The Northern Miner December 26 2016 Issue 46

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ENGOLD MINES

ECO ORO MINERALS

Chasing large gold structure Lac La Hache / 3

Taking Colombian gov’t to court / 5

GMV MINERALS

Finds suprise under Mexican Hat / 11

DECEMBER 26, 2016-JANUARY 1, 2017 / VOL. 102 ISSUE 46 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Palmer’s Probe Metals consolidates ground

Arizona shares tumble on speculation

GOLD

| Deals around Val-d’Or East project reflect encouraging exploration results

ZINC

| Gowans-led junior rises on Taylor results, slides on metallurgical criticism

BY SALMA TARIKH starikh@northernminer.com

A

rizona Mining (TSX: AZ) shares slightly recovered on promising assays from the Taylor zinc-lead sulphide deposit at its Hermosa property, following a sharp decline after a mining publication raised concerns about the marketability of Taylor’s zinc concentrates, before sliding again.

Located 10 km from the town of Patagonia and 80 km southeast of Tucson, Ariz., the high-grade zinc deposit contains 28.3 million indicated tonnes grading 10.9% zinc equivalent and 75 million inferred tonnes at 11.1% zinc equivalent, using a 4% zinc equivalent cut-off grade. Exploration success at Taylor this year coupled with higher zinc prices have skyrocketed the company’s shares.

On Dec. 7, the stock touched a 52-week high of $3.49, up 947% from its 2015 close of 32.5¢. A day earlier the company had closed a $36-million bought deal with underwriters led by Scotia Capital, National Bank Financial, RBC Capital Markets, TD Securities and Raymond James. It sold 11.8 million shares at $3.05 apiece.

Arizona shares, however, spiralled downward after the Global Mining Observer (GMO) claimed Taylor’s zinc concentrates contained too much manganese — possibly making them unsalable.

The Dec. 11 article compared the See ARIZONA / 14

Probe Metals’ project manager Denis Chénard (left) and geologist Joël Laurin examine core sample from the Val-d’Or East property in Quebec. PROBE METALS

BY TRISH SAYWELL tsaywell@northernminer.com

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recent flurry of deals has almost doubled Probe Metals’ (TSXV: PRB) land position at its Val-d’Or East project in Quebec, and the latest set of assay results suggest why.

Earlier in December, the junior announced two property transactions on the same day.

In one it acquired a 100% interest from QMX Gold (TSXV: QM X) and its joint-venture partner in the Bonnefond North property, which extends Probe’s land package south of its Val-d’Or

“IT’S GOOD TO DO LAND CONSOLIDATION EARLY BEFORE YOU UNLOCK TOO MUCH VALUE.” DAVID PALMER CEO, PROBE METALS

East project.

The new ground is along strike of Probe’s New Beliveau deposit, which sits around and underneath the past-producing underground Beliveau mine. The former mine, operated by Cambior from 1989

until 1993, produced 170,000 oz. gold at a grade of 3.15 grams gold per tonne.

Probe’s New Beliveau deposit has an inferred resource of 9.1 million tonnes grading 2.63 grams gold per tonne for 770,000 contained oz. gold. Of that, 330,000 oz. at 2.4 grams gold are in-pit resources, and 394,000 oz. at 3.1 grams gold are underground.

In a second deal, Probe signed an option and joint-venture agreement with Alexandria Minerals (TSXV: AZX) to earn up to 70% of 232 mining claims spread across 72 sq. km that it also plans to fold into its Val-d’Or East project.

PM40069240

See PROBE / 2

DEC 26-JAN 1'17

January 23-26, 2017 | amebc.ca/roundup

Where leaders in mineral exploration connect

AME: 2016 INDUSTRY AWARD WINNERS ANNOUNCED / 15

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Looking east of the gold mineralization at the New Beliveau deposit on Probe Metals’ Val-d’Or East property in Quebec. PROBE METALS

Palmer’s Probe Metals consolidates ground near Val-d’Or East PROBE From 1

The claims are 10 km south of the Beliveau mine on Probe’s Vald’Or East project, 25 km southeast of Val-d’Or. They also contain the Sleepy gold project, which has an inferred resource of 1.9 million tonnes grading 5.1 grams gold for 307,350 oz. gold. The resource was based on 45 drill holes totalling 20,665 metres.

The Sleepy deposit is a disseminated gold-pyrite resource, 550 metres long by 575 metres deep, with an average 4.1-metre width. The resource is hosted in the Vicour gabbro sill, a discrete 8 km long body that also hosts the past-producing Sigma 2 mine. The Sigma 2 mine produced 1.8 million tonnes grading 2.7 grams gold in the early 1990s.

“It’s good to do land consolidation early before you unlock too much value,” Probe Metals’ CEO David Palmer says. Palmer’s early claim to fame was selling Probe Mines’ Borden Lake gold project in Ontario to Goldcorp (TSX: G; NYSE: GG) for $526 million in March 2015. He headed Probe Mines from 2003 until its sale to Goldcorp.

Palmer won the Prospectors & Developers Association of Canada Bill Dennis Award for a Canadian mineral discovery in 2015, as well as this newspaper’s Mining Person of the Year Award. In 2014, the geologist was named prospector of the year in Ontario, and won the CIM A.O. Dufresne Exploration Achievement Award.

Probe Metals’ latest land deals, announced on Dec. 1, follow news in September that the management team acquired a 100% stake from Richmont Mines (TSX: RIC; NYSEMKT: RIC) in six mining claims west of the New Beliveau deposit.

“These transactions suggest management has sufficient confidence in their drill results to buy more assets,” George Topping, an analyst at IA Securities, said in a research note on Dec. 5. “This is a positive harbinger of things to come from Probe.”

Topping’s commentary proved prescient. In the latest batch of assay results released on Dec. 6, Probe reported that further definition and delineation of the east- to west-trending, gold-bearing quartztourmaline vein system has resulted in finding a high-grade gold zone

hosted by a diorite dike, and is similar in style to that of the Beliveau mine.

Infill hole 90 returned a 7.3-metre intercept grading 12.6 grams gold per tonne. The mineralization, Probe said, was intersected consistently between 400 and 800 metres deep, and could represent a new gold zone.

(The same hole returned a shallow intercept of 2 grams gold over 143 metres, starting at 15 metres deep.)

Holes 91 and 94 intersected the high-grade zone, too, and returned 3.5 metres of 8 grams gold starting at 681 metres and 4.2 metres of 9.7 grams gold starting at 809 metres.

The true width of these zones is unknown, but the company says the presence of strong mineralization in the diorite dike at these depths shows that the east–west feeder system is active at these levels and bodes well for further expansion along strike, away from the dike, at these depths.

Results from the first-phase drilling program are encouraging, the company says, and show potential for both near-surface bulk tonnage and deeper, higher-grade mineralized systems. The drill results also indicated continuous gold mineralization and the potential for mineralization laterally to the west and east of mineralization.

Probe acquired Val-d’Or East through its business combination in April with Adventure Gold.

“We learned a lot from Borden, it kind of helped us build a template, and what you needed for a successful project, and Val-d’Or East was a project that ticked all the boxes,” Palmer says. “It was all about the ability to expand an existing resource. That was a critical parameter in our project generation model and it was surprising to see how many resources out there that don’t have potential to expand, and Val-d’Or East had it. The more layers we peeled back in the due diligence, the better it got, and we definitely saw the potential to expand this thing.”

The geologist adds that he likes “underappreciated” and “neglected areas,” and that there was hardly any geophysics or early stage exploration done on the project.

“We’ve got a resource open to expansion and grassroots potential all around an old mine site, and it really intrigued us,” he says. “It’s funny to find that in a major Canadian

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“THESE TRANSACTIONS SUGGEST MANAGEMENT HAS SUFFICIENT CONFIDENCE IN THEIR DRILL RESULTS TO BUY MORE ASSETS.” GEORGE TOPPING ANALYST, IA SECURITIES

mining camp, there’s a portion of it that has been underappreciated, and that’s what we found on the east side of Val-d’Or.” Probe kicked off a 10,000-metre drill program on Aug. 10 and began seeing interesting features in the core. What was really encouraging, Palmer says, is that what was intended to be infill drilling resulted in finding new mineralization in the first seven or eight holes.

When Cambior operated the Beliveau mine in the late 1980s and early 1990s, the company was mining a north- to south-trending, vertically dipping diorite dike, Palmer says. It had wide mineralization that Cambior could mine in an underground, bulk-tonnage scenario, using longhole open stopes, which was both cheap and profitable, Palmer says.

Cambior was mining the north trending dike. The mine consisted of a number of high-grade lenses within the dike, and every time the vein system hit a dike they would get a high-grade envelope, and because the veins were so close together they got a bunch of high-grade zones.

Between them, however, was lowgrade material, so it made sense to mine them all as one zone, which was much cheaper and more profitable.

What they eventually mined was an average of 3.2 grams per tonne in a bulk-tonnage, underground scenario.

“Although that would typically be considered low grade for underground mining, the thickness of it and the fact that it was vertical made it the most profitable operation for Cambior at the time, and even today at that grade it would work,” Palmer says. “So it was a question of grade over mining costs, and mining costs won out.”

What Adventure Gold found — and the premise for the junior picking up the project from Iamgold (TSX: IMG; NYSE: IAG) in 2008 (Iamgold had acquired Cambior) — was to look outside the mine footprint. Adventure Gold found the east–west vein system, Palmer says, which is a hallmark of Val-d’Or, and that’s when Adventure started to build out its 770,000 oz. gold resource. That resource, completed in 2013, was based mostly on the east to west system.

“It turns out that it’s a feeder for the mineralization in the dike, so the dike didn’t come in mineralized, it was the east–west system that introduced the mineralization,” Palmer says. “We’ve got two northto south-oriented vertical dikes, and the east- to west-trending veins that crosscut them. The east–west structure consists of a parallel system of stacked veins.” Palmer estimates that within 200 metres of surface there are probably 10 to 12 veins stacked parallel to each other.

“What Cambior found when they were mining the vertical dike was that as they went north, they cut higher grade,” he says. “We thought that if the east–west system feeds the dike, maybe those east–west veins get higher grade to the north as well.”

Hole 90 was designed to test the east- to west-trending vein system to see if it was higher grade in the northern sections. It was at the edge of the resource, not to increase volume in the gold resource, but rather to improve grade.

“We drilled a sub-vertical hole to go to 500 metres deep, and at 400 metres, we hit the new dike,” Palmer says. “Nobody knew it was there and it turns out to be mineralized just like the old Cambior mine, so this infill hole designed to improve grade found a gold zone at depth, in a vertical-dipping dike, which is an ideal underground mining scenario. We hadn’t planned to expand within the perimeter of the resource, but we were, and now we see expansion potential within the current resource.”

One of the important implications, he adds, is that Probe is hitting gold between 400 and 700 metres deep.

“Before this, we thought the mineralized system only went down to 400 metres. Now we have proved that it is much bigger, and we’re probably seeing stacked veins down to 800 metres, and this means the system could be more robust than we thought it was, and bodes well for expansion and continuation for a significant strike length along the east–west system,” he says. “Hopefully this means we find even more dikes, and more open pit and underground mineralization than we thought.”

The mineralization is interesting, too, he notes. “It’s diorite dike with disseminated pyrite, but the pyrite is cubic — and usually when you see cubic pyrite, you think that there’s no interest because it’s not the typical morphology for pyrite in most gold deposits. It usually indicates recrystallization ... you think there is not much potential for gold, but it turns out it’s the ore horizon. And it’s very, very distinct, so when you’re drilling though it you know exactly when you are in the gold horizon, you just don’t know grade.”

The mineralization is distinct, he adds, with quartz-tourmaline hosting sulphides and pyrite, and an alteration halo that is twice the

thickness of the vein.

Drilling at the Val-d’Or East project has shown mineralization widths ranging from 60 to 300 metres, and typically averages between 1 gram gold and 3 grams gold per tonne.

In addition to the drilling, the company has completed the first phase of a property-scale, induced polarization (IP) survey, which is being interpreted. Probe plans to drill-test the new IP anomalies in the first quarter of next year, and add a new drill.

As well as staking more ground in the area, in July Probe showed its confidence in the Val-d’Or East project by buying back 20% net proceeds of production royalty on mineral claims at the project from Vaaldiam Mining Inc., a wholly owned subsidiary of Orion Resource Partners LP. “It’s interesting that you can still find these things, and it highlights the fact that we have an expansive country, an expansive amount of exploration potential — and there are still opportunities in Canada to find exciting areas that can be explored,” Palmer says. “Borden was a classic example of where people thought there couldn’t be any gold, and it turned out to be a multimillionounce deposit.”

Probe has drilled 19 holes, or 9,000 metres, and no longer thinks that it will cut off the program at 10,000 metres.

“Given the results, it’s a question of adding drills,” he says. “We’ve got two drills and hopefully by late January we’ll have a third. We’ll just keep drilling until we run out of ore.”

The junior’s shareholders include Goldcorp — which owns a 14% stake — as well as AGF Investments, Caisse de dépôt, Picton Mahoney, Windermere Capital, Sprott Asset Management, U.S. Global Investors, Libra Advisors, J Zechner Associates and Sidex.

Management and insiders own 6%.

Probe’s chairman, Jamie Sokalsky, is also a director of Agnico Eagle Mines (TSX: AEM; NYSE: AEM), and served as president and CEO of Barrick Gold (TSX: ABX; NYSE: ABX) between 2012 and 2014. Before that, Sokalsky was Barrick’s chief financial officer from 1999.

Over the last year, the junior’s shares have traded in a range of 33¢ to $2.18, and at press time traded at $1.17.

The company has 85.5 million shares outstanding for a $100-million market capitalization.

Probe has $30 million in cash and investments.

Topping of IA Securities has a 12-month price target of $2.50 per share.

The analyst has a “speculative buy” rating on the stock, “given the management team’s record, highly prospective property, with an existing resource, property location and strategy of proving up a resource attractive to senior producers.” TNM

2016-12-20 7:11 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 26, 2016–JANUARY 1, 2017

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EnGold explores for high-grade gold at Lac La Hache BC GOLD

| Drilling uncovers gold-bearing structure 400 metres long and 600 metres deep

BY LESLEY STOKES

R

lstokes@northernminer.com VANCOUVER

ecent drill results from EnGold Mines’ Aurizon South gold-copper-silver zone, 14 km from the town of Lac La Hache in central B.C., is casting a renewed light on structurally controlled, high-grade gold systems in a region known for its copper-gold porphyry deposits.

The 3,000-metre program has extended a gold-bearing structure to a 400-metre strike length and 600-metre vertical depth, with intercepts such as 14.3 grams gold per tonne, 2.3 grams silver per tonne and 0.2% copper over 1 metre, and 8 grams gold, 4.7 grams silver and 0.2% copper over 2 metres.

EnGold president and CEO David Brett says the extension of the Aurizon South zone speaks to the “overlooked potential” of the company’s Lac La Hache property, despite it having been picked at by explorers for decades.

“Our property is historically known for its copper potential.

It has copper-gold porphyries, a copper-magnetite skarn that we’ve outlined in a resource, and it’s in a region with a lot of open-pit, copper-gold mines, like Mount Polley, New Afton and New Prosperity. It’s always been explored with that bulktonnage, porphyry model in mind, but it’s never been recognized for its porphyry-related, high-grade gold systems that could be more amendable to underground mining,” he tells The Northern Miner during a phone interview.

The company changed its name from GWR Resources earlier this year, signalling a shift in focus from copper to gold.

“A lot of what you’d consider ‘small’ underground gold miners have really come into their own in recent years. You can build a company that’s worth half a billion dollars based on a high-grade

“IT USED TO BE THE BIGGER THE BETTER, BUT NOW THE SMALLER DEPOSITS ARE ATTRACTING MORE ATTENTION, AND WE THINK AURIZON IS HOW WE’RE GOING TO BUILD A MID-TIER COMPANY.” DAVID BRETT PRESIDENT AND CEO, ENGOLD MINES

underground gold mine, because they’re low cost, low capex and you can bring them on-stream faster,” he says. “It used to be the bigger the better, but now the smaller deposits are attracting more attention, and we think Aurizon is how we’re going to build a mid-tier company.”

Across EnGold’s 183 sq. km property, a number of prospects dot along a 10 km long belt of intrusive rocks that pierce through the volcanic and sedimentary cover.

Previous exploration focused on the Spout magnetite-copper skarn deposit, which hosts 7.6 million indicated tonnes of 11.4% magnetite and 0.3% copper, and 15.8 million inferred tonnes of 8.3% magnetite and 0.2% copper, whereas a number of other skarn- and porphyry-style prospects on the property have been found to date.

In 2007, the company drilled a discovery hole at Aurizon South, which intersected 26 metres of 6.3 grams gold, 4.8 grams silver and 0.9% copper from 316 metres deep, within a hematitic breccia cutting into a potassic-altered monzonite.

Follow-up drilling outlined the prospect as two zones — Central

Visible gold in a sample from a quartz vein at EnGold Mines’ Aurizon project in British Columbia. ENGOLD MINES

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Engold Mines’ technical team in the core shack at the Aurizon polymetallic project in central B.C., from left: Rob Shives, vicepresident of exploration; Jesse Berkey, senior field manager; and Bernie Augsten, geologist. ENGOLD MINES

and South — both occurring as sub-vertical, hydrothermal breccias offset by younger, post-mineral faulting.

Robert Shives, vice-president of exploration, tells The Northern Miner during a phone interview that Aurizon was first explored as a bulk-tonnage copper target.

“In its earliest drilling, perhaps it wasn’t recognized for what it was,” Shives says. “At the time, drill core samples were often lumped as 3-metre intervals, so some of the gold intercepts could be higher than what they are.”

Shives says that South is shaping up to be a “consistently mineralized, planar structure,” whereas brittle faulting of Central has made the zone hard to follow.

The gold is occasionally enveloped within broad, low-grade copper mineralization, as recorded in a 172-metre intercept of 0.3% copper, 0.42 gram gold per tonne and 1.7 grams silver over 500 metres deep.

A number of oblique-trending and narrow quartz veins carrying visible gold have also been intercepted in recent drilling, with grades of 263 grams gold, 90.5 grams silver and 1.7% copper over 0.1 metre.

“Over the past four years we’ve built a robust geological model that’s standing up quite well to our recent results. What we’re seeing now is gold in veins and breccias, and that’s telling us that perhaps there’s a later silicification event that introduced gold,” he says. “As we go deeper we’re finding wider zones and the grades are increasing, so we may be looking at more tonnes with depth.”

Much of EnGold’s blue sky at Aurizon stems from a soil sampling program completed in 2010, which outlined a 2 km long, north-trending gold-in-soil anomaly extending from the Central zone into the South zone and beyond.

“The Central and South zones make up the strongest gold-in-soil anomaly on the property. The anomaly appears to weaken 100 metres from where we’re drilling, but when we were trenching the area we found a large deposit of glacial clay, and that will suppress most geochemical signatures. We know the anomaly continues intermittently for another kilometre, so we’re encouraged that we can extend this gold-bearing structure even farther.”

The company recently closed an

oversubscribed, $1.1-million private placement, in which it issued 5.5 million flow-through units at 20¢ per unit. Each unit has a share and a warrant, exercisable within two years at 30¢ per share.

“We have the funds to continue exploration without dilution, and that’ll allow us to go forward into

a late winter program and follow up with more surface and drilling work next year,” he says.

EnGold shares have traded in a 52-week range of 3¢ to 19¢, and traded at 14¢ at press time. The company has 168.4 million shares outstanding for a $24-million market capitalization. TNM

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GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

Top stories of 2016 HIGHS, LOWS

EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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Nick Bird discovered Schaft Creek

| Macroeconomics, commodity prices

F

or miners 2016 amounted to the fifth year of the industry downturn, albeit with a renewed sense of better days ahead with rallies for gold, silver, copper, zinc, iron ore and coking coal. The following are our picks as the year’s top stories:

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com

O P- E D

10. Rubicon’s hubris — Rubicon Minerals kicked off the year with a shocker: at its Phoenix gold mine under construction in Ontario’s Red Lake camp, contained gold ounces in the indicated resource category had plunged 91% from a 2013 resource estimate, while contained gold ounces in the inferred category had fallen 86%. The company halted all work and spent the rest of the year in restructuring mode to stave off bankruptcy.

9. Renewed bullishness over Argentina — With the pro-business former mayor of Buenos Aires Mauricio Macri assuming the presidency of Argentina in December 2015, the first half of 2016 was filled with optimism that Argentina would be more welcoming of foreign investment in its underdeveloped but promising mining sector. Macri moved quickly to reverse previous administrations’ 10year interventionist course with removal of currency and investment restrictions and the settlement of past debt disputes, but many wonder about a coming backlash.

8. Miserable uranium — Uranium touts will go on about nuclear power plants under construction in Asia giving support to uranium prices, but the reality is that 2016 was the worst year for uranium prices in 11 years. At press time, the spot price for uranium oxide at www.uxc. com was only US$18.74 per pound. Mid-year, Cameco tabled its worst quarter financially since 2005, with CEO Tim Gitzel lamenting: “I can say that this [second quarter] has probably been the toughest quarter in the toughest market we’ve seen in the last decade, and our results reflect just how challenging the environment is … uranium demand remains low and prices are very depressed.”

7. Potash troubles and a mega-merger — Potash prices likewise suffered from oversupply in 2016, but Canada’s two biggest fertilizer companies Potash Corp. of Saskatchewan and Agrium dug deep and responded with a US$36-billion merger proposal in September that will create Canada’s third-largest natural resources company.

6. Surprise recovery in gold, iron ore and met coal — Sometimes it’s easy to forget just how bleak the markets looked in January 2015, but the introduction of “negative interest rates” in major economies around the world lit a fire under gold prices, driving spot prices as high as US$1,365.40 per oz. in mid-2016 from lows of US$1,060 per oz. six months earlier. Even more surprising was the doubling in iron ore and metallurgical coal prices in sustained rallies over the year.

5. M&A — Two more themes that emerged in mergers and acquisitions in 2016 were major Western companies unloading higherrisk assets in developing countries, mostly for cash (e.g., Batu Hijau, Tenke Fungurume, Eldorado’s Chinese assets ) and decent-sized miners scooping up less-developed gold assets in Canada and other safe jurisdictions (e.g., Goldcorp buying Kaminak and Tahoe buying Lake Shore Gold). On the supplier side, the biggest deal was Komatsu’s industry-changing acquisition of Joy Global.

4. New diamond mines and giant stones — Canada welcomed two gold mines in 2016: De Beers and Mountain Province Diamonds’ Gahcho Kué mine in the Northwest Territories and Stornoway Diamond’s Renard mine in Quebec. The diamond scene was also livened up by Lucara Diamond’s mining of several shockingly large stones — the 1,109-carat Lesedi La Rona and the 813-carat Constellation diamonds — made possible by new processing technology that doesn’t destroy larger stones.

3. Mineral discoveries — While there continued to substantive mineral discoveries made around the world in 2016, three that stick out are Ivanhoe Mines’ Kamoa-Kakula copper find in the Democratic Republic of the Congo, Agnico Eagle Mines’ timely Amaruq gold discovery in the Northwest Territories and NexGen Energy’s monster uranium resource at Arrow in northern Saskatchewan.

2. Trump rally — Donald J. Trump’s surprise victory in the U.S. presidential election in November boosted global markets, with the greenback hitting 14-year highs, and the U.S. stock market surging, including the Dow Jones Industrial Average roaring towards 20,000 — a level it has never surpassed. The Trump rally extended to major industrial metals, particularly copper and zinc, which are now trading at US$2.50 per lb. and US$1.19 per lb. to the relief of long-suffering base metal miners.

1. Fort McMurray wildfires — The city of Fort McMurray, Alta. — ground zero of Canada’s massive oilsands industry and thus one of the country’s largest mining centres — was swept up in May by a beast of a forest fire that forced the evacuation of the entire 88,000 population, destroyed 2,400 homes and buildings, and closed many oilsands facilities. Alberta suffered a triple whammy in 2016 of wildfires, low oil prices and a provincial government hostile to the oil industry. Calgary has seen its unemployment levels soar above 10% this year — the highest level among major cities in Canada. TNM

BY JOHN CUMMING

jcumming@northernminer.com

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Professional Directory. . . . . . . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Agnico Eagle Mines. . . . . . . . . 2 Almadex Minerals. . . . . . . . . 16 Arizona Mining. . . . . . . . . . . . 1 Aurico Metals. . . . . . . . . . . . . 15 Barrick Gold. . . . . . . . . . . . . 2,14 Cosigo Resources. . . . . . . . . . . 5 Eco Oro Minerals. . . . . . . . . . . 5

EnGold Mines . . . . . . . . . . . . . 3 Glencore . . . . . . . . . . . . . . . . . . 5 GMV Minerals. . . . . . . . . . . . 11 Goldcorp. . . . . . . . . . . . . . . . 1,13 Hecla . . . . . . . . . . . . . . . . . . . . 13 Iamgold. . . . . . . . . . . . . . . . . . . 1 Imperial Metals 15

Ivanhoe Mines. . . . . . . . . . . . 15 Lucara Diamonds . . . . . . . . . 15 Matamec Energy. . . . . . . . . . 13 Matamec Explorations. . . . . 13 Matamec Gold. . . . . . . . . . . . 13 QMX Gold . . . . . . . . . . . . . . . . 1 Richmont Mines . . . . . . . . . . . 2

LETTER TO THE EDITOR

| Just who can claim discovery of the copper deposit in B.C.?

I

am writing in reference to the Odds ‘n’ Sods article “Doda, Dink and Zoran” by Dr. Harold Linder (T.N.M., Dec. 3–11/16).

The author’s biography at the end states that “Dr. Harold Linder is an exploration geologist who has worked on all seven continents and is now retired in Anthem, Arizona. He discovered the giant, unmined Schaft Creek porphyry copper-molybdenum deposit in northern B.C. in 1968 for Hecla Mining Company.”

The second statement is not true. The Schaft Creek deposit was discovered in May 1957 by Nick Bird, a prospector working for the BIK Syndicate, under the supervision of William St. Clair Dunn, P.Eng., the superintendent of exploration for Silver Standard Mines Ltd. This information is documented in CIM Special Volume 15, 1976, “Porphyry Deposits of the Canadian Cordillera,” page 219, “Schaft Creek History.”

At the end of the summer of 1957 after a significant trenching program, Mr. Dunn estimated there was a resource of 330 mil-

lion tons grading 0.35% copper equivalent on the property. His last global estimate for Schaft Creek in the 1990s was 3.3 billion metric tonnes of 0.35% copper equivalent.

Hecla optioned the property from Silver Standard but did not exercise their option and returned the property to Silver Standard. Silver Standard then optioned the property to ASARCO, which also did not exercise the option, and returned the property to Silver Standard. The property was then optioned to Teck, who earned a 70% interest in the property. Silver Standard sold its residual interest to Teck in the 1980s.

Dr. Linder’s contribution was to recognize the size and type of the Schaft Creek deposit and convince Hecla to option the property, and carry out a few summers’ work on it. I am certain that Dr. Linder would agree with the above summary.

Wiliam Walton Dunn, P.Eng. David St. Clair Dunn, P.Geo. Via email

Discovering mineralization vs a deposit LETTER TO THE EDITOR

I

| An important distinction

n response to the Dunns’ above letter on Schaft Creek, it is unfortunate that the Dunns apparently have not had the opportunity to read the 32-page chapter on Schaft Creek in my memoir, Wild Places: The Adventures of an Exploration Geologist. There I give a detailed history of the discovery of Schaft Creek and my work there between 1968 and 1974.

An even more detailed history and description is given in my original paper, “Geology of the Schaft Creek porphyry coppermolybdenum deposit, northwestern B.C.,” in the CIM Bulletin, June 1975. Both give full credit to Nick Bird for discovery of the mineralization at Schaft Creek in 1957.

The ownership sequence mentioned in the Dunns’ letter is incorrect. After Silver Standard drilled three holes on the property in 1965, Asarco optioned the property and drilled 26 holes in 1966–1967 and dropped its option. The holes I drilled for Hecla in 1968, DDH 30-38, discovered and began to outline the Main and South breccia deposits. Hecla optioned the adjoining Paramount ground, on my recommendation, and my drill hole P2 discovered the North Breccia deposit on Paramount claims in 1969.

On page 307 of Wild Places there is a photograph of my friend Nick Bird and myself at Schaft Creek in 1980. The caption reads in part, “Nick Bird, prospector, discovered the mineralization at Schaft Creek in 1957 and staked the original Bird

MOST EXPLORATION GEOLOGISTS WOULD AGREE THAT DISCOVERY OF MINERALIZATION AND DISCOVERY OF A DEPOSIT ARE USUALLY TWO SEPARATE, BUT RELATED EVENTS. Group claims while working for the BIK Syndicate. Harold Linder discovered the Schaft Creek deposit in 1968 as project manager for Hecla Mining Co., and continued as consulting geologist from 1969 to 1974.”

Most exploration geologists would agree that discovery of mineralization and discovery of a deposit are usually two separate, but related events, as shown by the 11-year gap (1957–1968) at Schaft Creek. The gold deposit that I discovered in the Castle Mountains of southern California had a gap of 79 years (1907–1986) between discovery of gold mineralization

by James Hart and the Hitt brothers in 1907, and my discovery of a major gold deposit in 1986.

Harold Linder Via email

2016-12-20 7:11 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 26, 2016–JANUARY 1, 2017

5

Eco Oro files for arbitration against Colombian gov’t REGULATIONS

| ‘Arbitrary, inconsistent and disproportionate state measures’ destroyed Colombian investment

BY TRISH SAYWELL

E

tsaywell@northernminer.com

co Oro Minerals (TSX: EOM) claims the Colombian government has eviscerated its US$250-million investment in the country and is filing for international arbitration.

The Vancouver-based junior has been developing its Angostura goldsilver project in Colombia since the mid-1990s (under its previous moniker Greystar Resources), outlining 3 million oz. gold that it hoped it would extract from an underground mining operation.

Eco Oro president and CEO Mark Moseley-Williams declined to be interviewed about the matter, but the company said in a press release that the dispute involves “arbitrary, inconsistent and disproportionate state measures that have destroyed the value of its investments in the Colombian mining sector.”

