The Northern Miner December 11 2017 Issue by The Northern Miner Group

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EXPLORATION PROJECTS TO WATCH

Juniors keep drills turning in search of gold, lithium, zinc, cobalt & more / 9–16

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Lundin Mining lowers production outlook

Nexa has ‘global player’ ambitions in zinc IPO

| World’s fourth-largest zinc miner hits North American market in $570M bought deal

BASE METALS | 2018 capex rises 77% to US$850M BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

undin Mining (TSX: LUN) pulled together a management conference call after a press release detailing its lower production guidance for the next three years triggered a fall in its share price on the Toronto Stock Exchange. President and CEO Paul Conibear said the company “clearly didn’t communicate well enough” about the strategy behind its revised outlooks for production and capital expenses that Canaccord Genuity analyst Dalton Baretto called “weak across the board.” On Nov. 29, Lundin released guidance on its production, cash costs, and capital and exploration expenses for 2018-2020. Perhaps the biggest surprises were lower near-term production outlooks, and higher capital expenses at the company’s flagship, 80%-owned Candelaria copper complex in Chile’s Atacama region. Lundin unveiled a 10-year plan at Candelaria that could bring short-term pain — but pay off in the long-term. The company expects the operation will produce between 104,000 and 109,000 tonnes of attributable copper production next year, or a See LUNDIN / 2

Leave no

Nexa Resources CEO Tito Martins (centre) and colleagues open the New York Stock Exchange to mark the firm’s arrival in North American markets. NEXA RESOURCES BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

razil’s Votorantim Metais drew the mining world’s attention in October when it filed an initial public offering (IPO) for Nexa Resources (TSX: NEXA; NYSE: NEXA) on the Toronto and New York stock exchanges. The US$570 -mi l lion dea l brought the world’s fourth-largest zinc miner to North American markets, it ranked as the third

biggest mining and metals listing in Canadian history. The listing involved 35.7-million shares priced at US$16 per share. The company has US$952 million in cash and US$310 million in net debt. Nexa produced 417,000 tonnes zinc, 41,550 tonnes copper, 59,000 tonnes lead, 8.3 million oz. silver and 28,000 oz. gold last year. The integrated mining and smelting company has over 60 years of operating experience and its assets in Brazil and Peru include five operating mines, three

smelters and a large exploration portfolio. “We’re now entering a new phase for our company, where we are in transition from a local producer to a global player,” Nexa CEO Tito Martins said during the company’s inaugural conference call in November. “Proceeds from our IPO will help us accelerate important projects, such as the Aripuana zinc development and Vazante mine extension in Brazil. We expect

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Lundin lowers outlook LUNDIN From 1

20% decrease from previous estimates. In addition, Lundin boosted capital expenses at Candelaria to $2.2 billion over 10 years, and said it will spend $510 million at the operation in 2018. The company’s global capital expense guidance for 2018 rose 77% to US$850 million. “Capital expenditures are up significantly next year. The Candelaria investment is the largest, but some of the capital in there will lower our long-term operating costs and result in the production of more copper,” Conibear said during the Dec. 1 conference call. “We’ve significantly extended the life and improved the production profile. That has involved rephasing of the pit and reinvesting in the large mine fleet to ensure our production requirements are met in the longterm. It also gives us flexibility in operating the underground, open pit and the mill,” he added. Furthermore, the company reported that Candelaria’s 2018 production was impacted by a recent slide in sections of the open pit, which has forced it to “take a more conservative approach” in mining the area. Lundin stressed that forecast copper production over the next 10 years has “increased in aggregate” by 290,000 tonnes, which equates to a 20% improvement.

Nexa Resources opens the Toronto Stock Exchange on Oct. 27, 2017. TMX GROUP

Nexa has ‘global’ ambitions in zinc NEXA From 1

to drill almost 400 km in the nearterm on greenfield projects in Brazil and Peru, where we already have an established mining base. It’s about creating a sustainable future,” he said. Nexa’s asset base is underpinned by long-life mines, including the Atacocha mine in Peru, which has operated since 1936; the El Porvenir mine in Peru, which started operations in 1949; and the Vazante mine in Brazil, which started in 1969. The company also owns three smelting complexes: two in Brazil’s Minas Gerais state and one in Peru, in Cajamarquilla. Nexa’s first quarterly results filed on Nov. 10 were headlined by adjusted earnings before interest, taxes, depreciation and amortization of US$161 million. The company reported quarterly concentrate production containing 81,000 tonnes zinc, 10,800 tonnes copper, 11,500 tonnes lead, 1.8 million oz. silver and 7,100 oz. gold. Nexa attributed lower-than-expected production due to “energy supply disruption” at the Atacocha mine, lower grades at the Cerro Lindo mine and the “revision of processes” to assure higher safety standards. Nexa has earmarked US$277 million in IPO proceeds for brown-

“OUR BROWNFIELD PROJECTS ARE THE FIRST STEP TOWARDS GROWTH, AND WE’VE ESTABLISHED BETTER ACCESS TO INTERNATIONAL CAPITAL MARKETS FOLLOWING THE IPO TO HELP SUPPORT FUTURE DEVELOPMENT.” TITO MARTINS CEO, NEXA RESOURCES

field expansion projects it intends to finish over the next six years, with the major investment being a US$184-million extension at the underground Vazante mine that is slated to continue production through 2028. Furthermore, the company will spend US$68 million on exploration this year, which will include 389,000 metres of drilling across seven greenfield projects and “generative volcanogenic massive sulphide opportunities.” The company holds exploration rights to 25,500 sq. km in Brazil and 3,860 sq. km in Peru. “Our brownfield projects are the first step towards growth, and we’ve established better access to international capital markets following the IPO to help support future development. But we’re also looking towards

the potential in our exploration portfolio,” Martins said. “We’re very confident in the zinc market for the next 24 to 36 months. We spent a long road show talking about it, and there is a dearth of metal and concentrate in the market. We don’t see prices coming down until it becomes clear on how much more supply might come online,” he continued. BMO Capital Markets analyst Alex Terentiew initiated Nexa coverage on Nov. 21 with an “outperform” rating on the stock and a $24 price target. BMO estimates that the company’s production will increase 87% through 2025 before peaking at an annual 1 million equivalent tonnes zinc. “Over the next few years, we see Nexa emerging as a growth leader, not only in the zinc market, but with one of the strongest base metals production profiles amongst its covered peers,” Terentiew writes. BMO adds that the “long-term start-up of the Magistral project is ideally timed for what we anticipate to be a tight copper market.” Nexa shares have traded within a post-IPO range of $19.80 to $23.94 per share, and closed at $21.41 per share at press time. The company has 133 million shares outstanding for a $2.9-billion market capitalization. TNM

The pit at Lundin Mining’s 80%-owned Candelaria copper mine in Chile. LUNDIN MINING

The company also lowered guidance at its Neves-Corvo copper-zinc mine in southern Portugal, and its Zinkgruvan zinc-copper mine in south-central Sweden. Lundin is funding a US$245million zinc expansion project at Neves-Corvo in 2018. The operation is now expected to produce between 39,000 and 44,000 tonnes attributable copper, and between 68,000 tonnes and 73,000 tonnes zinc in 2018. Lundin anticipates the expansion initiative, however, will boost total zinc production by 60% in 2020. Zinkgruvan is expected to generate between 76,000 and 81,000 tonnes zinc next year, or an 8% drop from previous guidance. Lundin will spend US$40 million at the mine in 2018, which will include underground development

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and mine and plant maintenance, and improvement initiatives. The company says it is focused on improving metal recoveries and concentrate quality. The Zinkgruvan zinc-copper mine is 250 km southwest of Stockholm in south-central Sweden, 15 km from the town of Askersund. It comprises a deep underground mine, a processing plant and associated infrastructure and tailings disposal facilities. “We’re obviously down on copper for next year,” Conibear said. “That’s clearly a concern to many investors, and likely the key element that resulted in our significant stock decline ... our number-one priority is adding value through prudent management and investments in our own assets. If you take a look at each one of our operations you can see we’re reinvesting in them. Looking three years ahead you’ll see progressive improvement in production of all the metals, from all our mines, due to these investments.” Lundin now anticipates total 2018 production ranging from 159,000 to 173,000 attributable copper, and 144,000 to 154,000 tonnes total zinc. The company said by 2020 it will be producing between 187,000 and 201,000 tones copper and 234,000 and 244,000 tonnes total zinc. Lundin did not report any changes at its Eagle polymetallic mine in Michigan, which is expected to contribute between 14,000 and 17,000 tonnes nickel in 2018.

Conibear also said the increased capital outlays will “not change whatsoever.” Regarding possible mergers and acquisitions opportunities, he said Lundin Mining has been “more active than ever” and that it completed three full-on due diligence processes over the past year, but added it was difficult to find highquality assets. “We’ll continue on and be very active in the near- and medium-term. None of our internal investments on assets will compete with value-add, external growth opportunities,” he said. Canaccord’s Baretto downgraded Lundin from a “buy” to a “hold” recommendation after the news, and slashed his price target by $1.50 to $9 per share. BMO Capital Markets analyst Alex Terentiew downgraded Lundin to “market perform” and lowered his target price by $1.25 to $10 per share. He said the company “remains strong” with an “attractive asset base and balance sheet,” but the near-term grade and spending profile at Candelaria “have moderated our near-term expectations.” Lundin shares dropped nearly 20% on 87 million shares traded on Nov. 30 and Dec. 1 before closing at $7.22 per share at press time. The company has 728 million shares outstanding for a $5.3-billion market capitalization, and reported US$2.15 billion in cash and equivalents at the end of September. TNM

2017-12-05 10:45 PM

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Novo shares tumble on sampling woes at Purdy’s Reward GOLD

| Novo describes ‘near-shore marine alluvial gold deposit’ similar to Nome

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

ovo Resources (TSXV: NVO; US-OTC: NSRPF) is “uncomfortable” with the experimental, bulk-sampling technique it has been using for grade estimation at the company’s Purdy’s Reward paleoplacer jointventure gold project with Artemis Resources (ASX: ARV) in Western Australia. Novo said in a Nov. 24 press release that after “careful review of sample consistency, integrity and recovery” the company intends to review other options for collecting bulk samples from drilling. “While the ability to recover consistent, quality sample material using large-diameter drilling has not yet been accomplished, trenching appears to yield acceptable bulk samples for test work. Bulk sampling at surface will be the most critical means of determining the grade, processing characteristics and viability of this deposit,” Novo chairman and president Quinton Hennigh, president of Novo, said in the press release. The company also revealed that the fine-grained gold within the deposit occurs as halos around coarser gold nuggets, having been freed by higher pressures and temperatures during low-grade metamorphism. If the fine-grained gold had been disseminated throughout the host rock, it would have proved helpful in evaluating the grade and continuity of the deposit, the company said in an earlier press release. The news drove Novo shares down 18%, or $1.20, to $5.45 at press time, whereas shares of Artemis were steady, up A3¢ to A38¢ per share. Novo has completed 60 diamond drill holes on a 50-metre grid within a corridor measuring 1,000 metres long and between 100 and 400 metres wide at Purdy’s Reward, which is part of its much larger 7,600 sq. km Karratha gold project. At least 12 of the holes across a 400- by 200-metre area have hit the target horizon — a 4- to 20-metrethick package of conglomerates sandwiched between the greater than 3-billion-year-old Pilbara craton and the 2.8-billion-year-old Mt. Roe basalts. Once target depth and thickness have been determined, the company plans to drill large-diameter percussion holes measuring 17.5 inches to

Looking south at the Comet Well area, part of Novo Resources’ Karratha gold property in Western Australia. Weathered, gold-bearing conglomerates occupy the foreground and liberated quartz cobbles are scattered across the surface. NOVO

Examples of in situ gold nuggets frozen in matrix material from the Comet Well and Purdy’s Reward area at the Karratha gold project in Australia. NOVO RESOURCES

RESOURCES

“WHILE THE ABILITY TO RECOVER CONSISTENT, QUALITY SAMPLE MATERIAL USING LARGE-DIAMETER DRILLING HAS NOT YET BEEN ACCOMPLISHED, TRENCHING APPEARS TO YIELD ACCEPTABLE BULK SAMPLES FOR TEST WORK.” QUINTON HENNIGH PRESIDENT, NOVO RESOURCES

collect bulk samples. Results from the rest of diamond drilling and surface trench work have yet to be released, and plans are underway to finish a 20,000-tonne bulk sample. Geological Model Finding gold nuggets in Novo’s first bulk sample in July drove shares of the company up 925% to an $8.55 peak on Oct. 10. But how the gold was emplaced within the conglomerates is a mystery to most gold investors, many of whom have coined the deposit as a “Wits 2.0” after South Africa’s 1.5 billion oz. paleoplacer gold

Witwatersrand deposit. However, an interview with Wits geology expert Hartwig Frimmel, appearing in The Northern Miner’s podcast “Episode 77: What’s up with the Witwatersrand?” outlined three main differences between the paleoplacer gold in Western Australia and the gold found in the Wits: the age, the nature of gold and preservation of the host. Frimmel said the mature sedimentary basin hosting paleoplacer gold at Wits is “perfectly preserved,” being 5 km thick and capped by 2.7-billion-year-old basalt flows. In Karratha, placer gold is found within a thin package of immature

A liberated “watermelon seed” type gold nugget from the Comet Well area. The blue lines are 1 mm apart. NOVO RESOURCES

conglomerates, sitting above a major unconformity and below basalt flows of a similar age. He also noted that the gold at Wits is “micron-sized,” with the richest parts found within 2.9-billion-year-old strata, whereas the gold in Karratha is nuggety and found within younger rocks. In an updated presentation, Novo has confirmed that the Comet WellPurdy’s Reward deposit is a “nearshore marine alluvial gold deposit” similar to the “gravel lag deposits”

in Nome, AK, where gold-bearing gravels underlie tens of square kilometres of the Bering Sea. At Nome, what is now the Bering Sea was once above sea level and served as a land bridge between two continents. When it rifted open, gold-bearing rivers washed into the ocean for millions of years. Storm wave action, coupled with the rise and fall of sea level, concentrated gold along the beaches, which is why the nuggety gold is found at its shallower margins. TNM

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Bitcoin starts to eat gold’s lunch INVESTING

| Gold, cryptocurrencies chase same investor dollar

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Richard Quarisa, BA, MA (Jour & Comm) rquarisa@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118 THE NORTHERN MINER is published biweekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

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old investors, miners and explorers have for the most part spent the last few years scoffing at the global cryptocurrency revolution led by Bitcoin and others, with a certain smug confidence that the phenomenon is a bubble prone to a harsh correction at any time. If it’s all a bubble, the bubble is still BY JOHN CUMMING growing, and more and more people are jcumming@northernminer.com taking part: at press time there are 1,324 cryptocurrencies available over the Internet, and the number rises every week, as a new cryptocurrency can be created at any time by anyone. Bitcoin is now the largest block-chain network by market capitalization at US$194 billion (about the same as the combined market caps of BHP Billiton, Rio Tinto and Glencore), followed by Ethereum, Bitcoin cash, Ripple and Litecoin. Launched as open-source software in 2009, Bitcoin entered 2017 with a market cap of only $16.4 billion, for an almost twelvefold gain by early December 2017. Many other cryptocurrencies have shown parabolic price charts in the fourth quarter that simultaneously worry chart watchers and excite cryptocurrency’s most fervid advocates. With U.S. stock markets hitting all-time highs on a near-weekly basis since Donald Trump’s election as U.S. president, it’s starting to feel like the dot-com boom of the late 1990s for the gold crowd, with all the easy profits and market froth happening in the tech capitals of the world, and gold investors left to look for modest gains, at best. Gold miners’ skepticism comes in part from the cryptocurrency technology’s susceptibility to hacking and covert manipulation, and to a lack of knowledge of the cryptocurrencies — i.e., the perfectly reasonable “I don’t invest in what I don’t understand” approach. There may also be a generational aspect to the divide, as cryptocurrency proponents are more often younger adults inseparable from their cellphones, which are an ideal tool for carrying out cryptocurrency transactions. But the stellar price performances over the past couple of months of Bitcoin and other cryptocurrencies combined with the relative flatness of the gold price below US$1,300 per oz. gives the uncanny impression that cryptocurrencies are luring away the next generation of potential gold investors. Indeed, the personal profile and psychological makeup of the typical cryptocurrency enthusiast and gold bug is virtually identical: male, educated, middle class, independent-minded, anti-tax, distrustful of governments and susceptible to elaborate conspiracy theories on their darkest days. More traditional precious metal vendors like Kitco and several precious metal newsletters have steered their businesses in recent years to try to serve the crossover cryptocurrency market, with cryptocurrency pricing and commentaries taking increasing page space away from precious metals. While dozens of moribund precious metal juniors in the late 1990s and mid 2010s changed their businesses to dot-com and medical marijuana models with a resulting pop in share prices, the trend for 2018 among the walking wounded in the gold space may be for more changes in business to serve the cryptocurrency market. A widely cited example is Tel Aviv-listed Natural Resource Holdings, which has gold and silver properties in North America but announced a few days ago it would buy a 75% stake for $150 million in the Canadian cryptocurrency mining operation Backbone Hosting Solutions, also known as Bitfarms. Gold bugs will see a familiar name at the centre of the deal: Natural Resource Holdings is led by CEO and founder Roy Sebag, the 32-yearold, Toronto-based contrarian investor who is also CEO and cofounder of GoldMoney Inc., which merged with Sebag’s BitGold in 2015. Bitfarms operates four farms totalling 25 megawatts and 250 petahash, making it the largest cryptocurrency operator in North America. Perhaps a bit of good news for Canadian gold mine developers is they have some transferable skills required to build a cryptocurrency farm, and many parts of Canada make for an ideal location for cryptocurrency farms, which need safe, quiet and remote locations, as well as low-cost power and year-round cold weather to cool the furiously active computer banks. Who knows? In addition to windmills and solar panels, we might someday see the first cryptocurrency farm set up behind high-security mine gates, tucked up against the next gold mine built in some chilly, remote corner of the country. TNM

DEPARTMENTS

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

Professional Directory. . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Aben Resources. . . . . . . . 13 Advantage Lithium. . . . . 15 Argentina Lithium & Energy. . . . . . . . . . . . . . . . 11 Artemis Resources. . . . . . . 3 Ascot Resources. . . . . . . . 11 Barrick Gold. . . . . . . . . . . 11 Boliden . . . . . . . . . . . . . . . . 8 Domtar . . . . . . . . . . . . . . . 12 Eagle Plains Resources. . 13 Eldorado Gold. . . . . . . . . 23 Ero Copper. . . . . . . . . . . . . 6 Firesteel Resources . . . . . . 7 First Cobalt. . . . . . . . . . . . 11

Garibaldi Resources . . . . . 9 Gold Standard Ventures.14 Goldcorp. . . . . . . . . . . . . . 14 Golden Arrow Resources. . . . . . . . . . . . 23 GT Gold . . . . . . . . . . . . . . 13 Harte Gold . . . . . . . . . . . . 11 Laramide Resources . . . . 12 Lithium Americas. . . . . . 15 Lundin Mining. . . . . . . . . . 1 Metallis Resources. . . . . . . 9 New Nadina Explorations. . . . . . . . . . . 9 Nexa Resources . . . . . . . . . 1

Novo Resources. . . . . . . . . 3 OceanaGold. . . . . . . . . . . 14 Orocobre. . . . . . . . . . . . . . 15 Osisko Gold Royalties. . . 16 Osisko Metals. . . . . . . . . . 16 Osisko Mining. . . . . . . . . 16 Pretium Resources. . . . . . 23 Pure Energy Minerals. . . 15 SSR Mining. . . . . . . . . 13,23 Teck Resources. . . . . . . . . 12 Treasury Metals. . . . . . . . . 9 Votorantim Metais. . . . . . . 1

O P- E D PDAC: It’s time to adopt digital data standards COMMENTARY

| Initiative would make geoscience data more accessible, lead to discoveries

BY CHARLES BEAUDRY Special to The Northern Miner

he Ontario Ministry of Northern Development and Mines added nearly 5,000 diamond drill holes between March 2013 and September 2015 — a total of over 1.4 million metres of drilling — to its Ontario Drill Hole Database. Using simple assumptions, this would require nearly 1,500 persondays of work and over $750,000 to compile the archived data into a cohesive database. This database compiled from PDF or paper assessment report documents illustrates the vast amount of geological knowledge that is deemed hard to access due to poor data-management systems. There must be a better way to submit geological assessment report data. Moreover, drilling, albeit the most expensive type of exploration, is not nearly as representative of the volume of assessment work submitted, which is primarily geophysics and geochemistry for which the issue of proper data management is even more critical. The Prospectors & Developers Association of Canada (PDAC) believes that discovery rates can increase if the type, quality, quantity and accessibility of geoscience data available to companies and stakeholders is improved. The Exploration Assessment Data Digital Format (EADDF) is a set of guidelines culminating from a three-year effort, created to address this data management issue. The EADDF Guidelines propose a national standard for digital assessment report data submission. The purpose is to use these guidelines as a framework for discussion with the various mining jurisdictions and stakeholders across the country. We hope that among all the provinces and territories we can identify a few early adopters to implement such a proposal. To this end we assembled a group of subject matter experts from different geoscience disciplines to act as champions for diamond drilling, geochemistry, geology and geophysics data guidelines. Four principles guided the working group while creating these standards: • Simplicity: junior companies and prospectors may lack the resources to satisfy complex assessment requirements; • Durability: formats should be readable 30 years from now; • Extensibility: programs and standards evolve but must remain compatible with older formats; • Originality: data collection is forward looking. Historical data will not be considered. PDAC’s goal with respect to this proposal is to encourage jurisdictions to adopt a common set of guidelines (and ultimately regulations) to facilitate the submission of exploration assessment data in a digital format and in a consistent manner.

Why do we need this? Canada’s share of global nonferrous exploration budgets fell more than 20% in 2007 to around 14% in 2015. If iron ore exploration budgets are included, Canada has also fallen behind Australia for the first time in 15 years, and is no longer able to claim being the top destination for exploration investment globally (see www. MinExConsulting.com). With respect to exploration effectiveness, Canada also ranks below Australia. From 2001 to 2011 Canada’s exploration spending increased tenfold, while the discovery rate only increased around five times, resulting in 50% lower performance than previous decades. In addition, Canada’s return on exploration investment was only 0.77 for every dollar spent between 2005 and 2014, while Australia’s was 0.97. There are a number of variables affecting the discovery performance of companies exploring in Canada, including the greater costs of exploration at depth and in remote areas. However, one key variable affecting discovery performance is the availability of geoscience information to assist with land acquisition and targeting decisions. Current digital data submission requirements create a problem for compilation initiatives. PDAC proposes a simple yet comprehensive solution that requires exploration companies and other claim holders to submit their assessment results in a simple text file with a standard structure and the minimum metadata to evaluate the quality of the results. This is not meant to replace the assessment report that is mandated by all provincial and territorial jurisdictions and usually submitted as a PDF formatted document, but to complement the traditional report with results that are easy to submit and easy to compile. Canadian jurisdictions have wide-ranging requirements for prospectors, mineral exploration companies and mining corporations to submit digital data in exchange for assessment credits. At one end of the spectrum, some jurisdictions have no requirements at all, or more frequently, only require submission of a PDF version of the assessment report in addition to the paper document. Some jurisdictions require all data be submitted in digital format, including the PDF report, and may list the type of files that are acceptable, and in one case, includes some metadata requirements. However none of the jurisdictions actually specify any minimal standards for data submission, such as what table and field names should be included, and how the metadata should be organized. For subsequent users of the assessment data, integrating information embedded in PDF files with existing exploration databases is difficult and time consuming. The guidelines presented here will facilitate the submission of assessment data in digital form, with the hopes of improving data sharing, exploration efficiency and discovery rates. — Charles Beaudry is chair of PDAC’s Geoscience Committee.

2017-12-05 10:36 PM

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THE NORTHERN MINER / DECEMBER 11–24, 2017

JOINT VENTURE ARTICLE

Marathon Builds Gold Resources at Valentine Lake in Newfoundland Marathon Gold (TSX: MOZ; OTCQX: MGDPF) has uncovered impressive resources at its 100% owned Valentine Lake gold camp in central Newfoundland, but still has significant room for expansion. The Toronto-based gold company acquired the 240 sq. km property in 2010 and quickly got to work, discovering the Frank, Sprite, and Marathon deposits while releasing National Instrument 43-101 compliant resource estimates for the Leprechaun and Victory zones. Together, the near surface Leprechaun, Sprite, Marathon and Victory deposits total 1.85 million measured and indicated oz. gold at 1.88 grams gold per tonne and 1 million inferred oz. gold at 1.65 grams gold per tonne. They cover less than 15% along strike of the 30 km Valentine Lake Thrust Fault. “We still have all our deposits open in one direction or more, particularly Marathon,” says Phillip Walford, Marathon Gold President and CEO. “The Marathon deposit goes down a kilometre and we were still in mineralization and alteration when we stopped.” Marathon is the most substantial of the four deposits, containing 20 million measured and indicated tonnes grading 1.72 grams gold per tonne for 1.1 million oz. gold. Leprechaun contains 8.8 million measured and indicated tonnes grading 2.29 grams gold per tonne

for 650,900 oz. gold. Sprite contains 414,000 indicated tonnes grading 2.44 grams gold per tonne for 32,500 oz. gold and Victory contains 1 million measured and indicated tonnes grading 1.45 grams gold per tonne for 50,000 oz. gold. Walford says that at one point many geologists thought there were no large gold deposits in Newfoundland. “But what we’re seeing here is a big gold system, there’s no doubt about it,” he adds. “It’s 30 km long, just on our property. “We just keep hitting gold — there are very few holes where we haven’t intersected measurable gold. And we wonder, ‘How big is this thing?’” Marathon Gold launched a 60,000 metre drill campaign in May 2017, funded by an $18.6 million placement of common and flow through shares. So far it’s drilled 91 holes covering 43,300 metres into Leprechaun and Marathon. Of those, 63 holes covering 29,100 metres have been assayed and reported. Some of the latest drill highlights from the Marathon zone, released in late November, include: hole 17-226 which returned 1.95 grams gold per tonne over 83 metres including 5.05 grams gold per tonne over 7.6 metres and hole 17-235 which cut 3.42 grams gold per tonne over 29 metres including

“WE JUST KEEP HITTING GOLD ... HOW BIG IS THIS THING?” PHILLIP WALFORD PRESIDENT AND CEO, MARATHON GOLD

10.97 grams gold per tonne over 4.8 metres. “We’re finally in a position where we can raise money without it being super dilutive,” Walford says. “And now we’re able to do what we’ve wanted to do for the past three years and do some significant drilling.” Future drilling at the Marathon deposit will focus on infilling the planned upper open pit as well as the underground potential of the deposit, and step-out to the southwest. The company believes it has room to expand the resource to both the southwest and nor theast, but will also drill the hanging and footwall to reduce the strip ratio for the resource pit shell. All of this is part of a new preliminary economic assessment the company began in October and expects to release in the second quarter of 2018. Further demonstrating management’s strong belief in the long term potential of the proper t y,

A dill site at Marathon Gold’s Valentine Lake gold camp in central Newfoundland.

CREDIT: MARATHON GOLD

Phillip Walford, Marathon Gold president and CEO, in the field at Valentine Lake. MARATHON GOLD Marathon has just bought back a 3% precious metals net smelter return royalty and a 2% base metals net smelter return royalty on the property for a total US$8.7 million. The Newfoundland and Labrador government is showing suppor t for the project as well. It gave M a r a t h o n G o l d $150,0 0 0 l a s t year and $100,000 in previous years in exploration grants from the province’s Junior E xploration Assistance program, while the Research and Development Corporation of Newfoundland and Labrador has funded 75% of the last two metallurgical tests. “All of the technical people and the workers live in Newfoundland,” Walford says. “All of our main suppliers are in Newfoundland. “You can drive to it, there’s people all around, the infrastructure’s good — where else do you get that?” The property is 18 km from an established power line and 90 km from the nearest paved road, with year round access to the property. It sits on quartz-tourmalinepyrite-gold veining with tourmaline bleeding along sheer fractures. “Most of our resource is open pit

and at a very good grade,” Walford says. “Combined with that grade we have very high metallurgical recoveries.” Marathon expects 93-98% recovery via traditional milling, and 50-73% recovery at the Leprechaun and Marathon zones via heap leaching. Drilling will continue into 2018 — and Walford expects there’s more to find. “We’re focussing our attention on the Valentine Lake Intrusion,” he says. “But there are gold occurrences in all the other rock types around us. We see the Valentine Lake intrusion as having the greatest potential. We’ll get to the rest of the property later.” By the end of September, Marathon had $17.4 million in cash and equivalents — more than double what it had on Dec. 31, 2016. Shares are currently valued at $1.03 and the market capitalization is $145 million. — The preceding Joint Venture Article is promoted content sponsored by Marathon Gold Corporation and written in conjunction with The Northern Miner. Visit www. marathon-gold.com to learn more.

The camp at the Valentine Lake gold property. CREDIT: MARATHON GOLD

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2017-12-05 10:37 PM

WWW.NORTHERNMINER.COM

DECEMBER 11–24, 2017 / THE NORTHERN MINER

Ero Copper completes IPO, plans production ramp-up COPPER

| David Strang-led junior operates flagship Vale do Curaca mine in Brazil

BY MATTHEW KEEVIL

mkeevil@northernminer.com

ro Copper (TSX: ERO; USOTC: ERRPF) is on track to become Canada’s next intermediate copper producer after a $110.6-million initial public offering (IPO) on the Toronto Stock Exhange where it issued 23.3 million shares at $4.75 each. The company kicked off trading on Oct. 19 with 74.6 million shares outstanding plus 15 million share options and warrants. The IPO dovetails with renewed strength in copper prices, which have jumped over 20% so far in 2017, and marks one of the first sizeable Canadian-based copper IPOs since Quadra Mining hit the scene with a $145-million IPO back in 2004. Ero’s flagship asset is the Vale do Curaca (MCSA) complex, 385 km northwest of the state capital of Salvador in northeastern Bahia State, Brazil. The property is in the Curaca Valley magmatic-sulphide mineral district, which hosts a geological setting often compared to the base metal camps of Sudbury, Ontario. MCSA was mined continuously for nearly 40 years before operators were forced into bankruptcy after a flood in late 2015. The Northern Miner caught up with Ero executive chairman Christopher Noel Dunn and president and CEO David Strang to discuss the IPO and the company’s direction. The duo have already worked together within Ross Beaty’s Vancouver-based Lumina Group. Strang served as president and CEO of Lumina Copper, while Dunn sits on the boards of Pan American Silver (TSX: PAAS; NASDAQ: PAAS) and Pretium Resources

Processing equipment at Ero Copper’s MCSA copper mine in northeastern Brazil. ERO COPPER

(TSX: PVG; NYSE: PVG). “We got a call early last year from a source in Brazil we had met during Lumina’s time looking at the project back in 2008,” Dunn recounts. “The gentlemen told us the company was in trouble and might be available for an acquisition, so we decided we ought to take a look. We put our team together and hopped on a plane. When we arrived at site they told us the mine was flooded. We probably wouldn’t have gone if we’d known that,” he laughs.

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The MCSA complex was developed by the Brazilian government in the late 1970s, and includes: the operating Pilar district underground mine; the Surubim district open-pit mine, located 33 km north; and the in-development Vermelhos district underground project, 31 km north. The operations jointly produced 25,000 tonnes copper annually between 2011 and 2015, before production declined to just 4,900 tonnes last year on account of the flood. The previous shareholders included two Brazilian entities and Glencore (LON: GLEN). Ero restarted operations in January after finalizing its ownership agreements, and produced nearly 15,000 tonnes copper through September at cash costs of US$1.42 per pound. “We went down to take a look at the core and data room, and said: ‘Wow, there’s a lot of copper here,’” Dunn continues. “We realized we could put the asset back into production, but knew you’d have to be insane to get involved unless you could restructure the overwhelming debt load. So we effectively spent a large part of 2016 engaged in what I’d call an ‘interesting negotiation’ with multiple Brazilian banks.” Ero acquired an 85% stake in MCSA late last year, and boosted its ownership to 99.5% for US$34 million in June. After the negotiations Ero assumed US$170 million in restructured debt. The complex hosts global proven and probable reserves of 8.9 million tonnes grading 2.49% copper for 220,500 contained tonnes copper, and measured and indicated resources totalling 20.5 million tonnes at 2.26% copper for 463,000 contained tonnes. The Surubim and Pilar mines feed ore to the central Caraiba mill, which is integrated with the Pilar site and has an annual capacity of 3.2 million tonnes, or 8,750 tonnes per day. The mill’s original nameplate was 5 million tonnes annually, however, which hints at Ero’s near-term plan to ramp up copper production. The operation also has an inactive 5,000-tonne-per-year solvent extraction-electrowinning plant

that could process any oxide copper discoveries. “The previous owners were focused on dividends rather than long-term development and mine optimization,” Strang says. “So we have this significant land package running for around 100 km that gives us serious potential to add tonnes to a mill with latent capacity. “It’s an unusual deposit because we’re looking at a magmatic sulphide that has really elevated copper grades,” he continues. “There is nickel there that wasn’t really historically assayed, but the copper ratio is significantly higher than you’d typically see in these deposits. So we have four mines over trend, and that’s with very limited systematic exploration work to date.” The company estimates it can increase copper output 179% by 2021 to 53,100 tonnes annually, while cutting cash costs 61% to US51¢ per pound. It plans to accelerate the Vermelhos underground development towards a late 2018 production target. Ero processed 1.32 million tonnes of ore over the first nine months of 2017 at an average grade of 1.29% copper. “The first year was very much about recapitalizing the business and getting the mills back on the bus,” Strang says. “We’ve been following the mine plan we inherited and increasing production, but the infrastructure certainly opens up opportunities in terms of near-mine and regional exploration.” Ero has earmarked US$7.5 million for 49,000 metres of drilling across the mafic-ultramafic complex this year. The campaign will include: 24,500 metres of underground infill and stepout exploration at Pilar; 21,700 metres of infill and stepout work at Vermelhos, including 7,500 metres targeting near-surface oxides; 5,250 metres of drilling at Surubim; and 1,800 metres “of regional exploration.” Furthermore, the company is planning a 40 km versatile timedomain electromagnetic survey of the district, which it expects by early 2018. “We really see three opportunities. First, there’s near-mine explo-

ration aimed at extending current resources at Pilar. We have this area called ‘The Deeps’ that looks extremely promising,” Strang says. “We also see significant resource expansion opportunities at Vehamos. Finally, the historic work was done without comprehensive geophysics. We’re hopeful that f lying the entire district, when combined with gravity, will define new targets.” On Nov. 9, Eros reported assays from 13 holes of the Vermelhos infill drill program, with highlights including: 20 metres of 12.2% copper from 142 metres deep in hole 163, and 22 metres of 9.6% copper from 132 metres deep in hole 159. The company said both results “rank among the top-five intercepts, on a grade-metre basis, drilled at the mine to date.” Vermelhos hosts proven and probable reserves of 2.4 million tonnes grading 4.15% copper. Ero says it wants to establish between 10 and 15 years of reserves at the MCSA that can support annual production above 60,000 tonnes copper. “The key could be what we call the ‘super pods,’” Strang says. “You’ll see areas in the district — which we’re starting to understand a bit — where mineralization goes massive. When that happens the copper grades are very high, and these zones tend to have between 1 and 3 million tonnes. The original Pilar open pit was a super pod, and they followed it down and intersected another one. We’re optimistic we can identify more areas of highgrade copper across the property package that can positively impact our production profile.” In the MCSA deal, Ero also acquired the Boa Esperanca copper deposit, 40 km southwest of Tucuma, Brazil, and the NX Gold underground gold-silver mine in Mato Grosso state. Boa Esperanca could be developed into an open-pit operation for US$160 million. It hosts measured and indicated resources of 67.2 million tonnes at 0.73% copper for 490,000 contained tonnes. The company will likely sell the NX Gold asset. BMO Capital Markets analyst Alex Terentiew initiated coverage on Ero in early November with an “outperform” rating and an $8-pershare price target. “Ero is a growth story, something rarely found today among copper producers, with strong potential for more discoveries, resource expansion and higher grades,” he noted. “Over the next few years, we see Ero emerging as a growth and cost leader in the copper industry. We expect expanded exploration efforts could result in higher near-term production, but also significant long-term upside and mine life.” Ero shares have risen from $4.70 to $6.70 per share since the IPO, and closed at $6.22 per share at press time for a $464-million market capitalization. The company had US$25 million in cash and liquid investments, and total debt of US$163 million at the end of June. “Finding new copper projects and getting them up and running is definitely not easy, so this asset is a bit of a unicorn,” Strang says. “The cost for us to bring on incremental production is incredibly low on a global scale relative to the average of anyone having to build a new processing plant.” TNM

2017-12-05 10:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 11–24, 2017

Firesteel Resources’ past-producing Laiva gold mine in west-central Finland. FIRESTEEL RESOURCES

