0.11 0.09 0.10 + 0.01 0.17 0.08 0.03 0.02 0.02 + 0.01 0.17 0.01 1.15 1.11 1.12 - 0.02 3.40 1.09 2.62 2.35 2.56 - 0.02 3.15 1.70 0.11 0.10 0.10 - 0.03 0.30 0.08 0.19 0.16 0.17 - 0.01 0.38 0.14 0.37 0.34 0.34 + 0.04 0.50 0.21 0.13 0.10 0.13 0.00 0.17 0.08 0.03 0.03 0.03 + 0.01 0.11 0.01 0.01 0.01 0.01 0.00 0.03 0.01 1.25 1.10 1.10 - 0.15 2.15 0.25 0.01 0.01 0.01 + 0.01 0.07 0.01 0.72 0.65 0.72 + 0.01 1.49 0.62 0.42 0.35 0.36 - 0.05 0.53 0.20 0.18 0.14 0.15 - 0.02 0.43 0.14 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.01 + 0.01 0.02 0.01 0.13 0.11 0.13 + 0.02 0.34 0.11 0.30 0.25 0.25 - 0.04 0.61 0.22 1.84 1.37 1.83 + 0.39 2.88 1.33 0.11 0.10 0.11 + 0.01 0.24 0.10 0.17 0.15 0.17 + 0.01 0.49 0.13 0.11 0.09 0.10 - 0.01 0.14 0.02

Pac Bay Mnrls V 143 Pac Booker Min V 85 Pac Booker Mn* X 16 600 Pac Coal Res V Pac Iron Ore V 635 Pac North West V 250 Pac Ridge Expl V 705 Paladin Energy T 10275 Palmer Res V 2050 Pan Am Silver T 17043 Pan Am Silver* Q 90650 Pan Global Res V 2850 Pancontl Uran V 1730 Panoro Minls V 3980 Peabody Enrgy* N 32622 Pelangio Expl V 4878 Pele Mtn Res V 833 Peregrine Diam T 13549 Perseus Mng T 7735 Pershimco Res V 10524 Peruvian Prc M V 9125 Pilot Gold T 26933 Pinecrest Res V 1222 Pinetree Cap T 10142 PJX Res V 255 Plata Latina M V 4640 Plate Res V 1208 Platinex V 7100 Platinum Gp M* X 13895 Platinum Gp Mt T 60204 Plato Gold V 2300 Playfair Mng V 120 Polaris Minls T 1126 PolyMet Mng* X 5205 PolyMet Mng T 787 Potash C Sask* N 364975 Potash Cp Sask T 95763 Precipitate Gl V 1627 Premier Gold M T 9195 Pretium Res* N 27493 Pretium Res T 19282 Prime Merid Rs V 146 Primero Mng T 17790 Primero Mng* N 3581 Probe Mines V 439 Prophecy Coal T 2577 Puma Expl V 6709 Purepoint U V 6806 Q-Gold Res V 1750 QMC Quantum Ml V 260 QMX Gold V 219 Quaterra Res V 555 Quest Rare Mnl T 5374

0.08 0.08 0.08 + 0.03 0.10 0.02 2.10 1.95 2.00 0.00 6.90 1.02 1.55 1.37 1.45 - 0.09 5.75 1.04 0.02 0.01 0.02 + 0.01 0.15 0.01 0.30 0.27 0.27 0.00 0.39 0.10 0.02 0.01 0.02 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.04 0.02 0.24 0.21 0.24 + 0.03 0.41 0.15 0.01 0.01 0.01 0.00 0.05 0.01 9.94 8.68 8.71 - 1.56 15.06 7.77 7.26 6.22 6.24 - 1.27 12.05 5.85 0.01 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.12 0.11 0.11 - 0.02 0.30 0.09 9.41 7.06 7.49 - 2.63 129.30 7.06 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.15 0.12 0.12 - 0.02 0.39 0.12 0.34 0.33 0.33 0.00 0.48 0.18 0.10 0.09 0.10 + 0.01 0.26 0.09 0.03 0.03 0.03 0.00 0.17 0.03 0.27 0.24 0.24 - 0.02 1.27 0.24 0.06 0.05 0.05 - 0.01 0.50 0.05 0.05 0.04 0.04 - 0.01 0.21 0.04 0.16 0.16 0.16 - 0.02 0.29 0.13 0.02 0.02 0.02 0.00 0.12 0.01 0.02 0.01 0.01 - 0.01 0.07 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.17 0.13 0.14 - 0.02 0.60 0.13 0.23 0.18 0.20 - 0.03 0.74 0.18 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.03 0.03 0.00 0.08 0.01 1.47 1.41 1.43 - 0.05 2.83 1.37 0.86 0.80 0.81 - 0.06 1.37 0.55 1.17 1.11 1.12 - 0.01 1.75 0.76 18.01 16.65 17.20 - 1.28 37.60 16.65 25.00 22.89 24.01 - 1.28 47.10 22.89 0.09 0.07 0.09 + 0.01 0.21 0.07 2.64 2.50 2.55 - 0.06 2.92 1.61 5.74 4.88 4.93 - 0.91 7.56 4.26 7.86 6.81 6.88 - 1.08 9.05 5.57 0.06 0.06 0.06 + 0.01 0.19 0.05 3.33 2.98 3.04 - 0.50 6.06 2.56 2.43 2.16 2.17 - 0.43 5.02 1.93 0.37 0.37 0.37 0.00 0.56 0.16 0.03 0.02 0.03 0.00 0.08 0.02 0.03 0.03 0.03 0.00 0.18 0.03 0.03 0.03 0.03 + 0.01 0.07 0.02 0.02 0.01 0.01 - 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.01 0.01 0.00 0.04 0.01 0.08 0.07 0.07 - 0.01 0.15 0.04 0.07 0.06 0.06 - 0.01 0.29 0.06

Radisson Mng V 810 Radius Gold V 2290 Rambler Mg&Mtl V 2316 Randgold Res* Q 30667 Range Engy Res C 1510 Rapier Gold V 125 Rare Elemnt Rs T 1005 Rare Elemt Re* X 5077 Ratel Grp T 389 Rathdowney Res V 935 Red Eagle Mng V 2483 Red Moon Potsh V 232 Red Pine Expl V 360 225 Red Rock Enrgy V Red Tiger Mng V 10 Redhawk Res T 1369

0.12 0.10 0.12 + 0.02 0.15 0.08 0.07 0.06 0.07 + 0.02 0.11 0.06 0.07 0.06 0.07 + 0.02 0.43 0.06 63.06 59.08 59.24 - 5.25 85.84 54.88 0.02 0.02 0.02 + 0.01 0.10 0.01 0.04 0.04 0.04 - 0.01 0.08 0.01 0.30 0.25 0.26 - 0.07 1.31 0.22 0.25 0.19 0.19 - 0.03 1.06 0.16 0.40 0.40 0.40 - 0.05 0.79 0.40 0.16 0.16 0.16 - 0.01 0.35 0.11 0.27 0.25 0.25 - 0.02 0.36 0.23 0.03 0.03 0.03 0.00 0.09 0.02 0.07 0.06 0.07 0.00 0.18 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.03 0.03 0.03 0.00 0.17 0.02 0.08 0.05 0.05 0.00 0.10 0.04

P-Q

R

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Redhill Res V 290 Redstar Gold V 4340 Redstar Res V 2359 Reliance Res V 120 V 1875 Remington Res Remo Res V 70 V 1271 Renaissnc Gold Reservoir Capt V 117 V 514 Reservoir Mnls Reva Res V 66 Rhino Res* N 509 V 1010 Richmond Mnls Richmont Mines T 3536 Richmont Mine* X 6676 Rio Novo Gold T 1940 Rio Silver V 960 Rio Tinto* N 49954 Riverside Res V 505 RJK Explor V 1130 Robex Res V 6283 Rock Tech Lith V 1899 RockBridge Res V 616 Rockhaven Res V 1170 V 950 Rockland Mnls Rockwell Diam T 2315 Rodinia Lithm V 3200 Rogue Iron Ore V 13375 Rokmaster Res V 840 Rome Res V 58 Romios Gold Rs V 1548 Roxgold V 5646 Royal Cdn Mint T 1560 Royal Gold T 147 Royal Gold* Q 33660 Royal Nickel T 7043 RPT Uranium V 422 Rubicon Mnls* X 53170 Rubicon Mnrls T 18705 Rugby Mng V 20 324 Running Fox Rs V Rupert Res V 740 Rusoro Mng V 4989 Russell Metals T 16474 Rye Patch Gold V 1502

