The Northern Miner December 19 2016 Issue 45 by The Northern Miner Group

EXCELSIOR MINING

DE BEERS

MINERA IRL

Faces lawsuit over Victor mercury monitoring / 5 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

Moves Ollachea forward in Peru / 13

VTEM™ | ZTEM™ | Gravity | Magnetics

Finishes feasibility study for Gunnison copper in Arizona / 3

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DECEMBER 19-25, 2016 / VOL. 102 ISSUE 45 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Sibanye to acquire Stillwater for US$2.2B

Could Aton’s Abu Marawat in Egypt surpass Sukari? GOLD

| Junior hopes to build Egypt’s second modern gold mine

PLATINUM

| Investment marks miner’s first foray out of South Africa BY TRISH SAYWELL

tsaywell@northernminer.com

ibanye Gold, the largest producer of gold from mines in South Africa and among the top-10 gold producers globally, will pay US$2.2 billion to acquire Stillwater Mining (NYSE: SWC), the only U.S. platinum group metals (PGMs) miner and the largest primary producer outside South Africa and Russia. The acquisition would mark Sibanye’s first investment outside South Africa and its third investment in PGMs over the last 15 months. The all-cash transaction valued at US$18 per share represents a 23% premium to Stillwater’s prior day closing share price and a 61% premium to Stillwater’s volumeweighted average share price over the last 52 weeks. Sibanye says the acquisition would enhance cash flow generation through value-accretive growth and represents a “transformational” opportunity to create a premier, global precious metals miner with a balanced portfolio of gold and PGM assets at a favourable point in the commodity cycle. Stillwater produced a total of 402,900 oz. palladium and 117,000 oz. platinum last year. The company’s operations in south-central Montana consist of two underground PGM mines, Stillwater and East Boulder, which are situated along the J-M Reef, the only known significant source of PGMs in the U.S. and the highest-grade PGM deposit in the world. Concentrating plants at both mines upgrade extracted ore to concentrate, and the company operates a smelter, refinery and laboratory at its metallurgical complex in Columbus, Mont., to further upgrade the concentrate to a PGMrich filter cake. Part of the company’s operations at its Columbus complex is recycling spent catalyst material to recover PGMs, and the facility is the largest See SIBANYE / 12

The camp at Aton Resources’ Abu Marawat gold property in Egypt, with an outcropping vein in the foreground. ATON RESOURCES

BY TRISH SAYWELL tsaywell@northernminer.com

hen former Egyptian president Gamal Abdel Nasser stood on the steps of the Alexandria Stock Exchange in July 1956 and declared he was going to nationalize the Suez Canal, a young geology student at Alexandria University by the name of Sami El-Raghy decided to pursue his career elsewhere. The geologist emigrated to Australia in the 1960s — arriving just in time for the nickel boom — and worked for companies like Asarco and Chevron Minerals. He then built a company called Normandy Mining, before buying a moribund miner called Centamin, which had a couple of projects in Western Australia, and listed on the ASX in 1970. El-Raghy had been looking for properties to fold into Centamin’s portfolio when, during a trip home to Egypt to visit his mother, he had dinner with one of his old geology professors, who advised him to look for projects in Egypt.

The young geologist began his search at the Egyptian Geological Survey and Mining Authority, one of the oldest of its kind in the world. “They just couldn’t believe it. No one had come to see them in years, so it was like Christmas for them and they said, ‘Here’s what we’ve got. What do you want,’” recalls Mark Campbell, one of the early consultants to Centamin (TSX: CEE) through its Egyptian subsidiary, Pharaoh Gold Mines, and now president and CEO of Aton Resources (TSXV: AAN), named after the Ancient Egyptian sun deity Aten or Aton. “He realized it was a geological Disney World.” El-Raghy picked up a titanium mineral sands project, the Sukari concession in the Eastern Desert’s Arabian Nubian Shield (which means “sugar” in English, and is now Centamin’s flagship mine), and a number of other properties, including a concession called Abu Marawat, 250 km north of Sukari and owned by Aton Resources. “I knew this ground years ago,” says Campbell, who studied petroleum geology at Texas Tech University, and has spent most of his career in the oil and gas

industry. “Although I don’t have a background in hard rock geology, I knew enough to know that what Sami was talking about was right geologically, so I’ve always been interested in this property.” At the time Centamin picked up the Abu Marawat concession in the 1990s, the most recent exploration on the property had taken place in the 1980s by a company called Minex. The concession — 400 km southeast of Cairo — had a couple of old British mines, as well as numerous ancient workings. El-Raghy explored Sukari first because there was better infrastructure, but Abu Marawat was always his favourite concession, Campbell says, and he always intended to return. After declaring a commercial discovery at Sukari, however, the Egyptian government insisted that Centamin relinquish some of its other concessions, including Abu Marawat. “The Egyptians thought we were either crazy, crooks or both. They just assumed all the gold was gone and that the pharaohs had got it all,” Campbell says. “So there

PM40069240

See ATON / 2

EXPLORATION: NOVEMBER’S TOP-FIVE GLOBAL GOLD INTERCEPTS / 15

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DECEMBER 19–25, 2016 / THE NORTHERN MINER

Workers channel-sample a trench in the Hamama West area of Aton Resources’ Abu Marawat gold project in Egypt. ATON RESOURCES

Could Aton’s Abu Marawat in Egypt surpass Sukari? ATON From 1

was nobody more surprised than the government when Centamin discovered it.” Centamin’s loss was Aton Resources’ gain. The company — formerly known as Alexander Nubia and renamed Aton Resources in June this year — picked up the concession through formal bidding in 2006, and has explored it ever since. “I’ve known about Abu Marawat for 20 years and I still believe it’s the best concession area in Egypt, and has the most potential because Sami told me, and I believe in Sami,” says Campbell, who joined the company’s board in 2009 and was named CEO in 2015. “He is probably one of the best conceptual geologists you’ll ever know … Centamin has been wildly successful. Sukari is a fantastic deposit … it’s a barn burner.” So far, Aton has identified a 40 km long gold trend at Abu Marawat, anchored by the Hamama project at the western end and the Abu Marawat gold deposit in the east. The trend contains numerous exploration targets. “Within that 40 sq. km of land I’ve got two old British mines and 15-plus areas with Roman remains of where they used to work in those areas, and it’s astounding,” Campbell says. “Egypt has 6,000 years of mining history that died before WWII, so you haven’t had any mining for the last 80 years. It’s essentially virgin territory.” The Abu Marawat gold deposit has

an inferred resource of 2.9 million tonnes grading 1.75 grams gold per tonne, 29.3 grams silver per tonne, 0.8% copper and 1.2% zinc. The deposit is open at depth and along strike. Hamama consists of three zones: Hamama West, Hamama Central and Hamma East. The mineralized horizon has a 3 km strike length and is open to the west and east. Aton’s most recent exploration at Hamama has focused on Hamama West, where it recently completed 38 diamond drill holes in 3,428 metres. The company plans to complete a maiden resource for Hamama West by year-end. Hamama West has been deeply weathered into a soft, oxidized gossan blanket, or a gold-oxide cap that is over 900 metres long, up to 110 metres wide and averages 35 meres deep. Sulphide mineralization has been traced up to 180 metres deep and remains open. Highlights from drill results released on Nov. 29 include 38 metres grading 1.58 grams gold and 52.1 grams silver from surface; 21.4 metres of 1.54 grams gold and 62 grams silver starting from 1 metre; and 14.5 metres grading 1.54 grams gold and 38.2 grams silver from surface. “Hamama was formed as a volcanogenic massive sulphide (VMS), but it’s not a classic VMS. It’s polymetallic, but we haven’t found a lot of copper — silver, zinc and gold, fine, but not a lot of copper,” Campbell says. “We haven’t identified where these massive sulphides are, and

“THERE’S NO DOUBT IN MY MIND THAT WE HAVE BULK-MINING POTENTIAL ACROSS HAMAMA AND ABU MARAWAT. BUT YOU HAVE TO BACK IT UP WITH SCIENCE.” MARK CAMPBELL PRESIDENT AND CEO, ATON RESOURCES

because we’re on a tectonic plate boundary, there has been an enormous amount of activity overlying the original deposit. So it’s slightly overturned.” As for Abu Marawat, he says, the more the company looks at it, the more it says it could have been formed originally as a VMS. But there were a lot of thermal events that occurred that overlaid it, so

what looks like an orogenic veinhosted system may only be a lateral event. About 3 to 4 km south of Abu Marawat, he adds, at the Miranda target, there is a lot of at-surface copper. “I’m not sure what that tells us, but what it does show is that there has been a lot of geological activity, and it’s probably polymetallic,” he says. “Assuming you don’t get one VMS — but pods of them — it could have been generated by a VMS, so we’re going to go back and drill.” The company plans to do more spectral imaging in January, once the dust settles and the best satellite imagery can be taken. The company also plans more geophysics. “There’s no doubt in my mind that we have bulk-mining potential across Hamama and Abu Marawat,” Campbell says. “But you have to back it up with science.” Aton certainly has a strong exploration team to do it. Rick Cavaney, Aton’s vice-president of exploration, spent eight years at Centamin and was one of the original exploration managers at Sukari. “I have a simple philosophy,”

Campbell says. “I hire good people and let them do their job. I don’t have to be a geological genius. They are the geological geniuses. I’m just a traffic cop making sure they go in the right direction.” Abu Marawat is close to infrastructure, including a four-lane highway, railway line, 220-kilovolt power line and a water pipeline, located 32 km from the property, which runs to the Red Sea. The massive concession — 738 sq. km in size — is a blessing and a curse. “Because Egypt is an oil and gas regime they believe that you have to have these large blocks, which is good for us,” Campbell says. “But it also means we have a lot of work to do.” Campbell, who is based in Cairo, has worked in the extractive industry for more than 35 years. He founded Rodeo Resources, and is a former president of Texas T Drilling Corporation. Currently, he is a director at Raider Petroleum, Blue Heron Resources and Hawkey Oilfield Services. TNM

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The remnants of the old British Sir Bakis mine, on Aton Resources’ Abu Marawat gold property. ATON RESOURCES

2016-12-13 7:40 PM

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THE NORTHERN MINER / DECEMBER 19–25, 2016

Excelsior steps closer to production at Gunnison ARIZONA COPPER

| Post-tax IRR of 40% and NPV of US$807M

BY SALMA TARIKH

starikh@northernminer.com

xcelsior Mining (TSXV: MIN) shares have jumped 17% since the company tabled a positive feasibility study on the North Star deposit of its Gunnison copper project in southeastern Arizona. The project, located in Cochise County, is a 2.5-hour drive southeast from Phoenix and 105 km southeast of Tucson. The Dec. 5 feasibility study, completed by Tucson-based M3 Engineering & Technology Corp., envisions North Star as a low-cost, copper in-situ recovery (ISR) mine, with a 24-year mine life. Excelsior’s CEO Stephen Twyerould says the feasibility study is the “last major technical milestone” before the company receives final operating permits in 2017. North Star’s initial production rate is 25 million lb. a year of copper cathode using the adjacent Johnson camp mine facilities, which Excelsior acquired last December from Nord Resources. Excelsior paid US$5.2 million on closing the agreement and has another US$3.2 million in payments due by year-end. After initial production, the company intends to expand annual production to 75 million lb. in year four, and to 125 million lb. in year seven. The last stage would require building an acid plant. This should occur in year six, and lower the amount Excelsior spends on sulphuric acid. The study advises staging the production profile so Excelsior can fund future expansions out of cash flow. Getting the project up and running should cost US$46.9 million, including a 20% contingency. The initial capital includes US$14.6 million for the production wellfield, US$26.8 million for upgrades to the solvent extraction and electrowinning (SX-EW) plant and related infrastructure at the Johnson camp, and US$5.5 million for owner’s costs. Total sustaining capital over the mine life is US$742 million. This figure includes production wellfield expansion, SX-EW expansion, acid plant construction and watertreatment facilities. Production costs are relatively low, with direct-operating cash costs of US65¢ per lb. and all-in costs (life of mine capital plus operating costs) of US$1.23 per lb. copper. This is partly because North Star contains oxidized copper, making it amenable to ISR mining. Excelsior says that ISR mining consists of drilling boreholes (injection and recovery wells) into the copper orebody. It then pumps a weak acid solution into the injection

Excelsior Mining’s Johnson Camp mine project in Cochise County, Arizona, which the firm bought from Nord Resources in December 2015. EXCELSIOR MINING

“WE HAVE ALWAYS BEEN ATTRACTED TO THE SCENARIO WHERE WE BUILD OUR OWN ACID PLANT, BECAUSE THIS DRAMATICALLY IMPROVES OUR OVERALL ECONOMICS.” JJ JENNEX VICE-PRESIDENT OF CORPORATE AFFAIRS, EXCELSIOR MINING

wells to dissolve the copper in the rocks. Next, it retrieves the copperrich solution from the recovery wells and pumps it to the SX-EW plant to produce copper cathodes. Other ISR copper projects and mines in Arizona include Taseko Mines’ (TSX: TKO; NYSE-MKT: TGB) Florence, where phase-one production should start after final permits; Capstone Mining’s (TSX: CS) producing Pinto Valley mine; and BHP Billiton’s (NYSE: BHP) past-producing San Manuel mine, which ran for 14 years. The Gunnison project has strong economics based on an initial production rate of 25 million lb. per year. The base-case scenario generates a post-tax net present value (NPV) of US$807 million at a 7.5% discount rate, and a 40% internal rate of return (IRR). Payback for the initial capital is a little over two years. The scenario uses a copper price of US$2.75 per lb., 48% total copper recovery and considers full annual production of 125 million

lb. in year seven. The company has also considered economics for the project without building an acid plant. Under the alternative scenario, initial capital remains the same at US$46.9 million. Total sustaining capital over the mine life drops to US$661 million. However, all-in costs increase 25% to US$1.50 per lb., as it is more expensive to buy sulphuric acid than produce it on-site. In the “no-acid plant” scenario, the post-tax NPV is US$691 million, at a 7.5% discount rate, with a 41% IRR. “We have always been attracted to the scenario where we build our own acid plant, because this dramatically improves our overall economics,” JJ Jennex, the company’s vice-president of corporate affairs, writes in an email. “The Union Pacific Railway runs through our property. Our plan is to bring in elemental sulphur from the West Coast and create our own acid on-site,” Jennex says. The company will review building the acid plant (planned for year six) once commercial production begins. According to its development timeline, Excelsior anticipates receiving the final operating permits by mid-2017. It aims to start first-stage construction in the third quarter of 2017, with commercial production anticipated in the second quarter of 2018. With its latest financing, Excelsior says it has enough funds to take Gunnison to a construction decision. In November, Excelsior closed a US$14-million financing with private equity fund Greenstone Resources. It issued 28.8 million shares at US77¢ for US$10 million and a 1% gross revenue royalty on the Gunnison project and Johnson camp mine for proceeds of US$4

million. Greenstone now owns 84.4 million Excelsior shares, or 50.4% of the company, with a 3% gross revenue royalty on Gunnison and the Johnson camp mine. “The team at Greenstone is the epitome of smart money,” Jennex says. “They have done extensive due diligence on our project, and this has resulted in a total investment into Excelsior of US$36 million to date. This is a major endorsement for the quality of the Gunnison copper project and the ability of our management team to execute.”

Excelsior’s next financing milestone would include arranging the project’s initial capital, which it has been working on for some time, Jennex says. The North Star deposit contains a measured and indicated resource of 792 million tonnes grading 0.3% copper for 4.9 billion lb. copper. This includes probable reserves of 709 million tonnes million at 0.3% copper for 4.5 billion lb. copper. On Dec. 6, Excelsior shares gained 17% over two trading sessions to close at 62¢. TNM

THE CANADIAN MINING HALL OF FAME

29TH ANNUAL

Induction Banquet

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

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

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Stainless steel tanks, part of the copper production facilities at Excelsior Mining’s Johnson Creek Mine project. EXCELSIOR MINING

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E D I T O R IA L Canadian government moves to quash thermal coal miners GLOBAL WARMING

| Feds aim to phase out most coal-fired power by 2030

Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304.

n November the Canadian government announced sweeping plans to phase out coal-fired power generation across Canada by 2030. Coal miners and electricity consumers across Canada can only be left wondering whether the same Liberal party deep-thinkers that brought economic havoc and skyrocketing electricity rates to Ontario BY JOHN CUMMING jcumming@northernminer.com will do the same thing to the rest of Canada, and particularly to the coal-reliant Western provinces. The federal government’s coal-power phase-out announcement comes on the heels of Prime Minister Justin Trudeau’s separate proposed carbon tax that would cost $10 per tonne in 2018 and rise $10 per tonne each year to $50 per tonne by 2022 — a plan that has been bitterly opposed by Saskatchewan Premier Brad Wall. (According to pollster Angus Reid, energy realist Wall has by far the highest approval rating among Canada’s premiers at 58%, while Ontario Premier Kathleen Wynne, who has presided over the implementation of the province’s disastrous Green Energy Act, has an approval rating of only 16% — or 8 points lower than George W. Bush at his nadir.) About 80% of Canada’s electricity comes from non-coal sources, and the federal government’s new plan would see that number rise to 90% by 2030. But provincial governments are lining up for exemptions, with Nova Scotia and Saskatchewan already negotiating so-called “equivalency agreements.” Alberta’s left-leaning New Democratic Party government — led by Premier Rachel Notley, who has slumped to a 31% approval rating — is taking an even pricier approach by agreeing in November to pay three coal-power producers operating in the province more than $1 billion as compensation over the next 14 years for prematurely closing their coal-fired power plants. According to figures produced by the Edmonton-based Coal Association of Canada, Canada is blessed with 6.6 billion tonnes of recoverable coal (anthracite, bituminous, sub-bituminous, lignite and coal), or more than a century of production at current rates. More than 90% of the reserves are in Canada’s western provinces, as are most of the 19 current coal mines. British Columbia has five coal mines, Alberta has nine, Saskatchewan has three and Nova Scotia has two, with most being strip mines or open pits. In 2014, Canadian coal production totalled 69 million tonnes, split between thermal coal and the more valuable metallurgical (coking) coal. Of that amount, 34.5 million tonnes of coal were exported, including 3.5 million tonnes of coking coal. Ninety percent of Canada’s coal exports by value is in the form of coking coal, making Canada the world’s third-largest exporter of coking coal after Australia and the United States. An extensive network of rail lines by Canadian National and Canadian Pacific connect Western Canada’s coal mines to major ports, with 80% of exports shipped by sea through ports in Vancouver and Prince Rupert, B.C., with the rest shipped through the port at Thunder Bay, Ontario. Coal mining is a substantial component of Canada’s gross domestic product, contributing an estimated $5.2 billion in direct and indirect benefits in 2011. Some 42,000 people in Canada are directly or indirectly employed because of coal mining. Coal-fired electricity generation accounts for 9.5% of the electricity consumed in Canada. In 2012, Canada consumed 40 million tonnes of coal, with most used for power generation in 35 power plants. Four provinces rely on coal more heavily than others for power generation, with Alberta producing 55% of its electricity from coal; Saskatchewan, 46%; and Nova Scotia, 56%. New Brunswick also produces electricity from coal, with its 467 MW baseload unit at Belledune recently recognized as one of the most economic coal-fired generators in North America, and at the vanguard of “clean coal” technology. For Alberta and Saskatchewan, locally sourced thermal coal for power generation has been a cost-effective and reliable component of the two provinces’ economic base. It would be a pity to wreck this pillar of Western Canada’s economy just so a few political groups and other busybodies in Central Canada can virtue signal to other global warming alarmists at their next posh, taxpayer-funded climate change conference abroad. TNM

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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 WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: 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 ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@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: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240

Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 7 THE NORTHERN MINER is published weekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

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Professional Directory. . . . . . . . . . . . . . . 14 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Alamos Gold. . . . . . . . . . . 16 Aton Resources . . . . . . . . . 1 BHP Billiton. . . . . . . . . . . . 3 Capstone Mining. . . . . . . . 3 Centamin . . . . . . . . . . . . . . 1 Coeur Mining. . . . . . . . . . 12 Continental Gold. . . . . . . 11 De Beers . . . . . . . . . . . . . . . 5

Excelsior Mining. . . . . . . . 3 Kirkland Lake Gold. . . . . 15 Mariana Resources . . . . . 15 Minera IRL. . . . . . . . . . . . 13 Newmarket Gold. . . . . . . 15 Northern Vertex Mining . . . . . . . . . . . . . . 16 Rio Tinto. . . . . . . . . . . . . . 13

Rye Patch Gold. . . . . . . . . 12 Sibanye Gold. . . . . . . . . . . . 1 Stillwater Mining. . . . . . . . 1 Taseko Mines. . . . . . . . . . . 3 Wesdome Gold Mines. . 15 West African Resources. . . . . . . . . . . . 15

O P- E D

African expat salaries hit bottom in 2016, looking up for 2017 COMMENTARY

| Short-term incentives gain prominence

BY LACHLAN SPICER Special to The Northern Miner

xpatriate salary benchmarks in Africa have reached their low, with 75% of companies looking to pay increases in 2017, according to data gleaned by our African-specialist HR consultancy firm Globe 24-7. Our recently released annual African Remuneration and Benefits Benchmarking Report gathers expatriate remuneration, benefits and employment conditions data from over 25 ASX, TSX, JSE and AIM-listed African mining companies.

of target bonus amounts. For companies who have an STI program, payouts have steadily increased over the past couple of years and are proving to be a great tool for organizations to engage their workforce to achieve personal, site and corporate objectives focusing on safety, production and financial performance targets. In light of this more positive sentiment, the report also found that 2017 will again focus on tight fiscal management for all employee-related costs, as uncertain commodity prices and investor cautiousness hang over the heads of African mining companies. The market is still wary — and weary — after several tough years, and most employee-related costs have been closely reviewed during 2016. If it’s not salaries, it’s rosters, f lights, travel class, insurance providers, accommodation ar-

THREE-QUARTERS OF OUR PARTICIPANTS INDICATE THEY WILL IMPLEMENT SALARY INCREASES IN 2017. Over the past few years, we’ve seen drops in expatriate salaries especially for new hires, and many companies have implemented dramatic cost-cutting measures. But for the first time in three years, we can report that positive sentiment is returning: threequarters of our participant group indicate they will implement salary increases in 2017. For companies planning an increase next year, the forecasted amount remains a modest 2% on average. Still, it will be welcome news, as this year 60% of expatriates received no salary increase at all, and of those that did, the average was only 1.3%. The report also found that short-term incentive (STI) payouts have risen dramatically in 2016, with average payouts at 99%

rangements and even regular site services under the microscope. It’s important to view compensation in its entirety, including rosters, travel and other benefits, so companies can make informed decisions on their remuneration practices. A CEO or chief financial officer wants to know what the benchmark salary is when deciding to employ a West African, a Canadian or an Australian to their operation, as all other employee “on-costs” fall from that first decision. — Lachlan Spicer is principal and CEO of Globe 24-7 Pty Ltd., a consulting firm specializing in human resources and executive search, with eight offices on six continents. Please visit www.globe24-7.com for more information.

2016-12-13 7:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 19–25, 2016

De Beers’ Victor diamond mine in northern Ontario, 90 km west of Attawapiskat. DE BEERS

Enviro group CPAWS files lawsuit against De Beers at Victor LEGAL ISSUES

| Plaintiff alleges firm failed to properly report on mercury levels at Victor diamond mine in Ontario

BY TRISH SAYWELL

tsaywell@northernminer.com

not-for-profit group that has worked to protect public lands and resources in Ontario since 1968, including dissuading development in Algonquin Provincial Park, has filed a private lawsuit against De Beers alleging that the company failed to fully report levels of mercury and methlymercury at its open pit Victor diamond mine in northern Ontario. The Wildlands League — a chapter of the Canadian Parks and Wilderness Society (CPAWS) — League alleges the diamond miner failed to report on mercury levels from five out of nine surface-water monitoring stations for the creeks next to its open-pit mine between 2009 and 2016, violating a condition of its Certificate of Approval. The Victor mine, 90 km west of the coastal community of the Attawapiskat First Nation, does not directly deposit methylmercury into nearby creeks, the environmental group said in a statement. Instead, its activities “trigger impacts on the environment by stimulating the conversion of mercury already present in the ecosystem into methylmercury.” Methylmercury is a poisonous form of mercury that can harm fish and humans. The environmental group says it alerted the mining company and the provincial government about the failures more than 18 months ago and outlined their concerns in a report released in December 2015 called: “Nothing to see here: Failures of self-monitoring and reporting at the De Beers Victor diamond mine in Canada.” “We need to know that the monitoring and reporting program has

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“WE FOUND SELF-MONITORING WASN’T WORKING PROPERLY AS IT SHOULD, AND THERE WAS THIS FAILURE OVER MANY YEARS, AND WE FELT WE HAD NO CHOICE BUT TO TAKE THIS ACTION.” ANNA BAGGIO DIRECTOR OF CONSERVATION PLANNING, WILDLANDS LEAGUE

integrity, because all these permits are being approved and the government is saying: ‘Don’t worry, there’s going to be self-monitoring,’” Anna Baggio, director of conservation planning at the Wildlands League, says in an interview. “In this case, we found self-monitoring wasn’t working properly as it should, and there was this failure over many years, and we felt we had no choice but to take this action.” Baggio notes that a condition of De Beers’ environmental permit for the Victor mine was that it self-monitor levels of mercury and methylmercury from all nine stations in the creeks and alleges it violated that condition. “For seven years they weren’t meeting the legal requirements,” she says. “They didn’t meet them and the Ontario government didn’t seem to know this was going on. When you fail to meet a condition of a permit, it’s actually an offence under the Water Permit Act. Someone has to hold the company to account. So that’s why we took this step.” In an email, Lindsay Davidson, a spokeswoman for Ontario’s Ministry of the Environment and Climate Change, said the government has “strict, comprehensive rules in place to protect the environment,” including requirements under the Ontario Water Resources Act, Environmental

Protection Act and other environmental laws. These requirements, she added, “have been consistently strengthened over the years, and we expect them to be followed fully. “The concerns raised are being taken seriously, and the Ministry will carefully review the details of the proposed legal action,” she continued. “However, it’s important to note that the Ministry has previously provided direction to De Beers Canada regarding their monitoring and reporting requirements for operating the Victor diamond mine. As a result, improvements were made to the 2016 reporting process. Following up in that direction, there have been meetings between Ministry staff and De Beers, as well as follow up in writing to ensure the company follows all of the conditions of their permits and approvals.” Tom Ormsby, head of external and corporate affairs for De Beers Canada, declined a request to speak with The Northern Miner about the lawsuit, explaining in an email that it is now a legal matter, so the company could not comment on the specifics of the allegations. Instead, he sent a media statement that was not posted on the company’s website. The nine-paragraph statement said the company was “still trying to determine the exact nature of the allegations being made regarding

the annual environmental reporting,” but that “to suggest that we have not been reporting in the appropriate manner for seven years is inaccurate.” The company also noted that its program now has 200 groundwater wells and 15 surface water wells, from which it collects 3,200 samples a year. It expanded its surface monitoring stations to 17 once the mine went into operations, which nearly doubled the surface monitoring data collected by the mine. It also said that the mercury in the James Bay Lowlands near the mine occurred naturally in the environment long before building the mine and that mercury is not used in the mining process. “We have been transparent with our data and reporting and, in fact, we have had regular engagement with CPAWS Wildlands League over the years, including providing CPAWS Wildlands League with our complete monitoring data earlier this year,” the statement read. “In light of this we are both confused and extremely disappointed in the actions of CPAWS Wildlands League, especially where we have been open and transparent with them throughout our extensive engagement with them.” In its report in 2015, the Wildlands League said De Beers, back in 2007, “itself predicted that operations at its Victor mine … might increase levels of toxic methylmercury in the downstream river by up to 1,100%. “We obtained that disturbing information only through a freedom of information request, submitted by our colleagues at Ecojustice,” the report’s authors stated, referring to the group’s lawyers. “It wasn’t discussed in the federal environmental assessment, during public

consultation for the mine’s environmental permits, nor anywhere else on the public record. Yet it appears to have been accepted by Ontario’s Environment Ministry at the time of the permitting.” The report’s authors noted that their findings of “substantial reporting failures” were shared with both the company and the ministry. “The company has selectively acknowledged and fixed several of them,” the report stated. “But many remain unresolved, with the most recent monitoring report perpetuating them, and introducing further reporting discrepancies.”

