The Northern Miner December 25 2017 Issue by The Northern Miner Group

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OUTLOOK 2018

What the future could bring for gold, copper, nickel, cobalt and more / 9–14

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DECEMBER 25, 2017-JANUARY 7, 2018 / VOL. 103 ISSUE 26 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Victoria explores the blue sky at Eagle SITE VISIT

| Junior outlines new gold trend at Dublin Gulch in Yukon

BY LESLEY STOKES lstokes@northernminer.com DAWSON CITY, YUKON

M&A

| Consolidation, cost saving in South African PGMs

ost geologists wouldn’t even strike a hammer against the discovery outcrop for Victoria Gold’s (TSXV: VIT; US-OTC: VITFF) Eagle gold deposit, 49 km northeast of Mayo, Yukon. The granitic rock face jutting out of a road cut has little more than a few thin veins going through it, providing little indication of the 4 million oz. gold entombed below. It’s why countless gold panners and explorers who trudged through the area for more than a century kept largely to the rivers that incise the valley. Over 150,000 oz. placer gold was recovered, enough to establish its reputation as one of the most productive placer drainages in the Yukon. Now, almost three decades since Eagle’s discovery, Toronto-based Victoria Gold is well on its way of putting the deposit into production, having secured a US$220-million facility in July to build the mine. As construction unfolds, the aspiring miner has returned some attention to exploration, uncovering what appears to be a flock of Eaglelike deposits over a 30 km strike length called the Potato Hills trend. “We’re not just a one-trick pony — there’s more here than just Eagle,” Paul Gray, Victoria’s vice-president of exploration, tells a group of investors and writers, including The Northern Miner, while standing over the discovery outcrop during a site visit in July. “We’re looking at targets that can add meaningfully to the proposed mine life at Eagle … I want to find grade, anything a gram and a half on surface.” With the knowledge gained from 80,000 metres of drilling at Eagle,

Sibanye tables US$383M bid for Lonmin BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

outh Africa’s Sibanye-Stillwater (NYSE: SBGL) has launched a US$383-million, all-share bid for debt-heavy peer Lonmin (LON: LMI; US-OTC: LNMIY). If the deal closes, it would be Sibanye’s fourth major acquisition over the past 24 months, and would bring Sibanye’s external acquisition tally to over US$3 billion since early 2015. The companies expect to realize cost savings at contiguous assets and processing facilities to create a “mine-to-market South African See SIBANYE / 8 PM40069240

Victoria Gold vice-president of exploration Paul Gray and geologist Helena Kuikka in July 2017 at the Eagle gold project, 49 km northeast of Mayo, Yukon. PHOTO BY LESLEY STOKES

Victoria has revised its exploration model to generate targets across its 555 sq. km Dublin Gulch property. Gray says the deposit, which is See VICTORIA / 2

“WE’RE NOT JUST A ONE TRICK PONY — THERE’S MORE HERE THAN JUST EAGLE.” PAUL GRAY VICE-PRESIDENT OF EXPLORATION, VICTORIA GOLD

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Victoria explores the blue sky at Eagle VICTORIA From 1

analogous to Kinross Gold’s 8 million oz. Fort Knox gold mine in Alaska, is “geologically boring, but mineralogically consistent,” occurring as spiderwebs and sheets of veins crosscutting a 100-millionyear-old intrusive. But geophysical and geochemical surveys conducted by Eagle, along with reinterpretations of historical data, have cast a spotlight on the edges of the intrusive and where it meets the surrounding bedrock. It’s along those boundaries that Victoria has found a series of highergrade, shear-hosted gold and silver systems, many of which were exploited historically with old shafts and adits. This year, the company has spent $12.5 million building over 50 km of access roads, excavating 6 km of trenches and carrying out 35,000 metres of drilling, including 3,000 metres to extend the Eagle deposit to depth. The regional exploration campaign is the largest of its kind on the property in over a decade. “We’re really digging into the data and applying our knowledge with the new exploration model,” Gray says. “We’re also investing into the future by upgrading the old cat trails to gain better access into what we believe is a property with district-scale potential.” The most advanced target is the Olive-Shamrock deposit, 2 km northeast of Eagle, which saw 5,000 metres of extension drilling this year. Key drill highlights from Olive — released on Sept. 11 — include 33 metres of 1.54 gram gold per tonne and 9.1 metres of 3.14 grams gold,

Paul Gray, Victoria Gold’s vice-president of exploration, at the Eagle discovery outcrop in central Yukon. PHOTO BY LESLEY STOKES

while drilling at Shamrock intercepted 40 metres of 1.04 grams gold, and 23 metres of 2.78 grams gold. “Most of the focus over the last couple of seasons has been on Olive-

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Shamrock. We’re trying to define a satellite deposit that could be brought into years seven or eight of Eagle’s mine plan,” Gray says. “The deposit is higher-grade, and a different style than Eagle, but metallurgically it’s similar and could be processed under the same roof.” Olive-Shamrock has 10 million measured and indicated tonnes of 1.07 grams gold for 329,000 oz. gold, and 7 million inferred tonnes of 0.89 gram gold for 210,000 oz. gold. The other targets along the Potato Hills trend are the Catto Zone, Bluto, Spinach and Popeye — to name a few — and the company has already begun delivering a steady flow of drill results. Most of the targets have seen limited to no drilling, and have accompanying geochemical or geophysical anomalies. At Popeye, 3 km northeast of Eagle, drilling returned 4.3 metres of 46.63 grams gold from 23 metres deep, while at Spinach, 500 metres south of Olive-Shamrock, the best intercept returned to date is 5 metres of 4.26 grams gold. Victoria also uncovered a 6-metre long, heavily fractured quartz vein near the headwaters of a creek while trail blazing into the Bluto target, 6 km east of Eagle. Trench sampling there returned 146 metres of 0.67 gram gold, including 14 metres of 4.87 grams gold along the vein. For John McConnell, Victoria’s president and CEO, drilling this year proved to be an “exciting” time for the company. “We continue to add ounces at Olive and Shamrock. There are half a million ounces in the resource and I’m sure we could double or triple that. Another new area is Catto, the grade is good. It doesn’t look like it will be really big, but it’s right on surface and it will add more ounces,” he said during a followup interview with The Northern Miner in November. “And Bluto is our top exploration target. We’ve outlined a 2 by 1 km geochemical and geophysical anomaly there and it’s never been drilled before, so we’re excited to get back in March and see what’s there.” The most appealing part of the program, he said, was drilling the Eagle Deep target, where mineralization was found for another 400

Drill core from exploration drilling at Victoria Gold’s Dublin Gulch gold property, central Yukon. PHOTO BY LESLEY STOKES

metres below the deposit’s 2016 feasibility pit boundary. “With the four holes we’ve completed, we’ve shown there are another 400 metres of open-pittable material under the right economic conditions,” McConnell said. “It could extend the planned mine life from 10 to 20 years, or you could increase production to 300,000 oz. for 15 years.” One of the drill holes from the program was mineralized for its entire length, returning 624 metres of 0.50 gram gold. Other intercepts included 371 metres of 0.65 gram gold from 186 metres, and 37 metres of 1.27 grams gold from 250 metres. Extension drilling along the under-tested, northern flank of Eagle also found near-surface gold mineralization, with results of 21 metres of 0.64 gram gold from 50 metres. McConnell says that exploration drilling will resume in March, but he doesn’t expect the company will update the project’s resource estimate in the near future. Instead, the company wants to fine-tune its exploration model and lighten the blue-sky potential at Eagle beyond its planned mine life. Victoria is scheduled to process 33,700 tonnes per day at Eagle over a 10-year mine life with a 0.95-to-1 strip ratio. The US$280-million heap leach

“WE’RE REALLY DIGGING INTO THE DATA AND APPLYING OUR KNOWLEDGE WITH THE NEW EXPLORATION MODEL.” PAUL GRAY VICE-PRESIDENT OF EXPLORATION, VICTORIA GOLD

mine would produce 190,000 oz. gold per year at an operating cost of US$539 per oz. gold. Victoria has spent $40 million on earthworks and preparing the site for the second phase of construction to begin by year-end. But first, Victoria must secure the remaining US$60 million to cover initial building costs. “We’re looking at convertible debt, equity, talking to all the royalty and streaming companies, a gold loan facility or bringing in another strategic investor like a major to fill that funding gap, but the game is more on equity,” he said. “We won’t do a bad deal — minimizing dilution of our existing shareholders is the goal.” TNM

2017-12-19 8:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 25, 2017–JANUARY 7, 2018

A helicopter at a drill site in an undated photo of Northern Dynasty Minerals’ Pebble copper-gold project in Alaska. NORTHERN DYNASTY MINERALS

First Quantum options Northern Dynasty’s Pebble ALASKA

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

irst Quantum Minerals (TSX: FM; US-OTC: FQVLF) is the latest large mining company to place a bet on Northern Dynasty Minerals’ (TSX: NDM; NYSE-AM: NAK) controversial, wholly owned Pebble copper-gold megaproject in Alaska. The property sits within the Lake and Peninsula Borough, 321 km southwest of Anchorage, and is often cited as one of the world’s largest undeveloped copper-gold deposits. The project area is also home to some 1,500 people in 18 communities. On Dec. 18, First Quantum announced an agreement with Northern Dynasty that grants it an option to earn a 50% stake in Pebble. First Quantum would f und US$150 million in the Pebble Ltd. Partnership over four years, with capital earmarked for the U.S. Environmental Protection Agency (EPA) permit process. The company would then earn an option to form a fifty-fifty joint venture with another US$1.35-billion investment in project development. “I want to make it quite clear this is an option and we can decide whether to proceed, or not, at any time,” First Quantum chairman and CEO Philip Pascall said during a conference call. “It’s important to note that all the funds in the agreement go directly into project expenditures. “We’ve delivered valuable growth to our stakeholders over the past 22 years. That growth has not come about, however, without taking calculated risks and thinking unconventionally. We’re aware of the various hurdles standing in the way of this project.” Pebble hit a snag around three years ago when regulators flexed subsection 404c of the Clean Water Act to claim that mining at the site would cause “significant near- and long-term risk to salmon, wildlife and Native cultures of Alaska.”

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| New partner at one of world’s largest undeveloped copper-gold deposits

Northern Dynasty scored its own victory in May when the EPA lifted the regulatory freeze and allowed the junior company to restart the permit process. Pascall revealed that he visited Pebble — alongside First Quantum CEO Clive Newall — last year to “better understand the social and technical elements of the project.” He said that the management team fully understands the regulatory process, and pointed out that the option agreement can be extended by two years under certain circumstances. “This project can be developed and operated safely. It can coexist with important fishery resources,” Pascall continued. “What’s changed is that Northern Dynasty has come to an agreement with the EPA that allows for an environmental impact statement (EIS) on the project.” Northern Dynasty is obligated to file permit applications in the next 30 months, while the U.S. Army Corps has four years to complete an EIS on the project. The most recent technical document on Pebble is a preliminary economic assessment (PEA) filed in 2011. The study models a 200,000-tonneper-day operation over 25-, 45and 75-year mine lives, each with US$4.7 billion in capital expenses. The 75-year mining scenario would result in mining 5.9 billion tonnes of mineralized material grading 0.5%

copper, 0.31 gram gold per tonne and 0.024% molybdenum. Northern Dynasty is exploring smaller mine designs at the project, however, to ease the permitting and development risk. “We consider the agreement essentially an extension of our exploration programs, but given the extensive work done on the project it requires no further geological search,” Pascall said. “This is a longterm investment that is about finding sustainable growth over the next decade. We’ll be leveraging First Quantum’s experienced technical staff to take a long look at the project.” Northern Dynasty president and CEO Ron Thiessen said in a statement that the capital contribution will allow his company to “move forward to initiate federal and state permitting in the very near-term.” Majors Rio Tinto (NYSE: RIO; LON: RIO) and Anglo American (US-OTC: AAUKF; LON: AAL) were formerly involved in Pebble, but walked away four years ago leaving Northern Dynasty as sole owner. Anglo spent US$541 million over six years via a similar earn-in agreement to spend US$1.43 billion to acquire a 50% stake. Scotia Capital analyst Orest Wowkodaw has a “sector outperform” rating on First Quantum alongside an $18-per-share target price. He has three concerns with the agreement: high permitting

risk associated with Pebble; the “large potential investment” by First Quantum for a 50% stake; and distractions the project could cause “to the completion and ramp-up of Cobre Panama, and the potential future developments of Taca Taca and Haquira.” First Quantum shares have traded in a 52-week range of $9.69 to $17.55 per share, and closed at $17.06 at

press time. It has 689 million shares outstanding for an $11.8-billion market capitalization. Meanwhile, Northern Dynasty shares have moved in a 52-week range of $1.44 to $4.54 per share, and lost nearly 35¢ on the news before closing at $2.45 per share. The company has 305 million shares outstanding for a $746-million market capitalization. TNM

WORLD CLASS JURISDICTION GROWING RESOURCE HIGH GRADE GOLD TSX:ER OTCQX:EANRF

Updated Eau Claire Mineral Resource Estimate* Category

Tonnes

Grade (g/t Au)

Contained Au (Oz)

M&I Inferred

4,170,000 2,227,000

6.16 6.49

826,000 465,000

Open pit and underground delineated. High Grade Open Pit (240k ozs @ 5.97 g/t) Conservative interpretation. Shallow Deposit (1MM ozs <400 metres depth)

Advancing to Growth Preliminary Economic Focused DrillingAssessment Underway (H1 2018). Advancing to Preliminary Economic Assessment (H1 2018)

Eastmain Mine Project mineral resource conversion (Q4 2017). *For more information and footnotes related to the mineral resource update, *For more information and footnotes related to the mineral resource please see Eastmain press release dated, September 11, 2017.update, please see Eastmain press release dated, September 11, 2017.

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DECEMBER 25, 2017–JANUARY 7, 2018 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

Top stories of 2017 SCC Peel watershed REVIEW

| Brighter days for Canada’s miners and explorers as metal prices rebound

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Richard Quarisa, BA, MA (Jour & Comm) rquarisa@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5

roadly speaking, 2017 was a year of renewed optimism for many miners and mineral explorers, fuelled by stronger commodity prices and long awaited financial payoffs from belttightening measures taken during the 2012–2016 downturn in mining markets. Let’s take a look at some of the top mining BY JOHN CUMMING stories over the past year. jcumming@northernminer.com 8. Rise of cryptocurrencies — This was the year mining executives and investors could no longer ignore the growing appeal of cryptocurrencies among a niche group of retail investors that would probably be gold bugs in years past. As gold prices stayed flat for much of the year below US$1,300 per oz., cryptocurrencies such as bitcoin had exceptional years, with bitcoin starting the year around US$1,000 and rising past the US$18,000 mark by mid-December. 7. Technological innovation — If there was one theme that emerged at various mining conferences around the world in 2017, it was a renewed emphasis on technological innovation in mining operations. Miners were keen to show off their multitude of innovation initiatives, from remote control systems and next-level information technology at mine sites to plans for electric vehicle mining fleets and solar panel arrays. 6. Stumbles and belly flops — While a few years ago it was the major miners that filled the industry’s penalty box due to monumentally poor corporate decision-making, 2017 was a year for the smaller miners to make headlines with major operational problems, including TMAC Resources’ rocky ramp-up at its new Hope Bay gold mine in Nunavut; Asanko’s reserve estimation problems in Ghana; Tahoe Resources’ recurring social headaches in Guatemala; and Acacia Mining’s gong show in Tanzania, where the government has not proved credible in its accusations that the gold miner was hiding its true production numbers. 5. Key roads promised in Yukon, Ontario — While one is never sure how much faith to put into a government promise, mineral developers active in the frontier regions of the Yukon and northern Ontario rejoiced in government funding announcements for long-awaited road developments that would benefit future mine construction and mineral exploration. In the Yukon, the territorial and federal governments pledged $360 million for road construction while in Ontario’s roadless Ring of Fire region, the provincial government pledged support and funding for two roads into the district that could cost $1 billion. 4. Uranium production cuts — In contrast to just about everyone else in mining who has been enjoying better times, the uranium subsector continued to wallow in the bear market initiated by the Fukushima nuclear in 2011, with uranium oxide prices down 70% since then. There were three fresh waves of massive production cuts in 2017: Kazatomprom slashed 20% of its output in January; Cameco suspended 40% of its production in November; and Kazatomprom returned in December with a pledge for another 20% reduction. 3. New zinc plays as base metals prices rally — While gold, iron ore and metallurgical coal were the surprise darlings of 2016, this year was time for the base metals to continue their strong rally that started in mid-2016. The rebounding zinc price translated to a host of new or revived zinc plays such as Canadian Zinc in the Northwest Territories, Titan’s restoration of Balmat in New York state and Votorantim’s spinoff and listing of Nexa Resources. 2. Lithium and cobalt boom — The rapid rise in electric vehicle usage captured the imagination of millions of investors globally, who pushed the market capitalization of Elon Musk’s Tesla Motors to a dizzying height of US$55 billion on revenue in 2016 of only US$7 billion. In mining the EV excitement translated into a boom for junior companies actively searching for metals such as lithium and cobalt that are needed in EV batteries. 1. Canadian gold exploration soars — With gold prices stabilizing above a healthy US$1,200 per oz., the Canadian dollar weakening and the geopolitical scene looking increasingly hostile outside North America, gold exploration in Canada took on increased urgency in 2017. While activity picked up across the country, B.C.’s Golden Triangle, the Abitibi region of Quebec and Ontario’s traditional gold camps all saw heated activity in exploration drilling, production expansions, and mergers and acquisitions. TNM

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O P- E D

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory. . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Altona Mining. . . . . . . . . 16 Anglo American. . . . . . .3,8 Argonaut Gold. . . . . . . . . 23 BHP Billiton. . . . . . . . . . . 11 Black Iron. . . . . . . . . . . . . 15 Copper Mountain Mining . . . . . . . . . . . . . . 16 Dalradian Resources. . . . . 6 First Quantum Minerals. . 3

Glencore . . . . . . . . . . . . . . 11 Gold Fields. . . . . . . . . . . . . 8 Lonmin. . . . . . . . . . . . . . . . 1 Northern Dynasty Minerals. . . . . . . . . . . . . . 3 Novo Resources. . . . . . . . 14 Primero Mining. . . . . . . . 23 Rio Tinto. . . . . . . . . . . . . . . 3 Scandium International

Mining. . . . . . . . . . . . . . . . . 8 Sibanye-Stillwater . . . . . . . 1 Strongbow Exploration. . . 6 Torex Gold Resources. . . . 5 Vale. . . . . . . . . . . . . . . . . . . 11 Vedanta. . . . . . . . . . . . . . . 11 Victoria Gold. . . . . . . . . . . 1

decision another win for First Nations COMMENTARY

| Land claim settlements imbue the native side with rights to Crown lands

BY BILL GALLAGHER Special to The Northern Miner

irst Nations have just won an important lawsuit at the Supreme Court of Canada on account that the Yukon government had tried to do an end run on their land claim settlements. Readers who have followed my tracking of the native legal winning streak in Canada will be familiar with my preferred wording of “Land Rights” as the catchall phrase whereby natives typically win in the resources sector since they have constitutionally protected land rights that the rest of us don’t. My message to government and industry is always the same: realize that natives are resource gatekeepers in Canada and work them into the project as the key local players that they are. In this instance, the Yukon Party under Premier Darrell Pasloski — in office from 2011 to 2016 — proposed in November 2012 to reverse environmental protection measures suggested for the Peel watershed by an independent land-use commission established pursuant to modern land claim agreements between the Yukon and Canadian governments and representatives of the territory’s First Nations. The commission had recommended that 80% of the watershed be kept pristine, with the rest opened for resource development. The Pasloski government wanted to reverse that equation to get the territory’s resource sector rolling. But planning for the Peel watershed had been ongoing for a decade, with the process governed by settled native land claim procedures. The native side held fast to its belief that the Peel watershed was special: “it’s our university, our hospital, indeed there’s lots of activity going on there already. Our traplines, our ancestors, our thousand years of history. That’s where we go to bond and to gain back our spiritual and cultural strength.” (Chief Roberta Joseph speaking on Dec. 1, 2017, on CBC News.) There was a merging of agendas as eco-activists climbed aboard, and a sophisticated public relations machine rolled out to stop the reversal process during the litigation lead-up to the final court ruling. The problem for the Yukon Party is that by then it had lost a number of other resource sector rulings to the native side — meaning the law respecting the ongoing application of modern-day land claim settlements was already well defined. The risk the Yukon Party ran by litigating the Peel Watershed Land Use Plan was that it might well be directed to follow its own defined process. Perhaps that was why it turned to Bay Street lawyers to argue the case for the subsequent appeals.

In court, they freely admitted in argument that the Yukon government had “erred,” “didn’t follow the process,” “accepted there was a breach of the agreement,” “stepped off the judicial path,” “failed to express sufficient detail” and “misread the agreement.” That in turn, invited the Supreme Court to weigh-in with a series of reprimands in the final decision: By proceeding in this manner, Yukon “usurped the planning process and the role of the Commission” (trial reasons, at para. 198). Its changes did not respect the Chapter 11 process. Respect for this process is especially important where, as here, the planning area includes First Nations’ traditional territories within non-settlement areas. As both the trial judge and Court of Appeal noted, Yukon’s conduct was not becoming of the honour of the Crown. I therefore agree with the courts below that Yukon’s approval of its plan must be quashed. (First Nation of Nacho Nyak Dun v. Yukon, 2017 SCC 58) (author’s bolding). The wording in bold is why this ruling is important for miners, strategically speaking, since one could be forgiven in thinking that these lands were Crown lands over which the Yukon territorial government had complete jurisdiction. That would be mistaken, because the modern-day land claim settlements imbue the native-side with land rights to Crown lands (being their traditional lands). Here’s the court in the same decision on how those Crown lands are to be managed: The language … must be read in the broader context of the scheme and objectives of Chapter 11 of the Final Agreements, which establishes a comprehensive process for how the territorial and First Nations governments will collectively govern settlement and non-settlement lands, both of which include traditional territories. (author’s bolding) That “collectively govern” requirement is what the Yukon government lost on. The state of affairs can perhaps be best summed up as: Crown land isn’t what we all formerly thought it was. A drilling company’s CEO used that line to his executive team after one of my presentations on the topic. It’s really all you need to know in planning your access to traditional lands as part of your overall exploration strategy in Canada. Thus, when the final appeal decision was issued on Dec. 1, the Supreme Court didn’t mince words: Yukon must bear the consequences of its failure to diligently advance its interests and exercise its right to propose access and development modifications to the recommended plan. It cannot use these proceedings to obtain another opportunity to exercise a right it chose not to exercise at the appropriate time. This means that in all likelihood a See COMMENTARY / 5

2017-12-19 8:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 25, 2017–JANUARY 7, 2018

Torex ends work contracts at ELG mine in Guerrero

MEXICO

| Miner calls on authorities to remove blockade supported by rival labour union “THE VOTE WAS AN EFFORT TO GIVE THE UNION-ELIGIBLE EMPLOYEES A CHANCE TO SPEAK FOR THEMSELVES, RATHER THAN HAVE THEIR VOICE CO-OPTED BY THIS UNION.”

BY DAVID PERRI

dperri@northernminer.com

orex Gold Resources (TSX: TXG) has suspended the employment contracts for its workforce in Mexico in response to an illegal blockade at its El LimonGuajes (ELG) gold mine, 180 km southwest of Mexico City in the Guerrero gold belt. Until the Dec. 16 suspension of contracts, Torex had been paying wages to all workers who were not amongst the 15% of its workers it estimates have participated in the blockade, which has been blocking the mine entrance since Nov. 3. “It is time for government authorities to remove the illegal blockade, as they have committed to do, and restore the rule of law,” Torex said. At press time the blockade remained, with Torex vowing to reconsider the employment suspension decision if the blockade is lifted by Dec. 20, allowing operations to resume after Christmas. “It tends to be about 30 people on the blockade, and they run on a day and night shift.” said Fred Stanford, Torex president and CEO, in an interview with The Northern Miner. “They’re frequently not employees.” “We’ve been able to keep track of who showed up at the blockade. And if they were seen at the blockade we put them on the list and didn’t pay them,” Stanford said. However, Torex, with just one producing asset, said it can no longer continue to pay employees while operations are stopped. The blockade began when a group of 20 unionized workers demanded a change in labour union, Torex said. The company had told the workers earlier that day that it did not have the authority to change the union and that any such changes had to go through a government-sanctioned process. The conf lict escalated Nov. 6

Peel decision COMMENTARY From 4

large percentage of the Peel watershed will remain off-limits to miners. As Chief Joseph told the CBC: “This is the outcome we were hoping for. We wanted a collaborative planning process. It was not our choice, we never wanted to go to court. But we’re prepared to work to protect the Peel watershed.” As a strategist, I wonder how this case ever got so far? For miners the message is clear: natives have land rights even on Crown land, and if you want access to this land, it’s best to have them on your radar screen from the beginning. A win like this greatly advances the land rights legitimacy of the rise of native empowerment and the overall heft of their legal winning streak. At 250 legal wins, it’s the biggest win cycle in Canadian legal history. The map of Canada is being redrawn one land rights ruling at a time. — Based in London, Ont., Bill Gallagher is a lawyer, author and strategist specializing in the relations between First Nations, governments and resource companies. His groundbreaking 2012 book Resource Rulers: Fortune and folly on Canada’s road to resources will be followed up with a new book on the same theme in the new year. Visit www.billgallagher.ca for more information and to read his blog.

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FRED STANFORD Police, roadblock participants and visitors at the entrance to Torex Gold Resources’ ELG gold mine in Guerrero state, Mexico. UNIFOR

A pylon and tire mark the locations where where two brothers were shot dead in the town of Atzcala, 15 km from the ELG mine. Unifor president Jerry Dias stands directly behind the pylon. UNIFOR

when 35 people — 25% of whom were unknown to Torex — entered the mine site and told employees if they did not leave by the next day, they would be forcibly removed, Torex said. The on-site staff were monitoring the pumps in the open pit and the processing plant. In response to what it described as a

“credible threat,” Torex evacuated the employees and shut down the company’s off-site accommodation facilities. Without a workforce, Torex shut down its processing plant and since then has focused on “maintaining environmental protections.” At the heart of the conflict is a

union that seeks to represent 520 unionized employees at the mine. The workers are legally represented by Mexico’s largest labour association the Confederacion de Trabajadores Mexicanos (CTM). The other union claims that workers want to switch, and have supported the blockade to facilitate a change

PRESIDENT AND CEO, TOREX GOLD RESOURCES

in representation to the Sindicato Nacional de Trabajadores Mineros, Metalurgicos, Siderurgicos y Similares de la Republica Mexicana (Los Mineros). Los Mineros is affiliated with the United Steelworkers (USW) and said it represents workers at Goldcorp (TSX: G; NYSE: GG) and Leagold (TSX: LMC) operations in Mexico. Torex had hoped Los Mineros and its supporters would give up after a Dec. 14 vote where unionized workers rejected the blockade. The company reported that of the 520 eligible workers, 274 turned out for the vote and all but two people voted for ending the blockade immediately. “We tried to phone every single employee [about the vote], all 520, sent emails and texts, we put it on Facebook, we put up notices in the community,” Stanford explains. “Some were intimidated and prevented from coming.” Stanford said multiple tempory blockades have been erected at the entrances to Atzcala and other local towns at various times since Nov. 3, which may account for many of the See TOREX / 15

The Art and Humour of John Kilburn Cartoons from A hilarious, 262-page anthology of mining cartoons by The Northern Miner’s resident cartoonist John Kilburn. Unique in its scope and ambitions, this anthology gathers the best Northern Miner cartoons created over 25 years by John Kilburn, a Vancouver-based mining professional who has worked in Western Canada as a mining engineer, broker, journalist, equity analyst and investor. Kilburn stylishly captures the mining sector’s biggest events over the past quarter century as well as its perennial conundrums with a cast of characters that includes engineers, geologists, miners, promoters, executives and environmentalists. Joining the cast are coal mine canaries, camp dogs and llamas, plus a special appearance by Santa. With a foreword by Pierre Lassonde, cofounder and chairman of Franco-Nevada, an introduction by John Cumming, editor-in-chief of The Northern Miner, and hundreds of boisterous JK mining cartoons like you’ve never seen them before. Specifications: 7.8” by 10”, 262 pages, B&W with a colour cover, ISBN 978-1-987932-00-3 C$34.99 plus shipping and applicable taxes.

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2017-12-19 8:36 PM

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DECEMBER 25, 2017–JANUARY 7, 2018 / THE NORTHERN MINER

CEOs of Strongbow, Dalradian enthusiastic for UK tin, gold projects INTERVIEW

| Osisko group backs juniors’ projects in historic camps feasibility study that will have a lot of optimization in it for improving the economics, but also we’re going to bring that reserve base up.

BY ANTHONY VACCARO avaccaro@northernminer.com LONDON, U.K.

n the sidelines of the Precious Metals Summit’s 2017 London conference in midNovember, The Northern Miner sat down with the CEOs of two Canadian juniors at the vanguard of rejuvenating mine development in the U.K.: Richard Williams, president and CEO of Strongbow Exploration (TSXV: SBW), which is redeveloping the iconic South Crofty underground tin-copper mine in Cornwall in southwest England; and Patrick F.N. Anderson, president and CEO of Dalradian Resources (TSX: DNA; LON: DALR), which is pushing the Curraghinalt gold deposit towards production in Northern Ireland. We discuss progress at their individual projects as well as the wider state of mine development in the U.K. in recent years. Anthony Vaccaro: Richard, who are the key people on your team at Strongbow, and what is their background? Richard Williams: We’re part of the Osisko Group of Companies, and our mandate is strategic metals. So the first project we picked up is South Crofty, a tin mine in Cornwall in southwest England. On our board, the key people are Gren Thomas, the founder of Strongbow, who’s known for discovering Diavik. Other directors are Patrick Anderson here and John Burzynski, who represents Osisko Gold, and is running one of the world’s biggest exploration programs right now. They are the three key people with a track record of success known to investors, and an ability to recognize good projects. Patrick came down with John the first time we looked at South Crofty, and we all left the project with the sense that “Wow, this thing could be very big.” AV: What is the tie-in between Osisko, Strongbow and Dalradian? Patrick Anderson: Sean Roosen being on the Dalradian board predates Osisko Royalties — when “Osisko 1” was in existence. That goes back to a long relationship with Sean, who was trying to put together Osisko 1 while we were putting together Aurelian Resources. There was a time, when we were at one of the Zurich conferences, that Osisko was trading at 40¢ and Aurelian was trading at a quarter. If you had invested a thousand dollars in each of those companies at the time, you would be a multimillionaire now. But through our experience of learning the capital markets side together — we’d pass on information to each other — we became quite close both in business and as friends. When I put together Dalradian, after the Aurelian story, Sean is one of the first guys I went to and said, “I think there is a great opportunity in Northern Ireland, and do you want to come on our board?” But through the sale of Osisko 1 to Agnico and Yamana, and the evolution of Osisko Royalties, the Osisko group have become probably one of the premier investment vehicles in mining in the world. They’ve got a huge book of investments, and their team has gone and looked at just about every project known on the planet, post-discovery and through to development.

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AV: Given that you both have substantive resources with high grades, all in a secure jurisdiction like the U.K., why did it take so long for companies to come back to these areas?

Richard Williams (second from left), president and CEO of Strongbow Exploration, and Patrick Anderson (centre), president and CEO of Dalradian Resources, on stage during a panel session at Precious Metal Summit’s 2017 London Summit in London, U.K., on Nov. 9, 2017. PRECIOUS METALS SUMMIT

“PATRICK ANDERSON CAME DOWN WITH JOHN BURZYNSKI THE FIRST TIME WE LOOKED AT SOUTH CROFTY, AND WE ALL LEFT THE PROJECT WITH THE SENSE THAT, ‘WOW, THIS THING COULD BE VERY BIG.” RICHARD WILLIAMS PRESIDENT AND CEO, STRONGBOW EXPLORATION

Anything they see out there that they like, Osisko will be in there if they have an opportunity to get in. They don’t invest in a lot outside Canada. Strongbow and Dalradian are exceptions at the moment. RW: It was Osisko’s idea to create Strongbow in its current form. They had some tin assets that they had left over from their acquisition of Brett Resources, but they were in Alaska, and they were earlier stage. If you look at the whole spectrum of the Osisko companies and Dalradian, the common theme there is old mining districts and good jurisdictions. The best place to find a new mine is next to an old mine. So Barkerville in an old gold camp in B.C., Falco Resources in the old Horne mine in Canada, Osisko Mining now with the Windfall project, and Osisko Metals in zinc around the old Bathurst camp. In our case, we’re in a world-class tin district, and within this district, the jewel in the crown was the South Crofty complex. We looked at it and realized that in the district, we had historic production in the order of 450,000 tonnes of tin metal, and that’s without all the copper that was mined initially. If you break it down to the project level, the bulk of that tin mining took place in the eastern half of the property, and on the western half of the property, you’ve got two areas that were mined: the Dolcoath mine, which was the richest single mine in Cornwall averaging over 2% tin; and about a kilometre north of that was the Roskear operation, which was only mined over a couple hundred metres. It was the last place to be mined in 1998, and they were in 20%-plus material at that point. You’ve got all the western half of the property that’s never been explored, but on the east side you’ve got mineralized lodes that were continuous for 2.5 to 3 km strike length. Some lodes continue on the west side, but haven’t been looked at. The upside potential, and the attractiveness from Osisko Gold Royalties’ perspective, is that there’s an initial eight-year mine life that we have in the preliminary economic assessment, but you’ve got potential

for this to be a long-life mine that’s going to pay off a long-term royalty. AV: Circling back, who are the key people in Dalradian? PA: We’ve moved beyond where Strongbow is. Strongbow is actually quite a young company in this iteration, whereas Dalradian we’ve had in creation for almost eight years. Our “who” is really the guys on the ground. My chief operating officer is Eric Tremblay, who has years of experience working underground with Iamgold and Cambior. He’s another Osisko tie-in, as he was general manager at Canadian Malartic. It was a departure from his underground experience, but he built Canada’s biggest gold mine, and then went on to work for Yamana and Agnico, and we were able to convince him to come out and work with us, to leave that life job. And the only reason he did that was because he came over and saw the project and saw the potential of not just the feasibility that we’re putting together, but if this was in the Abitibi it would be in operation and people would be finding more deposits where we hold all that ground. The second of our three key people is Greg Hope, our vice-president of exploration and a geologist who has years of experience finding and helping develop narrow vein gold operations in northern Australia and throughout Africa. His key role right now is leading that exploration away from the main deposit, because we’ve been finding high-grade gold hits throughout our 1,200 sq. km we have under licence. That’s nearly 10% of the landmass of Northern Ireland, which has been really underexplored, if not barely explored since the days of Northgate, because in the Northern Ireland of the 1980s and 1990s, you couldn’t really go out on the ground.

already had some good discovery success under his management of the geological team. We’ve hit at surface through grassroots prospecting, we have something 12 km away that’s grading 170 grams over half a metre at surface. The third key person for us is Brian Kelly, our managing director in Northern Ireland, and he’s going to be carrying the ball of the permitting process, making sure it goes through the system in the most efficient, transparent and expeditious manner possible. The planning application is one of the most comprehensive planning applications ever put together in the history of Northern Ireland. AV: Is it broadly true that once you get your permitting in Northern Ireland, you’re good to go? PA: Yes. The feasibility study shows only a 10-year mine life. Our current resource is 4.4 million oz., of which 2 million is measured and indicated, and we converted 1.4 million oz. into reserves, so that 10-year mine life is only based on those reserves. We’re actually permitting for a 24-year mine life, because we know we have more. Next April we’re coming out with a new resource that will show not only a much larger resource base, but we’ll bring up the measured and indicated, which will feed into a new

PA: It wasn’t perceived as low political risk until we had actually come in and done it, coming from a background where I worked in Venezuela and we were very, very good and lucky to make some great discoveries. Then Mr. Chavez got elected, and it got too difficult and we moved on to other countries and settled in Ecuador. At that time Ecuador was considered a fantastic jurisdiction, and over the course of our eight years there, the government changed and the whole mining code changed, until after we made the discovery at Fruta del Norte, then Mr. Correa was elected and things were starting to look a lot like Venezuela. So we left. Maybe it was because we were used to such high political risk that we didn’t see a jurisdiction in the First World — where there is the rule of law, and if anything ever did happen and the deposit would be nationalized, there’s recourse to international arbitration, which we never would have had in Ecuador. It’s something we were considering in Ecuador: if we lost the deposit, what happens? There’s no recourse. In the U.K., we saw the rule of law, a jurisdiction with a highly educated population, underemployed in terms of engineering and industrial skills, and an opportunity to do something new here. AV: The religious tensions are dying down in Northern Ireland, right? It’s not like it was in the 1970s. PA: Or the 1980s. For us, the political risk was — and we didn’t see it, I didn’t see it till I came through London thinking we could fund the project out of London and go straight to the London Stock Exchange. I realized the perception in London is, “Boy, that’s a high-risk jurisdiction.” We couldn’t raise a dime out of London. We hopped on a flight to

AV: And Northgate was the first to put in a mine in a hundred years. PA: Exactly. So Greg is going to be leading the charge on that exploration, and he’s very good at that. We’ve

The Basset Monument at Carn Brea, which is near Strongbow Exploration’s South Crofty tin-copper project in Cornwall, United Kingdom. The 90-foot-tall granite column was built in 1836 as a tribute to Francis Basset, philanthropist and member of a prominent local mining family. STRONGBOW EXPLORATION

2017-12-19 8:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 25, 2017–JANUARY 7, 2018

Drill rigs at Dalradian Resources’ Curraghinalt gold deposit in Northern Ireland. DALRADIAN RESOURCES

“WE COULDN’T RAISE A DIME OUT OF LONDON. WE HOPPED ON A FLIGHT TO TORONTO AND WITHIN A WEEK WE HAD $40 MILLION.” PATRICK ANDERSON PRESIDENT AND CEO, DALRADIAN RESOURCES

Toronto and within a week we had $40 million. AV: Is it just London that sees Northern Ireland as high risk? PA: It’s U.K.-wide, that perception. That question we had on our panel today: Why isn’t our share price higher? I think it’s the same thing: the legacy. AV: How about Cornwall, Richard? RW: First of all, we’re dealing with a different commodity: tin. Up until 1985 the Cornish tin mining industry was a thriving industrial sector. The tin price collapsed because of a flood of supply, coming out of Malaysia, of easy to mine alluvial tin. It’s taken 30 years to work through that surplus supply to the market. At the same time, the U.S. had a strategic stockpile because they didn’t have any domestic production, and that’s been sold off. The current visible supply of tin in the market is at decades-lows and we’ve had a corresponding rise in the tin price. So from our perspective, it’s more about timing. The previous operators spent close to £30 million getting the mining permit and planning permission. But when they got that, we were in a bear market in 2013. It created an opportunity for us to acquire the project and now we can advance it when there is a deficit in the supply of the tin market. AV: So with Strongbow it was timing with respect to the tin market. PA: I don’t think people realize the value of the high-grade tin. Some of the last material that was reached in the 1980s — the deeper stuff — was some of the highest-grade tin on the planet. And that was forgotten, and the whole legacy of it was, “Oh, it’s Cornwall, it’s South Crofty, it’s had its go.” But it’s coming in with new eyes. Curraghinalt — Dalradian’s gold deposit — went from owner to owner, and none of the previous owners looked at the deposit itself. They were looking at exploration potential around it. They never knuckled under and did the big drill campaigns and the engineering they needed. AV: What gave you the faith that this was a worthwhile capital investment?