0.04 0.04 0.04 - 0.01 0.31 0.04 0.03 0.03 0.03 + 0.01 0.06 0.03 0.02 0.02 0.02 0.00 0.10 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 - 0.02 0.05 0.01 0.07 0.05 0.05 - 0.02 0.12 0.04 0.19 0.16 0.16 0.00 0.34 0.14 0.36 0.31 0.31 - 0.07 0.62 0.24 4.13 4.05 4.09 + 0.04 5.09 3.65 0.06 0.06 0.06 - 0.04 0.10 0.02 0.44 0.26 0.27 - 0.14 2.91 0.26 0.05 0.04 0.04 - 0.01 0.14 0.03 4.44 3.88 4.06 - 0.34 4.55 3.07 3.24 2.79 2.92 - 0.29 3.68 2.27 0.12 0.10 0.10 - 0.02 0.16 0.07 0.03 0.02 0.02 - 0.01 0.04 0.01 29.00 27.51 27.52 - 3.16 50.06 27.51 0.15 0.14 0.15 - 0.01 0.33 0.14 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.07 + 0.01 0.12 0.05 0.05 0.04 0.04 0.00 0.10 0.03 0.01 0.01 0.01 + 0.01 0.04 0.01 0.15 0.14 0.14 - 0.01 0.27 0.10 0.02 0.02 0.02 0.00 0.06 0.02 0.13 0.12 0.13 + 0.03 0.30 0.11 0.02 0.01 0.02 + 0.01 0.05 0.01 0.11 0.08 0.08 - 0.03 0.16 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.02 0.02 0.02 0.00 0.10 0.01 0.04 0.03 0.03 + 0.01 0.05 0.02 0.80 0.66 0.70 - 0.06 0.84 0.48 15.84 15.50 15.63 - 0.14 17.41 14.48 52.71 48.11 49.79 - 2.23 95.64 45.92 38.65 34.65 35.57 - 2.47 77.20 34.42 0.18 0.16 0.18 0.00 0.59 0.15 0.20 0.17 0.18 + 0.04 0.41 0.17 0.11 0.10 0.10 - 0.00 1.35 0.10 0.15 0.14 0.14 - 0.01 1.63 0.14 0.08 0.08 0.08 0.00 0.19 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.08 0.03 0.05 0.04 0.05 0.00 0.07 0.02 15.63 14.36 15.41 - 0.84 27.95 14.36 0.14 0.13 0.13 - 0.01 0.20 0.11

Sabina Gd&Slvr T 19594 Sage Gold V 729 Saint Jean Car V 1824 Salazar Res V 108 Sama Res V 2050 250 San Marco Res V Sanatana Diam V 21516 Sandspring Res V 3265 Sandstorm Gld* X 20644 T 5643 Sandstorm Gold Santa Fe Metls V 1170 Santacruz Silv V 2573 Sarama Res V 145 Satori Res V 991 Saturn Minls V 6208 Savant Expl V 2800 Scorpio Gold V 1798 Scorpio Mining T 4229 Seabridge Gld* N 10802 Seabridge Gold T 2615 Search Mnls V 560 Secova Mtls V 1477 Sego Res V 940 Semafo T 38351 Senator Minls V 1265 Sennen Res V 1135 Sentry Sl PrmM T 1458 Serabi Gold T 270 Serengeti Res V 1380 SGX Res V 530 Sherritt Intl T 31442 Shore Gold T 7179 Sierra Iron Or V 2078 Sierra Metals T 68 Signature Res V 200 Silver Bear Rs T 1350 508 Silver Bull Re T Silver Grail R V 110 Silver Mtn Mns V 1500 Silver Predatr V 700 Silver Pursuit V 10 Silver Range R V 413 Silver Spruce V 791 Silver Std Res T 14295 Silver Std Re* Q 58724 Silver Wheatn* N 143632 Silver Wheaton T 42962 Silvercorp Mtl T 12998 Silvore Fox Ml V 7222 Sirios Res V 1290 Skeena Res V 59622 Skyharbour Res V 13182 Slam Exploratn V 2370 Slater Mng V 375 SnipGold V 508 SNS Silver V 7100 Soc Quim&M Ch* N 13331 Softrock Mnrl V 5790 Solitario Ex&R T 35 Solitario Ex&* X 1104 Sona Res V 1668 Sonora Gld & S V 1760 Sonoro Mtls V 2230 Source Expl V 1300 Southern Arc V 10 Southern Silvr V 360 Spanish Mtn Gd V 3097 Sparton Res V 263 Sprott Ph Silv T 211 Sprott Res T 4334 St Andrew Gldf T 44234 St Augustine T 524 Stakeholdr Gld V 50 Standard Graph V 140 Stans Energy V 4867 Starcore Int V T 3167 Stellar Pac Vt V 66 Stelmine Can V 780 Stillwater Mg* N 62699 Stonegate Agri T 493 Stornoway Diam T 7188 Strategic Metl V 4017 Strategic Res V 75 Stratton Res V 20 Strike Graph V 880 StrikePoint Gd V 5717 Strongbow Expl V 20 Sulliden Mng C T 674 Sultan Mnrls V 7790 SunCoke Engy* N 8462 Sunridge Gold V 12355 Suparna Gold V 9500

0.74 0.56 0.71 - 0.02 0.75 0.28 0.04 0.04 0.04 0.00 0.17 0.04 0.05 0.04 0.04 - 0.01 0.06 0.01 0.10 0.06 0.06 + 0.01 0.16 0.03 0.13 0.09 0.10 0.00 0.28 0.09 0.03 0.03 0.03 + 0.01 0.10 0.02 0.02 0.01 0.01 - 0.01 0.08 0.01 0.15 0.13 0.15 - 0.02 0.44 0.13 2.75 2.53 2.54 - 0.22 4.40 2.20 3.77 3.49 3.54 - 0.23 5.30 2.88 0.02 0.02 0.02 0.00 0.03 0.01 0.12 0.10 0.10 0.00 0.43 0.10 0.07 0.07 0.07 + 0.02 0.12 0.05 0.07 0.03 0.05 + 0.02 0.25 0.02 0.15 0.14 0.14 0.00 0.24 0.10 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.05 0.07 + 0.02 0.19 0.05 0.13 0.11 0.11 - 0.03 0.27 0.11 8.52 7.74 7.77 - 1.00 9.89 3.31 11.65 10.81 10.85 - 1.13 12.60 4.34 0.05 0.05 0.05 0.00 0.13 0.03 0.05 0.05 0.05 - 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.03 0.01 3.64 3.30 3.54 - 0.17 4.49 2.46 0.08 0.06 0.06 - 0.02 0.17 0.02 0.12 0.11 0.11 0.00 1.35 0.10 2.14 2.02 2.08 - 0.10 3.49 2.00 0.07 0.06 0.07 + 0.01 0.10 0.06 0.02 0.02 0.02 - 0.01 0.07 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.70 0.63 0.63 - 0.04 3.25 0.63 0.20 0.18 0.18 - 0.02 0.31 0.13 0.35 0.27 0.28 - 0.03 0.62 0.07 1.04 1.02 1.04 0.00 2.13 0.84 0.04 0.02 0.04 + 0.02 0.04 0.01 0.03 0.02 0.02 - 0.01 0.10 0.02 0.05 0.04 0.04 - 0.01 0.30 0.04 0.02 0.02 0.02 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.03 0.03 0.03 0.00 0.11 0.02 0.07 0.06 0.06 - 0.01 0.10 0.02 7.57 6.93 7.01 - 0.74 10.56 4.86 5.54 4.99 5.03 - 0.64 8.02 4.12 13.48 11.93 11.94 - 1.49 24.22 11.03 18.48 16.64 16.65 - 1.71 29.86 14.62 0.72 0.66 0.66 - 0.07 2.00 0.66 0.02 0.01 0.01 - 0.01 0.10 0.00 0.10 0.09 0.10 - 0.01 0.13 0.06 0.07 0.06 0.07 + 0.01 0.13 0.06 0.04 0.03 0.03 0.00 0.07 0.02 0.04 0.03 0.04 + 0.01 0.06 0.01 0.05 0.03 0.05 - 0.01 0.06 0.02 0.06 0.05 0.06 + 0.02 0.11 0.04 0.49 0.38 0.47 + 0.11 0.50 0.05 16.81 14.70 15.88 - 0.83 26.40 12.65 0.02 0.02 0.02 0.00 0.03 0.01 0.63 0.62 0.62 - 0.03 1.18 0.57 0.49 0.44 0.44 - 0.04 1.00 0.40 0.02 0.01 0.02 - 0.01 0.06 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.06 0.05 0.05 - 0.01 0.19 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.32 0.32 0.32 0.00 1.00 0.25 0.05 0.04 0.05 - 0.01 0.13 0.03 0.03 0.03 0.03 + 0.01 0.05 0.02 0.03 0.03 0.03 0.00 0.04 0.01 5.35 5.23 5.27 - 0.23 7.43 5.23 0.46 0.42 0.43 + 0.02 1.99 0.40 0.45 0.42 0.43 - 0.04 0.45 0.21 0.11 0.10 0.11 0.00 0.17 0.07 0.01 0.01 0.01 + 0.01 2.80 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.02 0.00 0.13 0.01 0.28 0.07 0.28 + 0.19 0.66 0.07 0.02 0.02 0.02 0.00 0.14 0.01 0.01 0.01 0.01 - 0.01 0.05 0.01 8.73 8.16 8.49 - 0.90 15.37 8.16 0.02 0.02 0.02 0.00 0.06 0.02 0.72 0.67 0.69 0.00 0.85 0.46 0.28 0.25 0.26 - 0.04 0.37 0.24 0.02 0.02 0.02 0.00 0.08 0.02 0.09 0.09 0.09 + 0.01 0.15 0.06 0.02 0.01 0.02 0.00 0.15 0.01 0.02 0.01 0.01 0.00 0.08 0.01 0.08 0.06 0.08 0.00 0.18 0.05 0.26 0.20 0.24 + 0.03 0.49 0.19 0.01 0.01 0.01 0.00 0.02 0.01 3.52 2.83 3.51 + 0.30 20.00 2.83 0.27 0.25 0.25 - 0.02 0.28 0.13 0.02 0.01 0.01 + 0.01 0.08 0.01

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Superior Coppr V 20250 0.01 0.01 0.01 - 0.01 0.05 0.01 Sutter Gold V 3495 0.04 0.04 0.04 - 0.01 0.15 0.04

