The Northern Miner December 12 2016 Issue 44 by The Northern Miner Group

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Skeena hunts for Snip’s forgotten gold SITE VISIT

| Ron Netolitzky-led junior uncovers ‘intriguing’ new targets

Wesdome’s biggest-ever exploration campaign pays off GOLD

| Junior mined Kiena for seven years, producing 199,000 oz. gold BY TRISH SAYWELL tsaywell@northernminer.com

esdome Gold Mines (TSX: WDO) is spending more money on exploration this year than at any other time in its 29-year history. “This has been an aggressive exploration program for Wesdome, and we have certainly seen the dividends,” George Mannard, the company’s vice-president of exploration, says of this year’s $11.3-million budget. The company is spending $6.3 million at its Eagle River gold mine, See WESDOME / 3 PM40069240

Looking west towards the Craig River at the Twin West and Jim claims at Skeena Resources’ Snip gold property in northwest British Columbia. PHOTO BY RON NICHOLS BY LESLEY STOKES lstokes@northernminer.com TERRACE, B.C.

here’s more than meets the eye when flying over the panoramic landscape of northwest British Columbia’s Golden Triangle. Nestled within the myriad of rocks is a treasure trove of worldclass mineral deposits, and Skeena Resources (TSXV: SKE; US-OTC: SKREF) has spent the past few months drilling one of them.

The company has wrapped up a 7,200-metre drill program at its new Snip gold property, 110 km northwest of Stewart, B.C., a historic underground gold mine that saw 1 million oz. production at grades of 25 grams gold per tonne. The drill campaign is the first activity at Snip since low gold prices forced Homestake Canada to shut down the fly-in, fly-out operation in 1999, after nine years of production. Skeena optioned the 19.3 sq. km property and mine in March from Barrick Gold (TSX: ABX; NYSE:

ABX), whereby the junior can earn 100% by spending $2 million on exploration and issuing 3.3 million shares. With drill results by Skeena such of 24.44 grams gold per tonne over 3.2 metres and 30.99 grams gold over 4.5 metres, the program looks to be off to a good start. “I’ve been chasing Snip for the past decade,” Ronald Netolitzky, Skeena chairman and Canadian Mining Hall of Fame inductee, told The Northern Miner at the Terrace airport en route to the

Snip property. “Snip started off with 85% mechanized mining because the vein was over 15 metres thick, but even then the cut-off grade was 18 grams per tonne gold. By the end, it was 80% manual, which is a lot more expensive, and the cost of gold was dropping. Even at a 20-gram-gold cut-off they could’ve mined it for a few more years, but it wouldn’t have been profitable, and big companies don’t like little mines. Today, 18 See SKEENA / 2

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Skeena hunts for Snip’s forgotten gold

Flying into Skeena Resources’ Snip gold property in northwest B.C., looking north towards the camp, airstrip, Bronson Creek and the Iskut River. PHOTO BY RON NICHOLS SKEENA From 1

grams gold is pretty high grade to me,” he says. Netolitzky knows his way around the region, having been one of the first explorers to recognize the potential of Snip and the Eskay Creek deposit, and asked the helicopter pilot to take the scenic route from Terrace. The two-hour journey offered views of 300-year-old basalt flows near the Nass River, and a seemingly endless horizon of glacial-covered peaks, and valleys flush with fall colours. “It’s really great to be back in this part of the world, just as long as I don’t have to do any hiking along the slopes,” Netolitzky says. “At my age I really like plateaus.” The entrance into Snip is flatter, with the base camp located along the Iskut River, 17 km from a twoyear-old hydroelectric plant and an all-season road. The climate is mild, with the elevation just a few hundred feet above sea level, and the camp located in a valley that extends to the ocean. The Snip deposit itself is in a sub-

dued flank at the base of a tree-lined mountain. Cominco geologist Ted Muraro stumbled upon the deposit in 1964. “Muraro was working in the area and got stuck on the hillside waiting for the helicopter because of the weather,” Netolitzky says as we do a fly-by of the property. “He was probably sliding down on his backside when he came across goodlooking rocks. It’s curious to think that if the weather wasn’t bad that day, then Snip may never have been discovered.” About 60% of the mineralization mined at Snip came from the Twin zone — a 0.5- to 15-metre-thick, high-grade blowout along an east- to southeast-striking shear zone, and divided in two by a barren intrusive. A quarter of the production came from the 150 zone, a paralleltrending vein found in the deposit’s footwall. The rest was mined from a similar vein called the 130 zone, and sporadic veins in the hangingwall. “Infill drilling at Snip was on 100or 50-metre centres — that’s how continuous the mineralization was,” recalls Ron Nichols, chief geologist

OBITUARY

DR. DAVID STRUAN ROBERTSON 2014 - Canadian Mining Hall of Fame On Sunday, October 27, 2016, at Sunnybrook Health Sciences Centre, Dr. David Struan Robertson peacefully passed. Born in Winnipeg, Manitoba, on March 3, 1924, David graduated from the University of Manitoba in 1946 and went on to achieve his Ph.D. in Geology, from Columbia University, in 1949. In 1949, David became an assistant professor at the University of Virginia and there he met and married Lee, who was teaching law at Washington and Lee University. In 1951, they moved to Sudbury where he ran the geological research laboratory of Inco. They moved to Angola and the Democratic Republic of the Congo in 1953 where David was in charge of a Marshall Plan program mapping initiative. They returned to Canada in 1955. While at GMX/Stanrock, David led an exploration program that discovered uranium deposits in the Elliot Lake area. In 1965, he founded David Robertson & Associates, a mining consulting practice based in Toronto, with offices around the world. The firm was highly regarded for its technical competence and integrity and carried out numerous consulting assignments for companies, government and law firms. The firm became a recognized authority in the fields of uranium and potash. David retired in 1987, five years after the merger of his practice in Canada, with Currie Coopers & Lybrand. Over the next 20 years, David continued to practice as an independent Consultant, being called on as a leading expert witness and serving on the boards of both junior and senior mining companies. He was the founding Chairman of both Ashton Mining of Canada and Meridian Gold Corp. Throughout his career, David was actively involved with the Canadian Institute of Mining, Metallurgy and Petroleum and served as its President from 1993-1994. He was inducted into the Canadian Mining Hall of Fame in 2014. David was an eternal optimist and took pride in the fact that, as a result of his mentorship, geologists and engineers from his practice went on to form their own geological and mining consulting firms and to hold senior positions with mining companies both in Canada and internationally. Donations in David’s memory can be made using one of the following methods: Cheque, mailed to the attention of Deborah Sauve and made payable to the CIM Foundation, identifying the David S. Robertson Scholarship Fund. CIM National Office, Suite 1250, 3500 de Maisonneuve Blvd. W., Westmount, QC, H3Z 3C1 or by calling Deborah direct at 1-514-939-2710, xt.1334 or by e-mail at dsauve@cim.org.

“TO THIS DAY THERE’S STILL A CLOUD OF HIGHGRADE INTERCEPTS AROUND THE DEPOSIT THAT WERE NEVER FOLLOWED UP, SO OUR GOAL THIS YEAR WAS TO TEST SOME OF THEM.”

Skeena Resources’ chief geologist Ron Nichols (left) and chairman Ron Netolitzky standing in front of a reclaimed adit at the Snip gold project in British Columbia. PHOTO BY LESLEY STOKES

RON NICHOLS CHIEF GEOLOGIST, SKEENA RESOURCES

for Skeena and mine geologist at the time of Snip’s operation. “When we were mining, I remember we hit some good intersections under the main zone and did follow-up work, and that became the 150 zone. “To this day there’s still a cloud of high-grade intercepts around the deposit that were never followed up, so our goal this year was to test some of them,” Nichols adds. Skeena has focused on footwall zones because of the underlying agreement with Barrick, whereby Skeena can’t drill within 25 metres of historical workings until it gains a 100% interest. Nichols says that over $2 million has already been spent in this year’s program, and the wheels are in motion to transfer ownership of the property. However, if Skeena finds more than 2 million oz. gold, Barrick can claw back a 51% interest for three times the cost of Skeena’s exploration expenses. This year’s 28-hole program identified three areas of mineralization: the 200 footwall zone, the Lamp zone and the Twin West structural corridor, some of which are on display at the project’s core shack. To give visitors a better perspective on the zones, Nichols thumbs through a number of cross sections that display the results against 280,000 metres of historical drill data that Skeena has been digitizing.

High-grade drill core from the Snip gold project. PHOTO BY LESLEY STOKES

The 200 footwall zone is found 200 metres below the Twin zone’s main historical workings, where the latest results returned 16.24 grams gold over 13.5 metres, 60.7 grams gold over 1 metre and 8.44 grams gold over 1.2 metres. At the Lamp zone, just east of the Twin zone and nearer to surface, drilling has identified two high-grade veins that returned 59.5 grams gold over 1.4 metres, and 33.07 grams gold over 2.4 metres. Netolitzky says the Twin West structural corridor — west of the historic Twin West mine workings — is intriguing. Twin West saw 1,500 metres of underground development and 10,000 tonnes of production at 19 grams gold in the operation’s later years. “Little material was taken out of at Twin West, and the reason why they never did more was because they had a cut-off of 22 grams gold by the time they go over there, so they couldn’t chase it any further,” Netolitzky says. Skeena’s drilling around Twin West intercepted several parallel veins over a 300-metre strike length, highlighted by 16.01 grams gold over 4.7 metres.

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Twin West is considered an extension of the Twin zone, but the two may be separated by a large fault that is expressed as a strong, regional geographical lineament. In fact, the lineament is so pronounced, previous operators built a 1.6 km long airstrip on top. The only robust geological study of Snip was by David Rhys in 1989 as part of his masters thesis at the University of British Columbia. Rhys suggests in his study that the lineament may also truncate the Red Bluff porphyry — a subeconomic, copper-gold bearing intrusive 400 metres northeast of Snip. The study also posits that the Red Bluff porphyry may have contributed gold to the Twin zone. “Some people believe that Twin West may not be the continuation of the Twin zone, it may be a hangingwall zone,” Nichols says. “The fault could have 600 metres offset, or perhaps there’s no offset at all.” With so many exploration targets at Snip, Netolitzky says he’s eager to begin next year’s program. “By this time next year we hope to have a year-round operation. Right now we’re drilling at $325 a metre, but when we get underground the holes will be much shorter, and we can drift into a zone more easily and establish the continuity of the mineralization,” he says. “We’ve got real advantages here over a number of deposits in the region where their locations can be pretty appalling. They’re all doable, they just require a lot of money into infrastructure. “But I don’t think we have that problem here,” Netolitzky says. “So now the question is, how much did the previous miners leave behind, and what areas have they overlooked?” TNM

2016-12-06 9:11 PM

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THE NORTHERN MINER / DECEMBER 12–18, 2016

Wesdome exploration WESDOME From 1

which consists of the Eagle River underground mine and the Mishi open-pit mine. Eagle River, 60 km southeast of Hemlo, and 50 km west of Wawa, Ont., has operated for 21 years and produced over a million oz. gold. Duncan Middlemiss, Wesdome’s president and CEO, says the company has had “a history of replacing and adding reserves,” estimating that Eagle River’s lifeof-mine based on reserves is seven years. Mishi, based on current mining rates, has 13 years of mine life left. (Mishi sends incremental mill feed to Eagle River.) Three underground drills and one surface drill are turning at Eagle River, and another surface drill is working on Mishi. At its Moss Lake exploration project, 100 km west of Thunder Bay, Ont., in the Shebandowan greenstone belt, Wesdome will spend $1 million this year and has just dispatched a drill rig to site. The large-tonnage, lowgrade gold deposit is amenable to surface bulk-mining and hosts an indicated resource of 40 million tonnes grading 1.1 gram gold per tonne and an inferred resource of 50 million tonnes at the same grade. In April, the company bought adjoining properties to consolidate its land position and expand exploration potential. Meanwhile, at the past-producing Kiena gold mine and mill complex in Val-d’Or, Que. — which Wesdome bought for $2 million in December 2005 — the company is spending $4 million on exploration and has four rigs turning. Earlier this year, the company made a discovery at depth. Mining under Lac de Montigny in the North zone at Kiena dates back to the 1930s. In 1961, previous owners discovered the S50 zone, and between 1964 and 1996, a Falconbridge subsidiary, Kiena Mines, put four levels into the zone. Underground work stopped later in the decade due to tricky ground conditions and a low gold price. When the gold price picked up in the 1970s, Kiena Gold Mines kept developing the mine, which operated between 1981 and 2003, and produced 1.56 million ounces. The mine shut down in October 2003, due to depletion of the S zone. Wesdome put the mine back into production after acquiring it in 2005, and mined it from August 2006 to June 2013 — producing 198,747 oz. gold. The mine went into care and maintenance amidst declining gold prices and a lack of developed reserves. Because most of Kiena’s production came from the S50 zone between 100 and 1,000 metres deep, Wesdome concentrated its exploration. “The whole geological thesis on this deep exploration target is that things happen in repetitions, so there were indications that there would be a repetitive structure to the northeast … that was the initial thesis of this exploration program: to test the repetition of the S50 zone further at depth,” Middlemiss says, who joined the company in July after a stint at St Andrew Goldfields led to the company’s acquisition by Kirkland Lake Gold (TSX: KGI; US-OTC: KGILF) in early 2016. Highlights from the latest drill results released on Nov. 15 include 32.32 grams gold per tonne over 1.5 metres from 438 metres deep in hole 6124B; 71.42 grams gold over 1.5 metres from 510 metres deep in hole 6124C; and 749.96 grams gold over 0.6 metre from 479

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metres downhole in hole 6131A. Other drill results released earlier in the year include 94.35 grams gold over 17.4 metres from 492 metres deep in hole 6124; 14.3 metres of 223.12 grams gold from 695 metres deep in hole 6125; and 8.2 metres of 8.43 grams gold from 469 metres deep in hole 6130A. “The implications are that if the dimensions and the geometry are analagous to what was known and mined at the upper levels, we could have a considerable volume of mineralization and grades that are greater than what was experienced historically in the mine,” Mannard says. “The north arm … hasn’t been drilled from 600 metres down because previous work was on the southeast arm. That’s where the implications of something big are.” Middlemiss says one of the things he likes about Kiena — apart from the high-grade drill results — is that there are already 450,000 oz. gold in the measured and indicated category, and of that, 130,000 oz. are “proximal to where these exploration results occur, so that gives a bit of a head start with resource generation.” Kiena has measured and indicated resources of 2.5 million tonnes grading 5.59 grams gold for 449,300 oz. gold, and inferred resources of 1.6 million tonnes grading 7.97 grams gold for 400,000 contained oz. gold.

“WE FEEL FORTUNATE TO HAVE THREE PROPERTIES ... IT’S UP TO US TO UNLOCK THE POTENTIAL.” DUNCAN MIDDLEMISS PRESIDENT AND CEO, WESDOME GOLD MINES

Drilling continues northeast through the massive basalts, Mannard says, noting that the goal is to “generate reasonable confidence in a critical mass to justify progressive development of a ramp system to better position drills, and eventually access both known centres of mineralization.” Middlemiss notes that the future of the Abitibi and mines like Kiena is to explore at greater depths. “The Abitibi … hasn’t been tested that much at depth,” Middlemiss says. “You’ve got a few exceptions — like Macassa and LaRonde — but when you look at the Abitibi, a lot of the diamond drilling stopped at 500 feet, or 150 metres, below surface. There hasn’t been a lot of deep exploration, and that’s going to be the future of the Abitibi.” At Kiena, he adds, “1,200 metres, or 4,000 feet … is not a great depth. It’s medium. “We have great potential on our property because much of the drilling didn’t go much beyond 150 metres deep, so it’s wide open in terms of the geological potential,” Middlemiss says. The mine has a 930-metre production shaft and 2,000-tonneper-day mill. “The mine is permitted and ready to go, and we have until mid-2019 to do any necessary amendments,” Middlemiss says. “As long as we keep everything in good standing, we are fine to proceed with our program. “We feel fortunate to have three properties, which each in their own right can add value to the company,” he says. “It’s up to us to unlock the potential.” TNM

Kamoa-Kakula deal ‘pivotal,’ Friedland says COPPER, ZINC IN DRC

| Friedland touts Ivanhoe’s suitors

BY SALMA TARIKH

starikh@northernminer.com

vanhoe Mines’ (TSX: IVN; US-OTC: IVPAF) executive chairman Robert Friedland and CEO Lars-Eric Johansson held a conference call on Nov. 28 to share details on progress at the company’s three African projects, including Kamoa-Kakula, where Ivanhoe recently signed a landmark agreement with the Congolese government. Earlier that month, Ivanhoe and project partner, China’s Zijin Mining Group, transferred another 15% of the Kamoa-Kakula copper project to the government of the Democratic Republic of the Congo (DRC). The Congolese government now has a direct 20% stake in Kamoa-Kakula, while Ivanhoe and Zijin each hold an indirect 39.6% interest. Hong Kong-based Crystal River Global holds the remaining 0.8% interest. Johansson reminded callers that the decision to provide another 15% stake to the DRC government dated back to 2012, when Ivanhoe received the mining right for the project. “We believe the fair and long-term ownership structure for the project was 80% for Ivanhoe and 20% for the DRC government,” he said. Friedland, who joined the call from Hong Kong, describes the deal as “pivotal” and a “win-win situation” for all parties. Under the Sino-Congolese cooperation, qualifying ChineseCongolese partnerships — such as at Kamoa-Kakula — will receive “significant tax advantages,” which includes “complete freedom from income taxes until all of the investment has been recovered,” Friedland said. He added that despite the anticipated two-year delay in DRC’s presidential elections, “we don’t see any impact ... on our project at this time with the election.” Under Ivanhoe’s 2015 partnership contract, Zijin has agreed to use its best efforts to arrange 65% of the capital required for developing the first phase of Kamoa-Kakula, Johansson notes. A 2016 prefeasibility study (PFS) estimates initial capital costs at Kamoa of US$1.2 billion. The deposit alone could support a 24-year mine life, producing 100,000 tonnes copper (in concentrate) a year. Ivanhoe expects to table a preliminary economic assessment (PEA) for Kakula before the end of 2016, followed by a resource update in early 2017. Ivanhoe describes Kamoa-Kakula, located within the Central African Copperbelt, as “the world’s largest, undeveloped, high-grade copper discovery.” As of October, the two deposits contained 58.9 billion lb. copper in indicated (944 million tonnes grading 2.8% copper) and 14.6 billion lb. in inferred (286 million tonnes at 2.3% copper), at a 1% copper cut-off grade. Elsewhere in the DRC, Ivanhoe is putting the high-grade Kipushi zinc deposit back into production. It is upgrading the existing shafts, pumping stations and underground infrastructure. Ivanhoe plans to complete a PFS in the second quarter of 2017, which should refine the project’s 2016 PEA costs and mine schedule. The PEA on Kipushi’s Big Zinc zone pegs total costs at US$528 million, including US$119 million in sustaining capital. The underground mine could produce 530,000

A drill site on Ivanhoe Mines’ Kakula copper prospect in the Democratic Republic of the Congo. IVANHOE MINES

tonnes of zinc concentrate a year over a 10-year mine life. Total cash costs, including copper by-product credits, are projected at US54¢ per lb. zinc. Friedland, who calls Kipushi “the richest crack in the earth,” says there are several ways to fund the project, including taking Kipushi public as a pure zinc play — with or without Ivanhoe’s 32% partner Gecamines — or even selling its stake in Kipushi. In South Africa, Ivanhoe is advancing the Platreef platinum-pal-

ladium-gold-nickel-copper project on the Northern Limb of the Bushveld complex. It should complete a feasibility study in early 2017. Friedland says Ivanhoe’s projects are generating buzz among investors. “We have been approached by numerous, primarily financial investors, as well as international industry participants for all of our assets,” he says. “We’ve never felt as though we’ve had as many suitors that would like to marry us as we have this evening.” TNM

THE CANADIAN MINING HALL OF FAME

29TH ANNUAL

Induction Banquet

Metro Toronto Convention Centre THURSDAY, JANUARY 12, 2017 2017 INDUCTEES

JAMES E. C. CARTER ROBERT R. McEWEN DONALD A. McLEOD WILLIAM S. (STEVE) VAUGHAN JOHN ZIGARLICK, JR.

Details available at: www.mininghalloffame.ca | reservations@mininghalloffame.ca 1-888-308-8803 DIAMOND SPONSOR:

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| Commitment to print remains strong

s the new year gets underway, readers of The Northern Miner print edition will notice a momentous break from our shared past together: in 2017 we are switching from publishing a print edition every week — as we’ve done for the last 101 years — to printing a double issue every two weeks. BY JOHN CUMMING The first biweekly edition will be our Jan. jcumming@northernminer.com 9–22, 2017 issue. It will go to our printer the evening of Jan. 3, and be designated Volume 103, Issue 1. (Previously the volume number changed over every March in accordance with our first edition being published in March 1915, but we thought with the changeover, we’d make a clean break and designate the first issue of each year No. 1.) Going forward, there will be 26 print editions published in 2017, with a special feature section in every single issue — keeping our current pace of feature sections. The topics selected for our special sections in 2017 and the publication schedule are available in our media kit that’s downloadable at www.northernminer.com/advertise. Newsstand availability of The Northern Miner at select locations across Canada (e.g., Indigo and Chapters bookstores) will remain unchanged. The print edition remains almost as popular as ever with readers, even with some categories of advertising moving substantially online in recent years, for example to our www.northernminerjobs.com website. (Indeed, as a side note, there’s plenty of evidence that comprehension and retention of stories read in print is materially better than achieved by reading off an electronic screen — a particularly critical consideration when making business or investment decisions.) The good news for our print readers is that with the larger biweekly edition, there will be no actual reduction in the total amount of stories our editorial team puts out. While these days we’ve typically produced a 16-page newspaper every week, under the new biweekly schedule, after the first 20-page paper coming out of the holiday period, we will strive to produce a 24-page newspaper every two weeks with almost the same amount of content that would go into two 16-page weekly papers of old. And as usual, all the stories that appear in print can also be viewed at www.northernminer.com, with new stories posted online daily. We want you to know we remain committed to the print edition, as evidenced by our complete redesign of the print product in October 2015 by a daily newspaper designer seconded from our parent company Glacier Media. At the same time of the redesign, we also improved the overall print experience by upgrading the print quality. This allows our production editor David Perri to pack every issue with stunning photos of mining people and projects from around the world, generating a reader experience that can’t be duplicated online. As part of our commitment to continuous improvement of The Northern Miner, our readers will also have noticed the complete overhaul of our website earlier this year, changing to an industry standard platform from our aging in-house design. Now our editorial team has greater freedom and options to add multimedia to our stories, and we’re confident anyone visiting our website this year will have been delighted with the quantum improvement in visualizing information. The website is also now fully compatible with desktops, tablets and smartphones, so our readers can choose whatever platform they want to read and share our stories. And so, in the new year, our print subscribers can look forward to a fatter Northern Miner showing up in the mailbox every two weeks instead of every week. For any specific questions about the changeover or any other concerns, subscribers can contact our customer service department at info@northernminer.com or during regular business hours at 1 (888) 502-3456 (toll free in Canada and U.S.), or directly at 1 (416) 510-6789 ext. 43564. As ever, we express our deep gratitude to our subscribers, advertisers, contributors and interview subjects who stick with us through the thick and thin of our cyclical mining industry and who, with their support, allow our team in Toronto and Vancouver to keep producing The Northern Miner we all love. TNM

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DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 14

Professional Directory. . . . . . . . . . . . . . . 15 Stock Tables. . . . . . . . . . . . . . . . . . . 6,12-14

COMPANY INDEX Advantage Lithium. . . . . 16 Alamos Gold. . . . . . . . . . . . 9 Albemarle16 AltaGas . . . . . . . . . . . . . . . 10 Anglo American. . . . . . . . 8 Barrick Gold. . . . . . . . 1,9,10 Copper Mountain Mining . . . . . . . . . . . . . . . 8 Crystal River Global. . . . . 3 Fission Uranium . . . . . . . 16 Gecamines. . . . . . . . . . . . . . 3 Geotech Drilling . . . . . . . . 7 Glencore . . . . . . . . . . . . . . . 8 Hudbay Minerals. . . . . . . . 8 Imperial Metals . . . . . . . . . 7

Ivanhoe Mines. . . . . . . . . . 3 Kirkland Lake Gold. . . . . . 3 Lithium Americas. . . . . . 16 Lundin Mining. . . . . . . . . . 8 McEwen Mining . . . . . . . . 9 Novagold Resources . . . . 10 Orocobre. . . . . . . . . . . . . . 16 Pan American Silver. . . . . 8 Pretium Resources. . . . . . . 7 Rio Tinto. . . . . . . . . . . . . 5,8 Rupert Resources. . . . . . . . 9 Seabridge Gold. . . . . . . . . 10 Silver Bear Resources . . . . 9 Skeena Resources. . . . . . . . 1 Sociedad Quimica y

Minera de Chile . . . . . . 16 South32. . . . . . . . . . . . . . . . 8 Tahltan Nation Development Corp.. . . . 7 Tahltech Drilling Services. . . . . . . . . . . . . . . 7 Taseko Mines. . . . . . . . . . . 8 Teck Resources. . . . . . . 8,10 Trevali Mining. . . . . . . . . . 8 Turquoise Hill Resources. . . . . . . . . . . . . 8 Wesdome Gold Mines. . . 1 Zijin Mining Group. . . . . . 3

O P- E D Climate change rhetoric ignores natural forces, geological history COMMENTARY

| Rapid changes in North American energy policies need scrutiny

BY M.A. KAUFMAN Special to The Northern Miner

he attempted rapid conversion of the North American economy from fossil fuels to green energy — recently in vogue in the U.S. — suddenly appears to be on hold with the recent Republican electoral sweep of the presidency, senate and house, while in Canada, Justin Trudeau’s Liberals are moving full speed ahead, most recently with the announcement of the Canadian government’s intention to phase out coal-fired power generation nationwide by 2030 — despite the dire consequences for Canada’s thermal coal mines. Outgoing U.S. President Barack Obama simultaneously boasted about increasing fossil fuel production in the U.S. during his regime while doing everything in his power to hamper development. And as presidential candidate, Hillary Clinton promised an even more aggressive attack against conventional energy. President-elect Donald J. Trump has promised a more pragmatic, possibly costconscious, approach. The philosophical differences between the Obama-Clinton-Trudeau and Trump camps are based on interpretations of climate science. The Obama group is in panic mode to curtail anthropogenic greenhouse gas emissions, believing that if we keep atmospheric carbon dioxide (CO2) below certain levels, at whatever cost, we can save the planet from catastrophe. The more pragmatic view is based on the interpretation that Earth’s climate is controlled far more by natural than human causes. President Obama’s policies have many problems. He has proposed to rapidly replace viable hydrocarbon energy with more costly wind and solar, which are not feasible to produce reliable base load energy. In the process, he has created a hog trough of corruption, giving out huge subsidies to green energy entrepreneurs (think Solyndra), and generous climate research grants to professors. Prime Minister Trudeau appears to be following President Obama’s course with his proposed subsidies and his phasing out of coal power. Let’s take a deeper look at the state of the underlying climate change science. We now have politicians led by President Obama and his 97% “scientific consensus” denigrating any scientist or person who might disagree with their assumption that global climate change is principally caused by human activity. These “flat earthers” or “climate change deniers” should be smeared, investigated, maybe incarcerated, and certainly not be allowed to occupy government positions. Every storm that comes along is erroneously attributed to anthropogenic CO2 emissions, and President Obama recently stated that even the Syrian conflict has resulted from humancaused climate change. It is logical to attribute some portion of recent global warming to CO2 from growing industrialization, since this gas, which is also critical for life on Earth, comprises 75% of anthropogenic greenhouse gas emissions. But might there be other factors? Certainly there are, but you never see reference to them

in the media. But first, let’s discuss some serious questions that arise when one examines the science behind the “consensus” theory. There are so many totally unpredictable variables that it is impossible to make accurate predictions using computer programs. More specifically, doubts rise from the “consensus” theory that elevated CO2 levels are the prime cause of current warming. As well, aerosols are not properly accounted for, and the mechanics and effects of cloud formation are not well addressed. In regard to CO 2 , as a geologist familiar with Earth climate history, I find it difficult to place anthropogenic CO2 emissions as a primary cause for global warming, since this gas has not correlated with past climate variations, even during recent geological time. During the peak of what is called “Wisconsinian glaciation,” 20,000 years ago, much of Asia, Europe and North America were blanketed by thick continental ice sheets. In North America glaciation reached southward to a latitude of 45 degrees, and what is now Chicago was buried under one-mile-thick ice. Since that time, particularly during the past 10,000 years, these great continental ice masses have receded all the way back to the polar regions. But during this interval there was the Medieval Warm Period, a 400-year interval of extreme warming, and the Little Ice Age, a 500-year period of severe cooling. During this whole 10,000-year period of overall ice retreat with extreme intervals of warming and cooling, the atmospheric CO2 level stayed stable at under 300 parts per million (ppm). Travelling deeper into Earth’s history, high CO2 levels have consistently followed warm periods, rather than vice versa. And at times glaciation coincided with CO2 levels of more than 4,000 ppm. So what caused this stupendous glacial retreat, along with severe warming and cooling climate events in relatively recent times? Obviously, it was not elevated carbon dioxide. The most suspect forces were variations in solar activity, changes in the tilt of Earth’s axis and variations in ocean conveyor systems. Volcanic eruptions have also played a role. These natural forces, which have been active in the past, still are and always will be with us. What I find most disturbing about the current climate change hysteria is that the political and media crescendo of anthropogenic warming fails to even mention natural forces. In regard to cloud formation, this is a most critical factor in climate change. While it is true that rising CO2 emissions will increase cloud formation and enhance the greenhouse effect, escalating cloud cover also increases albedo (reflection back into space of cosmic and solar energy), which has a cooling effect. The most compelling explanation that I have come across cites a climate change mechanism over 20,000 years that is based on research by a school of physicists and geologists, which connect climate events closely to variations in solar activity and ocean cycles.