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PA: When I first flew over it, there was already a small adit into the side of the hill. So I brought a mining engineer with me, Louis Gignac, who ran Cambior and built mines around the world. Louis and I flew over, and I looked at the geological picture. It’s just a matter of connecting the dots, really, and I’m saying, “This is going to be millions of ounces.” And Louis responded, “Yes, if this was in the Abitibi, it would be gone!” That was it: recognizing that the deposit was going to be much bigger than it was, and Louis saying this can be mined. At the time, and this continues to today, we had the Geological Survey of Northern Ireland and the government saying: “We want to see this industry developed.” So we had government onside, and all the locals I met when I was over there were like, “We’ve been waiting decades for this to happen!” And we had good engineering support. That was the impetus to go out and take some of that fortune that we’d built on the back of FDN and invest not so much in a faith in the deposit, but in the team that would develop the deposit. And it’s panned out. AV: But no jurisdiction is perfect. What are some challenges here? Is Brexit a factor? RW: Brexit works in our favour. We had a lot of governments saying they wanted to develop high-tech, service sector economies. But what we have … you can’t move a tin deposit or a gold deposit, and it’s something that will be around a long time. In our case, the South Crofty mine was a mine for 400 years. In the case of Dalradian, it’s probably going to be a 20-year mine life or longer. You’re in a belt, so it’s going to be generational with multiple mines. Now there’s the recognition that they have to generate jobs. They can’t sit around with their hand out waiting for EU subsidies to come in. And these are well-paying jobs that will hopefully spawn a much bigger industry.

way the mineral rights work here. They’re all very old English laws related to parcels of land where whoever owned the land had the mineral rights. You could have some very irregularly shaped mineral rights that are hundreds and hundreds of years old. So it’s a matter of filtering through and understanding who owns what. AV: Did you go out looking for a tin project, or just a great project and it happened to be tin? RW: The mandate within the Osisko Group was: let’s look at tin-tungsten. It was a strategic metal approach. They’d already taken care of some of the gold opportunities for Osisko Mining, Barkerville and Falco, and in base metals you’ve got Osisko Metals. So we fill a different niche. AV: And Patrick, from your perspective, why invest in gold? PA: Look, I’m not an economist, but I see that gold has been a commodity for essentially all of human history. It’s not going anywhere, and it’s going to be a solid investment for longer than any of us are going to be around. And it’s a limited pool of preproduction you can invest in. There are only a handful of development-stage gold companies around of note, and Dalradian is one of them — and it’s not in Africa, it’s not in South America, it’s not in Russia. The major gold companies’ production is falling off. If you look at the waterfall of any of their presentations, in the next 10 years, they’re going to be bereft of product. And it takes on average — last I heard — 20 years from discovery to production. That’s a long lead time. RW: What’s critical to all these projects is jurisdiction. The world is becoming a smaller place where people really want to invest their time and money. You can look at what’s happening in Tanzania with

Acacia Mining and the impact of a new government there. It’s a very important decision to make: where do you want to spend your shareholders’ money? And for us, it’s a secure jurisdiction. AV: Patrick, what would be your milestones for success with Dalradian? PA: We’re already there. We’ve taken what was a known gold deposit at Curraghinalt that was much smaller and we really recognized the potential to make it bigger. For me personally, success is proving that the ounces are there, proving that it’s a much larger body. Indeed proving that we’re in a district, and not just one gold deposit. These kinds of gold deposits don’t occur on their own. We’ve grown the resource, completed a positive feasibility study and we’re moving it through permitting and making other discoveries. To my eyes, that’s a great success. RW: To me, success is growing a new mining company and putting South Crofty back into production, and restarting the mining industry on Cornwall. We’ve made huge strides in the last year at project level, and we’re keeping it moving. We’ve proved some of the doubters wrong: we can treat the water, we can get it permitted. We can get local community and local government support, and we can work with the environmental agency to get a project into production. We keep knocking barriers down. AV: Tell us more about the water issue. RW: Currently the mine is flooded and you have untreated mine water discharging continuously into the Red River. The Red River is about as wide as this table, but it’s bad for the environment. What we proposed is: in order to get the mine into production, we have to empty the water from the mine and treat it first. We were given

parameters by the environmental agency as to the water quality they would look for. We ran a four-month water treatment trial between November and March of this year taking water from 350 metres’ depth within one of the shafts. So it’s a good representation of the water quality, and shows that we can treat it. The next step for us is to build the water-treatment plant. We recently sold a royalty to Osisko for just over $7 million, and that will fund the construction. AV: What will it take for the U.K. to be the next hot mining jurisdiction? PA: We’re doing it. Look, eight years ago we had zero U.K. investors and now we’re up to 40%, and have been for the past three years. One of the biggest negatives for our project in the past was this feeling that “Oh, you’ll never be able to use explosives.” We’ve been underground for two years and have been using explosives nearly every day with zero accidents. No problems. RW: There is one other company exploring for tin to the northeast of us. We control a pretty big land package outside of the mine licences. So the next step for us is to assess that. On the back of the progress we’re making at South Crofty, I’m sure we’ll generate more interest from potential investors to come in as partners to advance the exploration projects, as well. PA: It’s not just tin and gold. I can see other opportunities in the U.K. in copper in old mining jurisdictions that haven’t been looked at with a fresh set of eyes using modern technology and modern commodity prices. I can see at least two or three, at least, other plays for big projects. AV: Can you share those? PA: No. TNM

AV: Will this affect permitting? RW: We’re already fully permitted. The best example I can give is that this year we did the water treatment trials, we submitted the application in June and we had the permit in October. I don’t think you can do that anywhere in the world. It just goes to show how a collaborative effort — working with the environmental agencies and with the local community to make sure their concerns are addressed and doing something positive for the environment — will get local support. They recognize that the longerterm goal here is the job creation and to boost the local economy. And those are long-term, highly skilled jobs. From our side, the permitting has been good. The one challenge in the U.K. is that they have changed the

Workers underground at Strongbow Exploration’s South Crofty tin-copper project in southwest England. STRONGBOW EXPLORATION

2017-12-19 8:36 PM

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DECEMBER 25, 2017–JANUARY 7, 2018 / THE NORTHERN MINER

Scandium International advances rare Nyngan project AUSTRALIA

| Junior with unique, de-risked deposit seeks offtakers

BY TRISH SAYWELL

tsaywell@northernminer.com

candium International Mining (TSX: SCY) forecasts that its Nyngan scandium deposit in Australia will be in production in the first half of 2019, which should make it the first scandium-only producing mine in the world. The large, shallow and high-grade scandium project in New South Wales, 500 km northwest of Sydney, has already received approval of its environmental impact statement, and the company has signed the first of what it hopes will be many offtake agreements. Last month Scandium International kicked off detailed engineering and design work on critical path, long-lead items after receiving a mine lease in May 2017 — the final major approval needed to start mine development and construction of the wholly owned project. “The Nyngan scandium project is now fully permitted, ready for construction and ... seeking customers,” the company’s president and CEO, George Putnam, tells The Northern Miner in an email interview. “We intend to offer scandium both to aluminum alloy manufacturers and to end-use customers of alloys, in the form of AlSc2% master alloy, which is the desired form of product for alloy applications.” Scandium is a specialty metal that enhances the performance of aluminum alloys by refining its grain structure and making it stronger. Aluminum-scandium alloys are known for their corrosion resistance, weldability and heat tolerance, and can be used as heat stabilizers in solid oxide fuel cells and in lighting. Perhaps the brightest future for scandium-enhanced alloys, however, rests in the aerospace, automotive and rail industries, where lightweighting carries a premium. Earlier this year, the company signed a memorandum of understanding with Weston Aluminium, a privately held aluminum products

Drillers at Scandium International Mining’s Nyngan scandium project in Australia. SCANDIUM INTERNATIONAL MINING

manufacturer, to jointly make aluminum-scandium (AlSc2%) master alloy on a commercial scale. Weston Aluminium has a production site 400 km from the Nyngan project and 50 km from Newcastle. While the process for making AlSc2% master alloy is generally known, efficiencies vary widely in practice, Scandium International says. In addition, although many entities make and sell aluminum master alloys globally, very few have the capability or access to scandium. The company’s goal is to offer a master alloy product to aluminum alloy customers directly, as well as continue to offer scandium oxide to customers. The company has an offtake agreement for 7,500 kilograms a year over three years with Alcereco, a private Canadian company in Kingston,

Ontario. Alcereco was founded by former scientists at Alcan who researched and developed advanced alloys. Putnam believes in the rapidly growing market in scandium and the value of the scandium-mineralized laterite clay belt in New South Wales. “We see the mineralized laterite belt in central New South Wales as a game-changer for meaningful scandium supply to world markets at commercial prices and quantities, and we think the reliable operating jurisdiction in Australia will add confidence to customer decisions to request and adopt scandium in their products.” Christopher Ecclestone of Hallgarten & Co., a boutique investment firm based in the U.K., has been following the company for many years. In a research commentary he notes

that, until recently, scandium was “one of the lesser-talked-about technology metals,” but is now “receiving increased focus and mention.” He also says the supply situation is “severely limited, with literally only a few tons of product hitting the market per annum — all of that produced as a by-product of the refining and processing of other metals.” A definitive feasibility study in April estimates that Nyngan could produce 37,690 kilograms of scandium oxide a year over a 20-year mine life at product grades of 98% to 99.8%, which “allows for significant expansion potential, as markets warrant,” Putnam says. The study forecasts a net present value of US$178 million using a 10% discount rate and a 33% after-tax internal rate of return. Capital costs

are estimated at US$87 million with a 3.3-year payback. The study is based on measured and indicated resources of 16.9 million tonnes averaging 235 parts per million (ppm) scandium. Proven and probable reserves stand at 1.4 million tonnes grading 409 ppm scandium, ref lecting the average scandium head grade for the duration of the 20-year, first-phase project. The study envisions a plant feed of 240 tonnes per day, or 75,000 tonnes a year, based on conventional, open-pit operation, with a strip ratio of 2.1 to 1. Processing would involve initial high-pressure acid leaching, using a continuous autoclave that is pressure fed with preheated ore and doused with sulphuric acid. Subsequent circuits would recover the liberated scandium using solvent extraction, oxalate precipitation and calcination to generate scandium oxide. In addition to Nyngan, the company recently acquired the Kiviniemi scandium property in Finland. Kiviniemi was discovered and partly drilled by the Geological Survey of Finland and it in effect replaces the Scandium International’s Tordal scandium project in Norway, which it dropped earlier this year. Hallgarten’s Ecclestone has increased his target price to 75¢ per share from 60¢. At press time the company was trading at 25.5¢ a share, near the bottom of a 52-week range of 22¢ (December 2016) to 47.5¢ (March 2017). The company has 292 million shares outstanding for a $75-million market capitalization. Management and insiders own 45% of the company. Scandium International’s management team is comprised of former executives from BHP Billiton (NYSE: BHP), including Putnam, whose career included roles as BHP’s assistant treasurer, and various mineral and petroleum division chief financial officer positions. TNM

Sibanye tables US$383M bid for Lonmin SIBANYE From 1

platinum group metals (PGM) business.” Lonmin shareholders would receive 0.967 Sibanye share for each Lonmin share, which equates to a 41% premium to the 30-day, volumeweighted average pricing. Lonmin’s main assets are the Marikana complex in Rustenburg and the adjoining Pandora joint venture on the southwestern limb of South Africa’s Bushveld complex. Lonmin also operates smelting and metal refining facilities in the country. Sibanye has been focused on gold operations throughout the Witwatersrand basin, as well as PGM production from the Bushveld. The company was spun out of Gold Fields (NYSE: GFI) in mid2013. It then added PGM production via a US$294-million deal for Aquarius Platinum and a US$330million purchase of Anglo American’s (LON: AAL) South African platinum mines near Rustenburg. Sibanye’s largest acquisition came last year with a U$2.2-billion deal for U.S.-based PGM producer, Stillwater Mining. “This was a really logical consolidation step in our PGM strategy, and

1-16, 23_DEC25_Main .indd 8

I think most people saw it coming for a long time,” Sibanye CEO Froneman said during a conference call. “I’m going to share something with you that isn’t anywhere in the presentation. This is probably the transaction I’ve worked on the longest in my career. We signed our first mandate and exchanged letters in early 2014, and the first discussions we had go back even further than that.” Sibanye is set to become the world’s second-largest PGM miner, with pro forma annual output of 2.8 million oz. per year. It already ranks among the world’s top-10 gold producer. Lonmin has struggled with falling PGM prices, alongside much of South Africa’s precious metals industry, since late 2009. The platinum price has dropped nearly 50% over that time period en route to US$892 per oz. at press time. The company has battled liquidity concerns around its debt covenants, struggled with social license issues, and lacked capital to reinvest in extending its reserves and resources. Furthermore, Lonmin recently reported it did not expect to publish its annual financial results on schedule due to “ongoing discussion with its lender group” regarding a

A loader at Sibanye-Stillwater’s Stillwater PGM mine in Montana. SIBANYE-STILLWATER

strategic review and potential “asset divestment process.” “We’ve dealt with our limitations and restrictions, which have mostly surrounded liquidity,” Lonmin CEO Ben Magara said. “Due to our capital restraints we could not reinvest in our assets, and that was becoming a pressing concern for our business and our employees. This combination allows us to become a leading mine-to-market company with good geographic diversity.” The deal could face political hurdles in South Africa, with Sibanye disclosing it would likely move ahead with 12,600 job cuts across Lonmin operations. Marikana was plagued by police violence and labour unrest

during a mid-2012 strike. The transaction will also require agreements from Lonmin’s largest shareholder, the South African stateowned Public Investment Corp., which holds a 30% stake. Magara said conversations will continue with local unions and the PIC, but offered no further insights. Meanwhile, Sibanye estimates it has delivered US$41 million in cost savings from the Aquarius Platinum and Rustenburg acquisitions to date, and it estimates another US$75 million next year. The company expects the Lonmin transaction will translate into US$110 million in pre-tax cost savings by 2021. Froneman said Sibanye wants to

grow its gold business, and hinted at more opportunities in North America. “We need to address our South African discount, and that’s so we can use our equity properly,” Froneman added. “We can apply our equity in South Africa, where we do trade at premiums in some areas. That’s why we can structure the Lonmin transaction this way. Unfortunately, I’m sad to say we still cannot use our equity offshore. We want to compete on the international playing field, and need to clear the discount hurdle to do that.” BMO Capital Markets analyst Andrew Breichmanas commented the deal has “long been viewed as the logical next step of the company’s consolidation strategy,” and said Sibanye “expects to realize significant synergies and adopt a more pragmatic approach towards capital allocation and retrenchments.” Sibanye has a primary listing on the Johannesburg Stock Exchange, where it trades under the ticker “SGL.” It has a secondary listing of American Depositary Receipts on the New York Stock Exchange, which have traded within a 52-week range of US$4.39 to US$10.80, and closed at US$4.78 per share at press time. TNM

2017-12-19 8:36 PM

OUTLOOK 2018

SPECIAL FOCUS

More exploration needed, MinEx’s Schodde says GOLD

| Predicts shortfall in Australia’s gold production beginning in 2022

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

INTERVIEW

| Analyst puts cryptocurrency spike in context

looming decline in production from Australia’s gold mining industry could be a wake-up call for explorers worldwide, MinEx Consulting managing director Richard Schodde says. The industry soothsayer has assessed the 40-year outlook for the Australian gold-mining industry and concludes that in 15 years, half of Australia’s gold production could come from deposits yet to be discovered. “One of the take-home messages from the study is that gold production in Australia will peak in 2021 and go down rapidly thereafter,” Schodde tells The Northern Miner during a phone interview from his home in Brisbane, Australia. “Gold production in Australia is a bellwether for the rest of the industry because it accounts for 15% to 20% of the world’s supply, so people translated this as saying ‘we better go out and buy some more gold.’” In 2017, Australian gold miners produced 9.7 million oz. gold, generated A$15.8 billion in revenue and employed 28,000 people at 71 major operations. But forecasts show that by 2057, only four of the current 71 gold mines in Australia will still be operating — with most closing down over the next two decades, including iconic mines like the Kalgoorlie Super Pit and Telfer. “In the medium-term, about five to 10 years out, there will be an increasing amount of production from new mines based on known deposits, but it won’t be enough to offset the decline from existing mines,” Schodde says. “Once you get 15 years out, exploration becomes the central, main part of the story. That’s where the future production will come from.” Over the longer-term, he predicts $677 million will be spent on gold exploration per year in Australia, resulting in 266 new gold deposits found by 2057. He predicts that half of these deposits will be developed, accounting for 4.1 million oz. per year of gold production. “The challenge for the Australian gold industry is the 13-year average lead time between discovery and development,” Schodde says. “If we

“GOLD PRODUCTION IN AUSTRALIA IS A BELLWETHER FOR THE REST OF THE INDUSTRY BECAUSE IT ACCOUNTS FOR 15% TO 20% OF THE WORLD’S SUPPLY.” RICHARD SCHODDE MANAGING DIRECTOR, MINEX CONSULTING

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Jeffrey Christian on bitcoin and ‘runaway’ gold price

BY TRISH SAYWELL tsaywell@northernminer.com

Jeffrey Christian is the managing partner of CPM Group, a commodities research and management, consulting and financial advisory firm in New York. He founded the company in 1986, spinning off the Commodities Research Group from Goldman Sachs & Co., and its commodities trading arm, J. Aron & Company. Christian is an expert on precious metal markets and took time to speak with The Northern Miner about his outlook for gold, silver and platinum group metals in 2018.

on-year thanks to the improved outlook on commodity prices and more bullish market sentiment. “Based on other studies I’ve done, the next couple of years will be an exciting time for the industry for a couple of reasons,” Schodde says. “On the way down from the 2012 peak, companies cut back on exploration — but they never completely gave up the game. They retreated to their offices and spent the downturn

The Northern Miner: Some people see the rise of bitcoin as a distraction from holding gold or investing in gold stocks. What is your view? Jeffrey Christian: I don’t think most physical gold investors and gold stock investors see bitcoin as an alternative to gold and gold shares. I know our clients, who tend to be more intellectually oriented and perhaps more longer-term oriented, see bitcoin as something they would day trade, but they wouldn’t take a position overnight because they see it as the ultimate fiat currency backed by nothing and no one, and the antithesis of gold. But I’d make a bigger point, too: I don’t think bitcoin is distracting many people from gold. What’s distracting people from gold is the stock market. If you look at the cryp-

See GOLD EXPLORATION / 14

See BITCOIN / 10

An excavator moves earth at Novo Resources’ Beaton’s Creek gold property in Western Australia. NOVO RESOURCES

don’t get our act together now and start investing in exploration, there’s a serious issue of a speedbump down the track. We don’t have enough projects — or at least those with any quality — to translate into new mines to sustain current levels of production.” Other countries around the world, including Canada, could face similar production and discovery shortfalls, he says. “The results of this study will influence government policy decisions, such as the need to underwrite better research and development, or tax incentives for the industry to sustain the medium to long-term future for exploration,” he says. “I’ve had some preliminary discussions with other governments and they’re fascinated by the observations. They’re keen for me to replicate this study elsewhere — that’s ‘code word’ for Canada and other countries.” Compared to other industry studies, Schodde says his approach is unique. “If you read the normal forecasts from the Wood Mackenzies of the world — those that get used broadly by the investment community — there’s a real limitation to their exercise. They’re good for the first few years because they’re based on known operations, and they always show a supply gap when they look further out. “But the reality is that supply gap never eventuates, and there are two reasons for this: First, the exploration story never comes into their analysis — so they don’t take into account the likelihood of making new discoveries; Second, they don’t incorporate how the industry responds to shortage of supply — if

the commodity price goes up, companies change the cut-off grade and produce more metal, or marginal projects come into production.” After five years of downturn, Schodde says there are signs miners and mineral explorers are loosening their purse strings. For instance, S&P Global Market Intelligence has found in its recent analysis that non-ferrous mining exploration budgets have increased in 2017, with total exploration expenses up 14% year-

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2017-12-19 8:36 PM

DECEMBER 25, 2017–JANUARY 7, 2018 / THE NORTHERN MINER

OUTLOOK 2018

WWW.NORTHERNMINER.COM

Jeffrey Christian on bitcoin and ‘runaway’ gold price BITCOIN From 9

tocurrency market — bitcoin and the others — it’s less than US$200 billion in open interest, value outstanding and it’s fewer than a million investors. No one really knows for sure how many are out there but people who manage cryptocurrencies estimate that at the most there are about 1 million investors participating. The gold market has about US$2 trillion of investor gold holdings. So the open interest is US$2 trillion, or 10 times what bitcoin is. And you have billions of people who hold gold, and they hold it because it’s not a fiat currency, it’s an alternative to currency. It’s a tangible asset, the value of which is determined by the market. It’s tangible as opposed to a digit on a computer that can disappear tomorrow. You have about US$300 trillion in stocks and bonds, both of which have hundreds of millions participating in those markets, and that’s where the money is being distracted away from gold. With stocks and bonds it is not just the $300 trillion in stocks and bonds. You have to add in all the index funds and the ETFs based on them. Then it’s quadrillions of dollars. So when people say they think bitcoin is distracting investors from gold, yes, maybe a few of them, but the real distraction, if that’s what you want to call it, are stocks and bonds, which have been rising and rising for seven years now, and are at record levels. Cryptocurrencies are a sideshow to gold and gold is a sideshow to the stock market. TNM: We seem to be at an inflection point with worries about geopolitics — the volatility of U.S. President Donald Trump, and deteriorating relations with North Korea. What sort of an impact is all of this uncertainty going to have on precious metals? JC: The economy and financial market conditions have more influence on all of these metals than political factors. There’s a lot of optimism about the U.S. and the global economy right now. Unemployment has been falling on a cyclical basis. But we think that optimism will start to wane over the course of 2018. We wouldn’t be surprised to see lower growth in 2018, or even a small, short, shallow recession sometime from 2018 to 2019. That’s probably more likely in 2019 than 2018, but we see the economic expansion that began in 2009 is maturing, so there could be some slowing in the global economy, the U.S. economy and the Chinese economy next year, relative to what we see right now. In that environment the stock market looks more vulnerable to some sort of correction, and investors might be more interested in gold and silver as a consequence of that. As for PGMs, any weakness in the auto sector would be reflected in platinum and palladium prices.

Bitcoin was invented by Satoshi Nakamoto in 2008. The physical coin pictured here symbolizes the cryptocurrency. ISTOCK.COM/BODNARCHUK

“THERE’S BEEN A BIG SHIFT AWAY FROM PEOPLE BUYING GOLD OUT OF FEAR OF AN IMMINENT COLLAPSE OF THE SYSTEM, TOWARDS PEOPLE BUYING GOLD OUT OF GREED.” JEFFREY CHRISTIAN MANAGING PARTNER, CPM GROUP

TNM: What is your price forecast for gold next year and beyond? JC: We’re expecting the gold price to rise modestly between now and the end of 2018, and on a longer-term basis it could take off. The average annual gold price this year through the end of October was $1,257 per oz., and our estimate is that it’s probably going to be US$1,263 per oz. by the end of 2017, which is a 1% increase from 2016. Next year we see it rising by 4.6% to around US$1,322 per ounce. We think prices will run away to the upside but not until after 2018. The gold price could average US$2,200 per oz. sometime during 2022 to 2024. So we expect to see a record gold price, but it’s maybe four to six years away. TNM: What about gold investment? JC: You’re seeing investment demand in 2017 at about the same level as it was last year. But there’s been a big shift away from people buying gold out of fear of an imminent collapse of the system, towards people buying gold out of greed. There are fewer people buying gold coins and more people buying gold ETFs, futures and options. You’re also seeing more gold being bought in China based on expectations of higher prices and less gold being bought in India based on concerns about the state of the world. TNM: What’s your outlook for silver? JC: Silver has been flat this year and will end 2017 at around US$17.25

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per ounce. Next year we see a 6.6% increase to around US$18.40 per ounce. It’s a very similar expectation to that of gold in that it’s investor driven. There is some industrial demand there, too. There’s going to be modest price increase in 2018 and beyond. There will come a time when investors look at the stock and bond markets, and politics, and say they think they should own more gold and silver. So silver could rise in the same time frame as gold (2022 to 2024). I’ve got US$38 per oz. silver as the annual average real price for the peak (2023), which is roughly the same real price at the last peak, in which nominal silver prices averaged US$35.29 per ounce. TNM: What’s your read on platinum group metals? JC: The palladium price has been pushed up this year by a combination of developments all at once. People have been moving into palladium based on the idea the auto market is shifting from diesel to gasoline initially, and maybe later electric vehicles. That’s all true, but the surge in investment demand appears to have been overdone and overly optimistic in terms of how fast the changes will occur. This investment surge combined with congestion in the New York palladium futures contracts this year. Our view is that this congestion in NYMEX is probably alleviating somewhat, and you may not see palladium prices rise going forward as much as they have been. You could see the price come off beyond December, and you could see the market move back to a positive forward carry — a contango — rather than a backwardation. Palladium prices on an annual average basis in 2017 are up by about 39.8% — that’s our projection for 2017. For 2018, we forecast that the average annual price will be up by 4.7%. Over the first half of 2018 we don’t see the price rising — it’s going to be flat or move lower. We may see daily prices come off by 5–10% from where they are today. But the annual average price will be

higher because it’s starting from a higher base. If you look at where the price was earlier this year, it was down about US$700 per ounce. We don’t see the price falling back to that. We see it falling back to US$890 per oz., or something like that.

The intraday price [on Nov. 30] is about US$1,009 per oz. — that’s the price on NYMEX. Over the course of 2018, the palladium price could get down to maybe US$890 per oz., or US$900 per oz., for about a 10% decline from the intraday high, but on an average annual basis, the price would still be up from the average annual price of 2017. TNM: And platinum? JC: In contrast to the other precious metals, the platinum price has actually been down this year. On an average annual basis it is probably off 3.7% at US$954 per oz. in 2017. We’re looking at it to be basically flat next year — or a 1% increase in 2018 to US$963 per oz., so not a lot of movement. TNM

Gold pouring at Monarques Gold’s Beaufor gold mine in Quebec. MONARQUES GOLD

2017-12-19 8:37 PM

OUTLOOK 2018

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 25, 2017–JANUARY 7, 2018

Sherritt International’s 40%-owned and operated Ambatovy nickel-cobalt mine in Madagascar in 2012. SHERRITT INTERNATIONAL

Copper, nickel outlooks dominate LME Week BASE METALS

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

he annual gathering of London Metal Exchange (LME) Week provides a bellwether for the major trends in base metals and industrial mineral markets over the coming year. Metal investors, producers and consumers descended on London in early November to discuss emerging themes that include: impending copper and nickel deficits, expanding electric vehicle markets and environmental protection in China. According to Colin Hamilton, managing director of commodities at BMO Capital Markets, copper and nickel dominated many discussions. Copper has been topical over the past six months, as three-month future contracts gained 20% en route to a US$3.10 per lb. close at press time. For copper, the bullish investment thesis combines declining head grades at major operations, a lack of modern exploration investment and a limited selection of viable development projects at current prices. There’s dispute, however, over the timing of any pending copper supply deficit, and its effect on prices. Hamilton noted that FreeportMcMoRan’s (NYSE: FCX) large Grasberg copper-gold operation in Indonesia is expected to hit peak production next year, while First Quantum Minerals’ (TSX: FM) Cobre Panama copper operation, labelled the “last greenfield megaproject,” is scheduled to come online. BMO Research said there is “general agreement that the copper market will once more be roughly balanced next year,” and that no one is forecasting copper prices above US$3.18 per lb. for next year. “Looking into 2018, we actually estimate copper has the weakest fundamentals out of all the industrial metals. It doesn’t have a great story in 2018,” added Natasha Kaneva, a metals analyst with J.P. Morgan, during a base metals panel. “We’ll see that last wave of mine projects coming onstream, and at the same time we believe the global demand will be maintained around current levels. Since we’re seeing a big supply response from the mine sites we expect another surplus,” she said, noting that copper could

1-16, 23_DEC25_Main .indd 11

| Potential for supply deficit fuels bullish sentiment on copper ket analytics at commodity broker straints were underlined by the clo“EVERY PRESENTATION WE SAW HAD Marex Spectron, said “it’s great that sure of two large zinc operations: A SECTION ON ELECTRIC VEHICLES people are excited about electric Vedanta’s (NYSE: VEDL) Lisheen vehicles again, but if you look at the mine in Ireland and MMG InternaAND A SHIFT IN BATTERY TECHNOLOGY percentages of nickel that feeds into tional’s Century mine in Australia. TOWARDS MORE NICKEL-INTENSIVE battery technology, it doesn’t even “Over a two-year view, zinc has matter. What does matter is the been the outperformer among CATHODES, THE CLEAR TOPIC DU JOUR.” COLIN HAMILTON MANAGING DIRECTOR OF COMMODITIES, BMO CAPITAL MARKETS

become a much bigger story during the second half of 2019. Meanwhile, Hamilton said “investor interest was clearly piqued by nickel” after positive comments about nickel by majors Vale (NYSE: VALE), Glencore (LON: GLEN) and BHP Billiton (NYSE: BHP; LON: BLT). Three-month contracts for nickel have gained 27% since early June and closed at US$5.15 per lb. at press time. The metal price has benefitted from growing demand related to the rise of electric vehicles — similar to rallies in the lithium and cobalt markets.

“Every presentation we saw had a section on electric vehicles and a shift in battery technology towards more nickel-intensive cathodes, the clear topic du jour,” Hamilton noted. BMO Research argued “nickel fundamentals actually weakened” recently, after a rise in Indonesian ore export licences and the prospect of 8% growth in global supply next year. Kaneva added that nickel could stand to benefit the most from recent environmental restrictions by Chinese regulators. Guy Wolf, global head of mar-

change in psychology. What really matters is what people believe the fundamentals to be. “The reason we’re confident today is that the patterns of behavior have changed. There is absolutely no doubt we’re in the early stages of a bull market. What matters is that at the point of transaction ... people vote with their wallets. It makes us confident the supply-demand balance has structurally changed for this cycle.” BMO’s Hamilton said zinc “remained in vogue,” but speculated the upside for zinc prices is now limited, after having gained 22% over the past six months to a US$1.45 per lb. close at press time. Interest in zinc kicked into high gear early last year, as supply con-

metals markets. There have been good fundamentals for it, where the dominoes have all fallen into place,” Hamilton said. “After the run we’ve had though, we’re now in a situation where I do not believe consumers or producers want the price to move any higher. Now it’s a question of duration in pricing versus additional upside.” BMO Research says producers will attempt to “strike a balance between caution and growth” in 2018. Hamilton anticipates any free cash will be put toward operational de-bottlenecking and productivity improvements rather than capitalintensive growth. Nevertheless, BMO said LME Week was “busier and more bullish than in recent years.” TNM

Nuna Group of Companies

•

ConstruCtion AnD Mining serviCes

2017-12-19 8:37 PM

DECEMBER 25, 2017–JANUARY 7, 2018 / THE NORTHERN MINER

OUTLOOK 2018

WWW.NORTHERNMINER.COM

Canadian Zinc’s past-producing Prairie Creek zinc-lead-silver project in the Northwest Territories. CANADIAN ZINC

Scotiabank’s Rory Johnston assesses base metal outlook

INTERVIEW

| Accelerating growth puts tailwinds behind base metals, less so for bulk metals like iron ore

BY TRISH SAYWELL

tsaywell@northernminer.com

ory Johnston is a commodity economist covering energy, metals and agriculture markets in Scotiabank’s economics department. He is the author of the “Scotiabank Commodity Price Index,” a monthly report that assesses developments affecting the prices of Canada’s major export commodities, as well as a contributor to Scotiabank’s “Global Outlook,” the department’s flagship quarterly forecast publication. Johnston holds a graduate degree from the University of Toronto’s Munk School of Global Affairs and a bachelor’s degree in political studies from Queen’s University. He recently spoke to The Northern Miner about his outlook for next year. The Northern Miner: Global economic growth has been fairly strong over the last year. How this will impact base metals and bulks in the next few years? Rory Johnston: Industrial metals and in particular base metals are seeing support from an accelerating global economy and increased manufacturing activity. You have all the major advanced and emerging market economies growing and accelerating for the first time since the global financial crisis, and it’s putting a lot of tailwinds behind the base metals complex. TNM: That’s not as true for bulks like iron ore, however. RJ: Yes, you can juxtapose some of the base metals’ strength against some of the weakness in the bulk commodities, like iron ore used in the steel complex. You still have an

1-16, 23_DEC25_Main .indd 12

accelerating global economy, but the global steel industry is much more leveraged against Chinese real estate and construction activity, and you’re seeing a pullback — a tightening of financial conditions and a withdrawal of stimulus in China over the last 18 months — and that’s deflating some housing prices in major Chinese cities, which is lessening the incentive to build new buildings. As construction activity starts to fall off, so too does the demand for steel rebar within China. So even though base metals are seeing a lot of growth tailwinds, China more broadly will be a headwind for the bulks ... slowing construction, real estate and infrastructure spending. TNM: We have also seen the Chinese government getting more serious about curbing its smog problem and introducing environmental policies to combat it. How will that affect the base metals complex? RJ: It depends on the metal. What I call China’s “blue-sky policies” [other companies use different names] are aimed at tackling smog challenge in large eastern cities, particularly in the winter, when heating demand ramps up and coal-fired power plants kick in. The government’s policy is aimed at reducing capacity utilization of a lot of energy-intensive metal processes. One of the major ones is aluminum. We’re seeing a lot of that capacity being idled, which is a big reason why the aluminum price is rising. Roughly one-third of the cost of producing aluminum is electricity, versus other metal smelting processes where electricity isn’t as large an input, so it’s been particularly hard-hit on aluminum supply. You’re also seeing parts of aluminum’s supporting supply chain tighten (e.g., alumina and

“ZINC HAS THE STRONGEST FUNDAMENTALS OF ANY OF THE MAJOR BASE METALS. WE SEE CONTINUED PRICE GAINS THROUGH NEXT YEAR, LIKELY PEAKING IN EARLY 2019.” RORY JOHNSTON COMMODITY ECONOMIST, SCOTIABANK

carbon anode). You have limits on the amount of scrap metal that China is allowing to be imported into the country, and because of that, China has to import different material to replace metal contained in the scrap. More broadly, the question with the environmental policies is that you are seeing a tightening of some supply situations in China, and I think that’s primarily the case on aluminum, as well as some steel smelting. The steel price has remained relatively buoyant because a lot of China’s environmental policies have aimed at shutting down older and less efficient steel smelters in the economy, so that’s pushing up the cost curve to more sophisticated facilities. TNM: Last year aluminum averaged 73¢ per lb. and your forecast for 2017 is 86¢ per lb., rising to 90¢ in 2019. RJ: There are a couple of questions we’re trying to figure out on the aluminum side. How forcefully will

the Chinese government enforce its environmental protection policies? In the past, enforcement has been a little lax, but this year it seems they really mean it and intend to crack down on infractions. If so, that’s a positive on the price. The less aluminum supply out of China, the more you need to see supply outside China pick up. You have a Chinese market where there is surplus aluminum production, and you have the world outside of China with a deficit of aluminum production, so the balancing mechanism is Chinese exports. If we have less supply from China, we need aluminum smelters elsewhere to pick up the slack. So depending on how serious the supply loss is from China, we’ll need prices that incentivize ex-China production. If we have heavy supply reductions in China, I expect to see the price around US$1 per pound. If we see signs that enforcement in China is waning, I expect prices to drop back down to about 90¢ a pound.