T Tahoe Res* N 15237 Tahoe Res T 44618 Taipan Res V 414 Tajiri Res V 1030 Takara Res V 6997 Talon Metals T 936 545 Tanz Roy Exp T Tanz Roy Exp* X 2950 Taseko Mines* X 7966 Taseko Mines T 7245 Tasman Metals V 458 Tasman Mtls* X 1252 Tearlach Res V 200 Teck Res A T 117 Teck Res B* N 324571 Teck Res B T 176860 Tembo Gold V 613 Teranga Gold T 28048 Teras Res V 330 Terraco Gold V 1675 Terrax Minls V 2538 Teuton Res V 50 Thompson Creek T 11095 Thompson Crk* N 5948 Thor Expl V 45 Tiller Res V 10 Timberline Res V 40 Timberline Rs* X 627 Timmins Gold* X 20310 Timmins Gold T 14471 Tinka Res V 1053 Tintina Res V 562 Tirex Res V 2860 Titanium Corp V 3665 TNR Gold V 1170 TomaGold V 1359 Torex Gold T 50411 Transition Mtl V 2940 Treasury Metal T 937 Tres-Or Res V 3150 Trevali Mng T 27709 Tri Origin Exp V 1200 Tribute Res V 3710 TriMetals Mng T 3063 Troymet Expl V 910 True Gold Mng V 11632 True North Gem V 4678 Tsodilo Res V 10 Turquoise HIl* N 21135 Turquoise Hill T 33783 TVI Pacific T 5403 Typhoon Expl V 461

9.06 8.05 8.07 - 1.23 16.13 7.33 12.42 11.23 11.30 - 1.38 19.45 9.66 0.08 0.07 0.07 - 0.01 3.05 0.07 0.02 0.01 0.02 + 0.01 0.04 0.01 0.04 0.02 0.04 + 0.01 0.06 0.01 0.14 0.12 0.13 + 0.02 0.28 0.08 0.40 0.38 0.38 0.00 1.02 0.32 0.29 0.27 0.27 - 0.01 0.91 0.25 0.39 0.31 0.34 - 0.03 1.13 0.31 0.55 0.43 0.47 - 0.01 1.30 0.43 0.26 0.23 0.25 - 0.01 0.99 0.21 0.20 0.16 0.17 - 0.04 0.79 0.15 0.05 0.05 0.05 - 0.01 0.14 0.02 8.04 6.41 7.06 - 1.06 22.64 6.41 3.75 3.04 3.11 - 0.75 16.40 3.04 5.14 4.25 4.33 - 0.96 20.58 4.25 0.01 0.01 0.01 0.00 0.06 0.01 0.50 0.48 0.49 - 0.01 0.82 0.39 0.04 0.04 0.04 - 0.01 0.14 0.04 0.11 0.10 0.10 - 0.01 0.17 0.07 0.27 0.24 0.27 + 0.03 0.44 0.23 0.04 0.04 0.04 + 0.01 0.23 0.04 0.33 0.28 0.31 + 0.02 2.07 0.23 0.25 0.20 0.23 - 0.00 1.79 0.18 0.03 0.03 0.03 0.00 0.07 0.02 0.04 0.04 0.04 - 0.01 0.13 0.04 0.34 0.33 0.33 + 0.03 0.91 0.31 0.28 0.20 0.22 - 0.05 0.80 0.20 0.14 0.12 0.13 - 0.02 1.27 0.12 0.19 0.17 0.18 - 0.02 1.53 0.17 0.15 0.11 0.12 + 0.02 0.43 0.10 0.07 0.06 0.06 - 0.01 0.11 0.04 0.10 0.08 0.10 0.00 0.35 0.07 0.80 0.69 0.70 - 0.13 1.55 0.68 0.02 0.02 0.02 - 0.01 0.03 0.01 0.05 0.05 0.05 0.00 0.13 0.04 1.20 1.09 1.18 - 0.04 1.65 0.85 0.13 0.10 0.13 0.00 0.27 0.06 0.42 0.37 0.40 - 0.04 0.62 0.25 0.02 0.02 0.02 - 0.01 0.03 0.01 0.42 0.34 0.34 - 0.01 1.24 0.25 0.03 0.02 0.03 + 0.01 0.04 0.01 0.03 0.02 0.03 - 0.01 0.12 0.02 0.07 0.06 0.06 0.00 0.13 0.04 0.02 0.01 0.01 0.00 0.03 0.01 0.25 0.22 0.23 - 0.01 0.29 0.15 0.17 0.16 0.16 - 0.01 0.20 0.07 0.73 0.73 0.73 0.00 1.19 0.57 2.62 2.28 2.34 - 0.18 4.73 2.28 3.58 3.19 3.25 - 0.17 5.80 3.17 0.02 0.01 0.01 0.00 0.03 0.01 0.03 0.03 0.03 - 0.01 0.08 0.03

U3O8 Corp T 7763 Ucore Rare Mtl V 3180 UEX Corp T 30200 Ultra Lithium V 132 Unigold V 506 Unity Energy V 5074 Ur-Energy T 1958 Ur-Energy* X 3112 Uracan Res V 844 Uragold Bay Rs V 14251 Uranium Ener* X 13163 Uranium Partic T 9318 Uranium Res* Q 3262 Uravan Minls V 470 US Energy* Q 9661 US Silica Hld* N 14610 N 157989 Vale* ValGold Res V 320 Valterra Res V 160 430 Vanstar Mng Rs V Vantex Res V 2000 Vena Res T 3618 Vendetta Mng V 730 Vendome Res V 200 Verde Potash T 639 Victoria Gold V 16770 Victory Nickel T 1329 Victory Res V 4680 Victory Vent V 1800 Vior Mining V 490 Virginia Engy V 92 Viscount Mng V 3885 Visible Gold M V 2345 Vista Gold T 346 Vista Gold* X 2635 VMS Vent V 25074 Vulcan Mnrls V 5995 VVC Expl V 4060

0.03 0.02 0.03 0.00 0.07 0.02 0.26 0.23 0.25 + 0.01 0.44 0.20 0.14 0.11 0.14 + 0.02 0.32 0.11 0.09 0.08 0.08 - 0.02 0.35 0.05 0.11 0.10 0.10 0.00 0.25 0.08 0.15 0.15 0.15 - 0.05 0.20 0.05 0.88 0.75 0.86 + 0.04 1.35 0.60 0.64 0.55 0.62 + 0.02 1.07 0.45 0.01 0.01 0.01 0.00 0.06 0.01 0.03 0.03 0.03 0.00 0.07 0.02 1.10 0.98 0.98 - 0.13 3.00 0.90 5.34 5.07 5.19 - 0.29 5.69 4.82 0.58 0.51 0.52 - 0.00 2.04 0.51 0.11 0.08 0.09 - 0.02 0.17 0.03 0.17 0.12 0.13 - 0.03 1.77 0.12 21.29 18.81 18.99 - 1.71 40.17 13.50 3.44 3.06 3.23 - 0.16 9.14 3.00 0.02 0.02 0.02 + 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.04 0.05 0.00 0.08 0.04 0.02 0.02 0.02 0.00 0.03 0.01 0.02 0.02 0.02 0.00 0.13 0.02 0.09 0.08 0.09 + 0.01 0.17 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.20 0.19 0.19 + 0.02 0.60 0.18 0.16 0.14 0.14 - 0.01 0.24 0.10 0.03 0.03 0.03 0.00 0.31 0.02 0.03 0.02 0.03 - 0.01 0.09 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 0.06 0.05 0.05 0.00 0.13 0.04 0.05 0.05 0.05 0.00 0.10 0.03 0.57 0.47 0.50 - 0.11 0.63 0.16 0.05 0.04 0.05 - 0.01 0.27 0.04 0.45 0.39 0.39 - 0.04 0.56 0.30 0.33 0.28 0.28 - 0.04 0.45 0.24 0.07 0.05 0.05 - 0.02 0.30 0.05 0.02 0.02 0.02 + 0.01 0.04 0.02 0.02 0.02 0.02 0.00 0.04 0.02

Wallbridge Mng T 1800 Waseco Res V 20 WCB Res V 495 Wealth Minls V 1042 Wescan Goldfie V 40 Wesdome Gold T 12542 West Af Iron O V 1676 West High Yld V 382 West Kirkland V 3950 V 770 Westcore Energ Western Copper T 3846 Western Coppr* X 647 Western Lithiu T 38132 Western Melv M V 315 Western Pac Rs V 100 Western Potash T 6734 V 360 Westhaven Vent Westkam Gold V 7336 Westminster Rs V 2307 WGI Heavy Mnl T 362 Wildcat Expl V 172 Williams Creek V 2660 Wolfden Res V 3361 V 791 Wolverine Mnls Xmet V 470 Xtierra V 150 Xtra-Gold Res T 348 Yamana Gold* N 67826 Yamana Gold T 144239 Yanzhou Coal* N 3882 Yellowhead Mng T 935 Zadar Vent V 200 Zazu Metals T 180 Zena Mng V 80 Zenyatta Vent V 1313 Zephyr Mnls V 250 Zimtu Capital V 201 Zonte Mtls V 886

