The Northern Miner Dec 20 2021 Issue 26 by The Northern Miner Group

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Kinross Gold to acquire Great Bear Resources for $1.8B M&A

| Gold major has looked at junior since 2018

Osisko Mining raises $154M for Windfall FINANCING

| Plans JV with Australia’s Northern Star Resources

BY MARILYN SCALES

The Dixie gold project in northwest Ontario. GREAT BEAR RESOURCES

BY NAIMUL KARIM

old miner Kinross Gold (TSX: K; NYSE: KGC) is acquiring junior explorer Great Bear Resources (TSXV: GBR; US-OTC: GTBAF) for $1.8 billion (US$1.4 billion) in order to get its hands on the junior’s flagship Dixie gold project in northwestern Ontario, one of the most important gold discoveries in Canada’s history. “We have been looking at this asset since 2018,” Paul Rollinson, Kinross Gold’s CEO told analysts and investors on a conference call. “The exploration results to date from over 700 holes and 340 kilometres of drilling, suggests a prolific gold system that remains unconstrained and open to extension with over 80% of the property still unexplored.” “Over the past several years we have reviewed hundreds of opportunities NorthernMiner_CMYK_Nov.pdf including every opportunity in Can-

ada and we believe this is an excellent transaction for our shareholders,” he noted, adding that “now is the time to bring it into our portfolio.” Kinross is acquiring the junior explorer for $29 a share in cash and stock, a 40% premium to Great Bear’s 20-day volume weighted average price on the TSX Venture Exchange. Great Bear shareholders can choose to receive payment in cash or 3.856 Kinross shares for each Great Bear share they own. “Great Bear shareholders will now be in a unique position to benefit from the potential of the top-tier Dixie project under one company and will maintain strong exposure to the project through their Kinross shares,” Chris Taylor, Great Bear Resources’ president and CEO, said on the conference call. Situated in Ontario’s renowned Red Lake mining district, the Dixie 1 2021-11-24 10:46 AM project is accessible year-round by

highway and close to significant infrastructure, including paved roads, electricity and a natural gas pipeline. The project comprises 91 sq. km of contiguous claims with 80% of the property unexplored. So far, Great Bear has completed more than 340,000 metres of drilling in 794 drill holes and has identified five high-grade gold discoveries. The LP Fault zone, comprised of continuous wide, moderate grade mineralization with high-grade gold lenses, is the most significant discovery at Dixie to date. Drilling in the zone has identified gold mineralization along 10.8 km of strike length and down to a depth of 786 metres. The deposit remains open along strike and at depth. The project is expected to witness a multitrack development plan with See KINROSS GOLD AND GREAT BEAR RESOURCES / 8

sisko Mining (TSX: OSK) has signed an agreement with Australia’s Northern Star Resources (ASX: NST) to raise $154 million for continued work on its Windfall gold project 200 km north of Val d’Or in Quebec. The two companies have also agreed to negotiate the terms of an earn-in and joint venture allowing Northern Star to earn up to a 50% interest in the Windfall project. The financing agreement will see Osisko issuing a convertible senior unsecured debenture due December 1, 2025, to Northern Star. The debenture bears an interest rate of 4.75% per year payable semi-annually. “The potential of joining forces with Northern Star, a well-respected gold producer with a depth of experience in mining underground highgrade deposits similar to the Windfall project, would help de-risk the remaining work ahead to bring the Windfall project to successful production,” Osisko Chairman and CEO John Burzynski said in a news release. “We are confident that, subject to reaching an agreement with Northern Star on the earn-in joint venture terms, they will be a very strong partner in assuring our development plans for the Windfall project.” The Windfall gold project falls within the traditional territory of the Waswanipi Cree First Nation. Osisko has identified 1.9 million oz. of gold in the measured and indicated resource category (6 million tonnes grading 9.6 grams gold per tonne) and 4.2 million oz. of gold in the inferred resource (16.4 million tonnes grading 8 grams gold per tonne). Over the first seven years of production, the project would produce an average of 300,000 oz. of gold annually. The Windfall preliminary economic assessment was completed earlier this year, and the feasibility study is due in 2022. The Osisko debenture may be

CMY

RIO TINTO TO WRITE OFF US$2.3B OYU TOLGOI LOAN TO MONGOLIA / 6

converted by Northern Star at any time after the first anniversary of closing, subject to certain conditions, at a conversion price equal to $4 per common share of Osisko Mining. When Northern Star completes its earn-in and joint venture agreement, it may convert the debenture into an interest in the property at a conversion premium of 125%. Further, the debenture may be redeemed by Osisko at any time after the second anniversary of closing for cash or common shares, provided the volume-weighted average trading price of the shares is not less than 125% of the conversion price. Northern Star is a Western Australia-based gold miner with operations in Australia, plus the Pogo mine in Alaska, which it acquired in 2018. A number of Australian miners including Newcrest Mining (TSX: NCM; ASX: NCM), Evolution Mining (ASX: EVN), Piedmont Lithium (ASX: PLL; NASDAQ: PLL), Sayona Mining (ASX: SYA), and St Barbara (ASX: SBM) have recently made moves into Canada. In a research note to clients, See OSISKO MINING / 8 PM40069240

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THE NORTHERN MINER / DECEMBER 20, 2021–JANUARY 9, 2022

Capstone Mining to merge with Mantos Copper M&A

| Deal expected to close in the first quarter of 2022

BY CECILIA JAMASMIE

apstone Mining (TSX: CS) and Chile-focused Mantos Copper, run by British investment firm Audley Capital Advisors and Orion Mine Finance, are merging to form a new copper producer called Capstone Copper. The new miner, which will trade on the Toronto Stock Exchange, will have a combined 2021 copper production base of more than 175,000 tonnes of the metal and joint reserves of 4.9 million tonnes, the companies said. Based in Vancouver, B.C., Capstone Copper will have operations in the United States (Pinto Valley), Mexico (Cozamin) and Chile (Mantos Blancos, Mantoverde and Santo Domingo). The plan is to boost the combined company’s production by 45% by 2024 to 260,000 tonnes of copper per year from fully-financed projects with Mantos Blancos currently ramping up and construction underway at Mantoverde, in which Mitsubishi Materials owns a 30% stake. Under the deal, each current Capstone Mining shareholder will receive one share of the new company per share owned of Capstone Mining. Current Capstone owners will own 61% of the new company, while Mantos shareholders will own 39%. Mantos executive chairman, John MacKenzie, will lead the combined company as its CEO, while Capstone boss Darren Pylot will take the role of executive chairman.

Mantos Copper’s Manto Blanco mine. MANTOS COPPER

Mantos Copper acquired Mantoverde and Mantos Blancos copper mines from Anglo American (LSE: AAL; US-OTC: AAUKF) in 2015. The Mantoverde open pit mine, in the arid Atacama Desert, holds an estimated 2.1 million tonnes of copper reserves. The company recently completed an expansion of the sulphides concentrator at its other operation, Mantos Blancos, which extended the asset life until 2035. The deal is expected to close in the

first quarter of 2022, the parties said. In a research note to clients, BMO analyst Rene Cartier said that overall, he estimates that the transaction “is accretive to our NAV estimate, with synergy potential representing further upside.” “Pro forma, we estimate Capstone will generate meaningful cash flow, providing the company with the opportunity to pursue additional value-enhancing opportunities to drive further production growth and lower costs.”

He noted that Mantos Copper’s Mantoverde mine is just 30 km southwest of Capstone’s Santo Domingo project, “with the opportunity for meaningful synergies.” Santo Domingo is a fully permitted copper-iron-gold project, about 50 km southwest of Codelco’s El Salvador copper mine, and 130 km northeast of the city of Copiapo. “On the conference call, management indicated that a six-month study period will be undertaken post-close to review the synergy potential,”

he wrote. “Though still a work in progress, and not yet factored into our estimates, synergies are likely in excess of $100 million, in our view.” Canaccord Genuity analyst Dalton Baretto described the transaction as a “tremendous opportunity for Capstone, with the combined entity likely to be the go-to copper name given scale, growth, leverage to copper and portfolio diversity.” He noted that “the emergence of an interloper is possible,” which he says could be Lundin Mining or Hudbay Minerals, but also said that “given the synergies between Santo Domingo and Mantoverde as well as the $75 million break-fee,” he believes the “economics will be challenging.” “That said, once consummated, we believe the combined entity could be an attractive target for larger players,” the analyst wrote in a research note. Baretto increased his target price on Capstone Mining to $9 per share from $7 per share. At presstime Capstone was trading at $5.72 per share within a 52-week trading range of $1.94 and $6.64 per share. Copper, used in construction and power, has become one of the most sought-after commodities due to its key role in the transition to a greener economy. The red metal is needed for battery storage, EV charging stations and related grid infrastructure. Chile is the world’s largest copper producer, meeting more than 30% of global demand. The metal accounts for up to 15% of the country’s gross domestic product. TNM

JOINT VENTURE ARTICLE

QuestEx Gold & Copper is exploring for world class projects in B.C. BY NORTHERN MINER STAFF

Canadian explorer QuestEx Gold & Copper (TSXV: QEX; US-OTC: CLASF) holds approximately 110,000 hectares of mineral tenures that host precious and base metals projects in the Golden Triangle and Toodoggone areas of British Columbia. The Vancouver-headquartered junior is focused on advancing its 100%-owned KSP copper-gold project in northwestern B.C., about 85 km northwest of Stewart. The 312-sq.-km property “is one of the most advanced exploration projects in the Golden Triangle that does not already have a mineral resource estimate,” says Tony Barresi, QuestEx’s president. “Once considered remote, KSP can now be accessed via a road that extends right onto the property, providing some of the best access in the region.” The project lies in the heart of the Golden Triangle, which hosts some of the world’s largest copper and gold deposits and highest grade current and past producing mines. KSP has high-grade gold veins similar to those found at Pretium Resources’ (TSX: PVG; NYSE: PVG) Valley of the Kings deposit and the past-producing Snip mine, jointly owned by Skeena Resources (TSX: SKE) and Hochschild Mining (LSE: HOC; US-OTC: HCHDF), which

produced approximately one million ounces of gold between 1991 and 1999 at an average grade of 27.5 grams gold per tonne. It also contains bulk-tonnage copper-gold mineralisation similar to Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM project, which has proven and probable reserves of 2.2 billion tonnes grading 0.55 gram gold per tonne, 2.6 grams silver per tonne, 0.21% copper, and 42.6 grams molybdenum per tonne for 38.8 million contained oz. gold, 183 million oz. silver, 10.2 billion lb. copper, and 207 million lb. molybdenum. Several major mining companies, says Barresi, are also competing for exploration and development projects in the region. Last month, Australian miner Newcrest Mining (TSX: NCM; ASX: NCM) made a $3.5 billion bid for Pretium. If the acquisition is successful, Newcrest would own the Brucejack gold mine, approximately 20 km east of KSP, in addition to their 70% interest in the Red Chris coppergold mine. In May, Newmont (TSX: NGT; NYSE: NEM), the world’s top gold miner, acquired Canadian explorer GT Gold for $393 million. Following the acquisition, Newmont now owns the Tatogga copper-gold project, which Barresi says is “surrounded to the east and west by mineral tenures under the control of QuestEx.”

In addition, Skeena Resources continues to develop the pastproducing Eskay Creek mine, about 15 km east of KSP, which it acquired in 2020 from Barrick Gold (TSX: ABX; NYSE: GOLD), the world’s second largest gold miner. According to Barresi, previous operators of KSP identified 48 mineral occurrences on the property, with the Inel and Khyber Pass gold prospects having seen the most amount of historical exploration. Both targets, he said, are outlined by high-grade soil anomalies greater than one gram gold per tonne and 0.2% zinc. “Although our 2021 exploration program primarily focused on Inel, we also have our sights set on Khyber Pass for future exploration.” “Inel is primarily a gold target, where historical drilling intersected both narrow intervals of high-grade mineralization and long intervals of lower grade mineralisation. Both styles of mineralization start right at surface.” Historical exploration of Inel included 305 drill holes (38,000 metres) and 1,240 metres of underground development. Highlights from the drilling included holes INDDH17-081, which returned 1.4 metres grading 1,670.51 grams gold per tonne from 35.6 metres downhole, and INDDN16-029, which cut 52 metres of 4.24 grams gold from 44 metres.

This year, QuestEx completed 13 drill holes (2,418 metres) on Inel, with the first assays expected in the next couple of weeks. The drill program “was designed to support an inaugural mineral resource estimate for the prospect, which we expect to release in the first quarter of next year,” Barresi says. “Inel was the low-hanging fruit at KSP,” he notes. “It’s where the majority of the historical exploration has been done and we are now ready to bring it into a resource. However, we are also really excited about some of the other underexplored targets on this large and high-potential property.” The company also explored targets on the Sericite Ridge, Black Bluff, and Khyber Pass prospects. At Sericite Ridge, about five km east of Inel, it conducted a 24-line-km Induced Polarization survey and a hyperspectral survey. “Sericite Ridge hosts one of the largest alteration zones and geochemical anomalies in the Golden Triangle,” says Barresi. “Although historical exploration had defined a significant gold target (Tami) on the ridge, our 2021 campaign focused on identifying shallowly buried porphyry coppergold targets like the bulk tonnage copper-gold deposits found on Seabridge’s KSM property, approximately 20 km to the east of KSP.”

Preliminary results from the surveys identified a porphyry target, which will be a focus of drilling in 2022, said Barresi. “KSP is in the land of giant porphyries and now we’ve identified a first order, previously undrilled, porphyry target.” QuestEx also plans to drill test Black Bluff, about 10 km northeast of Inel, which says Barresi is among the most accessible mineral showings on the property. The company mapped newly exposed prospects in the area this summer when there was the maximum amount of snowmelt, with assays from new discoveries expected in early 2022. The company has about $5 million in the treasury and plans to conduct a full season of exploration on KSP next year. QuestEx’s other 100%-owned properties in the Golden Triangle include Kingpin, Castle, and North ROK. In the Toodoggone area, it has a 100% interest in the Sofia property. Major shareholders in the company include Newmont, which holds a 16.3% interest; Skeena Resources (14.32%); and management (2.3%).

The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by QUESTEX GOLD & COPPER and produced in cooperation with The Northern Miner. Visit www.questex.ca for more information.

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DECEMBER 20, 2021–JANUARY 9, 2022 / THE NORTHERN MINER

THE VIEW FROM ENGLAND

EDITORIAL GLOBAL MINING NEWS · SINCE 1915

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The Northern Miner’s most clicked stories of 2021

s 2021 draws to a close, we take a look at the top ten most-clicked stories on our website from Jan. 1 to Dec. 8.

Whether you are a Robert Friedland fan or not, you can’t disagree with his conclusions that, as the world transitions from hydrocarbons (oil and gas) and moves toward electrification and greener energy sources, metals like copper will be more important than ever before. In fact he described copper in the medium term as a “national security issue” as countries around the world will have to scramble to lock-in supply. BY TRISH SAYWELL

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com MULTIMEDIA SPECIALIST: Henry Lazenby hlazenby@northernminer.com STAFF WRITER: Naimul Karim nkarim@northernminer.com REPORTER: Magda Gardner, BASC (MINERAL ENG) mgardner@northernminer.com REPORTER AND PRODUCTION EDITOR: Daniel Sekulich dsekulich@northernminer.com PHOTO EDITOR AND PODCAST HOST: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: (416) 510-6789 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$130.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: C$172.00 one year Foreign: C$222.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

THE NORTHERN MINER is published biweekly by Glacier Resource Innovation Group, 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, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

No. 1: Editorial — Friedland: ‘It’s copper, copper, copper, copper, copper, copper...’ By Trish Saywell (April 19, 2021)

No. 2: New Found Gold advances Queensway project in Newfoundland By Trish Saywell (March 19, 2021)

Earlier this year New Found Gold said it plans to double its 2021 drill program to 200,000 metres and eight rigs at its flagship Queensway project in Newfoundland, 15 km west of Gander. Six drill rigs are now turning on the high-grade gold project and that number will increase to eight before the end of March. No. 3: Top Ten U.S.-based mining companies By Northern Miner Staff (July 23, 2021)

The Northern Miner presents its annual top-ten list of the largest U.S.based mining companies ranked by market capitalization, as of July 7. The data was compiled by our sister company, MiningIntelligence. The top ten were: Freeport McMoRan; Newmont; Southern Copper; Albemarle; Mosic; Cleveland-Cliffs; Alcoa; MP Materials; Black Hills; and Hecla Mining. No. 4: Battery Metals Snapshot By Magda Gardner (April 2, 2021)

As the world moves away from fossil fuels, battery metals are in high demand, especially with a shortage of supply from low-geopolitical risk jurisdictions. For instance, earlier this year, Canada announced its Critical Minerals List, with 31 minerals that are key to the country’s economy. The snapshot featured: Canada Nickel; Cypress Development; First Cobalt (since rebranded Electra Battery Materials); Lithium South Development; Neo Lithium; Nickel 28 Capital; United Lithium; and Vital Metals. No. 5: Kirkland Lake Gold’s Detour Lake on course to be a world-class gold mine, says CEO Tony Makuch By Carl A. Williams (May 13, 2021)

Kirkland Lake Gold plans to transform its Detour Lake mine in northern Ontario into one of the world’s largest and most profitable good mines, says Tony Makuch, the company’s president and CEO. There is a much larger and higher-grade deposit at Detour Lake than is reflected in the project’s current mineral resource, he said in an interview. “We see significant growth potential in the project’s mineral endowment, which, combined with a new mining plan, will lead to a significant increase in production and improved unit costs compared with the past operation of the mine.”

No. 6: Canada’s Top Ten royalty and streaming companies by market cap By Northern Miner Staff (June 25, 2021)

Royalty and streaming companies have grown in number and popularity over the years. Here are the top ten royalty and streaming companies headquartered in Canada ranked by market capitalisation as of June 3 and compiled by Mining Intelligence. The companies were: Franco-Nevada; Wheaton Precious Metals; Osisko Gold Royalties; Labrador Iron Ore Royalty; Sandstorm Gold; Maverix Metals; Altius Minerals; Nomad Royalty; Metalla Royalty and Streaming; and EMX Royalty. No. 7: Base and Battery Metals Snapshot: Eight companies pursuing critical minerals By Magda Gardner (February 19, 2021)

Amidst a growing move towards electrification and emerging concerns about the sourcing of raw materials, base and battery metals exploration and development assets in North America are on investors’ radar screens. The snapshot featured: Canada Nickel; Dore Copper; First Cobalt; Fuse Cobalt; Graphite One; Manganese X Energy; QC Copper & Gold; and Rokmaster Resources. No. 8: CRU World Copper Conference: Friedland on the new world order By Trish Saywell (April 14, 2021)

Robert Friedland, the founder and executive co-chairman of Ivanhoe Mines gave a keynote presentation at this year’s virtual CRU World Copper Conference. Filmed from his home in Singapore on April 13, the billionaire spoke about what the electric future will look like and what needs to happen to the supply chain to get there. Here's the full transcript. No. 9: Goldman Sachs calls copper ‘the new oil’ By Trish Saywell (April 16)

In a new report on copper, global investment bank Goldman Sachs says meeting the Paris climate goals and supporting the green transition away from fossil fuels and towards electrification will see a surge in copper demand and forecasts a long-term supply gap of 8.2 million tonnes of the metal by 2030, the “highest on record” and “twice the size of the gap that triggered the bull market in copper in the early 2000s.” No. 10: USA Rare Earth outlines domestic mine-to-magnet strategy By Trish Saywell (January 7, 2021)

Since founding privately held USA Rare Earth three years ago, Pini Althaus has focused on turning his vision of creating a secure supply of rare earth elements in the United States a reality. The New York-based CEO is equally determined to establish REE separation and processing capability in the U.S. and build manufacturing facilities for magnets containing the critical elements that are used in everything from American Tomahawk missiles and fighter jets to electric vehicles and wind turbines. TNM

COLUMN

| Nubian gateway opens

BY DR. CHRIS HINDE Special to The Northern Miner

frica has dominated news in the United Kingdom since a new variant of Covid-19 (now called Omicron) was identified in South Africa on November 25. Many African countries, particularly in the south, are now subject to international travel restrictions that are severely hampering business activity. This was graphically demonstrated at the recent Mines and Money conference in London when numerous speakers were on video links. The continent’s setback in the fight against the coronavirus comes hard on the heels of disappointing data on mining finance. In its State of the Market report for the three months to the end of September, S&P Global Market Intelligence calculated that US$8.2 billion of capital had been raised for the mining sector. Some US$6.6 billion of this amount can be allocated to individual assets, and only 8% of that total was heading to the combined 54 countries of Africa. In contrast, S&P Global revealed that Australia alone accounted for 20% of the third-quarter total, with Canada receiving 10% and the United States 5%. There was better news for northern Africa at the beginning of December, however, when the Government of Saudi Arabia confirmed the details of its Future Minerals Summit (FMS) on January 11-13, 2022. The Summit’s themes include a focus on the mineral prospectivity of the Arabian-Nubian Shield (ANS) and on mining opportunities in a region that has Riyadh at its hub (so also embraces Central Asia). Nubia, in particular, has held huge historical appeal for miners. This area lies between the first cataract of the Nile (in southern Egypt) and the confluence of the Blue and White Niles (Khartoum in central Sudan). Nubia was one of Africa’s earliest civilizations, and enjoyed prosperity from around 2500 BC until its conquest by Egypt’s Pharaoh Thutmose I in 1500 BC. Geologically, ANS is an exposure of Precambrian rock on the flanks of the Red Sea that includes (from north to south) parts of Israel, Palestine, Jordan, Saudi Arabia and Yemen to the east, and Egypt, Sudan, Eritrea, Ethiopia and Somalia to the west of the Red Sea. This region was the site of man’s earliest mining efforts, especially by the ancient Egyptians who extracted

gold in Egypt and northern Sudan from around 3000 BC. There are records of underground gold mining in Nubia from 1300 BC. The Vice-Minister of Mining Affairs for the Kingdom of Saudi Arabia (KSA), His Excellency Khalid Al-Mudaifer, spoke recently in London of his country wanting to play a part in “investing in new lands of opportunity.” To initiate this process, the inaugural FMS will include a meeting of ministers from across the Middle East, the north and east of Africa, and from countries in Central Asia. KSA’s Ministry of Industry and Mineral Resources has confirmed that mining-company leaders at FMS will include the CEOs of Barrick Gold and Alcoa, Mark Bristow and Roy Harvey, respectively; and the chairmen of Ivanhoe Mines and Fortescue Metals, Robert Friedland and Andrew Forrest. Numerous other industry leaders will include the CEOs of Trafigura, Komatsu Mining and the International Council on Mining and Metals (ICMM), Jeremy Weir, Jeffrey Dawes and Rohitesh Dhawan. Al-Mudaifer announced that FMS will showcase the region as a “new frontier for mining.” This part of the world, he said, will play a “vital role in meeting the exponential growth in global demand for the critical minerals needed in a low-carbon society.” The offer of help for Africa is nothing new, of course. It is nine years since President Obama launched his ‘Doing Business in Africa’ campaign, and two years later, in August 2014, Obama unveiled US$33 billion in new U.S. financial commitments for the campaign, and invited Africa’s heads of state for a meeting in Washington. Seven years ago, Obama told 49 African leaders that “we don’t look to Africa simply for its natural resources … we want to build genuine partnerships that create jobs and opportunities.” Progress has been slow, unfortunately, and S&P Global’s data suggests that the mining industry remains averse to investing in what is perceived as a risky continent. Now, however, at least the north of Africa might be able to look across the Red Sea for a financial kickstart. TNM Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm he set up in 2018 specializing in mining industry trends. He previously worked for S&P Global Market Intelligence’s Metals and Mining division.

DEPARTMENTS Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Professional Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Market News . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Metal, Mining and Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Stock Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20-23

COMPANY INDEX Amarillo Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

Iamgold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

Anglo American. . . . . . . . . . . . . . . . . . . . . . . . . . .3

Kinross Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,8

Argonaut Gold . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Newcrest Mining . . . . . . . . . . . . . . . . . . . . . . . . 1,7

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Hochschild to buy Amarillo Gold for control of Posse project in Brazil M&A

| The deal adds a long-life asset in a mining friendly jurisdiction Hochschild Mining’s flagship Inmaculada mine in Peru. HOCHSCHILD MINING

BY HENRY LAZENBY

ondon-based Hochschild Mining (LSE: HOC; US-OTC: HCHDF) has announced a $135 million cash offer to acquire Amarillo Gold (TSX: AGC; USOTC: AGCBF). The offer, priced at 40c per Amarillo share, will give Hochschild control of Amarillo’s flagship Posse gold project in Goiás State, Brazil. The cash offer represents a premium of about 66% to the 20-day volume-weighted average price of Amarillo’s common shares on the TSXV on November 29. Amarillo had $32.3 million of cash, gross assets of $92.4 million and no debt as of September 30. It reported a loss before income tax of $3.9 million for the year ended 2020. As part of the transaction, Hochschild will spin out Lavras Gold to hold a stake in the advanced Lavras do Sul exploration project, also in Brazil. Amarillo shareholders will receive shares in the NewCo, which will be capitalized with $10 million cash and hold a 2% net smelter return royalty on concessions outside the current Posse resource and mine plan on the larger Mara Rosa property. The transaction aligns with Hochschild’s core strengths and long-term strategy of acquiring and optimizing development-stage projects in the Americas. Given the declining investment certainty profile in Peru, where Hochschild’s biggest mines are located, the transaction will enhance the company’s portfolio by adding a long-life asset located in a mining-friendly jurisdiction. It also exposes Hochschild to a high-quality project with attractive costs where specific infrastructure construction is underway. Posse also offers near-mine and regional exploration opportunities. The transaction has been unanimously recommended by the board

of directors of Amarillo and has the full support of Amarillo’s significant shareholders, Baccarat Trade Investments and Eric Sprott. The Hochschild board unanimously intends to recommend that shareholders vote in favour of the transaction. As it stands, Posse is a shovel-ready gold project that is expected to be built within two years of breaking ground. In February, the project received a construction licence from state regulators and approval for the power line in October. Hochschild has revised the Posse mine plan contained in the August 2020 definitive feasibility study and will make further details available in a shareholder circular to be distributed shortly. A brownfield site, it was mined by a different operator in the 1990s. There

are two small pits from the previous operation and existing infrastructure. Labour is available in the nearby town of Mara Rosa, where most people are said to support the project. According to the bankable feasibility study, once built, the mine will produce 102,000 gold ounces per year in its first four years and have an average annual gold profile of 84,000 ounces based on an initial mine life of ten years. The all-in sustaining cost over the mine life is expected to average US$750 to US$850 per gold ounce. Average recoveries are expected to be 89.9%, and the average strip ratio over the mine life is 4.3. The US$180 to US$200 million project generates an after-tax NPV (5% discount) of US$150 to US$160

million, based on a US$1,600 per oz. gold price, and an IRR of 18% to 20%. At a US$1,800 per oz. gold price, the figures rise to US$200 to US$240 million and 24% to 26%, respectively. Posse hosts proven and probable reserves of 23.8 million tonnes grading 1.18 grams per tonne for 902,000 ounces. The combined measured and indicated resource stands at 32 million tonnes grading 1.1 gram per tonne for 1.2 million ounces of contained gold. Hochschild has identified compelling near-mine and regional exploration opportunities for Posse and the Mara Rosa property. Posse is open down plunge to the southwest, potentially extending the mine life near the existing pit shell. There is also an opportunity to

define multiple satellite deposits on the 10-kilometre Posse structural trend, including the Araras, Speti 24 and Pastinho priority targets. Recent drilling has identified Pastinho as a promising target with similar geological characteristics to Posse and multiple parallel gold structures extending from the surface to approximately 200 metres of vertical depth while remaining open. In addition to the 2,500 hectares of mining concessions containing the Posse deposit and the 6,000 hectares of exploration concessions on the Posse structural trend, Hochschild will acquire an additional 59,000 hectares of regional exploration concessions on the Mara Rosa property. The transaction is expected to close in the first quarter of 2022. TNM

Rio Tinto to write off US$2.3B Oyu Tolgoi loan to Mongolia FINANCE

BY CECILIA JAMASMIE

io Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) will cancel a US$2.3 billion debt owed by Mongolia as part of the government’s share of the development costs for the giant Oyu Tolgoi copper-gold mine, the country’s prime minister said. According to a letter from the company to Prime Minister OyunErdene Luvsannamsrai, posted on the government of Mongolia’s website, Rio Tinto has agreed to write off the debt, conduct an independent audit into the financing of the project's underground expansion and improve governance. The concession, part of a wider offer to end tensions with Mongolia over the underground expansion of Oyu Tolgoi, would speed up the timeline for when the country can start receiving dividends, the letter said. Rio Tinto’s five-point proposal includes terminating the project’s

| Five point proposal includes terminating controversial financing agreement “THE ABOVE DECISIONS WERE DIFFICULT TO MAKE AND REPRESENT OUR FINAL OFFER.” JAKOB STAUSHOLM CEO, RIO TINTO

controversial financing agreement and covering the additional investment until the start of production, which is now expected in the first half of 2023. It also means that Erdenes Oyu Tolgoi, the state-owned company that holds the government’s equity in the project, won’t incur additional debt after operations begin at the underground section. “The above decisions were difficult to make and represent our final offer,” Rio Tinto's CEO Jakob Stausholm said in the letter. “The

investors are transferring significant value to Mongolia, which we believe will be the basis for a longterm, trusting partnership.” Mongolia owns 34% of the mine, with the rest held by Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ), in which Rio Tinto has a 50.8% stake. The ongoing expansion of the project in the Gobi desert has been plagued by delays and costs overruns, which have triggered the Mongolian government’s ire to the point of threatening to revoke the 2009 investment agreement, which underpins the mine development. Relations between Rio Tinto and the Central Asian nation hit a fresh low in August, when an independent review rejected the mining giant’s explanation for the project’s delays and climbing costs. Rio’s Stausholm travelled to Mongolia in November to “hear and understand” the concerns of Mongolia’s government, he said in a LinkedIn post. The company’s concessions to

Mongolia are believed to be a direct result of those talks. They need to be ratified by the country’s parliament, but the offer already has the backing of Oyun-Erdene, who was recently appointed chair of the ruling Mongolian People’s party, controlling 62 of the 76 seats in parliament. A definitive estimate for the development of the new mine level, announced in December 2020, pegged the cost of Oyu Tolgoi’s underground section at US$6.75 billion, about US$1.4 billion higher than its original estimate in 2015. First production, initially expected in late 2020, was rescheduled for October 2022, and Rio blamed unfavorable geological conditions as the main cause for the cost and timeline review. The independent report published in August suggested it was rather caused by the miner’s mismanagement. Financial regulators in the U.K. and U.S. kicked off their own probes into Rio Tinto's disclosures about the delays and swelling costs, which hit

a new high two months later. Shares in Turquoise Hill Resources cratered on October 14 after announcing that the expansion would require an additional US$1.2 billion. It also said that due to issues related to Covid-19, first commercial production would be no earlier than January 2023, around three months later than the previous target. Oyu Tolgoi is Rio Tinto’s main copper growth project. Once completed, the mine’s underground section will lift production from 125,000–150,000 tonnes in 2019 to 560,000 tonnes a year. The figure, corresponding to peak output, will be achieved by 2025 at the earliest, Rio has said. By 2030, the operation would be the world’s fourth-largest copper mine, according to Rio Tinto. The mine is the country’s biggest source of foreign direct investment, having created thousands of jobs and generating almost US$3 billion of taxes and fee revenue over the past decade. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 20, 2021–JANUARY 9, 2022

Dolly Varden Silver buys Fury Gold Mines’ Homestake Ridge project in B.C. M&A

| Deal enables Fury to focus on projects in Quebec and Nunavut

BY NAIMUL KARIM

olly Varden Silver (TSXV: DV; US-OTC: DOLLF) is acquiring Fury Gold Mines’ (TSX: FURY; NYSE-AM: FURY) Homestake Ridge gold and silver project in British Columbia’s Golden Triangle in a cash and shares deal valued at $50 million. Homestake Ridge is adjacent to Dolly Varden’s namesake project, and sits about 32 km southeast of Stewart and 113 km from the town of Terrace. Under the deal Dolly Varden will pay $5 million in cash and issue 76.5 million of its common shares to Fury Gold Mines. If the transaction is completed, Fury Gold Mines will own about 36.9% of Dolly Varden Silver. Dolly Varden shareholders will vote on the acquisition at a special meeting in February. The 7,500-hectare Homestake project is estimated to contain indicated resources of 0.74 million tonnes grading 7.02 grams gold per tonne, 74.8 grams silver per tonne, 0.18% copper and 0.077% lead for contained metal of 165,993 oz. of gold, 1.8 million oz. silver, 2.9 million lb. copper and 1.25 million lb. lead. Inferred resources add 5.55 million tonnes grading 4.58 grams gold per tonne, 100 grams silver per tonne, 0.13% copper, and 0.142% lead for 816,719 oz. gold, 17.8 million oz. silver, 15.9 million lb. copper and 17.3 million lb. lead. The resource estimate used a cut-off grade of 2.0 grams goldequivalent per tonne.

Core racks at Dolly Varden Silver’s namesake silver project in northwest British Columbia. DOLLY VARDEN SILVER

When combined, the two projects will be called the Kitsault Valley project, and will be among the largest high-grade precious metal assets in Western Canada, the companies say. The Dolly Varden project has indicated resources of 3.42 million tonnes grading 299.8 grams silver per tonne for 32.93 million oz. silver and inferred resources of 1.29 million tonnes grading 277 grams silver per tonne for 11.45 million oz. silver. The resource used a cut-off grade of 150 grams silver per tonne. The two projects will have a combined indicated resource of 166,000 oz. gold and 34.7 million oz. silver and inferred resources of 816,719 oz.

gold and 29.28 million silver ounces. “This is a win-win for both companies. I think we are going to really do well going forward,” Shawn Khunkhum, Dolly Varden’s CEO, said during a conference call. “We expect that this combination will result in significant synergies in the areas of exploration, development, permitting and production.” Fury Gold Mines’ CEO Tim Clark stated that combining the two projects would create an “attractive opportunity” to establish shareholder value through potential synergies. Fury Chairman Ivan Bebek noted that while the decision to sell Homestake was a difficult one, given the

positive exploration outlook for the project, bringing the two assets together was the “best path forward.” “This transaction also simplifies Fury’s portfolio which coincides with recent positive drill results from both of Fury’s Quebec and Nunavut assets,” Bebek said. A preliminary economic assessment on the Homestake project released in April outlined an initial mine life of 13 years producing 45,400 gold-equivalent ounces per year at an all-in sustaining cost of US$670 per ounce. Total production over the mine life would come to about 590,040 gold-equivalent ounces. The early stage study esti-

mated an after-tax net present value of US$173 million and a post-tax internal rate of return of 32% at a price of US$1,620 per oz. gold and US$14.40 per oz. silver. Mining analyst Barry Allan, who covers Fury Gold Mines for Laurentian Bank Securities, expects the deal will positively impact Fury’s shares as it allows the company to focus on its Eau Claire and Committee Bay projects in Quebec and Nunavut while still advancing Homestake Ridge. “While our net asset value and target price for Fury valued the project at $62.7 million, slightly above the actual sale price, we believe this is a good move by Fury,” he commented in a research note to clients. Allan has a target price on the stock of $2.65 per share. At press time in Toronto Fury was trading at 84¢ within a 52-week trading range of 75¢ and $2.36 per share. This is the fifth material transaction in B.C.’s Golden Triangle in 2021. The region has seen Newmont (TSX: NGT; NYSE: NEM) acquire GT Gold (TSXV: GTT) for $456 million; Yamana Gold (TSX: YRI, NYSE: AUY; LSE: AUY) take a 6.4% in Ascot Resources (TSX: AOT); Hochschild Mining (LSE: HOC) spend $115 million to earn a 60% stake in the Snip project from Skeena Resources (TSX:SKE) and most recently Newcrest Mining (ASX: NCM; TSX:NCM; PNGX: NCM) announce plans to buy Pretium Resources (TSX: PVG; NYSE: PVG) for $3.5 billion. TNM

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DECEMBER 20, 2021–JANUARY 9, 2022 / THE NORTHERN MINER

Drill core from the Windfall deposit. OSISKO MINING Great Bear's Dixie Hinge zone, looking towards the LP Fault zone in the distance. HENRY LAZENBY/NORTHERN MINER KINROSS GOLD AND GREAT BEAR RESOURCES From 1

a scoping study likely to take place in a year’s time and construction in three years, with a “good first production” aimed in 2029, according to Paul Tomory, Kinross’ chief technical officer. In response to queries from analysts on why Kinross is so confident about the Dixie project — given that not all projects in the Red Lake mining district have materialized as expected — Tomory pointed towards the “highly consistent” mineralization and grades in the drill data. “There is also an almost remarkable lack of faulting and diking in the deposit which gives us a lot of confidence in the potential continuity of mineralization,” he added. According to Taylor, Dixie’s closest geological analog is the Hemlo gold mine, which produced over 20 million ounces of gold in more than 30 years of operation. If the transaction is completed, Kinross says it plans to rapidly advance exploration activities at the LP Fault Zone and look for Red Lakestyle satellite deposits in the region. From 2017 to 2019, Great Bear’s primary focus was on the Dixie Limb and Hinge zones. This exploration work resulted in discovering the Hinge Zone and several high-grade intercepts being drilled within both targets. In 2019, Great Bear made several

new high-grade gold discoveries, the Bear-Rimini, Yuma, Auro, Yauro, Viggo and Gap zones. These discovery areas have since been confirmed through drilling to entail a large, continuous zone of gold mineralization, now known as the LP Fault zone. In an interview with the Northern Miner in November, Taylor said that over 80% of the company’s drill holes into the LP Fault, Dixie Limb and Hinge zones were noted to contain visible gold. The Auro Zone, according to him, looks to be the ‘honey pot,’ presenting higher-grade upside. Analysts estimate Auro 2 alone could hold between 700,000 to 800,000 ounces of gold grading on average 20 grams per tonne. “There is nothing in Canada with this ‘horsepower’ based on size,” said Taylor. The size of the LP Fault is about double the size of Barrick Gold’s (TSX: ABX; NYSE: GOLD) Hemlo mine. According to Taylor, the mineralization is continuous, enough to fit either Central Park in New York or the Canadian Malartic gold mine — Canada’s largest open-pit operation, to fit comfortably inside. On October 25, Great Bear reported preliminary metallurgical tests from the LP Fault, which confirmed that non-refractory, free gold dominates the domains tested. A total of ten onekilogram representative samples were analyzed at Blue Coast Research, with gold recoveries of between 95.2% and 99.2%. Phase 1 drilling was completed in July. The results found mineraliza-

tion in the LP Fault gold zone at both ends of the drill grid. In the northwest, the company reported highlight intercepts such as 28.18 grams gold per tonne over 4.8 metres within a broader 3.83 grams per tonne intercept over 43.1 metres. In the southeast, drilling returned 64.3 grams gold per tonne over 0.55 metre, within 5.9 grams gold per tonne over 8.25 metres. Farooq Hamed, a mining analyst who covers Kinross Gold for Raymond James, outlined the positives and negatives of the deal, and lowered his target price on the gold major from $9.00 to $8.50 per share. “On the positive side, the Dixie project appears to have the potential to host a large, high-grade resource (based on Great Bear drill results, Kinross expects to publish a maiden resource with YE 2022) in a favorable jurisdiction which will allow Kinross to diversify its political risk profile while also taking advantage of ~$1 billion in Canadian tax pools,” he commented in a research note to clients. “Offsetting the positives, the acquisition of the pre-resource asset represents ~20% of Kinross’ market capitalization while the ultimate resource definition and project execution risk and expense transfers to Kinross. Further, with expected first production at the end of the decade, we view the acquisition as tying up significant capital and causing dilution well before any benefits are received.” TNM

OSISKO MINING From 1

Canaccord Genuity analyst Kevin MacKenzie said he needed to see the terms of the 50% earn-in joint venture agreement in order to assess the overall deal, but that “at a high level, we view the arrangement as a non-dilutive means of advancing Windfall into production, with Northern Star as a JV operator to further de-risk project development/ operations.” “While it is still early days, we see this structure as a potential means for Osisko to maintain its interest in Windfall longer term, where greater project value can be surfaced versus a build-and-sell scenario after achieving steady state. To that end, we speculate that a Northern Star partnership may form the foundation to advance a larger scale project than that originally contemplated by Osisko.” MacKenzie also pointed out that with the proceeds of the $154 million convertible, Osisko “will have a cash balance of $243 million, or a working capital position of $308 million (based on Q3/21).” The analyst also noted that based on what is known so far, the earnin joint venture “will be centred on the Windfall project area, leaving a 100% interest in the greater Urban Barry property package to Osisko. Thus, this structure not only provides a potential partner to advance the Windfall project into production, but also retains 100% regional explora-

tion upside for Osisko.” Kerry Smith of Haywood Securities called the announcement “a positive step towards moving Windfall into production,” and described Northern Star as “very experienced in mining underground high-grade deposits like Windfall.” He noted that the Australian gold producer is forecast to produce between 1.55 and 1.65 million ounces of gold in fiscal 2022 and would not only help de-risk Windfall’s development but also “prevent significant shareholder dilution.” “Northern Star is not subject to the same capital constraints as Osisko and would likely look at building a larger operation at Windfall which would bring value forward,” the mining analyst wrote in a November 30 research note. “Osisko will also retain 100% ownership in most of its ~2,600 sq. km land package, providing it with significant exploration upside.” Andrew Mikitchook and Brian Quast, mining analysts at BMO Capital Markets, commented that the transaction “addresses financing requirements for Osisko while lending credibility to Windfall with an investment from an experienced underground gold miner.” “We anticipate the funds from an up to 50% earn-in would cover Osisko’s portion of the Windfall capex, and a joint venture could see the project expanding beyond the current 300,000 oz. per year expected production.” TNM

Argonaut Gold sees Magino capex rise 57% to $800M; CEO departs ONTARIO

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| Updated 43-101 report to be published in Q1 2022

BY MARILYN SCALES

rgonaut Gold (TSX: AR) has taken another look at the cost of putting the former Magino gold mine in Ontario back into production and found capex has risen 57% to $800 million. The previous capex estimate of $510 million was released only one year ago, in October 2020. The company also announced that its founder, president and CEO Pete Dougherty, is no longer with the company, and said it is searching for someone to fill the role on an interim basis. No details about Dougherty's departure were released except to note that he took Argonaut from a small company to a diversified gold producer operating in three countries, and to thank him for his contributions during his tenure. Argonaut has invested about $342 million into Magino so far, leaving about $459 million needed to complete the project. Increases have been seen in all but one (site infrastructure) areas of the project, but Argonaut says the largest increases are related to higher cost of goods, inflation,

Covid-19 impacts, changes to the scope of the project, the tailings management facility (TMF), and permanent power. The cost of the TMF is up 69% to $130 million and adding natural gas power generation for the site comes in 140% higher at $41 million. Site development costs are up 120% to $138 million, and the owner’s preproduction G&A is also up 120% to $55 million. Even the amount set aside for contingencies is up 118% to $33 million. That makes the 13% rise in process plant costs, to $219 million, look modest. Looked at another way, Argonaut says impacts from cost increases, inflation and Covid-19 amount to 32% of the capital increase. Changes in scope account for about 28% of the uptick, and increased quantities for material for site development and project indirects amount to about 20% of the increase. The suspended mine is 195 km north of Sault Ste Marie in Ontario, and 100% owned by Argonaut. With the exception of the process plant, most of the Magino project is on schedule. Initially there were challenges in

civil works at the mill site that led to its being behind schedule. Argonaut has decided to spend extra to get the mill back on schedule rather than delay the entire project awaiting its completion. However, the company said its EPC contract with Ausenco Engineering Canada has shielded it from most of the cost increases and inflation for the plant. Argonaut is preparing an updated 43-101 report for Magino, which is to be published during the first quarter next year. It will focus on the project currently under construction rather than expansion opportunities. The Magino project currently has measured and indicated resources of 144 million tonnes grading 0.91 gram gold per tonne for 4.2 million contained oz. and an inferred resources of 33.2 million tonnes at 0.83 gram gold per tonne for 886,000 contained oz. of gold. A gold price of US$1,200 per oz. was used in these calculations. Open pit mining and carbonin-pulp gold recovery are planned. Production is anticipated in the first half of 2023. TNM

SPECIAL FOCUS

OUTLOOK 2022 ISTOCK/OLASER

Scotiabank’s Marc Desormeaux on 2022 outlook FORECAST

| Fundamental outlook ‘still pretty solid’

FORECAST

BY TRISH SAYWELL

arc Desormeaux leads Scotiabank Economics’ regional economic forecasting and commodity market coverage and is the creator of Scotiabank’s Provincial Outlook, the department’s quarterly forecast publication on Canada’s provincial economies. Prior to joining Scotiabank, Desormeaux worked in the forecasting division at the Conference Board of Canada. The Toronto-based economist recently spoke with The Northern Miner about his economic outlook for the year ahead and his price forecasts for precious metals, copper, iron ore, nickel and uranium. The Northern Miner: What is your overall outlook for 2022? Marc Desormeaux: The fundamental outlook is still pretty solid. We expect the global economy to continue to recover in 2022 with the re-opening from the pandemic. Government stimulus is coming out around most of the world, and broadly speaking, this is good for commodity prices. And then over the longer term, we have to think about the green energy shift, which is certainly bullish for metals like copper and nickel and other battery metals. TNM: What are the key challenges? MD: There are some potential head-

winds: The Chinese growth outlook looks like it’s going to moderate. And there are some potential risks from this Covid variant Omicron that’s popped up in the last couple of weeks. But broadly speaking at this point, the outlook is pretty solid from a fundamentals point of view. TNM: There is some anxiety about inflation. MD: Inflation is certainly dominating the headlines. We look at data and it appears that what is driving most of the cost inflation we’ve seen are the

Scotiabank Senior Economist Marc Desormeaux. SCOTIABANK

“INFLATION IS CERTAINLY DOMINATING THE HEADLINES. WE LOOK AT DATA AND IT APPEARS THAT WHAT IS DRIVING MOST OF THE COST INFLATION WE'VE SEEN ARE THE GLOBAL SUPPLY CHAIN ISSUES.”

