The Northern Miner December 14 2015 Issue by The Northern Miner Group

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Southern Arc Minerals Sets sights on prospects in Japan / 11

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

Canadian Oil sands

Shareholders weigh Suncor offer / 3

Barrick Gold

How to foster an exploration culture / 5

DECEMBER 14-20, 2015 / VOL. 101 ISSUE 44 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Premier Gold’s Downie sees ‘multiple opportunities’ CEO Interview

| Veteran explorer advances gold projects in Ontario, Nevada

West Kirkland mulls options after landing Three Hills permit M&A

| Gold outfit on the lookout for properties By Matthew Keevil mkeevil@northernminer.com VANCOUVER

W A historic headframe at Premier Gold Mines and Centerra Gold’s Trans-Canada gold project, 200 km northeast of Thunder Bay, Ontario. Premier Gold Mines

starikh@northernminer.com

remier Gold Mines’ (TSX: PG; US-OTC: PIRGF) CEO Ewan Downie recently talked to The Northern Miner about the company’s decision to buy Pure Gold Mining’s (TSXV: PGM; USOTC: LRTNF) land package so that it could expand its Hasaga gold property in Ontario’s Red Lake district. He also touched on the events planned next year at the company’s four other gold assets, including starting production at the 40%-held South Arturo mine in Nevada with partner Barrick Gold (TSX: ABX; NYSE: ABX), and completing a feasibility study on the partly owned Hardrock deposit in Ontario, with partner Centerra Gold (TSX: CG;

ary, and getting compelling results. Protecting the upside on strike was an important part of the acquisition. TNM: This year Premier is drilling 60,000 metres at Hasaga. How many metres will be drilled next year, and what is the program’s focus? ED: Probably 40,000 to 60,000 metres again next year — a similarsized program to what we had this year. A lot of the drilling would be infill and hopefully extension drilling ... in the second half of next year, with an initial resource for the Hasaga property, or now, the combined Hasaga property. TNM: Would the resource estimate include the newly acquired ground? ED: Early in the year we plan to step across the boundary and test the newly acquired ground, and we hope

“We are a company that views the singleproject strategy As potentially a pretty weak one.”

By Salma Tarikh

Ewan Downie CEO, Premier Gold Mines

US-OTC: CAGDF). The Northern Miner: The company had success with its 2015 exploration program at Hasaga, and afterwards bought Pure Gold’s land package. Can you elaborate? Ewan Downie: We are testing what could be a significant open-pit target in Red Lake, and we are having good success in the early part of

our program. Even with our existing land package, where we have drilled, if we wanted to build an open pit, the west side of the pit wall would extend onto Pure Gold’s grounds. For that reason it was important to get the land extension. But we’re also drilling 50 to 100 metres on strike from the bound-

est Kirkland Mining (TSXV: WKM; US-OTC: WKLDF) has come a long way over the past year at its Three Hills and Hasbrouck gold deposits in Nevada. And with a preliminary construction permit now in hand, it is ready to assess its development options for the twin projects. Given the depressed gold price, however, the company says there could be more opportunities with acquisitions, where its social licensing and engineering expertise could generate share momentum and improve market valuation. On Nov. 27 West Kirkland tabled a positive environmental assessment See West Kirkland / 3 PM40069240

See DoWNIE / 2

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Premier Gold expands Hasaga in Red Lake

Acquisition

remier Gold Mines’ (TSX: PG; US-OTC: PIRGF) story has of a lot of moving parts that are “moving us in the right direction,” CEO Ewan Downie says in his company's blog. The newest such part is a $5-million cash and share acquisition of Pure Gold Mining’s (TSXV: PGM) 28 mining claims named "Buffalo" that are contiguous with Premier’s past-producing Hasaga gold property in Ontario’s Red Lake district. The transaction expands the Hasaga property from 7 sq. km to 12 sq. km, and boosts the potential mineralization area for Premier Gold by 75% in the coveted gold district. The drive behind the transaction has been the encouraging results coming from Premier's 2015 exploration program at Hasaga that suggests the deposit is amenable to open-pit mining. Recent resu lts include 1.06 grams per tonne gold over 93 metres from the Central zone and 1.19 grams gold over 107 metres from the Hasaga porphyry. “As the footprint of near-surface mineralization expands at both the Central zone and Hasaga porphyry targets, increasing the size of our land position simply makes sense,” Downie says. The expanded property sits in a favourable geological setting, with several past and currently producing gold mines, and has significant infrastructure nearby such as roads, power lines and gold mills. Premier picked up the project from Goldcorp (TSX: G; NYSE: GG) in February, noting that despite its historic production, it hadn’t been systematically explored. The past-producing Hasaga and Gold Shore underground mines

Ewan Downie DoWNIE From 1

| Junior pays $5M for Pure Gold Mining

A drill rig at Premier Gold Mines’ Hasaga gold project in Ontario. Premier Gold Mines

cranked out 640,000 oz. gold between 1936 and 1956, and remain open for expansion, the junior now says. It describes the former Buffalo mine as a “valid, near-surface exploration target.” This year’s 60,000-metre drill program at Hasaga should wrap up shortly. Early next year, drilling on the newly acquired 5.13 sq. km ground will test the strike potential of the Hasaga porphyry. “We are particularly excited about the Hasaga project, as we believe it can be a high-grade, open-pit mine with the potential for more than 1 million oz. gold,” Rob Chang, Cantor Fitzgerald analyst, comments in a note. He has a “buy” rating and $4.25 target on the stock. The transaction could close by Dec. 18. Pure Gold will keep a 1% net smelter return royalty on the

Buffalo claims, and Premier can acquire half for $1 million. Come early 2016, Premier will transition into a gold producer at its 40%-owned South Arturo property in Nevada, where Barrick Gold (TSX: ABX; NYSE: ABX) holds the remaining 60%. On a 100% basis, South Arturo should make 200,000 oz. gold in its first year of production. Meanwhile, Premier will wrap up a feasibility study by mid-2016 on its 50%-held Hardrock deposit on the Trans-Canada property with its partner Centerra Gold (TSX: CG; US-OTC: CAGDF). The junior is also advancing its two exploration targets: the 100% owned McCoy–Cove gold project in Nevada, and the 44%-held Rahill–Bonanza gold project in Red Lake, with partner Goldcorp. TNM

that [the mineralization] continues onto the property package. If it does, the properties will be included in the resource. TNM: One analyst estimated that based on the drill results, Hasaga’s resource could be over 1 million oz. Do you agree, or do you have wait until the resource estimate is out? ED: I’m pretty confident that if we did a fully unconstrained resource model, it would be a multi-million ounce resource. But the next component is that we would have to do Whittle pit shell work, and analyze how much of the resource could fit in realistic pit shells. A million-plus resource would easily be in the realm of what we expect. TNM: The project is in the same mining camp as Rubicon Minerals’ (TSX: RMX) recently suspended Phoenix gold project. Could you tell us how similar Hasaga’s mineralization is to the F2 deposit? ED: It is an entirely different mineralization style. The Red Lake mine — what we are drilling on the joint venture, the Bruce Channel, or the [under construction] Cochenour mine at Goldcorp — are all deposits, sort of narrow-vein, high-grade deposits that are intimately associated with an ultramafic rock sequence, and consistent with Rubicon. What we are testing in the Hasaga area is a quartz-feldspar porphyry. It is a large porphyry unit that is more similar to what Osisko had at Canadian Malartic, which was taken over, and a bit more similar to what we have at Hardrock. TNM: Why did the company acquire the Hasaga property? Is it because the mineralization is similar to its Hardrock deposit? ED: I wouldn’t say it’s similar to Hardrock, but it’s a similar target: an open-pit target proximal to an historic underground mine. The

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“This [Hasaga] property has as good of a chance as any that I have seen of late that could be a success.” Ewan Downie CEO, Premier Gold Mines

mineralization would be similar to Canadian Malartic. Most companies — especially since discovering the High Grade zone [at Goldcorp’s Red Lake mine] — that go to Red Lake are in search of the elusive high-grade zone. Since Goldcorp found the High Grade zone, there hasn’t been another one like it. The real sexiness of the camp was built out of the High Grade zone discovery — one of the highest-grade gold discoveries in the Earth’s history. But one thing that was overlooked in the camp, especially after the High Grade zone, was the lower-grade, broad, mineralized open-pit mineralization. We identified the Hasaga property as being perhaps the best in the camp, and we acquired it from Goldcorp in 2015. TNM: It’s still early, but where would the gold price have to be for a low-grade gold project like Hasaga to be economic? ED: I don’t know if we can speculate on where the gold price has to be. It appears to be a decent-grade, continuous, low-grade mineralized horizon. It would be fairly simple and straightforward to mine. Based on historical mining in the area, the gold recoveries would be good, and especially in the Central zone discovery that we made, the strip ratios could be low. It’s all a function of strip ratios and gold recoveries versus gold price. This property has as good of a chance as any that I have seen of late that could be a success. TNM: When should the feasibility study be completed on the Hardrock deposit? ED: We are expecting the feasibility study in the first half of 2016. It’s a little behind where we wanted. But before having Centerra join us as a partner, we looked at a two-phased development approach ... starting lower capital, then ramping up in year three or four. Now we envision starting at a higher rate, right off the bat. TNM: How much had to do with Centerra stepping in and bringing in more funds? ED: Being Premier — a nonproducer, with limited access to cash — we focused on finding the means that we could bring it into production, with as little capital as possible. Working with a partner allows you to spread your wings a bit, and maybe this should be a little larger than what Premier envisioned, because the economics would be better. TNM: When should first production start at the South Arturo mine? ED: The real ramp-up in commercial production is expected in the second half of 2016. However, we are stockpiling oxide mill ore that will be trucked likely to Barrick’s Cortez facility for processing. We’re just waiting until we have enough material to truck. But we still will essentially be in ramp-up mode until mid-2016. TNM: Which month should first See DoWNIE / 2

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GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 14-20, 2015

Canadian Oil Sands CEO touts investors' ‘rich opportunity’

West Kirkland Mining

Oilsands M&A

| Pitching the benefits of leverage to crude oil prices

By Matthew Keevil

West Kirkland Mining’s Three Hills gold project in Nevada. WEST Kirkland From 1

for an open-pit, heap-leach mine at Three Hills. This expedited the company’s path to production, whereas Hasbrouck could proceed under the typically longer environmental impact statement process. In early June, West Kirkland published prefeasibility study results that envision a staged build, wherein Three Hills would see first gold production. The company’s plan involves an initial two years of operation at the site before Hasbrouck takes over for six years of mine life. An adsorption-desorption-recovery (ADR) plant is planned at Three Hills for handling ore from both deposits. Loaded carbon from the Hasbrouck mine would be trucked 8 km north to Three Hills for gold recovery. Initial capital expenses to build the starter mine and ADR plant are estimated at US$54 million. Further investment of US$83 million over the first two years of production would be needed to build the larger Hasbrouck operation. West Kirkland expects that US$43 million of this capital would come from Three Hills cash flow. The combined operation would crank out 567,000 oz. gold over the mine life, at all-in sustaining costs of US$779 per oz. Assuming a US$1,225 per oz. gold price, the mine plan features a US$75.3-million, after-tax net present value at a 5% discount rate, along with a 26% internal rate of return. “It’s an interesting time in the gold space, where we’ve seen prices take another slide ... it’s a question of what the best strategy will be, given the current market. From the company’s point of view, proceeding with development would be contingent on a more positive gold trend or sentiment,” chief operating officer Sandy McVey said during an interview. “There are two things I view as positive for the project, outside of being in arguably the best jurisdiction in the world. First, it won’t cost us a lot of capital to get it going; and second, we’re looking at a tight timeline once we pull the trigger on production. There isn’t a lot of preparation in terms of construction or pre-stripping before we’re in business,” he added. Given the struggling gold market, West Kirkland is considering its options, but it’s likely that the Three Hills–Hasbrouck plan will go on the back-burner until metal prices turn around. In the meantime, the company

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Photo by Matthew Keevil

hopes to apply its permitting experience to gold opportunities globally. West Kirkland is helmed by president and CEO R. Michael Jones, who has a track record of value creation dating back to his work at West Timmins Mining, which was snapped up by Lake Shore Gold (TSX: LSG; NYSE-MKT: LSG) for $424 million in late 2009. Jones’ other big play has been Platinum Group Metals (TSX: PTM; NYSE-MKT: PLG), which raised US$80 million in November to fund development at the Western Bushveld Joint Venture platinum mine in South Africa. Meanwhile, West Kirkland raised $33 million in mid-2014 to buy Three Hills and Hasbrouck from Allied Nevada Gold, and made institutional and private equity contacts along the way. Major shareholders include funds Sun Valley Gold and Liberty Metals and Mining, while West Kirkland could form a joint venture at Hasbrouck and Three Hills with Waterton Precious Metals Fund. “We went from zero to 60 — or having nothing to something substantial — in around 18 months. Now we’d ideally like to move onto something even bigger,” McVey says. “We’ve earned the right to go to our shareholders and the market, and say: ‘We have advanced these projects, and we’re the right team to do it again.’” An so begins West Kirkland’s search for its next project. McVey says the company’s current portfolio is strategically well-positioned to capture any margins from a goldprice recovery, but given the low valuations in the industry, it seems a prime time to be in the acquisition market. The company's shares have traded within a 52-week range of 5¢ to 9¢, and closed at 5¢ per share at press time. West Kirkland has $500,000 in cash and 294 million shares out-

mkeevil@northernminer.com VANCOUVER

anadian Oil Sands (TSX: COS) management remains on the offensive in the face of a hostile takeover bid from Suncor Energy (TSX: SU; NYSE: SU) that it calls “opportunistic and exploitive.” On Dec. 1, president and CEO Ryan Kubik held a conference call to elaborate on capital spending plans, and tell shareholders that an “independent [Canadian Oil] will deliver more value” than Suncor’s bid. The company hopes to tailor a story that helps shareholders focus on its potential upside to oil prices, as opposed to the relative security that Suncor might offer. Shares of Canadian Oil are down 62% since June 2014, while Suncor has declined 12%, since the diversity of its business insulates it against collapsing energy markets. “Obviously [we’re] an asset that is leveraged to the price of crude oil,” Kubik said. “The significant market declines we’ve seen will have a much greater impact on us than Suncor. The same is true on the opposite side of the equation, however, and one of the main reasons shareholders bought the asset is our [strong correlation] and upside to that oil price.” Canadian Oil’s major asset is a 37% interest in the Syncrude joint venture near Fort McMurray, Alta. Suncor owns 12% in the project, which cranked out 83.2 million barrels of oil through the end of November. In October Suncor tabled a bid for Canadian Oil that offered shareholders 0.25 of a Suncor share for each share held, which values the deal at $8.83 per share, or $4.3 billion. The offer was set to expire on Dec. 4, before the Alberta Securities Commission gave Canadian Oil shareholders another month to consider it. The big story at Syncrude is that the ownership group just wrapped up a multi-year, multi-billion dollar capital investment program. In 2016, Canadian Oil estimates its share of total capital expenditures will fall to $295 million, or $8 per barrel. Meanwhile, the project could produce between 95 million and 110 million barrels next year, at US$37 per barrel. Kubik said that based on US$50 per barrel of West Texas Intermediate (WTI) crude oil, next year Canadian Oil would generate cash flow of $630 million, or $1.30 per share. Assuming WTI prices of US$45 per barrel, the company said it would still cover capital expenses and keep its dividend policy. “With the major projects behind us, [we’re] in solid shape. Even under lower longer-term oil prices, we have no major projects to fund, and our competitive cost structure provides the basis for generating attractive margins,” Kubik said. “[We] can

“The shareholders we’re talking to believe that an independent Canadian Oil Sands offers more value than the current Suncor offer.” Ryan Kubik President and CEO, Canadian Oil Sands

clearly withstand the prevailing low oil price environment for a sustained period, and Syncrude has demonstrated its flexibility to respond.” Canadian Oil also said that Suncor’s offer doesn’t capture Syncrude’s value when it comes to undeveloped lease positions and resource bases. Kubik revealed that Suncor and Canadian Oil had been in negotiations over one such asset — labelled “Lease 29” — when the hostile bid was launched. Syncrude has control of leases that “border every oilsands mining project.” With Lease 29, Suncor could “avoid billions of dollars of sus-

taining capital required to replace depletion from its North Steepbank mine,” Kubik pointed out. “It also affords Syncrude an opportunity to monetize resource that may not be developed for decades ... Suncor is targeting those synergies, and that value is not ref lected in the bid.” Canadian Oil has previously accused Suncor of taking “unfair advantage” of its position as a co-owner in Syncrude by timing its bid to fall in a window where there would be no publicly available information on the joint venture’s 2016 budget, or metrics on enhanced value from the costreduction initiatives. Canadian Oil has traded within a 52-week window of $5.61 to $13.95, and closed at $8.55 per share at press time. The company has 485 million shares outstanding for a $4.1-billion market capitalization. “We are out running a process to look at available alternatives that could return full and fair value,” Kubik said. “The shareholders we’re talking to believe that an independent Canadian Oil Sands offers more value than the current Suncor offer. We have a business that is torque to the upside when crude oil prices do eventually recover, and a stand-alone [company] is one alternative that is definitely available to us.” TNM

No. S-159677 Vancouver Registry In the Supreme Court of British Columbia IN THE MATTER OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED AND IN THE MATTER OF CANYON RESOURCES CORPORATION, CR BRIGGS CORPORATION, CR MONTANA CORPORATION, CR KENDALL CORPORATION, ATNA RESOURCES LTD. AND HORIZON WYOMING URANIUM, INC. AND ATNA RESOURCES, INC. PETITIONER On November 20, 2015, Atna Resources Inc. (“Atna US”), Canyon Resources Corporation, CR Briggs Corporation, CR Montana Corporation, CR Kendall Corporation, Atna Resources Ltd. and Horizon Wyoming Uranium, Inc. (collectively, the “Debtors”) obtained orders from the United States Bankruptcy Court for the District of Colorado (the “US Court”) which, among other things, commenced proceedings pursuant to Chapter 11 of Title 11 of the United States Code (the “US Proceedings”) and appointed Atna US as foreign representative (the “Foreign Representative”). On November 23, 2015, the Supreme Court of British Columbia pronounced an order (the “Recognition Order”) pursuant to Part IV of the Companies’ Creditors Arrangement Act (the “Canadian Proceeding”) that, among other things, i) recognizes the US Proceedings as the foreign main proceeding, ii) recognizes the Canadian Proceeding as the foreign non-main proceeding, iii) stays all claims against the Debtors in Canada, and iv) appoints Alvarez & Marsal Canada Inc. as the information officer of the Debtors (the “Information Officer”). The Foreign Representative may be contacted through its counsel, Kieran E. Siddall of Bull, Housser & Tupper LLP, 1800 – 510 West Georgia Street, Vancouver, B.C. V6B 0M3. A copy of the Recognition Order and other public information in respect of these proceedings is available on the Information Officer’s website at www.alvarezandmarsal.com/atna or by contacting the Information Officer at:

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Group Publisher/ Publisher: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com Editor-in-chief: John Cumming, MSc (Geol) jcumming@northernminer.com EDITOR, Special projects: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com Senior staff writer: Trish Saywell, BA, MA, MSc (Jour) tsaywell@northernminer.com staff writerS: Matthew Keevil, BA (Econ and Poli Sci) mkeevil@northernminer.com Lesley Stokes, BSc (Geol) lstokes@northernminer.com Salma Tarikh, BSc (Psych), MA (Jour) starikh@northernminer.com copy editor: Isa Cunanan, BSc (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com Production editor: David Perri, BA dperri@northernminer.com web editor: Adrian Pocobelli, MA (Engl) apocobelli@northernminer.com Advertising: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Dave Chauvin (416) 510-6824 dchauvin@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com Production Manager: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com Circulation/customer service: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com Subscription sales: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com Reprints: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 580 Hornby Street Suite 900 Vancouver, BC, V6C 3B6 (604) 688-9908 Subscription rates: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. Postmaster: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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E D I T O R IA L Former Massey CEO Blankenship convicted of conspiracy U.S. Justice

| Coal mine disaster — five years on

ormer Massey Energy CEO Don Blankenship has been convicted by a federal jury in West Virginia of conspiracy to violate U.S. mine-safety laws in relation to the 2010 explosion that killed 29 miners at the firm’s Upper Big Branch underground metallurgical coal mine in Montcoal, W. Va., 48 km south of Charleston. By John Cumming While the conviction is unprecedented in jcumming@northernminer.com U.S. mining history in that prosecutors targeted a high-ranking executive for workplacerelated safety violations, Blankenship was acquitted of the more serious charges of lying to regulators and investors regarding the accident. Caused by a build-up of methane in the underground workings, the explosion at Upper Big Branch on April 5, 2010, was the worst U.S. mine disaster since 1984, when a fire at Emery Mining Corp.’s mine in Orangeville, Utah, killed 27 miners, and 1970, when an explosion at a mine owned by Finley Coal Co. in Hyden, Ky., killed 37. The death toll also surpassed the 12 miners killed in early 2006 at International Coal Group’s Sago coal mine in West Virginia. In the years prior to the explosion, the Upper Big Branch mine had had a history of safety violations, including improper ventilation. In the previous year, federal inspectors had fined the company US$382,000 for repeated, serious violations involving its ventilation plan and equipment. More widely, Massey Energy had a chronically worse-than-average safety record, particularly with respect to proper ventilation, which is critical for safe coal mining. At the time, Massey Energy was based in Richmond, Va., and ranked as one of the top-five coal producers in the U.S. In early 2011 during a high-flying period for coal miners, Alpha Natural Resources borrowed heavily to buy Massey for US$7.1 billion, or a 21% premium, to create a US$15-billion, U.S.-based coal mining behemoth. In August 2015, saddled with US$3 billion in debt amidst a collapsed coal market, Alpha Natural filed for bankruptcy protection. Mine safety rules were substantially tightened following the highprofile Sago disaster, with U.S. President George W. Bush signing the Miner Act of 2006 into law that June. It was the first major overhaul to mine-safety legislation since the 1977 passage of the Mine Safety and Health Act. A year before the Upper Big Branch explosion, a record amount of safety-violation fines were served at U.S. mines, partly because the Miner Act of 2006 almost quadrupled the maximum fines that could be issued by the U.S. Mine Safety and Health Adminsitration to delinquent mine operators. The picture is more complex, however, as 2009 had been the safest year in U.S. mining history, with a record low of 34 deaths, compared to 73 deaths in 2006. But the Upper Big Branch disaster made regulators, miners and other interested parties wonder whether the 2006 reforms had unintentionally encouraged less scrupulous operators to simply incorporate the higher safety-violation fines into their cost structure, rather than deal directly with safety problems that were expensive to fix. The hard-driving Blankenship, 65, is a polarizing figure in U.S. coal country and was notoriously the target of an extensive Rolling Stone profile in November 2010 that labelled him the “Dark Lord of coal country,” and the coal industry’s “dirtiest CEO.” However, his conspiracy conviction is only a misdemeanour with a maximum prison sentence of a year, with sentencing to take place next March. Blankenship’s attorney told reporters outside the federal courthouse that his client would appeal the conviction, and that “this is a record which will be very full of errors on appeal.” U.S. Attorney Booth Goodwin said that “the CEO and chairman of one of America’s largest coal companies now stands convicted. To go from boardroom to prospective incarceration sends a powerful message to executives who would ignore the safety of their workers.” U.S. Labor Secretary Thomas Perez said the conviction shows “there must be accountability when people lose their lives because of the neglect of their employer.” Last year, West Virginia Senator and former governor Joe Manchin said Blankenship “had blood on his hands” after the disaster. The New York Times reported that two former Massey managers had pleaded guilty to conspiring to violate safety laws, while a former security chief at the mine was convicted of lying to investigators and trying to destroy safety-related documents, and that all three had served prison terms. tnm

DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Meetings. . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 7 Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . 12-13 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Barrick Gold. . . . . . . . . 1,2,5 Cameco. . . . . . . . . . . . . . . 14 Canadian Oil Sands. . . . . . 3 Centerra Gold. . . . . . . . . 1,2 Churchill Mining. . . . . . . 11 Energy Fuels. . . . . . . . . . . 14 Glencore . . . . . . . . . . . . . . 16

Goldcorp. . . . . . . . . . . . . . . 2 Lake Shore Gold. . . . . . . . . 3 Newmont Mining . . . . . . 11 Oban Mining. . . . . . . . . . 11 Platinum Group Metals . . 3 Premier Gold Mines. . . 1,2 Pure Gold Mining. . . . . 1,2

Rubicon Minerals . . . . . . . 2 Southern Arc Minerals. . 11 Suncor Energy. . . . . . . . . . 3 Uranium Participation. . 14 Ur-Energy. . . . . . . . . . . . . 14 Vale. . . . . . . . . . . . . . . . . . . 11 West Kirkland Mining . . . 1