0.03 0.03 0.03 + 0.01 0.06 0.02 0.03 0.03 0.03 0.00 0.06 0.02 0.04 0.03 0.03 - 0.02 0.28 0.02 0.17 0.15 0.16 - 0.04 0.42 0.05 0.03 0.03 0.03 0.00 0.06 0.01 1.35 1.23 1.23 - 0.05 1.40 0.89 0.02 0.02 0.02 0.00 0.10 0.02 0.24 0.20 0.20 - 0.02 0.43 0.11 0.05 0.04 0.04 - 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.04 0.01 0.34 0.31 0.33 - 0.02 0.75 0.30 0.24 0.22 0.24 - 0.02 0.65 0.22 0.31 0.26 0.29 - 0.03 0.96 0.26 0.04 0.04 0.04 - 0.01 0.15 0.03 0.01 0.01 0.01 - 0.01 0.11 0.01 0.20 0.19 0.19 0.00 0.34 0.18 0.05 0.05 0.05 - 0.01 0.12 0.05 0.03 0.02 0.02 0.00 0.05 0.02 0.02 0.02 0.02 0.00 0.10 0.01 0.21 0.20 0.21 - 0.01 0.74 0.00 0.04 0.04 0.04 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.11 0.01 0.08 0.07 0.08 + 0.01 0.23 0.05 0.04 0.03 0.03 - 0.01 0.10 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.23 0.23 0.23 + 0.01 0.30 0.10 2.15 1.79 1.80 - 0.39 4.84 1.43 2.96 2.49 2.51 - 0.48 5.79 1.89 4.54 4.19 4.50 + 0.16 12.24 4.19 0.04 0.03 0.04 + 0.01 0.18 0.03 0.02 0.02 0.02 0.00 0.05 0.01 0.10 0.10 0.10 - 0.03 0.38 0.09 0.10 0.07 0.07 + 0.01 0.12 0.06 1.01 0.87 0.90 + 0.04 2.61 0.63 0.09 0.09 0.09 0.00 0.20 0.08 0.15 0.13 0.14 + 0.01 0.38 0.13 0.12 0.09 0.09 - 0.02 0.15 0.02

U-V

W-Z

2015-12-21 10:44 AM

10

WWW.NORTHERNMINER.COM

DECEMBER 28, 2015–JANUARY 3, 2016 / THE NORTHERN MINER

BID-ASK — DECEMBER 11–17, 2015

STOCK

12-MONTH

EXC BID ASK LAST HIGH

LOW

STOCK

Abzu Gold V 0.03 0.03 0.03 0.05 V 0.02 0.02 0.02 0.11 Actus Mnls Adanac Moly V 0.18 1.51 0.18 0.20 Aegean Metals V 0.03 0.05 0.03 0.11 Afferro Mng V 1.10 2.50 1.57 2.40 Aftermath Silv V 0.01 0.01 0.01 0.02 AgriMinco V 0.01 0.01 0.01 0.01 T 5.02 5.07 5.03 10.31 Alamos Gold Alder Res V 0.01 0.01 0.01 0.05 Alhambra Res V 0.02 0.03 0.02 0.06 Allana Potash T 0.50 0.50 0.50 0.50 T 2.25 2.29 2.25 3.70 Allied Gold Allied Nevada T 0.16 0.16 1.08 4.45 Allied Nevada* X 0.86 0.86 0.86 6.70 V 5.55 5.68 5.45 7.60 Alpha Mnls V 0.05 0.06 0.05 0.12 Altai Res Altitude Res V 0.08 0.10 0.08 0.21 Alturas Minls V 0.01 0.01 0.01 0.01 Am Cons Minls V 0.04 0.04 0.04 0.07 AM Gold V 0.03 0.04 0.03 0.06 Amador Gold V 0.01 0.01 0.01 0.01 T 0.20 0.29 0.21 1.72 Amara Mng Amcol Intl* N 45.74 45.75 45.74 47.09 American Bonan T 0.02 0.02 0.02 0.06 AMI Res V 0.04 0.05 0.04 0.06 V 0.01 0.02 0.02 0.04 AndeanGold Anglo Pac Grp T 0.01 1.44 1.50 2.05 Arcturus Res V 0.01 0.02 0.01 0.03 Argentum Silvr V 0.02 0.03 0.02 0.06 Armadillo Res C 0.01 0.05 0.02 0.02 V 0.09 0.20 0.09 0.16 Astar Mnls Atna Res Ltd T 0.01 0.01 0.05 0.12 T 3.15 3.50 3.55 4.18 Augusta Res Auramex Res V 0.01 0.01 0.01 0.02 Aurania Res V 0.33 0.60 0.32 0.45 N 2.87 2.88 2.86 4.69 AuRico Gold* AuRico Gold T 3.58 3.73 3.58 5.12 Aurvista Gold V 0.03 0.04 0.03 0.09 T 0.02 0.03 0.02 0.11 Azumah Res Bama Gold V 0.07 0.20 0.06 0.23 Baroyeca Go&Si V 0.01 0.01 0.01 0.01 Bayfield Vent V 0.24 0.25 0.24 0.41 V 0.05 0.05 0.35 0.35 BE Res Bear Lake Gold V 0.03 0.04 0.04 0.06 Bearclaw Cap V 0.02 0.03 0.03 0.05 Bearing Res V 0.01 0.04 0.03 0.04 Belvedere Res V 0.01 0.01 0.01 0.15 Besra Gold T 0.02 0.02 0.02 0.07 Bison Gold Res V 0.01 0.01 0.01 0.04 Blackstone Ven V 0.02 0.02 0.01 0.20 Blue Gold Mng V 0.46 0.49 0.47 0.95 Bonaparte Res V 0.05 0.12 0.05 0.11 Bralorne Gold V 0.19 0.19 0.20 0.45 Brazilian Gold V 0.10 0.10 0.11 0.25 Bullman Mnls V 0.03 0.05 0.03 0.14 Cache Expl V 0.10 0.12 0.11 0.16 Calvista Gold T 1.09 1.10 1.09 1.10 Canada Fluorsp V 0.35 0.35 0.35 0.35 Canadn Arrow V 0.01 0.01 0.01 0.01 V 0.01 0.01 0.01 0.01 Canadn Plat Canadn Silvr H V 0.01 0.01 0.01 0.07 Cancor Mines C 0.01 0.02 0.01 0.05 V 0.03 0.04 0.03 0.15 Cangold Cannon Pnt Res V 0.18 0.19 0.19 0.25 Canyon Copper V 0.02 0.02 0.02 0.12 Caracara Silvr V 0.01 0.01 0.01 0.01 Cariboo Rose V 0.03 0.04 0.03 0.07 Carlin Gold V 0.01 0.01 0.01 0.02 Cascadero Copp V 0.03 0.04 0.03 0.05 Cavan Vent V 0.02 0.02 0.02 0.04 V 2.40 2.49 2.40 3.49 Cayden Res Central Iron O V 0.01 0.01 0.01 0.01 Chalice Diam V 0.07 0.07 0.07 0.08 Channel Res V 0.04 0.06 0.05 0.09 Chimata Gold V 0.04 0.05 0.04 0.19 CIC Energy T 1.99 2.00 1.99 2.45 Citation Res V 0.07 0.08 0.07 0.10 Cline Mng T 0.01 0.01 0.01 0.84 CMQ Res V 0.02 0.04 0.02 0.05 Coalspur Mines T 0.02 0.02 0.02 0.08 Cobriza Mtls V 0.12 0.13 0.12 0.16 Coeur Mng T 12.03 12.64 12.09 20.14 Colossus Minls T 0.02 0.02 0.04 3.40 Columbus Expl V 0.06 0.05 0.19 0.20 Comet Inds V 1.25 1.75 1.22 1.75 Conquest Res V 0.01 0.01 0.01 0.02 Cons Richland V 0.01 0.02 0.01 0.04 Contintl Nickl V 0.40 0.90 0.40 1.12 Coronado Res V 0.24 0.40 0.18 1.30 Cortez Gold V 0.18 0.32 0.32 1.00 Cougar Mnls V 0.05 0.05 0.05 0.30 Creso Expl V 0.12 0.12 0.12 0.13 Crosshair Eny* X 0.02 0.03 0.02 0.26 C 0.01 0.01 0.01 0.01 Cuervo Res Curis Res T 0.68 0.72 0.70 0.99 Darwin Res V 0.05 0.05 0.05 0.20 Desert Gold V 0.10 0.15 0.10 0.90 Diamonds North V 0.02 0.03 0.02 0.08 Dominion Mnls* Q 0.08 0.18 0.01 0.09 Dorex Minls V 0.01 0.02 0.02 0.10 Duluth Metals T 0.45 0.45 0.45 1.00 Dunav Res V 0.01 0.02 0.02 0.14 DV Res V 0.04 0.07 0.05 0.06 E-Energy Vent V 0.01 0.01 0.01 0.01 Eagle Hill Exp V 0.60 0.65 0.65 0.93 Eagle Mtn Gold V 0.14 0.17 0.13 0.42 Eastern Merid V 0.02 0.07 0.05 0.07 El Tigre Silvr V 0.03 0.04 0.04 0.26 Elemental Mnls T 0.18 0.25 0.20 0.55 Elgin Mng T 0.41 0.42 0.42 0.45 Elissa Res V 0.14 0.14 0.14 0.25 Emgold Mng V 0.01 0.01 0.01 0.03 Esperanza Res V 1.01 1.03 1.01 1.70 Estrella Gold V 0.03 0.04 0.03 0.08 Eureka Res V 0.05 0.08 0.05 0.16 Extorre Gold M T 4.27 4.28 4.27 11.27 Fieldex Expl V 0.01 0.01 0.01 0.04 First Nickel T 0.01 0.01 0.01 0.03 Freeport Res V 0.01 0.01 0.01 0.02 Frontier Rr Er T 0.13 0.14 0.13 0.35 Gentor Res V 0.02 0.03 0.03 0.10 Geocom Res* Q 0.05 0.09 0.02 0.03 Geomark Expl V 0.96 1.00 0.98 1.00 GFK Res V 0.04 0.05 0.05 0.17