Firesteel to buy, restart Laiva gold mine FINLAND

BY RICHARD QUARISA

rquarisa@northernminer.com

iresteel Resources (TSXV: FTR) intends to purchase and reactivate the past-producing Laiva gold mine located in central Finland, near the Gulf of Bothnia, in early December and begin producing gold in August 2018. To fund the project, it has entered a definitive, prepaid, forward-gold purchase agreement with Pandion Mine Finance for US$20.6 million. Already a 10% owner, Firesteel intends to buy another 50% interest in Nordic Mines Marknad, making it a 60% owner of Nordic, itself the 100% owner of Laiva. The company says it will execute its option to buy out the remaining 40% interest by issuing 66 million shares when it receives the cash. “It’s not an undaunting project by any means,” Firesteel president and CEO Michael Hepworth says. “There are some mining challenges, but we think we’ve got answers to it. We’re just waiting for the cash to come in and we’ll start operating in January.” Firesteel will use US$4 to US$6 million of the money to refurbish Laiva’s plant. “The leach tanks need some work,” Hepworth says. “Some of the conveyors need work, some of the pumps need to be replaced.” Pandion will advance the money in one tranche in December as partial consideration for a total 67,155 oz. gold delivered within 17 to 60 months. Firesteel has not completed a feasibility study or reserve estimate at Laiva. It will move forward with historical data and its own resource estimate. “We are basing our numbers and

| Company enters US$20M forward gold sale with Pandion metres to convert inferred cumstances where we’ve got a bank“HERE’S A PROJECT 20,000 resources to probable reserves. rupt company, but all the work has THAT’S HAD €220 Laiva would have two open pits been done and it’s been thoroughly operating at 6,000 tonnes per day. checked.” MILLION SPENT The 17 sq. km project is already Laiva’s host rock is dominated by ON IT AND WE’RE fully permitted. intermediary to basaltic volcanic Hepworth says he sees this as the rock and quartz diorites. Nordic PICKING UP 60% OF first step in a company transition also owns three exploration properIT FOR $20 MILLION from being an explorer to a junior ties within 2 km of Laiva totalling producer. 43 sq. km. — IT’S A LOT LESS “We’re looking for less risk and “It’s built into our budget that THAN 10% — AND potentially bigger upside,” Hepworth we will be exploring those,” HepTHE PROJECT says. “Here’s a project that’s had worth says. “And it’s permitted for €220 million spent on it and we’re exploration.” IS LARGELY DEpicking up 60% of it for $20 million Nordic acquired Laiva in 2005 RISKED.” — it’s a lot less than 10% — and the and completed the last reserve esMICHAEL HEPWORTH PRESIDENT AND CEO, FIRESTEEL RESOURCES

production plans on reports done by [consulting firms] JT Boyd and RPM Global,” Hepworth says. “JT Boyd has been working with us since March and has done extensive calculations and financial modeling for us. Unfortunately because these numbers are not National Instrument 43-101 compliant, I can’t release the information. That said RPM and JT Boyd agree on the numbers and Pandion is doing the gold-forward sale based on the numbers. We are currently working to have this information converted into a prefeasibility study and will release the details as soon as it is ready, but it won’t be for several months.” Firesteel’s resource estimate shows 3.8 million measured and indicated tonnes grading 1.2 grams gold per tonne for 151,000 contained oz. gold, plus 9 million inferred tonnes grading 1.5 grams gold for 445,000 contained oz. gold. It plans to infill drill another

project is largely de-risked. Now if we were to spend $20 million on one of our other exploration properties, we still wouldn’t know whether we had a mine.” Nordic spent $300 million on the project before shutting it down. Production at Laiva peaked in the second quarter of 2013 at 12,344 oz. gold. The mine cast first doré in 2011 but closed in early 2013. Nordic released an updated reserve report in 2015 and a preliminary economic assessment in 2016. Hepworth says Laiva shut down for several reasons, including: insufficient understanding of the metallurgy; poor recoveries; ineficient plant use; mining practices that resulted in severe dilution; and a €70,000,000 hedge book that turned against them. He intends for Firesteel to mine more selectively than Nordic, which he says blasted ore and waste at the same time and brought too much oversized material through the mills. “These came together like a perfect storm and very quickly put them out of business,” Hepworth says. “Their all-in sustaining costs were around US$1,760 per ounce. “It’s just an unusual set of cir-

timate in January 2015. It estimates Laiva contains 9.4 million proven and probable tonnes grading 1.19 grams gold for 395,000 contained oz. gold. A November 2013 report estimated 24.3 million indicated tonnes at 1.13 grams gold (885,000 contained oz. gold), and 4.37 million inferred tonnes at 1.64 grams gold for 231,000 contained oz. gold. Trading of Nordic shares was discontinued in July 2017. It recorded no revenue in 2017. Firesteel shares are trading at 13¢ with an $11-million market capitalization. TNM

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A pit at Firesteel Resources’ Laiva gold project in central Finland. FIRESTEEL RESOURCES

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2017-12-05 10:37 PM

WWW.NORTHERNMINER.COM

DECEMBER 11–24, 2017 / THE NORTHERN MINER

Eira Thomas, director of Lucara Diamond, stands to address delegates during a roundtable at the Progressive Mine Forum organized by The Northern Miner in October. GEORGE MATTHEW PHOTOGRAPHY

‘We can use the power of machine learning’ PROGRESSIVE MINE FORUM BY MATTHEW KEEVIL

mkeevil@northernminer.com TORONTO

he mining industry is engaged in a mu ltifaceted debate about innovation, and the potential impacts new technologies and systems can have on operating practices, workforce demographics, social responsibility and sustainability. On Oct. 23, The Northern Miner invited industry leaders to discuss innovation and mining operations during its inaugural Progressive Mine Forum in Toronto. Participants in the roundtable discussion about mining operations were: Michelle Ash, chief innovation officer at Barrick Gold; Joe Lombard, global managing director at Hatch; Larry Radford, senior vice-president operations at Hecla Mining; Nathan Stubina, managing director at McEwen Mining; Eira Thomas, director at Lucara Diamond; and Carl Weatherell, CEO at Canada Mining Innovation Council (CMIC). The roundtable kicked off with a discussion of the mining industry’s reputation as being slow to adapt to new technologies and innovation. For example, the World Economic Forum (WEF) found mining was “most resistant to disruption” among 21 industries it studied in a 2017 report. Accounting firm Deloitte characterized that miners as a “notable laggard on the technology front,” while SAP Software & Solutions calculated that miners use “1% of all the data they produce.” “We have been ver y slow to move,” Barrick’s Ash responded. “There’s a resistance in our industry to constantly questioning and trying to pull apart what we’re doing. We need to be a lot more collaborative as an industry, and look at how we optimize the system versus point solutions we’re used to.” Hecla’s Radford agreed and added that he recently travelled to South Africa to assess narrowvein mining technology, and flew to Sweden to explore cutting-edge technologies Boliden (US-OTC BDNNF) is implementing in Europe. He reiterated the importance of sharing information across borders and embracing global technological initiatives. Hatch’s Lombard cautioned that the mining industry cannot rush

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into disruptive changes due to the often “dangerous environments” in operations. He expressed optimism, however, that mining companies are becoming more open to new technology. Stubina of McEwen Mining and Weatherell of the CMIC were less bullish on mining’s innovative prospects. “I wasn’t very optimistic after many of today’s discussions because we’re still talking a lot about the status quo. I think in five years we’ll still be having the same discussion,” Stubina said. “If you go to high schools they think of this industry as ‘mules and pick axes.’ Something is seriously wrong there and we have to fix it. The things we’ve done in the past don’t appear to be working.” “We have to look at innovation completely differently,” Weatherell added. “When Steve Jobs got up there and said: ‘We aren’t going to buy products from the mining industry anymore.’ We have to understand why he said those things and who is behind him. The mining industry isn’t looking at the big challenges.” Eira Thomas came to the defense of miners and noted that the industry “was built on innovation.” She cited the technology needed to exploit Alberta’s oilsands, as well as innovations needed to operate mines in remote, Arctic regions. Thomas added that miners have been “rightly criticized,” however, for not being “progressive” in approaching environmental and social commitments. She also criticized the industry for not “embracing corporate diversity.” The discussion then shifted to addressing the profitability and operating challenges that had plagued the industry during the recent commodity downturn. For example, PwC notes US$200 billion in valuation losses over five years from the top-40 mining companies, and US$53 billion alone in 2015. SAP adds that “in the last decade mine productivity fell by 28%, while capital intensity has doubled over the past 15 years.” “In the past ten years there haven’t been very many discoveries, despite money going into exploration,” Radford said. “So the miners are dealing with lower grades pretty constantly, mining deeper than ever before and looking at higher stripping ratios. So we see a lot of references to rising

| Roundtable discusses innovation in mining

unit costs in terms of per ounce or per pound. I’m happy to be working at smaller underground mines right now because I think that’s the wheelhouse for where technology and innovation can really make a difference.” Ash added that the industry has worked through many “diseconomies of scale” that come along with large-scale megaprojects, which are often higher risk. She argued for a need to “look at diversification of investment dollars” when it comes to putting capital into large development projects versus funding a portfolio of smaller mines. “The beauty of the technology we’re bringing in is that we can use the power of machine learning and analytics to become smaller and smaller. I’d love to see the day that processing plants aren’t on surface anymore and we’ve instead got many of them underground,” Ash continued. Lombard agreed that “bigger is not always better,” and noted an increased focus from mining companies on “pinpoint accuracy and project execution.” He said emerging computer technologies are allowing for “better mine plan-

ning from day one.” “It’s really powerful to see a project in its entirety as you move towards development, and we’re seeing really large projects using new techniques. I believe reducing waste is really what it’s all about long-term,” Lombard said. Thomas noted that there has been a “fundamental shift” in the past 10 to 15 years in the way the market values mining companies. She said the focus is now on “performance versus simply growth,” and continued that the shift has brought more discipline to the industry. Thomas concluded that the focus on innovation is largely being support by the “need to deliver” and “create viable, sustainable mining businesses.” “The business model has to keep the shareholders happy, and I’d agree it’s about going smaller and being modular,” Weatherell argued. “You also have to look at the definition of a ‘mine.’ There are examples of many historic mines in Ontario, where the tailings appear more profitable than some of these greenfield opportunities. Why aren’t we looking

Nathan Stubina, managing director at McEwen Mining, uses his old mobile phone as a prop during the discussion. “We’re designing mines, we’re putting in tailings dams that have to last for 40 years,” he said. “It’s as if you had to use this phone for 40 years. There has to be a better way of doing it.” GEORGE MATTHEW PHOTOGRAPHY

at reconceptualizing tailings?” The roundtable concluded with a discussion on the importance of transparency and good communication in optimizing operations, as well as attracting the next generation of skilled workers. The WEF noted in its report that the mining industry could lose 330,000 jobs, or nearly 5% of its workforce, over the next decade due to increased digitalization. Meanwhile, the Mining Industry Human Resources Council notes that older workers in the Canadian mining industry have risen from 11% in 2007 to 16% in 2016, while younger workers have dropped from 13% to 5% over the same period. “We have to look at how we attract talent in terms of promoting diversity. We need to attract more entrepreneurial minds, or the innovative types,” Stubina said. “The problem with being viewed as an old-fashioned business is that it becomes difficult to attract younger workers. I don’t think we’re doing a good enough job explaining mining in general. We talked about branding, and I think if you have ‘mining’ in your company name you should just take it out.” Lombard says that there are now “open ears” among miners in terms of how technology can improve mine sites. He notes the proliferation of WiFi, and how multiple divisions and platforms are coming together to give operators the information they need. He stressed that younger generations have a vital role in implementing the rush of new technology. Weatherell added that mining is competing with industries such as, aviation and Internet technology that have a better reputation for innovation and progressive thinking among the general public. “I don’t think it matters what we think about ourselves. What’s fundamentally important is what everybody else thinks,” Weatherell said. “We certainly have challenges as an industry in terms of replacing an aging workforce, but also what impact technology will have on jobs and recruitment,” Ash mused. “It’s about breaking down barriers and pushing data all the way down to our operators. It’s amazing how giving people information and centralized communication makes a huge difference across the entire business.” TNM

2017-12-05 10:37 PM

EXPLORATION SPECIAL FOCUS

PROJECTS TO WATCH

An outcrop at Eastmain Resources’ Clearwater gold project in Quebec’s James Bay region. EASTMAIN RESOURCES

Treasury moves Goliath forward with updated PEA SITE VISIT

| Goliath gold mine would be big employer for Dryden, Ontario

BY RICHARD QUARISA

BASE METALS |

Shares surge 1,600% on visual drill results

rquarisa@northernminer.com DRYDEN, ONTARIO

dirt road leads across a bushy plot of land to a small wooden building: Treasury Metals’ (TSX: TML) project office on its wholly owned Goliath gold property. Storage sheds sit further back, housing the core samples that analysts and investors will soon examine. Goliath is one of Treasury’s three properties, but it is by far the most explored and developed, with power lines already set up. The company’s two other properties — Goldeye, located 227 km north of Red Lake in northwestern Ontario, and Lara, located 25 km west of Chemainus on Vancouver Island — have yet to receive preliminary economic assessments (PEAs). See TREASURY / 12

New Nadina hits potential discovery at Silver Queen in BC BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

ew Nadina Explorations (TSXV: NNA) is the latest contender to join the ranks of junior explorers with surging market valuations, such as Novo Resources (TSXV: NVO; US-OTC: NSRPF), Metallis Resources (TSXV: MTS) and Garibaldi Resources (TSXV: GGI; US-OTC: GGIFF). Shares of New Nadina skyrocketed 1,600% to peak at $2.25 after the company announced a 132-metre intercept of “high-grade core” con-

A drilling site at Treasury Metals’ Goliath gold property in Ontario. TREASURY METALS

See NEW NADINA / 10

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2017-12-05 10:37 PM

DECEMBER 11–24, 2017 / THE NORTHERN MINER

EXPLORATION PROJECTS TO WATCH

WWW.NORTHERNMINER.COM

Polymetallic mineralization at the end of the hole from New Nadina Explorations’ Silver Queen project in British Columbia. NEW NADINA EXPLORATIONS

Ellen Clements, president and CEO of New Nadina Explorations, with a drill crew at the Silver Queen polymetallic project in British Columbia. NEW NADINA EXPLORATIONS

New Nadina hits potential discovery at Silver Queen in BC NEW NADINA From 9

taining bornite, sphalerite, galena and pyrargyrite — also known as ruby silver — while drilling at the company’s Silver Queen polymetallic property, 36 km south of Houston, west-central British Columbia. The announcement on Oct. 25 was corrected two days later, at the request of the Investment Industry Regulatory Organization of Canada, with reference of “highgrade sulphides” removed from the text, with assays for the hole still pending. Mineralization occurs as a stockwork of subvertical, low-silica veins up to 1.5 cm thick and spaced at 10 cm intervals from 663 to 795 metres deep. Based on visual observations, the company said the area of “interest” continues to the end of the hole at 816 metres deep. Ellen Clements, the company’s president and CEO, tells The North-

ern Miner during a phone interview that she couldn’t be more thrilled with the results. “We took a long shot, drilled a wildcat hole right off the bat — and we hit it,” Clements says with enthusiasm. “I knew it was a high-risk hole, but I had to get it out of my system because I had such a gut ache over it. It was a now or never sort of moment — I would’ve paid for the hole myself if I had to.” The hole was targeting a deep conductive anomaly — called the Blue Zone — located east of the property’s No. 3 vein, one of the 22 epithermal zinc-silver-gold-lead veins that cut across the 70.5 sq. km property. The vein system, called the Wrinch, saw intermittent, underground production dating back to 1912, according to a B.C. Minfile. Clements says the company targeted the anomaly believing it could be the enigmatic source of all the metal-rich veins at surface.

Cradle to cradle

“When the geophysicists were conducting their survey, they were charging up to shoot the line but the machine kept stalling … at the time, the operator thought there was either something wrong with the equipment, or the ground was so conductive it was sucking the juice out of the equipment. They said they have never seen that happen in B.C. before, only in Cobalt, Ontario. But now we know that it was the ground, and not the machine,” she says. (The Cobalt district in Ontario produced 442 million oz. silver between 1903 and 1966, making it one of the largest silver-producing areas in the world, only exceeded by Potosi in Bolivia and Butte in Montana, and greater than Guanajuato in Mexico.) “There are veins all over the place at Silver Queen, and they must have leaked out of something at depth,” she says. “We found a porphyry

in 2011, but we know it’s not the source. The porphyry is crosscut by these high-grade silver veins that came much later — one of them ran 5.5 metres of 1,581 grams silver per tonne and 3.15 grams gold per tonne.” Clements says the deep geophysical target was missed by previous explorers, with one exception: a hole drilled by Northgate in 1970, which hit 1.7 metres of 769 grams silver, 12.2% lead and 27.2% zinc at 437 metres deep. The hole is interpreted to have intercepted a thin sliver of the anomaly, 400 metres southwest of New Nadina’s current drilling. “It’s quite a ways away, but it looks like it’s at the right depth and has the same quality of mineralization,” she adds. New Nadina is drilling its third and last hole on the target, after which the company will pursue financing and make plans for more

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drilling in the new year. Clements noted that getting access to the property has been a problem in recent years due to opposition from a local rancher. This private owner bought the land over New Nadina’s Crown-granted mineral claims in 2001 and 2009, and inhibited the company’s access since 2012. In May, New Nadina received the right-of-entry order from the Surface Rights Board of British Columbia, which allowed the company to drill, provided it does so with minimal disturbance. “We’re limited on the number of holes we can drill right now, but it’s no problem, we can drill it from the north on Crown land,” she says. “All we have to do is drill enough holes from surface to warrant going underground.” Clements, an accountant and avid prospector, replaced her husband, George Stewart, as New Nadina’s president and CEO after his sudden passing in 2005. She says that Stewart had a long history at Silver Queen, having worked there with Kennco in the late 1960s, and was passionate about exploring for any deeply buried source of metals found at surface. So when Clements took the helm of the company in 2006 she visited Bill McCrae, a former president of New Nadina, for advice on what to do. “Bill said to me, ‘You don’t need to do it. You should just find yourself a boyfriend, go off into the sunset and enjoy your life,” she says. “But what I heard was, ‘a lot of smart people have looked at this property, how are you going to find anything they couldn’t?” Within 10 minutes she made up her mind: she was up for the challenge. “The Silver Queen is a female, and you have got to think like a female to figure out where her treasures are, because she hid them really well,” she says. “When I looked through all the reports and what was done, all the good people that should have found it had lost focus at some point. So every day I reminded myself to stay focused and let faith help me. “There has been a lot of laughter, tears, consoling and condolences about George not being here to witness this. This has been a long haul for all of us. We have some very loyal shareholders and I just want the best for them.” Shares of New Nadina have traded in a 52-week range of 8¢ to $2.25, and closed at $1.75 at press time. The company has 13.93 million shares outstanding for a $24-million market capitalization. TNM

2017-12-05 10:37 PM

GLOBAL MINING NEWS

EXPLORATION PROJECTS TO WATCH

THE NORTHERN MINER / DECEMBER 11–24, 2017

EXPLORATION SNAPSHOT

Four junior explorers with active programs The past year has seen a resurgence of grassroots mineral exploration worldwide for a wide range of precious, base and industrial metals. Below is a quick look at four juniors with active programs.

Roman-led junior completed a pivotal 70,000-tonne bulk sample that was processed at Barrick Gold’s (TSX: ABX; NYSE: ABX) Hemlo mill and generated $27.7 million in proceeds.

ASCOT RESOURCES

Harte is permitting commercial production for the Sugar Zone deposit, and with mine construction getting underway in July 2017.

Vancouver-based junior Ascot Resources (TSXV: AOT; US-OTC: ASOLF) has been exploring since 2007 in one of the world’s hottest high-grade gold camps: the Golden Triangle region of northwestern British Columbia.

The company is targeting first production in the third quarter of 2018. It expects to operate Sugar Zone as a 540-tonne-per-day underground operation, producing 50,000 oz. gold a year, over an initial eightyear mine life.

The Derek White-led company’s flagship Premier gold project is in the southern portion of the Triangle, north of Stewart, B.C., in an area with at least four past-producing mines. Ascot has focused most of its attention on Premier since 2014 and has spent $40 million in the region since 2007. Ascot has carried out 118,800 metres of drilling in 379 holes in 2017 in a prospective corridor that includes the Premier, Silver Coin, Big Missouri, Martha Ellen and Dilworth targets, with an aim of following up on high-grade targets from previous drill programs, including the newly discovered Ben and Prew subzones in the Northern Lights area. Assays from the final 72 holes should be in hand by year-end, leading to a new resource calculation. ARGENTINA LITHIUM & ENERGY Vancouver-based Argentina Lithium & Energy (TSXV: LIT; US-OTC: PNXLF) is part of the Grosso Group of companies and is led by president and CEO Nikolaos Cacos. Its primary focus is its Arizaro lithium project in northwestern Argentina’s Salta province near the middle of the rich “Lithium Triangle” that stretches across Argentina, Chile and Bolivia, and accounts for half of the world’s lithium production. The company says the “hyper-arid” Salar de Arizaro is the largest salar in Argentina and the third largest in the Lithium Triangle. Argentina Lithium has an option to acquire a 100% interest in the 205 sq. km Arizaro property in the central part of the Salar de Arizaro at an elevation of 3,600 metres by paying $6 million in stages, spending $4.2 million on project expenses over four years and issuing 2.5 million shares. In mid-2017, Argentina Lithium drilled two holes in the Central claim block and another to the south, with the Central block holes finding minor brine at up to 356 metres’ depth, and up to 257 mg per litre of lithium and 14,653 mg per liter of potassium. It says the hole depths were limited by equipment and couldn’t reach an aquifer, but the deepest hole (ARI-1) ended in promising sand units.

At last count, the Sugar Zone holds an indicated resource of 1.1 million tonnes grading 8.41 grams per tonne for 302,000 contained oz. gold, plus an inferred resource of 417,000 tonnes at 7.13 grams gold 95,000 contained oz. gold.

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HARTE GOLD Toronto-based Harte Gold (TSX: HRT; US-OTC: HRTFF) is powering ahead at its wholly owned Sugar

Zone gold property in White River, Ont., 80 km east of the Hemlo gold camp. Earlier this year the Stephen G.

Harte is still exploring its property, with step-out drilling and regional work intercepting more high-grade gold. TNM

First Cobalt ranks as the largest landowner in the iconic Cobalt camp of northeastern Ontario, controlling over 100 sq. km of prospective land and 50 historic mining operations, as well as a mill and the only cobalt refinery in North America that makes battery materials. First Cobalt began drilling in the Cobalt camp this year and says it wants to build shareholder value through discovery and growth opportunities. Earlier in the year, First Cobalt had scouted out cobalt in the Democratic Republic of the Congo, but has since cooled on the idea and refocused its energy on Ontario’s Cobalt camp. The company also added an Australian listing in late November, trading with the ticker FCC.

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Newly Discovered Zone in the Golden Triangle Aben Resources Ltd. (TSX-V: ABN) is a publicly traded Canadian GOLD exploration company with significant projects in BRITISH

• Flagship Forrest Kerr Project located in BC’s Golden Triangle. • Justin Project located adjacent to Golden Predator’s Project, Yukon. • Chico Project located south of Seabee/Santoy mine, Saskatchewan.

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Next, a new geophysical program will test for even deeper bodies, and there may be follow-up drilling based on the geophysical results. FIRST COBALT Trent Mell-led First Cobalt (TSXV: FCC; US-OTC: FTSSF) has been a market darling of late, with its share price doubling over the past three weeks to $1.40 at press time, with cobalt prices strengthening as investors recognize cobalt’s growing role as a key technology metal.

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1-16, 23_DEC11_Main .indd 11

2017-12-05 10:37 PM

DECEMBER 11–24, 2017 / THE NORTHERN MINER

EXPLORATION PROJECTS TO WATCH

Senior project geologist Adam Larsen in the core shack at Treasury Metals’ Goliath gold project in Ontario. TREASURY METALS

Treasury Metals’ project office near Dryden, Ontario.

WWW.NORTHERNMINER.COM

TREASURY METALS

Treasury moves Goliath forward with updated PEA

TREASURY From 9

According to a 2017 PEA at Goliath, Treasury could produce a total 9.8 million tonnes grading 3.81 grams gold per tonne. At a 2,500-tonne-per-day production rate, the company would produce 1,142,000 oz. gold over an anticipated 13-year mine life. Gold production would peak at 111,800 equivalent oz. gold per year in year six, but settle into an average 87,850 equivalent oz. gold per year. The PEA uses a US$1,225 per oz. gold price. The post-tax net present value is $306.1 million at a 5 % discount rate. The post-tax internal rate of return is 25% for a 4.1-year, posttax payback. The proposed operation would feature an open-pit and underground mine. Based on over 140,000 metres of exploration drilling, the open-pit outline contains 18 million measured and indicated tonnes at 1.26 grams gold per tonne and the underground portion contains 2.4 million measured and indicated tonnes at 4.95 grams gold per tonne, for a total 20 million measured and indicated tonnes at 1.69 grams gold per tonne. Goliath is in the Archean Superior geological province, north of the Wabigoon fault. It is mostly an amphibolite, metamorphic-grade, volcanogenic sedimentary complex topped by an upper layer of greenschist. The assemblage comprises quartz-porphyritic felsic to inter-

mediate metavolcanic rocks. All the rocks have been subject to folding and moderate to intense shearing. Gold mineralization occurs within a 100- to 150-metre-wide central zone. The 50 sq. km property is 15 km west of Dryden, a small city on Wabigoon Lake in the Kenora district. With a population of 7,750 people, it is the smallest city in Ontario. Stewart is confident, however, that attracting a workforce will not be an issue. Dryden is perhaps best known in the region for its pulp and paper mill that opened in 1913. After changing ownership several times, it still clings to life. In November 2008, Domtar (TSX: UFS; NYSE: UFS) stopped paper production at Dryden’s pulp-andpaper mill. The move put 190 of the mill’s 530 employees out of work. Then, in April 2009, Domtar suspended pulp operations for 10 weeks. The company said it could no longer operate at the same capacity due to a global decline in the demand for pulp. Several hundred workers were laid off. Although some returned to work, many did not. “A lot of people do work outside of town because of the loss of jobs at the big pulp and paper mill,” Stewart says. “You’ve got people who are travelling to Red Lake, for example, and some guys go to the tar sands as well. I think there will be a few people that are there you

Eight visible specks of gold, with sphalerite and pyrite showing on drill core from Goliath. TREASURY METALS

can hire and some you can attract, and certainly an opportunity we see is with the local First Nations communities.” First Nations members account for 16% of Dryden’s population. The Wabigoon Lake Ojibway Nation, 16 km southeast of the city, has a population of more than 500 people. While the two parties have yet to agree to a memorandum of understanding (MOU) or an impact and benefit agreement (IBA), Stewart is optimistic. “I’d say certainly in the last year we’ve made some significant inroads there at building relationships with the First Nations and the Metis,” he says. “So we’re in discussions with them right now around MOUs and IBAs, and all

that kind of stuff.” Stewart also points out that Dryden is in between Thunder Bay and Winnipeg, which are a threehour drive either way along the Trans-Canada highway. He says this is not only another selling point for Dryden, but also a logistical bonus: getting construction materials into the area wouldn’t be hard. So far, Treasury has spent more than $55 million on drilling. This is partly because it hasn’t had to spend much on infrastructure. “When you look at a lot of the projects that are getting built out there,” Stewart says, “where they have the most problems and the overrun is on the civil surface stuff, with road construction, bridges, soils, getting power lines in, and

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RAMPING UP THE HIGH-GRADE GOLD BRUCEJACK MINE IN NORTHERN BC

1-16, 23_DEC11_Main .indd 12

having to cross creeks and rivers. We essentially don’t have any of those challenges because everything is there already.” The Goliath property is a combination of two older properties owned by three companies: Teck Resources (TSX: TECK.B; NYSE: TECK) and Corona Gold’s Thunder Lake property, and the Laramide property, formerly owned by Laramide Resources (TSX: LAM). Teck formed a joint-venture partnership with Corona in 1996 and drilled until 1998. By 1999 the companies had outlined most of what is now considered the Goliath deposit. That has freed up Treasury to focus on other aspects of the project. Right now, Stewart says Treasury is working on three things. “Infill drilling, and then a bit of step-out drilling to the northeast on the exploration front, the permitting process and then the feasibility study. Those are the three big buckets that we’re focused on right now.” Another 15,000 metres of drilling would convert inferred resources to indicated resources. Across the open-pit and underground mine, Treasury estimates 3.4 million total inferred resources at 2.96 grams gold per tonne. The second 15,000 metres of drilling would expand the underground zone and move out of the open pit to explore the northeast area. Treasury needs funding to complete its 2017–2018 drill program and move beyond it. The company predicts an initial $133-million capital expense and a US$611-million all-in sustaining cost. The average yearly operating cash cost is set at $58 million. Stewart says Treasury is looking for “a strategic partner to come in and take a position in the company.” He says the company would rather get a private placement than go back to the market. “We’ve been working on that for the last couple of months, and we’re having some pretty good traction.” TNM

2017-12-05 10:37 PM

EXPLORATION PROJECTS TO WATCH

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 11–24, 2017

Aben’s Forrest Kerr shows promise GOLD

| Junior explorer hunts for hydrothermal system in BC’s Golden Triangle district

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

t’s been a roller-coaster ride for Aben Resources (TSXV: ABN; US-OTC: ABNAF), a junior explorer on the hunt for high-grade gold at its Forrest Kerr project in northwestern B.C.’s Golden Triangle district. Since July 26, shares of the company have climbed 450% to peak at 49¢, only to fall to 12¢ at press time. Aben’s president and CEO James Pettit tells The Northern Miner that the shares were “tied to the hip” with those of GT Gold (TSXV: GTT; US-OTC: GTGDF), another explorer in the district that made headlines on July 25 for a gold discovery at its Tatogga property. “That’s what happens in area plays, stocks get pulled along with other companies that are putting out either positive or negative results,” Pettit says. “I don’t know exactly what happened with GT Gold ... it went from $1.85 to $1, whereas ours went from 26¢ to 20¢ — but what can happen is that investors realize it’s the end of the season up there, and even if you have good results they still pull out.” Aben targeted two mineralized zones at Forrest Kerr — Carcass Creek and Boundary — with 2,500 metres of drilling this year. The zones are two of many gold occurrences that follow a northtrending structure that strikes across the 230 sq. km property. “Since Pretium came into the picture, they turned exploration on its head by finding a large hydrothermal system, rather than a volcanogenic massive sulphide or porphyry deposit, which is what the Golden Triangle is traditionally known for,” Pettit says. “So there has to be some sort of major structural feature that acts as an engine to all of this, and we thought the fault that cuts through Forrest Kerr was a good place to start looking.” Aben began its drill campaign at Carcass Creek, where historical drilling returned 29 metres of 9.97 grams gold per tonne, including 0.8 metre of 125 grams gold, and 1.9 metres of 91 grams gold. However, its own drill results were less impressive. Assays from the three holes ranged from trace amounts to 8 metres of 0.35 gram gold and 1.1 grams silver per tonne, and 5 metres of 0.22 gram gold, 1.34 grams silver and 0.23% copper. The company had better luck at Boundary, 7.7 km south of Carcass Creek, where drilling followed up on a historical drill hole, 91-16, that hit 11 metres of 33.4 grams gold, including a 0.5-metre interval of 326 grams gold. Aben’s first hole at Boundary, located 280 metres north of 91-16, intercepted a sulphide-rich, carbonate breccia within a broader halo of quartz-sericite-pyrite alteration and episodic quartz-sulphide-carbonate veining. Drilling returned 10 metres of 6.7 grams gold, 6.4 grams silver and 0.9% copper from 16 metres deep. The intercept occurred within a broader mineralized halo, which returned 387 metres of 0.26 gram gold. Most mineralization appears in this intercept and two others that returned 16 metres of 0.07 gram gold and 2.1 grams silver, and 14 metres of 1.1 grams gold, 2.8 grams silver and 0.2% copper. “If we had the drill results from Boundary North we wouldn’t have left there to drill Carcass, but that’s the nature of exploration,” Pettit says. “The mineralization had broad zones with high-grade cores, so you

1-16, 23_DEC11_Main .indd 13

Aben Resources’ president and CEO Jim Pettit (left) with vice-president of exploration Cornell McDowell at the Boundary Zone on the Forrest Kerr gold property in northwestern British Columbia. ABEN RESOURCES

“THAT’S WHAT HAPPENS IN AREA PLAYS, STOCKS GET PULLED ALONG WITH OTHER COMPANIES THAT ARE PUTTING OUT EITHER POSITIVE OR NEGATIVE RESULTS.” JAMES PETTIT PRESIDENT AND CEO, ABEN RESOURCES

could say we have a 100-metre wide target. And that really speaks to the scale of this hydrothermal system.” Aben drilled another two holes off the same pad, with results returning 6 metres of 21.5 grams gold, 28.5 grams silver and 3.1% copper from 8 metres deep, and 14 metres of 2.91 grams gold, 5.2 grams silver and 0.6% copper from 6 metres deep. Two other drill holes north and south of historic drilling hit variably brecciated and altered rock with narrow mineralized horizons, but returned minimal

assay values. The last hole was drilled oblique to historical drilling to test the mineralization trend, and returned 12 metres of 0.45 gram gold and 5 metres of 1.38 grams gold, both weakly mineralized with copper. “The historical zone is a very high-grade shoot that Noranda was fortunate to hit. But we were more interested in knowing whether it connects up with the first three holes. And the general feeling is [that] if we reorient the last hole to drill the other way, we would’ve connected the two zones

A location map of Aben Resources’ Forrest Kerr gold property in northwestern British Columbia’s Golden Triangle district. ABEN RESOURCES

up. But that’s all for next year.” The Boundary and Boundary North zones occur within a 3 km long, poorly tested gold-in-soil anomaly. Pettit expects Aben will complete a “serious amount of drilling” on the Boundary zone next year, along with more drilling to follow up on the gold-in-soil anomalies. “We’re looking primarily for epithermal systems — porphyries can be the dearth of the juniors because you have to drill so much. We want to stay away from a porphyry and stay in the highgrade environment. There’s an interesting correlation to copper in the area, and that’s what we’re going after. “The Golden Triangle is a very intriguing area. The potential for a high-grade discovery is good —

it’s elephant country for a reason — and the market seems to love it. The only downfall is the short drill season.” Pettit adds that Aben is keeping active during the winter with a drill program at its Chico gold joint-venture property — 40 km south of SSR Mining’s (TSX: SSRM; NASDAQ: SSRM) Seabee mine complex in northern Saskatchewan — with Eagle Plains Resources (TSXV: EPL; US-OTC: EGPLF). The property is along trend of a regional shear structure that hosts mineralization at Seabee’s Santoy gold deposit. “SSR is spending a lot of money — you buy a mine for $337 million that has five years left in reserves and it’s all about exploration upside. They’re interested in tapping the fault.” TNM

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2017-12-05 10:37 PM

EXPLORATION PROJECTS TO WATCH

DECEMBER 11–24, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

istance Any time targets

Looking north at a drill rig on Gold Standard Ventures’ Dark Star gold deposit in Nevada. GOLD STANDARD VENTURES

Gold Standard Ventures finds new zone at North Bullion in Nevada GOLD BY TRISH SAYWELL tsaywell@northernminer.com

old Standard Ventures (TSX: GSV; N YSE-A M: GSV) is spending US$15.5 million this year on a 48,800-metre program of core and reverse-circulation drill holes at its RailroadPinion gold project in Nevada’s Carlin trend, and the program is delivering encouraging results. Scout holes drilled north and northwest of the main zone at its North Bullion deposit have uncovered a gold zone that the company says shows that the mineralization at the deposit “has considerable

| Drill program also expands the Dark Star oxide deposit

room to grow.” Core hole 17-6 was drilled 375 metres northwest of North Bullion’s closest mineralized drill hole and found a gold zone outside of the deposit’s maiden resource boundary. The hole returned a 41.7-metre intercept grading 1.91 grams gold per tonne and included a highergrade, 7.6-metre interval of 6.32 grams gold. The hole was designed to test a west- to northwest-striking trend of higher-grade gold mineralization in a new structural block, and the intercept is open in all directions. “The fact that we can step out 375 metres on trend into a new

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fault block and hit high-grade gold beneath post-mineral volcanic cover demonstrates the discovery potential we have at Railroad-Pinion,” vice-president of exploration Mac Jackson says in an inter view, adding that there is untested potential in the area around North Bullion, where the company has a lot of targets. “A 375-metre step-out in the Carlin system is quite a long distance, and at that point we’re really into another hydrothermal cell,” he continues. “Any time you can get to work on something like this with widespread targets and a large system all over the place it’s great. It’s more the case in a project like this of looking for that needle in the haystack. There’s a lot of smoke, and a lot of altered rock everywhere, and it’s all about finding the structural and host setting that’s going to focus the gold system.” In September, the company reported an indicated resource at North Bullion of 2.92 million tonnes grading 0.96 gram gold per tonne for 90,100 contained oz. gold, and an inferred resource of 10.97 million tonnes grading 2.28 grams gold for 805,800 oz. gold. The resource estimate uses a cut-off grade of 0.14 gram gold for near-surface oxide and 1.25 grams gold to 2.25 grams gold for near-surface sulphide and underground sulphide.

