The Northern Miner December 5 2016 Issue 43 by The Northern Miner Group

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RANDGOLD, NEWCREST

ODDS ‘N’ SODS

Miners plan to explore Côte d’Ivoire together / 3

1950s field life in Quebec / 4

AURA MINERALS

Tables study for EPP in Brazil / 13

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Sandspring drills Sona Hill anomaly near Toroparu

G4G Capital’s stock surges with option on Shawn Ryan’s claims INTERVIEW

| Prospector teams with junior to explore 2,490 sq. km in the Yukon

GOLD |

CEO Munson convinced deposit in Guyana’s northwest can become a mine BY TRISH SAYWELL tsaywell@northernminer.com

year ago, Sandspring Resources (TSXV: SSP; USOTC: SSPXF) “couldn’t beg, buy or steal money,” CEO Richard Munson says, “and there was a period of time when I was lending money to the company from my home line of credit.” But in April this year, a multimillion-dollar private placement was oversubscribed “ten minutes after we announced it was available.” The $6.5 million raised will finance the junior well into 2017, Munson says, including a moderate exploration program in 2016 at its 6.9 million oz. Toroparu gold deposit in Guyana, 225 km west of Georgetown, the country’s capital city. “We believe in the property,” he says in a telephone interview from Guyana. “It’s hard to walk away when you see one that you’re convinced is going to be in production.” Sandspring’s Toroparu deposit is located within its 626 sq. km concession in the Upper Puruni River region of western Guyana and Munson describes the project as “the fourth-largest undeveloped, multimillion oz. gold deposit owned by an independent junior company in South America.” A prefeasibility study completed on Toroparu in May 2013 by SRK Consulting envisioned an openpit mining operation from two pits producing 200,000 oz. gold a year over an initial 16-year initial mine life. See SANDSPRING / 2

The Yukon River in the White Gold district in the Yukon. PHOTO COURTESY OF SHAWN RYAN BY TRISH SAYWELL

tsaywell@northernminer.com

enowned Klondike prospector Shawn Ryan and his wife and business partner Cathy Wood require little introduction. The Yukon-based couple made it big finding two large gold deposits near Dawson City, and launching the largest staking rush the Yukon has seen in 100 years. They optioned their first discovery — the White Gold project, 95 km south of Dawson City — to Underworld Resources in 2007. Three years later, Underworld was acquired by Kinross Gold (TSX: K; NYSE: KGC) in a cash and stock deal worth $139 million. Ryan and Wood optioned their

second discovery, the Coffee gold project, 130 km south of Dawson City, to Kaminak Gold Corp. in mid-2009. Goldcorp (TSX: G; NYSE: GG) acquired Kaminak earlier this year for $520 million. (Ryan and Wood were named The Northern Miner’s “Mining Persons of the Year” in 2010 for their groundbreaking work.) With a track record like that — and Ryan’s belief that he can find a third, if not a fourth gold deposit elsewhere on his claims — it’s no surprise that in September, when he agreed to option all of his remaining properties in the White Gold district (that were not in current joint ventures with third parties) to G4G Capital (TSXV: GGC), the junior exploration com-

pany’s shares surged 178% to 50¢. When the deal was finalized on Oct. 28, G4G Capital’s shares rose 30% to 92¢. Today its shares trade in the $1.11 range. The option agreement covers Ryan and Wood’s 12,301 quartz claims spanning 2,490 sq. km in the White Gold district. The properties range from grassroots targets where ridge and spur soil geochemical sampling could be used for follow-up exploration, to more advanced targets where grid soil geochemical sampling, mapping, geophysical surveys and limited drill campaigns have been conducted, all to the tune of $25 million.

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Sandspring drills Sona Hill anomaly near Toroparu SANDSPRING From 1

At US$1,400 per oz. gold, the study estimated that the company could pay back preproduction capital expenses of US$464 million, in just under three years, with a 23.1% after-tax internal rate of return and a US$691-million net present value at a 5% discount rate. Ore tested from Toroparu includes saprolitic and hard rock, and the initial mine plan laid out in the study included 5 million tonnes of saprolite ore containing 148,000 oz. gold at an average grade of 0.91 gram gold per tonne that would be processed via conventional cyanide leach. Another 52 million tonnes of fresh rock containing 1.93 million oz. gold, with an average grade of 1.17 grams gold and 0.2% copper, would be processed by f lotation concentration, and another 70 million tonnes of fresh rock containing 2.01 million oz. gold, with an average grade of 0.89 gram gold and 0.1% copper, would be processed by cyanide leach. Toroparu’s proven and probable reserves stand at 127.1 million tonnes grading 1 gram gold per tonne and 0.1% copper, for 4.1 million contained oz. gold and 211 million lb. copper. The reserves are based on a gold cut-off price of US$1,070 per oz. for fresh rock and US$970 per oz. for saprolite, and a cut-off grade of 0.38 gram gold for the fresh rock and 0.35 gram gold for the saprolite. Measured and indicated resources — at a cut-off grade of 0.30 gram gold — stand at 240.2 million tonnes grading 0.89 gram gold per tonne, 0.08% copper and 0.82 gram silver per tonne. Sandspring is also excited about its Sona Hill prospect, a potential satellite deposit 5 km southeast of Toroparu. Sona Hill is open at depth and along strike, and lies within a 20 by 7 km regional hydrothermal alteration halo that surrounds Toroparu. On Nov. 3 the company released drill results from Sona that it says suggest that the Sona Hill anomaly hosts higher grade and shallow mineralization that could complement the economics of the Toroparu project. Highlights from drilling in July and August includes 30.4 metres of 3.56 grams gold per tonne starting from 64.5 metres deep, including 9.4 metres of 9.85 grams gold from 73.6 metres. Another intercept starting from 44 metres deep returned 6 metres of 5.91 grams gold. In addition to the drill campaign, Sandspring is undertaking a soil geochemistry and IP geophysical survey west of Sona Hill, in an effort to identify gold mineralization zones and “find the geological link” with the main Toroparu deposit. Mineralization was discovered at Sona Hill in 2012 during the company’s exploration of a cluster of 10 gold features surrounding the Toroparu deposit. “We think there’s more there,” Munson says. “Sona Hill doesn’t show any copper and in addition, it is very shallow. We’re drilling on a hill, and as you see from the drill intervals, it’s a completely different

Drill core on display at Sandspring Resources’ Toroparu gold project in Guyana. SANDSPRING RESOURCES

“YOU’RE NOT GOING TO HAVE TWO DEPOSITS OF SIGNIFICANT SIZE LIKE AURORA AND TOROPARU THAT ARE 50 KM APART AND HAVE NOTHING IN BETWEEN.” RICHARD MUNSON CEO, SANDSPRING RESOURCES

mineralization style than Toroparu.” “It’s a much more difficult deposit to get your hands around geologically,” Munson says of Sona Hill. “It’s a vein-lode deposit and by the end of this drill campaign, we’ll have enough data to let SRK do a fairly reliable resource estimate on it. We worked with them last year to ensure we’re drilling enough metres and with a density sufficient to allow them to do a good modelling effort. So we’ll see what comes out of that.” Adding Sona Hill, he says, would change the operating plan for the entire project. “If we come up with a decent resource, it would logically be the first place we would begin operations because it’s gold only,” Munson says. “We’d be able to start operations with just a cyanide-leach circuit, instead of the flotation, so our capital expenses would change dramatically. I wouldn’t say it would cut it in half, but if you look at Guyana Goldfields’ Aurora mine in Guyana, which is gold and leach only, their upfront capital was $240 million and our upfront at Toroparu — with leach, f lotation and concentrate production — is $450 million. So it wouldn’t cut $200 million off that number, but it would make a significant dent in it and allow us to fund a lot of that flotation cost by using cash flow from producing gold. It would be a big change in

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final feasibility components. Guyana Goldfields’ (TSX: GUY) Aurora mine is 50 km north of Toroparu. Munson also notes that the involvement of the International Finance Corp. at Aurora gave other companies in the country a shot in the arm. “If you can get the IFC comfortable enough in a country … those that come after are going to have a much easier task in convincing other banks to do business in Guyana.” Munson points to other encouraging signs about Guyana, too. During the first quarter, Barrick Gold (TSX: ABX; NYSE: ABX) formed an exploration partnership with Alicanto Minerals (ASX: AQI) at the junior’s Arakaka gold project in a relatively underexplored area of the highly prospective Guiana Shield. The project has a 12 km strike length, of which less than 5% has been drill tested, according to Barrick. As part of the agreement, Barrick has the option to earn a 65% interest in the project after meeting $10 million in funding requirements, including $8 million in exploration expenses over four years, and $2 million paid to Alicanto upon completion of the exploration earnin expenses. Initial drill testing under this agreement is scheduled to begin in the second quarter. Munson notes that the deal was “meaningful,” given Alicanto is “a small company from Australia” that was “able to entice Barrick” to enter a small joint-venture on the project. “It’s just a few million dollars for Barrick, but it’s still an indication they’re interested in the jurisdiction,” he says. “Alicanto has an interesting property position in northwest Guyana. We were intrigued with the area and came close to doing a deal with their predecessor but couldn’t put it together, and Alicanto came in and took it at the last minute, before the group went bankrupt. “There has to be something there,” he adds. “There has been so much local production that there has to be a deposit of significance somewhere in that area.” The mining executive also notes that it’s just a matter of time before the mining companies that are already there face growing competition, including around Toroparu and Guyana’s Aurora mine. “You’re not going to have two deposits of significant size like Aurora and Toroparu that are 50 km apart, and have nothing in between,” he says. Sandspring is not without support from key players. In November

2013, the company signed a goldpurchase agreement with Silver Wheaton (TSX: SLW; NYSE: SLW), and in 2015 added a silver by-product stream to the agreement. “They came in and did a significant due diligence review of Sandspring, and elected to do the first streaming deal Silver Wheaton had ever done with a junior company,” Munson says. “it provided 30–35% of the upfront capital to build the project, so for a junior that was a big step. “For those of you who know Silver Wheaton,” he says, “you know how methodical they are in terms of putting together and looking at projects. In fact, they took our prefeasibility study, tore it down to first principles, and built their own model. They came back and agreed to do this deal. We worked through 2014 with them on final feasibility and at the end of all that they agreed to expand the streaming deal to include silver, which gave us a fair amount of cash when we really needed another infusion of cash.” Other investors include mining entrepreneur Frank Giustra, whose Fiore Capital owns 13% of the company’s stock, according to Sandspring. Munson and Sandspring cofounder John Adams made their first trip to Guyana as private investors in 1999. Their plan initially was to operate a small gravity recovery operation and generate enough money to explore the property. By 2007 they had invested US$25 million of their own money, drilled 30 holes, and ended up with an inferred resource of 3 million oz. gold. At that point, Munson says, the pair decided to go to the public market. Munson, a lawyer by training, initially became a tax litigator, representing taxpayers in fights with the U.S. Internal Revenue Service and other countries. He met Adams when he got involved with the Adams family through a tax case and enjoyed “a significant victory.” Adams’ father, Robert, was one of the founders of the U.S. uranium industry, and John served as chairman and president of the privately held and family owned Energy Fuels Corp. group of companies, which owned and developed Colorado’s largest coal mine. He also served as CEO of Energy Fuels Nuclear Inc., the largest producer of uranium in the U.S. during the 1980s and 1990s, Munson says. “We got along very well and had similar views of business, and so I went to work for the family and became a partner in some ventures, and then John and I started doing things, just the two of us, as we got

out of the bigger company. One of the first ventures Munson and Adams tried was looking for minerals in the former Soviet socialist republics, but that was short-lived. “We got kind of scared away fairly quickly from the mining side of things there because the period of time from discovery to production can be long in this business and challenging, and we really saw things changing almost daily when we were there, so we started looking for business opportunities that didn’t take so long to mature. We were interested in the area but we didn’t have the horsepower as a private group to watch it for 10 years, so we looked at a whole variety of things.” One of the less capital-intensive businesses the pair tried was food processing and focusing on poultry and egg production. They got into a partnership with a group from Turkey and started developing projects in Turkey, Azerbaijan, Kazakhstan and Turkmenistan. The businessmen built up good government relations, Munson says, but after the terrorist attacks in New York on Sept. 11, followed by the U.S.-led invasion of Afghanistan, they exited the region. At that point, they found themselves looking at mining projects in Guyana. “It’s a supportive government,” Munson says. “The only thing that’s left to be done on the Toroparu project in terms of permitting is to fill in a blank in the mining licence [giving] the date we will start construction. We’re just not able to comfortably commit to a date, given the markets. The government said, ‘why not put in a date and then change it later,’ but we don’t think that’s a prudent way of doing business.” Guyana, on the northern coast of South America, is the only nation on the continent whose official language is English. The country was originally colonized by the Netherlands, but later became a British colony, which it remained for more than 200 years. It achieved its independence in 1966. Guyana is bordered by Suriname to the east, Brazil to the south and southwest, Venezuela to the west and the Atlantic Ocean to the north. “Its ties are to the rest of the British and French colonies in the Caribbean, so there are different levels of energy than you would find in Brazil or Venezuela, and maybe a little more relaxed and Caribbean-like,” Munson says. “They’re good people, and it’s a well-educated workforce, and quite friendly. Munson notes that the big news recently, apart from starting up Guyana Goldfield’s Aurora mine, is Exxon’s recent offshore oil strike. “They’re just finishing the third well and about four months ago the company confirmed that it’s a billion-barrel discovery at this point … so that stands to really change everything here,” he says. “The big struggle for the country right now — and it’s like every country when you have a huge economic opportunity, is that you go through a little bit of a period of paralysis, you don’t know what to do. There’s no in-house expertise in the country to sit down and negotiate with companies like Exxon and Repsol, and all the other players, and despite all of our urging … there’s a resistance on the part of government to not hire the best and brightest to help them, because it leads to frustrations on both sides. But it’s just growing pains.” At press time Sandspring traded at 59¢ per share within a 52-week range of 11¢ to 94¢. The company has 114 million shares outstanding for a $67.3-million market capitalization. TNM

2016-11-29 6:26 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 5–11, 2016

Workers and heavy equipment in a pit at Randgold Resources’ Tongon gold mine in northern Côte d’Ivoire. RANDGOLD RESOURCES

Randgold, Newcrest to team up in Côte d’Ivoire WEST AFRICA

BY TRISH SAYWELL

tsaywell@northernminer.com

andgold Resources (NASDAQ: GOLD) and Newcrest Mining, two of the world’s leading gold mining companies, have signed a heads of agreement to negotiate a formal joint venture to explore areas of interest in southeastern Côte d’Ivoire. Both companies already have operations in the West African country. Randgold runs its Tongon mine in northern Côte d’Ivoire, 55 km south of the nation’s border with Mali, and Newcrest’s Bonikro mine, in southern Côte d’Ivoire, is 250 km northwest of the nation’s commercial capital of Abidjan. If the joint venture goes ahead, Randgold will manage the exploration program and operate any mines that may be developed. Each company brings a deep pool of experience to the joint venture. Randgold has built five mines — all but one of which was developed on deposits discovered by its own geologists, in three African countries (Loulo, Gounkoto and Morila in Mali, Tongon in Côte d’Ivoire and Kibali in the Democratic Republic of the Congo) — while Newcrest, the largest gold producer listed on the Australian Stock Exchange and one of the world’s largest gold mining companies, has mines in Australia (Cadia Valley and Telfer), Papua New Guinea (Lihir), Indonesia (Gosowong) and Côte d’Ivoire (Bonikro). Randgold’s CEO Mark Bristow noted in prepared remarks that “the bigger the footprint, the greater the opportunity, and both Newcrest and Randgold believe in Côte d’Ivoire and the potential for finding world-class gold deposits.” Newcrest’s chief development of-

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| Gold majors aim to create an exploration joint venture

ficer Michael Nossal noted that the agreement “would bring together two of the world’s leading gold explorers and miners to unlock the mineral potential of an underexplored area of Côte d’Ivoire.” Neither company, however, when contacted by The Northern Miner, was willing to offer many details of the plan. “It’s still early days, and we can’t give you anything more at this stage,” Kathy du Plessis, Randgold’s media and investor relations contact, said in an email.

tralian mining company entered a strategic alliance with PT Antam (ASX: ATM), an Indonesian mining company, to undertake exploration for gold and copper deposits in several prospective areas: West Java, East Java, South Sumatera, Nusa Tenggara, North Sulawesi, Halmahera and the Mollucas Islands. Newcrest also has a fifty-fifty joint-venture with Harmony Gold Mining (NYSE: HMY) for the Wafi Golpu project in Papua New Guinea, and joint ventures or shared

“THE AREA [TO BE EXPLORED] IS A REASONABLE DISTANCE, SOUTH OF OUR BONIKRO OPERATIONS.” JASON MILLS SPOKESPERSON, NEWCREST MINING

Jason Mills, a Newcrest spokesman, wrote in an email that the new joint-venture is “an opportunity to share knowledge and resources to maximize chances of a successful discovery and potentially mine development. “We’re not providing any more detail on target areas or tenement locations at this stage, apart from the general area described in the release,” he continued. “The area is a reasonable distance south of our Bonikro operations. Both Randgold and Newcrest will provide updates moving forward.” Over the last 18 months, Newcrest has entered into many farm-ins and joint ventures with junior explorers and other miners, as the company seeks to restock its exploration pipeline, Mills added. Earlier in November the Aus-

ownership arrangements with other companies, Mills said. In Côte d’Ivoire, Newcrest said the open-pit mine life could be extended by finding more satellite deposits for processing at the Bonikro facility. Mining at the Hire deposit, 12 km southeast of Bonikro, for example, began in late 2014, and more exploration is underway to find deposits within 30 km of the mine. The company holds three mining licences in the area around Bonikro. Bonikro produces gold doré and poured its first gold in October 2008. In the financial year ended in June 30, the open-pit mine produced 137,696 oz. gold. Randgold’s near-mine exploration would extend Tongon’s life by developing satellite deposits and converting the resource potential

below the existing pits. Speaking at a Randgold-sponsored golf day on Oct. 22, Bristow noted that the company is “building a solid portfolio of targets here, and we’re still adding to our exploration permits. “We’ve always believed in the prospectivity of Côte d’Ivoire, and we are becoming increasingly confident that it will deliver our next world-class discovery,”

Bristow added. “Our Boundiali permit in particular hosts exciting prospects.” According to the World Bank, Côte d’Ivoire’s average real growth rate reached 8.5% annually between 2012 and 2015, which is one of the highest rates in sub-Saharan Africa. The World Bank forecasts the country’s real gross domestic product will reach 7.8% in 2016 and 8% in 2017. TNM

BY WAY OF L. Kamerman, Mining and Lands Commissioner for the Province of Ontario – File No. MA 006-13 The Canada Trust Company, as Estate Trustee for the Estate of Chester A. Durkee, is the recorded holder of a 100% interest in the subject properties: All surface and mining rights in, upon or under PCL 5896, 5897, 5898, 5899 SEC SWS, bearing PIN #73041-0017, #73041-0018, #73041-0019, #73041-0020 (LT), being Mining Patents S-3522, S-3523, S-3524, S-3525 situate in the Township of Keith, District of Sudbury, Province of Ontario. > Timber rights are included except for pine trees, which are reserved to the Crown. > No outstanding provincial land taxes & 2016 MNDM mining taxes up-to-date. Below is a map showing the four grounds. BEST OFFER

CONTACT: TD WEALTH Private Trust Attn: John De Re, Trust Officer 66 Wellington St. W., 3rd Floor, Toronto, ON M5K 1A2 T. (416) 983-2001 | Email: john.dere@td.com

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E D I T O R IA L Silver’s Liberals bring ‘sunny ways’ to the Yukon ELECTION

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

| Yukon Liberal platform cites ‘positivity, inclusivity and respect’

oters in Canada’s Yukon Territory have embraced the “change narrative” that has come to broadly define the politics of the moment. Last year’s ousting of Stephen Harper’s long-standing Conservative government federally in Canada by Justin Trudeau’s “sunny ways” campaign was driven by BY MATTHEW KEEVIL mkeevil@northernminer.com a different narrative than those that VANCOUVER underpinned the Brexit referendum and Donald J. Trump’s surprise victory in the United States’ presidential election. But the conditions that helped Trudeau and Yukon Liberal leader Sandy Silver cruise to strong majorities are remarkably similar. So much so that Silver often hints at the comparison. The Yukon Liberal election platform borrowed generously from the federal “real change” story, with Trudeauisms like “economic diversification” and “positivity, inclusivity and respect” making appropriate appearances in campaign messaging. Defeated premier Darrell Pasloski and his Yukon Party provided a fairly apt stand-in for the Harper-era Conservatives, including a prodevelopment policy tilt, and oft-rocky relations with First Nations that were probably next headed for conflict in regards to a Supreme Court of Canada hearing over the Peel Watershed, scheduled for March 2017. Premier Silver has already voiced his support for Trudeau’s carbon taxes — a measure the Yukon Party opposed — and the prime minister’s intention to prevent development on 80% of the Peel Watershed in accordance with original land-use planning. The Yukon Liberals will also support the impending repeal of federal Bill S-6 — a controversial piece of Harper legislation championed by the Yukon Party that various First Nations feared would cripple territorial environmental regulatory processes. Silver’s sunnier and more conciliatory tones may well help mining companies in the Yukon move forward under “mutually beneficial” agreements with First Nations and local stakeholders, but he could also run into the same problems Trudeau has wrestled with federally following broad promises of economic diversification, heightened consultation and environmental sustainability. Mining challenges in the Yukon are in equal parts structural, legislative and economic. Depressed metal prices over the past four years have seen the closure of all hard-rock mining operations in the territory save one: Capstone Mining’s Minto copper mine, 240 km north of Whitehorse, which is still set to be put on care and maintenance in 2017. A recent surge in copper prices may help extend Minto’s life, but it’s as tough as ever to discover, fund and develop large mines in the territory. In many ways the Yukon is a microcosm of the problems Canada faces as a nation: a relatively small population spread over a large geographic area and clustered in urban centres, that is all too often overdependent on depleting natural resources to create sustainable wealth. It has proven challenging to support alternate industries without government subsidization. And those subsidies — in the form of trade protectionism or provincial and territorial equalization payments — have historically been made possible by leveraging the capital generated by the country’s raw commodity riches. Trudeau could be coming to that realization in Ottawa with a more dovish tone on oilsands and pipeline development in recent months, and Silver repeatedly acknowledged the importance of mining to the Yukon’s economy during the campaign. But if the Yukon Liberals are interested in promoting mineral development in the territory, they will need to clarify environmental regulatory processes, invest in infrastructure, and find a way to promote exploration and prospecting activities. That all needs to be accomplished while juggling campaign promises for increased stakeholder consultation and environmental responsibility. Not to mention the hope that precious and base metal prices can stage a sustainable recovery. Silver strongly supported the stakeholder engagement undertaken by Kaminak Gold at its Coffee project south of Dawson City. The junior was acquired by Goldcorp earlier this year for $520 million, and the project is often pitched as Yukon’s next hard-rock mine. But Kaminak did not advance Coffee much through the Yukon’s regulatory framework, which is often criticized for its complexity and inefficiencies. It took Victoria Gold five years to receive water permits for a comparable operation at its Dublin Gulch project, northeast of Mayo. The company is still searching for final funding for the US$369million heap-leach development. The Yukon Liberals surged to a majority with a message of “sustainable, environmentally responsible” development, but they can learn a lesson from Trudeau’s federal experience: simply exuding a more positive attitude won’t fix your problems. Hopefully Silver can find a better way forward in the Yukon. TNM

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

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

COMPANY INDEX Alicanto Minerals . . . . . . . . . . 2 Aura Minerals. . . . . . . . . . . . . 13 Barrick Gold. . . . . . . . . . . . . . . 2 Dynacor Gold Mines. . . . . . . . 5 G4G Capital. . . . . . . . . . . . . . . 1 Goldcorp. . . . . . . . . . . . . . . . . . 1 Guyana Goldfields. . . . . . . . . . 2

Harmony Gold Mining. . . . . . 3 Hudbay Minerals. . . . . . . . . . . 5 Kinross Gold. . . . . . . . . . . . . . . 1 Newcrest Mining. . . . . . . . . . . 3 PowerOne Capital Group. . . . . . . . . . . . . . . . . . 14 PT Antam. . . . . . . . . . . . . . . . . 3

Randgold Resources. . . . . . . . 3 Richmont Mines . . . . . . . . . . 11 Sandspring Resources. . . . . . . 1 Stornoway Diamond. . . . . . . 16 White Gold Corp. . . . . . . . . . 14 Yamana Gold . . . . . . . . . . . . . 13

Harold Linder and Zoran Jovanovic moving supplies by toboggan in Quebec’s Doda Lake area in December 1958. PHOTO COURTESY OF ZORAN JOVANOVICH

Doda, Dink and Zoran ODDS ‘N’ SODS

| Field life in Quebec in the 1950s

BY HAROLD LINDER Special to The Northern Miner

y first winter in the bush, after graduating from MIT in June 1958 with a degree in geology and geophysics, began on Dec. 5, 1958. I flew from Toronto to Val-d’Or, Que., and joined other McPhar Geophysics employees at the Hotel Bourlamaque. Zoran Jovanovic and I were scheduled for an electromagnetic (EM) survey at Doda Lake, 450 miles northeast of Toronto, and the others were going to the very active Mattagami area. Doda Lake is 150 miles southeast of Evans Lake, where I spent the previous summer and where I would return after the Doda Lake job. The Fecteau air base wasn’t flying yet because of thin ice on the lakes and we had nothing to do but eat, read, walk around and wait for the next meal. Some of the guys used their expense accounts to keep their blood alcohol at a high level in preparation for the cold.

cold as hell, although it was only 15 or 20 below. This was probably mostly psychological, because we had left civilization and central heating behind. Zoran and I hauled our gear two miles inland from the lake to the survey area on a toboggan and spent the day setting up a camp. This was my first experience on snowshoes, but I quickly got the hang of it by walking with my feet a little farther apart than normal, and pointing my toes inwards. We spent a month doing EM and magnetic surveys at Doda Lake in temperatures at least as cold as -50 degrees Fahrenheit and spent both Christmas and New Year’s in the bush. Wood gathering was a chore, as our airtight wood stove had a voracious appetite, and it probably cost us at least an hour of precious daylight every day. Zoran’s father had been a businessman in Yugoslavia who barely escaped with his life to Canada. In retaliation, the Communists harassed his family until they too could finally escape.

FLYING IN WINTER WAS MUCH DIFFERENT, AS THE WORLD BELOW US WAS ALL BLACK AND WHITE, AND WE HIT SEVERAL LARGE HAZES OF ICE CRYSTALS HANGING IN THE AIR. Four days later Niels Anderson, a prospector, and Wally Baker, a handyman-prospector for the Jowsey mining interests, arrived and arranged for French claim stakers Art McKenzie and Adam Stayer to help us. We took a taxi to Senneterre and that night, which didn’t seem unusually cold, I saw an outside thermometer that read -47 degrees Fahrenheit. I guessed I was getting acclimated. We left Fecteau’s just before dark in a Beaver piloted by Ross, our Evans Lake pilot. Flying in winter was much different than in summer, as the world below us was all black and white, and we hit several large hazes of ice crystals hanging in the air. We landed at Opemiska at 4:45 p.m. in complete darkness and went to the Opemiska Hotel, which was still under construction. The restaurant wasn’t open for breakfast at 6:45 a.m., as scheduled, so the taxi driver went into the kitchen and cooked breakfast. Then we flew in a Cessna on skis to a camp on Doda Lake, close to where the Opewica River flows east out of the lake. It seemed

We had many long political discussions in our tent and Zoran could always get my attention when he started a story with the phrase “When my mother was in jail …” We finished in mid-January and I returned to McPhar in Toronto. I completed a report on the Doda Lake job and learned a lot by listening to Stan Davidson and Phil Hallof interpret the results. I also spent time at Dr. A.W. “Dink” Derby’s office downtown, and he decided I should spend a few more days at Doda Lake doing follow-up EM work. We also talked about the upcoming Evans Lake job, and how he was transforming his Derby Syndicate into a company named Deranco Mines. The details and logistics necessary for geophysical bush work could be complicated, but a bit of planning could save a lot of money. A three-man crew doing EM cost $100 a day, an airplane trip cost $200 and my salary was only $400 per month. We f lew back to Doda Lake,

2016-11-29 6:26 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 5–11, 2016

Hudbay reopens Constancia after brief suspension PERU BY TRISH SAYWELL tsaywell@northernminer.com

udbay Minerals (TSX: HBM; NYSE: HBM) announced on Nov. 8 that it had suspended operations at its Constancia copper mine in Peru for safety reasons after trespassers entered the open-pit area. The mining company said many of the trespassers were from the district of Chamaca, about an hour’s drive from the mine. Hudbay also noted that within the previous two weeks, Chamaca had signed an agreement with national and local governments and Hudbay Peru “confirming areas of social cooperation,” and that the trespassers “have yet to present

| Trespassers did not present specific demands, company said

specific demands.” Hudbay declined a request for an interview about the closure. In an email, the company’s director of corporate communications Scott Brubacher said that “we have nothing more to add since the press release.” Operations at the mine got back to normal on Nov. 11, however. In a brief statement, the mining company said it had resumed operations “following the negotiation — with support from the Peruvian government — of a peaceful resolution of the occupation in the open pit.” In a research note after news that Hudbay had reopened the mine, Stefan Ioannou of Haywood

Securities said that “the action spoke to growing frustration in the region, which follows concerns centered on concentrate trucking traffic [frequency, noise, dust, etc.] raised at [MMG’s] Las Bambas in October, and was likely designed to garner government attention in the context of a regional antimining protest. “We are under the impression that meetings with the community will now follow later this month to better communicate the benefits of a recently signed agreement confirming areas of social cooperation between the district of Chamaca, local and national governments, and Hudbay Peru.”