0.02 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.05 0.07 0.01 0.00 0.03 0.01 0.00 0.00 0.00 0.01 0.01 1.00 0.01 0.02 0.01 0.09 0.05 0.00 0.01 0.30 0.00 0.00 0.03 0.00 0.00 0.01 0.00 0.35 0.00 0.02 0.02 0.01 0.00 0.01 0.10 0.00 0.00 0.00 0.00 0.03 0.05 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.02 0.01 0.02 0.02 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 1.00 0.01 0.01 0.00 0.23 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.02 0.00 0.00 0.03 0.01 0.00 0.00 0.04 0.00 0.00 0.00 0.06 0.01 0.00 0.00 0.02 0.00 0.01 0.00 0.01 0.00 0.03 0.00 0.00 0.03

Gitennes Expl Giyani Gold Global Ur Fund Gold Canyon Golden Harp Golden Peak Mn Golden Tag GoldMountain* Goldrea Res Grande Portage Gray Rock Res Green Valley M Grenville Gold Gryphon Gold GTO Res Handa Copper Highbury Proj Highvista Gold HiHo Silver Horizonte Mnls Hudson River M ICN Res IEMR Res Inform Res Inova Res Inter-Citic Mn Inter-Rock Mnl Intl Enexco Intl Millm Mng Intl Minls Crp Intl Samuel Ex Intrepid Mns Iron South Mng Iron Tank Res Jaxon Mnls Jiulian Res Kazax Mnls Kermode Res Kettle River Kimber Res KWG Res Labdr Iron Mns Lachlan Star Legend Gold Liberty Silver Lipari Energy Lithium Americ Lithium One Logan Res Long Harbour E Lornex Cap MagIndustries Magma Metals Mahdia Gold Mammoth Res Manado Gold Margaret Lk Di Marifil Mines Maritime Res Marklnd AGF PM Maudore Minls Max Res McVicar Res Mega Precs Mtl Megastar Dev Mercator Mnls Messina Minls Metallis Res Metalore Res Midasco Cap Midway Gold Midway Gold* Milner Con Slv Minemakers Minera IRL Mineral Depost Mineral Hill Minfocus Expl Mirabela Nickl Moly Mines Monster Mng Mountain Lake Murgor Res New Dawn Mng New Destiny Mg New Oroperu Rs Newcrest Mng Newmac Res Newmont Mng Newstrike Cap Nikos Expl Nitinat Mnls NMC Res North Am Pot D North Country NSGold Nuinsco Res Nunavik Nickel NWM Mng NWT Uranium Olympic Res Orefinders Res Oremex Silver Orko Silver Oroco Res Orofino Mnls Oronova Res Orsa Vent Otterburn Res Pac Arc Res Pac Imp Mines Pac Potash Pac Rim Mining Paget Mnls Pantheon Vent Paragon Minls Parallel Mng Paramount Gold Parlane Res PC Gold Peat Res Penteco Res Petaquilla Mnl Philippine Mtl

Dec 28 Pgs 10.indd 10

12-MONTH

EXC BID ASK LAST HIGH LOW

V 0.01 0.01 0.01 0.01 V 0.07 0.07 0.09 0.20 T 1.64 1.67 1.64 2.05 V 0.34 0.34 0.34 0.42 V 0.04 0.05 0.04 0.07 V 0.06 0.08 0.08 0.09 V 0.02 0.03 0.03 0.08 Q 0.04 0.05 0.05 0.35 C 0.03 0.06 0.03 0.10 V 0.01 0.01 0.01 0.02 V 0.02 0.03 0.03 0.04 V 0.01 0.01 0.01 0.01 V 0.07 0.12 0.09 0.15 T 0.01 0.01 0.01 0.13 V 0.10 0.16 0.11 0.11 V 0.04 0.06 0.05 0.12 V 0.12 0.20 0.15 0.33 V 0.12 0.15 0.17 0.28 C 0.01 0.01 0.01 0.02 T 0.03 0.04 0.02 0.07 V 0.01 0.01 0.01 0.01 V 0.06 0.07 0.06 0.30 V 0.01 0.01 0.01 0.01 V 0.01 0.01 0.03 0.03 T 0.16 0.20 0.15 0.60 T 2.04 2.05 2.04 2.05 V 0.03 0.07 0.03 0.04 V 0.41 0.41 0.41 0.55 V 0.01 0.02 0.04 0.04 T 2.80 2.83 2.83 4.92 V 0.10 0.15 0.01 0.30 T 0.25 0.26 0.26 0.31 V 0.05 0.09 0.05 0.11 V 0.04 0.04 0.04 0.14 V 0.03 0.04 0.03 0.06 V 0.02 0.04 0.03 0.05 V 0.02 0.03 0.02 0.06 V 0.01 0.01 0.01 0.02 V 0.01 0.01 0.01 0.02 T 0.15 0.16 0.15 0.40 V 0.02 0.03 0.02 0.09 T 0.02 0.02 0.02 0.14 T 0.01 0.01 0.02 0.28 V 0.03 0.04 0.03 0.14 T 0.05 0.08 0.04 0.13 T 0.46 0.49 0.47 0.49 T 0.29 0.30 0.30 0.49 V 1.15 1.18 1.15 1.46 V 0.03 0.05 0.05 0.06 V 0.07 0.20 0.08 0.15 V 0.10 0.18 0.10 0.20 T 0.10 0.04 0.13 0.26 T 0.09 0.09 0.09 0.28 C 0.01 0.17 0.01 0.02 V 0.01 0.01 0.01 0.07 V 0.01 0.01 0.03 0.08 V 0.08 0.12 0.10 0.26 V 0.01 0.02 0.01 0.02 V 0.10 0.14 0.11 0.24 T 5.86 8.25 5.82 10.41 V 0.01 0.01 0.01 0.01 V 0.08 0.09 0.08 0.20 V 0.47 0.49 0.49 0.52 V 0.08 0.09 0.08 0.13 V 0.02 0.03 0.03 0.06 T 0.01 0.01 0.03 0.12 V 0.06 0.10 0.06 0.13 V 0.03 0.03 0.03 0.14 T 2.45 2.60 2.45 3.72 V 0.40 1.02 0.12 0.12 T 0.13 0.13 0.09 1.30 X 0.07 0.08 0.04 1.17 V 0.02 0.03 0.02 0.07 T 0.10 0.30 0.13 0.13 T 0.07 0.08 0.08 0.15 T 5.00 5.09 4.75 6.95 V 0.05 0.05 0.14 0.14 V 0.01 0.02 0.01 0.04 T 0.02 0.02 0.02 0.62 T 0.06 0.07 0.06 0.15 V 0.01 0.01 0.01 0.01 V 0.32 0.35 0.32 0.82 V 0.02 0.02 0.02 0.03 T 0.10 0.16 0.13 1.10 V 0.01 0.01 0.01 0.04 V 0.12 0.15 0.14 0.20 T 12.10 12.90 12.11 31.00 V 0.08 0.18 0.09 0.29 T 26.37 26.90 26.25 44.66 V 0.66 0.70 0.70 1.22 V 0.02 0.03 0.02 0.15 V 0.05 0.07 0.07 0.09 V 0.17 0.17 0.19 0.19 V 0.01 0.01 0.01 0.01 V 0.11 0.12 0.11 0.14 V 0.04 0.07 0.07 0.12 T 0.01 0.01 0.01 0.03 V 0.04 0.06 0.04 0.18 V 0.01 0.01 0.01 0.01 V 0.02 0.02 0.05 0.05 V 0.13 0.16 0.14 0.32 V 0.02 0.02 0.01 0.10 V 0.02 0.03 0.03 0.03 V 1.94 1.99 1.99 2.63 V 0.02 0.03 0.02 0.06 V 0.07 0.11 0.07 0.20 V 0.03 0.07 0.03 0.04 V 0.10 0.10 0.10 0.15 V 0.09 0.20 0.20 0.20 V 0.01 0.01 0.01 0.01 V 0.01 0.02 0.01 0.01 V 0.04 0.06 0.05 0.25 T 0.07 0.08 0.07 0.11 V 0.01 0.01 0.01 0.01 V 0.11 0.11 0.10 0.13 V 0.06 0.07 0.06 0.12 V 0.03 0.08 0.04 0.07 T 1.20 1.20 1.52 1.88 V 0.07 0.08 0.07 0.23 V 0.08 0.08 0.09 0.10 V 0.01 0.02 0.01 0.03 V 0.05 0.06 0.05 0.06 T 0.03 0.03 0.03 0.31 V 0.01 0.02 0.02 0.05

0.01 0.05 0.00 0.00 0.03 0.04 0.02 0.00 0.02 0.01 0.02 0.01 0.04 0.00 0.00 0.05 0.10 0.11 0.01 0.02 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.00 0.04 0.00 0.01 0.00 0.05 0.02 0.01 0.02 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.03 0.04 0.00 0.00 0.00 0.01 0.01 0.01 0.07 0.01 0.10 0.00 0.01 0.04 0.00 0.00 0.02 0.00 0.00 0.01 2.39 0.05 0.00 0.00 0.02 0.06 0.00 0.00 0.12 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.07 0.00 0.06 0.00 0.00 0.02 0.03 0.00 0.01 0.00 0.03 0.00 0.04 0.00 0.05 0.03 0.01 0.02 0.00 0.02 0.05 0.03 0.00 0.20 0.01 0.01 0.03 0.00 0.01 0.03 0.00 0.03 0.00 0.03 0.00 0.01 0.00 0.00 0.01

