The Northern Miner December 23 2019 Issue 26 by The Northern Miner Group

AUSTRALIA: NEWMONT GOLDCORP SELLS ITS STAKE IN THE SUPER PIT / 2 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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Looking forward at the big stories of the year to come / 9–16

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Equinox Gold to buy smaller rival Leagold for $770M AMERICAS

| Creating ‘the kind of gold company investors want today,’ Ross Beaty says Pit operations at Teranga Gold’s Sabodala gold mine in Senegal. TERANGA GOLD

Teranga buys Barrick’s Massawa in Senegal GOLD

| Feasibility study of integrated operation to come in 2021

BY TRISH SAYWELL tsaywell@northernminer.com

arrick Gold (TSX: ABX; NYSE: GOLD) is selling its 90% stake in the Massawa gold project in Senegal to Teranga Gold (TSX: TGZ; US-OTC: TGCDF) for US$300 million in cash, US$80-million worth of shares and contingent payments linked to the gold price of up to US$50 million. The Massawa project is within 25 km of Teranga Gold’s Sabadola mine, the largest producing gold mine in Senegal, 650 km east of Dakar. “You would always prefer to pay less than more for anything, but Massawa is the highest-grade open-pit development project in Africa, and it’s adjacent to our infrastructure, so it makes tremendous economic sense for us,” Richard Young, Teranga Gold’s president and CEO,northern-miner_wide.pdf says in an interview,1

“MASSAWA IS THE HIGHEST-GRADE, OPEN-PIT DEVELOPMENT PROJECT IN AFRICA, AND IT’S ADJACENT TO OUR INFRASTRUCTURE, SO IT MAKES TREMENDOUS ECONOMIC SENSE.” RICHARD YOUNG PRESIDENT AND CEO, TERANGA GOLD

adding “it won’t take much to bring Massawa into production.” Teranga will start processing free-milling ore from Massawa’s Sofia deposit at its existing carbonin-leach (CIL) plant in the second half of 2020 at a cost of US$5 million to US$10 million. Massawa’s high-grade reserves (2.6 million oz. from 20.9 million tonnes grading 3.94 grams gold per tonne) will be mined and processed on a priority basis, and more than half of the ore processed through the Sabodala plant could come from the Massawa deposits by 2021, the 2019-10-07 2:33 PM

company says. Sabodala, which Teranga acquired in 2010, started commercial production in 2009, and has produced over 2 million ounces. The mine — made up of 10 open-pit deposits — has a remaining 13-year mine life based on reserves of 2.4 million oz. gold from 55.7 million tonnes grading 1.35 grams gold. The combined Massawa–Sabodala operation, along with production from its newest gold mine, Wahgnion, 600 km away in Burkina Faso, will reposition Teranga as the next low-cost mid-tier gold

producer in West Africa, the company says. “It makes us a mature gold producer with very competitive costs vis-à-vis our peers,” Young says. Teranga’s all-in sustaining cost (AISC) guidance for Sabodala this year is between US$825 and US$900 per oz., and Young says the company is targeting first-quarter AISCs for the combined operation below US$800 per ounce. The company plans to complete a prefeasibility study on the integrated Sabodala–Massawa complex within six months of the transaction closing, and a definitive feasibility study in 2021. Massawa was discovered by Randgold Resources, which merged with Barrick in January. About 80% of the ore from Massawa is expected to be processed through Sabodala’s CIL plant, but the other 20%, which is refractory, would be processed through a BIOX circuit.

BY CECILIA JAMASMIE

Special to The Northern Miner

quinox Gold (TSX: EQX) has become the latest Canadian gold miner to acquire a smaller rival and consolidate portfolios after announcing the acquisition of Leagold Mining (TSX: LMC) for $769.3 million (US$578 million). The offer, which implies a nopremium consideration of $2.70 per share, will add Leagold’s four mines in Mexico and Brazil to Equinox’s portfolio, consisting of two mines in California, U.S., and one in Brazil. As part of the transaction, Leagold shareholders will get 0.331 of See EQUINOX / 3 PM40069240

See SENEGAL / 2

CMY

CLEVELAND-CLIFFS: TO BUY AK STEEL FOR US$1.1B IN SHARES / 3

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DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

Teranga buys Barrick’s Massawa SENEGAL From 1

The Kalgoorlie Super Pit gold mine, adjacent to the city of Kalgoorlie–Boulder, 600 km east of Perth, Western Australia. KCGM

Northern Star to pay US$800M for Newmont Goldcorp’s Super Pit stake GOLD

| World-class mine will have full Australian ownership for the first time BY JACKSON CHEN Special to The Northern Miner

orthern Star Resources (ASX: NST) announced on Dec. 16 that it has agreed to buy Newmont Goldcorp’s (TSX: NGT; NYSE: NEM) 50% stake in Western Australia’s Kalgoorlie Super Pit mine and its associated assets for US$800 million ($1 billion). Once completed, the iconic mine would have full Australian ownership for the first time in its operating life. Earlier this year, Northern Star was the rumoured frontrunner for Barrick Gold’s (TSX: ABX; NYSE: GOLD) 50% stake in the Super Pit mine, which was snatched up by fellow Australian miner Saracen Mineral Holdings (ASX: SAR) in November for US$750 million ($987 million). This time, Northern Star secured the rest of the highly coveted gold asset with its all-cash offer. To fund the purchase, Northern Star has arranged a fully underwritten private placement of shares at a 6.7% discount to the closing price to raise A$765 million ($690 million). This acquisition would create “substantial value” and provide enormous “short-, medium- and long-term opportunities” for Northern Star, executive chairman Bill Beament said in a media release. Total resources across the company’s operations would increase to 28.3 million oz., including 9.8 million oz. in reserves. The Super Pit is one of the most significant gold systems in the world, with an estimated 80 million oz. endowment and a worldclass gold content of 45,000 to 60,000 oz. per vertical metre. The mine has an estimated reserve of 7.3 million oz. and has produced on average 660,000 oz. per year at an all-in sustaining cost

THE MINE HAS AN ESTIMATED RESERVE OF 7.3 MILLION OZ. AND HAS PRODUCED ON AVERAGE 660,000 OZ. PER YEAR IN THE PAST FIVE YEARS. of around A$1,100 ($992) per oz. over the last five years. “Under the assumption that the Newmont stake in KCGM was not immediately for sale we had valued its position at US$527 million with a 5% discount rate,” Jackie Przybylowski of BMO Capital Markets said in a research note to clients. “The selling price is a significant premium to our fundamental valuation.” The analyst also noted that the sale brings the total value of Newmont Goldcorp’s asset sales in December to US$1.4 billion ($1.8 billion), which she says “will be well supportive of the company’s US$1-billion share buyback plan and its ongoing growth projects.” The transaction is expected to close in early January 2020. The Super Pit deal would not be the only move by Northern Star in recent years. Last November the company gained control over Echo Resources (ASX: EAR) and its Yandal gold project in Western Australia through a A$242.6million ($218.8-million) takeover deal. Towards the end of last year, Northern Star also spent US$260 million ($342 million) to acquire the 4.1 million oz. Pogo underground gold mine in Alaska. This article first appeared on The Northern Miner’s sister publication, MINING.com.

An earlier feasibility study on Massawa estimated that building a BIOX circuit would cost US$80 million. Young says Teranga plans to start a US$5-million to US$10-million drill program annually over the next two years to help determine the size and timing of bringing the BIOX circuit onstream, while it completes trade-off studies for the definitive feasibility study. “There’s quite a bit of potential in both oxide and refractory deposits,” Young says. “When Randgold discovered the main deposits were refractory, they immediately pivoted to look for free-milling ore, which is the Sofia pit,” Young says. “They never went back and extended any of the refractory opportunities. The pits were drilled at US$1,000 per oz. gold so there are opportunities at depth and along strike and on the regional land package. We’re very encouraged, as Barrick was, and working with the Barrick exploration team we have an exploration program laid out that we will execute over the next two years.” Under terms of the sale, Barrick and its joint-venture partner at Massawa, Compagnie Senegalaise de Transports Transatlantiques Afrique de l’Ouest, will receive 19.2 million shares and 1.6 million shares of Teranga. The government of Senegal will keep its 10% interest in the project. Each share is valued at $5.10 apiece. Of Teranga’s US$300-million cash payment, US$225 million will be funded under an acquisition facility agreement by Teranga’s lender Taurus Funds Management, which is contributing US$200 million, with the other US$25 million provided by Barrick as part of the lending syndicate under the facility. Young says he expects Teranga can repay its debt by the end of 2022. The contingent payment includes US$50 million if the gold price averages more than US$1,600 per oz. over three years and US$25 million if the gold price averages between US$1,450 and US$1,500 per ounce. If gold is below US$1,450 per oz., no contingent payment is required. Analysts had different opinions on the price. “We value Barrick’s 83.3% stake

Conveyors at Teranga Gold’s Sabodala gold mine in Senegal.

at US$388 million [5% net asset value (NAV)], which would imply a US$420-million value for the 90% stake sold, in line with the US$403million purchase price,” Jackie Przybylowski of BMO Capital Markets commented in a research note. Kerry Smith of Haywood Securities saidthe sale price was below his NAV. “We valued the joint venture’s 90% interest in Massawa at US$465 million at a long-term gold price of US$1,425 per oz., and the US$380million selling price represents a discount to our NAV,” he wrote in a note to clients. Once the transaction closes, Barrick will be Teranga’s second-largest shareholder with 11.45% of the company and can nominate one member to the company’s board of directors. Teranga’s largest shareholder, Tablo Corp., controlled by Teranga director David Mimran, invested a further US$45 million to keep its 21.2% stake. “His family has been active in West Africa for more than 60 years,” Young says of Mimran. “They have been the largest private employer in two of the three countries we operate in [Senegal and Côte d’Ivoire], so it’s good to have someone considered

TERANGA GOLD

to be a local on your board.” In addition to its operating mines — Sabodala in Senegal and Wahgnion in Burkina Faso — Teranga is advancing its Golden Hill project in Burkina Faso (6.4 million indicated tonnes averaging 2.02 grams gold for 415,000 oz. gold and 11.95 million inferred tonnes grading 1.68 grams gold for 644,000 oz. gold). The company also has two projects in Côte d’Ivoire. It entered Côte d’Ivoire in 2016 through a joint-venture agreement with Tablo Corporation. In December 2017, it added a second joint-venture project with Sodim, a private investment company. Next year, Teranga expects to spend between US$5 million and US$10 million on exploration at Sabodala and Massawa; US$10 million at Golden Hill; US$1 million to US$2 million at Wahgnion; and between US$5 million and US$10 million on its projects in Côte d’Ivoire. News of the Massawa purchase sent shares of Teranga up 56¢, or 10%, to $6.19. Over the last year, the company has traded in a range of $2.98 to $6.24 per share. Teranga has 108 million common shares outstanding for a $666-million market capitalization. TNM

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A map of Teranga Gold’s operations in Senegal. TERANAGA GOLD

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2019-12-17 6:23 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 23, 2019–JANUARY 5, 2020

AK Steel’s Research and Innovation Center in Middletown, Ohio. AK STEELE

Cleveland-Cliffs to acquire AK Steel in US$1.1B all-share deal M&A BY TRISH SAYWELL tsaywell@northernminer.com

.S. iron ore producer Cleveland-Cliffs (NYSE: CLF) is acquiring AK Steel (NYSE: AKS) in an all-share transaction valued at US$1.1 billion. Cliffs, North America’s largest producer of iron ore pellets, is offering shareholders of mid-tier steelmaker AK Steel 0.40 shares of Cliffs’ common stock for each common share they own of AK Steel. Once the transaction is complete, Cliffs shareholders would own 68% of the combined company and AK Steel shareholders 32%. The deal implies a consideration of US$3.36 per share of AK Steel common stock and represents a 16% premium based on the closing shares of both companies on Dec. 2, and a 27% premium based on the 30-day volume-weighted average price of AK Steel. “The combination of AKS and Cliffs results in a vertically inte-

| Move promises vertical integration, more predictable cash flow

NEWS OF THE DEAL SENT CLIFFS SHARES DOWN 10.7% ON THE DAY, WHILE AK STEEL’S SHARES ROSE 4.2%. grated steel producer with a strong position in iron ore markets as well as advanced strength and electrical steels,” Carol Cowan and Brian Oak, analysts at Moody’s Investors Services, commented in a note to clients. The analysts added that the merger “will provide AKS with a more competitive cost position in its steelmaking process and result in a more diversified producer across the iron ore and steel markets.” Lourenco Goncalves, Cliffs’ chairman and CEO, stated that the combined entity will be “well-positioned to serve both the blast furnace and electric arc furnace segments.” He also noted the transaction allows Cliffs to “realize immediate growth and a long-desired objective of a more diversified customer base, as

well as more predictable cash flow generation due to the contracted nature of AK Steel’s sales of highend automotive steel.” Moody’s analysts note that 63% of AK Steel’s business is contract business with the automotive industry, so the company “is not exposed to price movements in the spot market, and the contract position limits the degree of earning movement, particularly on the downside.” The credit rating agency also noted that AK Steel’s “continued focus on high margin value-added products, through its Precision Partners and AK Tube segments … strengthen its position in the downstream business and improves its ability to realize better metal margins.” The two companies expect the

business combination will generate US$120 million in annual cost synergies within the first year, primarily from consolidating corporate functions, reducing duplicate overhead costs, procurement and energy savings, and operational and supply chain efficiencies. Over the last year, the pro forma company has generated net revenue of US$8.2 billion, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of US$1.3 billion, and unlevered free cash flow of US$923 million, Cliffs says. The deal is expected to close in the first half of 2020. Cliffs obtained a US$2-billion financing commitment from Credit Suisse in connection with a new assetbacked loan and the refinancing of AK Steel’s 2023 senior secured notes. News of the acquisition sent Cliffs’ shares down 10.7% on the day, while AK Steel’s shares rose 4.2%. “For AK Steel, this clearly solves the long-standing lack of iron ore

vertical integration,” David Gagliano of BMO Capital Markets wrote in a note to clients. “It will also likely open up interesting asset optimization opportunities (that is, merchant pig iron), and it is a generous price for AKS shareholders, in our view.” GlobalData Plc, a London-based data analytics and consulting firm, calculated that the deal “was executed at a price point more than 10 times the adjusted earnings before EBITDA of AKS, which also had close to US$2 billion in debt at the end of the third quarter of 2019.” “Post-merger, the total debt of the combined entity will amount to approximately US$4 billion, which may increase risks multifold in case recession creeps in, affecting the demand for steel,” GlobalData continued. “At the outset, downside risks outweigh potential gains of the deal. Though it will be premature to predict future stock performance, business performance of the combined entity will remain the key for winning shareholders’ confidence.” TNM

Equinox Gold to buy Leagold for $770M EQUINOX From 1

an Equinox share for each share they own and will hold 45% of the combined entity, led by mining veteran Ross Beaty, who is chairman of Equinox and Pan American Silver (TSX: PAAS). The transaction includes a concurrent US$670-million financing with Beaty and Mubadala Investment Co., the government of Abu Dhabi’s sovereign wealth fund, as cornerstone shareholders. “This merger will create one of the world’s largest gold companies operating entirely in the Americas,” Beaty said on a conference call. “Our large scale will provide improved liquidity, greater asset and country diversification, and a lower risk profile for all shareholders. This is the kind of gold company investors want today.” Equinox moved from developer to producer status in July, when it kicked off commercial production at its second gold mine, Aurizona, in northeastern Brazil. The Vancouver-based company is also advancing construction at the previously mined Castle Mountain, located 320 km north of its Mesquite operation, with the target of pouring first gold in the second half of 2020. Last year, the firm spun out its copper assets into a new company, Solaris Copper, and sold its 83% stake in the Koricancha gold mill in Peru to Inca One, as part of its plan to become a mid-tier gold

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producer. The Equinox–Leagold business combination, expected to close in the first quarter of 2020, is just one of the many mergers and acquisitions that have swept the gold sector this year, with pending and completed deals worth US$35 billion so far. The announcement comes on the

same day that Endeavour Mining (TSX: EDV) and Egypt-focused miner Centamin (TSX: CEE; LON: CEY) agreed to assess the merits of a merger that would create a strong mid-tier gold company with an almost US$4-billion market capitalization, and annual output of more than 1.2 million ounces. TNM

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DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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Glencore in the crosshairs EDITORIAL

| Commodities giant faces investigation over suspicions of fraud, corrupt practices

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com ACTING EDITOR-IN-CHIEF & SENIOR REPORTER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com COPY EDITOR & MAP EDITOR: Isa Cunanan, HBSC (PROFESSIONAL WRITING, SCIENCE COMM)

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lencore CEO Ivan Glasenberg said in 2018 that he expected to retire within three or four years. But during an investor day in London on Dec. 3, the South African billionaire said that day could come within the next 12 months. “I have always said I don’t want to be an old guy running this company,” Glasenberg, who BY TRISH SAYWELL tsaywell@northernminer.com turns 63 on Jan. 7, told analysts and investors. “I hope we can get the new management in place as early as possible in the new year. “There is a good crop of people who should take over and as soon as those guys are ready ... I’ll be ready to step aside. So it could happen soon, no exact time, but as soon as I believe they are ready, I will move aside.” His comments came just two days before the Serious Fraud Office (SFO) in the U.K. announced it was launching an investigation over “suspicions of bribery” at the commodities giant, where Glasenberg has been CEO since January 2002. The SFO said it was examining the “conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons,” but did not give details. Glencore says it will cooperate with the probe. The British government isn’t the only one that has the world’s most powerful commodities trader in its crosshairs. In April, Glencore confirmed that the U.S. Commodities Futures Trading Commission is looking into the company and its subsidiaries to determine whether they had engaged in “corrupt practices in connection with commodities.” Last year, the U.S. Department of Justice subpoenaed Glencore over possible violations of the Foreign Corrupt Practices Act in relation to its operations in the Democratic Republic of the Congo (DRC), Nigeria and Venezuela, and Canadian regulators fined Glencore’s subsidiary, Katanga Mining, $30 million. The Ontario Securities Commission said the company issued misleading statements and did not properly disclose its dealings with Dan Gertler, an Israeli businessmen, with close connections to Joseph Kabila, the DRC’s president from January 2001 until January 2019. (The U.S. put Gertler on a sanctions list in 2017.) The probes have cast a shadow over the company, while lower prices for many of its commodities — along with impairments and a more punitive mining code in the DRC — have pinched its bottom line. In the first six months of the year, Glencore reported adjusted earnings before interest, tax, depreciation and amortization of US$5.6 billion — 32% lower than in the year-earlier period. Net income fell 92% year-on-year to US$226 million. Net debt stood at US$16.3 billion at the end of the first half, at the upper end of its guidance range. Shareholders — including Glasenberg, who owns 8.6% of the company — have seen the value of their shares fall 21% over the last 12 months. In mid-December, Forbes estimated Glasenberg is worth US$4.3 billion — down from a net worth of US$7.3 billion in 2012, shortly after an initial public offering in 2011 valued the company at US$60 billion and made Glasenberg and his partners profoundly rich. News of the U.K. fraud agency’s investigation has cranked up the pressure for change at the Switzerland-based company, and if Glasenberg does step down in 2020 as he has telegraphed, he will be one of several executives to leave in recent years. Among the departures: Alex Beard, who retired as head of its oil division in June; and Telis Mistakidis, head of Glencore’s copper division, and Stuart Cutler, head of ferroalloys trading, who both retired at the end of 2018. “[There are] not many of us old guys left,” Glasenberg said during the investor day. “The old guys will be leaving. How soon? We’re reviewing it right now. I would imagine it would occur next year.” Glasenberg, an accountant, joined Glencore in April 1984 and is the company’s third CEO. The company’s founder, Marc Rich, was indicted for tax evasion, among other crimes, and fled the U.S. in 1983. Former U.S. president Bill Clinton pardoned him in 2001. TNM

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

Professional Directory. . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . 18-23

COMPANY INDEX AK Steel. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Alamos Gold. . . . . . . . . . . . . . . . . . . . . . . . 6 AngloGold Ashanti. . . . . . . . . . . . . . . . . . 14 Barrick Gold . . . . . . . . . . . . . . 1,2,5,6,11,14 Bell Copper. . . . . . . . . . . . . . . . . . . . . . . . 14 Centamin. . . . . . . . . . . . . . . . . . . . . . . . . 3,5 Cleveland-Cliffs. . . . . . . . . . . . . . . . . . . . . . 3 Continental Gold . . . . . . . . . . . . . . . . . . . . 5 Cordoba Minerals. . . . . . . . . . . . . . . . . . . 11 Detour Gold. . . . . . . . . . . . . . . . . . . . . . . . . 5 Echo Resources. . . . . . . . . . . . . . . . . . . . . . 2 Endeavour Mining . . . . . . . . . . . . . . . . . 3,5 Equinox Gold . . . . . . . . . . . . . . . . . . . . . . . 3 Erdene Resource Development. . . . . . . . 14 First Majestic Silver. . . . . . . . . . . . . . . . . . 14 First Quantum Minerals. . . . . . . . . . . . . . 15 Goldplay Exploration. . . . . . . . . . . . . . . . 14

Iamgold . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Inca One. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Kinross Gold. . . . . . . . . . . . . . . . . . . . . . . 16 Kirkland Lake Gold . . . . . . . . . . . . . . . . . . 6 Leagold Mining. . . . . . . . . . . . . . . . . . . . . . 3 Newmont Goldcorp . . . . . . . . . . . . . . . 2,11 Norilsk Nickel. . . . . . . . . . . . . . . . . . . . . . . 7 Northern Star Resources . . . . . . . . . . . . . . 2 Pan American Silver. . . . . . . . . . . . . . . . . . 3 Saracen Mineral Holdings. . . . . . . . . . . . . 2 Solaris Copper. . . . . . . . . . . . . . . . . . . . . . . 3 Teranga Gold. . . . . . . . . . . . . . . . . . . . . 1,11 Thor Explorations. . . . . . . . . . . . . . . . . . . 14 Triple Flag Precious Metals. . . . . . . . . . . . 6 Vanstar Mining Resources. . . . . . . . . . . . 14 Victoria Gold. . . . . . . . . . . . . . . . . . . . . . . 14 Wesdome Gold Mines . . . . . . . . . . . . . . . 16

Electric car sales are tanking, but metal use spikes METALS COMMENTARY

| Slashed subsidies cut into market growth

BY FRIK ELS Special to The Northern Miner

he global auto industry will produce 88.8 million cars and light trucks this year in an almost 6% drop from a year ago, according to researcher IHS Markit, quoted by Bloomberg News. Electric cars have been a bright spot, but due to a subsidy cut, China recently said fewer new energy vehicles — which include batterypowered and hybrid vehicles — could be sold this year than in 2018. China produces more than half of the world’s electric cars, and the drop compares to sales growth of more than 60% last year. A report by Adamas Intelligence, which tracks the battery capacity of electric vehicles (EVs) sold around the world, adds another pain point for the industry. The global sales-weighted average passenger EV battery capacity, a metric that has risen sharply in recent years, increased a mere 0.5% in October 2019, as battery EV sales have borne the brunt of the market’s slowdown since mid-year. But the average nickel, cobalt and manganese use per EV battery continues to rise, despite slowing EV sales and slower average battery capacity growth, according to Adamas. In October 2019, the average EV sold globally contained 22% more nickel, 19% more cobalt and 15% more manganese than the same month the year before — helping suppliers offset the broader slowdown in EV sales and average battery capacity growth globally. Nickel is outperforming the market due to the shift from lowor no-nickel cathode chemistries,

THE AVERAGE NICKEL, COBALT AND MANGANESE USE PER EV BATTERY CONTINUES TO RISE DESPITE SLOWING EV SALES AND SLOWING AVERAGE BATTERY CAPACITY GROWTH. such as lithium iron phosphate (LFP) and nickel cobalt manganese (NCM 111), to higher-nickel varieties, such as NCM 523, 622, 811, as well as the latest generation of nickel cobalt aluminium used in the Tesla Model 3. Cobalt has also outperformed the market due to the rising popularity of cobalt-bearing NCM cathode chemistries in China, which continue to glean market share from the once ubiquitous (and cobalt-devoid) LFP cathode alternative. And in a similar fashion, manganese has continued to outperform the market due to the shift in China from manganese-devoid (or manganese-minimal) cathode chemistries, such as LFP, to highermanganese varieties, such as NCM 111, 523, 622 and 811. — This article first appeared on The Northern Miner’s sister publication, MINING.COM, where Frik Els is executive editor.

Tesla CEO Elon Musk speaks at the groundbreaking ceremony at the Tesla Shanghai Gigafactory in January 2019. TESLA

2019-12-17 6:23 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 23, 2019–JANUARY 5, 2020

Endeavour Mining and Centamin agree to explore potential merger M&A

| Combined company would produce more than 1M oz. gold per year

BY CECILIA JAMASMIE

Special to The Northern Miner

ndeavour Mining (TSX: EDV) and Egypt-focused miner Centamin (TSX: CEE; LON: CEY) have agreed to assess the merits of a merger that would create a mid-tier gold company with an almost $4-billion market value and annual output of more than 1.2 million ounces. The announcement follows weekend talks in Perth, Australia, between Endeavour’s chief executive, Sébastien de Montessus, and Centamin’s chairman, Josef El-Raghy. The meeting was arranged after Centamin rejected Endeavour’s $1.9-billion, all-stock takeover bid in December, saying it did not offer enough value to its shareholders. It also noted a business combination would expose the company to the deteriorating security situation in Burkina Faso, as almost half of Endeavour’s gold resources are located in the West African country. At least 37 civilians were killed and more than 60 wounded when gunmen ambushed a convoy transporting workers of Canadian gold miner Semafo (TSX: SMF) in eastern Burkina Faso in November. The Toronto-listed miner, which seeks to gain control of Centamin’s Sukari gold mine in Egypt, said a reciprocal due diligence exercise would be a “critical precursor” to determining a deal. “The objective … would be to allow both companies to further understand each other’s assets,” Endeavour stated. The Sukari gold mine is a 500,000 oz. per year operation and one of the world’s top-10 deposits of the yellow metal. However, the company has struggled with operational issues at the mine, which have weighed on the asset’s performance and on Centamin’s share price. Sukari — which began operations in January 2010 and is Egypt’s largest gold mine — is made up of a large open pit and an underground portion. Last year, the company worked on operational improvements on both sections, but they took longer than planned to materialize, which affected output. Centamin began 2019 with key board changes, including moving El-Raghy from executive chairman to chairman, 16 years after becoming managing director. He remains linked to the company while it searches for a successor. In the months to follow, the company struggled to boost production at Sukari, its only operating mine, and the disappointments ended with the departure of Centamin’s chief executive officer, Andrew Pardey, announced in October. Like El-Raghy, Pardey agreed to stay at the post for a year, while Centamin looks for a new boss. Montessus said he was “disappointed” with Centamin’s refusal to discuss a business combination at a time when investors were pushing for consolidation in the gold sector. “Centamin’s shareholders are currently disadvantaged by the Sukari mine being managed within a single-asset portfolio, by the recent operational challenges,and the ongoing leadership transition at Centamin,” he said. A potential agreement would be just one more of the many mergers and acquisitions that have swept the gold sector, with deals worth $30.5 billion so far this year. The frenzy, kicked off by the highly publicized, multibillion-

1-16_DEC23_Main .indd 5

Centamin’s Sukari gold mine in southeastern Egypt, 25 km from the Red Sea. CENTAMIN

dollar mergers of Barrick Gold (TSX: ABX; NYSE: GOLD) and Randgold Resources, and Newmont Mining and Goldcorp, has picked up speed. China’s state-backed Zijin Mining offered $1 billion for Continental Gold (TSX: CNL; US-OTC: CGOOF) in early December, and

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Kirkland Lake Gold launched a $3.7-billion offer for Detour Gold (TSX: DGC) in late November. Under English takeover rules, Endeavour has until the end of December to make a firm bid. Given the time that has elapsed since it went public with its offer, it has asked

the takeover panel for more time to work on the new bid. “Centamin has however not yet done this and there can be no certainty that they will,” Endeavour said. It also said it was prepared, subject to agreement on due diligence, not to make a formal of-

fer unless it was recommended by Centamin’s board. “The ball is firmly back in Centamin’s court,” analysts at Berenberg said in a note. “We look for an announcement from Centamin either agreeing to or rejecting the extension to the put-up-or-shut-up terms.” TNM

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DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

Poor market conditions derail Triple Flag IPO MARKETS

| Offering would have been the largest in the mining space in two years at an offer price of between $15 and $18 per share. At a mid-point price of $16.50 per share, the IPO would have raised $330 million — which would have made it the biggest mining IPO in Canada in more than two years. The proceeds would have been used to acquire royalty, stream and other interests, and to repay debt. Triple Flag declined to comment on the cancelled IPO due to Ontario Securities Commission rules on public communications. The company, which has royalties on Kirkland Lake Gold’s (TSX: KL; NYSE: KL) Foster-

BY TRISH SAYWELL tsaywell@northernminer.com

R Stock tickers on display at the TMX Broadcast Centre in Toronto. GEORGE MATTHEW PHOTOGRAPHY

oyalty and streaming company Triple Flag Precious Metals has cancelled a planned initial public offering (IPO) due to poor market conditions. “While the company has been encouraged by investor interest in its proposed initial public offering,” Triple Flag stated, “the market environment for share offerings, particularly near yearend, continues to be challenging.” The company had planned to issue 20 million common shares

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Mining sector forced to innovate TECH CONFERENCE

| New technology stokes productivity gains, but ‘no silver bullet’

ELECTION 2015 | Credibility and accountability are top concerns

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BY JOHN CUMMING jcumming@northernminer.com

he mining sector is facing a DarW delegates at the winian moment, first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-

BY JOHN CUMMING jcumming@northernminer.com

Mining sector W forced to innovate

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across CanTECH CONFERENCE | New technology stokes productivity gains, but ‘no silver bullet’ ada. The following are the answers from the Liberal Party of Canada ELECTION 2015 | BY ALISHA HIYATE leader Justin Trudeau and Green Party Credibility and ahiyate@northernminer.com accountability are of Canada leader Elizabeth May and top concerns their parties: he mining sector is facing a DarThe Northern Miner: In recent years winian moment, delegates at the BY JOHN CUMMING first annual Technology and Injcumming@northernminer.com the federal has streamlined novation in Mining conferencegovernment in Toronto heard in September. environmental permitting for miners ith Canadians looking Just as species deal with changes in byfood trying tooravoid ahead to a federal election their climate, sources other duplicating provinon Oct. 19, The Northern circumstances, miners dealing with efforts. Do you support this apMiner submitted mining-related quesmounting cial cost, social and technical tions to the leaders of the four major pressures must innovate ifDoes they want to federal government proach? the political parties running across Cansurvive, research group AMIRA Interhave adirector unique role to play in avoiding ada. The following are the answers national managing Joe Cufrom the Liberal Party of Canada cuzza said. catastrophic tailings dam failures, such leader Justin Trudeau and Green Party “If you look at Darwinian evolution, of Canada leader Elizabeth May and there are more that go extinct as species the Mount Polley spill in B.C. in their parties: than actually quickly adapt,” Cucuzza 2014?“The point is that The Northern Miner: In recent years told the conference. the federal government has streamlined in our industry, we need to adapt quickly. Justin Trudeau/Liberal Party: The environmental permitting for miners Those that are slow to adapt, unfortuby trying to avoid duplicating provinnately, are going to go extinct.” Harper government has eroded the cial efforts. Do you support this apThe conference, organized by Dubaicredibility of Canada’s environmental proach? Does the federal government See TECHNOLOGY / pg. 2 have a unique role to play in avoiding reviews by narrowing their application, catastrophic tailings dam failures, such Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region. as the Mount Polley spill in B.C. in limiting public participation and slash2014? ing the capacity of the federal governJustin Trudeau/Liberal Party: The Harper government has eroded the ment to protect the environment. credibility of Canada’s environmental reviews by narrowing their application, They have ended over 50 years of limiting public participation and slashing the capacity of the federal governenvironmental oversight in Canada ment to protect the environment. by repealing the Canadian EnvironThey have ended over 50 years of environmental oversight in Canada mental Assessment Act so that the by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep enfederal government can sidestep environmental reviews of potentially vironmental reviews of potentially harmful projects. harmful projects. Without public trust, Canada’s environmental assessment processes are Without public trust, Canada’s enincreasingly paralyzed. Not only are vironmental assessment processes are we not doing a good enough job at protecting our environment, we are increasingly paralyzed. Not only are not getting our resources to market. We need clear and efficient processes we not doing a good enough job at that have reasonable, evenhanded protecting our environment, we are rules, clear beginning and end points and decisions that can be relied on. not getting our resources to market. We will launch an immediate, public review of Canada’s environmental We need clear and efficient processes assessment processes. Based on this that have reasonable, evenhanded review, a Liberal government will rules, clear beginning and end points See ELECTION / pg. 3 and decisions that can be relied on. We will launch an immediate, pubCOAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 lic review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

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SPECIAL FOCUS: QUEBEC / 7–10

TECH CONFERENCE

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014? Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment. They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects. Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market. We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on. We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.

he mining sector is facing a Darwinian moment, delegates at the first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-

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ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014? Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment. They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects. Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market. We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on. We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

See TECHNOLOGY / pg. 2 Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.

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ville mine in Australia and Alamos Gold’s (TSX: AGI; NYSE: AGI) Young-Davidson mine in Ontario, among others, was founded by Shaun Usmar, a former executive at Barrick Gold (TSX: ABX; NYSE: GOLD) from 2014 to 2016, and is backed by hedge fund Elliot Management. Usmar noted in the company’s Nov. 22 IPO prospectus that since the company was created in 2016, the management team had reviewed more than 400 opportunities and completed 15 transactions. “Our thoroughness has paid off in building a portfolio of 37 assets, with geographic and asset diversification, as well as a mix of cash-generating and near-term production assets that we believe will continue cash flow growth in the coming years,” wrote Usmar. Of the 37 assets, eight are metal streams and 29 are royalties. The portfolio includes nine producing mines, five projects in construction, and 23 development and exploration-stage projects. “We didn’t invent the streaming and royalty business model, but we have embraced it for its record of superior performance relative to bullion and gold mining company equities, whether prices are rising, declining, or stable, as evidenced by the equity performance of our peer companies,” the South Africa native outlined in a letter to prospective investors in the prospectus. “The foundational concept of Triple Flag was born out of the idea that the streaming and royalty business model is a compelling way for investors to gain exposure to precious metals, and my belief that a gap in the competitive landscape existed,” he said. “There was room for a capable new entrant to distinguish itself through hard work and effective execution.” Usmar has had a long career in the mining industry. Before Triple Flag and Barrick, he joined Xstrata in 2006 as an early senior executive member of the management team, which grew the company into one of the world’s largest diversified miners at the time of its acquisition by Glencore in 2013. TNM

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2019-12-17 6:23 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 23, 2019–JANUARY 5, 2020

Norilsk Nickel’s Nadezhda copper plant in Russia. NINARAS/WIKIMEDIA COMMONS

Norilsk Nickel weighs capital investment and dividend strategy DEVELOPMENT BY BRENDA BOUW Special to The Northern Miner

orilsk Nickel (US-OTC: NILSY) plans to boost spending on new projects over the next decade to increase production and capitalize on the growing electric car trend, but investors may need to brace for lower dividends down the road. The Russian metals and mining company pays out 60% of its earnings before interest, tax, depreciation and amortization as dividends to shareholders, making it one of the biggest dividend payers in the mining industry. Norilsk — which describes itself as the world’s largest producer of palladium and refined nickel, as well as one of the largest producers of platinum and copper — signalled dividends may be reduced between 2022 and 2025 to maintain its investment-grade credit rating, with capital expenses expected to peak at between US$3.4 billion to US$4 billion a year. That compares to an estimated US$1.3 billion to US$1.5 billion in 2019, US$2.5 billion to US$2.8 billion in 2020, and US$3 billion to US$3.4 billion in 2021. “With management laying out a plan for the decade ahead, investors can decide for themselves if they can stomach the reduced dividends for a greater gain in the future,” investment site Seeking Alpha said in a recent article. “In the long run this will be beneficial. Once the new projects enter cash-generation phase and leverage will be brought down to lower levels, shareholders will reap the rewards of higher payouts from higher cash flows.” Seeking Alpha says Norilsk will benefit from the increased demand

1-16_DEC23_Main .indd 7

| Miner to divert funds from shareholders to advance new developments

“NORILSK SHARES HAVE PERFORMED WELL IN RECENT MONTHS FOLLOWING THE UNEXPECTED EARLY REINTRODUCTION OF THE INDONESIAN EXPORT BAN, BUT [YEAR-TO-DATE] SHARES HAVE RUN A LITTLE FAR VERSUS THE UNDERLYING COMMODITY MIX.” CONOR ROWLEY ANALYST, CREDIT SUISSE

for the metals it produces, including those used in hybrid and electric vehicles. Norilsk’s sales mostly come from nickel, copper, palladium and platinum. Nickel is key in lithium batteries used in electric vehicles, while palladium and platinum are used in catalytic converters to lower the harmful emissions from gasoline engines. The company’s flagship asset is the Talnakh mine in north Russia, which has some of the largest nickel-copper-palladium deposits in the world. Norilsk’s American Depositary Receipts, which are used for a foreign company’s stock in the U.S., currently yield 9.5%, which is not uncommon given the five-year average yield is 10.8%, Seeking Alpha noted. Vladimir Potanin, Norilsk’s chairman and president, is the company’s largest shareholder with a 34.6% stake, according to Reuters. The news agency also reported recently that he may increase the amount if the opportunity arises. Russian aluminum producer Rusal has a 27.8% stake, according to the Financial Times, which reported ongoing tensions between Potanin and Rusal over dividends. “Potanin wants to invest more of the company’s cash in growing the business and to make its operations more environmentally friendly,” the

newspaper reported. “This has been opposed by Rusal, which uses the dividend payments it receives from Norilsk to help service its debt load.” The company said the current dividend policy will be in place until 2022, when a shareholder agreement expires. Norilsk’s spending and dividends announcement was made as part of its recent investor day in London, where the company also said it would take measures to slash its sulphur dioxide emissions 45% from 2015

levels by 2023, 90% by 2025, and 95% by 2030. The company also plans to tap into the growing market for hybrid and electric vehicles, believing it has “an excellent starting position in order to support the global transition to environmentally friendly transport.” It said toughening legislation around fuel emissions and electric vehicles are “two megatrends” expected to “significantly increase the demand for the company’s products in the next 10 years and beyond.”

Electrowinning-based electrolysis baths at Norilsk Nickel’s Monchegorsk plant. NORILSK NICKEL

Norilsk says that by 2030 it will be able to supply platinum group metal (PGM) volumes to produce 25 million to 40 million autocatalysts to the world market, which it claims will lower air pollutants by 170 million to 270 million tons (154 million to 245 million tonnes) during the entire life of the car. In the meantime, it said its production of high-quality nickel will make it possible to produce 3.5 million to 5.5 million battery packs for electric vehicles, which will lower CO2 emissions by 50 million to 100 million tons (45 million to 91 million tonnes) over the entire life of the car. In a Nov. 19 note to investors, Credit Suisse analyst Conor Rowley said the company’s near-term outlook is largely unchanged, “albeit now given in more granular detail.” And while the growth in nickel and PGMs offers long-term value for the company, Rowley has a “neutral” rating on the stock and US$27.10 target price. “Norilsk shares have performed well in recent months following the unexpected early reintroduction of the Indonesian export ban, but [year-to-date] shares have run a little far versus the underlying commodity mix,” he wrote. The shares are up more than 40% this year on the U.S. market. UBS analyst Daniel Major commented in a Nov. 18 client note that the company has delivered the highest total share return of the large-cap global miners in the last decade, and “is likely to continue to deliver robust returns over the next 12 [months] driven by its idiosyncratic nickel/palladium commodity mix, low costs/high margins, and high dividend.” Major has a “neutral” rating on the stock and raised his target price from US$26 to US$28. TNM

2019-12-17 6:23 PM

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DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

5G technology should boost demand for gallium, cobalt METAL COMMENTARY BY DENISE HECKBERT Special to The Northern MIner

uring the World Radiocommunication Conference (WRC) in Egypt in November, thousands of delegates from more than 100 countries adopted a treaty that moves the world closer to fifth-generation (5G) technology, which will require a massive deployment of mobile wireless infrastructure that will likely consume significant rare earth elements (REEs) and metals like cobalt. The WRC-19 conference tackled issues related to radio spectrum, which carries everything from mobile data to military communications to satellite traffic. Key among the discussions was the spectrum that will enable 5G in mobile wireless technology. Highly anticipated 5G applications include self-driving cars, augmented reality (think Pokemon GO), and remote

| New generation of infrastructure designed to handle exploding number of connected devices

mining operations. The new treaty sets rules for the use of 5G wireless networks’ spectrum. These 5G applications will require an entirely new approach to wireless infrastructure, which could mean turning to new compounds in semiconductors. Current networks are focused on providing coverage rather than traffic capacity. The 5G networks will use higher-frequency spectrum, higher power, and many times the number of base stations (antenna sites) to primarily support enormous volumes of mobile wireless data with very low latencies or signal delays. Mobile wireless data traffic is expected to increase up to 100 times from current levels by 2030, according to the International Telecommunication Union, which hosted the WRC-19 conference. The ITU forecasts that the number of connected devices on the Internet will increase to 50 billion from the cur-

rent 22 billion as early as 2025. Argus Media, which monitors metals and other resource markets, says 5G is driving a switch towards new metal compounds in semiconductors in place of older silicon-based technologies. A big winner, it reasons, could be gallium nitride (GaN), which operates faster at higher frequencies and power rates and could resolve the challenges facing silicon power systems in 5G applications. U.K.-based consultant Roskill notes that 5G “is expected to be the next big catalyst for radio-frequency GaN,” and in a recent study forecast the total GaN market is expected to grow 30% between 2017 and 2023, when 5G will still just be in its early days. In 2018, the radio frequency GaN market was worth US$467 million, representing a 23% increase over 2017, according to the United States Geological Survey (USGS).