TNM: What about copper, which last year averaged US$2.21 per lb., and which you forecast will average US$2.69 per lb. in 2017? In the first week of December copper was US$3.09 per pound. RJ: I’ve been calling copper to come back down for a while now. Copper has been relatively overvalued for a couple of months. Prices hit a high above US$3.20 per lb. in October and that price felt a little too high. Copper prices are going to come down from where they are right now. We have copper averaging US$2.85 per lb. in 2018 and rising to US$3 per lb. in 2019. They will steadily increase thereafter and likely hit a peak price above US$3.50 per lb. by early next decade. Over the last year there has been a little bit of fundamental support for a copper rally. We saw slightly higher demand from China, so that was a demand surprise. We also saw higher-than-expected supply disruption in many parts of the world. While we do see deficits starting to emerge over the next couple of years, on the emptying supply of new mine projects, I don’t think we’re there quite yet. So while it’s possible that the copper price can be bid up higher now in anticipation of that future shortage, there’s no need to see those higher prices today. TNM: Benchmark copper on the LME closed down 4.2% at US$6,542 a tonne on Dec. 5, which apparently was the worst drop in a single session since July 2015. What was going on there? RJ: You’ve seen high levels of speculative activity in copper contracts See BASE METAL / 14

2017-12-19 8:37 PM

OUTLOOK 2018

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 25, 2017–JANUARY 7, 2018

Roskill’s Jack Bedder peers into cobalt crystal ball DRC

| Forecasts elevated cobalt prices over the next few years

BY TRISH SAYWELL

tsaywell@northernminer.com

obalt has more than doubled in price from US$14.75 per lb. in late December 2016 to over US$30 per lb., making it one of the top performing metals this year. With the lion’s share of cobalt mined in the Democratic Republic of the Congo and refined in China, what will the market look like over the coming years? Jack Bedder, an expert on the metal at Roskill, an independent metals and minerals research company in the U.K., completed a report in November called: “Cobalt: Global Industry, Markets & Outlook,” and recently spoke with The Northern Miner about the short-term and longer-term outlook for cobalt, and what he sees as its key supply and demand issues over the next decade. The Northern Miner: The cobalt market is worth an estimated US$6.6 billion annually. How large do you see the market growing over the next decade? Jack Bedder: As a ballpark that’s about right. I guess that assumes a 100,000-tonne market and a price of US$30 per lb., which are a fair reflection of the last few months. Currently the market is closer to 110,000 tonnes and the price is as high as US$34 per lb., which pushes the market above US$8 billion! TNM: BMO Capital Markets recently raised its cobalt price forecasts for 2018 to US$30.9 per lb., US$40 per lb. in 2019, US$38.8 per lb. in 2020 and US$22.5 per lb for the long-term. Roskill released its second quarterly update on the cobalt market at the end of November. Do your price forecasts look similar to BMO’s? JB: Our numbers for next year are probably about the same as BMO’s. I think the price will hover around the US$30 to $35 per lb. range for the rest of the decade. We’re not expecting a massive price hike next year. TNM: What has been the demand growth for cobalt over the last decade and what are your demand growth projections for the next decade? How much do you see annual global demand for cobalt growing between now and 2030? JB: Cobalt has seen rapid demand growth since 2000, and that’s been underpinned by demand for cobalt in the cathodes of lithium-ion batteries used in portable electronics, smart phones and laptops, et cetera. [Last year in 2016] was the first time we saw consumption fall, because it’s become a quite saturated market. We still expect strong and stable

“COBALT BECAME A GREATER THAN 100,000-TONNEA-YEAR MARKET IN 2015, AND WAS CLOSER TO 110,000 LAST YEAR. CONSUMPTION GREW 9% BETWEEN 2009 AND 2016.” JACK BEDDER STEEL ALLOYS DIVISION MANAGER, ROSKILL

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The processing plant at the Tenke Fungurume copper-cobalt mine in the Democractic Republic of the Congo. FREEPORT-MCMORAN

cobalt demand for use in portable electronics, but that’s not where the growth is really going to come from in the future, it’s going to come from electric vehicles. Cobalt became a greater than 100,000-tonne-a-year market in 2015, and was closer to 110,000 last year. Consumption grew 9% between 2009 and 2016. A lot of that growth was supported by demand in the battery sector. Cobalt consumption for batteries increased 16% per year between 2009 and 2016. So the historic picture is one of robust growth for cobalt demand in batteries, mainly underpinned by electronics. But the future is going to be driven by electric vehicles. Our forecast suggests cobalt demand from batteries in general could reach 230,000 tonnes a year by 2026, and most of it will come from electric vehicles. TNM: How do you see the supplydemand equation for cobalt evolving over the next decade? JB: There are two aspects to this: There is refined cobalt production — either a cobalt chemical or a cobalt metal — and then there’s the feedstock that underpins refined production, which comes mainly from mining. In terms of refined supply, the market is going to need new capacity to come onstream to keep up with demand. China accounts for 60% of the world’s refined capacity, and much of that new capacity is also going to come from China. When we look at expanding that refined supply, the big players in China are already set to add 60,000 tonnes over the next couple of years. Even more capacity is going to be needed thereafter, but that shouldn’t be a problem. The battery narrative is very strong, which helps raise finance. It doesn’t take too long to turn on a new production line and I don’t think the capex is particularly high. So while new refined capacity needs to be built, there’s probably going to be enough refined supply until the end of the decade. The big question is whether there will be enough feedstock to supply refined cobalt production. That’s why you have so many juniors getting really excited. There was 110,000 tonnes of cobalt mined last year and if you extrapolate that forward, and

include the big projects that will come onstream from Glencore and Eurasian Resources Group (ERG), there should be enough feedstock toward the end of the decade, but after that there’s a big question whether it will be enough after 2021. TNM: And where would it likely come from? JB: It’s hard to say where it would come from. You could get further expansion from existing producers, maybe improve recovery techniques, getting more cobalt out of copper production, new mine projects, maybe more artisanal supply from producers in the DRC, although there’s only so much that can be produced from them — maybe 5,000 tonnes extra a year — or large tailings dumps in the Congo, getting more cobalt from copper tailings or from nickel operations. The nickel market has had a tough time but if some nickel operations start producing, you might get more cobalt units. So all of those things combined, with further expansion of existing operations being the big one. We’re independent and not beholden to anyone, and most of our competitors have different numbers than we do, but everyone supports the view that it will be a tight market to the end of the decade. After that it’s unknown. I have a list ... of 140 current projects that mention cobalt, but less than 10 of those have any chance of coming onstream within the next five years. Of those you’ve got Glencore restarting Katanga, ERG’s RTR project in the Congo, and there a couple of others that are at more advanced stages, but most of those 140 projects I mentioned aren’t even at the feasibility study stage. It’s not surprising seeing so many juniors in places like Canada and Australia flying their cobalt flags. But it won’t be junior miners that are going to be the answer to filling the feedstock gap — maybe they might produce a couple thousand tonnes a year — but that’s a drop in the ocean of what demand is expected to be. If you’re looking to switch on a project before 2020 you want to be well past the feasibility study level by now. We know it can take a long time to build a mine and there are just very few projects that are past the feasibility stage, except for the

ones in the Congo. And it might be quicker to turn on a project in Africa, where permitting isn’t as difficult as it would be in a place like Canada or Australia. Then again, in Africa, you have infrastructure challenges and rainy seasons, and so forth. But if you think you can turn on cobalt projects quickly, it’s just not going to happen. TNM: Can you summarize your outlook? JB: If you take our demand expectations, battery demand is going to reach 230,000 tonnes a year by 2026, and if you think that demand is going to grow that way, then the question is whether there is going to be enough refined cobalt to meet that demand. We think there will be, but it will require more capacity brought onstream, which will be challenging but doable. But the main question is whether there will be enough feedstock to meet that demand. We think new supply will come from a combination of factors: from expanding supply at existing operations, to better cobalt recoveries, perhaps more from recycling and ultimately demand destruction. So that overall picture supports elevated cobalt prices over the next few years. TNM: China has next to no domestic source of cobalt and depends on international markets — essentially the DRC — for most of its supply. Do you expect to see supply shocks? JB: There is very limited mine production in China and obviously it’s the biggest refined producer, so most of the refined production is based on imported cobalt from the DRC. In 2016, China’s mined product accounted for 2% of the global mined total. There’s some cobalt in China as a by-product of iron oxide or copper-gold production. The DRC makes up 68% of the world’s mined cobalt. TNM: Could more cobalt come from recycling? Some figures show just 10% of cobalt is currently recycled. JB: Probably not even that much. If we’re talking about recycling a lot of it is captured at various points in the supply chain, but essentially there’s not too much that is recycled

from portable electronics. The big question is whether the giant batteries used in electric vehicles can be recycled, and it all depends on the price. There is some recycling already but if we say the lifespan of a typical battery used in an electric vehicle is between five and eight years, and electric vehicles are still in their infancy, you’re not going to see huge amounts coming back for at least another five years. Even then, those batteries may find new applications in home energy storage. TNM: Most of the world’s cobalt has been found in association with copper and nickel deposits. CleanTeq’s Sunrise deposit in Australia is an exception. Do you think there is potential to find more primary sources of cobalt? JB: Potentially. The definition of “primary” depends a lot on the cobalt price compared to the price of other metals in a deposit. [CleanTeq’s Sunrise deposit] contains nickel. At current prices some projects can be deemed cobalt-nickel projects. If cobalt prices fall and nickel prices rise, they will be nickel-cobalt projects. TNM: Do you think concerns over child labour in the DRC could lead to a premium emerging for cobalt that is mined elsewhere, in countries like Canada and Australia? JB: A lot has been done to stamp out child mining, but much more needs to be done. It’s the responsibility of the whole industry. There’s certainly been talk of a premium for “ethical” cobalt, voiced in part by producers that are able to prove that their cobalt is in no way associated with human rights issues. But it’s not just about the miners, it’s about the whole supply chain. To prove that cobalt used in an end-product, say a smartphone, is free from child mining, the producers have to be able to guarantee that at no stage in its journey — from mine deposit, through to cobalt chemical production and through to the battery production line — that no cobalt units have come into contact with cobalt units from an unknown, or worse, illegal, source. If at any point in the supply chain, cobalt units of unknown provenance are used, you cannot say the cobalt product is child-labour free. TNM

2017-12-19 8:37 PM

DECEMBER 25, 2017–JANUARY 7, 2018 / THE NORTHERN MINER

OUTLOOK 2018

WWW.NORTHERNMINER.COM

Material is loaded into a haul truck at Gold Fields’ Agnew gold mine in Western Australia. GOLD FIELDS

MinEx’s Schodde: More gold exploration needed GOLD EXPLORATION From 9

getting rid of the rubbish and keeping the ‘best of the best’ projects. They did a lot of desktop studies to identify and fine-tune their exploration targeting, so they knew where they wanted to drill. “Now that the market has turned and money is flowing back into the industry, they’ve got great, drillready targets and they’re going to drill them. So what you’ll see is a whole string of exploration success that will come out over the next year or two. And the market will feed off

that good news story.” Schodde points to Novo Resources (TSXV: NVO; USOTC: NSRPF) as an example. Shares of the junior explorer peaked at $8.55 on Oct. 10 on results from its Purdy’s Reward paleoplacer gold project in Western Australia. Shares are trading at $4.77 per share at press time. “The market cap has gone up so much that it brings everyone else into the area exploring for similar targets along strike. So the ‘neurology story’ kicks in — everyone is excited and wants to get in the buzz of that, and off we go. We’re back to

“THE NEXT COUPLE OF YEARS WILL BE AN EXCITING TIME FOR THE INDUSTRY … WHAT YOU’LL SEE IS A WHOLE STRING OF EXPLORATION SUCCESS.” RICHARD SCHODDE MANAGING DIRECTOR, MINEX CONSULTING

the races into the next boom until we all go silly again,” he says. “The Novo story shows if you look for an unconventional target in a completely new district, you can actually get the mythical 100-bagger stock.”

And he predicts that the best returns will be from the greenfield sector, rather than historic districts with known resources. “We say that junior explorers are risk takers but they’re actually risk

avoiders in terms of their targeting. They only have a limited amount of funds, so the easy approach is to go to an established district where someone has drilled a hole and you drill a hole right next to it. You know you’re not going to get a big discovery out of it because if it was there it would’ve been discovered by the previous guy, but you’ll get something. A lot of targets in brownfield areas have limited upside on them. There’s only a certain amount of lipstick you can put on a pig before you actually know it’s not really that special.” TNM

Scotiabank’s Rory Johnston assesses base metal outlook BASE METAL From 12

as a lot of funds and managed money have gone into copper contracts based on the global growth story. The challenge is that as more and more fund money went into copper contracts, they reached an all-time high on net positions, and those positions only had one way to go, and as you started to see copper price level out and dip down, people with long contracts started liquidating to take profit, and then there was an incentive to short it to catch it on the way down. The price rout was a liquidation of speculative contracts. So while a revisiting of the China growth story may have prompted that, it doesn’t really play into my view of the correction, because copper already appeared slightly overvalued, given the fundamentals and due for a move lower. TNM: What is your view on nickel? Last year the average nickel price was US$4.36 per lb. and your forecast for nickel in 2017 is an average of US$4.64 per lb., rising to US$5 per lb. in 2018. RJ: It’s a market that is starting to see real deficits after a decade of surplus production. So that is definitely favourable for nickel going forward and is likely to keep momentum on the upside. The unfortunate reality is that you have a very large pile of inventory that had been built up during the period of surplus production. On major

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commodity exchanges — COMEX, the LME and the Shanghai Futures Exchange — you have upwards of 90 days of demand worth of nickel on those exchanges versus nine to 11 days of demand for copper, zinc and aluminum. So you do have a significant inventory overhang with nickel that you don’t see in the rest of the base metals. While we do see upward gains for the next little while, we’re forecasting a 50¢ gain per lb. per year going forward. You’re really only going to be able to see prices higher than that once we start drawing out the inventory overhang, and it’s probably larger than what we see in official statistics because a lot of the inventory is likely held off exchange, where data is scarce. We see nickel prices moving from US$5 per lb. in 2018 to US$6.50 per lb. in 2021, so just mild upward gains. TNM: It’s interesting because nickel was around US$8 per lb. in 2014– 2015. RJ: That was mainly on news that Indonesia was banning exports of unprocessed nickel ore to build up a local processing industry. They wanted to capture that ore in-country to provide cheaper feedstock for the processing industry they were developing. Now a lot of those processing facilities have been built, so we’re expecting more nickel [pig iron] from Indonesia. You’ve also seen a loosening of those unprocessed export restrictions, so likely

supplies. At the beginning of 2016 zinc was at a low of 67¢ per pound. This year, we saw zinc move from a low of US$1.10 per lb. in June to about US$1.45 per lb. today. We see zinc prices in 2018 of about US$1.50 per lb., and then peaking in 2019 at US$1.60 per pound. TNM: Moving to the bulks, iron ore [fines 62% CFR China] averaged US$58 per tonne last year and your forecast for 2017 is US$71 per tonne, dropping to US$60 per tonne next year. A worker doing underground development at Trevali Mining’s Caribou zinc mine in New Brunswick. TREVALI MINING

the export from Indonesia of both processed and unprocessed nickel ore will have a negative price impact. TNM: Last year zinc averaged 95¢ per lb., and you forecast US$1.27 per lb. for 2017 and U$1.50 per lb. in 2018. RJ: Zinc has the strongest fundamentals of any of the major base metals. We see continued price gains through next year, likely peaking in early 2019. The story on zinc is one of significant supply deficits on the raw materials side as you saw a bunch of significant mines closed, Century in Australia and Lisheen in Ireland, among others. When you combine those closures with still strong demand growth and not a lot of new mines starting up because of the previously weak price environment, we have a very large deficit in zinc supply.

The shortage of zinc concentrate — the precursor material that is smelted and refined into metal — is where the tightness began, and that has become even more extreme over time, which is reflected in refiner treatment charges. Treatment charges, the prices charged by refiners to miners to refine the ore they provide, fell to US$25 per tonne in October 2017, down from over US$200 per tonne in 2015, so that’s the clearest sign of extreme tightness in the precursor supply chain. Treatment charges are inversely related to the availability of concentrate. We have seen significant drops of finished metal inventories on the major exchanges. Concentrate tightness has worked its way into the metal market, emptying inventories and pushing zinc futures into dramatic backwardation, as consumers try to secure near-term

RJ: Iron ore has experienced headwind from the slowdown in China’s housing sector. All major metals are coming off a decade of significant supply growth and new supply is slowing, which in the base metals means higher prices due to stillstrong global demand. However, the demand picture has been flat to declining for seaborne demand for iron ore, so that means that rationalization needs to be on the supply side and prices need to drop lower. We need US$60 per tonne (fines 62% CFR in northern China). That price is low enough to keep most of the high-efficiency producers profitable (Australians and Brazilians), but are likely low enough to force lower quality and less efficient supply from China. With Chinese iron ore, the iron content is typically as low 15%, while benchmark contracts are closer to 63% iron content. Flat demand means the fundamental response needs to be on the supply side. TNM

2017-12-19 8:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 25, 2017–JANUARY 7, 2018

Black Iron completes PEA on Shymanivske project in Ukraine IRON ORE

| Two-phase plan would cost US$750M and see 8 million tonnes mined per year

BY TRISH SAYWELL tsaywell@northernminer.com

preliminary economic assessment of Black Iron’s (TSX: BKI) Shymanivske project in the Ukraine outlines a post-tax net present value at a 10% discount rate of US$1.66 billion and a 36.1% internal rate of return for a phased build of the high-grade iron ore project, 330 km southeast of Kiev. In the first phase, US$435.8 million would be spent on developing the mine, concentrator and related infrastructure tie-ins to produce an initial 4 million tonnes per year of 68% iron concentrate. In the second phase, construction of which would start in year three, another US$312.2 million in capex would be spent to expand the operation to 8 million tonnes per year. Capex for both phase one and phase two can be repaid in just under three years, the study found. By building in phases, the company can use cash flow to help pay for construction of the second phase, which should reduce dilution and project financing risks. The capital cost estimates exclude sustaining capital costs over the 20-year mine life of US$348 million and closure costs of US$28 million. “I am very happy with the results of the re-scoped PEA, as it shows that the project is highly economic under a smaller-phased build scenario, even at a relatively low iron price of US$62 per tonne,” Matt Simpson, the company’s CEO, says in an email to The Northern Miner. “The main reasons for this are that all major infrastructure — including power, rail, port and skilled labour — are located very close to the orebody, coupled with the production of ultra high-grade,

Black Iron’s Shymanivske iron-ore project in the Ukraine. BLACK IRON

68% iron content product.” The company doesn’t need to build any major infrastructure, as rail and power lines are within 2 km of the property, and there are five different ports available to choose from. “To make money in bulks such as iron ore it’s all about proximity to infrastructure and skilled people, and Shymanivske is rare in that regard,” Simpson says. In addition, the economics of the project have improved over the last year, as iron content premium and corresponding penalties relative to the benchmark price have increased. Historically, the premium and penalty per 1% iron above or below 62% iron was charged at US$3 to US$4 per percent. Today that premium and penalty is US$7 to US$8

“THE PROJECT IS HIGHLY ECONOMIC UNDER A SMALLER-PHASED BUILD SCENARIO, EVEN AT A RELATIVELY LOW IRON PRICE OF US$62 PER TONNE.” MATT SIMPSON CEO, BLACK IRON

per percent. Shymanivske’s 68% iron content would be a value-add in producing steel, Simpson says, because it increases the productivity of blast furnaces and can reduce carbon emissions. “People are really focused on benchmark iron ore prices, which are important, but iron content premiums and penalties are now equally important to economic

returns,” he says. “Black Iron’s ultra high-grade 68% product makes the economics compelling.” As of Nov. 10, Black Iron’s concentrate would receive a total premium of US$46.85 per dry metric tonne over the 62% iron content benchmark price. The premium includes the iron grade premium, as well as the net premium for other deleterious elements. The project has also benefitted

from Ukraine’s favourable exchange rate of 27 hry vnia to US$1. By contrast, the exchange rate was 8 hryvnia to the US$1 in 2014, when Russia invaded the country. The corporate tax rate in the Ukraine is 18%. The current mining royalty rate is 8% of the net selling price. With the PEA behind it, the next steps, Simpson says, are to secure more land for the processing plant, waste rock and tailings, while securing construction financing in part through a prepaid offtake agreement. Shymanivske has 355.1 million tonnes grading 32% total iron and 19.5% magnetic iron in the measured category, and another 290.7 million tonnes grading 31.1% total iron and 17.9% magnetic iron in the indicated category. Inferred resources add 188.3 million tonnes grading 30.1% total iron and 18.4% magnetic iron. The resources were based on a cut-off grade of 10% magnetic iron. The project, in central Ukraine and in the southern part of the KrivBass iron ore mining district, is close to two open-pit iron ore mines owned by ArcelorMittal and Metinvest and Evraz Steel, which are also primarily magnetite quartzite deposits. There are seven operating open-pit mines in the district. ArcelorMittta l recent ly announced plans to invest US$1.1 billion over the next few years into its iron ore mine and steel mill, 1 km north of Shymanivske. The company’s shares on the Toronto Stock Exchange are trading at 11.5¢ apiece within a 52-week range of 3¢ (December 2016) to 16.5¢ (February 2017). Black Iron has 160 million shares outstanding for an $18.4-million market capitalization. TNM

Torex terminates work contracts at ELG mine in Guerrero utes,” Stanford said, adding that Dias proposed an “illegal solution” — a binding vote on union representation — which would not comply with Mexican labour laws, before walking out of the meeting. The next day Unifor activists held a protest outside Torex’s headquarters in Toronto.

TOREX From 5

workers who didn’t show up to vote. Stanford said that the vote still saw a slim majority of the 520 workers vote against the blockade. “The vote was an effort to give the union-eligible employees a chance to speak for themselves, rather than have their voice co-opted by this [Los Mineros] union,” Stanford said. “The ones that were able to get there were very proud to stand up and say ‘we’re not getting bullied here, we want this thing to end.’”

Torex Gold Mining’s ELG gold mine in Guerrero state, Mexico. TOREX GOLD

Dispute enters NAFTA debate In mid-November the tensions at ELG captured international attention after two brothers were shot dead on Nov. 18 in the town of Atzcala, 15 km from ELG, where some Torex workers live. One of the brothers was a contractor who had done work for Torex. He was “not a routine contractor, and certainly not in the union,” Stanford said. “We are told the gunmen were brought to Atzcala to supposedly disarm the community police. This has nothing to do with the company. We haven’t even been contacted by the local police authorities about it,” Torex said. Nevertheless, after the violence, Los Mineros, as well as some Canadian unions, were quick to connect the incident with the ongoing strife down the road at ELG. Labour leaders seized on the incident to call

for changes in Mexican labour law and influence the ongoing NAFTA renegotiations. In a bulletin posted on Los Mineros’ website, union leader Napoleon Gomez Urrutia said that “a group of thugs” from the CTM union killed the two men, Victor and Marcelino Sahuanitla Pena, who were “on strike” since Nov. 3. “They were calling for better pay and employment conditions, respect for their dignity and the freedom to belong to the trade union that they had democratically chosen.” Urrutia also claimed the killers are related to the people behind the 2014 killing of 43 university students in Guerrero state. Jerry Dias, who heads Canada’s largest private-sector union, Unifor, was in Mexico City for NAFTA talks at the time and visited the location where the shooting occurred.

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“Striking Mexican miners were brutally murdered because they wanted to join a free union,” Dias said in a press release on Nov. 21. “Workers’ rights must be included in the body of any new trade deal.” In a press release the United Steelworkers of Canada called for political action from Canadian Prime Minister Justin Trudeau in response to murdered “striking miners.” USW said Torex is at fault for signing an agreement with CTM, which it calls Mexico’s largest confederation of “protection unions” that doesn’t actually advance workers’ interests. Torex maintains that the two victims were not miners and that there is no workers strike, but rather an illegal road blockade. On Nov. 30 Unifor’s Dias met privately with Torex’s Stanford to discuss the situation in Mexico. “The meeting lasted eight min-

Strife sinks stock ELG, Torex’s first mine, started commercial production in March 2016. Once in full production, ELG will be among the largest and lowest-cost gold mines in the world, with average production over the mine’s projected 8.5-year mine life of 370,000 oz. gold a year at all-in sustaining costs of US$616 per ounce. The open-pit skarn deposit has measured and indicated resources of 4.12 million oz. gold at a grade of 2.65 grams gold per tonne, plus 360,000 oz. gold at a grade of 1.86 grams gold in the inferred category. Proven and probable reserves, included in the resources, stand at 3.63 million oz. gold at a grade of 2.62 grams gold. After the blockade Torex expects to finish 2017 with less than 300,000 oz. gold produced, which is below its guidance of 350,000 to 380,000 ounces. Andrew Breichmanas, who covers the company for BMO Capital Markets, lowered his target price for Torex on Dec. 15 from $35 to $25, but maintains his ‘outperform’ rating on the company.

“We have lowered our estimates to account for the impact of the blockade, which we now expect to affect operations through January,” Breichmanas said. “However, we maintain our outperform rating, as we expect current issues to eventually be resolved, leaving the stock price attractively heading into a catalyst-rich year.” At press time, Torex was trading at $11.82 per share in a 52-week trading range of $11.25 (Dec. 19) and $33.85 (Feb. 8). TNM — With files from Trish Saywell.

EVENTS Jan 1 1 CMHF Dinner and Induction Ceremony Metro Toronto Convention Centre, Toronto, ON Tel: 1-888-3088803 ext. 1 Email: reservations@ mininghalloffame.ca Website: http:// mininghalloffame.ca/about/annual_ dinner Jan 2 1-22 Vancouver Resource Investment Conference Metro Toronto Convention Centre, Toronto, ON Tel: 1-888-308-8803 ext. 1 Email: reservations@mininghalloffame.ca Website: https://cambridgehouse. com/e/vancouver-resourceinvestment-conference-2018-69 Jan 2 2-25 AME Roundup 2018 Vancouver Convention Centre, Vancouver, BC, Tel: (604) 630-3930 / 1 (877) 689-5554 Email: roundup@amebc.ca Website: http://roundup.amebc.ca/

For more event information, please go to: www.northernminer.com/events/

2017-12-19 8:37 PM

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DECEMBER 25, 2017–JANUARY 7, 2018 / THE NORTHERN MINER

Mt. Roseby on Altona Mining’s Cloncurry copper-gold property, 95 km northeast of Mt. Isa in northwest Queensland, Australia. ALTONA MINING

Copper Mountain bids US$70M for Altona Mining M&A

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

opper Mountain Mining (TSX: CMMC; US-OTC: CPPMF) has tabled a US$70million, all-share bid for Australia-based Altona Mining (ASX: AOH) and its district-scale Cloncurry copper-gold property, 95 km northeast of Mt. Isa in Queensland, Australia. The company reported on Nov. 19

| Cloncurry copper-gold asset draws BC copper miner Down Under

that it is offering Altona shareholders 0.0974 of a Copper Mountain share, which will be dual listed on the Australian and Toronto stock exchanges for each share held. The offer equates to a 41.7% premium based on closing prices at the time of the deal. Copper Mountain’s flagship asset is the 75%-owned Copper Mountain open-pit copper mine outside the town of Princeton in southern British Columbia. Japan’s Mitsubishi Materials

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holds the remaining stake in the operation, and has an off-take agreement entitling it to all the life-of-mine copper concentrate production. Copper Mountain expects to produce between 75 million to 85 million lb. copper this year. The mine has 15 years life remaining based on proven and probable reserves of 133 million tonnes grading 0.35% copper, 1.47 grams silver per tonne and 0.12 gram gold per tonne. Meanwhile, Altona is advancing the wholly owned Cloncurry project, which hosts measured and indicated resources of 163 million tonnes grading 0.58% copper and 0.05 gram gold per tonne, and inferred resources of 127 million tonnes at 0.57% copper and 0.04 gram gold. “We looked at this project a couple years ago, but at that time the copper markets were not in our favour,” Copper Mountain CEO Jim O’Rourke said during a conference call. “So we didn’t end up pursuing it at that time, and they had an agreement with a Chinese group that didn’t work out. In August, we picked up the phone to rekindle the negotiations.” The property hosts iron oxide copper gold (IOCG) mineralization, which Altona reports can “manifest in a variety of styles,” including: vein networks, breccias, disseminations and replacements. The deposits are typically localized in dilation zones of structures active during pluton emplacement and cooling. “It’s actually quite similar to Copper Mountain,” Copper Mountain vice-president of exploration Peter Holbek said. “There’s very similar alteration and dispersion of mineralization in terms of copper and gold. It’s quite well drilled off, and well understood. They have done a great job geologically in understanding the structural controls.” Altona released an updated feasibility study on Cloncurry

Drillers on the Little Eva copper-gold deposit at Cloncurry. ALTONA MINING

earlier this year, which models a 19,200-tonne-per-day open-pit mine that would produce 86 million lb. copper and 17,200 oz. gold annually over a 14-year mine life at cash costs of US$1.92 per pound. Altona has earmarked four copper-gold deposits for production: Little Eva, Lady Clayre, Ivy Ann and Bedford. O’Rourke noted the project has “all major permits,” but will require “some amendments” and more regulatory work to move into construction. Copper Mountain said it is targeting production by 2020, and would likely fund the US$217-million capital expense requirement via debt facilities and treasury. Based on a US$2.95 per lb. copper price, Altona estimates a $293-million, after-tax net present value at a 7.5% discount rate, and a 28% internal rate of return. “We’ve achieved what we set out to do with Copper Mountain, and have also met our second goal in terms of exploration success at the project to create organic growth,” O’Rourke added. “Our development and operation experience will ef-

fectively combine with Altona’s exploration expertise as we work towards becoming a mid-tier copper producer.” Furthermore, Copper Mountain cites potential to add resources at depth and along strike, as well as through exploration at numerous prospective targets within Altona’s regional land package, which totals nearly 4,000 square kilometres. Scotia Capital analyst Orest Wowkodaw has a “sector perform” rating on Copper Mountain and a one-year price target of $1.70 per share. He noted that Cloncurry “appears to have reasonable economics,” but expressed concern over the company’s “ability to fund … the development” and its “projectexecution capabilities in Australia.” Copper Mountain has traded within a 52-week range of 69¢ to $1.85 per share, and closed at $1.51 at press time. It reported $44 million in cash at the end of the third quarter, and has 132.4 million shares outstanding for a $200-million market capitalization. The pro-forma combined company would have $78 million in cash and a $300-million valuation. TNM

2017-12-19 8:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 25, 2017–JANUARY 7, 2018

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2017-12-19 5:51 PM

WWW.NORTHERNMINER.COM

DECEMBER 25, 2017–JANUARY 7, 2018 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 11–15 The U.S. Federal Reserve raised interest rates 0.25% — its third rate increase this year. The central bank said it expects three more interest rate increases in 2018. Spot gold rose 0.60% to US$1,255.10 per oz., and the S&P/TSX Global Gold Index gained 1.54% to 188.77. Base metals had a good week, with copper rising 4.6% to US$3.1l per lb.; zinc up 3.6% to US$1.45 per lb.; and nickel up 5.5% to US$5.23 per pound. The S&P/TSX Composite Index fell 0.34% to finish at 16,041.98. Agrium rose $5.25 to $141.74 per share. The company signed a binding purchase agreement for Macrofertil, a fertilizer distribution business in Australia that has US$120 million in annual sales. Macrofertil has six fertilizer storage and distribution assets with coating and blending capabilities, and its annual sales exceed 300,000 tonnes. Shares of Altius Minerals rose $1.14 to $14.64. The company reported net earnings of $6.75 million, or 16¢ per share in its fiscal second quarter (the three months ended Oct. 31), up from $4.50 million, or 10¢ per share, in the fiscal first quarter. In the second quarter of 2016, net earnings totalled $287,000, or 1¢ per share. Altius said the results were driven by higher production volumes and realized prices across most of its royalty portfolio. The company also increased its dividend by one-third to 4¢ per quarter, or 16¢ per year.

Altius holds royalties and streams from 15 mines in Canada and Brazil that produce copper, zinc, nickel, cobalt, iron ore, potash, and thermal and metallurgical coal. Katanga Mining jumped 55% to $1.75 as it completed hot commissioning of its new whole ore leach (WOL) processing facility at its Kamoto copper-cobalt mine in the Democratic Republic of the Congo. The mine is owned by Katanga’s subsidiary, Kamoto Copper Company (KCC). The Luilu site, where the WOL and electrowinning plants are located, produced its first copper cathode on Dec. 11. KCC’s copper and cobalt production was suspended in September 2015, pending the construction of the WOL project. The company expects the processing facility will reach full capacity on the TSX MOST ACTIVE ISSUES

Lundin Mng Kinross Gold Barrick Gold Suncor Energy First Quantum Goldcorp Katanga Mng Yamana Gold OceanaGold Potash Corp SK

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

LUN K ABX SU FM G KAT YRI OGC POT

21562 7.70 7.04 7.48 + 0.42 20789 5.26 4.86 5.19 + 0.19 20572 18.29 17.33 18.13 + 0.56 19816 45.11 43.54 43.66 - 0.59 19058 17.39 15.20 17.12 + 2.02 18658 16.00 15.00 15.97 + 0.58 15827 2.00 1.14 1.75 + 0.62 14677 3.43 3.15 3.38 + 0.22 14354 3.14 2.92 3.08 unch 0.00 13109 26.04 24.28 25.32 + 0.99

first train by March 2018. Construction of the second train of the WOL plant is on schedule and hot commissioning could start in the second half of 2018. The board has also approved capex of US$15.8 million to build a facility designed to lower throughput bottlenecks in its cobalt processing circuit at KCC, and another US$49 million for cobalt product dryers as part of the cobalt production circuit. Hot commissioning is

expected in the fourth quarter of 2018. Kirkland Lake Gold’s shares were down 79¢ to $17.13. The company announced it is selling Stawell Gold Mines to an affiliate of Arete Capital Partners for US$6.25 million in cash and a 2.5% net smelter return royalty. Stawell Gold Mines owns the Stawell gold mine in Australia’s Victoria state. Kirkland Lake has a second mine in the state called Fosterville. TNM

TSX GREATEST PERCENTAGE CHANGE

Katanga Mng Sulliden Mng Aura Mnls eCobalt Solns Intl Tower Hil Golden Queen First Mg Fin Almaden Mnls St Augustine Goldgroup Mng Heron Res RTG Mining Argex Titanium Talon Metals Lithium Amer Loncor Res Freegold Vent Karnalyte Res New Milln Iron Minco Silver

KAT SMC ORA ECS ITH GQM FF AMM SAU GGA HER RTG RGX TLO LAC LN FVL KRN NML MSV

15827 521 81 7200 425 742 6425 306 1721 723 210 91 5561 1352 3167 367 159 83 923 291

2.00 1.14 1.75 0.50 0.32 0.50 2.55 2.00 2.50 1.87 1.42 1.75 0.52 0.41 0.50 0.23 0.18 0.23 0.64 0.51 0.62 1.22 0.99 1.20 0.03 0.03 0.03 0.06 0.05 0.06 0.07 0.07 0.07 0.35 0.19 0.24 0.06 0.05 0.05 0.06 0.05 0.05 12.39 10.28 10.73 0.11 0.09 0.09 0.09 0.08 0.09 0.48 0.40 0.43 0.11 0.09 0.09 0.70 0.61 0.61

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium First Quantum Labrador Iron TMAC Resources Altius Mnrls Endeavour Mng Teck Res MAG Silver Potash Corp SK First Majestic Franco-Nevada Lithium Amer Kirkland Lake Torex Gold Heron Res Suncor Energy Osisko Gold Cameco Corp Prophecy Coal Pershing Gold

54.9 38.9 25.0 25.0 23.5 21.6 21.6 21.2 20.0 20.0 90.0 26.6 18.2 16.7 11.1 10.5 10.5 10.4 10.0 9.0

VOLUME WEEK (000s) CLOSE CHANGE

AGU FM LIF TMR ALS EDV TECK.B MAG POT FR FNV LAC KL TXG HER SU OR CCO PCY PGLC

2866 141.74 19058 17.12 1618 25.22 192 10.00 633 14.64 3288 24.68 11483 30.67 1066 15.02 13109 25.32 5161 9.30 4045 97.91 3167 10.73 6918 17.13 3090 11.99 210 0.07 19816 43.66 1889 13.93 7240 12.97 24 4.11 13 3.36

+ 5.25 + 2.02 + 1.60 + 1.60 + 1.14 + 1.08 + 1.08 + 1.08 + 0.99 + 0.94 - 2.10 - 1.34 - 0.79 - 0.63 - 0.63 - 0.59 - 0.44 - 0.36 - 0.36 - 0.30

TSX VENTURE EXCHANGE / DECEMBER 11–15 The S&P/TSX Venture Composite Index gained 8.27 points to a 801.23-point close, as spot gold prices rose US$7.95 to US$1,256.44 per oz., and Comex copper prices gained US16¢ to US$3.14 per pound. Shares of Meridian Mining gained 41¢ to $1 after increasing its loan by US$1 million to fund plant expansion at its Espigao manganese project in Rondonia, northwestern Brazil. The US$8.5-million upgrade would boost production capacity to 100,000 tonnes magnesium oxide per annum, up from 30,000 tonnes per annum. The company is producing and selling manganese oxide from surface colluvium, while geological work is underway to find high-grade manganese veins for longer-term production. On Dec. 7, the company released an early resource and preliminary economic assessment for its Bom Futuro tin project, a historical mine in Rondonia that produced 195,000 tonnes tin for over 30 years. The company intends to recover metal from the tailings area, which has 3 million indicated tonnes 0.063% tin and 58 million inferred tonnes 0.053% tin. The 16-year, US$28-million mine would process 3.8 million tonnes tin a year. The study calculates an after-tax net present value of US$50 million at a 10% discount rate, and a 40% internal rate of return.

Rotation Minerals, a junior explorer focused on gold and silver in northwestern B.C.’s Golden Triangle, has seen its shares jump 15¢ to 33¢ per share on news of the company completing its 100% purchase in the Scottie gold property, 50 km north of Stewart, British Columbia. The 3.2 sq. km property hosts the historical Scottie gold mine, which produced 95,400 oz. gold from 183,000 tonnes between 1981 and 1985. Four vein zones — L, M, N and O — were partly explored by drilling and underground development. A historical resource on the remaining zones totals 120,000 tonnes of 19.31 grams gold per tonne for 74,000 oz. gold. Rotation says the deposit has over 1 km of unexplored strike length and 600 metres of open vertical extent. Historical data is being modelled to find targets for the TSX-V MOST ACTIVE ISSUES

AXE Expl Leeta Gold Centurion Mnls Spearmint Res Alexandria Min Orla Mng Ltd Azincourt Ener Anfield Res Pistol Bay Mng Northern Uran

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AXQ HIVE CTN SRJ AZX OLA AAZ ARY PST UNO

52977 30495 13655 11731 11443 10759 9577 9410 9317 9228

0.10 4.05 0.04 0.07 0.07 1.76 0.16 0.05 0.08 0.03

0.03 3.04 0.03 0.05 0.05 1.60 0.10 0.04 0.05 0.02

0.07 + 3.42 + 0.03 unch 0.05 - 0.07 + 1.72 + 0.11 - 0.05 + 0.08 + 0.02 unch

0.04 0.18 0.00 0.02 0.02 0.06 0.04 0.01 0.03 0.00

2018 drilling season. A feasibility study on Bacanora Minerals’ Sonora lithium project in Mexico sent shares of the company up 28¢ to $1.80. The study shows that a 19-year open-pit operation with an annual production of 35,000 tonnes lithium has a US$802.5 million after-tax net present value assuming an 8% discount rate, and forecasts a 21.2% internal rate of

return. On Dec. 15, Bacanora secured another $53.5-million investment from NextView Capital, earning the Chinese institutional fund management group a 19.8% stake in Bacanora. The budding miner is to supply NextView with 5,000 tonnes lithium carbonate per year during the first stage of production, followed by an increase to an annual 8,000 tonnes. TNM

TSX-V GREATEST PERCENTAGE CHANGE

White Metal Rs Cerro Mng Rotation Mnls AXE Expl Martina Mnls Cdn Arrow IGC Res Freeport Res Meridian Mg Voyageur Min Abacus Mng &Ex Goldcliff Res Noble Metal Gr Black Mam Mtls Randsburg Intl Blue Rvr Res Tolima Gold Baroyeca Go&Si Black Isle Res Gitennes Expl

WHM CRX.H ROT AXQ MTN.H CRO IGC.H FRI MNO VM AME GCN NMG BMM RGZ.H BXR TOM BGS BIT GIT

4347 46 3050 52977 152 438 90 128 38 364 4471 4512 201 187 101 1091 672 135 127 1205

0.19 0.16 0.33 0.10 0.06 0.01 0.01 0.07 1.27 0.11 0.84 0.33 0.01 0.11 0.01 0.02 0.01 0.01 0.05 0.15

0.07 0.00 0.15 0.03 0.03 0.00 0.01 0.04 0.00 0.07 0.20 0.20 0.01 0.06 0.01 0.01 0.01 0.01 0.00 0.07

0.19 0.16 0.33 0.07 0.06 0.01 0.01 0.07 1.00 0.11 0.20 0.21 0.01 0.06 0.01 0.01 0.01 0.01 0.03 0.08

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 208.3 + 166.7 + 120.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 69.5 + 69.2 - 75.0 - 51.2 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 40.0 - 34.8

VOLUME WEEK (000s) CLOSE CHANGE

Kitrinor Mtls Novo Res Cobalt 27 Cap Meridian Mg SilverCrest Mt Till Capital Bacanora Mnls Abitibi Royalt Aurion Res Corsa Coal Garibaldi Res Abacus Mng &Ex QMC Qntm Ml Millennial Lit Mason Graphite Delrand Res Metallis Res Southern Lith Goldcliff Res Jubilee Gold

SCYB NVO KBLT MNO SIL TIL BCN RZZ AU CSO GGI AME QMC ML LLG KUU MTS SNL GCN JUB

273 10.85 1570 5.87 1262 11.01 38 1.00 716 1.73 1 4.16 298 1.80 15 8.90 531 2.24 222 1.57 5766 2.85 4471 0.20 2984 0.94 697 3.54 452 2.45 63 1.50 1381 1.25 1370 0.43 4512 0.21 3 0.41

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

2.45 0.84 0.50 0.41 0.40 0.37 0.28 0.28 0.27 0.20 1.04 0.60 0.43 0.33 0.28 0.25 0.25 0.22 0.22 0.22

U.S. MARKETS / DECEMBER 11–15 Gold closed at US$1,255.10 per oz., up US$6.90 per oz. on the week. The Philadelphia Gold and Silver Index rose 4.1% to 80.23 and the Dow Jones Industrial Average rose 1.31% to 24,651.74, while the S&P 500 Index rose 0.91% to 2,675.81. Shares of Southern Copper rose US$1.33 to US$43.32 as a three-week strike at its Peruvian operations ended. Workers for the two largest unions, together comprising more than 3,000 members, started the strike in late November demanding higher profit shares. The strike affected the company’s two Peruvian mines: Cuajone and Toquepala. The Peruvian labour ministry declared the strike illegal while protesters gathered on train tracks used to move copper concentrate to the refinery. Police arrested 24 workers and injured three others with tear gas and rubber bullets shortly after the protests began. Three smaller unions did not participate in the strike and the company said production was not affected. Shares of McEwen Mining rose 14.2% to US$2.09. Construction is underway at its Gold Bar project in Nevada where the company wants to enter commercial production in

18_DEC25_MarketNews.indd 18

2019. It says contractors were on-site in early November and a mild winter has allowed it to fast-track parts of the project. Gold Bar contains 20.1 million measured and indicated tonnes averaging 0.87 gram gold per tonne. In early December the company also announced a $10-million private placement to fund 2018 exploration at its Black Fox property near Timmins, Ontario. It acquired the property in August for US$35 million from Primero Mining. The Black Fox property has historically produced 950,000 oz. gold. Shares of Alamos Gold fell 4% to US$6.03. The company released a feasibility study on U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Frprt McMoR* FCX 127011 16.99 14.95 16.98 + 2.01 Vale* VALE 125873 11.28 10.64 11.17 + 0.39 Eldorado Gold* EGO 70177 1.29 1.16 1.29 + 0.13 Barrick Gold* ABX 65276 14.30 13.47 14.06 + 0.41 Goldcorp* GG 55487 12.51 11.64 12.37 + 0.41 Yamana Gold* AUY 55034 2.68 2.45 2.63 + 0.17 Kinross Gold* KGC 52410 4.09 3.78 4.04 + 0.16 United States S* X 50335 34.33 31.17 31.85 - 1.38 Cleveland-Clif* CLF 49863 6.70 6.39 6.65 + 0.24 Mosaic* MOS 47538 25.19 23.63 24.92 + 1.30

its Lynn Lake gold project in Manitoba. Lynn Lake contains 26.8 million proven and probable tonnes grading 1.89 grams gold with 1.6 million contained oz. gold. Alamos acquired the project in 2016 and would have to spend US$338 million to build two open-pit mines.