Ontario urged to address mining sector challenges Report

| Chamber of Commerce calls for action on infrastructure, resource sharing

By Alisha Hiyate ahiyate@northernminer.com

ntario has a strong mining sector, a positive reputation as a mining jurisdiction and heaps of mining sector expertise. But when the current commodities downturn ends, that doesn’t mean that capital will automatically f low back into the province, warns a new report by the Ontario Chamber of Commerce. “Ontario mining is a competitive advantage for the province, and our expertise in mineral production, finance and innovation is in global demand,” Chamber president and CEO Allan O’Dette said in a news release. “However, there are critical steps that the government must take to ensure the sector’s continued role as an economic driver in Ontario,” O’Dette said. “We are calling on all levels of government to harmonize their efforts to ensure that mining investment continues to flow into Ontario now and in the future.” Despite the market's slump since 2011, last year Ontario mines produced $11-billion worth of minerals — more than any other province or territory in the country. The report, Digging Deeper: Strengthening Ontario’s Mining Advantage, urges the province to deal with issues that could hamper the sector’s growth, such as the regulatory uncertainty surrounding aboriginal consultation, and increasing industrial electricity rates. “Waiting for the next upswing in the mining cycle is not a sufficient response to these challenges,” the report says. “Active steps must be taken to ensure that the mining sector is set up for success in the future. This period of weakness in global mining affords Ontario a critical opportunity to take these steps.” The Chamber’s report contains nine recommendations to the provincial and federal governments, including calls to invest in northern infrastructure and in mining research and innovation, as well as develop resource revenue sharing with First Nations. The report’s first recommendation is to up investment in northern infrastructure, while coordinating planning with the mining sector, and aboriginal as well as other interests. The province should broaden the mandate of its recently created Ring of Fire infrastructure development corporation, the report advises. It should also provide more clarity and certainty for mining companies and aboriginal communities by giving companies a list of the aboriginal communities they need to consult regarding a project. Currently, exploration and mining companies may receive different lists from different ministries, or they may see additional communities added to a list after they have already started the consultation process, with no clear reason as to why they are being added. To provide more certainty and clarity to aboriginal communities, the province should also develop a framework for resource revenue sharing. The existing duty to consult framework is set up to inform aboriginal communities of po-

tential impacts of development, the report observed. However, that leaves companies on their ow n to out line a ny benef its the community may see from development. “Sharing existing mining tax revenues between the Crown and aboriginal communities is one way to provide certainty that aboriginal people will gain from developing mineral resources, and align interests to ensure that the province, industry and communities all benefit,” the report says. The report noted that resource revenue sharing would not replace the need for negotiated impact benefits agreements with aboriginal communities. Citing a decrease in spending on exploration and economic studies on mineral deposits in Ontario — from a $460.7-million high in 2010 to $151.1 million in 2013, and an expected $102.4 million this year — the report suggested ways for both the Ontario and federal governments to ease the sector’s financial troubles. It recommends that Ontario increase its flow-through share tax credit, which helps exploration companies pass on some of their exploration expenses to investors in return for a tax credit, to 20% from 5%. A higher rate would bring the credits available to Ontario explorers in line with those in other provinces. The federal government should also renew the 15% mineral exploration tax credit — introduced in 2000 — for three years, instead of the one-year period that has become typical. This would provide more certainty to exploration firms and investors. In addition, the report recommends that the province commit to keep mining taxes at current rates. Research and innovation Because of the downturn in commodities, mining companies have cut back on research and development spending. To ensure the province keeps its competitive edge once interest in mining returns, the report suggests that the province increase mining innovation funding for three years. Instead of matching industry funding for projects on a 1:1 basis, as it currently does, it should also increase its funding ratio to encourage higher-risk, potentially groundbreaking projects that could have greater impact on the sector’s productivity levels than the lower-risk, cheaper projects that will most likely get funding. The study points out that Ontario’s mining expertise can be leveraged to create opportunities globally. It calls on government and industry to work together to find ways to “exploit this competitive advantage” to create new business opportunities and growth. The Chamber report recommends that the province conduct a study to understand its relative attractiveness as a mining jurisdiction, and what steps it can take to improve its standing. The Ontario Chamber of Commerce timed the release of its report in advance of the government of Ontario’s renewed mineral development strategy, which is expected shortly. To read the full report, please visit www.occ.ca/wp-content/uploads/2013/05/Digging-Deeper. pdf. TNM

15-12-08 6:43 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 14-20, 2015

Krcmarov explains how Barrick nurtures its exploration culture Interview

| Discovery requires retaining talented geoscientists, Barrick's exploration VP says

By Lesley Stokes

lstokes@northernminer.com VANCOUVER

ichard Schodde, managing director of MinEx Consulting, investigated the investments and returns on exploration dollars spent in Canada, and presented his findings at this year’s Prospectors & Developers Association of Canada convention in Toronto. He found that over the past decade junior mining companies accounted for 71% of the “robustly economic” deposits found in Canada — widely surpassing the discovery rate by major mining companies. While there is debate over why the majors as a group fell short of the juniors in this area, some major companies like Barrick Gold (TSX: ABX; NYSE: ABX) have proven themselves to be highly successful grassroots explorers. Since 1990, Barrick has spent US$3.3 billion on exploration, for an overall finding cost of US$25 per oz. gold — or half the average finding cost across the industry. During this time, the company has mined 140 million oz. gold, acquired 110 million oz. gold and found a staggering 131 million oz. in gold reserves across its operations, along with discovering the multi-million ounce gold deposits at Lagunas Norte in Peru, Goldrush in Nevada and Alturas in Chile. The Northern Miner spoke with Rob Krcmarov, Barrick’s senior vicepresident of global exploration by phone to understand what drove the company towards discovery in the past, and how the company plans to keep its momentum going forward. The Northern Miner: What challenges lay ahead for explorers, and how can Barrick overcome them? Rob Krcmarov: The next generation of economic discoveries will become harder to make, because the deposits will be either partly or completely concealed. It will be important to understand the subtle signatures of a deposit, and that

Barrick Gold geologists travelled by donkey during the early stages of exploration at the Alturas gold project in Chile. Barrick Gold

requires a mixture of good science, experience and intuition based on experience — otherwise it’s just gambling. Having deep technical insights will really put you at an advantage when you’re exploring, and exploration is all about the people — so we invest heavily in the development of our geoscientists. TNM: How does Barrick deal with its geoscientists? RK: We invest very, very heavily in our geoscientists. We focus on their professional technical development and expose our early career explorationists to as much diversity as possible, which involves pairing them with mentors, and have them do a stint at a mine site. Every two to three years we have a global workshop, where we get 80 of our geoscientists together to further develop our tools and share our learnings. I’ve been to several of these events, and it’s positively energizing and inspiring to see the talent in this organization — all talking geology together and working to make improvements in targeting criteria — and that sense of community has forged a discovery-driven culture within our company. TNM: Is professional development for geoscientists commonly practiced in the industry? RK: I can’t speak for other companies, but I know our workers have a strong sense of identity, take

“It’s positively energizing and inspiring to see the talent in this organization.” Rob Krcmarov Senior vice-president of global exploration, Barrick Gold

ownership and all share the same values, and it’s something that I don’t think can be easily copied by others. There are large parts of our industry that operate under the assumption that you can always pick up another geologist during the next boom, but it’s not that easy — once you lose them, that culture is gone. Our extremely low voluntary turnover rate during the last boom is really a testament to our commit-

ment to success — people realize they’re getting a lot of strong development opportunities at Barrick, and that feeds back into our discovery-driven culture, and is a big contributor to our success. TNM: How does Barrick prioritize work its many exploration projects? RK: About 10 years ago, we realized that to maximize your probability of success you need some sort of operating system, rather than randomly following perceived opportunities, or creating elaborate science experiments. So we developed the “Barrick exploration system,” which is a disciplined and transparent process that prioritizes funding. That’s been the foundation for our past exploration successes, and puts us in good stead for continued success. It’s basically our playbook, which has really evolved and improved over time. One of the pillars of the system is to make sure we’re evaluating projects objectively, and ensuring that people don’t become emotionally involved in their targets and persevere too long. We empower our geologists to propose a project and comment on the geological criteria that distinguishes between the best deposits, so it’s not a top-down sort of thing. We emphasize discovering economic ounces that have a chance of turning a mineral deposit into a mine. We’ll cut the projects that fail to meet expectations and accelerate those that exceed them, and it has proved successful. TNM: What are some examples of Barrick's exploration system succeeding? RK: At Goldrush (a Carlin-style gold discovery near Barrick’s Cortez mine in Nevada), one of the triggers to its discovery was the detailed and excellent mapping our geologists did at the Pipeline pit. They unlocked — after many years — what the controls on mineralization were, and so they applied that model to other parts of the district, and that brought them to Goldrush. When we started drilling we knew

we were well on our way towards making a discovery, but at those early stages there’s still a lot of uncertainty. You ask yourself: ‘How large could it be? Is it continuous enough? Sufficiently high grade?’ There are more questions than answers at that point. The geologists would gather around and talk geology all night, and with more drilling the picture became clearer, the deposit footprint grew larger and our sense of excitement really grew. Another example would be our Alturas discovery in Chile that we announced in the first quarter this year. We started by stepping back, and regimentally applied our target criteria across our entire land holdings in the El Indio belt, and that led us to Alturas. When we sent our geologists in, everything we saw on the ground suggested that we were sitting on what looked to be a concealed epithermal deposit, so we followed up with drilling, which eventually intercepted 81.5 metres over 2.5 grams. We realized we were looking at a robust mineralizing system, similar to our Veladero mine in Argentina. What happens in other companies — and we’ve certainly done it in the past — is that when you generate a target and drill it quite often, the initial results can be discouraging. Eventually you leave the district wondering if you even tested the best target. In the case of Goldrush and Alturas, we had a talented team that were geologically driven to choose the best targets across the region, and that really lifted the veil off otherwise blind deposits. There’s a common view that Barrick became great through a series of acquisitions. There’s certainly some truth to that, but Barrick’s success is equally a product of its exploration program. By investing in exploration, creating a discovery-driven culture and attracting and developing top talent, we’ve made some amazing discoveries. TNM

On mentorship “Mentorship in the mining and exploration industry is essentially non-existent, especially if you spend much of your career in the junior sector. Geologists in general seem to be viewed as an expendable commodity — at the sniff of a downturn, we are first out the door. There’s a misconception amongst senior management that those of us who have been laid off are just waiting for the opportunity — nay, the privilege — of a job once things turn around, and that we are all just hanging out at Mahoney & Sons, ready to hop on the next plane.” Joanna Hodge

“My mentor was Pete Fox — I worked with him for 18 years, and consider myself exceptionally blessed to have had someone capable, smart and worthy of learning from. That said, I was lucky. [In the past] it was possible to have a stable career with a major or a government survey that allowed for longterm, professional relationships … The current situation is vastly different … [with] juniors and venture capital providing the bulk of employment and activity in the industry.”

“In the last couple of years I have reviewed a lot of projects, and I’m shocked at what geologists without proper mentorship have produced in terms of work. Over the past boom cycle there has been limited sharing of knowledge between the older generation of geologists and the new ones. Now the younger generation has been laid off and soon the old guard will be retiring. I am worried about the quality of work in the future.”

“There’s only so much you can learn at university, so when I entered into the workforce at the start of the boom cycle I was overwhelmed. Everyone was too busy to help, so I ended up with huge responsibilities in a project I knew nothing about. When I think back, I wonder where the time went and how the project might have ran differently had I been given better direction.”

“I had decent mentorship in my first job, but didn’t realize how rare that was until I worked at other places. I haven’t had a mentor in almost 10 years, and that includes going through a master's program and two big companies in the mining industry. I was much harder-working and happier when I had a mentor.” Anonymous geologist British Columbia

Anonymous geologist British Columbia

Robert Cameron President and CEO, Bearing Resources

Geology professor, Ontario

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

15-12-08 6:43 PM

WWW.NORTHERNMINER.COM

DECEMBER 14-20, 2015 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / November 27–December 3 Canada’s main stock index closed lower, with the S&P/TSX Composite Index slipping 0.8% to 13,324.67. The S&P/TSX Capped Diversified Metals & Mining Index fell 2.4% to 348.96. The S&P/TSX Global Gold Index, however, gained 2.6% to finish at 128.69, while the New York spot gold price slipped US$9.30 per oz. to US$1,061.60. Barrick Gold saw heavy trading after it extended its credit facility. Roughly US$3.6 billion of the undrawn US$4-billion facility will now terminate a year later in January 2021, with US$400 million ending in January 2020. Barrick revised a financial covenant from a minimum consolidated tangible net worth of at least US$3 billion to a minimum net debt to total capitalization ratio of less than 0.60. It also sold a 50% interest in the Zaldivar copper mine to Antofagasta for US$1 billion in cash. Since the start of the year, the miner has announced US$3.2 billion in asset sales, joint ventures and partnerships. It is on track to meet its US$3-billion debt reduction for 2015. Barrick shares moved up 19¢ to $10.09, as 18.5 million shares changed hands. Canadian Zinc shares jumped 23% to 8¢, after signing a collaboration agreement with Buchans Minerals — a subsidiary of Minco Plc — to participate in a research program, where the two companies will share mainly

physical and metallurgical bench scale studies on their central Newfoundland copperlead-zinc-silver-gold deposits. The Research & Development Corp. of Newfoundland is giving Canadian Zinc US$535,000 for the program, while Canadian Zinc and Buchan will each contribute up to $100,000. The research aims to assess whether the companies’ deposits can mined economically by using a central mill. Canadian Zinc owns four deposits, and Buchans owns three. None are large enough to support stand-alone operations. Junior zinc producer Trevali Mining climbed higher on the back of results from its 2015 exploration program, which were designed to test deeper levels at its Santander zinc mine in Peru. The 10 new holes found TSX most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

B2Gold First Quantum Yamana Gold Barrick Gold Teck Res B Eldorado Gold Lake Shore Gld Kinross Gold Goldcorp Rubicon Mnrls

BTO FM YRI ABX TCKB ELD LSG K G RMX

27004 1.58 1.40 1.55 + 0.10 26345 5.21 4.74 4.98 - 0.14 19159 3.06 2.62 2.96 + 0.18 18485 10.33 9.43 10.09 + 0.19 17436 5.73 5.22 5.42 - 0.28 17209 4.29 3.93 4.16 + 0.03 14175 1.02 0.93 1.02 + 0.01 13099 2.76 2.50 2.69 + 0.07 10716 16.43 15.30 16.10 + 0.22 10669 0.18 0.14 0.15 - 0.03

significant zinc-lead-silver mineralization. Trevali also discovered mineralization in the footwall of the Magistral Central zone — highlighted by 25 metres of 4.1% zinc — which requires more testing. Other highlights include 15.2 metres of 11.5% zinc between the Magistral Central and South zones, and 10 metres of 8.3% zinc in the South zone. Trevali was up 12% at 38¢ per share. Aureus Mining plunged 60% to 12¢ per

share after taking on a US$22.7-million debt and equity financing to get its delayed New Liberty gold mine in Liberia into commercial production by January 2016. The financing includes a US$10-million loan from Rand Merchant Bank and Nedbank, and an expanded US$12.7-million brokered equity financing. Aureus will issue 168.3 million shares — up from 153 million shares previously — priced at 5 pence a share.

TSX greatest percentage change

TSX greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Laramide Res Opta Minls Coro Mining Energizer Res Corvus Gold Geologix Ex Prophecy Coal Vena Res Canadn Zinc PolyMet Mng Aureus Mng CaNickel Mng Argex Titanium MDN Inc Rockwell Diam Eco Oro Mnls Candente Coppr Platinum Gp Mt First Point U3O8 Corp

Royal Gold Detour Gold Seabridge Gold Agrium Silver Wheaton Horizns G Bull Franco-Nevada NovaGold Res Agnico-Eagle Silver Std Res Russell Metals Potash Cp Sask Labdr I-Ore Ro Horizns G Bear Altius Mnrls Teck Res B Cameco Corp Aureus Mng Turquoise Hill First Quantum

LAM OPM COP EGZ KOR GIX PCY VEM CZN POM AUE CML RGX MDN RDI EOM DNT PTM FPX UWE

1822 11 422 7658 406 70 469 145 1174 36 130 117 1060 298 292 139 1308 3715 846 501

0.35 1.25 0.02 0.12 0.48 0.03 0.03 0.03 0.09 1.35 0.28 0.04 0.06 0.02 0.17 0.60 0.04 0.32 0.06 0.03

0.21 0.75 0.02 0.06 0.33 0.02 0.02 0.02 0.06 1.10 0.12 0.03 0.04 0.02 0.12 0.44 0.03 0.22 0.04 0.02

0.32 1.00 0.02 0.09 0.46 0.03 0.03 0.03 0.08 1.29 0.12 0.03 0.04 0.02 0.13 0.44 0.04 0.24 0.04 0.02

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

40.0 38.8 33.3 30.7 27.7 25.0 25.0 25.0 23.0 21.7 59.6 37.5 27.2 25.0 23.5 22.8 22.2 21.6 20.0 20.0

RGL DGC SEA AGU SLW HGU FNV NG AEM SSO RUS POT LIF HGD ALS TCKB CCO AUE TRQ FM

16743 49.12 3869610 14.31 438049 11.20 1518808 130.54 5602034 17.93 3653283 16.45 2465132 64.51 1529973 5.31 3847522 35.96 1596284 7.39 1367967 16.63 9319419 25.59 1212853 12.42 4711005 12.69 775762 11.01 17435952 5.42 3974002 15.86 130085 0.12 5311265 3.43 26345475 4.98

+ 1.27 + 0.89 + 0.88 + 0.85 + 0.72 + 0.65 + 0.63 + 0.43 + 0.34 + 0.29 - 1.61 - 1.12 - 0.88 - 0.64 - 0.64 - 0.28 - 0.23 - 0.17 - 0.16 - 0.14

TSX VENTURE EXCHANGE / November 27–December 3 The S&P/TSX Venture Composite Index followed energy markets downward, losing 4.88 points en route to a 517.13-point close. Statistics Canada reported that the unemployment rate rose 0.1% to 7.1% in November, while the Canadian merchandise trade deficit widened from $2.3 billion in September to $2.8 billion in October. Crude oil futures dropped to a seven-year low due to oversupply concerns, with January contracts for West Texas Intermediate tumbling 4%, or US$1.68, en route to a US$39.97-per-barrel close. Gold companies were on the rise after a spike in prices that saw February bullion contracts gain 2.7%, or US$28.30, before finishing at US$1,084.50 per oz. Meanwhile, March contracts for copper traded relatively flat at US$2.07 per lb. Explorer Ashburton Ventures led the volume-traded category after announcing results from a maiden drill program at its Buckingham graphite project in Quebec, 1.7 km north of the past-producing Walker graphite mine. The company saw over 14 million shares change hands, as it rose 1¢ en route to a 2¢-per-share close. On Dec. 1 Ashburton released its inaugural hole from Buckingham, which reportedly intersected “disseminated flake graphite

mineralization” from 3 metres to 14 metres, and “further graphite mineralization” from 70 metres to 100 metres. The hole ended at 209 metres deep in a unit of pegmatite with scattered, centimetre-scale graphitic veins for another 5 metres containing “vein-type” mineralization. Millstream Mines was on the rise after announcing a first-pass drill program at its recently acquired Tamarack gold property in the Tobacco Root Mountains of Madison County, Mont. The company gained 122%, or 6¢, on 739,200 shares traded, before finishing at 12¢ per share. The site hosts a past-producing mine and is permitted to operate under Montana’s Small Mines Exclusion Act. On Dec. 3 Millstream announced a two-stage drill program to test TSX-V most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Ashburton Vent Dajin Res Discovery Vent Alabama Graph Electra Gold Integra Gold Equitorial Exp Nemaska Lith Kings Bay Gold Golden Dawn

ABR 14031 DJI 9703 DVN 7572 ALP 7208 ELT 5943 ICG 5484 EXX 3814 NMX 3745 KBG 3693 GOM 3091

0.03 0.15 0.17 0.22 0.11 0.33 0.10 0.38 0.01 0.10

0.01 0.11 0.16 0.17 0.09 0.30 0.08 0.33 0.01 0.08

0.02 + 0.12 + 0.16 - 0.18 0.11 + 0.32 - 0.08 - 0.35 + 0.01 0.10 +

0.01 0.02 0.01 0.00 0.03 0.01 0.01 0.02 0.00 0.01

geophysical anomalies found via ground magnetometer surveys. The company has released limited information on historic drilling at Tamarack, highlighted by 39 metres grading 8.4 grams gold per tonne from 15.2 metres deep in hole TR-2. Ascot Resources is boosting a proposed non-brokered private placement to 10 million units priced at $1 per unit. Each

unit will consist of one share and one purchase warrant, exercisable at $1.05 for 18 mont hs. T he compa ny saw its stock drop 14¢ after the news, en route to a 93¢-per-share close. In November Ascot extended an option agreement on its f lagship Premier gold project near the two of Stewart, B.C. The $6.9 million is due in mid-June 2017.

TSX-V greatest percentage change

TSX-V greatest value change

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Rome Res Western Troy C Remington Res Millstream Min Minfocus Expl Zadar Vent Hinterland Mtl Pancontl Uran Stakeholdr Gld DNI Metals Samco Gold Bellhaven Cp&G Tajiri Res Red Rock Enrgy Eurotin Auramex Res Golden Goliath Berkwood Res Fairmont Res Claim Post Res

Coronado Res Arianne Phosph Abitibi Royalt Avino Silver DNI Metals Viscount Mng Northern Graph Margaret Lk Di Millstream Min EurOmax Res Ascot Res Tsodilo Res Samco Gold Reservoir Capt Timberline Res Bear Creek Mng Reservoir Mnls Gobimin Kennady Diam North Arrow Mn

RMR WRY RGM MLM MFX ZAD HMI PUC SRC DNI SGA BHV TAJ RRK TIN AUX GNG BKR FMR CPS

126 27 463 739 1232 352 128 400 187 749 121 63 209 18 15 11 183 153 205 150

0.02 0.02 0.04 0.15 0.02 0.02 0.02 0.01 0.02 0.14 0.06 0.06 0.01 0.01 0.02 0.01 0.02 0.01 0.03 0.01

0.02 0.01 0.02 0.04 0.01 0.02 0.01 0.01 0.01 0.06 0.03 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.01

0.02 0.02 0.04 0.10 0.01 0.02 0.02 0.01 0.01 0.12 0.03 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.03 0.01

+ 300.0 + 200.0 + 166.6 + 122.2 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 80.7 - 57.1 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

CRD DAN RZZ ASM DNI VML NGC DIA MLM EOX AOT TSD SGA REO TBR BCM RMC GMN KDI NAR

10500 638155 19600 16975 749268 689850 163816 71000 739240 11500 55278 26100 120500 222500 21725 827746 81744 30500 46306 214843

0.25 0.92 2.59 1.27 0.12 0.59 0.26 0.12 0.10 0.40 0.93 0.62 0.03 0.37 0.45 0.64 4.15 0.30 2.60 0.18

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

U.S. MARKETS / November 27–December 3 Comments by Federal Reserve chair Janet Yellen about a stronger U.S. economy and the risks of delaying an interest rate hike, combined with lower-than-expected stimulus from the European Central Bank, and a mass shooting in southern California that left 14 people dead, put pressure on U.S. equity markets. The Dow Jones Industrial Average fell 1.9% to 17,477.67, and the S&P 500 Index declined 1.9% to 2,049.62. Gold touched a fiveyear low of US$1,046 per oz. on Dec. 2, before recovering on Dec. 3 to close at US$1,061.60 per oz. on Dec. 3. The Philadelphia Gold & Silver Index gained 2.6% to 47.17. An updated operating and financial outlook lifted Newmont Mining’s shares US82¢ to US$18.73. Newmont forecast that its gold all-in sustaining costs (AISC) would improve from US$900 to US$960 per oz. this year to US$850 to US$950 per oz. in 2017. The company expects AISC below US$1,000 per oz. through 2020, and production between 4.5 and 5 million oz. gold per year over the next five years. Newmont expects its copper AISC will average US$1.70 per lb. in 2016, with higher-grade ore at Batu Hijau. AISC could increase slightly to US$1.80 per lb. copper in

Dec 14 Pgs 6.indd 6

2017, and to US$2.60 per lb. in 2018. The cost increase owes to low production volumes at Batu Hijau as Phase 6 ore depletes, as well as mine sequencing at Boddington though 2018. Shares of Rio Tinto were down US$1.87 to finish at US$31.80. On Nov. 27, the company approved its US$1.9-billion Amrun bauxite project. Amrun is 40 km south of Rio Tinto’s East Weipa and Andoom mines on the Cape York Peninsula in northern Queensland. The project involves building a bauxite mine with processing and port facilities, and planned initial output is 22.8 million tonnes a year. The material will replace production from U.S. most active issues VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 172039 8.48 7.63 7.68 - 0.42 Alcoa* AA 108074 9.60 8.91 8.99 - 0.42 Barrick Gold* ABX 64508 7.73 7.05 7.57 + 0.19 Consol Energy* CNX 57584 9.16 7.36 8.69 + 0.69 Newmont Mng* NEM 38962 18.94 17.24 18.73 + 0.82 Kinross Gold* KGC 37058 2.06 1.87 2.01 + 0.08 Vale* VALE 33646 3.71 3.20 3.42 - 0.31 Potash C Sask* POT 30058 20.43 19.08 19.19 - 0.66 Goldcorp* GG 29393 12.29 11.45 12.07 + 0.32 Teck Res B* TCK 26329 4.29 3.90 4.07 - 0.09

the depleting East Weipa mine. The project’s design provides options for expansion to 50 million tonnes a year, with most capital expenses scheduled for 2017 and 2018. Rio Tinto chief executive Sam Walsh described Amrun as “one of the highest-quality bauxite

projects in the world.” In other news, Rio Tinto unveiled a 187.7-carat, gem-quality rough diamond — one of the largest in Canada — from the Diavik diamond mine in the Northwest Territories. Rio Tinto owns a 60% stake in the mine.