Another gallium compound likely to remain strong in the coming years is gallium arsenide (GaAs), which is used in smartphones, military radar and other communication applications. Between 2014 and 2017, the GaAs market increased from US$6.25 billion to US$8.8 billion. Roskill expects these sectors will continue as the largest users of gallium (as opposed to GaN) until 2025, as demand for its current uses grows. Roskill says the gallium market is adequately supplied and expects it will remain so in the coming years. In May 2018, the U.S. government included gallium in a list of 35 metals it says are critical to its national security. China contributed 95% of all primary gallium production in 2018 (390 tons of 410 tons [354 tonnes of 372 tonnes] ), according to the USGS. Major producer Aluminum Corp. of China has 160 tons (145 tonnes) of

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GALLIUM IS PRODUCED SOLELY FROM BAUXITE AND ZINC EXTRACTION AND REFINING PROCESSES. gallium production capacity alone. However, China’s current monopoly doesn’t necessarily mean the country will dominate the market forever, experts say, as other producers include Japan, South Korea, Germany, Ukraine and Russia. Should 5G demand — paired with ongoing strong growth in demand from LED lightbulbs and LCD screens — consume existing production, producers outside China could ramp up production they have slowed or mothballed in recent years due to low prices. Roskill expects prices will remain low in the near-term, but says stronger demand could move them sooner than predicted. Already, rising demand has started to stabilize the market, which was oversupplied between 2011 and 2016. Gallium prices started to recover in 2017 and rose 40% to US$250 per kilogram in 2018, as consumers restocked. In November 2019, gallium prices sat slightly below US$300 per kilogram — up from US$200 per kilogram in 2016. Gallium is produced solely from bauxite and zinc extraction and refining processes. This has proved problematic for gallium production, with bauxite supply tight due to ongoing environmental checks, according to Argus. The USGS estimates there is up to 1 million tons (910,000 tonnes) of gallium in the world’s bauxite resources, and said a considerable potential quantity could be contained in world zinc resources. However, it expects that only 10% of the gallium in world bauxite and zinc resources is potentially recoverable. In a recent research note, BMO Capital Markets forecasts that 5G “offers hope for a more aggressive upgrade cycle” of smartphones and other mobile wireless devices, just as deployment of 4G networks supported increased demand for smartphones when consumers bought new devices to take advantage of the new network capabilities. The bank cautions, however, that the “dynamic takes time to unfold and lags the initial launch of a network upgrade.” As 5G spectrum becomes available for licensing and deployment, increased smartphone demand could still be several quarters away. Once the deployment takes place, however, BMO anticipates that 5G sales will translate to growth in cobalt demand, as mobile devices consume 35% of global cobalt supply. The increased demand should be true for REEs, as well, BMO says, even as certain mobile device producers attempt to secure more REEs from recycled materials. Critical next steps for the spectrum include global standards, development and licensing, which will help technology development and deployment. The next WRC will be held in 2023 and will identify more spectrum bands for 5G development to continue expanding the capabilities of these networks and coverage. This will include spectrum that could spread the technology into rural areas, which would require more base stations and pave the way for new types of mobile devices — all of which would be good news for producers of gallium, REEs and cobalt. TNM

2019-12-17 6:23 PM

OUTLOOK 2020

SPECIAL FOCUS

The gold party has only just begun COMMENTARY | Continuing trends could support higher gold prices in 2020 BY RONALD-PETER STOEFERLE

Special to the Northern Miner

he year 2019 has been good for gold. In many currencies gold recorded all-time highs (i.e. euro, Canadian dollar and Australian dollar), with the exception of the U.S. dollar. As things stand, 2020 will become a good year for gold as well because the factors supporting higher gold prices already present in 2019 will remain in 2020, such as negative interest rates, rising debt levels and the central banks’ renewed interest in gold. There is also rising inflation and a slowdown in economic growth — if not a recession. Factors that support a goldprice rise in 2020 Let’s have a closer look at the trends. Higher debt levels worldwide should drive the gold price in 2020, as well as its corollary, the trend towards ever more politicized central banks. Be it U.S. President Donald Trump’s numerous tweets pressuring Jerome Powell to cut interest rates — and this environment of ultra-low interest rates will not end soon, as I explore in detail in my new book The Zero Interest Trap — or be it the call on central banks to finance a Green New Deal, or the affirmative answers of central bankers like the new president of the European Central Bank, Christine Lagarde, a politician herself, to this call. The more politicized a central bank gets, the less independent a central bank becomes, and inflation rates can increase. And gold has been, is, and will be the perfect hedge against high(er) inflation. There is another threat to low inflation rates. In recent months, ideas such as the modern monetary theory, helicopter money and quantitative easing for the people have gained more popularity. All these concepts fall prey to the illusion that printing money, not innovation and hard work, is the prerequisite for economic growth. And as ideas do matter, this shift in public perception makes higher inflation rates more likely. A pickup in inflation rates would have a tremendous impact on the bond market — precisely on the bond market bubble. Bonds worth more than US$17 trillion have a negative yield. Higher inflation rates would lead to losses on the bond markets and signify to investors that risk has returned to the bond market, like what happened on the stock markets in the fourth-quarter of 2018. Gold will become more attractive for these financially potent See GOLD PARTY / 10

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A worker moves copper cathodes at Codelco’s Ventanas copper operation in Chile. CODELCO

Rory Johnston of Scotiabank looks to 2020 INTERVIEW

| Continued uncertainty will impact markets and push gold higher

BY TRISH SAYWELL tsaywell@northernminer.com

ory Johnston is a commodity economist covering energy and metal markets in Scotiabank’s economics department. His research includes the Scotiabank Commodity Price Index (a monthly assessment of developments affecting the prices of major Canadian export commodities), contributions to Scotiabank’s Global Outlook (the department’s flagship quarterly forecast), as well as notes on various topics of interest to the Canadian commodity sector. He recently spoke to The Northern Miner’s Trish Saywell about his outlook for 2020.

The Northern Miner: Let’s start with the macro issues affecting metal prices. Rory Johnston: Obviously on the macro level we’re facing in some cases unprecedented headline risks. There’s lots of uncertainty from trade wars to security issues around the Middle East, to impeachment and everything in between. It’s fair to say that while we have rebounded a little bit over the last few months because of some positive trade developments, we’re still in what I would generally call a bearish macro environment. A couple of years ago I would have talked about global synchronized growth. The entire global economy was accelerating from 2017 into 2018, and a lot of that was because of the stimulus that came on both in China and from the widening fiscal deficit in the United States. So the world’s two biggest economies

were engaging in bouts of fairly sizeable stimulus and that really boosted and buoyed the global economy on the upside. But what happens with stimulus is that they didn’t necessarily create demand — they borrow demand from the future. And we’re in a phase of paying that back. We’re just coming off those highs of 2017 and 2018, so 2019 was always going to be a little bit of a slow year, and probably 2020 as well, even before you add on the trade war and uncertainty related to the new NAFTA or whatever moniker you go with. Things really started to fall off from early to mid-2018, when the U.S. trade war with China really picked up steam. Between early 2016 to mid-2018 you had most risk assets, whether it be oil, or copper or the rest of the base metals, all enjoying this bull-run. Copper prices ran from US$2 per lb. all the way up to US$3.30 per lb. or more, well ahead of what we thought it should be based on prevailing fundamentals. Then everything fell out of bed. The trade war ramped up and macro sentiment soured and investors channelled that bearish sentiment into metal prices, primarily through copper, but it brought the whole metals complex down. What I want to stress, though, is that while the global economy is a bit slow right now, it isn’t slow by historical standards, and the global consumer remains relatively strong, particularly in North America. Consumers are in a healthy place. You have tight labour markets, wages are rising, so the consumer is doing pretty well. The challenges have been on the business and investment

“WHILE THE GLOBAL ECONOMY IS A BIT SLOW RIGHT NOW, IT ISN’T SLOW BY HISTORICAL STANDARDS, AND THE GLOBAL CONSUMER REMAINS RELATIVELY STRONG.” RORY JOHNSTON COMMODITY ECONOMIST, SCOTIABANK

side and that’s where the trade war takes its biggest whack. Even though businesses are used to risky environments, this moment on the trade side is so uncertain, and in some ways so unpredictable, that businesses have throttled back investment to wait for the dust to settle. As an example, a company might have started pulling back its supply chain exposure to China because of the trade war, and started reposi-

tioning some of its supply chain to Mexico because the U.S. had just done a trade deal with Mexico and thought it should be safe. But then the U.S. president comes out and announces he is ramping up tariffs on all Mexican exports. Now that didn’t end up taking place. But it’s things like that, which seemingly happen at the drop of a hat, that really spook See SCOTIABANK / 12

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2019-12-17 6:23 PM

OUTLOOK 2020

DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

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The gold party has only just begun GOLD PARTY From 9

investors. Especially in Europe, but also in the U.S. and China, reports of slower economic growth have become the new normal. These reports are underpinned by the earnings recession, planned mass layoffs and inverted yield curves, while politicians and even central bankers call for fiscal stimuli. It is time to prepare for a recession. But how does gold perform in a recession? In our 2019 report “In gold we trust,” we conducted thorough research on gold’s performance in the various stages of a recession. Our results are that gold has been excellent at offsetting stock losses during recessions. There is no reason to expect that gold will not record substantial gains and will not act as a hedge against bear stock markets, as well. However, one should be less optimistic about bonds, the classic stock diversifier. High debt, the zombification of the economy, and monetary policy that is still very loose by historical standards combine to undermine the ability of bonds to act as a stock diversifier. Therefore, gold is positioned to remain an indispensable component of the portfolio in the future, as it lets the investor navigate stressful passages in the market with relative ease.

Central banks’ gold purchases change public perception of gold Gold’s perception has changed dramatically in recent years, and this U-turn will not be undone soon — exemplified by the remarkable shift in the central banks’ actions and communication regarding gold. For many decades, gold has been considered the “barbarous relic” of a time long gone. As gold does neither earn interest nor dividends, central banks lowered their gold holdings step-by-step. Then the financial crisis of 2007–2008 changed everything. In 2008, central banks left the camp of net sellers and became net buyers of gold. This trend has continued ever since. In buying 657 tons (596 tonnes) of gold in 2018, central banks globally have made the largest gold purchases since the end of Bretton Woods in 1971. Russia, with 274 tons (245 tonnes), Kazakhstan 50 tons (45 tonnes), and India 42 tons (38 tonnes), made up the largest buyers, while Hungary and Poland, two EU members that have not introduced the euro, rank fourth and fifth. Poland made its largest purchase since 1998, while Hungary increased its meagre gold reserves tenfold. The high demand from central banks continued in the first three quarters of 2019. According to the World Gold Council, central banks

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increased their gold reserves 548 tons (497 tonnes) by the end of September — 12% higher than the same period in 2018. It is quite likely that 2019 will set a record. These developments are in line with the results of a survey conducted by the World Gold Council: 76% of central banks consider gold as a highly relevant safe haven asset and 59% valued gold’s effectiveness as a portfolio diversifier. Another reason for countries like Russia and China to bolster their gold reserves is the ongoing process of declaring independence from the U.S. dollar as the global reserve currency, commonly referred to as “de-dollarization.” Another facet of this trend towards re-nationalization is that more countries repatriate at least a significant share of their gold reserves. Poland, Serbia and Slovakia recently joined this club. There is no indication that these trends will lose momentum in 2020. The geopolitical tensions are here to stay, at least until the presidential elections in the U.S., and in all likelihood after the elections as well, regardless of whether the incumbent president wins his second term or not. But central banks’ actions as well as attitude about gold have become more positive. Bearing in mind that central banks are known for their balanced and careful wording, and given that all major actors in

GOLD IS POSITIONED TO REMAIN AN INDISPENSABLE COMPONENT OF THE PORTFOLIO IN THE FUTURE, AS IT LETS THE INVESTOR NAVIGATE STRESSFUL PASSAGES IN THE MARKET WITH RELATIVE EASE. charge of financial market stability are eager to uphold the impression that everything is fine, the verbal advocacy of gold is telling. Case in point is the Central Bank of Hungary (MNB). When the MNB conducted its first gold purchases since 1986 last year, increasing its gold reserves tenfold, it published the following press statement: “In normal circumstances, gold has a confidence-building feature, i.e., it may play a stabilizing role and act as a major line of defence under extreme market conditions, or in times of structural changes in the international financial system or deep geopolitical crises. In addition, gold continues to be one of the safest assets, which can be related to individual properties such as the limited supply of physical precious metal, which is not linked with credit or counterparty risk, given that gold is not a claim on a specific counterparty or country.” This renewed interest of central banks in gold will change the per-

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ception of the metal. If even central banks underpin gold’s importance and strengths, a broader public should get interested in gold investments. This holds particularly true as alternative investment opportunities become less attractive. As nominal interest rates continue on a downward path, and as more and more banks in Germany, for example, pass on negative nominal interest rates to consumers, negative real interest rates will become or remain the reality. As empirical evidence shows, negative real interest rates tend to boost the gold price. With respect to the stock markets, the sharp losses in fourth-quarter 2018 show that despite the ongoing rallies, stock markets have become more vulnerable. And as stock markets tumbled in the fourth-quarter of 2018, gold could not only withstand the plunge, it reacted as a safe haven asset should react: gold went up. 2020 will be another golden year Predictions about the future are always difficult and predictions about the gold price are no exception to this rule. But more factors that drag on the gold price are disappearing. Still lacking in our list are the decisions by the Federal Reserve and the European Central Bank at their respective meetings in September to halt the process of monetary normalization, which was in its infancy at best, and to open the monetary floodgates anew. Bearing in mind that gold has surpassed the psychologically important resistance zone between US$1,360 per oz. to US$1,380 per oz,, we are confident that in 2020 the gold price in U.S. dollars should get closer to its alltime high, because the gold party has only just begun. — Based in Liechtenstein, RonaldPeter Stoferle is a partner of Incrementum AG and is responsible for research and portfolio management. Incrementum AG specializes in owner-managed and fully licensed asset and wealth management. For more information and to view the full “In gold we trust” 2019 report, coauthored by Incrementum AG partner Mark Valek, who is responsible for portfolio management and research, visit: https://ingoldwetrust.report.

2019-12-17 6:23 PM

OUTLOOK 2020

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 23, 2019–JANUARY 5, 2020

SNAPSHOT 2020

Eight companies hoping to make waves in the year ahead The past year was a time of growth and transformation for many mining and exploration companies. Here’s a list of eight companies with milestones to hit next year.

0.71% copper equivalent for a total of 1.08 billion lb. copper, 897,900 oz. gold and 8.2 million oz. silver. Inferred resources total 3.4 million tonnes at 0.45% copper equivalent for a total of 22.9 million lb. copper, 22,400 oz. gold and 142,800 oz. silver.

BARRICK GOLD Barrick Gold (TSX: ABX, NYSE: GOLD), one of the world’s largest gold miners, has operations in the U.S., Canada, the Dominican Republic, Argentina, Papua New Guinea, Africa, Australia, South America and Saudi Arabia. This year, consolidated production is expected at 5.1 million to 5.6 million oz. gold at all-in sustaining costs (AISCs) of US$870 to US$920 per ounce. In addition, copper production is forecast to reach 375 million lb. to 430 million lb. at AISCs of US$2.40 to US$2.90 per pound. These figures exclude the impact of the Nevada joint-venture formation. Over the next five years, the company anticipates similar gold production with declining AISCs. At the company’s flagship Nevada operations, the Nevada Gold Mines joint-venture transaction closed in July. Barrick holds a 61.5% ownership (38.5% Newmont Goldcorp [TSX: NGT, NYSE: NEM]) and is the operator. The venture includes a total of 10 underground and 12 open-pit mines, including Cortez, Goldrush, Carlin and Twin Creeks. Over the next five years, the group is expected to produce 3.5 million oz. to 3.8 million oz. gold per year. Nevada Gold Mines’ reserves stand at 48.3 million ounces. Over the past year and a half, Barrick has been active on the corporate development front. Most recently, the company announced the sale of its Massawa gold project in Senegal to Teranga Gold (TSX: TGZ) for US$300 million in cash, US$80 million of stock and up to US$50 million in contingent payments. The formation of Nevada Gold mines, announced in March, came as a result of the company’s rejected hostile takeover bid for Newmont Mining, first announced in February. In September 2018, Barrick and Africa-focused Randgold Resources announced a merger. The transaction added the LouloGounkoto and Morila mines in Mali, the Tongon mine in Côte d’Ivoire and the Kibali mine in the Democratic Republic of the Congo to the portfolio. In October, Barrick announced that its Hemlo operations in Ontario are being refocused with a phase out of the open-pit operation and a move to underground contract mining. Barrick Gold has a current market capitalization of approximately $40.3 billion.

Most current resources are contained within the Alacran deposit. Upside beyond the current resource inventory is from exploring both the potential underlying copper-gold porphyry source as well as from the possible northern extension of the deposit. In addition, the Willan target, 6 km south of Alacran, features similar stratigraphy with past outcrop sampling returning up to 8.95% copper.

Barrick Gold’s Cortez gold mine in Nevada. BARRICK GOLD In July, Cordoba released a preliminary economic assessment and an updated mineral resource estimate for the project. The study envisions an 8,000-tonne per-day open-pit operation at

the site increasing to 16,000 tonnes per day after a processing plant expansion in the sixth year of operations. The mine would produce copper, gold and silver in a clean copper concentrate and precious metals doré. Annual

copper production would average 18,100 tonnes in concentrate at US$1.32 per payable lb. copper net of by-product credits.

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Indicated resources for the project stand at 94.9 million tonnes grading

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CORDOBA MINERALS Cordoba Minerals (TSXV: CDB) is focused on advancing the San Matias copper-gold-silver project in Colombia. The Alacran deposit at the site features mineralization traced over 1.3 km of strike. The 149 sq. km San Matias project is 390 km northwest of Bogota and within an established mining district. Cordoba acquired the project in 2015.

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2019-12-17 6:23 PM

DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

OUTLOOK 2020

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Rory Johnston of Scotiabank looks to 2020 SCOTIABANK From 9

investors who are looking to spend billions of dollars investing in assets that have long life spans. They don’t know if something is going to be a money winner or a money loser because of this heightened uncertainty. Going into 2020, we’re going to have that uncertainty remain more or less level where it is now. A little bit down from its highs earlier this year, but uncertainty will remain straight through 2020 and into the presidential elections. Regardless of who wins, whether the Republicans or Democrats take the White House, you will then start to have some of that uncertainty gradually decline, whether it’s because it’s a different president in the Oval Office, or whether it’s because by that stage, businesses will have become more used to dealing with the uncertainty. They will have bolstered their supply chains against that type of disruption. We do think that while fairly bleak today, there are still strong fundamentals in the global economy and they will start bearing fruit in 2020–2021, when we get some of that certainty back and businesses start ramping up investment. The global economy will really start to accelerate in 2021. TNM: What is your outlook on the U.S./Canadian dollar exchange rate? RJ: We see the Canadian dollar weakening a bit, or remaining weak right now, but strengthening over 2020, again as some of those risky assets begin to recover and as tolerance for risk comes back. We do think that will begin to tighten. Right now the exchange rate is about US$1.32 to the Canadian dollar and we expect that will fall to about US$1.25 to the Canadian dollar by the exit of 2020, and remain flat thereafter. TNM: Copper? RJ: If we look at copper, we had a mild deficit in 2018 and a mild surplus in 2019. There will be a mild deficit in 2020. And if growth starts to accelerate, that deficit will remain relatively persistent. But if growth tends to slow, 2021 could see a surplus again. But right now copper is under US$2.80 per pound. It’s up from US$2.60 per lb. just a month or two ago, before the trade news started to be positive. Prices could rise to around US$3 per lb. by 2021 and then remain level in the low threes for the next couple of years. There are a couple of things that are going to pull on that demand. There are new Chinese air-conditioning standards that could shift demand around and will likely mean that demand from the air conditioning sector in China, which is a major consumer of copper, will be a little bit weaker in the first half of 2020 as they destock the older units, but after that things will stabilize. Exchange-listed copper inventories are still relatively low, they are down by 60% from where they were in

early 2018 and 37% lower than in the late third quarter of 2019, so those things remain positive factors underpinning or putting floors below how far copper can fall. That said, copper remains well below where it was when investors were really betting on tighter markets and more global growth in 2018, so right now the risk sentiment for copper is to the upside. At this stage it looks more likely that we’re going to add more length to the contracts, which should mean relatively good things for copper prices going forward. The entire metal sector has been underweight since, call it June 2018, when the trade war really started ramping up. The one metal that has managed to boost its fortunes, at least temporarily, is nickel. Nickel was gaining strength on two major fronts: First, there was this constant fervor around electric vehicles (EVs) and how much nickel EVs were going to require, and second, the Indonesian government, which had planned in the coming years once again to restrict exports of unrefined nickel ore, particularly into China, actually accelerated that and now the export ban is going to take effect at the beginning of 2020, so there was a little bit of a crunch there as nickel balances tightened. But going forward, some of the gains nickel made between July and September 2019 — prices gained 50% — are going to start to come back down to earth. While fundamentals are relatively supportive, and inventories are falling, we do believe that some of this recent price strength has been overdone. Part of what’s bringing nickel prices back down to earth is a bit of the fizzling of, at least in the near-term, prospects of the EV sector, after China paired back some of its subsidies to electric vehicles. After it did that, sales in China fell fairly quickly, so these types of things are going to take the wind out of metals that are seen as exposed to EVs, whether it’s nickel, cobalt or lithium. All of these commodities have suffered over the last 12 monthsas the news came out about weaker subsidies in China, because at this stage, EVs are still a very policy-exposed sector and policies change quickly, which does bring more sudden movements in prices. TNM: What is your nickel price forecast in 2020? RJ: In 2020 we see about US$7.50 per lb. That rises to US$8 per lb. in the early 2020s and remains flat after that. TNM: Your copper price forecast? RJ: In 2020 we expect copper to average US$2.75 per lb., or just higher than what it is now, and US$3 per lb. in 2021 and US$3.25 per lb. in 2022. TNM: Iron ore? RJ: Obviously the big story there has been weaker supply from Brazil. A lot of it has moved with the current state of the steel margins in China,

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The Tesla Cybertruck electric vehicle. TESLA

which had been weak and have improved recently. Prices have jumped back up to US$90ish per tonne, and those are going to ease back down as the sector settles down. We expect the US$72-per-tonne-level in 2020, falling to about US$65 per tonne in 2021 and US$60 per tonne in 2022. Things will loosen from their currently tight positions going forward as the steel sector slows after we get through some of the potential stimulus in China and more of that Brazilian supply comes back into the market. With coking coal, which is the flip side of the steel equation, prices for a long period of time were above US$200 per tonne on the back of a variety of supply disruptions, predominantly in Australia. But prices have fallen 30% since crashing under that US$200-per-tonne-level this past summer, and prices right now are around US$130 or US$140 per tonne. Those prices are going to rise again. There is some weakness right now, Chinese quotas aren’t letting enough coal into the Chinese domestic space, and some of that is getting backed up in the seaborne market and weakened prices there. But that’s going to turn a corner after that quota resets in 2020, and prices are going to gradually climb back up to the US$150-per-tonne level, which is where we see the longerterm outlook for metallurgical coal on a seaborne marginal cost basis. The other thing that is really interesting is what is happening in the zinc market. We had many years of deficits, which finally cascaded into decade-high prices in early 2018 before the metals complex started weakening on the trade war. Those really high prices did exactly what they were supposed to do — they brought a lot of mine supply to the market. You would expect that would quickly translate to metal supply, which would start to weaken prices. But while prices are down with the entire metals complex since the U.S.–China trade war, backwardation in zinc contracts, or the premium you pay for deliveries today versus three months from now, are signalling that spot markets remain relatively tight. Inventories are at perilously low levels on the global exchanges. The issue here mainly is that concentrate supply growth hasn’t yet translated to metal supply growth because there are bottlenecks and insufficient throughput in the global smelting sector. This is particularly true in China, where you have environmental regulations forcing some capacity idling at Chinese smelters, which is further contributing to the tight market. It’s a few months out until we get some balance, and after that, it will move into surplus as we finally translate new mine supply

into concentrate and bring an end to this bull cycle. Prices are then going to fall back down a little bit. The zinc price will average US$1.08 per lb. in 2020 and fall to US$1.05 per lb. in 2021, US$1 per lb.in 2022, and 95¢ per lb.in 2023. Annual average prices for zinc moved from under US$1 per lb. in 2016 to over US$1.30 per lb. in 2017 and 2018, and reached their decade high of around $1.60 per lb. in 2018. But prices are going to fall back down to earth. This is just one of those cycles in the metal space where we expect a period of high prices will be followed by some weakness. TNM: Do you cover any of the EV metals like lithium and cobalt? RJ: I don’t follow them in depth, but generally what’s going on there is that both lithium and cobalt have experienced a relatively weak 2019. They are among some of the worst performing commodities in the space due to the mismatch between hope for EV demand and the reality of, at times, sometimes sluggish EV pickup. This relates to what I was saying about some of the rollback of subsidies for EVs in China. You had a lot of companies building capacity in the lithium and cobalt markets aiming to satisfy that fledgling and rising demand for batteries in the EV sector. But now because of that slightly slower uptick in demand, we’re probably going to remain mildly oversupplied for both materials for the next couple of years. After that, the effect of cumulative EV growth will eventually mean that we start to have very tight markets again. At this stage, we’re going through a period of slightly oversupplied markets, but more than that, I think, is the uncertainty, and the uncertainty relates to how long these subsidies are going to last. How much additional policy support will there be for renewables, intensive manufacturing and production? Will it be supported by global governments? And because of the politics around climate change policies, the outlook is still very uncertain, and because of that we’re going to have periods of wild ups and downs in both markets, and that will be tied a lot to the latest news about the outlook for the EV industry. TNM: Let’s move to precious metals. RJ: On the gold side, we expect prices will head to their near-term high in the coming year, coinciding with the 2020 election in the U.S. and elevated uncertainty around that. Even though we do not see overall uncertainty rising from current levels today, we do expect there will be an additional risk premium on precious metals like gold. Our latest

outlook for gold is that it will rise from an average annual price of US$1,400 per oz. in 2019 to a cycle high of US$1,550 per oz. in 2020. Then there will be a slow decline as global uncertainty begins to wane into 2021. We see US$1,475 per oz. in 2021 and US$1,425 per oz. in 2022, and then gradually declining towards a longer-term stable price of around US$1,300 per oz. in the mid-2020s. We see silver hitting a cycle high of US$18.75 per oz. in 2020 and then declining along a similar trajectory as gold, back down to US$17.75 per oz. in 2021 and by mid-2020, when gold is around $1,300 per oz., we expect silver will be in the US$16 to US$16.50 per oz. range. That will be on a combination of things: global sentiment recovering from its current bearishness and central banks eventually raising interest rates again as the global economy steadies itself. At the same time as central banks start to see things get a little safer, you’re going to have less of a political risk premium on things like gold, which are typically more sensitive to those kind of risks. TNM: What’s your outlook for the European economies? JR: Broadly speaking, Europe is hurting from the global slowdown. The traditional driver in Europe, Germany, is weak and is likely right on the edge of some sort of a technical recession because of its heavy trade exposure. Meanwhile, countries where exports are typically less a growth driver, like France, are outperforming the German economy because they are less exposed to exports and more focused on their domestic economies. TNM: The Canadian economy? JR: We see the Canadian economy having a bit of a boost coming out of the federal election. There’s going to be some stimulus spending coming into the economy to boost profits a little bit there, but after that, there will be a little bit of a payback period. If stimulus increases growth in the front end, we typically get a bit of a payback at the back end, and then after that the economy will stabilize around 1.8% growth year-on-year in early 2020 onwards. We do think the U.S. economy, juxtaposed to the Canadian economy, had a much bigger stimulus boost coming off the 2016 election, so there’s going to be a longer payback period there, and a longer period of sub-par U.S. growth. But that will eventually be followed by a return to trend, which in the U.S. is slightly higher than in Canada — call it about 2% versus 1.8% at their steady states. TNM

2019-12-17 6:23 PM

OUTLOOK 2020

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 23, 2019–JANUARY 5, 2020

CPM’s Jeffrey Christian reflects on 2019, forecasts what lies ahead in 2020 INTERVIEW

| CPM Group sees precious metal prices rising in 2020 “IN THIS CRAZY WORLD RIGHT NOW, IF TRUMP WAS REMOVED FROM OFFICE, IT WOULD BE A SELLING OPPORTUNITY FOR GOLD AND SILVER BECAUSE IT WOULD BE A REDUCTION OF UNCERTAINTY.”

BY TRISH SAYWELL

tsaywell@northernminer.com

effrey Christian is the managing partner of CPM Group, a commodities research and management, consulting and financial advisory firm in New York. He founded the company in 1986, spinning off the Commodities Research Group from Goldman Sachs & Co., and its commodities trading arm, J. Aron & Company. Christian is an expert on precious metal markets and took time to speak with The Northern Miner about his views on the key trends in 2019 and his outlook for gold, silver and platinum group metals (PGMs) in 2020.

The Northern Miner: It has been a crazy year with the U.S.–China trade war, impeachment hearings, worries about economic growth in the U.S., and Europe. And in the precious metals space, we’ve seen a wave of mergers and acquisitions that show no signs of diminishing. Let’s start with some of the macroeconomic issues that have dominated the headlines this year. How do you see the U.S.–China trade war playing out next year? Jeffrey Christian: I have taken a somewhat contrarian view about the trade war and that’s actually a great place to start. We can talk about the trade war and pivot to all of the other political issues that are going to be much more important. I keep telling my clients and colleagues to pay less attention to the trade war. It’s interesting because I was in China in May right when U.S. President Donald Trump escalated things. I got off the plane on Sunday evening here and Monday morning there, and all these people were watching all of these nasty tweets from Trump. I said the trade war was a bogus thing. There have been trade imbalances for years that have gone unattended. Trump started the trade war not because of the longstanding trade imbalance, but as a distraction from his domestic legal and political issues. The problem for the Chinese government is that there’s nothing they can offer for him to say the trade war is resolved, because it has got nothing to do with the U.S.–China trade war. Chinese Premier Xi Jinping said the exact same thing that Thursday. He said there’s nothing China can offer the U.S., because it’s based on Trump’s domestic political and legal problems, and said he doesn’t see any need to meet him at the next G20 meeting. That was in May and now it’s December and it’s the same story. But markets have been obsessed with this straw man. Market participants get optimistic that the trade war is going to be resolved, and then it’s not going to be resolved and they turn bleak. It’s like the guy sitting on his front porch with a shotgun on his lap waiting for the Feds to come down the lane, and meanwhile, the Feds came in his backdoor and cleaned out his house. There are all these big issues that are being ignored and we aren’t dealing with the big issues. CPM’s view is that our clients should stop paying attention to the trade war. The key is to work around it because if you’re looking to wait for it to resolve, well, that’s not an effective business plan. An effective business plan is: How do you play your hand given the cards you have been dealt, and those include the U.S. wild card trade wars against China and any number of other countries.

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JEFFREY CHRISTIAN MANAGING PARTNER, CPM GROUP

United States President Donald Trump and President of the People’s Republic of China Xi Jinping in June 2019 at a G20 Summit in Osaka, Japan. WHITE HOUSE PHOTO BY SHEALAH CRAIGHEAD

It’s important to realize that we are seeing a slowdown in the economy of the U.S. and in other countries, but we’re not seeing a recession. The difference between a recession and a slowdown is that the economy is still growing in a slowdown. China has seen a contraction in auto production, but every other country has seen continued expansion of auto production, but at a slower pace. So yes, they are still making cars and using platinum and palladium in their catalytic converters. The trade war will go back and forth in 2020 and we will continue to see a slowdown in economic expansion. We may avoid a recession in 2020 and 2021, but A) you’ve still got a lot of political troubles; B) fiscal, monetary, and financial issues are going to be problematic in nature, and C), there’s no capacity it seems intellectually or morally to deal with the deficits and problems facing the United States. Then you’ve got the U.K. and an upcoming election that won’t resolve anything; you may have a referendum in Scotland; you have issues within the EU; problems in Russia; increased nationalism in Eastern Europe; a range of eco-

nomic and political issues in China; a number of countries in Africa that are experiencing protests, revolutions, and worse; problems in South America in countries like Ecuador, Chile, Venezuela and Brazil. So there are a lot of economic and political issues that the world is going to be struggling to deal with in 2020 and the trade war is sort of a distraction. TNM: Where do you see interest rates going next year? JC: They’ll probably stay relatively flat in the U.S. You’ll probably see an increase in the spread between U.S. Treasury rates and commercial rates for corporate borrowing. On the one hand the Fed will continue to be accommodative because the economic environment won’t be overheated and they have this enormous deficit to underwrite. More important than the levels of benchmark rates could be issues arising from structural changes in the debt market. While rates may remain relatively flat this year, you have this shift away from LIBOR to something new. There are various new over-

night benchmarks that people are looking at. All have issues to be resolved and are not as liquid as the well-established, albeit flawed, LIBOR system. What the banks are warning regulators about is that these things aren’t as stable or balanced as LIBOR, so you could have disruptions in the lending market next year. Even though the economy is puttering along and central banks are being accommodative, you could have problems in the lending and debt markets because of changes in the mechanics of banking. Obviously central banks are extremely worried about that, but they know they have to find a replacement for LIBOR, so the risk of something happening that might upset the apple cart in terms of mechanical changes is probably greater than what some of the people outside the banking sector realize. TNM: There has been a f lood of mergers and acquisitions this year, starting with Barrick and Randgold, then Newmont Mining and Goldcorp, and more recently Kirkland Lake Gold’s proposed takeover of Detour Gold and Endeavour Mining’s bid for Centamin. Do you see this wave continuing and what’s driving it? JC: What’s driving it is somewhat higher prices in gold and silver and some of the base metals, and a lack of organic growth opportunities on the part of these large companies. As a result, it will continue, and, it might accelerate, but it’s really about the failure to develop their own companies. It’s easier for these guys to merge and acquire than to

find their own mines. TNM: Let’s move to your precious metals forecasts for 2020. JC: We expect gold and silver prices to rise modestly on an annual average basis — about a 10% increase, which would put gold close to US$1,600 per oz. by the end of 2020, and perhaps a 17% increase in silver on an average annual basis, which would put it at US$18 per oz. by the end of 2020. These are relatively modest increases, far less bullish than the “true believers” or promoters espouse. One of the things that we have seen, and it’s very interesting, is that when we talk about real economic and political issues facing the world, and the chimera ones like trade wars, it’s a real problem, but the reality is that it has gotten far too much attention and it’s very superficial. It’s just listening to the tweets as opposed to looking at the underlying trade negotiations. But as that has happened in 2018 and 2019, we have seen investors buying less physical gold and silver. It’s kind of interesting that while economic and political problems seem to be getting worse and should drive prices higher, people are buying fewer ounces of physical gold and silver. There’s a lot of activity in the futures and options market. In other words, mainstream investors are buying exposure to gold and silver prices, while long-term insurance seekers are buying less physical metal, seemingly less concerned about economic See INTERVIEW / 16

A haul truck at Detour Gold’s Detour Lake gold mine in Ontario. DETOUR GOLD

2019-12-17 6:24 PM

DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

OUTLOOK 2020

WWW.NORTHERNMINER.COM

SNAPSHOT 2020 SNAPSHOT From 11 company has been working with various levels of government and the military to resolve the issue. In August, Cordoba announced that Colombia’s national mining agency approved its request to suspend all obligations relating to the El Alacran title until May 23, 2020. Cordoba also holds a 25% interest in the 52 sq. km Perseverance copper project in Arizona (75% Bell Copper [TSXV: BCU] through an earn-in and joint-venture agreement), with the option to increase its participation to 80%. The claims are located close to the Wheeler Wash porphyry root zone. Cordoba Minerals has a market capitalization of approximately $36.5 million. ERDENE RESOURCE DEVELOPMENT Erdene Resource Development (TSX: ERD) is focused on developing the Khundii gold project in Mongolia. Khundii is 300 km south of the regional capital and consists of the Bayan Khundii and Altan Nar deposits, which are located 16 km apart. In October, Erdene released the results of a technical report for the Khundii open-pit project, which incorporated results of a prefeasibility study on the Bayan Khundii deposit and an updated preliminary economic assessment for the Altan Nar deposit. The report envisions a staged 1,800-tonne-per-day openpit operation with mining first extracting Bayan Khundii over a six-year operating life, and then transitioning to Altan Nar for three years. Bayan Khundii would produce an average of 61,000 oz. annually at AISCs of US$746 per oz., while Altan Nar would yield an average of 48,000 oz. a year at AISCs of US$931 per ounce. Total preproduction capital estimates came in at US$40 million, with another US$2.2 million required for supporting infrastructure at Altan Nar in the sixth year of operations. Total Khundii measured and indicated resources are at 10.1 million tonnes grading 2.59 grams gold for 839,000 oz. and inferred resources of 4.3 million tonnes at 2.1 grams gold for 289,000 ounces. Bayan Khundii includes reserves of 3.5 million tonnes at 3.73 grams gold. In October, Erdene announced an $8-million financing package led by the European Bank for Reconstruction and Development, with a convertible loan from the bank of up to US$5 million alongside a $1.6-million private placement. Looking beyond the deposits, Khundii is located within the central Asian orogenic belt, host to a number of gold and copper deposits. Prospective structures have been found outside of the Bayan Khundii deposit, whereas at Altan Nar, 18 targets have been traced over 5.6 km of strike. The company is working towards a project development decision next year, with a target of first gold production in 2021.

Iamgold’s Rosebel gold mine in Suriname. PHOTO BY THE NORTHERN MINER holds 250 sq. km of ground in the Rosario mining district in Mexico’s Sinaloa state. The San Marcial project is the company’s most advanced asset and is 5.5 km south of First Majestic Silver’s (TSX: FR, NYSE: AG) Plomosas silver project. A resource estimate released in February outlined indicated resources of 7.6 million tonnes grading 147 grams silver equivalent for a total of 36 million equivalent oz. silver. Inferred resources are at 3.4 million tonnes grading 99 equivalent grams silver for a total of 11 million equivalent oz. silver. The current resource area covers a 500-metre strike length, with eight more exploration targets found within a 6 km long trend. This year, exploration efforts focused around the Faisanes target nearby the resource site, as well as on the Nava gold target. More work was completed along the corridor between Nava and Faisanes. Faisanes covers 600 metres of strike; diamond drilling returned a 1-metre intercept grading 204.6 grams gold with channel samples of up to 56 metres at 196 grams silver. Trenching completed on the Guacamayo target just southeast of the resource returned 24 metres of 219 grams silver earlier this year. The Nava target is 1.5 km west of the San Marcial resource and represents a potential lowsulphidation epithermal gold system. Work to date has identified a 500-metre-long zone of gold mineralization at Nava. Channel sampling results include 24 metres of 2.1 grams gold in addition to a 1-metre diamond drill intercept grading 354 grams silver. Sampling of historical San Marcial drill core completed in 2018 has found gold mineralization outside of the projected pit shell.

GOLDPLAY EXPLORATION

Goldplay’s focus at San Marcial is on expanding its resource inventory with an updated resource estimate expected in the next six to 12 months, followed by a preliminary economic assessment.

Goldplay Exploration (TSXV: GPLY)

Beyond San Marcial, Goldplay holds

Erdene has an approximate market capitalization of $32 million.