TNM: You have some stats on ship-

MARC DESORMEAUX

now accelerate or moderate next year? MD: We believe it will remain above the 2% target through next year in Canada and the U.S., but that we’ll see some easing of price pressures as we get further into 2022. Hopefully the spread of Covid can remain largely under control, supply chains will be able to respond, and there can be a pick-up in shipping and the availability of input and final products. But in the near-term, inflation looks like it will be pretty strong. And that’s something that impacts the global economy for metals like gold and silver, which are classically viewed as hedges against inflation.

SENIOR ECONOMIST, SCOTIABANK

global supply chain issues. We’re at the point in the economic recovery where demand is very strong. Consumers want to buy things and companies want to ramp up production, but they aren’t able to do it to the extent that they would like because with the global recovery, transportation networks are not responding quickly enough. And that’s a function of the fact that we were closed for a long period of time and now various parts of the world are re-opening at different speeds. So there’s this supply chain issue overhanging the global economy and it’s really contributing to price appreciation.

ping rates and the Baltic Dry Exchange Index, which tracks iron ore and coal cargoes of 150,000 tonnes, and the stats underscore how high prices have gone over the last year. MD: The Baltic Dry Exchange Index reached 5,650 — the highest level attained since September 2008 — earlier this year in October. Since then, softer demand in China and weaker iron ore prices have contributed to the Index easing below 3,000 — still higher than most of the last decade. TNM: Will the inflation we’re seeing

TNM: How much do you expect ChiSee DESORMEAUX / 13

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Decarbonization plays the metals fiddle in 2022 | COP26 sets the tone for metals next year

BY HENRY LAZENBY

he recent 26th edition of the Conference of the Parties (COP26) brought about renewed vigour to phase down carbon dioxide emissions across the globe. Still, to get there, the mining industry will face unprecedented demand for certain metals key to facilitating the energy transition. Bank of America recently weighed in on the outlook for essential commodities in 2022, concluding that ‘decarbonization’ is the critical driver for metals important for future technologies (MIFTs). “The question as to whether this was a ‘good’ or ‘bad’ COP depends on prior expectations over what the outcome should be on a range of contentious topics, with leaders from nearly 200 countries tackling several outstanding issues, including the current status of nationally determined contributions (NDCs) and the rules governing international carbon markets and climate financing,” said the bank’s U.K-based commodity strategist Michael Widmer during a recent webcast. While Glasgow was certainly not the ultimate stage in the journey to combat climate change, according to Widmer, it signalled “more the ‘beginning of the end,’” as U.K. Prime Minister Boris Johnson outlined during the opening ceremony. “All in, we believe that COP26 kept the goal alive of limiting the temperature increase to 1.5 degrees Celsius,” said Widmer. BofA’s analysts agree that the

“ALL IN, WE BELIEVE THAT COP26 KEPT THE GOAL ALIVE OF LIMITING THE TEMPERATURE INCREASE TO 1.5 DEGREES CELSIUS.” MICHAEL WIDMER BANK OF AMERICA

ambitious goal of 'net zero’ — a measure of carbon neutrality through a balance of eliminating and removing carbon emissions from the atmosphere — will require a more aggressive strategy, even after the progress achieved in Glasgow. Keeping the momentum going is crucial, and Parties, once again, will have to come back stronger at next year’s summit, to be held in Egypt. In its pre-COP26 World Energy Outlook, the International Energy Agency (IEA) outlined that progress needs to be made in four areas: an additional push for clean electrification; a focus on energy efficiency; a drive to cut methane emissions from fuel operations; and a boost to energy innovation. The summit’s outcome can be segmented into three main categories: emission reductions, implementation (aka the Paris Rulebook), and climate financing. Widmer said that from an NDC See DECARBONIZATION / 16

SPECIAL FOCUS OUTLOOK 2022

DECEMBER 20, 2021–JANUARY 9, 2022 / THE NORTHERN MINER

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BMO’s Colin Hamilton looks at the year ahead FORECAST

TNM: What is your forecast for merg-

BY DANIEL SEKULICH

s a commodities analyst for BMO Capital Markets, Colin Hamilton covers base metals, bulk commodities, precious metals and battery raw materials. He also focuses on China and global trade flows. The analyst, who has a background as a metallurgist, spoke to The Northern Miner about his thoughts on the year ahead. The Northern Miner: What do you

see as the key themes in the new year? Colin Hamilton: Well, we're coming off 2021 which has been phenomenal in terms of demand. I mean, the demand impulse that we've seen over the past 12 months? We haven't seen it before in history, in terms of the absolute levels of rate of change of demand, and the supply side has struggled to keep up. Now, as we move into a normalization phase of the cycle, we would expect industrial production growth rates to start trending lower. In fact, we're already past peak in that regard, with some of the supply chain bottlenecks starting to ease. But inflation is still very much at the forefront. TNM: How do you see inflation impacting the mining industry? CH: Inflation causes some interesting issues and is good for the precious metals, but for base metals that does tend to hurt demand. For both base metals and steel we would expect some of the end consumers now to be pushing back a little bit more. The very strong consumer durable goods cycle we've had over the past 12 months is now waning. We're still trading at very good prices, relative to historical norms, and relative to what we term mid-cycle. And we will remain there, above normal, until we get some of these factors that are almost extraneous to commodities themselves — containers, power issues, weather — until we get past all of them.

Is your mine design based on sound geology? .com

| Inflation, China and the weather

Colin Hamilton. BMO CAPITAL MARKETS TNM: What about deflation? CH: Yeah, let's talk deflation. First

because deflation and metals mining as often comes from China. If you think of that ‘China business model,’ it is to buy raw materials to have enough capacity to process them domestically, and ideally, export some of the finished product as an inflation hedge or shipping deflation to global markets. There's going to be a lot less of that going forward. Over the past six months we've had very weak Chinese steel demand and record global steel prices. And Chinese exports have fallen. We would never have thought that before. And we may get some China offshoring of capacity, which can offer some deflationary prices. But what's interesting to me is that normally when the inflation cycle starts turning and you start to get this destruction of demand, you start to get the shock through the entire manufacturing chain. So you almost amplify the impact. Now, will we see that? I don't know. I do think that many end users of metals at the current time of industrial metals are sitting with a lot of material on the balance sheet.

ers and acquisitions in the base metals sector? CH: Compared to the gold industry, base metals have been a bit behind. And then you have many of the major companies and major diversified companies trying to reshape that portfolio. Iron ore [is] a great margin business, not really a growth business, particularly as we are in a world where we're going to get a lot more scrap coming back over time. And whereas obviously some of the metals are more exposed to the energy transition, that's where they want to grow. That's where they want to be positioned. And that process was started two or three years ago at the high level, and then it's been steadily working its way through the chain. I think with base metals it was already more consolidated anyway. But what we haven't seen

is actually that much activity. So I just think there's another round here, particularly in areas like copper and nickel, those commodities where there's a good growth profile for you. We’ll see. I do think there's opportunities there for M&A.

lio. And we will see on the supply side — where China's dominating refined metal supply — there will be efforts made to again open up new avenues in that regard. But China is still going to be the most important factor for metals.

TNM: How would you characterize China’s influence? CH: China is still going to be the biggest issue facing mining in a five-year view. We're entering a new era in China, where growth for growth's sake is maybe a little bit less the mantra and now they are moving towards quality of growth, they are trying to move up value chains, trying to offshore certain nasty parts of metals and mining processes in many cases. And their influence is still very much going to be there. Now, I do think we'll see a more diversified demand portfo-

TNM: What are your thoughts on iron ore for 2022? CH: It’s interesting. We've had this year well above US$200 a tonne. And then we've had the sharpest fall on repricing reversing. Which I mean, if you look at it, Chinese output went from plus 8%, year on year, to minus 20% year on year. As we get to March and April, the traditionally stronger demand season, I think Chinese steel output will be 10% to 15% higher sequentially than it is today. That means we don't have See HAMILTON / 13

2022: Another year to disappoint irrational expectations FORECAST

| Gold and silver prices to remain high

BY JEFFREY CHRISTIAN, ROHIT SAVANT AND CARLOS SANCHEZ

hile 2020 and 2021 have been brutal overall, the reality is that they have been very good for gold and silver. The first part of 2021 was good for platinum, but that fizzled out. More on platinum and palladium later. The bad news is that 2022 promises to be at least as harsh on us all, and maybe even worse. Gold and Silver Consider reality: • Gold prices averaged US$1,799.50 per oz. through December 3, up 1.4% from their record 2020 average. • Gold prices are on pace to set a new record in 2021. • Gold prices through December 3 2021 were 29.2% higher than their average 2019 price of US$1,396.47 per oz. and 7.8% higher than their previous annual average record of US$1,668.82 per oz. in 2012. • Silver prices averaged US$25.39 per oz. through October 2021. > Up 22.8% from the annual average of US$20.67 per oz. in 2020. > Up 56.4% from 2019’s annual average of US$16.23 per oz., and > Up 50.8% from their average price of US$16.84 per oz. from 2014 through 2019. > Ah, the bulls will point out: US$25.39 per oz. is off -27.9% from the annual average record price of US$35.22 per oz. in 2011. • Despite these sharply higher prices there is a constant chorus of dissatisfaction from vocal segments of the precious metals markets decrying ‘low’ prices and wondering aloud what sort of nefarious cabal is ‘keeping prices suppressed.’ It must be noted immediately that there are many rational precious metals investors and other market participants who are fully cognizant that gold and silver prices have risen sharply over the past two years, peaking in August 2020, and remain at historically high levels. This majority of investors represent the market’s collective awareness of the cacophony of economic, financial, and political problems plaguing the world. It is just that this majority of investors

(estimated at 85%-90% of the precious metals investing public) do not see any reason to wail in public about an imaginary world in which gold and silver prices are low. CPM expects 2022 to continue to present the world with bad circumstances and bad choices. Economic conditions in some countries may continue to improve as they have through much of 2021. Domestic political issues in the United States and some other major countries, as well as international political conflicts, are likely to deteriorate. These trends are expected to keep gold and silver prices high, around current levels, throughout 2022. They offer the potential to worsen dramatically in ways that threaten economic recovery and expansion, which could lead investors to increase their gold and silver purchases even further, driving prices higher. CPM does not expect that until 2023–2024, but the storms on the horizon might overhang the world sooner than our firm anticipates. So, the irrational but vocal minority in precious metals should expect to have their unrealistic expectations for gold over US$10,000 per oz. and silver over US$100 per oz. dashed once more. Rational investors meanwhile will: • Look at the state of the world. • Appreciate the hard work the U.S. and other government leaders are putting into providing ample reasons to hold more and more of your wealth in gold and silver, and • Continue to add to their holdings in the expectation that while gold and silver prices may tread water and rise only modestly in 2022 the likelihood of exogenous problems coming home to roost at some point in the next several years warrants keeping your guard up and your wealth diversified. Platinum and Palladium Platinum and palladium are industrial metals. Gold and silver are commodities, importantly, but they also are financial assets (investments) and monetary assets. Accordingly, platinum and palladium markets operate differently than those of gold and silver. Gold and silver prices are driven primarily by investor demand levels and trends. Investors play important roles in

the platinum and palladium markets, but their interests are more driven by perceptions of supply and demand for these metals instead of those exogenous economic, financial, and political developments that drive investor into, or out of, gold and silver. One of the key factors for platinum and palladium is the health of the auto industry, which accounts for around 48% of platinum fabrication demand and 66% of palladium fabrication demand. The auto industry has been struggling over the past three years, and is projected to continue to face headwinds in 2022. In 2022 global auto production and sales will continue to struggle with the shorter term effects of the economic recession, chip shortages, declining global trade and other factors. Things are likely to improve, but slowly and more in the second half of 2022 than in the first half. Longer term the use of PGMs in auto catalysts used to clean the exhaust of petroleum-product fuelled vehicles faces uncertainties tied to moves toward electric vehicles. There is a strain of thinking that EVs will displace petroleum-burning gasoline and diesel ICE engines much more rapidly than is realistic. There are many obstacles to a rapid move to EVs, including a lack of capital for material and component manufacturers. The outlook is that petroleum will still power the vast majority of cars and trucks in 2030 and even 2040, despite overly optimistic pronouncements by politicians. The reality that EVs are not a panacea for global warming and climate change, and that EVs will be a longer time coming than has been commonly thought, may become more prominently known in 2022. When this does, it will benefit platinum and palladium. In the meantime, the reality of the shift toward more platinum intense and less palladium intense auto catalytic converters should help move platinum prices up slowly in 2022 while keeping palladium prices under pressure. TNM About the authors: Jeffrey Christian is managing partner of New York-based commodities consultant CPM Group. Rohit Savant is CPM’s vice president research and Carlos Sanchez is a director.

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SPECIAL FOCUS OUTLOOK 2022

THE NORTHERN MINER / DECEMBER 20, 2021–JANUARY 9, 2022

JOINT VENTURE ARTICLE Fall mining camp at Equity Metals’ Silver Queen project. EQUITY METALS

Equity Metals hits bonanza-grade silver at Silver Queen in B.C. BY NORTHERN MINER STAFF

Canadian explorer Equity Metals (TSXV: EQTY; US-OTC: EQMEF) owns precious-base metal and diamond projects in British Columbia and the Northwest Territories. The Vancouver-headquartered junior is focused on advancing its 100%-owned flagship Silver Queen gold-silver-base metal project in central B.C., about 590 km northwest of Vancouver and 35 km south of the town of Houston. The 18,852-hectare property lies within the heart of the worldrenowned Skeena Arch mining district, which hosts several current and past-producing mines and numerous advanced exploration projects. These include the Huckleberry copper mine, owned and operated by Huckleberry Mines Ltd., a wholly-owned subsidiary of Imperial Metals (TSX: III); the pastproducing Equity Silver mine, owned by Newmont (TSX: NGT; NYSE: NEM); and Surge Copper’s (TSXV: SURG; US-OTC: SRGXF) Berg deposit, an advanced exploration-stage coppermolybdenum-silver project. Robert Macdonald, Equity Metals’ vice president of exploration, says Silver Queen “has had over a century of exploration on the property and hosts a historical past-producing mine. It benefits from excellent infrastructure, including an allweather road that connects it to Highway 16, providing access to Pacific ports, a rail line, power lines that run along the western side of the property, camp infrastructure, and a tailings management facility.” The mineralisation at Silver Queen occurs in an extensive epithermal vein system covering a six-sq.-km area. While more than 20 veins have been discovered on the property to date, with silver-gold-enriched mineralisation identified in the western portion of the property and base metal in the eastern part, Macdonald said the property remains largely underexplored. “Closer inspection of the historical data, as well as some of our initial drilling, confirmed a fairly strong east-west orientation to some of the mineralisation,” he said. “This led to the identification of distinct areas of mineralisation along an eastsoutheast and west-northwest

Equity Metals’ geologists Rob Macdonald and Colin Hamilton discuss the Silver Queen project with a visiting geologist. EQUITY METALS

corridor, with our recent drilling focused on confirming this.” Since the fall of 2020, Equity Metals has drilled 59 holes (18,716 metres) over five successive phases of exploration drilling, which focused on four vein systems — Camp, No.3, about one km to the east of Camp, No.5/Switchback, between Camp and No.3, and NG-3, about one km southeast of Camp. Drilling on the Camp vein returned bonanza-grade silver mineralization. Highlights included drillholes SQ20010, which intersected 4.4 metres grading 4,632 grams silver per tonne, 0.2 gram gold per tonne, 0.12% copper, 0.14% lead, and 1.2% zinc (4,718 grams silver-equivalent per tonne or 62.9 grams gold-equivalent per tonne) from 112.4 metres downhole, including a higher grade core of 0.3 metres of 56,115 grams silver, 0.1 gram gold, 1.08% copper, 0.6% lead, and 1.2% zinc (56,291 grams silver-equivalent or 750.5 grams gold-equivalent). Hole SQ21-031 cut 2.8 metres of 2,402 grams silver, 0.1 gram gold, 0.1% copper, 1.3% lead, and 2.2% zinc (2,543 grams silver-equivalent or 33.9 grams gold-equivalent) from 232.3 metres, including 0.3 metres of

Equity Metals' senior geologist Brian McGrath at the No. 3 vein surface exposure. EQUITY METALS

“Closer inspection of the historical data, as well as some of our initial drilling, confirmed a fairly strong east-west orientation to some of the mineralisation.” ROBERT MACDONALD, EQUITY METALS’ VICE PRESIDENT OF EXPLORATION

14,035 grams silver, 0.5 gram gold, 0.5% copper, 1.3% lead, and 3.3% zinc (14,256 grams silver-equivalent or 190.1 grams gold-equivalent). The drilling “not only confirmed the exceptionally high-grade potential of the Camp vein but also identified the deepest step-outs drilled to date and demonstrated that the high-grade mineralisation extends to about 175 metres below surface, with the mineralisation remaining open at depth and to the east and west,” Macdonald said. “We believe there is huge upside potential for significant additional resources at Camp, which could potentially more than double the existing resource base,” he said. “The current estimate only comprises mineralisation hosted by No. 3 vein and doesn’t include any drill results from the Camp or the recently drilled No.5/Switchback.” A 2019 mineral resource estimate for Silver Queen estimated 815,000 indicated tonnes grading 3.2 grams gold per tonne, 201 grams silver per

tonne, 0.3% copper, 0.9% lead, and 6.4% zinc for 85,000 oz. contained gold, 5.2 million oz. silver, 5 million lb. copper, 17 million lb. lead, and 114 million lb. zinc (244,000 oz. goldequivalent or 22 million oz. silverequivalent). Inferred resources add 801,000 tonnes of 2.5 grams gold, 184 grams silver, 0.3% copper, 0.9% lead, and 5.2% zinc for 64,000 oz. gold, 4.7 million oz. silver, 5 million lb. copper, 16 million lb. lead, and 92 million lb. zinc (193,000 oz. goldequivalent or 17 million oz. silverequivalent). To date, Equity Metals has completed approximately two thirds of its 2021/22 drill program. The program consists of 15,000 metres of drilling to extend the current 2.5 km strike length of Camp and to test a 1,000-metre-long, east-southeast trending target that forms the eastern projection of Camp and transitions into the No. 3, Switchback, and No. 5 vein systems. Since September, it has completed 36 new drill holes and an extension

of an earlier hole totalling 9,660 metres, with assays from 26 of these holes expected over the coming weeks and into 2022. “Visual inspection of the core samples from between the No. 5 and Switchback segment has been very encouraging, and we continue to target this area with our current drilling campaign,” Macdonald said. The company plans to release an updated resource estimate in the second quarter of next year that will include the drill results from Camp. Equity Metals also holds interests in two highly prospective diamond properties, Monument and WO. Both properties lie within the Lac de Gras area of the Northwest Territories, one of Canada’s most prolific diamondproducing regions. The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by EQUITY METALS and produced in cooperation with The Northern Miner. Visit www.equitymetalscorporation.com for more information.

DECEMBER 20, 2021–JANUARY 9, 2022 / THE NORTHERN MINER

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Obstacles to optimism about a clean energy future FORECAST

| Real world constraints to rapid move toward clean energy technologies

BY JEFFREY CHRISTIAN AND TOMASZ NADROWSKI

Mining engineers touring wind turbines at sunset. BULENTBARIS

our large trends or themes emerged in the move toward decarbonization and clean energy in 2021. All of them are expected to grow in prominence in 2022. • The move toward clean energy is gaining pace. • The move is far too slow to be meaningful in the race to combat climate change. > Electric vehicles (EVs) will not significantly reduce carbon dioxide (CO2) output, only shift its location. • There are real constraints to moving toward clean energy industries. • The world is bifurcating, > Between China and the rest of the world > Between upstream raw materials supply constraints and downstream battery, motor, and other component manufacturing capacity. Looking forward, 2022 will not be the year in which these trends ‘break,’ but they will grow in importance, criticality, and public awareness. The move toward clean energy is gaining pace Rising global temperatures, deteriorating climate conditions, and increasingly hostile weather events have combined to drive home the realities of global warming, climate change, and the economic and social devastation these are causing. The period when ‘climate change deniers’ could argue that global warming either was not real or was not exacerbated by human activities including the burning of fossil fuels has passed except for the most diehard luddites. In 2021 the world paid verbal homage to the concept that ‘something’ must be done to reverse the climate damage. The waves of earnest desire to do good will continue in 2022 and probably will accelerate. The move is far too slow to be meaningful Those waves of optimism will meet increased resistance from reality in 2022, however. Most of the homage is rhetoric, not backed by actions or programs that actually are designed to significantly combat the human portion of forces leading to global warming. The hollow words of COP26 in November 2021 drive home that point. There was nothing substantive in those two weeks of chatter to suggest real efforts will be undertaken. This realization will become more prominent in the coming year. Some climate scientists are increasingly focusing on the reality that the governments, corporations, and people of the world do not have the

political and social willpower, capacity, and sufficient understanding of the scope of the problem to mount effective programs to counter global warming. A growing strain of commentary from informed groups suggests the scarce financial, political, and social resources being allocated to climate change be re-directed to programs designed to mitigate the effects of global warming. Plainly put, there is too little too late to turn the tide. It is best to try to prepare societies for the consequences of a global failure to effectively address climate change. Largely unspoken but hovering just off stage is the further realization that much of the attention being paid to proposed solutions is not going to produce positive results. Western nations that lead in terms of designing decarbonization policies initially focused on the energy sector, given its relative concentration and ease with which it could be regulated. The transportation sector has only come under the spotlight when EV technologies put new electrification on the horizon. Regulators have promptly followed. It will be much more difficult to regulate the other CO2 emitting sectors — agriculture (owing to entrenched political interests) and construction. In both cases, CO2-reducing technologies are still at a laboratory level. Prospects for the mineral industry rely predominantly on the developments in the transportation sector. However, a move to electric vehicles will do little to reduce CO2 emissions unless EVs are accompanied by the sort of massive move to increase energy storage capacity and re-development of baseload capacity. Determining the role of nuclear reactors has eluded most governments for half a century. The International Energy Agency’s

most likely scenarios have the world increasing its burning of petroleum derived fuels between now and 2050, along with natural gas, with nonnuclear renewable sources of electricity a distant third source of energy until sometime after 2040. Given this, any move to EVs will not significantly reduce CO2 output, only shift its location from where the vehicles are operated to where the electricity is produced. Should this stark reality become widely discussed in 2022 it has the potential to destroy consumer and societal acceptance of electric vehicles and tear up the plans to try to solve global warming with a technology that clearly would fail to address CO2 emissions. Real constraints will slow the move There are many real-world constraints to any rapid move toward clean energy technologies, from EVs to wind turbines. Regarding EVs, there is a lack of electricity generating capacity, coupled with the sober expectations that even three decades from now most of our energy will come from petroleum, natural gas, and coal. Most countries do not have sufficient electricity generating and storage capacity to meet current stationary electricity demand let alone adding enormous electricity demands for motive power. The grids are not stable enough to transmit, store, and distribute such levels of electricity in all but a handful of countries. The power outages in Texas, California, and the northeastern United States last winter and this summer demonstrated that, as did the vulnerability of power distribution systems in parts of Europe and elsewhere. Third, there is not enough lithium, graphite, high purity manga-

nese sulphate, high purity nickel and cobalt sulphate, rare earths, and other metals to meet the requirements of some of the overly optimistic projections of EV introductions in Europe, North America, Asia, and elsewhere. Throughout 2021, the world has gone beyond projections. The commitments to build US$250 billion worth of gigafactories, however politically expedient, remain disconnected from the reality of primary mineral supply. It is not just the raw materials: There also is insufficient capital investments into factories to produce motors, controllers, and other components. Capital markets are not set up to provide the required funds to the small and privately owned companies that manufacture these components for auto manufacturers. Put together, these and other constraints strongly suggest that the rapid growth in EV production and sales bandied about by politicians, corporate chieftains, and others will not be met. The world is bifurcating The world’s move toward clean energy and the materials required to build a new energy system globally meanwhile is bifurcating in ways that will further limit these efforts. The growing hostility between China and the rest of the world will worsen in 2022. Some fear outright military conflict. Others foresee worsening political and economic strains, limiting economic growth and stability for everyone. There is plenty of blame for all sides in the split between China and the world. China definitely has contributed to the bifurcation. The Made in China 2025 project, adopted in 2015, focusing on import substitution and replication of foreign technology has contributed to the growing deep asymmetry in global trade relations. Over the last several years the Chinese economy has become more independent of commercial flows, while rendering the rest of the world increasingly reliant on its products. This shift has also affected decarbonization technologies. The government’s responses to both domestic and international pressures have led to further criticism and reduced cooperation. The U.S. government bears a heavy responsibility for the increased hostility between China and countries in North America, Europe, and Oceana. U.S. governments since the Obama Administration have recognized the challenge posed by the Chinese Communist Party, but have so far done little to offset the burden of increased dependence on China’s dominance in key value chains. These U.S. governments have pushed the theme

of China as an enemy as opposed to a partner. U.S. policies grew worse over the ensuing two administrations. Prior administrations supported industrialists moving production to related companies, focusing U.S. hostile foreign policies on Russia and Middle Eastern oil producers as perceived adversaries. Russia remains a target of U.S. adversity, but China has been a focal point as well for more than a decade. This split will worsen in 2022 and can be expected to deepen further in the years to come. In 2026, the European Union will introduce ‘carbon tax’ — imposing heavy levies on importers and foreign manufacturers. Given the huge spread between carbon pricing in the EU and China, it is expected that the global trade will be durably transformed by this policy. Increased investments in Europe and America by South Korean, Japanese and Taiwanese technology companies indicate that targeted leapfrogging these tax changes may accelerate further bifurcation. So too will it deepen the split between upstream raw materials supply constraints and downstream battery, motor, and other component manufacturers’ demand. This development is mostly attributable to incompatible development timelines. It takes a couple of years to build the manufacturing facilities for the components of EVs, wind turbines, and other clean energy technologies. While those couple of years may be delayed by the lack of financing available to the small and private companies that make these parts for the large auto manufacturers, there is the ability to move forward. Finding, delineating, financing, and developing the mines to supply the raw materials takes a decade or longer, and faces enormous headwinds, which means the metals needed to make the auto parts may not be there on time, by a matter of many years. In 2022, all these factors are likely to present real obstacles to the optimism of a clean energy future anytime soon. TNM Jeffrey Christian is managing partner of the CPM Group. He wrote the EV Focus newsletter in 1978 and the World Guide To Battery-Powered Road Transportation in 1979. He has analyzed metals and energy markets since the 1970s, including alternative energy technologies and the raw materials needed to support them. Tomasz Nadrowski is creating TerraDen Clean Energy Materials Fund in collaboration with CPM, a private fund that will invest in metals and materials required for the move to clean energy focused on assets without Chinese attributes.

Strong EV sales will buoy battery metal prices next year FORECAST

BY NAIMUL KARIM

lectric vehicle sales have surged nearly 90% so far this year and will likely jump by 40% yearon-year in 2022, economist Patricia Mohr tells The Northern Miner. The former vice-president of Scotiabank and now independent analyst and founder of the publication Critical Metals for a Sustainable World, expects global EV sales will reach 5.7 million units by the end of this year, up from about 3 million in 2020, and says she “wouldn’t be surprised” if they totalled 7 or 8 million units in 2022.

| Economist Patricia Mohr expects EV sales will jump 40% in 2022

Sales of China’s New Energy Vehicles (NEV), a category that includes different kinds of EVs, soared to 2.4 million units in the first ten months of 2021, a 189% year-onyear increase, according to Mohr. The NEVs accounted for a 14.3% share of China’s total passenger car market sales from January to October. EV sales in the Eurozone reached 1.2 million units in the first three quarters of 2021. In terms of market share, they made up 18.9% of all passenger car sales during he third quarter, up from a 9.9% market share in the same period of 2020.

The United States, where EVs have a significantly lower market share of the total passenger car market, saw the market share of plug-in electric cars and light trucks during the first ten months of this year rise to 3.7%, up from 2% in the twelve months of last year. “What this tells you is that there is indeed a transition underway,” Mohr said in an interview, adding that rising demand for EVs will boost demand for metals used in the vehicles, particularly copper and nickel. “An average EV uses roughly three to four times more copper than an ordinary combustion engine,” she

said, adding that large carmakers like Ford and General Motors have “quite extraordinary” plans to roll out more EVs. Mohr expects the copper price to average US$4.20 per lb. next year, down slightly from an average of US$4.25 per lb. in 2021, while nickel will rise to an average of US$9.25 per lb. in 2022, up from an average of US$8.40 per lb. this year. The biggest winners in terms of price appreciation in 2021, however, have been the rare earth elements (REEs), and in particular the light REEs neodymium and praseodymium, and the heavy REE dysprosium —

all of which are used in EVs. As an example, Mohr noted that the price of neodymium oxide (99% China FOB), hit US$125,255 per tonne in November. On December 8, the price spiked to US$142,300 per tonne, a 79% increase from a year ago, and the highest since May 11 in 2012. “The reason why heavy rare earth metals have done well is because most of it is supplied to China through Myanmar and that has become constrained because of the military coup in Myanmar,” she said. “The light rare earth metals’ performance has to do with the strength of EV sales.” TNM

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DESORMEAUX from 9

na’s growth trajectory to moderate? MD: We have Chinese growth continuing. We are projecting 8.2% real GDP growth in 2021 and our forecast calls for real GDP growth to moderate to 5.1% in 2022 and then accelerate to 5.3% in 2023. So a more moderate pace of growth. Given that China is the largest metals consumer in the world, that will have implications for commodity prices. TNM: What are some of the factors driving a more moderate pace of growth in China next year? MD: One relates to power grid restrictions in China that are intended to slow down emissions in the lead up to the Winter Olympics. That’s had an impact on industrial activity and on imports of various products. Another factor is the question of strength in China’s real estate sector. There have been a few reports recently of very high debt levels, and there are questions about whether the pace of building and home buying can continue. So we’ve assumed a more moderate pace of expansion in that component of GDP in China. TNM: What is your GDP forecast

for the United States?

MD: As of our December forecast,

we had 5.6% growth in real GDP growth in 2021 and then a moderation down to 4.2% in 2022. So some more moderate growth, but still well above the trend rate as the recovery from Covid-19 recovery continues. TNM: What is your view on when

the U.S. Federal Reserve will start raising rates? The government has already started to wind down its bond buying program. MD: We think the Fed will begin to hike rates in mid-2022, with 100 basis point total rise in rates in 2022. We

SPECIAL FOCUS OUTLOOK 2022

then expect a further 100 basis points tightening over the course of 2023. TNM: What are your forecasts for average gold and silver prices? MD: We have gold and silver remaining fairly elevated into next year. We have gold prices remaining above US$1,800 per ounce in 2022 — specifically around US$1,850 oz. In 2023 we forecast gold will average US$1,700 per ounce. Silver remains well supported and we forecast US$25 per oz. in 2022 and US$23 per oz. in 2023. That trajectory mirrors our outlook for inflation and monetary policy; as rates rise and inflation cools in 2022 and 2023, we expect silver prices to cool. But we also see industrial activity contributing to silver prices as well. TNM: What about copper? MD: We see it remaining above US$4

per lb. and near all-time highs. We‘re forecasting US$4.25 per lb. for 2022. There is this longer term greener energy shift, which should support pricing, so the outlook is still quite solid despite some of the risk we’ve discussed around moderating China growth and supply chain issues. Prices for copper are pretty well supported with the global economic recovery. And over the longer run, we expect there to be a structural shortage of copper by the time we get to the middle of this decade. Copper is used in these green energy applications and electric vehicle consumption, so we see demand remaining quite strong. This is clearly a metal that’s going to be in high demand. And at the same time when we look at the pipeline of projects, there’s not much in the way of major capacity expansions expected in the next few years. As we get to the middle of the decade, we anticipate an imbalance between supply and demand will keep copper prices very well supported and that we’ll get to a price in 2025 of US$5 per pound.

On electric vehicles, the International Energy Agency estimates that the global EV stock will grow from about 11 million last year to almost 50 million in 2025 — which represents an average annual growth rate of more than 30% — under its stated policies scenario (that is, a scenario that incorporates policies that had been adopted by mid-2021). That implied increase in EV demand and production bodes well for demand for battery and green energy-intensive metals like copper and nickel. TNM: What is your forecast for nickel

prices? MD: Nickel is very well supported. It has been very strong lately and will continue to be to the end of the year. A lot of that reflects that stainless steel demand has been recovering very strongly — stronger than expected — and that has driven nickel prices up. Over the next couple of years we see more moderate nickel prices in the US$8 per lb. range. That reflects expectations that nickel pig iron production will pick up quite significantly in Indonesia and contribute to more supply and rising inventories, which will overhang prices, even as demand for the metal is pretty strong. So for the next few years we see a surge of physical surplus in the nickel market globally, even as demand remains strong. Over the longer run, the prospects for nickel prices are quite positive, given that nickel is used intensively in electric vehicle battery production. So in the next few years supply growth should keep prices from rising too much. But demand prospects for it are quite strong over the next few years and into the future. We see US$8 per lb. for nickel in 2022 and US$7.50 per lb. in 2023. TNM: Do you look at the iron ore market?

THE NORTHERN MINER / DECEMBER 20, 2021–JANUARY 9, 2022

MD: Our projections for 62% iron ore is US$160 per tonne this year and US$110 in 2022. Prices reached record levels earlier this year and have fallen back since then. What’s been behind that are the curbs on steel production in China. Iron ore is a key ingredient in the production of steel and China has cut back on steel production because it is looking to reduce emissions in the lead up to the Winter Olympics. They want to have higher quality air when athletes come in and participate in the Games next year. So the price decline is a temporary thing. But it has led to less steel production, which means less demand for iron ore, and has contributed to the big price decline we’ve seen. But broadly speaking, we expect we’ll start to see iron ore demand pick up a little bit as we get closer to the Winter Olympics and after them. They’re taking place in February, and we should have more durable price gains in the second half of next year. TNM: Spot uranium prices have had

a pretty good run this year. What is your forecast? MD: For uranium, we expect prices to rise to US$40 per lb. next year, then gradually climb towards US$50 per lb. by the end of this decade. In the next few years, supply constraints should contribute to upward price pressures — we only expect output from Kazakhstan to begin to rise materially in 2024 and production from the idled McArthur River mine in Saskatchewan to restart in 2025. Beyond then, we see potential for demand to grow more durably as nuclear power is increasingly adopted as a viable green energy source. TNM: Thanks Marc!

TNM

This interview has been edited and condensed.

HAMILTON from 10

to cut iron ore anymore. But I think we're not going to hit the highs again. Let's be absolutely clear on that. But I do think the price in the first quarter and in the first half of next year will be higher than we're trading at today. I don't have that outlook for many commodities I cover. TNM: What are your other concerns

as we move into 2022? CH: The weather, especially La Nina [creating] a slightly cooler Pacific Ocean near the equator. What that does is it generally causes less helpful weather conditions, across a lot of key mining areas. It is cooler and wetter along the western seaboard of the Americas, is much wetter in northern Brazil, Australia. I am building in higher disruption allowances for next year. I think there is greater supply risk out there. And it's something as a supply risk that we haven't talked about that much over 2021, because there's so many other things going on. But I think supply risk is definitely making a comeback. I wouldn’t be surprised to see lower output levels across copper in Chile and Peru, and in Australia and Canada, across iron ore in Brazil. Weather-related supply disruption is something that's maybe coming out of left field. TNM: Any final thoughts for inves-

tors?