Gold Standard is drilling 6,700 metres this year at North Bullion, a classic Carlin-style, high-grade collapse breccia-hosted deposit. The drill program consists of reverse-circulation (RC) and core holes. RC rigs are used to drill and case holes to depths above the target, and core rigs complete the holes through the mineralized zone. The company has consolidated ground at the southern end of Nevada’s Carlin trend since 2009, and its 208 sq. km contiguous land package at Railroad-Pinion is the second largest on the goldrich trend. Seven k ilometres sout h of North Bullion is the company’s Pinion deposit, which has an indicated resource of 31.6 million tonnes grading 0.62 gram gold for 630,300 contained oz. gold and an inferred resource of 61.1 million tonnes grading 0.55 gram gold for 1.08 million oz. gold, using a cut-off grade of 0.14 gram gold. Infill drill results from 11 holes at Pinion released on Nov. 21 include 56 metres of 1.68 grams gold, 43 metres of 1.23 grams gold and 15 metres of 1.66 grams gold. About 2 km east of Pinion is Gold Standard ’s Dark Star deposit. Dark Star has an indicated resource of 15.38 million tonnes grading 0.54 gram gold for 265,100 contained oz. gold. Inferred resources add 17.1 million tonnes grading 1.31 grams

gold for 715,800 contained oz. gold using a cut-off grade of 0.2 gram gold. “An oxide deposit of that calibre is rare,” Jackson says of Dark Star. “It’s +1 gram and shallow, and that was the sort of deposit mined on the Carlin trend in the 1980s. They’re rare, offer a higher rate of return and the strike length of the Dark Star corridor is 12.5 km … there’s lots of alteration and we’re going to find other deposits out in that corridor. That one is our highest priority, but we’ve got a lot going on, and North Bullion is also great. We like them all.” In November, the company reported several drill results from its 2017 program at Dark Star, including a 36-metre intercept grading 2.67 grams gold in infill core hole 17-20. The hole was 30 metres north of a drill hole 163B (101.2 metres of 1.54 grams gold disclosed on April 18) and 90 metres south of 16-8 (126.2 metres of 4.07 grams gold, also reported on April 18). Reverse-circulation exploration holes have extended the deposit east and west, as well as 45 metres deeper than the current resource model. Drill hole 17-27 ended in 2.19 grams gold at 183 metres deep, which the company says “may reflect the occurrence of previously unknown deeper horizons of better-grade oxide material, which could have implications for the deposit as a whole.” The company says the results will improve the grade of the current block model in the northern part of the deposit. CEO Jonathan Awde said in a press release that Dark Star “continues to surprise us to the upside,” and noted that the deposit “is going to look very different at the end of this program than it did a year ago.” Gold Standard says its drill program this year “will provide further evidence that the Dark Star and Pinion deposits merge into one larger deposit.” Metallurgical results in October from column testing for gold-cyanide leachability of Dark Star have also been positive. Forty drill core samples were column tested. All of the samples were crushed to reduce 80% of the material to a size of 12.5 mm or less. Gold extraction for oxide material ranged from 66–95%, with an average gold extraction of 86.5%. Gold extraction from transitional material ranged from 58–90%, with an average 70% gold extraction. Meanwhile, Gold Standard continues to explore at its Jasperoid Wash and Dixie targets south of Dark Star, where the company has intersected shallow, Dark Star-like gold zones that remain open. Major shareholders include Goldcorp (TSX: G; NYSE: GG), which has a 9.9% stake, and OceanaGold (TSX: OGC), which owns 15.8%. The company’s shares are trading at $1.88 apiece within a 52-week trading range of $1.61 (November 2017) to $3.85 (February 2017). The junior has 233.5 million shares outstanding for a $439-million market capitalization. TNM

2017-12-05 10:37 PM

EXPLORATION PROJECTS TO WATCH

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 11–24, 2017

Advantage Lithium shares rise on drilling ARGENTINA

| Company will increase ownership at JV Cauchari property to 70% by 2018

BY RICHARD QUARISA

rquarisa@northernminer.com

ince October, Advantage Lithium’s (TSXV: AAL; US-OTC: AVLIF) stock price has more than doubled after strong drilling results at its 50%-owned Cauchari lithium property in northern Argentina’s Jujuy province. The exploration targets at Cauchari are northwest and southeast of Lithium Americas’ (TSX: LON) 11.8 million indicated and measured tonnes of lithium carbonate equivalent at its Cauchari-Olaroz property. So far, exploration drilling in those areas has yielded positive results. “Our drill program was designed to define our lithium grades and flow potential at the limits of Lithium Americas’ properties,” Advantage Lithium president and CEO David Sidoo says in an interview. “We’ve now progressed with our drilling program to cover the lateral extent of the north and south continuity across all our leases.” The best sample results so far have come from Hole 7 and Hole 16, the first two in the previously undrilled northwest sector of the Cauchari property. Hole 7 averaged 635 mg per litre lithium and 4,772 mg per litre potassium, with a magnesium to lithium ratio of 2-to-1 at 236 metres’ depth. Advantage Lithium plans to deepen the hole to reach bedrock where it will sample brine and assess flow by conducting pump tests. Hole 7 is located in the eastern part of the northwest sector, close to Lithium Americas’ brine resource. It has 35,000 proven tonnes lithium and 246,000 probable tonnes lithium. Hole 16 averaged 619 mg per litre lithium and 4,878 mg per litre potassium with a magnesium to lithium ratio of 2.3-to-1 from between 169 and 199 metres deep. Once sampling is complete, Advantage Lithium plans to turn the hole into a monitoring well. Drilling at Hole 7 and Hole 16 intersected similar sandy material at the surface and gravels deeper in the hole — much like those found at Lithium Americas’ project. Advantage Lithium says these results confirm attractive concentrations of lithium brine in the northwest sector of the Cauchari property, opening up the area’s resource potential. Advantage Lithium drilled a third hole, No. 8 — 400 metres deep and farther away — in the southeast part of the property, and is still awaiting results. It will look for deep sand units like the ones found on Lithium America’s property and at Hole 7 and Hole 16. Advantage Lithium is also awaiting results from Holes 9, 10 and 11. Advantage Lithium obtained its interest in Cauchari in April 2017 in a deal with Orocobre (TSX: ORL) when the two companies formed a fifty-fifty joint venture at Cauchari. In return, Orocobre received a 35% stake in Advantage Lithium, making it the largest shareholder. “Everybody was chasing Orocobre,” Sidoo says. “Because they had the best exploration assets and the best development asset, and I know that we beat out six or seven companies for the opportunity to form a joint venture with them.” Advantage Lithium intends to spend $5 million on the property by the end of 2017. Once they do, they’ll own 70% of Cauchari. “I asked Richard Seville, the president and CEO of Orocobre, to come on the board of Advantage Lithium,” Sidoo says, “to basically show credibility to the transaction — that it was a true partnership.” Sidoo says that Advantage Lith-

The surface at Advantage Lithium and Orocobre’s Cauchari lithium project in northern Argentina. ADVANTAGE LITHIUM

ium even hired the exploration team that found the resource at Orocobre’s Olaroz facility. Olaroz

BAR_NMiner_Fullpage_20Mar2017.indd 9 1-16, 23_DEC11_Main .indd 15

is also in Jujuy province, its south border contiguous to Cauchari’s north border. It contains 6.4 mil-

lion measured and indicated tonnes lithium carbonate equivalent and 19.3 million tonnes of potash. Advantage Lithium intends to have a new resource estimate by the end of the first quarter of 2018, followed by a preliminary economic assessment. “And then we’ll continue through the third quarter,” Sidoo says, “at which stage we hope to have converted sufficient resource to the reserve category to support a robust project. Meaning our goal is to have a large enough resource that we can have our own stand-alone facility that we can build in Cauchari. By the end of 2018 we’re looking to complete the National Instrument 43-101 feasibility study.” Advantage Lithium also sold its Clayton Northeast project to Pure Energy Minerals (TSXV: PE) for 7 million shares on Nov. 30. Prior to the sale Advantage Lithium exercised its option to

earn a 70% participating interest in the project, which is contiguous to Pure Energy’s Clayton Valley lithium project. It will add 10 sq. km to Clayton Valley’s 246 square kilometres. “We want our investors to know that we’re 100% focused on Argentina,” Sidoo says. “All the money we spent drilling those holes we got back in stock, so I think it was a good trade-off for us.” Pure Energy has a 44¢ share price and a $52.6-million market capitalization, and Orocobre has a $6.08 share price and a $1.3-billion market capitalization. Advantage Lithium’s share price is $1.21. It sat at 51¢ on Oct. 12 before beginning to rise. It peaked at a $1.32 closing on Nov. 8, but has stayed strong since, dipping briefly below $1 before rising again. The shares have a 52 week range of 36¢ to $1.42, and the company’s market capitalization is $160 million. TNM

4/7/2017 9:31:00 AM 2017-12-05 10:37 PM

EXPLORATION PROJECTS TO WATCH

DECEMBER 11–24, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Osisko Metals consolidates Bathurst camp EXPLORATION BY TRISH SAYWELL

tsaywell@northernminer.com

n the last year, newly minted Osisko Metals (TSXV: OM; US-OTC: BWMXF) has picked up over 500 sq. km in New Brunswick’s Bathurst mining camp, the third-largest volcanogenic massive sulphide (VMS) camp in the world. “We’ve been scouring the base metal space looking for new opportunities,” Jeff Hussey, the junior’s president and CEO, told analysts and investors during a presentation at Red Cloud’s annual fall conference. “We are also trying to define a cluster of deposits in the Bathurst mining camp within a 25 to 30 km trucking distance that would feed a central concentrator.” The company’s focus is on zinc due to the current market fundamentals, a base metal whose price has doubled to US$1.43 per lb. over the last 12 months, and one which Hussey knows well after spending 20 years at Noranda, including a stint working at the Brunswick No. 12 mine in the Bathurst camp. Brunswick No. 12 was the world’s largest underground zinc mine and produced 137 million tonnes of ore grading 8.74% zinc, 3.44% lead, 0.37% copper and 102 grams silver per tonne over its 49-year lifespan. The Brunswick No. 6 mine, a pit just south of Brunswick No. 12, developed 13 million tonnes at similar grades. Osisko Metals’ 129 sq. km Brunswick Belt project, 25 km southwest of the city of Bathurst, covers parts of the strike length that hosted both the Brunswick No. 12 and No. 6 mines to the east, and the company says the area warrants exploration for smaller-scale, stand-alone operations within the brownfield Brunswick horizon geology. (Previous exploration work has been undertaken by Brunswick Mining and Smelting, Noranda, Xstrata, Glencore [LON: GLEN], and most recently, Votorantim.) The Brunswick No. 12 mine shut down in 2013, and with the more recent closures of the Century zinc

| Zinc-focused junior calls New Brunswick home “BECAUSE OF THE NEGLECT IN THE ZINC SPACE, THE PIPELINE IS RELATIVELY BARREN, AND IT’S MUCH HARDER TO FIND ZINC PROJECTS THAN IT IS TO FIND COPPER PROJECTS, GLOBALLY.” JEFF HUSSEY PRESIDENT AND CEO, OSISKO METALS

mine last year and the Lisheen zinc mine in 2015, Hussey says, the metal’s prospects look bright. “Supply has basically been destroyed over the last four or five years and we’ve seen the corresponding increase in the zinc price,” he says. “Because of the neglect in the zinc space, the pipeline is relatively barren, and it’s much harder to find zinc projects than it is to find copper projects, globally.” On the demand side, more and more of the large infrastructure projects globally require zinc to galvanize steel, he says, pointing to Montreal as an example of a city whose aging infrastructure needs to be built anew. “We’re living in Montreal and all of the infrastructure, all of the highways, were built in 1967, and they’re all falling apart at the same time,” Hussey says. “We’re redoing all of our highways right now, and most of the new highway infrastructure uses galvanized steel because they want it to last longer and be more sustainable.” Osisko Metals’ first step is to build a resource base from historic deposits and in September kicked off a 50,000-metre diamond drill program focused on definition and expansion drilling at its wholly owned Gilmour South, Mount Fronsac, Flat Landing Brook and Louvicourt deposits. In November, the company reported its first drill intercept from Gilmour South, 35 km southwest of Bathurst, 20 km southeast of the Brunswick No. 12 mine and 7 km south of the Brunswick No. 6 mine. The 7.6-metre intersection graded 11.31% zinc, 2.10% lead,

Actively Exploring for Gold and Base Metals In Sweden

A drill rig on Osisko Metals’ property in the Bathurst mining camp. OSISKO METALS

0.16% copper, 20.95 grams silver per tonne and 0.21 gram gold, from 592 metres downhole. At Mount Fronsac, a relatively large sulphide deposit that hosts high-grade mineralization locally, drilling got underway in November. Noranda found the deposit in 1999 by prospecting near a soil geochemical high, which Osisko Metals says showed that not all the potential in the camp is at depth. Osisko Metals acquired Mount Fronsac in July, and the deposit has a historic resource of 1.26 million tonnes grading 7.65% zinc, 2.18% lead, 0.14% copper, 40.3 grams silver and 0.40 gram gold. At the end of November, Osisko signed an agreement to acquire four claim groups in the Mount Fronsac North area, three of which are believed to host the northern extension and downdip potential of the company’s Mount Fronsac North deposit. (The fourth claim group is a separate block 5 km east of the Mount Fronsac North deposit that covers similar stratigraphy.) Osisko Metals’ Flat Landing Brook VMS deposit is also hosted in the Brunswick horizon, west of the former Brunswick No. 6 mine. Concentrated zinc-lead-silver mineralization occurs in four mineralized horizons hosted within the Brunswick horizon, and a historical resource dating from the late 1970s

that estimates 1.27 million tonnes of 5.62% zinc, 1.29% lead and 23 grams silver. To the west of Flat Landing Brook is the company’s smallest deposit, Louvicourt, which has a historic resource of 136,000 tonnes grading 1% zinc, 1.23% lead, 90.86 grams silver and 0.96 gram gold. Louvicourt, also known as the Nine Mile Brook deposit, has two conformable massive sulphide lenses associated with a barite-rich iron formation. The company plans to take magnetic and gravity data from publicly available surveys to carry out 3-D inversions and reconcile them with its interpretation of the geology to improve drill targeting. The idea, Hussey says, is to go back into these small, 1.3-million or 1.5-million-tonne deposits, and try to grow them to 3 to 4 million tonnes. “If we get three of those within a 25 km trucking distance, we’ll have sufficient feed to go into a developmental story and do an economic study,” he says. “Our objective is a minimum threshold of 10 million tonnes at 10% lead, plus zinc combined. We’ll be trying to do that in the east side of the camp and the west side of the camp.” Osisko Metals’ holdings also benefit from their location 67 km by rail from the port of Belledune, a deepwater facility that can service

capesize vessels (100,000 DWT), with year-round cargo handling. “Everything is there — we’re very close to tidewater — so the world markets are within a short distance of the camp,” Hussey says. “We just have to get it on the ship, and away we go.” Hussey notes that the company has raised $41.5 million and has technical backing from the Osisko Group, who built the Canadian Malartic mine. Two of the founders of the original Osisko, Robert (Bob) Wares and John Burzynski, sit on the junior’s board of directors. In addition to Wares and Burzynski, serial mine builder Luc Lessard also sits as a director of the company. “I don’t think you can find a better board in the base metal sector in our junior mining peer group,” Hussey says. “John has great access to capital, he’s known worldwide for all of the work that has gone on in the Osisko Group, and Bob and I have known each other for over 20 years and worked together in Quebec. We’ve always worked in parallel and now we’re working together, and that’s great. Luc Lessard built the Canadian Malartic mine and has 11 mines built under his belt, and he’s working on his twelfth.” In addition to its properties in New Brunswick, Osisko Metals is also looking for zinc in Quebec, where it has accumulated a package of projects it calls “Quebec Genex,” among them Schefferville, the largest continuous zinc lake sediment anomaly in Eastern Canada. The source of the zinc anomalies has never been found, but could be one or more blind sequential extraction deposits. “We are also looking to acquire stranded base metal assets in Canada as a next step. We’re well managed, we’re well funded and we have what we think is the best zinc growth story in the space.” The company’s largest shareholders are Osisko Gold Royalties (TSX: OR; NYSE: OR) and Osisko Mining (TSX: OSK; US-OTC: OBNNF), with 20.2%; Blackrock, M&G, JP Morgan and CDPQ, with 41.1%; and management and insiders, which hold 12.2%. “Seventy percent of the stock is held in long-term hands, and we know roughly half of the shareholders holding the remaining 30% of the stock, so it’s a very tightly held stock,” Hussey says. The company’s shares are trading at 90¢ within a 52-week range of 21¢ (December 2016) to $1.74 (August 2017). TNM

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2017-12-05 10:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 11–24, 2017

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2017-12-05 1:43 PM

WWW.NORTHERNMINER.COM

DECEMBER 11–24, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 27–DECEMBER 1 Canada’s benchmark index dipped 0.43% to finish at 16,038.97. The S&P/TSX Global Mining Index and the S&P/TSX Global Gold Index fell 2.32% and 2.23% to 67.08 and 191.31. West Texas Intermediate crude slipped 0.2% to close at US$63.73 per barrel. The gold price fell 0.64% to US$1,279.60 per ounce. Shares of Orosur Mining fell 20% to 19¢. The company announced in November that it expects to defer 2,000 oz. gold at its San Gregorio mine complex in Uruguay from its second-quarter results report. It cites extended downtime of two drill rigs used in stope production as the cause of the deferral. While they were down, the company supplemented mill feed with open-pit ore and low-grade stockpiles, which lowered head grades. The company also announced positive drill results from its wholly owned Anza gold project in northwest Colombia. Results included 5.47 grams gold per tonne over 4.6 metres from 97.1 metres downhole and 17.7 grams gold over 5.3 metres from 144.5 metres downhole. Lithium Americas’ shares rose 96¢ to $13.30. The company recently approved a US$10.5-million budget for its wholly owned Lithium Nevada project until the end of 2018. The project houses 50.8 million measured tonnes grading 0.31% lithium for 843,000

tonnes lithium carbonate equivalent, with 1.7 million tonnes potassium and 574,000 tonnes sodium. The company plans to drill more to expand the resource as well as complete a preliminary feasibility study by June 2018. In July, Lithium Americas completed a US$113-million funding to help cover construction costs at its Cauchari-Olaroz project in Argentina’s Jujuy province. The project’s target production is 50,000 tonnes lithium carbonate equivalent per year. In November, the company announced it had applied for listing on the NYSE American stock exchange. It expects to trade at year-end. Shares of Serabi Gold fell 23% to 5¢. Company revenues were down to US$36 million in the nine months leading to Sept. 30, TSX MOST ACTIVE ISSUES

Lundin Mng Yamana Gold Fortune Mnrls Barrick Gold Nemaska Lith Trevali Mng Kinross Gold Suncor Energy Denison Mines Goldcorp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

LUN YRI FT ABX NMX TV K SU DML G

95186 9.48 7.06 7.22 - 2.31 78458 3.54 0.00 3.26 - 0.12 28581 0.32 0.20 0.26 + 0.07 18467 18.40 17.32 17.85 - 0.21 17845 2.06 0.00 2.01 + 0.20 17707 1.40 0.00 1.39 - 0.03 15453 5.52 5.18 5.19 - 0.21 13287 45.07 0.00 44.55 - 0.44 11622 0.71 0.62 0.63 - 0.09 11566 16.90 16.05 16.14 - 0.62

compared with US$42 million over the same period the previous year. Gross profit also decreased from US$9.7 million to US$4.1 million. However, the company reported strong third-quarter production at its Palito-Sao Chico gold operation in northern Brazil. The mine produced 50,000 tonnes at an average grade of 7.21 grams gold per tonne for 9,657 oz. gold. This came on par with first-quarter production, and was an improvement after

the slight dip to 8,148 oz. gold produced in the second quarter. In November, the company announced it would acquire the Coringa gold project in Para, Brazil. Coringa has an estimated 726,000 indicated tonnes grading 8.4 grams gold per tonne for 195,000 contained oz. gold, and 1.3 million inferred tonnes grading 4.3 grams gold per tonne for 181,000 contained oz. gold. TNM

TSX GREATEST PERCENTAGE CHANGE

Argex Titanium Fortune Mnrls Verde Potash Golden Queen Loncor Res EurOmax Res RTG Mining Nighthawk Gold U3O8 Corp Nemaska Lith Lundin Mng Serabi Gold Orosur Mng Forsys Metals SouthGobi Res Western Potash Atlatsa Res Tanzania Rlty Trilogy Mtls St Augustine

RGX FT NPK GQM LN EOX RTG NHK UWE NMX LUN SBI OMI FSY SGQ WRX ATL TNX TMQ SAU

4420 28581 2042 1807 89 14 77 653 277 17845 95186 281 431 513 12 207 314 318 86 180

0.07 0.32 1.18 0.23 0.10 0.31 0.13 0.73 0.49 2.06 9.48 0.07 0.21 0.17 0.17 0.44 0.04 0.34 1.13 0.03

0.00 0.20 0.00 0.18 0.00 0.27 0.10 0.00 0.00 0.00 7.06 0.05 0.00 0.14 0.00 0.00 0.03 0.00 0.00 0.00

0.06 0.26 0.81 0.23 0.10 0.31 0.12 0.68 0.46 2.01 7.22 0.05 0.19 0.14 0.17 0.42 0.03 0.33 1.00 0.03

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Lithium Amer Labrador Iron Kirkland Lake Detour Gold Caledonia Mng Potash Corp SK Nemaska Lith Verde Potash TMAC Resources Franco-Nevada Lundin Mng Agnico Eagle Torex Gold HudBay Mnls First Quantum Pan Am Silver Pretium Res Silver Wheaton Goldcorp

33.3 33.3 28.6 17.9 17.6 15.1 15.0 13.3 12.2 11.0 24.2 23.1 19.6 17.6 17.5 17.0 16.7 16.7 16.7 16.7

VOLUME WEEK (000s) CLOSE CHANGE

AGU LAC LIF KL DGC CAL POT NMX NPK TMR FNV LUN AEM TXG HBM FM PAAS PVG WPM G

1250 139.51 4251 13.30 894 23.40 4885 18.34 4932 13.90 26 8.35 7318 24.93 17845 2.01 2042 0.81 175 7.23 3019 102.34 95186 7.22 3709 55.42 1595 12.56 8123 9.37 10583 15.01 1037 18.88 1934 13.61 5874 26.62 11566 16.14

+ 1.04 + 0.96 + 0.83 + 0.68 + 0.56 + 0.25 + 0.23 + 0.20 + 0.18 + 0.15 - 5.21 - 2.31 - 1.80 - 1.47 - 0.99 - 0.89 - 0.67 - 0.64 - 0.63 - 0.62

TSX VENTURE EXCHANGE / NOVEMBER 27–DECEMBER 1 The S&P/TSX Venture Composite Index slipped 0.63% to a 789-point close. Gold touched US$1,300 per oz. before finishing at US$1,279.60 per ounce. LME inventories for copper, zinc and nickel were down 14%, 4% and 1%, according to Haywood Securities. The brokerage noted that “the drop in LME copper stockpiles represents the largest weekly drop in 12 years, and inventories are at the lowest level since June 2016.” An early resource estimate for Millennial Lithium’s Pastos Grandes brine project in Argentina’s Salta province lifted the junior’s shares 91¢ to $4.05. Measured and indicated resources stand at 2.13 million tonnes lithium carbonate (Li2CO3) equivalent and 8.14 million tonnes potash (KCl) equivalent. Inferred resources add 878,000 tonnes Li2CO3 and 3.3 million tonnes KCl. Shares of Liberty One Lithium gained 38¢ to $1.53. The junior announced a $5-million financing. The proceeds will develop its Pocitos West project in Argentina and supplement working capital and general corporate matters. The lithium brine prospect is located in the Pocitos Salar in the Los Andes Department of western Salta, and covers more than 157.8 sq. km in the region’s Lithium Triangle. Leeta Gold — which is being renamed HIVE Blockchain Technologies — rose 62¢

to $3.45 per share. The company, which owns graphics processing unit-based digital currency mining facilities in Iceland, reported results for the second quarter ended Sept. 30. Revenues of US$170,819 were based on 12 days of operations from its initial facility and marked the beginning of the company’s commercial activity. At quarter-end, the company had US$3.5 million in cash and no debt. Since Sept. 30, management has raised $71.5 million, acquired a second operating facility in Iceland and is expanding into Sweden. Novo Resources fell 54¢ to $4.91 in the aftermath of a Nov. 24 press release, in which the company stated that it was “uncomfortable” with the experimental, bulk-sampling technique that it has been using for grade estimation at its Purdy’s Reward joint-venture gold TSX-V MOST ACTIVE ISSUES

LiCo Energy LIC Clean Comm CLE Leeta Gold HIVE Cobalt Pwr Grp CPO CobalTech M’g CSK First Cobalt FCC QMC Quntm Ml QMC Cruz Cobalt CUZ Anfield Res ARY Kings Bay Res KBG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

28012 24500 24210 17936 16904 11569 9442 9292 8675 8644

0.20 0.13 4.15 0.21 0.39 1.65 1.85 0.33 0.05 0.16

0.09 0.05 3.03 0.15 0.30 1.24 0.78 0.26 0.04 0.09

0.17 + 0.12 + 3.45 + 0.19 + 0.32 + 1.25 unch 1.34 - 0.27 + 0.04 - 0.13 +

0.08 0.07 0.62 0.05 0.05 0.00 0.02 0.02 0.01 0.04

project with Artemis Resources in Western Australia. Novo said that after “careful review of sample consistency, integrity and recovery,” management plans to look at other options for collecting bulk samples from drilling. Bluestone Resources rose 27¢ to $1.25. The junior announced underground sampling results and found high-grade gold veins at its Cerro Blanco gold project in Guatemala.

Results included a new shear zone oblique to the main mineralized zones, where chip samples returned 3 metres of 231.6 grams gold per tonne and 323.3 grams silver per tonne. Including the shear zone, 30 more veins were found that graded over 5 grams gold. The program is the first sampling and geological work done on the project in more than four years. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Tethyan Res Firebird Res Freeport Res Clean Comm Belvedere Res Ashanti Sanko Montero Mg&Ex Adex Mining Ross River Barker Mnrls Green Arrow TVI Pacific Damara Gold Cdn Arrow Colombia Crest Atlantic Ind Noble Metal Gr Goldbelt Emp Black Mam Mtls Frontline Gold

TETH FIX FRI CLE BEL ASI MON ADE RRM.H BML GAR TVI DMR CRO CLB ANL.H NMG GBE BMM FGC

48 3207 484 24500 1068 617 544 167 539 103 2541 2609 677 2383 573 240 945 4226 114 150

0.35 0.09 0.08 0.13 0.20 0.05 0.49 0.01 0.01 0.01 0.09 0.02 0.16 0.01 0.02 0.01 0.02 0.02 0.20 0.03

0.00 0.02 0.03 0.05 0.08 0.02 0.16 0.01 0.01 0.00 0.05 0.01 0.08 0.01 0.01 0.01 0.01 0.01 0.14 0.02

0.28 0.04 0.08 0.12 0.16 0.05 0.35 0.01 0.01 0.01 0.06 0.01 0.08 0.01 0.01 0.01 0.01 0.01 0.14 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 460.0 + 166.7 + 166.7 + 140.0 + 128.6 + 125.0 + 118.8 + 100.0 + 100.0 + 100.0 - 52.2 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 40.0 - 40.0

VOLUME WEEK (000s) CLOSE CHANGE

Cobalt 27 Cap Millennial Lit Leeta Gold Abitibi Royalt Cameo Res Liberty One Li Gold Reserve Abacus Mng &Ex Bluestone Res Tethyan Res Till Capital Novo Res Garibaldi Res Chesapeake Gld Delrand Res Neo Lithium Karmin Expl Regulus Res Kennady Diam Critical Elem

KBLT ML HIVE RZZ CRU LBY GRZ AME BSR TETH TIL NVO GGI CKG KUU NLC KAR REG KDI CRE

744 12.50 2360 4.05 24210 3.45 13 8.62 2325 1.00 4980 1.53 156 4.34 1024 1.12 199 1.25 48 0.28 1 3.79 3239 4.91 4910 2.68 116 3.34 52 1.80 1397 2.06 50 0.95 156 1.91 43 2.57 2202 1.46

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

2.61 0.91 0.62 0.62 0.45 0.38 0.33 0.33 0.27 0.23 0.71 0.54 0.52 0.46 0.40 0.29 0.20 0.19 0.18 0.17

U.S. MARKETS / NOVEMBER 27–DECEMBER 1 The Dow Jones Industrial Average posted its largest weekly gain since December 2016, buoyed by optimistic expectations that U.S. lawmakers were making progress on taxcut legislation. The Dow climbed 2.9% to 24,231.59, while the S&P 500 Index gained 1.53% to finish at 2,642.22. Pe a b o d y E ne r g y r o s e US $1. 21 t o US$33.90 per share. The coal company completed the sale of most of its inactive Burton mine and related infrastructure to the Lenton joint venture for US$11 million. In addition to the cash proceeds, the transaction lowers the company’s asset retirement obligation by US$41 million. The sale also releases US$30 million in restricted cash in support of the asset retirement obligations. In November, Peabody amended its senior secured credit agreement and closed on commitments for a US$270-million revolving credit facility. The revolving credit facility, plus Burton’s sale, could free up US$300 million in cash. Shares of Kirkland Lake Gold rose US48¢ to US$14.44. The company, which expects to produce 580,000 to 595,000 oz. gold this year from mines in Canada and Australia,

18_DEC11_MarketNews.indd 18

received approval to list on the Australian Stock Exchange. President and CEO Tony Makuch said he was excited to list on the ASX on the company’s one-year anniversary of its transaction with Newmarket Gold, which brought in Kirkland Lake’s Australian assets. Since this “transformational transaction,” Makuch said, its Fosterville mine in Victoria “has emerged as one of the world’s great high-grade, low-cost gold producers.” Makuch said Fosterville is on track to produce 250,000 to 260,000 oz. gold this year at all-in sustaining costs averaging US$500 per ounce. U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 145638 11.42 10.63 10.90 - 0.08 Frprt McMoR* FCX 65892 14.31 13.84 14.11 - 0.24 Barrick Gold* ABX 62729 14.38 13.46 14.07 - 0.03 Yamana Gold* AUY 52778 2.77 2.54 2.58 - 0.09 Kinross Gold* KGC 49596 4.31 4.07 4.09 - 0.13 Cleveland-Clif* CLF 49068 7.00 6.33 6.82 + 0.21 United States S* X 48838 30.21 27.91 29.30 + 0.09 Goldcorp* GG 39328 13.31 12.51 12.72 - 0.44 Newmont Mng* NEM 28164 37.61 36.32 37.19 + 0.51 Chevron Corp* CVX 26885 120.46 115.24 119.51 + 3.00

Harmony Gold Mining’s shares rose 2.2% to US$1.83. The company has upgraded processing infrastructure at its Hidden Valley mine in Papua New Guinea and ore processing has restarted. The shutdown occurred two weeks ahead of schedule. Mining at

the stage-five cutback is a month ahead of schedule and on budget. Harmony reached an annualized mining rate of 28 million tonnes per year in October 2017 and expects to reach commercial production in the June quarter of 2018. TNM

U.S. GREATEST PERCENTAGE CHANGE

Trecora Res* Arch Coal* Peabody Enrgy* Kirkland Lake* Cleveland-Clif* Chevron Corp* Endeavr Silver* Harmony Gold* Mosaic* AngloGold Ash* HudBay Mnls* CONSOL Energy* CONSOL Energy* NACCO Ind* Vedanta* DRDGOLD* Eldorado Gold* Alamos Gold* Franco-Nevada* Cameco Corp*

TREC ARCH BTU KL CLF CVX EXK HMY MOS AU HBM CEIX CNX NC VEDL DRD EGO AGI FNV CCJ

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

243 13.10 12.00 13.05 + 7.0 1811 84.94 77.16 84.26 + 4.0 6707 34.37 31.84 33.90 + 3.7 3333 14.92 13.94 14.44 + 3.4 49068 7.00 6.33 6.82 + 3.2 26885 120.46 115.24 119.51 + 2.6 4907 2.15 2.05 2.14 + 2.4 13201 1.89 1.77 1.83 + 2.2 25077 24.71 23.46 24.28 + 1.8 12050 10.63 10.18 10.35 + 1.8 3105 8.10 7.20 7.40 - 9.8 7956 24.40 21.30 21.30 - 8.3 25489 16.41 13.37 14.91 - 8.2 245 47.55 42.30 42.70 - 7.9 2112 19.07 17.58 17.70 - 7.1 429 3.59 3.25 3.28 - 7.1 24608 1.26 1.12 1.16 - 5.7 7754 6.84 6.20 6.32 - 5.0 3443 86.06 80.14 80.65 - 4.5 12762 9.94 8.90 9.48 - 4.2

U.S. GREATEST VALUE CHANGE

Arch Coal* ARCH Chevron Corp* CVX Peabody Enrgy* BTU Agrium* AGU Trecora Res* TREC Newmont Mng* NEM Kirkland Lake* KL MOS Mosaic* Potash Corp SK* POT Black Hills* BKH Franco-Nevada* FNV NACCO Ind* NC MartinMarietta* MLM CONSOL Energy* CEIX Southern Copp* SCCO Vedanta* VEDL CONSOL Energy* CNX Rio Tinto* RIO Agnico Eagle* AEM HudBay Mnls* HBM

VOLUME WEEK (000s) CLOSE CHANGE

1811 84.26 26885 119.51 6707 33.90 1681 109.92 243 13.05 28164 37.19 3333 14.44 25077 24.28 20071 19.65 2363 58.24 3443 80.65 245 42.70 2632 202.65 7956 21.30 6139 42.76 2112 17.70 25489 14.91 10032 48.30 7256 43.71 3105 7.40

+ 3.27 + 3.00 + 1.21 + 1.20 + 0.85 + 0.51 + 0.48 + 0.43 + 0.24 + 0.22 - 3.80 - 3.65 - 3.25 - 1.92 - 1.37 - 1.35 - 1.34 - 1.13 - 0.98 - 0.80

2017-12-05 10:26 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 11–24, 2017

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, December 5, 2017 Precious Metals Price (US$/oz.) Change 1275.90 -18.00 Gold Silver $16.29 -0.79 Platinum $932.00 -8.00 Palladium $1016.00 +20.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10875.00 -520.00 $6579.50 -283.00 $2490.00 -7.00 $3113.75 -66.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 4, 2017 (change from November 27, 2017 in brackets): Aluminium Alloy 13000 (+880) 1104550 (-18150) Aluminium Copper 182425 (-21775) 144900 (-200) Lead Nickel 378528 (-1680) 2395 (+140) Tin 209700 (-8925) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$59.85 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.10 Cobalt: US$30.84/lb. Copper: US$3.09/lb. Copper: CME Group Futures Jan. 2018: US$2.96/lb.; Feb. 2018: US$2.97/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.52/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$71.30/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.10/lb. Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,540.00 tr. oz. Ruthenium: Mid-mkt US$175.00/tr. oz. Silver: Handy & Harman Base: US$16.27 per oz.; Handy & Harman Fabricated: US$20.34 per oz. Tantalite Ore : US$123.61/kg Tin: US$8.89/lb. Uranium: U3O8, Trade Tech spot price: US$23.60; The UX Consulting Company spot price: US$22.00/lb. Zinc: US$1.47/lb. Prices current Dec. 5, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 01, 2017 (with changes from Oct 16, 2017) Largest short positions B2Gold BTO 18957431 -29696 10/16/2017 Sandstorm Gold SSL 15250295 -526236 10/16/2017 Eldorado Gold ELD 13615807 3154569 10/16/2017 Yamana Gold YRI 12547996 244322 10/16/2017 Suncor Energy SU 11943457 -1488748 10/16/2017 Asanko Gold AKG 11475011 -450581 10/16/2017 New Gold NGD 10649871 -584501 10/16/2017 OceanaGold OGC 10369618 102717 10/16/2017 Ivanhoe Mines IVN 9198017 -617485 10/16/2017 Turquoise HIl TRQ 8814618 289671 10/16/2017 Alacer Gold ASR 7742073 698305 10/16/2017 Nevsun Res NSU 6929010 265846 10/16/2017 Lundin Mng LUN 6833130 615320 10/16/2017 Alamos Gold AGI 6734805 1249675 10/16/2017 First Majestic FR 6676999 -20774 10/16/2017 Largest increase in short position Eldorado Gold ELD 13615807 3154569 10/16/2017 Alamos Gold AGI 6734805 1249675 10/16/2017 Trevali Mng TV 2064288 1184308 10/16/2017 Nemaska Lith NMX 1888837 825337 10/16/2017 Alacer Gold ASR 7742073 698305 10/16/2017 Largest decrease in short position LAC 1277699 -4350919 10/16/2017 Lithium Amer Suncor Energy SU 11943457 -1488748 10/16/2017 Chalice Gold M CXN 5500 -1056400 10/16/2017 Sherritt Intl S 1902468 -949795 10/16/2017 Premier Gold M PG 3326732 -771962 10/16/2017

Short positions outstanding as of Nov 01, 2017 (with changes from Oct 16, 2017) Largest short positions Leeta Gold HIVE 4630800 2840700 10/16/2017 Liberty One Li LBY 2630941 190409 10/16/2017 Lithium X Egy LIX 2342768 1093668 10/16/2017 Astorius Res ASQ 1400000 1400000 10/16/2017 Neo Lithium NLC 1369300 1345300 10/16/2017 Atlantic Gold AGB 1322717 -69183 10/16/2017 Garibaldi Res GGI 728000 599300 10/16/2017 QMC Quantum Ml QMC 644100 416000 10/16/2017 Millennial Lit ML 515104 -37616 10/16/2017 Barkerville Go BGM 459854 21754 10/16/2017 First Cobalt FCC 458000 440848 10/16/2017 Core Gold CGLD 448900 328400 10/16/2017 US Cobalt USCO 443000 440859 10/16/2017 Intl Lithium ILC 412600 406579 10/16/2017 West Af Res WAF 400200 395200 10/16/2017 Largest increase in short position Leeta Gold HIVE 4630800 2840700 10/16/2017 Astorius Res ASQ 1400000 1400000 10/16/2017 Neo Lithium NLC 1369300 1345300 10/16/2017 Lithium X Egy LIX 2342768 1093668 10/16/2017 Garibaldi Res GGI 728000 599300 10/16/2017 Largest decrease in short position Blue Rvr Res BXR 12200 -1002100 10/16/2017 Inca One Gold IO 950 -755217 10/16/2017 Aben Res ABN 200 -553800 10/16/2017 Explor Res EXS 2000 -395400 10/16/2017 MX Gold MXL 157525 -360092 10/16/2017

DAILY METAL PRICES Daily Metal Prices Dec 4 Dec 1 Nov 30 Nov 29 Nov 28 Date BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1790/1805 1855/1870 1855/1870 1855/1870 1855/1870 2052/2070 2046/2060 2032.50/2050 2060/2075 2099.50/2112.50 Aluminum 6806/6834 6733/6765 6760/6790 6756/6779.50 67698/6826 Copper Lead 2550/2553 2503/2509.50 2472/2475 2429/2441 2443/2454 Nickel 11325/11380 11045/11125 11285/11325 11300/11340 11390/11465 Tin 19585/19500 19625/19475 19750/19580 19500/19425 19590/19515 Zinc 3236.50/3228 3217/3197 3195/3175 3145.50/3131 3177/3155