U.S. greatest percentage change VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Arch Coal* PolyMet Mng* Harmony Gold* Solitario Ex&* Western Coppr* Ur-Energy* NovaGold Res* New Gold* Golden Mnls* Consol Energy* US Energy* Platinum Gp M* Rubicon Mnls* Tasman Mtls* Timberline Rs* Comstock Mng* Timmins Gold* Natural Rs Pt* Mesabi Trust* Avalon Rare M*

ACI PLM HMY XPL WRN URG NG NGD AUMN CNX USEG PLG RBY TAS TLR LODE TGD NRP MSB AVL

9614 636 5386 269 75 141 7556 13071 537 57584 384 754 6301 173 140 800 562 195 280 1655

1.35 1.02 0.66 0.50 0.27 0.62 4.01 2.50 0.23 9.16 0.32 0.24 0.13 0.24 0.41 0.46 0.18 1.76 6.24 0.10

1.05 0.83 0.56 0.44 0.23 0.49 3.46 2.13 0.20 7.36 0.20 0.16 0.10 0.15 0.26 0.35 0.15 1.51 5.55 0.08

1.29 0.96 0.66 0.50 0.27 0.54 3.96 2.43 0.22 8.69 0.20 0.17 0.10 0.18 0.31 0.38 0.15 1.53 5.61 0.09

+ 18.3 + 13.1 + 13.0 + 12.3 + 11.7 + 10.4 + 10.3 + 9.4 + 8.9 + 8.6 - 33.3 - 22.2 - 21.0 - 18.1 - 17.8 - 13.8 - 12.8 - 12.5 - 10.1 - 9.4

U.S. greatest value change

WEEK VOLUME CLOSE CHANGE

Randgold Res* GOLD 3282510 63.03 Newmont Mng* NEM 38961956 18.73 US Silica Hld* SLCA 2462316 21.55 Silver Wheatn* SLW 16606315 13.44 Royal Gold* RGLD 4209204 36.77 Consol Energy* CNX 57583674 8.69 Agrium* AGU 496234 97.80 Seabridge Gld* SA 2107989 8.38 Franco-Nevada* FNV 3059079 48.36 Hi-Crush Part* HCLP 476905 7.17 Rio Tinto* RIO 4173399 31.80 BHP Billi-BBL* BBL 11400619 23.74 BHP Billi-BHP* BHP 23191351 26.25 Alliance Rs P* ARLP 1217046 16.37 Compass Mnls* CMP 301102 83.13 Soc Quim&M Ch* SQM 2521775 16.45 Potash C Sask* POT 30057891 19.19 Mesabi Trust* MSB 280136 5.61 Peabody Enrgy* BTU 3513556 10.75 Freeport McMo* FCX 172038742 7.68

+ 2.65 + 0.82 + 0.76 + 0.75 + 0.70 + 0.69 + 0.68 + 0.63 + 0.45 + 0.43 - 1.87 - 1.79 - 1.28 - 1.22 - 1.20 - 0.89 - 0.66 - 0.63 - 0.53 - 0.42

15-12-08 5:49 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 7–13, 2015

M E TA L S , M I N I N G A N D M O N EY M A R K E T S spot prices Courtesy of scotiabank Tuesday, December 8, 2015 Precious Metals Price (US$/oz.) Change $1071.75 +2.50 Gold Silver $14.24 +0.03 Platinum $874.00 +45.00 Palladium $557.00 +9.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8645.00 -65.00 $4572.00 +31.00 $1695.00 +10.00 $1527.00 0.00

lme warehouse levels Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 7, 2015 (change from November 30, 2015 in brackets): Aluminium Alloy 13460 (+300) Aluminium 2872800 (-28675) Copper 235750 (-8625) Lead 124575 (-750) Nickel 394656 (-13704) Tin 5785 (+580) Zinc 528075 (-17300)

tsx short positions

producer and dealer prices

tsx warrants

Thermal Coal CAPP: US$42.22 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$43.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Jan. 2016: US$43.40; Feb. 2016: US$43.93 Cobalt: US$10.89/lb. Copper: US$2.08/lb. Copper: CME Group Futures Jan. 2016: US$2.052/lb.; Feb. 2016: US$2.054/lb Ferro-Chrome: US$1.97/kg Ferro Titanium: US$4.35/kg FerroTungsten: US$22.75/kg Ferrovanadium: US$13.68/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$38.90/tonne Iron Ore Fines: US$53.16/tonne Iron Ore Pellets: US$71.04/tonne Lead: US$0.76/lb. Magnesium: US$1.99/kg Manganese: US$1.63/kg Molybdenum Oxide: US$4.76/lb. Phosphate Rock: US$123.00/tonne Potash: US$300.00/tonne Rhodium: Mid-mkt US$710.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$14.37 per oz.; Handy & Harman Fabricated: US$17.96 per oz. Tantalite Ore: : US$132.41/kg Tin: US$6.75/lb. Uranium: U3O8, Trade Tech spot price: US$36.00/lb.; The UX Consulting Company spot price: US$36.00/lb. Zinc: US$0.70/lb. Prices current Dec. 8, 2015

Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18. Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17. Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16. Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17. Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15. Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17. Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19. Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18. IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15. Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15. MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19. New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17. Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17. Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16. RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17. Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15. Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14. Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15. Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.

tsx venture short positions

Short positions outstanding at Nov.30/15 (with changes from Nov.15/15).

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

Date Dec 7 Dec 4 Dec 3 Dec 2 Dec 1 High Low TSX Composite 13042.83 13358.77 13324.67 13463.82 13636.06 15524.75 12705.17 507.29 517.13 511.72 514.53 520.43 707.95 506.31 S&P/TSX-Ven Comp S&P TSX 60 768.54 786.74 784.38 792.93 802.96 905.09 750.26 Global Gold 131.54 136.41 128.69 126.36 128.93 195.63 114.48 TSX Metals & Mining 324.29 350.93 348.96 344.76 353.57 832.42 321.51 Gold & Silver XAU 47.30 49.95 47.17 46.54 47.69 82.19 42.72 Arca Gold Bugs 115.45 121.44 114.32 111.82 114.45 211.23 101.28

DAILY METAL PRICES Date Dec 7 Dec 4 Dec 3 Dec 2 Dec 1 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1605/1605 1600/1600 1600/1600 1605/1605 1605/1605 Aluminum 1497.50/1508 1502.50/1510 1462/1468 1459.50/1467 1441.50/1449 Copper 4592/4595 4636/4636 4524.50/4516 4588/4581 4618/4608 Lead 1685.50/1690 16671664 1640.50/1642 1638/1643 1630/1632 Nickel 8930/8960 9020/9020 8750/8800 8840/8930 8835/8870 Tin 14875/14825 14840/14825 14750/14650 15195/15150 15150/15060 Zinc 1537/1557 1525/1549 1505/1523 1530/1551 1530.50/1549 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1082.70 1063.00 1050.60 1066.90 1069.25 Gold PM 1075.80 1079.25 1055.45 1055.40 1065.40 Silver 14.49 14.13 13.93 14.14 14.21 Platinum 878.00 852.00 843.00 842.00 843.00 542.00 528.00 529.00 547.00 Palladium 557.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Dec 7 Dec 4 Dec 3 Dec 2 Dec 1 US$ in C$ 1.3508 1.3365 1.3394 1.3360 1.3372 C$ in US$ 0.7403 0.7482 0.7466 0.7485 0.7478

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15. Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17. West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19. Supplied by TMX Group Inc.

NEW 52-WEEK HIGHS AND LOWS — November 27-December 3, 2015 21 New Highs Aquila Res BCM Res Belo Sun Mng Blue Rvr Res Colombia Crest Gensource Pot Golden Share M Hinterland Mtl Honey Badger E Kings Bay Gold La Quinta Res Millstream Min MPH Vent Noram Vent NovaGold Res Signature Res Sunridge Gold TAD Mnl Expl Virginia Engy Viscount Mng Zonte Mtls

Largest short positions Largest short positions Nexgen Energy NXE 2713808 2508350 Lundin Mining LUN 40051016 962096 Nemaska Lithium NMX 867644 -157235 First Quantum Minerals FM 35729497 -5105 Gold Reserve GRZ 592500 12200 PotashCorp. POT 28998724 478688 Zenyatta Ventures ZEN 289700 700 New Gold NGD 28976311 -3893738 Equitas Resources EQT 286100 -481900 B2Gold BTO 25612616 -229086 Majestic Gold MJS 204000 -28000 Teck Resources TCK.B 21500292 2116793 Roxgold ROG 169481 -34400 Yamana Gold YRI 17216178 -1774335 Viscount Mining VML 162000 84200 Canadian Natural Res. CNQ 16753753 -1278937 Integra Gold ICG 141460 960 Kinross Gold K 16013471 -11663404 Graphite One Res. GPH 140300 140300 Barrick Gold ABX 14552515 10211 True North Gems TGX 125800 100400 Eldorado Gold ELD 11454890 505144 Galantas Gold GAL 105000 5000 Detour Gold DGC 10089967 808543 340 New Lows Aben Res Terraco Gold TEN 105000 104000 Thompson Crk Mtls TCM 8896837 -3465600 Adamera Mnls American Vanadium AVC 89000 88800 Paramount Resources POU 8788442 -750840 Adex Mining Nevada Sunrise Gold NEV 81000 0 Copper Mountain Mining CUM 8092221 -709771 African Gold G Alberta Star Largest increase in short position Largest increase in short position Alderon Iron O Nexgen Energy NXE 2713808 2508350 Teck Resources TCK.B 21500292 2116793 Aldridge Minls Graphite One Res. GPH 140300 140300 Semafo SMF 1925933 999975 Aldrin Res Alexander Nubi Terraco Gold TEN 105000 104000 Lundin Mining LUN 40051016 962096 Alexandria Mnl True North Gems. TGX 125800 100400 Detour Gold DGC 10089967 808543 Alliance Rs P* American Vanadium AVC 89000 88800 Black Iron BKI 746000 746000 Almonty Ind Altai Res Largest decrease in short position Largest decrease in short position Altima Res First Mining Finance FF 245600 -5489459 Kinross Gold K 16013471 -11663404 Alto Vent Nippon Dragon Res. NIP 23100 -1529900 New Gold NGD 28976311 -3893738 AM Gold Sunridge Gold SGC 8000 -908000 Amador Gold Thompson Crk Mtls TCM 8896837 -3465600 Amarc Res Golden Dawn Minerals GOM 4000 -517000 Yamana Gold YRI 17216178 -1774335 Amerigo Res EQT 286100 -481900 Equitas Resources Denison Mines DML 1917374 -1624362 Amex Expl

tsx venture warrants

Anaconda Mng Anfield Res Anglo-Can Mng AQM Copper Arctic Star Rs Argex Titanium Argus Metals Aroway Mnls Ascot Res Asher Res Atac Res Atico Mng Auramex Res Aurcana Corp Aureus Mng Aurvista Gold Avino Silver* Axmin Inc Azincourt Res Baja Mng Balmoral Res Bandera Gold Bard Vent Barisan Gold Barker Mnrls Batero Gold Bayswater Uran BCGold Beaufield Res Bellhaven Cp&G Belvedere Res Benton Cap Berkwood Res BHP Billi-BBL* BHP Billi-BHP* Bison Gold Res Bitterroot Res Black Widow Rs Blue Sky Uran Bold Vent Brionor Res Brixton Mtls Burnstone Vent Cadillac Vent Calibre Mng Canada Rare Ea Canada Zinc Mt Canadn Arrow Canadn Orebods

Canamex Res Candente Coppr CaNickel Mng Cap-Ex Vent Capstone Mng Castle Peak Mg Central Fund* Central GoldT* China Mnls Mng Claim Post Res Clear Mtn Res CMC Metals Colombia Crest Colombian Mins Commander Res Constant Mtl R Copper North M Copper One Coro Mining Coronet Mtls Corsa Coal Corvus Gold Crazy Horse Rs Dalton Res Ltd Darnley Bay Defiance Silvr Discovery Harb Discovery-Corp DNI Metals East Asia Mnls Eastern Platin Eastfield Res El Nino Vent Emerick Res Emgold Mng Energold Drill Energy Fuels Europn Uran Rs Everton Res Excalibur Res Fairmont Res Falcon Gold Fancamp Expl Fieldex Expl Firebird Res Firesteel Res Firestone Vent First Bauxite Fjordland Exp Focus Graphite Focus Vnt Foraco Intl Foran Mng Forsys Metals Fortune Bay Fortune Mnrls Freeport McMo* Frontline Gold Gabriel Res Gem Intl Res Gentor Res Geodex Mnrls Geologix Ex Geomega Res Getty Copper GGL Res Gitennes Expl Gobimin Gold Finder Ex Gold Mtn Mng Gold Reach Res Goldcliff Res Golden Band Golden Goliath Goldex Res Goldstar Mnls Great Atlantic Great Bear Res Great Quest Me Hansa Res Heatherdale Rs Hinterland Mtl Horizonte Mnls IBC Adv Alloys IC Potash Iconic Mnls Independence G Indigo Expl Intl Montoro R Kermode Res Kestrel Gold Khan Res Kincora Copper

Kings Bay Gold Kiska Metals Klondike Silv Laurion Mnl Ex Legend Gold Lincoln Mng MacDonald Mns Makena Res Mandalay Res Maracote Intl Margaret Lk Di Marlin Gold Matamec Expl MDN Inc Meadow Bay Gd Mega Uranium Melior Res Melkior Res Mesa Expl Metalcorp Metanor Res Micrex Devel Midas Gold Mindoro Res Mines Managem* Mines Managmnt Miranda Gold Monster Mng Mountain Boy M MPVC Mustang Minls Nebu Res Nevada Copper Nevado Res New Destiny Mg New Dimen Res New Millennium New Milln Iron New Nadina Nighthawk Gold Nikos Expl Noble Metal Gr Nomad Ventures Nortec Mnls North Am Tung North Arrow Mn Northern Abiti Northern Freeg Northern Gld M Northern Iron Northern Sup R Northisle C&G NovaCopper NovaCopper* NQ Expl Opawica Expl Oracle Mng Orca Gold Orestone Mng Orex Minls Oroco Res Pac Coal Res Pac North West Pan Global Res Peabody Enrgy* Pele Mtn Res Pershimco Res Peruvian Prc M Pinetree Cap Platinum Gp M* Platinum Gp Mt Potash C Sask* Potash Cp Sask Prime Merid Rs Prophecy Coal Puma Expl Purepoint U QMX Gold Quartz Mtn Res Quest Rare Mnl Rambler Mg&Mtl Rare Elemt Re* Red Rock Enrgy Redstar Gold Redstar Res Reliance Res Resolve Vent Reva Res Rio Tinto* RJK Explor Rochester Res RockBridge Res Rockhaven Res

Rockland Mnls Rockwell Diam Rodinia Lithm Rokmaster Res Romios Gold Rs RPT Uranium Rubicon Mnls* Rubicon Mnrls Russell Metals Rye Patch Gold Sable Res Sage Gold Samco Gold Santacruz Silv Savant Expl Scorpio Mining Sentry Sl PrmM Serengeti Res SGX Res Silver Bear Rs Silver Bull Re Silver Pursuit Silvercorp Mtl Skeena Res Slam Exploratn Slater Mng Sonora Gld & S Sprott Ph Silv Stakeholdr Gld Starcore Int V Stelmine Can Stonegate Agri Strategic Metl Sultan Mnrls SunCoke Engy* Superior Coppr TAD Mnl Expl Tajiri Res Taseko Mines Teck Res B* Teck Res B Tembo Gold Teras Res Teuton Res Thompson Creek Thompson Crk* Timberline Rs* Tinka Res Tirex Res Tribute Res Trio Gold Corp Trueclaim Expl TVI Pacific Typhoon Expl U3O8 Corp Unigold Uracan Res Uragold Bay Rs Uranium Res* US Energy* Vale* Vangold Res Vantex Res Vena Res Vendetta Mng Venerable Vent Verde Potash Vior Mining Visible Gold M VMS Vent WCB Res West Kirkland Western Copper Western Coppr* Western Pac Rs Western Potash Western Troy C Westkam Gold Wolfden Res Xmet Xtierra Zazu Metals Zena Mng Zenyatta Vent Zimtu Capital

For daily mining news, visit www.northernminer.com

EXCHANGE RATES (Bank of Canada, December 7, 2015) Currency Aus $ Euro Japan Mex P SA Rand UK £ In C$ 0.9818 1.4643 0.01095 0.07991 0.09287 2.0362 In US$ 0.7268 1.0840 0.00811 0.05916 0.06875 1.5074 GLOBAL MINING NEWS · SINCE 1915

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

Dec 14 Pgs 7.indd 7

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

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

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

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

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

15-12-08 6:33 PM

WWW.NORTHERNMINER.COM

DECEMBER 14–20, 2015 / THE NORTHERN MINER

stoc k ta b l e s

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES Trading: November 27–December 3, 2015 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 856 0.06 0.05 0.06 0.00 0.09 0.03 Abcourt Mines V 3550 0.04 0.04 0.04 0.00 0.07 0.03 0.04 - 0.01 0.08 0.03 ABE Res V 50 0.04 0.04 Aben Res V 10 0.06 0.06 0.06 - 0.01 0.30 0.06 Aberdeen Intl T 1470 0.14 0.12 0.13 + 0.01 0.19 0.11 Abitibi Royalt V 196 2.66 2.55 2.59 + 0.08 5.10 1.53 Actus Mnls V 80 0.02 0.02 0.02 0.00 0.11 0.01 0.02 - 0.01 0.05 0.02 Adamera Mnls V 2723 0.02 0.02 Adex Mining V 420 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 26866 0.13 0.10 0.11 + 0.01 0.19 0.08 Adventure Gold V 280 0.12 0.12 0.12 0.00 0.20 0.06 400 0.04 0.04 0.04 0.00 0.07 0.04 African Gold G V African Metals V 278 0.04 0.02 0.03 - 0.01 0.15 0.02 African Queen V 1150 0.02 0.02 0.02 - 0.01 0.03 0.01 Africo Res T 1017 0.54 0.37 0.47 - 0.03 0.55 0.30 Agnico-Eagle* N 83318 27.49 25.77 26.97 + 0.36 34.89 21.00 Agnico-Eagle T 38475 36.74 34.45 35.96 + 0.34 43.70 25.24 N 4962 99.57 96.37 97.80 + 0.68 116.77 86.60 Agrium* Agrium T 15188 133.25 128.22 130.54 + 0.85 146.51 105.68 Alabama Graph V 72079 0.22 0.17 0.18 0.00 0.35 0.14 Alacer Gold T 14880 2.62 2.50 2.59 + 0.02 3.23 1.99 0.03 + 0.01 0.05 0.02 Alberta Star V 4339 0.03 0.02 Alcoa* N 1080741 9.60 8.91 8.99 - 0.42 17.59 7.81 Alderon Iron O T 3472 0.13 0.11 0.12 + 0.01 0.58 0.11 0.02 0.00 0.05 0.01 Aldershot Res V 410 0.02 0.02 Aldridge Minls V 1249 0.14 0.13 0.14 0.00 0.23 0.13 Aldrin Res V 11126 0.11 0.10 0.11 + 0.01 0.26 0.10 Alexander Nubi V 5708 0.05 0.04 0.04 0.00 0.23 0.04 Alexandria Mnl V 5469 0.03 0.02 0.03 0.00 0.06 0.02 Alexco Res T 2211 0.48 0.45 0.45 - 0.01 0.81 0.34 Alexco Res* X 4975 0.36 0.33 0.34 - 0.02 0.68 0.26 Alita Res V 3903 0.07 0.06 0.06 - 0.01 0.47 0.06 Alix Res V 6030 0.05 0.04 0.05 + 0.01 0.09 0.03 Alliance Mng V 470 0.01 0.01 0.01 0.00 0.06 0.01 Alliance Rs P* Q 12170 18.01 16.31 16.37 - 1.22 47.61 16.31 Alloycorp V 250 0.02 0.02 0.02 0.00 0.07 0.01 X 2624 0.54 0.50 0.53 + 0.02 1.11 0.48 Almaden Mnls* Almaden Mnls T 545 0.71 0.67 0.70 0.00 1.57 0.65 Almonty Ind V 2172 0.31 0.25 0.31 + 0.01 0.86 0.25 Alpha Gold V 130 0.05 0.05 0.05 - 0.01 0.06 0.03 Alphamin Res V 1174 0.19 0.19 0.19 + 0.01 0.32 0.11 Altai Res V 2608 0.06 0.05 0.05 - 0.01 0.12 0.05 Altan Rio Mnls V 150 0.02 0.02 0.02 0.00 0.05 0.02 Altima Res V 4720 0.01 0.01 0.01 0.00 0.05 0.01 Altiplano Mnls V 80 0.03 0.03 0.03 0.00 0.06 0.02 Altius Mnrls T 7757 11.81 10.82 11.01 - 0.64 15.47 9.86 Alto Vent V 550 0.03 0.03 0.03 0.00 0.10 0.03 630 8.10 7.84 7.86 - 0.05 17.44 7.20 Alum Cp China* N Am Creek Res V 2484 0.05 0.05 0.05 0.00 0.10 0.03 AM Gold V 294 0.03 0.03 0.03 - 0.01 0.06 0.03 Amador Gold V 100 0.01 0.01 0.01 0.00 0.01 0.01 Amarc Res V 2722 0.07 0.06 0.06 - 0.02 0.18 0.06 Amarillo Gold V 216 0.08 0.07 0.08 + 0.01 0.15 0.04 Amato Expl V 2000 0.02 0.01 0.01 - 0.01 0.03 0.01 V 2125 0.02 0.02 0.02 0.00 0.05 0.01 American Manga American Vanad V 2394 0.08 0.07 0.08 0.00 0.34 0.05 Amerigo Res T 3851 0.21 0.17 0.18 - 0.02 0.45 0.17 Amex Expl V 430 0.03 0.03 0.03 - 0.01 0.09 0.03 Anaconda Mng T 218 0.04 0.04 0.04 - 0.01 0.07 0.04 Anconia Res V 1790 0.02 0.02 0.02 + 0.01 0.03 0.01 Anfield Nickel V 40 0.69 0.67 0.67 - 0.02 0.96 0.62 Anfield Res V 413 0.12 0.06 0.10 - 0.03 0.37 0.06 0.03 + 0.01 0.10 0.01 Angel Gold V 788 0.04 0.03 Angkor Gold V 395 0.46 0.42 0.46 + 0.03 0.64 0.38 Anglo-Bomarc V 60 0.18 0.12 0.16 - 0.03 0.30 0.02 Anglo-Can Mng V 2843 0.01 0.01 0.01 0.00 0.02 0.01 6.62 6.20 6.46 - 0.12 13.12 5.64 AngloGold Ash* N 141848 Antofagasta Gd V 3787 0.23 0.19 0.19 - 0.02 0.29 0.09 Apogee Silver V 88 0.27 0.23 0.23 - 0.05 0.65 0.18 AQM Copper V 2103 0.04 0.04 0.04 + 0.01 0.08 0.04 Aquila Res T 5912 0.21 0.16 0.20 + 0.02 0.21 0.09 Arch Coal* N 96137 1.35 1.05 1.29 + 0.20 23.30 0.80 Archon Mineral V 1 1.38 1.38 1.38 - 0.07 2.09 0.95 Arco Res V 356 0.04 0.03 0.04 - 0.01 0.09 0.03 Arctic Star Rs V 7999 0.02 0.01 0.01 - 0.01 0.07 0.01 Arcus Dev Grp V 20 0.02 0.02 0.02 0.00 0.04 0.01 Argentex Mng V 2626 0.03 0.02 0.03 - 0.01 0.08 0.02 Argex Titanium T 10597 0.06 0.04 0.04 - 0.02 0.66 0.04 Argonaut Gold T 30104 1.30 1.19 1.26 0.00 3.14 1.14 Argus Metals V 20 0.02 0.02 0.02 0.00 0.11 0.02 Arian Silver V 7957 0.22 0.13 0.13 - 0.03 0.72 0.13 Arianne Phosph V 6381 0.92 0.76 0.92 + 0.09 0.98 0.51 Armistice Res T 3462 0.30 0.27 0.29 0.00 0.52 0.22 Aroway Mnls V 2375 0.01 0.01 0.01 0.00 0.12 0.01 Arrowstar Res V 345 0.06 0.06 0.06 - 0.05 0.20 0.04 ASA (Bermuda)* N 4086 7.49 6.88 7.40 + 0.33 12.31 6.73 Asanko Gold T 39150 2.06 1.94 2.03 - 0.06 2.55 1.52 Asanko Gold* X 1660 1.54 1.45 1.52 - 0.03 1.94 1.26 Ascot Res V 552 1.10 0.93 0.93 - 0.14 2.00 0.93 Ashburton Vent V 140312 0.03 0.01 0.02 + 0.01 0.03 0.01 Asher Res V 930 0.02 0.02 0.02 0.00 0.08 0.02 AsiaBaseMetals V 125 0.05 0.05 0.05 0.00 0.14 0.04 Aston Bay V 220 0.15 0.15 0.15 + 0.01 0.20 0.08 Astur Gold V 150 0.02 0.02 0.02 0.00 0.10 0.01 Atac Res V 2703 0.33 0.30 0.33 + 0.02 0.78 0.30 Atacama Pac Gd V 250 0.15 0.15 0.15 - 0.03 0.52 0.14 Athabasca Mnls V 2635 0.31 0.26 0.27 0.00 1.35 0.20 Atico Mng V 839 0.35 0.33 0.35 + 0.01 0.70 0.33 Atlanta Gold V 160 0.06 0.05 0.06 - 0.01 0.25 0.05 Augen Gold V 167 0.05 0.04 0.04 - 0.01 0.28 0.03 Augyva Mng V 705 0.11 0.11 0.11 0.00 0.15 0.07 Aura Mnls T 771 0.08 0.07 0.08 0.00 0.12 0.06 Auramex Res V 112 0.01 0.01 0.01 - 0.01 0.02 0.01 Aurania Res V 250 0.35 0.32 0.32 - 0.03 0.45 0.30 0.10 - 0.01 0.41 0.09 Aurcana Corp V 3579 0.12 0.09 AurCrest Gold V 18080 0.03 0.01 0.03 0.00 0.04 0.01 Aureus Mng T 1300 0.28 0.12 0.12 - 0.17 0.83 0.12 Aurion Res V 239 0.06 0.06 0.06 - 0.01 0.08 0.03 0.03 - 0.01 0.09 0.03 Aurvista Gold V 1197 0.04 0.03 Avala Res V 10373 0.06 0.03 0.05 + 0.02 0.09 0.03 0.10 0.08 0.09 - 0.01 0.40 0.08 Avalon Rare M* X 16550 Avalon Rare Mt T 5212 0.13 0.12 0.12 - 0.02 0.48 0.11 Avino Silver V 169 1.30 1.19 1.27 + 0.07 2.40 1.15 Avino Silver* X 2067 1.00 0.89 0.97 + 0.06 1.97 0.89 Avnel Gold T 598 0.24 0.21 0.24 + 0.01 0.31 0.15 Avrupa Mnls V 705 0.10 0.09 0.10 - 0.01 0.40 0.07 0.01 0.00 0.03 0.01 Axmin Inc V 2180 0.01 0.01 Azimut Expl V 760 0.15 0.12 0.12 - 0.01 0.25 0.10 Azincourt Res V 351 0.06 0.04 0.06 + 0.02 0.36 0.04

B B2Gold* X 115835 B2Gold T 270041 Bacanora Mnls V 64 Baja Mng V 7272 Balmoral Res T 3063 Bandera Gold V 1560 Banks Island G V 17154 Bannerman Res T 760 Banro T 3763 X 18448 Banro* Banyan Gold V 872 Bard Vent V 10 Barisan Gold V 3522 Barker Mnrls V 1281 Barkerville Go V 26094 Barrick Gold* N 645082