Some familiar with Peruvian politics say the country’s new president, Pedro Pablo Kuczynski (PPK) — an economist educated at Oxford and Princeton who was elected in June — has his work cut out for him governing the country. His party Peruanos por el Kambio — a play on his initials — holds only 18 of the 130 seats in Congress, while the party of his strongest opponent, Keiko Fujimori, the daughter of former president Alberto Fujimori, has 73 seats. The president’s resume includes stints at the World Bank, investment banking on Wall Street and previous posts in Peru’s government, including minister of economy and finance and minister of energy and mines. Kuczynski has said he will implement policies that favour investment in the mining sector and also plans to enhance and streamline the formalization process for a subsector of artisanal miners. Louis James, senior investment strategist at Casey Research, says he is “hopeful that PPK will do Peru some good, but actions speak louder than words.” While James was encouraged, for example, that the bureaucracy recently approved Dynacor Gold Mines’ (TSX: DNG; US-OTC: DNGDF) Chala plant “in very short order, despite the change of administration, which often paralyzes bureaucracies for long periods

of time,” there are still reasons to remain wary about the future of open-pit projects in the country. “Facing down widespread discontent — such as has caused so much trouble for the big openpit projects under development in Peru — is never going to be easy for a politician, even one seen as pro-business, the way PPK is,” he writes in an email. “Sending in the army might alleviate flashpoints and get some things going, but it will create more resentment and future problems. It seems PPK sees this. Not sure there really is a solution, until the positive impact of new policies can start creating benefits the people can see, and change their attitudes. “Until then I am, frankly, not interested in any big open-pit project in Peru,” he says. “High-grade underground seems to work out well enough when handled properly, so stories like that interest me.” Hudbay acquired 100% of the Constancia project through its 2011 acquisition of Norsemont Mining. Production at the mine in southern Peru’s province of Chumbivilcas began during the fourth quarter of 2014, and the mine achieved commercial production on Apr. 30, 2015. Constancia has a mine life of 22 years, based on current reserves. The mine produced 218 million lb. copper in concentrate in the first nine months of 2016. TNM

THE CANADIAN MINING HALL OF FAME Christmas Day in 1958 in the Doda Lake area of Quebec: Zoran Jovanovic (left) and Harold Linder. PHOTO COURTESY OF ZORAN JOVANOVIC

spent a week detailing EM anomalies, and returned to the Hotel Ubald in Senneterre. The Hotel Ubald was a rowdy place filled with Indians, prospectors and other people on their way into or out of the bush. The bar was usually crowded and noisy, and the sleeping rooms upstairs were restful only for the very tired or very drunk. One night there was a lot of noise in the hallway outside my room, and finally I opened the door to see

what was happening. Three drunks had set up empty beer bottles as pins at the end of the hall and were using another bottle as a bowling ball. They seemed to be having a lot of fun, so I said nothing and went back to bed. Life, in and out of the bush, was a real adventure. — 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. In 1986 he discovered the Castle Mountain gold deposit in the Mojave Desert of southern California for Viceroy Resources, which produced over 1.25 million oz. gold between 1992 and 2001. This is an excerpt from his new memoir Wild places: The adventures of an exploration geologist, which is available at www. Amazon.com.

29TH ANNUAL

Induction Banquet

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

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

Details available at: www.mininghalloffame.ca | reservations@mininghalloffame.ca 1-888-308-8803 DIAMOND SPONSOR:

DINNER WINE SPONSOR:

VIP RECEPTION SPONSOR:

PLATINUM SPONSORS:

Our camp in the Doda Lake area of Quebec during the winter of 1958–1959. PHOTO BY HAROLD LINDER

1 2 3 4 5 11 13 14 15 16_DEC5_Main .indd 5

2016-11-29 6:26 PM

WWW.NORTHERNMINER.COM

DECEMBER 5–11, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 21–25 Vows of greater spending on infrastructure in both Canada and the U.S. lifted Canada’s S&P/TSX Composite Index 1.4% to 15,075.44, and drove up the S&P/TSX Global Mining Index 4.2% to 65.76. Gold declined on the back of a stronger U.S. dollar, a move into riskier assets and a belief that the U.S. Federal Reserve would likely raise interest rates later this month. Spot gold fell 2% to US$1,183.60 per oz. and the S&P/TSX Global Gold Index lost 2.7% to 188.51. West Texas Intermediate crude finished at US$46 per barrel. Quest Rare Minerals jumped 50% to 18¢ per share on the heels of an agreement with Tugliq, an energy provider, to develop an integrated renewable energy solution for the junior’s remote Strange Lake project in northern Quebec. The rare earth project is on Quebec’s border with Labrador, and construction is expected in early 2019. Under the agreement, Quest and Tugliq will work together to diversify the energy mix in an area that depends on diesel power. The Quebec government is providing financial support for the feasibility studies through the ÉcoPerformance program. Tugliq’s track record in energy production includes Glencore’s Raglan mine, where it built an industrial wind turbine in 2014. Quest’s partnership with Tugliq follows an agreement

with Straightline Aviation in November that will provide dedicated air services for moving ore concentrate, supplies and personnel using Lockheed Martin’s Hybrid Airships. The airships will provide transportation between Strange Lake and Schefferville, a town with a direct rail link to the Port of Sept-Îles. The airships can carry 20 tonnes of cargo and up to 19 passengers. Helium provides 80% of the lift, with the rest coming from the aircraft’s aerodynamic shape and four engines. The service agreement is valued at US$850 million, including fuel costs, over 10 years starting in 2019, with extensions of up to 20 more years in line with the projected mine life. Shares of lithium producer Orocobre rose 59¢ to $4.42 on news that it had signed TSX MOST ACTIVE ISSUES

Yamana Gold B2Gold Kinross Gold Sherritt Intl First Quantum Trevali Mng Teck Res IAMGOLD Barrick Gold HudBay Mnls

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI BTO K S FM TV TCK.B IMG ABX HBM

26985 4.20 3.90 3.91 - 0.19 24426 3.35 3.10 3.13 - 0.09 19914 4.72 4.20 4.30 - 0.28 18848 1.49 0.94 1.38 + 0.44 18001 16.87 14.10 15.85 + 2.04 16110 1.41 1.20 1.36 + 0.15 15143 35.51 31.48 34.84 + 4.04 15098 5.23 4.72 4.87 - 0.10 14898 20.94 19.36 20.04 - 0.62 13358 9.75 7.90 9.49 + 1.80

a letter of intent with Advantage Lithium on its Cauchari lithium project and other properties in Argentina. Under the letter of intent, Advantage Lithium will receive a 50% stake in Cauchari, 15 km south of Orocobre’s flagship Olaroz lithium facility, in exchange for giving Orocobre a 31.1% stake in the company, a 1% royalty, the right of first refusal on future brine production and the right to nominate two members to its

board. Advantage Lithium can earn another 25% stake by spending US$5 million on Cauchari over three years, or completing a feasibility study. In addition, Advantage Lithium will acquire a 100% interest in five other lithium brine projects owned by Orocobre — among them Antofalla, Incahuasi and Guayatoyoc. The entire land package, including Cauchari, adds up to 855.4 square kilometres. TNM

TSX GREATEST PERCENTAGE CHANGE

Eco Oro Mnls Quest Rare Mnl Sherritt Intl New Milln Iron Nevada Copper Copper Mtn Mng Amerigo Res Lithium Amer Taseko Mines Candente Coppr Goldgroup Mng Rio Novo Gold Euro Sun Mg IC Potash Luna Gold Xtra-Gold Res Anaconda Mng Corvus Gold Alexco Res Dynacor Gld Mn

EOM QRM S NML NCU CUM ARG LAC TKO DNT GGA RN ESM ICP LGC XTG ANX KOR AXR DNG

5286 2224 18848 4526 2103 5369 2466 10893 2882 450 498 75 347 676 113 29 476 169 579 197

0.30 0.20 1.49 0.17 0.85 0.94 0.35 0.84 0.92 0.12 0.17 0.16 0.89 0.12 2.05 0.26 0.07 0.69 2.12 2.53

0.13 0.13 0.94 0.11 0.60 0.69 0.24 0.65 0.70 0.09 0.12 0.13 0.75 0.09 1.67 0.22 0.06 0.56 1.72 2.05

0.29 0.18 1.38 0.16 0.80 0.87 0.33 0.83 0.89 0.12 0.13 0.13 0.75 0.10 1.70 0.22 0.06 0.59 1.76 2.06

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Teck Res Teck Res First Quantum HudBay Mnls Labrador Iron Altius Mnrls Imperial Metal Dominion Diam Lundin Mng Orocobre Agnico Eagle Endeavour Mng Franco-Nevada Silver Wheaton Torex Gold TMAC Resources Kirkland Lk Gd Barrick Gold Silver Std Res Agrium

52.6 50.0 46.8 33.3 33.3 31.8 30.0 29.7 29.0 27.8 21.2 19.4 17.6 17.4 16.3 15.7 15.4 14.5 13.9 13.8

VOLUME WEEK (000s) CLOSE CHANGE

TCK.B TCK.A FM HBM LIF ALS III DDC LUN ORL AEM EDV FNV SLW TXG TMR KLG ABX SSO AGU

15143 34.84 65 34.98 18001 15.85 13358 9.49 1354 17.76 475 12.49 473 6.44 811 12.44 13340 6.92 400 4.42 2848 55.11 1027 19.78 2268 76.72 5640 24.36 2042 19.07 73 16.34 3874 7.04 14898 20.04 2546 13.02 813 132.48

+ 4.04 + 3.96 + 2.04 + 1.80 + 1.58 + 1.52 + 1.30 + 0.69 + 0.66 + 0.59 - 1.93 - 1.22 - 0.98 - 0.94 - 0.94 - 0.76 - 0.74 - 0.62 - 0.46 - 0.45

TSX VENTURE EXCHANGE / NOVEMBER 21–25 The S&P/TSX Venture Composite Index lost 1.6%, or 12.09 points, en route to a 734.58-point weekly close. December contracts for gold bullion dropped US$27.75 before closing near a nine-month low at US$1,178.20 per ounce. Meanwhile, March contracts for copper jumped 8.2% before finishing at US$2.67 per pound. The red metal has surged US46¢ over the past month. January contracts for West Texas Intermediate crude oil gained US37¢ en route to a US$46.06-per-barrel close. MBAC Fertilizer topped the valueadded column after news of a non-brokered private placement it said would fund the “recommissioning and ramp-up of [the Itafos Arraias] phosphate operation in central Brazil,” near the border of Goias and Tocantins states. The company gained 99¢ on 62,000 shares traded before closing at $2.50 per share. The $13.4-million financing will involve issuing 5.37 million shares priced at $2.50 to shareholder Zaff LLC, which owns 96.3% of the company’s outstanding equity. MBAC unveiled a creditor’s arrangement in October that resulted in Zaff acquiring the majority position. As part of the restructuring, the company intends to restart Itafos operations in first-quarter 2017.

Mexico-focused producer Avino Silver and Gold Mines announced its own bought-deal offering, but the market was less than enthusiastic about the term sheet. The company led the value-lost category after dropping 71¢ on 809,000 shares traded, before finishing at $1.81 per share. Avino proposed a US$10-million financing, wherein it will issue 6.37 million units at $1.57 each. The units consist of one share and one purchase warrant exercisable at $2 for 36 months. The company said the net proceeds would advance exploration and development at the Avino mine in Mexico, as well as the Bralorne property in British Columbia. Avino reported aggregate, third-quarter silver equivalent production of 650,000 oz. from its San Gonzalo and Avino operations. TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Saint Jean SJL 20287 Electra Stone ELT 20103 Corsa Coal CSO 8229 TVI Pacific TVI 7703 Northern Uran UNO 7164 Am Manganese AMY 6930 Pantheon Vent MVY 6913 Metanor Res MTO 6572 Alexandria Min AZX 5831 Superior Mng SUI.H 5765

0.09 0.05 0.13 0.01 0.01 0.31 0.38 0.07 0.06 0.04

0.04 0.03 0.12 0.01 0.01 0.26 0.15 0.05 0.04 0.02

0.07 + 0.04 + 0.12 unch 0.01 unch 0.01 unch 0.27 - 0.25 + 0.06 - 0.05 - 0.02 +

0.02 0.01 0.00 0.00 0.00 0.03 0.08 0.01 0.01 0.01

Saint Jean Carbon had t he highest trading after joining the energy storage race that fuels heavy investment in the lithium industry. The company saw over 20 million shares traded, and gained 2¢ en route to a 7¢-per-share close. On Nov. 24, Saint Jean announced it hopes to build a “ high-powered, fullscale lithium-ion battery with recycled

and upcycling materia l from an electric car power pack and the upcycled anode material.” The company said its technolog y could lead to reusable raw mater ia ls t hat lower t he dema nd for continued mining. The company and its battery-manufacturing partner anticipate the project will take six months to complete. TNM

TSX-V GREATEST PERCENTAGE CHANGE

IEMR Res Sanatana Diam Madeira Mrnls Goldstream Mnl Green Valley M First Bauxite Nunavik Nickel MBAC Fertilizr Angel Gold Uranium Valley Bluenose Gold Western Pac Rs Lago Dourado Mazarin Mustang Mnrls Randsburg Intl Nitinat Mnls Gold Ridge Exp Barisan Gold Kesselrun Res

IRI STA MDE.H GSX.H GVY FBX KZZ MBC ANG VZZ.H BN.H WRP SLAU MAZ.H MUM RGZ.H NZZ GEA.H BG KES

1722 3044 23 8 1823 373 20 62 726 27 4 450 545 50 61 37 49 92 650 831

0.03 0.03 0.02 0.14 0.05 0.07 0.11 2.53 0.14 0.30 0.01 0.03 0.12 0.02 0.01 0.01 0.05 0.10 0.02 0.12

0.01 0.01 0.01 0.00 0.02 0.03 0.00 1.46 0.09 0.13 0.00 0.01 0.06 0.02 0.01 0.01 0.00 0.06 0.02 0.10

0.03 0.02 0.02 0.14 0.05 0.06 0.11 2.50 0.12 0.20 0.01 0.01 0.06 0.02 0.01 0.01 0.05 0.06 0.02 0.10

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 200.0 + 100.0 + 100.0 + 92.9 + 80.0 + 71.4 + 69.2 + 65.6 + 64.3 + 53.8 - 71.4 - 60.0 - 54.2 - 50.0 - 50.0 - 50.0 - 50.0 - 45.5 - 40.0 - 36.7

VOLUME WEEK (000s) CLOSE CHANGE

MBAC Fertilizr Gold Reserve Clear Mtn Res Kennady Diam Orla Mng Ltd Almadex Min Pac Booker Min Everest Vent Golden Peak Mn Advantage Lith Avino Silver Metalore Res Bear Creek Mng Abitibi Royalt Timberline Res Wealth Mnrls Brazil Res Probe Metals K92 Mng Inc Niobay Metals

MBC GRZ PAT KDI OLA AMZ BKM HOIL GP AAL ASM MET BCM RZZ TBR WML BRI PRB KNT NBY

62 34 1945 610 140 323 11 87 54 1276 809 1 1206 27 111 1175 1691 808 3045 343

2.50 5.76 1.59 3.65 1.35 1.46 1.26 1.20 0.62 1.20 1.81 1.70 1.83 8.04 0.38 1.00 1.88 1.05 0.90 0.89

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

0.99 0.47 0.41 0.25 0.20 0.16 0.16 0.15 0.13 0.10 0.71 0.30 0.24 0.19 0.19 0.19 0.18 0.18 0.13 0.12

U.S. MARKETS / NOVEMBER 21–25 U.S. equities ended holiday-shortened trading in positive territory. The S&P 500 Index rose 1.4% to 2,213.35, while the Dow Jones Industrial Average advanced 1.5% to 19,152.14. The Nasdaq Composite Index climbed 1.5% to 5,398.92. January futures for crude oil and Brent crude both rose 0.8% to settle at US$46.06 and US$47.24 per barrel. Spot gold lost nearly 2% to end at US$1,183.60 per ounce. Hudbay Minerals’ shares jumped 23% to US$7. The company updated the technical report for its Constancia copper-gold mine in Peru, which includes the mine plan, resources and reserves, and capital costs for the remaining mine life. Constancia’s mine plan includes the high-grade Pampacancha satellite deposit and pegs average annual production at 110,000 tonnes copper-in-concentrate over the next five years, starting in 2017. Average cash costs and sustaining costs, net of gold credits, are US97¢ and US$1.27 per lb. copper. Hudbay aims to mine Pampacancha in 2018, noting the estimated total project capital is US$54 million. Contained copper reserves grew 34% from 2017 through the end of the mine life compared to the 2012 technical report.

6_DEC5_MarketNews.indd 6

Teck Resources rose 12.8% to US$25.69 per share, after it made several announcements during the week. The diversified miner signed an agreement to acquire all the shares of AQM Copper that it did not already own. Teck will offer 23¢ per AQM share. The total cash consideration payable to AQM security holders is $25 million. AQM’s main asset is a 30% indirect interest in the Zafranal copper-gold project in Peru, where Teck has a 50% indirect interest. After the anticipated January 2017 takeover, Teck will increase its stake in Zafranal to 80%. Mitsubishi Minerals Corp. holds the other 20%. U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 262591 16.42 14.15 16.00 + 2.27 Vale* VALE 196119 8.44 7.43 8.42 + 1.18 United States S* X 102568 33.78 28.17 33.23 + 4.66 Vale* VALE.P 80486 7.52 6.73 7.52 + 1.01 Barrick Gold* ABX 75760 15.64 14.35 14.76 - 0.53 Kinross Gold* KGC 75153 3.53 3.11 3.17 - 0.22 Hecla Mining* HL 72546 6.30 5.80 6.03 + 0.09 Yamana Gold* AUY 67447 3.17 2.88 2.92 - 0.12 Goldcorp* GG 40085 13.77 12.65 13.01 - 0.31 IAMGOLD* IAG 38233 3.89 3.51 3.64 - 0.05

After strong spot prices for steelmaking coal, Teck has updated its coal price guidance for the fourth quarter. Expected average blended realized price for all of its steelmaking coal products should range between US$200 and US$250 per tonne, compared to US$185 per

tonne previously. Guidance for sales volume is the same at 6.5 million tonnes. Teck plans to pay a dividend of 5¢ per share on its outstanding Class-A shares and Class-B subordinate voting shares on Dec. 30 to shareholders on record as of mid-December. TNM

U.S. GREATEST PERCENTAGE CHANGE

HudBay Mnls* Primero Mng* Freeport McMo* United States S* Vale* Vale* Teck Res* Vedanta* NACCO Ind* Yanzhou Coal* Harmony Gold* Sibanye Gold* Kinross Gold* Gold Fields* AngloGold Ash* Yamana Gold* Alamos Gold* Silver Wheaton* Barrick Gold* Agnico Eagle*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

HBM 2188 7.10 5.90 7.00 + 22.8 PPP 12308 0.96 0.75 0.90 + 18.8 FCX 262591 16.42 14.15 16.00 + 16.5 X 102568 33.78 28.17 33.23 + 16.3 VALE 196119 8.44 7.43 8.42 + 16.3 VALE.P 80486 7.52 6.73 7.52 + 15.5 TCK 34199 26.21 23.44 25.69 + 12.8 VEDL 1587 13.07 11.55 13.06 + 9.9 NC 97 99.55 88.35 97.00 + 8.3 YZC 215 7.54 7.21 7.51 + 8.2 HMY 27172 2.49 2.15 2.27 - 8.1 SBGL 7517 9.63 8.62 8.67 - 7.4 KGC 75153 3.53 3.11 3.17 - 6.5 GFI 33767 3.35 2.93 3.08 - 4.9 AU 19474 11.72 10.45 10.88 - 4.8 AUY 67447 3.17 2.88 2.92 - 3.9 AGI 9139 6.70 6.09 6.16 - 3.8 SLW 24627 19.18 17.95 18.07 - 3.5 ABX 75760 15.64 14.35 14.76 - 3.5 AEM 11937 44.00 39.48 40.88 - 3.1

U.S. GREATEST VALUE CHANGE

NACCO Ind* NC MartinMarietta* MLM United States S* X Teck Res* TCK Rio Tinto* RIO Freeport McMo* FCX Southern Copp* SCCO Natural Res Pt* NRP Chevron* CVX HudBay Mnls* HBM Agnico Eagle* AEM Franco-Nevada* FNV Mosaic* MOS Newmont Mng* NEM Sibanye Gold* SBGL Silver Wheaton* SLW AngloGold Ash* AU Barrick Gold* ABX Stillwater Mg* SWC Agrium* AGU

VOLUME WEEK (000s) CLOSE CHANGE

97 97.00 2950 225.31 102568 33.23 34199 25.69 24173 39.35 262591 16.00 6258 33.60 276 35.75 27136 111.00 2188 7.00 11937 40.88 3852 56.42 22707 27.43 35196 31.92 7517 8.67 24627 18.07 19474 10.88 75760 14.76 5524 14.60 2671 98.07

+ 7.40 + 5.64 + 4.66 + 2.92 + 2.80 + 2.27 + 1.90 + 1.85 + 1.80 + 1.30 - 1.32 - 1.07 - 0.83 - 0.77 - 0.69 - 0.65 - 0.55 - 0.53 - 0.33 - 0.33

2016-11-29 6:09 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 5–11, 2016

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, November 29, 2016 Precious Metals Price (US$/oz.) Change 1187.30 -30.25 Gold Silver $16.54 -0.22 Platinum $916.00 -12.00 Palladium $751.00 +25.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11320.00 -305.00 $5757.50 -122.50 $2459.00 -64.50 $2817.00 -80.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, November 28, 2016 (change from November 21, 2016 in brackets): Aluminium Alloy 13620 (-60) 2158275 (+6125) Aluminium Copper 234250 (-12825) 187650 (-1025) Lead Nickel 367008 (+558) 3070 (-15) Tin 442825 (-2250) Zinc

TSX WARRANTS

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$45.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.00 Coal: CME Group Central Appalachian Futures, Dec. 2016: US$40.00 Cobalt: US$13.49/lb. Copper: US$2.69/lb. Copper: CME Group Futures Dec. 2016: US$2.60/lb.; Jan. 2017: US$2.60/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.65/kg FerroTungsten: US$24.38/kg Ferrovanadium: US$16.80/kg Iridium: NY Dealer Mid-mkt US$675.00/tr oz. Iron Ore 62% Fe CFR China-S: US$80.20/tonne Iron Ore Fines: US$53.07/tonne Iron Ore Pellets: US$75.93/tonne Lead: US$1.12/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$765.00/tr. oz. Ruthenium: Mid-mkt US$40.00/tr. oz. Silver: Handy & Harman Base: US$16.60 per oz.; Handy & Harman Fabricated: US$20.74 per oz. Tantalite Ore : US$125.84/kg Tin: US$9.68/lb. Uranium: U3O8, Trade Tech spot price: US$18.50; The UX Consulting Company spot price: US$18.50/lb. Zinc: US$1.32/lb. Prices current Nov. 29, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 16, 2016 (with changes from Nov 01, 2016) Largest short positions LUN 46058377 5103288 11/1/2016 Lundin Mng Kinross Gold K 32050412 -1027407 11/1/2016 New Gold NGD 23905883 543574 11/1/2016 B2Gold BTO 22428027 775759 11/1/2016 ELD 18217596 -2255745 11/1/2016 Eldorado Gold Teranga Gold TGZ 16968643 3778786 11/1/2016 Potash Corp SK POT 16006194 -9675878 11/1/2016 Sandstorm Gold SSL 12509346 42056 11/1/2016 SU 12341657 -1672118 11/1/2016 Suncor Energy Teck Res TCK.B 9988555 -224413 11/1/2016 -108676 11/1/2016 Klondex Mines KDX 9308876 Detour Gold DGC 8386862 195447 11/1/2016 Goldcorp G 8383720 -426433 11/1/2016 Argonaut Gold AR 8097129 -717156 11/1/2016 ABX 7571240 853430 11/1/2016 Barrick Gold Largest increase in short position Lundin Mng LUN 46058377 5103288 11/1/2016 Teranga Gold TGZ 16968643 3778786 11/1/2016 TMM 3971739 3606439 11/1/2016 Timmins Gold Nthn Dynasty NDM 6789102 2701644 11/1/2016 11/1/2016 Asanko Gold AKG 6095250 2203499 Largest decrease in short position Orbite Tech ORT 604900 -13189267 11/1/2016 Potash Corp SK POT 16006194 -9675878 11/1/2016 AGI 6113869 -2757618 11/1/2016 Alamos Gold Golden Queen GQM 336682 -2594418 11/1/2016 First Quantum FM 7461576 -2455096 11/1/2016

Short positions outstanding as of Nov 16, 2016 (with changes from Nov 01, 2016) Largest short positions SRJ 1950200 1950200 11/1/2016 Spearmint Res Pure Energy PE 1377600 -248483 11/1/2016 Brazil Res BRI 1176100 334274 11/1/2016 Falco Res FPC 526200 517400 11/1/2016 ML 497800 -504400 11/1/2016 Millennial Lit Integra Gold ICG 494575 492952 11/1/2016 CXO 457907 457907 11/1/2016 Colorado Res Probe Metals PRB 424200 -600 11/1/2016 Gold Std Vents GSV 336142 -58100 11/1/2016 Bear Creek Mng BCM 308049 35700 11/1/2016 ATY 260000 244400 11/1/2016 Atico Mng Kootenay Silvr KTN 245500 201500 11/1/2016 Mason Graphite LLG 229600 25400 11/1/2016 Sirios Res SOI 214882 214251 11/1/2016 Gldn Predator GPY 211576 -24507 11/1/2016 Largest increase in short position Spearmint Res SRJ 1950200 1950200 11/1/2016 Falco Res FPC 526200 517400 11/1/2016 Integra Gold ICG 494575 492952 11/1/2016 Colorado Res CXO 457907 457907 11/1/2016 BRI 1176100 334274 11/1/2016 Brazil Res Largest decrease in short position First Mg Fin FF 184805 -2057326 11/1/2016 Millennial Lit ML 497800 -504400 11/1/2016 67000 -479000 11/1/2016 Monument Mng MMY Amex Expl AMX 0 -327000 11/1/2016 PE 1377600 -248483 11/1/2016 Pure Energy

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 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 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

IndexName Nov 25 Nov 24 Nov 23 Nov 22 Nov 21 High Low S&P/TSX Composite 15075.44 15075.20 15080.91 15100.38 15039.87 15527.30 12400.15 S&P/TSXV Composite 734.58 731.87 730.09 732.63 747.93 1050.26 883.52 S&P/TSX 60 891.18 890.08 890.54 891.13 888.35 896.74 709.99 S&P/TSX Global Gold 188.51 186.89 187.13 195.74 195.72 218.90 149.29

NEW 52-WEEK HIGHS AND LOWS NOVEMBER 21–25, 2016 94 New Highs Advantage Lith Agrium Agrium* Alba Minerals Alcoa* Alphamin Res Altius Mnrls Am CuMo Mng Am CuMo Mng* Amerigo Res Amerigo Res* Anglo American* Anglo-Can Mng AQM Copper Argus Metals Astar Mnls Atacama Res* Big North Grap

Big North Grap* BLOX Inc* Broadway Gd Mg* Camrova Res* Candelaria Mg Capstone Mng Cda Zinc Mtls Champion Iron Champion Iron* Chevron* Clear Mtn Res Copper Mtn Mng Copper Mtn Mng* Darnley Bay Delrand Res DV Resources* Everest Vent Excelsior Mng Excelsior Mng* First Quantum

Freeport McMo* Golden Peak Mn Gonzaga Res Group Ten Mtls Hadley Mng HudBay Mnls HudBay Mnls* Jet Gold Kincora Copper Kincora Copper* Labrador Iron Leeta Gold Lundin Mng MacDonald Mns Magnus Intl* Margaux Res Mariana Res Matica Ent Matica Ent* MBAC Fertilizr*

MGX Minerals* Mitchell Res Morumbi Res NACCO Ind* Norsemont Cap Oronova Res Pac Arc Res Pantheon Vent Pershing Gold PJX Res Platinex ProAm Expl Rio Tinto* Rogue Res* Saint Jean Saint Jean* Scandium Int M* Sherritt Intl Sterling Grp* Strikepoint Gd

Suncor Energy Suncor Energy* Superior Mng Superior Mng* Tartisan Res Taseko Mines Teck Res Teck Res* Trevali Mng Trevali Mng* Tungsten Corp* Turquoise HIl United States S* Uranium Hunter* Vale* Vangold Res

20 New Lows Bravura Vent * Aldrin Res* Arctic Star*

Ashburton Vent* Avnel Gold Canex Energy* Centenera Mng* Double Crn Res* Energy Fuels* Euro Sun Mg GoGold Res K92 Mng Inc K92 Mng Inc* Matica Ent* Metalore Res Noram Vent Scientific Mts Tirex Res* Ur-Energy Ur-Energy*