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1279.10 1277.25 1282.15 1294.85 1293.90 Gold PM 1273.45 1275.50 1280.20 1283.85 1291.85 Silver 16.33 16.42 16.57 16.90 17.07 Platinum 928.00 934.00 940.00 945.00 955.00 Palladium 1015.00 1016.00 1010.00 1014.00 1012.00

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

Nov 30 Nov 29 Nov 28 Nov 27 Nov 24 1.2894 1.2865 1.2815 1.2759 1.2714 0.7756 0.7773 0.7803 0.7837 0.7865

Exchange rates (Quote Media, December 01, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0257 0.6519 87.3050 14.4669 10.6460 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.1290 50.0140 0.7632 843.9314 0.5733 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3224 0.8405 112.5655 18.6530 13.7295 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7391 6.6127 64.5094 0.9840 1088.1400

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

19_DEC11_MMMM.indd 19

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

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 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 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Oban Mining J (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 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

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

Dec 01 16038.97 789.00 951.76 191.31 168.12

Nov 30 16067.48 788.89 952.05 194.00 167.73

Nov 29 15967.72 779.84 947.14 193.90 171.91

Nov 28 16029.64 791.70 950.21 197.48 171.91

Nov 27 16042.12 795.39 950.63 197.75 172.85

High 15527.30 1050.26 896.74 218.90 420.72

Low 12400.15 883.52 709.99 149.29 130.95

NEW 52-WEEK HIGHS AND LOWS NOVEMBER 27–DECEMBER 1, 2017 145 New Highs

Abacus Mng &Ex Abacus Mng &Ex* Alexandra Cap Alix Res Alix Res* Amazing Energy* Amerigo Res Amerigo Res* Argus Metals Argus Metals* Asbestos Corp AuRico Metals Avarone Metals* Aztec Minerals* Bell Copper* Belvedere Res Big Wind Cap Bird River Res Black Iron Black Tusk Res Bluenose Gold Braveheart Res Caledonia Mng Caledonia Mng* Cartier Iron Castle Silver Castle Silver* Cdn Intl Mnrls Cobalt 27 Cap Cobalt Pwr Grp Cobalt Pwr Grp* Colorado Gold* Conquest Res Cruz Cobalt Cruz Cobalt* Cypress Dev Cypress Dev* El Nino Vent Elcora Res Elcora Res* Eloro Mnrls Eloro Mnrls* Equitorial Ex* Ero Copper Ero Copper* Eros Res Corp EVI Global Grp Explorex Res Far Res Far Res* Firebird Res Fireweed Zinc* First Cobalt First Cobalt * Franco-Nevada Franco-Nevada* GFM Res

Gold Reach Res Goldrea Res* Granada Gold Granada Gold* Group Ten Mtls* Handa Copper Handa Copper* Icon Explor iMetal Res iMetal Res* Inter-Rock Mnl* Intl Cobalt* Intl Montoro* Kairos Cap Labrador Iron Lamelee Iron LiCo Energy* Lithion Energy* Lithium Amer Lithium Amer* LSC Lithium* Lynas Corp* MacMillan Mnls Manado Gold Matica Ent Matica Ent* MaxTech Vent* Mazarin Meryllion Res Meryllion Res* Metalex Vent Midnight Star Millennial Lit Millennial Lit* Milner Con Slv Mineworx Tech* Miramont Res Montero Mg&Ex Montero Mg&Ex * Navis Res Corp Nemaska Lith Nemaska Lith* Nevada Canyon* New Pac Metals New Pac Metals* Newlox Gold Nexco Res Noram Vent* NRG Metals NRG Metals* NSS Res Inc Orla Mng Ltd Orla Mng Ltd* Orocobre Pacific Rim Peabody Enrgy* Plateau Uran* Power Metals Power Metals*

PUF Vent Inc PUF Vent Inc * QMC Quantum Ml QMC Quantum Ml* Resolve Vent Rhyolite Res Royal Rd Mnrls Sennen Potash* Sienna Res Sienna Res* Silver Predatr Skeena Res Skeena Res* Slam Explor* Squire Mg Ltd St-Georges Plt* Standard Graph* Stroud Res Superior Gold Superior Gold* Telferscot Res Tethyan Res Victory Res Victory Vent* Westcot Vent Westridge Res Westridge Res* White Metal R* Zincore Mtls*

147 New Lows

African Mnrls* Altair Res Inc Am CuMo Mng Am CuMo Mng* Americas Silvr Anfield Res* Arena Mnls Argex Titanium Asanko Gold Asanko Gold* Aurcana Corp Avenira Ltd* Aztec Minerals* Barrick Gold Barrick Gold* Brixton Mtls Cache Expl* Cascadero Copp Cda Carbon Cda Carbon* Cdn Zinc Cdn Zinc* CONSOL Energy* Copper Fox Mtl Discovery-Corp Dynacor Gld Mn El Capitan Prc* Eldorado Gold Eldorado Gold*

Ely Gold Royal Ero Copper* Excelsior Mng Fairmont Res* Fiore Gold* Fireweed Zinc* Fremont Gold God’s Lake Res GoGold Res Golden Arrow* Golden Queen Golden Queen* Goldsource Min* Grande Portage* Hunter Bay Mnl* Imperial Metal Intl Tower Hil* Kenadyr Mining Komet Resource* Lundin Gold MAG Silver Mandalay Res Marathon Gold Matmown* McEwen Mng Mega Uranium Metalo Manuf* Midas Gold Moneta Porcpn Mountain Prov Mountain Prov* MX Gold* Nautilus Mnrls Nemaska Lith Nevsun Res New Destiny Mg New Gold New Milln Iron NewCastle Gold Nexgen Energy Nighthawk Gold Niocorp Dev Nippon Dragon* NovaGold Res Nthn Dynasty NxGold Ltd* OceanaGold Orocobre Osisko Gold Osisko Mng Inc Otis Gold Pan Am Silver Perseus Mng Pine Cliff En Platinum Gp Mt Platinum Gp Mt* Potash Corp SK Potash Ridge Premier Gold M

Pretium Res Primero Mng Pure Energy Pure Energy* Red Eagle Mng Red Eagle Mng* Roxgold Royal Nickel Rubicon Mnrls Sabina Gd&Slvr Sandstorm Gold Santacruz Silv Scandium Intl Seabridge Gld Select Sands Semafo Sherritt Intl Shore Gold Silver Bear Rs Silver Bull Re Silver Viper Silver Wheaton Silvercorp Met Sprott Res Hld SSR Mining SSR Mining* Stornoway Diam Strateco Res* Strikepoint Gd* Suncor Energy Tahoe Res Tanqueray Expl Tanzania Rlty Taseko Mines Teck Res Teranga Gold Tirex Res* Titan Mining TMAC Resources Torex Gold Torex Gold* Treasury Metal Trek Mining Trek Mining* Trevali Mng Turquoise HIl UEX Corp United Res Hdg* Ur-Energy Vista Gold* Volcanic Gold Volcanic Gold* Wallbridge Mng Wesdome Gold West Kirkland * Western Copper Westmoreland* Yamana Gold Zenyatta Vent

CANADIAN GOLD MUTUAL FUNDS Fund Dec 01 ($) Nov 24 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 19.70 20.05 -0.35 -1.75 -11.56 2.80 124.94 BMO Prec Mtls Fd A 17.33 17.67 -0.34 -1.91 -2.85 2.40 61.14 BMO ZGD 9.12 9.37 -0.25 -2.65 -1.50 0.63 BMO ZJG 8.43 8.85 -0.42 -4.70 8.99 0.60 CIBC Prec Metal Fd A 9.82 10.09 -0.27 -2.65 -5.09 2.58 48.36 Dyn Prec Metls Fd A 6.54 6.59 -0.05 -0.76 4.35 2.66 341.69 GOGO 9.87 10.13 -0.26 -2.52 Horizons HEP 24.19 24.69 -0.37 -1.50 5.99 0.81 IG Mac GbPMetCl A 8.42 8.66 -0.25 -2.85 0.63 2.75 41.26 iShares XGD 12.22 -0.17 -1.42 0.63 0.55 770.59 Mac Prec Met Cl A 44.86 46.20 -1.34 -2.90 0.77 2.51 87.38 NBI PrecMetFd AdvDSC 11.93 12.26 -0.33 -2.69 -0.73 2.47 29.57 NBI PrecMetFd AdvISC 11.93 12.26 -0.33 -2.69 -0.73 2.47 29.57 NBI PrecMetFd AdvLSC 11.93 12.26 -0.33 -2.69 -0.73 2.47 29.57 NBI PrecMetFd Invt 11.93 12.26 -0.33 -2.69 -0.73 2.46 29.57 RBC GblPreMetFd A 31.94 32.37 -0.43 -1.33 2.27 2.13 357.43 Redw UITGoDe&ProCl A 10.00 10.00 0.00 Sentry Pre Met Fd A 37.10 38.05 -0.95 -2.50 -2.18 2.44 174.27 Sprott Gold&PrMinFdA 34.40 35.32 -0.92 -2.61 -2.28 2.96 199.14 Sprott SilverEquCl A 5.32 5.46 -0.14 -2.56 -12.54 3.36 119.00 TD PreciousMetalsInv 32.77 33.59 -0.82 -2.44 -3.71 2.27 122.61

2017-12-05 6:14 PM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 27–DECEMBER 1, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

DECEMBER 11–24, 2017 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 356 0.11 0.10 0.11 - 0.01 0.15 0.07 92 Resources* O 63 0.09 0.08 0.09 + 0.01 0.11 0.07 0.98 0.62 0.89 + 0.28 2.88 0.06 Abacus Mng &Ex* O 1145 Abacus Mng &Ex V 1024 1.25 0.80 1.12 + 0.33 1.25 0.24 Abcourt Mines* O 219 0.05 0.05 0.05 + 0.00 0.10 0.05 V 308 0.39 0.35 0.37 - 0.02 0.57 0.18 ABE Resources Aben Res V 2306 0.12 0.11 0.11 - 0.01 0.50 0.07 Aben Res* O 38 0.10 0.00 0.10 + 0.00 0.41 0.05 0.13 + 0.01 0.15 0.09 Aberdeen Intl* O 27 0.13 0.12 Abitibi Royalt V 13 8.62 8.01 8.62 + 0.62 10.75 7.41 Abitibi Royalt* O 1 6.29 0.00 6.26 + 0.03 8.18 6.00 AbraPlata Res V 295 0.26 0.23 0.23 - 0.04 0.63 0.03 AbraPlata Res* O 223 0.21 0.00 0.19 - 0.02 0.48 0.17 0.10 + 0.02 0.24 0.06 Adamera Mnls V 2809 0.12 0.09 Adamera Mnls* O 1308 0.10 0.07 0.09 + 0.01 0.18 0.04 0.01 + 0.01 0.02 0.01 Adex Mining V 167 0.01 0.01 Advance Gold V 36 0.07 0.06 0.07 + 0.01 0.13 0.05 Advantage Lith V 4019 1.25 1.13 1.16 + 0.02 1.42 0.36 Advantage Lith* O 1231 0.97 0.89 0.91 - 0.00 1.12 0.28 Adventus Zinc V 22 1.05 0.95 0.95 - 0.10 1.15 0.57 0.02 + 0.00 0.05 0.01 Affinity Gold* O 22 0.02 0.02 African Gold V 1394 0.06 0.05 0.05 - 0.01 0.09 0.04 African Queen V 1849 0.03 0.02 0.02 - 0.01 0.08 0.02 Aftermath Slvr* O 1 0.11 0.00 0.11 + 0.00 0.11 0.00 55.42 - 1.80 68.76 46.91 Agnico Eagle T 3709 59.13 55.39 43.71 - 0.98 51.86 35.05 Agnico Eagle* N 7256 46.30 43.13 Agrium T 1250 142.05 136.67 139.51 + 1.04 146.99 115.16 Agrium* N 1681 111.12 107.07 109.92 + 1.20 111.88 87.82 V 11 0.39 0.36 0.36 - 0.04 0.49 0.35 Aguia Resource Aim Explor* O 3138 0.00 0.00 0.00 - 0.00 0.04 0.00 Alabama Graph V 3061 0.15 0.13 0.14 - 0.01 0.22 0.11 Alabama Graph* O 549 0.12 0.10 0.12 - 0.00 0.17 0.08 Alacer Gold T 1962 2.23 2.06 2.09 - 0.14 3.11 1.75 T 4467 8.69 8.01 8.03 - 0.52 11.83 7.79 Alamos Gold Alamos Gold* N 7754 6.84 6.20 6.32 - 0.33 9.00 5.95 0.10 + 0.03 0.17 0.03 Alba Minerals* O 24 0.11 0.07 Alchemist Mng 4895 0.18 0.13 0.17 + 0.01 0.19 0.05 N 24793 43.75 40.52 41.64 - 0.57 50.31 28.01 Alcoa* Alderon Iron* O 19 0.19 0.00 0.17 - 0.01 0.60 0.17 Alderon Iron T 376 0.23 0.21 0.21 - 0.02 0.80 0.21 0.05 - 0.01 0.13 0.03 Aldever Res V 614 0.05 0.04 Aldever Res* O 15 0.04 0.03 0.04 + 0.00 0.09 0.02 0.13 - 0.01 0.29 0.11 Aldridge Min V 174 0.14 0.11 Alexandra Cap 98 0.55 0.43 0.55 + 0.05 0.55 0.02 Alexandria Min V 4469 0.06 0.05 0.06 + 0.01 0.09 0.04 Alexandria Min* O 847 0.05 0.04 0.05 + 0.00 0.07 0.03 1.38 + 0.02 2.04 1.10 Alexco Res* X 1389 1.46 1.33 Alexco Res T 425 1.86 1.71 1.79 + 0.06 2.66 1.41 Algold Res V 492 0.15 0.13 0.14 - 0.01 0.32 0.13 Alianza Min V 278 0.08 0.07 0.07 - 0.01 0.16 0.06 V 3274 0.32 0.21 0.26 + 0.06 0.32 0.12 Alix Res Alix Res* O 63 0.25 0.04 0.25 + 0.21 0.26 0.07 Alliance Mng V 967 0.04 0.04 0.04 - 0.01 0.06 0.02 Alliance Res* D 1452 18.60 17.80 18.43 - 0.03 25.95 17.65 Almaden Mnls T 242 1.20 1.10 1.12 - 0.03 2.33 1.01 X 1404 0.95 0.86 0.88 - 0.06 1.75 0.75 Almaden Mnls* Almadex Min V 243 1.49 1.27 1.36 + 0.06 1.95 0.89 Almadex Min* O 356 1.15 0.99 1.07 - 0.03 1.46 0.65 Almonty Ind V 142 0.59 0.52 0.53 - 0.04 0.69 0.20 Alphamin Res V 345 0.40 0.30 0.35 - 0.05 0.44 0.29 O 20 0.06 0.05 0.06 + 0.00 0.15 0.05 Alset Minerals* Alset Minerals V 1683 0.08 0.07 0.07 - 0.01 0.24 0.07 Altai Res V 1337 0.36 0.28 0.30 - 0.06 0.37 0.05 Altair Res Inc V 415 0.12 0.09 0.10 - 0.02 0.47 0.09 0.15 + 0.00 0.31 0.11 Altamira Gold* O 93 0.16 0.14 13.21 + 0.13 14.06 10.05 Altius Mnrls T 297 13.40 12.75 Alto Vent V 949 0.13 0.09 0.09 - 0.03 0.14 0.05 Altura Mng Ltd* O 1472 0.32 0.29 0.31 + 0.00 0.35 0.09 0.03 - 0.01 0.05 0.02 Alturas Mnrls V 101 0.03 0.03 Alumina Inc* O 96 6.95 6.61 6.63 - 0.17 7.57 4.74 0.05 - 0.02 0.12 0.05 ALX Uranium* O 252 0.07 0.05 Am Manganese V 3154 0.27 0.19 0.27 + 0.07 0.30 0.13 O 899 0.21 0.15 0.21 + 0.05 0.22 0.10 Am Manganese* Amarc Res* O 131 0.13 0.11 0.11 - 0.02 0.21 0.05 Amarillo Gold V 348 0.30 0.25 0.28 + 0.03 0.45 0.24 O 652 0.87 0.40 0.76 + 0.36 0.87 0.05 Amazing Energy* American Lith* O 13 0.45 0.39 0.39 - 0.07 0.67 0.34 0.47 - 0.12 2.70 0.33 American Lith V 345 0.56 0.43 American Pot 787 0.11 0.08 0.10 - 0.01 0.26 0.03 Americas Silvr* X 164 3.86 3.48 3.65 - 0.14 5.04 2.39 Americas Silvr T 248 4.80 0.00 4.69 + 0.01 6.11 2.76 1.04 + 0.07 1.10 0.27 Amerigo Res T 1938 1.10 0.98 Amerigo Res* O 1381 0.86 0.76 0.83 + 0.05 0.86 0.23 Amex Expl V 98 0.10 0.09 0.09 - 0.02 0.38 0.08 Anaconda Mng* O 119 0.06 0.05 0.06 + 0.01 0.07 0.04 0.00 - 0.00 0.03 0.00 Andes Gold* O 122 0.01 0.00 Anfield Nickel V 1336 0.38 0.36 0.37 - 0.01 1.37 0.35 Anfield Res* O 1781 0.04 0.02 0.03 - 0.01 0.12 0.02 Anfield Res V 8675 0.05 0.04 0.04 - 0.01 0.16 0.04 Angel Gold* O 373 0.06 0.04 0.04 - 0.00 0.09 0.03 0.05 - 0.01 0.12 0.05 Angel Gold V 1080 0.08 0.05 Angkor Gold V 240 0.20 0.17 0.19 + 0.02 0.42 0.15 Anglo American* O 847 9.68 9.16 9.36 - 0.40 10.07 5.95 Anglo American* O 1 19.51 18.39 18.93 - 0.22 19.74 12.19 10.35 + 0.18 13.68 8.89 AngloGold Ash* N 12050 10.63 10.18 Antioquia Gold V 226 0.06 0.05 0.05 - 0.01 0.20 0.05 Antioquia Gold* O 712 0.05 0.04 0.05 - 0.00 0.14 0.04 Antofagasta* O 4 12.60 0.00 12.19 - 0.50 13.92 8.13 Apex Res V 51 0.10 0.00 0.09 - 0.01 0.15 0.06 Apogee Opport V 55 0.17 0.16 0.16 - 0.01 0.24 0.14 Apogee Opport * O 1 0.13 0.10 0.13 + 0.02 0.16 0.10 Appia Energy 53 0.16 0.14 0.14 - 0.01 0.47 0.10 Applied Mrnls* O 1269 0.10 0.07 0.07 - 0.01 0.14 0.02 Aquila Res* O 228 0.21 0.20 0.20 - 0.02 0.24 0.15 Aquila Res T 618 0.27 0.26 0.26 - 0.01 0.32 0.21 Arch Coal* N 1811 84.94 77.16 84.26 + 3.27 86.36 60.13 Arctic Star* O 62 0.13 0.12 0.12 - 0.02 0.24 0.04 Arctic Star V 1632 0.17 0.14 0.14 - 0.02 0.38 0.06 Arcturus Vent V 6 0.16 0.00 0.15 - 0.06 0.25 0.07 Arcus Dev Grp V 70 0.06 0.05 0.05 - 0.01 0.19 0.04 Ardonblue Vent V 1399 0.35 0.22 0.24 + 0.02 0.59 0.08 Arena Mnls* O 126 0.06 0.04 0.06 + 0.01 0.23 0.05 Arena Mnls V 525 0.07 0.00 0.07 - 0.01 0.30 0.06 Argentina Lith V 2945 0.38 0.32 0.37 + 0.05 0.60 0.08 Argentina Lith* O 234 0.30 0.25 0.28 + 0.03 0.48 0.07 Argentum Silvr V 128 0.20 0.18 0.20 + 0.01 0.59 0.17 Argex Titanium T 4420 0.07 0.00 0.06 + 0.02 0.10 0.04 Argex Titanium* O 44 0.05 0.04 0.05 + 0.01 0.08 0.03 Argo Gold 142 0.20 0.15 0.16 - 0.01 0.26 0.07 Argonaut Gold T 1657 2.59 2.31 2.33 - 0.25 2.98 1.48 Argonaut Gold* O 65 2.02 1.84 1.85 - 0.15 2.40 1.12 Argus Metals* O 140 0.45 0.28 0.45 + 0.16 0.36 0.06 Argus Metals V 460 0.57 0.31 0.56 + 0.20 0.57 0.07 Arian Silver* O 141 0.00 0.00 0.00 - 0.00 0.02 0.00 Arianne Phosph V 183 0.71 0.66 0.67 - 0.02 0.97 0.62 Arianne Phosph* O 109 0.55 0.52 0.52 + 0.00 0.73 0.49 Arizona Mng* O 271 2.58 2.34 2.44 - 0.11 3.50 1.30 Arizona Mng T 3761 3.30 3.01 3.11 - 0.14 3.68 1.70 Arizona Silver V 362 0.20 0.17 0.17 - 0.02 1.23 0.15 Arizona Silver* O 126 0.16 0.13 0.13 - 0.01 0.91 0.13 Armor Mnrls V 2 0.32 0.00 0.32 - 0.03 0.55 0.32 Arrowstar Res V 84 0.05 0.04 0.04 - 0.01 0.07 0.03 Asanko Gold* X 6736 0.71 0.60 0.63 - 0.07 3.90 0.60 Asanko Gold T 6318 0.90 0.78 0.80 - 0.09 5.07 0.78 Asante Gold 391 0.08 0.06 0.08 + 0.02 0.20 0.06 Asbestos Corp V 18 0.36 0.31 0.36 + 0.05 0.36 0.18 Ascot Res V 355 1.70 1.40 1.66 + 0.14 2.10 1.29 Ashanti Sanko V 617 0.05 0.02 0.05 + 0.03 0.10 0.02 Ashburton Vent* O 44 0.06 0.05 0.06 + 0.00 0.24 0.05 Ashburton Vent V 6979 0.12 0.07 0.10 + 0.03 0.34 0.06 AsiaBaseMetals V 3 0.27 0.00 0.27 + 0.01 0.45 0.17 Aston Bay V 695 0.14 0.12 0.13 + 0.01 0.29 0.10 0.15 - 0.01 0.25 0.06 Astorius Res V 1993 0.17 0.15 ATAC Res V 731 0.55 0.47 0.55 + 0.07 0.89 0.33 Atacama Pacif V 8 0.78 0.00 0.74 + 0.03 0.83 0.26 Atacama Res* O 124845 0.00 0.00 0.00 - 0.00 0.52 0.00 Athabasca Mnls V 134 0.20 0.17 0.18 - 0.03 0.32 0.12 Athabasca Mnls* O 25 0.15 0.13 0.14 - 0.04 0.24 0.09 Atico Mng V 555 0.69 0.57 0.58 - 0.02 0.99 0.57 Atico Mng* O 250 0.54 0.44 0.46 - 0.04 0.75 0.42 Atlanta Gold* O 0 0.05 0.00 0.05 + 0.01 0.07 0.03 Atlanta Gold V 185 0.05 0.00 0.05 - 0.01 0.10 0.05 Atlantic Gold V 924 1.60 1.46 1.56 + 0.02 1.87 0.76 Atlantic Ind V 240 0.01 0.01 0.01 - 0.01 0.05 0.01 Atlatsa Res T 314 0.04 0.03 0.03 - 0.01 0.10 0.02 Atlatsa Res* O 52 0.03 0.02 0.02 - 0.01 0.07 0.01 Atom Energy V 148 0.25 0.18 0.18 - 0.02 0.65 0.05 Atom Energy * O 11 0.15 0.00 0.14 + 0.02 0.34 0.04 Aton Res Inc* O 92 0.02 0.02 0.02 - 0.00 0.06 0.02 Aura Mnls* O 9 1.43 1.27 1.38 - 0.05 1.72 1.03 Aura Mnls T 219 1.89 0.00 1.75 - 0.03 2.15 1.30 Auramex Res V 34 0.06 0.05 0.05 - 0.01 0.09 0.02 Aurania Res* O 18 1.54 1.50 1.50 - 0.02 2.20 1.40 Aurania Res V 38 1.95 1.90 1.90 + 0.09 3.75 0.50 Aurcana Corp V 447 0.22 0.19 0.19 - 0.03 0.50 0.19 Aurcana Corp* O 59 0.18 0.15 0.15 - 0.04 0.38 0.15 AurCrest Gold V 406 0.03 0.02 0.03 - 0.01 0.04 0.02 AuRico Metals T 2348 1.80 1.78 1.79 + 0.01 1.80 0.82 AuRico Metals * O 219 1.40 1.37 1.40 + 0.01 1.41 0.62 Aurion Res * O 12 1.91 1.73 1.80 - 0.13 2.82 0.25 Aurion Res V 395 2.39 2.18 2.25 - 0.13 3.49 0.35 Auryn Res T 842 2.14 1.98 2.02 - 0.06 3.85 1.97

20-22_DEC11_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Auryn Res* X 640 Austral Gold* O 76 Auxico Res 509 Avalon Adv Mat* O 584 O 15 Avarone Metals* Avarone Metals 725 Avino Silver V 117 Avino Silver* X 682 Avrupa Mnls* O 156 AXE Expl V 2983 Axmin Inc* O 10 Azarga Mtls V 31 Azarga Mtls* O 1 Azarga Uranium T 14 Azimut Expl V 450 Azincourt Ener V 1822 Aztec Minerals* O 425

1.68 1.55 1.58 - 0.06 3.00 1.55 0.11 0.00 0.10 - 0.00 0.16 0.09 0.35 0.29 0.30 - 0.04 0.45 0.24 0.11 0.09 0.09 - 0.00 0.17 0.08 0.04 0.03 0.03 - 0.01 0.04 0.01 0.07 0.05 0.05 - 0.02 0.08 0.02 1.74 1.59 1.60 - 0.10 2.80 1.52 1.35 1.24 1.24 - 0.04 2.13 1.12 0.07 0.05 0.06 - 0.00 0.11 0.05 0.04 0.03 0.03 + 0.01 0.04 0.02 0.03 0.02 0.02 - 0.00 0.05 0.02 0.13 0.00 0.13 - 0.02 0.38 0.11 0.10 0.00 0.09 - 0.01 1.21 0.08 0.26 0.25 0.26 - 0.01 0.57 0.20 0.33 0.27 0.29 - 0.04 0.48 0.24 0.09 0.07 0.09 + 0.01 0.28 0.05 0.23 0.20 0.23 + 0.02 0.23 0.20

B2Gold* X 12275 T 10885 B2Gold Bacanora Mnls V 273 Balmoral Res T 970 Balmoral Res* O 630 Bandera Gold V 686 V 776 Bankers Cobalt Bankers Cobalt* O 125 Bannerman Res* O 496 34978 Banro Corp* X Banyan Gold* O 59 Banyan Gold V 186 Bard Ventures V 16 Barker Mnrls V 103 Barkerville Go* O 360 Barkerville Go V 1597 Barrick Gold* N 62729 Barrick Gold T 18467 Barsele Min V 246 Barsele Min* O 61 Batero Gold V 165 O 360 Bayhorse Silvr* Bayswater Uran* O 0 Bayswater Uran V 120 BC Moly V 4 BCM Res V 79 V 25 BE Res 371 Bear Creek Mng V Bearing Lith* O 879 Bearing Lith V 900 Beaufield Res V 560 O 408 Beaufield Res* Beeston Ent* O 300 Bell Copper V 361 Bell Copper* O 112 Belo Sun Mng T 1665 Belvedere Res V 1068 Benton Res V 1148 Benz Mining V 503 Berkeley Egy* O 23 V 1693 Berkwood Res 190 Berkwood Res * O Big Wind Cap 4186 Bird River Res 848 O 123 Bitterroot Res* Bitterroot Res V 1587 Black Dragon* O 100 Black Hills* N 2363 Black Iron T 2943 Black Mam Mtls V 114 Black Sea Cop V 149 7 Black Sea Cop* O Black Tusk Res 707 868 Blue Moon Zinc V Blue Rvr Res V 1281 Blue Sky Uran* O 63 264 Blue Sky Uran V Bluenose Gold V 41 Bluestone Res V 199 Bonanza Gldfds* O 652 BonTerra Res V 1208 BonTerra Res* O 365 Borneo Res Inv* O 6063 BQ Metals V 278 Bravada Gold V 137 Bravada Gold* O 154 V 388 Braveheart Res Bravo Multinat* O 1 Brazil Mnrls* O 2186 Brigadier Gold V 375 O 2400 BrightRock Gld* Brilliant Sand* O 146 Brio Gold T 59 Britannia Mng* O 571 Brixton Mtls* O 5 Brixton Mtls V 138 O 134 Broadway Gold* Broadway Gold V 176 Brookmount Exp* O 742 Brunswick Res V 319 Buccaneer Gold V 1134 Buenaventura* N 4817 Buffalo Coal V 152 Bullfrog Gold* O 330 Bullion Gld Res V 64 Bunker Hill 29

2.69 2.54 2.58 - 0.06 3.55 2.02 3.44 3.28 3.28 - 0.08 4.64 2.69 1.80 1.40 1.70 + 0.18 1.85 1.01 0.48 0.43 0.45 + 0.02 0.98 0.42 0.38 0.34 0.35 + 0.01 0.75 0.23 0.07 0.04 0.04 - 0.02 0.11 0.02 0.73 0.59 0.59 - 0.10 0.73 0.11 0.58 0.47 0.49 - 0.08 0.59 0.37 0.05 0.04 0.04 - 0.01 0.08 0.02 0.33 0.12 0.18 + 0.06 2.10 0.10 0.08 0.06 0.07 + 0.01 0.11 0.05 0.10 0.08 0.09 - 0.01 0.15 0.05 0.04 0.00 0.04 - 0.01 0.05 0.02 0.01 0.00 0.01 + 0.01 0.02 0.01 0.54 0.46 0.49 - 0.06 1.03 0.29 0.69 0.60 0.62 - 0.06 1.39 0.41 14.38 13.46 14.07 - 0.03 20.78 13.46 18.40 17.32 17.85 - 0.21 27.19 17.32 0.65 0.59 0.60 - 0.05 1.62 0.55 0.50 0.47 0.48 - 0.01 1.25 0.44 0.10 0.00 0.08 - 0.01 0.13 0.08 0.16 0.14 0.15 - 0.01 0.21 0.09 0.03 0.00 0.03 + 0.00 0.07 0.01 0.04 0.00 0.04 - 0.01 0.09 0.02 0.05 0.00 0.05 + 0.01 0.08 0.04 0.12 0.10 0.12 + 0.01 0.22 0.07 0.07 0.06 0.06 - 0.01 0.50 0.04 2.17 1.91 2.12 + 0.08 3.40 1.64 0.78 0.67 0.73 - 0.02 1.41 0.35 0.99 0.86 0.92 - 0.04 1.83 0.48 0.15 0.13 0.14 - 0.01 0.34 0.06 0.12 0.11 0.11 - 0.01 0.25 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.20 0.15 0.19 - 0.01 0.22 0.03 0.16 0.12 0.16 + 0.01 0.16 0.02 0.47 0.44 0.45 - 0.01 1.14 0.43 0.20 0.08 0.16 + 0.09 0.20 0.01 0.07 0.06 0.06 - 0.01 0.15 0.05 0.23 0.17 0.18 - 0.05 0.47 0.15 0.67 0.67 0.67 + 0.02 0.92 0.51 0.47 0.34 0.34 - 0.09 0.70 0.25 0.37 0.26 0.26 - 0.07 0.44 0.20 1.05 0.62 0.80 + 0.18 1.05 0.05 0.17 0.10 0.14 + 0.07 0.17 0.05 0.14 0.08 0.09 - 0.05 0.24 0.02 0.16 0.10 0.11 - 0.06 0.29 0.04 0.04 0.04 0.04 + 0.00 0.09 0.02 58.92 57.59 58.24 + 0.22 72.02 57.26 0.17 0.13 0.14 + 0.01 0.17 0.03 0.20 0.14 0.14 - 0.09 0.25 0.06 0.15 0.12 0.13 - 0.01 0.35 0.10 0.10 0.00 0.09 - 0.01 0.27 0.08 0.17 0.13 0.17 + 0.03 0.17 0.12 0.06 0.05 0.06 + 0.01 0.12 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 0.18 0.00 0.18 - 0.00 0.37 0.08 0.24 0.20 0.24 + 0.02 0.49 0.10 0.07 0.00 0.07 + 0.01 0.07 0.02 1.25 1.06 1.25 + 0.27 1.90 0.50 0.00 0.00 0.00 - 0.00 0.01 0.00 0.64 0.54 0.58 - 0.04 0.72 0.21 0.51 0.42 0.46 - 0.00 0.57 0.16 0.00 0.00 0.00 - 0.00 0.00 0.00 0.23 0.21 0.21 - 0.01 0.49 0.01 0.16 0.13 0.13 - 0.02 0.34 0.10 0.11 0.10 0.10 - 0.02 0.26 0.07 0.11 0.08 0.11 + 0.05 0.11 0.04 0.65 0.00 0.65 - 0.10 3.49 0.32 0.01 0.00 0.00 - 0.00 0.50 0.00 0.15 0.00 0.15 + 0.05 0.30 0.08 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.02 0.02 - 0.01 0.10 0.02 1.93 1.80 1.87 - 0.06 3.59 1.58 0.00 0.00 0.00 - 0.00 0.02 0.00 0.23 0.00 0.23 + 0.01 0.47 0.15 0.31 0.00 0.30 + 0.05 0.65 0.18 0.34 0.27 0.28 - 0.00 1.29 0.27 0.43 0.36 0.37 - 0.01 1.70 0.35 0.02 0.01 0.01 + 0.00 0.13 0.01 0.04 0.02 0.03 - 0.01 0.05 0.02 0.06 0.05 0.05 + 0.01 0.08 0.03 14.35 13.65 13.96 - 0.36 14.96 9.87 0.01 0.01 0.01 + 0.01 0.02 0.01 0.15 0.12 0.14 - 0.01 0.18 0.05 0.33 0.27 0.30 - 0.03 0.47 0.08 1.83 1.70 1.83 - 0.02 3.00 0.90

Cache Expl V 1281 Cache Expl* O 3200 Calaveras Res 14 Caledonia Mng T 26 Caledonia Mng* X 60 Calibre Mng V 1726 California Gld V 146 California Go* O 369 Callinex Mines* O 222 Cameco Corp* N 12762 Cameco Corp T 7606 Cameo Res* O 5 Cameo Res V 2325 Camino Mnls V 1251 Camino Mnls* O 65 Camrova Res V 118 Camrova Res* O 5 Canada Coal V 666 Canada One V 222 Canadian Mng V 519 Canadian Zeol* O 48 CanAlaska Uran* O 110 CanAlaska Uran V 181 Canamex Gold V 30 Canarc Res T 245 Canarc Res* O 223 Canasil Res V 315 Candente Coppr T 332 CaNickel Mng* O 15 CaNickel Mng V 57 Canoe Mng Vent V 694 Canstar Res* O 280 Canterra Mnls V 38 Cantex Mn Dev V 147 Canuc Res* O 14 Canuc Res V 48 Canyon Copper* O 7 Canyon Copper V 59 Capstone Mng T 1797 Cardero Res V 938 Cardero Res* O 25 Cardinal Res T 3562 Cariboo Rose V 377 Carmax Mng V 279 Carrara Explor 257 Cartier Iron 160 Cartier Res V 422 Carube Copper V 382 Cascadero Copp V 678 Castle Res 45 Castle Silver V 2516 Castle Silver* O 308 Cava Res V 385 Cava Res* O 216 Cavan Vent V 357 Cda Carbon* O 123 Cda Carbon V 2137 Cda Strtgc Met V 992 Cda Zinc Mtls V 1032 Cdn Arrow V 2383 Cdn Intl Mnrls V 60 Cdn Metals 1665 Cdn Orebodies V 314 Cdn Silvr Hunt V 96 Cdn Zinc T 3000