The company also bought Richmont Mines in November 2017. Although Richmont sold several assets before completing the transaction, Alamos absorbed the Island Gold mine near Wawa, Ontario. The mine has produced 500,000 oz. gold. TNM

U.S. GREATEST PERCENTAGE CHANGE

Endeavr Silver* EXK McEwen Mng* MUX Freeport McMoR* FCX CONSOL Energy* CEIX Fortuna Silvr* FSM First Majestic* AG Eldorado Gold* EGO HudBay Mnls* HBM Coeur Mng* CDE Hecla Mining* HL Mechel* MTL Kirkland Lake* KL MartinMarietta* MLM Alamos Gold* AGI United States S* X CONSOL Energy* CNX Sibanye Gold* SBGL Osisko Gold* OR Buenaventura* BVN Cameco Corp* CCJ

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

8365 2.39 2.03 2.36 + 15.7 23241 2.09 1.82 2.09 + 14.2 127011 16.99 14.95 16.98 + 13.4 5553 30.68 25.00 28.72 + 13.2 9397 4.97 4.26 4.79 + 12.4 16607 7.40 6.47 7.26 + 11.9 70177 1.29 1.16 1.29 + 11.2 3413 7.80 6.95 7.70 + 10.8 12463 7.61 6.89 7.59 + 10.2 28734 3.95 3.56 3.91 + 9.5 1730 4.67 4.22 4.22 - 6.2 3622 14.51 13.03 13.27 - 4.7 3356 215.09 200.80 204.44 - 4.5 15518 6.46 5.94 6.03 - 4.3 50335 34.33 31.17 31.85 - 4.2 21969 14.80 13.78 13.81 - 4.0 26557 5.11 4.39 4.85 - 3.6 4230 11.24 10.76 10.84 - 3.0 12660 13.38 12.69 12.78 - 2.9 7839 10.67 10.08 10.09 - 2.7

U.S. GREATEST VALUE CHANGE

Agrium* AGU CONSOL Energy* CEIX Freeport McMoR* FCX Rio Tinto* RIO Arch Coal* ARCH Southern Copp* SCCO Mosaic* MOS Peabody Enrgy* BTU Alcoa* AA Teck Res* TECK MartinMarietta* MLM Franco-Nevada* FNV United States S* X NACCO Ind* NC Kirkland Lake* KL CONSOL Energy* CNX Suncor Energy* SU Buenaventura* BVN Osisko Gold* OR Cameco Corp* CCJ

VOLUME WEEK (000s) CLOSE CHANGE

1919 110.13 5553 28.72 127011 16.98 16181 49.12 1980 86.86 5466 43.32 47538 24.92 6208 35.50 19842 42.61 20462 23.82 3356 204.44 6118 75.99 50335 31.85 338 39.80 3622 13.27 21969 13.81 12771 33.92 12660 12.78 4230 10.84 7839 10.09

+ 4.00 + 3.35 + 2.01 + 1.95 + 1.92 + 1.33 + 1.30 + 1.26 + 1.21 + 0.82 - 9.66 - 1.87 - 1.38 - 1.05 - 0.65 - 0.58 - 0.50 - 0.38 - 0.33 - 0.28

2017-12-19 8:36 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 25, 2017–JANUARY 7, 2018

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, December 19, 2017 Precious Metals Price (US$/oz.) Change 1263.10 +19.70 Gold Silver $16.16 +0.38 Platinum $896.00 +6.00 Palladium $1021.00 +10.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11765.00 -75.00 $6936.00 +37.00 $2556.00 -9.00 $3203.00 +5.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 15, 2017 (change from December 8, 2017 in brackets): Aluminium Alloy 13000 (0) 1105950 (+11425) Aluminium Copper 195200 (+50) 144550 (-750) Lead Nickel 374850 (-2088) 2310 (-15) Tin 193750 (-7375) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$59.85 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.10 Cobalt: US$32.89/lb. Copper: US$3.06/lb. Copper: CME Group Futures Jan. 2018: US$3.11/lb.; Feb. 2018: US$3.13/lb Ferro-Chrome: US$2.80/kg Ferro Titanium: US$4.40/kg FerroTungsten: US$28.52/kg Ferrovanadium: US$29.70/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$74.40/tonne Iron Ore Fines: US$72.80/tonne Iron Ore Pellets: US$105.20/tonne Lead: US$1.14/lb. Magnesium: US$2.27/kg Manganese: US$2.12/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$80.00/tonne Potash: US$222.00/tonne Rhodium: Mid-mkt US$1,560.00 tr. oz. Ruthenium: Mid-mkt US$190.00/tr. oz. Silver: Handy & Harman Base: US$16.14 per oz.; Handy & Harman Fabricated: US$20.17 per oz. Tantalite Ore : US$139.20/kg Tin: US$8.68/lb. Uranium: U3O8, Trade Tech spot price: US$25.00; The UX Consulting Company spot price: US$24.90/lb. Zinc: US$1.44/lb. Prices current Dec. 19, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 16, 2017 (with changes from Nov 01, 2017) Largest short positions BTO 17439552 -1517879 11/1/2017 B2Gold Eldorado Gold ELD 17429987 3814180 11/1/2017 Sandstorm Gold SSL 15053412 -196883 11/1/2017 Asanko Gold AKG 14125605 2650594 11/1/2017 YRI 13696241 1148245 11/1/2017 Yamana Gold Suncor Energy SU 12411963 468506 11/1/2017 Ivanhoe Mines IVN 10628160 1430143 11/1/2017 New Gold NGD 10534908 -114963 11/1/2017 OGC 9784509 -585109 11/1/2017 OceanaGold Turquoise HIl TRQ 8886204 71586 11/1/2017 AGI 8430803 1695998 11/1/2017 Alamos Gold Lundin Mng LUN 8019631 1186501 11/1/2017 First Quantum FM 7582288 1440109 11/1/2017 Alacer Gold ASR 6865940 -876133 11/1/2017 NSU 6777467 -151543 11/1/2017 Nevsun Res Largest increase in short position Eldorado Gold ELD 17429987 3814180 11/1/2017 Asanko Gold AKG 14125605 2650594 11/1/2017 AMI 2308094 2266894 11/1/2017 AuRico Metals Alamos Gold AGI 8430803 1695998 11/1/2017 FM 7582288 1440109 11/1/2017 First Quantum Largest decrease in short position B2Gold BTO 17439552 -1517879 11/1/2017 Barrick Gold ABX 2814980 -1080845 11/1/2017 ASR 6865940 -876133 11/1/2017 Alacer Gold Excellon Res EXN 337320 -625964 11/1/2017 OceanaGold OGC 9784509 -585109 11/1/2017

Short positions outstanding as of Nov 16, 2017 (with changes from Nov 01, 2017) Largest short positions HIVE 7042900 2412100 11/1/2017 Leeta Gold Anfield Res ARY 2233000 2232400 11/1/2017 Liberty One Li LBY 1870400 -760541 11/1/2017 Portofino Res POR 1610800 1599500 11/1/2017 VEIN 1473400 1468400 11/1/2017 Enforcer Gold Atlantic Gold AGB 1323100 383 11/1/2017 AAL 1253251 904686 11/1/2017 Advantage Lith Uragold Bay Rs HPQ 1215800 1058000 11/1/2017 Neo Lithium NLC 1214700 -154600 11/1/2017 Garibaldi Res GGI 869100 141100 11/1/2017 LIX 634200 -1708568 11/1/2017 Lithium X Egy Millennial Lit ML 579000 63896 11/1/2017 First Cobalt FCC 560211 102211 11/1/2017 US Cobalt USCO 439300 -3700 11/1/2017 Cruz Cobalt CUZ 416300 366300 11/1/2017 Largest increase in short position Leeta Gold HIVE 7042900 2412100 11/1/2017 Anfield Res ARY 2233000 2232400 11/1/2017 Portofino Res POR 1610800 1599500 11/1/2017 Enforcer Gold VEIN 1473400 1468400 11/1/2017 HPQ 1215800 1058000 11/1/2017 Uragold Bay Rs Largest decrease in short position Lithium X Egy LIX 634200 -1708568 11/1/2017 Astorius Res ASQ 200 -1399800 11/1/2017 LBY 1870400 -760541 11/1/2017 Liberty One Li Focus Vent FCV 0 -500000 11/1/2017 CGLD 0 -448900 11/1/2017 Core Gold

DAILY METAL PRICES Daily Metal Prices Date Dec 18 Dec 15 Dec 14 Dec 13 Dec 12 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1780/1795 1785/1800 1780/1795 1780/1795 1780/1795 Aluminum 2046.50/2066 2035.50/2050 2015/2033 1996.50/2015 2003/2026 Copper 6843/6878 6734.50/6776 6722.50/6759.50 6684/6725 6613/6650 Lead 2585.50/2558 2509/2499 2472/2480 2514/2510 2517/2510 Nickel 11520/11590 11160/11240 11130/11165 11080/11145 11065/11135 Tin 19285/19200 19100/18925 18865/18825 18865/18755 19425/19300 3195/3200 3182/3186 3168/3170 3161/3162 3166/3167 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1258.65 1257.25 1255.60 1241.60 1243.40 Gold PM 1260.60 1254.60 1251.00 1242.65 1240.90 Silver 16.09 15.99 16.01 15.71 15.78 Platinum 902.00 882.00 879.00 877.00 883.00 Palladium 1015.00 1028.00 1020.00 1008.00 1006.00

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

Dec 15 Dec 14 Dec 13 Dec 12 Dec 11 1.2866 1.2795 1.2808 1.2870 1.2854 0.7773 0.7816 0.7808 0.7770 0.7780

Exchange rates (Quote Media, December 15, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6606 87.5070 14.8605 10.2082 1.0153 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5827 5.1322 49.7636 0.7691 846.6830 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3083 0.8511 112.6126 19.1095 13.1024 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7507 6.6094 64.0805 0.9908 1089.3800

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 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 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) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 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 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 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 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

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 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 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 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Dec 15 Dec 14 Dec 13 Dec 12 Dec 11 High Low S&P/TSX Composite 16041.98 16016.46 16136.59 16114.03 16103.51 15527.30 12400.15 S&P/TSXV Composite 801.23 798.20 798.57 797.71 791.36 1050.26 883.52 S&P/TSX 60 953.69 951.45 959.73 959.20 958.24 896.74 709.99 S&P/TSX Global Gold 188.77 188.30 189.48 183.71 184.18 218.90 149.29 DJ Precious Metals 165.25 165.89 160.12 160.12 161.15 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS DECEMBER 11–15, 2017 106 New Highs Agrium* Aguila Amer Gd Alchemist Mng Alexandra Cap Altius Mnrls Arch Coal* Argus Metals* Asbestos Corp Aura Mnls Aura Mnls* AuRico Metals AXE Expl Balto Res Bayhorse Silvr Belvedere Res Bird River Res BWR Explor Calaveras Res Canada Coal Canada One Canada One* Castle Silver Castle Silver* Cavan Vent Cdn Intl Mnrls* Cerro Mng Chimata Gold Cobalt Pwr Grp

Cobalt Pwr Grp* CONSOL Energy* Contact Mnrls* Copper Ck Gold Copper Ck Gold* Critical Elem Dynasty Gold* Eco Oro Mnls eCobalt Solns eCobalt Solns* Erin Ventures* Fireweed Zinc Firma Holdings* Gitennes Expl Gold Std Vents Golden Band* Golden Eagle* Golden Sun* Graphite Egy Group Ten Mtls* Homeland Egy Iconic Mnls * Integra Res* Intl Bethl Mng Ironside Res * Jiminex Karoo Expl Katanga Mng Kitrinor Mtls Labrador Iron

Marifil Mines Marifil Mines* Martina Mnls Masuparia Gold MBMI Res* McChip Res McLaren Res Meadow Bay Gd* Mineworx Tech Mineworx Tech* NSS Res Inc Opawica Expl Orla Mng Ltd Palamina Corp Palamina Corp* Parana Copper Peabody Enrgy* Plato Gold Promithian Gl * Q-Gold Res* Quartz Mtn Res Quartz Mtn Res* Radisson Mng Redzone Res* Rodinia Lithm Royal Rd Mnrls Saturn Mnrls Sienna Res Skeena Res Skeena Res*

Sonoro Mtls Southern Lith St-Georges Plt* Standard Graph* Sulliden Mng Taranis Res* TNR Gold Toron, Inc* U3O8 Corp U3O8 Corp* VR Resources Westcot Vent Westridge Res* White Metal R* White Metal Rs Wolverine Mnls Zincore Mtls Zincore Mtls*

71 New Lows

Abzu Gold* Aim Explor* Alabama Graph AngloGold Ash* Arianne Phosph Asanko Gold Asanko Gold* Atacama Res* Atico Mng* Aurcana Corp Auryn Res

Auryn Res* Avarone Metals* Axmin Inc* Belo Sun Mng Broadway Gold Calibre Mng Canadian Mng* Castle Res* Coral Gold Cordoba Mnls* Crystal Explor* Darnley Bay* El Capitan Prc* Ely Gold Royal* Explor Res Fiore Gold* Geologix Expl* GFG Resources* GGL Res* GlobalMin Vent* Goldcorp Goldcorp* Golden Mnls* Golden Queen* Great Panther Great Panther* Infinite Lith Itoco Mg Corp* K92 Mng Inc K92 Mng Inc*

Lithium Expl* New Destiny Mg Nthrn Sphere* Pershing Gold* Prosper Gold Prospero Silvr* Pure Energy Pure Energy* Randsburg Int* Redstar Gold Redstar Gold* Rio Novo Gold* RJK Explor* Sandspring Res Sandspring Res* Silver Mtn Mns* Spanish Mtn Gd Spanish Mtn Gd* Standard Graph* Tanzania Rlty* Telferscot Res* Teras Res* Thunderstruck* Torex Gold* Trek Mining Trek Mining* TriStar Gold Volcanic Gold* Westridge Res* WPC Res*

CANADIAN GOLD MUTUAL FUNDS Fund Dec 15 ($) Dec 08 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 19.96 19.22 0.74 3.85 -12.63 2.80 121.17 BMO Prec Mtls Fd A 17.36 17.00 0.37 2.16 -2.69 2.40 60.77 BMO ZGD 8.84 0.29 3.36 -3.35 0.63 BMO ZJG 8.22 0.59 7.26 5.92 0.60 CIBC Prec Metal Fd A 9.78 9.63 0.15 1.53 -6.32 2.58 47.84 Dyn Prec Metls Fd A 6.64 6.39 0.25 3.91 5.80 2.66 341.98 GOGO 9.90 9.63 0.27 2.84 Horizons HEP 23.53 23.42 0.11 0.45 7.15 0.81 IG Mac GbPMetCl A 8.45 8.16 0.30 3.67 -1.29 2.75 39.64 iShares XGD 11.80 11.62 0.18 1.54 0.02 0.55 751.36 Mac Prec Met Cl A 45.16 43.51 1.65 3.78 -1.19 2.52 84.37 NBI PrecMetFd AdvDSC 11.93 11.71 0.22 1.88 -2.03 2.47 28.84 NBI PrecMetFd AdvISC 11.93 11.71 0.22 1.88 -2.03 2.47 28.84 NBI PrecMetFd AdvLSC 11.93 11.71 0.22 1.88 -2.03 2.47 28.84 NBI PrecMetFd Invt 11.93 11.71 0.22 1.88 -2.03 2.46 28.84 RBC GblPreMetFd A 31.73 31.08 0.65 2.08 2.38 2.13 352.33 Redw UITGoDe&ProCl A 10.00 0.00 Sentry Pre Met Fd A 36.97 36.17 0.80 2.22 -2.33 2.44 168.55 Sprott Gold&PrMinFdA 34.43 33.67 0.77 2.28 -2.36 2.96 194.57 Sprott SilverEquCl A 5.50 5.19 0.31 5.94 -16.03 3.36 113.39 TD PreciousMetalsInv 32.56 32.12 0.44 1.37 -4.54 2.27 120.67

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.$

19_DEC25_MMMM.indd 19

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

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

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

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

2017-12-19 5:22 PM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 11–15, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

DECEMBER 25, 2017–JANUARY 7, 2018 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources* O 31 0.09 0.08 0.08 - 0.00 0.11 0.07 92 Resources V 327 0.11 0.10 0.10 - 0.01 0.15 0.07 Abacus Mng &Ex* O 1638 0.64 0.15 0.17 - 0.44 2.88 0.06 Abacus Mng &Ex V 4471 0.84 0.20 0.20 - 0.60 1.25 0.20 Abcourt Mines* O 56 0.06 0.05 0.05 - 0.00 0.10 0.05 ABE Resources V 2558 0.47 0.40 0.41 + 0.02 0.57 0.18 Aben Res V 2495 0.15 0.13 0.14 - 0.01 0.50 0.08 Aben Res* O 355 0.12 0.10 0.11 + 0.00 0.41 0.05 Aberdeen Intl* O 166 0.13 0.00 0.13 + 0.01 0.15 0.09 Aberdeen Intl T 262 0.17 0.15 0.16 + 0.01 0.19 0.11 Abitibi Royalt* O 1 6.90 6.70 6.90 + 0.20 8.18 6.00 Abitibi Royalt V 15 9.00 8.61 8.90 + 0.28 10.75 7.41 AbraPlata Res* O 91 0.20 0.19 0.20 + 0.01 0.48 0.17 AbraPlata Res V 167 0.25 0.24 0.25 + 0.01 0.63 0.03 Acacia Mining* O 6 2.20 2.10 2.20 + 0.10 6.62 2.01 Adamera Mnls V 502 0.11 0.09 0.09 - 0.01 0.24 0.06 O 427 0.08 0.07 0.08 - 0.01 0.18 0.04 Adamera Mnls* Advance Gold V 150 0.07 0.06 0.07 + 0.01 0.13 0.05 Advantage Lith V 2846 1.10 0.99 1.00 - 0.05 1.42 0.36 Advantage Lith* O 902 0.90 0.77 0.79 - 0.04 1.12 0.28 Adventus Zinc V 9 0.96 0.86 0.86 - 0.03 1.15 0.57 African Mnrls* O 302 0.00 0.00 0.00 + 0.00 0.01 0.00 African Queen V 1485 0.03 0.02 0.02 - 0.01 0.08 0.02 Aftermath Slvr V 186 0.17 0.13 0.13 - 0.02 0.19 0.04 Agnico Eagle* N 8884 43.43 41.39 42.97 + 0.13 51.86 36.49 Agnico Eagle T 5678 55.57 53.28 55.36 + 0.28 68.76 46.91 Agrium T 2866 145.57 136.29 141.74 + 5.25 146.99 115.16 N 1919 113.25 106.01 110.13 + 4.00 113.25 87.82 Agrium* Aguia Resource V 265 0.46 0.32 0.37 + 0.05 0.49 0.32 Aguila Amer Gd V 22 0.28 0.00 0.28 + 0.03 0.45 0.18 Aim Explor* O 11566 0.00 0.00 0.00 - 0.00 0.04 0.00 Alabama Graph V 7687 0.13 0.08 0.09 - 0.05 0.22 0.08 Alabama Graph* O 1630 0.11 0.06 0.07 - 0.04 0.17 0.07 Alacer Gold T 3134 2.06 1.98 2.01 + 0.01 3.11 1.75 Alamos Gold T 10903 8.30 7.64 7.84 - 0.27 11.83 7.53 Alamos Gold* N 15518 6.46 5.94 6.03 - 0.27 9.00 5.93 Alba Minerals* O 6 0.11 0.09 0.09 - 0.01 0.17 0.03 Alchemist Mng 7553 0.24 0.14 0.17 + 0.01 0.24 0.05 Alcoa* N 19842 43.14 41.54 42.61 + 1.21 50.31 28.01 Alderon Iron* O 129 0.17 0.16 0.17 - 0.01 0.60 0.16 Alderon Iron T 576 0.25 0.21 0.23 - 0.01 0.80 0.21 Aldershot Res V 297 0.05 0.03 0.03 - 0.01 0.10 0.03 Aldershot Res* O 8 0.03 0.02 0.03 + 0.01 0.04 0.02 Aldever Res V 1408 0.05 0.04 0.04 - 0.01 0.13 0.03 Aldever Res* O 265 0.04 0.02 0.02 - 0.01 0.09 0.02 Aldridge Min* O 30 0.10 0.09 0.10 + 0.00 0.21 0.09 Aldridge Min V 47 0.13 0.11 0.11 - 0.02 0.29 0.11 Alexandra Cap 733 0.79 0.65 0.79 + 0.14 0.79 0.05 Alexandria Min V 11443 0.07 0.05 0.07 + 0.02 0.09 0.05 Alexandria Min* O 1124 0.06 0.04 0.05 + 0.01 0.07 0.03 Alexco Res T 354 1.80 1.59 1.72 + 0.04 2.66 1.41 Algold Res V 419 0.14 0.13 0.14 + 0.01 0.29 0.12 Alianza Min* O 3 0.05 0.05 0.05 - 0.00 0.12 0.05 Alianza Min V 224 0.07 0.00 0.05 - 0.02 0.16 0.05 Alliance Res* D 1898 18.90 17.80 18.70 + 0.80 25.55 17.60 Almaden Mnls T 306 1.22 0.99 1.20 + 0.21 2.33 0.92 Almaden Mnls* X 2080 0.96 0.76 0.94 + 0.17 1.75 0.71 Almadex Min* O 300 1.05 0.94 1.04 + 0.05 1.46 0.65 Almadex Min V 229 1.35 1.20 1.33 - 0.03 1.95 0.89 Almonty Ind V 103 0.56 0.50 0.56 + 0.06 0.69 0.20 Alopex Gold V 239 0.55 0.51 0.55 + 0.03 0.71 0.48 Alset Minerals* O 37 0.06 0.05 0.05 - 0.00 0.15 0.05 Alset Minerals V 860 0.07 0.07 0.07 - 0.01 0.24 0.07 Altai Res V 674 0.31 0.27 0.28 + 0.01 0.37 0.05 Altair Res Inc V 1008 0.10 0.09 0.09 - 0.01 0.47 0.09 Altamira Gold V 672 0.18 0.16 0.17 - 0.02 0.34 0.14 Altamira Gold* O 217 0.14 0.12 0.14 - 0.01 0.31 0.11 Altan Nev Mnls V 76 0.02 0.02 0.02 - 0.01 0.03 0.01 Altiplano Mnls V 2402 0.20 0.15 0.20 + 0.04 0.28 0.11 Altitude Res V 564 0.04 0.03 0.03 - 0.01 0.12 0.03 Altius Mnrls T 633 14.72 13.38 14.64 + 1.14 14.49 10.05 Alto Vent V 998 0.09 0.07 0.08 - 0.01 0.14 0.05 Alturas Mnrls V 174 0.05 0.03 0.05 + 0.01 0.05 0.02 Alumina Inc* O 49 7.05 6.84 6.90 + 0.23 7.57 4.95 ALX Uranium* O 85 0.08 0.07 0.08 + 0.01 0.12 0.05 ALX Uranium V 1690 0.11 0.09 0.09 - 0.01 0.16 0.07 Am CuMo Mng* O 71 0.06 0.05 0.05 - 0.00 0.35 0.05 Am CuMo Mng V 399 0.07 0.07 0.07 - 0.01 0.49 0.07 Am Manganese* O 470 0.26 0.22 0.22 - 0.00 0.28 0.10 Am Manganese V 2342 0.33 0.28 0.29 + 0.01 0.35 0.13 Amani Gold* O 250 0.01 0.01 0.01 - 0.00 0.06 0.01 Amarc Res* O 16 0.12 0.11 0.12 - 0.01 0.21 0.05 Amarc Res V 144 0.17 0.15 0.16 - 0.01 0.26 0.08 Amarillo Gold V 92 0.28 0.25 0.26 + 0.02 0.45 0.24 Amato Expl V 1331 0.03 0.03 0.03 + 0.01 0.06 0.03 Amazing Energy* O 125 0.83 0.59 0.78 + 0.18 0.87 0.05 Amer Intl Vent* O 212 0.04 0.04 0.04 - 0.00 0.11 0.01 American Lith* O 21 0.39 0.33 0.39 + 0.02 0.67 0.33 American Lith V 103 0.50 0.44 0.50 + 0.06 2.20 0.33 American Pot 2743 0.09 0.07 0.09 + 0.01 0.26 0.04 Americas Silvr* X 209 3.69 3.11 3.53 + 0.12 5.04 2.39 Americas Silvr T 298 4.77 4.02 4.50 + 0.12 6.11 3.01 Amerigo Res T 763 1.05 0.97 1.04 + 0.06 1.10 0.30 Amerigo Res* O 775 0.82 0.75 0.80 + 0.04 0.86 0.23 Amex Expl V 439 0.10 0.08 0.10 + 0.02 0.38 0.08 Anaconda Mng T 321 0.07 0.06 0.06 - 0.01 0.08 0.05 Anaconda Mng* O 26 0.06 0.04 0.06 + 0.00 0.07 0.04 Andes Gold* O 338 0.01 0.00 0.00 + 0.00 0.03 0.00 Anfield Nickel V 941 0.38 0.32 0.37 + 0.02 1.37 0.32 Anfield Res* O 624 0.04 0.03 0.04 + 0.01 0.12 0.02 Anfield Res V 9410 0.05 0.04 0.05 + 0.01 0.16 0.04 Angel Gold* O 118 0.04 0.03 0.03 - 0.01 0.09 0.03 Angel Gold V 1095 0.05 0.00 0.05 - 0.01 0.12 0.04 Anglo American* O 1621 9.51 9.18 9.48 + 0.30 10.07 5.95 Anglo American* O 2 18.83 0.00 18.66 + 0.65 19.74 12.19 Anglo Pac Grp T 1 1.51 1.31 1.51 + 0.20 2.02 1.11 AngloGold Ash* N 19742 9.51 8.86 9.26 + 0.10 13.68 8.86 Antioquia Gold* O 455 0.05 0.03 0.04 - 0.01 0.14 0.03 Antler Gold V 243 0.27 0.20 0.21 - 0.02 0.67 0.20 Antofagasta* O 4 12.58 0.00 12.55 + 0.69 13.92 8.13 Apex Res * O 51 0.08 0.06 0.06 - 0.01 0.09 0.04 Apogee Opport V 121 0.22 0.17 0.22 + 0.04 0.24 0.14 Appia Energy 309 0.16 0.13 0.14 - 0.02 0.47 0.10 Aquila Res* O 413 0.21 0.19 0.19 - 0.01 0.24 0.15 Aquila Res T 1252 0.27 0.24 0.26 - 0.02 0.32 0.21 Arch Coal* N 1980 88.00 85.30 86.86 + 1.92 88.00 60.13 Archon Mineral V 8 0.90 0.81 0.81 - 0.05 1.68 0.81 Arctic Star V 965 0.14 0.12 0.13 + 0.01 0.38 0.07 Arcus Dev Grp V 493 0.06 0.05 0.06 + 0.01 0.19 0.04 Arena Mnls* O 132 0.06 0.00 0.05 + 0.00 0.23 0.04 Argentina Lith* O 52 0.27 0.25 0.26 + 0.00 0.48 0.07 Argentum Silvr V 85 0.18 0.17 0.18 + 0.02 0.59 0.17 Argex Titanium T 5561 0.06 0.05 0.05 - 0.01 0.10 0.04 Argex Titanium* O 17 0.05 0.04 0.04 - 0.01 0.08 0.03 Argo Gold 241 0.20 0.15 0.20 + 0.02 0.26 0.07 Argo Gold* O 310 0.13 0.13 0.13 + 0.01 0.18 0.08 Argonaut Gold* O 141 1.85 1.72 1.75 - 0.00 2.40 1.12 Argonaut Gold T 2273 2.38 2.20 2.23 - 0.03 2.98 1.48 Argus Metals* O 19 0.55 0.50 0.51 - 0.00 0.55 0.06 Argus Metals V 206 0.75 0.63 0.63 - 0.12 0.75 0.07 Arianne Phosph* O 157 0.54 0.47 0.52 - 0.01 0.73 0.47 Arianne Phosph V 194 0.69 0.60 0.65 - 0.03 0.97 0.60 Arizona Mng T 1083 3.40 3.13 3.34 + 0.19 3.68 1.70 Arizona Mng* O 85 2.79 2.42 2.58 + 0.13 3.50 1.30 Arizona Silver V 532 0.25 0.18 0.20 + 0.02 1.23 0.14 Arizona Silver* O 52 0.18 0.16 0.17 + 0.03 0.91 0.11 Armor Mnrls V 5 0.34 0.34 0.34 + 0.02 0.55 0.32 Arrowstar Res V 93 0.06 0.00 0.04 - 0.01 0.07 0.03 Asanko Gold* X 16011 0.54 0.43 0.46 - 0.05 3.90 0.43 Asante Gold 1357 0.08 0.06 0.07 - 0.02 0.20 0.06 Asbestos Corp V 13 0.45 0.45 0.45 + 0.05 0.45 0.18 Ascot Res V 242 1.52 1.34 1.40 - 0.11 2.10 1.29 Ashburton Vent V 496 0.09 0.08 0.08 - 0.01 0.34 0.06 AsiaBaseMetals V 37 0.27 0.00 0.27 + 0.01 0.45 0.19 0.13 - 0.01 0.22 0.06 Astorius Res V 227 0.13 0.12 ATAC Res V 513 0.55 0.50 0.53 + 0.02 0.89 0.33 Atacama Res* O 181452 0.00 0.00 0.00 - 0.00 0.52 0.00 Athabasca Mnls V 475 0.16 0.14 0.15 - 0.02 0.32 0.12 Athabasca Mnls* O 45 0.12 0.12 0.12 - 0.00 0.24 0.09 Athena Silver* O 37 0.06 0.05 0.06 + 0.01 0.14 0.02 Atico Mng* O 341 0.51 0.40 0.45 + 0.00 0.75 0.40 Atico Mng V 873 0.65 0.51 0.58 + 0.02 0.99 0.51 Atlanta Gold* O 25 0.04 0.03 0.04 + 0.00 0.07 0.03 Atlantic Gold V 884 1.56 1.44 1.46 - 0.06 1.87 0.78 Atlatsa Res* O 1908 0.02 0.01 0.02 - 0.00 0.06 0.01 Atom Energy V 6 0.22 0.00 0.22 + 0.01 0.65 0.05 Aton Res Inc V 763 0.04 0.03 0.03 - 0.01 0.07 0.03 Aura Mnls T 81 2.55 2.00 2.50 + 0.50 2.15 1.30 Aura Mnls* O 3 1.93 0.00 1.93 + 0.41 1.93 1.03 Auramex Res V 174 0.06 0.05 0.06 + 0.01 0.09 0.02 Aurania Res* O 34 1.61 1.46 1.52 - 0.05 2.20 1.40 Aurania Res V 109 2.05 1.87 1.95 - 0.06 3.75 0.50 Aurcana Corp* O 32 0.16 0.14 0.15 - 0.00 0.36 0.14 Aurcana Corp V 526 0.21 0.18 0.18 - 0.03 0.48 0.18 AurCrest Gold V 922 0.03 0.00 0.03 + 0.01 0.04 0.02 AuRico Metals * O 96 1.41 1.38 1.39 + 0.01 1.41 0.62 AuRico Metals T 3169 1.80 1.78 1.80 + 0.01 1.80 0.82 Aurion Res * O 23 1.70 1.52 1.70 + 0.18 2.82 0.25 Aurion Res V 531 2.24 1.95 2.24 + 0.27 3.49 0.35 Auryn Res T 761 1.87 1.66 1.75 - 0.04 3.85 1.66 Auryn Res* X 492 1.46 1.29 1.35 - 0.05 3.00 1.29 Austral Gold V 227 0.17 0.00 0.14 + 0.01 0.19 0.12 Austral Gold* O 106 0.10 0.08 0.10 + 0.01 0.16 0.08 Auxico Res 229 0.33 0.26 0.30 - 0.01 0.45 0.24 Avalon Adv Mat* O 280 0.10 0.08 0.09 - 0.00 0.17 0.08 Avarone Metals* O 4 0.04 0.00 0.04 + 0.01 0.04 0.01 Avarone Metals 1341 0.07 0.05 0.07 + 0.02 0.08 0.02

20-22_DEC25_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Avino Silver V 121 Avino Silver* X 914 Avrupa Mnls* O 75 AXE Expl V 52977 Axmin Inc* O 980 Azarga Mtls V 27 Azarga Uranium T 566 Azarga Uranium* O 84 Azimut Expl V 257 Azincourt Ener* O 235 Azincourt Ener V 9577 Aztec Minerals V 125 Aztec Minerals* O 37

1.74 1.49 1.69 + 0.18 2.80 1.44 1.33 1.15 1.32 + 0.16 2.13 1.12 0.06 0.05 0.06 + 0.00 0.11 0.05 0.10 0.03 0.07 + 0.04 0.10 0.02 0.02 0.02 0.02 - 0.00 0.05 0.02 0.14 0.00 0.12 - 0.01 0.38 0.11 0.27 0.23 0.24 - 0.01 0.57 0.20 0.20 0.18 0.19 + 0.01 0.44 0.16 0.33 0.28 0.32 - 0.01 0.48 0.25 0.11 0.08 0.08 - 0.02 0.22 0.03 0.16 0.10 0.11 - 0.04 0.28 0.05 0.29 0.25 0.25 - 0.04 0.65 0.22 0.22 0.20 0.22 + 0.02 0.23 0.20

B2Gold* X 26153 B2Gold T 11820 Bacanora Mnls V 298 Balmoral Res T 1808 Balmoral Res* O 557 Balto Res V 20 V 616 Bankers Cobalt Bankers Cobalt* O 58 Bannerman Res* O 500 Banro Corp* X 16339 Banyan Gold V 175 Barkerville Go* O 153 Barkerville Go V 1120 V 135 Baroyeca Go&Si Barrick Gold* N 65276 Barrick Gold T 20572 Barsele Min V 1223 Barsele Min* O 113 Batero Gold V 204 Bayhorse Silvr* O 307 Bayhorse Silvr V 1026 O 3 Bayswater Uran* Bayswater Uran V 99 BCM Res V 162 BE Res V 382 Bear Creek Mng V 237 Bearclaw Cap V 185 Bearing Lith V 656 Bearing Lith* O 376 O 581 Beaufield Res* Beeston Ent* O 404 Bell Copper* O 99 Belo Sun Mng T 2195 Belvedere Res V 94 Benton Res V 654 Benz Mining V 355 Berkeley Egy* O 13 Berkwood Res V 351 Berkwood Res * O 113 Big Wind Cap 1728 Bird River Res 3741 Bitterroot Res* O 224 Black Dragon* O 44 Black Dragon V 780 Black Hills* N 4141 Black Iron T 1065 Black Iron* O 85 Black Isle Res V 127 Black Mam Mtls V 187 Black Sea Cop V 205 Black Sea Cop* O 20 Blackheath Res V 225 Blackrock Gold V 120 48 Blind Crk Res V BLOX Inc* O 76 Blue Rvr Res V 1091 Blue Sky Uran* O 16 Blue Sky Uran V 241 Bluestone Res V 52 Bonanza Gldfds* O 1960 BonTerra Res* O 201 BonTerra Res V 1161 Boreal Metals V 278 Borneo Res Inv* O 2218 BQ Metals V 340 Bravada Gold* O 163 O 36 Bravo Multinat* Brazil Mnrls* O 2767 Brigadier Gold V 6 O 53 BrightRock Gld* Brilliant Sand* O 253 Britannia Mng* O 152 Brixton Mtls* O 93 Brixton Mtls V 855 O 978 Broadway Gold* Broadway Gold V 389 Brookmount Exp* O 660 Bryn Res* O 14 Buccaneer Gold V 149 Buenaventura* N 12660 Bullfrog Gold* O 1399 55 Bullion Gld Res V Bunker Hill 17 BWR Explor V 401

