The Northern Miner December 9 2019 Issue 25 by The Northern Miner Group

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Kirkland Lake to acquire Detour Gold in $4.9B deal M&A

| All-share deal boosts free cash flow, mineral reserves and production

BY TRISH SAYWELL

COLOMBIA

| CEO says it’s the ‘right time to sell’ before production

tsaywell@northernminer.com

irkland Lake Gold’s (TSX: KL; NYSE: KL) proposed $4.9-billion all-share acquisition of Detour Gold (TSX: DGC) and its open-pit mine in northeastern Ontario will add 15.4 million oz. gold, or eight years, to Kirkland Lake’s mineral reserve base, and lift the company’s annual gold production to 1.5 million ounces. Kirkland Lake Gold’s Macassa mine in northern Ontario and Fosterville mine in Australia — two of the highest-grade mines in the world — are on track to produce a total of between 950,000 and 1 million oz. gold in 2019, and the Detour Lake gold mine produces about 600,000 oz. gold a year. It has a 23-year mine life based on a revised life-of-mine plan in April 2018. If the transaction is completed, Kirkland Lake will have net cash of US$630 million. The combined assets will generate free cash flow this year of almost US$700 million, based on analyst consensus, and Kirkland Lake says it expects to see pre-tax synergies of between US$75 million and $100 million per year. Post-merger, Kirkland Lake and Detour Gold shareholders will own 73% and 27% of the larger company. Under the deal, shareholders of Detour Gold will receive 0.4343 of a Kirkland Lake common share, representing a 24% premium to Detour Gold’s closing share price on Nov. 22, and a 29% premium to its 20-day volume-weighted average price. Kirkland Lake Gold president and CEO Tony Makuch notes that the company will optimize Detour’s operations and start engineering work to evaluate expansion opportunities, which he says could lead to production growth, improved unit costs and higher levels of reserves and resources. “We have already taken two mining operations, Macassa and Fosterville, and transformed them into high-quality assets that generate industry-leading earnings and free cash flow,” Makuch said in a statement. (During the first nine months of this year, Kirkland Lake has produced 695,000 oz. gold at

Zijin Mining to acquire Continental Gold for $1.4B in cash BY TRISH SAYWELL

tsaywell@northernminer.com

n the latest megadeal sweeping the gold sector, Zijin Mining Group is buying Continental Gold (TSX: CNL; US-OTC: CGOOF) for $1.4 billion in cash. The Chinese gold miner is on an acquisition spree. In early November, it said it would buy coppergold assets in Serbia from Freeport McMoRan (NYSE: FCX) for up to US$390 million, and it bought Nevsun Resources for US$1.86 billion just over a year ago. The Continental purchase will increase Zijin’s gold reserves to more than 2,000 tonnes it said. “Continental’s 100%-owned Buritica project in Antioquia, Colombia, is one of the largest and highest See CONTINENTAL / 2

Detour Gold’s Detour Lake gold mine in northern Ontario. DETOUR GOLD

“THE ADDITION OF DETOUR LAKE PROVIDES AN OPPORTUNITY TO ADD A THIRD CORNERSTONE ASSET THAT IS LOCATED IN OUR BACKYARD IN NORTHERN ONTARIO.” TONY MAKUCH PRESIDENT AND CEO, KIRKLAND LAKE GOLD

average cash costs of US$296 per oz. and all-in sustaining costs of US$584 per ounce.) “The addition of Detour Lake provides an opportunity to add a third cornerstone asset that is located in our backyard in northern Ontario,” Makuch said, noting that exploration at Detour will be a “key component” of its corporate exploration program. The Detour mine in the Abitibi Greenstone Belt sits on a 1,040 sq. km land position, where Kirkland Lake expects to run extensive drilling at “highly prospective exploration targets.” Du r i ng a conference ca l l, Makuch noted that $40 million

had been spent on exploration at Detour over the last five years, and that Kirkland Lake “can see spending that amount of money every year. “There’s potential to find new deposits in this region, and not far from the Detour mill.” He also dismissed concerns that acquiring a higher-cost, open-pit mine would hurt Kirkland Lake’s premium multiple, which has been based on the strong margins it generates from the Fosterville and Macassa underground mines. “They all have a lot in common,” he said of the three assets. “They’re all good businesses that make money.” Detour Gold’s CEO, Mick Mc-

PM40069240

Mullen, told analysts and investors on the call that the business combination creates “a lot of benefits that just aren’t available to us on a stand-alone basis.” Since he joined Detour, McMullen said, he had “been out and spoken to a lot of our shareholders and asked them what they want out of the business, and it has been an almost universal view that this asset shouldn’t be sitting in a single-asset structure over the medium-term, so what this transaction does is it eliminates the single asset risk that our shareholders have been quite vocal about.” The board of directors of each company have approved the arrangement. Shareholder meetings are planned, and the transaction could close before the end of January 2020. The deal comes with a US$148million termination fee payable to Kirkland Lake if Detour walks away, and a US$202-million break fee payable to Detour Gold if Kirkland Lake does the same. See DETOUR / 2

CHILE: NEW CONSTITUTION PROPOSED AMID UNREST / 6

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2019-12-03 7:19 PM

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DECEMBER 9–22, 2019 / THE NORTHERN MINER

Continental Gold CEO Ari Sussman (left) underground and workers on surface (right) at the Buritica gold project in Antioquia, Colombia. PHOTOS BY DAVID PERRI

Zijin Mining to acquire Continental Gold for $1.4B CONTINENTAL From 1

grade gold projects in the world, and represents a highly complementary addition to Zijin’s international asset portfolio,” Zijin chairman Chen Jinghe stated. Buritica is expected to pour gold in the first half of 2020, with average annual production of 250,000 oz. gold over 14 years at all-in sustaining costs of US$600 per ounce. Chen also noted that Continental “holds a sizeable and highly prospective land package in Colombia that combined with the Buritica project provides Zijin with the leading position in an emerging world-class, gold-producing region.” Under the deal, Zijin will pay $5.50 for each share of Continental — a 29% premium over the Canadian junior’s 20-day, volume-weighted

average price. Newmont Goldcorp (TSX: NGT; NYSE: NEM) has agreed to sell its 19.9% stake in Continental to Zijin for US$260 million. Directors and senior management holding 1.6% of Continental’s shares have also entered into voting and support agreements with Zijin, one of China’s largest gold producers. “It was a hard decision for us as a company, but we felt it was the right time to sell before production commences,” Ari Sussman, Continental’s CEO, tells The Northern Miner. “If you look at the list of single-asset producers over the last few years that have gone into commercial production, there are inevitable problems that occur in ramp-up that result in general dilution to shareholders. Therefore, when the board weighed the risk and reward ratio, we did

“WHEN YOU THINK ABOUT THE LIST OF COMPANIES WITH THE ABILITY TO BID CASH WITHOUT GOING INTO DEBT YOU CAN COUNT THEM ON ONE HAND.” ARI SUSSMAN CEO, CONTINENTAL GOLD

feel it was a good time to bring in a seasoned operator with deep pockets to take over the production and advance it into the production phase.” Sussman also said the fact that it

is an all-cash bid is attractive. “When you think about the list of companies with the ability to bid cash without going into debt you can count them on one hand,” he says. “So it’s superior to an all-share bid, where historically we have seen the premium quickly disintegrate in a few days after the bid is announced.” Sussman notes that the financial risk is also low, given that Zijin recently closed an equity financing of over US$1 billion. In addition, the mining executive pointed to Zijin’s track record at its various operations around the globe. “My understanding is that it’s the fastest growing large-scale mining company in the world,” he noted. “They are not looking to replace our team but rather they’re buying our team and looking to utilize the success we have had by carrying it

forward.” A shareholder vote on the transaction will be held in January 2020. Continental discovered Buritica next to a gold-rich mountain in the Andes, 72 km from Medellin, Colombia’s second-largest city, in 2008. The Zijin transaction is one of many M&A deals this year, after Kirkland Lake Gold’s proposed (TSX: KL; NYSE: KL) $4.9-billion acquisition of Detour Gold (TSX: DGC) in late November and the US$6.5-billion merger of Barrick Gold (TSX: ABX; NYSE: GOLD) and Randgold Resources, and Newmont’s US$10-billion acquisition of Goldcorp. At press time, Continental’s shares were up 10% — or 49¢ — to $5.36, with 18 million shares traded. The company has a $1.1-billion market capitalization. TNM

Kirkland Lake to acquire Detour Gold DETOUR From 1

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Makuch said the two companies started talks in August. Analysts expressed a mixture of views. “While the valuation of Kirkland Lake’s offer looked reasonable based on the pre-announced price of Kirkland Lake, it would appear that Kirkland Lake shareholders are less enthusiastic about the offer than either management or the board of directors, and the effective valuation of Detour Gold in the current market is well behind our target price,” Barry Allan of Laurentian Bank Securities writes in a research note to clients. “We believe the Kirkland Lake shareholder may be having a difficult time understanding the shift of being a high-grade underground producer of gold, to now adding a large, low-grade, open-pit mine to the operating mix. The worry would be that post-merger, Kirkland Lake loses its premium valuation for being a high-grade company.” Kerry Smith of Haywood Securities says the deal is earlier than he would have liked, as Detour “was starting to deliver on the efficiency and cost synergies and probably needs another 12 to 18 months to get the operation running close to optimal,” but recommends Detour shareholders approve the deal, and argues that Kirkland Lake can extract more value from the mine. “We expect the Detour mine can realize 15% reductions in unit costs

“KIRKLAND LAKE ... COULD EASILY FUND ANY CONTEMPLATED MILL EXPANSION QUICKER THAN DETOUR COULD ON IT’S OWN.” KERRY SMITH ANALYST, HAYWOOD SECURITIES

and if Kirkland Lake, with its much stronger balance sheet, is able to accelerate a plant expansion, the mine could easily realize a +20% increase in throughput over time as well, leading to strong cash flow for +20 years. “Kirkland Lake plans on evaluating possible expansion opportunities of the Detour mill that could bring value forward, something that Detour was not considering on its own as Detour was only focused on mill throughput gains from the existing plant, which minimized new capital expenditures,” Smith explains. “Kirkland Lake does not have these capital constraints and if warranted could easily fund any contemplated mill expansion quicker than Detour could on its own.” The analyst also notes Detour generated US$246 million in cash flow during the first nine months of 2019, while Macassa contrib-

uted US$170 million and Fosterville US$530 million. “Detour is a strong cash-flowgenerating mine and while some multiple erosion is likely, we think the market is overly pessimistic on this deal.” Smith also says there is “very low probability” of a competing offer. “Any new suitor would also likely need to put a substantial cash component into any bid, which likely eliminates Agnico Eagle given their lack of cash today and aversion to taking on significant new debt.” Cosmos Chiu of CIBC isn’t ruling out a competing offer. “Now that Detour is in play, we believe there is possibility of other suitors for Detour, including some Australian companies with openpit experience looking for a toehold in Canada. With that said, the $148-million termination fee could be a deterrent.” Over the last three years, shares of Kirkland Lake have climbed more than 800%. Kirkland Lake Gold’s shares finished the day down 17.3%, or $10.94 per share, at $52.38, with 4.9 million shares traded. Over the last year, its shares have moved within a range of $25.23 to $67.87. The news sent shares of Detour Gold up 1.80%, or 40¢ per share, to finish the day at $22.61, on 7.6 million shares traded. Detour shares have traded in a range of $9.55 to $22.61 per share over the last 52 weeks. TNM

2019-12-03 7:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 9–22, 2019

Newmont Goldcorp to sell Red Lake to Evolution Mining ONTARIO

| Famed asset fetches US$375 million, plus up to US$100 million more, contingent on future finds

BY TRISH SAYWELL

tsaywell@northernminer.com

ustralia’s Evolution Mining (ASX: EVN) has agreed to buy Newmont Goldcorp’s (TSX: NGT; NYSE: NEM) Red Lake complex in Ontario for US$375 million in cash and contingent payments of up to another US$100 million tied to resource discoveries. Evolution has committed to invest US$100 million on the existing operations and another US$50 million on exploration over three years. The underground gold mining complex in Ontario has produced over 25 million oz. gold at an average grade of more than 20 grams gold per tonne since it started commercial production in 1949. The operation is made up of the Red Lake and Campbell complexes, which each consist of an underground mine and processing facility, and the Cochenour mine. This year the Red Lake complex is expected to produce 150,000 to 160,000 oz. gold at an all-in sustaining cost (AISC) of US$1,600 per ounce. Last year the complex produced 276,000 oz. gold at AISCs of US$988 per ounce. Evolution Mining notes the drop in production and higher costs expected this year are due to Newmont

A driller underground at Newmont Goldcorp’s Red Lake mine in Ontario. NEWMONT GOLDCORP

Goldcorp’s limited investment on development capital during the year “pending the outcome of the sale process.” The company also pointed out that there was a three-month pause in operations at the Cochenour mine due to water ingress mitigation. Evolution said its commitment to spend US$100 million on the asset over the next three years “is expected to see the operation recover from this temporary decline in production.” The company also plans to drill 100,000 metres a year in 2020–2022.

The highest-priority targets, Evolution says, are the Upper Main zone and INCO at Cochenour, the Aviation complex at Red Lake and HG Young, which is 1 km north of Campbell. “The small footprint of Red Lake’s historic, high-grade orebodies enhances the potential for further discoveries within the complex,” Evolution stated. Under the US$100-million contingent payment, Evolution will pay Newmont Goldcorp US$20 million for each 1 million oz. of new gold resources it adds to the Red Lake

resource base over 15 years. The payment applies to the first 5 million oz. of new resources. Evolution, which owns five mines in Australia, will pay for the acquisition from a new five-year, A$600million (US$400-million) term loan from a syndicate of banks. Brian MacArthur of Raymond James says the price is “reasonable,” and the contingent payment “provides Newmont with exposure to future discoveries.” “Over the past several years, we believe Newmont has done a good job of restructuring its portfolio and

improving its operational excellence, and offers investors exposure to gold through a lower-jurisdictional-risk, global portfolio that generates solid cash f low and is supported by a strong balance sheet,” he says. “In addition, it is the only S&P-listed gold stock.” Jackie Przybylowski of BMO Capital Markets notes the valuation is in line with her estimates and says the sale was expected. “It was well-telegraphed by the company,” she writes in a note. “In general, Newmont Goldcorp had indicated when the combination of these two companies was first announced in January 2019 that it would target US$1 billion to US$1.5 billion in asset divestitures over 2019 and 2020. Divestment of Red Lake specifically was also anticipated — NEM president and incoming CEO Tom Palmer noted in September that portfolio optimization would include [the] potential sale of Red Lake.” The analyst has an “outperform” rating on Newmont Goldcorp and a one-year target price of US$50 per share. At press time, the company was trading at US$37.83 per share within a 52-week range of US$29.77 to US$41.23. Newmont Goldcorp has a US$31billion market capitalization. TNM

JOINT VENTURE ARTICLE

Automation yields increased productivity, safety at New Afton An automated loading solution has enabled Canada’s only block cave mine to mitigate mud rush hazards and improve productivity — and it paid for itself in less than two months. Tonnage is tantamount to profitability at New Gold Inc.’s (TSX: NGD, NYSE: NGD) New Afton mine in south-central British Columbia. The mine has moved and milled as much as 22,000 tonnes of ore in a single day and routinely extracts 18,500 tonnes from Canada’s only block cave mine. Like other prolific block caves, New Afton enjoys efficiency with low operating costs. But the mine has also had to conquer one of the biggest block cave challenges: mud rush. Mitigating mud rush hazards was the major motivation for implementing automated loading at New Afton. As the block cave grew, more and more drawpoints became finely fragmented and wet. By 2016, one in five drawpoints were assessed as high-risk. To ensure operator safety, New Afton stopped manual mucking in those drawpoints and implemented line-of-sight teleremote loading. “When 20% of your ore source needs to be remotely mucked, you run the risk that you can’t supply your mill with adequate tonnages,” says mine manager Peter Prochotsky, who joined New Afton in 2009 as a mining engineer and has seen the operation grow from a development project into Canada’s highest-tonnage underground mine. “The line-of-sight systems just weren’t keeping up with the growing production demand over the years and we needed a new way

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An operator using Sandvik’s AutoMine system to drive an LH410 in the New Afton mine. of doing things.” New Afton conducted an engineering study in late 2016 to assess the potential value of implementing automated production loading to overcome the production constraint caused by line-of-sight and further improve safety. The mine trialed an AutoMine-equipped Sandvik LH514 for one month in early 2017. The 14-tonne loader ultimately proved too long for some of the cave’s tighter turns, but New Afton estimated impressive cycle times and buckets per shift using the smaller LH410. “To transition from a line-of-sight solution to an automated solution, we calculated a 54-day payback period,” Prochotsky says. “If we continued using line-of-sight teleremotes, that production loss was, essentially over 54 days, the value of a brand new Sandvik LH410. And we obviously made the choice pretty quickly that it was the right

way to go.” New Afton’s existing block cave extraction level layout wasn’t optimized for automation and to ensure a successful transition a focus on change management was imperative. Bob Garner, a technical expert with decades of block cave experience, led the operational side and trained operators on the AutoMine system. Electrical instrumentation technician TJ Williams complemented Garner’s skills with technical expertise, handling installation of all electrical systems. “We needed to figure out the infrastructure, figure out the Wi-Fi, where we were going to put antennae points, how far apart they had to be, and then teach the loader its path and dial everything in to get it running efficiently,” Garner says. Sandvik provided initial engineering assistance, starting system implementation in the west cave that Williams was able to replicate

himself in the east cave. “The infrastructure is relatively simple,” he says. “Sandvik provided excellent documentation that we followed to a ‘T’ and I picked things up along the way working with their engineers. The overall process of installation was pretty straightforward.” Within a week of commissioning in late 2017, the first of the mine’s two automated Sandvik LH410s was already proving significantly more productive than the tele-remote solution. Williams says most of the mine’s line-of-sight operators were comfortable running AutoMine within five days. “The Sandvik automated loaders are much more technologically advanced than the competitor loaders featuring aftermarket line-of-sight, but the learning curve wasn’t steep,” he says. “Everybody picked it up really easy.”

For New Af ton, AutoMine has proven to be the complete automation solution management assessed it to be. “If another mine manager came to me and asked me who they should automate with, I think that Sandvik has the best system on the market, and it’s really because they have the total package,” Prochotsky says. “They’ve got field service representatives available to come to your site to help train your people, they’ve got great safety documentation that allows you to make sure there won’t be any incidents or accidents underground, and they’ve got a product that works. It’s a pretty simple solution in my mind.” — The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Sandvik, and presented in cooperation with The Northern Miner. Visit www.home. sandvik for more information.

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E D I T O R IA L Use of force against protesters in Chile alarms UN, Human Rights Watch EDITORIAL

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O P- E D

| 13,000 injuries, 26 deaths reported

ince protests in Chile erupted over a subway fare increase in early October and morphed into broader demonstrations over income equality, inadequate public services and high household debt, at least 26 people have died and 13,500 have been injured. Of those hurt, more than 220 eye injuries have been documented by Chile’s National BY TRISH SAYWELL tsaywell@northernminer.com Human Rights Institute, an official and independent body. The main cause: pellets fired from 12-millimetre shotguns. The second cause: flying tear gas cartridges. The Health Ministry reported on Nov. 17 that 16 people have lost eyesight in one eye and 34 others had “severe eye injuries that could result in partial or total eyesight loss,” Human Rights Watch outlined in a Nov. 26 report calling for police reform. “For at least 12 victims, the damage to the cornea, iris and optic nerve has been so severe that doctors have had to remove the eye completely,” the New York Times reported in November. “A bandaged eye is now so common among people protesting inequality in Chile that it has become a rallying symbol.” The newspaper’s reporters documented visiting the waiting room of a local hospital. “An 18-year-old mechanics student lay on a stretcher worried whether the pellet inside her closed and swollen left eye would leave her blind,” the paper wrote. “A 46-year-old ironworker who was protesting the low minimum wage waited for an implant in his now empty right eye socket. A mother wiped a trickle of blood seeping from her son’s new prosthetic eye as he described the moment a police officer shot him.” Human Rights Watch said the use of shotguns “that scatter pellets indiscriminately over a wide area with the potential to harm anyone in their path is of particular concern ... While initially concentrated within a small radius as they are fired, the pellets contained in the cartridges expand away from each other, to create a constellation of projectiles that can reach several decimetres in radius within a few metres of being fired.” Often called “rubber bullets” — the pellets are actually “as hard as the wheel of a shopping cart,” HRW says. A team of independent experts appointed by the United Nations Human Rights Council claimed on Nov. 8 that “the high number of wounded and the way in which non-lethal weapons have been used seem to indicate that the use of force was excessive and violated the requirements of necessity and proportionality.” Chile’s police force finally suspended the use of “non-lethal” pellets on Nov. 19 — a day after a study by the mechanical engineering faculty at the University of Chile said 80% of the pellets are silica, barium sulphite and lead, and only 20% rubber. HRW points to 442 criminal complaints through Nov. 21 that have been filed with prosecutors on behalf of victims “alleging policeinflicted injuries, cruel treatment, torture, sexual violence, attempted killings, and killings.” The Attorney General’s office is investigating 26 deaths. “There are hundreds of worrying reports of excessive force on the streets and abuse of detainees,” states Jose Miguel Vivanco, HRW’s America’s director. “This is precisely why police reforms are urgently needed.” But police reform is just a start. Much more needs to be done. In terms of income inequality, the Organization for Economic Cooperation and Development ranks Chile as the most unequal of its 36 member states. President Sebastian Pinera has promised a referendum in April 2020 on writing a new Constitution to replace the one penned more than 40 years ago under Chilean dictator Augusto Pinochet (see story on Page 6). Pinochet, with input from U.S. freemarket economists from Chicago, embarked on cuts to social spending and a massive privatization spree of state businesses, many of which ended up in hands of the country’s elite. Mining giant SQM was acquired by a group of investors led by Pinochet’s former son-in-law, Julio Ponce Lerou. “Today, the country’s wealth is largely in the hands of a few families who own mining, retail, finance, forestry, and other interests,” the Wall Street Journal reports. “Two supermarket chains account for about two-thirds of retail sales, three pharmacies have 95% of that market, and three private companies manage the pension funds of more than three-quarters of the country’s contributors.” Pinera, whose net worth is US$2.8 billion according to Forbes, declared during a state of emergency address on Oct. 18 that the country is “at war against a powerful enemy.” But lower- and middle-income Chileans say it’s time for change and a new social contract. TNM

COMPANY INDEX Agnico Eagle Mines. . . . . . . . 14 American Manganese. . . . . . . 7 Artemis Gold. . . . . . . . . . . . . . 8 Aurania Resources. . . . . . . . . . 9 Awal√© Resources. . . . . . . . . 12 Barrick Gold. . . . . . . . . . . . . . . 2 BHP Billiton. . . . . . . . . . . . . . . 9 Coeur Mining. . . . . . . . . . . . . 14 Compass Gold. . . . . . . . . . . . 11 Continental Gold. . . . . . . . . . 1,9 Detour Gold. . . . . . . . . . . . . . 1,2 Dundee Precious Metals. . . . . 8 Eldorado Gold. . . . . . . . . . . . 14 Endeavour Mining. . . . . . . . . 14 Evolution Mining. . . . . . . . . . . 3 First Quantum Minerals. . . . 16

Freeport McMoRan. . . . . . . . . 1 Geomega Resources . . . . . . . . 7 Great Bear Resources . . . . . . 14 Integra Resources. . . . . . . . . . 14 Kinross Gold. . . . . . . . . . . . . . 14 Kirkland Lake Gold. . . . . . . . . 1 Lorraine Copper . . . . . . . . . . 13 Mariana Resources . . . . . . . . 12 Maverix Metals. . . . . . . . . . . . 14 Monarch Gold . . . . . . . . . . . . 14 New Pacific Metals . . . . . . . . 14 Newcrest Mining. . . . . . . . . . . 9 Newmont Goldcorp . . . . . . . 2,3 Nexa Resources . . . . . . . . . . . 14 O3 Mining. . . . . . . . . . . . . . . . 14 Pan American Silver. . . . . . . 14

Probe Metals. . . . . . . . . . . . . . 14 Radius Gold . . . . . . . . . . . . . . 14 Rio Tinto. . . . . . . . . . . . . . . . . . 5 Sandstorm Gold. . . . . . . . . . . 12 SilverCrest Metals . . . . . . . . . 15 Sociedad Quimica y Minera de Chile. . . . . . . . . . . . . . . . . . . . . . 6 SolGold. . . . . . . . . . . . . . . . . . . 9 St Barbara. . . . . . . . . . . . . . . . . 8 Sun Metals. . . . . . . . . . . . . . . . 13 Teck Resources. . . . . . . . . . . . . 6 Teranga Gold . . . . . . . . . . . . . 14 Troilus Gold. . . . . . . . . . . . . . 16 Turquoise Hill Resources. . . . 5 Velocity Minerals. . . . . . . . . . . 8 Zijin Mining Group. . . . . . . . . 1

Apples & oranges: The standardization of technical reporting COMMENTARY

| New template is a key benchmark

BY KURT BREEDE

Special to The Northern Miner

n October, the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) released the October 2019 version of the CRIRSCO template for standardized public reporting of exploration results, mineral resources and mineral reserves. The publication marks another step forward in the harmonization of international reporting standards used in jurisdictions like Canada (CIM), Australia (JORC), South Africa (SAMREC) and the U.S. (SME), along with 10 other organizations from around the globe. With the combined market capitalization of publicly listed mining and exploration companies in each of these 14 jurisdictions accounting for over 80% of the worldwide listed capital for mining, the standardization of definitions, language and content for publicly disclosed technical data works to the mutual interest of all parties involved, and most notably, the public investor who is often ill-equipped to compare apples to oranges when evaluating mineral projects. Beyond the interests of those participating CRIRSCO jurisdictions in which reporting standards are already well entrenched, the template is intended as a framework that countries without reporting standards can use to develop their own mineral industry standards and codes. The CRIRSCO template is neither a code in and of itself, nor is it a prescriptive recipe (or “howto” guide) on what constitutes industry compliant disclosure, but is rather a benchmark by which other codes and standards can be compared and developed. To facilitate this, the template includes a breakdown for each topic along with standard definitions and guidelines in the context of each topic. Topics include competence and responsibility, reporting terminology, and reporting of exploration targets and exploration results, as well as guidelines specific to disclosure of mineral resources and reserves in public reports including but not limited to news releases, website content, and annual and quarterly company reports. And as social media grows as a platform for disseminating information and engaging stakeholders — blurring the boundaries between promotion and regulatory disclosure — so too does the need to ensure compliance with the principles of transparency, materiality and competence. To this day, many issuers, par-

RULES GOVERNING THE DISCLOSURE OF RESULTS FOR THE UNDERLYING DATA HAVE HISTORICALLY BEEN SUBJECT TO COMPARATIVELY LITTLE OR NO CRITICAL ANALYSIS. ticularly those in the junior exploration space, fail to adhere to these governing principles, particularly at the early stages of a project’s life cycle. Often glossed over or outright ignored are modifying factors that materially impact the economic viability of projects including legal, environmental, social and governmental factors that can lay waste to the most robust engineering studies. Regrettably, these essential elements are often painted with broad-stroke assumptions based on the status quo and can even propagate into more advanced stages of project development, where the tipping point for failure can be far more severe. Fortunately, increased public scrutiny and self-regulation is driving many issuers to adopt more proactive versus reactionary strategies to their social licence to operate. Boards are quickly realizing that the interests of shareholders and local stakeholders are less at odds than previously perceived, with project value increasing in proportion to stakeholder engagement. A 2011 study from Wharton Business School estimated the potential impact to market value to be as high as 60% when comparing issuers with ad hoc stakeholder engagement plans to those with more systematic strategies. Canadian mining and exploration companies have notoriously been excellent advocates for their industry, and thanks to changes in public policy and perception, they are also becoming its most vocal critic. The standardization of the reporting of exploration results, especially those used to support disclosure of mineral resources and reserves, is another area that is seeing increased scrutiny, particularly from within the industry, as practitioners work towards greater transparency. While the criteria for resource classification is relatively black and white, rules governing the disclosure of results for the underlying data have historically been subject to comparatively little or no critical analysis. Bulk samples are one such ex-

2019-12-03 7:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 9–22, 2019

Turquoise Hill eyes legal clarity for Oyu Tolgoi expansion MONGOLIA

| Ruling favours NGO, complicates plans to expand underground mine development

BY STEVE STAKIW

Special to The Northern Miner

n November, Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ) reported that a lawsuit previously lodged by a Mongolian non-governmental organization (NGO) group was apparently upheld by the country’s Administrative Court. The challenge, brought by NGO group Darkhan Mongol Nogoon Negdel, alleges due process was not properly followed in 2015 when the Government of Mongolia finalized the Oyu Tolgoi underground mine development and financing plan (UDP) with partners Turquoise Hill and Rio Tinto (NYSE: RIO; LON: RIO), both of whom refute any suggestion that the UDP or any of its underlying agreements are illegal. Rio Tinto is operator at the Oyu Tolgoi copper mine in southern Mongolia, and a majority shareholder of Turquoise Hill, holding a 50.8% interest. The Mongolian government owns 34% of the large copper operation through its stateowned Erdenes Oyu Tolgoi LLC, and Turquoise Hill owns 66%. The reported ruling in favour of the NGO is the latest in a series of challenges faced by Turquoise Hill and its parent company Rio Tinto in the plan to expand underground mine development at the major copper and gold operation. The UDP envisions a phased ramp-up of underground production and has seen US$3.2 billion spent to date on the initiative. However, according to the Financial Times, some optimism has emerged. Mongolia’s Minister of Mining and Heavy Industry Dolgorsurengiin Sumyaabazar confirmed in a Nov. 26 speech at the recent Mines & Money conference in London that Oyu Tolgoi’s underground expansion program will “not be stopped” and “would proceed directly forward.” The Minister said Mongolia’s National Security Council had accepted a parliamentary resolution calling for the government to improve the UDP, but did not elaborate on what that would entail. Turquoise Hill did not respond to a request for comment before press time. Oyu Tolgoi began production in early 2013 as a major open-pit operation on the Oyut deposit, and is forecast to produce 125,000 to 155,000 tonnes copper and 240,000 oz. gold in 2019. In its recent thirdquarter results report, Turquoise Hill said annual C1 cost guidance is expected to come in at the US$1.50 to US$1.70 per lb. copper range — lower than the previous guidance of US$1.75 to US$1.90. Third-quarter metal output from open-pit operations dropped quar-

ter-over-quarter in 2019, as the mine sequences through lower-grade ore, with third-quarter production of 28,400 tonnes copper and 35,400 oz. gold — a drop of 28% and 64% from the preceding second quarter. Average mill feed grade for the third quarter was 0.37% copper versus 0.46% copper in the second quarter, and 0.57% copper in the first quarter. Average mill throughput of 109,000 tonnes per day in the latest quarter was above the concentrator’s nameplate 100,000-tonne-per-day capacity. However, recoveries slipped to 75%, down from 80% and 84% in the first quarter and second quarter, reflecting dropping feed grades. The company posted third-quarter net income of US$45.1 million on revenues of US$209.2 million, with a metal value split of 73% copper, 25% gold and 2% silver. C1 cash costs for the third quarter came in at US$2.14 per lb. copper, and all-in sustaining costs were US$2.84 per lb. copper. Turquoise Hill recently completed and is commissioning the second of

five major planned shafts for Oyu Tolgoi underground operations. Shaft 2 sports the world’s largest production hoist motor, with the ability to lift 35,000 tonnes of material to the surface daily at maximum capacity. The company says the 10-metre-diameter, 1.3 km deep Shaft 2 service hoist could move 300 people per cage cycle, versus 60 people per cage cycle through its Shaft 1. In mid-year, Turquoise Hill provided a preliminary status update on its phase-two underground program at Oyu Tolgoi that tabled projected cost overruns and delays to initial production due to geotechnical issues and ground conditions at the planned block-caving operation on the Hugo North (Lift 1) deposit. The company flagged that development capital expenses for the project could increase US$1.2 billion to US$1.9 billion over the previously estimated US$5.3 billion, and initial production delayed 16 to 30 months to between mid-2022 and mid-2023. Market reaction to the cost es-

ample where the simple disclosure of results can be perceived to imply positive project viability where none may exist. Vital to any form of disclosure is the provision of context, as well as appropriate cautionary language about the various risks to the project’s success. Even the simple act of rounding of significant figures can help manage the perceptions and expectations of the reader. In other words, it’s incumbent on the practitioner to document as much about what they don’t know as what they do know, so as not to mislead the reader. Rubicon’s Phoenix gold project

and Guyana Goldfields’ Aurora gold project are just two examples of the dire consequences of failing to address risks (in these examples, geological risk) early in the project’s life. The complexity of mineral resource and reserve estimates will only continue to escalate as ever more geologically complex deposits are matched by newer and more advanced estimation methods. While the underlying principles could stay the same, the onus is on practitioners to adhere to standards and guidelines as those proposed by CRIRSCO and its member organiza-

tions to help ensure that projects are measured with a similar yard stick. While no two projects will ever be alike, the common thread that unites them is the means by which they are compared. In so doing, mining investors can be confident that any project, be it an apple or an orange, can be seen through the same lens.

1-16_DEC9_Main .indd 5

A rendering of the recently completed Shaft 2 at Turquoise Hill Resources’ Oyu Tolgoi copper mine in Mongolia. TURQUOISE HILL RESOURCES

— Kurt Breede, P.Eng., is the Principal of Metallica Consulting and an expert in mineral resource estimation and technical disclosure. He is also a member of the Canadian Securities Administrators’ Mining Technical Advisory and Monitoring Committee.

calation and forecast production delay was harsh, with Turquoise Hill shares shedding as much as 45% of their value to close at 79¢ on July 16 after the news. Investors were spooked by the capex overrun and its implications on the company’s liquidity and ability to fully fund the phase-two underground development program. In his Nov. 12 research note, Scotiabank base metals analyst Orest Wowkodaw reiterated liquidity concerns for the company with its stated US$2.7 billion of available liquidity, commenting: “Based on the recent project delay, the company believes it currently has sufficient liquidity until first-quarter 2021. Given the significant medium-term funding uncertainty, our estimates continue to assume $3 billion of additional financing in 2021, comprising $1.5 billion of new debt and $1.5 billion of new equity.” In its third-quarter results presentation, the company acknowledges financing will be needed beyond its existing liquidity to sustain un-

derground and power development funding at Oyu Tolgoi. A mine optimization study is in progress to provide greater clarity on the additional funding requirements, and Turquoise Hill has provided a proposal to its major shareholder Rio Tinto regarding funding sources. Based on current development plans, Turquoise Hill says that Oyu Tolgoi will be the world’s third-largest copper producer at peak metal production in 2025, and expects average annual production from 2025 to 2030 to be more than 550,000 tonnes copper and over 450,000 oz. gold from the combined open-pit and underground operation. The mine is one of the largest contributors to Mongolia’s economy and has a 14,500-person workforce — 92% of which are Mongolian. Turquoise Hill shares closed at 59¢ at press time, near the bottom of its 52-week trading range of 53¢ to $2.84, and at historic lows, giving the company a $1.2-billion market capitalization. TNM

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2019-12-03 7:19 PM

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DECEMBER 9–22, 2019 / THE NORTHERN MINER

Protesters march in Plaza Baquedano in Chile’s capital Santiago in October 2019.

HUGO MORALES/WIKIMEDIA COMMONS

Protests in Chile drive government to propose new constitution POLITICS BY TOM AZZOPARDI

Special to The Northern Miner

n a bid to end weeks of antigovernment protests and riots that have left at least 26 people dead and 13,500 injured, Chile’s political parties have agreed on a process to design a new constitution. The deal, reached in the early hours of Nov. 15, strives to resolve Chile’s worst political crisis since its return to democracy a generation ago and marks a step into the unknown for a country long lauded as the most stable and business friendly in the region. At a referendum in April next year, Chileans will be asked whether they want a new constitution, and if so, whether the document should be written by a constitutional convention consisting of elected citizens, or one in which half will be elected citizens and the other half elected officials from the country’s current Congress. The elections to the constitutional convention would be held in October 2020, and the convention would then have nine months (which can be extended by another three months) to come up with a text that is approved by two-thirds of its members. If successful, the document will be put to a second referendum in late 2021 or early 2022. Chile’s current constitution, designed 40 years ago under former dictator Augusto Pinochet’s rule by U.S.-trained economists, refashioned the economy along free-market principles. Since then, it has been championed by business leaders as underpinning much of the country’s economic success. But critics have said for decades that it doesn’t enshrine social rights or offer any kind of a safety net for the poor. Some of

1-16_DEC9_Main .indd 6

| Change could affect landscape for mineral development

its more unpopular tenets include a ban on strikes by workers in the public sector and protections for private property that even extend to private ownership of water from rivers and other waterways. While the process for writing a new constitution now looks clear, however, the new constitution’s impact on the mining sector is “a big ‘if,’” says Marco Zavala, a mining lawyer at Santiago law firm Guerrero Olivos. “No one knows what it will look like,” he says. Chile has received more than US$90 billion of foreign investment over the last 40 years, half of it into the mining industry, transforming it into the world’s largest copper producer, as well as a major exporter of molybdenum, precious metals, and more recently, lithium. Decades later, mining companies are still lining up to invest. Last year, the Chilean Copper Commission identified US$65.7billion worth of mining projects that could be developed over the next decade. This is possible, advocates argue, thanks to the constitution’s emphasis on property rights and rules prohibiting any government to expropriate natural resources. These cast-iron guarantees — together with the 1983 Mining Code and foreign investor contracts, which ensured stable tax rates and access to foreign capital — allowed Chile to lure back investors just a decade after the nationalizations of the 1970s. Although nationalization of the country’s copper mines is still raised by occasional firebrands, the view is not widely shared. “I have not heard anyone significant calling for expropriation,” says Pablo Mir, a mining lawyer in Santiago. “The overwhelming ma-

“I HAVE NOT HEARD ANYONE SIGNIFICANT CALLING FOR EXPROPRIATION. THE OVERWHELMING MAJORITY UNDERSTANDS THE IMPORTANCE OF MINING FOR DEVELOPMENT, AND THIS HAS TO BE DONE WITH PRIVATE CAPITAL.” PABLO MIR MINING LAWYER IN SANTIAGO

jority understand the importance of mining for development, and this has to be done with private capital.” The two-thirds majority required to approve the new constitution should ensure that moderate views prevail, some observers say, and most protesters appear more concerned with day-to-day issues such as low pensions and wages and the state of public healthcare. Chile’s multiple bilateral investment treaties also mean that constitutional safeguards are no longer as necessary, some say. Foreign investment contracts are already being phased out. Furthermore, a new constitution proposed in 2017 by former president Michelle Bachelet (but dropped by President Sebastian Pinera when he took office last year) made no changes to Chile’s mining laws, notes Cristian Quinzio, former chief counsel at state copper company Codelco. Still, there could be significant changes in some areas. A new constitution would likely give more prominence to Indigenous minorities. The number of Chileans claiming an Indigenous identity has tripled over the last 20 years, according to a recent census, and the multicoloured banner of the Mapuche people (Chile’s largest Indigenous minority) has been as

visible as the Chilean flag during the protests. Such groups could be granted greater control over their traditional lands and what activities may be undertaken there. Similarly, with the effects of climate change becoming palpable in Chile, the new constitution is likely to put greater emphasis on environmental protection. The country’s unique system of private property rights over water, enshrined in the constitution, is unlikely to survive unscathed, especially as water resources grow scarce. Most new mining projects already must use desalinated water in their operations because of the lack of alternatives. Public consultation over new investment projects could be made binding while special protections could extend to glaciers and coastal areas and other sensitive but strategic phenomenon. “My fear is that it is going to become much more difficult to develop new projects,” Quinzio said. But changing the constitution could also bring opportunities. Geologists have complained about an antiquated and cumbersome claims system, which has allowed a handful of companies to tie up huge areas of northern Chile. Under the current rules, companies

can stake as much land as they want for a minimal fee and hold it indefinitely with no obligation to drill or mine it. Critics say this encourages speculation and hoarding, and means fewer areas are left for juniors who want to explore in the country. It could also loosen Cold War-era regulations over lithium resources, which have hindered investment in recent years. But for now the biggest impact of a new constitution will be uncertainty, experts suggest. “While there is no clarity about the contents of a new constitution, there is going to be an impact on investment decisions,” says Juan Carlos Guajardo, executive director of consultancy firm PlusMining. Nobody is pulling out of Chile yet. Projects already under construction will go ahead. Teck Resources (TSX: TECK.B; NYSE: TECK) is in the midst of a US$4.7-billion project to expand its Quebraba Blanca operation into one of the world’s largest copper mines. In November, Ricardo Ramos, the CEO of Sociedad Quimica y Minera de Chile (NYSE: SQM), said that the lithium producer is committed to its plan to quadruple production from its operations on the Salar de Atacama over the next four years. But it’s possible that companies with projects at earlier stages of development will hold off. In November, private consultancy Corporacion de Desarrollo Tecnologico de Bienes de Capital cut its estimate for investment into major projects in all industries over the next five years to US$63 billion, down 7% from three months earlier, largely as a result of the recent protests. Further cuts seem likely as Chile debates its future. TNM