0.07 0.06 0.06 - 0.01 0.31 0.06 0.05 0.05 0.05 - 0.01 0.21 0.05 0.90 0.80 0.81 + 0.01 1.24 0.47 9.20 8.30 8.35 + 0.25 10.30 6.30 7.96 6.51 6.51 - 0.84 7.96 0.05 0.12 0.11 0.11 - 0.01 0.30 0.11 0.47 0.42 0.44 + 0.01 0.64 0.23 0.35 0.33 0.35 - 0.03 0.49 0.21 0.24 0.22 0.24 - 0.00 0.50 0.21 9.94 8.90 9.48 - 0.42 13.36 7.68 12.66 11.41 12.04 - 0.61 17.65 9.90 0.85 0.34 0.85 - 0.08 1.11 0.24 1.17 0.30 1.00 + 0.45 1.60 0.30 0.60 0.45 0.48 - 0.01 2.23 0.20 0.45 0.36 0.40 + 0.03 1.62 0.00 0.16 0.11 0.11 + 0.01 0.33 0.06 0.12 0.05 0.08 + 0.00 0.21 0.00 0.05 0.04 0.05 + 0.01 0.10 0.02 0.13 0.08 0.12 + 0.03 0.19 0.07 0.35 0.25 0.30 + 0.03 0.79 0.10 0.38 0.00 0.31 + 0.03 1.46 0.27 0.31 0.26 0.29 - 0.01 0.59 0.21 0.40 0.34 0.36 - 0.02 0.78 0.26 0.12 0.12 0.12 + 0.01 0.19 0.08 0.08 0.07 0.08 - 0.01 0.12 0.07 0.06 0.05 0.06 + 0.00 0.09 0.05 0.11 0.10 0.11 + 0.01 0.32 0.10 0.14 0.13 0.13 - 0.02 0.21 0.06 0.18 0.16 0.16 - 0.00 0.23 0.06 0.22 0.18 0.20 - 0.01 0.33 0.05 0.15 0.11 0.13 + 0.03 0.15 0.04 0.03 0.03 0.03 - 0.01 0.17 0.03 0.03 0.00 0.03 + 0.01 0.06 0.02 0.03 0.00 0.02 - 0.01 0.08 0.02 0.27 0.25 0.27 + 0.02 0.41 0.22 0.34 0.32 0.33 + 0.02 0.60 0.25 0.12 0.00 0.10 - 0.02 0.22 0.09 0.14 0.13 0.13 - 0.01 0.29 0.08 1.48 1.38 1.42 - 0.04 1.81 0.77 0.20 0.15 0.18 + 0.04 0.23 0.07 0.14 0.00 0.13 + 0.01 0.19 0.05 0.65 0.57 0.57 - 0.01 1.05 0.54 0.06 0.05 0.05 + 0.01 0.26 0.05 0.08 0.07 0.08 - 0.02 0.13 0.05 0.66 0.57 0.63 - 0.01 1.00 0.35 0.25 0.15 0.19 - 0.01 0.25 0.05 0.24 0.19 0.22 + 0.02 0.38 0.15 0.06 0.05 0.06 - 0.01 0.14 0.05 0.08 0.00 0.08 + 0.01 0.16 0.07 0.21 0.00 0.17 - 0.08 0.42 0.16 0.32 0.17 0.30 + 0.13 0.32 0.02 0.26 0.13 0.23 + 0.10 0.22 0.03 0.25 0.21 0.23 - 0.02 0.32 0.15 0.20 0.19 0.19 - 0.02 0.24 0.14 0.14 0.11 0.11 - 0.01 0.14 0.02 0.08 0.07 0.08 - 0.01 0.23 0.07 0.11 0.09 0.10 - 0.01 0.31 0.09 0.12 0.10 0.12 + 0.02 0.16 0.09 0.29 0.27 0.28 + 0.01 0.43 0.22 0.01 0.01 0.01 - 0.01 0.03 0.01 0.36 0.23 0.35 + 0.10 0.60 0.11 0.10 0.08 0.10 + 0.01 0.15 0.05 0.21 0.18 0.21 + 0.03 0.53 0.18 0.09 0.08 0.09 + 0.01 0.12 0.03 0.16 0.13 0.14 - 0.02 0.31 0.13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cdn Zinc* O 667 0.12 0.10 0.10 - 0.02 0.24 0.10 Centamin T 22 2.48 2.27 2.35 - 0.03 3.23 1.84 O 168 0.20 0.15 0.15 + 0.00 0.20 0.01 Centaurus Diam* Centenera Mng V 127 0.22 0.18 0.18 - 0.03 0.30 0.15 O 60 0.16 0.15 0.15 - 0.03 0.21 0.10 Centenera Mng* Centerra Gold T 2425 7.59 7.18 7.20 - 0.37 9.35 5.56 Centurion Mnls V 518 0.04 0.04 0.04 - 0.01 0.09 0.03 T 25 0.22 0.00 0.22 - 0.01 0.72 0.14 Century Global Chalice Gold M* O 163 0.14 0.11 0.13 - 0.02 0.25 0.10 Champion Bear V 262 0.21 0.18 0.18 - 0.02 0.28 0.06 O 9 0.16 0.16 0.16 - 0.00 0.16 0.06 Champion Bear* Champion Iron* O 28 1.08 0.00 1.01 - 0.14 1.22 0.31 Champion Iron T 2063 1.45 1.24 1.27 - 0.18 1.59 0.40 Chatham Rock V 19 0.40 0.39 0.39 - 0.01 0.90 0.20 Chatham Rock* O 15 0.32 0.00 0.29 - 0.02 0.42 0.26 O 42 3.06 2.62 2.62 - 0.30 3.45 2.28 Chesapeake Gld* Chesapeake Gld V 116 3.89 3.34 3.34 - 0.46 4.57 2.91 119.51 + 3.00 120.89 102.55 Chevron Corp* N 26885 120.46 115.24 Chilean Metals V 569 0.07 0.06 0.07 - 0.01 0.33 0.06 Chilean Metals* O 9 0.06 0.05 0.06 + 0.00 0.24 0.04 Chimata Gold V 326 0.13 0.00 0.11 + 0.02 0.17 0.05 China Gold Int T 973 2.21 2.09 2.12 - 0.08 3.40 1.82 21 0.23 0.22 0.23 + 0.01 0.75 0.16 China Mnls Mng V Cicada Vents V 716 0.02 0.01 0.01 - 0.01 0.02 0.01 CIM Intl Grp 22 0.25 0.17 0.20 + 0.05 0.88 0.08 Cipher Res V 183 0.14 0.00 0.14 - 0.04 0.33 0.10 0.10 + 0.02 0.19 0.05 CKR Carbon V 3713 0.11 0.08 318 0.09 0.06 0.09 + 0.03 0.13 0.02 Claim Post Res V Clean Comm V 24500 0.13 0.05 0.12 + 0.07 0.15 0.05 Clean Comm* O 99 0.10 0.03 0.10 + 0.06 0.09 0.03 0.06 - 0.01 0.16 0.06 Cleghorn Mnls V 170 0.06 0.06 Cleveland-Clif* N 49068 7.00 6.33 6.82 + 0.21 12.37 5.56 Clifton Mng* O 23 0.09 0.08 0.09 + 0.01 0.14 0.07 Cloud Peak En* N 7281 4.38 4.05 4.14 - 0.13 6.65 2.78 CNRP Mng* O 1090 1.18 0.64 0.90 + 0.15 1.98 0.02 744 13.75 9.96 12.50 + 2.61 13.75 7.42 Cobalt 27 Cap V Cobalt Pwr Grp* O 1085 0.16 0.11 0.14 + 0.04 0.16 0.06 0.21 0.15 0.19 + 0.05 0.21 0.05 Cobalt Pwr Grp V 17936 CobalTech M’g* O 634 0.30 0.24 0.24 + 0.05 0.32 0.08 V 16904 0.39 0.30 0.32 + 0.05 0.45 0.11 CobalTech M’g Coeur Mng* N 9761 7.87 7.50 7.66 - 0.08 12.30 6.98 Colibri Res V 173 0.12 0.00 0.10 - 0.02 0.28 0.08 V 573 0.02 0.01 0.01 - 0.01 0.03 0.01 Colombia Crest Colombia Crest* O 20 0.01 0.01 0.01 - 0.00 0.02 0.00 0.11 + 0.02 0.24 0.08 Colonial Coal V 2067 0.12 0.09 Colorado Gold* O 1530 0.00 0.00 0.00 + 0.00 0.00 0.00 Colorado Res* O 180 0.17 0.15 0.15 - 0.02 0.37 0.14 Colorado Res V 986 0.21 0.19 0.20 - 0.01 0.46 0.18 T 180 0.75 0.69 0.70 - 0.05 1.09 0.42 Columbus Gold Columbus Gold* O 272 0.60 0.54 0.55 - 0.06 0.83 0.31 Commander Res V 788 0.05 0.04 0.04 - 0.01 0.07 0.03 Commerce Res* O 25 0.06 0.06 0.06 - 0.01 0.09 0.04 V 367 0.09 0.08 0.08 - 0.01 0.11 0.05 Commerce Res Comstock Mng* X 3365 0.41 0.36 0.38 - 0.02 1.55 0.36 Comstock Mtls * O 44 0.06 0.06 0.06 + 0.00 0.16 0.06 Condor Res V 316 0.10 0.09 0.09 - 0.01 0.19 0.07 Confedertn Ml* O 5 0.48 0.00 0.48 + 0.01 0.80 0.39 V 138 0.74 0.60 0.72 + 0.08 1.06 0.46 Confedertn Mls Conquest Res V 3248 0.10 0.04 0.05 + 0.01 0.10 0.01 CONSOL Energy* N 25489 16.41 13.37 14.91 - 1.34 22.34 13.37 CONSOL Energy* N 7956 24.40 21.30 21.30 - 1.92 24.40 21.30 Constantine Mt V 252 0.19 0.16 0.19 + 0.02 0.35 0.09 0.50 - 0.08 1.10 0.50 Contact Gold V 280 0.58 0.50 Contact Mnrls* O 40 0.20 0.10 0.19 - 0.01 0.24 0.05 Contintl Gold T 953 3.12 3.00 3.03 - 0.08 5.75 2.62 Contintl Gold* O 44 2.47 2.32 2.38 - 0.08 4.39 1.90 0.23 + 0.00 0.35 0.11 Contintl Prec* O 2 0.23 0.23 0.30 - 0.05 0.44 0.25 Contintl Prec V 23 0.35 0.00 Copper Ck Gold V 602 0.04 0.03 0.03 - 0.01 0.11 0.02 Copper Fox Mtl* O 51 0.11 0.09 0.09 - 0.01 0.15 0.08 374 0.04 0.03 0.04 + 0.01 0.08 0.03 Copper Lake Rs V Copper Mtn Mng* O 63 1.35 1.15 1.17 - 0.13 1.47 0.54 1.69 1.47 1.51 - 0.18 1.85 0.72 Copper Mtn Mng T 1530 Copper North M V 159 0.08 0.00 0.08 - 0.01 0.13 0.06 4 0.07 0.00 0.06 + 0.00 0.09 0.00 Copper North M* O Copper One * O 79 0.07 0.06 0.06 - 0.02 0.14 0.03 Copper One V 1471 0.10 0.09 0.10 + 0.01 0.18 0.03 O 54 0.10 0.08 0.09 - 0.00 0.14 0.04 Copperbank Res* Coral Gold * O 146 0.28 0.26 0.26 - 0.01 0.30 0.20 0.34 - 0.01 0.40 0.27 Coral Gold V 231 0.36 0.34 Cordoba Mnls* O 134 0.44 0.36 0.38 - 0.05 1.21 0.35 Cordoba Mnls V 528 0.55 0.46 0.49 - 0.05 1.59 0.46 Core Gold V 786 0.35 0.27 0.34 + 0.03 0.45 0.18 0.27 + 0.04 0.32 0.15 Core Gold* O 173 0.27 0.20 Corex Gold V 916 0.15 0.14 0.15 + 0.01 0.18 0.10 Corex Gold* O 170 0.12 0.11 0.12 - 0.01 0.13 0.07 Cornerstone Ca V 868 0.30 0.24 0.25 - 0.03 0.55 0.15 O 329 0.23 0.19 0.20 - 0.01 0.44 0.10 Cornerstone Ca* Cornerstone Mt* O 134 0.20 0.16 0.18 - 0.03 0.33 0.13 Cornerstone Mt V 467 0.28 0.22 0.24 - 0.04 0.41 0.04 Coro Mining T 505 0.12 0.11 0.11 + 0.01 0.20 0.09 Coronet Mtls* O 46 0.21 0.12 0.17 + 0.05 0.40 0.07 0.25 + 0.07 0.54 0.10 Coronet Mtls V 86 0.25 0.00 Corsa Coal V 92 1.41 1.40 1.40 - 0.02 3.82 1.34 Corsa Coal * O 36 1.10 1.08 1.09 - 0.03 2.93 1.00 Corvus Gold* O 161 1.25 1.09 1.20 - 0.04 1.31 0.37 1.50 - 0.09 1.68 0.50 Corvus Gold T 425 1.60 1.39 Critical Elem V 2202 1.62 1.34 1.46 - 0.17 1.85 0.48 Critical Elem* O 172 1.27 1.06 1.16 - 0.12 1.48 0.36 Crown Mining* O 1 0.12 0.12 0.12 - 0.00 0.13 0.05 Crown Mining V 327 0.17 0.14 0.17 + 0.03 0.18 0.07 Cruz Cobalt* O 1189 0.26 0.20 0.21 + 0.02 0.26 0.09 Cruz Cobalt V 9292 0.33 0.26 0.27 + 0.02 0.33 0.11 Crystal Explor V 132 0.09 0.08 0.08 - 0.01 0.16 0.05 Crystal Lake* O 85 0.54 0.36 0.36 + 0.03 0.58 0.13 Crystal Lake V 650 0.69 0.44 0.48 - 0.10 0.80 0.16 Crystal Peak V 52 0.42 0.39 0.42 + 0.02 0.56 0.33 Crystal Peak* O 36 0.32 0.30 0.32 + 0.01 0.42 0.23 Curlew Lke Res V 138 1.07 1.00 1.05 + 0.10 1.49 0.10 Currie Rose Rs V 229 0.06 0.04 0.06 + 0.02 0.08 0.04 Cyclone Uran* O 49 0.00 0.00 0.00 + 0.00 0.02 0.00 Cypress Dev* O 174 0.24 0.19 0.22 + 0.06 0.24 0.06 Cypress Dev V 4903 0.31 0.21 0.26 + 0.06 0.31 0.08

D-F Dajin Res V 6590 Dajin Res* O 1489 Dakota Ter Res* O 37 Daleco Res* O 43 Dalradian Res* O 314 Dalradian Res T 1612 Damara Gold V 677 Danakali* O 34 Darnley Bay V 646 Darnley Bay* O 290 Debut Dmds 201 Decade Res* O 440 Declan Res 11 Deep-South Res V 35 Defiance Silvr* O 168 Defiance Silvr V 284 Delrand Res V 52 Denison Mines T 11622 Denison Mines* X 4841 Desert Gold* O 15 Desert Gold V 38 Detour Gold T 4932 Diamante Min* O 27 Diamcor Mng V 215 Diamcor Mng* O 26 Diamond Fields V 5 Dios Expl V 161 Discovery Gold* O 108 Discovery Met V 315 DNI Metals 736 DNI Metals* O 12 Dolat Ventures* O 23306 Dolly Vard Sil* O 155 Dolly Vard Sil V 744 Doubleview Cap V 1291 DRDGOLD* N 429 Dundee Prec Mt T 621 Duran Vent V 336 Duran Vent * O 11 DuSolo Fertil* O 3 Dynacor Gld Mn* O 101 Dynacor Gld Mn T 180 Dynasty Gold V 298 Dynasty Gold* O 92 E3 Metals V 325 Eagle Graphite V 687 Eagle Graphite* O 22 Eagle Plains V 522 East Africa V 457 East Africa * O 1 East Asia Mnls V 1173 East Asia Mnls* O 1 Eastern Platin T 130 Eastfield Res V 76 Eastmain Res T 1243 Eastmain Res* O 392 Eco Oro Mnls 39 16 Eco Oro Mnls* O

0.17 0.15 0.16 - 0.01 0.22 0.08 0.14 0.11 0.12 - 0.02 0.17 0.06 0.04 0.03 0.03 - 0.01 0.10 0.02 0.01 0.00 0.01 + 0.00 0.02 0.00 1.12 1.05 1.10 - 0.01 1.37 0.79 1.44 1.37 1.40 - 0.04 1.78 1.08 0.16 0.08 0.08 - 0.08 0.22 0.04 0.59 0.53 0.55 + 0.01 0.65 0.28 0.20 0.18 0.19 - 0.01 0.57 0.17 0.16 0.15 0.15 - 0.01 0.44 0.14 0.02 0.00 0.01 - 0.01 0.03 0.01 0.08 0.06 0.06 - 0.02 0.16 0.04 0.25 0.24 0.24 + 0.01 0.30 0.06 0.21 0.21 0.21 - 0.01 0.32 0.08 0.19 0.17 0.18 - 0.02 0.35 0.16 0.26 0.22 0.26 + 0.03 0.45 0.21 2.39 1.78 1.80 - 0.40 2.44 0.60 0.71 0.62 0.63 - 0.09 1.10 0.50 0.55 0.48 0.50 - 0.06 0.84 0.38 0.21 0.19 0.19 - 0.01 0.30 0.13 0.29 0.24 0.25 - 0.01 0.40 0.14 14.45 13.47 13.90 + 0.56 21.48 13.01 0.03 0.03 0.03 - 0.01 0.21 0.02 0.59 0.50 0.50 - 0.02 1.28 0.37 0.42 0.41 0.42 + 0.02 0.94 0.29 0.11 0.00 0.11 - 0.03 0.23 0.09 0.08 0.07 0.08 + 0.01 0.12 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.57 0.50 0.50 - 0.05 0.92 0.48 0.10 0.08 0.08 - 0.03 0.16 0.03 0.08 0.06 0.08 + 0.01 0.13 0.00 0.06 0.04 0.04 - 0.01 0.16 0.00 0.62 0.53 0.55 + 0.02 0.71 0.35 0.85 0.68 0.74 + 0.09 0.88 0.45 0.08 0.06 0.08 + 0.01 0.19 0.04 3.59 3.25 3.28 - 0.25 6.67 2.84 3.00 2.83 2.95 + 0.08 3.70 1.91 0.05 0.04 0.04 - 0.01 0.13 0.04 0.03 0.00 0.03 - 0.00 0.08 0.03 0.18 0.18 0.18 - 0.01 0.23 0.18 1.49 1.30 1.40 - 0.09 2.10 1.30 1.88 1.76 1.77 - 0.09 2.75 1.80 0.12 0.10 0.10 - 0.03 0.32 0.10 0.09 0.08 0.09 + 0.01 0.14 0.08 0.89 0.77 0.81 - 0.08 1.01 0.18 0.04 0.03 0.04 + 0.01 0.05 0.02 0.03 0.00 0.02 - 0.01 0.04 0.01 0.18 0.15 0.18 + 0.03 0.24 0.13 0.28 0.23 0.26 + 0.01 0.33 0.17 0.19 0.17 0.17 - 0.00 0.24 0.13 0.09 0.07 0.08 + 0.01 0.74 0.05 0.05 0.00 0.05 - 0.01 0.49 0.05 0.33 0.32 0.33 + 0.01 0.48 0.23 0.03 0.03 0.03 - 0.01 0.08 0.03 0.34 0.30 0.32 - 0.01 0.64 0.28 0.26 0.23 0.24 - 0.01 0.48 0.21 0.23 0.18 0.23 + 0.02 0.28 0.15 0.16 0.14 0.14 - 0.02 0.65 0.12

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.48 1.27 + 0.09 1.48 eCobalt Solns T 3696 1.38 1.18 0.36 1.01 + 0.09 1.22 O 1974 1.08 0.94 eCobalt Solns* 0.13 0.18 + 0.01 0.25 V 948 0.18 0.16 Edgewater Expl 0.04 0.03 0.04 - 0.01 2.35 0.03 El Capitan Prc* O 3315 0.13 0.18 0.55 + 0.47 0.55 0.27 Elcora Res V 2763 0.12 0.38 + 0.14 0.40 Elcora Res* O 917 0.40 0.21 1.12 1.16 - 0.07 3.91 24608 1.26 1.12 N Eldorado Gold* 1.44 1.47 - 0.10 5.13 Eldorado Gold T 10223 1.62 1.43 0.30 0.69 - 0.00 0.73 Eloro Mnrls* O 142 0.73 0.69 0.36 0.87 - 0.05 0.94 Eloro Mnrls V 67 0.94 0.87 0.08 0.07 0.08 + 0.01 0.16 0.07 335 Ely Gold Royal* O 0.25 0.21 0.21 - 0.03 0.37 0.20 32 O Elysee Dev * 0.07 0.10 - 0.01 0.22 Emerita Res V 1867 0.10 0.09 0.17 0.19 - 0.03 0.40 Emgold Mng V 47 0.19 0.19 0.13 0.14 + 0.00 0.25 Emgold Mng* O 6 0.15 0.00 0.07 0.21 - 0.08 0.30 Empire Rock V 301 0.29 0.00 0.67 0.81 - 0.01 1.24 EMX Royalty* X 177 0.91 0.78 0.85 1.04 - 0.01 1.60 EMX Royalty V 142 1.17 1.02 0.03 0.03 - 0.01 0.13 O 227 0.04 0.03 Encanto Potash* 13.00 18.30 - 0.40 21.89 O 18 18.77 17.87 Endeavour Mng* 17.37 23.24 - 0.33 28.81 Endeavour Mng T 818 24.03 22.97 1.94 2.14 + 0.05 4.90 N 4907 2.15 2.05 Endeavr Silver* 2.50 2.72 + 0.06 6.44 Endeavr Silver T 690 2.75 2.63 0.04 0.01 0.10 0.06 - V 141 0.07 0.00 Endurance Gold 1.66 2.16 - 0.26 3.53 Energy Fuels T 1262 2.46 2.11 1.30 1.67 - 0.24 2.71 Energy Fuels* X 1550 1.92 1.64 0.07 0.08 - 0.02 0.28 Enforcer Gold V 1685 0.10 0.08 0.10 0.18 - 0.02 0.68 Engold Mines V 471 0.20 0.17 0.03 0.04 - 0.01 0.12 Ensurge* O 123 0.05 0.04 0.21 0.46 - 0.02 0.72 Entree Gold* X 433 0.49 0.46 0.34 0.58 - 0.04 0.94 Entree Gold T 688 0.62 0.58 0.03 0.11 - 0.00 0.11 Equitorial Ex* O 54 0.11 0.11 0.03 0.13 - 0.01 0.15 Equitorial Ex V 5176 0.15 0.12 0.53 0.48 0.49 - 0.05 1.40 0.43 617 Erdene Res Dev T 0.42 0.39 0.39 - 0.03 1.00 0.33 77 Erdene Res Dev* O 0.08 0.15 + 0.01 0.42 Erin Ventures V 103 0.16 0.12 3.88 5.28 + 0.16 5.28 Ero Copper* O 4 5.28 0.00 4.70 6.76 + 0.10 6.92 Ero Copper T 131 7.01 6.39 0.17 0.12 0.16 + 0.03 0.17 0.10 405 Eros Res Corp* O 0.22 0.17 0.21 + 0.05 0.22 0.15 Eros Res Corp V 2052 0.22 0.17 0.21 + 0.05 0.22 0.15 Eros Res Corp V 2052 0.16 0.26 - 0.02 0.51 Eskay Mng V 110 0.29 0.25 0.12 0.22 + 0.03 0.33 V 158 0.22 0.19 Essex Minerals 0.10 0.18 + 0.01 0.23 Ethos Gold* O 17 0.18 0.14 0.13 0.20 - 0.03 0.30 Ethos Gold V 257 0.24 0.18 1.04 0.00 0.98 - 0.04 1.55 0.47 8 Euro Sun Mg* O 1.37 1.04 1.27 + 0.10 2.02 0.62 659 T Euro Sun Mg 0.26 0.31 + 0.04 0.75 EurOmax Res T 14 0.31 0.27 0.00 0.00 + 0.00 0.01 O 1666 0.00 0.00 European Metal* 0.04 0.07 + 0.01 0.12 V 801 0.07 0.05 Eurotin 0.03 0.03 - 0.01 0.13 Everton Res V 436 0.04 0.03 0.03 0.03 + 0.00 0.09 Everton Res* O 22 0.03 0.03 0.13 0.19 - 0.09 0.41 Evolving Gold 222 0.27 0.19 0.10 0.20 - 0.00 0.32 O 1 0.20 0.20 Evolving Gold* 1.22 1.64 - 0.02 2.30 Excellon Res T 503 1.66 1.58 0.92 1.29 - 0.03 1.87 Excellon Res* O 291 1.32 1.23 0.41 0.85 - 0.03 1.18 O 153 0.90 0.83 Excelsior Mng* 0.52 1.08 - 0.06 1.48 Excelsior Mng T 904 1.12 0.00 0.04 0.05 + 0.00 0.09 Explor Res* O 78 0.05 0.04 0.11 0.50 + 0.20 0.65 Explorex Res 450 0.65 0.35 0.02 0.03 + 0.01 0.16 Fairmont Res V 430 0.03 0.02 0.01 0.02 + 0.00 0.07 Fairmont Res* O 113 0.03 0.01 0.77 0.98 + 0.01 1.65 Falco Res V 850 1.00 0.93 0.78 0.74 0.74 - 0.05 1.17 0.57 132 O Falco Res * 0.05 0.70 + 0.16 0.81 Far Res* O 2476 0.81 0.58 0.06 0.90 + 0.19 1.03 Far Res 15957 1.03 0.74 2.59 2.33 2.50 + 0.18 3.00 1.55 42 Filo Mg Corp V 0.04 0.10 - 0.02 0.34 Finlay Minrls V 679 0.12 0.10 0.22 0.55 + 0.02 0.75 Fiore Gold* O 195 0.58 0.48 0.64 0.69 + 0.01 1.10 Fiore Gold V 1254 0.75 0.65 0.01 0.04 + 0.03 0.09 Firebird Res V 3207 0.09 0.02 0.04 0.11 - 0.01 0.16 Firesteel Res V 1630 0.14 0.10 0.67 0.85 + 0.09 1.00 Fireweed Zinc V 220 0.85 0.73 0.54 0.65 + 0.12 0.67 O 17 0.67 0.00 Fireweed Zinc* 0.03 0.08 - 0.01 0.12 O 255 0.09 0.07 Firma Holdings* 0.03 0.03 + 0.01 0.06 First Bauxite V 110 0.03 0.03 1.30 0.98 1.00 + 0.10 1.30 0.31 First Cobalt * O 1450 0.02 0.02 + 0.00 0.06 First Energy* O 11 0.03 0.02 7.51 First Majestic T 2983 8.71 8.33 8.55 - 0.03 14.36 0.57 0.52 0.53 - 0.04 1.10 0.50 T 2025 First Mg Fin 0.45 0.40 0.41 - 0.03 0.84 0.39 First Mg Fin * O 3013 0.05 0.08 + 0.01 0.12 First Point* O 322 0.08 0.07 15.01 - 0.89 17.55 9.69 First Quantum T 10583 15.82 14.42 0.06 0.05 0.05 - 0.01 0.13 0.05 V 2621 Fission 3.0 0.53 0.66 - 0.06 0.92 Fission Uran T 2796 0.72 0.65 0.40 0.53 - 0.04 0.70 Fission Uran* O 1455 0.57 0.50 0.21 0.19 0.19 - 0.01 0.55 0.17 381 Five Star Diam V 0.07 0.22 - 0.06 0.47 O 28 0.22 0.22 Fjordland Exp* 0.10 0.34 + 0.03 0.59 Fjordland Exp V 40 0.34 0.28 0.04 0.07 - 0.00 0.11 O 831 0.08 0.06 Focus Graphite* 0.24 0.34 - 0.03 0.47 Foran Mng V 234 0.37 0.34 0.07 0.14 - 0.03 0.28 Forsys Metals T 513 0.17 0.14 3.35 3.42 - 0.18 5.50 O 38 3.58 0.00 Fortescue Mtls* 5.13 5.36 - 0.07 9.18 Fortuna Silvr T 1311 5.56 5.31 4.03 4.21 - 0.06 6.92 Fortuna Silvr* N 5128 4.35 4.14 0.30 0.39 + 0.00 0.56 Fortune Bay* O 17 0.40 0.37 0.10 0.26 + 0.07 0.34 Fortune Mnrls T 28581 0.32 0.20 0.07 0.05 0.26 + 0.21 11853 0.25 0.16 O Fortune Mnrls* 0.07 0.00 0.07 + 0.01 0.15 0.04 123 Fox River Res 0.07 0.09 + 0.01 0.15 FPX Nickel V 638 0.10 0.09 53.31 80.65 - 3.80 86.06 N 3443 86.06 80.14 Franco-Nevada* 102.34 - 5.21 109.76 71.44 Franco-Nevada T 3019 109.76 102.19 0.06 0.07 - 0.01 0.14 Freedom Egy V 203 0.07 0.00 11.05 14.11 - 0.24 17.06 N 65892 14.31 13.84 Freeport McMoR* 0.03 0.08 + 0.05 0.08 Freeport Res V 484 0.08 0.03 0.08 0.14 - 0.01 0.20 Fremont Gold V 179 0.15 0.00 18.11 0.00 17.50 - 0.31 22.27 13.18 8 Fresnillo plc* O 0.24 0.63 + 0.02 0.78 Frontier Lith V 405 0.68 0.62 0.01 0.02 - 0.01 0.04 Frontline Gold V 150 0.03 0.02 0.09 0.00 0.09 + 0.02 0.10 0.04 1 Full Metal Mnl* O 0.12 0.00 0.12 + 0.03 0.13 0.07 17 Full Metal Mnl V 0.13 0.62 - 0.06 0.70 Fura Gems V 665 0.68 0.56

G-H Gabriel Res T 132 Gainey Capital V 203 Galane Gold V 626 Galantas Gold V 333 Galore Res V 826 Galway Gold V 331 Galway Mtls* O 99 Galway Mtls V 117 Garibaldi Res V 4910 371 Garibaldi Res * O GB Minerals V 49 General Moly T 30 General Moly* X 3177 Genesis Mtls* O 162 Genesis Mtls V 384 V 1764 Gensource Pot Geologix Expl V 1945 O 206 Geomega Res* Getty Copper V 36 O 78 GFG Resources* GFM Res V 65 GGL Res V 108 GGX Gold* O 40 GGX Gold V 1007 Giga Metals* O 76 Giga Metals V 724 Gitennes Expl V 296 Giyani Gold V 354 Giyani Gold* O 170 Glacier Lake V 229 O 177 Gldn Predator* Gldn Predator V 465 714 Glencore Plc* O Global Energy V 4912 Global Gold* O 37 Globex Mng* O 25 Globex Mng T 167 GMV Minerals V 126 O 29 GMV Minerals* GoGold Res T 2407 O 916 Gold Dynamics* 16895 Gold Fields* N 29 O Gold Lakes* 454 Gold Mng USA* O 390 Gold Reach Res V Gold Reserve* O 151 Gold Reserve V 156 X 1309 Gold Resource* 354 Gold Std Vents T Gold Std Vents* X 1161 V 43 Goldbank Mng Goldbelt Emp V 4226 Goldcliff Res V 153 Goldcliff Res* O 83 T 11566 Goldcorp Goldcorp* N 39328 Golden Arrow* O 390 Golden Arrow V 451 V 147 Golden Cariboo

0.26 0.33 - 0.03 0.59 0.37 0.33 0.09 0.11 - 0.01 0.23 0.13 0.11 0.05 0.05 - 0.01 0.12 0.06 0.05 0.07 0.10 + 0.01 0.15 0.10 0.07 0.01 0.01 - 0.01 0.07 0.02 0.01 0.07 0.08 - 0.01 0.13 0.08 0.08 0.18 0.29 - 0.00 0.36 0.30 0.29 0.23 0.36 + 0.02 0.45 0.39 0.34 0.11 2.68 - 0.52 5.27 3.33 2.32 2.63 1.83 2.13 - 0.36 4.12 0.09 0.04 0.06 - 0.01 0.09 0.06 0.06 0.34 0.36 - 0.01 0.95 0.42 0.36 0.25 0.30 + 0.01 0.72 0.35 0.28 0.06 0.08 + 0.02 0.18 0.08 0.06 0.09 0.10 + 0.01 0.22 0.10 0.09 0.06 0.08 + 0.02 0.25 0.09 0.07 0.05 0.06 + 0.01 0.09 0.06 0.05 0.04 0.06 - 0.01 0.12 0.07 0.06 0.02 0.03 - 0.01 0.04 0.03 0.03 0.39 0.41 - 0.05 1.00 0.48 0.40 0.01 0.10 + 0.01 0.10 0.10 0.09 0.10 0.14 - 0.02 0.25 0.16 0.00 0.09 0.10 + 0.00 0.17 0.11 0.10 0.07 0.13 - 0.02 0.24 0.14 0.13 0.11 0.61 - 0.02 0.72 0.62 0.54 0.05 0.77 + 0.01 0.92 0.80 0.66 0.02 0.08 - 0.01 0.14 0.09 0.07 0.23 0.29 - 0.01 0.54 0.32 0.27 0.19 0.23 - 0.02 0.41 0.26 0.22 0.05 0.08 - 0.02 0.19 0.10 0.08 0.40 0.51 - 0.03 1.59 0.55 0.48 0.53 0.66 - 0.04 2.05 0.70 0.63 9.54 9.00 9.09 - 0.54 10.22 6.55 0.10 0.14 - 0.01 0.67 0.17 0.11 0.01 0.02 + 0.00 0.06 0.02 0.01 0.30 0.34 - 0.02 0.48 0.35 0.34 0.38 0.43 - 0.01 0.63 0.46 0.41 0.27 0.28 - 0.04 0.61 0.33 0.27 0.20 0.23 - 0.02 0.49 0.25 0.20 0.40 0.43 - 0.01 0.99 0.44 0.40 0.00 0.00 + 0.00 0.01 0.00 0.00 2.60 4.14 + 0.06 4.70 4.30 4.12 0.10 0.04 0.10 + 0.06 105.00 0.01 0.03 0.02 0.02 - 0.00 0.03 0.00 0.23 0.17 0.22 + 0.04 0.23 0.09 1.94 3.41 + 0.10 5.16 3.56 2.99 2.61 4.34 + 0.33 6.75 4.53 3.80 3.08 3.98 - 0.03 6.27 4.11 3.93 1.94 1.77 1.84 - 0.09 3.85 1.61 1.51 1.36 1.44 - 0.05 2.95 1.25 0.06 0.17 - 0.05 0.34 0.17 0.17 0.01 0.01 - 0.01 0.06 0.02 0.01 0.11 0.01 0.39 0.17 - 0.20 0.16 0.08 0.12 - 0.02 0.33 0.15 0.12 15.56 16.14 - 0.62 23.35 16.90 16.05 11.91 12.72 - 0.44 17.87 13.31 12.51 0.29 0.31 - 0.04 0.71 0.37 0.29 0.37 0.40 - 0.08 0.97 0.46 0.38 0.05 0.08 - 0.02 0.19 0.10 0.07

2017-12-05 1:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 11â&#x20AC;&#x201C;24, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Dawn Ml* O 45 Golden Eagle* O 103 Golden Global* O 55 Golden Goliath V 155 Golden Goliath* O 25 Golden Hope* O 9 Golden Mnls* X 820 Golden Mnls T 62 Golden Peak Mn V 280 Golden Queen* O 2314 Golden Queen T 1807 Golden Star T 572 Golden Star* X 4585 Golden Tag V 71 Golden Valley* O 45 Golden Valley V 277 Goldex Res V 24 Goldgroup Mng* O 181 Goldgroup Mng T 308 GoldMining V 787 GoldON Res V 126 GoldQuest Mng V 436 Goldrea Res 1030 Goldrea Res* O 85 Goldrich Mng* O 657 Goldsource Min* O 638 Goldsource Min V 566 Goldstream Mnl V 123 Goldstrike Res V 360 Goliath Res V 469 Gossan Res V 124 GoviEx Uranium* O 1882 Gowest Gold V 954 Gowest Gold* O 232 GPM Metals V 64 Gran Colombia* O 64 Gran Colombia T 184 Granada Gold V 707 Granada Gold* O 47 Grande Portage V 158 Grande Portage* O 147 Graphite Corp* O 1691 Graphite Egy 8 Graphite One* O 679 Gray Rock Res V 97 Great Atlantic V 41 Great Bear Res V 129 Great Lakes Gr V 2233 Great Lakes Gr* O 2095 Great Panther T 345 Great Panther* X 1823 Great Quest Fe* O 16 Great Quest Fe V 184 Great Thunder V 1974 Great Western* O 362 Green Arrow V 2541 Green River 52 Green Swan Cap V 825 Greenland M&En* O 536 Greenshield Ex V 51 Grizzly Discvr V 131 22 Group Ten Mtls* O Group Ten Mtls V 203 GrowMax Res* O 854 GrowMax Res V 7667 GT Gold * O 93 V 657 GT Gold GTA Res & Mng V 816 Guerrero Vents V 138 Gungnir Res V 225 Gungnir Res* O 278 Gunpoint Expl V 12 Guyana Gldflds T 3048 Guyana Goldstr V 725 Handa Copper V 89 Handa Copper* O 40 Hannan Metals* O 4 Happy Ck Mnrls V 79 Harfang Explor V 84 Harmony Gold* N 13201 Harte Gold* O 146 Harte Gold T 1730 Hawkeye Gld&Di V 1419 Heatherdale Rs V 1048 Hecla Mining* N 18205 Helio Res V 7408 Hellix Vent* O 311 Hemcare Health* O 38 Heron Res T 616 Highland Copp V 1065 Highway 50 Gld V 78 Hinterland Mtl V 591 Hochschild Mg* O 11 Honey Badger E V 310 T 351 Horizonte Mnls Hornby Bay Mnl V 503 HudBay Mnls* N 3105 HudBay Mnls T 8123 Hudson Res V 232 Hudson Res* O 16 Hunt Mng* O 33 Hunt Mng V 31