“TO SUGGEST THAT WE HAVE NOT BEEN REPORTING IN THE APPROPRIATE MANNER FOR SEVEN YEARS IS INACCURATE.” TOM ORMSBY HEAD OF EXTERNAL AND CORPORATE AFFAIRS, DE BEERS CANADA

When asked whether De Beers had put out a formal statement about the Wildlands League’s December 2015 report, Ormsby said the company had not made a formal statement about it last year because it hadn’t seen the report when it was released. “We’re still working through the details,” he said via email. Victor, which started commercial production in 2008, is a fly-in/fly-out mine in the James Bay Lowlands of northern Ontario. It is the province’s first diamond mine. TNM

2016-12-13 7:40 PM

WWW.NORTHERNMINER.COM

DECEMBER 19–25, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 5–9 The Bank of Canada announced that it would keep its interest rate steady, arguing that while economic data “suggests that global economic conditions have strengthened,[uncertainty] — which has been undermining business confidence and dampening investment in Canada’s major trading partners — remains undiminished.” On the markets, the S&P/ TSX Composite Index rose 1.7% to 15,312.20, while the S&P/TSX Global Mining Index fell 0.3% to 64.97. The gold price fell US$17.50 per oz., or 1.5%, to finish at US$1,159.60 per oz., and the S&P/TSX Global Gold Index dropped 4% to 186.43. After rising 10%, West Texas Intermediate crude prices fell back to US$51 per barrel. Shares of Copper Mountain Mining surged 41.8% to $1.12 after the company updated production for its Copper Mountain mine in southern British Columbia. The company reported that copper production this year totals 76 million lb. copper and is slightly ahead of guidance. During October and November, the mine produced 14.4 million lb. copper and the mill operated above design capacity rates, averaging 42,079 tonnes per day. The company also reported that gold and silver produced a strong by-product credit, accounting for more than 20% of the mine revenue. Uranium companies got a shot in the arm

from a Bloomberg story stating that advisors to U.S. president-elect Donald J. Trump “are looking at ways in which the U.S. government could help nuclear power generators” that are being squeezed by natural gas and renewable resources. In a document obtained by the news agency, Trump’s transition team “asked the Energy Department how it can help keep nuclear reactors ‘operating as part of the nation’s infrastructure,’ and what it could do to prevent the shutdown of plants.” The article said that “the list of questions to the Energy Department offers one of the clearest indications yet of Trump’s potential plans for aiding America’s battered nuclear power generators.” Shares of Cameco jumped $1.43 to $13.94, Energy Fuels advanced 27% to $2.40, Paladin Energy was up 23% to 8¢ TSX MOST ACTIVE ISSUES

Yamana Gold B2Gold Kinross Gold Barrick Gold Eldorado Gold Lundin Mng IAMGOLD First Quantum Goldcorp Potash Corp SK

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI BTO K ABX ELD LUN IMG FM G POT

32593 4.20 3.81 3.81 - 0.22 29648 3.50 3.15 3.16 - 0.11 26163 4.63 4.22 4.23 - 0.38 20473 21.19 20.12 20.38 - 0.43 19812 4.18 3.72 3.86 + 0.01 19325 7.15 6.92 7.02 + 0.16 17189 5.38 4.86 4.91 - 0.21 15037 16.10 15.22 15.59 + 0.83 14638 18.25 17.19 17.39 - 0.61 14405 26.14 24.11 26.04 + 2.04

and Fission Uranium rose 21.4% to 68¢, all on no company-related news. Shares of Azarga Uranium also jumped 33% to 26¢. The company reported that it received approval from the Nuclear Regulatory Commission (NRC) for the first amendment to the NRC Source and Byproduct Materials Licence for Azarga’s Dewey Burdock uranium project in South Dakota. The amendment completes certain NRC

licence conditions for the project, including finalizing the financial assurance amount required for building and completing other initial preoperational NRC licence conditions. The amendment leads to resuming the South Dakota state permitting process. Azarga expects a decision from the NRC Commission in the near-term for two outstanding contentions to identify and protect historic and cultural resources. TNM

TSX GREATEST PERCENTAGE CHANGE

Copper Mtn Mng Taseko Mines Azarga Uranium Dynasty Met&Mn Capstone Mng Energy Fuels Western Copper Paladin Energy Loncor Res Fission Uran Stonegate Agri Alacer Gold Freegold Vent U3O8 Corp Rockwell Diam Serabi Gold Orsu Metals Contintl Prec Fortuna Silvr Lexam VG Gold

CMMC TKO AZZ DMM CS EFR WRN PDN LN FCU ST ASR FVL UWE RDI SBI OSU CZQ FVI LEX

6194 6144 105 296 11025 1352 1373 5262 179 3615 257 6122 561 436 309 157 61 31 3133 536

1.18 1.32 0.26 0.24 1.40 2.43 1.50 0.08 0.18 0.68 0.02 2.53 0.11 0.03 0.06 0.09 0.03 0.35 8.90 0.24

0.83 0.89 0.00 0.19 1.01 1.85 1.19 0.07 0.12 0.55 0.02 1.95 0.08 0.02 0.00 0.08 0.00 0.00 7.43 0.19

1.12 1.22 0.26 0.24 1.32 2.40 1.50 0.08 0.16 0.68 0.02 1.98 0.08 0.02 0.05 0.08 0.03 0.31 7.46 0.19

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Labrador Iron Potash Corp SK Cameco Corp Endeavour Mng Dominion Diam First Quantum Newmarket Gold Altius Mnrls Energy Fuels Teck Res Agnico Eagle Teck Res Franco-Nevada MAG Silver Pan Am Silver First Majestic Fortuna Silvr Silver Std Res Pretium Res

41.8 40.2 33.3 33.3 29.4 27.0 26.1 23.1 23.1 21.4 25.0 21.7 20.0 20.0 18.2 16.7 16.7 16.2 14.0 13.6

VOLUME WEEK (000s) CLOSE CHANGE

AGU LIF POT CCO EDV DDC FM KL ALS EFR TECK.B AEM TECK.A FNV MAG PAA FR FVI SSO PVG

2341 144.13 1426 20.25 14405 26.04 7961 13.94 1772 21.77 1580 14.01 15037 15.59 6740 7.93 271 13.14 1352 2.40 13251 29.37 4200 50.40 56 31.00 3643 74.34 1099 15.34 2091 21.84 7344 11.59 3133 7.46 2238 12.23 2150 11.19

+ 11.11 + 2.34 + 2.04 + 1.43 + 1.34 + 1.05 + 0.83 + 0.60 + 0.56 + 0.51 - 4.29 - 4.20 - 3.24 - 3.16 - 2.13 - 1.96 - 1.47 - 1.21 - 1.12 - 1.08

TSX VENTURE EXCHANGE / DECEMBER 5–9 The S&P/TSX Venture Composite Index stayed relatively unchanged at 748.8 points. Spot gold prices fell US$17.57 per oz. gold, or 1.5%, before closing at US$1,159.86 per oz. — its lowest level since February this year. Comex copper prices kept 17-month highs, gaining US2¢ before closing at US$2.65 per pound. Shares of NexGen Energy’s 75%-owned subsidiary, IsoEnergy, gained 40¢ to $1.03. On Nov. 7, almost one month after joining the TSX Venture Exchange, the uranium explorer closed a $2.3-million, non-brokered private placement, which saw 2.1 million flow-through shares issued at $1.10 per share. The company is exploring Saskatchewan’s eastern Athabasca basin for unconformityand shear-hosted uranium deposits, with flagship projects including Thorburn Lake and Radio, beside Cameco’s Cigar Lake and Rio Tinto’s Roughrider uranium deposits. Probe Metals gained 21¢ to $1.36 per share after announcing intercepts of 12.6 grams gold per tonne over 7.3 metres from a new gold zone at its Val-d’Or East project in Quebec. The zone was found while infill-drilling the project’s east-trending, quartz-tourmaline vein system. Mineralization was intercepted at 400 metres deep within a north-trending diorite dike with disseminated pyrite and quartz-tourmaline veins, similar to the prop-

erty’s former Beliveau gold mine. The zone was traced down to over 800 metres deep, with more intercepts returning 8.5 grams gold over 3.5 metres and 9.7 grams gold over 4.2 metres. Power Metals, formerly Aldrin Resource, rose 5¢ to 14¢ per share on news of a lithium discovery at its Larder River project, 3 km west of the village of New Ross, N.S., and 100 km of Halifax. The company extended a 1 km long lithium-in-soil anomaly by 75 metres, with most soil sample results grading “consistently several factors above background,” according to the company’s press release. Two follow-up core holes, designed to aid geophysical interpretations, intersected multiple pegmatites, with 14 core samples pending assay results. The exploration TSX-V MOST ACTIVE ISSUES

Mezzotin Mnrls Apple Cap Inc Saint Jean Canadian Zeol First Mg Fin Voltaic Min E-Energy Vent Four River Graphite One American Lith

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MEZ 16150 YD 11710 SJL 10640 CNZ 8546 FF 6297 VLT 6213 EEV 6085 CMM 5355 GPH 5316 LI 5178

0.02 0.27 0.08 1.95 0.91 0.12 0.01 1.25 0.11 0.25

0.01 0.19 0.06 1.10 0.76 0.08 0.01 0.91 0.09 0.18

0.01 unch 0.24 + 0.07 + 1.12 - 0.81 - 0.09 + 0.01 unch 0.94 + 0.09 - 0.19 -

0.00 0.02 0.01 0.11 0.09 0.01 0.00 0.08 0.01 0.02

work builds on provincial data that targeted geological terranes known to host lithium deposits similar to North Carolina’s Gaston and Cleveland counties. The U.S. counties historically contained more than 80% of the country’s known lithium reserves, produced 50% of the world’s estimated output and launched FMC Lithium, now known as Albemarle.

First Mining Finance saw 6.3 million shares traded, closing down 9¢ to 81¢ per share. On Dec. 1, the mineral bank explorer announced a $21-million exploration and development budget in 2017, including 47,000 metres of infill and exploration drill programs at its Goldlund and Springpole gold project in northern Ontario, and its Hope Brook gold project in Newfoundland. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Whistler Gold Homeland Egy Cicada Vents Barker Mnrls Cdn Platinum Baroyeca Go&Si Coronet Mtls Zincore Mtls Goldbank Mng Aldrin Res Manson Creek Morro Bay Balto Res Active Growth Stratabd Mnr Caza Gold Green Valley M Gem Intl Res Vela Minerals Logan Res

WGX.H HEG.H CID BML CPC BGS CRF ZNC.H GLB PWM MCK MRB BAL.H QNC SB CZY GVY GI VLA LGR

100 3202 1471 875 1314 335 130 54 39 2123 857 209 9 685 75 853 846 607 100 359

0.06 0.01 0.01 0.01 0.01 0.01 0.54 0.19 0.12 0.14 0.03 0.01 0.01 0.23 0.05 0.04 0.06 0.07 0.04 0.10

0.00 0.01 0.01 0.00 0.01 0.01 0.32 0.13 0.08 0.09 0.02 0.01 0.00 0.11 0.03 0.02 0.04 0.06 0.03 0.08

0.06 0.01 0.01 0.01 0.01 0.01 0.54 0.19 0.12 0.14 0.02 0.01 0.01 0.11 0.03 0.02 0.04 0.06 0.03 0.08

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 200.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 83.1 + 72.7 + 71.4 + 68.8 - 50.0 - 50.0 - 50.0 - 45.0 - 44.4 - 42.9 - 41.7 - 40.0 - 37.5 - 37.5

VOLUME WEEK (000s) CLOSE CHANGE

Till Capital Corsa Coal IsoEnergy Ltd MacMillan Mnls Gold Reserve Abitibi Royalt Metalore Res Coronet Mtls Probe Metals Everest Vent Chesapeake Gld MBAC Fertilizr Gold Std Vents Advantage Lith Lateral Gold Filo Mg Corp Pac Booker Min Southern Arc Astar Mnls McChip Res

TIL CSO ISO MMX GRZ RZZ MET CRF PRB HOIL CKG MBC GSV AAL TRAK FIL BKM SA TAR MCS

1 2713 13 519 131 18 3 130 670 75 149 10 973 1130 89 93 23 187 121 7

5.20 3.10 1.03 1.35 5.56 8.71 2.00 0.54 1.36 1.47 3.51 2.60 2.94 1.00 0.70 1.75 1.07 0.41 0.23 0.46

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

1.05 0.40 0.40 0.40 0.35 0.31 0.30 0.25 0.21 0.18 0.45 0.34 0.25 0.17 0.15 0.15 0.14 0.14 0.13 0.12

U.S. MARKETS / DECEMBER 5–9 U.S. indexes finished strong, despite lower gold and oil prices. The Dow Jones Industrial Average gained 3% to close at 19,756.85. The S&P 500 Index also rose 3% to 2,259.53 and the Nasdaq Composite Index jumped 3.6% to 5,444.50. Spot gold, however, fell 1.5% to US$1,159.60 per ounce. Crude oil futures slipped 0.3% to US$51.50 per barrel. U.S.-based platinum group metals miner Stillwater Mining soared 14.2% to US$17.32 per share, after announcing an all-cash, US$2.2-billion takeover by South Africafocused Sibanye Gold. Under the agreement, the gold producer will pay US$18 per share for Stillwater. This marks a 23% premium to the prior Dec. 8 close, or 25% to Stillwater’s 30-day, volume-weighted average closing price. To fund the transaction and repay Stillwater’s convertible debentures, Sibanye has arranged a US$2.7-billion bridge loan. On the same day of the announcement, several U.S.-based law firms said they were investigating whether Stillwater got the best value for the company’s shareholders before agreeing to the transaction, among other things. Sibanye — one of the top-10 global gold producers — fell 16.2% to US$7.10 per share.

6_DEC19_MarketNews.indd 6

Dominion Diamond shares rose 8.9% to US$10.62. The company reported a thirdquarter fiscal 2017 profit of US$28.8 million, or US34¢ per share, largely due to the sale of its Toronto office building. Removing the US46¢ per share gained from that sale, Dominion had an adjusted loss of US12¢ per share, BMO analyst Edward Sterck writes, adding that this missed his forecast loss of US10¢ per share. Adjusted earnings before interest, taxes, depreciation and amortization was US$22.6 million above Sterck’s US$15.8-million estimate due to lower costs at the Diavik mine and a US$6.7-million U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 178353 Freeport McMo* FCX 152785 United States S* X 105906 Barrick Gold* ABX 83580 Hecla Mining* HL 76828 Kinross Gold* KGC 59947 Yamana Gold* AUY 57592 Stillwater Mg* SWC 46236 Potash Corp SK* POT 40870 Gold Fields* GFI 40477

9.34 16.08 39.14 15.99 6.66 3.48 3.17 17.50 19.84 3.26

8.52 15.18 33.78 15.16 5.88 3.20 2.88 14.65 18.17 2.90

8.78 15.75 36.06 15.45 5.98 3.21 2.89 17.32 19.75 2.90

+ 0.34 + 0.33 + 2.45 - 0.21 - 0.38 - 0.26 - 0.14 + 2.15 + 1.68 - 0.26

insurance recovery at the Ekati mine, where a fire damaged the plant in June. Free cash flow during the quarter was negative US$35.4 million, excluding proceeds of US$65.1 million from the building sale. Agnico Eagle Mines shares lost US$2.82

to close at US$38.28. On Dec. 5, Agnico agreed to buy 19.93% of G4G Capital in a private placement, where it would pay $1.20 per share. G4G can acquire claims across 21 properties, or 30% of the Yukon’s White Gold District. TNM

U.S. GREATEST PERCENTAGE CHANGE

Intrepid Pots* Stillwater Mg* Cameco Corp* Alcoa* Yanzhou Coal* Potash Corp SK* Agrium* Mosaic* Dominion Diam* Vedanta* Sibanye Gold* Fortuna Silvr* Teck Res* First Majestic* DRDGOLD* Harmony Gold* Pretium Res* Gold Fields* Endeavr Silver* Kinross Gold*

IPI SWC CCJ AA YZC POT AGU MOS DDC VEDL SBGL FSM TECK AG DRD HMY PVG GFI EXK KGC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

28874 3.04 1.38 2.65 46236 17.50 14.65 17.32 15841 10.77 9.46 10.59 23430 32.11 28.89 32.05 204 7.73 6.93 7.61 40870 19.84 18.17 19.75 2142 109.71 100.44 109.38 26312 31.54 28.47 31.42 1918 10.68 9.63 10.62 1143 14.37 13.25 14.14 12144 8.66 6.98 7.10 6404 6.73 5.64 5.66 28242 33.76 22.22 22.33 28987 10.20 8.73 8.79 2124 4.55 3.97 4.06 29096 2.32 2.08 2.08 8070 9.64 8.44 8.48 40477 3.26 2.90 2.90 9761 4.15 3.60 3.61 59947 3.48 3.20 3.21

+ 90.6 + 14.2 + 12.4 + 10.4 + 9.8 + 9.3 + 9.2 + 9.0 + 8.9 + 8.4 - 16.2 - 13.5 - 11.9 - 10.5 - 10.2 - 9.2 - 8.3 - 8.2 - 7.9 - 7.5

U.S. GREATEST VALUE CHANGE

Agrium* AGU MartinMarietta* MLM NACCO Ind* NC Alcoa* AA Chevron* CVX Mosaic* MOS Black Hills* BKH United States S* X Stillwater Mg* SWC Rio Tinto* RIO Teck Res* TECK Agnico Eagle* AEM Franco-Nevada* FNV Sibanye Gold* SBGL First Majestic* AG Fortuna Silvr* FSM Newmont Mng* NEM AngloGold Ash* AU Pretium Res* PVG Seabridge Gld* SA

VOLUME WEEK (000s) CLOSE CHANGE

2142 109.38 2936 231.16 80 94.20 23430 32.05 30663 115.81 26312 31.42 1834 61.00 105906 36.06 46236 17.32 24161 41.15 28242 22.33 9657 38.28 5012 56.39 12144 7.10 28987 8.79 6404 5.66 40430 32.79 20868 10.67 8070 8.48 2505 9.45

+ 9.23 + 7.91 + 6.35 + 3.01 + 2.81 + 2.60 + 2.50 + 2.45 + 2.15 + 2.13 - 3.03 - 2.82 - 1.96 - 1.37 - 1.03 - 0.88 - 0.79 - 0.78 - 0.77 - 0.65

2016-12-13 7:33 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 19–25, 2016

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, December 13, 2016 Precious Metals Price (US$/oz.) Change 1157.35 -13.80 Gold Silver $17.01 +0.22 Platinum $915.00 -10.00 Palladium $732.00 +3.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11415.00 +90.00 $5725.00 -78.00 $2354.00 -29.00 $2723.50 -27.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 5, 2016 (change from November 28, 2016 in brackets): Aluminium Alloy 13620 (0) 2092125 (-37075) Aluminium Copper 241550 (+8525) 187100 (+100) Lead Nickel 368670 (-54) 3340 (+155) Tin 437125 (-4250) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$48.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.00 Coal: CME Group Central Appalachian Futures, Dec. 2016: N.A. Cobalt: US$14.40/lb. Copper: US$2.61/lb. Copper: CME Group Futures Jan. 2016: US$2.59/lb.; Feb. 2017: US$2.60/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.65/kg FerroTungsten: US$24.38/kg Ferrovanadium: US$16.80/kg Iridium: NY Dealer Mid-mkt US$675.00/tr oz. Iron Ore 62% Fe CFR China-S: US$82.80/tonne Iron Ore Fines: US$53.07/tonne Iron Ore Pellets: US$75.93/tonne Lead: US$1.05/lb. Magnesium: US$2.09/kg Manganese: US$1.74/kg Molybdenum Oxide: US$6.92/lb. Phosphate Rock: US$111.00/tonne Potash: US$215.00/tonne Rhodium: Mid-mkt US$780.00/tr. oz. Ruthenium: Mid-mkt US$40.00/tr. oz. Silver: Handy & Harman Base: US$17.19 per oz.; Handy & Harman Fabricated: US$21.49 per oz. Tantalite Ore : US$125.84/kg Tin: US$9.57/lb. Uranium: U3O8, Trade Tech spot price: US$17.75; The UX Consulting Company spot price: US$18.00/lb. Zinc: US$1.23/lb. Prices current Dec. 13, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Dec 01, 2016 (with changes from Nov 16, 2016) Largest short positions LUN 41509887 -4548490 11/16/2016 Lundin Mng Kinross Gold K 32843470 793058 11/16/2016 New Gold NGD 25210228 1304345 11/16/2016 B2Gold BTO 20741996 -1686031 11/16/2016 Eldorado Gold ELD 18030373 -187223 11/16/2016 Potash Corp SK POT 15420318 -585876 11/16/2016 Suncor Energy SU 13417767 1076110 11/16/2016 Klondex Mines KDX 13202874 3893998 11/16/2016 Sandstorm Gold SSL 11696733 -812613 11/16/2016 Teck Res TECK.B 9988555 -224413 11/1/2016 DGC 9547009 1160147 11/16/2016 Detour Gold Nthn Dynasty NDM 8656534 1867432 11/16/2016 Barrick Gold ABX 8549847 978607 11/16/2016 Goldcorp G 8504788 121068 11/16/2016 ASR 8332518 982989 11/16/2016 Alacer Gold Largest increase in short position Klondex Mines KDX 13202874 3893998 11/16/2016 Royal Nickel RNX 2645500 2489008 11/16/2016 Nthn Dynasty NDM 8656534 1867432 11/16/2016 New Gold NGD 25210228 1304345 11/16/2016 Argex Titanium RGX 1967700 1170000 11/16/2016 Largest decrease in short position Teranga Gold TGZ 6443771 -10524872 11/16/2016 Lundin Mng LUN 41509887 -4548490 11/16/2016 BTO 20741996 -1686031 11/16/2016 B2Gold Argonaut Gold AR 6893719 -1203410 11/16/2016 Kirkland Lk Gd KLG 1535204 -1066130 11/1/2016

Short positions outstanding as of Nov 16, 2016 (with changes from Nov 01, 2016) Largest short positions Purepoint Uran PTU 5991000 5990600 11/1/2016 Noram Vent NRM 2642800 2617496 11/16/2016 Brazil Res BRI 1260700 84600 11/16/2016 Golden Arrow GRG 933497 -223000 11/16/2016 TXR 590000 458517 11/16/2016 Terrax Mnrls Pure Energy PE 589524 -788076 11/16/2016 NuLegacy Gold NUG 534133 526233 11/16/2016 American Lith LI 502376 490180 11/16/2016 First Mg Fin FF 486800 301995 11/16/2016 Probe Metals PRB 423800 -400 11/16/2016 OX 412000 412000 11/16/2016 Orex Expl K92 Mng Inc KNT 333400 -119000 11/16/2016 BCGold BCG 300000 205000 11/16/2016 Advantage Lith AAL 297900 145600 11/16/2016 Atico Mng ATY 260000 244400 11/1/2016 Largest increase in short position Purepoint Uran PTU 5991000 5990600 11/1/2016 Noram Vent NRM 2642800 2617496 11/16/2016 NuLegacy Gold NUG 534133 526233 11/16/2016 American Lith LI 502376 490180 11/16/2016 TXR 590000 458517 11/16/2016 Terrax Mnrls Largest decrease in short position Spearmint Res SRJ 2800 -1947400 11/16/2016 Apple Cap Inc YD 70738 -839262 11/16/2016 PE 589524 -788076 11/16/2016 Pure Energy Sokoman Iron SIC 1500 -757000 11/16/2016 NXS 6300 -736400 11/1/2016 Nexus Gold

DAILY METAL PRICES Daily Metal Prices Date Dec 12 Dec 9 Dec 8 Dec 7 Dec 6 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1560/1570 1560/1570 1515/1530 1505/1520 1555/1560 Aluminum 1749/1742 1742/1737.50 1730.50/1723 1727.50/1724 1716/1712.50 Copper 5755/5770 5823/5823 5837/5835 5903/5912 5855.50/5865 Lead 2309/2317 2309/2314 2330.50/2338 2368.50/2382 2306/2310 Nickel 11270/11330 11320/11370 11365/11430 11540/11600 11510/11580 Tin 21050/20875 21275/21025 21390/21225 21400/21175 21400/21075 2709/2724 2709/2727 2744/2765 2821/2841 2730/2750 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1154.40 1168.90 1174.75 1171.25 1171.15 Gold PM 1156.10 1163.60 1171.05 1177.65 1172.50 Silver 16.86 16.95 17.13 16.77 16.79 Platinum 923.00 925.00 940.00 944.00 941.00 Palladium 734.50 744.00 725.00 734.00 747.00

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

TSX WARRANTS

Dec 09 Dec 08 Dec 07 Dec 06 Dec 05 1.3181 1.3190 1.3234 1.3278 1.3273 0.7588 0.7581 0.7556 0.7531 0.7529

Exchange rates (Quote Media, December 09, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.7184 87.5295 15.4775 10.4975 1.0185 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6034 5.2441 51.2315 0.7719 890.6103 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3426 0.9467 115.3415 20.3885 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7953 6.9077 67.4763 1.0170 1171.7400

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19

Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kaizen Discovery Inc. (KZD.RT) - Wt buy sh @ $0.105 to Apr 21/17 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Dec 09 Dec 08 Dec 07 Dec 06 Dec 05 High Low S&P/TSX Composite 15312.20 15295.20 15237.75 15125.80 15095.17 15527.30 12400.15 S&P/TSXV Composite 748.80 749.50 749.97 748.20 751.13 1050.26 883.52 S&P/TSX 60 902.92 901.21 897.88 890.52 887.94 896.74 709.99 S&P/TSX Global Gold 186.43 193.93 194.09 192.32 193.41 218.90 149.29 DJ Precious Metals 164.21 164.21 164.07 162.38 163.63 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS DECEMBER 5–9, 2016 102 New Highs Active Growth Agrium Agrium* Alba Minerals* Altius Mnrls Alumina Inc* Amerigo Res* Anglo American* Antofagasta* Arizona Mng* Astar Mnls AZ Mining Bearing Res* BLOX Inc* Britannia Mng* Broadway Gd Mg* Canadian Zeol Canadian Zeol* Canamex Res* Capstone Mng Chevron* CONSOL Energy* Copper Mtn Mng Copper Mtn Mng*

Corsa Coal Darnley Bay* Del Toro Silvr* Ensurge* Everest Vent Excelsior Mng Excelsior Mng* Fortescue Mtls* G4G Capital Garibaldi Res Glencore Plc* Golden Sh Mng* Goldstar Mnls Homeland Egy HudBay Mnls* IMX Res* Inter-Rock Mnl Ivanhoe Mines Ivanhoe Mines* Kitrinor Mtls Kombat Copper Kootenay Zinc Labrador Iron Lakeside Mnrls Lancaster Cap LeadFX Inc*

Leo Res Lions Gate Mtl Luna Gold* Lundin Mng MacMillan Mnls Margaux Res MBAC Fertilizr* Medgold Res* Mexus Gold* Millennial Lit* Mitsui M’g* Morumbi Res Newmarket Gold Nomad Ventures Nthn Dynasty Nthn Dynasty* Petra Diamonds* Pine Cliff En Pine Cliff En* Platinex Potash Corp SK Potash Corp SK* QMX Gold Rathdowney Res Remington Res Rheingold Expl

Rio Tinto* Riverside Res Riverside Res* Rogue Res* Rokmaster Res Scandium Int M* Southern Copp* Stillwater Mg* Stockport Expl Taseko Mines Taseko Mines* Teck Res* Tower Res* Trevali Mng* UC Res* United States S* Uranium Hunter* Vale* Vedanta* Vendetta Mng Vendetta Mng* Western Copper Western Copper* Westmoreland* Westridge Res Whistler Gold

23 New Lows Alacer Gold Alchemist Mng Alexandra Cap Avarone Metals* Century Global* Cobalt Pwr Grp Contact Mnrls* Cruz Cap Corp* Explor Res Intigold Mines* Inventus Mg Lago Dourado* MBAC Fertilizr* Montego Res Nevada Expl Nickel One Res* Noram Vent* Noront Res Saturn Mnrls Stria Lithium Sunset Cove Mg* Verde Res* Wescan Gldflds*

CANADIAN GOLD MUTUAL FUNDS Fund Dec 09 ($) AGF Prec Mtls Fd MF 22.48 BMO Prec Mtls Fd A 18.42 BMO ZGD 9.36 BMO ZJG 7.95 CIBC Prec Metal Fd A 10.19 Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 8.56 iShares XGD Mac Prec Met Cl A 48.34 NB Prec Met Fd Inv 12.03 RBC GblPreMetFd A 31.11 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 38.58 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv 34.45

Dec 02 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 22.96 -0.48 -2.09 48.87 2.78 160.02 18.97 -0.55 -2.90 54.70 2.40 66.17 9.77 -0.41 -4.16 47.11 0.63 8.28 -0.33 -3.98 64.21 0.60 10.53 -0.34 -3.23 25.30 2.62 51.19 6.56 0.07 1.10 59.21 2.75 362.15 25.00 0.80 3.33 42.07 0.81 8.78 -0.22 -2.51 65.21 2.75 84.63 12.13 0.35 2.95 47.29 0.61 623.21 49.60 -1.26 -2.53 67.64 2.51 115.35 12.39 -0.36 -2.91 51.24 2.46 34.23 31.64 -0.53 -1.68 57.83 2.12 374.74 10.00 39.62 -1.04 -2.63 55.92 2.44 209.05 37.07 1.67 4.65 54.01 3.12 233.45 6.77 0.29 4.46 95.39 3.09 89.18 35.56 -1.11 -3.12 41.54 2.26 129.52