Dec 14 Pgs 8 9.indd 8

1.19 1.06 1.17 + 0.08 2.38 0.98 1.58 1.40 1.55 + 0.10 2.88 1.30 1.58 1.55 1.55 + 0.06 2.05 0.56 0.02 0.02 0.02 - 0.01 0.06 0.02 0.46 0.44 0.45 - 0.01 1.35 0.44 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.02 0.03 - 0.02 0.28 0.02 0.03 0.03 0.03 0.00 0.09 0.03 0.25 0.23 0.24 - 0.01 0.47 0.14 0.19 0.17 0.18 + 0.00 0.40 0.12 0.03 0.03 0.03 + 0.01 0.10 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.14 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.25 0.22 0.24 + 0.01 0.40 0.20 7.73 7.05 7.57 + 0.19 13.70 5.91

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barrick Gold T 184848 Batero Gold V 1855 V 2044 Bayswater Uran BCGold V 50 BCM Res V 5121 Bear Creek Mng V 8277 Beaufield Res V 4190 Bellhaven Cp&G V 634 Belmont Res V 611 Belo Sun Mng T 15096 Belvedere Res V 1460 Benton Cap V 320 Benton Res V 1586 V 1529 Berkwood Res BHP Billi-BBL* N 114006 231913 BHP Billi-BHP* N Bison Gold Res V 4660 Bitterroot Res V 60 Black Iron T 15470 300 Black Isle Res V Black Widow Rs V 1100 Blind Crk Res V 114 Blue Rvr Res V 4320 Blue Sky Uran V 600 BMO Jr Gld ETF T 577 Bold Vent V 750 Bonterra Res V 8412 Bowmore Expl V 312 Bravada Gold V 357 Brazil Res V 3634 Brionor Res V 302 Brixton Mtls V 305 Burnstone Vent V 1873

10.33 9.43 10.09 + 0.19 16.54 7.89 0.06 0.06 0.06 - 0.01 0.11 0.06 0.02 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.10 0.05 0.06 + 0.01 0.10 0.02 0.71 0.61 0.64 - 0.06 1.94 0.58 0.04 0.03 0.04 + 0.01 0.06 0.03 0.06 0.03 0.03 - 0.04 0.45 0.03 0.03 0.03 0.03 + 0.01 0.09 0.02 0.30 0.22 0.27 + 0.02 0.30 0.11 0.01 0.01 0.01 0.00 0.15 0.01 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 0.00 0.06 0.03 0.01 0.01 0.01 - 0.01 0.06 0.01 24.87 23.63 23.74 - 1.79 48.87 23.63 27.36 25.91 26.25 - 1.28 50.22 25.91 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.04 0.04 0.00 0.15 0.04 0.03 0.03 0.03 0.00 0.06 0.02 0.05 0.05 0.05 0.00 0.09 0.02 0.02 0.01 0.02 0.00 0.08 0.01 0.05 0.05 0.05 0.00 0.07 0.04 0.05 0.04 0.05 + 0.02 0.05 0.03 0.05 0.05 0.05 + 0.01 0.26 0.05 5.09 4.70 5.07 + 0.21 7.65 4.45 0.02 0.02 0.02 0.00 0.06 0.02 0.24 0.19 0.19 - 0.01 0.43 0.09 0.08 0.05 0.08 - 0.02 0.11 0.03 0.05 0.04 0.04 - 0.01 0.07 0.02 0.52 0.46 0.50 + 0.01 0.85 0.43 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.05 0.06 + 0.01 0.22 0.05 0.01 0.01 0.01 0.00 0.04 0.01

Cabot Corp* N 25824 Cache Expl V 2410 Cadan Res V 605 Cadillac Vent V 237 T 377 Caledonia Mng Calibre Mng V 7064 Calico Res V 40 Callinex Mines V 1016 Cameco Corp* N 62823 Cameco Corp T 39740 Camino Mnls V 368 Canada Carbon V 8127 Canada Rare Ea V 1524 Canada Zinc Mt V 1946 Canadn Arrow V 2040 Canadn Int Mnl V 6410 Canadn Mining V 1130 Canadn Orebods V 3200 Canadn Zinc T 11739 Canamex Res V 2710 Canarc Res T 1301 Canasil Res V 45 Cancana Res V 1254 T 13084 Candente Coppr CaNickel Mng T 1169 Canoe Mng Vnt V 250 Canstar Res V 951 Canterra Mnls V 2552 Cantex Mn Dev V 98 Canuc Res V 25 Cap-Ex Vent V 910 Capstone Mng T 88341 Cardero Res T 187 Cariboo Rose V 20 Caribou King R V 2518 Carlin Gold V 2370 Carlisle Goldf T 5254 Carmax Mng V 672 Castillian Res V 265 Castle Peak Mg V 3870 Catalyst Coppr V 81 Caza Gold V 134 CB Gold V 170 Centamin T 1583 Centerra Gold T 23171 Central Fund* X 39180 Central Fund T 2247 Central Gold-T T 29 Central GoldT* X 2915 Centurion Mnls V 204 Champion Bear V 305 Champion Iron T 2245 V 149 Chesapeake Gld Chiboug Ind Mn V 131 Chilean Gold V 1775 China Gold Int T 5840 China Mnls Mng V 300 Claim Post Res V 1495 Claude Res T 67940 Clear Mtn Res V 600 Cliffs Nat Rs* N 169952 Clifton Star V 509 Cloud Peak En* N 18845 CMC Metals V 5041 Coeur Mng* N 74333 Colibri Res V 44 Colombia Crest V 1000 V 870 Colombian Mins Colonial Coal V 1785 Colorado Res V 560 Colt Res V 1778 Columbus Gold V 732 Comet Inds V 80 Commander Res V 381 Commerce Res V 4668 Compass Mnls* N 3011 V 73 Compliance Eny Comstock Mng* X 8003 Condor Res V 350 Confedertn Mls V 1140 Cons Richland V 93 Cons Woodjam C V 51 Consol Energy* N 575836 Constant Mtl R V 4590 Contintl Gold T 22465 Contl Precious T 1153 Copper Fox Mtl V 4242 Copper Mtn Mng T 19659 Copper North M V 15840 Copper One V 3195 Coral Gold V 867 Corazon Gold V 54 Cordoba Mnls V 9726 Corex Gold V 3590 Cornerstone Ca V 11025 Coro Mining T 4220 Coronado Res V 105 Coronet Mtls V 760 Corsa Coal V 12070 Corvus Gold T 4055 Crazy Horse Rs V 190 Cresval Cap V 600 Critical Elem V 3000 Crown Gold V 488

44.23 42.68 43.30 + 0.13 48.00 30.70 0.12 0.10 0.10 - 0.01 0.16 0.05 0.06 0.04 0.05 + 0.02 0.12 0.03 0.01 0.01 0.01 0.00 0.11 0.01 0.80 0.78 0.80 + 0.01 1.06 0.59 0.07 0.06 0.07 0.00 0.19 0.06 0.08 0.08 0.08 - 0.01 0.19 0.06 0.35 0.31 0.32 + 0.01 0.40 0.16 12.52 11.86 11.88 - 0.19 18.89 11.60 16.77 15.82 15.86 - 0.23 21.98 15.50 0.08 0.08 0.08 - 0.01 0.26 0.05 0.29 0.28 0.28 - 0.01 0.32 0.18 0.03 0.03 0.03 0.00 0.11 0.03 0.12 0.11 0.12 - 0.01 0.35 0.11 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 + 0.01 0.05 0.01 0.10 0.09 0.10 + 0.01 0.18 0.05 0.02 0.02 0.02 0.00 0.06 0.02 0.09 0.06 0.08 + 0.02 0.25 0.06 0.03 0.03 0.03 0.00 0.18 0.03 0.07 0.06 0.06 0.00 0.10 0.03 0.04 0.04 0.04 0.00 0.07 0.03 0.18 0.16 0.16 + 0.01 0.32 0.15 0.04 0.03 0.04 - 0.01 0.13 0.03 0.04 0.03 0.03 - 0.02 0.23 0.03 0.04 0.04 0.04 - 0.01 0.24 0.02 0.05 0.04 0.05 + 0.01 0.10 0.03 0.04 0.04 0.04 + 0.01 0.09 0.04 0.04 0.03 0.04 0.00 0.06 0.03 0.07 0.07 0.07 - 0.09 0.35 0.06 0.01 0.01 0.01 0.00 0.04 0.01 0.43 0.36 0.36 - 0.06 2.15 0.36 0.18 0.15 0.15 - 0.01 0.45 0.10 0.03 0.03 0.03 0.00 0.07 0.02 0.09 0.07 0.09 + 0.01 0.22 0.05 0.01 0.01 0.01 0.00 0.02 0.01 0.48 0.41 0.46 + 0.03 0.64 0.16 0.03 0.03 0.03 0.00 0.07 0.02 0.10 0.04 0.05 0.00 0.14 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.15 0.15 0.15 0.00 0.35 0.11 0.03 0.03 0.03 0.00 0.09 0.03 0.05 0.04 0.05 + 0.01 0.14 0.03 1.27 1.22 1.25 + 0.02 1.40 0.80 7.60 7.10 7.32 - 0.03 8.67 4.87 10.16 9.91 10.08 - 0.04 13.73 9.91 13.57 13.26 13.45 - 0.02 16.89 12.60 50.52 49.70 50.45 - 0.05 57.25 44.14 38.06 37.25 37.77 - 0.23 46.73 37.25 0.06 0.05 0.06 + 0.03 0.40 0.04 0.07 0.06 0.06 - 0.01 0.15 0.05 0.17 0.15 0.16 - 0.01 0.23 0.07 2.09 1.87 2.01 - 0.04 2.59 1.39 0.04 0.03 0.03 - 0.01 0.05 0.02 0.03 0.03 0.03 0.00 0.08 0.02 1.95 1.83 1.90 0.00 2.72 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 - 0.01 0.11 0.01 0.78 0.71 0.73 + 0.01 0.82 0.27 0.01 0.01 0.01 0.00 0.03 0.01 2.42 2.14 2.19 - 0.11 9.39 2.07 0.17 0.13 0.15 0.00 0.25 0.06 2.91 2.56 2.64 - 0.04 11.90 2.42 0.03 0.03 0.03 - 0.01 0.08 0.03 2.70 2.47 2.63 + 0.04 7.45 2.34 0.03 0.03 0.03 + 0.01 0.23 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.02 0.03 - 0.01 0.13 0.02 0.08 0.05 0.08 + 0.01 0.15 0.03 0.07 0.06 0.07 0.00 0.16 0.06 0.15 0.11 0.14 + 0.02 0.30 0.05 0.39 0.35 0.37 - 0.01 0.55 0.31 1.25 1.22 1.22 - 0.08 1.75 1.00 0.01 0.01 0.01 - 0.01 0.04 0.01 0.09 0.08 0.09 + 0.01 0.22 0.07 85.18 82.57 83.13 - 1.20 95.68 77.13 0.06 0.05 0.06 + 0.01 0.40 0.04 0.46 0.35 0.38 - 0.06 1.19 0.35 0.04 0.03 0.03 - 0.01 0.07 0.02 0.04 0.03 0.04 - 0.01 0.09 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.09 0.02 9.16 7.36 8.69 + 0.69 39.22 6.38 0.07 0.05 0.06 0.00 0.18 0.05 1.73 1.44 1.64 + 0.11 3.28 1.29 0.31 0.28 0.31 + 0.01 0.71 0.25 0.14 0.12 0.12 - 0.02 0.37 0.10 0.51 0.40 0.49 + 0.07 2.20 0.38 0.04 0.03 0.04 0.00 0.09 0.03 0.04 0.03 0.04 0.00 0.35 0.03 0.08 0.07 0.07 - 0.01 0.20 0.06 0.18 0.18 0.18 0.00 0.38 0.11 0.13 0.12 0.13 + 0.01 0.25 0.08 0.07 0.04 0.06 + 0.02 0.09 0.03 0.04 0.03 0.03 - 0.01 0.11 0.02 0.02 0.02 0.02 + 0.01 0.08 0.02 0.25 0.15 0.25 + 0.10 0.70 0.13 0.10 0.04 0.10 + 0.01 0.39 0.04 0.04 0.03 0.03 - 0.01 0.22 0.03 0.48 0.33 0.46 + 0.10 1.23 0.33 0.01 0.01 0.01 0.00 0.07 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.22 0.20 0.21 0.00 0.30 0.16 0.07 0.04 0.07 + 0.03 0.08 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Currie Rose Rs V 55 0.01 0.01 0.01 0.00 0.02 0.01 CVR Partners* N 1093 8.89 8.37 8.39 - 0.27 16.12 8.11 0.04 0.00 0.30 0.02 Cypress Dev V 906 0.05 0.04

D-F Dajin Res V 97033 Dalradian Res T 5497 271 Dalton Res Ltd V Darnley Bay V 1353 Decade Res V 6840 Defiance Silvr V 2690 T 27059 Denison Mines Denison Mines* X 3448 Desert Gold V 344 Detour Gold T 38696 Diagnos V 4617 Diamcor Mng V 532 Dios Expl V 125 Discovery Harb V 580 Discovery Vent V 75716 Discovery-Corp V 4830 DNI Metals V 7492 Dolly Vard Sil V 808 Dominion Diam* N 4911 Dominion Diam T 7720 Doubleview Cap V 4556 Dundee Prec Mt T 20394 Duran Vent V 1664 Durango Res V 3000 Dynacor Gold M T 650 Dynasty Gold V 510 Dynasty Met&Mn T 1952 Eagle Plains V 1629 East Asia Mnls V 25049 Eastern Platin T 4317 Eastfield Res V 20 Eastmain Res T 9114 Eco Oro Mnls T 1394 Ecuador G & C V 27782 V 1520 Edgewater Expl El Nino Vent V 370 Eldorado Gold* N 35739 Eldorado Gold T 172085 Electra Gold V 59425 Eloro Minls V 14 Ely Gold & Mnl V 3625 Emerick Res V 1643 Emgold Mng V 21 Encanto Potash V 11837 Endeavour Mng T 21153 Endeavr Silver T 3522 Endeavr Silve* N 2472 Energizer Res T 76581 Energold Drill V 2673 Energy Fuels T 3401 Entourage Mtls V 2000 Entree Gold* X 951 Entree Gold T 554 Equitas Res V 27746 Equitorial Exp V 38139 Erdene Res Dev T 1656 Erin Ventures V 4926 Eskay Mng V 1570 Ethos Gold V 733 Eurasian Mnls* X 477 Eureka Res V 115 EurOmax Res V 115 Europn Uran Rs V 153 Eurotin V 150 Everton Res V 5147 Evolving Gold C 324 Evrim Res V 585 Excalibur Res C 2010 Excellon Res T 6968 Excelsior Mng V 4284 Exeter Res* X 1919 Exeter Res T 396 Explor Res V 2574 Faircourt Gold T 201 Fairmont Res V 2045 Falco Res V 2522 Falcon Gold V 2140 Fancamp Expl V 9060 V 420 Feronia Ferrum Am Mng V 2250 Fieldex Expl V 400 Firebird Res V 500 Firesteel Res V 2285 Firestone Vent V 144 First Bauxite V 757 First Lithium V 7525 First Majesti* N 38987 First Majestic T 21160 First Mexican V 1975 First Point T 8460 First Quantum T 263454 Fission 3.0 V 14282 Fjordland Exp V 1100 Flinders Res V 638 Focus Graphite V 5594 Focus Vnt V 857 Foraco Intl T 455 Foran Mng V 1667 Formation Mtls T 502 Forsys Metals T 1308 Fortuna Silver T 12259 13342 Fortuna Silvr* N Fortune Bay T 381 Fortune Mnrls T 4747 Forum Uranium V 794 Franco-Nevada* N 30590 Franco-Nevada T 24651 Freegold Vent T 599 Freeport McMo* N 1720387 Frontline Gold V 2010

0.15 0.11 0.12 + 0.02 0.16 0.04 0.70 0.62 0.64 - 0.07 1.16 0.61 0.13 0.09 0.13 + 0.03 0.36 0.09 0.02 0.01 0.02 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.12 0.01 0.07 0.06 0.06 - 0.01 0.19 0.06 0.55 0.49 0.50 - 0.01 1.25 0.48 0.41 0.37 0.37 - 0.01 1.06 0.36 0.10 0.09 0.10 + 0.01 0.90 0.08 14.61 13.01 14.31 + 0.89 16.86 7.75 0.06 0.04 0.06 + 0.01 0.11 0.04 0.99 0.89 0.95 + 0.01 1.45 0.80 0.08 0.06 0.06 - 0.02 0.10 0.04 0.01 0.01 0.01 0.00 0.11 0.01 0.17 0.16 0.16 - 0.01 0.25 0.09 0.03 0.03 0.03 0.00 0.14 0.03 0.14 0.06 0.12 + 0.06 0.22 0.06 0.21 0.19 0.19 - 0.01 0.90 0.11 8.44 8.12 8.22 - 0.01 20.30 8.11 11.25 10.82 10.97 - 0.09 24.60 10.78 0.13 0.10 0.11 - 0.03 0.19 0.07 1.40 1.29 1.33 - 0.07 3.76 1.26 0.02 0.02 0.02 0.00 0.04 0.01 0.05 0.04 0.05 0.00 0.08 0.03 1.62 1.53 1.62 0.00 2.59 1.30 0.02 0.02 0.02 0.00 0.03 0.01 0.23 0.21 0.21 0.00 0.96 0.20 0.07 0.05 0.05 - 0.01 0.08 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.71 0.61 0.71 + 0.01 2.26 0.61 0.02 0.02 0.02 - 0.01 0.05 0.02 0.39 0.33 0.35 + 0.01 0.62 0.17 0.60 0.44 0.44 - 0.13 0.95 0.16 0.03 0.02 0.02 + 0.01 0.07 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.04 0.01 3.20 2.96 3.13 + 0.04 7.99 2.45 4.29 3.93 4.16 + 0.03 9.68 3.26 0.11 0.09 0.11 + 0.03 0.14 0.04 0.12 0.11 0.11 - 0.01 0.20 0.05 0.07 0.05 0.05 - 0.01 0.08 0.03 0.14 0.13 0.13 - 0.01 0.30 0.13 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.05 0.06 0.00 0.16 0.04 6.28 0.57 6.11 - 0.07 7.60 0.38 2.02 1.82 2.00 + 0.08 3.83 1.64 1.52 1.36 1.51 + 0.05 3.16 1.25 0.12 0.06 0.09 + 0.02 0.16 0.03 0.48 0.33 0.42 + 0.04 1.32 0.33 2.90 2.47 2.80 + 0.22 8.54 2.47 0.07 0.05 0.06 - 0.01 0.22 0.03 0.26 0.24 0.26 + 0.01 0.51 0.08 0.34 0.32 0.33 + 0.01 0.66 0.18 0.13 0.10 0.12 + 0.01 0.22 0.04 0.10 0.08 0.08 - 0.01 0.20 0.07 0.14 0.12 0.12 0.00 0.17 0.09 0.08 0.06 0.06 - 0.02 0.11 0.04 0.14 0.08 0.11 + 0.03 0.20 0.01 0.16 0.14 0.14 - 0.04 0.23 0.11 0.51 0.45 0.47 - 0.03 0.84 0.40 0.05 0.05 0.05 0.00 0.16 0.02 0.40 0.35 0.40 + 0.05 0.57 0.17 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.02 0.02 - 0.02 0.06 0.01 0.02 0.01 0.01 0.00 0.05 0.01 0.06 0.06 0.06 0.00 0.10 0.02 0.11 0.11 0.11 + 0.01 0.24 0.10 0.01 0.01 0.01 - 0.01 0.05 0.01 0.25 0.22 0.23 - 0.04 1.15 0.21 0.23 0.21 0.22 - 0.01 0.39 0.19 0.35 0.31 0.33 + 0.01 0.72 0.29 0.47 0.42 0.44 + 0.03 0.82 0.39 0.07 0.06 0.06 - 0.01 0.09 0.04 2.65 2.48 2.61 - 0.08 4.38 2.42 0.03 0.02 0.03 - 0.03 0.24 0.02 0.25 0.24 0.25 + 0.01 0.69 0.23 0.01 0.01 0.01 0.00 0.14 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.20 0.20 0.20 0.00 0.45 0.07 0.02 0.02 0.02 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.02 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.03 0.03 0.00 0.09 0.03 0.35 0.30 0.31 - 0.04 0.37 0.18 3.51 3.11 3.43 + 0.17 7.15 2.66 4.69 4.17 4.58 + 0.20 8.55 3.54 0.06 0.05 0.06 + 0.01 0.07 0.02 0.06 0.04 0.04 - 0.01 0.10 0.04 5.21 4.74 4.98 - 0.14 20.05 4.41 0.07 0.06 0.07 + 0.01 0.14 0.06 0.02 0.01 0.01 0.00 0.04 0.01 0.19 0.16 0.17 - 0.01 0.50 0.12 0.10 0.09 0.09 - 0.02 0.53 0.09 0.12 0.11 0.11 - 0.01 0.27 0.11 0.18 0.15 0.15 - 0.03 0.77 0.15 0.10 0.08 0.09 - 0.02 0.48 0.08 0.11 0.09 0.11 + 0.02 0.22 0.09 0.14 0.12 0.12 0.00 0.36 0.12 3.41 3.10 3.35 + 0.06 6.30 2.65 2.56 2.34 2.52 + 0.11 5.25 2.00 0.31 0.26 0.31 + 0.04 0.43 0.26 0.03 0.02 0.02 0.00 0.18 0.02 0.05 0.05 0.05 0.00 0.12 0.04 49.22 46.95 48.36 + 0.45 58.84 38.20 65.73 62.81 64.51 + 0.63 74.10 49.96 0.10 0.09 0.10 0.00 0.24 0.07 8.48 7.63 7.68 - 0.42 27.20 7.63 0.01 0.01 0.01 0.00 0.01 0.01

Gabriel Res T 5679 Galane Gold V 971 Galantas Gold V 82 Galore Res V 100 Galway Gold V 4044 Galway Mtls V 104 GAMCO Glb Gld* X 18211 Garibaldi Res V 5838 Gem Intl Res V 250 General Moly* X 4496 Gensource Pot V 2990 Gentor Res V 80 Geodex Mnrls V 85 Geodrill T 102 Geologix Ex T 701 Geomega Res V 1501 Georox Res V 260 Getty Copper V 1800 GGL Res V 75 Gitennes Expl V 300 Glen Eagle Res V 1780

0.18 0.15 0.15 - 0.04 0.86 0.15 0.08 0.07 0.08 0.00 0.22 0.06 0.15 0.09 0.15 + 0.04 0.18 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.08 0.06 0.07 0.00 0.12 0.05 0.11 0.10 0.11 + 0.01 0.16 0.09 5.16 5.03 5.03 - 0.02 7.89 4.90 0.16 0.14 0.15 - 0.01 0.22 0.05 0.05 0.05 0.05 - 0.01 0.26 0.05 0.29 0.26 0.27 + 0.00 1.00 0.25 0.07 0.06 0.06 - 0.01 0.07 0.04 0.03 0.03 0.03 0.00 0.11 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.51 0.50 0.50 0.00 0.99 0.46 0.03 0.02 0.03 + 0.01 0.05 0.02 0.08 0.06 0.06 - 0.01 0.29 0.06 0.05 0.05 0.05 + 0.01 0.14 0.04 0.03 0.02 0.03 + 0.01 0.07 0.02 0.02 0.02 0.02 - 0.01 0.06 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 - 0.01 0.20 0.03

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Global Hunter V 40 Globex Mng T 227 V 305 Gobimin GoGold Res T 337 Gold Bulln Dev V 7545 153015 Gold Fields* N 37 Gold Finder Ex V Gold Mtn Mng V 1810 95 Gold Reach Res V Gold Reserve V 451 11655 X Gold Resource* V 3599 Gold Std Vnt Gold Std Vnt* X 3382 Goldcliff Res V 80 T 107163 Goldcorp 293932 Goldcorp* N 933 Golden Arrow R V Golden Band V 20150 Golden Dawn Ml V 30907 V 1826 Golden Goliath Golden Hope V 842 Golden Mnls T 281 Golden Mnls* X 5366 864 Golden Peak Mn V V 225 Golden Predatr Golden Queen T 364 Golden Reign R V 3397 133 Golden Share M V Golden Star T 922 21876 Golden Star* X Golden Tag V 200 Golden Val Min V 2035 Goldex Res V 250 Goldeye Expl V 20 Goldfield* X 1253 T 6608 Goldgroup Mng V 3341 GoldQuest Mng V 526 Goldrock Mines Goldrush Res V 4590 V 3158 Goldsource Min Goldstar Mnls V 50 V 3164 Goldstrike Res Gowest Gold V 2179 T 1161 Gran Colombia 40 Granite Ck Gld V Graphite One R V 26982 Great Atlantic V 792 900 Great Bear Res V 11048 X Great Panther* Great Panther T 2792 Great Quest Me V 1731 Green Swan Cap V 1530 V 1645 Greencastle Rs Grenville Gold V 10 Gresham Res V 13177 Grizzly Discvr V 745 V 374 Groundstar Res 340 GTA Res & Mng V Gunpoint Expl V 870 T 18965 Guyana Gldflds 650 Guyana Prec Mt V GWR Res V 5075 Hansa Res V 140 Happy Ck Minls V 2195 53861 N Harmony Gold* Harte Gold T 13565 Harvest Gold V 960 V 1055 Heatherdale Rs 234946 Hecla Mining* N Helio Res V 1110 Hi-Crush Part* N 4769 Highbank Res V 1086 Highland Res V 970 Hinterland Mtl V 1275 V 1187 Homestake Res Honey Badger E V 30755 Horizns G Bear T 47110 Horizns G Bull T 36532 T 850 Horizonte Mnls Hornby Bay Mnl V 1375 Houston Lake V 1879 HudBay Minls T 33933 643 HudBay Mnls* N Hudson Res V 281 Hunt Mng V 120