0.21 0.19 0.19 - 0.02 0.32 0.14 0.09 0.08 0.09 + 0.01 0.11 0.02 0.01 0.01 0.01 + 0.00 0.36 0.00 0.04 0.03 0.04 + 0.01 0.08 0.03 0.02 0.00 0.02 + 0.00 0.07 0.02 0.08 0.07 0.07 - 0.01 0.18 0.07 0.49 0.40 0.46 + 0.04 0.85 0.37 0.58 0.51 0.58 + 0.05 1.10 0.47 0.21 0.20 0.20 + 0.01 0.67 0.18 0.18 0.14 0.18 + 0.03 0.83 0.14 0.23 0.18 0.23 + 0.04 1.09 0.18 1.14 1.07 1.11 - 0.02 1.33 0.76 0.90 0.85 0.87 - 0.01 1.01 0.59 0.04 0.04 0.04 + 0.01 0.08 0.03 0.22 0.20 0.21 - 0.01 0.38 0.20 0.28 0.26 0.27 - 0.01 0.50 0.24 0.73 0.00 0.60 - 0.03 1.18 0.44 0.05 0.04 0.04 - 0.01 0.13 0.04 0.06 0.05 0.05 - 0.01 0.18 0.05 1.42 1.33 1.36 - 0.05 2.40 1.30 0.17 0.13 0.15 + 0.01 0.23 0.10 0.30 0.28 0.29 + 0.01 0.59 0.22 0.11 0.08 0.10 + 0.02 0.14 0.03 0.08 0.06 0.08 + 0.02 0.08 0.01 0.04 0.02 0.04 + 0.01 0.06 0.02 0.06 0.04 0.04 - 0.01 0.23 0.04 0.07 0.06 0.06 - 0.01 0.30 0.06 0.07 0.06 0.06 - 0.02 0.10 0.05 0.25 0.22 0.24 - 0.01 0.43 0.12 0.20 0.15 0.15 - 0.03 0.40 0.04 0.09 0.07 0.09 + 0.01 0.09 0.05 0.23 0.20 0.21 - 0.01 0.34 0.07 0.17 0.13 0.16 + 0.02 0.25 0.12 0.13 0.11 0.13 + 0.01 0.18 0.08 0.08 0.00 0.07 - 0.01 0.18 0.07 1.55 1.44 1.46 - 0.07 1.81 1.02 1.97 1.86 1.88 - 0.06 2.23 1.20 0.29 0.04 0.28 - 0.05 0.72 0.24 0.22 0.03 0.22 - 0.06 0.54 0.20 0.18 0.14 0.16 - 0.03 0.71 0.14 0.15 0.00 0.13 - 0.03 0.56 0.10 0.00 0.00 0.00 - 0.00 0.01 0.00 0.73 0.71 0.73 + 0.02 0.80 0.40 0.04 0.03 0.04 - 0.00 0.09 0.03 0.25 0.23 0.25 + 0.01 0.57 0.12 0.12 0.10 0.10 - 0.01 0.24 0.07 0.37 0.31 0.32 - 0.02 0.50 0.14 0.08 0.06 0.07 + 0.01 0.11 0.03 0.06 0.05 0.06 - 0.00 0.08 0.02 1.51 1.45 1.50 + 0.02 2.95 1.44 1.19 1.14 1.15 - 0.02 2.28 1.11 0.11 0.10 0.11 + 0.01 0.21 0.10 0.15 0.12 0.13 - 0.01 0.33 0.12 0.05 0.04 0.05 + 0.01 0.10 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.05 0.06 - 0.06 0.17 0.03 0.06 0.05 0.05 - 0.02 0.06 0.01 0.09 0.06 0.09 + 0.02 0.13 0.05 0.09 0.08 0.08 - 0.00 0.16 0.04 0.12 0.00 0.12 - 0.04 0.15 0.04 0.05 0.04 0.05 + 0.01 0.06 0.03 0.18 0.17 0.18 + 0.00 0.18 0.06 0.23 0.19 0.22 + 0.01 0.24 0.08 0.09 0.07 0.09 + 0.01 0.13 0.06 0.12 0.10 0.11 - 0.01 0.18 0.09 0.59 0.53 0.54 - 0.04 2.24 0.25 0.75 0.66 0.69 - 0.03 2.76 0.19 0.05 0.04 0.05 - 0.01 0.08 0.04 0.02 0.00 0.02 + 0.01 0.04 0.01 0.16 0.12 0.13 + 0.02 0.22 0.03 0.12 0.09 0.12 + 0.03 0.17 0.02 0.19 0.00 0.19 + 0.01 0.31 0.18 4.80 3.98 4.42 - 0.34 8.11 3.96 0.33 0.30 0.31 - 0.03 0.38 0.14 0.18 0.10 0.12 - 0.03 0.18 0.05 0.12 0.08 0.09 - 0.02 0.12 0.04 0.20 0.19 0.19 - 0.01 0.39 0.18 0.20 0.18 0.20 + 0.01 0.29 0.13 0.25 0.23 0.24 + 0.01 0.35 0.03 1.89 1.77 1.83 + 0.04 2.99 1.56 0.42 0.39 0.39 - 0.01 0.66 0.20 0.52 0.48 0.50 - 0.01 0.87 0.26 0.07 0.05 0.07 + 0.01 0.19 0.05 0.07 0.05 0.06 + 0.01 0.12 0.03 3.91 3.70 3.72 - 0.13 6.78 3.63 0.02 0.01 0.01 + 0.01 0.05 0.01 0.05 0.03 0.03 - 0.01 0.23 0.00 0.03 0.02 0.02 + 0.00 0.23 0.01 0.08 0.07 0.07 - 0.01 0.17 0.06 0.15 0.13 0.15 + 0.01 0.18 0.08 0.30 0.27 0.27 - 0.04 0.66 0.08 0.04 0.03 0.04 + 0.01 0.06 0.02 3.29 3.20 3.20 - 0.10 4.37 2.25 0.05 0.04 0.05 - 0.01 0.20 0.04 0.08 0.06 0.07 + 0.01 0.09 0.04 0.07 0.00 0.07 + 0.02 0.09 0.03 8.10 7.20 7.40 - 0.80 9.35 4.60 10.27 9.24 9.37 - 0.99 11.95 6.13 0.43 0.41 0.42 - 0.01 0.80 0.32 0.34 0.31 0.33 - 0.01 0.60 0.24 0.14 0.11 0.11 - 0.02 0.25 0.11 0.15 0.15 0.15 - 0.02 0.35 0.13

I-Minerals* O 18 I-Minerals V 71 IAMGOLD T 6656 IAMGOLD* N 15694 Icon Explor V 5347 Iconic Mnls V 1660 IDM Mining* O 47 IEMR Res V 235 iMetal Res* O 118 iMetal Res V 2915 IMPACT Silver V 1057 Imperial Metal T 1602 Imperial Metal* O 178 Inca One Gold V 692 16 Inca One Gold* O Inception Mng * O 27 Indigo Expl V 3174 Inomin Mines V 493 Inspiration Mg* O 7 Inter-Rock Mnl* O 35 Inter-Rock Mnl V 80 Intercontinent* O 1 Intercontinent V 14 Intgr Egy Sol* O 14012 Intl Battery* O 207 Intl Bethl Mng V 935 Intl Cobalt* O 29 Intl Cobalt 3720 Intl Lithium* O 1188 Intl Lithium V 1572 Intl Montoro V 263 Intl Prospect V 26 Intl Samuel Ex V 1264 Intl Tower Hil* X 696 Intl Tower Hil T 270 Intrepid Pots* N 3860 INV Metals T 8 Inventus Mg * O 31 Inventus Mg V 251 InZinc Mining V 1233 InZinc Mining* O 99 Ireland* O 196 Irving Res* O 81 Irving Res 131 IsoEnergy Ltd V 599 Itafos* O 22 Itafos V 37 Itoco Mg Corp* O 405 Ivanhoe Mines T 5064 Ivanhoe Mines* O 916 Jaguar Mng* O 308 Jaguar Mng T 557 Japan Gold V 224 Japan Gold* O 230 Jaxon Mining* O 22 Jaxon Mining V 1749 Jayden Res V 738 Jayden Res* O 7 Jiminex V 273 Jiulian Res V 35 Jourdan Res V 463 Jubilee Gold V 5 K2 Gold V 323 K92 Mng Inc* O 454 K92 Mng Inc V 896 Kairos Cap V 481 Kaizen Discov V 386 Karmin Expl V 50 Karnalyte Res T 139

0.28 0.22 0.22 - 0.06 0.44 0.21 0.34 0.28 0.29 - 0.07 0.60 0.27 7.30 6.76 6.80 - 0.32 8.87 4.24 5.70 5.32 5.37 - 0.18 7.25 3.16 0.25 0.10 0.22 + 0.10 0.25 0.01 0.07 0.05 0.06 + 0.02 0.17 0.04 0.09 0.08 0.09 + 0.00 0.14 0.08 0.02 0.02 0.02 + 0.01 0.05 0.01 0.09 0.07 0.09 + 0.02 0.07 0.03 0.14 0.06 0.10 + 0.04 0.14 0.04 0.34 0.28 0.29 - 0.03 0.88 0.28 2.50 2.25 2.26 - 0.26 7.89 2.28 1.90 1.80 1.83 - 0.07 5.86 1.80 0.08 0.07 0.08 + 0.01 0.37 0.06 0.06 0.05 0.05 + 0.01 0.28 0.04 0.30 0.00 0.29 + 0.07 0.80 0.11 0.04 0.03 0.03 - 0.01 0.06 0.02 0.05 0.04 0.04 - 0.01 0.10 0.02 0.02 0.01 0.02 - 0.00 0.04 0.01 0.33 0.32 0.32 + 0.01 0.33 0.07 0.42 0.38 0.39 - 0.02 0.45 0.08 0.13 0.12 0.12 - 0.01 0.16 0.04 0.20 0.00 0.15 - 0.05 0.20 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.57 0.45 0.52 + 0.03 1.11 0.28 0.06 0.04 0.05 - 0.01 0.06 0.03 0.23 0.18 0.23 + 0.07 0.23 0.15 0.34 0.20 0.34 + 0.14 0.40 0.00 0.17 0.14 0.16 + 0.01 0.18 0.06 0.21 0.18 0.21 + 0.03 0.23 0.07 0.06 0.04 0.05 + 0.01 0.15 0.03 0.35 0.26 0.30 - 0.05 0.36 0.04 0.10 0.07 0.10 + 0.01 0.15 0.05 0.40 0.35 0.35 - 0.04 0.77 0.35 0.50 0.45 0.45 - 0.03 1.01 0.46 3.87 3.62 3.74 - 0.02 4.63 1.24 0.85 0.00 0.85 + 0.04 1.13 0.62 0.19 0.18 0.18 - 0.02 0.31 0.11 0.25 0.24 0.25 + 0.01 0.39 0.13 0.17 0.14 0.17 + 0.04 0.36 0.10 0.12 0.11 0.12 + 0.02 0.27 0.07 0.20 0.14 0.14 - 0.04 0.32 0.04 0.61 0.52 0.53 - 0.06 1.24 0.09 0.78 0.66 0.66 - 0.04 1.54 0.45 0.32 0.26 0.27 - 0.02 1.70 0.26 1.72 1.65 1.70 + 0.01 2.23 0.97 2.22 2.11 2.20 + 0.10 3.25 1.14 0.02 0.01 0.02 + 0.01 0.16 0.01 4.70 4.30 4.41 - 0.26 5.47 2.25 3.72 3.34 3.49 - 0.19 4.10 0.00 0.31 0.26 0.30 + 0.02 0.58 0.18 0.39 0.35 0.38 + 0.01 0.75 0.22 0.35 0.32 0.32 - 0.03 0.40 0.24 0.27 0.27 0.27 + 0.00 0.30 0.17 0.21 0.19 0.20 - 0.01 0.27 0.16 0.28 0.25 0.26 - 0.01 0.41 0.04 0.17 0.12 0.13 - 0.07 0.38 0.06 0.12 0.10 0.10 - 0.02 0.30 0.04 0.03 0.02 0.03 + 0.01 0.03 0.02 0.05 0.04 0.05 + 0.02 0.06 0.02 0.06 0.05 0.06 - 0.01 0.20 0.05 0.36 0.36 0.36 + 0.01 0.73 0.35 0.23 0.18 0.19 - 0.04 0.58 0.18 0.40 0.34 0.37 - 0.04 0.89 0.33 0.51 0.43 0.46 - 0.04 1.17 0.41 1.30 1.05 1.30 + 0.15 1.30 0.07 0.12 0.12 0.12 - 0.01 0.30 0.11 1.11 0.94 0.95 - 0.20 1.50 0.25 0.51 0.46 0.46 - 0.04 0.96 0.44

I-J-K

20-22_DEC11_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

KAT Expl* O 5000 Katanga Mng T 3688 Kenadyr Mining V 1160 Kenadyr Mining* O 102 Kennady Diam V 43 Kermode Res V 877 Kerr Mines* O 359 Kerr Mines T 1637 Kesselrun Res* O 42 Kesselrun Res V 560 Kestrel Gold V 1299 Khalkos Expl V 327 Khan Res 848 Kincora Copper V 133 Kings Bay Res* O 131 Kings Bay Res V 8644 Kingsmen Res V 55 Kinross Gold T 15453 Kinross Gold* N 49596 Kintavar Exp V 38 Kirkland Lake* N 3333 Kirkland Lake T 4885 Kitrinor Mtls V 222 Klondex Mines T 3287 Klondike Gold V 1144 Klondike Gold* O 314 Klondike Silv* O 200 Kombat Copper V 530 Komet Resource V 1241 O 90 Kootenay Silvr* Kootenay Zinc* O 324

0.00 0.00 0.00 - 0.00 0.00 0.00 1.28 1.14 1.19 + 0.10 1.44 0.12 0.14 0.11 0.11 - 0.03 1.00 0.11 0.11 0.08 0.09 - 0.02 1.45 0.09 2.80 2.53 2.57 - 0.18 4.40 2.48 0.02 0.01 0.02 + 0.01 0.02 0.01 0.28 0.22 0.24 - 0.02 0.34 0.07 0.35 0.29 0.31 - 0.02 0.41 0.09 0.10 0.08 0.09 - 0.01 0.17 0.06 0.15 0.12 0.14 - 0.01 0.23 0.08 0.07 0.05 0.05 - 0.02 0.19 0.02 0.08 0.06 0.07 - 0.01 0.19 0.06 0.12 0.10 0.10 - 0.03 0.17 0.03 0.34 0.31 0.32 - 0.03 0.65 0.26 0.12 0.00 0.09 + 0.02 0.15 0.05 0.16 0.09 0.13 + 0.04 0.21 0.08 0.11 0.10 0.10 + 0.01 0.20 0.09 5.52 5.18 5.19 - 0.21 6.29 3.87 4.31 4.07 4.09 - 0.13 4.91 2.88 0.13 0.10 0.11 - 0.02 0.35 0.10 14.92 13.94 14.44 + 0.48 15.19 5.24 19.02 17.92 18.34 + 0.68 19.06 6.33 7.00 6.02 6.75 + 0.15 7.98 1.00 3.25 3.00 3.01 - 0.13 7.73 2.75 0.32 0.28 0.31 + 0.02 0.60 0.14 0.25 0.21 0.25 + 0.01 0.49 0.10 0.03 0.03 0.03 - 0.01 0.09 0.03 0.40 0.32 0.39 + 0.02 0.70 0.21 0.38 0.33 0.37 + 0.02 0.45 0.31 0.15 0.14 0.14 - 0.01 0.29 0.14 0.06 0.04 0.06 + 0.02 0.59 0.01

Labdr Iron Mns* O 245 Labrador Iron T 894 Lake Victoria* O 157 Lamelee Iron V 48 Lara Expl V 159 Laramide Res T 1698 Largo Res* O 104 Largo Res T 585 Latin Am Mnls* O 77 Laurion Mnl Ex* O 145 Laurion Mnl Ex V 1041 Leading Edge* O 529 Leading Edge V 633 Leagold Mg* O 30 Leagold Mg T 274 Leeta Gold V 24210 Legend Gold V 115 Levon Res Ltd * O 135 Levon Res Ltd T 554 Libero Copper V 9 Liberty Gold* O 218 Liberty One Li* O 8938 Liberty One Li V 4980 LiCo Energy V 28012 LiCo Energy* O 20465 Lincoln Mng V 320 Lion One Mtls V 95 Lion One Mtls* O 80 Lithium Amer* O 1272 Lithium Amer T 4251 Lithium Corp* O 6012 Lithium Energi* O 26 Lithium Energi V 1007 Lithium Energy V 757 Lithium X Egy V 3791 Lithium X Egy* O 2831 LKA Gold* O 82 Lode-Star Mg* O 24 Logan Res* O 2 Lomiko Mtls* O 222 Loncor Res* O 2 Loncor Res T 89 Lone Star Gold* O 48 Lonmin plc* O 38 Lorraine Coppr V 298 LSC Lithium* O 115 Lucara Diam T 4308 Lucky Mnls * O 88 Lucky Mnls V 678 Lumina Gold V 491 Lumina Gold* O 88 Lund Enterpr V 115 Lundin Gold T 293 Lundin Mng T 95186 Lupaka Gold V 813 Lydian Intl* O 248 Lydian Intl T 1444 Lynas Corp* O 1214

0.02 0.01 0.01 + 0.00 0.10 0.00 23.54 21.88 23.40 + 0.83 23.03 15.10 0.00 0.00 0.00 - 0.00 0.01 0.00 0.35 0.00 0.35 + 0.10 0.35 0.14 0.80 0.65 0.68 + 0.02 1.23 0.50 0.43 0.36 0.36 - 0.05 0.74 0.21 0.89 0.82 0.85 - 0.01 1.08 0.26 1.16 1.04 1.05 - 0.05 1.35 0.34 0.07 0.06 0.07 + 0.01 0.18 0.06 0.03 0.02 0.03 + 0.02 0.05 0.01 0.04 0.03 0.04 - 0.01 0.06 0.01 0.49 0.41 0.45 + 0.01 0.71 0.33 0.62 0.53 0.55 - 0.02 0.93 0.46 2.32 2.10 2.22 - 0.10 2.80 1.76 2.98 2.71 2.76 - 0.17 3.48 2.27 4.15 3.03 3.45 + 0.62 6.75 0.09 0.36 0.35 0.35 + 0.01 0.40 0.10 0.25 0.22 0.23 - 0.01 0.39 0.18 0.32 0.29 0.29 - 0.03 0.51 0.25 0.07 0.07 0.07 - 0.01 0.22 0.07 0.35 0.31 0.33 + 0.01 0.51 0.27 1.33 0.90 1.23 + 0.35 1.95 0.37 1.69 1.15 1.53 + 0.38 2.49 0.31 0.20 0.09 0.17 + 0.08 0.24 0.08 0.90 0.07 0.13 + 0.06 0.90 0.06 0.03 0.00 0.03 - 0.01 0.11 0.03 0.67 0.52 0.59 - 0.04 0.96 0.45 0.54 0.40 0.47 - 0.07 0.71 0.36 10.95 9.71 10.45 + 0.79 10.95 2.68 14.06 12.48 13.30 + 0.96 14.06 3.55 0.29 0.17 0.28 + 0.02 0.39 0.05 0.62 0.56 0.56 - 0.07 0.75 0.07 0.79 0.70 0.74 - 0.05 0.97 0.07 0.07 0.06 0.06 - 0.02 0.11 0.04 2.02 1.85 2.01 + 0.03 2.37 1.40 1.59 1.39 1.58 + 0.02 1.87 1.03 0.30 0.16 0.24 + 0.06 0.68 0.15 0.03 0.03 0.03 + 0.00 0.10 0.02 0.03 0.02 0.02 - 0.01 0.07 0.02 0.08 0.07 0.08 + 0.01 0.32 0.07 0.06 0.06 0.06 + 0.00 0.14 0.05 0.10 0.00 0.10 + 0.02 0.20 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.96 0.79 0.84 - 0.09 2.39 0.79 0.10 0.07 0.10 + 0.01 0.12 0.06 1.27 1.19 1.26 + 0.01 1.27 1.09 2.55 2.42 2.50 + 0.04 3.35 2.18 0.13 0.09 0.12 + 0.01 0.18 0.03 0.16 0.12 0.15 + 0.02 0.23 0.09 0.67 0.63 0.65 + 0.01 1.20 0.60 0.52 0.50 0.50 + 0.01 0.89 0.46 0.14 0.12 0.12 - 0.02 0.18 0.09 4.90 4.36 4.44 - 0.43 6.50 4.57 9.48 7.06 7.22 - 2.31 10.22 6.30 0.18 0.12 0.18 + 0.03 0.23 0.11 0.30 0.27 0.29 - 0.00 0.32 0.22 0.37 0.36 0.37 + 0.02 0.41 0.28 0.19 0.12 0.19 + 0.03 0.19 0.04

M Macarthur Mnl* O 228 0.06 0.05 0.06 - 0.01 0.12 0.04 Macarthur Mnl V 4429 0.09 0.07 0.07 - 0.02 0.16 0.05 MacDonald Mns V 403 0.10 0.09 0.09 - 0.01 0.28 0.05 MacMillan Mnls V 34 1.85 1.76 1.79 + 0.04 1.85 1.15 MAG Silver T 885 14.31 0.00 13.56 - 0.50 21.99 12.75 Magellan Gold* O 747 0.05 0.03 0.04 + 0.01 0.28 0.03 Magna Terra V 253 0.05 0.05 0.05 - 0.01 0.09 0.03 Majestic Gold V 1980 0.06 0.05 0.05 - 0.01 0.12 0.05 Majestic Gold* O 2780 0.05 0.00 0.04 - 0.00 0.09 0.04 0.18 + 0.03 0.23 0.13 Makena Res 38 0.19 0.00 Malbex Res V 97 0.38 0.00 0.36 + 0.04 0.43 0.29 Mammoth Res V 864 0.16 0.12 0.16 + 0.01 0.16 0.05 Mandalay Res T 1569 0.31 0.00 0.31 + 0.01 0.99 0.28 Mandalay Res* O 302 0.24 0.22 0.23 + 0.00 0.72 0.21 Manganese X* O 39 0.13 0.11 0.12 + 0.01 0.19 0.07 Manitou Gold V 1262 0.14 0.10 0.13 + 0.02 0.20 0.05 Manson Creek V 249 0.22 0.18 0.22 - 0.02 0.25 0.02 Manson Creek* O 16 0.20 0.17 0.17 - 0.03 0.20 0.01 Maple Gold* O 598 0.21 0.17 0.21 + 0.03 0.21 0.17 Maple Gold V 2840 0.26 0.22 0.26 + 0.03 0.46 0.15 Marathon Gold* O 301 0.84 0.79 0.82 + 0.02 1.14 0.33 Marathon Gold T 1930 1.07 0.00 1.06 + 0.02 1.36 0.45 Marifil Mines V 227 0.06 0.05 0.05 + 0.01 0.13 0.03 Marifil Mines* O 19 0.04 0.03 0.03 - 0.01 0.04 0.02 Marlin Gold* O 432 0.67 0.61 0.64 + 0.05 0.87 0.36 Marlin Gold V 242 0.85 0.79 0.83 + 0.07 1.15 0.48 MartinMarietta* N 2632 209.02 200.27 202.65 - 3.25 244.32 191.09 O 278 2.28 1.95 2.07 + 0.05 2.47 0.83 Mason Graphite* Mason Graphite V 617 2.93 2.47 2.64 + 0.11 3.15 1.10 Mason Res* O 81 0.19 0.16 0.17 - 0.00 0.29 0.01 Matachewan Con V 67 0.30 0.27 0.28 - 0.01 0.35 0.21 Matamec Expl* O 67 0.02 0.02 0.02 + 0.00 0.06 0.02 0.31 + 0.12 0.35 0.01 Matica Ent 79785 0.35 0.20 Matica Ent* O 1248 0.27 0.15 0.24 + 0.09 0.27 0.02 Maverix Mtls* O 21 1.46 1.37 1.40 - 0.05 1.46 0.92 Mawson Res T 404 0.38 0.00 0.34 - 0.04 0.65 0.29 0.28 + 0.01 0.48 0.23 Mawson Res* O 50 0.30 0.27 MaxTech Vent 1749 0.60 0.42 0.58 + 0.11 0.63 0.14 MaxTech Vent* O 1852 0.48 0.33 0.46 + 0.09 0.48 0.13 0.00 - 0.00 0.04 0.00 Maxwell Res* O 224 0.00 0.00 Mazarin V 143 0.16 0.08 0.12 + 0.04 0.16 0.02 2.49 - 0.07 5.83 2.40 McEwen Mng T 884 2.62 0.00 McEwen Mng* N 9550 2.05 1.93 1.96 - 0.06 4.43 1.88 McLaren Res 75 0.08 0.05 0.08 + 0.03 0.14 0.01 0.17 - 0.01 0.70 0.09 MDN Inc* O 2 0.17 0.17 Meadow Bay Gd V 544 0.21 0.17 0.21 + 0.02 0.28 0.06 Meadow Bay Gd* O 60 0.16 0.00 0.16 + 0.01 0.18 0.04 Mechel* N 526 4.98 4.54 4.58 - 0.18 6.83 4.16 Medallion Res* O 83 0.15 0.11 0.12 - 0.01 0.17 0.08 Medallion Res V 125 0.16 0.00 0.16 - 0.03 0.28 0.08 Medgold Res V 196 0.18 0.16 0.18 + 0.02 0.25 0.13 Medinah Mnrls* O 16071 0.00 0.00 0.00 + 0.00 0.01 0.00 Mega Uranium T 3812 0.21 0.00 0.19 - 0.03 0.32 0.13 Mega Uranium* O 255 0.17 0.14 0.15 - 0.02 0.25 0.09 Melior Res V 691 0.13 0.10 0.10 - 0.04 0.15 0.02 Melkior Res V 1054 0.05 0.05 0.05 - 0.01 0.10 0.02 Meridian Mg V 60 0.69 0.58 0.58 - 0.10 1.54 0.35 Meryllion Res 9271 0.08 0.02 0.06 + 0.03 0.08 0.02 Meryllion Res* O 84 0.05 0.02 0.05 + 0.02 0.04 0.00 Mesa Expl V 22 0.05 0.04 0.05 + 0.01 0.12 0.04 Metalex Vent V 1150 0.10 0.05 0.06 + 0.02 0.10 0.04 Metalla Rylty* O 177 0.50 0.44 0.49 + 0.04 0.68 0.20 Metalla Rylty 341 0.62 0.57 0.62 + 0.04 0.88 0.26 Metallic Mnrls V 131 0.29 0.25 0.28 + 0.01 0.47 0.22 Metallic Mnrls* O 14 0.23 0.19 0.22 - 0.01 0.36 0.19 Metallis Res V 1486 1.35 1.02 1.17 - 0.11 2.75 0.11 Metalo Manuf 4 0.39 0.39 0.39 + 0.11 1.00 0.26 Metalore Res* O 1 2.16 2.00 2.01 + 0.01 3.96 1.20 Metals Creek* O 125 0.04 0.04 0.04 + 0.01 0.09 0.03 Metals X* O 4 0.78 0.75 0.78 - 0.01 0.81 0.41 0.75 - 0.01 1.29 0.45 Metanor Res V 518 0.78 0.72 Metanor Res* O 71 0.62 0.56 0.57 - 0.03 0.94 0.54 Mexican Gold* O 151 0.28 0.23 0.24 - 0.04 0.32 0.11 Mexus Gold* O 3988 0.04 0.03 0.04 - 0.00 0.24 0.03 MGX Minerals* O 914 0.85 0.72 0.74 - 0.05 2.12 0.25 MGX Minerals 4189 1.09 0.92 0.93 - 0.07 2.75 0.32 Midas Gold T 1162 0.69 0.00 0.61 - 0.08 0.99 0.62 Midas Gold* O 1435 0.55 0.43 0.46 - 0.08 0.75 0.02 Midasco Cap V 157 0.11 0.08 0.11 + 0.03 0.11 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Midland Expl V 20 Midnight Star 448 Midnight Sun V 667 Millennial Lit* O 860 Millennial Lit V 2360 Millrock Res* O 327 Millrock Res V 260 Milner Con Slv V 29 Minaurum Gold V 288 Minco Silver* O 60 Minco Silver T 231 Minera Alamos * O 86 Minera Alamos V 671 Minera IRL 108 Mineral Hill V 6 Mineral Mtn* O 279 Mineral Mtn V 1025 Mineworx Tech V 4013 O 1387 Mineworx Tech* Minfocus Expl V 854 Minnova Corp V 9 Miramont Res 375 Mirasol Res V 140 Mistango River 522 Mkango Res V 36 ML Gold Corp V 1003 Monarca Mnrls V 182 Monarca Mnrls* O 33 Monarques Res* O 48 Monarques Res V 1170 Moneta Porcpn* O 179 Moneta Porcpn T 1539 Monitor Vent* O 12 Monitor Vent V 16 Montego Res 868 Montero Mg&Ex V 544 Morien Res* O 23 Morien Res V 82 Morumbi Res* O 2 Mosaic* N 25077 Mountain Boy* O 519 Mountain Lake 7 Mountain Prov* D 446 Mountain Prov T 878 Mundoro Cap* O 85 Mundoro Cap V 176 Murchison Min 73 Mustang Mnrls* O 39 Mustang Mnrls V 441 MX Gold* O 822 MX Gold V 8617

0.94 0.91 0.93 - 0.01 1.20 0.87 0.18 0.14 0.18 + 0.04 0.18 0.08 0.35 0.28 0.33 + 0.03 0.54 0.14 3.40 2.66 3.18 + 0.74 3.40 0.88 4.38 3.37 4.05 + 0.91 4.38 1.20 0.22 0.20 0.20 + 0.00 0.50 0.19 0.29 0.25 0.25 - 0.02 0.64 0.25 0.06 0.05 0.06 + 0.01 0.06 0.03 0.26 0.23 0.26 + 0.02 0.38 0.09 0.57 0.47 0.56 + 0.01 1.23 0.47 0.73 0.00 0.70 + 0.01 1.74 0.59 0.14 0.12 0.12 - 0.02 0.18 0.10 0.18 0.15 0.16 - 0.02 0.24 0.12 0.13 0.12 0.13 + 0.01 0.22 0.06 0.30 0.25 0.25 - 0.05 0.34 0.17 0.27 0.23 0.27 + 0.05 0.31 0.13 0.37 0.28 0.34 + 0.04 0.41 0.15 0.18 0.16 0.18 - 0.01 0.18 0.05 0.15 0.12 0.14 + 0.01 0.15 0.05 0.02 0.01 0.02 + 0.01 0.03 0.01 0.61 0.55 0.55 - 0.02 0.90 0.55 0.65 0.50 0.60 + 0.07 0.65 0.20 1.90 1.74 1.76 - 0.04 2.28 1.18 0.05 0.02 0.03 + 0.01 0.05 0.01 0.11 0.00 0.10 - 0.04 0.19 0.04 0.12 0.10 0.12 + 0.01 0.29 0.10 0.10 0.08 0.08 - 0.02 0.28 0.08 0.08 0.07 0.07 - 0.01 0.14 0.06 0.23 0.20 0.23 - 0.01 0.38 0.20 0.30 0.26 0.27 - 0.02 0.49 0.25 0.14 0.13 0.14 - 0.01 0.22 0.10 0.19 0.00 0.17 - 0.01 0.30 0.13 0.27 0.19 0.22 - 0.06 0.81 0.00 0.44 0.00 0.28 - 0.02 1.13 0.13 0.43 0.33 0.41 - 0.01 0.70 0.10 0.49 0.16 0.35 + 0.19 0.49 0.12 0.42 0.40 0.40 - 0.03 0.56 0.30 0.57 0.52 0.53 + 0.01 0.74 0.37 0.57 0.56 0.56 - 0.02 1.26 0.45 24.71 23.46 24.28 + 0.43 34.36 19.23 0.08 0.06 0.07 - 0.00 0.09 0.03 0.05 0.00 0.05 - 0.01 0.09 0.02 2.85 2.45 2.75 - 0.10 5.45 2.45 3.56 0.00 3.50 - 0.05 6.94 3.35 0.11 0.09 0.11 - 0.00 0.22 0.09 0.14 0.12 0.13 - 0.01 0.30 0.12 0.20 0.18 0.18 - 0.02 0.30 0.13 0.27 0.20 0.24 - 0.04 0.36 0.04 0.34 0.25 0.32 + 0.04 0.48 0.05 0.09 0.06 0.06 - 0.02 0.20 0.06 0.11 0.08 0.08 - 0.03 0.26 0.08

NA Frac Sand* O 1499 NACCO Ind* N 245 Napier Vent V 48 Napier Vent* O 54 Natural Res Pt* N 154 Nautilus Mnrls T 285 Nautilus Mnrls* O 351 Navis Res Corp* O 0 Navis Res Corp 2 Nemaska Lith T 17845 Nemaska Lith* O 1910 Neo Lithium V 1397 Neometals* O 58 Nevada Canyon* O 417 Nevada Clean M V 289 Nevada Clean M* O 174 Nevada Copper T 232 Nevada Egy Mtl* O 72 Nevada Egy Mtl V 323 Nevada Expl * O 129 Nevada Expl V 167 Nevada Sunrise* O 251 Nevada Sunrise V 332 Nevado Res V 406 Nevsun Res T 2301 Nevsun Res* X 3572 New Carolin Gd V 3397 107 New Destiny Mg V New Dimen Res V 358 New Gold T 3580 New Gold* X 15501 New Guinea Gld* O 2573 212 New Jersey Mng* O New Milln Iron* O 240 New Milln Iron T 1832 New Nadina V 598 New Nadina* O 99 209 New Pac Metals V New Pac Metals* O 60 New World Res V 104 NewCastle Gold T 2396 NewCastle Gold* O 404 Newlox Gold 477 Newmont Mng* N 28164 Newport Expl V 158 NewRange Gold* O 153 NewRange Gold V 988 Nexco Res 80 Nexgen Energy* X 1650 Nexgen Energy T 5561 NextSource Mat T 2294 Nexus Gold* O 456 NGEx Res T 182 NGEx Res* O 26 Nickel North V 50 Nicola Mg Inc* O 283 Nicola Mg Inc V 1039 Nighthawk Gold* O 237 Nighthawk Gold T 653 Nikos Expl V 370 Niobay Metals V 569 Niocorp Dev T 473 Niocorp Dev* O 594 V 376 Nippon Dragon Nippon Dragon* O 373 Nitinat Mnls* O 0 Noble Metal Gr V 945 Noble Mnl Expl* O 12 Noble Mnl Expl V 1206 Noka Res* O 235 Noram Vent V 8328 Noram Vent* O 275 Noranda Alum* O 200 Noront Res V 1181 Nortec Mnls V 97 North Am Nickl* O 75 North Am Nickl V 926 20 North Am Pall T North Am Pall* O 15 North Arrow Mn* O 81 North Arrow Mn V 250 Northcliff Res T 175 Northern Uran V 286 Northn Empire* O 38 Northn Empire V 1275 Norvista Cap V 157 Nouveau Monde V 1422 NovaGold Res* X 5174 Novo Res* O 1967 Novo Res V 3239 NRG Metals* O 6794 NRG Metals V 8466 Nrthn Graphite V 479 Nrthn Graphite* O 551 Nrthn Mnrls &E* O 54 Nrthn Superior* O 7 Nrthn Vertex* O 118 Nrthn Vertex V 293 NSS Res Inc 606 Nthn Dynasty T 6925 Nthn Dynasty* X 17381 Nthrn Sphere* O 133 Nubian Res V 84 NuLegacy Gold* O 405 NuLegacy Gold V 560 Nunavik Nickel V 48 NV Gold V 111 NX Uranium* O 25 NxGold Ltd V 208 O.T. Mining* O 63 OceanaGold T 4267 OceanaGold* O 18 Oceanic Iron O V 25 Oceanus Res V 280 Oceanus Res* O 51 Olivut Res V 23 Olivut Res* O 21 Omineca Mg &Ml V 104 One World Min 316 Opawica Expl V 1501