2.91 2.62 2.82 + 0.20 3.55 2.06 3.72 3.37 3.63 + 0.24 4.64 2.69 1.83 1.52 1.80 + 0.28 1.85 1.01 0.45 0.42 0.44 + 0.02 0.98 0.42 0.36 0.31 0.34 + 0.01 0.75 0.23 0.07 0.06 0.07 + 0.02 0.07 0.01 0.69 0.57 0.66 + 0.06 0.73 0.11 0.53 0.45 0.52 + 0.03 0.59 0.37 0.05 0.05 0.05 + 0.00 0.08 0.02 0.16 0.11 0.11 - 0.01 2.10 0.10 0.09 0.08 0.09 + 0.01 0.15 0.05 0.61 0.49 0.57 + 0.08 1.03 0.29 0.78 0.63 0.73 + 0.08 1.39 0.41 0.01 0.01 0.01 - 0.01 0.02 0.01 14.30 13.47 14.06 + 0.41 20.78 13.28 18.29 17.33 18.13 + 0.56 27.19 17.07 0.68 0.58 0.67 + 0.08 1.62 0.53 0.50 0.42 0.48 + 0.06 1.25 0.42 0.09 0.08 0.09 + 0.01 0.13 0.08 0.20 0.15 0.16 + 0.01 0.21 0.09 0.27 0.20 0.20 + 0.01 0.27 0.13 0.02 0.02 0.02 - 0.00 0.07 0.02 0.04 0.00 0.04 + 0.01 0.09 0.02 0.18 0.11 0.17 + 0.05 0.22 0.07 0.06 0.05 0.05 - 0.01 0.50 0.04 2.08 1.84 1.89 - 0.17 3.40 1.64 0.05 0.03 0.03 - 0.01 0.06 0.03 0.92 0.81 0.82 - 0.06 1.83 0.50 0.72 0.63 0.65 - 0.05 1.41 0.50 0.09 0.08 0.08 - 0.01 0.25 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.13 0.13 - 0.01 0.16 0.02 0.35 0.29 0.32 - 0.02 1.14 0.29 0.26 0.00 0.23 + 0.05 0.26 0.02 0.08 0.06 0.07 + 0.01 0.15 0.05 0.19 0.16 0.16 - 0.02 0.47 0.15 0.85 0.00 0.80 + 0.01 0.92 0.51 0.36 0.31 0.32 - 0.04 0.65 0.25 0.27 0.25 0.26 - 0.00 0.44 0.20 0.81 0.68 0.70 - 0.10 1.05 0.05 0.63 0.18 0.36 + 0.16 0.63 0.05 0.08 0.00 0.08 + 0.01 0.24 0.02 0.04 0.04 0.04 + 0.00 0.09 0.02 0.06 0.06 0.06 + 0.01 0.12 0.03 60.52 59.35 60.02 + 0.37 72.02 57.01 0.12 0.10 0.11 - 0.01 0.17 0.03 0.10 0.08 0.08 - 0.02 0.11 0.03 0.05 0.00 0.03 - 0.02 0.06 0.03 0.11 0.06 0.06 - 0.06 0.25 0.06 0.13 0.11 0.11 - 0.02 0.35 0.10 0.10 0.08 0.09 - 0.00 0.27 0.08 0.07 0.05 0.07 + 0.02 0.11 0.04 0.09 0.07 0.07 - 0.02 0.12 0.05 0.20 0.18 0.20 + 0.02 0.38 0.09 0.25 0.20 0.23 - 0.02 0.35 0.03 0.02 0.01 0.01 - 0.01 0.05 0.01 0.19 0.17 0.18 - 0.02 0.37 0.08 0.25 0.23 0.25 + 0.01 0.49 0.10 1.15 0.00 1.06 - 0.06 1.90 0.50 0.00 0.00 0.00 - 0.00 0.01 0.00 0.49 0.41 0.45 + 0.01 0.57 0.16 0.63 0.52 0.57 - 0.02 0.72 0.21 0.32 0.25 0.26 + 0.01 0.40 0.25 0.00 0.00 0.00 + 0.00 0.00 0.00 0.22 0.20 0.22 - 0.01 0.49 0.04 0.10 0.08 0.10 + 0.01 0.26 0.07 0.70 0.43 0.70 + 0.04 3.49 0.32 0.01 0.00 0.01 + 0.00 0.50 0.00 0.12 0.00 0.12 + 0.04 0.30 0.08 0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.01 0.01 - 0.00 0.10 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.24 0.20 0.24 + 0.03 0.47 0.15 0.30 0.25 0.28 + 0.03 0.65 0.18 0.33 0.24 0.27 + 0.02 1.29 0.24 0.41 0.31 0.35 + 0.01 1.70 0.31 0.01 0.01 0.01 - 0.00 0.13 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.06 0.06 - 0.01 0.08 0.03 13.38 12.69 12.78 - 0.38 14.96 9.87 0.14 0.05 0.09 - 0.04 0.18 0.05 0.27 0.27 0.27 + 0.02 0.47 0.08 1.69 1.63 1.63 - 0.05 1.85 1.60 0.10 0.07 0.08 + 0.01 0.10 0.04

Cabral Gold V 198 Cadillac Vent V 161 Cairo Res V 16 Calaveras Res 28 Caledonia Mng* X 47 Caledonia Mng T 16 Calibre Mng V 313 California Gld V 300 California Go* O 125 Callinex Mines* O 223 Callinex Mines V 615 Cameco Corp T 7240 Cameco Corp* N 7839 Cameo Res* O 1 Cameo Res V 257 Camino Mnls* O 123 Camino Mnls V 695 Camrova Res V 77 Camrova Res* O 1 Canada Coal V 131 Canada One V 2437 Canada One* O 57 Canadian Mng V 1124 Canadian Zeol* O 27 CanAlaska Uran* O 92 CanAlaska Uran V 311 Canamex Gold* O 772 Canamex Gold V 5205 Canarc Res* O 501 Canasil Res V 415 Candelaria Mg V 322 Candelaria Mg* O 533 Candente Coppr T 1012 Candente Gold V 119 Candente Gold* O 81 CaNickel Mng V 122 CaNickel Mng* O 9 Canoe Mng Vent V 5 Canterra Mnls V 80 Canuc Res* O 44 Canuc Res V 254 Canyon Copper V 180 Canyon Copper* O 50 Capstone Mng T 1116 Caracara Silvr* O 4 Cardero Res* O 101 Cardero Res V 151 Cardinal Res* O 383 Cardinal Res T 481 Cariboo Rose V 521 Carlin Gold V 333 Carmax Mng V 565 Carrara Explor 346 Cartier Iron 46 Cartier Res V 573 Cascadero Copp V 1837 Castle Res* O 13 Castle Silver* O 144 Castle Silver V 4182 Cava Res V 259 Cava Res* O 900 Cavan Vent V 338 Cda Carbon* O 5 Cda Carbon V 768 Cda Strtgc Met V 290 Cda Zinc Mtls V 969 Cdn Arrow V 438 Cdn Arrow* O 4 Cdn Intl Mnrls* O 4 Cdn Intl Mnrls V 51 Cdn Metals 1580 Cdn Orebodies V 395 Cdn Orebodies* O 3 Cdn Silvr Hunt V 85 Cdn Zinc T 3428 Cdn Zinc* O 274

0.33 0.32 0.33 - 0.01 0.50 0.31 0.05 0.05 0.05 - 0.01 0.06 0.03 0.34 0.30 0.34 + 0.04 0.60 0.21 1.40 1.25 1.40 + 0.25 1.40 0.47 7.05 6.57 6.65 + 0.10 7.96 0.05 8.85 8.26 8.28 - 0.22 10.30 6.30 0.12 0.10 0.12 + 0.02 0.30 0.10 0.42 0.36 0.41 - 0.01 0.64 0.23 0.33 0.29 0.32 - 0.03 0.49 0.21 0.26 0.21 0.25 + 0.03 0.43 0.21 0.33 0.29 0.31 + 0.02 0.57 0.28 13.73 12.97 12.97 - 0.36 17.65 9.90 10.67 10.08 10.09 - 0.28 13.36 7.68 0.63 0.60 0.60 - 0.10 1.11 0.24 0.82 0.65 0.77 - 0.04 1.60 0.30 0.35 0.32 0.34 + 0.02 1.62 0.00 0.44 0.40 0.41 + 0.01 2.23 0.20 0.11 0.10 0.11 + 0.01 0.33 0.06 0.08 0.00 0.08 - 0.01 0.21 0.00 0.11 0.08 0.10 - 0.01 0.17 0.04 0.52 0.31 0.32 - 0.04 0.52 0.08 0.32 0.18 0.32 + 0.14 0.32 0.06 0.36 0.27 0.33 + 0.03 0.79 0.10 0.33 0.28 0.33 + 0.03 1.09 0.27 0.33 0.29 0.31 - 0.01 0.52 0.21 0.42 0.38 0.39 - 0.02 0.70 0.26 0.20 0.15 0.15 - 0.04 0.21 0.06 0.26 0.19 0.20 - 0.05 0.28 0.08 0.07 0.06 0.07 - 0.00 0.09 0.05 0.12 0.10 0.11 + 0.01 0.23 0.10 0.60 0.56 0.60 - 0.03 1.04 0.49 0.48 0.47 0.47 - 0.00 1.08 0.47 0.13 0.11 0.12 + 0.01 0.21 0.06 0.03 0.00 0.03 + 0.01 0.08 0.03 0.03 0.00 0.03 + 0.00 0.05 0.02 0.14 0.10 0.11 - 0.01 0.33 0.05 0.11 0.10 0.10 - 0.06 0.23 0.06 0.10 0.00 0.10 - 0.01 0.15 0.04 0.03 0.00 0.03 + 0.01 0.06 0.02 0.27 0.19 0.21 - 0.06 0.41 0.21 0.33 0.26 0.27 - 0.05 0.60 0.25 0.20 0.16 0.16 - 0.01 0.29 0.08 0.16 0.12 0.14 + 0.02 0.22 0.09 1.41 1.35 1.40 + 0.05 1.81 0.77 0.01 0.01 0.01 - 0.00 0.02 0.00 0.12 0.10 0.11 - 0.01 0.19 0.05 0.17 0.00 0.16 + 0.02 0.22 0.07 0.35 0.00 0.35 - 0.11 0.46 0.21 0.55 0.43 0.52 + 0.07 1.05 0.43 0.05 0.05 0.05 - 0.01 0.26 0.05 0.04 0.03 0.03 - 0.01 0.10 0.03 0.07 0.00 0.06 - 0.01 0.13 0.05 0.60 0.00 0.60 + 0.02 1.00 0.35 0.21 0.00 0.15 - 0.01 0.25 0.05 0.21 0.18 0.18 - 0.02 0.38 0.17 0.08 0.07 0.07 - 0.02 0.16 0.07 0.16 0.15 0.15 - 0.01 0.20 0.04 0.26 0.21 0.25 + 0.02 0.26 0.03 0.34 0.26 0.32 + 0.02 0.34 0.05 0.24 0.19 0.20 - 0.04 0.32 0.15 0.19 0.17 0.19 + 0.02 0.24 0.14 0.15 0.11 0.15 + 0.04 0.15 0.02 0.09 0.07 0.08 + 0.01 0.22 0.07 0.11 0.09 0.09 + 0.01 0.29 0.08 0.11 0.11 0.11 - 0.01 0.16 0.09 0.28 0.26 0.26 - 0.01 0.43 0.22 0.01 0.00 0.01 + 0.01 0.03 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.27 0.27 0.27 + 0.19 0.56 0.06 0.34 0.00 0.34 + 0.06 0.60 0.11 0.10 0.09 0.10 + 0.02 0.15 0.05 0.26 0.19 0.21 + 0.01 0.53 0.18 0.19 0.18 0.18 - 0.01 0.39 0.14 0.09 0.07 0.08 + 0.01 0.12 0.04 0.18 0.14 0.17 + 0.02 0.31 0.13 0.14 0.10 0.13 + 0.02 0.24 0.10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Centamin T 86 2.47 2.40 2.45 + 0.15 3.23 1.84 O 155 0.20 0.06 0.20 + 0.05 0.20 0.01 Centaurus Diam* Centenera Mng* O 28 0.16 0.14 0.14 - 0.02 0.21 0.10 Centenera Mng V 101 0.21 0.17 0.18 - 0.03 0.30 0.15 Centerra Gold T 4581 7.21 6.98 7.08 - 0.09 9.35 5.56 Central Iron V 683 0.04 0.03 0.04 + 0.01 0.07 0.01 0.01 - 0.01 0.08 0.01 Cerro Grande 118 0.01 0.01 Cerro Grande* O 1 0.00 0.00 0.00 - 0.00 0.05 0.00 Cerro Mng V 46 0.16 0.00 0.16 + 0.10 0.18 0.04 Ceylon Graph V 655 0.24 0.20 0.22 - 0.03 0.45 0.16 Champion Bear V 122 0.18 0.18 0.18 + 0.03 0.28 0.07 T 1711 1.29 1.15 1.26 - 0.02 1.59 0.44 Champion Iron Champion Iron* O 92 1.05 0.91 1.00 + 0.01 1.22 0.33 Chatham Rock V 46 0.35 0.29 0.30 - 0.06 0.90 0.25 Chesapeake Gld* O 25 2.71 2.58 2.58 - 0.04 3.45 2.28 Chesapeake Gld V 38 3.50 3.31 3.31 - 0.08 4.57 2.91 119.73 - 0.19 122.30 102.55 Chevron Corp* N 29594 121.11 118.68 51 0.04 0.04 0.04 + 0.01 0.11 0.03 Chiboug Ind Mn* O Chilean Metals V 386 0.07 0.06 0.06 - 0.01 0.33 0.06 Chilean Metals* O 97 0.05 0.05 0.05 - 0.00 0.24 0.04 Chimata Gold V 110 0.17 0.13 0.16 + 0.04 0.17 0.05 China Gold Int T 1298 2.10 1.95 2.09 + 0.09 3.40 1.82 China Mnls Mng* O 2 0.17 0.00 0.17 + 0.00 0.24 0.14 10 0.22 0.21 0.21 + 0.01 0.75 0.16 China Mnls Mng V CIM Intl Grp 8 0.19 0.00 0.19 - 0.01 0.79 0.08 Cipher Res V 492 0.13 0.09 0.10 - 0.02 0.33 0.09 CKR Carbon* O 493 0.06 0.06 0.06 - 0.00 0.12 0.04 CKR Carbon V 830 0.10 0.08 0.09 + 0.01 0.19 0.05 94 0.08 0.06 0.08 - 0.01 0.13 0.02 Claim Post Res V 0.10 - 0.00 0.11 0.03 Clean Comm* O 4 0.11 0.10 0.14 + 0.01 0.16 0.05 Clean Comm V 8485 0.15 0.12 Cleghorn Mnls V 530 0.07 0.05 0.07 + 0.01 0.16 0.05 Cleghorn Mnls* O 92 0.05 0.04 0.05 + 0.01 0.11 0.04 6.70 6.39 6.65 + 0.24 12.37 5.56 Cleveland-Clif* N 49863 0.07 - 0.01 0.14 0.06 Clifton Mng* O 400 0.08 0.06 4.45 4.17 4.26 + 0.08 6.30 2.78 Cloud Peak En* N 7565 CMC Metals V 109 0.07 0.06 0.07 + 0.01 0.12 0.06 CMX Gold & Sil 29 0.10 0.05 0.10 + 0.05 0.10 0.04 0.40 - 0.35 1.98 0.02 CNRP Mng* O 433 0.82 0.36 Cobalt 27 Cap V 1262 11.35 10.50 11.01 + 0.50 13.75 7.42 0.18 0.15 0.17 - 0.01 0.18 0.06 Cobalt Pwr Grp* O 1673 Cobalt Pwr Grp V 7412 0.23 0.19 0.21 - 0.01 0.23 0.05 Coeur Mng* N 12463 7.61 6.89 7.59 + 0.70 12.30 6.71 O 36 0.02 0.00 0.02 + 0.01 0.02 0.00 Colombia Crest* Colorado Res* O 111 0.16 0.14 0.15 + 0.01 0.37 0.13 O 819 0.72 0.57 0.66 - 0.02 0.83 0.31 Columbus Gold* Columbus Gold T 888 0.90 0.74 0.88 + 0.01 1.09 0.42 Comet Inds V 24 3.20 3.05 3.05 + 0.05 3.20 2.50 O 74 0.07 0.06 0.06 + 0.00 0.09 0.04 Commerce Res* Comstock Mng* X 2154 0.36 0.31 0.34 - 0.02 1.53 0.31 25 0.05 0.05 0.05 - 0.01 0.16 0.05 Comstock Mtls * O Condor Res V 271 0.11 0.09 0.11 + 0.02 0.19 0.07 Confedertn Ml* O 6 0.47 0.44 0.44 - 0.07 0.80 0.39 Confedertn Mls V 76 0.60 0.55 0.56 - 0.06 1.06 0.46 Conquest Res V 596 0.06 0.04 0.06 + 0.02 0.10 0.01 V 63 0.07 0.05 0.07 + 0.01 0.09 0.04 Cons Woodjam CONSOL Coal Rs* N 185 15.00 14.25 14.60 + 0.25 15.15 12.56 N 5553 30.68 25.00 28.72 + 3.35 30.68 19.51 CONSOL Energy* CONSOL Energy* N 21969 14.80 13.78 13.81 - 0.58 19.76 13.37 Constantine Mt* O 89 0.15 0.13 0.14 - 0.01 0.28 0.08 V 224 0.18 0.16 0.16 - 0.01 0.35 0.11 Constantine Mt Contact Mnrls* O 21 0.28 0.13 0.27 + 0.09 0.28 0.05 Contintl Gold T 1882 3.20 2.94 3.12 + 0.06 5.75 2.62 2.48 + 0.15 4.39 1.90 Contintl Gold* O 42 2.48 2.29 Contintl Prec* O 1 0.26 0.00 0.26 + 0.03 0.35 0.11 0.38 + 0.08 0.44 0.26 Contintl Prec V 30 0.38 0.31 Copper Ck Gold V 34 0.12 0.00 0.12 - 0.01 0.55 0.07 Copper Ck Gold* O 31 0.09 0.03 0.09 - 0.03 0.29 0.09 319 0.12 0.12 0.12 + 0.01 0.19 0.11 Copper Fox Mtl V Copper Mtn Mng T 1851 1.49 1.33 1.49 + 0.15 1.85 0.72 Copper Mtn Mng* O 99 1.17 1.04 1.16 + 0.12 1.47 0.54 Copper North M* O 1 0.06 0.00 0.06 + 0.00 0.09 0.00 Copper North M V 157 0.09 0.00 0.09 + 0.01 0.13 0.06 0.15 + 0.01 0.18 0.03 Copper One V 5934 0.18 0.13 Copper One * O 85 0.13 0.10 0.12 + 0.03 0.13 0.03 Copper Reef Mg 647 0.03 0.02 0.02 - 0.01 0.04 0.01 Copperbank Res* O 115 0.10 0.09 0.09 + 0.00 0.14 0.04 Copperbank Res 339 0.12 0.10 0.11 - 0.02 0.18 0.05 O 38 0.27 0.26 0.27 + 0.00 0.30 0.20 Coral Gold * Coral Gold V 73 0.35 0.00 0.34 - 0.01 0.40 0.27 O 435 0.35 0.31 0.33 - 0.02 1.21 0.31 Cordoba Mnls* Cordoba Mnls V 901 0.44 0.41 0.43 - 0.01 1.59 0.41 Core Gold* O 81 0.22 0.20 0.20 - 0.03 0.32 0.15 0.12 + 0.01 0.13 0.07 Corex Gold* O 147 0.12 0.10 Corex Gold V 1326 0.16 0.14 0.15 + 0.02 0.18 0.10 V 1342 0.28 0.24 0.27 + 0.01 0.55 0.15 Cornerstone Ca Cornerstone Ca* O 174 0.21 0.19 0.21 + 0.00 0.44 0.10 Cornerstone Mt* O 79 0.19 0.18 0.18 - 0.02 0.33 0.13 V 117 0.27 0.22 0.24 - 0.01 0.41 0.05 Cornerstone Mt Coro Mining T 395 0.11 0.10 0.11 + 0.01 0.20 0.09 0.21 + 0.07 0.35 0.07 Coronet Mtls* O 42 0.21 0.14 Coronet Mtls V 108 0.35 0.20 0.33 + 0.12 0.45 0.10 Corsa Coal V 222 1.70 1.35 1.57 + 0.20 3.75 1.34 O 23 1.28 1.05 1.28 + 0.23 2.89 1.00 Corsa Coal * Corvus Gold* O 149 1.25 1.08 1.19 + 0.09 1.31 0.37 1.54 + 0.14 1.68 0.50 Corvus Gold T 253 1.62 1.39 CR Capital V 7 0.08 0.00 0.07 - 0.01 0.13 0.06 Critical Elem V 1864 1.86 1.64 1.78 + 0.19 1.86 0.48 1.41 + 0.15 1.48 0.36 Critical Elem* O 22 1.44 1.30 Crown Mining V 264 0.17 0.00 0.14 + 0.01 0.18 0.07 0.27 - 0.01 0.33 0.11 Cruz Cobalt V 2492 0.29 0.27 Cruz Cobalt* O 268 0.23 0.20 0.21 - 0.01 0.26 0.09 Crystal Explor* O 56 0.08 0.06 0.06 - 0.00 0.12 0.06 Crystal Explor V 783 0.10 0.08 0.10 + 0.02 0.16 0.05 Crystal Lake* O 58 0.52 0.42 0.44 + 0.00 0.58 0.13 Crystal Lake V 961 0.65 0.54 0.54 + 0.01 0.80 0.16 Crystal Peak V 88 0.42 0.40 0.41 - 0.01 0.56 0.34 Crystal Peak* O 28 0.34 0.30 0.32 - 0.01 0.42 0.28 Curlew Lke Res V 96 1.08 0.95 0.95 - 0.10 1.49 0.10 Currie Rose Rs V 33 0.05 0.05 0.05 - 0.01 0.08 0.04 Cyclone Uran* O 635 0.00 0.00 0.00 - 0.00 0.02 0.00 Cypress Dev* O 58 0.22 0.19 0.19 - 0.03 0.27 0.06 Cypress Dev V 542 0.29 0.24 0.28 + 0.01 0.35 0.08

D-F Dajin Res V 559 Dajin Res* O 313 Dakota Ter Res* O 57 Daleco Res* O 1147 Dalradian Res* O 453 Dalradian Res T 772 Damara Gold V 225 Danakali* O 84 Darnley Bay* O 28 Darnley Bay V 1008 Debut Dmds 647 Decade Res V 454 Decade Res* O 120 Deep-South Res V 98 Defiance Silvr V 178 Defiance Silvr* O 183 Delrand Res V 63 Denison Mines T 5584 Denison Mines* X 4526 Desert Gold* O 11 Detour Gold T 4687 Diamante Min* O 69 Diamcor Mng* O 34 Diamond Fields V 19 Diamond Fields* O 2 Dios Expl V 483 Discovery Gold* O 104 Discovery Met V 270 Discovery-Corp V 470 DNI Metals 1238 DNI Metals* O 297 Dolat Ventures* O 26037 Dolly Vard Sil* O 61 Dolly Vard Sil V 1074 Doubleview Cap V 475 DRDGOLD* N 697 Dundee Prec Mt T 1425 Duran Vent * O 12 Durango Res V 2086 DuSolo Fertil* O 100 Dynacor Gld Mn* O 86 Dynacor Gld Mn T 267 Dynamic Gold* O 1 Dynasty Gold* O 63 Dynasty Gold V 71 E3 Metals V 185 Eagle Graphite* O 22 Eagle Plains V 401 East Africa V 1800 East Africa * O 1376 East Asia Mnls V 1530 East Asia Mnls* O 200 Eastern Platin* O 31 Eastern Platin T 211 Eastmain Res* O 129 Eastmain Res T 1372 Eco Oro Mnls 204 Eco Oro Mnls* O 69 eCobalt Solns T 7200 eCobalt Solns* O 3693 Edgewater Expl V 66 El Capitan Prc* O 2288 El Nino Vent V 77

0.16 0.15 0.15 + 0.01 0.22 0.08 0.13 0.11 0.12 + 0.01 0.17 0.06 0.10 0.06 0.06 + 0.01 0.10 0.02 0.00 0.00 0.00 + 0.00 0.02 0.00 1.03 0.95 1.03 + 0.05 1.37 0.79 1.32 1.23 1.32 + 0.07 1.78 1.08 0.09 0.08 0.09 + 0.02 0.22 0.04 0.53 0.51 0.52 - 0.02 0.65 0.33 0.15 0.13 0.13 - 0.01 0.44 0.13 0.19 0.17 0.17 - 0.01 0.57 0.17 0.02 0.01 0.01 + 0.01 0.03 0.01 0.08 0.07 0.07 - 0.01 0.20 0.05 0.06 0.05 0.05 - 0.00 0.16 0.04 0.18 0.17 0.17 - 0.04 0.32 0.08 0.26 0.24 0.26 + 0.01 0.45 0.21 0.20 0.18 0.20 + 0.01 0.35 0.16 1.60 1.36 1.50 - 0.25 2.44 0.75 0.80 0.73 0.75 + 0.01 1.10 0.50 0.62 0.57 0.58 + 0.01 0.84 0.38 0.19 0.18 0.18 - 0.01 0.30 0.13 13.20 12.60 12.96 + 0.19 21.48 12.50 0.03 0.02 0.02 - 0.01 0.21 0.02 0.41 0.35 0.36 - 0.04 0.94 0.29 0.12 0.00 0.11 - 0.02 0.23 0.09 0.10 0.00 0.08 - 0.01 0.13 0.07 0.07 0.06 0.07 - 0.01 0.12 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.53 0.45 0.51 + 0.07 0.92 0.45 0.02 0.02 0.02 + 0.01 0.03 0.01 0.11 0.08 0.09 - 0.02 0.16 0.03 0.09 0.06 0.07 - 0.02 0.13 0.00 0.04 0.03 0.04 + 0.00 0.16 0.00 0.60 0.49 0.60 + 0.12 0.71 0.35 0.78 0.64 0.75 + 0.14 0.88 0.45 0.08 0.00 0.07 - 0.01 0.19 0.04 3.09 2.91 3.02 + 0.12 6.67 2.84 2.91 2.74 2.87 + 0.12 3.70 1.91 0.03 0.03 0.03 + 0.00 0.08 0.03 0.11 0.08 0.08 - 0.01 0.36 0.05 0.17 0.17 0.17 - 0.01 0.23 0.17 1.29 1.17 1.23 + 0.04 2.10 1.03 1.63 1.53 1.61 + 0.06 2.75 1.50 1.75 1.25 1.75 + 0.50 2.00 0.52 0.13 0.07 0.13 + 0.05 0.14 0.07 0.16 0.12 0.16 + 0.03 0.32 0.10 0.72 0.55 0.57 - 0.16 1.01 0.18 0.02 0.02 0.02 + 0.00 0.04 0.01 0.20 0.18 0.19 - 0.01 0.24 0.13 0.32 0.25 0.30 + 0.03 0.37 0.17 0.28 0.23 0.23 - 0.00 0.28 0.13 0.12 0.08 0.11 + 0.03 0.74 0.05 0.07 0.00 0.07 + 0.01 0.49 0.05 0.26 0.24 0.25 + 0.00 0.35 0.19 0.36 0.00 0.36 + 0.05 0.45 0.23 0.26 0.23 0.25 + 0.01 0.48 0.21 0.33 0.29 0.31 - 0.01 0.64 0.28 0.45 0.20 0.45 + 0.25 0.45 0.15 0.33 0.15 0.30 + 0.17 0.65 0.12 1.87 1.42 1.75 + 0.35 1.87 0.49 1.49 1.11 1.34 + 0.25 1.49 0.36 0.18 0.00 0.17 + 0.01 0.25 0.13 0.04 0.03 0.03 - 0.00 2.35 0.03 0.04 0.03 0.04 + 0.01 0.05 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.13 0.45 + 0.02 0.56 Elcora Res V 969 0.46 0.37 0.12 0.33 + 0.01 0.44 Elcora Res* O 206 0.36 0.29 1.10 1.29 + 0.13 3.91 70177 1.29 1.16 N Eldorado Gold* 1.39 1.63 + 0.14 5.13 Eldorado Gold T 11162 1.65 1.50 0.30 0.75 - 0.01 0.76 Eloro Mnrls* O 45 0.76 0.75 0.10 0.09 0.09 - 0.01 0.19 0.09 851 Ely Gold Royal V 0.08 0.07 0.08 + 0.00 0.16 0.07 235 Ely Gold Royal* O 0.26 0.28 + 0.01 0.49 Elysee Dev V 97 0.29 0.28 0.23 0.20 0.21 - 0.02 0.37 0.20 23 O Elysee Dev * 0.08 0.09 - 0.01 0.22 Emerita Res V 1235 0.09 0.09 0.13 0.13 - 0.02 0.25 Emgold Mng* O 27 0.15 0.00 0.07 0.25 - 0.05 0.30 Empire Rock V 3 0.25 0.25 0.67 0.74 - 0.02 1.24 EMX Royalty* X 250 0.78 0.72 0.85 0.95 - 0.01 1.60 EMX Royalty V 174 1.03 0.92 0.03 0.03 + 0.01 0.13 O 435 0.04 0.03 Encanto Potash* 0.04 0.04 - 0.01 0.17 V 5082 0.05 0.04 Encanto Potash 17.37 24.68 + 1.08 28.81 Endeavour Mng T 3288 25.43 23.39 13.00 18.97 + 0.54 21.89 O 41 19.66 18.25 Endeavour Mng* 1.94 2.36 + 0.32 4.90 N 8365 2.39 2.03 Endeavr Silver* 2.50 3.04 + 0.42 6.44 Endeavr Silver T 1264 3.06 2.61 0.04 0.06 - 0.01 0.10 V 84 0.06 0.06 Endurance Gold 1.30 1.86 - 0.04 2.71 Energy Fuels* X 2528 2.08 1.85 1.66 2.40 - 0.05 3.53 Energy Fuels T 1734 2.69 2.40 0.05 0.06 - 0.00 0.18 O 250 0.06 0.06 Enforcer Gold* 0.07 0.09 + 0.01 0.28 Enforcer Gold V 2183 0.09 0.07 0.12 0.19 + 0.03 0.68 Engold Mines V 30 0.20 0.18 0.21 0.50 + 0.04 0.72 Entree Gold* X 601 0.53 0.46 0.34 0.64 + 0.04 0.94 Entree Gold T 493 0.67 0.60 0.03 0.09 - 0.01 0.11 Equitorial Ex* O 50 0.10 0.09 0.03 0.11 - 0.03 0.15 Equitorial Ex V 3965 0.14 0.10 0.59 0.55 0.56 - 0.02 1.40 0.44 976 Erdene Res Dev T 0.47 0.42 0.44 - 0.01 1.00 0.37 567 Erdene Res Dev* O 0.01 0.11 - 0.01 0.12 Erin Ventures* O 6 0.12 0.11 0.08 0.14 - 0.02 0.42 Erin Ventures V 210 0.16 0.00 4.70 6.78 + 0.17 7.01 Ero Copper T 27 6.85 6.47 3.88 5.00 - 0.28 5.28 Ero Copper* O 1 5.00 0.00 0.15 0.14 0.14 - 0.01 0.18 0.10 301 Eros Res Corp* O 0.19 0.18 0.18 - 0.01 0.23 0.15 281 Eros Res Corp V 0.19 0.18 0.18 - 0.01 0.23 0.15 281 Eros Res Corp V 0.16 0.26 - 0.07 0.51 Eskay Mng V 97 0.32 0.26 0.13 0.20 - 0.03 0.30 Ethos Gold V 78 0.21 0.18 0.10 0.15 - 0.02 0.23 Ethos Gold* O 15 0.17 0.14 0.94 0.91 0.91 - 0.07 1.55 0.47 13 Euro Sun Mg* O 0.19 0.19 - 0.01 0.53 O 9 0.19 0.19 EurOmax Res* 0.25 0.26 - 0.01 0.72 EurOmax Res T 99 0.28 0.25 0.00 0.00 + 0.00 0.01 O 368 0.00 0.00 European Metal* 0.02 0.02 + 0.00 0.09 Everton Res* O 1385 0.03 0.02 0.13 0.17 - 0.06 0.41 Evolving Gold 63 0.24 0.17 0.10 0.13 - 0.04 0.32 O 2 0.17 0.13 Evolving Gold* 0.16 0.23 + 0.03 0.36 Evrim Res V 236 0.24 0.20 1.22 1.72 + 0.13 2.30 Excellon Res T 646 1.73 1.53 0.92 1.32 + 0.09 1.87 Excellon Res* O 274 1.35 1.18 0.42 0.83 + 0.03 1.18 O 542 0.85 0.76 Excelsior Mng* 0.57 1.06 + 0.01 1.48 Excelsior Mng T 1782 1.12 0.97 0.04 0.05 + 0.00 0.09 Explor Res* O 117 0.05 0.04 0.11 0.39 - 0.01 0.65 Explorex Res 57 0.46 0.39 0.02 0.03 + 0.01 0.16 Fairmont Res V 450 0.03 0.03 0.01 0.02 - 0.00 0.07 Fairmont Res* O 142 0.02 0.02 0.77 0.86 - 0.03 1.65 Falco Res V 1496 0.93 0.80 0.72 0.60 0.65 - 0.07 1.17 0.57 108 O Falco Res * 0.04 0.07 + 0.01 0.08 Fancamp Expl V 438 0.07 0.06 0.05 0.52 - 0.05 0.81 Far Res* O 715 0.59 0.46 0.06 0.69 - 0.04 1.03 Far Res 4888 0.72 0.59 2.58 2.35 2.38 - 0.03 3.00 1.70 13 Filo Mg Corp V 0.04 0.10 + 0.01 0.34 Finlay Minrls V 1319 0.12 0.09 0.22 0.52 + 0.04 0.75 Fiore Gold* O 395 0.53 0.46 0.60 0.67 + 0.07 1.10 Fiore Gold V 921 0.68 0.60 0.00 0.00 0.00 - 0.35 0.51 0.00 2 Fire River Gol* O 0.01 0.03 - 0.01 0.09 Firebird Res V 165 0.04 0.03 0.03 0.10 + 0.02 0.15 Firestone Vent V 589 0.11 0.09 0.67 0.99 + 0.07 1.15 Fireweed Zinc V 311 1.15 0.85 0.54 0.72 + 0.00 0.74 O 53 0.72 0.70 Fireweed Zinc* 0.03 0.12 + 0.03 0.13 O 196 0.13 0.00 Firma Holdings* 0.34 1.20 - 0.03 1.65 First Cobalt V 4701 1.29 1.11 1.01 0.87 0.93 - 0.03 1.30 0.31 891 First Cobalt * O 0.02 0.02 - 0.01 0.06 First Energy* O 4 0.02 0.02 0.00 0.00 - 0.00 0.00 First Liberty* O 4881 0.00 0.00 9.47 8.32 9.30 + 0.94 14.36 7.51 First Majestic T 5161 7.40 6.47 7.26 + 0.77 10.92 5.92 First Majestic* N 16607 0.02 0.03 + 0.01 0.04 First Mexican V 104 0.03 0.00 0.49 0.39 0.49 + 0.09 0.84 0.39 First Mg Fin * O 2592 0.64 0.51 0.62 + 0.11 1.10 0.50 T 6425 First Mg Fin 0.05 0.06 - 0.01 0.12 First Point* O 148 0.08 0.06 17.12 + 2.02 17.55 9.69 First Quantum T 19058 17.39 15.20 0.05 0.13 0.01 - 0.05 0.05 0.06 1765 V Fission 3.0 0.53 0.79 + 0.04 0.92 Fission Uran T 4777 0.80 0.75 0.40 0.03 0.70 + 0.61 0.63 0.58 Fission Uran* O 2231 0.20 0.17 0.18 - 0.01 0.55 0.17 580 Five Star Diam V 0.07 0.01 0.47 + 0.25 0.25 0.23 14 O Fjordland Exp* 0.10 0.30 - 0.01 0.59 Fjordland Exp V 197 0.32 0.00 0.04 0.00 0.11 + 0.07 0.08 0.06 O 619 Focus Graphite* 0.06 0.09 - 0.01 0.15 V 1120 0.10 0.08 Focus Graphite 0.24 0.01 0.47 0.40 - 0.43 0.36 Foran Mng V 355 0.09 0.18 + 0.01 0.28 Forsys Metals T 492 0.21 0.16 3.33 0.25 5.50 + 3.70 O 19 3.77 0.00 Fortescue Mtls* 5.13 6.16 + 0.67 9.18 Fortuna Silvr T 4623 6.37 5.49 4.03 0.53 6.92 + 4.79 Fortuna Silvr* N 9397 4.97 4.26 0.40 0.45 - 0.02 0.73 Fortune Bay V 11 0.47 0.00 0.31 0.01 0.56 0.35 - Fortune Bay* O 9 0.36 0.35 0.03 0.05 - 0.02 0.12 O 29 0.07 0.04 Forum Uranium* 0.04 0.02 0.17 0.07 - V 1176 0.09 0.06 Forum Uranium 0.07 0.00 0.07 - 0.01 0.15 0.05 62 Fox River Res 0.07 0.10 + 0.02 0.15 FPX Nickel V 938 0.10 0.08 54.69 75.99 - 1.87 86.06 N 6118 77.99 74.87 Franco-Nevada* Franco-Nevada T 4045 100.14 96.50 97.91 - 2.10 110.18 71.44 0.00 0.00 - 0.00 0.01 Franklin Mng* O 101 0.00 0.00 0.05 0.05 - 0.01 0.14 Freedom Egy V 289 0.06 0.05 0.08 0.09 - 0.01 0.19 Freegold Vent T 159 0.09 0.08 11.05 16.98 + 2.01 17.06 127011 16.99 14.95 N Freeport McMoR* 0.03 0.07 + 0.04 0.08 Freeport Res V 128 0.07 0.04 0.08 0.13 - 0.01 0.20 Fremont Gold V 213 0.15 0.13 17.05 0.00 17.00 - 0.23 22.27 13.18 2 Fresnillo plc* O 0.24 0.60 - 0.02 0.78 Frontier Lith V 327 0.65 0.58 0.02 0.02 + 0.01 0.04 Frontline Gold V 123 0.02 0.00 0.12 0.00 0.10 - 0.03 0.13 0.07 87 Full Metal Mnl V 0.14 0.63 - 0.04 0.70 Fura Gems V 169 0.68 0.60

G-H Galane Gold V 934 Galantas Gold V 76 Galway Gold V 310 Galway Mtls* O 244 Galway Mtls V 231 Garibaldi Res V 5766 348 Garibaldi Res * O GB Minerals V 69 General Moly* X 4530 General Moly T 45 Genesis Mtls* O 135 V 971 Gensource Pot Gentor Res V 77 O 142 Geologix Expl* Geologix Expl V 1881 Geomega Res V 464 O 152 GFG Resources* GGL Res* O 1 GGX Gold* O 59 GGX Gold V 1126 Giga Metals V 257 Giga Metals* O 20 Gitennes Expl V 1205 Giyani Gold V 324 Giyani Gold* O 172 Glacier Lake V 422 O 250 Gldn Predator* Gldn Predator V 856 201 Glen Eagle Res V Glencore Plc* O 1345 Global Energy V 842 Global Gold* O 70 O 2 Global Hunter* Global Li-Ion 1103 Global Li-Ion* O 182 O 11 GlobalMin Vent* Globex Mng* O 21 Globex Mng T 112 GMV Minerals V 314 O 177 GMV Minerals* V 105 GobiMin 115 God’s Lake Res GoGold Res T 1046 O 844 Gold Dynamics* 33396 Gold Fields* N 0 Gold Finder Ex* O 43 O Gold Lakes* 938 Gold Mng USA* O 148 Gold Reach Res V Gold Reserve* O 46 Gold Reserve V 54 X 2245 Gold Resource* Gold Std Vents* X 3639 822 Gold Std Vents T V 2 Goldbank Mng Goldbelt Emp V 3225 Goldcliff Res V 4512 Goldcliff Res* O 130 Goldcorp* N 55487 T 18658 Goldcorp