CH: I think investors should always

understand where we are in a wider cycle and understand some of the trends. I think there will be opportunities in these base metals and I think they will start to get more attention again. So be looking for opportunities to add to base metal positioning at some point in the new year. TNM

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DECEMBER 20, 2021–JANUARY 9, 2022 / THE NORTHERN MINER

SPECIAL FOCUS OUTLOOK 2022

WWW.NORTHERNMINER.COM

Demand for rare earth elements projected to increase GMS

BY CARL A. WILLIAMS Special to The Northern Miner

emand for rare earths is projected to increase as much as ten times between 2030 and 2040, and many countries have designated them as critical and strategic minerals, according to a panel on the rare earths market at The Northern Miner’s recent Global Mining Symposium. The panellists included Mark Chalmers, president and CEO of Energy Fuels (TSX: EFR; NYSE: UUUU), a leading U.S. producer of uranium and an emerging player in the REEs space; Clint Cox, founder of The Anchor House, an investment advisory firm specialising in rare earth markets; and Chris Grove, president of Commerce Resources (TSXV: CCE; US-OTC: CMRZF), an exploration and development company focused on advancing its Ashram rare earth and fluorspar project in Quebec. Rare earths comprise a group of 15 metallic elements plus scandium and yttrium. They are vital materials for our modern world and are used in electronics such as smartphones, digital cameras, computer monitors, and flat-screen televisions and for the magnets in electric vehicles and wind turbines — the technologies neces-

| REE prices to rise as countries designate them critical and strategic

sary for global efforts to decarbonise. “Rare earths have made technologies smaller, lighter, faster, and stronger,” says Cox. “Cars contain somewhere between 150 and 200 rare earth magnets, with REEs also used in car seats, windshield wipers, and mirrors. They are also used in the aerospace and defence industries for the magnets in satellites and guided missiles for defence systems.” Cox notes that while the global market for REEs is “relatively small at about US$5 billion to US$10 billion, they directly impact somewhere between US$5 trillion to US$10 trillion in global GDP, so they have an outsized impact, and that’s why countries are designating them as critical and strategic to ensure better availability globally.” While not considered ‘rare’ in the same way that other valuable commodities are such as gold — even the rarest REE, thulium, is about 125 times more common than gold, and cerium, the least-rare REE, is 15,000 times more abundant than gold. Mineralogists consider them rare because they occur in deposits at relatively low concentrations. “It all comes down to economics,” says Grove from Commerce Resources. “And that’s particularly true for REEs as although they occur

in deposits that can often host up to 150 different mineral types, only four of these minerals — loparite, xenotime, bassetite, and monazite — are commercially mined today.” Monazite is the most important of these minerals because it contains the highest distribution of neodymium, praseodymium, europium, and terbium — the REEs used to manufacture permanent magnets and accounts for the single largest use of rare earths. According to Grove, the world’s largest source of REEs is the Bayan Obo rare earth mine in the Inner Mongolia region of China. Owned and operated by the Chinese stateowned Baogang Group, the mine accounts for more than 40% of the total known reserves of REEs globally and nearly half of global rare earth production. “China also has the most significant downstream market for manufacturing rare earths and sources most of its REEs from mines in Myanmar, Vietnam, North Korea, and the United States,” he says. “Putting China in the odd situation of being a net importer of rare earth elements.” Rare earths are often found in commercially viable concentrations at uranium deposits, which can lead to Environmental, Social, and Governance (ESG) issues around handling

radioactive materials, says Energy Fuels’ Chalmers. Energy Fuels’ strategy “is to replicate what the Chinese are doing with monazite sands, but to process these sands in the United States using methods that meet ESG standards,” he says. “We’ve retrofitted a uranium mill that has all the necessary infrastructure and licenses to deal with radionuclides such as uranium and thorium, while also being able to process monazite sands for rare earths,” says Chalmers. The company “has plans to emerge as a significant global producer of low-cost rare earths outside of China, with production costs in the lowest quartile globally,” he says, noting that the main challenge it faces is securing more supplies of monazite sands. According to Cox, several jurisdictions are being explored for new sources of rare earths. These include Canada, Australia, South America, Africa, Southeast Asia, and Russia. “Canada and Australia are probably the leaders at the moment,” he says. “However, it’s still very challenging to turn rare earth deposits into economically viable mines.” Turning to some of the key factors currently impacting rare earth markets, Cox noted that restrictions imposed

due to the Covid-19 pandemic put significant pressure on the supply of rare earths from Myanmar (a primary source of heavy REEs) to China. “The next biggest factor is global GDP,” he says. “While the global economy is recovering well from the pandemic, the economic downturn from the global financial crisis of 2008 had an immense impact on rare earth markets.” He warned that with demand for rare earths projected to increase as much as ten times between 2030 and 2040, there will be “significant upward pressure on prices.” This, he says, could lead electric vehicle and wind turbine manufacturers to switch from using permanent magnet drive trains to induction motors and substituting rare earths with less expensive materials. “With end-users willing to pay more for sustainable-sourced rare earths, supply chains with lower carbon footprints will become more attractive and are likely to drive prices even higher,” he says. Wrapping up the discussion, the panel agreed that support from western governments for companies operating within and across rare earth supply chains would be crucial for securing new supplies of REEs outside of China. TNM

SPECIAL FOCUS OUTLOOK 2022

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 20, 2021–JANUARY 9, 2022

Candace MacGibbon on INV Metals sale to Dundee GMS

| Mining executive speaks on M&A trends and carbon credits

BY NORTHERN MINER STAFF

n July, Dundee Precious Metals (TSX: DPM), which held a 23.5% stake in Ecuador-focused INV Metals, acquired the remaining shares in the junior exploration company that it did not already own in an all share deal. Dundee acquired the shares for about 80¢ — a 63% premium to INV Metals’ closing price on the Toronto Stock Exchange on May 28. Iamgold (TSX: IMG; NYSE: IAG), INV’s largest shareholder at the time with just shy of a 36% stake, supported the transaction, which had an equity value on a 100% basis of about US$132 million or US$104 million for the portion of the company DPM didn’t own. INV Metals owned the Loma Large project, about 30 km southwest of Cuenca, and completed a feasibility in May 2020 that outlined average production of 203,000 gold-equivalent oz. a year over a mine life of 12 years at all-in sustaining costs of US$627 per ounce. The mine would produce two concentrates, a goldcopper concentrate and a gold-pyrite concentrate. In a fireside chat at the Northern Miner’s Global Mining Symposium last month, Candace MacGibbon, INV’s former CEO, talked about the deal and noted that the intention “was never for us to sell the asset … we were not moving it forward just to tick the boxes in order for sale. We were moving forward with building this.” Having said that, she said, there are always two options: “Either you build it or you sell it,” and in this case at this time, the company’s shareholders “overwhelmingly approved it so that was the course of action that we took.” Fortunately for INV Metals and for its shareholders, Dundee was the right fit to take Loma Larga further, she said. Dundee’s underground Chelopech copper-gold mine in Bulgaria has similar geology, mining methods and processing flow sheet as contemplated at Loma Larga, she explained, and Dundee also sells concentrate and has a dual stage flotation circuit at Chelopech. In addition, Dundee owns the Tsumeb smelter in Namibia, which can process some of the concentrate, and the company had also successfully built the Ada Tepe open-pit mine in Bulgaria. Not only that, but it had experience building and operating mines in biologically diverse areas like Ecuador, and where antimining sentiment could be significant. Finally, it made sense because Dundee is “fully financed to build it.” “For all those reasons it was a good fit and so I’m pleased,” she said, “because this was my life for ten years, and my passion for ten years, [and it is] now going to be developed [and] that was very important to the board and the management team.” While INV had assembled a board and technical team of builders and operators to build the mine itself and was in the midst of financing and permitting it, one of the factors it had to consider as a single-asset company was the length of time it takes to permit and finance a mine, and that “has to be weighed against the dilution to the shareholders as you move forward.” “We were presented with an offer from our very supportive shareholder who we knew had the resources, the technical competency, and showed it to the shareholders as you do with

Former INV Metals CEO Candace MacGibbon. CANDACE MACGIBBON

your governance, and the shareholders overwhelmingly approved it, including Iamgold, who also understands that the asset now is in good hands and has the technical expertise in-house to move forward.” INV Metals acquired Loma Larga in 2012 from Iamgold in exchange for shares. “They remained a significant shareholder because they believed in it,” MacGibbon said. “It just became noncore because it was in Ecuador and Ecuador was going through some trouble as far as what was the sentiment of the day.” While INV Metals had to deal with vacillating sentiment about mining in Ecuador under different government regimes and repeated referendums, which she described as “very politically motivated for personal gain,” she also noted that with Lundin’s Fruta del Norte mine and the Chineseowned Mirador mine coming on stream, it helped people realize that there are benefits to mining: “There are significant employment opportunities and production opportunities and supply chain opportunities, which is fantastic.” “In order to have a federal government that is supportive of mining, you have to show them that they’re going to get the tax revenues … And so when they get that first check in the mail … and it’s significant, that then allows people who may not have been as supportive to say: ‘Oh, this is a significant driver, assuming we do it right, of future GDP growth and a revenue tax base. I think that’s been very helpful.” Nevertheless, the mining industry needs to continue to spend time and money to get people who don’t understand mining to understand it, she said, and “really focus on the benefits and the impact, because it’s not all good. And then work together with the communities to overcome those such that you still have that relationship that’s built with trust. And as I was saying, our budgets are so lean. So it’s nice when you have an operating partner who understands that communication is a key budget line.” Switching to the topic of mergers and acquisitions, MacGibbon said she was excited to hear the news of the Kirkland Lake Gold and the Agnico Eagle Mines transaction. “I’m thrilled we’re going to have a Canadian powerhouse,” she said. “I think we need that. Our reputations abroad are well deserved and to be able to keep that and build that is awesome.” More broadly, MacGibbon noted that anecdotally, “the mining investment bankers are very busy; so that

means that people are talking to each other and they’re looking at either mergers as equals, which probably implies closer to no premium deals,” and asset purchases. “It’s easier to sell a merger of equals when there’s no premium … and so that may be the trend certainly at the big caps,” she said, while with asset purchases, “we’ve got a lot more room for premiums.” Development assets are historically undervalued at this point compared to comparables over the years, she added, noting that it will only become more expensive to build mines with cost inflation and labor shortages. “There may be a little bit more of a devaluation, but then the premium on the stock price becomes really important for shareholders and for management teams to be able to support the acquisition,” she said. “And so the premium for shares might be high, however, the Price to NAV ratio could be on the low side of the comparables. I think that that will likely and could likely be a trend in the future, which is fine for shareholders of course.” Looking ahead, ESG will also become a significant factor in all deals, she said, “because without ESG, you won’t even be a candidate for M&A activity. Nor will you be

a candidate for bank financing or equity financing. … And so it’s time to step up.” How early you have to do that in the cycle is also important. As a result, it’s going to get “way more expensive to be an exploration company and investors are going to have to realize that.” “So if you’re looking for a new gig … the compliance for ESG and reports is a good one, because we’re going to have to be able to audit what companies say.” MacGibbon, who sits on the board of Osisko Gold Royalties, also said that royalty companies “don’t have the exposure to the cost increases that we as producers do.” And “in the near term, with gold prices being strong and metal prices being strong, they are going to rise to the top of the investment thesis.” Importantly, she noted, once government policymakers realize just how important metals are in the transition to a greener economy, “we’re going to have developers in the sun.” “There’s no doubt that prices are going to go up, because there is going to be a supply crunch, that’s for sure, on the metals,” she added. “The question will be what happens to the inputs? And can we manage that? And then on the developers, let’s hope

there’s a big push in the next couple of years because we understand that the carbon neutral economy transition will need them.” MacGibbon also took a few moments to discuss her latest involvement as a director with Carbon Streaming Corp. The thesis is that the world is going to require that companies be carbon neutral and therefore they will have to buy carbon credits, she explained. “And so we will, as a company, invest into projects that create carbon credits. We will be contractually bound to be able to receive those carbon credits, whether it be a percentage or a certain fixed number of carbon credits over a period of time. And then the thesis is they will appreciate in value and then we will resell those in the market to get that price appreciation.” Retail investors will then have access to a product that is providing a real impact on the world in a positive way, in an environmental and social manner, she said. “I think that it’s going to be the space that is going to blow up. The voluntary market right now is about half a billion dollars. I think in a couple of years it’ll be tens of billions of dollars and so it’s definitely a space to watch.” TNM

Electra Battery Material’s Trent Mell on the green energy revolution GMS

| Supply chains and recycling are key issues

BY NORTHERN MINER STAFF

ising interest in the battery sector was the focus of an indepth discussion with Trent Mell, the president and CEO of Electra Battery Materials, at The Northern Miner’s recent Global Mining Symposium. It was Mell’s first chance to talk about some of the issues facing green energy players since the company he founded, First Cobalt (TSXV: FCC; US-OTC: FTSSF), underwent a rebranding and name change to Electra Battery Materials. “When I started the company four and a half years ago, in 2017, cobalt was the best performing commodity and we set about on a journey to find cobalt for the North American electric vehicle market,” Mell said. Since then the company has acquired assets in Canada and the United States, including a hydrometallurgical refinery in northern Ontario with a series of exploration properties nearby, as well as its Iron Creek project in Idaho. Now the company wants to capitalize on both its North American assets and the demand for battery materials from downstream consumers. “I think in our discussions now with the downstream, we’re twelve months away from first production with the cobalt plant, but the automotive companies need more,” he said, adding that there’s a gaping hole in the supply chain, not just with the demand for production of

new battery materials, but also with an increased focus on the process of recycling batteries in the electric vehicle (EV) sector. “It’s a huge priority for the EVs. The auto manufacturers have got teams of people trying to figure out what do you do with end of life batteries. And so that’s the market where everybody is focused. So the opportunity in the future is going to be fairly large.” Mell says a big challenge with EV battery recycling is the capital involved in building a facility capable of doing the work, something he estimated would cost in the region of US$300-350 million to build in the U.S. His company plans to expand its existing cobalt refinery in Ontario to the tune of $200 million and have it up and running by next year, initially as a demonstration plant. Electra also plans to increase the plant’s capacity from 5,000 tonnes of cobalt a year to 6,500 tonnes, pending permit amendment. In looking at the broader geopolitical questions affecting the sector, such as the reliance on overseas producers in places like China and the Democratic Republic of the Congo (DRC), Mell said the issue of feedstock for cobalt is “trickier,” but that his company has contracts in place with three of the four biggest cobalt operators in the world, including Glencore (LSE: GLEN). Nevertheless, Mell believes it’s necessary to find more domestic

sources in both Canada and the U.S., and pointed to the Canadian government’s $2 billion Strategic Innovation Fund as a sign that supply chain issues are being recognized as vital to western economies. He also recounted a recent visit to the White House in Washington in which he witnessed increased attention in the importance of supply chains. “Our supply chains are too big. We’re circumnavigating the world, sometimes twice over, to get out battery parts. And there’s a real focus on getting that domesticated. And now you’ve got the ESG (environmental, social and corporate governance) rationale to do it as well. That’s an important attribute that consumers are looking at.” In addition, ESG pressures have pushed the cobalt sector to “clean up its act” when it comes to issues like child labour or corruption in the DRC. But the demand for green energy materials is so intense that there will always be some players willing to look the other way as long as they can find resources. “Anybody who studies the demand projection knows that the raw material supply is going to become an issue,” he said. “Two years ago everybody was chasing their tails over cobalt. Now it’s nickel. We’re running to Indonesia looking for nickel deposits in a state that’s going to have a terrible carbon footprint. But it’s going to be the answer to See MELL / 16

WWW.NORTHERNMINER.COM

DECEMBER 20, 2021–JANUARY 9, 2022 / THE NORTHERN MINER

Noront to negotiate with Wyloo on sweetened offer M&A

ICMM members paid US$23.7B in taxes in 2020 TAXES

| Between 2013 and 2020, they paid more than US$185B in tax

| Takeover battle has dragged on since July

Noront Resources’ Esker camp. NORONT RESOURCES

BY CECILIA JAMASMIE

oront Resources (TSXV: NOT) said on December 14 that it plans to negotiate directly with Australian billionaire Andrew Forrest's Wyloo Metals on the company's sweetened acquisition bid, which has reignited a longdragged-out battle with BHP (NYSE: BHP; LSE: BHP; ASX: BHP) for the Canadian junior. The world’s largest miner looked like the winner of the bidding war for Wyloo until December 13, when the private company submitted a $1.10 per-share offer that trumped BHP’s bid of 75¢ per Noront share. Wyloo, the Toronto-based company’s top shareholder, increased its offer to $1.10 a share on December 13, valuing the company at $616.9 million (US$481.3 million), 57% higher than its prior bid and outmatching BHP's 75¢ per share offer. Earlier, BHP had ended talks with Wyloo regarding its support for the takeover of Noront as the two parties were unable to reach an agreement. Noront did not provide any update on whether its board was changing its recommendation to shareholders to accept BHP's offer, but did say the company was reviewing Wyloo's latest proposal. The two Australian mining companies have been engaged in a tug of war with competing offers for Noront since July. At stake is the takeover target’s early-stage Eagle’s Nest nickel and copper deposit in northern Ontario's ‘Ring of Fire’ region. Wyloo has billed the asset as the largest high-grade nickel discovery in Canada since the Voisey’s Bay nickel find in the eastern province of Newfoundland and Labrador. Eagle’s Nest is expected to begin

MELL from 15

our demand needs. So we’ve got a lot of conflicting issues.” While he thinks there are opportunities to develop assets in more transparent jurisdictions, Mell worries that Western nations are taking too long to permit them, leading to another gap in the supply chain. In terms of the ‘Buy America’ policy and its potential impact on Canadian miners, Mell downplayed the effects this could have. “If you look under, for instance, the Defense Procurement Act, Canada is treated no different than any of the U.S. states. And it’s the only country in the world that gets that kind of special treatment,” he said. “So I think there’s a view that Canada can and must play an important role, particularly because mine development is easier in this country, and the

commercial production in 2026 with the mine running initially for 11 years. The mine’s start date has been pushed back repeatedly by Noront due to the inability of successive federal and provincial governments to consult and reach a unanimous agreement with First Nations in the area. Forrest, the chairman and founder of iron ore producer Fortescue Metals Group (ASX: FMG), plans to lead a new board of directors at Noront if the takeover is successful. The match between the two Australian companies is the latest evidence of the rush global miners are in to secure an adequate supply of battery metals ahead of an imminent surge in demand for electric vehicles. Nickel production would need to increase nearly fourfold to meet expected demand for electric and hybrid vehicles, the company estimates. Likewise, copper output will also need to grow exponentially to meet demand from renewable power generation, battery storage, electric vehicles, charging stations and related grid infrastructure. Tesla boss Elon Musk has expressed worries about a looming nickel shortage. He pleaded with miners last year to produce more nickel, promising a “giant contract” for supply produced efficiently and in an “environmentally sensitive way.” Last month, the U.S. EV giant inked a multi-year nickel supply deal with New Caledonia’s Prony Resources. The contract guarantees Tesla about 42,000 tonnes of the metal needed to produce the batteries that power its EVs. Tesla also has a similar agreement with BHP. TNM

resource side is a piece they see us really playing a role in.” Mell also highlighted the radically expanding global EV market. “In the U.S., its [EV sales] going to go up by 60% next year. So we in Canada are going to be the beneficiaries of greater availability. It’s coming. Last year, during Covid, [conventional vehicle] sales in Europe were down 26%. EV sales were up, I think threefold, roughly, if my math is right. Year to date, North America, I think we’re up 140%. The investment announcement — the full velocity of investments, the amount of dollars that are being thrown in the infrastructure in North America — suggests to me that the EV adoption rate in North America is a lot [bigger] than people think. And I think in two years from now it’ll be a very different landscape.” TNM

BY HENRY LAZENBY

he 28 members of the International Council on Mining and Metals (ICMM) reported total tax payments of US$23.7 billion in 2020, an effective tax rate of 39.7%, and an increase of 5% from 2019. This increase results from lower profitability in 2020, driven by a decline in commodity prices. This latest report, which PwC produced, found that between 2013 and 2020, ICMM members paid more than US$185 billion – comprising corporate income tax of US$119.1 billion and royalties of US$66.4 billion – to tax authorities across the world. The ICMM also reports its members have committed anew to disclose all mineral development contracts from January this year, wherever they operate. The commitment represents a significant step up in mineral resource governance commitments by about one-third of the global mining and metals industry. The new commitment requires members to disclose contracts they have committed to, what taxes they must pay and when payments are due. Members are also encouraged to disclose mineral development contracts granted or entered before

that date, the ICMM stated. This new commitment builds on ICMM’s existing membership requirement on ethical business practices and sound systems of corporate governance through the disclosure of tax and royalties as set out in ICMM’s mining principles. It forms part of the ICMM’s Transparency of Mineral Revenues Position Statement, representing a leadership position aligned to the Extractive Industries Transparency Initiative (EITI). This organization addresses critical governance issues in the extractive sectors. “Contract and tax transparency are two critical components of a safe, fair and sustainable mining and metals industry, representing two sides of the same coin,” said ICMM CEO Rohitesh Dhawan in a media release. “The former allows citizens to understand what should have been paid, and the latter enables them to see what has actually been paid. Underpinning this is consistent, transparent disclosure, which is why ICMM has also published its annual tax contribution report for 2020.” EITI chair, Helen Clark, welcomed the contract disclosure commitment by ICMM members, noting such disclosure had been a requirement for EITI-implementing countries

since January 1, 2021. “With both countries and companies now committing to their publication, we hope to see accelerated progress in this vital area of transparency. Publishing contracts is a powerful weapon against corruption, enabling contracts to be compared, and creating a level playing field for business,” said Clark. “Transparency incentivizes governments to arrange fair contracts with reputable companies, drafted in a way that is consistent with the country’s legal framework and deters officials from concluding contracts that are disadvantageous or result in personal gain. In the energy transition context, contract transparency will also enable governments and stakeholders to assess how the extraction of raw materials will influence their ability to reach climate change targets.” Oxfam Extractive Industries Global Program associate director Maria Lya Ramos added that if citizens of resource-rich countries could scrutinize the decisions made by governments on their behalf, those decisions would more likely be to their benefit. The IMCC has 28 mining and metals company members and over 35 national, regional and commodity association members. TNM

www.northernminer.com DECARBONIZATION from 9

standpoint, dynamics had improved compared with two years ago when the U.K. took the presidency for COP26. “Indeed, 154 Parties submitted new targets accounting for 80% of global emissions. In terms of netzero pledges, in 2019, only 30% of the world was covered by net-zero targets. Today this figure is at around 90%, including the two largest emitters of CO2, China and India, which announced plans for carbon neutrality by 2060 and 2070, respectively (in effect slightly later than the 2050 target),” said Widmer. According to the Intergovernmental Panel on Climate Change (IPCC), implementing the updated commitments would put the world on track for a temperature rise of 1.8C by the end of the century. For the 1.5C target to be met, carbon dioxide emissions must fall by 45% from 2010 levels by 2030. For this reason, the pact requests parties to revisit and strengthen the 2030 targets in their nationally determined contributions by the end of 2022. “This implies that 2022 will be another year of discussions around tackling climate change, and a reduction in emissions will remain an immediate focus of the global economy,” said Widmer. While the determinations of the summit will guide the outlook for many commodities, some outcomes were less than desired, such as the wording regarding thermal coal. Despite last-minute amendments to the language from ‘phase out’ to ‘phase down,’ put forward by China and India, an agreement on tackling unabated coal is still noteworthy, in Widmer’s view. “Indeed, for the first time, it took 26 editions of COP for this to happen, coal makes its entry into an official U.N. text. Although falling short of the goal of ‘consigning coal to history,’ the pact still is a breakthrough in curbing the reliance on the most

polluting fossil fuel,” said Widmer. Hence, the global community will further electrify the economy, emphasizing renewable power generation, power storage and transportation using electric vehicles and fuel cell electric vehicles. NDCs are perhaps the most immediate reference to estimate by how much metals demand will increase. “Of course, NDCs determine the pace at which global emissions will decline and, hence, the required investment into new infrastructure. The Glasgow Climate Pact explicitly urges nations to develop and deploy green technologies,” noted Widmer. While aluminum may face headwinds as China’s electricity market normalizes, the country’s smelters will ultimately run into the 45 million tonnes capacity cap, pushing prices higher. Nickel demand from EVs is expected to increase steadily, keeping the Class 1 refined market tight. Meanwhile, copper is most exposed to the unfolding economic slowdown, exacerbated by weakness in China’s property sector; that said, a normalization of supply chains, some stimulus, and low inventories are still supportive for now, before the market flips into an expected surplus by 2023. Further, Widmer expects gold markets to refocus from tighter monetary policy toward “how high rates can rise,” with the expectation that the yellow metal should rally. “We believe 10-year Treasuries above 2.5% are difficult to sustain,” said Widmer. Meanwhile, increased investment into solar panels should boost silver. Platinum is the rebound trade on the normalization of chip shortages in the auto industry, while substitution from palladium should also help. Widmer expects China’s steel industry might face another challenging year in 2022, with production and demand declining by 6.1% and 5.1% year-on-year, respectively. U.S. steel prices will likely come under pressure, although infrastructure

stimulus should be supportive. Conversely, China’s iron ore demand is set to be weaker, while the large miners will likely ship more tonnes, pushing the raw material into surplus and keeping prices at marginal costs. That said, a post-Olympics rebound is possible. Coal prices will likely come under pressure, partially because supply is set to normalize. Among the MIFTs (metals important for future technologies), BofA sees lithium demand rising exponentially, but more supply should ease some of the tightness. “As such, there is a risk that prices may not rise further,” Widmer cautions. Some production discipline will also be required in the next couple of years. “Yet, beyond that, [lithium] operators need to strap on their boots to prevent shortages. Indeed, under the IEA Net Zero scenario, demand could rise to 3 million tonnes and 5 million tonnes by 2030 and 2050, respectively, against lithium supply of only 387,000 tonnes in 2020,” said Widmer. As supply reacts to elevated prices, the cobalt market looks to flip into surplus next year, likely pushing prices lower. Under current battery technologies, fundamentals are set to tighten again from 2024, at which stage consumers may struggle to source sufficient feedstock unless there are innovative solutions, including recycling. When it comes to diamonds, BofA sees the reopening of the U.S. and Asian economies as pushing rough diamond prices up by 12% in 2021 and another 2% increase in 2022. BoA has raised its rare earth elements (REE) price forecasts by 50%, effectively updating to close to spot pricing for the next six months before forecasting a ‘normalization’ of pricing as supply begins to catch up. BofA also sees uranium prices heading slightly higher in 2022, as supply discipline continues around the globe amid a dearth of utility contracting activity. TNM

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M A R K E T N EWS TORONTO STOCK EXCHANGE / DEC. 6-DEC. 10 The S&P/TSX Composite Index climbed 1.25% or 257.3 points to finish the week at 20,890.60 points. The S&P/TSX Global Mining Index rose 1.62% to 98.52 and the S&P/TSX Global Base Metals Index jumped 5.12% to 170.92. Spot gold ended the week at US$1,782.90 per oz., up US30¢. Lithium Americas jumped $2.43 to $42.72 per share. The company closed a US$258.75 million offering of 1.75% convertible senior notes due in January 2027. The offering included an over-allotment of US$33.75 million. The company said it used a portion of the proceeds to repay its US$205 million senior secured credit facility and intends to use the remainder of the proceeds from the offering to repay other debts and for general corporate purposes. The company has projects in Argentina (Jujuy province) and the United States (Nevada). Shares of Teck Resources rose $1.60 to $34.65. The company reported on the impact of heavy rain, flooding and mudslides in British Columbia. Teck said as a result of rail disruption, fourth quarter sales of steelmaking coal would come in at 5.2-5.7 million tonnes, compared to its previous estimate of 6.4-6.8 million tonnes, but noted that it expects when rail service is fully restored it will be able to “substantially

recover delayed fourth quarter sales in the first half of 2022.” It said it had not idled any processing facilities and continued to stockpile clean coal and manage available railing capacity to minimize production impacts, and expected annual steelmaking coal production of 24.5-25 million tonnes, compared to its previous guidance following wildfires in the third quarter of nearly 25 million tonnes. The company forecast 2021 annual adjusted site cash cost of sales to be about $64-$66 per tonne, slightly above the upper end of its previous guidance of $59-$64 per tonne and full-year transportation costs of $44-$46 per tonne compared to its earlier forecast of $42 per tonne. Howver, increased costs will be “more than offset” by continued strong steelmaking coal prices through the TSX MOST ACTIVE ISSUES VOLUME (000s) HIGH

Suncor Energy Kinross Gold B2Gold Corp Yamana Gold Barrick Gold Denison Mines Star Diamond First Quantum Ivanhoe Mines Capstone Mng

SU K BTO YRI ABX DML DIAM FM IVN CS

70387 33425 24789 19001 16673 15663 9292 9214 8889 8854

32.08 7.67 4.95 5.15 23.71 2.02 0.36 30.02 10.20 6.15

WEEK LOW CLOSE CHANGE

30.46 31.31 + 1.02 6.62 6.77 - 0.72 4.68 4.71 - 0.07 4.91 4.97 - 0.07 22.80 22.83 - 0.56 1.68 1.79 - 0.04 0.18 0.25 + 0.07 26.75 28.47 + 1.48 9.03 9.93 + 0.45 5.43 5.66 - 0.07

second half of 2021. Teck said that the average price of steelmaking coal in the three months ended Nov. 30 settled at US$371 per tonne, US$168 per tonne higher on an FOB basis than the three month average at the end of August, and US$254 higher than the three month average at the end of May, compared to only $3 per tonne higher transportation costs, based on the mid-point of its updated annual guidance. The company said the weather events

had no impact on production at Highland Valley Copper, however up to 4,500 tonnes of contained copper in concentrate sales were at risk of being delayed into the first quarter of 2022 due to disruptions in the logistics chain. Solaris Resources rose 98¢ to $13.78 after announcing it will spin-out non-core assets in Ecuador, Peru, Chile and Mexico into Solaris Exploration and will focus on its flagship Warintza project in Ecuador. TNM TSX GREATEST VALUE CHANGE

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Star Diamond Orea Mining Excelsior Mng Xanadu Mines Osisko Mng Inc Verde Potash EurOmax Res Generation Min Solitario Ex&R UEX Corp Harte Gold Gold Mountain Talon Metals Serabi Gold SouthGobi Res Anaconda Mng Yorbeau Res Goldgroup Mng NextSource Mat Lucara Diam

DIAM OREA MIN XAM OSK NPK EOX GENM SLR UEX HRT GMTN TLO SBI SGQ ANX YRB GGA NEXT LUC

9292 449 845 4653 7806 378 4 1404 23 8300 4979 1017 5060 36 382 1007 340 692 312 1996

0.36 0.14 0.48 0.03 3.84 2.38 0.08 0.83 0.67 0.39 0.02 1.65 0.62 1.15 0.31 0.70 0.04 0.04 3.27 0.59

VOLUME (000s)

WEEK LOW CLOSE CHANGE

0.18 0.12 0.38 0.00 3.09 1.92 0.00 0.65 0.00 0.31 0.00 1.31 0.49 0.00 0.20 0.60 0.00 0.00 2.90 0.52

0.25 0.14 0.47 0.03 3.78 2.38 0.08 0.77 0.65 0.36 0.01 1.33 0.52 1.03 0.23 0.61 0.04 0.04 2.94 0.53

+ + + + + + + + + + -

38.9 21.7 20.8 20.0 19.2 19.0 15.4 14.9 14.0 10.8 33.3 15.3 14.8 14.2 13.5 12.9 12.5 12.5 12.0 10.2

Nutrien Lithium Amer Teck Res First Quantum Labrador IOR Newmont Corp Altius Mnrls Suncor Energy Solaris Res Turquoise HIl Franco-Nevada Seabridge Gld Agnico Eagle Endeavour Mng Triple Flag Kirkland Lake Kinross Gold Lundin Gold MAG Silver Pan Am Silver

NTR LAC TECK.B FM LIF NGT ALS SU SLS TRQ FNV SEA AEM EDV TFPM KL K LUG MAG PAAS

4315 4320 7559 9214 1284 813 607 70387 1766 654 1602 386 3918 2770 116 2474 33425 820 801 1658

WEEK CLOSE

89.45 42.72 34.65 28.47 37.20 71.39 16.60 31.31 13.78 18.61 166.25 21.18 60.65 27.08 13.00 48.17 6.77 9.42 18.76 29.76

CHANGE

+ + + + + + + + + + -

2.76 2.43 1.60 1.48 1.42 1.20 1.08 1.02 0.98 0.86 3.95 1.83 1.52 1.40 1.08 1.04 0.72 0.68 0.67 0.66

TSX VENTURE EXCHANGE / DEC. 6-DEC. 10 The S&P/TSX Venture Composite Index rose 1.32% or 11.86 points to 908.99. Spot gold gained US30¢ to finish the trading week at US$1,782.90 per ounce. Shares of Sigma Lithium climbed $1.33 to $12.93. The company announced it plans to raise $60 million in a non-brokered private placement of common shares at $11.75 per share. The company also reported that it has started construction to build the foundation and infrastructure installation of its greentech dense media separation production plant at its 100%-owned Grota do Cirilo project in Brazil. It also announced that it has begun ordering 38 critical long lead items for the project. Phase 1 of the production plant has been designed to produce up to 220,000 tonnes per year of high purity 6% battery grade lithium concentrate, equivalent to approximately 33,000 tonnes per year of lithium carbonate equivalent (LCE). The company is working on a preliminary feasibility study for a second production phase that envisions another processing line with a further 220,000 tonnes per year, which would double capacity to 440,000 tonnes per year (66,000 tonnes per year of LCE). The study is expected to be completed in the first quarter of 2022. Grota do Cirilo is one of the largest hard rock

lithium spodumene deposits in the Americas. North Peak Resources rose 32¢ to $1.80 per share. The company signed an agreement with Minex LLC to acquire the 2,733-acre Black Horse gold and silver property, about 81 km east of Ely within the Black Horse mining district of Nevada’s White Pine County. Minex acquired the lode claims beginning in 1998 and drilled about 300 holes between 1998 and 1999 that North Peak Resources says identified a mineralization zone that appears to have a strike length of three kilometres. In 2016 Minex reported a historic inferred resource of 350,000 troy ounces of gold at a grade of 1.2 grams gold per tonne. Gold was originally produced from the property around 1906. Shares of Vision Lithium gained 3¢ to 23¢. TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Stans Energy Leeta Gold CMC Metals GoviEx Uranium Vision Lithium Azincourt Ener Alpha Lithium Forum Energy Arena Min BTU Metals

HRE.H 16233 HIVE 11450 CMB 7903 GXU 7488 VLI 6399 AAZ 5885 ALLI 5446 FMC 5206 AN 5022 BTU 4768

0.04 4.28 0.15 0.44 0.24 0.08 1.55 0.20 0.50 0.12

WEEK LOW CLOSE CHANGE

0.01 3.46 0.08 0.28 0.18 0.07 1.27 0.15 0.44 0.07

0.04 + 3.67 0.14 + 0.38 + 0.23 + 0.07unch 1.38 0.18 + 0.45 0.10 +

0.03 0.33 0.05 0.05 0.03 0.00 0.13 0.02 0.01 0.02

The junior acquired 215 contiguous mining claims in Quebec from four different vendors, and staked an additional 105 claims, for a project it is calling the Cadillac lithium project. The 18,378 hectare project is about 10 km south of the historic mining town of Cadillac and about halfway between Rouyn-Noranda and Val-d’Or. The property hosts at least four pegmatite dikes, which are spaced about 100

metres apart and traced for at least 300 metres along strike. Vision Lithium says lithium crystals have been seen in all four dikes. In 2016, two grab samples taken from the property returned 2.67% and 7.34% lithium oxide. “Spodumene has been observed in the outcropping dikes and we believe there are likely more dikes in the cluster,” Yves Rougerie, the company’s president and CEO, stated in a news release. TNM

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Stans Energy Minfocus Expl SOPerior Fert CMC Metals KGL Resources Pac Ridge Expl Altan Rio Min Durango Res Currie Rose Rs Altair Res Inc District Mines Paleo Resource Adex Mining Tymbal Res Blue River Res Intl Iconic Superior Mng Antler Gold Asbestos Corp Austin Res

HRE.H OZAU SOP.H CMB KGL PEX AMO DGO CUI AVX DIG.H PRE ADE TYMB BXR ICON SUI ANTL AB.H AUT.H

16233 28 3226 7903 63 2644 128 1273 1298 284 13 256 41 7 18 241 93 43 2 2

0.04 0.34 0.06 0.15 0.18 0.37 0.14 0.06 0.09 0.09 0.15 0.02 0.02 0.02 0.02 0.10 0.44 0.19 0.75 0.06

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.01 0.00 0.04 0.08 0.00 0.23 0.00 0.04 0.05 0.07 0.00 0.01 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.00

0.04 0.32 0.05 0.14 0.18 0.34 0.14 0.05 0.07 0.09 0.12 0.01 0.01 0.01 0.01 0.08 0.30 0.15 0.55 0.06

+ 250.0 + 93.9 + 50.0 + 50.0 + 50.0 + 47.8 + 47.4 + 42.9 + 40.0 + 38.5 - 47.7 - 33.3 - 33.3 - 33.3 - 33.3 - 31.8 - 31.8 - 31.8 - 31.3 - 31.3

VOLUME (000s)

Great Bear Res Sigma Lithium Artemis Gold Teuton Res NGEx Minerals Saturn Mnrls New Found Gold Eloro Res North Peak Res Los Andes Golden Secret Greenshield Ex Eskay Mng Universal Vent Leeta Gold Rock Tech Lith Tisdale Res Nouveau Monde Graphite One Asbestos Corp

GBR SGML ARTG TUO NGEX SOIL NFG ELO NPR LA TBRD PEZM.H ESK MCLD HIVE RCK TRC NOU GPH AB.H

WEEK CLOSE

3664 28.55 169 12.93 987 7.24 197 2.26 586 1.73 293 3.44 664 7.18 532 3.53 645 1.80 35 11.65 772 4.42 509 1.36 759 2.48 67 5.20 11450 3.67 406 6.75 11 0.65 365 8.16 598 1.79 2 0.55

CHANGE

+ + + + + + + + + + -

7.69 1.33 0.65 0.44 0.43 0.40 0.36 0.35 0.32 0.30 0.67 0.53 0.42 0.38 0.33 0.28 0.27 0.26 0.26 0.25

U.S. MARKETS / DEC. 6-DEC. 10 The Dow Jones Industrial Average rose 4.02% or 13,909.91 points to 35,970.99 and the S&P 500 increased 3.82% or 173.59 points to 4,712.02. Spot gold ended the week at US$1,782.90 per oz., up 30¢. Rio Tinto’s shares climbed US$2.78 to US$64.11. The company opened a newly extended wharf that will boost the capacity of its port facilities in Kitimat in British Columbia. Rio Tinto will use the new wharf at its Terminal A facility for imports of alumina, anodes and other supplies for its operations, and exports of low-carbon aluminium made at its BC Works smelter. The new wharf, which was built by LNG Canada, can now accommodate larger vessels ranging from 200 metres to 250 metres in length. Construction began in December 2018 and involved building a 20,000 m³ concrete deck supported by more than 400 steel piles to extend Terminal A and adding a deep sea hydraulic barge ramp. Shares of Mosaic rose US$2.33 to US$36.74. The phosphate and potash company announced targets to achieve net-zero greenhouse gas emissions in Florida, U.S., by 2030 and companywide by 2040. The targets are in addition to the company’s 2025 ESG performance targets, which were set in 2020, including to reduce companywide greenhouse gas emissions and

freshwater use per unit of production by 20%. Last year, Mosaic achieved a 10% reduction in GHG emissions and freshwater use per unit of production since the baseline was set in 2020. Freeport-McMoRan gained US$1.81 to US$38.37 per share. The company announced it had appointed Hugh Grant to its board of directors. Grant is a retired chairman of the board and CEO of agriculture giant Monsanto Company, where he worked from 2003 until the merger of Monsanto and Bayer AG in 2018. In 2009 he was named one of the world’s 30 most respected CEOs on Barron’s annual list and in 2010 CEO of the Year by Chief Executive magazine. Shares of Sibanye-Stillwater fell US61¢ to US$12.10. The company reported that four employees were killed in two incidents on Dec. U.S. MOST ACTIVE ISSUES VOLUME (000s)

Vale* Kinross Gold* Yamana Gold* Barrick Gold* Cleveland-Clif* Freeport McMoR* United States S* Chevron Corp* IAMGOLD* Harmony Gold*

HIGH

WEEK LOW CLOSE CHANGE

VALE 165531 14.06 12.76 KGC 109100 6.06 5.22 AUY 91516 4.08 3.85 GOLD 74238 18.74 17.92 CLF 70724 21.67 20.02 FCX 66397 39.61 36.36 X 63218 24.04 22.30 CVX 46911 119.26 115.05 IAG 39826 3.09 2.80 HMY 33469 4.23 3.64

13.52 + 0.79 5.33 - 0.51 3.92unch 0.00 17.95 - 0.27 20.26 + 0.14 38.37 + 1.81 22.73 + 0.16 118.34 + 3.93 2.91 + 0.04 3.65 - 0.57

3. One employee died at the Khuseleka shaft at its Rustenburg operations due to a fall of ground. Later the same day, three employees died at 3 shaft at the Beatrix operations, following a trackless mobile machinery incident. “Despite improvements in all other safety metrics, Sibanye-Stillwater has experienced a notable regression in fatalities during 2021, with 18 employees losing their lives during the year. The incident at Beatrix in particular, followed

an incident earlier this week, where another colleague lost his life in a blasting incident,” the company stated in a news release. Harmony Gold’s shares fell US57¢ to US$3.65. Harmony announced that the Public Investment Corporation (SOC) Ltd., has acquired a 10.60% of the company’s total issued shares. The Public Investment Corp. is a South African state-owned entity and is the largest asset manager in Africa. TNM

U.S. GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Alcoa* CONSOL Energy* Nexa Resources* MartinMarietta* Intrepid Pots* Lithium Amer* Mosaic* Vale* HudBay Min* Teck Res* Harmony Gold* Gold Fields* Kinross Gold* AngloGold Ash* Mechel* Seabridge Gld* Peabody Enrgy* DRDGOLD* Sibanye-Stillw* McEwen Mng*

AA CNX NEXA MLM IPI LAC MOS VALE HBM TECK HMY GFI KGC AU MTL SA BTU DRD SBSW MUX

32011 50.98 13363 14.59 622 8.04 1514439.98 307 42.89 17365 36.09 19928 37.63 165531 14.06 4549 7.29 16794 28.29 33469 4.23 33121 11.03 109100 6.06 11654 21.14 921 3.03 1384 18.23 21909 10.45 832 9.09 12058 12.91 15060 0.96

U.S. GREATEST VALUE CHANGE VOLUME (000s)

WEEK LOW CLOSE CHANGE

44.13 48.80 13.00 14.57 7.07 7.71 410.88 439.37 38.55 42.24 29.82 33.61 34.05 36.74 12.76 13.52 6.47 6.98 25.24 27.22 3.64 3.65 9.70 9.79 5.22 5.33 19.04 19.15 2.63 2.72 16.62 16.64 9.02 9.36 8.37 8.44 12.00 12.10 0.88 0.89

+ 10.7 + 8.4 + 7.7 + 7.6 + 7.2 + 7.1 + 6.8 + 6.2 + 6.1 + 5.7 - 13.5 - 11.0 - 8.7 - 8.5 - 8.4 - 7.1 - 6.7 - 6.0 - 4.8 - 4.5

MartinMarietta* Alcoa* Chevron Corp* Intrepid Pots* Nutrien* Rio Tinto* Arch Resources* Mosaic* Southern Copp* Lithium Amer* Franco-Nevada* AngloGold Ash* Seabridge Gld* Gold Fields* Agnico Eagle* Peabody Enrgy* Sibanye-Stillw* Harmony Gold* DRDGOLD* Kirkland Lake*

MLM AA CVX IPI NTR RIO ARCH MOS SCCO LAC FNV AU SA GFI AEM BTU SBSW HMY DRD KL

1514 32011 46911 307 8699 16461 2011 19928 3601 17365 2502 11654 1384 33121 7993 21909 12058 33469 832 6906

WEEK CLOSE

CHANGE

439.37 48.80 118.34 42.24 70.32 64.11 84.87 36.74 60.46 33.61 130.73 19.15 16.64 9.79 47.67 9.36 12.10 3.65 8.44 37.85

+ 31.00 + 4.73 + 3.93 + 2.82 + 2.79 + 2.78 + 2.75 + 2.33 + 2.28 + 2.22 - 2.04 - 1.79 - 1.27 - 1.21 - 0.79 - 0.67 - 0.61 - 0.57 - 0.54 - 0.53

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 20, 2021–JANUARY 9, 2022

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

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening on December 13, 2021 (change from December 2, 2021 in brackets): 1920 890650 77925 55650 108918 1555 150400

Aluminium Alloy Aluminium Copper Lead Nickel Tin Zinc

Prices current December 13, 2021 Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$92.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$30.70 Cobalt: US$31.42/lb. Copper: US$4.33 Copper: CME Group Futures January 2022: US$4.28/lb.; February 2022: US$4.28/lb. Iridium: NY Dealer Mid-mkt US$4,050/tr oz. Iron Ore 62% Fe CFR China-S: US$102.6 Lead: US$1.03/lb. Rhodium: Mid-mkt US$14,000 tr. oz. Ruthenium: Mid-mkt US$560.00 per oz. Silver: Handy & Harman Base: US$22.19 per oz.; Handy & Harman Fabricated: US$27.73 per oz. Tin: US$18.21/lb. Uranium: U3O8, Trade Tech spot price: US$45.00 per lb. U308 Zinc: US$1.51per lb.