2019-12-03 7:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 9–22, 2019

Mining waste for key metals RECYCLING

| Steady REE supply at home could mean less reliance on Chinese mines

BY DENISE HECKBERT Special to The Northern Miner

pple is using recycled rare earth elements (REE) in a key component of its newest iPhone 11 models, which hit the market in September. The recycled REEs are employed in a part called the Taptic Engine, which allows the iPhone to mimic a physical button click. The part represents one-quarter of the REEs in an iPhone. The move will enable Apple to secure a steady supply of the needed REEs, rather than rely on Chinese mines, which produced 70% of REE ore in 2018, according to the United States Geological Survey. A greater focus on recycling could also help protect Apple from REE price fluctuations, due to their relatively small volumes. For now, Apple is getting the REEs from an unnamed outside supplier that retrieves them from manufacturing waste, not recycled devices. But the electronics giant is also experimenting with its own robot called Daisy, which it claims can disassemble 200 iPhones in an hour, enabling it to recover REEs and cobalt from old iPhones. The manufacturer is one of many betting on recycling as a source of rare earth elements, and other metals like cobalt and lithium. Mining companies that have not owned recycling operations in the past, or have focused on largervolume metals, have also started to tap into the expected glut of these materials in waste products. Montreal-based Geomega Resources (TSXV: GMA) secured a $1.2-million equity investment midyear for its planned REE recycling plant. Earlier this year the junior mining company said it needed $2 million to build the plant but now targets $2.6 million, based on its front end engineering and design study. It claims that the study confirmed its in-situ recovery process — developed by its subsidiary Innord — is technically feasible and uses off-the-shelf equipment to enable scaling. Geomega said the study also confirms that its planned plant will be able to process 1.5 tons (1.4 tonnes) per shift, which could scale up to 24 hours per day, making the plant 4.5 times the scale it outlined in May 2019. Canadian Li-Cycle, which received $2.7 million from the Canadian government in 2018, claims it can extract 80–100% of the materials from lithium ion batteries at its 5,000-ton-per-year (4,500-tonneper-year) plant in Mississauga. It is now looking to build a second plant in New York State, and recently signed a memorandum of understanding with metals recycler Sungho Group, under which it plans to build a plant in South Korea. Right on its heels, manganese mining company turned recycler American Manganese (CNSX: AMY) said in November that it had achieved a 99.98% nickel-cobalt hydroxide from the nickel-cobaltaluminum scrap material it received from a lithium ion battery maker at its pilot project. The company has tested its pilot project and aims to begin engineering design and economic analysis of a 3- to 5-tonper-day (2.7- 4.5-tonne-per-day) commercial demonstration plant next year. On the other side of the world, Japan’s Sumitomo Metal Mining announced in March that it had developed a process to recover and recycle cobalt from lithium ion batteries. It had previously developed a process to recover copper and nickel

1-16_DEC9_Main .indd 7

Apple’s Daisy robot, which can disassemble 200 devices per hour, removes and sorts components to facilitate recycling. APPLE

from the batteries but the technical challenges of extracting the cobalt meant that this much more valuable metal was wasted in the process. Sumitomo uses a pyrometallurgical process independent of the existing process to remove impurities and uses a hydrometallurgical process to recycle the cobalt, along with nickel and copper. It has built a pilot plant using these processes in Niihama in Japan’s Ehime Prefecture to study the process. It’s not difficult to understand why these companies are betting on recycling. The processes have worked well for other metals like aluminum and iron, so it’s logical to hope recycling could mean less mining. The financial and resource supply benefits are considerable. Cobalt is mined primarily in the Democratic Republic of the Congo (DRC), which holds most

THE PERFECT

GIFT

reserves. Recently, the government imposed higher taxes and domestic ownership rules there that have cooled investments. Major cobalt producer Glencore (LON: GLEN) mothballed its Mutanda plant earlier this year, which was responsible for 20% of the world’s production in 2018. The DRC may back off its position but has not yet indicated a willingness to do so. The price of cobalt increased to $35,000 per ton in response, and cobalt continues to be the most expensive input in lithium ion batteries, despite the small volume required. At the same time, most REEs come from China, which holds much of the reserves and nearly all of the global refining capacity. China imposed quotas in 2010 as part of a dispute with Japan and has hinted as recently as this year that it could do so again as part of its trade war with the United States. In both cases,

REE prices climbed. Considering that resources like cobalt and REEs are mined in relatively small volumes, are often difficult or impossible to substitute in end-uses, and come from politically sensitive regions, it may seem strange that companies are only now turning to recycling. However, as expensive as these inputs are, the cost of recycling them, where recycling is technically feasible, could be greater. A December 2018 report commissioned by the Government of the Netherlands to consider whether the country could access critical metals noted that recycling rates are below 1% for REEs (from all sources). At the same time, only 5% of lithium ion batteries are recycled due to the complexity of the recycling process. Lithium’s flammability has proven a frustrating challenge when recycling lithium ion batteries. Canadian think tank the International Institute for Sustainable Development (IISD) said in its March 2019 report on cobalt and lithium recycling that, while 99% of lead-based car batteries are collected and recycled in North America and Europe, less than 5% of lithium ion batteries are recycled. The pilot and demonstration projects underway in the industry could help improve the processing economics. Similar studies for REEs could help make recycling technically and financially viable. The U.S. Department of Energy’s Ames Laboratory has a couple such projects underway, as part of the government’s effort to secure its access to critical metals. The first process works to separate REEs in permanent magnets from the iron and boron. The second separates the REEs themselves. However, once the technical challenges are overcome, recyclers face the problem of collecting useable waste materials. The World Economic Forum (WEF) said in a September insight report on battery value chains that the equivalent of

10 billion cell phone lithium ion batteries [and the related cell phones] will reach the end-of-life in 2030. In the same year, IISD estimated that 1.2-million electric vehicle lithium ion batteries will reach their end of life in 2030. The permanent magnets in wind turbines will eventually become a major source of waste REEs, but turbines have a long life (at least 25 years, according to the Netherlands’ report) and efforts are underway to extend those turbines’ lives. A massive supply of waste cobalt, lithium, and REEs will exist in 2030, but collection of the waste material will be a challenge. IISD and WEF anticipate that waste smartphones will be kept from recycling streams by users who hold onto the phones for nostalgic reasons, by third-party retailers who redirect used cellphones to developing nations, and by phones ending up in the garbage, either in the country of original use, or in a secondary country. The same is true for car batteries, according to IISD and WEF. There does not appear to be any meaningful way to address the collection challenge at this time. Most European and North American governments have regulations to encourage collection of valuable waste for recycling, but the targets have been soft, according to IISD — likely because of the technological challenges faced in recycling certain materials. It may be that as the technology improves and demand for rare critical materials booms — with the expected increase in mobile wireless technology, electric vehicle sales and adoption of wind energy — regulations could tighten, or private companies could find the economics of recycling so favourable that they themselves incentivize and prioritize recycling. For now, however, the unreliable supply of waste material and the price volatility of these critical elements and metals could make development of large-scale facilities challenging, according to IISD. TNM

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

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2019-12-03 7:19 PM

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DECEMBER 9–22, 2019 / THE NORTHERN MINER

Velocity Minerals eyes ‘hub and spoke’ production in Bulgaria GOLD

| Partnership with private Bulgarian company offers multiple benefits

BY STEVE STAKIW Special to The Northern Miner

spiring precious metals developer Velocity Minerals (TSXV: VLC) recently tabled engineering study results and the latest drill assays from its 70%-owned Rozino gold deposit in southeastern Bulgaria. Rozino, the most advanced of Velocity’s four Bulgarian gold projects, is advancing to the prefeasibility study (PFS) level. A 2018 preliminary economic assessment (PEA) modelled an openpit operation with a six-year mine life centred on an inferred mineral resource of 573,000 contained oz. gold within 13 million tonnes grading 1.37 grams gold per tonne (using a cut-off grade of 0.6 gram gold per tonne). The study projected a $129-million after-tax net present value (at a 5% discount rate) and a 33% after-tax internal rate of return. All-in sustaining costs were pegged at US$543 per oz. gold and the study forecast steady gold production of 65,000 oz. annually. The PEA sees development capital requirements of $97.3 million for the mine and concentrate production plant. Results from Velocity’s latest infill and target drilling returned multiple surface and near-surface gold mineralized intervals on the 160 sq. km property package. Several holes — including hole 138 with 25 metres of 1.49 grams gold from 103 metres’ depth — returned significant mineralization below and outside of conceptual pit designs in the PEA study. Based on these results, the company says there could be potential to combine the main and north open pits defined in its 2018 study. Additionally, multiple engineering studies have been undertaken en route to the company’s planned completion of the Rozino PFS in mid-2020, including geotechnical studies for both pit and infrastructure design, hydrogeology, processing and metallurgy test work, and an updated mineral resource estimate. Velocity is also studying potential haul road routes and electrical transmission supply and routing. Velocity describes its planned production strategy as a “hub and

Drillers at Velocity Minerals’ 70%-owned Rozino gold deposit in southeastern Bulgaria. VELOCITY MINERALS

spoke” model, envisioning staged open-pit mining of satellite deposits with centralized processing at the nearby carbon-in-leach (CIL) plant operated by its Bulgarian partner Gorubso-Kardzhali. It is the only permitted CIL plant in the country. Velocity entered an exploration and mining alliance with the privately owned Gorubso in early 2018. The alliance encompasses the CIL plant and all existing and future Gorubso and Velocity projects in a 10,400 sq. km area of the Eastern Rhodope gold mining district. “The most important and valuable aspect of the Gorubso partnership, from our perspective, is that they have an operating CIL plant,” Velocity’s president and CEO Keith Henderson said in an interview. “Permitting CIL plants in Europe these days, or anywhere in the world, is not particularly easy. Permitting these kinds of projects when you’re a small junior company can be extremely challenging and take a very long time, so having that partner and having access to a plant that has been operating for 10 years is

A core-storage building at Velocity Minerals’ Rozino gold project. VELOCITY MINERALS

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a huge advantage for us. “The partnership also gives us access to a pipeline of projects and we’re systematically earning a 70% interest in all these projects, and each of them could be a satellite that could ultimately be capable of feeding mineralization into the CIL plant,” Henderson continued. Rozino, which is 30% held by Gorubso, is 85 km southeast of the CIL plant and situated along road transport corridors. The deposit is also 20 km east of Dundee Precious Metals’ (TSX: DPM) recently commissioned, 2,500-tonne-per-day Ada Tepe gold mine. Velocity’s other joint-venture projects in the area include Obichnik, Makedontsi and Sedefche, and are all located between 10 and 35 km south of the CIL plant. The company is earning a 70% interest in these projects from Gorubso and has undertaken advanced drill programs aiming to deliver initial resource estimates over the next year. After a recent analyst site visit to Velocity’s projects, Beacon Securities mining analyst Michael Curran

“THE MOST IMPORTANT AND VALUABLE ASPECT OF THE GORUBSO PARTNERSHIP, FROM OUR PERSPECTIVE, IS THAT THEY HAVE AN OPERATING CIL PLANT.” KEITH HENDERSON PRESIDENT AND CEO, VELOCITY MINERALS

is upbeat about the project. “We expect the next [Rozino] resource update will successfully convert the majority of existing inferred resources to indicated, and maintain our view that resources could ultimately be plus-1 million ounces. Additional PFS work should see improvements to gold recoveries and changes to the processing plans [semi-autogenous grinding vs. ball mill, adding a gravity circuit, etc.] could also yield improvements to overall project economics.” Earlier this year, Velocity attracted the attention of Canadian gold miner Atlantic Gold, which was operating its Moose River Consolidated mine complex in Nova Scotia. Atlantic

Gold developed a centralized processing plant plan at Moose River and was mining its Touquoy open-pit operation, with three other deposits and projects in a planned production pipeline. “Velocity’s strategy is similar to what Atlantic Gold did and led to a situation where they wanted to invest in our company,” Henderson said. “Atlantic, having got to the stage where they were generating significant revenue, were looking very hard around the world for opportunities and ultimately decided Velocity was a project they wanted to invest in. They gave us $9 million in March of this year that we have been deploying into exploration programs on our four projects.” Subsequent to Atlantic’s investment in Velocity, the Nova Scotia gold producer was acquired by Australia’s St Barbara (ASX: SBM) in a deal valued at $802 million. Atlantic’s investment in Velocity was placed in a subsidiary company, Artemis Gold (TSXV: ARTG), which was distributed to Atlantic shareholders upon the closure of its takeover. Artemis holds a 19% interest in Velocity. Although not a well-known mining jurisdiction, Bulgaria is the thirdlargest copper producer and fourthlargest gold producer in Europe, and its mineral industry constitutes 5% of the country’s gross domestic product. It has been a member of the European Union since 2007. The main western mining company active in the country is Dundee Precious Metals (TSX: DPM), which operates its Chelopech gold-copper mine and the Ada Tepe gold mine. As of Sept. 30, Velocity had $5.3 million in its treasury and a $4.8-million working capital position. Shares in the company closed at 44¢ at press time, in the upper range of its 52-week 56¢ to 16¢ trading range, giving it a $43-million market capitalization. TNM

2019-12-03 7:19 PM

SPECIAL FOCUS

EXPLORATION

PROJECTS TO WATCH

Almaden Minerals’ Ixtaca gold-silver project in Mexico. ALMADEN MINERALS

BHP boosts investment in SolGold ECUADOR

| Prefeasibility study on Alpala expected in first-quarter 2020

BY TRISH SAYWELL tsaywell@northernminer.com

B Stefan Ansermet (left), consulting geologist, and Faustino Tsenkush, Aurania Resources’ exploration geologist, near blocks on the ancient road on the Lost Cities–Cutucu project in Ecuador. AURANIA RESOURCES

Aurania finds ancient Spanish road at Lost Cities–Cutucu ECUADOR

| Remnants found 60 km from Aurania’s Yawi target

BY TRISH SAYWELL

tsaywell@northernminer.com

or almost 20 years, Keith Barron has been hunting for two famous gold-mining centres in Ecuador that historic Spanish manuscripts and maps from the 16th and 17th centuries refer to as Sevilla del Oro and Logrono de los Caballeros. In late November, the chairman and CEO of Aurania Resources (TSXV: ARU) announced that field teams had found an old road in the central part of the company’s Lost Cities–Cutucu project that he believes linked the two mining centres from 1565 until 1606. The remnants of the road, 60 km from where Aurania is drilling its Yawi target, were found in heavy vegetation over 2.5 km, and run north–south along Aurania’s concession block in the eastern foothills of the Andes mountain range of southeastern Ecuador. “In the historical records they call them cities, but they were never cities, they were gold settlements of a maximum of probably 20 to 30 Spaniards and a number of Indigenous people made to work in the mines,” Barron says on a conference call. At their peak around 2,000 people would have worked at these mines, he says, but the numbers dwindled to the hundreds, as the areas were depopulated by diseases like influenza and smallpox. “We know from the archives that there were requests to the Spanish crown to purchase African slaves and send them from west Africa over to Ecuador and work in the mines, but by the time this happened, it was a bit too late because the Spanish crown was bankrupt — after the Spanish armada it lost everything — so these places were reclaimed by the jungle and lost.”

1-16_DEC9_Main .indd 9

“THIS ISN’T A TALE OUT OF TREASURE ISLAND, THIS IS SOMETHING VERY REAL. PEOPLE LIVED AND DIED HERE ... AND WE ARE VERY MUCH HOT ON THE TRAIL.” KEITH BARRON CHAIRMAN AND CEO, AURANIA RESOURCES

The next steps include a LIDAR survey over the area that may detect extensions of the road, which historic documents suggest joined Sevilla del Oro and Logrono de los Caballeros by a hard day’s march. “I would like to see the LIDAR survey zero in on both ends of the road and try to pick up vestiges of the mining activity,” Barron told analysts and investors on the call. “We are not going to find any buildings, or anything of archaeological significance. What it will be is a trench, a pit, a rock dump, something like that, but we’re not going to be finding any heaps of gold or silver.” Baron notes that the LIDAR survey can “really leapfrog things ahead” now that they have found the road, and says: “hopefully one end is going to terminate in the old mine workings. “This is a very significant discovery,” he says. “We know from the documentation that we have — and we’re talking about hundreds and hundreds and hundreds of historic documents and maps — that this isn’t a tale out of Treasure Island, this is something very real. People lived and died here ... and we are

very much hot on the trail.” Aurania describes the road in a press release as “engineered” and says it is “cut into embankments, and its downslope edges are lined with blocks of shale that have prevented erosion.” Two rectangular blocks of dressed sandstone lie at a junction in the road and are estimated to weigh between 900 and 1,000 pounds. Currently Aurania is drilling its Yawi gold target, where it just finished its second hole, and the drill is moving to a second target. It has found six so far. “We’re dealing with an extensive mineralized system,” Aurania’s president, Richard Spencer, said on the call. “What we plan to do is drill one to two holes in each of the four target areas, and the fifth target is being defined. Once we’ve got a picture of the bigger part of the system, then we’ll decide where we’re going to start homing in.” Aurania has also come across two types of copper at surface: porphyryrelated copper and sedimentary copper, where the copper exists in specific sedimentary horizons. These findings are exciting, Barron and Spencer explain, because the copper would be cheaper and easier to extract. “We stumbled over the copper and silver in sediments when we were looking for gold,” Barron says. “It’s like God kissed us on the forehead. “This is really quite incredible. Remember it’s oxide copper, it’s not sulphide, so it doesn’t require a mill to grind it into a paste and then flotation cells to produce concentrate that needs to be shipped ... this would be easy to crush and it could potentially be heap leached.” Barron also notes that one of the most interesting things about the

HP Billiton (NYSE: BHP) is spending US$22 million to boost its stake in SolGold (TSX: SOLG; LON: SOLG) to 14.7% from 11.1%, making it one of the two largest shareholders in the Ecuador-focused junior exploration company. Newcrest Mining (ASX: NCM) owns 14.8%. BHP is acquiring 77 million shares at 22.15 pence per share — a 13% premium to SolGold’s closing share price on Nov. 22. Under the deal, BHP agreed not to acquire more shares in the company over the next two years without SolGold’s consent. But the investment does give it options for 19.25 million shares at a price of 37 pence through Nov. 25, 2024. The transaction underscores the attractiveness of copper assets, as mines age and appetite for the metal grows with rising demand for renewable energy and the electrification of the transportation sector. SolGold ’s Apala deposit in

“SOLGOLD HAS AMASSED 3,200 SQ. KM OF CONCESSIONS, AND IS WELLPOSITIONED FOR ADDITIONAL LARGE-SCALE DISCOVERIES.” MATTHEW O’KEEFE ANALYST, CANTOR FITZGERALD

northern Ecuador contains 8.4 million tonnes copper and 19.4 million oz. gold in the indicated category (2.1 billion tonnes grading 0.41% copper and 0.29 gram gold per tonne), and another 2.5 million tonnes copper and 3.8 million oz. gold in the inferred category (900 million tonnes grading 0.27% copper and 0.13 gram gold). The company has drilled more than 228,000 metres on the project and expects to complete a prefeasibility study in the first quarter See SOLGOLD / 10

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2019-12-03 7:19 PM

DECEMBER 9–22, 2019 / THE NORTHERN MINER

EXPLORATION PROJECTS TO WATCH

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Aurania finds ancient Spanish road at Lost Cities–Cutucu “WE STUMBLED OVER THE COPPER AND SILVER IN SEDIMENTS WHEN WE WERE LOOKING FOR GOLD. IT’S LIKE GOD KISSED US ON THE FOREHEAD.”

AURANIA From 9

copper at the Lost Cities–Cutucu project is that both the porphyry copper and sedimentary copper is in the same place — something “not seen anywhere else in the world.” Aurania has only explored 55– 60% of its concessions so far and still has a “boatload of targets — well beyond what a typical junior mining company would have.” This year, the company expects to spend US$10 million on exploration — at least 60% of that on gold targets and most of that on drilling. But shareholders have to be patient, Barron says, pointing out that it took a long time for his team at Aurelian Resources to find the Fruta del Norte gold deposit in 2006 in the Cordillera del Condor — the adjacent and contiguous mineral belt to Aurania’s Lost Cities–Cutucu project. That project, now owned by Lundin Gold (TSX: LUG), poured its first gold on Nov. 18. “Fruta del Norte was maybe the tenth or twelfth prospect we had drilled starting from 2001 right up until 2006 when the discovery was made,” he says. “We are better funded than that company was back then, but if it was easy to find gold it wouldn’t be precious.” As for the copper, it opens up more funding and joint-venture opportunities with larger companies. “The major copper companies that have signed joint ventures in

KEITH BARRON CHAIRMAN AND CEO, AURANIA RESOURCES

Drillers at the Yawi target at Aurania Resources’ Lost Cities–Cutucu property. AURANIA RESOURCES

Ecuador will typically sign for many tens of millions of dollars, in the range of US$50 million to US$60 million per target or per group of concessions,” Spencer says. “And then the original company, Aurania

in our case, would get to keep a 30% free-carried interest right up to the definition of a feasibility study … these major companies know what they’re doing, they have experience, they have money, and can do things

quicker than we can because they can afford helicopters and those things, so we look forward to advancing those copper targets to the point where the majors come in and put their horsepower behind them.”

But Barron notes that Aurania won’t repeat what happened with Fruta del Norte, which was only one of 34 gold occurrences they found and 12 porphyry targets, only two of which it drilled in a preliminary way. “We were scooped up by Kinross and they got that whole package,” he says. “Everything else came for free. Now it’s in the hands of Lundin Gold and it has joint ventured with Newcrest on the peripheral concessions that contain some of the gold and copper targets ... They’re close to drilling one of the copper porphyry targets we didn’t get a chance to explore. So it’s a disservice to our shareholders if we sit on our laurels and concentrate on only one commodity and give the rest for free ... I’m not going to let that happen.” TNM

BHP boosts investment in SolGold SOLGOLD From 9

of 2020. A preliminary economic assessment in May 2019 outlined preproduction capex of between US$2.4 billion and US$2.8 billion, and total capex — including life-of-mine sustaining capex — of US$10.1 billion to US$10.5 billion, depending on the production rate scenario. The study envisioned a 50-milliontonne-per-year operation producing 456 million lb. copper and 438,000 oz. gold per year over 25 years. The study favoured block-cave, underground mass mining over several caves designed on two vertically extensive lifts. According to SolGold, Alpala has produced some of the best drill hole intercepts in porphyry copper-gold exploration history, including one intersection of more than 1,000 metres grading 0.74% copper and 0.54 gram gold per tonne. The deposit is the main target on SolGold’s Cascabel concession, which sits on the northern section of the Andean copper belt. Matthew O’Keefe of Cantor Fitzgerald says the investment puts BHP “on par with SolGold’s other major shareholder, Newcrest Mining, supporting competitive tension.” He also points to SolGold’s enormous land position in the country. “With a first-mover advantage in Ecuador, SolGold has amassed 3,200 sq. km of concessions, and is well-positioned for additional large-scale discoveries,” he writes in a research note. “SolGold has significantly greater leverage to copper than gold and with copper at multi-year lows, we see this as a good time to buy SolGold, particularly for the investment horizons over the medium-term,” he adds. “As copper prices improve, and as the project advances through permitting and feasibility, we expect the stock to move up towards our target price.” The analyst has a one-year target price on the stock of $1, or 60 pence, per share. TNM

1-16_DEC9_Main .indd 10

Workers logging core at SolGold’s Cascabel copper-gold project in Ecuador. SOLGOLD

2019-12-03 7:19 PM

EXPLORATION PROJECTS TO WATCH

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 9–22, 2019

EXPLORATION PROJECTS TO WATCH SNAPSHOT Gold and silver projects of note With the rise in the gold price over the past year, precious metals exploration has picked up steam worldwide. Below we feature eight companies across the exploration, development and production spectrum that maintain a focus on discovery.

operation with multiple ramp access starting at a 2,100-tonneper-day throughput and ramping up to 3,000 tonnes per day by the third year. Two high-grade zones were scheduled for initial mining. Continental expects all-in sustaining costs (AISCs) at Buritica of US$600 per ounce. The company anticipates producing up to 300,000 oz. per year at the mine, with an updated mine plan for the first three years expected before commercial production starts.

COMPASS GOLD Compass Gold (TSXV: CVB; USOTC: COGDF) is focused on the Farabakoura gold discovery in southern Mali. The company wholly owns the 850 sq. km Sikasso project consisting of nine permits within the Birimian gold belt. Farabakoura is a 15 km long target area that traverses the company’s Faraba–Coura, Ouassada and Sankarani permits. In September, Compass released results of drilling completed at the Ouassada permit, along a 200-metre high-grade section of the Farabakoura trend, known as the Creek zone. Reported intercepts include 6 metres of 65.6 grams gold per tonne starting at 20 metres and 13 metres of 9.25 grams gold starting at 21 metres. The Creek zone extends an estimated 750 metres. Most of the drilling so far has been completed on the southern part of the Farabakoura target area. Gold mineralization at Farabakoura

Mineralization at Buritica is most extensive within the Yaragua and Veta Sur areas, with each system traced over 1,300 metres of strike and over 1,800 vertical metres.

A core shack at Continental Gold’s Buritica gold project in Antioquia, Colombia. PHOTO BY DAVID PERRI has been traced over a strike exceeding 830 metres, with additional parallel mineralized trends identified. Compass has outlined three potential resource target areas at Farabakoura. In August, the company identified three gold zones, up to 1 km long, over 4.8 km at the Faraba–Coura permit, north of the Ouassada permit. Follow-up drilling is planned with more than 20 drill targets over the 15 km Farabakoura trend. A total of over 40 targets have been found across the company’s holdings in Mali.

Compass plans to drill-test additional targets at Farabakoura and drill on other priority areas. Work is expected to start in January 2020. In November, Compass announced a private placement with proceeds of $5.5 million, with Semafo (TSX: SMF) subscribing for $2 million. Semafo could own 10% of the outstanding shares of Compass upon completion. Proceeds are expected to fund exploration efforts in Mali until the end of 2020. Compass Gold has a $16.3-million market capitalization.

CONTINENTAL GOLD Continental Gold (TSX: CNL) is building its high-grade Buritica gold mine in Colombia. The Buritica project covers 754 sq. km and is 65 km from the city of Medellin. Mill facilities are expected to be mechanically complete in the first quarter of 2020. Ramp-up to commercial production is expected six to nine months later. The company has started precommissioning in a number of areas. A 2016 feasibility study for the project outlines an underground

Resources at the project stand at 16.02 million tonnes in the measured and indicated categories at a grade of 10.32 grams gold and 40.8 grams silver for a total of 5.32 million oz. gold and 21 million oz. silver, with inferred resources of 21.87 million tonnes grading 8.56 grams gold and 37.3 grams silver for a total of 6.02 million oz. gold and 26.2 million oz. silver. Proven and probable reserves total 3.71 million oz. gold and 10.7 million oz. silver. Buritica remains open for expansion on strike and at depth. In November, Continental announced that it has been granted an exploration licence for the Electra South and Orion targets, within 5

See SNAPSHOT / 14

STARDUST PROJECT

A Disruptive Discovery Northcentral British Columbia

1-16_DEC9_Main .indd 11

sunmetals.ca TSX-V: SUNM

2019-12-03 7:19 PM

DECEMBER 9–22, 2019 / THE NORTHERN MINER

EXPLORATION PROJECTS TO WATCH

WWW.NORTHERNMINER.COM

Awalé finds high-grade gold at Odienné in Côte d’Ivoire DRILLING BY JEAN LIAN

jlian@northernminer.com

ancouver-based Awalé Resources (TSXV: ARIC) has intercepted near-surface, high-grade gold at its Empire prospect, part of its 90%-owned Odienné project in northwestern Côte d’Ivoire, close to the country’s borders with Mali and Guinea. ANGET-CI, a local company, holds the other 10%. T he compa ny k icked of f a 3,000-metre drill program at Odienné with 2,500 metres drilled at Empire in October. Recently, Awalé released results from three drill holes that the company says surpassed expectations, finding high-grade intervals and visible gold in unweathered rock. All three holes intercepted coarse, fine-grained free gold, with the first two holes returning high-grade intercepts. Assays from the third

| Early assays from Empire zone exceed expectations

hole are pending. Hole 1 returned 4.9 grams gold per tonne over 18 metres, including 7.9 grams gold over 10 metres, from 40 metres downhole, and hole 2 intercepted 3.1 grams gold over 27 metres, including 5.3 grams gold over 9 metres, from 43 metres downhole. The two holes, which tested the core area of the Empire prospect, contained visible gold in extensional quartz veins hosted within a brittle ductile deformation zone in a diorite body that intruded a preexisting west- to northwest-trending, mylonite-bearing structure. All reported intervals occur beneath the oxidation zone and within sulphidebearing vein assemblages. The third hole, drilled 80 metres downdip of the first two holes, cut a similar gold-bearing brittle ductile zone. Assays for the hole are pending. “It is still early days in the drilling, but our team — led by Andrew

Drillers at Awalé Resources’ Odienné gold project in northwestern Côte d’Ivoire. AWALÉ RESOURCES

Chubb, chief operating officer — is confident we are onto a large altered system with strong fluid flow,” Glen Parsons, the company’s CEO, says of the Empire prospect in an interview with The Northern Miner. Parsons says the company’s systematic exploration methods over the last year have given the team

confidence in the geology and potential of the high-priority Empire prospect, and early drill results appear to confirm Awalé’s mineralization models. Step-out holes are being drilled east of the first three holes. “It is a 3 km soil anomaly and we are only drilling 500 metres of it at

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the moment,” Parsons says. The company aims to find at least 1 million oz. at Odienné, he says, so that options become available — such as finding a joint-venture partner for the project, or attracting interest as a takeover target. “We are active explorers who have been successful in the past and have no ambition of becoming miners,” Parsons says. The CEO notes that Côte d’Ivoire is underexplored when compared to other countries in West Africa such as Ghana, Mali and Burkina Faso, and describes the country as a “good jurisdiction.” “We are an up-and-coming region,” he continues, noting the government strongly supports development of the industry. “The ministry is extremely positive toward miners and wants to progress mining,” he says. “They know they have been sitting behind Ghana, Burkina and Mali, and are certainly encouraging investment.” Awalé’s other projects include Bondoukou in northwestern Côte d’Ivoire and Abengourou in the Comoé region in the eastern part of the country. Bondoukou, its f lagship asset, spans 1,190 square kilometres. In July, the company announced results from the other five trenches of a 10-trench, 883-metre program at Bondoukou’s Fako prospect, which delineated a mineralized system similar to the previously defined Locality A. Highlights include Trench 5, which returned 21 metres grading 2 grams gold, including 1 metre grading 11.5 grams gold from 36 metres, and 1-metre intercepts grading 5.5 grams gold from 43 metres and 5.4 grams gold from 45 metres. Trench 3 returned one-metre intercepts grading 10.5 grams gold from 63 metres, 11.5 grams gold from 65 metres and 4.8 grams gold from 73 metres. In September, the company raised $1.7 million through a non-brokered private placement of 19.2 million common shares at 9¢ apiece. The proceeds will help exploration at Odienné and Bondoukou, as well as cover general overhead and operating expenses. Awalé’s assets originally belonged to Mariana Resources. But after Sandstorm Gold (TSX: SSL; NYSEAM: SAND) acquired Mariana in July 2017, the company spun the company out into Awalé, which listed in December 2017. Most of Awalé’s team, like Parsons, came from Mariana. Parsons served as Mariana’s CEO from 2010 to 2017. “Sandstorm are not explorers and early operational exploration assets don’t make sense,” Parsons says. “When they purchased us we agreed to spin these out.” The company’s shareholders include Sandstorm Gold (17.21%) and Capital Drilling (12.18%). At press time, Awalé’s shares traded at 19¢ apiece in a 52-week range of 6¢ to 26¢. The company has 68.4 million shares outstanding for a $13.7-million market capitalization. TNM

2019-12-03 7:19 PM

EXPLORATION PROJECTS TO WATCH

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 9–22, 2019

Workers and vehicles at a drill site on Sun Metals’ Stardust gold property, 250 km northwest of Prince George in British Columbia. SUN METALS

Sun Metals advances Stardust BRITISH COLUMBIA

| High-grade, copper-gold mineralization intercepted

BY JEAN LIAN

jlian@northernminer.com

un Metals (TSXV: SUNM) has completed the final tranche of a $6.2-million bought-deal financing that will help it advance exploration at its wholly owned Stardust project, 250 km northwest of Prince George in British Columbia. Steve Robertson, the company’s president and CEO, says the equity financing will help the company advance exploration of the 421 zone — an area of extensive skarn alteration hosting high-grade copper-gold mineralization. New drill results from six holes extend the 421 zone to more than 160 metres and show that it is open to the north and south. High-grade copper-gold mineralization has been intercepted in several holes. “The strength and tenor of mineralization that we are seeing so far would indicate that we have got a very substantial project on our hands,” Robertson says. “So we are very excited and quite bullish that this is going to become something that the industry is going to be talking about.” Hole 436D intersected 46 metres grading 1.44% copper, 1.18 grams gold per tonne and 27 grams silver per tonne for 2.44% copper equivalent from 502 metres, and 25 metres grading 3.13% copper, 4.85 grams gold and 93.5 grams silver for 7.12% copper equivalent. Hole 440M returned 16 metres grading 2.38% copper, 2.68 grams gold and 66.6 grams silver for 4.71% copper equivalent from 709 metres. Other highlights include hole 441M, which cut 11 metres grading 3.35% copper, 3.88 grams gold and 60.7 grams silver for 6.39% copper equivalent from 609 metres, and 11 metres grading 3.94% copper, 4.58 grams gold and 79.2 grams silver for 7.58% copper equivalent. Robertson says the company has seen “a tremendous amount of success” since it was granted an option in September 2017 to acquire full interest in the project from Lorraine Copper (TSXV: LLC: US-OTC: LRCPF). Rather than completing

1-16_DEC9_Main .indd 13

Sun Metals geologist Emil Nygard at the Stardust gold property.

the earn-in on the option agreement, however, Sun Metals decided earlier this year to acquire the entire company. Stardust is a project “that has got it all,” Robertson says. “We seem to have all the boxes checked regarding jurisdiction, infrastructure, community, and of course, geologic endowment.” Step-out drilling along strike and down-plunge of the 421 zone shows lateral continuity of the mineralized system, which the company says was generated from a porphyry-copper style intrusive to the north. A pervasive skarn alteration envelope surrounds the copper-gold mineralization, suggesting that drilling could find the more proximal part of the system, the company says. Ian Neill, Sun Metals’ vice-president of exploration, says the alteration found in the drilling to date shows that they are still distant from the heart of the system, but suggests there is more mineralization north of the zone, which trends 2,220 metres

SUN METALS

northwest. Increased consistency in grades from hole to hole is expected as they track the mineralizing fluids

to their source, Neill says. The project hosts at least one mineralized carbonate-replacement system identified as the Canyon Creek copper-gold deposit, Neill says. The Canyon Creek zone is a skarn-hosted mineral occurrence within the Permian Cache Creek group sediments located next to the Glover Stock, a composite intrusive centre and linear dike array in the middle of the property. A 2018 technical report that Sun Metals and Lorraine Copper commissioned based on the Canyon Creek copper-gold skarn zone states that Stardust has an indicated mineral resource of 985,000 tonnes grading 1.34% copper, 0.62% zinc, 1.59 grams gold and 36.8 grams silver for 2.92% copper equivalent. Inferred resources add 1.98 million tonnes averaging 1.24% copper, 0.14% zinc, 1.72 grams gold and 30.5 grams silver for 2.65% copper equivalent. The company has drilled 8,860 metres in 19 holes since May. A recently added third drill will focus on the south end of the zone. Drilling will focus on defining the egg-shaped 421 zone, which plunges north–northwest. “One of the most promising

things about working towards the mineralization source is that we expect the sulphide replacement of the skarn alteration to be more complete closer to the high-energy heat source, theoretically resulting in even higher-grade material,” Robertson says. “This is what drives us to continue our focus on the trend to the north.” The company has winterized the exploration camp and equipment so that drilling can continue when temperatures fall below freezing — sometimes as low as -30°C. “We have a very unique opportunity, because there are not a lot of good exploration-stage copper projects out there with recent discoveries,” Robertson says. “We will continue to work to build up the tonnage in this zone and hopefully get to the point where we feel we have got an economic zone that will justify moving the project forward.” Teck Resources (TSX: TECK.B; NYSE: TECK) and insiders own 9% and 24% of the company. At press time, Sun Metals shares were trading at 19¢ apiece within a 52-week range of 17¢ to 65¢. The company has 126 million shares outstanding for a $24-million market capitalization. TNM

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EXPLORATION PROJECTS TO WATCH

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EXPLORATION PROJECTS TO WATCH SNAPSHOT the Monique property adjoining the Val-d’Or East project.

SNAPSHOT From 11 km of the Buritica mine. At Electra South, high-grade veins have been traced over a 500- by 2,000-metre area, whereas at Orion, high-grade mineralization has been found over a 500- by 1,500-metre area.

The Sleepy deposit at Cadillac Break East hosts an inferred resource of 167,900 oz. gold with another 396,800 oz. inferred at Monique, based on a 100% Probe ownership.

Between May 2017 and July 2019, Newmont Goldcorp (TSX: NGT; NYSE: NEM) invested a total of US$109 million in Continental. It holds 19.9% of the company. On Dec. 2, China’s Zijin Mining offered $1.4 billion in cash to acquire Continental at a price of $5.50 per share. Newmont Goldcorp entered into voting support agreements to support the transaction. A shareholder vote will be held in January 2020.

Probe is completing baseline environmental and engineering studies on the Val-d’Or East project, with more mining and metallurgical studies upcoming as the company looks to find the optimal development scenario. Probe’s CEO, David Palmer, was the president and CEO of Probe Mines, which grew the Borden gold project in Ontario and was acquired in January 2015 by Goldcorp for $526 million.

Continental Gold has an $855-million market capitalization.

In November, Probe announced a $17-million bought-deal private placement.

ENDEAVOUR MINING Endeavour Mining (TSX: EDV) is a West African-focused gold producer with operations in Mali, Burkina Faso and Côte d’Ivoire. The company expects to produce 650,000 to 695,000 oz. gold in 2019 at AISCs of US$795 to US$845 per ounce. The Houndé mine in Burkina Faso was commissioned in 2017 and production guidance for 2019 is 230,000 to 250,000 ounces. In November, Endeavour announced a 1 million oz. increase in indicated resources at Houndé. At the Ity mine in Côte d’Ivoire, more than 1.2 million oz. gold has been produced over the past 20 years through heap leaching. Earlier this year, Endeavour built a carbon-in-leach plant at the site. In 2019, the operation is expected to produce 160,000 to 200,000 oz. gold. The company expects to start a plant expansion to 5 million tonnes per year (from 4 million tonnes per year) at Ity in the fourth quarter of 2019. A resource and reserve release for Ity is also expected in the first quarter of 2020. The company expects another 120,000 to 130,000 oz. this year from its Agbaou project in Côte d’Ivoire, and 105,000 to 115,000 oz. from its Karma mine in Burkina Faso. Beyond its operations, Endeavour has a pipeline of development and exploration projects. The company has 10,090 sq. km of exploration holdings in West Africa that host over 200 exploration targets. Between 2016 and 2018, Endeavour added 4.2 million oz. to its resource inventory, with over half of the mineralization hosted in oxide material. A feasibility study on its Kalana project in Mali is expected by yearend. La Mancha, a private investment company, holds 30% of Endeavour’s common shares outstanding. Endeavour Mining has a $2.65-billion market capitalization. GREAT BEAR RESOURCES Great Bear Resources (TSXV: GBR) wholly owns the Dixie project in Ontario’s Red Lake district. The company has traced a high-grade gold system over a 23 km stretch of the project, with eight gold zones found in the last two years. Seven of these discoveries are located within a 4 km stretch of the LP fault, an 18.5 km target at

1-16_DEC9_Main .indd 14

A drill at Great Bear Resources’ Dixie gold project in Ontario’s Red Lake district. GREAT BEAR RESOURCES Dixie. Another zone was recently intercepted across the parallel North fault. Drilling is planned for this target, with mineralized quartz vein intercepts similar to those found at the Hinge zone along the LP fault. The Yauro discovery was announced in October. Two holes drilled 125 metres apart returned intercepts of 37 metres of 5.14 grams gold and 66 metres of 2.01 grams gold starting within the first 56 metres and 86 metres downhole. According to the company, coarse visible gold was intercepted at Yauro. Intercepts from drilling completed on the Bear–Rimini–Yuma area this year include 149 metres of 0.95 gram gold and 56 metres of 1.26 grams gold. In November, Great Bear closed a flow-through bought-deal private placement for gross proceeds of $16.7 million. The company plans to conduct more drilling to step out the LP fault to the east. It is completing the last 18,000 metres of a 90,000-metre drill program, with three rigs active at Dixie. Great Bear has a $269.5-million market capitalization. INTEGRA RESOURCES Integra Resources (TSXV: ITR, US-OTC: IRRZF) is focused on its DeLamar project in southwestern Idaho, 160 km from Boise. In September, the company announced the results of a preliminary economic assessment (PEA) on the project, which outlined an open pit with average annual gold production of 124,000 oz. gold at AISCs of US$619 per oz., net of by-product credits. Initial capital was estimated at US$161 million. The study outlines a project starting as a 27,000-tonne-per-day heapleach operation, with the addition of a 2,000-tonne-per-day mill in the third year of operations. In November, Integra announced a $6.6-million placement with Coeur Mining (NYSE: CDE) alongside a $22-million bought deal. Integra’s president and CEO George Salamis was most recently the executive chairman of Integra Gold, which sold to Eldorado Gold (TSX: ELD, NYSE: EGO) for $590 million in July 2017.