The saga apparently began in December 2014, when the national government delineated the paramo of Santurban — a grassland ecosystem found below the snowline and above the treeline in the country’s Andean regions.

According to Eco Oro, the resolution provided that mining could take place in certain areas within the paramo called “mining-permitted restoration areas,” subject to stricter environmental controls.

Eco Oro was “pleased” the government had finally declared the boundaries of the paramo and said that “with the uncertainty relating to the boundaries now out of the way,” management “will proceed with reassessing how the Angostura project will be developed.

“The company’s initial assessment indicates that the Santurban paramo may affect to some limited extent the development of the Angostura deposit, as previously envisioned by the company,” it added. The company stated that its reassessment of how the Angostura project would be developed,

A map from Eco Oro Minerals outlining its project in relation to the Santurban Paramo region in northeastern Colombia in the Department of Santander. ECO ORO MINERALS

given the delineation of the paramo, would include evaluating technoeconomic parameters such as cut-off grade, production rates, mining and metallurgical approaches, access to adjacent and at-depth resources and infrastructure layout.

Eco Oro said that it intended the 100%-owned project would “become an exemplary mining and investment project in the area of Santurban.”

After the announcement, Eco Oro directed its technical advisory committee in January 2015 to coordinate an internal technical review to confirm mine capacity, project infrastructure and processing enhancements.

In April 2015, Eco Oro retained Micon International Ltd. to prepare an updated mineral resource on the project to incorporate largely infill drilling that had not been included in the 2012 preliminary economic

assessment.

It also retained the services of Chile’s NCL Ingeneria y Construccion S.A. to reassess the project’s underground mine capacity. The study, the company said, would “establish a production rate that is sustainable and contributes to a reduced project footprint, while maintaining optimum levels of potential precious metal production.

Meanwhile, Eco Oro reviewed and prioritized near-deposit exploration targets.

The company completed an updated resource estimate in June 2015 outlining a measured and indicated resource of 2.21 million oz. gold (15.1 million tonnes grading 4.57 grams per tonne) and an inferred resource of 1.03 million oz. gold (6.9 million tonnes averaging 4.70 grams gold per tonne).

The resource was based on information from 1,068 diamond drill

holes in 363,000 metres of drilling and used a cut-off grade of 2.5 grams gold per tonne.

The gold and silver deposit — characterized as a structurally controlled high-sulphidation epithermal gold deposit — remains open at depth.

Things looked bad, however, in February 2016, when Colombia’s Constitutional Court ruled that no mining could take place in areas defined as paramo.

In March 2016, Eco Oro notified the government that the court decision contravened the free trade agreement between Canada and Colombia, and that if an acceptable settlement was not reached within six months, it would consider submitting the dispute to international

arbitration.

In July 2016, Colombia’s National Mining Agency (NMA) notified Eco Oro that it needed to pay its annual canon on its concession, but that the payment should be made only to 49.3% of the area, because the rest fell within the Santurban paramo preservation area.

This development was followed in August 2016 by news that the NMA had denied the company’s May 2016 application for a two-year extension of the exploration phase of its principal mining title.

The company stated that the resolution “deprives the company of its mining rights in respect of 50.7% of the concession area that falls within the preservation zone of the Santurban paramo.”

The Eco Oro case follows an arbitration notice filed earlier this year by Cosigo Resources (CVE: CSG.H) and Tobie Mining & Energy Incorporated.

In a statement of claim dated Feb. 19, Cosigo and Tobie Mining and Energy said they were seeking international arbitration regarding the “wrongful expropriation made without compensation and based in fraud,” of their Taraira South mining concession in Colombia’s Vaupes department, near the country’s border with Brazil.

The companies say their mining concession “has been inoperable due to the placement” of a national park “over its location,” and are seeking US$16.5 billion in compensation.

In a third case, Glencore (LON: GLEN) submitted a claim against the Colombian government at the International Center for Settlement of Investment Disputes under the 2006 Colombia-Switzerland bilateral investment treaty. The Anglo-Swiss mining giant’s claim revolves around a dispute involving its coal concessions in Colombia. TNM

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A worker handles core in 2009 at Eco Oro Minerals’ Angostura gold-silver project in Colombia. ECO ORO MINERALS

1 2 3 4 5 11 13 14 15 16_DEC26_Main .indd 5

Visit www.northernminerjobs.com today

2016-12-20 7:11 PM

6

WWW.NORTHERNMINER.COM

DECEMBER 26, 2016–JANUARY 1, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 12–16 Canada’s largest stock market weakened, after the U.S. Federal Reserve raised its short-term interest rate by a quarter of a percentage point to between 0.5% and 0.75%. The spot gold price tumbled to a 10-month low of US$1,134.60 per oz., down 2.2% from the previous week. The S&P/TSX Composite Index retreated 0.4% to 15,252.90 points. The S&P/TSX Global Mining Index lost 5.4% to finish at 61.44, while the S&P/TSX Global Gold Index plunged 5.7% to 175.76. U.S. West Texas Intermediate crude for January rose 0.8% to settle at US$51.90 per barrel.

OceanaGold shares fell 22¢ to $3.45, as 29.2 million shares changed hands, despite the company announcing a robust 2017 guidance.

OceanaGold expects 2017 gold production of 550,000 to 610,000 oz. for a 35% year-over-year increase, due to the Haile gold mine operating shortly in South Carolina. Anticipated all-in sustaining costs are US$600 to US$650 per oz., which is down 15%. This reflects lower costs expected at the Didipio copper-gold mine in the Philippines and the inclusion of the Haile mine. Annual copper output should come in at 15,000 to 17,000 tonnes.

Argonaut Gold sunk 35% to close at $1.60 per share. The drop came after the Mexican environmental authority Semarnat denied the environment impact assessment (MIA) for the company’s San Antonio gold project

in Baja California Sur, Mexico. Semarnat said it did not approve the MIA because it needed more information regarding possible impacts to the environment, particularly on the local aquifer, as well as more information on the project’s construction, operation and closure plans. Argonaut is assessing alternatives, including legal options and submitting an updated MIA. This news follows a recent positive ruling from the Federal Court on the past denial related to a zoning dispute, “which was found to be excused as a reason for denying the MIA,” Desjardins analyst Michael Parkin writes. “We should have a relatively clearer understanding by the second half of 2017 on the potential to develop this project.”

Perseus Mining fell 34% to 37¢ per share, TSX MOST ACTIVE ISSUES

Alacer Gold Yamana Gold Kinross Gold B2Gold OceanaGold Barrick Gold Suncor Energy Eldorado Gold Klondex Mines Goldcorp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ASR 41778 2.08 1.75 1.81 - 0.17 YRI 39154 4.05 3.34 3.55 - 0.26 K 38779 4.67 4.00 4.07 - 0.16 BTO 35303 3.25 2.69 2.89 - 0.27 OGC 29229 4.22 3.45 3.45 - 0.22 ABX 28783 21.15 18.52 18.95 - 1.43 SU 24130 44.31 42.73 43.79 + 0.82 ELD 23313 4.07 3.52 3.73 - 0.13 KDX 22224 6.52 5.40 5.46 - 0.96 G 22123 17.80 15.95 16.64 - 0.75

after updating the market on its West African gold mines and projects. Despite the recent operational improvements at the Edikan gold mine in Ghana, production suffered from the extended plant shutdown in October 2016 and lower-than-planned head grades. Perseus expects Edikan will produce between 70,000 and 80,000 oz. gold for the December 2016 half-year, compared to 80,000 to 100,000 oz. previously. All-in site costs should come in

between US$1,550 and US$1,650 per ounce.

A revised resource estimate for the Sissingue project in Côte d’Ivoire has lowered the measured and indicated gold resource 20% to 700,000 oz., and inferred resources 8% to 58,000 oz. gold. Perseus says an internal review had found wet drill holes “with possible downhole contamination,” which could have overstated the “gold grade in specific holes or parts of holes.” TNM

TSX GREATEST PERCENTAGE CHANGE

Forsys Metals U3O8 Corp Stonegate Agri Americas Silvr New Milln Iron Western Potash Excellon Res Argex Titanium Namibia Rare E Orsu Metals Argonaut Gold Perseus Mng China Gold Int Loncor Res Silver Bull Re Arizona Mng Endeavour Mng Contintl Gold Taseko Mines Copper Mtn Mng

FSY UWE ST USA NML WPX EXN RGX NRE OSU AR PRU CGG LN SVB AZ EDV CNL TKO CMMC

1339 4896 114 6393 4027 4773 2940 1754 56 181 9150 2241 4768 157 720 19158 3933 10730 3530 5075

0.10 0.07 0.10 0.03 0.02 0.03 0.02 0.02 0.02 0.33 0.25 0.32 0.26 0.15 0.19 0.18 0.13 0.17 1.73 1.32 1.70 0.06 0.05 0.06 0.07 0.05 0.06 0.03 0.03 0.03 2.48 1.48 1.60 0.58 0.34 0.37 2.94 2.03 2.05 0.16 0.10 0.13 0.17 0.12 0.12 3.30 2.30 2.67 21.92 17.76 17.76 4.40 3.54 3.55 1.27 0.98 1.00 1.12 0.90 0.92

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Suncor Energy Cameco Corp Excellon Res Pershing Gold Luna Gold Alamos Gold Sherritt Intl Americas Silvr Gabriel Res Agrium Endeavour Mng Torex Gold Detour Gold Seabridge Gld Pan Am Silver Teck Res Potash Corp SK First Majestic MAG Silver

53.8 50.0 33.3 28.0 26.7 25.9 22.3 20.0 20.0 20.0 34.7 33.9 28.8 21.9 20.0 19.3 18.4 18.2 18.0 17.9

VOLUME WEEK (000s) CLOSE CHANGE

FNV SU CCO EXN PGLC LGC AGI S USA GBU AGU EDV TXG DGC SEA PAA TECK.B POT FR MAG

6484 75.21 24130 43.79 12804 14.49 2940 1.70 10 4.48 84 1.75 6047 8.09 8264 1.48 6393 0.32 222 0.44 2908 133.28 3933 17.76 5458 17.80 7646 15.74 759 10.32 2500 19.66 18770 27.26 18554 24.08 8376 9.69 2414 13.45

+ 0.87 + 0.82 + 0.55 + 0.31 + 0.22 + 0.15 + 0.10 + 0.08 + 0.07 + 0.07 - 10.85 - 4.01 - 2.98 - 2.55 - 2.21 - 2.18 - 2.11 - 1.96 - 1.90 - 1.89

TSX VENTURE EXCHANGE / DECEMBER 12–16 The S&P/TSX Venture Composite Index dropped 13.58 points, or 1.8%, to a 735.22-point close on weaker commodity prices. Spot gold prices fell US$24.98 per oz. gold to a 10-month low before closing at US$1,134.88 per oz., while Comex copper prices fell US9¢ to US$2.56 per pound.

Shares of Metalore Resources gained 95¢ to $2.96 on stronger oil prices. The company has 81 producing gas wells in two townships in Norfolk County, Ont., and is preparing for a $1-million exploration program at its wholly owned Cedartree gold property near Sioux Narrows, Ontario. For the six months ending Sept. 30, the company gained $288,175 in natural gas revenues from producing 104,900 million British thermal units (MMBtu), up from 85,400 MMBtu in the same quarter last year. At Cedartree, earlier exploration outlined gold mineralization along fracture and shear zones that transect a dioritic dike or sill. In March 2012, the main shear zone held 2.1 million indicated tonnes of 1.36 grams gold per tonne and 2.2 million inferred tonnes of 1.36 grams gold, at a cut-off of 0.3 gram gold. The company also has a 21–26% interest with Greenstone Gold Mines, Centerra Gold and Premier Gold Mines’ Trans-Canada property in Ontario’s prolific BeardmoreGeraldton area.

First Mining Finance saw the most shares traded but fell 4¢ to 77¢ per share on 17.4 million shares as gold prices declined. On Dec. 1, the company announced a $21-million exploration and development budget for 2017, with a focus on its Goldlund and Springpole gold projects in northwestern Ontario, its Cameron gold project in northern Ontario and its Hope Brook gold project in Newfoundland.

Tintina Mines led the greatest percentage change category, gaining 5¢, or 157.1%, to 9¢ per share. On Nov. 25, 1.3 million stock options with a 20¢ exercise price expired unexercised.

One month earlier, the company appointed Jing Peng of Marrelli Support Services as chief financial officer. The company’s sole asset is the Red Mountain molybdenum deposit in TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

First Mg Fin FF 17383 Metanor Res MTO 9312 Northern Uran UNO 8613 Everton Res EVR 8268 Canada Coal CCK 7782 Anfield Res ARY 7485 TVI Pacific TVI 6958 NewCastle Gold NCA 6804 Altai Res ATI 6769 Mangazeya Mng MGZ.H 5950

0.83 0.06 0.01 0.10 0.10 0.11 0.02 0.74 0.14 0.03

0.73 0.05 0.01 0.06 0.05 0.08 0.01 0.52 0.09 0.02

0.77 - 0.05 - 0.01 unch 0.08 + 0.07 unch 0.08 + 0.01 unch 0.54 - 0.10 - 0.02 -

0.04 0.01 0.00 0.02 0.00 0.01 0.00 0.21 0.01 0.02

the Whitehorse Mining district in Yukon, which has a historic resource of 187.3 million inferred tonnes of 0.2% molybdenum disulphide (MoS2), using a 0.1% MoS2 cut-off, and 21.3 million tonnes grading 0.3% MoS2, using a 0.3% cut-off, within a high-grade core of the deposit. The property hasn’t seen any exploration work since 2013.

Archon Minerals gained 36¢ to $1.62 per

share. On May 31, the company exercised its preemptive right to acquire, on a pro rata basis, C. Fipke Holdings’ interest in the Buffer zone of Dominion Diamond’s Ekati diamond mine for $8.6 million. The right was triggered by an offer from Dominion Diamond to acquire Fipke Holdings’ 10% interest in Buffer. The transaction increased Archon’s interest from 31.2% to 34.7%. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Tintina Mines IGC Res Whitemud Res Remington Res Lakeside Mnrls Cariboo Rose Manitou Gold Auramex Res Blue Sky Uran First Cobalt Caracara Silvr Lovitt Res Plato Gold E-Energy Vent Mangazeya Mng EastCoal Inc Barker Mnrls Homeland Egy Hawkeye Gld&Di Spruce Ridge R

TTS IGC.H WMK.H RGM LAK.H CRB MTU AUX BSK FCC CSV.H LRC.H PGC EEV MGZ.H ECX.H BML HEG.H HGO SHL

125 150 91 100 264 471 3307 56 276 216 82 46 314 170 5950 1 233 2277 457 83

0.09 0.01 0.01 0.18 0.23 0.19 0.20 0.03 0.48 0.40 0.01 0.13 0.01 0.01 0.03 0.01 0.01 0.01 0.15 0.02

0.04 0.00 0.00 0.10 0.10 0.11 0.06 0.00 0.31 0.30 0.00 0.05 0.00 0.01 0.02 0.00 0.01 0.01 0.00 0.02

0.09 0.01 0.01 0.18 0.18 0.19 0.11 0.03 0.48 0.40 0.01 0.05 0.01 0.01 0.02 0.01 0.01 0.01 0.11 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 157.1 + 100.0 + 100.0 + 80.0 + 80.0 + 76.2 + 75.0 + 66.7 + 60.0 + 60.0 - 66.7 - 60.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 41.7 - 40.0

VOLUME WEEK (000s) CLOSE CHANGE

Metalore Res Archon Mineral Till Capital Abitibi Royalt Blue Sky Uran Bear Creek Mng Delrand Res First Cobalt Rogue Res Gold Reserve Gold Std Vents Orla Mng Ltd Kombat Copper NewCastle Gold Lara Expl Kennady Diam Almadex Min Mirasol Res Chesapeake Gld Cordoba Mnls

MET ACS TIL RZZ BSK BCM DRN.H FCC RRS GRZ GSV OLA KBT NCA LRA KDI AMZ MRZ CKG CDB

2 11 21 17 276 925 101 216 128 247 754 2920 158 6804 349 436 429 607 117 269

2.95 1.62 5.50 9.00 0.48 2.20 0.75 0.40 0.63 5.67 2.68 1.25 0.42 0.54 0.96 3.86 1.22 1.29 3.35 0.65

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

0.95 0.36 0.30 0.29 0.18 0.18 0.15 0.15 0.14 0.11 0.26 0.25 0.23 0.21 0.20 0.19 0.18 0.18 0.16 0.15

U.S. MARKETS / DECEMBER 12–16 The U.S. Federal Reserve’s decision to raise its key interest rate 25 basis points to a range of 0.5% to 0.75% — its first rate hike since December 2015 — lifted the U.S. dollar but punished gold, with the price of the precious metal falling US$25 per oz., or 2.2%, to US$1,134.60 per ounce. The Fed said signs of a growing economy and expectations of higher inf lation inf luenced the decision, and signalled that there would be more rate increases during 2017. The Dow Jones Industrial Average rose 0.4% to 19,843.41, while the S&P 500 Index dropped 0.1% to 2,258.07. The Philadelphia Gold & Silver Index lost 8.3% to finish at 73.41.

Freeport-McMoRan was the most traded stock and fell US$1.92 to US$13.83 per share.

The company sold its Deepwater Gulf of Mexico properties to Anadarko Petroleum for US$2 billion in cash. Under the agreement, FCX has the right to receive more proceeds of up to US$150 million, to be paid as Anadarko realizes cash f lows in connection with a third-party production handling agreement for the Marlin platform. Freeport expects to complete the previously announced sale of its onshore California oil and gas properties

6_DEC26_MarketNews.indd 6

before the end of 2016.

Vale dropped US61¢ to US$8.17 per share despite news that it had received an operating licence for its S11D project in Brazil, the largest iron ore project in the company’s history. The S11D mine and plant are in Canaa dos Carajas, in southeast Para state, and the licence is valid for 10 years. The project will start commercial operation in January 2017.

Of the total US$14.3-billion investment, US$6.4 billion was spent on the mine and US$7.9 billion on building a 101 km railway branch line, double-tracking the Carajas Railway and expanding the Ponta da Madeira U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 172879 15.96 13.83 13.83 Vale* VALE 166245 8.96 8.09 8.17 Barrick Gold* ABX 131052 16.14 13.81 14.28 Kinross Gold* KGC 116100 3.57 2.98 3.03 Hecla Mining* HL 87914 6.28 5.30 5.39 United States S* X 87706 36.86 33.78 34.70 Yamana Gold* AUY 85800 3.09 2.49 2.64 IAMGOLD* IAG 72568 4.08 3.16 3.32 Goldcorp* GG 63377 13.58 11.91 12.53 Harmony Gold* HMY 56593 2.24 1.86 1.89

- 1.92 - 0.61 - 1.17 - 0.18 - 0.59 - 1.36 - 0.25 - 0.41 - 0.67 - 0.19

maritime terminal in Sao Luis. Each of the plant’s three production lines can process 30 million tonnes per year. Ore from the open pit will be moved to the plant by a long distance conveyor belt. The project is named after its location: block D of orebody S11, which lies

in the Southern Hills of Carajas. S11D is just one block of an orebody that has been divided into four parts: A, B, C and D. Vale says the S11 orebody could hold 10 billion tonnes of iron ore. Block D alone contains reserves of 4.2 billion tonnes. TNM

U.S. GREATEST PERCENTAGE CHANGE

Mechel* DRDGOLD* Natural Res Pt* Chevron* Cameco Corp* Trecora Res* Suncor Energy* Alamos Gold* Franco-Nevada* NACCO Ind* Seabridge Gld* First Majestic* Pretium Res* Primero Mng* HudBay Mnls* Dominion Diam* Freeport McMo* IAMGOLD* AngloGold Ash* Osisko Gold*

MTL DRD NRP CVX CCJ TREC SU AGI FNV NC SA AG PVG PPP HBM DDC FCX IAG AU OR

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

3992 6.38 5.81 6.09 + 18.5 11565 4.68 4.00 4.39 + 8.1 345 38.90 34.01 36.45 + 4.1 46696 118.99 115.36 118.08 + 2.0 17033 10.90 9.96 10.79 + 1.9 279 14.05 13.15 13.80 + 0.7 16929 33.79 32.09 32.82 + 0.6 21135 6.81 5.95 6.08 + 0.5 7355 58.92 53.31 56.53 + 0.2 78 96.30 90.10 94.00 - 0.2 6708 9.74 7.70 7.70 - 18.5 32836 9.05 7.20 7.22 - 17.9 20946 8.63 7.06 7.10 - 16.3 19644 0.94 0.75 0.75 - 15.7 2154 7.20 6.10 6.10 - 13.5 2364 10.70 9.24 9.31 - 12.3 172879 15.96 13.83 13.83 - 12.2 72568 4.08 3.16 3.32 - 11.0 29097 10.89 9.28 9.51 - 10.9 5758 10.15 8.92 8.93 - 10.7

U.S. GREATEST VALUE CHANGE

Chevron* CVX Natural Res Pt* NRP Mechel* MTL DRDGOLD* DRD Cameco Corp* CCJ Suncor Energy* SU Franco-Nevada* FNV TREC Trecora Res* Alamos Gold* AGI Primero Mng* PPP MartinMarietta* MLM Agrium* AGU Alcoa* AA Southern Copp* SCCO Rio Tinto* RIO CONSOL Energy* CNX Freeport McMo* FCX Teck Res* TECK Mosaic* MOS Seabridge Gld* SA

VOLUME WEEK (000s) CLOSE CHANGE

46696 118.08 345 36.45 3992 6.09 11565 4.39 17033 10.79 16929 32.82 7355 56.53 279 13.80 21135 6.08 19644 0.75 3293 220.39 2796 100.06 22217 29.40 6370 32.40 17456 38.76 21965 19.21 172879 13.83 36007 20.44 27566 29.56 6708 7.70

+ 2.27 + 1.45 + 0.95 + 0.33 + 0.20 + 0.20 + 0.14 + 0.10 + 0.03 - 0.14 - 10.77 - 9.32 - 2.65 - 2.58 - 2.39 - 2.09 - 1.92 - 1.89 - 1.86 - 1.75

2016-12-20 6:34 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 26, 2016–JANUARY 1, 2017

7

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 20, 2016 Precious Metals Price (US$/oz.)

Change 1132.75 -24.60 Gold Silver $15.80 -1.21 Platinum $924.00 +9.00 Palladium $685.00 -47.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10980.00 +110.00 $5510.00 +14.00 $2191.00 +10.50 $2618.00 +13.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 19, 2016 (change from December 12, 2016 in brackets): Aluminium Alloy 13200 (-420) 2112275 (+20150) Aluminium Copper 345475 (+103925) 186350 (-750) Lead Nickel 371400 (+2730) 3330 (-10) Tin 429650 (-7475) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$48.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.00 Coal: CME Group Central Appalachian Futures, Dec. 2016: N.A. Cobalt: US$14.74/lb.

Copper: US$2.52/lb.

Copper: CME Group Futures Jan. 2016: US$2.49/lb.; Feb. 2017: US$2.49/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.65/kg FerroTungsten: US$24.38/kg Ferrovanadium: US$16.80/kg Iridium: NY Dealer Mid-mkt US$675.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$80.60/tonne Iron Ore Fines: US$53.07/tonne Iron Ore Pellets: US$75.93/tonne Lead: US$0.99/lb.

Magnesium: US$2.09/kg Manganese: US$1.74/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$111.00/tonne Potash: US$215.00/tonne Rhodium: Mid-mkt US$815.00/tr. oz.

Ruthenium: Mid-mkt US$40.00/tr. oz.

Silver: Handy & Harman Base: US$16.07 per oz.; Handy & Harman Fabricated: US$20.08 per oz.

Tantalite Ore : US$125.84/kg Tin: US$9.63/lb.

Uranium: U3O8, Trade Tech spot price: US$18.75; The UX Consulting Company spot price: US$18.75/lb.

Zinc: US$1.19/lb.

Prices current Dec. 20, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Dec 01, 2016 (with changes from Nov 16, 2016) Largest short positions LUN 41509887 -4548490 11/16/2016 Lundin Mng Kinross Gold K 32843470 793058 11/16/2016 New Gold NGD 25210228 1304345 11/16/2016 B2Gold BTO 20741996 -1686031 11/16/2016 Eldorado Gold ELD 18030373 -187223 11/16/2016 Potash Corp SK POT 15420318 -585876 11/16/2016 Suncor Energy SU 13417767 1076110 11/16/2016 Klondex Mines KDX 13202874 3893998 11/16/2016 Sandstorm Gold SSL 11696733 -812613 11/16/2016 Detour Gold DGC 9547009 1160147 11/16/2016 NDM 8656534 1867432 11/16/2016 Nthn Dynasty Barrick Gold ABX 8549847 978607 11/16/2016 Goldcorp G 8504788 121068 11/16/2016 Alacer Gold ASR 8332518 982989 11/16/2016 PNE 7517369 394800 11/16/2016 Pine Cliff En Largest increase in short position Klondex Mines KDX 13202874 3893998 11/16/2016 Royal Nickel RNX 2645500 2489008 11/16/2016 NDM 8656534 1867432 11/16/2016 Nthn Dynasty New Gold NGD 25210228 1304345 11/16/2016 Argex Titanium RGX 1967700 1170000 11/16/2016 Largest decrease in short position Teranga Gold TGZ 6443771 -10524872 11/16/2016 Lundin Mng LUN 41509887 -4548490 11/16/2016 BTO 20741996 -1686031 11/16/2016 B2Gold Argonaut Gold AR 6893719 -1203410 11/16/2016 Pilot Gold PLG 464800 -988100 11/16/2016

Short positions outstanding as of Dec 01, 2016 (with changes from Nov 16, 2016) Largest short positions NRM 2642800 2617496 11/16/2016 Noram Vent Brazil Res BRI 1260700 84600 11/16/2016 Golden Arrow GRG 933497 -223000 11/16/2016 Terrax Mnrls TXR 590000 458517 11/16/2016 PE 589524 -788076 11/16/2016 Pure Energy NuLegacy Gold NUG 534133 526233 11/16/2016 LI 502376 490180 11/16/2016 American Lith First Mg Fin FF 486800 301995 11/16/2016 Probe Metals PRB 423800 -400 11/16/2016 Orex Expl OX 412000 412000 11/16/2016 406300 -74268 11/16/2016 Lithium X Egy LIX K92 Mng Inc KNT 333400 -119000 11/16/2016 Niobay Metals NBY 323600 323500 11/16/2016 BCGold BCG 300000 205000 11/16/2016 Advantage Lith AAL 297900 145600 11/16/2016 Largest increase in short position Noram Vent NRM 2642800 2617496 11/16/2016 NuLegacy Gold NUG 534133 526233 11/16/2016 American Lith LI 502376 490180 11/16/2016 Terrax Mnrls TXR 590000 458517 11/16/2016 OX 412000 412000 11/16/2016 Orex Expl Largest decrease in short position Purepoint Uran PTU 1400 -5989600 11/16/2016 Spearmint Res SRJ 2800 -1947400 11/16/2016 YD 70738 -839262 11/16/2016 Apple Cap Inc Pure Energy PE 589524 -788076 11/16/2016 SIC 1500 -757000 11/16/2016 Sokoman Iron

DAILY METAL PRICES Daily Metal Prices Date Dec 19 Dec 16 Dec 15 Dec 14 Dec 13 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1520/1530 1560/1570 1560/1570 1560/1570 1560/1570 Aluminum 1716.50/1711 1732/1722 1735/1728 1751.50/1741 1754.50/1747 Copper 5560.50/5565 5648/5659 5682/5683 5734/5744 5765/5775 Lead 2184.50/2200 2262/2276 2313/2320 2341.50/2351 2376/2388 Nickel 10845/10880 11120/11210 11240/11310 11360/11420 11400/11460 Tin 21200/21070 21345/21165 21250/21050 21525/21250 21475/21375 2631/2650 2724/2753 2760/2770 2736/2753 2735/2756 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1137.60 1134.85 1132.45 1160.95 1157.35 Gold PM 1136.25 1131.60 1126.95 1162.25 1158.55 Silver 16.00 16.05 16.14 17.11 17.01 Platinum 925.00 904.00 914.00 942.00 934.00 Palladium 681.00 688.00 727.00 730.00 733.00

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

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

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Dec 16 Dec 15 Dec 14 Dec 13 Dec 12 High Low S&P/TSX Composite 15252.20 15218.31 15197.18 15385.27 15287.70 15527.30 12400.15 S&P/TSXV Composite 735.22 730.39 741.53 752.60 753.71 1050.26 883.52 S&P/TSX 60 902.24 900.44 897.14 907.71 901.35 896.74 709.99 S&P/TSX Global Gold 175.76 174.33 180.14 189.54 186.62 218.90 149.29 DJ Precious Metals 147.78 147.78 154.32 162.96 159.73 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS DECEMBER 12–16, 2016 78 New Highs Agrium* Alcoa* Aldrin Res Aldrin Res* Altius Mnrls Alumina Inc* Amerigo Res Amerigo Res* Antofagasta* Britannia Mng* Broadway Gd Mg* Canada Coal Canamex Res* Cariboo Rose Chevron* Corazon Gold Corsa Coal CWN M’g Acq Eco Oro Mnls Edgewater Expl Edgewater Expl* Emgold Mng*

Excelsior Mng Excelsior Mng* Fortescue Mtls* G4G Capital* Golden Sh Mng* Goldfields Int* Homeland Egy* Ivanhoe Mines Ivanhoe Mines* Jet Metal* Kitrinor Mtls Kootenay Zinc Lakeside Mnrls Leeta Gold Leo Res Lovitt Res* Luna Gold* Manitou Gold Metalore Res Morien Res* Morumbi Res Morumbi Res* New Milln Iron

New Milln Iron* Nomad Ventures Nortec Mnls Nrthn Lion NxGold Ltd OZ Minerals* Palladon Vent* Paringa Res* Potash Corp SK* QMX Gold QMX Gold* Remington Res Rockshield Cap Rogue Res* Rokmaster Res Savoy Vent SG Spirit Gold Sherritt Intl Signature Res* Sonora Gld & S Sonoro Mtls Southern Copp* Sparton Res

Strikepoint Gd Strikepoint Gd* Suncor Energy Suncor Energy* Trecora Res* Trinity Valley* Vedanta* Western Areas* Wolfeye Res Zena Mng

34 New Lows Alacer Gold Amer Vanadium* Banro Banro* Bravo Multinat* Canamex Res* Cruz Cap Corp* Ditem Explor* Focus Graphite* Guerrero Vents* Hawkeye Gld&Di* Intl Bethl Mng*

Ireland* K92 Mng Inc K92 Mng Inc* Maccabi Vent Maxwell Res* Meadow Bay Gd* Medallion Res* Midas Gold* Noram Vent* Osisko Gold Osisko Gold* Premier Gold M Red Eagle Mng Royal Gold* Signature Res* Stina Res* Tirex Res* Troy Res* US Precious M* ValGold Res WAI Cap Invest* West Red Lake*

CANADIAN GOLD MUTUAL FUNDS Dec 16 ($) Fund AGF Prec Mtls Fd MF 20.95 BMO Prec Mtls Fd A 16.65 BMO ZGD 8.59 BMO ZJG 7.11 CIBC Prec Metal Fd A Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 7.90 iShares XGD 10.98 Mac Prec Met Cl A 44.64 11.18 NB Prec Met Fd Inv RBC GblPreMetFd A Redw UITGoDe&ProCl A Sentry Pre Met Fd A 34.77 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv

Dec 09 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 22.48 -1.53 -6.81 48.87 2.78 160.02 18.42 -1.77 -9.62 54.70 2.40 66.17 9.36 -0.77 -8.24 47.11 0.63 7.95 -0.84 -10.55 64.21 0.60 10.19 -0.98 -9.32 25.30 2.62 51.19 6.24 -0.72 -11.18 59.21 2.75 362.15 24.13 -2.48 -9.94 42.07 0.81 8.56 -0.66 -7.72 65.21 2.75 84.63 11.65 -0.67 -5.71 47.29 0.61 623.21 48.34 -3.70 -7.65 67.64 2.51 115.35 12.03 -0.85 -7.07 51.24 2.46 34.23 31.11 -3.55 -11.04 57.83 2.12 374.74 10.00 38.58 -3.81 -9.86 55.92 2.44 209.05 35.90 -5.15 -13.74 54.01 3.12 233.45 6.49 -0.77 -11.40 95.39 3.09 89.18 34.45 -4.02 -11.23 41.54 2.26 129.52

Dec 16 Dec 15 Dec 14 Dec 13 Dec 12 1.3336 1.3336 1.3286 1.3136 1.3130 0.7499 0.7499 0.7527 0.7613 0.7621

Exchange rates (Quote Media, December 16, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.018 0.7199 88.6820 15.2522 10.4821 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6038 5.2087 50.8855 0.7723 888.4609 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3575 0.9604 118.1910 20.3362 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8052 6.9443 67.8550 1.0299 1185.5100

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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

7_DEC26_MMMM.indd 7

TSX WARRANTS

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.