(+100) (+1075) (-300) (-825) (-4722) (+190) (-4725)

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of November 15, 2021 (with changes from October 31, 2021) Largest short positions Suncor Energy SU 22441727 -5727920 10/31/2021 Fission Uran FCU 15808320 2039388 10/31/2021 Barrick Gold ABX 15193114 2147658 10/31/2021 Ivanhoe Mines IVN 14704354 1282 10/31/2021 B2Gold Corp BTO 14275811 1629594 10/31/2021 Kinross Gold K 13969359 1088238 10/31/2021 New Gold NGD 13076025 1329486 10/31/2021 Argonaut Gold AR 12887645 517237 10/31/2021 Lundin Mng LUN 12596012 -849403 10/31/2021 Yamana Gold YRI 10527884 2940628 10/31/2021 OceanaGold OGC 9816419 4846310 10/31/2021 Fortuna Silvr FVI 9779508 1073879 10/31/2021 Wheaton Prec WPM 8869160 520729 10/31/2021 Calibre Mng CXB 8865767 4675150 10/31/2021 First Quantum FM 8162394 -946411 10/31/2021 Largest increase in short position OceanaGold OGC 9816419 4846310 10/31/2021 Calibre Mng CXB 8865767 4675150 10/31/2021 Harte Gold HRT 8154184 4393808 10/31/2021 Great Panther GPR 4491413 3593042 10/31/2021 Nevada Copper NCU 4031078 3320769 10/31/2021 Largest decrease in short position Suncor Energy SU 22441727 -5727920 10/31/2021 HudBay Min HBM 2588813 -1366318 10/31/2021 Cameco Corp CCO 3762668 -1301967 10/31/2021 Talon Metals TLO 757229 -1267051 10/31/2021 First Quantum FM 8162394 -946411 10/31/2021

Short positions outstanding as of November 15, 2021 (with changes from October 31, 2021) Largest short positions Leeta Gold HIVE 14541312 10348225 10/31/2021 Millennial Pr MPM 7404546 4094629 10/31/2021 EnCore Energy EU 7016567 -830853 10/31/2021 Three Valley TVC 5627720 2635161 10/31/2021 Alphamin Res AFM 4814535 4260038 10/31/2021 Cartier Res ECR 4620613 4512398 10/31/2021 Tower Res TWR 4225612 4225473 10/31/2021 American Lith LI 4167796 1458904 10/31/2021 Purepoint Uran PTU 3419167 3230345 10/31/2021 Emerita Res EMO 3266066 1198512 10/31/2021 Galane Gold GG 3235458 3122186 10/31/2021 Anfield Energy AEC 2907845 2117090 10/31/2021 Critical Elem CRE 2906756 2885415 10/31/2021 ZEN Graphene ZEN 2791573 824311 10/31/2021 Fission 3.0 FUU 2610962 1287678 10/31/2021 Largest increase in short position Leeta Gold HIVE 14541312 10348225 10/31/2021 Cartier Res ECR 4620613 4512398 10/31/2021 Alphamin Res AFM 4814535 4260038 10/31/2021 Tower Res TWR 4225612 4225473 10/31/2021 Millennial Pr MPM 7404546 4094629 10/31/2021 Largest decrease in short position Intl Lithium ILC 405564 -1278156 10/31/2021 Gold Line Res GLDL 37245 -977900 10/31/2021 Advance Gold AAX 46588 -917446 10/31/2021 EnCore Energy EU 7016567 -830853 10/31/2021 Japan Gold JG 57138 -805943 10/31/2021

DAILY METAL PRICES Date Dec 10 Dec 9 Dec 8 Dec 7 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 2335/2340 2341/2340 2366/2365 2442/2440 Aluminum 2624/2617 2630.5/2633 2625/2625 2624.5/2619 Copper 9541/9530 9577/9555 9555/9560 9646/9602 Lead 2279.5/2263 2329/2282 2249/2225 2227/2214 Nickel 19950/19810 19925/19810 20420/20250 20300/20060 Tin 40145/39400 40050/39500 39625/39050 39895/39390 Zinc 3331/3297 3349/3321 3333/3262 3286.5/3221.5 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1771.90 1783.40 1789.80 Gold PM 1779.75 1776.15 1783.80 Silver 21.90 22.25 22.42 Platinum 945 946 947 Palladium 1770 1817 1848

Dec 6 2442/2440 2599.5/2585 9525/9475 2233/2216 19975/19825 39395/38840 3224/3140

1779.65 1783.35 22.44 946 1866

1781.25 1778.65 22.34 932 1786

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

Dec 10 1.2724 0.7858

Dec 09 1.2707 0.7870

Dec 08 1.2653 0.7903

Dec 07 1.2646 0.7908

Exchange rates (Quote Media, December 10, 2021) C$ to AUS C$ to EURO C$ to YEN 1.096 0.6945 89.0987 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5924 5.0055 59.4978 US to AUS US to EURO US to YEN 1.3942 0.8836 113.3850 US to UK Pound US to China Yuan US to India Rupee 0.7535 6.3699 75.7926

Dec 06 1.2762 0.7836

TSX WARRANTS Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry. Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry. Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry. Karora Resources Inc. (KRR.WT) - One

Dec 03 ($) 22.97 68.11 63.21 53.28 13.78 12.03 25.49 26.89 14.59 17.46 17.83 51.88 8.43 63.11 53.24 53.60 44.82

Change ($) -0.37 -1.57 -0.80 0.84 -0.34 1.02 -0.23 -0.52 0.00 -0.33 -0.37 -0.07 -0.02 -0.05 -0.56 -0.56 -0.90

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. Alpha Lithium Corporation (ALLI.WT) One warrant to purchase one common share at $1.10 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share. Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share. Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share. Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share. Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share. Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share. Elevation Gold Mining Corporation (ELVT. WT) - One warrant to purchase one com-

C$ to SA Rand 12.5496 C$ to S. Korea Won 927.7662 US to SA Rand 15.9298 US to S. Korea Won 1181.0000

rant to purchase one common share at $0.12 per share. Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share. Mineworx Technologies Ltd. (MWX.RT) One right to purchase one common share at $0.015 per share. Northern Vertex Mining Corp. (NEE.WT) One warrant to purchase one common share at $0.80 per share. Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share. Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share. Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share. Osisko Development Corp. (ODV.WT) One warrant to purchase one common share at $10.00 per share. Sandfire Resources America Inc. (SFR.RT) Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share. Sandfire Resources America Inc. (SFR.RT) Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share. Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share. Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share. Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

52-week

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

Change (%) -1.61 -2.31 -1.26 1.57 -2.44 8.44 -0.89 -1.94 -0.03 -1.88 -2.08 -0.14 -0.25 -0.07 -1.05 -1.05 -2.01

YTDChange (%) -12.24 -11.46 -15.75 -4.71 -9.15 -9.26 -15.01 -10.46 -7.71 -7.87 -12.67 -11.08 -20.84 -7.91 -13.36 -13.39 -9.96

Own your moment in the press with a Re-Publishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525

Dec 10 20890.62 908.99 1268.11 273.16 244.01

Dec 09 20925.49 910.15 1269.46 275.15 244.01

Dec 08 21077.35 924.67 1277.68 280.57 244.01

Dec 07 21162.65 920.55 1281.41 280.26 244.01

Dec 06 20861.10 897.70 1264.32 281.24 244.01

High 21796.16 1113.64 1312.65 341.72 324.94

Low 17297.75 776.35 1024.13 257.81 230.26

NEW 52-WEEK HIGHS AND LOWS DECEMBER 6-10, 2021 MER (%) 2.40 0.55 0.55 2.31 2.29 2.67 0.68 0.81 2.64 0.61 2.46 3.19 2.98 2.52 2.09 2.12 2.26

TotalAssets (M$) 53.19 52.31 79.26 353.37 59.48 580.82 5.93 22.85 1163.69 27.33

63.56 420.18 2.05 125.79

38 New Highs Aldebaran Res Altai Resource* American Rare* Atlas Salt Awale Res Chevron Corp* Colombia Crest Colombia Crest* Frontier Lith Great Bear Res Great Bear Res* Los Andes Los Andes* Lynas Corp* MartinMarietta* Metals X* New Jersey Mng* NGEx Minerals NGEx Minerals* Nippon Dragon North Peak Res

North Peak Res* Nutrien Pac Ridge Expl Rockwealth Res Satori Res Sigma Lithium Sigma Lithium* Star Diamond Star Diamond* Stelmine Can Strongbow Expl Strongbow Expl* Tembo Gold Trevali Mining Trinity Res* United Res Hdg* Verde Potash 88 New Lows Advance United Adyton Res* Almaden Min* Alumina Ltd*

Arizona Gold Atico Mining Aura Minerals Baru Gold Blue Lagoon* Canada Rare* Canada Silver Canada Silver* Cartier Iron Cdn Palladium* Centamin Chesapeake Gld CNRP Mng Cobalt Block* Defiance Silvr Defiance Silvr* Ero Copper* Excellon Res Excellon Res* First Mg Fin * Fresnillo plc* Galway Mtls*

GMV Minerals* Gold Line Res Golden Indepen Golden Mnls* GoldHaven Res* Goliath Res GR Silver GR Silver* Hanstone Gold* Harte Gold Imperial Metal Interra Copper K9 Gold* Kuya Silver Kuya Silver* Leocor Gold* Magna Gold* Maverix Metals* McEwen Mng McEwen Mng* Medallion Res* MegaWatt Lith*

MetalCorp* Monarca Mnrls Monarca Mnrls* Monarch Min* Nexus Gold North Valley Northern Light Novo Res Olivut Res* Omineca Mining* Pure Gold Mg Pure Gold Mg* QMC Quantum Ml* Raindrop Vent Rojo Res* Scandium Intl* Signature Res* Silver Bull Re Silver Bull Re* Silver Dollar* Silver X

Silvercorp Met Silvercorp Met* Southern Silvr Southern Silvr* Standard Graph* Strikepoint Gd* Surge Copper Temas Res Temas Res* Three Valley Three Valley* Tonogold Res* Uragold Bay Rs Uranium Hunter* Uranium Res* Valorem Res Vista Gold* West Mining* Westhaven Gold

Re-Publishing License moliveira@ northernminer.com or 416-510-6768

mon share at $4.80 per share. Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share. Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Giga Metals Corporation (GIGA.WT) One warrant to purchase one common share at $0.60 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share. LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share. Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share. LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share. Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share. Manganese X Energy Corp. (MN.WT) One warrant to purchase one common share at $0.15 per share. Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One war-

NORTH AMERICAN STOCK EXCHANGE INDICES C$ to Mex Peso 16.4089 C$ to Swiss Franc 0.7235 US to Mex Peso 20.8850 US to Swiss Franc 0.9209

GLOBAL MINING NEWS · SINCE 1915

Contact:

Platinum Group Metals Ltd. (PTM.WT.U) One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry. Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

TSX VENTURE WARRANTS

CANADIAN GOLD MUTUAL FUNDS FundName Dec 10 ($) BMO Prec Mtls Fd A 22.60 BMO ZGD 66.53 BMO ZJG 62.42 CI Pre Met Fd A 54.12 CIBC Prec Metal Fd A 13.44 Dyn Prec Metls Fd A 13.05 Harvest HGGG 25.26 Horizons HEP 26.37 IG MacGbPreMetCl A 14.58 iShares XGD 17.14 NBI PrecMetFd Invt 17.46 NPT Go&PrMinFd A NPT SilverEquCl A Prec Met Fd A 63.07 RBC GblPreMetFd A 52.69 RBC GblPreMetFd Adv 53.03 TD Prec Mtl Fd Inv 43.92

Warrant to purchase one common share of the Issuer at $0.50 until expiry. Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) One Warrant to purchase one common share of the Issuer at $1.71 until expiry. Novo Resources Corp. (NOVO.WT.A) One Warrant to purchase one common share of the Issuer at $3.00 until expiry. Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

LEGEND A C L N O Q T V X *

– – – – – – – – – –

Australian Securities Exchange Canadian Stock Exchange London Stock Exchange New York Stock Exchange U.S. over-the-counter NASDAQ or U.S. OTC Toronto Stock Exchange TSX Venture Exchange NYSE American Denotes price in U.S.$

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

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 6–10, 2021 (100s) Stock

WWW.NORTHERNMINER.COM

DECEMBER 20, 2021–JANUARY 9, 2022 / THE NORTHERN MINER

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 1111 Explor 1844 Resources 1911 Gold* 1911 Gold 55 North 79 Resources 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources AbraSilver Res AbraSilver Res* Academy Metals* Academy Metals ACME Lithium Adamera Min Adamera Min* Adex Mining Advance Gold Advance United Adventus Adventus* Adyton Res Adyton Res* AEX Gold Affinity Metal* African Gold* African Gold African Metals African Rainbo* Aftermath Silv* Agnico Eagle Agnico Eagle* Aguila Amer Gd* Aguila Amer Gd Aiml Res* AJN Resources Alamos Gold Alamos Gold* Alcoa* Aldebaran Res Aldebaran Res* Alerio Gold Alexandra Cap* Alexco Res* Alexco Res Alianza Min Alianza Min* Alien Metals* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Allied Copper Allied Copper* Alma Gold Almaden Min Almaden Min* Almadex Min* Almadex Min Almonty Ind Almonty Ind * Aloro Mining* Aloro Mining Alpha Lithium* Alpha Lithium Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc* Altair Res Inc Altaley Mining Altaley Mining* Altamira Gold* Altamira Gold Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls * Altius Mnrls Alto Ventures Alto Ventures* Altura Mining* Alturas Min Altus Strat Altus Strat* Alumina Ltd* ALX Resources ALX Resources* AM Resources Amani Gold* Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* Amer Intl Vent* American Creek* American Creek American CuMo American CuMo* American Eagle American Lith* American Lith American Mang* American Mang American Pac American Rare* AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Ameriwest Lith* Ameriwest Lith Amex Expl Amex Expl* AmmPower* AmmPower Amseco Expl AMV Capital Anaconda Mng* Anaconda Mng Anacortes Mg Andean Prec Andean Prec* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angold Res* Angold Res Angus Gold* Angus Gold Antioquia Gold* Antioquia Gold Antler Gold * Antler Gold Antler Hill Antofagasta* Apex Res * Apex Res Apogee Min Apollo Silver Apollo Silver* Appia Rare* Appia Rare Applied Min* Aquila Res* Aquila Res Arbor Metals Arch Resources* Archer Explor Archon Mineral Arcland Res

C 157 V 48 O 113 V 239 C 101 C 686 C 156 O 31 V 533 O 448 V 254 V 128 O 165 O 106 V 213 V 3005 O 2774 O 0 V 4 C 267 V 802 O 23 V 41 V 179 C 113 V 475 O 41 V 1959 O 20 V 138 O 0 O 34 V 801 V 13 O 1 O 696 T 3918 N 7993 O 58 V 51 O 144 C 127 T 4640 N 12769 N 32011 V 225 O 281 C 76 O 373 X 3188 T 729 V 405 O 279 O 130 V 298 O 211 V 5 D 1431 V 152 O 3 C 220 T 47 X 1522 O 126 V 82 T 98 O 119 O 22 V 58 O 610 V 5446 O 1711 V 1760 V 340 O 111 O 100 V 284 V 456 O 292 O 246 V 240 V 324 V 128 V 214 O 162 O 71 T 607 V 985 O 217 O 357 V 131 V 6 O 1 O 19 V 765 O 336 V 259 O 445881 V 33 O 14 V 2735 O 633 O 94 O 345 V 646 V 201 O 251 V 167 O 1889 V 3655 O 3889 V 3075 C 1307 O 51 O 20 X 2040 T 557 T 1290 O 502 O 3023 C 1409 V 176 O 98 O 1142 C 687 V 0 V 0 O 125 T 1007 V 984 V 528 O 20 O 1706 V 4314 O 15 V 0 O 54 V 297 O 1351 O 4 T 63 O 3 N 11654 O 14 V 757 O 110 V 1117 O 4 V 189 O 0 V 43 V 0 O 5 O 6 V 206 V 30 V 657 O 113 O 1095 C 674 O 8312 O 239 T 392 V 131 N 2011 C 7 V 4 V 0

0.07 0.08 0.25 0.32 0.04 0.14 0.10 0.04 0.05 0.06 0.07 0.09 0.07 0.04 0.06 0.38 0.30 0.00 0.55 1.09 0.06 0.04 0.02 0.06 0.90 0.98 0.76 0.05 0.00 0.57 0.00 0.11 0.14 0.07 0.00 0.33 63.37 50.10 0.16 0.26 0.27 0.34 9.61 7.60 50.98 0.75 0.59 0.27 0.27 1.83 2.30 0.08 0.06 0.01 0.32 0.26 0.35 10.68 0.27 0.20 0.06 0.42 0.32 0.25 0.32 0.92 0.72 0.04 0.06 0.39 1.55 0.80 1.02 0.16 0.11 0.05 0.09 0.42 0.33 0.19 0.22 0.02 0.14 0.28 0.24 13.55 16.73 0.28 0.23 0.01 0.02 1.15 0.94 5.29 0.09 0.07 0.07 0.00 0.11 0.09 0.41 0.32 0.01 0.18 0.22 0.04 0.04 0.16 4.15 5.03 0.63 0.76 1.22 0.16 0.09 0.81 1.02 1.34 1.06 0.94 1.18 3.00 2.35 0.40 0.50 0.00 0.00 0.54 0.70 1.65 1.57 1.18 0.10 0.14 0.02 0.00 0.08 0.10 19.85 39.74 2.27 21.06 21.14 0.11 0.14 0.84 1.19 0.03 0.04 0.00 0.19 0.00 18.88 0.04 0.06 0.13 0.66 0.52 0.56 0.68 0.02 0.08 0.10 2.74 87.61 0.85 0.25 0.00

0.06 0.00 0.21 0.27 0.00 0.09 0.08 0.04 0.00 0.05 0.06 0.00 0.07 0.04 0.05 0.33 0.25 0.00 0.00 0.91 0.00 0.04 0.00 0.06 0.00 0.90 0.73 0.04 0.00 0.00 0.00 0.10 0.13 0.00 0.00 0.30 60.59 47.61 0.16 0.00 0.20 0.30 8.93 7.02 44.13 0.64 0.52 0.23 0.21 1.63 2.07 0.07 0.05 0.01 0.31 0.24 0.00 9.66 0.23 0.20 0.05 0.39 0.31 0.23 0.00 0.88 0.69 0.04 0.00 0.29 1.27 0.74 0.93 0.00 0.09 0.05 0.07 0.38 0.30 0.15 0.19 0.00 0.00 0.24 0.19 11.56 15.38 0.26 0.20 0.01 0.00 0.00 0.94 0.00 0.08 0.06 0.00 0.00 0.00 0.08 0.40 0.32 0.01 0.16 0.19 0.00 0.03 0.13 3.37 4.30 0.37 0.47 1.08 0.00 0.00 0.74 0.95 1.27 0.99 0.76 1.00 2.85 2.12 0.33 0.43 0.00 0.00 0.47 0.60 1.30 1.32 1.14 0.06 0.08 0.00 0.00 0.07 0.09 18.48 38.31 0.00 21.05 19.04 0.10 0.13 0.56 0.80 0.03 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.60 0.46 0.37 0.48 0.01 0.06 0.09 2.50 80.17 0.75 0.00 0.00

0.06 0.07 unch 0.23 + 0.30 + 0.04 unch 0.10 0.09 0.04 0.05 + 0.06 + 0.07 + 0.09 0.07 0.04 + 0.05 unch 0.38 + 0.29 + 0.45 unch 0.40 unch 0.99 0.05 unch 0.04 0.01 0.06 unch 0.90 0.95 + 0.76 + 0.05 0.05 unch 0.57 + 0.09 unch 0.11 + 0.14 + 0.07 unch 13.24 unch 0.30 60.65 47.67 0.16 unch 0.20 unch 0.23 + 0.30 9.09 7.15 48.80 + 0.73 + 0.56 + 0.25 + 0.23 1.63 2.09 0.08 + 0.06 + 0.01 + 0.32 0.25 unch 0.35 unch 10.14 + 0.23 unch 0.20 unch 0.05 unch 0.40 0.31 0.24 + 0.32 + 0.90 0.70 0.04 0.06 unch 0.38 + 1.38 0.76 + 0.96 + 0.14 0.11 + 0.05 unch 0.09 + 0.41 + 0.31 0.16 + 0.21 0.02 0.14 + 0.26 + 0.20 + 13.05 + 16.60 + 0.26 0.21 0.01 + 0.02 1.15 unch 0.94 unch 5.22 + 0.09 + 0.07 unch 0.06 0.00 0.11 + 0.09 + 0.41 unch 0.32 + 0.01 0.16 + 0.21 + 0.04 0.03 + 0.15 + 3.90 + 4.99 + 0.49 + 0.62 + 1.16 0.16 + 0.06 0.76 0.97 unch 1.31 + 1.02 + 0.81 unch 1.01 2.97 2.32 0.39 + 0.49 + 0.05 unch 0.12 unch 0.48 0.61 1.65 + 1.42 + 1.17 + 0.07 + 0.09 unch 0.01 0.02 unch 0.07 0.10 + 19.38 + 38.53 + 2.17 21.05 unch 19.15 0.11 + 0.13 0.75 + 0.97 + 0.03 + 0.04 unch 0.14 unch 0.15 0.18 unch 18.10 0.04 0.05 0.12 + 0.63 0.49 0.48 + 0.62 + 0.01 0.07 0.09 2.60 + 84.87 + 0.76 0.25 0.20 unch

0.01 0.00 0.02 0.03 0.00 0.05 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.04 0.02 0.00 0.00 0.11 0.00 0.00 0.01 0.00 0.25 0.01 0.04 0.01 0.00 0.05 0.00 0.01 0.01 0.00 0.00 0.00 1.52 0.79 0.00 0.00 0.00 0.04 0.30 0.17 4.73 0.13 0.07 0.03 0.00 0.10 0.15 0.01 0.00 0.01 0.01 0.00 0.00 0.13 0.00 0.00 0.00 0.02 0.01 0.00 0.01 0.02 0.01 0.00 0.00 0.07 0.13 0.05 0.03 0.02 0.00 0.00 0.03 0.03 0.00 0.00 0.01 0.01 0.05 0.02 0.01 1.00 1.08 0.02 0.00 0.00 0.01 0.00 0.00 0.03 0.01 0.00 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.02 0.23 0.24 0.10 0.11 0.03 0.04 0.02 0.00 0.00 0.01 0.01 0.00 0.02 0.04 0.02 0.05 0.05 0.00 0.00 0.07 0.09 0.20 0.02 0.07 0.01 0.00 0.01 0.00 0.00 0.01 1.45 2.58 0.04 0.00 1.79 0.01 0.01 0.02 0.03 0.00 0.00 0.00 0.07 0.00 0.04 0.00 0.01 0.02 0.03 0.02 0.11 0.13 0.01 0.01 0.01 0.02 2.75 0.09 0.01 0.00

0.15 0.11 0.59 0.72 0.23 0.25 0.16 0.11 0.11 0.18 0.24 0.18 0.15 0.07 0.09 0.82 0.68 0.45 3.00 1.34 0.12 0.10 0.04 0.14 2.09 1.34 1.06 0.40 0.07 1.00 0.18 0.24 0.20 0.18 18.00 1.37 97.21 76.69 0.53 0.67 0.79 0.45 12.63 9.87 57.57 0.75 0.70 0.49 1.45 3.45 4.38 0.25 0.19 0.02 0.56 0.46 1.15 12.90 0.68 0.44 0.23 1.52 1.20 0.27 0.33 1.30 1.07 0.13 0.08 0.50 1.69 0.85 1.07 0.17 0.11 0.13 0.19 0.80 0.79 0.42 0.47 0.05 0.22 0.50 0.36 16.00 19.39 0.43 0.37 0.50 0.05 1.66 1.29 6.99 0.15 0.12 0.10 0.01 0.20 0.16 0.42 0.33 0.08 0.35 0.44 0.10 0.08 0.40 5.00 6.25 2.25 2.86 1.32 0.16 0.29 3.46 4.40 1.61 1.35 1.00 1.25 4.19 3.26 1.90 2.15 0.12 0.26 0.85 1.05 2.50 2.03 1.44 0.18 0.23 0.03 0.04 0.08 0.12 24.75 49.42 2.90 25.10 26.77 0.34 0.53 1.25 1.28 0.05 0.06 0.55 0.30

0.06 0.05 0.21 0.26 0.04 0.09 0.08 0.04 0.05 0.04 0.06 0.09 0.07 0.03 0.04 0.32 0.25 0.45 0.40 0.31 0.05 0.04 0.01 0.05 0.15 0.81 0.65 0.04 0.05 0.44 0.08 0.01 0.11 0.06 12.98 0.29 60.27 47.07 0.14 0.19 0.20 0.15 8.83 6.94 17.30 0.40 0.29 0.18 0.15 1.41 1.81 0.07 0.05 0.01 0.23 0.18 0.20 4.17 0.21 0.18 0.04 0.39 0.31 0.14 0.20 0.58 0.40 0.01 0.04 0.25 0.45 0.24 0.31 0.06 0.05 0.02 0.02 0.17 0.14 0.13 0.17 0.01 0.09 0.23 0.19 9.54 12.20 0.10 0.08 0.00 0.02 0.89 0.75 4.44 0.05 0.04 0.03 0.00 0.05 0.04 0.20 0.16 0.01 0.13 0.16 0.03 0.02 0.10 0.85 1.08 0.16 0.21 0.13 0.11 0.01 0.68 0.85 0.68 0.53 0.53 0.14 2.07 1.65 0.33 0.41 0.04 0.11 0.40 0.53 1.30 0.92 0.77 0.06 0.07 0.01 0.02 0.04 0.05 15.90 31.87 2.02 15.45 14.57 0.10 0.13 0.44 0.54 0.03 0.04 0.08 0.09

27.80 0.13 0.09 0.14 1.15 1.00 1.00 1.22 0.14 0.11 0.14 2.78 105.58 1.25 0.40 0.38

17.48 0.01 0.05 0.10 0.38 0.33 0.25 0.33 0.01 0.04 0.06 1.70 39.02 0.08 0.17 0.14

(100s) Stock

Exc Volume

Week High

ArcPacific Res* ArcPacific Res Arctic Star* Arctic Star Arcus Dev Grp* Arcus Dev Grp Arcwest Explor Arena Min Arena Min* Argentina Lith* Argentina Lith Argentum Silvr Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arianne Phosph Arianne Phosph* Aris Gold Arizona Gold* Arizona Gold Arizona Metals Arizona Metals* Arizona Silver* Arizona Silver Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Asbestos Corp Ascendant Res* Ascendant Res Ascot Res Ascot Res * AsiaBaseMetals Asiamet Res* Aston Bay* Aston Bay ATAC Res* ATAC Res Atacama Cop Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Gold* Athena Gold Atico Mining* Atico Mining Atlas Salt* Atlas Salt Aton Resources* Aton Resources Augusta Gold Augusta Gold* Aura Minerals Aura Minerals* Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold AurCrest Gold* Aurelius Min Aurelius Min* Aurion Res * Aurion Res Aurora Royal Aurwest Res AURYN Mining* Aust Goldfield* Aust Mines* Austin Res Austral Gold* Austral Gold Auxico Res* Auxico Res Avalon Advance* Avalon Advance Avidian Gold Avidian Gold* Avino Silver* Avino Silver Avrupa Min* Avrupa Min Awale Res Axmin Inc Axmin Inc* Aya Gold* Azarga Metals* Azarga Metals Azarga Uranium Azarga Uranium* Azimut Explor Azimut Explor* Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azucar Min Azucar Min*

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

32 623 5 4409 0 47 97 5022 1895 481 586 4 331 52 415 2428 1053 845 191 1255 3292 582 236 573 707 0 45 987 35 144 2 23 82 1955 1228 0 124 183 521 115 693 14 4159 18 116 477 12 7 279 183 33 2322 0 26 79 82 250 7 309 374 1370 1234 247 243 149 239 94 403 46 1583 5 10 962 2 54 44 78 471 588 1918 502 4 1552 130 76 34 82 188 1 24 167 82 1732 613 100 70 1173 5885 152 100 189 79

0.05 0.05 0.04 0.08 0.00 0.04 0.10 0.50 0.42 0.40 0.47 0.18 0.11 0.09 2.78 3.42 0.58 0.47 1.57 0.06 0.07 5.34 4.19 0.17 0.21 0.00 5.64 7.24 0.92 1.24 0.75 0.18 0.23 1.25 0.98 0.00 0.01 0.05 0.07 0.08 0.10 0.43 0.02 7.15 0.22 0.29 0.13 0.14 0.38 0.48 1.40 1.79 0.14 0.18 1.32 1.04 11.14 8.65 1.03 1.27 0.36 0.29 0.33 0.27 0.27 0.21 0.86 1.10 0.04 0.11 0.90 0.10 0.02 0.06 0.07 0.09 1.26 1.58 0.09 0.12 0.10 0.07 0.87 1.09 0.06 0.08 0.24 0.06 0.04 7.82 0.04 0.06 0.67 0.53 1.52 1.19 0.06 0.08 0.29 0.23 0.09 0.07

B2Gold Corp* B2Gold Corp Baden Res Bald Eagle Balto Res Bam Bam Res Bam Bam Res* Bannerman Egy* Banyan Gold Banyan Gold* Barksdale Res* Barksdale Res Baroyeca Gold* Baroyeca Gold Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baru Gold Baru Gold* Baselode Egy* Baselode Egy Basin Uranium Batero Gold Batero Gold* Bathurst Met Bathurst Metal* Battery Min Bayhorse Silvr* Bayhorse Silvr BC Moly BCM Res* BCM Res BE Res Bear Creek Mng Bear Creek Mng* Bearclaw Cap Bearing Lith Bearing Lith* Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benjamin Hill Benton Res Benton Res* Benz Mining Benz Mining* Bessor Min Bessor Min* Bird River Res Bitterroot Res* Bitterroot Res Black Hills* Black Iron* Black Iron Black Mammoth* Black Mammoth Black Mountain Black Mountain*

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

47052 24789 44 538 40 829 1356 2653 546 96 155 161 15 342 74238 16673 86 37 166 207 703 1784 12 139 18 15 17 94 260 769 1 105 239 0 341 112 1 118 129 374 276 106 161 363 1283 103 5 157 319 327 152 90 98 33 43 88 189 62 252 1255 33 1361 1 1 75 8

3.91 4.95 0.14 0.07 0.13 0.11 0.10 0.23 0.32 0.25 0.28 0.34 0.22 0.28 18.74 23.71 0.37 0.46 0.10 0.08 0.91 1.14 0.80 0.07 0.06 0.11 0.09 0.49 0.09 0.11 0.11 0.17 0.17 0.00 1.30 1.04 0.22 0.30 0.25 0.13 0.14 0.11 0.06 0.68 0.54 0.22 0.27 0.88 1.12 0.42 0.16 0.13 0.66 0.50 0.06 0.05 0.14 0.07 0.09 67.89 0.20 0.25 0.13 0.14 0.40 0.32

Low

Last

12-month Change

(100s)

High Low

Stock

Black Tusk Res Black Tusk Res* Blackrock Silv Blackrock Silv* Blackwolf Cop Blackwolf Cop* Blind Creek Blue Lagoon* Blue Lagoon Blue Moon Blue Moon* Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold Blue Thunder BlueBird Batt BlueBird Batt* Bluejay Mining* Bluestone Res Bluestone Res* BMEX Gold BMEX Gold* Bold Ventures Bolt Metals* Bolt Metals Bond Resources BonTerra Res Boreal Metals Boreal Metals* Borneo Res Inv* Boundary Gold* Boundary Gold Brascan Gold Bravada Gold Bravada Gold* Braveheart Res Braveheart Res* Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Brixton Metals* Brixton Metals Brookmount Exp* Brunswick Expl Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal * Buffalo Coal Bullet Explor Bullion Gold* Bunker Hill Burrell Res Bushveld Min* BWR Explor

C O V O V O V O C V O V O O V V V V O O V O V O V O C C V V O O O V C V O V O O O O V O O V O V O O V N O V V O C C O V

C2C Gold* C3 Metals* C3 Metals Cabral Gold* Cabral Gold Caledonia Mng* Calibre Mng* Calibre Mng Califfi Cap Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Camino Min Camino Min* Camrova Res* Camrova Res Canada Carbon* Canada Carbon Canada Nickel Canada Nickel* Canada One Canada Rare Canada Rare* Canada Silver Canada Silver* Canadian Metal Canadian Prem* Canadian Prem Canadian Silv Canagold Res* Canagold Res CanAlaska Uran CanAlaska Uran* Canamera Energ Canasil Res Candelaria Mg* Candelaria Mg Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng* CaNickel Mng Canoe Mng Vent Canoe Mng Vent* Canstar Res* Canstar Res Canterra Min* Canterra Min Cantex Mn Dev* Cantex Mn Dev Canuc Res Canuc Res* Capella Min* Capella Min Capitan Mining Capitan Mining* Capstone Mng Cardero Res* Cardero Res Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res Cartier Res* Casa Minerals Cascada Silver Cascadero Copp Cassiar Gold Cassius Vents Castle Peak Mg CAT Strategic CAT Strategic* CAVU Mining* CAVU Mining Cdn Goldcamps CDN Maverick* Cdn Palladium Cdn Palladium* Centamin Centerra Gold Central Afric Central Afric* Central Iron Centurion Mnls Century Cobalt* Century Global Cerrado Gold Cerro de Pasc * Cerro de Pasc Cerro Grande* Cerro Grande Cerro Mng Ceylon Graph* Ceylon Graph Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock*

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

0.04 0.05 + 0.00 0.05 unch 0.00 0.04 0.06 0.08 + 0.00 0.02 unch 0.00 0.04 + 0.00 0.08 0.44 0.45 0.34 0.36 + 0.33 0.34 0.43 0.43 0.00 0.18 0.08 0.09 0.07 0.07 2.43 2.49 3.08 3.14 0.46 0.47 0.36 0.36 1.31 1.37 + 0.05 0.05 + 0.06 0.07 unch 4.90 5.05 3.91 3.98 0.14 0.16 + 0.18 0.21 + 0.00 0.61 unch 5.00 5.64 + 6.47 7.24 + 0.92 0.92 + 1.11 1.20 unch 0.00 0.55 0.18 0.18 + 0.00 0.23 1.06 1.10 0.84 0.87 0.00 0.20 unch 0.00 0.01 + 0.04 0.05 unch 0.06 0.06 unch 0.08 0.08 0.09 0.10 0.00 0.43 + 0.01 0.02 + 6.75 7.02 + 0.20 0.22 + 0.25 0.28 + 0.00 0.13 + 0.10 0.10 0.32 0.34 + 0.42 0.43 + 0.95 1.30 1.51 1.70 + 0.00 0.14 unch 0.00 0.18 unch 1.16 1.23 0.82 0.90 9.99 10.80 + 7.92 8.39 + 0.82 0.83 1.04 1.05 0.32 0.36 + 0.25 0.28 + 0.31 0.32 unch 0.26 0.26 0.23 0.24 0.19 0.19 0.80 0.86 + 1.01 1.09 + 0.00 0.04 unch 0.09 0.10 unch 0.81 0.81 0.10 0.10 + 0.01 0.01 0.00 0.06 0.05 0.06 0.00 0.09 + 1.05 1.14 + 1.34 1.45 + 0.08 0.09 + 0.10 0.12 + 0.09 0.09 unch 0.00 0.07 0.80 0.80 1.02 1.02 0.05 0.05 0.00 0.08 unch 0.00 0.22 0.00 0.06 unch 0.04 0.04 unch 6.80 7.67 + 0.00 0.04 0.00 0.05 0.52 0.58 + 0.41 0.46 + 1.40 1.40 1.10 1.13 + 0.05 0.05 + 0.07 0.07 unch 0.24 0.27 + 0.17 0.21 + 0.00 0.09 unch 0.06 0.07 +

0.00 0.00 0.00 0.02 0.00 0.01 0.01 0.01 0.01 0.01 0.03 0.03 0.02 0.02 0.07 0.13 0.12 0.09 0.02 0.00 0.00 0.23 0.12 0.01 0.02 0.00 0.55 0.65 0.00 0.00 0.25 0.00 0.01 0.08 0.05 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.12 0.01 0.03 0.01 0.04 0.01 0.01 0.02 0.12 0.00 0.00 0.04 0.06 0.21 0.30 0.11 0.15 0.02 0.01 0.00 0.00 0.04 0.03 0.07 0.08 0.00 0.00 0.09 0.00 0.00 0.03 0.00 0.01 0.13 0.10 0.01 0.01 0.00 0.01 0.03 0.04 0.01 0.00 0.03 0.00 0.00 0.77 0.00 0.01 0.02 0.03 0.03 0.03 0.00 0.00 0.03 0.01 0.00 0.00

0.52 0.25 0.24 0.29 0.03 0.04 0.13 0.66 0.52 0.77 0.96 0.35 0.26 0.19 3.23 4.09 0.66 0.53 3.29 0.12 0.15 5.79 4.59 0.32 0.39 0.80 6.21 7.88 1.20 1.50 0.80 0.55 0.34 1.63 1.33 0.25 0.09 0.06 0.09 0.17 0.22 0.65 0.05 7.20 0.27 0.34 0.23 0.30 0.65 0.78 1.87 1.79 0.24 0.33 3.60 2.79 17.50 14.31 3.12 3.99 1.25 0.99 0.39 0.28 0.80 0.51 1.00 1.21 0.10 0.22 1.05 0.48 0.04 0.12 0.35 0.23 1.50 1.85 0.25 0.36 0.30 0.40 2.82 3.60 0.16 0.15 0.92 0.09 0.07 9.44 0.12 0.17 0.80 0.63 2.49 1.98 0.14 0.18 0.52 0.41 0.18 0.14

0.04 0.05 0.02 0.03 0.02 0.03 0.06 0.02 0.01 0.04 0.07 0.16 0.08 0.07 1.50 1.90 0.17 0.13 1.25 0.05 0.06 0.85 0.68 0.13 0.17 0.55 3.40 4.86 0.06 0.08 0.55 0.10 0.13 0.84 0.67 0.13 0.00 0.03 0.04 0.07 0.09 0.42 0.01 3.48 0.09 0.13 0.04 0.10 0.32 0.42 0.48 0.08 0.00 0.16 1.11 0.82 9.99 7.92 0.76 1.00 0.32 0.25 0.07 0.05 0.22 0.18 0.43 0.65 0.03 0.07 0.17 0.01 0.01 0.06 0.05 0.08 0.00 0.30 0.07 0.09 0.08 0.07 0.77 0.98 0.05 0.06 0.20 0.05 0.04 2.20 0.04 0.04 0.19 0.14 0.83 0.65 0.03 0.03 0.24 0.17 0.07 0.06

3.66 3.72 + 4.68 4.71 0.14 0.14 unch 0.06 0.06 unch 0.00 0.10 0.09 0.09 0.07 0.07 0.17 0.21 + 0.28 0.29 0.22 0.22 0.25 0.25 0.32 0.33 0.20 0.20 0.00 0.28 + 17.92 17.95 22.80 22.83 0.32 0.32 0.00 0.41 unch 0.00 0.09 unch 0.07 0.07 0.61 0.77 + 0.78 0.98 + 0.00 0.64 unch 0.00 0.07 unch 0.06 0.06 + 0.00 0.11 unch 0.09 0.09 unch 0.41 0.43 + 0.07 0.08 + 0.10 0.10 + 0.00 0.11 + 0.12 0.12 + 0.00 0.15 + 0.00 0.20 unch 1.13 1.20 + 0.86 0.95 + 0.00 0.22 unch 0.28 0.28 0.22 0.22 0.00 0.11 0.00 0.13 + 0.09 0.10 + 0.00 0.05 unch 0.63 0.66 + 0.49 0.51 + 0.18 0.22 + 0.00 0.27 + 0.80 0.86 + 1.03 1.12 + 0.37 0.40 0.15 0.16 unch 0.11 0.12 0.58 0.63 + 0.46 0.49 + 0.00 0.06 unch 0.04 0.04 0.14 0.14 unch 0.00 0.07 unch 0.08 0.08 66.46 67.28 + 0.18 0.18 0.22 0.23 0.13 0.13 unch 0.00 0.14 + 0.00 0.37 0.28 0.30 -

0.01 0.07 0.00 0.00 0.03 0.01 0.00 0.01 0.03 0.02 0.01 0.01 0.01 0.01 0.27 0.56 0.01 0.00 0.00 0.01 0.14 0.17 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.01 0.01 0.05 0.01 0.00 0.01 0.04 0.00 0.03 0.03 0.01 0.01 0.01 0.00 0.03 0.02 0.04 0.04 0.04 0.06 0.01 0.00 0.01 0.03 0.01 0.00 0.00 0.00 0.00 0.01 1.47 0.01 0.03 0.00 0.03 0.01 0.03

6.04 7.67 0.20 0.16 0.44 0.71 1.12 0.33 0.38 0.35 0.57 0.70 0.49 0.42 25.37 31.85 0.66 0.82 0.22 0.17 1.23 1.54 1.08 0.16 0.13 0.26 0.09 0.90 0.25 0.26 0.15 0.22 0.30

3.30 4.21 0.13 0.04 0.08 0.09 0.07 0.05 0.17 0.10 0.25 0.31 0.12 0.16 17.56 22.30 0.30 0.38 0.06 0.05 0.32 0.40 0.56 0.06 0.05 0.09 0.09 0.33 0.06 0.08 0.06 0.04 0.06

3.37 2.65 0.37 0.44 0.35 0.44 0.45 0.32 0.11 1.20 0.94 0.39 0.50 1.36 1.64 0.50 0.25 0.37 1.40 1.10 0.09 0.07 0.26 0.19 0.25 72.78 0.62 0.76 0.19 0.26 0.75 0.51

0.92 0.74 0.20 0.14 0.11 0.10 0.11 0.09 0.05 0.39 0.32 0.18 0.23 0.74 0.93 0.31 0.14 0.10 0.57 0.45 0.05 0.03 0.08 0.04 0.06 57.02 0.13 0.17 0.06 0.09 0.28 0.22

Exc Volume

Week High

Low

Last

3146 612 733 1052 18 7 108 292 975 991 10 18 50 1240 1768 129 397 137 5 862 1106 90 210 75 209 5 79 108 158 352 11 23924 6 103 10 158 127 2004 759 9 40530 97 76 310 604 678 44 134 130 583 4768 6002 22 698 18 11 1178 61 41 242

0.04 0.03 0.87 0.71 0.68 0.53 0.07 0.33 0.42 0.04 0.03 0.02 0.01 0.17 0.22 0.48 0.04 0.07 0.05 0.13 2.08 1.59 0.15 0.10 0.12 0.19 0.23 0.06 1.27 0.13 0.10 0.00 0.03 0.03 0.48 0.05 0.04 0.09 0.08 0.10 0.01 0.04 0.05 0.03 0.15 0.18 0.45 0.13 0.03 0.09 0.12 7.74 0.02 0.02 0.07 0.07 0.28 0.22 0.16 0.03

0.03 0.03 0.81 0.63 0.00 0.00 0.00 0.27 0.34 0.00 0.03 0.00 0.01 0.14 0.18 0.42 0.00 0.00 0.05 0.12 1.71 1.35 0.00 0.10 0.00 0.17 0.00 0.06 1.17 0.12 0.09 0.00 0.00 0.00 0.44 0.00 0.00 0.07 0.05 0.00 0.01 0.03 0.00 0.03 0.12 0.00 0.31 0.00 0.02 0.07 0.07 7.00 0.01 0.00 0.00 0.06 0.23 0.21 0.12 0.00

0.04 0.03 0.84 0.66 0.66 0.52 0.07 0.32 0.41 0.04 0.03 0.01 0.01 0.15 0.19 0.45 0.04 0.06 0.05 0.12 1.92 1.53 0.13 0.10 0.11 0.19 0.17 0.06 1.19 0.13 0.10 0.00 0.03 0.03 0.47 0.04 0.04 0.08 0.06 0.07 0.01 0.04 0.05 0.03 0.13 0.17 0.37 0.13 0.03 0.08 0.10 7.09 0.01 0.02 0.07 0.07 0.24 0.21 0.16 0.03

335 25 1951 89 258 74 414 3481 0 41 61 23293 7640 776 66 45 0 48 1543 1181 180 0 473 353 2570 684 161 4 217 46 326 360 865 450 2 371 0 36 892 80 474 135 46 1 19 247 0 189 470 333 171 25 151 76 4 36 498 50 111 8854 13 257 144 14 485 1389 4610 1001 574 117 4557 535 1163 0 33 1209 253 96 91 19 0 362 787 314 2266 108 4 133 0 60 0 198 63 629 44 23 0 558 2031 481 240 11 25 5 385 4922 8 0

0.20 0.14 0.17 0.35 0.44 12.33 1.05 1.34 0.00 2.05 2.64 23.84 30.07 0.10 0.07 0.01 0.00 0.07 0.09 3.93 3.08 0.00 0.07 0.06 0.18 0.15 0.18 0.35 0.47 0.06 0.37 0.45 0.55 0.44 0.36 0.11 0.30 0.38 0.19 0.06 0.08 0.08 0.11 0.09 0.15 0.16 0.00 0.19 0.24 0.24 0.29 0.26 0.35 0.17 0.15 0.09 0.11 0.22 0.19 6.15 0.09 0.12 0.05 0.04 0.05 0.03 0.10 0.18 0.14 0.13 0.03 0.02 0.99 0.00 0.02 0.05 0.03 0.34 0.43 0.80 0.00 0.06 0.05 1.58 9.22 0.13 0.10 0.06 0.00 0.03 0.00 1.63 0.20 0.30 0.02 0.02 0.00 0.15 0.20 0.31 0.25 6.55 0.00 0.15 3.52 4.49 0.10 0.00

12-month Change

High Low

unch unch + + + + + + + + + unch unch unch + + + + + + unch unch unch unch unch unch + + + + + unch + + + + unch + + unch + unch + -

0.00 0.00 0.01 0.01 0.02 0.03 0.01 0.04 0.05 0.01 0.00 0.01 0.00 0.01 0.02 0.01 0.00 0.00 0.01 0.00 0.19 0.18 0.02 0.00 0.02 0.02 0.08 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.02 0.01 0.00 0.01 0.02 0.19 0.01 0.01 0.00 0.01 0.02 0.00 0.02 0.01

0.09 0.08 1.22 1.03 1.51 1.75 0.17 0.72 0.77 0.09 0.08 0.03 0.02 0.29 0.37 1.05 0.14 0.33 0.26 0.24 2.16 1.71 0.81 0.65 0.16 0.47 0.70 0.21 1.54 0.33 0.23 0.02 0.07 0.09 0.65 0.19 0.15 0.16 0.12 0.55 0.10 0.23 0.30 0.13 0.26 0.33 1.05 0.29 0.06 0.19 0.18 13.28 0.04 0.06 0.45 0.20 0.61 0.53 0.60 0.08

0.02 0.01 0.63 0.50 0.56 0.00 0.06 0.27 0.34 0.03 0.02 0.01 0.00 0.09 0.13 0.42 0.03 0.06 0.05 0.11 1.28 1.01 0.13 0.10 0.06 0.16 0.17 0.05 0.94 0.12 0.09 0.00 0.02 0.03 0.16 0.04 0.03 0.07 0.05 0.06 0.00 0.03 0.04 0.01 0.10 0.13 0.24 0.11 0.01 0.05 0.07 6.11 0.01 0.01 0.07 0.01 0.17 0.20 0.02 0.03