Resources at the project stand at 172.4 million tonnes measured and indicated grading 0.43 gram gold and 21 grams silver for a total of 2.38 million oz. gold and 116.5 million oz. silver, with another 28.3 million inferred tonnes grading 0.38 gram gold and 13.5 grams silver for 343,000 oz. gold and 12.2 million oz. silver. The company is drilling areas outside of current resources at the DeLamar and Florida Mountain deposits. The historic DeLamar mine was previously owned by Kinross Gold (TSX: K, NYSE: KGC), which closed the site in 1998. The site produced a total of 1.6 million oz. gold and 100 million oz. silver between 1863 and 1998. Integra plans to start work on a pre-feasibility study in the next few months with expected completion in the second half of 2021. Permitting work has begun. Integra Resources has an $88.9-million market capitalization. PAN AMERICAN SILVER Pan American Silver (TSX: PAAS; NASDAQ: PAAS) is a silver miner with assets in the Americas. The company expects to produce 25.3 million to 26.3 million oz. silver in 2019 at AISCs of US$6 to US$7.50 per oz. net of by-product credits, with gold production expected at 550,000 to 600,000 ounces. In October, Pan American announced exploration results from the La Colorada skarn, adjacent to and below the vein system at its La Colorada mine in Mexico. Drill intercepts include 379 metres of 54 grams silver per tonne, 0.5% copper, 1.96% lead and 3.73% zinc, as well as 253 metres of 67 grams silver, 0.19% copper, 3.84% lead and 6.56% zinc. An initial resource estimate is expected by year-end. In November 2018, Pan American announced a US$1.07 billion acquisition of Tahoe Resources, adding the Escobal silver mine in Guatemala to its portfolio, as well as the La Arena and Shahuindo gold mines in Peru and the Bell Creek mine in Ontario. At Escobal, operations are suspended pending completion of a consultation process, court approval and community engagement efforts. Project reserves are at 264 million oz. silver. Commercial

Newmont Goldcorp holds 14% of Probe shares outstanding.

production started in 2014 but was suspended in July 2017.

Probe Metals has a $116-million market capitalization.

Pan American holds 26% of Maverix Metals (TSX: MMX; NYSE-AM: MMX), a precious metals royalty and streaming company in addition to a 16.9% interest in New Pacific Metals (TSXV: NUAG).

TERANGA GOLD

The company also holds a freecarried 25% interest in Nexa Resources’ (TSX: NEXA; NYSE: NEXA) Shalipayco zinc project in Peru and has a joint-venture agreement with Radius Gold (TSXV: RDU; US-OTC: RDUFF ) on the Amalia gold-silver project in Mexico. Pan American has a $5.11-billion market capitalization. PROBE METALS Probe Metals (TSXV: PRB) is focused on exploration in the Val-d’Or East district in Quebec. The company wholly owns the 119 sq. km Val-d’Or East project, host to four past-producing mines. The company has found two parallel gold-bearing trends at the property, with resources distributed among deposits along the trends. New Beliveau is the largest defined deposit. The company envisions a number of satellite open pits eventually feeding a central mill at the property. Resources, based on an update released in September, stand at 14.6 million tonnes in the measured and indicated categories grading 1.85 grams gold for a total of 866,300 oz., and inferred resources of 28.7 million tonnes at 1.87 grams gold for 1.73 million oz. gold. Within these resources, approximately 1.78 million oz. is pit constrained. Probe has a 45,000-metre drill program underway aimed at growing the resource inventory and identifying new deposits. Geophysical surveys are also ongoing to locate more trends. In addition, Probe holds a 60% interest in the nearby Cadillac Break East property (40% Alexandria Minerals acquired by O3 Mining [TSXV: OIII] in August 2019) and a 46.3% interest in the Dubuisson holding (53.7% Agnico Eagle Mines [TSX: AEM; NYSE: AEM]). In January 2017, Probe signed an option agreement with Richmont Mines (now Monarch Gold [TSX: MQR]) to acquire a 60% interest in

Teranga Gold’s (TSX: TGZ) primary producing asset is the Sabodala gold mine in Senegal, West Africa, with its Wahgnion mine in Burkina Faso ramping up production. The company announced that the Wahgnion mine achieved commercial production on Nov. 1. This year, the operation is expected to reach the upper end of its guidance range of 30,000 to 40,000 oz. gold. Over the next five years, this mine is expected to produce an average of 132,000 oz. annually at AISCs of US$761 per ounce. Next year, Teranga plans to start a drill program focused on 12 targets at the Wahgnion holdings, which are located within trucking distance of the mill. In 2019, Sabodala is expected to produce 215,000 to 230,000 oz. at AISCs of US$1,000 to US$1,100 per ounce. Over the next five years, AISCs at the operation are expected to average US$885 per ounce. In February 2019, Teranga released an initial resource estimate for its Golden Hill project in Burkina Faso outlining indicated resources of 6.4 million tonnes grading 2.02 grams gold for a total of 415,000 oz., with inferred resources of 11.95 million tonnes at 1.68 grams gold for 644,000 ounces. Drilling found a number of near-surface zones of oxide mineralization. Engineering and metallurgical work has started with additional exploration underway. In Côte d’Ivoire, Teranga is earning a 100% interest in three permits and a 70% interest in another four permit areas. In June 2016, Teranga announced an all-share US$63-million acquisition of Gryphon Minerals, adding the Banfora project in Burkina Faso to its portfolio. In September 2017, it released the results of a feasibility study on the project, which outlines an operation producing an average of 131,000 oz. over the first five years of mine life at AISCs of US$807 per ounce. Tablo Corp., a private company, holds a 22% stake in Teranga. Teranga Gold has a $587-million market capitalization. TNM

2019-12-03 7:19 PM

EXPLORATION PROJECTS TO WATCH

GLOBAL MINING NEWS

THE NORTHERN MINER / DECEMBER 9–22, 2019

A drill site a SilverCrest Metals’ Las Chispas silver project in Sonora, Mexico. SILVERCREST METALS

SilverCrest discovers another high-grade zone at Las Chispas MEXICO BY JEAN LIAN

jlian@northernminer.com

ilverCrest Metals (TSX: SIL; NYSE-AM: SILV) has found a high-grade zone outside the resource area at its Las Chispas project in Sonora, Mexico, 220 km northeast of Hermosillo. The discovery hole — 19-118 — returned 9 metres grading 44.3 grams gold per tonne and 4,551.3 grams silver per tonne for 7,873 equivalent grams silver tonne, starting from 304 metres downhole. Another hole, 19-123, cut 6 metres grading 3.54 grams gold and 615.5 grams silver for 881 grams silverequivalent from 300 metres. The company has called the discovery zone “Area 118.” “I didn’t really believe it to start with,” Pierre Beaudoin, the company’s chief operating officer, says of the high grades. The company says infill drilling will help confirm the estimated widths and grades of the new zone, and 17 core drills — one of which drills from underground — operate at Las Chispas. The high-grade footprint of Area 118 is an estimated 300 metres along strike by 125 metres high, and includes two intersecting veins: Las Chispas and Giovanni. An updated resource estimate that could include mineralization from Area 118 is expected in the second quarter of next year, along with the results of a feasibility study scheduled for completion in the first half of 2020. A construction decision will follow the feasibility study. A resource estimate in February for Las Chispas shows an indicated resource of 1 million tonnes grading 6.98 grams gold per tonne and 711 grams silver per tonne for 224,900 contained oz. gold and 22.8 million contained oz. silver. Inferred resources stand at 3.6 million tonnes grading 3.32 grams gold and 333 grams silver for 388,300 contained oz. gold and 38.9 million contained

1-16_DEC9_Main .indd 15

| Updated resource estimate expected in second-quarter 2020

oz. silver. Eric Fier, the company’s CEO, says the team is “particularly excited” that discovery hole 19-118 was drilled in the Las Chispas area, which, until now, came after the high-grade mineralization delineated in the Babicanora area, less than 1 km away. The hole also surpassed the previous record intercept at Babicanora of 9 metres grading 6,336 grams silver equivalent. The current drill program focuses on the Las Chispas and Giovanni veins to expand high-grade mineralization by stepping out from historic underground workings along the down-plunging mineralized trend towards previously unmined areas. The results are based on 23 holes, 13 of which establish a footprint for this newly defined high-grade zone within a lower horizon of the Las Chispas and Giovanni veins. “Las Chispas and Giovanni are among the many targets we are working on. They are only two of the several areas of focus,” Beaudoin says. The recent discovery points to untested potential to add high-grade resources, Fier says. High-grade mineralization in Area 118 also suggests the potential to extend the production profile as outlined in the first five years of a preliminary economic assessment released in May. Beaudoin says the PEA is “pretty positive” for the first four years, but the grade starts to decline thereafter. The latest drill results offer “some real interesting possibilities” beyond the fourth year. The PEA forecast the project will produce an average of 5.4 million oz. silver and 55,700 oz. gold a year. During the first four years, production would come in at 7.6 million oz. silver and 81,600 oz. gold at allin sustaining costs of US$4.89 per equivalent oz. silver. Initial capex is pegged at US$100 million, with a nine-month payback period based on metal prices of US$16.68 per oz. silver and US$1,269 per oz. gold. The after-tax net pres-

ent value is projected at US$407 million at a 5% discount rate, and 78% internal rate of return. The PEA envisioned an 8.5-year mine life and a production rate of 1,250 tonnes per day that will require at least 11 underground working faces to feed the process plant, before ramping up to 15 working faces by the fifth year. The PEA assumes that miners will use cut-and-fill methods and split blasting in narrower stopes. This assumption might change in the feasibility study. While the company has returned its best drill hole to date, it does not mean that it can rest on its laurels, Beaudoin says. “One hole doesn’t make a mine.” Exploration efforts will continue to focus on outlining the 36 veins the company has identified. The priority veins targeted include Area 118, Babi Vista, Babi Sur and Babi Norte Northwest. “The large majority of all the company’s efforts are on Las Chispas,” Beaudoin says. “It is one of the best gold-silver assets in world.” More than 2 km of development underground, of which more than 500 metres exists in the vein, has been completed so far. The company is sampling and stockpiling mineralized material and expects to have up to 25,000 tonnes on the stockpile by the end of 2019. On Dec. 3, SilverCrest announced an $80 million bought-deal financing (11 million common shares priced at $7.28 each). The funds will be used for exploration and development work at Las Chispas. One area of focus is grade reconciliation. According to Beaudoin, while the grade in the resource estimate and the PEA is good, “the grade that we [have] mined so far is two times better than the estimate from the resource model. So obviously, there is something going on with grade reconciliation.” In October, the company announced that underground, high-

grade vein sampling results showed positive reconciliation, compared to the resource model for the Babicanora vein in Area 51. The weighted average grade of underground-sampling results in the Babicanora vein was 2,284 grams per equivalent tonne silver. The estimated grade of the actual mined vein was 2,209 grams per equivalent tonne silver, while the February resource-modelled grade was 892 grams per equivalent tonne silver. This is a 148% difference in silver-equivalent grade between the mined vein and the resource model. The positive difference owed to the presence of a high-grade clay shear zone within the vein that was not recovered in core drilling; a part of the mined vein that was not intersected in previous exploration drilling; greater consistency in the quartz-argentite part of the vein than previously modelled; and higher-grade mineralization typical in narrow epithermal-type veins. The tonnage difference — based on vein width — between the actual mined Babicanora vein and the resource-modelled grade saw a 33% decrease to 4,170, from 6,226 tonnes. Beaudoin says vein mining and grade reconciliation are a “significant de-risking effort,” as it helps the company validate the resource model, access mineralized material for metallurgical test work, and evaluate ground control and mining methods. The grade reconciliation efforts also include studies on the nugget effect by reviewing its assaying method, which could also positively affect the resource estimation. Grade reconciliation aside, the latest assays have generated positive valuation from analysts. Analyst Don DeMarco of National Bank of Canada says hole 19-118 is the best so far, and that “Las Chispas shows prolific exploration potential.” Ryan Thompson with BMO Capital Markets says the company’s aggressive exploration campaign should contribute ounces to the resource inventory and push the lower-grade

areas of the property further back in the mine life. Mark Mihaljevic with RBC Capital Markets expects a positive reaction from the market. While the company has focused on the high-grade Babicanora area, he says the recent success at Las Chispas will provide more room for exploration upside, and could show the prospective nature of the property as a whole. DeMarco, Thompson and Mihaljevic have “outperform” ratings on the stock and a 12-month target price of $9.50 per share. Philip Ker of PI Financial says the discovery adds high-grade tonnes that are vital for a sustainable, elevated grade profile beyond the initial five years of mine life. As drilling continues to show upside across the property, he says that “this potential growth supports our outlook and assumption of a further 40 million equivalent oz. silver to be discovered.” Craig Stanley of Eight Capital says that SilverCrest will attract considerable interest from silver and gold producers given the high grades, robust economics and an average annual production of 10 million equivalent oz. silver per year, as the PEA has forecast. But he also notes that an acquisition is more likely if a decline in silver and gold prices lowers the share price and market capitalization. “Management expects to make a production decision after the feasibility study in second-quarter 2020,” Stanley writes. “Once a favourable decision is made, management has indicated it would spur any acquisition inquiries until after production commences, and the share price re-rates.” Both Ker and Stanley rate the stock a “buy” and have a 12-month target price of $10 per share. At press time, SilverCrest shares were trading at $7.58 apiece within a 52-week range of $2.93 to $8.73. The company has 92 million shares outstanding for a $699-million market capitalization. TNM

2019-12-03 7:19 PM

EXPLORATION PROJECTS TO WATCH

DECEMBER 9–22, 2019 / THE NORTHERN MINER

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Troilus boosts gold resources QUEBEC

| More drilling in store at junior’s flagship project

BY JEAN LIAN jlian@northernminer.com

ingle-asset company Troilus Gold (TSX: TLG; US-OTC: CHXMF) has updated the resource estimate for its wholly owned Troilus gold project, 170 km north of Chibougamau, Quebec. Indicated resources for the project stand at 159.1 million tonnes grading 0.78 gram gold per tonne, 0.09% copper and 1.19 grams silver per tonne for 3.97 million contained oz. gold, 301.15 million contained lb. copper and 6.07 million contained oz. silver. Inferred resources add 52.7 million tonnes grading 0.9 gram gold per tonne, 0.08% copper and 1.01 grams silver for 1.53 million contained oz. gold, 94.89 million lb. copper and 1.71 million oz. silver. The updated estimate, which represents a 20% increase in the indicated category from the 2018 resource estimate, is based on more than 36,000 metres of drilling in 81 holes, conducted from February to July. This is in addition to the 36,000 metres in 91 holes that the company drilled in August last year. “We are now sitting on a 6.4 million oz. global resource that puts us as one of the largest developing gold assets in Quebec,” the company’s CEO Justin Reid says. The updated resource estimate is based on two zones: Z87 and J (comprising J4 and J5). Mineralization at the Z87 zone is hosted in breccias and amphibolite-grade metamorphic rocks within a much

Drills in the J zone at Troilus Gold’s namesake gold project in Quebec. TROILUS GOLD

broader, 4.5 km by 400-metre metamorphosed diorite known as the Troilus diorite. The mineral bodies in the J zone are hosted in the northern continuity of the Troilus diorite. “The J zone is open at depth, and we are finding some of our best grades and thicknesses approach the bottom of the pit, which is open to the northeast, and also in the shallow zone between the J zone and Z87,” Reid says. The J4 pit has been mined to 150 metres’ depth, while the Z87 pit has been explored to a depth of 350 metres. “The orebody hadn’t really been tested at depth,” he adds.

The saddle zone between the Z87 and J zones also provide untested opportunities. Blake Hylands, the company’s senior vice-president of exploration, says the latest drill results confirm that the mineralization at Troilus extends beyond the boundaries of the historic pits. The most significant contribution to the updated resource estimate comes from the J zone, where the pit-constrained potential has increased substantially and was “a key objective” of this year’s drill program. The company embarked on a small drill program at the end of November. This seven-hole diamond-drill

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TECH CONFERENCE

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

ELECTION 2015 | Credibility and accountability are top concerns

BY ALISHA HIYATE ahiyate@northernminer.com

BY JOHN CUMMING jcumming@northernminer.com

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

BY JOHN CUMMING

Mining sector W forced to innovate

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

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TECH CONFERENCE

ELECTION 2015 | Credibility and accountability are top concerns

TECH CONFERENCE

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

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

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

Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation 905 841 5004 | geotech.ca

SPECIAL FOCUS: QUEBEC / 7–10

TNM_Oct 05 2015 Issue.indd 1

See TECHNOLOGY / pg. 2

One of The Largest Silver Discoveries of 2014 TSX.V: GRG www.goldenarrowresources.com

Canadian Mining Hall of Fame

Discipline pays off / 4

Five new inductees / 5

PM40069240

OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Liberals, Greens Q&A on mining in Canada

Mining sector forced to innovate TECH CONFERENCE

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

ELECTION 2015 | Credibility and accountability are top concerns

BY ALISHA HIYATE ahiyate@northernminer.com

BY JOHN CUMMING jcumming@northernminer.com

See ELECTION / pg. 3

Editorial

See TECHNOLOGY / pg. 2

RIO TINTO

15-09-29 8:10 PM

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

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

RIO TINTO PM40069240

See ELECTION / pg. 3

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

COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4

RIO TINTO PM40069240

TNM_Oct 05 2015 Issue.indd 1

RIO TINTO

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See ELECTION / pg. 3 15-09-29 8:10 PM

COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4

TNM_Oct 05 2015 Issue.indd 1

15-09-29 8:10 PM

program covering 2,500 metres will test numerous expansion targets at Z86 South — an area 3.5 km south of the mine that had historically showed significant mineralization, with intercepts of 36 metres grading 1.23 grams gold and 18 metres of 1.06 grams gold. A drilling program covering 20,000 metres to define existing resources on the main mine property is planned for 2020. “Next year is a huge year for us, both from the drilling and engineering side,” Reid says. Hylands says he expects the results of the company’s 2020 program “will show additional growth potential of an already significant mineral resource estimate, and we will draw on our enhanced geological understanding to further explore the belt.” Baseline studies for the environmental impact assessment of the project are nearing completion. The company plans to complete a prefeasibility study in the second half of 2020. “Then we will be moving towards various production scenarios,” Reid says. The company acquired the project in 2016 from First Quantum Minerals (TSX: FM). First Quantum had bought the mine in 2013 from Inmet Mining, which operated an open-pit operation at Troilus from 1996 to 2009, producing more than 2 million oz. gold and nearly 70,000 tonnes copper. “We got very lucky. We acquired what everybody considered to be an exhausted asset,” Reid says. “Our team approached it with new eyes and by putting a new geological model on it, we have quickly added an incredible amount of ounces, and we expect that it is going to continue.” The Troilus property sits along the eastern segment of the Frotêt-Evans greenstone belt in Quebec’s Abitibi region. It is underlain by a sequence of intermediate to mafic flows and breccia locally with felsic volcanic rocks, and comagmatic gabbro and ultramafic sills. Exploration of the Troilus area started in 1958, after many erratic boulders containing copper and nickel anomalies were found. Kerr Addison Mines staked two large blocks of claims that included the Troilus mine area in 1985 and 1987. Minnova entered into a fiftyfifty joint venture with Kerr Addison in 1988. Five years later, Metall Mining (which subsequently changed its name to Inmet Mining) acquired the property from both Minnova and Kerr Addison. The company plans to operate a mine similar to the one that Inmet had run at Troilus. Reid says the plan, pending feasibility, is to start

with an open-pit mining scenario and eventually supplement with a smaller, underground operation. “We are not reinventing the wheel,” Reid says. “What sets us apart is that this is a brownfield site, so we are not starting from scratch.” When Troilus picked up the project it already had 65 km of power lines, 45 km of access roads, a 50-megawatt substation, a permitted tailings facility, a water-treatment plant, and a 60-person exploration camp. Reid says the existing infrastructure will lower the capex and shorten the time needed to get the required permitting for the project. “We have a high degree of confidence that we can go right to the more advanced level of engineering,” he says, citing the project’s increased resources and the company’s understanding of the history and the costs of the past-producing mine. The project’s location in miningfriendly Quebec is an advantage. “We couldn’t be in a better jurisdiction,” Reid says, noting Quebec’s long mining history and abundance of skilled labour. “The First Nations are very comfortable with our project [too], because Troilus as a past producer was a very large employer in the region.” Richard Gray, an analyst with Cormark Securities, rates Troilus as a “buy” and has a 12-month target price of $2.90 per share, citing the increased resources and existing “excellent infrastructure” that should provide Troilus with significant cost savings and de-risk the development and permitting time line for the project. The company is also remarkably undervalued, Gray says. “The project has the size and scope to garner significant re-rating as the company achieves further de-risking catalysts over the next 12 to 18 months, or become an attractive acquisition target for senior and mid-tier producers looking for large and undervalued resources in what is one of the safest jurisdictions in the world.” Pierre Vaillancourt, an analyst with Haywood Securities, is also encouraged by the project’s robust resource, which adds mine life and improves the optionality of the deposit. “However, we look for infill drilling and testing of new targets to improve the grade and depth of the resource, and ultimately, the economics of the project,” says Vaillancourt, who has a “buy” rating on the stock and a 12-month target price of $2. At press time, Troilus was trading at 67¢ per share within a 52-week range of 49¢ to $1.16. The company has 69 million common shares outstanding for a $46-million market capitalization. TNM

2019-12-03 7:20 PM

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DECEMBER 9–22, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 25–29 The S&P/TSX Composite Index rose 0.5% to close at 17,040.20. The S&P/TSX Global Mining Index gained 0.46% to 77, and the S&P/TSX Global Base Metals Index rose 0.34% to 102.58. The S&P/TSX Global Gold Index increased 1.12% to 243.66 and spot gold moved 0.2% higher, or US$2.90 per oz., to US$1,464 per ounce. Shares of Endeavour Mining jumped $1.42, or 5.93%, to $25.37 apiece. The company announced indicated resource estimates for its Kari West and Kari Center discoveries near the company’s Houndé gold mine in Burkina Faso. Kari West and Kari Center’s combined 1 million oz. gold in the indicated category lifts Houndé’s total measured and indicated resources 32% to 4.1 million oz. gold, excluding mine depletion this year. The resource estimate follows a maiden resource estimate the company released a year ago of 1 million indicated oz. at its Kari Pump discovery. The Kari anomaly, 7 km from the Houndé processing plant, extends over a 3 to 6 km area. The Kari area has been the company’s exploration focus for the past two years, with more than 350,000 metres drilled. A 145,000-metre drilling program to extend mineralization at the Kari deposits and explore targets within 10 km of the Houndé processing plant will begin soon.

Torex Gold Resources climbed 97¢ per share, or 5.1%, to $19.99. The 2019 drill program at the Sub-Sill deposit at its El Limon–Guajes complex in Mexico has extended mineralization 300 metres below existing reserves. The complex, which includes three open pits and the Sub-Sill underground mine, reached commercial production in April 2016. Highlights from the latest drill results include 6 metres grading 35.1 grams gold per tonne from 282 metres in hole 156, 4 metres grading 21.6 grams gold from 606 metres in hole 135, 6 metres grading 19.5 grams gold from 443 metres in hole 139, 5 metres grading 15.7 grams gold from 578 metres in hole 132, and 13 metres grading 13.8 grams gold TSX MOST ACTIVE ISSUES

Trevali Mng Suncor Energy Kinross Gold Detour Gold Kirkland Lake First Quantum Barrick Gold Harte Gold B2Gold Corp Nemaska Lith

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TV SU K DGC KL FM ABX HRT BTO NMX

28866 19719 19506 19484 15576 12999 12145 10125 9785 9684

0.21 42.23 5.79 24.75 56.78 12.60 22.46 0.19 4.92 0.22

0.15 41.43 5.58 21.66 50.21 11.86 21.78 0.10 4.64 0.17

0.20 41.43 5.74 24.60 55.79 12.15 22.18 0.19 4.91 0.20

+ - + + - - + + + +

0.03 0.33 0.09 2.39 7.53 0.21 0.26 0.09 0.21 0.03

from 494 metres in hole 47. Mineralization at Sub-Sill remains open at depth and along strike. Company president and CEO Fred Stanford says Sub-Sill has contributed more than 60,000 oz. gold production in the first three quarters of this year. News of Kirkland Lake Gold’s proposed $4.9-billion, all-share acquisition of Detour Gold sent the gold miner’s shares down $7.53,

or 11.9%, to $55.79. Kirkland Lake owns the Macassa mine in northern Ontario and the Fosterville mine in Australia — two of the highest-grade gold mines in the world. Detour Gold owns the low-grade Detour open-pit mine in northeastern Ontario. Detour has a 23-year mine life. Kirkland Lake says the transaction will boost free cash flow, mineral reserves and production. TNM

TSX GREATEST PERCENTAGE CHANGE

Harte Gold Xanadu Mines Candente Coppr Silver Bear Rs Midas Gold Balmoral Res Lydian Intl Yorbeau Res Belo Sun Mng Nevada Copper U3O8 Corp Hut 8 Mining Western Potash Alderon Iron Kirkland Lake Minco Silver Scandium Intl Freegold Vent Gold Std Vents Canarc Res

HRT XAM DNT SBR MAX BAR LYD YRB BSX NCU UWE HUT WRX IRON KL MSV SCY FVL GSV CCM

10125 71 108 263 623 5897 2609 2974 2274 2941 205 372 617 616 15576 231 234 307 1995 176

0.19 0.10 0.19 0.04 0.00 0.04 0.04 0.03 0.04 0.15 0.11 0.15 0.68 0.54 0.68 0.36 0.27 0.32 0.10 0.07 0.09 0.03 0.02 0.03 0.43 0.35 0.42 0.31 0.25 0.29 0.06 0.05 0.05 1.57 1.25 1.32 0.30 0.23 0.26 0.20 0.15 0.15 56.78 50.21 55.79 0.59 0.48 0.53 0.10 0.00 0.09 0.06 0.04 0.05 0.97 0.78 0.88 0.06 0.05 0.05

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Detour Gold Franco-Nevada Seabridge Gld Endeavour Mng Aura Minerals SSR Mining Pan Am Silver Torex Gold MAG Silver Pretium Res Kirkland Lake Agnico Eagle Cameco Corp Suncor Energy Teck Res Maverix Metals Hut 8 Mining First Quantum Ivanhoe Mines Lundin Mng

90.0 60.0 33.3 31.8 28.3 23.5 21.4 20.0 20.0 18.4 16.7 13.7 13.3 12.1 11.9 11.7 10.5 10.0 9.3 9.1

VOLUME WEEK (000s) CLOSE CHANGE

DGC FNV SEA EDV ORA SSRM PAAS TXG MAG PVG KL AEM CCO SU TECK.A MMX HUT FM IVN LUN

19484 24.60 1912 130.67 273 17.50 900 25.37 6 22.35 1012 20.66 1268 25.54 1097 19.99 745 14.24 2187 13.31 15576 55.79 2881 78.92 2306 12.10 19719 41.43 8 20.90 195 5.43 372 1.32 12999 12.15 2697 3.51 8461 7.19

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

2.39 1.82 1.44 1.42 1.25 1.12 1.07 0.97 0.97 0.82 7.53 0.84 0.49 0.33 0.28 0.27 0.21 0.21 0.16 0.15

TSX VENTURE EXCHANGE / NOVEMBER 25–29 The S&P/TSX Venture Composite Index gained 0.34% to 531.81. Spot gold finished at US$1,464 per oz., up 0.2%. Shares of New Pacific Metals jumped 36¢, or 8.37%, to $4.66. The company recently announced interim financial results for the three months ended Sep. 30. Net income attributable to equity holders of the company was $1.29 million, or 1¢ per share, compared to a net loss of $752,583 or 1¢ per share in the three months ended Sept. 30 2018. The results were mainly affected by greater income from investments, and a $176,342 foreign-exchange gain. The company also closed a boughtdea l f inancing under written by BMO Capital Markets on Oct. 25, raising $17.2 million by issuing 4.3 million common shares at $4 apiece. K92 Mining climbed 35¢, or 16.1%, to $2.52. The company announced the latest diamond-drill results from the Kora North Extension at its Kainantu gold mine in Papua New Guinea. The 10 holes, completed from surface and underground at the Kora North deposit, included two holes — 147 and 147A — that are among t he h ig hest-g rade i ntersec t ions ever drilled at Kora or the Kainantu mine. Hole 147A returned 13 metres of 288.73

grams gold per tonne, 104 grams silver per tonne and 0.77% copper. Drill hole 147, proximal to 147A, cut 14 metres of 107.55 grams gold, 103 grams silver and 1.50% copper. The company declared commercial production from Kainantu in February 2018, and has started expanding the mine. Aura nia Resources ju mped 4 6¢ to $3.44 after it announced it had found an old road in the centra l part of the company’s Lost Cities–Cutucu project in Ecuador. The company says the road likely linked two gold-mining centres t hat historic Spa nish documents a nd maps from the 16th and 17th centuries refer to as Sevilla del Oro and Logrono de los Caballeros. TSX-V MOST ACTIVE ISSUES

Melkior Res King Global K92 Mining BTU Metals Blue River Res Peruvian Metal Gitennes Expl Inca One Gold Fidelity Min Redstar Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MKR 11046 KING 9807 KNT 9025 BTU 8678 BXR 5215 PER 4931 GIT 4820 IO 4152 FMN 3995 RGC 3817

0.04 0.02 2.67 0.22 0.01 0.03 0.06 0.03 0.01 0.03

0.02 0.00 2.19 0.09 0.01 0.03 0.03 0.03 0.01 0.02

0.03 + 0.02 0.02 unch 0.00 2.52 + 0.35 0.22 + 0.13 0.01 unch 0.00 0.03 unch 0.00 0.05 + 0.02 0.03 - 0.01 0.01 - 0.01 0.02 unch 0.00

A volcanogenic massive sulphide (VMS) target found on the southern part of its Dixie Halo property in Red Lake, Ont., sent BTU Metals shares soaring 139% to 22¢ per share. The company reported that partial results have been received for hole 13, which show elevated copper, gold and silver. The Dixie Halo gold project totals 147.7 sq. km and borders much of Great

Bear Resources’ Dixie project. “Drilling of holes 12 and 13 have identified polymetallic mineralization, including chalcopyrite, copper and gold, which is extremely rare,” the company said in a news release. BTU has done a Versatile Time Domain Electromagnetic survey that it says “has provided further evidence of a potential VMS target.” TNM

TSX-V GREATEST PERCENTAGE CHANGE

Heatherdale Rs Gespeg Res Till Capital BTU Metals Candelaria Mg MetalCorp Revelo Res Alturas Min Stria Lithium Melkior Res Altair Res Inc Carlin Gold Bold Ventures District Cop Dajin Res Highway 50 Gld Central Tim Ex Amarc Res Arctic Star Ashanti Sanko

HTR GCR TIL BTU CAND MTC RVL ALT SRA MKR AVX CGD BOL DCOP DJI HWY CTEC AHR ADD ASI

106 722 3 8678 375 141 648 50 39 11046 1419 830 780 1336 2892 316 390 209 267 505

0.16 0.02 2.54 0.22 0.31 0.01 0.01 0.01 0.01 0.04 0.02 0.02 0.01 0.01 0.03 0.10 0.04 0.04 0.02 0.02

0.00 0.01 0.00 0.09 0.11 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.08 0.03 0.04 0.01 0.02

0.16 0.02 2.54 0.22 0.25 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.08 0.03 0.04 0.01 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 675.0 + 200.0 + 154.0 + 138.9 + 108.3 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 50.0 - 40.0 - 37.5 - 37.5 - 36.4 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Till Capital Aurania Res New Pac Metals K92 Mining Golden Secret Cornerstone Ca New Oroperu EMX Royalty White Gold Heatherdale Rs GSP Resource Pac Booker Min Itafos Luckystrike Western Pac Rs Athabasca Min Chesapeake Gld Probe Metals Osisko Metals Torq Resources

TIL ARU NUAG KNT TBRD CGP ORO EMX WGO HTR GSPR BKM IFOS LUKY WRP AMI CKG PRB OM TORQ

3 217 446 9025 227 110 206 129 1094 106 514 12 28 79 7 520 34 447 1100 72

2.54 3.44 4.66 2.52 1.38 2.32 0.70 1.99 1.07 0.16 0.28 2.07 0.53 0.23 0.28 0.32 2.83 0.95 0.42 0.49

+ 1.54 + 0.46 + 0.36 + 0.35 + 0.28 + 0.27 + 0.20 + 0.17 + 0.17 + 0.14 - 0.14 - 0.13 - 0.12 - 0.12 - 0.12 - 0.10 - 0.08 - 0.07 - 0.07 - 0.07

U.S. MARKETS / NOVEMBER 25–29 The Dow Jones Industrial Average rose 0.63% to 28,051.41 and the S&P 500 Index gained 0.99% to 3,140.90. Spot gold closed the trading week at US$1,464, up 0.2%. Nutrien shares gained US85¢ to US$47.72 on news that the company is increasing the number of common shares it may repurchase in a buyback program starting Dec. 2. The maximum number of shares to be repurchased increased to 42.16 million, representing 7% of the company’s public float as of February 2019. The increase will allow Nutrien to repurchase and cancel another 12.03 million common shares until the buyback program expires on Feb. 26, 2020. Under its current program, Nutrien has repurchased on the open market and cancelled an initial maximum of 30.13 million common shares with a weighted average price of US$52.45 per share. Yamana Gold posted a US11¢ gain to US$3.58. The company found high-grade mineralization at its El Penon mine with the potential to extend its mine life. Assay highlights include 166.90 grams gold per tonne and 10,538 grams silver per tonne over 1 metre in hole 179, and 71.30 grams gold and

18_DEC9_MarketNews.indd 18

5,736 grams silver over 1 metre in hole 253. Drilling in the Deep Orito vein intersected 32.40 grams gold and 169 grams silver across 5 metres in hole 64, while exploration at the Laguna satellite deposit returned 55.24 grams gold and 813 grams silver over 3 metres in hole 31. El Penon entered production in 1999 with an estimated five-year life, and 20 years later, the mine’s mineral reserves are nearly the same, the company’s senior vice-president of exploration said in a news release. Vale SA shares fell US13¢ to US$11.76. The company announced that it is extending emergency payments another 10 months to U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMoR* FCX 94807 11.86 11.27 11.38 + 0.03 Vale* VALE 83439 12.14 11.72 11.76 - 0.13 United States S* X 58659 13.99 12.52 13.12 - 0.34 Yamana Gold* AUY 52537 3.62 3.41 3.58 + 0.11 Kinross Gold* KGC 46730 4.36 4.19 4.33 + 0.08 Barrick Gold* GOLD 37312 16.91 16.30 16.80 + 0.31 Hecla Mining* HL 35590 2.53 2.28 2.47 + 0.14 Cleveland-Clif* CLF 34627 8.30 7.88 7.99 + 0.05 Chevron Corp* CVX 28926 119.22 116.88 117.13 - 1.50 Newmont Gdcorp* NEM 27693 38.57 37.61 38.40 + 0.31

people affected by the tailings dam collapse in January at its Feijao iron ore mine in Brazil. The disaster left 251 people dead and 19 missing. “It is estimated that between 10,000 and 15,000 people will continue to receive the full payment of emergency aid,”

Vale said. “Others ... who currently receive the full payment of emergency aid agreed in February 2019, estimated between 93,000 to 98,000 beneficiaries will receive 50% of the emergency payment for 10 months starting on Jan. 25, 2020.” TNM

U.S. GREATEST PERCENTAGE CHANGE

Fortuna Silvr* Seabridge Gld* Sibanye-Stillw* Intrepid Pots* Nexa Resources* Hecla Mining* Alamos Gold* Mosaic* Pretium Res* MartinMarietta* Kirkland Lake* CONSOL Energy* McEwen Mng* Natural Res Pt* United States S* Cameco Corp* Trecora Res* Harmony Gold* NACCO Ind* Chevron Corp*

FSM SA SBGL IPI NEXA HL AGI MOS PVG MLM KL CNX MUX NRP X CCJ TREC HMY NC CVX

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

6595 3.29 3.01 3.29 + 8.9 1300 13.06 11.90 12.98 + 7.4 16146 8.00 7.35 7.96 + 6.8 3289 2.32 2.10 2.28 + 6.5 285 8.59 7.98 8.49 + 6.4 35590 2.53 2.28 2.47 + 6.0 10376 5.69 5.33 5.67 + 5.0 17924 19.12 18.17 19.05 + 4.9 8142 9.92 9.32 9.75 + 3.8 3461 273.93 258.64 268.40 + 3.5 24053 42.64 37.75 41.91 - 12.0 13421 7.78 6.87 6.91 - 9.1 23519 1.23 1.10 1.13 - 8.1 127 22.47 19.95 19.95 - 7.6 58659 13.99 12.52 13.12 - 2.5 4705 9.49 9.22 9.25 - 2.2 191 7.99 7.62 7.70 - 2.2 17895 3.19 3.00 3.12 - 1.6 81 49.20 46.77 47.10 - 1.3 28926 119.22 116.88 117.13 - 1.3

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Franco-Nevada* FNV Mosaic* MOS Seabridge Gld* SA Nutrien* NTR Rio Tinto* RIO Sibanye-Stillw* SBGL Nexa Resources* NEXA Pretium Res* PVG Buenaventura* BVN Kirkland Lake* KL Natural Res Pt* NRP Chevron Corp* CVX Black Hills* BKH Arch Coal* ARCH CONSOL Energy* CNX NACCO Ind* NC Agnico Eagle* AEM United States S* X Alcoa* AA

VOLUME WEEK (000s) CLOSE CHANGE

3461 268.40 1862 98.32 17924 19.05 1300 12.98 5628 47.42 4854 54.56 16146 7.96 285 8.49 8142 9.75 2992 15.37 24053 41.91 127 19.95 28926 117.13 1296 76.57 994 74.11 13421 6.91 81 47.10 4389 59.60 58659 13.12 11356 20.35

+ 9.07 + 1.38 + 0.89 + 0.89 + 0.85 + 0.76 + 0.51 + 0.51 + 0.36 + 0.34 - 5.71 - 1.64 - 1.50 - 0.98 - 0.70 - 0.69 - 0.64 - 0.40 - 0.34 - 0.21

2019-12-03 7:21 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / DECEMBER 9–22, 2019

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 LME WAREHOUSE LEVELS

PRODUCER AND DEALER PRICES

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, November 29, 2019 (change from November 2, 2019 in brackets): 7040 (+200) Aluminium Alloy Aluminium 1271650 (+91250) Copper 208625 (-10300) Lead 67150 (-25) Nickel 68280 (+1530) 6500 (-140) Tin Zinc 59350 (-525)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$61.90 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.80 Cobalt: US$16.10/lb. Copper: US$2.66/lb. Copper: CME Group Futures Jan. 2020: US$2.62/lb.; Feb. 2020: US$2.63/lb Iridium: NY Dealer Mid-mkt US$1,480.00/tr oz. Iron Ore 62% Fe CFR China-S: US$88.80/tonne Lead: US$0.87/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$5,900.00 tr. oz. Ruthenium: Mid-mkt US$250.00/tr. oz. Silver: Handy & Harman Base: US$16.95 per oz.; Handy & Harman Fabricated: US$21.19 per oz. Tin: US$7.48/lb. Uranium: U3O8, Trade Tech spot price: US$25.25 per lb. U308 Zinc: US$1.04/lb. Prices current Dec. 3, 2019

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

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Nov 29 Nov 28 Nov 27 Nov 26 Nov 25 High Low S&P/TSX Composite 17040.20 17114.52 17100.57 17035.88 17032.86 15527.30 12400.15 S&P/TSXV Composite 531.81 532.31 533.81 531.73 530.22 1050.26 883.52 S&P/TSX 60 1018.62 1023.67 1022.95 1019.15 1019.30 896.74 709.99 S&P/TSX Global Gold 243.66 241.18 239.46 240.47 236.65 218.90 149.29 DJ Precious Metals 200.82 200.82 200.82 202.14 198.55 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 15, 2019 (with changes from Oct 31, 2019) Largest short positions NMX 23044494 -109299 10/31/2019 Nemaska Lith Sandstorm Gold SSL 19287489 -1723993 10/31/2019 New Gold NGD 16934163 482759 10/31/2019 Ivanhoe Mines IVN 15492947 414376 10/31/2019 Barrick Gold ABX 11456967 -114653 10/31/2019 Kinross Gold K 11018992 -1444803 10/31/2019 Nexgen Energy NXE 10588534 -85866 10/31/2019 OceanaGold OGC 10215997 -1232334 10/31/2019 First Quantum FM 8942873 -586582 10/31/2019 Yamana Gold YRI 8801369 -746757 10/31/2019 Premier Gold M PG 8504243 -1411185 10/31/2019 Fortuna Silvr FVI 8286073 274884 10/31/2019 Suncor Energy SU 8144026 -829919 10/31/2019 Sherritt Intl S 8037347 149990 10/31/2019 Trevali Mng TV 7113860 -169015 10/31/2019 Largest increase in short position Wallbridge Mng WM 2810031 1379929 10/31/2019 McEwen Mng MUX 3493062 572864 10/31/2019 IAMGOLD IMG 4335800 564258 10/31/2019 LUN 5322979 561681 10/31/2019 Lundin Mng Forsys Metals FSY 529043 507657 10/31/2019 Largest decrease in short position ASR 5542821 -2905386 10/31/2019 Alacer Gold Royal Nickel RNX 6089585 -2048508 10/31/2019 Guyana Gldflds GUY 2260920 -1937363 10/31/2019 Sandstorm Gold SSL 19287489 -1723993 10/31/2019 Kinross Gold K 11018992 -1444803 10/31/2019

Short positions outstanding as of Nov 15, 2019 (with changes from Oct 31, 2019) Largest short positions NVO 2477555 -406646 10/31/2019 Novo Res K92 Mining KNT 1633879 382113 10/31/2019 Hawkeye Gld&Di HAWK 814000 791000 10/31/2019 Equinox Gold EQX 742491 177626 10/31/2019 Osino Res OSI 665509 652859 10/31/2019 Providence PHD 528494 523494 10/31/2019 Barkerville BGM 526314 419812 10/31/2019 -36558 10/31/2019 New Pac Metals NUAG 421661 Ely Gold Royal ELY 416476 308673 10/31/2019 Goldsource Min GXS 412158 393665 10/31/2019 Western Mag WMG 370493 -62128 10/31/2019 Pacific Empire PEMC 339000 -41054 10/31/2019 IMPACT Silver IPT 328616 64031 10/31/2019 Colorado Res CXO 325000 197000 10/31/2019 Great Bear Res GBR 320665 -73518 10/31/2019 Largest increase in short position Hawkeye Gld&Di HAWK 814000 791000 10/31/2019 Osino Res OSI 665509 652859 10/31/2019 Providence PHD 528494 523494 10/31/2019 Barkerville BGM 526314 419812 10/31/2019 412158 393665 10/31/2019 Goldsource Min GXS Largest decrease in short position Pacton Gold PAC 104285 -5199675 10/31/2019 Gratomic GRAT 215938 -1174135 10/31/2019 Melkior Res MKR 9156 -992364 10/31/2019 Coral Gold CLH 138 -471553 10/31/2019 Crystal Lake CLM 27628 -460661 10/31/2019