GLOBAL MINING NEWS · SINCE 1915

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

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

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

2016-12-20 4:54 PM

8

WWW.NORTHERNMINER.COM

DECEMBER 26, 2016–JANUARY 1, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 12–16, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 500 0.12 0.10 0.10 + 0.01 0.28 0.03 Abcourt Mines* O 388 0.07 0.07 0.07 - 0.00 0.10 0.03 Aben Res V 499 0.10 0.07 0.09 + 0.01 0.34 0.06 0.06 - 0.01 0.26 0.03 Aben Res* O 20 0.06 0.05 Aberdeen Intl* O 127 0.12 0.11 0.11 - 0.01 0.16 0.07 Aberdeen Intl T 488 0.16 0.15 0.15 - 0.01 0.24 0.10 Abitibi Royalt V 17 9.00 0.00 9.00 + 0.29 10.00 2.78 ABT Holdings* O 1 0.50 0.00 0.50 + 0.02 0.76 0.06 0.11 - 0.01 0.23 0.02 Active Growth V 194 0.14 0.11 Adamera Mnls* O 135 0.06 0.00 0.06 - 0.00 0.12 0.01 Adex Mining V 710 0.02 0.00 0.02 + 0.01 0.02 0.01 Adriana Res V 1505 0.19 0.16 0.16 - 0.02 0.19 0.10 Advance Gold V 44 0.06 0.05 0.05 - 0.02 0.10 0.01 Advantage Lith* O 180 0.77 0.69 0.72 - 0.02 1.01 0.49 V 506 1.01 0.93 0.96 - 0.04 1.34 0.14 Advantage Lith Afrasia Mnls V 1246 0.06 0.04 0.05 + 0.01 0.08 0.01 African Gold V 2419 0.06 0.05 0.05 - 0.01 0.12 0.03 0.04 + 0.01 0.14 0.02 African Queen V 890 0.04 0.03 Agave Silver* O 23 0.06 0.05 0.06 - 0.01 0.12 0.01 0.07 - 0.01 0.15 0.02 Agave Silver V 331 0.08 0.07 Agnico Eagle T 6055 53.08 46.91 49.70 - 0.70 78.35 34.80 Agnico Eagle* N 12406 40.50 35.05 37.34 - 0.94 60.10 24.93 T 2908 143.79 133.28 133.28 - 10.85 144.50 104.70 Agrium N 2796 109.73 99.91 100.06 - 9.32 109.73 79.94 Agrium* O 151 0.12 0.10 0.11 - 0.00 0.17 0.08 Alabama Graph* Alabama Graph V 2195 0.16 0.14 0.15 + 0.01 0.23 0.11 Alacer Gold T 41778 2.08 1.75 1.81 - 0.17 3.79 1.80 T 6047 8.94 7.96 8.09 + 0.10 13.65 3.27 Alamos Gold Alamos Gold* N 21135 6.81 5.95 6.08 + 0.03 10.41 2.27 Alaska Pac Egy* O 2 0.04 0.00 0.00 - 0.01 0.20 0.00 Alberta Star* O 9 0.29 0.27 0.28 + 0.00 0.32 0.12 Alchemist Mng 82 0.06 0.05 0.06 + 0.01 0.12 0.02 N 22217 32.35 29.16 29.40 - 2.65 34.50 18.42 Alcoa* Alderon Iron* O 209 0.29 0.24 0.26 + 0.02 0.34 0.05 Alderon Iron T 1082 0.39 0.31 0.36 + 0.05 0.48 0.07 Aldever Res* O 6 0.06 0.00 0.06 - 0.01 0.11 0.05 Aldever Res V 121 0.08 0.00 0.08 - 0.01 0.69 0.07 0.11 + 0.03 0.13 0.07 Aldrin Res* O 480 0.13 0.10 Aldrin Res V 2008 0.19 0.14 0.15 + 0.02 0.19 0.07 O 706 0.05 0.04 0.05 + 0.00 0.10 0.01 Alexandria Min* Alexandria Min V 3570 0.07 0.05 0.06 + 0.01 0.12 0.02 Alexco Res T 306 1.94 1.64 1.73 - 0.07 3.31 0.35 1.33 - 0.05 2.54 0.22 Alexco Res* X 2073 1.46 1.22 Algold Res V 713 0.29 0.22 0.24 - 0.05 0.44 0.07 0.11 + 0.04 0.17 0.07 Alianza Min* O 205 0.11 0.00 Alix Res V 1291 0.06 0.05 0.06 + 0.01 0.18 0.04 Alliance Res* D 2511 25.95 22.85 23.80 - 1.70 26.65 9.95 1.23 - 0.21 2.44 0.73 Almaden Mnls T 239 1.56 1.19 Almaden Mnls* X 1627 1.15 0.90 0.92 - 0.18 1.88 0.50 1.22 - 0.18 2.00 0.14 Almadex Min V 429 1.55 1.13 Almadex Min* O 624 1.19 0.85 0.95 - 0.11 1.51 0.09 Almonty Ind V 30 0.26 0.00 0.24 - 0.02 0.44 0.20 0.34 - 0.02 0.40 0.16 Alphamin Res V 36 0.36 0.29 Alset Energy* O 220 0.08 0.07 0.08 + 0.00 0.65 0.01 0.08 - 0.03 0.84 0.02 Alset Energy V 561 0.10 0.08 Altai Res V 6769 0.14 0.09 0.10 - 0.01 0.16 0.03 Altan Nev Mnls V 460 0.02 0.02 0.02 + 0.01 0.05 0.01 O 23 0.26 0.22 0.25 + 0.04 0.46 0.18 Alternative ER* Altiplano Mnls V 250 0.15 0.14 0.14 - 0.01 0.22 0.04 0.10 + 0.01 0.21 0.02 Altitude Res V 158 0.10 0.09 Altius Mnrls T 592 14.06 11.65 12.58 - 0.56 14.06 7.39 Alto Vent V 157 0.07 0.06 0.06 + 0.01 0.09 0.02 366 0.12 0.10 0.11 - 0.00 0.30 0.06 Altura Mng Ltd* O Alumina Inc* O 82 5.32 5.02 5.04 - 0.19 5.32 2.70 0.09 + 0.02 0.14 0.06 ALX Uranium V 749 0.09 0.07 ALX Uranium* O 15 0.06 0.05 0.06 + 0.01 0.10 0.03 Am Creek Res V 230 0.06 0.05 0.05 - 0.01 0.12 0.03 Am CuMo Mng* O 440 0.12 0.10 0.11 + 0.01 0.18 0.04 Am CuMo Mng V 504 0.16 0.14 0.15 + 0.01 0.30 0.06 O 205 0.20 0.17 0.17 - 0.02 0.27 0.01 Am Manganese* Am Manganese V 2382 0.26 0.23 0.24 - 0.01 0.38 0.01 Amarc Res V 313 0.09 0.08 0.09 + 0.01 0.13 0.04 Amarc Res* O 33 0.07 0.05 0.06 + 0.01 0.10 0.02 Amarillo Gold V 444 0.31 0.28 0.29 - 0.01 0.68 0.04 0.32 - 0.06 1.06 0.30 Amazing OG* O 38 0.40 0.32 Amer Intl Vent* O 137 0.02 0.01 0.01 - 0.01 0.10 0.01 Amer Vanadium* O 172 0.02 0.00 0.02 + 0.01 0.07 0.00 0.16 - 0.04 1.62 0.05 American Lith V 3709 0.20 0.15 American Lith* O 120 0.15 0.11 0.11 - 0.04 1.24 0.10 0.05 - 0.03 0.14 0.03 American Pot 371 0.07 0.03 Americas Silvr T 6393 0.33 0.25 0.32 + 0.07 0.48 0.09 Americas Silvr* O 1369 0.25 0.19 0.23 + 0.03 0.37 0.04 0.34 + 0.01 0.36 0.10 Amerigo Res T 1459 0.36 0.32 Amerigo Res* O 424 0.28 0.24 0.26 - 0.00 0.28 0.07 T 468 0.06 0.05 0.06 - 0.01 0.11 0.04 Anaconda Mng Anfield Nickel V 755 1.24 1.00 1.05 - 0.11 1.94 0.60 Anfield Res* O 46 0.06 0.05 0.06 + 0.00 0.22 0.04 0.08 + 0.01 0.31 0.05 Anfield Res V 7485 0.11 0.08 Angel Gold* O 75 0.08 0.00 0.06 - 0.01 0.11 0.02 Angkor Gold V 59 0.42 0.37 0.39 - 0.02 0.50 0.37 Anglo American* O 1094 7.86 7.02 7.04 - 0.68 8.12 1.57 Anglo American* O 5 15.72 0.00 14.50 - 0.80 16.05 3.13 0.07 + 0.02 0.25 0.05 Anglo-Bomarc V 64 0.07 0.06 Anglo-Can Mng V 61 0.10 0.07 0.09 + 0.02 0.30 0.05 AngloGold Ash* N 29097 10.89 9.28 9.51 - 1.16 22.91 6.38 Antioquia Gold* O 153 0.11 0.10 0.10 + 0.01 0.11 0.04 Antipodes Gold V 1185 0.03 0.00 0.03 + 0.01 0.04 0.01 Antofagasta* O 58 9.96 8.43 8.43 - 1.14 9.96 5.24 APAC Res Inc 210 0.08 0.08 0.08 - 0.01 0.14 0.03 Apogee Opport V 49 0.17 0.00 0.17 - 0.01 0.44 0.11 0.19 + 0.04 0.30 0.01 Appia Energy 57 0.19 0.15 Apple Cap Inc V 2337 0.24 0.21 0.23 - 0.01 0.54 0.14 O 261 0.14 0.13 0.13 - 0.00 0.38 0.10 Applied Mrnls* Aquila Res* O 260 0.18 0.16 0.16 - 0.00 0.25 0.09 Aquila Res T 91 0.23 0.21 0.23 + 0.03 0.32 0.13 0.24 - 0.01 0.70 0.15 Arak Res V 15 0.24 0.24 Arch Coal* N 6203 86.36 78.00 79.00 - 1.05 86.47 59.05 Archon Mineral V 11 1.62 1.26 1.62 + 0.36 2.10 1.26 Arco Res V 11 0.06 0.00 0.06 - 0.02 0.09 0.03 Arctic Star* O 8 0.04 0.04 0.04 + 0.00 0.04 0.04 Arctic Star V 323 0.08 0.06 0.07 + 0.01 0.40 0.02 Arcus Dev Grp V 71 0.10 0.09 0.09 + 0.01 0.20 0.02 Arena Mnls V 794 0.19 0.16 0.17 - 0.01 0.34 0.13 Argentina Lith V 105 0.39 0.33 0.33 - 0.07 0.83 0.04 O 6 0.30 0.28 0.28 - 0.02 0.63 0.03 Argentina Lith* Argentum Silvr V 58 0.28 0.21 0.28 + 0.05 0.35 0.02 T 1754 0.06 0.05 0.06 + 0.01 0.11 0.02 Argex Titanium Argex Titanium* O 18 0.04 0.04 0.04 - 0.00 0.09 0.01 Argo Gold 81 0.11 0.00 0.10 - 0.04 0.14 0.06 Argonaut Gold* O 201 1.90 1.12 1.26 - 0.59 3.38 0.53 Argonaut Gold T 9150 2.48 1.48 1.60 - 0.85 4.45 0.78 0.06 - 0.01 0.10 0.01 Argus Metals* O 2 0.06 0.00 Arian Silver* O 53 0.01 0.00 0.00 - 0.00 0.16 0.00 Arianne Phosph V 183 0.85 0.74 0.76 - 0.02 1.25 0.68 Arianne Phosph* O 155 0.59 0.53 0.57 - 0.01 0.98 0.52 2.67 - 0.64 3.49 0.28 Arizona Mng T 19158 3.30 2.30 Arizona Mng* O 895 2.47 1.82 1.98 - 0.52 2.64 0.19 Asanko Gold T 7921 4.51 3.75 3.79 - 0.53 6.09 1.85 Asanko Gold* X 6512 3.44 2.71 2.71 - 0.56 4.68 1.27 Ascot Res V 153 1.97 1.75 1.81 - 0.09 2.83 0.80 V 107 0.19 0.17 0.17 - 0.02 0.40 0.04 AsiaBaseMetals Asiamet Res V 200 0.04 0.04 0.04 - 0.01 0.08 0.02 Asian Minl Res V 895 0.03 0.02 0.02 - 0.01 0.04 0.02 Aston Bay V 236 0.24 0.21 0.22 - 0.02 0.49 0.14 Astorius Res V 328 0.23 0.21 0.22 + 0.01 0.41 0.01 Atacama Pac Gd V 103 0.40 0.35 0.36 - 0.03 1.02 0.14 Atacama Res* O 20 0.06 0.06 0.06 - 0.00 0.50 0.05 Athabasca Mnls V 445 0.23 0.19 0.21 + 0.03 0.32 0.14 Athabasca Mnls* O 81 0.15 0.14 0.15 + 0.01 0.23 0.11 Athena Silver* O 27 0.09 0.06 0.09 + 0.03 0.15 0.02 Atico Mng* O 366 0.64 0.53 0.53 - 0.08 0.69 0.12 Atico Mng V 1059 0.83 0.71 0.71 - 0.08 0.91 0.16 Atlanta Gold V 37 0.08 0.07 0.07 - 0.01 0.11 0.05 Atlatsa Res* O 43 0.07 0.05 0.05 - 0.00 0.10 0.02 Atom Energy V 9 0.28 0.00 0.28 + 0.05 0.64 0.16 Aton Res Inc* O 196 0.06 0.00 0.05 + 0.00 0.12 0.03 Augustine Vent 172 0.10 0.09 0.10 + 0.01 0.17 0.03 Augyva Mng V 235 0.11 0.10 0.10 - 0.01 0.16 0.08 Aura Mnls T 249 0.18 0.16 0.16 - 0.01 0.31 0.08 Auramex Res V 56 0.03 0.00 0.03 + 0.01 0.03 0.01 Aurcana Corp* O 69 0.32 0.25 0.26 - 0.05 0.63 0.07 Aurcana Corp V 473 0.47 0.33 0.33 - 0.09 0.80 0.11 AurCrest Gold V 115 0.03 0.00 0.02 - 0.01 0.05 0.01 Aureus Mng* O 128 0.05 0.02 0.03 + 0.01 0.17 0.01 AuRico Metals * O 344 0.73 0.62 0.62 - 0.08 0.94 0.37 AuRico Metals T 945 0.97 0.82 0.83 - 0.11 1.26 0.55 Aurion Res V 389 0.40 0.35 0.38 - 0.03 0.49 0.05 Aurvista Gold V 2547 0.18 0.15 0.16 - 0.03 0.39 0.03 Aurvista Gold* O 259 0.14 0.11 0.11 - 0.03 0.29 0.02 Auryn Res* O 324 2.08 1.93 2.05 + 0.02 3.18 0.72 Austin Res V 782 0.04 0.02 0.03 + 0.01 0.05 0.01 Avalon Adv Mat* O 306 0.12 0.10 0.11 - 0.00 0.26 0.00 Avino Silver* X 2269 1.42 1.13 1.24 - 0.07 3.14 0.71 Avino Silver V 504 1.85 1.58 1.65 - 0.09 4.05 1.03

8-10_DEC26_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Avnel Gold T 1110 Avnel Gold * O 97 Avrupa Mnls* O 45 Axmin Inc V 149 Axmin Inc* O 50 Azarga Mtls V 61 Azarga Mtls* O 2 T 343 Azarga Uranium Azimut Expl V 174 O 78 Azincourt Uran* Azincourt Uran V 176 Azteca Gold* O 478

0.24 0.20 0.20 - 0.04 0.39 0.18 0.19 0.15 0.15 - 0.03 0.30 0.13 0.09 0.08 0.09 + 0.00 0.19 0.05 0.04 0.04 0.04 - 0.01 0.10 0.01 0.02 0.02 0.02 - 0.00 0.06 0.00 0.34 0.00 0.29 - 0.03 0.60 0.05 0.24 0.00 0.24 - 0.00 1.00 0.03 0.28 0.25 0.28 + 0.02 0.40 0.18 0.32 0.24 0.29 - 0.01 0.68 0.10 0.06 0.05 0.05 + 0.00 0.07 0.03 0.08 0.07 0.07 + 0.01 0.08 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 34792 T 35303 B2Gold Bacanora Mnls V 73 Balmoral Res T 1362 Balmoral Res* O 410 Bama Gold 62 Bannerman Res* O 161 Banro* X 9886 Banro T 1180 Barisan Gold V 79 Barker Mnrls V 233 Barkerville Go* O 166 Barkerville Go V 1244 Barrick Gold T 28783 Barrick Gold* N 131052 Barsele Min V 488 Barsele Min* O 7 Batero Gold V 186 Battle Mtn Gld V 173 Battle Mtn Gld* O 47 Bayhorse Silvr* O 48 Bayhorse Silvr V 527 Bayswater Uran V 285 Bayswater Uran* O 31 BCGold V 894 BCM Res V 104 Bear Creek Mng V 925 Beaufield Res V 1551 Beaufield Res* O 20 Bell Copper V 32 Belmont Res V 79 Belo Sun Mng T 2540 Benton Res V 587 Berkeley Egy* O 10 Berkwood Res V 147 Bethpage Cap V 200 Big Bar Res V 68 Bison Gold Res V 43 Bitterroot Res V 255 Bitterroot Res* O 145 Black Dragon V 418 Black Dragon* O 107 Black Hills* N 2688 Black Iron T 271 Black Isle Res V 191 Black Sea Cop V 178 Blackheath Res V 581 Blackrock Gold V 775 Blind Crk Res V 61 BLOX Inc* O 140 Blue Rvr Res V 1682 Blue Sky Uran V 276 BonTerra Res V 872 BonTerra Res* O 45 Bravada Gold V 290 Bravada Gold* O 172 Bravo Multinat* O 10820 Bravura Vent * O 22 Bravura Vent 1057 Brilliant Sand* O 41 Brionor Res V 10 Britannia Mng* O 815 Brixton Mtls* O 319 Brixton Mtls V 588 Broadway Gd Mg* O 112 Brookmount Exp* O 440 Buenaventura* N 13249 Buffalo Coal V 190 Bullfrog Gold* O 342 Bullion Gld Res V 8 Burey Gold* O 335 BWR Explor V 327

2.48 2.02 2.19 - 0.21 3.65 0.60 3.25 2.69 2.89 - 0.27 4.74 0.86 1.25 1.17 1.20 + 0.01 1.95 1.17 0.80 0.67 0.70 - 0.08 1.28 0.33 0.60 0.50 0.53 - 0.07 0.99 0.23 0.02 0.00 0.02 + 0.01 0.20 0.01 0.02 0.02 0.02 - 0.00 0.04 0.01 0.19 0.15 0.16 - 0.02 0.48 0.15 0.25 0.20 0.21 - 0.02 0.62 0.20 0.02 0.02 0.02 - 0.01 0.04 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.34 0.31 0.32 - 0.03 0.60 0.15 0.45 0.42 0.43 - 0.03 0.76 0.22 21.15 18.52 18.95 - 1.43 30.45 9.68 16.14 13.81 14.28 - 1.17 23.47 6.94 1.10 0.94 1.10 + 0.08 1.43 0.08 0.78 0.72 0.77 + 0.04 1.10 0.05 0.09 0.08 0.08 - 0.02 0.23 0.05 0.38 0.32 0.34 - 0.03 0.95 0.09 0.29 0.00 0.26 - 0.04 0.73 0.06 0.13 0.12 0.13 + 0.01 0.22 0.03 0.17 0.14 0.17 + 0.03 0.29 0.05 0.04 0.00 0.04 + 0.01 0.07 0.01 0.02 0.01 0.02 - 0.00 0.05 0.00 0.06 0.05 0.05 - 0.01 0.13 0.03 0.12 0.10 0.12 + 0.02 0.32 0.05 2.45 2.04 2.20 + 0.18 3.77 0.50 0.07 0.07 0.07 - 0.01 0.16 0.03 0.06 0.05 0.05 - 0.01 0.12 0.03 0.06 0.03 0.03 - 0.01 0.07 0.01 0.07 0.06 0.06 - 0.01 0.12 0.02 0.73 0.63 0.72 + 0.02 1.10 0.22 0.09 0.07 0.08 - 0.01 0.11 0.03 0.60 0.54 0.54 - 0.06 0.67 0.31 0.12 0.11 0.11 - 0.01 0.25 0.01 0.05 0.00 0.05 + 0.01 0.10 0.03 0.39 0.38 0.39 + 0.01 0.69 0.29 0.30 0.00 0.27 + 0.01 0.50 0.10 0.05 0.04 0.05 + 0.01 0.08 0.03 0.04 0.02 0.03 + 0.01 0.06 0.02 0.05 0.04 0.04 - 0.02 0.10 0.01 0.04 0.03 0.03 - 0.00 0.07 0.00 62.32 59.65 60.76 - 0.24 64.58 42.55 0.04 0.03 0.04 + 0.01 0.06 0.03 0.05 0.05 0.05 + 0.01 0.05 0.02 0.35 0.29 0.35 + 0.06 0.54 0.23 0.08 0.06 0.07 - 0.02 0.18 0.06 0.11 0.10 0.10 - 0.01 0.18 0.05 0.12 0.10 0.11 - 0.01 0.16 0.03 0.07 0.06 0.06 - 0.01 0.07 0.01 0.05 0.04 0.04 - 0.01 0.08 0.03 0.48 0.31 0.48 + 0.18 0.74 0.04 0.25 0.22 0.22 - 0.02 0.51 0.17 0.19 0.00 0.16 - 0.03 0.37 0.12 0.26 0.21 0.26 + 0.02 0.40 0.03 0.20 0.15 0.20 + 0.01 0.31 0.02 0.01 0.00 0.00 - 0.00 0.10 0.00 0.12 0.10 0.12 + 0.02 0.49 0.10 0.18 0.12 0.17 + 0.04 0.59 0.02 0.04 0.02 0.02 - 0.01 0.13 0.03 0.05 0.00 0.05 + 0.01 0.05 0.01 0.02 0.01 0.01 + 0.00 0.02 0.00 0.25 0.18 0.19 - 0.06 0.92 0.03 0.34 0.24 0.25 - 0.09 1.20 0.06 0.47 0.45 0.47 + 0.03 0.47 0.22 0.02 0.02 0.02 - 0.01 0.02 0.00 11.76 9.93 10.11 - 1.08 16.45 3.30 0.02 0.02 0.02 + 0.01 0.04 0.01 0.12 0.08 0.09 - 0.01 0.19 0.01 0.12 0.00 0.12 + 0.05 0.15 0.05 0.05 0.03 0.03 - 0.02 0.10 0.03 0.05 0.04 0.04 - 0.01 0.09 0.01

B

C Cache Expl V 177 0.09 0.07 0.08 - 0.01 0.15 0.03 Cadillac Vent V 35 0.03 0.00 0.03 + 0.01 0.05 0.01 Caledonia Mng* Q 167 1.04 0.94 0.99 - 0.02 1.84 0.51 Calibre Mng V 1760 0.13 0.11 0.12 + 0.01 0.27 0.07 California Gl* O 7 0.35 0.33 0.33 - 0.02 0.56 0.33 California Gld V 22 0.49 0.45 0.45 - 0.03 0.80 0.35 Callinex Mines V 798 0.60 0.49 0.52 - 0.06 0.69 0.27 O 313 0.46 0.36 0.38 - 0.08 0.54 0.18 Callinex Mines* Cameco Corp* N 17033 10.90 9.96 10.79 + 0.20 13.59 7.41 Cameco Corp T 12804 14.58 13.32 14.49 + 0.55 17.67 9.88 Cameo Res* O 40 0.03 0.03 0.03 + 0.00 0.05 0.02 0.20 - 0.01 0.29 0.07 Camino Mnls V 84 0.21 0.20 Camino Mnls* O 15 0.19 0.15 0.15 - 0.04 0.22 0.05 Camrova Res V 96 0.15 0.13 0.13 - 0.02 0.40 0.10 Camrova Res* O 5 0.12 0.10 0.11 - 0.01 0.14 0.10 Canadian Zeol* O 323 1.06 0.73 0.75 - 0.12 1.46 0.06 Canadian Zeol V 4400 1.41 0.98 1.01 - 0.11 1.95 0.08 V 523 0.74 0.57 0.59 - 0.03 1.55 0.09 CanAlaska Uran CanAlaska Uran* O 192 0.58 0.42 0.46 - 0.02 1.20 0.06 CanAm Coal* O 59 0.01 0.01 0.01 - 0.00 0.04 0.00 Canamex Res* O 130 0.08 0.00 0.08 + 0.00 0.11 0.07 Canamex Res V 686 0.13 0.10 0.13 + 0.02 0.30 0.10 Canarc Res T 2071 0.09 0.08 0.08 - 0.02 0.15 0.04 Canarc Res* Q 1186 0.07 0.06 0.06 - 0.01 0.12 0.03 Canasil Res V 2042 0.32 0.19 0.19 - 0.11 0.73 0.05 Candente Coppr T 943 0.10 0.10 0.10 - 0.01 0.18 0.03 V 283 0.04 0.00 0.04 + 0.01 0.09 0.01 Candente Gold Candente Gold* O 9 0.03 0.02 0.03 + 0.01 0.06 0.00 Canoe Mng Vent V 480 0.08 0.07 0.07 - 0.01 0.10 0.02 0.11 - 0.03 0.18 0.04 Canstar Res V 214 0.14 0.00 Cantex Mn Dev V 599 0.06 0.05 0.06 + 0.01 0.15 0.03 Canyon Copper V 53 0.04 0.04 0.04 - 0.01 0.06 0.01 0.15 + 0.00 0.50 0.03 Canyon Gold* O 14 0.15 0.08 Capstone Mng T 8420 1.38 1.20 1.24 - 0.08 1.40 0.27 Caracara Silvr V 82 0.01 0.00 0.01 - 0.01 0.03 0.01 Cardero Res* O 149 0.16 0.12 0.15 + 0.02 0.18 0.05 0.18 + 0.01 0.25 0.08 Cardero Res V 271 0.23 0.16 Cariboo Rose V 471 0.19 0.11 0.19 + 0.08 0.19 0.03 Carmax Mng V 159 0.03 0.03 0.03 + 0.01 0.04 0.02 Cartier Iron 100 0.07 0.00 0.06 - 0.01 0.11 0.02 Cartier Res V 346 0.19 0.16 0.19 + 0.01 0.19 0.06 Carube Copper V 61 0.09 0.00 0.07 - 0.02 0.20 0.05 O 165 0.00 0.00 0.00 - 0.00 0.00 0.00 Casablanca Mng* Cascadero Copp V 800 0.10 0.09 0.10 - 0.01 0.17 0.03 Castle Res 2 0.18 0.00 0.18 + 0.02 0.40 0.01 Castle Silver V 5 0.06 0.00 0.06 + 0.02 0.10 0.02 Cava Res V 454 0.24 0.20 0.24 + 0.04 0.78 0.04 Caza Gold V 256 0.02 0.02 0.02 - 0.01 0.07 0.02 Cda Carbon V 2072 0.31 0.26 0.27 - 0.03 0.42 0.24 Cda Carbon* O 278 0.23 0.20 0.21 - 0.01 0.28 0.18 Cda Rare Earth V 1353 0.05 0.03 0.03 - 0.01 0.05 0.02 Cda Rare Earth* O 898 0.02 0.02 0.02 - 0.00 0.04 0.01 Cda Zinc Mtls V 656 0.42 0.39 0.39 - 0.01 0.48 0.10 Cdn Arrow V 1101 0.02 0.01 0.01 - 0.01 0.02 0.01 Cdn Metals 1363 0.15 0.12 0.15 + 0.03 0.44 0.06 Cdn Silvr Hunt V 700 0.05 0.03 0.04 + 0.01 0.05 0.01 Cdn Zinc* Q 377 0.20 0.17 0.17 - 0.03 0.32 0.06 Cdn Zinc T 2148 0.28 0.23 0.23 - 0.04 0.41 0.08 Centamin T 117 2.19 1.84 1.95 - 0.20 3.05 1.25 Centenera Mng V 406 0.24 0.18 0.18 - 0.05 0.50 0.05 Centenera Mng* O 5 0.17 0.15 0.15 - 0.01 0.37 0.03 Centerra Gold T 12393 6.96 5.68 5.83 - 1.16 8.13 5.64 Centurion Mnls V 341 0.08 0.07 0.07 - 0.01 0.18 0.05 Century Global T 67 0.17 0.15 0.16 - 0.02 0.35 0.13 Cerro Grande* O 25 0.02 0.01 0.01 - 0.01 0.06 0.00 Cerro Grande 243 0.04 0.02 0.02 - 0.01 0.06 0.01 Chalice Gold M T 234 0.16 0.14 0.16 + 0.02 0.21 0.10 Champion Iron* O 319 0.37 0.34 0.35 + 0.01 0.38 0.10 Champion Iron T 2175 0.48 0.44 0.46 + 0.01 0.50 0.13 Chantrell Vent V 2163 0.08 0.05 0.08 + 0.01 0.19 0.05 Chesapeake Gld* O 78 2.79 2.52 2.52 - 0.15 5.03 1.24 Chesapeake Gld V 117 3.68 3.35 3.35 - 0.16 6.50 1.75 Chevron* N 46696 118.99 115.36 118.08 + 2.27 118.99 75.33 Chiboug Ind Mn V 708 0.07 0.06 0.07 + 0.01 0.26 0.03 Chilean Metals* O 128 0.16 0.14 0.15 - 0.01 0.22 0.02 China Gold Int T 4768 2.94 2.03 2.05 - 0.83 3.67 1.85