1-16_DEC23_Main .indd 14

the El Habal property, which hosts a 6 km prospective corridor. Goldplay has a market capitalization of approximately $13 million. IAMGOLD Iamgold (TSX: IMG, NYSE: IAG) holds four operating mines, two development assets as well as several exploration projects in its portfolio. This year, production guidance is for 765,000 to 810,000 oz. gold at AISCs of US$1,090 to US$1,130 per ounce. The Essakane open pit in Burkina Faso is expected to contribute 380,000 to 390,000 oz. this year, with another 240,000 oz. to 260,000 oz. expected from the Rosebel open pit in Suriname. This December, the company released updated production guidance for its Westwood underground mine in Quebec, which incorporates the impact of a development ramp-up period. Over the next three to four years, the asset is expected to produce 100,000 to 150,000 oz. a year at AISCs of US$1,125 to US$1,225 per ounce. Production on the order of 130,000 to 145,000 oz. annually is expected to follow at AISCs in the range of US$1,000 to US$1,100 per ounce. An updated mine plan and technical report for Westwood are expected in the second quarter of next year. In addition, Iamgold holds a 41% interest (41% AngloGold Ashanti [NYSE: AU], which is the operator, and 18% for the government of Mali) in the Sadiola open pit. In November, the company announced the results of a feasibility study on the Essakane carbon-in-leach and heap-leach project. It outlined an 11.7-milliontonne-per-year (mtpa) hard rock operation (versus 10.8 mtpa currently) between 2020 and 2026, with a heap-leach throughput of 8.5 mtpa between 2027 and 2031. Commissioning of the expanded mill is expected in next year’s third quarter. Regional exploration is underway on the property. In October, the company reported an initial inferred resource of 97 million tonnes grading 1.02 grams

gold for a total of 3.2 million oz. for the Nelligan project in Quebec, where it holds a 75% interest (25% Vanstar Mining Resources [TSXV: VSR]). Iamgold holds the option to earn another 5%. Additional drilling is planned to upgrade and extend resources. Iamgold also holds the Karita exploration project in Guinea, where drilling results released in October confirmed a grassroots discovery. Intercepts included 29 metres of 2.96 grams gold and 21 metres of 9.01 grams gold. Karita is 8 km from the Boto gold project in Senegal, with reserves of 35.1 million tonnes at 1.71 grams gold for a total of 1.9 million ounces. Iamgold has an approximate $2-billion market capitalization. THOR EXPLORATIONS Thor Explorations (TSXV: THX) is focused on building the Segilola open-pit gold mine, 120 km northeast of Lagos in Nigeria. At the end of May, the company signed the engineering, procurement and construction contract for the Segilola project with Norinco International, a company affiliated with China North Industries Association. The contract features a fixed price of US$67.5 million for the design, engineering, procurement, construction and commissioning of a 650,000-tonnper-year gold processing plant. Based on the results of a feasibility study released in February, the project is expected to produce an average of 80,000 oz. gold over a five-year operating life, at life-ofmine AISCs of US$662 per ounce. Based on the construction of a 625,000-tonne-per-year processing plant, the preproduction capital cost estimate came in at US$87 million. Current project reserves stand at 3.3 million tonnes grading 4.2 grams gold for a total of 448,000 oz., within indicated resources of 4 million tonnes at 4.3 grams gold. Additional inferred resources stand at 2 million tonnes at 4.7 grams gold for a total of 305,000 ounces. Alongside the feasibility release, Thor provided the results of a

preliminary economic assessment on the supplemental underground project at Segilola, which suggests more production of 33,000 oz. annually at AISCs of US$756 per oz., at a US$13-million development capital cost. The underground resource estimate consists of 100,000 tonnes in the indicated category grading 9.4 grams gold for a total of 28,000 oz., with another 350,000 tonnes in the inferred category grading 7.9 grams gold for 90,000 ounces. In April, Thor announced a US$78-million financing package for Segilola with Africa Finance Corp., an institution with a focus on private sector infrastructure investment. As of June, 89% of the US$97.6-million project total was funded with the closing of another $15.7-million private placement announced in December. The Segilola open pit could start production within the next 15 months. There are opportunities for resource growth at Segilola at depth and on strike. Eight exploration targets areas have been found through soil sampling. In December, the company also announced that it acquired 344 sq. km of exploration licences next to the Segilola project. Thor also holds the Makosa project in Mali where work is progressing towards a resource estimate, and additional exploration licences in Nigeria. It holds a 49% interest in the Houndé joint venture in Burkina Faso (49% Acacia Mining, acquired by Barrick Gold [TSX: ABX; NYSE: GOLD) in September). The company has a market capitalization of approximately $56 million. VICTORIA GOLD Victoria Gold (TSXV: VIT) is ramping up its open-pit heap-leach Eagle gold mine in the Yukon. Based on an update provided in November, the mine has produced 10,400 oz. gold and 1,600 oz. silver. Current guidance is for a commercial production announcement in the second quarter of 2020.

See SNAPSHOT / 16

2019-12-17 6:24 PM

OUTLOOK 2020

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 23, 2019–JANUARY 5, 2020

The Andes North expansion project at Codelco’s El Teniente copper mine in Chile. CODELCO

Trade war pause brightens copper outlook ECONOMICS BY STEVE STAKIW Special to The Northern Miner

.S. President Donald Trump signed off on a phase-one trade deal with China on Dec. 13 to avert a planned round of tariffs on US$160 billion of consumer goods. The news sent copper rallying to a several-month high of over US$6,170 per tonne (US$2.80 per lb.), and generated renewed optimism for the red metal’s fundamentals heading into 2020. Consensus forecasts for copper are guardedly bullish heading into next year. Along with most of the base metal suite, copper struggled in 2019 largely due to global trade war concerns and muted global industrial activities that consume the metal. Prices dropped to multiyear lows of US$2.53 per lb. in early September and the metal has not seen US$3 per lb. since mid-2018. Almost two years of trade war rhetoric between China and the U.S., along with protectionist sanctions levied on multiple international fronts, are f lagged as the reasons behind copper’s lacklustre market performance. Slumping industrial growth weighed on global demand, particularly in China, which recently posted multi-year low industrial production growth rates. China represents half of global copper consumption. Contrary to copper’s weak performance, tightness in physical supply has dropped to decade-plus lows. Global inventories in warehouse stocks have slipped to the 589,000-tonne level, or about nine days of global consumption. “The biggest boost [for macro copper] might come from the supply side,” Haywood Securities mining analyst Pierre Vaillancourt said in

1-16_DEC23_Main .indd 15

| Supply and demand fundamentals underlie optimism

“IT’S NOT GOING TO BE, IN MY ESTIMATION, THAT 2020 IS GOING TO TAKE OFF IN TERMS OF DEMAND, BUT IT WILL HANG IN THERE MORE OR LESS UNTIL SUCH TIME AS ELECTRIC VEHICLES LAYER IN AND START DRIVING IT A BIT.” PIERRE VAILLANCOURT MINING ANALYST, HAYWOOD SECURITIES

an interview. “Codelco we saw has cut back its investment in development capex to build out its mines, so there’s a risk that Chile may no longer even be the top copper producer. When you look at new projects, the time lines are getting longer. The regulatory issues and social issues especially are impinging on the ability to start up new production. There’s a good underpinning for the metal and for the bigger companies [and] it’s hard to replace production, which is why we see First Quantum now in play.” Vaillancourt argues that demand will grow. “It’s not going to be, in my estimation, that 2020 is going to take off in terms of demand, but it will hang in there more or less until such time as electric vehicles layer in and start driving it a bit,” he says. “It’s one of those things where, when electric vehicles [EVs] take off, it’s not linearly, it’s logarithmically.” An increasing global market for EVs is seen as a growth driver for copper consumption as a raw material in the growing technology. According to the Copper Development Association (CDA), whereas conventional cars typically contain 18 to 49 lb. copper, hybrid electric vehicles have 85 lb., plug-in hybrid electric vehicles use 132 lb. and full-battery electric vehicles contain 183 pounds. Forecast growth in consumer EV adoption will also call

for support infrastructure — specifically charging ports and stations. The CDA says that by 2023, annual sales of plug-in EVs should reach over 1 million and account for 7% of annual vehicle sales by 2025. The marketing group also projects that 5 million charging ports would need to support its projected several million EVs on the road by 2025. On the supply side, global mine output looks poised to modestly increase in 2020. According to the International Copper Study Group (ICSG), after a forecast 0.5% decline in 2019, world mine production looks like it will rise 2% in 2020 to the 21.6-million-tonne level. The 2019 drop owes to disruptions in Africa and declines from two major Indonesian mines. The increase in 2020 factors in an improvement of African and Indonesian output and ramp-up of recently commissioned mines such as First Quantum Minerals’ (TSX: FM) Cobre de Panama operation, which is forecast to add 290,000 tonnes of copper next year. Producers are poised for relief on processing costs for their copper concentrate output next year. Benchmark smelter treatment charges and refining charges (TC/ RC) for 2020 have been pegged at US$62 per tonne/US¢6.2 per lb., the lowest since 2011, and down 23% from US$80.8 per tonne/US¢8.08

per lb. in 2019. The drop indicates a tight market of concentrate supply and rising smelting capacity, particularly in China, where 900,000 tonnes of annual smelting capacity has been added this year, and more is anticipated for 2020. “Notwithstanding the potential for resurgent demand growth in 2020, copper markets are still likely to see a surplus next year,” Bart Melek, head of commodity strategy at TD Securities, wrote in a recent 2020 commodities outlook note. “We expect that positive mine supply growth of nearly 2% will more than offset demand growth as Chinese consumption underwhelms in the first half of the year. Meanwhile, the U.S.–China trade war will likely linger far beyond 2020 — irrespective of whether a ‘phase-one’ trade deal will be struck.” Melek is optimistic on copper’s near-term performance, noting that “prices are driven by changes in growth and relative changes in supply-demand balances rather than the outright level of consumption growth. “Prices will be supported by an inflection point in growth, which could invigorate investor appetite into a potential ‘reflation trade’ — a trade in which the red metal is an industry favourite,” he continued. “Our macroeconomic outlook argues for an improvement by second-

half 2020. A restocking cycle will likely take place at the same time as investment appetite takes note of the red metal’s potential to participate in the ‘reflation trade,’ which we expect will drive copper prices notably higher towards $6,375 per tonne (US$2.90 per lb.), in the later part of the year.” At its recent Focus 2020 presentation held in Toronto, Scotiabank Metals’ strategist Nicky Shiels tabled her year-end short-term outlook for copper, highlighting some of the factors that have weighed on the metal over the past several months and what headwinds it may face in the upcoming year. The strategist sees trade war potential — despite current positive momentum — as a threat to copper’s macro fundamentals, however buoyancy in recent global manufacturing indexes provides optimism that a potential recession could be dissipating. She also highlighted some of the supply risks facing the metal, specifically civil unrest in Chile and Peru, the world’s number-one and number-two copper-producing countries, and resource nationalism concerns in major copper producers Democratic Republic of the Congo, Zambia, Indonesia and Mongolia. Optimism in the copper sector has also increased focus on producers, sparking discussion of mergers and acquisitions potential. Recently, China’s Jiangxi Copper Co. bought 18% of First Quantum, becoming the company’s largest shareholder. Shares in the major copper producer have rallied since Jiangxi acquired its position and have risen over 20% since early December to the $14-per-share level. At press time copper price traded at US$2.79 per pound. TNM

2019-12-17 6:24 PM

DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

OUTLOOK 2020

WWW.NORTHERNMINER.COM

CPM’s Jeffrey Christian reflects on 2019, forecasts 2020 “EVEN IF YOU USE THE MOST BULLISH FORECASTS ABOUT EVS, YOU HAVE ONLY 30% OF THE MARKET BEING EVS BY 2040, SO THAT MEANS 65% OR MORE OF THE CARS WILL STILL HAVE INTERNAL COMBUSTION ENGINES.”

INTERVIEW From 13

catastrophes disrupting their access to money in the bank. We’re seeing that investors are getting a good accurate read that no, we’re not in a recession, the stock market has shown a lot of volatility and capacity to decline, but it’s still rising and reaching record levels. Investors are not ready to pivot into physical precious metals yet, and some of these are short-term, opportunistic investors, rather than investors holding long-term positions. We have seen enormous futures and options positions established by mainstream investment management companies that are not interested in owning gold or silver, but want hedges against their stocks and debt asset holdings. We’re seeing relatively tight physical markets, meanwhile, that could play into higher prices later, when physical investors return as buyers. However, in 2018 and 2019, we have really been seeing some of the lowest demand from precious metal investors in almost two decades. If and when investors decide to come in and buy even small amounts of physical gold and silver — if they step up their gold and silver purchases in small amounts — compared to 2019 — the buying of physical metals could have a very powerful effect on pushing prices up. By extension, if CPM does not think prices are going

JEFFREY CHRISTIAN MANAGING PARTNER, CPM GROUP

to skyrocket next year, it reflects our view that we don’t think investors are going to come racing back into the market, either. In a “normal” world, if the U.S. president were up for impeachment for something other than oral sex, you’d expect that to be seen as a destabilizing event that would push gold and silver prices higher. I refer to former U.S. president Bill Clinton as the exception. That was, to be nice, a joke impeachment proceeding, although the joke led to the creation of the hostile political environment that has grown since that event. If you go back to Nixon’s times, and think in general theoretical terms, the impeachment of a president or investigation of criminality and treason of a president ought to destabilize the markets, but in this crazy world right now, if Trump was removed from office, it would be a selling opportunity for gold and

silver because it would be a reduction of uncertainty. It’s kind of weird but that’s the way it is. TNM: The Dow and S&P continue to reach new records. What’s going on there? JC: It’s all about the flood of money. If you look at private equity, there’s US$1 trillion in cash in private equity funds and another US$3 trillion in bonds waiting to be allocated to investments. Bond rates are very low, in some cases they’re paying the government to own the bonds, so there’s a tremendous amount of cash looking for investments. Much of the money stacked up in bank deposits by banks and institutions is being used as collateral for higheryielding collateralized debt offerings, many tied to U.S. equity market indexes. On top of this enormous pile of investible cash, you continue

to have decapitalization in the U.S. market, where companies are buying their own shares and dividending out profit rather than investing in their businesses. They’re not particularly aggressively hiring, they’re not building new factories or buying new equipment, so you’ve got this decapitalization that shrinks the pool of shares and so pushes up stock market prices. TNM: What about PGMs? JC: The palladium price is more than double the platinum price and that’s going to be the case for a long time. You’re starting to find investors that want to believe platinum prices will rise, but the reality is they really struggle around the US$900 per oz. mark. We don’t think it will rise dramatically over the next year or several years, because part of the bearishness about platinum is

that diesel is going away and internal combustion engines are going away much more rapidly than they really are. If you look at the auto industry and what they expect of growth in the electric vehicle market and compare it to what the metal industry and others are saying, the auto industry is much more cautious about the growth rate and market share-taking of EVs, because they say there’s not enough electricity, the grids can’t support the distribution of the electricity that’s needed, and the infrastructure that’s required to build the components and controllers isn’t there. EVs will probably grow in terms of market share, but it’s going to be very slow growth. And even if you use the most bullish forecasts about EVs, you have only 30% of the market being EVs by 2040, so that means 65% or more of the cars will still have internal combustion engines (ICEs), and will need platinum and palladium in their catalysts to clean up their emissions. ICEs and platinum and palladium are going to be used for a long time. This is being missed in the market, and as a result, we think the platinum market is underappreciated. We see platinum prices struggling towards US$1,000 per oz. and palladium pretty much plateauing at US$1,800 to US$1,900 per ounce. TNM

SNAPSHOT 2020 SNAPSHOT From 14 In December, Victoria released the results of an updated technical report, prepared to feasibility study level for Eagle. Total preproduction reserves stand at 155 million tonnes grading 0.65 gram gold per tonne for a total of 3.3 million contained ounces. Annual production is estimated to average 220,000 oz. gold at AISCs of US$774 per ounce. Victoria is investigating the option of year-round stacking to the heap leach pad, practiced at other northern heap-leach operations. Looking beyond Eagle, there are a number of exploration targets at the company’s 555 sq. km Dublin Gulch property. Raven is located along a large intrusive body — similar to the one hosting the Eagle mine mineralization. Trenching completed in 2018 returned 124 metres of 3.51 grams gold per tonne, with 2019 follow-up work returning 12 metres of 7.91 grams gold and 60 metres of 1.12 grams gold. Next year, exploration will focus on testing Raven mineralization through a 7,500-metre diamond drill campaign, as well as 3,500 metres of drilling allocated towards the Nugget target area to test for Eagle style mineralization. Additional soil sampling, mapping and sampling is planned for these targets, with a $10-million budget. Kinross Gold (TSX: K, NYSE: KGC), which owns and operates the Fort Knox heap-leach mine in Alaska, holds 6.5% of Victoria’s shares outstanding.

A headframe at Wesdome Gold Mines’ Kiena gold mine in Val-d’Or, Quebec. WESDOME GOLD MINES ounce.

WESDOME MINES

The flagship Eagle River complex, in Wawa, Ont., features two deposits (Eagle river underground and the Mishi open pit) feeding a central 850-tonne-per-day mill. Exploration is ongoing at this site to extend mineralization lenses and identify parallel zones.

Wesdome Gold Mines (TSX: WDO) is an Ontario and Quebec-focused gold producer. This year, its two operating mines are expected to produce 88,000 to 93,000 oz. gold at AISCs of US$985 to US$1,040 per

At the Kiena mine in Val-d’Or, Que., operations were suspended in 2013. The 65 sq. km site features a permitted mine and 2,000-tonneper-day mill. Wesdome is proceeding with a $27-million exploration

Victoria Gold has a market capitalization of approximately $500 million.

1-16_DEC23_Main .indd 16

and development program at the site. Five rigs are active with more work allocated to underground development and backfilling. There are 10 shafts within the Kiena property. In September, Wesdome released updated resources for Kiena: measured and indicated resources total 2.8 million tonnes grading 8.67 grams gold per tonne for a total of 788,100 ounces. Additional inferred resources stand at 2.9 million tonnes grading 8.61 grams gold for 798,100 ounces. Approximately half of these resource

ounces are contained within the higher-grade Kiena Deep A zone. Drills are testing its up- and down-plunge extents. Drilling is also focused on definition work to upgrade existing resources. Ongoing exploration continues to return high-grade intercepts from this zone. Wesdome is also completing underground development to allow more efficient drilling. Work on a preliminary economic assessment is ongoing, with results expected in the first half of next year. The results will determine the next steps

for Kiena and provide insight on a potential mine restart. The company also holds the Moss Lake property, covering 36 km of strike along the Shebandowan greenstone belt, 100 km west of Thunder Bay in Ontario. The property hosts measured and indicated resources of 1.4 million oz., with additional inferred resources of 1.8 million ounces. Current resources grade 1.1 grams gold. Wesdome has a current market capitalization of $1.28 billion. TNM

2019-12-17 6:24 PM

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2019-12-16 3:38 PM

WWW.NORTHERNMINER.COM

DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 9–13 The S&P/TSX Composite Index rose 0.04% to 17,003.10. The S&P/TSX Global Mining Index rose 3.80% to 80.99 and the S&P/TSX Global Base Metals Index gained 4.97% to 109.84. Spot gold climbed US$16 per oz. (1.10%) to US$1,475.70 per oz., and the S&P/TSX Global Gold Index advanced 3.02% to 251.40. Kirkland Lake Gold topped the list of value gains during the trading week, jumping $3.03 to $56.64 per share. The company released drill results from the Robbin’s Hill area, north of its Fosterville mine in Australia. Step-out highlights included 6 metres of 10.4 grams gold per tonne and 5 metres of 9.5 grams gold per tonne. The holes were drilled 500 metres down-plunge of Robbin’s Hill resource. Highlights from extension drilling included: 13 metres of 6.5 grams gold, 11 metres of 6.4 grams gold and 4 metres of 8.2 grams gold. Additional infill drilling was completed to assess mineralization continuity for a potential upgrade of inferred resources. Highlights included 9 metres of 11.7 grams gold, 4 metres of 24.5 grams gold and 11 metres of 11.3 grams gold. Five rigs continue to work on the Robbin’s Hill area. The drill results will be incorporated into a year-end resource update. Kirkland Lake is also working on a 3-D seismic survey over 6 sq. km in the north part of the Fosterville licence, where Robbin’s Hill is situated.

Shares of Pan American Silver increased $2.08 to $28.40. The company reported a mineral resource for its La Colorada skarn deposit at its La Colorada mine in Zacatecas, Mexico. The skarn deposit contains 72.5 million inferred tonnes averaging 44 grams silver per tonne, 0.17% copper, 2.02% lead and 4.40% zinc, assuming a cutoff value of US$60 per tonne after accounting for transportation, smelting and refining costs. Contained metal in the maiden resource works out to 102 million oz. silver, 3.2 million tonnes zinc, 1.5 million tonnes lead and 121,000 tonnes copper. The large polymetallic deposit was discovered in 2018 and is open in nearly all directions. Most of the mineralization is contained within a larger polymetallic mineralized skarn covering an area measuring TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

First Quantum FM 22102 Suncor Energy SU 18830 Barrick Gold ABX 17150 Kinross Gold K 15398 B2Gold Corp BTO 15023 Yamana Gold YRI 13972 Wallbridge Mng WM 11952 Turquoise HIl TRQ 10288 Lundin Mng LUN 9881 Teck Res TECK.B 8470

14.10 42.54 23.71 5.96 5.00 5.04 0.88 1.03 7.91 22.72

13.04 41.61 22.21 5.60 4.80 4.67 0.76 0.72 7.35 20.70

13.56 41.90 23.24 5.71 4.97 4.93 0.83 1.00 7.64 22.21

+ - + + + + + + + +

0.60 0.45 0.83 0.03 0.15 0.19 0.05 0.21 0.23 1.02

500 by 600 metres. The deposit, as currently defined, is located between 600 and 1,700 metres below surface and east of the current La Colorada mine workings. The resource was based on 65 diamond drill holes with a total length of 54,000 metres. Pan American plans to spend US$10 million to drill 44,000 metres at the deposit in 2020. Shares of Centerra Gold fell 23¢ to $10.16. Mining operations remain temporarily

halted at the company's Kumtor mine in the Kyrgyz Republic, after a significant rock movement on Dec. 1 at the Lysii waste rock dump, north of the open pit. Search and rescue operations continue for two missing employees. There are enough ore stockpiles on surface for normal production levels through the end of 2020, Centerra says, and there is no change to its 2019 production guidance. TNM

TSX GREATEST PERCENTAGE CHANGE

U3O8 Corp Turquoise HIl Imperial Metal Largo Res Loncor Res Xtra-Gold Res Capstone Mng Vista Gold Gold Std Vents Osisko Mng Inc Nthn Dynasty St Augustine EurOmax Res Almonty Ind Candente Coppr Potash Ridge SouthGobi Res Prophecy Coal Energy Fuels Silver Bear Rs

UWE TRQ III LGO LN XTG CS VGZ GSV OSK NDM SAU EOX AII DNT SOP SGQ PCY EFR SBR

136 10288 297 1968 189 276 2425 25 6853 2756 4679 153 118 412 1556 950 33 1037 670 197

0.08 1.03 1.87 1.20 0.49 0.60 0.66 1.19 0.98 3.64 0.68 0.02 0.04 0.58 0.03 0.03 0.13 0.35 3.09 0.15

0.06 0.72 1.44 0.95 0.34 0.44 0.56 0.88 0.81 3.03 0.50 0.02 0.03 0.46 0.03 0.02 0.10 0.29 2.49 0.13

0.08 1.00 1.87 1.14 0.45 0.59 0.66 1.02 0.95 3.49 0.50 0.02 0.03 0.46 0.03 0.03 0.11 0.29 2.57 0.14

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Kirkland Lake KL Pan Am Silver PAAS Newmont Gdcorp NGT Torex Gold TXG Detour Gold DGC Endeavour Mng EDV Franco-Nevada FNV Labrador IOR LIF Nexa Resources NEXA Wheaton Prec M WPM Cameco Corp CCO Suncor Energy SU Energy Fuels EFR Caledonia Mng CAL Lundin Gold LUG Centerra Gold CG Alacer Gold ASR Anglo Pac Grp APY Nthn Dynasty NDM Almonty Ind AII

50.0 26.6 23.0 20.0 18.7 18.0 17.9 15.9 15.9 15.6 26.5 25.0 25.0 19.3 16.7 16.7 16.0 14.7 14.0 12.5

VOLUME WEEK (000s) CLOSE CHANGE

6047 56.64 2841 28.40 550 54.48 1971 19.95 4500 25.38 871 25.44 2543 129.90 1704 26.73 2 12.18 4074 37.21 4300 12.03 18830 41.90 670 2.57 3 10.62 1265 7.98 3154 10.16 5218 6.85 2 3.35 4679 0.50 412 0.46

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

3.03 2.08 1.83 1.48 1.45 1.34 1.14 1.13 1.05 1.05 0.94 0.45 0.42 0.38 0.26 0.23 0.20 0.19 0.18 0.11

TSX VENTURE EXCHANGE / DECEMBER 9–13 The S&P/TSX Venture Composite Index moved 0.50% higher to 540.53, while spot gold finished at US$1,475.70 per oz., up US$16 per ounce (1.10%). Shares of Victoria Gold jumped 51¢ to $8.56 in the wake of assay results from t renches i n t he Nug get z one — pa r t of its Raven d iscover y in t he Yu kon. The latest assay results extend surface mineralization over 200 metres east and 250 metres southeast from the Raven discovery trench 18-33, which returned 124 metres of 3.51 grams gold per tonne last year. Highlights from the most recent set of results included 6.64 grams over 10 metres in trench 19-13; 7.91 grams gold over 12 met re s i n t rench 19 -15 and 1.12 grams gold over 60 metres in trench 19-07. CEO John McConnell said Raven has become a “tier-one target for future exploration efforts.” Raven lies on the southeastern contact margin of the Nugget Intrusive Stock. It is centered on a greater than 1 sq. k m coincident gold-arsenic-bismuth-in-soils geochemical anomaly. News of its application to list on the N YSE A merica n stock excha nge sent shares of Metalla Royalty & Streaming up 44¢ to $1.73. In connection with

t he l ist i ng , t he compa ny sa id it w i l l consolidate its outsta nd i ng common shares. The consolidation will bring one new common share for every four outstanding common shares. The common shares are expected to start trading on the TSX Venture Exchange on a postconsolidation basis beginning around Dec. 19. Metalla has 135,160,667 issued and outstanding common shares, and expects there will be 33,790,167 common shares issued and outstanding after the consolidation. Drill results and a property acquisition sent O3 Mining’s shares up 27¢ to $2.70. At its Alpha property, 5 km southeast of Val-d’Or, Que., drill hole 19-016 returned 9.3 grams gold per tonne over 6 metres, TSX-V MOST ACTIVE ISSUES

Gabriel Res GBU BTU Metals BTU Camino Min COR Ucore Rare Mtl UCU Core Gold CGLD Goldstrike Res GSR Cartier Res ECR QMX Gold QMX Gitennes Expl GIT MacDonald Mns BMK

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

8926 7186 7062 6993 5820 5590 5459 5361 5314 4910

0.68 0.49 0.09 0.21 0.31 0.02 0.13 0.06 0.05 0.11

0.57 0.30 0.05 0.11 0.23 0.01 0.11 0.06 0.01 0.08

0.68 + 0.39 + 0.07 + 0.17 + 0.27 + 0.01 unch 0.12 unch 0.06 unch 0.01 - 0.08 -

0.10 0.06 0.02 0.06 0.04 0.00 0.00 0.00 0.03 0.01

including 25.7 grams gold over 2 metres at its Epsilon target. Drilling on the Alpha property focuses on the Cadillac–Larder Lake fault corridor and the Epsilon and Pontiac East zones. The Epsilon zone has been t raced over a 1.5 k m st ri ke length. The company also reported news that it has completed its purchase from Monarch Gold of the Simkar property,

20 km east of Val-d’Or. Simkar includes two mining concessions and 15 claims covering 5 square kilometres. O3 Mining is consolidating exploration properties and holds 4,350 sq. km in Quebec and 250 sq. k m in Ontario. In Quebec, it cont rols 610 sq. k m i n Va l-d ’Or a nd has over 50 km of strike length in the Cadillac Larder break. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Eurotin Stans Energy Stria Lithium Glacier Lake Luckystrike Midasco Cap Heatherdale Rs Giyani Gold Balto Res Cariboo Rose Great Thunder Fidelity Min Gitennes Expl Gespeg Res Blackheath Res Revelo Res Alliance Mng Slam Explor Sphinx Res Golden Dawn Ml

TIN.H HRE SRA GLI LUKY MGC.H HTR EMM BAL.H CRB GTG FMN GIT GCR BHR RVL ALM SXL SFX GOM

211 1367 115 179 123 19 174 257 111 245 595 1791 5314 97 276 2013 565 21 2016 207

0.01 0.01 0.01 0.05 0.46 0.15 0.24 0.20 0.19 0.06 0.02 0.01 0.05 0.02 0.05 0.01 0.01 0.02 0.02 0.13

0.01 0.01 0.01 0.00 0.27 0.08 0.14 0.11 0.11 0.04 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.08

0.01 0.01 0.01 0.09 0.45 0.15 0.24 0.20 0.19 0.06 0.02 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.02 0.08

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 100.0 + 100.0 + 100.0 + 100.0 + 95.7 + 93.3 + 77.8 + 77.3 + 65.2 + 57.1 - 80.0 - 80.0 - 75.0 - 66.7 - 55.0 - 50.0 - 50.0 - 50.0 - 40.0 - 38.5

VOLUME WEEK (000s) CLOSE CHANGE

Victoria Gold Metalla Rylty Cantex Mn Dev O3 Mining Luckystrike Universal Vent Bluestone Res Artemis Gold New Oroperu Lion One Mtls Pac Booker Min HighGold Canadian Prem SRG Mining Bear Creek Mng Critical Elem Aurion Res Great Thunder Colonial Coal Tanqueray Expl

VIT MTA CD OIII LUKY MCLD BSR ARTG ORO LIO BKM HIGH CPS SRG BCM CRE AU GTG CAD IPA

382 3672 1272 106 123 539 643 210 175 619 45 249 212 83 307 954 315 595 242 352

8.56 1.73 1.33 2.70 0.45 4.60 1.30 1.42 0.75 1.13 1.63 1.15 0.55 0.77 2.70 0.38 1.74 0.02 0.29 0.51

+ 0.51 + 0.44 + 0.38 + 0.27 + 0.22 + 0.20 + 0.17 + 0.17 + 0.15 + 0.15 - 0.22 - 0.19 - 0.12 - 0.12 - 0.11 - 0.10 - 0.09 - 0.08 - 0.07 - 0.07

U.S. MARKETS / DECEMBER 9–13 The Dow Jones Industrial Average rose 0.43% to 28,135.38 and the S&P 500 Index gained 0.73% to 3,168.80. Spot gold climbed US$16 per oz. to finish at US$1,475.70 per ounce. Shares of Rio Tinto jumped US$2.35 to US$57.72 on news about its Oyu Tolgoi mine in Mongolia. The company announced unanimous approval of a resolution by the Mongolian parliament that instructs the government to look for ways to better implement the 2009 investment agreement, the 2011 amended and restated shareholder agreement, and the 2015 underground mine development and financing plan. “The passing of this resolution effectively reconfirms the validity of all the investment agreements between the Government of Mongolia, Rio Tinto and Turquoise Hill Resources,” Rio Tinto said in a press release. “This brings to a close an over 18-month review by the Parliamentary Working Group of Oyu Tolgoi and the investment agreements governing the business.” Commenting on the resolution, Arnaud Soirat, chief executive of Rio Tinto’s copper and diamond division, noted that “adherence to these agreements by all parties has underpinned a total incountry spend of around $10 billion since

18_DEC23_MarketNews.indd 18

2010, which has delivered significant benefits to the people of Mongolia and will continue to do so for decades to come.” The resolution was officially published by the Government of Mongolia on Dec. 10. News that Newmont Goldcorp had reached an agreement on a water pact at its Penasquito mine in Mexico sent its shares up to $41.29 apiece, representing a $1.49 gain. The mining company and the San Juan de Cedros community (one of 25 neighbouring communities) in Zacatecas mutually agreed to an infrastructure solution securing sustainable water availability for the community’s domesU.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMoR* FCX 147817 13.38 Vale* VALE 121498 13.21 Yamana Gold* AUY 73758 3.82 Cleveland-Clif* CLF 63662 9.02 United States S* X 63299 14.52 Barrick Gold* GOLD 58937 17.98 Kinross Gold* KGC 45320 4.52 Hecla Mining* HL 42605 3.10 Newmont Gdcorp* NEM 34020 41.41 Turquoise HIl* TRQ 29239 0.78

11.74 12.87 + 1.23 12.25 13.06 + 0.67 3.52 3.74 + 0.18 8.10 8.62 + 0.48 13.60 13.71 - 0.23 16.79 17.58 + 0.69 4.23 4.34 + 0.07 2.74 3.05 + 0.27 39.54 41.29 + 1.49 0.54 0.75 + 0.16

tic and agricultural uses. The 30-year water agreement represents a “significant milestone and an important step in the ongoing negotiations between the parties,” the company stated. The plan includes additional water wells and infrastructure that will supplement

the 600,000-litre-per-day, reverse-osmosis drinking water plant and wells the company built in 2018 and continues to operate. The public water system and the distribution networks will ultimately be owned by the municipality. TNM

U.S. GREATEST PERCENTAGE CHANGE

U.S. GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Turquoise HIl* TRQ Fortuna Silvr* FSM Sibanye-Stillw* SBGL HudBay Min* HBM Freeport McMoR* FCX Hecla Mining* HL CONSOL Energy* CNX First Majestic* AG Coeur Mng* CDE Southern Copp* SCCO Cameco Corp* CCJ McEwen Mng* MUX Mosaic* MOS IAMGOLD* IAG Natural Res Pt* NRP United States S* X Arch Coal* ARCH Suncor Energy* SU Chevron Corp* CVX Alamos Gold* AGI

29239 0.78 0.54 0.75 + 27.5 11435 3.67 3.19 3.62 + 13.5 23442 9.57 8.19 9.20 + 11.7 5718 4.04 3.47 3.93 + 10.7 147817 13.38 11.74 12.87 + 10.6 42605 3.10 2.74 3.05 + 9.7 16630 7.69 6.75 7.43 + 7.7 22801 11.23 10.37 11.23 + 7.3 22242 7.43 6.81 7.27 + 7.1 3938 42.06 38.94 41.49 + 6.9 12568 9.80 8.85 9.12 - 6.7 27959 1.16 1.05 1.10 - 3.5 20996 19.40 17.66 18.63 - 2.4 24787 3.56 3.28 3.41 - 2.0 100 20.66 19.52 19.74 - 1.7 63299 14.52 13.60 13.71 - 1.6 1494 78.06 73.56 74.02 - 1.6 10215 32.28 31.53 31.77 - 0.4 27491 119.54 116.13 117.96 - 0.0 10344 5.65 5.29 5.40 + 0.2

MartinMarietta* MLM Southern Copp* SCCO Kirkland Lake* KL Rio Tinto* RIO Newmont Gdcorp* NEM Franco-Nevada* FNV Freeport McMoR* FCX NACCO Ind* NC AngloGold Ash* AU Sibanye-Stillw* SBGL ARCH Arch Coal* Cameco Corp* CCJ Mosaic* MOS Natural Res Pt* NRP United States S* X Suncor Energy* SU IAMGOLD* IAG Chevron Corp* CVX McEwen Mng* MUX Alamos Gold* AGI

VOLUME WEEK (000s) CLOSE CHANGE

2109 276.30 3938 41.49 7394 42.85 8245 57.72 34020 41.29 2615 98.50 147817 12.87 51 48.98 18087 19.94 23442 9.20 1494 74.02 12568 9.12 20996 18.63 100 19.74 63299 13.71 10215 31.77 24787 3.41 27491 117.96 27959 1.10 10344 5.40

+ 2.98 + 2.68 + 2.41 + 2.35 + 1.49 + 1.44 + 1.23 + 1.21 + 1.17 + 0.96 - 1.23 - 0.65 - 0.45 - 0.34 - 0.23 - 0.14 - 0.07 - 0.05 - 0.04 + 0.01

2019-12-17 6:19 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 23, 2019–JANUARY 5, 2020

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 Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 13, 2019 (change from December 6, 2019 in brackets): 6820 (-260) Aluminium Alloy Aluminium 1375675 (+91375) Copper 171800 (-22000) Lead 67325 (+200) Nickel 123228 (+54352) Tin 6435 (-85) Zinc 56075 (-2600)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$61.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.75 Cobalt: US$15.65/lb. Copper: US$2.79/lb. Copper: CME Group Futures Jan. 2020: US$2.81/lb.; Feb. 2020: US$2.81/lb Iridium: NY Dealer Mid-mkt US$1,480.00/tr oz. Iron Ore 62% Fe CFR China-S: US$93.90/tonne Lead: US$0.85/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$6,150.00 tr. oz. Ruthenium: Mid-mkt US$250.00/tr. oz. Silver: Handy & Harman Base: US$17.02 per oz.; Handy & Harman Fabricated: US$21.27 per oz. Tin: US$7.79/lb. Uranium: U3O8, Trade Tech spot price: US$26.00 per lb. U308 Zinc: US$1.03/lb. Prices current Dec. 17, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Dec 13 Dec 12 Dec 11 Dec 10 Dec 9 High Low S&P/TSX Composite 17003.13 16946.90 16939.61 16950.70 16950.85 15527.30 12400.15 S&P/TSXV Composite 540.53 536.52 536.32 536.33 537.49 1050.26 883.52 S&P/TSX 60 1015.49 1012.93 1011.37 1011.40 1011.42 896.74 709.99 S&P/TSX Global Gold 251.40 249.43 250.88 245.27 242.62 218.90 149.29 DJ Precious Metals 211.51 211.51 212.24 206.77 204.54 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 30, 2019 (with changes from Nov 15, 2019) Largest short positions Nemaska Lith NMX 23691813 647319 11/15/2019 Sandstorm Gold SSL 19109591 -177898 11/15/2019 New Gold NGD 17652132 717969 11/15/2019 Ivanhoe Mines IVN 15005484 -487463 11/15/2019 Kinross Gold K 13342797 2323805 11/15/2019 Barrick Gold ABX 11889698 432731 11/15/2019 Nexgen Energy NXE 10590461 1927 11/15/2019 First Quantum FM 9753287 810414 11/15/2019 Osisko Mng Inc OSK 9407554 2300839 11/15/2019 Premier Gold M PG 8324195 -180048 11/15/2019 Fortuna Silvr FVI 8018528 -267545 11/15/2019 OceanaGold OGC 7530236 -2685761 11/15/2019 Sherritt Intl S 7444500 -592847 11/15/2019 Suncor Energy SU 7423946 -720080 11/15/2019 Trevali Mng TV 7409476 295616 11/15/2019 Largest increase in short position Kinross Gold K 13342797 2323805 11/15/2019 Detour Gold DGC 4853253 2318723 11/15/2019 Osisko Mng Inc OSK 9407554 2300839 11/15/2019 Kirkland Lake KL 2203137 1040369 11/15/2019 Harte Gold HRT 3876876 1033961 11/15/2019 Largest decrease in short position OceanaGold OGC 7530236 -2685761 11/15/2019 Yamana Gold YRI 7238198 -1563171 11/15/2019 Osisko Gold OR 3201478 -1107670 11/15/2019 McEwen Mng MUX 2684348 -808714 11/15/2019 Suncor Energy SU 7423946 -720080 11/15/2019

Short positions outstanding as of Nov 30, 2019 (with changes from Nov 15, 2019) Largest short positions Conic Metals NKL 2583373 1764243 11/15/2019 K92 Mining KNT 2478242 844363 11/15/2019 Novo Res NVO 1629770 -847785 11/15/2019 Stans Energy HRE 1329000 1238678 11/15/2019 Tinka Res TK 1247806 1245611 11/15/2019 BTU Metals BTU 1168942 969700 11/15/2019 QMX Gold QMX 1067115 1047041 11/15/2019 Maple Gold MGM 983000 875597 11/15/2019 Melkior Res MKR 977131 967975 11/15/2019 Group Eleven ZNG 910000 909000 11/15/2019 Brixton Metals BBB 863641 767813 11/15/2019 IMPACT Silver IPT 800500 471884 11/15/2019 First Cobalt FCC 796229 600354 11/15/2019 Lupaka Gold LPK 778658 778158 11/15/2019 Barrian Mining BARI 561905 366774 11/15/2019 Largest increase in short position Conic Metals NKL 2583373 1764243 11/15/2019 Tinka Res TK 1247806 1245611 11/15/2019 Stans Energy HRE 1329000 1238678 11/15/2019 QMX Gold QMX 1067115 1047041 11/15/2019 BTU Metals BTU 1168942 969700 11/15/2019 Largest decrease in short position Novo Res NVO 1629770 -847785 11/15/2019 Hawkeye Gld&Di HAWK 127223 -686777 11/15/2019 Osino Res OSI 9400 -656109 11/15/2019 Providence PHD 23290 -505204 11/15/2019 Goldsource Min GXS 78635 -333523 11/15/2019

DAILY METAL PRICES Daily Metal Prices Date Dec 16 Dec 13 Dec 12 Dec 11 Dec 10 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1395/1390 1415/1410 1380/1380 1395/1390 1395/1390 Aluminum 1762.50/1770 1762.50/1774 1754.50/1765 1751/1757.50 1749/1752 Copper 6155/6161 6153.50/6176 6095/6118.50 6082.50/6108 6054.50/6085 1873/1897 1933/1953 1918/1930 1902/1916 1892/1906 Lead Nickel 14080/14130 14135/14190 13800/13850 13530/13630 13065/13080 Tin 17170/17150 17195/17125 17175/17075 17420/17350 17310/17300 Zinc 2268/2265 2278/2276 2228/2233 2221/2223 2221.50/2221 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1477.40 1470.60 1474.70 1468.50 1464.45 Gold PM 1477.90 1466.60 1467.80 1466.80 1464.95 Silver 17.02 16.94 16.87 16.66 16.68 Platinum 932.00 933.00 944.00 926.00 918.00 Palladium 1964.00 1971.00 1937.00 1912.00 1897.00

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

Dec 13 Dec 12 Dec 11 Dec 10 Dec 9 1.3154 1.3154 1.3174 1.3235 1.3239 0.7602 0.7602 0.7591 0.7556 0.7554

Exchange rates (Quote Media, December 13, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0978 0.6797 83.1800 14.4443 10.9687 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5642 5.3105 53.6512 0.7489 890.2166 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4440 0.8940 109.4120 18.9992 14.4276 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7421 7.0205 70.5699 0.9850 1170.5900

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

TSX WARRANTS

PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS

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

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt 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 Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 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 Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

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 20180062 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

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one 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. 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. 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.

Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. 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 $3.00 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. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 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.

Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 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. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS DECEMBER 9–13, 2019 98 New Highs

Abitibi Royal Abitibi Royal* AJN Resources Alpha Lithium Artemis Gold* Azimut Explor* Balto Res Banyan Gold Banyan Gold* Blackheath Res BTU Metals BTU Metals* Cerro de Pasc Cerro de Pasc * CMC Metals* Coeur Mng* Colibri Res* Compass Gold* Conquest Res Contintl Gold Contintl Gold* Debut Dmds Detour Gold Discovery Harb Dundee Prec Mt EMX Royalty

Eskay Mng* Evergold* Fortescue Met* Gold Resource* Golden Lake Grenville Gold* Guerrero Vents Heatherdale Rs Hecla Mining* Impala Platnm* Intl Samuel Ex Juggernaut Exp* Lion One Mtls Lion One Mtls* Loncor Res Loncor Res* Luckystrike Luckystrike * Lundin Mng* Macarthur Min Marathon Gold Marathon Gold* MartinMarietta* Metalla Rylty Metalla Rylty* Midasco Cap Minera Alamos

Minera Alamos * Mineral Mtn Mineral Mtn* Mongoose Mg New Oroperu Newmont Gdcorp* Newport Expl NGEx Minerals* Pan Am Silver Pan Am Silver* Pan Andean Min Parallel Mng Primary Energy Promithian Gl * Quadro Res Rare Element* RJK Explor RJK Explor* Robex Res Royal Rd Mnrls Sandspring Res* Sibanye-Stillw* Silver Stream* Silvercorp Met Silvercorp Met* Sitka Gold Sitka Gold*

Star Diamond Star Diamond* Starr Peak Exp Superior Mng Tartisan Nick Tartisan Nick* Teranga Gold Teranga Gold* Texas Mineral* Tonogold Res* Torq Resources Turmalina Met Universal Vent Vanstar Mng Rs* Victoria Gold Wallbridge Mng Wesdome Gold Wesdome Gold*

62 New Lows

66 Resources Almadex Min* Almonty Ind Armor Min* Ashanti Sanko* Azucar Min* Bannerman Res* Blue Sky Uran

BTU Metals* Canada Carbon Casa Minerals * CNRP Mng CNRP Mng* Condor Res* Denison Mines Eastfield Res* Eastmain Res* ExGen Res Inc* Firestone Diam* Fission Uran Fission Uran* Focus Graphite* Garibaldi Res * Glen Eagle Res* Gold Rush Cari* Golden Goliath* Great Panther Great Panther* Jubilee Metals* Leeta Gold Lucara Diam McEwen Mng McEwen Mng* Meridian Mg * Metalo Manuf*

MGX Minerals MGX Minerals* Mundoro Cap Nemaska Lith* NGEx Minerals* Noront Res Nthn Dynasty Nthn Dynasty* Orvana Mnrls* Osisko Metals* PolyMet Mng* Power Metals* PUF Vent Inc * Pure Energy* Sanatana Res* Scandium Intl* Semafo Signature Res* Sixty North* Standard Graph* Terreno Res Tinka Res Titan Mining* Troilus Gold Velocity Mnrls* Wolfden Res* Zanaga Iron*

CANADIAN GOLD MUTUAL FUNDS Fund Dec 13 ($) AGF Glob Re A Fd MF 18.91 BMO Prec Mtls Fd A BMO ZGD 60.01 BMO ZJG 59.49 CIBC Prec Metal Fd A 12.11 Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG Mac GbPMetCl A 10.78 iShares XGD 15.68 Mac Prec Met Cl A 56.52 NBI PrecMetFd Invt NPT Go&PrMinFd A 37.18 NPT SilverEquCl A 6.04 RBC GblPreMetFd A 42.98 Sentry Pre Met Fd A TD Prec Mtl Fd Inv 41.10

Dec 6 ($) 18.85 21.57 58.21 57.89 11.80 8.20 23.44 28.48 10.55 15.22 55.28 15.61 36.80 5.85 41.68 35.14 39.99

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.06 0.30 1.44 2.80 86.94 -0.05 -0.24 22.17 2.40 51.97 1.80 3.09 38.62 0.61 1.60 2.77 32.98 0.60 0.31 2.59 27.42 2.44 48.31 0.03 0.36 20.58 2.73 385.12 0.03 0.12 0.01 4.72 0.04 0.13 30.59 0.83 0.23 2.22 28.89 2.75 32.32 0.46 3.00 30.81 0.61 817.15 1.24 2.24 28.84 2.52 60.89 -0.08 -0.50 35.68 2.46 29.91 0.39 1.05 12.93 3.19 0.19 3.24 25.03 2.98 1.30 3.12 33.45 2.13 353.76 0.05 0.15 3.73 2.43 154.98 1.11 2.78 30.55 2.26 126.22

GLOBAL MINING NEWS · SINCE 1915

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19_DEC23_MMMM.indd 19

2019-12-17 4:51 PM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 9â&#x20AC;&#x201C;13, 2019 (100s) Stock

WWW.NORTHERNMINER.COM

DECEMBER 23, 2019â&#x20AC;&#x201C;JANUARY 5, 2020 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 12 Exploration C 40 1911 Gold* O 8 1911 Gold V 12 21C Metals* O 120 21C Metals C 229 66 Resources C 139 Abacus Mining V 1514 Abacus Mining* O 1379 Abcourt Mines V 612 Abcourt Mines* O 95 O 273 Aben Resources* Aben Resources V 905 Abitibi Royal* O 10 Abitibi Royal V 8 AbraPlata Res* O 203 AbraPlata Res V 218 V 22 Academy Metals Adamera Min* O 110 Adamera Min V 1292 Adex Mining V 410 V 540 Advance Gold V 317 Advantage Lith Advantage Lith* O 218 Adventus V 127 Adventus* O 10 Aethon Mineral V 119 AEX Gold V 284 Affinity Metal* O 0 African Gold* O 436 African Gold V 1048 African Min* O 15 African Rainb* O 0 Aftermath Silv* O 688 Agnico Eagle T 2797 Agnico Eagle* N 4548 AgriMinco* O 67 18 Aguila Amer Gd V AJN Resources C 38 Alacer Gold T 5218 Alamos Gold T 2465 Alamos Gold* N 10344 Alaska Pac Egy* O 0 Alba Minerals* O 22 Alcoa* N 18413 Aldebaran Res V 60 Alderon Iron* O 11 Alderon Iron T 500 Aldever Res* O 3 Aldever Res V 41 Alexandra Cap* O 205 Alexco Res T 1411 Alexco Res* X 7853 Algold Res V 347 Algold Res* O 4 Alianza Min V 434 Alianza Min* O 72 Alien Metals* O 19 Alio Gold* X 787 Alio Gold T 942 Allegiant Gold V 390 O 815 Allegiant Gold* Alliance Mng V 565 Alliance Res* D 3336 Almaden Min T 102 Almaden Min* X 1082 Almadex Min* O 204 Almadex Min V 183 Almonty Ind * O 383 Almonty Ind T 412 Aloro Mining* O 38 Aloro Mining V 370 Alpha Lithium V 67 Alpha Lithium* O 80 Alphamin Res V 113 Alphamin Res * O 100 Altai Resource V 339 40 Altair Res Inc V Altamira Gold V 816 Altamira Gold* O 78 Altan Nevada V 25 50 Altan Rio Min V Altiplano Met V 318 Altius Mnrls T 457 97 Altius Mnrls * O Alto Ventures V 33 Altura Mining* O 65 Alturas Min V 48 Altus Strat V 757 Alumina Ltd* O 83 ALX Uranium V 721 ALX Uranium* O 11 V 185 AM Resources Amani Gold* O 150 Amarc Res V 126 Amarc Res* O 47 Amarillo Gold V 157 Amarillo Gold* O 190 87 Amer Intl Vent* O American Batt* O 10 American Creek* O 393 V 617 American Creek American CuMo* O 28 American Lith V 188 O 210 American Lith* American Mang* O 251 American Mang V 458 American Pac C 3223 American Pac* O 250 American Uran V 10 AmericanSierra* O 64 Americas Silvr* X 1277 Americas Silvr T 1452 Amerigo Res T 431 Amerigo Res* O 128 Amex Expl* O 23 Amex Expl V 240 Amilot Capital V 31 Amseco Expl V 28 Anaconda Mng T 452 Anaconda Mng* O 311 Andes Gold* O 116 Andover Mng* O 787 Anfield Energy* O 161 Anfield Energy V 240 Angel Gold* O 49 Angel Gold V 14 Angkor Gold* O 11 Angkor Res V 266 O 8 Anglo American* Anglo American* O 916 Anglo Pac Grp T 2 AngloGold Ash* O 1 AngloGold Ash* N 18087 Antioquia Gold V 209 Antioquia Gold* O 20 Antler Gold V 407 Antler Hill V 38 Antofagasta* O 2 Apex Res * O 63 Apex Res V 351 Appia Energy C 67 Appia Energy* O 47 Applied Min* O 965 Aquila Res* O 654 Aquila Res T 207 Arbor Metals V 457 Arch Coal* N 1494 Archon Mineral V 60 Arctic Star* O 30 Arctic Star V 247 Arcturus Vent* O 8 Arcus Dev Grp* O 100 Arcus Dev Grp V 84 Arcwest Explor V 133 Arena Min V 22 Arena Min* O 19 Argentina Lith* O 23 Argentina Lith V 11 Argentum Silvr* O 0 Argentum Silvr V 6 Argo Gold C 271 Argo Gold* O 147 Argonaut Gold* O 147 Argonaut Gold T 1369 Arianne Phosph V 294

20-23_DEC23_StockTables.indd 20

0.15 0.15 0.15 unch 0.00 0.25 0.15 0.18 0.17 0.17 - 0.01 0.28 0.15 0.25 0.23 0.25 + 0.01 0.37 0.22 0.06 0.05 0.05 - 0.00 0.28 0.02 0.08 0.07 0.08 + 0.01 0.27 0.07 0.07 0.05 0.07 - 0.03 0.37 0.05 0.06 0.06 0.06 + 0.01 0.10 0.04 0.05 0.04 0.05 + 0.00 0.09 0.03 0.07 0.00 0.07 + 0.01 0.10 0.05 0.05 0.04 0.04 - 0.01 0.09 0.03 0.06 0.05 0.06 + 0.00 0.20 0.04 0.08 0.07 0.08 + 0.01 0.27 0.07 12.20 11.64 11.75 - 0.00 12.20 6.63 16.10 15.27 15.48 - 0.02 16.10 9.00 0.05 0.03 0.05 + 0.01 0.08 0.03 0.06 0.06 0.06 + 0.01 0.11 0.04 0.15 0.00 0.15 + 0.04 1.40 0.11 0.02 0.02 0.02 + 0.00 0.08 0.01 0.03 0.02 0.03 + 0.01 0.12 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.07 0.09 + 0.02 0.14 0.05 0.18 0.14 0.17 + 0.04 0.72 0.14 0.13 0.10 0.13 + 0.03 0.55 0.10 0.91 0.83 0.91 - 0.02 1.16 0.66 0.70 0.64 0.69 - 0.01 0.90 0.48 0.17 0.15 0.17 + 0.01 0.30 0.11 0.38 0.34 0.35 - 0.03 0.44 0.24 0.06 0.06 0.06 unch 0.00 0.13 0.04 0.30 0.25 0.27 - 0.01 0.44 0.12 0.40 0.33 0.35 - 0.01 0.59 0.08 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 9.75 unch 0.00 13.60 9.50 0.29 0.24 0.27 - 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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Arianne Phosph* O 75 O 21 Arizona Silver* Arizona Silver V 128 Armor Min V 2 Armor Min* O 0 Artemis Gold V 210 Artemis Gold* O 18 Asanko Gold T 977 Asanko Gold* X 1660 Asante Gold C 255 Asbestos Corp V 2 O 30 Ascendant Res* T 257 Ascendant Res Ascot Res * O 138 Ascot Res T 533 V 236 Ashanti Sanko O 7 Ashanti Sanko* AsiaBaseMetals V 28 Aston Bay* O 110 Aston Bay V 414 Astorius Res V 79 ATAC Res* O 139 ATAC Res V 803 Atacama Res* O 14165 Atalaya Mining T 5 Athabasca Min V 977 Athabasca Min* O 8 Athena Silver* O 193 Atico Mining* O 51 Atico Mining V 674 Atlanta Gold* O 5 Atlantic Indus V 21 Aton Resources V 648 Aton Resources* O 530 Aura Minerals* O 0 Aura Minerals T 1 Aura Resources V 202 Aura Resources* O 155 Auramex Res V 237 Aurania Res* O 180 Aurania Res V 450 Aurcana Corp V 417 Aurcana Corp* O 182 AurCrest Gold V 138 Aurelius Min V 342 Aurex Energy V 148 Aurion Res V 315 77 Aurion Res * O Aurora Royal V 74 AURYN Mining* O 6 Auryn Resource* X 403 Auryn Resource T 302 Aust Mines* O 50 Austin Res V 20 Austral Gold* O 0 Austral Gold V 48 Auxico Res* O 360 Auxico Res C 490 Avalon Advance* O 2131 Avalon Advance T 2087 Avarone Metals* O 5 Avarone Metals C 203 Avesoro Res T 12 Avesoro Res* O 0 Avidian Gold V 457 Avino Silver* X 900 Avino Silver T 172 Avrupa Min V 120 Avrupa Min* O 171 Awale Res V 1648 Axmin Inc* O 17 Axmin Inc V 15 V 72 Azarga Metals Azarga Metals* O 2 Azarga Uranium* O 563 Azarga Uranium T 2315 Azimut Explor V 305 O 191 Azimut Explor* Azincourt Ener* O 1276 Azincourt Ener V 3020 Aztec Minerals V 199 Aztec Minerals* O 145 Azteca Gold* O 2073 Azucar Min V 234 Azucar Min* O 199

0.22 0.18 0.20 - 0.00 0.49 0.18 0.10 0.08 0.08 - 0.02 0.19 0.05 0.12 0.10 0.11 - 0.01 0.25 0.06 0.31 0.00 0.31 - 0.03 0.59 0.31 0.00 0.00 0.30 unch 0.00 0.30 0.30 1.42 1.25 1.42 + 0.17 1.60 0.95 1.07 0.00 1.07 + 0.10 1.07 0.81 1.18 1.07 1.09 - 0.10 1.45 0.68 0.90 0.81 0.84 - 0.06 1.10 0.50 0.03 0.03 0.03 + 0.01 0.08 0.03 0.45 0.45 0.45 unch 0.00 0.55 0.35 0.17 0.15 0.16 - 0.01 0.44 0.12 0.23 0.20 0.23 + 0.01 0.58 0.17 0.49 0.46 0.48 + 0.02 1.03 0.34 0.65 0.61 0.64 + 0.02 1.44 0.45 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.01 0.01 0.01 - 0.00 0.03 0.01 0.58 0.55 0.58 + 0.07 0.64 0.12 0.05 0.04 0.05 + 0.00 0.08 0.03 0.07 0.06 0.07 + 0.01 0.11 0.05 0.12 0.11 0.12 + 0.01 0.50 0.09 0.15 0.14 0.15 + 0.01 0.25 0.12 0.21 0.18 0.21 + 0.03 0.34 0.17 0.03 0.02 0.02 - 0.00 0.03 0.00 3.15 3.03 3.15 + 0.05 4.10 3.00 0.35 0.28 0.30 - 0.02 0.79 0.21 0.26 0.23 0.23 - 0.02 0.60 0.15 0.04 0.02 0.02 - 0.01 0.06 0.01 0.20 0.17 0.20 + 0.01 0.30 0.17 0.28 0.24 0.27 + 0.03 0.42 0.22 0.01 0.00 0.00 - 0.00 0.04 0.00 0.02 0.00 0.02 unch 0.00 0.02 0.01 0.03 0.03 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 - 0.00 0.05 0.01 0.00 0.00 16.10 unch 0.00 16.50 1.00 22.94 0.00 22.91 - 0.03 23.00 14.60 0.05 0.04 0.05 + 0.02 0.09 0.03 0.04 0.03 0.04 + 0.01 0.06 0.01 0.04 0.03 0.03 unch 0.00 0.08 0.03 3.14 2.63 2.93 - 0.12 3.40 1.64 4.15 3.45 3.85 - 0.06 4.50 2.18 0.27 0.23 0.24 unch 0.00 0.80 0.21 0.20 0.17 0.19 + 0.00 1.25 0.00 0.03 0.02 0.03 + 0.01 0.05 0.01 0.02 0.00 0.02 - 0.01 0.04 0.02 0.11 0.08 0.08 - 0.03 0.50 0.08 1.85 1.68 1.74 - 0.09 2.35 0.85 1.42 1.28 1.31 - 0.13 1.77 0.60 0.03 0.03 0.03 - 0.01 0.11 0.03 0.28 0.13 0.28 - 0.00 0.93 0.03 1.48 1.37 1.42 - 0.00 1.84 0.85 1.96 1.81 1.89 unch 0.00 2.45 1.14 0.01 0.01 0.01 - 0.00 0.08 0.01 0.09 0.06 0.06 - 0.03 0.13 0.05 0.04 0.00 0.04 unch 0.00 0.40 0.00 0.08 0.00 0.08 + 0.01 0.10 0.05 0.04 0.04 0.04 unch 0.00 0.04 0.04 0.06 0.03 0.05 unch 0.00 0.27 0.03 0.04 0.03 0.04 unch 0.00 0.13 0.03 0.05 0.04 0.05 + 0.01 0.17 0.04 0.06 0.04 0.04 - 0.00 0.11 0.02 0.07 0.05 0.07 + 0.01 0.15 0.04 1.71 0.00 1.71 + 0.01 2.85 0.42 0.00 0.00 1.26 unch 0.00 1.78 0.65 0.09 0.08 0.09 + 0.01 0.47 0.07 0.56 0.52 0.53 + 0.00 0.81 0.39 0.72 0.68 0.71 + 0.01 1.07 0.53 0.04 0.00 0.04 - 0.01 0.07 0.02 0.03 0.03 0.03 + 0.01 0.05 0.01 0.20 0.16 0.19 + 0.02 0.26 0.06 0.29 0.27 0.27 - 0.07 0.50 0.12 0.39 0.00 0.36 - 0.05 0.66 0.15 0.07 0.00 0.06 unch 0.00 0.14 0.05 0.05 0.00 0.03 - 0.01 0.09 0.03 0.14 0.12 0.14 + 0.01 0.22 0.08 0.19 0.16 0.17 + 0.02 0.28 0.11 0.50 0.45 0.48 + 0.02 0.52 0.22 0.38 0.33 0.37 + 0.02 0.38 0.18 0.02 0.01 0.01 - 0.01 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.06 0.05 0.05 - 0.01 0.20 0.05 0.04 0.04 0.04 - 0.01 0.15 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.20 0.17 0.19 - 0.01 0.49 0.15 0.15 0.12 0.13 - 0.02 0.37 0.12

B2Gold Corp T 15023 B2Gold Corp* X 23010 Balmoral Res* O 979 Balmoral Res T 2207 Balto Res V 111 Bam Bam Res C 50 Bankers Cobalt* O 361 Bankers Cobalt V 726 Bannerman Res* O 372 Banyan Gold V 2259 Banyan Gold* O 212 Bard Ventures* O 0 Bard Ventures V 26 Barksdale Cap* O 60 V 176 Barksdale Cap Barolo Venture V 3 Barolo Venture* O 3 Baroyeca Gold V 95 Barrian Mining V 1069 Barrian Mining* O 73 Barrick Gold* N 58937 Barrick Gold T 17150 Barsele Min* O 6 Barsele Min V 40 Batero Gold* O 24 Batero Gold V 89 O 257 Bayhorse Silvr* Bayhorse Silvr V 1215 BC Moly V 76 BCM Res V 160 BE Res V 75 Bear Creek Mng V 307 Bear Creek Mng* O 164 Bearing Lith V 84 Bearing Lith* O 31 Beauce Gold V 85 Bell Copper V 7 Bell Copper* O 35 Belmont Res V 61 Belo Sun Mng T 1305 Belo Sun Mng* O 2604 BeMetals * O 253 BeMetals V 583 Benchmark Met V 598 Benchmark Met* O 24 Benton Res V 376 Benton Res* O 37 Benz Mining V 397 Berkwood Res V 288 Bessor Min V 78 Bessor Min* O 1 Bird River Res C 829 O 11 Bitterroot Res* Bitterroot Res V 121 Black Hills* N 861 Black Iron T 1068 Black Iron* O 100 Black Mammoth V 1 Black Sea * O 27 Black Sea V 94 Black Tusk Res* O 25 Black Tusk Res C 783 Blackheath Res V 276 Blackrock Gold V 672 Blackrock Gold* O 195 Blind Creek V 30 BLOX Inc* O 5 Blue Lagoon C 416 Blue Moon Zinc* O 20 Blue Moon Zinc V 396 Blue River Res V 289 Blue River Res* O 325 Blue Sky Uran* O 421 Blue Sky Uran V 276 Blue Star Gold V 585 BlueBird Batt* O 3 BlueBird Batt V 489 Bluestone Res V 643 Bluestone Res* O 145 Bold Ventures V 202

5.00 4.80 4.97 + 0.15 5.36 3.24 3.80 3.62 3.77 + 0.14 4.02 2.40 0.28 0.22 0.25 + 0.02 0.29 0.07 0.37 0.31 0.33 + 0.02 0.39 0.10 0.19 0.11 0.19 + 0.08 0.19 0.06 0.09 0.00 0.04 - 0.02 0.35 0.01 0.01 0.00 0.01 + 0.00 0.04 0.00 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.03 0.02 0.03 - 0.00 0.04 0.02 0.07 0.06 0.06 unch 0.00 0.07 0.04 0.06 0.00 0.05 + 0.01 0.06 0.02 0.00 0.00 0.06 unch 0.00 0.19 0.06 0.12 0.00 0.12 unch 0.00 1.23 0.08 0.30 0.27 0.29 + 0.01 0.57 0.27 0.38 0.36 0.38 + 0.02 0.75 0.35 0.19 0.19 0.19 - 0.01 0.30 0.18 0.14 0.14 0.14 unch 0.00 0.14 0.01 0.08 0.05 0.05 - 0.03 0.20 0.04 0.13 0.13 0.13 unch 0.00 0.27 0.10 0.11 0.11 0.11 unch 0.00 0.21 0.09 17.98 16.79 17.58 + 0.69 88.00 11.52 23.71 22.21 23.24 + 0.83 26.69 15.37 0.40 0.37 0.37 - 0.00 0.55 0.28 0.54 0.00 0.53 + 0.04 0.75 0.36 0.06 0.05 0.06 + 0.01 0.07 0.03 0.07 0.06 0.06 - 0.01 0.10 0.06 0.08 0.06 0.07 - 0.01 0.14 0.04 0.11 0.08 0.10 + 0.01 0.20 0.07 0.05 0.04 0.05 + 0.01 0.07 0.03 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.02 2.75 2.57 2.70 - 0.11 2.95 1.00 2.08 1.94 2.03 - 0.11 2.23 0.73 0.14 0.12 0.13 - 0.01 0.38 0.12 0.11 0.09 0.09 - 0.02 0.29 0.09 0.13 0.00 0.12 + 0.01 0.29 0.07 0.07 0.06 0.06 unch 0.00 0.15 0.03 0.06 0.04 0.06 + 0.01 0.12 0.03 0.04 0.03 0.04 + 0.01 0.44 0.03 0.45 0.40 0.45 + 0.03 0.72 0.22 0.35 0.30 0.34 + 0.02 0.55 0.16 0.19 0.16 0.17 - 0.02 0.25 0.16 0.24 0.22 0.22 - 0.02 0.30 0.20 0.40 0.35 0.37 + 0.01 0.46 0.16 0.29 0.25 0.28 + 0.02 0.34 0.11 0.05 0.04 0.05 - 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.08 0.06 0.06 - 0.02 0.14 0.05 0.03 0.02 0.03 unch 0.00 0.09 0.02 0.05 0.04 0.05 - 0.01 0.20 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.00 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.03 0.02 0.02 - 0.00 0.07 0.01 0.03 0.03 0.03 - 0.01 0.07 0.02 77.82 75.80 77.15 + 0.43 82.01 59.49 0.09 0.08 0.09 + 0.01 0.16 0.05 0.06 0.06 0.06 - 0.00 0.12 0.03 0.00 0.00 0.04 unch 0.00 0.09 0.02 0.03 0.00 0.02 - 0.00 0.08 0.01 0.04 0.00 0.03 + 0.01 0.12 0.03 0.03 0.03 0.03 unch 0.00 1.06 0.02 0.05 0.04 0.04 - 0.01 0.24 0.03 0.05 0.01 0.05 - 0.06 0.30 0.05 0.25 0.21 0.23 + 0.03 0.36 0.03 0.19 0.16 0.18 + 0.03 0.27 0.02 0.04 0.00 0.04 unch 0.00 0.06 0.03 0.28 0.28 0.28 - 0.02 0.30 0.03 1.56 1.30 1.53 + 0.15 1.65 0.26 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.03 0.02 0.03 unch 0.00 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.09 0.08 0.08 - 0.01 0.18 0.06 0.12 0.00 0.11 - 0.01 0.23 0.08 0.06 0.05 0.06 + 0.01 0.07 0.02 0.05 0.05 0.05 unch 0.00 0.25 0.05 0.08 0.07 0.07 - 0.01 0.35 0.07 1.31 1.10 1.30 + 0.17 1.60 0.85 0.99 0.84 0.98 + 0.13 1.15 0.65 0.01 0.01 0.01 unch 0.00 0.04 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bonanza Gold* O 11608 BonTerra Res V 308 Boreal Metals V 222 Boreal Metals * O 10 Borneo Res Inv* O 19259 Boundary Gold* O 37 V 264 Boundary Gold Bravada Gold* O 131 Bravada Gold V 193 Braveheart Res V 190 Bravo Multinat* O 148 19572 Brazil Min* O BrightRock* O 502 Britannia Mng* O 507 Brixton Metals V 2164 O 627 Brixton Metals* O 5 Broadway Gold* Brookmount Exp* O 854 Bryn Res* O 76 BTU Metals* O 293 BTU Metals V 7186 Buenaventura* N 5239 Bullfrog Gold C 92 Bullfrog Gold* O 498 Bullion Gold* O 0 Bunker Hill C 56 BWR Explor V 125

0.00 0.00 0.00 - 0.00 0.01 0.00 1.95 1.80 1.94 - 0.03 3.08 1.46 0.04 0.03 0.03 - 0.01 0.12 0.03 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.60 0.01 0.03 0.03 0.03 unch 0.00 0.25 0.03 0.06 0.04 0.06 + 0.02 0.15 0.04 0.08 0.00 0.08 + 0.01 0.20 0.06 0.13 0.12 0.12 - 0.01 0.21 0.06 0.30 0.18 0.23 - 0.06 0.80 0.18 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.22 0.18 0.18 - 0.03 0.43 0.10 0.17 0.14 0.14 - 0.01 0.33 0.08 0.06 0.05 0.05 - 0.01 0.13 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.06 0.03 0.03 - 0.03 0.10 0.03 0.35 0.25 0.31 + 0.06 0.35 0.19 0.49 0.30 0.39 + 0.06 0.49 0.07 15.29 14.48 15.25 + 0.52 17.85 13.77 0.16 0.13 0.15 unch 0.00 0.23 0.12 0.12 0.10 0.11 - 0.01 0.24 0.04 0.05 0.05 0.05 unch 0.00 0.09 0.05 0.60 0.00 0.60 + 0.09 2.00 0.05 0.04 0.04 0.04 + 0.01 0.06 0.03

Cabral Gold V 107 Cache Explor V 2745 Cadillac Vent V 550 Caledonia Mng* X 23 Caledonia Mng T 3 Calibre Mng T 528 Calibre Mng* O 395 O 36 California Gld* California Gld C 123 Callinex Mines* O 33 Callinex Mines V 20 Cameco Corp* N 12568 Cameco Corp T 4300 Cameo Cobalt* O 77 Cameo Cobalt V 504 Camino Min* O 28 Camino Min V 7062 Camrova Res* O 5 Canada Carbon V 79 Canada Carbon* O 16 V 1708 Canada Cobalt Canada Cobalt * O 287 Canada One* O 1 Canada One V 56 Canada Rare V 557 Canada Rare* O 103 Canadian Engy V 177 C 25 Canadian Metal Canadian Ore V 654 Canadian Ore* O 73 Canadian Prem V 212 CanAlaska Uran* O 102 V 282 CanAlaska Uran Canamex Gold* O 10 Canarc Res T 237 Canarc Res* O 181 Canasil Res V 167 Candelaria Mg* O 1 Candelaria Mg V 358 Candente Coppr T 1556 Candente Gold* O 25 Candente Gold V 567 CANEX Metals * O 50 CANEX Metals V 197 CaNickel Mng V 3 O 37 CaNickel Mng* Canoe Mng Vent V 8 Canstar Res V 62 Canterra Mnls V 84 Canterra Mnls* O 3 45 Cantex Mn Dev* O Cantex Mn Dev V 1272 Canuc Res V 242 Capstone Mng T 2425 Cardero Res V 100 Cardero Res* O 22 Cardinal Res* O 52 Cardinal Res T 697 Cariboo Rose V 245 Carlin Gold V 333 Carrara Explor C 653 Cartier Iron C 107 Cartier Res V 5459 Carube Copper V 700 Carube Copper* O 3 Casa Minerals V 27 Casa Minerals * O 45 V 353 Cascadero Copp Cassius Vents V 5 Castle Peak Mg V 185 Cautivo Mining C 0 O 1165 CellCube Enrgy* Centamin T 312 Centaurus Diam* O 112 Centerra Gold T 3154 Central Iron V 65 Central Tim Ex V 325 Centurion Mnls V 742 Century Cobalt* O 155 T 35 Century Global Cerro de Pasc * O 256 Cerro de Pasc C 1515 Cerro Grande C 3 Cerro Mng V 4 Ceylon Graph V 388 Chakana Copper V 389 O 117 Chakana Copper* Chalice Gold M* O 43 Chalice Gold M T 302 Champion Bear V 6 Champion Bear* O 8 Champion Iron T 3693 Champion Iron* O 52 Chatham Rock* O 0 Chatham Rock V 0 Chesapeake Gld* O 28 V 38 Chesapeake Gld Chevron Corp* N 27491 Chiboug Ind Mn V 361 Chiboug Ind Mn* O 12 Chilean Metals V 25 Chilean Metals* O 30 China Gold Int T 386 Chinapintza Mg V 3 Clarmin Explor V 15 Clean Comm* O 34 Cleghorn Mnls V 50 Cleveland-Clif* N 63662 Cliffmont Res V 35 Clifton Mng* O 86 Cloud Peak En* O 4113 Clydesdale Res V 11 CMC Metals* O 76 CMC Metals V 973 CNRP Mng* O 308 CNRP Mng C 450 Cobalt Block* O 135 Cobalt Block V 145 Coeur Mng* N 22242 Colibri Res* O 235 Colibri Res V 373 Colombia Crest V 53 Colombia Crest* O 4 Colonial Coal V 242 Colorado Res V 944 Colorado Res* O 140 Colt Res* O 10 Columbus Gold T 346 Columbus Gold* O 157 Comet Inds V 13 Commander Res* O 108 Commander Res V 204 Commerce Res V 257 Commerce Res* O 15 Compass Gold* O 60 Compass Gold V 630 Comstock Mng* X 848 Comstock Mtls V 812

0.14 0.11 0.11 - 0.04 0.33 0.10 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 8.23 7.96 8.12 - 0.10 8.68 5.01 11.00 0.00 10.62 - 0.38 11.15 6.63 0.90 0.84 0.86 - 0.02 0.93 0.33 0.70 0.65 0.65 - 0.01 1.52 0.04 0.24 0.19 0.24 + 0.03 0.59 0.13 0.29 0.23 0.29 + 0.02 0.79 0.23 0.85 0.73 0.82 - 0.01 0.99 0.03 1.12 0.95 1.07 - 0.03 1.35 0.35 9.80 8.85 9.12 - 0.65 13.04 8.03 12.97 11.73 12.03 - 0.94 17.12 10.70 0.01 0.01 0.01 - 0.00 0.16 0.01 0.02 0.01 0.02 unch 0.00 0.15 0.01 0.05 0.04 0.05 + 0.01 0.14 0.03 0.09 0.05 0.07 + 0.02 0.18 0.05 0.01 0.00 0.01 - 0.00 0.06 0.00 0.09 0.00 0.09 unch 0.00 0.16 0.05 0.06 0.06 0.06 + 0.01 0.13 0.00 0.44 0.41 0.44 + 0.03 0.60 0.25 0.34 0.31 0.34 + 0.01 0.44 0.18 0.02 0.01 0.02 + 0.00 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.05 0.04 0.05 + 0.01 0.11 0.04 0.04 0.03 0.03 - 0.01 0.08 0.02 0.04 0.00 0.04 + 0.01 0.18 0.02 0.13 0.10 0.12 - 0.08 0.70 0.10 0.10 0.08 0.08 - 0.01 0.45 0.07 0.08 0.07 0.07 + 0.00 0.34 0.06 0.65 0.50 0.55 - 0.12 1.63 0.50 0.15 0.13 0.14 + 0.01 0.28 0.09 0.19 0.17 0.18 + 0.02 0.38 0.12 0.02 0.02 0.02 unch 0.00 0.09 0.00 0.07 0.06 0.06 unch 0.00 0.08 0.04 0.05 0.04 0.04 - 0.00 0.06 0.03 0.06 0.06 0.06 + 0.01 0.09 0.05 0.12 0.12 0.12 unch 0.00 0.37 0.12 0.25 0.25 0.25 unch 0.00 0.60 0.11 0.03 0.03 0.03 - 0.01 0.08 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.10 0.10 0.10 unch 0.00 0.11 0.02 0.13 0.11 0.12 - 0.01 0.15 0.03 0.07 0.00 0.07 + 0.01 0.12 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.11 0.10 0.10 - 0.01 0.26 0.08 0.04 0.00 0.03 - 0.01 0.20 0.02 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.01 0.00 0.01 + 0.01 0.02 0.00 1.33 0.75 1.03 + 0.33 5.23 0.50 1.79 1.00 1.33 + 0.38 6.99 0.63 0.04 0.03 0.04 + 0.01 0.13 0.03 0.66 0.56 0.66 + 0.10 0.73 0.41 0.03 0.02 0.03 + 0.01 0.10 0.02 0.02 0.01 0.01 - 0.00 0.07 0.01 0.27 0.22 0.24 + 0.02 0.38 0.20 0.29 0.27 0.27 - 0.02 0.50 0.26 0.06 0.04 0.06 + 0.02 0.06 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.01 0.02 unch 0.00 0.08 0.01 0.04 0.00 0.04 unch 0.00 0.11 0.03 0.13 0.11 0.12 unch 0.00 0.22 0.11 0.06 0.05 0.06 unch 0.00 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.03 0.10 0.10 0.10 unch 0.00 0.18 0.07 0.07 0.06 0.06 - 0.02 0.12 0.06 0.02 0.01 0.01 - 0.01 0.04 0.01 0.07 0.07 0.07 unch 0.00 0.09 0.06 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.10 unch 0.00 0.20 0.08 0.06 0.05 0.05 - 0.00 0.20 0.02 2.24 2.04 2.18 + 0.05 2.53 1.39 0.12 0.08 0.12 unch 0.00 1.00 0.06 10.41 9.97 10.16 - 0.23 13.00 5.31 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.03 0.02 0.02 unch 0.00 0.14 0.02 0.06 0.05 0.05 unch 0.00 0.27 0.05 0.04 0.01 0.03 + 0.01 0.18 0.00 0.09 0.08 0.08 unch 0.00 0.25 0.08 0.34 0.31 0.33 + 0.06 0.34 0.18 0.44 0.40 0.44 + 0.04 0.44 0.24 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.10 0.10 0.10 unch 0.00 0.36 0.07 0.08 0.06 0.06 - 0.01 0.18 0.06 0.22 0.17 0.22 + 0.06 0.54 0.14 0.17 0.13 0.15 + 0.03 0.40 0.10 0.13 0.13 0.13 unch 0.00 0.18 0.08 0.17 0.15 0.16 + 0.01 0.20 0.10 0.12 0.12 0.12 unch 0.00 0.25 0.10 0.09 0.09 0.09 unch 0.00 0.17 0.09 2.54 2.33 2.47 + 0.17 3.15 0.89 1.90 1.77 1.88 + 0.18 2.36 0.70 0.00 0.00 0.07 unch 0.00 0.14 0.07 0.00 0.00 0.12 unch 0.00 0.19 0.07 2.29 2.10 2.27 - 0.03 3.50 1.03 3.03 2.77 2.99 - 0.06 4.65 1.41 119.54 116.13 117.96 - 0.05 127.34 100.22 0.13 0.09 0.12 + 0.03 0.27 0.04 0.09 0.09 0.09 unch 0.00 0.19 0.03 0.04 0.04 0.04 unch 0.00 0.23 0.03 0.02 0.02 0.02 unch 0.00 0.06 0.01 1.18 1.09 1.12 + 0.03 1.93 0.88 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.10 0.10 0.10 unch 0.00 0.17 0.10 0.03 0.01 0.01 - 0.02 0.03 0.01 0.04 0.04 0.04 unch 0.00 0.11 0.04 9.02 8.10 8.62 + 0.48 12.26 6.59 0.09 0.09 0.09 unch 0.00 0.17 0.05 0.20 0.16 0.17 unch 0.00 0.21 0.04 0.01 0.00 0.00 - 0.00 0.74 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.06 0.03 0.03 - 0.03 0.06 0.03 0.08 0.05 0.05 unch 0.00 0.11 0.04 0.12 0.10 0.11 - 0.00 0.44 0.10 0.16 0.14 0.15 unch 0.00 0.56 0.14 0.06 0.05 0.06 - 0.00 0.14 0.03 0.08 0.06 0.08 unch 0.00 0.19 0.04 7.43 6.81 7.27 + 0.48 7.43 2.78 0.06 0.04 0.06 + 0.00 0.06 0.03 0.07 0.06 0.07 + 0.01 0.08 0.03 0.29 0.18 0.28 + 0.07 0.30 0.11 0.20 0.00 0.15 + 0.02 0.21 0.03 0.36 0.29 0.29 - 0.07 0.65 0.21 0.06 0.05 0.06 - 0.01 0.13 0.04 0.05 0.04 0.05 + 0.00 0.10 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.14 0.15 - 0.02 0.27 0.11 0.13 0.10 0.11 - 0.01 0.20 0.08 3.40 3.40 3.40 unch 0.00 3.60 2.75 0.06 0.06 0.06 - 0.00 0.08 0.05 0.07 0.07 0.07 + 0.01 0.11 0.06 0.20 0.15 0.20 + 0.04 0.90 0.14 0.15 0.11 0.15 + 0.02 0.68 0.07 0.43 0.00 0.42 + 0.03 0.43 0.17 0.58 0.49 0.54 + 0.04 0.71 0.11 0.44 0.35 0.41 + 0.05 1.39 0.15 0.02 0.02 0.02 + 0.01 0.06 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

82 Comstock Mtls * O Condor Gold* O 4 Condor Gold T 5 Condor Res V 67 Condor Res* O 160 O 1 Confedertn Ml* V 20 Confedertn Mls Conic Metals V 1474 Conquest Res * O 1000 V 177 Conquest Res V 191 Cons Woodjam CONSOL Coal Rs* N 195 N 1739 CONSOL Energy* CONSOL Energy* N 16630 O 106 Constantine Mt* V 117 Constantine Mt O 9 Contact Gold* Contact Gold V 28 O 57 Contact Mnrls* O 439 Contintl Gold* Contintl Gold T 8381 Contintl Prec* O 2 476 Copper Fox Mtl V Copper Fox Mtl* O 200 Copper Lake Rs V 1524 Copper Mtn Mng T 1605 Copper Mtn Mng* O 207 0 Copper North M* O 64 Copper North M V Copper One C 200 14 Copper Reef Mg C O 684 Copperbank Res* C 1642 Copperbank Res 86 Coral Gold * O Coral Gold V 125 V 504 Cordoba Mnls O 131 Cordoba Mnls* Core Gold V 5820 Core Gold* O 643 V 42 Cornerstone Ca O 9 Cornerstone Ca* Coro Mining T 2766 Corsa Coal V 76 58 Corsa Coal * O Corsurex Res C 3 Corvus Gold* O 171 Corvus Gold T 185 CR Capital V 86 C 72 Crest Resource C 17 Crestview Expl Cresval Cap V 825 Critical Elem* O 16 Critical Elem V 954 V 814 CROPS O 4 Crown Mining* Crown Mining V 292 Cruz Cobalt C 452 Cruz Cobalt* O 105 Crystal Lake* O 40 Crystal Lake V 516 Crystal Peak V 755 Crystal Peak* O 206 O 0 CTGX Mining* 237 Currie Rose Rs V 10 Currie Rose Rs* O C 218 Cyntar Venture Cypress Dev* O 153 Cypress Dev V 302