0.01 0.01 0.01 - 0.00 0.09 0.01 47.55 42.30 42.70 - 3.65 96.30 23.80 0.46 0.41 0.46 + 0.03 0.54 0.27 0.35 0.32 0.32 - 0.04 0.44 0.23 25.65 24.50 25.15 - 0.28 45.60 22.81 0.20 0.00 0.18 - 0.01 0.28 0.14 0.15 0.14 0.15 - 0.01 0.21 0.10 0.29 0.00 0.29 - 0.04 2.00 0.13 0.95 0.00 0.95 + 0.56 2.50 0.33 2.06 0.00 2.01 + 0.20 2.06 0.95 1.68 1.42 1.57 + 0.12 1.68 0.70 2.40 2.00 2.06 - 0.29 2.45 0.85 0.36 0.31 0.31 - 0.05 0.37 0.20 0.20 0.13 0.16 + 0.03 0.20 0.13 0.05 0.04 0.04 - 0.01 0.08 0.04 0.04 0.03 0.03 - 0.01 0.08 0.03 0.80 0.00 0.80 + 0.02 0.84 0.41 0.15 0.13 0.15 + 0.01 0.88 0.10 0.19 0.17 0.17 - 0.01 1.10 0.15 0.31 0.25 0.26 - 0.04 0.35 0.21 0.38 0.33 0.34 - 0.04 0.46 0.27 0.15 0.11 0.12 - 0.02 0.28 0.09 0.19 0.16 0.16 - 0.02 0.36 0.12 0.04 0.03 0.03 - 0.01 0.10 0.02 3.04 0.00 2.98 - 0.10 4.63 2.49 2.46 2.22 2.35 - 0.09 3.52 1.96 0.03 0.02 0.03 - 0.01 0.08 0.02 0.14 0.13 0.13 - 0.01 0.22 0.13 0.06 0.00 0.06 + 0.02 0.17 0.04 4.06 0.00 3.96 - 0.07 5.79 3.11 3.21 3.03 3.13 - 0.04 4.41 2.39 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.13 0.13 + 0.00 0.17 0.09 0.07 0.06 0.06 - 0.01 0.27 0.06 0.09 0.00 0.08 - 0.01 0.36 0.08 3.85 3.15 3.42 + 0.22 4.60 0.08 3.00 2.46 2.76 + 0.15 3.60 0.06 1.65 1.40 1.60 + 0.04 1.65 0.60 1.28 1.09 1.25 + 0.08 1.28 0.45 0.11 0.10 0.10 - 0.01 0.16 0.08 0.81 0.00 0.78 - 0.02 1.12 0.52 0.64 0.60 0.62 - 0.02 0.86 0.39 0.08 0.07 0.08 + 0.01 0.08 0.02 37.61 36.32 37.19 + 0.51 39.63 30.40 0.24 0.22 0.24 + 0.01 0.32 0.19 0.31 0.25 0.29 - 0.00 0.59 0.07 0.38 0.32 0.38 + 0.01 0.75 0.08 0.50 0.32 0.32 - 0.03 0.50 0.15 2.56 2.27 2.35 - 0.23 3.40 1.43 3.20 0.00 2.97 - 0.22 4.45 1.84 0.07 0.00 0.07 + 0.01 0.11 0.06 0.06 0.05 0.05 - 0.01 0.27 0.05 1.07 0.00 1.05 - 0.10 1.45 0.75 0.84 0.80 0.83 - 0.05 1.05 0.58 0.04 0.03 0.04 + 0.01 0.06 0.02 0.13 0.12 0.13 - 0.01 0.23 0.11 0.17 0.16 0.16 - 0.01 0.30 0.14 0.57 0.48 0.55 + 0.06 0.97 0.27 0.73 0.00 0.68 + 0.08 1.15 0.36 0.21 0.17 0.19 - 0.03 0.22 0.04 0.21 0.15 0.19 - 0.03 0.97 0.11 0.47 0.00 0.45 - 0.04 0.89 0.39 0.38 0.33 0.36 - 0.01 0.81 0.31 0.05 0.05 0.05 + 0.01 0.11 0.05 0.04 0.00 0.04 - 0.00 0.09 0.03 0.03 0.00 0.03 - 0.00 0.04 0.03 0.02 0.01 0.01 - 0.01 0.02 0.01 0.12 0.11 0.12 + 0.01 0.15 0.03 0.15 0.13 0.14 - 0.02 0.19 0.03 0.24 0.19 0.24 - 0.01 0.30 0.02 0.08 0.06 0.08 + 0.01 0.08 0.03 0.06 0.05 0.06 + 0.01 0.06 0.02 0.05 0.01 0.02 + 0.00 0.05 0.01 0.29 0.27 0.29 + 0.02 0.52 0.22 0.11 0.08 0.11 + 0.03 0.18 0.05 0.08 0.06 0.07 - 0.01 0.08 0.04 0.10 0.08 0.09 - 0.01 0.12 0.06 7.77 0.00 7.50 - 0.34 9.49 4.65 6.25 5.71 6.05 - 0.14 7.60 3.51 0.16 0.15 0.15 - 0.03 0.23 0.13 0.21 0.20 0.20 + 0.01 0.40 0.16 0.16 0.00 0.13 - 0.01 0.23 0.09 0.02 0.01 0.01 - 0.01 0.03 0.01 0.78 0.71 0.71 - 0.03 0.78 0.47 1.05 0.91 0.91 - 0.03 1.05 0.33 0.14 0.11 0.11 - 0.03 0.19 0.11 0.50 0.42 0.49 + 0.05 0.54 0.21 3.97 3.82 3.86 + 0.01 6.21 3.77 4.29 3.43 3.89 - 0.44 7.08 0.49 5.50 4.37 4.91 - 0.54 8.83 0.66 0.49 0.36 0.46 + 0.03 0.49 0.07 0.61 0.49 0.58 + 0.08 0.61 0.09 0.54 0.49 0.53 + 0.01 0.70 0.19 0.42 0.38 0.42 + 0.01 0.55 0.14 0.03 0.02 0.02 - 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 4.63 0.02 0.43 0.34 0.41 + 0.04 0.57 0.28 0.55 0.44 0.54 + 0.05 0.70 0.36 0.46 0.20 0.45 + 0.30 0.46 0.05 2.65 0.00 2.65 + 0.03 4.54 1.43 2.07 1.85 2.04 - 0.03 3.45 1.06 0.15 0.09 0.15 + 0.05 0.32 0.08 0.34 0.00 0.24 + 0.04 0.38 0.10 0.16 0.14 0.15 + 0.01 0.26 0.00 0.20 0.18 0.19 + 0.01 0.35 0.16 0.13 0.00 0.13 + 0.01 0.17 0.07 0.34 0.32 0.32 - 0.07 0.48 0.17 0.02 0.00 0.02 + 0.01 0.04 0.01 0.25 0.18 0.25 + 0.02 0.72 0.18 0.12 0.04 0.12 - 0.06 0.29 0.03 3.47 0.00 3.32 - 0.12 5.00 3.24 2.72 2.50 2.53 - 0.15 3.60 2.36 0.11 0.00 0.11 + 0.01 0.35 0.06 0.34 0.29 0.31 - 0.02 0.36 0.15 0.26 0.23 0.23 - 0.03 0.29 0.12 0.11 0.10 0.11 - 0.01 0.22 0.08 0.08 0.07 0.08 + 0.00 0.17 0.06 0.04 0.00 0.03 - 0.01 0.07 0.03 0.20 0.15 0.16 - 0.02 0.75 0.13 0.05 0.03 0.05 + 0.02 0.15 0.02

N-O

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Opus One Res V 426 Orbite Tech* O 56 Orca Gold V 839 Orca Gold* O 140 Orefinders Res V 781 Orestone Mng V 8 Orex Mnrls* O 90 Orex Mnrls V 337 Orezone Gold V 277 Orezone Gold* O 100 Organic Potash 201 Original Sixtn* O 36 Orla Mng Ltd V 915 Orla Mng Ltd* O 143 Oro East Mg* O 30 Oroco Res V 709 Oroco Res* O 49 Orocobre T 982 Oroplata Res* O 294 Orosur Mng T 431 Orsu Metals V 33 Orsu Metals* O 42 Orvana Mnrls T 1894 Orvana Mnrls* O 481 T 1330 Osisko Gold Osisko Gold* N 2048 Osisko Metals V 209 Osisko Metals* O 5 Osisko Mng Inc T 1974 Otis Gold V 659 Otis Gold* O 126 OZ Minerals* O 4

0.08 0.06 0.07 - 0.01 0.15 0.06 0.06 0.05 0.05 - 0.01 0.29 0.00 0.64 0.53 0.59 - 0.05 0.74 0.31 0.51 0.41 0.44 - 0.04 0.56 0.20 0.09 0.06 0.08 + 0.01 0.11 0.04 0.09 0.00 0.09 - 0.01 0.13 0.05 0.09 0.09 0.09 - 0.00 0.36 0.08 0.13 0.12 0.12 - 0.01 0.49 0.10 0.75 0.68 0.70 - 0.02 0.85 0.42 0.59 0.54 0.55 - 0.06 0.63 0.31 0.04 0.02 0.04 + 0.02 0.05 0.01 0.12 0.10 0.12 + 0.02 0.12 0.00 1.68 1.48 1.62 + 0.13 1.68 1.04 1.24 1.13 1.24 + 0.11 1.18 0.88 0.01 0.01 0.01 + 0.00 0.02 0.01 0.09 0.07 0.09 + 0.01 0.10 0.02 0.07 0.06 0.06 - 0.01 0.07 0.01 6.23 0.00 6.09 + 0.09 6.23 2.73 0.14 0.11 0.12 - 0.01 0.35 0.10 0.21 0.00 0.19 - 0.05 0.32 0.19 0.26 0.22 0.22 - 0.02 0.45 0.13 0.20 0.00 0.20 - 0.01 0.22 0.11 0.20 0.00 0.19 - 0.01 0.33 0.17 0.16 0.14 0.15 - 0.00 0.25 0.14 15.44 0.00 14.98 - 0.45 17.58 11.90 12.19 11.67 11.78 - 0.25 14.39 8.88 0.94 0.86 0.88 - 0.07 1.74 0.21 0.72 0.69 0.70 - 0.10 1.33 0.69 3.86 0.00 3.70 + 0.07 5.65 2.08 0.25 0.20 0.21 - 0.05 0.39 0.20 0.19 0.17 0.17 - 0.03 0.29 0.16 6.56 6.36 6.36 - 0.20 7.39 4.70

Pac Arc Res V 32 Pac Bay Mnrls V 220 Pac Booker Min* O 31 Pac Booker Min V 12 Pac Imperial V 583 V 79 Pac Iron Ore Pac North West* O 150 Pac North West V 2413 Pac Topaz V 240 Pacific Rim 1764 Pacton Gold V 4968 Paladin Energy* O 2112 Palamina Corp* O 67 Palamina Corp V 162 Pan Am Silver* D 5948 Pan Am Silver T 1037 Pan Global Res V 180 Pancontinental* O 76 Pancontinental V 188 Pangolin Dia V 287 Panoro Mnrls V 588 Pantheon Vent V 395 Para Resources V 114 Parallel Mng V 404 Paramount Gold* X 674 Paringa Res* O 2 Parlane Res V 157 Pasinex Res 539 Patriot Gold* O 82 Peabody Enrgy* N 6707 Peat Res V 241 Pedro Res V 100 Pelangio Expl* O 184 Pele Mtn Res* O 47 Peloton Mnrls* O 77 Perseus Mng T 280 Pershing Gold T 3 Pershing Gold* D 586 Petra Diamonds* O 7 Philippine Mtl V 28 Pine Cliff En* O 138 Pine Cliff En T 3729 Pinecrest Res V 16 Pistol Bay Mng V 4591 Pistol Bay Mng* O 165 PJSC Polyus Gd* O 2 PJX Res V 118 Plata Latina V 887 Plateau Uran* O 339 Plateau Uran V 842 Platinex Inc 2406 Platinum Gp Mt T 694 Platinum Gp Mt* X 4162 Playfair Mng V 347 Playfair Mng* O 1 PolyMet Mng* X 2004 PolyMet Mng T 117 Potash Corp SK* N 20071 Potash Corp SK T 7318 Potash Ridge T 4071 Potash Ridge* O 225 Power Metals* O 593 Power Metals V 4956 PPX Mining V 1061 PPX Mining* O 103 Precipitate Gl V 1441 Premier Gold M T 2514 Premium Expl* O 11 Pretium Res T 1934 Pretium Res* N 7492 Primero Mng T 1406 Primero Mng* O 1075 Prism Res V 66 Prize Mng* O 72 Prize Mng V 1285 Probe Metals* O 303 Probe Metals V 307 Prophecy Coal* O 6 Prospector Res V 650 Prosper Gold V 279 Prospero Silvr V 114 Provenance Gld 83 Providence V 112 PUF Vent Inc 18159 PUF Vent Inc * O 1256 Puma Expl V 682 Pure Energy V 2313 Pure Energy* O 1454 Pure Gold Mg V 435 Pure Gold Mg* O 139 Pure Nickel V 305 Purepoint Uran V 2157 QMC Qntm Ml V 9442 QMC Qntm Ml* O 11501 QMX Gold V 893 Quantum Cobalt 2074 Quaterra Res* O 1284 Quinto Res V 604

0.29 0.23 0.29 + 0.04 0.30 0.09 0.05 0.03 0.05 + 0.02 0.07 0.03 0.80 0.66 0.66 - 0.14 0.99 0.35 1.03 0.00 0.93 - 0.10 1.44 0.42 0.03 0.02 0.02 - 0.01 0.04 0.01 0.15 0.12 0.12 - 0.03 0.23 0.12 0.06 0.05 0.06 + 0.01 0.10 0.04 0.09 0.06 0.08 + 0.03 0.15 0.05 0.16 0.00 0.16 + 0.05 0.23 0.10 1.30 1.03 1.27 + 0.09 1.30 0.33 0.32 0.24 0.32 + 0.03 0.40 0.04 0.04 0.02 0.04 + 0.02 0.13 0.00 0.16 0.00 0.16 + 0.03 0.19 0.10 0.24 0.18 0.21 + 0.03 0.26 0.14 15.50 14.74 14.87 - 0.38 21.29 14.05 19.62 0.00 18.88 - 0.67 27.99 18.31 0.20 0.17 0.18 - 0.02 0.20 0.05 0.03 0.02 0.03 - 0.00 0.07 0.01 0.05 0.03 0.05 + 0.01 0.10 0.02 0.05 0.04 0.05 - 0.01 0.09 0.04 0.40 0.35 0.38 - 0.02 0.48 0.15 0.10 0.09 0.09 - 0.01 0.26 0.08 0.15 0.14 0.14 - 0.01 0.27 0.13 0.07 0.07 0.07 - 0.01 0.16 0.06 1.43 1.23 1.29 + 0.04 2.10 1.16 0.41 0.00 0.31 - 0.10 0.50 0.26 0.17 0.12 0.12 - 0.04 0.23 0.10 0.31 0.24 0.24 - 0.07 0.34 0.10 0.09 0.08 0.09 - 0.01 0.14 0.07 34.37 31.84 33.90 + 1.21 34.37 22.58 0.03 0.02 0.03 + 0.01 0.03 0.01 0.36 0.33 0.36 + 0.03 1.05 0.13 0.03 0.03 0.03 - 0.00 0.05 0.02 0.18 0.03 0.18 + 0.09 0.40 0.01 0.06 0.00 0.06 - 0.01 0.08 0.04 0.33 0.00 0.31 - 0.01 0.59 0.27 3.75 0.00 3.55 + 0.03 5.05 3.40 2.95 2.66 2.81 + 0.03 3.72 2.60 0.89 0.85 0.85 - 0.05 2.12 0.85 0.09 0.07 0.07 - 0.02 0.16 0.03 0.44 0.41 0.43 - 0.02 0.89 0.39 0.53 0.00 0.51 - 0.04 1.22 0.49 0.33 0.00 0.33 + 0.02 0.56 0.16 0.06 0.04 0.05 + 0.01 0.12 0.04 0.04 0.03 0.03 - 0.01 0.08 0.03 43.00 0.00 42.00 - 1.00 50.23 31.83 0.16 0.12 0.12 - 0.03 0.27 0.11 0.04 0.03 0.03 - 0.01 0.06 0.03 0.55 0.37 0.41 - 0.10 0.55 0.14 0.69 0.48 0.55 - 0.11 0.71 0.19 0.15 0.11 0.14 - 0.01 0.23 0.05 0.46 0.00 0.43 + 0.02 3.19 0.40 0.36 0.32 0.34 - 0.02 2.45 0.32 0.07 0.00 0.07 + 0.01 0.12 0.05 0.05 0.05 0.05 - 0.00 0.09 0.03 0.70 0.60 0.63 + 0.02 0.97 0.57 0.87 0.00 0.80 + 0.05 1.27 0.71 19.90 19.15 19.65 + 0.24 20.27 15.74 25.40 0.00 24.93 + 0.23 26.62 20.68 0.15 0.00 0.13 - 0.01 0.32 0.09 0.10 0.10 0.10 - 0.02 0.24 0.07 0.67 0.43 0.51 - 0.14 0.67 0.10 0.85 0.55 0.66 - 0.16 0.85 0.08 0.10 0.08 0.09 - 0.01 0.12 0.05 0.08 0.06 0.06 + 0.00 0.09 0.04 0.08 0.06 0.08 + 0.01 0.23 0.06 3.67 0.00 3.51 + 0.01 4.13 1.87 0.00 0.00 0.00 + 0.00 0.03 0.00 14.74 0.00 13.61 - 0.64 16.48 9.17 11.52 10.57 10.74 - 0.34 12.53 6.82 0.10 0.00 0.09 + 0.01 1.28 0.08 0.08 0.07 0.07 - 0.00 0.97 0.06 0.14 0.13 0.13 - 0.04 0.25 0.13 0.32 0.27 0.28 - 0.02 0.52 0.21 0.41 0.34 0.37 - 0.03 0.72 0.25 1.12 1.05 1.10 - 0.05 1.42 0.75 1.43 1.35 1.37 - 0.08 1.74 1.02 3.80 0.00 3.60 - 0.18 5.17 2.21 1.00 0.86 0.86 - 0.09 1.90 0.45 0.09 0.09 0.09 - 0.01 0.25 0.08 0.16 0.14 0.14 - 0.03 0.36 0.14 0.33 0.00 0.33 + 0.13 0.40 0.08 0.17 0.00 0.17 + 0.01 0.27 0.07 1.15 0.66 0.99 + 0.34 1.15 0.20 0.90 0.52 0.78 + 0.26 0.90 0.15 0.09 0.09 0.09 - 0.01 0.13 0.05 0.49 0.42 0.43 - 0.02 0.75 0.42 0.38 0.32 0.34 - 0.01 0.57 0.33 0.51 0.48 0.50 + 0.02 0.72 0.40 0.40 0.37 0.40 + 0.02 0.55 0.29 0.03 0.00 0.02 - 0.01 0.03 0.01 0.09 0.08 0.09 - 0.01 0.19 0.06 1.85 0.78 1.34 - 0.02 1.85 0.04 1.46 0.60 1.05 - 0.05 1.46 0.02 0.32 0.29 0.31 + 0.01 0.40 0.10 1.82 1.46 1.79 + 0.37 1.90 0.03 0.06 0.05 0.05 - 0.00 0.13 0.04 0.10 0.09 0.10 + 0.01 0.16 0.05

Radius Gold V 243 Rainforest Res* O 2 Rainy Mtn Royl* O 201 Rambler Ml &Mg V 1067 Randgold Res* D 2608 Rare Element* O 615 Rathdowney Res V 276 Ravencrest Res 184 150 Razore Rock Res RB Energy* O 119 Red Eagle Mng* O 27 Red Eagle Mng T 909 Red Moon Res V 263 Red Oak Mg V 88 Redstar Gold* O 228 Redzone Res V 37 Regulus Res V 156 Remington Res V 42 Renaissance Gd* O 169 Renaissance Gd V 254 Renforth Res 1426 Resolve Vent V 8101 Resource Cap* O 223 Resource Cap V 531 Reunion Gold V 3032 Revival Gold V 97 Revival Gold * O 25 Rhyolite Res V 54 Rift Valley 29 Rimrock Gold* O 163550 Rio Tinto* O 4 Rio Tinto* N 10032 Riverside Res V 107 Riverside Res* O 67 Rizal Res V 154 Rock Tech Lith* O 9 Rock Tech Lith V 113 Rockcliff Met V 343

0.11 0.10 0.11 + 0.01 0.17 0.09 6.90 0.00 6.90 + 0.65 7.30 1.00 0.05 0.00 0.03 - 0.01 0.14 0.03 0.13 0.12 0.13 + 0.01 0.22 0.11 98.13 90.41 91.72 - 4.95 108.29 67.54 0.31 0.20 0.26 + 0.03 0.53 0.03 0.18 0.14 0.15 - 0.01 0.33 0.13 1.95 1.66 1.88 + 0.10 2.10 0.02 0.13 0.05 0.13 + 0.05 0.18 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.24 0.00 0.23 - 0.01 0.68 0.17 0.31 0.00 0.31 + 0.01 0.88 0.23 0.08 0.05 0.05 - 0.01 0.08 0.03 0.21 0.00 0.20 - 0.01 0.25 0.05 0.08 0.07 0.07 - 0.01 0.12 0.05 0.14 0.13 0.13 - 0.01 0.27 0.10 2.21 1.86 1.91 - 0.19 3.00 1.15 0.53 0.45 0.48 - 0.05 1.80 0.40 0.21 0.00 0.19 - 0.03 0.38 0.18 0.28 0.24 0.24 - 0.03 0.48 0.24 0.05 0.04 0.05 - 0.01 0.09 0.03 0.12 0.07 0.08 - 0.01 0.12 0.02 0.10 0.07 0.10 + 0.03 0.25 0.07 0.12 0.10 0.12 + 0.01 0.35 0.10 0.16 0.13 0.16 + 0.02 0.17 0.04 0.83 0.75 0.80 + 0.01 0.86 0.08 0.65 0.59 0.63 + 0.01 0.70 0.52 0.40 0.30 0.30 - 0.02 0.40 0.11 0.12 0.11 0.11 - 0.03 0.15 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 48.75 47.39 47.39 + 0.49 49.90 37.20 49.62 47.63 48.30 - 1.13 50.77 37.66 0.30 0.27 0.28 - 0.01 0.60 0.26 0.24 0.21 0.21 - 0.01 0.46 0.20 0.04 0.00 0.03 - 0.01 0.06 0.02 1.47 1.38 1.43 + 0.04 1.66 0.59 1.92 1.76 1.90 + 0.19 2.16 0.75 0.09 0.07 0.07 - 0.01 0.13 0.06

P-Q

2017-12-05 1:40 PM

WWW.NORTHERNMINER.COM

DECEMBER 11–24, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Rockex Mng 6 Rockhaven Res V 197 Rockshield Cap 735 Rockwealth Res V 46 Rodinia Lithm V 116 Rogue Res V 19 Rojo Res V 170 V 949 Rokmaster Res Romios Gold Rs* O 160 237 Romios Gold Rs V Rosita Mg Corp V 3026 Ross River V 539 Rotation Mnls V 40 Roughrider Exp V 466 Roxgold* O 130 T 1640 Roxgold Royal Gold* D 2238 Royal Nickel T 3388 Royal Nickel* O 83 Royal Rd Mnrls V 884 Royal Sapphire V 208 RT Minerals* O 4 RT Minerals V 308 RTG Mining T 77 Rubicon Mnrls T 130 Rubicon Mnrls* O 24 Rugby Mng V 272 Running Fox Rs* O 75 Rupert Res V 627 Rusoro Mng* O 8092 Rusoro Mng V 1545 Rye Patch Gold* O 1047 Rye Patch Gold V 2967

0.01 0.00 0.01 - 0.01 0.06 0.01 0.16 0.14 0.14 - 0.01 0.22 0.12 0.21 0.17 0.18 - 0.01 0.29 0.05 0.21 0.00 0.19 - 0.03 0.30 0.15 0.13 0.11 0.11 - 0.01 0.14 0.08 0.23 0.20 0.20 - 0.02 0.74 0.18 0.40 0.30 0.40 + 0.17 0.50 0.23 0.03 0.03 0.03 + 0.01 0.08 0.03 0.06 0.05 0.06 + 0.01 0.07 0.03 0.07 0.00 0.07 + 0.01 0.08 0.04 0.06 0.03 0.05 + 0.02 0.07 0.02 0.01 0.01 0.01 + 0.01 0.01 0.01 0.28 0.22 0.22 - 0.06 0.45 0.12 0.08 0.06 0.06 - 0.02 0.12 0.04 0.93 0.91 0.92 + 0.01 1.27 0.78 1.22 0.00 1.17 - 0.04 1.67 1.03 87.72 81.46 82.86 - 3.95 94.39 60.21 0.17 0.00 0.16 - 0.01 0.39 0.16 0.14 0.12 0.13 - 0.00 0.30 0.12 0.15 0.11 0.13 + 0.02 0.15 0.06 0.14 0.07 0.14 + 0.03 1.40 0.07 0.03 0.03 0.03 + 0.01 0.10 0.03 0.04 0.04 0.04 + 0.01 0.15 0.04 0.13 0.10 0.12 + 0.02 0.34 0.10 1.40 0.00 1.33 - 0.06 2.39 1.27 1.15 0.00 1.07 + 0.01 1.48 1.00 0.33 0.26 0.30 - 0.01 0.50 0.23 0.02 0.01 0.01 - 0.00 0.02 0.01 0.90 0.75 0.78 - 0.07 1.47 0.60 0.06 0.06 0.06 + 0.00 0.19 0.06 0.08 0.07 0.08 + 0.01 0.26 0.07 0.19 0.16 0.18 + 0.02 0.27 0.14 0.24 0.21 0.23 + 0.02 0.37 0.18

Sabina Gd&Slvr T 999 Sabina Gd&Slvr* O 420 Sable Res V 1065 Sage Gold* O 16 Sage Gold V 602 Saint Jean* O 24 Salazar Res V 123 Sama Res* O 14 Sama Res V 1304 Samex Mng* O 8 San Marco Res V 79 San Marco Res* O 17 Sandspring Res V 405 Sandspring Res* O 303 X 4010 Sandstorm Gold* Sandstorm Gold T 1417 Sandy Lake Gld V 122 Santa Fe Gold* O 511 Santacruz Silv V 2094 Sarama Res V 517 Sarissa Res* O 67 Satori Res V 805 Saturn Mnrls V 688 Savary Gold V 153 Savary Gold* O 39 Saville Res V 1478 Scandium Intl* O 454 Scorpio Gold V 6955 Seabridge Gld T 248 Seabridge Gld* N 1355 Searchlight* O 998 Secova Mtls* O 60 Sego Res V 33 Select Sands V 1202 T 3577 Semafo Senator Mnrls* O 50 Senator Mnrls V 85 Serabi Gold T 281 Serengeti Res V 57 Shamrock Ent 105 Sherritt Intl T 5132 Shore Gold T 2022 Sidney Resrces* O 360 Sienna Res V 2255 Sienna Res* O 50 Sierra Metals* X 67 Sierra Metals T 40 Silver Bear Rs* O 582 Silver Bull Re* O 3441 Silver Bull Re T 6428 Silver Dragon* O 6866 Silver Grail V 5 Silver Predatr V 37 Silver Pursuit* O 1 Silver Pursuit V 226 Silver Range V 58 Silver Scott* O 20 Silver Spruce V 383 Silver Viper V 165 Silver Wheaton T 5874 Silver Wheaton* N 11159 Silvercorp Met T 1242 Silvercorp Met* X 992 O 188 SilverCrest Mt* SilverCrest Mt V 715 Sirios Res V 803

2.36 0.00 2.20 - 0.10 2.70 0.84 1.87 1.71 1.72 - 0.10 2.17 0.61 0.18 0.16 0.17 + 0.02 0.20 0.11 0.14 0.14 0.14 - 0.00 0.20 0.08 0.18 0.16 0.16 - 0.01 0.27 0.11 0.04 0.02 0.03 - 0.00 0.26 0.02 0.14 0.12 0.12 - 0.02 0.18 0.08 0.24 0.22 0.22 - 0.02 0.34 0.05 0.30 0.26 0.28 - 0.03 0.44 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.14 0.15 - 0.01 0.27 0.13 0.12 0.11 0.12 + 0.00 0.20 0.10 0.31 0.28 0.30 + 0.01 0.67 0.27 0.24 0.22 0.24 + 0.01 0.51 0.21 4.60 4.31 4.43 - 0.10 5.18 3.18 5.74 0.00 5.64 - 0.23 6.81 4.29 0.06 0.00 0.06 + 0.01 0.13 0.04 0.10 0.08 0.09 - 0.00 0.23 0.03 0.13 0.10 0.10 - 0.02 0.43 0.10 0.10 0.09 0.09 - 0.01 0.29 0.09 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.07 0.10 + 0.01 0.30 0.07 0.13 0.12 0.13 - 0.01 0.15 0.07 0.06 0.05 0.05 - 0.01 0.12 0.05 0.04 0.04 0.04 + 0.01 0.09 0.03 0.09 0.06 0.09 + 0.03 0.40 0.06 0.20 0.17 0.20 + 0.01 0.35 0.17 0.04 0.03 0.03 - 0.01 0.15 0.02 14.34 0.00 13.91 - 0.25 17.65 9.99 11.20 10.65 10.90 - 0.15 13.70 7.35 0.02 0.01 0.01 + 0.00 0.13 0.01 0.03 0.02 0.03 + 0.00 0.09 0.02 0.08 0.00 0.08 + 0.01 0.09 0.02 0.43 0.38 0.40 - 0.04 2.04 0.38 3.40 0.00 3.14 - 0.28 5.24 2.68 0.44 0.43 0.44 - 0.10 1.57 0.43 0.60 0.49 0.55 + 0.04 1.99 0.35 0.07 0.05 0.05 - 0.02 0.10 0.05 0.17 0.16 0.16 + 0.01 0.26 0.11 0.05 0.04 0.04 - 0.01 0.06 0.02 1.39 0.00 1.36 + 0.02 1.67 0.74 0.18 0.00 0.17 - 0.01 0.44 0.16 0.01 0.00 0.01 + 0.00 0.02 0.00 0.22 0.17 0.21 + 0.03 0.22 0.09 0.16 0.13 0.16 + 0.03 0.16 0.07 2.53 2.34 2.40 + 0.01 3.10 1.46 3.25 2.95 3.05 + 0.01 3.75 1.90 0.15 0.11 0.13 - 0.01 0.38 0.08 0.16 0.12 0.14 - 0.00 0.16 0.06 0.20 0.00 0.17 - 0.01 0.21 0.08 0.02 0.01 0.02 + 0.00 0.03 0.01 0.06 0.06 0.06 - 0.01 0.13 0.05 0.19 0.15 0.19 + 0.04 0.40 0.13 0.14 0.13 0.13 - 0.01 0.15 0.13 0.20 0.15 0.20 + 0.01 0.23 0.10 0.16 0.14 0.15 - 0.01 0.29 0.10 0.01 0.00 0.01 - 0.01 0.04 0.01 0.06 0.05 0.06 + 0.01 0.12 0.05 0.17 0.15 0.16 - 0.01 0.30 0.15 27.29 0.00 26.62 - 0.63 30.32 22.63 21.51 20.45 20.98 - 0.26 23.06 16.94 3.23 0.00 3.03 - 0.27 5.90 2.82 2.60 2.37 2.38 - 0.15 4.50 2.07 1.11 0.87 1.09 + 0.17 2.10 0.84 1.40 1.12 1.37 + 0.22 2.79 1.05 0.29 0.26 0.27 - 0.02 0.56 0.25

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sirios Res* O 47 Skeena Res* O 72 Skeena Res V 288 Skyharbour Res V 294 O 164 Skyharbour Res* Slam Explor* O 48 Slam Explor V 2280 V 149 Sojourn Explor Sokoman Iron V 1259 Sokoman Iron* O 292 SolGold plc T 970 SolGold plc* O 455 Solitario Ex&R T 154 Solitario Ex&R* X 476 108 Sonora Gld & S V Sonora Res * O 170 Sonoro Mtls V 129 N 6139 Southern Copp* Southern Silvr V 318 Southern Silvr* O 258 SouthGobi Res T 12 Spanish Mtn Gd* O 652 983 Spanish Mtn Gd V Sparton Res V 2429 Sparton Res* O 65 Spearmint Res* O 304 Spearmint Res V 3403 Sphinx Res V 575 Sprott Res Hld T 2417 SRG Graphite V 318 SSR Mining T 1537 SSR Mining* D 3935 St Augustine T 180 321 St Elias Mns* O St-Georges Plt* O 332 Stakeholdr Gld V 72 O 10 Stakeholdr Gld* Standard Graph* O 224 Stans Energy V 495 Stans Energy* O 137 Star Gold* O 12 Starcore Intl T 117 Steele Oceanic* O 0 Stellar Africa V 323 Stelmine Can V 79 Stina Res* O 234 Stina Res 1430 O 28 Stornoway Diam* Stornoway Diam T 1956 Stratabd Mnr V 244 Strateco Res* O 583 Strategic Metl* O 140 Strategic Metl V 240 Stria Lithium V 1007 Strikepoint Gd V 296 Strikepoint Gd* O 20 Strongbow Expl V 673 Sulliden Mng T 115 Suncor Energy T 13287 Suncor Energy* N 16016 Sunvest Mnrls* O 8 Sunvest Mnrls V 662 Superior Gold V 603 Superior Gold* O 16 Superior Mng V 40 Superior Mng* O 1 Supreme Metals 5615 Sutter Gold V 41 Sutter Gold* O 484 Syrah Res* O 168

0.23 0.00 0.21 - 0.03 0.42 0.21 0.53 0.48 0.49 - 0.02 0.77 0.27 0.68 0.60 0.60 - 0.05 1.05 0.40 0.47 0.40 0.42 - 0.04 0.70 0.25 0.37 0.31 0.33 - 0.03 0.54 0.19 0.05 0.02 0.05 + 0.03 0.05 0.02 0.07 0.04 0.06 + 0.02 0.11 0.03 0.18 0.16 0.16 - 0.01 0.30 0.09 0.07 0.05 0.06 - 0.01 0.12 0.03 0.05 0.04 0.04 - 0.00 0.08 0.02 0.50 0.00 0.49 - 0.02 0.95 0.42 0.44 0.35 0.39 - 0.01 0.63 0.30 0.82 0.00 0.76 - 0.03 1.21 0.70 0.66 0.57 0.61 - 0.04 0.91 0.55 0.09 0.00 0.09 + 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.12 0.12 - 0.03 0.16 0.08 44.20 41.43 42.76 - 1.37 44.69 31.55 0.28 0.25 0.26 - 0.03 0.60 0.24 0.23 0.19 0.22 - 0.02 0.46 0.19 0.17 0.00 0.17 - 0.04 0.47 0.12 0.09 0.08 0.09 + 0.00 0.17 0.06 0.12 0.10 0.11 + 0.01 0.23 0.09 0.11 0.08 0.10 - 0.01 0.14 0.03 0.09 0.07 0.07 - 0.02 0.11 0.02 0.03 0.02 0.03 + 0.00 0.05 0.02 0.05 0.04 0.05 + 0.01 0.06 0.02 0.06 0.05 0.05 - 0.01 0.08 0.04 0.15 0.00 0.14 + 0.01 0.23 0.13 1.55 1.17 1.55 + 0.22 1.69 0.15 11.04 0.00 10.64 - 0.34 16.11 10.32 8.66 8.27 8.38 - 0.21 11.40 8.27 0.03 0.00 0.03 - 0.01 0.06 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.05 0.07 - 0.00 0.10 0.01 0.27 0.24 0.27 - 0.01 0.53 0.19 0.20 0.00 0.18 - 0.02 0.43 0.17 0.23 0.18 0.22 + 0.04 0.23 0.05 0.05 0.04 0.04 - 0.01 0.08 0.03 0.04 0.02 0.03 - 0.00 0.06 0.02 0.06 0.05 0.06 + 0.00 0.16 0.04 0.27 0.00 0.26 - 0.01 0.65 0.26 1.15 0.00 1.15 + 0.02 15.20 1.01 0.04 0.04 0.04 + 0.01 0.07 0.03 0.24 0.21 0.21 - 0.03 0.34 0.17 0.27 0.21 0.22 - 0.02 0.28 0.05 0.34 0.27 0.28 - 0.02 0.36 0.07 0.57 0.00 0.54 - 0.01 0.79 0.47 0.71 0.00 0.69 - 0.03 1.07 0.60 0.04 0.03 0.03 - 0.01 0.05 0.01 0.01 0.00 0.01 - 0.00 0.07 0.00 0.34 0.31 0.33 + 0.00 0.54 0.28 0.44 0.41 0.43 + 0.01 0.73 0.37 0.06 0.05 0.05 - 0.01 0.10 0.03 0.16 0.15 0.15 - 0.01 0.67 0.15 0.13 0.00 0.13 + 0.01 0.47 0.11 0.17 0.16 0.16 - 0.02 0.27 0.13 0.42 0.00 0.40 - 0.03 0.44 0.18 45.07 0.00 44.55 - 0.44 46.66 36.09 35.41 34.30 35.10 - 0.24 36.71 27.96 0.09 0.07 0.09 + 0.02 0.16 0.07 0.10 0.00 0.10 + 0.01 0.15 0.08 1.20 0.91 1.11 + 0.19 1.25 0.85 0.88 0.74 0.84 + 0.14 0.88 0.69 0.06 0.05 0.05 - 0.02 0.13 0.04 0.03 0.03 0.03 + 0.00 0.11 0.03 0.05 0.03 0.03 + 0.01 0.15 0.02 0.03 0.02 0.02 - 0.01 0.08 0.02 0.02 0.01 0.02 - 0.01 0.06 0.01 3.47 3.10 3.16 - 0.22 3.49 1.68

Tahoe Res T 5136 Tajiri Res V 180 Taku Gold* O 12 Taku Gold 336 Tamino Mnrls* O 1032 V 668 Tanager Energy Tanqueray Expl V 373 Tantalex Res 2530 Tanzania Rlty T 318 Tanzania Rlty* X 1107 Taranis Res* O 7 Taranis Res V 85 Tarku Res V 856 Tartisan Res 1525 Tasca Res V 4129 Taseko Mines* X 3779 Taseko Mines T 3945 T 10009 Teck Res Teck Res* N 18063 T 14 Teck Res Telferscot Res 22314 Telson Res V 194 Tembo Gold V 448 Tembo Gold* O 477 Teranga Gold* O 105 Teras Res V 454 Terraco Gold V 883 Terrax Mnrls* O 80

5.82 0.00 5.69 - 0.06 15.11 5.31 0.10 0.08 0.09 - 0.02 0.21 0.08 0.07 0.00 0.07 - 0.03 0.20 0.00 0.11 0.08 0.09 - 0.03 0.25 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.00 0.10 - 0.02 0.20 0.08 0.60 0.50 0.50 - 0.04 1.56 0.50 0.10 0.08 0.08 - 0.01 0.17 0.03 0.34 0.00 0.33 - 0.07 0.84 0.32 0.35 0.25 0.25 - 0.05 0.63 0.25 0.10 0.08 0.10 + 0.02 0.11 0.06 0.13 0.10 0.12 + 0.01 0.13 0.08 0.04 0.03 0.04 + 0.01 0.07 0.03 0.15 0.12 0.15 + 0.01 0.18 0.04 0.42 0.30 0.40 + 0.02 0.62 0.05 2.18 2.02 2.16 - 0.02 2.46 0.64 2.78 0.00 2.76 - 0.04 2.96 0.84 29.98 0.00 29.57 - 0.07 34.73 19.27 23.50 22.36 23.31 - 0.17 26.46 14.56 30.05 0.00 29.72 - 0.46 36.00 20.00 0.05 0.01 0.02 + 0.01 0.05 0.01 0.70 0.63 0.64 + 0.03 0.89 0.20 0.02 0.02 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 - 0.00 0.04 0.01 2.09 1.90 2.02 + 0.00 6.40 1.85 0.13 0.09 0.09 - 0.02 0.18 0.08 0.09 0.08 0.09 - 0.01 0.16 0.08 0.36 0.33 0.33 - 0.02 0.70 0.30

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Terrax Mnrls V 536 Tesoro Mnrls V 50 Tethyan Res V 48 Teuton Res V 148 Teuton Res* O 68 Texas Mineral* O 163 Theia Res V 12 Themac Res V 336 Thor Expl V 128 Thunder Mtn Gd* O 46 O 31 Thunderstruck* Till Capital V 1 Till Capital* D 4 Tiller Res V 27 O 185 Timberline Res* Timberline Res V 66 Timmins Gold* X 1269 Timmins Gold T 1323 Tinka Res V 681 Tinka Res* O 358 Tintina Mines V 10 Tintina Res* O 211 Tirex Res* O 451 Tirex Res V 1059 Titan Mining T 87 Titanium Corp V 225 TMAC Resource* O 15 175 TMAC Resources T Toachi Mg Inc V 208 Tolima Gold V 1069 TomaGold V 166 Tonogold Res* O 29 Torex Gold* O 148 T 1595 Torex Gold Toron, Inc* O 3093 Torq Resources* O 140 V 726 Torq Resources Transatlan Mng V 173 Transition Mtl V 488 Treasury Metal* O 7 Treasury Metal T 521 Trecora Res* N 243 Trek Mining V 1472 Trek Mining* O 543 Trevali Mng T 17707 Trevali Mng* O 1331 Trident Gold V 31 Trifecta Gold* O 71 Trifecta Gold V 95 Trilogy Mtls* X 950 Trilogy Mtls T 86 TriMetals Mng* O 109 O 83 TriMetals Mng* TriMetals Mng T 129 Trinity Valley V 27 TriStar Gold* O 131 TriStar Gold V 206 Triumph Gold* O 250 Triumph Gold V 284 Troy Res* O 60 Troymet Expl V 1099 Trueclaim Expl V 35 Trueclaim Expl* O 2 Tsodilo Res V 19 Tudor Gold V 63 Tungsten Corp* O 4615 Turquoise HIl* N 12952 Turquoise HIl T 3747 TVI Pacific* O 182 TVI Pacific V 2609 Typhoon Expl V 338