DAILY METAL PRICES Daily Metal Prices Date Dec 2 Nov 29 Nov 28 Nov 27 Nov 26 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1310/1275 1315/1275 1320/1280 1340/1300 1310/1275 1789/1768 1785/1760 1764.50/1756 1770/1760 1749.50/1742 Aluminum Copper 5855/5875 5853.50/5876 5881/5903 5925/5945 5855/5870 1911/1925 1946.50/1957 1925.50/1938 1945/1959 1907.50/1920 Lead Nickel 13620/16650 13805/13905 14060/14070 14435/14475 14365/14410 16450/16425 16325/16355 16440/16400 16370/16370 16325/16350 Tin Zinc 2285/2255 2312/2381 2312/2285 2334.50/2300 2300/2271 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1457.50 1456.35 1457.55 1459.80 1457.65 Gold PM 1461.15 1460.15 1454.65 1454.35 1454.65 Silver 16.88 16.97 16.95 17.06 16.94 Platinum 897.00 894.00 890.00 901.00 900.00 1858.00 1832.00 1833.00 1803.00 1792.00 Palladium

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share. Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS NOVEMBER 25–29, 2019 32 New Highs Aftermath Silv* Alacer Gold Aura Minerals Awale Res Balmoral Res Balmoral Res* Callinex Mines* Comstock Mng* Conquest Res * Contintl Gold Gitennes Expl Golden Hope Grosvenor Res Heatherdale Rs

Lodge Res Luckystrike * Michelin New Oroperu Novo Res Novo Res* Parallel Mng Robex Res Sibanye-Stillw* Silvercorp Met Silvercorp Met* Sitka Gold* Talisker Res Talisker Res* Till Capital

Trident Gold TriMetals Mng* Wesdome Gold

56 New Lows Advantage Lith* Almadex Min Angkor Res Aquila Res* Central Tim Ex CNRP Mng* Copper Mtn Mng Defiance Silvr* Diversified Rs* Equitorial Ex* EVI Global Grp

First Cobalt First Cobalt * Gold Std Vents Gold Std Vents* Golden Mnls* Great Panther Great Panther* Highway 50 Gld* Hybrid Mineral Idaho Champion* Inca One Gold* Largo Res Largo Res* Leading Edge Lucara Diam

McEwen Mng McEwen Mng* Mexican Gold* Mexus Gold* Miramont Res Montero Mg&Ex * Natural Res Pt* Nexus Gold Noront Res Nrthn Graphite* Osisko Metals* Parallel Mng * Probe Metals Reunion Gold Revival Gold *

Rise Gold Corp* Riverside Res* Sama Res* Scandium Intl Signature Res* Spruce Ridge R Syrah Res* Tectonic Metal Tinka Res Trevali Mng United States A* Uranium Energy* Wealth Mnrls* Wolfden Res* Zonte Metals*

CANADIAN GOLD MUTUAL FUNDS Fund Nov 29 ($) Nov 22 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Glob Re A Fd MF 18.75 0.01 0.07 0.58 2.80 88.21 21.39 -0.08 -0.37 26.93 2.40 54.20 BMO Prec Mtls Fd A BMO ZGD 58.80 57.06 1.74 3.05 41.69 0.61 BMO ZJG 58.83 55.72 3.11 5.58 32.39 0.60 CIBC Prec Metal Fd A 11.87 11.74 0.13 1.10 30.88 2.44 49.52 Dyn Prec Metls Fd A 7.91 7.73 0.18 2.33 25.15 2.73 417.80 23.23 0.02 0.09 0.01 4.89 Harvest HGGG Horizons HEP 28.52 -0.12 -0.41 31.56 0.83 IG Mac GbPMetCl A 10.35 10.18 0.17 1.67 34.05 2.75 34.27 iShares XGD 15.19 15.01 0.18 1.19 34.07 0.61 854.64 54.22 53.32 0.90 1.69 34.16 2.53 63.82 Mac Prec Met Cl A NBI PrecMetFd Invt 15.63 15.19 0.44 2.90 34.38 2.46 29.99 35.39 0.46 1.31 16.14 3.19 NPT Go&PrMinFd A NPT SilverEquCl A 5.56 0.02 0.28 25.70 2.98 RBC GblPreMetFd A 40.56 0.44 1.09 33.40 2.13 356.92 Sentry Pre Met Fd A 32.99 0.98 2.97 6.25 2.43 163.34 39.70 -0.16 -0.40 33.38 2.26 130.60 TD Prec Mtl Fd Inv

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

Nov 29 Nov 28 Nov 27 Nov 26 Nov 25 1.3281 1.3281 1.3286 1.3271 1.3304 0.7530 0.7530 0.7527 0.7535 0.7517

Exchange rates (Quote Media, November 29, 2019) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.1125 0.6838 82.4620 14.6784 11.0829 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5831 5.2977 53.8416 0.7519 886.8928 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4776 0.9082 109.5170 19.4935 14.7160 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7745 7.0354 71.5574 0.9986 1178.0100

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

19_DEC9_MMMM.indd 19

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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2019-12-03 5:04 PM

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DECEMBER 9â&#x20AC;&#x201C;22, 2019 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 25â&#x20AC;&#x201C;29, 2019 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 12 Exploration C 5 1911 Gold* O 3 1911 Gold V 318 21C Metals* O 165 21C Metals C 306 66 Resources C 75 92 Resources V 131 Abacus Mining V 45 Abacus Mining* O 132 Abcourt Mines V 1329 O 5 Abcourt Mines* Aben Resources* O 403 Aben Resources V 1891 Abitibi Royal* O 1 Abitibi Royal V 9 AbraPlata Res* O 355 V 102 AbraPlata Res Abzu Gold* O 6 Academy Metals V 9 O 55 Adamera Min* Adamera Min V 96 Adex Mining V 43 Advance Gold V 389 Advantage Lith* O 117 V 230 Advantage Lith Adventus V 11 Adventus* O 10 Aethon Mineral V 28 AEX Gold V 308 Affinity Metal* O 110 African Gold* O 541 African Gold V 891 O 0 African Metals* African Min* O 77 O 866 Aftermath Silv* Agnico Eagle T 2881 Agnico Eagle* N 4389 AgriMinco* O 1024 Aguila Amer Gd V 4 C 90 AJN Resources Alacer Gold T 3331 Alamos Gold T 2087 Alamos Gold* N 10376 Alaska Pac Egy* O 5000 O 18 Alba Minerals* Alcoa* N 11356 V 118 Aldebaran Res Alderon Iron* O 18 Alderon Iron T 616 Aldever Res* O 0 Aldever Res V 52 O 241 Alexandra Cap* Alexco Res* X 3511 Alexco Res T 854 Algold Res V 63 Alianza Min V 720 Alianza Min* O 17 Alien Metals* O 200 Alio Gold* X 441 Alio Gold T 153 All American* O 36 Allegiant Gold V 515 Allegiant Gold* O 469 Alliance Mng V 858 Alliance Res* D 3295 Almaden Min T 89 Almaden Min* X 862 Almadex Min* O 140 Almadex Min V 53 54 Almonty Ind * O Almonty Ind T 392 Aloro Mining* O 25 Aloro Mining V 650 Alpha Lithium V 346 Alpha Lithium* O 18 Alphamin Res * O 269 Alphamin Res V 395 Altai Resource V 392 O 10 Altai Resource* Altair Res Inc* O 150 Altair Res Inc V 1419 Altamira Gold V 95 O 25 Altamira Gold* Altan Nevada V 50 Altiplano Met V 411 Altius Mnrls * O 109 Altius Mnrls T 224 Alto Ventures* O 8 Alto Ventures V 202 O 1087 Altura Mining* Alturas Min V 50 Altus Strat V 148 Alumina Ltd* O 91 ALX Uranium V 1835 ALX Uranium* O 28 AM Resources V 2 Amarc Res V 209 Amarc Res* O 50 Amarillo Gold V 589 Amarillo Gold* O 125 Amer Intl Vent* O 94 O 647 American Creek* American Creek V 1803 American CuMo* O 51 American Lith V 107 O 152 American Lith* American Mang* O 1877 American Mang V 2005 American Pac C 3477 O 72 American Pac* AmericanSierra* O 4 Americas Silvr* X 1312 Americas Silvr T 1378 Amerigo Res T 439 Amerigo Res* O 113 Amex Expl* O 20 Amex Expl V 222 Amilot Capital* O 0 Amilot Capital V 5 Amseco Expl V 30 Anaconda Mng T 444 Anaconda Mng* O 177 Andes Gold* O 18 Andover Mng* O 2 Anfield Energy* O 181 Anfield Energy V 143 Angel Gold* O 92 Angel Gold V 314 Angkor Gold* O 12 Angkor Res V 55 12 Anglo American* O Anglo American* O 536 Anglo Pac Grp T 4 AngloGold Ash* O 0 AngloGold Ash* N 13116 Antioquia Gold V 200 Antioquia Gold* O 274 Antler Gold V 103 Antler Hill V 23 Antofagasta* O 1 Apex Res * O 67 Apex Res V 820 Appia Energy C 310 Appia Energy* O 226 Applied Min* O 317 Aquila Res* O 209 Aquila Res T 393 Arbor Metals V 5 Arch Coal* N 994 Archon Mineral V 112 Arctic Star* O 51 Arctic Star V 267 Arcturus Vent* O 14 Arcturus Vent V 245 Arcus Dev Grp* O 24 Arcus Dev Grp V 60 Arcwest Explor V 555 Arcwest Explor* O 125 Arena Min* O 115 Arena Min V 138 Argentina Lith V 68 Argentina Lith* O 25 Argentum Silvr V 26 Argentum Silvr* O 0

20-23_DEC9_StockTables.indd 20

0.15 0.15 0.15 unch 0.00 0.25 0.15 0.19 0.00 0.19 + 0.03 0.28 0.15 0.27 0.22 0.27 + 0.05 0.37 0.22 0.06 0.05 0.05 - 0.01 0.28 0.02 0.08 0.07 0.07 - 0.01 0.27 0.07 0.11 0.10 0.10 unch 0.00 0.37 0.06 0.12 0.00 0.11 + 0.01 0.90 0.08 0.06 0.06 0.06 + 0.01 0.10 0.04 0.05 0.03 0.04 + 0.00 0.09 0.03 0.08 0.07 0.07 unch 0.00 0.10 0.04 0.06 0.06 0.06 unch 0.00 0.09 0.03 0.07 0.05 0.06 - 0.00 0.20 0.04 0.09 0.07 0.08 - 0.01 0.27 0.07 10.92 10.91 10.92 + 0.01 11.50 6.60 14.50 14.10 14.45 - 0.04 15.35 8.79 0.04 0.03 0.04 - 0.00 0.08 0.03 0.05 0.05 0.05 + 0.01 0.11 0.04 0.00 0.00 0.00 unch 0.00 1.07 0.00 0.14 0.11 0.11 - 0.03 1.40 0.11 0.02 0.02 0.02 + 0.00 0.08 0.01 0.03 0.00 0.03 unch 0.00 0.12 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.07 0.08 unch 0.00 0.14 0.05 0.14 0.11 0.13 - 0.00 0.55 0.11 0.18 0.15 0.17 unch 0.00 0.72 0.15 0.95 0.86 0.95 + 0.09 1.16 0.66 0.65 0.64 0.65 - 0.02 0.90 0.48 0.18 0.16 0.17 + 0.01 0.30 0.11 0.41 0.41 0.41 unch 0.00 0.44 0.24 0.11 0.09 0.09 unch 0.00 0.13 0.04 0.30 0.23 0.24 - 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0.02 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.19 0.17 0.17 - 0.02 0.31 0.16 0.13 0.12 0.12 - 0.01 0.23 0.11 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.04 - 0.01 0.09 0.02 0.06 0.05 0.06 - 0.01 0.11 0.03 0.07 0.05 0.05 unch 0.00 0.10 0.00 0.12 0.10 0.10 + 0.01 0.57 0.09 0.09 0.07 0.08 - 0.00 0.43 0.06 0.21 0.16 0.18 + 0.01 0.24 0.10 0.28 0.22 0.24 + 0.02 0.31 0.13 0.10 0.07 0.10 + 0.01 0.31 0.04 0.08 0.06 0.08 + 0.01 0.24 0.03 0.02 0.00 0.02 + 0.00 0.03 0.01 2.75 2.44 2.70 + 0.17 3.92 1.24 3.72 3.24 3.72 + 0.33 5.19 1.66 0.53 0.48 0.50 + 0.02 1.21 0.40 0.40 0.35 0.38 + 0.02 0.92 0.30 0.88 0.80 0.88 + 0.05 1.12 0.10 1.20 1.06 1.20 + 0.10 1.52 0.08 0.00 0.00 0.05 unch 0.00 0.06 0.00 0.03 0.03 0.03 unch 0.00 0.15 0.03 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.24 0.22 0.23 unch 0.00 0.36 0.19 0.18 0.16 0.17 + 0.00 0.27 0.14 0.01 0.00 0.01 + 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.07 0.07 - 0.00 0.20 0.07 0.11 0.09 0.11 + 0.01 0.26 0.09 0.02 0.01 0.02 + 0.01 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.07 0.07 0.07 + 0.00 0.13 0.06 0.09 0.09 0.09 - 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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argo Gold C 40 Argo Gold* O 5 Argonaut Gold* O 120 T 1080 Argonaut Gold Arian Res* O 14 V 104 Arianne Phosph Arianne Phosph* O 107 O 49 Arizona Silver* Arizona Silver V 123 Armor Min V 2 Artemis Gold* O 49 Artemis Gold V 234 Asanko Gold* X 1400 Asanko Gold T 254 Asante Gold C 334 Asante Gold* O 150 Ascendant Res T 248 O 31 Ascendant Res* Ascot Res T 145 31 Ascot Res * O Ashanti Sanko V 505 O 5 Ashanti Sanko* AsiaBaseMetals V 27 AsiaBaseMetals* O 1 Asian Mineral V 291 Aston Bay V 1130 Aston Bay* O 66 Astorius Res V 62 ATAC Res* O 370 ATAC Res V 749 O 18664 Atacama Res* Atalaya Mining T 17 O 23 Athabasca Min* V 520 Athabasca Min Atico Mining* O 41 Atico Mining V 354 Atlanta Gold* O 100 Atlantic Indus V 100 Aton Resources V 247 O 205 Aton Resources* Aura Minerals* O 1 Aura Minerals T 6 Aura Resources V 116 O 19 Aura Resources* Auramex Res V 87 Aurania Res* O 90 Aurania Res V 217 Aurcana Corp V 123 Aurcana Corp* O 34 V 72 AurCrest Gold Aurelius Min V 170 Aurex Energy V 23 Aurion Res V 162 26 Aurion Res * O Aurora Royal V 936 O 36 AURYN Mining* Auryn Resource T 338 X 511 Auryn Resource* Aust Mines* O 17 Austral Gold V 140 Austral Gold* O 56 Auxico Res C 250 Avalon Advance* O 1087 T 2533 Avalon Advance Avarone Metals* O 25 C 90 Avarone Metals Avesoro Res T 14 Avesoro Res* O 80 Avidian Gold V 128 Avino Silver* X 566 Avino Silver T 36 Avrupa Min* O 178 Avrupa Min V 2019 Awale Res V 2487 Axmin Inc V 45 Axmin Inc* O 41 Azarga Metals V 57 O 200 Azarga Metals* Azarga Uranium* O 144 Azarga Uranium T 536 Azimut Explor V 146 Azimut Explor* O 153 O 34 Azincourt Ener* Azincourt Ener V 2177 V 65 Aztec Minerals Aztec Minerals* O 46 Azteca Gold* O 103 Azucar Min V 107 Azucar Min* O 217

0.11 0.00 0.11 unch 0.00 0.33 0.07 0.08 0.08 0.08 unch 0.00 0.24 0.06 1.39 1.27 1.38 + 0.05 2.15 0.85 1.85 1.68 1.85 + 0.06 2.87 1.18 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.31 0.27 0.28 - 0.02 0.65 0.26 0.25 0.20 0.21 - 0.02 0.49 0.20 0.11 0.08 0.10 + 0.02 0.19 0.04 0.14 0.11 0.14 + 0.02 0.25 0.06 0.34 0.00 0.34 unch 0.00 0.59 0.34 0.91 0.81 0.91 + 0.07 1.00 0.81 1.25 1.06 1.22 + 0.06 1.60 0.95 0.87 0.77 0.86 - 0.00 1.10 0.50 1.18 1.03 1.16 + 0.03 1.45 0.68 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.20 0.17 0.20 unch 0.00 0.59 0.18 0.16 0.12 0.12 - 0.04 0.44 0.14 0.57 0.54 0.55 unch 0.00 1.44 0.45 0.43 0.40 0.41 - 0.01 1.03 0.34 0.02 0.02 0.02 - 0.01 0.05 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.38 0.34 0.34 - 0.06 0.64 0.12 0.34 0.34 0.34 unch 0.00 0.38 0.20 0.38 0.36 0.38 unch 0.00 0.45 0.10 0.06 0.05 0.06 - 0.01 0.11 0.05 0.05 0.04 0.05 + 0.00 0.08 0.03 0.11 0.10 0.10 - 0.01 0.50 0.09 0.15 0.12 0.14 + 0.01 0.27 0.12 0.19 0.17 0.19 + 0.01 0.37 0.17 0.03 0.03 0.03 + 0.00 0.03 0.00 3.15 3.15 3.15 unch 0.00 4.10 3.00 0.29 0.28 0.28 - 0.04 0.60 0.15 0.41 0.31 0.32 - 0.10 0.79 0.21 0.19 0.18 0.18 - 0.01 0.30 0.17 0.25 0.23 0.23 - 0.02 0.42 0.22 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.02 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.00 0.00 16.10 unch 0.00 16.50 1.00 22.35 21.10 22.35 + 1.25 22.21 14.60 0.05 0.00 0.05 unch 0.00 0.09 0.03 0.03 0.02 0.02 - 0.00 0.06 0.01 0.04 0.03 0.03 unch 0.00 0.08 0.03 2.48 2.17 2.44 + 0.16 3.05 1.64 3.45 2.91 3.44 + 0.46 4.10 2.18 0.23 0.00 0.22 unch 0.00 0.80 0.21 0.18 0.16 0.17 + 0.01 1.25 0.00 0.03 0.02 0.03 + 0.01 0.05 0.01 0.03 0.02 0.02 unch 0.00 0.04 0.02 0.16 0.11 0.11 - 0.04 0.50 0.09 1.61 1.55 1.60 + 0.04 2.35 0.75 1.21 1.17 1.21 + 0.03 1.77 0.59 0.04 0.03 0.03 unch 0.00 0.11 0.03 0.30 0.19 0.29 - 0.01 0.96 0.03 1.75 1.68 1.68 - 0.04 2.45 1.14 1.32 1.28 1.30 - 0.00 1.84 0.85 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.07 0.00 0.07 unch 0.00 0.10 0.05 0.05 0.04 0.05 + 0.01 0.40 0.00 0.07 0.07 0.07 unch 0.00 0.27 0.05 0.04 0.03 0.04 - 0.00 0.13 0.03 0.05 0.04 0.05 + 0.01 0.17 0.04 0.05 0.04 0.04 - 0.01 0.11 0.02 0.07 0.06 0.06 - 0.01 0.15 0.04 1.69 1.68 1.69 unch 0.00 2.85 0.42 1.26 1.24 1.26 + 0.02 1.78 0.65 0.10 0.09 0.09 unch 0.00 0.50 0.07 0.54 0.51 0.54 + 0.02 0.81 0.39 0.73 0.66 0.71 + 0.03 1.07 0.53 0.04 0.02 0.03 + 0.01 0.05 0.01 0.05 0.03 0.04 unch 0.00 0.07 0.02 0.26 0.19 0.19 - 0.01 0.26 0.06 0.45 0.32 0.44 + 0.13 0.66 0.15 0.33 0.24 0.33 + 0.09 0.50 0.12 0.06 0.06 0.06 unch 0.00 0.14 0.05 0.05 0.00 0.05 - 0.00 0.10 0.03 0.14 0.11 0.14 + 0.02 0.22 0.08 0.18 0.16 0.18 + 0.01 0.28 0.11 0.45 0.40 0.42 - 0.01 0.52 0.22 0.33 0.30 0.32 - 0.01 0.38 0.18 0.03 0.02 0.03 + 0.01 0.06 0.01 0.03 0.02 0.03 + 0.01 0.08 0.02 0.07 0.06 0.06 - 0.01 0.20 0.06 0.05 0.04 0.04 - 0.01 0.15 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.22 0.19 0.19 unch 0.00 0.49 0.15 0.17 0.13 0.15 + 0.01 0.37 0.12

B2Gold Corp T 9785 B2Gold Corp* X 18358 O 2213 Balmoral Res* Balmoral Res T 5897 Balto Res V 158 V 525 Bankers Cobalt Bankers Cobalt* O 75 Bannerman Res* O 859 Banyan Gold V 535 Banyan Gold* O 318 Bard Ventures* O 0 V 4 Bard Ventures Barkerville V 38 Barkerville* O 4 Barksdale Cap V 109 O 103 Barksdale Cap* Barolo Venture V 1 V 50 Baroyeca Gold Barrian Mining V 805 O 365 Barrian Mining* Barrick Gold* N 37312 Barrick Gold T 12145 Barsele Min* O 23 Barsele Min V 38 Batero Gold* O 165 Batero Gold V 61 O 9 Bayhorse Silvr* Bayhorse Silvr V 652 BC Moly V 246 BCM Res V 66 V 33 BE Res Bear Creek Mng V 111 Bear Creek Mng* O 141 Bearing Lith* O 12 Bearing Lith V 58 Beauce Gold V 118 Bell Copper V 105 Bell Copper* O 96 Belmont Res V 88 Belo Sun Mng T 2274 Belo Sun Mng* O 3350 BeMetals * O 576 BeMetals V 661 V 514 Benchmark Met Benchmark Met* O 55 Benton Res V 383 Benton Res* O 3 Benz Mining V 276 Benz Mining* O 5 V 474 Berkwood Res Bessor Min V 173 Bird River Res C 1887 Bitterroot Res* O 3 Bitterroot Res V 211 Black Hills* N 1296 Black Iron* O 47 Black Iron T 399 Black Sea V 34 Black Sea * O 28 Black Tusk Res* O 225 Black Tusk Res C 1426 V 500 Blackheath Res Blackrock Gold* O 99 V 398 Blackrock Gold Blind Creek V 120 BLOX Inc* O 16 Blue Lagoon C 48 0 Blue Moon Zinc* O Blue Moon Zinc V 863 Blue River Res V 5215 Blue Sky Uran* O 324 Blue Sky Uran V 193 Blue Star Gold V 269 O 82 BlueBird Batt* BlueBird Batt V 82

4.92 4.64 4.91 + 0.21 5.36 3.24 3.72 3.48 3.68 + 0.15 4.02 2.40 0.28 0.20 0.23 + 0.04 0.28 0.07 0.36 0.27 0.32 + 0.06 0.36 0.10 0.13 0.11 0.11 + 0.01 0.15 0.06 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.01 + 0.00 0.04 0.01 0.03 0.03 0.03 + 0.00 0.04 0.03 0.05 0.05 0.05 - 0.01 0.06 0.04 0.03 0.03 0.03 - 0.00 0.05 0.02 0.00 0.00 0.06 unch 0.00 0.19 0.06 0.12 0.12 0.12 unch 0.00 1.23 0.08 0.41 0.41 0.41 unch 0.00 0.56 0.30 0.30 0.30 0.30 unch 0.00 0.41 0.23 0.47 0.40 0.42 + 0.02 0.75 0.35 0.36 0.29 0.31 + 0.00 0.57 0.27 0.19 0.00 0.19 unch 0.00 0.30 0.18 0.05 0.05 0.05 unch 0.00 0.20 0.04 0.16 0.13 0.13 - 0.03 0.27 0.10 0.11 0.11 0.11 - 0.00 0.21 0.09 16.91 16.30 16.80 + 0.31 88.70 11.52 22.46 21.78 22.18 + 0.26 26.69 15.37 0.37 0.00 0.37 - 0.00 0.55 0.28 0.55 0.50 0.53 + 0.04 0.75 0.36 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.06 0.06 0.06 - 0.01 0.10 0.06 0.08 0.07 0.08 + 0.00 0.14 0.04 0.11 0.09 0.09 - 0.02 0.20 0.07 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.07 0.04 0.05 - 0.02 0.15 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.02 2.50 2.34 2.47 + 0.06 2.76 0.89 1.88 1.71 1.85 + 0.04 2.11 0.71 0.12 0.10 0.11 + 0.00 0.29 0.10 0.16 0.15 0.15 - 0.01 0.38 0.15 0.12 0.11 0.11 - 0.01 0.29 0.07 0.06 0.05 0.06 + 0.01 0.15 0.03 0.04 0.03 0.04 + 0.01 0.12 0.03 0.04 0.00 0.04 unch 0.00 0.44 0.03 0.43 0.35 0.42 + 0.07 0.72 0.22 0.34 0.26 0.32 + 0.06 0.55 0.16 0.18 0.16 0.18 + 0.02 0.25 0.16 0.24 0.21 0.24 + 0.04 0.30 0.20 0.35 0.31 0.31 - 0.05 0.46 0.16 0.26 0.25 0.25 - 0.02 0.34 0.11 0.06 0.05 0.05 - 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.07 0.05 0.05 - 0.02 0.14 0.05 0.07 0.05 0.05 unch 0.00 0.10 0.04 0.03 0.02 0.03 unch 0.00 0.09 0.02 0.06 0.05 0.06 unch 0.00 0.20 0.03 0.02 0.01 0.01 - 0.01 0.06 0.01 0.02 0.02 0.02 - 0.00 0.07 0.01 0.04 0.03 0.04 unch 0.00 0.07 0.02 78.31 76.26 76.57 - 0.98 82.01 59.49 0.06 0.06 0.06 - 0.00 0.12 0.03 0.08 0.08 0.08 + 0.01 0.16 0.05 0.03 0.03 0.03 unch 0.00 0.14 0.03 0.03 0.00 0.03 + 0.01 0.08 0.01 0.04 0.04 0.04 unch 0.00 1.06 0.02 0.06 0.04 0.04 - 0.02 0.24 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.18 0.14 0.18 + 0.01 0.27 0.02 0.23 0.19 0.22 - 0.01 0.36 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.22 0.22 0.22 - 0.01 0.26 0.03 1.40 1.27 1.39 + 0.02 1.65 0.26 0.00 0.00 0.02 unch 0.00 0.06 0.01 0.03 0.03 0.03 - 0.01 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.09 0.07 0.08 - 0.01 0.18 0.06 0.12 0.10 0.11 - 0.01 0.23 0.08 0.05 0.04 0.05 unch 0.00 0.07 0.02 0.07 0.07 0.07 + 0.00 0.25 0.06 0.10 0.09 0.09 - 0.02 0.35 0.09

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bluestone Res V 62 O 32 Bluestone Res* Bold Ventures V 780 O 16610 Bonanza Gold* BonTerra Res V 282 Boreal Metals V 61 Borneo Res Inv* O 6598 Bravada Gold V 226 Bravada Gold* O 100 V 124 Braveheart Res Braveheart Res* O 7 O 2 Bravo Multinat* Brazil Min* O 15488 O 0 Brigadier Gold* BrightRock* O 0 O 1349 Britannia Mng* Brixton Metals V 489 O 343 Brixton Metals* Broadway Gold* O 12 O 182 Brookmount Exp* Bryn Res* O 55 BTU Metals V 8678 Buenaventura* N 2992 Buffalo Coal V 44 O 851 Bullfrog Gold* Bullfrog Gold C 279 Bullion Gold* O 1 Bunker Hill C 13 BWR Explor V 450

1.18 1.11 1.16 unch 0.00 1.60 0.85 0.88 0.84 0.88 + 0.00 1.15 0.65 0.01 0.01 0.01 - 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 1.85 1.71 1.79 - 0.05 3.19 1.46 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.00 0.07 + 0.01 0.20 0.06 0.04 0.04 0.04 - 0.00 0.15 0.04 0.15 0.13 0.14 + 0.01 0.21 0.06 0.10 0.10 0.10 unch 0.00 0.14 0.07 0.30 0.00 0.30 unch 0.00 0.80 0.20 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.13 unch 0.00 0.15 0.10 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.22 0.19 0.21 unch 0.00 0.43 0.10 0.16 0.12 0.15 + 0.00 0.33 0.08 0.05 0.05 0.05 unch 0.00 0.13 0.01 0.01 0.01 0.01 + 0.00 0.02 0.00 0.06 0.04 0.05 - 0.01 0.10 0.01 0.22 0.09 0.22 + 0.13 0.24 0.07 15.40 14.79 15.37 + 0.34 17.85 13.70 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.15 0.11 0.12 - 0.02 0.24 0.04 0.17 0.13 0.17 - 0.01 0.23 0.12 0.05 0.05 0.05 unch 0.00 0.09 0.05 0.70 0.50 0.50 - 0.20 2.00 0.05 0.05 0.04 0.05 + 0.01 0.06 0.03

Cabral Gold V 261 Cabral Gold* O 10 O 11 Cache Explor* Cache Explor V 193 Cadillac Vent V 175 Caledonia Mng* X 33 Caledonia Mng T 2 Calibre Mng T 2373 Calibre Mng* O 456 California Gld C 88 California Gld* O 29 Callinex Mines* O 67 V 67 Callinex Mines Cameco Corp* N 4705 Cameco Corp T 2306 O 165 Cameo Cobalt* Cameo Cobalt V 166 Camino Min* O 345 Camino Min V 1095 Camrova Res* O 1 V 148 Canada Carbon Canada Carbon* O 16 Canada Coal V 120 Canada Cobalt V 588 Canada Cobalt * O 239 Canada One* O 4 Canada One V 23 Canada Rare V 89 Canada Rare* O 9 Canadian Engy V 215 C 80 Canadian Metal Canadian Ore V 374 O 27 Canadian Ore* Canadian Prem V 33 O 96 CanAlaska Uran* CanAlaska Uran V 244 O 50 Canamex Gold* Canarc Res T 176 Canarc Res* O 386 Canasil Res V 116 Candelaria Mg V 375 T 108 Candente Coppr Candente Gold* O 250 Candente Gold V 154 8 CANEX Metals * O V 981 CANEX Metals CaNickel Mng V 14 O 0 CaNickel Mng* Canoe Mng Vent V 138 Canstar Res V 77 Canterra Mnls V 391 O 4 Canterra Mnls* Cantex Mn Dev* O 34 Cantex Mn Dev V 467 Canuc Res V 285 Canuc Res* O 18 Capstone Mng T 1094 Cardero Res V 13 Cardero Res* O 104 Cardinal Res* O 3 Cardinal Res T 319 Cariboo Rose V 64 Carlin Gold V 830 C 4337 Carrara Explor Cartier Iron C 323 Cartier Res V 781 Carube Copper V 974 O 13 Carube Copper* Casa Minerals V 274 V 545 Cascadero Copp Castle Peak Mg V 14 C 35 Cautivo Mining CellCube Enrgy* O 1168 Centamin T 31 Centaurus Diam* O 214 Centerra Gold T 1477 Central Tim Ex V 390 Centurion Mnls V 23 O 40 Century Cobalt* Century Global T 5 Cerro de Pasc C 1671 Cerro de Pasc * O 227 O 1 Cerro Grande* Cerro Grande C 1 Cerro Mng V 5 Ceylon Graph V 11 V 138 Chakana Copper Chakana Copper* O 278 90 Chalice Gold M* O Chalice Gold M T 207 V 137 Champion Bear Champion Iron* O 32 T 1724 Champion Iron Chatham Rock V 327 O 68 Chesapeake Gld* Chesapeake Gld V 34 Chevron Corp* N 28926 Chiboug Ind Mn V 63 O 1 Chilean Metals* Chilean Metals V 36 China Gold Int T 284 Chinapintza Mg V 156 0 CIM Intl Grp C Clarmin Explor V 75 Clean Comm* O 50 Cleghorn Mnls V 100 Cleveland-Clif* N 34627 Cliffmont Res V 23 Clifton Mng* O 271 Cloud Peak En* O 800 CMC Metals* O 1 CMC Metals V 273 CNRP Mng* O 437 CNRP Mng C 894 Cobalt Block* O 636 Cobalt Block V 398 23527 Coeur Mng* N Colibri Res* O 10 Colibri Res V 390 Colombia Crest* O 0 Colonial Coal V 1129 Colorado Res V 446 O 10 Colorado Res* Colt Res* O 165 T 82 Columbus Gold Columbus Gold* O 176 Comet Inds V 6 Commander Res V 49 O 118 Commander Res* Commerce Res V 224 O 185 Commerce Res* Compass Gold* O 125 V 314 Compass Gold Compliance Egy* O 5 X 8938 Comstock Mng*

0.12 0.10 0.11 - 0.01 0.33 0.10 0.09 0.09 0.09 unch 0.00 0.25 0.09 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 8.27 7.76 7.88 - 0.24 8.68 5.01 10.83 10.25 10.34 - 0.13 11.15 6.63 0.90 0.76 0.88 + 0.13 0.90 0.33 0.91 0.57 0.67 + 0.09 1.52 0.04 0.39 0.29 0.29 - 0.10 0.79 0.29 0.30 0.22 0.22 - 0.08 0.59 0.13 0.99 0.78 0.82 - 0.08 0.99 0.03 1.29 1.05 1.19 - 0.06 1.35 0.35 9.49 9.22 9.25 - 0.21 13.04 8.03 12.61 12.10 12.10 - 0.49 17.12 10.70 0.04 0.01 0.01 + 0.00 0.16 0.01 0.02 0.02 0.02 unch 0.00 0.15 0.02 0.06 0.04 0.04 - 0.02 0.14 0.04 0.07 0.05 0.06 - 0.02 0.18 0.05 0.03 0.00 0.03 unch 0.00 0.06 0.00 0.08 0.06 0.08 + 0.01 0.18 0.05 0.05 0.05 0.05 + 0.00 0.13 0.00 0.03 0.03 0.03 unch 0.00 0.07 0.01 0.44 0.40 0.43 + 0.01 0.60 0.25 0.32 0.31 0.32 - 0.00 0.44 0.18 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.07 0.02 0.05 0.05 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 + 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.18 0.03 0.31 0.18 0.21 - 0.02 0.75 0.11 0.10 0.08 0.09 + 0.01 0.45 0.07 0.07 0.06 0.07 + 0.01 0.34 0.06 0.80 0.78 0.78 unch 0.00 1.63 0.65 0.14 0.12 0.13 - 0.00 0.28 0.09 0.18 0.16 0.17 - 0.01 0.38 0.12 0.02 0.02 0.02 unch 0.00 0.09 0.00 0.06 0.05 0.05 - 0.01 0.08 0.04 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.07 0.06 0.06 - 0.01 0.09 0.05 0.31 0.11 0.25 + 0.13 0.60 0.11 0.04 0.03 0.04 + 0.01 0.08 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.00 0.01 unch 0.00 0.04 0.01 0.09 0.09 0.09 unch 0.00 0.11 0.02 0.14 0.10 0.11 - 0.03 0.15 0.03 0.07 0.00 0.06 unch 0.00 0.12 0.06 0.00 0.00 0.05 unch 0.00 0.09 0.03 0.11 0.10 0.11 + 0.01 0.26 0.08 0.04 0.03 0.03 - 0.01 0.20 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.83 0.74 0.83 + 0.01 5.23 0.48 1.12 0.96 1.10 + 0.05 6.99 0.59 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.59 0.55 0.58 unch 0.00 0.73 0.41 0.03 0.02 0.02 - 0.01 0.10 0.02 0.02 0.01 0.01 - 0.00 0.07 0.01 0.24 0.24 0.24 unch 0.00 0.38 0.20 0.28 0.26 0.27 - 0.01 0.50 0.26 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 0.02 0.01 0.02 - 0.00 0.09 0.01 0.06 0.03 0.04 unch 0.00 0.11 0.03 0.14 0.13 0.14 + 0.01 0.22 0.11 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.03 0.03 0.03 - 0.00 0.04 0.03 0.09 0.07 0.08 - 0.01 0.23 0.07 0.02 0.01 0.01 - 0.01 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.00 0.10 + 0.01 0.20 0.08 0.07 0.06 0.06 - 0.00 0.25 0.02 1.95 1.78 1.88 - 0.04 2.53 1.39 0.12 0.10 0.10 + 0.01 1.00 0.06 11.53 10.68 11.36 + 0.50 13.00 5.26 0.04 0.03 0.03 - 0.02 0.15 0.03 0.08 0.07 0.07 - 0.01 0.27 0.05 0.03 0.01 0.03 unch 0.00 0.18 0.00 0.00 0.00 0.08 unch 0.00 0.25 0.08 0.37 0.32 0.35 + 0.04 0.42 0.24 0.28 0.22 0.28 + 0.04 0.31 0.18 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.10 0.10 0.10 unch 0.00 0.36 0.10 0.08 0.00 0.08 unch 0.00 0.18 0.07 0.15 0.14 0.15 + 0.01 0.54 0.14 0.12 0.10 0.12 - 0.01 0.40 0.10 0.13 0.10 0.13 + 0.03 0.18 0.08 0.15 0.14 0.15 - 0.01 0.20 0.10 0.16 0.15 0.15 unch 0.00 0.25 0.10 1.53 1.40 1.53 + 0.18 2.36 0.70 2.05 1.80 2.04 + 0.24 3.15 0.89 0.12 0.07 0.12 unch 0.00 0.19 0.07 2.16 1.99 2.12 + 0.01 3.50 1.03 2.87 2.66 2.83 - 0.08 4.65 1.41 119.22 116.88 117.13 - 1.50 127.34 100.22 0.10 0.00 0.10 + 0.01 0.27 0.04 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.04 0.04 0.04 - 0.01 0.23 0.03 1.05 0.98 1.01 - 0.03 1.93 0.88 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.02 unch 0.00 0.63 0.02 0.10 0.10 0.10 - 0.03 0.17 0.10 0.02 0.02 0.02 + 0.01 0.03 0.01 0.06 0.06 0.06 unch 0.00 0.11 0.04 8.30 7.88 7.99 + 0.05 12.26 6.59 0.10 0.10 0.10 unch 0.00 0.17 0.05 0.20 0.15 0.18 - 0.02 0.21 0.04 0.01 0.00 0.00 - 0.00 0.93 0.00 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.15 0.12 0.12 - 0.03 0.49 0.12 0.20 0.16 0.17 - 0.03 0.58 0.16 0.05 0.04 0.05 + 0.01 0.14 0.03 0.08 0.04 0.08 + 0.03 0.19 0.04 6.61 6.10 6.56 + 0.08 6.93 2.78 0.05 0.05 0.05 unch 0.00 0.05 0.03 0.07 0.06 0.07 - 0.01 0.08 0.03 0.00 0.00 0.13 unch 0.00 0.21 0.03 0.48 0.39 0.42 - 0.02 0.65 0.21 0.06 0.06 0.06 unch 0.00 0.13 0.04 0.06 0.05 0.06 + 0.02 0.10 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.14 0.13 0.14 unch 0.00 0.27 0.11 0.11 0.09 0.10 + 0.00 0.20 0.08 3.40 3.40 3.40 unch 0.00 3.60 2.75 0.07 0.07 0.07 + 0.01 0.11 0.06 0.05 0.05 0.05 - 0.01 0.08 0.05 0.20 0.14 0.18 + 0.04 0.90 0.14 0.11 0.11 0.11 + 0.01 0.68 0.07 0.33 0.31 0.32 - 0.01 0.40 0.17 0.44 0.41 0.42 - 0.02 0.71 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.32 0.06 0.28 - 0.11 1.39 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 50 Comstock Mtls 15 Comstock Mtls * O Condor Gold* O 0 Condor Gold T 25 Condor Res V 379 Condor Res* O 40 V 457 Confedertn Mls Conic Metals V 2827 V 1611 Conquest Res 10 Conquest Res * O V 28 Cons Woodjam CONSOL Coal Rs* N 176 N 1264 CONSOL Energy* CONSOL Energy* N 13421 O 58 Constantine Mt* V 146 Constantine Mt O 15 Contact Gold* Contact Gold V 35 O 194 Contact Mnrls* O 209 Contintl Gold* Contintl Gold T 2519 Contintl Prec* O 0 Copper Fox Mtl V 410 31 Copper Fox Mtl* O Copper Lake Rs V 1066 Copper Mtn Mng T 867 95 Copper Mtn Mng* O 0 Copper North M* O Copper North M V 1255 0 Copper One * O Copper One C 711 Copper Reef Mg C 129 O 432 Copperbank Res* C 429 Copperbank Res 64 Coral Gold * O Coral Gold V 307 V 184 Cordoba Mnls O 56 Cordoba Mnls* Core Gold V 468 Core Gold* O 178 V 110 Cornerstone Ca O 20 Cornerstone Ca* Coro Mining T 544 Corsa Coal V 80 34 Corsa Coal * O Corsurex Res C 180 Corvus Gold* O 68 Corvus Gold T 123 CR Capital V 105 C 25 Crest Resource C 5 Crestview Expl Cresval Cap V 63 Critical Elem* O 7 Critical Elem V 289 V 487 CROPS O 55 Crown Mining* Crown Mining V 31 Cruz Cobalt C 468 Cruz Cobalt* O 87 Crystal Lake* O 92 Crystal Lake V 407 Crystal Peak V 673 Crystal Peak* O 628 O 0 CTGX Mining* Currie Rose Rs V 567 38 Currie Rose Rs* O C 30 Cyntar Venture Cypress Dev* O 430 Cypress Dev V 237