2016-12-06 9:11 PM

GLOBAL MINING NEWS

According to distinguished astrophysicists Nir Shaviv, Henryk Svensmark and their colleagues, who are modern-day Galileos (both for their intellect and persecution by the powers that be), a most critical force causing climate change is highly energized cosmic rays originating from outside our solar system, which ionize the lower troposphere, and create aerosols that induce cloud formation. “The leading cause to explain solar-induced climate variability is through solar wind modulation of the cosmic ray flux reaching the Earth, which affects climate through modulation of the amount of atmospheric ionization,” Shaviv states. To paraphrase Shaviv’s theory: variable cloud formation is a principal control for climate change. Solar winds, which are a flux of energy particles entwined with magnetic fields, flow outward from the sun. During solar periods the winds are stronger and impede the flow of cosmic rays to the troposphere, which causes less cloud formation and global warming, while during quiescent periods there is far less interference, which increases cloud formation and albedo, bringing cooling. (See the ScienceBits report by Nir Shaviv titled “Carbon dioxide or solar forcing?”) When one examines the astrophysicists’ empirical observations against real climate events, it is hard to disagree with their theory. It can even explain the 1940–1974 global cooling event. The Shaviv camp of physicists say that the data of the supposed “consensus” scientists, based on computer models, are replete with multiple mulligans and are at best dodgy. Shaviv does, however, acknowledge that recent-time elevated anthropogenic greenhouse gas emissions do affect global climate change, but they are not the primary cause. Particularly galling to me are arrogant computer model-based predictions that if we keep atmospheric CO2 levels under a certain limit (say 350 ppm), humans will contain future average temperature rise to a degree or so centigrade. In reality, we are dealing with totally unpredictable natural forces — from solar variability to volcanic activity and meteorite impacts. Common logic Anthropogenic greenhouse gas emissions do have an unknown percentage effect on climate change, so the mitigation of industrial greenhouse gas emissions is a worthy effort. But we don’t really know if this will affect global climate. Moreover, recent calculations by a distinguished economist indicate that even if every nation adhered to the recent Paris Agreement, the lowering of Earth’s temperature would be minimal. Substituting natural gas power for coal has already lowered greenhouse gas emissions, and using natural gas to power more vehicles will also be effective. The two most viable energy sources with current technology to replace hydrocarbons for reliable base load power are hydro and nuclear. Unfortunately, environmentalists oppose these sources to the same degree that they despise hydrocarbons. The vociferous advocates for keeping hydrocarbons in the ground, if they prevail, will place the rest of us into a precarious situation. Environmental nirvana megaprojects attempting total green power have so far led to sad and costly results, both in Germany and Ontario, as cited in the MIT Technology Review, and other publications. The problem is that power grids require an exact match for demand and electricity supply, and electricity provided by wind and solar facilities is intermittent. So backup conventional plants are necessary to prevent brownouts

THE NORTHERN MINER / DECEMBER 12–18, 2016

WHAT I FIND MOST DISTURBING ABOUT THE CURRENT CLIMATE CHANGE HYSTERIA IS THAT THE POLITICAL AND MEDIA CRESCENDO OF ANTHROPOGENIC WARMING FAILS TO EVEN MENTION NATURAL FORCES. when green sources are insufficient, but they inherently can’t be ramped down easily when there is excess wind power. Both Germany and Ontario, at great cost, have subsidized large wind-power industries, hoping that they could greatly lower conventional power plant capacity. This has created the dilemma that they sometimes produce excess electricity. Recently, Germany achieved 90% capacity for wind power, but almost fried its grid because of the difficulty in shutting power off from its backup plants. Both Germany and Ontario have ended up frequently giving away excess electricity, sometimes paying people to take it. Ontario’s Green Energy and Green Economy Act of 2009 was highly touted as a project that would bring only tiny consumer cost increases, as well as being a large job creator. In fact, costs for many have doubled since its implementation, and few jobs have resulted. It has been described by engineers as “a train wreck in slow motion, needing complete overhaul.” Germany, which is scuttling its nuclear plants, relies on backup coal facilities. Last year it paid $548 million to wind farms to curtail production during high wind events. A new plan, because of failure of the old one, will shut down many of its highly subsidized wind farms to limit its wind production to 40% of national capacity. The rest will be produced by coal plants. So much for the big cut in greenhouse gases! Hopefully, politicians from other constituencies, who promise megagreen energy projects, might learn from Germany and Ontario’s experiences. — M. A. “Mo” Kaufman, P.Eng., is a mining geologist in Spokane Valley, Washington State. He can be reached at atdv10@comcast.net.

Workers at Riversdale Mining’s Benga coal project in Mozambique in 2011, before Rio Tinto bought the company for $3.7 billion. RIVERSDALE MINING

Rio Tinto faces scrutiny of African projects IMPAIRMENT

BY TRISH SAYWELL

tsaywell@northernminer.com

io Tinto (NYSE: RIO) faces a new probe by U.S. regulators, according to the Financial Times. The London-based newspaper, quoting “sources close to the company,” reported that the U.S. Securities and Exchange Commission “is examining the timing of $3 billion of impairment charges that Rio Tinto booked on a disastrous Mozambique coal deal.” The Anglo-Australian miner told The Northern Miner that it could not comment on the story in the Financial Times or answer questions, while the U.S. Securities and Exchange Commission (SEC) told The Northern Miner that it could not confirm or deny that it has launched an investigation into the matter. Rio Tinto already faces scrutiny

| Miner fires two senior executives about a possible bribery case and questionable payment involving a consultant who provided advisory services on the company’s Simandou iron ore project in Guinea. Ryan T. White, the U.S. SEC’s public affairs specialist, also declined to comment — or confirm or deny — that the regulator is looking into the Guinea case. In the latest case, Rio Tinto announced on Nov. 11 that it had alerted authorities in the U.K. and the U.S., and was in the midst of doing the same in Australia, about email correspondence from 2011 relating to US$10.5 million in contractual payments for consultant services. The miner says it became aware of the email correspondence in August, and launched an investigation into the matter led by external counsel. On Nov. 16, Rio Tinto said it had fired two senior executives after the board concluded that

“the executives failed to maintain the standards expected of them” under the company’s global code of conduct. The latest probe of Rio Tinto’s activities in Mozambique, according to the Financial Times, focuses on Riversdale Mining, a Brisbanebased miner that Rio bought for $3.7 billion in 2011. “Two years after the deal closed, Rio booked more than $3 billion of impairment charges that it blamed on the logistical challenges of transporting coal from the Tete province of Mozambique to the coastline, 600 km away,” the Financial Times stated. “Rio also revised its estimates of recoverable coking coal … raising questions about due diligence. The company subsequently sold the assets for $50 million, closing a chapter on one of the most disastrous acquisitions in the miner’s history.” TNM

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DECEMBER 12–18, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 28–DECEMBER 2 The S&P/TSX Composite Index fell 0.2% to 15,052.52, despite a surge in oil prices and a decent jobs report. The S&P/TSX Global Mining Index fell 0.9% to 65.19, while the S&P/TSX Global Gold Index jumped 3% to 194.24. Spot gold dipped 0.6% to US$1,177.10 per ounce. U.S. crude jumped 12% to US$51.68 per barrel, with some of the world’s largest oil producers curbing production. The Canadian economy created an unexpected 10,700 jobs in November, while the jobless rate fell to 6.8% from 7%. Solitario Exploration & Royalty soared 25% to 95¢ per share, after the company said it would start a preliminary economic assessment on its Bongara zinc project in northern Peru. It is picking an independent consulting engineering firm to complete the assessment by mid-2017. A June 2014 resource estimate shows Bongara has 2.8 million measured and indicated tonnes grading 15.1% zinc equivalent for 925.3 million equivalent lb. zinc. It has another 9.1 million inferred tonnes at 12.4% zinc equivalent. Solitario notes that the high-grade resource is open to expansion in all directions. Bongara has seen 486 core holes, or 117,000 metres of drilling. This includes 95 underground holes totalling more than 15,000 metres. Solitario owns 39% of the Bongara project, while Compania Minera Milpo holds

the other 61%. Continental Gold shares rose 24.7% to $4.44. The boost came after the company received an environmental permit for its Buritica gold project in Antioquia, Colombia. Colombian regulators approved Continental’s application to amend the project’s environmental licence on Nov. 30. With the resolution, Continental can expand its small-scale mine to a larger mining and milling operation, as envisioned in its March 2016 feasibility study. The company can now operate and build all mining and milling-related facilities, including a processing plant with a capacity of up to 3,200 tonnes per day. Continental can also mine alluvial material for the operation’s building and producing phases. TSX MOST ACTIVE ISSUES

Yamana Gold B2Gold Kinross Gold Barrick Gold Suncor Energy IAMGOLD First Quantum Trevali Mng Teck Res Eldorado Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI BTO K ABX SU IMG FM TV TCK.B ELD

31033 4.11 3.86 4.03 + 0.12 25994 3.34 3.13 3.27 + 0.14 24487 4.69 4.28 4.61 + 0.31 21633 21.07 19.72 20.81 + 0.77 19882 44.29 39.81 42.82 + 0.86 18354 5.16 4.76 5.12 + 0.25 17262 16.01 14.45 14.76 - 1.09 16967 1.40 1.23 1.35 - 0.01 16775 35.67 31.79 33.66 - 1.18 15978 3.85 3.54 3.85 + 0.27

With the permitting complete, Continental is finishing the project’s debt facility, and it expects approval on its technical work plan from Antioquia’s Secretary of Mines shortly. BMO analyst Brian Quast describes the environmental permit as “positive,” and says that it “paves the way to full-scale operations.” He has an “outperform” rating and a $6 target on the stock. Erdene Resource Development jumped

24% to 47¢ after encouraging drill results. Erdene reported the fourth batch of drill results from its recent drill campaign at its 100%-held Bayan Khundii gold project in Mongolia. Drilling is expanding the project’s gold-mineralization boundaries, with six of the 13 reported holes ending in gold mineralization. The best hole returned 65 metres of 6.3 grams gold per tonne, including 37 metres of 11 grams gold. TNM

TSX GREATEST PERCENTAGE CHANGE

Eco Oro Mnls Contintl Prec Solitario Ex&R U3O8 Corp Contintl Gold Erdene Res Dev Lexam VG Gold Serabi Gold Columbus Gold Auryn Res Paladin Energy Gabriel Res Loncor Res RTG Mining Aureus Mng Rio Novo Gold Rockwell Diam Minco Gold Tanzania Rlty New Milln Iron

EOM CZQ SLR UWE CNL ERD LEX SBI CGT AUG PDN GBU LN RTG AUE RN RDI MMM TNX NML

5017 37 23 425 5830 1332 919 364 225 1007 7126 267 23 124 1214 145 1171 65 147 1191

0.50 0.37 0.98 0.03 4.63 0.55 0.23 0.09 0.61 2.70 0.11 0.52 0.18 0.40 0.03 0.13 0.08 0.26 0.70 0.17

0.30 0.25 0.84 0.02 3.35 0.41 0.17 0.08 0.54 2.20 0.07 0.38 0.13 0.25 0.03 0.11 0.05 0.23 0.61 0.13

0.47 0.37 0.95 0.03 4.44 0.47 0.22 0.09 0.61 2.60 0.07 0.40 0.13 0.25 0.03 0.11 0.06 0.23 0.62 0.14

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

First Majestic Torex Gold Pan Am Silver Detour Gold MAG Silver Pretium Res Seabridge Gld Contintl Gold Suncor Energy Franco-Nevada TMAC Resources Teck Res First Quantum Teck Res Agnico Eagle Pershing Gold HudBay Mnls Turquoise HIl Imperial Metal Caledonia Mng

62.1 48.0 25.0 25.0 24.7 24.0 22.2 20.0 19.6 18.7 38.1 25.9 23.5 16.7 16.7 16.0 15.4 13.2 12.7 12.5

VOLUME WEEK (000s) CLOSE CHANGE

FR TXG PAA DGC MAG PVG SEA CNL SU FNV TMR TCK.B FM TCK.A AEM PGLC HBM TRQ III CAL

8258 13.06 3175 20.90 2095 23.80 7691 17.99 1120 17.47 1814 12.27 451 13.43 5830 4.44 19882 42.82 3752 77.50 678 14.46 16775 33.66 17262 14.76 82 34.24 4963 54.60 7 4.63 8953 9.07 8433 4.42 204 6.13 759 1.43

+ 1.94 + 1.83 + 1.69 + 1.61 + 1.42 + 1.09 + 0.95 + 0.88 + 0.86 + 0.78 - 1.88 - 1.18 - 1.09 - 0.74 - 0.51 - 0.47 - 0.42 - 0.39 - 0.31 - 0.20

TSX VENTURE EXCHANGE / NOVEMBER 28–DECEMBER 2 The S&P/TSX Venture Composite Index gained 2%, or 14.8 points, en route to a 749.37-point weekly close. Spot gold prices fell US$6.13 per oz. gold, nearing 10-month lows, before closing at US$1,177.43 per ounce. Comex copper prices closed at US$2.63 per lb., down US5¢. Vancouver-based Prospector Resources was a front-runner in the value-added column, gaining 50¢ to 55¢ after closing a non-brokered private placement that saw 42.9 million shares traded at 5¢ a share. The $2.1-million financing will settle the company’s current liabilities, fund a $200,000 exploration drill program at its Kalzas tungsten property in the Yukon and pursue asset acquisitions. Prospector directors resigned and Alexander Black, Klaus Zeitler and Daniel Kenney were appointed to the board. The financing and corporate restructuring is part of the company’s graduation to the TSX Venture Exchange as a Tier 2 mining issuer. The recapitalized company intends to focus on acquiring precious metal projects in North and South America that can be developed into mines. First Mining Finance, a mineral propertyholding company, saw 5.7 million shares traded before closing up 15¢ to 90¢ per share, after announcing a $21-million exploration and development budget for next year. The company plans to drill 27,000 metres at its

Goldlund gold project in northwestern Ontario for the project’s preliminary economic assessment. Another 6,000 metres is planned for its Springpole gold project in northern Ontario, and 5,000 metres at its Hope Brook gold project in Newfoundland. More work is in store at the company’s other Canadian, U.S. and Mexican assets. Shares of Abitibi Royalties gained 36¢ to $8.40 on news of increasing royalty holdings in the Red Lake district of western Ontario. The company partnered with AuRico Metals to enter an agreement with Frontline Gold, where each company can acquire a 1% net smelter return royalty (NSR) on several earlystage projects south of Goldcorp’s Red Lake gold mine. In exchange, Abitibi has agreed to pay Frontline $13,000, with AuRico paying TSX-V MOST ACTIVE ISSUES

Chimata Gold CAT Apple Cap Inc YD Graphite One GPH Corsa Coal CSO American Lith LI Saint Jean SJL First Mg Fin FF Fieldex Expl FLX Am Manganese AMY Pure Energy PE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

8675 8408 8208 6460 5925 5764 5725 5411 5209 5175

0.02 0.23 0.12 0.14 0.34 0.08 0.90 0.03 0.32 0.75

0.01 0.15 0.08 0.11 0.21 0.06 0.72 0.02 0.25 0.53

0.02 0.23 0.10 0.14 0.21 0.06 0.90 0.02 0.27 0.71

+ + + + - - + - - +

0.01 0.08 0.03 0.02 0.11 0.01 0.15 0.01 0.01 0.16

the equal amount. The acquisitions build the company’s Red Lake royalty portfolio, which includes a 2% NSR on Frontline’s White Horse Island gold project. Abitibi has bought 14 royalties near mines since June 2015. Golden Valley Mines and Rob McEwen hold a 49.4% and 12.3% interest in Abitibi. Chesapeake Gold gained 51¢ to $3.96 per share. The company’s primary asset is the

Metates gold-silver project in Durango state, Mexico. An updated prefeasibility study released in the second quarter showed a 30,000-tonne-per-day operation expanding to 120,000 tonnes per day, with production over 25 years. The operation could annually deliver 659,000 oz. gold, 16 million oz. silver and 143 million lb. zinc at a gold-equivalent cash cost of US$490 per oz., net of zinc credits. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Prospector Res Inter-Rock Mnl Kairos Cap Astar Mnls Mustang Mnrls E-Energy Vent EastCoal Inc Virginia Enrgy Kitrinor Mtls Nrthn Lion Goldstream Mnl Peat Res Superior Mng Melior Res Barker Mnrls Cdn Platinum Baroyeca Go&Si Niocan Inc ProAm Expl Belvedere Res

PRR IRO KRS TAR MUM EEV ECX.H VUI KIT NL GSX.H PET SUI.H MLR BML CPC BGS NIO PMX BEL

121 407 107 16 228 3315 14 9 400 4 702 846 437 2323 60 944 250 280 280 4669

0.57 0.11 0.08 0.35 0.01 0.01 0.01 0.07 0.01 0.29 0.08 0.03 0.02 0.04 0.02 0.01 0.01 0.09 0.02 0.03

0.00 0.06 0.05 0.17 0.01 0.01 0.00 0.00 0.01 0.00 0.05 0.02 0.01 0.02 0.01 0.01 0.01 0.05 0.02 0.00

0.55 0.10 0.08 0.35 0.01 0.01 0.01 0.07 0.01 0.29 0.07 0.02 0.01 0.02 0.01 0.01 0.01 0.05 0.02 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 1000.0 + 122.2 + 114.3 + 112.1 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 87.1 - 51.9 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 41.2 - 40.0 - 40.0

VOLUME WEEK (000s) CLOSE CHANGE

FR TXG PAA DGC MAG PVG SEA CNL SU FNV TMR TCK.B FM TCK.A AEM PGLC HBM TRQ III CAL

+ 1.94 + 1.83 + 1.69 + 1.61 + 1.42 + 1.09 + 0.95 + 0.88 + 0.86 + 0.78 - 1.88 - 1.18 - 1.09 - 0.74 - 0.51 - 0.47 - 0.42 - 0.39 - 0.31 - 0.20

U.S. MARKETS / NOVEMBER 28–DECEMBER 2 The Dow Jones Industrial Average climbed 0.1% to 19,170.42, the S&P 500 Index fell 0.97% to 2,191.95, and the Nasdaq Composite Index dropped 2.7% to 5,255.65. Spot gold dipped 0.6% to finish at US$1,177.10 per oz., and t he Phi ladelphia Gold & Silver Index rose 4% to 82.30. The price of West Texas Intermediate Crude rose 10% to US$52 per barrel on the back of an OPEC deal. The Canadian government’s announcement on Nov. 30 that it has approved the Kinder Morgan Trans Mountain expansion project and the Line 3 replacement project lifted the shares of oil producers in Alberta. Chevron jumped US$2 to US$113 per sha re, Suncor Energ y climbed US$1.05 to US$32.23 and Trecora Resources rose US$1.30 to US$13.55 per share. The Kinder Morgan pipeline will twin a line that has operated since 1953, which extends from Edmonton, Alta., to Burnaby, British Columbia. The project “will effectively triple our capacity to get Canadian energy resources to international markets beyond the U.S.,” and create 15,000 middle-class jobs, Prime

6_DEC12_MarketNews.indd 6

Minister Justin Trudeau said, while Line 3 replaces over 1,000 km of an existing pipeline from Hardisty, Alta., to Gretna, Man., and will create 7,000 jobs. The prime minister killed the Northern Gateway pipelines project, however, noting that the Great Bear Rainforest “is no place for a pipeline,” and the Douglas Channel “is no place for oil tanker traffic.” Shares of Barrick Gold closed US90¢ hig her to end at US$15.66, a nd were the third most traded of the week. The Toronto-based gold major announced on Dec. 2 that it had settled a US$650U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 250679 9.18 8.07 8.44 Freeport McMo* FCX 170247 16.04 14.85 15.42 Barrick Gold* ABX 90657 15.86 14.71 15.66 United States S* X 90327 33.65 30.24 33.61 Hecla Mining* HL 78619 6.40 5.85 6.36 Kinross Gold* KGC 65889 3.53 3.19 3.47 Yamana Gold* AUY 59582 3.09 2.89 3.03 Vale* VALE.P 52114 8.11 7.14 7.53 Newmont Mng* NEM 51897 33.83 31.52 33.58 Chevron* CVX 48937 114.91 108.40 113.00

+ 0.02 - 0.58 + 0.90 + 0.38 + 0.33 + 0.30 + 0.11 + 0.01 + 1.66 + 2.00

million debt tender offer for outstanding notes, and has lowered its 2016 debt by US$2 billion. Hudbay Minerals shares fell 2.9% to US$6.80 apiece. The company announced that it is offering US$1 billion of senior

notes in two series, one due in 2023 and the other due in 2025. The company also said it is beginning an offer to purchase for cash any and all of its outstanding US$920 million of 9.500% senior notes due in 2020. TNM

U.S. GREATEST PERCENTAGE CHANGE

First Majestic* McEwen Mng* Pretium Res* Cloud Peak En* Trecora Res* Seabridge Gld* Kinross Gold* Eldorado Gold* Fortuna Silvr* Tahoe Res* Mechel* NACCO Ind* Alcoa* Yanzhou Coal* Turquoise HIl* Natural Res Pt* Freeport McMo* HudBay Mnls* Sibanye Gold* Black Hills*

AG MUX PVG CLD TREC SA KGC EGO FSM TAHO MTL NC AA YZC TRQ NRP FCX HBM SBGL BKH

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

23689 9.86 15957 3.10 8416 9.40 8497 6.53 295 13.85 2791 10.28 65889 3.53 26258 2.90 5657 6.55 9889 10.13 2567 6.30 107 98.10 24058 31.80 222 7.55 25574 3.65 284 36.10 170247 16.04 1919 7.10 10820 9.04 1810 61.62

8.35 2.68 8.24 5.30 11.90 9.15 3.19 2.62 5.83 9.21 5.28 87.65 28.60 6.86 3.21 32.25 14.85 6.55 7.95 57.58

9.82 3.08 9.25 6.49 13.55 10.10 3.47 2.89 6.54 9.97 5.40 87.85 29.04 6.93 3.34 34.10 15.42 6.80 8.47 58.50

+ 18.3 + 15.4 + 12.5 + 10.9 + 10.6 + 9.8 + 9.5 + 8.6 + 8.3 + 7.6 - 13.2 - 9.4 - 8.4 - 7.7 - 7.5 - 4.6 - 3.6 - 2.9 - 2.3 - 1.8

U.S. GREATEST VALUE CHANGE

Agrium* AGU Chevron* CVX Franco-Nevada* FNV Newmont Mng* NEM First Majestic* AG Mosaic* MOS Trecora Res* TREC CONSOL Energy* CNX Suncor Energy* SU Pretium Res* PVG NACCO Ind* NC Alcoa* AA MartinMarietta* MLM Natural Res Pt* NRP Black Hills* BKH Mechel* MTL Freeport McMo* FCX Yanzhou Coal* YZC Southern Copp* SCCO Teck Res* TCK

VOLUME WEEK (000s) CLOSE CHANGE

2131 100.15 48937 113.00 3990 58.35 51897 33.58 23689 9.82 27626 28.82 295 13.55 20616 20.89 19075 32.23 8416 9.25 107 87.85 24058 29.04 4435 223.25 284 34.10 1810 58.50 2567 5.40 170247 15.42 222 6.93 4950 33.11 31521 25.36

+ 2.08 + 2.00 + 1.93 + 1.66 + 1.52 + 1.39 + 1.30 + 1.25 + 1.05 + 1.03 - 9.15 - 2.66 - 2.06 - 1.65 - 1.09 - 0.82 - 0.58 - 0.58 - 0.49 - 0.33

2016-12-06 7:52 PM

OUTLOOK 2017 Base metals and bulk commodities look good heading into New Year

SPECIAL FOCUS SPECIAL FOCUS

Entrepreneurial spirit of the Tahltan booms in BC

ABORIGINAL BUSINESS

| Busy year ahead for Tahltan Nation Development Corp., as more mining projects advance towards production in NW BC’s Golden Triangle BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

RECOVERY

| Zinc prices highest since 2007

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

t’s been a tough run the past few years for people involved with base metals and industrial commodities. Recessions among leading global economies combined with oversupply concerns to drive down spot prices for copper, zinc and metallurgical coal. Over the past six months, however, the outlook for industrial resources is seemingly improved. Copper has bounced off lows near US$2 per lb., zinc prices have surged to nine-year highs, while metallurgical coal has staged a short-term recovery. The Northern Miner has compiled reports from major Canadian mining analysts to outline sentiment on industrial markets heading into the New Year. Copper The red metal turned a corner in October when sentiment shifted on the Chinese economy. Wood Mackenzie reported that an increase in demand in China was “better than expected,” with growth projected at 4% year-on-year. Over the past two months London Metal Exchange copper inventories have dropped 31% — or more than 110,000 tonnes — while Shanghai Futures Exchange copper stocks dropped 7.5%, or 9,000 tonnes. Copper prices hit US$2.70 per lb. on Nov. 11, and though the rally has curtailed slightly, it is still up 20% since October to US$2.62 per lb. at press time. The rally is underpinned by Donald J. Trump’s U.S. election win, and his pledge to boost infrastructure spending. TD Securities analysts Greg Ba rnes a nd Cra ig Hutchison wrote of copper prices on Nov. 18 that “part of the move is based on fundamentals, part is speculation and part is driven by copper playing catch up, after lagging versus other commodities year-to-date.” TD Research observed that “most of the larger new supply sources are now at — or close to —full run rates,” and added that while copper mine supply increased 4% year-on-year in 2016, it could grow just 1% in 2017. “The move higher appears to be excessive, and we would expect some retracement, as the positive ‘Trump effect’ starts to lose steam and investors ponder the potential negative Trump effect of restrictive trade policies and a stronger dollar,” Barnes and Hutchinson said. TD Research forecasts a flat cop-

A TNDC employee who worked on an AltaGas hydroelectric project in northwest British Columbia. TNDC

hen British fur traders first came across the Tahltan First Nation in northwest B.C. almost two centuries ago, the aboriginal group already had its own trading economy, being positioned as a middleman between the coastal tribes and those living north and east of the Stikine. After dealing with these colonists for decades, the Tahltan Nation eventually lost its monopoly when the Hudson’s Bay Co. opened its first trading post in the traditional territory during the Cassiar gold rush in the 1870s. Now, with mining and exploration companies flocking once again into northwest B.C. to explore and develop world-class copper-gold deposits, the Tahltan Nation’s legacy is coming full circle, and the aboriginal group is ready for business. Owned by the Tahltan Central Government, as well as band councils at Telegraph Creek and Iskut, the Tahltan Nation Development Corp. (TNDC) was established three decades ago to participate in

economic activity within the tribe’s ancestral lands. Over time, TNDC has grown from an urban construction company to a multifaceted, multimillion-dollar corporation with over 25 partners servicing the natural resources industry, with projects including reconnaissance work, construction and reclamation. In November, TNDC expanded once again in a new partnership with Geotech Drilling Services, an international surface and underground drilling company based in British Columbia. As a result, the jointly owned Tahltech Drilling Services will be the preferred drilling company operating in the Tahltan territory, which includes B.C.’s “Golden Triangle,” a hot spot for exploration in the province and home to Imperial Metals’ (TSX: III; US-OTC: IPMLF) new Red Chris copper-gold mine and Pretium Resources’ (TSX: PVG; NYSE: PVG) advanced Brucejack gold project. The partnership will also provide subcontracting, employment and training opportunities to the Tahltan community. See TNDC / 10

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See BASE METALS / 8

1 2 3 4 5 11 13 14 15 16_DEC12_Main .indd 7

2016-12-06 8:04 PM

OUTLOOK 2017

DECEMBER 12–18, 2016 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

A pit at Turquoise Hill Resources’ Oyu Tolgoi copper-gold project in Mongolia. TURQUOISE HILL RESOURCE

Base metals, bulk commodities look good heading into 2017 BASE METALS From 7

per price deck over the next four years, peaking at US$2.75 per lb. in 2019, before the red metal breaks US$3 per lb. in 2020. Wood Mackenzie projects that the incentive price for mine development (assuming a 12% internal rate of return for new projects) is US$3.10 per lb. Barnes and Hutchison’s picks for copper leverage among larger Canadian producers include Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ) and Lundin Mining (TSX: LUN; US-OTC: LUNMF). TD Research’s top picks for smaller producer leverage are Copper Mountain Mining (TSX: CMMC; US-OTC: CPPMF) and Taseko Mines (TSX: TKO; NYSE-MKT: TGB). Zinc Zinc prices hit a US$1.30 per lb.

high in November, which equates to 73% gains year-on-year. Spot prices sat at US$1.22 per lb. at press time, which is the highest point for the metal since 2007 when it briefly popped above US$2 per lb. Scotiabank’s analyst team noted on Nov. 28 that “zinc continues to be our preferred exposure … the metal has the best near- to medium-term fundamentals within the base metals complex.” Scotiabank research models net refined zinc deficits of 600,000 tonnes in 2016, 489,000 tonnes in 2017 and 359,000 tonnes in 2018. “While 2016 represents the fifth consecutive year of market deficits, we are finally seeing a meaningful price response, as inventory levels have retrenched to what is considered to be the cusp of relatively tight levels,” Scotiabank’s analyst team added.