CANADIAN GOLD MUTUAL FUNDS

DAILY METAL PRICES Daily Metal Prices Date Nov 28 Nov 25 Nov 24 Nov 23 Nov 22 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1560/1575 1565/1580 15658/1580 1560/1575 1545/1560 Aluminum 1766/1768 1750/1751 1773/1775 1765/1759 1738/1736.50 Copper 5935/5945 5822/5835 5834/5847 5562/5585 5615/5632 Lead 2465/2471 2301/2310 2236.50/2248 2174.50/2193.50 2173.50/2189 Nickel 11675/11710 11460/11505 11565/11585 11220/11260 11370/11395 Tin 21325/21050 21250/20950 21605/21350 21465/21205 21445/21125 2906/2910 2766/2775 2692/2705 2571.50/2591 2599.50/2614 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1189.10 1187.50 1187.25 1213.25 1217.55 Gold PM 1187.00 1187.70 1186.10 1185.35 1212.25 Silver 16.68 16.47 16.31 16.56 16.76 Platinum 911.00 906.00 914.00 923.00 940.00 Palladium 749.00 729.00 733.00 725.00 746.00

Fund Nov 25 ($) Nov 18 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 22.44 22.79 -0.35 -1.54 78.59 2.78 195.28 BMO Prec Mtls Fd A 18.27 18.66 -0.39 -2.09 78.53 2.40 76.96 BMO ZGD 9.43 9.72 -0.29 -2.98 73.01 0.63 34.26 BMO ZJG 7.96 8.20 -0.24 -2.92 89.46 0.60 89.10 CIBC Prec Metal Fd A 10.22 10.48 -0.27 -2.54 50.08 2.62 61.43 Dyn Prec Metls Fd A 6.60 -0.33 -4.89 100.25 2.75 466.00 Horizons HEP 24.88 -0.95 -3.79 64.28 0.81 IGMacGloPrecMetCl A 8.59 8.72 -0.14 -1.57 92.45 2.76 99.82 iShares XGD 12.10 -0.48 -3.94 73.35 0.61 736.25 48.48 49.29 -0.81 -1.64 95.97 2.51 136.89 Mac Prec Met Cl A NB Prec Met Fd Inv 11.94 12.24 -0.30 -2.45 81.07 2.46 41.82 RBC GblPreMetFd A 30.65 31.43 -0.78 -2.48 90.50 2.12 459.16 10.00 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 38.00 38.93 -0.93 -2.40 92.41 2.90 262.61 Sprott Gold&PrMinFdA 35.45 36.32 -0.88 -2.41 82.00 3.19 277.19 6.47 6.60 -0.13 -1.96 127.98 3.23 102.10 Sprott SilverEquCl A TD PreciousMetalsInv 34.46 35.12 -0.66 -1.88 74.24 2.26 163.65

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

Nov 25 Nov 24 Nov 23 Nov 22 Nov 21 1.3491 1.3491 1.3488 1.3441 1.3418 0.7412 0.7412 0.7415 0.7440 0.7453

Exchange rates (Quote Media, November 25, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.7023 84.0100 15.3744 10.4965 1.0006 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5953 5.1302 50.9730 0.7532 876.1229 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3500 0.9475 113.3365 20.7432 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8030 6.9213 68.7605 1.0166 1182.2400

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_DEC5_MMMM.indd 7

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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2016-11-29 5:26 PM

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DECEMBER 5–11, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 21–25, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abcourt Mines V 1023 0.08 0.07 0.07 - 0.01 0.13 0.04 Abcourt Mines* O 373 0.06 0.05 0.06 + 0.01 0.10 0.03 Aben Res* O 8 0.06 0.00 0.06 - 0.00 0.26 0.03 Aberdeen Intl* O 87 0.12 0.11 0.11 - 0.01 0.16 0.07 Aberdeen Intl T 559 0.17 0.15 0.15 - 0.01 0.24 0.10 Abitibi Royalt V 27 8.55 8.02 8.04 - 0.19 10.00 2.55 ABT Holdings* O 3 0.54 0.00 0.51 + 0.16 0.76 0.05 Acme Res Inc V 69 0.07 0.06 0.06 - 0.01 0.12 0.02 Adamera Mnls* O 42 0.06 0.05 0.06 + 0.00 0.12 0.01 Advance Gold V 90 0.07 0.05 0.07 + 0.02 0.10 0.01 Advantage Lith V 1276 1.29 1.04 1.20 + 0.10 1.29 0.14 Advantage Lith* O 314 0.95 0.78 0.87 + 0.06 1.00 0.49 African Gold V 636 0.09 0.07 0.07 - 0.01 0.12 0.03 African Queen V 192 0.04 0.03 0.03 - 0.01 0.14 0.02 Agave Silver V 125 0.08 0.00 0.08 - 0.01 0.15 0.02 40.88 - 1.32 60.10 24.93 Agnico Eagle* N 11937 44.00 39.48 Agnico Eagle T 2848 58.91 53.22 55.11 - 1.93 78.35 34.45 Agrium T 813 135.52 131.01 132.48 - 0.45 135.52 104.70 Agrium* N 2671 101.06 97.34 98.07 - 0.33 101.06 79.94 Aim Explor* O 896 0.00 0.00 0.00 - 0.00 75.00 0.00 Alabama Graph* O 71 0.09 0.08 0.08 - 0.00 0.17 0.08 Alacer Gold T 4023 2.52 2.22 2.34 - 0.03 3.79 2.08 T 2603 8.97 8.23 8.28 - 0.37 13.65 3.27 Alamos Gold Alamos Gold* N 9139 6.70 6.09 6.16 - 0.24 10.41 2.27 Alba Minerals V 228 0.22 0.13 0.20 + 0.07 0.22 0.01 0.26 - 0.00 0.32 0.12 Alberta Star* O 22 0.30 0.26 Alchemist Mng 412 0.09 0.08 0.08 - 0.01 0.12 0.02 Alcoa* N 18503 32.19 29.50 31.70 + 1.28 34.50 18.42 Alderon Iron* O 12 0.20 0.19 0.20 - 0.02 0.34 0.05 0.30 + 0.04 0.48 0.07 Alderon Iron T 1256 0.35 0.25 Aldever Res* O 14 0.07 0.06 0.07 + 0.01 0.11 0.06 Aldridge Mnrls V 318 0.30 0.26 0.30 + 0.04 0.34 0.12 Aldrin Res* O 184 0.08 0.07 0.07 + 0.00 0.12 0.07 Aldrin Res V 231 0.10 0.08 0.08 + 0.01 0.15 0.07 Alexandria Min* O 219 0.04 0.03 0.04 - 0.00 0.10 0.01 V 5831 0.06 0.04 0.05 - 0.01 0.12 0.02 Alexandria Min Alexco Res T 579 2.12 1.72 1.76 - 0.29 3.31 0.35 Alexco Res* X 2925 1.59 1.28 1.31 - 0.22 2.54 0.22 Algold Res V 663 0.27 0.25 0.26 + 0.01 0.44 0.07 0.08 + 0.01 0.17 0.07 Alianza Min* O 44 0.08 0.07 Alianza Min V 82 0.11 0.00 0.10 - 0.01 0.21 0.10 Alix Res V 1539 0.08 0.06 0.08 + 0.02 0.18 0.04 0.03 - 0.01 0.05 0.01 Alliance Mng V 1644 0.04 0.03 Alliance Res* D 1272 24.10 22.40 22.50 - 1.10 26.65 9.95 Almaden Mnls T 70 1.53 1.41 1.41 - 0.03 2.44 0.67 X 1427 1.15 1.04 1.05 - 0.02 1.88 0.50 Almaden Mnls* Almadex Min* O 535 1.14 0.90 1.07 + 0.10 1.51 0.09 Almadex Min V 323 1.55 1.15 1.46 + 0.16 2.00 0.14 Almonty Ind V 71 0.25 0.22 0.25 + 0.01 0.44 0.20 0.35 + 0.04 0.35 0.16 Alphamin Res V 668 0.35 0.32 ALQ Gold 14 0.05 0.05 0.05 + 0.03 0.06 0.03 Alset Energy* O 21 0.09 0.08 0.08 + 0.00 0.65 0.01 0.11 - 0.01 0.84 0.02 Alset Energy V 876 0.12 0.10 Alta Vista Vnt 91 0.06 0.04 0.04 - 0.01 0.25 0.03 Altan Nev Mnls V 41 0.02 0.01 0.02 + 0.01 0.05 0.01 Alternative ER* O 43 0.21 0.20 0.20 - 0.01 0.46 0.18 Altiplano Mnls V 24 0.10 0.09 0.10 - 0.02 0.22 0.04 Altitude Res V 355 0.10 0.09 0.09 + 0.01 0.21 0.02 Altius Mnrls T 475 12.49 10.41 12.49 + 1.52 12.20 7.39 Alto Vent V 236 0.06 0.05 0.05 - 0.01 0.09 0.02 Altura Mng Ltd* O 84 0.12 0.10 0.10 - 0.02 0.30 0.06 Alumina Inc* O 106 5.11 4.94 5.11 + 0.18 5.17 2.70 0.07 - 0.01 0.14 0.06 ALX Uranium V 524 0.08 0.07 ALX Uranium* O 22 0.07 0.06 0.06 - 0.01 0.10 0.03 Am Creek Res V 461 0.07 0.06 0.06 - 0.01 0.12 0.03 475 0.18 0.11 0.12 + 0.01 0.18 0.04 Am CuMo Mng* O Am Manganese* O 283 0.22 0.19 0.22 - 0.00 0.27 0.01 Am Manganese V 6930 0.31 0.26 0.27 - 0.03 0.38 0.01 Amador Gold V 3 0.12 0.00 0.12 - 0.02 0.40 0.10 0.07 - 0.02 0.13 0.04 Amarc Res V 674 0.09 0.07 Amarc Res* O 375 0.06 0.06 0.06 + 0.01 0.10 0.02 Amarillo Gold V 107 0.36 0.31 0.32 - 0.02 0.68 0.04 0.06 - 0.01 0.10 0.01 Amato Expl V 39 0.06 0.06 Amazing OG* O 2 0.42 0.00 0.37 + 0.04 1.06 0.30 Amer Vanadium* O 105 0.02 0.00 0.02 + 0.01 0.07 0.00 O 34 0.22 0.19 0.22 + 0.00 1.24 0.10 American Lith* American Lith V 3441 0.33 0.25 0.32 + 0.04 1.62 0.05 Americas Silvr T 3595 0.25 0.23 0.25 + 0.01 0.48 0.09 Americas Silvr* O 1300 0.19 0.17 0.18 - 0.00 0.37 0.04 0.33 + 0.08 0.34 0.10 Amerigo Res T 2466 0.35 0.24 Amerigo Res* O 131 0.24 0.18 0.24 + 0.06 0.21 0.07 AMI Res V 30 0.06 0.00 0.05 - 0.02 0.10 0.03 Anaconda Mng* O 54 0.04 0.04 0.04 + 0.00 0.09 0.03 Anaconda Mng T 476 0.07 0.06 0.06 - 0.01 0.11 0.04 Anconia Res V 88 0.04 0.00 0.04 + 0.01 0.09 0.01 0.00 + 0.00 1.00 0.00 Andes Gold* O 4 0.00 0.00 Anfield Nickel V 642 1.35 1.11 1.21 - 0.09 1.94 0.52 Anfield Res* O 29 0.06 0.04 0.06 + 0.02 0.22 0.04 0.07 - 0.01 0.31 0.05 Anfield Res V 876 0.08 0.07 Angel Gold* O 66 0.09 0.07 0.08 + 0.03 0.11 0.02 Angel Gold V 726 0.14 0.09 0.12 + 0.05 0.15 0.03 0.41 - 0.02 0.50 0.37 Angkor Gold V 106 0.43 0.40 Anglo American* O 2430 7.82 7.04 7.80 + 0.92 7.81 1.57 Anglo American* O 58 15.45 0.00 15.45 + 1.99 15.45 3.13 Anglo-Can Mng V 94 0.07 0.00 0.07 - 0.03 0.30 0.05 AngloGold Ash* N 19474 11.72 10.45 10.88 - 0.55 22.91 6.20 Antioquia Gold* O 577 0.09 0.09 0.09 + 0.01 0.11 0.04 Antipodes Gold V 48 0.03 0.00 0.02 + 0.01 0.04 0.01 Antofagasta* O 2 8.63 0.00 8.63 + 0.43 8.90 5.24 Apogee Opport V 81 0.17 0.14 0.15 + 0.01 0.44 0.11 Appia Energy 285 0.15 0.14 0.15 + 0.01 0.30 0.01 654 0.17 0.15 0.15 - 0.01 0.54 0.14 Apple Cap Inc V Applied Mrnls* O 241 0.12 0.11 0.11 + 0.01 0.43 0.10 0.23 + 0.08 0.23 0.03 AQM Copper V 5085 0.23 0.23 Aquila Res T 395 0.23 0.21 0.23 + 0.01 0.32 0.13 Arctic Star V 197 0.06 0.06 0.06 - 0.01 0.40 0.02 Arcus Dev Grp V 199 0.10 0.08 0.09 + 0.01 0.20 0.02 Arena Mnls* O 37 0.12 0.12 0.12 - 0.00 0.25 0.11 Argentina Lith V 64 0.50 0.00 0.50 + 0.08 0.83 0.04 Argex Titanium T 2493 0.06 0.06 0.06 - 0.01 0.11 0.02 Argex Titanium* O 94 0.05 0.04 0.05 + 0.01 0.09 0.01 Argo Gold 6 0.11 0.00 0.11 + 0.05 0.14 0.06 Argonaut Gold* O 67 1.92 1.74 1.83 + 0.11 3.38 0.53 Argonaut Gold T 2976 2.63 2.35 2.49 + 0.18 4.45 0.78 0.05 + 0.01 0.10 0.01 Argus Metals* O 1 0.05 0.05 Argus Metals V 37 0.15 0.09 0.10 + 0.02 0.15 0.02 Arian Silver* O 11 0.01 0.01 0.01 - 0.00 0.19 0.00 Arianne Phosph V 117 0.82 0.76 0.76 - 0.06 1.25 0.68 O 7 0.60 0.58 0.58 - 0.02 0.98 0.52 Arianne Phosph* Arizona Mng* O 706 2.42 2.29 2.33 + 0.07 2.42 0.19 Arrowstar Res V 553 0.07 0.05 0.05 - 0.01 0.17 0.05 Asanko Gold T 4820 4.77 4.47 4.60 + 0.16 6.09 1.77 Asanko Gold* X 1919 3.57 3.30 3.42 + 0.03 4.68 1.27 Asante Gold* O 42 0.15 0.14 0.14 - 0.01 0.19 0.05 Asante Gold 13 0.20 0.17 0.19 - 0.01 0.27 0.05 Asbestos Corp V 9 0.20 0.00 0.20 + 0.05 0.20 0.14 Ascot Res V 186 2.03 1.90 1.98 - 0.02 2.83 0.80 Ashburton Vent V 873 0.02 0.01 0.01 - 0.01 0.07 0.01 AsiaBaseMetals V 21 0.25 0.00 0.21 - 0.05 0.40 0.04 Aston Bay V 154 0.26 0.24 0.26 + 0.03 0.49 0.13 Astorius Res V 257 0.30 0.25 0.27 - 0.01 0.41 0.01 ATAC Res V 1825 0.37 0.32 0.35 - 0.03 0.95 0.26 Atacama Pac Gd V 54 0.48 0.40 0.43 + 0.03 1.02 0.14 Athabasca Mnls V 358 0.19 0.15 0.16 - 0.01 0.32 0.14 Athabasca Mnls* O 182 0.14 0.12 0.12 - 0.01 0.23 0.11 Atico Mng* O 389 0.65 0.57 0.58 - 0.00 0.69 0.12 Atico Mng V 1850 0.85 0.78 0.80 - 0.01 0.91 0.16 Atlanta Gold V 34 0.08 0.00 0.08 + 0.01 0.11 0.05 Atlanta Gold* O 20 0.07 0.05 0.05 - 0.03 0.09 0.03 Atlantic Gold V 447 0.91 0.81 0.83 - 0.05 1.06 0.23 Atlatsa Res* O 101 0.06 0.06 0.06 - 0.00 0.10 0.02 Aton Res Inc* O 10 0.05 0.05 0.05 - 0.00 0.12 0.03 Aton Res Inc V 904 0.07 0.06 0.07 - 0.01 0.16 0.04 Augustine Vent 121 0.10 0.00 0.10 - 0.01 0.17 0.03 Augyva Mng V 640 0.12 0.10 0.10 - 0.02 0.16 0.08 Aura Silver Rs V 125 0.04 0.00 0.03 - 0.01 0.08 0.01 Aurcana Corp V 198 0.44 0.39 0.42 + 0.02 0.80 0.09 Aurcana Corp* O 55 0.32 0.30 0.31 + 0.01 0.63 0.07 Aureus Mng* O 32 0.02 0.02 0.02 - 0.00 0.17 0.01 AuRico Metals * O 835 0.76 0.68 0.69 - 0.03 0.94 0.37 AuRico Metals T 821 1.01 0.91 0.96 - 0.01 1.26 0.55 Aurion Res V 849 0.44 0.33 0.39 + 0.06 0.49 0.05 Aurvista Gold V 965 0.22 0.16 0.19 + 0.02 0.39 0.03

8-10_DEC5_StockTables.indd 8

(100s) Stock

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12-month

Exc Volume High Low Last Change High Low

Aurvista Gold* O 236 Auryn Res T 819 Auryn Res* O 513 Austin Res V 660 Avalon Adv Mat* O 505 Avarone Metals 606 Avino Silver* X 7203 Avino Silver V 809 Avnel Gold * O 298 Avrupa Mnls* O 11 Avrupa Mnls V 98 AXE Expl V 3463 Axmin Inc* O 7 AZ Mining T 1777 Azarga Mtls V 16 Azarga Uranium* O 3 Azimut Expl V 167 Azincourt Uran V 11 Azteca Gold* O 42

0.14 0.12 0.12 - 0.01 0.29 0.02 2.54 2.14 2.19 - 0.30 4.17 0.95 1.90 1.58 1.64 - 0.24 3.18 0.70 0.03 0.03 0.03 - 0.01 0.05 0.01 0.13 0.11 0.13 + 0.01 0.26 0.07 0.04 0.02 0.04 + 0.01 0.14 0.02 1.89 1.26 1.35 - 0.52 3.14 0.71 2.50 1.69 1.81 - 0.71 4.05 1.03 0.16 0.14 0.14 - 0.01 0.30 0.13 0.10 0.08 0.10 + 0.01 0.19 0.05 0.13 0.12 0.12 + 0.01 0.25 0.08 0.05 0.03 0.04 - 0.01 0.05 0.01 0.03 0.03 0.03 - 0.01 0.06 0.00 3.23 3.10 3.12 + 0.04 3.26 0.27 0.37 0.00 0.35 - 0.01 0.60 0.05 0.14 0.14 0.14 + 0.00 0.29 0.14 0.40 0.30 0.34 + 0.01 0.68 0.10 0.06 0.00 0.06 - 0.02 0.08 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 15156 B2Gold T 24426 Bacanora Mnls V 116 Balmoral Res T 762 Balmoral Res* O 617 Bama Gold 11 Bannerman Res* O 347 Banro T 612 Banro* X 3749 Banyan Gold V 29 Barisan Gold V 650 Barkerville Go* O 115 Barkerville Go V 1318 Barrick Gold T 14898 Barrick Gold* N 75760 Barsele Min* O 38 Barsele Min V 696 Batero Gold V 405 Battle Mtn Gld* O 24 Bayhorse Silvr V 246 BCGold* O 61 BCGold V 1023 BCM Res V 601 Bear Creek Mng V 1206 Bearing Res V 405 Beaufield Res V 540 Beaufield Res* O 6 Bell Copper V 21 Bell Copper* O 40 Bellhaven Cp&G V 18 Bellhaven Cp&G* O 12 Belvedere Res V 920 Benton Res V 772 Berkwood Res V 133 Besra Gold* O 281 BHK Mining V 203 Big Bar Res V 81 Big North Grap* O 26 Big North Grap V 195 Bison Gold Res V 27 Black Dragon* O 88 Black Dragon V 249 Black Hills* N 2452 Black Mam Mtls V 6 Black Sea Cop V 153 Blackheath Res V 158 Blind Crk Res V 18 BLOX Inc* O 281 Blue Rvr Res V 1494 Blue Sky Uran V 43 Bluenose Gold V 4 Bluestone Res V 32 BonTerra Res* O 80 BonTerra Res V 856 Bowmore Expl V 137 Bravada Gold* O 134 Bravada Gold V 249 Braveheart Res V 207 Bravo Multinat* O 6594 Bravura Vent * O 22 Bravura Vent 240 Brazil Res V 1691 Brionor Res V 10 Britannia Mng* O 236 Brixton Mtls* O 214 Brixton Mtls V 380 Broadway Gd Mg* O 100 Brookmount Exp* O 43 Brunswick Res V 104 Buenaventura* N 9100 Bullfrog Gold* O 261 BWR Explor V 386

2.50 2.30 2.31 - 0.07 3.65 0.60 3.35 3.10 3.13 - 0.09 4.74 0.86 1.43 1.23 1.30 + 0.02 1.95 1.17 0.90 0.80 0.80 - 0.04 1.28 0.33 0.68 0.60 0.60 - 0.03 0.99 0.23 0.01 0.00 0.01 - 0.01 0.20 0.01 0.03 0.01 0.02 - 0.00 0.04 0.01 0.28 0.25 0.27 + 0.02 0.62 0.21 0.21 0.18 0.19 - 0.00 0.48 0.15 0.07 0.06 0.06 - 0.02 0.13 0.02 0.02 0.02 0.02 - 0.01 0.04 0.02 0.38 0.33 0.33 - 0.03 0.60 0.15 0.49 0.43 0.43 - 0.05 0.76 0.22 20.94 19.36 20.04 - 0.62 30.45 9.43 15.64 14.35 14.76 - 0.53 23.47 6.94 0.76 0.65 0.69 + 0.04 1.10 0.05 1.01 0.92 0.97 + 0.02 1.43 0.08 0.13 0.09 0.09 - 0.01 0.23 0.05 0.32 0.30 0.30 - 0.01 0.73 0.06 0.22 0.18 0.19 - 0.03 0.29 0.05 0.05 0.03 0.05 + 0.02 0.07 0.03 0.07 0.00 0.06 + 0.01 0.13 0.03 0.12 0.10 0.10 - 0.02 0.32 0.05 2.00 1.75 1.83 - 0.24 3.77 0.50 0.49 0.39 0.43 - 0.02 0.49 0.13 0.08 0.07 0.07 - 0.01 0.16 0.03 0.06 0.06 0.06 - 0.00 0.12 0.03 0.07 0.04 0.07 + 0.02 0.07 0.01 0.02 0.02 0.02 - 0.01 0.06 0.00 0.50 0.48 0.50 + 0.07 0.78 0.03 0.36 0.36 0.36 + 0.04 0.61 0.02 0.04 0.02 0.03 - 0.01 0.09 0.01 0.09 0.07 0.08 - 0.01 0.11 0.03 0.16 0.14 0.14 + 0.01 0.25 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.09 0.03 0.37 0.32 0.35 - 0.01 0.69 0.29 0.23 0.12 0.23 + 0.08 0.17 0.01 0.35 0.19 0.31 + 0.09 0.33 0.02 0.30 0.25 0.30 + 0.06 0.50 0.10 0.06 0.04 0.05 + 0.01 0.07 0.00 0.07 0.05 0.07 + 0.02 0.10 0.01 60.87 57.42 59.59 + 0.86 64.58 40.70 0.06 0.00 0.06 - 0.01 0.13 0.04 0.32 0.24 0.29 + 0.04 0.54 0.23 0.08 0.07 0.07 + 0.01 0.18 0.06 0.10 0.10 0.10 - 0.01 0.16 0.03 0.05 0.03 0.05 + 0.02 0.04 0.01 0.06 0.04 0.05 - 0.01 0.08 0.03 0.26 0.00 0.24 - 0.01 0.74 0.04 0.01 0.00 0.01 - 0.03 0.04 0.01 0.08 0.00 0.08 - 0.01 0.23 0.05 0.20 0.17 0.19 + 0.02 0.37 0.12 0.26 0.22 0.25 + 0.02 0.51 0.17 0.09 0.08 0.09 + 0.01 0.16 0.04 0.15 0.14 0.14 - 0.00 0.31 0.02 0.22 0.17 0.18 - 0.04 0.40 0.03 0.06 0.00 0.05 + 0.02 0.08 0.02 0.01 0.01 0.01 - 0.00 0.10 0.01 0.11 0.10 0.10 - 0.00 0.49 0.11 0.16 0.12 0.14 - 0.01 0.59 0.02 2.19 1.87 1.88 - 0.18 3.35 0.38 0.03 0.00 0.03 + 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.35 0.22 0.22 - 0.07 0.92 0.03 0.40 0.30 0.31 - 0.06 1.20 0.05 0.35 0.35 0.35 + 0.06 0.35 0.22 0.02 0.02 0.02 + 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.04 0.01 11.46 10.54 10.96 + 0.04 16.45 3.30 0.14 0.09 0.10 - 0.04 0.19 0.01 0.06 0.05 0.05 - 0.01 0.09 0.01

C Cadillac Vent V 407 Caledonia Mng* Q 125 Caledonia Mng T 100 California Gl* O 3 California Gld V 51 Callinex Mines* O 345 Cameco Corp* N 10303 Cameco Corp T 5395 Cameo Res* O 356 Camino Mnls V 246 Camrova Res* O 3 Can-Cal Res* O 37 Canadian Zeol V 2057 Canadian Zeol* O 223 CanAlaska Uran V 227 CanAlaska Uran* O 239 CanAm Coal* O 272 Canamex Res* O 19 Canamex Res V 439 Canarc Res T 355 Canarc Res* Q 335 Canasil Res V 329 Cancana Res V 164 Candelaria Mg V 67 Candente Coppr T 450 Candente Gold V 549 Canex Energy V 185 Canoe Mng Vent V 114 Canstar Res V 171 Cantex Mn Dev V 45 Canyon Gold* O 159 Capstone Mng T 8220 Caracara Silvr* O 1 Cardero Res V 3 Cariboo Rose V 74 Carlin Gold V 250 Cartier Iron 74 Cartier Res V 279 Carube Copper* O 175 Casablanca Mng* O 92 Cascadero Copp V 3184 Castle Mtn Mng V 1506 Castle Peak Mg V 170 Castle Res 3 Caza Gold V 101 CB Gold V 45 Cda Carbon* O 13 Cda Carbon V 480 Cda Rare Earth* O 120 Cda Zinc Mtls V 3987 Cdn Intl Mnrls V 1667 Cdn Metals 16 Cdn Silvr Hunt V 206 Cdn Zinc T 2161 Cdn Zinc* Q 849 Centamin T 56 Centaurus Diam* O 97 Centenera Mng* O 105