0.02 0.01 0.02 + 0.01 0.04 0.01 0.23 unch 0.00 0.43 0.31 0.31 0.31 0.30 unch 0.00 0.78 0.42 0.38 0.38 0.04 0.05 0.00 0.04 - 0.02 0.09 0.03 0.03 0.03 0.03 - 0.00 0.07 0.09 0.12 0.12 0.12 + 0.00 0.22 0.12 0.17 0.17 0.17 - 0.01 0.37 0.33 0.45 0.42 0.44 + 0.01 0.48 0.02 0.02 0.02 unch 0.00 0.03 0.00 0.01 0.04 0.03 0.03 - 0.01 0.04 0.03 unch 0.00 0.09 0.04 0.04 0.04 9.55 8.73 9.35 + 0.35 19.47 8.05 11.71 14.33 13.13 13.60 + 0.49 38.74 7.69 6.75 7.43 + 0.53 13.63 6.14 0.13 0.15 0.14 0.15 - 0.01 0.57 0.17 0.19 0.18 0.19 - 0.03 0.72 0.10 0.13 0.10 0.13 + 0.03 0.29 0.14 0.17 0.00 0.15 - 0.01 0.39 0.02 0.06 0.05 0.05 - 0.00 0.30 1.33 4.14 3.95 4.09 + 0.07 4.14 1.76 5.42 5.33 5.40 + 0.05 5.40 0.00 unch 0.00 0.28 0.00 0.00 0.00 0.09 0.07 0.08 - 0.01 0.13 0.06 0.07 0.05 0.06 - 0.00 0.10 0.04 0.02 0.01 0.02 + 0.01 0.02 0.01 0.69 0.62 0.68 + 0.07 1.18 0.53 0.53 0.46 0.51 + 0.05 0.88 0.40 0.02 0.00 0.02 + 0.00 0.05 0.01 0.03 0.00 0.03 unch 0.00 0.07 0.02 0.05 0.12 0.09 0.10 - 0.02 0.18 0.33 0.30 0.30 - 0.01 0.40 0.15 0.02 0.04 0.03 0.03 + 0.00 0.06 0.04 0.05 0.04 0.05 + 0.01 0.08 0.33 0.30 0.33 + 0.02 0.39 0.26 0.35 0.43 0.39 0.43 + 0.03 0.51 0.04 0.10 0.09 0.09 - 0.01 0.15 0.03 0.08 0.07 0.07 + 0.01 0.11 0.14 0.31 0.23 0.27 + 0.04 0.33 0.10 0.23 0.17 0.20 + 0.03 0.25 1.96 2.58 2.40 2.50 + 0.13 7.90 0.03 1.90 0.00 1.85 + 0.05 3.61 0.05 0.00 0.12 nch u 0.08 0.07 0.07 0.25 unch 0.00 0.94 0.27 0.25 0.26 0.22 0.18 0.19 - 0.01 0.67 0.18 0.02 unch 0.00 0.08 0.00 0.00 0.05 1.13 1.53 1.42 1.50 + 0.08 2.13 1.55 2.01 1.86 1.97 + 0.09 2.90 0.04 0.04 0.04 0.04 - 0.01 0.08 0.06 0.07 0.06 0.06 - 0.01 0.16 0.40 0.65 0.65 0.65 - 0.05 0.70 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.20 0.36 0.30 0.30 - 0.06 0.59 0.26 0.47 0.38 0.38 - 0.10 0.80 0.01 0.01 0.00 0.01 - 0.01 0.05 0.03 unch 0.00 0.08 0.04 0.04 0.04 0.04 unch 0.00 0.14 0.04 0.00 0.04 0.03 unch 0.00 0.05 0.04 0.03 0.03 0.01 0.03 0.02 0.02 - 0.00 0.06 0.07 0.09 0.09 0.09 - 0.00 0.32 0.10 0.12 0.11 0.11 - 0.01 0.42 0.05 0.07 0.05 0.05 - 0.02 0.21 0.04 0.05 0.04 0.04 - 0.01 0.16 0.05 unch 0.00 0.12 0.00 0.00 0.05 0.03 0.02 0.02 - 0.01 0.08 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.07 unch 0.00 0.11 0.11 0.11 0.11 0.12 0.13 0.12 0.13 - 0.00 0.21 0.15 0.17 0.16 0.17 - 0.01 0.29

Dajin Res V 87 Dajin Res* O 484 39 Dakota Ter Res* O Damara Gold V 2 Danakali* O 22 Debut Dmds C 181 Decade Res V 286 Decade Res* O 43 O 6 Deep-South Res* V 161 Deep-South Res C 443 DeepRock Min O 1163 Defense Metals* V 2083 Defense Metals Defiance Silvr V 957 O 277 Defiance Silvr* Delrand Res V 599 Delrey Metals * O 134 Delrey Metals C 212 T 2218 Denison Mines X 3393 Denison Mines* Desert Gold* O 29 Desert Gold V 397 92 Desert Mtn Egy V Detour Gold T 4500 O 665 Diamante Min* Diamcor Mng V 262 O 1506 Diamcor Mng* O 538 Diamond Disc* V 12 Diamond Fields O 12 Diamond Fields* Dios Expl V 1479 V 42 Discovery Harb O 961 Discovery Met* V 802 Discovery Met 10278 O Discovery Min* V 58 Discovery-Corp District Cop* O 43 District Cop V 2135 O 0 District Metal* District Metal V 1506 Ditem Explor* O 219 O 27 Diversified Rs* Dixie Gold V 444 DNI Metals* O 0 O 39 Dolat Ventures* Dolly Vard Sil* O 542 891 Dolly Vard Sil V O 50 Doubleview Cap* V 180 Doubleview Cap DRDGOLD* N 344 Dundee Prec Mt T 4730 O 174 Dunnedin Vent* Durango Res V 223 Durango Res* O 168 V 27 DV Resources O 6 DV Resources* 38 Dynacor Gld Mn* O 147 Dynacor Gld Mn T O 0 Dynamic Gold* O 64 DynaResource* Dynasty Gold V 35 E3 Metals* O 1 E3 Metals V 83 V 83 Eagle Graphite O 2 Eagle Graphite* Eagle Plains V 218 204 V East Africa 3 East Africa * O 3 East Asia Mnls* O 637 East Asia Mnls V EastCoal Inc V 80 O 11 Eastern Platin* Eastern Platin T 35 Eastern Zinc C 110 Eastfield Res V 29 Eastfield Res* O 59 Eastmain Res T 1456 O 300 Eastmain Res* 7 Eco Oro Mnls* O 73 Eco Oro Mnls C V 50 Edgewater Expl El Capitan Prc* O 737 3 El Nino Vent* O 17 El Nino Vent V 864 Elcora Adv Mat V Elcora Res* O 371 Eldorado Gold* N 10413 Eldorado Gold T 4385 Eloro Res* O 31 Eloro Res V 83 Ely Gold Royal V 1226 Ely Gold Royal* O 618 41 Elysee Dev * O Elysee Dev V 89 Emerita Res V 339 O 15 Emgold Mining* V 329 Emgold Mining

0.02 unch 0.00 0.07 0.02 0.02 0.02 0.01 0.02 0.01 0.02 + 0.00 0.06 0.09 0.08 0.09 unch 0.00 0.19 0.02 0.03 unch 0.00 0.05 0.00 0.00 0.03 0.40 0.44 0.42 0.42 - 0.03 0.59 0.08 0.20 0.01 0.11 - 0.06 0.25 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.04 unch 0.00 0.07 0.04 0.00 0.04 0.04 unch 0.00 0.15 0.05 0.04 0.05 0.02 0.04 0.02 0.02 - 0.01 0.10 0.06 0.12 0.06 0.11 + 0.03 0.25 0.06 0.16 0.10 0.15 + 0.04 0.25 0.16 0.22 0.19 0.20 - 0.03 0.37 0.12 0.17 0.14 0.16 - 0.02 0.32 0.25 0.55 0.41 0.52 + 0.02 0.71 0.03 0.01 0.02 + 0.00 0.30 0.01 0.02 0.03 0.02 0.03 + 0.01 0.29 0.52 0.56 0.51 0.53 - 0.02 0.78 0.38 0.43 0.38 0.41 - 0.01 0.59 0.08 0.08 0.08 0.08 - 0.00 0.31 0.10 0.11 0.10 0.11 + 0.01 0.26 0.24 0.22 0.22 - 0.01 0.31 0.13 25.70 23.76 25.38 + 1.45 25.48 9.91 0.01 0.02 0.01 0.01 - 0.01 0.10 0.08 0.11 0.09 0.10 + 0.02 0.31 0.06 0.08 0.06 0.08 + 0.02 0.24 0.00 0.00 0.00 0.00 + 0.00 0.00 0.07 0.18 0.00 0.16 - 0.03 0.21 0.00 0.14 0.11 0.11 - 0.03 0.16 0.03 0.04 0.03 0.04 - 0.01 0.08 0.01 0.13 0.11 0.13 + 0.03 0.13 0.13 0.34 0.30 0.31 - 0.01 0.54 0.17 0.45 0.41 0.41 - 0.02 0.74 0.00 0.00 0.00 0.00 - 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.00 0.00 - 0.00 0.03 0.01 0.01 0.01 0.01 - 0.00 0.05 0.16 0.00 0.16 unch 0.00 0.00 0.16 0.08 0.10 0.00 0.10 + 0.02 0.31 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.00 0.00 0.02 0.03 0.03 0.03 - 0.01 0.05 0.01 unch 0.00 0.09 0.00 0.00 0.04 0.05 unch 0.00 1.80 0.10 0.07 0.10 0.23 0.20 0.21 - 0.02 0.40 0.14 0.29 0.25 0.27 - 0.04 0.55 0.19 0.07 unch 0.00 0.13 0.07 0.07 0.07 0.08 0.09 0.09 0.09 + 0.01 0.18 1.64 4.75 4.37 4.60 + 0.07 5.20 6.66 6.02 6.19 + 0.02 6.66 3.24 0.04 0.06 0.04 0.06 + 0.00 0.08 0.04 0.05 0.04 0.05 + 0.01 0.10 0.03 0.04 0.04 0.04 + 0.01 0.07 0.04 0.07 0.06 0.07 + 0.01 0.12 0.04 unch 0.00 0.06 0.04 0.04 0.04 1.34 1.28 1.29 - 0.03 1.60 1.02 1.77 1.68 1.77 + 0.02 2.00 1.50 1.00 unch 0.00 5.00 3.00 3.00 3.00 0.24 0.40 0.24 0.39 + 0.09 1.22 0.06 unch 0.00 0.16 0.07 0.00 0.07 0.22 0.29 0.28 0.29 + 0.00 0.41 0.23 0.39 0.00 0.38 - 0.01 0.60 0.03 unch 0.00 0.10 0.04 0.04 0.04 0.03 0.03 0.03 0.03 - 0.01 0.07 0.08 0.09 0.08 0.09 + 0.01 0.12 0.14 0.13 0.14 unch 0.00 0.26 0.12 0.09 0.09 0.09 unch 0.00 0.19 0.09 0.03 0.00 0.02 - 0.01 0.09 0.02 0.04 0.00 0.04 unch 0.00 0.13 0.03 0.05 unch 0.00 0.10 0.06 0.00 0.06 0.12 0.22 0.18 0.21 + 0.01 0.26 0.17 0.28 0.25 0.28 + 0.03 0.35 0.02 0.02 0.02 0.02 + 0.01 0.28 0.03 0.05 0.04 0.04 - 0.01 0.07 0.02 0.04 0.02 0.02 - 0.02 0.05 0.09 0.12 0.09 0.10 - 0.01 0.22 0.07 0.09 0.07 0.08 - 0.01 0.16 0.03 0.02 0.02 - 0.01 0.77 0.00 0.09 0.00 0.04 - 0.02 0.27 0.03 0.06 unch 0.00 0.14 0.11 0.11 0.11 0.01 0.01 0.01 - 0.00 0.04 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.03 0.02 0.02 - 0.01 0.05 0.02 0.04 0.03 0.04 unch 0.00 0.12 0.03 0.02 0.04 0.03 0.03 - 0.00 0.10 7.60 7.10 7.50 + 0.20 10.09 2.52 10.02 9.37 9.91 + 0.24 13.34 3.36 0.13 0.19 0.18 0.18 + 0.00 0.33 0.15 0.28 0.24 0.25 - 0.01 0.48 0.41 0.37 0.40 + 0.02 0.47 0.12 0.31 0.28 0.30 + 0.02 0.36 0.08 0.27 0.26 0.27 + 0.00 0.33 0.23 0.32 unch 0.00 0.42 0.36 0.34 0.35 0.05 0.09 0.06 0.09 - 0.01 0.17 0.03 0.05 0.04 0.04 - 0.01 0.14 0.05 0.09 0.06 0.07 + 0.01 0.20

D-F

2019-12-17 11:11 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / DECEMBER 23, 2019â&#x20AC;&#x201C;JANUARY 5, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Empress Res* O 294 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.02 Empress Res V 560 0.03 0.02 0.02 - 0.01 0.10 1.40 EMX Royalty V 54 2.03 1.82 1.99 + 0.12 2.03 EMX Royalty* X 360 1.54 1.38 1.50 + 0.08 1.54 1.04 O 62 0.05 0.03 0.04 - 0.01 0.14 0.03 Encanto Potash* Encanto Potash V 193 0.06 0.05 0.06 - 0.01 0.19 0.05 EnCore Energy V 541 0.15 0.13 0.13 - 0.01 0.21 0.09 T 871 25.82 24.08 25.44 + 1.34 28.98 17.21 Endeavour Mng Endeavour Mng* O 18 19.53 18.28 19.25 + 1.05 21.78 12.90 Endeavr Silver* N 10639 2.30 2.12 2.23 + 0.08 3.20 1.68 T 1174 3.03 2.82 2.94 + 0.07 4.26 2.21 Endeavr Silver Endurance Gold V 35 0.04 0.04 0.04 unch 0.00 0.07 0.03 1.50 Energy Fuels* X 6266 2.34 1.89 1.95 - 0.30 3.73 Energy Fuels T 670 3.09 2.49 2.57 - 0.42 5.04 2.00 Engineer Gold V 135 0.09 0.00 0.07 - 0.02 0.14 0.05 0.06 Engold Mines V 173 0.07 0.06 0.07 - 0.01 0.20 Engold Mines* O 35 0.05 0.05 0.05 unch 0.00 0.09 0.05 0.01 Ensurge* O 437 0.04 0.04 0.04 + 0.00 0.06 Entree Res* O 507 0.35 0.27 0.32 + 0.03 0.46 0.05 Entree Res T 853 0.46 0.36 0.43 + 0.04 0.61 0.22 O 186 0.27 0.23 0.25 + 0.02 0.37 0.04 ePower Metals* V 422 0.35 0.31 0.33 unch 0.00 0.62 0.29 ePower Metals Equinox Gold* X 765 6.29 5.83 6.20 + 0.24 6.85 5.20 4.45 Equinox Gold T 650 8.27 7.72 8.15 + 0.27 8.90 Equitorial Ex* O 45 0.01 0.01 0.01 unch 0.00 0.03 0.01 Equitorial Ex V 881 0.02 0.02 0.02 - 0.01 0.06 0.02 Equity Metals* O 5 0.07 0.05 0.05 - 0.02 0.09 0.03 Equity Metals V 119 0.08 0.07 0.07 - 0.01 0.12 0.05 0.13 0.12 0.13 - 0.00 0.20 0.12 Erdene Res Dev* O 148 Erdene Res Dev T 524 0.18 0.16 0.17 - 0.01 0.27 0.16 Erin Ventures* O 5 0.04 0.04 0.04 unch 0.00 0.11 0.03 Erin Ventures V 586 0.06 0.04 0.04 - 0.02 0.16 0.04 Ero Copper T 821 21.19 20.15 20.98 + 0.08 25.69 9.38 Ero Copper* O 12 0.00 0.00 15.92 unch 0.00 19.20 7.17 Eros Res Corp* O 1 0.05 0.00 0.05 - 0.01 0.07 0.03 Eros Res Corp V 273 0.07 0.07 0.07 - 0.01 0.11 0.05 Eros Res Corp V 273 0.07 0.07 0.07 - 0.01 0.11 0.05 Eskay Mng* O 21 0.12 0.10 0.12 + 0.02 0.12 0.04 Eskay Mng V 129 0.15 0.13 0.15 + 0.03 0.17 0.07 Essex Minerals V 255 0.03 0.03 0.03 unch 0.00 0.07 0.02 Ethos Gold* O 121 0.13 0.10 0.13 + 0.02 0.25 0.09 Ethos Gold V 223 0.16 0.14 0.16 + 0.01 0.34 0.13 0.17 Etruscus Res C 255 0.25 0.17 0.23 - 0.02 0.50 Euro Manganese V 132 0.15 0.11 0.13 + 0.01 0.44 0.11 Euro Sun Mg* O 97 0.24 0.19 0.19 - 0.02 0.83 0.14 Euro Sun Mg T 969 0.30 0.26 0.26 - 0.02 1.10 0.22 EurOmax Res* O 166 0.02 0.02 0.02 unch 0.00 0.14 0.02 EurOmax Res T 118 0.04 0.03 0.03 - 0.01 0.17 0.03 European Elect* O 606 0.01 0.01 0.01 - 0.00 0.14 0.00 European Elect V 896 0.02 0.01 0.02 + 0.01 0.19 0.01 European Metal* O 8 0.00 0.00 0.00 unch 0.00 0.26 0.00 Eurotin V 211 0.01 0.01 0.01 + 0.01 0.10 0.01 unch 0.00 0.25 0.17 Evergold V 322 0.25 0.23 0.23 Evergold* O 9 0.19 0.15 0.19 + 0.04 0.19 0.15 Everton Res* O 1 0.01 0.01 0.01 - 0.00 0.03 0.00 EVI Global Grp C 192 0.30 0.28 0.28 - 0.01 1.64 0.25 Evolving Gold C 24 0.03 0.00 0.03 unch 0.00 0.07 0.02 Evolving Gold* O 9 0.02 0.00 0.02 + 0.00 0.06 0.00 Evrim Res V 166 0.29 0.27 0.29 unch 0.00 0.40 0.27 Excellon Res T 536 0.98 0.89 0.91 - 0.02 1.51 0.59 Excellon Res* O 162 0.75 0.67 0.70 - 0.02 1.15 0.44 Excelsior Mng* O 146 0.74 0.71 0.72 - 0.01 0.87 0.53 T 157 0.98 0.94 0.95 - 0.01 1.14 0.71 Excelsior Mng ExGen Res Inc* O 65 0.01 0.00 0.00 - 0.00 0.01 0.00 ExGen Res Inc V 65 0.01 0.01 0.01 unch 0.00 0.03 0.01 Explor Res* O 32 0.03 0.01 0.03 + 0.01 0.03 0.01 Explor Res V 202 0.04 0.00 0.03 unch 0.00 0.04 0.02 O 52 0.13 0.12 0.12 - 0.01 0.26 0.12 Explorex Res* Explorex Res C 39 0.18 0.17 0.18 + 0.01 0.40 0.15 Fabled Copper V 405 0.04 0.04 0.04 unch 0.00 0.09 0.02 Fairmile Gold* O 9 0.00 0.00 0.00 unch 0.00 0.00 0.00 Falco Res V 887 0.22 0.19 0.22 + 0.02 0.54 0.19 Falco Res * O 63 0.16 0.15 0.16 + 0.01 0.31 0.10 Falcon Gold V 782 0.05 0.00 0.04 + 0.01 0.06 0.02 Fancamp Expl V 1128 0.07 0.05 0.07 + 0.02 0.11 0.04 Far Res* O 43 0.03 0.02 0.03 - 0.01 0.13 0.02 Far Res C 1040 0.04 0.04 0.04 unch 0.00 0.18 0.03 0.03 Fidelity Min V 1791 0.01 0.00 0.01 - 0.04 0.50 Filo Mg Corp V 49 2.17 1.90 1.95 - 0.05 3.25 1.90 Filo Mg Corp * O 1 1.54 1.52 1.52 - 0.02 2.31 1.52 Finlay Minrls V 50 0.04 0.04 0.04 unch 0.00 0.07 0.03 Fiore Gold* O 907 0.43 0.37 0.38 - 0.01 0.50 0.18 Fiore Gold V 655 0.56 0.50 0.50 - 0.03 0.63 0.26 Fiorentina Min C 3 0.18 0.18 0.18 unch 0.00 0.20 0.18 Fire River Gol* O 1 0.01 0.01 0.01 - 0.01 0.40 0.00 Firebird Res V 104 0.02 0.02 0.02 unch 0.00 0.04 0.01 FireFox Gold V 660 0.10 0.07 0.07 - 0.02 0.39 0.07 O 2 0.01 0.01 0.01 unch 0.00 0.03 0.01 Firestone Diam* Firestone Vent V 12 0.04 0.00 0.04 unch 0.00 0.10 0.04 Fireweed Zinc V 73 0.57 0.54 0.57 + 0.02 0.97 0.45 Fireweed Zinc* O 67 0.44 0.42 0.44 + 0.01 0.71 0.34 Firma Holdings* O 1012 0.01 0.00 0.00 - 0.00 0.05 0.00 0.11 0.09 0.10 + 0.01 0.18 0.08 First Cobalt * O 987 First Cobalt V 1007 0.14 0.13 0.13 unch 0.00 0.25 0.12 First Colombia* O 3250 0.00 0.00 0.00 + 0.00 0.00 0.00 First Energy C 8 0.07 0.00 0.07 - 0.01 0.20 0.04 First Energy* O 1 0.02 0.00 0.02 + 0.00 0.17 0.02 First Majestic* N 22801 11.23 10.37 11.23 + 0.76 11.62 4.99 First Majestic T 3388 14.80 13.72 14.78 + 0.87 15.50 6.67 First Mexican V 293 0.04 0.04 0.04 - 0.01 0.25 0.04 First Mg Fin T 5793 0.25 0.22 0.22 - 0.01 0.41 0.21 First Mg Fin * O 4813 0.19 0.16 0.17 - 0.01 0.31 0.16 First Point* O 220 0.09 0.09 0.09 - 0.01 0.14 0.07 First Quantum T 22102 14.10 13.04 13.56 + 0.60 16.63 7.84 First Vanadium V 108 0.33 0.25 0.26 - 0.04 1.08 0.17 O 291 0.24 0.19 0.20 - 0.03 0.81 0.12 First Vanadium* Fission 3.0 V 999 0.06 0.05 0.05 unch 0.00 0.26 0.05 Fission 3.0* O 61 0.04 0.00 0.04 + 0.00 0.17 0.03 Fission Uran* O 1501 0.21 0.19 0.19 - 0.02 0.46 0.19 0.25 Fission Uran T 3781 0.28 0.25 0.25 - 0.02 0.62 Five Star Diam V 173 0.05 0.04 0.05 unch 0.00 0.08 0.03 Fjordland Exp* O 9 0.03 0.03 0.03 - 0.00 0.07 0.02 Fjordland Exp V 67 0.06 0.04 0.05 - 0.01 0.10 0.03 Focus Graphite* O 726 0.02 0.01 0.01 - 0.00 0.03 0.01 Focus Graphite V 1843 0.02 0.01 0.02 unch 0.00 0.04 0.01 Foran Mng V 58 0.25 0.00 0.25 unch 0.00 0.39 0.22 Forsys Metals T 523 0.16 0.11 0.13 + 0.01 0.29 0.11 Fort St J Nick V 7 0.09 0.00 0.09 unch 0.00 0.32 0.08 Fortescue Met* O 30 7.40 6.89 7.35 + 0.57 7.19 2.76 Fortuna Silvr T 3220 4.83 4.23 4.78 + 0.55 6.12 3.22 11435 3.67 3.19 3.62 + 0.43 4.59 2.39 Fortuna Silvr* N Fortune Bay V 25 0.29 0.24 0.29 + 0.07 0.40 0.19 Fortune Bay* O 10 0.20 0.00 0.19 + 0.02 0.31 0.14 O 313 0.07 0.05 0.06 + 0.00 0.11 0.05 Fortune Mnrls* Fortune Mnrls T 476 0.09 0.08 0.08 + 0.01 0.16 0.07 Forum Energy V 707 0.07 0.06 0.07 - 0.01 0.11 0.03 Forum Energy* O 238 0.06 0.04 0.05 - 0.00 0.08 0.02 Four Nines C 2 0.00 0.00 0.14 unch 0.00 0.31 0.14 Fox River Res C 10 0.06 0.00 0.06 unch 0.00 0.10 0.04 1 0.04 0.04 0.04 unch 0.00 0.06 0.03 Fox River Res* O FPX Nickel V 982 0.14 0.11 0.11 - 0.01 0.18 0.10 Franco-Nevada* N 2615 99.59 97.06 98.50 + 1.44 101.20 67.97 Franco-Nevada T 2543 131.29 127.80 129.90 + 1.14 134.70 90.20 Franklin Mng* O 1 0.00 0.00 0.00 - 0.00 0.00 0.00 unch 0.00 0.12 0.04 Freegold Vent T 2036 0.05 0.05 0.05 Freeport McMoR* N 147817 13.38 11.74 12.87 + 1.23 14.68 8.43 Freeport Res V 14 0.09 0.08 0.09 + 0.02 0.15 0.04 0.04 Fremont Gold V 432 0.05 0.04 0.05 + 0.01 0.19 Fremont Gold* O 18 0.04 0.04 0.04 + 0.00 0.18 0.04 Fresnillo plc* O 67 7.81 7.27 7.73 + 0.44 13.76 6.89 Frontier Lith V 94 0.34 0.27 0.29 - 0.03 0.47 0.20 unch 0.00 0.02 0.01 Frontline Gold V 50 0.01 0.01 0.01 Full Metal Mnl* O 0 0.00 0.00 0.00 unch 0.00 0.01 0.00 Fura Gems V 175 0.17 0.00 0.14 - 0.05 0.46 0.12 Fura Gems* O 32 0.14 0.10 0.11 - 0.01 0.34 0.09

G-H G2 Goldfields V 420 Gabriel Res* O 93 Gabriel Res V 8926 Gaia Metals* O 15 Gaia Metals V 58 Gainey Capital V 262 Galane Gold * O 81 Galane Gold V 421 Galantas Gold V 262 Galantas Gold* O 60 Galore Res V 105 Galway Gold * O 10 Galway Gold V 50 Galway Mtls* O 24 Galway Mtls V 276 Garibaldi Res V 156 Garibaldi Res * O 45 Gatling Explor V 335 Gatling Explor* O 124 Gem Intl Res V 85 General Moly T 29 General Moly* X 2312 Generation Min C 3363 Generation Min* O 4 Genesis Mtls* O 167 Genesis Mtls V 3624 Genius Metals C 16

0.23 0.21 0.21 - 0.01 0.43 0.20 0.52 0.43 0.52 + 0.09 0.54 0.20 0.68 0.57 0.68 + 0.10 0.71 0.30 0.06 0.06 0.06 unch 0.00 0.66 0.06 0.11 0.08 0.09 unch 0.00 0.90 0.08 0.06 0.05 0.05 unch 0.00 0.16 0.04 0.08 0.06 0.07 + 0.01 0.10 0.03 0.10 0.08 0.09 unch 0.00 0.13 0.04 0.03 0.02 0.03 unch 0.00 0.15 0.02 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.07 0.07 0.07 unch 0.00 0.10 0.00 0.09 0.00 0.09 unch 0.00 0.15 0.07 0.24 0.00 0.24 + 0.00 0.30 0.10 0.33 0.31 0.32 + 0.01 0.44 0.14 1.00 0.93 0.97 - 0.03 2.25 0.69 0.75 0.00 0.73 - 0.05 1.70 0.51 0.43 0.41 0.42 unch 0.00 0.71 0.29 0.33 0.30 0.33 unch 0.00 0.54 0.21 0.06 0.06 0.06 - 0.01 0.08 0.05 0.35 0.33 0.33 + 0.01 0.59 0.22 0.28 0.24 0.26 + 0.02 0.45 0.16 0.28 0.23 0.27 + 0.04 0.36 0.10 0.16 0.00 0.16 + 0.01 0.28 0.04 0.04 0.03 0.04 + 0.00 0.08 0.03 0.06 0.05 0.06 + 0.01 0.11 0.05 0.20 0.18 0.19 - 0.01 0.24 0.14

20-23_DEC23_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 313 Gensource Pot Gentor Res V 30 V 575 Geomega Res Geomega Res* O 17 Gespeg Res V 97 Getchell Gold * O 149 Getchell Gold C 255 Getty Copper V 966 GFG Resources V 701 GFG Resources* O 216 GFM Res V 5 GGL Res V 190 GGX Gold V 471 GGX Gold* O 14 Giga Metals* O 481 Giga Metals V 546 Gitennes Expl V 5314 Giyani Gold V 257 Giyani Gold* O 326 Glacier Lake* O 0 Glacier Lake V 179 Gldn Predator* O 184 Gldn Predator V 707 Glen Eagle Res* O 57 Glen Eagle Res V 161 Glencore Plc * O 408 Glencore Plc* O 1729 Global Atomic* O 35 Global Atomic T 416 Global Battery V 112 O 1 Global Battery* Global Energy* O 2 Global Energy V 376 Global Gold* O 0 Global Li-Ion* O 6 Global Li-Ion C 262 GlobalMin Vent* O 1 Globex Mng T 150 Globex Mng* O 165 GMV Minerals* O 12 GMV Minerals V 41 GNCC Capital* O 19554 Go Cobalt C 941 GobiMin V 125 GoGold Res T 365 Gold Fields* N 26329 Gold Finder Ex V 808 Gold Finder Ex* O 11 Gold Lion Res C 146 Gold Reserve V 70 O 450 Gold Reserve* Gold Resource* X 4669 Gold Rush Cari* O 0 Gold Rush Cari V 55 Gold Std Vents T 6853 Gold Std Vents* X 3047 Gold X Mining V 566 Goldbank Mng* O 0 Goldbank Mng V 5 Goldcliff Res* O 27 Goldcliff Res V 3 Golden Arrow V 272 Golden Arrow* O 206 Golden Band* O 48 Golden Cariboo V 376 207 Golden Dawn Ml V Golden Dawn Ml* O 12 Golden Goliath* O 37 Golden Goliath V 557 Golden Harp* O 0 Golden Harp V 10 Golden Hope V 316 Golden Hope* O 14 Golden Lake C 121 Golden Mnls T 55 Golden Mnls* X 1863 Golden Opp Res C 1372 Golden Pursuit V 519 Golden Queen V 19 Golden Queen* O 31 Golden Ridge V 1570 Golden Secret V 145 Golden Share V 55 Golden Star T 208 Golden Star* X 1611 Golden Sun* O 50 Golden Tag V 95 Golden Valley* O 102 Golden Valley V 511 Goldex Res* O 3 Goldex Res V 248 Goldgroup Mng* O 29 Goldgroup Mng T 323 GoldMining* O 751 GoldMining T 918 GoldON Res V 102 GoldON Res* O 6 Goldplay Expl* O 87 Goldplay Expl V 229 GoldQuest Mng V 718 Goldrea Res C 360 Goldrea Res* O 71 Goldrich Mng* O 125 Goldsource Min* O 364 Goldsource Min V 907 Goldstar Mnls V 21 Goldstrike Res V 5590 Goliath Res V 1023 Goliath Res* O 416 Gossan Res V 119 GoviEx Uranium* O 633 GoviEx Uranium V 562 Gowest Gold* O 6 Gowest Gold V 60 GPM Metals V 833 Gran Colombia* O 114 Gran Colombia T 1032 Granada Gold V 1033 Granada Gold* O 169 Grande Portage V 213 O 31 Grande Portage* Granite Creek V 912 Graphite Egy* O 4 Graphite One V 80 Graphite One* O 116 Gratomic V 4510 Gratomic* O 600 Gray Rock Res V 39 Great Atlantic V 126 Great Bear Res V 903 Great Bear Res* O 205 Great Lakes Gr* O 657 Great Panther T 1212 Great Panther* X 5195 Great Thunder V 595 Greatbanks Re V 20 Green River C 67 Green Valley M V 132 V 266 Greencastle Rs Greenland M&En* O 1095 V 3 Greenshield Ex Grenville Gold C 2 Grenville Gold* O 1 Grid Metals V 49 Grid Metals* O 52 Grizzly Discvr* O 593 Grizzly Discvr V 562 Grosvenor Res V 63 Group Eleven V 110 Group Ten Mtls* O 232 Group Ten Mtls V 375 GrowMax Res* O 372 GSP Resource V 190 GT Gold V 688 GT Gold * O 74 GTA Resources* O 1 Guerrero Vents V 60 Gungnir Res V 15 Gungnir Res* O 58 Gunpoint Expl V 21 Guyana Gldflds T 2771 Guyana Goldstr V 1085 Guyana Goldstr* O 299 Handa Mining* O 0 Handa Mining V 251 Handeni Gold* O 0 Hanna Capital V 5 Hannan Metals V 308 Hannan Metals* O 12 Happy Ck Mnrls V 70 Harfang Explor V 18 Harmony Gold* N 24422 Harte Gold* O 484 Harte Gold T 6069 Harvest Gold V 139

0.13 0.11 0.12 - 0.01 0.16 0.08 0.05 0.05 0.05 unch 0.00 0.07 0.05 0.16 0.14 0.16 + 0.01 0.23 0.07 0.12 0.11 0.12 + 0.00 0.17 0.05 0.02 0.01 0.01 - 0.01 0.05 0.01 0.10 0.08 0.10 + 0.02 0.19 0.05 0.13 0.10 0.13 + 0.02 1.38 0.06 0.03 0.02 0.02 unch 0.00 0.04 0.02 0.22 0.19 0.21 + 0.02 0.27 0.16 0.17 0.15 0.16 + 0.01 0.21 0.12 0.05 0.05 0.05 unch 0.00 0.05 0.04 0.08 0.07 0.08 unch 0.00 0.17 0.07 0.09 0.07 0.08 unch 0.00 0.41 0.07 0.06 0.06 0.06 - 0.00 0.29 0.04 0.26 0.21 0.25 - 0.01 0.40 0.11 0.33 0.28 0.32 - 0.03 0.53 0.15 0.05 0.01 0.01 - 0.03 0.06 0.01 0.20 0.11 0.20 + 0.09 0.35 0.07 0.15 0.09 0.15 + 0.05 0.26 0.06 0.00 0.00 0.05 unch 0.00 0.18 0.02 0.05 0.00 0.09 + 0.05 0.40 0.08 0.21 0.18 0.19 - 0.01 0.38 0.13 0.27 0.25 0.25 - 0.02 0.50 0.18 0.06 0.06 0.06 - 0.00 0.10 0.06 0.09 0.08 0.08 unch 0.00 0.15 0.07 3.10 2.83 3.06 + 0.19 4.49 2.66 6.13 5.62 6.02 + 0.30 8.91 5.29 0.37 0.35 0.35 - 0.00 0.42 0.25 0.50 0.46 0.46 unch 0.00 0.56 0.30 0.07 0.06 0.06 unch 0.00 0.23 0.05 0.05 0.05 0.05 unch 0.00 0.16 0.05 0.01 0.00 0.01 + 0.00 0.07 0.01 0.03 0.02 0.02 unch 0.00 0.10 0.02 0.00 0.00 0.75 unch 0.00 1.60 0.75 0.07 0.06 0.07 + 0.01 0.21 0.04 0.11 0.08 0.08 - 0.02 0.28 0.06 0.21 0.10 0.10 - 0.11 0.86 0.10 0.34 0.31 0.32 unch 0.00 0.41 0.28 0.25 0.23 0.24 - 0.01 0.31 0.21 0.10 0.08 0.10 + 0.02 0.17 0.06 0.14 0.11 0.14 + 0.03 0.25 0.09 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.05 0.05 unch 0.00 0.28 0.05 0.26 0.26 0.26 unch 0.00 0.45 0.20 0.63 0.61 0.61 - 0.02 0.80 0.19 6.25 5.68 6.07 + 0.28 6.29 3.12 0.04 0.04 0.04 + 0.01 0.12 0.02 0.04 0.04 0.04 + 0.00 0.09 0.02 0.22 0.19 0.21 - 0.01 0.24 0.17 2.00 1.90 1.91 - 0.05 3.67 1.90 1.52 1.43 1.51 + 0.01 2.75 1.05 5.35 4.69 5.33 + 0.51 5.35 2.73 0.01 0.01 0.01 unch 0.00 0.11 0.01 0.01 0.01 0.01 unch 0.00 0.15 0.01 0.98 0.81 0.95 + 0.13 1.81 0.78 0.75 0.61 0.72 + 0.09 1.38 0.59 2.34 2.02 2.18 - 0.03 3.56 1.20 0.00 0.00 0.14 unch 0.00 0.14 0.11 0.13 0.13 0.13 unch 0.00 0.19 0.07 0.10 0.08 0.09 + 0.01 0.13 0.03 0.12 0.12 0.12 unch 0.00 0.17 0.05 0.15 0.14 0.14 - 0.01 0.37 0.12 0.12 0.10 0.11 - 0.01 0.28 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.03 0.02 0.02 - 0.01 0.06 0.02 0.13 0.08 0.08 - 0.05 0.38 0.08 0.11 0.08 0.08 - 0.03 0.28 0.02 0.06 0.00 0.05 - 0.01 0.08 0.00 0.08 0.06 0.06 - 0.01 0.10 0.02 0.00 0.00 0.08 unch 0.00 0.08 0.08 0.07 0.00 0.07 unch 0.00 0.17 0.04 0.27 0.22 0.22 - 0.03 0.28 0.05 0.17 0.16 0.17 + 0.01 0.18 0.03 0.20 0.17 0.20 + 0.03 0.20 0.08 0.41 0.35 0.37 + 0.01 0.49 0.26 0.32 0.26 0.28 + 0.01 0.38 0.20 0.11 0.10 0.11 + 0.01 0.11 0.10 0.05 0.05 0.05 + 0.01 0.11 0.02 0.21 0.21 0.21 + 0.01 1.35 0.17 0.19 0.15 0.15 + 0.00 0.29 0.01 0.04 0.03 0.04 + 0.01 0.20 0.02 1.38 1.22 1.30 - 0.05 2.53 0.96 0.10 0.09 0.10 + 0.01 0.17 0.07 4.71 4.26 4.56 + 0.12 6.48 3.30 3.58 3.21 3.45 + 0.10 4.97 2.44 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.05 0.04 0.05 unch 0.00 0.10 0.03 0.33 0.32 0.33 + 0.01 0.34 0.17 0.44 0.41 0.44 + 0.04 0.44 0.23 0.08 0.07 0.07 - 0.00 0.15 0.05 0.11 0.07 0.11 + 0.03 0.21 0.07 0.03 0.02 0.02 - 0.00 0.06 0.02 0.04 0.03 0.03 unch 0.00 0.08 0.03 0.97 0.85 0.90 + 0.02 1.08 0.52 1.27 1.16 1.18 + 0.02 1.44 0.71 0.74 0.65 0.73 + 0.02 0.91 0.12 0.53 0.50 0.53 + 0.03 0.69 0.09 0.16 0.16 0.16 unch 0.00 0.22 0.09 0.21 0.19 0.19 - 0.03 0.30 0.11 0.14 0.12 0.13 - 0.01 0.23 0.08 0.08 0.05 0.06 + 0.02 0.11 0.03 0.05 0.04 0.05 + 0.01 0.07 0.02 0.01 0.01 0.01 + 0.00 0.03 0.01 0.06 0.05 0.06 - 0.00 0.16 0.02 0.08 0.07 0.07 - 0.01 0.23 0.04 0.03 0.02 0.02 - 0.01 0.05 0.02 0.02 0.01 0.01 unch 0.00 0.10 0.01 0.03 0.02 0.03 unch 0.00 0.15 0.02 0.02 0.02 0.02 + 0.00 0.11 0.01 0.07 0.05 0.05 unch 0.00 0.09 0.04 0.11 0.10 0.10 - 0.01 0.16 0.09 0.14 0.13 0.13 - 0.01 0.21 0.12 0.16 0.15 0.15 - 0.01 0.31 0.01 0.19 0.17 0.19 unch 0.00 0.50 0.08 0.06 0.05 0.06 - 0.01 0.10 0.05 3.90 3.62 3.86 + 0.15 4.44 2.01 5.15 4.73 5.07 + 0.20 5.91 2.70 0.10 0.09 0.09 - 0.01 0.23 0.09 0.07 0.06 0.07 unch 0.00 0.17 0.06 0.14 0.11 0.14 unch 0.00 0.21 0.08 0.10 0.08 0.10 + 0.02 0.15 0.06 0.08 0.05 0.08 + 0.01 0.23 0.05 0.03 0.00 0.03 + 0.02 1.09 0.00 0.36 0.30 0.31 - 0.05 0.40 0.12 0.28 0.22 0.26 - 0.01 1.00 0.00 0.12 0.01 0.11 + 0.03 0.83 0.03 0.01 0.01 0.01 - 0.05 0.61 0.03 0.07 0.05 0.07 + 0.02 0.15 0.04 0.51 0.50 0.50 unch 0.00 0.85 0.30 8.10 7.31 7.69 - 0.06 9.57 1.85 6.11 5.47 5.85 + 0.02 7.23 1.42 0.01 0.00 0.00 - 0.00 0.10 0.00 0.61 0.53 0.59 + 0.04 1.58 0.53 0.47 0.40 0.45 + 0.03 1.19 0.40 0.02 0.00 0.02 - 0.08 0.12 0.04 0.06 0.00 0.06 + 0.01 0.15 0.04 0.07 0.05 0.07 unch 0.00 0.08 0.04 0.06 0.05 0.05 - 0.01 0.98 0.05 0.06 0.05 0.05 unch 0.00 0.09 0.02 0.10 0.09 0.09 + 0.00 0.12 0.04 0.15 0.15 0.15 - 0.05 0.22 0.04 0.11 0.11 0.11 unch 0.00 0.38 0.11 0.13 0.08 0.13 + 0.04 0.13 0.08 0.10 0.09 0.09 unch 0.00 0.16 0.06 0.07 0.07 0.07 + 0.00 0.12 0.05 0.03 0.02 0.03 + 0.00 0.06 0.02 0.03 0.00 0.03 unch 0.00 0.08 0.03 0.14 0.13 0.13 unch 0.00 0.15 0.08 0.05 0.04 0.04 unch 0.00 0.17 0.03 0.15 0.13 0.14 - 0.00 0.17 0.01 0.19 0.18 0.19 + 0.01 0.23 0.12 0.04 0.00 0.03 + 0.01 0.15 0.00 0.30 0.24 0.25 unch 0.00 0.44 0.13 1.10 1.02 1.08 + 0.04 1.31 0.56 0.81 0.77 0.78 + 0.01 0.99 0.42 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.29 0.00 0.27 + 0.01 0.29 0.06 0.06 0.06 0.06 unch 0.00 0.13 0.06 0.04 0.04 0.04 unch 0.00 0.11 0.04 0.55 0.52 0.52 unch 0.00 0.74 0.38 0.59 0.55 0.55 - 0.03 1.85 0.46 0.05 0.04 0.04 unch 0.00 0.26 0.04 0.04 0.03 0.03 + 0.00 0.20 0.02 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.03 0.00 0.02 unch 0.00 0.05 0.02 0.00 0.00 0.04 unch 0.00 0.04 0.02 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.10 0.08 0.10 + 0.03 0.16 0.05 0.07 0.00 0.07 + 0.00 0.12 0.04 0.10 0.10 0.10 + 0.03 0.17 0.08 0.24 0.24 0.24 + 0.01 0.32 0.18 3.42 3.02 3.19 + 0.07 3.86 1.55 0.10 0.09 0.10 + 0.01 0.33 0.06 0.14 0.12 0.13 + 0.01 0.44 0.09 0.10 0.10 0.10 + 0.01 0.60 0.09