GLOBAL MINING NEWS · SINCE 1915

Re-Publishing License

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.$

7_DEC19_MMMM.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

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2016-12-13 4:44 PM

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DECEMBER 19–25, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 5–9, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1676 0.13 0.07 0.10 - 0.03 0.28 0.03 O 23 0.07 0.06 0.07 + 0.00 0.10 0.03 Abcourt Mines* Abcourt Mines V 1129 0.10 0.08 0.08 - 0.01 0.13 0.04 Aben Res* O 35 0.07 0.00 0.07 + 0.01 0.26 0.03 Aben Res V 542 0.10 0.07 0.08 - 0.01 0.34 0.06 0.12 + 0.01 0.16 0.07 Aberdeen Intl* O 201 0.12 0.11 Aberdeen Intl T 587 0.17 0.15 0.16 + 0.01 0.24 0.10 Abitibi Royalt V 18 8.79 0.00 8.71 + 0.31 10.00 2.65 ABT Holdings* O 4 0.48 0.00 0.48 - 0.02 0.76 0.05 Acme Res Inc V 236 0.06 0.05 0.06 + 0.01 0.12 0.02 Active Growth V 685 0.23 0.11 0.11 - 0.09 0.23 0.02 0.01 - 0.01 0.02 0.01 Adex Mining V 391 0.02 0.01 Advanced Expl* O 286 0.00 0.00 0.00 + 0.00 0.01 0.00 Advantage Lith* O 386 0.89 0.71 0.75 - 0.13 1.01 0.49 Advantage Lith V 1130 1.18 0.94 1.00 - 0.17 1.34 0.14 0.06 - 0.01 0.12 0.03 African Gold V 1905 0.07 0.05 Agave Silver* O 8 0.06 0.00 0.06 - 0.01 0.12 0.01 50.40 - 4.20 78.35 34.80 Agnico Eagle T 4200 55.25 49.96 Agnico Eagle* N 9657 41.56 37.93 38.28 - 2.82 60.10 24.93 T 2341 144.50 133.25 144.13 + 11.11 140.90 104.70 Agrium N 2142 109.71 100.44 109.38 + 9.23 106.82 79.94 Agrium* O 1031 0.01 0.01 0.01 + 0.00 75.00 0.00 Aim Explor* Alabama Graph* O 116 0.11 0.09 0.11 + 0.03 0.17 0.08 Alabama Graph V 1836 0.15 0.11 0.15 + 0.03 0.23 0.11 Alacer Gold T 6122 2.53 1.95 1.98 - 0.55 3.79 2.08 T 5712 8.55 7.86 7.99 - 0.30 13.65 3.27 Alamos Gold Alamos Gold* N 13128 6.44 5.97 6.05 - 0.21 10.41 2.27 0.21 + 0.09 0.22 0.01 Alba Minerals V 101 0.22 0.17 Alberta Star* O 19 0.28 0.27 0.27 + 0.00 0.32 0.12 0.05 - 0.02 0.12 0.02 Alchemist Mng 9 0.05 0.00 Alcoa* N 23430 32.11 28.89 32.05 + 3.01 34.50 18.42 0.24 - 0.01 0.34 0.05 Alderon Iron* O 89 0.25 0.23 Alderon Iron T 1013 0.34 0.28 0.32 - 0.02 0.48 0.07 Aldever Res* O 12 0.07 0.00 0.07 + 0.01 0.11 0.05 Aldever Res V 1444 0.08 0.07 0.08 + 0.01 0.69 0.07 0.27 - 0.01 0.34 0.12 Aldridge Mnrls V 270 0.29 0.00 Aldrin Res V 2123 0.14 0.09 0.14 + 0.06 0.15 0.07 O 772 0.05 0.03 0.04 + 0.01 0.10 0.01 Alexandria Min* Alexandria Min V 4544 0.06 0.05 0.06 + 0.01 0.12 0.02 1.38 - 0.01 2.54 0.22 Alexco Res* X 2013 1.50 1.34 Alexco Res T 427 1.96 1.79 1.80 - 0.04 3.31 0.35 0.10 - 0.01 0.21 0.10 Alianza Min V 200 0.11 0.10 Alianza Min* O 19 0.08 0.07 0.07 - 0.01 0.17 0.07 Alix Res* O 50 0.03 0.03 0.03 - 0.01 0.12 0.03 Alix Res V 958 0.06 0.05 0.05 - 0.01 0.18 0.04 25.50 + 1.40 26.65 9.95 Alliance Res* D 2372 25.95 24.30 Almaden Mnls T 155 1.60 1.36 1.44 + 0.02 2.44 0.67 X 1346 1.20 1.03 1.10 + 0.02 1.88 0.50 Almaden Mnls* Almadex Min* O 554 1.22 1.01 1.06 + 0.06 1.51 0.09 1.40 + 0.08 2.00 0.14 Almadex Min V 304 1.61 1.34 Almo Capital V 412 0.12 0.10 0.11 - 0.01 0.18 0.05 0.26 - 0.02 0.44 0.20 Almonty Ind V 46 0.30 0.26 Alphamin Res V 152 0.37 0.35 0.36 - 0.03 0.40 0.16 ALQ Gold 14 0.06 0.05 0.06 + 0.01 0.06 0.03 Alset Energy* O 94 0.08 0.07 0.08 + 0.00 0.65 0.01 1226 0.06 0.05 0.06 + 0.01 0.22 0.03 Alta Vista Vnt Altai Res V 3542 0.11 0.00 0.10 + 0.03 0.16 0.03 479 0.20 0.18 0.18 - 0.01 0.70 0.11 Altair Res Inc V Alternative ER* O 33 0.25 0.20 0.22 + 0.03 0.46 0.18 13.14 + 0.56 13.20 7.39 Altius Mnrls T 271 13.20 12.06 Altura Mng Ltd* O 912 0.12 0.09 0.12 + 0.01 0.30 0.06 0.05 + 0.01 0.08 0.01 Alturas Mnrls V 176 0.05 0.04 Alumina Inc* O 164 5.23 4.98 5.22 + 0.48 5.23 2.70 ALX Uranium V 846 0.08 0.06 0.08 + 0.01 0.14 0.06 ALX Uranium* O 3 0.06 0.05 0.05 - 0.01 0.10 0.03 467 0.06 0.06 0.06 - 0.01 0.12 0.03 Am Creek Res V Am CuMo Mng* O 178 0.12 0.10 0.10 - 0.01 0.18 0.04 O 266 0.19 0.15 0.19 - 0.01 0.27 0.01 Am Manganese* Am Manganese V 5108 0.27 0.20 0.25 - 0.02 0.38 0.01 0.13 + 0.02 0.40 0.10 Amador Gold V 16 0.18 0.00 Amarillo Gold V 299 0.36 0.30 0.30 - 0.01 0.68 0.04 0.38 + 0.00 1.06 0.30 Amazing OG* O 24 0.42 0.38 Amer Intl Vent* O 38 0.02 0.01 0.02 + 0.00 0.10 0.01 Amer Vanadium* O 465 0.02 0.00 0.01 - 0.00 0.07 0.00 American Lith* O 182 0.18 0.14 0.15 - 0.02 1.24 0.10 0.19 - 0.02 1.62 0.05 American Lith V 5178 0.25 0.18 American Pot 482 0.07 0.00 0.07 + 0.01 0.14 0.03 0.25 - 0.01 0.48 0.09 Americas Silvr T 4993 0.27 0.24 Americas Silvr* O 1112 0.21 0.18 0.20 + 0.01 0.37 0.04 0.34 + 0.04 0.35 0.10 Amerigo Res T 1262 0.35 0.30 Amerigo Res* O 225 0.26 0.23 0.26 + 0.06 0.25 0.07 0.03 - 0.01 0.08 0.02 Amex Expl V 167 0.04 0.03 Anaconda Mng* O 21 0.04 0.04 0.04 - 0.00 0.09 0.03 Anfield Nickel V 674 1.19 1.08 1.16 + 0.01 1.94 0.52 Anfield Res* O 13 0.06 0.05 0.06 + 0.01 0.22 0.04 0.08 + 0.01 0.31 0.05 Anfield Res V 1043 0.08 0.06 Angel Gold* O 151 0.08 0.07 0.07 - 0.01 0.11 0.02 0.09 - 0.02 0.15 0.03 Angel Gold V 241 0.11 0.09 Angkor Gold V 220 0.42 0.38 0.41 - 0.01 0.50 0.37 O 718 8.12 7.60 7.71 - 0.10 8.12 1.57 Anglo American* Anglo American* O 11 16.05 15.16 15.30 + 0.25 16.05 3.13 3 1.10 1.10 1.10 + 0.05 1.50 0.75 Anglo Pac Grp T Anglo-Bomarc V 26 0.06 0.06 0.06 - 0.01 0.25 0.05 Anglo-Can Mng V 83 0.08 0.00 0.08 + 0.02 0.30 0.05 10.67 - 0.78 22.91 6.34 AngloGold Ash* N 20868 11.39 10.58 Antioquia Gold V 89 0.14 0.11 0.14 + 0.01 0.16 0.06 Antofagasta* O 32 9.57 9.20 9.57 + 0.77 9.57 5.24 Apogee Opport * O 13 0.12 0.11 0.12 + 0.01 0.32 0.08 Apogee Opport V 130 0.21 0.15 0.17 + 0.03 0.44 0.11 Appia Energy 30 0.15 0.14 0.15 - 0.02 0.30 0.01 Apple Cap Inc V 11710 0.27 0.19 0.24 + 0.02 0.54 0.14 Applied Mrnls* O 287 0.14 0.13 0.14 + 0.02 0.38 0.10 Aquila Res* O 458 0.18 0.15 0.16 - 0.01 0.25 0.09 Aquila Res T 372 0.24 0.21 0.21 - 0.01 0.32 0.13 Arctic Star* O 30 0.04 0.04 0.04 - 0.00 0.04 0.04 Arcturus Vents V 222 0.02 0.02 0.02 - 0.01 0.03 0.01 Ardonblue Vent V 5 0.10 0.08 0.08 - 0.02 0.10 0.05 Arena Mnls* O 48 0.13 0.12 0.13 + 0.01 0.25 0.11 Arena Mnls V 494 0.18 0.15 0.18 + 0.02 0.34 0.13 Argentina Lith* O 9 0.34 0.30 0.30 - 0.05 0.63 0.03 Argex Titanium* O 43 0.04 0.03 0.04 + 0.00 0.09 0.01 Argo Gold 52 0.14 0.00 0.14 + 0.04 0.14 0.06 Argonaut Gold T 2193 2.75 2.44 2.45 - 0.15 4.45 0.78 Argonaut Gold* O 50 2.06 1.85 1.85 - 0.05 3.38 0.53 Argus Metals* O 0 0.07 0.05 0.07 + 0.01 0.10 0.01 Argus Metals V 19 0.09 0.00 0.08 - 0.01 0.15 0.02 Arian Silver* O 62 0.01 0.00 0.01 + 0.00 0.16 0.00 Arianne Phosph V 97 0.79 0.75 0.78 - 0.01 1.25 0.68 Arianne Phosph* O 24 0.60 0.57 0.58 - 0.00 0.98 0.52 Arizona Mng* O 362 2.64 2.35 2.50 + 0.12 2.64 0.19 Asanko Gold T 4692 4.75 4.27 4.32 - 0.12 6.09 1.85 Asanko Gold* X 2359 3.58 3.21 3.27 - 0.08 4.68 1.27 Ascot Res V 127 1.91 1.86 1.90 + 0.04 2.83 0.80 Ashburton Vent* O 30 0.01 0.00 0.01 - 0.01 0.06 0.01 Asiamet Res V 1019 0.05 0.04 0.05 - 0.01 0.08 0.02 Asian Minl Res V 79 0.04 0.03 0.03 - 0.01 0.04 0.02 Astar Mnls V 121 0.40 0.23 0.23 - 0.13 0.40 0.09 Aston Bay V 59 0.24 0.21 0.24 - 0.02 0.49 0.13 Astorius Res V 252 0.25 0.21 0.21 - 0.05 0.41 0.01 ATAC Res V 966 0.37 0.33 0.34 - 0.03 0.95 0.26 Atacama Pac Gd V 16 0.42 0.38 0.39 - 0.03 1.02 0.14 Atacama Res* O 28 0.06 0.06 0.06 + 0.00 0.50 0.05 Athabasca Mnls* O 114 0.15 0.14 0.14 - 0.00 0.23 0.11 Athabasca Mnls V 225 0.19 0.17 0.19 - 0.01 0.32 0.14 Atico Mng* O 428 0.66 0.60 0.61 - 0.01 0.69 0.12 Atico Mng V 495 0.87 0.79 0.79 - 0.04 0.91 0.16 Atlanta Gold* O 9 0.06 0.05 0.06 + 0.01 0.09 0.03 Atlantic Gold V 501 0.90 0.79 0.79 - 0.08 1.06 0.23 Atlatsa Res T 62 0.08 0.00 0.07 - 0.01 0.13 0.03 Atlatsa Res* O 49 0.06 0.05 0.05 - 0.01 0.10 0.02 Atom Energy V 13 0.23 0.00 0.23 + 0.01 0.64 0.16 Augustine Vent 163 0.10 0.09 0.09 - 0.01 0.17 0.03 Augyva Mng V 24 0.13 0.11 0.11 + 0.01 0.16 0.08 Aura Silver Rs V 322 0.04 0.03 0.03 - 0.01 0.08 0.01 Auramex Res V 111 0.02 0.00 0.02 - 0.01 0.03 0.01 Aurcana Corp V 653 0.50 0.38 0.42 + 0.02 0.80 0.10 Aurcana Corp* O 102 0.38 0.28 0.32 + 0.01 0.63 0.07 AurCrest Gold V 36 0.03 0.03 0.03 + 0.01 0.05 0.01 Aureus Mng* O 16 0.02 0.02 0.02 + 0.00 0.17 0.01 Aureus Mng T 1633 0.03 0.03 0.03 + 0.01 0.30 0.03 AuRico Metals T 656 1.00 0.92 0.94 - 0.06 1.26 0.55 AuRico Metals * O 307 0.76 0.70 0.70 - 0.04 0.94 0.37 Aurora Gold* O 38 0.00 0.00 0.00 - 0.00 0.02 0.00 Aurvista Gold* O 233 0.14 0.13 0.14 + 0.01 0.29 0.02 Aurvista Gold V 1722 0.19 0.16 0.18 + 0.01 0.39 0.03 Auryn Res* O 292 2.13 1.88 2.03 + 0.03 3.18 0.70 Auryn Res T 699 2.77 2.50 2.70 + 0.10 4.17 0.95 Avalon Adv Mat* O 321 0.12 0.11 0.11 - 0.01 0.26 0.00 Avalon Adv Mat T 1643 0.16 0.15 0.15 - 0.02 0.33 0.10 Avino Silver* X 2402 1.43 1.31 1.31 - 0.07 3.14 0.71 Avino Silver V 364 1.90 1.72 1.74 - 0.09 4.05 1.03 Avnel Gold T 1116 0.24 0.20 0.24 + 0.03 0.39 0.18 Avnel Gold * O 90 0.19 0.16 0.18 + 0.02 0.30 0.13

8-10_DEC19_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Avrupa Mnls V 107 Avrupa Mnls* O 43 AZ Mining T 6960 Azarga Mtls* O 4 Azarga Mtls V 91 Azarga Uranium T 105 Azarga Uranium* O 14 Azimut Expl V 165 Azincourt Uran* O 36

0.13 0.11 0.12 - 0.01 0.25 0.08 0.09 0.08 0.09 - 0.00 0.19 0.05 3.49 3.10 3.31 + 0.16 3.49 0.28 0.24 0.00 0.24 - 0.04 1.00 0.03 0.34 0.00 0.32 - 0.06 0.60 0.05 0.26 0.00 0.26 + 0.07 0.40 0.18 0.19 0.17 0.19 + 0.02 0.29 0.14 0.31 0.28 0.30 - 0.01 0.68 0.10 0.05 0.04 0.05 + 0.01 0.07 0.03

B2Gold* X 23102 B2Gold T 29648 Bacanora Mnls V 124 Balmoral Res T 417 Balmoral Res* O 241 Balto Res V 9 Bannerman Res* O 339 Banro T 422 Banro* X 3713 Banyan Gold V 458 Bard Vent V 11 Barker Mnrls V 875 Barkerville Go* O 27 Barksdale Cap V 27 Baroyeca Go&Si V 335 Barrick Gold* N 83580 Barrick Gold T 20473 Barsele Min V 82 Barsele Min* O 23 Battle Mtn Gld V 124 Battle Mtn Gld* O 17 Bayhorse Silvr* O 105 Bayhorse Silvr V 513 Bayswater Uran* O 32 BC Moly V 26 BCGold* O 66 BCM Res V 50 Bear Creek Mng V 664 Bearclaw Cap V 83 Bearing Res* O 5 Beaufield Res V 581 Beaufield Res* O 35 Beeston Ent* O 249 Bell Copper V 49 Bellhaven Cp&G V 18 Bellhaven Cp&G* O 10 Belmont Res V 99 Belo Sun Mng T 2014 Benton Res V 524 Berkeley Egy* O 14 Besra Gold* O 1464 Big Bar Res V 171 Big North Grap* O 120 Big North Grap V 351 Bison Gold Res V 9 Bitterroot Res* O 59 Bitterroot Res V 38 Black Dragon V 113 Black Hills* N 1834 Black Isle Res V 273 Black Sea Cop V 101 Blackheath Res V 1038 Blind Crk Res V 41 BLOX Inc* O 394 Blue Sky Uran V 57 Bluestone Res V 26 Bold Vent V 170 BonTerra Res* O 33 Borneo Res Inv* O 7404 Bowmore Expl V 216 Bravada Gold* O 476 Bravada Gold V 939 Braveheart Res V 18 Bravo Multinat* O 6083 Bravura Vent 363 Brazil Res V 699 BrightRock Gld* O 102 Brionor Res V 123 Britannia Mng* O 1342 Brixton Mtls* O 98 Brixton Mtls V 245 Broadway Gd Mg* O 76 Bryn Res* O 21 Buenaventura* N 7615 Bullfrog Gold* O 123 Bullion Gld Res V 7 Bullman Mnls V 560 Burey Gold* O 47 BWR Explor V 507

2.64 2.37 2.40 - 0.07 3.65 0.60 3.50 3.15 3.16 - 0.11 4.74 0.86 1.30 1.19 1.19 - 0.03 1.95 1.17 0.84 0.75 0.78 - 0.03 1.28 0.33 0.65 0.58 0.59 - 0.02 0.99 0.23 0.01 0.00 0.01 - 0.01 0.03 0.01 0.02 0.02 0.02 + 0.00 0.04 0.01 0.26 0.23 0.24 - 0.03 0.62 0.21 0.20 0.17 0.18 - 0.02 0.48 0.15 0.08 0.00 0.06 - 0.02 0.13 0.02 0.03 0.00 0.03 - 0.01 0.04 0.01 0.01 0.00 0.01 + 0.01 0.03 0.01 0.36 0.34 0.34 + 0.02 0.60 0.15 0.40 0.00 0.40 - 0.02 0.60 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 15.99 15.16 15.45 - 0.21 23.47 6.94 21.19 20.12 20.38 - 0.43 30.45 9.56 1.05 0.99 1.02 - 0.03 1.43 0.08 0.80 0.71 0.73 - 0.00 1.10 0.05 0.46 0.35 0.37 - 0.11 0.95 0.09 0.35 0.28 0.30 - 0.07 0.73 0.06 0.15 0.12 0.12 - 0.03 0.22 0.03 0.19 0.14 0.14 - 0.03 0.29 0.05 0.02 0.02 0.02 - 0.00 0.05 0.00 0.06 0.00 0.05 - 0.01 0.15 0.03 0.04 0.04 0.04 - 0.00 0.07 0.03 0.12 0.00 0.10 - 0.01 0.32 0.05 2.12 1.87 2.02 + 0.14 3.77 0.50 0.04 0.04 0.04 - 0.01 0.06 0.02 0.37 0.35 0.37 + 0.05 0.35 0.30 0.08 0.07 0.07 - 0.01 0.16 0.03 0.06 0.06 0.06 + 0.00 0.12 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.04 0.04 - 0.01 0.07 0.01 0.43 0.39 0.40 - 0.03 0.78 0.03 0.34 0.00 0.34 - 0.01 0.61 0.02 0.07 0.06 0.07 + 0.01 0.12 0.02 0.75 0.65 0.70 + 0.02 1.10 0.22 0.09 0.07 0.08 + 0.01 0.11 0.03 0.60 0.60 0.60 + 0.01 0.67 0.31 0.00 0.00 0.00 - 0.00 0.02 0.00 0.40 0.38 0.38 - 0.01 0.69 0.29 0.19 0.18 0.18 - 0.01 0.23 0.01 0.26 0.23 0.23 - 0.03 0.35 0.02 0.29 0.00 0.27 - 0.03 0.50 0.10 0.02 0.02 0.02 - 0.00 0.06 0.02 0.04 0.00 0.04 - 0.01 0.08 0.03 0.06 0.05 0.06 - 0.01 0.10 0.01 61.10 57.74 61.00 + 2.50 64.58 40.82 0.05 0.04 0.05 + 0.01 0.05 0.02 0.33 0.27 0.29 + 0.03 0.54 0.23 0.09 0.06 0.09 + 0.02 0.18 0.06 0.12 0.10 0.12 + 0.02 0.16 0.03 0.07 0.06 0.07 + 0.01 0.06 0.01 0.30 0.00 0.30 + 0.08 0.74 0.04 0.10 0.00 0.10 + 0.02 0.23 0.05 0.03 0.03 0.03 - 0.01 0.06 0.02 0.19 0.17 0.19 + 0.01 0.37 0.12 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.07 0.08 - 0.01 0.16 0.04 0.21 0.15 0.18 + 0.04 0.31 0.02 0.27 0.20 0.24 + 0.04 0.40 0.03 0.06 0.05 0.05 - 0.01 0.08 0.02 0.01 0.00 0.01 + 0.00 0.10 0.00 0.14 0.13 0.13 + 0.01 0.59 0.02 2.10 1.99 2.08 + 0.04 3.35 0.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.04 - 0.02 0.05 0.01 0.02 0.01 0.01 + 0.00 0.02 0.00 0.30 0.23 0.25 - 0.00 0.92 0.03 0.39 0.31 0.33 - 0.01 1.20 0.06 0.43 0.35 0.43 + 0.09 0.35 0.22 0.01 0.00 0.00 - 0.00 0.01 0.00 12.30 10.95 11.19 - 0.27 16.45 3.30 0.14 0.10 0.10 - 0.01 0.19 0.01 0.12 0.00 0.08 - 0.02 0.15 0.05 0.07 0.05 0.07 + 0.02 0.09 0.03 0.05 0.05 0.05 - 0.01 0.10 0.03 0.05 0.05 0.05 + 0.01 0.09 0.01

Cache Expl V 633 Cadan Res V 66 Cadillac Vent V 34 Caledonia Mng* Q 84 Caledonia Mng T 128 Calibre Mng V 412 California Gl* O 108 California Gld V 111 Callinex Mines V 1194 Callinex Mines* O 596 Cameco Corp* N 15841 Cameco Corp T 7961 Cameo Res V 3408 Camino Mnls V 138 Camino Mnls* O 27 Camrova Res V 49 Camrova Res* O 17 Can-Cal Res* O 6 Canadian Zeol V 8546 Canadian Zeol* O 359 CanAlaska Uran* O 372 CanAlaska Uran V 1136 CanAm Coal* O 144 Canamex Res* O 24 Canarc Res* Q 236 Candente Coppr T 1054 Candente Gold V 20 Candente Gold* O 8 Canex Energy V 145 Canoe Mng Vent V 43 Canstar Res V 191 Canterra Mnls V 117 20 Cantex Mn Dev* O Cantex Mn Dev V 335 Canyon Copper V 62 Canyon Gold* O 59 Capstone Mng T 11025 Cardero Res V 38 Cardero Res* O 82 Cariboo Rose V 239 Carlin Gold V 694 Cartier Iron 174 Cartier Res V 175 Carube Copper V 214 Casablanca Mng* O 264 Cascadero Copp V 1015 Cassidy Vents* O 115 Castle Peak Mg V 1277 Castle Res 4 Caza Gold V 853 CB Gold V 56 Cda Carbon* O 202 Cda Carbon V 844 Cda Rare Earth V 185 Cda Zinc Mtls V 507 Cdn Arrow V 802 Cdn Intl Mnrls V 265 Cdn Metals 1606 Cdn Platinum V 1314 Cdn Silvr Hunt V 382 Cdn Zinc T 1264 Cdn Zinc* Q 184 Centamin T 77 Centaurus Diam* O 228 Centenera Mng V 175 Centerra Gold T 7416 Centurion Mnls V 595 Century Global T 134 Cerro Grande* O 12 Cerro Grande 18 Cerro Mng V 4 Chalice Gold M T 623

0.10 0.08 0.08 - 0.01 0.15 0.03 0.05 0.04 0.05 - 0.01 0.09 0.04 0.03 0.00 0.03 - 0.01 0.05 0.01 1.29 1.00 1.01 - 0.06 1.84 0.48 1.50 1.32 1.32 - 0.11 2.42 0.66 0.13 0.11 0.11 - 0.01 0.27 0.07 0.39 0.35 0.35 - 0.03 0.56 0.33 0.52 0.43 0.48 - 0.03 0.80 0.35 0.66 0.57 0.58 - 0.03 0.69 0.27 0.50 0.42 0.46 - 0.01 0.54 0.18 10.77 9.46 10.59 + 1.17 13.59 7.41 14.19 12.55 13.94 + 1.43 17.67 9.88 0.04 0.04 0.04 + 0.01 0.08 0.04 0.23 0.21 0.21 - 0.06 0.29 0.07 0.19 0.16 0.19 + 0.01 0.22 0.05 0.17 0.15 0.15 - 0.01 0.40 0.10 0.12 0.00 0.12 + 0.00 0.14 0.10 0.03 0.03 0.03 - 0.01 0.08 0.03 1.95 1.10 1.12 - 0.11 1.95 0.08 1.46 0.87 0.87 - 0.05 1.46 0.06 0.59 0.33 0.48 + 0.16 1.20 0.06 0.78 0.46 0.62 + 0.17 1.55 0.09 0.01 0.01 0.01 + 0.01 0.04 0.00 0.08 0.07 0.08 + 0.00 0.11 0.07 0.07 0.06 0.07 - 0.00 0.12 0.03 0.11 0.10 0.11 - 0.01 0.18 0.03 0.04 0.00 0.03 - 0.01 0.09 0.01 0.03 0.02 0.02 - 0.01 0.06 0.00 0.10 0.09 0.10 - 0.01 0.15 0.03 0.08 0.07 0.07 - 0.02 0.10 0.02 0.13 0.09 0.13 + 0.04 0.18 0.04 0.05 0.00 0.05 + 0.01 0.10 0.03 0.04 0.04 0.04 - 0.00 0.08 0.02 0.07 0.06 0.06 - 0.02 0.15 0.03 0.05 0.04 0.04 + 0.01 0.06 0.01 0.15 0.13 0.15 + 0.01 0.54 0.03 1.40 1.01 1.32 + 0.30 1.36 0.27 0.20 0.17 0.17 - 0.01 0.25 0.08 0.14 0.00 0.13 + 0.01 0.18 0.05 0.11 0.10 0.11 + 0.01 0.12 0.03 0.05 0.04 0.04 - 0.02 0.08 0.01 0.07 0.00 0.07 + 0.01 0.11 0.02 0.18 0.00 0.18 + 0.01 0.19 0.05 0.10 0.09 0.09 - 0.02 0.20 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.09 0.10 + 0.01 0.17 0.03 0.00 0.00 0.00 - 0.00 0.13 0.00 0.02 0.02 0.02 - 0.01 0.08 0.01 0.25 0.00 0.16 - 0.10 0.40 0.01 0.04 0.02 0.02 - 0.02 0.07 0.02 0.11 0.00 0.11 - 0.01 0.18 0.04 0.23 0.21 0.22 + 0.00 0.28 0.18 0.30 0.28 0.30 + 0.01 0.42 0.24 0.04 0.03 0.04 + 0.01 0.05 0.02 0.43 0.40 0.40 - 0.01 0.48 0.10 0.02 0.02 0.02 + 0.01 0.02 0.01 0.03 0.03 0.03 - 0.01 0.13 0.02 0.13 0.10 0.13 - 0.03 0.44 0.06 0.01 0.01 0.01 + 0.01 0.03 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.28 0.25 0.27 + 0.01 0.41 0.08 0.21 0.19 0.20 - 0.00 0.32 0.05 2.25 2.14 2.15 - 0.04 3.05 1.24 0.07 0.04 0.04 - 0.01 0.34 0.03 0.25 0.20 0.23 + 0.01 0.50 0.05 7.47 6.72 6.99 + 0.15 8.22 5.64 0.08 0.07 0.07 - 0.01 0.18 0.05 0.19 0.15 0.18 + 0.03 0.35 0.13 0.02 0.02 0.02 + 0.01 0.06 0.00 0.03 0.03 0.03 + 0.01 0.06 0.01 0.02 0.00 0.02 + 0.01 0.03 0.01 0.15 0.15 0.15 - 0.01 0.21 0.10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Champion Bear V 365 0.09 0.06 0.07 + 0.01 0.11 0.03 Champion Iron* O 327 0.37 0.31 0.34 - 0.02 0.38 0.10 Champion Iron T 2702 0.49 0.40 0.45 - 0.04 0.50 0.13 0.07 - 0.02 0.19 0.06 Chantrell Vent V 1569 0.09 0.07 Chesapeake Gld* O 58 2.99 2.62 2.67 - 0.20 5.03 1.24 Chesapeake Gld V 149 3.97 3.41 3.51 - 0.45 6.50 1.75 Chevron* N 30663 115.99 112.21 115.81 + 2.81 115.40 75.33 619 0.07 0.06 0.06 - 0.01 0.26 0.03 Chiboug Ind Mn V Chiboug Ind Mn* O 23 0.06 0.04 0.06 + 0.01 0.17 0.04 O 148 0.17 0.15 0.16 - 0.01 0.22 0.02 Chilean Metals* Chilean Metals V 325 0.21 0.20 0.21 - 0.01 0.30 0.04 China Gold Int T 1731 3.02 2.70 2.88 + 0.05 3.67 1.85 China Mnls Mng* O 17 0.01 0.00 0.01 - 0.00 0.02 0.00 0.06 + 0.01 0.13 0.03 Cibolan Gold* O 11 0.07 0.06 Cicada Vents V 1471 0.01 0.01 0.01 + 0.01 0.01 0.01 3 0.88 0.50 0.80 + 0.40 1.50 0.40 CIM Intl Grp Claim Post Res V 517 0.03 0.03 0.03 + 0.01 0.06 0.01 Clean Comm* O 49 0.05 0.04 0.04 - 0.00 0.13 0.01 Cleghorn Mnls V 170 0.11 0.08 0.09 - 0.02 0.13 0.08 Clifton Mng* O 133 0.14 0.12 0.13 - 0.01 0.16 0.05 Cloud Peak En* N 7311 6.65 6.09 6.38 - 0.11 8.04 1.08 CMC Metals V 983 0.11 0.09 0.10 - 0.01 0.20 0.05 Cobalt Pwr Grp V 512 0.07 0.00 0.06 - 0.01 0.12 0.04 Coeur Mng* N 18678 10.98 9.66 9.74 - 0.52 16.41 1.62 Colibri Res V 24 0.14 0.13 0.13 - 0.03 0.23 0.03 Colombia Crest V 151 0.02 0.00 0.02 - 0.01 0.04 0.01 Colombian Mins V 53 0.13 0.08 0.10 - 0.02 0.25 0.02 Colonial Coal V 663 0.20 0.13 0.18 + 0.05 0.24 0.02 Colorado Res V 1434 0.25 0.18 0.22 + 0.03 0.71 0.05 Colorado Res* O 189 0.19 0.14 0.17 + 0.03 0.54 0.04 Colt Res* O 95 0.04 0.04 0.04 + 0.00 0.10 0.03 Columbus Gold* O 143 0.46 0.41 0.45 - 0.01 0.72 0.23 Columbus Gold T 272 0.61 0.55 0.58 - 0.03 0.93 0.32 Commander Res V 539 0.04 0.00 0.04 + 0.01 0.08 0.01 Commerce Res* O 19 0.05 0.04 0.05 + 0.00 0.08 0.04 Comstock Mng* X 3157 0.31 0.22 0.27 + 0.02 0.62 0.19 Comstock Mtls V 228 0.17 0.15 0.15 - 0.03 0.43 0.08 Condor Res V 47 0.07 0.00 0.07 + 0.01 0.12 0.02 Confedertn Mls V 49 0.65 0.56 0.56 - 0.04 9.00 0.46 Conquest Res V 110 0.02 0.02 0.02 + 0.01 0.07 0.01 Cons Westview V 3 0.44 0.00 0.44 - 0.05 0.56 0.22 CONSOL Energy* N 21308 22.34 20.86 21.30 + 0.41 22.34 4.54 Constant Mtl V 1045 0.14 0.11 0.13 + 0.03 0.15 0.05 Contact Mnrls* O 21 0.12 0.05 0.05 - 0.07 0.12 0.05 Contintl Gold T 3937 4.67 4.12 4.34 - 0.10 4.69 1.28 Contintl Gold* O 297 3.52 3.13 3.25 - 0.15 3.60 0.88 Contintl Prec* O 3 0.23 0.20 0.23 + 0.03 0.27 0.19 Contintl Prec T 31 0.35 0.00 0.31 - 0.06 0.37 0.25 Copper Ck Gold V 37 0.07 0.06 0.07 + 0.01 0.10 0.06 Copper Fox Mtl V 1195 0.14 0.13 0.13 + 0.01 0.24 0.11 Copper Fox Mtl* O 9 0.10 0.09 0.10 + 0.00 0.17 0.08 Copper Lake Rs V 377 0.07 0.05 0.05 - 0.02 0.08 0.03 Copper Mtn Mng* O 98 0.89 0.67 0.85 + 0.26 0.85 0.23 Copper Mtn Mng T 6194 1.18 0.83 1.12 + 0.33 1.13 0.33 Copper North M V 119 0.12 0.10 0.12 + 0.01 0.40 0.10 Copper North M* O 9 0.09 0.00 0.09 + 0.02 0.16 0.07 Copper One * O 10 0.15 0.14 0.14 - 0.01 0.22 0.11 Copper One V 51 0.18 0.00 0.18 - 0.02 0.30 0.03 Copper Reef Mg 690 0.03 0.02 0.02 - 0.01 0.05 0.01 Copperbank Res* O 2 0.05 0.05 0.05 - 0.00 0.08 0.01 Coral Gold V 208 0.29 0.28 0.28 - 0.01 0.39 0.05 Corazon Gold* O 2 0.27 0.26 0.26 - 0.01 0.28 0.12 Corazon Gold V 61 0.40 0.33 0.40 + 0.06 0.45 0.18 Cordoba Mnls V 277 0.82 0.72 0.80 + 0.05 1.08 0.12 Cordoba Mnls* O 68 0.63 0.54 0.61 + 0.04 0.79 0.11 Corex Gold V 145 0.13 0.11 0.11 - 0.01 0.21 0.03 Cornerstone Ca V 489 0.20 0.18 0.18 - 0.01 0.20 0.02 Cornerstone Ca* O 156 0.14 0.13 0.13 - 0.01 0.15 0.01 Cornerstone Mt V 21 0.03 0.00 0.02 - 0.01 0.04 0.01 Coro Mining T 445 0.15 0.14 0.15 + 0.01 0.21 0.02 Coronet Mtls V 130 0.54 0.32 0.54 + 0.25 0.71 0.03 Coronet Mtls* O 19 0.40 0.24 0.40 + 0.19 0.56 0.02 Corsa Coal V 2713 3.19 0.13 3.10 + 0.40 2.90 0.30 Corvus Gold T 223 0.68 0.55 0.56 - 0.05 1.38 0.36 Corvus Gold* O 58 0.51 0.41 0.43 - 0.02 1.05 0.28 Cougar Mnls V 572 0.32 0.28 0.28 - 0.05 0.82 0.28 Crazy Horse Res V 376 0.03 0.02 0.02 - 0.01 0.07 0.01 Cresval Cap V 717 0.04 0.04 0.04 + 0.01 0.06 0.03 Critical Elem* O 42 0.41 0.39 0.40 - 0.01 0.58 0.10 Critical Elem V 729 0.55 0.50 0.53 - 0.02 0.75 0.14 Crown Mining V 96 0.11 0.07 0.10 - 0.01 0.20 0.04 Cruz Cap Corp* O 72 0.15 0.13 0.13 - 0.00 0.18 0.07 Cruz Cap Corp V 2344 0.20 0.17 0.17 - 0.01 0.25 0.02 Crystal Lake V 215 0.31 0.23 0.31 + 0.04 0.43 0.22 Crystal Pk Min V 232 0.38 0.33 0.38 + 0.04 0.42 0.17 Crystal Pk Min* O 53 0.27 0.23 0.27 + 0.03 0.32 0.13 CTGX Mining* O 4 0.12 0.00 0.12 + 0.02 0.20 0.00 Currie Rose Rs V 124 0.02 0.02 0.02 - 0.01 0.05 0.01 CWN M’g Acq V 26 0.25 0.22 0.22 - 0.03 0.25 0.11 Cyclone Uran* O 364 0.00 0.00 0.00 - 0.00 0.00 0.00 Cypress Dev* O 67 0.09 0.07 0.09 + 0.00 0.16 0.03 Cypress Dev V 372 0.11 0.10 0.11 + 0.01 0.20 0.04 Cyprium Mng V 1599 0.04 0.03 0.03 - 0.01 0.12 0.03