0.13 0.17 + 0.14 0.14 0.15 0.15 0.29 0.33 0.41 0.42 unch 11.57 11.65 0.98 1.00 1.25 1.27 0.00 0.14 unch 1.89 1.92 2.42 2.42 20.94 21.95 unch 26.82 27.94 0.08 0.09 + 0.00 0.07 + 0.01 0.01 0.00 0.07 unch 0.05 0.07 + 0.07 0.09 + 3.59 3.68 + 2.82 2.88 + 0.00 0.12 unch 0.06 0.07 unch 0.05 0.05 0.16 0.17 0.12 0.12 0.00 0.18 + 0.29 0.29 0.00 0.44 + 0.00 0.06 + 0.30 0.31 0.38 0.40 0.44 0.50 + 0.33 0.40 + 0.36 0.36 unch 0.10 0.11 + 0.00 0.30 unch 0.00 0.38 + 0.16 0.18 + 0.06 0.06 0.07 0.08 + 0.08 0.08 0.00 0.11 0.00 0.09 0.00 0.11 0.00 0.15 0.00 0.12 unch 0.18 0.18 0.22 0.23 0.18 0.23 + 0.00 0.27 + 0.26 0.26 + 0.33 0.33 + 0.00 0.16 0.12 0.13 0.00 0.07 + 0.00 0.10 unch 0.00 0.21 unch 0.16 0.16 5.43 5.66 0.08 0.08 0.00 0.12 + 0.00 0.05 0.00 0.04 0.03 0.03 0.02 0.03 unch 0.07 0.08 0.14 0.17 + 0.11 0.14 + 0.00 0.12 0.03 0.03 unch 0.00 0.02 0.77 0.96 + 0.00 0.08 unch 0.00 0.02 unch 0.04 0.04 unch 0.00 0.03 + 0.27 0.31 0.40 0.40 0.70 0.80 + 0.00 0.18 unch 0.06 0.06 0.04 0.04 1.45 1.45 8.79 8.92 0.00 0.13 + 0.10 0.10 0.00 0.06 unch 0.00 0.07 unch 0.02 0.03 0.00 0.18 unch 1.52 1.52 0.19 0.20 unch 0.24 0.30 + 0.00 0.02 0.00 0.01 0.00 0.60 unch 0.11 0.12 0.14 0.15 0.28 0.29 0.22 0.23 6.28 6.33 unch 0.00 0.10 unch 0.00 0.15 unch 3.14 3.25 + 4.02 4.14 + 0.00 0.10 + 0.00 0.14 unch

0.03 0.00 0.02 0.01 0.00 0.14 0.02 0.03 0.00 0.09 0.16 0.00 0.26 0.01 0.00 0.00 0.00 0.01 0.02 0.04 0.04 0.00 0.00 0.01 0.01 0.02 0.03 0.05 0.04 0.01 0.03 0.03 0.05 0.04 0.00 0.01 0.00 0.01 0.02 0.00 0.01 0.01 0.01 0.02 0.04 0.01 0.00 0.01 0.01 0.05 0.02 0.01 0.01 0.01 0.02 0.00 0.00 0.00 0.01 0.07 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.03 0.03 0.01 0.00 0.01 0.16 0.00 0.00 0.00 0.00 0.03 0.04 0.10 0.00 0.01 0.01 0.12 0.17 0.01 0.03 0.00 0.00 0.01 0.00 0.07 0.00 0.05 0.01 0.01 0.00 0.03 0.04 0.01 0.00 0.00 0.00 0.00 0.09 0.12 0.01 0.00

0.48 0.19 0.25 0.69 0.88 18.58 2.14 2.61 0.21 5.26 6.50 28.49 35.47 0.30 0.22 0.12

0.10 0.05 0.07 0.27 0.34 11.28 0.92 1.24 0.11 1.65 2.09 11.50 14.68 0.08 0.06 0.01

0.22 0.28 4.54 3.68 0.12 0.22 0.18 0.77 0.60 0.45 0.53 0.60 0.13 0.70 0.88 0.84 0.68 0.50 0.18 0.52 0.68 0.27 0.07 0.09 0.16 0.22 0.22 0.31 0.24 0.17 0.51 0.61 0.37 0.50 0.81 1.04 0.40 0.32 0.10 0.12 0.42 0.35 6.64 0.11 0.14 0.09 0.07 0.18 0.04 0.19 0.37 0.31 0.35 0.20 0.05 1.01 0.17 0.04 0.10 0.15 1.18 0.63 2.80 0.29 0.19 0.16 2.37 16.00 0.28 0.21 0.10

0.00 0.07 1.84 1.43 0.04 0.06 0.05 0.16 0.12 0.08 0.12 0.14 0.04 0.30 0.38 0.33 0.26 0.25 0.09 0.30 0.36 0.09 0.02 0.05 0.07 0.09 0.09 0.10 0.13 0.00 0.15 0.19 0.17 0.21 0.25 0.32 0.15 0.12 0.04 0.07 0.20 0.11 1.95 0.03 0.04 0.05 0.04 0.03 0.02 0.07 0.13 0.10 0.11 0.03 0.02 0.35 0.07 0.01 0.03 0.00 0.25 0.10 0.38 0.15 0.06 0.04 1.45 8.21 0.11 0.01 0.04

0.15 0.40 1.89 0.34 0.44 0.04 0.04

0.01 0.14 0.93 0.19 0.23 0.01 0.01

0.49 0.62 0.64 0.52 7.69 0.10 0.15 5.82 7.24 0.20 0.14

0.09 0.12 0.28 0.22 2.63 0.05 0.08 2.94 3.71 0.07 0.08

(100s) Stock

Exc Volume

Chesapeake Gld* Chesapeake Gld Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Churchill Res Cipher Mining* Cirrus Gold Clarity Gold* Clarity Gold Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Min Cleveland-Clif* Cliffmont Res Clydesdale Res CMC Metals* CMC Metals CMX Gold & Sil CNRP Mng Coast Copper Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Collective Mg* Colombia Crest Colombia Crest* Colonial Coal Comet Inds Commander Res* Commander Res Commerce Res Commerce Res* Compass Gold* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold Condor Gold* Condor Res* Condor Res Conquest Res Conquest Res * Cons Uranium* Cons Uranium Cons Woodjam CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold Contact Mnrls* CopAur Min CopAur Min* Copper Fox Mtl* Copper Fox Mtl Copper Lake Rs Copper Mtn Mng* Copper Mtn Mng Copper One * Copperbank Res Copperbank Res* Cordoba Mnls Cordoba Mnls* Core Assets Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Cortus Metals Corvus Gold Corvus Gold* CoTec Holdings Crest Resource Crest Resource* Crestview Expl Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Battery* Cruz Battery Currie Rose Rs CWN M’g Acq Cyntar Venture Cypress Dev* Cypress Dev

O V N V O V O T V D C O C C V O V N V V O V C C V O V N O V O V O V V O V V O O V X V O T O O V V O O V V N N O V O V O V O O V V O T O C O V O C V O O V V T D V C O C O V O C V O O C V V C O V

61 68 46911 58 1 349 78 65 0 4168 10 159 288 68 2105 31 0 70724 4 0 1074 7903 188 679 252 160 244 27530 395 542 1 3366 52 1229 1 10 109 349 109 5 79 2510 31 17 252 32 317 558 521 404 419 910 354 1321 13363 335 143 42 1430 418 346 179 95 266 474 506 4816 1402 167 199 75 25 343 21 1 185 52 592 782 363 0 904 46 34 188 2489 293 1848 634 104 496 1544 1298 0 110 1948 3703

Dajin Lithium* Dajin Res Damara Gold* Damara Gold Danakali* Decade Res Decade Res* Deep-South Res Deep-South Res* DeepRock Min Defense Metals* Defense Metals Defiance Silvr* Defiance Silvr Delrand Res Denarius Silv Denison Mines Denison Mines* Desert Gold Desert Gold* Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Fields Dios Expl Discovery Harb* Discovery Harb Discovery Silv Discovery Silv* Discovery-Corp District Cop* District Cop District Metal* District Metal District Mines Dixie Gold DLP Resouces DLP Resouces* Dolly Vard Sil Dolly Vard Sil* Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res Duro Metals DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold* E2Gold Inc E2Gold Inc* E3 Metals* E3 Metals E79 Resources* E79 Resources Eagle Graphite* Eagle Graphite Eagle Plains Earl Res East Africa East Africa * Eastern Platin* Eastern Platin Eastfield Res Eastfield Res*

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

153 87 595 893 54 1100 859 511 118 251 525 795 1824 1641 761 626 15663 47996 260 1 270 537 243 285 0 81 73 967 1502 819 8 10 144 102 502 13 2569 199 127 480 587 94 721 825 832 1290 209 1273 0 204 79 13 34 25 0 1739 67 214 549 94 421 14 52 570 0 368 162 25 242 122 190

Week High

Low

Last

12-month Change

2.44 2.46 2.70 0.00 3.20 3.43 + 119.26 115.05 118.34 0.22 0.00 0.23 0.18 0.18 unch 0.18 0.14 0.15 0.16 0.10 0.12 0.13 + 3.26 3.40 3.44 0.00 0.29 unch 0.00 5.43 5.49 7.00 + 0.00 0.18 0.18 0.19 0.20 0.21 0.24 0.26 unch 0.27 0.14 0.16 unch 0.16 0.18 0.18 0.23 + 0.15 0.18 0.21 0.00 0.17 unch 0.00 + 21.67 20.02 20.26 0.00 0.12 unch 0.12 0.00 0.05 unch 0.00 + 0.06 0.10 0.12 + 0.08 0.14 0.15 0.05 0.05 0.08 0.24 0.24 0.28 0.13 0.13 0.14 0.02 0.03 0.03 0.00 0.04 unch 0.04 5.04 5.12 5.61 0.01 0.04 0.08 0.09 0.09 0.10 2.20 2.20 unch 2.20 0.39 0.40 0.53 + 0.30 0.30 0.42 + 2.80 2.98 3.40 0.00 3.00 unch 3.00 0.10 0.10 unch 0.10 0.00 0.12 0.14 0.23 0.23 0.25 0.18 0.19 0.19 0.11 0.11 unch 0.11 0.00 0.15 0.15 1.38 1.49 1.65 + 0.00 0.09 0.09 + 0.00 0.07 0.07 0.50 0.51 0.54 0.38 0.38 0.44 + 0.09 0.11 0.11 0.12 0.14 0.16 + 0.08 0.09 0.09 + 0.06 0.06 0.07 1.75 1.82 2.07 2.23 2.33 2.65 + 0.09 0.09 0.09 22.59 20.11 21.35 + 14.59 13.00 14.57 + 0.39 0.46 0.47 + 0.00 0.58 0.58 + 0.03 0.03 0.04 0.04 0.04 0.05 + 0.00 0.03 0.05 1.01 1.10 1.39 0.81 0.86 1.10 + 0.16 0.17 0.20 0.21 0.21 0.23 0.00 0.06 0.07 2.58 2.63 2.91 3.31 3.34 3.68 0.07 0.07 0.11 + 0.60 0.70 0.71 + 0.54 0.45 0.56 0.00 0.60 0.61 0.44 0.44 0.45 0.20 0.20 0.23 4.05 4.12 4.30 3.17 3.23 3.30 + 0.44 0.48 0.52 + 0.00 0.60 0.68 0.10 0.11 0.12 + 4.04 4.08 4.08 + 3.15 3.20 3.23 0.00 0.64 unch 0.00 0.10 0.12 0.12 + 0.09 0.10 0.10 0.00 0.33 unch 0.38 1.07 1.07 1.26 1.34 1.39 1.58 0.10 0.10 0.11 + 0.11 0.14 0.14 0.00 0.08 0.09 0.05 0.06 0.06 0.17 0.20 0.21 0.21 0.25 0.26 + 0.05 0.07 0.09 0.00 0.08 unch 0.00 0.68 0.69 0.75 + 1.28 1.41 1.64 + 1.65 1.81 2.08

High Low

4.75 2.35 0.16 6.05 3.01 0.15 3.93 119.26 83.53 0.46 0.14 0.01 0.36 0.10 0.00 0.55 0.12 0.01 0.40 0.09 0.00 4.47 1.72 0.06 0.44 0.17 0.00 1.75 15.39 5.13 0.25 0.12 0.01 1.48 0.15 0.00 1.82 0.23 0.00 1.11 0.10 0.00 0.49 0.17 0.02 0.39 0.00 0.03 0.17 0.08 0.00 0.14 26.51 12.56 0.23 0.09 0.00 0.08 0.05 0.00 0.21 0.03 0.03 0.27 0.08 0.05 0.10 0.05 0.04 0.82 0.24 0.03 0.20 0.09 0.01 0.14 0.02 0.00 0.17 0.03 0.00 0.08 12.60 5.00 0.16 0.01 0.03 0.17 0.06 0.01 3.50 1.89 0.00 0.53 0.10 0.06 0.42 0.08 0.01 3.73 0.50 0.04 4.00 2.00 0.00 0.21 0.10 0.00 0.32 0.12 0.02 0.50 0.19 0.01 0.39 0.16 0.01 0.21 0.11 0.00 0.30 0.11 0.03 9.85 0.99 0.01 0.14 0.08 0.01 0.12 0.03 0.00 1.20 0.50 0.01 0.79 0.38 0.02 0.26 0.00 0.00 0.33 0.11 0.03 0.21 0.07 0.01 0.17 0.05 0.00 2.67 0.68 0.12 3.29 0.88 0.13 0.28 0.09 0.01 0.27 36.23 5.89 1.13 16.08 9.95 0.54 0.13 0.06 0.69 0.16 0.07 0.12 0.03 0.00 0.16 0.04 0.01 0.25 0.01 0.00 1.57 0.12 0.06 1.24 0.11 0.06 0.53 0.13 0.00 0.66 0.17 0.01 0.10 0.02 0.01 4.20 1.15 0.04 5.07 1.47 0.10 0.60 0.03 0.02 0.84 0.22 0.11 0.70 0.15 0.08 1.54 0.53 0.01 1.24 0.01 0.07 0.39 0.07 0.01 5.48 3.40 0.03 4.60 2.55 0.08 0.87 0.18 0.04 1.10 0.20 0.04 0.20 0.09 0.01 4.15 2.17 0.01 3.30 1.71 0.03 0.68 0.09 0.00 0.29 0.09 0.01 0.25 0.07 0.00 2.53 0.31 0.00 1.65 0.52 0.10 1.98 0.66 0.13 1.22 0.01 0.00 0.38 0.11 0.03 0.36 0.07 0.01 0.29 0.05 0.00 0.27 0.03 0.01 0.34 0.05 0.01 0.15 0.03 0.02 0.09 0.05 0.00 0.99 0.50 0.01 2.13 0.42 0.06 2.61 0.54 0.07

D-F 0.79 1.05 0.06 0.08 0.32 0.04 0.03 0.06 0.04 0.06 0.19 0.24 0.38 0.47 0.04 0.57 2.02 1.61 0.14 0.10 1.84 0.05 0.34 0.27 0.00 0.07 0.03 0.04 1.89 1.48 0.10 0.14 0.18 0.18 0.22 0.15 0.27 0.21 0.17 0.63 0.50 0.74 0.29 0.22 9.09 7.78 0.04 0.06 0.00 0.13 3.15 2.44 1.60 0.17 0.00 0.14 0.11 1.98 2.49 0.65 0.84 0.12 0.15 0.18 0.00 0.21 0.16 0.23 0.30 0.08 0.06

0.63 0.00 0.06 0.07 0.30 0.04 0.02 0.05 0.04 0.05 0.16 0.22 0.32 0.41 0.00 0.52 1.68 1.31 0.13 0.00 1.70 0.04 0.30 0.24 0.00 0.00 0.02 0.03 1.68 1.32 0.00 0.00 0.00 0.15 0.20 0.00 0.00 0.00 0.17 0.58 0.45 0.68 0.25 0.19 8.37 7.30 0.03 0.04 0.00 0.00 2.99 0.00 1.35 0.00 0.00 0.11 0.09 1.68 2.12 0.59 0.75 0.09 0.00 0.16 0.00 0.19 0.00 0.21 0.28 0.07 0.05

0.74 0.94 0.06 unch + 0.08 0.32 0.04 0.03 0.05 + 0.04 + 0.05 0.18 + 0.24 0.34 0.43 0.03 0.52 1.79 1.42 0.13 + 0.10 + 1.80 0.04 0.34 + 0.27 0.19 unch 0.07 unch 0.02 0.03 unch 1.73 + 1.36 0.10 0.14 0.18 + 0.17 + 0.22 0.12 + 0.24 0.20 unch 0.17 + 0.62 + 0.49 0.68 0.26 0.20 8.44 7.37 + 0.03 + 0.05 0.24 + 0.10 + 3.10 + 2.41 1.48 0.17 unch 0.13 unch + 0.14 + 0.11 + 1.85 + 2.34 0.61 0.77 0.09 0.13 0.17 unch 0.45 unch 0.19 0.16 0.22 0.28 + 0.08 0.05

0.03 0.07 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.03 0.04 0.02 0.02 0.01 0.09 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.11 0.06 0.00 0.00 0.03 0.03 0.03 0.03 0.02 0.54 0.33 0.00 0.02 0.11 0.02 0.11 0.10 0.02 0.00 0.00 0.03 0.02 0.11 0.04 0.05 0.07 0.03 0.03 0.00 0.00 0.02 0.10 0.03 0.02 0.01 0.00

2.45 2.00 0.16 0.20 0.47 0.12 0.09 0.30 0.23 0.11 0.59 0.75 0.91 1.07 0.18 0.73 2.64 2.14 0.23 0.17 4.95 0.06 0.52 0.43 1.25 0.13 0.10 0.11 2.74 2.23 0.12 0.20 0.50 0.55 0.59 0.40 0.41 0.35 0.27 0.98 0.77 1.28 1.18 1.22 13.29 9.95 0.11 0.14 0.35 0.16 3.29 2.58 2.45 0.35 0.20 0.30 0.24 4.22 5.37 1.34 1.65 0.28 0.38 0.19 0.55 0.58 0.39 0.42 0.57 0.10 0.09

0.43 0.45 0.00 0.05 0.22 0.04 0.01 0.04 0.03 0.04 0.15 0.20 0.32 0.41 0.03 0.38 0.65 0.47 0.11 0.09 1.31 0.01 0.07 0.05 0.11 0.06 0.02 0.03 1.19 0.90 0.06 0.09 0.10 0.14 0.19 0.11 0.17 0.18 0.14 0.42 0.33 0.64 0.20 0.06 7.88 7.18 0.03 0.04 0.22 0.07 1.75 1.35 0.52 0.08 0.06 0.10 0.08 0.65 0.81 0.07 0.24 0.00 0.04 0.14 0.34 0.19 0.15 0.21 0.27 0.06 0.04

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

Eco Oro Min Eco Oro Min* Edgemont Gold Edgewater Expl Edison Battery* Edison Battery EEE Explor El Nino Vent* El Nino Vent Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Element 29* Element79 Elevation Gold* Elevation Gold Eloro Res Eloro Res* Elysee Dev Elysee Dev * Emerita Res Emerita Res* Emgold Mining* Emgold Mining Eminent Gold Eminent Gold* Emperor Metals EMX Royalty* EMX Royalty EnCore Energy Endeavour Mng Endeavr Silver Endeavr Silver* Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engineer Gold* Engold Mines Engold Mines* Entree Res* Entree Res Equinox Gold* Equinox Gold Equity Metals* Equity Metals Erdene Res Dev Erdene Res Dev* Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng* Eskay Mng Essex Minerals Essex Minerals* Ethos Gold* Ethos Gold Etruscus Res* Etruscus Res Euro Manganese Euro Manganese* Euro Sun Mg Euro Sun Mg* EurOmax Res EurOmax Res* European Elect* European Elect European Metal* Evergold Evergold* EVI Global Grp Evrim Res Excellon Res* Excellon Res Excelsior Mng* Excelsior Mng ExGen Res Inc ExGen Res Inc* Exploits Disc* Explorex Res* Explorex Res Fabled Silver Fabled Silver* Fairchild Gold Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Far Res Far Res* Fathom Nickel* Fathom Nickel FenixOro Gold* FenixOro Gold Fidelity Min Filo Mg Corp Filo Mg Corp * Finlay Minrls Fiore Gold* Fiore Gold* Fiore Gold FireFox Gold FireFox Gold* Firestone Vent Fireweed Zinc* Fireweed Zinc First Cobalt * First Cobalt First Energy First Energy* First Idaho First Majestic* First Majestic First Mg Fin * First Mg Fin First Point* First Quantum First Tellur First Tellur* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Five Star Diam* Fjordland Exp* Fjordland Exp Flow Metals Focus Graphite* Focus Graphite Focus Minerals* Fokus Mining Foran Mining* Foran Mining Forrester Met* Forsys Metals Fort St James Fortescue Met* Fortuna Silvr* Fortuna Silvr Fortune Bay* Fortune Bay Fortune Min* Fortune Min Forty Pillars Forum Energy* Forum Energy Fosterville Founders Metal Four Nines Fox River Res FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Fredonia Mg Freegold Vent Freeman Gold* Freeman Gold Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl Full Metal Mnl* Fury Gold Fury Gold*

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

58 10 346 45 132 1165 94 140 481 304 18 10949 1654 93 230 286 519 532 270 120 33 2440 381 149 836 33 33 155 724 49 1331 2770 1292 9563 1 267 353 163 3324 11896 0 43 35 9 64 193 6778 2275 177 220 369 123 18 9 1186 161 119 144 144 447 759 176 40 284 914 1 486 674 139 614 33 4 99 627 631 12 1573 47 1306 650 146 98 302 845 8 50 439 8 6 507 519 22 108 69 587 157 169 9516 1169 227 381 382 417 565 1475 81 719 520 133 1534 330 161 11 23 133 1384 4372 732 101 0 18555 2668 2315 2573 757 9214 731 749 2311 1352 1918 7959 12 13 8 94 417 390 1827 2 705 17 1141 45 2153 1 34 20541 3822 13 13 319 1004 392 3699 5206 928 0 111 125 683 2502 1602 199 64 1446 253 598 66397 152 2565 20 3552 1099 51 1 513 1350

THE NORTHERN MINER / DECEMBER 20, 2021–JANUARY 9, 2022

Week High

Low

0.11 0.09 0.30 0.18 0.15 0.17 0.25 0.02 0.03 0.09 0.08 9.35 11.82 0.50 1.24 0.73 0.91 3.68 2.87 0.84 0.65 3.49 2.74 0.03 0.04 0.61 0.50 0.14 2.61 3.34 1.98 28.99 5.62 4.44 0.22 0.32 0.22 0.18 11.11 8.82 0.00 0.03 0.28 0.22 0.63 0.81 7.06 8.93 0.10 0.13 0.45 0.37 0.07 0.10 19.71 15.55 0.08 0.09 0.09 2.36 2.99 0.09 0.06 0.21 0.28 0.10 0.15 0.48 0.38 0.28 0.22 0.08 0.06 0.09 0.13 0.08 0.13 0.09 0.08 0.51 1.23 1.55 0.37 0.48 0.13 0.11 0.47 3.89 4.95 0.09 0.08 0.15 0.30 0.23 0.07 0.06 0.09 0.27 0.21 0.22 0.30 0.24 0.30 0.09 13.15 10.27 0.08 0.07 1.11 1.41 0.26 0.20 0.13 0.51 0.66 0.29 0.36 0.30 0.23 0.00 11.58 14.62 0.27 0.34 0.44 30.02 0.28 0.23 0.25 0.20 0.70 0.89 0.03 0.03 0.08 0.11 0.04 0.07 0.08 0.16 0.10 2.05 2.70 0.00 0.95 0.21 13.20 3.51 4.44 0.58 0.73 0.11 0.14 0.20 0.16 0.20 0.94 0.00 0.68 0.51 0.53 135.46 172.97 0.02 0.28 0.42 0.37 0.47 39.61 0.12 0.03 12.05 2.23 0.03 0.16 0.12 0.90 0.71

0.10 0.09 0.22 0.00 0.11 0.14 0.21 0.02 0.00 0.00 0.00 8.65 11.02 0.46 1.17 0.67 0.84 3.21 2.46 0.78 0.61 2.95 2.33 0.02 0.00 0.00 0.46 0.14 2.34 3.00 1.58 26.84 5.15 4.01 0.22 0.00 0.21 0.16 9.51 7.42 0.00 0.03 0.00 0.20 0.60 0.76 6.40 8.14 0.08 0.11 0.41 0.32 0.06 0.00 18.17 14.29 0.07 0.00 0.00 1.93 2.44 0.00 0.06 0.19 0.24 0.10 0.11 0.44 0.36 0.26 0.20 0.00 0.06 0.00 0.00 0.07 0.11 0.09 0.06 0.45 1.06 1.36 0.29 0.38 0.00 0.11 0.39 3.17 3.50 0.08 0.06 0.00 0.28 0.22 0.06 0.05 0.00 0.20 0.16 0.20 0.26 0.21 0.25 0.00 11.32 8.98 0.07 0.05 1.00 1.28 0.21 0.16 0.00 0.00 0.60 0.23 0.30 0.27 0.21 0.00 10.47 13.41 0.22 0.29 0.38 26.75 0.20 0.18 0.19 0.15 0.57 0.73 0.00 0.03 0.08 0.00 0.00 0.05 0.07 0.16 0.09 1.90 2.37 0.00 0.76 0.00 12.04 3.21 4.10 0.00 0.00 0.10 0.13 0.15 0.12 0.15 0.85 0.00 0.62 0.49 0.49 129.95 165.25 0.01 0.00 0.37 0.35 0.44 36.36 0.11 0.02 0.00 1.92 0.00 0.00 0.00 0.78 0.62

Last

12-month Change

0.11 0.09 unch 0.23 + 0.18 + 0.11 0.14 0.25 + 0.02 unch 0.03 + 0.09 0.06 8.79 11.16 0.48 + 1.18 0.68 0.86 3.53 + 2.78 + 0.81 + 0.63 + 3.19 2.46 0.03 0.04 unch 0.59 0.46 0.14 unch 2.45 + 3.13 + 1.77 + 27.08 5.18 4.07 0.22 unch 0.29 + 0.21 unch 0.17 + 10.08 7.93 0.04 unch 0.03 + 0.26 0.20 0.60 0.76 6.42 8.21 0.09 + 0.12 unch 0.41 0.32 0.07 + 0.10 18.57 14.57 0.07 unch 0.09 unch 0.09 unch 1.95 2.48 0.09 + 0.06 + 0.20 0.26 + 0.10 unch 0.13 + 0.46 0.37 + 0.28 unch 0.22 + 0.08 + 0.06 unch 0.08 0.09 0.07 0.13 + 0.09 0.07 unch 0.45 1.11 1.41 0.36 + 0.47 + 0.13 unch 0.11 unch 0.39 3.54 + 4.00 0.08 0.06 0.15 0.29 + 0.23 + 0.07 unch 0.06 + 0.09 unch 0.27 + 0.21 + 0.21 0.26 0.21 0.26 0.08 unch 12.15 + 9.59 + 0.08 unch 0.06 + 1.05 + 1.34 + 0.26 + 0.20 + 0.13 0.50 + 0.64 + 0.26 + 0.33 + 0.28 0.22 0.10 unch 10.71 13.65 0.24 0.31 0.39 unch 28.47 + 0.26 + 0.21 0.24 + 0.19 + 0.64 + 0.80 unch 0.03 unch 0.03 0.08 0.10 unch 0.04 + 0.06 0.08 unch 0.16 0.10 + 1.92 2.45 3.49 unch 0.84 + 0.21 13.20 + 3.24 4.11 0.55 0.71 + 0.11 + 0.14 + 0.20 + 0.14 + 0.18 + 0.85 0.33 unch 0.68 + 0.49 0.50 unch 130.73 166.25 0.02 0.27 + 0.38 unch 0.37 + 0.47 + 38.37 + 0.11 unch 0.03 unch 11.48 2.08 + 0.02 0.16 0.12 + 0.85 + 0.67 +

0.01 0.00 0.01 0.02 0.01 0.02 0.04 0.00 0.01 0.01 0.01 0.19 0.37 0.03 0.02 0.01 0.02 0.35 0.30 0.02 0.01 0.12 0.09 0.00 0.00 0.02 0.02 0.00 0.10 0.08 0.04 1.40 0.19 0.10 0.00 0.03 0.00 0.00 0.19 0.07 0.00 0.00 0.02 0.02 0.01 0.05 0.30 0.44 0.01 0.00 0.02 0.01 0.00 0.01 0.33 0.15 0.00 0.00 0.00 0.30 0.42 0.02 0.00 0.01 0.01 0.00 0.01 0.02 0.01 0.00 0.00 0.01 0.00 0.02 0.04 0.01 0.01 0.00 0.00 0.01 0.03 0.05 0.06 0.08 0.00 0.00 0.07 0.19 0.05 0.01 0.00 0.02 0.01 0.02 0.00 0.00 0.00 0.02 0.02 0.00 0.03 0.03 0.05 0.00 0.41 0.47 0.00 0.00 0.03 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.01 0.00 0.14 0.27 0.00 0.01 0.00 1.48 0.01 0.01 0.03 0.03 0.02 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.03 0.01 0.07 0.14 0.00 0.02 0.01 1.32 0.04 0.11 0.12 0.03 0.00 0.01 0.02 0.01 0.02 0.05 0.00 0.04 0.01 0.00 2.04 3.95 0.00 0.01 0.00 0.02 0.01 1.81 0.00 0.00 0.57 0.05 0.01 0.01 0.00 0.05 0.05

High Low 0.20 0.16 0.31 0.27 1.00 0.25 0.25 0.05 0.06 0.19 0.16 14.48 18.43 0.59 1.65 2.70 3.42 5.88 4.65 0.88 0.74 4.14 3.35 0.07 0.09 1.05 1.00 0.29 3.81 4.83 2.27 35.94 9.32 7.76 0.35 0.44 0.29 0.24 14.33 11.39 0.08 0.06 0.55 0.30 0.90 1.12 11.24 14.33 0.25 0.33 0.50 0.41 0.19 0.25 29.76 22.30 0.10 0.12 0.12 2.93 3.55 0.36 0.14 0.50 0.60 0.30 0.38 0.85 0.68 0.47 0.39 0.24 0.16 0.39 0.40 0.30 0.43 0.44 0.14 0.58 3.90 4.76 0.94 1.19 0.14 0.11 1.35 8.34 10.50 0.40 0.60 0.20 0.48 0.42 0.14 0.15 0.17 0.31 0.25 0.44 0.88 0.39 0.49 0.17 14.01 11.08 0.20 0.26 1.36 1.70 0.40 0.34 0.30 0.89 1.15 0.37 0.46 0.62 0.31 0.10 24.01 30.75 0.42 0.50 0.76 35.07 0.30 1.00 0.30 0.24 1.00 1.25 0.07 0.05 0.21 0.27 0.11 0.22 0.28 0.24 0.42 2.42 3.09

0.05 0.04 0.12 0.15 0.01 0.03 0.15 0.02 0.03 0.06 0.04 7.46 9.52 0.28 0.67 0.66 0.84 1.41 1.10 0.43 0.34 0.16 0.12 0.02 0.04 0.54 0.46 0.10 2.31 2.98 0.57 23.12 4.32 3.40 0.10 0.13 0.17 0.12 3.30 2.50 0.03 0.02 0.22 0.18 0.36 0.46 5.90 7.53 0.07 0.09 0.33 0.26 0.04 0.05 17.24 14.29 0.05 0.07 0.07 0.76 0.96 0.07 0.06 0.12 0.16 0.10 0.11 0.37 0.33 0.26 0.20 0.05 0.04 0.06 0.09 0.01 0.11 0.00 0.05 0.28 1.06 1.36 0.29 0.36 0.08 0.06 0.19 3.17 3.50 0.07 0.06 0.14 0.22 0.15 0.06 0.02 0.09 0.08 0.06 0.19 0.25 0.15 0.15 0.05 1.75 1.38 0.07 0.05 0.74 0.95 0.13 0.11 0.11 0.48 0.60 0.11 0.14 0.14 0.12 0.07 10.45 13.14 0.22 0.28 0.05 19.21 0.05 0.03 0.08 0.06 0.24 0.32 0.03 0.02 0.05 0.07 0.03 0.03 0.05 0.16 0.09 0.47 0.54

1.30 0.50 20.40 9.85 12.61 0.98 1.25 0.22 0.27 0.38 0.47 0.56 2.63 0.60 0.70 0.73 0.94 163.79 205.25 0.15 0.37 0.96 0.53 0.65 46.10 0.26 0.10 17.32 2.23 0.04 0.65 0.57 2.37 1.85

0.21 0.13 10.25 3.12 4.01 0.00 0.57 0.04 0.06 0.11 0.11 0.14 0.84 0.26 0.33 0.08 0.42 105.62 133.63 0.01 0.13 0.35 0.23 0.28 23.77 0.11 0.02 10.20 0.31 0.02 0.11 0.00 0.75 0.59

(100s) Stock

Exc Volume

Week High

Low 0.06 0.08

Fuse Cobalt* Fuse Cobalt

O V

136 353

0.06 0.08

G2 Goldfields* G2 Goldfields Gabriel Res* Gabriel Res Galane Gold * Galane Gold Galantas Gold Galantas Gold* Galiano Gold Galiano Gold* Galleon Gold* Galleon Gold Galore Res Galway Gold * Galway Gold Galway Mtls* Galway Mtls Gambier Gold* Gambier Gold Garibaldi Res * Garibaldi Res Gatling Explor Gatling Explor* Gatos Silver Gatos Silver* GCM Mining* GCM Mining General Gold Generation Min Generation Min* Generic Gold* Generic Gold Genesis Mtls Genesis Mtls* Gensource Pot Gentor Res Geomega Res Geomega Res* Getchell Gold Getchell Gold * Getty Copper GFG Resources GFG Resources* GFM Res GGL Res GGL Res* GGX Gold* GGX Gold Giga Metals* Giga Metals Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake Gladiator Met Glen Eagle Res* Glen Eagle Res Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery Global Battery* Global Energy* Global Energy Global Li-Ion Global Li-Ion* GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals* GMV Minerals Go Cobalt Go Cobalt* GobiMin GoGold Res Golcap Res Gold Basin Res* Gold Basin Res Gold Bull Res Gold Bull Res* Gold Fields* Gold Fields* Gold Finder Ex Gold Finder Ex* Gold Hunter Rs Gold Line Res Gold Lion Res* Gold Lion Res Gold Mountain* Gold Mountain Gold Port Gold Reserve* Gold Reserve Gold Resource* Gold Royalty* Gold State Res Gold State Res* Gold Std Vents Gold Std Vents* Gold’n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldcliff Res* Goldcliff Res Golden Arrow Golden Arrow* Golden Dawn Ml* Golden Dawn Ml Golden Goliath Golden Goliath* Golden Harp Golden Hope* Golden Hope Golden Indepen Golden Indepe* Golden Lake Golden Mnls* Golden Mnls Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Spike Golden Star Golden Star* Golden Tag Golden Tag* Goldex Res* Goldex Res Goldflare Expl Goldgroup Mng* Goldgroup Mng GoldHaven Res* Goldhills Hldg GoldMining GoldON Res GoldON Res* Goldplay Min GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldseek Res* Goldshore Res* Goldshore Res Goldsource Min* Goldsource Min Goldstar Mnls* Goldstar Mnls Goliath Res* Goliath Res Gossan Res GoviEx Uranium GoviEx Uranium* Gowest Gold Gowest Gold* GPM Metals GR Silver* GR Silver Granada Gold* Granada Gold Grande Portage* Grande Portage Granite Creek Granite Creek* Graphano Egy Graphite One* Graphite One

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

31 284 136 110 1258 894 200 209 117 1193 497 670 107 3 4 215 562 27 447 45 295 78 14 124 2148 134 1234 9 1404 124 8 24 245 16 1263 0 454 159 268 200 0 121 330 0 194 31 21 182 343 446 455 250 547 748 15 0 0 1 1932 62 1078 870 2693 639 636 23 10 183 122 0 58 51 72 202 78 0 0 3208 192 6 293 520 343 421 33121 1633 936 94 457 8 210 375 1017 113 30 193 2246 1853 342 156 308 2185 424 540 102 0 18 30 909 395 19 126 2070 84 8 3 36 1257 185 1530 3412 113 169 377 772 142 25 324 5814 415 218 50 93 69 102 692 201 0 792 203 37 24 464 216 30 682 78 50 134 645 20 45 1 35 51 131 57 7488 1982 477 5 188 400 2507 222 360 247 250 295 370 682 297 598

0.36 0.47 0.16 0.20 0.10 0.13 0.44 0.34 0.96 0.75 0.04 0.05 0.03 0.10 0.14 0.47 0.58 0.06 0.07 0.20 0.25 0.23 0.18 15.21 12.02 4.24 5.42 0.24 0.83 0.63 0.23 0.31 0.09 0.07 0.35 0.00 0.26 0.20 0.59 0.47 0.00 0.14 0.12 0.00 0.18 0.11 0.12 0.15 0.39 0.45 0.05 0.04 0.49 0.37 0.19 0.00 0.00 0.07 0.10 4.93 9.80 3.21 4.03 0.28 0.21 0.20 0.25 0.08 0.07 0.11 0.83 1.10 0.14 0.18 0.16 0.00 0.00 3.25 0.15 0.21 0.29 0.27 0.21 11.42 11.03 0.11 0.09 0.32 0.12 0.07 0.09 1.30 1.65 0.12 1.38 1.72 1.94 5.08 0.08 0.06 0.57 0.44 0.11 0.07 0.05 0.00 0.09 0.10 0.19 0.14 0.09 0.14 0.07 0.05 0.16 0.22 0.29 0.12 0.10 0.17 0.39 0.50 0.15 0.17 4.98 0.13 0.30 4.82 3.77 0.25 0.19 0.06 0.07 0.06 0.03 0.04 0.44 0.00 1.60 0.21 0.17 0.14 0.15 0.05 0.04 0.10 0.13 0.10 0.50 0.60 0.68 0.88 0.05 0.08 0.67 0.83 0.21 0.44 0.35 0.17 0.12 0.11 0.22 0.28 0.08 0.09 0.45 0.57 0.19 0.15 0.46 1.68 2.10

Last

12-month Change

0.06 0.08 unch

0.00 0.00

0.34 0.35 0.41 0.45 + 0.13 0.15 0.18 0.19 0.09 0.10 + 0.11 0.12 + 0.35 0.41 + 0.26 0.32 + 0.85 0.87 0.68 0.70 0.03 0.04 + 0.05 0.05 unch 0.00 0.03 unch 0.10 0.10 unch 0.00 0.14 unch 0.39 0.43 0.52 0.54 0.05 0.05 0.00 0.06 0.17 0.19 0.22 0.23 0.00 0.23 + 0.16 0.18 + 13.91 14.19 10.86 11.13 3.88 3.96 5.01 5.04 0.00 0.22 0.65 0.77 + 0.51 0.61 + 0.23 0.23 unch 0.26 0.31 + 0.08 0.09 + 0.06 0.06 0.28 0.34 0.00 0.09 unch 0.23 0.25 0.18 0.20 + 0.51 0.59 + 0.43 0.45 0.00 0.06 unch 0.00 0.14 unch 0.11 0.11 + 0.00 0.15 unch 0.13 0.14 0.10 0.11 + 0.10 0.11 0.00 0.14 0.32 0.32 0.41 0.41 0.00 0.05 + 0.04 0.04 0.25 0.27 0.31 0.33 0.00 0.19 0.00 0.26 unch 0.00 0.36 unch 0.07 0.07 unch 0.07 0.07 4.69 4.87 + 9.34 9.71 + 2.60 2.86 3.32 3.62 0.22 0.22 0.17 0.18 0.18 0.20 + 0.00 0.24 + 0.07 0.08 unch 0.05 0.06 0.00 0.11 unch 0.00 0.83 + 0.99 1.07 + 0.00 0.12 0.00 0.16 0.00 0.15 unch 0.00 0.15 unch 0.00 0.23 unch 3.02 3.10 unch 0.10 0.11 0.21 0.21 unch 0.24 0.26 0.20 0.26 + 0.15 0.21 + 10.59 10.59 9.70 9.79 0.08 0.09 + 0.07 0.08 + 0.30 0.30 0.11 0.12 unch 0.07 0.07 0.00 0.08 1.03 1.05 1.31 1.33 0.11 0.11 unch 1.29 1.30 1.64 1.65 1.76 1.79 unch 4.75 4.82 0.00 0.07 0.05 0.05 0.53 0.53 0.41 0.41 0.07 0.09 0.05 0.07 + 0.04 0.05 + 0.00 0.18 unch 0.08 0.09 + 0.00 0.09 + 0.17 0.18 0.13 0.14 0.09 0.09 + 0.00 0.12 unch 0.04 0.06 + 0.03 0.05 + 0.00 0.15 0.21 0.21 0.27 0.27 0.09 0.11 0.08 0.08 0.12 0.13 0.32 0.36 + 0.42 0.47 + 0.00 0.14 0.14 0.14 4.41 4.42 0.11 0.12 + 0.30 0.30 unch 4.71 4.71 3.69 3.70 0.23 0.23 0.18 0.18 unch 0.06 0.06 0.00 0.06 0.00 0.05 unch 0.03 0.03 + 0.00 0.04 0.24 0.34 + 0.00 0.25 unch 1.46 1.47 0.18 0.20 unch 0.14 0.17 + 0.00 0.14 unch 0.13 0.15 + 0.04 0.05 unch 0.03 0.04 unch 0.07 0.10 + 0.11 0.12 unch 0.10 0.10 unch 0.43 0.47 + 0.55 0.60 + 0.00 0.66 0.81 0.83 0.05 0.05 unch 0.00 0.08 0.61 0.63 + 0.00 0.83 0.00 0.20 0.28 0.38 + 0.22 0.30 + 0.15 0.16 0.11 0.11 0.00 0.11 0.19 0.19 0.25 0.25 0.07 0.07 + 0.00 0.09 unch 0.36 0.44 + 0.47 0.56 + 0.16 0.17 unch 0.13 0.14 + 0.35 0.41 1.37 1.39 1.73 1.79 -

0.00 0.03 0.02 0.01 0.01 0.02 0.06 0.04 0.06 0.03 0.00 0.00 0.00 0.00 0.00 0.02 0.04 0.01 0.01 0.00 0.01 0.02 0.01 0.28 0.15 0.15 0.21 0.02 0.10 0.10 0.00 0.02 0.01 0.00 0.02 0.00 0.01 0.01 0.02 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.24 0.45 0.02 0.07 0.03 0.02 0.03 0.01 0.00 0.00 0.00 0.03 0.06 0.01 0.02 0.00 0.00 0.00 0.00 0.05 0.00 0.02 0.06 0.05 0.83 1.21 0.01 0.02 0.05 0.00 0.00 0.01 0.17 0.24 0.00 0.11 0.05 0.00 0.06 0.01 0.01 0.02 0.02 0.01 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.02 0.02 0.03 0.01 0.01 0.03 0.00 0.01 0.02 0.03 0.67 0.01 0.00 0.11 0.06 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.04 0.00 0.11 0.00 0.01 0.00 0.01 0.00 0.00 0.02 0.00 0.00 0.00 0.01 0.03 0.07 0.00 0.01 0.03 0.02 0.03 0.05 0.04 0.01 0.02 0.01 0.01 0.02 0.00 0.00 0.05 0.05 0.00 0.01 0.06 0.19 0.26

High Low 0.26 0.02 0.33 0.03

G-H 0.50 0.63 0.29 0.34 0.28 0.35 0.94 0.78 1.84 1.44 0.12 0.14 0.03 0.23 0.29 1.00 1.27 0.29 0.36 0.50 0.60 0.52 0.42 31.08 24.00 6.61 8.40 0.63 1.23 1.02 0.67 0.80 0.28 0.22 0.48 0.11 0.60 0.47 0.81 0.63 0.11 0.20 0.16 0.15 0.45 0.29 0.17 0.21 0.70 0.86 0.14 0.10 0.70 0.87 0.30 0.40 0.36 0.13 0.18 5.43 10.79 3.99 4.84 1.93 1.52 0.28 0.35 0.27 0.21 0.80 1.24 1.49 0.36 0.45 1.20 1.33 0.37 3.79 0.60 0.39 0.46 0.61 0.53 12.05 12.53 0.23 0.23 0.95 0.76 0.52 0.42 2.65 3.12 0.26 1.79 2.22 3.78 7.08 0.38 0.17 1.23 0.97 0.21 0.12 0.10 0.19 0.11 0.14 0.21 0.20 0.24 0.31 0.16 0.30 0.23 0.35 0.44 0.61 0.53 0.70 1.30 1.65 0.25 0.41 5.44 0.17 0.49 5.42 4.25 0.65 0.52 1.10 0.09 0.10 0.06 0.08 0.87 0.33 3.23 1.05 0.83 0.20 0.40 0.06 0.05 0.10 0.31 0.18 1.75 0.98 1.12 1.41 0.16 0.21 1.31 1.62 0.35 0.59 0.47 0.44 0.31 0.15 0.74 0.92 0.19 0.25 0.65 0.78 0.29 0.24 1.20 2.00 2.54