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Phoenix Gold V 0.01 0.01 0.01 0.04 Pitchstone Exp V 0.09 0.09 0.09 0.21 Planet Mng V 0.02 0.03 0.03 0.06 PMI Gold T 0.48 0.50 0.48 0.72 V 0.01 0.01 0.01 0.02 PNG Gold Polar Star Mng T 0.01 0.02 0.01 0.17 Portage Mnls C 0.01 0.02 0.02 0.03 Portola Res V 0.20 0.01 0.20 0.20 Premier Roy T 0.74 0.76 0.76 2.60 Proam Expl V 0.01 0.02 0.01 0.02 Prospero Silve V 0.09 0.15 0.08 0.25 Providence Res V 0.04 0.09 0.05 0.12 N 27.44 27.46 27.44 29.22 PVR Partners* Quartz Mtn Res V 0.01 0.02 0.01 0.04 V 0.01 0.01 0.01 0.04 Quia Res V 0.06 0.07 0.07 0.13 Rackla Mtls Rainy Mtn Royl V 0.03 0.03 0.03 0.09 Rainy River Rs T 3.37 3.37 3.42 6.10 Randsburg Intl V 0.01 0.01 0.01 0.01 REBgold V 0.13 0.14 0.16 0.16 Red Cresc Res T 0.02 0.02 0.01 0.11 V 0.09 0.19 0.09 0.50 Redzone Res Regal Res C 0.01 0.05 0.07 0.15 V 0.20 0.22 0.19 0.54 Regulus Res Reliant Gold V 0.01 0.02 0.02 0.06 Resolve Vent V 0.05 0.07 0.04 0.07 Reunion Gold V 0.01 0.01 0.01 0.10 Revett Mnls T 0.56 0.65 0.57 1.42 Revolver Res V 0.06 0.14 0.03 0.23 V 0.07 0.20 0.11 0.20 Rhyolite Res Ridgemont Ir O V 0.02 0.02 0.02 0.28 T 3.47 3.51 3.48 3.99 Rio Alto Mng Rio Alto Mng* N 2.46 2.48 2.47 3.18 V 0.03 0.03 0.03 0.03 Roca Mines Rochester Res V 0.03 0.04 0.03 0.15 Rockcliff Res V 0.03 0.03 0.03 0.07 Rockex Mng T 0.03 0.04 0.04 0.30 T 0.30 0.35 0.30 0.53 Rockgate Cap Rockridge Cap V 0.06 0.09 0.05 0.18 Romarco Mnrls T 0.46 0.48 0.46 0.82 Romulus Res V 0.08 0.29 0.09 0.24 Rotation Mnls V 0.01 0.20 0.05 0.15 Royal Coal V 0.03 0.01 0.01 0.21 RT Minerals V 0.01 0.01 0.01 0.03 RX Gold & Silv V 0.23 0.24 0.24 0.60 Ryan Gold V 0.11 0.12 0.12 0.16 Sable Res V 0.01 0.02 0.01 0.05 V 0.03 0.03 0.03 0.80 Samco Gold Sandstorm Mt&E V 1.20 1.37 1.36 3.54 V 0.02 0.03 0.02 0.13 Saville Res Senior Gld Prd T 4.78 4.88 4.78 7.48 SG Spirit Gold V 0.07 0.13 0.06 0.38 Sienna Res V 0.01 0.02 0.02 0.04 Silvercorp Mt* N 0.65 0.65 0.65 1.81 SilverCrest M* X 0.83 1.11 0.86 1.64 SilverCrest Mn T 1.33 1.43 1.40 1.97 Silvermet V 0.03 0.03 0.03 0.10 T 0.50 0.55 0.53 0.88 Silvermex Res Sirocco Mng T 0.34 0.36 0.35 0.89 V 0.01 0.01 0.01 0.07 Sniper Res Soltoro V 0.30 0.30 0.32 0.34 Southern Hemis V 0.04 0.06 0.04 0.20 SouthGobi Res T 0.28 0.34 0.30 1.25 V 0.01 0.02 0.02 0.06 Spruce Ridge R St-Georges Plt C 0.02 0.03 0.02 0.05 Strata Mnls V 0.01 0.01 0.01 0.12 Stratabd Mnr V 0.01 0.01 0.01 0.03 V 0.01 0.01 0.01 0.01 Stroud Res Sunset Cove Mg V 0.01 0.01 0.01 0.06 Sunward Res T 0.17 0.18 0.18 0.24 TAD Mnl Expl V 0.01 0.01 0.01 0.01 Tanzania Mnls V 0.01 0.01 0.01 0.07 Taranis Res V 0.04 0.05 0.04 0.15 Tasca Res V 0.01 0.02 0.01 0.05 Tawsho Mng V 0.01 0.12 0.01 0.03 Temex Res V 0.12 0.12 0.12 0.13 Teryl Res Corp V 0.01 0.02 0.02 0.02 Theia Res V 0.05 0.09 0.05 0.20 Thelon Cap V 0.10 0.10 0.05 0.17 V 0.01 0.02 0.01 0.03 Themac Res Thunder Mtn Gd V 0.05 0.11 0.12 0.12 V 0.11 0.20 0.20 0.26 Tiger Intl Tigray Res V 0.09 0.13 0.10 0.15 V 0.09 0.12 0.05 0.05 Tintina Mines Tolima Gold V 0.01 0.01 0.01 0.01 Q 0.05 0.05 0.01 0.11 Trend Mng* Tri-River Vent V 0.05 0.11 0.07 0.17 T 0.06 0.07 0.07 0.08 TriAusMin Trio Gold Corp V 0.01 0.01 0.01 0.02 T 0.43 0.44 0.43 1.27 Troy Res Trueclaim Expl V 0.02 0.02 0.02 0.06 V 0.01 0.02 0.02 0.03 UC Res United Silver T 0.01 0.01 0.02 0.14 Uranerz Energy T 1.41 1.44 1.44 1.70 Uranium One T 2.85 2.86 2.85 2.86 Uranium Valley V 0.04 0.05 0.05 0.10 US SIlver & Go T 0.34 0.35 0.35 0.67 Vaaldiam Mng T 0.26 0.27 0.26 0.27 Vangold Res V 0.01 0.01 0.01 0.02 Venerable Vent V 0.01 0.02 0.01 0.03 Veris Gold T 0.10 0.10 0.15 0.95 Viking Gold V 0.01 0.01 0.01 0.01 Virginia Mines T 14.65 15.22 14.99 17.20 Volcanic Mtls V 0.04 0.05 0.04 0.12 Volta Res T 0.33 0.34 0.33 0.57 Walter Energy* N 0.16 0.17 0.16 6.84 Walter Energy T 7.10 7.82 7.15 21.20 War Eagle Mg V 0.02 0.03 0.02 0.04 Waymar Res V 0.09 0.13 0.10 0.20 West Cirque Rs V 0.23 0.26 0.26 0.54 Western Areas T 3.75 8.54 4.00 6.11 Western Troy C V 0.01 0.02 0.02 0.02 Westridge Res V 0.01 0.02 0.01 0.04 Whetstone Mnls V 0.01 0.01 0.01 0.04 White Pine Res V 0.01 0.01 0.01 0.09 Windarra Minls V 0.05 0.07 0.06 0.09 Windstorm Res V 0.04 0.05 0.05 0.19 Witwatersrand T 1.08 1.18 1.08 1.50 World Vent* Q 0.01 0.51 0.02 0.10 WPC Res V 0.05 0.05 0.05 0.08 Xemplar Energy V 0.02 0.02 0.02 0.05 Xinergy T 0.02 0.02 0.02 0.48 Zinco Mng V 0.01 0.02 0.01 0.08

0.01 0.00 0.02 0.00 0.01 0.00 0.00 0.20 0.00 0.01 0.05 0.00 0.00 0.01 0.00 0.05 0.02 0.00 0.01 0.00 0.00 0.06 0.03 0.00 0.01 0.04 0.01 0.00 0.06 0.11 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.04 0.00 0.07 0.03 0.00 0.01 0.00 0.00 0.01 0.03 0.00 0.02 0.00 0.05 0.01 0.00 0.00 0.00 0.02 0.00 0.00 0.01 0.00 0.00 0.25 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.01 0.01 0.00 0.01 0.05 0.00 0.01 0.05 0.12 0.00 0.02 0.01 0.00 0.05 0.00 0.01 0.00 0.02 0.01 0.00 0.00 0.00 0.04 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.04 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.04 0.02 0.00 0.01

2015-12-21 10:44 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 28, 2015–JANUARY 3, 2016

11

Discovery Ventures lays groundwork at Willa in BC GOLD MINE DEVELOPMENT

| Timely Max mill acquisition ensures profitable Willa ramp-up

Processing facilities at Discovery Ventures’ past-producing Max mill in southeast British Columbia. Discovery recently gained full ownership of the asset from 42 Metals.

BY LESLEY STOKES

D

lstokes@northernminer.com VANCOUVER

iscovery Ventures (TSXV: DVN) is eager to develop its Willa gold-copper-silver deposit, located 8 km south of Silverton, southeast B.C., now that the company has secured complete ownership of the Max mine and mill complex, 135 km south, and recieved a bulk-tonnage permit from the B.C. Ministry of Energy & Mines.

The company acquired 35% in Max from 42 Metals — formerly a subsidiary of TSX venture-delisted Roca mines — three years after collapsing molybdenum prices forced the 500-tonne-per-day operation to a standstill in 2011.

Discovery’s chief financial officer Kenneth Phillippe tells The Northern Miner during a phone interview that the company has been “waiting to acquire the remainder of Max, before we got the engines going at Willa.