Cradle to cradle

Visible zinc inventories have reportedly dropped 11% year-to-date, while exchange inventories are down 62% from the “most recent cyclical peak” in early 2007. “We caution that China is the largest producer [and consumer] of zinc, and a potential supply-side response to materially higher prices could eventually burst the bubble [despite environmental and economic rationalization agendas],” Scotiabank added. The analyst price deck for zinc estimates US$1.15 per lb. in 2017, US$1.20 per lb. in 2018, US$1.25 per lb. in 2019 and $1.30 per lb. in 2020. Scotiabank’s recommended companies for zinc exposure include: Hudbay Minerals (TSX: HBM; NYSE: HBM), Lundin Mining (TSX: LUN; US-OTC: LUNMF), Pan American Silver (TSX: PAA: NASDAQ: PAAS) and Trevali Mining (TSX: TV). Analysts caution that “if China is unable to ramp up capacity, the market could tighten,” which would make the rising price assumptions conservative.

from 330 days per year to cope with overcapacity and low prices.” China regulators announced that all compliant and safe coal mines would operate at full capacity until the “end of the heating season.” BMO Research explains why the met coal market could stay tight in early 2017. Mine and mill inventory levels are reportedly at the “lowest levels since 2014,” which could support prices at US$250 per tonne. Ongoing logistical challenges in China and the rainy season in Australia could also help underpin the rally. On Nov. 22, BMO Research increased its price forecasts for met coal to an average US$198 per tonne in 2017, and US$130 per tonne in 2018. Analysts expect the market will move back into surplus next year, and forecast 25 million tonnes of “incremental export supply from Australia, Mozambique, Mongolia and North America, which more than offsets an estimated 10 million tonnes in additional supply cuts from China next year.”

BMO analysts say that “China’s steel production, driven by export demand, depends on the growth of global demand,” and estimate that the Asian industrial leader’s steel exports will decline 2 million tonnes next year to 98 million tonnes. Meanwhile, the U.S. and India each represent 6% of global steel demand, and “Europe’s antiausterity movement could be a welcome boost to steel demand.” BMO Research adds that Anglo American (US-OTC: NGLOY) is the “biggest beneficiary of higher price forecasts,” with 2017 earnings increasing 19%. South32 (US-OTC: SHTLF) shows the next greatest increase at 17%, while Glencore and Rio Tinto (NYSE: RIO) have the most muted response to higher prices, with 5% and 7% increases. In November Goldman Sachs upgraded Teck Resources (TSX: TCK.B; NYSE: TCK) to a “buy” rating, based on its exposure to coking coal and zinc. Year-to-date the company’s shares are up 644%, or $28.97 per share, to a $33.49 close at press time. TNM

Metallurgical/coking coal BMO Capital Markets calculates that spot met coal prices have increased 237% to above US$300 per tonne over the last six months, owing to policy-driven supply constraints in China and disrupted supply from seaborne producers. The market shock was reportedly “driven by China’s policy-makers restricting coal operations to 276 days per year

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1 2 3 4 5 11 13 14 15 16_DEC12_Main .indd 8

An underground development worker at Trevali Mining’s Caribou zinc mine in New Brunswick. TREVALI MINING

2016-12-06 8:04 PM

OUTLOOK 2017

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 12–18, 2016

OUTLOOK 2017 SNAPSHOT Six companies getting busy in 2017 With some recovery in commodity prices in 2016, more than a few mining companies are stepping up work programs and striving to hit milestones in the coming year. The following are examples of six such companies. ALAMOS GOLD Toronto-based Alamos Gold (TSX: AGI: NYSE: AGI) just seems to go from strength to strength, with the company now boasting three operating mines — the Young-Davidson gold mine in northern Ontario, and the Mulatos and El Chanate gold mines in Sonora, Mexico — plus exploration and development projects in Mexico, Turkey, Canada and the United States. The company is due to produce 370,000 to 400,000 oz. gold from its three mines in 2016. Alamos says its near-term focus is to ramp up underground production at Young-Davidson and develop the La Yaqui & Cerro Pelon deposits at Mulatos. Longer-term the focus is to use cash flow from Young-Davidson and Mulatos to fund future growth of “highest-return” projects. BARRICK GOLD After several years of tightened purse strings, shrinkage and consolidation, Barrick Gold (TSX: ABX; NYSE: ABX) is getting back to the business of mining gold, having most recently tabled a tidy profit of US$175 million in its third quarter on revenues of US$2.3 billion. Debt reduction is still high on the agenda, though. At the end of the third quarter, Barrick had a cash balance of US$2.6 billion and less than US$200 million in debt due

1 2 3 4 5 11 13 14 15 16_DEC12_Main .indd 9

before 2019, and $5 billion of its outstanding debt of $8.5 billion not maturing until after 2032. Over the medium-term, Barrick aims to lower its total debt to below US$5 billion. Operationally, perhaps the biggest question mark for Barrick in 2017 will be what happens when it re-evaluates its mothballed PascuaLama megaproject on the Chile-Argentina border. Barrick is now pondering a smaller starter mine at Lama, and recently brought in George Bee to evaluate this development option. Elsewhere, Barrick says four of its assets provide organic growth opportunities: the Turquoise Ridge expansion in Nevada; Goldrush in Nevada; the Lagunas Norte refractory ore mine-life extension in Peru; and Cortez Hills Deep South in Nevada. Barrick expects full-year gold production in 2016 of 5.25 to 5.55 million oz. — up from its estimate of 5 to 5.50 million oz. gold — at an all-in sustaining cost of US$740 to US$775 per oz., which is below its earlier 2016 guidance of US$775 to US$825 per ounce. MCEWEN MINING McEwen Mining (TSX: MUX; NYSE: MUX) had a strong third quarter, producing 36,500 equivalent oz. gold (24,281 oz. gold and 916,168 oz. silver), and tabling a US$4.2million profit on revenue of US$18.9 million from its gold-silver mines in Mexico and Argentina. McEwen’s guidance for all of 2016 is 99,500 oz. gold and 3.3 million oz. silver, or 144,000 equivalent oz. gold. The company’s most interesting growth

prospect for 2017 may be its wholly owned, advanced-stage Gold Bar project in Nevada. McEwen completed a feasibility study at Gold Bar in September 2015, and expects a permitting decision from the U.S. Bureau of Land Management during the third quarter of 2017. With this final permit McEwen could begin building the mine, which would take one year, and reach production by 2018. For 2016, McEwen budgeted spending US$3.5 million towards advancing Gold Bar closer to production, of which US$1.9 million had been spent by the end of the third quarter, with mine permitting and engineering activities continuing at press time. RUPERT RESOURCES In August, Brian Hinchcliffe-led Rupert Resources (TSXV: RUP) exercised an option to buy the past-producing, fully permitted Pahtavaara gold mine, mill and exploration permits in northern Finland for US$500,000 in cash, a 1.5% production royalty capped at US$2 million and a €560,000 environmental bond. In September, Rupert raised $7.7 million in the form of a convertible debenture, and in October announced a non-brokered private placement offering of up to 17.7 million shares priced at 65¢ per share for $11 million. The mine has operated for 15 of the last 20 years, and Rupert intends to spend 2017 building up the resource base to resume mining operations, except this time apparently with “an emphasis on low-cost mining and grade discipline.”

The company is also keen on the 124 sq. km property’s exploration potential. With 2016 coming to a close, drilling is underway from both underground and surface. SILVER BEAR RESOURCES Silver Bear Resources (TSX: SBR) is tackling the daunting task of developing a mine at its 100% owned Mangazeisky exploration licence that includes its Vertikalny silver deposit, located 400 km north of Yakutsk in Russia’s Sakha Republic (also known as Yakutia). In November Silver Bear reported the mine at Vertikalny was 60% finished, with project expenses to date totalling US$30 million of the proposed US$49.9-million budget, and the project expected to “come in under the feasibility study budget.” It notes that due to an early winter, the summer overland supply route has been curtailed until the road is fully frozen, which has slightly delayed production ramp-up from early in the first quarter of 2017 to the end of the first quarter. Silver Bear describes Vertikalny as “one of the highest-grade silver projects in the world.” As of April 2016, resources at the project stood at 1.1 milllion indicated tonnes averaging 831 grams silver per tonne for 29.5 million oz. silver, plus 1.9 million inferred tonnes of 466 grams silver for 27.8 million oz. silver. At full production, the mine would process 110,000 tonnes of ore per year, with output averaging 2.5 million oz. silver per year, or a total of 18.9 million oz. silver over a 7.3-year mine life. TNM

2016-12-06 8:04 PM

DECEMBER 12–18, 2016 / THE NORTHERN MINER

OUTLOOK 2017

WWW.NORTHERNMINER.COM

Camp facilities at Seabridge Gold’s KSM copper-gold project in northwest British Columbia, where Tahltan Nation Development Corp. provides camp and catering services. SEABRIDGE GOLD

Entrepreneurial spirit of the Tahltan booms in BC TNDC From 7

“This new partnership adds to the incredible depth and range of services we provide to the resource sector,” TNDC CEO Garry Merkel tells The Northern Miner during a phone interview before departing for a week-long business trip across the province. “We have a skilled labour force and we’re continuously growing our base of skilled and reputable partners, with the aim to strengthen our capability and competitiveness in the industry as the economic recovery unfolds.” Ever since the provincial government installed the 287 kV Northwest Transmission Line, which extends for 344 km near Terrace to Bob Quinn Lake, Merkel says that exploration and development in the region has gotten “a lot more serious.” “We’ve seen a number of promising and feasible projects emerge,” he says, noting Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM goldcopper project as an example. “KSM is going to be one of the biggest mines in the world, and its owner is deeply committed to the local community. We’re a community company that provides cost-effective and reliable quality services, so it’s

a marriage made in heaven for both of us. They’re willing to make longterm arrangements, and that will give us an opportunity to procure the equipment needed to build an operation of that scale, and in turn that would help us scale up as a business.” TNDC employs over 130 full-time and up to 300 contract workers from the local community, and owns and leases a fleet of heavy equipment, including bulldozers, excavators, graders, loaders and trucks. It focuses on road construction and maintenance, earthworks and heavy construction, gravel and mine tailings hauling, remote industrial camp operations and building construction. But work doesn’t stop there. Through its partners, TNDC also provides services such as helicopter and aviation, communication, blasting, engineering, environmental, fuel supply, IT management and medical. Its current projects include earthworks and road alignment at Pretium’s Brucejack project, camp and catering services at Seabridge’s KSM project, and earthworks and camp services at Imperial’s Red Chris mine. Past projects involved developers such

•

ConstruCtion AnD Mining serviCes

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as AltaGas (TSX: ALA), Teck Resources (TSX: TCK.B; NYSE: TCK), Barrick Gold (TSX: ABX: NYSE: ABX) and Novagold Resources (TSX: NG; MYSE-MKT-NG). Merkel says that TNDC and all of its partners rake in over $300 million in gross revenue a year, which makes the corporation a powerful economic force for the Tahltan Nation, and a “one-stop shop” for service seekers in the growing natural resource industry. “A wise First Nation entrepreneur once said that the problem with being an aboriginal company is that you have to prove yourself four times as much as any other company, just because of the stereotypes out there. It’s just the way it is, at least for now,” Merkel says. “With every company we work with, in the beginning there’s trepidation, because they probably had negative experiences with First Nations in the past, and I acknowledge that, but once they see what we can do, every one of them has said that we’ve proven to be as cost-effective, efficient and reliable as anybody else in any situation. We’re a substantial corporation regardless of whether we’re aboriginal or not.” While securing jobs for members of the Tahltan nation is part of

“WE’RE NOT INTERESTED IN WRECKING THE LAND JUST FOR JOBS OR MONEY. BUT LAND IS MEANT TO BE USED, AND THE TRICK IS TO USE IT RIGHT.” GARRY MERKEL CEO, TAHLTAN NATION DEVELOPMENT CORP.

TNDC’s vision of the future, Merkel says that adhering to the traditional values of his ancestors, who were equally as entrepreneurial, is the lifeblood of the business. “We look for partners who have the same values and philosophies as us. Life is too short, and I don’t care what you do, it’s all about relationships. With Geotech, as an example, we’re aware of their principals and they’re all solid people. They care about community, the people and the land, which are all the things that we care about, and the same goes for all of our partners. “We’re not interested in wrecking the land just for jobs or money. But land is meant to be used, and the trick is to use it right … as a people we’re in the business of supporting

these projects, provided they’re environmentally and socially acceptable to our community.” It’s Merkel’s view that the most important aspect of conducting any business is in communication. “Doing business requires the parties involved to sit down, and push each other around the whole bunch, but the first step is to commit to each other. It’s a bit like a labour agreement when you work with a community. You have to dedicate yourself to developing the relationship,” he says. “At some point, after full discussion, you may decide to go with another option because we can’t provide that level of service at a desired price. We’ve been in that situation, and there’s absolutely nothing wrong with that, because by then a relationship has been established and we worked through it together.” Merkel adds that choosing services provided by TNDC is a step in the right direction for a company of any size that wishes to engage with the local community in northwest B.C. “Beyond the fact that we’re more than able to provide a level of service that’s comparable to our peers, there’s a certain altruistic and probably a financial incentive to working with First Nations, on all fronts,” he argues. “If you have a positive relationship with a First Nation you are more likely to have your work dealt with in a more expeditious manner, and more likely to deal with the issues that concern the community in an effective and timely manner. In this business, just like any other, time is money. If you have a poor relationship with a community, or a poorly developed one, and you’re not engaging them in the benefits, or not doing outreach to understand what the issues are and not designing the project to deal with those, then you’ll end up being delayed a whole bunch, and delays are costly. For us, it’s also a way to get to know the project, meet the people involved and ensure that the project advances in a responsible manner.” TNM

2016-12-06 8:04 PM

OUTLOOK 2017

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 12–18, 2016

CPM’s Jeffrey Christian shares precious metal forecasts INTERVIEW

| Analyst sees gold averaging US$1,325 per oz. in 2017

BY TRISH SAYWELL tsaywell@northernminer.com

Jeffrey Christian is the managing partner of CPM Group, a commodities research and management, consulting and financial advisory firm in New York. He founded the company in 1986, spinning off the Commodities Research Group from Goldman, Sachs & Co., and its commodities trading arm, J. Aron & Company. Christian is an expert on precious metals markets and took time out before an upcoming trip to China to speak with The Northern Miner about his outlook on gold, silver and platinum group metals. The Northern Miner: We certainly are living in interesting times, with events like the Brexit vote and the election of Donald J. Trump as the next president of the United States. This could make your job forecasting metal prices all the more difficult. Jeffrey M. Christian: The world just keeps giving us fascinating times. This one is right up there, that’s for sure. TNM: What are your projections for gold over the short-term, mediumterm and long-term, and how do you break down each period? JMC: Our projections extend from one week to 10 years, and sometimes we have clients that want us to go further than 10 years. Our shortterm view is one week to one year, our intermediate-term view is two to three years and our long-term view is three to 10 years, or beyond. Looking at the gold market, yearto-date the price is up 7.5% on average. People got bullish earlier this year when prices rose off a cyclical low, but the reality is that it’s been a 7.5% increase in the average annual gold price, and our view is that next year it might rise 5%. The average gold price this year is US$1,260 per oz., and we think it will average US$1,325 per oz. in 2017. We see a modest increase next year, and the price will probably rise more sharply beyond 2017. We don’t know if it starts rising in 2018, or whether it could start rising in 2017, given the political events that have occurred. Brexit was obviously a surprise, Trump’s election was a surprise and what he does as president is totally unclear. And then on Dec. 4 you’ve got the Italian referendum on constitutional changes, and if the Italians vote against that it could be short-term bearish for gold, longterm bullish for gold. [Editor’s note: Italians indeed voted heavily against proposed constitutional reforms, resulting in Italian Prime Minister Matteo Renzi tendering his resignation.] There is a lot of political uncertainty. You probably won’t see these things being particularly problematic in 2017, but by 2018–2019 you probably may. TNM: What’s your view on the election of Trump, and how it will play out for precious metals markets? JMC: We’ve been writing for our clients and talking to our clients for a month now. People say, ‘Wow, what does this mean?’ One of the big points we keep making is that there are limitations to presidential power. Frankly, Trump is very disconcerting to me in and of itself, because I try to be an honest and intelligent person and he is neither honest nor intelligent. It’s well known that he has a fascination for Hitler and Mussolini. It’s a matter of public record that he used to keep speeches

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“TRUMP IS VERY DISCONCERTING TO ME … BECAUSE I TRY TO BE AN HONEST AND INTELLIGENT PERSON AND HE IS NEITHER HONEST NOR INTELLIGENT.” JEFFREY CHRISTIAN MANAGING PARTNER, CPM GROUP

Premier Gold Mines’ Mercedes gold-silver mine in northern Mexico. PREMIER GOLD MINES

by Hitler at his bedside and read them at night and if you look at his acceptance speech at the Republican National Convention in August, it was heavily influenced by a speech Hitler gave in 1932 called “Midnight over Germany,” in which Hitler said Germany had all these problems and only he could fix them. Trump almost plagiarized Hitler’s speech. So he has the kinds of fascist tendencies that concern people that like freedom. But on the other hand, there are limits to presidential power. A lot of the things he says he would do, he simply cannot legally do. He’d have to suspend the Constitution to do a lot of the things he says he wants to do, and I don’t know that he has the political power to suspend the Constitution. My view is that he will come in with a lot of bluster and showmanship, but at the end of the day he won’t be nearly as destructive to political and economic conditions as one might fear. The one thing he can and will do is make a gigantic tax cut for corporations and wealthy people. That money won’t be invested in real assets. It will go into the stock

market either through corporate stock buybacks or individual investors. That will push stock prices higher, and when they continue to rise at an accelerated pace it will pull the dollar up, because you’ll find money around the world wanting to participate in the rising stock price. Over the last four years, you’ve seen a situation where emerging economies have had severe capital constraints because money has gone out of those countries and into the United States. This trend will probably accelerate, so the initial reaction to the U.S. presidential election will be higher U.S. stock prices and a higher U.S. dollar. In that kind of environment, you’ll probably see investors neglecting gold for a time. But over time all of the U.S. government mismanagement will come home to roost and become more problematic later on. But later on is probably 2018, 2019. So we think gold prices, on a nominal basis, will probably reach a record level by 2020 or 2025. But that’s a ways away. TNM: What is your definition of a record gold price by 2020 or 2025? JMC: We are looking for prices to

move toward US$2,000 an ounce or so, on a nominal basis. Comments people make about prices rising to US$5,000 and higher are not based on economic or financial realities, and ignore the fundamental realities of both the gold market and the global financial system. TNM: What’s your call on silver? JMC: Silver, we’re a little more concerned about, because there’s more supply relative to demand. With silver you’re looking at a price that heavily depends on individual investors buying surplus amounts of metal. The silver market is perhaps a little bit more at risk than gold. So we see silver averaging US$17 per oz. this year and maybe rising to US$18.80 per oz. next year. One of the things you’re seeing is that there are more investors in more parts of the world who see gold as a safe haven and a way to diversify their portfolio. So investors’ first inclination is to buy gold, and their second inclination is to buy silver. TNM: What about platinum group metals (PGMs)? JMC: One of the things you’re seeing with PGMs is that they haven’t followed gold and silver as financial assets. They’ve behaved more like

industrial commodities, which is sort of what they are. They don’t have 5,000 years of investor history. We see platinum being flat next year — maybe 1% lower than it is this year — and palladium being stronger. The difference reflects the fact that palladium is used in catalytic converters for gasoline-powered cars more so than platinum. Platinum is used more in diesel cars than in gasoline-powered cars, and there is a shift underway in the world away from diesel to gasoline, and there’s a shift underway in the diesel catalytic converter market away from platinum to either palladium, or select catalyst reduction systems. TNM: What are your specific target prices? JMC: We’re looking at US$985 per oz. platinum next year — through October this year the price was US$1,007 per ounce. As for palladium, we think it will be US$666 per oz. next year compared to the yearto-date price of US$598 per ounce. So if you calculate the percentage changes, palladium could have the highest increase next year, and then silver and gold, and platinum might fall, actually. TNM

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2016-12-06 8:04 PM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 28–DECEMBER 2, 2016 (100s) Stock

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DECEMBER 12–18, 2016 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1505 0.17 0.11 0.12 - 0.05 0.28 0.03 408 0.05 0.04 0.05 + 0.01 0.07 0.04 Abacus Mng &Ex V Abcourt Mines* O 144 0.07 0.05 0.07 + 0.01 0.10 0.03 Abcourt Mines V 769 0.09 0.07 0.09 + 0.02 0.13 0.04 Aben Res* O 6 0.05 0.00 0.05 - 0.01 0.26 0.03 Aben Res V 161 0.09 0.08 0.09 + 0.01 0.34 0.06 Aberdeen Intl* O 48 0.12 0.11 0.11 + 0.00 0.16 0.07 Abitibi Royalt V 16 8.50 8.07 8.40 + 0.36 10.00 2.57 ABT Holdings* O 15 0.59 0.00 0.50 - 0.01 0.76 0.05 Acme Res Inc V 228 0.07 0.04 0.05 - 0.01 0.12 0.02 Adamera Mnls V 946 0.08 0.06 0.07 - 0.01 0.15 0.01 Adamera Mnls* O 205 0.06 0.04 0.06 + 0.00 0.12 0.01 0.02 + 0.01 0.02 0.01 Adex Mining V 178 0.02 0.01 Adriana Res V 2129 0.19 0.14 0.18 + 0.04 0.19 0.10 Advanced Expl* O 490 0.00 0.00 0.00 - 0.00 0.01 0.00 Advantage Lith V 1682 1.34 1.15 1.17 - 0.03 1.34 0.14 Advantage Lith* O 616 1.01 0.87 0.88 + 0.01 1.01 0.49 African Gold V 1517 0.07 0.06 0.07 - 0.01 0.12 0.03 Agave Silver V 87 0.08 0.07 0.07 - 0.01 0.15 0.02 54.60 - 0.51 78.35 34.80 Agnico Eagle T 4963 56.82 52.36 Agnico Eagle* N 8763 42.33 39.20 41.10 + 0.22 60.10 24.93 Agrium T 1373 137.79 131.04 133.02 + 0.54 137.79 104.70 N 2131 103.00 97.31 100.15 + 2.08 103.00 79.94 Agrium* Aim Explor* O 3527 0.02 0.00 0.01 + 0.00 75.00 0.00 Alabama Graph* O 200 0.10 0.08 0.08 + 0.00 0.17 0.08 Alabama Graph V 1612 0.13 0.11 0.12 + 0.01 0.23 0.11 Alacer Gold T 5611 2.61 2.37 2.53 + 0.19 3.79 2.08 Alamos Gold T 5562 8.93 8.03 8.29 + 0.01 13.65 3.27 Alamos Gold* N 11260 6.66 6.02 6.26 + 0.10 10.41 2.27 Alba Minerals V 116 0.16 0.13 0.13 - 0.08 0.22 0.01 Alberta Star* O 6 0.27 0.00 0.27 + 0.01 0.32 0.12 Alchemist Mng 431 0.08 0.07 0.07 - 0.02 0.12 0.02 Alcoa* N 24058 31.80 28.60 29.04 - 2.66 34.50 18.42 Alderon Iron* O 109 0.28 0.21 0.25 + 0.06 0.34 0.05 Alderon Iron T 1803 0.39 0.30 0.33 + 0.03 0.48 0.07 Aldever Res* O 7 0.06 0.05 0.05 - 0.02 0.11 0.05 0.07 - 0.02 0.69 0.08 Aldever Res V 1244 0.09 0.07 Aldridge Mnrls V 25 0.29 0.28 0.28 - 0.02 0.34 0.12 Aldrin Res* O 36 0.07 0.07 0.07 + 0.00 0.12 0.07 V 3811 0.05 0.04 0.05 + 0.01 0.12 0.02 Alexandria Min Alexandria Min* O 2145 0.04 0.03 0.04 - 0.00 0.10 0.01 1.39 + 0.08 2.54 0.22 Alexco Res* X 2494 1.39 1.21 Alexco Res T 488 1.86 1.61 1.84 + 0.08 3.31 0.35 Algold Res* O 5 0.20 0.18 0.20 + 0.00 0.33 0.07 0.29 + 0.03 0.44 0.07 Algold Res V 904 0.29 0.24 Alianza Min* O 3 0.08 0.08 0.08 - 0.00 0.17 0.07 Alianza Min V 50 0.11 0.10 0.11 + 0.01 0.21 0.10 Alix Res V 3675 0.08 0.06 0.06 - 0.02 0.18 0.04 Alix Res* O 2630 0.05 0.04 0.04 - 0.00 0.12 0.03 Alliance Res* D 1713 24.65 22.10 24.10 + 1.60 26.65 9.95 Almaden Mnls T 197 1.48 1.38 1.42 + 0.01 2.44 0.67 Almaden Mnls* X 1166 1.14 1.04 1.08 + 0.03 1.88 0.50 Almadex Min* O 353 1.09 0.95 1.01 - 0.06 1.51 0.09 Almadex Min V 210 1.45 1.26 1.32 - 0.14 2.00 0.14 Almonty Ind V 247 0.35 0.25 0.28 + 0.04 0.44 0.20 Alphamin Res V 616 0.40 0.34 0.39 + 0.04 0.40 0.16 Alset Energy* O 132 0.09 0.07 0.07 - 0.01 0.65 0.01 Alta Vista Vnt 29 0.05 0.00 0.05 + 0.01 0.22 0.03 Altai Res V 272 0.08 0.06 0.07 + 0.01 0.16 0.03 Altair Res Inc V 238 0.19 0.18 0.19 + 0.01 0.70 0.09 Altan Rio Mnls V 1423 0.02 0.02 0.02 + 0.01 0.04 0.01 O 43 0.21 0.18 0.19 - 0.01 0.46 0.18 Alternative ER* Altiplano Mnls V 229 0.15 0.10 0.15 + 0.05 0.22 0.04 Altius Mnrls T 297 12.79 12.24 12.58 + 0.09 12.79 7.39 Altura Mng Ltd* O 51 0.12 0.10 0.11 + 0.01 0.30 0.06 Alturas Mnrls V 143 0.05 0.03 0.05 + 0.02 0.08 0.01 4.74 - 0.37 5.17 2.70 Alumina Inc* O 130 5.11 4.74 Am CuMo Mng V 893 0.16 0.13 0.14 - 0.02 0.30 0.06 Am CuMo Mng* O 135 0.12 0.10 0.11 - 0.01 0.18 0.04 Am Manganese* O 87 0.24 0.20 0.20 - 0.02 0.27 0.01 Am Manganese V 5209 0.32 0.25 0.27 - 0.01 0.38 0.01 Amador Gold* O 1 0.08 0.00 0.08 - 0.03 0.13 0.08 Amador Gold V 6 0.12 0.00 0.11 - 0.01 0.40 0.10 Amarc Res V 553 0.09 0.07 0.08 + 0.02 0.13 0.04 Amarc Res* O 135 0.06 0.05 0.06 - 0.01 0.10 0.02 Amarillo Gold V 860 0.36 0.31 0.31 - 0.01 0.68 0.04 Amazing OG* O 4 0.42 0.00 0.38 + 0.01 1.06 0.30 Amer Intl Vent* O 135 0.04 0.02 0.02 - 0.02 0.10 0.01 Amer Vanadium* O 134 0.02 0.00 0.01 - 0.00 0.07 0.00 Amer Vanadium V 1977 0.02 0.01 0.01 - 0.01 0.09 0.01 American Lith V 5925 0.34 0.21 0.21 - 0.11 1.62 0.05 American Lith* O 397 0.26 0.17 0.17 - 0.05 1.24 0.10 American Pot 129 0.08 0.05 0.06 - 0.02 0.14 0.03 Americas Silvr T 2621 0.26 0.23 0.26 + 0.01 0.48 0.09 Americas Silvr* O 1584 0.19 0.17 0.19 + 0.01 0.37 0.04 Amerigo Res T 1585 0.32 0.27 0.30 - 0.03 0.35 0.10 0.20 - 0.04 0.24 0.07 Amerigo Res* O 94 0.23 0.20 AMI Res V 151 0.06 0.05 0.05 - 0.01 0.10 0.03 Anaconda Mng T 224 0.06 0.05 0.06 + 0.01 0.11 0.04 Andes Gold* O 102 0.00 0.00 0.00 - 0.00 1.00 0.00 Anfield Nickel V 573 1.25 1.06 1.15 - 0.06 1.94 0.52 0.05 - 0.01 0.22 0.04 Anfield Res* O 5 0.05 0.05 Anfield Res V 1172 0.08 0.07 0.07 - 0.01 0.31 0.05 Angel Gold* O 43 0.08 0.06 0.08 + 0.00 0.11 0.02 Angel Gold V 109 0.12 0.09 0.11 - 0.01 0.15 0.03 Angkor Gold V 354 0.42 0.39 0.42 + 0.01 0.50 0.37 Anglo American* O 818 7.82 7.45 7.81 + 0.01 7.82 1.57 Anglo American* O 2 15.45 15.05 15.05 - 0.40 15.45 3.13 Anglo-Can Mng V 73 0.15 0.00 0.06 - 0.01 0.30 0.05 AngloGold Ash* N 19484 11.61 10.55 11.45 + 0.57 22.91 6.25 Antioquia Gold* O 14 0.09 0.09 0.09 - 0.01 0.11 0.04 Antofagasta* O 1 8.80 8.63 8.80 + 0.17 8.90 5.24 APAC Res Inc 202 0.09 0.08 0.08 - 0.01 0.14 0.03 Apogee Opport V 80 0.19 0.14 0.14 - 0.01 0.44 0.11 Apogee Opport * O 3 0.12 0.11 0.11 - 0.00 0.32 0.08 Appia Energy 30 0.17 0.15 0.17 + 0.02 0.30 0.01 Apple Cap Inc V 8408 0.23 0.15 0.23 + 0.08 0.54 0.14 Applied Mrnls* O 261 0.13 0.11 0.11 + 0.00 0.42 0.10 Aquila Res* O 459 0.18 0.16 0.17 - 0.01 0.25 0.09 Aquila Res T 802 0.24 0.22 0.22 - 0.01 0.32 0.13 Arak Res V 83 0.25 0.02 0.25 + 0.05 0.70 0.15 0.04 - 0.00 0.04 0.04 Arctic Star* O 5 0.04 0.00 Arctic Star V 358 0.07 0.06 0.07 + 0.01 0.40 0.02 Arcus Dev Grp V 107 0.09 0.08 0.08 - 0.01 0.20 0.02 Ardonblue Vent V 2 0.10 0.00 0.10 + 0.01 0.09 0.05 Argentina Lith V 56 0.50 0.39 0.40 - 0.10 0.83 0.04 Argex Titanium T 2455 0.06 0.05 0.05 - 0.01 0.11 0.02 O 120 0.05 0.04 0.04 - 0.01 0.09 0.01 Argex Titanium* Argo Gold 113 0.12 0.00 0.10 - 0.01 0.14 0.06 Argonaut Gold T 2806 2.67 2.39 2.60 + 0.11 4.45 0.78 O 70 2.00 1.80 1.90 + 0.07 3.38 0.53 Argonaut Gold* Argus Metals V 13 0.09 0.00 0.09 - 0.01 0.15 0.02 Arian Silver* O 23 0.01 0.00 0.00 - 0.00 0.16 0.00 Arianne Phosph V 194 0.80 0.75 0.79 + 0.03 1.25 0.68 Arianne Phosph* O 101 0.59 0.56 0.58 - 0.00 0.98 0.52 2.38 + 0.05 2.51 0.19 Arizona Mng* O 329 2.51 2.24 Arrowstar Res V 139 0.05 0.05 0.05 - 0.01 0.17 0.05 Asanko Gold T 6358 4.99 4.33 4.44 - 0.16 6.09 1.77 Asanko Gold* X 3243 3.72 3.25 3.35 - 0.07 4.68 1.27 Asante Gold 17 0.20 0.16 0.18 - 0.01 0.27 0.05 1.86 - 0.12 2.83 0.80 Ascot Res V 228 2.00 1.84 Ashburton Vent V 899 0.02 0.01 0.02 + 0.01 0.07 0.01 AsiaBaseMetals V 906 0.20 0.12 0.19 - 0.02 0.40 0.04 Astar Mnls V 16 0.35 0.17 0.35 + 0.19 0.17 0.09 Aston Bay V 159 0.26 0.23 0.26 - 0.01 0.49 0.13 0.26 - 0.02 0.41 0.01 Astorius Res V 56 0.26 0.24 ATAC Res V 1187 0.37 0.32 0.37 + 0.03 0.95 0.26 Atacama Pac Gd* O 7 0.28 0.28 0.28 - 0.02 0.79 0.09 Atacama Pac Gd V 836 0.54 0.38 0.42 - 0.02 1.02 0.14 Athabasca Mnls* O 110 0.15 0.11 0.14 + 0.02 0.23 0.11 Athabasca Mnls V 482 0.20 0.15 0.19 + 0.03 0.32 0.14 Atico Mng V 3431 0.88 0.78 0.83 + 0.03 0.91 0.16 Atico Mng* O 329 0.66 0.58 0.62 + 0.05 0.69 0.12 Atlanta Gold V 22 0.08 0.07 0.07 - 0.01 0.11 0.05 Atlantic Gold V 609 0.90 0.83 0.87 + 0.04 1.06 0.23 0.08 - 0.01 0.13 0.03 Atlatsa Res T 301 0.08 0.00 Atlatsa Res* O 297 0.06 0.05 0.06 - 0.00 0.10 0.02 Atom Energy V 12 0.23 0.00 0.22 - 0.01 0.64 0.16 Aura Mnls T 298 0.18 0.16 0.17 - 0.01 0.31 0.08 Aura Silver Rs V 115 0.04 0.04 0.04 + 0.01 0.08 0.01 0.40 - 0.02 0.80 0.10 Aurcana Corp V 171 0.45 0.37 Aurcana Corp* O 171 0.34 0.27 0.30 - 0.01 0.63 0.07 Aureus Mng T 1214 0.03 0.03 0.03 - 0.01 0.30 0.03 AuRico Metals T 1055 1.00 0.94 1.00 + 0.04 1.26 0.55 AuRico Metals * O 220 0.76 0.70 0.75 + 0.06 0.94 0.37 Aurion Res V 453 0.41 0.39 0.40 + 0.02 0.49 0.05 Aurora Gold* O 41 0.00 0.00 0.00 + 0.00 0.02 0.00 Aurvista Gold V 1613 0.19 0.16 0.18 - 0.02 0.39 0.03 Auryn Res* O 324 2.00 1.66 2.00 + 0.36 3.18 0.70 Auryn Res T 1007 2.70 2.20 2.60 + 0.41 4.17 0.95 Avalon Adv Mat* O 383 0.13 0.00 0.12 - 0.01 0.26 0.00 Avalon Adv Mat T 1305 0.18 0.15 0.16 - 0.01 0.33 0.10 Avino Silver* X 2908 1.43 1.28 1.38 + 0.03 3.14 0.71 Avino Silver V 462 1.92 1.72 1.83 + 0.02 4.05 1.03 Avnel Gold T 686 0.22 0.20 0.21 + 0.01 0.39 0.18 Avnel Gold * O 1751 0.16 0.14 0.16 + 0.01 0.30 0.13 Avrupa Mnls* O 40 0.09 0.08 0.09 - 0.01 0.19 0.05 AXE Expl V 765 0.04 0.03 0.03 - 0.01 0.05 0.01 Axmin Inc* O 2 0.03 0.03 0.03 + 0.00 0.06 0.00 Axmin Inc V 206 0.05 0.04 0.04 - 0.01 0.10 0.01 AZ Mining T 4768 3.37 3.00 3.15 + 0.03 3.37 0.28 Azarga Mtls V 54 0.38 0.00 0.38 + 0.03 0.60 0.05 Azarga Mtls* O 13 0.29 0.00 0.28 + 0.03 1.00 0.03 Azarga Uranium* O 4 0.17 0.14 0.17 + 0.03 0.29 0.14 Azarga Uranium T 61 0.23 0.19 0.20 + 0.01 0.40 0.18 Azimut Expl V 138 0.34 0.29 0.31 - 0.03 0.68 0.10 Azincourt Uran* O 52 0.05 0.04 0.04 - 0.01 0.07 0.02 Azincourt Uran V 80 0.07 0.06 0.07 + 0.01 0.08 0.04