0.02 unch 0.00 0.06 0.02 0.02 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.23 unch 0.00 0.43 0.00 0.00 0.23 0.30 unch 0.00 0.78 0.38 0.38 0.38 0.04 0.05 0.04 0.04 - 0.01 0.09 0.03 unch 0.00 0.07 0.03 0.03 0.03 0.12 0.19 0.16 0.17 - 0.03 0.37 0.33 0.47 0.37 0.45 + 0.08 0.48 0.01 0.03 0.02 0.03 + 0.01 0.03 0.03 0.01 0.03 + 0.02 0.03 0.00 0.03 unch 0.00 0.09 0.04 0.00 0.04 9.11 8.61 8.78 + 0.14 19.47 8.05 11.71 13.49 12.50 12.76 + 0.10 38.74 7.78 6.87 6.91 - 0.69 14.31 6.14 0.14 0.20 0.00 0.15 + 0.00 0.57 0.17 0.20 0.19 0.19 + 0.01 0.72 0.11 0.14 0.12 0.12 - 0.02 0.29 0.14 0.17 0.00 0.15 - 0.03 0.39 0.02 unch 0.00 0.30 0.07 0.06 0.07 1.33 3.60 3.07 3.58 + 0.41 3.90 1.76 4.97 4.08 4.87 + 0.69 4.66 0.00 unch 0.00 0.28 0.00 0.00 0.00 0.08 0.07 0.08 unch 0.00 0.13 0.06 0.06 0.04 0.05 - 0.00 0.10 0.04 0.02 0.00 0.01 unch 0.00 0.02 0.01 0.58 0.53 0.58 + 0.03 1.18 0.53 0.43 0.40 0.43 + 0.01 0.88 0.40 0.00 0.00 0.02 unch 0.00 0.05 0.01 0.03 0.02 0.03 + 0.01 0.07 0.02 0.00 0.00 0.10 unch 0.00 0.10 0.09 0.05 unch 0.00 0.18 0.17 0.15 0.16 0.37 0.35 0.35 - 0.05 0.40 0.15 0.02 0.04 0.03 0.04 + 0.00 0.06 0.04 0.05 0.04 0.05 + 0.01 0.08 0.32 0.30 0.30 - 0.02 0.39 0.26 0.35 unch 0.00 0.51 0.44 0.39 0.41 0.04 unch 0.00 0.15 0.08 0.07 0.07 0.03 0.01 0.11 0.06 + 0.06 0.05 0.14 0.26 0.22 0.23 - 0.02 0.33 0.10 0.18 0.16 0.16 - 0.01 0.25 1.96 2.45 2.16 2.32 + 0.27 7.90 0.03 1.83 1.45 1.83 + 0.37 3.61 0.05 unch 0.00 0.12 0.09 0.08 0.09 0.26 0.27 0.26 0.27 - 0.02 0.94 0.21 0.20 0.20 - 0.01 0.67 0.20 0.02 0.03 0.00 0.02 - 0.01 0.08 1.13 1.46 1.32 1.41 + 0.05 2.20 1.55 1.92 1.75 1.87 + 0.03 2.95 0.04 unch 0.00 0.08 0.04 0.04 0.04 0.07 0.07 0.07 0.07 - 0.01 0.16 0.40 unch 0.00 0.60 0.50 0.50 0.50 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.20 0.41 0.00 0.40 + 0.00 0.71 0.26 0.56 0.52 0.52 - 0.05 0.94 0.01 unch 0.00 0.05 0.02 0.00 0.02 0.03 unch 0.00 0.09 0.03 0.03 0.03 0.04 0.04 0.04 0.04 - 0.01 0.14 0.03 unch 0.00 0.05 0.03 0.03 0.03 0.01 0.03 0.02 0.03 + 0.01 0.06 0.07 0.09 0.07 0.07 + 0.00 0.32 0.10 0.12 0.10 0.11 + 0.01 0.42 0.06 0.10 0.06 0.09 - 0.01 0.25 0.05 0.07 0.05 0.06 - 0.02 0.19 0.05 unch 0.00 0.12 0.00 0.00 0.05 0.03 0.02 0.03 unch 0.00 0.08 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.07 unch 0.00 0.12 0.11 0.11 0.11 0.12 0.13 0.13 0.13 + 0.01 0.21 0.15 0.18 0.16 0.17 + 0.02 0.29

Dajin Res V 2892 Dajin Res* O 2447 25 Dakota Ter Res* O Danakali* O 146 Debut Dmds C 306 Decade Res V 195 Decade Res* O 80 O 2 Deep-South Res* V 27 Deep-South Res C 425 DeepRock Min O 113 Defense Metals* V 626 Defense Metals Defiance Silvr V 361 O 1074 Defiance Silvr* Delrand Res V 44 Delrey Metals C 294 57 Delrey Metals * O X 1587 Denison Mines* T 915 Denison Mines Desert Gold* O 13 Desert Gold V 758 Desert Mtn Egy V 158 Detour Gold T 19484 O 147 Diamante Min* Diamcor Mng V 485 O 41 Diamcor Mng* O 1874 Diamond Disc* O 32 Diamond Fields* V 15 Diamond Fields Dios Expl V 765 V 34 Discovery Harb O 543 Discovery Met* V 480 Discovery Met 29357 O Discovery Min* V 1402 Discovery-Corp District Cop* O 0 District Cop V 1336 O 0 District Metal* District Metal V 0 Ditem Explor* O 1 O 34 Diversified Rs* Dixie Gold V 175 DNI Metals* O 3 O 55 Dolat Ventures* Dolly Vard Sil* O 235 Dolly Vard Sil V 270 V 59 Doubleview Cap DRDGOLD* N 354 Dundee Prec Mt T 966 O 65 Dunnedin Vent* Durango Res V 395 O 25 DV Resources* V 7 DV Resources Dynacor Gld Mn T 129 20 Dynacor Gld Mn* O O 1 Dynamic Gold* O 15 DynaResource* Dynasty Gold V 166 O 95 Dynasty Gold* E3 Metals V 103 E3 Metals* O 11 V 67 Eagle Graphite O 225 Eagle Graphite* Eagle Plains V 209 V 167 East Africa 53 East Asia Mnls* O East Asia Mnls V 461 EastCoal Inc V 6 O 1 Eastern Platin* Eastern Platin T 34 Eastern Zinc C 40 Eastfield Res V 342 O 21 Eastfield Res* Eastmain Res T 309 O 125 Eastmain Res* Eco Oro Mnls* O 104 Eco Oro Mnls C 385 O 13 Edgewater Expl* V 287 Edgewater Expl El Capitan Prc* O 1863 5 El Nino Vent* O El Nino Vent V 253 Elcora Adv Mat V 237 Elcora Res* O 98 Eldorado Gold* N 7792 Eldorado Gold T 3135 Eloro Res* O 201 Eloro Res V 379 Ely Gold Royal V 556 Ely Gold Royal* O 735 4 Elysee Dev * O Elysee Dev V 65 Emerita Res V 591 O 24 Emgold Mining* V 985 Emgold Mining

0.02 0.03 0.02 0.02 - 0.01 0.07 0.01 0.02 0.01 0.02 - 0.00 0.06 0.09 0.06 0.09 + 0.00 0.19 0.02 0.40 0.45 0.43 0.45 + 0.01 0.59 0.01 0.01 0.01 0.01 - 0.01 0.02 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 0.02 0.01 0.02 - 0.00 0.03 0.05 unch 0.00 0.07 0.05 0.05 0.05 0.05 unch 0.00 0.15 0.05 0.05 0.05 0.02 0.02 0.02 0.02 - 0.01 0.10 0.06 0.11 0.08 0.09 - 0.03 0.25 0.06 0.14 0.10 0.12 - 0.02 0.25 0.16 0.20 0.17 0.18 - 0.01 0.37 0.12 0.15 0.12 0.13 - 0.01 0.32 0.25 0.52 0.41 0.52 + 0.08 0.71 0.02 0.04 0.02 0.02 - 0.01 0.38 0.03 0.01 0.02 + 0.01 0.30 0.01 0.38 0.44 0.42 0.43 - 0.01 0.60 0.52 0.59 0.55 0.57 - 0.01 0.79 0.08 0.08 0.08 0.08 - 0.02 0.31 0.10 0.12 0.11 0.12 - 0.01 0.26 0.25 0.23 0.23 unch 0.00 0.31 0.13 24.75 21.66 24.60 + 2.39 25.45 9.55 0.01 unch 0.00 0.13 0.02 0.02 0.02 0.08 0.10 0.09 0.09 - 0.01 0.35 0.06 0.08 0.07 0.08 + 0.00 0.27 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.14 0.00 0.13 + 0.01 0.16 0.07 unch 0.00 0.21 0.19 0.19 0.19 0.04 0.05 0.04 0.04 - 0.01 0.08 0.01 0.09 0.08 0.09 + 0.01 0.11 0.13 0.33 0.27 0.32 + 0.02 0.54 0.17 0.42 0.36 0.42 + 0.02 0.74 0.00 0.00 0.00 0.00 + 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.00 0.01 0.01 0.01 0.01 0.01 - 0.01 0.05 0.16 unch 0.00 0.16 0.00 0.00 0.16 0.09 unch 0.00 0.31 0.00 0.00 0.09 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.05 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.01 0.05 0.01 0.05 - 0.00 0.09 0.05 unch 0.00 1.80 0.12 0.07 0.10 0.24 0.18 0.24 + 0.05 0.40 0.14 0.19 0.55 0.07 + 0.32 0.25 0.32 0.08 0.09 0.09 0.09 - 0.01 0.18 1.64 4.15 3.91 4.09 - 0.04 5.20 5.09 4.49 5.07 + 0.45 5.75 3.18 0.05 unch 0.00 0.08 0.06 0.05 0.06 0.04 0.05 0.04 0.05 - 0.01 0.10 0.04 0.04 0.04 0.04 + 0.00 0.06 0.04 0.06 0.00 0.06 + 0.01 0.12 1.69 1.58 1.66 unch 0.00 2.00 1.42 1.28 1.20 1.28 + 0.03 1.60 1.02 1.00 unch 0.00 5.00 3.00 3.00 3.00 0.25 0.33 0.33 0.33 - 0.04 1.22 0.06 0.08 0.00 0.08 + 0.01 0.16 0.05 unch 0.00 0.11 0.05 0.05 0.05 0.23 0.40 0.37 0.39 - 0.02 0.60 0.22 0.30 0.30 0.30 - 0.00 0.41 0.03 0.07 0.06 0.07 - 0.02 0.12 0.04 unch 0.00 0.09 0.06 0.06 0.06 0.08 0.09 0.09 0.09 - 0.01 0.12 0.15 0.13 0.14 + 0.01 0.26 0.12 0.04 0.02 0.02 - 0.01 0.09 0.02 0.05 0.03 0.05 + 0.01 0.13 0.03 0.05 unch 0.00 0.10 0.06 0.00 0.06 0.12 0.20 0.20 0.20 + 0.01 0.26 0.17 unch 0.00 0.35 0.30 0.29 0.29 0.02 unch 0.00 0.28 0.03 0.03 0.03 0.03 0.06 0.00 0.06 + 0.02 0.07 0.02 0.04 0.02 0.03 + 0.01 0.05 0.09 unch 0.00 0.26 0.11 0.10 0.11 0.07 0.08 0.07 0.08 - 0.00 0.20 0.05 0.03 0.03 - 0.02 0.77 0.00 0.07 0.05 0.05 - 0.01 0.27 0.05 0.06 unch 0.00 0.09 0.07 0.07 0.07 0.06 unch 0.00 0.14 0.12 0.12 0.12 0.01 0.01 0.01 - 0.00 0.04 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.12 0.04 0.03 0.04 0.03 0.04 + 0.01 0.10 7.88 7.42 7.84 + 0.25 10.09 2.52 10.46 9.87 10.40 + 0.31 13.34 3.36 0.13 unch 0.00 0.33 0.15 0.14 0.14 0.15 0.24 0.19 0.22 + 0.02 0.51 0.39 0.36 0.38 unch 0.00 0.47 0.12 0.29 0.26 0.29 - 0.00 0.36 0.08 0.27 0.27 0.27 unch 0.00 0.33 0.23 0.31 0.36 0.34 0.36 + 0.01 0.42 0.05 0.11 0.09 0.10 - 0.01 0.17 0.03 0.05 0.04 0.05 - 0.00 0.14 0.05 0.09 0.06 0.08 + 0.02 0.20

D-F

2019-12-02 1:37 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / DECEMBER 9â&#x20AC;&#x201C;22, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Empire Metals V 0 0.00 0.00 0.13 unch 0.00 0.21 0.13 unch 0.00 0.10 0.02 Empress Res V 878 0.03 0.02 0.03 EMX Royalty V 129 1.99 1.82 1.99 + 0.17 2.00 1.40 EMX Royalty* X 342 1.48 1.37 1.47 + 0.10 1.54 1.04 O 159 0.05 0.05 0.05 unch 0.00 0.14 0.05 Encanto Potash* Encanto Potash V 180 0.07 0.06 0.07 unch 0.00 0.19 0.06 V 345 0.14 0.13 0.14 + 0.01 0.21 0.09 EnCore Energy T 900 25.42 23.71 25.37 + 1.42 28.98 16.34 Endeavour Mng Endeavour Mng* O 50 18.98 18.02 18.98 + 1.04 21.78 12.38 N 11475 2.18 1.97 2.16 + 0.03 3.20 1.68 Endeavr Silver* Endeavr Silver T 1158 2.91 2.62 2.91 + 0.09 4.26 2.21 2.00 Energy Fuels T 162 2.75 2.59 2.59 - 0.10 5.04 Energy Fuels* X 1861 2.06 1.95 1.98 - 0.04 3.77 1.50 Engineer Gold V 105 0.10 0.10 0.10 + 0.01 0.14 0.05 0.06 Engold Mines V 121 0.08 0.07 0.07 - 0.01 0.20 O 77 0.06 0.06 0.06 - 0.01 0.10 0.05 Engold Mines* Ensurge* O 105 0.04 0.03 0.03 - 0.01 0.06 0.01 0.05 Entree Res* O 349 0.27 0.23 0.24 - 0.01 0.46 Entree Res T 229 0.35 0.30 0.33 - 0.01 0.61 0.22 O 77 0.28 0.22 0.23 - 0.04 0.37 0.04 ePower Metals* ePower Metals V 26 0.35 0.31 0.32 - 0.03 0.62 0.29 X 565 6.04 5.70 5.85 - 0.10 6.85 5.20 Equinox Gold* Equinox Gold T 339 8.01 7.51 7.75 - 0.13 8.90 4.35 unch 0.00 0.03 0.01 Equitorial Ex* O 45 0.01 0.01 0.01 Equitorial Ex V 244 0.02 0.02 0.02 unch 0.00 0.06 0.02 O 92 0.07 0.04 0.07 unch 0.00 0.09 0.03 Equity Metals* Equity Metals V 109 0.09 0.07 0.09 unch 0.00 0.12 0.05 43 0.14 0.13 0.13 - 0.01 0.20 0.12 Erdene Res Dev* O Erdene Res Dev T 169 0.19 0.18 0.19 + 0.01 0.27 0.16 O 50 0.04 0.04 0.04 - 0.00 0.11 0.03 Erin Ventures* Erin Ventures V 158 0.06 0.05 0.06 + 0.01 0.20 0.04 Ero Copper T 529 21.10 19.89 20.50 + 0.20 25.69 9.38 Ero Copper* O 2 15.60 0.00 15.60 unch 0.00 19.20 7.16 0 0.00 0.00 0.05 unch 0.00 0.07 0.03 Eros Res Corp* O Eros Res Corp V 10 0.07 0.00 0.07 unch 0.00 0.11 0.05 10 0.07 0.00 0.07 unch 0.00 0.11 0.05 Eros Res Corp V Eskay Mng* O 11 0.11 0.10 0.11 + 0.01 0.11 0.04 0.07 Eskay Mng V 392 0.14 0.12 0.13 + 0.01 0.17 Essex Minerals V 30 0.03 0.03 0.03 unch 0.00 0.07 0.02 Ethos Gold* O 58 0.13 0.11 0.11 - 0.01 0.25 0.09 0.13 Ethos Gold V 128 0.17 0.15 0.15 - 0.01 0.34 Etruscus Res C 13 0.27 0.23 0.25 - 0.02 0.50 0.20 V 281 0.15 0.13 0.15 + 0.01 0.44 0.13 Euro Manganese Euro Sun Mg* O 434 0.24 0.15 0.18 - 0.01 0.83 0.15 0.25 0.23 0.24 - 0.01 1.10 0.23 Euro Sun Mg T 2222 EurOmax Res T 150 0.04 0.04 0.04 unch 0.00 0.17 0.03 O 641 0.01 0.01 0.01 + 0.00 0.14 0.01 European Elect* European Elect V 346 0.02 0.01 0.02 + 0.01 0.19 0.01 O 1 0.02 0.00 0.02 unch 0.00 0.26 0.00 European Metal* Eurotin V 55 0.01 0.01 0.01 unch 0.00 0.10 0.01 0.17 Evergold V 239 0.21 0.19 0.21 + 0.02 0.25 Evergold* O 8 0.15 0.15 0.15 unch 0.00 0.15 0.15 0.01 Everton Res* O 17 0.02 0.02 0.02 - 0.00 0.03 EVI Global Grp C 565 0.30 0.25 0.30 + 0.02 1.64 0.25 0.02 Evolving Gold C 123 0.03 0.00 0.03 + 0.01 0.07 Evolving Gold* O 7 0.03 0.01 0.02 - 0.01 0.06 0.00 0.27 Evrim Res V 124 0.30 0.27 0.29 - 0.01 1.31 Excellon Res T 482 0.85 0.74 0.84 + 0.04 1.51 0.59 0.44 Excellon Res* O 355 0.63 0.55 0.63 + 0.03 1.15 Excelsior Mng* O 129 0.73 0.68 0.73 + 0.01 0.87 0.53 T 177 0.98 0.90 0.98 + 0.03 1.14 0.71 Excelsior Mng ExGen Res Inc V 97 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00 ExGen Res Inc* O 120 Explor Res* O 77 0.02 0.01 0.02 + 0.00 0.03 0.01 unch 0.00 0.04 0.02 Explor Res V 340 0.03 0.00 0.03 Explorex Res* O 28 0.14 0.14 0.14 + 0.01 0.26 0.13 0.15 Explorex Res C 27 0.19 0.17 0.18 + 0.01 0.45 Fabled Copper V 42 0.04 0.04 0.04 unch 0.00 0.09 0.02 O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 Fairmile Gold* Falco Res V 627 0.22 0.19 0.21 - 0.01 0.54 0.19 0.16 0.14 0.15 + 0.01 0.31 0.10 Falco Res * O 365 Falcon Gold V 741 0.04 0.03 0.04 + 0.01 0.06 0.02 V 277 0.06 0.05 0.05 unch 0.00 0.11 0.04 Fancamp Expl Far Res C 906 0.04 0.04 0.04 + 0.01 0.18 0.03 0.02 Far Res* O 26 0.03 0.02 0.03 + 0.01 0.13 Fidelity Min V 3995 0.01 0.01 0.01 - 0.01 0.10 0.01 31 2.25 2.10 2.14 - 0.06 3.25 2.01 Filo Mg Corp V Filo Mg Corp * O 6 1.70 0.00 1.70 - 0.05 2.31 1.55 unch 0.00 0.07 0.03 Finlay Minrls V 72 0.04 0.00 0.04 0.18 Fiore Gold* O 182 0.33 0.30 0.31 - 0.01 0.50 Fiore Gold V 190 0.42 0.40 0.41 - 0.03 0.63 0.26 C 0 0.00 0.00 0.20 unch 0.00 0.20 0.20 Fiorentina Min Fire River Gol* O 0 0.02 0.00 0.02 unch 0.00 0.40 0.00 0.01 Firebird Res V 58 0.02 0.02 0.02 + 0.01 0.04 FireFox Gold V 324 0.12 0.08 0.12 + 0.02 0.39 0.08 V 20 0.04 0.04 0.04 - 0.01 0.10 0.04 Firestone Vent Fireweed Zinc V 226 0.62 0.52 0.62 + 0.06 0.97 0.45 O 12 0.45 0.40 0.45 + 0.04 0.71 0.34 Fireweed Zinc* Firma Holdings* O 33 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.11 0.08 0.09 - 0.01 0.20 0.08 First Cobalt * O 861 First Cobalt V 2556 0.14 0.12 0.12 - 0.02 0.25 0.12 O 6259 0.00 0.00 0.00 unch 0.00 0.00 0.00 First Colombia* First Energy C 68 0.08 0.00 0.08 - 0.02 0.20 0.06 0.05 First Energy* O 1 0.09 0.00 0.08 - 0.01 0.18 First Majestic* N 12973 10.87 10.34 10.76 + 0.25 11.62 4.59 First Majestic T 2005 14.42 13.77 14.24 + 0.27 15.50 6.12 First Mexican V 59 0.05 0.04 0.04 unch 0.00 0.25 0.04 0.24 0.22 0.22 - 0.01 0.41 0.21 First Mg Fin T 2118 First Mg Fin * O 1124 0.18 0.16 0.17 - 0.00 0.31 0.16 0.07 First Point* O 157 0.11 0.10 0.11 + 0.02 0.14 First Quantum T 12999 12.60 11.86 12.15 - 0.21 16.63 7.84 V 96 0.35 0.31 0.31 unch 0.00 1.17 0.17 First Vanadium First Vanadium* O 179 0.27 0.23 0.23 + 0.00 0.89 0.12 V 985 0.06 0.05 0.05 - 0.01 0.29 0.05 Fission 3.0 Fission 3.0* O 43 0.04 0.04 0.04 - 0.00 0.21 0.03 0.20 Fission Uran* O 1737 0.22 0.20 0.21 - 0.01 0.50 Fission Uran T 2063 0.30 0.27 0.27 - 0.01 0.66 0.27 0.05 0.04 0.05 unch 0.00 0.08 0.03 Five Star Diam V 436 Fjordland Exp* O 33 0.03 0.03 0.03 + 0.00 0.07 0.02 unch 0.00 0.10 0.03 Fjordland Exp V 534 0.06 0.00 0.06 Focus Graphite* O 609 0.02 0.01 0.02 + 0.00 0.04 0.01 V 244 0.02 0.02 0.02 + 0.01 0.06 0.02 Focus Graphite Foran Mng V 184 0.28 0.00 0.27 - 0.01 0.39 0.22 unch 0.00 0.29 0.11 Forsys Metals T 195 0.12 0.12 0.12 Fort St J Nick V 1 0.00 0.00 0.09 unch 0.00 0.32 0.08 0 0.00 0.00 0.09 unch 0.00 0.23 0.09 Fort St James* O Fortescue Met* O 45 6.61 6.43 6.61 + 0.21 6.63 2.76 3.22 Fortuna Silvr T 1155 4.39 4.00 4.36 + 0.34 6.12 Fortuna Silvr* N 6595 3.29 3.01 3.29 + 0.27 4.59 2.39 unch 0.00 0.40 0.19 Fortune Bay V 45 0.25 0.00 0.25 Fortune Bay* O 3 0.19 0.00 0.19 + 0.00 0.31 0.14 O 746 0.06 0.06 0.06 unch 0.00 0.11 0.05 Fortune Mnrls* Fortune Mnrls T 584 0.09 0.08 0.08 unch 0.00 0.16 0.07 V 1311 0.08 0.06 0.08 + 0.01 0.11 0.03 Forum Energy Forum Energy* O 944 0.05 0.04 0.05 - 0.00 0.08 0.02 unch 0.00 0.31 0.14 Four Nines C 0 0.00 0.00 0.14 Fox River Res C 21 0.06 0.00 0.06 unch 0.00 0.10 0.04 3 0.04 0.04 0.04 - 0.00 0.06 0.03 Fox River Res* O FPX Nickel V 160 0.14 0.12 0.13 + 0.01 0.18 0.10 98.74 96.23 98.32 + 1.38 101.19 67.43 Franco-Nevada* N 1862 Franco-Nevada T 1912 131.67 128.11 130.67 + 1.82 133.92 89.75 unch 0.00 0.00 0.00 Franklin Mng* O 109 0.00 0.00 0.00 Freegold Vent T 307 0.06 0.04 0.05 - 0.01 0.12 0.04 N 94807 11.86 11.27 11.38 + 0.03 14.68 8.43 Freeport McMoR* Freeport Res V 0 0.00 0.00 0.07 unch 0.00 0.15 0.04 unch 0.00 0.19 0.04 Fremont Gold V 440 0.05 0.04 0.04 Fremont Gold* O 25 0.05 0.04 0.04 unch 0.00 0.18 0.04 84 7.64 6.89 7.48 + 0.13 13.76 6.89 Fresnillo plc* O Frontier Lith V 154 0.29 0.00 0.28 + 0.05 0.47 0.20 V 103 0.01 0.01 0.01 unch 0.00 0.02 0.01 Frontline Gold Full Metal Mnl* O 0 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.12 Fura Gems V 264 0.15 0.13 0.14 + 0.02 0.46 Fura Gems* O 69 0.12 0.09 0.12 + 0.02 0.34 0.09

G-H G2 Goldfields* O 1 G2 Goldfields V 221 Gabriel Res V 378 Gabriel Res* O 123 V 106 Gainey Capital Galane Gold V 769 Galane Gold * O 378 Galantas Gold V 313 Galore Res V 4 Galway Gold * O 3 Galway Gold V 21 Galway Mtls* O 19 Galway Mtls V 74 GAR Limited C 41 Garibaldi Res V 155 75 Garibaldi Res * O Gatling Explor V 404 O 47 Gatling Explor* Gem Intl Res V 84 General Moly T 10 General Moly* X 346 C 165 Generation Min Generation Min* O 14 Genesis Mtls* O 346 Genesis Mtls V 655 C 7 Genius Metals Gensource Pot V 455

20-23_DEC9_StockTables.indd 21

0.17 0.17 0.17 unch 0.00 0.26 0.08 0.26 0.25 0.25 - 0.01 0.43 0.20 0.69 0.59 0.67 + 0.01 0.71 0.29 0.53 0.45 0.48 - 0.02 0.53 0.20 0.06 0.06 0.06 - 0.01 0.16 0.04 0.13 0.10 0.10 - 0.03 0.13 0.04 0.10 0.08 0.08 - 0.01 0.10 0.03 0.04 0.02 0.03 - 0.01 0.15 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.07 0.07 0.07 - 0.00 0.10 0.00 0.10 0.10 0.10 + 0.01 0.15 0.07 0.23 0.22 0.22 + 0.01 0.30 0.10 0.31 0.30 0.31 unch 0.00 0.44 0.14 0.15 0.12 0.15 unch 0.00 4.13 0.13 1.06 0.91 0.96 - 0.04 2.25 0.69 0.77 0.71 0.76 - 0.01 1.70 0.51 0.43 0.39 0.42 + 0.01 0.71 0.29 0.32 0.30 0.31 + 0.01 0.54 0.21 0.08 0.06 0.07 - 0.01 0.08 0.05 0.37 0.34 0.35 + 0.01 0.59 0.22 0.27 0.25 0.26 - 0.01 0.45 0.16 0.24 0.20 0.23 + 0.02 0.36 0.10 0.19 0.16 0.17 - 0.00 0.28 0.04 0.04 0.03 0.04 - 0.00 0.08 0.03 0.05 0.05 0.05 unch 0.00 0.11 0.05 0.19 0.00 0.19 - 0.02 0.24 0.14 0.13 0.12 0.13 + 0.01 0.16 0.08

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gentor Res V 8 Geomega Res V 356 O 67 Geomega Res* Gespeg Res V 722 40 Getchell Gold * O Getchell Gold C 78 Getty Copper V 50 GFG Resources V 337 O 87 GFG Resources* GFM Res V 1 GGL Res V 2 GGL Res* O 8 GGX Gold* O 3 GGX Gold V 564 Giga Metals* O 204 Giga Metals V 170 Gitennes Expl V 4820 Giyani Gold V 344 Giyani Gold* O 427 Glacier Lake V 93 O 393 Gldn Predator* Gldn Predator V 1038 48 Glen Eagle Res* O Glen Eagle Res V 203 90 Glencore Plc * O Glencore Plc* O 762 O 30 Global Atomic* Global Atomic T 3047 V 425 Global Battery Global Battery* O 2 O 50 Global Energy* Global Energy V 186 Global Gold* O 0 Global Li-Ion* O 1 Global Li-Ion C 119 GlobalMin Vent* O 2 Globex Mng* O 141 Globex Mng T 169 O 1 GMV Minerals* GMV Minerals V 29 O 8035 GNCC Capital* Go Cobalt C 25 GobiMin V 8 Godâ&#x20AC;&#x2122;s Lake Res C 53 GoGold Res T 338 Gold Fields* N 17880 Gold Finder Ex V 3727 Gold Finder Ex* O 50 96 Gold Lion Res C Gold Reserve* O 36 Gold Reserve V 31 Gold Resource* X 3000 50 Gold Rush Cari V Gold Std Vents T 1995 Gold Std Vents* X 5105 Goldbank Mng V 0 O 1 Goldbank Mng* Goldcliff Res* O 4 Goldcliff Res V 228 Golden Arrow V 466 O 160 Golden Arrow* Golden Band* O 143 V 1082 Golden Cariboo Golden Dawn Ml V 194 V 346 Golden Goliath Golden Goliath* O 24 Golden Harp V 500 Golden Hope V 36 O 13 Golden Hope* Golden Lake C 118 Golden Mnls* X 1378 Golden Mnls T 38 O 30 Golden Phoenix* Golden Pursuit V 203 O 460 Golden Queen* Golden Queen V 407 Golden Ridge V 1157 Golden Secret V 227 Golden Share V 15 Golden Star T 152 Golden Star* X 1000 Golden Sun* O 583 Golden Tag V 57 Golden Valley* O 102 Golden Valley V 170 Goldex Res* O 30 Goldex Res V 132 Goldgroup Mng* O 97 T 499 Goldgroup Mng GoldMining* O 601 GoldMining T 372 GoldON Res V 19 GoldON Res* O 3 Goldplay Expl* O 164 Goldplay Expl V 407 GoldQuest Mng V 356 Goldrea Res C 165 Goldrea Res* O 2 O 250 Goldrich Mng* Goldsource Min* O 481 V 962 Goldsource Min Goldstar Mnls V 161 V 241 Goldstrike Res Goliath Res V 648 Goliath Res* O 128 Gossan Res V 55 O 368 GoviEx Uranium* GoviEx Uranium V 704 Gowest Gold* O 50 Gowest Gold V 57 GPM Metals* O 2 GPM Metals V 121 O 96 Gran Colombia* Gran Colombia T 1392 Granada Gold V 185 Granada Gold* O 43 V 27 Grande Portage Grande Portage* O 3 Granite Creek V 414 Graphite Egy* O 1 Graphite One V 117 Graphite One* O 489 Gratomic* O 62 Gratomic V 750 Gray Rock Res V 180 Great Atlantic V 94 Great Bear Res V 553 Great Bear Res* O 207 Great Lakes Gr* O 633 Great Panther T 943 X 3766 Great Panther* Great Thunder V 668 O 43 Great Western* Green River C 50 40 Green Valley M V Greencastle Rs V 268 O 296 Greenland M&En* Greenshield Ex V 30 Grid Metals V 115 Grid Metals* O 1 O 300 Grizzly Discvr* Grizzly Discvr V 52 V 2085 Grosvenor Res Group Eleven V 2048 Group Ten Mtls* O 152 Group Ten Mtls V 280 O 151 GrowMax Res* GSP Resource V 514 GT Gold V 921 GT Gold * O 124 0 Guerrero Vents* O Guerrero Vents V 157 Gungnir Res V 85 Gungnir Res* O 98 T 1953 Guyana Gldflds Guyana Goldstr V 630 O 292 Guyana Goldstr* Handa Mining V 388 O 0 Handa Mining* Handeni Gold* O 12 V 170 Hannan Metals Hannan Metals* O 274 Happy Ck Mnrls V 703 Harfang Explor V 110 N 17895 Harmony Gold* Harte Gold T 10125 Harte Gold* O 1953 Harvest Gold V 77 V 1380 Hawkeye Gld&Di Hawkeye Gld&Di* O 0 V 106 Heatherdale Rs Hecla Mining* N 35590 Helio Res V 34

0.05 0.05 0.05 unch 0.00 0.07 0.05 0.16 0.14 0.14 unch 0.00 0.23 0.07 0.12 0.11 0.12 + 0.01 0.17 0.05 0.02 0.01 0.02 + 0.01 0.05 0.01 0.09 0.08 0.09 + 0.01 0.19 0.05 0.12 0.00 0.12 + 0.02 3.60 0.06 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.19 0.17 0.19 + 0.02 0.27 0.16 0.14 0.13 0.14 + 0.01 0.21 0.12 0.05 0.05 0.05 unch 0.00 0.05 0.04 0.00 0.00 0.09 unch 0.00 0.17 0.07 0.07 0.06 0.07 unch 0.00 0.10 0.05 0.10 0.07 0.07 - 0.03 0.29 0.04 0.12 0.11 0.12 + 0.01 0.41 0.10 0.34 0.30 0.30 - 0.02 0.40 0.11 0.45 0.38 0.39 - 0.03 0.53 0.15 0.06 0.03 0.05 + 0.02 0.06 0.02 0.15 0.13 0.14 - 0.01 0.35 0.07 0.12 0.11 0.11 - 0.01 0.26 0.06 0.05 0.05 0.05 - 0.02 0.20 0.04 0.23 0.16 0.22 + 0.05 0.38 0.13 0.30 0.23 0.27 + 0.04 0.50 0.18 0.06 0.06 0.06 unch 0.00 0.10 0.06 0.09 0.07 0.08 - 0.01 0.15 0.07 3.24 3.13 3.14 - 0.02 4.49 2.66 6.40 6.24 6.25 - 0.04 8.91 5.29 0.37 0.36 0.37 - 0.00 0.42 0.21 0.52 0.48 0.52 + 0.02 0.56 0.28 0.06 0.00 0.06 - 0.01 0.23 0.05 0.05 0.05 0.05 unch 0.00 0.16 0.05 0.02 0.01 0.01 - 0.00 0.07 0.01 0.03 0.00 0.03 unch 0.00 0.10 0.02 0.00 0.00 0.75 unch 0.00 1.60 0.75 0.06 0.06 0.06 unch 0.00 0.21 0.04 0.11 0.00 0.11 + 0.02 0.28 0.06 0.26 0.21 0.21 - 0.05 1.03 0.21 0.27 0.24 0.25 - 0.02 0.31 0.21 0.37 0.32 0.33 - 0.02 0.41 0.25 0.06 0.06 0.06 unch 0.00 0.17 0.06 0.11 0.10 0.11 unch 0.00 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.08 0.08 unch 0.00 0.30 0.05 0.26 0.26 0.26 unch 0.00 0.45 0.20 5.50 4.55 4.95 unch 0.00 156.25 4.55 0.67 0.64 0.66 + 0.01 0.80 0.19 5.35 4.96 5.35 + 0.10 6.29 2.90 0.05 0.04 0.04 unch 0.00 0.12 0.02 0.04 0.00 0.04 unch 0.00 0.09 0.02 0.24 0.22 0.23 unch 0.00 0.24 0.17 1.56 0.00 1.56 + 0.00 2.75 1.05 2.11 1.94 2.04 - 0.06 3.67 1.94 4.49 4.10 4.46 + 0.20 5.09 2.73 0.01 0.01 0.01 unch 0.00 0.15 0.01 0.97 0.78 0.88 - 0.09 1.81 0.78 0.74 0.59 0.65 - 0.09 1.38 0.59 0.00 0.00 0.13 unch 0.00 0.19 0.07 0.14 0.14 0.14 unch 0.00 0.14 0.11 0.10 0.10 0.10 + 0.00 0.13 0.03 0.12 0.12 0.12 unch 0.00 0.17 0.05 0.15 0.13 0.15 + 0.02 0.37 0.12 0.11 0.09 0.11 + 0.00 0.28 0.08 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.18 0.13 0.16 + 0.03 0.38 0.10 0.05 0.04 0.05 + 0.01 0.10 0.02 0.03 0.02 0.03 + 0.00 0.08 0.00 0.07 0.07 0.07 unch 0.00 0.17 0.04 0.28 0.22 0.22 - 0.03 0.28 0.05 0.18 0.17 0.18 - 0.00 0.18 0.03 0.14 0.13 0.14 + 0.01 0.14 0.08 0.22 0.20 0.21 - 0.01 0.38 0.20 0.28 0.26 0.28 - 0.01 0.49 0.26 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.04 0.06 + 0.01 0.11 0.02 0.18 0.14 0.15 - 0.03 0.29 0.01 0.25 0.19 0.21 + 0.02 1.50 0.19 0.03 0.02 0.03 + 0.01 0.20 0.02 1.44 1.07 1.38 + 0.28 2.53 0.96 0.11 0.10 0.11 + 0.01 0.18 0.07 4.41 4.03 4.35 + 0.26 6.48 3.30 3.31 3.01 3.31 + 0.26 4.97 2.44 0.00 0.00 0.00 + 0.00 0.01 0.00 0.05 0.04 0.04 - 0.01 0.10 0.03 0.29 0.28 0.28 + 0.00 0.34 0.17 0.38 0.37 0.38 - 0.01 0.44 0.23 0.09 0.05 0.08 + 0.02 0.25 0.05 0.12 0.00 0.08 + 0.01 0.39 0.07 0.03 0.02 0.02 - 0.00 0.06 0.02 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.86 0.75 0.86 + 0.07 1.08 0.52 1.14 1.02 1.13 + 0.08 1.44 0.71 0.52 0.00 0.52 + 0.01 0.91 0.12 0.41 0.36 0.36 - 0.05 0.69 0.09 0.15 0.13 0.14 - 0.01 0.22 0.09 0.19 0.18 0.18 - 0.02 0.30 0.11 0.13 0.11 0.12 + 0.01 0.23 0.08 0.04 0.03 0.03 - 0.01 0.11 0.03 0.02 0.02 0.02 - 0.00 0.07 0.02 0.02 0.01 0.02 + 0.00 0.03 0.01 0.06 0.05 0.06 + 0.00 0.16 0.02 0.08 0.07 0.08 - 0.01 0.23 0.04 0.02 0.00 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.02 - 0.01 0.11 0.02 0.03 0.02 0.03 unch 0.00 0.15 0.02 0.02 0.01 0.01 - 0.01 0.11 0.02 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.11 0.10 0.10 - 0.01 0.16 0.09 0.15 0.14 0.14 unch 0.00 0.21 0.12 0.17 0.17 0.17 unch 0.00 0.31 0.01 0.25 0.23 0.25 + 0.02 0.50 0.08 0.07 0.07 0.07 unch 0.00 0.07 0.02 0.07 0.07 0.07 + 0.01 0.10 0.06 3.57 3.18 3.57 + 0.06 4.44 1.91 4.80 4.07 4.78 + 0.16 5.91 2.50 0.11 0.10 0.10 - 0.01 0.23 0.09 0.08 0.07 0.08 + 0.00 0.17 0.07 0.12 0.11 0.11 unch 0.00 0.21 0.08 0.09 0.08 0.09 + 0.00 0.15 0.06 0.07 0.05 0.07 unch 0.00 0.23 0.05 0.02 0.02 0.02 unch 0.00 1.09 0.00 0.40 0.34 0.40 + 0.05 0.50 0.12 0.30 0.25 0.30 + 0.03 1.00 0.00 0.02 0.01 0.02 + 0.00 0.13 0.01 0.02 0.01 0.01 - 0.01 0.17 0.01 0.05 0.05 0.05 + 0.01 0.15 0.04 0.50 0.50 0.50 unch 0.00 0.90 0.30 6.48 6.16 6.30 + 0.10 9.57 1.85 4.80 4.60 4.73 + 0.05 7.23 1.42 0.00 0.00 0.00 - 0.00 0.10 0.00 0.66 0.55 0.56 - 0.05 1.58 0.58 0.49 0.42 0.44 - 0.02 1.19 0.42 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.10 0.07 0.07 - 0.03 1.00 0.06 0.07 0.06 0.06 unch 0.00 0.09 0.02 0.08 0.07 0.07 - 0.00 0.12 0.04 0.15 0.15 0.15 unch 0.00 0.22 0.04 0.10 0.09 0.09 + 0.01 0.16 0.05 0.07 0.07 0.07 unch 0.00 0.12 0.04 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.03 0.00 0.03 - 0.01 0.09 0.03 0.15 0.15 0.15 + 0.02 0.15 0.08 0.04 0.03 0.04 - 0.01 0.18 0.03 0.13 0.12 0.13 - 0.00 0.17 0.01 0.17 0.17 0.17 unch 0.00 0.23 0.12 0.06 0.00 0.05 + 0.02 0.15 0.00 0.40 0.27 0.28 - 0.14 0.44 0.13 1.05 0.89 0.94 + 0.04 1.31 0.55 0.72 0.66 0.69 + 0.00 0.99 0.42 0.00 0.00 0.09 unch 0.00 0.20 0.18 0.20 + 0.03 0.20 0.06 0.06 0.06 0.06 unch 0.00 0.13 0.06 0.05 0.04 0.05 + 0.00 0.11 0.04 0.62 0.54 0.56 + 0.01 1.85 0.46 0.05 0.04 0.04 unch 0.00 0.28 0.04 0.03 0.02 0.03 - 0.01 0.20 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.04 0.02 0.04 unch 0.00 0.04 0.02 0.08 0.08 0.08 unch 0.00 0.16 0.05 0.07 0.05 0.07 + 0.02 0.12 0.04 0.10 0.09 0.09 - 0.01 0.18 0.08 0.23 0.21 0.21 - 0.02 0.32 0.18 3.19 3.00 3.12 - 0.05 3.86 1.47 0.19 0.10 0.19 + 0.09 0.44 0.09 0.14 0.07 0.12 + 0.05 0.33 0.06 0.10 0.09 0.10 - 0.01 0.60 0.09 0.05 0.04 0.04 unch 0.00 0.07 0.03 0.00 0.00 0.04 unch 0.00 0.05 0.00 0.16 0.00 0.16 + 0.14 0.20 0.08 2.53 2.28 2.47 + 0.14 3.07 1.21 0.13 0.10 0.13 - 0.01 0.15 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Helio Res* O 18 Hemcare Health* O 31 Heron Res* O 1 Highbank Res V 186 Highbury Proj V 10 HighGold V 164 HighGold* O 205 V 927 Highland Copp Highland Copp* O 217 Highway 50 Gld* O 327 Highway 50 Gld V 316 HiHo Silver C 27 O 9 Hochschild Mg* 5 Honey Badger E* O Honey Badger E V 455 T 2705 Horizonte Mnls Hornby Bay Mnl* O 17 Hornby Bay Mnl V 541 HudBay Min T 3261 HudBay Min* N 2593 Hudson Res V 67 Hudson Res* O 46 Hunt Mng* O 0 Hunt Mng V 533 Hut 8 Mining* O 76 Hut 8 Mining T 372 V 666 Hybrid Mineral