“It’s a once-in-a-lifetime opportunity. It doesn’t come along often when you can pick up these distressed assets, combine them and make a largely profitable business,”

he says.

Discovery negotiated full ownership of the Max for $3.7 million, and issued 3 million shares in October — which is a “steal of a deal,” Phillippe explains, considering the modern facility has a $65-million replacement value.

“We’re going to use all the equipment and assets we acquired from the mine site, because it’s compatible, works perfect and everything is in great shape,” he says. “We have people on the ground now, greasing all the bearings and doing everything we need to get this project ready to go.”

The company has obtained a bulk sample permit from the B.C. government so that it can remove 10,000 tonnes of ore at a rate of 1,500 tonnes per day. Discovery’s president Akash Patel says during a phone interview that he expects to see “shovels to be in the ground” by June 2016, but there are also plans to advance the project towards a small-mines permit in the future.

“We are ramping up to mine, so this is a small test run before we chase bigger fish,” Patel says. “We’re working towards the paperwork

“WE ARE WORKING, THINGS ARE HAPPENING AND WE’RE ALL VERY EXCITED.” KENNETH PHILLIPPE CHIEF FINANCIAL OFFICER, DISCOVERY VENTURES

to apply for a small mines permit, which should be complete in the next few months.”

The open-ended, pipe-like, breccia-hosted deposit was a target in the 1980s, but due to declining gold prices, the previous operators stopped operations before they began. The $18-million investment partly went towards building 2,575 metres of tunnels underground and over 57,250 metres of drilling into the resource, which stands at 758,000 tonnes in the measured and indicated categories, grading 6.67 grams gold per tonne, 0.9% copper and 12.54 grams silver, using a 3.5gram gold cut-off.

The company is already rebuilding

Discovery Ventures’ Max mill, 135 km south of the Willa gold-copper-silver deposit, in southeast British Columbia.

Dec 28 Pgs 1 2 3 4 5 11 13 14 16.indd 11

DISCOVERY VENTURES

the road access to the underground portals, which could be done by January.

Although Discovery is also working to release an updated preliminary economic assessment (PEA) report for the deposit within the coming weeks, Phillippe says the project doesn’t have to reach full feasibility before starting production.

“The quality of work done by Newmont, Esso, Noranda and British Petroleum is why we’re not going to feasibility or prefeasibility,” he says.

“There have been huge amounts of drilling, and we’re confident that what they stated in their drill holes is there.”

T he 2012 PE A env isages a 500-tonne-per-day operation over a four-year mine life, with $12.8 million in capital expenses and an all-in cash cost of $781 per oz. gold.

The report predicts that Willa has an after-tax net present value at a 10% discount rate of $55 million, and a 412% after-tax internal rate of return, assuming metal prices of US$1,200 per oz. gold, US$20 per oz. silver and US$3 per lb. copper.

The calculations also take into account existing infrastructure at

the Max mill, along with a $50-million tax-loss carry forward that Discovery inherited from 42 Metals.

“We’re eager to move this project forward, and we can do so economically — anybody can make money on this project,” he says. “We are working, things are happening and we’re all very excited.”

The company announced a private placement and stock option grant of 7,333,333 units at 15¢ per unit, totalling gross proceeds of up to $1.1 million. Patel says the money will help buy equipment for the operation, but because of the large shareholder interest, it might reconsider its debt-to-equity ratio to fund the rest of the project.

“There have been a lot of shareholders calling to see if they can get in for subscription agreements,” Patel says. “We have the money to move ahead, so we need to sit down and determine how best to take the company to the next level.”

Discovery has traded with a 52week window of 9¢ to 25¢, and closed at 16¢ at press time. The company has 87 million shares outstanding for a $13.9-million market capitalization. TNM

DISCOVERY VENTURES

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A sobering look at gold M&A since 2010

Coeur Mining bought the Wharf gold mine (shown) in South Dakota from Goldcorp in early 2015 for US$105 million.

GOLD DEALS From 1

environment. This group consisted of 26 producing and development deals and one royalty/streaming transaction. The latter deal was Silver Wheaton’s (TSX: SLW; NYSE: SLW) stream on Hudbay Minerals’ (TSX: HMB; NYSE: HBM) 777/ Constancia assets.

For the 40 deals that could recoup their total costs, the report indicates an average 11-year payback. The best payback was on Northern Star Resources’ acquisition of Newmont Mining’s (NYSE: NEM) Jundee mine at 1.1 years, with the worst being on Silver Wheaton’s streaming deal on the Antamina mine at 23 years.

On a total cost basis, the average IRR of the 67 transactions reviewed was 2%. Northern Star’s Jundee purchase topped the list with a 91%

Dec 28 Pgs 1 2 3 4 5 11 13 14 16.indd 13

IRR, while Endeavour Mining’s (TSX: EDV) Nzema deal finished last with a negative 33% IRR. Russo points out that if the gold prices remained unchanged from the date of each acquisition, the average IRR for the total transactions would have been 9%, versus 2% today.

The best economic deals include Nor t hern Star buy ing Jundee and Barrick Gold’s (TSX: ABX; NSYE: ABX) Ka now na Bel le/ Kundana assets; OceanaGold’s (TSX: OGC) acquisition of Newmont’s Waihi mine; and Coeur Mining (NYSE: CDE) picking up Goldcorp’s (TSX: G; NYSE: GG) Wharf mine.

All these deals have high IRRs, short paybacks and low break-even gold prices.

For example, the Jundee transaction boasts a 91% IRR and a 1.1-year

COEUR MINING

payback, with estimated gold prices of US$853 per oz. to break even, and US$880 per oz. to produce a 10% IRR. If the gold price stayed at US$1,296 per oz. — the same as on its acquisition date — the total deal IRR would be 134% today.

The worst three overall economic deals include Barrick ’s Equinox transaction, with a payback shortfall on the total costs of US$8 billion, and a required copper price of US$6.20 per lb. to break even. Kinross Gold ’s (TSX: K; NYSE: KGC) Red Back acquisition has a US$4.8-billion payback shortfall, and a gold price of US$1,740 per oz. to break even.

Goldcorp’s Andean Resources (Cerro Negro) transaction has a US$2.7-billion payback shortfall, and a break-even gold price of US$1,600 per oz.

When ranking the 67 transactions on the gold price needed to recoup total costs, streaming deals were in the bottom quartile for break-even prices, supporting their lower-risk perception, Russo says. (The report included 16 royalty/streaming deals.)

The analyst also used payback and IRR metrics on potential M&A candidates in Raymond James’ coverage universe, including Asanko Gold (TSX: AKG; NYSE-MKT: AKG), Guyana Goldfields (TSX: GUY), Kaminak Gold (TSXV: KAM), Alacer Gold (TSX: ASR; ASX: AQG), Roxgold (TSXV: ROG) and Orezone Gold (TSX: ORE).

He found all fared well on a total cost IRR basis, assuming a 40–70% premium on takeout.

Larger M&A candidates Detour Gold (TSX: DGC) and New Gold (TSX: NGD) also fared positively,

with both requiring gold prices of US$1,050 per oz. to break even, which is below the average of the previous 51 transactions of US$1,270 per oz.

The two candidates that stand out with current commodity prices are Alacer and Detour, Russo says.

“Not often flagged as a candidate, Alacer screened well with its longlife, low-cost Copler asset, showing good break even and IRR.” Detour, often viewed as a takeover candidate, screened well considering “large-size deals have a harder time showing positive numbers,” Russo explains. “It can break even at lower prices and produce a positive return, if you bought it for a 40% premium today.

“The fact that our candidates show good numbers implies attractive price points today for the stocks, if all else is equal.” TNM

2015-12-21 10:46 AM

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DECEMBER 28, 2015–JANUARY 3, 2016 / THE NORTHERN MINER

Oban capitalizes on downturn, buys more ground CONSOLIDATION

BY TRISH SAYWELL tsaywell@northernminer.com

W

ith $70 million in cash and equivalents, Oban Mining (TSX: OBM) is quietly consolidating ground in the Abitibi by acquiring junior companies and properties in Ontario and Quebec.

In November, Northern Gold Mining became the fourth junior this year to join the expanding Oban Empire (joining Eagle Hill, Ryan Gold and Corona Gold, which consolidated their properties in September).

Oban is making another acquisition this month. On Dec. 8, the company announced it would acquire Excellon Resources’ (TSX: EXN; US-OTC: EXLLF) DeSantis property in Ontario’s Ogden township in exchange for 850,000 Oban shares, in a deal worth $960,500.

“It’s a small acquisition in one of our areas of interest,” president and CEO John Burzynski tells The Northern Miner. “The Timmins camp is one of the belts and brownfield mining camps across the Abitibi that we’re looking at, so it’s one more piece in the puzzle.”

| Junior plans to keep up pace of Ontario and Quebec acquisitions in 2016

The downturn in the commodity markets and Oban’s robust balance sheet mean that the company will keep busy with potential acquisitions in 2016, as it has been in 2015, Burzynski predicts.

“Pretty much every time we do one of these deals we get a dozen calls the next day from people seeing whether they can do a deal with us,” he says. “We’re seeing a broken industry right now, and we’re going to see an acceleration of consolidation and property deals in 2016, out of sheer necessity.

“There is a real flood of properties and projects coming on the market, and internally we expect another 12–18 months of similar markets,” he continues. “There’s not a lot of optimism out there. There’s a lot more negative sentiment than positive sentiment.”