0.04 0.03 0.03 - 0.01 0.05 0.01 1.30 1.16 1.21 + 0.06 1.84 0.48 1.75 1.60 1.63 + 0.07 2.42 0.66 0.40 0.00 0.39 - 0.00 0.56 0.35 0.54 0.50 0.50 - 0.04 0.80 0.35 0.45 0.42 0.45 + 0.01 0.54 0.18 9.43 9.06 9.26 + 0.18 13.59 7.41 12.65 12.15 12.49 + 0.22 17.67 9.88 0.04 0.03 0.04 - 0.00 0.07 0.02 0.23 0.17 0.23 + 0.06 0.29 0.07 0.14 0.00 0.12 - 0.02 0.14 0.10 0.05 0.03 0.03 - 0.01 0.08 0.03 0.94 0.68 0.85 - 0.08 0.96 0.08 0.70 0.51 0.64 - 0.02 0.71 0.06 0.49 0.44 0.48 + 0.01 1.55 0.09 0.37 0.34 0.34 + 0.02 1.20 0.06 0.01 0.01 0.01 + 0.00 0.04 0.00 0.09 0.07 0.09 - 0.00 0.11 0.07 0.12 0.11 0.11 + 0.01 0.30 0.10 0.09 0.08 0.09 + 0.01 0.15 0.04 0.07 0.06 0.06 + 0.00 0.12 0.03 0.30 0.27 0.30 + 0.04 0.73 0.04 0.44 0.38 0.40 - 0.03 0.52 0.13 1.05 0.00 0.90 - 0.06 1.19 0.17 0.12 0.09 0.12 + 0.03 0.18 0.03 0.05 0.04 0.04 - 0.01 0.09 0.01 0.11 0.10 0.11 - 0.01 0.15 0.03 0.08 0.07 0.07 - 0.02 0.10 0.02 0.11 0.09 0.10 - 0.01 0.18 0.04 0.08 0.00 0.08 + 0.02 0.15 0.03 0.10 0.08 0.09 - 0.01 0.54 0.03 1.15 0.96 1.05 + 0.10 1.15 0.27 0.00 0.00 0.00 - 0.01 0.03 0.00 0.18 0.00 0.18 - 0.04 0.25 0.08 0.11 0.09 0.09 - 0.01 0.12 0.03 0.04 0.04 0.04 - 0.01 0.08 0.01 0.06 0.00 0.06 + 0.02 0.11 0.02 0.19 0.16 0.18 + 0.01 0.19 0.04 0.06 0.05 0.05 - 0.02 0.14 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.10 0.11 + 0.01 0.17 0.03 0.84 0.75 0.75 - 0.01 1.30 0.22 0.03 0.02 0.02 - 0.01 0.08 0.01 0.22 0.00 0.22 + 0.07 0.40 0.01 0.04 0.03 0.03 - 0.01 0.07 0.02 0.14 0.12 0.12 - 0.01 0.18 0.04 0.20 0.19 0.20 + 0.01 0.28 0.18 0.28 0.25 0.28 + 0.02 0.42 0.24 0.02 0.02 0.02 + 0.00 0.04 0.01 0.48 0.41 0.42 + 0.06 0.48 0.10 0.03 0.00 0.03 + 0.01 0.13 0.02 0.14 0.00 0.14 - 0.01 0.44 0.06 0.03 0.03 0.03 - 0.01 0.05 0.01 0.25 0.22 0.25 + 0.02 0.41 0.06 0.19 0.17 0.18 + 0.02 0.32 0.05 2.27 2.14 2.18 - 0.05 3.05 1.22 0.05 0.05 0.05 - 0.01 0.34 0.03 0.18 0.14 0.14 - 0.02 0.37 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Centenera Mng V 176 0.22 0.16 0.18 - 0.04 0.50 0.04 Centerra Gold T 3712 7.10 6.69 6.89 - 0.04 8.22 5.64 Central Iron V 209 0.02 0.02 0.02 - 0.01 0.03 0.01 Centurion Mnls V 1264 0.08 0.07 0.08 + 0.01 0.18 0.05 Cerro Grande* O 138 0.02 0.02 0.02 - 0.00 0.06 0.00 0.02 - 0.01 0.06 0.01 Cerro Grande 59 0.03 0.02 Chalice Gold M T 215 0.15 0.15 0.15 + 0.01 0.21 0.10 Champion Iron* O 540 0.33 0.27 0.33 + 0.06 0.33 0.10 Champion Iron T 5034 0.45 0.36 0.45 + 0.09 0.45 0.13 Chantrell Vent V 1166 0.10 0.08 0.10 - 0.01 0.19 0.06 Chesapeake Gld* O 132 2.95 0.00 2.56 - 0.09 5.03 1.24 Chesapeake Gld V 105 4.00 3.40 3.45 - 0.12 6.50 1.75 Chevron* N 27136 111.47 109.31 111.00 + 1.80 111.47 75.33 Chiboug Ind Mn V 544 0.07 0.06 0.06 - 0.01 0.26 0.03 Chiboug Ind Mn* O 205 0.06 0.05 0.06 + 0.01 0.17 0.05 V 764 0.23 0.17 0.21 + 0.04 0.30 0.04 Chilean Metals O 53 0.15 0.14 0.15 + 0.02 0.22 0.02 Chilean Metals* China Gold Int T 1210 3.11 2.85 2.92 - 0.10 3.67 1.83 Cibolan Gold* O 21 0.05 0.05 0.05 + 0.01 0.14 0.03 CIM Intl Grp 3 0.70 0.70 0.70 + 0.15 1.50 0.55 CKR Carbon V 594 0.09 0.00 0.09 + 0.01 0.12 0.06 447 0.03 0.02 0.02 - 0.01 0.06 0.01 Claim Post Res V 0.06 + 0.01 0.17 0.02 Clean Comm V 418 0.07 0.05 Clean Comm* O 13 0.03 0.03 0.03 - 0.01 0.13 0.01 Clear Mtn Res V 1945 1.60 1.20 1.59 + 0.41 1.40 0.10 Cloud Peak En* N 13788 6.14 5.48 5.85 + 0.06 8.04 1.08 0.10 + 0.03 0.13 0.07 CMC Metals* O 1 0.10 0.00 CMC Metals V 906 0.15 0.11 0.13 - 0.01 0.21 0.05 CMX Gold & Sil 21 0.10 0.09 0.09 - 0.01 0.10 0.05 301 0.08 0.07 0.07 + 0.01 0.12 0.04 Cobalt Pwr Grp V N 21124 10.39 9.40 9.55 - 0.21 16.41 1.62 Coeur Mng* 0.16 - 0.01 0.23 0.03 Colibri Res V 10 0.16 0.16 Colombia Crest V 206 0.02 0.01 0.02 + 0.01 0.04 0.01 Colombian Mins V 59 0.19 0.12 0.12 - 0.03 0.25 0.02 0.20 - 0.02 0.71 0.05 Colorado Res V 1661 0.23 0.18 Colorado Res* O 523 0.17 0.14 0.15 - 0.01 0.54 0.04 0.04 + 0.00 0.10 0.03 Colt Res* O 60 0.04 0.03 Colt Res V 3005 0.06 0.06 0.06 - 0.01 0.15 0.06 O 356 0.45 0.39 0.40 - 0.04 0.72 0.23 Columbus Gold* T 388 0.60 0.51 0.51 - 0.08 0.93 0.32 Columbus Gold Commander Res V 310 0.05 0.00 0.05 - 0.01 0.08 0.01 Commerce Res* O 120 0.05 0.04 0.04 - 0.01 0.08 0.04 Comstock Mng* X 1111 0.27 0.22 0.24 - 0.01 0.62 0.19 Comstock Mtls V 240 0.19 0.17 0.17 - 0.03 0.43 0.05 24 0.14 0.12 0.12 - 0.01 0.33 0.10 Comstock Mtls * O Condor Res V 150 0.08 0.08 0.08 - 0.01 0.12 0.02 Confedertn Mls V 20 0.70 0.63 0.70 + 0.05 9.00 0.46 0.02 - 0.01 0.07 0.01 Conquest Res V 237 0.02 0.02 Cons Woodjam V 82 0.08 0.06 0.08 + 0.02 0.08 0.02 N 12412 19.99 18.76 19.64 + 1.20 20.66 4.54 CONSOL Energy* Constant Mtl V 478 0.11 0.09 0.11 + 0.03 0.15 0.05 2.65 - 0.04 3.60 0.88 Contintl Gold* O 51 2.83 2.65 Contintl Gold T 2314 3.82 3.56 3.56 - 0.06 4.69 1.28 Contintl Prec* O 3 0.23 0.19 0.23 + 0.03 0.27 0.19 0.25 - 0.02 0.35 0.25 Contintl Prec T 5 0.30 0.00 Copper Ck Gold V 5 0.09 0.08 0.08 - 0.02 0.10 0.06 0.15 0.12 0.14 + 0.02 0.24 0.11 Copper Fox Mtl V 2591 Copper Fox Mtl* O 48 0.10 0.08 0.09 - 0.01 0.17 0.08 Copper Lake Rs V 402 0.06 0.05 0.06 + 0.01 0.08 0.03 Copper Mtn Mng* O 163 0.67 0.54 0.64 + 0.15 0.64 0.23 Copper Mtn Mng T 5369 0.94 0.69 0.87 + 0.21 0.94 0.33 199 0.12 0.11 0.12 + 0.01 0.40 0.10 Copper North M V Copper North M* O 3 0.09 0.08 0.08 + 0.01 0.16 0.07 42 0.16 0.15 0.15 - 0.01 0.22 0.11 Copper One * O Copper One V 96 0.20 0.18 0.20 + 0.01 0.30 0.03 Copper Reef Mg 697 0.03 0.02 0.03 + 0.01 0.05 0.01 O 24 0.06 0.00 0.06 + 0.00 0.08 0.01 Copperbank Res* Coral Gold V 291 0.29 0.28 0.29 - 0.01 0.39 0.05 Corazon Gold V 44 0.37 0.00 0.35 - 0.02 0.45 0.18 0.74 - 0.06 1.08 0.12 Cordoba Mnls V 278 0.85 0.74 Cordoba Mnls* O 56 0.64 0.57 0.57 - 0.04 0.79 0.10 0.11 - 0.03 0.21 0.03 Corex Gold V 434 0.13 0.11 O 165 0.13 0.11 0.11 - 0.03 0.15 0.01 Cornerstone Ca* Cornerstone Mt V 56 0.03 0.03 0.03 + 0.01 0.04 0.01 0.15 + 0.02 0.21 0.02 Coro Mining T 1469 0.17 0.13 Coronet Mtls V 23 0.35 0.32 0.35 - 0.02 0.71 0.03 0.24 - 0.05 0.56 0.02 Coronet Mtls* O 16 0.24 0.00 Corvus Gold T 169 0.69 0.56 0.59 - 0.10 1.38 0.33 Corvus Gold* O 107 0.54 0.41 0.43 - 0.08 1.05 0.25 0.36 + 0.02 0.82 0.33 Cougar Mnls V 454 0.37 0.34 0.55 + 0.04 0.75 0.14 Critical Elem V 764 0.56 0.52 0.41 + 0.04 0.58 0.10 Critical Elem* O 53 0.41 0.39 Crown Mining V 163 0.11 0.10 0.11 + 0.01 0.20 0.04 Cruz Cap Corp V 2210 0.25 0.19 0.20 - 0.04 0.25 0.02 0.24 - 0.01 0.43 0.22 Crystal Lake V 58 0.25 0.24 Crystal Pk Min V 83 0.35 0.00 0.32 - 0.03 0.42 0.17 Crystal Pk Min* O 18 0.26 0.22 0.23 + 0.00 0.32 0.13 Currie Rose Rs V 487 0.02 0.02 0.02 + 0.01 0.05 0.01 0.11 - 0.01 0.20 0.04 Cypress Dev V 372 0.12 0.10 0.09 + 0.01 0.16 0.02 Cypress Dev* O 6 0.09 0.09

D-F Dajin Res V 709 Dajin Res* O 843 Dakota Ter Res* O 14 Daleco Res* O 85 Dalradian Res* O 295 Dalradian Res T 1040 Damara Gold V 69 Danakali* O 93 Darnley Bay V 1394 Darnley Bay* O 32 Debut Dmds 43 Decade Res V 545 Decade Res* O 450 Defiance Silvr* O 302 Defiance Silvr V 803 Del Toro Silvr* O 1118 Denison Mines* X 2049 Denison Mines T 1083 Desert Star V 161 Detour Gold T 4517 Diamante Min* O 346 Diamcor Mng* O 2 Diamcor Mng V 92 Diamond Fields V 48 Discovery Gold* O 128 Discovery-Corp V 59 Ditem Explor* O 1 DNI Metals 497 DNI Metals* O 332 Dolly Vard Sil* O 39 Dominion Diam* N 1315 Dominion Diam T 811 DRDGOLD* N 1584 Dundee Prec Mt T 1107 Duran Vent * O 43 Duran Vent V 377 Durango Res V 314 DuSolo Fertil V 3433 Dynacor Gld Mn T 197 DynaResource* O 28 Dynasty Met&Mn T 451 V 1488 Eagle Graphite Eagle Plains V 673 East Africa V 441 O 44 Eastern Platin* Eastfield Res V 170 Eastmain Res T 2058 Eco Oro Mnls T 5286 eCobalt Solns* O 150 El Capitan Prc* O 4652 Elcora Res V 211 Elcora Res* O 12 Eldorado Gold* N 27426 Eldorado Gold T 12270 Electra Stone V 20103 Eloro Mnrls V 220 Ely Gold & Mnl V 316 Ely Gold & Mnl* O 800 Elysee Dev V 21 Emerita Res V 883 Emgold Mng V 220 O 115 Encanto Potash*

0.13 0.11 0.13 + 0.02 0.30 0.10 0.09 0.08 0.09 + 0.01 0.24 0.08 0.05 0.05 0.05 + 0.01 0.20 0.03 0.02 0.02 0.02 + 0.00 0.05 0.01 1.01 0.93 0.95 - 0.02 1.27 0.45 1.36 1.25 1.31 + 0.01 1.68 0.62 0.05 0.04 0.04 - 0.02 0.10 0.04 0.30 0.30 0.30 + 0.02 0.37 0.17 0.30 0.18 0.26 + 0.06 0.24 0.01 0.15 0.14 0.15 + 0.01 0.17 0.00 0.02 0.00 0.01 - 0.01 0.03 0.01 0.05 0.04 0.05 - 0.01 0.13 0.01 0.03 0.03 0.03 - 0.01 0.10 0.00 0.21 0.18 0.19 - 0.03 0.49 0.04 0.29 0.23 0.26 - 0.04 0.63 0.06 0.03 0.03 0.03 + 0.00 0.05 0.00 0.49 0.45 0.47 - 0.00 0.67 0.35 0.65 0.61 0.64 + 0.01 0.85 0.48 0.13 0.12 0.12 - 0.02 0.32 0.05 17.97 15.79 16.38 - 0.41 35.93 13.01 0.16 0.13 0.14 - 0.01 0.85 0.12 0.85 0.85 0.85 - 0.00 1.11 0.46 1.18 1.09 1.18 + 0.08 1.50 0.65 0.16 0.13 0.16 - 0.01 0.24 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.03 0.04 - 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.02 0.04 + 0.01 0.10 0.02 0.02 0.02 0.02 + 0.00 0.10 0.01 0.45 0.42 0.42 - 0.02 0.81 0.08 9.36 8.51 9.09 + 0.39 12.65 7.27 12.65 11.53 12.44 + 0.69 16.82 9.96 4.33 3.91 4.25 - 0.02 9.10 1.34 2.10 1.95 2.02 - 0.06 4.14 0.84 0.07 0.00 0.07 + 0.02 0.10 0.05 0.09 0.08 0.08 + 0.01 0.20 0.07 0.07 0.06 0.06 - 0.01 0.21 0.03 0.06 0.03 0.04 + 0.01 0.07 0.03 2.53 2.05 2.06 - 0.33 3.71 1.46 1.35 0.00 1.30 - 0.12 2.00 0.80 0.20 0.18 0.19 + 0.01 0.45 0.10 0.04 0.03 0.03 - 0.01 0.06 0.02 0.17 0.14 0.16 + 0.01 0.17 0.05 0.22 0.18 0.19 - 0.01 0.36 0.03 0.33 0.32 0.32 - 0.02 0.89 0.32 0.05 0.04 0.04 - 0.01 0.06 0.02 0.57 0.47 0.52 - 0.03 0.97 0.29 0.30 0.13 0.29 + 0.10 0.60 0.14 0.42 0.38 0.40 + 0.05 0.59 0.34 0.05 0.04 0.04 - 0.00 0.28 0.03 0.33 0.31 0.32 - 0.01 0.75 0.18 0.26 0.24 0.24 - 0.02 0.55 0.20 2.87 2.58 2.66 - 0.08 5.16 1.87 3.85 3.50 3.58 - 0.11 6.71 2.67 0.05 0.03 0.04 + 0.01 0.12 0.03 0.42 0.37 0.38 - 0.03 0.58 0.09 0.17 0.13 0.15 - 0.01 0.27 0.05 0.13 0.10 0.11 - 0.01 0.20 0.03 0.40 0.00 0.36 + 0.01 0.43 0.18 0.09 0.08 0.08 - 0.01 0.17 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 0.05 0.05 0.05 - 0.00 0.14 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 84 Endeavour Mng* Endeavour Mng T 1027 N 8568 Endeavr Silver* Endeavr Silver T 2035 Energizer Res T 773 O 49 Energizer Res* Energy Fuels T 488 Energy Fuels* X 1109 Engold Mines* O 802 Engold Mines V 1504 Ensurge* O 120 Entree Gold* X 216 Equitas Res* O 292 Equitorial Ex V 202 69 V Era Res Inc 303 Erdene Res Dev T 4 Eros Res Corp* O Eskay Mng V 276 Ethos Gold* O 3 Eurasian Mnls V 62 X 277 Eurasian Mnls* 347 T Euro Sun Mg 30 Euro Sun Mg* O EurOmax Res T 327 O 30 EurOmax Res* Everest Vent V 87 Everton Res* O 100 Evolving Gold 14 O 0 Evolving Gold* Evrim Res V 354 O 152 Excalibur Res* Excalibur Res 522 Excellon Res T 768 Excellon Res* O 490 O 88 Excelsior Mng* Excelsior Mng V 714 Exeter Res* X 1406 Exeter Res T 187 O 66 Expedition Mng* Explor Res* O 74 Explor Res V 471 Falco Res V 1111 Falcon Gold V 51 Far Res 3018 Fieldex Expl V 5646 47 Filo Mg Corp V Finore Mng 3588 Finore Mng* O 229 Fiore Explor* O 46 Fiore Explor V 1172 3 Fire River Gol* O Firebird Res V 321 Firesteel Res V 244 O 60 Firma Holdings* First Bauxite V 373 First Liberty* O 6856 First Majestic T 6281 First Majestic* N 22777 V 2315 First Mg Fin First Mg Fin * O 3535 First Point V 219 First Quantum T 18001 Fission Uran T 1592 Fission Uran* O 646 Flinders Res* O 284 Flinders Res V 272 O 233 Focus Graphite* V 771 Focus Graphite Foran Mng V 1574 T 188 Formation Mtls Forrester Met V 68 Forrester Met* O 20 9 Fort St J Nick V 2 Fort St J Nick* O O 93 Fortescue Mtls* T 2425 Fortuna Silvr Fortuna Silvr* N 5484 Fortune Bay V 5 Fortune Bay* O 3 Fortune Mnrls T 1506 O 511 Fortune Mnrls* V 93 Forum Uranium O 27 Forum Uranium* Four River V 784 N 3852 Franco-Nevada* Franco-Nevada T 2268 Franklin Mng* O 1049 Freegold Vent T 253 262591 N Freeport McMo* Fresnillo plc* O 20 Frontline Gold V 1838 100 Full Metal Mnl V

14.50 - 1.08 20.85 4.40 16.05 14.39 19.78 - 1.22 27.17 5.70 21.67 19.27 1.00 3.65 - 0.11 5.95 3.98 3.61 1.46 4.97 - 0.11 7.75 5.34 4.87 0.06 0.07 + 0.01 0.13 0.07 0.06 0.03 0.05 + 0.00 0.10 0.05 0.05 1.74 1.77 - 0.09 4.13 1.93 1.74 1.29 1.32 - 0.06 2.98 1.43 1.29 0.02 0.08 + 0.03 0.14 0.08 0.05 0.03 0.11 + 0.03 0.19 0.13 0.08 0.01 0.08 + 0.03 0.09 0.08 0.05 0.17 0.31 - 0.01 0.38 0.32 0.30 0.02 0.04 - 0.00 0.10 0.04 0.03 0.02 0.04 + 0.01 0.10 0.04 0.03 0.19 0.17 0.19 + 0.02 0.50 0.09 0.42 0.37 0.38 - 0.02 0.55 0.12 0.12 0.00 0.12 - 0.02 0.17 0.06 0.07 0.24 + 0.03 0.42 0.24 0.18 0.05 0.15 + 0.00 0.32 0.16 0.15 0.48 1.31 - 0.09 1.84 1.42 1.31 0.35 0.99 - 0.03 1.40 1.06 0.98 0.89 0.75 0.75 - 0.16 1.45 0.75 0.65 0.55 0.55 - 0.11 1.06 0.56 0.21 0.66 + 0.01 0.81 0.70 0.61 0.15 0.48 + 0.01 0.59 0.50 0.48 0.09 1.20 + 0.15 1.29 1.29 1.04 0.00 0.04 - 0.00 0.14 0.04 0.04 0.04 0.25 - 0.02 0.50 0.27 0.00 0.02 0.16 - 0.05 0.38 0.16 0.00 0.10 0.25 + 0.02 0.43 0.25 0.22 0.00 0.07 + 0.01 0.09 0.08 0.07 0.01 0.10 + 0.01 0.11 0.10 0.09 0.20 1.35 - 0.09 2.40 1.55 1.29 0.14 1.01 - 0.05 1.85 1.16 1.00 0.12 0.41 + 0.03 0.39 0.41 0.37 0.19 0.56 + 0.08 0.53 0.56 0.49 0.31 0.82 - 0.08 1.48 0.95 0.82 0.41 1.11 - 0.10 1.94 1.26 1.10 0.05 0.06 + 0.01 0.22 0.07 0.00 0.04 0.06 + 0.00 0.18 0.06 0.05 0.06 0.09 - 0.01 0.24 0.09 0.08 0.21 0.86 - 0.04 1.39 0.97 0.81 0.03 0.09 - 0.01 0.20 0.10 0.09 0.02 0.06 - 0.02 0.15 0.08 0.06 0.01 0.03 - 0.01 0.07 0.03 0.03 2.05 1.90 1.93 + 0.01 2.15 0.64 0.01 0.33 - 0.05 0.50 0.39 0.32 0.00 0.24 - 0.02 0.41 0.30 0.23 0.02 0.35 - 0.01 0.55 0.37 0.35 0.03 0.44 - 0.03 0.76 0.51 0.44 0.04 0.00 0.04 + 0.04 0.77 0.00 0.01 0.03 - 0.01 0.05 0.03 0.00 0.01 0.04 + 0.01 0.06 0.04 0.04 0.02 0.05 - 0.02 0.11 0.05 0.05 0.03 0.06 + 0.03 0.08 0.07 0.03 0.00 0.00 - 0.00 0.00 0.00 0.00 11.12 - 0.37 24.96 3.50 12.07 10.88 8.98 8.07 8.30 - 0.21 19.15 2.40 0.80 0.71 0.75 - 0.01 1.31 0.31 0.60 0.52 0.53 - 0.03 1.02 0.22 0.04 0.07 - 0.01 0.14 0.08 0.07 15.85 + 2.04 16.87 2.15 16.87 14.10 0.49 0.56 - 0.01 0.82 0.57 0.54 0.36 0.42 + 0.01 0.63 0.43 0.40 0.09 0.41 + 0.04 0.61 0.42 0.37 0.13 0.52 + 0.02 0.77 0.56 0.49 0.04 0.06 + 0.01 0.23 0.06 0.05 0.07 0.07 - 0.01 0.30 0.08 0.07 0.05 0.27 + 0.06 0.31 0.29 0.19 0.09 0.52 - 0.02 0.78 0.57 0.50 0.04 0.08 + 0.01 0.14 0.08 0.07 0.00 0.05 - 0.00 0.09 0.05 0.05 0.22 0.20 0.20 - 0.01 0.35 0.05 0.15 0.15 0.15 - 0.01 0.18 0.07 1.00 4.65 + 0.42 4.74 4.68 4.29 8.70 8.04 8.13 - 0.14 12.73 2.92 2.00 6.04 - 0.09 9.75 6.47 5.96 0.25 0.51 - 0.11 0.90 0.60 0.00 0.36 0.36 - 0.07 0.64 0.45 0.00 0.02 0.10 - 0.01 0.17 0.11 0.10 0.01 0.07 - 0.00 0.13 0.08 0.07 0.04 0.09 + 0.01 0.20 0.09 0.08 0.03 0.06 + 0.00 0.14 0.06 0.00 0.14 0.85 - 0.04 1.28 0.93 0.75 41.47 56.42 - 1.07 81.16 59.10 54.78 105.69 58.67 0.98 - 76.72 73.88 79.20 0.00 0.00 + 0.00 0.01 0.00 0.00 0.05 0.10 - 0.01 0.28 0.11 0.10 16.00 + 2.27 16.42 3.52 16.42 14.15 15.23 - 1.05 26.65 9.00 16.84 15.21 0.01 0.02 - 0.01 0.05 0.02 0.01 0.10 0.09 0.10 - 0.01 0.12 0.02

G4G Capital* O 15 G4G Capital V 214 Gabriel Res T 134 Galane Gold V 570 Galantas Gold V 71 370 Galena Intl Rs V Galore Res V 415 Galway Gold V 421 Galway Mtls* O 467 Galway Mtls V 362 Garibaldi Res V 207 100 V Gem Intl Res General Moly* X 1577 Genius Props 629 V 1254 Gensource Pot O 84 Geologix Expl* Geologix Expl V 1289 Geomega Res V 457 Gespeg Cop Res V 2009 Getty Copper V 62 GFK Res V 159 GGL Res V 85 Giyani Gold V 439 Giyani Gold* O 121 Gldn Predator V 1064 O 421 Gldn Predator* 264 Glen Eagle Res V Glencore Plc* O 1057 Globex Mng* O 61 Globex Mng T 722 O 80 GMV Minerals* GMV Minerals V 473 GoGold Res T 1001 Gold & Silver* O 1548 614 Gold Bulln Dev V 33767 Gold Fields* N Gold Lakes* O 5732 294 Gold Mng USA* O 197 Gold Reach Res V Gold Reserve V 34 Gold Reserve* O 22 X 3890 Gold Resource* 92 Gold Ridge Exp V Gold Std Vents V 1124 Gold Std Vents* X 1789 Goldcliff Res* O 46 Goldcliff Res V 86 T 12598 Goldcorp Goldcorp* N 40085 Golden Arrow V 1036 Golden Arrow* O 971 93 Golden Dawn Ml* O Golden Dawn Ml V 1157 Golden Eagle* O 50 Golden Hope V 93 Golden Mnls* X 1133 Golden Mnls T 80 54 Golden Peak Mn V O 697 Golden Queen* Golden Queen T 155

0.03 0.74 - 0.08 0.81 0.81 0.74 0.04 1.00 - 0.11 1.15 1.11 0.87 0.12 0.54 + 0.07 0.74 0.54 0.00 0.03 0.09 - 0.01 0.19 0.10 0.08 0.07 0.12 - 0.01 0.18 0.12 0.00 0.09 0.07 0.09 + 0.02 0.15 0.03 0.01 0.02 + 0.01 0.04 0.02 0.02 0.04 0.07 - 0.01 0.13 0.08 0.07 0.06 0.25 - 0.01 0.51 0.27 0.25 0.09 0.33 - 0.03 0.65 0.37 0.32 0.07 0.10 - 0.02 0.16 0.13 0.10 0.07 0.00 0.07 + 0.01 0.15 0.04 0.15 0.32 + 0.04 0.47 0.33 0.26 0.02 0.06 - 0.01 0.06 0.06 0.05 0.04 0.10 + 0.02 0.12 0.11 0.08 0.01 0.04 - 0.01 0.11 0.06 0.04 0.02 0.07 - 0.01 0.15 0.08 0.06 0.06 0.10 - 0.01 0.23 0.11 0.08 0.03 0.03 0.03 - 0.01 0.06 0.02 0.01 0.02 - 0.01 0.04 0.03 0.02 0.03 0.13 + 0.02 0.18 0.14 0.10 0.01 0.03 - 0.01 0.05 0.03 0.03 0.06 0.48 - 0.08 0.70 0.53 0.43 0.02 0.33 - 0.12 0.50 0.44 0.32 0.09 0.01 1.17 + 0.58 0.64 0.50 0.06 0.42 - 0.03 0.89 0.47 0.38 0.13 0.11 0.12 - 0.01 0.16 0.04 1.95 7.02 + 0.59 7.15 7.10 6.60 0.15 0.30 + 0.00 0.38 0.31 0.28 0.19 0.43 + 0.04 0.51 0.43 0.36 0.06 0.31 - 0.03 0.55 0.36 0.31 0.08 0.40 - 0.05 0.70 0.48 0.40 0.53 0.57 - 0.04 1.65 0.60 0.53 0.00 0.00 0.00 - 0.00 0.60 0.00 0.07 0.06 0.06 - 0.01 0.16 0.03 2.37 3.08 - 0.16 6.60 3.35 2.93 0.02 0.02 - 0.00 1.02 0.03 0.02 0.00 0.00 0.00 + 0.00 0.17 0.00 0.12 0.10 0.10 - 0.02 0.25 0.08 3.06 5.76 + 0.47 8.00 5.80 5.42 0.00 4.25 + 0.21 5.90 4.28 4.01 1.14 4.29 - 0.09 8.22 4.60 4.08 0.10 0.06 0.06 - 0.05 0.70 0.05 3.21 2.89 3.05 - 0.04 4.10 0.67 2.48 2.14 2.15 - 0.33 3.20 0.50 0.15 0.21 - 0.00 0.36 0.23 0.20 0.05 0.30 + 0.02 0.47 0.30 0.27 13.55 17.72 - 0.26 26.56 18.44 17.07 13.01 - 0.31 20.38 9.46 13.77 12.65 0.17 0.69 - 0.01 1.48 0.76 0.64 0.13 0.52 + 0.01 1.30 0.56 0.48 0.19 0.17 0.18 - 0.01 0.32 0.06 0.28 0.22 0.23 - 0.04 0.44 0.07 0.00 0.06 + 0.01 0.07 0.06 0.00 0.16 0.27 + 0.04 0.39 0.27 0.19 0.13 0.73 + 0.04 1.16 0.75 0.67 0.19 0.04 1.51 0.90 - 1.00 0.90 0.74 0.53 0.62 + 0.13 0.90 0.12 0.48 0.65 - 0.02 1.56 0.72 0.64 0.67 0.88 - 0.02 2.00 0.91 0.87

G-H

2016-11-29 5:22 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 5â&#x20AC;&#x201C;11, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Secret V 317 Golden Sh Mng V 188 Golden Star T 950 Golden Star* X 9192 Golden Tag V 86 Golden Valley V 1094 Goldex Res V 4 Goldeye Expl V 37 Goldgroup Mng T 498 Goldgroup Mng* O 856 GoldON Res V 11 GoldQuest Mng V 655 Goldrea Res 116 O 606 Goldsource Min* Goldsource Min V 442 V 8 Goldstream Mnl Goldstrike Res V 1057 Gonzaga Res V 223 GoviEx Uranium V 199 Gowest Gold* O 406 Gowest Gold V 688 GPM Metals V 4424 Gran Colombia* O 228 Gran Colombia T 2314 Grande Portage* O 20 Graphite One V 1357 Graphite One* O 494 Gray Rock Res V 167 Great Atlantic V 195 Great Bear Res V 19 Great Lakes Gr* O 382 Great Panther* X 8994 Great Panther T 2557 Great Quest Fe V 49 Great Thunder V 280 Great Western* O 420 Green Swan Cap V 446 Green Valley M V 1823 V 230 Greencastle Rs Greenland M&En* O 72 Grenville Gold V 59 Grizzly Discvr* O 41 Grizzly Gold* O 12 Group Ten Mtls V 629 GrowMax Res* O 167 Guerrero Vents V 51 Gungnir Res V 93 Gunpoint Expl V 60 Guyana Gldflds T 3159 Hadley Mng 572 Handa Copper V 4 Handeni Gold* O 7 Happy Ck Mnrls V 84 Harmony Gold* N 27172 Harte Gold T 2732 Harvest Gold V 25 Hawkeye Gld&Di* O 50 Hawkeye Gld&Di V 473 Heatherdale Rs V 130 Hecla Mining* N 72546 Hellix Vent* O 8 Heron Res T 441 Highland Copp* O 60 V 406 Highland Copp Highway 50 Gld V 63 HiHo Silver 76 Hochschild Mg* O 238 916 Honey Badger E V Horizon Mnls* O 5 Houston Lake V 240 HTI Ventures V 125 HudBay Mnls T 13358 HudBay Mnls* N 2188 Hudson Res V 83 Hudson Res* O 6 Hunt Mng* O 35 Hunt Mng V 46