0.10 0.07 0.07 - 0.03 0.10 0.02 0.85 0.70 0.78 - 0.04 1.54 0.41 0.07 0.07 0.07 unch 0.00 0.45 0.07 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.30 0.30 0.30 unch 0.00 0.30 0.17 1.27 1.16 1.26 + 0.04 1.89 0.78 0.95 0.89 0.94 + 0.02 1.38 0.79 0.04 0.02 0.03 - 0.01 0.10 0.02 0.03 0.02 0.02 - 0.00 0.08 0.02 0.08 0.05 0.05 - 0.04 0.17 0.07 0.10 0.08 0.08 - 0.05 0.22 0.08 0.04 0.03 0.04 - 0.01 0.08 0.02 2.15 2.10 2.15 - 0.21 2.79 1.90 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.02 0.01 0.02 unch 0.00 0.05 0.01 0.08 0.08 0.08 + 0.01 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.06 0.04 0.06 unch 0.00 0.06 0.02 4.48 4.25 4.33 + 0.04 10.42 3.98 3.37 3.20 3.28 + 0.06 7.83 2.99 0.30 0.28 0.29 + 0.02 0.48 0.26 0.23 0.20 0.22 - 0.01 0.38 0.13 0.00 0.00 0.03 unch 0.00 0.18 0.00 0.05 0.00 0.04 - 0.01 0.23 0.04 1.18 0.96 1.00 - 0.15 2.23 0.60 1.57 1.25 1.32 - 0.21 2.94 0.76 0.02 0.00 0.02 unch 0.00 0.13 0.02

I-Minerals* O 0 I-Minerals V 34 IAMGOLD T 3706 15443 IAMGOLD* N Icon Explor* O 0 67 Iconic Mnls * O Iconic Mnls V 47 C 2561 Idaho Champion Idaho Champion* O 0 IEMR Res V 83 IM Exploration C 0 8 IMC Intl Mng C iMetal Res* O 40 iMetal Res V 1704 IMPACT Silver V 830 O 1 Impala Platnm* Imperial Metal* O 32 T 100 Imperial Metal Imperial Mg Gr V 118 71 Inca One Gold* O Inca One Gold V 4152 79 Inception Mng * O Independence G V 149 O 2 Independence G* Indigo Expl V 0 Infinite Lith* O 3 Infinite Lith V 22 O 1085 Infrastructure* Inomin Mines V 166 O 16 Inspiration Mg* Integra Res* O 224 Integra Res V 571 Inter-Rock Mnl V 28 Interconnect V 54 Intercontinent* O 1 Intercontinent V 50 Intl Battery C 564 Intl Battery* O 115 Intl Bethl Mng V 5 5 Intl Bethl Mng* O Intl Cobalt* O 5 Intl Cobalt C 75 Intl Lithium* O 170 Intl Lithium V 550 Intl Montoro* O 1 Intl Montoro V 575 3 Intl Prospect * O Intl Prospect V 102 80 Intl Samuel Ex V Intl Star* O 10000 Intl Tower Hil* X 352 Intl Tower Hil T 24 Intl Zeolite V 537 Intl Zeolite* O 98 Intrepid Pots* N 3289 INV Metals* O 4 INV Metals T 44 Inventus Mg * O 48 Inventus Mg V 121 InZinc Mining V 578 Irving Res* O 75 Irving Res C 76 IsoEnergy Ltd V 271 Itafos* O 4 V 28 Itafos Itoco Inc* O 896 O 479 Ivanhoe Mines* Ivanhoe Mines T 2697 Jade Leader* O 16 Jade Leader V 29 Jaeger Res V 3 Jaguar Mng T 1028 Jaguar Mng* O 61 Japan Gold V 895 Japan Gold* O 180 Jasper Mining V 31 O 2 Jasper Mining* Jaxon Mining V 268 O 1 Jaxon Mining* Jayden Res* O 0 Jayden Res V 142 JDF Explor Inc C 351 Jervois Mining* O 992 V 919 Jervois Mining Jiulian Res V 250 O 4 Josemaria Res* Josemaria Res T 237 Joshua Gold* O 135 Jourdan Res V 458 O 8 Jubilee Metals* Juggernaut Exp V 44 O 15 Juggernaut Exp* Jupiter Gold* O 3 K2 Gold V 68 K92 Mining* O 1235 K92 Mining V 9025 Kaizen Discov V 602 O 1 Kaizen Discvry* Kanadario Gold V 87 V 71 Kapuskasing Gd Karam Min C 5 Karnalyte Res T 16 KAT Expl* O 13517 Katanga Mng T 1853 Kenadyr Mining V 494 O 13 Kenadyr Mining* Kermode Res V 845 Kerr Mines* O 971 Kerr Mines T 662 V 1000 Kesselrun Res Kesselrun Res* O 2 Kestrel Gold V 227 Kilo Goldmines V 1000 O 270 Kilo Goldmines* Kincora Copper* O 50 V 50 Kincora Copper King Global* O 43 King Global V 9807 Kings Bay Res* O 3 V 13 Kingsmen Res Kingsmen Res* O 1 19506 Kinross Gold T Kinross Gold* N 46730 Kintavar Exp V 118 Kirkland Lake* N 24053 Kirkland Lake T 15576 Klondike Gold* O 215 V 1307 Klondike Gold Klondike Silv* O 25 Klondike Silv V 523 Kombat Copper V 237 V 196 Komet Resource Kootenay Silvr* O 209 V 522 Kootenay Silvr Kootenay Zinc C 90 O 28 Kootenay Zinc* KOPR Point C 174 Kore Mining V 593 Kore Mining * O 46 Kutcho Copper * O 119 KWG Res* O 1 KWG Res C 2484

0.00 0.00 0.04 unch 0.00 0.14 0.02 0.05 0.04 0.04 - 0.01 0.19 0.03 4.84 4.54 4.84 + 0.16 5.55 3.08 3.63 3.41 3.62 + 0.11 4.17 2.28 0.00 0.00 0.07 unch 0.00 0.21 0.07 0.04 0.03 0.03 + 0.00 0.13 0.03 0.05 0.05 0.05 unch 0.00 0.18 0.05 0.05 0.00 0.05 + 0.01 0.20 0.04 0.04 0.04 0.04 unch 0.00 0.06 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.10 unch 0.00 0.15 0.04 0.55 0.00 0.52 unch 0.00 0.58 0.30 0.06 0.00 0.06 + 0.00 0.14 0.03 0.08 0.07 0.08 + 0.01 0.19 0.04 0.33 0.30 0.32 + 0.01 0.51 0.21 0.00 0.00 7.20 unch 0.00 7.20 4.75 1.38 1.25 1.25 - 0.01 2.60 0.78 1.85 1.63 1.70 - 0.02 3.50 1.05 0.04 0.04 0.04 - 0.01 0.11 0.03 0.03 0.02 0.02 + 0.01 0.04 0.02 0.03 0.03 0.03 - 0.01 0.05 0.03 0.05 0.00 0.05 unch 0.00 0.55 0.00 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.04 0.04 0.04 unch 0.00 0.08 0.00 0.00 0.00 0.02 unch 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.09 0.01 0.03 0.00 0.03 - 0.01 0.12 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.00 0.04 - 0.01 0.05 0.02 0.00 0.00 0.00 - 0.03 0.03 0.00 0.89 0.84 0.87 - 0.01 1.07 0.44 1.18 1.10 1.15 - 0.01 1.42 0.61 0.28 0.28 0.28 - 0.01 0.35 0.19 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.17 0.17 0.17 - 0.00 0.25 0.07 0.23 0.20 0.20 + 0.02 0.35 0.09 0.14 0.11 0.13 + 0.01 0.22 0.05 0.11 0.08 0.09 - 0.02 0.17 0.03 0.05 0.05 0.05 unch 0.00 0.10 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.00 0.00 0.00 - 0.01 0.04 0.00 0.02 0.00 0.02 + 0.01 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.04 0.00 0.04 unch 0.00 0.09 0.03 0.08 0.08 0.08 unch 0.00 0.12 0.06 0.08 0.08 0.08 unch 0.00 0.20 0.08 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.54 0.50 0.53 + 0.02 0.72 0.38 0.71 0.67 0.71 + 0.05 0.94 0.51 0.06 0.05 0.06 + 0.01 0.16 0.05 0.04 0.03 0.04 + 0.00 0.12 0.01 2.32 2.10 2.28 + 0.14 4.39 2.09 0.29 0.29 0.29 + 0.00 0.59 0.22 0.40 0.37 0.40 + 0.01 0.83 0.30 0.08 0.05 0.08 + 0.01 0.12 0.05 0.10 0.07 0.09 + 0.02 0.16 0.07 0.03 0.02 0.02 unch 0.00 0.07 0.02 2.11 2.02 2.09 - 0.01 2.50 1.09 2.79 2.66 2.75 - 0.04 3.25 1.49 0.46 0.44 0.44 - 0.02 0.79 0.36 0.48 0.44 0.44 - 0.00 1.23 0.39 0.69 0.53 0.53 - 0.12 1.63 0.50 0.20 0.12 0.15 + 0.02 0.90 0.06 2.83 2.55 2.62 - 0.16 3.46 1.50 3.71 3.41 3.51 - 0.16 4.54 2.04 0.18 0.17 0.18 + 0.01 0.27 0.13 0.25 0.22 0.22 - 0.03 0.35 0.13 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.13 0.12 0.12 - 0.01 0.30 0.07 0.10 0.09 0.10 - 0.00 0.22 0.05 0.22 0.20 0.22 + 0.01 0.43 0.11 0.17 0.15 0.16 - 0.01 0.32 0.09 0.03 0.03 0.03 unch 0.00 0.25 0.01 0.03 0.03 0.03 unch 0.00 0.03 0.03 0.05 0.04 0.04 - 0.01 0.10 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.00 0.00 0.02 unch 0.00 0.12 0.00 0.02 0.02 0.02 unch 0.00 0.20 0.01 0.55 0.46 0.46 - 0.06 0.71 0.01 0.14 0.11 0.13 + 0.01 0.20 0.11 0.17 0.16 0.16 - 0.01 0.24 0.13 0.02 0.02 0.02 unch 0.00 0.14 0.01 0.45 0.00 0.45 + 0.02 0.91 0.40 0.62 0.52 0.58 + 0.01 1.22 0.52 0.17 0.13 0.17 + 0.03 0.40 0.08 0.02 0.01 0.01 unch 0.00 0.06 0.01 0.06 0.06 0.06 unch 0.00 0.06 0.03 0.22 0.19 0.21 unch 0.00 1.60 0.10 0.16 0.16 0.16 - 0.00 1.20 0.06 0.88 0.40 0.55 - 0.25 2.00 0.36 0.23 0.22 0.22 - 0.01 0.37 0.16 1.97 1.64 1.95 + 0.29 2.08 0.51 2.67 2.19 2.52 + 0.35 2.67 0.68 0.03 0.03 0.03 - 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.19 0.16 0.19 + 0.01 0.25 0.15 0.09 0.07 0.09 + 0.02 0.14 0.03 0.03 0.03 0.03 unch 0.00 0.15 0.03 0.19 0.18 0.18 - 0.01 0.36 0.15 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.14 0.11 0.13 + 0.02 0.83 0.11 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.11 0.09 0.10 - 0.00 0.21 0.07 0.15 0.12 0.15 unch 0.00 0.27 0.11 0.04 0.04 0.04 + 0.01 0.07 0.03 0.03 0.02 0.03 + 0.01 0.04 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.03 0.03 0.03 - 0.01 0.11 0.03 0.04 0.04 0.04 unch 0.00 0.16 0.01 0.02 0.01 0.01 + 0.00 0.05 0.00 0.02 0.00 0.02 unch 0.00 0.10 0.01 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.08 0.00 0.08 unch 0.00 0.70 0.07 0.05 0.05 0.05 - 0.00 0.52 0.01 5.79 5.58 5.74 + 0.09 7.24 3.54 4.36 4.19 4.33 + 0.08 5.47 2.66 0.14 0.13 0.14 - 0.01 0.29 0.12 42.64 37.75 41.91 - 5.71 51.08 20.02 56.78 50.21 55.79 - 7.53 67.87 26.70 0.19 0.18 0.18 - 0.01 0.35 0.10 0.26 0.24 0.25 unch 0.00 0.45 0.17 0.02 0.02 0.02 - 0.00 0.04 0.01 0.04 0.03 0.04 unch 0.00 0.06 0.03 0.17 0.16 0.16 unch 0.00 0.20 0.05 0.10 0.09 0.09 unch 0.00 0.22 0.09 0.18 0.16 0.17 - 0.01 0.23 0.08 0.24 0.22 0.23 unch 0.00 0.32 0.11 0.05 0.05 0.05 unch 0.00 0.29 0.05 0.04 0.03 0.03 + 0.00 0.17 0.02 0.06 0.00 0.06 + 0.01 0.35 0.01 0.24 0.17 0.20 unch 0.00 0.41 0.08 0.17 0.16 0.17 + 0.02 0.31 0.09 0.16 0.13 0.14 + 0.01 0.35 0.10 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01

I-J-K

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

L La Imperial C 11 Labrador Gold V 31 O 687 Labrador IMH* Labrador IOR T 1723 Labrador IOR* O 3 Lake Forest Mi* O 0 Lake Resources* O 42 Lara Expl V 51 Laramide Res T 301 Laredo Res* O 6 Largo Res T 2899 Largo Res* O 2491 Latin American V 3 Latin American* O 30 Latin Metals V 105 2 Laurion Mnl Ex* O Laurion Mnl Ex V 98 Leading Edge* O 492 Leading Edge V 154 Leagold Mg T 4231 Leagold Mg* O 772 Leeta Gold V 2757 Legion Metals C 511 Leo Res* O 5 Lepanto Con Mg* O 439 O 174 Libero Copper* Libero Copper V 355 Liberty Gold* O 520 Liberty One Li V 143 Liberty One Li* O 300 LiCo Energy* O 20 LiCo Energy V 151 Lightspeed Dis V 0 Lincoln Mng V 13 Lion One Mtls V 332 Lion One Mtls* O 447 Lions Bay Cap V 680 0 Lions Bay Mg C Lions Bay Mg * O 2 N 383 Lithium Amer* Lithium Amer T 294 Lithium Chile* O 13 Lithium Chile V 61 Lithium Corp* O 323 O 4 Lithium Energi* Lithium Energi V 57 Lithoquest Dia V 322 O 10 Lithoquest Dia* LKA Gold* O 4 O 20 Lode-Star Mg* Lodge Res C 1329 Logan Res V 117 Lomiko Mtls V 138 Lomiko Mtls* O 29 Loncor Res* O 25 Loncor Res T 31 Lone Star Gold* O 14 Los Andes V 194 Lucara Diam T 830 Lucky Min V 1159 Lucky Min* O 58 Luckystrike * O 1 Luckystrike V 79 Lumina Gold* O 248 Lumina Gold V 505 Luminex Res V 293 Lundin Gold T 675 Lundin Mng* O 265 Lundin Mng T 8461 Lupaka Gold * O 500 Lupaka Gold V 1619 Lydian Intl* O 318 Lydian Intl T 2609 Lynas Corp* O 270 Lynas Corp* O 99

0.02 0.02 0.02 unch 0.00 0.07 0.02 0.13 0.11 0.11 - 0.02 0.26 0.11 0.05 0.02 0.03 + 0.02 0.20 0.00 25.80 24.82 25.26 + 0.26 36.01 21.87 19.13 0.00 19.07 + 0.26 27.20 16.69 0.00 0.00 3.20 unch 0.00 5.00 0.50 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.45 0.44 0.45 - 0.02 0.59 0.41 0.22 0.20 0.21 - 0.01 0.49 0.18 0.00 0.00 0.00 - 0.00 0.01 0.00 1.02 0.81 1.02 + 0.11 3.80 0.81 0.76 0.62 0.75 + 0.05 3.10 0.62 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.13 0.13 0.13 unch 0.00 0.20 0.08 0.15 0.15 0.15 + 0.00 0.16 0.05 0.19 0.18 0.18 - 0.02 0.22 0.07 0.06 0.05 0.06 - 0.00 0.30 0.04 0.09 0.00 0.08 - 0.01 0.40 0.06 2.26 1.86 2.16 + 0.30 3.07 1.34 1.65 1.39 1.63 + 0.23 2.33 1.00 0.14 0.11 0.14 + 0.03 0.82 0.11 0.36 0.31 0.35 unch 0.00 0.83 0.26 0.01 0.01 0.01 unch 0.00 0.13 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.06 0.06 + 0.00 0.18 0.05 0.09 0.08 0.08 - 0.01 0.23 0.07 0.67 0.60 0.62 - 0.05 0.75 0.22 0.05 0.05 0.05 unch 0.00 0.18 0.04 0.04 0.03 0.03 + 0.00 0.14 0.02 0.02 0.01 0.02 + 0.00 0.10 0.01 0.03 0.02 0.03 + 0.01 0.13 0.02 0.00 0.00 0.08 unch 0.00 0.32 0.08 0.10 0.10 0.10 - 0.01 0.25 0.05 1.02 0.92 0.97 - 0.02 1.13 0.35 0.77 0.70 0.73 - 0.01 0.85 0.24 0.05 0.04 0.05 unch 0.00 0.10 0.04 0.00 0.00 0.09 unch 0.00 0.20 0.03 0.06 0.06 0.06 - 0.02 0.14 0.00 2.99 2.82 2.90 + 0.08 4.89 2.75 3.99 3.77 3.88 + 0.14 6.43 3.60 0.26 0.24 0.26 + 0.01 0.49 0.20 0.35 0.32 0.35 + 0.02 0.65 0.25 0.07 0.05 0.06 + 0.00 0.15 0.05 0.03 0.03 0.03 unch 0.00 0.30 0.03 0.04 0.03 0.04 unch 0.00 0.32 0.03 0.07 0.05 0.07 + 0.01 0.22 0.05 0.05 0.05 0.05 unch 0.00 0.08 0.05 0.07 0.07 0.07 + 0.00 0.43 0.06 0.06 0.06 0.06 unch 0.00 0.15 0.02 0.54 0.12 0.46 + 0.35 0.54 0.11 0.06 0.05 0.06 + 0.01 0.24 0.04 0.03 0.00 0.03 - 0.01 0.09 0.02 0.02 0.02 0.02 - 0.00 0.07 0.01 0.26 0.00 0.24 unch 0.00 0.40 0.09 0.38 0.36 0.37 + 0.01 0.44 0.12 0.50 0.00 0.36 - 0.04 2.12 0.05 0.38 0.32 0.35 - 0.01 0.52 0.15 0.85 0.81 0.82 - 0.02 1.91 0.81 0.02 0.02 0.02 unch 0.00 0.15 0.02 0.02 0.01 0.01 - 0.00 0.12 0.01 0.21 0.00 0.21 + 0.20 2.07 0.10 0.31 0.23 0.23 - 0.12 0.36 0.00 0.43 0.40 0.42 + 0.00 1.03 0.35 0.58 0.53 0.54 - 0.02 0.73 0.47 0.70 0.60 0.60 + 0.01 1.02 0.53 7.73 7.24 7.64 + 0.26 9.04 4.59 5.87 5.37 5.42 - 0.09 5.94 3.91 7.55 7.12 7.19 - 0.15 7.96 5.30 0.01 0.01 0.01 unch 0.00 0.10 0.01 0.03 0.01 0.02 + 0.01 0.13 0.01 0.08 0.05 0.06 + 0.00 0.16 0.04 0.10 0.07 0.09 + 0.02 0.24 0.06 1.59 1.48 1.49 - 0.10 2.29 1.05 1.60 1.47 1.53 - 0.08 2.33 1.05

M M.P.V. Explor C 58 0.09 0.07 0.07 - 0.02 0.18 0.06 Macarthur Min* O 130 0.20 0.13 0.13 unch 0.00 1.24 0.07 Macarthur Min V 313 0.22 0.17 0.17 unch 0.00 0.22 0.01 MacDonald Mns* O 143 0.09 0.08 0.08 + 0.00 0.16 0.02 MacDonald Mns V 695 0.12 0.09 0.10 - 0.01 0.21 0.03 MAG Silver T 745 14.29 12.90 14.24 + 0.97 18.60 8.73 Magellan Gold* O 2 1.50 0.00 1.04 - 0.05 3.80 0.93 unch 0.00 0.55 0.19 Magna Gold V 8 0.31 0.31 0.31 Magna Gold* O 1 0.24 0.24 0.24 + 0.00 0.38 0.20 Magnitude Mng V 25 0.14 0.13 0.14 + 0.01 0.20 0.04 unch 0.00 0.09 0.04 Majestic Gold V 193 0.05 0.05 0.05 Majestic Gold* O 1 0.03 0.00 0.03 unch 0.00 0.06 0.03 Makena Res* O 25 0.49 0.48 0.48 - 0.01 2.18 0.42 Mako Mining* O 131 0.17 0.15 0.17 + 0.02 0.18 0.01 Mako Mining V 2890 0.23 0.20 0.23 + 0.03 0.24 0.09 Mammoth Res V 150 0.03 0.03 0.03 unch 0.00 0.09 0.02 Mandalay Res T 115 0.85 0.77 0.85 + 0.06 1.60 0.55 O 80 0.62 0.58 0.61 + 0.02 1.12 0.04 Mandalay Res* Manganese X* O 32 0.06 0.06 0.06 + 0.01 0.13 0.06 Manganese X V 10 0.09 0.08 0.08 - 0.01 0.18 0.07 Mangazeya Mng V 253 0.06 0.05 0.05 - 0.01 0.06 0.02 O 0 0.03 0.03 0.03 unch 0.00 0.04 0.01 Mangazeya Mng* Manitou Gold * O 75 0.02 0.02 0.02 unch 0.00 0.05 0.02 Manitou Gold V 403 0.04 0.03 0.03 unch 0.00 0.07 0.02 Maple Gold V 1006 0.09 0.08 0.08 - 0.01 0.13 0.07 Maple Gold* O 400 0.07 0.06 0.06 - 0.00 0.10 0.05 Marathon Gold* O 297 1.13 1.03 1.13 + 0.02 1.31 0.53 Marathon Gold T 608 1.54 1.40 1.53 + 0.04 1.72 0.70 Margaret Lake V 239 0.02 0.02 0.02 - 0.01 0.11 0.02 Margaux Res V 200 0.10 0.07 0.10 unch 0.00 0.15 0.03 Marifil Mines V 65 0.07 0.00 0.07 - 0.01 0.18 0.05 Marifil Mines* O 63 0.06 0.05 0.05 - 0.01 0.14 0.04 Maritime Res V 467 0.09 0.08 0.08 + 0.01 0.12 0.07 Martina Mnls V 25 0.05 0.05 0.05 unch 0.00 0.12 0.04 MartinMarietta* N 3461 273.93 258.64 268.40 + 9.07 275.99 160.60 Mas Gold V 40 0.07 0.06 0.06 - 0.01 0.16 0.04 0.19 0.09 0.09 - 1.71 50.00 1.21 Mascota Res* O 103 Mason Graphite* O 101 0.17 0.15 0.15 + 0.00 0.50 0.14 V 259 0.22 0.20 0.20 unch 0.00 0.63 0.19 Mason Graphite Matachewan Con V 31 0.13 0.13 0.13 unch 0.00 0.25 0.11 Matica Ent C 808 0.04 0.04 0.04 unch 0.00 0.17 0.04 Matmown* O 40 0.01 0.01 0.01 unch 0.00 0.03 0.00 Maverix Metals T 195 5.74 5.43 5.43 - 0.27 6.96 4.06 Maverix Metals* X 191 4.45 4.16 4.21 - 0.10 5.50 1.55 Mawson Res* O 33 0.12 0.11 0.11 - 0.00 0.22 0.09 Mawson Res T 208 0.16 0.14 0.15 + 0.01 0.29 0.13 MAX Res V 226 0.08 0.07 0.07 - 0.01 3.00 0.07 MaxTech Vent* O 82 0.07 0.06 0.06 - 0.00 0.17 0.02 MaxTech Vent C 58 0.09 0.08 0.09 unch 0.00 0.22 0.03 Maxwell Res* O 2 0.09 0.00 0.09 unch 0.00 4.54 0.05 Maya Gold &Sil* O 22 1.27 1.24 1.24 - 0.09 1.84 1.15 Maya Gold &Sil T 39 1.72 1.61 1.71 - 0.05 2.63 1.56 Mazarin V 117 0.05 0.05 0.05 unch 0.00 0.18 0.04 MBMI Res* O 0 0.00 0.00 0.10 unch 0.00 1.00 0.01 MBMI Res V 16 0.13 0.13 0.13 unch 0.00 0.32 0.04 McChip Res V 7 0.55 0.00 0.52 - 0.03 0.93 0.52 McEwen Mng T 1554 1.63 1.46 1.57 - 0.05 2.84 1.46 McEwen Mng* N 23519 1.23 1.10 1.13 - 0.10 2.14 1.10 unch 0.00 0.05 0.01 McLaren Res C 381 0.03 0.01 0.02 MDN Inc* O 186 0.27 0.25 0.25 - 0.02 0.40 0.11 unch 0.00 2.68 1.53 Mechel* N 122 1.91 1.84 1.85 Medallion Res V 12 0.10 0.00 0.09 - 0.01 0.28 0.07 Medallion Res* O 65 0.07 0.07 0.07 - 0.01 0.21 0.05 Medgold Res V 190 0.08 0.07 0.07 - 0.01 0.17 0.06 Medgold Res* O 1 0.05 0.05 0.05 unch 0.00 0.12 0.05 Medinah Mnrls* O 1780 0.00 0.00 0.00 + 0.00 0.00 0.00 Mega Uranium* O 119 0.08 0.06 0.07 + 0.01 0.10 0.05 Mega Uranium T 845 0.10 0.09 0.10 + 0.01 0.14 0.08 Megastar Dev V 37 0.09 0.08 0.09 + 0.01 0.19 0.04 MegumaGold* O 18 0.13 0.12 0.12 + 0.03 0.15 0.03 MegumaGold C 3937 0.19 0.16 0.17 + 0.03 0.23 0.06 Melior Res* O 0 0.00 0.00 0.34 unch 0.00 0.50 0.24 Melkior Res V 11046 0.04 0.02 0.03 + 0.02 0.13 0.02 Meridian Mg V 0 0.00 0.00 0.09 unch 0.00 0.22 0.04 Meryllion Res C 103 0.01 0.00 0.01 unch 0.00 0.04 0.01 Mesa Expl* O 38 0.00 0.00 0.00 unch 0.00 0.00 0.00 MetalCorp V 141 0.01 0.01 0.01 + 0.01 0.02 0.01 Metalex Vent V 929 0.03 0.02 0.03 + 0.01 0.08 0.02 Metalex Vent * O 3 0.01 0.01 0.01 unch 0.00 0.03 0.01 Metalla Rylty V 359 1.34 1.28 1.30 - 0.04 1.50 0.75 Metalla Rylty* O 557 1.01 0.95 0.98 - 0.02 1.15 0.57 Metallic Mnrls* O 378 0.17 0.16 0.17 + 0.00 0.19 0.08 Metallic Mnrls V 351 0.23 0.21 0.21 - 0.01 0.25 0.11 Metallica Min* O 0 0.00 0.00 0.01 unch 0.00 0.02 0.01 Metallis Res V 86 0.32 0.28 0.30 - 0.02 0.99 0.28 Metalo Manuf C 11 0.19 0.00 0.19 + 0.01 0.40 0.10 Metalo Manuf* O 50 0.14 0.14 0.14 unch 0.00 0.18 0.14 Metals Creek* O 1 0.03 0.03 0.03 + 0.00 0.05 0.02 Metals Creek V 211 0.04 0.00 0.04 + 0.01 0.06 0.03 Metals X* O 6106 0.08 0.00 0.08 - 0.04 0.31 0.08 Mexican Gold* O 79 0.05 0.04 0.05 - 0.01 0.17 0.04 Mexivada Mng* O 20 0.00 0.00 0.00 unch 0.00 0.00 0.00 Mexus Gold* O 35720 0.01 0.00 0.01 - 0.00 0.03 0.00

2019-12-02 1:37 PM

WWW.NORTHERNMINER.COM

DECEMBER 9–22, 2019 / 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

MGX Minerals* O 375 C 850 MGX Minerals Michelin C 41 Midas Gold T 623 Midas Gold* O 1106 Midasco Cap V 15 Midland Expl V 149 Midnight Star C 29 Midnight Sun* O 146 Midnight Sun V 230 Millennial Lit* O 80 Millennial Lit V 130 Millrock Res* O 194 Millrock Res V 541 Minaurum Gold V 219 Minaurum Gold* O 128 Minco Silver* O 129 Minco Silver T 231 Minera Alamos * O 517 Minera Alamos V 1107 Minera IRL C 35 Mineral Mtn V 621 Mineral Mtn* O 74 Mineral Res* O 1 16010 MineralRite* O Mineworx Tech V 297 O 487 Mineworx Tech* Minfocus Expl V 39 O 0 Minfocus Expl* Mining Global* O 6400 V 215 Minnova Corp Minsud Res V 3 O 187 Miramont Res* Miramont Res C 1671 Mirasol Res V 568 Mistango River C 5 Mkango Res V 61 ML Gold* O 30 ML Gold Corp V 276 Monarca Mnrls* O 3 V 34 Monarca Mnrls Monarch Gold T 409 O 314 Monarch Gold* Moneta Porcpn* O 265 T 828 Moneta Porcpn Monitor Vent V 20 Monitor Vent* O 8 Monterey Min C 285 V 196 Montero Mg&Ex Montero Mg&Ex * O 15 V 50 Monument Mng Morien Res* O 55 Morien Res V 169 Mosaic* N 17924 30 Mount Gibson * O Mountain Boy* O 243 Mountain Boy V 339 Mountain Prov T 211 D 282 Mountain Prov* Mundoro Cap* O 10 Mundoro Cap V 129 Murchison Min V 298 MX Gold* O 30

0.07 0.06 0.07 + 0.00 0.41 0.06 0.10 0.08 0.08 - 0.01 0.55 0.08 0.75 0.42 0.75 + 0.35 0.75 0.15 0.68 0.54 0.68 + 0.15 1.10 0.51 0.50 0.40 0.49 + 0.07 0.85 0.39 0.08 0.08 0.08 unch 0.00 0.11 0.08 0.75 0.00 0.73 + 0.02 1.46 0.66 0.15 0.00 0.15 unch 0.00 0.34 0.11 0.11 0.10 0.10 - 0.01 0.13 0.08 0.14 0.11 0.13 - 0.01 0.17 0.10 0.85 0.74 0.85 + 0.03 1.59 0.67 1.20 1.06 1.12 + 0.01 2.12 1.04 0.12 0.10 0.11 - 0.00 0.16 0.05 0.16 0.12 0.12 - 0.04 0.21 0.07 0.40 0.35 0.40 + 0.05 0.55 0.32 0.29 0.26 0.27 + 0.01 0.43 0.23 0.45 0.38 0.40 - 0.06 0.73 0.24 0.59 0.48 0.53 - 0.07 0.99 0.35 0.17 0.15 0.16 - 0.00 0.17 0.06 0.22 0.21 0.21 - 0.01 0.23 0.09 0.14 0.11 0.14 + 0.01 0.19 0.05 0.31 0.28 0.30 + 0.02 0.40 0.10 0.23 0.20 0.23 + 0.01 0.30 0.07 9.83 9.83 9.83 unch 0.00 12.00 8.77 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.14 0.14 - 0.02 0.24 0.07 0.13 0.11 0.11 - 0.01 0.18 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.00 0.00 0.03 unch 0.00 0.07 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.00 0.07 - 0.02 0.77 0.07 0.11 0.11 0.11 unch 0.00 0.15 0.01 0.06 0.05 0.06 + 0.00 0.48 0.05 0.07 0.07 0.07 - 0.01 0.63 0.07 0.53 0.52 0.53 unch 0.00 1.40 0.49 0.04 0.00 0.04 - 0.01 0.05 0.01 0.14 0.11 0.14 - 0.01 0.19 0.09 0.10 0.07 0.07 - 0.02 0.54 0.01 0.12 0.10 0.11 - 0.02 0.77 0.09 0.04 0.04 0.04 unch 0.00 0.06 0.01 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.24 0.21 0.21 - 0.01 0.33 0.20 0.18 0.15 0.15 - 0.02 0.24 0.11 0.09 0.07 0.09 - 0.00 0.12 0.06 0.12 0.10 0.12 + 0.01 0.16 0.09 0.16 0.00 0.16 - 0.03 0.98 0.14 0.12 0.00 0.12 - 0.00 0.70 0.10 0.04 0.04 0.04 - 0.01 0.16 0.04 0.04 0.03 0.04 unch 0.00 0.20 0.03 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.31 0.29 0.31 + 0.02 0.41 0.25 0.40 0.00 0.39 unch 0.00 0.54 0.33 19.12 18.17 19.05 + 0.89 37.33 17.36 0.53 0.53 0.53 unch 0.00 0.65 0.34 0.14 0.11 0.11 - 0.02 0.21 0.11 0.23 0.16 0.23 + 0.04 0.27 0.15 1.19 1.11 1.11 - 0.10 2.00 0.91 0.90 0.83 0.86 - 0.04 1.48 0.65 0.12 0.10 0.10 - 0.03 0.19 0.00 0.15 0.14 0.14 - 0.01 0.25 0.10 0.06 0.06 0.06 unch 0.00 0.18 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00

NA Frac Sand* O 22 NACCO Ind* N 81 Namibia Crit V 315 Namibia Crit* O 284 Napier Vent V 11 Natural Res Pt* N 127 Nautilus Mnrls* O 2773 Navy Res V 50 Nemaska Lith T 9684 O 756 Nemaska Lith* Neo Lithium V 321 Neometals* O 50 Network Expl* O 46 Network Expl V 224 Nevada Canyon* O 3 T 2941 Nevada Copper Nevada Energy* O 16 V 11 Nevada Energy Nevada Expl * O 620 Nevada Expl V 891 Nevada Sunrise* O 65 V 121 Nevada Sunrise Nevada Zinc V 85 Nevado Res V 0 New Age Metals* O 13 New Age Metals V 368 New Carolin Gd* O 58 New Carolin Gd V 648 New Destiny Mg V 33 New Dimen Res V 263 New Dimen Res* O 80 New Energy Met V 1067 New Gold* X 6026 New Gold T 1690 New Guinea Gld* O 1615 New Jersey Mng* O 174 New Milln Iron* O 27 New Milln Iron T 86 New Oroperu V 206 New Pac Metals* O 486 New Pac Metals V 446 New Tech Min* O 180 New Tech Min C 7 Newlox Gold C 9 Newmac Res V 0 Newmac Res* O 1 Newmont Gdcorp* N 27693 Newmont Gdcorp T 415 Newport Expl V 138 Newport Gold* O 1712 NewRange Gold* O 515 NewRange Gold V 433 Nexa Resources T 3 Nexa Resources* N 285 Nexco Res C 206 Nexgen Energy* X 1459 Nexgen Energy T 1265 NextSource Mat T 858 Nexus Gold* O 271 Nexus Gold V 1431 NGEx Minerals V 54 Nickel Creek T 1277 Nickel Creek* O 167 Nickel North V 310 Nicola Mg Inc V 1485 Nicola Mg Inc* O 3 Nighthawk Gold* O 261 Nighthawk Gold T 501 Niobay Metals V 232 Niocan Inc V 41 Niocorp Dev T 361 Niocorp Dev* O 417 Nippon Dragon V 570 Nippon Dragon* O 41 Noble Metal V 150 Noble Metal * O 50 Noble Mineral V 276 Noble Mineral* O 11 Noka Res* O 693 Noram Vent V 290 Noram Vent* O 2 Noranda Alum* O 114 Nordic Gold* O 190 Nordic Gold V 472 Noront Res V 1090 Noront Res* O 84 Norra Metals V 421 Nortec Mnls V 327 Nortec Mnls* O 486 North Am Nickl* O 2 North Am Nickl V 105 North Am Pall T 1192 North Am Pall* O 39 North Arrow Mn V 64 North Bay Res * O 17776 North Springs* O 70 Northcliff Res T 93 Northern Light C 247 Northisle C&G * O 3 Northisle C&G V 10 Northway Res V 108

0.01 0.01 0.01 + 0.00 0.03 0.00 49.20 46.77 47.10 - 0.64 66.40 30.30 0.30 0.22 0.25 + 0.01 0.31 0.08 0.23 0.16 0.19 unch 0.00 0.24 0.06 0.15 0.12 0.12 - 0.03 0.34 0.12 22.47 19.95 19.95 - 1.64 44.71 19.95 0.02 0.01 0.02 + 0.00 0.07 0.00 0.15 0.15 0.15 unch 0.00 0.16 0.10 0.22 0.17 0.20 + 0.03 0.80 0.16 0.17 0.13 0.15 + 0.03 0.61 0.11 0.51 0.47 0.48 - 0.01 1.13 0.45 0.15 0.13 0.15 + 0.03 0.39 0.10 0.18 0.15 0.15 + 0.00 0.45 0.14 0.21 0.20 0.20 - 0.01 0.54 0.20 0.04 0.04 0.04 - 0.02 0.25 0.04 0.31 0.25 0.29 + 0.05 0.53 0.19 0.08 0.07 0.08 - 0.00 0.13 0.07 0.11 0.11 0.11 + 0.01 0.17 0.10 0.21 0.15 0.18 - 0.03 0.33 0.11 0.28 0.20 0.24 - 0.04 0.43 0.15 0.04 0.03 0.03 - 0.02 0.11 0.02 0.05 0.04 0.05 - 0.01 0.15 0.04 0.04 0.03 0.04 unch 0.00 0.14 0.03 0.00 0.00 0.11 unch 0.00 0.20 0.09 0.03 0.02 0.02 - 0.01 0.08 0.02 0.04 0.03 0.04 + 0.01 0.10 0.03 0.08 0.07 0.07 - 0.01 0.18 0.05 0.11 0.09 0.10 - 0.01 0.24 0.08 0.06 0.06 0.06 + 0.01 0.24 0.05 0.03 0.00 0.03 unch 0.00 0.09 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.08 0.06 0.08 - 0.01 0.84 0.06 0.84 0.77 0.84 + 0.03 1.56 0.61 1.14 1.03 1.14 + 0.07 2.03 0.82 0.01 0.00 0.01 - 0.00 0.02 0.00 0.15 0.13 0.14 unch 0.00 0.20 0.11 0.04 0.04 0.04 + 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.11 0.04 0.70 0.50 0.70 + 0.20 0.70 0.22 3.61 3.15 3.55 + 0.31 5.09 0.86 4.73 4.25 4.66 + 0.36 6.71 1.18 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.06 0.05 0.06 unch 0.00 0.10 0.03 0.00 0.00 0.06 unch 0.00 0.09 0.04 0.04 0.04 0.04 unch 0.00 0.04 0.00 38.57 37.61 38.40 + 0.31 41.23 29.77 51.22 50.05 51.04 + 0.45 54.87 40.01 0.33 0.31 0.33 unch 0.00 0.38 0.23 0.01 0.00 0.01 unch 0.00 0.04 0.00 0.09 0.09 0.09 - 0.01 0.21 0.04 0.12 0.11 0.12 unch 0.00 0.23 0.11 11.32 10.52 10.61 - 0.09 17.05 9.40 8.59 7.98 8.49 + 0.51 12.91 7.00 0.04 0.04 0.04 - 0.01 0.10 0.03 1.31 1.19 1.30 + 0.04 2.27 1.10 1.75 1.58 1.74 + 0.06 3.00 1.46 0.06 0.00 0.06 - 0.01 0.16 0.03 0.05 0.04 0.04 - 0.01 0.18 0.04 0.06 0.05 0.05 - 0.01 0.18 0.05 0.32 0.28 0.29 - 0.03 0.66 0.28 0.08 0.07 0.08 + 0.01 0.15 0.03 0.06 0.05 0.06 + 0.01 0.10 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.11 0.10 0.11 unch 0.00 0.14 0.08 0.08 0.07 0.08 unch 0.00 0.11 0.06 0.29 0.26 0.27 - 0.02 0.54 0.23 0.40 0.35 0.36 - 0.02 0.73 0.31 0.36 0.32 0.36 + 0.01 0.53 0.15 0.15 0.12 0.12 - 0.01 0.24 0.11 0.82 0.77 0.82 + 0.06 0.94 0.50 0.63 0.56 0.60 + 0.01 0.72 0.36 0.05 0.04 0.04 - 0.01 0.05 0.01 0.03 0.03 0.03 + 0.00 0.04 0.00 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.09 0.08 0.09 - 0.01 0.18 0.06 0.07 0.06 0.06 unch 0.00 0.13 0.04 0.10 0.08 0.08 + 0.00 0.29 0.07 0.06 0.05 0.06 + 0.01 0.31 0.05 0.05 0.04 0.04 - 0.01 0.19 0.04 0.01 0.00 0.00 + 0.00 0.04 0.00 0.03 0.02 0.03 + 0.01 0.10 0.02 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.17 0.15 0.15 - 0.01 0.35 0.15 0.13 0.12 0.12 - 0.01 0.26 0.12 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.02 0.02 0.02 - 0.01 0.05 0.02 0.01 0.00 0.00 unch 0.00 0.05 0.00 0.13 0.13 0.13 unch 0.00 0.37 0.02 0.18 0.00 0.17 + 0.02 0.50 0.10 19.92 19.65 19.74 + 0.09 26.30 9.12 14.89 14.76 14.88 + 0.07 19.91 6.69 0.06 0.00 0.06 unch 0.00 0.17 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.07 0.06 0.06 unch 0.00 0.11 0.05 0.05 0.04 0.04 unch 0.00 0.09 0.02 0.03 0.03 0.03 + 0.00 0.07 0.03 0.05 0.00 0.05 unch 0.00 0.13 0.01 0.09 0.08 0.08 unch 0.00 0.14 0.07