0.02 0.03 0.00 0.06 0.03 0.02 0.16 0.26 0.00 0.37 0.27 0.26 0.30 0.30 - 0.05 0.51 0.33 0.30 1.10 1.16 0.00 1.67 1.16 1.14 0.03 0.03 0.03 0.00 0.06 0.02 2.04 2.46 + 0.02 6.01 2.61 2.37 0.02 0.02 0.02 0.00 0.07 0.02 0.04 0.03 0.03 - 0.02 0.14 0.03 0.10 0.10 0.10 - 0.01 0.50 0.10 2.48 3.80 + 0.05 5.39 3.99 3.75 1.99 2.30 + 0.04 3.96 2.35 2.20 0.76 0.67 0.73 + 0.02 0.89 0.40 0.57 0.50 0.55 - 0.04 0.63 0.26 0.01 0.01 0.00 0.02 0.01 0.01 15.05 16.10 + 0.22 30.95 16.43 15.30 11.30 12.07 + 0.32 25.00 12.29 11.45 0.24 0.20 0.23 + 0.01 0.50 0.18 0.01 0.01 0.00 0.01 0.01 0.01 0.10 0.08 0.10 + 0.01 0.30 0.02 0.01 0.01 - 0.01 0.02 0.02 0.01 0.08 0.24 - 0.03 0.64 0.25 0.23 0.26 0.30 + 0.03 0.91 0.30 0.26 0.19 0.22 + 0.02 0.68 0.23 0.20 0.06 0.05 0.05 - 0.01 0.08 0.04 0.07 0.12 - 0.01 0.15 0.12 0.12 0.65 0.76 + 0.07 1.68 0.80 0.71 0.09 0.07 0.08 - 0.01 0.13 0.05 0.09 0.08 0.08 0.00 0.09 0.03 0.20 0.25 - 0.02 0.51 0.27 0.24 0.16 0.19 - 0.01 0.42 0.20 0.19 0.02 0.04 + 0.01 0.08 0.04 0.03 0.10 0.08 0.09 0.00 0.21 0.08 0.02 0.02 0.00 0.08 0.02 0.02 0.03 0.04 0.00 0.06 0.04 0.04 1.20 1.66 - 0.06 2.85 1.73 1.66 0.05 0.07 0.00 0.24 0.10 0.07 0.07 0.12 0.00 0.20 0.13 0.12 0.15 0.23 0.00 0.40 0.23 0.21 0.01 0.03 0.00 0.03 0.03 0.02 0.13 0.17 0.00 0.26 0.17 0.15 0.01 0.01 0.00 0.04 0.01 0.01 0.05 0.12 + 0.02 0.21 0.12 0.09 0.05 0.09 - 0.01 0.10 0.09 0.08 0.12 0.13 + 0.01 0.63 0.15 0.12 0.01 0.01 0.01 0.00 0.04 0.01 0.10 0.09 0.09 + 0.01 0.14 0.07 0.04 0.04 - 0.02 0.30 0.05 0.04 0.04 0.02 0.03 - 0.01 0.09 0.02 0.30 0.49 + 0.01 0.85 0.50 0.45 0.40 0.65 + 0.03 1.00 0.66 0.60 0.17 0.13 0.15 - 0.02 1.00 0.13 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.06 + 0.01 0.09 0.08 0.06 0.04 0.09 + 0.03 0.15 0.09 0.09 0.46 0.75 0.00 0.95 0.79 0.73 0.03 0.06 - 0.01 0.10 0.07 0.06 0.03 0.04 - 0.01 0.11 0.04 0.04 0.03 0.03 0.03 + 0.01 0.10 0.03 0.14 0.16 - 0.01 0.20 0.17 0.16 2.19 3.06 + 0.09 4.48 3.15 2.76 0.12 0.12 0.12 0.00 0.33 0.08 0.01 0.06 + 0.01 0.08 0.07 0.05 0.01 0.01 0.00 0.03 0.01 0.01 0.10 0.09 0.10 + 0.01 0.17 0.08 0.53 0.66 + 0.08 3.18 0.66 0.56 0.04 0.08 0.00 0.10 0.09 0.08 0.01 0.02 - 0.01 0.06 0.02 0.02 0.01 0.02 + 0.01 0.05 0.02 0.01 1.77 1.97 - 0.01 3.54 2.02 1.88 0.02 0.02 - 0.01 0.07 0.02 0.02 8.34 6.27 7.17 + 0.43 40.66 5.09 0.05 0.06 - 0.01 0.25 0.06 0.06 0.10 0.11 - 0.01 0.45 0.12 0.11 0.01 0.02 + 0.01 0.02 0.02 0.01 0.01 0.03 + 0.01 0.04 0.03 0.02 0.03 0.02 0.03 + 0.01 0.03 0.01 14.18 12.32 12.69 - 0.64 20.33 8.50 16.90 14.81 16.45 + 0.65 44.30 13.75 0.03 0.03 0.00 0.08 0.03 0.03 0.04 0.03 0.03 + 0.01 0.10 0.03 0.09 0.13 - 0.01 0.20 0.15 0.13 6.22 5.65 6.08 + 0.19 12.61 4.82 4.65 4.25 4.57 + 0.28 10.37 3.62 0.22 0.43 - 0.02 0.55 0.47 0.42 0.02 0.02 + 0.01 0.40 0.02 0.02

I-Minerals V 2125 27386 Iamgold* N T 36803 Iamgold IBC Adv Alloys V 18747 IC Potash T 9597 Iconic Mnls V 1043 IMPACT Silver V 1384 453 Imperial Metal T 612 Inca One Res V V 1776 Independence G Indico Res V 571 Indigo Expl V 2000 Inspiration Mg T 390 Integra Gold V 54836 Intigold Mines V 965 819 Intl Bethl Mng V Intl Lithium V 5609 973 Intl Montoro R V Intl Northair V 2030 394 Intl Tower Hi* X 394 T Intl Tower Hil Intrepid Pots* N 9295 INV Metals T 1352 125 ISh COMEX G Tr T Ivanhoe Mines T 34028 Jaguar Mng V 322 Jasper Mng V 315 V 100 Jet Gold Kaminak Gold V 7563 Karnalyte Res T 883 Katanga Mng T 3022 Kennady Diam V 463 Kermode Res V 5090 Kesselrun Res V 500 Kestrel Gold V 1810 Khalkos Expl V 457 Khan Res C 980 V 2154 Kilo Goldmines V 600 Kincora Copper Kings Bay Gold V 36930 130986 Kinross Gold T 370575 Kinross Gold* N Kirkland Lk Gd T 13525 Kiska Metals V 322 Kivalliq Enrgy V 5944 Klondex Mns T 17653 Klondike Gold V 1544 Klondike Silv V 3581 Knick Expl V 620 Kobex Mnls V 1477 V 17287 Kombat Copper

0.14 0.28 + 0.04 0.31 0.28 0.25 1.16 1.56 + 0.01 3.39 1.62 1.45 1.50 2.10 + 0.04 4.09 2.16 1.95 0.09 0.07 0.08 - 0.02 0.15 0.07 0.05 0.05 - 0.01 0.31 0.07 0.05 0.03 0.03 0.00 0.09 0.03 0.03 0.14 0.15 0.00 0.34 0.16 0.14 7.23 6.60 7.00 + 0.29 13.69 6.01 0.11 0.11 0.11 - 0.01 0.29 0.09 0.06 0.06 0.00 0.11 0.06 0.06 0.02 0.06 - 0.01 0.16 0.07 0.06 0.01 0.01 0.00 0.02 0.01 0.01 0.04 0.12 - 0.01 0.28 0.12 0.10 0.18 0.32 - 0.01 0.37 0.33 0.30 0.03 0.10 0.00 0.32 0.13 0.09 0.04 0.03 0.04 - 0.02 0.10 0.02 0.02 0.08 + 0.01 0.09 0.08 0.06 0.03 0.03 0.03 + 0.01 0.10 0.03 0.04 0.04 0.00 0.10 0.05 0.04 0.26 0.24 0.25 + 0.00 0.62 0.20 0.33 0.31 0.32 - 0.03 0.75 0.26 3.67 3.29 3.32 - 0.06 15.09 3.19 0.08 0.11 + 0.01 0.29 0.11 0.09 13.81 13.55 13.61 + 0.02 15.78 12.61 0.61 0.65 - 0.02 1.36 0.69 0.63 0.12 0.16 - 0.04 0.65 0.19 0.16 0.02 0.03 0.00 0.07 0.04 0.03 0.03 0.05 + 0.01 0.13 0.05 0.05 0.61 0.77 - 0.01 1.15 0.78 0.74 0.52 0.84 + 0.01 1.33 0.88 0.77 0.13 0.14 0.00 0.39 0.15 0.14 2.50 2.60 - 0.05 5.95 2.70 2.56 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.03 - 0.01 0.06 0.03 0.03 0.02 0.02 - 0.01 0.07 0.02 0.02 0.05 0.07 + 0.01 0.12 0.08 0.07 0.35 0.36 - 0.05 0.80 0.45 0.35 0.04 0.09 + 0.03 0.14 0.11 0.07 0.02 0.02 0.00 0.04 0.02 0.02 0.01 0.01 0.01 0.00 0.01 0.01 1.79 2.69 + 0.07 4.48 2.76 2.50 1.35 2.01 + 0.08 3.71 2.06 1.87 4.79 4.59 4.75 - 0.01 6.88 2.79 0.02 0.02 0.00 0.07 0.02 0.02 0.06 0.09 + 0.01 0.20 0.10 0.08 1.78 2.78 + 0.06 3.87 2.80 2.56 0.08 0.10 - 0.01 0.28 0.12 0.10 0.02 0.03 + 0.01 0.05 0.03 0.02 0.01 0.02 0.00 0.03 0.02 0.02 0.46 0.54 + 0.04 0.65 0.54 0.50 0.02 0.03 + 0.01 0.11 0.03 0.02

I-J-K

15-12-08 6:06 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 14â&#x20AC;&#x201C;20, 2015

s toc k ta b l e s (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kootenay Gold V 1228 0.24 0.21 0.22 - 0.04 0.56 0.20

L La Quinta Res V 1024 Labdr I-Ore Ro T 12128 25 Lago Dourado M V Lake Shore Gd* X 19463 Lake Shore Gld T 141752 Lara Expl V 176 Laramide Res T 18221 Largo Res V 3397 Latin Am Mnls V 2770 Laurion Mnl Ex V 9740 Legend Gold V 1068 Lexam VG Gold T 1732 Lincoln Mng V 1100 Lion One Mtls V 444 Lomiko Mtls V 15374 Loncor Res T 400 Lorraine Coppr V 3400 Lowell Copper V 350 Lucara Diam T 34672 Luna Gold T 127 Lundin Mng T 71878 Lydian Intl T 37038

0.02 0.02 0.02 + 0.01 0.02 0.01 13.26 12.38 12.42 - 0.88 19.85 10.81 0.06 0.06 0.06 - 0.02 0.15 0.05 0.77 0.70 0.77 + 0.02 1.14 0.60 1.02 0.93 1.02 + 0.01 1.38 0.70 0.24 0.22 0.23 - 0.02 0.45 0.20 0.35 0.21 0.32 + 0.09 0.44 0.15 0.31 0.23 0.23 + 0.03 2.11 0.15 0.02 0.01 0.01 0.00 0.11 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.03 0.03 0.00 0.14 0.03 0.08 0.07 0.07 + 0.01 0.11 0.06 0.03 0.03 0.03 0.00 0.12 0.03 0.37 0.33 0.37 - 0.01 0.60 0.17 0.04 0.03 0.04 + 0.01 0.09 0.03 0.04 0.04 0.04 + 0.01 0.13 0.02 0.05 0.04 0.05 + 0.01 0.08 0.03 0.25 0.25 0.25 + 0.02 0.50 0.21 2.35 2.10 2.17 + 0.06 2.39 1.42 0.05 0.05 0.05 + 0.01 0.45 0.03 3.80 3.62 3.76 + 0.02 6.46 3.56 0.31 0.23 0.26 + 0.01 0.70 0.23

MacDonald Mns V 2569 MacMillan Mnls V 123 Mag Silver T 6753 Mag Silver* X 389 Magellan Minls V 4608 Majestic Gold V 8709 Major Drilling T 2914 Makena Res V 13378 Malbex Res V 620 Mandalay Res T 8482 Manitou Gold V 1150 Manson Creek V 462 Maracote Intl V 100 Marathon Gold T 8346 Margaret Lk Di V 710 Marifil Mines V 1305 Marlin Gold V 585 Mason Graphite V 4438 Matamec Expl V 2286 Mawson Res T 307 Mawson West T 2237 Maya Gold & Si V 666 MBAC Fertilizr T 7136 McEwen Mng* N 8862 McEwen Mng T 2888 MDN Inc T 2978 MDU Res* N 167426 Meadow Bay Gd T 2394 Mechel* N 4576 Medallion Res V 4440 Mega Copper V 59 Mega Uranium T 16409 Melior Res V 4800 Melkior Res V 1330 Menika Mining V 650 Merrex Gold V 666 Mesa Expl V 180 Mesabi Trust* N 2801 Metalcorp V 230 Metalex Vent V 2574 Metallis Res V 1310 Metalore Res T 3 Metals Ck Res V 805 Metanor Res V 8744 Micrex Devel V 300 Midas Gold T 3440 Midland Expl V 410 Migao T 965 Millrock Res V 1317 Millstream Min V 7392 Minas Buenavn* N 76273 Minaurum Gold V 7349 Minco Gold* X 2195 Minco Gold T 392 Minco Silver T 4498 Mindoro Res V 978 Mineral Mtn Rs V 4480 Mines Managem* X 1669 Mines Managmnt T 40 Minfocus Expl V 12320 Miranda Gold V 1664 Mirasol Res V 1111 Mkango Res V 2280 Monarques Res V 1213 Moneta Porcpn T 21835 Monster Mng V 290 Montero Mg&Ex V 5170 Monument Mng V 310 Mosaic* N 234354 400 Mountain Boy M V Mountain Prov T 3379 MPH Vent V 20 MPVC V 3020 Mundoro Cap V 3030 Mustang Minls V 3600

0.01 0.01 0.01 0.00 0.02 0.01 0.20 0.17 0.17 - 0.02 0.24 0.05 9.49 9.12 9.28 - 0.10 11.00 6.90 7.08 6.83 6.92 - 0.01 9.17 5.60 0.06 0.05 0.05 - 0.01 0.10 0.04 0.08 0.07 0.07 0.00 0.10 0.03 5.19 4.82 5.08 - 0.07 7.49 3.75 0.03 0.02 0.02 - 0.01 0.06 0.02 0.03 0.03 0.03 - 0.01 0.06 0.01 0.74 0.69 0.70 - 0.01 1.04 0.69 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.25 0.01 0.17 0.14 0.17 + 0.02 0.38 0.11 0.12 0.07 0.12 + 0.06 0.26 0.07 0.02 0.02 0.02 - 0.01 0.02 0.01 0.25 0.20 0.22 - 0.03 1.09 0.20 0.42 0.38 0.39 - 0.01 0.73 0.36 0.03 0.02 0.03 0.00 0.07 0.02 0.24 0.20 0.21 + 0.01 0.30 0.15 0.03 0.02 0.02 0.00 0.09 0.01 0.16 0.14 0.14 - 0.02 0.31 0.11 0.03 0.03 0.03 + 0.01 0.17 0.01 0.92 0.84 0.92 + 0.03 1.54 0.65 1.22 1.12 1.19 + 0.02 1.74 0.84 0.02 0.02 0.02 - 0.01 0.08 0.02 17.91 17.13 17.58 - 0.09 25.12 16.15 0.11 0.09 0.10 0.00 0.31 0.09 0.97 0.87 0.88 + 0.01 1.88 0.42 0.04 0.03 0.03 + 0.01 0.07 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02 0.06 0.05 0.06 - 0.01 0.21 0.05 0.02 0.02 0.02 0.00 0.12 0.02 0.02 0.01 0.02 + 0.01 0.06 0.01 0.14 0.14 0.14 + 0.01 0.15 0.05 0.14 0.13 0.13 - 0.02 0.23 0.05 0.03 0.02 0.02 - 0.01 0.04 0.02 6.24 5.55 5.61 - 0.63 18.59 5.53 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.06 0.07 - 0.01 0.12 0.03 0.03 0.02 0.02 0.00 0.14 0.01 2.69 2.65 2.65 + 0.25 3.72 2.40 0.07 0.06 0.06 - 0.02 0.28 0.05 0.04 0.03 0.04 0.00 0.09 0.03 0.01 0.01 0.01 0.00 0.05 0.01 0.29 0.26 0.26 - 0.02 0.60 0.26 0.60 0.56 0.60 + 0.04 0.77 0.47 0.60 0.55 0.59 + 0.04 1.16 0.50 0.24 0.19 0.21 + 0.01 0.55 0.15 0.15 0.04 0.10 + 0.06 0.15 0.01 4.91 4.50 4.78 + 0.06 12.51 4.35 0.05 0.04 0.04 - 0.01 0.10 0.04 0.17 0.12 0.13 - 0.01 0.35 0.10 0.23 0.16 0.18 - 0.02 0.39 0.12 0.37 0.34 0.36 - 0.01 0.81 0.32 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.25 0.22 0.22 - 0.02 0.74 0.22 0.33 0.30 0.31 - 0.03 0.85 0.30 0.02 0.01 0.01 + 0.01 0.04 0.01 0.07 0.06 0.06 - 0.01 0.12 0.06 0.84 0.75 0.76 - 0.02 1.16 0.72 0.03 0.02 0.03 0.00 0.19 0.01 0.07 0.07 0.07 0.00 0.13 0.06 0.13 0.12 0.12 - 0.01 0.15 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.02 0.02 - 0.01 0.06 0.01 0.11 0.09 0.09 - 0.01 0.16 0.08 32.25 30.43 31.03 - 0.16 53.83 29.61 0.01 0.01 0.01 0.00 0.02 0.01 3.75 3.41 3.65 - 0.02 5.50 3.38 0.11 0.11 0.11 + 0.03 0.11 0.04 0.02 0.02 0.02 - 0.01 0.10 0.02 0.08 0.07 0.07 - 0.01 0.19 0.06 0.01 0.01 0.01 0.00 0.02 0.01

Namibia Rare E T 340 Natural Rs Pt* N 1949 Nautilus Minls T 2837 Nebu Res V 32 Nemaska Lith V 37450 Nevada Clean M V 5479 Nevada Copper T 651 Nevada Expl V 878 V 2085 Nevada Sunrise Nevado Res V 280 Nevsun Res T 11659 Nevsun Res* X 5525 New Carolin Gd V 4971 New Destiny Mg V 400 New Dimen Res V 92 New Gold T 72748 New Gold* X 130705 New Millennium V 6252 New Milln Iron T 4307 New Nadina V 980 New Pac Metals T 41 Newmac Res V 30 Newmont Mng* N 389619 Newport Expl V 24688 NGEx Res T 1146 Nighthawk Gold V 5650 Nikos Expl V 237 Niogold Mng V 863 Nippon Dragon V 5354 Noble Metal Gr V 520 Noka Res V 2862 Nomad Ventures V 1785 Noram Vent V 4500 Nordex V 855

0.05 0.05 0.05 + 0.01 0.22 0.04 1.76 1.51 1.53 - 0.22 12.29 1.48 0.34 0.28 0.31 - 0.03 0.55 0.24 0.01 0.01 0.01 0.00 0.05 0.01 0.38 0.33 0.35 + 0.02 0.45 0.15 0.04 0.03 0.03 - 0.01 0.06 0.03 0.75 0.70 0.70 0.00 2.03 0.70 0.42 0.35 0.40 - 0.04 0.94 0.05 0.21 0.17 0.18 - 0.05 0.53 0.13 0.01 0.01 0.01 - 0.01 0.06 0.01 3.78 3.58 3.60 - 0.06 5.35 3.41 2.83 2.68 2.71 + 0.01 4.36 2.57 0.05 0.05 0.05 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.09 0.04 3.33 2.85 3.25 + 0.23 6.04 2.52 2.50 2.13 2.43 + 0.21 5.12 1.90 0.11 0.07 0.11 + 0.03 0.36 0.07 0.06 0.05 0.06 + 0.01 0.27 0.05 0.02 0.01 0.01 0.00 0.03 0.01 0.20 0.20 0.20 0.00 0.23 0.14 0.06 0.06 0.06 - 0.01 0.29 0.06 18.94 17.24 18.73 + 0.82 27.90 15.39 0.24 0.21 0.22 + 0.01 0.49 0.20 0.78 0.61 0.62 - 0.14 1.28 0.44 0.05 0.04 0.04 - 0.01 0.35 0.04 0.02 0.02 0.02 0.00 0.15 0.02 0.30 0.26 0.28 - 0.01 0.43 0.22 0.13 0.11 0.12 + 0.01 0.15 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.04 0.04 0.00 0.26 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.03 0.02 0.02 0.00 0.03 0.01 0.12 0.10 0.12 + 0.04 0.43 0.06

N-O

Dec 14 Pgs 8 9.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Noront Res V 3065 Nortec Mnls V 388 North Am En P* N 430 North Am En Pa T 1358 North Am Nickl V 2079 124 North Am Pall T North Am Tung V 13705 North Arrow Mn V 2148 Northcliff Res T 3275 Northern Abiti V 1110 Northern Dyn* X 4078 Northern Dyn M T 8328 Northern Freeg V 410 Northern Gld M V 6605 Northern Graph V 1638 Northern Iron V 506 Northern Shiel V 2270 Northern Sup R V 3132 Northern Vertx V 110 Northisle C&G V 623 Northquest V 1795 NovaCopper T 471 NovaCopper* X 2765 NovaGold Res T 15299 X 75557 NovaGold Res* NQ Expl V 20 NSGold V 10 NSX Silver V 378 NuLegacy Gold V 1773 Nunavik Nickel V 10 Oban Mng T 2809 OceanaGold T 98166 Oceanic Iron O V 145 Oceanus Res V 1345 Odin Mng & Exp V 4753 Olivut Res V 44 Olympic Res V 745 Omineca Mg&Mtl V 587 Opawica Expl V 25 Opta Minls T 106 Oracle Mng V 5680 Orbit Garant D T 995 Orbite Alumnae T 55818 Orca Gold V 495 Orefinders Res V 320 Orestone Mng V 500 Orex Expl V 500 Orex Minls V 320 Orezone Gold T 25564 Oroco Res V 110 Orocobre T 1090 Orofino Mnls V 66 Orosur Mng T 781 Orvana Mnrls T 3257 Otis Gold V 1147

0.44 0.41 0.41 - 0.04 0.67 0.25 0.02 0.02 0.02 0.00 0.04 0.02 2.25 1.93 2.08 - 0.04 4.86 1.60 3.00 2.57 2.76 - 0.09 5.72 2.10 0.13 0.09 0.12 + 0.03 0.28 0.08 4.09 3.97 4.00 - 0.01 188.00 3.85 0.01 0.01 0.01 0.00 0.06 0.01 0.20 0.17 0.18 - 0.05 1.34 0.17 0.10 0.07 0.08 - 0.01 0.24 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.32 0.29 0.30 - 0.01 0.72 0.28 0.43 0.39 0.40 0.00 0.83 0.37 0.05 0.04 0.05 + 0.01 0.15 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.28 0.19 0.26 + 0.06 0.89 0.18 0.02 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.04 0.02 0.23 0.22 0.22 - 0.03 0.26 0.09 0.02 0.02 0.02 0.00 0.06 0.02 0.30 0.26 0.26 + 0.01 0.32 0.07 0.55 0.40 0.55 + 0.09 0.93 0.40 0.35 0.30 0.34 - 0.03 0.74 0.30 5.36 4.64 5.31 + 0.43 5.36 2.94 4.01 3.46 3.96 + 0.37 4.25 2.56 0.01 0.01 0.01 0.00 0.02 0.01 0.07 0.07 0.07 + 0.04 0.15 0.03 0.03 0.03 0.03 + 0.01 0.07 0.02 0.11 0.09 0.09 - 0.02 0.17 0.08 0.04 0.04 0.04 0.00 0.18 0.04 1.17 1.10 1.12 - 0.03 3.40 1.09 2.61 2.44 2.52 + 0.02 3.15 1.70 0.17 0.15 0.15 0.00 0.30 0.08 0.21 0.17 0.18 - 0.03 0.38 0.14 0.35 0.30 0.32 + 0.05 0.50 0.21 0.13 0.10 0.13 + 0.01 0.18 0.08 0.14 0.13 0.14 - 0.01 0.32 0.03 0.06 0.02 0.03 0.00 0.11 0.01 0.01 0.01 0.01 0.00 0.03 0.01 1.25 0.75 1.00 + 0.28 2.35 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.79 0.64 0.69 - 0.06 1.50 0.62 0.48 0.42 0.44 - 0.05 0.53 0.20 0.17 0.15 0.15 - 0.01 0.43 0.15 0.02 0.02 0.02 0.00 0.10 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.13 0.11 0.13 + 0.02 0.34 0.11 0.30 0.24 0.29 + 0.04 0.61 0.22 0.02 0.02 0.02 0.00 0.06 0.02 1.53 1.40 1.45 0.00 2.88 1.38 0.08 0.08 0.08 0.00 0.20 0.05 0.13 0.11 0.11 - 0.01 0.24 0.10 0.17 0.15 0.16 0.00 0.49 0.13 0.09 0.08 0.08 - 0.03 0.14 0.02

Pac Bay Mnrls V 61 Pac Booker Min V 119 Pac Booker Mn* X 13 Pac Coal Res V 208 Pac Iron Ore V 60 369 Pac North West V Pac Ridge Expl V 204 Paladin Energy T 5354 Palmer Res V 2056 Pan Am Silver T 11464 Pan Am Silver* Q 73076 Pan Global Res V 145 Pancontl Uran V 4000 Panoro Minls V 1450 Peabody Enrgy* N 35135 Peat Res V 30 Pelangio Expl V 1389 Pele Mtn Res V 2438 Peregrine Diam T 7940 Perseus Mng T 5486 V 10260 Pershimco Res Peruvian Prc M V 27615 Philippine Mtl V 100 Pilot Gold T 4912 Pinecrest Res V 160 Pinetree Cap T 12929 Plata Latina M V 30 Platinum Gp M* X 7537 Platinum Gp Mt T 37151 Playfair Mng V 878 Polaris Minls T 929 PolyMet Mng* X 6358 PolyMet Mng T 362 Potash C Sask* N 300578 Potash Cp Sask T 93194 Precipitate Gl V 590 Premier Gold M T 20705 Pretium Res* N 23412 Pretium Res T 15237 Prime Merid Rs V 37 Primero Mng T 25056 Primero Mng* N 5387 Probe Mines V 1346 Prophecy Coal T 4686 Prospero Silve V 193 Puma Expl V 700 Purepoint U V 11936 Q-Gold Res V 460 QMX Gold V 1347 Quartz Mtn Res V 100 Quaterra Res V 6022 Quest Rare Mnl T 2483