0.34 0.31 0.31 - 0.02 0.69 0.02 0.30 0.27 0.30 + 0.01 0.36 0.07 1.06 0.97 1.01 + 0.04 1.46 0.21 0.78 0.72 0.77 + 0.03 1.13 0.14 0.07 0.06 0.06 - 0.01 0.18 0.02 0.35 0.30 0.31 - 0.03 0.36 0.07 0.62 0.00 0.59 - 0.03 0.90 0.10 0.06 0.06 0.06 + 0.01 0.08 0.02 0.17 0.12 0.13 - 0.04 0.39 0.05 0.13 0.09 0.09 - 0.03 0.30 0.04 0.18 0.16 0.16 - 0.01 0.36 0.04 0.30 0.26 0.26 - 0.01 0.68 0.12 0.08 0.06 0.06 - 0.02 0.14 0.03 0.18 0.14 0.15 - 0.01 0.45 0.12 0.23 0.19 0.21 - 0.01 0.57 0.15 0.14 0.00 0.14 + 0.07 0.40 0.07 0.14 0.12 0.13 + 0.01 0.41 0.09 0.13 0.10 0.11 + 0.01 0.13 0.01 0.11 0.10 0.11 + 0.01 0.19 0.09 0.14 0.10 0.13 - 0.01 0.22 0.04 0.18 0.15 0.16 - 0.01 0.28 0.06 0.13 0.08 0.13 + 0.03 0.57 0.08 0.08 0.07 0.08 - 0.00 0.13 0.04 0.11 0.09 0.10 - 0.01 0.16 0.06 0.11 0.11 0.11 - 0.00 0.14 0.02 0.08 0.07 0.07 - 0.01 0.18 0.07 0.06 0.06 0.06 + 0.00 0.14 0.05 0.20 0.16 0.16 - 0.03 0.20 0.02 0.12 0.08 0.11 + 0.01 0.15 0.03 0.17 0.00 0.15 - 0.01 0.36 0.05 0.06 0.04 0.06 + 0.00 0.09 0.04 1.43 1.28 1.43 + 0.07 2.25 0.41 1.94 1.73 1.88 + 0.03 2.82 0.54 0.23 0.20 0.20 - 0.03 0.38 0.11 0.04 0.04 0.04 - 0.01 0.24 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.07 0.07 - 0.03 0.14 0.01 0.05 0.02 0.05 + 0.02 0.05 0.01 0.11 0.10 0.10 - 0.01 0.18 0.05 0.06 0.04 0.04 + 0.01 0.17 0.00 0.12 0.10 0.10 - 0.02 0.18 0.07 0.03 0.02 0.02 - 0.01 0.05 0.02 0.11 0.05 0.06 - 0.02 0.22 0.01 0.12 0.02 0.12 - 0.03 0.46 0.07 0.10 0.10 0.10 - 0.00 0.22 0.10 0.01 0.00 0.01 - 0.01 0.04 0.01 0.04 0.00 0.04 - 0.01 0.06 0.01 0.27 0.26 0.26 - 0.02 0.32 0.13 5.80 5.44 5.48 - 0.19 10.35 2.76 0.02 0.00 0.02 + 0.01 0.02 0.01 0.05 0.00 0.05 - 0.01 0.07 0.03 0.10 0.10 0.10 - 0.00 0.41 0.10 0.17 0.17 0.17 - 0.01 0.20 0.09 2.49 2.15 2.27 - 0.20 4.87 0.56 0.29 0.25 0.28 + 0.01 0.35 0.07 0.06 0.00 0.06 + 0.01 0.10 0.02 0.14 0.14 0.14 + 0.00 0.20 0.05 0.20 0.15 0.17 - 0.03 0.33 0.03 0.04 0.03 0.04 - 0.01 0.07 0.01 6.30 5.80 6.03 + 0.09 7.64 1.45 0.03 0.01 0.01 - 0.02 0.06 0.00 0.14 0.11 0.14 + 0.01 0.17 0.07 0.09 0.00 0.09 - 0.02 0.11 0.07 0.12 0.10 0.12 + 0.01 0.17 0.07 0.16 0.16 0.16 + 0.01 0.25 0.05 0.09 0.07 0.09 + 0.02 0.15 0.07 2.89 2.61 2.61 - 0.27 4.16 0.59 0.04 0.03 0.04 + 0.01 0.05 0.02 0.70 0.70 0.70 + 0.10 0.80 0.05 0.30 0.26 0.28 - 0.01 0.40 0.13 0.63 0.56 0.60 - 0.01 0.98 0.01 9.75 7.90 9.49 + 1.80 9.75 2.26 7.10 5.90 7.00 + 1.30 6.90 1.56 0.36 0.33 0.35 - 0.01 0.50 0.29 0.26 0.25 0.25 - 0.01 0.38 0.24 0.20 0.19 0.20 + 0.02 0.31 0.02 0.27 0.27 0.27 + 0.01 0.40 0.02

I-Minerals V 508 IAMGOLD T 15098 IAMGOLD* N 38233 Iberian Mnrls V 1237 IC Potash T 676 IC Potash* O 115 Iconic Mnls V 513 Iconic Mnls * O 41 IDM Mining* O 779 IDM Mining V 2391 IEMR Res V 1722 iMetal Res V 123 IMPACT Silver V 714 Impala Platnm* O 678 Imperial Metal* O 26 Imperial Metal T 473 736 Inca One Gold V Inca One Gold* O 103 Inception Mng * O 2 Independence G* O 300 Independence G V 256 Intact Gold V 373 Integra Gold* O 1069 Integra Gold V 1726 Inter-Rock Mnl V 7 Intgr Egy Sol* O 85471 Intigold Mines V 257 Intl Bethl Mng V 169 Intl Lithium* O 6 Intl Lithium V 155 Intl Montoro* O 320 Intl Montoro V 405 Intl Samuel Ex V 74 Intl Tower Hil* X 1838 Intl Tower Hil T 385 Intrepid Pots* N 3923 Inventus Mg * O 15 InZinc Mining* O 209 InZinc Mining V 351 Ireland* O 294 Irving Res* O 24 Ivanhoe Mines* O 467 Ivanhoe Mines T 9754 Jaguar Mng* O 230 Jaguar Mng T 683 Japan Gold V 297 Japan Gold* O 3 Jaxon Mnls V 4840 Jayden Res V 119 JDL Gold* O 159 Jet Gold V 185 Jet Metal* O 46 K2 Gold V 52 K92 Mng Inc V 3045 K92 Mng Inc* O 602 Kaizen Discvry V 193 Kapuskasing Gd* O 112 Karmin Expl V 28 KAT Expl* O 2749 Katanga Mng T 844 Kennady Diam V 610 Kermode Res V 177 Kerr Mines* O 145 Kerr Mines T 343 Kesselrun Res V 831 Khalkos Expl V 135 Kilo Goldmines V 70 Kincora Copper* O 19 Kincora Copper V 593 Kings Bay Gold V 81 Kinross Gold T 19914 Kinross Gold* N 75153 Kirkland Lk Gd* O 319 Kirkland Lk Gd T 3874 Kiska Metals* O 534

0.31 0.27 0.28 - 0.04 0.37 0.20 5.23 4.72 4.87 - 0.10 7.65 1.66 3.89 3.51 3.64 - 0.05 5.87 1.15 0.06 0.05 0.06 + 0.01 0.11 0.04 0.12 0.09 0.10 - 0.02 0.15 0.04 0.09 0.07 0.08 - 0.01 0.11 0.03 0.19 0.16 0.16 - 0.03 0.45 0.03 0.13 0.12 0.13 + 0.01 0.33 0.02 0.11 0.10 0.11 - 0.01 0.21 0.04 0.15 0.13 0.15 - 0.01 0.26 0.07 0.03 0.01 0.03 + 0.02 0.06 0.01 0.06 0.00 0.06 + 0.02 0.08 0.03 0.76 0.59 0.63 - 0.05 1.28 0.11 3.60 3.29 3.41 - 0.07 5.23 1.45 5.05 3.75 4.82 + 1.08 6.21 2.78 6.90 5.00 6.44 + 1.30 8.50 3.46 0.34 0.24 0.26 - 0.03 0.77 0.21 0.25 0.19 0.19 - 0.03 0.35 0.18 0.36 0.00 0.36 - 0.09 1.65 0.25 0.12 0.10 0.12 + 0.02 0.37 0.04 0.16 0.14 0.16 + 0.02 0.50 0.06 0.06 0.06 0.06 - 0.01 0.18 0.02 0.50 0.43 0.45 - 0.03 0.76 0.21 0.66 0.58 0.59 - 0.06 0.96 0.30 0.06 0.05 0.05 - 0.01 0.14 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.03 0.03 - 0.02 0.19 0.04 0.04 0.04 0.04 + 0.01 0.08 0.02 0.12 0.12 0.12 - 0.00 0.55 0.02 0.17 0.15 0.15 - 0.01 0.38 0.06 0.02 0.01 0.02 + 0.00 0.03 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.09 0.08 0.08 + 0.02 0.15 0.05 0.60 0.52 0.56 + 0.02 1.40 0.18 0.82 0.70 0.74 + 0.02 1.82 0.26 1.44 1.32 1.39 + 0.03 3.68 0.65 0.13 0.11 0.11 - 0.01 0.28 0.11 0.14 0.11 0.14 + 0.02 0.17 0.03 0.18 0.16 0.18 + 0.01 0.25 0.04 0.07 0.05 0.06 - 0.01 0.35 0.05 0.35 0.32 0.34 + 0.01 0.46 0.09 1.85 1.74 1.74 - 0.03 1.88 0.36 2.51 2.36 2.44 + 0.06 2.54 0.53 0.52 0.43 0.45 - 0.03 0.65 0.09 0.70 0.58 0.58 - 0.07 0.85 0.14 0.36 0.00 0.36 + 0.04 0.88 0.20 0.25 0.24 0.24 - 0.01 0.67 0.24 0.11 0.07 0.07 - 0.03 0.13 0.03 0.13 0.00 0.11 - 0.03 0.23 0.03 1.39 1.29 1.29 + 0.00 1.64 1.10 0.32 0.00 0.31 + 0.06 0.39 0.07 0.08 0.07 0.07 + 0.04 0.10 0.00 0.45 0.39 0.45 + 0.05 0.45 0.08 1.07 0.85 0.90 - 0.13 2.24 0.85 0.79 0.65 0.66 - 0.12 1.72 0.65 0.15 0.12 0.13 - 0.02 0.31 0.08 0.03 0.02 0.02 + 0.00 0.08 0.02 0.36 0.28 0.33 - 0.04 0.37 0.16 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.14 0.16 + 0.02 0.23 0.13 3.80 3.35 3.65 + 0.25 5.00 2.35 0.02 0.01 0.01 - 0.01 0.04 0.01 0.08 0.07 0.07 - 0.01 0.12 0.01 0.11 0.09 0.10 - 0.02 0.16 0.02 0.12 0.10 0.10 - 0.06 0.43 0.02 0.17 0.15 0.17 - 0.01 0.26 0.06 0.11 0.10 0.10 - 0.01 0.25 0.06 0.33 0.00 0.33 + 0.06 0.33 0.17 0.50 0.42 0.46 + 0.04 0.55 0.15 0.09 0.09 0.09 - 0.01 0.15 0.05 4.72 4.20 4.30 - 0.28 7.56 1.91 3.53 3.11 3.17 - 0.22 5.82 1.31 5.93 5.31 5.33 - 0.46 9.70 3.12 7.99 7.00 7.04 - 0.74 12.39 4.51 0.04 0.03 0.04 - 0.00 0.09 0.01

I-J-K

8-10_DEC5_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Klondex Mines T 2696 Klondike Gold* O 174 Klondike Silv* O 4 Klondike Silv V 742 Knick Expl V 658 V 135 Komet Resource Kootenay Silvr V 668 KWG Res* O 74 KWG Res 1556

6.87 6.33 6.42 - 0.02 7.95 2.56 0.13 0.11 0.11 - 0.02 0.32 0.07 0.04 0.04 0.04 - 0.00 0.12 0.01 0.06 0.05 0.05 - 0.01 0.15 0.01 0.08 0.06 0.06 - 0.01 0.11 0.01 0.49 0.44 0.46 + 0.01 0.58 0.29 0.41 0.35 0.39 + 0.02 0.60 0.17 0.02 0.01 0.01 - 0.00 0.03 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01

Labrador Iron T 1354 Lago Dourado* O 27 Lago Dourado V 545 Lake Victoria* O 242 Lamelee Iron V 131 Lancaster Cap V 89 Lara Expl V 161 Laramide Res T 168 Largo Res* O 54 Largo Res T 494 Lateral Gold V 26 418 Latin Am Mnls V Latin Am Mnls* O 35 61 Laurion Mnl Ex* O LeadFX Inc* O 5 Leeta Gold V 13 Levon Res Ltd T 719 Levon Res Ltd * O 160 386 Lexam VG Gold* O Lexam VG Gold T 617 Li3 Energy* O 104 Libero Mg Corp V 108 Lincoln Mng V 245 166 Lion One Mtls V Lion One Mtls* O 95 Lithium Amer T 10893 Lithium Amer* O 2512 Lithium Corp* O 5158 77534 Lithium Expl* O Logan Res V 214 Lomiko Mtls V 128 Lomiko Mtls* O 351 Lone Star Gold* O 86 Lonmin plc* O 7 Lorraine Coppr V 108 Los Andes Copp V 89 Lucara Diam T 1825 Luna Gold* O 66 Luna Gold T 113 Lund Enterpr V 8 Lundin Gold T 628 Lundin Mng T 13340 Lupaka Gold V 263 Lydian Intl* O 411 Lynas Corp* O 122

17.96 16.10 17.76 + 1.58 17.93 6.85 0.06 0.04 0.04 - 0.02 0.09 0.04 0.12 0.06 0.06 - 0.07 0.59 0.05 0.01 0.01 0.01 - 0.00 0.02 0.01 0.20 0.19 0.20 - 0.01 0.50 0.10 0.27 0.25 0.25 + 0.02 0.32 0.07 1.15 1.01 1.10 + 0.03 1.58 0.22 0.24 0.21 0.22 + 0.01 0.38 0.18 0.45 0.30 0.45 + 0.11 0.56 0.08 0.64 0.42 0.58 + 0.11 0.72 0.11 1.00 0.86 0.90 - 0.09 1.25 0.26 0.19 0.16 0.17 - 0.02 0.48 0.09 0.14 0.13 0.14 - 0.00 0.36 0.06 0.03 0.03 0.03 - 0.00 0.05 0.00 0.34 0.00 0.34 + 0.11 0.41 0.11 0.11 0.00 0.10 + 0.01 0.10 0.03 0.36 0.30 0.30 - 0.03 0.71 0.09 0.27 0.22 0.25 - 0.01 0.54 0.07 0.15 0.12 0.14 - 0.01 0.29 0.04 0.20 0.17 0.18 - 0.02 0.38 0.05 0.02 0.02 0.02 - 0.00 0.03 0.01 0.19 0.16 0.16 - 0.03 0.21 0.02 0.07 0.05 0.06 - 0.01 0.17 0.02 0.88 0.72 0.86 + 0.06 1.17 0.32 0.62 0.55 0.62 + 0.06 0.91 0.23 0.84 0.65 0.83 + 0.19 1.15 0.26 0.63 0.48 0.61 + 0.14 0.87 0.34 0.10 0.06 0.09 - 0.01 0.13 0.02 0.00 0.00 0.00 + 0.00 0.18 0.00 0.14 0.11 0.11 - 0.03 0.26 0.04 0.04 0.00 0.03 - 0.01 0.05 0.03 0.03 0.02 0.03 + 0.00 0.04 0.02 0.01 0.00 0.01 + 0.00 0.01 0.00 2.35 2.14 2.22 + 0.08 90.00 0.55 0.08 0.06 0.08 + 0.02 0.12 0.04 0.20 0.17 0.19 - 0.05 0.25 0.06 3.58 3.34 3.35 - 0.19 4.39 2.00 1.53 1.23 1.29 - 0.21 1.96 1.23 2.05 1.67 1.70 - 0.33 3.50 0.35 0.12 0.11 0.11 - 0.02 0.19 0.02 5.48 5.11 5.20 - 0.27 6.62 3.78 7.12 6.29 6.92 + 0.66 7.12 2.98 0.17 0.14 0.16 + 0.01 0.29 0.04 0.25 0.22 0.23 - 0.02 0.41 0.13 0.05 0.04 0.05 - 0.00 0.10 0.03

M Macarthur Mnl* O 101 0.04 0.03 0.03 - 0.00 0.14 0.02 0.08 + 0.02 0.14 0.06 Maccabi Vent 182 0.08 0.06 MacDonald Mns V 4811 0.11 0.01 0.07 + 0.02 0.20 0.05 MacMillan Mnls V 38 1.12 0.00 0.95 - 0.05 1.44 0.30 0.02 + 0.01 0.03 0.01 Madeira Mrnls V 23 0.02 0.01 MAG Silver T 731 17.34 15.66 16.05 + 0.22 23.32 8.79 O 36 0.17 0.11 0.11 - 0.03 0.35 0.04 Magellan Gold* MagIndustries* O 21 0.02 0.00 0.00 - 0.01 0.20 0.00 Magnus Intl* O 633 0.00 0.00 0.00 + 0.00 0.00 0.00 Majescor Res V 583 0.08 0.06 0.07 + 0.01 0.15 0.02 Majescor Res* O 4 0.04 0.00 0.04 - 0.00 0.09 0.01 0.06 + 0.01 0.12 0.05 Majestic Gold V 1389 0.07 0.06 Malbex Res V 53 0.30 0.29 0.29 - 0.01 0.46 0.25 Mandalay Res T 927 0.86 0.74 0.77 - 0.03 1.35 0.59 Mangazeya Mng V 536 0.03 0.02 0.02 - 0.01 0.06 0.02 Manitou Gold V 460 0.07 0.06 0.06 - 0.01 0.12 0.02 0.03 + 0.01 0.06 0.01 Manson Creek V 244 0.03 0.00 Marathon Gold T 849 0.58 0.50 0.53 + 0.01 0.83 0.13 Mariana Res V 731 1.40 1.18 1.22 - 0.08 1.40 0.85 Mariana Res* O 131 1.03 0.95 0.98 + 0.04 1.05 0.02 Maritime Res V 377 0.18 0.15 0.16 - 0.01 0.31 0.08 0.42 + 0.03 0.54 0.10 Marlin Gold* O 228 0.42 0.33 Marlin Gold V 90 0.56 0.44 0.56 + 0.09 0.69 0.15 MartinMarietta* N 2950 226.63 218.85 225.31 + 5.64 236.41 108.31 Mason Graphite* O 193 1.12 1.01 1.11 + 0.08 1.21 0.21 Mason Graphite V 543 1.52 1.36 1.49 + 0.10 1.60 0.30 Matamec Expl V 216 0.06 0.05 0.05 - 0.01 0.11 0.02 Matica Ent* O 42 0.03 0.00 0.03 + 0.01 0.03 0.00 Matmown* O 134 0.03 0.02 0.02 - 0.00 0.10 0.01 Maudore Mnrls* O 65 0.00 0.00 0.00 + 0.00 0.01 0.00 Maverix Mtls* O 1 0.81 0.00 0.70 + 0.04 16.33 0.66 Mawson Res* O 146 0.32 0.28 0.28 + 0.01 0.42 0.12 Mawson Res T 492 0.42 0.39 0.40 + 0.03 0.56 0.17 0.11 + 0.03 0.11 0.05 MAX Res V 102 0.11 0.08 MaxTech Vent 5 0.27 0.24 0.24 - 0.03 0.27 0.05 Maya Gold &Sil V 659 0.13 0.11 0.12 - 0.01 0.27 0.10 Mazarin V 50 0.02 0.02 0.02 - 0.02 0.04 0.01 MBAC Fertilizr* O 4 1.39 1.29 1.39 + 0.10 1.39 0.68 MBAC Fertilizr V 62 2.53 1.46 2.50 + 0.99 5.00 0.90 McEwen Mng* N 15092 2.93 2.65 2.67 - 0.07 4.92 0.84 McEwen Mng T 2135 3.93 3.58 3.61 - 0.11 6.44 1.12 McLaren Res 520 0.02 0.01 0.02 + 0.01 0.02 0.01 MDN Inc* O 454 0.75 0.69 0.69 - 0.03 0.92 0.03 705 0.04 0.04 0.04 - 0.00 0.11 0.04 Meadow Bay Gd* O Mechel* N 1978 6.42 5.98 6.22 + 0.43 6.74 1.23 O 266 0.02 0.02 0.02 + 0.00 0.04 0.01 Medallion Res* Medallion Res V 256 0.03 0.03 0.03 - 0.01 0.06 0.03 O 3827 0.01 0.01 0.01 + 0.00 0.02 0.00 Medinah Mnrls* Mega Uranium T 561 0.14 0.12 0.13 + 0.01 0.20 0.05 Mega Uranium* O 59 0.10 0.09 0.09 + 0.01 0.15 0.04 Megastar Dev V 47 0.05 0.04 0.04 - 0.02 0.08 0.02 Melior Res V 59 0.04 0.03 0.04 + 0.01 0.06 0.01 Melkior Res V 453 0.03 0.02 0.02 - 0.01 0.06 0.01 Mercator Mnls* O 66 0.00 0.00 0.00 + 0.00 0.01 0.00 Merrex Gold* O 68 0.13 0.00 0.12 + 0.01 0.24 0.10 Mesa Expl* O 0 0.05 0.00 0.05 - 0.01 0.14 0.01 Metallic Mnrls V 339 0.48 0.37 0.38 - 0.11 0.59 0.05 Metallis Res V 19 0.18 0.00 0.16 - 0.03 0.28 0.02 Metalore Res V 1 2.00 0.00 1.70 - 0.30 3.59 1.26 Metals Creek V 543 0.07 0.06 0.07 - 0.01 0.20 0.05 Metals Creek* O 32 0.06 0.04 0.06 + 0.01 0.14 0.04 Metals X* O 4 1.10 0.00 1.06 - 0.17 1.43 0.68 Metanor Res V 6572 0.07 0.05 0.06 - 0.01 0.13 0.03 Mexus Gold* O 3816 0.11 0.09 0.11 - 0.00 0.12 0.00 MGX Minerals* O 1033 0.23 0.17 0.21 + 0.03 0.23 0.11 MGX Minerals 1725 0.28 0.22 0.26 + 0.03 0.45 0.08 Micrex Dev V 57 0.02 0.01 0.01 - 0.01 0.03 0.01 Midas Gold T 867 0.97 0.87 0.89 - 0.06 1.22 0.25 Midas Gold* O 1159 0.74 0.64 0.65 - 0.05 0.95 0.16 Midland Expl V 107 1.15 1.08 1.11 - 0.03 1.25 0.45 Midnight Star 41 0.13 0.12 0.12 - 0.01 0.19 0.06 Midnight Sun V 522 0.13 0.10 0.13 + 0.03 0.24 0.08 Millennial Lit* O 71 1.03 0.97 0.97 + 0.00 1.20 0.97 Millennial Lit V 539 1.41 1.30 1.35 + 0.04 2.45 0.06 Millrock Res* O 298 0.36 0.30 0.32 - 0.02 0.54 0.12 Millrock Res V 495 0.48 0.42 0.42 - 0.04 0.70 0.17 Minaurum Gold V 1080 0.09 0.08 0.09 + 0.01 0.14 0.04 Minco Gold* X 321 0.22 0.19 0.20 - 0.00 0.42 0.12 Minco Gold T 65 0.28 0.25 0.27 - 0.01 0.55 0.15 0.95 - 0.03 2.05 0.34 Minco Silver T 255 1.07 0.93 Minco Silver* O 238 0.80 0.69 0.69 - 0.05 1.54 0.26 Minecorp Egy V 152 0.11 0.10 0.10 - 0.01 0.18 0.01 Minera Alamos V 41 0.15 0.14 0.14 - 0.01 0.29 0.07 0.20 - 0.04 0.40 0.11 Mineral Hill V 16 0.24 0.00 0.38 - 0.07 0.49 0.08 Mineral Mtn V 144 0.42 0.35 Mineral Mtn* O 118 0.31 0.29 0.30 - 0.04 0.38 0.04 Minnova Corp V 16 0.75 0.00 0.72 - 0.03 0.90 0.30 Minsud Res V 836 0.08 0.06 0.08 + 0.02 0.10 0.06 Miranda Gold V 1213 0.08 0.07 0.07 - 0.01 0.18 0.06 Mirasol Res V 234 1.63 1.50 1.61 + 0.01 3.50 0.75 Mitchell Res V 28 0.18 0.12 0.15 + 0.03 0.18 0.02 MK2 Ventures V 41 0.24 0.00 0.23 - 0.01 0.30 0.03 Mkango Res V 231 0.05 0.05 0.05 - 0.01 0.11 0.03 Monarca Mnrls* O 330 0.02 0.01 0.02 + 0.01 0.10 0.00 Monarques Res* O 48 0.25 0.18 0.18 - 0.06 0.48 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Monarques Res V 492 Moneta Porcpn* O 553 Moneta Porcpn T 3380 Montan Mg* O 215 Montan Mg V 4206 Montego Res 50 Montero Mg&Ex V 131 Monument Mng V 442 Morumbi Res V 1208 Mosaic* N 22707 Mountain Boy V 611 Mountain Boy* O 250 Mountain Prov T 453 Mountain Prov* D 675 Mundoro Cap V 625 Murchison Min 53 Mustang Mnrls V 61 MX Gold* O 162 MX Gold V 2806

0.32 0.26 0.26 - 0.06 0.66 0.06 0.20 0.17 0.20 + 0.04 0.28 0.07 0.27 0.24 0.27 + 0.04 0.36 0.11 0.05 0.04 0.04 - 0.01 0.07 0.01 0.07 0.05 0.05 - 0.01 0.10 0.02 0.09 0.08 0.08 - 0.01 0.16 0.06 0.03 0.03 0.03 - 0.01 0.08 0.02 0.11 0.10 0.10 - 0.01 0.19 0.09 0.18 0.12 0.14 + 0.02 0.18 0.02 29.12 26.95 27.43 - 0.83 32.26 22.02 0.08 0.05 0.06 - 0.01 0.08 0.01 0.06 0.05 0.06 + 0.00 0.06 0.00 6.84 6.66 6.73 - 0.02 7.18 3.40 5.10 4.95 4.99 - 0.01 5.52 2.47 0.17 0.16 0.16 - 0.01 0.23 0.04 0.25 0.00 0.25 + 0.01 0.35 0.05 0.01 0.01 0.01 - 0.01 0.02 0.01 0.12 0.10 0.11 + 0.00 0.31 0.09 0.16 0.13 0.15 + 0.02 0.39 0.12

NACCO Ind* N 97 Namibia Rare E T 462 Namibia Rare E* O 182 Napier Vent V 36 Napier Vent* O 21 Natan Res V 5183 276 Natural Res Pt* N O 399 Nautilus Mnrls* 3 Navis Res Corp* O Navis Res Corp 1066 Nemaska Lith* O 173 Nemaska Lith T 1829 Nevada Clean M V 381 T 2103 Nevada Copper Nevada Egy Mtl* O 681 Nevada Egy Mtl V 1619 191 Nevada Expl * O Nevada Expl V 248 Nevada Sunrise* O 38 Nevada Sunrise V 156 Nevada Zinc V 998 Nevsun Res* X 5176 Nevsun Res T 5009 328 New Carolin Gd* O New Colombia* O 45919 New Destiny Mg V 80 New Gold* O 605 New Gold T 6978 22806 New Gold* X New Jersey Mng* O 386 New Milln Iron* O 5 New Milln Iron T 4526 New Nadina V 13 New Oroperu V 422 NewCastle Gold* O 24 Newmac Res V 115 Newmarket Gold* O 193 Newmarket Gold T 3783 Newmont Mng* N 35196 Newport Expl V 669 O 114 Newport Gold* Nexgen Energy T 4360 Nexgen Energy* O 279 3914 Next Gen Mtls Next Gen Mtls* O 13 Nexus Gold* O 348 V 212 Nickel North Nicola Mg Inc* O 7 706 Nicola Mg Inc V Nikos Expl V 170 Niobay Metals V 343 Niocan Inc V 242 Niocorp Dev T 328 Niocorp Dev* O 263 Nippon Dragon V 941 Nitinat Mnls V 49 Noka Res V 246 O 121 Noranda Alum* Norsemont Cap 102 Nortec Mnls V 401 North Am Nickl* O 200 597 North Am Nickl V North Am Pall T 13 North Am Pall* O 8 Northcliff Res T 474 Northisle C&G V 431 Northn Empire V 84 Nouveau Monde V 258 NovaCopper T 8 NovaGold Res* X 7202 NovaGold Res T 1332 Novo Res V 329 Novo Res* O 298 Nrthn Freegold V 428 Nrthn Freegold* O 67 Nrthn Graphite* O 157 Nrthn Graphite V 566 Nrthn Iron V 3424 Nrthn Lion V 5 Nrthn Shield V 2082 Nrthn Vertex* O 14 Nrthn Vertex V 1468 NSGold V 29 Nthn Dynasty T 4680 Nthn Dynasty* X 10312 Nthrn Sphere 55 Nubian Res V 65 NuLegacy Gold* O 1145 NuLegacy Gold V 788 Nunavik Nickel V 20 NV Gold V 92 NV Gold* O 8 NX Uranium* O 23 O.T. Mining* O 14 OceanaGold* O 129 OceanaGold T 6469 Oceanus Res V 618 Odin Mng & Exp V 178 Odin Mng & Exp* O 40 Olivut Res* O 35 Olivut Res V 92 Opawica Expl V 348 Orbite Tech T 2640 Orbite Tech* O 51 Orca Gold V 1021 Orca Gold* O 1071 Orefinders Res V 599 Orex Mnrls* O 115 Orex Mnrls V 252 Orezone Gold* O 193 Orezone Gold V 730 Organic Potash 184 Oriental Non F 6 Orla Mng Ltd V 140 Oro East Mg* O 162 Oroco Res V 159 Oroco Res* O 50 Orocobre T 400 Oronova Res V 642 Oroplata Res* O 332 Orosur Mng T 202 Orvana Mnrls* O 10 Orvana Mnrls T 325 Osisko Gold* N 414 Osisko Gold T 1776 Osisko Mng Inc T 1475 Otis Gold* O 118 Otis Gold V 719 OZ Minerals* O 2