D-F Dajin Res V 365 Dajin Res* O 538 Dakota Ter Res* O 233 Daleco Res* O 341 Dalradian Res* O 241 Dalradian Res T 850 Damara Gold V 34 Danakali* O 203 Darnley Bay V 1442 Darnley Bay* O 99 Decade Res* O 810 Decade Res V 1092 Defiance Silvr* O 86 Defiance Silvr V 413 Del Toro Silvr* O 119 Delrand Res V 460 Denison Mines T 3629 Denison Mines* X 3677 Desert Gold V 6 Detour Gold T 5203 Diamante Min* O 556 Diamcor Mng V 89 Diamond Fields V 13 Discovery Gold* O 151 Discovery Harb V 556 Discovery-Corp V 468 Ditem Explor* O 249 DNI Metals 318 DNI Metals* O 104 Dolly Vard Sil* O 38 214 Dolly Vard Sil V Dominion Diam T 1580 Dominion Diam* N 1918 Doubleview Cap V 2021 DRDGOLD* N 2124 Dundee Prec Mt T 1230 O 7 Dunnedin Vent* Duran Vent V 223 DuSolo Fertil* O 122 Dynacor Gld Mn T 141 DynaResource* O 19 Dynasty Met&Mn* O 37 Dynasty Met&Mn T 296 Eagle Graphite V 840 Eagle Graphite* O 15 East Africa * O 13 East Africa V 692 East Asia Mnls V 945 Eastern Platin* O 44 Eastern Platin T 587 Eastmain Res T 1082 Eco Oro Mnls T 876 eCobalt Solns* O 193 El Capitan Prc* O 2084 El Nino Vent V 549 Elcora Res V 280 Elcora Res* O 113 Eldorado Gold* N 31130 Eldorado Gold T 19812 Electra Stone V 3784 Eloro Mnrls V 32 Ely Gold & Mnl V 197 Ely Gold & Mnl* O 277 Elysee Dev V 91 Emerita Res V 1112 Emgold Mng V 95 Emgold Mng* O 17 Empire Rock V 105 Encanto Potash* O 71 Endeavour Mng* O 46

0.15 0.13 0.14 - 0.01 0.30 0.11 0.11 0.10 0.10 - 0.00 0.24 0.08 0.05 0.04 0.05 + 0.00 0.20 0.03 0.02 0.01 0.02 - 0.00 0.05 0.01 1.07 0.98 1.00 - 0.03 1.27 0.45 1.41 1.30 1.34 - 0.02 1.68 0.65 0.06 0.00 0.05 - 0.01 0.10 0.04 0.32 0.28 0.32 + 0.02 0.37 0.17 0.45 0.32 0.34 - 0.11 0.45 0.01 0.34 0.25 0.27 - 0.07 0.34 0.00 0.04 0.03 0.04 + 0.00 0.10 0.00 0.06 0.04 0.05 + 0.01 0.13 0.01 0.24 0.21 0.21 + 0.03 0.49 0.04 0.33 0.26 0.29 + 0.03 0.63 0.06 0.06 0.04 0.06 + 0.03 0.05 0.00 0.60 0.60 0.60 - 0.05 0.75 0.21 0.70 0.59 0.69 + 0.10 0.85 0.49 0.54 0.44 0.53 + 0.08 0.67 0.35 0.27 0.24 0.24 - 0.03 0.30 0.09 19.58 17.11 18.29 + 0.30 35.93 13.85 0.19 0.10 0.16 + 0.03 0.79 0.10 1.20 1.10 1.19 + 0.06 1.50 0.65 0.15 0.00 0.15 - 0.02 0.24 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.03 0.03 + 0.01 0.03 0.01 0.03 0.03 0.03 + 0.01 0.08 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.00 0.04 + 0.01 0.10 0.02 0.03 0.00 0.03 + 0.01 0.07 0.01 0.51 0.48 0.51 + 0.03 0.81 0.08 0.70 0.64 0.70 + 0.05 1.11 0.12 14.10 12.69 14.01 + 1.05 16.82 9.96 10.68 9.63 10.62 + 0.87 12.65 7.27 0.08 0.07 0.07 - 0.01 0.13 0.06 4.55 3.97 4.06 - 0.46 9.10 1.39 2.44 2.08 2.39 + 0.25 4.14 0.84 0.18 0.00 0.16 - 0.01 0.20 0.04 0.09 0.08 0.08 - 0.01 0.20 0.07 0.02 0.02 0.02 + 0.00 0.04 0.02 2.28 2.18 2.18 - 0.09 3.71 1.48 1.99 1.30 1.99 + 0.44 2.00 0.80 0.17 0.16 0.17 + 0.04 0.34 0.08 0.24 0.19 0.24 + 0.06 0.45 0.10 0.04 0.00 0.04 + 0.01 0.06 0.02 0.03 0.03 0.03 - 0.00 0.05 0.01 0.15 0.15 0.15 + 0.00 0.28 0.02 0.25 0.18 0.24 + 0.05 0.36 0.04 0.01 0.00 0.01 - 0.01 0.03 0.01 0.35 0.33 0.33 - 0.01 0.89 0.32 0.45 0.43 0.45 - 0.01 1.19 0.42 0.56 0.50 0.51 + 0.02 0.97 0.29 0.53 0.45 0.53 + 0.06 0.51 0.13 0.50 0.37 0.40 - 0.04 0.59 0.34 0.06 0.04 0.05 + 0.00 0.28 0.03 0.03 0.02 0.03 + 0.01 0.05 0.01 0.34 0.30 0.34 + 0.01 0.75 0.25 0.26 0.24 0.26 + 0.01 0.55 0.20 3.15 2.80 2.92 + 0.03 5.16 1.87 4.18 3.72 3.86 + 0.01 6.71 2.67 0.04 0.04 0.04 - 0.01 0.12 0.03 0.41 0.00 0.41 + 0.03 0.58 0.09 0.19 0.16 0.16 - 0.03 0.27 0.05 0.15 0.12 0.12 - 0.03 0.20 0.03 0.39 0.36 0.36 - 0.01 0.43 0.18 0.11 0.08 0.10 + 0.02 0.17 0.02 0.03 0.03 0.03 + 0.01 0.05 0.01 0.01 0.01 0.01 - 0.00 0.03 0.00 0.09 0.07 0.07 - 0.01 0.27 0.05 0.06 0.05 0.06 + 0.01 0.14 0.03 17.05 14.99 16.50 + 1.13 20.85 4.68

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Endeavour Mng T 1772 N 9761 Endeavr Silver* Endeavr Silver T 2665 O 386 Energizer Res* Energy Fuels* X 2005 Energy Fuels T 1352 Ensurge* O 923 Entree Gold T 77 Entree Gold* X 392 Equitas Res* O 304 Equitorial Ex V 442 3 V Era Res Inc 297 Erdene Res Dev T 55 Erdene Res Dev* O Erin Ventures V 368 436 Eros Res Corp V 436 Eros Res Corp V Eskay Mng V 237 Ethos Gold* O 5 Ethos Gold V 164 Eurasian Mnls V 69 X 164 Eurasian Mnls* 37 Euro Sun Mg* O 134 T Euro Sun Mg EurOmax Res T 254 Everest Vent V 75 Everton Res V 878 Everton Res* O 40 Evolving Gold 63 O 64 Evolving Gold* O 483 Excalibur Res* Excalibur Res 2429 Excellon Res T 452 Excellon Res* O 338 O 579 Excelsior Mng* Excelsior Mng V 1690 Exeter Res* X 739 470 ExGen Res Inc V O 189 Expedition Mng* Explor Res* O 114 Explor Res V 578 Explorex Res 98 Falco Res V 708 Fancamp Expl V 1496 Far Res 5806 93 Filo Mg Corp V Finore Mng 2017 Finore Mng* O 441 Fiore Explor* O 1600 Fiore Explor V 4353 2 Fire River Gol* O Firesteel Res V 429 Firestone Vent V 49 O 192 Firma Holdings* First Bauxite V 48 First Liberty* O 3242 First Majestic T 7344 First Majestic* N 28987 V 6297 First Mg Fin First Mg Fin * O 3151 First Point* O 149 First Point V 177 First Quantum T 15037 V 1653 Fission 3.0 Fission Uran T 3615 Fission Uran* O 1826 Fjordland Exp V 1098 Flinders Res V 296 Flinders Res* O 446 V 948 Focus Graphite O 465 Focus Graphite* Foran Mng V 513 T 798 Formation Mtls Forrester Met* O 6 Forrester Met V 109 Forsys Metals T 377 48 Fort St J Nick V O 48 Fortescue Mtls* T 3133 Fortuna Silvr Fortuna Silvr* N 6404 Fortune Bay V 26 Fortune Bay* O 2 Fortune Mnrls T 387 O 156 Fortune Mnrls* V 752 Forum Uranium O 10 Forum Uranium* Four River V 5355 N 5012 Franco-Nevada* Franco-Nevada T 3643 Freegold Vent T 561 152785 N Freeport McMo* Fresnillo plc* O 38

21.77 + 1.34 27.17 6.48 22.66 19.81 1.00 3.61 - 0.31 5.95 4.15 3.60 1.46 4.78 - 0.42 7.75 5.51 4.76 0.04 0.05 + 0.00 0.10 0.05 0.04 1.29 1.84 + 0.42 2.98 1.85 1.40 1.74 2.40 + 0.51 4.13 2.43 1.85 0.01 0.09 + 0.01 0.10 0.10 0.09 0.25 0.41 - 0.02 0.47 0.43 0.38 0.17 0.31 - 0.00 0.38 0.33 0.30 0.02 0.03 + 0.00 0.10 0.04 0.02 0.02 0.01 0.10 0.03 - 0.04 0.03 0.24 0.00 0.22 + 0.04 0.50 0.09 0.47 0.44 0.47 + 0.01 0.55 0.13 0.36 0.33 0.35 + 0.01 0.42 0.09 0.04 0.04 - 0.01 0.09 0.05 0.04 0.18 0.15 0.16 - 0.01 0.23 0.09 0.18 0.15 0.16 - 0.01 0.23 0.09 0.07 0.18 - 0.02 0.42 0.23 0.18 0.05 0.14 - 0.01 0.32 0.15 0.14 0.14 0.20 - 0.01 0.41 0.21 0.20 0.48 1.25 - 0.04 1.84 1.35 1.25 0.35 0.96 - 0.02 1.40 0.98 0.95 0.59 0.54 0.54 - 0.02 1.06 0.52 0.80 0.68 0.70 - 0.05 1.45 0.65 0.21 0.70 + 0.06 0.81 0.75 0.65 0.09 1.47 + 0.18 1.50 1.52 1.33 0.01 0.06 + 0.01 0.20 0.06 0.05 0.00 0.04 + 0.00 0.14 0.04 0.03 0.04 0.20 - 0.04 0.50 0.24 0.20 0.02 0.15 - 0.04 0.38 0.18 0.14 0.01 0.07 - 0.18 0.26 0.08 0.07 0.01 0.10 - 0.01 0.11 0.10 0.09 0.22 1.39 - 0.04 2.40 1.42 1.35 0.16 1.05 - 0.02 1.85 1.07 1.02 0.12 0.49 + 0.08 0.49 0.49 0.41 0.19 0.63 + 0.10 0.64 0.64 0.54 0.31 0.77 + 0.01 1.48 0.84 0.74 0.01 0.01 0.01 - 0.01 0.02 0.01 0.05 0.07 + 0.00 0.22 0.07 0.06 0.04 0.07 - 0.00 0.18 0.07 0.06 0.06 0.08 - 0.01 0.24 0.09 0.00 0.05 0.11 - 0.07 0.19 0.17 0.11 0.21 0.90 - 0.05 1.39 0.97 0.89 0.02 0.04 - 0.01 0.06 0.05 0.04 0.02 0.09 + 0.01 0.15 0.10 0.08 1.92 0.00 1.75 - 0.15 2.15 0.64 0.01 0.35 + 0.01 0.50 0.37 0.34 0.00 0.28 - 0.01 0.41 0.32 0.26 0.02 0.34 + 0.04 0.55 0.36 0.26 0.03 0.44 + 0.05 0.76 0.46 0.35 0.04 0.00 0.00 - 0.04 0.77 0.00 0.01 0.04 - 0.01 0.06 0.04 0.04 0.01 0.05 + 0.01 0.08 0.05 0.05 0.02 0.04 - 0.01 0.11 0.06 0.03 0.03 0.04 - 0.02 0.08 0.04 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 11.59 - 1.47 24.96 3.50 13.53 11.51 10.20 8.73 8.79 - 1.03 19.15 2.40 0.91 0.76 0.81 - 0.09 1.31 0.31 0.68 0.58 0.60 - 0.07 1.02 0.22 0.03 0.05 - 0.00 0.08 0.06 0.05 0.04 0.08 + 0.01 0.14 0.08 0.07 15.59 + 0.83 16.87 2.15 16.10 15.22 0.06 0.05 0.06 + 0.01 0.12 0.05 0.49 0.68 + 0.12 0.82 0.68 0.55 0.36 0.51 + 0.09 0.63 0.52 0.42 0.01 0.06 + 0.01 0.17 0.06 0.05 0.13 0.52 + 0.04 0.77 0.56 0.50 0.09 0.41 + 0.05 0.61 0.43 0.36 0.07 0.07 - 0.01 0.30 0.07 0.07 0.04 0.05 - 0.01 0.23 0.05 0.05 0.05 0.32 - 0.04 0.43 0.36 0.31 0.09 0.52 - 0.06 0.78 0.65 0.49 0.00 0.04 - 0.02 0.09 0.05 0.04 0.04 0.07 - 0.01 0.14 0.08 0.00 0.05 0.07 - 0.01 0.14 0.08 0.07 0.17 0.00 0.16 - 0.03 0.35 0.05 1.00 4.91 + 0.21 4.99 4.99 4.64 8.90 7.43 7.46 - 1.21 12.73 2.92 2.00 5.66 - 0.88 9.75 6.73 5.64 0.25 0.60 + 0.05 0.90 0.60 0.00 0.30 0.41 - 0.01 0.64 0.42 0.30 0.02 0.10 - 0.01 0.17 0.12 0.10 0.01 0.07 + 0.00 0.13 0.09 0.07 0.04 0.10 + 0.02 0.20 0.10 0.07 0.03 0.07 + 0.01 0.14 0.07 0.00 0.14 0.94 + 0.08 1.28 1.25 0.91 41.47 56.39 - 1.96 81.16 76.25 56.14 77.76 73.99 74.34 - 3.16 105.69 58.67 0.05 0.08 - 0.02 0.28 0.11 0.08 15.75 + 0.33 16.42 3.52 16.08 15.18 15.22 + 0.19 26.65 9.00 15.48 14.30

G4G Capital V 368 Gabriel Res T 560 Gainey Capital V 158 220 Galena Intl Rs V Galore Res V 223 Galway Gold V 105 Galway Mtls* O 62 62 Garibaldi Res * O Garibaldi Res V 2622 607 V Gem Intl Res General Moly* X 492 General Moly T 37 Genesis Mtls V 223 Genesis Mtls* O 81 Genius Props 500 V 2701 Gensource Pot Geodex Mnrls V 4 O 48 Geologix Expl* Geologix Expl V 620 Geomega Res V 202 Getty Copper V 112 GFK Res V 582 GGL Res V 56 Giyani Gold V 320 Giyani Gold* O 53 Gldn Predator V 447 O 64 Gldn Predator* 427 Glen Eagle Res V Glencore Plc* O 1281 Globex Mng* O 10 Globex Mng T 468 O 115 GMV Minerals* GMV Minerals V 832 V 40 GobiMin GoGold Res T 670 193 Gold Bulln Dev* O O 146 Gold Dynamics* 40477 Gold Fields* N 11210 Gold Lakes* O 289 Gold Mng USA* O Gold Reserve V 131 Gold Reserve* O 75 X 4277 Gold Resource* 23 Gold Ridge Exp V Gold Std Vents* X 1964 973 Gold Std Vents V V 39 Goldbank Mng Goldbelt Emp V 68 Goldcliff Res V 152 Goldcliff Res* O 152 Goldcorp* N 33745 T 14638 Goldcorp Golden Arrow V 1475 Golden Arrow* O 514 V 5 Golden Cariboo Golden Dawn Ml V 2298 91 Golden Dawn Ml* O Golden Eagle* O 18 V 343 Golden Goliath O 29 Golden Goliath* Golden Hope V 124 Golden Mnls T 329 54 Golden Peak Mn V O 588 Golden Queen* Golden Queen T 269 Golden Reign V 376 Golden Secret V 73 135 Golden Sh Mng V 11601 Golden Star* X Golden Tag V 345

0.04 1.13 + 0.03 1.35 1.35 1.13 0.12 0.37 - 0.03 0.74 0.48 0.00 0.10 0.20 - 0.03 0.37 0.22 0.19 0.09 0.08 0.08 - 0.02 0.15 0.03 0.01 0.02 + 0.01 0.04 0.02 0.02 0.04 0.07 - 0.01 0.13 0.08 0.07 0.06 0.27 + 0.04 0.51 0.27 0.23 0.11 0.10 0.11 + 0.02 0.11 0.05 0.07 0.15 + 0.02 0.19 0.20 0.12 0.07 0.06 0.06 - 0.04 0.15 0.04 0.15 0.29 + 0.01 0.47 0.30 0.27 0.22 0.39 + 0.01 0.59 0.39 0.36 0.07 0.11 - 0.01 0.28 0.13 0.11 0.01 0.09 + 0.01 0.22 0.09 0.09 0.02 0.06 + 0.01 0.06 0.06 0.05 0.04 0.10 - 0.01 0.12 0.11 0.09 0.05 0.06 - 0.01 0.11 0.06 0.00 0.01 0.05 + 0.01 0.11 0.05 0.04 0.02 0.07 + 0.01 0.15 0.07 0.06 0.06 0.10 + 0.02 0.23 0.10 0.09 0.01 0.03 + 0.01 0.04 0.03 0.02 0.03 0.11 - 0.01 0.18 0.14 0.09 0.01 0.03 - 0.01 0.05 0.03 0.03 0.06 0.44 + 0.05 0.70 0.54 0.39 0.02 0.34 + 0.02 0.50 0.41 0.32 0.09 0.57 + 0.01 1.17 0.60 0.54 0.06 0.44 + 0.01 0.89 0.45 0.41 0.12 0.11 0.12 - 0.01 0.16 0.04 1.95 7.51 + 0.45 7.67 7.67 7.15 0.15 0.30 + 0.01 0.38 0.32 0.30 0.19 0.41 - 0.02 0.51 0.42 0.40 0.06 0.38 + 0.02 0.55 0.40 0.33 0.08 0.49 + 0.02 0.70 0.52 0.44 0.28 0.53 + 0.03 0.55 0.55 0.50 0.52 0.61 + 0.02 1.65 0.67 0.57 0.05 0.04 0.05 + 0.01 0.11 0.01 0.00 0.00 - 0.00 0.01 0.01 0.00 2.58 2.90 - 0.26 6.60 3.26 2.90 0.01 0.02 - 0.00 1.02 0.02 0.01 0.00 0.00 0.00 - 0.00 0.17 0.00 3.06 5.56 + 0.35 8.00 5.73 5.05 0.00 4.22 + 0.22 5.90 4.32 3.50 1.14 4.50 - 0.10 8.22 5.00 4.40 0.12 0.08 0.08 - 0.02 0.70 0.05 2.47 2.22 2.25 - 0.15 3.20 0.54 3.25 2.94 2.94 - 0.25 4.10 0.78 0.05 0.12 + 0.05 0.16 0.12 0.08 0.02 0.04 - 0.01 0.07 0.05 0.04 0.05 0.25 - 0.01 0.47 0.27 0.25 0.15 0.19 - 0.00 0.36 0.20 0.18 13.20 - 0.36 20.38 9.46 13.78 13.05 13.55 17.39 - 0.61 26.56 18.25 17.19 0.17 0.77 - 0.02 1.48 0.80 0.75 0.13 0.60 - 0.00 1.30 0.61 0.57 0.03 0.04 0.15 + 0.10 0.10 0.00 0.27 0.22 0.27 + 0.04 0.44 0.07 0.20 0.17 0.20 + 0.02 0.32 0.06 0.00 0.05 + 0.00 0.07 0.05 0.00 0.01 0.05 - 0.01 0.14 0.05 0.04 0.00 0.03 - 0.01 0.10 0.04 0.03 0.16 0.19 - 0.01 0.39 0.20 0.19 0.19 0.95 + 0.01 1.51 1.10 0.91 0.67 0.52 0.67 + 0.12 0.90 0.12 0.48 0.60 - 0.04 1.56 0.68 0.59 0.67 0.79 - 0.05 2.00 0.90 0.78 0.07 0.26 + 0.02 0.36 0.26 0.24 0.02 0.31 - 0.02 0.69 0.31 0.31 0.28 0.23 0.27 - 0.03 0.36 0.07 0.14 0.86 + 0.02 1.13 0.88 0.80 0.02 0.05 - 0.01 0.18 0.05 0.05

G-H

2016-12-13 4:42 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 19â&#x20AC;&#x201C;25, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Valley V 718 Goldex Res V 3 Goldgroup Mng T 764 Goldgroup Mng* O 461 GoldON Res V 117 GoldQuest Mng V 1875 Goldrea Res 51 O 607 Goldsource Min* Goldsource Min V 660 Goldstar Mnls V 3313 Goldstrike Res V 2056 O 314 GoviEx Uranium* GoviEx Uranium V 2715 Gowest Gold* O 358 Gowest Gold V 1072 GPM Metals V 875 Gran Colombia* O 539 T 2630 Gran Colombia O 5 Grande Portage* Grande Portage V 25 O 1298 Graphite Corp* Graphite One V 5316 Graphite One* O 318 Gray Rock Res V 203 136 Great Bear Res V Great Lakes Gr* O 301 830 Great Lakes Gr V Great Panther T 1986 X 10828 Great Panther* Great Quest Fe* O 65 103 Great Quest Fe V Great Rock Dev* O 1798 Great Thunder V 787 Great Western* O 1209 Green Arrow V 805 Green Swan Cap V 287 846 Green Valley M V Greencastle Rs V 99 O 167 Greenland M&En* Grizzly Discvr V 328 Grizzly Gold* O 76 Group Ten Mtls V 153 O 294 GrowMax Res* GTA Res & Mng V 562 V 123 Guerrero Vents Gungnir Res V 568 Gungnir Res* O 59 Gunpoint Expl V 2 Guyana Gldflds T 3158 Hadley Mng 346 Handeni Gold* O 76 Happy Ck Mnrls V 117 126 Hard Creek Ni V Harmony Gold* N 29096 Harte Gold T 994 Hawkeye Gld&Di V 2 V 225 Heatherdale Rs Hecla Mining* N 76828 O 6 Hemcare Health* Heron Res T 103 V 230 Highland Copp Highland Copp* O 64 25 Highway 50 Gld V HiHo Silver 54 O 46 Hochschild Mg* Homeland Egy V 3202 Honey Badger E V 1786 Horizon Mnls* O 13 T 734 Horizonte Mnls Houston Lake V 343 HudBay Mnls* N 1893 HudBay Mnls T 9032 Hudson Res V 286 Hudson Res* O 4 Hunt Mng* O 52 Hunt Mng V 51

0.33 0.30 0.30 - 0.03 0.36 0.08 0.68 0.00 0.68 + 0.02 0.90 0.10 0.15 0.12 0.12 - 0.02 0.39 0.05 0.11 0.08 0.09 - 0.01 0.30 0.04 0.19 0.13 0.13 - 0.03 0.36 0.04 0.29 0.25 0.26 - 0.01 0.68 0.12 0.09 0.06 0.06 - 0.03 0.14 0.03 0.22 0.17 0.18 - 0.04 0.45 0.12 0.29 0.23 0.25 - 0.05 0.57 0.16 0.09 0.06 0.06 - 0.01 0.09 0.01 0.17 0.12 0.17 + 0.05 0.41 0.10 0.11 0.07 0.11 + 0.04 0.16 0.04 0.14 0.09 0.13 + 0.04 0.19 0.09 0.13 0.10 0.12 + 0.00 0.22 0.04 0.17 0.13 0.16 + 0.03 0.28 0.06 0.15 0.00 0.13 + 0.01 0.57 0.08 0.08 0.06 0.07 - 0.01 0.13 0.04 0.10 0.09 0.09 - 0.01 0.16 0.06 0.12 0.11 0.12 + 0.01 0.14 0.02 0.16 0.15 0.16 - 0.06 0.22 0.04 0.00 0.00 0.00 - 0.00 0.02 0.00 0.11 0.09 0.09 - 0.01 0.18 0.07 0.08 0.07 0.07 - 0.00 0.14 0.05 0.18 0.13 0.15 - 0.05 0.21 0.02 0.23 0.00 0.19 + 0.04 0.36 0.05 0.06 0.05 0.06 + 0.01 0.09 0.04 0.07 0.06 0.07 + 0.01 0.13 0.06 2.03 1.85 1.87 - 0.19 2.82 0.54 1.53 1.41 1.43 - 0.13 2.25 0.41 0.16 0.14 0.16 + 0.01 0.24 0.09 0.25 0.21 0.23 - 0.01 0.38 0.11 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 0.04 0.04 + 0.01 0.24 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.03 0.03 + 0.01 0.10 0.03 0.09 0.07 0.09 + 0.02 0.14 0.01 0.06 0.04 0.04 - 0.03 0.06 0.01 0.10 0.08 0.08 - 0.02 0.18 0.05 0.06 0.04 0.06 + 0.01 0.17 0.00 0.04 0.04 0.04 - 0.01 0.07 0.01 0.09 0.06 0.08 + 0.01 0.22 0.01 0.10 0.00 0.09 - 0.02 0.46 0.08 0.12 0.10 0.12 + 0.02 0.22 0.10 0.08 0.05 0.07 + 0.01 0.24 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.05 0.03 0.03 - 0.01 0.06 0.01 0.03 0.03 0.03 - 0.00 0.04 0.01 0.26 0.00 0.26 - 0.01 0.32 0.13 5.74 5.02 5.06 - 0.37 10.35 2.82 0.02 0.00 0.02 + 0.01 0.02 0.01 0.10 0.05 0.05 - 0.05 0.39 0.05 0.17 0.15 0.16 - 0.01 0.20 0.09 0.04 0.03 0.04 + 0.01 0.05 0.01 2.32 2.08 2.08 - 0.21 4.87 0.76 0.28 0.26 0.27 - 0.01 0.35 0.07 0.18 0.00 0.18 - 0.01 0.33 0.03 0.05 0.00 0.05 + 0.01 0.07 0.01 6.66 5.88 5.98 - 0.38 7.64 1.45 0.02 0.02 0.02 - 0.00 0.24 0.02 0.15 0.00 0.13 - 0.01 0.17 0.07 0.13 0.10 0.10 - 0.03 0.17 0.07 0.09 0.07 0.07 - 0.02 0.11 0.07 0.17 0.17 0.17 + 0.02 0.25 0.05 0.12 0.00 0.10 - 0.03 0.15 0.07 2.90 0.00 2.88 + 0.20 4.16 0.59 0.01 0.01 0.01 + 0.01 0.01 0.01 0.04 0.03 0.03 - 0.01 0.05 0.02 0.52 0.45 0.45 - 0.08 0.80 0.05 0.06 0.05 0.05 + 0.01 0.06 0.02 0.27 0.25 0.26 - 0.02 0.40 0.13 7.35 6.90 7.05 + 0.25 7.35 1.56 9.73 9.18 9.36 + 0.29 9.75 2.26 0.42 0.32 0.39 + 0.06 0.50 0.29 0.30 0.24 0.30 + 0.06 0.38 0.24 0.22 0.19 0.22 + 0.02 0.31 0.02 0.35 0.27 0.35 + 0.09 0.40 0.02