0.25 0.35 0.12 0.17 0.08 0.10 0.22 0.17 0.85 0.66 0.03 0.05 0.02 0.09 0.12 0.39 0.52 0.01 0.06 0.16 0.22 0.21 0.16 8.83 6.84 3.37 4.50 0.16 0.57 0.45 0.22 0.21 0.08 0.06 0.19 0.05 0.23 0.18 0.31 0.24 0.04 0.12 0.10 0.07 0.10 0.08 0.08 0.10 0.27 0.33 0.05 0.04 0.18 0.24 0.10 0.23 0.36 0.04 0.05 3.06 6.12 0.65 0.81 0.09 0.05 0.12 0.16 0.07 0.01 0.01 0.50 0.64 0.12 0.15 0.15 0.09 0.19 1.65 0.08 0.02 0.24 0.18 0.14 8.00 7.75 0.06 0.04 0.30 0.11 0.06 0.08 1.03 0.76 0.10 1.22 1.50 1.55 3.39 0.05 0.05 0.51 0.40 0.05 0.05 0.04 0.10 0.05 0.07 0.15 0.12 0.08 0.11 0.04 0.00 0.15 0.20 0.24 0.09 0.08 0.12 0.32 0.42 0.10 0.12 2.75 0.08 0.29 2.58 2.04 0.22 0.17 0.00 0.06 0.04 0.02 0.04 0.24 0.08 1.40 0.15 0.00 0.13 0.11 0.03 0.02 0.02 0.11 0.10 0.26 0.53 0.55 0.74 0.05 0.07 0.19 0.25 0.08 0.17 0.13 0.15 0.09 0.05 0.19 0.25 0.07 0.09 0.18 0.24 0.14 0.10 0.27 0.28 0.37

(100s) Stock

Exc Volume

Gratomic* Gratomic Graycliff Exp Great Atlantic Great Bear Res* Great Bear Res Great Panther Great Panther* Great Quest Fe Green Battery Green River* Green River Green Swan Cap Green Valley M Greencastle Rs Greenhawk Res Greenland M&En* Greenland Res Greenshield Ex Grid Metals Grid Metals* Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GSP Resource Guanajuato Sil* Guanajuato Sil Guardian Exp Gungnir Res* Gungnir Res Gunpoint Expl Guyana Goldstr Hanna Capital* Hanna Capital Hannan Metals Hannan Metals* Hanstone Gold* Hanstone Gold Happy Ck Mnrls Harfang Explor* Harfang Explor Harmony Gold* Harte Gold Harte Gold* Harvest Gold* Harvest Gold Hawkeye Gld&Di Hawkeye Gld&Di* Hawkmoon Res Headwater Gold Headwater Gold* Hecla Mining* Heliostar Met* Heliostar Met Hemcare Health* Hemlo Expl* Hemlo Expl HFX Holding Highbank Res Highbury Proj HighGold HighGold* Highland Copp Highland Copp* Highway 50 Gld* Highway 50 Gld Highwood Asset Hochschild Mg* Homerun Res Honey Badger Honey Badger* Horizonte Mnls Horizonte Mnls* HudBay Min* HudBay Min Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hylands Intl i-80 Gold i-80 Gold*

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

I-Minerals* I-Minerals IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls * Iconic Mnls Idaho Champion* Idaho Champion IEMR Res iMetal Res* iMetal Res IMPACT Silver Impala Platnm* Imperial Metal Imperial Metal* Imperial Mg Gr* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indiana Res* Indigo Expl Infield Min Infinite Ore Infinite Ore* Inflection Res Inomin Mines Intact Gold Integra Res Integra Res* Inter-Rock Mnl Interconnect Intercontinent* Intercontinent Interra Copper Interra Copper* Intl Battery* Intl Battery Intl Bethl Mng Intl Iconic* Intl Iconic Intl Lithium Intl Lithium* Intl Prospect Intl Prospect * Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite Intl Zeolite* Intrepid Pots* Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Ion Energy* Ion Energy Irving Res Irving Res* IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader Jaeger Res * Jaeger Res Jaguar Mng Jaguar Mng* Japan Gold Japan Gold* Jasper Mining Jaxon Mining* Jaxon Mining Jayden Res Jazz Res Jervois Mining Jervois Mining* Josemaria Res Joshua Gold* Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp* Juggernaut Exp

Week High

V V O O V V V O V V O V V O V V V O V V O O V V O V N T O O V V O C C O N O V O O V V V V V O V O O V V O V V O T O N T V O O V V T O

107 1688 37 263 487 3664 440 12871 1210 655 23 233 135 13 31 456 525 632 509 670 140 123 68 0 697 933 930 52 724 1309 0 47 1924 0 0 0 82 265 344 11 261 81 10 207 33469 4979 2535 11 632 22 23 580 132 60 24243 151 290 120 5 1031 1 0 0 283 133 64 229 9 57 0 763 21 644 380 783 103 4549 4877 1152 334 49 17 0 968 116

1.05 1.34 0.27 0.27 23.00 29.26 0.34 0.26 0.04 0.14 0.05 0.06 0.06 0.38 0.13 0.09 0.06 0.59 1.91 0.11 0.09 0.04 0.05 0.00 0.11 0.33 0.39 0.20 0.42 0.51 0.00 0.08 0.11 0.00 0.00 0.00 0.04 0.26 0.22 0.14 0.19 0.05 0.19 0.28 4.23 0.02 0.01 0.08 0.12 0.02 0.02 0.09 0.22 0.17 5.45 0.71 0.90 2.00 0.15 0.20 0.00 0.00 0.00 1.35 1.06 0.11 0.08 0.22 0.22 9.75 1.85 0.10 0.08 0.06 0.12 0.09 7.29 9.27 0.06 0.05 0.04 0.04 0.00 2.79 2.20

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

16 36 5048 39826 119 397 223 401 1091 0 173 712 513 5 103 56 16 257 54 76 7901 395 22 2 25 0 3063 355 569 156 32 206 222 21 0 2 5 1175 85 331 220 68 443 241 522 1250 163 21 55527 541 42 331 12 307 18 139 208 70 75 106 134 89 971 1 162 236 934 8889 5 28 24 8 388 126 289 78 5 2 236 396 85 267 1066 1567 241 263 5 7 310 399

0.02 0.03 3.90 3.09 0.05 0.17 0.21 0.06 0.08 0.00 0.04 0.05 0.50 14.00 3.53 2.79 0.11 0.13 0.26 0.33 0.01 0.09 0.06 0.05 0.10 0.00 0.18 0.14 0.15 0.12 0.05 2.93 2.33 0.49 0.00 0.08 0.10 0.09 0.07 1.51 1.88 0.04 0.08 0.10 0.12 0.09 0.15 0.12 0.01 0.75 0.95 0.16 0.12 42.89 0.13 0.17 0.08 0.05 0.42 0.53 1.00 0.79 4.83 1.20 1.55 0.20 8.04 10.20 0.34 0.07 0.01 0.03 4.33 3.40 0.30 0.24 0.07 0.05 0.06 0.54 0.75 0.51 0.44 1.36 0.04 0.05 0.83 0.23 0.16 0.20

Low

Last

12-month Change

0.89 1.01 + 1.15 1.30 + 0.22 0.25 unch 0.24 0.26 + 16.14 22.41 + 20.54 28.55 + 0.30 0.32 + 0.23 0.25 + 0.04 0.04 unch 0.11 0.13 + 0.05 0.05 + 0.05 0.06 unch 0.00 0.06 + 0.00 0.36 0.00 0.13 + 0.06 0.08 + 0.05 0.06 + 0.45 0.56 + 1.11 1.36 0.00 0.11 unch 0.08 0.08 + 0.03 0.03 0.00 0.05 unch 0.00 0.14 unch 0.10 0.11 0.25 0.28 + 0.33 0.35 + 0.00 0.20 0.36 0.39 + 0.46 0.50 + 0.00 0.07 unch 0.06 0.08 + 0.08 0.10 + 0.00 0.57 unch 0.00 0.13 unch 0.00 0.03 unch 0.00 0.04 0.22 0.25 + 0.18 0.20 + 0.13 0.13 0.00 0.18 0.00 0.04 unch 0.19 0.19 unch 0.26 0.28 + 3.64 3.65 0.00 0.01 0.01 0.01 unch 0.08 0.08 0.11 0.11 unch 0.00 0.02 + 0.02 0.02 + 0.08 0.08 0.00 0.20 0.17 0.17 + 4.99 5.07 0.55 0.65 + 0.68 0.84 + 1.60 1.82 0.15 0.15 unch 0.00 0.20 0.00 0.04 unch 0.00 0.02 unch 0.00 0.30 unch 1.15 1.30 + 0.91 1.03 + 0.00 0.10 0.00 0.07 0.21 0.21 0.00 0.20 unch 0.00 9.75 1.71 1.80 + 0.00 0.09 unch 0.06 0.07 unch 0.05 0.05 0.11 0.11 + 0.08 0.08 6.47 6.98 + 8.29 8.86 + 0.00 0.06 + 0.04 0.05 + 0.03 0.04 + 0.00 0.04 unch 0.00 0.03 unch 2.47 2.71 + 1.94 2.09 +

High Low

0.11 0.15 0.00 0.01 6.11 7.69 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.09 0.01 0.01 0.00 0.06 0.53 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.02 0.02 0.00 0.01 0.02 0.00 0.00 0.00 0.02 0.02 0.02 0.01 0.01 0.00 0.00 0.01 0.57 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.03 0.00 0.05 0.14 0.18 0.07 0.00 0.04 0.00 0.00 0.00 0.15 0.14 0.01 0.01 0.01 0.00 0.25 0.14 0.00 0.00 0.00 0.01 0.01 0.40 0.40 0.01 0.00 0.00 0.00 0.00 0.16 0.12

1.51 1.84 2.86 0.88 23.00 29.26 1.47 1.16 0.17 0.72 0.07 0.08 0.12 1.81 0.26 0.70 0.30 0.77 1.98 0.34 0.27 0.07 0.08 0.17 0.18 0.50 0.51 0.50 0.70 0.74 0.20 0.25 0.32 0.75 0.20 0.10 0.16 0.62 0.49 0.35 0.55 0.15 0.39 0.62 5.76 0.18 0.15 0.19 0.24 0.05 0.04 0.20 0.65 0.27 9.44 1.47 1.81 2.32 0.64 0.90 0.11 0.03 0.30 2.33 1.82 0.15 0.12 0.37 0.47 19.00 3.77 0.13 0.18 0.20 0.18 0.15 9.60 11.62 0.37 0.29 0.23 0.14 0.04 3.54 2.86

0.20 0.22 0.22 0.24 10.08 12.80 0.30 0.23 0.04 0.08 0.04 0.05 0.04 0.31 0.10 0.06 0.04 0.30 0.14 0.09 0.07 0.02 0.03 0.14 0.06 0.22 0.27 0.18 0.16 0.20 0.05 0.03 0.04 0.55 0.10 0.02 0.04 0.22 0.16 0.13 0.15 0.04 0.19 0.22 3.00 0.01 0.01 0.00 0.10 0.02 0.01 0.08 0.19 0.15 4.66 0.50 0.65 0.75 0.15 0.19 0.03 0.01 0.20 0.98 0.79 0.04 0.03 0.20 0.18 4.72 1.41 0.04 0.06 0.00 0.10 0.05 5.22 6.70 0.06 0.04 0.01 0.04 0.03 2.26 1.88

0.00 0.01 0.01 0.04 0.00 0.01 0.01 0.02 0.02 0.00 0.00 0.01 0.03 0.26 0.16 0.19 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.00 0.05 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.13 0.17 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.01 0.03 0.01 0.00 2.82 0.00 0.02 0.01 0.04 0.03 0.03 0.00 0.01 0.24 0.05 0.08 0.01 0.43 0.45 0.00 0.00 0.00 0.00 0.05 0.05 0.00 0.03 0.00 0.00 0.01 0.05 0.05 0.01 0.00 0.08 0.00 0.00 0.04 0.00 0.01 0.01

0.05 0.06 5.04 3.95 0.13 0.30 0.37 0.21 0.26 0.05 0.15 0.20 1.22 21.00 6.25 4.92 0.90 0.24 0.49 0.62 0.05 0.19 0.15 0.07 0.11 0.42 0.28 0.21 0.48 0.23 0.12 5.16 4.08 0.51 0.10 0.20 0.26 0.34 0.27 1.64 2.08 0.12 0.13 0.16 0.16 0.13 0.25 0.40 0.02 1.57 2.00 0.33 0.24 52.91 0.26 0.33 0.09 0.05 1.40 0.67 2.69 2.11 6.61 1.55 1.90 0.35 8.57 10.59 0.40 0.11 0.04 0.06 11.30 9.30 0.47 0.38 0.21 0.08 0.10 1.05 0.99 0.61 0.51 1.49 0.20 0.18 0.90 0.32 0.41 0.52

0.02 0.03 2.75 2.16 0.00 0.08 0.10 0.04 0.05 0.02 0.04 0.04 0.42 10.38 3.21 2.54 0.08 0.07 0.18 0.29 0.00 0.05 0.04 0.04 0.06 0.04 0.06 0.04 0.13 0.08 0.05 2.59 2.12 0.37 0.08 0.08 0.10 0.07 0.05 0.18 0.24 0.03 0.03 0.04 0.04 0.03 0.10 0.07 0.00 0.62 0.79 0.06 0.05 15.08 0.11 0.13 0.03 0.01 0.13 0.29 0.92 0.72 1.63 0.88 0.24 0.02 4.60 5.90 0.30 0.05 0.01 0.02 3.70 1.25 0.25 0.20 0.05 0.05 0.05 0.20 0.24 0.34 0.23 0.65 0.02 0.03 0.59 0.14 0.08 0.13

I-J-K 0.00 0.02 + 0.00 0.03 + 3.58 3.71 + 2.80 2.91 + 0.03 0.04 0.15 0.16 0.20 0.21 0.04 0.06 + 0.05 0.07 + 0.00 0.03 unch 0.04 0.04 0.04 0.05 0.46 0.49 + 0.00 13.13 + 3.21 3.50 + 2.54 2.78 + 0.10 0.10 0.12 0.13 0.22 0.26 + 0.29 0.32 + 0.00 0.01 + 0.08 0.09 + 0.06 0.06 unch 0.05 0.05 unch 0.00 0.10 unch 0.00 0.06 unch 0.13 0.16 + 0.00 0.13 + 0.13 0.14 0.00 0.12 + 0.00 0.05 unch 2.77 2.83 2.19 2.22 0.00 0.49 unch 0.00 0.10 unch 0.08 0.08 unch 0.00 0.10 unch 0.07 0.08 0.05 0.05 1.14 1.26 + 1.43 1.60 + 0.00 0.04 0.06 0.06 0.08 0.08 0.09 0.12 + 0.07 0.09 + 0.00 0.14 0.00 0.11 0.01 0.01 + 0.70 0.72 + 0.89 0.93 + 0.13 0.14 + 0.11 0.12 + 38.55 42.24 + 0.12 0.13 + 0.15 0.16 + 0.00 0.07 + 0.00 0.01 0.36 0.40 + 0.46 0.51 + 0.92 0.94 unch 0.72 0.74 + 3.59 4.12 + 0.00 1.20 + 1.38 1.50 + 0.18 0.18 7.07 7.79 + 9.03 9.93 + 0.34 0.34 unch 0.00 0.07 unch 0.01 0.01 unch 0.00 0.03 unch 3.91 4.02 3.10 3.13 0.28 0.28 unch 0.22 0.22 0.00 0.07 unch 0.05 0.05 unch 0.00 0.05 0.45 0.49 + 0.68 0.74 + 0.46 0.49 0.36 0.39 1.11 1.23 + 0.03 0.03 0.05 0.05 unch 0.00 0.83 + 0.23 0.23 unch 0.13 0.15 0.17 0.19 +

(100s) Stock

Week

Exc Volume

High

Jupiter Gold* K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kaizen Discvry* Kalo Gold Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* Kenadyr Metals Kenadyr Metals* Kenorland Min Kermode Res Kesselrun Res Kesselrun Res* Kestrel Gold KGL Resources Kincora Copper Kincora Copper* King Global* King Global Kingfisher Met* Kingfisher Met Kingman Min* Kingman Min Kings Bay Res Kings Bay Res* Kingsmen Res Kingsmen Res* Kinross Gold Kinross Gold* Kintavar Exp Kiplin Metals Kiplin Metals* Kirkland Lake Kirkland Lake* Klondike Gold Klondike Gold* Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kore Mining Kore Mining * Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

O 4 V 1238 O 454 T 2270 O 456 V 45 V 354 O 9 V 114 V 41 C 10 T 118 V 31 O 195 V 77 O 7 V 36 V 180 V 309 O 30 V 551 V 63 V 52 O 8 O 48 V 271 O 249 V 878 O 6 V 590 V 52 O 0 V 10 O 20 T 33425 N 109100 V 250 V 337 O 28 T 2474 N 6906 V 98 O 16 O 335 V 742 O 41 O 13 V 185 O 605 V 1270 C 695 V 325 O 367 O 157 C 715 O 833 C 2881 O 58

1.10 0.20 0.15 7.26 5.72 0.18 0.05 0.03 0.22 0.85 0.51 0.26 0.50 3.40 0.13 0.09 0.75 0.03 0.12 0.09 0.09 0.18 0.12 0.11 0.04 0.05 0.21 0.28 0.04 0.06 0.14 0.00 0.13 0.11 7.67 6.06 0.20 0.65 0.52 50.22 39.70 0.18 0.14 0.05 0.06 0.94 0.37 0.47 0.18 0.21 0.03 0.40 0.32 0.81 0.97 0.78 0.05 0.03

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl Laramide Res Laredo Res* Largo Res* Largo Res Lasalle Explor* Lasalle Explor Latin Metals* Latin Metals Laurion Mnl Ex Laurion Mnl Ex* Leading Edge Leading Edge* Leeta Gold Legion Metals Leocor Gold* Leocor Gold Leopard Lake Leviathan Gold Leviathan Gold* Li-Metal Libero Copper* Libero Copper Liberty Gold* Liberty One Li Lida Resources* Lido Minerals Lightspeed Dis Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lithium Chile* Lithium Chile Lithium Corp* Lithium Energi* Lithium Energi Lithium South* Lithoquest Res* Lithoquest Res Lode-Star Mg* Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes* Los Andes Lovitt Res Lovitt Res* Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lynas Corp* Lynas Corp*

O V O O T O V T O D T O V O V V O V O V C O C C V O C O V O V O C V V V O T N O V O O V O O V O V V O O T O O V V O T O V O V O V V T O T O V O O

497 617 152 19 1284 3105 167 2005 578 489 362 92 621 407 167 392 68 265 509 11450 4421 59 151 95 428 67 116 114 472 836 0 7 274 94 63 177 204 4320 17365 633 959 1032 20 278 684 2 421 1 0 463 414 38 154 40 5 35 50 6 1996 426 1235 14 55 134 1407 139 820 257 7510 0 35 535 690

0.56 0.71 0.11 30.05 38.05 0.62 0.59 0.85 0.01 9.77 12.34 0.08 0.10 0.12 0.15 0.74 0.58 0.43 0.34 4.28 0.26 0.43 0.45 0.15 0.15 0.12 12.00 0.35 0.44 0.82 0.00 0.40 0.31 0.10 0.13 1.07 0.86 45.63 36.09 0.62 0.78 0.28 0.15 0.22 0.73 0.07 0.09 0.08 0.00 0.10 0.08 0.63 0.80 0.14 9.21 11.85 0.18 0.13 0.59 0.13 0.10 0.38 0.45 0.47 0.60 0.46 10.39 8.70 11.09 0.03 0.04 6.82 6.88

Macarthur Min Macarthur Min* MacDonald Mns* MacDonald Mns Madeira Mrnls Madoro Metals Madoro Metals* MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Mining Magna Terra Magnum Goldco Majestic Gold* Majestic Gold Major Precious* Makara Mining Makara Mining* Makena Res* Mako Mining* Mako Mining Mammoth Res * Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Manitou Gold Manitou Gold * Manning Vent* Manning Vent Mantaro Prec Mantaro Prec* Maple Gold* Maple Gold Marathon Gold* Marathon Gold Margaret Lake Marimaca Cop*

V O O V V V O T O V O V V V O V O C O O O V O V T O O V V V O O C V O O V O T V O

819 110 80 383 0 36 1 801 11 637 53 293 75 27 5 35 41 172 57 125 903 683 2 128 82 19 362 546 57 1495 124 25 463 1110 317 993 421 154 1394 85 2

0.40 0.32 0.03 0.04 0.00 0.08 0.07 20.15 0.52 0.87 0.88 0.44 0.15 0.07 0.04 0.06 0.18 0.13 0.10 0.35 0.29 0.37 0.06 0.12 2.30 1.79 0.24 0.31 0.07 0.06 0.05 0.08 0.13 0.22 0.18 0.27 0.35 2.34 2.99 0.25 2.92

Low

Last

12-month Change

0.00 0.90 0.17 0.19 + 0.13 0.15 + 6.79 7.14 + 5.33 5.63 + 0.00 0.17 0.00 0.40 0.03 0.03 0.19 0.21 0.81 0.83 + 0.51 0.51 unch 0.20 0.25 + 0.00 0.50 + 3.00 3.03 0.00 0.12 0.09 0.09 0.70 0.72 0.00 0.03 unch 0.00 0.12 + 0.09 0.09 + 0.06 0.08 + 0.00 0.18 + 0.00 0.12 + 0.10 0.11 + 0.03 0.04 + 0.05 0.05 unch 0.20 0.21 + 0.25 0.28 + 0.04 0.04 unch 0.00 0.06 + 0.00 0.10 unch 0.00 0.11 unch 0.00 0.13 0.00 0.09 6.62 6.77 5.22 5.33 0.16 0.18 unch 0.50 0.54 0.00 0.45 + 48.04 48.17 37.76 37.85 0.00 0.18 + 0.00 0.14 + 0.04 0.05 + 0.00 0.06 + 0.84 0.94 + 0.33 0.35 + 0.43 0.44 + 0.13 0.15 0.17 0.18 0.02 0.03 + 0.37 0.38 0.28 0.29 0.71 0.71 0.76 0.91 0.60 0.71 0.04 0.04 unch 0.00 0.03 +

High Low

0.15 0.02 0.01 0.10 0.16 0.03 0.05 0.30 0.01 0.02 0.00 0.02 0.08 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.06 0.01 0.01 0.00 0.00 0.01 0.03 0.00 0.01 0.00 0.00 0.01 0.02 0.72 0.51 0.00 0.04 0.09 1.04 0.53 0.01 0.01 0.01 0.01 0.10 0.02 0.01 0.01 0.03 0.01 0.02 0.02 0.09 0.02 0.01 0.00 0.00

2.25 0.74 0.66 9.36 7.60 0.40 0.09 0.68 0.59 1.95 0.65 0.31 0.94 4.09 0.50 0.17 1.75 0.06 0.26 0.21 0.24 0.60 0.39 0.29 0.09 0.12 2.38 0.80 0.18 0.24 0.28 0.14 0.24 0.16 10.37 8.34 0.24 0.65 0.60 58.43 46.98 0.27 0.22 0.26 0.34 1.94 0.48 0.61 0.40 0.45 0.18 2.01 1.55 4.09 3.13 2.47 0.05 0.04

0.31 0.16 0.13 5.75 4.42 0.15 0.03 0.27 0.19 0.70 0.10 0.12 0.32 2.25 0.12 0.06 0.65 0.02 0.10 0.08 0.06 0.10 0.11 0.09 0.03 0.04 0.19 0.24 0.04 0.05 0.05 0.11 0.13 0.09 6.56 5.18 0.08 0.05 0.00 40.07 31.72 0.17 0.13 0.00 0.05 0.80 0.10 0.23 0.12 0.17 0.02 0.35 0.28 0.19 0.76 0.60 0.01 0.00

+ + + + + + + + unch + + unch + + + unch + + + unch unch unch + + + + + + unch + + + + + + +

0.03 0.05 0.01 1.40 1.42 0.05 0.02 0.02 0.00 0.24 0.03 0.01 0.01 0.01 0.00 0.03 0.06 0.00 0.00 0.33 0.06 0.03 0.05 0.01 0.01 0.02 0.75 0.03 0.04 0.00 0.00 0.10 0.01 0.03 0.03 0.05 0.04 2.43 2.22 0.04 0.05 0.01 0.01 0.02 0.04 0.00 0.02 0.01 0.00 0.00 0.00 0.00 0.03 0.00 0.31 0.30 0.01 0.00 0.06 0.01 0.01 0.02 0.05 0.01 0.01 0.01 0.68 0.44 0.47 0.01 0.01 0.16 0.15

1.50 1.85 0.95 42.40 50.45 0.86 0.85 1.12 0.09 18.71 22.96 0.18 0.23 0.18 0.24 0.76 0.61 0.48 0.39 7.25 0.42 1.47 1.00 0.16 0.99 0.65 15.01 0.73 0.89 1.50 0.90 1.02 0.41 0.35 0.25 1.84 1.45 53.09 41.56 0.89 1.15 1.22 0.26 0.33 0.92 0.11 0.15 0.28 0.37 0.28 0.22 0.97 1.16 4.20 9.21 11.85 0.60 0.27 1.00 0.54 0.15 0.80 0.80 0.79 1.00 0.94 12.93 13.11 16.07 0.07 0.08 6.82 6.88

0.24 0.30 0.05 24.14 30.41 0.05 0.53 0.25 0.00 8.85 11.38 0.07 0.09 0.09 0.10 0.18 0.14 0.19 0.15 1.24 0.17 0.27 0.34 0.12 0.12 0.10 3.05 0.27 0.34 0.68 0.33 0.26 0.17 0.06 0.11 0.97 0.77 11.40 8.95 0.15 0.18 0.20 0.01 0.08 0.18 0.05 0.06 0.05 0.19 0.05 0.03 0.38 0.50 0.09 4.39 5.50 0.15 0.12 0.50 0.05 0.06 0.26 0.30 0.42 0.54 0.43 9.11 6.66 8.56 0.00 0.04 2.77 2.70

0.00 0.32 0.00 0.27 0.02 0.02 + 0.00 0.03 unch 0.00 0.03 unch 0.00 0.07 0.07 0.07 unch 18.67 18.76 0.45 0.52 0.75 0.75 0.56 0.61 0.36 0.39 + 0.00 0.14 0.00 0.07 0.00 0.04 0.00 0.06 unch 0.14 0.18 + 0.11 0.11 0.09 0.09 0.32 0.35 + 0.27 0.28 0.35 0.35 0.06 0.06 0.00 0.12 + 1.97 2.05 1.58 1.60 0.21 0.23 0.28 0.29 0.07 0.07 + 0.00 0.06 + 0.04 0.05 0.08 0.08 unch 0.07 0.11 + 0.16 0.21 + 0.13 0.18 + 0.24 0.27 + 0.30 0.35 + 2.19 2.34 + 2.78 2.97 + 0.00 0.22 + 0.00 2.92 +

0.08 0.05 0.00 0.00 0.00 0.02 0.00 0.67 0.00 0.08 0.02 0.02 0.01 0.01 0.00 0.00 0.04 0.02 0.01 0.02 0.02 0.02 0.00 0.02 0.07 0.08 0.00 0.01 0.01 0.01 0.00 0.00 0.03 0.05 0.06 0.02 0.04 0.13 0.14 0.02 0.22

0.70 0.54 0.08 0.10

0.29 0.24 0.02 0.03

0.18 0.14 31.21 1.40 1.20 1.12 0.65 0.21 0.18 0.07 0.07 2.00 0.75 0.57 1.75 0.39 0.44 0.39 0.21 3.68 3.00 0.82 1.04 0.10 0.13 0.10 0.11 0.72 0.57 0.50 0.42 0.49 3.00 3.73 1.30 4.55

0.06 0.05 17.88 0.45 0.73 0.56 0.30 0.10 0.05 0.03 0.05 0.12 0.10 0.08 0.30 0.23 0.29 0.00 0.08 1.47 1.20 0.13 0.17 0.07 0.05 0.03 0.08 0.07 0.13 0.09 0.18 0.24 0.65 2.13 0.18 2.36

L 0.50 0.64 0.08 27.98 35.50 0.53 0.53 0.67 0.00 8.85 11.38 0.07 0.09 0.10 0.00 0.70 0.56 0.37 0.29 3.46 0.18 0.27 0.34 0.13 0.12 0.10 10.30 0.30 0.40 0.71 0.00 0.00 0.27 0.00 0.00 1.01 0.79 38.20 29.82 0.54 0.69 0.25 0.13 0.16 0.59 0.07 0.00 0.07 0.00 0.09 0.07 0.57 0.72 0.12 0.00 11.25 0.00 0.13 0.52 0.06 0.08 0.27 0.00 0.45 0.57 0.43 9.38 7.88 10.15 0.00 0.00 6.37 6.40

0.51 0.65 0.10 29.25 37.20 0.60 0.53 0.71 0.01 9.28 11.75 0.07 0.10 0.12 0.13 0.73 0.58 0.38 0.29 3.67 0.20 0.30 0.36 0.15 0.13 0.10 11.50 0.32 0.41 0.75 0.40 0.30 0.31 0.09 0.11 1.03 0.80 42.72 33.61 0.57 0.74 0.26 0.14 0.16 0.67 0.07 0.08 0.07 0.30 0.10 0.08 0.62 0.78 0.13 9.15 11.65 0.18 0.13 0.53 0.06 0.08 0.34 0.44 0.45 0.57 0.44 9.42 8.53 10.85 0.03 0.04 6.58 6.59

WWW.NORTHERNMINER.COM

DECEMBER 20, 2021–JANUARY 9, 2022 / THE NORTHERN MINER

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

Exc Volume

Marimaca Cop Maritime Res Martina Mnls MartinMarietta* Marvel Discov* Marvel Discov Mas Gold Mascota Res* Masivo Silver Masivo Silver* Mason Graphite* Mason Graphite Matachewan Con Matica Ent Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent MaxTech Vent* Maxwell Res* Mayfair Gold* Mayfair Gold Mazarin McChip Res McEwen Mng* McEwen Mng McLaren Res MDN Inc* Mechel* Medallion Res Medallion Res* Medaro Mining Medaro Mining* Medgold Res* Medgold Res Medinah Mnrls* Mega Copper Mega Uranium* Mega Uranium MegaWatt Lith MegaWatt Lith* MegumaGold* MegumaGold Melkior Res Melkior Res* Meridian Mg Meridian Mg * Meryllion Res MetalCorp* MetalCorp Metalex Vent Metallic Mnrls* Metallic Mnrls Metallica Met* Metallica Met Metallica Min* Metallis Res Metallum Res Metalore Res Metalore Res* Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* MGX Minerals MGX Minerals* Midasco Cap Midland Expl Midnight Star Midnight Sun* Midnight Sun Millbank Mg MillenMin Vent Millennial Lit* Millennial Lit Millennial Pr* Millennial Pr Millennium Sil Millrock Res* Millrock Res Milner Con Slv Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Hill Mineral Mtn Mineral Mtn* Mineral Res* Mineworx Tech* Mineworx Tech Minfocus Expl Minnova Corp Minsud Res Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Monarca Mnrls Monarca Mnrls* Monarch Min* Monarch Mining Moneta Porcpn Moneta Porcpn* Mongoose Mg Monitor Vent* Monitor Vent Montage Gold Montage Gold* Montego Res Monterey Min Montero Mg&Ex Montero Mg&Ex * Monument Mng Monument Mng* Monumental Gld Morien Res* Morien Res Mosaic* Mosaic Min Mount Gibson * Mountain Boy Mountain Boy* Mountain Prov* Mountain Prov MPV Explor Mundoro Cap* Mundoro Cap Murchison Min* Murchison Min Musk Metals Musk Metals*

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

43 1073 0 1514 370 841 34 18 220 12 170 524 0 58 173 670 311 1718 451 47 72 0 20 329 17 0 15060 1475 140 2 921 650 191 8983 8349 230 1069 18652 0 601 3407 435 244 363 559 31 50 983 92 1 74 47 13 309 584 16 1058 120 231 98 1 5 388 1221 528 658 128 389 507 0 556 2256 87 207 5 0 137 2464 280 874 221 485 1048 0 634 483 32 89 2459 2621 1 382 0 892 73 2 170 211 28 215 3 80 740 5 50 239 281 424 91 281 93 66 2 7 50 163 32 63 55 93 9 406 692 132 59 67 19928 290 2 242 56 305 607 1146 58 207 172 997 440 120

NACCO Ind* Namibia Crit Namibia Crit* Natural Res Pt* Navis Res Corp* NEO Battery NEO Battery* Neo Lithium Neometals* Network Expl Network Expl* Nevada Canyon* Nevada Copper* Nevada Copper Nevada Expl * Nevada Expl Nevada King* Nevada King Nevada Lithium Nevada Silver Nevada Sunrise Nevada Sunrise* Nevada Zinc Nevado Res NevGold* NevGold New Age Metals New Age Metals*

N V O N O V O V O V O O O T O V O V C V V O V V O V V O

46 109 265 60 10 1385 438 3254 200 84 12 5 899 7473 1232 1022 778 918 1603 263 175 76 348 58 1 69 1163 957

Week High

Low

Last

12-month Change

3.77 3.40 3.75 + 0.14 0.13 0.13 + 0.00 0.00 0.07 unch 439.98 410.88 439.37 + 0.09 0.07 0.08 + 0.11 0.09 0.09 unch 0.11 0.00 0.11 unch 2.34 1.25 2.34 + 0.08 0.07 0.08 + 0.05 0.05 0.05 0.52 0.47 0.51 + 0.67 0.59 0.65 + 0.00 0.00 0.21 unch 0.37 0.31 0.35 5.78 5.35 5.35 4.55 4.19 4.23 0.13 0.11 0.12 0.16 0.14 0.15 0.24 0.21 0.22 unch 0.11 0.10 0.11 0.08 0.07 0.08 + 0.00 0.00 0.06 unch 0.60 0.00 0.59 unch 0.80 0.73 0.80 + 0.14 0.00 0.14 unch 0.00 0.00 0.88 unch 0.96 0.88 0.89 1.23 1.12 1.14 0.06 0.05 0.06 unch 0.28 0.25 0.27 3.03 2.63 2.72 0.11 0.09 0.10 0.09 0.07 0.07 1.13 0.96 1.13 + 0.92 0.75 0.89 + 0.02 0.01 0.02 + 0.03 0.02 0.03 + 0.00 0.00 0.00 0.00 0.00 0.15 unch 0.23 0.19 0.21 0.30 0.24 0.26 + 0.16 0.13 0.14 0.14 0.10 0.11 0.03 0.03 0.03 0.04 0.04 0.04 unch 0.33 0.29 0.32 0.24 0.22 0.23 1.27 1.10 1.23 + 1.00 0.86 0.97 + 0.00 0.00 0.08 unch 0.03 0.03 0.03 0.04 0.00 0.04 unch 0.03 0.00 0.03 + 0.35 0.29 0.31 + 0.45 0.39 0.40 + 0.13 0.11 0.13 + 0.17 0.15 0.17 + 0.02 0.02 0.02 unch 0.31 0.00 0.28 0.09 0.00 0.08 unch 2.21 0.00 2.20 1.97 1.73 1.73 0.15 0.11 0.14 + 0.19 0.14 0.19 + 0.38 0.33 0.35 + 0.32 0.26 0.28 + 0.04 0.03 0.04 0.06 0.05 0.06 unch 0.05 0.04 0.04 + 0.00 0.00 0.12 unch 0.56 0.48 0.50 0.46 0.29 0.45 + 0.20 0.19 0.19 0.25 0.00 0.23 0.50 0.00 0.50 0.00 0.00 0.05 unch 3.63 3.51 3.58 + 4.60 4.50 4.58 0.39 0.33 0.37 0.51 0.42 0.50 + 0.02 0.00 0.02 unch 0.05 0.04 0.04 0.06 0.05 0.06 0.00 0.00 0.09 unch 0.32 0.27 0.30 + 0.24 0.21 0.23 + 0.29 0.00 0.27 0.37 0.00 0.34 0.44 0.40 0.42 + 0.54 0.52 0.52 0.05 0.00 0.05 0.08 0.07 0.08 0.00 0.00 0.26 unch 0.14 0.11 0.13 + 0.11 0.09 0.10 + 32.08 0.00 31.99 0.07 0.06 0.06 + 0.09 0.00 0.08 unch 0.34 0.00 0.32 + 0.14 0.00 0.12 0.24 0.00 0.24 0.43 0.41 0.43 + 0.10 0.08 0.08 unch 0.50 0.00 0.50 + 0.08 0.08 0.08 unch 0.11 0.00 0.09 0.07 0.00 0.06 unch 0.05 0.04 0.04 0.59 0.00 0.59 + 0.75 0.66 0.75 + 1.76 1.64 1.69 1.36 1.30 1.32 0.27 0.00 0.27 unch 0.11 0.00 0.09 0.14 0.00 0.12 0.62 0.59 0.61 0.50 0.48 0.48 + 0.02 0.02 0.02 unch 0.44 0.00 0.40 + 0.08 0.00 0.08 + 0.05 0.05 0.05 0.13 0.00 0.13 + 0.09 0.08 0.09 0.44 0.35 0.40 0.18 0.15 0.17 + 0.23 0.20 0.23 + 37.63 34.05 36.74 + 0.14 0.10 0.13 + 0.34 0.34 0.34 unch 0.16 0.15 0.15 0.13 0.11 0.11 0.56 0.49 0.53 + 0.69 0.59 0.68 + 0.53 0.43 0.45 0.16 0.16 0.16 0.22 0.21 0.21 0.11 0.09 0.10 0.15 0.12 0.14 + 0.09 0.07 0.08 0.07 0.05 0.06 -

High Low

0.32 5.85 2.75 0.01 0.24 0.12 0.00 0.18 0.06 31.00 439.98 258.18 0.01 0.20 0.04 0.00 0.22 0.05 0.00 0.25 0.07 0.79 3.45 1.10 0.01 0.25 0.03 0.01 0.12 0.01 0.00 0.94 0.24 0.02 1.19 0.30 0.00 0.27 0.13 0.04 2.55 0.31 0.33 7.74 5.27 0.17 6.40 4.21 0.00 0.36 0.11 0.01 0.42 0.14 0.00 0.50 0.14 0.01 0.40 0.10 0.01 0.30 0.06 0.00 1.26 0.01 0.00 1.63 0.40 0.01 2.15 0.49 0.00 0.20 0.05 0.00 1.45 0.44 0.04 1.71 0.88 0.07 2.07 1.12 0.00 0.10 0.05 0.02 2.00 0.25 0.25 5.19 1.58 0.01 0.75 0.09 0.01 0.59 0.07 0.10 1.43 0.45 0.09 1.81 0.32 0.01 0.08 0.01 0.01 0.11 0.02 0.00 0.01 0.00 0.00 0.28 0.11 0.01 0.34 0.12 0.01 0.42 0.15 0.02 0.55 0.08 0.02 0.48 0.10 0.00 0.09 0.03 0.00 0.11 0.04 0.01 0.98 0.24 0.01 0.75 0.20 0.08 1.34 0.18 0.07 1.08 0.14 0.00 0.17 0.05 0.00 0.06 0.03 0.00 0.07 0.03 0.01 0.13 0.02 0.01 0.71 0.25 0.02 0.88 0.32 0.01 0.45 0.09 0.02 0.57 0.11 0.00 0.04 0.02 0.05 0.57 0.23 0.00 0.20 0.07 0.01 3.50 2.20 0.24 2.62 1.73 0.02 0.20 0.05 0.04 0.21 0.06 0.04 0.38 0.08 0.02 0.59 0.19 0.00 0.13 0.03 0.00 0.16 0.04 0.00 0.13 0.03 0.00 0.15 0.08 0.01 0.99 0.48 0.13 0.71 0.15 0.00 0.40 0.00 0.02 0.42 0.23 0.05 0.60 0.40 0.00 0.01 4.16 1.88 0.01 5.25 2.44 0.02 0.94 0.27 0.01 0.74 0.30 0.00 0.04 0.01 0.01 0.12 0.04 0.01 0.15 0.05 0.00 0.20 0.07 0.03 0.69 0.23 0.02 0.54 0.17 0.00 0.52 0.24 0.04 0.65 0.30 0.01 0.63 0.38 0.01 0.75 0.48 0.02 0.14 0.05 0.01 0.17 0.07 0.00 0.30 0.13 0.01 0.29 0.11 0.01 0.23 0.09 0.34 44.65 24.16 0.00 0.08 0.04 0.00 0.18 0.05 0.16 0.48 0.16 0.02 0.49 0.11 0.01 0.37 0.04 0.01 0.69 0.31 0.00 0.34 0.06 0.06 0.70 0.19 0.00 0.12 0.07 0.01 0.15 0.09 0.00 0.20 0.05 0.01 0.15 0.04 0.04 0.90 0.52 0.04 1.31 0.59 0.03 2.85 1.02 0.04 1.84 1.25 0.00 0.63 0.14 0.02 0.37 0.07 0.03 0.43 0.10 0.01 1.06 0.59 0.00 0.85 0.47 0.00 0.04 0.01 0.03 4.00 0.21 0.01 0.95 0.07 0.01 0.86 0.05 0.02 0.21 0.08 0.01 0.16 0.01 0.03 0.79 0.28 0.01 0.51 0.12 0.02 0.64 0.16 2.33 43.24 21.40 0.03 0.19 0.06 0.00 0.74 0.34 0.01 0.51 0.15 0.02 0.41 0.11 0.01 0.64 0.32 0.01 0.82 0.40 0.07 1.35 0.25 0.01 0.27 0.11 0.01 0.35 0.15 0.01 0.15 0.03 0.01 0.17 0.06 0.01 0.17 0.06 0.01 0.12 0.00

N-O 31.00 0.24 0.20 31.90 1.01 0.36 0.30 6.40 0.79 0.34 0.27 1.00 0.57 0.67 0.08 0.11 0.35 0.36 0.51 0.37 0.07 0.06 0.08 0.11 0.37 0.47 0.11 0.09

29.73 30.28 0.00 0.23 0.17 0.19 29.70 31.20 0.00 0.88 0.32 0.35 0.26 0.28 + 6.32 6.34 0.70 0.75 0.30 0.31 0.24 0.24 0.94 1.00 + 0.42 0.45 + 0.54 0.58 + 0.06 0.08 + 0.09 0.10 + 0.25 0.27 + 0.32 0.35 + 0.41 0.45 + 0.32 0.37 + 0.06 0.07 unch 0.04 0.06 + 0.07 0.08 + 0.00 0.10 0.00 0.37 0.00 0.46 + 0.09 0.11 unch 0.07 0.08 -

0.53 0.01 0.00 0.01 0.07 0.01 0.00 0.05 0.08 0.02 0.01 0.04 0.02 0.01 0.02 0.02 0.03 0.03 0.02 0.02 0.00 0.01 0.01 0.01 0.07 0.01 0.00 0.00