99.55 88.35 97.00 + 7.40 97.80 40.04 0.05 0.05 0.05 - 0.01 0.14 0.04 0.04 0.03 0.03 - 0.01 0.09 0.03 0.33 0.27 0.32 + 0.02 0.34 0.15 0.25 0.22 0.25 + 0.03 0.26 0.18 0.25 0.20 0.21 + 0.01 0.40 0.05 36.63 34.00 35.75 + 1.85 40.00 5.00 0.14 0.12 0.14 + 0.01 0.25 0.08 0.01 0.00 0.01 + 0.00 0.03 0.00 0.02 0.00 0.01 + 0.01 0.02 0.00 1.00 0.92 0.97 - 0.02 1.50 0.25 1.34 1.26 1.29 - 0.04 1.97 0.32 0.05 0.04 0.04 - 0.01 0.05 0.02 0.85 0.60 0.80 + 0.20 1.10 0.45 0.09 0.07 0.08 - 0.01 0.20 0.06 0.11 0.10 0.11 - 0.01 0.26 0.03 0.30 0.24 0.26 - 0.02 0.56 0.18 0.40 0.34 0.34 - 0.05 0.72 0.24 0.22 0.20 0.20 - 0.01 0.37 0.11 0.30 0.26 0.28 + 0.02 0.47 0.15 0.48 0.38 0.46 + 0.02 0.80 0.21 3.28 2.95 3.22 + 0.28 3.80 2.27 4.49 3.98 4.38 + 0.42 4.81 3.27 0.06 0.05 0.05 - 0.00 0.12 0.03 0.01 0.01 0.01 + 0.00 0.05 0.00 0.22 0.16 0.22 + 0.06 0.32 0.08 0.06 0.04 0.04 - 0.02 0.17 0.03 5.23 4.84 4.86 - 0.21 7.87 2.56 3.90 3.58 3.59 - 0.19 6.04 1.76 0.13 0.10 0.11 - 0.02 0.15 0.04 0.08 0.08 0.08 + 0.00 0.11 0.03 0.17 0.11 0.16 + 0.04 0.18 0.05 0.10 0.00 0.09 - 0.03 0.18 0.05 0.60 0.55 0.60 + 0.05 0.72 0.12 0.60 0.60 0.60 + 0.03 0.96 0.17 0.06 0.04 0.04 - 0.02 0.12 0.04 2.70 2.50 2.53 - 0.06 3.91 0.91 3.67 3.26 3.32 - 0.16 5.07 1.27 33.41 30.82 31.92 - 0.77 46.07 16.05 0.30 0.28 0.30 + 0.03 0.38 0.19 0.03 0.02 0.03 + 0.01 0.06 0.00 1.94 1.74 1.76 - 0.12 2.86 0.56 1.44 1.30 1.30 - 0.09 2.25 0.41 0.28 0.20 0.24 - 0.05 0.42 0.09 0.21 0.17 0.17 - 0.02 0.29 0.07 0.06 0.05 0.06 + 0.00 0.08 0.05 0.03 0.03 0.03 - 0.01 0.04 0.01 0.12 0.00 0.11 - 0.00 0.39 0.03 0.17 0.15 0.15 - 0.01 0.54 0.05 0.10 0.06 0.10 - 0.01 0.19 0.02 1.08 0.88 0.89 - 0.12 1.25 0.05 0.09 0.06 0.09 + 0.02 0.18 0.05 0.86 0.80 0.81 - 0.04 1.14 0.51 0.65 0.60 0.61 - 0.03 0.87 0.37 0.07 0.06 0.06 - 0.01 0.13 0.05 0.05 0.00 0.05 - 0.05 0.09 0.04 0.06 0.00 0.06 + 0.01 0.21 0.04 0.05 0.03 0.04 - 0.01 0.65 0.01 0.35 0.28 0.35 + 0.07 0.34 0.22 0.07 0.05 0.06 - 0.02 0.09 0.02 0.07 0.06 0.06 - 0.00 0.11 0.05 0.11 0.09 0.11 + 0.01 0.15 0.07 5.25 5.03 5.23 + 0.08 6.49 3.91 3.87 3.70 3.70 + 0.02 5.06 2.71 0.10 0.09 0.09 - 0.01 0.15 0.07 0.09 0.07 0.08 + 0.01 0.14 0.02 0.14 0.13 0.13 - 0.02 0.27 0.07 0.25 0.23 0.25 + 0.01 0.38 0.13 0.70 0.65 0.65 - 0.05 1.08 0.20 4.61 4.25 4.34 - 0.10 7.29 3.46 6.16 5.74 5.82 - 0.18 9.56 4.64 1.18 0.97 1.00 - 0.07 1.95 0.48 0.88 0.70 0.74 - 0.07 1.41 0.35 0.20 0.18 0.18 - 0.02 0.29 0.04 0.14 0.00 0.13 - 0.02 0.23 0.02 0.18 0.14 0.15 - 0.02 0.47 0.12 0.25 0.18 0.20 - 0.02 0.63 0.16 0.07 0.05 0.07 + 0.02 0.11 0.01 0.16 0.15 0.16 + 0.01 0.32 0.07 0.15 0.12 0.15 + 0.03 0.30 0.01 0.30 0.27 0.27 - 0.03 0.42 0.17 0.40 0.35 0.36 - 0.04 0.52 0.13 0.09 0.06 0.06 - 0.03 0.12 0.04 1.89 1.57 1.69 - 0.06 2.08 0.28 1.42 1.17 1.26 - 0.10 1.55 0.20 0.22 0.17 0.20 + 0.03 0.63 0.10 0.23 0.15 0.19 - 0.01 0.23 0.01 0.21 0.18 0.20 - 0.00 0.41 0.06 0.28 0.23 0.27 - 0.02 0.54 0.08 0.11 0.00 0.11 + 0.05 0.27 0.03 0.29 0.21 0.21 - 0.10 0.48 0.03 0.22 0.22 0.22 + 0.01 0.37 0.08 0.03 0.02 0.03 + 0.01 0.04 0.01 0.04 0.04 0.04 - 0.00 0.09 0.02 3.14 2.75 2.77 + 0.10 4.26 1.70 4.07 3.63 3.73 - 0.12 5.56 2.35 0.20 0.16 0.18 - 0.02 0.35 0.15 0.75 0.68 0.70 - 0.05 0.97 0.30 0.58 0.55 0.55 - 0.00 0.84 0.24 0.14 0.10 0.13 - 0.01 0.30 0.06 0.18 0.14 0.16 - 0.03 0.42 0.08 0.07 0.07 0.07 - 0.01 0.16 0.02 0.30 0.27 0.28 - 0.01 0.49 0.20 0.22 0.20 0.21 - 0.01 0.37 0.15 0.45 0.34 0.34 - 0.02 0.55 0.12 0.37 0.24 0.27 + 0.01 0.44 0.08 0.06 0.05 0.05 - 0.01 0.12 0.01 0.36 0.30 0.34 - 0.00 1.02 0.05 0.50 0.41 0.50 + 0.04 1.38 0.11 0.47 0.41 0.42 - 0.02 0.99 0.16 0.67 0.56 0.67 + 0.07 1.28 0.22 0.02 0.02 0.02 + 0.01 0.07 0.01 0.76 0.71 0.71 - 0.05 0.87 0.27 1.45 1.35 1.35 + 0.20 1.75 0.10 0.01 0.01 0.01 - 0.00 0.04 0.00 0.04 0.03 0.03 - 0.01 0.06 0.01 0.02 0.02 0.02 + 0.00 0.05 0.01 4.43 3.81 4.42 + 0.59 4.92 1.33 0.43 0.35 0.39 + 0.06 0.43 0.04 0.29 0.26 0.26 - 0.01 2.04 0.16 0.25 0.23 0.24 - 0.02 0.38 0.10 0.19 0.16 0.16 - 0.01 0.29 0.07 0.23 0.21 0.22 - 0.02 0.39 0.11 10.02 9.33 9.60 - 0.24 14.74 8.88 13.45 12.60 12.90 - 0.36 18.64 12.34 2.46 2.27 2.31 - 0.04 3.42 0.96 0.20 0.15 0.18 - 0.00 0.32 0.05 0.27 0.21 0.24 + 0.02 0.42 0.07 6.01 5.70 6.01 + 0.31 6.05 2.29

N-O

P-Q Pac Arc Res

0.15

0.11 0.15

0.04

0.50 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pac Bay Mnrls V 75 Pac Booker Min* O 5 Pac Booker Min V 11 139 Pac North West* O Pac Ridge Expl V 301 Paget Mrnls V 305 Paladin Energy T 1214 O 6 Palamina Corp* Pan Am Silver* D 12733 Pan Am Silver T 1820 Pancontinental* O 32 Pancontinental V 173 Panoro Mnrls V 253 Pantheon Vent V 6913 Para Resources V 304 Parallel Mng V 322 Paramount Gold* X 316 Parlane Res V 322 Pasinex Res 1773 Passprt Potash* O 74 Patriot Gold* O 126 Peabody Enrgy* O 1363 Pelangio Expl* O 72 Pele Mtn Res* O 54 Peloton Mnrls 144 Peregrine Diam T 703 Perseus Mng T 569 Pershimco Res V 641 D 508 Pershing Gold* Pershing Res* O 5 Peruvian Prc M* O 25 Philippine Mtl V 86 Pilot Gold* O 149 Pilot Gold T 2206 Pine Cliff En* O 45 Pine Cliff En T 1373 Pinecrest Res V 116 PJSC Polyus Gd* O 3 PJX Res V 185 Plata Latina V 400 Plate Res V 207 Plateau Uran* O 43 Plateau Uran V 195 Platinex V 2419 Platinum Gp Mt* X 1350 Platinum Gp Mt T 463 Playfair Mng* O 104 PNG Gold V 1192 PolyMet Mng T 151 PolyMet Mng* X 773 Portage Res* O 15360 Potash Corp SK T 8786 Potash Corp SK* N 33364 Potash Ridge T 1933 Potash Ridge* O 42 PPX Mining V 1687 Precipitate Gl V 317 Premier Gold M T 4791 Pretium Res* N 6981 Pretium Res T 1399 Primero Mng T 3869 12308 Primero Mng* N Probe Metals V 808 Probe Metals* O 773 Promithian Gl * O 2 Prophecy Coal T 74 Prospect Glob* O 104 Prosper Gold V 256 Prospero Silvr V 119 PUF Vent Inc 1575 PUF Vent Inc * O 5 Pure Energy* O 615 Pure Gold Mg* O 447 Pure Gold Mg V 1667 Pure Nickel* O 41 Purepoint Uran V 1379 QMC Quantum Ml V 188 QMX Gold* O 238 QMX Gold V 379 Quaterra Res* O 3595 Quaterra Res V 782 Quest Rare Mnl* O 94 Quest Rare Mnl T 2224 V 432 Quinto Real

0.04 0.04 0.04 - 0.01 0.09 0.04 0.89 0.78 0.89 + 0.17 1.75 0.45 1.26 0.99 1.26 + 0.16 2.38 0.63 0.02 0.02 0.02 - 0.00 0.06 0.00 0.07 0.06 0.07 - 0.01 0.11 0.02 0.06 0.04 0.05 + 0.01 0.09 0.01 0.11 0.10 0.11 + 0.01 0.27 0.09 0.11 0.00 0.11 - 0.00 0.19 0.08 17.76 16.25 16.43 + 0.18 21.59 5.38 23.89 21.96 22.11 + 0.12 27.56 7.85 0.07 0.06 0.06 + 0.00 0.10 0.00 0.09 0.06 0.07 - 0.01 0.16 0.01 0.21 0.18 0.21 + 0.03 0.21 0.09 0.38 0.15 0.25 + 0.08 0.38 0.10 0.22 0.18 0.21 - 0.01 0.36 0.08 0.11 0.09 0.09 - 0.01 0.18 0.05 1.75 1.56 1.57 - 0.17 2.93 0.93 0.28 0.21 0.23 - 0.05 0.33 0.01 0.13 0.11 0.11 - 0.01 0.17 0.03 0.00 0.00 0.00 - 0.00 0.02 0.00 0.08 0.08 0.08 + 0.00 0.23 0.05 11.69 10.10 11.00 - 0.15 18.75 0.55 0.04 0.03 0.04 + 0.01 0.06 0.01 0.02 0.02 0.02 + 0.00 0.04 0.02 0.10 0.09 0.09 - 0.01 0.15 0.08 0.20 0.18 0.19 - 0.01 0.32 0.09 0.57 0.52 0.56 + 0.03 0.67 0.27 0.26 0.24 0.25 + 0.01 0.36 0.09 3.90 3.70 3.75 - 0.09 5.02 3.04 0.03 0.03 0.03 + 0.01 0.06 0.02 0.05 0.05 0.05 - 0.01 0.13 0.02 0.04 0.00 0.04 - 0.01 0.18 0.01 0.42 0.35 0.42 + 0.06 0.72 0.06 0.56 0.48 0.55 + 0.08 0.95 0.22 0.76 0.76 0.76 - 0.01 0.85 0.51 1.05 1.00 1.04 + 0.05 1.13 0.61 0.19 0.00 0.17 - 0.03 0.30 0.03 34.68 34.01 34.01 + 0.01 37.59 18.35 0.25 0.19 0.20 - 0.01 0.25 0.13 0.05 0.04 0.05 + 0.01 0.12 0.02 0.03 0.03 0.03 - 0.01 0.07 0.03 0.15 0.14 0.15 - 0.01 0.35 0.13 0.21 0.18 0.20 - 0.02 0.45 0.18 0.14 0.12 0.14 + 0.01 0.14 0.01 1.64 1.46 1.60 + 0.17 4.04 0.96 2.20 1.96 2.11 + 0.20 5.25 1.35 0.08 0.07 0.07 - 0.01 0.12 0.01 0.12 0.09 0.12 + 0.01 0.31 0.03 1.23 1.14 1.17 - 0.03 1.71 0.93 0.92 0.85 0.88 - 0.01 1.28 0.68 0.00 0.00 0.00 - 0.00 0.01 0.00 24.56 23.60 23.81 - 0.24 27.28 19.93 18.47 17.52 17.67 - 0.15 20.43 14.64 0.33 0.28 0.32 + 0.03 0.50 0.04 0.21 0.21 0.21 - 0.01 0.38 0.03 0.10 0.06 0.09 + 0.02 0.16 0.03 0.19 0.15 0.17 - 0.02 0.37 0.06 2.33 2.14 2.21 - 0.07 5.05 2.12 8.79 8.14 8.22 - 0.21 12.41 4.00 11.82 10.98 11.18 - 0.19 16.17 5.74 1.29 1.02 1.25 + 0.22 3.78 1.01 0.96 0.75 0.90 + 0.14 2.73 0.75 1.30 1.00 1.05 - 0.18 2.18 0.34 0.96 0.75 0.75 - 0.18 1.66 0.24 0.02 0.00 0.02 - 0.03 0.20 0.02 3.86 3.02 3.40 + 0.33 5.48 1.00 0.04 0.04 0.04 - 0.00 0.20 0.02 0.24 0.20 0.20 - 0.04 0.44 0.07 0.37 0.35 0.35 - 0.02 0.38 0.05 0.29 0.26 0.27 - 0.01 0.39 0.04 0.21 0.20 0.21 + 0.00 0.24 0.03 0.44 0.37 0.40 + 0.00 0.91 0.29 0.39 0.33 0.33 - 0.03 0.60 0.07 0.52 0.44 0.45 - 0.04 0.77 0.07 0.02 0.01 0.01 - 0.00 0.03 0.00 0.10 0.08 0.10 + 0.01 0.15 0.02 0.06 0.05 0.05 - 0.01 0.09 0.01 0.07 0.05 0.06 - 0.01 0.08 0.01 0.09 0.08 0.08 - 0.01 0.11 0.01 0.05 0.03 0.05 - 0.00 0.07 0.03 0.07 0.06 0.07 + 0.01 0.10 0.05 0.14 0.09 0.13 + 0.04 0.20 0.03 0.20 0.13 0.18 + 0.06 0.25 0.06 0.12 0.08 0.10 - 0.04 0.20 0.03

Rackla Mtls* O 5 Rackla Mtls V 59 Radisson Mng V 248 O 64 Rainforest Res* Rainmaker Res V 167 Rainy Mtn Royl V 449 Rambler Ml &Mg V 172 Randgold Res* D 6575 Randsburg Int* O 29 Randsburg Intl V 37 Rapier Gold V 481 Rare Element* O 338 Rathdowney Res V 116 RB Energy* O 20 Red Eagle Mng T 1537 Red Eagle Mng* O 779 Red Moon Potsh V 35 Red Pine Expl V 1102 Redstar Gold* O 821 Redstar Gold V 3545 Regulus Res V 196 O 156 Renaissance Gd* Renaissance Gd V 172 Renforth Res 624 Resource Cap V 102 Resource Cap* O 12 Reunion Gold V 595 Revolver Res V 346 Rheingold Expl 24 Richmond Mnls V 29 Richmont Mines* X 1456 Richmont Mines T 1225 75 Rio Novo Gold T Rio Novo Gold* O 23 Rio Silver V 89 Rio Tinto* N 24173 O 1 Rio Tinto* Rio Tinto* O 4 Rise Res Inc* O 40 Rise Res Inc 337 Riverside Res V 306 Riverside Res* O 172 RJK Explor V 105 RJK Explor* O 42 Robex Res V 486 Rochester Res V 36 Rock Tech Lith V 73 Rockcliff Cop V 476 Rockex Mng 92 Rockhaven Res V 529 Rockridge Cap V 106 Rockridge Cap* O 65 Rockwell Diam T 170 Rodinia Lithm V 70 Rogue Res* O 24 Rogue Res V 65 Romios Gold Rs* O 74 256 Romios Gold Rs V Rosita Mg Corp V 1418 Rosita Mg Corp* O 6 Roughrider Exp V 101 Roxgold* O 64 Roxgold V 1124 Royal Gold* D 2879 Royal Nickel* O 28 Royal Nickel T 4069 Royal Rd Mnrls V 455 RT Minerals V 4345

0.11 0.00 0.11 - 0.00 0.17 0.03 0.15 0.00 0.14 - 0.01 0.22 0.05 0.20 0.18 0.19 + 0.01 0.20 0.09 6.75 5.00 6.69 + 0.69 8.25 0.30 0.10 0.09 0.09 - 0.01 0.25 0.07 0.11 0.09 0.10 - 0.01 0.12 0.03 0.15 0.14 0.15 + 0.04 0.16 0.05 75.20 69.60 71.09 - 1.10 126.55 59.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.15 0.12 0.12 - 0.03 0.17 0.04 0.05 0.05 0.05 - 0.00 0.28 0.04 0.25 0.00 0.25 + 0.06 0.26 0.12 0.00 0.00 0.00 - 0.00 0.01 0.00 0.82 0.72 0.78 + 0.03 1.05 0.69 0.60 0.55 0.56 - 0.02 0.91 0.18 0.04 0.03 0.03 - 0.01 0.09 0.02 0.11 0.09 0.10 - 0.01 0.24 0.03 0.10 0.09 0.10 + 0.00 0.15 0.01 0.13 0.12 0.13 + 0.02 0.17 0.03 1.40 1.27 1.27 - 0.11 1.87 0.19 0.35 0.29 0.35 + 0.07 0.52 0.08 0.49 0.39 0.49 + 0.09 0.66 0.11 0.05 0.04 0.04 + 0.01 0.05 0.01 0.22 0.00 0.20 - 0.01 0.35 0.02 0.16 0.16 0.16 + 0.00 0.26 0.02 0.05 0.04 0.04 - 0.01 0.08 0.01 0.12 0.07 0.09 - 0.02 0.39 0.07 0.29 0.25 0.25 - 0.05 0.30 0.01 0.05 0.00 0.04 - 0.01 0.09 0.03 7.05 6.25 6.40 - 0.20 11.66 2.79 9.44 8.51 8.74 - 0.24 15.01 3.88 0.16 0.13 0.13 - 0.03 0.30 0.07 0.11 0.10 0.10 - 0.01 0.23 0.06 0.13 0.09 0.10 - 0.03 0.18 0.02 39.42 37.11 39.35 + 2.80 40.19 21.89 38.54 0.00 38.54 + 1.29 39.35 21.90 45.34 43.31 45.34 + 2.03 44.49 25.47 0.18 0.12 0.18 + 0.06 0.40 0.08 0.22 0.18 0.20 + 0.02 0.35 0.11 0.51 0.45 0.45 - 0.02 0.52 0.12 0.38 0.34 0.34 - 0.00 0.39 0.08 0.18 0.00 0.14 - 0.04 0.25 0.05 0.14 0.12 0.12 - 0.01 0.14 0.09 0.10 0.08 0.09 - 0.01 0.17 0.05 0.07 0.06 0.07 + 0.01 0.11 0.03 0.99 0.84 0.99 + 0.03 1.45 0.03 0.11 0.10 0.10 - 0.01 0.16 0.02 0.06 0.00 0.05 - 0.01 0.75 0.02 0.18 0.15 0.18 + 0.02 0.29 0.10 0.45 0.33 0.40 + 0.02 0.57 0.05 0.31 0.30 0.30 - 0.01 0.31 0.04 0.07 0.00 0.07 - 0.01 0.17 0.06 0.10 0.09 0.09 - 0.02 0.16 0.09 0.35 0.27 0.35 + 0.10 0.43 0.25 0.49 0.00 0.44 + 0.08 1.50 0.32 0.07 0.05 0.05 - 0.02 0.08 0.01 0.09 0.07 0.07 - 0.02 0.10 0.02 0.06 0.04 0.05 + 0.01 0.14 0.01 0.03 0.03 0.03 + 0.00 0.10 0.01 0.07 0.06 0.06 + 0.01 0.15 0.05 0.91 0.85 0.85 - 0.05 1.35 0.47 1.22 1.13 1.18 - 0.03 1.76 0.62 70.78 66.54 67.94 - 0.17 87.74 24.68 0.24 0.22 0.23 - 0.01 0.50 0.10 0.32 0.28 0.29 - 0.04 0.63 0.12 0.11 0.10 0.10 + 0.01 0.18 0.04 0.12 0.09 0.10 - 0.01 0.30 0.05

2016-11-29 5:22 PM

WWW.NORTHERNMINER.COM

DECEMBER 5–11, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Rugby Mng V 26 Rupert Res V 118 Rusoro Mng V 804 Rusoro Mng* O 13 Rye Patch Gold* O 708 Rye Patch Gold V 4117

0.33 0.30 0.30 - 0.03 0.58 0.03 0.80 0.68 0.69 - 0.08 0.99 0.02 0.24 0.20 0.20 - 0.03 0.41 0.03 0.16 0.16 0.16 - 0.01 0.31 0.02 0.19 0.16 0.19 + 0.01 0.37 0.08 0.26 0.22 0.24 + 0.01 0.47 0.11

Sabina Gd&Slvr T 2608 Sabina Gd&Slvr* O 1078 Sage Gold V 571 Saint Jean* O 378 Saint Jean V 20287 Salazar Res V 18 Sama Res V 440 Samco Gold V 1319 San Marco Res V 144 Sanatana Diam V 3044 Sandspring Res* O 378 Sandspring Res V 1163 Sandstorm Gold T 1547 X 6946 Sandstorm Gold* Santa Fe Gold* O 231 Santacruz Silv V 1313 Sarama Res V 399 Sarissa Res* O 156 Saturn Mnrls V 348 Savannah Gold V 28 Savary Gold V 614 Savary Gold* O 50 Scandium Int M* O 712 Scientific Mts V 1286 Scorpio Gold V 1065 ScoZinc Mg V 43 Seabridge Gld* N 3998 Seabridge Gld T 738 Searchlight* O 107 Sego Res V 465 Select Sands V 1666 Semafo T 6575 Senator Mnrls V 39 Serengeti Res V 300 Sherritt Intl T 18848 Shoshoni Gold V 66 Sibanye Gold* N 7517 Sienna Res V 978 Sierra Metals* O 7 Sierra Metals T 22 Signature Res V 2452 Silver Bear Rs T 1038 Silver Bull Re* O 575 Silver Dragon* O 3511 Silver Falcon* O 11326 Silver Grail V 60 9 Silver Mtn Mns V Silver Predatr V 127 Silver Pursuit V 65 Silver Range V 398 Silver Shield 436 Silver Spruce V 178 Silver Spruce* O 54 Silver Std Res* D 9512 Silver Std Res T 2546 Silver Wheaton T 5640 Silver Wheaton* N 24627 Silvercorp Met T 2970 Silvercorp Met* O 706 SinoCoking Cl* D 125 Sirios Res V 739 Sirios Res* O 63 Skeena Res* O 154 O 160 Skyharbour Res* Skyharbour Res V 349 Slam Explor V 383 Sokoman Iron V 814 Solitario Ex&R T 27 Solitario Ex&R* X 147 Sonora Gld & S V 158

1.11 0.97 0.99 - 0.04 1.87 0.54 0.83 0.72 0.74 - 0.04 1.55 0.38 0.15 0.13 0.13 - 0.01 0.16 0.03 0.06 0.03 0.05 + 0.02 0.05 0.02 0.09 0.04 0.07 + 0.02 0.07 0.03 0.13 0.12 0.13 + 0.01 0.16 0.05 0.11 0.08 0.11 + 0.01 0.16 0.07 0.05 0.02 0.03 - 0.02 0.08 0.02 0.20 0.17 0.20 + 0.04 0.30 0.02 0.03 0.01 0.02 + 0.01 0.04 0.01 0.37 0.29 0.30 - 0.06 0.72 0.08 0.48 0.39 0.40 - 0.08 0.94 0.11 5.24 4.85 4.91 - 0.18 8.73 2.82 3.92 3.60 3.66 - 0.09 6.75 1.94 0.06 0.05 0.05 - 0.00 0.07 0.00 0.36 0.29 0.31 - 0.04 0.63 0.09 0.18 0.14 0.18 + 0.02 0.55 0.06 0.01 0.00 0.01 - 0.00 0.01 0.00 0.11 0.10 0.10 - 0.01 0.22 0.08 0.08 0.05 0.07 - 0.01 0.15 0.01 0.09 0.08 0.09 - 0.01 0.15 0.02 0.07 0.07 0.07 + 0.01 0.12 0.05 0.22 0.18 0.18 - 0.01 0.22 0.08 0.06 0.05 0.06 - 0.01 0.10 0.05 0.08 0.06 0.07 + 0.01 0.11 0.05 0.85 0.00 0.80 - 0.05 1.15 0.40 9.75 9.15 9.20 - 0.05 15.88 5.46 13.11 12.35 12.48 - 0.03 20.71 7.99 0.08 0.04 0.06 + 0.00 0.19 0.01 0.05 0.04 0.04 + 0.01 0.05 0.01 0.92 0.85 0.89 - 0.01 1.21 0.20 4.48 3.90 3.92 - 0.44 7.46 3.05 0.60 0.54 0.54 - 0.01 0.80 0.05 0.15 0.13 0.15 + 0.01 0.33 0.02 1.49 0.94 1.38 + 0.44 1.49 0.53 0.05 0.00 0.05 + 0.01 0.25 0.04 9.63 8.62 8.67 - 0.69 20.97 5.13 0.15 0.13 0.13 - 0.02 0.27 0.01 1.47 1.40 1.44 + 0.04 1.69 0.69 1.94 1.80 1.93 + 0.13 2.19 0.95 0.13 0.08 0.13 + 0.01 0.13 0.02 0.30 0.25 0.27 + 0.01 0.53 0.02 0.11 0.09 0.10 + 0.00 0.21 0.02 0.01 0.01 0.01 + 0.00 0.04 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.06 0.06 - 0.01 0.16 0.02 0.03 0.02 0.03 + 0.01 0.05 0.01 0.06 0.05 0.05 + 0.01 0.12 0.01 0.12 0.12 0.12 + 0.01 0.13 0.02 0.13 0.09 0.11 + 0.02 0.24 0.03 0.06 0.03 0.05 - 0.01 0.17 0.02 0.11 0.08 0.09 - 0.02 0.14 0.05 0.07 0.05 0.07 + 0.02 0.10 0.03 10.58 9.50 9.59 - 0.40 15.84 3.66 14.22 12.85 13.02 - 0.46 20.48 5.28 25.80 24.24 24.36 - 0.94 40.80 14.51 19.18 17.95 18.07 - 0.65 31.35 10.04 3.34 3.05 3.11 - 0.07 4.73 0.60 2.49 2.27 2.28 - 0.06 3.67 0.41 4.50 3.90 4.07 - 0.13 7.69 1.66 0.51 0.39 0.50 + 0.04 1.42 0.07 0.35 0.34 0.34 - 0.01 1.13 0.07 0.06 0.05 0.06 + 0.00 0.15 0.04 0.23 0.20 0.20 - 0.03 0.32 0.18 0.31 0.27 0.27 - 0.04 0.42 0.08 0.06 0.05 0.05 - 0.01 0.15 0.01 0.06 0.05 0.05 - 0.02 0.13 0.01 0.95 0.76 0.76 - 0.11 1.29 0.58 0.67 0.60 0.62 - 0.01 0.95 0.41 0.06 0.05 0.05 - 0.01 0.08 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sonoro Mtls V 345 Source Expl V 73 Southern Arc V 98 Southern Arc* O 46 Southern Copp* N 6258 Southern Lith V 297 Southern Silvr* O 207 Southern Silvr V 521 SouthGobi Res T 22 Spanish Mtn Gd V 1077 Spanish Mtn Gd* O 307 Sparton Res* O 20 V 1698 Spearmint Res Spruce Ridge R V 116 Standard Graph* O 41 V 1353 Standard Graph Standard Metal* O 296 Stans Energy V 253 Stans Energy* O 50 Star Gold* O 16 Starcore Intl T 107 Stellar Africa V 182 Sterling Grp* O 1999 Stillwater Mg* N 5524 Stina Res* O 52 Stina Res 379 Stockport Expl V 63 Stornoway Diam T 3008 Stratabd Mnr V 389 Strategic Metl V 326 Stratton Res V 135 Strikepoint Gd V 231 Strongbow Expl V 356 Stroud Res V 731 Sulliden Mng T 83 Sultan Mnrls V 238 Suncor Energy T 9091 Suncor Energy* N 9621 Sunridge Gold* O 1558 Sunset Cove Mg V 1114 Sunvest Mnrls V 154 Superior Mng V 5765 Superior Mng* O 260 Sutter Gold* O 390 Sutter Gold V 115 Syrah Res* O 25