0.06 0.05 0.05 - 0.04 0.10 0.02 2.11 1.95 2.01 - 0.03 6.90 1.02 1.61 1.49 1.50 - 0.10 5.75 1.04 0.01 0.01 0.01 0.00 0.26 0.01 0.28 0.28 0.28 - 0.03 0.39 0.10 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.04 0.02 0.23 0.21 0.22 - 0.01 0.41 0.15 0.01 0.01 0.01 0.00 0.05 0.01 9.76 9.03 9.57 + 0.22 15.06 7.77 7.31 6.75 7.17 + 0.21 12.05 5.85 0.01 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.13 0.12 0.13 + 0.01 0.30 0.09 11.68 10.29 10.75 - 0.53 157.43 10.29 0.01 0.01 0.01 0.00 0.03 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.03 0.03 0.03 0.00 0.09 0.03 0.16 0.15 0.15 0.00 0.39 0.13 0.34 0.31 0.34 + 0.02 0.48 0.18 0.15 0.11 0.12 - 0.02 0.26 0.11 0.05 0.04 0.04 - 0.01 0.18 0.04 0.02 0.02 0.02 0.00 0.05 0.02 0.29 0.27 0.28 0.00 1.27 0.27 0.07 0.06 0.06 - 0.02 0.50 0.06 0.06 0.05 0.05 0.00 0.21 0.05 0.03 0.03 0.03 0.00 0.12 0.01 0.24 0.16 0.17 - 0.05 0.70 0.16 0.32 0.22 0.24 - 0.07 0.88 0.22 0.05 0.03 0.04 - 0.01 0.08 0.01 1.52 1.45 1.48 - 0.02 2.83 1.37 1.02 0.83 0.96 + 0.11 1.37 0.55 1.35 1.10 1.29 + 0.23 1.75 0.76 20.43 19.08 19.19 - 0.66 37.60 19.08 27.28 25.52 25.59 - 1.12 47.10 25.52 0.09 0.09 0.09 0.00 0.21 0.07 2.40 2.12 2.37 + 0.10 2.92 1.61 5.85 5.33 5.82 + 0.20 7.56 4.26 7.81 7.11 7.76 + 0.14 9.05 5.57 0.05 0.05 0.05 - 0.01 0.19 0.05 3.16 2.88 3.10 + 0.03 6.06 2.56 2.36 2.16 2.31 + 0.11 5.02 1.93 0.40 0.37 0.40 + 0.03 0.56 0.15 0.03 0.02 0.03 + 0.01 0.08 0.02 0.08 0.08 0.08 + 0.01 0.25 0.05 0.04 0.04 0.04 - 0.01 0.18 0.04 0.03 0.02 0.03 + 0.01 0.07 0.02 0.02 0.02 0.02 0.00 0.06 0.01 0.02 0.01 0.02 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.09 0.07 0.08 + 0.01 0.15 0.04 0.08 0.07 0.07 + 0.01 0.29 0.07

Rackla Mtls V 295 Radisson Mng V 1255 Radius Gold V 1566 Rainy Mtn Royl V 15 Rambler Mg&Mtl V 1040 Randgold Res* Q 32825 Range Engy Res C 1000 Rapier Gold V 118 Rare Elemnt Rs T 110 Rare Elemt Re* X 3616 Rathdowney Res V 20 Red Eagle Mng V 3660 Red Pine Expl V 4165 Red Rock Enrgy V 175 Red Tiger Mng V 409 Redhawk Res T 770 Redstar Gold V 1800 Redstar Res V 1474 Redzone Res V 75 Regal Res C 100 Regulus Res V 210 Reliance Res V 570 Reliant Gold V 50 Remington Res V 4625 Renaissnc Gold V 278 Reservoir Capt V 2225 Reservoir Mnls V 817

0.06 0.05 0.06 - 0.01 0.13 0.03 0.11 0.09 0.10 - 0.01 0.15 0.08 0.08 0.07 0.07 - 0.01 0.11 0.06 0.03 0.03 0.03 0.00 0.09 0.02 0.07 0.06 0.07 - 0.01 0.47 0.06 64.07 59.87 63.03 + 2.65 85.84 54.88 0.03 0.03 0.03 - 0.02 0.10 0.01 0.05 0.05 0.05 + 0.01 0.08 0.01 0.26 0.26 0.26 0.00 1.31 0.24 0.20 0.19 0.19 - 0.00 1.06 0.19 0.17 0.17 0.17 0.00 0.35 0.11 0.29 0.27 0.27 0.00 0.36 0.23 0.08 0.07 0.08 + 0.01 0.18 0.03 0.01 0.01 0.01 - 0.01 0.06 0.01 0.05 0.03 0.04 + 0.01 0.17 0.02 0.06 0.04 0.05 + 0.01 0.11 0.04 0.03 0.03 0.03 - 0.01 0.06 0.03 0.03 0.02 0.02 0.00 0.10 0.02 0.09 0.09 0.09 + 0.01 0.50 0.06 0.07 0.05 0.07 + 0.02 0.15 0.03 0.21 0.19 0.20 - 0.01 0.54 0.00 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.04 0.02 0.04 + 0.03 0.05 0.01 0.18 0.17 0.17 + 0.02 0.34 0.14 0.47 0.37 0.37 - 0.09 0.62 0.23 4.24 4.05 4.15 - 0.06 5.09 3.60

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Resolve Vent V 30 Reunion Gold V 6160 Reva Res V 20 Revolver Res V 1093 Rhino Res* N 394 V 1370 Richmond Mnls Richmont Mines T 2021 X 4639 Richmont Mine* Rio Novo Gold T 2613 Rio Silver V 180 Rio Tinto* N 41733 Riverside Res V 3532 RJK Explor V 6655 Robex Res V 2999 Rochester Res V 978 Rock Tech Lith V 527 V 30 RockBridge Res Rockhaven Res V 3489 Rockland Mnls V 46 Rockridge Cap V 80 Rockwell Diam T 2918 Rodinia Lithm V 8585 Rogue Iron Ore V 29947 Rokmaster Res V 7970 Rome Res V 1262 Romios Gold Rs V 2995 V 15524 Roxgold Royal Cdn Mint T 871 Royal Gold T 167 Royal Gold* Q 42092 Royal Nickel T 25716 RPT Uranium V 725 Rubicon Mnls* X 63013 106691 Rubicon Mnrls T Running Fox Rs V 1200 Rupert Res V 310 Rusoro Mng V 8630 Russell Metals T 13679 Rye Patch Gold V 3289

0.04 0.04 0.04 - 0.01 0.07 0.04 0.01 0.01 0.01 - 0.01 0.10 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.08 0.02 0.57 0.41 0.43 - 0.02 2.91 0.38 0.06 0.04 0.05 - 0.01 0.14 0.03 4.18 3.97 4.13 + 0.03 4.55 3.07 3.13 2.98 3.06 - 0.02 3.68 2.27 0.13 0.10 0.10 - 0.01 0.16 0.07 0.03 0.03 0.03 + 0.01 0.04 0.01 33.47 31.52 31.80 - 1.87 50.06 31.52 0.16 0.15 0.16 + 0.01 0.33 0.14 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.08 + 0.01 0.12 0.05 0.03 0.03 0.03 0.00 0.15 0.03 0.09 0.04 0.09 + 0.04 0.10 0.03 0.02 0.02 0.02 - 0.01 0.09 0.02 0.14 0.10 0.12 - 0.02 0.27 0.10 0.02 0.02 0.02 - 0.01 0.06 0.02 0.06 0.06 0.06 - 0.01 0.18 0.04 0.17 0.12 0.13 - 0.04 0.35 0.12 0.01 0.01 0.01 0.00 0.05 0.01 0.13 0.09 0.11 + 0.02 0.16 0.02 0.02 0.01 0.02 0.00 0.05 0.01 0.02 0.02 0.02 + 0.02 0.10 0.01 0.04 0.02 0.03 0.00 0.05 0.02 0.68 0.62 0.66 + 0.04 0.77 0.48 15.28 15.00 15.15 - 0.04 17.41 14.13 49.97 47.41 49.12 + 1.27 95.64 45.92 37.48 35.37 36.77 + 0.70 77.20 34.42 0.20 0.17 0.18 + 0.01 0.59 0.15 0.29 0.20 0.22 - 0.03 0.41 0.20 0.13 0.10 0.10 - 0.03 1.35 0.10 0.18 0.14 0.15 - 0.03 1.63 0.14 0.02 0.02 0.02 + 0.01 0.02 0.01 0.04 0.03 0.03 0.00 0.11 0.03 0.04 0.03 0.03 - 0.01 0.07 0.01 18.26 16.61 16.63 - 1.61 32.20 16.61 0.12 0.11 0.12 0.00 0.20 0.11

Sabina Gd&Slvr T 20605 Sable Res V 92 Sage Gold V 340 Saint Jean Car V 2445 Salazar Res V 1017 Sama Res V 1260 Samco Gold V 1205 San Marco Res V 2840 Sanatana Diam V 830 V 654 Sandspring Res Sandstorm Gld* X 18083 Sandstorm Gold T 6947 Santa Fe Metls V 3325 Santacruz Silv V 5060 Sarama Res V 735 Satori Res V 253 Saturn Minls V 8863 Savant Expl V 4010 Scorpio Gold V 1520 Scorpio Mining T 4822 Seabridge Gld* N 21079 Seabridge Gold T 4380 Search Mnls V 420 Secova Mtls V 10045 T 46899 Semafo Senator Minls V 21 Sennen Res V 6276 Sentry Sl PrmM T 1276 Serengeti Res V 325 SGX Res V 330 Sherritt Intl T 64790 Shore Gold T 10433 Sienna Res V 365 Sierra Iron Or V 845 Sierra Metals T 761 Signature Res V 6800 Silver Bear Rs T 6825 Silver Bull Re T 570 Silver Predatr V 213 Silver Pursuit V 25 Silver Range R V 1050 Silver Spruce V 2320 Silver Std Res T 15962 Silver Std Re* Q 53274 Silver Wheatn* N 166063 Silver Wheaton T 56020 Silvercorp Mtl T 16841 Silvermet V 2405 Silvore Fox Ml V 1978 Sirios Res V 5227 Skeena Res V 2113 Skyharbour Res V 7702 Slam Exploratn V 585 Slater Mng V 896 SnipGold V 580 SNS Silver V 3079 Soc Quim&M Ch* N 25217 Softrock Mnrl V 107 Solitario Ex&R T 855 Solitario Ex&* X 2687 Sona Res V 500 Sonora Gld & S V 22 Sonoro Mtls V 15 Source Expl V 360 Southern Arc V 62 Southern Silvr V 10 Spanish Mtn Gd V 3286 Sparton Res V 972 360 Sprott Ph Silv T Sprott Res T 2650 Spruce Ridge R V 542 St Andrew Gldf T 39953 St Augustine T 430 St-Georges Plt C 18890 Stakeholdr Gld V 1868 Standard Graph V 100 Stans Energy V 2226 Starcore Int V T 3023 Stellar Pac Vt V 44 Stelmine Can V 1428 Stillwater Mg* N 55672 Stonegate Agri T 952 Stornoway Diam T 55982 Strategic Metl V 2553 Strategic Res V 191 Stratton Res V 24 Strike Graph V 610 StrikePoint Gd V 17560 Strongbow Expl V 120 Sulliden Mng C T 709 Sultan Mnrls V 1130 SunCoke Engy* N 6889 Sunridge Gold V 13917 Superior Coppr V 19295 Sutter Gold V 200

0.61 0.55 0.56 - 0.04 0.64 0.28 0.01 0.01 0.01 - 0.01 0.07 0.01 0.06 0.04 0.06 + 0.02 0.17 0.04 0.05 0.04 0.04 - 0.01 0.06 0.01 0.07 0.05 0.07 + 0.03 0.17 0.03 0.16 0.12 0.12 - 0.01 0.28 0.10 0.06 0.03 0.03 - 0.11 0.80 0.03 0.03 0.02 0.02 0.00 0.10 0.02 0.03 0.03 0.03 0.00 0.09 0.02 0.16 0.15 0.15 + 0.01 0.44 0.13 2.74 2.55 2.68 + 0.02 4.40 2.20 3.66 3.40 3.61 + 0.12 5.30 2.88 0.02 0.01 0.02 + 0.01 0.03 0.01 0.13 0.10 0.12 - 0.02 0.43 0.10 0.08 0.06 0.06 - 0.02 0.12 0.04 0.04 0.03 0.03 - 0.01 0.35 0.02 0.13 0.10 0.13 + 0.02 0.24 0.10 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.05 0.06 0.00 0.20 0.05 0.14 0.13 0.13 0.00 0.28 0.13 8.57 7.33 8.38 + 0.63 9.89 3.31 11.44 9.81 11.20 + 0.88 12.60 4.34 0.06 0.05 0.05 - 0.01 0.13 0.03 0.06 0.05 0.05 - 0.01 0.09 0.03 3.31 3.05 3.26 + 0.09 4.49 2.46 0.09 0.06 0.06 - 0.03 0.17 0.02 0.13 0.11 0.11 0.00 1.35 0.10 2.10 2.00 2.10 + 0.02 3.49 2.00 0.02 0.02 0.02 - 0.01 0.08 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.84 0.73 0.73 - 0.12 3.25 0.70 0.21 0.20 0.21 0.00 0.31 0.13 0.02 0.02 0.02 0.00 0.04 0.01 0.39 0.34 0.36 - 0.04 0.62 0.07 1.15 0.97 1.15 - 0.03 2.13 0.84 0.04 0.02 0.02 + 0.01 0.04 0.01 0.02 0.02 0.02 0.00 0.10 0.02 0.06 0.05 0.06 - 0.01 0.30 0.05 0.02 0.02 0.02 + 0.01 0.04 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.05 0.04 0.04 + 0.01 0.11 0.02 0.07 0.07 0.07 0.00 0.10 0.02 7.53 6.87 7.39 + 0.29 10.56 4.86 5.64 5.12 5.54 + 0.22 8.02 4.12 13.71 12.46 13.44 + 0.75 24.22 11.03 18.33 16.65 17.93 + 0.72 29.86 14.62 0.86 0.73 0.74 - 0.06 2.00 0.73 0.04 0.03 0.03 - 0.01 0.10 0.02 0.03 0.02 0.02 - 0.01 0.10 0.00 0.10 0.08 0.10 + 0.03 0.13 0.06 0.06 0.06 0.06 0.00 0.13 0.06 0.04 0.03 0.04 + 0.01 0.07 0.02 0.02 0.01 0.02 0.00 0.06 0.01 0.03 0.02 0.03 - 0.01 0.05 0.02 0.05 0.05 0.05 - 0.01 0.11 0.04 0.45 0.37 0.40 + 0.02 0.50 0.05 17.80 15.63 16.45 - 0.89 26.40 12.65 0.02 0.02 0.02 - 0.01 0.03 0.01 0.66 0.62 0.63 + 0.06 1.18 0.57 0.50 0.44 0.50 + 0.06 1.05 0.40 0.03 0.02 0.03 + 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.06 0.06 - 0.04 0.19 0.04 0.03 0.02 0.02 0.00 0.10 0.02 0.32 0.32 0.32 0.00 1.00 0.25 0.04 0.04 0.04 0.00 0.13 0.03 0.03 0.03 0.03 - 0.01 0.05 0.02 0.03 0.03 0.03 - 0.01 0.04 0.01 5.56 5.31 5.37 + 0.02 7.43 5.31 0.58 0.49 0.49 - 0.04 2.08 0.45 0.02 0.02 0.02 + 0.01 0.06 0.01 0.43 0.40 0.42 + 0.01 0.44 0.21 0.12 0.11 0.11 - 0.01 0.18 0.07 0.04 0.02 0.02 0.00 0.05 0.01 0.02 0.01 0.01 + 0.01 0.28 0.01 0.01 0.01 0.01 + 0.01 0.04 0.01 0.03 0.02 0.02 0.00 0.13 0.01 0.08 0.08 0.08 - 0.01 0.17 0.08 0.02 0.02 0.02 - 0.01 0.14 0.01 0.01 0.01 0.01 + 0.01 0.05 0.01 9.54 8.98 9.21 - 0.24 15.37 8.36 0.02 0.02 0.02 0.00 0.06 0.02 0.84 0.75 0.77 - 0.03 0.85 0.46 0.28 0.24 0.26 - 0.01 0.37 0.24 0.02 0.02 0.02 + 0.01 0.08 0.02 0.08 0.08 0.08 - 0.02 0.15 0.06 0.02 0.02 0.02 0.00 0.15 0.02 0.03 0.02 0.02 - 0.01 0.08 0.01 0.07 0.07 0.07 + 0.01 0.18 0.05 0.26 0.26 0.26 0.00 0.49 0.19 0.01 0.01 0.01 0.00 0.02 0.01 3.85 3.35 3.49 - 0.20 20.56 3.35 0.27 0.25 0.26 + 0.01 0.27 0.13 0.02 0.01 0.02 0.00 0.05 0.01 0.05 0.05 0.05 0.00 0.15 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TAD Mnl Expl V 26870 Tahoe Res* N 14490 Tahoe Res T 28101 Taipan Res V 615 Tajiri Res V 2090 Takara Res V 4206 Talon Metals T 680 Tanz Roy Exp T 887 Tanz Roy Exp* X 4783 Taseko Mines* X 6168 Taseko Mines T 3195 Tasman Metals V 801 Tasman Mtls* X 1725 Tearlach Res V 250 T 21 Teck Res A Teck Res B* N 263291 Teck Res B T 174359 Tembo Gold V 2150 Teranga Gold T 31910 Teras Res V 8784 Terraco Gold V 4470 Terrax Minls V 1365 Teuton Res V 172 Themac Res V 60 Thompson Creek T 75963 Thompson Crk* N 18144 Thor Expl V 25 Tiger Intl V 11 Tiller Res V 320 Timberline Res V 217 Timberline Rs* X 1399 Timmins Gold* X 5624 Timmins Gold T 38950 Tinka Res V 3539 Tintina Res V 1445 Tirex Res V 3954 Titanium Corp V 1475 TNR Gold V 1010 TomaGold V 1674 Torex Gold T 58314 Transition Mtl V 880 Treasury Metal T 1025 Tres-Or Res V 1980 Trevali Mng T 50302 Tri Origin Exp V 2770 Tribute Res V 270 TriMetals Mng T 4924 150 Trio Gold Corp V Troymet Expl V 375 True Gold Mng V 7652 True North Gem V 7787 Trueclaim Expl V 200 Tsodilo Res V 261 Turquoise HIl* N 25223 Turquoise Hill T 53112 TVI Pacific T 2800 Typhoon Expl V 64

0.01 0.01 0.01 0.00 0.01 0.01 9.27 8.57 9.20 + 0.33 16.36 7.33 12.37 11.51 12.29 + 0.20 20.02 9.66 0.14 0.11 0.13 0.00 3.05 0.10 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.03 0.00 0.06 0.01 0.13 0.09 0.11 0.00 0.32 0.08 0.42 0.39 0.40 - 0.01 1.38 0.32 0.32 0.29 0.31 - 0.00 1.11 0.25 0.39 0.34 0.35 - 0.02 1.34 0.32 0.52 0.46 0.46 - 0.03 1.59 0.46 0.31 0.21 0.25 - 0.02 0.99 0.21 0.24 0.15 0.18 - 0.04 0.79 0.15 0.06 0.06 0.06 + 0.01 0.14 0.02 8.66 8.15 8.19 - 0.37 22.64 7.74 4.29 3.90 4.07 - 0.09 16.40 3.90 5.73 5.22 5.42 - 0.28 20.58 5.22 0.02 0.01 0.01 0.00 0.06 0.01 0.51 0.48 0.50 0.00 0.82 0.39 0.06 0.04 0.04 - 0.01 0.14 0.04 0.13 0.11 0.12 - 0.01 0.19 0.07 0.29 0.26 0.29 + 0.01 0.44 0.23 0.05 0.04 0.04 0.00 0.28 0.04 0.01 0.01 0.01 - 0.01 0.03 0.01 0.43 0.23 0.32 0.00 2.19 0.23 0.32 0.18 0.24 + 0.01 1.80 0.18 0.03 0.03 0.03 - 0.02 0.07 0.02 0.20 0.20 0.20 0.00 0.30 0.12 0.05 0.05 0.05 0.00 0.13 0.04 0.57 0.45 0.45 - 0.08 0.91 0.35 0.41 0.26 0.31 - 0.07 0.80 0.26 0.18 0.15 0.15 - 0.02 1.27 0.14 0.23 0.19 0.20 - 0.03 1.53 0.19 0.15 0.10 0.15 + 0.01 0.43 0.10 0.08 0.06 0.07 - 0.01 0.15 0.04 0.11 0.07 0.10 - 0.03 0.35 0.07 0.93 0.80 0.85 + 0.04 1.55 0.60 0.02 0.02 0.02 0.00 0.03 0.01 0.05 0.04 0.05 + 0.01 0.13 0.04 1.20 1.14 1.16 - 0.03 1.65 0.85 0.13 0.11 0.13 + 0.01 0.27 0.06 0.46 0.42 0.43 - 0.01 0.62 0.25 0.02 0.02 0.02 0.00 0.03 0.01 0.44 0.30 0.38 + 0.04 1.24 0.25 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.04 0.04 + 0.01 0.12 0.04 0.08 0.07 0.07 - 0.01 0.14 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.22 0.20 0.21 - 0.01 0.29 0.15 0.17 0.16 0.16 - 0.01 0.20 0.07 0.02 0.02 0.02 - 0.01 0.06 0.02 0.75 0.62 0.62 - 0.13 1.19 0.57 2.72 2.49 2.56 - 0.10 4.73 2.41 3.64 3.35 3.43 - 0.16 5.80 3.17 0.02 0.01 0.01 0.00 0.03 0.01 0.04 0.03 0.03 0.00 0.08 0.03

U3O8 Corp T 5006 Ucore Rare Mtl V 1411 UEX Corp T 8290 Ultra Lithium V 650 V 2953 Unigold Unity Energy V 83 Ur-Energy T 2029 Ur-Energy* X 1406 Uracan Res V 582 Uragold Bay Rs V 23132 Uranium Ener* X 12145 Uranium Partic T 13196 Uranium Res* Q 4473 Uravan Minls V 4730 US Energy* Q 3836 US Silica Hld* N 24623 Vale* N 336462 ValGold Res V 756 Vangold Res V 36 540 Vanstar Mng Rs V Vantex Res V 4140 Vena Res T 1453 Vendetta Mng V 5160 Venerable Vent V 1200 Verde Potash T 918 Victoria Gold V 8263 Victory Nickel T 4252 Victory Res V 2110 Victory Vent V 220 Vior Mining V 502 Virginia Engy V 571 Viscount Mng V 6898 Visible Gold M V 2520 Vista Gold T 12 Vista Gold* X 1785 VMS Vent V 6629 Vulcan Mnrls V 771 VVC Expl V 2220

0.03 0.02 0.02 - 0.01 0.07 0.02 0.26 0.23 0.23 - 0.01 0.44 0.20 0.14 0.12 0.13 - 0.01 0.35 0.11 0.09 0.08 0.09 + 0.02 0.35 0.05 0.11 0.08 0.11 + 0.02 0.25 0.08 0.14 0.14 0.14 0.00 0.20 0.05 0.81 0.66 0.73 + 0.06 1.35 0.60 0.62 0.49 0.54 + 0.05 1.07 0.45 0.01 0.01 0.01 0.00 0.06 0.01 0.04 0.02 0.03 + 0.01 0.07 0.02 1.12 1.01 1.08 + 0.05 3.00 0.90 5.51 5.17 5.36 + 0.17 5.69 4.82 0.63 0.52 0.60 - 0.00 2.15 0.52 0.11 0.07 0.09 - 0.03 0.17 0.03 0.32 0.20 0.20 - 0.10 1.85 0.20 22.61 19.84 21.55 + 0.76 40.17 13.50 3.71 3.20 3.42 - 0.31 9.16 3.20 0.02 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 - 0.02 0.08 0.04 0.02 0.01 0.02 + 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.14 0.02 0.09 0.05 0.05 - 0.04 0.17 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.25 0.18 0.18 - 0.01 0.60 0.18 0.14 0.13 0.13 + 0.01 0.24 0.10 0.03 0.03 0.03 + 0.01 0.44 0.02 0.04 0.04 0.04 + 0.01 0.09 0.03 0.03 0.03 0.03 0.00 0.03 0.01 0.05 0.04 0.05 + 0.01 0.13 0.04 0.10 0.05 0.05 - 0.01 0.10 0.03 0.63 0.50 0.59 + 0.06 0.63 0.16 0.05 0.04 0.04 0.00 0.27 0.04 0.37 0.37 0.37 0.00 0.56 0.30 0.28 0.27 0.27 + 0.01 0.45 0.24 0.07 0.06 0.07 + 0.01 0.30 0.06 0.02 0.02 0.02 0.00 0.04 0.02 0.02 0.02 0.02 0.00 0.04 0.02

Wallbridge Mng T 2555 WCB Res V 281 Wealth Minls V 135 Wescan Goldfie V 110 Wesdome Gold T 18464 West Af Iron O V 150 West High Yld V 1100 West Kirkland V 5173 Westcore Energ V 120 Western Copper T 1585 Western Coppr* X 747 Western Lithiu T 23535 Western Melv M V 315 Western Pac Rs V 220 Western Potash T 5302 Western Troy C V 267 Westhaven Vent V 260 Westkam Gold V 3200 Westminster Rs V 186 WGI Heavy Mnl T 953 Wildcat Expl V 190 Wolfden Res V 3819 WPC Res V 1016 Xmet V 520 Xtierra V 300 Xtra-Gold Res T 522 Yamana Gold* N 85924 Yamana Gold T 191586 Yanzhou Coal* N 3434 Yellowhead Mng T 1848 Zadar Vent V 3520 Zazu Metals T 2025 Zena Mng V 100 Zenyatta Vent V 7793 Zephyr Mnls V 425 Zimtu Capital V 170 Zinco Mng V 7760 Zonte Mtls V 5445