I-Minerals V 77 I-Minerals* O 18 39793 IAMGOLD* N IAMGOLD T 17189 IC Potash* O 174 IC Potash T 1118 Icon Explor V 100 Iconic Mnls V 837 35 Iconic Mnls * O IDM Mining* O 368 IDM Mining V 4233 IEMR Res V 853 iMetal Res V 17 IMPACT Silver V 324 O 282 Impala Platnm* Imperial Metal* O 17 Imperial Metal T 127 Inca One Gold V 1874 Inca One Gold* O 916 Inception Mng * O 42 Independence G V 430 Independence G* O 33 Indigo Expl V 70 Inform Res V 4 Infrastructure* O 40 Inspiration Mg 10 Inspiration Mg* O 13 Intact Gold V 1551 Integra Gold* O 1243 Integra Gold V 2673 Inter-Rock Mnl V 199 Intgr Egy Sol* O 139120 Intigold Mines* O 14 Intl Lithium* O 109 Intl Lithium V 307 Intl Millm Mng V 178 Intl Montoro* O 36 Intl Samuel Ex V 103 Intl Tower Hil* X 1110 Intl Tower Hil T 434 Intrepid Pots* N 28874 INV Metals T 16 Inventus Mg * O 29 InZinc Mining* O 126 Ireland* O 361 Ironside Res V 156 Irving Res* O 24 IsoEnergy Ltd V 13 Itoco Mg Corp* O 30 Ivanhoe Mines* O 601 Ivanhoe Mines T 11952 Jaguar Mng* O 84 Jaguar Mng T 1344 Japan Gold* O 3 Japan Gold V 173 Jayden Res* O 1 Jazz Res V 48 JDL Gold V 206 JDL Gold* O 105 Jet Gold V 255 Jet Metal* O 11 K2 Gold V 47 K92 Mng Inc* O 380 K92 Mng Inc V 2318 Kaizen Discvry* O 38 Kaizen Discvry V 150 Kapuskasing Gd V 164 Karmin Expl V 34 Karnalyte Res T 159 Katanga Mng T 985 Kennady Diam V 452 Kerr Mines* O 38 Kerr Mines T 178 Khalkos Expl V 201 Khan Res 4646 Kilo Goldmines V 238 Kilo Goldmines* O 31 Kincora Copper* O 10 Kincora Copper V 50 Kings Bay Gold V 193 Kingsmen Res* O 5 Kinross Gold* N 59947 Kinross Gold T 26163 Kirkland Lk Gd* O 127 Kiska Metals* O 301 Kiska Metals V 1118

0.30 0.29 0.29 - 0.01 0.34 0.20 0.21 0.00 0.21 - 0.02 0.26 0.15 4.05 3.68 3.73 - 0.13 5.87 1.15 5.38 4.86 4.91 - 0.21 7.65 1.66 0.07 0.06 0.06 - 0.01 0.11 0.03 0.10 0.08 0.09 + 0.01 0.15 0.04 0.02 0.02 0.02 - 0.01 0.03 0.01 0.17 0.12 0.13 - 0.02 0.45 0.03 0.12 0.10 0.10 - 0.02 0.33 0.03 0.12 0.10 0.11 - 0.00 0.21 0.04 0.16 0.14 0.14 - 0.01 0.26 0.07 0.02 0.02 0.02 - 0.01 0.06 0.01 0.07 0.00 0.05 + 0.01 0.08 0.03 0.70 0.64 0.64 - 0.06 1.28 0.11 3.28 3.10 3.17 + 0.01 5.23 1.45 4.86 4.62 4.77 + 0.14 6.21 2.78 6.52 6.09 6.37 + 0.24 8.50 3.46 0.37 0.28 0.30 + 0.04 0.74 0.21 0.28 0.21 0.23 + 0.03 0.35 0.18 0.49 0.00 0.45 + 0.10 1.65 0.25 0.17 0.14 0.15 + 0.01 0.50 0.06 0.12 0.11 0.12 + 0.02 0.37 0.04 0.03 0.03 0.03 - 0.01 0.04 0.01 0.16 0.15 0.16 + 0.01 0.40 0.05 0.01 0.01 0.01 + 0.00 0.01 0.00 0.04 0.00 0.04 + 0.02 0.10 0.02 0.04 0.01 0.01 - 0.01 0.07 0.01 0.08 0.07 0.08 + 0.01 0.18 0.06 0.49 0.46 0.47 - 0.00 0.76 0.21 0.64 0.60 0.61 - 0.02 0.96 0.30 0.18 0.10 0.14 + 0.04 0.18 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.01 0.03 + 0.02 0.08 0.01 0.12 0.11 0.12 - 0.00 0.55 0.02 0.17 0.15 0.16 + 0.01 0.38 0.06 0.05 0.04 0.05 + 0.01 0.10 0.04 0.02 0.02 0.02 + 0.00 0.03 0.01 0.09 0.07 0.08 - 0.02 0.15 0.05 0.62 0.55 0.55 - 0.06 1.40 0.18 0.82 0.72 0.73 - 0.07 1.82 0.26 3.04 1.38 2.65 + 1.26 3.54 0.65 0.80 0.00 0.77 + 0.02 1.10 0.10 0.14 0.11 0.14 + 0.03 0.28 0.11 0.12 0.11 0.12 - 0.00 0.17 0.03 0.09 0.05 0.06 - 0.02 0.34 0.05 0.08 0.06 0.08 - 0.01 0.16 0.05 0.39 0.33 0.34 + 0.00 0.46 0.09 1.04 0.00 1.03 + 0.40 1.50 0.63 0.15 0.10 0.15 + 0.05 1.10 0.00 2.12 1.74 2.07 + 0.35 1.88 0.36 2.82 2.29 2.74 + 0.47 2.54 0.53 0.47 0.44 0.45 + 0.00 0.65 0.09 0.63 0.58 0.60 + 0.02 0.85 0.14 0.27 0.24 0.25 - 0.02 0.67 0.24 0.34 0.00 0.31 - 0.04 0.88 0.20 0.06 0.06 0.06 + 0.00 0.17 0.01 0.10 0.07 0.07 - 0.03 0.25 0.07 1.86 1.65 1.73 - 0.08 2.55 0.74 1.39 1.24 1.32 - 0.06 1.64 1.10 0.30 0.19 0.21 - 0.06 0.39 0.07 0.04 0.03 0.04 - 0.03 0.10 0.00 0.38 0.35 0.35 - 0.02 0.45 0.08 0.77 0.67 0.70 - 0.01 1.72 0.62 1.02 0.89 0.93 - 0.02 2.24 0.84 0.11 0.09 0.10 - 0.01 0.19 0.06 0.14 0.13 0.13 - 0.02 0.31 0.08 0.03 0.03 0.03 + 0.01 0.10 0.02 0.33 0.28 0.30 - 0.03 0.37 0.16 0.82 0.70 0.76 + 0.04 4.15 0.64 0.14 0.13 0.14 - 0.01 0.23 0.13 4.20 3.93 4.05 + 0.05 5.00 2.35 0.07 0.07 0.07 + 0.01 0.12 0.01 0.12 0.10 0.12 + 0.02 0.16 0.02 0.17 0.15 0.16 + 0.01 0.26 0.06 0.05 0.03 0.05 + 0.02 0.88 0.02 0.13 0.11 0.11 - 0.02 0.25 0.06 0.09 0.08 0.09 + 0.01 0.19 0.05 0.32 0.00 0.32 - 0.01 0.33 0.17 0.45 0.36 0.45 + 0.03 0.55 0.15 0.10 0.08 0.09 - 0.01 0.15 0.05 0.08 0.07 0.08 - 0.02 0.12 0.02 3.48 3.20 3.21 - 0.26 5.82 1.31 4.63 4.22 4.23 - 0.38 7.56 1.91 6.16 5.21 5.81 + 0.31 9.70 3.12 0.04 0.03 0.04 + 0.00 0.09 0.01 0.05 0.05 0.05 + 0.01 0.12 0.01

I-J-K

8-10_DEC19_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kitrinor Mtls V 143 Kivalliq Enrgy V 1800 Klondex Mines T 4155 Klondike Gold V 374 Klondike Gold* O 97 Klondike Silv V 1774 Kombat Copper V 1017 V 286 Komet Resource Kootenay Silvr V 861 Kootenay Zinc 158 KWG Res* O 77 KWG Res 1546

0.07 0.00 0.07 - 0.03 0.30 0.05 0.09 0.07 0.09 + 0.02 0.10 0.07 6.84 6.40 6.42 - 0.46 7.95 2.57 0.17 0.16 0.16 + 0.01 0.45 0.09 0.12 0.11 0.12 + 0.01 0.32 0.07 0.07 0.05 0.06 + 0.01 0.15 0.01 0.70 0.05 0.65 + 0.10 0.95 0.25 0.44 0.41 0.44 + 0.01 0.58 0.29 0.36 0.33 0.34 - 0.02 0.60 0.17 0.50 0.00 0.35 + 0.10 0.50 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01

Labdr Iron Mns* O 356 Labrador Iron T 1426 Lakeside Mnrls V 217 Lamelee Iron V 37 Lancaster Cap V 26 Lara Expl V 146 Laramide Res T 1054 Largo Res* O 26 Largo Res T 249 Lateral Gold V 89 Latin Am Mnls V 287 Latin Am Mnls* O 26 Laurion Mnl Ex* O 200 LeadFX Inc* O 13 Leo Res 29 Levon Res Ltd T 433 Levon Res Ltd * O 179 Lexam VG Gold* O 343 Lexam VG Gold T 536 Li3 Energy* O 351 Lincoln Mng V 65 Lion One Mtls V 52 Lion One Mtls* O 33 Lions Gate Mtl 199 Lithium Amer* O 1081 Lithium Amer T 2226 Lithium Corp* O 594 Lithium Expl* O 130488 LKA Gold* O 75 Lode-Star Mg* O 21 Logan Res V 359 Lomiko Mtls* O 426 Loncor Res T 179 Lone Star Gold* O 222 Lonmin plc* O 35 Lorraine Coppr V 200 Los Andes Copp V 528 Lucara Diam T 2619 Luna Gold* O 16 Luna Gold T 44 Lundin Gold T 190 Lundin Mng T 19325 Lupaka Gold V 575 Lydian Intl* O 211 Lydian Intl T 801 Lynas Corp* O 110

0.01 0.00 0.01 + 0.01 0.02 0.00 20.55 17.87 20.25 + 2.34 20.55 6.85 0.10 0.08 0.10 + 0.03 0.12 0.02 0.20 0.00 0.14 - 0.06 0.50 0.10 0.35 0.30 0.35 + 0.05 0.32 0.07 1.22 1.14 1.16 + 0.01 1.58 0.22 0.27 0.21 0.27 + 0.05 0.38 0.18 0.41 0.38 0.38 - 0.03 0.56 0.08 0.55 0.47 0.52 - 0.02 0.72 0.11 0.87 0.60 0.70 - 0.15 1.25 0.26 0.22 0.14 0.22 + 0.08 0.48 0.09 0.13 0.11 0.13 + 0.01 0.36 0.06 0.05 0.03 0.05 + 0.01 0.05 0.00 0.73 0.46 0.73 + 0.26 0.73 0.11 0.02 0.00 0.02 + 0.01 0.02 0.01 0.32 0.28 0.30 + 0.01 0.71 0.09 0.24 0.21 0.23 + 0.01 0.54 0.07 0.18 0.15 0.15 - 0.02 0.29 0.04 0.24 0.19 0.19 - 0.03 0.38 0.05 0.02 0.01 0.01 - 0.00 0.03 0.01 0.06 0.00 0.06 + 0.01 0.17 0.02 0.91 0.83 0.86 + 0.04 1.17 0.32 0.69 0.64 0.66 + 0.04 0.91 0.23 0.17 0.00 0.17 + 0.06 0.36 0.04 0.62 0.54 0.56 - 0.03 0.87 0.34 0.83 0.71 0.76 - 0.06 1.15 0.26 0.09 0.06 0.08 - 0.00 0.13 0.02 0.00 0.00 0.00 + 0.00 0.14 0.00 0.48 0.35 0.45 + 0.07 0.53 0.10 0.04 0.04 0.04 - 0.00 0.05 0.03 0.10 0.08 0.08 - 0.05 0.26 0.04 0.03 0.02 0.03 + 0.00 0.04 0.02 0.18 0.12 0.16 + 0.03 0.25 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 2.00 1.84 1.84 - 0.08 90.00 0.55 0.08 0.06 0.08 + 0.02 0.12 0.04 0.21 0.20 0.21 + 0.01 0.25 0.06 3.31 3.08 3.18 - 0.16 4.39 2.00 1.30 1.16 1.16 - 0.07 1.96 1.15 1.72 1.51 1.60 - 0.02 3.50 0.35 5.45 5.08 5.09 - 0.16 6.62 3.78 7.15 6.92 7.02 + 0.16 7.14 2.98 0.17 0.14 0.17 + 0.01 0.29 0.04 0.28 0.23 0.26 + 0.01 0.41 0.13 0.36 0.31 0.34 + 0.03 0.52 0.19 0.05 0.04 0.05 - 0.00 0.09 0.03

M Macarthur Mnl V 1338 0.06 0.05 0.06 + 0.01 0.18 0.02 Macarthur Mnl* O 500 0.05 0.04 0.05 + 0.01 0.14 0.02 Maccabi Vent 66 0.08 0.07 0.07 - 0.02 0.12 0.06 MacDonald Mns V 62 0.07 0.06 0.06 - 0.01 0.20 0.05 MacMillan Mnls V 519 1.50 1.15 1.35 + 0.40 1.50 0.30 Mag Copper 582 0.02 0.01 0.01 - 0.01 0.03 0.01 MAG Silver T 1099 18.22 15.29 15.34 - 2.13 23.32 8.79 Magellan Gold* O 89 0.11 0.07 0.07 - 0.03 0.35 0.04 MagIndustries* O 14 0.03 0.00 0.00 - 0.02 0.05 0.00 Magnus Intl* O 5 0.00 0.00 0.00 - 0.00 0.00 0.00 Majescor Res V 2218 0.12 0.08 0.10 + 0.02 0.15 0.02 Majescor Res* O 7 0.07 0.05 0.07 + 0.03 0.09 0.01 Makena Res* O 40 0.02 0.01 0.01 - 0.00 0.04 0.00 Malbex Res V 15 0.33 0.30 0.33 + 0.03 0.46 0.25 Manado Gold V 69 0.11 0.10 0.10 - 0.01 0.15 0.10 Mandalay Res T 2892 0.83 0.71 0.71 - 0.03 1.35 0.59 Manson Creek V 857 0.03 0.02 0.02 - 0.02 0.06 0.01 Marathon Gold T 469 0.61 0.53 0.56 - 0.01 0.83 0.13 Margaux Res V 79 0.36 0.28 0.29 - 0.06 0.36 0.11 Mariana Res* O 328 0.98 0.89 0.89 - 0.05 1.05 0.02 Mariana Res V 299 1.25 1.12 1.22 - 0.01 1.40 0.85 Maritime Res V 544 0.18 0.13 0.15 + 0.01 0.31 0.08 Marlin Gold* O 130 0.43 0.37 0.37 - 0.02 0.54 0.10 Marlin Gold V 119 0.57 0.48 0.50 - 0.01 0.69 0.15 MartinMarietta* N 2936 232.55 220.57 231.16 + 7.91 236.41 108.31 Mason Graphite* O 108 1.05 0.96 0.98 - 0.03 1.21 0.21 Mason Graphite V 330 1.39 1.27 1.30 - 0.08 1.60 0.30 Masuparia Gold V 156 0.05 0.03 0.03 - 0.02 0.06 0.03 Matachewan Con V 125 0.33 0.26 0.26 + 0.01 0.44 0.21 Matamec Expl V 446 0.05 0.04 0.05 - 0.01 0.11 0.02 Matamec Expl* O 26 0.03 0.03 0.03 - 0.00 0.07 0.01 Matica Ent* O 3 0.02 0.00 0.02 - 0.00 0.03 0.00 Matica Ent 4129 0.03 0.02 0.02 - 0.01 0.05 0.01 Matmown* O 150 0.03 0.01 0.01 - 0.01 0.10 0.01 Maudore Mnrls* O 220 0.00 0.00 0.00 - 0.00 0.01 0.00 Mawson Res* O 49 0.36 0.30 0.30 - 0.03 0.42 0.12 Mawson Res T 66 0.47 0.38 0.38 - 0.05 0.56 0.17 MAX Res V 117 0.08 0.08 0.08 + 0.01 0.11 0.05 Maxwell Res* O 230 0.01 0.01 0.01 - 0.00 0.02 0.00 Maya Gold &Sil V 880 0.16 0.13 0.15 + 0.02 0.27 0.10 2.60 - 0.34 5.00 0.90 MBAC Fertilizr V 10 3.25 2.60 McChip Res V 7 0.57 0.46 0.46 - 0.12 0.77 0.40 McEwen Mng* N 17375 3.29 2.90 2.95 - 0.13 4.92 0.93 3.90 - 0.19 6.44 1.26 McEwen Mng T 2681 4.37 3.82 McLaren Res 360 0.02 0.02 0.02 + 0.01 0.03 0.01 MDN Inc* O 386 0.61 0.49 0.57 + 0.11 0.92 0.05 399 0.05 0.05 0.05 - 0.01 0.14 0.05 Meadow Bay Gd T Meadow Bay Gd* O 243 0.04 0.03 0.03 - 0.00 0.11 0.03 Mechel* N 1934 5.59 5.13 5.14 - 0.26 6.74 1.23 Medallion Res* O 61 0.02 0.01 0.02 - 0.00 0.04 0.01 0.14 + 0.01 0.14 0.14 Medgold Res* O 3 0.14 0.00 Medgold Res V 28 0.19 0.00 0.17 + 0.01 0.25 0.05 Medinah Mnrls* O 6713 0.01 0.00 0.00 - 0.00 0.02 0.00 Mega Uranium T 2102 0.15 0.13 0.15 + 0.01 0.20 0.05 Mega Uranium* O 251 0.11 0.09 0.11 + 0.01 0.15 0.04 Melior Res V 1043 0.03 0.03 0.03 + 0.01 0.06 0.01 0.10 - 0.01 0.24 0.10 Merrex Gold* O 124 0.11 0.10 Meryllion Res 8 0.02 0.00 0.02 - 0.02 0.05 0.01 Mesa Expl* O 14 0.04 0.04 0.04 - 0.01 0.14 0.01 Mesa Expl V 7 0.06 0.00 0.06 - 0.01 0.17 0.01 Metalex Vent V 160 0.05 0.05 0.05 - 0.01 0.11 0.05 Metallic Mnrls V 157 0.45 0.35 0.45 + 0.01 0.59 0.05 Metallic Mnrls* O 13 0.35 0.30 0.35 + 0.01 0.44 0.04 Metalore Res V 3 2.00 1.50 2.00 + 0.30 3.59 1.26 Metalore Res* O 6 1.21 1.20 1.21 + 0.01 2.77 0.99 0.07 + 0.01 0.20 0.06 Metals Creek V 571 0.07 0.06 Metals X* O 25 0.50 0.46 0.47 - 0.04 1.43 0.46 Mexus Gold* O 7642 0.24 0.15 0.21 + 0.06 0.24 0.00 O 160 0.30 0.25 0.28 - 0.00 0.50 0.11 MGX Minerals* MGX Minerals 1843 0.43 0.32 0.39 - 0.02 0.54 0.08 Midas Gold* O 713 0.75 0.69 0.70 - 0.01 0.95 0.16 Midland Expl V 33 1.15 1.10 1.10 - 0.05 1.25 0.45 Midnight Sun V 179 0.17 0.16 0.17 - 0.01 0.24 0.08 Midway Gold* O 831 0.01 0.00 0.00 + 0.00 0.01 0.00 Millennial Lit* O 20 1.20 1.10 1.19 + 0.13 1.20 0.97 Millennial Lit V 678 1.60 1.46 1.57 + 0.11 2.45 0.06 Millrock Res* O 349 0.36 0.33 0.34 - 0.01 0.54 0.12 Millrock Res V 405 0.47 0.43 0.44 - 0.04 0.70 0.17 Millstream Min V 16 0.05 0.05 0.05 - 0.01 0.14 0.04 Minaurum Gold V 472 0.10 0.09 0.10 + 0.01 0.14 0.04 Minco Gold* X 545 0.20 0.16 0.18 + 0.01 0.42 0.12 Minco Gold T 31 0.26 0.22 0.25 + 0.02 0.55 0.15 Minco Silver T 352 1.15 0.95 1.11 + 0.10 2.05 0.36 Minco Silver* O 235 0.86 0.72 0.85 + 0.14 1.54 0.26 Minecorp Egy V 43 0.11 0.10 0.10 - 0.01 0.18 0.01 Minera Alamos V 151 0.15 0.12 0.14 + 0.01 0.29 0.07 Mineral Hill V 26 0.30 0.22 0.30 + 0.10 0.40 0.11 Mineral Mtn V 125 0.41 0.33 0.41 + 0.05 0.49 0.08 Mineral Mtn* O 77 0.31 0.30 0.30 + 0.03 0.38 0.04 Minfocus Expl V 3006 0.03 0.02 0.03 + 0.01 0.07 0.01 Minnova Corp V 500 0.85 0.75 0.76 - 0.05 0.90 0.30 Miranda Gold V 634 0.09 0.07 0.09 + 0.01 0.18 0.06 Mirasol Res V 199 1.61 1.46 1.47 - 0.09 3.50 0.77 MK2 Ventures V 86 0.18 0.00 0.16 + 0.01 0.30 0.04 Mkango Res V 54 0.06 0.05 0.06 + 0.01 0.11 0.03 Monarca Mnrls V 316 0.02 0.02 0.02 - 0.01 0.10 0.01 Monarca Mnrls* O 437 0.02 0.02 0.02 - 0.00 0.10 0.00 Monarques Res* O 53 0.23 0.22 0.23 - 0.03 0.48 0.04 Monarques Res V 412 0.31 0.29 0.29 - 0.04 0.66 0.06 Moneta Porcpn* O 91 0.22 0.21 0.21 - 0.01 0.28 0.07 Moneta Porcpn T 2073 0.30 0.25 0.26 - 0.03 0.36 0.11 Montan Mg* O 109 0.05 0.04 0.05 - 0.00 0.07 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Montan Mg V 868 Montego Res 220 Morro Bay V 209 Morumbi Res V 2290 Mosaic* N 26312 Mountain Boy* O 10 Mountain Prov T 653 Mountain Prov* D 167 Mundoro Cap* O 113 Mundoro Cap V 187 Murchison Min 5 MX Gold* O 622 MX Gold V 2185

0.06 0.06 0.06 - 0.01 0.10 0.02 0.07 0.04 0.05 - 0.02 0.16 0.04 0.01 0.01 0.01 - 0.01 0.03 0.01 0.31 0.20 0.31 + 0.09 0.26 0.02 31.54 28.47 31.42 + 2.60 31.45 22.02 0.03 0.03 0.03 - 0.01 0.06 0.00 6.70 6.50 6.69 + 0.01 7.18 3.40 5.10 4.93 5.10 + 0.05 5.52 2.47 0.12 0.11 0.11 - 0.00 0.20 0.03 0.17 0.16 0.16 - 0.01 0.23 0.04 0.30 0.19 0.29 - 0.01 0.35 0.05 0.11 0.09 0.10 + 0.00 0.31 0.09 0.14 0.13 0.13 - 0.01 0.39 0.12

NACCO Ind* N 80 Namibia Rare E* O 2442 Namibia Rare E T 1212 Napier Vent V 99 Natan Res V 1421 398 Natural Res Pt* N Nautilus Mnrls T 269 O 501 Nautilus Mnrls* Navis Res Corp* O 12 94 Navis Res Corp Nemaska Lith T 4088 Nemaska Lith* O 288 Nevada Clean M* O 104 224 Nevada Clean M V Nevada Copper T 787 382 Nevada Egy Mtl* O Nevada Egy Mtl V 583 112 Nevada Expl * O Nevada Expl V 387 O 163 Nevada Sunrise* Nevada Sunrise V 423 Nevada Zinc V 261 Nevsun Res* X 4792 Nevsun Res T 5489 New Carolin Gd* O 797 O 67424 New Colombia* New Dimen Res V 116 21298 New Gold* X New Gold T 8651 New Gold* O 85 New Guinea Gld* O 22 New Jersey Mng* O 326 New Milln Iron* O 47 New Milln Iron T 1262 New Nadina V 38 New Nadina* O 62 New World Res V 12 O 600 NewCastle Gold* Newmac Res V 172 Newmarket Gold T 6740 Newmarket Gold* O 160 Newmont Mng* N 40430 Newport Expl V 297 O 587 Newport Gold* Nexgen Energy T 9045 O 229 Nexgen Energy* Next Gen Mtls 4518 20 Next Gen Mtls* O Nexus Gold* O 926 Nexus Gold V 4257 NGEx Res T 2014 Nickel One Res V 511 Nickel One Res* O 70 9 Nicola Mg Inc* O Nicola Mg Inc V 344 V 1090 Nighthawk Gold Niobay Metals V 660 Niocan Inc V 17 Niocorp Dev T 428 Niocorp Dev* O 385 Nitinat Mnls V 18 Noka Res V 880 Nomad Ventures V 52 Noram Vent* O 3 Noram Vent V 1250 O 188 Noranda Alum* Noront Res V 978 Nortec Mnls V 76 North Am Nickl* O 12 436 North Am Nickl V North Am Pall T 52 North Am Pall* O 22 North Arrow Mn V 191 Northcliff Res T 63 Northisle C&G V 1211 Northn Empire V 55 Nouveau Monde V 525 NovaCopper* X 450 NovaCopper T 114 X 8947 NovaGold Res* NovaGold Res T 1813 Novo Res V 335 Novo Res* O 158 NQ Explor V 82 Nrthn Abitibi V 42 Nrthn Freegold V 230 Nrthn Freegold* O 12 Nrthn Graphite V 689 Nrthn Graphite* O 238 Nrthn Iron V 1556 Nrthn Lion V 10 Nrthn Mnrls &E* O 71 Nrthn Shield V 2674 Nrthn Vertex V 366 Nrthn Vertex* O 0 NSGold V 22 Nthn Dynasty* X 27931 Nthn Dynasty T 14342 Nthrn Sphere 165 Nubian Res V 191 NuLegacy Gold* O 625 NuLegacy Gold V 816 NV Gold* O 1 NV Gold V 49 O.T. Mining* O 25 OceanaGold T 8158 OceanaGold* O 31 Oceanic Iron O V 115 Oceanus Res V 1014 Oceanus Res* O 102 Odin Mng & Exp* O 58 Odin Mng & Exp V 902 Olivut Res* O 5 Olivut Res V 155 Opawica Expl V 97 Orbite Tech T 2378 Orbite Tech* O 77 Orca Gold V 2339 Orca Gold* O 687 Orefinders Res V 3336 Orex Mnrls V 149 Orex Mnrls* O 64 Orezone Gold V 723 Orezone Gold* O 62 Oriental Non F 3 Orla Mng Ltd V 131 Oro East Mg* O 64 Orocobre T 325 Oronova Res V 96 Oroplata Res* O 295 Orosur Mng T 314 Orsu Metals T 61 Orsu Metals* O 3 Orvana Mnrls T 134 Orvana Mnrls* O 4 Osisko Gold T 2083 Osisko Mng Inc T 4097 Otis Gold V 1482 Otis Gold* O 1099