0.11 0.09 0.09 - 0.01 0.15 0.04 0.23 0.18 0.18 - 0.02 0.50 0.10 0.56 0.44 0.50 + 0.06 1.09 0.24 0.42 0.34 0.36 + 0.04 0.75 0.17 33.68 31.82 33.60 + 1.90 34.79 21.55 0.35 0.26 0.30 - 0.07 0.49 0.01 0.29 0.23 0.24 + 0.00 0.52 0.02 0.39 0.30 0.31 - 0.02 0.66 0.03 0.33 0.00 0.33 + 0.02 0.65 0.21 0.11 0.09 0.10 - 0.01 0.22 0.02 0.08 0.06 0.08 + 0.00 0.17 0.01 0.03 0.02 0.02 - 0.01 0.07 0.01 0.02 0.02 0.02 - 0.01 0.06 0.01 0.03 0.02 0.02 - 0.01 0.05 0.01 0.05 0.03 0.05 + 0.02 0.09 0.00 0.09 0.06 0.08 - 0.01 0.13 0.01 0.07 0.06 0.07 - 0.00 0.21 0.01 0.06 0.05 0.05 - 0.01 0.09 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.06 0.06 0.06 - 0.04 0.20 0.05 0.52 0.45 0.46 - 0.05 0.91 0.25 0.03 0.00 0.03 + 0.01 0.08 0.01 0.10 0.03 0.10 + 0.03 0.10 0.01 15.35 14.41 14.60 - 0.33 15.91 4.99 0.07 0.06 0.06 + 0.00 0.14 0.05 0.08 0.07 0.07 - 0.01 0.18 0.08 0.03 0.00 0.02 - 0.01 0.06 0.02 1.09 1.00 1.04 - 0.01 1.33 0.66 0.05 0.03 0.05 - 0.01 0.08 0.02 0.48 0.43 0.43 - 0.03 0.86 0.24 0.63 0.58 0.58 + 0.01 0.85 0.07 0.42 0.37 0.38 - 0.01 0.42 0.05 0.16 0.14 0.15 + 0.01 0.25 0.06 0.02 0.02 0.02 - 0.01 0.03 0.01 0.39 0.33 0.34 - 0.01 0.47 0.19 0.08 0.06 0.07 - 0.01 0.20 0.05 43.08 41.93 41.96 + 0.15 43.08 27.32 32.19 31.02 31.18 + 0.24 32.19 18.71 0.04 0.03 0.03 - 0.00 0.29 0.01 0.16 0.14 0.15 - 0.01 0.18 0.07 0.20 0.15 0.15 - 0.06 0.28 0.01 0.04 0.02 0.02 + 0.01 0.04 0.01 0.02 0.02 0.02 + 0.00 0.02 0.00 0.04 0.03 0.03 - 0.01 0.13 0.02 0.06 0.05 0.05 - 0.01 0.16 0.04 2.24 0.00 2.24 - 0.11 4.90 2.15

Tahoe Res* N 10424 Tahoe Res T 4990 Tajiri Res V 85 Takara Res V 49 Talon Metals T 338 Tamino Mnrls* O 94 Tanager Energy V 77 Tango Mining V 3536 Tantalex Res 840 Tanzania Rlty* X 929 Taranis Res V 493 Tarku Res V 358 Tartisan Res 1685 Tasca Res V 82 Taseko Mines T 2882 Taseko Mines* X 6381 Teck Res T 15143 Teck Res* N 34199 Teck Res T 65 Telson Res * O 34 Tembo Gold* O 54 Teranga Gold T 6526 Teras Res V 340 Terraco Gold V 134 Terrax Mnrls* O 144 Terrax Mnrls V 1271 Teslin Rvr Res V 562 Teuton Res V 155 Teuton Res* O 74

9.90 8.87 9.27 - 0.09 17.01 6.48 13.26 11.95 12.53 - 0.11 22.13 9.45 0.13 0.12 0.12 - 0.01 0.17 0.01 0.05 0.00 0.05 - 0.01 0.10 0.02 0.08 0.07 0.07 + 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.07 0.07 - 0.02 0.12 0.03 0.03 0.02 0.02 - 0.01 0.14 0.01 0.12 0.09 0.10 - 0.02 0.18 0.02 0.55 0.50 0.51 - 0.01 1.49 0.17 0.12 0.10 0.12 + 0.01 0.15 0.04 0.05 0.04 0.05 - 0.01 0.10 0.02 0.10 0.05 0.07 + 0.02 0.10 0.01 0.13 0.10 0.10 - 0.01 0.21 0.00 0.92 0.70 0.89 + 0.20 0.92 0.35 0.66 0.51 0.66 + 0.16 0.70 0.23 35.51 31.48 34.84 + 4.04 35.51 3.65 26.21 23.44 25.69 + 2.92 26.21 2.56 36.36 31.65 34.98 + 3.96 36.36 5.69 0.19 0.18 0.19 - 0.03 0.43 0.07 0.03 0.03 0.03 - 0.00 0.06 0.01 0.91 0.75 0.86 - 0.02 1.40 0.38 0.17 0.14 0.15 - 0.02 0.21 0.03 0.15 0.13 0.14 - 0.01 0.19 0.09 0.48 0.38 0.40 - 0.05 0.80 0.17 0.67 0.47 0.54 - 0.03 1.05 0.24 0.27 0.00 0.26 + 0.05 0.43 0.21 0.19 0.17 0.18 - 0.03 0.46 0.04 0.14 0.13 0.13 - 0.01 0.34 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Thor Expl V 24 Thunder Mtn Gd* O 25 Till Capital* D 22 Tiller Res V 17 Timberline Res V 111 O 188 Timberline Res* Timmins Gold T 1905 Timmins Gold* X 6501 Tinka Res* O 144 Tinka Res V 382 Tintina Res* O 112 Tintina Res V 63 Tirex Res V 504 Tirex Res* O 414 Titanium Corp V 75 O 20 TMAC Resource* TMAC Resources T 73 TNR Gold V 241 274 Toachi Mg Inc V TomaGold V 1085 Tombstone Expl* O 1829 Torex Gold T 2042 Torex Gold* O 117 Tower Res V 347 Transatlan Mng V 547 Treasury Metal T 686 Trecora Res* N 158 Tres-Or Res V 483 Trevali Mng* O 564 Trevali Mng T 16110 TriMetals Mng T 194 TriMetals Mng* O 32 TriMetals Mng* O 143 Trinity Res* O 1 Trio Resources* O 920 TriStar Gold* O 84 Troy Res* O 9 Trueclaim Expl V 429 Tsodilo Res V 54 Tudor Gold V 39 Tungsten Corp* O 2445 Turquoise HIl* N 14784 Turquoise HIl T 6350 TVI Pacific* O 50 Tyhee Gold* O 102 Typhoon Expl V 13

0.11 0.00 0.11 - 0.01 0.16 0.02 0.09 0.09 0.09 + 0.01 0.16 0.02 4.23 3.95 4.01 - 0.09 5.00 2.76 0.06 0.05 0.05 - 0.02 0.09 0.01 0.57 0.38 0.38 - 0.19 0.73 0.16 0.40 0.28 0.29 - 0.11 0.53 0.08 0.50 0.44 0.45 - 0.04 0.80 0.11 0.37 0.33 0.34 - 0.01 0.63 0.07 0.16 0.15 0.16 + 0.00 0.22 0.07 0.21 0.20 0.21 + 0.01 0.27 0.09 0.06 0.05 0.05 - 0.01 0.12 0.04 0.08 0.07 0.07 - 0.01 0.15 0.05 0.09 0.07 0.08 - 0.01 0.22 0.05 0.06 0.05 0.06 - 0.00 0.16 0.05 0.59 0.50 0.51 - 0.09 0.93 0.31 12.90 11.99 12.03 - 0.76 15.16 9.26 17.27 16.19 16.34 - 0.76 20.18 5.95 0.04 0.04 0.04 - 0.01 0.09 0.01 0.37 0.35 0.37 + 0.02 0.59 0.03 0.07 0.06 0.07 + 0.01 0.17 0.04 0.01 0.01 0.01 + 0.00 0.02 0.00 20.55 18.59 19.07 - 0.94 35.17 10.90 15.21 13.82 14.24 - 0.47 27.34 7.97 0.15 0.12 0.12 - 0.03 0.21 0.01 0.06 0.05 0.06 - 0.01 0.15 0.03 0.67 0.56 0.59 - 0.08 0.85 0.32 12.90 12.00 12.25 + 0.20 14.57 8.17 0.04 0.03 0.03 - 0.01 0.06 0.02 1.03 0.90 1.02 + 0.14 0.95 0.23 1.41 1.20 1.36 + 0.15 1.41 0.30 0.25 0.21 0.23 + 0.01 0.36 0.06 0.20 0.00 0.19 - 0.00 0.32 0.06 0.19 0.16 0.18 - 0.00 0.28 0.04 0.17 0.00 0.17 + 0.12 0.33 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.23 0.18 0.22 + 0.00 0.41 0.10 0.21 0.20 0.20 - 0.01 0.56 0.13 0.04 0.03 0.03 + 0.01 0.05 0.01 0.81 0.73 0.81 + 0.04 0.90 0.50 0.65 0.53 0.59 - 0.01 2.50 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 3.66 3.38 3.61 + 0.24 3.67 1.55 5.03 4.54 4.81 + 0.26 5.03 2.30 0.01 0.01 0.01 - 0.01 0.03 0.00 0.01 0.00 0.01 + 0.01 0.02 0.00 0.08 0.07 0.08 + 0.01 0.15 0.03

U.S. Lithium* O 2987 U3O8 Corp* O 440 Ucore Rare Mtl* O 234 Ucore Rare Mtl V 358 UEX Corp T 3778 Ultra Lithium V 54 Unigold V 144 Unigold* O 42 United Res Hdg* O 79 United States A* X 209 United States S* N 102568 Ur-Energy T 207 Ur-Energy* X 956 Uracan Res V 469 Uracan Res* O 15 645 Uragold Bay Rs V Uranium Energy* X 2682 Uranium Hunter* O 2 Uranium Res* D 2962 Uranium Valley V 27 US Energy* D 90 US Precious M* O 627 US Rare Earths* O 12 US Tungsten* O 27 Vale* N 80486 N 196119 Vale* ValGold Res V 3549 Valley High Mg* O 1283 Valterra Res V 168

0.07 0.04 0.06 + 0.01 0.15 0.01 0.02 0.01 0.02 + 0.00 0.03 0.01 0.25 0.22 0.24 - 0.00 0.35 0.16 0.33 0.30 0.33 + 0.02 0.45 0.23 0.18 0.16 0.17 - 0.01 0.29 0.11 0.17 0.00 0.17 + 0.03 0.35 0.07 0.28 0.23 0.25 - 0.02 0.69 0.08 0.21 0.18 0.18 - 0.02 0.51 0.06 0.02 0.01 0.02 + 0.00 0.05 0.01 0.32 0.25 0.29 + 0.00 0.60 0.16 33.78 28.17 33.23 + 4.66 33.11 6.15 0.59 0.55 0.57 - 0.01 0.98 0.55 0.44 0.41 0.42 - 0.02 0.73 0.41 0.05 0.05 0.05 - 0.01 0.10 0.01 0.04 0.03 0.04 - 0.01 0.08 0.00 0.12 0.11 0.12 + 0.01 0.31 0.02 0.94 0.81 0.86 - 0.06 1.47 0.65 1.80 0.00 1.60 + 0.25 6.00 0.85 1.50 1.27 1.45 - 0.04 8.88 0.97 0.30 0.13 0.20 + 0.07 0.35 0.04 1.60 1.44 1.48 + 0.07 3.03 0.67 0.01 0.01 0.01 - 0.00 0.04 0.00 0.16 0.04 0.16 + 0.12 0.40 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 7.52 6.73 7.52 + 1.01 7.52 1.55 8.44 7.43 8.42 + 1.18 8.44 2.13 0.04 0.02 0.03 - 0.01 0.08 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.05 0.03 0.03 - 0.02 0.09 0.01

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Vangold Res V 171 215 Vanstar Mng Rs V Vantex Res V 137 N 1587 Vedanta* Vendetta Mng V 652 O 85 Vendetta Mng* Vendome Res V 289 Victoria Gold V 2853 Victory Res V 85 Victory Vent V 4278 O 1 Virginia Enrgy* Viscount Mng V 420 Vista Gold* X 2529 Vista Gold T 153 Voltaic Min V 2854 Vulcan Mnrls V 316

0.02 0.06 + 0.02 0.09 0.07 0.00 0.06 0.05 0.05 - 0.01 0.10 0.03 0.01 0.02 - 0.01 0.04 0.02 0.02 13.06 + 1.18 13.66 3.52 13.07 11.55 0.05 0.12 + 0.02 0.14 0.12 0.10 0.08 0.08 - 0.01 0.10 0.09 0.08 0.05 0.17 - 0.01 0.35 0.18 0.15 0.13 0.48 - 0.05 0.80 0.55 0.47 0.02 0.03 - 0.01 0.09 0.03 0.03 0.01 0.03 + 0.01 0.06 0.04 0.02 0.02 0.03 + 0.00 0.06 0.03 0.03 0.43 0.64 - 0.03 0.91 0.67 0.56 0.27 0.85 - 0.06 2.09 0.93 0.80 0.35 1.13 - 0.08 2.73 1.25 1.03 0.03 0.09 + 0.01 0.52 0.10 0.07 0.02 0.01 0.08 0.04 - 0.04 0.04

Walker River V 680 T 597 Wallbridge Mng O 3423 Walter Energy* Waseco Res V 150 Wealth Mnrls* O 420 Wealth Mnrls V 1175 O 372 Wellgreen Plat* T 706 Wesdome Gold 304 V West Af Res 134 West High Yld V West Kirkland V 647 86 West Red Lake* O 290 West Red Lake O 96 Western Areas* T 697 Western Copper X 398 Western Copper* O 5065 Western Graphi* 52 Western Pac Rs* O 450 Western Pac Rs V T 651 Western Potash 332 Western Troy C V Western Uran 32 Western Uran* O 8 V 77 Westhaven Vent V 4541 Westkam Gold Westmoreland* D 2237 White Mtn Engy* O 1030 O 7 Whitehaven Coa* Wildcat Expl* O 267 Wildcat Expl V 1562 Winston Gld Mg* O 1696 895 Winston Gld Mg Wolfden Res V 211 Wolfeye Res V 235 V 365 Wolverine Mnls WPC Res V 1958 X-Terra Res V 405 Xander Res V 170 Xiana Mng V 39 Ximen Mng V 399 Ximen Mng* O 130 880 XLI Tech Inc* O V 50 Xtierra Xtra-Gold Res T 29 O 17 Xtra-Gold Res* Yamana Gold T 26985 67447 Yamana Gold* N Yanzhou Coal* N 215 T 380 Yellowhead Mng O 13 Yellowhead Mng* Yorbeau Res T 257 19 O Zadar Vent * Zazu Metals* O 24 Zazu Metals T 410 Zenyatta Vent V 189 O 61 Zenyatta Vent* Zephyr Mnls V 8 Zincore Mtls V 119 Zonte Mtls V 179

0.03 0.11 - 0.01 0.18 0.12 0.11 0.02 0.05 + 0.01 0.10 0.05 0.05 0.01 0.19 + 0.02 0.28 0.25 0.17 0.02 0.07 - 0.01 0.11 0.08 0.07 0.10 0.76 - 0.14 1.16 0.87 0.71 0.14 1.00 - 0.19 1.50 1.18 0.95 0.12 0.33 - 0.01 0.46 0.34 0.31 0.98 2.50 - 0.03 3.08 2.64 2.39 0.26 0.24 0.26 + 0.01 0.40 0.05 0.15 0.11 0.14 + 0.03 0.30 0.09 0.04 0.09 - 0.02 0.17 0.11 0.09 0.17 0.16 0.17 - 0.01 0.31 0.02 0.23 0.17 0.19 - 0.04 0.40 0.01 1.28 2.29 + 0.05 2.34 2.29 2.24 0.29 1.18 - 0.01 1.35 1.30 1.15 0.20 0.88 + 0.00 1.04 0.97 0.85 0.00 0.00 - 0.00 0.00 0.00 0.00 0.02 0.01 0.02 + 0.00 0.04 0.00 0.03 0.01 0.01 - 0.02 0.05 0.01 0.12 0.13 + 0.01 0.22 0.13 0.12 0.03 0.02 0.03 + 0.01 0.05 0.01 1.20 1.35 - 0.05 3.49 1.65 1.33 0.99 1.00 - 0.04 2.67 1.19 0.99 0.04 0.13 - 0.01 0.16 0.13 0.12 0.02 0.03 - 0.01 0.09 0.03 0.03 15.28 - 0.22 17.37 3.44 16.30 14.40 0.05 0.02 0.03 - 0.01 0.25 0.02 0.25 2.10 + 0.15 2.50 2.10 1.95 0.02 0.07 - 0.00 0.16 0.08 0.07 0.03 0.10 - 0.01 0.21 0.11 0.10 0.32 0.27 0.29 - 0.01 0.49 0.10 0.42 0.37 0.40 - 0.02 0.64 0.10 0.05 0.10 - 0.01 0.19 0.10 0.08 0.23 0.25 - 0.01 0.35 0.26 0.24 0.07 0.07 - 0.03 0.18 0.08 0.06 0.03 0.08 + 0.01 0.13 0.08 0.07 0.06 0.20 - 0.07 0.31 0.26 0.20 0.31 0.33 + 0.01 0.49 0.34 0.33 0.03 0.12 + 0.02 0.21 0.12 0.10 0.03 0.11 - 0.01 0.18 0.11 0.09 0.02 0.06 - 0.01 0.13 0.06 0.06 0.01 0.01 0.01 - 0.00 1.50 0.00 0.01 0.04 + 0.01 0.08 0.04 0.04 0.21 0.22 - 0.04 0.56 0.26 0.22 0.15 0.16 - 0.03 0.43 0.19 0.16 2.00 3.91 - 0.19 7.87 4.20 3.90 1.38 2.92 - 0.12 5.99 3.17 2.88 3.66 7.51 + 0.57 8.09 7.54 7.21 0.03 0.01 0.10 + 0.07 0.07 0.05 0.02 0.05 + 0.01 0.06 0.05 0.04 0.06 0.10 - 0.02 0.14 0.12 0.10 0.07 0.06 0.07 + 0.01 0.20 0.06 0.08 0.17 + 0.06 0.24 0.17 0.12 0.09 0.23 + 0.03 0.33 0.23 0.19 0.63 1.03 + 0.03 1.55 1.14 0.96 0.47 0.76 + 0.05 1.17 0.76 0.74 0.08 0.35 + 0.02 0.42 0.35 0.34 0.03 0.12 + 0.04 0.30 0.12 0.10 0.05 0.10 + 0.01 0.15 0.11 0.09

W-Z

BID-ASK — NOVEMBER 21–25, 2016 STOCK

ABE Resources Acme Res Corp Active Growth Afrasia Mnls African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Aldershot Res Alexandra Cap Allante Potash Altan Rio Mnls Alturas Mnrls Amanta Res Anglo Pac Grp Arch Coal* Archon Mineral Argentum Silvr Armor Mnrls Asiamet Res Astur Gold Atlatsa Res* Atom Energy Aurania Res Balto Res BE Res Benz Mining Benz Mining Bethpage Cap Big Wind Cap Bird River Res Black Bull Res Black Isle Res BlackEagle Dev Boss Power Bullion Gld Res Cairo Res Canada Coal Canuc Res Carrie Arran Cascade Res Cassidy Gold Century Global Chieftain Mtls Chimata Gold Chinapintza Mg Cicada Vents Cleghorn Mnls Cliffs Nat Res* CNRP Mng Comet Inds Compliance Egy Cons Westview Cresval Cap Cricket Res DGS Mnls Dorex Mnrls DV Resources Empire Rock Enfield Expl European Metal Eurotin Explorex Res Finlay Minrls

8-10_DEC5_StockTables.indd 10

12-MONTH

EXC BID ASK LAST HIGH

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

0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.05 0.06 0.05 0.10 0.05 0.06 0.05 0.08 0.05 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 ... 0.03 0.03 0.06 0.11 0.06 0.07 0.02 0.02 0.02 0.04 0.03 0.04 0.03 0.08 0.01 0.02 0.01 1.05 2.00 1.05 1.50 ... ... 0.58 1.46 1.70 1.70 2.10 0.28 0.29 0.28 0.35 0.38 0.59 0.39 0.85 0.04 0.06 0.05 0.08 0.06 0.08 0.08 0.10 ... ... 0.06 0.45 0.16 0.28 0.23 0.64 0.61 0.73 0.61 0.73 0.01 0.03 0.01 0.03 ... 0.34 0.35 0.03 0.03 0.03 0.08 0.02 0.03 0.02 0.05 0.06 0.10 0.10 0.10 0.07 0.12 0.07 0.19 0.02 0.09 0.05 0.07 ... 0.01 0.01 0.04 0.05 0.04 0.05 0.01 0.15 0.05 0.12 0.17 0.20 0.17 0.08 0.13 0.08 0.15 0.30 0.38 0.35 0.39 0.05 0.05 0.05 0.06 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 0.13 0.16 0.13 0.35 ... ... 0.05 0.23 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.09 0.12 0.11 0.13 1.45 3.20 1.43 7.17 ... 0.01 0.01 0.01 2.53 2.95 2.51 3.00 0.03 0.03 0.03 0.25 0.48 0.70 0.48 0.56 0.04 0.05 0.05 0.06 0.01 0.10 0.01 0.01 0.04 0.09 0.04 0.06 0.02 0.02 0.02 0.03 0.03 0.04 0.04 0.06 0.09 0.16 0.09 0.27 ... ... 0.01 0.01 ... 0.01 0.01 0.01 0.06 0.08 0.06 1.00 0.11 0.15 0.14 0.19 0.04 0.05 0.04 0.09

LOW

STOCK

0.02

Fire River Gol V Freeport Res V C GAR Limited GB Minerals V Gentor Res V GFM Res V Global Cobalt V Global Cop Grp V God’s Lake Res C Golden Harp V Granite Ck Gld V Graniz Mondal V Gravis Energy C Greatbanks Res V Greywacke Expl C HFX Holding V Highbury Proj V Highvista Gold V Icon Explor V IGC Res V Indigo Expl V Interconnect V Iron South Mng V Jazz Res V Jet Metal V Jiulian Res V Jubilee Gold V Karoo Expl V Kazax Mnls V Kenna Res V Kestrel Gold V Kootenay Zinc C La Imperial C Loncor Res T Lucky Mnls V Mag Copper C MAG Silver* X Mainstream Mnl V Manado Gold V Masuparia Gold V Matachewan Con V Match Capital V Mega Copper V Metallum Res V Metalo Manuf C MillenMin Vent V Milner Con Slv V Moag Copper C Montana Gold C Morgan Res V Mountain Lake C Navy Res V Nebu Res V V Network Expl Nevado Res V New Klondike V Newlox Gold C Noble Metal Gr V North Am Ptash V North Am Tung V V NRG Metals NSS Res Inc C Open Gold V Orestone Mng V Orofino Mnrls V

0.02 0.01 0.02 0.01 0.08 0.16 0.12 0.01 0.03 0.01 0.01 0.01 0.75 1.30 0.02 0.12 0.02 0.01 0.06 0.16 0.32 0.01 0.01 0.01 0.03 0.01 0.01 0.02 0.01 0.05 0.13 0.01 0.05 0.05 0.02 0.01 0.13 0.03 0.01 0.01 0.01 0.08 0.98 0.01 1.22 0.03 0.22 0.03 0.01 0.04 0.01 0.03 0.05 0.01 0.01 0.03 0.05 0.03

12-MONTH

EXC BID ASK LAST HIGH LOW

0.03 0.07 0.09 0.75 0.06 0.08 0.08 0.09 0.02 0.04 0.04 0.05 0.07 0.08 0.08 0.10 0.01 0.02 0.01 0.03 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.02 ... 0.02 0.08 0.13 0.20 0.13 0.28 0.04 0.10 0.04 0.06 0.04 0.05 0.04 0.05 0.01 0.03 0.01 0.01 0.03 0.05 0.03 0.06 ... 0.06 0.06 0.04 0.06 0.06 0.07 0.26 ... 0.26 0.27 ... 0.16 0.17 0.02 0.03 0.02 0.03 0.01 0.02 0.01 0.02 0.03 0.04 0.03 0.04 0.07 0.17 0.06 0.14 0.24 0.27 0.24 0.28 0.06 0.08 0.07 0.25 0.10 0.10 0.09 0.12 0.03 0.04 0.03 0.05 0.46 0.70 0.46 0.75 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.04 0.13 0.16 0.15 0.27 0.02 0.02 0.02 0.07 0.20 0.40 0.20 0.22 0.05 0.13 0.05 0.08 0.14 0.17 0.17 0.25 0.13 0.18 0.12 0.12 0.01 0.03 0.03 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.10 0.14 0.12 0.15 0.04 0.05 0.04 0.06 0.27 0.34 0.28 0.44 0.01 0.04 0.04 0.04 0.08 0.35 0.12 0.12 0.03 0.06 0.12 0.26 0.60 0.50 1.50 0.05 0.07 0.05 0.14 0.04 0.07 0.04 0.07 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.02 ... 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 0.06 0.07 0.07 0.11 0.01 0.01 0.01 0.03 0.06 0.04 0.06 0.01 0.02 0.01 0.02 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.11 0.11 0.11 0.18 ... ... 0.20 0.01 0.01 0.01 0.01 0.02 0.02 0.04 0.07 0.10 0.10 0.25

0.03 0.01 0.01 0.03 0.01 0.02 0.01 0.04 0.02 0.03 0.01 0.01 0.01 0.04 0.03 0.13 0.01 0.01 0.01 0.05 0.04 0.07 0.07 0.01 0.30 0.01 0.01 0.12 0.01 0.06 0.01 0.02 0.05 0.01 6.12 0.10 0.03 0.21 0.01 0.02 0.26 0.01 0.02 0.02 0.01 0.01 0.15 0.01 0.02 0.01 0.02 0.01 0.03 0.01 0.02 0.01 0.06

STOCK

Oxford Res Pac Cascade Pac Iron Ore Pac Link Mng Pac Topaz Palisades Vent Pan Global Res Phoenix Gold Phoenix Metals Prime Meridian Prism Res Prospector Res Quartz Mtn Res Rare Element* Razore Rock Res Red Hut Red Rock Enrgy Redzone Res Remington Res Remo Res Rift Valley Riley Resource Romulus Res RosCan Mrnls Royal Sapphire RTG Mining Rubicon Mnrls Rubicon Mnrls* Saville Res Scavo Res SGX Res Silver Phoenix Sniper Res Spada Gold Squire Mg Ltd Stone Ridge Ex Strata Mnls Strategic Res Swift Res Taku Gold Talmora Diamd Tanqueray Expl Tearlach Res Telferscot Res Terreno Res Teryl Res Corp Theia Res Themac Res Thunder Mtn Gd Tiger Intl Trident Gold Troy Enrgy True Grit Res UC Res United Coal Universal Vent Velocity Mnrls Venerable Vent Volcanic Mtls Whistler Gold Worldwide Res Zara Res Zinco Mng