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Hawkeye Gld&Di V 715 Heatherdale Rs V 174 Hecla Mining* N 42605 Helio Res V 98 Helio Res* O 5 Hemcare Health* O 53 Heron Res* O 21 Highbank Res V 263 HighGold* O 57 HighGold V 249 Highland Copp* O 297 Highland Copp V 426 Highway 50 Gld V 103 Highway 50 Gld* O 620 HiHo Silver C 282 Hinterland Mtl* O 4 Hochschild Mg* O 30 Honey Badger E V 882 Horizonte Mnls T 544 Hornby Bay Mnl* O 26 Hornby Bay Mnl V 82 HudBay Min* N 5718 HudBay Min T 5914 Hudson Res* O 68 Hudson Res V 215 Hunt Mng* O 100 Hunt Mng V 131 V 1386 Hybrid Mineral Hycroft Mining* O 0

0.03 0.03 0.03 unch 0.00 0.07 0.03 0.24 0.14 0.24 + 0.11 0.24 0.08 3.10 2.74 3.05 + 0.27 3.10 1.21 0.10 0.09 0.09 unch 0.00 0.15 0.05 0.09 0.09 0.09 unch 0.00 0.10 0.02 1.20 1.03 1.19 + 0.11 1.54 0.41 0.06 0.06 0.06 unch 0.00 0.45 0.06 0.01 0.01 0.01 unch 0.00 0.03 0.01 1.10 0.88 0.88 - 0.12 1.38 0.79 1.50 1.15 1.15 - 0.19 1.89 0.78 0.03 0.02 0.02 + 0.00 0.08 0.02 0.03 0.03 0.03 + 0.01 0.10 0.02 0.07 0.06 0.06 - 0.01 0.22 0.06 0.05 0.04 0.04 unch 0.00 0.17 0.04 0.05 0.02 0.02 - 0.02 0.08 0.02 0.00 0.00 0.00 unch 0.00 0.14 0.00 2.16 0.00 2.16 - 0.06 2.79 1.90 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.07 0.06 0.07 + 0.01 0.09 0.03 0.03 0.03 0.03 + 0.00 0.05 0.01 0.05 0.05 0.05 unch 0.00 0.06 0.02 4.04 3.47 3.93 + 0.38 7.83 2.99 5.31 4.60 5.18 + 0.46 10.42 3.98 0.22 0.19 0.19 - 0.02 0.38 0.13 0.28 0.25 0.25 - 0.04 0.48 0.25 0.04 0.03 0.04 + 0.02 0.18 0.00 0.06 0.04 0.06 + 0.01 0.23 0.04 0.02 0.02 0.02 unch 0.00 0.13 0.02 0.01 0.00 0.01 unch 0.00 0.03 0.00

I-Minerals* O 85 I-Minerals V 88 IAMGOLD T 7856 IAMGOLD* N 24787 Icon Explor* O 10 Iconic Mnls * O 84 Iconic Mnls V 140 Idaho Champion C 436 Idaho Champion* O 0 IEMR Res V 12 IM Exploration C 5 IMC Intl Mng C 33 iMetal Res* O 388 iMetal Res V 1776 V 2196 IMPACT Silver Impala Platnm* O 1 Imperial Metal T 297 O 46 Imperial Metal* Imperial Mg Gr V 481 26 Inca One Gold* O Inca One Gold V 136 Inception Mng * O 35 V 106 Independence G Independence G* O 2 Infinite Lith V 522 Infinite Lith* O 23 Inform Res V 0 Infrastructure* O 540 Inomin Mines V 166 O 3 Inspiration Mg* Integra Res* O 401 Integra Res V 1579 Inter-Rock Mnl* O 25 Inter-Rock Mnl V 53 Interconnect V 12 O 5 Intercontinent* Intercontinent V 25 Intl Battery C 43 Intl Battery* O 54 9 Intl Bethl Mng V Intl Bethl Mng* O 4 Intl Cobalt C 1706 Intl Cobalt* O 59 Intl Lithium* O 28 Intl Lithium V 120 Intl Montoro* O 40 Intl Montoro V 72 1 Intl Prospect * O Intl Prospect V 48 Intl Samuel Ex V 3023 10608 Intl Star* O Intl Tower Hil* X 298 Intl Tower Hil T 41 Intl Zeolite V 336 Intl Zeolite* O 15 Intrepid Pots* N 3276 INV Metals* O 10 INV Metals T 303 Inventus Mg * O 132 Inventus Mg V 407 InZinc Mining V 818 InZinc Mining* O 2425 Irving Res* O 69 Irving Res C 97 IsoEnergy Ltd V 184 O 12 Itafos* Itafos V 37 Itoco Inc* O 880 Ivanhoe Mines* O 580 T 3593 Ivanhoe Mines Jade Leader* O 5 Jade Leader V 125 Jaeger Res V 5 Jaguar Mng T 2000 Jaguar Mng* O 282 Japan Gold V 231 Japan Gold* O 125 Jasper Mining V 33 Jaxon Mining* O 19 Jaxon Mining V 166 Jayden Res V 79 Jayden Res* O 250 JDF Explor Inc C 176 Jervois Mining* O 1187 Jervois Mining V 707 Jiulian Res V 110 Josemaria Res* O 14 T 159 Josemaria Res Joshua Gold* O 89 Jourdan Res V 261 Jubilee Metals* O 99 Juggernaut Exp V 301 Juggernaut Exp* O 45 Jupiter Gold* O 1 K2 Gold V 338 K92 Mining* O 482 K92 Mining V 1890 Kaizen Discov V 1316 Kaizen Discvry* O 2 Kanadario Gold V 125 Kapuskasing Gd V 97 Karnalyte Res T 138 KAT Expl* O 21912 Katanga Mng T 3037 Kenadyr Mining V 2211 O 18 Kenadyr Mining* Kermode Res V 49 Kerr Mines* O 312 Kerr Mines T 416 Kesselrun Res* O 0 Kesselrun Res V 700 Kestrel Gold V 370 Kilo Goldmines V 30 Kilo Goldmines* O 105 Kincora Copper V 311 Kincora Copper* O 10 King Global* O 39 King Global V 100 O 94 Kingsmen Res* Kingsmen Res V 108 Kinross Gold T 15398 Kinross Gold* N 45320 Kintavar Exp V 2289 Kirkland Lake* N 7394 Kirkland Lake T 6047 Klondike Gold* O 184 Klondike Gold V 189 Klondike Silv* O 48 Klondike Silv V 275 Kombat Copper* O 5 Kombat Copper V 16 Komet Resource V 1367 Kootenay Silvr* O 724 Kootenay Silvr V 1738 Kootenay Zinc C 315 Kootenay Zinc* O 23 Kore Mining * O 62 Kore Mining V 476 Kutcho Copper * O 32 KWG Res* O 680 KWG Res C 2002

0.03 0.03 0.03 unch 0.00 0.14 0.02 0.05 0.03 0.04 unch 0.00 0.19 0.03 4.69 4.31 4.51 - 0.11 5.55 3.08 3.56 3.28 3.41 - 0.07 4.17 2.28 0.00 0.00 0.07 unch 0.00 0.21 0.07 0.04 0.03 0.04 + 0.00 0.13 0.03 0.05 0.05 0.05 + 0.01 0.18 0.04 0.05 0.04 0.04 unch 0.00 0.20 0.04 0.04 0.04 0.04 unch 0.00 0.06 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.10 0.10 unch 0.00 0.15 0.04 0.55 0.52 0.55 + 0.03 0.58 0.30 0.06 0.06 0.06 + 0.00 0.14 0.03 0.09 0.07 0.09 + 0.01 0.19 0.04 0.39 0.36 0.39 + 0.04 0.51 0.23 9.30 8.99 9.30 + 0.31 9.30 4.75 1.87 1.44 1.87 + 0.35 3.50 1.10 1.28 1.12 1.28 + 0.16 2.60 0.90 0.06 0.04 0.05 + 0.02 0.11 0.03 0.03 0.02 0.02 + 0.00 0.04 0.02 0.03 0.03 0.03 - 0.01 0.05 0.03 0.05 0.00 0.05 + 0.00 0.55 0.00 0.06 0.06 0.06 + 0.01 0.10 0.04 0.03 0.00 0.03 unch 0.00 0.08 0.00 0.09 0.07 0.07 + 0.01 0.12 0.03 0.04 0.04 0.04 unch 0.00 0.08 0.01 0.00 0.00 0.04 unch 0.00 0.08 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.03 0.00 0.95 0.87 0.90 + 0.01 1.07 0.44 1.27 1.16 1.18 + 0.01 1.42 0.61 0.19 0.19 0.19 unch 0.00 0.20 0.16 0.26 0.25 0.26 + 0.01 0.35 0.19 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.12 0.00 0.17 unch 0.00 0.25 0.07 0.16 0.16 0.16 - 0.04 0.35 0.09 0.14 0.12 0.12 - 0.02 0.22 0.05 0.11 0.09 0.10 - 0.01 0.17 0.03 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.02 0.00 0.02 + 0.00 0.04 0.00 0.03 0.02 0.02 - 0.00 0.06 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.03 0.03 + 0.01 0.06 0.02 0.05 0.04 0.04 - 0.01 0.09 0.03 0.05 0.05 0.05 - 0.03 0.12 0.05 0.08 0.08 0.08 + 0.01 0.20 0.08 0.07 0.01 0.07 + 0.02 0.50 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.54 0.50 0.53 - 0.01 0.72 0.39 0.71 0.65 0.69 unch 0.00 0.94 0.51 0.07 0.06 0.07 unch 0.00 0.16 0.05 0.05 0.04 0.05 - 0.00 0.12 0.03 2.41 2.20 2.39 + 0.14 4.39 2.06 0.31 0.29 0.29 - 0.01 0.59 0.22 0.40 0.00 0.40 unch 0.00 0.83 0.30 0.11 0.00 0.11 + 0.03 0.12 0.05 0.15 0.11 0.14 + 0.04 0.16 0.07 0.02 0.02 0.02 + 0.01 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 2.33 2.19 2.28 + 0.11 2.50 1.12 3.06 2.86 3.00 + 0.09 3.25 1.50 0.40 0.36 0.37 - 0.03 0.79 0.36 0.50 0.00 0.50 + 0.20 1.23 0.29 0.50 0.00 0.46 - 0.02 1.63 0.45 0.16 0.13 0.15 + 0.01 0.90 0.06 2.90 2.58 2.84 + 0.24 3.46 1.50 3.83 3.41 3.75 + 0.29 4.54 2.04 0.17 0.17 0.17 - 0.01 0.27 0.13 0.23 0.19 0.23 - 0.01 0.35 0.13 0.02 0.00 0.02 - 0.01 0.04 0.01 0.13 0.12 0.13 unch 0.00 0.30 0.07 0.10 0.00 0.10 unch 0.00 0.22 0.05 0.24 0.22 0.23 - 0.01 0.43 0.15 0.19 0.17 0.17 - 0.01 0.32 0.12 0.11 0.08 0.09 + 0.01 0.25 0.01 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.05 0.04 0.04 - 0.01 0.10 0.03 0.02 0.01 0.02 unch 0.00 0.19 0.01 0.00 0.00 0.00 unch 0.00 0.12 0.00 0.44 0.26 0.30 - 0.18 0.71 0.01 0.14 0.12 0.13 + 0.00 0.20 0.11 0.17 0.16 0.17 unch 0.00 0.24 0.13 0.02 0.02 0.02 unch 0.00 0.14 0.01 0.44 0.40 0.40 - 0.01 0.91 0.39 0.62 0.50 0.54 unch 0.00 1.22 0.50 0.17 0.11 0.16 - 0.01 0.40 0.08 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.06 0.00 0.05 - 0.02 0.06 0.03 0.29 0.19 0.27 + 0.07 1.60 0.10 0.19 0.13 0.19 + 0.03 1.20 0.06 0.45 0.37 0.45 + 0.05 2.00 0.25 0.22 0.20 0.21 - 0.03 0.37 0.16 2.04 1.92 1.99 + 0.02 2.13 0.55 2.66 2.56 2.60 - 0.02 2.73 0.76 0.04 0.03 0.03 unch 0.00 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.19 0.19 0.19 unch 0.00 0.25 0.15 0.07 0.07 0.07 unch 0.00 0.14 0.03 0.20 0.00 0.19 + 0.02 0.36 0.15 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.13 0.12 0.13 + 0.01 0.83 0.11 0.06 0.04 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 - 0.00 0.07 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.09 0.10 + 0.01 0.21 0.07 0.13 0.12 0.13 + 0.01 0.27 0.11 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.05 0.04 0.05 + 0.01 0.07 0.03 0.02 0.01 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.05 + 0.01 0.16 0.01 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.01 0.01 0.01 unch 0.00 0.05 0.00 0.02 0.01 0.01 - 0.01 0.10 0.01 0.05 0.05 0.05 unch 0.00 0.52 0.01 0.09 0.07 0.07 unch 0.00 0.70 0.07 5.96 5.60 5.71 + 0.03 7.24 3.72 4.52 4.23 4.34 + 0.07 5.47 2.77 0.14 0.10 0.13 + 0.02 0.29 0.10 43.15 40.21 42.85 + 2.41 51.08 23.41 56.91 53.21 56.64 + 3.03 67.87 31.34 0.22 0.19 0.21 + 0.01 0.35 0.10 0.29 0.25 0.28 + 0.02 0.45 0.17 0.03 0.03 0.03 + 0.00 0.04 0.01 0.04 0.03 0.04 unch 0.00 0.06 0.03 0.10 0.10 0.10 unch 0.00 0.15 0.05 0.13 0.00 0.13 - 0.01 0.20 0.05 0.11 0.09 0.11 + 0.02 0.20 0.09 0.19 0.15 0.18 - 0.00 0.23 0.08 0.25 0.21 0.23 - 0.02 0.32 0.11 0.06 0.05 0.05 unch 0.00 0.29 0.05 0.04 0.00 0.04 - 0.00 0.17 0.02 0.18 0.17 0.17 - 0.01 0.31 0.09 0.23 0.21 0.22 - 0.02 0.41 0.08 0.19 0.17 0.19 + 0.01 0.35 0.10 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01

I-J-K

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

L La Imperial C 149 Labrador Gold* O 15 Labrador Gold V 43 O 478 Labrador IMH* Labrador IOR* O 3 Labrador IOR T 1704 O 48 Lake Resources* Lara Expl V 153 Laramide Res T 360 Laredo Res* O 1303 Largo Res T 1968 Largo Res* O 1607 Latin American V 33 Latin Metals* O 16 Latin Metals V 152 Laurion Mnl Ex V 404 Laurion Mnl Ex* O 72 Leading Edge V 221 O 288 Leading Edge* Leagold Mg* O 955 Leagold Mg T 1958 Leeta Gold V 4871 Legion Metals C 717 Leo Res* O 1 Lepanto Con Mg* O 750 Libero Copper* O 25 Libero Copper V 757 Liberty Gold* O 466 Liberty One Li V 577 Liberty One Li* O 791 LiCo Energy* O 181 LiCo Energy V 233 Lightspeed Dis* O 4 V 3 Lightspeed Dis Lincoln Mng V 2 Lion One Mtls V 619 Lion One Mtls* O 434 Lions Bay Cap V 328 Lions Bay Mg C 6 Lions Bay Mg * O 1 Lions Gate Mtl* O 2 Lithium Amer T 472 Lithium Amer* N 879 Lithium Chile V 262 Lithium Chile* O 47 Lithium Corp* O 294 Lithium Energi* O 12 Lithium Energi V 432 V 357 Lithoquest Dia Lithoquest Dia* O 40 LKA Gold* O 1 Lode-Star Mg* O 6 Lodge Res C 321 Logan Res V 79 Logan Res* O 0 Lomiko Mtls* O 53 Lomiko Mtls V 1019 Loncor Res* O 15 Loncor Res T 189 Lone Star Gold* O 39 Los Andes* O 0 Los Andes V 72 Lucara Diam T 1092 Lucky Min V 2303 Lucky Min* O 81 Luckystrike * O 7 Luckystrike V 123 Lumina Gold* O 54 Lumina Gold V 433 Luminex Res V 412 Lundin Gold T 1265 Lundin Mng* O 179 Lundin Mng T 9881 Lupaka Gold * O 529 Lupaka Gold V 1504 Lydian Intl* O 62 Lydian Intl T 328 Lynas Corp* O 503 Lynas Corp* O 363

0.02 0.02 0.02 unch 0.00 0.07 0.02 0.11 0.11 0.11 unch 0.00 0.18 0.09 0.14 0.13 0.13 - 0.01 0.26 0.11 0.05 0.02 0.03 - 0.02 0.20 0.00 20.12 19.44 20.12 + 0.93 27.20 16.69 26.75 25.59 26.73 + 1.13 36.01 21.87 0.03 0.02 0.02 - 0.00 0.09 0.02 0.49 0.46 0.48 unch 0.00 0.59 0.41 0.24 0.20 0.22 + 0.01 0.46 0.18 0.00 0.00 0.00 + 0.00 0.01 0.00 1.20 0.95 1.14 + 0.19 3.27 0.81 0.92 0.70 0.87 + 0.16 2.46 0.62 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.10 0.09 0.10 + 0.01 0.11 0.02 0.15 0.13 0.14 + 0.02 0.20 0.08 0.17 0.16 0.16 - 0.01 0.22 0.07 0.13 0.11 0.11 - 0.00 0.16 0.05 0.08 0.07 0.08 unch 0.00 0.40 0.06 0.06 0.05 0.06 - 0.00 0.30 0.04 2.07 1.77 2.05 + 0.25 2.33 1.01 2.75 2.40 2.70 + 0.31 3.07 1.36 0.13 0.09 0.10 - 0.03 0.82 0.09 0.32 0.27 0.29 - 0.03 0.83 0.26 0.01 0.01 0.01 - 0.00 0.13 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.07 0.07 unch 0.00 0.18 0.05 0.10 0.08 0.10 + 0.01 0.23 0.07 0.71 0.64 0.65 - 0.02 0.75 0.22 0.05 0.04 0.05 + 0.01 0.18 0.04 0.04 0.02 0.04 + 0.01 0.14 0.02 0.02 0.01 0.02 - 0.00 0.10 0.01 0.03 0.02 0.03 unch 0.00 0.13 0.02 0.09 0.09 0.09 unch 0.00 0.11 0.09 0.10 0.00 0.10 - 0.01 0.32 0.08 0.09 0.00 0.09 + 0.01 0.25 0.05 1.22 1.02 1.13 + 0.15 1.22 0.35 0.93 0.76 0.86 + 0.10 0.93 0.24 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.09 0.00 0.09 + 0.01 0.20 0.03 0.13 0.00 0.06 - 0.00 0.14 0.00 0.03 0.03 0.03 unch 0.00 0.04 0.03 4.31 3.94 4.05 + 0.11 6.43 3.60 3.26 2.98 3.07 + 0.09 4.89 2.75 0.31 0.25 0.25 - 0.07 0.65 0.25 0.23 0.19 0.19 - 0.04 0.49 0.20 0.06 0.05 0.05 - 0.01 0.15 0.05 0.03 0.01 0.03 + 0.01 0.30 0.01 0.04 0.03 0.03 - 0.01 0.32 0.03 0.06 0.05 0.06 - 0.01 0.22 0.05 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.07 0.07 0.07 + 0.00 0.43 0.06 0.04 0.04 0.04 unch 0.00 0.15 0.02 0.54 0.46 0.53 + 0.03 0.54 0.11 0.08 0.00 0.07 - 0.01 0.24 0.04 0.00 0.00 0.05 unch 0.00 0.12 0.05 0.02 0.02 0.02 + 0.00 0.07 0.01 0.03 0.00 0.03 - 0.01 0.09 0.02 0.38 0.00 0.33 + 0.09 0.40 0.09 0.49 0.34 0.45 + 0.07 0.49 0.12 0.59 0.22 0.45 + 0.10 2.12 0.05 0.00 0.00 0.24 unch 0.00 0.40 0.14 0.43 0.35 0.41 + 0.03 0.52 0.15 0.83 0.79 0.79 - 0.03 1.87 0.79 0.02 0.02 0.02 unch 0.00 0.15 0.02 0.02 0.01 0.01 - 0.00 0.12 0.01 0.39 0.21 0.38 + 0.17 2.07 0.10 0.46 0.27 0.45 + 0.22 0.46 0.02 0.44 0.41 0.44 + 0.03 1.03 0.35 0.58 0.54 0.56 + 0.03 0.73 0.47 0.59 0.56 0.59 + 0.01 1.02 0.54 8.20 7.77 7.98 - 0.26 9.04 4.59 6.00 5.58 5.80 + 0.21 6.00 3.91 7.91 7.35 7.64 + 0.23 7.96 5.30 0.01 0.00 0.00 - 0.00 0.08 0.01 0.02 0.00 0.02 + 0.01 0.13 0.01 0.07 0.06 0.06 - 0.02 0.16 0.04 0.09 0.08 0.09 unch 0.00 0.24 0.06 1.81 1.41 1.77 + 0.36 2.29 1.05 1.83 1.40 1.81 + 0.40 2.33 1.05

M M.P.V. Explor C 100 0.07 0.07 0.07 unch 0.00 0.18 0.06 Macarthur Min V 535 0.27 0.22 0.24 - 0.03 0.27 0.01 MacDonald Mns* O 233 0.09 0.06 0.07 - 0.02 0.16 0.02 MacDonald Mns V 4910 0.11 0.08 0.08 - 0.01 0.21 0.03 MAG Silver T 1044 14.74 13.60 14.48 + 0.70 18.60 9.03 Magellan Gold* O 32 1.82 1.40 1.60 + 0.11 3.80 1.00 Magna Gold V 46 0.31 0.00 0.29 unch 0.00 0.55 0.19 Magna Gold* O 44 0.24 0.20 0.24 + 0.02 0.38 0.20 Magna Terra* O 50 0.00 0.00 0.01 + 0.00 0.04 0.00 Magnitude Mng V 15 0.14 0.14 0.14 unch 0.00 0.20 0.04 Majestic Gold V 185 0.05 0.05 0.05 + 0.01 0.09 0.04 Majestic Gold* O 9 0.03 0.00 0.03 - 0.00 0.06 0.03 Makena Res* O 37 0.48 0.00 0.44 - 0.04 2.18 0.42 Mako Mining V 352 0.24 0.23 0.24 - 0.01 0.25 0.09 Mako Mining* O 157 0.19 0.17 0.18 - 0.01 0.19 0.01 Mammoth Res V 32 0.04 0.04 0.04 unch 0.00 0.09 0.02 Mandalay Res T 324 0.85 0.68 0.76 - 0.08 1.60 0.55 O 32 0.60 0.54 0.58 - 0.04 1.12 0.04 Mandalay Res* Manganese X* O 65 0.06 0.06 0.06 - 0.00 0.13 0.06 Manganese X V 203 0.08 0.07 0.07 - 0.01 0.18 0.07 V 518 0.06 0.05 0.05 - 0.01 0.06 0.03 Mangazeya Mng Manitou Gold V 353 0.04 0.04 0.04 unch 0.00 0.07 0.02 Manitou Gold * O 50 0.03 0.03 0.03 unch 0.00 0.05 0.02 Maple Gold V 643 0.09 0.08 0.09 - 0.01 0.13 0.07 Maple Gold* O 535 0.07 0.06 0.07 + 0.00 0.10 0.05 Marathon Gold* O 277 1.33 1.20 1.31 + 0.09 1.33 0.53 T 815 1.76 1.60 1.75 + 0.14 1.75 0.73 Marathon Gold Margaret Lake V 201 0.03 0.00 0.03 unch 0.00 0.11 0.02 Margaux Res V 113 0.09 0.08 0.08 unch 0.00 0.15 0.03 O 20 0.06 0.06 0.06 unch 0.00 0.08 0.02 Margaux Res* Marifil Mines* O 121 0.06 0.04 0.05 - 0.01 0.14 0.04 Marifil Mines V 49 0.07 0.00 0.07 + 0.01 0.18 0.05 unch 0.00 0.12 0.07 Maritime Res V 444 0.09 0.08 0.08 Martina Mnls V 5 0.05 0.05 0.05 unch 0.00 0.12 0.04 MartinMarietta* N 2109 278.67 267.32 276.30 + 2.98 278.67 160.60 Mas Gold V 91 0.06 0.05 0.06 unch 0.00 0.16 0.04 Mascota Res* O 1 2.25 2.20 2.25 unch 0.00 50.00 1.21 Mason Graphite* O 263 0.17 0.15 0.16 + 0.01 0.50 0.14 Mason Graphite V 874 0.22 0.20 0.21 - 0.01 0.63 0.19 Matachewan Con V 192 0.13 0.12 0.12 - 0.01 0.25 0.11 Matica Ent C 1737 0.05 0.04 0.05 + 0.01 0.17 0.04 Matmown* O 50 0.00 0.00 0.00 - 0.00 0.03 0.00 Maverix Metals T 492 6.20 5.80 5.92 - 0.10 6.96 4.06 Maverix Metals* X 462 4.71 4.42 4.49 - 0.08 5.50 1.55 Mawson Res* O 22 0.14 0.13 0.14 + 0.01 0.22 0.09 Mawson Res T 319 0.19 0.17 0.18 + 0.01 0.29 0.13 MAX Res V 229 0.09 0.07 0.09 + 0.02 3.00 0.07 C 499 0.10 0.07 0.09 unch 0.00 0.17 0.03 MaxTech Vent MaxTech Vent* O 348 0.07 0.06 0.06 - 0.01 0.12 0.02 0.05 Maxwell Res* O 2 0.06 0.00 0.06 - 0.03 4.54 Maya Gold &Sil* O 34 1.40 1.25 1.34 + 0.15 1.84 1.15 Maya Gold &Sil T 116 1.92 1.62 1.73 + 0.10 2.63 1.55 Mazarin V 22 0.07 0.05 0.06 + 0.02 0.12 0.04 unch 0.00 1.00 0.01 MBMI Res* O 11 0.09 0.09 0.09 MBMI Res V 11 0.13 0.00 0.13 - 0.01 0.32 0.04 McChip Res V 14 0.51 0.50 0.50 - 0.01 0.93 0.50 McEwen Mng T 2398 1.54 1.39 1.44 - 0.08 2.84 1.39 McEwen Mng* N 27959 1.16 1.05 1.10 - 0.04 2.14 1.05 McLaren Res C 215 0.03 0.02 0.03 unch 0.00 0.05 0.01 MDN Inc* O 13 0.26 0.26 0.26 unch 0.00 0.40 0.11 Meadow Bay Gd* O 2 0.02 0.02 0.02 unch 0.00 0.04 0.01 Mechel* N 354 1.94 1.87 1.89 + 0.01 2.54 1.53 Medallion Res V 246 0.11 0.09 0.09 + 0.01 0.28 0.07 Medallion Res* O 257 0.08 0.06 0.07 + 0.00 0.21 0.05 Medgold Res* O 40 0.04 0.00 0.04 - 0.00 0.12 0.04 Medgold Res V 988 0.06 0.05 0.06 - 0.01 0.17 0.05 Medinah Mnrls* O 3008 0.00 0.00 0.00 - 0.00 0.00 0.00 Mega Uranium T 541 0.10 0.09 0.09 - 0.01 0.13 0.08 Mega Uranium* O 115 0.07 0.06 0.07 - 0.00 0.10 0.05 Megastar Dev V 531 0.11 0.08 0.11 + 0.01 0.19 0.04 MegumaGold* O 21 0.12 0.10 0.11 - 0.02 0.15 0.03 MegumaGold C 472 0.17 0.14 0.15 - 0.02 0.21 0.06 Melkior Res V 1071 0.03 0.02 0.03 unch 0.00 0.13 0.02 Mensa Mng Corp* O 0 0.00 0.00 0.00 unch 0.00 Merger Mines* O 0 0.00 0.00 25.00 unch 0.00 Meridian Mg * O 1 0.04 0.00 0.04 + 0.01 0.13 0.03 Meridian Mg V 85 0.07 0.06 0.06 - 0.01 0.22 0.04 Meryllion Res* O 4 0.00 0.00 0.00 - 0.00 0.01 0.00 Meryllion Res C 217 0.01 0.01 0.01 unch 0.00 0.04 0.01 Mesa Expl* O 50 0.00 0.00 0.00 unch 0.00 0.00 0.00 MetalCorp* O 1 0.00 0.00 0.00 unch 0.00 0.01 0.00 MetalCorp V 5 0.01 0.01 0.01 unch 0.00 0.02 0.01 Metalex Vent V 469 0.02 0.02 0.02 unch 0.00 0.08 0.02 Metalex Vent * O 9 0.03 0.02 0.02 - 0.01 0.03 0.01 Metalla Rylty V 3672 1.80 1.28 1.73 + 0.44 1.80 0.75 Metalla Rylty* O 4200 1.37 0.98 1.31 + 0.33 1.25 0.57 Metallic Mnrls* O 171 0.18 0.16 0.17 - 0.01 0.19 0.08 Metallic Mnrls V 212 0.24 0.21 0.22 - 0.02 0.25 0.11 Metallica Min* O 40 0.01 0.01 0.01 unch 0.00 0.02 0.01 Metallis Res V 83 0.40 0.34 0.34 - 0.05 0.99 0.28 Metalo Manuf C 13 0.28 0.10 0.28 + 0.13 0.40 0.10

2019-12-17 11:11 AM

WWW.NORTHERNMINER.COM

DECEMBER 23, 2019–JANUARY 5, 2020 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Metalo Manuf* O 33 Metalore Res* O 1 Metalore Res V 1 Metals Creek V 615 Metals Creek* O 44 Metals X* O 3079 Mexican Gold* O 187 Mexus Gold* O 29960 O 1188 MGX Minerals* MGX Minerals C 713 C 98 Mich Resources Midas Gold T 1008 Midas Gold* O 1438 Midasco Cap V 19 Midland Expl V 114 Midnight Star C 15 Midnight Sun* O 81 Midnight Sun V 46 Millennial Lit* O 53 Millennial Lit V 73 Millrock Res* O 313 Millrock Res V 428 Minaurum Gold V 420 Minaurum Gold* O 311 Minco Silver* O 22 Minco Silver T 62 Minera Alamos * O 1542 Minera Alamos V 2638 Minera IRL* O 88 Minera IRL C 119 Mineral Mtn V 3364 Mineral Mtn* O 513 Mineral Res* O 2 MineralRite* O 3250 Mineworx Tech V 454 Mineworx Tech* O 440 Minfocus Expl V 77 Mining Global* O 300 Minnova Corp V 35 Minsud Res V 50 Miramont Res* O 57 Miramont Res C 952 Mirasol Res V 121 Mistango River C 617 Mkango Res V 28 ML Gold* O 11 ML Gold Corp V 73 Monarca Mnrls* O 23 Monarca Mnrls V 79 Monarch Gold T 569 Monarch Gold* O 629 Moneta Porcpn* O 127 Moneta Porcpn T 1078 Mongoose Mg C 31 Monitor Vent V 16 Monitor Vent* O 2 Monterey Min C 500 Montero Mg&Ex V 266 Montero Mg&Ex * O 642 Monument Mng V 478 Morien Res* O 2 Morien Res V 211 Mosaic* N 20996 Mount Gibson * O 30 Mountain Boy* O 14 Mountain Boy V 49 Mountain Prov* D 271 Mountain Prov T 155 Mundoro Cap* O 29 Mundoro Cap V 210 Murchison Min V 587 MX Gold* O 349

0.09 0.07 0.07 - 0.07 0.18 0.07 1.20 1.20 1.20 unch 0.00 1.51 0.71 1.65 0.00 1.65 + 0.15 2.60 0.89 0.05 0.04 0.04 unch 0.00 0.06 0.03 0.04 0.03 0.04 + 0.00 0.05 0.02 0.07 0.00 0.07 - 0.01 0.31 0.07 0.06 0.05 0.06 + 0.00 0.17 0.04 0.01 0.00 0.01 + 0.00 0.03 0.00 0.06 0.04 0.05 - 0.00 0.36 0.04 0.08 0.06 0.07 unch 0.00 0.47 0.06 0.50 0.40 0.41 - 0.04 0.50 0.08 0.63 0.54 0.60 - 0.01 1.10 0.51 0.48 0.41 0.45 - 0.01 0.85 0.39 0.15 0.08 0.15 + 0.07 0.15 0.08 0.83 0.76 0.77 - 0.03 1.46 0.66 0.15 0.13 0.15 unch 0.00 0.34 0.11 0.10 0.10 0.10 + 0.00 0.13 0.08 0.13 0.12 0.12 + 0.01 0.17 0.10 0.88 0.72 0.83 - 0.00 1.59 0.67 1.17 1.08 1.10 - 0.01 2.12 1.04 0.10 0.09 0.10 + 0.00 0.16 0.05 0.13 0.11 0.13 unch 0.00 0.21 0.07 0.41 0.36 0.38 - 0.03 0.55 0.32 0.31 0.27 0.30 - 0.02 0.43 0.23 0.46 0.00 0.46 + 0.03 0.73 0.24 0.60 0.54 0.60 unch 0.00 0.99 0.35 0.21 0.19 0.20 + 0.02 0.21 0.06 0.27 0.25 0.27 + 0.03 0.27 0.09 0.11 0.10 0.11 unch 0.00 0.13 0.10 0.15 0.13 0.14 + 0.02 0.19 0.05 0.52 0.39 0.47 + 0.08 0.52 0.10 0.39 0.31 0.37 + 0.08 0.39 0.07 11.36 11.36 11.36 unch 0.00 12.00 8.77 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.14 0.14 - 0.01 0.24 0.07 0.12 0.10 0.11 - 0.00 0.18 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.07 0.07 unch 0.00 0.77 0.07 0.10 0.10 0.10 unch 0.00 0.15 0.01 0.06 0.05 0.06 + 0.01 0.48 0.05 0.08 0.07 0.08 + 0.01 0.63 0.07 0.57 0.53 0.55 - 0.01 1.40 0.49 0.05 0.03 0.03 - 0.01 0.05 0.01 0.13 0.12 0.13 unch 0.00 0.19 0.09 0.08 0.07 0.08 + 0.01 0.54 0.01 0.12 0.00 0.12 + 0.02 0.77 0.09 0.04 0.03 0.03 - 0.01 0.06 0.01 0.04 0.04 0.04 - 0.01 0.08 0.02 0.23 0.21 0.23 + 0.02 0.33 0.20 0.17 0.15 0.17 + 0.01 0.24 0.11 0.09 0.08 0.09 - 0.01 0.12 0.06 0.13 0.11 0.12 - 0.01 0.16 0.09 0.15 0.12 0.15 + 0.03 0.15 0.12 0.15 0.00 0.15 - 0.03 0.37 0.14 0.11 0.00 0.11 - 0.00 0.30 0.10 0.05 0.05 0.05 unch 0.00 0.16 0.04 0.05 0.03 0.04 + 0.01 0.20 0.03 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.05 0.04 0.05 - 0.01 0.08 0.04 0.32 0.32 0.32 unch 0.00 0.41 0.25 0.41 0.40 0.41 - 0.02 0.54 0.33 19.40 17.66 18.63 - 0.45 33.91 17.36 0.53 0.53 0.53 unch 0.00 0.65 0.34 0.14 0.14 0.14 + 0.00 0.21 0.11 0.22 0.18 0.22 + 0.04 0.27 0.16 0.88 0.84 0.87 + 0.03 1.48 0.65 1.15 1.11 1.14 + 0.02 2.00 0.91 0.11 0.10 0.10 - 0.01 0.19 0.00 0.14 0.00 0.14 unch 0.00 0.25 0.10 0.09 0.06 0.07 - 0.01 0.18 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00

NA Frac Sand* O 107 NACCO Ind* N 51 Namibia Crit V 570 Namibia Crit* O 580 Napier Vent V 4 Napier Vent* O 2 Natural Res Pt* N 100 Nautilus Mnrls* O 1983 Nemaska Lith T 7607 Nemaska Lith* O 484 Neo Lithium V 1199 Neometals* O 30 Network Expl* O 43 Network Expl V 207 Nevada Canyon* O 1 Nevada Copper T 2320 Nevada Energy* O 5 Nevada Energy V 15 Nevada Expl * O 379 Nevada Expl V 298 Nevada Sunrise* O 82 Nevada Sunrise V 47 Nevada Zinc V 254 Nevado Res V 9 New Age Metals* O 35 New Age Metals V 901 New Carolin Gd* O 355 New Carolin Gd V 1392 New Destiny Mg V 52 New Dimen Res V 770 New Dimen Res* O 40 New Energy Met V 62 New Gold T 4235 New Gold* X 10356 New Guinea Gld* O 515 New Jersey Mng* O 450 New Milln Iron* O 4 New Milln Iron T 129 New Oroperu V 175 New Pac Metals* O 318 New Pac Metals V 409 New Tech Min* O 0 New Tech Min C 43 Newlox Gold C 127 Newmac Res V 5 Newmont Gdcorp T 550 Newmont Gdcorp* N 34020 Newport Expl V 156 Newport Gold* O 5271 NewRange Gold* O 1074 NewRange Gold V 1663 Nexa Resources T 2 Nexa Resources* N 310 Nexco Res C 50 Nexgen Energy T 2494 Nexgen Energy* X 2807 NextSource Mat T 1562 Nexus Gold* O 331 Nexus Gold V 859 NGEx Minerals* O 3 NGEx Minerals V 3958 Nickel Creek T 350 Nickel Creek* O 303 Nickel North V 75 Nicola Mg Inc V 938 Nicola Mg Inc* O 38 Nighthawk Gold* O 103 Nighthawk Gold T 800 Niobay Metals V 62 Niocan Inc V 20 Niocorp Dev T 346 Niocorp Dev* O 411 Nippon Dragon V 219 Nippon Dragon* O 70 Noble Metal V 250 Noble Mineral* O 80 Noble Mineral V 417 Noka Res* O 508 Noram Vent* O 1 Noram Vent V 77 Noranda Alum* O 36 Nordic Gold* O 61 Nordic Gold V 1482 Noront Res V 1878 Noront Res* O 4 Norra Metals V 637 Norsemont Cap C 7 Nortec Mnls* O 317 Nortec Mnls V 131 North Am Nickl V 107 North Am Nickl* O 32 North Am Pall T 681 North Am Pall* O 87

0.02 0.01 0.02 + 0.01 0.03 0.00 49.82 48.00 48.98 + 1.21 66.40 30.30 0.26 0.18 0.22 - 0.04 0.31 0.08 0.20 0.14 0.17 - 0.02 0.24 0.06 0.12 0.12 0.12 unch 0.00 0.30 0.12 0.09 0.09 0.09 unch 0.00 0.28 0.09 20.66 19.52 19.74 - 0.34 44.71 19.36 0.01 0.00 0.01 - 0.00 0.06 0.00 0.18 0.16 0.16 - 0.02 0.76 0.16 0.14 0.11 0.12 - 0.01 0.57 0.11 0.48 0.43 0.45 - 0.01 1.13 0.43 0.15 0.15 0.15 unch 0.00 0.22 0.10 0.17 0.14 0.17 + 0.03 0.45 0.13 0.21 0.18 0.20 + 0.02 0.54 0.18 0.04 0.04 0.04 unch 0.00 0.25 0.04 0.30 0.27 0.28 unch 0.00 0.53 0.19 0.08 0.07 0.07 - 0.01 0.12 0.07 0.11 0.10 0.10 - 0.01 0.17 0.10 0.20 0.17 0.19 + 0.00 0.30 0.11 0.26 0.23 0.24 - 0.01 0.41 0.15 0.04 0.03 0.03 - 0.00 0.11 0.02 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.04 0.04 0.04 - 0.01 0.14 0.03 0.11 0.11 0.11 unch 0.00 0.20 0.09 0.04 0.03 0.03 + 0.01 0.08 0.02 0.05 0.04 0.05 + 0.02 0.10 0.03 0.07 0.06 0.06 - 0.01 0.18 0.05 0.09 0.08 0.08 - 0.01 0.24 0.08 0.07 0.00 0.07 + 0.02 0.24 0.05 0.04 0.03 0.03 - 0.01 0.08 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.05 0.00 0.05 - 0.01 0.80 0.05 1.18 1.06 1.18 + 0.05 2.03 0.82 0.89 0.80 0.88 + 0.04 1.56 0.61 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.14 0.13 0.13 - 0.00 0.20 0.11 0.05 0.04 0.04 - 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.11 0.04 0.75 0.65 0.75 + 0.15 0.75 0.22 3.79 3.59 3.71 + 0.11 5.09 0.86 4.90 4.75 4.90 + 0.11 6.71 1.18 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.06 0.06 0.06 unch 0.00 0.10 0.03 0.06 0.00 0.06 unch 0.00 0.09 0.04 54.60 52.35 54.48 + 1.83 54.87 40.01 41.41 39.54 41.29 + 1.49 41.41 29.77 0.42 0.34 0.42 + 0.07 0.42 0.23 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.11 0.09 0.10 + 0.01 0.21 0.04 0.14 0.11 0.12 - 0.01 0.23 0.11 12.35 11.00 12.18 + 1.05 17.05 9.40 9.46 8.61 9.23 + 0.57 12.80 7.00 0.04 0.04 0.04 unch 0.00 0.10 0.03 1.65 1.53 1.57 - 0.03 2.76 1.46 1.25 1.16 1.20 unch 0.00 2.00 1.10 0.06 0.05 0.05 - 0.01 0.16 0.03 0.04 0.03 0.04 + 0.00 0.18 0.03 0.05 0.05 0.05 + 0.01 0.18 0.05 0.23 0.20 0.23 + 0.01 0.23 0.20 0.32 0.27 0.32 + 0.03 0.66 0.27 0.08 0.07 0.08 + 0.01 0.15 0.03 0.06 0.05 0.06 + 0.00 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.10 0.09 0.09 unch 0.00 0.14 0.08 0.08 0.07 0.07 + 0.00 0.11 0.06 0.33 0.30 0.33 + 0.02 0.54 0.23 0.44 0.40 0.43 + 0.02 0.73 0.31 0.44 0.35 0.40 + 0.05 0.53 0.15 0.15 0.13 0.13 + 0.01 0.24 0.11 0.83 0.78 0.83 + 0.03 0.94 0.50 0.64 0.59 0.63 + 0.02 0.72 0.36 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.03 0.04 - 0.00 0.04 0.00 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.07 0.06 0.06 - 0.00 0.13 0.04 0.10 0.09 0.09 unch 0.00 0.18 0.06 0.11 0.09 0.09 - 0.00 0.26 0.07 0.04 0.04 0.04 unch 0.00 0.19 0.04 0.07 0.06 0.07 + 0.01 0.30 0.05 0.01 0.00 0.00 unch 0.00 0.03 0.00 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.04 0.02 0.03 unch 0.00 0.13 0.02 0.15 0.14 0.14 - 0.01 0.35 0.14 0.12 0.12 0.12 - 0.00 0.26 0.11 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.35 0.35 0.35 unch 0.00 0.43 0.25 0.02 0.00 0.01 + 0.01 0.05 0.00 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.17 0.14 0.14 - 0.04 0.40 0.10 0.13 0.00 0.10 - 0.03 0.37 0.02 19.74 19.71 19.73 + 0.02 26.30 9.12 15.00 14.67 14.94 + 0.09 19.91 6.69