N-O

20-23_DEC9_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Norvista Cap V 72 T 387 NorZinc NorZinc* O 321 Nouveau Monde V 494 Nouveau Monde* O 61 NovaGold Res T 729 NovaGold Res* X 5159 Novo Res* O 1060 Novo Res V 1255 NRG Metals* O 555 NRG Metals V 131 O 308 Nrthn Graphite* Nrthn Graphite V 305 Nrthn Lion V 15 Nrthn Mnrls &E* O 1 Nrthn Shield V 1199 Nrthn Superior* O 1 V 118 Nrthn Superior Nrthn Vertex* O 89 Nrthn Vertex V 117 V 0 NSGold NSS Res Inc C 13 X 3790 Nthn Dynasty* Nthn Dynasty T 181 Nubian Res V 236 Nuinsco Res C 1426 Nuinsco Res* O 50 NuLegacy Gold V 582 O 209 NuLegacy Gold* Nutrien* N 5628 T 4142 Nutrien NV Gold V 153 NV Gold* O 20 NX Uranium* O 61 NxGold Ltd V 83 O.T. Mining* O 30 O3 Mining* O 32 O3 Mining V 65 OceanaGold T 6796 OceanaGold* O 9 Oceanic Iron O V 359 Oceanic Iron O* O 16 Oceanus Res V 117 Oceanus Res* O 41 Odyssey Res V 30 Olivut Res V 63 Olivut Res* O 91 Omineca Mining V 142 O 3 Omineca Mining* One World Lith C 237 34 One World Lith* O Opawica Expl V 28 Opus One Res V 156 Orbite Tech* O 23 Orca Gold V 253 Orca Gold* O 45 V 227 Orefinders Res Orestone Mng V 44 Orex Mnrls* O 49 Orex Mnrls V 121 O 60 Orezone Gold* Orezone Gold V 155 Orford Mining V 220 OrganiMax* O 0 OrganiMax V 22 Origin Gold V 47 2 Orla Mng Ltd* O Orla Mng Ltd T 1127 Oroco Res* O 84 Oroco Res V 144 Orocobre T 57 Oronova Energy* O 150 V 200 Oronova Energy Orosur Mng T 113 Orsu Metals V 45 Orsu Metals* O 1 Orvana Mnrls T 952 Orvana Mnrls* O 26 Osino Res V 402 Osisko Gold* N 3162 Osisko Gold T 1659 Osisko Metals* O 66 V 1100 Osisko Metals Osisko Mng Inc T 1280 Osprey Gold V 255 Otis Gold V 278 Otis Gold* O 60 Outcrop Gold V 363 O 267 Outcrop Gold* OZ Minerals* O 3

0.09 0.08 0.08 unch 0.00 0.13 0.06 0.09 0.08 0.09 unch 0.00 0.13 0.08 0.07 0.06 0.06 - 0.00 0.10 0.05 0.21 0.20 0.20 unch 0.00 0.30 0.17 0.16 0.00 0.16 + 0.02 0.22 0.14 9.30 8.67 9.24 + 0.41 10.55 4.57 6.98 6.52 6.96 + 0.31 7.95 3.42 2.74 2.35 2.52 + 0.12 2.74 1.38 3.66 3.12 3.29 + 0.11 3.66 1.87 0.07 0.04 0.06 - 0.00 0.25 0.03 0.08 0.00 0.08 - 0.01 0.52 0.06 0.05 0.04 0.04 - 0.00 0.21 0.04 0.07 0.00 0.06 unch 0.00 0.27 0.06 0.13 0.13 0.13 unch 0.00 0.46 0.10 0.03 0.03 0.03 unch 0.00 0.12 0.02 0.06 0.05 0.05 unch 0.00 0.12 0.04 0.07 0.07 0.07 - 0.02 0.22 0.02 0.14 0.09 0.10 + 0.01 0.35 0.09 0.20 0.17 0.19 + 0.01 0.27 0.12 0.26 0.23 0.26 + 0.01 0.35 0.16 0.00 0.00 0.11 unch 0.00 0.15 0.07 0.14 0.11 0.13 - 0.02 0.19 0.03 0.55 0.52 0.55 + 0.02 1.12 0.41 0.73 0.68 0.71 + 0.01 1.47 0.56 0.17 0.00 0.14 - 0.04 0.22 0.07 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.06 0.05 0.06 unch 0.00 0.15 0.03 0.05 0.04 0.04 - 0.01 0.11 0.02 47.78 46.75 47.42 + 0.85 56.00 43.96 63.56 62.08 62.70 + 0.77 73.64 59.97 0.14 0.13 0.14 + 0.01 0.29 0.08 0.10 0.10 0.10 unch 0.00 0.22 0.06 0.12 0.05 0.06 + 0.01 1.00 0.03 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.06 0.04 0.04 - 0.03 0.11 0.04 1.90 1.73 1.73 - 0.02 2.15 1.71 2.41 2.25 2.40 + 0.11 4.00 1.60 2.67 2.34 2.65 + 0.34 5.01 2.22 1.97 0.00 1.77 unch 0.00 3.74 1.77 0.06 0.05 0.05 - 0.01 0.15 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.09 0.00 0.09 + 0.02 0.13 0.04 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.06 0.05 0.05 - 0.02 0.16 0.05 0.05 0.04 0.05 - 0.01 0.12 0.04 0.06 0.05 0.05 - 0.01 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.01 0.13 0.11 0.13 - 0.01 0.28 0.09 0.10 0.00 0.09 - 0.01 0.22 0.07 0.08 0.00 0.08 + 0.02 0.11 0.05 0.05 0.05 0.05 unch 0.00 0.08 0.01 0.00 0.00 0.00 + 0.00 0.17 0.00 0.36 0.33 0.34 - 0.03 0.55 0.30 0.27 0.24 0.26 - 0.02 0.40 0.23 0.05 0.04 0.05 unch 0.00 0.08 0.03 0.09 0.00 0.09 - 0.01 0.25 0.08 0.07 0.06 0.06 - 0.01 0.09 0.03 0.09 0.00 0.08 - 0.01 0.13 0.05 0.48 0.44 0.48 + 0.01 0.67 0.30 0.64 0.59 0.60 - 0.01 0.88 0.39 0.05 0.04 0.05 + 0.01 0.16 0.04 0.00 0.00 0.06 unch 0.00 0.14 0.02 0.08 0.08 0.08 unch 0.00 0.23 0.05 0.08 0.08 0.08 unch 0.00 0.14 0.07 1.28 0.00 1.28 + 0.13 1.34 0.00 1.72 1.60 1.71 + 0.06 1.80 0.85 0.26 0.24 0.24 - 0.02 0.56 0.13 0.34 0.30 0.30 - 0.03 0.74 0.18 2.36 2.20 2.22 - 0.02 4.39 2.01 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.07 0.07 0.07 unch 0.00 0.15 0.04 0.06 0.05 0.06 + 0.01 0.14 0.04 0.25 0.00 0.25 + 0.03 0.40 0.20 0.15 0.15 0.15 - 0.01 0.30 0.13 0.14 0.12 0.14 unch 0.00 0.41 0.12 0.10 0.09 0.10 - 0.01 0.30 0.09 0.62 0.57 0.58 + 0.01 1.07 0.22 8.82 8.35 8.78 + 0.28 13.43 7.09 11.72 11.11 11.68 + 0.37 17.47 9.35 0.35 0.32 0.32 - 0.03 0.54 0.34 0.49 0.41 0.42 - 0.07 0.72 0.41 2.89 2.65 2.86 + 0.10 3.90 2.42 0.05 0.04 0.04 - 0.01 0.07 0.04 0.10 0.08 0.08 - 0.02 0.14 0.07 0.07 0.05 0.07 - 0.01 0.10 0.05 0.11 0.00 0.11 + 0.02 0.43 0.08 0.08 0.07 0.08 + 0.02 0.33 0.01 7.33 7.06 7.33 + 0.42 7.89 6.03

Pac Bay Mnrls* O 1 Pac Bay Mnrls V 8 3 Pac Booker Min* O Pac Booker Min V 12 Pac Imperial V 215 Pac Ridge Expl V 115 Pac Ridge Expl* O 3 Pac Wildcat* O 137 Pacific Empire V 935 Pacific Rim C 271 Pacific Rim* O 31 Pacific Silk V 6 Pacton Gold V 2958 Paladin Energy* O 199 Palamina Corp V 30 Palamina Corp* O 150 Paleo Resource V 140 Paleo Resource* O 150 Palladium One V 951 Palladium One* O 10 Pan Am Silver* D 11964 Pan Am Silver T 1268 Pan Andean Min V 1663 Pan Global Res V 783 Pancontinental V 885 Pancontinental* O 74 Panex Res* O 520 Pangolin Dia V 215 Panoro Mnrls V 1451 PanTerra Gold* O 0 Pantheon Vent V 547 Para Resources V 166 Parallel Mng V 618 Parallel Mng * O 75 Paramount Gold* X 117 Paringa Res* O 312 Paringa Res* D 7375 Parlane Res V 36 Pasinex Res C 521 Pasofino Gold V 13 Patriot Gold C 105 Patriot Gold* O 59 Peabody Enrgy* N 5672 Pelangio Expl* O 5 Pelangio Expl V 79 Peloton Mnrls C 82 Peloton Mnrls* O 24 PepinNini Lith* O 1250 Perseus Mng T 99 Pershimex Res V 21 Pershing Res* O 15 Peruvian Metal* O 0 Peruvian Metal V 4931 Philex Mng* O 22 Pike Mountain C 50 Pine Cliff En T 745 Pine Cliff En* O 3 Pinecrest Res * O 1 Pistol Bay Mng* O 0 Pistol Bay Mng V 764 Pivit Explor C 74 PJSC Polyus Gd* O 2 PJX Res V 310 Plata Latina V 64 Plate Res V 51 Plateau Energy V 255 Plateau Energy* O 150 Platinex Inc* O 4 Platinex Inc C 292 Platinum Gp Mt T 70 Platinum Gp Mt* X 295 Plato Gold V 340 Playfair Mng V 164 Playfair Mng* O 2

0.04 0.04 0.04 unch 0.00 0.05 0.03 0.06 0.06 0.06 unch 0.00 0.17 0.06 1.78 0.00 1.57 - 0.21 3.10 0.55 2.23 2.03 2.07 - 0.13 4.10 0.74 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.04 0.04 0.04 + 0.01 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.03 0.05 + 0.01 0.10 0.02 0.14 0.13 0.14 + 0.01 0.34 0.11 0.11 0.09 0.10 + 0.00 0.26 0.08 0.02 0.00 0.02 + 0.01 0.04 0.01 0.13 0.10 0.11 unch 0.00 0.39 0.10 0.07 0.06 0.06 + 0.00 0.16 0.06 0.21 0.00 0.21 unch 0.00 0.41 0.19 0.17 0.16 0.16 unch 0.00 0.31 0.14 0.03 0.03 0.03 - 0.01 0.10 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.00 0.09 0.08 0.09 + 0.01 0.15 0.04 0.07 0.00 0.07 + 0.02 0.08 0.02 19.34 18.12 19.25 + 0.85 19.48 10.26 25.70 24.13 25.54 + 1.07 25.99 13.83 0.08 0.07 0.08 + 0.01 0.09 0.03 0.16 0.13 0.14 + 0.01 0.17 0.06 0.03 0.02 0.03 unch 0.00 0.08 0.02 0.01 0.01 0.01 + 0.00 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.06 0.06 unch 0.00 0.10 0.03 0.11 0.09 0.10 - 0.01 0.26 0.09 0.02 0.02 0.02 unch 0.00 0.02 0.00 0.05 0.04 0.05 + 0.01 0.10 0.04 0.15 0.13 0.13 - 0.01 0.22 0.11 0.16 0.01 0.16 + 0.01 1.13 0.10 0.01 0.00 0.01 - 0.10 0.58 0.11 0.85 0.75 0.79 - 0.05 1.04 0.64 0.19 0.03 0.04 + 0.01 0.35 0.02 8.75 0.00 2.19 + 0.77 9.02 1.41 0.04 0.04 0.04 + 0.01 0.20 0.03 0.03 0.00 0.02 unch 0.00 0.12 0.02 0.09 0.09 0.09 unch 0.00 0.24 0.07 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.06 0.04 0.05 - 0.01 0.15 0.03 10.30 9.28 9.68 + 0.23 37.37 8.65 0.11 0.00 0.11 + 0.01 0.29 0.09 0.15 0.13 0.15 + 0.02 0.38 0.12 0.10 0.09 0.09 - 0.01 0.13 0.07 0.08 0.06 0.06 - 0.00 0.11 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.78 0.75 0.76 + 0.01 0.86 0.33 0.04 0.00 0.04 - 0.01 0.06 0.03 0.02 0.00 0.02 unch 0.00 0.06 0.00 0.00 0.00 0.03 unch 0.00 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.04 0.04 0.04 unch 0.00 0.10 0.00 0.13 0.13 0.13 unch 0.00 0.15 0.10 0.15 0.14 0.15 unch 0.00 0.36 0.10 0.10 0.10 0.10 unch 0.00 0.24 0.07 0.13 0.13 0.13 unch 0.00 0.17 0.12 0.00 0.00 0.01 unch 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.18 0.00 0.18 + 0.02 0.64 0.06 52.25 0.00 52.25 - 0.25 60.99 33.50 0.13 0.10 0.13 + 0.02 0.36 0.10 0.04 0.02 0.04 + 0.02 0.04 0.02 0.07 0.05 0.05 - 0.02 0.07 0.03 0.40 0.18 0.24 + 0.04 0.99 0.17 0.21 0.14 0.21 + 0.05 0.75 0.08 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.08 0.01 1.83 1.68 1.78 + 0.01 2.91 1.36 1.37 1.26 1.35 + 0.03 2.17 1.04 0.03 0.02 0.03 + 0.01 0.04 0.01 0.05 0.00 0.05 unch 0.00 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.01

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

PolyMet Mng* X 868 PolyMet Mng T 13 Portage Res* O 98 Portofino Res V 134 Potash Ridge* O 16 Potash Ridge T 766 O 20 Power Group* Power Group V 74 O 137 Power Metals* Power Metals V 167 PowerOre V 210 PPX Mining V 1016 PPX Mining* O 240 O 207 Precipitate Gl* Precipitate Gl V 656 Premier Gold M T 1186 O 0 Premium Expl* Pretium Res* N 8142 Pretium Res T 2187 Prime Meridian V 302 Prism Res V 15 Prize Mng* O 244 Prize Mng V 493 ProAm Expl V 297 Probe Metals* O 127 Probe Metals V 447 Prog Planet V 169 Prog Planet* O 6 Promithian Gl * O 3 Prophecy Coal* O 180 T 689 Prophecy Coal Prophecy Pot C 106 Prosper Gold V 16 Prospero Silvr V 127 O 30 Prospero Silvr* Provenance Gld C 118 Providence V 370 Providence Gld* O 140 PUF Vent Inc * O 1530 Puma Expl V 71 Pure Alumina* O 10 Pure Energy* O 351 Pure Energy V 194 Pure Gold Mg* O 984 Pure Gold Mg V 1182 Pure Nickel* O 132 Pure Nickel V 85 Purepoint Uran V 165 Q-Gold Res* O 23 Q-Gold Res V 23 QC Precious V 572 QC Precious * O 145 QMC Quantum Ml V 33 QMC Quantum Ml* O 183 QMX Gold* O 50 QMX Gold V 2131 Quadro Res V 812 C 166 Quantum Cobalt Quantum Cobalt* O 9 Quartz Mtn Res* O 0 8 Quartz Mtn Res V Quaterra Res V 143 Quaterra Res* O 39 Quest Rare Mnl* O 277 Quinto Res V 117

0.32 0.30 0.31 + 0.01 0.91 0.29 0.43 0.40 0.40 + 0.01 1.22 0.38 0.00 0.00 0.00 + 0.00 0.01 0.00 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.02 0.02 0.02 - 0.00 0.08 0.01 0.03 0.02 0.03 unch 0.00 0.11 0.02 0.07 0.05 0.07 + 0.00 0.18 0.01 0.09 0.08 0.09 + 0.01 0.25 0.06 0.05 0.04 0.05 + 0.01 0.17 0.04 0.07 0.06 0.06 + 0.01 0.22 0.06 0.07 0.05 0.05 - 0.01 0.14 0.05 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.04 0.04 0.04 - 0.00 0.07 0.03 0.11 0.08 0.11 + 0.02 0.13 0.05 0.15 0.11 0.14 + 0.03 0.17 0.07 2.04 1.86 2.02 + 0.13 2.55 1.39 0.00 0.00 0.00 - 0.00 0.01 0.00 9.92 9.32 9.75 + 0.36 13.83 6.65 13.35 12.41 13.31 + 0.82 18.30 8.85 0.05 0.05 0.05 unch 0.00 0.16 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.03 0.00 0.03 - 0.02 0.60 0.01 0.05 0.01 0.04 + 0.01 0.25 0.03 0.09 0.07 0.07 - 0.03 0.12 0.05 0.78 0.73 0.75 - 0.01 1.16 0.68 1.05 0.90 0.95 - 0.07 1.53 0.90 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.02 0.01 0.01 - 0.01 0.04 0.02 4.16 0.00 3.70 - 0.30 4.30 0.02 0.23 0.20 0.23 + 0.00 0.44 0.11 0.30 0.27 0.30 + 0.01 0.55 0.15 0.12 0.07 0.12 + 0.05 0.19 0.01 0.06 0.05 0.05 unch 0.00 0.18 0.04 0.04 0.04 0.04 unch 0.00 0.11 0.04 0.03 0.02 0.02 - 0.01 0.08 0.02 0.17 0.14 0.17 + 0.03 0.25 0.10 0.13 0.11 0.13 + 0.01 0.20 0.08 0.10 0.09 0.10 - 0.02 0.16 0.06 0.16 0.12 0.13 - 0.01 0.64 0.09 0.15 0.14 0.14 - 0.01 0.50 0.10 0.01 0.01 0.01 - 0.00 0.04 0.01 0.04 0.03 0.03 - 0.00 0.13 0.02 0.04 0.04 0.04 + 0.01 0.18 0.04 0.52 0.48 0.52 + 0.02 0.62 0.36 0.68 0.64 0.66 - 0.02 0.81 0.49 0.04 0.03 0.04 unch 0.00 0.06 0.00 0.05 0.05 0.05 unch 0.00 0.09 0.01 0.06 0.05 0.06 unch 0.00 0.11 0.05 0.18 0.18 0.18 unch 0.00 0.21 0.14 0.25 0.20 0.20 - 0.05 0.30 0.12 0.25 0.21 0.23 + 0.01 0.40 0.21 0.18 0.16 0.17 - 0.03 0.31 0.16 0.09 0.00 0.09 + 0.01 0.37 0.09 0.07 0.06 0.07 + 0.01 0.29 0.06 0.04 0.04 0.04 + 0.00 0.07 0.03 0.05 0.04 0.05 + 0.01 0.11 0.04 0.05 0.03 0.04 + 0.02 0.05 0.02 0.03 0.02 0.03 - 0.01 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.00 0.00 0.13 unch 0.00 0.31 0.13 0.21 0.18 0.21 unch 0.00 0.35 0.17 0.07 0.06 0.06 unch 0.00 0.13 0.06 0.05 0.05 0.05 - 0.00 0.10 0.04 0.01 0.00 0.01 + 0.00 0.06 0.00 0.05 0.04 0.05 unch 0.00 0.09 0.03

R Rackla Metals* O 1 0.08 0.00 0.08 unch 0.00 0.12 0.05 Rackla Metals V 1 0.00 0.00 0.13 unch 0.00 0.20 0.08 Radisson Mng V 73 0.20 0.19 0.19 unch 0.00 0.21 0.09 Radius Gold V 130 0.26 0.25 0.26 + 0.01 0.47 0.09 Rae-Wallace Mg* O 25 0.02 0.02 0.02 unch 0.00 0.02 0.01 Rain City C 51 0.12 0.08 0.12 + 0.02 0.14 0.04 Rainforest Res* O 31 7.30 4.79 4.80 - 2.70 7.60 4.00 Rainy Mtn Royl V 214 0.12 0.08 0.12 + 0.04 0.40 0.08 Rare Element* O 373 0.50 0.44 0.48 - 0.00 0.60 0.03 V 33 0.09 0.00 0.09 - 0.01 0.13 0.03 Rathdowney Res Ravencrest Res C 2592 0.15 0.10 0.13 + 0.02 0.75 0.09 Razore Rock Res C 21 0.07 0.07 0.07 unch 0.00 0.10 0.07 Red Eagle Mng* O 11 0.00 0.00 0.00 unch 0.00 0.02 0.00 Red Moon Res V 475 0.18 0.10 0.12 + 0.01 0.24 0.01 Red Oak Mining V 0 0.00 0.00 0.02 unch 0.00 0.08 0.01 Red Pine Expl V 766 0.04 0.03 0.04 + 0.01 0.08 0.03 Redstar Gold V 3817 0.03 0.02 0.02 unch 0.00 0.04 0.02 O 760 0.02 0.02 0.02 unch 0.00 0.04 0.01 Redstar Gold* Regis Res NL* O 2 3.20 3.20 3.20 unch 0.00 4.61 3.03 Regulus Res V 346 1.23 1.09 1.21 + 0.04 2.00 1.02 Renaissance Gd* O 445 0.25 0.20 0.24 + 0.01 0.33 0.11 Renaissance Gd V 182 0.33 0.28 0.29 - 0.02 0.43 0.15 Renforth Res C 479 0.05 0.04 0.05 + 0.01 0.06 0.03 Resolve Vent V 383 0.07 0.07 0.07 unch 0.00 0.13 0.06 Resource Cap* O 1 0.00 0.00 0.00 unch 0.00 0.02 0.00 Reunion Gold* O 625 0.11 0.08 0.10 - 0.01 0.25 0.08 Reunion Gold V 259 0.14 0.13 0.14 - 0.01 0.34 0.13 0.01 Revelo Res V 648 0.01 0.01 0.01 + 0.01 0.03 Revival Gold * O 96 0.54 0.00 0.50 + 0.02 0.67 0.32 Revival Gold V 80 0.71 0.61 0.66 + 0.06 0.87 0.43 Rhyolite Res V 52 0.10 0.09 0.09 - 0.02 0.26 0.09 Ridgestone M’g V 58 0.22 0.19 0.22 unch 0.00 0.30 0.15 O 1 0.15 0.15 0.15 unch 0.00 0.21 0.14 Ridgestone M’g* Riley Resource V 50 0.11 0.11 0.11 unch 0.00 0.21 0.11 Rimrock Gold* O 22589 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 Rio Silver V 776 0.04 0.03 0.04 - 0.01 0.05 Rio Silver* O 10 0.03 0.03 0.03 unch 0.00 0.04 0.02 44.62 Rio Tinto* N 4854 55.07 54.23 54.56 + 0.76 64.02 Rio Tinto* O 2 54.07 53.45 54.07 + 0.72 62.00 43.47 51.75 Rio Tinto* O 1 65.63 63.02 63.02 - 2.61 74.50 Rio2 Limited* O 325 0.30 0.24 0.30 + 0.01 0.52 0.23 Rio2 Limited V 1362 0.42 0.31 0.37 + 0.04 0.70 0.30 Rise Gold Corp C 1678 0.07 0.00 0.07 - 0.01 0.12 0.06 0.06 0.04 0.05 - 0.01 0.10 0.04 Rise Gold Corp* O 1119 Riverside Res* O 175 0.10 0.09 0.09 - 0.01 0.17 0.09 Riverside Res V 242 0.13 0.13 0.13 - 0.01 0.22 0.13 RJK Explor* O 7 0.10 0.09 0.10 + 0.01 0.12 0.03 0.04 RJK Explor V 487 0.14 0.12 0.13 - 0.01 0.18 Robex Res V 998 0.13 0.11 0.13 + 0.02 0.13 0.06 Rochester Res V 13 0.04 0.00 0.04 unch 0.00 0.06 0.03 Rochester Res* O 0 0.00 0.00 0.03 unch 0.00 0.04 0.02 1 0.37 0.37 0.37 unch 0.00 0.71 0.37 Rock Tech Lith* O Rock Tech Lith V 43 0.50 0.00 0.50 unch 0.00 1.00 0.46 Rockcliff Met C 116 0.08 0.07 0.08 + 0.01 0.19 0.06 Rockcliff Met* O 6 0.05 0.05 0.05 unch 0.00 0.14 0.02 Rockex Mng C 186 0.03 0.02 0.02 - 0.01 0.10 0.01 Rockhaven Res V 163 0.14 0.13 0.13 - 0.01 0.19 0.09 Rockridge Res V 189 0.14 0.13 0.13 - 0.01 0.39 0.13 Rockshield Cap* O 9 0.03 0.03 0.03 unch 0.00 0.09 0.02 Rodinia Lithm V 460 0.06 0.04 0.05 - 0.01 0.08 0.03 0.04 Rogue Res* O 11 0.07 0.00 0.07 + 0.01 0.10 Rogue Res V 21 0.09 0.08 0.09 + 0.01 0.13 0.05 Rokmaster Res* O 4 0.03 0.03 0.03 unch 0.00 0.04 0.03 Rokmaster Res V 22 0.04 0.04 0.04 unch 0.00 0.08 0.03 Romios Gold Rs V 70 0.04 0.03 0.03 unch 0.00 0.07 0.02 Romios Gold Rs* O 50 0.03 0.03 0.03 + 0.01 0.05 0.02 RosCan Gold* O 65 0.15 0.08 0.09 + 0.01 0.23 0.05 RosCan Gold V 474 0.13 0.11 0.13 + 0.02 0.33 0.05 Rover Metals* O 75 0.11 0.10 0.10 unch 0.00 2.01 0.02 Roxgold T 1305 0.86 0.80 0.84 unch 0.00 1.42 0.72 Roxgold* O 33 0.64 0.61 0.64 + 0.01 1.07 0.55 Royal Gold V 17 0.27 0.20 0.27 + 0.03 0.33 0.10 Royal Gold* O 5 0.18 0.18 0.18 unch 0.00 0.22 0.02 Royal Gold* D 1469 118.31 115.28 117.27 + 0.22 138.78 72.31 Royal Mines &M* O 150 0.00 0.00 0.00 - 0.00 0.01 0.00 Royal Nickel T 3717 0.44 0.41 0.42 - 0.02 0.79 0.33 Royal Nickel* O 823 0.33 0.30 0.33 + 0.01 0.59 0.25 Royal Rd Mnrls V 133 0.22 0.20 0.20 - 0.01 0.26 0.06 Royal Std Mnrl* O 0 0.00 0.00 0.05 unch 0.00 3.14 0.01 RT Minerals V 158 0.03 0.03 0.03 - 0.01 0.10 0.03 RT Minerals* O 8 0.03 0.03 0.03 unch 0.00 0.07 0.02 RTG Mining * O 1 0.05 0.05 0.05 unch 0.00 0.11 0.05 RTG Mining T 323 0.08 0.07 0.08 + 0.01 0.16 0.07 Rubicon Mnrls* O 15 0.70 0.65 0.66 - 0.06 1.05 0.46 Rubicon Mnrls T 58 0.94 0.86 0.89 - 0.06 1.41 0.61 Rugby Mng V 234 0.10 0.07 0.09 - 0.01 0.26 0.07 Running Fox Rs V 232 0.01 0.01 0.01 unch 0.00 0.03 0.01 Rupert Res V 82 0.74 0.70 0.70 - 0.04 1.12 0.66 Rusoro Mng* O 3 0.04 0.03 0.03 - 0.01 0.15 0.03 Rusoro Mng V 135 0.05 0.04 0.05 unch 0.00 0.20 0.04

S Sabina Gd&Slvr T 511 Sabina Gd&Slvr* O 553 Sable Res V 468 Sable Res* O 44 Sage Gold* O 327 Sailfish Rylty V 147 Salazar Res* O 72 Salazar Res V 533 Salt Lake Pot* O 21 Sama Res V 577 Sama Res* O 260 Samex Mng* O 285

1.70 1.56 1.68 + 0.05 2.28 0.99 1.27 1.16 1.25 + 0.03 1.72 0.73 0.11 0.09 0.09 - 0.01 0.25 0.09 0.07 0.06 0.07 - 0.02 0.17 0.06 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.91 0.82 0.91 + 0.08 1.81 0.66 0.13 0.13 0.13 + 0.00 0.15 0.07 0.17 0.17 0.17 unch 0.00 0.20 0.11 0.57 0.54 0.57 + 0.03 0.59 0.31 0.19 0.18 0.19 + 0.01 0.44 0.16 0.14 0.12 0.13 - 0.01 0.33 0.12 0.00 0.00 0.00 unch 0.00 0.00 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

50 San Gold Corp* O 8 San Marco Res* O San Marco Res V 202 Sanatana Res V 611 Sandfire Res V 26 Sandfire Res* O 45 O 811 Sandspring Res* V 1520 Sandspring Res T 1002 Sandstorm Gold X 5608 Sandstorm Gold* 58 Santa Fe Gold* O V 193 Santacruz Silv Sarama Res V 96 Sarissa Res* O 2732 Satori Res V 660 Satori Res* O 239 Saturn Mnrls V 183 Saville Res V 895 Scandium Intl T 234 O 68 Scandium Intl* Scorpio Gold V 278 56 Scorpio Gold * O Scotch Creek C 2 Scottie Res* O 236 Scottie Res V 187 ScoZinc Mg* O 2 ScoZinc Mg V 9 Seabridge Gld T 273 N 1300 Seabridge Gld* Seafield Res* O 10 Search Mnls* O 3 Search Mnls V 153 Searchlight* O 0 O 306 SearchlightMin* V 248 SearchlightRes Secova Mtls V 1311 Sego Res V 275 Select Sands V 1210 T 4024 Semafo Serabi Gold T 5 Serabi Gold* O 19 Serengeti Res V 723 C 140 Shamrock Ent O 3 Shear Diamonds* Sherritt Intl T 3220 V 108 Shine Minerals O 3 Shine Minerals* 16146 N Sibanye-Stillw* O 30 Sibanye-Stillw* 15278 O Sidney Resrces* Sienna Res* O 7 Sienna Res V 869 Sierra Metals* X 25 Sierra Metals T 17 V 7 Sigma Lithium O 70 Signature Res* Signature Res V 496 Silver Bear Rs T 263 24 Silver Bear Rs* O Silver Bull Re* O 591 Silver Bull Re T 261 Silver Fields* O 1 Silver Grail V 5 25 Silver Mtn Mns V C 4 Silver Phoenix Silver Predatr V 67 Silver Range* O 1 Silver Range V 61 Silver Scott* O 201 Silver Spruce V 209 O 33 Silver Spruce* Silver Viper V 22 T 2285 Silvercorp Met X 4473 Silvercorp Met* SilverCrest* X 1627 SilverCrest T 3076 O 3 Silverstar Res* Sirios Res V 319 Sirios Res* O 23 Sitka Gold C 222 Sitka Gold* O 89 Sixty North C 394 Skeena Res* O 124 Skeena Res V 1116 Sky Gold V 585 Sky Gold* O 70 O 226 Skyharbour Res* V 887 Skyharbour Res Slam Explor* O 1 Slam Explor V 16 Slave Lake Zn C 280 80 Slave Lake Zn* O O 62 Sokoman Min* Sokoman Min V 2312 SolGold plc* O 116 SolGold plc T 799 T 7 Solitario Ex&R X 217 Solitario Ex&R* Solstice Gold V 247 Sonora Gld & S V 172 O 54 Sonoro Metals* V 233 Sonoro Metals South32* O 50 O 7 Southern Arc* Southern Arc V 73 N 2532 Southern Copp* O 167 Southern Silvr* V 276 Southern Silvr Spanish Mtn Gd V 444 Spanish Mtn Gd* O 655 Sparton Res V 394 Sparton Res* O 75 O 188 Spearmint Res* C 1699 Spearmint Res C 100 Spey Resources Sphinx Res V 47 Sprott Res Hld T 111 Spruce Ridge R V 140 SRG Mining V 125 SSR Mining* D 3457 SSR Mining T 1012 St Augustine T 193 C 230 St-Georges Eco O 50 St-Georges Eco* V 58 Stakeholdr Gld O 1 Stakeholdr Gld* O 687 Standard Graph* Standard Lith V 965 O 25 Standard Metal* Stans Energy V 2052 O 116 Stans Energy* Star Diamond T 2249 O 124 Star Diamond* Star Gold* O 49 Starcore Intl T 11 Starr Peak Exp V 158 O 0 Steele Oceanic* Stellar Africa* O 22 Stellar Africa V 467 Stelmine Can V 5 Steppe Gold T 101 O 5101 Stornoway Diam* Stratabd Mnr V 321 Strateco Res* O 197 O 120 Strategic Metl* Strategic Metl V 133 Strategic Res V 61 O 2 Strategic Res* Stria Lithium V 39 V 526 Strikepoint Gd O 46 Strikepoint Gd* V 252 Strongbow Expl O 15 Strongbow Expl* Stroud Res V 38 Stuhini Explor V 76 Sulliden Mng T 440 Sun Metals V 472 N 14627 Suncor Energy* Suncor Energy T 19719 O 15 Superior Gold* Superior Gold V 122 Superior Mng V 137 C 531 Supreme Metals Surge Copper V 135 68 Surge Copper * O Surge Explor V 176 Surge Explor* O 252 Sutter Gold* O 13 Syrah Res* O 113

0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.06 0.07 - 0.00 0.32 0.06 0.11 0.09 0.11 + 0.02 0.45 0.09 0.01 unch 0.00 0.06 0.02 0.02 0.02 0.06 0.23 0.22 0.22 - 0.01 0.40 0.05 0.19 0.15 0.16 - 0.00 0.31 0.11 0.20 0.18 0.19 - 0.01 0.34 0.15 0.28 0.25 0.26 - 0.02 0.45 5.42 8.96 8.57 8.89 + 0.18 9.47 4.08 6.75 6.43 6.73 + 0.17 7.21 0.09 0.08 0.09 - 0.00 0.14 0.05 0.05 0.15 0.14 0.14 - 0.01 0.20 0.05 unch 0.00 0.12 0.08 0.00 0.07 0.00 0.00 0.00 0.00 - 0.00 0.00 0.01 0.07 0.01 0.06 + 0.01 0.10 0.03 0.06 0.03 0.03 - 0.03 0.07 0.09 0.14 0.12 0.12 - 0.01 0.22 0.02 0.04 0.03 0.04 + 0.01 0.06 0.10 0.00 0.09 - 0.01 0.26 0.08 0.06 unch 0.00 0.20 0.08 0.07 0.07 0.01 0.09 0.08 0.08 - 0.01 0.16 0.07 0.06 0.06 - 0.02 0.11 0.01 0.06 0.09 0.07 0.09 + 0.02 0.13 0.10 0.12 0.11 0.11 + 0.00 0.15 0.07 unch 0.00 0.25 0.15 0.14 0.15 0.26 0.37 0.37 0.37 - 0.03 0.59 0.34 0.50 0.50 0.50 + 0.01 0.78 14.74 17.51 15.85 17.50 + 1.44 21.98 10.95 13.06 11.90 12.98 + 0.89 16.55 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.02 unch 0.00 0.04 0.03 0.03 0.03 0.03 0.05 0.04 0.04 - 0.01 0.06 0.00 unch 0.00 0.10 0.00 0.00 0.01 0.01 0.03 0.02 0.03 + 0.01 0.07 0.02 0.04 0.03 0.04 + 0.01 0.05 0.02 unch 0.00 0.06 0.04 0.04 0.04 0.03 0.05 0.03 0.05 + 0.02 0.05 0.01 unch 0.00 0.14 0.02 0.01 0.02 2.24 2.86 2.69 2.79 - 0.05 5.75 0.45 1.49 1.33 1.35 + 0.02 1.49 0.62 0.84 0.83 0.83 - 0.25 1.08 0.15 0.26 0.20 0.24 + 0.03 0.40 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.17 0.20 0.18 0.19 - 0.01 0.55 0.03 0.03 0.00 0.03 - 0.01 0.08 0.02 0.02 0.00 0.02 - 0.00 0.05 2.32 8.00 7.35 7.96 + 0.51 8.00 0.53 unch 0.00 2.00 1.91 1.91 1.91 0.00 0.03 0.01 0.03 + 0.01 0.04 0.02 0.03 0.02 0.02 - 0.00 0.06 0.03 unch 0.00 0.07 0.04 0.03 0.03 1.01 1.45 1.35 1.37 - 0.03 2.38 1.33 1.93 1.76 1.83 - 0.05 3.19 1.59 1.90 1.74 1.85 - 0.05 2.12 0.03 0.03 0.03 0.03 - 0.00 0.07 0.04 0.05 0.04 0.04 - 0.01 0.10 0.15 0.11 0.15 + 0.04 0.25 0.10 0.09 0.08 0.09 + 0.01 0.18 0.07 0.07 0.06 0.07 - 0.00 0.14 0.06 0.09 0.08 0.09 unch 0.00 0.19 0.08 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.02 unch 0.00 0.12 0.06 0.06 0.06 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.13 unch 0.00 0.22 0.13 0.13 0.13 0.06 unch 0.00 0.17 0.09 0.09 0.09 0.05 0.05 0.00 0.05 - 0.01 0.11 0.07 0.09 0.00 0.09 + 0.02 0.15 0.01 0.02 0.01 0.01 - 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.07 0.01 unch 0.00 0.05 0.03 0.03 0.03 0.08 0.24 0.22 0.24 + 0.03 0.38 2.52 6.80 6.07 6.74 + 0.57 6.63 1.87 5.12 4.50 5.12 + 0.48 5.12 2.25 5.97 5.58 5.95 + 0.25 6.69 3.05 7.94 7.42 7.78 + 0.16 8.73 0.01 0.02 0.02 0.02 - 0.00 0.14 0.12 unch 0.00 0.28 0.19 0.18 0.19 0.09 0.15 0.13 0.13 - 0.00 0.20 0.04 0.17 0.15 0.17 + 0.02 0.18 0.10 0.12 0.11 0.12 + 0.00 0.12 0.03 unch 0.00 0.10 0.05 0.04 0.05 0.19 0.49 0.44 0.49 + 0.00 0.54 0.27 0.66 0.59 0.65 + 0.01 0.71 0.01 unch 0.00 0.07 0.01 0.00 0.01 0.00 unch 0.00 0.07 0.01 0.01 0.01 0.11 0.13 0.11 0.12 - 0.01 0.36 0.15 0.18 0.16 0.17 - 0.01 0.48 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.01 - 0.01 0.03 0.08 0.07 0.08 unch 0.00 0.13 0.04 0.06 0.05 0.06 unch 0.00 0.06 0.05 0.04 0.06 0.04 0.06 + 0.02 0.18 0.04 0.08 0.05 0.08 + 0.02 0.23 0.21 0.31 0.26 0.28 + 0.02 0.56 0.28 0.43 0.39 0.40 - 0.01 0.76 0.26 0.38 0.36 0.36 - 0.01 0.59 0.19 0.29 0.26 0.27 - 0.01 0.54 0.05 0.08 0.06 0.08 + 0.02 0.27 0.05 0.04 0.05 + 0.01 0.07 0.04 0.09 0.11 0.10 0.10 - 0.01 0.15 0.12 0.16 0.14 0.15 - 0.01 0.20 1.59 1.79 1.77 1.77 - 0.01 2.86 0.23 0.29 0.24 0.29 + 0.05 0.47 0.30 0.40 0.32 0.40 + 0.08 0.62 29.01 38.77 37.80 38.03 + 0.13 42.42 0.10 0.19 0.16 0.17 - 0.01 0.23 0.14 0.24 0.20 0.23 - 0.02 0.31 0.09 0.08 0.09 - 0.01 0.14 0.05 0.07 0.05 0.07 - 0.01 0.11 0.03 0.02 unch 0.00 0.08 0.03 0.03 0.03 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.01 - 0.00 0.08 0.01 0.02 0.01 0.01 - 0.01 0.04 0.03 0.03 0.03 0.03 - 0.01 0.11 0.02 0.03 0.00 0.03 + 0.01 0.06 0.73 0.66 0.73 + 0.04 1.77 0.66 0.04 0.00 0.04 - 0.01 0.13 0.04 0.64 1.00 0.78 0.90 + 0.10 1.15 10.49 15.70 14.49 15.66 + 0.96 17.56 13.99 20.85 19.31 20.66 + 1.12 23.42 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.06 0.07 0.06 0.07 + 0.01 0.25 0.04 0.04 0.04 0.04 - 0.01 0.17 0.03 0.03 0.00 0.03 - 0.01 0.10 0.01 0.01 0.00 0.01 - 0.02 0.07 0.11 0.14 0.12 0.12 - 0.01 0.65 0.53 0.98 0.72 0.87 + 0.09 1.44 0.02 unch 0.00 0.10 0.05 0.04 0.04 0.01 unch 0.00 0.11 0.01 0.01 0.01 0.00 0.01 0.00 0.00 - 0.00 0.08 0.18 0.33 0.29 0.33 + 0.04 0.35 0.14 0.25 0.21 0.24 + 0.01 0.25 0.02 0.05 0.03 0.03 - 0.00 0.30 0.05 0.07 0.06 0.07 + 0.01 0.16 0.38 0.34 0.36 + 0.01 0.40 0.09 0.65 unch 0.00 1.00 0.00 0.00 0.65 0.01 unch 0.00 0.03 0.00 0.00 0.01 0.01 0.03 0.02 0.02 - 0.01 0.03 0.09 unch 0.00 0.17 0.11 0.11 0.11 0.59 1.00 0.89 1.00 + 0.01 1.14 0.00 0.00 0.18 0.00 0.00 0.00 + 0.02 0.06 0.05 0.05 - 0.02 0.18 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.21 0.33 0.27 0.32 + 0.01 0.42 0.28 0.44 0.37 0.44 + 0.04 0.56 0.23 0.25 0.23 0.24 - 0.01 0.70 0.17 unch 0.00 0.46 0.17 0.17 0.17 0.01 0.01 0.01 0.01 + 0.01 0.04 0.04 0.05 0.04 0.05 + 0.01 0.18 0.03 0.03 0.03 0.03 - 0.01 0.13 0.04 unch 0.00 0.17 0.05 0.04 0.04 0.02 0.03 0.02 0.03 + 0.01 0.13 0.05 0.21 0.19 0.20 + 0.01 0.37 0.19 0.20 0.20 0.20 + 0.01 0.35 0.05 unch 0.00 0.13 0.05 0.05 0.05 0.18 0.20 0.18 0.18 - 0.01 0.65 25.81 31.75 31.20 31.40 - 0.03 34.87 35.53 42.23 41.43 41.43 - 0.33 46.50 0.28 0.30 0.28 0.30 + 0.01 0.84 0.38 0.40 0.38 0.39 - 0.02 1.14 0.05 0.15 0.11 0.11 - 0.04 0.15 0.01 unch 0.00 0.03 0.01 0.00 0.01 0.03 0.04 0.04 0.04 - 0.01 0.08 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.02 unch 0.00 0.10 0.03 0.02 0.03 0.01 0.02 0.02 0.02 - 0.00 0.08 0.00 0.00 0.00 0.00 - 0.00 0.02 0.24 0.30 0.24 0.24 - 0.04 1.50