94.45 88.75 94.20 + 6.35 99.55 40.04 0.05 0.04 0.04 - 0.00 0.09 0.03 0.07 0.00 0.05 - 0.01 0.14 0.04 0.33 0.28 0.28 + 0.01 0.34 0.15 0.24 0.21 0.23 - 0.01 0.40 0.05 37.29 33.55 35.00 + 0.90 40.00 5.00 0.18 0.17 0.18 + 0.01 0.32 0.10 0.14 0.12 0.13 - 0.01 0.24 0.08 0.01 0.00 0.00 - 0.00 0.03 0.00 0.01 0.01 0.01 - 0.01 0.02 0.00 1.25 1.11 1.15 - 0.08 1.97 0.36 0.95 0.84 0.89 - 0.05 1.50 0.26 0.03 0.03 0.03 - 0.00 0.04 0.00 0.04 0.04 0.04 - 0.01 0.05 0.02 0.84 0.72 0.77 + 0.06 1.10 0.45 0.09 0.07 0.07 - 0.01 0.20 0.06 0.11 0.10 0.10 - 0.01 0.26 0.03 0.29 0.22 0.23 - 0.05 0.56 0.18 0.38 0.00 0.31 - 0.06 0.72 0.24 0.21 0.17 0.19 - 0.01 0.37 0.11 0.28 0.24 0.24 - 0.01 0.47 0.15 0.60 0.54 0.59 + 0.02 0.80 0.21 3.45 3.13 3.30 + 0.13 3.80 2.27 4.56 4.15 4.34 + 0.14 4.81 3.27 0.05 0.05 0.05 + 0.00 0.12 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 0.11 0.00 0.10 - 0.01 0.19 0.04 3.97 3.51 3.80 + 0.17 6.04 1.76 5.25 4.65 5.01 + 0.21 7.87 2.56 0.05 0.03 0.05 + 0.01 0.17 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.11 0.13 + 0.00 0.15 0.04 0.11 0.11 0.11 + 0.01 0.11 0.03 0.16 0.14 0.15 + 0.01 0.18 0.05 0.10 0.08 0.09 - 0.01 0.18 0.05 0.07 0.06 0.06 - 0.01 0.11 0.06 0.09 0.00 0.09 - 0.01 0.16 0.02 0.57 0.53 0.53 - 0.04 0.96 0.17 0.06 0.00 0.06 + 0.02 0.12 0.04 8.61 3.35 7.93 + 0.60 10.67 2.67 2.77 2.56 2.73 - 2.72 8.23 1.93 34.06 32.59 32.79 - 0.79 46.07 16.05 0.30 0.29 0.30 + 0.02 0.38 0.19 0.02 0.01 0.02 - 0.03 0.06 0.00 2.33 1.98 2.32 + 0.29 2.86 0.57 1.77 1.50 1.76 + 0.25 2.25 0.43 0.30 0.21 0.27 - 0.02 0.42 0.09 0.23 0.17 0.21 + 0.01 0.29 0.07 0.07 0.06 0.07 + 0.01 0.08 0.05 0.10 0.08 0.10 + 0.03 0.12 0.04 1.25 1.18 1.20 - 0.01 1.50 0.54 0.08 0.07 0.07 - 0.01 0.18 0.07 0.06 0.05 0.05 - 0.01 0.10 0.05 0.11 0.11 0.11 - 0.01 0.39 0.03 0.16 0.15 0.16 + 0.01 0.54 0.05 0.48 0.44 0.45 + 0.01 0.61 0.05 0.79 0.64 0.75 + 0.14 1.25 0.05 0.07 0.06 0.07 + 0.02 0.18 0.05 0.83 0.75 0.80 + 0.05 1.14 0.51 0.64 0.56 0.61 + 0.04 0.87 0.37 0.05 0.00 0.05 + 0.01 0.09 0.04 0.05 0.00 0.05 - 0.01 0.21 0.04 0.22 0.00 0.22 + 0.05 0.40 0.10 0.05 0.05 0.05 - 0.00 0.06 0.05 0.06 0.05 0.06 - 0.01 0.13 0.01 0.05 0.03 0.05 + 0.01 0.44 0.01 0.25 0.24 0.25 + 0.01 0.51 0.24 0.06 0.05 0.06 + 0.01 0.09 0.02 0.08 0.07 0.08 + 0.01 0.11 0.05 0.12 0.10 0.10 + 0.01 0.15 0.07 6.29 5.82 6.27 + 0.32 6.49 3.91 4.76 4.48 4.75 + 0.34 5.06 2.71 0.21 0.00 0.18 - 0.04 0.32 0.12 0.10 0.09 0.10 + 0.01 0.15 0.08 0.12 0.08 0.11 + 0.02 0.14 0.02 0.15 0.00 0.15 + 0.03 0.27 0.08 0.26 0.23 0.24 + 0.01 0.38 0.13 0.59 0.52 0.52 - 0.01 0.86 0.15 0.80 0.69 0.71 + 0.01 1.08 0.20 4.82 4.39 4.41 - 0.14 7.29 3.50 6.39 5.81 5.82 - 0.23 9.56 5.09 0.94 0.85 0.86 - 0.06 1.95 0.48 0.71 0.63 0.63 - 0.07 1.41 0.35 0.02 0.01 0.01 - 0.01 0.02 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.23 0.20 0.21 - 0.01 0.29 0.04 0.15 0.13 0.15 + 0.02 0.23 0.02 0.31 0.22 0.30 + 0.09 0.63 0.16 0.23 0.16 0.22 + 0.07 0.47 0.12 0.08 0.07 0.07 - 0.01 0.11 0.01 0.29 0.19 0.19 - 0.10 0.32 0.07 0.03 0.03 0.03 - 0.02 0.05 0.02 0.17 0.12 0.13 - 0.03 0.30 0.01 0.40 0.36 0.37 - 0.04 0.52 0.13 0.28 0.00 0.28 + 0.02 0.42 0.17 0.07 0.07 0.07 - 0.03 0.12 0.04 2.05 1.38 1.75 + 0.30 1.94 0.20 2.70 1.83 2.27 + 0.37 2.57 0.28 0.30 0.20 0.25 - 0.04 0.63 0.17 0.19 0.14 0.14 - 0.05 0.23 0.01 0.25 0.20 0.20 - 0.03 0.41 0.06 0.32 0.27 0.27 - 0.05 0.54 0.08 0.17 0.17 0.17 - 0.05 0.37 0.08 0.30 0.00 0.25 + 0.03 0.48 0.03 0.03 0.03 0.03 - 0.01 0.09 0.02 4.06 3.61 3.67 - 0.25 5.56 2.35 3.06 2.74 2.87 + 0.02 4.26 1.70 0.25 0.22 0.23 + 0.02 0.34 0.08 0.19 0.15 0.19 + 0.03 0.35 0.14 0.14 0.12 0.14 + 0.02 0.26 0.11 0.57 0.53 0.56 + 0.03 0.84 0.24 0.75 0.70 0.74 + 0.04 0.97 0.33 0.15 0.13 0.15 + 0.03 0.30 0.06 0.20 0.18 0.18 - 0.02 0.42 0.08 0.08 0.00 0.08 + 0.01 0.16 0.02 0.30 0.27 0.30 + 0.02 0.49 0.20 0.22 0.20 0.22 + 0.01 0.37 0.15 0.42 0.32 0.37 + 0.03 0.55 0.12 0.33 0.25 0.28 + 0.03 0.44 0.08 0.06 0.05 0.05 - 0.01 0.12 0.01 0.49 0.43 0.46 + 0.02 1.38 0.11 0.36 0.32 0.34 + 0.01 1.02 0.05 0.60 0.56 0.58 - 0.01 1.28 0.22 0.45 0.42 0.44 + 0.00 0.99 0.16 0.71 0.70 0.70 - 0.01 0.87 0.27 1.50 1.27 1.50 + 0.13 1.75 0.10 0.02 0.01 0.02 + 0.00 0.04 0.00 4.33 4.06 4.27 - 0.12 4.92 1.33 0.43 0.39 0.43 + 0.03 0.43 0.04 0.29 0.25 0.26 - 0.01 2.04 0.16 0.24 0.21 0.22 - 0.02 0.38 0.10 0.03 0.00 0.03 - 0.01 0.05 0.01 0.02 0.00 0.02 - 0.00 0.04 0.01 0.24 0.22 0.23 - 0.01 0.39 0.11 0.18 0.18 0.18 - 0.00 0.29 0.07 13.79 13.06 13.17 - 0.13 18.64 12.34 2.65 2.22 2.43 + 0.18 3.42 0.96 0.32 0.22 0.30 + 0.07 0.42 0.07 0.25 0.16 0.22 + 0.05 0.32 0.05

Pac Booker Min V 23 Pac Booker Min* O 31 Pac Imperial V 445 Pac North West* O 243 Pac North West V 4174 Pac Potash V 23 Pac Ridge Expl* O 217

1.21 0.98 1.07 - 0.14 2.38 0.63 0.91 0.85 0.85 - 0.05 1.68 0.45 0.03 0.02 0.02 - 0.01 0.05 0.01 0.03 0.01 0.03 + 0.02 0.06 0.00 0.04 0.03 0.04 + 0.01 0.08 0.01 0.04 0.00 0.03 - 0.01 0.07 0.03 0.05 0.05 0.05 + 0.00 0.08 0.01

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pac Ridge Expl V 498 Paladin Energy T 5262 Palamina Corp* O 14 Palisades Vent V 5 Pan Am Silver* D 11223 Pan Am Silver T 2091 Pancontinental* O 51 Pancontinental V 57 Pangolin Dia V 513 Panoro Mnrls V 315 O 14 PanTerra Gold* Pantheon Vent V 1069 Parallel Mng V 1049 Paramount Gold* X 397 Pasinex Res 170 O 17 Passprt Potash* Patriot Gold* O 214 Peabody Enrgy* O 3104 Peat Res V 515 Pelangio Expl* O 325 Pele Mtn Res* O 256 Peloton Mnrls 29 Peregrine Diam T 1400 Perseus Mng T 864 V 45 Pershimco Res Pershing Gold* D 948 10 Pershing Gold T Peruvian Prc M* O 19 Petra Diamonds* O 2 Pilot Gold T 519 Pilot Gold* O 161 60 Pine Cliff En* O Pine Cliff En T 7510 Pinecrest Res V 84 V 98 Pitchblack Res PJSC Polyus Gd* O 11 Plata Latina V 665 Plateau Uran* O 17 Plateau Uran V 200 V 1359 Platinex Platinum Gp Mt T 894 Playfair Mng V 1046 Playfair Mng* O 183 Polaris Mater T 159 PolyMet Mng* X 1318 PolyMet Mng T 333 Portage Res* O 1952 Portofino Res V 53 Potash Corp SK* N 40870 Potash Corp SK T 14405 Potash Ridge T 1368 Potash Ridge* O 38 Precipitate Gl V 257 Premier Gold M T 4174 O 34 Premium Expl* Pretium Res* N 8070 Pretium Res T 2150 Primero Mng T 1912 Primero Mng* N 7927 ProAm Expl V 144 Probe Metals V 670 Probe Metals* O 136 Prophecy Coal T 9 Prophecy Coal* O 3 O 3 Prospect Glob* Prospector Res V 2 Prosper Gold V 137 PUF Vent Inc * O 28 PUF Vent Inc 889 Pure Energy* O 897 Pure Energy V 1189 136 Pure Gold Mg* O Pure Gold Mg V 1581 Purepoint Uran V 3722 79 QMC Quantum Ml V QMX Gold* O 388 Quaterra Res* O 230 Quaterra Res V 227 Quest Rare Mnl* O 12 Quest Rare Mnl T 1115 Quinto Real V 396

0.10 0.06 0.10 + 0.03 0.11 0.02 0.08 0.07 0.08 + 0.02 0.27 0.07 0.13 0.11 0.11 - 0.00 0.19 0.08 0.07 0.07 0.07 + 0.01 0.08 0.05 18.37 16.39 16.57 - 1.34 21.59 5.38 24.39 21.60 21.84 - 1.96 27.56 7.85 0.07 0.05 0.05 - 0.01 0.10 0.00 0.10 0.07 0.07 - 0.02 0.16 0.01 0.06 0.05 0.05 - 0.01 0.22 0.03 0.21 0.17 0.20 - 0.02 0.21 0.09 0.04 0.00 0.04 - 0.02 0.09 0.04 0.20 0.13 0.16 - 0.03 0.38 0.10 0.11 0.09 0.10 + 0.02 0.18 0.05 1.91 1.62 1.62 - 0.10 2.93 0.93 0.13 0.12 0.12 - 0.01 0.17 0.04 0.00 0.00 0.00 + 0.00 0.02 0.00 0.09 0.08 0.08 - 0.01 0.23 0.05 14.21 8.70 11.60 + 3.00 18.75 0.55 0.02 0.02 0.02 + 0.01 0.07 0.01 0.03 0.03 0.03 - 0.00 0.06 0.01 0.02 0.01 0.02 - 0.00 0.04 0.01 0.10 0.07 0.09 - 0.01 0.15 0.07 0.22 0.19 0.22 + 0.03 0.32 0.09 0.59 0.54 0.56 - 0.02 0.67 0.27 0.26 0.25 0.25 + 0.01 0.36 0.09 3.72 3.39 3.44 - 0.07 5.02 3.04 4.90 4.26 4.26 - 0.37 5.52 4.56 0.05 0.05 0.05 + 0.01 0.13 0.02 2.12 2.08 2.12 + 0.04 2.12 0.95 0.51 0.48 0.49 - 0.02 0.95 0.22 0.39 0.36 0.36 - 0.03 0.72 0.06 0.89 0.85 0.89 + 0.07 0.89 0.51 1.22 1.09 1.18 + 0.09 1.21 0.61 0.19 0.16 0.18 + 0.02 0.30 0.03 0.13 0.09 0.11 + 0.02 0.16 0.05 35.11 34.59 35.11 + 0.36 37.59 18.67 0.03 0.03 0.03 - 0.01 0.12 0.02 0.16 0.15 0.16 - 0.00 0.35 0.12 0.25 0.21 0.25 + 0.03 0.45 0.17 0.17 0.13 0.15 - 0.01 0.17 0.01 2.57 2.32 2.43 - 0.01 5.25 1.35 0.10 0.07 0.08 - 0.02 0.18 0.02 0.07 0.07 0.07 - 0.02 0.12 0.01 1.34 1.25 1.30 + 0.05 1.75 1.00 0.88 0.80 0.85 - 0.00 1.28 0.68 1.16 1.05 1.12 - 0.01 1.71 0.93 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.07 0.08 + 0.01 0.12 0.06 19.84 18.17 19.75 + 1.68 19.38 14.64 26.14 24.11 26.04 + 2.04 25.84 19.93 0.31 0.28 0.30 - 0.01 0.50 0.04 0.24 0.22 0.22 - 0.02 0.38 0.04 0.19 0.16 0.19 + 0.02 0.37 0.06 2.37 2.15 2.19 - 0.07 5.05 2.14 0.00 0.00 0.00 + 0.00 0.04 0.00 9.64 8.44 8.48 - 0.77 12.41 4.00 12.82 11.12 11.19 - 1.08 16.17 5.74 1.28 1.11 1.17 - 0.06 3.78 1.01 0.97 0.84 0.89 - 0.04 2.73 0.75 0.02 0.02 0.02 + 0.01 0.03 0.01 1.55 1.17 1.36 + 0.21 2.18 0.34 1.11 0.00 1.04 + 0.19 1.66 0.24 3.75 3.17 3.40 - 0.40 5.48 1.00 2.61 0.00 2.39 + 0.08 4.05 1.25 0.05 0.00 0.04 - 0.00 0.20 0.02 0.46 0.00 0.46 - 0.09 0.57 0.01 0.20 0.19 0.19 - 0.02 0.44 0.10 0.20 0.19 0.19 - 0.01 0.24 0.03 0.28 0.24 0.25 - 0.03 0.39 0.04 0.57 0.50 0.53 + 0.01 0.91 0.29 0.75 0.66 0.69 - 0.02 1.15 0.41 0.39 0.35 0.38 + 0.03 0.60 0.07 0.51 0.44 0.49 + 0.03 0.77 0.09 0.13 0.09 0.13 + 0.04 0.15 0.02 0.05 0.04 0.05 + 0.01 0.09 0.01 0.09 0.07 0.09 - 0.00 0.09 0.01 0.06 0.04 0.05 + 0.00 0.07 0.03 0.07 0.07 0.07 + 0.01 0.10 0.05 0.13 0.00 0.12 - 0.01 0.20 0.03 0.17 0.14 0.16 - 0.01 0.25 0.06 0.09 0.06 0.09 + 0.01 0.20 0.03

Rackla Mtls V 57 Rackla Mtls* O 1 Radius Gold V 136 O 28 Rainforest Res* 100 Rainy Mtn Royl V Rambler Ml &Mg V 133 Randgold Res* D 4228 Rapier Gold V 251 Raptor Res* O 12 Rare Element* O 399 Razore Rock Res 22 Red Eagle Mng* O 522 Red Eagle Mng T 1149 Red Pine Expl V 4157 Red Tiger Mng V 217 Redhawk Res T 291 Redstar Gold V 2027 Redstar Gold* O 659 Redzone Res V 239 Regulus Res V 214 Reliant Gold V 300 Remington Res V 108 Renaissance Gd* O 47 Renaissance Gd V 197 Resolve Vent V 106 Resource Cap V 486 Resource Cap* O 212 Revelo Res V 212 Revolver Res V 652 Rheingold Expl 129 Richmond Mnls V 45 Richmont Mines* X 2131 Richmont Mines T 1990 Rio Novo Gold* O 193 Rio Novo Gold T 377 Rio Silver V 59 Rio Tinto* N 24161 Rio Tinto* O 11 Rio Tinto* O 1 236 Rise Res Inc Rise Res Inc* O 192 Riverside Res V 308 Riverside Res* O 289 RJK Explor V 101 Rochester Res* O 18 Rochester Res V 43 Rock Tech Lith V 49 Rockcliff Cop V 545 Rockcliff Cop* O 12 Rockex Mng 145 Rockhaven Res V 680 Rockland Mnls V 173 Rockridge Cap* O 19 Rockridge Cap V 148 Rockshield Cap* O 2 Rockshield Cap 486 Rockwell Diam T 309 Rodinia Lithm V 372 Rogue Res* O 2 Rogue Res V 547 Rojo Res V 58 Rokmaster Res V 326 Romios Gold Rs V 919 Romios Gold Rs* O 456 Rosita Mg Corp V 499 Roughrider Exp V 633 Roxgold* O 378 Roxgold V 1776 Royal Gold* D 3515 Royal Nickel T 1215 Royal Nickel* O 3 Royal Std Mnrl* O 11 RT Minerals* O 113 Rugby Mng V 79 Running Fox Rs* O 269 Rupert Res V 163 Rusoro Mng* O 28 Rusoro Mng V 544 Rye Patch Gold* O 351 Rye Patch Gold V 1658

0.15 0.00 0.14 - 0.01 0.22 0.05 0.10 0.00 0.10 - 0.00 0.17 0.03 0.12 0.10 0.11 - 0.01 0.17 0.05 6.00 4.20 5.55 + 0.27 8.25 0.30 0.12 0.00 0.10 - 0.01 0.12 0.03 0.16 0.00 0.16 + 0.02 0.16 0.05 75.54 71.01 73.12 - 0.64 126.55 59.08 0.12 0.11 0.12 - 0.01 0.17 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.03 0.04 - 0.00 0.28 0.00 0.03 0.01 0.01 - 0.03 0.08 0.01 0.61 0.57 0.57 - 0.04 0.91 0.18 0.80 0.75 0.76 - 0.04 1.05 0.69 0.10 0.09 0.10 + 0.01 0.24 0.03 0.04 0.03 0.03 - 0.01 0.10 0.03 0.05 0.04 0.04 - 0.01 0.09 0.04 0.15 0.13 0.14 - 0.01 0.17 0.03 0.11 0.10 0.11 - 0.00 0.15 0.02 0.10 0.10 0.10 - 0.02 0.32 0.06 1.39 1.22 1.24 - 0.11 1.87 0.19 0.02 0.02 0.02 - 0.01 0.04 0.01 0.10 0.08 0.10 + 0.03 0.10 0.02 0.31 0.26 0.26 - 0.06 0.52 0.08 0.42 0.35 0.36 - 0.06 0.66 0.11 0.03 0.03 0.03 - 0.01 0.30 0.03 0.35 0.23 0.33 + 0.11 0.35 0.02 0.25 0.18 0.25 + 0.08 0.26 0.02 0.10 0.09 0.10 + 0.01 0.12 0.05 0.09 0.07 0.07 - 0.03 0.39 0.07 0.35 0.27 0.31 + 0.01 0.35 0.01 0.06 0.04 0.05 + 0.01 0.09 0.03 7.10 6.35 6.75 + 0.10 11.66 2.79 9.31 8.46 8.85 + 0.06 15.01 3.88 0.07 0.00 0.07 - 0.04 0.23 0.06 0.11 0.09 0.10 - 0.01 0.30 0.07 0.10 0.08 0.09 - 0.02 0.18 0.02 42.61 38.52 41.15 + 2.13 42.61 21.89 41.70 38.25 40.50 + 3.25 41.70 21.90 47.00 44.80 47.00 + 1.24 47.00 25.47 0.23 0.17 0.22 + 0.05 0.35 0.11 0.17 0.13 0.16 + 0.02 0.40 0.08 0.54 0.43 0.48 + 0.01 0.52 0.12 0.41 0.32 0.37 + 0.02 0.39 0.08 0.16 0.13 0.15 + 0.01 0.25 0.05 0.04 0.00 0.04 - 0.01 0.09 0.01 0.07 0.05 0.06 + 0.01 0.11 0.03 0.92 0.00 0.90 - 0.02 1.45 0.03 0.13 0.11 0.11 - 0.02 0.16 0.02 0.08 0.08 0.08 + 0.00 0.12 0.01 0.06 0.05 0.06 + 0.01 0.75 0.02 0.16 0.14 0.15 - 0.01 0.29 0.11 0.05 0.04 0.05 - 0.01 0.11 0.01 0.30 0.27 0.27 - 0.03 0.31 0.04 0.41 0.36 0.39 + 0.02 0.57 0.05 0.07 0.05 0.07 + 0.02 0.08 0.04 0.08 0.05 0.08 + 0.03 0.11 0.04 0.06 0.00 0.05 - 0.01 0.14 0.05 0.11 0.09 0.10 + 0.01 0.16 0.08 0.38 0.35 0.38 + 0.03 0.43 0.25 0.50 0.41 0.50 + 0.06 1.50 0.32 0.09 0.08 0.08 - 0.02 0.15 0.04 0.06 0.00 0.06 + 0.02 0.05 0.01 0.08 0.06 0.07 - 0.02 0.10 0.03 0.07 0.04 0.05 - 0.02 0.08 0.01 0.05 0.04 0.04 - 0.01 0.14 0.01 0.06 0.06 0.06 + 0.01 0.15 0.05 1.09 1.00 1.05 + 0.03 1.35 0.47 1.47 1.32 1.35 - 0.02 1.76 0.66 72.30 66.31 67.02 - 3.70 87.74 24.68 0.30 0.28 0.29 + 0.01 0.63 0.12 0.22 0.21 0.22 + 0.02 0.50 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.06 0.07 + 0.02 0.14 0.05 0.36 0.31 0.31 - 0.06 0.58 0.03 0.02 0.01 0.01 - 0.00 0.03 0.00 0.71 0.63 0.65 - 0.06 0.99 0.02 0.18 0.17 0.18 + 0.00 0.31 0.03 0.25 0.21 0.25 + 0.02 0.41 0.03 0.21 0.18 0.19 - 0.01 0.37 0.08 0.28 0.24 0.25 - 0.01 0.47 0.12

2016-12-13 4:42 PM

WWW.NORTHERNMINER.COM

DECEMBER 19–25, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

S Sabina Gd&Slvr* O 525 Sabina Gd&Slvr T 2155 Sage Gold V 269 Saint Jean* O 56 Saint Jean V 10640 Salazar Res V 19 Sama Res V 1241 Samex Mng* O 362 San Marco Res* O 209 San Marco Res V 291 Sandspring Res V 578 Sandspring Res* O 136 Sandstorm Gold* X 6524 Sandstorm Gold T 1359 Santa Fe Gold* O 336 Santacruz Silv V 919 Sarama Res V 480 Sarissa Res* O 478 Satori Res V 468 Satori Res* O 81 Saturn Mnrls V 3572 Savannah Gold V 145 Savary Gold V 2866 Scandium Int M* O 413 Scientific Mts V 814 Scorpio Gold V 1083 Seabridge Gld T 378 Seabridge Gld* N 2505 Search Mnls V 265 Searchlight* O 469 Sego Res V 449 Select Sands V 764 Semafo T 7727 Senator Mnrls V 8 Sennen Potash V 109 Serabi Gold T 157 Serengeti Res V 549 Sherritt Intl T 4759 Sibanye Gold* N 12144 Sienna Res V 198 Sierra Metals T 20 Sierra Metals* O 3 Signature Res V 538 398 Silver Bear Rs T Silver Bull Re* O 999 Silver Bull Re T 490 Silver Falcon* O 10560 Silver Grail V 77 73 Silver Mtn Mns V Silver Predatr V 71 Silver Pursuit V 95 Silver Range V 265 Silver Scott* O 6 Silver Shield 195 Silver Spruce* O 6 Silver Std Res T 2238 Silver Std Res* D 8655 Silver Wheaton T 8551 N 24076 Silver Wheaton* Silvercorp Met T 4000 Silvercorp Met* O 634 SinoCoking Cl* D 68 Sirios Res V 813 Sirios Res* O 31 Skeena Res* O 105 Skeena Res V 3588 Skyharbour Res V 886 Skyharbour Res* O 323 Sokoman Iron V 252 Sokoman Iron* O 74 Solitario Ex&R T 25 Solitario Ex&R* X 289 Sonora Gld & S V 887 Sonoro Mtls V 63 Source Expl V 8 Southern Arc V 187 Southern Arc* O 48 Southern Copp* N 5190 Southern Lith V 1037 Southern Silvr* O 210 Southern Silvr V 301 SouthGobi Res T 12

0.77 0.71 0.72 - 0.03 1.55 0.38 1.02 0.92 0.92 - 0.05 1.87 0.54 0.13 0.00 0.13 - 0.01 0.16 0.03 0.06 0.04 0.06 + 0.01 0.06 0.02 0.08 0.06 0.07 + 0.01 0.09 0.03 0.14 0.12 0.12 - 0.02 0.16 0.05 0.10 0.09 0.10 - 0.01 0.16 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.14 0.11 0.14 + 0.02 0.22 0.05 0.19 0.16 0.19 + 0.03 0.30 0.02 0.43 0.40 0.40 - 0.01 0.94 0.11 0.32 0.30 0.31 + 0.00 0.72 0.08 4.10 3.77 3.84 - 0.08 6.75 1.94 5.45 4.98 5.05 - 0.15 8.73 2.82 0.05 0.04 0.04 - 0.01 0.07 0.00 0.35 0.29 0.30 - 0.01 0.63 0.09 0.20 0.17 0.18 + 0.02 0.55 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.16 0.10 0.14 + 0.04 0.18 0.03 0.12 0.00 0.12 + 0.05 0.13 0.02 0.09 0.07 0.07 - 0.01 0.22 0.07 0.05 0.04 0.04 - 0.02 0.15 0.01 0.12 0.10 0.12 + 0.02 0.15 0.03 0.23 0.19 0.21 + 0.02 0.23 0.08 0.05 0.05 0.05 + 0.01 0.10 0.04 0.08 0.07 0.08 + 0.01 0.11 0.05 14.06 12.36 12.53 - 0.90 20.71 7.99 10.60 9.35 9.45 - 0.65 15.88 5.46 0.07 0.06 0.06 - 0.01 0.10 0.05 0.06 0.04 0.05 + 0.01 0.19 0.01 0.04 0.00 0.03 - 0.01 0.05 0.01 1.05 0.94 0.94 - 0.04 1.21 0.20 4.23 3.76 3.79 - 0.37 7.46 3.19 0.63 0.61 0.63 + 0.02 0.80 0.05 0.11 0.00 0.11 + 0.02 0.18 0.09 0.09 0.08 0.08 - 0.02 0.12 0.04 0.14 0.12 0.13 - 0.01 0.33 0.02 1.45 1.33 1.40 + 0.05 1.49 0.53 8.66 6.98 7.10 - 1.37 20.97 5.50 0.14 0.13 0.14 - 0.01 0.27 0.01 2.07 1.90 1.90 - 0.10 2.35 0.95 1.57 1.47 1.56 - 0.03 1.69 0.69 0.14 0.10 0.13 - 0.01 0.14 0.02 0.32 0.28 0.28 - 0.01 0.53 0.02 0.13 0.09 0.12 + 0.02 0.21 0.02 0.17 0.13 0.15 + 0.02 0.28 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.06 0.06 - 0.01 0.16 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.12 0.01 0.12 0.10 0.11 - 0.02 0.13 0.02 0.13 0.11 0.11 - 0.02 0.24 0.03 0.02 0.02 0.02 - 0.01 0.04 0.00 0.05 0.05 0.05 - 0.01 0.17 0.02 0.07 0.06 0.07 - 0.01 0.10 0.03 13.92 12.13 12.23 - 1.12 20.48 5.28 10.49 9.20 9.29 - 0.78 15.84 3.66 26.05 23.90 24.45 - 0.38 40.80 14.51 19.60 18.00 18.56 - 0.13 31.35 10.04 3.98 3.46 3.59 + 0.02 4.73 0.60 3.00 2.63 2.74 + 0.06 3.67 0.41 3.75 3.31 3.40 - 0.10 7.69 1.66 0.40 0.35 0.39 + 0.01 1.42 0.08 0.29 0.28 0.28 - 0.01 1.13 0.07 0.06 0.05 0.06 + 0.00 0.15 0.04 0.07 0.06 0.07 - 0.01 0.20 0.06 0.34 0.25 0.29 + 0.02 0.42 0.08 0.26 0.19 0.24 + 0.03 0.32 0.18 0.06 0.05 0.05 - 0.01 0.13 0.01 0.03 0.03 0.03 + 0.00 0.08 0.03 0.99 0.86 0.94 - 0.01 1.29 0.58 0.76 0.65 0.74 + 0.00 0.95 0.41 0.07 0.06 0.07 + 0.02 0.08 0.01 0.11 0.08 0.11 + 0.01 0.15 0.04 0.19 0.00 0.19 + 0.01 0.50 0.10 0.50 0.40 0.41 - 0.14 1.09 0.24 0.38 0.30 0.32 - 0.06 0.75 0.17 34.99 33.45 34.98 + 1.87 34.96 21.55 0.32 0.25 0.25 - 0.05 0.49 0.01 0.29 0.24 0.27 + 0.01 0.52 0.02 0.38 0.32 0.35 + 0.01 0.66 0.03 0.31 0.00 0.31 - 0.02 0.65 0.21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Spanish Mtn Gd* O 162 568 Spanish Mtn Gd V Sparton Res V 468 Sparton Res* O 50 Spearmint Res V 2238 Spearmint Res* O 1400 Sphinx Res V 962 St Augustine T 895 Stakeholdr Gld* O 23 Stakeholdr Gld V 70 Standard Graph V 635 Standard Metal* O 152 Stans Energy* O 127 Star Gold* O 23 Starcore Intl T 152 Stellar Africa V 64 Stelmine Can V 32 Sterling Grp* O 137 Stillwater Mg* N 46236 Stina Res 160 Stina Res* O 45 O 69 Stockport Expl* Stockport Expl V 3120 O 22 Stonegate Agri* Stonegate Agri T 257 Stratabd Mnr V 75 Strategic Metl V 284 Stria Lithium V 266 Strikepoint Gd V 269 Strikepoint Gd* O 73 V 49 Strongbow Expl Stroud Res V 469 Suncor Energy T 13181 Suncor Energy* N 12963 O 1903 Sunridge Gold* Sunset Cove Mg* O 17 Sunvest Mnrls V 478 Superior Mng* O 220 Sutter Gold* O 473 Sutter Gold V 292 Syrah Res* O 39