B B2Gold* X 17778 B2Gold T 25994 Bacanora Mnls V 49 Balmoral Res T 500 Balmoral Res* O 427 Bannerman Res* O 201 Banro T 338 Banro* X 3183 Banyan Gold V 441 Barisan Gold V 1486 Barker Mnrls V 60 Barkerville Go* O 90 Barkerville Go V 1003 Barksdale Cap V 57 Baroyeca Go&Si V 250 Barrick Gold T 21633 Barrick Gold* N 90657 Barsele Min V 166 Barsele Min* O 21 Batero Gold V 96

12-13_DEC12_StockTables.indd 12

2.52 2.33 2.47 + 0.16 3.65 0.60 3.34 3.13 3.27 + 0.14 4.74 0.86 1.30 1.20 1.22 - 0.08 1.95 1.17 0.86 0.78 0.81 + 0.01 1.28 0.33 0.64 0.58 0.61 + 0.02 0.99 0.23 0.02 0.02 0.02 - 0.00 0.04 0.01 0.28 0.25 0.26 - 0.01 0.62 0.21 0.21 0.18 0.19 + 0.00 0.48 0.15 0.08 0.06 0.08 + 0.02 0.13 0.02 0.02 0.00 0.02 + 0.01 0.04 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.34 0.32 0.33 - 0.00 0.60 0.15 0.46 0.43 0.45 + 0.02 0.76 0.22 0.42 0.00 0.42 + 0.02 0.60 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 21.07 19.72 20.81 + 0.77 30.45 9.56 15.86 14.71 15.66 + 0.90 23.47 6.94 1.05 0.95 1.05 + 0.08 1.43 0.08 0.73 0.69 0.73 + 0.05 1.10 0.05 0.10 0.09 0.10 + 0.01 0.23 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Battle Mtn Gld V 354 Battle Mtn Gld* O 51 O 65 Bayhorse Silvr* Bayhorse Silvr V 170 Bayswater Uran* O 12 V 54 BC Moly BCGold* O 78 BCGold V 402 BCM Res V 57 Bear Creek Mng V 599 Bearing Res V 473 Beaufield Res V 208 Beaufield Res* O 14 Bell Copper V 34 Bellhaven Cp&G V 22 Bellhaven Cp&G* O 31 Belmont Res V 95 Belo Sun Mng T 1275 Belvedere Res V 4669 Benton Res V 460 Berkeley Egy* O 10 Berkwood Res V 349 Besra Gold* O 392 V 195 Big Bar Res 10 Big North Grap* O Big North Grap V 274 Bird River Res 14 Bison Gold Res V 167 Bitterroot Res V 109 Black Dragon* O 125 Black Dragon V 168 Black Hills* N 1810 Black Sea Cop V 46 Blind Crk Res V 123 BLOX Inc* O 267 Blue Sky Uran V 29 BonTerra Res V 1098 BonTerra Res* O 306 Borneo Res Inv* O 619 Bowmore Expl V 48 Bravada Gold* O 200 Bravada Gold V 416 V 292 Braveheart Res Bravo Multinat* O 6422 Bravura Vent 284 Bravura Vent * O 8 Brazil Res V 1332 O 14 BrightRock Gld* Brionor Res V 36 Britannia Mng* O 610 Brixton Mtls* O 79 Brixton Mtls V 365 Brookmount Exp* O 433 V 431 Brunswick Res Buccaneer Gold V 113 Buenaventura* N 9304 Bullfrog Gold* O 260 Bullion Gld Res V 11 Burey Gold* O 220 BWR Explor V 424

0.48 0.31 0.48 + 0.07 0.95 0.09 0.36 0.25 0.36 + 0.06 0.73 0.06 0.16 0.12 0.15 - 0.01 0.22 0.03 0.20 0.17 0.17 - 0.02 0.29 0.05 0.02 0.02 0.02 - 0.00 0.05 0.00 0.06 0.06 0.06 - 0.01 0.15 0.03 0.05 0.04 0.04 - 0.01 0.07 0.03 0.06 0.05 0.06 + 0.01 0.13 0.03 0.12 0.11 0.11 + 0.01 0.32 0.05 1.94 1.72 1.88 + 0.05 3.77 0.50 0.55 0.45 0.50 + 0.07 0.55 0.13 0.08 0.07 0.08 + 0.01 0.16 0.03 0.06 0.06 0.06 - 0.00 0.12 0.03 0.06 0.04 0.04 - 0.03 0.07 0.01 0.49 0.41 0.43 - 0.07 0.78 0.03 0.34 0.00 0.34 - 0.02 0.61 0.02 0.07 0.07 0.07 - 0.01 0.12 0.02 0.71 0.61 0.68 - 0.01 1.10 0.22 0.03 0.00 0.02 - 0.01 0.09 0.01 0.08 0.07 0.07 - 0.01 0.11 0.03 0.60 0.50 0.60 + 0.09 0.67 0.31 0.14 0.11 0.12 - 0.03 0.25 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.40 0.36 0.39 + 0.04 0.69 0.29 0.23 0.19 0.19 - 0.04 0.23 0.01 0.31 0.25 0.26 - 0.05 0.35 0.02 0.06 0.00 0.03 - 0.02 0.07 0.01 0.30 0.26 0.29 - 0.01 0.50 0.10 0.05 0.04 0.04 + 0.01 0.08 0.03 0.06 0.04 0.04 - 0.02 0.07 0.00 0.07 0.05 0.06 - 0.01 0.10 0.01 61.62 57.58 58.50 - 1.09 64.58 40.70 0.32 0.26 0.27 - 0.02 0.54 0.23 0.11 0.10 0.10 + 0.01 0.16 0.03 0.06 0.05 0.06 + 0.01 0.06 0.01 0.24 0.00 0.22 - 0.02 0.74 0.04 0.26 0.21 0.24 - 0.02 0.51 0.17 0.20 0.16 0.18 - 0.01 0.37 0.12 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.16 0.04 0.18 0.14 0.15 + 0.01 0.31 0.02 0.23 0.18 0.21 + 0.03 0.40 0.03 0.06 0.05 0.06 + 0.02 0.08 0.02 0.01 0.00 0.01 - 0.00 0.10 0.00 0.14 0.12 0.13 - 0.01 0.59 0.02 0.10 0.10 0.10 - 0.00 0.49 0.10 2.16 1.91 2.04 + 0.16 3.35 0.38 0.00 0.00 0.00 + 0.00 0.01 0.00 0.05 0.03 0.05 + 0.02 0.05 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.26 0.00 0.25 + 0.03 0.92 0.03 0.36 0.31 0.34 + 0.03 1.20 0.05 0.02 0.02 0.02 + 0.00 0.02 0.00 0.04 0.04 0.04 + 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.04 0.02 11.54 10.95 11.46 + 0.50 16.45 3.30 0.15 0.09 0.11 + 0.01 0.19 0.01 0.10 0.08 0.10 + 0.02 0.15 0.05 0.05 0.05 0.05 - 0.00 0.10 0.03 0.05 0.04 0.04 - 0.01 0.09 0.01

C Cadan Res V 55 0.05 0.00 0.05 + 0.01 0.09 0.04 0.03 + 0.01 0.05 0.01 Cadillac Vent V 230 0.03 0.03 Caledonia Mng* Q 276 1.23 0.97 1.07 - 0.14 1.84 0.48 Caledonia Mng T 759 1.62 1.30 1.43 - 0.20 2.42 0.66 0.12 + 0.01 0.27 0.07 Calibre Mng V 1798 0.12 0.11 California Gl* O 139 0.39 0.33 0.39 - 0.00 0.56 0.33 0.51 + 0.01 0.80 0.35 California Gld V 208 0.52 0.43 0.61 + 0.02 0.69 0.27 Callinex Mines V 1315 0.67 0.59 Callinex Mines* O 563 0.50 0.44 0.47 + 0.02 0.54 0.18 9.75 9.07 9.42 + 0.16 13.59 7.41 Cameco Corp* N 11308 Cameco Corp T 6237 12.97 12.18 12.51 + 0.02 17.67 9.88 Cameo Res* O 247 0.04 0.03 0.03 - 0.01 0.06 0.02 0.04 - 0.01 0.10 0.04 Cameo Res V 3808 0.05 0.04 0.27 + 0.04 0.29 0.07 Camino Mnls V 139 0.27 0.22 Camino Mnls* O 4 0.19 0.00 0.19 + 0.06 0.22 0.05 0.16 - 0.01 0.40 0.10 Camrova Res V 91 0.17 0.16 Camrova Res* O 38 0.12 0.00 0.11 - 0.00 0.14 0.10 O 189 0.93 0.62 0.91 + 0.27 0.79 0.06 Canadian Zeol* 1.23 + 0.38 1.06 0.08 Canadian Zeol V 2391 1.25 0.83 V 337 0.48 0.41 0.45 - 0.03 1.55 0.09 CanAlaska Uran O 301 0.35 0.30 0.32 - 0.02 1.20 0.06 CanAlaska Uran* CanAm Coal* O 390 0.01 0.00 0.00 - 0.00 0.04 0.00 Canamex Res* O 50 0.08 0.08 0.08 - 0.01 0.11 0.07 0.07 + 0.01 0.12 0.03 Canarc Res* Q 448 0.07 0.06 Canasil Res V 396 0.30 0.28 0.30 - 0.01 0.73 0.04 T 1380 0.12 0.10 0.11 - 0.01 0.18 0.03 Candente Coppr 0.11 + 0.01 0.15 0.03 Canex Energy V 148 0.11 0.10 CaNickel Mng* O 1 0.04 0.04 0.04 + 0.00 0.08 0.01 175 0.09 0.07 0.09 + 0.02 0.10 0.02 Canoe Mng Vent V V 52 0.05 0.04 0.04 - 0.01 0.06 0.01 Canyon Copper Canyon Gold* O 122 0.15 0.09 0.14 + 0.05 0.54 0.03 1.02 - 0.03 1.15 0.27 Capstone Mng T 4714 1.09 0.99 0.02 + 0.01 0.03 0.01 Caracara Silvr V 66 0.02 0.00 Cardero Res* O 12 0.15 0.00 0.12 - 0.04 0.18 0.05 0.10 + 0.01 0.12 0.03 Cariboo Rose V 493 0.12 0.08 0.06 + 0.02 0.08 0.01 Carlin Gold V 197 0.06 0.04 0.03 - 0.01 0.04 0.02 Carmax Mng V 26 0.03 0.00 0.06 + 0.01 0.11 0.02 Cartier Iron 498 0.06 0.05 Cartier Res V 183 0.19 0.16 0.17 - 0.01 0.19 0.04 O 35 0.05 0.05 0.05 + 0.00 0.14 0.05 Carube Copper* Carube Copper V 289 0.10 0.07 0.10 + 0.02 0.20 0.05 Casablanca Mng* O 96 0.00 0.00 0.00 + 0.00 0.00 0.00 V 568 0.11 0.10 0.10 - 0.01 0.17 0.03 Cascadero Copp Castle Res 5 0.25 0.00 0.25 + 0.03 0.40 0.01 Cava Res V 34 0.25 0.20 0.20 - 0.05 0.78 0.04 0.04 + 0.01 0.07 0.02 Caza Gold V 55 0.04 0.03 CB Gold V 86 0.12 0.00 0.12 + 0.01 0.18 0.04 0.22 + 0.02 0.28 0.18 Cda Carbon* O 82 0.22 0.21 0.29 + 0.01 0.42 0.24 Cda Carbon V 674 0.29 0.28 Cda Rare Earth* O 78 0.02 0.00 0.02 - 0.00 0.04 0.01 874 0.14 0.12 0.12 - 0.01 0.26 0.03 Cda Strtgc Met V 808 0.45 0.40 0.40 - 0.02 0.48 0.10 Cda Zinc Mtls V Cdn Arrow V 219 0.02 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.03 + 0.01 0.13 0.02 Cdn Intl Mnrls V 3161 Cdn Metals 482 0.15 0.00 0.15 + 0.01 0.44 0.06 Cdn Platinum V 944 0.01 0.01 0.01 - 0.01 0.03 0.01 Cdn Zinc T 3377 0.32 0.24 0.26 + 0.02 0.41 0.07 Cdn Zinc* Q 1183 0.24 0.18 0.20 + 0.02 0.32 0.05 Centamin T 59 2.22 2.00 2.19 + 0.01 3.05 1.23 Centenera Mng V 1113 0.22 0.17 0.22 + 0.04 0.50 0.05 Centenera Mng* O 339 0.17 0.13 0.17 + 0.03 0.37 0.03 Centerra Gold T 5943 7.16 6.72 6.84 - 0.05 8.22 5.64 Centurion Mnls V 395 0.08 0.07 0.08 - 0.01 0.18 0.05 Century Global T 85 0.15 0.13 0.15 + 0.02 0.35 0.13 0.02 - 0.00 0.06 0.00 Cerro Grande* O 29 0.02 0.02 Champion Bear V 17 0.07 0.00 0.06 - 0.01 0.11 0.03 Champion Iron* O 402 0.38 0.33 0.36 + 0.03 0.38 0.10 Champion Iron T 4463 0.50 0.44 0.49 + 0.04 0.50 0.13 Chantrell Vent V 838 0.10 0.09 0.09 - 0.02 0.19 0.06 Chesapeake Gld V 74 4.00 3.51 3.96 + 0.51 6.50 1.75 Chesapeake Gld* O 57 3.02 2.64 2.87 + 0.31 5.03 1.24 Chevron* N 48937 114.91 108.40 113.00 + 2.00 114.91 75.33 957 0.07 0.06 0.07 + 0.01 0.26 0.03 Chiboug Ind Mn V Chiboug Ind Mn* O 12 0.04 0.00 0.04 - 0.01 0.17 0.04 O 33 0.17 0.15 0.17 + 0.02 0.22 0.02 Chilean Metals* Chilean Metals V 344 0.22 0.20 0.22 + 0.01 0.30 0.04 Chimata Gold V 8675 0.02 0.01 0.02 + 0.01 0.05 0.01 China Gold Int T 2253 2.99 2.76 2.83 - 0.09 3.67 1.85 China Mnls Mng* O 44 0.01 0.00 0.01 - 0.00 0.02 0.00 China Mnls Mng V 888 0.02 0.01 0.01 - 0.01 0.03 0.01 0.05 - 0.01 0.13 0.03 Cibolan Gold* O 1 0.05 0.00 CIM Intl Grp 4 0.70 0.40 0.40 - 0.30 1.50 0.40 CKR Carbon V 749 0.10 0.08 0.10 + 0.01 0.12 0.06 Claim Post Res V 994 0.03 0.03 0.03 + 0.01 0.06 0.01 Clean Comm V 86 0.07 0.06 0.07 + 0.01 0.17 0.02 Clean Comm* O 4 0.04 0.03 0.04 + 0.01 0.13 0.01 Clear Mtn Res V 2592 2.03 1.45 1.54 - 0.05 2.03 0.10 Cleghorn Mnls V 274 0.10 0.08 0.10 - 0.01 0.13 0.08 Clifton Mng* O 48 0.14 0.12 0.14 + 0.01 0.16 0.05 Cloud Peak En* N 8497 6.53 5.30 6.49 + 0.64 8.04 1.08 0.11 - 0.02 0.21 0.05 CMC Metals V 964 0.13 0.10 CNRP Mng 116 0.01 0.01 0.01 - 0.01 0.01 0.01 Cobalt Pwr Grp V 155 0.07 0.06 0.07 - 0.01 0.12 0.04 Coeur Mng* N 17393 10.29 9.30 10.26 + 0.71 16.41 1.62 0.13 - 0.01 0.24 0.02 Colonial Coal V 53 0.14 0.13 Colorado Res* O 212 0.16 0.13 0.14 - 0.01 0.54 0.04 Colorado Res V 782 0.22 0.19 0.20 - 0.01 0.71 0.05 Colt Res V 1233 0.06 0.05 0.05 - 0.01 0.15 0.05 Columbus Gold* O 110 0.46 0.39 0.46 + 0.06 0.72 0.23 Columbus Gold T 225 0.61 0.54 0.61 + 0.10 0.93 0.32 Comet Inds V 13 2.74 2.51 2.70 + 0.19 3.00 1.25 Commander Res V 157 0.04 0.04 0.04 - 0.01 0.08 0.01 Commerce Res* O 136 0.05 0.04 0.04 + 0.00 0.08 0.04 Commerce Res V 704 0.06 0.06 0.06 - 0.01 0.10 0.06 Comstock Mng* X 1300 0.25 0.21 0.25 + 0.01 0.62 0.19 Comstock Mtls V 252 0.18 0.16 0.18 + 0.01 0.43 0.05 Comstock Mtls * O 25 0.13 0.12 0.12 + 0.00 0.33 0.10 Condor Res V 232 0.08 0.07 0.07 - 0.01 0.12 0.02 Confedertn Mls V 26 0.70 0.60 0.60 - 0.10 9.00 0.46 V 27 0.08 0.07 0.07 - 0.01 0.08 0.02 Cons Woodjam CONSOL Energy* N 20616 21.26 19.07 20.89 + 1.25 21.26 4.54 Constant Mtl V 551 0.11 0.09 0.11 - 0.01 0.15 0.05 Contintl Gold* O 264 3.42 2.50 3.40 + 0.75 3.60 0.88 Contintl Gold T 5830 4.63 3.35 4.44 + 0.88 4.69 1.28 Contintl Prec* O 6 0.23 0.20 0.20 - 0.03 0.27 0.19 Contintl Prec T 37 0.37 0.25 0.37 + 0.12 0.35 0.25 Copper Ck Gold V 25 0.08 0.06 0.06 - 0.02 0.10 0.06 Copper Fox Mtl V 1571 0.15 0.13 0.13 - 0.02 0.24 0.11 Copper Fox Mtl* O 10 0.10 0.09 0.10 + 0.01 0.17 0.08 Copper Lake Rs V 120 0.07 0.06 0.07 + 0.02 0.08 0.03 Copper Mtn Mng* O 65 0.64 0.55 0.58 - 0.06 0.67 0.23 Copper Mtn Mng T 3035 0.90 0.73 0.79 - 0.08 0.94 0.33 Copper North M V 285 0.12 0.11 0.11 - 0.01 0.40 0.10 Copper North M* O 11 0.10 0.08 0.08 + 0.00 0.16 0.07 Copper One * O 5 0.15 0.15 0.15 - 0.00 0.22 0.11 Copper One V 3 0.20 0.20 0.20 - 0.01 0.30 0.03 Copper Reef Mg 563 0.03 0.03 0.03 - 0.01 0.05 0.01 Copperbank Res* O 14 0.06 0.05 0.05 - 0.00 0.08 0.01 Copperbank Res 351 0.09 0.07 0.07 - 0.01 0.10 0.03 Coral Gold V 132 0.30 0.28 0.29 + 0.01 0.39 0.05 Corazon Gold* O 1 0.27 0.25 0.27 + 0.02 0.28 0.12 Corazon Gold V 83 0.40 0.30 0.34 - 0.01 0.45 0.18 Cordoba Mnls V 364 0.76 0.70 0.75 + 0.01 1.08 0.12 Cordoba Mnls* O 92 0.57 0.52 0.57 - 0.00 0.79 0.10 Corex Gold V 163 0.13 0.11 0.12 + 0.01 0.21 0.03 Cornerstone Ca V 1562 0.20 0.16 0.19 + 0.02 0.20 0.02 Cornerstone Ca* O 192 0.14 0.11 0.14 + 0.03 0.15 0.01 Coro Mining T 316 0.15 0.14 0.14 - 0.02 0.21 0.02 Coronet Mtls V 69 0.35 0.29 0.30 - 0.06 0.71 0.03 Coronet Mtls* O 18 0.25 0.21 0.21 - 0.03 0.56 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Corsa Coal V 6460 Corvus Gold* O 84 Corvus Gold T 116 Cougar Mnls V 663 Crazy Horse Res V 188 Cresval Cap V 151 Critical Elem* O 113 Cruz Cap Corp* O 123 Cruz Cap Corp V 1913 Crystal Lake V 88 Crystal Pk Min V 165 Crystal Pk Min* O 26 Currie Rose Rs* O 121 CWN M’g Acq V 33 Cyclone Uran* O 1607 Cypress Dev* O 36 Cypress Dev V 884 Cyprium Mng V 4726

0.14 0.11 0.14 + 0.02 0.15 0.02 0.53 0.44 0.45 + 0.02 1.05 0.28 0.71 0.58 0.61 + 0.02 1.38 0.34 0.35 0.28 0.33 - 0.03 0.82 0.28 0.03 0.02 0.03 + 0.01 0.07 0.01 0.05 0.04 0.04 - 0.01 0.06 0.03 0.43 0.40 0.41 + 0.00 0.58 0.10 0.15 0.14 0.14 - 0.02 0.18 0.07 0.20 0.16 0.18 - 0.02 0.25 0.02 0.28 0.00 0.27 + 0.03 0.43 0.22 0.35 0.32 0.34 + 0.02 0.42 0.17 0.26 0.23 0.24 + 0.01 0.32 0.13 0.01 0.01 0.01 + 0.00 0.01 0.00 0.25 0.22 0.25 + 0.03 0.25 0.11 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.07 0.08 - 0.01 0.16 0.03 0.12 0.10 0.11 - 0.01 0.20 0.04 0.05 0.03 0.04 - 0.02 0.12 0.03

Dajin Res V 891 Dajin Res* O 765 Dalradian Res* O 246 Dalradian Res T 661 Damara Gold V 26 Danakali* O 41 Darnley Bay V 2522 Darnley Bay* O 52 Debut Dmds 83 Defiance Silvr* O 164 Del Toro Silvr* O 224 Delrand Res V 11 Denison Mines T 1967 Denison Mines* X 1602 Desert Star V 244 Detour Gold T 7691 Diamante Min* O 268 Diamcor Mng V 94 Diamcor Mng* O 1 Diamond Disc* O 488 V 32 Diamond Fields Dios Expl V 70 Discovery-Corp V 37 Ditem Explor* O 19 DNI Metals 372 DNI Metals* O 138 Dolly Vard Sil* O 106 Dolly Vard Sil V 159 Dominion Diam T 927 Dominion Diam* N 1226 Double Crn Res* O 1249 Doubleview Cap V 2081 DRDGOLD* N 2971 Dundee Prec Mt T 2130 Duran Vent * O 30 Durango Res V 79 DuSolo Fertil V 109 Dynacor Gld Mn T 172 DynaResource* O 28 Dynasty Met&Mn T 64 E-Energy Vent V 3315 Eagle Plains V 814 East Africa * O 20 East Asia Mnls V 473 EastCoal Inc V 14 Eastern Platin* O 25 Eastern Platin T 198 Eastfield Res V 24 Eastmain Res T 1395 Eco Oro Mnls T 5017 O 82 eCobalt Solns* Edgewater Expl* O 15 El Capitan Prc* O 2867 El Nino Vent V 17 Elcora Res V 193 Elcora Res* O 29 Eldorado Gold* N 26258 Eldorado Gold T 15978 Ely Gold & Mnl V 273 Ely Gold & Mnl* O 314 Elysee Dev V 85 Emgold Mng V 58 Emgold Mng* O 55 Encanto Potash* O 88 Endeavour Mng* O 88 Endeavour Mng T 1827 Endeavr Silver* N 10518 Endeavr Silver T 3906 Endurance Gold V 240 Energizer Res* O 118 Energy Fuels T 801 Energy Fuels* X 811 Engold Mines V 714 Engold Mines* O 416 Ensurge* O 282 Entree Gold* X 166 Entree Gold T 49 Equitas Res V 3223 Equitas Res* O 58 Erdene Res Dev T 1332 Erdene Res Dev* O 130 Erin Ventures* O 72 Erin Ventures V 123 Eros Res Corp* O 10 Eros Res Corp V 96 Eros Res Corp V 96 Eskay Mng V 101 Ethos Gold V 237 Eurasian Mnls* X 237 Eurasian Mnls V 86 Euro Sun Mg* O 14 EurOmax Res T 79 EurOmax Res* O 26 Everest Vent V 40 Everton Res V 512 Everton Res* O 52 Evolving Gold 24 Evolving Gold* O 5 Evrim Res V 221 Excalibur Res* O 1104 Excalibur Res 1510 Excellon Res* O 287 Excellon Res T 868 Excelsior Mng* O 115 Excelsior Mng V 1135 Exeter Res* X 1050 Exeter Res T 197 ExGen Res Inc V 121 Expedition Mng* O 192 Explor Res* O 10 Fairmont Res V 525 Falco Res V 446 Falcon Gold V 13 Fancamp Expl V 3018 Far Res 4476 Fieldex Expl V 5411 Filo Mg Corp V 61 Finore Mng 3328 Finore Mng* O 424 Fiore Explor* O 150 Fiore Explor V 1851 Fire River Gol* O 1 Firesteel Res V 570 Firestone Vent V 666 First Bauxite V 20 First Liberty* O 9879 First Majestic T 8258 First Majestic* N 23689 First Mg Fin V 5725 First Mg Fin * O 3032 First Quantum T 17262 Fission 3.0 V 499 Fission Uran* O 736 Fjordland Exp V 136 Flinders Res V 343 Flinders Res* O 338 Focus Graphite* O 106 Foran Mng V 1333 Formation Mtls T 404 Forrester Met V 195 Forsys Metals T 46 Fort St J Nick* O 2 Fort St J Nick V 64 Fortescue Mtls* O 35 T 3855 Fortuna Silvr Fortuna Silvr* N 5657 Fortune Bay V 4 Fortune Bay* O 2 Fortune Mnrls T 960 Fortune Mnrls* O 137 Forum Uranium V 74 Four River V 639 Fox River Res* O 5 Franco-Nevada* N 3990 Franco-Nevada T 3752 Franklin Mng* O 78 Freeport McMo* N 170247 Fresnillo plc* O 28 Full Metal Mnl V 5 Fura Emeralds V 122