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

China Mnls Mng* O 4 Cibolan Gold* O 279 CKR Carbon V 501 476 Claim Post Res V Clean Comm V 617 Clean Comm* O 10 Clear Mtn Res V 611 Cleghorn Mnls V 64 Clifton Mng* O 103 Cloud Peak En* N 8219 CMC Metals V 739 Cobalt Pwr Grp V 462 CobalTech M’g* O 61 V 596 CobalTech M’g Coeur Mng* N 28197 Colibri Res* O 3 Colibri Res V 16 Colombia Crest V 9 Colombia Crest* O 164 Colombian Mins V 98 Colonial Coal V 419 Colorado Res* O 299 Colorado Res V 1421 Colt Res V 1397 Columbus Gold* O 281 Columbus Gold T 608 Commerce Res* O 45 Comstock Mng* X 2557 Comstock Mtls V 209 Condor Res V 137 Confedertn Mls V 59 Conquest Res V 89 Cons Woodjam V 343 CONSOL Energy* N 21965 Constant Mtl V 354 Contintl Gold* O 159 Contintl Gold T 10730 Contintl Prec* O 2 Contintl Prec T 22 Copper Fox Mtl* O 52 Copper Lake Rs V 148 Copper Mtn Mng* O 1030 Copper Mtn Mng T 5075 Copper North M* O 2 Copper One V 25 Copperbank Res* O 49 Coral Gold V 262 Corazon Gold V 27 Cordoba Mnls V 269 Cordoba Mnls* O 65 Corex Gold V 405 Cornerstone Ca V 1030 Cornerstone Ca* O 116 Cornerstone Mt V 128 Coro Mining T 4555 Coronet Mtls V 79 Coronet Mtls* O 23 Corsa Coal V 1221 Corvus Gold T 236 Corvus Gold* O 126 Cougar Mnls V 1616 Crazy Horse Res V 742 Critical Elem V 916 Critical Elem* O 5 Crown Mining V 176 Cruz Cap Corp* O 20 Cruz Cap Corp V 2107 Crystal Lake V 346 Crystal Peak V 694 Crystal Peak* O 465 Currie Rose Rs V 114 CWN M’g Acq V 21 Cyclone Uran* O 166 Cypress Dev* O 24 Cypress Dev V 248 Cyprium Mng V 1180

0.01 0.01 0.01 - 0.00 0.02 0.00 0.06 0.04 0.04 - 0.02 0.13 0.03 0.10 0.08 0.08 - 0.02 0.12 0.06 0.03 0.03 0.03 - 0.01 0.06 0.01 0.08 0.06 0.06 - 0.01 0.17 0.02 0.04 0.04 0.04 - 0.00 0.13 0.01 1.59 1.36 1.44 - 0.10 2.03 0.10 0.10 0.09 0.10 + 0.01 0.13 0.08 0.13 0.12 0.13 - 0.00 0.16 0.05 6.54 5.73 5.84 - 0.54 8.04 1.08 0.10 0.09 0.09 - 0.01 0.20 0.05 0.06 0.06 0.06 - 0.01 0.12 0.04 0.21 0.16 0.16 - 0.02 0.23 0.01 0.28 0.22 0.24 + 0.01 0.35 0.02 10.59 8.86 9.08 - 0.66 16.41 1.62 0.11 0.10 0.10 - 0.01 0.17 0.03 0.17 0.13 0.17 + 0.04 0.23 0.03 0.01 0.00 0.01 - 0.01 0.04 0.01 0.01 0.00 0.00 - 0.00 0.02 0.00 0.13 0.10 0.10 - 0.01 0.25 0.02 0.20 0.17 0.17 - 0.01 0.24 0.02 0.17 0.14 0.16 - 0.02 0.54 0.04 0.24 0.19 0.21 - 0.01 0.71 0.05 0.05 0.05 0.05 - 0.01 0.15 0.05 0.44 0.35 0.36 - 0.09 0.72 0.23 0.56 0.47 0.48 - 0.10 0.93 0.32 0.05 0.04 0.05 - 0.00 0.08 0.04 0.28 0.23 0.24 - 0.03 0.62 0.19 0.17 0.14 0.17 + 0.02 0.43 0.08 0.09 0.00 0.08 + 0.01 0.12 0.02 0.64 0.56 0.62 + 0.06 9.00 0.46 0.02 0.02 0.02 - 0.01 0.07 0.01 0.08 0.05 0.08 + 0.01 0.08 0.02 21.69 18.75 19.21 - 2.09 22.34 4.54 0.14 0.11 0.11 - 0.03 0.15 0.05 3.32 2.66 2.78 - 0.47 3.60 0.88 4.40 3.54 3.55 - 0.79 4.69 1.28 0.21 0.20 0.21 - 0.02 0.27 0.19 0.30 0.00 0.28 - 0.03 0.37 0.25 0.10 0.09 0.10 - 0.01 0.17 0.08 0.06 0.06 0.06 + 0.01 0.08 0.03 0.83 0.67 0.67 - 0.17 0.89 0.23 1.12 0.90 0.92 - 0.20 1.18 0.33 0.09 0.00 0.08 - 0.01 0.16 0.07 0.18 0.15 0.18 - 0.01 0.30 0.03 0.05 0.04 0.05 - 0.00 0.08 0.01 0.29 0.28 0.28 - 0.01 0.39 0.05 0.54 0.35 0.50 + 0.10 0.54 0.18 0.77 0.65 0.65 - 0.15 1.08 0.12 0.59 0.50 0.50 - 0.11 0.79 0.11 0.13 0.11 0.13 + 0.02 0.21 0.03 0.19 0.17 0.18 - 0.01 0.20 0.02 0.14 0.13 0.14 + 0.01 0.15 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.16 0.14 0.15 + 0.01 0.21 0.02 0.54 0.43 0.43 - 0.11 0.71 0.03 0.38 0.31 0.34 - 0.06 0.56 0.02 3.82 2.80 3.00 - 0.10 3.82 0.30 0.64 0.53 0.53 - 0.03 1.38 0.39 0.48 0.39 0.43 + 0.00 1.05 0.28 0.37 0.28 0.35 + 0.07 0.82 0.28 0.02 0.02 0.02 - 0.01 0.07 0.01 0.55 0.49 0.50 - 0.03 0.75 0.14 0.41 0.41 0.41 + 0.01 0.58 0.10 0.10 0.07 0.08 - 0.02 0.20 0.04 0.14 0.00 0.12 - 0.01 0.18 0.07 0.19 0.16 0.16 - 0.02 0.25 0.02 0.33 0.30 0.33 + 0.03 0.43 0.22 0.41 0.35 0.39 + 0.01 0.42 0.17 0.30 0.27 0.29 + 0.02 0.32 0.13 0.02 0.02 0.02 + 0.01 0.05 0.01 0.26 0.22 0.25 + 0.03 0.26 0.11 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.08 0.08 - 0.00 0.16 0.03 0.12 0.11 0.11 - 0.01 0.20 0.04 0.03 0.03 0.03 - 0.01 0.12 0.03

Dajin Res V 409 Dajin Res* O 713 Dakota Ter Res* O 91 Daleco Res* O 1671 Dalradian Res* O 334 Dalradian Res T 2785 Damara Gold V 70 Danakali* O 403 Darnley Bay V 927 Darnley Bay* O 51 Debut Dmds 79 Decade Res V 1437 Decade Res* O 1360 Defiance Silvr* O 118 Defiance Silvr V 314 Del Toro Silvr* O 290 Delrand Res V 101 Denison Mines T 2453 Denison Mines* X 3309 Desert Gold V 28 Desert Star V 93 Detour Gold T 7646 Diamante Min* O 244 Diamcor Mng V 112 Diamcor Mng* O 5 V 14 Diamond Fields Discovery Gold* O 601 Discovery Harb V 184 DNI Metals 693 DNI Metals* O 136 Dolly Vard Sil* O 108 182 Dolly Vard Sil V Dominion Diam T 1806 Dominion Diam* N 2364 DRDGOLD* N 11565 Dundee Prec Mt T 5373 Dunnedin Vent* O 20 Duran Vent * O 3 Duran Vent V 656 DuSolo Fertil V 3045 DuSolo Fertil* O 650 213 Dynacor Gld Mn T DynaResource* O 3 Dynasty Met&Mn* O 32 Dynasty Met&Mn T 558 E-Energy Vent V 170 Eagle Graphite V 217 East Africa V 2042 East Africa * O 31 EastCoal Inc V 1 O 52 Eastern Platin* Eastern Platin T 712 Eastmain Res T 2199 O 67 eCobalt Solns* Edgewater Expl V 87 Edgewater Expl* O 5 El Capitan Prc* O 2328 Elcora Res V 148 Elcora Res* O 78 Eldorado Gold* N 45204 Eldorado Gold T 23313 Eloro Mnrls V 82 Ely Gold & Mnl V 597 Ely Gold & Mnl* O 413 Elysee Dev V 40 Emerita Res V 991 Emgold Mng V 853 Emgold Mng* O 812 Encanto Potash* O 683 Endeavour Mng* O 110 Endeavour Mng T 3933 Endeavr Silver* N 19563 Endeavr Silver T 2917 Endurance Gold V 53 Energizer Res* O 286 Energizer Res T 749 Energy Fuels T 1154 Energy Fuels* X 1827 Engold Mines V 1555 Engold Mines* O 451 Ensurge* O 175 Entree Gold* X 467 Entree Gold T 1275 Equitas Res* O 449 Equitas Res V 1116 Equitorial Ex V 886 Era Res Inc V 16

0.14 0.12 0.13 - 0.01 0.30 0.11 0.11 0.09 0.10 - 0.01 0.24 0.08 0.05 0.04 0.05 - 0.01 0.20 0.03 0.02 0.01 0.02 + 0.00 0.05 0.01 1.05 0.85 0.88 - 0.12 1.27 0.45 1.39 1.16 1.20 - 0.14 1.68 0.65 0.06 0.05 0.06 + 0.01 0.10 0.04 0.34 0.33 0.34 + 0.02 0.37 0.17 0.42 0.31 0.40 + 0.06 0.45 0.01 0.27 0.25 0.25 - 0.03 0.34 0.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.06 0.05 0.05 - 0.01 0.13 0.01 0.04 0.04 0.04 + 0.00 0.10 0.00 0.24 0.19 0.20 - 0.01 0.49 0.04 0.31 0.26 0.26 - 0.03 0.63 0.06 0.06 0.02 0.05 - 0.01 0.06 0.00 0.75 0.00 0.75 + 0.15 0.75 0.21 0.75 0.67 0.75 + 0.06 0.85 0.49 0.56 0.52 0.56 + 0.03 0.67 0.36 0.26 0.24 0.26 + 0.02 0.30 0.09 0.13 0.00 0.12 - 0.01 0.32 0.05 18.66 15.51 15.74 - 2.55 35.93 13.85 0.17 0.13 0.16 - 0.01 0.69 0.10 1.28 1.18 1.24 + 0.05 1.50 0.65 0.92 0.84 0.92 + 0.09 1.11 0.46 0.16 0.00 0.15 + 0.01 0.24 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.02 - 0.01 0.03 0.01 0.05 0.03 0.03 - 0.01 0.10 0.02 0.03 0.01 0.03 + 0.01 0.07 0.01 0.53 0.41 0.49 - 0.02 0.81 0.08 0.69 0.53 0.65 - 0.05 1.11 0.12 14.05 12.33 12.42 - 1.59 16.82 10.47 10.70 9.24 9.31 - 1.31 12.65 7.84 4.68 4.00 4.39 + 0.33 9.10 1.41 2.55 2.05 2.05 - 0.34 4.14 0.84 0.16 0.15 0.15 - 0.01 0.20 0.04 0.05 0.00 0.05 - 0.01 0.10 0.05 0.09 0.08 0.08 + 0.01 0.20 0.07 0.06 0.04 0.04 + 0.01 0.07 0.03 0.03 0.03 0.03 + 0.01 0.04 0.02 2.23 2.02 2.09 - 0.09 3.71 1.63 1.88 1.78 1.80 - 0.19 2.00 0.80 0.21 0.19 0.20 + 0.03 0.34 0.08 0.29 0.22 0.23 - 0.01 0.45 0.10 0.01 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.03 - 0.01 0.06 0.02 0.27 0.18 0.19 - 0.06 0.36 0.04 0.15 0.00 0.13 - 0.01 0.28 0.02 0.01 0.00 0.01 - 0.01 0.01 0.01 0.34 0.33 0.33 + 0.00 0.89 0.32 0.48 0.44 0.44 - 0.01 1.19 0.42 0.50 0.40 0.42 - 0.09 0.97 0.29 0.41 0.36 0.40 + 0.00 0.59 0.34 0.21 0.00 0.18 - 0.01 0.28 0.06 0.13 0.13 0.13 - 0.01 0.13 0.11 0.08 0.05 0.07 + 0.02 0.28 0.03 0.34 0.29 0.30 - 0.04 0.75 0.25 0.26 0.22 0.23 - 0.03 0.55 0.21 3.10 2.62 2.75 - 0.17 5.16 1.87 4.07 3.52 3.73 - 0.13 6.71 2.67 0.44 0.38 0.40 - 0.01 0.58 0.09 0.18 0.14 0.16 + 0.01 0.27 0.05 0.14 0.10 0.11 - 0.00 0.20 0.03 0.39 0.36 0.38 + 0.02 0.43 0.18 0.11 0.08 0.09 - 0.01 0.17 0.02 0.04 0.03 0.04 + 0.02 0.05 0.01 0.04 0.01 0.04 + 0.03 0.04 0.00 0.06 0.05 0.05 - 0.00 0.14 0.04 16.56 13.56 13.56 - 2.94 20.85 4.68 21.92 17.76 17.76 - 4.01 27.17 6.50 3.99 3.30 3.32 - 0.29 5.95 1.00 5.22 4.43 4.47 - 0.31 7.75 1.46 0.05 0.05 0.05 - 0.02 0.07 0.02 0.05 0.05 0.05 + 0.00 0.10 0.04 0.07 0.06 0.06 - 0.01 0.13 0.06 2.50 2.08 2.32 - 0.08 4.13 1.74 1.91 1.56 1.73 - 0.11 2.98 1.29 0.14 0.11 0.13 + 0.01 0.19 0.03 0.10 0.09 0.09 - 0.00 0.14 0.02 0.10 0.06 0.07 - 0.02 0.10 0.01 0.33 0.26 0.29 - 0.02 0.38 0.17 0.43 0.34 0.40 - 0.01 0.47 0.25 0.04 0.03 0.03 - 0.01 0.10 0.02 0.04 0.04 0.04 - 0.01 0.13 0.04 0.04 0.03 0.04 + 0.01 0.10 0.02 0.19 0.00 0.19 - 0.04 0.50 0.09

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

42 Erdene Res Dev* O Erin Ventures* O 20 Erin Ventures V 830 Eskay Mng V 384 Ethos Gold* O 1 Eurasian Mnls V 71 X 278 Eurasian Mnls* Eureka Res V 107 22 Euro Sun Mg* O O 37 EurOmax Res* EurOmax Res T 219 O 140 European Metal* V 321 Eurotin Everest Vent V 34 Everton Res V 8268 Everton Res* O 276 Evolving Gold 62 O 17 Evolving Gold* Evrim Res V 238 Excellon Res T 2940 Excellon Res* O 261 O 436 Excelsior Mng* Excelsior Mng V 1250 Exeter Res* X 925 Exeter Res T 414 O 79 Expedition Mng* Explor Res* O 84 Explor Res V 856 Fairmont Res V 1337 Falco Res V 1085 Fancamp Expl V 692 Far Res 2878 Fieldex Expl V 4521 243 Filo Mg Corp V Finore Mng 1104 Finore Mng* O 85 Fiore Explor* O 679 Fiore Explor V 1226 Firebird Res V 96 Firestone Vent V 619 O 208 Firma Holdings* First Bauxite V 106 First Cobalt V 216 First Liberty* O 3026 First Majestic* N 32836 First Majestic T 8376 First Mexican V 276 V 17383 First Mg Fin First Mg Fin * O 4344 First Point V 355 First Point* O 112 First Quantum T 21176 Fjordland Exp V 816 Flinders Res V 266 Flinders Res* O 172 O 243 Focus Graphite* Focus Vent V 1578 Foran Mng V 264 T 218 Formation Mtls Forrester Met V 151 Forsys Metals T 1339 85 Fort St J Nick V O 108 Fortescue Mtls* T 9008 Fortuna Silvr 11721 Fortuna Silvr* N Fortune Bay V 9 Fortune Bay* O 8 Fortune Mnrls T 624 O 457 Fortune Mnrls* V 597 Forum Uranium O 60 Forum Uranium* Four River V 1596 26 Fox River Res* O 65 Fox River Res N 7355 Franco-Nevada* Franco-Nevada T 6484 Freegold Vent T 689 172879 N Freeport McMo* Fresnillo plc* O 11 354 Frontier Rr Er* O Fura Emeralds V 428

0.36 0.35 0.35 + 0.00 0.42 0.09 0.02 0.03 + 0.00 0.06 0.03 0.03 0.04 0.04 + 0.01 0.09 0.05 0.04 0.07 0.17 - 0.01 0.42 0.19 0.16 0.05 0.14 + 0.00 0.32 0.14 0.14 0.48 1.24 - 0.01 1.84 1.33 1.23 0.35 0.93 - 0.02 1.40 0.97 0.93 0.04 0.10 - 0.01 0.17 0.12 0.10 0.55 0.00 0.52 - 0.02 1.06 0.52 0.15 0.47 - 0.02 0.59 0.53 0.47 0.21 0.64 - 0.06 0.81 0.73 0.63 0.00 0.00 - 0.00 0.01 0.00 0.00 0.03 0.05 - 0.01 1.00 0.06 0.05 0.09 1.44 - 0.03 1.52 1.51 1.43 0.01 0.08 + 0.02 0.20 0.10 0.06 0.00 0.07 + 0.03 0.14 0.07 0.04 0.04 0.17 - 0.03 0.50 0.22 0.14 0.02 0.13 - 0.02 0.38 0.17 0.12 0.12 0.18 - 0.04 0.43 0.22 0.18 0.22 1.70 + 0.31 2.40 1.73 1.32 0.16 1.22 + 0.17 1.85 1.28 0.98 0.12 0.47 - 0.01 0.52 0.52 0.45 0.19 0.64 + 0.01 0.68 0.68 0.57 0.31 0.71 - 0.06 1.48 0.77 0.69 0.43 0.97 - 0.04 1.94 1.01 0.92 0.05 0.06 - 0.02 0.22 0.07 0.06 0.04 0.06 - 0.01 0.18 0.07 0.05 0.07 0.07 - 0.01 0.24 0.08 0.07 0.02 0.08 + 0.01 0.23 0.11 0.06 0.21 0.81 - 0.09 1.39 0.96 0.79 0.02 0.04 - 0.01 0.06 0.05 0.04 0.02 0.08 - 0.02 0.15 0.09 0.06 0.01 0.02 - 0.01 0.07 0.02 0.02 1.80 1.70 1.70 - 0.05 2.15 0.64 0.01 0.34 - 0.01 0.50 0.36 0.32 0.00 0.25 - 0.03 0.41 0.27 0.25 0.02 0.30 - 0.04 0.55 0.35 0.28 0.03 0.39 - 0.06 0.76 0.45 0.38 0.01 0.04 + 0.01 0.05 0.04 0.03 0.01 0.04 - 0.01 0.08 0.05 0.04 0.02 0.04 - 0.00 0.11 0.05 0.04 0.03 0.04 + 0.01 0.08 0.04 0.04 0.22 0.40 + 0.15 0.41 0.40 0.30 0.00 0.00 - 0.00 0.00 0.00 0.00 9.05 7.20 7.22 - 1.57 19.15 2.40 3.50 11.86 9.62 9.69 - 1.90 24.96 0.02 0.02 - 0.01 0.08 0.03 0.02 0.83 0.73 0.77 - 0.04 1.31 0.31 0.63 0.54 0.58 - 0.02 1.02 0.22 0.04 0.07 - 0.01 0.14 0.08 0.07 0.03 0.05 - 0.00 0.08 0.05 0.05 14.28 - 1.31 16.87 2.15 15.98 14.07 0.01 0.06 - 0.01 0.17 0.07 0.05 0.13 0.53 + 0.01 0.77 0.58 0.50 0.09 0.40 - 0.01 0.61 0.45 0.39 0.04 0.05 - 0.00 0.23 0.06 0.04 0.05 0.05 - 0.01 0.12 0.06 0.05 0.05 0.33 + 0.02 0.43 0.35 0.31 0.09 0.53 + 0.01 0.78 0.53 0.48 0.04 0.06 - 0.01 0.14 0.07 0.06 0.05 0.04 0.13 + 0.10 0.10 0.07 0.21 0.00 0.20 + 0.04 0.35 0.05 1.00 4.55 - 0.36 5.10 5.10 4.54 8.21 6.92 6.98 - 0.48 12.73 2.92 2.00 5.18 - 0.48 9.75 6.27 5.18 0.25 0.55 - 0.05 0.90 0.70 0.00 0.30 0.43 + 0.01 0.64 0.54 0.40 0.02 0.11 + 0.01 0.17 0.11 0.10 0.01 0.08 + 0.01 0.13 0.09 0.07 0.05 0.09 - 0.01 0.20 0.10 0.09 0.03 0.06 - 0.01 0.14 0.08 0.06 0.14 0.90 - 0.04 1.28 1.04 0.86 0.04 0.03 0.04 + 0.01 0.04 0.02 0.05 0.00 0.05 + 0.01 0.06 0.03 41.47 56.53 + 0.14 81.16 58.92 53.31 77.12 71.44 75.21 + 0.87 105.69 58.67 0.05 0.09 + 0.01 0.28 0.10 0.08 13.83 - 1.92 16.42 3.52 15.96 13.83 13.71 - 1.51 26.65 9.00 15.12 13.69 0.01 0.01 0.01 + 0.00 0.05 0.00 0.10 0.13 - 0.01 0.25 0.15 0.13

G4G Capital V 130 G4G Capital* O 16 Gabriel Res T 222 Gainey Capital V 200 Galane Gold V 440 Galore Res V 254 Galway Mtls* O 211 Galway Mtls V 240 Garibaldi Res V 1297 206 Garibaldi Res * O 193 V Gem Intl Res General Moly T 35 General Moly* X 563 Genesis Mtls V 481 Genius Props 290 V 5703 Gensource Pot Geodex Mnrls V 25 O 210 Geologix Expl* Geologix Expl V 1996 Geomega Res V 312 416 Gespeg Cop Res V Getty Copper V 105 GGX Gold V 380 Giyani Gold* O 31 Giyani Gold V 229 O 87 Gldn Predator* Gldn Predator V 800 331 Glen Eagle Res V Glencore Plc* O 1703 Global Gold* O 123 Globex Mng* O 96 GMCI Corp* O 1 O 46 GMV Minerals* GMV Minerals V 381 O 1025 GNCC Capital* V 30 GobiMin GoGold Res T 1370 Gold & Silver* O 2130 248 Gold Bulln Dev* O Gold Bulln Dev V 1214 O 40 Gold Dynamics* 47256 Gold Fields* N 12764 Gold Lakes* O 151 Gold Mng USA* O 367 Gold Reach Res V Gold Reserve* O 278 Gold Reserve V 247 X 6479 Gold Resource* 75 Gold Ridge Exp V Gold Std Vents* X 2311 754 Gold Std Vents V Goldcliff Res* O 140 Goldcorp* N 63377 T 22123 Goldcorp Golden Arrow V 1410 Golden Arrow* O 578 V 8 Golden Cariboo Golden Dawn Ml V 4952 190 Golden Dawn Ml* O Golden Eagle* O 136 V 181 Golden Goliath O 92 Golden Goliath* Golden Hope* O 55 Golden Mnls* X 2556 Golden Mnls T 214 18 Golden Peak Mn V O 924 Golden Queen* Golden Queen T 440 Golden Reign V 404 Golden Secret V 282 132 Golden Sh Mng V 5 Golden Sh Mng* O Golden Star T 6761 69430 Golden Star* X Golden Valley V 341 Goldex Res V 101 Goldfields Int* O 0 T 1140 Goldgroup Mng O 810 Goldgroup Mng* GoldON Res* O 22 V 1719 GoldQuest Mng Goldrea Res 115

0.04 1.15 + 0.02 1.35 1.25 1.06 0.03 0.89 + 0.10 0.89 0.89 0.79 0.12 0.44 + 0.07 0.74 0.45 0.36 0.10 0.18 - 0.02 0.37 0.23 0.18 0.03 0.07 - 0.01 0.19 0.08 0.07 0.01 0.02 - 0.01 0.04 0.02 0.02 0.06 0.04 0.51 0.23 - 0.27 0.20 0.09 0.30 - 0.04 0.65 0.34 0.25 0.07 0.15 - 0.01 0.20 0.16 0.11 0.11 0.09 0.11 - 0.00 0.11 0.05 0.06 0.05 0.05 - 0.01 0.15 0.04 0.22 0.35 - 0.04 0.59 0.39 0.35 0.15 0.27 - 0.02 0.47 0.29 0.26 0.08 0.10 - 0.01 0.28 0.11 0.10 0.02 0.05 - 0.01 0.06 0.06 0.00 0.04 0.12 + 0.03 0.12 0.12 0.10 0.05 0.06 + 0.01 0.11 0.06 0.00 0.01 0.05 - 0.00 0.11 0.06 0.04 0.02 0.06 - 0.01 0.15 0.07 0.05 0.06 0.09 - 0.02 0.23 0.10 0.08 0.03 0.03 0.03 + 0.01 0.06 0.02 0.01 0.02 - 0.01 0.04 0.02 0.02 0.07 0.09 + 0.02 0.39 0.10 0.07 0.02 0.31 - 0.03 0.50 0.35 0.29 0.06 0.41 - 0.04 0.70 0.45 0.39 0.06 0.42 - 0.02 0.89 0.49 0.40 0.09 0.59 + 0.02 1.17 0.65 0.54 0.12 0.10 0.10 - 0.02 0.16 0.06 1.95 6.64 - 0.88 7.67 7.51 6.59 0.01 0.03 + 0.01 0.04 0.03 0.02 0.15 0.30 + 0.00 0.38 0.31 0.30 0.20 2.58 - 0.01 2.60 2.58 0.00 0.06 0.37 - 0.01 0.55 0.38 0.37 0.08 0.49 - 0.01 0.70 0.50 0.47 0.00 0.00 - 0.00 0.00 0.00 0.00 0.28 0.50 - 0.03 0.55 0.53 0.50 0.52 0.55 - 0.06 1.65 0.65 0.54 0.00 0.00 0.00 - 0.00 0.60 0.00 0.05 0.04 0.04 - 0.01 0.11 0.01 0.07 0.06 0.06 - 0.01 0.16 0.03 0.00 0.00 + 0.00 0.01 0.00 0.00 2.59 2.67 - 0.23 6.60 3.10 2.60 0.01 0.01 - 0.01 1.02 0.02 0.01 0.00 0.00 0.00 - 0.00 0.17 0.00 0.13 0.11 0.13 - 0.01 0.25 0.08 0.00 4.25 + 0.03 5.90 5.16 4.10 3.06 5.67 + 0.11 8.00 6.75 5.16 1.14 3.80 - 0.70 8.22 4.66 3.73 0.12 0.08 0.12 + 0.04 0.70 0.05 2.38 1.99 2.01 - 0.25 3.20 0.54 3.10 2.67 2.68 - 0.26 4.10 0.78 0.15 0.20 + 0.01 0.36 0.21 0.18 12.53 - 0.67 20.38 9.46 13.58 11.91 13.55 16.64 - 0.75 26.56 17.80 15.95 0.17 0.66 - 0.11 1.48 0.79 0.65 0.13 0.50 - 0.10 1.30 0.61 0.48 0.03 0.07 - 0.03 0.15 0.10 0.07 0.28 0.19 0.23 - 0.04 0.44 0.07 0.20 0.14 0.18 - 0.02 0.32 0.06 0.00 0.03 - 0.02 0.07 0.05 0.00 0.01 0.04 - 0.01 0.14 0.05 0.04 0.00 0.03 - 0.00 0.10 0.03 0.03 0.12 0.16 + 0.00 0.25 0.16 0.15 0.13 0.64 - 0.07 1.16 0.75 0.60 0.19 0.90 - 0.05 1.51 0.96 0.81 0.67 0.54 0.60 - 0.07 0.90 0.12 0.48 0.58 - 0.02 1.56 0.62 0.52 0.67 0.76 - 0.03 2.00 0.85 0.70 0.07 0.25 - 0.01 0.36 0.26 0.23 0.02 0.34 + 0.03 0.69 0.34 0.30 0.28 0.23 0.27 - 0.01 0.36 0.07 0.22 0.20 0.20 - 0.01 0.22 0.07 0.21 0.93 - 0.17 1.46 1.14 0.93 0.14 0.70 - 0.16 1.13 0.87 0.69 0.08 0.32 + 0.02 0.36 0.33 0.29 0.10 0.62 - 0.06 0.90 0.65 0.00 0.01 0.03 + 0.01 0.03 0.03 0.00 0.05 0.10 - 0.02 0.39 0.12 0.09 0.04 0.07 - 0.01 0.30 0.09 0.06 0.04 0.09 - 0.03 0.18 0.13 0.09 0.12 0.23 - 0.04 0.68 0.27 0.23 0.03 0.04 - 0.02 0.14 0.06 0.00