0.05 0.05 - 0.01 0.12 0.05 0.05 0.07 0.09 + 0.01 0.15 0.10 0.08 0.07 0.09 + 0.01 0.13 0.09 0.07 0.18 0.29 - 0.01 0.36 0.31 0.29 0.23 0.38 - 0.01 0.45 0.39 0.34 0.12 2.85 - 1.04 5.27 3.59 2.65 2.80 2.11 2.16 - 0.90 4.12 0.09 0.04 0.06 + 0.01 0.09 0.06 0.00 0.25 0.32 + 0.02 0.72 0.43 0.30 0.34 0.42 + 0.02 0.95 0.55 0.38 0.06 0.08 - 0.01 0.18 0.08 0.08 0.06 0.08 - 0.01 0.25 0.09 0.08 0.07 0.12 - 0.05 0.20 0.14 0.00 0.03 0.03 - 0.00 0.07 0.04 0.03 0.04 0.05 - 0.01 0.09 0.05 0.04 0.06 0.07 - 0.01 0.16 0.08 0.07 0.37 0.36 - 0.05 1.00 0.42 0.36 0.10 0.10 - 0.01 0.11 0.11 0.00 0.09 0.10 + 0.00 0.17 0.10 0.10 0.08 0.13 - 0.01 0.24 0.14 0.13 0.05 0.58 - 0.08 0.92 0.64 0.57 0.11 0.46 - 0.05 0.72 0.48 0.45 0.02 0.08 - 0.04 0.15 0.15 0.07 0.23 0.29 - 0.03 0.50 0.33 0.28 0.19 0.25 - 0.02 0.41 0.27 0.24 0.05 0.07 - 0.01 0.19 0.07 0.07 0.40 0.63 + 0.12 1.59 0.68 0.49 0.54 0.77 + 0.12 2.05 0.87 0.62 0.18 0.16 0.16 - 0.02 0.31 0.09 9.80 9.17 9.68 + 0.48 10.22 6.55 0.10 0.15 + 0.02 0.67 0.15 0.12 0.01 0.01 - 0.00 0.06 0.01 0.01 0.01 0.01 - 0.00 0.01 0.01 0.00 0.30 0.67 + 0.04 0.97 0.70 0.62 0.23 0.52 + 0.04 0.80 0.55 0.47 0.05 0.05 - 0.01 0.08 0.06 0.05 0.30 0.32 - 0.01 0.48 0.34 0.31 0.39 0.43 + 0.01 0.63 0.44 0.40 0.25 0.26 - 0.04 0.61 0.33 0.25 0.20 0.21 - 0.04 0.49 0.25 0.21 0.40 0.43 + 0.02 0.58 0.43 0.41 0.35 0.23 0.23 - 0.12 0.35 0.03 0.37 0.38 - 0.01 0.99 0.40 0.38 0.00 0.00 - 0.00 0.01 0.00 0.00 2.64 3.97 + 0.21 4.70 3.99 3.65 0.06 0.00 0.06 + 0.06 0.14 0.00 0.10 0.04 0.05 + 0.01 95.00 0.01 0.03 0.02 0.02 + 0.00 0.03 0.00 0.17 0.13 0.13 - 0.04 0.23 0.09 1.94 2.98 - 0.12 4.34 3.08 2.83 2.61 3.93 - 0.08 5.83 3.99 3.65 3.08 4.13 + 0.44 6.27 4.24 3.70 1.68 1.40 1.66 + 0.25 2.95 1.25 2.15 1.80 2.09 + 0.27 3.85 1.61 0.06 0.18 + 0.01 0.34 0.18 0.00 0.01 0.01 - 0.01 0.06 0.01 0.01 0.11 0.21 - 0.22 0.52 0.33 0.20 0.08 0.15 + 0.03 0.41 0.22 0.15 11.64 12.37 + 0.41 17.87 12.51 11.64 15.00 15.97 + 0.58 23.35 16.00 15.00

2017-12-19 5:23 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 25, 2017â&#x20AC;&#x201C;JANUARY 7, 2018

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Arrow* O 380 Golden Arrow V 837 Golden Dawn Ml* O 63 Golden Dawn Ml V 956 Golden Eagle* O 75 Golden Goliath* O 61 Golden Goliath V 314 Golden Harp* O 0 Golden Hope* O 99 Golden Mnls T 73 Golden Mnls* X 600 Golden Peak Mn V 386 Golden Queen* O 1612 Golden Queen T 742 Golden Reign V 194 Golden Ridge V 1237 Golden Secret V 253 Golden Star T 678 Golden Star* X 5335 Golden Sun* O 244 Golden Tag V 682 Golden Valley* O 4 Golden Valley V 146 Goldex Res V 19 T 723 Goldgroup Mng Goldgroup Mng* O 1405 GoldMining V 793 GoldON Res V 40 GoldQuest Mng V 1663 Goldrea Res 398 Goldrea Res* O 3 Goldrich Mng* O 20 Goldsource Min* O 190 Goldstar Mnls V 1749 Goldstream Mnl V 17 Goldstrike Res V 1807 Goliath Res V 396 Gorilla Min 16 Gossan Res V 149 O 890 GoviEx Uranium* GoviEx Uranium V 4316 Gowest Gold* O 31 Gowest Gold V 505 Gran Colombia* O 14 T 161 Gran Colombia Granada Gold V 251 O 28 Granada Gold* Grande Portage V 99 Granite Ck Gld V 32 O 1950 Graphite Corp* Graphite One* O 1464 Graphite One V 5757 Gravis Energy 176 Gray Rock Res V 87 Great Atlantic V 682 Great Bear Res V 292 Great Bear Res* O 60 Great Lakes Gr* O 324 Great Lakes Gr V 1030 Great Panther T 560 Great Panther* X 4821 403 Great Quest Fe V Great Quest Fe* O 33 Great Western* O 368 201 Green Swan Cap V Greencastle Rs V 187 O 898 Greenland M&En* Grizzly Discvr V 225 Grizzly Discvr* O 192 51 Group Ten Mtls* O Group Ten Mtls V 533 O 1197 GrowMax Res* GrowMax Res V 7836 GT Gold V 2184 O 205 GT Gold * GTA Res & Mng V 1018 V 725 Guerrero Vents Gungnir Res V 480 Gungnir Res* O 199 Gunpoint Expl V 60 Guyana Gldflds T 3215 V 703 Guyana Goldstr Hannan Metals V 3 Hannan Metals* O 6 Harfang Explor V 143 Harmony Gold* N 14167 Harte Gold* O 142 Harte Gold T 1703 Heatherdale Rs V 126 28734 Hecla Mining* N Hellix Vent* O 258 O 43 Hemcare Health* Heron Res* O 0 Heron Res T 210 Highbank Res V 762 Highland Copp V 254 O 22 Highland Copp* Highway 50 Gld V 18 HiHo Silver 102 Hinterland Mtl V 970 Hochschild Mg* O 17 Homeland Egy V 192 Honey Badger E V 254 Horizonte Mnls T 92 Hornby Bay Mnl V 86 HudBay Mnls* N 3413 HudBay Mnls T 9489 Hudson Res V 196 Hudson Res* O 47 Hunt Mng V 21

0.38 0.30 0.35 + 0.04 0.71 0.29 0.47 0.38 0.47 + 0.07 0.97 0.37 0.22 0.21 0.21 - 0.01 0.32 0.15 0.29 0.26 0.28 - 0.01 0.42 0.20 0.12 0.00 0.08 - 0.01 0.12 0.02 0.04 0.02 0.02 + 0.00 0.07 0.02 0.05 0.04 0.04 + 0.01 0.08 0.03 0.10 0.00 0.10 - 0.00 0.18 0.06 0.08 0.07 0.07 - 0.00 0.18 0.07 0.55 0.50 0.50 - 0.04 1.10 0.47 0.45 0.37 0.37 - 0.03 0.85 0.37 0.20 0.19 0.20 - 0.01 0.63 0.18 0.18 0.14 0.17 + 0.03 0.83 0.14 0.23 0.18 0.23 + 0.04 1.09 0.18 0.24 0.22 0.24 + 0.01 0.37 0.20 0.20 0.15 0.18 - 0.02 0.41 0.09 0.23 0.22 0.22 - 0.02 0.45 0.19 1.09 0.99 1.05 + 0.02 1.33 0.76 0.85 0.76 0.84 + 0.05 1.01 0.59 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.08 0.03 0.22 0.21 0.21 + 0.00 0.38 0.20 0.27 0.26 0.26 - 0.01 0.50 0.24 0.78 0.61 0.78 + 0.03 1.18 0.44 0.06 0.05 0.06 + 0.01 0.18 0.05 0.05 0.04 0.04 + 0.00 0.13 0.04 1.43 1.24 1.38 + 0.13 2.40 1.22 0.14 0.00 0.13 - 0.01 0.23 0.10 0.35 0.28 0.35 + 0.07 0.59 0.22 0.13 0.07 0.13 + 0.07 0.14 0.03 0.05 0.05 0.05 - 0.01 0.08 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 0.05 0.04 0.05 + 0.00 0.20 0.04 0.04 0.00 0.04 - 0.01 0.08 0.03 0.06 0.06 0.06 + 0.01 0.10 0.05 0.23 0.19 0.20 - 0.05 0.43 0.13 0.11 0.09 0.10 - 0.01 0.40 0.04 0.24 0.16 0.24 + 0.05 0.24 0.16 0.09 0.08 0.08 - 0.01 0.09 0.05 0.26 0.22 0.22 - 0.01 0.34 0.10 0.33 0.28 0.28 - 0.03 0.44 0.12 0.14 0.12 0.12 - 0.01 0.18 0.08 0.18 0.16 0.17 + 0.01 0.25 0.12 1.54 1.43 1.47 + 0.05 1.81 1.02 1.97 1.85 1.89 + 0.06 2.23 1.20 0.26 0.23 0.25 + 0.01 0.72 0.23 0.19 0.00 0.18 - 0.00 0.54 0.18 0.18 0.00 0.18 + 0.04 0.71 0.14 0.14 0.12 0.12 + 0.01 0.23 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.04 0.06 + 0.01 0.09 0.03 0.08 0.06 0.07 + 0.01 0.13 0.04 0.48 0.30 0.30 - 0.10 0.50 0.01 0.25 0.22 0.22 - 0.03 0.57 0.12 0.14 0.09 0.10 - 0.01 0.24 0.07 0.40 0.30 0.32 + 0.04 0.50 0.15 0.26 0.24 0.26 + 0.04 0.38 0.14 0.06 0.05 0.06 + 0.00 0.08 0.02 0.08 0.07 0.07 - 0.01 0.11 0.03 1.55 1.39 1.55 + 0.13 2.95 1.39 1.21 1.06 1.21 + 0.11 2.28 1.06 0.24 0.13 0.19 + 0.06 0.33 0.12 0.16 0.10 0.16 + 0.07 0.21 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.07 0.08 - 0.01 0.13 0.05 0.10 0.09 0.10 + 0.01 0.14 0.07 0.08 0.07 0.08 - 0.00 0.16 0.04 0.06 0.05 0.05 - 0.01 0.06 0.03 0.04 0.04 0.04 + 0.00 0.05 0.03 0.18 0.18 0.18 + 0.01 0.18 0.06 0.24 0.20 0.23 + 0.01 0.24 0.08 0.09 0.07 0.08 + 0.00 0.13 0.06 0.13 0.10 0.11 + 0.01 0.17 0.09 0.77 0.62 0.70 + 0.06 2.76 0.22 0.60 0.48 0.57 + 0.07 2.24 0.25 0.06 0.00 0.05 + 0.01 0.08 0.04 0.02 0.00 0.02 + 0.01 0.04 0.01 0.16 0.12 0.12 + 0.01 0.22 0.03 0.12 0.08 0.12 + 0.02 0.17 0.02 0.19 0.00 0.16 - 0.03 0.31 0.16 4.81 4.37 4.72 + 0.27 8.11 3.96 0.32 0.27 0.32 + 0.03 0.38 0.14 0.27 0.27 0.27 + 0.02 0.51 0.17 0.21 0.18 0.18 - 0.02 0.39 0.18 0.24 0.22 0.22 - 0.02 0.35 0.22 1.82 1.64 1.80 + 0.07 2.99 1.56 0.39 0.35 0.36 - 0.02 0.66 0.20 0.49 0.45 0.46 - 0.04 0.87 0.26 0.06 0.06 0.06 + 0.01 0.12 0.03 3.95 3.56 3.91 + 0.34 6.78 3.43 0.04 0.01 0.01 - 0.03 0.23 0.00 0.03 0.02 0.03 + 0.01 0.23 0.01 0.00 0.00 0.04 - 0.36 1.65 0.60 0.07 0.07 0.07 - 0.63 0.70 0.65 0.03 0.02 0.03 + 0.01 0.05 0.02 0.15 0.14 0.14 - 0.01 0.18 0.08 0.12 0.10 0.11 - 0.00 0.14 0.06 0.38 0.30 0.38 + 0.08 0.66 0.14 0.05 0.04 0.04 - 0.01 0.18 0.03 0.03 0.03 0.03 + 0.01 0.06 0.02 3.20 3.09 3.18 + 0.24 4.37 2.25 0.38 0.30 0.38 + 0.09 2.25 0.18 0.08 0.05 0.08 + 0.03 0.15 0.04 0.08 0.07 0.07 + 0.01 0.09 0.04 0.07 0.05 0.05 - 0.02 0.09 0.03 7.80 6.95 7.70 + 0.75 9.35 4.60 9.96 8.97 9.87 + 0.90 11.95 6.13 0.43 0.39 0.39 - 0.01 0.80 0.32 0.32 0.30 0.31 - 0.01 0.60 0.24 0.18 0.16 0.16 - 0.03 0.34 0.13

I-Minerals* O 70 I-Minerals V 121 IAMGOLD T 8488 IAMGOLD* N 28727 Icon Explor* O 2 Icon Explor V 3171 Iconic Mnls * O 22 Iconic Mnls V 6089 IDM Mining V 2055 IDM Mining* O 358 IGC Res V 90 IMPACT Silver V 941 Impala Platnm* O 3 Imperial Metal T 516 Imperial Metal* O 82 Inca One Gold* O 310 Inception Mng * O 1 Independence G V 212 Independence G* O 31 Infinite Lith* O 53 Infinite Lith V 635 Inomin Mines V 261 Inspiration Mg 53 Inspiration Mg* O 7 Integra Res* O 50 Integra Res V 61 Intercontinent V 37 Intl Battery* O 207 Intl Bethl Mng V 710 Intl Cobalt* O 20 Intl Cobalt 1190 Intl Lithium* O 395 Intl Lithium V 1199 Intl Millm Mng V 212 Intl Montoro* O 144 Intl Prospect * O 6 Intl Samuel Ex V 302 Intl Tower Hil T 425 Intl Tower Hil* X 2318 Intrepid Pots* N 7763 INV Metals* O 55 Inventus Mg * O 19 Inventus Mg V 241 InZinc Mining V 557 InZinc Mining* O 155 Ironside Res V 32 Ironside Res * O 20 Irving Res 59 Irving Res* O 30 IsoEnergy Ltd V 467 Itafos* O 10 Itafos V 9 Itoco Mg Corp* O 491 Ivanhoe Mines T 5822 Jaguar Mng* O 154 Jaguar Mng T 299 Japan Gold V 144 Japan Gold* O 70 Jasper Mng V 10 Jaxon Mining* O 14 Jaxon Mining V 589 Jayden Res V 175 Jayden Res* O 2 Jiminex V 3491 Jourdan Res V 990 Jubilee Gold V 3

0.21 0.20 0.20 - 0.02 0.44 0.20 0.27 0.25 0.26 - 0.01 0.60 0.25 7.14 6.50 7.05 + 0.55 8.87 4.24 5.56 5.06 5.50 + 0.45 7.25 3.20 0.15 0.15 0.15 - 0.02 0.18 0.15 0.24 0.15 0.22 + 0.03 0.25 0.01 0.12 0.08 0.10 - 0.01 0.12 0.03 0.14 0.10 0.11 + 0.01 0.15 0.04 0.11 0.11 0.11 + 0.01 0.18 0.11 0.09 0.08 0.09 + 0.00 0.14 0.08 0.01 0.01 0.01 + 0.01 0.02 0.01 0.31 0.26 0.28 + 0.02 0.88 0.26 2.25 2.10 2.25 + 0.15 4.00 2.10 2.37 2.24 2.25 - 0.02 7.89 2.19 1.85 1.75 1.80 - 0.00 5.86 1.72 0.05 0.05 0.05 - 0.00 0.24 0.04 0.29 0.00 0.29 - 0.01 0.80 0.11 0.11 0.10 0.11 + 0.01 0.28 0.10 0.08 0.07 0.08 + 0.00 0.21 0.07 0.25 0.22 0.22 - 0.03 0.26 0.07 0.33 0.26 0.28 - 0.03 0.35 0.12 0.06 0.05 0.06 + 0.01 0.10 0.02 0.04 0.00 0.03 + 0.01 0.09 0.01 0.02 0.00 0.02 + 0.00 0.04 0.01 0.78 0.77 0.77 + 0.00 0.79 0.76 1.00 0.97 1.00 + 0.01 1.25 0.96 0.19 0.00 0.19 + 0.01 0.20 0.06 0.49 0.40 0.45 - 0.00 1.11 0.28 0.11 0.08 0.11 + 0.04 0.11 0.03 0.26 0.23 0.23 - 0.02 0.26 0.15 0.33 0.26 0.28 - 0.03 0.40 0.00 0.15 0.13 0.14 - 0.00 0.18 0.06 0.19 0.17 0.18 + 0.01 0.23 0.07 0.04 0.03 0.04 + 0.01 0.05 0.02 0.05 0.03 0.05 - 0.00 0.05 0.03 0.22 0.00 0.21 + 0.01 0.28 0.05 0.10 0.08 0.09 + 0.01 0.15 0.05 0.52 0.41 0.50 + 0.10 1.01 0.38 0.42 0.30 0.39 + 0.06 0.77 0.29 3.96 3.68 3.74 + 0.04 4.63 1.24 0.58 0.50 0.50 - 0.08 0.85 0.50 0.20 0.19 0.19 - 0.00 0.31 0.11 0.31 0.24 0.25 + 0.01 0.39 0.13 0.16 0.14 0.15 + 0.01 0.36 0.10 0.12 0.11 0.12 + 0.01 0.27 0.07 0.16 0.12 0.16 + 0.04 0.21 0.06 0.12 0.00 0.12 + 0.05 0.12 0.05 0.79 0.00 0.76 - 0.10 1.54 0.45 0.62 0.55 0.59 - 0.08 1.24 0.09 0.65 0.36 0.50 + 0.15 1.70 0.26 1.83 1.62 1.83 + 0.09 1.94 0.97 2.35 0.00 2.35 + 0.15 2.85 1.14 0.01 0.00 0.01 - 0.00 0.16 0.01 4.30 4.07 4.09 - 0.02 5.47 2.25 0.28 0.00 0.26 - 0.02 0.58 0.18 0.37 0.34 0.35 - 0.01 0.75 0.22 0.34 0.31 0.32 - 0.02 0.40 0.24 0.28 0.25 0.27 - 0.01 0.30 0.17 0.08 0.00 0.08 - 0.02 0.10 0.05 0.20 0.18 0.18 - 0.02 0.27 0.16 0.24 0.22 0.23 + 0.01 0.41 0.04 0.12 0.00 0.12 - 0.02 0.38 0.06 0.08 0.00 0.08 - 0.02 0.30 0.04 0.06 0.02 0.04 + 0.02 0.06 0.01 0.06 0.05 0.05 - 0.01 0.20 0.05 0.41 0.41 0.41 - 0.22 0.73 0.35

I-J-K

20-22_DEC25_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Juggernaut Exp V 387 K92 Mng Inc* O 717 K92 Mng Inc V 1847 Kairos Cap V 168 Kaizen Discvry* O 40 Karmin Expl V 191 Karnalyte Res T 83 Karoo Expl V 243 Katanga Mng T 15827 Kenadyr Mining V 748 Kenadyr Mining* O 78 Kennady Diam V 117 Kerr Mines T 817 Kerr Mines* O 127 Kesselrun Res V 599 Kesselrun Res* O 129 Khalkos Expl V 629 Kilo Goldmines* O 22 Kincora Copper* O 150 Kincora Copper V 634 Kings Bay Res V 1770 O 2 Kingsmen Res* Kinross Gold T 20789 Kinross Gold* N 52410 Kintavar Exp V 268 Kirkland Lake* N 3622 Kirkland Lake T 6918 Kitrinor Mtls V 273 Kivalliq Enrgy V 2316 T 3199 Klondex Mines Klondike Gold V 799 Klondike Gold* O 512 Klondike Silv V 4200 Klondike Silv* O 180 Kombat Copper V 180 Komet Resource V 144 O 132 Kootenay Silvr* Kootenay Silvr V 1302 Kootenay Zinc* O 112 Kootenay Zinc 769 KWG Res* O 13

0.23 0.17 0.19 - 0.04 0.59 0.08 0.35 0.31 0.35 - 0.00 0.89 0.31 0.46 0.41 0.45 + 0.03 1.17 0.41 1.29 1.17 1.17 - 0.06 1.33 0.07 0.08 0.00 0.07 - 0.01 0.21 0.07 1.05 0.95 1.00 - 0.01 1.50 0.25 0.48 0.40 0.43 - 0.05 0.95 0.43 0.85 0.56 0.71 - 0.09 0.85 0.01 2.00 1.14 1.75 + 0.62 2.00 0.12 0.16 0.14 0.16 + 0.03 1.00 0.11 0.13 0.11 0.11 + 0.01 1.45 0.08 2.66 2.45 2.66 + 0.15 4.25 2.45 0.32 0.29 0.30 - 0.01 0.41 0.11 0.26 0.22 0.24 - 0.00 0.34 0.08 0.13 0.09 0.09 - 0.03 0.23 0.08 0.09 0.07 0.09 - 0.01 0.17 0.06 0.10 0.07 0.09 + 0.03 0.19 0.06 0.03 0.02 0.03 + 0.00 0.09 0.02 0.22 0.00 0.22 + 0.00 0.43 0.22 0.29 0.25 0.28 - 0.02 0.65 0.25 0.12 0.09 0.09 - 0.03 0.21 0.08 0.07 0.00 0.07 - 0.02 0.13 0.06 5.26 4.86 5.19 + 0.19 6.29 3.87 4.09 3.78 4.04 + 0.16 4.91 2.88 0.12 0.10 0.10 - 0.03 0.35 0.10 14.51 13.03 13.27 - 0.65 15.19 5.24 18.59 16.73 17.13 - 0.79 19.06 6.33 10.92 8.10 10.85 + 2.45 10.92 1.90 0.12 0.09 0.11 - 0.01 0.19 0.08 3.28 2.85 3.18 + 0.32 7.73 2.75 0.35 0.31 0.34 + 0.04 0.60 0.14 0.27 0.24 0.26 + 0.02 0.49 0.10 0.05 0.04 0.05 + 0.01 0.12 0.04 0.03 0.02 0.03 + 0.01 0.09 0.02 0.41 0.33 0.35 - 0.05 0.59 0.21 0.35 0.32 0.33 - 0.02 0.45 0.31 0.16 0.14 0.14 - 0.01 0.29 0.14 0.20 0.19 0.19 - 0.01 0.39 0.17 0.05 0.03 0.04 + 0.01 0.59 0.01 0.06 0.04 0.05 + 0.01 0.70 0.03 0.01 0.01 0.01 - 0.00 0.02 0.00

L Labdr Iron Mns* O 209 Labrador Iron T 1618 Lake Victoria* O 772 Lara Expl V 172 Laramide Res T 2112 Largo Res* O 65 Largo Res T 396 Lateral Gold V 7 Latin Am Mnls V 423 Laurion Mnl Ex V 365 Laurion Mnl Ex* O 102 Leading Edge V 944 Leading Edge* O 418 Leagold Mg* O 21 Leagold Mg T 363 Leeta Gold V 30495 Legend Gold V 23 Lepanto Con Mg* O 201 Levon Res Ltd T 471 Levon Res Ltd * O 98 Liberty Gold* O 180 Liberty One Li V 2067 Liberty One Li* O 4321 LiCo Energy* O 3890 Lion One Mtls V 135 Lion One Mtls* O 20 Lithium Amer T 3167 Lithium Amer* O 1199 Lithium Corp* O 2361 Lithium Energi V 5974 O 19 Lithium Energi* Lithium Energy V 406 Lithium X Egy V 1750 Lithium X Egy* O 1006 Lithoquest Dia V 253 LKA Gold* O 75 Logan Res* O 1 Logan Res V 465 Lomiko Mtls V 1018 Lomiko Mtls* O 129 Loncor Res* O 9 Loncor Res T 367 177 Lone Star Gold* O Lonmin plc* O 50 O 12 Lorraine Coppr* V 62 Lorraine Coppr Los Andes Copp V 292 LSC Lithium* O 19 Lucara Diam T 2438 Lucky Mnls V 254 Lucky Mnls * O 93 Lumina Gold V 602 Lumina Gold* O 21 Lund Enterpr V 9 Lundin Gold T 555 T 21562 Lundin Mng Lupaka Gold V 154 Lydian Intl T 590 Lydian Intl* O 147 Lynas Corp* O 122

0.01 0.00 0.01 + 0.01 0.10 0.00 25.50 23.35 25.22 + 1.60 25.04 15.10 0.00 0.00 0.00 + 0.00 0.01 0.00 0.71 0.62 0.67 + 0.02 1.23 0.50 0.54 0.47 0.52 + 0.03 0.74 0.23 0.81 0.64 0.79 + 0.12 1.08 0.26 1.04 0.83 1.00 + 0.13 1.35 0.34 0.90 0.87 0.90 + 0.03 1.27 0.57 0.10 0.09 0.09 - 0.01 0.23 0.07 0.05 0.04 0.04 - 0.01 0.05 0.01 0.04 0.03 0.04 + 0.02 0.04 0.01 0.85 0.73 0.76 + 0.06 0.93 0.46 0.66 0.56 0.58 + 0.03 0.71 0.33 2.14 2.02 2.14 + 0.10 2.80 1.76 2.75 2.59 2.75 + 0.15 3.48 2.27 4.05 3.04 3.42 + 0.18 6.75 0.09 0.37 0.35 0.35 - 0.01 0.40 0.10 0.00 0.00 0.00 + 0.00 0.02 0.00 0.33 0.29 0.30 + 0.02 0.51 0.25 0.24 0.23 0.23 + 0.02 0.39 0.18 0.37 0.31 0.35 + 0.04 0.51 0.27 1.54 1.19 1.27 - 0.19 2.49 0.39 1.20 0.93 0.95 - 0.20 1.95 0.37 0.12 0.10 0.10 - 0.00 0.90 0.06 0.58 0.51 0.54 - 0.04 0.96 0.45 0.46 0.41 0.42 - 0.02 0.71 0.36 12.39 10.28 10.73 - 1.34 14.06 3.70 9.58 7.99 8.24 - 1.18 10.95 2.70 0.34 0.25 0.32 + 0.05 0.45 0.05 0.65 0.51 0.57 + 0.02 0.97 0.07 0.47 0.42 0.42 - 0.02 0.75 0.07 0.07 0.06 0.06 + 0.01 0.11 0.04 2.17 2.09 2.13 + 0.03 2.37 1.40 1.71 1.61 1.62 - 0.02 1.87 1.03 0.45 0.38 0.39 - 0.01 0.47 0.35 0.20 0.00 0.17 - 0.03 0.68 0.15 0.03 0.02 0.03 + 0.01 0.07 0.02 0.04 0.04 0.04 + 0.01 0.12 0.04 0.16 0.10 0.14 + 0.04 0.35 0.09 0.12 0.07 0.11 + 0.03 0.32 0.07 0.08 0.06 0.08 + 0.02 0.14 0.05 0.11 0.09 0.09 - 0.01 0.20 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 1.19 0.84 1.19 + 0.40 2.39 0.79 0.07 0.06 0.06 - 0.01 0.10 0.05 0.10 0.00 0.10 + 0.01 0.12 0.06 0.36 0.32 0.35 + 0.03 0.47 0.15 1.19 1.10 1.16 + 0.06 1.28 1.09 2.60 2.38 2.56 + 0.08 3.31 2.18 0.14 0.12 0.13 + 0.01 0.23 0.09 0.11 0.09 0.10 + 0.01 0.18 0.03 0.72 0.65 0.71 + 0.07 1.20 0.60 0.55 0.00 0.54 + 0.02 0.89 0.46 0.11 0.11 0.11 - 0.01 0.18 0.09 4.24 4.07 4.21 + 0.03 6.50 4.07 7.70 7.04 7.48 + 0.42 10.22 6.30 0.18 0.16 0.17 + 0.01 0.23 0.11 0.37 0.36 0.36 - 0.01 0.41 0.28 0.29 0.27 0.28 + 0.01 0.32 0.22 1.59 1.20 1.33 - 0.14 1.90 0.50

M Macarthur Mnl* O 115 0.06 0.06 0.06 + 0.01 0.12 0.04 Macarthur Mnl V 2750 0.08 0.07 0.07 - 0.01 0.16 0.05 MacDonald Mns V 599 0.12 0.11 0.12 + 0.01 0.28 0.06 V 36 1.80 1.65 1.71 - 0.02 1.85 1.24 MacMillan Mnls MAG Silver T 1066 15.70 13.92 15.02 + 1.08 21.99 12.75 Magellan Gold* O 91 0.05 0.04 0.04 + 0.00 0.28 0.03 Magnus Intl* O 11 0.00 0.00 0.00 + 0.00 0.01 0.00 Majestic Gold V 5804 0.06 0.05 0.05 - 0.01 0.12 0.05 0.15 - 0.01 0.23 0.13 Makena Res 45 0.18 0.15 Malbex Res V 133 0.39 0.34 0.39 - 0.02 0.43 0.29 Mammoth Res V 757 0.16 0.13 0.14 + 0.02 0.16 0.05 Mandalay Res T 1862 0.29 0.26 0.26 - 0.03 0.99 0.28 Mandalay Res* O 573 0.23 0.20 0.21 - 0.01 0.72 0.20 0.15 + 0.01 0.26 0.08 Manganese X V 449 0.15 0.14 Manitou Gold V 866 0.18 0.14 0.16 + 0.03 0.18 0.05 Manson Creek V 209 0.23 0.20 0.23 + 0.03 0.25 0.02 Manson Creek* O 31 0.18 0.17 0.18 + 0.01 0.20 0.03 Maple Gold* O 483 0.20 0.16 0.18 + 0.01 0.21 0.16 Maple Gold V 1473 0.25 0.21 0.23 + 0.01 0.46 0.15 Marathon Gold* O 148 0.84 0.76 0.83 + 0.05 1.14 0.33 Marathon Gold T 1066 1.07 0.97 1.03 + 0.03 1.36 0.45 Margaux Res V 76 0.29 0.25 0.29 - 0.01 0.50 0.18 Marifil Mines* O 23 0.05 0.04 0.05 + 0.01 0.05 0.02 Maritime Res V 762 0.10 0.09 0.10 - 0.01 0.20 0.09 Marlin Gold* O 262 0.67 0.63 0.66 + 0.03 0.87 0.36 Marlin Gold V 220 0.85 0.81 0.85 + 0.02 1.15 0.49 Martina Mnls V 152 0.06 0.03 0.06 + 0.03 0.06 0.02 MartinMarietta* N 3356 215.09 200.80 204.44 - 9.66 244.32 191.09 O 366 2.19 1.92 1.92 - 0.18 2.47 0.83 Mason Graphite* Mason Graphite V 452 2.87 2.42 2.45 - 0.28 3.15 1.10 Mason Res* O 64 0.19 0.16 0.18 + 0.02 0.29 0.01 Mason Res T 249 0.25 0.20 0.24 + 0.03 0.40 0.13 Masuparia Gold V 250 0.15 0.11 0.14 + 0.03 0.15 0.04 0.03 - 0.01 0.08 0.03 Matamec Expl V 1121 0.03 0.03 Matamec Expl* O 42 0.02 0.02 0.02 + 0.00 0.06 0.02 Matica Ent 21722 0.32 0.29 0.31 + 0.01 0.35 0.01 Matica Ent* O 169 0.25 0.22 0.24 + 0.02 0.27 0.02 Matmown* O 40 0.01 0.00 0.01 - 0.01 0.04 0.01 Maverix Mtls* O 17 1.38 1.29 1.32 - 0.03 1.46 0.92 Mawson Res T 450 0.44 0.37 0.42 + 0.02 0.65 0.29 Mawson Res* O 32 0.35 0.29 0.35 + 0.03 0.48 0.23 MaxTech Vent* O 640 0.45 0.33 0.38 - 0.05 0.48 0.13 MaxTech Vent 473 0.56 0.43 0.51 - 0.04 0.63 0.14 Maxwell Res* O 59 0.01 0.01 0.01 - 0.00 0.04 0.00 Maya Gold &Sil V 2412 0.42 0.34 0.42 + 0.07 0.44 0.10 Mazarin V 48 0.17 0.13 0.15 + 0.01 0.18 0.02 MBMI Res* O 15 0.01 0.00 0.00 - 0.00 0.01 0.00 McEwen Mng* N 23241 2.09 1.82 2.09 + 0.26 4.43 1.82 McEwen Mng T 1762 2.69 2.33 2.67 + 0.32 5.83 2.33 McLaren Res 2499 0.15 0.08 0.14 + 0.06 0.15 0.02 MDN Inc* O 5 0.17 0.15 0.17 + 0.02 0.70 0.09 Meadow Bay Gd V 154 0.23 0.18 0.18 - 0.05 0.28 0.06 Meadow Bay Gd* O 16 0.19 0.15 0.15 - 0.01 0.19 0.04 Mechel* N 1730 4.67 4.22 4.22 - 0.28 6.83 4.16 Medallion Res* O 40 0.11 0.10 0.11 - 0.00 0.17 0.08 Medallion Res V 136 0.15 0.13 0.15 - 0.02 0.28 0.08 Medgold Res V 39 0.18 0.00 0.16 - 0.02 0.25 0.13 Medinah Mnrls* O 11414 0.00 0.00 0.00 - 0.00 0.01 0.00 Mega Uranium* O 211 0.19 0.16 0.18 + 0.02 0.25 0.10 Mega Uranium T 4702 0.24 0.21 0.23 + 0.02 0.32 0.13 Megastar Dev V 105 0.05 0.05 0.05 - 0.01 0.07 0.03 Meridian Mg V 38 1.27 0.00 1.00 + 0.41 1.39 0.35 Meryllion Res* O 200 0.05 0.03 0.03 + 0.00 0.05 0.00 Mesa Expl* O 154 0.04 0.03 0.04 + 0.01 0.08 0.03 MetalCorp V 94 0.02 0.02 0.02 - 0.01 0.06 0.02 Metalex Vent V 225 0.07 0.05 0.06 - 0.01 0.10 0.04 Metallic Mnrls V 885 0.40 0.28 0.35 + 0.05 0.47 0.22 Metallic Mnrls* O 376 0.31 0.21 0.27 + 0.04 0.36 0.19 Metallica Min* O 8 0.04 0.03 0.04 + 0.00 0.06 0.03 Metallis Res V 1381 1.44 1.20 1.25 - 0.25 2.75 0.11 Metalore Res V 4 2.70 2.05 2.05 + 0.05 5.16 2.00 Metalore Res* O 40 1.71 1.16 1.67 + 0.51 3.96 1.16

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Metals Creek* O 172 Metals Creek V 3091 Metals X* O 33 Metanor Res* O 140 Metanor Res V 294 Mexican Gold* O 205 Mexus Gold* O 9189 MGX Minerals* O 1185 MGX Minerals 3677 Midas Gold* O 1044 Midas Gold T 762 Midasco Cap V 33 Midland Expl V 162 Midnight Star 50 Midnight Sun V 224 Millennial Lit* O 413 Millennial Lit V 697 Millrock Res* O 215 Millrock Res V 300 V 486 Minaurum Gold Minco Silver T 291 Minco Silver* O 14 Minera Alamos * O 544 Minera Alamos V 738 Minera IRL 71 Mineral Hill V 103 Mineral Mtn V 359 Mineral Mtn* O 148 MineralRite* O 18076 Mineworx Tech V 3717 Mineworx Tech* O 695 Minfocus Expl V 1765 Minnova Corp V 103 Miramont Res 104 Mirasol Res V 160 Mistango River 42 MK2 Ventures V 241 Mkango Res V 176 907 ML Gold Corp V O 45 Monarca Mnrls* Monarques Res* O 59 V 1550 Monarques Res Moneta Porcpn* O 53 Moneta Porcpn T 1095 Monitor Vent* O 3 Monitor Vent V 10 Montan Mg V 234 Montego Res 517 Montero Mg&Ex * O 11 V 222 Montero Mg&Ex Monument Mng V 1021 Morien Res* O 43 Morien Res V 228 Morumbi Res* O 26 N 47538 Mosaic* Mountain Boy V 5005 Mountain Boy* O 714 Mountain Prov T 555 Mountain Prov* D 353 Mukuba Res V 10 Mundoro Cap* O 46 Mundoro Cap V 112 Murchison Min 172 Mustang Mnrls V 199 O 57 Mustang Mnrls* MX Gold V 6275 MX Gold* O 178

0.07 0.04 0.07 + 0.02 0.09 0.03 0.10 0.05 0.08 + 0.03 0.13 0.05 0.74 0.68 0.74 + 0.04 0.81 0.41 0.55 0.51 0.54 - 0.01 0.94 0.51 0.71 0.66 0.70 - 0.01 1.29 0.45 0.28 0.20 0.25 - 0.02 0.32 0.11 0.07 0.04 0.07 + 0.03 0.19 0.03 0.92 0.81 0.85 + 0.05 2.12 0.29 1.18 1.04 1.09 + 0.05 2.75 0.39 0.50 0.44 0.46 + 0.02 0.74 0.43 0.64 0.56 0.59 + 0.02 0.95 0.55 0.09 0.08 0.08 - 0.01 0.11 0.05 0.92 0.82 0.88 - 0.01 1.20 0.82 0.16 0.16 0.16 - 0.09 0.25 0.08 0.32 0.30 0.32 + 0.02 0.54 0.17 3.09 2.64 2.75 - 0.25 3.40 0.88 3.88 3.33 3.54 - 0.33 4.38 1.20 0.26 0.21 0.24 - 0.01 0.50 0.19 0.34 0.28 0.32 - 0.01 0.64 0.24 0.25 0.21 0.23 - 0.01 0.38 0.09 0.70 0.61 0.61 - 0.06 1.74 0.59 0.55 0.48 0.55 + 0.03 1.23 0.47 0.14 0.13 0.14 - 0.00 0.18 0.10 0.18 0.17 0.17 - 0.01 0.24 0.13 0.11 0.10 0.11 - 0.01 0.22 0.06 0.23 0.00 0.22 - 0.03 0.34 0.17 0.32 0.27 0.31 + 0.01 0.37 0.15 0.26 0.22 0.25 + 0.01 0.28 0.13 0.00 0.00 0.00 - 0.00 0.00 0.00 0.21 0.18 0.20 + 0.01 0.21 0.05 0.16 0.15 0.16 + 0.01 0.16 0.05 0.03 0.02 0.03 + 0.01 0.03 0.01 0.68 0.65 0.65 - 0.03 0.90 0.55 0.55 0.46 0.48 - 0.03 0.65 0.20 1.80 1.58 1.59 - 0.04 2.28 1.18 0.04 0.00 0.04 + 0.01 0.05 0.01 0.17 0.00 0.15 - 0.01 0.24 0.09 0.15 0.11 0.12 + 0.03 0.19 0.04 0.12 0.11 0.11 - 0.01 0.29 0.10 0.05 0.05 0.05 - 0.01 0.14 0.05 0.22 0.19 0.22 + 0.01 0.38 0.19 0.29 0.25 0.28 + 0.03 0.49 0.25 0.14 0.13 0.13 - 0.00 0.20 0.10 0.19 0.17 0.17 - 0.01 0.27 0.13 0.25 0.00 0.25 + 0.00 0.81 0.03 0.32 0.00 0.32 + 0.01 1.13 0.13 0.02 0.01 0.02 + 0.01 0.08 0.01 0.50 0.41 0.44 - 0.04 0.70 0.10 0.27 0.22 0.27 + 0.05 0.38 0.14 0.44 0.33 0.34 - 0.02 0.49 0.12 0.07 0.00 0.07 - 0.01 0.13 0.07 0.47 0.37 0.46 + 0.05 0.56 0.31 0.61 0.48 0.59 + 0.10 0.74 0.37 0.56 0.54 0.55 - 0.01 1.26 0.45 25.19 23.63 24.92 + 1.30 34.36 19.23 0.09 0.08 0.08 - 0.01 0.11 0.05 0.07 0.06 0.07 + 0.00 0.09 0.03 3.52 3.41 3.42 - 0.08 6.94 3.28 2.80 2.45 2.45 - 0.25 5.45 2.45 0.24 0.00 0.17 - 0.08 0.25 0.06 0.11 0.10 0.11 + 0.02 0.22 0.09 0.14 0.12 0.13 + 0.01 0.30 0.12 0.22 0.19 0.20 + 0.02 0.29 0.13 0.25 0.22 0.24 - 0.04 0.48 0.05 0.20 0.17 0.19 - 0.02 0.36 0.04 0.10 0.08 0.09 - 0.01 0.26 0.08 0.07 0.06 0.06 - 0.00 0.20 0.06