0.15 0.12 0.14 + 0.02 0.30 0.11 0.11 0.09 0.11 + 0.02 0.24 0.08 1.05 0.96 1.03 + 0.08 1.27 0.45 1.40 1.30 1.36 + 0.05 1.68 0.62 0.06 0.00 0.06 + 0.02 0.10 0.04 0.31 0.30 0.31 + 0.01 0.37 0.17 0.45 0.29 0.45 + 0.20 0.40 0.01 0.34 0.24 0.34 + 0.19 0.28 0.00 0.02 0.01 0.02 + 0.01 0.03 0.01 0.21 0.17 0.19 - 0.00 0.49 0.04 0.04 0.03 0.03 + 0.01 0.05 0.00 0.75 0.00 0.65 - 0.05 0.75 0.13 0.64 0.57 0.59 - 0.05 0.85 0.48 0.48 0.43 0.45 - 0.02 0.67 0.35 0.16 0.10 0.13 + 0.02 0.32 0.05 18.38 16.32 17.99 + 1.61 35.93 13.85 0.14 0.10 0.13 - 0.00 0.85 0.10 1.19 1.10 1.13 - 0.05 1.50 0.65 0.86 0.84 0.84 - 0.01 1.11 0.46 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.00 0.16 + 0.01 0.24 0.05 0.07 0.00 0.07 - 0.01 0.19 0.05 0.04 0.03 0.03 - 0.01 0.08 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.03 0.03 - 0.01 0.10 0.02 0.02 0.02 0.02 + 0.00 0.10 0.01 0.53 0.44 0.49 + 0.07 0.81 0.08 0.67 0.59 0.65 + 0.02 1.11 0.12 13.09 12.33 12.96 + 0.52 16.82 9.96 9.87 9.15 9.75 + 0.66 12.65 7.27 0.01 0.01 0.01 - 0.00 0.02 0.01 0.08 0.07 0.08 - 0.01 0.13 0.06 4.82 4.12 4.52 + 0.27 9.10 1.34 2.15 1.93 2.14 + 0.12 4.14 0.84 0.07 0.00 0.07 - 0.01 0.10 0.05 0.06 0.06 0.06 - 0.01 0.21 0.03 0.04 0.04 0.04 - 0.01 0.07 0.03 2.30 2.06 2.27 + 0.21 3.71 1.46 1.55 1.20 1.55 + 0.25 2.00 0.80 0.20 0.18 0.18 - 0.01 0.45 0.10 0.01 0.01 0.01 + 0.01 0.02 0.01 0.17 0.15 0.16 + 0.01 0.17 0.05 0.15 0.15 0.15 + 0.00 0.28 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.01 0.00 0.01 + 0.01 0.01 0.01 0.34 0.32 0.34 + 0.02 0.89 0.32 0.46 0.43 0.45 + 0.01 1.19 0.42 0.04 0.04 0.04 - 0.01 0.06 0.02 0.54 0.47 0.49 - 0.03 0.97 0.29 0.50 0.30 0.47 + 0.18 0.53 0.13 0.51 0.40 0.44 + 0.04 0.59 0.34 0.13 0.13 0.13 + 0.02 0.13 0.11 0.06 0.04 0.05 + 0.01 0.28 0.03 0.03 0.02 0.02 - 0.01 0.05 0.01 0.34 0.31 0.34 + 0.02 0.75 0.25 0.26 0.24 0.26 + 0.02 0.55 0.20 2.90 2.62 2.89 + 0.23 5.16 1.87 3.85 3.54 3.85 + 0.27 6.71 2.67 0.20 0.15 0.18 + 0.03 0.27 0.05 0.15 0.11 0.14 + 0.04 0.20 0.03 0.40 0.36 0.37 + 0.01 0.43 0.18 0.02 0.00 0.02 - 0.01 0.05 0.01 0.02 0.01 0.01 - 0.01 0.03 0.00 0.05 0.05 0.05 - 0.00 0.14 0.03 15.67 14.69 15.37 + 0.87 20.85 4.47 21.12 19.61 20.43 + 0.65 27.17 5.85 3.95 3.60 3.92 + 0.27 5.95 1.00 5.27 4.80 5.20 + 0.23 7.75 1.46 0.07 0.06 0.07 + 0.01 0.07 0.02 0.05 0.05 0.05 - 0.00 0.10 0.04 1.91 1.75 1.89 + 0.12 4.13 1.74 1.45 1.30 1.42 + 0.10 2.98 1.29 0.14 0.10 0.12 + 0.01 0.19 0.03 0.10 0.07 0.10 + 0.02 0.14 0.02 0.09 0.06 0.09 + 0.01 0.09 0.01 0.33 0.31 0.32 + 0.01 0.38 0.17 0.44 0.42 0.43 + 0.01 0.47 0.25 0.05 0.04 0.04 - 0.01 0.13 0.04 0.04 0.02 0.03 - 0.01 0.10 0.02 0.55 0.41 0.47 + 0.09 0.55 0.12 0.38 0.32 0.34 + 0.05 0.42 0.09 0.04 0.02 0.03 - 0.01 0.07 0.02 0.05 0.04 0.04 - 0.01 0.09 0.04 0.14 0.12 0.12 - 0.00 0.17 0.06 0.20 0.17 0.17 - 0.01 0.23 0.09 0.20 0.17 0.17 - 0.01 0.23 0.09 0.25 0.00 0.20 - 0.04 0.42 0.07 0.23 0.21 0.21 - 0.01 0.41 0.14 1.04 0.93 0.98 - 0.01 1.40 0.35 1.38 1.25 1.29 - 0.02 1.84 0.48 0.57 0.52 0.57 + 0.02 1.06 0.52 0.72 0.59 0.64 - 0.02 0.81 0.21 0.49 0.48 0.49 + 0.01 0.59 0.15 1.33 1.20 1.29 + 0.09 1.29 0.09 0.05 0.05 0.05 - 0.01 0.20 0.01 0.04 0.03 0.03 - 0.01 0.14 0.00 0.25 0.00 0.24 - 0.01 0.50 0.04 0.19 0.16 0.19 + 0.03 0.38 0.02 0.25 0.21 0.22 - 0.03 0.43 0.11 0.08 0.07 0.08 + 0.01 0.09 0.00 0.11 0.10 0.11 + 0.01 0.11 0.01 1.07 1.00 1.07 + 0.06 1.85 0.14 1.44 1.35 1.43 + 0.08 2.40 0.20 0.42 0.40 0.40 - 0.00 0.42 0.12 0.56 0.50 0.53 - 0.03 0.56 0.19 0.88 0.72 0.76 - 0.06 1.48 0.31 1.16 0.96 1.01 - 0.10 1.94 0.42 0.02 0.01 0.02 + 0.01 0.02 0.01 0.07 0.07 0.07 + 0.01 0.22 0.05 0.07 0.05 0.07 + 0.01 0.18 0.04 0.07 0.05 0.07 + 0.01 0.23 0.02 0.95 0.83 0.95 + 0.09 1.39 0.21 0.09 0.08 0.08 - 0.01 0.20 0.03 0.06 0.04 0.05 + 0.01 0.06 0.02 0.09 0.06 0.09 + 0.03 0.15 0.02 0.03 0.02 0.02 - 0.01 0.07 0.01 1.93 1.90 1.90 - 0.03 2.15 0.64 0.40 0.34 0.35 + 0.02 0.50 0.01 0.33 0.02 0.29 + 0.05 0.41 0.00 0.34 0.27 0.29 - 0.06 0.55 0.02 0.46 0.36 0.39 - 0.05 0.76 0.03 0.04 0.00 0.04 + 0.00 0.77 0.00 0.05 0.04 0.05 + 0.01 0.06 0.01 0.05 0.05 0.05 - 0.01 0.08 0.01 0.06 0.06 0.06 - 0.01 0.08 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 13.10 11.21 13.06 + 1.94 24.96 3.50 9.86 8.35 9.82 + 1.52 19.15 2.40 0.90 0.72 0.90 + 0.15 1.31 0.31 0.68 0.53 0.67 + 0.14 1.02 0.22 16.01 14.45 14.76 - 1.09 16.87 2.15 0.06 0.05 0.06 - 0.01 0.12 0.05 0.43 0.40 0.42 + 0.00 0.63 0.36 0.05 0.05 0.05 + 0.01 0.17 0.01 0.56 0.48 0.48 - 0.04 0.77 0.13 0.41 0.36 0.36 - 0.05 0.61 0.09 0.06 0.05 0.06 - 0.00 0.23 0.04 0.43 0.27 0.35 + 0.08 0.43 0.05 0.68 0.54 0.58 + 0.06 0.78 0.09 0.08 0.00 0.07 - 0.01 0.14 0.04 0.08 0.00 0.08 + 0.01 0.14 0.05 0.15 0.12 0.12 - 0.03 0.18 0.07 0.20 0.00 0.19 - 0.01 0.35 0.05 4.71 4.45 4.70 + 0.05 4.74 1.00 8.69 7.77 8.67 + 0.54 12.73 2.92 6.55 5.83 6.54 + 0.50 9.75 2.00 0.55 0.00 0.55 + 0.04 0.90 0.25 0.43 0.38 0.42 + 0.06 0.64 0.36 0.12 0.10 0.11 + 0.01 0.17 0.02 0.09 0.07 0.07 - 0.00 0.13 0.01 0.09 0.00 0.08 - 0.01 0.20 0.04 0.94 0.85 0.86 + 0.01 1.28 0.14 0.03 0.03 0.03 + 0.00 0.04 0.02 59.62 56.64 58.35 + 1.93 81.16 41.47 80.10 75.98 77.50 + 0.78 105.69 58.67 0.00 0.00 0.00 + 0.00 0.01 0.00 16.04 14.85 15.42 - 0.58 16.42 3.52 15.82 14.67 15.03 - 0.20 26.65 9.00 0.07 0.00 0.07 - 0.03 0.12 0.02 0.14 0.00 0.14 - 0.01 0.25 0.10

G4G Capital V 292 G4G Capital* O 20 Gabriel Res T 267 Gainey Capital V 122 Galane Gold V 890 Galantas Gold V 58 Galway Gold V 465 Galway Mtls* O 257 Galway Mtls V 285 Garibaldi Res V 752 Garibaldi Res * O 218 Gem Intl Res V 19 General Moly* X 826 Genesis Mtls* O 76 Genesis Mtls V 795 Genius Props 420 Gensource Pot V 4816 Geologix Expl* O 450 Geologix Expl V 907

1.10 0.98 1.10 + 0.10 1.15 0.04 0.80 0.74 0.79 + 0.06 0.81 0.03 0.52 0.38 0.40 - 0.14 0.74 0.12 0.23 0.18 0.22 + 0.01 0.37 0.10 0.09 0.07 0.07 - 0.02 0.19 0.03 0.13 0.11 0.11 - 0.01 0.18 0.07 0.08 0.06 0.08 + 0.01 0.13 0.04 0.24 0.21 0.23 - 0.01 0.51 0.06 0.34 0.29 0.34 + 0.01 0.65 0.09 0.13 0.10 0.13 + 0.03 0.16 0.07 0.09 0.08 0.09 - 0.00 0.12 0.05 0.10 0.07 0.10 + 0.03 0.15 0.04 0.33 0.26 0.28 - 0.04 0.47 0.15 0.09 0.09 0.09 - 0.03 0.22 0.01 0.14 0.11 0.12 - 0.01 0.28 0.07 0.06 0.05 0.05 - 0.01 0.06 0.02 0.12 0.09 0.10 + 0.01 0.12 0.04 0.05 0.04 0.04 - 0.00 0.11 0.01 0.07 0.06 0.06 - 0.01 0.15 0.02

D-F

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Geomega Res V 204 GFK Res V 56 GGL Res V 36 Gitennes Expl V 419 Giyani Gold* O 12 Giyani Gold V 273 Gldn Predator V 564 O 104 Gldn Predator* 252 Glen Eagle Res V Glencore Plc* O 593 Globex Mng T 1125 Globex Mng* O 53 GMCI Corp* O 0 O 30 GMV Minerals* GMV Minerals V 353 GoGold Res T 860 Gold & Silver* O 1389 14 Gold Bulln Dev* O 593 Gold Bulln Dev V 30643 Gold Fields* N Gold Lakes* O 4859 320 Gold Mng USA* O 431 Gold Reach Res V Gold Reserve* O 95 Gold Reserve V 158 X 3891 Gold Resource* 140 Gold Ridge Exp V Gold Std Vents* X 1744 Gold Std Vents V 1232 Gold Torrent* O 1 Goldbank Mng V 20 Goldcliff Res* O 224 Goldcliff Res V 140 T 15562 Goldcorp Goldcorp* N 39627 Golden Arrow V 1607 Golden Arrow* O 919 V 5 Golden Cariboo 321 Golden Dawn Ml* O Golden Eagle* O 21 O 48 Golden Goliath* Golden Harp V 17 Golden Hope V 418 Golden Mnls T 124 Golden Mnls* X 1192 89 Golden Peak Mn V O 551 Golden Queen* Golden Queen T 320 Golden Reign V 142 Golden Secret V 196 Golden Star T 3888 Golden Star* X 14678 Golden Tag V 957 Golden Valley V 440 Goldex Res V 3 O 461 Goldgroup Mng* GoldON Res* O 5 GoldON Res V 23 V 946 GoldQuest Mng Goldrea Res 29 Goldrea Res* O 7 O 984 Goldsource Min* V 997 Goldsource Min Goldstar Mnls V 2219 V 702 Goldstream Mnl Goldstrike Res V 1053 Gonzaga Res V 89 O 26 GoviEx Uranium* V 1957 GoviEx Uranium Gowest Gold* O 346 Gowest Gold V 1094 GPM Metals* O 130 GPM Metals V 1528 O 174 Gran Colombia* V 13 Grande Portage Graphite One V 8208 Graphite One* O 743 286 Gray Rock Res V Great Atlantic V 255 597 Great Lakes Gr* O Great Panther T 2337 Great Panther* X 13324 113 Great Quest Fe V 131 Great Rock Dev* O O 731 Great Western* 176 Green Swan Cap V Green Valley M V 1030 V 29 Greencastle Rs O 219 Greenland M&En* Grizzly Discvr* O 335 Grizzly Gold* O 9 6 Group Ten Mtls V O 416 GrowMax Res* Gungnir Res V 74 Gungnir Res* O 298 Gunpoint Expl V 26 Guyana Gldflds T 3990 Hadley Mng 541 151 Hard Creek Ni V 20699 N Harmony Gold* Harvest Gold V 28 V 414 Hawkeye Gld&Di 78619 Hecla Mining* N Helio Res V 149 Hellix Vent* O 511 Heron Res T 183 Highbank Res V 692 V 242 Highland Copp 13 Highway 50 Gld V HiHo Silver 287 O 97 Hochschild Mg* Horizon Mnls* O 50 T 1471 Horizonte Mnls Houston Lake V 257 HudBay Mnls T 8953 HudBay Mnls* N 1919 Hudson Res V 81 Hudson Res* O 12

0.06 0.09 - 0.02 0.23 0.11 0.00 0.03 0.11 - 0.02 0.18 0.15 0.11 0.01 0.03 + 0.01 0.05 0.03 0.03 0.01 0.02 - 0.01 0.04 0.02 0.02 0.02 0.32 - 0.01 0.50 0.33 0.32 0.06 0.40 - 0.08 0.70 0.48 0.39 0.09 0.56 - 0.02 1.17 0.63 0.51 0.06 0.42 + 0.01 0.89 0.47 0.39 0.13 0.11 0.12 + 0.01 0.16 0.04 1.95 7.06 + 0.04 7.15 7.10 6.86 0.19 0.43 + 0.01 0.51 0.44 0.38 0.15 0.29 - 0.00 0.38 0.31 0.28 0.20 2.59 + 0.19 2.60 2.59 0.00 0.06 0.36 + 0.05 0.55 0.36 0.27 0.08 0.48 + 0.08 0.70 0.48 0.34 0.52 0.59 + 0.02 1.65 0.59 0.52 0.00 0.00 0.00 + 0.00 0.60 0.00 0.05 0.04 0.04 - 0.01 0.11 0.01 0.07 0.06 0.07 + 0.01 0.16 0.03 2.42 3.16 + 0.08 6.60 3.30 2.96 0.02 0.02 - 0.00 1.02 0.03 0.02 0.00 0.00 0.00 + 0.00 0.17 0.00 0.13 0.09 0.13 + 0.03 0.25 0.08 0.00 4.00 - 0.26 5.90 4.30 3.17 3.06 5.21 - 0.55 8.00 5.70 4.41 1.14 4.60 + 0.31 8.22 4.64 4.16 0.12 0.06 0.10 + 0.04 0.70 0.05 2.47 2.18 2.40 + 0.25 3.20 0.52 3.28 2.94 3.19 + 0.14 4.10 0.70 0.20 0.65 + 0.05 1.10 1.10 0.60 0.05 0.07 - 0.01 0.16 0.08 0.00 0.15 0.19 - 0.02 0.36 0.23 0.19 0.05 0.25 - 0.05 0.47 0.31 0.25 13.55 18.00 + 0.28 26.56 18.24 17.18 13.56 + 0.55 20.38 9.46 13.66 12.86 0.17 0.79 + 0.10 1.48 0.79 0.69 0.13 0.60 + 0.08 1.30 0.61 0.51 0.03 0.06 - 0.01 0.15 0.10 0.00 0.18 0.16 0.17 - 0.01 0.32 0.06 0.00 0.04 - 0.01 0.07 0.05 0.00 0.00 0.04 - 0.01 0.10 0.04 0.03 0.03 0.15 + 0.04 0.28 0.15 0.11 0.16 0.20 - 0.08 0.39 0.27 0.18 0.19 0.94 + 0.04 1.51 0.99 0.91 0.13 0.71 - 0.02 1.16 0.75 0.67 0.64 0.55 0.55 - 0.07 0.90 0.12 0.48 0.64 - 0.01 1.56 0.69 0.60 0.67 0.84 - 0.04 2.00 0.93 0.80 0.07 0.24 - 0.01 0.36 0.26 0.24 0.02 0.32 + 0.02 0.69 0.32 0.30 0.21 1.10 + 0.09 1.46 1.14 1.03 0.14 0.84 + 0.07 1.13 0.89 0.77 0.02 0.06 - 0.01 0.18 0.06 0.05 0.07 0.33 + 0.02 0.36 0.33 0.30 0.10 0.66 + 0.07 0.90 0.66 0.00 0.04 0.10 + 0.01 0.30 0.11 0.08 0.03 0.13 + 0.01 0.18 0.13 0.12 0.04 0.16 + 0.01 0.36 0.16 0.16 0.12 0.27 + 0.01 0.68 0.28 0.26 0.03 0.09 + 0.03 0.14 0.09 0.00 0.02 0.02 - 0.04 0.10 0.06 0.02 0.12 0.22 + 0.07 0.45 0.23 0.14 0.16 0.29 + 0.09 0.57 0.30 0.19 0.01 0.07 + 0.02 0.08 0.07 0.05 0.05 0.07 - 0.07 0.40 0.08 0.05 0.09 0.12 - 0.01 0.41 0.14 0.12 0.01 0.13 + 0.02 0.13 0.13 0.11 0.04 0.07 - 0.01 0.16 0.08 0.07 0.09 0.09 - 0.02 0.19 0.11 0.09 0.04 0.12 - 0.01 0.22 0.13 0.08 0.06 0.14 - 0.02 0.28 0.17 0.10 0.07 0.10 + 0.02 0.43 0.10 0.07 0.08 0.12 - 0.01 0.57 0.13 0.10 0.04 0.08 + 0.00 0.13 0.08 0.07 0.04 0.22 + 0.07 0.22 0.22 0.15 0.07 0.10 + 0.03 0.18 0.12 0.08 0.05 0.08 + 0.02 0.14 0.08 0.06 0.21 0.18 0.20 + 0.04 0.21 0.02 0.03 0.10 - 0.01 0.15 0.11 0.10 0.06 0.05 0.05 - 0.01 0.09 0.04 0.54 2.06 + 0.18 2.82 2.06 1.81 0.41 1.56 + 0.13 2.25 1.56 1.36 0.24 0.20 0.24 + 0.04 0.38 0.11 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.09 0.07 0.07 + 0.01 0.14 0.01 0.06 0.03 0.06 + 0.02 0.06 0.01 0.05 0.10 - 0.01 0.18 0.10 0.10 0.00 0.06 + 0.02 0.17 0.07 0.03 0.02 0.04 + 0.01 0.05 0.04 0.04 0.01 0.07 + 0.01 0.22 0.08 0.06 0.12 0.09 0.10 - 0.02 0.46 0.09 0.10 0.10 + 0.00 0.22 0.11 0.10 0.01 0.04 + 0.01 0.06 0.04 0.04 0.01 0.03 - 0.00 0.04 0.04 0.03 0.13 0.27 + 0.01 0.32 0.27 0.00 2.82 10.35 0.05 - 5.43 5.20 5.64 0.01 0.01 - 0.01 0.02 0.02 0.00 0.04 0.03 0.03 - 0.01 0.05 0.01 0.60 2.29 + 0.02 4.87 2.46 2.19 0.02 0.05 - 0.01 0.10 0.06 0.05 0.03 0.19 + 0.02 0.33 0.19 0.13 1.45 6.36 + 0.33 7.64 6.40 5.85 0.02 0.03 + 0.01 0.08 0.03 0.02 0.00 0.01 + 0.00 0.06 0.03 0.01 0.07 0.14 + 0.01 0.17 0.15 0.00 0.04 0.04 - 0.01 0.12 0.05 0.04 0.07 0.13 + 0.01 0.17 0.13 0.12 0.15 0.15 0.15 - 0.01 0.25 0.05 0.07 0.13 + 0.04 0.15 0.15 0.08 0.59 2.68 + 0.07 4.16 2.68 0.00 0.05 0.53 - 0.17 0.80 0.70 0.50 0.02 0.05 + 0.01 0.06 0.05 0.05 0.13 0.27 - 0.01 0.40 0.29 0.26 2.26 9.07 - 0.42 9.75 9.52 8.77 1.56 6.80 - 0.20 7.10 7.10 6.55 0.29 0.33 - 0.02 0.50 0.37 0.33 0.24 0.24 - 0.00 0.38 0.25 0.24

I-Minerals* O 42 I-Minerals V 64 IAMGOLD T 18354 35906 IAMGOLD* N IC Potash* O 33 IC Potash T 741 30 O Iconic Mnls * Iconic Mnls V 639 IDM Mining* O 265 IEMR Res V 835 iMetal Res V 26 IMPACT Silver V 450 O 269 Impala Platnm* O 16 Imperial Metal* Imperial Metal T 204 69 Inca One Gold* O 205 Inca One Gold V 24 Inception Mng * O V 341 Independence G O 63 Independence G* Indico Res V 150 Indigo Expl V 31 Inform Res V 4 Infrastructure* O 77 Inspiration Mg 15 O 9 Inspiration Mg* Intact Gold V 1169 Integra Gold* O 999 Integra Gold V 2783 Inter-Rock Mnl V 407 Intgr Egy Sol* O 43661 8 Intl Bethl Mng V Intl Lithium* O 65 Intl Lithium V 274 180 Intl Millm Mng V Intl Montoro* O 79 64 Intl Samuel Ex V 1475 X Hil* Tower Intl 333 T Intl Tower Hil INV Metals T 381 14 Inventus Mg * O Inventus Mg V 125 InZinc Mining V 195 InZinc Mining* O 110 O 443 Ireland* Ironside Res V 89 Irving Res 6 Irving Res* O 1 IsoEnergy Ltd V 8 Ivanhoe Mines T 8951 O 529 Ivanhoe Mines* Jaguar Mng* O 96 Japan Gold V 119 Japan Gold* O 2 Jasper Mng V 12 Jaxon Mnls V 2574 Jayden Res V 79 Jazz Res V 25 JDL Gold* O 80 JDL Gold V 295 V 69 Jet Gold V 32 K2 Gold 350 K92 Mng Inc* O V 3100 K92 Mng Inc Kairos Cap V 107 Kaizen Discvry V 158 O 74 Kapuskasing Gd* Karnalyte Res T 162 KAT Expl* O 1351 Katanga Mng T 716 Kennady Diam V 202 Kerr Mines* O 74 Kerr Mines T 175 Kesselrun Res V 440 Khalkos Expl V 156 V 1037 Kilo Goldmines O 33 Kilo Goldmines* V 87 Kincora Copper 447 Kings Bay Gold V O 1 Kingsmen Res* 65889 Kinross Gold* N Kinross Gold T 24487

0.15 0.23 + 0.02 0.28 0.23 0.20 0.20 0.30 + 0.02 0.37 0.30 0.27 1.66 5.12 + 0.25 7.65 5.16 4.76 1.15 3.86 + 0.22 5.87 3.89 3.55 0.03 0.07 - 0.00 0.11 0.08 0.07 0.04 0.09 - 0.01 0.15 0.11 0.09 0.12 0.10 0.12 - 0.01 0.33 0.02 0.03 0.15 - 0.01 0.45 0.18 0.12 0.04 0.11 + 0.01 0.21 0.12 0.10 0.01 0.02 - 0.01 0.06 0.03 0.02 0.03 0.05 - 0.02 0.08 0.06 0.00 0.11 0.70 + 0.07 1.28 0.70 0.62 1.45 3.16 - 0.25 5.23 3.40 3.09 2.78 4.63 - 0.19 6.21 5.02 4.50 3.46 6.13 - 0.31 8.50 6.89 5.87 0.20 0.19 0.20 + 0.01 0.35 0.18 0.27 0.25 0.26 - 0.01 0.77 0.21 0.35 0.00 0.35 - 0.01 1.65 0.25 0.06 0.14 - 0.02 0.50 0.19 0.14 0.04 0.11 - 0.01 0.37 0.12 0.11 0.02 0.02 - 0.01 0.10 0.02 0.00 0.01 0.03 + 0.01 0.04 0.03 0.03 0.05 0.15 - 0.01 0.40 0.15 0.00 0.00 0.01 + 0.00 0.01 0.01 0.00 0.02 0.02 - 0.03 0.10 0.03 0.00 0.01 0.02 - 0.00 0.08 0.02 0.02 0.02 0.07 + 0.01 0.18 0.07 0.06 0.21 0.48 + 0.03 0.76 0.49 0.44 0.30 0.63 + 0.04 0.96 0.65 0.60 0.02 0.10 + 0.06 0.14 0.11 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.00 0.04 - 0.01 0.08 0.02 0.02 0.12 + 0.01 0.55 0.13 0.12 0.06 0.16 + 0.01 0.38 0.17 0.15 0.04 0.04 0.04 + 0.01 0.10 0.04 0.01 0.02 - 0.00 0.03 0.02 0.02 0.10 0.08 0.10 + 0.03 0.15 0.05 0.64 0.53 0.61 + 0.05 1.40 0.18 0.83 0.72 0.80 + 0.06 1.82 0.26 0.09 0.75 - 0.05 1.10 0.79 0.71 0.11 0.11 0.11 - 0.00 0.28 0.11 0.02 0.17 + 0.01 0.35 0.19 0.13 0.04 0.17 - 0.02 0.25 0.18 0.16 0.03 0.12 - 0.02 0.17 0.13 0.12 0.05 0.07 + 0.01 0.34 0.10 0.05 0.05 0.09 + 0.01 0.16 0.09 0.08 0.11 0.46 + 0.01 0.65 0.48 0.00 0.09 0.34 - 0.00 0.46 0.34 0.00 0.69 0.63 - 0.34 1.50 0.97 0.63 0.53 2.27 - 0.17 2.54 2.45 2.26 0.36 1.72 - 0.02 1.88 1.84 1.70 0.09 0.45 - 0.00 0.65 0.47 0.43 0.20 0.35 - 0.01 0.88 0.36 0.32 0.24 0.27 + 0.02 0.67 0.27 0.27 0.03 0.05 + 0.02 0.08 0.05 0.00 0.03 0.07 - 0.01 0.13 0.08 0.06 0.03 0.08 - 0.03 0.23 0.10 0.00 0.07 0.10 + 0.03 0.25 0.10 0.07 1.10 1.38 + 0.09 1.64 1.38 1.25 0.74 1.81 + 0.02 2.55 1.85 1.66 0.07 0.27 - 0.04 0.39 0.33 0.00 0.08 0.37 - 0.08 0.45 0.45 0.37 0.74 0.62 0.70 + 0.04 1.72 0.62 0.99 0.84 0.95 + 0.05 2.24 0.84 0.02 0.08 + 0.04 0.09 0.08 0.05 0.08 0.15 + 0.02 0.31 0.15 0.12 0.02 0.02 - 0.01 0.08 0.03 0.02 0.64 0.72 - 0.05 4.15 0.80 0.71 0.00 0.00 - 0.00 0.00 0.00 0.00 0.13 0.14 - 0.02 0.23 0.15 0.14 2.35 4.00 + 0.35 5.00 4.25 3.57 0.01 0.07 - 0.01 0.12 0.08 0.07 0.02 0.10 + 0.01 0.16 0.11 0.09 0.02 0.10 + 0.01 0.43 0.10 0.09 0.06 0.15 - 0.02 0.26 0.16 0.15 0.06 0.13 + 0.03 0.25 0.13 0.11 0.05 0.08 - 0.00 0.19 0.10 0.08 0.15 0.42 - 0.04 0.55 0.45 0.00 0.10 0.00 0.09 + 0.01 0.15 0.05 0.02 0.10 - 0.00 0.12 0.10 0.00 1.31 3.47 + 0.30 5.82 3.53 3.19 1.91 4.61 + 0.31 7.56 4.69 4.28