T 0.06 Taiga Gold C 59 0.09 0.00 0.09 - 0.01 0.14

2019-12-02 1:37 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / DECEMBER 9–22, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Taiga Gold* O 17 Tajiri Res V 70 Taku Gold* O 10 Taku Gold C 161 Talisker Res* O 7 Talisker Res C 2243 Talmora Diamd C 44 Talon Metals T 228 Tamerlane Vent* O 1 O 22099 Tamino Mnrls* Tanqueray Expl V 257 Tantalex Res C 2101 Tanzanian Gold* X 523 T 68 Tanzanian Gold Taranis Res* O 1 Taranis Res V 15 Tarku Res V 888 Tartisan Nick* O 16 Tartisan Nick C 707 X 801 Taseko Mines* Taseko Mines T 422 Teck Res T 6555 Teck Res T 8 Teck Res* N 11490 V 183 Tectonic Metal Telson Res * O 18 Telson Res V 118 Tembo Gold V 27 Tembo Gold* O 30 Teranga Gold T 2285 O 117 Teranga Gold* Teras Res V 213 Teras Res* O 65 Terrax Mnrls V 383 Terrax Mnrls* O 58 Terreno Res V 805 Teslin Rvr Res V 1480 Tesoro Mnrls V 0 Tethyan Res V 41 Teuton Res V 400 Teuton Res* O 61 Texas Mineral* O 449 Themac Res* O 38 Themac Res V 55 Thor Expl V 15 Thunder Mtn Gd* O 387 V 344 Thunderstruck Thunderstruck* O 50 Tiger Intl V 2 Till Capital V 3 V 84 Timberline Res Timberline Res* O 32 Tinka Res V 3199 Tinka Res* O 305 Tintina Mines V 4 Tisdale Res V 18 Titan Mining T 197 Titan Mining* O 3 V 32 Titanium Corp TMAC Resource* O 46 T 269 TMAC Resources TNR Gold V 366 C 133 Tocvan Venture Tombstone Expl* O 32 O 15 Tonogold Res* Torex Gold* O 59 Torex Gold T 1097 Torq Resources V 72 O 7 Torq Resources* Tower Res V 820 Transatlantic V 334 Transition Met V 137

0.07 0.06 0.06 - 0.01 0.10 0.04 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.06 0.06 0.06 + 0.01 0.10 0.03 0.19 0.14 0.19 + 0.05 0.15 0.00 0.25 0.18 0.24 + 0.06 0.25 0.08 0.05 0.05 0.05 unch 0.00 0.06 0.02 0.16 0.14 0.16 + 0.01 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.65 0.61 0.64 - 0.01 0.85 0.45 0.02 0.01 0.01 - 0.01 0.07 0.01 0.83 0.74 0.82 + 0.07 1.20 0.25 1.11 0.98 1.10 + 0.10 1.56 0.34 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.06 0.06 0.06 - 0.01 0.11 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.05 0.03 0.05 + 0.01 0.06 0.02 0.07 0.06 0.06 unch 0.00 0.08 0.03 0.43 0.40 0.42 + 0.00 0.79 0.38 0.58 0.53 0.54 - 0.01 1.05 0.50 21.31 20.63 20.80 - 0.13 34.31 19.34 21.48 20.89 20.90 - 0.28 34.00 19.60 16.03 15.50 15.70 - 0.03 25.75 14.51 0.28 0.23 0.24 - 0.05 0.31 0.23 0.09 0.09 0.09 unch 0.00 0.32 0.09 0.13 0.12 0.12 unch 0.00 0.44 0.11 0.03 0.02 0.02 + 0.01 0.04 0.01 0.02 0.01 0.02 unch 0.00 0.03 0.01 5.70 5.23 5.70 + 0.31 5.74 2.97 4.23 3.95 4.22 + 0.19 4.37 2.23 0.07 0.06 0.06 + 0.01 0.12 0.04 0.05 0.05 0.05 + 0.00 0.07 0.03 0.28 0.25 0.27 + 0.03 0.50 0.23 0.21 0.19 0.20 + 0.01 0.36 0.17 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.36 0.31 0.36 + 0.03 0.60 0.26 0.00 0.00 0.05 unch 0.00 0.07 0.04 0.19 0.00 0.19 - 0.02 0.85 0.11 0.32 0.27 0.30 unch 0.00 0.65 0.10 0.24 0.21 0.22 - 0.00 0.49 0.07 0.30 0.22 0.24 - 0.05 0.57 0.12 0.05 0.05 0.05 unch 0.00 0.07 0.02 0.05 0.05 0.05 + 0.02 0.08 0.03 0.15 0.15 0.15 unch 0.00 0.18 0.13 0.14 0.11 0.12 unch 0.00 0.14 0.03 0.04 0.03 0.03 - 0.01 0.11 0.03 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.00 0.00 0.06 unch 0.00 0.15 0.04 2.54 0.00 2.54 + 1.54 2.54 1.00 0.10 0.09 0.09 unch 0.00 0.13 0.07 0.08 0.07 0.08 + 0.02 0.13 0.03 0.16 0.12 0.14 + 0.02 0.40 0.12 0.11 0.09 0.11 + 0.02 0.28 0.09 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.12 0.07 0.12 + 0.03 0.26 0.06 0.30 0.00 0.29 + 0.02 1.14 0.25 0.22 0.22 0.22 - 0.00 0.79 0.22 0.63 0.60 0.61 + 0.01 1.20 0.47 2.63 2.48 2.62 + 0.10 5.29 2.43 3.51 3.25 3.49 + 0.07 7.06 3.10 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.15 0.13 0.15 + 0.02 0.17 0.07 2.20 1.90 2.18 + 0.18 3.80 0.12 0.25 0.24 0.24 + 0.01 0.28 0.04 15.02 14.00 14.98 + 0.69 16.54 7.65 20.08 18.59 19.99 + 0.97 21.91 10.15 0.53 0.49 0.49 - 0.07 0.56 0.33 0.40 0.40 0.40 + 0.01 0.41 0.24 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.04 0.03 0.04 + 0.01 0.16 0.02 0.16 0.13 0.15 - 0.01 0.23 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Treasury Metal T 1767 Treasury Metal* O 45 Trecora Res* N 191 Tres-Or Res* O 2 Tres-Or Res V 422 Trevali Mng* O 773 Trevali Mng T 28866 Tri Origin Exp V 680 Trident Gold V 29 Trifecta Gold* O 9 Trifecta Gold V 16 Trilogy Mtls T 72 Trilogy Mtls* X 341 O 129 TriMetals Mng* Trinity Res* O 101 Trinity Valley V 381 Trio Resources* O 31 TriStar Gold V 177 TriStar Gold* O 234 Triumph Gold V 167 Triumph Gold* O 92 Troilus Gold* O 0 Troilus Gold T 475 V 158 Troubadour Res Troy Enrgy V 361 Troy Res* O 11 True Grit Res V 100 True North Gem* O 0 True North Gem V 109 Trueclaim Expl* O 36 Tsodilo Res V 531 Tudor Gold * O 53 Tudor Gold V 349 Turquoise HIl T 3718 Turquoise HIl* N 9119 TVI Pacific* O 513 TVI Pacific V 124 Tyhee Gold* O 43 Tymbal Res V 180 Typhoon Expl V 230

0.27 0.25 0.26 unch 0.00 0.42 0.21 0.21 0.00 0.19 + 0.00 0.32 0.15 7.99 7.62 7.70 - 0.17 10.54 6.69 0.06 0.06 0.06 unch 0.00 0.15 0.01 0.10 0.08 0.09 - 0.01 0.30 0.08 0.15 0.11 0.15 + 0.02 0.37 0.11 0.21 0.15 0.20 + 0.03 0.50 0.15 0.03 0.02 0.03 unch 0.00 0.04 0.01 0.20 0.15 0.20 + 0.05 0.20 0.14 0.03 0.00 0.03 unch 0.00 0.06 0.02 0.04 0.00 0.04 unch 0.00 0.07 0.03 2.57 2.37 2.40 + 0.01 4.10 2.00 1.93 1.76 1.80 + 0.01 3.13 1.48 0.12 0.09 0.12 + 0.03 0.11 0.02 0.16 0.00 0.15 - 0.07 0.50 0.01 0.08 0.07 0.07 - 0.01 0.15 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.22 0.19 0.20 - 0.01 0.25 0.10 0.17 0.15 0.15 - 0.00 0.19 0.07 0.34 0.29 0.30 - 0.03 0.58 0.25 0.26 0.21 0.23 - 0.03 0.44 0.19 0.00 0.00 0.47 unch 0.00 0.81 0.40 0.70 0.59 0.60 - 0.02 1.16 0.53 0.05 0.00 0.05 - 0.01 0.20 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.07 0.07 0.07 unch 0.00 0.09 0.06 0.02 0.01 0.02 unch 0.00 0.03 0.01 0.00 0.00 0.04 unch 0.00 0.14 0.00 0.07 0.00 0.07 + 0.01 0.40 0.05 0.07 0.04 0.04 - 0.03 0.10 0.04 0.07 0.06 0.07 + 0.01 0.38 0.05 0.37 0.31 0.35 + 0.02 0.81 0.15 0.49 0.42 0.46 + 0.03 1.07 0.20 0.63 0.59 0.61 + 0.01 2.84 0.53 0.47 0.42 0.46 - 0.00 2.17 0.40 0.01 0.01 0.01 + 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.00 0.04 - 0.01 0.15 0.03 0.06 0.05 0.06 + 0.01 0.07 0.02

U.S. Gold* D 270 U.S. Lithium* O 50 U3O8 Corp* O 34 U3O8 Corp T 205 C 202 Ubique Mineral UC Res* O 110 Ucore Rare Mtl V 487 Ucore Rare Mtl* O 406 UEX Corp T 513 Ultra Resource* O 10 V 28 Ultra Resource Umbral Enrgy* O 118 Unigold* O 747 Unigold V 654 O 249 United Battery* United Battery C 89 United Res Hdg* O 754 United States A* X 144 United States S* N 58659 Universal Cop V 229 V 472 Universal Vent Ur-Energy* X 1063 Ur-Energy T 154 Uragold Bay Rs V 757 X 4556 Uranium Energy* Uranium Hunter* O 1 Uranium Res* D 338 UrbanGold Min V 65 USCorp* O 930 Val-d’Or Mg V 25

0.82 0.77 0.80 + 0.03 1.53 0.65 0.39 0.18 0.31 - 0.05 0.71 0.09 0.04 0.04 0.04 - 0.01 0.21 0.04 0.06 0.05 0.05 - 0.01 0.29 0.05 0.05 0.00 0.05 + 0.02 0.20 0.03 0.27 0.23 0.25 + 0.00 1.27 0.00 0.11 0.10 0.11 + 0.01 0.34 0.09 0.08 0.07 0.08 + 0.01 0.25 0.07 0.13 0.12 0.12 unch 0.00 0.20 0.11 0.05 0.05 0.05 - 0.00 0.11 0.05 0.08 0.07 0.08 + 0.02 0.14 0.06 0.22 0.19 0.20 + 0.00 0.54 0.11 0.18 0.12 0.14 + 0.02 0.19 0.07 0.25 0.00 0.20 + 0.05 0.26 0.09 0.03 0.01 0.03 + 0.01 0.50 0.01 0.04 0.00 0.03 + 0.01 0.34 0.02 0.05 0.04 0.05 + 0.00 0.09 0.01 0.46 0.35 0.41 - 0.02 0.80 0.35 13.99 12.52 13.12 - 0.34 24.74 9.93 0.02 0.02 0.02 unch 0.00 0.14 0.02 0.47 0.44 0.45 - 0.02 0.51 0.28 0.60 0.56 0.57 - 0.02 0.99 0.50 0.79 0.75 0.75 - 0.03 1.30 0.70 0.09 0.07 0.08 unch 0.00 0.12 0.06 0.95 0.82 0.88 - 0.05 1.58 0.82 1.80 0.00 1.55 - 0.25 3.50 0.51 2.82 2.52 2.59 - 0.17 10.49 2.45 0.12 0.12 0.12 unch 0.00 0.18 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.06 0.06 unch 0.00 0.10 0.03

U-V

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Vale* N 83439 Valley High Mg* O 932 ValOre Metals* O 219 ValOre Metals V 69 Valterra Res* O 10 Valterra Res V 1 Vanadian Enrgy* O 7 V 232 Vanadian Enrgy Vanadium One* O 4 Vanadium One V 245 Vanadiumcorp* O 61 V 160 Vanadiumcorp Vanstar Mng Rs* O 123 Vanstar Mng Rs V 337 Vantex Res * O 1 Vantex Res V 3 Velocity Mnrls V 54 O 6 Velocity Mnrls* Vendetta Mng V 1424 Vendetta Mng* O 48 Venerable Vent V 5 Verde Potash T 68 Verde Res* O 80 Veris Gold* O 1 Vertical Expl* O 14 Vertical Expl V 35 Victoria Gold V 196 Victory Metals* O 64 V 57 Victory Metals Victory Nickel* O 8 Victory Nickel C 219 Victory Res C 1 Victory Res* O 50 Virginia Enrgy V 45 O 0 Virginia Enrgy* Viscount Mng V 31 94 Visible Gold M V Visible Gold M* O 6 Vision Lithium V 116 Vision Lithium* O 0 Vista Gold* X 1568 Vista Gold T 60 Viva Gold* O 356 Viva Gold V 315 Vizsla Res V 669 Vizsla Res * O 107 Volcanic Gold V 35 Volt Energy V 98 O 60 Voyageur Min* Voyageur Min V 401 O 352 VR Resources* VR Resources V 342 Vulcan Mnrls V 1506 VVC Expl V 755

12.14 11.72 11.76 - 0.13 15.45 10.20 0.00 0.00 0.00 - 0.00 0.01 0.00 0.22 0.18 0.18 - 0.00 0.31 0.00 0.30 0.24 0.29 + 0.04 0.40 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.00 0.00 0.03 unch 0.00 0.04 0.02 0.01 0.01 0.01 unch 0.00 0.09 0.01 0.02 0.00 0.02 unch 0.00 0.12 0.02 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.06 0.06 0.06 unch 0.00 0.21 0.05 0.04 0.03 0.04 - 0.00 0.10 0.03 0.06 0.00 0.05 - 0.01 0.14 0.04 0.23 0.20 0.20 - 0.01 0.27 0.11 0.30 0.27 0.28 - 0.01 0.36 0.11 0.08 0.08 0.08 - 0.00 0.22 0.08 0.14 0.10 0.10 unch 0.00 0.40 0.10 0.44 0.00 0.44 + 0.03 0.58 0.16 0.30 0.30 0.30 unch 0.00 0.44 0.12 0.06 0.05 0.05 - 0.01 0.18 0.05 0.04 0.04 0.04 - 0.00 0.13 0.03 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.50 0.00 0.46 + 0.01 0.90 0.43 0.01 0.01 0.01 unch 0.00 0.10 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.03 0.03 0.03 unch 0.00 0.11 0.02 6.95 6.40 6.80 - 0.05 9.90 5.33 0.39 0.28 0.30 - 0.00 0.57 0.28 0.40 0.00 0.40 + 0.01 0.77 0.37 0.01 0.01 0.01 - 0.00 0.04 0.01 0.03 0.02 0.02 + 0.01 0.05 0.01 0.00 0.00 0.02 unch 0.00 0.12 0.01 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.04 0.04 0.04 unch 0.00 0.37 0.04 0.03 0.00 0.03 + 0.01 0.25 0.03 0.23 0.21 0.21 - 0.02 0.31 0.15 0.05 0.04 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.06 0.04 0.04 - 0.01 0.21 0.03 0.03 0.03 0.03 unch 0.00 0.13 0.02 0.61 0.52 0.60 + 0.01 1.05 0.44 0.77 0.68 0.77 - 0.02 1.39 0.59 0.20 0.15 0.20 + 0.04 0.32 0.15 0.27 0.20 0.27 + 0.07 0.44 0.19 0.47 0.40 0.47 + 0.06 0.52 0.13 0.32 0.31 0.32 + 0.01 0.37 0.29 0.20 0.16 0.16 - 0.04 0.44 0.14 0.05 0.05 0.05 unch 0.00 0.10 0.02 0.06 0.04 0.04 - 0.02 0.10 0.04 0.08 0.05 0.08 + 0.02 0.12 0.05 0.34 0.27 0.28 + 0.02 0.35 0.09 0.40 0.36 0.36 + 0.01 0.40 0.12 0.07 0.06 0.06 - 0.01 0.21 0.02 0.04 0.03 0.03 - 0.01 0.05 0.02

Walker Lane* O 1 Walker River* O 288 Walker River V 633 Wallbridge Mng T 8824 Warrior Gold* O 61 Warrior Gold V 304 Waseco Res V 270 Wealth Mnrls V 353 O 620 Wealth Mnrls* Wescan Gldflds V 50 O 273 Wesdome Gold* Wesdome Gold T 5291 West High Yld V 268 West Kirkland V 116 92 West Kirkland * O

0.20 0.04 0.16 - 0.04 0.40 0.03 0.06 0.05 0.05 - 0.01 0.19 0.05 0.08 0.08 0.08 - 0.01 0.27 0.05 0.68 0.56 0.66 + 0.07 0.74 0.15 0.07 0.05 0.07 + 0.02 0.09 0.03 0.09 0.00 0.09 + 0.02 0.12 0.04 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.23 0.20 0.22 - 0.01 0.65 0.18 0.17 0.00 0.17 + 0.00 0.50 0.13 0.04 0.04 0.04 unch 0.00 0.11 0.03 6.55 6.02 6.55 + 0.34 6.55 2.34 8.75 8.06 8.73 + 0.48 8.69 3.30 0.15 0.11 0.12 - 0.04 0.48 0.11 0.06 0.00 0.06 - 0.01 0.09 0.03 0.05 0.04 0.04 - 0.01 0.07 0.02

Stock

12-month

Exc Volume High Low Last Change High Low

West Red Lake* O 43 West Red Lake C 1008 Western Areas* O 5 Western Atlas V 275 Western Copper T 244 Western Copper* X 202 Western Mag V 999 Western Mag* O 289 Western Pac Rs* O 3 7 Western Pac Rs V Western Potash T 617 Western Troy C V 215 Western U&V* O 96 Western U&V C 70 Westgold Res* O 0 Westhaven Vent V 170 Westhaven Vent* O 85 Westkam Gold* O 600 Westkam Gold V 375 V 51 Westminster Rs Westminster Rs* O 0 Westmoreland* O 143 WestMountain* O 0 Wheaton Prec M* N 6691 Wheaton Prec M T 3881 White Gold* O 413 White Gold V 1094 White Metal R* O 60 White Metal Rs V 194 White Mtn Engy* O 541 O 5 Whitehaven Coa* Wildsky Res* O 5 Wildsky Res V 17 Winston Gold* O 433 Winston Gold C 260 Winston Res C 80 Wolfden Res* O 51 Wolfden Res V 385 Wolfeye Res V 333 X-Terra Res V 575 T 71 Xanadu Mines Xemplar Egy* O 1 Xiana Mng* O 0 Xiana Mng V 25 Ximen Mining V 399 Ximen Mining* O 4 Xtierra Inc V 386 Xtra-Gold Res* O 9 T 63 Xtra-Gold Res Yamana Gold T 9261 N 52537 Yamana Gold* Yanzhou Coal* O 6 Yorbeau Res* O 10 Yorbeau Res T 2974 C 30 Yukoterre Res Zadar Ventures* O 5 V 55 Zadar Ventures Zanzibar Gold C 17 Zara Res* O 1593 ZEN Graphene* O 31 V 244 ZEN Graphene Zena Mining V 187 Zenith Explor C 1 Zephyr Mnls V 132 Zephyr Mnls* O 13 Zimtu Capital V 149 Zinc One Res V 573 Zinc One Res * O 62 ZincX Res V 1012 ZincX Res* O 75 Zonte Metals V 66 Zonte Metals* O 10

W-Z

Week

0.04 0.02 0.03 unch 0.00 0.10 0.02 0.05 0.04 0.05 - 0.01 0.12 0.04 2.00 2.00 2.00 unch 0.00 2.32 1.27 0.08 0.07 0.08 unch 0.00 0.11 0.05 1.02 0.95 0.96 - 0.03 1.08 0.52 0.77 0.71 0.73 + 0.00 0.83 0.35 0.17 0.15 0.16 - 0.01 0.35 0.04 0.13 0.11 0.12 - 0.01 0.43 0.03 0.21 0.00 0.21 - 0.00 0.62 0.16 0.40 0.28 0.28 - 0.12 0.83 0.20 0.30 0.23 0.26 - 0.04 0.55 0.11 0.02 0.00 0.02 + 0.01 0.10 0.02 0.59 0.54 0.55 - 0.01 1.55 0.49 0.77 0.70 0.72 - 0.02 1.94 0.65 1.40 1.40 1.40 unch 0.00 1.67 0.60 0.81 0.74 0.79 unch 0.00 1.43 0.51 0.61 0.57 0.59 - 0.02 1.03 0.39 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.06 0.06 0.06 - 0.01 0.45 0.06 0.00 0.00 0.06 unch 0.00 0.14 0.05 0.01 0.01 0.01 + 0.00 0.05 0.01 0.00 0.00 1.00 unch 0.00 3.00 1.00 27.80 26.88 27.64 + 0.28 30.90 15.43 36.94 35.77 36.50 + 0.11 40.95 20.56 0.80 0.65 0.80 + 0.12 1.25 0.54 1.07 0.86 1.07 + 0.17 1.69 0.73 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.07 0.00 2.15 2.15 2.15 unch 0.00 3.32 2.14 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.07 0.07 0.07 unch 0.00 0.14 0.06 0.08 0.06 0.07 + 0.00 0.13 0.02 0.11 0.08 0.10 + 0.01 0.17 0.03 0.02 0.00 0.02 unch 0.00 0.05 0.02 0.07 0.06 0.06 - 0.01 0.23 0.06 0.08 0.08 0.08 unch 0.00 0.30 0.08 0.60 0.55 0.55 - 0.03 0.93 0.45 0.13 0.11 0.12 + 0.02 0.17 0.07 0.04 0.00 0.04 + 0.02 0.17 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.29 0.29 0.29 unch 0.00 0.45 0.23 0.39 0.30 0.38 - 0.01 0.61 0.30 0.38 0.35 0.38 + 0.01 0.86 0.22 0.28 0.28 0.28 - 0.01 10.27 0.19 0.05 0.04 0.05 unch 0.00 0.08 0.03 0.37 0.36 0.37 + 0.00 0.47 0.20 0.49 0.46 0.48 unch 0.00 0.64 0.28 4.82 4.54 4.82 + 0.19 5.04 2.41 3.62 3.41 3.58 + 0.11 3.79 1.78 0.89 0.89 0.89 unch 0.00 1.08 0.81 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.14 0.14 0.14 unch 0.00 0.16 0.12 0.07 0.07 0.07 unch 0.00 0.10 0.02 0.12 0.08 0.12 + 0.03 0.40 0.08 0.11 0.10 0.11 + 0.01 0.32 0.10 0.03 0.01 0.02 + 0.00 0.63 0.01 0.29 0.27 0.27 - 0.01 0.47 0.21 0.38 0.35 0.36 - 0.01 0.63 0.28 0.08 0.07 0.07 + 0.01 0.10 0.04 0.11 0.11 0.11 unch 0.00 0.20 0.06 0.25 0.17 0.21 - 0.04 0.34 0.15 0.19 0.18 0.18 - 0.01 0.54 0.11 0.11 0.09 0.11 + 0.02 0.35 0.09 0.02 0.00 0.02 unch 0.00 0.11 0.02 0.01 0.01 0.01 unch 0.00 0.08 0.00 0.12 0.09 0.12 + 0.01 0.25 0.09 0.08 0.07 0.07 + 0.00 0.18 0.07 0.29 0.26 0.26 - 0.02 0.39 0.20 0.21 0.00 0.21 + 0.02 0.30 0.16

BID-ASK — NOVEMBER 25–29, 2019 STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration AEX Gold African Metals Aftermath Silv Allante Res Altan Nevada Altan Rio Min American CuMo American Uran Amilot Capital Amseco Expl Anconia Res Anglo-Bomarc Antler Hill Arbor Metals Arcturus Vent Arcus Dev Grp Arrowstar Res Asbestos Corp Asian Mineral Atalaya Mining Atlanta Gold Aurelius Min Aurora Royal Austin Res Auxico Res Banro Corp* Bard Ventures Barker Min Baroyeca Gold BE Res Bearclaw Cap BHK Mining Black Mammoth Bluenose Gold Bond Resources Boss Power Brigadier Gold Broadway Gold Brunswick Res Buffalo Coal Bullion Gold Cairo Res Camrova Res Canada Coal Canadian Prem Canadian Silv Canex Energy Cassius Vents CAT Strategic Central Iron Century Global Century Metals Cerro de Pasc Cerro Mng Chatham Rock Chinapintza Mg CIM Intl Grp Cleghorn Mnls Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Colombia Crest Comstock Mtls Contintl Prec CWN M’g Acq Cyprium Mng Damara Gold Edison Cobalt Electra Stone Empire Metals Endurance Gold Essex Minerals Eurotin Everton Res Excalibur Res Fengro Industr Fieldex Expl Finore Mng Fiorentina Min Fire River Gol Freedom Egy Freeport Res Full Metal Mnl

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

20-23_DEC9_StockTables.indd 23

0.15 0.25 0.15 0.25 ... 0.40 0.41 0.44 0.06 0.09 0.06 0.24 0.25 0.25 0.33 0.12 ... 0.16 0.20 0.04 0.05 0.05 0.07 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.06 0.24 0.06 0.07 0.03 0.04 0.03 0.15 0.04 0.07 0.04 0.10 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.05 0.07 0.05 0.09 0.10 0.20 0.10 0.27 0.56 0.56 0.50 0.97 0.02 0.02 0.02 0.05 0.01 0.01 0.12 0.45 0.75 0.40 0.55 0.55 0.55 0.38 0.45 3.10 3.21 3.15 4.10 0.03 0.04 0.03 0.04 0.13 0.14 0.14 0.15 0.03 0.05 0.03 0.11 0.09 0.11 0.09 0.13 0.06 0.09 0.07 0.27 0.11 0.11 0.11 2.10 0.09 0.13 0.12 1.23 0.01 0.01 0.01 0.01 0.05 0.08 0.05 0.20 0.04 0.06 0.04 0.07 0.02 0.04 0.02 0.04 0.02 0.02 0.02 0.04 0.06 0.04 0.09 0.16 0.16 0.14 0.20 0.20 ... 0.15 0.20 0.17 0.20 0.17 ... 0.17 0.15 0.25 0.07 0.07 0.08 0.14 ... 0.03 0.03 0.04 0.01 0.01 0.01 0.01 0.06 0.15 0.10 0.47 ... ... 0.30 0.34 ... 0.05 0.07 0.08 0.02 0.03 0.03 0.07 0.74 0.79 0.78 1.63 0.01 0.06 0.06 ... ... 0.17 0.17 0.07 0.09 0.07 0.09 0.04 ... 0.04 0.08 0.01 0.02 0.01 0.05 0.09 0.12 0.08 0.25 0.06 0.10 0.07 0.11 ... ... 0.29 0.34 0.10 0.29 0.10 0.36 0.08 0.39 0.12 0.19 0.01 0.09 0.01 0.03 0.02 0.15 0.02 0.63 0.04 0.06 0.06 0.11 1.45 3.20 1.43 7.17 0.02 0.03 0.03 0.04 ... 0.06 0.05 0.08 ... 0.18 0.18 0.30 0.02 0.02 0.02 0.06 0.30 0.35 0.30 0.38 0.04 0.06 0.07 0.08 0.03 0.03 0.03 0.03 0.04 0.03 0.05 0.08 0.08 0.06 0.09 0.01 0.02 0.01 0.13 0.19 0.13 0.21 0.03 0.04 0.04 0.07 0.02 0.03 0.03 0.07 0.01 0.01 0.01 0.10 0.02 0.02 0.03 0.04 0.09 0.10 0.10 0.11 0.01 0.01 0.01 0.06 ... 0.15 0.19 0.12 0.12 0.11 0.10 0.18 0.20 0.20 0.03 0.07 0.09 0.02 0.02 0.01 0.03 0.08 0.09 0.07 0.15 0.01 0.06 0.10

LOW

STOCK

0.15 0.24

Fusion Gold Galore Res GAR Limited Generic Gold Gentor Res GK Resources Global Cop Grp Global Vanad GMV Minerals Go Cobalt GobiMin Goldbank Mng Goldbelt Emp Golden Harp Goldstream Mnl Gossan Res Graphite Egy Great Lakes Gr Great Quest Fe Greatbanks Re Green Arrow Green River Green Swan Cap Grenville Gold GrowMax Res Gunpoint Expl Hannan Metals HFX Holding Highbury Proj Highvista Gold IM Exploration Indico Res Indigo Expl Infinite Lith Inform Res Inspiration Mg Intact Gold Intl Battery Intl Bethl Mng Intl Millm Mng Iron South Mng Jazz Res Jiulian Res Jubilee Gold Kal Minerals Karam Min Karoo Expl Kermode Res Kings Bay Res Knick Expl La Imperial Lateral Gold Latin American Latin Metals Le Mare Gold Leo Res Lions Bay Cap Lithion Energy Lithium Energy Lovitt Res Macarthur Min Madeira Mrnls MAG Silver* Magna Gold Magna Terra Mammoth Res Manado Gold Mariner Res MBMI Res Meadow Bay Gd Mega Copper Meridius Res Metalore Res Metron Capital Micrex Dev MillenMin Vent Milner Con Slv Minecorp Egy Mineral Hill Minsud Res Montana Gold Mountain Lake MX Gold Navy Res

0.05 0.11 0.02 0.01 0.06 0.03 0.04 0.01 0.05 0.10 0.05 0.02 0.35 0.10 3.00 0.03 0.03 0.03 0.05 0.05 0.10 0.08 0.01 0.04 0.02 0.02 0.02 0.09 0.11 0.05 0.06 0.02 0.01 0.09 0.24 0.06 0.01 0.65 0.11 0.06 0.04 0.01 0.08 0.06 0.12 0.10 0.07 0.01 0.02 0.04 0.98 0.03 0.03 0.11 0.02 0.30 0.03 0.03 0.04 0.13 0.03 0.02 0.01 0.02 0.01 0.01 0.20 0.01 0.04

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.01 ... 0.17 0.30 0.02 0.02 0.02 0.05 ... ... 0.15 4.13 ... 1.33 0.06 0.06 0.05 0.07 0.05 0.07 1.02 ... 0.26 0.30 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.10 0.15 0.11 0.25 0.03 0.08 0.08 0.30 0.24 0.30 0.26 0.45 0.13 0.18 0.13 0.19 0.01 0.01 0.02 0.07 0.09 0.07 0.17 0.01 0.07 0.05 0.09 0.06 0.07 0.05 0.09 ... 0.21 0.47 1.35 0.05 0.05 0.04 0.05 0.04 0.04 0.10 0.06 0.08 0.09 0.15 0.02 0.03 0.02 0.04 0.06 0.06 0.06 0.08 0.01 0.03 0.02 0.05 0.11 0.18 0.11 0.38 0.06 0.06 0.09 0.13 0.52 0.74 0.55 0.74 0.08 0.10 0.08 0.16 0.01 ... 0.02 0.06 0.20 0.32 0.30 0.30 ... ... 0.17 0.03 0.15 0.10 0.15 ... 0.01 0.01 0.02 0.01 0.02 0.02 0.02 0.26 0.29 0.28 0.32 0.04 0.06 0.04 0.08 ... 0.03 0.03 0.04 0.06 0.05 0.09 ... ... 0.31 0.03 0.05 0.05 0.10 0.01 0.01 0.03 0.24 0.27 0.24 0.28 0.03 0.06 0.06 0.06 0.02 0.02 0.02 0.14 0.35 0.98 0.53 0.95 0.10 0.40 0.13 0.25 0.02 0.13 0.03 0.15 ... 0.35 0.35 1.65 0.01 0.01 0.01 0.02 0.04 0.04 0.04 0.05 0.01 0.01 0.01 0.02 0.02 0.08 0.02 0.07 0.03 0.03 0.03 0.40 0.01 0.02 0.01 0.03 0.03 0.04 0.03 0.16 0.07 0.09 0.09 0.18 ... ... 1.09 0.04 0.05 0.05 0.10 ... ... 0.10 0.01 0.01 0.10 0.15 0.08 0.13 0.10 0.18 0.18 0.17 0.22 ... ... 0.03 0.04 12.52 13.30 12.52 14.40 0.29 0.32 0.31 0.55 0.01 0.02 0.02 0.05 0.03 0.04 0.03 0.09 0.01 ... 0.05 0.05 0.15 ... 0.16 0.20 0.13 0.20 0.13 0.32 0.04 0.04 0.04 0.06 0.12 0.20 0.12 0.18 0.10 ... 0.15 0.22 1.50 2.10 1.60 2.60 0.04 0.07 0.05 0.07 0.02 0.02 0.01 0.01 0.50 0.05 0.03 0.05 0.04 0.08 ... ... 0.12 0.20 0.07 ... 0.15 0.17 0.11 0.14 0.11 0.15 0.09 0.10 0.10 0.10 ... ... 0.05 0.11 0.11 0.11 0.10 0.20 0.15 0.16

0.11 0.01 0.13 0.03 0.05 0.15 0.04 0.16 0.07 0.05 0.20 0.07 0.04 0.04 0.04 0.02 0.02 0.04 0.02 0.04 0.02 0.11 0.07 0.38 0.05 0.01 0.17 0.04 0.01 0.01 0.12 0.03 0.05 0.02 0.04 0.03 0.01 0.48 0.12 0.03 0.35 0.01 0.03 0.01 0.02 0.03 0.01 0.02 0.03 0.04 0.09 0.01 0.02 6.12 0.19 0.01 0.02 0.04 0.15 0.04 0.03 0.12 0.09 0.89 0.04 0.02 0.07 0.09 0.01 0.02 0.10

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Nebu Res Nevado Res New Jersey Mng New Klondike New Stratus New World Res Nitinat Mnls Norsemont Cap Northern Uran Nrthn Lion NSGold Pac Arc Res Pac Bay Mnrls Pac Cascade Pedro Res Philippine Mtl Phoenix Gold Pinecrest Res Primary Energy Project One Quantum Cobalt Rare Element* Regency Gold Reliant Gold Remington Res Richmond Mnls Ridgestone M’g Riley Resource Rizal Res Rockland Mnls Rockwealth Res Rojo Res Ross River Roughrider Exp Rover Metals Rubicon Mnrls* Sage Gold Saint Jean Salazar Res Samco Gold Sennen Potash Sierra Madre Silver Predatr Sixty North Skarb Explor Slave Lake Zn SouthGobi Res Southstone Min Stelmine Can Sulliden Mng Surge Explor Talmora Diamd Tearlach Res Terreno Res Thor Expl Thunder Mtn Gd Tiger Intl Tintina Mines TomaGold Tri-River Vent TriMetals Mng Troy Enrgy True Grit Res Upper Canyon Uravan Mnrls Usha Res Vale* ValOre Metals Valterra Res Vangold Res Vantex Res Vatic Vent Venerable Vent Victory Res Walcott Res Waseco Res Westcot Vent Whitemud Res Worldwide Res Xander Res Yukoterre Res Zara Res Zinco Mng Zincore Mtls

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

0.04 0.04 0.04 0.11 0.13 0.11 0.20 ... ... 0.15 0.20 0.01 0.01 0.01 0.10 0.39 0.40 0.30 0.30 0.21 0.24 0.04 0.05 0.04 0.11 0.31 0.40 0.29 0.43 0.01 0.01 0.01 0.02 0.13 0.35 0.13 0.46 0.11 0.14 0.11 0.15 0.22 0.50 0.27 0.45 0.06 0.09 0.06 0.17 0.01 0.02 0.01 ... 0.15 0.10 0.29 0.03 0.10 0.08 0.14 ... 0.05 0.05 0.07 0.18 0.23 0.18 0.28 ... 0.40 0.40 0.40 0.17 0.25 0.18 0.30 ... ... 1.10 3.15 0.11 0.16 0.15 0.89 0.11 0.18 0.13 0.23 ... 0.02 0.02 0.13 0.20 0.16 0.20 0.04 0.05 0.06 0.06 0.22 0.23 0.22 0.30 0.11 0.24 0.11 0.21 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.46 0.46 0.46 0.50 ... 0.20 0.19 0.30 ... 0.26 0.26 0.09 0.09 0.06 0.11 0.05 0.05 0.07 0.08 ... ... 0.03 1.35 0.01 0.01 0.02 0.01 0.01 0.04 0.04 0.16 0.19 0.17 0.20 0.03 0.04 0.05 0.08 0.22 0.40 0.45 0.04 0.07 0.04 0.15 0.09 0.11 0.09 0.17 0.04 0.05 0.05 0.10 0.04 0.10 0.08 0.10 0.04 0.08 0.08 0.13 0.13 0.14 0.13 0.18 0.01 0.01 0.01 0.04 0.11 0.12 0.11 0.17 0.05 0.05 0.05 0.13 0.39 0.44 0.39 0.23 0.02 0.05 0.05 0.06 0.12 0.20 0.12 0.28 0.01 0.02 0.02 0.05 0.12 0.15 0.15 0.18 ... ... 0.17 0.17 0.05 0.12 0.06 0.15 0.03 0.07 0.04 0.08 0.05 0.05 0.05 0.06 ... ... 0.04 0.11 0.12 0.12 0.12 0.02 0.03 0.02 0.05 0.01 0.02 0.02 0.03 0.35 0.35 0.25 0.29 0.03 0.03 0.04 0.05 0.01 0.17 0.10 0.16 ... ... 10.24 11.10 0.06 0.07 0.07 0.13 0.02 0.02 0.03 0.04 0.05 0.05 0.04 0.04 0.11 0.25 0.10 0.40 0.08 0.08 0.10 0.10 0.06 0.10 0.06 0.11 0.02 0.02 0.02 0.12 0.10 0.20 0.10 0.10 0.02 0.04 0.03 0.05 ... ... 0.35 0.01 0.02 0.02 0.03 0.03 0.05 0.03 0.07 0.09 ... 0.09 0.12 0.14 0.17 0.14 0.16 ... ... 0.07 0.22 0.05 0.07 0.05 0.03 0.03 0.05 0.05

0.09 0.15 0.17 0.03 0.25 0.01 0.10 0.07 0.20 0.06 0.09 0.04 0.04 0.16 0.08 0.18 0.20 0.06 0.10 0.12 0.02 0.15 0.11 0.01 0.01 0.12 0.10 0.06 0.03 0.03 0.02 0.11 0.02 0.04 0.06 0.03 0.08 0.04 0.10 0.01 0.09 0.05 0.03 0.02 0.03 0.02 0.13 0.17 0.04 0.02 0.04 0.03 0.02 0.01 0.17 0.02 0.10 6.57 0.07 0.02 0.03 0.10 0.06 0.05 0.01 0.10 0.02 0.01 0.02 0.03 0.12 0.07 0.05

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