G-H

2016-12-20 4:53 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 26, 2016–JANUARY 1, 2017

9

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldrea Res* O 4 O 543 Goldsource Min* Goldsource Min V 1553 Goldstar Mnls V 963 Goldstream Mnl V 148 V 882 Goldstrike Res Gonzaga Res V 140 GoviEx Uranium* O 114 GoviEx Uranium V 1624 Gowest Gold* O 514 Gowest Gold V 1827 GPM Metals V 1343 GPM Metals* O 152 Gran Colombia* O 347 O 6 Grande Portage* V 42 Grande Portage Graphite One V 2212 Graphite One* O 251 Gray Rock Res V 349 Great Atlantic V 123 Great Bear Res V 132 86 Great Lakes Gr* O Great Panther* X 44611 Great Quest Fe V 145 Great Rock Dev* O 198 Great Western* O 552 944 Green Swan Cap V Green Valley M V 697 Greenland M&En* O 126 Grenville Gold V 42 Grizzly Gold* O 52 238 Group Ten Mtls V GrowMax Res* O 255 Guerrero Vents V 755 Gungnir Res V 477 Gungnir Res* O 84 Guyana Gldflds T 9060 Hard Creek Ni V 137 Harmony Gold* N 56593 Harte Gold T 2146 Harvest Gold V 12 V 457 Hawkeye Gld&Di Heatherdale Rs V 524 Hecla Mining* N 87914 Helio Res V 726 Heron Res T 50 HFX Holding V 140 Highland Copp V 278 Highway 50 Gld V 85 Hinterland Mtl V 286 Hochschild Mg* O 134 Homeland Egy* O 545 Homeland Egy V 2277 Horizonte Mnls T 275 Houston Lake V 198 HudBay Mnls* N 2154 HudBay Mnls T 10599 Hudson Res* O 12 Hudson Res V 243 Hunt Mng V 29 Hunt Mng* O 13

0.03 0.01 0.01 - 0.01 0.10 0.02 0.19 0.15 0.17 - 0.01 0.45 0.12 0.25 0.21 0.21 - 0.04 0.57 0.17 0.07 0.04 0.04 - 0.02 0.09 0.01 0.08 0.08 0.08 + 0.02 0.40 0.05 0.17 0.13 0.15 - 0.02 0.41 0.10 0.13 0.11 0.11 - 0.02 0.13 0.01 0.10 0.10 0.10 - 0.00 0.16 0.04 0.14 0.12 0.13 - 0.01 0.19 0.09 0.12 0.10 0.12 - 0.00 0.22 0.04 0.17 0.14 0.14 - 0.02 0.28 0.06 0.13 0.10 0.10 - 0.03 0.57 0.08 0.10 0.07 0.08 - 0.02 0.43 0.07 0.08 0.07 0.07 - 0.01 0.13 0.04 0.12 0.12 0.12 + 0.01 0.14 0.02 0.17 0.15 0.17 + 0.01 0.22 0.04 0.10 0.08 0.08 - 0.01 0.18 0.07 0.07 0.06 0.06 - 0.01 0.14 0.05 0.16 0.12 0.14 - 0.01 0.21 0.02 0.10 0.09 0.09 - 0.01 0.15 0.03 0.20 0.17 0.17 - 0.03 0.36 0.05 0.06 0.05 0.06 + 0.00 0.09 0.04 1.58 1.30 1.40 - 0.03 2.25 0.41 0.26 0.22 0.22 - 0.01 0.38 0.11 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.06 0.06 - 0.03 0.14 0.01 0.04 0.04 0.04 + 0.01 0.06 0.01 0.07 0.04 0.04 - 0.02 0.17 0.00 0.10 0.00 0.09 - 0.01 0.18 0.07 0.09 0.00 0.05 - 0.02 0.22 0.01 0.09 0.08 0.08 - 0.01 0.46 0.08 0.12 0.11 0.12 - 0.01 0.22 0.10 0.02 0.01 0.01 - 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.04 0.02 0.04 + 0.01 0.04 0.01 5.47 4.66 4.80 - 0.26 10.35 2.82 0.04 0.03 0.03 - 0.01 0.05 0.01 2.24 1.86 1.89 - 0.19 4.87 0.76 0.28 0.26 0.26 - 0.01 0.35 0.07 0.05 0.00 0.05 - 0.01 0.10 0.02 0.15 0.00 0.11 - 0.08 0.33 0.03 0.05 0.04 0.04 - 0.01 0.07 0.01 6.28 5.30 5.39 - 0.59 7.64 1.45 0.03 0.02 0.03 - 0.01 0.08 0.02 0.14 0.13 0.14 + 0.01 0.17 0.07 0.07 0.06 0.07 + 0.02 0.07 0.03 0.10 0.10 0.10 - 0.01 0.17 0.07 0.17 0.08 0.15 - 0.02 0.25 0.05 0.04 0.03 0.03 - 0.01 0.12 0.01 2.99 2.58 2.58 - 0.30 4.16 0.59 0.01 0.00 0.01 + 0.01 0.01 0.00 0.01 0.01 0.01 - 0.01 0.01 0.01 0.06 0.05 0.05 - 0.01 0.06 0.02 0.26 0.25 0.26 + 0.01 0.40 0.14 7.20 6.10 6.10 - 0.95 7.35 1.56 9.45 8.19 8.19 - 1.17 9.75 2.26 0.29 0.00 0.29 - 0.01 0.38 0.24 0.39 0.33 0.34 - 0.05 0.50 0.29 0.35 0.28 0.28 - 0.08 0.40 0.02 0.25 0.21 0.21 - 0.01 0.31 0.02

I-Minerals* O 28 I-Minerals V 55 IAMGOLD T 21539 IAMGOLD* N 72568 Iberian Mnrls V 1674 IC Potash* O 136 IC Potash T 807 42 Iconic Mnls * O Iconic Mnls V 1304 IDM Mining* O 1154 IDM Mining V 2524 IEMR Res V 250 V 150 IGC Res iMetal Res V 31 IMPACT Silver V 490 Impala Platnm* O 230 Imperial Metal T 355 O 28 Imperial Metal* IMX Res* O 1 129 Inca One Gold* O Inca One Gold V 561 Inception Mng * O 324 V 207 Independence G Independence G* O 24 Inform Res V 30 Infrastructure* O 250 Inspiration Mg* O 256 Inspiration Mg 178 Intact Gold V 296 Integra Gold V 4166 Integra Gold* O 1354 Inter-Rock Mnl V 437 Inter-Rock Mnl* O 120 Intigold Mines* O 80 Intl Bethl Mng V 115 Intl Lithium* O 52 Intl Lithium V 494 Intl Millm Mng V 142 Intl Samuel Ex V 849 Intl Star* O 145424 Intl Tower Hil* X 1112 Intl Tower Hil T 358 Intrepid Pots* N 12211 INV Metals T 181 Inventus Mg * O 42 Inventus Mg V 170 InZinc Mining V 332 Ireland* O 926 Irving Res* O 2 Irving Res 46 IsoEnergy Ltd V 11 Itoco Mg Corp* O 100 Ivanhoe Mines* O 1311 Ivanhoe Mines T 15917 Jaguar Mng* O 465 Jaguar Mng T 1152 Japan Gold V 231 Japan Gold* O 41 Jaxon Mnls V 1718 Jayden Res* O 1 Jayden Res V 1327 Jazz Res V 915 JDL Gold* O 50 Jet Gold V 140 Jet Metal* O 25 K92 Mng Inc V 2010 K92 Mng Inc* O 459 Kaizen Discvry V 203 Kaizen Discvry* O 22 Kapuskasing Gd V 259 Kapuskasing Gd* O 54 Karmin Expl V 14 Karnalyte Res T 199 Katanga Mng T 1294 Kennady Diam V 436 Kerr Mines* O 39 Kesselrun Res V 385 Khalkos Expl V 169 Khan Res 196 Kilo Goldmines* O 12 Kilo Goldmines V 438 Kincora Copper* O 16 Kincora Copper V 35 Kings Bay Gol* O 3 Kings Bay Gold V 435 Kingsmen Res* O 2 Kinross Gold* N 116100 Kinross Gold T 38779 Kiska Metals* O 36 Kiska Metals V 676 Kitrinor Mtls V 53 Kivalliq Enrgy V 1999 Klondex Mines T 22224 Klondike Gold V 421 Klondike Gold* O 19 Knick Expl V 684 Kombat Copper V 158 Komet Resource V 215 Kootenay Zinc 492

0.23 0.21 0.21 - 0.00 0.26 0.15 0.31 0.27 0.30 + 0.01 0.34 0.20 5.33 4.24 4.42 - 0.49 7.65 1.66 4.08 3.16 3.32 - 0.41 5.87 1.15 0.08 0.06 0.07 + 0.01 0.11 0.04 0.07 0.06 0.06 + 0.00 0.11 0.03 0.09 0.08 0.09 - 0.01 0.15 0.05 0.11 0.09 0.09 - 0.01 0.33 0.03 0.14 0.10 0.12 - 0.02 0.45 0.03 0.11 0.09 0.10 - 0.01 0.21 0.04 0.15 0.12 0.13 - 0.01 0.26 0.07 0.02 0.01 0.01 - 0.01 0.06 0.01 0.01 0.00 0.01 + 0.01 0.02 0.01 0.05 0.00 0.04 - 0.01 0.08 0.03 0.68 0.55 0.55 - 0.09 1.28 0.11 3.18 3.01 3.05 - 0.13 5.23 1.45 6.62 6.19 6.26 - 0.11 8.50 3.46 5.04 4.71 4.85 + 0.08 6.21 2.78 0.05 0.05 0.05 - 0.01 0.06 0.00 0.26 0.21 0.24 + 0.01 0.35 0.18 0.33 0.29 0.31 + 0.02 0.74 0.21 0.80 0.42 0.66 + 0.21 1.65 0.25 0.17 0.15 0.16 + 0.01 0.50 0.06 0.13 0.11 0.12 - 0.00 0.37 0.04 0.16 0.13 0.13 - 0.03 0.40 0.05 0.01 0.01 0.01 + 0.00 0.01 0.00 0.02 0.01 0.02 + 0.01 0.07 0.01 0.05 0.00 0.03 - 0.01 0.10 0.02 0.08 0.06 0.06 - 0.02 0.18 0.06 0.65 0.54 0.57 - 0.04 0.96 0.30 0.49 0.40 0.44 - 0.04 0.76 0.21 0.15 0.10 0.12 - 0.02 0.18 0.02 0.07 0.07 0.07 - 0.00 0.07 0.07 0.03 0.03 0.03 + 0.00 0.08 0.01 0.04 0.03 0.03 - 0.01 0.08 0.02 0.13 0.11 0.11 - 0.01 0.55 0.02 0.18 0.15 0.16 - 0.01 0.38 0.06 0.04 0.04 0.04 - 0.02 0.10 0.04 0.08 0.07 0.08 - 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.58 0.45 0.53 - 0.02 1.40 0.18 0.77 0.61 0.67 - 0.06 1.82 0.27 2.69 2.01 2.41 - 0.24 3.54 0.65 0.80 0.66 0.66 - 0.11 1.10 0.11 0.14 0.12 0.12 - 0.02 0.28 0.11 0.19 0.15 0.15 - 0.02 0.35 0.02 0.19 0.16 0.17 + 0.01 0.25 0.05 0.09 0.04 0.05 - 0.01 0.34 0.04 0.34 0.00 0.34 + 0.00 0.46 0.09 0.50 0.45 0.50 + 0.05 0.65 0.11 0.90 0.00 0.90 - 0.13 1.50 0.63 0.09 0.07 0.07 - 0.08 1.10 0.00 2.26 1.88 1.91 - 0.16 2.26 0.36 2.98 2.51 2.54 - 0.20 2.98 0.53 0.48 0.40 0.41 - 0.04 0.65 0.09 0.63 0.54 0.55 - 0.05 0.85 0.14 0.34 0.30 0.30 - 0.01 0.88 0.21 0.25 0.24 0.24 - 0.01 0.67 0.24 0.08 0.06 0.06 - 0.01 0.13 0.03 0.06 0.05 0.05 - 0.00 0.17 0.01 0.09 0.06 0.07 - 0.02 0.23 0.03 0.08 0.08 0.08 + 0.01 0.25 0.07 1.44 1.24 1.30 - 0.02 1.64 1.10 0.22 0.00 0.18 - 0.03 0.39 0.07 0.11 0.00 0.11 + 0.07 0.11 0.00 0.95 0.81 0.86 - 0.07 2.24 0.81 0.73 0.61 0.63 - 0.06 1.72 0.61 0.13 0.13 0.13 - 0.01 0.31 0.08 0.10 0.09 0.09 - 0.01 0.19 0.06 0.03 0.00 0.03 - 0.01 0.10 0.02 0.02 0.02 0.02 + 0.01 0.08 0.02 0.34 0.27 0.32 + 0.02 0.37 0.16 0.96 0.72 0.75 - 0.01 4.15 0.64 0.14 0.13 0.13 - 0.01 0.23 0.13 4.40 3.70 3.86 - 0.19 5.00 2.38 0.10 0.00 0.09 + 0.01 0.12 0.01 0.10 0.09 0.10 - 0.01 0.43 0.02 0.17 0.14 0.17 + 0.01 0.26 0.06 0.05 0.04 0.04 - 0.01 0.88 0.02 0.09 0.09 0.09 - 0.00 0.19 0.05 0.12 0.11 0.11 - 0.01 0.25 0.07 0.32 0.30 0.30 - 0.02 0.33 0.17 0.45 0.39 0.43 - 0.02 0.55 0.15 0.06 0.06 0.06 - 0.00 0.06 0.06 0.09 0.08 0.08 - 0.01 0.15 0.05 0.06 0.06 0.06 - 0.01 0.12 0.02 3.57 2.98 3.03 - 0.18 5.82 1.31 4.67 4.00 4.07 - 0.16 7.56 1.91 0.04 0.03 0.04 + 0.00 0.09 0.01 0.05 0.05 0.05 - 0.01 0.12 0.01 0.09 0.00 0.08 + 0.01 0.30 0.05 0.10 0.08 0.10 + 0.01 0.10 0.07 6.52 5.40 5.46 - 0.96 7.95 2.57 0.17 0.14 0.14 - 0.02 0.45 0.09 0.12 0.10 0.10 - 0.02 0.32 0.07 0.06 0.05 0.05 - 0.01 0.11 0.01 0.59 0.00 0.42 - 0.23 0.95 0.25 0.44 0.43 0.43 - 0.01 0.58 0.29 0.59 0.00 0.38 + 0.03 0.59 0.06

I-J-K

L

8-10_DEC26_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

La Imperial 182 Labdr Iron Mns* O 864 Labrador Iron T 2023 Lago Dourado V 220 V 264 Lakeside Mnrls Lamelee Iron V 165 Lara Expl V 349 Laramide Res T 1108 Largo Res* O 43 Largo Res T 162 Lateral Gold V 155 Latin Am Mnls V 533 9 Latin Am Mnls* O Laurion Mnl Ex* O 141 Laurion Mnl Ex V 548 Leeta Gold V 12 Leo Res 2 Lepanto Con Mg* O 690 Levon Res Ltd T 759 Levon Res Ltd * O 231 Lexam VG Gold* O 284 Lexam VG Gold T 680 Li3 Energy* O 1530 Libero Mg Corp V 46 LiCo Energy* O 538 LiCo Energy V 1781 Lion One Mtls* O 60 161 Lion One Mtls V Lions Gate Mtl 38 Lithium Amer* O 959 Lithium Amer T 3733 Lithium Corp* O 327 V 1691 Lithium Energy Lithium Expl* O 145055 Lithium X Egy* O 633 Lithium X Egy V 629 LKA Gold* O 21 Lomiko Mtls* O 300 Loncor Res* O 2 Loncor Res T 157 Lone Star Gold* O 210 Lonmin plc* O 18 43 Los Andes Copp V Lovitt Res V 46 Lovitt Res* O 17 Lucara Diam T 3225 Lumina Gold* O 55 Lumina Gold V 3082 Luna Gold* O 22 Luna Gold T 84 Lund Enterpr V 4 Lundin Gold T 274 Lundin Mng T 12588 Lupaka Gold V 726 Lydian Intl* O 22 Lydian Intl T 1370 Lynas Corp* O 377

0.05 0.04 0.05 + 0.02 0.08 0.01 0.02 0.01 0.02 + 0.01 0.02 0.00 20.14 19.05 19.40 - 0.85 20.55 6.85 0.07 0.06 0.07 + 0.01 0.59 0.05 0.23 0.10 0.18 + 0.08 0.23 0.02 0.20 0.00 0.20 + 0.06 0.50 0.10 1.16 0.94 0.96 - 0.20 1.58 0.22 0.33 0.26 0.31 + 0.04 0.38 0.18 0.39 0.38 0.39 + 0.00 0.56 0.08 0.55 0.49 0.50 - 0.02 0.72 0.11 0.70 0.61 0.62 - 0.08 1.25 0.26 0.22 0.15 0.16 - 0.06 0.48 0.09 0.15 0.13 0.13 - 0.00 0.36 0.06 0.05 0.02 0.02 - 0.03 0.05 0.00 0.06 0.03 0.04 - 0.02 0.08 0.01 0.14 0.00 0.11 + 0.01 0.14 0.03 0.03 0.00 0.03 + 0.01 0.02 0.01 0.01 0.00 0.00 - 0.00 0.02 0.00 0.31 0.25 0.27 - 0.04 0.71 0.09 0.24 0.19 0.20 - 0.03 0.54 0.07 0.15 0.12 0.13 - 0.02 0.29 0.04 0.20 0.17 0.19 - 0.01 0.38 0.05 0.02 0.01 0.01 - 0.00 0.03 0.01 0.20 0.16 0.16 - 0.04 0.21 0.02 0.10 0.07 0.08 - 0.00 0.16 0.04 0.12 0.10 0.11 - 0.01 0.21 0.04 0.71 0.63 0.63 - 0.03 0.91 0.23 0.94 0.84 0.84 - 0.02 1.17 0.32 0.15 0.00 0.15 - 0.02 0.36 0.04 0.59 0.55 0.56 - 0.01 0.87 0.34 0.79 0.73 0.77 + 0.01 1.15 0.28 0.08 0.07 0.07 - 0.01 0.13 0.02 0.08 0.07 0.08 + 0.01 0.11 0.01 0.00 0.00 0.00 - 0.00 0.14 0.00 1.62 1.46 1.50 - 0.07 2.20 0.65 2.10 1.97 2.00 - 0.06 2.85 0.38 0.50 0.30 0.50 + 0.05 0.53 0.10 0.03 0.02 0.02 - 0.01 0.04 0.02 0.10 0.10 0.10 - 0.00 0.20 0.01 0.16 0.10 0.13 - 0.04 0.25 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 1.89 1.70 1.70 - 0.14 79.00 0.55 0.21 0.20 0.20 - 0.01 0.25 0.06 0.13 0.05 0.05 - 0.08 0.16 0.02 0.10 0.03 0.09 + 0.06 0.10 0.01 3.24 2.92 2.97 - 0.21 4.39 2.00 0.61 0.56 0.57 + 0.01 0.84 0.24 0.84 0.73 0.79 + 0.05 0.97 0.33 1.50 1.14 1.31 + 0.15 1.96 1.14 1.98 1.51 1.75 + 0.15 3.50 0.35 0.10 0.00 0.10 - 0.01 0.19 0.02 5.36 5.00 5.10 + 0.01 6.62 3.78 7.04 6.64 6.74 - 0.28 7.15 2.98 0.18 0.14 0.15 - 0.02 0.29 0.04 0.26 0.23 0.25 - 0.01 0.41 0.13 0.37 0.32 0.35 + 0.01 0.52 0.19 0.06 0.04 0.05 + 0.00 0.08 0.03

M Macarthur Mnl V 2060 0.08 0.06 0.07 + 0.01 0.18 0.02 Macarthur Mnl* O 554 0.05 0.04 0.04 - 0.00 0.14 0.02 Maccabi Vent 345 0.06 0.05 0.05 - 0.02 0.12 0.05 V 308 0.07 0.05 0.06 - 0.01 0.20 0.05 MacDonald Mns MacMillan Mnls V 121 1.40 1.30 1.32 - 0.03 1.50 0.30 MAG Silver T 2414 16.25 13.28 13.45 - 1.89 23.32 8.79 Magellan Gold* O 205 0.14 0.12 0.13 + 0.06 0.35 0.04 MagIndustries* O 13 0.00 0.00 0.00 - 0.00 0.05 0.00 Majestic Gold V 662 0.07 0.06 0.07 + 0.02 0.10 0.05 Majestic Gold* O 59 0.05 0.00 0.05 + 0.00 0.07 0.03 Makena Res V 315 0.02 0.01 0.02 + 0.01 0.05 0.01 Malbex Res V 113 0.33 0.30 0.30 - 0.03 0.46 0.25 Manado Gold V 5 0.10 0.10 0.10 - 0.01 0.15 0.10 0.69 - 0.02 1.35 0.59 Mandalay Res T 3698 0.79 0.67 Manganese X* O 108 0.11 0.11 0.11 - 0.00 0.12 0.09 Mangazeya Mng V 5950 0.03 0.02 0.02 - 0.02 0.06 0.02 Manitou Gold V 3307 0.20 0.06 0.11 + 0.05 0.20 0.02 Manson Creek V 100 0.02 0.00 0.02 + 0.01 0.06 0.01 T 862 0.58 0.47 0.52 - 0.04 0.83 0.13 Marathon Gold Mariana Res V 178 1.20 1.08 1.13 - 0.09 1.40 0.85 Mariana Res* O 220 0.95 0.81 0.83 - 0.06 1.05 0.02 Maritime Res V 142 0.16 0.13 0.13 - 0.02 0.31 0.08 Marlin Gold* O 155 0.42 0.36 0.40 + 0.03 0.54 0.10 0.53 + 0.03 0.69 0.15 Marlin Gold V 105 0.55 0.49 Martina Mnls V 61 0.04 0.04 0.04 + 0.01 0.06 0.02 MartinMarietta* N 3293 230.68 219.87 220.39 - 10.77 236.41 108.31 Mason Graphite* O 274 1.15 0.97 0.98 - 0.00 1.21 0.21 Mason Graphite V 1222 1.50 1.28 1.31 + 0.01 1.60 0.30 Masuparia Gold V 988 0.05 0.03 0.05 + 0.02 0.06 0.03 Matachewan Con V 91 0.28 0.26 0.26 - 0.01 0.44 0.21 Matamec Expl* O 49 0.03 0.03 0.03 - 0.00 0.07 0.01 Matmown* O 150 0.02 0.02 0.02 + 0.01 0.10 0.01 Maverix Mtls* O 1 0.98 0.00 0.98 + 0.28 16.33 0.66 0.34 - 0.04 0.56 0.17 Mawson Res T 223 0.38 0.33 Mawson Res* O 75 0.29 0.25 0.25 - 0.05 0.42 0.12 MAX Res V 34 0.08 0.08 0.08 - 0.01 0.11 0.05 Maya Gold &Sil V 722 0.16 0.13 0.14 - 0.02 0.27 0.10 2.50 - 0.10 5.00 0.90 MBAC Fertilizr V 15 2.60 2.24 MBAC Fertilizr* O 0 1.69 0.00 1.69 - 0.54 2.23 0.68 0.50 + 0.04 0.77 0.40 McChip Res V 4 0.50 0.46 McEwen Mng* N 31513 3.17 2.66 2.75 - 0.20 4.92 0.93 McEwen Mng T 3748 4.16 3.58 3.69 - 0.21 6.44 1.30 MDN Inc* O 32 0.57 0.53 0.53 - 0.04 0.92 0.05 Meadow Bay Gd* O 163 0.04 0.03 0.03 + 0.00 0.11 0.03 Mechel* N 3992 6.38 5.81 6.09 + 0.95 6.74 1.23 Medallion Res* O 93 0.02 0.01 0.01 - 0.01 0.04 0.01 Medallion Res V 950 0.03 0.02 0.02 - 0.01 0.06 0.02 Medgold Res* O 12 0.14 0.12 0.12 - 0.02 0.14 0.12 Medinah Mnrls* O 14554 0.01 0.00 0.00 + 0.00 0.02 0.00 Mega Uranium T 3643 0.16 0.14 0.15 + 0.01 0.20 0.05 Mega Uranium* O 200 0.11 0.11 0.11 - 0.00 0.15 0.04 Megastar Dev V 44 0.04 0.04 0.04 + 0.01 0.08 0.02 Melior Res V 1705 0.04 0.02 0.04 + 0.01 0.06 0.01 Mercator Mnls* O 192 0.00 0.00 0.00 + 0.00 0.01 0.00 0.16 + 0.02 0.31 0.13 Merrex Gold V 371 0.20 0.14 Merrex Gold* O 151 0.15 0.10 0.13 + 0.03 0.24 0.10 Mesa Expl* O 17 0.04 0.03 0.03 - 0.01 0.14 0.01 0.05 - 0.01 0.17 0.01 Mesa Expl V 58 0.06 0.05 MetalCorp V 60 0.03 0.00 0.03 + 0.01 0.04 0.01 Metalex Vent V 542 0.05 0.04 0.04 - 0.01 0.11 0.04 Metallic Mnrls V 389 0.45 0.34 0.39 - 0.06 0.59 0.05 Metallic Mnrls* O 91 0.35 0.30 0.32 - 0.02 0.44 0.04 Metallis Res V 226 0.15 0.14 0.14 - 0.02 0.28 0.03 Metalo Manuf 3 0.47 0.47 0.47 + 0.02 1.50 0.26 Metalore Res V 2 2.95 0.00 2.95 + 0.95 3.59 1.26 Metals Creek V 493 0.07 0.06 0.07 - 0.01 0.20 0.06 Metals Creek* O 156 0.05 0.04 0.04 - 0.01 0.14 0.04 Metals X* O 33 0.47 0.43 0.43 - 0.04 1.43 0.44 Metanor Res V 9312 0.06 0.05 0.05 - 0.01 0.13 0.03 Mexus Gold* O 4655 0.21 0.15 0.19 - 0.02 0.24 0.00 MGX Minerals* O 165 0.34 0.30 0.31 + 0.03 0.50 0.11 MGX Minerals 1055 0.44 0.38 0.41 + 0.03 0.54 0.08 0.79 - 0.14 1.22 0.25 Midas Gold T 1254 0.96 0.76 Midas Gold* O 1868 0.74 0.02 0.59 - 0.10 0.95 0.02 0.18 + 0.01 0.24 0.08 Midnight Sun V 636 0.18 0.16 Midway Gold* O 737 0.00 0.00 0.00 - 0.00 0.01 0.00 Millennial Lit* O 24 1.20 1.05 1.07 - 0.12 1.20 0.97 Millennial Lit V 510 1.60 1.38 1.45 - 0.12 2.45 0.06 Millrock Res* O 385 0.38 0.30 0.30 - 0.04 0.54 0.13 Millrock Res V 590 0.49 0.40 0.40 - 0.04 0.70 0.18 Minaurum Gold V 834 0.14 0.09 0.10 - 0.01 0.14 0.04 Minco Gold* X 1335 0.25 0.18 0.19 + 0.00 0.42 0.12 Minco Gold T 92 0.31 0.24 0.25 - 0.01 0.55 0.15 Minco Silver T 411 1.15 0.95 0.95 - 0.16 2.05 0.36 Minco Silver* O 225 0.87 0.72 0.72 - 0.12 1.54 0.26 Minecorp Egy V 41 0.11 0.09 0.11 + 0.01 0.18 0.01 Mineral Hill V 4 0.29 0.00 0.29 - 0.01 0.40 0.11 Mineral Mtn V 160 0.40 0.30 0.31 - 0.10 0.49 0.08 Mineral Mtn* O 41 0.31 0.23 0.24 - 0.07 0.38 0.04 Miranda Gold V 700 0.09 0.08 0.08 - 0.01 0.18 0.06 Mirasol Res V 607 1.66 1.23 1.29 - 0.18 3.50 0.77 Mistango River 61 0.02 0.00 0.02 + 0.01 0.05 0.01 Mitchell Res V 8 0.17 0.00 0.17 + 0.02 0.20 0.03 MK2 Ventures V 3 0.16 0.00 0.16 + 0.01 0.30 0.05 Mkango Res V 210 0.06 0.05 0.05 - 0.01 0.11 0.03 Monarca Mnrls V 806 0.03 0.02 0.02 + 0.01 0.10 0.01 Monarca Mnrls* O 250 0.02 0.01 0.01 - 0.00 0.10 0.00 Moneta Porcpn T 1243 0.27 0.23 0.24 - 0.02 0.36 0.11 Moneta Porcpn* O 361 0.20 0.17 0.17 - 0.04 0.28 0.07 Montego Res 23 0.07 0.06 0.06 + 0.01 0.16 0.04 Monument Mng V 742 0.09 0.07 0.08 - 0.02 0.19 0.07 Morien Res* O 14 0.32 0.30 0.32 + 0.01 0.32 0.14 Morumbi Res V 1233 0.31 0.27 0.31 + 0.01 0.31 0.02 Mosaic* N 27566 31.45 29.06 29.56 - 1.86 31.54 22.02 Mountain Boy* O 184 0.05 0.05 0.05 + 0.01 0.06 0.00 Mountain Prov T 1294 6.76 6.02 6.42 - 0.27 7.18 3.56