N-O

20-23_DEC23_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

North Arrow Mn* O 12 773 North Arrow Mn V North Bay Res * O 4489 Northcliff Res T 21 C 223 Northern Light Northisle C&G * O 3 V 232 Northisle C&G Northway Res V 386 Norvista Cap V 2525 NorZinc T 737 NorZinc* O 471 V 227 Nouveau Monde O 134 Nouveau Monde* NovaGold Res T 1529 NovaGold Res* X 12853 Novo Res* O 744 Novo Res V 731 NRG Metals* O 166 NRG Metals V 23 Nrthn Graphite V 191 O 454 Nrthn Graphite* Nrthn Lion* O 1 Nrthn Lion V 0 Nrthn Mnrls &E* O 4 Nrthn Shield V 1817 Nrthn Superior* O 24 Nrthn Superior V 219 Nrthn Vertex* O 70 Nrthn Vertex V 152 NSGold V 54 NSS Res Inc C 86 Nthn Dynasty* X 18844 Nthn Dynasty T 4679 Nubian Res V 208 Nuinsco Res C 299 Nuinsco Res* O 410 NuLegacy Gold V 741 NuLegacy Gold* O 1149 Nutrien* N 8182 Nutrien T 7396 NV Gold V 204 NV Gold* O 62 NxGold Ltd V 50 O.T. Mining* O 72 O3 Mining* O 52 O3 Mining V 106 OceanaGold T 6146 OceanaGold* O 21 Oceanic Iron O V 404 Oceanus Res* O 31 Oceanus Res V 272 Odyssey Res V 10 Olivut Res V 145 Olivut Res* O 60 Omineca Mining V 65 Omineca Mining* O 19 One World Lith C 603 One World Lith* O 27 Opawica Expl V 1531 Opus One Res V 68 Orbite Tech* O 68 Orca Gold V 2120 Orca Gold* O 34 Orefinders Res V 329 Orestone Mng V 351 Orex Mnrls* O 44 Orex Mnrls V 142 Orezone Gold* O 178 Orezone Gold V 413 Orford Mining V 62 OrganiMax* O 2 OrganiMax V 10 Origin Gold V 90 Orla Mng Ltd* O 30 Orla Mng Ltd T 7930 Oroco Res* O 462 Oroco Res V 352 Orocobre T 31 Oronova Energy V 270 Orosur Mng T 169 Orsu Metals V 1 Orsu Metals* O 0 Orvana Mnrls T 295 Orvana Mnrls* O 2 Osino Res V 390 Osisko Gold* N 5589 Osisko Gold T 2997 Osisko Metals* O 77 Osisko Metals V 2875 Osisko Mng Inc T 2756 Osprey Gold V 446 Otis Gold V 234 Otis Gold* O 97 Outcrop Gold V 160 Outcrop Gold* O 240 OZ Minerals* O 1

0.03 0.03 0.03 + 0.00 0.09 0.03 0.05 0.04 0.04 - 0.01 0.14 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.06 0.06 + 0.01 0.11 0.05 0.06 0.04 0.06 + 0.02 0.07 0.02 0.03 0.00 0.03 + 0.00 0.07 0.03 0.05 0.00 0.05 unch 0.00 0.13 0.01 0.09 0.08 0.08 unch 0.00 0.14 0.07 0.08 0.08 0.08 - 0.01 0.13 0.06 0.09 0.08 0.09 + 0.01 0.13 0.08 0.07 0.05 0.06 - 0.00 0.10 0.05 0.20 0.20 0.20 unch 0.00 0.30 0.17 0.16 0.15 0.15 - 0.01 0.22 0.14 9.93 8.77 9.87 + 0.72 10.55 4.57 7.54 6.62 7.48 + 0.58 7.95 3.42 2.96 2.60 2.71 unch 0.00 2.96 1.38 3.90 3.44 3.54 - 0.04 3.93 1.87 0.07 0.05 0.06 - 0.01 0.25 0.03 0.10 0.00 0.08 - 0.02 0.52 0.06 0.10 0.06 0.07 + 0.01 0.24 0.06 0.08 0.04 0.06 + 0.01 0.19 0.04 0.08 0.08 0.08 unch 0.00 0.08 0.08 0.00 0.00 0.12 unch 0.00 0.46 0.10 0.03 0.00 0.03 - 0.04 0.12 0.03 0.07 0.05 0.07 + 0.02 0.12 0.04 0.07 0.07 0.07 + 0.00 0.22 0.02 0.10 0.08 0.08 - 0.02 0.35 0.07 0.20 0.18 0.19 - 0.00 0.27 0.12 0.25 0.24 0.25 + 0.02 0.35 0.16 0.11 0.11 0.11 unch 0.00 0.15 0.07 0.09 0.00 0.09 - 0.01 0.19 0.03 0.53 0.38 0.38 - 0.14 1.12 0.38 0.68 0.50 0.50 - 0.18 1.47 0.56 0.14 0.13 0.13 - 0.02 0.22 0.07 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.08 0.06 0.07 + 0.01 0.15 0.03 0.06 0.03 0.06 + 0.02 0.11 0.02 47.69 46.10 47.62 + 0.85 56.00 43.96 62.91 60.81 62.81 + 0.82 73.64 59.97 0.13 0.13 0.13 + 0.01 0.29 0.08 0.10 0.10 0.10 + 0.01 0.22 0.07 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.06 0.04 0.06 unch 0.00 0.11 0.04 2.09 1.82 2.06 + 0.25 2.15 1.71 2.74 2.39 2.70 + 0.27 4.00 1.60 2.59 2.30 2.49 + 0.12 5.01 2.22 1.86 1.75 1.85 - 0.01 3.74 1.75 0.08 0.00 0.08 + 0.02 0.15 0.04 0.05 0.00 0.05 - 0.03 0.09 0.04 0.10 0.06 0.07 - 0.02 0.13 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.08 0.06 0.07 + 0.01 0.16 0.05 0.06 0.04 0.06 + 0.01 0.12 0.04 0.06 0.06 0.06 + 0.01 0.09 0.02 0.04 0.04 0.04 + 0.00 0.07 0.01 0.12 0.08 0.10 - 0.02 0.28 0.08 0.09 0.06 0.07 - 0.02 0.22 0.07 0.08 0.00 0.08 unch 0.00 0.11 0.06 0.05 0.04 0.05 - 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.17 0.00 0.34 0.31 0.31 - 0.03 0.55 0.30 0.27 0.23 0.23 - 0.04 0.40 0.23 0.06 0.05 0.05 unch 0.00 0.08 0.03 0.08 0.06 0.08 + 0.01 0.25 0.06 0.07 0.06 0.06 + 0.00 0.09 0.03 0.09 0.08 0.09 + 0.01 0.13 0.05 0.53 0.48 0.49 - 0.03 0.67 0.30 0.69 0.63 0.66 - 0.02 0.88 0.39 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.06 0.00 0.06 + 0.00 0.14 0.02 0.08 0.00 0.08 unch 0.00 0.21 0.05 0.08 0.07 0.07 - 0.01 0.14 0.07 1.40 0.00 1.32 unch 0.00 1.40 0.00 1.80 1.60 1.70 - 0.09 1.83 0.85 0.25 0.23 0.23 unch 0.00 0.56 0.13 0.37 0.30 0.36 + 0.03 0.74 0.18 2.41 2.15 2.38 + 0.23 3.91 2.01 0.08 0.07 0.07 unch 0.00 0.10 0.04 0.06 0.05 0.05 unch 0.00 0.13 0.04 0.26 0.00 0.26 unch 0.00 0.40 0.20 0.00 0.00 0.19 unch 0.00 0.30 0.13 0.14 0.13 0.13 unch 0.00 0.41 0.12 0.11 0.00 0.11 + 0.01 0.30 0.09 0.64 0.00 0.60 - 0.01 1.07 0.24 9.15 8.46 9.06 + 0.42 13.43 7.77 12.06 11.20 11.95 + 0.47 17.47 10.40 0.32 0.29 0.30 - 0.02 0.54 0.29 0.44 0.39 0.40 - 0.03 0.72 0.39 3.64 3.03 3.49 + 0.47 3.90 2.42 0.05 0.04 0.05 + 0.01 0.07 0.04 0.09 0.08 0.09 + 0.01 0.14 0.07 0.07 0.05 0.07 + 0.02 0.10 0.05 0.12 0.11 0.11 - 0.01 0.43 0.08 0.09 0.08 0.08 - 0.01 0.33 0.01 7.61 7.16 7.61 + 0.27 7.89 6.03

Pac Bay Mnrls V 49 Pac Booker Min* O 3 Pac Booker Min V 45 Pac Imperial V 211 Pac Ridge Expl V 159 81 Pac Ridge Expl* O Pac Wildcat* O 100 Pacific Empire V 582 Pacific Rim C 74 Pacific Rim* O 26 Pacific Silk V 16 Pacton Gold V 1942 Paladin Energy* O 197 Palamina Corp V 129 Palamina Corp* O 86 Paleo Resource V 409 Paleo Resource* O 126 Palladium One V 1845 Palladium One* O 87 Pan Am Silver* D 15949 Pan Am Silver T 2841 Pan Andean Min V 1174 Pan Andean Min* O 0 466 Pan Global Res V Pancontinental V 1148 Pancontinental* O 68 Panex Res* O 1010 Pangolin Dia V 567 Panoro Mnrls V 1464 PanTerra Gold* O 5 Pantheon Vent V 23 Para Resources V 1090 Parallel Mng V 88 Parallel Mng * O 0 Paramount Gold* X 80 Paringa Res* O 1 Paringa Res* D 1526 Parlane Res V 84 Pasinex Res C 42 Pasofino Gold* O 4 Pasofino Gold V 85 Patriot Gold C 105 Patriot Gold* O 71 Peabody Enrgy* N 8006 Pelangio Expl* O 15 Pelangio Expl V 52 Peloton Mnrls C 36 Peloton Mnrls* O 77 PepinNini Lith* O 600 Perseus Mng T 423 Pershimex Res V 114 Pershing Res* O 10201 Peruvian Metal* O 7 Peruvian Metal V 2723 Petra Diamonds* O 1 Philex Mng* O 14 Pike Mountain C 25 Pine Cliff En T 1873 Pine Cliff En* O 22 Pinecrest Res V 933 Pistol Bay Mng V 1378 Pistol Bay Mng* O 112 Pivit Explor C 121 PJSC Polyus Gd* O 3 PJX Res V 711 Plata Latina V 193 Plate Res V 172 Plateau Energy V 62 Plateau Energy* O 6

0.06 0.00 0.06 unch 0.00 0.17 0.06 1.60 1.59 1.59 unch 0.00 3.10 0.59 2.00 1.49 1.63 - 0.22 4.10 0.80 0.02 0.01 0.01 - 0.01 0.03 0.01 0.06 0.04 0.04 - 0.01 0.06 0.03 0.05 0.00 0.04 + 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.04 0.03 0.04 + 0.01 0.10 0.02 0.15 0.00 0.14 + 0.01 0.34 0.11 0.12 0.10 0.11 - 0.00 0.26 0.08 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.14 0.12 0.12 - 0.02 0.36 0.10 0.06 0.06 0.06 - 0.00 0.15 0.06 0.24 0.20 0.23 + 0.04 0.39 0.17 0.18 0.16 0.18 + 0.04 0.30 0.14 0.04 0.02 0.03 - 0.01 0.10 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.00 0.09 0.08 0.08 unch 0.00 0.15 0.04 0.07 0.06 0.07 + 0.01 0.08 0.02 21.57 19.65 21.53 + 1.71 21.57 10.26 28.44 26.01 28.40 + 2.08 28.11 13.83 0.10 0.08 0.09 unch 0.00 0.10 0.03 0.00 0.00 0.04 unch 0.00 0.07 0.02 0.14 0.13 0.14 unch 0.00 0.17 0.06 0.03 0.02 0.03 + 0.01 0.06 0.02 0.02 0.01 0.02 + 0.00 0.05 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.07 0.05 0.05 - 0.02 0.10 0.03 0.10 0.09 0.09 - 0.02 0.26 0.09 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.07 0.07 0.07 unch 0.00 0.10 0.04 0.15 0.13 0.13 - 0.02 0.22 0.11 0.18 0.11 0.14 + 0.02 1.13 0.10 0.00 0.00 0.01 unch 0.00 0.58 0.11 0.82 0.77 0.81 + 0.03 1.04 0.64 0.03 0.02 0.03 - 0.00 0.35 0.02 1.84 1.43 1.50 - 0.31 9.02 1.41 0.04 0.04 0.04 - 0.01 0.20 0.03 0.02 0.02 0.02 - 0.01 0.12 0.02 0.06 0.06 0.06 unch 0.00 0.11 0.03 0.09 0.09 0.09 - 0.01 0.24 0.07 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.05 0.04 0.05 - 0.01 0.15 0.03 10.60 9.63 10.10 + 0.47 37.37 8.65 0.12 0.10 0.12 + 0.02 0.29 0.09 0.17 0.16 0.17 + 0.01 0.38 0.12 0.10 0.00 0.10 unch 0.00 0.13 0.07 0.08 0.07 0.08 unch 0.00 0.11 0.05 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.90 0.86 0.88 - 0.01 0.94 0.33 0.04 0.00 0.04 + 0.01 0.06 0.03 0.02 0.01 0.01 + 0.00 0.06 0.00 0.03 0.01 0.02 - 0.01 0.04 0.01 0.03 0.00 0.03 + 0.01 0.05 0.03 0.10 0.10 0.10 unch 0.00 0.53 0.09 0.00 0.00 0.04 unch 0.00 0.10 0.00 0.11 0.11 0.11 unch 0.00 0.15 0.10 0.16 0.14 0.16 + 0.01 0.28 0.10 0.11 0.10 0.11 + 0.01 0.21 0.07 0.18 0.17 0.17 unch 0.00 0.28 0.16 0.03 0.03 0.03 + 0.01 0.07 0.02 0.02 0.00 0.02 + 0.01 0.05 0.01 0.28 0.21 0.26 + 0.02 0.64 0.06 57.00 0.00 57.00 + 4.75 60.99 36.08 0.15 0.12 0.13 unch 0.00 0.36 0.10 0.04 0.03 0.04 unch 0.00 0.04 0.02 0.05 0.04 0.05 + 0.01 0.07 0.03 0.31 0.24 0.27 + 0.02 0.78 0.17 0.20 0.09 0.19 + 0.01 0.65 0.08

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Platinex Inc C 1362 Platinex Inc* O 50 Platinum Gp Mt T 63 Platinum Gp Mt* X 408 Plato Gold V 400 Playfair Mng V 465 Playfair Mng* O 23 X 2182 PolyMet Mng* PolyMet Mng T 74 Portage Res* O 74 Portofino Res V 212 O 193 Potash Ridge* Potash Ridge T 950 Power Group V 151 Power Group* O 23 Power Metals* O 352 Power Metals V 268 PowerOre V 183 PPX Mining V 1085 PPX Mining* O 1040 Precipitate Gl* O 244 Precipitate Gl V 586 Premier Gold M T 1945 Premium Expl* O 109 Pretium Res* N 5186 Pretium Res T 2240 Primary Energy C 3145 V 420 Prime Meridian Prism Res V 465 ProAm Expl V 59 Probe Metals* O 156 Probe Metals V 479 Prog Planet V 1654 Prog Planet* O 9 Promithian Gl * O 22 Prophecy Coal* O 373 Prophecy Coal T 1037 Prophecy Pot C 0 Prosper Gold V 117 Prospero Silvr V 1109 Prospero Silvr* O 58 Provenance Gld C 21 Providence V 293 Providence Gld* O 111 PUF Vent Inc * O 3134 Puma Expl V 79 Puma Expl* O 8 O 6 Pure Alumina* Pure Energy* O 448 Pure Energy V 280 Pure Gold Mg* O 1127 Pure Gold Mg V 2474 Pure Nickel* O 135 Pure Nickel V 529 Purepoint Uran V 475 Q-Gold Res* O 1 Q-Gold Res V 1 QC Precious V 170 QC Precious * O 49 QMC Quantum Ml V 306 QMC Quantum Ml* O 589 QMX Gold* O 60 QMX Gold V 5361 Quadro Res V 262 Quantum Cobalt C 9 2 Quartz Mtn Res V Quartz Mtn Res* O 0 Quaterra Res V 168 Quaterra Res* O 137 Quest Rare Mnl* O 630 Quinto Res V 472

0.02 0.01 0.01 - 0.01 0.08 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.01 1.96 1.79 1.89 + 0.08 2.91 1.36 1.44 1.35 1.44 + 0.08 2.17 1.04 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.06 0.04 0.05 - 0.01 0.07 0.02 0.04 0.03 0.04 + 0.00 0.05 0.01 0.30 0.26 0.27 - 0.03 0.91 0.26 0.37 0.32 0.35 - 0.03 1.22 0.32 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.03 0.02 0.02 - 0.01 0.13 0.02 0.02 0.01 0.02 + 0.00 0.08 0.01 0.03 0.02 0.03 - 0.01 0.11 0.02 0.07 0.07 0.07 unch 0.00 0.25 0.06 0.06 0.05 0.05 - 0.01 0.18 0.01 0.05 0.03 0.03 - 0.02 0.17 0.03 0.06 0.04 0.05 - 0.01 0.22 0.04 0.07 0.06 0.07 unch 0.00 0.14 0.05 0.06 0.05 0.06 unch 0.00 0.10 0.05 0.04 0.03 0.04 + 0.01 0.07 0.03 0.13 0.11 0.12 - 0.01 0.13 0.05 0.16 0.14 0.15 - 0.01 0.17 0.08 2.06 1.97 2.02 + 0.01 2.55 1.41 0.00 0.00 0.00 unch 0.00 0.01 0.00 10.61 10.02 10.31 + 0.18 13.83 6.65 14.00 13.26 13.59 + 0.14 18.30 8.85 0.55 0.39 0.55 + 0.12 0.55 0.08 0.08 0.08 0.08 + 0.01 0.16 0.04 0.04 0.02 0.03 - 0.01 0.05 0.02 0.09 0.07 0.07 unch 0.00 0.12 0.05 0.77 0.71 0.72 - 0.03 1.16 0.69 1.05 0.93 0.93 - 0.05 1.53 0.90 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 5.10 3.75 4.25 + 0.40 5.10 0.02 0.26 0.21 0.22 - 0.04 0.43 0.11 0.35 0.29 0.29 - 0.05 0.55 0.15 0.00 0.00 0.12 unch 0.00 0.19 0.01 0.05 0.04 0.04 - 0.01 0.18 0.04 0.04 0.03 0.03 - 0.01 0.11 0.03 0.03 0.03 0.03 - 0.00 0.08 0.02 0.17 0.14 0.14 - 0.03 0.25 0.10 0.13 0.11 0.12 unch 0.00 0.20 0.08 0.10 0.08 0.08 - 0.02 0.16 0.06 0.13 0.10 0.11 - 0.02 0.64 0.10 0.13 0.13 0.13 - 0.01 0.50 0.10 0.10 0.10 0.10 unch 0.00 0.32 0.05 0.01 0.01 0.01 - 0.00 0.04 0.01 0.03 0.02 0.03 - 0.00 0.13 0.02 0.04 0.04 0.04 unch 0.00 0.18 0.04 0.57 0.52 0.56 + 0.03 0.62 0.36 0.74 0.68 0.74 + 0.04 0.81 0.49 0.03 0.03 0.03 unch 0.00 0.06 0.00 0.07 0.05 0.05 - 0.01 0.09 0.01 0.06 0.05 0.06 + 0.01 0.11 0.05 0.09 0.09 0.09 unch 0.00 0.21 0.09 0.00 0.00 0.20 unch 0.00 0.30 0.12 0.25 0.00 0.23 - 0.01 0.40 0.21 0.19 0.17 0.17 - 0.01 0.31 0.16 0.09 0.07 0.08 - 0.01 0.37 0.07 0.07 0.05 0.06 - 0.01 0.29 0.05 0.05 0.04 0.04 - 0.00 0.07 0.03 0.06 0.06 0.06 unch 0.00 0.11 0.04 0.06 0.04 0.06 + 0.02 0.06 0.02 0.02 0.00 0.02 - 0.01 0.10 0.02 0.21 0.18 0.21 unch 0.00 0.35 0.17 0.00 0.00 0.13 unch 0.00 0.24 0.13 0.08 0.06 0.08 + 0.02 0.13 0.06 0.06 0.04 0.06 + 0.01 0.10 0.04 0.01 0.00 0.00 - 0.00 0.06 0.00 0.05 0.04 0.05 - 0.01 0.09 0.03

R Rackla Metals* O 7 0.00 0.00 0.08 unch 0.00 0.12 0.05 Rackla Metals V 69 0.11 0.00 0.10 - 0.01 0.20 0.08 Radisson Mng V 266 0.20 0.19 0.19 - 0.01 0.21 0.09 Radius Gold V 121 0.26 0.24 0.24 - 0.01 0.47 0.09 Rae-Wallace Mg* O 20 0.01 0.00 0.01 + 0.00 0.02 0.00 Rain City C 310 0.15 0.12 0.15 unch 0.00 0.15 0.04 O 54 4.31 2.05 3.39 + 1.26 7.60 1.56 Rainforest Res* Rainy Mtn Royl V 53 0.08 0.00 0.08 + 0.01 0.40 0.07 Rambler Metals* O 7 0.02 0.01 0.02 unch 0.00 0.04 0.00 Rare Element* O 1474 0.71 0.45 0.66 + 0.18 0.71 0.03 Rathdowney Res V 210 0.09 0.00 0.09 unch 0.00 0.13 0.03 C 839 0.13 0.12 0.12 unch 0.00 0.75 0.09 Ravencrest Res Razore Rock Res C 4 0.07 0.07 0.07 unch 0.00 0.10 0.07 13 0.00 0.00 0.00 unch 0.00 0.02 0.00 Red Eagle Mng* O Red Moon Res V 19 0.12 0.10 0.12 + 0.02 0.24 0.01 Red Oak Mining V 418 0.02 0.02 0.02 unch 0.00 0.08 0.01 Red Pine Expl V 3649 0.07 0.03 0.04 + 0.01 0.08 0.03 Redstar Gold V 271 0.03 0.02 0.02 unch 0.00 0.04 0.02 O 359 0.02 0.01 0.02 + 0.00 0.04 0.01 Redstar Gold* Regis Res NL* O 8 3.27 2.90 2.90 - 0.37 4.61 2.90 Regulus Res V 585 1.14 1.04 1.11 - 0.01 2.00 1.02 Remington Res V 8 0.15 0.15 0.15 unch 0.00 0.20 0.12 Renaissance Gd* O 144 0.26 0.24 0.25 + 0.02 0.33 0.11 Renaissance Gd V 152 0.33 0.32 0.33 + 0.01 0.43 0.15 Renforth Res C 330 0.05 0.04 0.04 unch 0.00 0.06 0.03 Resolve Vent V 1058 0.10 0.00 0.10 + 0.02 0.13 0.06 Reunion Gold V 466 0.17 0.11 0.17 + 0.06 0.34 0.11 Reunion Gold* O 114 0.13 0.09 0.13 + 0.04 0.25 0.08 Revelo Res V 2013 0.01 0.01 0.01 - 0.01 0.03 0.01 Revival Gold * O 95 0.55 0.49 0.50 - 0.02 0.67 0.32 Revival Gold V 136 0.72 0.65 0.67 - 0.01 0.87 0.43 0.09 Rhyolite Res V 525 0.10 0.09 0.10 + 0.02 0.26 Ridgestone M’g V 4 0.22 0.19 0.21 unch 0.00 0.27 0.15 Rimrock Gold* O 2479 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rio Silver V 149 0.04 0.03 0.04 + 0.01 0.05 0.03 Rio Silver* O 12 0.02 0.02 0.02 unch 0.00 0.04 0.02 Rio Tinto* O 1 57.30 55.60 57.30 + 1.55 62.00 46.35 Rio Tinto* N 8245 59.00 55.24 57.72 + 2.35 64.02 46.32 Rio Tinto* O 5 69.35 0.00 69.35 + 6.33 74.50 51.75 Rio2 Limited* O 208 0.30 0.28 0.28 - 0.02 0.52 0.23 Rio2 Limited V 628 0.38 0.36 0.37 - 0.01 0.70 0.30 Rise Gold Corp C 1359 0.07 0.06 0.06 - 0.01 0.12 0.06 0.05 0.04 0.04 - 0.01 0.10 0.04 Rise Gold Corp* O 854 Riverside Res V 325 0.14 0.13 0.14 - 0.01 0.22 0.13 Riverside Res* O 190 0.11 0.09 0.11 + 0.01 0.17 0.09 0.03 RJK Explor* O 46 0.12 0.10 0.12 + 0.02 0.12 RJK Explor V 662 0.19 0.14 0.18 + 0.05 0.19 0.04 Robex Res V 291 0.15 0.15 0.15 unch 0.00 0.15 0.06 V 2 0.04 0.00 0.04 unch 0.00 0.06 0.03 Rochester Res Rock Tech Lith V 35 0.46 0.00 0.45 - 0.06 0.99 0.45 4 0.37 0.37 0.37 unch 0.00 0.68 0.37 Rock Tech Lith* O Rockcliff Met* O 333 0.05 0.05 0.05 unch 0.00 0.14 0.02 Rockcliff Met C 678 0.09 0.07 0.07 - 0.01 0.19 0.06 Rockex Mng C 169 0.05 0.04 0.05 + 0.01 0.10 0.01 Rockhaven Res V 224 0.17 0.14 0.16 + 0.02 0.19 0.10 Rockridge Res V 95 0.15 0.13 0.14 unch 0.00 0.39 0.13 Rockshield Cap* O 34 0.04 0.03 0.04 + 0.01 0.09 0.02 0.03 Rodinia Lithm V 10 0.05 0.00 0.05 - 0.01 0.08 Rogue Res* O 6 0.07 0.05 0.05 - 0.01 0.10 0.04 Rogue Res V 162 0.09 0.08 0.08 unch 0.00 0.13 0.05 Rokmaster Res V 419 0.05 0.04 0.04 + 0.01 0.07 0.03 Romios Gold Rs* O 520 0.03 0.02 0.03 + 0.01 0.05 0.02 Romios Gold Rs V 600 0.04 0.03 0.04 + 0.01 0.07 0.02 O 45 0.15 0.08 0.08 - 0.01 0.23 0.05 RosCan Gold* RosCan Gold V 360 0.12 0.11 0.12 + 0.01 0.33 0.06 0.55 Roxgold* O 265 0.73 0.68 0.69 - 0.01 1.07 Roxgold T 2254 0.98 0.89 0.90 - 0.04 1.42 0.72 Royal Gold* D 1729 117.27 113.13 115.82 + 2.17 138.78 75.43 0.10 Royal Gold V 89 0.32 0.00 0.32 + 0.05 0.33 Royal Mines &M* O 177 0.00 0.00 0.00 unch 0.00 0.01 0.00 Royal Nickel T 5808 0.43 0.40 0.42 + 0.02 0.79 0.33 Royal Nickel* O 989 0.32 0.30 0.32 + 0.02 0.59 0.25 Royal Rd Mnrls V 319 0.35 0.26 0.27 - 0.01 0.35 0.07 Royal Std Mnrl* O 8 0.05 0.05 0.05 unch 0.00 3.14 0.01 RT Minerals V 606 0.03 0.00 0.03 unch 0.00 0.10 0.03 RT Minerals* O 4 0.03 0.03 0.03 unch 0.00 0.07 0.02 RTG Mining* O 5 0.07 0.07 0.07 unch 0.00 0.08 0.05 RTG Mining T 61 0.07 0.07 0.07 + 0.01 0.16 0.07 Rubicon Mnrls* O 16 0.73 0.00 0.70 + 0.03 1.05 0.46 Rubicon Mnrls T 168 0.97 0.92 0.95 + 0.04 1.41 0.61 Rugby Mng V 61 0.11 0.10 0.10 - 0.02 0.26 0.07 Running Fox Rs* O 30 0.01 0.01 0.01 unch 0.00 0.01 0.01 Running Fox Rs V 963 0.01 0.00 0.01 unch 0.00 0.03 0.01 Rupert Res V 280 0.77 0.72 0.75 + 0.03 1.12 0.66 Rusoro Mng* O 142 0.05 0.04 0.04 + 0.01 0.12 0.03 Rusoro Mng V 1022 0.07 0.06 0.06 - 0.01 0.16 0.04

S Sabina Gd&Slvr T 1586 Sabina Gd&Slvr* O 755 Sable Res* O 11 Sable Res V 277 Sage Gold* O 175 Sailfish Rylty V 84 Saint Jean* O 8 Salazar Res* O 24 Salazar Res V 72 Salt Lake Pot* O 5 Sama Res V 254 Sama Res* O 164

1.93 1.80 1.89 + 0.08 2.28 0.99 1.48 1.35 1.43 + 0.06 1.72 0.73 0.08 0.06 0.06 + 0.00 0.17 0.06 0.10 0.09 0.09 - 0.01 0.22 0.09 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.92 0.85 0.90 unch 0.00 1.81 0.66 0.00 0.00 0.00 - 0.01 0.04 0.00 0.13 0.00 0.12 - 0.02 0.15 0.08 0.18 0.15 0.15 - 0.03 0.20 0.11 0.51 0.51 0.51 - 0.06 0.59 0.31 0.19 0.17 0.17 - 0.01 0.44 0.16 0.14 0.12 0.14 + 0.02 0.33 0.12

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Samex Mng* O 274 San Gold Corp* O 135 5 San Marco Res* O 192 San Marco Res V Sanatana Res V 747 O 160 Sanatana Res* Sandfire Res V 254 Sandfire Res* O 306 O 110 Sandspring Res* T 1577 Sandstorm Gold X 6833 Sandstorm Gold* Santa Fe Gold* O 254 V 474 Santacruz Silv Sarama Res V 579 Sarissa Res* O 1676 Satori Res V 22 Satori Res* O 500 Saturn Mnrls V 210 Saville Res V 111 363 Scandium Intl T O 254 Scandium Intl* Scorpio Gold V 368 Scorpio Gold * O 216 Scotch Creek C 5 Scottie Res V 929 Scottie Res* O 56 ScoZinc Mg V 1 ScoZinc Mg* O 0 Seabridge Gld T 380 Seabridge Gld* N 1563 Seafield Res* O 285 Search Mnls V 357 Searchlight* O 1 O 280 SearchlightMin* V 103 SearchlightRes Secova Mtls* O 1 Secova Mtls V 1379 Sego Res V 473 Select Sands V 688 T 7910 Semafo Serabi Gold T 1 Serabi Gold* O 44 Serengeti Res V 167 C 3341 Shamrock Ent O 25 Shear Diamonds* Sherritt Intl T 1547 V 20 Shine Minerals O 3 Shine Minerals* 23442 N Sibanye-Stillw* O 57 Sibanye-Stillw* O 6380 Sidney Resrces* Sienna Res* O 44 Sienna Res V 228 Sierra Madre V 37 Sierra Metals T 345 Sierra Metals* X 91 V 9 Sigma Lithium O 123 Signature Res* Signature Res V 358 197 Silver Bear Rs T 25 Silver Bear Rs* O Silver Bull Re* O 1158 654 Silver Bull Re T Silver Grail V 20 5 Silver Mtn Mns V C 150 Silver Phoenix O 1 Silver Predatr* Silver Predatr V 50 Silver Range* O 12 Silver Range V 178 Silver Scott* O 41 O 4 Silver Spruce* Silver Spruce V 135 O 2 Silver Stream* Silver Viper V 47 T 3787 Silvercorp Met X 9065 Silvercorp Met* SilverCrest* X 1732 SilverCrest T 1279 O 1 Silverstar Res* Sirios Res V 1891 Sirios Res* O 4 Sitka Gold C 337 Sitka Gold* O 172 Sixty North C 145 Sixty North* O 40 Skeena Res V 575 Skeena Res* O 228 Sky Gold V 573 Sky Gold* O 50 O 170 Skyharbour Res* V 384 Skyharbour Res Slam Explor* O 7 Slam Explor V 21 Sokoman Min V 678 O 12 Sokoman Min* SolGold plc T 202 SolGold plc* O 19 T 52 Solitario Ex&R X 87 Solitario Ex&R* Solstice Gold V 1092 680 Sonora Gld & S V O 203 Sonoro Metals* V 228 Sonoro Metals South32* O 164 Southern Arc* O 32 Southern Arc V 10 N 3938 Southern Copp* O 151 Southern Silvr* Southern Silvr V 905 T 33 SouthGobi Res 178 Spanish Mtn Gd V Spanish Mtn Gd* O 130 Sparton Res V 179 Sparton Res* O 100 O 113 Spearmint Res* C 513 Spearmint Res C 250 Spey Resources Sphinx Res V 2016 118 Sprott Res Hld T 787 Spruce Ridge R V SRG Mining V 83 SSR Mining* D 4598 SSR Mining T 889 St Augustine T 153 C 2204 St-Georges Eco O 77 St-Georges Eco* V 306 Stakeholdr Gld O 50 Stakeholdr Gld* O 1083 Standard Graph* Standard Lith V 387 O 286 Standard Metal* Stans Energy V 1367 O 95 Stans Energy* Star Diamond T 3557 O 476 Star Diamond* Star Gold* O 58 Starcore Intl T 284 176 Starr Peak Exp V O 0 Steele Oceanic* Stellar Africa* O 119 Stellar Africa V 139 Stelmine Can V 20 Steppe Gold T 29 O 6778 Stornoway Diam* Stratabd Mnr V 776 Strateco Res* O 204 O 118 Strategic Metl* Strategic Metl V 502 Strategic Res V 127 O 1 Strategic Res* Stria Lithium V 115 V 1824 Strikepoint Gd O 359 Strikepoint Gd* V 327 Strongbow Expl O 15 Strongbow Expl* Stroud Res V 35 Stuhini Explor V 24 Sulliden Mng T 141 Sun Metals V 1204 N 10215 Suncor Energy* Suncor Energy T 18830 O 23 Superior Gold* Superior Gold V 193 Superior Mng V 1068 O 5 Superior Mng* C 625 Supreme Metals Surge Copper V 289 Surge Explor* O 725 Surge Explor V 2813 Sutter Gold* O 5 Syrah Res* O 139

0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.09 0.10 + 0.00 0.32 0.06 0.14 0.13 0.13 - 0.01 0.45 0.09 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.06 0.20 0.14 0.18 - 0.02 0.40 0.05 0.16 0.11 0.14 - 0.01 0.31 0.85 2.13 1.53 1.62 - 0.08 2.72 5.73 0.30 9.47 9.13 + 9.38 8.76 4.28 7.12 6.62 6.92 + 0.26 7.21 0.09 0.07 0.08 - 0.01 0.14 0.05 0.05 0.15 0.14 0.14 - 0.01 0.20 0.05 0.07 0.07 0.07 - 0.01 0.12 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 0.05 0.00 0.05 + 0.01 0.10 0.03 unch 0.00 0.07 0.05 0.05 0.05 0.09 unch 0.00 0.21 0.13 0.13 0.13 0.02 unch 0.00 0.06 0.04 0.03 0.04 0.09 0.08 0.08 - 0.01 0.25 0.08 0.05 0.07 0.05 0.07 + 0.00 0.18 0.02 0.10 0.08 0.10 + 0.03 0.16 0.08 0.06 0.07 + 0.01 0.11 0.01 0.06 unch 0.00 0.13 0.12 0.12 0.12 0.07 0.16 0.14 0.15 + 0.01 0.25 0.10 0.12 0.11 0.11 - 0.01 0.15 0.34 0.56 0.00 0.56 + 0.07 0.78 0.26 unch 0.00 0.59 0.00 0.00 0.37 14.74 17.35 16.46 17.15 + 0.34 21.98 10.95 13.16 12.44 13.01 + 0.32 16.55 0.00 0.00 0.00 0.00 + 0.00 0.00 0.04 unch 0.00 0.06 0.05 0.04 0.04 0.00 0.02 0.02 0.02 + 0.01 0.10 0.01 0.02 0.01 0.02 - 0.00 0.07 0.02 0.03 0.00 0.03 - 0.01 0.05 0.01 unch 0.00 0.04 0.03 0.03 0.03 0.02 0.05 0.04 0.05 + 0.01 0.06 0.03 0.05 0.04 0.05 + 0.01 0.05 0.01 0.03 0.02 0.03 - 0.01 0.14 2.36 2.63 2.36 2.50 - 0.08 5.75 0.45 1.33 1.29 1.29 - 0.04 1.49 0.62 0.94 0.00 0.90 + 0.07 1.08 0.15 0.22 0.19 0.20 - 0.01 0.40 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.17 0.19 0.18 0.19 - 0.01 0.53 0.03 unch 0.00 0.08 0.03 0.03 0.03 0.02 unch 0.00 0.05 0.02 0.02 0.02 2.32 9.57 8.19 9.20 + 0.96 9.57 0.72 unch 0.00 2.18 0.00 0.00 2.18 0.00 0.03 0.02 0.03 + 0.00 0.04 0.02 0.02 0.02 0.02 + 0.00 0.06 0.03 0.03 0.03 0.03 + 0.01 0.07 0.04 unch 0.00 0.15 0.04 0.00 0.04 1.33 unch 0.00 3.06 2.11 1.86 1.89 1.01 1.60 1.43 1.45 + 0.03 2.23 1.59 unch 0.00 2.05 1.85 1.79 1.80 0.03 0.04 0.03 0.04 + 0.01 0.07 0.04 0.05 0.04 0.05 + 0.01 0.09 0.15 0.13 0.14 - 0.02 0.25 0.10 0.12 0.11 0.11 - 0.01 0.18 0.07 0.07 0.06 0.07 - 0.01 0.14 0.06 0.09 0.08 0.09 - 0.01 0.19 0.08 0.02 0.07 0.00 0.07 + 0.01 0.12 0.02 0.01 0.01 - 0.01 0.02 0.01 0.12 unch 0.00 0.20 0.13 0.12 0.12 0.04 unch 0.00 0.12 0.06 0.06 0.06 0.06 unch 0.00 0.17 0.09 0.09 0.09 0.05 0.06 0.06 0.06 - 0.00 0.11 0.07 unch 0.00 0.15 0.10 0.08 0.09 0.01 0.01 0.01 0.01 + 0.00 0.06 0.01 0.03 0.00 0.03 - 0.02 0.05 0.02 unch 0.00 0.07 0.06 0.05 0.05 4.00 unch 0.00 8.00 8.00 8.00 8.00 0.08 0.25 0.22 0.24 + 0.02 0.38 2.52 7.69 6.78 7.18 + 0.40 7.69 1.87 5.83 5.13 5.46 + 0.33 5.83 2.25 6.44 5.97 6.20 + 0.16 6.69 3.05 8.47 7.90 8.21 + 0.19 8.73 0.01 unch 0.00 0.14 0.02 0.02 0.02 0.12 0.21 0.15 0.16 - 0.04 0.28 0.09 0.14 0.13 0.13 - 0.01 0.20 0.04 0.20 0.18 0.20 + 0.01 0.20 0.10 0.15 0.14 0.15 + 0.01 0.15 0.03 0.04 0.04 0.04 - 0.01 0.10 0.03 0.04 0.03 0.03 + 0.01 0.06 0.27 0.61 0.58 0.60 + 0.01 0.71 0.19 0.47 0.44 0.46 + 0.01 0.54 0.05 0.07 0.06 0.07 + 0.01 0.70 0.04 unch 0.00 0.71 0.01 0.01 0.01 0.11 0.13 0.12 0.12 - 0.01 0.33 0.15 0.18 0.16 0.16 - 0.02 0.44 0.01 0.01 0.01 0.01 + 0.00 0.02 0.01 0.02 0.01 0.01 - 0.01 0.03 0.04 0.08 0.07 0.08 + 0.01 0.23 0.04 0.06 0.05 0.05 - 0.00 0.18 0.28 0.37 0.34 0.35 - 0.02 0.76 0.21 0.30 0.25 0.30 + 0.03 0.56 0.26 unch 0.00 0.59 0.36 0.34 0.35 0.19 0.28 0.26 0.28 + 0.02 0.54 0.05 0.08 0.06 0.06 - 0.01 0.27 0.05 0.03 0.03 - 0.01 0.07 0.03 0.09 0.12 0.10 0.10 - 0.02 0.15 0.12 0.16 0.14 0.15 - 0.01 0.20 1.59 1.96 0.00 1.96 + 0.21 2.86 0.23 0.31 0.25 0.25 - 0.06 0.47 0.30 0.40 0.00 0.39 - 0.01 0.62 29.01 42.06 38.94 41.49 + 2.68 42.42 0.10 0.18 0.15 0.16 - 0.04 0.23 0.14 0.24 0.20 0.20 - 0.05 0.31 0.10 0.13 0.10 0.11 - 0.02 0.18 0.10 0.09 0.09 unch 0.00 0.14 0.05 0.08 0.07 0.08 + 0.01 0.11 0.04 0.02 unch 0.00 0.08 0.02 0.02 0.02 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.01 + 0.00 0.08 0.01 unch 0.00 0.04 0.02 0.01 0.01 0.03 unch 0.00 0.11 0.03 0.03 0.03 0.02 0.02 0.02 0.02 - 0.01 0.06 0.78 0.71 0.78 + 0.05 1.77 0.66 0.07 0.05 0.06 + 0.02 0.13 0.04 0.67 0.89 0.77 0.77 - 0.12 1.15 10.59 16.94 16.38 16.84 + 0.25 17.56 14.23 22.32 21.58 22.23 + 0.22 23.42 0.02 0.02 0.02 0.02 - 0.01 0.03 0.06 0.11 0.07 0.09 + 0.02 0.25 0.04 0.06 0.06 0.06 + 0.01 0.17 0.03 0.03 0.00 0.03 - 0.01 0.08 0.01 unch 0.00 0.06 0.02 0.02 0.02 0.10 0.15 0.10 0.14 + 0.02 0.65 0.53 0.95 0.83 0.86 - 0.02 1.44 0.02 0.05 0.04 0.05 + 0.00 0.10 0.01 0.01 0.01 0.01 + 0.01 0.11 0.00 0.01 0.00 0.01 - 0.00 0.08 0.18 0.41 0.35 0.38 - 0.02 0.41 0.14 0.30 0.27 0.29 + 0.01 0.30 0.02 0.05 0.00 0.05 + 0.02 0.30 0.05 0.08 0.06 0.08 + 0.01 0.16 0.48 0.40 0.41 unch 0.00 0.48 0.09 0.65 unch 0.00 1.00 0.00 0.00 0.65 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 unch 0.00 0.04 0.04 0.03 0.03 0.09 0.11 0.09 0.09 - 0.01 0.17 0.59 0.92 0.84 0.90 - 0.03 1.14 0.00 unch 0.00 0.18 0.00 0.00 0.00 0.02 0.08 0.05 0.07 + 0.01 0.18 0.00 0.00 0.00 0.00 + 0.00 0.01 0.21 0.38 0.33 0.36 + 0.03 0.42 0.28 0.50 0.45 0.48 + 0.01 0.56 0.23 0.24 0.24 0.24 + 0.01 0.70 0.17 0.19 0.19 0.19 + 0.02 0.46 0.01 0.01 0.01 0.01 + 0.01 0.04 0.04 unch 0.00 0.18 0.04 0.04 0.04 0.03 0.03 0.03 0.03 + 0.01 0.13 0.03 0.05 0.04 0.05 + 0.01 0.15 0.02 unch 0.00 0.11 0.03 0.03 0.03 0.05 0.21 0.20 0.21 - 0.01 0.37 0.19 unch 0.00 0.35 0.20 0.20 0.20 0.03 0.05 0.05 0.05 + 0.01 0.13 0.18 unch 0.00 0.65 0.20 0.18 0.19 25.81 32.28 31.53 31.77 - 0.14 34.87 35.53 42.54 41.61 41.90 - 0.45 46.50 0.28 0.44 0.35 0.40 + 0.04 0.84 0.38 0.59 0.49 0.56 + 0.10 1.14 0.05 0.19 0.12 0.19 + 0.06 0.19 0.08 unch 0.00 0.08 0.08 0.08 0.08 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.03 0.05 0.00 0.04 - 0.01 0.08 0.01 0.03 0.01 0.02 + 0.00 0.08 0.02 unch 0.00 0.10 0.04 0.02 0.03 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.24 0.34 0.28 0.33 + 0.03 1.50