I-J-K

2016-12-06 5:51 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 12â&#x20AC;&#x201C;18, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Kirkland Lk Gd* O 391 Kirkland Lk Gd T 5185 Kiska Metals* O 316 Kiska Metals V 809 Kitrinor Mtls V 400 Kivalliq Enrgy V 288 Klondex Mines T 5217 Klondike Gold V 205 Klondike Gold* O 42 Klondike Silv* O 4 Klondike Silv V 1486 Knick Expl V 194 Kombat Copper V 1545 Komet Resource V 90 Kootenay Silvr V 1314 Kootenay Zinc 710 KWG Res* O 38 KWG Res 1923

5.68 5.24 5.50 + 0.17 9.70 3.12 7.61 7.03 7.32 + 0.28 12.39 4.51 0.04 0.03 0.04 + 0.00 0.09 0.01 0.05 0.04 0.05 - 0.01 0.12 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.08 0.07 0.08 + 0.01 0.10 0.07 7.00 6.23 6.88 + 0.46 7.95 2.57 0.16 0.15 0.15 - 0.01 0.45 0.09 0.13 0.00 0.11 + 0.00 0.32 0.07 0.03 0.03 0.03 - 0.01 0.12 0.01 0.06 0.00 0.05 - 0.01 0.15 0.01 0.07 0.05 0.06 - 0.01 0.11 0.01 0.06 0.05 0.06 + 0.01 0.10 0.03 0.46 0.43 0.43 - 0.03 0.58 0.29 0.40 0.33 0.36 - 0.04 0.60 0.17 0.26 0.24 0.26 + 0.02 0.26 0.06 0.02 0.02 0.02 + 0.00 0.03 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01

La Imperial 128 Labrador Iron T 1086 Lago Dourado* O 26 Lake Victoria* O 63 Lancaster Cap V 25 Lara Expl V 226 Largo Res T 240 Largo Res* O 32 Lateral Gold V 37 Latin Am Mnls* O 8 Latin Am Mnls V 593 Laurion Mnl Ex V 697 LeadFX Inc* O 18 Legend Gold V 405 Leo Res 47 Lepanto Con Mg* O 300 Levon Res Ltd T 593 Levon Res Ltd * O 424 Lexam VG Gold* O 471 Lexam VG Gold T 919 Li3 Energy* O 280 Lincoln Mng V 189 Lion One Mtls V 76 Lion One Mtls* O 55 Lions Gate Mtl 188 Lithium Amer* O 573 Lithium Amer T 2970 Lithium Corp* O 804 Lithium Expl* O 90296 LKA Gold* O 12 Logan Res V 202 Lomiko Mtls* O 818 Loncor Res* O 3 Loncor Res T 23 Lone Star Gold* O 44 Lonmin plc* O 165 Lorraine Coppr V 250 Los Andes Copp V 346 Lucara Diam T 4589 Luna Gold* O 6 Luna Gold* O 33 Luna Gold T 65 Lund Enterpr V 15 Lundin Gold T 504 Lundin Mng T 13988 Lydian Intl T 1820 Lydian Intl* O 197 Lynas Corp* O 102

0.05 0.04 0.04 - 0.02 0.08 0.01 18.10 17.40 17.91 + 0.15 18.10 6.85 0.05 0.04 0.04 - 0.00 0.09 0.04 0.01 0.01 0.01 + 0.00 0.02 0.01 0.30 0.30 0.30 + 0.05 0.32 0.07 1.15 1.03 1.15 + 0.05 1.58 0.22 0.56 0.51 0.54 - 0.04 0.72 0.11 0.42 0.38 0.41 - 0.04 0.56 0.08 0.90 0.75 0.85 - 0.05 1.25 0.26 0.13 0.13 0.13 - 0.02 0.36 0.06 0.17 0.12 0.14 - 0.03 0.48 0.09 0.06 0.05 0.06 - 0.01 0.08 0.01 0.46 0.34 0.46 + 0.13 0.46 0.11 0.03 0.02 0.03 - 0.01 0.07 0.02 0.01 0.00 0.01 + 0.01 0.01 0.01 0.01 0.01 0.01 + 0.00 0.02 0.00 0.35 0.27 0.30 - 0.01 0.71 0.09 0.26 0.20 0.22 - 0.03 0.54 0.07 0.18 0.13 0.17 + 0.03 0.29 0.04 0.23 0.17 0.22 + 0.04 0.38 0.05 0.02 0.01 0.02 - 0.00 0.03 0.01 0.06 0.05 0.05 - 0.01 0.17 0.02 0.92 0.00 0.82 - 0.04 1.17 0.32 0.69 0.59 0.62 - 0.01 0.91 0.23 0.11 0.00 0.11 + 0.01 0.36 0.04 0.63 0.57 0.59 - 0.02 0.87 0.34 0.83 0.77 0.82 - 0.01 1.15 0.26 0.10 0.06 0.08 - 0.01 0.13 0.02 0.00 0.00 0.00 - 0.00 0.16 0.00 0.38 0.26 0.38 - 0.00 0.53 0.10 0.12 0.09 0.12 + 0.01 0.26 0.04 0.03 0.02 0.03 - 0.00 0.04 0.02 0.10 0.10 0.10 - 0.01 0.20 0.01 0.18 0.13 0.13 - 0.04 0.25 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 2.18 1.70 1.92 - 0.30 90.00 0.55 0.08 0.06 0.06 - 0.02 0.12 0.04 0.23 0.18 0.20 + 0.02 0.25 0.06 3.39 3.26 3.34 - 0.01 4.39 2.00 1.23 1.15 1.23 + 0.05 1.96 1.18 1.44 1.26 1.26 - 0.03 1.93 1.55 1.62 - 0.08 3.50 0.35 0.11 0.10 0.10 - 0.01 0.19 0.02 5.33 4.94 5.25 + 0.05 6.62 3.78 7.01 6.55 6.86 - 0.06 7.12 2.98 0.34 0.28 0.31 - 0.01 0.52 0.19 0.25 0.22 0.25 + 0.03 0.41 0.13 0.06 0.05 0.05 - 0.00 0.10 0.03

M Macarthur Mnl* O 167 0.04 0.03 0.04 + 0.00 0.14 0.02 MacDonald Mns V 359 0.08 0.06 0.07 + 0.01 0.20 0.05 Madeira Mrnls V 123 0.02 0.02 0.02 - 0.01 0.03 0.01 MAG Silver T 1120 17.66 16.05 17.47 + 1.42 23.32 8.79 Magellan Gold* O 75 0.17 0.10 0.10 - 0.01 0.35 0.04 MagIndustries* O 2 0.03 0.03 0.03 + 0.02 0.05 0.00 Majescor Res V 1361 0.08 0.07 0.08 + 0.01 0.15 0.02 Majescor Res* O 30 0.04 0.00 0.04 + 0.00 0.09 0.01 Majestic Gold V 454 0.07 0.05 0.06 - 0.01 0.12 0.05 Makena Res V 262 0.02 0.01 0.01 - 0.01 0.05 0.01 Malbex Res V 134 0.30 0.29 0.30 + 0.01 0.46 0.25 Mammoth Res V 804 0.03 0.02 0.02 - 0.01 0.05 0.01 Manado Gold V 70 0.12 0.11 0.11 - 0.01 0.15 0.10 Mandalay Res T 1692 0.80 0.67 0.74 - 0.03 1.35 0.59 Mangazeya Mng V 274 0.04 0.00 0.03 + 0.01 0.06 0.02 Marathon Gold T 718 0.62 0.53 0.57 + 0.04 0.83 0.13 Margaux Res V 176 0.35 0.28 0.35 + 0.04 0.35 0.11 Mariana Res V 627 1.29 1.18 1.23 + 0.01 1.40 0.85 Mariana Res* O 335 0.98 0.85 0.94 - 0.04 1.05 0.02 Maritime Res V 126 0.17 0.13 0.14 - 0.02 0.31 0.08 Marlin Gold* O 98 0.42 0.38 0.39 - 0.03 0.54 0.10 Marlin Gold V 103 0.56 0.50 0.51 - 0.05 0.69 0.15 MartinMarietta* N 4435 225.16 215.43 223.25 - 2.06 236.41 108.31 Mason Graphite* O 243 1.11 0.99 1.01 - 0.10 1.21 0.21 Mason Graphite V 503 1.50 1.32 1.38 - 0.11 1.60 0.30 Masuparia Gold V 124 0.05 0.00 0.05 + 0.01 0.06 0.03 Matachewan Con V 5 0.26 0.26 0.26 - 0.02 0.44 0.21 Matamec Expl* O 26 0.04 0.03 0.03 - 0.01 0.07 0.01 Maudore Mnrls* O 115 0.00 0.00 0.00 - 0.00 0.01 0.00 Mawson Res* O 19 0.33 0.28 0.33 + 0.05 0.42 0.12 Mawson Res T 54 0.42 0.38 0.42 + 0.02 0.56 0.17 MAX Res V 50 0.09 0.08 0.08 - 0.03 0.11 0.05 MaxTech Vent 801 0.25 0.24 0.25 + 0.01 0.27 0.06 Maya Gold &Sil V 759 0.13 0.11 0.13 + 0.01 0.27 0.10 MBAC Fertilizr V 41 3.45 2.42 2.94 + 0.44 5.00 0.90 MBAC Fertilizr* O 3 2.16 1.39 2.16 + 0.77 2.16 0.68 McEwen Mng T 2387 4.11 3.63 4.09 + 0.48 6.44 1.19 McEwen Mng* N 15957 3.10 2.68 3.08 + 0.41 4.92 0.88 McLaren Res 500 0.03 0.02 0.02 - 0.01 0.03 0.01 MDN Inc* O 386 0.74 0.47 0.47 - 0.23 0.92 0.04 Mechel* N 2567 6.30 5.28 5.40 - 0.82 6.74 1.23 Medgold Res V 208 0.17 0.00 0.16 - 0.01 0.25 0.05 Medinah Mnrls* O 7406 0.01 0.00 0.01 - 0.00 0.02 0.00 Mega Uranium T 2272 0.14 0.12 0.14 + 0.01 0.20 0.05 Mega Uranium* O 107 0.10 0.09 0.10 + 0.01 0.15 0.04 Melior Res V 2323 0.04 0.02 0.02 - 0.02 0.06 0.01 Mercator Mnls* O 171 0.00 0.00 0.00 - 0.00 0.01 0.00 Merrex Gold V 427 0.16 0.13 0.14 - 0.02 0.31 0.13 Merrex Gold* O 145 0.12 0.10 0.11 - 0.01 0.24 0.10 Meryllion Res 142 0.04 0.02 0.04 + 0.02 0.05 0.01 Mesa Expl* O 2 0.05 0.05 0.05 + 0.00 0.14 0.01 Metallic Mnrls V 453 0.45 0.30 0.45 + 0.07 0.59 0.05 Metallic Mnrls* O 62 0.33 0.22 0.33 - 0.03 0.44 0.04 Metallis Res V 34 0.16 0.15 0.15 - 0.01 0.28 0.02 0.45 - 0.05 1.50 0.26 Metalo Manuf 11 0.50 0.45 Metals Creek* O 16 0.06 0.05 0.05 - 0.00 0.14 0.04 Metals X* O 58 1.14 0.50 0.50 - 0.56 1.43 0.50 Mexus Gold* O 5769 0.15 0.10 0.15 + 0.04 0.12 0.00 MGX Minerals 4029 0.54 0.27 0.40 + 0.14 0.54 0.08 MGX Minerals* O 752 0.50 0.20 0.28 + 0.07 0.50 0.11 Micrex Dev V 17 0.02 0.01 0.02 + 0.01 0.03 0.01 Midas Gold T 439 0.95 0.89 0.93 + 0.04 1.22 0.25 Midas Gold* O 796 0.72 0.66 0.71 + 0.05 0.95 0.16 Midland Expl V 138 1.15 1.10 1.15 + 0.04 1.25 0.45 Midnight Star 40 0.13 0.12 0.13 + 0.01 0.19 0.06 Midnight Sun V 393 0.17 0.12 0.17 + 0.05 0.24 0.08 Midway Gold* O 534 0.00 0.00 0.00 - 0.00 0.01 0.00 Millennial Lit* O 36 1.06 1.02 1.06 + 0.09 1.20 0.97 Millennial Lit V 1185 1.46 1.37 1.46 + 0.11 2.45 0.06 Millrock Res* O 630 0.37 0.31 0.36 + 0.04 0.54 0.12 Millrock Res V 638 0.50 0.43 0.47 + 0.05 0.70 0.17 Minco Gold* X 517 0.20 0.16 0.17 - 0.03 0.42 0.12 Minco Gold T 65 0.26 0.23 0.23 - 0.04 0.55 0.15 Minco Silver T 164 1.01 0.88 1.01 + 0.06 2.05 0.34 Minco Silver* O 80 0.72 0.65 0.70 + 0.01 1.54 0.26 0.11 + 0.01 0.18 0.01 Minecorp Egy V 19 0.11 0.10 Minera Alamos V 711 0.15 0.13 0.13 - 0.01 0.29 0.07 Mineral Mtn* O 141 0.32 0.26 0.27 - 0.03 0.38 0.04 Mineral Mtn V 214 0.42 0.35 0.36 - 0.02 0.49 0.08 Minnova Corp V 25 0.81 0.72 0.81 + 0.09 0.90 0.30 Miranda Gold V 1092 0.08 0.07 0.08 + 0.01 0.18 0.06 Mirasol Res V 150 1.62 1.52 1.56 - 0.05 3.50 0.75 MK2 Ventures V 119 0.23 0.00 0.15 - 0.08 0.30 0.04 0.05 + 0.01 0.11 0.03 Mkango Res V 18 0.05 0.05 Monarques Res* O 6 0.25 0.00 0.25 + 0.07 0.48 0.04 Monarques Res V 450 0.33 0.26 0.33 + 0.07 0.66 0.06 Moneta Porcpn* O 458 0.22 0.20 0.22 + 0.02 0.28 0.07 Moneta Porcpn T 3042 0.29 0.27 0.29 + 0.03 0.36 0.11 Montan Mg V 884 0.07 0.05 0.07 + 0.02 0.10 0.02 Montan Mg* O 122 0.05 0.04 0.05 + 0.00 0.07 0.01 Montego Res 55 0.09 0.07 0.07 - 0.01 0.16 0.06 Montero Mg&Ex V 892 0.03 0.03 0.03 + 0.01 0.08 0.02 Monument Mng V 1658 0.10 0.09 0.09 - 0.01 0.19 0.09 Morumbi Res V 1419 0.26 0.17 0.22 + 0.08 0.26 0.02 Mosaic* N 27626 29.50 26.61 28.82 + 1.39 32.26 22.02 Mountain Boy* O 20 0.05 0.05 0.05 - 0.01 0.06 0.00 Mountain Prov T 479 6.75 6.59 6.68 - 0.05 7.18 3.40 Mountain Prov* D 261 5.05 4.85 5.05 + 0.06 5.52 2.47 Mundoro Cap* O 5 0.12 0.12 0.12 - 0.00 0.20 0.03 Mundoro Cap V 387 0.18 0.16 0.16 + 0.01 0.23 0.04 Murchison Min 8 0.30 0.00 0.30 + 0.05 0.35 0.05 Mustang Mnrls V 228 0.01 0.01 0.01 + 0.01 0.02 0.01 MX Gold* O 271 0.11 0.10 0.10 - 0.01 0.31 0.09 MX Gold V 1793 0.16 0.13 0.14 - 0.02 0.39 0.12

N-O NACCO Ind* N 107 Namibia Rare E* O 108 Namibia Rare E T 150 Napier Vent V 13 Napier Vent* O 4 Natan Res V 2676 Natural Res Pt* N 284 O 437 Nautilus Mnrls* Nemaska Lith T 3423 Nemaska Lith* O 257 Nevada Clean M* O 75 Nevada Clean M V 853 Nevada Copper T 734 Nevada Egy Mtl* O 750 Nevada Expl * O 79 Nevada Expl V 155 Nevada Sunrise* O 103 Nevada Sunrise V 520 Nevada Zinc V 1478 Nevado Res V 108 Nevsun Res* X 4147 Nevsun Res T 4646 New Carolin Gd V 239

98.10 87.65 87.85 - 9.15 99.55 40.04 0.04 0.00 0.04 + 0.00 0.09 0.03 0.06 0.05 0.06 + 0.01 0.14 0.04 0.30 0.27 0.27 - 0.05 0.34 0.15 0.22 0.22 0.22 - 0.03 0.26 0.18 0.25 0.21 0.24 + 0.03 0.40 0.05 36.10 32.25 34.10 - 1.65 40.00 5.00 0.14 0.12 0.14 - 0.00 0.25 0.08 1.36 1.21 1.23 - 0.06 1.97 0.34 1.01 0.91 0.94 - 0.03 1.50 0.25 0.04 0.03 0.03 - 0.01 0.04 0.00 0.05 0.04 0.05 + 0.01 0.05 0.02 0.86 0.68 0.71 - 0.09 1.10 0.45 0.08 0.07 0.08 + 0.00 0.20 0.06 0.29 0.26 0.28 + 0.02 0.56 0.18 0.38 0.35 0.37 + 0.03 0.72 0.24 0.21 0.16 0.19 - 0.00 0.37 0.11 0.28 0.24 0.25 - 0.03 0.47 0.15 0.57 0.44 0.57 + 0.11 0.80 0.21 0.07 0.05 0.05 - 0.02 0.11 0.01 3.28 3.08 3.17 - 0.05 3.80 2.27 4.40 4.15 4.20 - 0.18 4.81 3.27 0.07 0.07 0.07 - 0.01 0.15 0.04

12-13_DEC12_StockTables.indd 13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

New Colombia* O 38253 New Dimen Res V 92 New Gold* X 18935 New Gold T 7324 New Gold* O 247 427 New Guinea Gld* O New Jersey Mng* O 817 New Milln Iron* O 30 New Milln Iron T 1191 New Nadina V 19 New Oroperu V 11 NewCastle Gold* O 174 Newlox Gold 201 Newmarket Gold T 5083 Newmarket Gold* O 469 Newmont Mng* N 51897 Newport Expl V 147 Newport Gold* O 129 Newstrike Res V 400 Nexgen Energy T 8757 O 320 Nexgen Energy* 4093 Next Gen Mtls Next Gen Mtls* O 18 Nexus Gold* O 137 Nexus Gold V 1566 NGEx Res T 104 531 Nickel One Res V Nicola Mg Inc* O 102 V 802 Nighthawk Gold Niobay Metals V 768 Niocan Inc V 280 Niocorp Dev T 364 Niocorp Dev* O 307 V 702 Nippon Dragon Noka Res V 137 V 32 Nomad Ventures Noram Vent* O 5 O 143 Noranda Alum* Noront Res V 1055 Norsemont Cap 157 North Am Nickl* O 202 North Am Nickl V 271 North Am Pall T 62 19 North Am Pall* O North Arrow Mn V 105 North Arrow Mn* O 8 Northcliff Res T 166 Northisle C&G V 900 Northn Empire V 200 Norvista Cap V 373 V 218 Nouveau Monde NovaCopper* X 564 NovaCopper T 93 X 9680 NovaGold Res* NovaGold Res T 1896 Novo Res V 263 Novo Res* O 183 Nrthn Freegold V 100 O 72 Nrthn Freegold* Nrthn Graphite V 553 Nrthn Graphite* O 224 Nrthn Iron V 3920 Nrthn Lion V 4 Nrthn Shield V 2223 Nrthn Superior V 1661 Nrthn Vertex V 205 NSGold V 53 Nthn Dynasty T 6176 Nthn Dynasty* X 12819 Nthrn Sphere 68 V 1250 NuLegacy Gold NuLegacy Gold* O 938 Nunavik Nickel V 7 V 47 NV Gold O.T. Mining* O 451 OceanaGold T 7187 OceanaGold* O 16 45 Oceanic Iron O V Oceanus Res V 1631 Oceanus Res* O 26 Odin Mng & Exp* O 48 Olivut Res* O 6 Olivut Res V 89 Orbite Tech* O 22 Orca Gold V 2847 Orca Gold* O 101 Orefinders Res V 639 Orex Mnrls V 141 Orex Mnrls* O 57 Orezone Gold V 423 Orezone Gold* O 138 V 82 Orla Mng Ltd 31 Oro East Mg* O Oroco Res* O 130 Orocobre T 248 Orofino Mnrls V 65 Oronova Res V 456 Oroplata Res* O 294 Orosur Mng T 214 Orvana Mnrls T 212 Orvana Mnrls* O 3 Osisko Gold* N 421 Osisko Gold T 2281 Osisko Mng Inc T 1263 Otis Gold* O 85 Otis Gold V 723 OZ Minerals* O 1

0.01 0.01 0.01 - 0.00 0.05 0.00 0.13 0.00 0.11 - 0.01 0.19 0.04 3.75 3.45 3.63 + 0.04 6.04 1.76 5.02 4.61 4.80 - 0.06 7.87 2.56 0.05 0.04 0.04 - 0.00 0.17 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.10 0.13 + 0.02 0.15 0.04 0.11 0.10 0.10 + 0.02 0.11 0.03 0.17 0.13 0.14 - 0.02 0.18 0.05 0.10 0.09 0.10 + 0.01 0.18 0.05 0.60 0.00 0.53 - 0.07 0.72 0.12 0.59 0.55 0.57 - 0.03 0.96 0.17 0.04 0.03 0.03 - 0.01 0.06 0.02 3.61 3.33 3.48 + 0.16 5.07 1.27 2.70 2.49 2.59 + 0.06 3.91 0.91 33.83 31.52 33.58 + 1.66 46.07 16.05 0.30 0.28 0.28 - 0.02 0.38 0.19 0.04 0.01 0.04 + 0.01 0.06 0.00 0.11 0.10 0.10 - 0.01 0.19 0.02 2.06 1.76 2.03 + 0.27 2.86 0.56 1.54 1.31 1.51 + 0.21 2.25 0.41 0.29 0.23 0.28 + 0.05 0.42 0.09 0.20 0.17 0.19 + 0.02 0.29 0.07 0.06 0.05 0.06 + 0.00 0.08 0.05 0.08 0.07 0.07 - 0.01 0.12 0.04 1.25 1.19 1.21 - 0.04 1.50 0.54 0.10 0.07 0.08 - 0.01 0.18 0.07 0.12 0.11 0.12 + 0.01 0.39 0.03 0.46 0.43 0.45 + 0.02 0.61 0.04 0.89 0.60 0.61 - 0.28 1.25 0.05 0.09 0.05 0.05 - 0.04 0.18 0.05 0.84 0.75 0.75 - 0.06 1.14 0.51 0.63 0.56 0.57 - 0.04 0.87 0.37 0.06 0.06 0.06 - 0.01 0.13 0.05 0.06 0.00 0.05 - 0.01 0.21 0.04 0.21 0.17 0.17 + 0.01 0.40 0.10 0.05 0.05 0.05 - 0.00 0.06 0.05 0.05 0.03 0.03 - 0.00 0.62 0.01 0.25 0.24 0.24 - 0.02 0.51 0.24 0.35 0.27 0.34 - 0.01 0.35 0.22 0.07 0.06 0.07 + 0.00 0.11 0.05 0.10 0.10 0.10 - 0.01 0.15 0.07 6.31 4.95 5.95 + 0.72 6.49 3.91 4.76 3.70 4.41 + 0.71 5.06 2.71 0.22 0.19 0.22 + 0.03 0.32 0.12 0.17 0.16 0.17 + 0.00 0.24 0.11 0.10 0.09 0.09 + 0.01 0.15 0.08 0.10 0.08 0.09 + 0.01 0.14 0.02 0.13 0.12 0.12 - 0.01 0.27 0.07 0.15 0.14 0.15 + 0.01 0.30 0.08 0.25 0.22 0.23 - 0.03 0.38 0.13 0.58 0.50 0.53 + 0.01 0.86 0.15 0.76 0.65 0.70 + 0.05 1.08 0.20 4.78 4.33 4.55 + 0.21 7.29 3.50 6.35 5.82 6.05 + 0.23 9.56 5.09 1.00 0.84 0.92 - 0.08 1.95 0.48 0.75 0.64 0.70 - 0.04 1.41 0.35 0.22 0.18 0.22 + 0.04 0.29 0.04 0.14 0.13 0.13 + 0.00 0.23 0.02 0.22 0.18 0.21 + 0.01 0.63 0.16 0.16 0.14 0.15 + 0.00 0.47 0.12 0.09 0.07 0.08 + 0.01 0.11 0.01 0.29 0.00 0.29 + 0.14 0.32 0.07 0.18 0.13 0.16 + 0.01 0.30 0.01 0.05 0.04 0.04 + 0.01 0.06 0.01 0.40 0.37 0.40 + 0.04 0.52 0.13 0.10 0.06 0.10 + 0.04 0.12 0.04 1.98 1.54 1.90 + 0.21 2.08 0.28 1.50 1.14 1.45 + 0.19 1.55 0.20 0.29 0.00 0.29 + 0.09 0.63 0.15 0.31 0.26 0.31 + 0.05 0.54 0.08 0.23 0.19 0.23 + 0.03 0.41 0.06 0.11 0.00 0.08 - 0.04 0.27 0.03 0.27 0.21 0.23 + 0.02 0.48 0.03 0.04 0.03 0.03 - 0.01 0.09 0.02 3.94 3.59 3.92 + 0.19 5.56 2.35 2.97 2.60 2.85 + 0.08 4.26 1.70 0.24 0.22 0.22 - 0.03 0.34 0.08 0.18 0.14 0.16 - 0.02 0.35 0.14 0.15 0.11 0.12 - 0.01 0.26 0.11 0.55 0.50 0.53 - 0.02 0.84 0.24 0.14 0.12 0.12 - 0.01 0.30 0.06 0.20 0.15 0.20 + 0.04 0.42 0.08 0.22 0.20 0.21 + 0.00 0.37 0.15 0.37 0.31 0.34 - 0.01 0.55 0.12 0.27 0.20 0.25 - 0.02 0.44 0.08 0.06 0.05 0.06 + 0.01 0.12 0.01 0.48 0.41 0.44 - 0.06 1.38 0.11 0.35 0.31 0.33 - 0.01 1.02 0.05 0.65 0.57 0.59 - 0.08 1.28 0.22 0.47 0.42 0.44 + 0.02 0.99 0.16 1.40 0.00 1.37 + 0.02 1.75 0.10 0.01 0.01 0.01 + 0.00 0.04 0.00 0.02 0.02 0.02 - 0.00 0.05 0.01 4.63 4.26 4.39 - 0.03 4.92 1.33 0.08 0.08 0.08 - 0.03 0.25 0.06 0.40 0.37 0.40 + 0.01 0.43 0.04 0.29 0.26 0.27 + 0.00 2.04 0.16 0.24 0.23 0.24 - 0.01 0.38 0.10 0.24 0.20 0.24 + 0.02 0.39 0.11 0.18 0.16 0.18 + 0.02 0.29 0.07 10.13 9.58 10.00 + 0.40 14.74 8.88 13.47 12.84 13.30 + 0.40 18.64 12.34 2.37 2.20 2.25 - 0.06 3.42 0.96 0.18 0.16 0.17 - 0.01 0.32 0.05 0.25 0.21 0.23 - 0.02 0.42 0.07 6.17 6.01 6.17 + 0.16 6.17 2.29