0.03 0.03 0.03 0.00 0.06 0.03 0.06 0.06 0.06 0.00 0.28 0.06 0.18 0.17 0.18 0.00 0.42 0.05 0.03 0.03 0.03 + 0.01 0.06 0.01 1.33 1.13 1.30 + 0.17 1.40 0.85 0.02 0.02 0.02 0.00 0.10 0.02 0.30 0.19 0.21 - 0.04 0.43 0.11 0.06 0.05 0.05 - 0.01 0.10 0.05 0.03 0.02 0.02 0.00 0.04 0.01 0.36 0.30 0.36 + 0.06 0.78 0.30 0.27 0.23 0.27 + 0.03 0.65 0.23 0.31 0.28 0.28 - 0.01 0.96 0.26 0.04 0.04 0.04 + 0.01 0.15 0.03 0.01 0.01 0.01 0.00 0.14 0.01 0.20 0.19 0.19 - 0.01 0.34 0.19 0.02 0.01 0.02 + 0.01 0.02 0.01 0.08 0.07 0.08 + 0.01 0.12 0.05 0.03 0.02 0.03 0.00 0.05 0.02 0.02 0.02 0.02 0.00 0.15 0.01 0.17 0.16 0.17 - 0.01 0.78 0.00 0.04 0.03 0.04 + 0.01 0.08 0.02 0.07 0.05 0.06 - 0.01 0.23 0.05 0.05 0.04 0.05 + 0.01 0.08 0.04 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.24 0.22 0.23 - 0.01 0.30 0.10 2.28 1.97 2.21 + 0.13 4.84 1.43 3.06 2.62 2.96 + 0.18 5.79 1.89 4.65 4.54 4.54 - 0.10 12.24 4.28 0.05 0.04 0.04 0.00 0.18 0.03 0.02 0.02 0.02 + 0.01 0.05 0.01 0.12 0.09 0.11 + 0.01 0.41 0.09 0.06 0.06 0.06 - 0.01 0.12 0.06 0.80 0.63 0.79 + 0.05 2.61 0.63 0.13 0.10 0.10 - 0.04 0.20 0.09 0.15 0.13 0.15 + 0.01 0.38 0.13 0.02 0.01 0.01 0.00 0.08 0.01 0.10 0.05 0.10 + 0.03 0.10 0.02

U-V

W-Z

15-12-08 6:06 PM

WWW.NORTHERNMINER.COM

DECEMBER 14-20, 2015 / THE NORTHERN MINER

BID-ASK — november 27–December 3, 2015

12-MONTH

STOCK

EXC BID ASK LAST HIGH

LOW

STOCK

Abzu Gold Acme Res Adanac Moly Advance Gold Aegean Metals Afferro Mng Aftermath Silv AgriMinco Aguila Am Res Alamos Gold Alder Res Alhambra Res Allana Potash Allied Gold Allied Nevada Allied Nevada* Alpha Mnls Altair Vent Altan Nev Mnls Altitude Res Alturas Minls Am Cons Minls Amara Mng Amcol Intl* American Bonan AMI Res AndeanGold Anglo Pac Grp Antioquia Gold Arctic Hntr Ur Arcturus Res Argentum Silvr Armadillo Res Asian Minl Res Astar Mnls Astorius Res Atna Res Ltd Augusta Res Aura Silver Rs AuRico Gold* AuRico Gold Azumah Res Bama Gold Baroyeca Go&Si Bayfield Vent BE Res Bear Lake Gold Bearclaw Cap Bearing Res Bell Copper Besra Gold Big North Grap Blackstone Ven Blue Gold Mng Bluestone Res Bonaparte Res Bralorne Gold Brazilian Gold Buccaneer Gold Bullman Mnls Calvista Gold Canada Fluorsp Canadn Plat Canadn Silvr H Canaf Group Cancor Mines Cangold Cannon Pnt Res Canyon Copper Caracara Silvr Cascadero Copp Cassidy Gold Cavan Vent Cayden Res Central Iron O Chalice Diam Chalice Gold M Channel Res Chimata Gold CIC Energy Citation Res Cline Mng CMQ Res Coalspur Mines Cobriza Mtls Coeur Mng Colossus Minls Columbus Expl Comstock Mtls Conquest Res Contintl Nickl Copper Ck Gold Cortez Gold Cougar Mnls Creso Expl Crosshair Eny* Cuervo Res Curis Res Darwin Res Desert Star Diamond Fields Diamonds North Dominion Mnls* Dorex Minls Duluth Metals Dunav Res Duncan Park H DV Res E-Energy Vent Eagle Hill Exp Eagle Mtn Gold Eastern Merid El Tigre Silvr Elemental Mnls Elgin Mng Elissa Res Endurance Gold Esperanza Res Estrella Gold Eurasian Minls Extorre Gold M Finlay Minrls First Nickel Freeport Res Frontier Rr Er

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

0.02 0.02 0.15 0.01 0.00 0.00 0.01 0.01 0.04 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.06 0.01 0.07 0.01 0.00 0.00 0.00 0.00 0.01 0.01 1.00 0.01 0.02 0.01 0.02 0.01 0.03 0.09 0.01 0.05 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.35 0.00 0.02 0.02 0.01 0.00 0.02 0.10 0.00 0.05 0.00 0.00 0.00 0.02 0.03 0.00 0.00 0.01 0.01 0.04 0.00 0.00 0.00 0.01 0.01 0.02 0.01 0.02 0.00 0.01 0.00 0.08 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.10 0.01 0.01 0.00 0.03 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.11 0.01 0.00 0.00 0.02 0.00 0.00 0.01 0.03 0.01 0.00 0.00 0.04 0.00 0.00 0.00 0.06 0.02 0.00 0.00 0.53 0.00 0.02 0.00 0.01 0.00

Full Metal Mnl V Geocom Res* Q V Geomark Expl GFK Res V Giyani Gold V T Global Ur Fund GMV Minerals V V Gold Canyon Gold Ridge Exp V Goldbank Mng V V Golden Harp GoldMountain* Q C Goldrea Res Gonzaga Res V Gossan Res V Grande Portage V Gray Rock Res V Green Valley M V Gryphon Gold T V GTO Res Handa Copper V Hawkeye Gld&Di V Highbury Proj V Highvista Gold V Highway 50 Gld V HiHo Silver C V Hudson River M Huntington Exp V ICN Res V V IEMR Res Inform Res V Inova Res T Inter-Citic Mn T Inter-Rock Mnl V Intl Enexco V V Intl Millm Mng Intl Minls Crp T Intl Samuel Ex V V Intl Vestr Res Intrepid Mns T Iron South Mng V V Iron Tank Res J.A.G. Mines V Jaxon Mnls V Jazz Res V V Jiulian Res Karmin Expl V Kazax Mnls V V Kettle River Kimber Res T KWG Res V T Labdr Iron Mns Lachlan Star T Letho Res V Liberty Silver T Lipari Energy T Lithium Americ T Lithium One V Logan Res V Long Harbour E V V Lornex Cap Los Andes Copp V Lucky Mnls V MagIndustries T Magma Metals T C Mahdia Gold Majescor Res V Mammoth Res V Manado Gold V Maritime Res V T Marklnd AGF PM Masuparia Gold V Maudore Minls V Max Res V McChip Res V McVicar Res V Mega Precs Mtl V Megastar Dev V Mercator Mnls T Messina Minls V Midasco Cap V Midnight Sun M V Midway Gold T Midway Gold* X Milner Con Slv V Minemakers T T Minera IRL Mineral Depost T Mineral Hill V Minsud Res V Mirabela Nickl T Moly Mines T Mountain Lake V Murgor Res V Musgrove Mnls V Network Expl V New Dawn Mng T New Oroperu Rs V New World Res V T Newcrest Mng Newmont Mng T V Newstrike Cap Newstrike Res V Nitinat Mnls V NMC Res V Noble Mnl Expl V North Am Pot D V North Country V Northern Lion V Northern Sun M V Nubian Res V Nuinsco Res T NV Gold V NWM Mng V NWT Uranium V Oremex Silver V Orko Silver V Oronova Res V Orsa Vent V Otterburn Res V Pac Arc Res V Pac Imp Mines V Pac Potash V Pac Rim Mining T Paget Mnls V

Dec 14 Pgs 10.indd 10

0.03 0.03 0.03 0.05 0.02 0.03 0.02 0.06 0.18 0.20 0.18 0.20 0.01 0.02 0.01 0.05 0.03 0.05 0.03 0.11 1.10 2.50 1.57 2.40 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.04 0.06 0.05 0.11 5.02 5.07 5.03 10.31 0.01 0.01 0.01 0.05 0.02 0.03 0.02 0.06 0.50 0.50 0.50 0.50 2.25 2.29 2.25 3.70 0.16 0.16 1.08 4.45 0.86 0.86 0.86 6.70 5.55 5.68 5.45 7.60 0.09 0.17 0.09 0.60 0.01 0.01 0.01 0.03 0.08 0.10 0.08 0.23 0.01 0.01 0.01 0.01 0.04 0.04 0.04 0.07 0.20 0.29 0.21 1.72 45.74 45.75 45.74 47.09 0.02 0.02 0.02 0.06 0.04 0.05 0.04 0.06 0.01 0.02 0.02 0.04 0.01 1.50 1.50 2.05 0.06 0.08 0.08 0.10 0.03 0.03 0.03 0.06 0.01 0.02 0.01 0.03 0.02 0.03 0.02 0.07 0.01 0.05 0.02 0.02 0.03 0.04 0.03 0.08 0.09 0.20 0.09 0.16 0.01 0.02 0.01 0.05 0.01 0.01 0.05 0.12 3.15 3.50 3.55 4.18 0.01 0.02 0.02 0.03 2.87 2.88 2.86 4.69 3.58 3.73 3.58 5.12 0.02 0.03 0.02 0.11 0.07 0.20 0.06 0.23 0.01 0.01 0.01 0.01 0.24 0.25 0.24 0.41 0.02 0.20 0.35 0.35 0.03 0.04 0.04 0.06 0.02 0.03 0.03 0.05 0.02 0.04 0.03 0.04 0.03 0.03 0.03 0.05 0.02 0.02 0.02 0.07 0.02 0.02 0.02 0.50 0.03 0.03 0.01 0.20 0.46 0.49 0.47 0.95 0.06 0.10 0.07 0.14 0.05 0.12 0.05 0.11 0.19 0.19 0.20 0.45 0.10 0.10 0.11 0.25 0.02 0.03 0.03 0.04 0.03 0.06 0.03 0.14 1.09 1.10 1.09 1.10 0.35 0.35 0.35 0.35 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.07 0.05 0.05 0.05 0.09 0.01 0.02 0.01 0.05 0.03 0.04 0.03 0.15 0.18 0.19 0.19 0.25 0.02 0.03 0.02 0.12 0.01 0.01 0.01 0.01 0.03 0.04 0.03 0.05 0.01 0.02 0.01 0.05 0.02 0.02 0.02 0.04 2.40 2.49 2.40 3.49 0.01 0.01 0.01 0.01 0.07 0.07 0.07 0.08 0.11 0.12 0.10 0.15 0.04 0.06 0.05 0.09 0.04 0.06 0.04 0.19 1.99 2.00 1.99 2.45 0.07 0.08 0.07 0.10 0.01 0.01 0.01 0.84 0.02 0.04 0.02 0.05 0.02 0.02 0.02 0.08 0.12 0.13 0.12 0.16 12.03 12.64 12.09 20.14 0.02 0.02 0.04 3.40 0.06 0.05 0.19 0.20 0.02 0.02 0.02 0.04 0.01 0.01 0.01 0.02 0.40 0.90 0.40 1.12 0.06 0.08 0.06 0.08 0.18 0.32 0.32 1.00 0.05 0.05 0.05 0.30 0.12 0.12 0.12 0.13 0.02 0.03 0.02 0.26 0.01 0.01 0.01 0.01 0.68 0.72 0.70 0.99 0.05 0.05 0.05 0.20 0.12 0.13 0.11 0.22 0.01 0.02 0.01 0.05 0.02 0.03 0.02 0.08 0.08 0.18 0.01 0.09 0.02 0.03 0.02 0.10 0.45 0.45 0.45 1.00 0.01 0.02 0.02 0.14 0.01 0.01 0.01 0.03 0.04 0.06 0.05 0.06 0.01 0.01 0.01 0.01 0.60 0.65 0.65 0.93 0.14 0.17 0.13 0.42 0.03 0.08 0.05 0.07 0.03 0.04 0.04 0.26 0.18 0.25 0.20 0.55 0.41 0.42 0.42 0.45 0.14 0.14 0.14 0.25 0.02 0.03 0.02 0.08 1.01 1.03 1.01 1.70 0.03 0.04 0.03 0.08 0.63 0.66 0.66 0.97 4.27 4.28 4.27 11.27 0.03 0.03 0.03 0.03 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.02 0.13 0.14 0.13 0.35

12-MONTH

EXC BID ASK LAST HIGH LOW

0.03 0.03 0.03 0.10 0.05 0.09 0.02 0.03 0.96 1.00 0.98 1.00 0.05 0.06 0.06 0.17 0.08 0.08 0.09 0.20 1.64 1.67 1.64 2.05 0.12 0.20 0.10 0.26 0.34 0.34 0.34 0.42 0.01 0.01 0.02 0.03 0.06 0.08 0.08 0.09 0.04 0.05 0.04 0.07 0.04 0.05 0.05 0.35 0.03 0.04 0.03 0.10 0.02 0.02 0.02 0.15 0.02 0.04 0.03 0.05 0.01 0.01 0.01 0.02 0.02 0.03 0.03 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.13 0.10 0.16 0.11 0.11 0.05 0.06 0.05 0.12 0.04 0.04 0.04 0.08 0.14 0.20 0.15 0.33 0.12 0.15 0.17 0.28 0.09 0.10 0.09 0.42 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.30 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.03 0.16 0.20 0.15 0.60 2.04 2.05 2.04 2.05 0.03 0.05 0.03 0.04 0.41 0.41 0.41 0.55 0.01 0.02 0.04 0.04 2.80 2.83 2.83 4.92 0.01 0.01 0.01 0.03 0.01 0.02 0.01 0.12 0.25 0.26 0.26 0.31 0.05 0.09 0.05 0.11 0.04 0.04 0.04 0.14 0.02 0.02 0.02 0.06 0.04 0.05 0.05 0.06 0.10 0.28 0.19 0.23 0.03 0.04 0.03 0.05 0.20 0.25 0.27 0.41 0.02 0.03 0.04 0.06 0.01 0.01 0.01 0.02 0.15 0.16 0.15 0.40 0.02 0.03 0.02 0.09 0.02 0.02 0.02 0.14 0.01 0.01 0.02 0.28 0.08 0.15 0.08 0.18 0.05 0.08 0.04 0.13 0.46 0.49 0.47 0.49 0.29 0.30 0.30 0.49 1.15 1.18 1.15 1.46 0.03 0.05 0.05 0.06 0.06 0.20 0.08 0.15 0.10 0.18 0.10 0.20 0.09 0.12 0.12 0.23 0.08 0.15 0.11 0.15 0.10 0.04 0.13 0.26 0.09 0.09 0.09 0.28 0.01 0.17 0.01 0.02 0.03 0.04 0.05 0.06 0.01 0.01 0.01 0.07 0.03 0.04 0.03 0.08 0.10 0.14 0.10 0.24 5.86 8.25 5.82 10.41 0.04 0.07 0.04 0.10 0.01 0.01 0.01 0.01 0.08 0.09 0.08 0.20 0.65 0.80 0.70 1.22 0.47 0.49 0.49 0.52 0.08 0.09 0.08 0.13 0.02 0.03 0.03 0.06 0.01 0.01 0.03 0.12 0.06 0.10 0.06 0.13 0.40 1.70 0.12 0.12 0.10 0.14 0.15 0.19 0.13 0.13 0.09 1.30 0.07 0.08 0.04 1.17 0.02 0.03 0.02 0.07 0.10 0.14 0.13 0.13 0.07 0.08 0.08 0.15 5.00 5.09 4.75 6.95 0.04 0.04 0.14 0.14 0.09 0.10 0.09 0.09 0.02 0.02 0.02 0.62 0.06 0.07 0.06 0.15 0.32 0.35 0.32 0.82 0.02 0.02 0.02 0.03 0.08 0.14 0.08 0.30 0.02 0.03 0.02 0.05 0.10 0.16 0.13 1.10 0.14 0.15 0.14 0.20 0.03 0.04 0.03 0.12 12.10 12.90 12.11 31.00 26.37 26.90 26.25 44.66 0.66 0.70 0.70 1.22 0.03 0.04 0.03 0.08 0.05 0.07 0.07 0.09 0.17 0.17 0.19 0.19 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.11 0.12 0.11 0.14 0.06 0.10 0.10 0.16 0.08 0.12 0.09 0.30 0.02 0.02 0.01 0.03 0.01 0.01 0.01 0.03 0.01 0.02 0.01 0.17 0.01 0.01 0.01 0.01 0.02 0.02 0.05 0.05 0.02 0.03 0.03 0.03 1.94 1.99 1.99 2.63 0.03 0.07 0.03 0.04 0.10 0.10 0.10 0.15 0.09 0.25 0.20 0.20 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.06 0.05 0.30 0.07 0.08 0.07 0.11 0.01 0.01 0.01 0.01

0.03 0.00 0.00 0.03 0.05 0.00 0.05 0.00 0.02 0.03 0.03 0.00 0.02 0.02 0.01 0.01 0.02 0.01 0.00 0.00 0.05 0.02 0.10 0.06 0.09 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.00 0.04 0.00 0.01 0.01 0.00 0.05 0.02 0.02 0.01 0.03 0.02 0.15 0.02 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.03 0.04 0.00 0.05 0.08 0.00 0.00 0.01 0.03 0.01 0.01 0.10 0.00 0.04 0.01 0.04 0.57 0.00 0.00 0.02 0.00 0.00 0.05 0.08 0.00 0.00 0.02 0.06 0.00 0.00 0.12 0.05 0.00 0.00 0.00 0.00 0.04 0.02 0.00 0.07 0.01 0.00 0.00 0.00 0.02 0.03 0.00 0.01 0.01 0.00 0.03 0.03 0.01 0.00 0.01 0.00 0.05 0.02 0.00 0.03 0.00 0.20 0.01 0.01 0.03 0.00 0.01

12-MONTH

STOCK

EXC BID ASK LAST HIGH LOW

Pantheon Vent Paragon Minls Parallel Mng Paramount Gold Parlane Res PC Gold Penteco Res Petaquilla Mnl Phoenix Gold Pitchstone Exp PJX Res Planet Mng Plate Res Platinex Plato Gold PMI Gold PNG Gold Polar Star Mng Portage Mnls Portola Res Premier Roy Proam Expl Providence Res PVR Partners* QMC Quantum Ml Quia Res Rainy River Rs Randsburg Intl Ratel Grp REBgold Red Cresc Res Red Moon Potsh Redhill Res Remo Res Revett Mnls Rhyolite Res Ridgemont Ir O Rio Alto Mng Rio Alto Mng* Roca Mines Rockcliff Res Rockex Mng Rockgate Cap Romarco Mnrls Romulus Res Rotation Mnls Royal Coal RT Minerals Rugby Mng RX Gold & Silv Ryan Gold Sandstorm Mt&E Saville Res Sego Res Senior Gld Prd Serabi Gold SG Spirit Gold Silver Bull R* Silver Grail R Silver Mtn Mns Silvercorp Mt* SilverCrest M* SilverCrest Mn Silvermex Res Sirocco Mng Sniper Res Soltoro Southern Hemis SouthGobi Res Strata Mnls Stratabd Mnr Stroud Res Sunset Cove Mg Sunward Res Suparna Gold Tanzania Mnls Taranis Res Tasca Res Tawsho Mng Temex Res Teryl Res Corp Theia Res Thelon Cap Thunder Mtn Gd Tigray Res Tintina Mines Tolima Gold Trend Mng* Tri-River Vent TriAusMin Troy Res UC Res United Silver Uranerz Energy Uranium One Uranium Valley US SIlver & Go Vaaldiam Mng Valterra Res Vendome Res Veris Gold Viking Gold Virginia Mines Volcanic Mtls Volta Res Walter Energy* Walter Energy War Eagle Mg Waseco Res Waymar Res West Cirque Rs Western Areas Westridge Res Whetstone Mnls White Pine Res Williams Creek Windarra Minls Windstorm Res Witwatersrand Wolverine Mnls World Vent* Xemplar Energy Xinergy

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

0.11 0.11 0.10 0.13 0.06 0.07 0.06 0.12 0.03 0.03 0.04 0.07 1.20 1.20 1.52 1.88 0.07 0.12 0.07 0.23 0.08 0.08 0.09 0.10 0.05 0.06 0.05 0.06 0.03 0.03 0.03 0.31 0.01 0.01 0.01 0.04 0.09 0.09 0.09 0.21 0.15 0.25 0.18 0.29 0.02 0.03 0.02 0.06 0.02 0.03 0.02 0.07 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.48 0.50 0.48 0.72 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.17 0.01 0.02 0.02 0.03 0.20 0.01 0.20 0.20 0.74 0.76 0.76 2.60 0.01 0.02 0.01 0.02 0.04 0.09 0.05 0.12 27.44 27.46 27.44 29.22 0.01 0.02 0.01 0.04 0.01 0.01 0.01 0.04 3.37 3.37 3.42 6.10 0.01 0.01 0.01 0.01 0.37 0.44 0.45 0.79 0.13 0.14 0.16 0.16 0.02 0.02 0.01 0.11 0.03 0.04 0.03 0.09 0.07 0.08 0.08 0.31 0.07 0.11 0.07 0.13 0.56 0.65 0.57 1.42 0.07 0.20 0.11 0.20 0.02 0.02 0.02 0.28 3.47 3.51 3.48 3.99 2.46 2.48 2.47 3.18 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.07 0.03 0.04 0.04 0.30 0.30 0.35 0.30 0.53 0.46 0.48 0.46 0.82 0.08 0.29 0.09 0.24 0.01 0.20 0.05 0.15 0.03 0.01 0.01 0.21 0.01 0.01 0.01 0.03 0.08 0.08 0.08 0.27 0.23 0.24 0.24 0.60 0.11 0.12 0.12 0.16 1.20 1.37 1.36 3.54 0.02 0.03 0.02 0.13 0.01 0.02 0.02 0.03 4.78 4.88 4.78 7.48 0.06 0.07 0.06 0.10 0.06 0.13 0.06 0.38 0.10 0.10 0.10 0.35 0.02 0.03 0.02 0.06 0.01 0.02 0.01 0.04 0.65 0.65 0.65 1.81 0.83 1.11 0.86 1.64 1.33 1.43 1.40 1.97 0.50 0.55 0.53 0.88 0.34 0.36 0.35 0.89 0.01 0.01 0.01 0.07 0.30 0.30 0.32 0.34 0.04 0.06 0.04 0.20 0.15 0.39 0.30 1.25 0.01 0.01 0.01 0.12 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.06 0.17 0.18 0.18 0.24 0.01 0.02 0.01 0.11 0.01 0.01 0.01 0.07 0.04 0.05 0.04 0.15 0.01 0.02 0.01 0.05 0.02 0.75 0.02 0.05 0.12 0.12 0.12 0.13 0.01 0.02 0.02 0.02 0.05 0.09 0.05 0.20 0.10 0.10 0.05 0.17 0.05 0.12 0.12 0.12 0.09 0.13 0.10 0.15 0.05 0.12 0.05 0.06 0.01 0.01 0.01 0.02 0.05 0.05 0.01 0.11 0.05 0.11 0.07 0.17 0.06 0.07 0.07 0.08 0.43 0.44 0.43 1.27 0.01 0.02 0.02 0.03 0.01 0.01 0.02 0.14 1.41 1.44 1.44 1.70 2.85 2.86 2.85 2.86 0.04 0.12 0.05 0.10 0.34 0.35 0.35 0.67 0.26 0.27 0.26 0.27 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.03 0.10 0.10 0.15 0.95 0.01 0.01 0.01 0.01 14.65 15.22 14.99 17.20 0.04 0.05 0.05 0.12 0.33 0.34 0.33 0.57 0.16 0.17 0.16 6.84 7.10 7.82 7.15 21.20 0.02 0.03 0.02 0.04 0.03 0.03 0.03 0.06 0.09 0.13 0.10 0.20 0.23 0.26 0.26 0.54 3.75 8.54 4.00 6.11 0.01 0.01 0.01 0.04 0.01 0.01 0.01 0.04 0.01 0.01 0.01 0.09 0.01 0.01 0.01 0.11 0.05 0.07 0.06 0.09 0.04 0.05 0.05 0.19 1.08 1.18 1.08 1.50 0.04 0.04 0.04 0.10 0.01 0.51 0.02 0.10 0.02 0.02 0.02 0.05 0.02 0.02 0.02 0.48

0.03 0.00 0.03 0.00 0.03 0.00 0.00 0.00 0.01 0.00 0.12 0.02 0.02 0.01 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.40 0.00 0.00 0.02 0.07 0.04 0.00 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.03 0.00 0.01 0.06 0.00 0.00 0.00 0.02 0.01 0.00 0.06 0.05 0.00 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.25 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.01 0.01 0.00 0.01 0.05 0.00 0.05 0.00 0.02 0.01 0.00 0.05 0.00 0.00 0.01 0.00 0.00 0.00 0.04 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.04 0.00 0.00 0.00 0.01 0.02 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.03 0.00 0.02 0.00

15-12-08 6:07 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 14-20, 2015

Southern Arc shifts focus to Japan Trailblazing

By trish saywell

tsaywell@northernminer.com

n 2005, Southern Arc Minerals (TSXV: SA) became the first Canadian junior exploration company to return to Indonesia after the Asian financial crisis in 1997. The junior acquired two key projects: the West Lombok property on Southwest Lombok Island — which is under a joint venture with an Indonesian company, Genesis Sumber Energi — and the East Elang project on Sumbawa Island, a jointventure with Vale (NYSE: VALE). East Elang is next to Newmont Mining’s (NYSE: NEM) large Elang copper-gold porphyry. But in 2012, when the Indonesian government revoked the licence of Churchill Mining’s (US-OTC: CLHMF) East Kutai thermal coal project in Kalimantan, and Intrepid Mines ran into difficulties with its Indonesian partner, which sold the Australian company’s 80%-owned licence to the Tujuh Bukit project in East Java to a separate company, Southern Arc thought it best to hedge its bets. The Vancouver-based company announced a diversification strategy in December 2012, and in its first deal, acquired a 26.1% stake in Eagle Hill Exploration Corp., which was developing the high-grade Windfall Lake gold deposit between Val-d’Or and Chibougamau, Que. Working with Dundee Corp., Southern Arc advanced Eagle Hill with drilling campaigns and a preliminary economic assessment. In August, Oban Mining (TSX: OBM) acquired Eagle Hill at a 258% premium to market, leaving Southern Arc with a 6% stake in Oban. The second move Southern Arc made was turning to Japan, where Tertiary volcanic arc terrains host five silver deposits of more than 1 million oz. gold, including Hishikari, one of the world’s highestgrade gold mines. The Hishikari mine, on Kyushu Island, has been in production since 1985. Production to the end of 2010 totalled 6.2 million oz., at average grades of 49 grams gold per tonne. “It’s incredible, and the deposit

| Revised mining law opens mineral-rich country to foreign investment

has remaining reserves of 4.8 million oz. gold at similar grades,” Mike Andrews, a geologist and Southern Arc’s president and chief operating officer, says in an interview. “They don’t have a mill on-site, a lot of the ore is hand-sorted and the coarse vein material is shipped directly to Sumitomo’s copper smelter, where it is used as flux for their base metal smelting. It shows how phenomenal the deposit is — I have never heard of that anywhere else in the world.” The other encouraging thing about Japan, Andrews notes, in addition to being under-explored, was that the government had revised its mining laws in 2012, opening up the sector to foreign investment (along with the broader economy), and letting foreign companies own 100% of a Japanese subsidiary, making it an attractive regulatory environment for miners. Southern Arc set up its subsidiary in June 2012, and began detailed research, based on extensive studies by the country’s own geologists who worked for the government. “We realized that over the years, the government geological survey had developed a comprehensive database of geological data for the whole country, and they were open to giving access. We took advantage of that extensive and detailed geo-scientific database, which helped us pinpoint areas that were compelling.” In May this year, Southern Arc applied for 38 contiguous exploration licences in northern Hokkaido targeting Hishikari-type, high-grade epithermal gold deposits, in addition to 42 other applications it had already submitted for prospecting rights licences throughout Hokkaido and northern Honshu. At first the company picked licence areas in Hokkaido in the north, because of its low population compared with parts of southern Japan, as well as its history of mining. “We found the prefecture government welcoming when we made approaches there, and it also had attractive geology,” Andrews recalls. “People always ask me: ‘Why, if the geology is so good, hasn’t there been more interest by mining companies in Japan? The answer is that until

“The rules and regulations are crystal clear, and they’re followed to the letter, which is refreshing.” Mike Andrews President and CEO, Southern Arc Minerals

recently, Japan has not welcomed foreign investment in general, so it’s been the domain of the big Japanese industrial conglomerates ... and a lot of the major conglomerates have been encouraged to take positions in mining projects around the world to secure access for their smelters to ores and concentrates, rather than look inwardly at mining projects. So when they opened up to foreign investment, we said, ‘Wow, this looks fantastic.’” The first step in the application process is to meet government technical and financial criteria to make sure the mining company can advance exploration on the application area, Andrews explains. Thirty-eight of Southern Arc’s 80 applications have passed this first stage, and the remaining 42 licence applications have been accepted for assessment and processing. “Once you get to that stage, the area is reserved for you,” he says. “You can start low-impact work such as soil sampling, stream sediments, geological mapping, ground and airborne geophysics. Before starting a trenching and drilling campaign, however, those applications must be converted to exploration licences.”