0.08 0.07 0.08 - 0.00 0.17 0.01 0.12 0.09 0.11 + 0.02 0.22 0.02 0.09 0.06 0.07 + 0.01 0.09 0.02 0.05 0.02 0.05 + 0.03 0.07 0.01 0.03 0.02 0.02 - 0.01 0.06 0.01 0.02 0.02 0.02 - 0.00 0.03 0.02 0.06 0.00 0.05 - 0.01 0.14 0.01 0.05 0.05 0.05 - 0.01 0.14 0.05 0.25 0.25 0.25 + 0.00 0.67 0.05 0.40 0.34 0.37 - 0.01 0.89 0.04 0.06 0.06 0.06 + 0.01 0.13 0.01 0.08 0.07 0.07 - 0.03 0.21 0.01 0.04 0.03 0.04 + 0.00 0.06 0.01 0.07 0.06 0.06 - 0.01 0.20 0.05 0.56 0.49 0.50 + 0.02 0.91 0.25 0.03 0.00 0.03 - 0.01 0.08 0.01 0.34 0.00 0.34 + 0.01 0.38 0.05 0.14 0.11 0.14 + 0.02 0.18 0.01 17.50 14.65 17.32 + 2.15 15.91 4.99 0.10 0.08 0.08 + 0.01 0.18 0.07 0.07 0.06 0.07 + 0.01 0.14 0.05 0.04 0.02 0.03 + 0.02 0.04 0.01 0.06 0.03 0.04 + 0.01 0.06 0.02 0.01 0.01 0.01 - 0.00 0.03 0.00 0.02 0.02 0.02 - 0.01 0.04 0.01 0.05 0.03 0.03 - 0.02 0.08 0.02 0.48 0.42 0.43 - 0.02 0.86 0.25 0.06 0.00 0.05 + 0.01 0.18 0.03 0.40 0.35 0.40 + 0.03 0.42 0.05 0.28 0.25 0.26 - 0.01 0.30 0.08 0.15 0.14 0.14 - 0.02 0.25 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 43.50 42.55 42.97 + 0.15 44.29 27.32 32.86 32.01 32.62 + 0.39 33.24 18.71 0.03 0.02 0.03 + 0.00 0.29 0.01 0.12 0.09 0.11 - 0.01 0.12 0.09 0.14 0.10 0.10 - 0.03 0.28 0.01 0.02 0.00 0.00 - 0.02 0.02 0.00 0.04 0.03 0.04 + 0.01 0.13 0.02 0.05 0.04 0.05 + 0.01 0.16 0.04 2.14 0.00 2.08 - 0.07 4.90 2.00

Tahoe Res* N 9875 Tahoe Res T 5724 Tajiri Res V 121 Takara Res V 291 Taku Gold* O 9 Tamino Mnrls* O 44 Tantalex Res 252 Tanzania Rlty T 153 Tanzania Rlty* X 1356 Taranis Res V 255 Tartisan Res 439 Taseko Mines T 6144 Taseko Mines* X 8220 T 13251 Teck Res Teck Res* N 28242 T 56 Teck Res Telson Res * O 3 Telson Res V 25 Tembo Gold* O 30 Teranga Gold T 5322 Teras Res V 253 Terraco Gold V 695 Terrax Mnrls* O 54 Terrax Mnrls V 979 Terreno Res V 50 Teslin Rvr Res V 1087 Tesoro Mnrls V 3 Teuton Res V 49 Teuton Res* O 25 Theia Res V 32 Themac Res V 27 Thor Expl V 1194 Thunder Mtn Gd* O 85 Thunderstruck V 291 Till Capital V 1 Till Capital* D 22 V 20 Timberline Res Timberline Res* O 68 Timmins Gold T 3296

10.26 9.52 9.57 - 0.40 17.01 6.48 13.59 12.60 12.64 - 0.62 22.13 9.45 0.18 0.15 0.15 - 0.04 0.19 0.01 0.06 0.00 0.05 - 0.02 0.10 0.02 0.06 0.04 0.06 + 0.01 0.14 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.00 0.10 - 0.01 0.18 0.02 0.66 0.57 0.57 - 0.05 1.95 0.24 0.49 0.42 0.44 - 0.03 1.49 0.17 0.11 0.10 0.10 - 0.01 0.15 0.04 0.09 0.04 0.07 + 0.01 0.10 0.01 1.32 0.89 1.22 + 0.35 1.32 0.35 1.00 0.67 0.92 + 0.27 1.00 0.23 34.73 29.26 29.37 - 4.29 35.67 3.65 33.76 22.22 22.33 - 3.03 33.76 2.56 36.00 30.91 31.00 - 3.24 36.49 5.69 0.19 0.19 0.19 - 0.00 0.43 0.07 0.34 0.29 0.32 + 0.03 0.55 0.08 0.03 0.03 0.03 - 0.00 0.06 0.01 0.86 0.79 0.80 - 0.04 1.40 0.38 0.16 0.14 0.14 - 0.01 0.21 0.03 0.14 0.12 0.13 - 0.01 0.19 0.09 0.53 0.44 0.52 + 0.09 0.80 0.17 0.72 0.57 0.69 + 0.07 1.05 0.24 0.04 0.03 0.04 + 0.01 0.08 0.02 0.33 0.27 0.29 - 0.01 0.43 0.21 0.06 0.00 0.06 - 0.01 0.08 0.01 0.19 0.16 0.17 - 0.02 0.46 0.04 0.14 0.12 0.12 - 0.01 0.34 0.03 0.13 0.12 0.13 + 0.01 0.20 0.05 0.05 0.04 0.05 + 0.02 0.10 0.01 0.14 0.10 0.13 + 0.05 0.16 0.02 0.13 0.08 0.11 + 0.02 0.16 0.02 0.09 0.07 0.07 - 0.01 0.20 0.01 5.20 0.00 5.20 + 1.05 6.00 3.28 4.37 0.00 4.37 + 0.36 5.00 2.76 0.46 0.00 0.42 - 0.01 0.73 0.16 0.45 0.00 0.33 + 0.01 0.53 0.08 0.46 0.42 0.43 - 0.03 0.80 0.11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Timmins Gold* X 3658 Tinka Res* O 151 Tinka Res V 461 Tintina Res V 2361 Tintina Res* O 79 Tirex Res* O 140 Tirex Res V 404 Titanium Corp V 535 TMAC Resource* O 14 TMAC Resources T 135 TomaGold V 1383 Tombstone Expl* O 1765 Torex Gold T 2981 Torex Gold* O 67 Transatlan Mng V 812 Transition Mtl V 115 Treasury Metal T 510 Trecora Res* N 222 Tres-Or Res V 1051 Trevali Mng* O 387 Trevali Mng T 6440 338 Tri Origin Exp V TriMetals Mng* O 87 TriMetals Mng* O 25 TriMetals Mng T 344 Trinity Res* O 7 Trio Resources* O 237 TriStar Gold* O 107 TriStar Gold V 75 Troy Enrgy V 189 Troy Res* O 66 Tsodilo Res V 52 Tudor Gold V 113 Tungsten Corp* O 1462 14345 Turquoise HIl* N Turquoise HIl T 6262 Tyhee Gold* O 27 Typhoon Expl V 45

0.35 0.32 0.32 - 0.01 0.63 0.07 0.18 0.16 0.17 - 0.01 0.22 0.07 0.24 0.00 0.22 - 0.02 0.27 0.09 0.07 0.06 0.06 - 0.01 0.15 0.06 0.05 0.05 0.05 - 0.00 0.12 0.04 0.06 0.06 0.06 - 0.00 0.16 0.05 0.08 0.07 0.07 - 0.01 0.22 0.05 0.58 0.50 0.52 - 0.03 0.90 0.31 11.28 10.52 11.17 + 0.26 15.16 9.26 15.00 14.00 14.70 + 0.24 20.18 5.95 0.07 0.06 0.07 - 0.01 0.17 0.04 0.01 0.01 0.01 + 0.00 0.02 0.00 22.15 20.43 20.78 - 0.12 35.17 10.90 16.72 15.41 15.83 + 0.10 27.34 7.97 0.06 0.05 0.06 + 0.01 0.15 0.03 0.15 0.13 0.14 - 0.01 0.25 0.09 0.66 0.59 0.61 - 0.03 0.85 0.32 14.03 13.05 13.70 + 0.15 13.85 8.17 0.04 0.03 0.03 + 0.01 0.06 0.02 1.05 0.95 0.97 - 0.04 1.05 0.24 1.39 1.22 1.29 - 0.06 1.41 0.33 0.06 0.05 0.05 - 0.01 0.08 0.02 0.18 0.16 0.17 - 0.01 0.32 0.06 0.19 0.17 0.19 - 0.00 0.28 0.04 0.24 0.23 0.23 - 0.02 0.36 0.06 0.07 0.00 0.06 + 0.03 0.33 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.23 0.19 0.23 - 0.01 0.41 0.10 0.31 0.29 0.29 - 0.03 0.53 0.14 0.02 0.00 0.01 - 0.01 0.05 0.01 0.21 0.20 0.21 + 0.01 0.56 0.13 0.80 0.71 0.78 - 0.03 0.90 0.50 0.57 0.50 0.56 + 0.01 2.50 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 3.58 3.35 3.52 + 0.18 3.67 1.55 4.72 4.44 4.65 + 0.23 5.03 2.30 0.01 0.00 0.01 + 0.01 0.02 0.00 0.08 0.07 0.08 + 0.01 0.15 0.03

U.S. Lithium* O 3513 U3O8 Corp* O 222 U3O8 Corp T 436 UC Res* O 32 Ucore Rare Mtl V 663 415 Ucore Rare Mtl* O UEX Corp T 7236 Ultra Lithium* O 21 Ultra Lithium V 244 Umbral Enrgy 2849 Unigold V 294 Unigold* O 14 United Res Hdg* O 183 United Silver* O 91 349 United States A* X United States S* N 105906 Unity Energy V 258 Ur-Energy* X 3661 Ur-Energy T 705 Uracan Res V 596 Uracan Res* O 39 Uragold Bay Rs V 1348 Uranium Energy* X 5820 Uranium Hunter* O 0 Uranium Res* D 6288 V 21 Uranium Valley US Energy* D 48 US Precious M* O 2881 US Rare Earths* O 24 US Tungsten* O 58 N 30856 Vale* Vale* N 178353 Valencia Vent V 2 ValGold Res V 40 Valley High Mg* O 2207 Valterra Res V 327 Valterra Res* O 184 Vanadiumcorp V 940 Vanadiumcorp* O 27 Vangold Res V 79 Vanstar Mng Rs V 790 Vatic Vent V 550

0.08 0.05 0.07 + 0.02 0.15 0.01 0.02 0.01 0.02 - 0.00 0.03 0.01 0.03 0.02 0.02 - 0.01 0.04 0.02 0.05 0.00 0.05 + 0.05 0.05 0.00 0.33 0.30 0.31 - 0.03 0.45 0.23 0.25 0.23 0.24 - 0.01 0.35 0.16 0.20 0.16 0.20 + 0.02 0.29 0.11 0.18 0.13 0.15 + 0.02 0.27 0.09 0.26 0.16 0.20 + 0.01 0.35 0.08 0.04 0.03 0.04 + 0.01 0.10 0.02 0.28 0.24 0.26 - 0.03 0.69 0.10 0.20 0.17 0.20 + 0.02 0.51 0.07 0.04 0.01 0.03 - 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.30 0.25 0.30 + 0.02 0.60 0.16 39.14 33.78 36.06 + 2.45 39.14 6.15 0.07 0.06 0.07 + 0.01 0.48 0.06 0.57 0.43 0.55 + 0.10 0.73 0.41 0.75 0.57 0.73 + 0.11 0.98 0.55 0.07 0.05 0.06 + 0.02 0.10 0.01 0.06 0.03 0.06 + 0.03 0.08 0.00 0.17 0.13 0.16 + 0.01 0.31 0.03 1.07 0.87 1.07 + 0.18 1.47 0.65 2.00 0.00 1.81 + 0.01 6.00 0.85 1.64 1.29 1.44 + 0.08 8.88 0.97 0.25 0.00 0.16 + 0.03 0.35 0.04 1.55 1.42 1.42 - 0.11 3.03 0.67 0.01 0.00 0.00 - 0.00 0.03 0.00 0.15 0.05 0.15 + 0.07 0.27 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 8.30 7.63 7.78 + 0.25 8.30 1.55 9.34 8.52 8.78 + 0.34 9.34 2.13 0.08 0.00 0.08 - 0.02 0.40 0.07 0.03 0.03 0.03 - 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.06 0.04 0.06 + 0.02 0.09 0.01 0.05 0.03 0.05 + 0.02 0.07 0.00 0.07 0.06 0.07 + 0.01 0.08 0.03 0.05 0.04 0.05 + 0.00 0.06 0.02 0.06 0.00 0.05 - 0.01 0.09 0.02 0.07 0.06 0.07 + 0.01 0.10 0.03 0.08 0.06 0.08 - 0.01 0.24 0.04

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

N 1143 Vedanta* Vela Minerals V 100 Vendetta Mng V 3775 O 206 Vendetta Mng* Vendome Res V 814 Verde Potash T 116 Victoria Gold V 3494 Victory Nickel* O 12 Victory Res V 652 Victory Vent V 3513 O 1 Virginia Enrgy* Virginia Enrgy V 470 Viscount Mng V 67 Vista Gold* X 5775 Vista Gold T 264 Voltaic Min V 6213 Vulcan Mnrls V 271 VVC Expl V 412

14.14 + 1.09 14.37 3.52 14.37 13.25 0.03 0.03 - 0.02 0.08 0.04 0.03 0.05 0.13 + 0.01 0.16 0.16 0.13 0.08 0.11 + 0.01 0.11 0.11 0.10 0.05 0.11 - 0.02 0.35 0.14 0.10 0.13 0.27 + 0.05 0.48 0.28 0.22 0.14 0.01 0.80 0.48 - 0.50 0.46 0.01 0.01 + 0.00 0.04 0.01 0.01 0.02 0.03 - 0.01 0.09 0.03 0.03 0.01 0.03 + 0.01 0.06 0.04 0.03 0.02 0.03 + 0.01 0.06 0.03 0.03 0.04 0.05 - 0.02 0.08 0.06 0.04 0.43 0.58 - 0.02 0.91 0.60 0.56 0.27 1.06 + 0.20 2.09 1.10 0.85 0.39 1.40 + 0.24 2.73 1.45 1.13 0.03 0.09 + 0.01 0.52 0.12 0.08 0.02 0.04 - 0.01 0.08 0.05 0.04 0.01 0.02 - 0.01 0.05 0.03 0.02

Walker River V 563 O 3641 Walter Energy* 845 War Eagle Mg V Waseco Res V 157 WCB Res V 129 Wealth Mnrls* O 98 Wealth Mnrls V 823 O 374 Wellgreen Plat* Wellgreen Plat T 631 V 100 Wescan Gldflds T 877 Wesdome Gold 29 West High Yld V West Kirkland V 1758 1237 West Red Lake 137 West Red Lake* O X 1321 Western Copper* T 1373 Western Copper T 1204 Western Potash 104 Western Troy C V Western Uran* O 103 Western Uran 48 V 571 Westhaven Vent O 218 Westkam Gold* Westmoreland* D 1931 O 109 WestMountain* Whistler Gold V 100 613 White Metal Rs V 457 White Mtn Engy* O Wildcat Expl* O 247 Wildcat Expl V 519 99 Winston Gld Mg* O 211 Winston Gld Mg Winston Res 80 Wolfden Res V 1021 Wolfeye Res V 423 O 161 Wolverine Mnls* WPC Res V 746 WPC Res* O 104 X-Terra Res V 119 Xander Res V 218 Xiana Mng V 10 Ximen Mng V 1124 Ximen Mng* O 365 751 XLI Tech Inc* O V 132 Xtierra O 44 Xtra-Gold Res* Yamana Gold T 32593 57592 Yamana Gold* N Yanzhou Coal* N 204 Yorbeau Res T 593 15 O Zadar Vent * Zazu Metals* O 486 Zena Mng V 300 O 11 Zenyatta Vent* Zenyatta Vent V 167 Zephyr Mnls V 6 Zimtu Capital V 90 Zincore Mtls V 54 Zincore Mtls* O 30 Zonte Mtls V 78

0.03 0.11 + 0.01 0.18 0.11 0.10 0.01 0.25 + 0.01 0.28 0.27 0.20 0.05 0.04 0.05 - 0.01 0.07 0.01 0.02 0.07 + 0.01 0.11 0.08 0.06 0.02 0.04 - 0.01 0.08 0.04 0.03 0.10 0.91 - 0.04 1.16 0.97 0.86 0.14 1.18 - 0.05 1.50 1.26 1.10 0.12 0.33 - 0.01 0.46 0.35 0.32 0.17 0.44 - 0.01 0.62 0.47 0.42 0.02 0.08 - 0.01 0.11 0.11 0.08 0.98 2.36 - 0.13 3.08 2.54 2.34 0.13 0.11 0.13 + 0.01 0.30 0.09 0.04 0.08 - 0.03 0.17 0.10 0.08 0.22 0.16 0.16 - 0.03 0.40 0.01 0.16 0.13 0.13 - 0.00 0.31 0.02 0.20 1.14 + 0.24 1.04 1.15 0.89 0.29 1.50 + 0.31 1.36 1.50 1.19 0.12 0.14 + 0.01 0.22 0.14 0.13 0.03 0.02 0.03 + 0.01 0.05 0.01 0.96 1.02 + 0.05 2.67 1.07 0.96 1.20 1.40 + 0.13 3.49 1.40 1.26 0.04 0.11 - 0.03 0.16 0.15 0.11 0.02 0.02 - 0.00 0.07 0.03 0.02 18.73 - 0.69 19.92 3.44 19.92 18.19 0.03 0.03 - 0.01 0.20 0.04 0.03 0.01 0.06 + 0.04 0.06 0.06 0.00 0.05 0.05 0.05 + 0.01 0.13 0.02 0.03 0.03 0.03 - 0.00 0.19 0.01 0.02 0.08 - 0.00 0.16 0.09 0.07 0.04 0.11 + 0.01 0.21 0.11 0.10 0.27 0.23 0.25 + 0.00 0.49 0.10 0.34 0.31 0.31 - 0.05 0.64 0.10 0.01 0.02 - 0.01 0.10 0.03 0.00 0.06 0.10 + 0.01 0.19 0.10 0.08 0.23 0.33 + 0.01 0.35 0.35 0.30 0.06 0.07 + 0.01 0.10 0.07 0.07 0.03 0.08 - 0.01 0.13 0.08 0.07 0.06 0.06 + 0.00 0.08 0.06 0.06 0.06 0.19 - 0.01 0.31 0.20 0.19 0.30 0.36 + 0.05 0.49 0.36 0.30 0.03 0.12 + 0.01 0.21 0.12 0.11 0.03 0.08 - 0.01 0.18 0.09 0.07 0.02 0.05 - 0.01 0.13 0.07 0.05 0.01 0.01 0.01 - 0.00 1.48 0.00 0.01 0.04 - 0.01 0.08 0.05 0.04 0.14 0.15 - 0.01 0.43 0.17 0.15 2.00 3.81 - 0.22 7.87 4.20 3.81 1.38 2.89 - 0.14 5.99 3.17 2.88 3.66 7.61 + 0.68 8.09 7.73 6.93 0.06 0.10 - 0.01 0.14 0.10 0.09 0.06 0.06 0.06 - 0.01 0.20 0.06 0.08 0.17 - 0.02 0.24 0.19 0.11 0.05 0.08 + 0.01 0.10 0.08 0.08 0.48 0.70 - 0.06 1.17 0.76 0.70 0.63 0.94 - 0.03 1.55 1.02 0.91 0.08 0.35 + 0.01 0.42 0.35 0.34 0.12 0.19 + 0.03 0.38 0.19 0.00 0.03 0.19 + 0.08 0.30 0.19 0.13 0.07 0.09 + 0.02 0.15 0.09 0.07 0.05 0.11 - 0.01 0.13 0.11 0.10

W-Z

BID-ASK — DECEMBER 5–9, 2016 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Aldershot Res Allante Potash Altitude Res Amanta Res Amato Expl AMI Res APAC Res Inc Arak Res Arch Coal* Archon Mineral Arco Res Arrowstar Res Astur Gold Atlantic Ind Atlatsa Res* Bandera Gold BE Res Benz Mining Benz Mining Bethpage Cap BHK Mining Bird River Res Black Bull Res Black Mam Mtls BlackEagle Dev Bluenose Gold Boss Power Cairo Res Canada Coal Cancana Res Canuc Res Carrie Arran Cascade Res Cassidy Gold Cassius Vents Chieftain Mtls Chinapintza Mg Cliffs Nat Res* CMX Gold & Sil CNRP Mng Compliance Egy Cricket Res DGS Mnls Dorex Mnrls DV Resources Enfield Expl European Metal Eurotin Falcon Gold Fire River Gol First Idaho Fura Emeralds

8-10_DEC19_StockTables.indd 10

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

0.10 0.40 0.15 0.25 0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.10 0.12 0.12 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.05 0.07 0.05 0.07 0.06 0.11 0.06 0.07 0.09 0.10 0.09 0.21 0.01 0.02 0.01 0.06 0.08 0.06 0.10 0.05 0.05 0.05 0.10 0.08 0.12 0.08 0.14 0.22 ... 0.25 0.70 ... ... 0.58 1.27 1.64 1.26 2.10 0.06 0.10 0.08 0.09 0.05 0.06 0.05 0.17 0.06 0.08 0.08 0.10 0.01 0.05 0.01 0.01 ... ... 0.06 0.45 0.01 0.01 0.01 0.02 ... 0.34 0.35 0.02 0.03 0.02 0.05 0.03 0.03 0.03 0.08 0.05 0.10 0.04 0.10 0.04 0.04 0.04 0.09 0.03 ... 0.03 0.06 ... 0.01 0.01 0.06 0.08 0.06 0.13 0.01 0.15 0.05 0.12 0.01 0.04 0.01 0.04 0.17 0.20 0.17 0.30 0.38 0.35 0.39 0.05 0.05 0.05 0.06 0.38 0.41 0.40 0.52 0.23 0.29 0.25 0.27 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.03 0.06 0.03 0.05 ... ... 0.05 0.23 0.01 0.02 0.01 0.01 1.45 3.20 1.43 7.17 0.09 0.09 0.09 0.10 0.01 0.01 0.01 0.01 0.03 0.03 0.03 0.25 0.01 0.10 0.01 0.01 0.04 0.09 0.04 0.06 0.02 0.02 0.02 0.03 0.03 0.04 0.04 0.06 ... ... 0.01 0.01 ... 0.01 0.01 0.01 0.06 0.08 0.06 1.00 0.08 0.10 0.08 0.20 0.03 0.07 0.09 0.75 0.07 ... 0.06 0.14 0.13 0.15 0.14 0.25

LOW

STOCK

0.05 0.02

Gentor Res V V GFM Res Global Cobalt V V Global Cop Grp God’s Lake Res C Golden Harp V Granite Ck Gld V Graniz Mondal V Gravis Energy C Greatbanks Res V Grenville Gold V Greywacke Expl C Helio Res V HFX Holding V Highbury Proj V Highvista Gold V IGC Res V Interconnect V Intigold Mines V Iron South Mng V Jet Metal V V Jiulian Res Jubilee Gold V Kairos Cap V Karoo Expl V Kazax Mnls V Kenna Res V Kestrel Gold V La Imperial C Libero Mg Corp V Lions Bay Cap V Lovitt Res V Lucky Mnls V Madeira Mrnls V MAG Silver* X Mainstream Mnl V Martina Mnls V Match Capital V Metallum Res V Mezzotin Mnrls V Micrex Dev V Midnight Star C MillenMin Vent V Milner Con Slv V Minsud Res V Mitchell Res V Moag Copper C Montana Gold C Mountain Lake C Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V New Oroperu V Noble Metal Gr V North Am Ptash V North Am Tung V NRG Metals V NSS Res Inc C

0.03 0.01 0.08 0.16 0.12 0.01 0.01 0.02 0.01 0.03 0.03 0.15 1.26 0.03 0.05 0.01 0.01 0.06 0.01 0.01 0.01 0.03 0.03 0.01 0.04 0.01 0.01 0.13 0.01 0.13 0.05 0.05 0.02 0.01 0.01 0.03 0.01 0.98 0.05 0.01 0.03 0.01 0.04 0.01 0.03 0.01 0.01 0.03 0.03 0.03 0.05 0.10

12-MONTH

EXC BID ASK LAST HIGH LOW

0.01 0.02 0.01 0.02 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.02 ... 0.02 0.08 0.13 0.16 0.15 0.28 0.04 0.10 0.04 0.06 0.04 0.05 0.04 0.05 0.01 0.03 0.01 0.01 0.03 0.05 0.03 0.10 0.16 0.10 0.18 ... 0.06 0.06 0.06 0.02 0.03 0.03 0.08 0.05 0.07 0.06 0.07 0.26 ... 0.26 0.27 ... 0.16 0.17 0.01 0.01 0.01 0.02 0.07 0.17 0.06 0.14 0.03 0.04 0.03 0.19 0.24 0.27 0.24 0.28 0.10 0.10 0.09 0.12 0.03 0.04 0.03 0.05 0.46 0.70 0.46 0.75 0.07 0.18 0.08 0.09 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.04 0.13 0.16 0.15 0.27 0.02 0.02 0.02 0.07 0.05 0.15 0.04 0.08 0.15 0.20 0.16 0.21 0.01 0.05 0.01 0.04 0.06 0.16 0.16 0.16 0.13 0.18 0.12 0.12 0.02 0.03 0.02 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.03 0.06 0.03 0.06 0.01 0.04 0.04 0.04 0.03 0.06 0.12 0.01 0.02 0.01 0.04 0.02 0.02 0.02 0.03 0.13 0.19 0.13 0.19 0.05 0.07 0.05 0.14 0.04 0.07 0.04 0.07 0.06 ... 0.08 0.10 0.13 0.19 0.15 0.20 ... ... 0.08 0.09 0.10 0.10 0.10 ... 0.01 0.01 0.01 0.20 0.29 0.20 0.30 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.53 0.70 0.53 0.72 0.01 0.02 0.01 0.02 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.11 0.11 0.11 0.18 ... ... 0.20

0.01 0.02 0.01 0.04 0.02 0.03 0.01 0.01 0.01 0.07 0.04 0.02 0.03 0.13 0.01 0.05 0.03 0.04 0.07 0.01 0.30 0.02 0.01 0.01 0.12 0.01 0.01 0.02 0.01 0.02 0.05 0.01 6.12 0.02 0.01 0.01 0.01 0.06 0.01 0.02 0.06 0.03 0.02 0.01 0.15 0.01 0.02 0.08 0.12 0.01 0.03 0.01 0.02

STOCK

Open Gold Orofino Mnrls Oxford Res Pac Arc Res Pac Cascade Pac Link Mng Pac Topaz Pan Global Res Pedro Res Phoenix Gold Phoenix Metals Planet Mng Prime Meridian Q-Gold Res Rainmaker Res Rare Element* Ravencrest Res Red Hut Remo Res Rhyolite Res Rift Valley Riley Resource River Wild Exp RosCan Mrnls Royal Sapphire Rubicon Mnrls Rubicon Mnrls* Samco Gold Saville Res Savoy Vent Scavo Res SGX Res Shamrock Ent Silver Phoenix Sniper Res Squire Mg Ltd Standard Toll Starr Peak Exp Stone Ridge Ex Strata Mnls Swift Res Talmora Diamd Tanqueray Expl Tearlach Res Teryl Res Corp Tiger Intl Tiller Res Tintina Mines Tri-River Vent Trigen Res True Grit Res Trueclaim Expl UC Res United Coal Universal Vent Velocity Mnrls Venerable Vent Volcanic Mtls Wabi Expl Zinco Mng

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

0.01 0.01 0.01 0.08 0.10 0.08 0.25 0.02 0.03 0.03 0.14 0.18 0.15 0.50 0.01 0.02 0.01 0.02 0.02 0.07 0.02 0.03 0.18 0.20 0.21 0.29 0.04 0.05 0.04 0.08 0.10 0.16 0.10 0.27 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.03 0.04 0.03 0.08 0.12 0.15 0.14 0.18 0.04 0.06 0.04 0.14 0.07 0.08 0.07 0.25 0.11 0.16 0.15 0.89 0.01 ... 0.01 0.02 0.09 0.15 0.09 0.29 0.05 0.20 0.10 0.10 0.16 0.24 0.17 0.27 0.01 0.02 0.01 0.01 0.05 ... 0.13 0.13 0.01 0.10 0.01 0.01 0.02 0.04 0.02 0.04 0.06 0.07 0.06 0.07 0.05 0.05 0.05 0.17 ... ... 0.03 1.35 0.03 0.04 0.03 0.08 0.03 0.04 0.02 0.05 0.05 ... 0.05 0.05 0.36 0.57 0.36 0.54 0.02 0.02 0.02 0.05 0.03 0.04 0.03 0.06 0.02 0.38 0.15 0.15 0.01 0.01 0.01 0.07 0.11 0.17 0.16 0.19 ... 0.01 0.01 0.02 0.09 0.15 0.08 0.19 0.05 0.19 0.05 0.17 0.01 0.02 0.01 0.05 0.20 0.24 0.25 0.25 0.01 0.05 0.01 0.05 0.18 0.38 0.17 0.17 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.09 0.24 0.08 0.20 0.04 0.08 0.05 0.09 0.04 0.10 0.04 0.12 0.03 0.12 0.03 0.07 0.08 0.10 0.08 0.11 0.02 0.04 0.02 0.05 0.02 0.03 0.02 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.18 0.22 0.18 0.19 0.16 0.22 0.16 0.18 0.23 0.30 0.23 0.23 0.08 0.15 0.08 0.10 0.05 0.07 0.05 0.08