44.00 0.43 0.40 34.92 4.10 1.31 1.21 6.45 0.89 2.05 1.62 1.07 0.99 3.15 0.17 0.22 1.50 0.84 0.78 0.60 0.18 0.15 0.18 0.19 0.58 0.65 0.24 0.19

20.05 0.20 0.15 13.36 0.88 0.08 0.00 1.37 0.16 0.30 0.24 0.11 0.39 0.49 0.06 0.08 0.23 0.27 0.30 0.22 0.05 0.04 0.06 0.10 0.22 0.22 0.09 0.06

(100s) Stock

Exc Volume

New Destiny Mg New Destiny Mg* New Energy Met* New Energy Met New Found Gold New Gold New Gold* New Jersey Mng* New Pac Metals New Pac Metals* New Placer New Placer* New Stratus New Target Mng New Tech Min* New Tech Min New World Res* Newcore Gold Newcore Gold* Newcrest Mg Newcrest Mg* Newlox Gold Newmac Res Newmont Corp Newmont Corp* Neworigin Gold* Neworigin Gold Newport Expl NewRange Gold* NewRange Gold Nexa Resources Nexa Resources* Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold Nexus Gold* Nfld Discovery Nfld Discovery* NGEx Minerals NGEx Minerals* Nickel 28 Nickel Creek* Nickel Creek Nickel North Nickel Rock Nickel Rock* Nicola Mg Inc* Nicola Mg Inc Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Nobel Res Nobel Res* Noble Metal Noble Mineral Noble Mineral* Noka Res* Noram Vent* Noram Vent Norilsk Nickel* Noront Res* Noront Res Norra Metals Norrland Gold Norse Gold Norseman Silv Norsemont Cap* Norsemont Cap Nortec Mnls* Nortec Mnls North Am Nickl* North Am Nickl North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res* North Peak Res North Valley Northcliff Res Northern Light Northern Light* Northern Uran Northisle C&G Northisle C&G * Northstar Gold Northstar Gold* Northwest Cop* Northwest Cop Norvista Cap NorZinc NorZinc* Nouveau Monde Nouveau Monde* NovaGold Res* NovaGold Res Novo Res Nrthn Graphite* Nrthn Graphite Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* NSGold NSJ Gold NSS Res Inc Nthn Dynasty Nthn Dynasty* Nubian Res Nubian Res* Nuinsco Res* Nuinsco Res NuLegacy Gold* NuLegacy Gold Nutrien* Nutrien NV Gold* NV Gold O2Gold O3 Mining OceanaGold OceanaGold* Oceanic Iron O Oceanic Iron O* Oceanus Res Oceanus Res* Odyssey Res Olivut Res* Olivut Res Omai Gold Omai Gold* Omineca Mining* Omineca Mining One World Lith* One World Lith Opawica Expl Opawica Expl* Ophir Gold Ophir Gold* Optimum Vent Optimus Gold Opus One Gold Opus One Gold* Orca Gold* Orca Gold Ord Mountain Orea Mining* Orea Mining Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold Orezone Gold* Orford Mining Origen Res* Origen Res Orla Mining Oroco Res* Oroco Res Orocobre Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls*

V 1 O 25 O 9 V 0 V 664 T 7388 X 43833 O 31 T 671 X 718 V 1443 O 348 V 539 V 164 O 2 C 678 O 26 V 380 O 23 T 2 O 3 C 2050 V 0 T 813 N 28615 O 206 V 148 V 620 O 533 V 2530 T 76 N 622 T 8591 X 11338 T 312 V 809 O 318 C 400 O 71 V 586 O 15 V 650 O 1221 T 1346 V 2 V 771 O 961 O 5 V 132 O 38 T 134 V 279 V 253 T 826 O 1273 V 1156 O 18 V 1090 O 129 V 130 V 707 O 169 O 27 O 1216 V 1730 O 328 O 41 V 1488 V 266 V 141 V 10 V 39 O 45 C 461 O 50 V 2073 O 63 V 795 O 212 V 852 O 203236 O 497 V 645 C 44 T 97 C 1739 O 285 V 935 V 577 O 26 C 230 O 52 O 75 V 696 V 744 T 2314 O 280 V 365 N 623 X 4373 T 799 T 1560 O 257 V 0 V 0 O 15 V 621 V 357 O 773 V 25 C 90 C 91 T 508 X 15662 V 102 O 13 O 106 C 2456 O 1680 V 1876 N 8699 T 4315 O 851 V 639 V 1219 V 39 T 4303 O 3 V 718 O 18 V 487 O 139 V 3 O 106 V 44 V 577 O 15 O 66 V 130 O 315 C 1042 V 143 O 66 V 609 O 46 V 179 V 15 V 218 O 1 O 113 V 114 V 0 O 1735 T 449 V 601 V 56 O 183 V 174 V 709 O 180 V 83 O 1 C 151 T 1347 O 911 V 961 T 153 V 6 O 0 T 228 O 86

(100s) Stock

Week

12-month

High

Low

Last

Change

0.05 0.04 0.09 0.00 7.61 1.93 1.54 6.75 3.97 3.13 0.11 0.08 0.60 0.15 0.06 0.07 2.57 0.52 0.40 21.39 16.89 0.26 0.00 72.20 56.77 0.09 0.12 0.47 0.06 0.08 10.14 8.04 6.05 4.80 3.27 0.04 0.03 0.39 0.30 1.77 1.31 0.91 0.07 0.09 0.03 0.12 0.10 0.08 0.09 0.63 0.85 0.36 0.15 1.45 1.14 0.08 0.01 0.78 0.61 0.01 0.14 0.11 0.42 0.88 1.05 30.01 0.59 0.74 0.04 0.14 0.06 0.28 0.75 0.98 0.02 0.03 0.46 0.59 0.06 0.08 0.00 1.50 1.89 0.08 0.05 0.03 0.03 0.04 0.20 0.16 0.20 0.15 0.67 0.81 0.08 0.06 0.04 9.24 7.22 7.07 8.94 1.36 0.68 0.00 0.00 0.13 0.05 0.77 0.60 0.26 0.12 0.07 0.49 0.39 0.22 0.16 0.02 0.02 0.03 0.04 71.89 91.31 0.16 0.20 0.06 2.00 2.29 1.76 0.13 0.10 0.64 0.51 0.04 0.04 0.05 0.10 0.08 0.13 0.16 0.08 0.10 0.44 0.36 0.14 0.11 0.55 0.19 0.05 0.03 0.40 0.50 0.00 0.12 0.14 0.06 0.06 0.08 0.10 1.36 1.07 0.20 0.24 0.28 5.83 1.98 2.54 8.34 0.23 0.00 0.33 0.26

0.00 0.04 0.09 0.00 6.69 1.67 1.30 5.50 3.54 2.77 0.09 0.07 0.54 0.00 0.05 0.06 2.30 0.48 0.00 20.18 16.14 0.19 0.00 69.84 54.79 0.09 0.00 0.44 0.05 0.06 10.14 7.07 5.28 4.12 2.90 0.00 0.02 0.35 0.28 1.29 0.00 0.83 0.06 0.08 0.00 0.09 0.07 0.00 0.09 0.60 0.76 0.31 0.11 1.30 1.00 0.02 0.01 0.63 0.49 0.00 0.00 0.09 0.00 0.64 0.83 29.14 0.57 0.73 0.04 0.00 0.00 0.00 0.68 0.88 0.01 0.00 0.36 0.45 0.05 0.07 0.00 1.17 1.46 0.08 0.00 0.03 0.02 0.03 0.18 0.00 0.19 0.15 0.59 0.74 0.00 0.05 0.00 7.86 6.15 6.56 8.36 1.23 0.63 0.00 0.00 0.12 0.04 0.65 0.50 0.00 0.10 0.00 0.46 0.35 0.20 0.14 0.01 0.01 0.02 0.03 67.62 86.57 0.10 0.13 0.00 1.96 2.14 0.00 0.00 0.10 0.60 0.48 0.00 0.03 0.00 0.09 0.08 0.00 0.14 0.07 0.09 0.37 0.28 0.12 0.09 0.00 0.00 0.00 0.03 0.36 0.46 0.00 0.08 0.12 0.05 0.00 0.07 0.09 1.16 0.90 0.00 0.24 0.25 5.30 1.71 2.17 7.79 0.00 0.00 0.29 0.00

0.05 + 0.04 unch 0.09 unch 0.11 unch 7.18 + 1.82 + 1.41 + 6.48 + 3.63 2.81 0.10 + 0.07 + 0.56 unch 0.13 0.05 0.06 unch 2.43 + 0.48 0.38 21.30 + 16.40 + 0.23 + 0.29 unch 71.39 + 56.10 + 0.09 + 0.12 + 0.46 unch 0.05 0.07 10.14 unch 7.71 + 5.49 4.33 2.94 0.04 unch 0.03 + 0.35 0.28 1.73 + 1.31 + 0.89 + 0.06 0.09 unch 0.03 0.10 unch 0.08 + 0.07 + 0.09 + 0.62 + 0.84 + 0.34 0.11 1.40 + 1.10 + 0.03 + 0.01 unch 0.74 + 0.61 + 0.01 unch 0.12 0.10 + 0.42 + 0.72 + 0.91 + 29.83 + 0.58 + 0.73 0.04 unch 0.14 unch 0.06 + 0.24 0.73 + 0.88 0.02 + 0.02 + 0.36 0.45 0.05 0.07 0.00 + 1.41 + 1.80 + 0.08 0.05 0.03 0.02 0.03 unch 0.19 + 0.16 + 0.20 unch 0.15 + 0.60 0.77 0.08 0.05 0.04 8.16 6.38 6.88 + 8.78 + 1.27 0.64 unch 0.83 unch 0.36 unch 0.13 + 0.05 + 0.76 + 0.60 + 0.25 0.12 unch 0.07 unch 0.47 0.37 0.21 unch 0.16 + 0.02 + 0.02 + 0.03 0.03 70.32 + 89.45 + 0.11 0.15 0.05 2.00 + 2.18 1.76 0.12 + 0.10 unch 0.62 + 0.49 + 0.04 + 0.04 + 0.05 + 0.10 unch 0.08 0.11 0.16 unch 0.07 + 0.10 + 0.39 0.30 0.12 0.10 0.55 + 0.19 0.04 unch 0.03 unch 0.37 0.46 0.20 unch 0.11 + 0.14 + 0.06 unch 0.06 + 0.07 + 0.10 + 1.25 + 1.01 + 0.18 0.24 unch 0.25 5.34 1.78 2.26 7.99 0.23 0.21 unch 0.30 + 0.26 +

0.01 0.00 0.00 0.00 0.36 0.06 0.06 0.39 0.02 0.05 0.01 0.01 0.00 0.01 0.01 0.00 0.20 0.01 0.01 0.42 0.22 0.02 0.00 1.20 1.43 0.00 0.02 0.00 0.01 0.01 0.00 0.55 0.07 0.01 0.40 0.00 0.00 0.04 0.02 0.43 0.31 0.02 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.03 0.05 0.02 0.04 0.07 0.07 0.01 0.00 0.05 0.07 0.00 0.01 0.00 0.01 0.03 0.02 0.33 0.02 0.01 0.00 0.00 0.02 0.01 0.04 0.02 0.01 0.01 0.05 0.07 0.00 0.01 0.00 0.24 0.32 0.01 0.01 0.01 0.01 0.00 0.01 0.02 0.00 0.00 0.04 0.04 0.01 0.01 0.01 0.26 0.17 0.28 0.30 0.06 0.00 0.00 0.00 0.01 0.01 0.10 0.09 0.03 0.00 0.00 0.01 0.00 0.00 0.02 0.00 0.01 0.00 0.01 2.79 2.76 0.04 0.04 0.01 0.01 0.04 0.22 0.01 0.00 0.01 0.02 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.06 0.05 0.02 0.00 0.10 0.01 0.00 0.00 0.04 0.06 0.00 0.01 0.03 0.00 0.01 0.00 0.01 0.02 0.06 0.03 0.00 0.04 0.12 0.16 0.23 0.18 0.04 0.00 0.01 0.02

High Low 0.10 0.08 0.17 0.12 13.50 3.05 2.40 8.40 9.02 5.84 0.38 0.29 0.79 0.28 0.10 0.15 4.07 0.77 0.63 30.25 22.70 0.61 0.31 90.94 75.31 0.23 0.30 0.60 0.17 0.22 15.87 12.86 8.09 6.50 5.30 0.09 0.08 0.71 0.57 1.77 1.31 1.14 0.15 0.19 0.07 1.18 0.93 0.20 0.25 1.17 1.48 1.19 0.19 2.08 1.65 0.08 0.05 1.03 0.87 0.03 0.21 0.17 0.87 0.99 1.25 38.21 0.70 0.87 0.13 0.39 0.15 0.76 0.97 1.25 0.09 0.06 0.52 0.65 0.10 0.15 0.00 1.50 1.89 0.10 0.10 0.09 0.07 0.09 0.42 0.40 0.45 0.36 0.91 1.10 0.23 0.10 0.08 27.40 17.24 11.03 13.99 3.70 0.72 0.92 0.69 0.35 0.10 1.55 1.26 0.43 0.37 0.46 1.45 1.15 0.59 0.46 0.05 0.05 0.16 0.20 73.50 91.31 0.34 0.40 0.38 3.38 2.85 2.21 0.32 0.25 0.79 0.67 0.07 0.11 0.11 0.27 0.19 0.38 0.41 0.13 0.16 0.65 0.54 0.31 0.24 0.65 0.35 0.09 0.07 0.75 0.93

0.04 0.00 0.04 0.07 3.15 1.29 1.01 3.15 3.47 2.68 0.08 0.06 0.19 0.13 0.04 0.05 1.59 0.45 0.35 20.16 16.01 0.16 0.06 66.25 52.60 0.08 0.10 0.34 0.05 0.06 8.35 6.50 2.87 2.17 0.65 0.03 0.02 0.30 0.24 0.49 0.38 0.36 0.05 0.08 0.03 0.07 0.06 0.06 0.09 0.57 0.73 0.31 0.09 0.69 0.53 0.02 0.01 0.31 0.35 0.01 0.07 0.05 0.32 0.31 0.38 27.38 0.13 0.17 0.04 0.12 0.05 0.23 0.36 0.45 0.01 0.02 0.11 0.14 0.04 0.05 0.00 0.25 0.36 0.08 0.04 0.03 0.02 0.01 0.16 0.00 0.19 0.12 0.40 0.50 0.07 0.05 0.03 5.30 5.07 6.48 8.21 1.23 0.18 0.23 0.30 0.03 0.03 0.54 0.43 0.21 0.09 0.04 0.39 0.31 0.18 0.14 0.01 0.01 0.02 0.03 46.25 59.45 0.09 0.12 0.05 1.91 1.75 1.38 0.11 0.10 0.38 0.29 0.03 0.03 0.04 0.09 0.00 0.11 0.14 0.05 0.06 0.17 0.18 0.11 0.09 0.33 0.12 0.03 0.02 0.32 0.41

0.26 0.31 0.18 0.16 0.17 0.22 1.70 1.39 0.27 0.33 0.55 7.30 3.02 3.66 9.30 0.37 0.29 0.54 0.39

0.06 0.08 0.05 0.05 0.06 0.08 0.87 0.69 0.13 0.20 0.14 3.71 1.27 1.62 3.68 0.20 0.02 0.23 0.18

Exc Volume

Osino Res* Osino Res Osisko Dev* Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Otso Gold* Otso Gold Outback Gold* Outback Gold Outcrop S&G* Outcrop S&G OZ Minerals*

Week Low

0.84 0.85 1.07 1.07 3.40 3.47 11.02 11.58 + 14.11 14.72 + 0.30 0.30 0.38 0.38 3.09 3.78 + 0.03 0.03 unch 0.00 0.04 unch 0.16 0.16 0.19 0.20 0.12 0.13 0.16 0.17 18.50 18.93 +

O V O N T O V T O V O C O V O

77 316 69 4150 1882 62 346 7806 168 0 58 688 445 722 4

0.91 1.14 3.55 11.81 14.92 0.31 0.40 3.84 0.03 0.00 0.19 0.24 0.16 0.20 18.93

P2 Gold* O P2 Gold V Pac Arc Res V Pac Bay Mnrls V Pac Booker Min V Pac Booker Min* O Pac Imperial V Pac Ridge Expl* O Pac Ridge Expl V Pacific Empire V Pacific Silk V Pacific Silk* O Pacton Gold V Paladin Energy* O Palamina Corp V Palamina Corp* O Palayan Res* O Paleo Resource V Paleo Resource* O Palladium One V Palladium One* O Pampa Metals* O Pampa Metals C Pan Am Silver T Pan Am Silver* D Pan Global Res* O Pan Global Res V Pancontinental V Pancontinental* O Pangolin Dia V V Panoro Mnrls Panoro Mnrls* O Pantera Silver V PanTerra Gold* O Pantheon Vent V Para Resources V Parallel Mng V Paramount Gold* X Parlane Res V Pasinex Res C Pasofino Gold* O Pasofino Gold V Patriot Gold C Patriot Gold* O Peabody Enrgy* N Pegasus Res V Pegasus Res* O Pelangio Expl* O Pelangio Expl V Peloton Mnrls C Peloton Mnrls* O PepinNini Lith* O Perpetua Res T Perpetua Res* D Perseus Mng T Pershimex Res V Pershing Res* O Peruvian Metal* O Peruvian Metal V Petra Diamonds* O Petrolympic* O Petrolympic V Phenom Res V Phenom Res* O Philippine Mtl V Phoenix Global* O Phoenix Gold V Phoenix Metals V O Pine Cliff En* Pine Cliff En T Pivit Explor C PJSC Polyus Gd* O PJX Res V Plata Latina V Platinex Inc C Platinum Gp Mt T Platinum Gp Mt* X Plato Gold V Playfair Mng V Playfair Mng* O PNG Copper C PolyMet Mng* X PolyMet Mng T Portofino Res* O Portofino Res V Power Group V Power Group* O Power Metals* O Power Metals V PPX Mining* O Precipitate Gl* O Precipitate Gl V Pretium Res* N Pretium Res T Prime Meridian V Prime Mining* O Prime Mining V Prism Res V Prismo Metals C ProAm Expl V Probe Metals* O Probe Metals V Prog Planet* O Prog Planet V Prophecy Pot C Prospect Ridge C V Prosper Gold Provenance Gld C Providence V Providence Gld* O Pucara Gold V Pucara Gold* O PUF Vent Inc * O Puma Expl* O Puma Expl V Pure Alumina* O Pure Energy* O Pure Energy V Pure Gold Mg* O Pure Gold Mg V Purepoint Uran V Q-Gold Res* O Q-Gold Res V QC Copper V QC Copper* O QC Precious * O QC Precious V QcX Gold V QcX Gold* O QMC Quantum Ml* O QMC Quantum Ml V QNB Metals C Quadro Res* O Quadro Res V Quantum Batt C Quantum Batt* O Quartz Mtn Res* O Quartz Mtn Res V Quaterra Res V Quaterra Res* O Quebec Nickel C Quebec Silica C Questex Gold* O Questex Gold V

52 114 0 35 65 32 547 859 2644 351 4 210 98 4013 384 209 888 256 301 1330 216 18 194 1658 7814 22 265 255 33 1413 129 123 172 160 493 24 0 368 1656 55 16 29 0 12 21909 802 684 1 171 146 23 13 148 553 58 119 24 54 134 0 88 48 222 255 0 11 634 1136 404 1415 723 8 340 27 1183 341 2732 10 398 8 512 508 16 500 867 187 1 527 545 135 243 245 6285 3896 355 8 841 4 19 1 146 93 263 124 94 542 86 610 979 6 219 24 50 17 761 339 152 95 1147 1888 3451 8 120 852 640 180 370 146 15 245 247 2 382 498 118 2 0 14 49 115 233 740 41 101

0.56 0.72 0.00 0.11 2.60 2.01 0.03 0.29 0.37 0.04 0.02 0.02 0.54 0.61 0.26 0.22 0.06 0.02 0.02 0.20 0.16 0.29 0.35 31.40 24.85 0.60 0.75 0.12 0.09 0.02 0.18 0.13 0.29 0.05 0.14 0.34 0.00 0.74 0.16 0.04 0.55 0.70 0.00 0.07 10.45 0.05 0.05 0.10 0.11 0.08 0.07 0.31 6.44 5.10 1.42 0.05 0.03 0.16 0.20 0.00 0.07 0.09 0.40 0.32 0.00 0.78 0.67 0.41 0.53 0.64 0.35 95.40 0.17 0.03 0.05 2.73 2.17 0.03 0.09 0.07 0.06 3.09 3.87 0.10 0.13 0.04 0.03 0.18 0.23 0.04 0.08 0.09 13.79 17.48 0.14 3.54 4.54 0.09 0.42 0.00 1.52 1.92 0.36 0.44 0.40 1.45 0.68 0.17 0.06 0.07 0.12 0.10 0.50 0.31 0.43 0.01 1.52 1.86 0.61 0.74 0.10 0.09 0.10 0.34 0.26 0.23 0.27 0.06 0.06 0.18 0.23 0.11 0.05 0.05 1.00 0.75 0.00 0.24 0.22 0.17 0.28 0.17 0.54 0.67

0 330 599 75 20 9 36 0 17 3582 99 185 125

0.00 0.22 0.36 0.06 0.39 2.65 0.20 0.00 0.46 1.26 0.04 0.11 0.08

Last

12-month

High

Change

Stock

0.05 0.06 0.08 0.38 0.32 0.01 0.02 0.61 0.00 0.00 0.03 0.04 0.01 0.01 0.45

1.40 1.61 10.10 15.12 18.40 0.42 0.52 3.97 0.09 0.10 1.22 1.55 0.40 0.69 21.04

0.80 1.01 3.40 9.77 12.39 0.30 0.35 2.33 0.02 0.03 0.15 0.19 0.12 0.16 13.90

0.00 0.05 0.00 0.02 0.16 0.25 0.00 0.08 0.11 0.01 0.00 0.00 0.05 0.01 0.03 0.02 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.66 0.31 0.08 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.01 0.02 0.01 0.00 0.06 0.02 0.00 0.02 0.02 0.00 0.00 0.67 0.01 0.00 0.00 0.01 0.00 0.01 0.00 0.12 0.06 0.05 0.00 0.00 0.01 0.01 0.00 0.00 0.02 0.04 0.01 0.00 0.20 0.11 0.01 0.06 0.00 0.13 4.06 0.01 0.00 0.00 0.01 0.03 0.00 0.00 0.00 0.02 0.12 0.24 0.01 0.01 0.01 0.00 0.01 0.03 0.01 0.00 0.00 0.21 0.10 0.02 0.08 0.09 0.00 0.01 0.00 0.04 0.00 0.04 0.03 0.15 0.09 0.00 0.02 0.00 0.02 0.02 0.01 0.05 0.02 0.01 0.00 0.02 0.03 0.01 0.02 0.01 0.01 0.01 0.05 0.05 0.01 0.01 0.01 0.00 0.02 0.03 0.00 0.00 0.01 0.07 0.10 0.00 0.01 0.00 0.00 0.03 0.02 0.04 0.03

1.00 0.83 0.26 0.18 3.75 3.10 0.08 0.30 0.37 0.08 0.06 0.04 1.09 0.80 0.37 0.36 1.09 0.04 0.10 0.40 0.32 1.07 0.72 50.70 39.62 0.68 0.84 0.20 0.16 0.05 0.23 0.18 0.34 0.07 1.02 0.65

0.23 0.30 0.14 0.08 1.73 1.37 0.02 0.04 0.05 0.04 0.02 0.02 0.38 0.15 0.16 0.13 0.03 0.01 0.00 0.17 0.13 0.23 0.27 27.97 22.27 0.00 0.43 0.08 0.06 0.01 0.11 0.08 0.12 0.05 0.06 0.27

1.59 0.84 0.09 2.66 2.94 0.50 0.23 19.83 0.10 0.10 0.17 0.23 0.14 0.11 0.53 14.40 9.45 1.69 0.07 0.10 0.18 0.22 1.09 0.12 0.15 0.85 1.10 0.10 1.29 0.74 0.55 0.72 0.90 0.41 123.00 0.25 0.06 0.09 8.00 6.27 0.05 0.30 0.23 0.26 5.41 6.71 0.20 0.23 0.16 0.10 0.35 0.43 0.50 0.24 0.29 14.79 18.57 0.17 4.15 5.24 0.14 0.62 0.11 1.71 2.15 0.48 0.60 0.52 2.75 2.40 0.18 0.20 0.16 0.90 0.85 11.40 0.50 0.64 0.03 2.11 2.63 2.42 3.08 0.20 0.34 0.43 0.47 4.12 0.27 0.33 0.26 0.21 0.47 0.60 0.25 0.16 0.16 5.85 5.85 0.29 0.36 0.30 0.25 0.41 0.27 1.07 1.37

0.66 0.11 0.02 0.50 0.64 0.07 0.03 1.48 0.03 0.02 0.08 0.10 0.07 0.04 0.12 5.45 4.38 0.99 0.04 0.00 0.02 0.04 0.01 0.04 0.04 0.35 0.25 0.05 0.40 0.25 0.19 0.18 0.21 0.13 80.55 0.14 0.02 0.04 2.29 1.79 0.03 0.09 0.00 0.05 2.69 3.28 0.06 0.08 0.03 0.02 0.13 0.17 0.00 0.06 0.07 8.29 10.40 0.06 1.36 1.73 0.04 0.19 0.06 0.99 1.26 0.06 0.08 0.10 0.20 0.59 0.07 0.06 0.00 0.11 0.00 0.42 0.12 0.14 0.01 0.50 0.66 0.52 0.66 0.06 0.08 0.09 0.15 0.11 0.16 0.20 0.06 0.06 0.15 0.20 0.05 0.03 0.05 0.55 0.15 0.00 0.12 0.06 0.04 0.10 0.05 0.40 0.50

Ready Set Gold Recharge Res* Recharge Res Red Pine Expl Regulus Res Remington Res Renforth Res* Renforth Res Resolve Vent Reunion Gold Reunion Gold* Revival Gold Revival Gold * Rex Res Reyna Silver* Reyna Silver Rhyolite Res Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold Riley Gold* Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited Rio2 Limited* Rise Gold Corp* Rise Gold Corp Riverside Res Riverside Res* RJK Explor* RJK Explor Robex Res Rochester Res* Rochester Res Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockland Res Rockridge Res Rockwealth Res Rogue Res* Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs* Romios Gold Rs RooGold RooGold* RosCan Gold* RosCan Gold Ross River Rover Metals* Rover Metals Royal Fox Gold Royal Fox Gold* Royal Gold* Royal Rd Mnrls RT Minerals* RT Minerals RTG Mining RTG Mining * Rugby Mng Running Fox Rs Rupert Res Rupert Res* Rusoro Mng Rusoro Mng*

C O V V V V O C V V O V O V O V V V V O V V O V O O N O V O O C V O O V V O V O V O C C O V C V V O V O O V O V C O O V V O V V O D V O V T O V V V O V O

0.00 0.01 0.06 0.00 0.01 0.45 0.05 0.00 0.05 0.11 0.01 0.00 0.01

0.50 0.37 0.38 0.12 0.50 3.80 0.26 0.15 2.00 4.13 0.06 0.25 0.15

0.15 0.20 0.20 0.04 0.17 1.57 0.09 0.07 0.00 0.50 0.02 0.06 0.04

S2 Minerals Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res Sable Res* Sailfish Rylty Saint Jean Saint Jean* Salazar Res* Salazar Res Sama Res Sama Res* Samco Gold San Lorenzo Sanatana Res Sanatana Res* Sandfire Res* Sandfire Res Sandstorm Gold* Sandstorm Gold Santacruz Silv Sarama Res Sassy Res* Sassy Res Satori Res Satori Res* Saturn Mnrls Savannah Min Saville Res Scandium Intl* Scandium Intl Scorpio Gold Scorpio Gold * Scotch Creek Scotch Creek* Scottie Res* Scottie Res ScoZinc Mg* ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold* Seahawk Gold Search Mnls Search Mnls* Searchlight* SearchlightRes Secova Metals* Secova Metals Sego Res Select Sands Sennen Potash Sentinel Res Sentinel Res* Serabi Gold Sherritt Intl Shine Minerals Shine Minerals* Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res* Sienna Res Sierra Grande Sierra Madre G* Sierra Madre G Sierra Metals Sierra Metals* Sigma Lithium* Sigma Lithium Signature Res* Signature Res Silver Bear Rs* Silver Bear Rs Silver Bull Re* Silver Bull Re Silver Dollar Silver Dollar* Silver Eleph* Silver Eleph Silver Grail Silver Hammer* Silver Hammer Silver One* Silver One Silver Phoenix Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands* Silver Sands Silver Spruce Silver Spruce* Silver Valley* Silver Valley Silver Viper*

C O T V O V V O O V V O V V V O O V N T V V O C V O V V V O T V O C O O V O V T N O C V O O V O C V V V C O T T V O O N O O V C O V T X D V O V O T O T C O O T V O C O V C O V O V O C V O O V O

P-Q 0.50 0.63 0.00 0.00 0.00 1.76 0.00 0.19 0.23 0.00 0.00 0.02 0.46 0.52 0.23 0.18 0.04 0.01 0.02 0.19 0.14 0.24 0.31 29.67 23.19 0.54 0.68 0.00 0.08 0.00 0.00 0.12 0.21 0.05 0.13 0.00 0.00 0.67 0.11 0.04 0.50 0.00 0.00 0.00 9.02 0.05 0.04 0.10 0.00 0.07 0.00 0.31 5.93 4.59 1.11 0.00 0.02 0.14 0.17 0.00 0.07 0.00 0.35 0.27 0.00 0.69 0.50 0.24 0.45 0.56 0.00 87.01 0.00 0.00 0.04 2.35 1.83 0.00 0.00 0.07 0.05 2.75 3.46 0.07 0.09 0.00 0.02 0.16 0.21 0.03 0.06 0.09 13.05 16.68 0.00 3.28 4.05 0.00 0.38 0.00 1.47 1.84 0.32 0.40 0.25 1.24 0.59 0.15 0.06 0.07 0.11 0.08 0.42 0.00 0.37 0.01 1.18 1.53 0.52 0.66 0.09 0.09 0.00 0.26 0.20 0.19 0.25 0.00 0.06 0.15 0.20 0.00 0.03 0.05 0.85 0.00 0.00 0.00 0.16 0.12 0.23 0.14 0.48 0.62

0.50 + 0.63 0.20 unch 0.11 + 2.35 + 2.01 + 0.03 unch 0.26 + 0.34 + 0.04 + 0.02 unch 0.02 unch 0.54 + 0.57 0.24 0.19 0.06 + 0.01 0.02 + 0.19 unch 0.15 + 0.29 0.35 + 29.76 23.40 0.60 + 0.70 unch 0.11 unch 0.08 0.01 unch 0.16 0.12 0.22 + 0.05 0.13 0.34 + 0.15 unch 0.74 + 0.12 0.04 unch 0.54 0.68 0.09 unch 0.07 + 9.36 0.05 0.05 + 0.10 unch 0.11 0.08 unch 0.07 + 0.31 unch 6.02 4.69 1.39 + 0.05 unch 0.02 0.15 + 0.19 + 1.09 unch 0.07 unch 0.09 + 0.37 0.29 0.10 unch 0.69 0.67 + 0.24 0.47 0.61 unch 0.31 + 89.40 0.16 0.03 unch 0.05 unch 2.46 + 1.95 + 0.03 unch 0.09 unch 0.07 + 0.05 2.75 3.46 0.09 + 0.12 + 0.04 + 0.02 0.17 0.21 0.04 + 0.07 + 0.09 unch 13.33 + 16.95 + 0.12 3.54 + 4.53 + 0.09 unch 0.39 + 0.07 unch 1.50 + 1.92 unch 0.32 0.40 0.40 + 1.27 0.62 unch 0.16 0.06 unch 0.07 + 0.11 0.10 + 0.42 0.30 + 0.38 + 0.01 + 1.26 1.61 0.57 0.72 0.09 + 0.09 + 0.09 0.30 + 0.25 + 0.20 + 0.27 0.06 0.06 unch 0.16 0.21 0.11 unch 0.04 0.05 + 0.89 0.72 0.20 unch 0.22 + 0.16 unch 0.14 unch 0.26 + 0.15 0.53 + 0.66 +

R Rackla Metals Radisson Mng Radius Gold Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Razore Rock Res Ready Set Gold*

V V V C C O V O O O V C O

0.00 0.21 0.30 0.06 0.00 0.00 0.00 0.00 0.44 0.81 0.00 0.11 0.08

0.41 0.21 0.36 0.06 0.38 2.65 0.17 0.10 0.46 0.92 0.04 0.11 0.08

unch + unch + unch + + unch +

(100s)

High Low

Exc Volume

Week

12-month

High

Low

Last

Change

High Low

504 283 927 275 518 0 246 456 551 964 564 333 275 0 674 366 15 22 1168 1834 3239 262 8 129 333 11 16461 10 744 495 49 55 566 273 34 54 750 56 163 55 406 72 1191 35 86 313 457 278 102 0 3 1294 64 1074 436 23 250 131 182 412 0 494 2413 717 17 2335 127 527 430 8 29 76 33 588 13 274 280

0.11 0.04 0.05 0.56 1.15 0.00 0.07 0.09 0.08 0.14 0.11 0.65 0.55 0.00 0.62 0.75 1.03 0.04 0.37 0.06 0.07 0.38 0.26 0.05 0.04 63.63 64.89 69.62 0.68 0.52 0.35 0.41 0.15 0.12 0.12 0.14 0.39 0.04 0.05 5.68 7.19 0.05 0.06 0.04 0.08 0.11 0.22 0.11 0.35 0.09 0.13 0.45 0.32 0.40 0.04 0.05 0.26 0.19 0.27 0.34 0.00 0.05 0.07 0.05 0.04 101.48 0.28 0.05 0.05 0.10 0.10 0.13 0.02 5.60 4.38 0.06 0.05

0.10 0.03 0.04 0.51 1.00 0.00 0.06 0.07 0.00 0.11 0.06 0.58 0.46 0.00 0.53 0.67 0.00 0.00 0.30 0.04 0.05 0.00 0.00 0.00 0.03 60.58 61.03 0.00 0.58 0.45 0.29 0.00 0.14 0.11 0.09 0.00 0.37 0.04 0.00 4.87 6.12 0.04 0.05 0.03 0.08 0.00 0.20 0.09 0.00 0.00 0.00 0.40 0.26 0.31 0.03 0.00 0.22 0.15 0.24 0.31 0.00 0.04 0.05 0.05 0.04 97.48 0.00 0.04 0.05 0.00 0.07 0.00 0.00 5.20 4.09 0.00 0.04

0.10 + 0.03 0.04 unch 0.53 + 1.09 0.21 unch 0.06 0.08 + 0.08 + 0.14 + 0.11 0.62 0.47 0.20 unch 0.56 0.71 + 1.03 0.04 + 0.37 0.04 0.05 + 0.35 + 0.26 + 0.05 + 0.04 + 63.06 + 64.11 68.93 + 0.62 + 0.50 0.31 0.38 0.15 0.12 0.11 + 0.12 0.38 0.04 unch 0.04 5.15 6.75 0.04 0.06 unch 0.04 unch + 0.08 0.10 0.22 unch + 0.10 + 0.28 0.09 unch 0.13 unch 0.41 + 0.32 + 0.40 0.04 + 0.05 0.25 unch + 0.18 0.25 0.33 0.26 unch 0.04 0.05 0.05 unch 0.04 unch 98.15 0.27 0.04 0.05 0.10 unch 0.07 unch + 0.13 0.02 unch + 5.49 + 4.32 0.05 0.04

0.01 0.00 0.00 0.01 0.19 0.00 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.06 0.01 0.01 0.08 0.02 0.01 0.01 1.88 2.78 1.73 0.03 0.03 0.03 0.07 0.01 0.00 0.01 0.01 0.02 0.00 0.01 0.30 0.28 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.05 0.00 0.00 0.02 0.04 0.05 0.00 0.01 0.00 0.03 0.01 0.02 0.00 0.00 0.01 0.00 0.00 0.51 0.01 0.00 0.01 0.00 0.00 0.02 0.00 0.09 0.11 0.01 0.00

0.49 0.53 0.19 0.95 1.40 0.37 0.11 0.12 0.13 0.15 0.12 0.90 0.70 0.39 1.25 1.48 1.70 0.07 0.77 0.18 0.23 0.74 0.61 0.11 0.11 94.42 95.97 108.00 1.03 0.85 0.72 0.89 0.37 0.29 0.24 0.31 0.54 0.13 0.15 7.53 9.38 0.07 0.10 0.09 0.15 0.19 0.29 0.19 0.35 0.10 0.16 1.93 0.60 0.76 0.05 0.07 0.60 0.60 0.80 0.64

0.08 0.00 0.04 0.35 0.70 0.18 0.03 0.05 0.04 0.06 0.04 0.55 0.43 0.13 0.44 0.55 0.60 0.04 0.30 0.03 0.05 0.23 0.20 0.04 0.03 58.62 59.58 63.01 0.53 0.40 0.29 0.36 0.13 0.10 0.01 0.11 0.31 0.04 0.04 0.79 0.98 0.04 0.05 0.03 0.00 0.10 0.11 0.09 0.07 0.06 0.07 0.40 0.24 0.31 0.02 0.04 0.21 0.14 0.11 0.23

0.12 0.13 0.12 0.07 129.69 0.40 0.14 0.18 0.23 0.15 0.16 0.06 6.08 5.10 0.14 0.09

0.04 0.05 0.04 0.03 92.01 0.24 0.04 0.05 0.09 0.07 0.07 0.02 3.44 2.00 0.04 0.03

96 1027 1565 617 281 32 647 122 8 47 50 6 0 223 555 163 467 128 8958 1205 661 632 297 1107 1580 39 293 1 732 89 282 204 150 179 27 259 564 0 23 386 1384 4 8 624 169 130 1036 31 1344 103 217 0 124 104 36 1156 5 13 2 12058 571 297 811 173 27 494 353 1804 563 169 412 232 14 418 192 98 387 175 582 1312 33 663 642 1249 1136 107 10 24 120 104 277 324 602 296 10 796 174

0.15 1.19 1.51 0.20 0.15 1.39 0.15 0.11 0.25 0.33 0.15 0.11 0.00 0.13 0.16 0.10 0.17 0.22 6.01 7.60 0.28 0.18 0.42 0.53 0.18 0.14 3.68 0.24 0.05 0.13 0.17 0.12 0.10 0.69 0.56 0.15 0.19 0.00 0.65 23.18 18.23 0.35 0.47 0.21 0.17 0.07 0.09 0.11 0.16 0.09 0.06 0.00 0.39 0.34 1.15 0.44 0.12 0.08 3.69 12.91 0.25 0.11 0.13 0.08 0.38 0.52 1.83 1.44 10.73 14.00 0.06 0.07 0.08 0.10 0.38 0.47 0.71 0.54 0.24 0.29 0.14 0.70 0.90 0.35 0.42 0.28 0.09 0.11 0.10 0.14 0.12 0.16 0.05 0.04 0.10 0.14 0.33

0.15 unch 1.11 1.42 0.18 0.15 1.34 0.14 0.10 0.24 + 0.33 0.15 unch 0.11 0.05 unch 0.11 + 0.15 0.10 unch 0.15 0.19 5.64 7.18 0.25 0.17 + 0.40 + 0.49 + 0.16 + 0.13 + 3.44 0.24 unch 0.04 0.12 0.15 0.11 + 0.09 + 0.65 + 0.51 + 0.15 + 0.19 0.52 unch + 0.65 21.18 16.64 + 0.35 0.44 + 0.20 + 0.16 0.06 0.08 + 0.11 0.13 0.08 0.05 0.45 unch 0.38 + 0.30 1.03 + 0.41 + 0.12 0.08 unch + 3.35 12.10 + 0.25 + 0.11 + 0.13 0.07 + 0.38 + 0.50 1.67 1.30 + 10.12 + 12.93 + 0.06 0.07 unch 0.06 0.09 unch 0.32 0.42 0.64 0.51 + 0.22 + 0.28 + 0.14 + 0.64 0.79 + 0.31 + 0.40 0.28 + 0.09 0.11 + 0.10 0.13 unch 0.11 0.14 0.04 unch 0.03 0.10 0.12 + 0.32

0.00 0.02 0.03 0.01 0.00 0.03 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.02 0.03 0.00 0.01 0.01 0.14 0.26 0.01 0.02 0.07 0.05 0.04 0.03 0.40 0.00 0.01 0.01 0.01 0.01 0.00 0.03 0.03 0.01 0.01 0.00 0.01 1.83 1.27 0.05 0.01 0.02 0.01 0.01 0.01 0.09 0.03 0.01 0.01 0.00 0.01 0.00 0.17 0.03 0.01 0.00 0.19 0.61 0.02 0.02 0.02 0.01 0.03 0.03 0.10 0.15 1.05 1.33 0.00 0.00 0.01 0.00 0.03 0.03 0.03 0.02 0.01 0.01 0.01 0.00 0.04 0.02 0.02 0.02 0.01 0.01 0.00 0.00 0.01 0.02 0.00 0.01 0.03 0.03 0.01

0.30 2.80 3.54 0.40 0.36 1.54 0.24 0.19 0.32 0.42 0.20 0.16

0.13 1.07 1.39 0.16 0.12 1.00 0.03 0.02 0.21 0.21 0.11 0.09

0.30 0.25 0.19 0.22 0.27 9.31 11.34 0.58 0.37 0.82 0.92 0.18 0.14 4.49 0.35 0.09 0.28 0.35 0.17 0.14 0.98 2.88 0.32 0.37 0.56 0.80 29.00 22.86 1.24 1.05 0.37 0.40 0.09 0.11 0.25 0.22 0.16 0.10

0.08 0.07 0.06 0.13 0.17 5.45 6.86 0.24 0.16 0.28 0.35 0.10 0.08 1.90 0.20 0.04 0.11 0.15 0.09 0.07 0.16 0.18 0.12 0.16 0.44 0.45 18.95 14.92 0.16 0.20 0.06 0.01 0.03 0.06 0.00 0.09 0.03 0.02

1.31 0.42 1.68 0.70 0.20 0.12 7.72 20.68 0.26 0.14 0.17 0.35 0.79 1.07 4.92 3.92 10.73 14.00 0.20 0.22 0.16 0.20 1.25 1.55 2.29 1.89 0.46 0.59 0.25 0.86 1.08 0.75 0.94 0.90 0.24 0.29 0.29 0.30 0.36 0.37 0.11 0.47 0.28 0.35 0.70

0.22 0.09 1.01 0.33 0.09 0.07 3.03 11.90 0.03 0.04 0.05 0.06 0.35 0.41 1.63 1.28 1.90 2.40 0.05 0.07 0.00 0.08 0.30 0.39 0.62 0.40 0.13 0.17 0.11 0.26 0.25 0.29 0.36 0.23 0.08 0.11 0.02 0.09 0.10 0.13 0.04 0.03 0.05 0.06 0.24

S 0.15 1.10 1.40 0.18 0.14 1.34 0.13 0.08 0.24 0.00 0.00 0.11 0.00 0.11 0.00 0.10 0.14 0.19 5.62 7.16 0.24 0.17 0.33 0.42 0.13 0.10 2.83 0.00 0.00 0.11 0.15 0.11 0.09 0.60 0.49 0.13 0.18 0.00 0.63 21.14 16.62 0.00 0.44 0.18 0.15 0.06 0.08 0.11 0.13 0.00 0.05 0.00 0.33 0.25 0.00 0.39 0.00 0.08 3.15 12.00 0.22 0.08 0.10 0.07 0.37 0.46 1.66 1.30 8.51 10.90 0.05 0.07 0.06 0.00 0.30 0.39 0.62 0.40 0.19 0.24 0.00 0.59 0.75 0.29 0.38 0.00 0.00 0.00 0.10 0.00 0.10 0.00 0.04 0.03 0.00 0.00 0.29