A map of northern Japan showing where Southern Arc Minerals has applied for exploration permits.

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

Exploration geologists collecting samples for Southern Arc Minerals in northern Japan. Southern Arc Minerals

Southern Arc is assessing the 38 licence application areas to determine whether it wants to apply for full exploration licences, which could take anywhere from six to 12 months. The original 38 blocks are contiguous, forming one area in the Ikutawara district, 20 km southeast of the historic Konami mine, which produced over 2 million oz. gold. Within Southern Arc’s licence areas, there are 18 historic gold mines, one of which, called “Kitano-o,” produced over 100,000 oz. gold between 1924 and 1945. “The government’s geological survey conducted ground geophysical surveys during the 1990s, and followed up by drilling eight diamond holes under Kitano-o, but there has been no significant further underground exploration carried out at the mine,” he says. “And we have historical data from before the Second World War of one or two of the smaller mines in our area — small artisanal mines that were generally developed from adits into the hillsides. However, some went down a number of levels to depths of 50 to 60 metres below valley bottoms, and historical face sampling from those levels indicate Hishikari-style grades.

They’re narrow, but high-grade, low-sulphidation gold veins, and no drilling has been done around any of these, and that’s why we say it’s under-explored.” Andrews explains that of the 18 historic gold mines on the property, Kitano-o was the only significant producer historically. A lot of the others were small-scale showings, where people had dug tunnels into hillsides. But he says at least one of those operations, the Ryuo mine, was developed on high-grade quartz veins on six levels. He notes that while the company worked on the geology, it saw that in addition to the high-sulphidation, high-grade vein deposits, there were areas with alteration for high-sulphidation epithermal gold. Since then, Southern Arc has picked up four areas — three on Hokkaido and one on Honshu, an island farther south — which he says have large alteration systems covering squares of kilometres. Andrews thinks they have the right style of alteration — intense silicification, big-clay mineral alteration zones with clay minerals associated with high-sulphidation and bulktonnage deposits — and points out that “there are indications in these four other areas that as well as bulktonnage gold deposits, there may be potential for blind, deep-seated porphyry copper mineralization, such as you find in Indonesia and the Philippines. And we’ve picked up four areas to evaluate those styles of mineralization.” Andrews describes the geology he has seen so far in Japan as “phenomenal,” and says the country is easily as geologically prospective as the Philippines, Indonesia and New Guinea. He also notes that, to his knowledge, Southern Arc is the first foreign mining company to apply for an exploration licence since the country updated its mining laws in 2012. The mining executive also praises the system for being transparent and straightforward. “The thing about Japan is, that it is very, very well regulated. Regulations are meticulously adhered to and comprehensive,” he says. “The rules and regulations are crystal clear, and they’re followed to the letter, which is refreshing. It’s comparable to places like Quebec and Finland, which are excellent mining jurisdictions.” Under the Japanese mining code, miners pay a royalty, or “mineral product tax,” of 1% of the value of their metal production, and are also subject to a corporate tax rate of 35.6%. There are no restrictions on exports. TNM

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15-12-08 6:44 PM

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THE NORTHERN MINER / DECEMBER 14-20, 2015

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Premier's Downie sees ‘multiple opportunities’ Premier Gold Mines (TSX:PG)

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DoWNIE From 2

production start? ED: We hope to get our first gold from the project in the first quarter. TNM: What work are you planning next year at the McCoy–Cove property in Nevada? ED: We will continue drilling. We have several initiatives we’re looking at for McCoy–Cove. The drilling will remain a high-priority item, both in expanding mineralized zones and doing regional exploration. We are doing internal studies — assessing the metallurgy and resource side of historic tailings and heap-leach pads — to access whether reprocessing opportunities are real, or if we should even look at those. That’s just one of the opportunities we are looking at, as we expand both open-pit and underground mineralization in multiple zones, and advance permitting. Hopefully we can go back underground, or do pit pushbacks on the historic pits, so that we can resume mining. The project was shut down in 2003 when gold went down to US$250, so the property has a lot of opportunities in a US$1,000-plus gold environment. TNM: How many metres are planned for the project next year? ED: We are planning 10,000 to 20,000 metres of drilling in dif-

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

Oct 2015

Nov 2015

Dec 2015

ferent areas. It’s a reasonably sized drill program, but it will be done in phases. We’ll test one of our perspective target areas, assess how good it is and move on to another. TNM: What’s the plan at Red Lake’s Rahill–Bonanza joint venture with Goldcorp? ED: We completed a surface drill program in 2015. We’re waiting on the results to see if we want to do more drilling on the Bonanza zone, but the main target area is testing the Wilmar horizon, and the new Fold target from underground. Next year we will drill approximately the same-sized underground drill program that we had in 2015, and assess the two prospective target areas. TNM: You say the company has a lot of “moving parts” that you say move the company in the right direction this year. Can you elaborate? How might the story unfold in the next two years? ED: We made several strategic, good deals for the company, in both acquiring and bringing in jointventure partners. We are a company that views the single-project strategy as potentially a pretty weak one ... Rubicon’s share price has been down 80% [since reporting problems in October], because they have no other project that will give them a second op-

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meetings

A headframe at Premier Gold Mines and Centerra Gold’s Trans-Canada gold project in northwestern Ontario. Premier Gold Mines

portunity. This strategy could destroy your company. We have seen this with Midway and Carpathian, and the list goes on and on, about these singleproject companies who think they have an excellent mine that didn’t work out the way they thought. We like to keep our options open and we have five terrific projects, and advancing the five gives us multiple opportunities to be successful. TNM: If you were to rank the five projects, how would you rank them in terms of prospectiveness? ED: I’d rank them all as number one.

TNM: What is the company’s current cash position? How long should the amount last? ED: We are probably sitting on $75 million in cash. Based on our budget, we expect to end 2015 with more than $60 million, including ongoing construction at South Arturo. And at a $1,100 gold price, because of production in 2016 at South Arturo, we actually expect to end 2016 — including all exploration, company G&A, etc. — with more cash than we will end 2015. We expect somewhere between $60 million and $70 million in cash. TNM

Dec 14 Dec 14 Dec 15 Dec 15 Dec 15 Dec 15 Dec 16 Dec 16 Dec 16 Dec 16 Dec 16 Dec 16 Dec 16 Dec 17 Dec 17 Dec 17 Dec 18 Dec 18 Dec 18 Dec 21 Dec 21 Dec 21 Dec 23 Jan 15

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15-12-08 6:46 PM

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DECEMBER 14-20, 2015 / THE NORTHERN MINER

Uranium prices poised to rebound, analyst says Market heats up By salma tarikh

starikh@northernminer.com

fter some false starts in past years, an uptick in uranium prices may truly be around the corner, and this time analysts are more confident any rise will reflect a balance between demand and supply. “We understand that we have been wrong for a few years, and what we are pointing at now is the fact that global uncovered requirements become pretty large in 2017–18,” Cantor Fitzgerald analyst Rob Chang says. “Many analysts, including myself, had been calling for higher prices for a while, but the main reason why that hasn’t happened is because utilities don’t need to buy — they’re satisfied. That will change in 2017–18, and we believe that there will be more activity.” Heavy contracting by utilities from 2005 to 2010 has delayed the price hike, Chang explains. Utilities operate “entirely on a security of supply view,” so when prices are high they believe there is less available,

| Prices expected to hit US$80 per lb. in 2019, on the back of higher demand

and lock in demand ahead of time to ensure they have enough to operate the reactors. Conversely, when prices are low, they contract less and are comfortable with buying uranium in the spot market. Available global inventory also weighs down spot U3O8 prices, but it will help when former long-term contracts “roll off,” along with the anticipated rise in global demand. “The supply has been less than demand for quite a while, but there has been so much excess inventory that the prices have been low,” Chang says. Given there is no official system for countries to report inventory, it is hard to determine what amount is “mobile” or in useable form, and not considered strategic stockpiles. Also complicating the picture is secondary supply. The current estimate for global inventory, including stockpiles, is 500 million lb., Chang says. He anticipates 2015’s primary supply at 156 million lb. U3O8, versus demand of 179 million lb. Based on available information,

and utilities increasing their contracts since 2013, Chang forecasts the uranium market is about to heat up. The analyst projects demand in 2017 and 2018 of 198 million lb. and 201 million lb., with global uncovered requirements of 25 million lb. in 2017 and 40 million lb. in 2018. This reflects a 13% shortfall for utilities and 20% for the other years. “From our conversations with Cameco they have mentioned that when utilities become 20% uncovered they tend to get uncomfortable, and that is scheduled to happen in the 2017 to 2018 period. We expect to see increased activity among utilities to buy their requirements sooner rather than later,” Chang says, pointing out that historically utilities have bought supply three years in advance, because it takes time to convert the purchased U3O8 into “reactorready fuel assemblies.” Many uranium producers are only producing to fulfill their longterm contracts priced at more than US$50 per lb., because it would be uneconomic for them to produce

A worker handles core at Cameco’s Cigar Lake uranium mine in Saskatchewan. Cameco

at the US$44 per lb. term contract price, Chang adds. Considering the higher-priced contracts should end soon, many utilities would need to secure more supply. “Utilities tend to have a short period of time now ... to acquire the uranium they need for loading

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into the reactors at the appropriate time. We believe that prices will probably move within the next six to 12 months ... based on simple supply and demand,” Chang reckons. The analyst forecasts spot prices per lb. to average US$48.75 in 2016, US$60 in 2017, US$70 in 2018 and US$80 in 2019. “That’s a pretty big jump from the current mid-thirties that we are seeing.” While the restart of reactors in Japan will help absorb surplus inventory in the market, Chang points out China will play a bigger role in the increased demand. Japan — which took all of its reactors offline after the 2011 Fukushima nuclear disaster — has slowly restarted two reactors (Sendai 1 and Sendai 2) this year, with Chang anticipating another five to come back online by the end of 2016. China has 29 operating reactors on the mainland and more than 20 reactors under construction, with many more planned. It aims to double its nuclear capacity by 2020, according to the World Nuclear Association. “That’s probably the bigger story, and regardless of what happens in Japan, there will still be an excess of demand oversupply in the future,” Chang says. Stock picks with a ‘buy’ Cameco (TSX: CCO; NYSE: CCJ) is one of Chang’s preferred names, with high-grade Canadian operations in the “best address.” The producer operates the Cigar Lake, McArthur River and Rabbit Lake uranium mines in Saskatchewan’s Athabasca basin. It also runs the Smith Ranch-Highland and Crow Butte operations in the U.S. and has a 60% interest in the Inkai in-situ recovery uranium mine in Kazakhstan. The company has taken a beating lately, with its shares trading at five to six times the free cash flow, while post-Fukushima they traded near the 11- to 13-times range, Chang says. He has a $26.05-pershare target. Uranium Participation (TSX: U) is a “good company” to look at for those who want exposure to the commodity ahead of the expected rise in prices, Chang says. The company holds physical uranium oxide and uranium hexafluoride, and has “typically traded at a discount to net asset value (NAV), so there is certainly upside in there for it to just reach par. Historically in periods of hot uranium markets, Uranium Participation tends to trade at above its NAV, so there is that to look forward to as well, once the uranium market heats up.” Chang has a $7.95 target on the stock. The analyst’s other preferred names include U.S.-focused junior producers Ur-Energy (TSX: URE; NYSE-MKT: URG), with a $2.15 target; and Energy Fuels (TSX: EFR), with a $11.85 target. TNM

15-12-08 6:46 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 14–20, 2015

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

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

Professional Associate II – Tenure Track Manitoba, Canada Online Reference No: 62734 Brandon University and University College of the North are searching for an individual to fill a tenure track appointment as Professional Associate in the Department of Geology at Brandon University. Minimum of a Master’s degree (PhD preferred) in Geology or related field is required. See northernminerjobs.com and search ref # 62734 for details.

Electrician (Certified) – Canadian Royalties Ontario, Canada Online Reference No: 62726 The primary role of an electrician is to install, wire, maintain & perform preventive maintenance and repairs to electric equipment some of which are noted below in all surface and underground areas including: Shops, warehouse, sub-level - Troubleshoot and repair ventilation fans - Lighting and electric/hydraulic equipment - Phone systems and all mine communication systems - PLC and other advanced or automation systems and High Voltage and Low Voltage Power and control systems.

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Lead, Commissioning Saskatoon, SK, Canada Online Reference No: 62716 You will be responsible for the planning and safe execution of commissioning and start-up activities to ensure safe, successful and effective start-up of all projects within the major projects portfolio in accordance with Cam-

started up safely, including handover from the project to site operations. You will provide leadership and oversight to commissioning teams, involve key stakeholders, coordinate resources and integrate project knowledge with construction, commissioning and operations as well.

Senior Project Geologist Toronto or Sudbury, Ontario Online Reference No: 62744 Responsible for adding to the geoscientific understanding of the Hope Bay ore deposits. The role will hold accountability for generating exploration targets and planning and executing exploration programs, to effectively add materially to the existing resource base and lead to the discovery of new economic mineral deposits.

Manager, Processing Plant Operations Nunavut, Canada Online Reference No: 62749 Responsible to work with the project team to coordinate and complete the project planning and governance, project controls, construction and commissioning and start-up of a safe, reliable, gold processing plant at TMAC’s Hope Bay Project. Upon start-up, the Manager, Processing Plant Operations will provide overall leadership from commissioning through operation.

Geoscientist Intern – Precambrian Geoscience Ontario, Canada Online Reference No: 62713 Are you interested in building your geological mapping skills and contributing to an organization that provides opportunities for personal growth, continuous learning and work-life balance? If so, then consider an internship with our team at the Ontario Geological Survey (OGS). This position will focus on Precambrian bedrock mapping.

Environmental Manager Toronto, Ontario Online Reference No: 62742 Responsible for obtaining and maintaining all environmental permits, licenses and plans required for the mine to achieve and maintain its legal right to operate. Working closely with the VP, Environmental Affairs, the position keeps management and operations informed of territorial and federal Acts and regulations that impact all activities.

Senior Project Geologist Nunavut, Canada Online Reference No: 62747 The position is responsible for the support and development of the Production Geology Department ensuring departmental goals are achieved in a safe, professional, quality and timely manner. During the development phase this role will be hands-on as the geology team grows from development to production phases.

Chief Engineer Nunavut, Canada Online Reference No: 62751

CANADIAN Mining Journal

eco’s processes, procedures, standards and regulatory requirements. You will ensure that new or modified facilities/assets are commissioned and

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IT Administrator Nunavut, Canada Online Reference No: 62753 Responsible for the integrity of all site based help desk, information and communications systems. This is a fantastic opportunity to gain experience with investigating and diagnosing network problems, collecting IT usage stats, making recommendations for improving the company’s IT systems and carrying out routine configuration and installation of IT solutions.

Senior Finance Manager Ontario, Canada Online Reference No: 62781 The Senior Finance Manager is responsible for all financial accounting and related functions as well as administration processes for J.S. Redpath Limited. This includes all Canadian and International projects as well as Global Raisebore Business and Global Insurance managed by Canadian operations management.

Assistant Executive Director – Corporate Development Québec, Canada Online Reference No: 62702 With the Executive Director, you will establish strategic partnerships and maintain relationships with key players in the industry. You will be monitoring and taking advantage of the business opportunities in line with our mission and our vision. You will take part in the deployment of strategies with government authorities. You will play a leading role among directors with regards to corporate development, identifying opportunities and implementing business strategies.

Executive Director Saskatchewan, CA Online Reference No: 62156

Reporting to the Board of Directors through the Chair, you will execute the strategic plan, clearly identifying, measuring and reporting on progress in achieving IMII goals, objectives, strategies and measurable targets. Collaborate with industry partners and related organizations to build and maintain a supportive network of industry, education, research, and government entities to optimize financial and human resources that will enable IMII to meet its objectives.

For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field

MJobsDec14_2015_ pg 15.indd 15

15-12-08 6:02 PM

WWW.NORTHERNMINER.COM

DECEMBER 14-20, 2015 / THE NORTHERN MINER

Scotiabank’s Pat Mohr on metal prices, China demand Metals Forecast

| Shrinking supply could boost prices in the medium-term, zinc expected to perform well

By Trish Saywell

tsaywell@northernminer.com

xtremely challenging market conditions will persist for some time, but the resource sector can look forward to supplyside tightness in the medium-term, along with better metal prices, Pat Mohr, a vice-president and economics and commodity specialist at Scotiabank, told a conference in Toronto hosted by PwC in partnership with The Northern Miner. “Supply side tightness is what is going to bring up commodity prices later in the decade — I don’t think it will be a rejuvenation of global growth — though it could be that China does better than some people imagine,” she declared at the “Shaping the mine of the future” conference on Nov. 25. “It’s going to be all on the supply side ... nobody is going to invest in a new zinc mine at 70¢ zinc ... [but] they’re actually needed now, around the world, for late-decade supplies, so what’s going to happen is the market is going to tighten.” Mohr forecasts zinc — which

Trevali Mining’s Caribou zinc-lead-silver mine in New Brunswick, which is approaching commercial production.

is her favourite metal — will rise to US$1.25 per lb. by 2017, and to support that estimate, points to news in November that 16 Chinese smelters will cut production by 20%,

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Glencore’s (LSE: GLEN) decision a month ago to trim its mine supply and the closures of the Century and Lisheen zinc mines. Century, the world’s third largest zinc mine, closed in the previous quarter due to mine depletion, and Lisheen recently shut down in November. (Glencore said it would cut 100,000 tonnes of production at profitable mines this year, and another 500,000 tonnes next year.) “Zinc has had a bit of a drubbing in the last several months because of the questioning as to whether or not China is going to remain a key growth market, but the actual supplies — both for refined metal and in concentrates — are moving into deficit, and in fact they may be in deficit right at the moment,” she said. “By the second half of next year, the concentrate market is going to visibly tighten, and you’ll see lower visible inventories, and rising premia, and that will be what moves the price back.” Copper — which at the top of the cycle, in February 2011, was US$4.60 per lb. — has been on a downward slope for some time, she says, mostly due to mine supply coming on-stream in places like the Democratic Republic of the Congo, Zambia, Indonesia and the U.S. Mohr expects prices will stay on a lower plane for the next several years at US$2.10 per lb., although she adds, “that might be a bit too optimistic,” given that the LME price at the time of her presentation was just US$2.05 per lb. Nevertheless, she says, by late decade, the price is going to move back up to US$3 per lb., when supply and demand conditions tighten for the metal. As for iron ore, the metal has lost 70% of its value since early 2013. The reference price (spot price in Tianjin in northern China) is US$45 per tonne. The economist believes iron ore prices “will stay weak for the next eighteen months,” before improving “slowly” in the late decade. Nickel is also weak, trading in recent days at a mere US$3.70 per lb., which she says is “about mine cash costs in Canada,” and “below break even, including depreciation, around the world, including in Canada.” She forecasts nickel will stay in the US$5 per lb. range for several years, rising to US$7 per lb. by 2017. If she had to pick one factor for the depressed nickel price, she says, it would be that there has been weak global business investment this year, which impacts stainless steel demand (60% of nickel goes into stainless steel production). She also blames lower nickel prices on the downturn in the oil sector.

Photo by Salma Tarikh

“It’s nice to have a US$20 decline in oil for consumers, but it’s not nice for anyone, except consumers, to have the extent of the decline that we’ve had. It’s destabilizing and business investment is extremely weak, and that has hurt nickel.” In terms of the oil outlook, Mohr admits that she has moved into the lower-for-longer camp, and sees West Texas Intermediate crude stuck at US$45 to $50 next year, moving to US$55 near the end of 2016. “We are waiting for a supply side adjustment to low oil prices, and we really haven’t seen that around the world,” she says. “U.S. oil production peaked around April this year, and it’s declining, but there are a lot of estimates as to what it actually is. However, I do think we are going to see a fall in U.S. production, probably [in first-half 2016], and it’s going to help address oversupply, and bring prices up.” Turning to China, Mohr jokes that as an economist she looks at 20 economic indicators, but that for her audience, the only one they should really follow is China’s Purchasing Manager Index for Manufacturing. She explains t hat whenever those numbers are released, there is a reaction on the London Metal Exchange, as well as in the iron ore and oil markets, and even in gold. In the last few months, China’s PMI has slipped a bit below 50, which Mohr says could indicate that manufacturing activity is not expanding, and is probably contracting. “We have all noticed that China has overbuilt many manufacturing industries in the past decade, and we are seeing the impact.” But she hastens to add that things looked better in September and October. She noted that while the stock market correction of a few months ago (resulting in a 43% drop from peak to trough) took a toll for two months on motor vehicle sales in China, sales were up again in September and October, and purchases of sport utility vehicles, or SUVs, as of October, were up 50% yearon-year. “Chinese don’t want little sedans, they want SUVs, just like you have,” she says. “And this will be base metal intensive.” Indeed, motor vehicle sales will support raw materials going forward, she argues. Vehicle ownership per 1,000 people in China last year (the latest year for which statistics are available), was just 104, compared with 803 in the U.S., 651 in Canada and 30 in India. “As motor vehicle

“For copper, zinc, nickel and aluminum, China is now almost 49% of world demand.” Pat Mohr Vice-president, Economics & Commodity Market Specialist, Scotiabank

sales and ownership builds out in China, this is going to be a great boon for base metal demand, and it is of course part of consumer spending, not business investment,” she says. Mohr is also optimistic about China’s demand for base metals, as Beijing builds infrastructure as part of its “One belt, one road” policy. President Xi Jinping announced the program during a visit to Kazakhstan in 2013, and envisions developing an economic belt along the ancient Silk maritime and land routes linking China with the five Central Asian states of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, as well as Russia and Europe, and countries in South Asia such as Myanmar, India and Pakistan. The land route encompasses Xi’an, Urumqi, Almaty, Bishkek, Tehran, Istanbul, Moscow, Rotterdam and Venice, while the sea route moves from Zhanjiang on China’s coast down to Jakarta and Kuala Lumpur, through the straits of Malacca, to Calcutta, Colombo, over to Nairobi and up to Athens and Greece. “All the government people in China are talking about the new Silk Road initiative, which is a signature economic and foreign policy initiative coming from President Xi Jinping,” Mohr says, who attended the recent China Mining conference in Tianjin. “There are 39 railroads being built between China and these countries. Just think about that for a minute: 39. So there is going to be a lot of metal used with that construction. It will be interesting to see how that all develops over time.” TNM

15-12-08 6:46 PM