Pac Bay Mnrls V 129 18 Pac Booker Min* O 7 Pac Booker Min V Pac Gold* O 5052 Pac Imperial V 356 156 Pac North West* O Pac Ridge Expl* O 112 Pac Topaz V 131 Paget Mrnls V 35 Paladin Energy T 7126 O 9 Palamina Corp* Pan Am Silver* D 10612 Pan Am Silver T 2095 Pancontinental V 233 Panex Res* O 110 Pangolin Dia V 175 Pantheon Vent V 1913 Para Resources V 599 X 292 Paramount Gold* Pasinex Res 358 Patriot Gold* O 201 Peabody Enrgy* O 1515 Peat Res V 846 Pedro Res V 277 Pelangio Expl* O 230 Pele Mtn Res V 86 94 Pele Mtn Res* O Peloton Mnrls 17 Peregrine Diam T 586 Perseus Mng T 1323 Pershimco Res V 4806 Pershing Gold* D 949 Pershing Gold T 7 Pershing Res* O 50 O 7 Petra Diamonds* Philex Mng* O 44 Philippine Mtl V 63 Pilot Gold T 1604 Pilot Gold* O 293 Pine Cliff En* O 346 Pine Cliff En T 7801 Pinecrest Res V 6 77 Pistol Bay Mng V Pitchblack Res V 113 PJSC Polyus Gd* O 1 PJX Res V 153 Plata Latina V 640 Plate Res V 2715 Plateau Uran V 213 Plateau Uran* O 9 Platinex V 2264 Platinum Gp Mt T 574 Platinum Gp Mt* X 4908 Playfair Mng V 1251 Playfair Mng* O 89 PNG Gold V 1291 Polaris Mater T 200 PolyMet Mng* X 542 PolyMet Mng T 18 Portage Res* O 2864 Portofino Res V 425 Potash Corp SK* N 34846 Potash Corp SK T 10611 Potash Ridge T 1682 Potash Ridge* O 64 Premier Gold M T 3447 Premium Expl* O 58 Pretium Res* N 8416 Pretium Res T 1814 Primero Mng T 2482 Primero Mng* N 9757 Prize Mng V 2 ProAm Expl V 280 Probe Metals V 703 Probe Metals* O 428 Prophecy Coal T 18 Prospect Glob* O 11 Prospector Res V 121 Prosper Gold V 250 Prospero Silvr V 107 PUF Vent Inc * O 23 PUF Vent Inc 770 Pure Energy* O 3398 Pure Energy V 5175 Pure Gold Mg* O 284 Pure Gold Mg V 1516 Pure Nickel* O 44 QMC Quantum Ml V 173 QMX Gold* O 293 QMX Gold V 1794 Quartz Mtn Res V 125 Quaterra Res V 627 Quaterra Res* O 284

0.04 0.03 0.03 - 0.01 0.09 0.03 0.93 0.90 0.90 + 0.00 1.75 0.45 1.34 1.21 1.21 - 0.05 2.38 0.63 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.05 0.01 0.02 0.01 0.02 - 0.00 0.06 0.00 0.05 0.00 0.05 - 0.00 0.08 0.01 0.21 0.18 0.21 + 0.02 0.29 0.08 0.04 0.00 0.04 - 0.01 0.09 0.01 0.11 0.07 0.07 - 0.04 0.27 0.07 0.11 0.00 0.11 + 0.00 0.19 0.08 17.98 16.05 17.91 + 1.48 21.59 5.38 23.89 21.46 23.80 + 1.69 27.56 7.85 0.10 0.05 0.08 + 0.01 0.16 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.05 0.06 - 0.01 0.22 0.03 0.25 0.18 0.19 - 0.06 0.38 0.10 0.21 0.19 0.20 - 0.01 0.36 0.08 1.73 1.53 1.72 + 0.15 2.93 0.93 0.14 0.12 0.13 + 0.02 0.17 0.04 0.09 0.08 0.09 + 0.00 0.23 0.05 11.25 6.16 8.60 - 2.40 18.75 0.55 0.03 0.02 0.02 - 0.02 0.07 0.01 0.15 0.10 0.10 - 0.04 0.27 0.01 0.04 0.03 0.03 - 0.00 0.06 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 - 0.00 0.04 0.02 0.10 0.09 0.10 + 0.01 0.15 0.08 0.20 0.19 0.19 + 0.01 0.32 0.09 0.60 0.53 0.58 + 0.02 0.67 0.27 0.26 0.24 0.24 - 0.01 0.36 0.09 3.79 3.48 3.51 - 0.24 5.02 3.04 5.05 0.00 4.63 - 0.47 5.52 4.98 0.04 0.02 0.04 + 0.01 0.06 0.02 2.08 1.84 2.08 + 0.24 2.01 0.95 0.16 0.14 0.15 - 0.01 0.21 0.05 0.04 0.00 0.03 - 0.01 0.18 0.01 0.56 0.47 0.51 - 0.04 0.95 0.22 0.42 0.35 0.39 - 0.03 0.72 0.06 0.84 0.76 0.82 + 0.05 0.85 0.51 1.15 1.00 1.09 + 0.05 1.15 0.61 0.17 0.16 0.16 - 0.01 0.30 0.03 0.08 0.00 0.08 + 0.01 0.14 0.01 0.13 0.09 0.09 - 0.02 0.16 0.05 34.75 32.95 34.75 + 0.74 37.59 18.35 0.20 0.20 0.20 + 0.01 0.25 0.13 0.04 0.03 0.04 - 0.01 0.12 0.02 0.03 0.02 0.02 - 0.01 0.07 0.02 0.23 0.17 0.22 + 0.03 0.45 0.17 0.16 0.12 0.16 + 0.01 0.35 0.12 0.16 0.13 0.16 + 0.02 0.16 0.01 2.61 2.00 2.44 + 0.33 5.25 1.35 1.98 1.50 1.83 + 0.23 4.04 0.96 0.13 0.10 0.10 - 0.02 0.18 0.02 0.09 0.08 0.08 + 0.01 0.12 0.01 0.12 0.10 0.11 - 0.01 0.31 0.03 1.40 1.22 1.25 - 0.05 1.75 1.00 0.89 0.83 0.86 - 0.02 1.28 0.68 1.19 1.12 1.13 - 0.04 1.71 0.93 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.07 0.07 - 0.01 0.12 0.06 18.61 17.47 18.07 + 0.40 19.60 14.64 24.89 23.51 24.00 + 0.19 26.17 19.93 0.33 0.30 0.31 - 0.01 0.50 0.04 0.24 0.22 0.23 + 0.03 0.38 0.03 2.37 2.21 2.26 + 0.05 5.05 2.14 0.00 0.00 0.00 - 0.01 0.04 0.00 9.40 8.24 9.25 + 1.03 12.41 4.00 12.48 11.07 12.27 + 1.09 16.17 5.74 1.30 1.15 1.23 - 0.02 3.78 1.01 0.97 0.85 0.93 + 0.03 2.73 0.75 0.35 0.00 0.35 - 0.05 0.42 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 1.15 0.99 1.15 + 0.10 2.18 0.34 0.85 0.75 0.85 + 0.10 1.66 0.24 3.99 3.35 3.80 + 0.40 5.48 1.00 0.07 0.04 0.04 + 0.00 0.20 0.02 0.57 0.00 0.55 + 0.50 0.57 0.01 0.22 0.18 0.21 + 0.01 0.44 0.08 0.35 0.34 0.34 - 0.01 0.38 0.05 0.21 0.19 0.20 - 0.01 0.24 0.03 0.28 0.26 0.28 + 0.01 0.39 0.04 0.57 0.40 0.53 + 0.12 0.91 0.29 0.75 0.53 0.71 + 0.16 1.15 0.41 0.36 0.32 0.35 + 0.02 0.60 0.07 0.48 0.43 0.46 + 0.01 0.77 0.08 0.01 0.01 0.01 - 0.00 0.03 0.00 0.05 0.04 0.04 - 0.01 0.09 0.01 0.09 0.05 0.09 + 0.03 0.08 0.01 0.13 0.08 0.13 + 0.05 0.11 0.01 0.05 0.05 0.05 - 0.01 0.07 0.01 0.07 0.06 0.06 - 0.01 0.10 0.05 0.05 0.04 0.05 + 0.00 0.07 0.03

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.20 0.03 0.25 0.06 0.20 0.03

Sutter Gold* O 325 Syrah Res* O 1

0.04 0.03 0.03 + 0.00 0.13 0.02 2.15 0.00 2.15 - 0.09 4.90 2.15

Rackla Mtls* O 1 Rackla Mtls V 23 Radius Gold V 37 Rainforest Res* O 92 Rainmaker Res V 300 Rambler Ml &Mg V 113 Randgold Res* O 0 Randgold Res* D 5249 Rapier Gold V 335 Raptor Res* O 3 Rare Earth Mnl* O 1 Rare Element* O 481 RB Energy* O 27 Red Eagle Mng T 1379 Red Eagle Mng* O 86 V 45 Red Hut Red Oak Mg V 491 Red Pine Expl V 858 Redhawk Res T 132 Redstar Gold V 2931 Redstar Gold* O 550 Regency Gold V 38 Regulus Res V 294 Reliant Gold V 638 Renaissance Gd V 125 Renaissance Gd* O 65 Resource Cap V 184 Resource Cap* O 33 Revolver Res V 892 Rheingold Expl 161 Richmont Mines T 1331 Richmont Mines* X 2006 145 Rio Novo Gold T Rio Tinto* N 18418 Rio Tinto* O 92 O 3 Rio Tinto* Rise Res Inc 85 34 Rise Res Inc* O Riverside Res* O 144 Riverside Res V 208 RJK Explor V 174 Robex Res V 380 Rochester Res V 30 Rock Tech Lith V 89 Rockcliff Cop V 467 Rockhaven Res V 117 Rockland Mnls V 46 Rockridge Cap V 181 Rockwell Diam* O 42 Rockwell Diam T 1171 Rogue Res V 44 Rokmaster Res V 191 Romios Gold Rs V 758 Romios Gold Rs* O 80 Rosita Mg Corp V 931 Roughrider Exp V 369 Roxgold* O 215 V 2740 Roxgold Royal Gold* D 3293 Royal Nickel T 6159 Royal Nickel* O 7 Royal Rd Mnrls V 441 399 Royal Std Mnrl* O RT Minerals V 677 RT Minerals* O 42 RTG Mining T 124 Rugby Mng V 234 Running Fox Rs V 65 Rupert Res V 142 Rusoro Mng V 1091 Rusoro Mng* O 965 Rye Patch Gold* O 349 Rye Patch Gold V 1089

0.10 0.00 0.10 - 0.00 0.17 0.03 0.15 0.00 0.15 + 0.01 0.22 0.05 0.12 0.10 0.11 - 0.01 0.17 0.05 6.50 0.00 5.28 - 1.41 8.25 0.30 0.09 0.07 0.07 - 0.02 0.25 0.07 0.15 0.14 0.14 - 0.01 0.16 0.05 72.60 0.00 72.60 + 1.05 120.75 59.80 74.54 70.44 73.76 + 2.67 126.55 59.08 0.14 0.10 0.13 + 0.01 0.17 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 3.16 0.00 3.16 - 1.44 15.28 2.75 0.05 0.00 0.04 - 0.01 0.28 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.82 0.73 0.80 + 0.02 1.05 0.69 0.61 0.56 0.61 + 0.05 0.91 0.18 0.10 0.08 0.09 - 0.01 0.29 0.02 0.02 0.01 0.02 + 0.01 0.02 0.01 0.10 0.09 0.09 - 0.01 0.24 0.03 0.05 0.05 0.05 - 0.01 0.09 0.04 0.15 0.13 0.14 + 0.01 0.17 0.03 0.12 0.09 0.11 + 0.01 0.15 0.01 0.26 0.00 0.22 - 0.04 0.60 0.05 1.38 1.16 1.35 + 0.08 1.87 0.19 0.03 0.02 0.03 - 0.01 0.04 0.01 0.48 0.40 0.42 - 0.07 0.66 0.11 0.35 0.30 0.32 - 0.04 0.52 0.08 0.25 0.21 0.23 + 0.03 0.35 0.02 0.17 0.16 0.17 + 0.01 0.26 0.02 0.11 0.08 0.10 + 0.01 0.39 0.07 0.30 0.24 0.30 + 0.05 0.30 0.01 9.25 8.43 8.79 + 0.05 15.01 3.88 6.90 6.25 6.65 + 0.25 11.66 2.79 0.13 0.11 0.11 - 0.02 0.30 0.07 39.65 37.66 39.02 - 0.33 40.19 21.89 38.51 0.00 37.25 - 1.29 39.35 21.90 45.76 0.00 45.76 + 0.42 45.76 25.47 0.20 0.17 0.17 - 0.03 0.35 0.11 0.19 0.13 0.14 - 0.04 0.40 0.08 0.36 0.32 0.35 + 0.01 0.39 0.08 0.48 0.44 0.47 + 0.02 0.52 0.12 0.15 0.12 0.15 + 0.01 0.25 0.05 0.10 0.09 0.09 - 0.01 0.17 0.05 0.06 0.00 0.06 - 0.01 0.11 0.03 1.10 0.00 0.92 - 0.07 1.45 0.03 0.13 0.11 0.12 + 0.02 0.16 0.02 0.20 0.15 0.16 - 0.02 0.29 0.11 0.06 0.05 0.06 + 0.01 0.11 0.01 0.42 0.35 0.37 - 0.03 0.57 0.05 0.06 0.04 0.04 - 0.01 0.09 0.04 0.08 0.05 0.06 - 0.01 0.14 0.05 0.44 0.00 0.44 - 0.01 1.50 0.32 0.05 0.04 0.05 + 0.01 0.05 0.01 0.08 0.07 0.08 + 0.01 0.10 0.03 0.07 0.05 0.07 + 0.02 0.08 0.01 0.05 0.05 0.05 - 0.01 0.14 0.01 0.06 0.05 0.06 - 0.01 0.15 0.05 1.04 0.85 1.03 + 0.18 1.35 0.47 1.39 1.17 1.37 + 0.19 1.76 0.64 72.30 67.55 70.72 + 2.78 87.74 24.68 0.30 0.27 0.29 - 0.01 0.63 0.12 0.23 0.21 0.21 - 0.02 0.50 0.10 0.10 0.09 0.09 - 0.01 0.18 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.09 0.09 - 0.01 0.30 0.05 0.08 0.06 0.06 - 0.01 0.14 0.05 0.40 0.25 0.25 - 0.05 0.70 0.30 0.37 0.30 0.37 + 0.07 0.58 0.03 0.03 0.02 0.02 - 0.01 0.04 0.01 0.72 0.00 0.71 + 0.02 0.99 0.02 0.26 0.20 0.24 + 0.04 0.41 0.03 0.17 0.15 0.17 + 0.02 0.31 0.02 0.21 0.18 0.20 + 0.01 0.37 0.08 0.27 0.24 0.25 + 0.01 0.47 0.12

Tahoe Res* N 9889 Tahoe Res T 8270 Tajiri Res V 209 Takara Res V 56 Taku Gold* O 5 Taku Gold 40 Talon Metals T 423 V 711 Tanager Energy Tanzania Rlty T 147 Tanzania Rlty* X 1206 Taranis Res V 79 Tartisan Res 555 Taseko Mines* X 6409 Taseko Mines T 3153 Teck Res T 16775 Teck Res* N 31521 T 82 Teck Res Telferscot Res 408 O 24 Telson Res * Tembo Gold V 155 Teranga Gold T 5896 Teras Res* O 23 Terraco Gold V 287 Terrax Mnrls* O 56 Terrax Mnrls V 1176 Terreno Res V 229 604 Teslin Rvr Res V Tesoro Mnrls V 6 Teuton Res* O 99 Themac Res V 101 Thor Expl V 62 31 Thunder Mtn Gd* O Thunderstruck V 170 Till Capital V 0 Till Capital* D 8 V 21 Timberline Res Timberline Res* O 201 Timmins Gold* X 4688 Timmins Gold T 3885 Tinka Res* O 174 Tinka Res V 1248 Tintina Res* O 25 Tirex Res* O 362 Tirex Res V 444 Titanium Corp V 370 TMAC Resource* O 10 T 678 TMAC Resources TNR Gold V 310 Tombstone Expl* O 781 Torex Gold T 3175 Torex Gold* O 88 Tower Res V 714 Transatlan Mng V 281 Transition Mtl V 201 Treasury Metal T 526 Trecora Res* N 295 Tres-Or Res V 692 Trevali Mng* O 747 Trevali Mng T 16967 O 65 TriMetals Mng* TriMetals Mng* O 106 TriMetals Mng T 133 Trinity Res* O 1 O 430 Trio Resources* TriStar Gold* O 78 TriStar Gold V 138 Trueclaim Expl V 277 Tudor Gold V 118 O 9 Tudor Gold * O 4454 Tungsten Corp* Turquoise HIl* N 25574 Turquoise HIl T 8433 TVI Pacific* O 43 Tyhee Gold* O 1740 Typhoon Expl V 41

10.13 9.21 9.97 + 0.70 17.01 6.48 13.46 12.45 13.26 + 0.73 22.13 9.45 0.19 0.15 0.19 + 0.07 0.19 0.01 0.06 0.05 0.06 + 0.02 0.10 0.02 0.05 0.04 0.04 - 0.00 0.14 0.01 0.15 0.00 0.10 - 0.05 0.22 0.02 0.08 0.07 0.08 + 0.01 0.15 0.06 0.11 0.08 0.10 + 0.03 0.12 0.03 0.70 0.61 0.62 - 0.09 1.95 0.24 0.52 0.45 0.47 - 0.05 1.49 0.17 0.11 0.00 0.11 - 0.01 0.15 0.04 0.06 0.04 0.06 - 0.02 0.10 0.01 0.69 0.61 0.66 - 0.00 0.70 0.23 0.93 0.82 0.87 - 0.02 0.93 0.35 35.67 31.79 33.66 - 1.18 35.67 3.65 26.60 23.95 25.36 - 0.33 26.60 2.56 36.49 31.59 34.24 - 0.74 36.49 5.69 0.01 0.01 0.01 - 0.01 0.05 0.01 0.19 0.18 0.19 + 0.00 0.43 0.07 0.04 0.00 0.04 - 0.01 0.07 0.01 0.91 0.81 0.84 - 0.02 1.40 0.38 0.12 0.11 0.12 + 0.02 0.14 0.02 0.15 0.13 0.14 - 0.01 0.19 0.09 0.45 0.41 0.44 + 0.03 0.80 0.17 0.64 0.53 0.62 + 0.08 1.05 0.24 0.05 0.03 0.04 + 0.01 0.08 0.02 0.30 0.25 0.30 + 0.04 0.43 0.21 0.07 0.00 0.07 + 0.02 0.08 0.01 0.14 0.13 0.13 + 0.00 0.34 0.03 0.04 0.03 0.03 + 0.01 0.10 0.01 0.09 0.08 0.08 - 0.03 0.16 0.02 0.10 0.09 0.10 + 0.01 0.16 0.02 0.08 0.06 0.08 + 0.01 0.20 0.01 4.15 0.00 4.15 - 0.85 6.00 3.28 4.10 0.00 4.01 + 0.00 5.00 2.76 0.43 0.40 0.43 + 0.05 0.73 0.16 0.34 0.20 0.32 + 0.03 0.53 0.08 0.36 0.32 0.33 - 0.00 0.63 0.07 0.48 0.42 0.45 + 0.01 0.80 0.11 0.18 0.16 0.18 + 0.02 0.22 0.07 0.24 0.21 0.24 + 0.03 0.27 0.09 0.06 0.05 0.05 - 0.00 0.12 0.04 0.07 0.05 0.06 - 0.00 0.16 0.05 0.09 0.07 0.08 - 0.01 0.22 0.05 0.64 0.49 0.55 + 0.04 0.90 0.31 12.26 10.90 10.91 - 1.12 15.16 9.26 16.70 14.41 14.46 - 1.88 20.18 5.95 0.04 0.04 0.04 - 0.01 0.09 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 21.03 18.91 20.90 + 1.83 35.17 10.90 15.79 14.24 15.72 + 1.48 27.34 7.97 0.18 0.12 0.17 + 0.05 0.21 0.01 0.06 0.00 0.05 - 0.01 0.15 0.03 0.17 0.13 0.15 - 0.02 0.25 0.09 0.64 0.58 0.64 + 0.05 0.85 0.32 13.85 11.90 13.55 + 1.30 14.25 8.17 0.03 0.03 0.03 - 0.01 0.06 0.02 1.05 0.94 1.01 - 0.01 1.05 0.24 1.40 1.23 1.35 - 0.01 1.41 0.33 0.18 0.16 0.18 - 0.01 0.32 0.06 0.19 0.16 0.19 + 0.01 0.28 0.04 0.25 0.22 0.25 + 0.03 0.36 0.06 0.05 0.00 0.03 - 0.14 0.33 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.24 0.20 0.24 + 0.01 0.41 0.10 0.32 0.00 0.31 + 0.01 0.53 0.14 0.03 0.02 0.02 - 0.01 0.05 0.01 0.60 0.00 0.55 - 0.04 2.50 0.05 0.45 0.44 0.44 - 0.02 1.26 0.44 0.00 0.00 0.00 + 0.00 0.00 0.00 3.65 3.21 3.34 - 0.27 3.67 1.55 4.88 4.28 4.42 - 0.39 5.03 2.30 0.01 0.01 0.01 + 0.00 0.03 0.00 0.00 0.00 0.00 - 0.01 0.02 0.00 0.08 0.07 0.07 - 0.01 0.15 0.03

Sabina Gd&Slvr T 1347 Sabina Gd&Slvr* O 596 Sable Res* O 10 Saint Jean* O 108 Saint Jean V 5764 Salazar Res* O 38 Salazar Res V 58 Samco Gold V 197 Samex Mng* O 3 San Marco Res* O 16 San Marco Res V 69 Sanatana Diam V 499 Sandspring Res V 700 Sandspring Res* O 201 Sandstorm Gold* X 6688 Sandstorm Gold T 1603 Santa Fe Gold* O 120 Sarama Res V 595 Satori Res V 93 Saturn Mnrls V 3659 Savannah Gold V 40 Savary Gold* O 74 Savary Gold V 1165 Scandium Int M* O 210 Scientific Mts V 948 ScoZinc Mg V 1 Seabridge Gld* N 2791 Seabridge Gld T 451 Search Mnls V 509 Searchlight* O 1745 Select Sands V 1507 Semafo T 10398 Senator Mnrls V 9 Serabi Gold T 364 Serengeti Res V 420 SG Spirit Gold V 89 Sherritt Intl T 9335 Shoshoni Gold V 45 Sibanye Gold* N 10820 Sidney Resrces* O 320 Sienna Res* O 95 Sienna Res V 630 Sierra Metals* O 3 Sierra Metals T 67 Signature Res V 964 Silver Bear Rs T 568 Silver Bull Re* O 941 Silver Bull Re T 545 Silver Dragon* O 2276 Silver Falcon* O 5541 Silver Grail V 88 Silver Predatr V 71 Silver Predatr* O 108 Silver Range V 357 Silver Spruce V 271 Silver Spruce* O 24 Silver Std Res T 2745 Silver Std Res* D 8531 Silver Wheaton T 10121 Silver Wheaton* N 24307 Silvercorp Met T 6075 Silvercorp Met* O 973 Silvermet V 108 SinoCoking Cl* D 96 Sirios Res V 2245 Sirios Res* O 128 Skeena Res* O 25 Skeena Res V 2178 Skyharbour Res* O 111 Slam Explor V 207 Sokoman Iron V 1058 Sokoman Iron* O 28 Solitario Ex&R T 23 Solitario Ex&R* X 278 Sonora Res * O 207 Sonoro Mtls V 38 Source Expl V 68 Southern Arc V 33 Southern Arc* O 33 Southern Copp* N 4950 Southern Lith V 2377 Southern Silvr* O 167 Southern Silvr V 456 Spanish Mtn Gd* O 163 Spanish Mtn Gd V 548 Sparton Res V 447 Spearmint Res V 3803 Spruce Ridge R V 262 Stakeholdr Gld V 57 Stakeholdr Gld* O 13 Standard Graph V 775 Standard Graph* O 4 Standard Metal* O 88 Stans Energy* O 67 Star Gold* O 2 Starcore Intl T 205 Stellar Africa V 121 Stelmine Can V 1 Sterling Grp* O 1681 Stillwater Mg* N 7525 Stina Res* O 60 Stockport Expl* O 107 Stockport Expl V 164 Stonegate Agri* O 8 T 4426 Stornoway Diam Strategic Metl V 368 Strategic Res V 11 Stratton Res V 101 Stria Lithium V 782 Strikepoint Gd V 298 Strikepoint Gd* O 25 Sulliden Mng T 47 Sultan Mnrls V 105 Suncor Energy T 19882 Suncor Energy* N 19075 Sunridge Gold* O 9494 Sunset Cove Mg V 1563 Sunvest Mnrls* O 6 Sunvest Mnrls V 295 Superior Mng V 437 Sutter Gold V 169

1.05 0.93 0.97 - 0.02 1.87 0.54 0.80 0.70 0.74 + 0.00 1.55 0.38 0.11 0.11 0.11 + 0.03 0.11 0.08 0.06 0.04 0.05 - 0.01 0.06 0.02 0.08 0.06 0.06 - 0.01 0.09 0.03 0.11 0.09 0.09 - 0.02 0.12 0.03 0.14 0.12 0.14 + 0.01 0.16 0.05 0.03 0.03 0.03 - 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.13 0.11 0.11 - 0.01 0.22 0.01 0.19 0.16 0.16 - 0.04 0.30 0.02 0.02 0.02 0.02 - 0.01 0.04 0.01 0.45 0.39 0.41 + 0.01 0.94 0.11 0.32 0.29 0.31 + 0.01 0.72 0.08 4.02 3.61 3.92 + 0.26 6.75 1.94 5.34 4.83 5.20 + 0.29 8.73 2.82 0.06 0.05 0.05 - 0.00 0.07 0.00 0.20 0.16 0.17 - 0.01 0.55 0.06 0.12 0.10 0.10 - 0.02 0.18 0.03 0.10 0.07 0.08 - 0.02 0.22 0.08 0.07 0.05 0.05 - 0.02 0.15 0.01 0.07 0.06 0.07 - 0.00 0.12 0.05 0.10 0.08 0.10 + 0.02 0.15 0.02 0.19 0.17 0.19 + 0.01 0.22 0.08 0.05 0.04 0.04 - 0.02 0.10 0.05 0.81 0.00 0.81 + 0.01 1.15 0.40 10.28 9.15 10.10 + 0.90 15.88 5.46 13.65 12.33 13.43 + 0.95 20.71 7.99 0.07 0.06 0.07 + 0.01 0.10 0.05 0.05 0.03 0.04 - 0.02 0.19 0.01 1.08 0.84 0.98 + 0.09 1.21 0.20 4.26 3.95 4.16 + 0.24 7.46 3.17 0.61 0.54 0.61 + 0.07 0.80 0.05 0.09 0.08 0.09 + 0.02 0.12 0.04 0.15 0.13 0.13 - 0.02 0.33 0.02 0.14 0.12 0.12 - 0.01 0.14 0.06 1.38 1.13 1.35 - 0.03 1.49 0.53 0.05 0.00 0.04 - 0.01 0.25 0.04 9.04 7.95 8.47 - 0.20 20.97 5.30 0.01 0.01 0.01 - 0.00 0.02 0.00 0.11 0.10 0.10 - 0.01 0.20 0.01 0.14 0.12 0.14 + 0.02 0.27 0.01 1.59 0.00 1.59 + 0.15 1.69 0.69 2.35 1.83 2.00 + 0.07 2.35 0.95 0.14 0.08 0.14 + 0.01 0.13 0.02 0.30 0.27 0.28 + 0.01 0.53 0.02 0.11 0.09 0.10 + 0.00 0.21 0.02 0.14 0.12 0.14 + 0.01 0.28 0.04 0.01 0.01 0.01 + 0.00 0.04 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.05 0.07 + 0.01 0.16 0.02 0.05 0.05 0.05 - 0.01 0.12 0.01 0.05 0.03 0.03 - 0.02 0.08 0.00 0.14 0.10 0.12 + 0.02 0.24 0.03 0.10 0.08 0.10 + 0.02 0.14 0.05 0.08 0.06 0.08 + 0.00 0.10 0.03 13.52 12.66 13.35 + 0.33 20.48 5.28 10.09 9.50 10.07 + 0.48 15.84 3.66 25.32 23.52 24.83 + 0.47 40.80 14.51 19.00 17.61 18.69 + 0.62 31.35 10.04 3.60 3.08 3.57 + 0.46 4.73 0.60 2.70 2.29 2.68 + 0.40 3.67 0.41 0.06 0.00 0.06 + 0.01 0.06 0.03 4.10 3.31 3.50 - 0.57 7.69 1.66 0.51 0.36 0.38 - 0.13 1.42 0.08 0.36 0.29 0.29 - 0.05 1.13 0.07 0.06 0.05 0.06 - 0.00 0.15 0.04 0.08 0.06 0.07 - 0.01 0.20 0.06 0.25 0.20 0.21 + 0.01 0.32 0.18 0.05 0.00 0.04 - 0.01 0.15 0.02 0.07 0.05 0.06 + 0.01 0.13 0.01 0.03 0.03 0.03 - 0.01 0.08 0.03 0.98 0.84 0.95 + 0.19 1.29 0.58 0.77 0.58 0.74 + 0.12 0.95 0.41 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.00 0.10 + 0.01 0.15 0.04 0.19 0.00 0.19 + 0.01 0.50 0.10 0.58 0.00 0.55 + 0.06 1.09 0.24 0.42 0.35 0.38 + 0.02 0.75 0.17 33.50 31.71 33.11 - 0.49 34.79 21.55 0.35 0.25 0.29 - 0.01 0.49 0.01 0.26 0.22 0.26 + 0.02 0.52 0.02 0.34 0.29 0.34 + 0.03 0.66 0.03 0.08 0.06 0.08 + 0.00 0.17 0.01 0.10 0.09 0.09 - 0.01 0.22 0.02 0.07 0.06 0.06 + 0.01 0.09 0.02 0.03 0.02 0.03 + 0.01 0.06 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.38 0.33 0.38 - 0.02 0.89 0.04 0.26 0.25 0.25 - 0.03 0.67 0.05 0.08 0.00 0.06 - 0.02 0.13 0.01 0.06 0.05 0.06 + 0.00 0.09 0.00 0.10 0.07 0.10 + 0.03 0.21 0.01 0.05 0.03 0.03 - 0.01 0.06 0.01 0.07 0.06 0.07 + 0.01 0.20 0.05 0.51 0.45 0.48 + 0.02 0.91 0.25 0.04 0.00 0.04 + 0.01 0.08 0.01 0.33 0.00 0.33 - 0.01 0.38 0.05 0.18 0.10 0.12 + 0.02 0.17 0.01 15.49 13.87 15.17 + 0.57 15.91 4.99 0.06 0.06 0.06 - 0.00 0.14 0.05 0.02 0.02 0.02 + 0.00 0.04 0.01 0.03 0.03 0.03 + 0.01 0.06 0.02 0.01 0.01 0.01 + 0.00 0.03 0.00 1.07 0.97 1.00 - 0.04 1.33 0.66 0.46 0.41 0.45 + 0.02 0.86 0.25 0.15 0.00 0.15 + 0.02 0.34 0.08 0.60 0.58 0.60 + 0.02 0.85 0.07 0.06 0.05 0.05 - 0.01 0.18 0.03 0.40 0.32 0.38 - 0.01 0.42 0.05 0.30 0.25 0.27 - 0.01 0.30 0.08 0.36 0.00 0.32 - 0.02 0.47 0.19 0.08 0.07 0.08 + 0.01 0.20 0.05 44.29 39.81 42.82 + 0.86 44.29 27.32 33.24 29.58 32.23 + 1.05 33.24 18.71 0.03 0.01 0.02 - 0.01 0.29 0.01 0.19 0.13 0.18 + 0.03 0.18 0.07 0.15 0.13 0.13 - 0.02 0.18 0.02 0.17 0.13 0.13 - 0.02 0.28 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 0.06 0.05 0.05 - 0.01 0.16 0.04