NA Frac Sand* O 490 NACCO Ind* N 338 Napier Vent* O 42 302 Natural Res Pt* N Nautilus Mnrls T 567 O 463 Nautilus Mnrls* Nemaska Lith T 7649 Nemaska Lith* O 1433 Neo Lithium V 1934 Neometals* O 28 Nevada Canyon* O 243 Nevada Clean M* O 310 Nevada Clean M V 458 T 251 Nevada Copper Nevada Egy Mtl* O 30 Nevada Egy Mtl V 123 Nevada Expl * O 75 Nevada Expl V 177 O 128 Nevada Sunrise* V 203 Nevada Sunrise Nevado Res V 590 Nevsun Res* X 2843 Nevsun Res T 3363 62 New Destiny Mg V New Dimen Res V 441 35579 New Gold* X New Gold T 4558 New Guinea Gld* O 418 162 New Jersey Mng* O New Milln Iron* O 102 923 New Milln Iron T New Nadina V 609 New Nadina* O 168 New Oroperu V 32 New Pac Metals V 84 New Pac Metals* O 28 New World Res V 32 NewCastle Gold T 5236 NewCastle Gold* O 474 Newmac Res V 10 Newmont Mng* N 37949 Newport Expl V 145 NewRange Gold* O 120 NewRange Gold V 515 Nexa Resources T 3 Nexa Resources* N 799 Nexco Res 29 Nexgen Energy T 6658 Nexgen Energy* X 1621 Nexus Gold* O 176 NGEx Res* O 25 Nickel North V 442 Nickel One Res V 1074 Nicola Mg Inc* O 2 Nighthawk Gold* O 219 Nighthawk Gold T 409 Nikos Expl V 71 Niobay Metals V 548 Niocan Inc V 15 Niocorp Dev T 484 Niocorp Dev* O 341 Nippon Dragon V 661 Nippon Dragon* O 439 Nitinat Mnls V 4 Noble Metal Gr V 201 Noble Mnl Expl* O 26 Noble Mnl Expl V 778 Noka Res* O 297 Noram Vent* O 234 Noram Vent V 7905 Noranda Alum* O 27 Noront Res V 946 Norsemont Cap 54 North Am Nickl* O 225 North Am Pall* O 20 North Am Pall T 19 30 North Arrow Mn* O North Arrow Mn V 97 Northcliff Res T 371 Northisle C&G V 358 Northn Empire* O 34 Nouveau Monde V 759 Nouveau Monde* O 45 NovaGold Res T 930 NovaGold Res* X 9813 Novo Res* O 820 Novo Res V 1570 NRG Metals* O 3361 NRG Metals V 3860 Nrthn Graphite V 482 Nrthn Graphite* O 660 Nrthn Lion V 8 Nrthn Mnrls &E* O 15 Nrthn Superior* O 152 Nrthn Vertex V 195 Nrthn Vertex* O 56 NSGold V 10 NSS Res Inc 3131 Nthn Dynasty T 2658 Nthn Dynasty* X 14893 Nthrn Sphere* O 60 Nthrn Sphere 1825 Nubian Res V 131 NuLegacy Gold* O 391 NuLegacy Gold V 767 Nunavik Nickel V 317 NV Gold V 83 NV Gold* O 33 NxGold Ltd V 259

0.01 0.00 0.01 + 0.00 0.09 0.01 42.61 39.60 39.80 - 1.05 48.85 23.80 0.38 0.35 0.35 - 0.03 0.44 0.23 24.95 24.06 24.70 - 0.05 45.60 22.81 0.18 0.15 0.18 + 0.01 0.28 0.14 0.14 0.12 0.14 + 0.01 0.21 0.10 2.25 2.02 2.07 - 0.12 2.25 0.95 1.76 1.57 1.58 - 0.13 1.78 0.70 2.38 1.96 2.16 + 0.13 2.45 0.85 0.33 0.31 0.33 + 0.02 0.37 0.20 0.20 0.05 0.07 - 0.08 0.22 0.11 0.04 0.03 0.04 + 0.01 0.08 0.03 0.05 0.04 0.05 + 0.01 0.08 0.04 0.80 0.73 0.75 - 0.02 0.84 0.41 0.14 0.12 0.13 - 0.00 0.80 0.10 0.19 0.16 0.17 - 0.01 1.00 0.15 0.27 0.25 0.25 - 0.02 0.35 0.21 0.34 0.32 0.32 - 0.01 0.46 0.27 0.15 0.11 0.13 + 0.01 0.28 0.09 0.19 0.15 0.19 + 0.03 0.36 0.12 0.04 0.03 0.04 + 0.01 0.10 0.02 2.29 2.16 2.20 + 0.02 3.52 1.96 2.92 2.78 2.84 + 0.03 4.63 2.49 0.16 0.11 0.11 - 0.06 0.22 0.11 0.04 0.04 0.04 - 0.01 0.17 0.04 3.11 2.93 2.95 - 0.15 4.41 2.39 4.00 3.76 3.82 - 0.17 5.79 3.11 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.12 0.14 + 0.00 0.17 0.09 0.08 0.06 0.06 - 0.01 0.27 0.06 0.11 0.09 0.09 - 0.01 0.36 0.08 4.03 3.05 3.55 - 0.10 4.60 0.08 3.12 2.40 2.67 - 0.13 3.60 0.06 0.40 0.00 0.40 + 0.02 0.70 0.33 1.49 1.41 1.43 - 0.14 1.65 0.62 1.17 1.11 1.12 - 0.08 1.28 0.56 0.15 0.00 0.15 + 0.02 0.16 0.08 0.78 0.66 0.76 + 0.01 1.12 0.52 0.60 0.54 0.60 + 0.02 0.86 0.40 0.07 0.00 0.07 + 0.01 0.08 0.05 36.29 34.20 35.87 + 0.47 39.63 30.85 0.24 0.22 0.23 - 0.02 0.32 0.19 0.29 0.26 0.26 - 0.04 0.59 0.07 0.36 0.32 0.32 - 0.02 0.75 0.09 22.01 21.00 22.01 + 0.85 23.94 19.80 17.20 16.03 16.90 + 0.46 18.65 15.27 0.33 0.32 0.33 - 0.01 0.50 0.15 3.58 3.31 3.49 + 0.16 4.45 2.10 2.84 2.58 2.69 + 0.09 3.40 1.56 0.06 0.05 0.05 + 0.00 0.27 0.05 0.88 0.79 0.82 + 0.01 1.05 0.58 0.04 0.03 0.03 - 0.01 0.06 0.02 0.07 0.06 0.07 + 0.01 0.12 0.02 0.14 0.00 0.12 - 0.01 0.23 0.11 0.56 0.48 0.53 + 0.02 0.97 0.27 0.72 0.62 0.69 + 0.03 1.15 0.36 0.20 0.18 0.18 - 0.01 0.22 0.04 0.26 0.15 0.23 + 0.05 0.97 0.11 0.07 0.07 0.07 + 0.01 0.15 0.05 0.44 0.40 0.41 + 0.01 0.89 0.37 0.34 0.31 0.33 + 0.02 0.81 0.29 0.06 0.05 0.06 + 0.01 0.11 0.05 0.05 0.03 0.04 + 0.00 0.09 0.03 0.05 0.00 0.05 - 0.02 0.07 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.13 0.09 0.11 - 0.02 0.15 0.03 0.15 0.13 0.13 - 0.03 0.19 0.03 0.25 0.17 0.23 - 0.00 0.30 0.02 0.05 0.04 0.04 - 0.02 0.06 0.02 0.07 0.05 0.05 - 0.01 0.08 0.03 0.03 0.01 0.02 - 0.00 0.05 0.01 0.33 0.31 0.32 - 0.01 0.52 0.22 0.40 0.36 0.40 + 0.03 0.45 0.26 0.07 0.07 0.07 - 0.01 0.08 0.04 6.19 5.48 6.04 + 0.45 7.60 3.51 7.90 7.04 7.79 + 0.61 9.49 4.65 0.16 0.15 0.16 - 0.01 0.23 0.13 0.22 0.00 0.20 - 0.01 0.40 0.16 0.13 0.11 0.12 + 0.01 0.23 0.09 0.11 0.10 0.10 - 0.01 0.20 0.09 0.73 0.66 0.73 + 0.06 0.78 0.47 0.48 0.45 0.45 + 0.02 0.54 0.21 0.37 0.35 0.36 + 0.01 0.42 0.16 4.73 4.39 4.67 + 0.24 8.15 4.33 3.68 3.41 3.68 + 0.24 6.21 3.35 4.71 3.58 4.55 + 0.65 7.08 0.49 6.08 4.56 5.87 + 0.84 8.83 0.66 0.40 0.32 0.38 + 0.01 0.49 0.07 0.51 0.42 0.49 + 0.01 0.62 0.09 0.49 0.44 0.47 + 0.01 0.70 0.23 0.38 0.34 0.36 - 0.01 0.55 0.17 0.48 0.45 0.48 + 0.03 0.74 0.26 0.03 0.00 0.03 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.00 4.63 0.02 0.54 0.45 0.50 + 0.05 0.70 0.37 0.41 0.36 0.38 + 0.01 0.57 0.31 0.14 0.10 0.10 - 0.01 0.20 0.08 1.39 0.63 0.65 - 0.25 1.39 0.05 2.80 2.46 2.80 + 0.33 4.54 1.43 2.18 1.91 2.16 + 0.23 3.45 1.06 0.13 0.08 0.08 - 0.05 0.32 0.08 0.20 0.10 0.10 - 0.04 0.85 0.09 0.21 0.18 0.21 + 0.01 0.38 0.10 0.17 0.12 0.15 + 0.01 0.26 0.00 0.21 0.16 0.20 + 0.04 0.35 0.16 0.14 0.08 0.13 - 0.01 0.17 0.07 0.34 0.00 0.31 - 0.03 0.48 0.17 0.27 0.26 0.27 + 0.01 0.39 0.13 0.25 0.20 0.25 + 0.02 0.72 0.18

N-O

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O.T. Mining* O 21 OceanaGold* O 471 Oceanic Iron O V 392 Odyssey Res V 503 Olivut Res V 71 Olivut Res* O 69 Omineca Mg &Ml V 42 One World Min 1832 Opawica Expl V 300 Opus One Res V 337 Orbite Tech* O 62 Orca Gold V 534 Orca Gold* O 144 Orefinders Res V 908 Orestone Mng V 206 Orex Mnrls* O 41 Orezone Gold* O 33 Orford Mining V 17 Organic Potash 19 Orla Mng Ltd V 10759 Oro East Mg* O 19 Oroco Res V 96 Orocobre T 540 Oroplata Res* O 597 Orosur Mng T 269 Orsu Metals V 3 Orsu Metals* O 2 Orvana Mnrls* O 201 Orvana Mnrls T 611 Osisko Gold* N 4230 Osisko Gold T 1889 Osisko Metals* O 41 Osisko Metals V 262 Osisko Mng Inc T 3992 Osprey Gold V 802 Otis Gold V 619 Otis Gold* O 246 OZ Minerals* O 3

0.11 0.06 0.06 - 0.04 0.29 0.03 2.46 2.23 2.37 - 0.03 3.60 2.23 0.13 0.10 0.10 - 0.01 0.35 0.06 0.07 0.05 0.07 + 0.03 0.08 0.02 0.11 0.09 0.11 + 0.01 0.22 0.08 0.09 0.06 0.09 + 0.02 0.17 0.06 0.04 0.03 0.03 - 0.01 0.07 0.03 0.18 0.15 0.16 - 0.02 0.75 0.13 0.21 0.19 0.20 - 0.01 0.73 0.10 0.09 0.06 0.09 + 0.03 0.15 0.06 0.04 0.00 0.00 - 0.04 0.29 0.00 0.68 0.60 0.66 + 0.02 0.74 0.31 0.54 0.45 0.51 + 0.02 0.56 0.20 0.11 0.08 0.10 + 0.02 0.11 0.04 0.10 0.06 0.10 + 0.03 0.13 0.05 0.11 0.09 0.10 + 0.00 0.26 0.08 0.54 0.49 0.50 - 0.04 0.63 0.31 0.41 0.00 0.38 - 0.07 0.70 0.19 0.05 0.03 0.03 - 0.02 0.05 0.01 1.76 1.60 1.72 + 0.06 1.76 1.04 0.01 0.01 0.01 - 0.00 0.02 0.01 0.10 0.08 0.10 + 0.01 0.10 0.02 5.93 5.47 5.76 + 0.13 6.23 2.73 0.12 0.11 0.11 + 0.00 0.35 0.10 0.23 0.18 0.21 + 0.03 0.32 0.18 0.24 0.00 0.24 + 0.01 0.45 0.13 0.18 0.00 0.18 - 0.02 0.22 0.11 0.16 0.15 0.16 + 0.01 0.25 0.14 0.21 0.19 0.20 + 0.01 0.33 0.17 11.24 10.76 10.84 - 0.33 14.39 8.88 14.45 13.86 13.93 - 0.44 17.58 11.90 0.62 0.59 0.61 + 0.01 1.33 0.59 0.80 0.71 0.77 - 0.01 1.74 0.23 3.47 3.16 3.35 - 0.05 5.65 2.08 0.10 0.09 0.10 - 0.01 0.44 0.07 0.20 0.17 0.20 + 0.02 0.39 0.17 0.15 0.13 0.15 + 0.01 0.29 0.13 6.34 6.16 6.25 - 0.09 7.39 4.70

Pac Bay Mnrls V 10 8 Pac Booker Min* O Pac Booker Min V 23 Pac Iron Ore V 25 Pac North West* O 107 Pac Wildcat* O 45 Pacific Rim 333 Pacton Gold V 2569 O 1123 Paladin Energy* O 56 Palamina Corp* Palamina Corp V 177 Palladon Vent* O 47 Pan Am Silver T 923 Pan Am Silver* D 7117 36 Pan Andean Min* O Pan Global Res V 99 Pancontinental* O 168 Pancontinental V 71 Panex Res* O 814 Pangolin Dia V 49 Panoro Mnrls V 580 Para Resources V 1111 Parallel Mng V 75 Paramount Gold* X 209 Parana Copper 409 Paringa Res* O 21 Parlane Res V 72 Patriot Gold* O 586 Peabody Enrgy* N 6208 Peat Res V 238 Pelangio Expl V 161 Pelangio Expl* O 148 Pele Mtn Res V 420 26 Pele Mtn Res* O O 9 Peloton Mnrls* Peregrine Diam T 643 Perseus Mng T 238 Pershing Gold* D 889 Pershing Gold T 13 Pershing Res* O 43 Philex Mng* O 358 T 3168 Pine Cliff En Pine Cliff En* O 190 Pinecrest Res V 229 Pistol Bay Mng V 9317 Pistol Bay Mng* O 250 PJSC Polyus Gd* O 1 PJX Res V 287 Plate Res V 131 Plateau Uran V 410 Plateau Uran* O 263 Platinex Inc 1382 Platinum Gp Mt* X 3400 Platinum Gp Mt T 596 Plato Gold V 757 Playfair Mng V 186 Playfair Mng* O 6 PolyMet Mng* X 1290 PolyMet Mng T 194 Portage Res* O 1370 Portofino Res V 3041 Potash Corp SK* N 24063 Potash Corp SK T 13109 Potash Ridge T 4463 Potash Ridge* O 386 Power Metals* O 99 Power Metals V 2373 PPX Mining* O 84 Precipitate Gl V 283 Premier Gold M T 2657 Premium Expl* O 19 Pretium Res T 2022 Pretium Res* N 7672 Primero Mng T 2191 Prism Res V 64 Prize Mng* O 53 Prize Mng V 228 Probe Metals V 225 Promithian Gl * O 0 Prophecy Coal* O 7 Prophecy Coal T 24 O 1 Prospector Res* Prospector Res V 66 Prosper Gold V 189 Prospero Silvr V 138 Prospero Silvr* O 15 Provenance Gld 17 Providence V 212 PUF Vent Inc 4210 PUF Vent Inc * O 231 Puma Expl V 1073 Pure Energy* O 2190 Pure Energy V 2034 Pure Gold Mg* O 296 Pure Gold Mg V 935 Pure Nickel* O 54 Purepoint Uran V 3122 Q-Gold Res V 261 QMC Quantum Ml* O 3810 QMC Quantum Ml V 2984 QMX Gold* O 14 QMX Gold V 993 Quadro Res V 54 Quantum Cobalt 1210 Quartz Mtn Res V 21 Quartz Mtn Res* O 1 Quaterra Res V 1879 Quaterra Res* O 4063 Quest Rare Mnl* O 480 Quinto Res V 302

0.05 0.00 0.04 - 0.01 0.07 0.03 0.70 0.69 0.70 + 0.00 0.99 0.35 0.95 0.85 0.85 - 0.05 1.44 0.42 0.14 0.14 0.14 + 0.02 0.23 0.12 0.08 0.06 0.07 + 0.01 0.10 0.04 0.00 0.00 0.00 + 0.00 0.04 0.00 1.47 1.16 1.20 - 0.20 1.50 0.33 0.33 0.25 0.30 + 0.03 0.40 0.04 0.02 0.01 0.02 - 0.00 0.13 0.00 0.21 0.17 0.20 + 0.02 0.20 0.10 0.28 0.22 0.28 + 0.07 0.28 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 19.63 18.51 19.40 + 0.84 27.99 18.00 15.29 14.37 15.08 + 0.64 21.29 13.99 0.01 0.01 0.01 - 0.00 0.04 0.01 0.17 0.17 0.17 - 0.01 0.20 0.05 0.03 0.02 0.03 + 0.01 0.07 0.01 0.04 0.00 0.04 + 0.01 0.10 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.04 - 0.01 0.09 0.04 0.37 0.33 0.34 - 0.03 0.48 0.15 0.18 0.14 0.16 + 0.02 0.27 0.13 0.07 0.00 0.07 + 0.01 0.16 0.06 1.32 1.23 1.27 - 0.01 2.10 1.16 0.12 0.00 0.12 - 0.05 0.45 0.09 0.32 0.00 0.30 - 0.03 0.50 0.26 0.16 0.16 0.16 + 0.01 0.21 0.10 0.09 0.07 0.07 - 0.03 0.14 0.05 36.58 34.43 35.50 + 1.26 36.58 22.58 0.03 0.02 0.03 - 0.01 0.03 0.01 0.05 0.04 0.04 - 0.01 0.06 0.04 0.03 0.03 0.03 - 0.00 0.05 0.02 0.09 0.08 0.09 - 0.01 0.40 0.08 0.08 0.00 0.06 - 0.01 0.40 0.01 0.06 0.06 0.06 - 0.00 0.08 0.04 0.13 0.13 0.13 - 0.01 0.26 0.11 0.33 0.30 0.31 - 0.01 0.51 0.27 3.10 2.55 2.57 - 0.30 3.49 2.55 3.92 3.29 3.36 - 0.30 4.80 3.29 0.03 0.02 0.03 - 0.00 0.10 0.02 0.14 0.10 0.14 + 0.04 0.20 0.10 0.49 0.47 0.48 - 0.02 1.16 0.47 0.37 0.36 0.36 - 0.03 0.85 0.36 0.34 0.28 0.30 - 0.03 0.56 0.18 0.08 0.05 0.08 + 0.03 0.12 0.04 0.05 0.04 0.04 + 0.01 0.08 0.03 41.70 0.00 40.00 - 2.00 50.23 31.83 0.15 0.12 0.15 + 0.02 0.27 0.11 0.08 0.00 0.06 - 0.02 0.09 0.04 0.65 0.56 0.60 - 0.01 0.71 0.24 0.51 0.44 0.46 - 0.04 0.55 0.18 0.15 0.13 0.14 + 0.01 0.23 0.05 0.34 0.29 0.32 + 0.03 2.45 0.28 0.43 0.37 0.41 + 0.04 3.19 0.36 0.05 0.00 0.05 + 0.01 0.05 0.01 0.07 0.00 0.06 - 0.01 0.12 0.05 0.05 0.04 0.04 - 0.00 0.09 0.03 0.75 0.65 0.71 + 0.03 0.97 0.57 0.93 0.84 0.90 + 0.04 1.27 0.71 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.10 0.10 - 0.01 0.19 0.04 20.26 18.89 19.63 + 0.71 20.27 15.74 26.04 24.28 25.32 + 0.99 26.62 20.68 0.15 0.13 0.14 - 0.01 0.32 0.09 0.12 0.10 0.11 - 0.00 0.22 0.07 0.53 0.42 0.48 - 0.03 0.67 0.10 0.67 0.55 0.62 - 0.04 0.85 0.14 0.07 0.06 0.07 + 0.01 0.09 0.04 0.09 0.07 0.09 + 0.01 0.23 0.06 3.60 3.18 3.54 + 0.21 4.13 1.87 0.01 0.00 0.01 + 0.01 0.02 0.00 13.86 12.82 13.51 + 0.50 16.48 9.17 10.78 9.94 10.52 + 0.41 12.53 6.82 0.09 0.09 0.09 - 0.01 1.21 0.08 0.15 0.12 0.12 - 0.03 0.25 0.12 0.29 0.26 0.27 - 0.02 0.52 0.21 0.37 0.34 0.36 - 0.02 0.72 0.25 1.41 1.30 1.39 + 0.04 1.74 1.07 0.02 0.00 0.02 + 0.00 0.02 0.02 3.38 0.00 3.33 - 0.05 5.17 2.21 4.44 3.86 4.11 - 0.36 7.19 2.75 0.77 0.00 0.77 + 0.12 1.28 0.34 1.02 0.00 0.99 + 0.14 1.90 0.45 0.09 0.00 0.09 - 0.01 0.25 0.08 0.14 0.13 0.13 - 0.01 0.34 0.13 0.11 0.00 0.10 - 0.01 0.25 0.10 0.21 0.20 0.21 - 0.13 0.40 0.08 0.15 0.14 0.14 - 0.01 0.27 0.07 1.08 0.81 1.01 + 0.13 1.15 0.20 0.84 0.63 0.76 + 0.06 0.90 0.15 0.09 0.09 0.09 - 0.01 0.13 0.05 0.34 0.29 0.31 - 0.01 0.54 0.29 0.44 0.38 0.39 - 0.03 0.71 0.38 0.40 0.36 0.39 + 0.02 0.55 0.29 0.51 0.47 0.49 + 0.02 0.72 0.40 0.02 0.01 0.01 - 0.01 0.03 0.00 0.10 0.09 0.09 + 0.01 0.19 0.06 0.04 0.00 0.04 + 0.01 0.05 0.03 1.13 0.70 0.74 - 0.33 1.46 0.02 1.43 0.90 0.94 - 0.43 1.85 0.04 0.23 0.20 0.20 - 0.02 0.29 0.10 0.30 0.25 0.26 - 0.03 0.40 0.13 0.11 0.09 0.09 - 0.02 0.18 0.09 1.81 1.42 1.63 - 0.12 1.90 0.03 0.15 0.13 0.15 + 0.02 0.15 0.04 0.12 0.00 0.12 + 0.07 0.09 0.04 0.06 0.05 0.05 - 0.01 0.15 0.05 0.05 0.03 0.04 + 0.00 0.13 0.03 0.00 0.00 0.00 - 0.00 0.23 0.00 0.09 0.09 0.09 + 0.01 0.16 0.05

Rackla Mtls* O 26 Radisson Mng V 2232 Radius Gold V 287 Rae-Wallace Mg* O 68 Rainy Mtn Royl V 925 Rainy Mtn Royl* O 202 Rambler Ml &Mg V 113 Randgold Res* D 2384 Randsburg Int* O 4 Randsburg Intl V 101 Rapier Gold V 1488 Rare Element* O 287 Rathdowney Res V 81 Ravencrest Res 140 Razore Rock Res 10 RB Energy* O 114 Red Eagle Expl V 52 Red Eagle Mng T 735 Red Eagle Mng* O 305 Red Moon Res V 24 Red Oak Mg V 16 Red Pine Expl V 1896 Redstar Gold* O 1596 Redstar Gold V 4976 Redzone Res V 267

0.09 0.08 0.09 + 0.00 0.13 0.05 0.25 0.17 0.20 + 0.04 0.25 0.12 0.10 0.10 0.10 - 0.01 0.17 0.09 0.01 0.01 0.01 + 0.00 0.03 0.00 0.06 0.05 0.06 + 0.01 0.18 0.05 0.05 0.04 0.04 - 0.00 0.14 0.03 0.14 0.13 0.14 + 0.02 0.22 0.11 93.22 89.72 92.13 + 0.43 108.29 68.36 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 - 0.01 0.03 0.01 0.07 0.06 0.06 + 0.01 0.14 0.05 0.24 0.20 0.22 - 0.02 0.53 0.03 0.18 0.16 0.17 - 0.01 0.33 0.13 1.85 1.50 1.50 - 0.24 2.10 0.02 0.05 0.05 0.05 - 0.25 0.90 0.10 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.07 0.08 + 0.01 0.30 0.06 0.30 0.28 0.30 + 0.01 0.88 0.23 0.24 0.22 0.23 + 0.02 0.68 0.17 0.06 0.00 0.06 + 0.01 0.08 0.03 0.25 0.20 0.25 + 0.05 0.25 0.05 0.11 0.09 0.09 - 0.02 0.16 0.08 0.07 0.04 0.05 - 0.01 0.12 0.04 0.09 0.06 0.06 - 0.03 0.16 0.06 0.26 0.22 0.25 - 0.02 0.30 0.10

P-Q

2017-12-19 5:23 PM

WWW.NORTHERNMINER.COM

DECEMBER 25, 2017–JANUARY 7, 2018 / 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

Redzone Res* O 20 Regulus Res V 58 Reliant Gold V 235 Renaissance Gd* O 654 Renaissance Gd V 468 Resolve Vent V 1277 Resource Cap* O 33 Revival Gold V 142 Revival Gold * O 103 Richmond Mnls V 18 Rift Valley 134 Rimrock Gold* O 527640 Rio Novo Gold T 61 Rio Silver V 117 Rio Tinto* N 16181 Rio Tinto* O 3 Rise Gold Corp 473 Riverside Res* O 291 Riverside Res V 343 Rizal Res V 290 RJK Explor V 50 RJK Explor* O 9 Robex Res V 765 Rochester Res V 34 Rochester Res* O 40 Rock Tech Lith* O 6 Rock Tech Lith V 150 Rockcliff Met V 503 Rockex Mng 2749 Rockhaven Res V 324 Rockshield Cap* O 15 Rockshield Cap 2598 Rockwealth Res V 79 Rockwell Diam* O 11 Rodinia Lithm V 2675 Rogue Res V 218 Romios Gold Rs V 453 Romios Gold Rs* O 268 RosCan Mrnls V 382 Rosita Mg Corp* O 9 Rotation Mnls V 3050 Roughrider Exp V 737 Roxgold T 2410 Roxgold* O 114 Royal Gold* D 3077 Royal Nickel T 2838 Royal Nickel* O 293 Royal Rd Mnrls V 1466 Royal Sapphire V 75 RTG Mining T 91 Rubicon Mnrls* O 42 Rugby Mng V 52 Running Fox Rs* O 46 Running Fox Rs V 452 Rupert Res V 61 Rusoro Mng* O 381 Rusoro Mng V 833 Rye Patch Gold* O 588

0.19 0.19 0.19 + 0.09 0.19 0.08 1.80 1.56 1.78 + 0.05 3.00 1.15 0.02 0.02 0.02 + 0.01 0.05 0.02 0.19 0.16 0.18 + 0.02 0.38 0.16 0.24 0.22 0.23 + 0.02 0.48 0.21 0.08 0.07 0.07 - 0.02 0.12 0.02 0.08 0.07 0.07 - 0.02 0.20 0.07 0.80 0.70 0.73 - 0.05 0.86 0.08 0.63 0.54 0.58 - 0.02 0.70 0.52 0.07 0.06 0.07 + 0.01 0.18 0.03 0.14 0.00 0.11 - 0.03 0.15 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.09 0.10 + 0.02 0.23 0.08 0.05 0.05 0.05 - 0.01 0.09 0.04 49.15 47.36 49.12 + 1.95 50.77 37.66 48.85 0.00 48.85 + 1.80 49.90 37.20 0.17 0.15 0.15 + 0.01 0.40 0.09 0.28 0.23 0.23 + 0.01 0.46 0.20 0.35 0.30 0.30 + 0.01 0.60 0.26 0.04 0.03 0.03 - 0.01 0.06 0.02 0.08 0.06 0.07 + 0.01 0.25 0.06 0.05 0.05 0.05 - 0.00 0.19 0.05 0.09 0.08 0.08 - 0.01 0.14 0.06 0.05 0.00 0.05 + 0.01 0.07 0.03 0.04 0.03 0.03 + 0.00 0.05 0.02 1.29 1.17 1.25 - 0.23 1.66 0.59 1.76 1.40 1.55 - 0.20 2.16 0.75 0.07 0.06 0.07 - 0.02 0.12 0.06 0.02 0.02 0.02 + 0.01 0.05 0.01 0.16 0.14 0.14 - 0.01 0.22 0.12 0.15 0.14 0.15 + 0.00 0.15 0.06 0.22 0.17 0.21 + 0.03 0.29 0.08 0.21 0.00 0.21 + 0.03 0.30 0.15 0.00 0.00 0.00 - 0.00 0.05 0.00 0.45 0.28 0.35 + 0.02 0.45 0.09 0.30 0.18 0.27 + 0.06 0.74 0.18 0.07 0.06 0.06 - 0.01 0.08 0.04 0.05 0.04 0.04 - 0.01 0.07 0.03 0.08 0.07 0.08 + 0.03 0.12 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 0.33 0.15 0.33 + 0.18 0.45 0.12 0.06 0.05 0.06 + 0.01 0.12 0.04 1.30 1.18 1.28 + 0.06 1.67 1.03 1.00 0.92 0.99 + 0.07 1.27 0.78 85.40 81.50 84.07 + 0.92 94.39 60.21 0.17 0.16 0.17 + 0.01 0.39 0.16 0.13 0.12 0.13 + 0.00 0.30 0.12 0.15 0.10 0.14 + 0.01 0.15 0.06 0.14 0.13 0.13 - 0.01 1.40 0.07 0.35 0.19 0.24 - 0.09 0.55 0.10 1.07 1.00 1.06 + 0.00 1.48 1.00 0.32 0.32 0.32 - 0.01 0.50 0.23 0.02 0.01 0.02 + 0.00 0.02 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.72 0.69 0.72 + 0.03 1.47 0.60 0.07 0.06 0.06 - 0.01 0.19 0.06 0.09 0.07 0.08 - 0.01 0.25 0.07 0.19 0.17 0.17 - 0.00 0.27 0.14

Sabina Gd&Slvr* O 767 Sabina Gd&Slvr T 1013 Sable Res V 601 Sage Gold V 1007 Sage Gold* O 31 Saint Jean V 3188 Saint Jean* O 316 Salazar Res V 98 Sama Res V 1868 Sama Res* O 129 San Marco Res* O 142 Sandspring Res V 952 Sandspring Res* O 677 Sandstorm Gold T 1757 Sandstorm Gold* X 7824 Sandy Lake Gld V 210 Santa Fe Gold* O 598 Santacruz Silv V 2003 Sarama Res V 569 Sarissa Res* O 728 Satori Res V 68 Satori Res* O 210 Saturn Mnrls V 1760 Savary Gold* O 50 Saville Res V 349 Scandium Intl* O 310 Scandium Intl T 832 Scorpio Gold V 1847 ScoZinc Mg V 32 ScoZinc Mg* O 36 Seabridge Gld* N 1914 Seabridge Gld T 306 Search Mnls V 159 Searchlight* O 500 Secova Mtls V 764 Secova Mtls* O 110 Sego Res V 255 Select Sands V 1601 Semafo T 8583 Senator Mnrls V 463 Sennen Potash V 67 Serabi Gold T 29 Serengeti Res V 424 Shamrock Ent 104 Sherritt Intl T 6688 Shore Gold T 886 Sibanye Gold* N 26557 Sidney Resrces* O 149

1.84 1.71 1.79 + 0.03 2.17 0.61 2.35 2.21 2.28 + 0.01 2.70 0.84 0.17 0.14 0.17 - 0.01 0.20 0.11 0.15 0.13 0.14 + 0.01 0.27 0.11 0.11 0.00 0.10 + 0.01 0.20 0.08 0.05 0.04 0.05 + 0.01 0.35 0.03 0.04 0.03 0.03 - 0.00 0.26 0.02 0.13 0.12 0.12 - 0.01 0.18 0.08 0.35 0.29 0.32 - 0.03 0.44 0.07 0.27 0.22 0.25 - 0.01 0.34 0.05 0.11 0.10 0.11 - 0.01 0.20 0.10 0.31 0.27 0.30 + 0.01 0.67 0.27 0.24 0.20 0.23 + 0.01 0.51 0.20 6.05 5.47 5.88 + 0.38 6.81 4.29 4.78 4.21 4.58 + 0.30 5.18 3.18 0.07 0.00 0.07 + 0.01 0.13 0.04 0.14 0.10 0.12 + 0.02 0.23 0.03 0.10 0.09 0.09 - 0.01 0.39 0.09 0.10 0.09 0.10 + 0.01 0.29 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.09 0.10 + 0.01 0.30 0.07 0.08 0.07 0.07 - 0.00 0.18 0.07 0.15 0.12 0.13 + 0.01 0.15 0.07 0.04 0.04 0.04 + 0.01 0.09 0.03 0.10 0.00 0.09 + 0.02 0.40 0.06 0.20 0.17 0.20 + 0.01 0.35 0.17 0.27 0.23 0.26 + 0.03 0.48 0.22 0.03 0.03 0.03 - 0.01 0.15 0.02 1.47 1.35 1.40 - 0.05 1.75 0.80 1.16 1.09 1.09 - 0.03 1.44 0.62 10.55 9.80 10.25 + 0.25 13.70 7.35 13.51 12.61 13.15 + 0.23 17.65 9.99 0.04 0.04 0.04 + 0.01 0.10 0.03 0.01 0.01 0.01 + 0.00 0.13 0.01 0.03 0.03 0.03 - 0.01 0.11 0.03 0.03 0.02 0.03 + 0.00 0.09 0.01 0.08 0.07 0.08 - 0.01 0.09 0.03 0.49 0.36 0.43 + 0.07 2.04 0.35 3.49 3.15 3.37 + 0.23 5.24 2.68 0.41 0.31 0.34 - 0.08 1.99 0.31 0.50 0.00 0.46 - 0.05 1.10 0.40 0.06 0.06 0.06 + 0.01 0.10 0.05 0.17 0.15 0.16 + 0.01 0.26 0.11 0.05 0.04 0.04 - 0.01 0.06 0.02 1.56 1.36 1.50 + 0.11 1.67 0.74 0.17 0.16 0.16 - 0.01 0.44 0.16 5.11 4.39 4.85 - 0.18 10.59 4.27 0.01 0.01 0.01 - 0.00 0.02 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sienna Res V 1660 Sienna Res* O 165 Sierra Metals* X 98 Sierra Metals T 742 Signature Res V 120 Silver Bear Rs* O 178 Silver Bear Rs T 522 Silver Bull Re* O 1179 Silver Bull Re T 949 Silver Dragon* O 282 Silver Grail V 109 Silver Predatr V 4 Silver Pursuit V 19 Silver Range V 90 Silver Spruce* O 5 Silver Viper V 145 Silver Wheaton T 9241 Silver Wheaton* N 13808 Silvercorp Met T 2409 Silvercorp Met* X 1162 SilverCrest Mt* O 148 SilverCrest Mt V 716 Silvermet V 253 Silverstar Res* O 55 Sirios Res* O 30 Sirios Res V 867 Skeena Res V 751 Skeena Res* O 218 O 330 Skyharbour Res* V 465 Skyharbour Res Slam Explor V 873 V 69 Sojourn Explor Sokoman Iron* O 181 Sokoman Iron V 3763 SolGold plc T 813 SolGold plc* O 218 Solitario Ex&R T 139 Solitario Ex&R* X 346 64 Sonora Gld & S V Sonora Res * O 1607 Sonoro Mtls V 276 Southern Arc* O 4 Southern Copp* N 5466 Southern Lith V 1370 Southern Silvr* O 173 Southern Silvr V 164 T 393 SouthGobi Res Spanish Mtn Gd* O 281 Sparton Res* O 19 Sparton Res V 1084 Spearmint Res* O 130 Spearmint Res V 11731 Sphinx Res V 1481 Sprott Res Hld T 4615 SRG Graphite V 294 SSR Mining* D 4781 SSR Mining T 1283 St Augustine T 1721 O 207 St-Georges Plt* V 165 Stakeholdr Gld Stakeholdr Gld* O 6 Standard Graph* O 423 Standard Lith V 503 Standard Metal* O 305 Stans Energy V 1191 Stans Energy* O 122 Star Gold* O 14 Steele Oceanic* O 0 Stellar Africa V 445 Stelmine Can V 187 Sterling Grp* O 25 Stina Res 1491 Stina Res* O 224 Stone Ridge Ex 61 T 958 Stornoway Diam Stornoway Diam* O 7 O 486 Strategic Metl* Strategic Metl V 434 Strategic Res* O 0 O 216 Strikepoint Gd* Strikepoint Gd V 416 V 87 Strongbow Expl Sulliden Mng T 521 Suncor Energy T 19816 Suncor Energy* N 12771 Sunvest Mnrls* O 200 Sunvest Mnrls V 2588 Superior Gold* O 32 Supreme Metals 576 Sutter Gold* O 64 Syrah Res* O 64