The DeSantis property is 4.5 km southwest of Timmins. The first recorded exploration at DeSantis dates to 1914, when a 70-foot shaft was sunk on an exposed gold-bearing quartz vein, according to a 2011 technical report.

The DeSantis property is contiguous to Metals Creek Resources’

“PRETTY MUCH EVERY TIME WE DO ONE OF THESE DEALS WE GET A DOZEN CALLS THE NEXT DAY FROM PEOPLE SEEING WHETHER THEY CAN DO A DEAL WITH US.” JOHN BURZYNSKI PRESIDENT AND CEO, OBAN MINING

(TSXV: MEK) Ogden gold project.

Oban took a 19.9% stake in Metals Creek through a private placement

in November. (Metals Creek has earned a 50% interest in the Ogden property.)

In addition to Oban’s latest transaction with Excellon, Oban will take a 19.9% stake in IDM Mining (TSX: IDM) through a non-brokered private placement of shares, and a transfer of its Yukon properties. Oban is acquiring 11.1 million shares of IDM Mining at a price of 9¢ per share.

It will also give IDM Mining the Yukon properties that it acquired when it took over Ryan Gold.

“IDM would be a nice home for those properties,” Burzynski says.

“We didn’t want to pass them off to just anyone, we wanted to make sure that the guys who are familiar with the area and are good operators in the area get a chance to work on those properties, and Rob McLeod is familiar with the area.”

McLeod, IDM’s president and CEO, is pursuing a similar consolidation strategy as Oban, but in a different part of Canada, Burzynski explains.

“One of the things we liked about IDM is that they follow the same consolidation model that we are

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using at Oban, but their intentions are to focus on B.C. and the Yukon, so they’re not a direct competitor,” he says. “Having 19.9% of that will give us an opportunity to participate in things that they have.”

McLeod is advancing IDM Mining’s Red Mountain gold deposit in B.C. Previously he was founder and vice-president of exploration at Underworld Resources, which was acquired for $140 million by Kinross Gold (TSX: K; NYSE: KGC) for its 1.4 million oz. White Gold deposit in the Yukon.

The exploration geologist was part of the team at Miramar Mining that discovered the Naartok deposit, as well as expanding and delineating the Boston and Doris deposits at the Hope Bay project in Nunavut.

Looking ahead, Burzynski sees great opportunity in the Abitibi.

“There’s so much work ahead of us, and so many opportunities that we’re going to keep it nice and tightly focused on Ontario and Quebec,” he says. “We expect to be very, very busy in 2016.”

Over the last year, Oban’s shares have traded within a range of $1.09 to $3.40 apiece. At press time in Toronto, shares changed hands at $1.13.

Six years ago, Burzynski, along with colleagues Sean Roosen and Robert Wares, won the Northern Miner’s Mining Persons of the Year award for their role in transforming Osisko Mining from a junior — with seemingly mediocre assets, and trading at 13¢ per share — into a multi-billion company on the brink of opening Canadian Malartic, a large, long-life gold mine in Quebec. Osisko Mining later sold for $3.9 billion to Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY). Osisko Gold Royalties (TSX: OR; US-OTC: OKSKF) — where Burzynski serves as senior vice-president of new business development — holds a 17.4% stake in Oban.

Haywood Securities initiated coverage of Oban on Dec. 10, with a “buy” rating, noting that the company is focused on the right neighbourhood, and has a team with a track record.

“Although all companies remain exposed in a volatile commodity environment, those with skilled and experienced management teams are generally more successful navigating the storm,” Haywood analyst Tara Hassan wrote in a research note. “While assets like Canadian Malartic are not a dime a dozen, Oban’s focus on building strategic positions in proven mining camps could allow it to replicate its Osisko success, albeit with a slightly different model.”

Hassan also noted that Oban benefits from having “access to a large technical team at Osisko Gold Royalties and its potential funding sources,” and enjoys “a unique advantage over peers.” TNM

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2015-12-21 10:46 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 28, 2015–JANUARY 3, 2016

Engineering Superintendent Freeport Indonesia Online Reference No: 62878

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Consultation Support Officer Ontario, Canada Online Reference No: 62871

Are you interested in engaging and building relationships with Aboriginal communities? If so, consider joining the Mineral Exploration and Development Branch of the Ministry of Northern Development and Mines, where you will provide consultation expertise and advice through the implementation and administration of the Mining Act, regulations and policies.

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General Manager Gahcho Kué Mine Yellowknife, NWT, Canada Online Reference No: 62894

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Occupational Health & Safety Inspector – Surface & Plant Mining Ontario, Canada Online Reference No: 62826 Do you have surface and plant mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your surface and plant mining experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Surface Mining with the Ministry of Labour.

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MJobsDec 28_2015_ pg 15.indd 15

2015-12-18 2:00 PM

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DECEMBER 28, 2015–JANUARY 3, 2016 / THE NORTHERN MINER

NGEx Resources’ Filo del Sol silver-copper-gold exploration project in western Argentina’s San Juan province, 140 km southeast of the city of Copiapo, Chile.

Blue sky for NGEx at Filo del Sol RESOURCE BOOST

S U B S C R I P T I O N

| Contained copper and gold up 42% and 39%

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

N

GEx Resources (TSX: NGQ; US-OTC: NGQR F) has bulked up the resource at its Filo del Sol silver-copper-gold deposit, located in Argentina’s San Juan province, and is taking a step back to evaluate how to expand the epithermal system's footprint.

“A lot of people look at these resources as an end point to an exploration program, but in this case, it really isn’t,” president and CEO Wojtek Wodzicki tells The Northern Miner during a phone interview.

you’d expected to see, as you go to the higher temperature part of the system,” he says. “All those vectors point us towards an area where we haven’t done a lot of work yet, and that’s one of the things we’ll look at during the Southern Hemisphere summer.”

Wodzicki has his eye on one step-out hole drilled 1.5 km to the north of the resource that returned 23 metres of 39.5 grams silver per tonne.

“It looks like the same stratabound zone as the resource — it’s right along trend and a prominent geophysical anomaly heads off in that direction, so there’s arm-waving

“WE DEFINITELY SEE A LOT MORE POTENTIAL HERE TO FIND THINGS THAT WE WEREN’T EXPECTING.” WOJTEK WODZICKI PRESIDENT AND CEO, NGEX RESOURCES

“It’s a midstream report, and we see a lot more potential here to find things that we weren’t expecting,” he adds.

The resource estimate saw a 42% and 39% increase in contained copper and gold, which rose to 3.3 billion lb. copper and 4 million oz. gold.

The inferred resource is 381 million tonnes at 0.4% copper, 0.33 gram gold per tonne and 12 grams silver per tonne. Contained silver grew 71% to 149.8 million oz. silver since the last estimate last December year.

The deposit includes oxide and sulphide portions and occurs within a shallow-dipping, permeable volcanic layer that extends 2.8 km north–south, 1 km east–west and open in all directions.

Wodzicki says the resource drilling improved the company’s geological model and understanding that Filo del Sol could be part of a large, mineralizing system.

“We’re seeing higher-temperature minerals to the north and an increase in the number of higher-grade gold hits, and those are all things

Dec 28 Pgs 1 2 3 4 5 11 13 14 16.indd 16

NGEX RESOURCES

potential to extend the resource out that far,” he says.

Step outs drilled 1 km and 480 metres south of the resource returned 40 metres at 1.2% copper and 62 metres at 0.6% copper and 0.43 gram gold, but the company has yet to define whether the mineralization correlates with the resource.

Filo del Sol is located 17 km south of two more porphyry projects — Los Helados and Josemaria — which are funded by Pan Pacific Copper and Japan Oil, Gas & Metals National Corp.

The deposits carry a combined indicated resource of 2.9 billion tonnes of 0.4% copper, and 0.17 gram gold. Inferred tonnes add 1.1 billion tonnes of 0.3% copper and 0.12 gram gold.

But NGEx would need a total of US$4.3 billion in capital if it wants to fully unlock the value buried in the ground, according to a preliminary economic assessment (PEA) last year that contemplated Los Helados as a stand-alone mining operation.

“We’re just finishing up an integration study that will evaluate the economics of combining both of the porphyry deposits,” he says, adding that the updated PEA will be ready in the new year. “We always talked about this whole land package as a district that could have multiple deposits feeding a centralized processing plant, and this PEA will be the first time we put some hard numbers around that and really show people what the potential can be.”

Wodzicki hopes to add Filo del Sol into the equation, and although the epithermal system is metallurgically different than Los Helados and Josemaria, he says there are more porphyry systems on the property.

“We may be looking at one large porphyry system with the epithermal zone over part of it, or we may be looking at two porphyry systems — one to the south exposed at surface, and another one that’s deeper beneath the epithermal resource,” he says, mentioning that the outcropping porphyry target to the south has yet to be drill-tested. “[Next year] is going to be a thinktank session for us. We’re preparing to go into areas where we have a lot less knowledge, so we want to make sure we’ve done all the cheap surface work, before we do the next round of drilling,” he continues. “The footprint of the system spans over 6 km, and you can’t just grid-drill the alteration zone, you need to be smart — especially in this market, when raising money is difficult. We have gaps in the induced-polarization coverage and a limit to the magnetics. We plan to fill these in and extend out to the edges of the system, then design a drill program from there.”

News of the resource update drove NGEx shares up 98% to 95¢ per share, and they have since slipped to 68¢ at press time. The company's shares have traded in a 52-week range of 44¢ to $1.25.

There are 187.7 million shares outstanding for a $128-million market capitalization.

Scotiabank analysts have an “outperform” rating on the company, and have a $1.70 target price on the stock. TNM

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