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Mountain Prov* D 378 Mukuba Res V 9 Mundoro Cap* O 206 Mundoro Cap V 398 Mustang Mnrls* O 77 MX Gold* O 330

5.15 4.50 4.80 - 0.30 5.52 2.55 0.12 0.00 0.12 + 0.05 0.45 0.08 0.12 0.12 0.12 + 0.00 0.20 0.03 0.16 0.15 0.15 - 0.01 0.23 0.05 0.01 0.01 0.01 + 0.00 0.02 0.00 0.11 0.09 0.10 - 0.01 0.31 0.09

NACCO Ind* N 78 Namibia Rare E* O 26 Namibia Rare E T 56 Napier Vent V 85 Natan Res V 1568 Natural Res Pt* N 345 Nautilus Mnrls T 883 Nautilus Mnrls* O 734 Nemaska Lith T 2966 Nemaska Lith* O 132 Nevada Clean M* O 27 Nevada Copper T 272 944 Nevada Egy Mtl* O Nevada Expl * O 72 Nevada Expl V 115 Nevada Sunrise* O 124 Nevada Zinc V 319 Nevado Res V 285 Nevsun Res T 5584 Nevsun Res* X 5875 New Carolin Gd* O 68 New Colombia* O 38528 New Gold* O 231 New Gold* X 30540 New Gold T 11130 New Jersey Mng* O 447 New Milln Iron* O 77 New Milln Iron T 4027 New Oroperu V 26 New World Res V 31 NewCastle Gold* O 261 NewCastle Gold V 6804 Newmarket Gold T 13903 Newmont Mng* N 54921 Newport Gold* O 450 Nexgen Energy T 6062 Nexgen Energy* O 270 82 Next Gen Mtls* O Next Gen Mtls 2558 Nexus Gold* O 550 Nexus Gold V 1371 NGEx Res* O 5 50 Nicola Mg Inc* O Nighthawk Gold V 2817 Nikos Expl V 114 Niobay Metals V 167 Niocorp Dev T 226 Niocorp Dev* O 199 Noka Res* O 207 V 94 Nomad Ventures Noram Vent* O 42 Noranda Alum* O 117 Noront Res V 1477 Nortec Mnls V 106 80 North Am Nickl* O North Am Nickl V 502 North Am Pall T 36 13 North Am Pall* O North Arrow Mn V 139 O 1 Northland Res* Northn Empire V 102 Norvista Cap V 60 Nouveau Monde V 407 NovaCopper* X 519 NovaCopper T 63 NovaGold Res* X 16041 NovaGold Res T 2598 Novo Res V 330 Novo Res* O 210 Nrthn Abitibi V 27 Nrthn Freegold* O 1 Nrthn Freegold V 109 Nrthn Graphite* O 427 Nrthn Lion V 26 56 Nrthn Mnrls &E* O Nrthn Shield V 1055 Nrthn Superior V 496 Nrthn Vertex V 155 Nrthn Vertex* O 16 Nthn Dynasty T 8012 Nthn Dynasty* X 11932 Nthrn Sphere 100 V 610 NuLegacy Gold NuLegacy Gold* O 605 V 10 Nunavik Nickel NV Gold* O 40 NV Gold V 109 NxGold Ltd V 105 OceanaGold T 29229 OceanaGold* O 116 Oceanic Iron O V 74 42 Oceanic Iron O* O Oceanus Res V 832 Oceanus Res* O 129 Olivut Res V 65 Olivut Res* O 41 Opawica Expl V 625 Orbite Tech T 4932 Orbite Tech* O 266 Orca Gold V 1229 Orca Gold* O 125 Orex Mnrls* O 136 Orex Mnrls V 785 Orezone Gold* O 139 Orezone Gold V 1337 Organic Potash 1513 Orla Mng Ltd V 2920 Oroco Res V 203 Orocobre T 277 Oronova Energy V 68 Oroplata Res* O 609 Orosur Mng T 177 Orsu Metals T 181 Orsu Metals* O 105 Orvana Mnrls T 665 Orvana Mnrls* O 107 Osisko Gold* N 5758 Osisko Gold T 8379 Osisko Mng Inc T 2220 Otis Gold V 554 Otis Gold* O 276 OZ Minerals* O 25

96.30 90.10 94.00 - 0.20 99.55 40.54 0.04 0.03 0.03 - 0.00 0.09 0.03 0.07 0.05 0.06 + 0.01 0.14 0.04 0.32 0.28 0.30 + 0.03 0.34 0.15 0.24 0.18 0.24 + 0.01 0.40 0.05 38.90 34.01 36.45 + 1.45 40.00 5.00 0.18 0.15 0.15 - 0.03 0.32 0.10 0.13 0.11 0.11 - 0.02 0.24 0.08 1.28 1.16 1.18 + 0.03 1.97 0.36 0.98 0.87 0.89 - 0.00 1.50 0.26 0.03 0.03 0.03 + 0.01 0.04 0.00 0.79 0.66 0.73 - 0.04 1.10 0.45 0.08 0.07 0.07 + 0.00 0.20 0.06 0.27 0.23 0.25 + 0.03 0.56 0.18 0.35 0.00 0.33 + 0.02 0.72 0.24 0.20 0.17 0.17 - 0.01 0.37 0.11 0.59 0.49 0.51 - 0.08 0.80 0.22 0.06 0.05 0.05 - 0.01 0.11 0.01 4.42 4.19 4.35 + 0.01 4.81 3.27 3.36 3.17 3.25 - 0.05 3.80 2.27 0.05 0.05 0.05 - 0.00 0.12 0.03 0.01 0.01 0.01 + 0.00 0.05 0.00 0.05 0.03 0.04 - 0.01 0.17 0.03 3.93 3.26 3.30 - 0.50 6.04 1.76 5.15 4.38 4.49 - 0.52 7.87 2.56 0.13 0.11 0.12 - 0.01 0.15 0.05 0.15 0.11 0.14 + 0.03 0.15 0.04 0.26 0.15 0.19 + 0.04 0.26 0.05 0.58 0.00 0.55 + 0.02 0.72 0.12 0.09 0.00 0.08 - 0.01 0.16 0.02 0.54 0.39 0.43 - 0.10 0.96 0.18 0.74 0.52 0.54 - 0.21 1.30 0.22 8.23 6.56 6.67 - 1.26 10.67 2.67 34.43 30.40 31.66 - 1.13 46.07 16.05 0.02 0.01 0.01 - 0.00 0.06 0.00 2.39 2.13 2.22 - 0.10 2.86 0.64 1.83 1.64 1.70 - 0.07 2.25 0.47 0.22 0.18 0.18 - 0.03 0.29 0.07 0.29 0.22 0.24 - 0.03 0.42 0.09 0.08 0.06 0.07 - 0.00 0.08 0.05 0.10 0.08 0.09 - 0.01 0.12 0.04 0.95 0.00 0.91 + 0.02 1.14 0.41 0.14 0.11 0.12 + 0.01 0.39 0.03 0.48 0.42 0.42 - 0.03 0.61 0.05 0.10 0.09 0.10 + 0.01 0.19 0.03 0.74 0.70 0.70 - 0.05 1.25 0.05 0.80 0.76 0.76 - 0.04 1.14 0.51 0.62 0.57 0.58 - 0.03 0.87 0.37 0.04 0.03 0.03 - 0.01 0.15 0.03 0.26 0.18 0.25 + 0.03 0.40 0.10 0.05 0.05 0.05 - 0.00 0.06 0.05 0.05 0.03 0.03 - 0.01 0.37 0.01 0.27 0.25 0.27 + 0.02 0.51 0.24 0.09 0.07 0.07 + 0.01 0.09 0.02 0.08 0.08 0.08 + 0.00 0.11 0.05 0.11 0.10 0.10 - 0.01 0.15 0.07 6.25 5.41 5.55 - 0.72 6.49 3.91 4.77 4.23 4.23 - 0.52 5.06 2.71 0.21 0.16 0.18 - 0.01 0.32 0.12 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.00 0.12 - 0.03 0.27 0.08 0.14 0.00 0.14 - 0.01 0.30 0.08 0.25 0.22 0.23 - 0.01 0.38 0.13 0.55 0.45 0.46 - 0.06 0.86 0.15 0.68 0.60 0.60 - 0.11 1.08 0.20 4.52 3.85 3.85 - 0.56 7.29 3.50 5.92 5.21 5.27 - 0.55 9.56 5.09 0.91 0.81 0.84 - 0.02 1.95 0.50 0.69 0.60 0.63 + 0.01 1.41 0.35 0.02 0.01 0.01 - 0.01 0.03 0.01 0.15 0.00 0.15 - 0.00 0.23 0.02 0.25 0.20 0.22 + 0.01 0.29 0.04 0.29 0.22 0.22 - 0.00 0.47 0.12 0.30 0.00 0.23 + 0.04 0.32 0.07 0.03 0.02 0.02 - 0.00 0.05 0.02 0.15 0.13 0.14 + 0.01 0.30 0.01 0.04 0.04 0.04 - 0.01 0.06 0.01 0.42 0.37 0.42 + 0.06 0.52 0.13 0.34 0.28 0.31 + 0.03 0.42 0.17 2.36 2.00 2.10 - 0.17 2.70 0.28 1.80 1.52 1.59 - 0.16 2.05 0.20 0.35 0.22 0.30 + 0.05 0.63 0.17 0.29 0.25 0.25 - 0.02 0.54 0.08 0.23 0.18 0.19 - 0.01 0.41 0.06 0.07 0.00 0.07 - 0.01 0.27 0.03 0.21 0.17 0.17 - 0.00 0.37 0.08 0.27 0.23 0.23 - 0.02 0.48 0.03 0.45 0.28 0.31 - 0.04 0.45 0.07 4.22 3.45 3.45 - 0.22 5.56 2.50 3.12 2.60 2.76 - 0.11 4.26 1.73 0.25 0.21 0.22 - 0.01 0.34 0.08 0.17 0.17 0.17 + 0.01 0.18 0.05 0.24 0.19 0.22 + 0.04 0.35 0.14 0.16 0.14 0.15 + 0.01 0.26 0.11 0.19 0.15 0.15 - 0.03 0.42 0.08 0.15 0.12 0.12 - 0.03 0.30 0.06 0.10 0.00 0.09 + 0.02 0.16 0.02 0.33 0.29 0.33 + 0.03 0.49 0.20 0.25 0.22 0.24 + 0.02 0.37 0.15 0.40 0.32 0.34 - 0.03 0.55 0.12 0.29 0.24 0.26 - 0.02 0.44 0.08 0.36 0.23 0.24 - 0.10 1.02 0.05 0.47 0.30 0.31 - 0.15 1.38 0.13 0.42 0.34 0.36 - 0.08 0.99 0.16 0.57 0.44 0.47 - 0.11 1.28 0.22 0.03 0.00 0.03 + 0.02 0.07 0.01 1.45 1.20 1.25 - 0.25 1.75 0.10 0.03 0.02 0.03 - 0.01 0.06 0.01 4.29 3.86 4.15 - 0.12 4.92 1.80 0.43 0.40 0.43 - 0.01 0.43 0.04 0.27 0.23 0.24 - 0.02 2.04 0.16 0.24 0.20 0.22 - 0.01 0.38 0.10 0.03 0.03 0.03 + 0.01 0.05 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.23 0.21 0.21 - 0.02 0.39 0.11 0.17 0.15 0.15 - 0.03 0.29 0.07 10.15 8.92 8.93 - 1.07 14.74 8.88 13.20 11.90 12.26 - 0.91 18.64 12.01 2.50 2.08 2.18 - 0.25 3.42 0.96 0.32 0.26 0.28 - 0.02 0.42 0.07 0.25 0.20 0.21 - 0.01 0.32 0.05 6.20 5.50 5.63 - 0.54 6.20 2.29

Pac Booker Min V 44 Pac Booker Min* O 3 Pac Iron Ore V 12 Pac North West* O 701 Pac North West V 2691 Pac Potash V 77 Pac Ridge Expl* O 27 Pac Topaz V 69 Paget Mrnls V 97 Paladin Energy T 8594 Palamina Corp* O 2 Palamina Corp V 30 Palisades Vent V 123 Palladon Vent* O 1 Pan Am Silver T 2500 Pan Am Silver* D 14926 Pancontinental* O 205 Pancontinental V 198 Pangolin Dia V 494 Panoro Mnrls V 119 Pantheon Vent V 1124 Para Resources V 246 Parallel Mng V 241 Paramount Gold* X 417 Parlane Res V 178 Pasinex Res 398 Passprt Potash* O 26 Patriot Gold* O 128 Peabody Enrgy* O 1765 Pelangio Expl* O 130 Pelangio Expl V 575 Pele Mtn Res* O 64

1.07 0.90 1.01 - 0.06 2.38 0.63 0.77 0.74 0.77 - 0.08 1.62 0.45 0.19 0.18 0.19 + 0.01 0.34 0.15 0.03 0.03 0.03 - 0.01 0.06 0.00 0.04 0.03 0.03 - 0.01 0.08 0.01 0.03 0.03 0.03 - 0.01 0.07 0.03 0.07 0.04 0.06 + 0.01 0.08 0.01 0.21 0.00 0.17 - 0.04 0.29 0.08 0.06 0.04 0.06 + 0.02 0.09 0.01 0.10 0.08 0.09 + 0.01 0.27 0.07 0.11 0.00 0.11 - 0.00 0.19 0.08 0.15 0.00 0.14 - 0.01 0.25 0.07 0.06 0.06 0.06 - 0.01 0.07 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 22.73 19.54 19.66 - 2.18 27.56 7.85 17.34 14.62 14.71 - 1.86 21.59 5.38 0.07 0.05 0.06 + 0.01 0.10 0.00 0.10 0.06 0.08 + 0.02 0.16 0.01 0.05 0.05 0.05 - 0.01 0.22 0.03 0.20 0.18 0.18 - 0.02 0.21 0.09 0.22 0.15 0.18 + 0.02 0.38 0.10 0.20 0.17 0.18 - 0.02 0.36 0.08 0.10 0.09 0.10 - 0.01 0.18 0.05 1.84 1.62 1.67 + 0.05 2.93 0.96 0.23 0.14 0.17 - 0.06 0.33 0.01 0.13 0.11 0.12 - 0.01 0.17 0.04 0.00 0.00 0.00 + 0.00 0.02 0.00 0.08 0.07 0.08 + 0.00 0.23 0.05 12.50 8.26 9.86 - 1.74 18.75 0.55 0.04 0.03 0.03 - 0.01 0.06 0.01 0.05 0.04 0.04 - 0.01 0.08 0.01 0.02 0.01 0.02 + 0.00 0.04 0.01

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pele Mtn Res V 927 O 2 Peloton Mnrls* Peloton Mnrls 25 Perseus Mng T 2241 Pershing Gold* D 838 10 Pershing Gold T Pershing Res* O 6 Pilot Gold* O 359 Pilot Gold T 866 Pine Cliff En* O 20 Pine Cliff En T 3288 158 Pistol Bay Mng V Pitchblack Res V 150 6 PJSC Polyus Gd* O PJX Res V 86 Planet Mng V 545 Plate Res V 25 Plateau Uran* O 97 Plateau Uran V 501 Platinex V 1375 Platinum Gp Mt T 410 Platinum Gp Mt* X 2945 Plato Gold V 314 Playfair Mng V 494 Playfair Mng* O 10 PNG Gold V 328 Polaris Mater T 151 PolyMet Mng* X 1281 PolyMet Mng T 36 Portage Res* O 3085 Portofino Res V 190 Potash Corp SK* N 33223 Potash Corp SK T 18554 Potash Ridge T 1593 Potash Ridge* O 46 PPX Mining* O 132 PPX Mining V 439 Precipitate Gl V 232 Premier Gold M T 10612 Premium Expl* O 14 Pretium Res* N 20946 Pretium Res T 3183 Primero Mng T 5103 Primero Mng* N 19644 Probe Metals V 346 Probe Metals* O 177 Prophecy Coal T 13 Prophecy Coal* O 4 Prospect Glob* O 13 Prosper Gold V 163 Prospero Silvr V 232 PUF Vent Inc 1352 PUF Vent Inc * O 50 Pure Energy* O 842 Pure Gold Mg* O 200 Pure Gold Mg V 1002 Q-Gold Res V 60 QMC Quantum Ml* O 0.01 QMC Quantum Ml V 901 QMX Gold* O 85 QMX Gold V 902 Quartz Mtn Res V 50 Quaterra Res V 322 Quaterra Res* O 703 Quest Rare Mnl* O 57

0.03 0.02 0.03 + 0.01 0.06 0.02 0.06 0.05 0.05 - 0.01 0.12 0.04 0.10 0.00 0.10 + 0.01 0.15 0.07 0.58 0.34 0.37 - 0.19 0.67 0.27 3.53 3.31 3.31 - 0.13 5.02 3.12 4.55 4.41 4.48 + 0.22 5.52 4.26 0.04 0.03 0.03 - 0.01 0.06 0.02 0.38 0.31 0.33 - 0.03 0.72 0.06 0.50 0.42 0.44 - 0.06 0.95 0.22 0.89 0.85 0.85 - 0.04 0.89 0.51 1.19 1.11 1.11 - 0.07 1.22 0.61 0.08 0.00 0.07 - 0.01 0.14 0.01 0.13 0.00 0.10 - 0.02 0.16 0.05 36.24 0.00 36.24 + 1.13 37.59 18.67 0.20 0.18 0.19 - 0.01 0.25 0.13 0.05 0.03 0.04 + 0.01 0.08 0.02 0.03 0.03 0.03 + 0.01 0.07 0.02 0.21 0.18 0.21 + 0.05 0.35 0.12 0.27 0.23 0.27 + 0.02 0.45 0.17 0.16 0.13 0.16 + 0.01 0.17 0.01 2.47 2.02 2.14 - 0.29 5.25 1.35 1.87 1.52 1.56 - 0.27 4.04 0.96 0.01 0.00 0.01 - 0.01 0.03 0.01 0.09 0.07 0.07 - 0.01 0.18 0.02 0.06 0.06 0.06 - 0.01 0.12 0.01 0.12 0.09 0.10 - 0.01 0.31 0.03 1.35 1.26 1.26 - 0.04 1.75 1.00 0.86 0.75 0.77 - 0.08 1.28 0.68 1.11 1.02 1.02 - 0.10 1.71 0.93 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.06 0.06 - 0.03 0.12 0.06 19.88 18.00 18.08 - 1.67 19.88 14.64 26.10 24.08 24.08 - 1.96 26.14 19.93 0.32 0.28 0.29 - 0.02 0.50 0.05 0.22 0.21 0.21 - 0.01 0.38 0.04 0.06 0.05 0.06 + 0.00 0.13 0.02 0.09 0.08 0.09 + 0.01 0.16 0.03 0.19 0.16 0.17 - 0.02 0.37 0.06 2.22 1.87 2.07 - 0.12 5.05 1.87 0.03 0.00 0.02 + 0.02 0.04 0.00 8.63 7.06 7.10 - 1.38 12.41 4.00 11.31 9.46 9.55 - 1.64 16.17 5.74 1.19 1.01 1.01 - 0.16 3.78 1.01 0.94 0.75 0.75 - 0.14 2.73 0.75 1.42 1.22 1.22 - 0.14 2.18 0.34 1.07 0.95 0.95 - 0.09 1.66 0.24 3.50 3.09 3.38 - 0.02 5.48 1.00 2.68 0.00 2.50 + 0.11 4.05 1.25 0.05 0.04 0.04 - 0.00 0.20 0.03 0.20 0.17 0.17 - 0.02 0.44 0.10 0.35 0.30 0.30 - 0.04 0.38 0.05 0.25 0.22 0.24 - 0.01 0.39 0.04 0.19 0.17 0.17 - 0.02 0.24 0.03 0.56 0.49 0.52 - 0.02 0.91 0.34 0.38 0.33 0.34 - 0.04 0.60 0.07 0.51 0.44 0.47 - 0.03 0.77 0.09 0.05 0.00 0.05 + 0.01 0.14 0.01 105 0.04 0.03 0.03 - 0.01 0.04

Radisson Mng V 313 Radius Gold V 180 Rae-Wallace Mg* O 277 Rainforest Res* O 7 Rainmaker Res V 124 Rainy Mtn Royl V 256 Rambler Ml &Mg V 178 Randgold Res* O 1 Randgold Res* D 6402 Rapier Gold V 390 Raptor Res* O 179 Rare Element* O 766 Rathdowney Res V 26 RB Energy* O 272 Red Eagle Mng T 1189 Red Eagle Mng* O 463 Red Pine Expl V 1871 Redstar Gold V 2558 Redstar Gold* O 606 Redzone Res V 291 Regency Gold V 2 Regulus Res V 163 Remington Res V 100 Renaissance Gd* O 84 Renaissance Gd V 260 Renforth Res 31 Resource Cap V 720 Resource Cap* O 55 Reunion Gold V 1082 Revelo Res V 306 Rheingold Expl 90 Rhyolite Res V 60 Richmont Mines* X 5603 Richmont Mines T 2238 Rio Novo Gold T 105 Rio Silver V 273 Rio Tinto* N 17456 Rio Tinto* O 3 Rio Tinto* O 2 Rise Res Inc 2462 Rise Res Inc* O 125 Riverside Res* O 146 Riverside Res V 183 RJK Explor V 758 Robex Res V 404 Rochester Res V 43 Rock Tech Lith* O 1 119 Rock Tech Lith V Rockcliff Cop V 698 Rockcliff Cop* O 23 Rockhaven Res V 965 Rockland Mnls V 115 Rockridge Cap* O 2 Rockridge Cap V 412 Rockshield Cap 992 Rodinia Lithm V 311 Rogue Res* O 10 Rogue Res V 128 Rojo Res V 153 Romios Gold Rs V 418 Romios Gold Rs* O 1184 Rosita Mg Corp V 929 Rotation Mnls V 29 Roughrider Exp V 195 Roxgold* O 64 Roxgold V 2328 Royal Gold* D 7054 Royal Nickel T 2739 Royal Nickel* O 11 Royal Sapphire V 114 RT Minerals* O 5 RT Minerals V 695 RTG Mining T 69 Rugby Mng V 225 Running Fox Rs V 5 Rupert Res V 593 Rusoro Mng* O 231 Rusoro Mng V 447 Rye Patch Gold* O 577 Rye Patch Gold V 2227

0.19 0.14 0.16 - 0.03 0.20 0.10 0.13 0.10 0.11 + 0.01 0.17 0.05 0.02 0.01 0.02 + 0.01 0.02 0.00 4.99 0.00 4.70 - 0.85 8.25 0.30 0.08 0.07 0.08 + 0.01 0.25 0.07 0.10 0.09 0.09 - 0.01 0.12 0.03 0.16 0.15 0.16 - 0.01 0.16 0.05 74.55 73.50 74.55 + 1.95 120.75 62.44 75.87 67.54 68.74 - 4.38 126.55 59.08 0.12 0.09 0.10 - 0.02 0.17 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.03 0.04 + 0.00 0.28 0.00 0.26 0.25 0.26 + 0.01 0.33 0.12 0.00 0.00 0.00 + 0.00 0.01 0.00 0.76 0.63 0.71 - 0.05 1.05 0.63 0.58 0.49 0.52 - 0.05 0.91 0.18 0.12 0.10 0.11 + 0.01 0.24 0.03 0.14 0.12 0.12 - 0.02 0.17 0.03 0.11 0.08 0.09 - 0.02 0.15 0.02 0.17 0.11 0.13 + 0.03 0.32 0.06 0.23 0.00 0.23 + 0.01 0.60 0.05 1.27 1.17 1.27 + 0.03 1.87 0.19 0.18 0.10 0.18 + 0.08 0.18 0.02 0.31 0.23 0.25 - 0.01 0.52 0.08 0.40 0.30 0.30 - 0.06 0.66 0.11 0.05 0.04 0.04 - 0.01 0.05 0.01 0.35 0.25 0.26 - 0.07 0.35 0.02 0.22 0.20 0.20 - 0.05 0.26 0.02 0.05 0.04 0.04 - 0.01 0.08 0.01 0.11 0.08 0.08 - 0.02 0.12 0.05 0.31 0.00 0.29 - 0.03 0.35 0.01 0.17 0.16 0.16 - 0.01 0.27 0.09 6.95 5.75 5.90 - 0.85 11.66 2.79 9.07 7.73 8.08 - 0.77 15.01 3.88 0.11 0.10 0.10 - 0.01 0.30 0.07 0.10 0.08 0.10 + 0.01 0.18 0.02 41.96 38.53 38.76 - 2.39 42.61 21.89 41.33 37.85 38.40 - 2.10 41.70 21.90 46.70 0.00 44.18 - 2.82 47.00 25.47 0.27 0.20 0.26 + 0.05 0.35 0.11 0.21 0.15 0.18 + 0.02 0.40 0.08 0.40 0.31 0.34 - 0.03 0.41 0.08 0.52 0.43 0.46 - 0.03 0.54 0.12 0.14 0.08 0.11 - 0.05 0.25 0.05 0.09 0.08 0.08 - 0.01 0.17 0.05 0.08 0.05 0.06 - 0.01 0.11 0.03 0.61 0.00 0.61 - 0.12 0.83 0.03 0.99 0.80 0.83 - 0.07 1.45 0.04 0.11 0.09 0.10 - 0.01 0.16 0.02 0.09 0.07 0.07 - 0.01 0.12 0.01 0.22 0.15 0.20 + 0.05 0.29 0.11 0.06 0.04 0.06 + 0.01 0.11 0.01 0.28 0.27 0.28 + 0.02 0.31 0.23 0.45 0.40 0.40 + 0.01 0.57 0.05 0.16 0.07 0.15 + 0.07 0.16 0.04 0.10 0.09 0.10 + 0.01 0.16 0.08 0.51 0.38 0.51 + 0.13 0.51 0.25 0.70 0.00 0.63 + 0.14 1.50 0.32 0.09 0.00 0.07 - 0.01 0.15 0.04 0.07 0.06 0.06 - 0.01 0.10 0.03 0.05 0.04 0.04 - 0.01 0.08 0.01 0.05 0.04 0.05 + 0.01 0.14 0.01 0.28 0.12 0.25 - 0.03 0.30 0.02 0.07 0.07 0.07 + 0.01 0.15 0.05 1.05 0.85 0.90 - 0.15 1.35 0.47 1.39 1.14 1.20 - 0.15 1.76 0.66 70.50 61.26 61.39 - 5.63 87.74 24.68 0.29 0.27 0.27 - 0.02 0.63 0.12 0.22 0.20 0.20 - 0.02 0.50 0.10 0.06 0.06 0.06 - 0.01 0.07 0.03 0.06 0.06 0.06 - 0.01 0.14 0.05 0.09 0.08 0.08 - 0.01 0.30 0.05 0.22 0.21 0.21 - 0.04 0.70 0.21 0.32 0.23 0.23 - 0.08 0.58 0.03 0.03 0.03 0.03 + 0.01 0.04 0.01 0.70 0.60 0.62 - 0.03 0.99 0.02 0.19 0.18 0.19 + 0.02 0.31 0.03 0.25 0.23 0.25 - 0.01 0.41 0.05 0.21 0.16 0.17 - 0.02 0.37 0.08 0.29 0.22 0.22 - 0.03 0.47 0.12

Sabina Gd&Slvr T 1600 Sabina Gd&Slvr* O 694 Sage Gold* O 110 Sage Gold V 391 Saint Jean* O 72 Saint Jean V 3986 Salazar Res V 153 Salazar Res* O 42 Sama Res V 110 Samex Mng* O 13 San Marco Res* O 325 San Marco Res V 454 Sandspring Res V 910 Sandspring Res* O 349

0.98 0.85 0.93 + 0.01 1.87 0.54 0.75 0.63 0.69 - 0.03 1.55 0.38 0.10 0.08 0.08 - 0.01 0.12 0.03 0.13 0.11 0.11 - 0.02 0.16 0.03 0.06 0.05 0.06 - 0.00 0.06 0.02 0.07 0.06 0.07 - 0.01 0.09 0.03 0.12 0.11 0.11 - 0.01 0.16 0.05 0.09 0.08 0.08 - 0.01 0.12 0.03 0.09 0.08 0.09 - 0.01 0.16 0.07 0.00 0.00 0.00 - 0.00 0.01 0.00 0.14 0.14 0.14 + 0.00 0.22 0.05 0.25 0.18 0.18 - 0.01 0.30 0.02 0.42 0.35 0.37 - 0.03 0.94 0.11 0.32 0.26 0.28 - 0.03 0.72 0.08

0.05 0.04 0.05 - 0.01 0.09 0.01 0.11 0.10 0.11 + 0.02 0.11 0.01 0.15 0.12 0.13 - 0.01 0.15 0.01 0.06 0.06 0.06 + 0.01 0.07 0.01 0.08 0.06 0.07 - 0.01 0.10 0.05 0.06 0.05 0.05 - 0.00 0.07 0.03 0.14 0.11 0.11 - 0.00 0.20 0.03

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2016-12-20 4:53 PM

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WWW.NORTHERNMINER.COM

DECEMBER 26, 2016–JANUARY 1, 2017 / 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