2019-12-17 11:11 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / DECEMBER 23, 2019–JANUARY 5, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Taiga Gold C 90 Taiga Gold* O 114 Tajiri Res V 1115 Taku Gold* O 32 Taku Gold C 143 Talisker Res C 707 Talisker Res* O 144 Talmora Diamd C 50 Talon Metals T 285 O 0 Tamerlane Vent* Tamino Mnrls* O 22562 V 352 Tanqueray Expl Tantalex Res C 982 Tanzanian Gold* X 551 T 68 Tanzanian Gold Taranis Res* O 180 Taranis Res V 4 Tarku Res V 77 Tartisan Nick* O 115 Tartisan Nick C 702 Taseko Mines* X 2493 Taseko Mines T 2215 Teck Res T 8470 Teck Res T 20 Teck Res* N 18689 Tectonic Metal V 433 Telson Res * O 48 Telson Res V 366 Tembo Gold V 97 Tembo Gold* O 30 Teranga Gold T 5534 Teranga Gold* O 523 Teras Res* O 53 Teras Res V 67 Terrax Mnrls V 516 Terrax Mnrls* O 32 Terreno Res V 75 Teslin Rvr Res V 891 Tesoro Mnrls V 6 Tethyan Res V 536 Teuton Res V 109 Teuton Res* O 81 Texas Mineral* O 5659 Themac Res V 100 Thor Expl V 198 Thunder Mtn Gd* O 21 Thunderstruck V 458 Thunderstruck* O 31 Till Capital V 0 Timberline Res V 300 Timberline Res* O 315 Tinka Res V 3599 Tinka Res* O 433 Tintina Mines V 23 Tisdale Res V 42 Titan Mining T 549 Titan Mining* O 364 Titanium Corp V 28 TMAC Resource* O 32 TMAC Resources T 314 TNR Gold V 211 Tocvan Venture C 83 Tombstone Expl* O 23 Tonogold Res* O 84 Torex Gold* O 176 Torex Gold T 1971 Torq Resources* O 21 Torq Resources V 167 Tower Res* O 0 Tower Res V 910 Transatlantic* O 891 Transatlantic V 1513 Transition Met V 143

0.10 0.08 0.10 + 0.02 0.14 0.06 0.07 0.06 0.07 + 0.01 0.10 0.04 0.06 0.05 0.05 - 0.01 0.08 0.03 0.06 0.04 0.06 + 0.01 0.08 0.02 0.07 0.05 0.05 - 0.02 0.10 0.03 0.25 0.23 0.24 + 0.01 0.26 0.08 0.18 0.17 0.17 - 0.01 0.20 0.00 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.15 0.15 0.15 - 0.01 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.57 0.50 0.51 - 0.07 0.85 0.45 0.02 0.00 0.02 + 0.01 0.07 0.01 0.84 0.75 0.78 - 0.06 1.20 0.25 1.11 1.00 1.04 - 0.02 1.56 0.34 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.07 0.00 0.07 unch 0.00 0.11 0.05 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.08 0.06 0.08 + 0.02 0.08 0.02 0.11 0.08 0.10 + 0.02 0.11 0.03 0.44 0.40 0.42 + 0.00 0.79 0.38 0.59 0.53 0.56 + 0.01 1.05 0.50 22.72 20.70 22.21 + 1.02 34.31 19.34 22.77 20.71 22.29 + 0.99 34.00 19.60 17.27 15.64 16.82 + 0.80 25.75 14.51 0.25 0.22 0.22 unch 0.00 0.31 0.22 0.09 0.08 0.08 - 0.01 0.32 0.08 0.13 0.10 0.13 + 0.02 0.44 0.10 0.02 0.00 0.02 - 0.01 0.04 0.01 0.02 0.01 0.02 unch 0.00 0.03 0.01 6.49 5.28 6.01 + 0.38 6.49 2.97 4.93 3.98 4.56 + 0.30 4.93 2.23 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.07 0.05 0.05 - 0.01 0.12 0.02 0.32 0.25 0.28 - 0.01 0.50 0.23 0.25 0.00 0.21 - 0.02 0.36 0.17 0.01 0.01 0.01 - 0.01 0.05 0.01 0.35 0.32 0.32 - 0.03 0.60 0.26 0.05 0.00 0.05 unch 0.00 0.07 0.04 0.20 0.17 0.17 + 0.01 0.85 0.11 0.41 0.35 0.40 + 0.06 0.65 0.10 0.31 0.27 0.31 + 0.06 0.49 0.07 0.57 0.25 0.44 + 0.16 0.57 0.12 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.15 0.15 0.15 unch 0.00 0.18 0.12 0.11 0.09 0.10 unch 0.00 0.14 0.03 0.06 0.04 0.05 - 0.01 0.11 0.03 0.04 0.03 0.04 + 0.01 0.08 0.02 2.51 0.00 2.51 unch 0.00 2.54 1.00 0.10 0.00 0.10 + 0.01 0.13 0.07 0.08 0.06 0.08 + 0.00 0.13 0.03 0.13 0.12 0.12 unch 0.00 0.40 0.12 0.10 0.09 0.09 - 0.00 0.28 0.09 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.11 0.08 0.11 + 0.03 0.25 0.06 0.30 0.25 0.27 + 0.02 1.10 0.25 0.21 0.20 0.20 - 0.02 0.77 0.20 0.65 0.00 0.63 - 0.06 1.20 0.47 2.60 2.49 2.57 - 0.05 5.29 2.43 3.50 3.29 3.36 - 0.06 7.06 3.10 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.15 0.13 0.14 - 0.01 0.17 0.07 2.50 0.00 2.44 + 0.44 3.80 0.12 0.38 0.29 0.34 + 0.02 0.38 0.04 15.18 13.98 15.12 + 1.24 16.54 8.41 20.07 18.56 19.95 + 1.48 21.91 11.26 0.41 0.00 0.40 + 0.03 0.41 0.24 0.57 0.49 0.55 + 0.03 0.57 0.33 0.00 0.00 0.02 unch 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.02 0.02 0.02 + 0.00 0.10 0.01 0.03 0.02 0.03 unch 0.00 0.16 0.02 0.16 0.14 0.15 unch 0.00 0.23 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Treasury Metal T 415 O 42 Treasury Metal* Trecora Res* N 452 Tres-Or Res* O 2 Tres-Or Res V 786 Trevali Mng* O 393 Trevali Mng T 3806 Tri Origin Exp V 182 Trident Gold V 1 Trifecta Gold* O 16 Trifecta Gold V 79 Trilogy Mtls T 39 Trilogy Mtls* X 617 TriMetals Mng* O 100 Trinity Res* O 1 Trinity Valley V 95 O 440 Trio Resources* TriStar Gold V 281 TriStar Gold* O 119 Triumph Gold V 734 Triumph Gold* O 454 Troilus Gold* O 56 Troilus Gold T 647 Troubadour Res V 277 Troy Enrgy V 200 Troy Res* O 25 True Grit Res V 405 True North Gem* O 25 True North Gem V 25 Trueclaim Expl* O 34 Tsodilo Res V 98 Tudor Gold V 446 Tudor Gold * O 68 Tundra Gold* O 4 Turmalina Met V 1938 Turquoise HIl* N 29239 Turquoise HIl T 10288 TVI Pacific V 233 TVI Pacific* O 77 Tyhee Gold* O 19 Tymbal Res V 3 Typhoon Expl V 200

0.30 0.28 0.28 - 0.01 0.42 0.21 0.22 0.20 0.21 - 0.00 0.32 0.15 7.88 7.31 7.73 + 0.30 10.54 6.69 0.06 0.06 0.06 unch 0.00 0.15 0.01 0.12 0.08 0.11 + 0.03 0.30 0.08 0.16 0.14 0.16 + 0.00 0.36 0.11 0.21 0.19 0.21 + 0.02 0.49 0.15 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.00 0.00 0.20 unch 0.00 0.20 0.14 0.03 0.02 0.02 - 0.00 0.06 0.02 0.04 0.04 0.04 + 0.01 0.07 0.03 2.99 2.54 2.72 + 0.11 4.10 2.00 2.16 1.91 2.05 + 0.09 3.13 1.48 0.13 0.12 0.12 - 0.00 0.13 0.02 0.13 0.00 0.13 - 0.02 0.50 0.01 0.06 0.05 0.05 unch 0.00 0.15 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.21 0.19 0.20 - 0.01 0.25 0.10 0.16 0.14 0.15 + 0.01 0.19 0.07 0.33 0.28 0.28 - 0.06 0.58 0.25 0.26 0.21 0.21 - 0.04 0.44 0.19 0.44 0.00 0.44 + 0.03 0.81 0.40 0.60 0.52 0.60 + 0.04 1.16 0.52 0.06 0.05 0.05 - 0.01 0.20 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.07 0.07 0.07 unch 0.00 0.09 0.06 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.06 0.06 0.06 unch 0.00 0.14 0.00 0.07 0.00 0.07 - 0.01 0.28 0.05 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.08 0.06 0.07 unch 0.00 0.33 0.05 0.57 0.47 0.56 + 0.08 1.07 0.20 0.43 0.35 0.43 + 0.07 0.81 0.15 5.50 5.00 5.50 + 0.50 500.00 5.00 0.78 0.64 0.68 unch 0.00 0.78 0.53 0.78 0.54 0.75 + 0.16 2.17 0.40 1.03 0.72 1.00 + 0.21 2.84 0.53 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.00 0.05 + 0.01 0.15 0.03 0.07 0.05 0.06 + 0.02 0.07 0.02

U.S. Gold* D 252 U.S. Lithium* O 138 U3O8 Corp* O 59 U3O8 Corp T 136 Ubique Mineral C 0 UC Res* O 48 Ucore Rare Mtl V 6993 Ucore Rare Mtl* O 7256 UEX Corp T 2804 Ultra Resource* O 28 Ultra Resource V 15 Umbral Enrgy* O 182 Unigold* O 7 Unigold V 133 United Battery* O 52 United Battery C 17 United Res Hdg* O 22 United States A* X 116 United States S* N 63299 Universal Cop V 240 Universal Vent V 539 Ur-Energy* X 976 Ur-Energy T 129 Uragold Bay Rs V 441 Uranium Energy* X 2851 Uranium Hunter* O 0 Uranium Res* D 510 UrbanGold Min V 1916

0.90 0.81 0.84 + 0.02 1.53 0.65 0.36 0.30 0.35 + 0.04 0.62 0.11 0.06 0.04 0.06 + 0.02 0.21 0.03 0.08 0.06 0.08 + 0.03 0.29 0.04 0.00 0.00 0.05 unch 0.00 0.20 0.03 0.25 0.19 0.24 - 0.00 1.27 0.19 0.21 0.11 0.17 + 0.06 0.34 0.09 0.16 0.08 0.12 + 0.04 0.25 0.07 0.12 0.11 0.12 - 0.01 0.20 0.11 0.07 0.05 0.05 - 0.00 0.10 0.05 0.08 0.07 0.07 - 0.02 0.14 0.06 0.19 0.15 0.19 + 0.01 0.54 0.11 0.19 0.17 0.18 + 0.01 0.19 0.07 0.26 0.22 0.24 + 0.01 0.26 0.09 0.03 0.02 0.02 - 0.00 0.33 0.01 0.03 0.00 0.02 - 0.01 0.34 0.02 0.04 0.04 0.04 unch 0.00 0.09 0.01 0.41 0.37 0.37 - 0.01 0.80 0.35 14.52 13.60 13.71 - 0.23 24.74 9.93 0.02 0.02 0.02 - 0.01 0.14 0.02 4.60 0.43 4.60 + 0.20 5.10 2.80 0.62 0.57 0.58 - 0.04 0.99 0.50 0.83 0.76 0.76 - 0.06 1.30 0.70 0.08 0.08 0.08 + 0.01 0.12 0.06 1.00 0.90 0.94 - 0.05 1.58 0.82 0.00 0.00 1.55 unch 0.00 3.50 0.51 2.57 2.19 2.20 - 0.26 9.88 2.25 0.12 0.11 0.12 unch 0.00 0.18 0.10

U-V

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

USCorp* O 1650 Val-d’Or Mg* O 0 Val-d’Or Mg V 680 N 121498 Vale* Valley High Mg* O 784 O 50 ValOre Metals* ValOre Metals V 503 Valterra Res* O 90 Valterra Res V 193 Vanadian Enrgy* O 69 V 477 Vanadian Enrgy Vanadium One* O 60 Vanadium One V 475 O 190 Vanadiumcorp* Vanadiumcorp V 186 92 Vanstar Mng Rs* O Vanstar Mng Rs V 1134 Vantex Res * O 3 Vantex Res V 8 Velocity Mnrls V 178 O 7 Velocity Mnrls* Vendetta Mng V 205 Vendetta Mng* O 102 V 10 Venerable Vent Verde Potash T 61 Verde Res* O 70 Veris Gold* O 619 Vertical Expl V 453 Victoria Gold V 382 Victory Metals* O 78 Victory Metals V 97 Victory Nickel* O 79 Victory Nickel C 75 Virginia Enrgy* O 114 Virginia Enrgy V 76 Viscount Mng V 163 Visible Gold M V 81 Visible Gold M* O 14 Vision Lithium V 121 Vision Lithium* O 4 Vista Gold* X 1609 Vista Gold T 25 Viva Gold* O 69 Viva Gold V 102 Vizsla Res V 708 Vizsla Res * O 182 Volcanic Gold V 119 Volt Energy V 35 Voyageur Min* O 30 Voyageur Min V 274 VR Resources* O 361 VR Resources V 651 Vulcan Mnrls V 394 VVC Expl V 240

0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.07 0.05 0.07 0.04 0.07 + 0.01 0.10 0.03 13.21 12.25 13.06 + 0.67 15.45 10.20 0.01 0.00 0.00 + 0.00 0.01 0.00 0.22 0.20 0.20 - 0.00 0.31 0.00 0.30 0.26 0.27 - 0.01 0.40 0.11 0.01 0.01 0.01 - 0.10 0.28 0.11 0.02 0.00 0.10 - 0.05 0.35 0.10 0.01 0.01 0.01 - 0.00 0.07 0.01 0.02 0.00 0.02 unch 0.00 0.09 0.01 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.06 0.06 0.06 + 0.01 0.21 0.05 0.04 0.03 0.04 - 0.00 0.10 0.03 0.05 0.05 0.05 + 0.01 0.12 0.04 0.27 0.26 0.27 + 0.01 0.27 0.11 0.38 0.32 0.35 - 0.01 0.40 0.12 0.08 0.08 0.08 unch 0.00 0.22 0.08 0.14 0.00 0.14 + 0.04 0.40 0.10 0.46 0.43 0.43 - 0.03 0.58 0.18 0.35 0.00 0.35 - 0.02 0.44 0.14 0.05 0.04 0.05 unch 0.00 0.17 0.04 0.05 0.04 0.05 + 0.01 0.13 0.03 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.46 0.43 0.44 - 0.01 0.83 0.43 0.01 0.01 0.01 - 0.00 0.10 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.03 0.03 - 0.01 0.11 0.02 8.89 8.24 8.56 + 0.51 9.90 5.48 0.36 0.32 0.35 + 0.05 0.57 0.28 0.47 0.40 0.45 + 0.05 0.77 0.37 0.02 0.01 0.02 + 0.01 0.04 0.01 0.03 0.00 0.02 unch 0.00 0.05 0.01 0.04 0.03 0.03 unch 0.00 0.25 0.03 0.05 0.04 0.05 unch 0.00 0.37 0.04 0.25 0.23 0.24 - 0.01 0.31 0.15 0.05 0.00 0.05 + 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.04 0.03 0.04 - 0.01 0.21 0.03 0.04 0.03 0.04 + 0.01 0.13 0.02 0.82 0.67 0.75 + 0.08 1.05 0.48 1.19 0.88 1.02 + 0.14 1.39 0.64 0.22 0.17 0.20 unch 0.00 0.32 0.15 0.28 0.23 0.26 unch 0.00 0.44 0.19 0.58 0.51 0.52 - 0.03 0.59 0.13 0.43 0.40 0.40 - 0.03 0.43 0.29 0.19 0.16 0.17 - 0.02 0.44 0.14 0.09 0.07 0.09 + 0.02 0.10 0.02 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.08 0.07 0.07 - 0.01 0.12 0.05 0.26 0.23 0.25 - 0.02 0.35 0.09 0.34 0.30 0.32 - 0.02 0.40 0.12 0.07 0.06 0.06 - 0.01 0.21 0.02 0.04 0.03 0.04 unch 0.00 0.05 0.02

Walcott Res C 0 Walker Lane* O 6 Walker River* O 134 Walker River V 978 Wallbridge Mng T 11952 Warrior Gold* O 6 Warrior Gold V 126 Waseco Res V 312 Wealth Mnrls V 410 Wealth Mnrls* O 469 Wescan Gldflds V 8 Wesdome Gold* O 475 Wesdome Gold T 4760 West High Yld V 215 West Kirkland V 155 West Kirkland * O 89

0.00 0.00 0.20 unch 0.00 0.20 0.10 0.20 0.04 0.20 + 0.02 0.40 0.03 0.06 0.05 0.05 unch 0.00 0.19 0.05 0.08 0.07 0.08 + 0.01 0.27 0.05 0.88 0.76 0.83 + 0.05 0.88 0.15 0.07 0.07 0.07 unch 0.00 0.09 0.04 0.08 0.00 0.08 + 0.01 0.12 0.04 0.03 0.02 0.02 - 0.01 0.05 0.02 0.23 0.18 0.19 - 0.01 0.65 0.18 0.17 0.14 0.15 - 0.00 0.50 0.13 0.05 0.00 0.05 - 0.01 0.11 0.03 7.23 6.82 7.15 + 0.25 7.23 2.62 9.56 9.00 9.47 + 0.35 9.55 3.30 0.20 0.14 0.18 + 0.06 0.48 0.10 0.07 0.06 0.06 + 0.01 0.09 0.03 0.05 0.04 0.05 + 0.01 0.07 0.02

Stock

12-month

Exc Volume High Low Last Change High Low

97 West Red Lake* O West Red Lake C 591 Western Areas* O 1 Western Atlas V 290 475 Western Copper T Western Copper* X 615 Western Mag V 1762 Western Mag* O 587 Western Pac Rs* O 2 1 Western Pac Rs V Western Potash T 193 Western Res* O 167 Western Troy C* O 6 Western Troy C V 6 Western U&V C 45 Western U&V* O 92 V 1237 Westhaven Vent Westhaven Vent* O 985 Westkam Gold* O 39 V 84 Westkam Gold Westminster Rs V 58 O 120 Westmoreland* WestMountain* O 0 Wheaton Prec M* N 8241 Wheaton Prec M T 4074 White Gold* O 133 White Gold V 310 White Metal R* O 55 White Metal Rs V 117 White Mtn Engy* O 213 Wildsky Res* O 0 Wildsky Res V 12 Winston Gold* O 595 Winston Gold C 223 Winston Res C 1000 Wolfden Res* O 38 Wolfden Res V 940 Wolfeye Res V 754 Worldwide Res V 9 X-Terra Res V 625 Xanadu Mines T 46 Xiana Mng V 93 Xiana Mng* O 0 Ximen Mining* O 21 Ximen Mining V 392 Xtierra Inc V 290 Xtra-Gold Res T 276 Xtra-Gold Res* O 54 Yamana Gold T 13972 Yamana Gold* N 73758 Yanzhou Coal* O 6 Yorbeau Res* O 13 Yorbeau Res T 645 Yukoterre Res C 125 Zadar Ventures V 5 Zanaga Iron* O 120 Zanzibar Gold C 1053 Zara Res* O 1034 ZEN Graphene V 169 ZEN Graphene* O 43 Zena Mining V 60 Zenith Explor C 0 Zephyr Mnls V 85 Zephyr Mnls* O 27 Zimtu Capital V 9 Zinc One Res V 239 Zinc One Res * O 66 Zincore Mtls* O 3 ZincX Res* O 3 ZincX Res V 355 Zonte Metals* O 164 Zonte Metals V 137

W-Z

Week

0.04 0.02 0.03 - 0.01 0.10 0.02 0.05 0.04 0.04 - 0.01 0.12 0.04 2.00 2.00 2.00 unch 0.00 2.32 1.27 0.09 0.08 0.09 + 0.01 0.11 0.05 1.05 0.96 1.04 + 0.07 1.08 0.52 0.80 0.72 0.78 + 0.06 0.83 0.35 0.16 0.13 0.14 - 0.03 0.35 0.04 0.12 0.10 0.11 - 0.01 0.43 0.03 0.17 0.00 0.17 - 0.04 0.60 0.16 0.00 0.00 0.26 unch 0.00 0.68 0.20 0.30 0.24 0.26 - 0.04 0.55 0.11 0.21 0.18 0.18 - 0.02 0.41 0.08 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.00 0.00 0.02 unch 0.00 0.10 0.02 1.03 0.93 0.95 - 0.04 1.69 0.65 0.80 0.69 0.73 - 0.02 1.30 0.49 1.05 0.83 0.83 - 0.06 1.43 0.51 0.80 0.63 0.64 - 0.03 1.03 0.39 0.00 0.00 0.00 unch 0.00 0.44 0.02 0.12 0.12 0.12 unch 0.00 0.35 0.10 0.07 0.00 0.06 - 0.01 0.45 0.06 0.01 0.01 0.01 - 0.00 0.05 0.01 0.00 0.00 1.00 unch 0.00 3.00 1.00 28.32 27.03 28.19 + 0.92 30.90 18.32 37.34 35.76 37.21 + 1.05 40.95 21.92 0.90 0.81 0.85 + 0.02 1.25 0.54 1.16 1.07 1.11 - 0.01 1.69 0.73 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.04 0.03 0.04 + 0.01 0.07 0.03 0.04 0.03 0.04 - 0.00 0.07 0.00 0.04 0.00 0.04 unch 0.00 0.11 0.04 0.06 0.00 0.06 - 0.01 0.14 0.06 0.09 0.07 0.08 + 0.01 0.13 0.02 0.12 0.10 0.11 + 0.02 0.17 0.03 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.08 0.00 0.08 + 0.01 0.23 0.06 0.12 0.10 0.11 + 0.01 0.30 0.08 0.71 0.53 0.68 + 0.13 0.93 0.45 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.11 0.09 0.11 unch 0.00 0.17 0.07 0.04 0.04 0.04 unch 0.00 0.17 0.02 0.38 0.33 0.33 - 0.01 0.61 0.30 0.29 0.00 0.29 unch 0.00 0.45 0.23 0.25 0.25 0.25 + 0.01 0.66 0.19 0.35 0.32 0.34 unch 0.00 0.86 0.22 0.05 0.04 0.04 unch 0.00 0.08 0.03 0.60 0.44 0.59 + 0.09 0.64 0.28 0.40 0.33 0.40 + 0.03 0.47 0.20 5.04 4.67 4.93 + 0.19 5.11 2.41 3.82 3.52 3.74 + 0.18 3.84 1.78 0.89 0.89 0.89 unch 0.00 1.08 0.81 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.10 0.09 0.09 unch 0.00 0.16 0.09 0.09 0.00 0.09 - 0.01 0.30 0.08 0.00 0.00 0.13 unch 0.00 0.14 0.10 0.11 0.09 0.10 + 0.01 0.32 0.09 0.08 0.02 0.03 - 0.00 0.63 0.01 0.37 0.32 0.34 - 0.03 0.63 0.28 0.29 0.25 0.25 - 0.03 0.47 0.21 0.07 0.07 0.07 unch 0.00 0.10 0.04 0.00 0.00 0.11 unch 0.00 0.20 0.06 0.20 0.00 0.18 - 0.03 0.34 0.15 0.15 0.12 0.13 - 0.02 0.54 0.11 0.12 0.00 0.12 unch 0.00 0.35 0.09 0.02 0.02 0.02 - 0.01 0.11 0.02 0.02 0.01 0.01 + 0.00 0.08 0.00 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.08 0.08 0.08 unch 0.00 0.18 0.07 0.12 0.11 0.12 + 0.01 0.25 0.09 0.20 0.19 0.20 + 0.01 0.30 0.16 0.29 0.26 0.27 - 0.01 0.39 0.20

BID-ASK — DECEMBER 23, 2019–JANUARY 5, 2020 STOCK

12-MONTH

EXC BID ASK LAST HIGH

African Metals Aftermath Silv Aguila Amer Gd Allante Res Altan Nevada Altan Rio Min Alturas Min American CuMo Anconia Res Anglo-Bomarc Archon Mineral Arcturus Vent Arrowstar Res Asian Mineral Atlanta Gold Aurelius Min Banro Corp* Barker Min Barrian Mining BE Res Bearclaw Cap BHK Mining Bluenose Gold Bond Resources Boss Power Brigadier Gold Broadway Gold Brunswick Res Buffalo Coal Bullion Gold Cairo Res Camrova Res Canada Coal Canadian Silv Candelaria Mg Canex Energy Carlin Gold Cassius Vents Castle Peak Mg CAT Strategic Centurion Mnls Century Metals Cerro de Pasc Cerro Mng CIM Intl Grp Clarmin Explor Cleghorn Mnls Cliffmont Res Cliffs Nat Res* CMX Gold & Sil Comet Inds Condor Gold Contintl Prec CWN M’g Acq Cyprium Mng Edgewater Expl Edison Cobalt Electra Stone Empire Metals Endurance Gold Essex Minerals Everton Res Excalibur Res Fengro Industr Fieldex Expl Finlay Minrls Finore Mng Fiorentina Min Fire River Gol Four Nines Freedom Egy Frontline Gold Full Metal Mnl Fusion Gold GAR Limited Generic Gold Gentor Res GFM Res

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

20-23_DEC23_StockTables.indd 23

0.06 0.09 0.06 0.24 0.25 0.25 0.33 0.17 0.27 0.18 0.27 0.10 ... 0.16 0.20 0.03 0.04 0.04 0.07 ... 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.41 0.55 0.41 0.60 0.59 0.59 0.50 0.97 0.01 0.0a1 0.12 0.55 0.55 0.38 0.45 0.03 0.04 0.03 0.04 0.13 0.14 0.14 0.15 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.01 0.13 0.13 0.13 0.27 0.04 0.07 0.04 0.07 0.02 0.03 0.02 0.04 0.02 0.02 0.02 0.16 0.16 0.14 0.20 0.20 ... 0.15 0.20 0.17 0.20 0.17 ... 0.17 0.15 0.25 0.08 0.08 0.08 0.14 ... 0.03 0.03 0.04 0.01 0.01 0.01 0.01 0.06 0.15 0.10 0.47 ... ... 0.30 0.34 ... 0.05 0.07 0.08 0.02 0.03 0.03 0.07 0.01 0.05 0.06 0.18 0.25 0.25 0.60 ... ... 0.17 0.17 0.01 0.02 0.01 0.03 0.06 0.07 0.07 0.09 0.01 0.02 0.01 0.02 0.04 ... 0.04 0.08 0.05 0.05 0.05 0.27 0.06 0.10 0.07 0.11 ... ... 0.29 0.34 0.10 0.17 0.10 0.36 0.02 0.15 0.02 0.63 0.09 0.15 0.10 0.17 0.03 0.05 0.04 0.11 0.10 0.15 0.09 0.17 1.45 3.20 1.43 7.17 ... 0.06 0.05 0.08 3.50 3.95 3.40 3.60 ... 0.48 0.38 0.78 0.30 0.30 0.30 0.38 0.04 0.06 0.07 0.08 0.03 0.03 0.03 0.11 0.12 0.11 0.14 0.08 0.08 0.06 0.09 0.01 0.02 0.01 0.13 0.19 0.13 0.21 0.03 0.04 0.04 0.07 0.03 0.04 0.03 0.07 0.03 0.03 0.03 0.04 0.09 0.10 0.10 0.11 0.01 0.02 0.01 0.05 ... 0.15 0.19 0.04 0.05 0.04 0.07 0.12 0.12 0.11 0.10 0.15 0.18 0.20 0.03 0.07 0.09 0.15 0.31 0.14 0.31 0.02 0.02 0.01 0.03 0.01 0.01 0.01 0.02 0.01 0.09 0.10 0.10 ... 0.17 0.30 ... ... 0.15 4.13 ... 3.00 0.06 0.06 0.05 0.08 0.05 0.07 0.05 0.10 0.05 0.05

LOW

0.05 0.15 0.11 0.02 0.01 0.01 0.01 0.41 0.05 0.10 0.03 0.03 0.10 0.01 0.10 0.02 0.02 0.09 0.11 0.08 0.06 0.02 0.01 0.09 0.30 0.06 0.01 0.11 0.11 0.01 0.06 0.01 0.04 0.05 0.06 0.12 0.07 0.02 0.10 0.04 0.05 0.98 0.03 2.75 0.30 0.30 0.03 0.06 0.04 0.13 0.03 0.02 0.02 0.01 0.01 0.03 0.18 0.14 0.01 0.01 0.11 0.13 0.03 0.05 0.04

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

GGL Res GK Resources Global Cop Grp Global Vanad Goldbank Mng Goldbelt Emp Goldcliff Res Goldstream Mnl Graphite Egy Great Lakes Gr Great Quest Fe Green Arrow Green Swan Cap Grosvenor Res GrowMax Res Hanna Capital Helio Res HFX Holding Highbury Proj Highvista Gold IEMR Res IM Exploration Indico Res Indigo Expl Infinite Lith Inspiration Mg Intact Gold Interconnect Intl Battery Intl Millm Mng Iron South Mng Jazz Res Jubilee Gold Kal Minerals Kanadario Gold Karam Min Karoo Expl Kings Bay Res Knick Expl Lateral Gold Latin Metals Le Mare Gold Leo Res Lions Bay Cap Lithion Energy Lithium Energy Lovitt Res M.P.V. Explor Madeira Mrnls MAG Silver* Magna Terra Magnitude Mng Mammoth Res Manado Gold Mariner Res Martina Mnls Meadow Bay Gd Mega Copper Meridius Res MetalCorp Metron Capital Micrex Dev MillenMin Vent Milner Con Slv Minecorp Egy Mineral Hill Minnova Corp Minsud Res Mkango Res Montana Gold Monterey Min Mountain Lake MX Gold Navy Res Nebu Res New Jersey Mng New Klondike New Stratus

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

0.08 0.10 0.08 0.17 1.00 1.00 0.26 0.30 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.13 0.18 0.13 0.19 0.01 0.01 0.02 0.12 0.13 0.12 0.17 0.01 0.07 0.05 0.09 ... 0.21 0.47 1.35 0.05 0.05 0.04 0.05 0.04 0.04 0.10 0.02 0.03 0.02 0.04 0.01 0.03 0.02 0.05 0.13 0.18 0.13 0.15 0.07 0.07 0.09 0.13 0.03 0.03 0.03 0.11 0.09 0.12 0.09 0.15 0.01 ... 0.02 0.06 0.20 0.32 0.30 0.30 ... ... 0.17 0.01 0.01 0.01 0.02 0.03 0.10 0.10 0.15 ... 0.01 0.01 0.02 0.01 0.01 0.02 0.02 0.26 0.29 0.28 0.32 0.03 0.03 0.03 0.04 0.06 0.05 0.09 0.06 0.12 0.06 0.08 ... ... 0.31 ... 0.03 0.03 0.24 0.27 0.24 0.28 0.03 0.06 0.06 0.06 0.37 0.98 0.53 0.95 0.10 0.15 0.13 0.25 0.17 0.35 0.19 0.25 0.03 ... 0.03 0.15 ... 0.35 0.35 1.65 0.04 0.04 0.04 0.05 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.39 0.03 0.04 0.03 0.16 0.05 0.05 0.09 0.18 ... ... 1.09 0.03 0.04 0.04 0.10 ... ... 0.10 0.01 0.01 0.10 0.15 0.08 0.13 0.10 0.11 0.13 0.07 0.18 ... ... 0.03 0.04 12.52 13.30 12.52 14.40 0.01 0.02 0.02 0.05 0.12 ... 0.14 0.20 0.03 0.04 0.04 0.09 0.01 ... 0.05 0.05 0.15 ... 0.16 0.20 0.05 0.11 0.05 0.12 ... 0.04 0.04 0.06 0.12 0.21 0.12 0.18 0.10 ... 0.15 0.22 0.01 0.01 0.01 0.02 0.04 0.07 0.05 0.07 0.02 0.02 0.01 0.01 0.50 0.05 0.03 0.05 0.04 0.08 ... ... 0.12 0.20 0.07 ... 0.15 0.17 0.09 0.10 0.07 0.77 0.04 0.14 0.10 0.15 0.11 0.14 0.13 0.19 0.09 0.10 0.10 0.10 0.04 0.05 0.05 0.16 ... ... 0.05 0.11 0.11 0.11 0.11 0.20 0.15 0.16 0.04 0.04 0.04 0.16 ... 0.15 0.20 0.01 0.01 0.01 ... 0.40 0.40

0.07 0.15 0.04 0.16 0.07 0.05 0.04 0.02 0.02 0.02 0.02 0.08 0.07 0.03 0.05 0.01 0.17 0.01 0.04 0.01 0.01 0.12 0.05 0.04 0.04 0.03 0.48 0.12 0.15 0.03 0.35 0.03 0.01 0.03 0.02 0.03 0.04 0.09 0.06 0.02 6.12 0.01 0.04 0.02 0.04 0.15 0.04 0.03 0.12 0.09 0.01 0.04 0.02 0.07 0.11 0.07 0.01 0.09 0.02 0.04 0.10 0.15

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

New World Res Nickel North Noble Metal Northern Uran NxGold Ltd Oronova Energy Pac Arc Res Pac Cascade Patriot Gold Pedro Res Philippine Mtl Phoenix Gold Pinecrest Res ProAm Expl Project One Prophecy Pot Quantum Cobalt Quartz Mtn Res Rain City Rare Element* Razore Rock Res Regency Gold Reliant Gold Remington Res Richmond Mnls Riley Resource Rizal Res Rockland Mnls Rockwealth Res Rojo Res Ross River Roughrider Exp Rover Metals Rubicon Mnrls* Sage Gold Saint Jean Samco Gold Scotch Creek Sennen Potash Shine Minerals Silver Phoenix Silver Predatr Skarb Explor Slave Lake Zn Southstone Min Spey Resources Stuhini Explor Surge Explor Tearlach Res Themac Res Thunder Mtn Gd Tiger Intl TomaGold Tower Res Tri-River Vent TriMetals Mng Troy Enrgy Upper Canyon Uravan Mnrls Vale* ValOre Metals Vangold Res Vatic Vent Venerable Vent Victory Res Walcott Res Westcot Vent Western Troy C Whitemud Res Winston Res Xander Res Yukoterre Res Zara Res Zena Mining Zenith Explor Zinco Mng Zincore Mtls

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

0.30 0.30 0.21 0.24 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.11 0.07 0.08 0.07 0.10 0.22 0.50 0.27 0.45 0.01 0.02 0.01 0.05 0.09 0.05 0.06 ... 0.18 0.10 0.29 0.03 0.10 0.08 0.14 ... 0.05 0.05 0.07 0.17 0.24 0.17 0.28 0.08 0.16 0.07 0.12 0.15 0.27 0.18 0.30 0.07 0.12 0.12 0.19 ... ... 1.10 3.15 0.17 0.21 0.21 0.35 0.08 0.13 0.15 0.15 0.11 0.16 0.15 0.89 0.07 0.25 0.07 0.10 0.11 0.18 0.13 0.14 ... 0.01 0.02 0.15 0.19 0.15 0.20 0.05 0.05 0.06 0.06 0.12 0.24 0.11 0.21 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.46 0.95 0.46 0.50 ... 0.20 0.19 0.30 ... 0.26 0.26 0.09 0.09 0.06 0.11 0.05 0.05 0.07 0.08 ... ... 0.03 1.35 0.01 0.01 0.02 0.01 0.01 0.04 0.04 0.03 0.04 0.05 0.08 0.08 0.19 0.12 0.13 0.20 0.40 0.45 0.02 0.04 0.03 0.08 0.10 0.20 0.12 0.20 0.09 0.11 0.09 0.17 0.04 0.10 0.08 0.10 0.04 0.09 0.08 0.13 0.01 0.01 0.01 0.04 0.03 0.04 0.03 0.11 0.17 0.22 0.20 0.35 0.39 0.44 0.39 0.23 0.12 0.20 0.12 0.28 0.04 0.05 0.04 0.08 ... ... 0.17 0.17 0.07 0.12 0.06 0.15 0.04 0.05 0.05 0.06 0.02 0.02 0.02 0.07 ... ... 0.04 0.11 0.12 0.12 0.12 0.02 0.03 0.03 0.05 0.35 0.75 0.25 0.25 0.03 0.03 0.04 0.05 ... ... 10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.08 0.08 0.10 0.10 0.06 0.10 0.06 0.11 0.02 0.02 0.02 0.12 0.10 0.20 0.20 0.20 ... ... 0.35 0.02 0.04 0.02 0.10 0.01 0.02 0.02 0.03 0.01 0.02 0.01 0.05 0.09 0.09 0.09 0.10 0.10 0.15 0.09 0.16 ... ... 0.07 0.22 0.08 0.10 0.07 0.10 ... 0.12 0.11 0.20 0.05 0.07 0.05 0.03 0.03 0.05 0.05

0.17 0.01 0.01 0.01 0.03 0.04 0.20 0.04 0.09 0.04 0.04 0.16 0.05 0.18 0.01 0.20 0.17 0.04 0.06 0.07 0.10 0.12 0.02 0.11 0.01 0.01 0.12 0.10 0.06 0.03 0.03 0.02 0.02 0.06 0.03 0.12 0.06 0.08 0.04 0.01 0.03 0.19 0.03 0.04 0.03 0.17 0.04 0.04 0.02 0.03 0.02 0.17 0.02 6.57 0.07 0.06 0.05 0.01 0.10 0.02 0.01 0.01 0.03 0.09 0.07 0.04 0.06 0.05

2019-12-17 11:11 AM

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2019-12-17 12:40 PM