0.27 0.25 0.25 - 0.01 0.27 0.09 0.20 0.19 0.20 + 0.01 0.21 0.07 2.29 2.18 2.20 - 0.09 3.10 1.46 2.94 2.75 2.75 - 0.20 3.75 1.95 0.08 0.07 0.07 - 0.01 0.19 0.07 0.14 0.10 0.14 + 0.02 0.38 0.08 0.18 0.14 0.18 + 0.02 0.49 0.12 0.13 0.11 0.12 + 0.01 0.16 0.06 0.16 0.14 0.16 + 0.01 0.21 0.08 0.01 0.01 0.01 - 0.00 0.03 0.01 0.07 0.06 0.07 - 0.01 0.13 0.05 0.15 0.00 0.15 + 0.01 0.40 0.13 0.20 0.00 0.20 + 0.01 0.23 0.11 0.16 0.13 0.16 + 0.01 0.29 0.10 0.05 0.04 0.05 + 0.00 0.08 0.03 0.18 0.15 0.16 - 0.02 0.30 0.15 27.93 26.66 27.76 + 0.75 30.32 22.63 21.83 20.71 21.55 + 0.56 23.06 16.96 3.30 2.85 3.25 + 0.37 5.90 2.72 2.60 2.21 2.53 + 0.31 4.50 2.07 1.35 0.97 1.32 + 0.29 2.10 0.84 1.73 1.26 1.73 + 0.40 2.79 1.05 0.11 0.10 0.11 - 0.01 0.22 0.05 1.60 1.20 1.48 + 0.05 3.36 1.20 0.21 0.21 0.21 - 0.01 0.42 0.21 0.31 0.27 0.31 + 0.03 0.56 0.25 0.75 0.61 0.61 - 0.08 1.05 0.40 0.58 0.49 0.49 - 0.05 0.77 0.27 0.39 0.36 0.39 + 0.02 0.54 0.21 0.50 0.45 0.48 + 0.01 0.70 0.28 0.05 0.04 0.05 + 0.01 0.11 0.03 0.15 0.12 0.14 - 0.01 0.30 0.09 0.07 0.04 0.06 + 0.02 0.08 0.02 0.10 0.06 0.09 + 0.02 0.12 0.03 0.50 0.44 0.49 + 0.04 0.95 0.42 0.42 0.33 0.39 - 0.00 0.63 0.30 0.77 0.71 0.75 + 0.05 1.21 0.70 0.60 0.55 0.60 + 0.04 0.91 0.54 0.10 0.09 0.10 + 0.02 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.17 0.13 0.16 + 0.01 0.17 0.10 0.53 0.52 0.52 - 0.01 0.65 0.31 43.61 41.66 43.32 + 1.33 44.69 31.55 0.65 0.06 0.43 - 0.22 3.80 0.32 0.23 0.19 0.23 + 0.05 0.46 0.17 0.30 0.25 0.28 + 0.04 0.60 0.22 0.21 0.18 0.18 - 0.02 0.47 0.12 0.08 0.06 0.08 - 0.00 0.17 0.06 0.07 0.07 0.07 - 0.00 0.11 0.02 0.09 0.08 0.08 - 0.02 0.14 0.03 0.05 0.04 0.04 - 0.01 0.06 0.02 0.07 0.05 0.05 - 0.02 0.08 0.02 0.06 0.05 0.05 - 0.01 0.08 0.04 0.15 0.13 0.14 + 0.01 0.23 0.13 1.80 1.61 1.79 + 0.09 1.82 0.15 8.47 7.81 8.27 + 0.24 11.40 7.80 10.85 10.07 10.61 + 0.28 16.11 10.02 0.03 0.03 0.03 + 0.01 0.06 0.02 0.16 0.11 0.14 + 0.04 0.16 0.01 0.26 0.25 0.25 - 0.01 0.53 0.19 0.21 0.20 0.20 + 0.00 0.43 0.17 0.24 0.00 0.23 + 0.03 0.24 0.05 2.28 1.93 2.04 - 0.16 2.85 0.44 0.06 0.06 0.06 - 0.01 0.22 0.04 0.05 0.04 0.04 + 0.01 0.08 0.03 0.04 0.03 0.03 - 0.00 0.06 0.02 0.06 0.00 0.06 - 0.00 0.16 0.04 1.15 0.00 1.01 - 0.14 15.20 1.01 0.04 0.04 0.04 + 0.01 0.07 0.03 0.20 0.17 0.19 - 0.01 0.32 0.17 0.04 0.03 0.03 - 0.01 0.18 0.03 0.29 0.25 0.25 - 0.03 0.36 0.08 0.21 0.19 0.21 - 0.00 0.28 0.06 0.30 0.30 0.30 + 0.05 0.35 0.05 0.69 0.66 0.67 - 0.01 1.07 0.60 0.53 0.00 0.52 - 0.01 0.79 0.47 0.41 0.37 0.38 - 0.01 0.54 0.28 0.52 0.47 0.49 - 0.01 0.73 0.37 0.12 0.00 0.12 - 0.00 0.14 0.09 0.16 0.11 0.16 + 0.03 0.47 0.11 0.20 0.15 0.20 + 0.05 0.67 0.15 0.18 0.16 0.17 + 0.01 0.27 0.13 0.50 0.32 0.50 + 0.14 0.44 0.18 45.11 43.54 43.66 - 0.59 46.66 36.09 35.07 33.88 33.92 - 0.50 36.71 27.96 0.08 0.08 0.08 - 0.00 0.16 0.07 0.13 0.09 0.10 - 0.01 0.15 0.08 0.80 0.76 0.76 - 0.01 0.88 0.69 0.04 0.03 0.04 - 0.01 0.15 0.02 0.02 0.01 0.01 - 0.01 0.06 0.01 3.22 2.90 3.20 + 0.09 3.49 1.68

Tahoe Res* N 18676 T 7815 Tahoe Res Talon Metals T 1352 Tamino Mnrls* O 52 Tanager Energy V 197 Tango Mining V 477 V 313 Tanqueray Expl Tantalex Res 970 Tanzania Rlty T 202 Tanzania Rlty* X 1137 Taranis Res V 202 Taranis Res* O 22 Tarku Res V 518 Tasca Res* O 13

4.59 4.21 4.40 + 0.21 11.43 4.15 5.89 5.38 5.63 + 0.24 15.11 5.31 0.06 0.05 0.05 - 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.11 0.09 0.11 + 0.01 0.20 0.08 0.04 0.03 0.04 + 0.01 0.09 0.02 0.58 0.49 0.53 - 0.06 1.56 0.49 0.13 0.11 0.12 - 0.01 0.17 0.03 0.40 0.32 0.38 + 0.06 0.84 0.32 0.33 0.24 0.29 + 0.04 0.63 0.24 0.11 0.10 0.10 - 0.03 0.14 0.08 0.11 0.08 0.08 - 0.02 0.11 0.06 0.04 0.04 0.04 - 0.01 0.07 0.03 0.32 0.27 0.29 - 0.01 0.38 0.29

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tasca Res V 5563 Taseko Mines* X 2415 Taseko Mines T 987 Teck Res T 11483 Teck Res T 12 Teck Res* N 20462 Telferscot Res* O 7 Telson Res V 492 Telson Res * O 17 Tembo Gold* O 91 Teranga Gold T 2680 Teranga Gold* O 162 Teras Res* O 10 Teras Res V 219 Terraco Gold V 241 Terrax Mnrls* O 68 Terrax Mnrls V 415 Terreno Res V 686 Teslin Rvr Res V 474 Tethyan Res V 112 Teuton Res V 145 Teuton Res* O 57 Texas Mineral* O 82 Theia Res V 131 Themac Res V 118 Thunder Mtn Gd* O 24 Thunderstruck V 1090 Thunderstruck* O 46 Till Capital V 1 Till Capital* D 21 Tiller Res V 71 V 107 Timberline Res Timmins Gold T 552 Timmins Gold* X 899 Tinka Res* O 298 Tintina Res* O 492 Tintina Res V 521 Tirex Res V 1251 Tirex Res* O 367 Titan Mining T 481 Titanium Corp V 53 7 TMAC Resource* O TMAC Resources T 192 TNR Gold V 3058 Toachi Mg Inc V 374 Tolima Gold V 672 O 1212 Tombstone Expl* Tonogold Res* O 164 O 137 Torex Gold* Torex Gold T 3090 Toron, Inc* O 105738 Torq Resources* O 41 Torq Resources V 339 Tower Res V 189 Transatlan Mng V 75 Transatlan Mng* O 147 Treasury Metal T 230 Treasury Metal* O 17 Trecora Res* N 294 Trek Mining* O 644 Tres-Or Res V 1060 Trevali Mng* O 783 Trevali Mng T 11851 Trident Gold V 7 Trifecta Gold* O 58 Trilogy Mtls* X 981 Trilogy Mtls T 67 TriMetals Mng* O 49 TriMetals Mng* O 85 TriMetals Mng T 194 Trinity Valley V 293 O 376 Trio Resources* TriStar Gold* O 637 Triumph Gold* O 23 Troy Res* O 213 True Grit Res V 835 Trueclaim Expl V 53 Tudor Gold * O 1 Tudor Gold V 224 O 152 Tungsten Corp* Turquoise HIl T 3709 18136 Turquoise HIl* N TVI Pacific* O 97 Typhoon Expl V 1206

0.50 0.32 0.37 - 0.03 0.62 0.05 2.09 1.96 2.09 + 0.12 2.46 0.71 2.69 2.52 2.67 + 0.11 2.96 0.96 31.06 29.79 30.67 + 1.08 34.60 19.27 31.20 29.91 30.77 + 0.77 35.14 20.00 24.10 23.16 23.82 + 0.82 26.46 14.56 0.03 0.02 0.02 - 0.02 0.03 0.03 0.74 0.65 0.71 + 0.05 0.89 0.20 0.56 0.51 0.54 - 0.00 0.72 0.17 0.01 0.01 0.01 - 0.00 0.04 0.01 2.86 2.38 2.77 + 0.20 5.25 2.36 2.22 1.85 2.19 + 0.20 6.40 1.85 0.07 0.07 0.07 - 0.00 0.13 0.07 0.09 0.08 0.08 - 0.01 0.18 0.08 0.09 0.00 0.09 - 0.01 0.16 0.08 0.34 0.31 0.33 + 0.01 0.70 0.30 0.44 0.40 0.43 + 0.01 0.92 0.38 0.08 0.06 0.08 + 0.02 0.08 0.03 0.58 0.51 0.51 - 0.06 0.76 0.31 0.30 0.18 0.22 - 0.08 0.57 0.18 0.20 0.15 0.19 + 0.03 0.35 0.15 0.14 0.13 0.13 + 0.00 0.26 0.11 0.15 0.14 0.15 - 0.00 0.39 0.10 0.09 0.08 0.08 - 0.01 0.13 0.07 0.07 0.05 0.07 + 0.03 0.10 0.03 0.20 0.14 0.20 + 0.05 0.30 0.06 0.07 0.05 0.05 - 0.02 0.14 0.05 0.06 0.04 0.04 - 0.02 0.11 0.05 4.16 0.00 4.16 + 0.37 5.85 3.79 4.79 3.80 4.40 - 0.03 5.45 3.30 0.29 0.25 0.26 - 0.03 0.65 0.05 0.30 0.27 0.30 - 0.01 0.69 0.27 3.96 3.73 3.90 + 0.06 7.99 3.60 3.10 2.90 3.04 + 0.04 6.06 2.70 0.52 0.47 0.48 - 0.02 0.75 0.15 0.07 0.05 0.07 + 0.00 0.10 0.04 0.09 0.00 0.09 + 0.01 0.14 0.06 0.03 0.02 0.02 - 0.01 0.12 0.02 0.02 0.02 0.02 + 0.00 0.09 0.01 1.26 1.04 1.21 + 0.01 1.40 1.04 1.30 1.20 1.20 - 0.01 1.50 0.41 7.82 6.48 7.81 + 1.52 14.36 5.45 10.16 8.20 10.00 + 1.60 19.00 6.90 0.09 0.05 0.07 + 0.02 0.09 0.02 0.25 0.21 0.25 + 0.05 0.62 0.20 0.01 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.01 0.00 0.19 0.10 0.14 - 0.04 0.25 0.03 9.90 8.99 9.34 - 0.47 25.59 8.99 12.95 11.53 11.99 - 0.63 33.85 11.53 0.02 0.00 0.01 + 0.01 0.02 0.00 0.38 0.35 0.37 + 0.03 0.73 0.35 0.51 0.43 0.51 + 0.06 1.00 0.43 0.13 0.12 0.13 + 0.01 0.34 0.11 0.07 0.06 0.06 - 0.02 0.50 0.04 0.04 0.04 0.04 - 0.04 0.08 0.04 0.57 0.50 0.53 - 0.03 0.90 0.50 0.43 0.39 0.42 + 0.00 0.67 0.30 13.48 12.80 13.35 + 0.50 14.80 10.13 0.74 0.69 0.70 - 0.02 1.55 0.69 0.07 0.00 0.05 - 0.02 0.07 0.03 1.15 1.00 1.12 + 0.10 1.34 0.76 1.48 1.30 1.44 + 0.13 1.64 1.03 0.22 0.00 0.22 + 0.07 0.22 0.05 0.10 0.08 0.09 - 0.01 0.20 0.07 0.99 0.69 0.89 + 0.13 1.35 0.44 1.25 0.90 1.13 + 0.14 1.60 0.58 0.12 0.11 0.11 - 0.01 0.23 0.11 0.17 0.15 0.15 - 0.03 0.20 0.11 0.16 0.15 0.15 - 0.01 0.29 0.15 0.15 0.10 0.11 + 0.02 0.20 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.19 0.13 0.18 - 0.01 0.34 0.13 0.22 0.20 0.22 - 0.00 0.46 0.15 0.07 0.06 0.07 + 0.00 0.13 0.05 0.05 0.04 0.04 - 0.01 0.08 0.01 0.19 0.14 0.19 + 0.01 0.45 0.08 0.39 0.38 0.39 + 0.01 0.71 0.33 0.50 0.43 0.46 - 0.02 0.94 0.37 0.00 0.00 0.00 - 0.00 0.00 0.00 4.04 3.80 3.94 + 0.07 4.92 3.25 3.15 2.96 3.08 + 0.07 3.80 2.44 0.01 0.00 0.01 - 0.00 0.06 0.00 0.06 0.00 0.05 - 0.01 0.12 0.04

U.S. Lithium* O 3940 U3O8 Corp* O 165 U3O8 Corp T 336 438 Ucore Rare Mtl V Ucore Rare Mtl* O 384 UEX Corp T 4588 Ultra Lithium* O 75 Ultra Lithium V 199 Unigold V 54 112 United Res Hdg* O United Silver* O 151 United States A* X 1112 United States S* N 50335 Universal Vent V 353 Upper Canyon V 31 Ur-Energy T 405 Ur-Energy* X 3280 Uracan Res* O 484 Uranium Energy* X 9773 Uranium Hunter* O 1 Uranium Res* D 2499

0.03 0.03 0.03 - 0.00 0.07 0.02 0.49 0.44 0.44 + 0.03 0.48 0.18 0.60 0.54 0.57 + 0.07 1.00 0.21 0.26 0.24 0.25 - 0.01 0.37 0.22 0.20 0.18 0.19 - 0.01 0.28 0.18 0.37 0.33 0.37 + 0.04 0.43 0.15 0.32 0.27 0.31 - 0.02 0.63 0.11 0.42 0.36 0.39 - 0.01 0.80 0.14 0.22 0.00 0.21 + 0.01 0.35 0.15 0.01 0.01 0.01 - 0.00 0.04 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.32 0.22 0.29 + 0.02 0.52 0.20 34.33 31.17 31.85 - 1.38 41.83 18.55 0.40 0.36 0.38 - 0.01 0.50 0.35 0.32 0.30 0.31 + 0.01 0.60 0.05 0.93 0.86 0.91 + 0.03 1.19 0.62 0.73 0.65 0.72 + 0.04 0.91 0.50 0.03 0.02 0.03 + 0.00 0.07 0.01 1.84 1.60 1.84 + 0.23 1.92 0.94 2.09 0.00 2.00 + 1.00 3.00 0.94 1.15 1.00 1.00 - 0.12 4.00 0.76

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Uravan Mnrls V 362 URZ Energy* O 87 URZ Energy V 165 467 O US Cobalt * 991 V US Cobalt US Energy* D 275 US Precious M* O 2907 US Tungsten* O 1756 USCorp* O 371 125873 N Vale* Valley High Mg* O 8860 O 385 Vanadiumcorp* Vanadiumcorp V 952 Vangold Res V 203 338 Vanstar Mng Rs V 16 O Vantex Res * Vantex Res V 85 Vatic Vent V 1404 N 2927 Vedanta* O 17 Velocity Mnrls* O 72 Vendetta Mng* Vendetta Mng V 593 V 78 Venerable Vent Verde Potash T 201 Veris Gold* O 65 Victoria Gold V 1234 Victory Nickel 229 Victory Nickel* O 3 Victory Res V 2 Victory Vent V 823 O 104 Virginia Enrgy* Virginia Enrgy V 114 Viscount Mng V 300 80 Visible Gold M V Vista Gold* X 1019 Volcanic Gold V 202 Voltaic Min V 231 Voyageur Min V 364 VR Resources V 786 Vulcan Mnrls V 123

0.04 0.06 - 0.02 0.16 0.07 0.06 0.31 0.41 + 0.01 0.51 0.43 0.37 0.20 0.50 - 0.02 0.79 0.58 0.48 0.46 0.41 0.41 - 0.05 0.88 0.27 0.58 0.52 0.52 - 0.07 0.99 0.45 0.60 1.21 - 0.05 2.03 1.28 1.18 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.01 + 0.00 0.01 0.01 0.00 11.17 + 0.39 11.72 7.47 11.28 10.64 0.01 0.00 0.01 + 0.00 0.02 0.00 0.04 0.09 + 0.01 0.13 0.09 0.08 0.05 0.11 + 0.01 0.18 0.11 0.10 0.05 0.09 + 0.02 0.22 0.09 0.08 0.10 0.06 0.08 + 0.01 0.15 0.05 0.04 0.04 0.04 + 0.00 0.16 0.04 0.05 0.06 + 0.01 0.24 0.07 0.05 0.04 0.06 - 0.01 0.12 0.07 0.05 12.36 18.77 + 0.75 21.63 18.89 17.71 0.16 0.18 - 0.01 0.35 0.19 0.16 0.09 0.17 - 0.01 0.27 0.18 0.17 0.12 0.23 + 0.01 0.35 0.23 0.21 0.09 0.12 - 0.02 0.18 0.14 0.10 0.21 0.83 + 0.12 1.77 0.84 0.70 0.00 0.00 - 0.00 0.02 0.02 0.00 0.42 0.43 - 0.02 0.74 0.45 0.43 0.02 0.05 + 0.01 0.09 0.05 0.04 0.00 0.03 + 0.00 0.14 0.03 0.03 0.13 0.36 - 0.07 0.88 0.36 0.00 0.06 0.18 - 0.04 0.76 0.23 0.18 0.03 0.11 + 0.02 0.54 0.11 0.07 0.05 0.13 + 0.02 0.38 0.13 0.11 0.22 0.37 + 0.02 0.74 0.40 0.34 0.12 0.11 0.12 - 0.01 0.35 0.09 0.60 0.65 + 0.02 1.24 0.66 0.62 0.22 0.23 - 0.04 0.65 0.25 0.22 0.04 0.05 + 0.01 0.24 0.05 0.04 0.04 0.11 + 0.05 0.15 0.11 0.07 0.21 0.37 + 0.08 0.41 0.41 0.30 0.04 0.05 - 0.01 0.08 0.06 0.05

Walker Lane* O 0 Walker River V 260 442 War Eagle Mg V Wealth Mnrls V 583 Wealth Mnrls* O 271 O 348 Wellgreen Plat* T 4390 Wesdome Gold O 305 Wesdome Gold* 181 V West Af Res 72 West High Yld V 40 West Kirkland * O 308 West Red Lake* O 532 West Red Lake Westcot Vent V 123 O 2 Western Areas* T 301 Western Copper X 395 Western Copper* 16 Western Pac Rs* O T 268 Western Potash Western Res* O 23 192 Western Troy C V Western Uran 109 Western Uran* O 115 V 165 Westhaven Vent O 633 Westkam Gold* Westmoreland* D 1483 O 41 WestMountain* Westridge Res 1054 O 40 Westridge Res* White Gold V 153 White Gold* O 23 910 White Metal R* O White Metal Rs V 4347 634 White Mtn Engy* O Winston Gold* O 519 Wolfden Res* O 34 Wolfden Res V 1874 Wolfeye Res V 850 V 568 Wolverine Mnls X-Terra Res V 420 X-Terra Res* O 40 Xander Res V 569 Ximen Mng V 455 Ximen Mng* O 103 XLI Tech Inc* O 1553 O 12 Xtra-Gold Res* Xtra-Gold Res T 78 Yamana Gold T 14677 55034 Yamana Gold* N V 6 Yellowhead Mng Yorbeau Res* O 163 Zadar Vent V 801 Zena Mng V 24 O 28 Zenyatta Vent* Zenyatta Vent V 141 Zephyr Mnls V 26 Zephyr Mnls* O 64 Zimtu Capital V 15 Zinc One Res V 4760 285 Zinc One Res * O Zincore Mtls V 120 Zincore Mtls* O 4 Zonte Mtls V 242

0.10 0.10 - 0.01 0.22 0.11 0.10 0.07 0.08 - 0.01 0.17 0.09 0.08 0.08 0.05 0.08 + 0.03 0.08 0.04 0.96 1.69 - 0.12 2.34 1.88 1.61 0.73 1.33 - 0.07 1.85 1.47 1.28 0.16 0.21 - 0.01 0.35 0.22 0.21 1.64 1.88 + 0.17 4.40 1.92 1.64 0.00 1.48 + 0.15 3.22 1.50 1.28 0.19 0.42 0.38 0.37 0.38 + 0.02 0.43 0.38 0.41 + 0.01 3.80 0.11 0.05 0.05 0.05 + 0.00 0.08 0.04 0.12 0.09 0.11 - 0.01 0.24 0.06 0.16 0.12 0.14 - 0.01 0.31 0.08 0.04 0.95 - 0.03 1.00 1.00 0.88 1.57 2.12 - 0.10 2.60 2.12 2.10 1.10 1.22 + 0.06 2.24 1.26 1.17 0.85 0.96 + 0.06 1.80 1.00 0.90 0.01 0.01 0.01 + 0.00 0.03 0.01 0.37 0.43 + 0.02 1.80 0.44 0.41 0.29 0.32 + 0.00 0.47 0.34 0.32 0.04 0.04 0.04 - 0.01 0.04 0.02 0.80 0.05 2.80 + 1.04 1.19 1.00 0.65 0.80 + 0.03 2.17 0.92 0.77 0.07 0.11 + 0.01 0.17 0.11 0.09 0.01 0.02 + 0.00 0.03 0.02 0.01 1.39 1.08 1.11 - 0.12 19.03 0.95 0.00 0.00 - 0.00 0.08 0.01 0.00 0.29 0.45 - 0.05 0.50 0.50 0.43 0.12 0.37 - 0.01 0.39 0.39 0.00 1.01 1.01 - 0.19 2.34 1.20 1.01 0.84 0.82 - 0.12 1.73 0.91 0.82 0.13 0.06 0.13 + 0.08 0.07 0.05 0.19 0.07 0.19 + 0.13 0.19 0.03 0.00 0.00 0.00 - 0.00 0.03 0.00 0.02 0.03 + 0.00 0.04 0.04 0.02 0.10 0.33 + 0.03 0.39 0.33 0.00 0.10 0.42 + 0.04 0.50 0.42 0.37 0.30 1.04 - 0.07 1.64 1.11 0.88 0.05 0.12 + 0.02 0.14 0.14 0.10 0.16 0.22 - 0.05 0.40 0.26 0.17 0.16 0.19 - 0.01 0.28 0.19 0.00 0.18 0.21 + 0.01 0.42 0.21 0.00 0.03 0.04 - 0.01 0.12 0.05 0.04 0.02 0.03 + 0.01 0.09 0.04 0.03 0.01 0.01 0.01 + 0.00 0.05 0.00 0.12 0.15 - 0.01 0.28 0.18 0.15 0.17 0.21 + 0.02 0.37 0.24 0.20 2.84 3.38 + 0.22 4.80 3.43 3.15 2.21 2.63 + 0.17 3.65 2.68 2.45 0.38 0.41 - 0.12 1.20 0.52 0.00 0.05 0.06 - 0.00 0.07 0.06 0.05 0.07 0.08 - 0.01 0.16 0.09 0.08 0.07 0.11 + 0.03 0.18 0.11 0.10 0.46 0.55 + 0.03 0.93 0.55 0.00 0.58 0.68 + 0.03 1.29 0.71 0.64 0.18 0.30 + 0.03 0.42 0.30 0.27 0.15 0.22 + 0.00 0.30 0.22 0.22 0.16 0.24 - 0.01 0.40 0.25 0.00 0.47 0.36 0.43 + 0.05 0.90 0.25 0.36 0.27 0.33 + 0.03 0.81 0.01 0.06 0.26 + 0.07 0.35 0.35 0.22 0.06 0.18 + 0.01 0.18 0.18 0.17 0.08 0.17 - 0.03 0.49 0.19 0.16

W-Z

BID-ASK — DECEMBER 11–15, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital Acme Res Corp African Metals Aida Minerals Alba Minerals Alderon Iron* Allante Potash ALQ Gold Amador Gold Amanta Res Angus Ventures APAC Res Inc Arch Coal* Arco Res Arian Res Ashanti Sanko Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Banro Corp Bell Copper Bethpage Cap BHK Mining Black Bull Res Boss Power Brunswick Res Bullman Mnls Bunker Hill Canex Energy Cascade Res Caza Gold Centurion Mnls Chantrell Vent Chieftain Mtls Chinapintza Mg Cliffs Nat Res* Clydesdale Res CNRP Mng Compass Gold Cresval Cap CWN M’g Acq Cyprium Mng Dawson Gold Desert Star DuSolo Fertil DV Resources Eastern Zinc Electra Stone European Metal Eurotin EVI Global Grp Excalibur Res Fieldex Expl

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

20-22_DEC25_StockTables.indd 22

0.17 0.30 0.12 0.20 0.01 0.03 0.02 0.06 0.09 0.06 0.91 1.03 1.00 1.50 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.06 0.11 0.06 0.06 0.25 0.29 0.22 0.45 0.17 0.19 0.19 0.39 0.01 0.02 0.01 0.41 0.50 0.41 0.45 0.04 0.06 0.06 0.10 ... ... 0.58 0.06 0.08 0.06 0.12 0.01 0.02 0.01 0.02 0.03 0.04 0.03 0.10 0.31 1.00 0.35 0.35 0.06 0.08 0.08 0.10 0.01 0.01 0.01 0.05 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.15 0.16 0.15 28.00 0.17 0.20 0.20 0.22 0.09 ... 0.14 0.16 0.02 0.02 0.02 0.05 0.10 0.18 0.10 0.15 0.17 0.20 0.17 0.03 0.04 0.03 0.05 0.06 0.20 0.06 0.12 ... ... 1.83 3.00 0.33 0.40 0.32 0.68 0.02 0.04 0.02 0.01 0.02 0.02 0.09 0.03 0.03 0.03 0.09 0.07 0.10 0.10 0.11 ... ... 0.05 0.01 0.05 0.01 0.02 1.45 3.20 1.43 7.17 0.12 ... 0.12 0.12 0.71 0.76 0.76 12.50 0.14 0.16 0.15 0.49 0.04 0.05 0.05 0.06 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.03 0.15 0.34 0.30 0.30 0.39 0.50 0.45 0.47 0.22 0.25 0.25 0.50 0.18 0.25 0.18 0.63 0.20 0.28 0.20 0.30 0.01 0.01 0.01 0.04 ... 0.01 0.01 0.07 0.08 0.08 0.12 0.09 0.23 0.09 0.25 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.21

LOW

STOCK

0.12

Finore Mng C Fire River Gol V Four Nines C Galore Res V GAR Limited C Genius Props C GFM Res V Global Cobalt V Global Cop Grp V Gold Finder Ex V GoldTrain Res C Greatbanks Res V Hadley Mng C Halio Energy V HFX Holding V Highbury Proj V Highvista Gold V Infinite Lith V Intl Battery C Iron South Mng V Jiulian Res V Kenna Res V La Imperial C Legion Metals C Leo Res C Lions Bay Cap V Lions Gate Mtl C Lithion Energy V Lovitt Res V Maccabi Vent C Madeira Mrnls V MAG Silver* X Matachewan Con V Match Capital V Mega Copper V Metalo Manuf C Mezzotin Mnrls V MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Minsud Res V Moag Copper C Montana Gold C Morgan Res V Namibia Rare E V Navy Res V Nebu Res V Network Expl V New Klondike V North Am Ptash V NQ Explor V Oriental Non F C Orofino Mnrls V Oronova Energy V

0.01 0.04 0.12 0.04 0.05 0.12 0.35 0.03 0.01 0.01 0.02 0.23 0.01 0.01 0.06 0.03 0.13 0.03 0.06 0.02 0.06 0.02 0.06 0.90 0.30 0.01 0.03 0.06 0.01 0.98 0.05 0.18 0.06 0.04 0.15 0.03 0.09 0.18 0.22 0.02 0.15 0.01 0.04 0.02 0.01 0.10

12-MONTH

EXC BID ASK LAST HIGH LOW

0.12 0.12 0.11 0.88 0.03 0.07 0.09 0.11 0.12 0.11 0.16 0.01 0.02 0.01 0.07 0.11 0.21 0.11 0.13 0.15 0.16 0.16 0.38 0.07 0.10 0.10 0.10 0.02 0.02 0.02 0.07 0.08 0.08 0.11 0.11 0.14 0.12 0.20 0.08 0.37 0.08 0.19 0.03 0.05 0.03 0.95 0.98 0.95 1.08 0.15 0.18 0.18 1.50 0.04 0.05 0.04 0.12 0.22 ... 0.22 0.30 ... 0.16 0.17 0.26 0.29 0.28 0.32 ... ... 0.31 0.40 0.24 0.27 0.24 0.28 0.05 0.06 0.05 0.06 0.13 0.16 0.15 0.07 0.10 0.04 0.11 0.10 0.20 0.10 0.11 1.06 1.09 1.09 2.50 0.14 0.15 0.15 0.25 0.43 0.44 0.43 0.48 ... ... 0.10 0.18 0.08 0.15 0.08 0.17 0.03 0.08 0.03 0.09 0.03 0.07 0.03 0.05 12.52 13.30 12.52 14.40 0.28 0.30 0.28 0.35 0.01 0.04 0.04 0.17 0.27 0.17 0.30 0.29 0.45 0.39 1.00 0.01 0.02 0.01 0.05 0.05 0.07 0.05 0.05 0.04 0.06 0.04 0.05 0.06 0.10 0.06 0.06 ... ... 0.12 0.20 0.09 0.11 0.09 0.16 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.07 0.04 0.05 0.04 0.10 0.17 0.27 0.21 0.21 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.01 0.01 0.01 0.05 0.08 0.04 0.01 0.01 0.01 0.04 0.70 1.22 1.05 1.20 0.09 0.14 0.09 0.15 0.36 0.40 0.40 0.46

0.17 0.10 0.01 0.01 0.11 0.01 0.04 0.08 0.06 0.18 0.15 0.04 0.22 0.12 0.11 0.04 0.02 0.04 0.10 0.13 0.12 0.10 0.03 0.02 0.03 0.02 6.12 0.21 0.12 0.26 0.01 0.05 0.04 0.03 0.07 0.05 0.02 0.01 0.04 0.09 0.01

0.01 0.72 0.06 0.32

STOCK

Pac Arc Res Pac Cascade Pac Link Mng Patriot Gold Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian ProAm Expl Quantum Cobalt Rainmaker Res Rare Element* Red Tiger Mng Remington Res Remo Res Rhyolite Res Riley Resource Rockland Mnls Rojo Res Romulus Res Rubicon Mnrls* Savoy Vent Scavo Res SGX Res Silver Phoenix Sniper Res Spada Gold Squire Mg Ltd Starr Peak Exp Stockport Expl Talmora Diamd Tartisan Res Tearlach Res Thor Expl Thunder Mtn Gd Tiger Intl Tintina Mines Tri-River Vent Trigen Res Tsodilo Res UC Res Umbral Enrgy United Coal Vale* Valencia Vent Vanadium One Vela Minerals Wabi Explor Westbay Vent Westminster Rs Winston Res Zara Res Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.17 0.30 0.16 0.30 0.01 0.02 0.01 0.03 0.06 0.03 0.07 0.07 0.15 0.09 0.15 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.02 0.03 0.02 0.06 ... ... 1.10 3.15 0.05 0.06 0.05 0.09 0.11 0.16 0.15 0.89 0.02 0.03 0.03 0.07 0.45 0.53 0.48 1.70 0.09 0.15 0.09 0.30 0.30 0.50 0.30 0.40 0.14 0.50 0.14 0.20 0.07 0.08 0.08 0.11 0.40 0.49 0.40 0.50 0.15 0.23 0.19 0.20 ... ... 0.03 1.35 0.25 0.45 0.45 0.45 0.36 0.57 0.36 0.54 0.02 0.02 0.02 ... 0.22 0.22 0.25 0.01 0.01 0.01 0.25 0.38 0.25 0.38 0.12 0.24 0.15 0.16 0.12 0.17 0.11 0.17 0.02 0.03 0.03 0.04 0.01 0.05 0.05 0.05 0.13 0.14 0.14 0.18 0.08 0.15 0.08 0.15 0.18 0.19 0.25 0.15 ... 0.15 0.32 0.10 0.18 0.10 0.10 0.05 0.06 0.06 0.09 0.04 0.12 0.04 0.04 0.08 0.12 0.08 0.10 0.59 0.60 0.59 1.05 0.01 0.02 0.02 0.03 0.14 0.15 0.14 0.20 ... 0.01 0.01 ... ... 10.24 11.10 0.21 0.22 0.22 0.30 0.13 0.15 0.13 0.14 0.05 0.06 0.05 0.09 0.08 0.09 0.09 0.09 0.38 0.47 0.47 0.48 0.35 0.36 0.35 0.40 0.56 0.58 0.56 0.82 0.07 0.15 0.15 0.43 0.05 0.07 0.05

0.09 0.01 0.09 0.07 0.02 0.20 0.05 0.06 0.02 0.40 0.09 0.11 0.11 0.01 0.23 0.10 0.03 0.06 0.26 0.05 0.14 0.05 0.08 0.02 0.01 0.04 0.08 0.11 0.08 0.04 0.04 0.07 0.56 0.01 0.03 6.57 0.08 0.11 0.04 0.05 0.16 0.15 0.08 0.02

2017-12-19 5:23 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 25, 2017–JANUARY 7, 2018

An aerial view of Argonaut Gold’s Magino gold propery in Ontario, located 40 km northeast of Wawa. ARGONAUT GOLD

Argonaut pushes forward in Mexico and Ontario GOLD

| Buys Primero’s Cerro del Gallo for US$15M, completes Magino feasibility near Wawa

BY RICHARD QUARISA

rquarisa@northernminer.com

rgonaut Gold (TSX: AR) has had a strong November, expanding its Mexican portfolio by acquiring the Cerro del Gallo (CDG) project from Primero Mining (TSX: P), and tabling a positive feasibility study for its 100%-owned Magino gold project in Ontario. The CDG purchase closed on Nov. 27, with Argonaut paying US$15 million cash. Argonaut had US$37 million in cash at the end of September, plus cash flow from various operations. Primero completed a definitive feasibility study for CDG in May 2012. It describes an initial seven-year life which could reach 14 years through a second-stage, carbon-in-leach, heap-leach mill expansion. The open-pit operation could produce 4.5 million tonnes per year for 95,000 equivalent oz. gold at US$700 per ounce. “We see this as an advanced-stage exploration project,” Argonaut Gold president and CEO Peter Dougherty says in an interview. “Primero would have called this a development project, because they had already done a feasibility. I’m not ready to embrace that feasibility yet. I’d like to have the opportunity to look and see what we can do with this property.”

Published by:

According to Dougherty, that means doing some metallurgical work as well as continuing to explore the 250 sq. km property. “We would like to start with a resource base of roughly 750,000 oz.,” he says. “We know in the oxide they had identified roughly 32 million tonnes for about 700,000 ounces. They also had in the resource another 920,000 oz. in an additional — let’s call it — 40 million tonnes. Can we do something to pull some of that in? I don’t know. This is a very, very large package of land.” CDG is located on the San Anton property in central Mexico’s Guanajuato state. It isn’t far from Argonaut’s four other Mexican properties. Those include the 100%-owned El Castillo gold mine and San Agustin gold-silver mine, which form the El Castillo Complex in Durango, Mexico, as well as the 100%-owned La Colorada gold-silver mine in Sonora, Mexico. Argonaut also owns 100% of the advanced, development-stage San Antonio gold project in Baja California Sur, Mexico. But at Magino, located 40 km northeast of Wawa, Ont., the biggest news out of Argonaut’s feasibility study is the reduction from a planned 30,000-tonne-per-day operation to 10,000 tonnes per day. Argonaut suggested the larger op-

Argonaut Gold’s newly aquired Cerro del Gallo gold project in Guanajuato, Mexico. ARGONAUT GOLD

eration in a May 2016 prefeasibility study, but quickly realized that while it was doable, it might not be the best idea. “What we saw with that project was a $550-million capital number,” Dougherty says. “And we would look at the market cap of the company and we were looking at a $400- to $450-million market capitalization. What it meant was that type of project was out of reach for us. You could do it, but you would lever the entire history of the company. You would be betting the company as a whole.” For comparison, under t he 30,000-tonne-per-day plan Argo-

naut would mine 112 million tonnes over 11 years at an average head grade of 0.9 gram gold per tonne for 3.2 million contained oz. gold. Under the new plan, it would mine 59 million million tonnes over 17 years at an average head grade of 1.1 grams gold per tonne for 2.1 million contained oz. gold. The new plan also creates far less waste, down from 423 million tonnes to 232 million tonnes. Dougherty says this will lower capital expenses. And he doesn’t entirely rule out the larger operation. He says Argonaut is open to forming a joint venture to make that happen, given the right opportunity.

“The beauty of the 10,000-tonneper-day operation is that it permits the basis for any possible JV negotiation,” he says. “We built in some inefficiencies into the capital. We’re going to build it with enough capacity to run at 30,000 tonnes per day.” Argonaut assumes a US$1,250 gold price in its Magino study. It estimates cash costs and all-in sustaining costs are US$699 per oz. and US$711 per oz., with a US$288 million after tax net present value at a 5% discount rate and a 19.5% after tax internal rate of return. The Magino property sits within the Michipicoten greenstone belt, which contains volcanic, sedimentary and intrusive rocks metamorphosed to greenschist and amphibolite facies. Argonaut has had a good few months. On Oct. 23 it announced commercial production at San Agustin, coming in on schedule and under budget by more than 20%. Shares of Argonaut are priced at $2.57 apiece. The company has a $455-million market capitalization and a 52-week range of $1.48 to $2.98. “We’re going to move through it very slowly, very methodically,” Dougherty says. “The great thing is we don’t have a gun to our head that says you have to do this tomorrow. We can take this at a slow, measured pace.” TNM

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2017-12-19 8:37 PM

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