GLOBAL MINING NEWS

(100s) Stock Silver Viper Silver Wolf Silver Wolf* Silver X Silver X* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverstock Silverton Met* Silverton Met Sirios Res* Sirios Res Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res SKRR Explor Sky Gold Sky Gold* Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Slave Lake Zn* Snowline Gold Snowy Owl Sokoman Min Sokoman Min* Solaris Res SolGold plc* SolGold plc SolidusGold Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Gold* Sonoro Gold SOPerior Fert South Atlantic* South Atlantic South Star Bat South Star Bat* South32* Southern Copp* Southern Emp* Southern Emp Southern Silvr Southern Silvr* SouthGobi Res Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res* SPC Nickel Spearmint Res* Spearmint Res Sphinx Res Spruce Ridge R SRG Mining SSR Mining* SSR Mining St Augustine St-Georges Eco St-Georges Eco* St. James Gold St. James Gold* Stakeholdr Gld Stallion Gold Standard Graph* Standard Metal* Standard Uran* Standard Uran Stans Energy Star Diamond* Star Diamond Star Gold* Starcore Intl* Starcore Intl Starr Peak Starr Peak* Stellar Africa* Stellar Africa Stelmine Can* Stelmine Can Steppe Gold Steppe Gold* Sterling Metal Sterling Metal* Stevens Gold* Stevens Gold Stinger Res* Stinger Res Stone Gold Straightup Res Straightup Re* Stratabd Mnr* Stratabd Mnr Strategic Metl* Strategic Metl Strategic Res Strategic Res* Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor Stuhini Explor* Stuve Gold Sulliden Mng* Sulliden Mng

Week

Exc Volume V V O V O T X X T C O V O V C O C O T V V O V O O V C O C C V O T O T V T X V V O V V O V V O O N O V V O T V V O V O V O C V V V D T T C O V O V V O O O V V O T O O T V O O V O V T O V O O C O V V C O O V O V V O V V O V O V V O V O T

THE NORTHERN MINER / DECEMBER 20, 2021–JANUARY 9, 2022

Low

Last

0.41 0.21 0.17 0.34 0.27 4.94 3.90 8.08 10.20 0.00 0.27 0.30 0.05 0.06 0.09 0.07 0.05 0.04 12.15 0.10 0.09 0.07 0.53 0.45 0.05 0.08 0.09 0.07 0.60 0.07 0.32 0.25 14.04 0.35 0.44 0.00 0.67 0.53 0.17 0.00 0.13 0.17 0.06 0.05 0.06 0.28 0.23 2.80 61.50 0.10 0.13 0.31 0.24 0.31 0.00 0.23 0.18 0.08 0.06 0.09 0.13 0.17 0.00 0.14 0.46 17.94 22.70 0.10 0.45 0.38 1.27 1.00 0.84 0.33 0.04 6.00 0.23 0.29 0.04 0.28 0.36 0.04 0.19 0.26 2.05 1.59 0.05 0.06 0.25 0.32 1.20 0.96 0.29 0.23 0.11 0.14 0.11 0.16 0.11 0.16 0.12 0.10 0.11 0.28 0.35 0.36 0.00 0.00 0.14 0.11 0.52 0.40 0.33 0.55 0.44 0.23 0.15 0.16

0.38 0.18 0.00 0.27 0.21 4.49 3.52 7.27 9.31 0.00 0.21 0.26 0.05 0.06 0.09 0.07 0.04 0.03 11.49 0.09 0.00 0.07 0.42 0.33 0.04 0.00 0.09 0.06 0.46 0.06 0.27 0.22 11.99 0.00 0.00 0.00 0.00 0.42 0.16 0.00 0.12 0.16 0.04 0.05 0.00 0.23 0.15 2.56 57.60 0.10 0.00 0.26 0.21 0.20 0.00 0.21 0.16 0.07 0.05 0.07 0.11 0.15 0.00 0.00 0.40 16.90 21.50 0.08 0.38 0.29 1.15 0.91 0.78 0.00 0.03 4.75 0.17 0.22 0.01 0.00 0.18 0.03 0.17 0.00 1.79 1.42 0.04 0.00 0.19 0.23 1.16 0.91 0.26 0.21 0.08 0.10 0.11 0.14 0.00 0.00 0.11 0.07 0.09 0.24 0.31 0.00 0.00 0.00 0.12 0.09 0.37 0.29 0.00 0.00 0.00 0.00 0.15 0.16

0.41 + 0.19 0.15 0.33 + 0.26 + 4.54 3.54 7.75 + 9.88 + 0.19 unch 0.24 + 0.28 0.05 0.06 unch 0.09 unch 0.07 + 0.05 0.03 11.95 + 0.09 0.08 0.07 0.47 + 0.37 + 0.04 unch 0.08 + 0.09 0.07 unch 0.60 + 0.07 + 0.30 + 0.24 + 13.78 + 0.32 0.42 + 0.11 unch 0.65 + 0.52 + 0.16 0.09 unch 0.12 0.17 + 0.05 + 0.05 unch 0.06 + 0.24 + 0.19 + 2.71 + 60.46 + 0.10 unch 0.13 unch 0.28 0.22 0.23 0.04 unch 0.22 + 0.17 0.08 + 0.05 0.08 + 0.13 + 0.16 + 0.01 unch 0.13 unch 0.42 + 16.96 21.60 0.09 unch 0.39 0.31 1.15 0.93 0.78 0.31 0.03 5.50 + 0.20 + 0.26 + 0.04 + 0.22 + 0.25 + 0.03 unch 0.19 + 0.26 + 1.99 + 1.55 + 0.04 unch 0.05 unch 0.24 + 0.30 + 1.18 0.95 + 0.28 + 0.22 + 0.10 + 0.12 + 0.11 0.16 unch 0.11 + 0.16 + 0.12 + 0.07 0.10 + 0.27 + 0.34 + 0.36 + 0.28 unch 0.03 unch 0.14 + 0.11 + 0.40 unch 0.32 + 0.33 + 0.54 0.44 0.22 0.15 unch 0.16 -

113 208 15 1706 75 1430 6255 2482 1975 1 75 64 61 1774 849 40 1243 208 307 1274 348 113 1645 433 486 98 32 12 543 882 1035 334 1766 59 74 0 23 645 142 0 30 177 3226 38 364 491 492 4 3601 53 11 1654 979 382 0 430 222 806 54 1608 541 1778 0 92 77 5222 1575 592 3014 1762 69 10 41 35 1120 17 433 1196 16233 187 9292 349 15 45 153 141 28 136 291 3330 83 115 39 78 412 594 25 273 143 250 12 50 1737 645 582 98 0 0 441 507 4058 475 57 37 5 33 5 150

(100s)

12-month

High

Change 0.01 0.03 0.02 0.04 0.02 0.26 0.18 0.27 0.20 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.25 0.01 0.01 0.00 0.03 0.02 0.00 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.98 0.02 0.02 0.00 0.08 0.07 0.01 0.00 0.00 0.01 0.02 0.00 0.01 0.01 0.01 0.10 2.28 0.00 0.00 0.02 0.01 0.04 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.02 0.31 0.60 0.00 0.06 0.03 0.13 0.08 0.07 0.04 0.00 0.51 0.03 0.04 0.03 0.07 0.07 0.00 0.03 0.03 0.05 0.03 0.00 0.00 0.04 0.05 0.05 0.01 0.02 0.01 0.01 0.02 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.02 0.02 0.02 0.00 0.00 0.02 0.01 0.00 0.03 0.07 0.03 0.02 0.01 0.00 0.01

High Low

Stock

0.80 0.60 0.51 0.90 0.68 10.93 8.55 12.88 16.37 0.29 0.64 1.00 0.13 0.17 0.34 0.27 0.09 0.07 16.49 0.35 0.25 0.21 0.87 0.70 0.12 0.16 0.43 0.38 0.75 0.25 0.78 0.64 15.20 0.54 0.67 0.20 1.56 1.25 0.20 0.10 0.32 0.39 0.07 0.11 0.13 0.38 0.30 2.92 83.29 0.49 0.31 0.70 0.55 1.39 0.10 0.49 0.39 0.21 0.16 0.80 0.36 0.27 0.03 0.17 1.05 21.80 27.79 0.20 1.19 0.99 6.50 5.16 1.12 0.60 0.50 18.00 0.39 0.51 0.04 0.28 0.36 0.08 0.27 0.33 4.05 3.56 1.00 0.14 0.28 0.32 2.67 2.41 0.92 1.00 0.29 0.38 0.29 0.35 0.25 0.32 0.26 0.25 0.33 0.41 0.50 0.52 0.41 0.09 0.33 0.26 0.52 0.40 0.90 0.72 0.60 0.55 0.21 0.28

Summa Silver* Summa Silver Sun Peak Metal Sun Summit Sun Summit* Suncor Energy Suncor Energy* Superior Gold* Superior Gold Superior Mng Superior Mng* Surge Battery Surge Battery* Surge Copper Surge Copper* Sylla Gold Syrah Res*

O V V V O T N O V V O V O V O V O

Taiga Gold* Taiga Gold Tajiri Res Talisker Res Talisker Res* Talmora Diamd Talon Metals Tanqueray Expl Tantalex Res Tanzanian Gold* Tanzanian Gold Tarachi Gold* Tarachi Gold Taranis Res Taranis Res* Tarku Res Tarku Res* Tartisan Nick Tartisan Nick* Taseko Mines Taseko Mines* TDG Gold Teck Res* Teck Res Teck Res Tectonic Metal* Tectonic Metal Temas Res* Temas Res Tembo Gold Tembo Gold* Tempus Res* Tempus Res Teras Res* Teras Res Terrax Mnrls* Terrax Mnrls Terreno Res Tesoro Mnrls* Tesoro Mnrls Teuton Res Teuton Res* Texas Mineral* Themac Res* Themac Res Thesis Gold Theta Gold* Thor Explor* Thor Explor Three Valley Three Valley* Thunder Mtn Gd* Thunder Mtn Gd Thunderstruck Thunderstruck* Tier One Silv Timberline Res Timberline Res* Tinka Res* Tinka Res Tintina Mines Tisdale Res Titan Mining* Titan Mining Titanium Corp TNR Gold Tocvan Venture* Tocvan Venture TomaGold Tombill Mines Tombill Mines* Tombstone Expl* Tonogold Res* Torex Gold* Torex Gold Torq Resources* Torq Resources Tower Res* Tower Res Traction Expl Trailbreaker* Trailbreaker Trans Canada Trans Canada* Transatlantic Transforma Res Transition Met Transition Met* Treasury Metal* Treasury Metal Trecora Res* Tres-Or Res Trevali Mining* Trevali Mining Tri-River Vent Trident Gold Trifecta Gold Trifecta Gold*

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

0.33 0.16 0.13 0.27 0.00 4.49 3.60 6.60 8.30 0.18 0.21 0.26 0.05 0.06 0.09 0.06 0.04 0.03 10.40 0.09 0.08 0.06 0.21 0.16 0.00 0.06 0.07 0.06 0.24 0.05 0.19 0.14 4.95 0.28 0.35 0.07 0.56 0.41 0.06 0.04 0.12 0.16 0.02 0.04 0.04 0.04 0.02 1.81 54.92 0.10 0.12 0.26 0.21 0.01 0.04 0.17 0.13 0.04 0.01 0.07 0.04 0.05 0.01 0.07 0.37 13.68 17.29 0.06 0.08 0.07 0.48 0.39 0.39 0.29 0.03 1.01 0.12 0.15 0.01 0.12 0.16 0.01 0.16 0.20 1.68 1.32 0.01 0.04 0.12 0.07 1.15 0.89 0.24 0.20 0.04 0.06 0.02 0.10 0.06 0.13 0.11 0.02 0.08 0.21 0.28 0.22 0.19 0.02 0.12 0.09 0.08 0.05 0.26 0.38 0.31 0.19 0.00 0.06

Week

Exc Volume

Last

12-month

High

Low

Change

200 355 194 855 170 70387 29131 114 438 93 5 202 495 1909 225 2 278

0.79 1.00 0.21 0.47 0.36 32.08 25.39 0.56 0.73 0.44 0.38 0.17 0.16 0.31 0.25 0.23 0.92

0.67 0.75 + 0.85 0.96 + 0.00 0.21 0.39 0.46 + 0.30 0.35 + 30.46 31.31 + 23.79 24.62 + 0.53 0.54 0.66 0.72 + 0.00 0.30 0.38 0.38 unch 0.14 0.15 0.11 0.12 0.27 0.30 + 0.22 0.24 + 0.00 0.23 unch 0.78 0.92 +

570 5502 600 636 542 252 5060 69 4437 2339 110 62 509 120 114 103 26 1129 264 2849 7639 178 16794 7559 5 130 445 145 385 995 63 50 225 100 30 370 961 0 1 0 197 71 660 0 0 666 54 33 393 4557 483 124 0 106 50 311 397 206 133 404 529 11 19 191 263 206 250 202 211 874 268 5 350 320 1648 24 110 26 254 119 7 173 64 101 364 16 714 45 130 189 114 0 211 941 0 67 753 192

0.20 0.26 0.07 0.32 0.25 0.02 0.62 7.58 0.16 0.41 0.52 0.14 0.18 0.08 0.07 0.08 0.06 0.40 0.28 2.77 2.20 0.47 28.29 35.76 39.00 0.08 0.09 0.12 0.16 0.36 0.24 0.08 0.11 0.02 0.03 0.20 0.24 0.00 0.04 0.00 2.35 1.74 2.20 0.00 0.00 1.45 0.14 0.21 0.26 0.22 0.18 0.13 0.00 0.08 0.06 1.00 0.22 0.17 0.14 0.17 0.04 0.69 0.44 0.60 0.27 0.05 0.80 1.00 0.06 0.10 0.08 1.49 0.12 10.67 13.41 0.67 0.84 0.08 0.10 0.90 0.18 0.19 0.11 0.11 0.04 0.13 0.17 0.17 0.57 0.75 8.86 0.00 0.13 1.79 0.00 0.11 0.08 0.07

Stock

0.08 0.09 0.02 0.07 0.04 1.02 1.04 0.00 0.02 0.14 0.00 0.01 0.00 0.02 0.02 0.00 0.15

1.41 1.71 0.75 1.35 1.09 34.35 26.97 0.69 0.84 0.80 0.63 0.38 0.35 0.85 0.46 0.30 1.18

0.61 0.80 0.20 0.19 0.15 20.94 16.29 0.35 0.45 0.29 0.24 0.06 0.03 0.27 0.21 0.10 0.60

0.01 0.01 0.01 0.01 0.00 0.00 0.09 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.03 0.03 1.46 1.60 0.81 0.01 0.02 0.02 0.02 0.02 0.00 0.01 0.01 0.00 0.01 0.01 0.03 0.00 0.00 0.00 0.44 0.26 0.17 0.00 0.00 0.18 0.01 0.01 0.02 0.01 0.00 0.01 0.00 0.01 0.00 0.16 0.05 0.04 0.01 0.01 0.00 0.27 0.01 0.03 0.01 0.01 0.00 0.03 0.01 0.01 0.00 0.15 0.00 0.25 0.39 0.02 0.01 0.01 0.00 0.00 0.02 0.02 0.03 0.02 0.01 0.01 0.01 0.03 0.01 0.01 0.10 0.00 1.15 0.11 0.00 0.01 0.01 0.01

0.24 0.28 0.16 0.39 0.31 0.15 0.90 26.25 0.19 1.91 2.12 0.43 0.46 0.14 0.16 0.25 0.14 0.56 0.55 3.22 2.67 0.75 29.92 37.00 42.50 0.25 0.18 1.78 2.27 0.36 0.24 0.21 0.33 0.07 0.10 0.29 0.35 0.07 0.12 0.17 3.17 2.75 4.70 0.11 0.12 1.75 0.48 1.00 0.45 1.02 0.82 0.21 0.19 0.14 0.11 1.90 0.51 0.40 0.24 0.30 0.08 2.10 0.99 0.92 0.65 0.09 1.18 1.67 0.11 0.33 0.35 2.87 0.40 17.27 20.95 0.86 1.08 0.12 0.15 0.90 0.38 0.49 0.30 0.24 0.06 0.78 0.26 0.20 1.15 1.46 9.38 0.20 2.29 2.75

0.00 0.14 0.06 0.24 0.19 0.02 0.30 6.39 0.02 0.36 0.47 0.12 0.14 0.08 0.07 0.05 0.06 0.29 0.00 1.36 1.02 0.24 16.82 21.65 25.21 0.05 0.07 0.10 0.13 0.10 0.09 0.08 0.10 0.02 0.03 0.13 0.16 0.04 0.03 0.04 1.74 1.36 1.30 0.04 0.06 0.80 0.00 0.16 0.17 0.19 0.15 0.11 0.11 0.06 0.05 0.76 0.15 0.11 0.11 0.16 0.03 0.45 0.00 0.28 0.20 0.04 0.75 0.33 0.05 0.08 0.06 0.51 0.09 9.37 12.21 0.43 0.55 0.03 0.04 0.20 0.14 0.17 0.09 0.08 0.03 0.10 0.13 0.07 0.47 0.65 6.26 0.08 1.19 1.32

Trillium Gold* Trillium Gold Trilogy Mtls Trilogy Mtls* TriMetals Mng* Trinity Res* Trinity Valley* Trinity Valley Triple Flag TriStar Gold* TriStar Gold Triumph Gold Triumph Gold* Troilus Gold* Troilus Gold Troubadour Res TRU Precious* TRU Precious True North Gem* True North Gem Tsodilo Res Tudor Gold Tudor Gold * Turmalina Met* Turmalina Met Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tymbal Res

O V T X O O O V T O V V O O T V O V O V V V O O V N T V O V

U.S. Gold* U3O8 Corp Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop Universal Vent Ur-Energy* Ur-Energy Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty Uranium Roylty* Uravan Mnrls USCorp* Usha Res* Usha Res Val-d’Or Mg Val-d’Or Mg* Vale* Valley High Mg* ValOre Metals* ValOre Metals Valorem Res Valterra Res* Valterra Res Vanadian Enrgy* Vanadian Enrgy Vanstar Mng Rs Vanstar Mng Rs* Vantex Res Vantex Res * Velocity Mnrls* Velocity Mnrls Vendetta Mng* Vendetta Mng Venerable Vent Venture Mnrls* Verde Potash Verde Res* Vertical Expl* Vertical Expl Victoria Gold* Victoria Gold Victory Nickel Victory Nickel* Victory Res Victory Res* Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M Visible Gold M* Vision Lithium Vision Lithium* Visionary Gold Vista Gold Vista Gold* Viva Gold* Viva Gold Vizsla Copper Vizsla Silver* Vizsla Silver Volatus Cap Volcanic Gold* Volcanic Gold Voyager Metals Voyager Metals* Voyageur Min* Voyageur Min Voyageur Min

T 0.17 0.25 0.00 0.31 0.24 0.02 0.49 6.77 0.11 0.37 0.47 0.13 0.15 0.00 0.07 0.00 0.06 0.32 0.25 2.51 1.96 0.00 25.24 32.32 0.00 0.06 0.09 0.10 0.13 0.25 0.19 0.08 0.00 0.02 0.00 0.16 0.20 0.00 0.04 0.00 1.83 1.42 1.68 0.00 0.00 1.27 0.10 0.19 0.22 0.19 0.15 0.12 0.00 0.00 0.06 0.82 0.16 0.12 0.11 0.16 0.00 0.00 0.41 0.54 0.23 0.04 0.78 0.90 0.06 0.08 0.06 1.02 0.00 9.97 12.68 0.63 0.00 0.07 0.00 0.84 0.14 0.00 0.00 0.08 0.00 0.00 0.13 0.10 0.47 0.67 8.18 0.00 0.13 1.32 0.00 0.00 0.07 0.05

0.20 0.26 0.07 0.32 0.25 0.02 0.52 7.01 0.14 0.40 0.51 0.13 0.17 0.08 0.07 0.07 0.06 0.35 0.28 2.57 2.01 0.44 27.22 34.65 37.83 0.07 0.09 0.10 0.14 0.25 0.20 0.08 0.10 0.02 0.03 0.16 0.21 0.04 0.04 0.04 2.26 1.67 2.15 0.06 0.07 1.45 0.12 0.19 0.24 0.19 0.15 0.13 0.15 0.08 0.06 0.99 0.22 0.17 0.13 0.17 0.04 0.65 0.44 0.58 0.24 0.04 0.80 0.93 0.06 0.09 0.07 1.30 0.11 9.97 12.69 0.66 0.82 0.07 0.10 0.90 0.18 0.18 0.11 0.08 0.04 0.13 0.16 0.13 0.54 0.69 8.31 0.11 0.13 1.54 0.04 0.10 0.08 0.06

+ + + + unch + unch + + unch unch unch + + + + unch unch unch unch + + + unch unch + + + unch + + + + + + unch + unch + + + + + unch unch + + + + + + + unch unch -

(100s)

High Low

0.12 0.09 0.13 0.07 0.19 0.00

Week

Exc Volume

Last

12-month

High

Low

Change

22 278 49 712 107 11 9 147 116 477 784 799 89 138 587 361 97 336 25 5 10 378 90 883 673 5112 654 1573 1548 7

0.74 0.93 2.25 1.78 0.21 0.63 0.04 0.05 14.17 0.16 0.21 0.13 0.10 0.59 0.77 0.08 0.16 0.19 0.06 0.09 0.70 2.20 1.74 0.44 0.54 15.30 19.45 0.04 0.03 0.02

0.00 0.71 + 0.00 0.90 + 1.99 2.13 + 1.56 1.70 + 0.18 0.19 0.00 0.55 + 0.03 0.03 0.00 0.04 unch 12.95 13.00 0.14 0.16 0.19 0.21 0.00 0.12 unch 0.07 0.10 + 0.55 0.57 + 0.70 0.74 + 0.00 0.08 0.13 0.13 0.16 0.17 0.06 0.06 unch 0.00 0.09 + 0.00 0.60 2.02 2.07 + 1.50 1.63 + 0.38 0.40 0.48 0.49 13.60 14.60 + 17.41 18.61 + 0.04 0.04 unch 0.03 0.03 0.00 0.01 -

D 204 V 91 C 323 O 2851 O 278 V 177 T 8300 O 21 V 48 O 154 O 9 V 4092 O 599 C 604 O 4853 X 3736 N 63218 V 404 V 67 X 11867 T 1803 V 1428 X 33157 O 1409 X 3625 V 813 D 2989 V 0 O 2242 O 41 V 188 V 65 O 115 N 165531 O 6051 O 269 V 598 C 2096 O 37 V 518 O 36 V 54 V 325 O 77 V 0 O 3 O 12 V 255 O 513 V 4231 V 0 O 85 T 378 O 505 O 7 V 334 O 87 T 429 C 7883 O 222 C 976 O 402 V 110 O 55 V 21 V 173 O 5 V 6399 O 1288 V 109 T 38 X 1565 O 266 V 343 V 246 O 246 V 843 C 209 O 121 V 277 V 1160 O 94 O 1 V 490 C 38

10.39 0.36 0.08 14.90 0.63 0.80 0.39 0.18 0.24 0.06 0.08 0.11 0.70 0.64 0.18 0.65 24.04 0.07 5.71 1.55 1.94 0.56 3.83 0.02 3.03 5.60 4.45 0.00 0.04 0.29 0.37 0.17 0.14 14.06 0.01 0.39 0.50 0.05 0.03 0.04 0.06 0.08 0.41 0.34 0.00 0.14 0.29 0.35 0.05 0.06 0.00 0.04 2.38 0.05 0.10 0.14 12.52 15.87 0.02 0.01 0.11 0.11 0.69 0.55 0.42 0.08 0.06 0.24 0.19 0.13 0.91 0.73 0.08 0.10 0.28 2.41 3.08 0.09 0.40 0.48 0.27 0.22 0.33 0.10 0.50

Stock

0.07 0.10 0.07 0.10 0.00 0.04 0.01 0.00 1.08 0.01 0.01 0.00 0.01 0.04 0.04 0.01 0.01 0.02 0.00 0.01 0.03 0.08 0.11 0.03 0.04 0.76 0.86 0.00 0.00 0.01

1.55 1.96 3.70 3.06 0.21 0.63 0.11 0.14 16.46 0.25 0.31 0.23 0.19 1.22 1.35 0.30 0.41 0.52 0.19 0.25 1.46 3.65 3.00 0.98 1.13 21.89 26.45 0.06 0.06 0.05

0.45 0.59 1.97 1.53 0.06 0.00 0.03 0.04 10.50 0.14 0.19 0.10 0.07 0.53 0.68 0.06 0.02 0.12 0.06 0.08 0.26 1.94 1.50 0.36 0.46 9.75 12.15 0.02 0.01 0.01

Voyageur Min* VR Resources* VR Resources Vulcan Mnrls* Vulcan Mnrls VVC Expl VVC Expl*

O O V O V V O

0.64 0.05 0.00 0.43 0.01 0.02 0.04 0.00 0.03 0.00 0.00 0.00 0.01 0.00 0.04 0.05 0.16 0.01 0.38 0.09 0.07 0.04 0.13 0.00 0.18 0.07 0.08 0.00 0.00 0.03 0.01 0.02 0.02 0.79 0.00 0.01 0.02 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.03 0.01 0.01 0.00 0.00 0.38 0.00 0.02 0.00 0.21 0.21 0.01 0.00 0.01 0.00 0.11 0.09 0.02 0.01 0.00 0.03 0.02 0.01 0.07 0.04 0.00 0.01 0.04 0.11 0.10 0.02 0.00 0.01 0.05 0.08 0.00 0.01 0.07

17.40 0.70 0.10 30.20 2.36 2.97 0.60 0.23 0.28 0.19 0.34 0.44 1.46 1.80 0.18 2.56 30.57 0.21 9.75 2.15 2.72 1.68 5.79 0.27 11.45 7.31 5.95 0.70 0.07 0.30 0.40 0.18 0.24 23.18 0.20 0.50 0.61 0.44 0.09 0.12 0.10 0.13 1.34 1.28 0.38 0.27 0.47 0.61 0.07 0.08 0.13 0.12 2.38 1.00 0.19 0.30 18.50 22.54 0.10 0.08 0.60 0.49 0.98 0.79 0.55 0.38 0.30 0.95 0.74 0.24 1.72 1.40 0.31 0.39 0.70 2.87 3.45 0.23 0.55 0.69 0.36 0.32 0.36 0.35 0.50

8.50 0.11 0.03 1.43 0.55 0.71 0.19 0.05 0.06 0.00 0.07 0.10 0.06 0.40 0.01 0.40 15.88 0.06 3.15 0.56 0.77 0.50 1.29 0.01 2.39 1.19 0.94 0.22 0.00 0.15 0.18 0.10 0.03 11.16 0.00 0.16 0.22 0.04 0.02 0.03 0.03 0.04 0.38 0.30 0.16 0.00 0.27 0.31 0.01 0.04 0.10 0.03 0.74 0.01 0.02 0.03 8.18 10.42 0.01 0.01 0.05 0.04 0.08 0.07 0.31 0.07 0.00 0.02 0.02 0.09 0.83 0.67 0.07 0.08 0.21 0.99 1.26 0.01 0.26 0.30 0.11 0.00 0.24 0.05 0.25

Walker River Walker River* Wallbridge Mng* Wallbridge Mng Waraba Gold Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wedgemount Res Wescan Gldflds Wesdome Gold Wesdome Gold* West High Yld West Mining* West Mining West Oak Gold West Red Lake* West Red Lake West Vault Western Alaska Western Areas* Western Atlas Western Copper* Western Copper Western Gold Western Mag* Western Mag Western Potash Western Res* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold* Westhaven Gold Westkam Gold* Westkam Gold Westminster Rs Westminster Rs* Westward Gold Wheaton Prec Wheaton Prec* White Energy* White Gold* White Gold White Metal R* White Metal Rs Whitehaven Coa* Whitehorse GC Wildsky Res* Wildsky Res Winshear Gold Winshear Gold* Winston Gold Winston Gold* Winston Res Wolfden Res* Wolfden Res Wolfeye Res World Copper Worldwide Res X-Terra Res X-Terra Res* Xanadu Mines Xanadu Mines* Xander Res* Xander Res Ximen Mining* Ximen Mining Xplore Res Xtierra Inc Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res* Yorbeau Res Zacatecas Silv Zacatecas Silv* ZEB Nickel ZEN Graphene* ZEN Graphene Zena Mining Zephyr Mnls Zephyr Mnls* Zimtu Capital Zinc One Res Zinc One Res * Zincore Mtls ZincX Res ZincX Res* Zonte Metals Zonte Metals*

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

U-V 9.67 0.00 0.00 11.68 0.55 0.71 0.31 0.17 0.00 0.05 0.07 0.10 0.44 0.56 0.04 0.50 22.30 0.00 5.06 1.22 1.56 0.50 3.06 0.01 2.39 4.61 3.60 0.00 0.02 0.25 0.00 0.00 0.03 12.76 0.01 0.32 0.41 0.04 0.02 0.00 0.00 0.00 0.39 0.30 0.00 0.14 0.27 0.31 0.04 0.05 0.00 0.03 1.92 0.03 0.10 0.13 11.33 15.04 0.01 0.01 0.09 0.07 0.00 0.38 0.00 0.00 0.06 0.18 0.13 0.00 0.83 0.65 0.07 0.08 0.23 2.03 2.60 0.07 0.33 0.40 0.16 0.00 0.33 0.09 0.00

9.74 0.36 0.06 12.68 0.59 0.75 0.36 0.18 0.21 0.06 0.08 0.10 0.48 0.60 0.08 0.59 22.73 0.07 5.20 1.39 1.76 0.51 3.47 0.02 2.72 5.08 3.99 0.26 0.03 0.28 0.33 0.13 0.10 13.52 0.01 0.37 0.49 0.05 0.02 0.04 0.06 0.08 0.40 0.31 0.22 0.14 0.29 0.31 0.05 0.05 0.12 0.03 2.38 0.04 0.10 0.14 12.12 15.45 0.01 0.01 0.10 0.08 0.59 0.47 0.40 0.08 0.06 0.23 0.18 0.13 0.85 0.67 0.07 0.10 0.23 2.16 2.75 0.08 0.36 0.46 0.21 0.20 0.33 0.09 0.50

+ unch + + unch + unch + + + + + + + + + + unch + + + + + + + + + + unch unch + + + unch + + + unch + + + + + unch + + + + + + + + unch +

(100s)

High Low

Exc Volume

Week High

Low

33 270 334 92 3030 237 313

0.08 0.24 0.31 0.26 0.34 0.16 0.13

0.07 0.20 0.25 0.22 0.27 0.00 0.11

560 104 847 2421 5 88 102 104 2554 1748 35 243 1958 449 1281 107 891 0 79 1887 66 55 38 106 751 1056 28 1007 401 70 15 1 678 316 3 152 611 6 0 286 1 581 4428 9583 126 504 888 105 357 195 272 2 12 5 5 956 1350 694 345 881 388 413 0 67 500 4653 5 254 911 136 540 110 29 169 219 19001 91516 0 10 340 736 382 1 182 1061 25 168 13 1 10 2 0 545 120 75 51

0.05 0.04 0.32 0.40 0.19 0.06 0.07 0.04 0.47 0.57 0.18 0.06 11.44 9.00 1.04 0.08 0.10 0.00 0.06 0.07 1.06 1.24 2.29 0.07 1.44 1.80 0.18 0.48 0.61 0.20 0.15 0.14 1.99 1.55 1.36 0.30 0.40 0.10 0.00 0.21 0.17 0.12 52.59 41.55 0.10 0.56 0.70 0.07 0.09 1.84 0.62 0.11 0.17 0.11 0.10 0.06 0.04 0.28 0.16 0.20 0.44 0.71 0.00 0.04 0.03 0.03 0.00 0.14 0.17 0.17 0.22 0.06 0.04 1.06 0.82 5.15 4.08 1.67 0.03 0.04 1.26 0.98 0.20 5.24 6.43 0.14 0.14 0.12 0.25 0.60 0.44 0.00 0.13 0.11 0.22 0.16

12-month

Last

Change

High Low

0.07 0.22 + 0.29 unch 0.26 + 0.33 + 0.15 0.11 -

0.01 0.00 0.00 0.04 0.04 0.02 0.01

0.25 0.55 0.68 0.80 0.37 0.30 0.50

0.03 0.19 0.24 0.04 0.05 0.09 0.07

0.04 0.04 0.04 0.04 + 0.30 0.30 + 0.38 0.39 unch 0.19 0.19 unch 0.05 0.05 0.00 0.07 0.00 0.04 unch 0.33 0.40 + 0.43 0.50 + 0.00 0.18 + 0.00 0.06 10.72 10.94 8.44 8.58 0.57 0.90 + 0.06 0.07 0.08 0.09 0.00 0.15 unch 0.04 0.05 + 0.06 0.06 unch 0.00 1.04 + 1.07 1.14 2.03 2.29 + 0.00 0.07 unch 1.27 1.38 + 1.63 1.75 + 0.00 0.16 0.41 0.42 0.53 0.56 0.18 0.19 + 0.00 0.15 0.00 0.14 1.72 1.74 1.35 1.39 0.00 1.33 0.29 0.29 0.37 0.37 0.10 0.10 unch 0.00 0.14 unch 0.00 0.19 0.17 0.17 unch 0.10 0.11 unch 50.48 51.73 + 39.43 40.66 + 0.00 0.10 0.50 0.53 + 0.63 0.69 + 0.06 0.07 unch 0.00 0.09 + 1.70 1.76 + 0.52 0.52 0.00 0.11 0.00 0.14 0.00 0.11 + 0.10 0.10 unch 0.05 0.05 unch 0.04 0.04 + 0.23 0.25 + 0.15 0.16 0.19 0.19 unch 0.38 0.40 0.53 0.70 + 0.00 0.04 unch 0.00 0.04 + 0.03 0.03 unch 0.00 0.03 + 0.00 0.00 unch 0.07 0.07 0.00 0.10 0.16 0.17 + 0.20 0.20 0.00 0.05 0.00 0.04 0.84 1.06 + 0.65 0.81 + 4.91 4.97 3.85 3.92 unch 0.00 1.67 unch 0.03 0.03 unch 0.00 0.04 1.00 1.24 + 0.78 0.96 + 0.00 0.20 4.41 4.68 + 5.68 5.93 0.00 0.14 + 0.00 0.14 unch 0.11 0.12 + 0.00 0.25 0.00 0.58 + 0.00 0.44 + 0.00 0.05 unch 0.12 0.13 0.09 0.09 0.00 0.19 0.15 0.15 -

0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.02 0.02 0.01 0.01 0.42 0.26 0.19 0.02 0.02 0.00 0.01 0.00 0.01 0.11 0.09 0.00 0.11 0.08 0.02 0.02 0.01 0.01 0.01 0.01 0.06 0.05 0.03 0.01 0.04 0.00 0.00 0.01 0.00 0.00 0.54 0.81 0.01 0.01 0.03 0.00 0.02 0.03 0.08 0.01 0.02 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.06 0.10 0.00 0.01 0.00 0.01 0.00 0.00 0.03 0.00 0.02 0.01 0.01 0.02 0.06 0.07 0.00 0.00 0.00 0.01 0.16 0.13 0.05 0.08 0.02 0.01 0.00 0.00 0.01 0.06 0.00 0.00 0.01 0.01 0.02 0.02

0.14 0.11 0.70 0.86 0.34 0.10 0.12 0.07 0.56 0.70 0.79 0.15 13.52 11.00 1.22 1.16 1.70 0.19 0.11 0.15 1.60 1.46 2.50 0.13 2.83 3.35 0.69 0.76 0.96 0.37 0.19 0.17 4.18 3.28 2.05 0.72 0.92 0.18 0.25 0.39 0.32 0.33 59.85 49.10 0.11 0.68 0.85 0.12 0.17 2.64 4.80 0.29 0.36 0.13 0.10 0.18 0.18 2.34 0.40 0.36 1.54 0.78 0.09 0.16 0.13 0.11 0.05 0.19 0.25 0.35 0.43 0.14 0.21 1.53 1.22 7.85 6.16 2.05 0.06 0.07 1.89 1.05 0.75 5.95 7.50 0.25 0.24 0.19 0.30 5.00 1.27

0.04 0.01 0.29 0.37 0.19 0.01 0.06 0.03 0.06 0.09 0.17 0.06 7.78 6.05 0.13 0.06 0.08 0.11 0.04 0.05 0.90 0.70 1.51 0.05 1.12 1.45 0.14 0.08 0.10 0.15 0.07 0.14 0.75 0.60 1.15 0.29 0.37 0.10 0.11 0.16 0.16 0.09 44.09 34.85 0.08 0.37 0.45 0.05 0.06 0.90 0.52 0.11 0.14 0.08 0.06 0.04 0.03 0.22 0.04 0.15 0.36 0.29 0.04 0.04 0.03 0.03 0.00 0.07 0.09 0.14 0.18 0.05 0.04 0.84 0.65 4.82 3.76 0.83 0.01 0.04 0.52 0.45 0.16 1.15 1.48 0.10 0.12 0.10 0.14 0.51 0.01

0.23 0.19 0.27 0.21

0.12 0.09 0.17 0.13

W-Z

BID-ASK — DECEMBER 6–10, 2021 12-MONTH STOCK

Aftermath Silv Alacer Gold Amilot Capital Arctic Fox Ven Arcturus Vent Ashanti Sanko Atlanta Gold AUQ Gold Aurelius Min Aurex Energy Aust Goldfield Avarone Metals Aya Gold Banro Corp* Bird River Res Boss Power Brunswick Res Bullion Gold C2C Gold Cache Explor Cadillac Vent Cerro de Pasc Cliffs Nat Res* Crystal Peak Electra Stone Encanto Potash Equitorial Ex Everton Res Evolution Glob Evolving Gold Excalibur Res Exploits Disc Finore Mng GAR Limited General Moly* Genius Metals

EXC

BID

ASK

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

0.24 9.41 ... 0.16 0.02 0.03 0.03 0.33 0.13 0.04 ... ... 1.94 0.11 0.13 0.17 ... 0.06 ... 0.16 0.05 ... 1.45 0.01 0.01 0.06 0.08 0.10 0.50 0.30 0.09 ... 0.12 ... ... ...

0.25 9.52 ... 0.28 0.03 0.03 0.04 0.40 0.14 0.06 ... ... 2.19 0.11 0.14 0.20 0.05 0.15 ... 0.17 0.06 ... 3.20 0.02 0.02 0.07 0.08 0.10 4.00 0.59 0.10 ... 0.12 ... ... ...

12-MONTH

LAST

HIGH

LOW

STOCK

0.25 9.47 0.04 0.14 0.03 0.03 0.03 0.40 0.14 0.05 0.47 0.04 2.01 0.11 0.14 0.17 0.03 0.10 0.11 0.16 0.05 0.29 1.43 0.01 0.01 0.06 0.08 0.03 2.00 0.35 0.10 0.59 0.11 0.15 0.11 0.22

0.33 10.82 0.08 0.16 0.13 0.06 0.04

0.05 3.50 0.04 0.14 0.01 0.02 0.03

0.15

0.03

0.47 0.15 2.50 2.10 0.26

0.42 0.03 0.82 0.10 0.08

Gespeg Res Gldn Predator Global Cop Grp Goldbelt Emp Goldblock Cap Golden Cariboo Golden Spike GoldHaven Res Goldshore Res Green Arrow Handa Mining Highvista Gold Indico Res Inspiration Mg Intl Battery Intl Cobalt Iron South Mng Ivor Explor K9 Gold Karam Min Karora Res Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lithium South MAG Silver* Mansa Explor Meryllion Res Metalo Manuf Mich Resources Minecorp Egy Montana Gold Napier Vent Navis Res Corp

0.28 0.15 0.33 0.17 0.34 7.17 0.10

0.01 0.03 0.12 0.05 0.12 0.98 0.01

0.12 0.28

0.05 0.07

2.00 1.45 0.11 0.62

2.00 0.28 0.01 0.13

4.13 100.00 0.28

0.13 0.10 0.16

EXC

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

BID

0.06 0.15 0.07 0.02 ... 0.10 0.28 ... ... 0.02 0.04 ... ... ... ... 0.20 0.24 0.24 0.17 0.41 0.47 0.05 0.05 0.03 ... ... 0.31 12.52 0.25 ... 0.32 0.37 ... 0.09 0.06 ...

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

0.06 0.17 0.08 0.02 ... 0.12 0.30 ... 375.00 0.03 0.05 ... 0.01 ... ... 0.25 0.27 0.37 0.24 0.65 0.48 0.06 0.20 0.04 ... ... 0.34 13.30 0.25 ... 0.61 0.50 ... 0.10 ... ...

0.06 0.16 0.08 0.02 0.32 0.10 0.30 0.42 0.11 0.02 0.04 0.17 0.01 0.03 0.31 0.26 0.24 0.34 0.24 0.51 0.48 0.05 0.10 0.03 1.09 0.24 0.31 12.52 0.19 0.08 0.55 0.37 0.12 0.10 0.07 0.30

0.10 0.36 0.11 0.05 0.32 0.15 0.49 0.45 1.20 0.04 0.06

0.06 0.12 0.04 0.02 0.20 0.02 0.29 0.06 0.48 0.02 0.02

1.08 0.28 0.40 0.28 0.65 0.73 0.13 0.10 0.16

0.06 0.04 0.30 0.16 0.10 0.20 0.04 0.05 0.02

0.27 0.66 14.40 0.22 0.17 0.69 0.48 0.20 0.10

0.13 0.24 6.12 0.08 0.05 0.11 0.22 0.07 0.02

New Klondike Nexco Res NSJ Gold O2Gold Pasinex Res Patriot Batt Patriot Gold Phenom Res PPX Mining Primary Energy Prospero Silvr Quaterra Res Quinto Res Rare Element* Razore Rock Res Reliant Gold Rockland Mnls Silverstock Southern Arc Southstone Min Standard Lith Supernova Met Tiger Intl Trench Metals TriMetals Mng Vale* ValOre Metals Vanadiumcorp Vatic Vent Whitemud Res Winshear Gold Xiana Mng Zara Res Zinco Mng

EXC

BID

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

0.01 ... 0.08 0.23 0.03 0.09 0.08 0.68 0.04 ... 0.55 0.15 0.05 0.11 0.11 ... 0.07 0.19 0.32 0.01 6.65 0.05 ... 0.55 0.11 ... 0.06 0.10 0.05 0.01 0.12 0.07 ... 0.05

ASK

0.01 ... 0.12 0.27 0.04 0.10 0.10 0.71 0.05 ... 1.18 0.17 0.07 0.16 0.16 0.10 0.08 0.25 0.90 0.01 6.95 0.06 0.17 0.55 0.12 ... 0.07 0.10 ... 0.02 0.14 0.08 ... 0.07

LAST

0.01 0.30 0.12 0.23 0.04 0.10 0.09 0.69 0.04 0.17 0.56 0.16 0.08 0.15 0.11 0.02 0.08 0.19 0.89 0.01 6.95 0.06 0.15 0.55 0.12 10.24 0.07 0.09 0.10 0.02 0.14 0.08 0.07 0.05

HIGH

LOW

0.40 0.37 0.37 0.09 0.18 0.50 0.76 0.06 0.82 1.35 0.30

0.17 0.09 0.06 0.02 0.08 0.07 0.24 0.04 0.16 0.51 0.06

0.89 0.25

0.06 0.06

0.11 0.29 0.93 0.04 6.95 0.15 0.30 0.22 0.12 11.10 0.13 0.13

0.01 0.18 0.24 0.01 1.02 0.05 0.07 0.04 0.03 6.57 0.07 0.08

0.03 0.15 0.12 0.22

0.01 0.05 0.06 0.07

WWW.NORTHERNMINER.COM

DECEMBER 20, 2021–JANUARY 9, 2022 / THE NORTHERN MINER

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