Sandstorm Gold T 3532 Sandstorm Gold* X 15348 Santa Fe Gold* O 1531 Sarama Res V 477 Sarissa Res* O 1760 Satori Res V 423 Satori Res* O 81 Saturn Mnrls V 2070 Savary Gold V 2561 Savoy Vent V 63 64 Scandium Int M* O Scorpio Gold V 487 ScoZinc Mg V 21 Seabridge Gld T 759 Seabridge Gld* N 6708 Seafield Res* O 557 Searchlight* O 894 Select Sands V 2041 T 16086 Semafo O 8 Senator Mnrls* Senator Mnrls V 7 Sennen Potash V 377 Serabi Gold T 252 Serengeti Res V 191 SG Spirit Gold V 1772 Shamrock Ent 350 Sherritt Intl T 8264 Shore Gold T 1092 V 151 Shoshoni Gold Sibanye Gold* N 18303 Sienna Res* O 65 Sienna Res V 280 Sierra Metals T 279 Sierra Metals* O 19 O 15 Signature Res* Signature Res V 230 Silver Bear Rs T 928 Silver Bull Re* O 1100 720 Silver Bull Re T Silver Grail V 33 Silver Mtn Mns V 361 Silver Predatr* O 83 Silver Predatr V 646 Silver Pursuit V 340 Silver Range V 264 Silver Scott* O 3 Silver Spruce* O 4 Silver Std Res T 3199 Silver Std Res* D 13685 Silver Wheaton T 16596 Silver Wheaton* N 38272 Silvercorp Met T 5781 Silvercorp Met* O 633 Silvermet V 155 D 178 SinoCoking Cl* Sirios Res V 1148 Sirios Res* O 35 Skeena Res* O 298 Skeena Res V 3032 V 1492 Skyharbour Res Skyharbour Res* O 321 Sokoman Iron V 769 Solitario Ex&R T 28 X 135 Solitario Ex&R* 463 Sonora Gld & S V Sonora Res * O 404 Sonoro Mtls V 498 Source Expl V 95 5 Source Expl * O Southern Arc* O 67 Southern Arc V 66 N 6370 Southern Copp* Southern Lith V 606 O 298 Southern Silvr* Southern Silvr V 520 SouthGobi Res T 2 35 Spanish Mtn Gd* O Spanish Mtn Gd V 758 Sparton Res V 508 Sparton Res* O 31 Spearmint Res V 1519 O 150 Spearmint Res* Sphinx Res V 69 83 Spruce Ridge R V

5.15 4.38 4.41 - 0.64 8.73 2.82 3.92 3.28 3.28 - 0.56 6.75 1.94 0.06 0.04 0.06 + 0.01 0.07 0.00 0.20 0.17 0.20 + 0.02 0.55 0.06 0.01 0.00 0.01 + 0.00 0.01 0.00 0.16 0.13 0.14 + 0.01 0.18 0.03 0.12 0.11 0.11 - 0.01 0.13 0.02 0.08 0.07 0.08 + 0.01 0.22 0.07 0.12 0.09 0.09 - 0.03 0.15 0.03 0.06 0.05 0.06 + 0.01 0.05 0.05 0.20 0.17 0.17 - 0.04 0.23 0.08 0.08 0.07 0.07 - 0.01 0.11 0.05 0.90 0.00 0.88 + 0.07 1.15 0.40 12.72 10.30 10.32 - 2.21 20.71 7.99 9.74 7.70 7.70 - 1.75 15.88 5.46 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.05 0.06 + 0.01 0.19 0.01 0.96 0.78 0.81 - 0.13 1.21 0.20 3.97 3.60 3.68 - 0.11 7.46 3.19 0.48 0.47 0.47 - 0.01 0.54 0.04 0.63 0.61 0.61 - 0.02 0.80 0.05 0.11 0.09 0.10 - 0.02 0.18 0.09 0.08 0.07 0.07 - 0.01 0.12 0.04 0.13 0.12 0.12 - 0.01 0.33 0.02 0.20 0.12 0.15 + 0.03 0.20 0.06 0.04 0.03 0.04 + 0.01 0.06 0.01 1.57 1.36 1.48 + 0.08 1.57 0.53 0.19 0.18 0.19 - 0.01 0.25 0.17 0.04 0.00 0.04 - 0.01 0.25 0.04 7.44 6.40 6.61 - 0.49 20.97 5.50 0.10 0.09 0.09 - 0.00 0.20 0.01 0.14 0.11 0.11 - 0.03 0.27 0.01 2.08 1.90 1.95 + 0.05 2.35 0.95 1.60 1.55 1.59 + 0.03 1.69 0.69 0.10 0.00 0.10 - 0.00 0.10 0.07 0.14 0.13 0.14 + 0.01 0.14 0.02 0.32 0.25 0.25 - 0.03 0.53 0.02 0.13 0.09 0.10 - 0.02 0.21 0.02 0.17 0.12 0.12 - 0.03 0.28 0.04 0.07 0.06 0.07 + 0.01 0.16 0.02 0.03 0.02 0.03 + 0.01 0.05 0.01 0.04 0.02 0.02 - 0.01 0.08 0.00 0.04 0.03 0.03 - 0.01 0.12 0.01 0.12 0.10 0.12 + 0.02 0.13 0.02 0.13 0.10 0.12 + 0.01 0.24 0.03 0.04 0.02 0.03 + 0.01 0.04 0.00 0.07 0.00 0.06 - 0.00 0.10 0.03 12.58 10.82 11.02 - 1.21 20.48 5.28 9.60 8.05 8.15 - 1.14 15.84 3.66 25.82 22.63 23.20 - 1.25 40.80 14.51 19.61 16.94 17.36 - 1.20 31.35 10.04 3.66 3.08 3.12 - 0.47 4.73 0.60 2.77 2.30 2.38 - 0.36 3.67 0.41 0.06 0.00 0.06 - 0.01 0.06 0.03 3.73 2.77 2.82 - 0.58 7.69 1.66 0.40 0.30 0.32 - 0.07 1.42 0.08 0.28 0.23 0.25 - 0.03 1.13 0.07 0.06 0.04 0.05 - 0.00 0.15 0.04 0.07 0.06 0.07 + 0.01 0.20 0.06 0.34 0.26 0.33 + 0.04 0.42 0.08 0.25 0.20 0.24 + 0.00 0.32 0.18 0.05 0.04 0.04 - 0.01 0.13 0.01 0.99 0.85 0.85 - 0.09 1.29 0.58 0.76 0.63 0.65 - 0.09 0.95 0.41 0.10 0.07 0.10 + 0.03 0.10 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.10 0.13 + 0.02 0.16 0.04 0.17 0.14 0.15 - 0.04 0.50 0.10 0.13 0.11 0.11 - 0.02 0.21 0.13 0.33 0.30 0.33 + 0.01 0.75 0.17 0.42 0.38 0.42 + 0.01 1.09 0.24 35.01 32.37 32.40 - 2.58 35.01 21.55 0.25 0.20 0.22 - 0.03 0.49 0.01 0.28 0.22 0.23 - 0.04 0.52 0.02 0.37 0.28 0.29 - 0.07 0.66 0.03 0.31 0.00 0.31 - 0.01 0.65 0.21 0.08 0.07 0.07 - 0.01 0.17 0.01 0.11 0.09 0.10 - 0.01 0.22 0.02 0.09 0.00 0.08 + 0.01 0.09 0.02 0.06 0.05 0.06 + 0.01 0.07 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.02 0.02 0.02 - 0.00 0.03 0.02 0.05 0.00 0.04 - 0.01 0.14 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

St Augustine T 757 O 42 Stakeholdr Gld* Stakeholdr Gld V 106 Standard Graph V 1714 Standard Graph* O 62 Standard Metal* O 613 Stans Energy* O 736 Star Gold* O 9 Starcore Intl T 276 Starr Peak Exp V 111 Stelmine Can V 131 Sterling Grp* O 249 Stillwater Mg* N 54650 Stina Res* O 100 Stockport Expl V 147 Stonegate Agri* O 27 T 114 Stonegate Agri Stornoway Diam T 2515 Strateco Res* O 17 Strategic Metl V 350 Strategic Res V 15 Strategic Res* O 3 Stratton Res V 90 Stria Lithium V 72 Strikepoint Gd V 533 O 64 Strikepoint Gd* Strongbow Expl V 179 Sulliden Mng T 159 Sultan Mnrls V 224 Suncor Energy T 24130 Suncor Energy* N 16929 Superior Mng* O 650 Sutter Gold* O 96 Sutter Gold V 90 Syrah Res* O 45

0.05 0.04 0.04 - 0.01 0.14 0.05 0.36 0.17 0.19 - 0.06 0.67 0.05 0.37 0.00 0.25 - 0.13 0.89 0.04 0.06 0.05 0.05 - 0.01 0.13 0.01 0.06 0.04 0.04 - 0.02 0.09 0.00 0.07 0.05 0.05 - 0.02 0.21 0.01 0.04 0.03 0.03 - 0.00 0.06 0.01 0.07 0.06 0.07 + 0.01 0.20 0.05 0.50 0.45 0.46 - 0.05 0.91 0.25 0.10 0.00 0.09 + 0.01 0.19 0.05 0.34 0.00 0.27 - 0.07 0.38 0.05 0.15 0.12 0.15 + 0.01 0.18 0.01 17.27 16.24 16.27 - 1.05 17.50 4.99 0.07 0.05 0.07 - 0.00 0.14 0.05 0.04 0.00 0.04 + 0.01 0.06 0.02 0.01 0.01 0.01 - 0.00 0.03 0.00 0.02 0.02 0.02 + 0.01 0.04 0.01 1.00 0.91 0.96 - 0.04 1.33 0.66 0.01 0.01 0.01 - 0.00 0.06 0.00 0.48 0.41 0.42 - 0.01 0.86 0.25 0.22 0.00 0.19 + 0.04 0.34 0.08 0.14 0.00 0.14 - 0.01 0.25 0.14 0.62 0.60 0.62 + 0.02 0.85 0.07 0.06 0.05 0.05 - 0.01 0.18 0.03 0.43 0.38 0.43 + 0.03 0.43 0.05 0.32 0.26 0.31 + 0.06 0.30 0.08 0.17 0.14 0.16 + 0.02 0.25 0.06 0.33 0.29 0.31 - 0.01 0.47 0.19 0.09 0.00 0.07 - 0.01 0.20 0.05 44.31 42.73 43.79 + 0.82 44.31 27.32 33.79 32.09 32.82 + 0.20 33.79 18.71 0.00 0.00 0.00 - 0.00 0.02 0.00 0.03 0.03 0.03 - 0.01 0.13 0.02 0.05 0.05 0.05 - 0.01 0.16 0.04 2.34 2.00 2.26 + 0.18 4.90 2.00

Tahoe Res* N 14943 Tahoe Res T 9417 Tajiri Res V 77 Taku Gold* O 37 Taku Gold 120 Talon Metals T 473 Tamino Mnrls* O 1438 Tanager Energy V 432 Tantalex Res 261 Tanzania Rlty T 136 Tanzania Rlty* X 1039 Taranis Res V 2170 Tarku Res V 87 Tartisan Res 270 Tasca Res V 50 Taseko Mines* X 4266 Taseko Mines T 3530 Teck Res T 18770 Teck Res* N 36007 T 47 Teck Res Telson Res * O 2 Telson Res V 169 Tembo Gold V 111 Tembo Gold* O 40 Teranga Gold T 16186 Teras Res V 181 Teras Res* O 20 Terraco Gold V 264 Terrax Mnrls* O 20 Terrax Mnrls V 578 Terreno Res V 129 Teryl Res Corp* O 191 Teslin Rvr Res V 1295 Tesoro Mnrls V 11 Teuton Res V 64 Teuton Res* O 25 Themac Res V 20 Thor Expl V 202 Thunder Mtn Gd* O 78 58 Thunder Mtn Gd V Till Capital V 21 Till Capital* D 22 Timberline Res V 83 Timberline Res* O 107 Timmins Gold* X 5629

10.65 8.49 8.75 - 0.82 17.01 6.48 13.93 11.37 11.64 - 1.00 22.13 9.45 0.16 0.15 0.16 + 0.01 0.19 0.01 0.07 0.07 0.07 + 0.01 0.14 0.01 0.09 0.09 0.09 - 0.01 0.22 0.02 0.07 0.07 0.07 - 0.01 0.15 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.10 0.10 + 0.01 0.12 0.03 0.10 0.09 0.09 - 0.01 0.18 0.02 0.67 0.57 0.59 + 0.02 1.95 0.24 0.51 0.42 0.44 - 0.00 1.49 0.17 0.11 0.09 0.11 + 0.01 0.15 0.04 0.05 0.04 0.04 - 0.01 0.10 0.02 0.07 0.04 0.05 - 0.02 0.10 0.01 0.10 0.09 0.09 - 0.01 0.21 0.00 0.97 0.73 0.73 - 0.19 1.00 0.23 1.27 0.98 1.00 - 0.22 1.32 0.35 30.62 27.18 27.26 - 2.11 35.67 3.65 23.33 20.39 20.44 - 1.89 33.76 2.56 32.93 30.20 30.50 - 0.50 36.49 5.69 0.24 0.19 0.24 + 0.05 0.43 0.07 0.34 0.30 0.30 - 0.02 0.55 0.08 0.04 0.03 0.03 - 0.01 0.07 0.01 0.03 0.02 0.02 - 0.01 0.06 0.01 0.82 0.66 0.71 - 0.09 1.40 0.38 0.14 0.10 0.10 - 0.04 0.21 0.03 0.12 0.08 0.08 - 0.05 0.14 0.02 0.14 0.00 0.12 - 0.01 0.19 0.09 0.55 0.48 0.48 - 0.04 0.80 0.17 0.78 0.65 0.65 - 0.04 1.05 0.25 0.04 0.04 0.04 - 0.01 0.08 0.02 0.01 0.00 0.01 + 0.00 0.01 0.00 0.33 0.28 0.32 + 0.03 0.43 0.21 0.08 0.07 0.08 + 0.02 0.08 0.01 0.19 0.16 0.16 - 0.01 0.46 0.04 0.13 0.12 0.13 + 0.01 0.34 0.03 0.05 0.00 0.05 + 0.01 0.10 0.01 0.13 0.12 0.12 - 0.01 0.16 0.02 0.14 0.11 0.14 + 0.03 0.16 0.02 0.21 0.14 0.21 + 0.07 0.23 0.08 5.70 5.40 5.50 + 0.30 6.00 3.28 4.37 4.14 4.14 - 0.23 5.00 2.76 0.42 0.38 0.38 - 0.04 0.73 0.16 0.37 0.27 0.31 - 0.02 0.53 0.08 0.33 0.27 0.31 - 0.01 0.63 0.07

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Timmins Gold T 4070 Tinka Res* O 59 Tinka Res V 232 Tintina Mines V 125 Tintina Res* O 747 Tirex Res* O 860 Titanium Corp V 181 TMAC Resource* O 11 TMAC Resources T 324 TNR Gold V 454 Toachi Mg Inc V 120 TomaGold V 754 Tombstone Expl* O 240 Tonogold Res* O 22 Torex Gold* O 147 Torex Gold T 5458 Tower Res V 196 Transatlan Mng V 1324 Transition Mtl V 268 Treasury Metal T 618 Trecora Res* N 279 Tres-Or Res V 319 Trevali Mng* O 171 Trevali Mng T 3390 Tri Origin Exp V 664 O 124 TriMetals Mng* TriMetals Mng* O 72 TriMetals Mng T 386 Trinity Res* O 0 Trinity Valley V 114 O 433 Trio Resources* TriStar Gold* O 93 TriStar Gold V 3572 Troy Res* O 65 Tsodilo Res V 59 Tudor Gold V 44 Turquoise HIl T 8284 Turquoise HIl* N 14083 TVI Pacific* O 357

0.43 0.37 0.42 - 0.01 0.80 0.11 0.17 0.16 0.17 - 0.00 0.22 0.07 0.23 0.21 0.22 - 0.01 0.27 0.09 0.09 0.04 0.09 + 0.06 0.12 0.03 0.05 0.05 0.05 + 0.00 0.12 0.04 0.06 0.05 0.05 - 0.00 0.16 0.05 0.53 0.50 0.51 - 0.01 0.90 0.31 12.05 9.73 10.07 - 1.10 15.16 9.26 15.73 13.05 14.45 - 0.25 20.18 5.99 0.04 0.03 0.03 - 0.01 0.09 0.01 0.37 0.35 0.35 - 0.02 0.59 0.05 0.07 0.06 0.06 - 0.01 0.17 0.04 0.01 0.01 0.01 + 0.00 0.02 0.00 0.03 0.02 0.03 + 0.00 0.07 0.01 16.45 13.47 13.50 - 2.33 27.34 8.00 21.53 17.80 17.80 - 2.98 35.17 11.30 0.18 0.16 0.16 - 0.02 0.21 0.01 0.06 0.04 0.04 - 0.02 0.15 0.03 0.14 0.12 0.12 - 0.02 0.25 0.09 0.64 0.56 0.58 - 0.03 0.85 0.32 14.05 13.15 13.80 + 0.10 14.05 8.17 0.03 0.03 0.03 - 0.01 0.06 0.02 0.98 0.92 0.98 + 0.01 1.05 0.24 1.31 1.23 1.30 + 0.01 1.41 0.33 0.05 0.04 0.04 - 0.01 0.08 0.02 0.20 0.17 0.18 - 0.01 0.28 0.04 0.19 0.16 0.18 + 0.01 0.32 0.06 0.26 0.22 0.24 + 0.01 0.36 0.06 0.05 0.00 0.05 - 0.01 0.33 0.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.23 0.19 0.19 - 0.04 0.41 0.10 0.30 0.24 0.25 - 0.04 0.53 0.14 0.21 0.12 0.12 - 0.09 0.56 0.13 0.85 0.72 0.79 + 0.01 0.90 0.50 0.51 0.43 0.48 - 0.08 2.50 0.43 4.69 4.38 4.43 - 0.22 5.03 2.30 3.57 3.28 3.32 - 0.20 3.67 1.55 0.01 0.00 0.01 + 0.01 0.03 0.00

U.S. Lithium* O 2733 U3O8 Corp* O 380 U3O8 Corp T 4896 Ucore Rare Mtl V 888 199 Ucore Rare Mtl* O UEX Corp T 3825 Ultra Lithium V 25 Ultra Lithium* O 18 Umbral Enrgy 3457 Unigold V 463 Unigold* O 29 United Res Hdg* O 126 United Silver* O 130 371 United States A* X United States S* N 87706 Unity Energy V 286 Ur-Energy T 748 Ur-Energy* X 2492 Uracan Res* O 173 Uracan Res V 832 857 Uragold Bay Rs V Uranium Energy* X 9723 Uranium Hunter* O 1 Uranium Res* D 4539 V 49 Uranium Valley Uravan Mnrls V 681 US Energy* D 3237 US Precious M* O 2648 US Rare Earths* O 4 US Tungsten* O 128 USCorp* O 157 N 30043 Vale* Vale* N 166245 Valencia Vent V 51 Valley High Mg* O 8409 Valterra Res V 515 Valterra Res* O 285 Vanadiumcorp V 1129 O 79 Vanadiumcorp* Vanstar Mng Rs V 519 Vatic Vent V 347

0.08 0.05 0.05 - 0.02 0.15 0.01 0.03 0.02 0.02 + 0.00 0.03 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.34 0.28 0.30 - 0.02 0.45 0.23 0.26 0.22 0.22 - 0.02 0.35 0.16 0.23 0.20 0.22 + 0.03 0.29 0.13 0.19 0.17 0.19 - 0.01 0.35 0.08 0.18 0.15 0.15 + 0.00 0.27 0.09 0.04 0.03 0.03 - 0.01 0.10 0.02 0.29 0.23 0.24 - 0.02 0.69 0.10 0.19 0.17 0.19 - 0.01 0.51 0.08 0.04 0.02 0.03 + 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.35 0.26 0.35 + 0.05 0.60 0.16 36.86 33.78 34.70 - 1.36 39.14 6.15 0.07 0.05 0.07 - 0.01 0.48 0.05 0.78 0.66 0.78 + 0.05 0.98 0.55 0.59 0.49 0.59 + 0.03 0.73 0.41 0.06 0.04 0.05 - 0.01 0.08 0.01 0.08 0.06 0.07 + 0.01 0.10 0.01 0.16 0.13 0.14 - 0.02 0.31 0.03 1.18 0.95 1.09 + 0.02 1.47 0.65 1.50 0.00 1.45 - 0.36 6.00 0.85 1.44 1.17 1.18 - 0.26 8.88 0.97 0.33 0.00 0.21 + 0.06 0.35 0.04 0.08 0.07 0.07 - 0.01 0.42 0.05 2.74 1.35 1.75 + 0.33 3.03 0.67 0.01 0.00 0.01 + 0.00 0.03 0.00 0.15 0.00 0.05 - 0.10 0.27 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.03 0.00 7.97 7.12 7.14 - 0.64 8.30 1.55 8.96 8.09 8.17 - 0.61 9.34 2.13 0.10 0.00 0.10 + 0.02 0.40 0.07 0.00 0.00 0.00 + 0.00 0.02 0.00 0.05 0.04 0.04 - 0.02 0.09 0.01 0.04 0.04 0.04 - 0.02 0.07 0.00 0.08 0.06 0.06 - 0.01 0.08 0.03 0.05 0.05 0.05 - 0.00 0.06 0.02 0.07 0.05 0.06 - 0.01 0.10 0.03 0.08 0.06 0.07 - 0.01 0.24 0.05

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

N 2911 Vedanta* Vela Minerals V 142 Vendetta Mng V 897 O 57 Vendetta Mng* Vendome Res V 128 Verde Potash T 69 Verde Res* O 47 Veris Gold* O 675 Victoria Gold V 4334 Victory Nickel 121 Victory Nickel* O 12 Virginia Enrgy V 228 Viscount Mng V 311 Vista Gold* X 3606 Vista Gold T 121 Voltaic Min V 4194

13.11 - 1.03 14.40 3.52 14.40 13.11 0.03 0.04 + 0.02 0.08 0.04 0.04 0.05 0.12 - 0.01 0.16 0.14 0.12 0.08 0.09 - 0.02 0.11 0.11 0.09 0.05 0.13 + 0.02 0.35 0.14 0.11 0.13 0.26 - 0.01 0.48 0.27 0.24 0.04 0.04 - 0.01 0.08 0.04 0.04 0.00 0.00 + 0.00 0.01 0.00 0.00 0.14 0.44 - 0.04 0.80 0.51 0.42 0.02 0.03 + 0.01 0.05 0.03 0.02 0.01 0.01 - 0.00 0.04 0.01 0.00 0.04 0.06 + 0.01 0.08 0.06 0.00 0.43 0.61 + 0.03 0.91 0.62 0.55 0.27 0.89 - 0.17 2.09 1.05 0.86 0.39 1.20 - 0.21 2.73 1.37 1.14 0.03 0.09 - 0.01 0.52 0.10 0.08

Walker Lane* O 1 Walker River V 466 T 838 Wallbridge Mng O 1418 Walter Energy* 851 War Eagle Mg V WCB Res V 166 Wealth Mnrls* O 60 Wealth Mnrls V 710 O 699 Wellgreen Plat* Wellgreen Plat T 1021 V 29 Wescan Gldflds T 1186 Wesdome Gold 555 V West Af Res 353 West High Yld V West Kirkland V 1674 46 West Red Lake* O 1118 West Red Lake O 1 Western Areas* T 871 Western Copper X 1171 Western Copper* T 4773 Western Potash Western Uran* O 31 Western Uran 51 V 175 Westhaven Vent O 13 Westhaven Vent* O 290 Westkam Gold* V 124 Westminster Rs Westmoreland* D 1688 O 142 WestMountain* 859 White Metal Rs V 585 White Mtn Engy* O O 3 Whitehaven Coa* Whitemud Res V 91 374 Winston Gld Mg 423 Winston Gld Mg* O Wolfeye Res V 135 V 335 Wolverine Mnls WPC Res V 1550 WPC Res* O 29 X-Terra Res V 66 Xiana Mng V 3 Ximen Mng V 1684 Ximen Mng* O 108 881 XLI Tech Inc* O Xmet Inc* O 1052 V 88 Xtierra O 96 Xtra-Gold Res* Yamana Gold T 39154 85800 Yamana Gold* N Yanzhou Coal* N 531 Yanzhou Coal* O 5 T 349 Yellowhead Mng O 0 Yellowhead Mng* Yorbeau Res T 1159 23 O Zadar Vent * Zadar Vent V 1497 Zena Mng V 300 O 16 Zenyatta Vent* Zenyatta Vent V 105 Zeox Corp* O 43 Zimtu Capital V 46 Zincore Mtls V 60 Zincore Mtls* O 30 Zonte Mtls V 138

0.18 0.22 + 0.04 0.71 0.22 0.22 0.03 0.10 - 0.01 0.18 0.12 0.10 0.03 0.06 + 0.01 0.10 0.06 0.05 0.01 0.23 - 0.02 0.28 0.26 0.22 0.05 0.04 0.04 - 0.01 0.07 0.01 0.02 0.03 - 0.01 0.08 0.04 0.03 0.10 0.84 - 0.07 1.16 0.88 0.81 0.14 1.12 - 0.06 1.50 1.18 1.06 0.12 0.32 - 0.01 0.46 0.37 0.30 0.17 0.42 - 0.02 0.62 0.48 0.40 0.02 0.09 + 0.01 0.11 0.09 0.00 0.98 2.16 - 0.20 3.08 2.51 2.07 0.24 0.20 0.20 - 0.03 0.40 0.05 0.14 0.11 0.12 - 0.01 0.30 0.09 0.04 0.08 - 0.01 0.17 0.09 0.08 0.14 0.12 0.12 - 0.01 0.31 0.02 0.19 0.16 0.17 + 0.01 0.40 0.01 1.28 2.35 + 0.03 2.35 2.35 2.32 0.29 1.40 - 0.10 1.50 1.50 1.30 0.20 1.07 - 0.07 1.15 1.15 0.99 0.12 0.17 + 0.04 0.22 0.18 0.13 0.96 1.04 + 0.02 2.67 1.25 1.04 1.20 1.38 - 0.02 3.49 1.66 1.35 0.04 0.13 + 0.02 0.16 0.14 0.11 0.08 0.10 + 0.01 0.12 0.10 0.09 0.02 0.02 - 0.00 0.07 0.02 0.02 0.02 0.03 - 0.01 0.18 0.03 0.03 17.74 - 0.99 19.92 3.44 18.97 17.38 0.02 0.02 - 0.01 0.20 0.03 0.02 0.06 0.04 0.04 - 0.01 0.13 0.02 0.03 0.02 0.02 - 0.01 0.18 0.01 0.25 1.96 - 0.09 2.50 2.10 1.96 0.01 0.01 + 0.01 0.03 0.01 0.00 0.32 0.24 0.27 - 0.05 0.64 0.10 0.26 0.18 0.20 - 0.05 0.49 0.10 0.23 0.37 + 0.04 0.37 0.37 0.33 0.06 0.07 - 0.02 0.18 0.08 0.06 0.03 0.07 - 0.01 0.13 0.08 0.07 0.06 0.06 - 0.00 0.08 0.06 0.06 0.06 0.17 - 0.03 0.31 0.20 0.17 0.03 0.11 - 0.01 0.21 0.11 0.11 0.03 0.07 - 0.01 0.18 0.10 0.07 0.02 0.05 + 0.00 0.13 0.06 0.05 0.01 0.01 0.01 - 0.00 1.48 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.01 0.04 + 0.01 0.08 0.05 0.00 0.14 0.14 - 0.01 0.43 0.16 0.14 2.00 3.55 - 0.26 7.87 4.05 3.34 1.38 2.64 - 0.25 5.99 3.09 2.49 3.66 7.07 - 0.54 8.09 7.58 7.06 0.39 0.72 + 0.00 0.83 0.72 0.71 0.03 0.05 - 0.01 0.10 0.07 0.05 0.02 0.04 - 0.01 0.06 0.04 0.04 0.06 0.09 - 0.01 0.14 0.10 0.09 0.06 0.06 0.06 - 0.00 0.20 0.06 0.02 0.08 - 0.01 0.26 0.09 0.08 0.05 0.10 + 0.03 0.12 0.12 0.08 0.48 0.70 - 0.00 1.17 0.72 0.68 0.63 0.97 + 0.03 1.55 0.97 0.91 0.00 0.00 + 0.00 0.00 0.00 0.00 0.12 0.17 - 0.02 0.38 0.19 0.17 0.03 0.18 - 0.01 0.30 0.18 0.18 0.07 0.10 + 0.01 0.15 0.10 0.09 0.05 0.09 - 0.02 0.13 0.10 0.00

W-Z

BID-ASK — DECEMBER 12–16, 2016

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Aldershot Res Alexandra Cap ALQ Gold Alta Vista Vnt Altan Rio Mnls Alturas Mnrls Amanta Res Anglo Pac Grp Arch Coal* Armor Mnrls Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Aurania Res Balto Res Baroyeca Go&Si BE Res Bearing Res Benz Mining Benz Mining BHK Mining Black Bull Res BlackEagle Dev Bluenose Gold Boss Power Brazil Res Brunswick Res Buccaneer Gold Cancana Res Canuc Res Carrie Arran Cascade Res Cassidy Gold Chieftain Mtls Chimata Gold Chinapintza Mg CIM Intl Grp Cliffs Nat Res* CMX Gold & Sil Comet Inds Compliance Egy Cons Westview Cresval Cap DGS Mnls DV Resources Empire Rock Enfield Expl European Metal Excalibur Res Falcon Gold Finlay Minrls

8-10_DEC26_StockTables.indd 10

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

0.10 0.40 0.15 0.25 0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.10 0.12 0.12 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.05 0.07 0.05 0.07 0.02 ...

0.02 0.03 0.06 0.12 0.06 0.06 0.05 0.05 0.06 0.22 0.02 0.02 0.02 0.04 0.04 0.05 0.05 0.08 0.01 0.02 0.01 ...

1.99 1.10 1.50 ... ...

0.58 0.35 0.59 0.39 0.85 0.23 0.42 0.23 0.40 0.06 0.08 0.08 0.10 0.01 0.05 0.01 0.01 ... ...

0.06 0.45 0.61 0.70 0.61 0.73 0.01 0.03 0.01 0.03 0.01 0.02 0.01 0.03 ... 0.34 0.35 0.50 0.51 0.50 0.55 0.03 0.03 0.03 0.08 0.02 0.03 0.02 0.05 0.04 0.04 0.04 0.09 ...