U.S. Lithium* O 12775 U3O8 Corp* O 129 U3O8 Corp T 425 435 Ucore Rare Mtl V Ucore Rare Mtl* O 361 UEX Corp T 1804 Ultra Lithium* O 2 Ultra Lithium V 46 Umbral Enrgy 7760 V 206 Unigold United Res Hdg* O 211 United Silver* O 21 118 United States A* X United States S* N 90327 Unity Energy V 435 Ur-Energy T 175 Ur-Energy* X 1474 Uracan Res* O 3 Uragold Bay Rs V 4865 Uranium Energy* X 2697 O 2 Uranium Hunter* Uranium Res* D 5353 Uranium Valley V 2 US Energy* D 79 US Precious M* O 1664 US Rare Earths* O 44 Vale* N 250679 N 52114 Vale* ValGold Res V 123 Valley High Mg* O 56 Valterra Res V 29 Vanadiumcorp* O 170 Vanadiumcorp V 2939 Vangold Res V 37 Vanstar Mng Rs V 584 Vedanta* N 2293 Vendetta Mng* O 25 Vendetta Mng V 2048 Vendome Res V 436 Venerable Vent V 20 Verde Potash T 56 Victoria Gold V 2501 Victory Nickel* O 9 Victory Nickel 204 Victory Res V 380 Victory Vent V 2425 Virginia Enrgy* O 57 Virginia Enrgy V 9 Viscount Mng V 103 Vista Gold* X 2110 Vista Gold T 131 Voltaic Min V 1107 Vulcan Mnrls V 256

0.08 0.04 0.05 - 0.01 0.15 0.01 0.02 0.00 0.02 - 0.00 0.03 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.34 0.30 0.34 + 0.01 0.45 0.23 0.26 0.22 0.25 + 0.01 0.35 0.16 0.18 0.16 0.18 + 0.01 0.29 0.11 0.13 0.13 0.13 - 0.01 0.27 0.09 0.19 0.15 0.19 + 0.02 0.35 0.08 0.05 0.03 0.03 - 0.02 0.10 0.02 0.29 0.24 0.29 + 0.04 0.69 0.09 0.04 0.01 0.04 + 0.02 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.32 0.27 0.29 - 0.01 0.60 0.16 33.65 30.24 33.61 + 0.38 33.78 6.15 0.07 0.06 0.06 - 0.02 0.48 0.06 0.63 0.57 0.62 + 0.05 0.98 0.55 0.48 0.42 0.46 + 0.04 0.73 0.41 0.03 0.03 0.03 - 0.01 0.08 0.00 0.19 0.12 0.15 + 0.03 0.31 0.03 0.89 0.82 0.89 + 0.03 1.47 0.65 1.80 1.60 1.80 + 0.20 6.00 0.85 1.75 1.29 1.36 - 0.09 8.88 0.97 0.13 0.00 0.13 - 0.08 0.35 0.04 1.55 1.40 1.53 + 0.05 3.03 0.67 0.01 0.00 0.01 - 0.00 0.03 0.00 0.16 0.05 0.08 - 0.08 0.40 0.01 9.18 8.07 8.44 + 0.02 9.18 2.13 8.11 7.14 7.53 + 0.01 8.11 1.55 0.03 0.03 0.03 + 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.00 0.04 + 0.01 0.09 0.01 0.06 0.04 0.05 + 0.01 0.06 0.02 0.08 0.05 0.06 + 0.01 0.08 0.02 0.06 0.00 0.06 - 0.01 0.09 0.02 0.07 0.06 0.06 + 0.01 0.10 0.03 13.50 12.97 13.05 - 0.01 13.66 3.52 0.10 0.09 0.10 + 0.02 0.10 0.08 0.16 0.12 0.13 + 0.01 0.16 0.05 0.15 0.09 0.13 - 0.04 0.35 0.05 0.16 0.16 0.16 + 0.01 0.18 0.05 0.23 0.21 0.23 + 0.01 0.48 0.13 0.51 0.46 0.49 + 0.02 0.80 0.13 0.01 0.01 0.01 + 0.00 0.04 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.03 0.03 0.03 + 0.01 0.09 0.02 0.03 0.02 0.03 - 0.01 0.06 0.01 0.03 0.00 0.03 - 0.00 0.06 0.02 0.07 0.00 0.07 + 0.04 0.08 0.04 0.64 0.58 0.60 - 0.04 0.91 0.43 0.91 0.81 0.86 + 0.01 2.09 0.27 1.22 1.10 1.16 + 0.03 2.73 0.35 0.09 0.07 0.08 - 0.01 0.52 0.03 0.05 0.04 0.05 + 0.02 0.08 0.02

Walker River V 433 Walter Energy* O 2513 Waseco Res V 23 Wealth Mnrls* O 227 Wealth Mnrls V 1480 Wellgreen Plat* O 575 Wellgreen Plat T 1096 Wescan Gldflds V 16 Wesdome Gold T 807 West Af Res V 279 West High Yld V 129 West Kirkland V 309 West Red Lake* O 44 West Red Lake 198 Western Areas* O 3 Western Copper* X 133 T 300 Western Copper Western Pac Rs* O 11 Western Potash T 409 Western Troy C V 549 Western Uran 40 Western Uran* O 14 Westhaven Vent V 48 Westkam Gold* O 44 Westmoreland* D 2886 WestMountain* O 110 White Metal Rs V 59 White Mtn Engy* O 3688 Whitehaven Coa* O 16 Wildcat Expl* O 150 Wildcat Expl V 661 Wincash Apolo* O 1 Winston Gld Mg 271 Winston Gld Mg* O 304 Winston Res 151 Wolfeye Res V 109 Wolverine Mnls V 400 Worldwide Res V 72 WPC Res V 1259 X-Terra Res V 170 Xander Res V 93 Xiana Mng V 71 Ximen Mng V 704 XLI Tech Inc* O 1047 Xtra-Gold Res* O 137 Xtra-Gold Res T 220 Yamana Gold T 31033 Yamana Gold* N 59582 Yanzhou Coal* N 222 Yellowhead Mng T 379 You Han Data* O 1 Zadar Vent V 532 Zadar Vent * O 5 Zazu Metals* O 193 Zazu Metals T 366 Zenyatta Vent V 152 Zenyatta Vent* O 12 Zephyr Mnls V 9 Zimtu Capital V 84 Zincore Mtls V 7 Zonte Mtls V 124

0.12 0.10 0.10 - 0.01 0.18 0.03 0.26 0.19 0.24 + 0.05 0.28 0.01 0.07 0.07 0.07 - 0.01 0.11 0.02 0.97 0.76 0.95 + 0.19 1.16 0.10 1.29 1.02 1.23 + 0.23 1.50 0.14 0.34 0.29 0.34 + 0.02 0.46 0.12 0.46 0.39 0.45 + 0.01 0.62 0.17 0.09 0.00 0.09 + 0.01 0.11 0.02 2.56 2.32 2.49 - 0.01 3.08 0.98 0.26 0.22 0.23 - 0.03 0.40 0.05 0.14 0.11 0.13 - 0.02 0.30 0.09 0.11 0.09 0.11 + 0.02 0.17 0.04 0.15 0.12 0.13 - 0.04 0.31 0.02 0.20 0.17 0.19 - 0.01 0.40 0.01 2.33 2.29 2.32 + 0.03 2.34 1.28 0.93 0.88 0.90 + 0.02 1.04 0.20 1.24 1.18 1.19 + 0.01 1.35 0.29 0.02 0.01 0.01 - 0.01 0.04 0.00 0.14 0.13 0.13 + 0.01 0.22 0.12 0.03 0.02 0.03 - 0.01 0.05 0.01 1.57 1.22 1.27 - 0.08 3.49 1.20 1.05 0.96 0.97 - 0.03 2.67 0.96 0.13 0.12 0.13 + 0.01 0.16 0.04 0.03 0.02 0.03 - 0.00 0.07 0.01 19.56 15.07 19.42 + 4.14 18.05 3.44 0.04 0.04 0.04 - 0.01 0.20 0.04 0.06 0.05 0.05 - 0.01 0.13 0.02 0.04 0.01 0.03 + 0.01 0.22 0.01 2.11 2.05 2.05 - 0.05 2.50 0.25 0.09 0w.06 0.09 + 0.02 0.16 0.02 0.11 0.09 0.10 + 0.01 0.21 0.03 0.06 0.05 0.05 - 0.00 0.10 0.05 0.41 0.32 0.36 - 0.04 0.64 0.10 0.32 0.24 0.25 - 0.04 0.49 0.10 0.03 0.00 0.03 + 0.01 0.10 0.01 0.32 0.24 0.32 + 0.07 0.35 0.23 0.10 0.07 0.08 + 0.02 0.18 0.06 0.02 0.01 0.01 - 0.01 0.06 0.01 0.09 0.08 0.09 + 0.01 0.13 0.03 0.22 0.18 0.20 + 0.01 0.31 0.06 0.35 0.00 0.31 - 0.02 0.49 0.31 0.12 0.11 0.11 - 0.01 0.21 0.03 0.10 0.07 0.08 - 0.03 0.18 0.03 0.01 0.01 0.01 + 0.00 1.48 0.00 0.16 0.14 0.16 - 0.00 0.43 0.14 0.21 0.19 0.20 - 0.02 0.56 0.19 4.11 3.86 4.03 + 0.12 7.87 2.00 3.09 2.89 3.03 + 0.11 5.99 1.38 7.55 6.86 6.93 - 0.58 8.09 3.66 0.07 0.06 0.06 - 0.01 0.10 0.03 1.00 0.00 1.00 + 0.25 3.50 0.75 0.10 0.08 0.09 - 0.01 0.26 0.02 0.07 0.07 0.07 + 0.00 0.20 0.06 0.20 0.17 0.19 + 0.02 0.24 0.08 0.27 0.23 0.25 + 0.02 0.33 0.10 1.04 0.95 0.97 - 0.06 1.55 0.63 0.78 0.76 0.77 + 0.01 1.17 0.48 0.37 0.34 0.34 - 0.01 0.42 0.08 0.18 0.16 0.16 - 0.01 0.38 0.12 0.12 0.00 0.11 - 0.01 0.30 0.03 0.12 0.09 0.12 + 0.02 0.15 0.05

Quest Rare Mnl* O Quest Rare Mnl T Quinto Real V

103 2422 216

0.16 0.22 0.11

0.12 0.12 0.16 0.16 0.08 0.08

- - -

0.01 0.02 0.02

U-V

W-Z

2016-12-06 5:51 PM

WWW.NORTHERNMINER.COM

DECEMBER 12–18, 2016 / THE NORTHERN MINER

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 6, 2016 Precious Metals Price (US$/oz.) Change 1174.15 -16.15 Gold Silver $16.79 +0.25 Platinum $925.00 +9.00 Palladium $729.00 -22.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11690.00 +50.00 $5885.50 -63.00 $2359.00 +39.00 $2788.50 +24.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 5, 2016 (change from November 28, 2016 in brackets): Aluminium Alloy 13620 (0) 2129200 (-29075) Aluminium Copper 233025 (-1225) 187000 (-650) Lead Nickel 368724 (+1716) 3185 (+115) Tin 441375 (-1450) Zinc

TSX WARRANTS

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$45.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.00 Coal: CME Group Central Appalachian Futures, Dec. 2016: N.A. Cobalt: US$14.06/lb. Copper: US$2.65/lb. Copper: CME Group Futures Dec. 2016: US$2.67/lb.; Jan. 2017: US$2.67/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.65/kg FerroTungsten: US$24.38/kg Ferrovanadium: US$16.80/kg Iridium: NY Dealer Mid-mkt US$675.00/tr oz. Iron Ore 62% Fe CFR China-S: US$78.40/tonne Iron Ore Fines: US$53.07/tonne Iron Ore Pellets: US$75.93/tonne Lead: US$1.04/lb. Magnesium: US$2.09/kg Manganese: US$1.74/kg Molybdenum Oxide: US$6.92/lb. Phosphate Rock: US$111.00/tonne Potash: US$215.00/tonne Rhodium: Mid-mkt US$765.00/tr. oz. Ruthenium: Mid-mkt US$40.00/tr. oz. Silver: Handy & Harman Base: US$16.74 per oz.; Handy & Harman Fabricated: US$20.92 per oz. Tantalite Ore : US$125.84/kg Tin: US$9.75/lb. Uranium: U3O8, Trade Tech spot price: US$18.50; The UX Consulting Company spot price: US$18.25/lb. Zinc: US$1.23/lb. Prices current Dec. 6, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 16, 2016 (with changes from Nov 01, 2016) Largest short positions LUN 46058377 5103288 11/1/2016 Lundin Mng Kinross Gold K 32050412 -1027407 11/1/2016 New Gold NGD 23905883 543574 11/1/2016 B2Gold BTO 22428027 775759 11/1/2016 ELD 18217596 -2255745 11/1/2016 Eldorado Gold Teranga Gold TGZ 16968643 3778786 11/1/2016 Potash Corp SK POT 16006194 -9675878 11/1/2016 Sandstorm Gold SSL 12509346 42056 11/1/2016 SU 12341657 -1672118 11/1/2016 Suncor Energy Teck Res TCK.B 9988555 -224413 11/1/2016 KDX 9308876 -108676 11/1/2016 Klondex Mines Detour Gold DGC 8386862 195447 11/1/2016 Goldcorp G 8383720 -426433 11/1/2016 Argonaut Gold AR 8097129 -717156 11/1/2016 ABX 7571240 853430 11/1/2016 Barrick Gold Largest increase in short position Lundin Mng LUN 46058377 5103288 11/1/2016 Teranga Gold TGZ 16968643 3778786 11/1/2016 TMM 3971739 3606439 11/1/2016 Timmins Gold Nthn Dynasty NDM 6789102 2701644 11/1/2016 AKG 6095250 2203499 11/1/2016 Asanko Gold Largest decrease in short position Orbite Tech ORT 604900 -13189267 11/1/2016 Potash Corp SK POT 16006194 -9675878 11/1/2016 AGI 6113869 -2757618 11/1/2016 Alamos Gold Golden Queen GQM 336682 -2594418 11/1/2016 First Quantum FM 7461576 -2455096 11/1/2016

Short positions outstanding as of Nov 16, 2016 (with changes from Nov 01, 2016) Largest short positions PTU 5991000 5990600 11/1/2016 Purepoint Uran Spearmint Res SRJ 1950200 1950200 11/1/2016 Pure Energy PE 1377600 -248483 11/1/2016 Brazil Res BRI 1176100 334274 11/1/2016 GRG 1156497 68745 11/1/2016 Golden Arrow Falco Res FPC 526200 517400 11/1/2016 ML 497800 -504400 11/1/2016 Millennial Lit Integra Gold ICG 494575 492952 11/1/2016 Colorado Res CXO 457907 457907 11/1/2016 Probe Metals PRB 424200 -600 11/1/2016 GSV 336142 -58100 11/1/2016 Gold Std Vents Gold Bulln Dev GBB 320000 294000 11/1/2016 Bear Creek Mng BCM 308049 35700 11/1/2016 Atico Mng ATY 260000 244400 11/1/2016 Kootenay Silvr KTN 245500 201500 11/1/2016 Largest increase in short position Purepoint Uran PTU 5991000 5990600 11/1/2016 Spearmint Res SRJ 1950200 1950200 11/1/2016 Falco Res FPC 526200 517400 11/1/2016 Integra Gold ICG 494575 492952 11/1/2016 CXO 457907 457907 11/1/2016 Colorado Res Largest decrease in short position First Mg Fin FF 184805 -2057326 11/1/2016 Nexus Gold NXS 6300 -736400 11/1/2016 ML 497800 -504400 11/1/2016 Millennial Lit Monument Mng MMY 67000 -479000 11/1/2016 AMX 0 -327000 11/1/2016 Amex Expl

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 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 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 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 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 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) - Wt buys sh @ $3 to Sep 14/17 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 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 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 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Dec 02 Dec 01 Nov 30 Nov 29 Nov 28 High Low S&P/TSX Composite 15052.52 15027.53 15082.85 14999.81 15015.36 15527.30 12400.15 S&P/TSXV Composite 749.37 739.54 736.97 734.91 736.81 1050.26 883.52 S&P/TSX 60 885.84 884.28 888.30 885.59 886.55 896.74 709.99 S&P/TSX Global Gold 194.24 188.42 190.81 195.03 195.60 218.90 149.29 DJ Precious Metals 158.67 158.67 159.44 163.00 163.69 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS NOVEMBER 28–DECEMBER 2, 2016 78 New Highs Adriana Res Advantage Lith Advantage Lith* Agrium Agrium* Alphamin Res Altius Mnrls Anglo-Can Mng Arak Res Ardonblue Vent Arizona Mng* Astar Mnls AZ Mining Bearing Res BLOX Inc* Canadian Zeol Canadian Zeol*

Champion Iron Champion Iron* Chevron* Clear Mtn Res CONSOL Energy* Contact Mnrls* Contintl Prec Currie Rose Rs* Darnley Bay Darnley Bay* Edgewater Expl* Everest Vent Excelsior Mng* Foran Mng Gold Torrent* Gray Rock Res Green Valley M Hadley Mng Jet Gold

Kootenay Zinc Labrador Iron Lakeside Mnrls LeadFX Inc* Leo Res Luna Gold* Margaux Res MBAC Fertilizr MBAC Fertilizr* McLaren Res Mexus Gold* MGX Minerals MGX Minerals* Mitchell Res Morumbi Res Nrthn Lion OZ Minerals* Petra Diamonds* Pine Cliff En

Platinex Prospector Res QMX Gold QMX Gold* Rio Tinto* Sable Res* Sierra Metals Signature Res Spearmint Res* Sterling Grp* Suncor Energy Suncor Energy* Sunset Cove Mg Tajiri Res Taseko Mines Teck Res Teck Res* Trevali Mng* Vale*

Vanadiumcorp Vanadiumcorp* Vendetta Mng Westmoreland*

32 New Lows Bravura Vent * Arrowstar Res* Avalon Adv Mat* Bravo Multinat* Centenera Mng* Cruz Cap Corp* Crystal Lake Equitas Res Erin Ventures* Euro Sun Mg First Point Fission 3.0 GoGold Res GoviEx Uranium

Intl Montoro Ireland* K92 Mng Inc K92 Mng Inc* Labdr Iron Mns* Lion One Mtls Meadow Bay Gd* Medgold Res* Paladin Energy Pershing Gold Philippine Mtl* Rare Element* Satori Res* Saturn Mnrls Scientific Mts Tudor Gold Tudor Gold * West Red Lake*

CANADIAN GOLD MUTUAL FUNDS DAILY METAL PRICES Daily Metal Prices Date Dec 5 Dec 2 Dec 1 Nov 30 Nov 29 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1555/1560 1555/1570 1555/1570 1555/1570 1560/1575 Aluminum 1727/1723.50 1714.50/1712 1722/1724 1722/1723 1721.50/1723.50 Copper 5851/5858 5735/5734.50 5772/5773 5739/5750 5777/5785 Lead 2284.50/2294 2273.50/2288 2372/2377 2328/2340 2457/2474.50 Nickel 11675/11720 11120/11185 11200/11250 10960/11000 11295/11370 Tin 21475/21290 21350/21050 21350/21000 21325/20950 21225/21100 2705/2721 2662/2676 2738/2753 2707/2718 2865/2870 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1164.90 1171.65 1168.75 1187.40 1187.30 Gold PM 1162.20 1173.50 1161.85 1178.10 1186.55 Silver 16.62 16.35 16.30 16.67 16.54 Platinum 930.00 918.00 906.00 920.00 917.00 Palladium 732.00 743.00 767.00 770.00 761.00

Fund Dec 02 ($) Nov 25 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 22.96 22.44 0.52 2.32 78.59 2.78 195.28 BMO Prec Mtls Fd A 18.97 18.27 0.70 3.85 78.53 2.40 76.96 9.77 9.43 0.34 3.60 73.01 0.63 34.26 BMO ZGD BMO ZJG 8.28 7.96 0.32 4.06 89.46 0.60 89.10 CIBC Prec Metal Fd A 10.53 10.22 0.31 3.03 50.08 2.62 61.43 6.56 6.41 0.15 2.34 100.25 2.75 466.00 Dyn Prec Metls Fd A Horizons HEP 24.37 0.24 0.98 64.28 0.81 IGMacGloPrecMetCl A 8.78 8.59 0.19 2.26 92.45 2.76 99.82 iShares XGD 11.77 0.10 0.84 73.35 0.61 736.25 Mac Prec Met Cl A 49.60 48.48 1.11 2.30 95.97 2.51 136.89 NB Prec Met Fd Inv 12.39 11.94 0.45 3.77 81.07 2.46 41.82 RBC GblPreMetFd A 31.64 30.65 0.99 3.23 90.50 2.12 459.16 10.00 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 39.62 38.00 1.62 4.27 92.41 2.90 262.61 Sprott Gold&PrMinFdA 37.07 35.45 1.62 4.57 82.00 3.19 277.19 6.77 6.47 0.30 4.71 127.98 3.23 102.10 Sprott SilverEquCl A TD PreciousMetalsInv 35.56 34.46 1.10 3.19 74.24 2.26 163.65

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

Dec 02 Dec 01 Nov 30 Nov 29 Nov 28 1.3289 1.3319 1.3437 1.3432 1.3411 0.7525 0.7508 0.7442 0.7440 0.7452

Exchange rates (Quote Media, December 02, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0088 0.7053 85.4145 15.5211 10.3805 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5909 5.1836 51.1825 0.7605 879.0888 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3408 0.9377 113.5205 20.6315 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7855 6.8854 68.0228 1.0106 1168.3500

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

14_DEC12_MMMM.indd 14

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

GLOBAL MINING NEWS · SINCE 1915

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2016-12-06 7:53 PM

GLOBAL MINING NEWS

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TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity

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GOLDAK AIRBORNE SURVEYS

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2 Hangar Road Saskatoon, SK S7L 5X4

Toronto, Canada Tel: 1-416-368-7041 London, UK Tel: 011-44-1442-873398 Email: howe@acahowe.ca www.acahowe.ca

tel 306 249 4474 - www.goldak.ca

Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic

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SURVEYORS & CORE SYSTEMS JEAN-LUC CORRIVEAU, Q.L.S., CLS

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS 1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.

Also, Magnetic probe surveys

valuation and evaluation of mineral properties; mineral resource and mineral reserve estimates; independent engineer services; project and feasibility studies; expert witness and litigation support

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International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

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15_DEC12_ProDirectory .indd 15

Providing geophysical services for over 20 years

PETROS EIKON

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Val-d’Or (Quebec) Tel: (819)825-3702 www.corriveaujl.com E-mail: bureau@corriveaujl.com

Worldwide experience in sedimentary and hardrock

Processing through final Interpretation PETROSEIKON.COM

services@petroseikon.com

1.519.943.0001

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2016-12-05 11:17 AM

WWW.NORTHERNMINER.COM

DECEMBER 12–18, 2016 / THE NORTHERN MINER

Advantage Lithium to acquire up to 75% of Orocobre’s Cauchari LITHIUM

| Junior’s board includes Fission Uranium’s Ross McElroy, Dev Randhawa

BY TRISH SAYWELL

tsaywell@northernminer.com

ithium producer Orocobre (TSX: ORL) plans to partner with junior Advantage Lithium (TSXV: AAL) on its Cauchari lithium project in northwestern Argentina’s Jujuy province. Cauchari is 15 km south of Orocobre’s flagship Olaroz lithium facility, and sits next to a project of the same name owned by Lithium Americas (TSX: LAC) and Sociedad Quimica y Minera de Chile (NYSE: SQM). Under the letter of intent, Advantage Lithium will receive a 50% stake in Cauchari in exchange for giving Orocobre a 31.1% stake in the company, a 1% royalty, the right of first refusal for future brine production and the right to nominate two members to Advantage Lithium’s board. Advantage Lithium can earn another 25% stake in Cauchari by spending US$5 million over three years, or completing a feasibility study. The partners will set up a joint venture for Cauchari, which has an inferred resource of 470,000 tonnes lithium carbonate equivalent and 1.6 million tonnes potash (potassium chloride). The resource is based on five drill holes and covers two areas of the Cauchari salar, with a total of 230 million cubic metres of brine at average grades of 380 mg/L lithium and 3,700 mg/L potassium. The resource tested an average 170 metres deep in the northern resource area and 50 metres deep in the southern area. In a press release announcing the letter of intent, Orocobre said there is “considerable potential” to add to the resource, given that drilling to date has been fairly shallow. It noted that of the six holes drilled, the deepest was 249 metres. Orocobre also pointed out that drilling on properties within the salar by Lithium Americas Corp. intersected brine-bearing salar sediments to 450 metres. Recent drilling of its own

Orocobre’s Salar de Olaroz lithium project, 20 km from the Cauchari project in northwest Argentina. OROCOBRE

to the north in Olaroz intersected brine-bearing sediments to 450 metres deep. David Sidoo, Advantage Lithium’s president and CEO, notes that his management team approached Orocobre about a deal because they saw Cauchari as a strategic asset. “They were one of our main targeted companies that we wanted to work with,” Sidoo says in an interview. “We wanted to go after some of the larger producers with experience in lithium and producing lithium, rather than picking up grassroots properties on the fringes. We thought it was a better strategy to joint venture with a 300 lb. gorilla.” Sidoo notes that there was no shortage of competition for closing the Cauchari deal, including “all the juniors you can think of,” along with “Japanese and Chinese offering outright cash.” But in the end, he says, Orocobre chose Advantage

Lithium because of its management team. “They were being courted by many companies,” Sidoo says. “They wanted to work with a management team that had people who had developed projects and raised money.” Advantage Lithium’s board includes geologist Ross McElroy, who will also serve as a technical director, and Dev Randhawa, founding CEO and chairman of Fission Uranium (TSX: FCU; US-OTC: FCUUF). McElroy received the Bill Dennis Award in 2014, and he and Randhawa were co-winners of The Northern Miner’s Mining Persons of the Year for 2013 for leading Fission Uranium’s team of geologists in one of the biggest uranium discoveries in northern Saskatchewan’s Athabasca basin region in recent years. Patterson Lake South is a shallow, high-grade uranium discovery on the southwest margin of the basin. Sidoo started off as a broker with

Yorkton Securities before forming his own company, American Oil & Gas, which he sold to Hess in an all-stock transaction valued at $630 million. Orocobre says a joint venture on Cauchari with Advantage Lithium would help it optimize its operations and expand its Olaroz project. The project is now in the final stages of production ramp up. The Olaroz facility has a design capacity of 17,500 tonnes per year of lithium carbonate, and the company recently completed a scoping study into options for expanding the project. In addition to Cauchari, Advantage Lithium will, under the letter of intent, acquire a 100% interest in five other lithium brine projects owned by Orocobre — among them Antofalla, Incahuasi and Guayatoyoc. The entire land package, including Cauchari, adds up to 855.4 square kilometres.

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“WE THOUGHT IT WAS A BETTER STRATEGY TO JOINT VENTURE WITH A 300 LB. GORILLA.” DAVID SIDOO PRESIDENT AND CEO, ADVANTAGE LITHIUM

The Antofalla salar is a closed basin straddling the provinces of Catamarca to the south and Salta to the north. Antofalla is 60 km from the Hombre Muerto salar, where FMC (NYSE: FMC) produces lithium. A second project, Incahuasi, is near Argentina’s border with Chile in the province of Salta, 70 km southwest of Cauchari and 70 km southwest of the Salar de Atacama in Chile, where SQM and Albemarle (NYSE: ALB) produce lithium from brine. A third project, Guayatoyoc, 70 km northeast of Cauchari, also in Jujuy province, is a potassium discovery with lower-grade lithium. Sidoo notes that all of the assets are in the middle of salars and were acquired by Orocobre in 2007–2008. “These are strategically located, and in [Orocobre’s] world they’d call it ‘exploration,’ and in our world we’d call it ‘exploitation,’ or a path to development, because they’ve done work on all these assets,” he says. “For us it’s a real coup because if you look at the portfolio of assets, these are the best assets out there of any company.” The mining executive notes that Advantage Lithium also benefits from the decade-long engagement Orocobre has made in these areas with community groups and local governments. “One of the reasons we chose to approach Orocobre is because of their community relations with locals, and the ones they have built up over the last decade with the government have been really positive. They have no permitting issues, they have been judicious with their environmental impact studies and they are well respected, so that’s been a plus for us to dovetail in their decade-long relationship building.” Sidoo noted that the government “is open … to development. They want joint ventures, rather than a lot of small companies running around the countryside.” TNM

2016-12-06 7:54 PM