12-MONTH

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

0.02 0.03 0.03 0.01 0.02 0.01 0.02 0.16 0.23 0.16 0.34 0.02 0.07 0.02 0.03 0.18 0.19 0.19 0.29 0.06 0.07 0.06 0.08 0.04 0.05 0.04 0.08 ... 0.01 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.18 0.17 0.24 0.19 0.23 0.03 0.95 0.04 0.06 0.05 0.07 0.06 0.07 0.11 0.16 0.15 0.89 0.01 0.04 0.04 0.08 0.10 0.15 0.10 0.29 0.01 0.01 0.01 0.03 0.12 0.17 0.12 0.32 0.07 0.10 0.07 0.07 0.05 0.20 0.10 0.10 0.01 0.02 0.01 0.01 0.05 ... 0.13 0.13 0.11 0.20 0.11 0.17 0.02 0.04 0.02 0.04 0.04 0.06 0.04 0.07 0.30 0.40 0.30 0.70 0.05 0.05 0.05 0.18 ... ... 0.03 1.35 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 0.15 0.60 0.11 0.17 0.16 0.19 0.05 0.19 0.05 0.17 0.01 0.02 0.01 0.05 0.14 0.18 0.13 0.34 0.20 0.24 0.25 0.25 0.10 0.15 0.15 0.22 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 0.01 0.05 0.03 0.03 0.03 0.08 0.01 0.02 0.02 0.02 0.11 0.17 0.12 0.20 0.03 0.05 0.03 0.10 0.10 0.16 0.16 0.23 0.09 0.24 0.08 0.20 0.02 0.02 0.02 0.03 0.02 0.06 0.02 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 0.15 0.22 0.15 0.18 0.23 0.30 0.23 0.23 0.06 0.08 0.02 0.02 0.02 0.03 0.02 0.06 0.01 0.02 0.01 0.10 0.05 0.07 0.05 0.08

0.01 0.15 0.01 0.08 0.05 0.01 0.01 0.02 0.05 0.07 0.01 0.01 0.06 0.01 0.02 0.01 0.06 0.02 0.05 0.01 0.10 0.08 0.01 0.03 0.30 0.02 0.03 0.01 0.26 0.01 0.01 0.01 0.15 0.10 0.04 0.01 0.08 0.01 0.02 0.01 0.02 0.02 0.01 0.02 0.01 0.05 0.01 0.08 0.08 0.01 0.01 0.01 0.01 0.06 0.05 0.04 0.01 0.01 0.01 0.01

2016-11-29 5:22 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 5–11, 2016

Richmont offers preview of expanded Island Gold PEA ONTARIO GOLD

| Revamped 2015 study plans mining over four horizons between 450 and 1,000 metres

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

ichmont Mines (TSX: RIC; NYSE-MKT: RIC) is having an impressive year at its flagship Island Gold mine near Wawa, Ont., with highlights including record gold production figures, falling operating costs and exploration success that has hinted the operation will likely outlive its seven-year mine life. On Nov. 1, the company unveiled a glimpse of its expansion plans for the project when it released details on next year’s preliminary economic assessment (PEA). The technical work will update a 2015 study, incorporate a pending resource update and evaluate Island Gold’s “most cost-effective plan to mine over four horizons within the most continuous structure between the 450-metre and 1,000-metre levels.” Richmont could boost throughput at the operation from 900 tonnes per day to upwards of 1,100 tonnes per day starting in 2018. The company figures it can fund the expansion internally since the price tag is estimated to be below $15 million. Management will also evaluate an expanded scenario of 1,200 tonnes per day as “additional resources are incorporated in the mine plan.” Improvements to date at Island Gold have reportedly removed the need for a $17-million high-speed haulage ramp, which was outlined in the previous study. In addition, the year-end resource estimate will consider a new capping grade and resource model to address positive tonnage and grade reconciliations at the mine. CEO Renaud Adams said that the expansion case study would “leverage the impressive performance from the Island Gold mine achieved to date, as the operation already exceeds the production and productivity targets identified in the October 2015 PEA.” The expanded case scenario “would require minimal capital investment, as the operation would use the current ramp system and be internally funded using our strong cash balance and growing cash flow profile,” he added. Richmont has generated encouraging results during a hybrid drill program at Island Gold this year. The company is putting 50,000 metres towards more resources, and another 142,000 metres in exploration aimed at near-mine inferred resource expansion and regional targeting. On Oct. 12, Richmont released assays from the campaign that indicated “significant potential to grow near-mine reserve inventory and identify new resource blocks located within the 2016 PEA area.” Meanwhile, broader exploration work has indicated “the potential to increase resources laterally along strike, primarily to the east, and at depth.” Richmont boosted Island Gold’s reserves earlier this year 206% to 2.1 million tonnes, averaging 8.26 grams gold per tonne for 561,000 contained ounces. The results marked a 29% jump in average grades at the mine. The company is working to upgrade remaining resources totalling 348,500 measured and indicated tonnes at 6.4 grams gold for 71,700 contained oz., and 815,000 inferred tonnes at 8.49 grams gold for 768,050

1 2 3 4 5 11 13 14 15 16_DEC5_Main .indd 11

contained ounces. Canaccord Genuity analyst Rahul Paul said the upcoming PEA would show “material improvement in economics” compared to the 2015 study, but says the expansion model “will likely not capture the full potential of Island Gold, as it will not include any potential resources below 1,000 metres deep, nor resource potential laterally to the east.” Canaccord forecasts processing rates of 1,150 tonnes per day at the mine by 2020, but figures it will run at 1,500 tonnes per day by 2021. Paul has a “buy” rating on Richmont and a $15-per-share price target. BMO Capital Markets analyst Brian Quast noted the impact of positive grade reconciliation compared to the 2015 resource model, and said he “would not be surprised if Richmont points towards higher grades in 2017

when it releases [guidance].” BMO Research models Island Gold at 825 tonnes per day through 2017, with a “gradual ramp-up” to 1,100 tonnes per day in 2018, which assumes $15 million of capital expenses in 2017 for the mill expansion, in addition to $20 million of sustaining capital expenses. Quast has an “underperform” rating on Richmont, along with a $13-per-share price target. Richmont has traded within a 52-week range of $3.73 to $15.01, and closed at $11.80 per share at press time. The company has 62.6 million shares outstanding for a $686-million market capitalization, and finished the second quarter with $95.5 million in cash. Island Gold is expected to produce between 62,000 and 67,000 oz. this year at cash costs of US$660 to US$705 per ounce. TNM

Surveyors underground at Richmont Mines’ Island Gold mine near Wawa, Ontario. RICHMONT MINES

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2016-11-29 4:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 5–11, 2016

Auro Minerals’ past-producing Ernesto/Pau-a-Pique gold project in western Brazil’s Mato Grosso state. AURA MINERALS

Aura Minerals sketches positive economics at EPP BRAZILIAN GOLD

BY SALMA TARIKH

starikh@northernminer.com

ura Minerals (TSX: ORA) has tabled a positive feasibility study on its recently acquired Ernesto/Pau-a-Pique (EPP) gold project in Brazil’s western Mato Grosso state, not too far from its producing Sao Francisco gold mine. The study envisions production at EPP — comprising three deposits — to average 41,000 oz. gold a year over 5.5 years. Production will first start from the Lavrinha pit, followed by restarting the Paua-Pique underground mine and then developing and producing the Ernesto underground deposit. Ernesto and Lavrinha are both 60 km south of the Sao Francisco mine — where operations resumed in April 2011 — and 12 km from the town of Pontes e Lacerda. The two deposits are near a functional processing plant, which is 5 km from Pau-a-Pique. That deposit is 47 km south of Ernesto and Lavrinha. Fernando Cornejo, the company’s vice-president of projects, describes EPP as an “outstanding opportunity” for Aura. “It is an excellent fit with our Sao Francisco mine, in terms of timing, size and location. This new project will ramp up as Sao Francisco ramps down,” he writes in an email. Aura bought the EPP project in June from Serra da Borda Mineracao e Metalurgia S.A. (SBMM) — a company affiliated with Yamana Gold (TSX: YRI; NYSE: AUY) — through shares, warrants and a net smelter return royalty. To facilitate the acquisition, Yamana provided a working capital facility of up US$9 million to get the project going. The study, prepared by a large group of consultants — including P&E Mining Consultants, MCB Brazil and Knight Piesold Canada — pegs EPP’s start-up costs at US$17.3 million. It assumes the Yamana debt facility will fund part of the project, along

1 2 3 4 5 11 13 14 15 16_DEC5_Main .indd 13

Jan 2 4 -25 Con Ema Tel: Tollcam

| Ernesto/Pau-a-Pique gold project has a 77% after-tax IRR

with Aura’s recently closed US$4million rights offering. Management aims to cover the rest of the costs internally, Cornejo reveals. The initial capital is relatively low, as EPP benefits from existing infrastructure — including roadways and the 3,000-tonne-per-day processing plant, both put in place by the previous project owner — with Cornejo noting there are several synergies with the Sao Francisco mine, which further de-risks the project. The plant, commissioned in 2012, treated ore from the Pau-a-Pique underground mine and the Ernesto pit through a conventional carbonin-leach process until closing in December 2014. Aura intends to transfer Pau-aPique’s existing mine fleet to the Ernesto underground deposit once it completes production at Pau-aPique. Revenue generated from the Lavrinha pit will help develop the two underground deposits.

“THE IDEA IS FOR THIS PROJECT TO BE SELF-FINANCED.” FERNANDO CORNEJO VICE-PRESIDENT OF PROJECTS, AURA MINERALS

“The idea is for this project to be self-financed. So the open pit will be the first project and revenues from that project will allow us to subsidize the next developments, meaning the second underground restart and the development of the third underground,” Cornejo says in an interview. Aura, he points out, has already started pre-stripping and pre-production at Lavrinha, and expects to reach commercial production there within “three to six months.” The company anticipates first production from Pau-a-Pique in early 2017, followed by underground development at Ernesto

by mid-2018. Ac c ord i ng to t he fe a sibi lity study, Aura will use a fullservice contractor to extract 1.1 million tonnes of ore averaging 1.69 grams gold per tonne and 14 million tonnes of waste from the Lavrinha pit over 2.5 years. The overall waste-to-ore strip ratio is 12.6-to-1. Material movement rates would range from 15,000 to 25,000 tonnes per day. At Pau-a-Pique, the study envisions using an Avoca chokeblasting stoping method, before trucking the ore to the run-of-mine pad on surface. The underground mine should deliver 320,000 tonnes at 3.24 grams gold over 17 months, at a rate of 850 tonnes per day. Aura intends to use a drift and fill mining method at Ernesto. After six months of preproduction, Ernesto is set to deliver 3.5 years of production, or 870,000 tonnes of ore at 5.03 grams gold. Production should average 800 tonnes per day. Over the life-of-mine, EPP could churn out 217,600 oz. gold from 2.3 million tonnes of ore at 3.17 grams gold, at a 93% plant recovery. The study estimates US$1,086 per oz. all-in sustaining costs and US$283 million in gold revenue. Economics for the EPP project are favourable at both current and higher gold prices. Applying a gold price of US$1,300 per oz. and a 5% discount rate, EPP generates a US$39.5-million aftertax net present value (NPV) and 77% internal rate of return (IRR). Using the current US$1,200 per oz. gold price, the after-tax NPV and IRR come in at US$21.7 million and 39%. To grow the project, Aura aims to explore and develop the nearby Nosde, Japones and Pombihnas targets, all near the processing plant. While the plant would use 70% of its capacity in 2017, Cornejo says developing these targets should keep the plant full and extend the mine life.

Aura shares closed Nov. 22 flat at 18¢, unchanged by the feasibility study. T he c ompa ny re c ent ly re ported a third-quarter income of US$734,000, or 1¢ per share, below the 2¢ per share earned in the year-ago period. Over the same time, its cash and equivalents fell to US$2.9 million from US$3.7 million. Along with the Sao Francisco

mine, Aura operates the San Andres gold mine in western Honduras, which has received criticism over the years. In a move to strengthen its community ties, Aura signed a social licence agreement with the Honduran community of Azacualpa in August. Cornejo says EPP has “tremendous upside potential,” and combined with San Andres could position the company for growth. TNM

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G4G Capital’s stock surges with option on Shawn Ryan’s claims G4G From 1

Under the deal, G4G Capital will pay Ryan and Wood $3.5 million in cash payable in tranches over four years, and give them 7 million shares in the company. The properties are subject to a 2% net smelter return royalty and Ryan will be appointed chief technical advisor for five years. G4G Capital is a junior exploration company backed by the PowerOne Capital Group, a diversified merchant bank in Toronto founded by financier Pat DiCapo. On a fully diluted basis, DiCapo would own 29% of the company and Ryan 12%. G4G Capital plans to change its name to White Gold Corp. at a special meeting on Dec. 19. David D’Onofrio, PowerOne Capital’s chief financial officer, told The Northern Miner in an interview that the deal with Ryan makes G4G Capital the largest landholder in the White Gold district. “We believe what we’re doing here is pretty special,” he says. “It’s the opportunity to be one of the biggest players in one of the hottest areas of the world. To be able to accumulate this type of a land position in such a highly prospective area is pretty rare. The reality is that there’s not much good ground left. We bought what Shawn had.” DiCapo, PowerOne Capital’s CEO, also notes that having worked with Ryan previously, the group “was excited to back him on his next opportunity to build an exceptional company. “We had a great experience with one another in the past,” DiCapo says. “When Shawn decided to consolidate his entire White Gold claims, we knew we were the right financial partner. It’s not every day you get to back a world-class prospector like Shawn, and we have made a long-term commitment to him.” The Northern Miner caught up with Ryan in Toronto on the sidelines of the Mines and Money conference in September to talk about the deal with G4G Capital, and his confidence that he can repeat his earlier successes in the White Gold district. The Northern Miner: How did you end up with so many of your claims back? Shawn Ryan: I had a portfolio of claims that came back to me when the market turned. People had spent $8 million on one project, $5 million on another — a lot of money was spent, but it was like building a race car and you get it three quarters built and they ran out of money before they could get an engine in, or a tire put on it. They’ve all folded or disappeared. They all rolled in at the height in 2010 and 2011, and when it crashed they said they had to walk. So I said: ‘OK, bring all those horses back to the stable.’

TNM: You also did all the soil work for the juniors who had options with you. SR: Yes. If you optioned ground from me, I allowed my ground teams to work for you, but if you didn’t option the ground from me, I wouldn’t let them work for you. That allowed us to take over 250,000 soils across this district, and I got to keep the master database because I owned the claims. So we have the haystacks outlined now. TNM: What is the plan with all of the targets you’ve identified? SR: We’ve got lots of land, we’ve got a method, and we’ve got a business plan. That’s what is unique about G4G Capital compared to other juniors. We’re going in with a mission to process these targets left and right. Our goal is to find a mine, not milk the market. It’s to get in there and find the answers. Because we have so many targets, we’re not afraid to drill six targets each year. TNM: What’s the method? SR: The magic here is that a lot of companies do 20 drill holes in a season, but we have a budget to do 200 holes every season for the next three years. Instead of doing four or five diamond drill holes, we’re going to carpetbomb it with rotary air-blast (RAB) holes. RAB is so cheap. Our rough RAB drilling cost is $10,000 per hole and a diamond drill hole is $50,000. We’ve lined up three years’ worth of exploration — we’re looking at $14 million — and I want to drill 600 holes. I’m drilling at 22¢ on the dollar, so I get five RAB holes for every diamond drill hole. It’s like going hunting with a bow, you get more arrows to shoot, so you increase your probability. The Hemlo discovery in the 1980s was Hole 76. Nobody is ever going to drill 76 diamond drill holes looking for something up there, because they always run out of money by hole five or six. We start with the haystack and then we hone down, down, down looking for the needles. Sometimes we’re down to 5-metre spacings in soils. The analogy I like to use is that it’s like kissing a lot of frogs to find there are a couple of princes in there. We’ve got to kiss them and do it right, and if it’s not there, it’s not there. It’s mother nature. But let’s do a good job, because you can miss a deposit by five feet. We’ve now found two targets where previous companies that had my ground missed the zone by 10 metres because they drilled this way instead of 90 degrees. The actual drill was sitting on the zone but they jumped too quick. My biggest drive is that I don’t want to miss anything. You could be from here to the wall away and miss these things if you’re not on the ball. TNM: How many targets do you have?

A granite tor known as “The Granite Man,” which sticks out on the landscape of the G4G claim block, north of Goldcorp’s nearby Coffee gold deposit in the Yukon. PHOTO BY SHAWN RYAN

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Prospector Shawn Ryan and his wife and business partner Cathy Wood in the Valley of Fire State Park, near Las Vegas, Nevada. PHOTO COURTESY SHAWN RYAN

SR: We have 18 targets to drill, although some of them need polishing. Six targets to drill next year, six targets to drill in 2018 and another six in 2019. I don’t believe there are deposits everywhere, but there should be one or two. TNM: You grew up in Timmins where your dad worked for the Kidd Creek mine, and he helped you get a job on the mine’s geophysics exploration team after high school. How would you compare the Timmins camp and the emerging White Gold district in the Yukon? SR: It’s kind of like the Timmins camp 50 years ago. It’s a new district. Kinross has moved in, Goldcorp is there. So now the camp is becoming a camp. That’s how camps are formed, one discovery at a time. This is brand-new. Although people didn’t realize there is 20 million oz. placer gold from here already. In the Timmins camp where I came from, a good gold prospect is 1,200 feet below surface. This is on surface. It’s a unique situation. We’re just skimming the top 300 feet. TNM: Most people can only dream of finding one deposit. You’ve already found two. SR: I believe the science. I’m not a geologist and have no formal background, but what I do understand is a little bit of statistics. If I’m a prospector walking through the bush and I grab a rock and I assay that rock, and it has no gold in it, I get discouraged and move on. But if I take a soil sample, it’s like a hand grenade — I get a 25-metre radius. If there’s any smell of gold in there I’ll pick it up. One soil on the Coffee was the Latte. The White was three soils. We’re talking 250,000 soils and one or two soils are the winners. Each one has to be done exactly like the other ones and you compare them with the same precision. In 2011 we ran the largest geochemical sampling program ever on the planet. It was 170,000 soils. It was 9,000 km of traverses. TNM: How did you manage that? SR: I actually spent a quarter of a million dollars training the crew for a three-week, army-type training program. How to take a soil, how to jump out of a helicopter, how to use a chain saw, how to use an axe, how to deal with grizzly bears, how to take a picture, how to set up a satellite dish, and most of all, how to take quality soil. We had 80 guys going in and out of the bush every day. Everybody thought we were going to land on our face, but it worked because it was well-thought-out, even down to the frozen dinners. TNM: What kept you going in the early years? SR: When I started this, it was like Sasquatch hunting. People would say: “What are you talking about?” and I would say “We’ve seen all this placer gold, but we don’t know where it came from, so that’s like Sasquatch tracks.” But you have to believe it exists, and most

“WE’RE GOING TO CARPET-BOMB IT WITH ROTARY-AIR-BLAST HOLES.” SHAWN RYAN PROSPECTOR

people don’t. That’s the difference with a prospector. He believes. That’s the first thing. I still remember the White. I was going over this big mountain and I asked myself whether I really thought there was gold on the other side of the ridge. I still remember climbing the hill and it was hot, it was over 28 degrees Celsius or something, and I was sweating away, and I’m halfway up the hill and I’m questioning myself, “Should I go back to the boat? It’s nice down there.” But I thought “No, no, no, you’ve thought about this, finish the plan.” So I climbed over the ridge and sampled the other side, and got a hit there. Wow! That was White Gold. Now we have a helicopter to move me around, but back then it was all on foot with an old boat. TNM: GroundTruth Exploration, which is owned by your wife Cathy, Isaac Fage and Tao Henderson, has developed or adapted technologies to improve the way exploration is done, and gives you the biggest bang for your buck. You use drones to survey the ground and direct-current (DC) resistivity surveys, allowing up to 830 metres of line to be surveyed a day — the system uses 84 electrodes at 5-metre spacings. The company also uses portable GT probes that are designed to drive a cased hole to the bedrock interface and collect a rock sample to test for mineralization, and uses a portable XRF to detect mineralization. SR: We’re fine-tuning all these things. That’s the beauty of everything we’re doing — we don’t need a permit to do any of this work now because we made the drill small enough, less than five-feet wide. They’re not using water, and they’re on rubber tracks. We don’t need to cut big trees because all of our gear can go around them. You used to have to cut lines in the bush to know where you are, now we use GPS. We also use a downhole survey tool called an optical televiewer to map out the structure. We hardly even need a helicopter, we get airlifted in for a week. We can walk the remote control drills, we can put the compressor in one spot and we can lay flat hose up to 500 metres away with it. We’re going to do an 80- to 100-metre hole a day. We can process the data, beam it back to Dawson by satellite and the geologist can get it by midnight, and then make decisions

2016-11-29 6:06 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 5–11, 2016

A foggy day in the Yukon’s White Gold district. PHOTO BY SHAWN RYAN

right away. TNM: You can also work all year, right? SR: Yes. That was the big hindrance we used to have, it freezes up. If someone wanted a sample in March I’d say I couldn’t get in there with a hoe until the middle of June, when it thaws up. Now if they say we need the data on Thursday, I can get the data on Wednesday for them. Instead of hoeing, I have this hammer drill — the GT Probe — that pounds down through the permafrost with a smaller-diameter pipe. We tested it at 35 degrees Celsius below zero. What we could never get to before, now takes us a minute to get through the first five feet of dirt. TNM: The mining industry is often criticized for sticking to old ways and never innovating. SR: What we’re going through right now is a crossover. The people in the industry are basically in their late 50s and early 60s. They’ve been doing it the same way for 30 years. For example, everyone has been doing fire assays for the last 30 years. A standard fire assay costs $25. But inductively coupled plasma mass spectrometry [ICPMS] is half the cost and 80–90% as good, and if you find something you can fire-assay it. Instead of assaying for three or four elements with a fire assay, you can get 36 elements with ICPMS. The next thing that came out was the GPS that allowed me to tag that soil in the bush with the assay with 5-metre accuracy. The third thing that came out was the geographic information system program, where I looked at all 36 elements in seconds or minutes, versus days. Now I can do 50,000 or 100,000 soils in seconds, and I can look at all 36 elements in less than 10 minutes. I love doing case studies and showing people how I’m doing it, even if they’re my competition. I’ll show them what I’m doing mostly because if they screw up using a big hoe and make a big mess, I get painted with the same brush. If they can see better techniques, that’s good for all, because a high tide lifts all boats. TNM: GroundTruth has trademarked its Drones to Drills program. Can you tell readers more about it? SR: Drones to Drills is a program where we run everything from drones to gather imagery, to new geophysical techniques (i.e., direct current resistivity) to the GT probe for bedrock interface sampling, and finishing off the program with RAB drilling. It’s an all-inone package that answers the question with the least cost and the least environmental disturbance — it’s a win-win for everyone. The drone is made out of foam and it comes from Switzerland. We were the first guys in Canada to run with it commercially. The first one we used cost $35,000, but they’re cheaper now. The pictures triangulate down to 4 by 4 cm pixels, so you can tell the tops of the trees from the bottom of the trees. TNM: It must be fun. SR: It is. It’s like an Easter egg hunt. But the beauty of it is that it’s history. I tell my guys to take a lot of pictures because they’re going to be talking about this in a hundred years.

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They’re probably going to be talking about it in 10 years. It’s like finding a mushroom patch, where there is one, there’s more, and nobody knows about it yet. TNM: Some people hate their jobs. SR: I used to say, ‘I don’t want a wage.’ I find deposits right where the other guy stopped because they didn’t have to climb the hill because the helicopter was going to pick them up. I don’t work on greed, I work on fear. I don’t want to be the guy saying “Crap, I was almost there and I gave up.” I’ll walk three mountain ranges because I don’t get a wage and it makes you hungry. Even right to this day I don’t touch the money. My lovely wife does. She’s in charge of that because I like to feel hungry. It makes you dig a little bit deeper. TNM: You describe the Yukon as “the land of opportunity.” SR: Everyone knew about the Klondike and what we’ve found is not the source of the placer gold, but we now see what the source might look like. The White is 500 metres long by 500 metres wide, and it’s 50 metres thick — it’s a slab. It comes into a saddle in the hill on the

ridge. But it stayed hidden. These things are hiding in there. In the Klondike there’s only 2–3% outcrop exposure. Most prospectors you see in the pictures have a rock hammer. But if the probability is one in 10,000 that you’ll find something in an outcrop, and you’re only looking at 2–3% of the Dawson area, what’s the probability of finding that one in 10,000 in that 2–3%? That’s crazy. You might as well go and get a real job. But soils are how we did it because it’s non-glaciated. Like placer gold, the heavy metals in the soils percolated through the ground because it was never glaciated. So you actually had to use a soil auger — it looks like a tulip planter — and you just go down 2.5 to 3 feet and bang, you hit the response zone, and that’s where it lights up. This is so unique because we’re in the top-three feet here. TNM: You’ve said that sometimes you get a sixth sense that you’re close to finding something. SR: When we first started in 1996, we boated 100 miles up the river, parked the boat, set up camp on an island and prospected from that location for a month. My wife was seven months pregnant. I didn’t know what I was

doing then. But we were literally 600 to 700 metres from the White deposit, not knowing it. Six or seven years later we got back to the same area and found it. I find that kind of interesting — that there was a “spidey sense” somehow, that it looked like a good spot. TNM: Do you plan to write a book? SR: Yes. And this is just Chapter 18 or 20. If everybody was impressed with what they’ve seen in the last five years, they haven’t seen anything yet! Now we have faster, better and more efficient tools, and we have all the haystacks lined up. I don’t have to go looking for them, I know where they are. We just have to go and tweak them. This is going to be a fun run for the next three years. TNM: And PowerOne? SR: I have given them an area of influence. I’m telling Pat to enjoy this ride. This is history in the making. You’ll never see this again. When we’re done in five years, people will wonder how this happened so quickly. The real trick was being patient and understanding the land, kind of like mushroom picking, but with a bigger prize. TNM

Shawn Ryan (far right) carrying early spring staking in the Yukon. PHOTO BY SHAWN RYAN

2016-11-29 6:06 PM

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DECEMBER 5–11, 2016 / THE NORTHERN MINER

Workers at Stornoway Diamond’s Renard diamond mine in northern Quebec, James Bay region, 350 km north of Chibougamau.

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Stornoway CEO ‘happy’ with Renard’s first diamond sale DIAMONDS

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STORNOWAY DIAMOND

| India’s demonetization affects smaller stone prices

BY SALMA TARIKH

starikh@northernminer.com

tornoway Diamond’s (TSX: SWY) CEO Matt Manson says he’s “perfectly satisfied” with the results of the company’s first-ever diamond sale from its new Renard mine in northern Quebec, despite selling only part of the stones, due to adverse market conditions stemming from India’s demonetization. Stornoway sold 38,913 carats averaging US$195 per carat for US$7.6 million, during the November tender held in Antwerp, Belgium, which attracted 153 diamantaires. The carats sold represent 35% of the 111,556 carats produced at Renard by the end of September. The company, however, only had 78,000 carats for auction, of which it sold half. Manson says Stornoway held back part of its smaller and lower-quality diamonds, after receiving “unreasonably low” bids when the Indian government moved to withdraw all 500 and 1,000 rupee notes from circulation. The ban on all high-value currency notes has temporarily crippled many parts of the Indian economy, including the diamond cutting and polishing industry — a largely cash business. As a result, many of the bidders at Stornoway’s tender could not sell to their clients in India, Manson says. “We have a strong balance sheet, so the smart thing to do was withdraw those items from sale. We will sell them at a future date and at a higher price when this situation has been sorted out,” Manson says. He believes the situation will resolve shortly. The executive — who has been the company’s CEO since 2009 and has played a crucial role in financing and building Renard, Quebec’s first diamond mine — says he was pleased with the outcome of the first diamond sale, held between Nov. 14 and 23. “It was a big moment for us. Obviously, you don’t want to have

to withdraw goods in your first sale. It was a unique situation with this Indian currency thing. But all things considered, I’m happy. All things considered, I’m perfectly satisfied.” However, Manson stresses because the company sold its higherquality diamonds, the average sale price of US$195 per carat does not represent Renard’s longer-term pricing profile. Stornoway has already warned the market that it expects to come in below the reserve model price of US$160 per carat because it is producing more smaller-sized stones than planned. Manson reckons he will have a better idea of the value of Renard’s diamonds after two or three tenders. The company has three sales planned for the first quarter of 2017. Meanwhile, the Renard mine, which officially opened on Oct. 19, is producing more diamonds than expected. The asset has already surpassed its 2016 full-year production guidance

of 220,000 carats, grading 97 carats per hundred tonnes. As of mid-November, Renard churned out 261,353 carats at 107 carats per hundred tonnes. The higher grade owes to a better-thanexpected ore mix within the pit. The Renard mine should reach commercial production by year-end. Once in full production, it should produce 1.8 million carats a year in the first decade. Commenting on the tender, BMO analyst Edward Sterck notes the sale missed his revenue forecast of US$10.5 million. He projected Stornoway would sell 70,000 carats at US$150 per carat. “Revenues were impacted by the withdrawal of small and lower-quality stones in reaction to market disturbances impacting the Indian cutting and polishing industry. Positively, the ramp up of production is progressing better than forecast, with higher grades resulting in carat production running well ahead of expectations,” Sterck writes. TNM

The Renard diamond mine in northern Quebec.

STORNOWAY DIAMOND

2016-11-29 6:06 PM