0.01 0.01 0.01 0.15 0.05 0.12 0.01 0.04 0.01 0.04 0.17 0.20 0.17 2.05 2.10 2.08 3.35 0.04 0.05 0.04 0.04 0.03 0.04 0.04 0.04 0.38 0.41 0.40 0.52 0.23 0.29 0.25 0.27 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 ... ...

0.05 0.23 0.01 0.02 0.02 0.05 0.01 0.02 0.01 0.01 ... ...

0.80 1.50 1.45 3.20 1.43 7.17 0.09 0.09 0.09 0.10 2.65 2.90 2.70 3.00 0.03 0.03 0.03 0.25 0.44 0.70 0.44 0.56 0.04 0.06 0.04 0.06 0.04 0.09 0.04 0.05 0.03 0.04 0.04 0.06 0.07 0.13 0.07 0.27 ... ...

0.01 0.01 ... 0.01 0.01 0.01 0.09 0.10 0.10 0.11 0.08 0.10 0.08 0.20 0.04 0.05 0.04 0.09

LOW

STOCK

0.05 0.02

Fire River Gol V C GAR Limited Gentor Res V Global Cobalt V Global Cop Grp V God’s Lake Res C Goldbelt Emp V V Golden Harp GoldTrain Res C Graniz Mondal V Greatbanks Res V Green Arrow V Greywacke Expl C Handa Copper V Highbury Proj V Highvista Gold V Interconnect V Intigold Mines V Iron South Mng V JDF Explor Inc C Jet Metal V V Jiulian Res Jubilee Gold V Kairos Cap V Karoo Expl V Kenna Res V Kestrel Gold V Lucky Mnls V Madeira Mrnls V MAG Silver* X Mainstream Mnl V Match Capital V Metallum Res V Milner Con Slv V Moag Copper C Montana Gold C Mountain Lake C Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V Newstrike Res V Nickel North V Niocan Inc V Norsemont Cap C North Am Ptash V North Am Tung V NRG Metals V NSGold V NSS Res Inc C Open Gold V Oriental Non F C Oxford Res V Pac Arc Res V Pac Cascade V Pac Link Mng V Pan Global Res V Peat Res V Philippine Mtl V

0.03 0.01 0.08 0.16 0.12 0.01 0.02 0.03 0.03 0.01 0.01 0.75 0.12 0.09 0.01 0.01 0.06 0.33 0.01 0.01 0.13 0.01 0.01 0.03 0.01 0.01 0.38 0.01 0.02 0.13 0.05 0.05 0.02 0.01 0.03 0.01 0.01 0.40 0.98 0.05 1.25 0.03 0.22 0.03 0.04 0.03 0.05 0.01 0.01 0.01 0.03 0.03

12-MONTH

EXC BID ASK LAST HIGH LOW

0.03 0.07 0.09 0.75 0.02 0.04 0.04 0.05 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.02 ...

0.02 0.08 0.04 0.05 0.04 0.07 0.13 0.16 0.15 0.28 0.04 0.08 0.06 0.25 0.04 0.05 0.04 0.05 0.03 0.05 0.03 0.03 0.04 0.03 0.10 ... 0.06 0.06 0.06 0.05 0.06 0.05 0.07 0.26 ...

0.26 0.27 ... 0.16 0.17 0.07 0.17 0.06 0.14 0.03 0.04 0.03 0.19 0.24 0.27 0.24 0.28 0.01 0.05 0.01 0.01 0.10 0.10 0.09 0.12 0.03 0.04 0.03 0.05 0.46 0.70 0.46 0.75 0.07 0.18 0.08 0.09 0.01 0.02 0.01 0.02 0.13 0.16 0.15 0.27 0.02 0.02 0.02 0.07 0.13 0.18 0.12 0.12 0.02 0.03 0.02 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.01 0.04 0.04 0.04 0.03 0.06 0.12 0.04 0.07 0.04 0.07 ... ...

0.08 0.09 0.10 0.10 0.10 ... 0.01 0.01 0.01 0.20 0.29 0.20 0.30 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.10 0.13 0.10 0.19 0.02 0.03 0.03 0.04 0.06 0.07 0.07 0.18 0.27 0.34 0.34 0.35 0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.11 0.11 0.11 0.18 0.07 0.13 0.07 0.12 ... ...

0.20 0.01 0.01 0.01 ... ...

0.70 0.87 0.02 0.03 0.03 0.14 0.18 0.15 0.50 0.01 0.02 0.01 0.02 0.02 0.07 0.02 0.03 0.04 0.05 0.04 0.08 0.02 0.02 0.02 0.07 0.03 0.05 0.03 0.18

0.03 0.01 0.01 0.01 0.04 0.02 0.02 0.03 0.05 0.01 0.03 0.04 0.03 0.13 0.05 0.03 0.04 0.01 0.07 0.01 0.30 0.02 0.01 0.12 0.01 0.05 0.01 6.12 0.01 0.02 0.02 0.01 0.15 0.01 0.02 0.08 0.02 0.01 0.05 0.22 0.03 0.01 0.02 0.04 0.27 0.05 0.01 0.01 0.01 0.01 0.01

STOCK

Phoenix Gold Phoenix Metals Prime Meridian Prism Res ProAm Expl Randsburg Intl Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Red Rock Enrgy Remo Res Rift Valley Riley Resource River Wild Exp Rockex Mng Romulus Res RosCan Mrnls Ross River Rubicon Mnrls* Rubicon Mnrls Saville Res Scavo Res SGX Res Silver Phoenix Sniper Res Spada Gold Squire Mg Ltd Standard Toll Stone Ridge Ex Strata Mnls Swift Res Talmora Diamd Tanqueray Expl Tearlach Res Teryl Res Corp Theia Res Tiger Intl Tiller Res Tolima Gold Tri-River Vent Trident Gold Troy Enrgy True Grit Res UC Res United Coal Universal Vent Velocity Mnrls Venerable Vent Volcanic Mtls Western Troy C Westridge Res Whistler Gold Zara Res Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

... 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.18 0.13 0.23 0.19 0.23 0.02 0.03 0.02 0.03 0.01 0.02 0.01 0.02 0.11 0.16 0.15 0.89 0.01 ...

0.01 0.02 0.01 0.04 0.01 0.08 0.02 0.03 0.02 0.02 0.01 0.01 0.01 0.03 0.05 0.20 0.10 0.10 0.01 0.02 0.01 0.01 0.05 ...

0.13 0.13 0.01 0.10 0.01 0.01 0.05 0.06 0.06 0.75 0.09 ...

0.09 0.17 0.02 0.04 0.02 0.04 0.01 0.01 0.01 0.03 ... ...

0.03 1.35 0.05 0.05 0.05 0.17 0.03 0.04 0.02 0.05 0.36 0.57 0.36 0.54 0.02 0.02 0.02 0.05 0.02 0.38 0.15 0.15 0.01 0.01 0.01 0.07 0.15 0.30 0.13 0.60 0.11 0.17 0.16 0.19 ... 0.01 0.01 0.02 0.05 0.19 0.05 0.17 0.01 0.02 0.01 0.05 0.20 0.24 0.25 0.25 0.01 0.05 0.01 0.05 0.18 0.38 0.17 0.17 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.10 0.17 0.13 0.20 0.09 0.24 0.08 0.20 0.04 0.08 0.05 0.09 0.01 0.01 0.01 0.03 0.03 0.12 0.03 0.07 0.02 0.03 0.02 0.03 0.01 0.06 0.01 0.05 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.18 0.22 0.18 0.19 0.16 0.22 0.16 0.18 0.23 0.30 0.23 0.23 0.03 0.03 0.03 0.05 0.01 0.03 0.01 0.03 0.06 0.08 0.06 0.06 ... 0.02 0.01 0.10 0.05 0.07 0.05 0.08

0.02 0.08 0.07 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.05 0.01 0.10 0.01 0.02 0.08 0.01 0.01 0.03 0.02 0.01 0.26 0.01 0.01 0.01 0.13 0.10 0.01 0.04 0.01 0.01 0.01 0.02 0.02 0.01 0.05 0.08 0.01 0.01 0.03 0.01 0.01 0.01 0.01

0.06 0.05 0.04 0.01 0.01 0.01 0.01 0.01

2016-12-20 4:53 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 26, 2016–JANUARY 1, 2017

11

GMV Minerals CEO discusses ‘unexpected’ target at Mexican Hat ARIZONA

| Company rethinks gold prospect as exploration results in discoveries

BY MATTHEW KEEVIL

G

mkeevil@northernminer.com VANCOUVER

MV Minerals (TSXV: GMV; US-OTC: GMVMF) is shifting the narrative around its Mexican Hat gold property, 115 km east–southeast of Tucson, Arizona.

Earlier this year the company was outlining a near-term production story underpinned by a large-scale, column leach metallurgical test, a 20-tonne bulk sample and indications of an upcoming preliminary economic assessment (PEA). After historic data review and prospecting, however, GMV’s team now has its eyes on a potential grassroots discovery at the Hernandez Hill target.

The company acquired a 100% interest in Mexican Hat during the commodity downturn in 2014. The property was explored by Placer Dome through the early 1990s, but had gone through sporadic ownership without systematic exploration campaigns. Current resource modelling shows that the core concessions host 23.5 million inferred tonnes averaging 0.7 gram gold per tonne for 531,400 contained oz., at a cut-off grade of 0.2 gram gold.

“We’re the first company that has really consolidated the entire package and all the historic drilling,” president and CEO Ian Klassen said during an interview.

“With the technical work we have on the resource right now, we could be in a position to file a mine plan of operation and get into the regulatory process. As we’ve advanced our work programs on the property, however, we’ve come to realize that there’s quite a bit of potential to not only expand existing resources, but also in terms of discoveries,” he added.

The company put together a $3-million, non-brokered private placement in August wherein it issued 5.8 million units priced at 50¢. A unit consists of a share and half a purchase warrant, with each full warrant is exercisable at 65¢ for 18 months.

The story focused on development options at the time, and GMV outlined a 14-hole program to expand resources.

A crew from O’Keefe Drilling collars a drill hole at the Mexican Hat gold project in Arizona. GMV MINERALS

The current geological model at Mexican Hat defines mineralization that is structurally controlled by fault-fracture (joint) zones and related breccias, commonly found in alkaline volcanic rocks.

Gold is found in the “free form within fractures” that are often hematite altered, and the outstanding resource is reportedly constrained to re-altered (hematized) fractures that crosscut Tertiary volcanic rocks.

GMV initially targeted a southeast extension of the H2 zone, which has been traced for 600 metres along strike, and reported that its first four holes found “multiple structural zones with intense hematization,” though assays were pending at press time.

The company uncovered something unexpected, however, during

soil geochemistry sampling to test areas covered with Quaternary sand deposits on Hernandez Hill, which lies 500 metres northeast of the Mexican Hat resource.

GMV outlined a coincident mercury, antimony and arsenic anomaly, with anomalous gold values across the northeastern part of the survey.

The combined material pathfinder geochemical signatures — including gold, and a broad area of silicification and alteration — could indicate a conventional epithermal target often found in the Basin and Range province of the southwestern United States.

“Hernandez Hill is still based on soil samples, but if you dig into the technical details, you’ll see why we’re excited,” Klassen said. “We’ve sourced out epithermal experts familiar with this signature, and the

consensus has been: ‘Gentlemen, drill that immediately.’ The trick is figuring out where to collar the holes, but the upcoming lithogeochemistry and geophysics will help. We expect to have results [shortly].”

The soil grid area hosts two topographic highs and includes areas of outcrop exposure, which is reportedly “otherwise rare, away from Mexican Hat hill itself.” The topographic highs are underlain by a well-fractured andesite that is silicified with chalcedony and opaline quartz.

The soil sampling program is being expanded to the north to provide better coverage, while a lithogeochemical program of the silicified region is pending. GMV hopes to mobilize a diamond drill to the target in early 2017.

“We started into this deal say-

ing: ‘No exploration. We have a near-term production story here,’” Klassen said. “An open-pit, heapleach opportunity remains in focus, and even if the Hernandez Hill discovery doesn’t yield ounces, we’re confident we are well on our way to expanding the resource with our step-out program. But I will say it is fun being involved in exploration again, and it’s certainly great that we can add that discovery theme to our story.”

GMV shares have traded in a 52week range of 8¢ to 70¢ per share, and gained nearly 60% — or 18¢ — since July, en route to a 49¢-pershare close at press time.

The company has 32.5 million shares outstanding for a $16-million market capitalization, and reported $3.7 million in net working capital at the end of September. TNM

Looking east at a drill site at GMV Minerals’ Mexican Hat gold project, 115 km southeast of Tucson, Arizona. GMV MINERALS

1 2 3 4 5 11 13 14 15 16_DEC26_Main .indd 11

2016-12-20 6:35 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 26, 2016–JANUARY 1, 2017

13

Matamec splits gold and energy projects into two companies QUEBEC

BY SALMA TARIKH starikh@northernminer.com

M

ontreal-based Matamec Explorations (TSX V: MAT) is dividing its gold and energy-related projects into two entities in hopes of gaining more traction among investors.

“Our strategy is to split Matamec into two,” Andre Gauthier, the company’s president, said in a recent interview in Toronto.

This makes it easier for investors because those with an appetite for gold exploration could stick with Matamec Explorations, which will be renamed Matamec Gold.

Those interested in elements for technologies related to energy — such as rare earth elements (REE), lithium and cobalt — could invest in Matamec Energy, Gauthier says.

Matamec has transferred its energy-related properties — including its feasibility-stage Kipawa heavy REE deposit in Quebec — into its subsidiary Matamec Energy. It aims to list the subsidiary on the TSX Venture Exchange in 2017, largely depending on financing.

“We will cross our fingers that everything goes well,” Gauthier says.

Matamec is in the midst of acquiring the Casa Berardi South and Troilus North gold projects, and the Lorraine nickel-cobaltplatinum-palladium-rhodium project from Greg Explorations.

All three are in Quebec.

The junior also aims to complete National Instrument 43-101 reports on all of its projects once it secures more financing for both of its companies.

Matamec holds eight gold projects across Ontario and Quebec, including the two that it is in the process of acquiring.

Of note, the Casa Berardi South gold property sits near Hecla’s (NYSE: HL) producing Casa Berardi gold mine in Quebec.

Along the stratigraphic rock formations east of Goldcorp’s (TSX: G; NYSE: GG) Hoyle Pond gold mine in Timmins, Ont., Matamec holds a 1% net smelter return royalty on the new HMR property, a 50% interest in the Matheson joint-venture property and a 100% interest in the Pelangio property.

It also holds two gold properties — 50% of the Sakami project and 100% of the Opinaca Gold West project — in the same geological setting as Goldcorp’s Éléonore gold mine in Quebec.

Of the eight, Sakami is the most advanced. Drilling began on the project mid-year, where one of the best holes returned 4.94 grams gold per tonne over 21.1 metres within a wide, gold-bearing intersection of 2.52 grams gold over 48.6 metres from the northwest extension of Zone 25 (main zone).

Me a nw h i l e , M a t a m e c E nergy holds four energy-related properties, including the Tansim lithium project, the Fabre cobalt-silver project, Lorraine and Kipawa. All four sit in southwestern Quebec.

Matamec hopes to secure $5 million in financing for each of its two entities in 2017. The funds will bolster exploration work and technical reports.

Gauthier notes the Kipawa joint venture already has $1.3 million committed for next year, which will go towards the $5 million

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| Junior aims to list Matamec Energy on TSXV in 2017

total for Matamec Energy.

Matamec owns 72% of Kipawa and Ressources Québec — a subsidiary of Investissement Québec — owns 28%. Toyota Tsusho Corp. holds a 10% royalty on net profit in the deposit.

An October 2013 feasibility study on Kipawa shows the project could produce 3,600 tonnes of mixed rare earth concentrate per year for 15 years. Estimated start-up costs are $374.4 million, with a 16.8% after-tax internal rate of return.

After the study, Toyota chose to convert its 49% stake in Kipawa into a royalty, citing it could buy cheaper REE in China.

However, the Quebec govern-

ment, recognizing the quality of the project, stepped in to help Matamec advance Kipawa, Gauthier says.

Since 2013, Matamec has been optimizing the project’s metallurgy and process design, among other things, to improve costs.

“Our target is to reduce capex from $380 million to $200 million and the operating expenditures from $80 million to $50 million a year,” Gauthier says. Matamec plans to complete its second mini pilot plant in 2017, and publish an updated feasibility study in late 2017 or early 2018.

On Dec. 13, Matamec fell 11% to 4¢, within a 52-week range of 2¢ of 10.5¢. TNM

A worker cuts a channel sample in 2010 from the Kipawa deposit at Matamec Exploration’s Zeus REE project in Quebec. MATAMEC EXPLORATION

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DECEMBER 26, 2016–JANUARY 1, 2017 / THE NORTHERN MINER

Arizona Mining’s Taylor zinc-lead project, 80 km southeast of Tucson, Arizona. ARIZONA MINING

Arizona shares tumble on speculation ARIZONA From 1

deposit to the infamous Bre-X Minerals scandal, likely causing some investors to sell. The stock lost 20% over three days.

The company — led by Jim Gowans, formerly co-president of Barrick Gold (TSX: ABX; NYSE: ABX) — fired back the next day.

Arizona called the article that GMO has since retracted “misleading.” It said the article implied that Hermosa’s Taylor and Central manganese-silver oxide deposits were the same deposit.

Arizona said initial metallurgical work completed on different types of ore found at the Taylor deposit concluded the project could produce “marketable-grade lead and zinc concentrates.”

The results — contained in the March 2016 technical report — indicate the Taylor deposit could generate two concentrates: a lead concentrate containing 0.1% manganese, and a zinc concentrate containing 1.3% manganese.

Arizona says the smelter penalties for zinc concentrate contain 1.3% manganese at US$12 per tonne.

Given that zinc concentrate costs over US$1,100 per tonne, Arizona says the penalty is “immaterial.”

“THE BIGGEST CHALLENGE IS NOT THE METALLURGY BUT RATHER OVERCOMING THE ANTI-MINING LOBBY, WHICH WILL STAGE FROM THE NEARBY COMMUNITY OF PATAGONIA.” JOHN KAISER AUTHOR, KAISER RESEARCH ONLINE

On Dec. 14, GMO published a follow-up article suggesting that Arizona would again run into trouble with smelter penalties. The company shot back the same day. It reiterated it should have no problem selling the Taylor zinc concentrate to smelters, adding that smelters have already expressed interest in the project’s future supply of zinc concentrate.

Since the first GMO article, Arizona shares plunged 65¢ over three trading days to close Dec. 14 at $2.66 per share.

“Reasonable questions about the metallurgy of the Taylor deposit have, in some cases, devolved into unfounded speculation due to unsourced generalizations about base metal processing that prey on investors’ unfamiliarity with relatively complex science and

Published by:

engineering practices,” Scotiabank analyst Trevor Turnbull notes.

The manganese content varies throughout the Taylor orebody, which helps Arizona lower the manganese level by blending ore from different areas. This could allow the firm to lower the US$12per-tonne penalty, Turnbull says.

As part of the work required for Taylor’s preliminary economic assessment (PEA) due at the end of March 2017, Arizona is refining the metallurgical work. It is also evaluating the possibility of adding froth washing to the zinc cleaners.

“The biggest challenge is not the metallurgy, but rather overcoming the anti-mining lobby that will stage from the nearby community of Patagonia,” John Kaiser, author of Kaiser Research Online, said in an email.

“With regard to the manganese level, according to Jim Gowans, this is not a fatal flaw — simply an issue that has to be dealt with in the smelter arrangements for the concentrate,” Kaiser says. “Ironically, both issues become less important the bigger the project becomes. The key to becoming big is securing the ability to ramp into the deposit rather than rely on a shaft to hoist the ore.” If the company can do this, Kaiser says Taylor could become of “strategic importance to the metal supply future of the United States.”

On Dec. 15, the company published another three exploration holes from its drill program at Taylor. The best result was from a step-out hole drilled 335 metres northwest of the boundary of the current resource. The hole cut several high-grade zinc-lead-silver veins, including a 10-metre interval returning 22.8% zinc, 20.2% lead and 381 grams per tonne silver. (The true thickness is still unknown.)

So far, Arizona has published 37 holes from the drill program. It has 14 drill rigs infilling and expanding the Taylor deposit, which is open in all directions.

Shane Nagel, an analyst at National Bank, writes that the results

since the October 2016 resource update have “averaged 3.7 metres grading 20.4% zinc-equivalent,” which is well above the resource’s current zinc equivalent grade.

He models average annual production of 340 million lb. zinc at all-in sustaining costs of US20¢ per lb., net of by-product credits, over a 20-year mine life, starting in 2022. Nagel pegs initial capital at US$850 million. He expects Arizona will fund this through debt, equity and a silver-stream financing.

The analyst adds the upcoming PEA should confirm his operating assumptions and provide more details on the proposed permitting timeline. Nagel models three years for permitting.

According to the amended November 2016 technical report, it takes on average four years for the U.S. Forest Service to prepare an environmental impact statement.

Arizona expects it can obtain its other permits during the same time.

Arizona’s CEO Gowans was unavailable for comment.

The latest drill results sent Arizona shares up 10¢ to $2.76 on Dec. 15, before closing the next day at $2.67. Year-to-date, the stock is up an astonishing 722%. TNM

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2016-12-20 7:09 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 26, 2016–JANUARY 1, 2017

15

AME names 2016 award winners

RECOGNITION

T

| Leaders in exploration, development and financing and beyond to be honoured during Roundup

he Association for Mineral Exploration (AME) has announced the recipients of its annual awards.

The winners will be honoured at the AME Awards Celebration of Excellence Gala on Jan. 25, 2017, during the Roundup conference in Vancouver. For more information and tickets visit www.amebc.ca/ roundup.

“It is our honour to recognize with these awards those in our industry who through their leadership, resilience and innovation have contributed at the highest standards of excellence in exploration and mineral development,” chair of AME’s board Diane Nicolson said.

“What they have attained is an inspiration to all and we look forward to celebrating their achievements.”

Don Parsons and Steve Robertson are this year’s recipients of the E.A. Scholz Award for excellence in mine development in B.C. and Yukon. They are honoured for their pivotal role in advancing Imperial Metals’ (TSX: III) Red Chris copper-gold project to commercial production in northwest British Columbia.

The winners Chris Rockingham, Carl Edmunds and Wade Barnes, are recognized with the H.H. “Spud ” Huestis Award for excellence in prospecting and mineral exploration for their discovery and resource definition of AuRico Metals’ (TSX: AMI) Kemess East deposit in north central B.C., 250 km north of Smithers.

William Lamb (top) and Lukas Lundin will share the Hugo Dummett Diamond Award.

This year’s recipients of the E.A. Scholz Award: Don Parsons (top) and Steve Robertson.

This year’s Colin Spence Award for excellence in global mineral exploration is going to David Broughton and Sello Kekana in recognition or their work that led to the discovery of the Tier One Flatreef underground deposit at Ivanhoe Mines’ (TSX: IVN) Platreef PGM-nickel-copper-gold project in South Africa’s Bushveld Complex.

Jim Cooney, the recipient of the 2016 Robert R. Hedley Award.

JoAnne Nelson, the recipient of a this year’s Special Tribute.

and social values into the mining industry.

The late Graham Ennis will be honoured with the David Barr Award for excellence in leadership and innovation in mineral exploration health and safety, for passion and dedication to the well-being and safety of workers in the diamond drilling industry.

JoAnne Nelson, a 30-year veteran of the B.C. Geological Survey is the recipient of a Special Tribute in recognition of her distinguished career in geoscience work, focused on the tectonics, structural geology and metallogeny of the Northern Cordillera spanning B.C., Yukon

and Alaska.

Susan Craig is recognized this year with the Gold Pan Award for her exceptional meritorious service to the mineral exploration community through AME. Barb Caelles, Alex Christopher and Diane Gregory have been chosen for the Frank Woodside Past Presidents and Past Chairs Award for their distinguished service to the association and/or contribution to the mineral industry.

The two recipients of AME’s Outreach Education Fund are Britannia Mine Museum for its education programs and MineralsEd for its Kids & Rocks program. TNM

AME has selected Terry Salman for this year’s Murray Pezim Award recognizing perseverance and success in financing mineral exploration. Terry has been a leader in the junior exploration financing space for 40 years through his career at Nesbitt Thomson, Salman Partners and Salman Capital.

Terry Salman, the recipeient of the 2016 Murray Pezim Award.

H.H. “Spud” Huestis Award winners (from top) Chris Rockingham, Carl Edmunds and Wade Barnes.

William Lamb and Lukas Lundin will both share the 2016 Hugo Dummett Diamond Award for excellence in diamond exploration and development in recognition of their work in developing Lucara Diamond’s (TSX: LUC) Karowe diamond mine in Botswana.

The 2016 Colin Spence Award is going to David Broughton (top) and Sello Kekana.

Jim Cooney is the recipient of the 2016 Robert R. Hedley Award for excellence in social and environmental responsibility. He receives the award for his role as a leader and mentor who has led and shaped the integration of environmental

The processing plant at Imperial Metals’ Red Chris copper-gold mine in northwest British Columbia, where Don Parsons and Steve Robertson earned this year’s E.A. Scholz Award IMPERIAL METALS

Lucara Diamond’s Karowe diamond mine in Botswana. AME selected William Lamb and Lukas Lundin for the Hugo Dummett Diamond Award this year for their work developing the mine. LUCARA DIAMOND

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2016-12-20 7:09 PM

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WWW.NORTHERNMINER.COM

DECEMBER 26, 2016–JANUARY 1, 2017 / THE NORTHERN MINER

El Cobre porphyry is Almadex’s priority COPPER-GOLD

| Almaden spin-off gets busy

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

A

lmadex Minerals (TSXV: AMZ; US-OTC: AXDDF) president and CEO Morgan Poliquin and his team are among the top mineral explorers in eastern Mexico, and they may have another impressive discovery on their handst.

The company’s attention is locked on the El Cobre copper-gold porphyry discovery, 75 km northwest of the major port city of Veracruz, which generated promising drill intercepts earlier this year.

The company is a spin-off from Almaden Minerals (TSX: AMM; NYSE-MKT: AAU), and has 20 properties and 20 royalties. The corporate restructuring separated earlier stage exploration assets from Almaden’s developmentstage, multimillion-ounce Ixtaca silver-gold project, 95 km north of Puebla city.

Alsmaden is advancing Ixtaca towards a prefeasibility study, and could have its permits by early 2018.

“Almaden is now really a singleasset development vehicle, and there’s an outcome where Ixtaca is acquired by someone else,” Poliquin said during an interview.

“In that scenario there’d likely be a spin-out company, and we preferred to get out ahead of it and do it on our shareholders’ terms.

Almadex has upside exposure to Ixtaca, while really clarifying the story ... for both companies,” he added.

The new Almadex exploration vehicle turned its attention to El Cobre, where Almadex’s team had defined a “large multi-stage and phase porphyry system, with at least four centres located along more than 4 km of strike extent.”

The four copper-gold porphyry targets at El Cobre — namely Los Banos, El Porvenir, Norte and Villa Rica — are defined by copper-gold soil anomalies, positive magnetic features and an “extensive” inducedpolarization (IP) chargeability

anomaly.

Almadex’s priority was following up on promising drill intercepts dating back to 2008, which include 41.2 metres averaging 0.42 gram gold per tonne and 0.3% copper in hole 08-CBCN-022 at the Notre zone. The company’s efforts paid off in August when follow-up hole 16-10 cut 163.5 metres grading 0.68 gram gold and 0.3% copper from 153 metres deep. The intercept hit a zone of “intense” quartz stockwork veining, potassic alteration and copper-gold mineralization.

“We’ve had a great run based on those results, and we think we’re on the fringes of a large porphyry centre, or centres. We’re seeing over 4 km of mineralization, so the key is to focus on where the core intrusive area of the system is located,” Poliquin said.

“We’re drilling in a succession of volcanic rocks, and our interpretation is that the grades are constrained by lithology. There’s a horizontal distribution to the higher gold and copper grades, and the IP anomaly we’ve identified is increasing in strength as we move south. The data had pointed in that direction already, but these recent holes also fit that interpretation,” he said.

Norte is located at the north end of a large area of intense hydrothermal alteration, high magnetics and chargeability geophysical responses, as well as a broad zone of anomalous gold, copper and molybdenum in soils.

Mineralization is interpreted to be lithologically controlled and hosted by country rocks distal to the core of a porphyry system.

Almadex intends to move south along a drill grid towards larger, untested targets like the Villa Rica zone. The company recently shipped a “more powerful drill” for its next round of exploration.

Results from Norte released on Nov. 9 are highlighted by 38.5 metres of 0.55 gram gold and 0.2% copper from 275 metres deep in hole 16-13.

“A systematic approach to drill is what’s needed at El Cobre, because

Almadex Minerals’ president and CEO Morgan Poliquin (left) and director Larry Segerstrom at the El Cobre copper-gold property in eastern Mexico, 75 km northwest of Veracruz. ALMADEX MINERALS

“WE THINK WE’RE ON THE FRINGES OF A LARGE PORPHYRY CENTRE, OR CENTRES.” MORGAN POLIQUIN PRESIDENT AND CEO, ALMADEX MINERALS

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gold-porphyry systems are often different from large-scale copper systems. They tend to be much more discrete, so when you have the scale of geophysical anomaly we have, you can’t just drill a couple holes and feel like you’ve tested it,” Poliquin added. “We’re putting a drill program together that’s focused on stepping out and following up on that model.”

Almadex’s shares have surged nearly 118%, or 82¢, since the news of the Norte discovery in August, en route to a $1.52 close at press time.

The company has 44.3 million shares outstanding for a $66 million press-time market capitalization, and reported working capital of $8.5 million at the end of September.

“We’ve had quite a run in our stock based on the discovery of this broad zone ... we’ve seen the markets retract a little bit, but we have a strong working capital position that gives us flexibility. There’s no urgency to raise money, but it would be prudent for us,” Poliquin said. TNM

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A drill site at Almadex Minerals’ El Cobre copper-gold project in Mexico. ALMADEX MINERALS

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2016-12-20 7:09 PM