0.06 0.05 0.01 0.01 0.08 0.01 0.01 0.02 0.02 0.06 0.01 0.07 0.06 0.01 0.02 0.05 0.09 0.01 0.10 0.01 0.01 0.03 0.02 0.03 0.02 0.01 0.05 0.26 0.01 0.01 0.01 0.01 0.10 0.01 0.05 0.04 0.01 0.01 0.01 0.02 0.02 0.01 0.08 0.01 0.03 0.03 0.03 0.01 0.01 0.01 0.06 0.05 0.04 0.04 0.01

2016-12-13 4:42 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 19–25, 2016

Continental gets permits for Buritica COLOMBIAN GOLD

| Continental Gold share price up 179% year-to-date

BY SALMA TARIKH

starikh@northernminer.com

ontinental Gold (TSX: CNL; US-OTC: CGOOF) shares have seen a boost since the company announced it has received the last two approvals needed to wrap up major permitting at its advanced Buritica gold-silver project in Antioquia, Colombia. On Nov. 30, Colombian authorities green-lighted Continental’s amendment to buy its environmental licence for a larger mining and milling operation, which was the first of the two approvals. The compa ny operates a 30-tonne-per-day underground mine at its flagship Buritica project. It is now set to build a much bigger mine, as envisioned in its March 2016 feasibility study, including a processing plant with an up to 3,200-tonne daily capacity. The study — prepared by JDS Energy and Mining and M3 Engineering & Technology — estimates the expanded underground mine at Buritica would process 2,100 tonnes per day, before ramping up to 3,000 tonnes per day in its third year. Annual production should average 253,000 oz. gold and 466,000 oz. silver a year over the 14-year mine life, with production coming in higher during the first five years. Output over the mine life should total 3.5 million oz. gold and 6.4 million oz. silver, at 94.1% and 59.9% gold and silver recoveries. The study pegs Buritica’s total costs at US$661.5 million. This includes US$389-million initial capital and US$347 million in life-of-mine sustaining costs. Estimated total cash costs are US$411 per oz. gold, net of silver credits. All-in sustaining costs, however, are US$1,717 per ounce. This is US$544 more than the current spot gold price of US$1,173.30 per ounce. Despite the relatively high cost, the feasibility study using metal prices of US$1,200 per oz. gold and US$15 per oz. silver calculates a 31.2% after-tax internal rate of return and US$860-million net present value at a 5% discount rate. It applied a US$2,850 exchange rate to the Colombian peso. With the environmental approval, Continental can mine the alluvial material needed to build and produce at the operation. C ome De c . 7, C ont i nent a l reported that the Secretary of Mines of Antioquia authorized its amended mining technical work plan for Buritica’s expansion. Continental submitted this application in May 2016. With the two approvals in hand, the company has enough permits to build the expanded mine. According to a November presentation, Continental expects project financing in place by early 2017, with construction and development in the first half of next year. It targets initial production in 2019 or 2020. BMO a n a l y s t Br i a n Q u a s t poi nts out t hat t he compa ny says its debt package is close to completion, without specifying the principal amount. He has a $6 target and an “outperform” rating on the stock. On receiving the environmental permit, Continental shares ended Nov. 30, slightly down at $3.35 before jumping to $4.44 on Dec. 2. The stock then seesawed before ending Dec. 7 at $4.48. Over the past week, Continental shares have gained 33.7%. Year-to-date the stock is up 179%. TNM

1 2 3 4 5 11 13 14 15 16_DEC19_Main .indd 11

Continental Gold’s Buritica gold-silver project in Antioquia, Colombia. CONTINENTAL GOLD

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2016-12-13 7:39 PM

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DECEMBER 19–25, 2016 / THE NORTHERN MINER

Rye Patch Gold to restart Florida Canyon in early 2017 NEVADA BY TRISH SAYWELL

tsaywell@northernminer.com

our months after buying the fully permitted Florida Canyon gold mine in Nevada for US$15 million in cash and 20 million shares, Rye Patch Gold (TSXV: RPM; USOTC: RPMGF) is on track to start gold production from a newly built heap-leach pad in December or early January, with commercial production slated to start before the end of the first quarter of 2017. The mine — previously owned by Jipangu of Japan and bought out of receivership —was mined continuously for three decades, producing 2.29 million oz. gold since 1986. Rye Patch expects the refurbished operation will produce 75,000 oz. gold a year over an eight-year mine life. In the meantime, the mine is producing 30 oz. gold a day from residual heap leaching from the old heap-leach facilities, earning the company US$1 million a month, which will likely continue until mid-2017. “Without pouring an ounce of gold, Florida Canyon was worth US$35 million,” Rye Patch’s president, CEO and cofounder William Howald says, noting that the mine is situated 30 km north of the company’s Lincoln Hill, Gold Ridge and Wilco projects, which means there are opportunities for synergies. “The reason we bought it was that it has all the facilities for a mine and we were moving our Lincoln Hill project along, so having all of that already will make it much easier for us to get Lincoln Hill into production in the future.” Oxide resources at Lincoln Hill and Wilco represent more volume that could contribute to increasing future gold output, for example. Infrastructure at Florida Canyon could also trim capital and costs for Lincoln Hill and Wilco by using the existing assay lab, carbon stripping plant, refinery and management, which would lower the timeline to

| Open-pit heap-leach mine has produced 2.29M oz. gold since 1986 Forty were devoted to reclamation “WITHOUT — looking after the leaching process and pouring gold — and the rest POURING AN were technical staff. Joel Murphy, OUNCE OF GOLD, the mine manager, was able to keep FLORIDA CANYON his team together while Rye Patch through the due diligence WAS WORTH US$35 worked process and acquired the mine in MILLION.” July. “This helped us hit the ground WILLIAM HOWALD PRESIDENT, CEO AND COFOUNDER, RYE PATCH GOLD

Trucks at Rye Patch Gold’s Florida Canyon gold mine in Nevada. RYE PATCH GOLD

produce assets. Rye Patch restarted mining at Florida Canyon on Nov. 1, with the first blast from the 5620 bench in the Jasperoid pit. Ore is being stockpiled while the final pieces of the crusher are put in place. Under the previous owners, gold recoveries averaged 68.3% on a combination of crushed and run-of-mine material (50% recoveries for run-ofmine and 71% for crush), and Rye Patch is building a heap-leach pad for crushed material only. At full production, the crusher will deliver 545,500 tonnes per month of crushed material to the new heap-leach pad, or 6.54 million tonnes a year. Rye Patch has spent US$24 million on the refurbishment, or 70% of the costs to achieve the first gold pour and 55% of the costs to full project completion. Macquarie Bank is providing a US$27-million credit facility for preproduction capital. As part of the financing arrangement, Rye Patch has had to hedge 150,000 oz. gold over five years at US$1,276 per oz. gold. Howald says the Florida Canyon plant and refinery could produce 180,000 oz. gold per year and that the company hopes to fill that capacity within the next 48 months. (It is on track to bring its Lincoln Hill project into production in 2019).

Florida Canyon offers exploration upside for more oxide resources and a sulphide resource beneath the oxide cap, Howald says. The open-pit mine has a measured and indicated oxide resource of 76.5 million tonnes grading 0.44 gram gold per tonne at a cut-off grade of 0.2 gram gold per tonne, for 1.13 million contained oz. gold. The inferred resource for the sulphide zone underneath the oxide cap is 6.4 million tonnes averaging 1.56 grams gold for 391,000 contained oz. gold. The sulphide has only seen a few drill holes so far, but could grow, Howald says. “The sulphide is wide open and we believe there will be as much sulphide as oxide material,” he says, adding that a feasibility study on those holes in 1996–1997 showed that over 90% of the gold reported to a pyrite concentrate. “More work needs to be done, it’s early days,” he says of the sulphide potential. “There needs to be more metallurgical work completed, but we’re sitting right next to the Interstate and a rail siding, so there are lots of opportunities to ship that concentrate out.” Rye Patch has a number of oxide targets in and around the mine itself, as well as several other targets situated along a 10 km trend stretching between the Florida Canyon mine, and a second gold mine on the prop-

erty called the Standard mine. (The Standard mine was part of the property that Rye Patch acquired from the Japanese. That mine is finished for now, but there is upside there as well with an unpermitted deposit.) “All of that ground along that mine trend is prospective,” he says, “so we’re evaluating existing data and collecting new data, and there will be an exploration program along that trend.” Rye Patch learned that the Florida Canyon mine was in receivership in September 2015, and had to compete with others to seal the deal. “We duked it out with two other groups,” Howald says, noting that the reason Rye Patch eventually won out was because it had cash (royalty income from Coeur Mining’s [NYSE: CDE] Rochester mine) to put down “to get to the head of the line.” Jipangu owned and operated the mine (its only remaining investment in mining) for a decade before giving it up. The company received permits to expand the heap-leach operation at the end of 2014, and apparently received a loan to do so. But instead of using the money for the mine, Jipangu used it for a different project in Japan, thereby breaching the covenant. As a result, Florida Canyon ended up in receivership with a Japanese bank. When Rye Patch acquired the Florida Canyon and Standard mines, the project had 50 people on-site.

running because the major disciplines and operators were already on-site,” Howald notes. “Our business plan calls for 186 individuals at full capacity, and we will reach this level at the end of January 2017. We are hiring at a rate of 20 to 25 people per month, and had 123 at the end of November.” Mining analysts Michael Gray and David Medilek at Macquarie Bank in Vancouver recently elevated Rye Patch Gold to “top pick” status, after the company’s positive construction update on Nov. 23, stating in a research note that they see “nearterm re-rating potential,” given the company’s expectation of pouring the first gold in the near-term. “We highlight that Florida Canyon mine construction is a restart project, with relatively less construction and execution risk, as construction is only a new leach pad and the asset has a long operating history,” the analysts noted. Florida Canyon is halfway between Lovelock and Winnemucca, next to Interstate 80, and 210 km northeast of Reno, Nevada. Howald cofounded Rye Patch in 2006 and the company went public in July 2007. Before joining Rye Patch, Howald was general manager of exploration, U.S. and Latin America for Placer Dome. While at Placer Dome, Howald was an integral part of the teams that delivered over 80 million oz. gold resources to the Placer portfolio. At press time, Rye Patch was trading at 26¢ per share within a 52-week range of 11¢ to 47¢. The company has 387 million shares outstanding. Macquarie has a 12-month target price on the stock of 65¢. TNM

Sibanye to acquire Stillwater for US$2.2B SIBANYE From 1

PGM recycler in the world. Last year it processed 551,000 oz. recycled palladium, platinum and rhodium. In this year’s third quarter, recycling volumes hit a record 175,000 oz. PGMs processed. The company’s Blitz project could be complete in early 2018. When it hits steady production in 2021, Blitz is expected to produce 300,000 oz. PGMs annually. Stillwater’s proven and probable reserves measure 39.4 million tonnes grading 15.6 grams per tonne for 19.9 million contained oz. platinum and palladium (78% palladium and 22% platinum), and support a more than 25-year mine life. “I consider them tier-one assets and world-class assets, and they position Sibanye as a globally competitive South African mining champion,” Neal Froneman, Sibanye Gold’s CEO, said on a conference call from Johannesburg. “They add two low-cost PGM mines, high-grade reserves that support 25 years of life … lots of organic growth … The PGM mines-to-market business is also important. It’s something we need to progress in South Africa still, and we certainly will. “We have conducted an extensive

1 2 3 4 5 11 13 14 15 16_DEC19_Main .indd 12

“I CONSIDER (STILLWATER’S MINES) TIER ONE ASSETS, WORLD-CLASS ASSETS, AND THEY POSITION SIBANYE AS A GLOBALLY COMPETITIVE SOUTH AFRICAN MINING CHAMPION.” NEAL FRONEMAN CEO, SIBANYE GOLD

due diligence. It’s a friendly transaction. We’ve had total cooperation from Stillwater, and we understand these assets well,” he continued, adding that Stillwater is a “well-run” company under the leadership of Mick McMullen, its CEO. “Mick McMullen and his team have done a fantastic job. We are not positioning this as a turnaround story, but there is some room to optimize it a little bit more.” Froneman says he believes the many rationales for the transaction include valuation, re-rating, lower costs, cash f low per share and a lower financing cost. Stillwater’s assets generate cash and cover their own capital, he says, and as Blitz ramps up, it will not only generate cash but “will help us maintain our industry-leading dividend.” The deal also helps balance Sibanye’s portfolio, Froneman says, noting that after the transaction,

31% of its production will come from the U.S., “which is fundamental in driving down perceived risk.” Sibanye “has all its assets in South Africa, and having exposure to more stable jurisdictions with tier-one assets should mean an improvement in multiples.” As for the management’s view of PGMs, Froneman says Sibanye “has a really positive view on palladium.” In addition to its assets in the U.S., Stillwater owns the Marathon PGM-copper deposit in Ontario, and the Altar porphyry coppergold deposit in Argentina’s San Juan province. Sibanye’s two largest shareholders Gold One International and Public Investment Corp. (which together own 29% of the company’s issued share capital) support the deal, while Stillwater’s board has unanimously approved the transaction. As of Sept. 30, Stillwater’s cash

Stillwater Mining’s namesake PGM mine in Montana. STILLWATER MINING

and investments amounted to US$439 million, with a US$269million total debt on its balance sheet. Sibanye has a US$2.7-billion bridge loan commitment from Citi and HSBC to fund the transaction. The transaction could close in the second quarter of 2017. “Although many of you would not have expected us to buy assets in the United States … this fits into our strategy of creating a premier gold and PGM mining company,”

Froneman said. “We haven’t overpaid for this asset, but it’s a good price for the sellers as well.” In addition to this latest transaction with Stillwater, over the last 15 months, Sibanye has bought the Rustenburg platinum operations from Anglo American Platinum Ltd. in a deal worth US$326 million, and acquired Aquarius Platinum for US$294 million, bringing the total value of its three PGM-related acquisitions to US$2.8 billion. TNM

2016-12-13 7:39 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 19–25, 2016

At Minera IRL’s Ollachea gold property in Peru, showing areas mined by local artisanal miners at the bottom. The house near the top with the blue drums is where a second mine portal will be and the flat area is where a tails paste plant will be located. PHOTO BY PAUL HARRIS

Minera IRL’s Ollachea shows potential despite boardroom battles SITE VISIT BY PAUL HARRIS Special to The Northern Miner OLLACHEA, PUNO PROVINCE, PERU

omen sift through slate muck piles, raking through the debris with a fork in one hand and a water hose in the other, looking for the distinctive ghostly appearance of quartz veins in a final attempt to find gold from the artisanal workings at Ollachea. Gold has been mined from this southeastern corner of Peru — a few hours’ drive north from Lake Titicaca — since Spanish colonial times. A ruined mill sits on the hill overlooking the valley, and the river bank is pockmarked with dark holes where the local miners have been. Today’s artisanal miners have only a short time left to work in the zone. The national government has already evicted everyone outside of the Ollachea community, and it plans to shut down the rest of the artisanals on the grounds that they work too close to the Ollachea River. But the locals have hope for a more prosperous economic future in the form of Lima-based Minera IRL (LIMA: BVL) and its nearby Ollachea project, a mid-scale gold project on the cusp of development. Ollachea is fully permitted, has a landmark 30-year social licence agreement with the local community and a 1.2 km exploration tunnel developed above the main orebody, which can serve as the main access to the orebody. Mineral IRL also has a US$240-million credit line with state development agency Cofide — in part because of the jobs the project will create for former artisanal miners in the area. The company recently signed an engineering, procurement and construction contract with Peruvian engineering firm GyM to build the mine. Minera IRL spent over a year working with the community, which resulted in the 30-year social licence agreement, in large part

1 2 3 4 5 11 13 14 15 16_DEC19_Main .indd 13

| Peruvian project could yield 100,000 oz. gold per year

due to the efforts of country manager Diego Benavides (who became Minera IRL’s CEO on Dec. 5) and corporate social responsibility manager Magaly Villena. Under the agreement, the Ollachea community has a 5% carried interest in the project — an innovative, yet perhaps obvious way to align the interests of the community with those of the company. It also helps overcome the locals’ historical resistance and suspicion of formal miners, during which time Rio Tinto (NYSE: RIO), the former concession owner, could never really get on the ground to do work. Minera IRL is working with Mining Plus to optimize a feasibility study to lower initial capital costs while keeping the envisioned 100,000 oz. gold per year production profile. By targeting higher-grade areas early on, the first optimization study increased net present value 17%, and lowered anticipated payback from 3.7 to 3.1 years. Since July, Mining Plus has looked at more optimization, but now without a 3,000-tonneper-day required rate from the start of production. Longhole open-stoping with tailings and waste-rock backfill is still the preferred mining method for what would be a fully mechanized mine, with cut and fill in narrower sections. Minera IRL calculates that 96% of the ore can be recovered this way. At the same time AMEC is working on a revised flow sheet for the mine’s processing plant, all with a view to break ground for full mine development by mid-2017. Minera IRL has already decided to relocate a tailings plant near the western mine portal. Other optimizations under consideration include: staging the development of the ventilation system and perhaps lowering its diameter; contract mining during the first three years of operation; using on-highway, 32-tonne trucks rather than mining trucks; and lowering the amount of cable bolting in the mine. The 1.2 km exploration tunnel incline has

allowed Minera IRL to complete a 5,200-metre drilling campaign along strike to delineate more resources (assays to be released soon), obtain material for more metallurgical test work and prepare a 4.5-by-4-metre tunnel over the orebody before mine development. The mine would also feature a decline from the other side of the mountain to access the western part of the orebody. The tight geography of the narrow valley means that the processing plant would be a stone’s throw away from the eastern portal, and a tailings storage facility is permitted a few hundred metres down a paved road. The company has yet to decide whether the dry-stacked tailings would be trucked to site, or piped over a ridge to the site. The pipeline or conveyor area has been declared an archeological site that the company cannot use until after full investigation. Gold mineralization at Ollachea is hosted in a shear zone in quartz veinlets in slate — in particular veinlets that have folded or otherwise are heavily deformed, often with visible gold present. The main orebody is comprised of the Minapampa zone, which has two structures, defined via 61,000 metres of drilling in 156 holes. Another 16,900 metres of drilling in 47 holes was completed at the Concurayoc zone. Ollachea has proven and probable reserves of 9.2 million tonnes grading 3.4 grams gold per tonne for 1 million oz. gold, plus measured and indicated resources of 10.1 million tonnes at 4 grams gold for 1.3 million oz. gold. Another 12.1 million inferred tonnes grade 3 grams gold for 1.1 million oz. gold. There are also indications from regional exploration that this is only the beginning of defining the wider deposit, with Minapampa West, Concurayoc southwest and other zones being explored. With the future seemingly looking bright, what is holding up the project? If every silver lining has a cloud, Minera IRL is still reeling from the death of its founder Courtney Chamberlain in April 2015, and the

subsequent reign of former executive chairman Daryl Hodges and related corporate infighting. Hodges was booted from the company in August 2015 after the community withdrew its support for the project, and an internecine battle took place between the Hodges camp, and another led by Benavides. Minera IRL’s interim CEO at the time of the site visit in November 2016, Frank O’Kelly, spent much of the past year trying to patch up the fractured company. Under his tenure, Minera IRL regained control over its Peruvian subsidiaries in May and management consultants EY were brought in. O’Kelly was removed as a interim CEO and a director in a shareholder vote on Nov. 30, 2016. Recently appointed director Robert Schafer did not run for re-election, among other corporate changes. “Corporate governance has been tightened and a code of ethics implemented,” O’Kelly said. “I have made considerable progress to move the company forward physically, including the resumption of activities at Ollachea and prolonged mining activity at our Corihuarmi mine in Peru. Politically I have kept Cofide on track despite considerable attacks by the former administration. I am also building a strong management team to administer the upcoming Ollachea development.” During the site visit some Peruvian shareholders did not see things this way and looked to throw out most of the board of directors at the upcoming meeting. They argued the newly constituted board was trying to usurp the company and sell it below market value, or take a position in the company before its share price can recover. O’Kelly, who stepped in after Hodges left, said the board’s intentions had been misunderstood, and perhaps not well communicated. — Based in Medellin, Colombia, Paul Harris is editor and publisher of Colombia Gold Letter and organizer of the annual Colombia Gold Symposium in Medellin. Please visit www. colombiagold.co or email paul.corresponsal@ gmail.com for more information. TNM

2016-12-13 7:39 PM

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2016-12-13 4:41 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 19–25, 2016

Top-five gold intercepts worldwide in November GOLD

| Mariana tops the list with Hot Maden hit

BY JOHN CUMMING

jcumming@northernminer.com

apping into the IntelligenceMine database of our sister company Infomine, The Northern Miner has compiled the five projects recording the top gold intersections (grade multiplied by width) globally in or about November 2016, as reported publicly. 1. Guernsey Islands-based Mariana Resources (TSXV: MRA; LONAIM: MARL) led the pack with exceptional results at its Hot Maden gold-copper project in northeastern Turkey’s Artvin province. Mariana released the results from its advanced exploration program on Oct. 26. Diamond drill hole 71 returned 70 metres (from 210 metres) grading 62.70 grams gold per tonne (or 4,364 metres × grams gold per tonne), plus 2.7% copper, including 7 metres from 210 metres grading 526 grams gold and 3.3% copper. Mariana describes Hot Maden as “globally one of the highest-grade gold-copper discoveries made in recent years,” and says its current exploration focuses on expanding the known gold-copper resource (3.43 million equivalent oz. gold in the indicated category) within a central 800-metre-long portion of the Hot Maden fault zone. 2. Toronto-based intermediate gold miner Kirkland Lake Gold (TSX: KLG) scored the world’s second-best gold intercept at its Macassa mine complex in northeastern Ontario, where its hole 53-2921 into zone FWZ-2 returned 3.8 metres (from 279 metres) grading 652 grams gold per tonne (or 4,364 metres × grams gold per tonne). Kirkland Lake reported the news on Nov. 7. Kirkland Lake Gold has assets in the Kirkland Lake gold camp and east of the Timmins gold camp, both in the Lower Abitibi greenstone belt of Ontario. The company owns five former high-grade gold mines within the Kirkland Lake camp that produced more than 22 million oz. gold at an average grade of 15.1 grams gold per tonne. The company operates the Macassa mine complex and the Holt, Holloway and Taylor mines, and

Drillers at West African Resources’ Tanlouka gold project in Burkina Faso. WEST AFRICAN RESOURCES

targets production of 270,000 to 290,000 oz. gold in 2016. 3. Australia-focused Newmarket Gold merged with Kirkland Lake Gold on Nov. 30, 2016, but before that Newmarket unveiled exceptional drill results at its producing Fosterville gold mine in Victoria state, Australia, in the new westdipping Lower Phoenix footwall structure. The best intersection was in hole 1278, which returned 3.8 metres (from 402 metres) grading 550 grams gold per tonne (or 2,063 metres × grams gold per tonne). The news was reported on Nov. 8. Newmarket said its recent drill results support the potential to “expand Fosterville’s resources and reserves” and confirm continuity of mineralization up-plunge (north) and down-plunge (south) on the Lower Phoenix gold system, and

down-plunge on the Harrier South gold system. Newmarket also noted it achieved record production at Fosterville for the month of October, totalling 15,116 oz. gold at a record mill grade of 8.18 grams gold per tonne and 92.3% record recovery. 4. Wesdome Gold Mines (TSX: WDO) came in fourth with a nice hit at its wholly owned Kiena gold mine in Val-d’Or, Que., which has been suspended since 2013. Hole 6124 returned 17.4 metres (from 492 metres) grading 94.4 grams gold per tonne (or 1,641.69 metres × grams gold per tonne). The numbers appear in a Nov. 15 press release. Wesdome’s flurry of high-grade gold intersections from recent exploration drilling at Kiena has prompted the company to add a fourth drill to the campaign.

The property already hosts a measured and indicated resource of 2.5 million tonnes grading 5.59 grams gold per tonne, or 450,000 contained oz. gold, and is fully permitted with a 930-metre shaft, a ramp system to the 1,000-metre level and a 2,000-tonne-per-day mill — which are “all in excellent condition,” the company says. 5. West African Resources (TSXV: WAF) rounds out the top-five list with an impressive 16-metre intercept (from 209 metres) grading

69.11 grams gold (or 1,106 metres × grams gold per tonne) in the M1 target at its wholly owned, feasibility-stage Tanlouka gold project in Burkina Faso. The results are found in a Nov. 15 press release. West African Resources says its diamond drilling “continues to demonstrate continuity of highgrade mineralization” at M1 South, and that an updated resource is “on track for the fourth quarter of 2016, in parallel with feasibility studies for the open-pit component of the project.” TNM

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Resumes Wanted Looking for a career in the mining and exploration industries? Post your resume for FREE on the website that specializes in recruitment for mining companies and suppliers... you’ll be glad you did. Mariana Resources’ Hot Maden gold-copper project in northeastern Turkey’s Artvin province. MARIANA RESOURCES

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2016-12-13 7:37 PM

WWW.NORTHERNMINER.COM

DECEMBER 19–25, 2016 / THE NORTHERN MINER

Northern Vertex advances Moss with a little help from its friends FINANCING BY TRISH SAYWELL tsaywell@northernminer.com

oney doesn’t seem to be a problem these days for junior Northern Vertex Mining (TSXV: NEE), which is building a US$33-million openpit mine complex at its Moss gold project in northwestern Arizona, and expects to pour its first gold in late 2017. In fact, Northern Vertex is sitting on US$10 million in cash, after recently closing a US$7.4-million convertible debenture offering and securing a US$20-million senior secured credit facility from Sprott Private Resource Lending. Another US$8.5 million is under negotiation for financing equipment. Kenneth Berry, Northern Vertex’s president and CEO, says the company is already placing orders for some of the equipment — like the crusher, conveyors and agglomeration unit — which should be delivered in March or April of next year, with construction completed in June or July 2017. It is also putting together its Merrill-Crowe facility, which will produce doré bars at site. “We’re ramping everything to go into construction over the next six or seven months,” says Berry, who cofounded the company. “M3 is our EPCM contractor and David Stone, who is our construction manager, is working closely with M3 and Golder Associates, and they’re in the final stages of the engineering. In conjunction with that, we also have the earthworks, which

| Junior secures US$20 million from Sprott, construction finished by mid-2017

will start up in the first couple of weeks of December. So there’s lots of activity underway.” One of the reasons Northern Vertex isn’t short of money is because it de-risked the project by test-mining for over a year and a half, beginning in 2013, and produced 4,000 oz. gold and 20,000 oz. silver, Berry says. During that period, Northern Vertex loaded over 110,000 metric tonnes on to a heap-leach pad and validated gold recoveries of 82% to doré and 84% to solution. “I don’t know of any other groups in the last five years that have done a test mining facility such as ours,” Berry says. “It’s something that removed a lot of risk for this next phase of commercial production, so when Sprott and other financial groups looked at our project, they recognized that we had really de-risked it, because of course heap-leach projects, when they’re in the startup phase, have difficulties establishing the recoveries — and we’ve actually proved them out in a mining situation.” He adds that test mining the project was first supported by board members like James McDonald, one of the founders of Alamos Gold (TSX: AGI; NYSE: AGI), and Gordon Ulrich, the CEO of Luscar Ltd., when the company had 11 producing mines. “These guys have seen where some projects have stumbled from the beginning, so we wanted to derisk, and the process plant gave us better access to capital and a better feasibility study.” This feasibility study, completed

“I DON’T KNOW OF ANY OTHER GROUPS IN THE LAST FIVE YEARS THAT HAVE DONE A TEST-MINING FACILITY SUCH AS OURS.” KEN BERRY PRESIDENT AND CEO, NORTHERN VERTEX MINING

in June 2015, outlined a five-year mine life at a projected mining rate of 5,000 tonnes per day. Life-of-mine production is estimated at 173,490 oz. gold and 1.53 million oz. silver, or 42,000 equivalent oz. gold per year. All-in-sustaining costs are an estimated US$624 per equivalent oz. gold, with an after-tax net present value at a 5% discount rate of US$55.25 million, and a 44.3% post-tax internal rate of return based on US$1,250 per oz. gold and US$20 per oz. silver. Moss is an epithermal, brecciated, low-sulphidation quartz-calcite vein and stockwork system that extends over a 1,400-metre strike length, and has been tested to 370 metres deep. But Berry and his team say the property has a lot of exploration upside, and have already identified four high-priority targets that it hopes to test soon. It is mobilizing a drill rig to site, and Berry expects to drill targets over the

next couple of months. Moss’ Western Extension begins 550 metres east of the pit and extends a kilometre. On the western point of the target, one drill hole returned 98 metres of half a gram gold per tonne and another returned a 26-metre intercept of 0.45 gram gold. “Those are above our cut-off, so they’re encouraging,” Berry says. “That would be a priority because there’s potential to add resources.” Two other targets, Old Timer West and Old Timer East, are high grade and lie 800 metres north of the Moss pit resource. They have numerous old workings — such as little adits or shafts — and the company has taken hundreds of samples on surface, and each of them has run for at least a couple hundred metres, Berry says. About 1.5 km south of Moss is the fourth target, West Oatman, which Berry describes as “almost a Moss look-alike.”

He says that “we’ve sampled it over an 80-by-300-metre area and we’ve got lots of mineralization at surface, and it runs for 2.5 km on surface. You can see it when you stand on the property, sticking out of the ground for over two kilometres.” Of the 143 samples it has taken at West Oatman, the average grade was 0.6 gram gold per tonne, but included samples that ran up to 8 grams gold per tonne. Berry estimates that the company spent $1 million on exploration this year, primarily on surface sampling and mapping. “The priority has always been to move Moss into production, so exploration is just something we’ve started to focus on,” he says. “Now that we’ve got our production team in place, we want to demonstrate that there’s an ability to add ounces to this deposit.” TNM

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Northern Vertex Mining’s Moss gold project in northwestern Arizona. NORTHERN VERTEX MINING

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2016-12-13 7:37 PM