0.45 0.42 0.42 - 0.02 0.92 0.39 0.06 0.00 0.06 - 0.01 0.12 0.06 0.35 0.00 0.28 + 0.23 0.57 0.21 0.17 0.15 0.15 - 0.04 0.35 0.15 0.14 0.12 0.12 - 0.02 0.26 0.11 0.19 0.17 0.17 - 0.01 0.39 0.10 0.09 0.09 0.09 + 0.01 0.13 0.07 0.06 0.03 0.04 - 0.01 0.10 0.03 0.19 0.15 0.15 - 0.03 0.25 0.08 0.15 0.14 0.15 + 0.01 0.30 0.06 0.06 0.06 0.06 + 0.00 0.11 0.05 4.50 0.00 3.79 - 0.71 5.85 3.79 5.22 4.25 4.31 - 0.49 5.45 3.30 0.29 0.28 0.29 + 0.01 0.65 0.05 0.28 0.23 0.25 - 0.02 0.52 0.02 0.33 0.30 0.31 - 0.01 0.69 0.30 3.28 2.82 2.87 - 0.31 6.06 2.70 4.11 3.60 3.65 - 0.38 7.99 3.70 0.70 0.64 0.64 - 0.04 0.87 0.21 0.55 0.50 0.52 - 0.01 0.75 0.15 0.06 0.06 0.06 - 0.01 0.09 0.04 0.06 0.05 0.06 + 0.00 0.10 0.04 0.02 0.01 0.02 - 0.01 0.09 0.01 0.03 0.02 0.03 + 0.01 0.12 0.02 1.29 0.00 1.29 - 0.01 1.40 1.20 1.40 1.26 1.30 - 0.01 1.50 0.41 5.85 5.45 5.61 - 0.03 14.36 5.45 7.68 0.00 7.23 + 0.15 19.00 6.90 0.25 0.20 0.21 - 0.03 0.62 0.20 0.01 0.00 0.01 + 0.01 0.03 0.01 0.07 0.06 0.06 - 0.01 0.13 0.06 0.20 0.12 0.12 - 0.02 0.25 0.02 11.10 9.75 9.88 - 1.10 25.59 9.75 14.16 0.00 12.56 - 1.47 33.85 12.42 0.00 0.00 0.00 - 0.00 0.01 0.00 0.39 0.35 0.36 + 0.01 0.73 0.35 0.50 0.45 0.50 + 0.01 1.00 0.45 0.07 0.06 0.06 - 0.01 0.60 0.04 0.16 0.13 0.15 - 0.01 0.24 0.12 0.47 0.44 0.44 - 0.01 0.67 0.30 0.60 0.00 0.59 - 0.01 0.90 0.51 13.10 12.00 13.05 + 0.85 14.80 10.13 1.02 0.95 0.96 - 0.03 2.02 0.95 0.80 0.74 0.76 - 0.02 1.55 0.74 1.40 0.00 1.39 - 0.03 1.64 1.03 1.12 1.02 1.09 - 0.03 1.34 0.76 0.16 0.00 0.15 - 0.01 0.22 0.05 0.09 0.07 0.09 + 0.00 0.20 0.07 0.11 0.10 0.11 + 0.01 0.40 0.10 0.94 0.78 0.80 - 0.11 1.35 0.44 1.13 0.00 1.00 - 0.20 1.60 0.58 0.19 0.00 0.18 + 0.01 0.20 0.11 0.14 0.13 0.14 - 0.00 0.23 0.12 0.18 0.00 0.17 - 0.01 0.29 0.15 0.15 0.00 0.15 + 0.03 0.20 0.04 0.17 0.16 0.17 + 0.01 0.34 0.15 0.22 0.20 0.22 + 0.01 0.44 0.20 0.28 0.21 0.24 - 0.02 0.46 0.13 0.36 0.28 0.29 - 0.04 0.57 0.19 0.09 0.07 0.07 - 0.02 0.21 0.05 0.01 0.01 0.01 - 0.01 0.03 0.01 0.17 0.17 0.17 - 0.01 0.45 0.08 0.13 0.13 0.13 + 0.00 0.19 0.06 0.67 0.61 0.67 + 0.05 1.05 0.56 0.51 0.45 0.51 + 0.04 0.94 0.37 0.00 0.00 0.00 - 0.00 0.00 0.00 3.10 2.93 3.00 - 0.09 3.80 2.44 3.91 0.00 3.78 - 0.12 4.92 3.25 0.01 0.00 0.00 - 0.01 0.06 0.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.06 0.05 0.06 - 0.01 0.12 0.05

U.S. Lithium* O 7050 U3O8 Corp* O 6 U3O8 Corp T 277 Ucore Rare Mtl V 790 499 Ucore Rare Mtl* O Ultra Lithium* O 23 Ultra Lithium V 281 V 50 Unigold United Res Hdg* O 587 United States A* X 1018 United States S* N 48838 Unity Energy V 31 Upper Canyon V 68 Ur-Energy* X 1687 Ur-Energy T 399 Uracan Res* O 155 Uranium Energy* X 5519 Uranium Res* D 1578 Uravan Mnrls V 85 URZ Energy V 143 URZ Energy* O 79 US Cobalt * O 470 US Energy* D 589 US Precious M* O 2013 US Tungsten* O 498 USCorp* O 25 Vale* N 145638

0.05 0.03 0.04 + 0.00 0.08 0.02 0.40 0.32 0.40 + 0.05 0.43 0.18 0.49 0.00 0.46 + 0.05 1.00 0.21 0.27 0.24 0.26 - 0.01 0.37 0.22 0.21 0.19 0.21 + 0.00 0.28 0.18 0.40 0.35 0.37 - 0.02 0.63 0.11 0.52 0.45 0.47 - 0.02 0.80 0.14 0.23 0.21 0.22 - 0.01 0.35 0.15 0.01 0.00 0.01 + 0.00 0.04 0.00 0.29 0.22 0.27 + 0.05 0.52 0.20 30.21 27.91 29.30 + 0.09 41.83 18.55 0.17 0.15 0.15 + 0.02 0.35 0.11 0.36 0.00 0.36 - 0.04 0.60 0.05 0.66 0.61 0.63 - 0.04 0.91 0.43 0.85 0.00 0.79 - 0.04 1.19 0.57 0.03 0.02 0.02 - 0.01 0.07 0.01 1.52 1.30 1.33 - 0.16 1.92 0.86 1.07 0.95 1.01 - 0.04 4.00 0.76 0.07 0.00 0.06 - 0.01 0.16 0.04 0.54 0.47 0.50 - 0.07 0.79 0.20 0.41 0.00 0.39 - 0.00 0.51 0.31 0.54 0.46 0.48 + 0.00 0.88 0.27 1.29 1.14 1.24 + 0.02 2.74 0.60 0.00 0.00 0.00 - 0.00 0.02 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 11.42 10.63 10.90 - 0.08 11.72 7.47

Stock

Week

12-month

Exc Volume High Low Last Change High Low

Valencia Vent V 65 ValGold Res V 157 ValGold Res* O 2 Valley High Mg* O 1228 Vanadium One V 1657 O 471 Vanadiumcorp* Vanadiumcorp V 557 456 Vanstar Mng Rs V Vatic Vent V 744 N 2112 Vedanta* O 50 Velocity Mnrls* Velocity Mnrls V 112 Vendetta Mng V 1469 O 696 Vendetta Mng* V 47 Venerable Vent Verde Potash T 2042 Verde Res* O 32 Victoria Gold V 1710 Victory Nickel* O 13 Victory Res V 128 Victory Vent V 978 O 162 Virginia Enrgy* Virginia Enrgy V 34 Viscount Mng V 1644 567 Visible Gold M V 10 Visible Gold M* O Vista Gold T 176 Vista Gold* X 2429 O 48 Volcanic Gold* Volcanic Gold V 301 VR Resources V 165 Vulcan Mnrls V 367 VVC Expl V 939

0.08 0.22 + 0.07 0.30 0.22 0.19 0.03 0.06 - 0.01 0.08 0.07 0.06 0.02 0.04 - 0.00 0.05 0.05 0.04 0.00 0.00 0.00 - 0.00 0.02 0.00 0.06 0.07 - 0.02 0.19 0.09 0.07 0.04 0.10 - 0.00 0.13 0.10 0.08 0.05 0.12 + 0.01 0.18 0.12 0.11 0.09 0.08 0.09 + 0.01 0.15 0.05 0.04 0.07 + 0.01 0.12 0.07 0.06 12.36 17.70 - 1.35 21.63 19.07 17.58 0.16 0.17 - 0.01 0.35 0.19 0.16 0.20 0.22 - 0.01 0.47 0.23 0.22 0.12 0.24 + 0.01 0.35 0.24 0.21 0.09 0.19 + 0.01 0.27 0.19 0.16 0.09 0.13 + 0.03 0.18 0.14 0.10 0.21 0.81 + 0.18 1.77 1.18 0.00 0.02 0.02 - 0.01 0.20 0.03 0.02 0.42 0.45 - 0.03 0.74 0.48 0.43 0.00 0.04 - 0.01 0.14 0.04 0.04 0.13 0.36 + 0.08 0.88 0.42 0.28 0.06 0.19 + 0.02 0.76 0.19 0.15 0.03 0.10 - 0.02 0.54 0.13 0.09 0.04 0.13 - 0.03 0.38 0.16 0.00 0.22 0.39 + 0.14 0.74 0.39 0.25 0.12 0.09 0.11 + 0.01 0.35 0.09 0.08 0.07 0.08 + 0.02 0.15 0.04 0.83 0.79 - 0.05 1.61 0.94 0.00 0.60 0.63 - 0.09 1.24 0.73 0.60 0.17 0.17 - 0.01 0.45 0.18 0.17 0.22 0.25 + 0.01 0.65 0.25 0.22 0.21 0.31 + 0.01 0.51 0.31 0.30 0.04 0.05 - 0.02 0.08 0.06 0.05 0.02 0.04 - 0.01 0.05 0.04 0.04

Walker River V 1589 236 War Eagle Mg V Waseco Res V 265 Wealth Mnrls* O 350 Wealth Mnrls V 759 O 312 Wellgreen Plat* Wellgreen Plat T 331 T 1088 Wesdome Gold O 314 Wesdome Gold* 839 V West Af Res 454 West High Yld V West Kirkland V 492 58 West Kirkland * O 441 West Red Lake* O Westbay Vent V 155 Westcot Vent V 80 O 2 Western Areas* X 435 Western Copper* T 258 Western Copper 20 Western Pac Rs* O T 207 Western Potash Western Res* O 13 Western Uran* O 124 Western Uran 96 V 356 Westhaven Vent O 83 Westhaven Vent* Westmoreland* D 2012 O 61 WestMountain* Westridge Res 1546 O 78 Westridge Res* White Gold V 64 White Gold* O 1 300 White Metal R* O White Metal Rs V 1697 260 White Mtn Engy* O Winston Gold* O 204 Wolfden Res* O 140 Wolfden Res V 950 Wolfeye Res V 753 O 46 Wolverine Mnls* V 162 Wolverine Mnls X-Terra Res V 388 Xiana Mng V 16 305 XLI Tech Inc* O O 16 Xtra-Gold Res* Xtra-Gold Res T 123 52778 Yamana Gold* N Yamana Gold T 78458 V 5 Yellowhead Mng Yorbeau Res T 2096 22 O Zadar Vent * Zadar Vent V 1263 Zenyatta Vent V 420 O 113 Zenyatta Vent* Zephyr Mnls* O 6 Zephyr Mnls V 31 Zimtu Capital V 109 Zinc One Res V 1861 237 Zinc One Res * O Zincore Mtls V 42 Zincore Mtls* O 9 Zonte Mtls V 681

0.07 0.08 - 0.01 0.17 0.09 0.00 0.05 0.05 0.05 + 0.01 0.08 0.04 0.04 0.05 - 0.01 0.12 0.05 0.04 0.73 1.48 - 0.02 1.85 1.52 1.30 0.96 1.80 - 0.10 2.34 1.95 1.70 0.16 0.22 - 0.01 0.37 0.25 0.22 0.22 0.29 - 0.05 0.48 0.32 0.00 1.72 1.76 - 0.03 4.40 1.84 0.00 0.00 1.38 - 0.05 3.22 1.45 1.35 0.40 0.34 0.40 + 0.04 0.42 0.19 0.47 0.38 0.44 + 0.01 3.80 0.11 0.06 0.06 - 0.01 0.12 0.07 0.06 0.06 0.04 0.05 - 0.00 0.08 0.04 0.11 0.08 0.10 + 0.00 0.24 0.06 0.16 0.47 + 0.04 0.48 0.47 0.43 0.04 0.57 + 0.13 0.67 0.67 0.50 1.57 2.41 + 0.02 2.60 2.48 2.36 0.86 0.91 - 0.08 1.80 1.04 0.90 1.10 1.19 - 0.14 2.24 1.29 0.00 0.01 0.01 0.01 + 0.00 0.03 0.01 0.37 0.42 - 0.09 1.80 0.44 0.00 0.29 0.35 - 0.00 0.47 0.35 0.00 0.65 0.79 - 0.06 2.17 0.91 0.73 0.80 0.93 - 0.17 2.80 1.10 0.90 0.07 0.12 - 0.05 0.17 0.15 0.12 0.05 0.09 + 0.01 0.10 0.09 0.09 1.49 0.95 1.16 - 0.18 19.92 0.95 0.00 0.01 + 0.00 0.08 0.01 0.00 0.29 0.40 + 0.04 0.47 0.47 0.35 0.12 0.35 + 0.08 0.35 0.35 0.28 1.02 1.35 + 0.10 2.34 1.35 1.14 0.84 0.99 - 0.05 1.73 1.00 0.98 0.06 0.05 0.05 - 0.01 0.06 0.03 0.08 0.06 0.06 - 0.02 0.09 0.03 0.00 0.00 0.00 - 0.00 0.03 0.00 0.02 0.03 - 0.01 0.04 0.03 0.03 0.10 0.30 - 0.06 0.39 0.34 0.30 0.08 0.38 - 0.07 0.50 0.45 0.36 0.30 1.34 + 0.06 1.64 1.40 1.20 0.05 0.07 - 0.02 0.08 0.07 0.00 0.05 0.10 + 0.02 0.13 0.10 0.00 0.16 0.28 + 0.04 0.40 0.28 0.00 0.08 0.09 - 0.01 0.21 0.10 0.09 0.01 0.01 0.01 - 0.00 0.05 0.00 0.12 0.17 - 0.00 0.28 0.17 0.17 0.17 0.21 - 0.01 0.37 0.22 0.00 2.21 2.58 - 0.09 3.65 2.77 2.54 2.84 3.26 - 0.12 4.80 3.54 0.00 0.43 0.43 - 0.08 1.20 0.50 0.00 0.08 0.08 - 0.01 0.11 0.09 0.00 0.08 0.00 0.06 - 0.01 0.12 0.05 0.07 0.09 + 0.01 0.16 0.10 0.08 0.58 0.70 + 0.05 1.29 0.77 0.58 0.46 0.56 + 0.04 0.93 0.59 0.46 0.15 0.22 - 0.00 0.30 0.22 0.22 0.18 0.28 - 0.02 0.42 0.30 0.27 0.16 0.25 - 0.01 0.40 0.26 0.25 0.38 0.31 0.32 - 0.06 0.90 0.24 0.30 0.24 0.25 - 0.05 0.81 0.01 0.06 0.21 + 0.03 0.29 0.23 0.21 0.06 0.17 + 0.01 0.17 0.17 0.16 0.08 0.13 - 0.04 0.49 0.16 0.12

W-Z

U-V

BID-ASK — NOVEMBER 24–DECEMBER 1, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital Accend Capital Acme Res Corp African Metals Aida Minerals Alba Minerals Alderon Iron* Allante Potash ALQ Gold Altan Rio Mnls Amador Gold Amanta Res Anglo Pac Grp Anglo-Bomarc Angus Ventures APAC Res Inc Arch Coal* Archon Mineral Arco Res Arian Res Astar Mnls Astur Gold Atlatsa Res* Aurelius Min Balto Res Banro Corp Baroyeca Go&Si Bethpage Cap BHK Mining Black Bull Res Boss Power Candelaria Mg Canex Energy Cascade Res Caza Gold Chantrell Vent Chieftain Mtls Chinapintza Mg Cliffs Nat Res* Clydesdale Res CNRP Mng Comet Inds Cresval Cap CWN M’g Acq Cyprium Mng Dawson Gold Desert Star Discovery Harb EastCoal Inc Eastern Zinc European Metal Excalibur Res Fieldex Expl Finore Mng Fire River Gol First Idaho Fort St James Four Nines

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

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0.17 0.30 0.12 0.20 0.62 0.68 0.62 0.70 0.01 0.03 0.02 0.06 0.09 0.06 0.91 1.03 1.00 1.50 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.06 0.11 0.06 0.06 0.25 0.29 0.22 0.45 0.02 0.02 0.02 0.03 0.17 0.19 0.19 0.39 0.01 0.02 0.01 1.21 ... 1.32 2.02 0.07 0.08 0.08 0.15 0.41 0.50 0.41 0.45 0.04 0.06 0.06 0.10 ... ... 0.58 0.86 1.30 0.86 1.68 0.06 0.08 0.06 0.12 0.01 0.02 0.01 0.02 0.31 1.00 0.35 0.40 0.06 0.08 0.08 0.10 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.05 0.07 0.05 0.05 0.15 0.16 0.15 28.00 0.01 0.02 0.01 0.02 0.09 ... 0.14 0.16 0.02 0.02 0.02 0.05 0.10 0.18 0.10 0.15 0.17 0.20 0.17 0.51 0.63 0.63 1.04 0.33 0.40 0.32 0.68 0.02 0.04 0.02 0.01 0.02 0.02 0.09 0.07 0.12 0.07 0.11 ... ... 0.05 0.01 0.05 0.01 0.02 1.45 3.20 1.43 7.17 0.12 ... 0.12 0.12 0.71 0.76 0.76 12.50 2.85 3.15 3.00 3.20 0.04 0.05 0.05 0.06 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.04 0.15 0.34 0.30 0.30 0.39 0.50 0.45 0.47 0.05 0.06 0.05 0.12 0.10 0.24 0.10 0.30 0.20 0.28 0.20 0.30 ... 0.01 0.01 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.21 0.12 0.12 0.11 0.88 0.03 0.07 0.09 0.05 0.25 0.05 0.08 0.17 0.29 0.29 0.30 0.10 0.12 0.10 0.16

LOW

STOCK

0.12 0.50

GAR Limited Genius Props Gentor Res Global Cobalt Global Cop Grp GobiMin Gold Finder Ex Golden Harp GoldTrain Res Gravis Energy Greatbanks Res Green Valley M Grosvenor Res Hadley Mng HFX Holding Highbury Proj Highvista Gold IGC Res Interconnect Intl Battery Iron South Mng JDF Explor Inc Karoo Expl Kenna Res La Imperial Legion Metals Leo Res Lions Bay Cap Lions Gate Mtl Lithion Energy Lithoquest Dia Lovitt Res Maccabi Vent Madeira Mrnls MAG Silver* Martina Mnls Match Capital McChip Res Mega Copper MillenMin Vent Millstream Min Minecorp Egy Minsud Res Moag Copper Montana Gold Morgan Res Namibia Rare E Navy Res Nebu Res Network Expl New Klondike New Oroperu New Stratus Norsemont Cap North Am Ptash NQ Explor Oriental Non F Orofino Mnrls

0.01 0.04 0.12 0.04 0.05 0.02 0.12 1.10 0.05 0.35 0.03 0.86 0.01 0.01 0.23 0.01 0.06 0.03 0.01 0.13 0.01 0.05 0.02 0.06 0.49 0.30 0.01 0.05 0.01 0.98 0.05 0.18 2.50 0.04 0.15 0.03 0.09 0.18 0.05 0.07 0.10 0.01 0.10 0.17 0.05 0.08 0.10

12-MONTH

EXC BID ASK LAST HIGH LOW

C C V V V V V V C C V V V C V V V V V C V C V V C C C V C V V V C V X V V V V V V V V C C V V V V V V V V C V V C V

0.11 0.21 0.11 0.13 0.15 0.16 0.16 0.38 0.15 0.22 0.17 0.20 0.02 0.02 0.02 0.07 0.08 0.08 0.11 0.42 0.45 0.42 0.58 0.11 0.14 0.12 0.20 0.07 0.14 0.12 0.24 0.08 0.37 0.08 0.19 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.09 0.14 0.09 0.23 0.17 0.30 0.17 0.21 0.95 0.98 0.95 1.08 0.05 0.06 0.06 0.12 0.25 ... 0.25 0.30 ... 0.16 0.17 0.01 0.01 0.01 0.02 0.08 0.20 0.08 0.08 ... ... 0.31 0.40 0.24 0.27 0.24 0.28 0.01 0.05 0.01 0.02 0.02 0.02 0.03 0.13 0.16 0.15 0.07 0.10 0.04 0.11 0.10 0.20 0.10 0.11 1.06 1.09 1.09 2.50 0.17 0.25 0.20 0.25 0.43 0.44 0.43 0.48 ... ... 0.10 0.18 0.40 0.70 0.40 0.55 0.03 0.09 0.10 0.17 0.03 0.08 0.03 0.09 0.03 0.07 0.03 0.05 12.52 13.30 12.52 14.40 0.03 0.06 0.03 0.04 0.01 0.04 0.04 0.60 0.80 0.75 0.75 0.17 0.27 0.17 0.30 0.05 0.07 0.05 0.05 0.04 0.06 0.04 0.06 ... ... 0.12 0.20 0.09 0.11 0.09 0.16 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.07 0.04 0.05 0.04 0.10 0.17 0.27 0.21 0.21 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.01 0.01 0.01 0.34 0.53 0.33 0.70 0.16 0.21 0.21 0.48 0.37 0.45 0.40 0.45 0.05 0.08 0.04 0.01 0.01 0.01 0.04 0.70 1.22 1.05 1.20 0.09 0.14 0.09 0.15

0.01 0.11 0.07 0.04 0.40 0.08 0.07 0.06 0.01 0.08 0.16 0.18 0.04 0.25 0.01 0.05 0.11 0.04 0.01 0.04 0.10 0.08 0.04 0.10 0.03 0.35 0.04 0.03 0.02 6.12 0.02 0.37 0.12 0.05 0.04 0.07 0.03 0.02 0.01 0.04 0.09 0.01 0.33 0.07 0.26 0.01 0.70 0.06

STOCK

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Oronova Energy Pac Cascade Pac Link Mng Pac Potash Paget Mrnls Parana Copper Patriot Gold Pele Mtn Res Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian ProAm Expl Quantum Cobalt Rainmaker Res Randsburg Intl Rare Element* Red Tiger Mng Remo Res Riley Resource River Wild Exp Rockland Mnls Romulus Res RosCan Mrnls Rubicon Mnrls* Samco Gold Savoy Vent Scavo Res SGX Res Silver Phoenix Sniper Res Spada Gold Starr Peak Exp Stockport Expl Talmora Diamd Tearlach Res Thunder Mtn Gd Tiger Intl Tri-River Vent Trigen Res Troy Enrgy True Grit Res UC Res Umbral Enrgy United Coal Vale* Vanadium One Vela Minerals Wabi Explor Westminster Rs Whistler Gold Winston Res Worldwide Res Zara Res Zinco Mng

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

0.36 0.40 0.40 0.46 0.01 0.02 0.01 0.03 0.06 0.03 0.07 0.04 0.05 0.05 0.05 0.03 0.10 0.03 0.08 0.06 0.25 0.06 0.15 0.07 0.15 0.09 0.15 0.02 0.02 0.02 0.40 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.02 0.03 0.02 0.06 ... ... 1.10 3.15 0.05 0.06 0.05 0.09 0.01 0.01 0.01 0.03 0.11 0.16 0.15 0.89 0.02 0.03 0.03 0.07 0.09 0.15 0.09 0.30 0.14 0.50 0.14 0.20 0.22 1.00 0.22 0.22 0.07 0.08 0.08 0.11 0.15 0.23 0.19 0.20 0.05 0.06 0.05 0.12 ... ... 0.03 1.35 0.02 0.03 0.02 0.04 0.25 0.45 0.45 0.45 0.36 0.57 0.36 0.54 0.02 0.02 0.02 ... 0.22 0.22 0.25 0.01 0.01 0.01 0.25 0.38 0.25 0.38 0.11 0.17 0.11 0.17 0.02 0.03 0.03 0.06 0.01 0.05 0.01 0.01 0.08 0.15 0.08 0.15 ... 0.15 0.32 0.10 0.18 0.10 0.10 0.04 0.12 0.04 0.04 0.08 0.12 0.08 0.10 0.10 0.15 0.10 0.15 0.05 0.06 0.05 0.08 0.01 0.02 0.02 0.03 0.14 0.15 0.14 0.20 ... 0.01 0.01 ... ... 10.24 11.10 0.13 0.15 0.13 0.14 0.05 0.06 0.05 0.09 0.08 0.09 0.09 0.09 0.35 0.36 0.35 0.40 0.05 0.07 0.05 0.06 0.56 0.58 0.56 0.82 0.01 0.02 0.01 0.05 0.07 0.15 0.15 0.43 0.05 0.07 0.05

0.32 0.01 0.03 0.03 0.03 0.09 0.15 0.07 0.02 0.20 0.05 0.01 0.06 0.02 0.09 0.11 0.01 0.01 0.09 0.02 0.03 0.02 0.05 0.26 0.05 0.13 0.08 0.02 0.01 0.11 0.08 0.04 0.07 0.01 0.01 0.01 0.03 6.57 0.10 0.03 0.05 0.15 0.03 0.06 0.01 0.01

2017-12-05 1:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 11–24, 2017

SSR eyes Seabee expansion, sees two killed at Marigold GOLD BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

SR Mining (TSX: SSRM; NASDAQ: SSRM), formerly Silver Standard Resources, is planning a US$90-million expansion of its Seabee underground gold mine in northern Saskatchewan that would boost production, cut costs and extend the mine life to 2024. According to the company’s new preliminary economic assessment (PEA), the investment has an aftertax net present value of US$292 million, assuming a 5% discount rate at US$1,300 per oz. gold. “We’re absolutely going ahead with the expansion — the economics look great,” Paul Benson, SSR Mining’s president and CEO, told The Northern Miner during a phone interview in October. The expansion would be the first big development since SSR acquired the operation, which consists of two underground mines, Seabee and Santoy, as part of its $337-million friendly takeover of Claude Resources in May 2016. Benson said SSR acquired Claude for Seabee’s “exploration upside, grade and the potential to increase the mines throughput at minimal capital.” As noted in the PEA, mining rates would hit 1,050 tonnes per day in a 20% increase, compared to 2016 production of 870 tonnes per day. Annual gold production would increase 29% compared to 2016 levels, averaging 100,000 oz. per gold annually from 2018 to 2023. Life-of-mine cash costs would total US$548 per payable oz. gold — down from US$575 to US$625 per oz. gold based on 2017 guidance — due to higher throughput and a mill feed grade of 8.51 grams gold per tonne. “We don’t know the operating

| Production at Saskatchewan mine to rise 29% to 100,000 oz. annually

capacity on the mill yet. There are some signs that suggest we could get it up to 1,200 tonnes per day, and so we’ll do a trial sometime next year. But 1,050 tonnes per day is absolutely doable,” Benson said. After 2022, gold production is scheduled to taper off, but Benson expects that will likely change. “We’ll find more in and around the current known reserves and resources, so production won’t taper off as quickly as the plan says,” he said. Drilling completed by SSR last year boosted reserves 50%, at 7% higher grades than in the company’s 2016 resource update. Resources for the project total 2.1 million measured and indicated tonnes of 8.02 grams gold for 540,000 oz. gold, and 2.5 million inferred tonnes of 7.66 grams gold for 620,000 oz. gold. “We’ve done quite a bit of drilling this year — none of which is included in our study — and we’ve been getting really good grades both within and outside the resource,” he said. “We’ll continue to add to the resource, and potentially discover new zones in the near-mine environment.” Drill results outside of Santoy’s resource shell include 2.5 metres of 27.7 grams gold, 2.8 metres of 17.6 grams gold and 2.1 metres of 6.5 grams gold. Benson expects the company will spend more than US$5 million on near-mine exploration next year. The 570 sq. km property covers part of a 50 km long greenstone belt entrained within the Proterozoicaged Trans-Hudson orogen — a collisional suture zone that divides the Rae-Hearne cratons in the west from the Superior craton in the east. The company has eyes on an orecontrolling shear structure that crosscuts the property and extends onto the company’s newly acquired

Pit operations at SSR Mining’s Marigold gold mine in Nevada. SSR MINING

Fisher property in the south. “The shear that hosts the Santoy deposit extends for a longer strike length on the Fisher property than it does on our ground, so we’re really exposing ourselves to as much prospective ground as possible,” he said. “This year we’ve completed mapping, geochemistry and flown high-resolution magnetics with a drone — all to set us up for drilling on the property next year.” Other targets along the same structural trend include the Carr, 4 km north of Santoy, where recent drilling returned intercepts of 2.5 metres of 9 grams gold and 1.5 metres of 6.3 grams gold near surface. “We’re investing heavily and aggressively in the exploration potential of this property, but in a sensible way,” Benson said. “You have to maximize the value of each individual asset — that’s how we run our business.” After the tabling of the Seabee

PEA and the interview came news on Oct. 31 that two of SSR’s Marigold gold mine employees in Nevada — Pete Kuhn, a safety superintendent; and Omar Bernal, an open-pit operator — were killed in what SSR describes as a “result of contact between a haul truck and a van” at the mine, with eight other individuals involved in the incident taken to the hospital with minor injuries. SSR said it is cooperating with the U.S. Department of Labor’s Mine Safety and Health Administration and other authorities that are investigating the incident, and it is conducting its own operational and safety review. “All of us at SSR Mining are deeply saddened by these tragic events,” Benson said in a company statement. “Our immediate focus is on supporting the family and friends of our colleagues during this difficult time. The investigation is going to take some time to complete and we

are doing all we can to support those efforts. We would also like to thank the mine rescue team and all those who responded to the incident for their invaluable help.” SSR reported on Nov. 7 that for the third quarter, it had generated net income of US$1.8 million (1¢ per share) on US$106 million in revenue, compared with a profit of US$38 million (32¢) on US$143 million in revenue during the same period last year. The drop in revenue and profit comes from lower head grades at Marigold, forest fires interrupting the Seabee operations, and mining lower-grade stockpiles at its 70%-owned Puna operations in Argentina. (Puna is comprised of SSR’s Pirquitas silver-zinc mine and Golden Arrow Resources’ [TSXV: GRG; US-OTC: GARWF] Chinchillas silver-lead-zinc property.) SSR generated US$30.3 million in cash flow from operations in the third quarter, compared to US$53.1 million a year ago. For the first nine months of 2017, SSR posted net income of US$54.6 million (45¢ per share) on US$341 million in revenue, compared with a profit of US$52.8 million (54¢) on US$364 million in the year-ago period. The company increased its cash and equivalents another US$38.6 million to US$424 million at the end of September, after selling 6.4 million shares of B.C. gold miner Pretium Resources (TSX: PVG; NYSE: PVG). SSR’s production guidance for Marigold is now set at between 195,000 to 205,000 oz. gold this year. That’s a reduction of 10,000 oz. gold from previous guidance owing to lower pumping rates to the leach pad due to higher clay content, and a production halt on Oct. 31 that lasted over a week, after the two fatalities. TNM

Moody’s downgrades its outlook on Eldorado Gold GOLD

| Agency sees elevated leverage, execution risk in Greece and production problems in Turkey

BY TRISH SAYWELL

tsaywell@northernminer.com

ldorado Gold’s (TSX: ELD; NYSE: EGO) troubles in Greece and Turkey have prompted Moody’s Investors Service to downgrade its rating outlook for the gold producer from stable to negative. “The negative outlook reflects Eldorado’s elevated leverage, the execution risk in developing key projects in Greece where government actions have delayed development and production challenges at its main operating mine in Turkey,” the credit rating agency’s analyst Jamie Koutsoukis said in a note. “Delays on its two main mining projects in Greece have been driven by setbacks in receiving permits and licences, reflecting the risk of operating in a jurisdiction with higher political risk and lack of proven mining legislation and regulations,” the analyst said. “Also the company will generate lower cash flow from operations, as gold recovery from the leach pad at its main operating mine, Kisladag, has not met expectations.” In October, Eldorado said that in light of the lower recoveries, it was revising its 2017 production guidance for the Kisladag open-pit operation to 170,000 to 180,000 oz. gold, down from the 230,000 to 240,000 oz. it forecast at the beginning of 2017. Guidance for next year is under review. “Further metallurgical test work on heap leaching is ongoing to determine the extent of the materiality

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of the impact on gold resources and reserves, and possible implications for the carrying value of the mine,” Eldorado said in a news release at the time. “In parallel with ongoing laboratory heap-leach test work, the company is investigating alternative treatment 1 methods for this material, which includes studies on finer particle breakage, either through milling, or high-pressure grinding roll crushers.” In a conference call after the company released its financial and operating results for the third quarter (loss attributable to shareholders of $4.2 million [1¢ per share], compared to a profit of $20.7 million [3¢ per share] in the third quarter of 2016), George Burns, Eldorado’s president and CEO, said the company had previously contemplated building a mill at Kisladag. “Our strategy now is to push forward on multiple processing options with the focus on the milling scenario while assessing the performance of the deeper material when placed on the heap leach, along with test work to determine the viability of the high-pressure grinding roll option,” he told analysts and investors on the conference call. If it chooses to build a mill, Burns said, there are already key pieces of the required infrastructure in place, and Eldorado could continue to use the crushing circuit that is available, as well as the carbon handling and elution circuit on-site. “The additional required equipment would include the mills, thickeners, leach and CIP tanks, along with cyanide detoxification and

tailings filtration,” he said. “We already have all the space required and could potentially build the project in approximately two years, depending on permits and delivery of long-lead items. “As for the cost, this is a good question that our team is working on,” he continued. “But based on a quick glance at some other key projects that have come online in the last few years, they were built in the range of US$300 million to US$400 million for the corresponding sections of the plant, equipment and installation required.” The company plans to complete a prefeasibility study on building a mill by the end of the first quarter of 2018. If the mill option is chosen, the company expects permitting would take 12 months and construction another two years, bringing the start time to the first quarter of 2021, assuming the company can’t do any work until all the permitting is finished. As for Greece, he said, Eldorado has “after a considerable amount of back and forth with the Greek Ministry of Energy and Environment” received all of the final permits required for Olympias Phase II, but permits for its Skouries project are outstanding. Eldorado still needs the amended electromechanical installation permit for the flotation plant, as well as the permit for relocating antiquities at the Skouries site. During the EIA process, in the area of the open pit at Skouries, a potential furnace from the time of Alexander the Great was identified.

“It’s a small archaeological finding that the company has committed to relocating,” Burns said during the call. “I’d describe it as a fairly minor bit of work to relocate this and it’s simply getting the authorizations to move it … we’ve got local support to relocate the facility, it’s just simply getting the final permits and executing the work.” While Burns said he believed the company had “now entered into positive and constructive talks” with the Greek government, which enabled Eldorado to continue with the commissioning of Olympias Phase II and plant construction at Skouries during the third quarter, the company also received a notice regarding the arbitration issue. The notice alleges that the technical study for the Madem Lakkos metallurgical facility — which is effectively Olympias Phase III, and which will treat Olympias and Skouries concentrates — is deficient. (Olympias III is the next large investment after Skouries.) Burns said the company says the technical study is “robust and consistent with the transfer contract, the business plan and the proved environmental terms of the project.” In terms of permitting, however, Burns said during the questionand-answer part of the call that the company’s patience is not infinite. “We’ve got pretty good indications that the permits will be forthcoming shortly. But for sure, we don’t have a lot of patience in this regard. We need to see progress. We need to see this constructive dialogue move into issuance of

permits. And if that doesn’t happen, yes, we’ve got to move into the care and maintenance mode and protect ourselves from a legal, and an investment, perspective.” Eldorado ended the third quarter with cash and equivalents and term deposits of $546 million, compared to $888 million at the end of 2016. The decrease in the balance owed to using $241 million in capital programs, $122 million in acquiring Integra Gold and $11 million in dividend payments to shareholders, partly offset by cash flow generated from operating activities before changes in working capital of $63.5 million. Moody’s noted that while it revised its ratings outlook on the company to reflect Eldorado’s execution risk bringing its Greek projects into production and lowering production levels at Kisladag, which is the company’s “largest EBIDTA contributor,” it also said that the company “has good liquidity,” with a $546-million cash balance and an undrawn, $250-million unsecured revolving credit facility, maturing in November 2020. “The large cash balance will allow Eldorado to fund Moody’s estimated free cash flow consumption of $350 million in 2018, as the company continues to spend on developing its new mines,” it said, adding that it expects Eldorado “will maintain good covenant headroom ... the company does not have any material debt maturities until 2020, when its credit facility and $600 million unsecured notes become due.” TNM

2017-12-05 10:32 PM

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